Full text of Commercial and Financial Chronicle : September 18, 1915, Vol. 101, No. 2621

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Bank & Quotation Section
Railway Earnings Section
VOL. 101

Railway & Industrial Section
Bankers' Convention Section

Electric Railway Section
State and City Section

SATURDAY, SEPTEMBER 18 1915

JPue (PtrmttJtle.

C le a r in g s

W e e k e n d in g

at —

PUBLISHED WEEKLY.

1914.

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Published every Saturday morning by WILLIAM B. DANA COMPANY,
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C LE A R IN G -H O U SE RETURN S.

1915.

P er
C e n t.

1914.

New Y ork __
Boston..........
Philadelphia .
Baltimore___
Chicago____
St. Louis___
Now Orleans.

SI,616,037,907
119,443,749
134,537,246
23,567,792
275,851,720
68,831,750
18,866,083

$936,744,145
97,937,891
112,839,426
32,385,148
246,244,436
60,036,189
15,267,428

+ 72.5
+ 22.0
+ 19.2
— 27.2
+ 12.0
+ 14.0
+ 23.6

Seven cities, five days.
Othcr cities, five days__

$2,257,136,247
562,941,417

$1,501,454,663
560,002,943

+ 50.3
+ 0.5

All cities, ono day.

$2,820,077,664
554,372,947

S2,061,457,606
386,585,658

+ 36.8
+43.4

Total all cities for week...................... 1 $3,374,450,011 1 52,448,043,204 1 +37.0
T ho full details for tho week covered b y tho abovo will be given next
Saturday. We cannot furnish them to-day. clearings being made up bv the
clearing houses at noon on Saturday, and hence in the above the last day
o f tho week lias to bo in all cases estimated, as wo go to press Friday night.
W o present below detailed figures for tho week ending with Saturday
noon, Sopt. 11, for four years:

C le a r in g s

W e e k e n d in g

at —

1915.

1914.

S e p t.

11.

I n c . or

Dec.

1913.

1912.

S
856,624,692
109,702,S92
41,809,180
24,546,715
9,600,641
4,448,485
6,006,110
3,946,896
2,509,098
2,020,138
1,803,517
1,352,638
1,376,533
1,681,001
1,810,323
788,453
939,037
598,710
545,878
604,100
549,504
1,461,438
311,856

%
$
St
+ 92.3 1,623,922,900 1,709,925,459
+ 15.5 142,125,884 143,211,274
+ 2.2
52,90 i,563
53,358,796
31,687,706
+ 6.7
34,225,364
— 6.9
10,851,969
11,080,957
— 2.6
6,444,699
5,588,130
+ 0.1
7,023,027
0,501,978
+ 5.5
4,470,077
4,653,086
+ 21.0
3,026,094
2,400,000
— 18.9
3,052,714
2,541,684
— 17.3
1,803,275
1,815,612
+ 23.0
1,702,034
1,597,935
— 1.7
1,604,291
1,411,390
+ 0.4
2,288,802
1,883,679
+ 3.6
1,985,340
1,727,570
+ 0.1
828,174
869,048
+ 1*2
955,730
984,038
— 3.5
500,000
512,371
— 3.8
602,805
516,422
+ 5.0
718,555
643,400
+ 49.3
669,121
615,777
—6.9
1,544,740
1,447,432
+ 3.2
397,034
332,548

Total Middle. 1,885,102,279 1,075,184,901

+ 75.3 1,901,340,448 2,040,674,968

Now -York_____
Philadelphia___
Pittsburgh........ .
Baltimore_____
Buffalo................
Albany_________
Washington____
Rochester........ .
Scranton ............
Syracuso ______
Reading________
Wilmington__
Wilkes-Barre__
Wheeling______
Trenton_______
Y o r k ..................
E rlo....................
Greensburg------Altoona-----------Binghamton----Chester........ .....
Lancaster..........
Montclair..........

S
1,647,310,486
126,690,407
42,711,728
26,190,246
8,940,298
4,333,114
6,071,635
3,690,545
3,050,018
2,120,248
1,490,658
1,603,670
1,352,764
1,625,227
1,870,728
789,127
950,000
577,722
525,000
034,100
820,387
1,360,455
321,716

Boston................
ProvUlenco____
Hartford............
New Haven____
Portland______
Springfield_____
Worcester_____
Fall River_____
New Bedford_
_
Holyoke_______
Lowcl 1 ...............
Bangor................

109,586,517
5,816,800
5,578,417
3,100,000
1,727,102
2,007,278
2,100,000
887,357
840,661
548,383
654,793
393,856

Tot. New Eng.

133,311,161

N o t e .— For

91,840,118 + 19.3
5,453,100
+ 6.7
3,531,479 + 57.9
2,761,918 + 12.3
1,716,811
+ 1.2
1,979,899
+ 4.4
2,035,874
+ 3.1
912,141 — 2.7
821,497
+ 2.3
621,867 — 11.7
618,084
+ 0.1
346,185 + 13.0
112,638,973

+ 18.3

138,350,069
7,451,000
4,236,059
3,254,951
2,146,451
2,332,408
2,366,341
1,101,527
1,114,401
044,432
472,936
409,893

153,061,936
7,502,500
4,390,815
2,806,585
2,340,837
2,430,990
2,011,709
1,175,417
1,118,134
659,019
615,936
527,510

163,880,468

180,141,454

Canadian clearings see "Commercial and Miscellaneous News.




Chicago_______
Cincinnati_____
Cleveland____
Detroit________
Milwaukee___
Indianapolis___
Columbus_____
Toledo________
P eoria________
Grand Rapids__
D a yton ____
Evansville__
Kalamazoo . .
Springfield, 111_
A k ro n _____
Fort Wayne___
Rockford______
Lexington____
South Bend___
Youngstown___
Bloomington___
C an ton_______
Quincy________
Springfield, O ..
Decatur_______
Mansfield______
Jackson ____
D anville___
L im a _______
Lansing____
Jacksonville, 111.

0
0
6
1
3
5
9
9
)
9
9
3

Owensboro ..

T ho following table, made up b y telegraph, & c., indicatas that tho total
bank clearings o f all the clearing houses o f the United States for tho week
ending to-day have boon $3,374,450,611, against $2,835,394,843 last week
and $2,448,043,264 tho corresponding week last year.
C le a r in g s — R e tu r n s b y T e le g r a p h .
W e e k e n d in g S e p t. 18.
•

NO. 2621

Ann Arbor__
Adrian______
Tot. Mid .West

San Francisco__
Los Angeles____
Seattle................
Portland_______
Spokane________
Salt Lake C ity ..
Tacoma________
Oakland..............
Sacramento____
San Diego_____
Fresno _________
Stockton _______
San Jose..............
Pasadena...........
North Yakima..
R e n o __________
Long Beach........
Total Pacific..

395,936,361

1,848,541

95,116,587

S e p t.

|I n c . oi
1 D ee.

11.
1913.

1912.

S
232,611,78
20,209,80 )
17,833,24,
21,931,22
12,566,471
7,052,43t
5,318,801
4,768,00
2,605,011
2,756,064
1,638,791
1,150,30i
480,952
1,100,001
1,172,001
1,315,478
838,77
641,601
643,88:
1,318,38
608,955
1,385,070
091,88.'
1,086,671
411,796
450,09!
528,175
453,80!
463,674
444,455
226,379
394,241
170,195
41,251
348,700,265

S
$
+ 14. i 304,521,72
293,094,872
+11.1 1 25,586,25
26,950,750
+ 31.
24,584,39
24,485,129
+ 11.1
24,941,361 !
23,038,437
+ 11.
15,824,99:
5.105,287
+ 15.8,180,29( i
8,294,992
+ 13.:
6,694,00(
6,782,200
+ 18.:
5,370,55
6,255,462
+ 26.7
4,130,53
3,795,548
+ 8.:
3.165.46C
3,040,663
+ 10.1
3,070,79
2,200,351
+ 41.7
1,284,28'
1,225,444
+ 0.2
727,72f
708,295
+ 4.7
1,232,14!.
1,177,000
+ 54.:
1,575,662
1,420,000
— 6.5
1,367,122
1,134,944
— 3.5
834,222
718,935
— 15.!
642,471
876,786
— 5.7
600,515
614,000
—4.7
1,588,25:
1,532,486
+ 27.1
781,068
787,040
+ 21.(
1,650,00(
1,295,459
+ 14A
841,67!
746,850
— 36.C
806,751
694,356
+ 30.2
576,266
663,548
+ 0.(
524,024
473,557
— 8.C
558,001
550,000
+ 13.7
445,251
432,337
+ 5.7
478,421
506,676
— 8.S
465,342
600,277
+ 39.1
324,716
355,584
— 22.9
396,011
435,210
+ 12.6
161,156
156,174
— 12.7
52,349
57,929
+ 13.5 444,020,207 430,472,630

38,058,239
17,179,962
12,641,023
10,949,675
3,726,663
5,027,90-1
2,528,283
2,902,171
1,575,278
1,871,456
889,249
787,575
727,565
668,632
444,449
291,711
476,002
100,745,837

+ 3.8
— 12.8
— 19.2
— 11.6
+ 1.2
+ 11.0
— 26.9
— 5.2
— 13.0
— 15.2
— 21.4
+ 9.0
— 18.0
— 15.4
— 1.0
— 21.2
— 15.4
— 5.6

%

48,980,547
22,256,369
14,586,323
13,416,171
4,447,225
6,203,439
2,681,550
3,210,301
2,205,601
2,484,123
1,055,019
974,902
750,000
883,259
492,820
322,908

52,416,219
21,505,275
12,332,383
13,743,903
4,380,211
5,865,994
3,086,454
3,362,107
1,865,553
2,887,415
1,117,223
1,336,500
680,693
1,158,279
432,978
369,384

124,950,557

126,540,571

63,919,939
57,696,462 + 10.8
Kansas City___
55,462,406
50,658,827
21,893,912
Minneapolis___
29,183,4.89 — 24.9
30,60S,682
25,648,188
Omaha_________
17,100,000
+ 0.4
17,033,065
18,134,413
17,044,928
10.621,509
St. Paul________
8,902,856 + 19.3
9,879,751
9,813,157
D en ver.......... .
7,956,164
+ 0.6
7,910,659
8,703,539
10,568,716
St. Joseph_____
6,752,301
5,119,425 + 31.9
8,173,0)7
7,443,884
Dos Moines____
5,315,358
4,544,319 + 17.0
4,346,593
5,390,984
Sioux City..........
2,800,000
2,758,506
+ 1.5
3,104,889
3,339,308
Duluth............
4,264,369
5,895,866 — 27.7
8,104,795
5,349,915
Wichita______
3,415,336
3,415,638 —0.01
3,542,174
3,687,413
Lincoln ______
1,845,679
2,139,763 — 13.7
1,757,881
1,949,745
T op eka ______
1,523,287
1,523,025 + 0.02
1,427,039
1,054,218
D avenport_
_
1,649,700
1,217,785 + 35.4
1,499,906
1,425,000
Cedar Rapids.
1,480,000
1,443,271
+ 2.6
1,287,956
1,832,821
Fargo________
1 , 221+88
1,161,299
+ 5.2
451,464
542,181
Colorado Springs
675,604
623,759
+ 8.3
707,577
792,507
Pueblo________
361.288
670,844
679,128 — 46.8
690,526
Fremont_______
358,80*1
422,730 — 15.1
323,090
418,677
Waterloo............
1,322,652
1,226,366
+ 7.8
1,632,348
1,638,169
Helena_________
1 , 000,000
1,113,025 — 10.2
1,292,865
1,115,511
Aberdeen............
550.000
768,999 — 28.5
411,125
491,416
Hastings_______
238,227
499,044 — 52.3
210,433
210,415
400.000
Billings ..............
402,811 — 0.7
418,077
446,058
Tot. oth. West 156,666,017 155,681,290 + 0.6 165,165,170 155,938,318
66,020,924
St. Louis_______
60,666,747| + 8.8
78,928,837
76,567,305
14,617,442
New Orleans___
14,094,334
+ 3.7
18,656,839
18,086,426
Louisville______
12,704,692
12,434,020' + 2.2
12,284,495
12,505,900
H ouston______
7,000,000
6,686.580 + 4.7
11,860,302
3,476,769
Galveston..........
2,633,977 + 32.0
4,020,000
3,518,000
Richmond______
8,864,146
7,209,401 + 23.0
7,505,066
7,946,960
5,799,054
Fort Worth____
5,911,937 — 18.9
7,331,431
7,243,758
Savannah ______
5,183,142
3,126,046 + 65.8
4,807,502
7,189,604
Atlanta________
11,425,609
9,524,848 + 20.0
11,361,923
11,850,357
Nashville_______
5,400,157
5,386,722
+ 0.3
6,363,443
6,469,533
3,515,633
Memphis_______
4,744,287 — 25.9
5,877,613
5,914,680
N orfolk..............
3,119,396
2,890,729
+ 8.0
3,333,881
3,202,379
Birmingham___
1,S31,953
2,219,489 — 17.5
2,384,774
2,803,393
Augusta________
1.259,896
1,218,743
+ 3.4
2,062,868
1,815,648
K noxville_____
1,570,437
1,544,339 + 1 7
1,690,123
1,831,790
2,328,400
Jacksonville___
2,411,823 — 3.4
2,969,021
3,119,361
Chattanooga___
2,035,236
1,906,845
+ 6.8
2,658,843
2,393,760
Charleston____
1,119,517
1,123,217 — 0.3
1,868,524
1,289,383
Little Rock........
1,932,844 — 14.3
1,656,628
2,272,021
1,763,459
1,089,421
Mobile................
925,000 + 17.7
1,284,647
1,210,324
+ 0.2
1,996,118
Oklahoma______
2,001,000
1,528,119
1,522,267
Macon_________
2,468,295
2,422,716
+ 1.9
3,283,488
3,124,136
Austin................
2,041,603
1,907,248
+ 7.0
2,178,645
2,105,229
Vicksburg..........
235,870
201,819 + 15.1
259,412
258,968
Jackson ..............
343,666
385,325 — 10.9
466,776
428,368
1,385,742
Tulsa____ _____
1,178,983 + 17.6
1,088,377
850,187
Muskogee..........
773,289
599,298 +29.0
1,009,400
764,418
Total Southern 169,262,435 157,291,377
+ 7.6 190,929,202 182,982,297
Total all______ 2,835,394,843 l“ 950?24lT043 " + 4 5 l !,990,286,052 1,121,050£38
Outside N. Y . . . lTl8870sO57 1,0?)3,606.951
+ 8.6 ,366,363^092 l ,351772+779

THE CHRONICLE

873

OUR CO NVEN TION N U M B E R .
W ith to-day’s issue of our paper we send to our sub­
scribers our “ Bankers’ Convention” Section, report­
ing the proceedings of the Convention of the American
Bankers’ Association held at Seattle last week.
This Convention number gives all the papers and
addresses read and delivered before the Convention,
and also the proceedings and discussions on the
floor, including the deliberations of the Trust Com­
pany Section and the Savings Bank Section, besides
the papers read before the Clearing House Section.

T H E F IN A N C IA L

S IT U A T IO N .

In connection with the European war, Great Brit­
ain is being called upon to solve some tremendous
financial problems, of which the one delegated to
the joint Anglo-French commission now in this
country is perhaps no more important than many
others. Nevertheless, it is taken for granted that
the United Kingdom will prove equal to the task.
Certainly up to this time no person of consequence
has dared to suggest that British resources were being
exhausted or the country’s financial strength becom­
ing impaired. In another direction, however, there
would seem to be occasion for real uneasiness. In
other words, there appears ground for the fear that
Great Britain may not prove equal to the physical
demands that may be made upon her.
The statement made in the course of the debate in
the House of Commons on Thursday by James
Henry Thomas, Laborite, is startling in the revelation
it furnishes of the extent to which the Government in
power is at the mercy of labor unions and the des­
perate measures the labor leaders arc prepared to
resort to in order to attain their ends. James Henry
Thomas is Assistant General Secretary of the Am al­
gamated Society of Railway Servants, and he de­
clared that every lodge of the railway union had in­
formed the Executive Committee that on the intro­
duction of conscription the men would stop work.
“ If the conscriptionists want an industrial revolu­
tion,” he is represented as saying, “ let them proceed
with their agitation.” Think of a Government
charged with the conduct of a great war being in such
a helpless and so humiliating a position. But have
Messrs. Asquith and Lloyd George any one to blame
except themselves for all this? Have they not by
their political policies taught the laboring classes
that they had a right to expect to rule?
Even before this week’s challenge to the Govern­
ment it had long been plain that Great Britain was
completely in the grasp of the labor unions, who were
exercising their powers in such a despotic way that the
Government was finding its energies in great measure
paralyzed, leaving it crippled and helpless. The
Ministry cannot take a step or make a move without
the approval and consent of these unions. Nomi­
nally Great Britain has a coalition Government com­
posed of all the different elements of her political life,
this coalition Government having been formed for the
purpose of more effectually uniting the country for
the single purpose of carrying the war to a successful
conclusion. Actually, the men at the head of affairs,
namely Messrs. Asquith and Lloyd George, are the
same persons who have been at the Government
helm for so many years.
The cardinal feature in the political doctrines of
Premier Asquith and Lloyd George has been the



[Vol. 101.

complete subserviency of Government to the labor
element. Laws without number have been enacted
to placate the labor forces, while at the same time
steadily increasing exactions have been heaped upon
capital. So powerful has the labor element been in
Government counsels under the regime of Asquith
and Lloyd George that now the labor leaders, at a
most crucial period in the nation’s history, conscious
of their strength, refuse to release their hold. It is
no longer a question what the Government may think
is best for the country, but what the labor unions
may see fit to allow to be done. A power outside the
Government has grown up more powerful than the
Government itself, and which indeed holds the
Government in complete subjection.
Lloyd George, appreciating the dangers that con­
front Great Britain in the present gigantic conflict,
is now making fervent appeals to the patriotism of
the laborites, seeking to make them feel that in this
hour of great trial there is a higher duty than selfish
devotion to class interest, but it is now too late.
He has too long been teaching them that the interest
of labor must always be held paramount and its
demands enforced at all hazards and at whatever cost.
These laborites find it impossible to see why this rule
should not apply now. They have been dictating
and the Ministry has been responding, and they
want to continue dictating. Lloyd George is sup­
posed to have great influence with the laboring popu­
lation because he has throughout his political career
advocated special legislation for labor. The fact is
he is influential simply because he has done the bid­
ding of the labor leaders, and he cannot now pursue
an
independent
course
without running the
risk of finding himself quickly outside the breast­
works.
There is something pitiable about the appeals he
is now making to induce the British citizen to do his
duty. But these appeals throw light on the dire pre­
dicament of Great Britain where, with boundless
financial resources, the Government finds all its
energies crippled by the blind adherence of labor
union leaders to union rules and regulations intended
to benefit the labor people alone.
M r. Lloyd George has been talking in an unusually
frank manner lately in order to awaken the people
to a realizing sense of the danger involved in attempts
seeking to promote selfish class interest. Speaking
on Thursday of last week at the Trade Union Con­
gress, he set out certain facts with regard to the atti­
tude of labor unions that go a great way to explain
Great Britain’s lack of progress thus far in her prose­
cution of the war. “ Unless,” he told the Congress,
“ the unions allow unskilled men and women to do,
as far as they are able, work hitherto done by skilled
men, unless they allow, in fact, an unqualified re­
laxation of the union rules, we are making straight for
disaster. Every hour counts, every hour means
death, every hour takes us further from victory and
nearer defeat, unless it is an hour spent by the nation
in putting its whole strength into this great struggle
for victory and freedom for the democracies of Eu­
rope.”
This account of what he said we find in a cable
dispatch printed in the New York “ Times” of Friday
of last week, and the striking part of the address is
that M r. Lloyd George takes occasion to point out
how severe the Government has been in its treatment
of capital. “ The State,” M r. Lloyd George de­
clared, “ had kept its bargain with labor by abolishing

Sept . 18 1915.]

THE CHRONICLE

war profits in the munitions factories employing no
fewer than 9 5 % of the workers engaged. Had labor
shown equal readiness to fulfill its side of the agree­
ment? The answer was a reluctant no. In some
factories, including the Government arsenal at W ool­
wich,” said the Minister, “ the output was being re­
stricted, in others men were refusing to work beside
unskilled hands, and this at a time when 80,000 more
skilled men and 200,000 more unskilled men and wo­
men must be employed if the Government was to
carry out its program and the country play the part
now inevitably assigned to it in the Allies’ campaign.”
With flashing eyes and upraised hands, we are
told, in a voice that rose and fell in every gradation
of appeal and challenge, sometimes begging, some­
times exhorting, but “ always vibrant with the emo­
tion of a patriot,” M r. Lloyd George “ drove the moral
of hard facts into the hearts and consciences of hear­
ers never before touched with so sure a hand on every
chord of feeling and reason.”
W hat response did the labor delegates make to
this appealing address? B y an absolutely unani­
mous vote the G10 delegates present at the Trade
Union Congress, and representing 3,000,000 workers,
registered their opposition, it is stated, to conscrip­
tion. No reliable evidence has been produced, the
resolution said, to show that the voluntary system
of enlistment is not adequate to meet all the require­
ments of the British Empire. Such an outcome was,
of course, to be expected. Indeed it was absurd to
suppose that these labor delegates would heed what
Lloyd George had to say, since they knew that for
the success of his future political career he would have
to be governed by their wishes and desires. This
gives to the suggestion that came yesterday that he
will insist on conscription or else resign, an element
of the grotesque. Worse things might happen than
the resignation of either Lloyd George or Premier
Asquith, and obviously, if there is to be conscription,
Lloyd George is not the man to carry out the
policy, since the labor leaders look upon him as a
man to receive orders, not to give them. They
could never respect him in his new role.
It is obvious that Lloyd George understands fully
the urgency of the situation, for the present week,
in writing the preface to a collection of his speeches
and pronouncements since the beginning of the war,
he dealt even more frankly with the situation, saying:
“ A shrewd and sagacious observer told me the
other day that in his judgment the course pur­
sued by this country during the next three months
would decide the fate of this war. If we are not al­
lowed to equip our factories and workshops with
adequate labor to supply our armies because we must
not transgress regulations applicable to normal con­
ditions, if the practices are maintained which restrict
the output of essential war material, if the nation
hesitates when the need is clear to take the necessary
steps to call forth its manhood to defend it honor and
existence, if vital decisions are postponed until too
late, if we neglect to make ready for all probable
eventualities, if, in fact, we give ground for the
accusation that we are slouching into disaster as if
we were walking along the ordinary paths of peace
without an enemy in sight, then I can see no hope.
“ But if we sacrifice all we own and all we like for
our native land, if our preparations are characterized
by grim resolution, and prompt readiness in every
sphere, then victory is assured.”
W e are thus getting an insight into the internal trou­
bles which so hamper the activities of the British Gov-




87 3

j

ernment in the prosecution of the war— the very Gov­
! ernment which has been so assiduous in promoting
the interest of the labor element. The situation is
obviously fraught with great peril and one wonders
what will be the outcome of the struggle between
the labor leaders, unwilling to release their grip,
and the officials of the Government. A rupture in
the Cabinet, with the elimination of Lloyd George
and even M r. Asquith, might not be a bad thing,
provided they were replaced by men who owed
nothing to the labor element and therefore could
proceed in disregard of it. W e notice that a leading
Canadian banker who recently returned from a visit
to Great Britain was quoted in the “ Evening Sun”
of Sept. 4 as saying that “ at so awful a moment they
(the political leaders) are thinking of placating this
or that element among the voters. Even the very
highest in the State are not indifferent to these
sordid and petty and personal considerations.”
The lesson ought not to be entirely lost on us.
In this country also we have been making concession
after concession to the labor element only to find
that the more that was granted, the more that is
still wanted. Should our moment of trial also come
would this labor element treat us any differently
from the way they are now treating the British
Government? Is not that a matter to be carefully
considered, at a time when so much attention is
being given to the subject of putting the United
States in a state of preparedness for war? All our
efforts might count for nothing if M r. Gompers, for
instance, should set himself up as an independent
power and undertake to decide what should and
what should not be done, regardless of the conse­
quences to the country.
Our compilation of building operations for which
contracts were arranged at 159 cities of the United
States in August 1915 furnishes rather more evidence
of a revival of activity in construction work in some
sections than did the statements for most earlier
months of the current year. A t the same time,
however, it is not to be inferred that the situation
in this important industry is approaching a normal
status. On the contrary, in many localities, especi­
ally at the South and on the Pacific Slope, much
less has been done than for some little time past.
Comparison with the corresponding period of 1914
is quite favorable on the whole, but it should not
be forgotten that the breaking out of the war in
Europe at this time last year acted as a check to
building, as well as adversely affecting our affairs
in many other directions, and that factor must be
taken into account. It may be mentioned that
large gains are reported at Chicago, Philadelphia,
Kansas City, Buffalo, Milwaukee, Detroit, Minne­
apolis, St. Paul, Portland, Ore., Syracuse, Washing­
ton, Hartford and Bridgeport. Important losses,
however, are to be noted at Pittsburgh, Newark,
Baltimore, Albany, Cleveland, Seattle, San Fran­
cisco and many Southern
municipalities. Our
compilation for the 159 cities furnishes a total of
870,333,787 for August 1915, against $64,039,053
in 1914. Compared with 1913 there is also a small
gain, but contrasted with 1912 there is a moderate
loss. For Greater New York the result is quite
a little better than a year ago, $15,620,021, con­
trasting with $10,831,353, due to important increases
in the Boroughs of Manhattan and Queens, Ex-

874

THE CHRONICLE

elusive of Greater New York the contemplated out­
lay aggregates $54,713,766 for 1915, against $53,­
207,700 for 1914 and $59,003,371 in 1913, with the
exhibit most favorable in New England and the
Middle W est.
For the eight months this year’s operations in
Greater New York have been greater than in 1914
or 1913, $124,977,087, comparing with $105,237,260
and $112,641,816— but there is a decline of 37 million
dollars from 1912. Outside of this city the decrease
from a year ago is 673^ million dollars ($411,411,271,
against $478,817,530) and for the whole country
(159 cities) the projected expenditure at $536,388,358,
is the smallest of any year since 1908, comparing
with $584,054,790 last year and over 666 million
dollars in 1912— this the high record total for the
period. On the Pacific Slope the decrease from
last year is conspicuously large and losses of greater
or less extent are recorded in all other sections
except New England, where, as heretofore stated,
the increasing manufacture of fire-arms, explosives,
& c., for the Entente countries has acted as a decided
stimulus to activity this year.
Canadian building operations, as has been the
case for a considerable period, make a distinctly
poor- showing for August, even as compared with
the decidedly contracted total for the month last
year, when the opening of hostilities in Europe left
a marked impress upon the industry. For August
the returns from 40 cities furnish an aggregate of
prospective outlay of only $2,282,961, against
$5,147,581 in 1914 and some 12 millions in 1913.
The eight months’ total for the identical 40 cities
(27 in the East and 13 in the West) reaches but
$20,741,902, or 55 million dollars less than last
year.
Transvaal gold mining operations continue to
show very satisfactory results, the yield of the metal
for the latest month (August), as announced by
cable, having been in excess of any preceding month
of the current calendar year and, in fact, of any
month since M a y 1913, while establishing a new
high mark for the particular period covered. More­
over, it is becoming increasingly evident that to no
discernible extent has the war in Europe been a
factor in mining operations in the world’s premier
gold field, as with the period of labor troubles further
and further removed, operations are approaching
a normal plane, with a succession of new records
the prospect of the future. The August 1915 pro­
duct is stated at 778,763 fine ounces, against 711,917
fine ounces in 1914 and 764,737 fine ounces in 1912.
The eight months’ yield of 1915 stands at 5,957,166
fine^ounces, or 425,917 fine ounces greater than for
the like interval of 1914 and but 66,740 fine ounces
less than in 1913. This latter decline, however, is
fully counterbalanced by gains elsewhere in Africa
and the same is equally true of the loss the Trans­
vaal shows from the record yield of 1912. It is
therefore highly probable that the gold production
of the whole of Africa for the full 12 months of 1915
will exceed that of any earlier year.
The British Parliament re-convened on Tuesday.
It is understood that the session will by agreement
be devoted almost exclusively to war finance. Regi­
nald M cKenna, Chancellor of the Exchequer, will
introduce his first Budget on Sept. 21 or 23. It is
predicted that the income tax will be greatly in­



[Vol. 101.

creased and the exemptions from taxation reduced.
Reports, which probably are little more than guess­
work, also state that the duty on tea is to be increased
to 1 shilling a pound and that the duties on petrol,
wines, spirits, sugar and tobacco, and especially cigars,
are to be severely increased. Apart from these m at­
ters of new revenue, quoting press dispatches, a bold
line of action will undoubtedly be taken on taxation
of war profits, not only on munitions but on indus­
tries like shipping, which are amassing enormous
sums as a result of the war. Wholesale distributers
of foodstuffs are mentioned as likely to be called upon
for large contributions to the Exchequer. The im­
position of taxes on imported luxuries, including au­
tomobiles, is being canvassed, either as a means of
raising revenue or assisting national economy and
righting the exchange market by decreasing imports.
Other taxes which have been suggested are upon rail­
way tickets, theatres, motion pictures, automobiles,
carriages and employers of domestic servants. An in­
crease in charges for letters, telegrams and telephones,
all of which are under Government control, is declared
to be a further possibility. It is supposed to be the
intention of the Chancellor of the Exchequer to pro­
vide by means of this taxation a clear increase of
a hundred million pounds per year, the greater part
of which will come, it is expected, from the increased
income tax. It is estimated that the total income
of the inhabitants of the British Isles is £ 2 ,4 00,000,­
000 a year; of this less than £1,000,000,000 is now
assessed for taxation. The new legislation is ex­
pected to reach at least £700,000,000 more. For
the small workman, it is possible that the collection
of a tax may be made in weekly installments by means
of stamps affixed to a weekly war tax card.
On Wednesday in the House of Commons the Pre­
mier, M r. Asquith, and in the House of Lords Earl
Kitchener, Secretary for W ar, explained very frankly
the financial and military situation preparatory to a
request for another vote of credit. This credit was
finally authorized. It amounts to £250,000,000 and
is the seventh vote of credit that has been adopted in
the Commons since the outbreak of the war. The
new vote brings the total up to £1,262,000,000
($6,310,000,000). The Premier warned his hearers
that although the war expenditure was now averaging
more than £3,500,000 a day, there was more likeli­
hood of an increase than a decrease in the near fu­
ture, owing to advances by Great Britain to her Al­
lies and Dominions. These had already reached the
large total of £250,000,000. The Premier estimated
roughly that the weekly gross expenditure hence­
forth will not exceed £35,000,000. It was his opin­
ion that the new vote would carry the country
through to the third week of November.
Since the war began, he said, nearly 3,000,000
men had enlisted in the army and navy. Besides
800,000 persons were now engaged in the manufacture
of munitions. But both totals would have to be
increased, and he appealed to the women of the
country to give their assistance, believing that they
would in this way make “ a gigantic stride toward the
solution of one of their most pressing problems.”
M r. Asquith admitted candidly that mistakes had
been made, and added: “ I do not say even that we
are doing all we might or even all we ought to do.”
He however protested against the attempts of a sec­
tion of the press to “ belittle and disparage our
efforts.” Lork Kitchener was inclined to be optimis-

Sept . 18 1915.1

THE CHRONICLE

875

tic. “ The Germans,” he said, “ appear almost to
time for training is five months. It will be necessary,
have shot their bolt. Their advance in Russia,
therefore, to call out this contingent in October, or,
which at one time averaged five miles a day, now has
at the latest, in November.” The bill also author­
diminished to less than one mile a d a y .” Referring
izes the Government to retain at its disposition the
to the Russian army, the Secretary for W ar declared
class of 1888, which, under the old laws, would be
that, far from falling out of the fighting list, as
automatically released from obligation to serve.
Germany fondly hoped, it is still a powerful and
These are men forty-eight years of age. They have
undefeated unit, and the determination and confi­ not yet been called out.
dence of the troops fortified by the increasing supplies
of munitions have risen in proportion to the strain
I he Russian Cabinet resigned on Saturday last
imposed upon them.
and a coalition cabinet, it is announced, will be
Lord Kitchener described the response for a call for
oimed in its stead. Some of the former ministers
recruits as “ marvelous,” adding however: “ But the
have posts in the new body, but it is expected that
problem how to insure the field force being kept at
M . Goremykin, who as President of the Council of
full strength is engaging our close attention and
Ministers, served as Premier, will retire from active
will, I hope, soon receive a practical solution. I do
service. Meanwhile, the Russian Duma was pro­
not for one instant doubt that whatever sacrifice
rogued on Thursday until the middle of November
may be proved necessary will be undertaken cheer­
by order of the Czar. The final session lasted but
fully by our people.” This was the only portion of
three minutes. A dispatch from Petrograd declares
the speech which may be considered a reference to
that the prorogation was most unpopular. The
the possibility of conscription. Nevertheless, con­
ladical paper “ D en ,” which has always been the
scription has become a very widely and excitedly
severest critic of the Dum a, said : “ The country
discussed subject in the United Kingdom at the
was dissatisfied with the Dum a, but it was her
present time. An indication of this is a statement
Dum a, her organ incarnating her hope and-her
in the course of the debate in the blouse of Commons strivings.”
on 1 hursday by James Henry Thomas, Laborite,
who is Assistant General Secretary of the Amalga­
An official statement by the Russian W ar Office
mated Society of Railway Servants, that every lodge
at Petrograd, issued yesterday, outlining conditions
of the Railway Union had informed the executive
on the front from the Baltic provinces to Galicia,
committee that bn the introduction of conscription
i c-assei ts successes over the Austro-Hungarians in
the men would stop work. “ If the conscriptionists
the Tarnopol district and along the River Stripa.
want an industrial revolution let them proceed with
The Germans, the statement declared, were repulsed
their agitation.” A political sensation was caused
southwest of Dvinsk, but it admits that they have
in London yesterday (Friday), by publication in the
crossed the Viliya northwest of Vilna and that the
“ Daily News” of an alleged decision on the part of
Russians have fallen back at Pinsk. The Austrians
the minority in the British Cabinet to force through
are said also to be holding the fords of Stripa. Ac­
at the present session of Parliament a law making
cording to press advices, rear guard battles are being
military service compulsory. The newspaper in
fought all along the Eastern front from Riga to the
question declared that if the coterie of ministers
Rumanian border, and while the Germans continue
favoring conscription fail in their fight, the Cabinet
to advance slowly in the north and centre, the Rus­
will be disrupted. David Lloyd George is declared
sians in the south seem to be repeating their successes
to be the leader of the pro-conscription group and
against the Austro-Germans. While these Russian
to have as associates A . Bonar Law, Secretary of
victories not unnaturally are welcome in Russia and
State for the Colonies; Winston Churchill, Chan­
the Allied countries, as an evidence that the Russian
cellor for Duchy of Lancaster; Lord Curzon, Lord
armies aie still able to take the offensive when well
of 1 1 ivy Seal, and Sir Ldward Carson, Attorneysupplied with ammunition, there is an inclination,
General. The “ Daily News” says that these leaders
according to military critics, to exaggerate their im­
have pledged themselves to resign from the Govern­
portance. The engagements, however, keep the
ment if their fight fails.
Austio-Germans busy and make it imperative to send
re-enforcements southward which could be used to
An Imperial Ukase was issued in Petrograd on
better advantage in the north where operations of much
Thursday calling to the colors reserves of the terri­
greater moment are being directed by Field Marshal
torial army. Assuming that the age limit has been
von Hmdenburg. This General, who began his
fixed at 35 years, the call means a possible addition
offensive against the Vilna-Dvinsk railway a week
of 8,000,000 men to the Russian armies, including
ago, has not yet established himself on the line, his
men who had passed through the first line of reserves
cavalry having been driven back. Nevertheless, he
and those who heretofore have been exempt. The
has forced the Russians across the Dvina River north
French Parliament has before it a bill calling to the
of Dvinsk, placing that city in a rather dangerous
colors a contingent of 400,000 young men who in
position, and also has made some progress north of
time of peace would begin military service in 1917.
Vilna.
I o the south of the latter city, towards
They are 18 and 19 years old. The bill was pre­
Grodno, the Russians are offering stubborn resistance
sented in the name of President Poincare. A memo­
and have the Germans firmly held. Something of
randum written by M . Millerand, the Minister of
the same kind has happened in the centre since Prince
W ar, accompanied the measure. It says : “ To-day
Leopold has been delayed in his advance. Field
the contingent of 1916 completed their training.
Marshall von Mackensen has passed his forces through
They now are in their camps awaiting employment.
the Pripet marshes and is now in possession of Pinsk.
They will be sent to reinforce the armies in the
hrom this point southward the Russians are advanc­
course of the autumn. It appears now to be neces­
ing and have re-occupied a number of villages.
sary to anticipate, in the event of the need of the
In the Dardanelles there is little in the press ac­
contingent of 1917 for next spring. The minimum
counts to justify any direct statements that progress



876

THE CHRONICLE

has*been made. The British losses in that campaign
have totaled 87,630 up to Aug. 21. During the first
year of the war the total British casualties in all
fields were 381,982, according to an official statement
made in Parliament this week.
Of this number
75,957 were killed and 251,068 wounded, while 54,957
are missing and supposed to be either dead or pris­
oners of war.
In the western fields of operations there have been
no sensational developments during the week, al­
though the British and French troops are said to be
keeping up a persistent artillery bombardment on the
German lines. German Zeppelins have made six
air raids on England during the last ten days. The
damage, so far as the British censors have permitted
the news to be cabled, has not been important.
The German Ambassador in Washington, follow­
ing the refusal of President Wilson to accept the ex­
planation in the recent German note of the sinking
of the Arabic, has cabled to his Government fea­
tures of the evidence on file at our State Depart­
ment. Such evidence is very clear that the steam­
ship was not attempting to ram the submarine.
The Ambassador again has declared that this inci­
dent will be settled to the full satisfaction of the
United States and Washington is inclined for the
present to leave the negotiations in his hands.
Meanwhile the German Government in a note from
its Foreign Office to our Ambassador in Berlin has
filed a qualified disclaimer of responsibility for the
sinking of the steamship Hesperian. On the face
of the evidence thus far at hand Berlin is satisfied
that the vessel was not sunk by a German submarine,
as no vessel of that description was in the vicinity
on the date of the accident. The German conten­
tion is that the vessel must have hit a mine. Wash­
ington is now inclined to take that view in the
absence of specific evidence to the contrary.
Because of the inability of certain of the LatinAmerican members of the Mexican “ Peace Confer­
ence” to reach Washington in time, Secretary of
State Lansing announced that the meeting scheduled
for Tuesday afternoon would be held in New York
to-day (Saturday). The conferees, the Secretary
said, then will consider the reply of General Carranza
and the counter reports of Generals Villa and Zapata.
It was said that no developments in Mexico or any
change of policy by the United States figures in the
postponement of the conference.

IVOL.

101.

years. There was, too, some insistence on the part
of American bankers at the outset of the necessity
of depositing collateral for the loan. It is understood,
however, that the negotiations during the closing
days of the week did not contemplate the deposit
of collateral.
There is also reason to believe that instead of a
billion dollars the total amount will not exceed
$750,000,000 and may be as low as $500,000,000.
The rate of interest, it is expected, will be 5 % net;
that is to say, any necessary commissions for under­
writing, & c., will be paid by the borrowers. The
bonds or notes are to be accepted as a first lien by
both the English and French governments, and will
not be subject to income taxation in either coun­
try. That the negotiations are very close to the
point of completion is suggested by the fact that
James J. Hill and a number of Western financial
authorities who have been in close touch with the
Commission are leaving for their homes to-day.
The loan presumably will be underwritten before it
is announced. One phase of the reports that have
come from the conferences is that the credit when
arranged shall not be utilized for the purchase of
war material, but that both England and I ranee are to
continue to send gold to this country to make pay­
ments on contracts of this character. As we already
have noted, however, the details of the conferences
and the plans have been so completely guarded that
it is not desirable to attempt definite forecasts of
the final plan.
B y a decision on Thursday of the British Prize
Court, American packing house products, said to be
valued at about $15,000,000, were confiscated to
the Crown. The decision was handed down by
Sir Samuel Evans and, with the exception of the
Cudahy C o ., all American beef packers lost their
appeals in the cases of various ships laden with beef
. products that had been seized on the ground that
their cargoes were on their way to Germany. These
cases have been the subject of much diplomatic
correspondence. Sir Samuel held that nearly all
of the goods were intended mainly for the use of
German military and naval forces. To rule other­
wise, he said, would be to allow one’s eyes to be
blinded by theories and technicalities. The ships
seized were, he said, carrying towards Copenhagen,
when captured, more than thirteen times the amount
of goods which under normal conditions would have
been taken to that port. That fact gave practical
and overwhelming assurance that the goods were
intended to find their way to Germany, although of
course, it did not prove conclusively that they were
destined for that country. Sir Samuel gave leave
to appeal, fixing security for the costs at $20,000,
divisible among the applicants.
He also gave
the Crown attornies leave to appeal in the cases
of the Cudahy and other claims which were al­

The members of the Anglo-French Commission
who are in New York to discuss the establishment of
a loan or credit in this country by which the sterling
and French exchanges can be adjusted to more nearly
normal conditions, have had an active week. Re­
ports at the close indicate that they have made dis­
tinct progress. The utmost secrecy has attended
their sessions, and the net result will not be known lowed .
until official announcement is made, which, there is
The London market for securities has been without
reason to believe, will be in the quite near future.
activity this week awaiting results from two in­
The Commissioners without exception may be said
to have produced an excellent impression in financial fluences of importance that are pending. First of
circles here because of their frankness and the tact these influences is the result of the negotiations at
they have invariably displayed. A t first there was N ew York for a large credit; and second the British
a tendency to believe that the •
negotiations would Budget, which is to be promulgated next week and
be conducted on the basis of a full billion-dollar loan will enable British operators to judge the extent of
secured by a series of British Treasury notes or bonds the increased burdens that are confidently expected
whose maturities were to extend from two to ten to be imposed by a much higher income tax. The



Skpt. 18 1915.]

THE CHRONICLE

general tax at the present time is about 1214%.
Some correspondents cable that it may be advanced
as high as 25% , though this is as a general rule
considered too oppressive to be a practical propo­
sition. As is usual, however, the terms of the
forthcoming Budget are maintained with absolute
secrecy. While the increase in the tax may possibly
not fulfill the highest estimates, there seems excellent
reason for the belief that the exemptions of the smaller
classes of incomes from taxation are to be still further
curtailed. As to the loan negotiations in New York,
London operators appear to be quite as much in the
dark as those at New York. Nevertheless, the
higher grade of investment stocks were well main­
tained on the London Exchange, though the war
loans were under some pressure early in the week.
Canadian Pacific declined moderately, owing to the
death of its President, Sir William Van Horne,
early in the week. The war loans were inclined to
greater firmness after the call on Tuesday of the
regular 10% installment, involving, it is estimated,
about £30,000,000. This transaction, however, did
not appreciably influence the London money market.
The foreign section of the London market is in more
or less neglect, awaiting the results of the Paris
settlement which is scheduled for Sept. 30. No
definite action has thus far been taken on the pro­
posed reduction of the minimum prices on the Lon­
don Stock Exchange. The subject seems for the
moment to have been shelved awaiting action on the
Budget and the American loan.

877

the year, say that France already has advanced
650.000. 000 francs ($130,000,000) to her Allies.
According to the most recent financial reports,
M . Ribot added, the average monthly war expenses
of Russia are 1,800,000,000 francs ($360,000,000);
Germany’s monthly war expenditures approached
2.500.000. 000 francs ($500,000,000), while Great
Britain s exceeded this amount. Tax receipts of the
French Government during August were 242,000,000
fiancs ($48,500,000), or only 50,000,000 francs ($10,­
000,000) less than in August 1913. The Ministry
of Finance, commenting on the details of this, af­
firms that they indicate the progressive recovery in
the economic life of the country. The French Cabi­
net decided on 1 uesday to create an Under Secre­
taryship of State for Aviation and Aeronautics. The
new post was given Rene Besnard, who previously
has served as Minister of Labor, Minister of Colonies
and Under Secretary of Finance.

The official bank rates of Europe remain without
change from 5% in London, Paris, Berlin, Vienna
and Copenhagen; 5 ^ % in Norway, Sweden and
Portugal; 6 % -in Italy and Russia, and 4 )^ % in
Switzerland and Amsterdam. Open market rates
in London are 4 ^ @ 4 % % for short and 4 11-16@
4 % % for long bills. A week ago sixty-day bills
were quoted at 4 % % and ninety at 4 % @ 4 %,%.
Day-to-day funds at the British center continue at
3 ^ @ 4 % . A private discount rate of 3 % % is re­
ported from Berlin; otherwise the open market rates
on the Continent are understood to be entirely sub­
The Paris Bourse Parquet will on Sept. 30 liqui­ ject to private negotiations based on the official
date its own outstanding obligations besides advan­ Bank rates.
cing funds to the Coulisse to settle differences on
that market. Dealings for the new account are now
A further decrease of £3,741,384 in its gold hold­
permitted provided funds or stocks are deposited in ings was reported by the Bank of England this week,
Paris with orders that they are not subject to the while the total reserve decreased £3,466,000 (note
month-end settlement. It is expected that pre-war circulation having shown a contraction of £275,000);
contracts in rentes will be liquidated at the basis public deposits decreased £8,013,000, other deposits
of the last quotation (79.85) prior to the closing of increased £4,226,000, while other securities (loans)
the Bourse in July 1914.
decreased £275,000. The Bank’s gold holdings now
With the resumption of time bargains on the Paris stand at £63,737,837, against £48,720,492 a year ago
Bourse, it is considered not unlikely that there will and £42,007,766 in 1913. The reserve totals
be a corresponding improvement in the volume of ac­ £50,672,000 against £32,547,762 one year ago and
tivity. The French Minister of Finance, M . Itibot, £31,761,426 in 1913. The proportion of reserve to
confirmed on Wednesday his previous intima­ liabilities decreased to 23.92% against 25.11% a
tion that the Government would soon issue a large week ago and comparing with 21.18% in 1914 and
loan. Settlements of balances on Bourse transac­ 60.75% in 1913. The loan item aggregates £144,­
tions that have remained open since the outbreak of 954,000 against £113,792,525 in 1914 and £26,308,517
the war will, he explained, be made on Sept. 30. in 1913. There was an increase last week of £2,­
This settlement would not be obligatory. It would be 449,000 in the amount of Treasury bills outstanding.
optional on terms decided upon and facilitated by a The Bank reports the amount of currency notes out­
loan of 75,000,000 francs at 6% , made by the Bank standing as of Sept. 11 at £60,403,562 against £57,­
of France to the Governing Committee of brokers. 747,034 the week preceding. The amount ofgold
The settlement, he said, would be made on the basis held for the redemption of such notes remains at £28,­
of the closing prices of July 31 1914. The Finance 500,000. Our special correspondent furnishes the
Minister added that the Government’s 3% bonds on following details by cable of the gold movement into
the market would be absorbed by one of the great and out of the Bank for the Bank week: Inflow,
financial houses which had consented to take them as £2,875,000 (of which £775,000 bar gold, £2,000,000
fast as they were offered. Consequently, these bonds foreign gold coin bought in the open market and
will not depress the market. M . Ribot is quoted by £100,000 released from miscellaneous accounts);
the “ Temps” of Paris as asying: “ Thanks to these outflow, £6,616,000 (of which £250,000 bars and
arrangements made by financiers, in accord with the £1,492,000 foreign gold coin sold in the open market,
Ministry of Finance, the market little by little will £200,000 to Spain, £2,640,000 to America, £50,000
become normal.” On the assembling of the French to Switzerland, £500,000 ear-marked Egypt, £100,000
Parliament on Thursday, M . llibot’s memoranda Straits and £1,384,000 net sent to the interior of Great
accompanying the bill introduced in the Chamber of Britain). We add a tabular statement comparing for
Deputies, appropriating 6,200,000,000 francs (81,­ the last five years the different items in the Bank of
240,000,000) for the expenses of the last quarter of England return:



THE CHRONICLE

878

BANK OF ENGLAND’S COMPARATIVE STATEMENT.
1915.
1914.
1913.
1912.
1911.
S e p t. 1 5 .
S e p t . 10.
S e p t. 17.
S e p t . 18.
S e p t. 20.
£

£

£

£

£

Circulation.............. 31,515,000 34.622,730 28,696,340 28,547,975 28,955,915
Public deposits___ 121,574,000 18,643,497
9,629,267 15,884,550 11,901,074
Other deposits......... 90,168,000 135,042,671 42,630,196 46,355,339 45,554,393
Govern’ t securities. 34,418,000 25,669,025 12,453,405 13,367,655 14,097,524
Other securities___ 144,954,000 113,792,525 26,308,517 35,597,638 29,080,887
Reserve notes and
coin...................... 50,672,000 32,547,762 31,761,426 31,534,460 32.572,834
Coin and b u llion ... 63,737,837 48,720,492 42,007,766 41,632,435 43,078,749
Proportion of reserve
to liabilities.........
23.90%
21.18%
60.75%
50.64%
56.75%
Bank rate.................
6%
5%
4^%
4%
4%

Another increase, namely 60,118,000 francs, in its
gold holdings is reported by the Bank of France in its
current weekly statement. This indicates the con­
tinued activity with which the precious metal is
being turned in by the working classes for Govern­
ment paper. The silver holdings increased 295,000
francs, note circulation showed a further expansion
of 43,992,000 francs, general deposits increased
122.555.000 francs, discounts decreased 18,028,000
francs and treasury deposits increased 18,586,000
francs. The Bank’s advances were reduced 1,482,­
000 francs. The Bank’s gold stock, once again at a
new high level, stands at 4,437,476,000 francs and
compares with 4,141,350,000 francs in 1914 and
3.447.950.000 francs in 1913. The silver stock aggre­
gates 354,576,000 francs against 625,325,000 francs
one year ago and 639,300,000 francs in 1913. Note
circulation is almost exactly double that of a year
ago, standing at 13,265,941,000 francs against
6,683,184,785 in 1914 and 5,521,234,065 francs the
year preceding. General deposits aggregate 2,541,­
217,000 francs. A year ago the total was 947,571,861
and two years ago 670,575,740 francs. Discounts
aggregate 2,351,565,000 francs against 2,454,280,425
francs and 1,408,834,115 francs one and two years
ago, respectively. The Bank of France suspended
publication of its statement last year as soon as the
war began and did not resume until Feb. 4 1915;
hence no closer comparison with last year’s
condition than as of July 30 was available. These
are the 1914 comparisons that are mentioned
above.
In local money circles there is no suggestion of
any renewal of firmness, notwithstanding that we
have about reached the period of greatest activity
in connection with the requirements of the crops
and that representatives of Great Britain and France
are at this center negotiating a loan of large propor­
tions. The fact that these negotiations are not prov­
ing an influence of higher interest rates is not alto­
gether surprising in view of the excessive supply of
funds throughout the country, and the fact that it is
not the purpose to withdraw any part of the pro­
ceeds of the loan or credit from the country. These
proceeds will merely be placed on deposits with Amer­
ican banks and bankers and drawn against in pay­
ment of food supplies and war materials of various
times, and in this way will, as a broad proposition,
be kept in more or less general availability in money
circles. In fact, the more distant maturities are,
if anything, a shade easier than a week ago, five and
six months funds being quoted at a range of 3 @ 334% ,
comparing with a single quotation of 334% a week
ago. There seems, it must be conceded, slight
prospect of any substantial advance in rates during
the near future. Trade and industrial activity is
not such as to require much preparation in the form
of money supplies. The iron and steel industry, it



[Vol. 101.

is true, is working very close to capacity, a condition
for which foreign orders for war materials is in large
measure responsible. In the textile industry on a
more moderate scale similar conditions are ruling.
As a broad proposition, the war order part of general
business is being financed in a more or less indepen­
dent way, and is not to that extent a day-to-day
factor in the general money situation. Notwith­
standing the seasonal demands of the agricultural
sections, funds are continuing to pile up in New York
on a sensational scale. Last Saturday’s New York
Clearing House statement registered the further large
addition of $15,012,080 to the surplus reserves of
the banks and trust companies above requirements,
the total of this item now being $224,122,990, com­
paring with a deficit of $35,065,000 a year ago.
The loan item in the statement showed an increase of
$25,420,000, net demand deposits increased $22,­
944,000, while net time deposits decreased $2,549,­
000. Reserves in “ own vaults” increased $19,920,000
to $522,157,000, including $447,806,000 in specie,
while reserves in Federal Reserve banks increased
$1,154,000 to $139,594,000 and reserves in other de­
positaries decreased $1,915,000 to $29,736,000,
thus indicating a net increase in the aggregate re­
serve of $19,159,000 to $691,487,000. We refer to
the bank statement in greater detail on a subsequent
page. Reports are current of an additional ship­
ment of gold from London being on its way via
Halifax. Exact details, however, are not yet
available.
Referring to money rates in detail, demand loans
have remained stationary within a range of 1 % @ 2 % ,
these figures being the lowest and highest respectively
each day, while 1 % % has been the general renewal
basis. Time money quotations remain at 234%
for sixty days, 2 % % for ninety days and 3% for
four months, while for five and six months 3@ 334%
is the closing quotation, comparing with a single rate
of 334% a week ago. Commercial paper is in very
moderate supply and discounts have not been changed
from 3 @ 3 3 4 % for sixty and ninety days endorsed
bills receivable and for four to six months single
names of choice character. Names not so favorably
known require 324@ 4% . Bankers’ acceptances are
234@234%, according to maturity. The Federal
Reserve Board at Washington on Monday approved
a rate of 3 % on special commodity paper negotiated
through the Philadelphia Reserve Bank, maturing
in ninety days. The St. Louis Reserve Bank has
been authorized to adopt the same rate, which also
prevails at Dallas, Richmond and Atlanta for com­
modity paper. The Board also approved a rate of
3 3 4 % for the Cleveland Reserve Bank on maturities
not exceeding ten days. The ten-day discount rate
for Philadelphia has been reduced this week to 234%
from 3% . A reduction from 434 to 4% in the rate
on commercial paper over sixty days and not exceed­
ing ninety days has also been approved for Phila­
delphia. A rate of 334% on trade acceptances ma­
turing within sixty days and a rate of 4% on trade ac­
ceptances maturing in ninety days was also granted to
the Richmond Bank. A rate of 334% on trade ac­
ceptances has also been approved for the Boston
Reserve Bank.
The rediscount rate on paper
over 60 to 90 days in the case of the Minneapolis
Reserve Bank has been reduced from 5 to 434%,
and in the case of the St. Louis Reserve Bank from
434 to 4 % . Discount rates at the Federal Reserve
banks follow:

Sept. 18 1915.]

THE CHRONICLE

Afa lu r lt le s o f —
F e d e r a l R eserv e
Bank—

B oston______
New Y o r k __
Philadelphia _
Cleveland___
_
Richm ond_
Atlanta..........
Chicago____
St. Louis___
Minneapolis..
Kansas C ity ..
Dallas_______
San Francisco

10

days
and
le s s .

30

3
3
2 44
3 44

3

3

days
and
le s s .

4
4
4
4
4
4
4
4
4
4
4
34*

A g r ic u l­ T ra d e A c c e p t a n c e s .
tu ra l a n d
O ver 30
O ver 60 lic e stock
O ver 60
d a y s to 60 d a y s to 90
T o 60
to 90
p a p er
d ays,
days
o v er 90 d a y s i n d ays,
i n c l.
in c l.
da ys.
in c l.
i n c l.

4
4
4
4
4
4
4
4
4
4
4
4

4
4
4
444
444
444
444
4
444
4
444
444

5
5
5
5
6
5
5
5
5
5
5

344
344

344
344

344

4

344

344
4
344

Authorized rate for acceptances, 2 to 4% . On March 10 the Federal Reserve
Board fixed the following rates for rediscounts between Federal Reserve banks:
344 % for maturities of 30 days or less; 4% for maturities of over 30 days to 90 days,
Inclusive.

The Sterling exchange market has been nervous
and unsettled throughout the week, though toward
the close a strong tone developed, reflecting presum­
ably increased confidence in successful results from
the negotiations that are now in progress to estab
lish a large Anglo-French credit in this country.
Early in the week there was an accumulation of
grain and cotton bills, owing to the backwardness
of buyers and the failure of reports of a large importa
tion of gold to come by way of Halifax to definitely
materialize. The weekly report of the Department
of Commerce of trade figures of imports and exports
through the leading customs districts indicated an
export balance of only $6,072,241 for the week end­
ing Sept. 11. This compares with an excess of $27,­
616,721 the preceding week and $33,209,039 the
week before. English sovereigns valued at approxi­
mately $5,500,000 arrived at San Francisco on
Thursday by the steamer Sonoma. It is understood
that this metal will be deposited in the San Fran­
cisco Mint for recoining. Early next month $8,­
000,000 is expected to arrive.
As compared with Friday of last week, sterling ex­
change on Saturday opened unchanged, but later
weakened, and quotations receded on rumors that
considerable time must elapse before a satisfactory
solution of the foreign exchange problem is reached
by the bankers now in conference; prices ranged at
4 653d>@4 6934 for demand, 4 6 6 ^ @ 4 7034 for
cable transfers and 4 63@ 4 64 for sixty days. On
Monday weakness in the initial operations was fol­
lowed by a firmer tone and the market closed strong,
though dull throughout with little actual business
transacted; demand bills, after touching 4 6434, ad­
vanced to 4 67, cable transfers to 4 6534@4 68, with
sixty days at 4 64. Sterling exchange fluctuated ir­
regularly on Tuesday; opening quotations were
easier, but subsequently prices rallied, although
trading continued extremely dull and the range was
a more or less nominal one, at 4 6534@4 6634 for
demand, 4 6634@4 6734 for cable transfers and
4 63% @ 4 64 for sixty days; the disposition seemed
to be to await developments as regards the AngloFrench loan negotiations. On Wednesday the inac­
tivity was still in evidence and operations were on a
small scale; rates again opened weak, then steadied,
with demand slightly higher at 4 6534@4 6634, and
sixty days at 4 64@ 4 6434; cable transfers ruled be­
tween 4 6634 and 4 67. A firm tone with an advance
of more than 4 cents in the pound sterling in the late
dealings was recorded on Thursday, largely on more
encouraging rumors concerning the better progress of
negotiations for the huge foreign credit; demand
moved up to 4 6734@4 7034, cable transfers to
4 68@ 4 7024, and sixty days to 4 66@ 4 6734- On
Friday the market ruled strong at the close, after
some irregularity early in the day with the day’s range



at 4 6934@4 73 for demand, 4 7034@4 7324 for
cable transfers and 4 68@ 4 69 for sixty days.
Closing quotations were 4 69 for sixty days, 4 7034
for demand and 4 7134 for cable transfers. Com­
mercial on banks nominal, documents for payment
nominal. Seven-day grain bills at 4 69. Cotton
for payment nominal; grain for payment nominal.

344

344
344
3

879

The Continental exchanges ruled steadier; the Lon­
don check rate in Paris closed at 27.45 against 27.92
a week ago. In New York Paris checks closed at
5 80 and cable transfers at 5 79 against 5 94 and 5 93,
respectively, last week. Exchange on Berlin finished
at 8334 for demand and 8324 for cables against 8234
and 8224 a week ago. Swiss exchange is 5 25 and
5 24 for sight and cables, respectively, against 5 32
and 5 31. Italian lires are 6 21 and 6 20 for sight
and cables against 6 42 and 6 41. Bankers’ checks
on Amsterdam are 4024 and cables 4024 against 4034
and 4034- Greek exchange remains at 5 27 for
checks and 5 26 for cables. Copenhagen checks are
25.85 against 25.80 a week ago and exchange on
Norway and Sweden is 25.90 for checks against 25.85.
Russian rubles are 34 point higher at 35.
The New York Clearing House banks, in their op­
erations with interior banking institutions, have
gained $2,803,000 net in cash as a result of the cur­
rency movements for the week ending Sept. 17.
Their receipts from the interior have .aggregated
$9,212,000, while the shipments have reached $6,­
409,000.
Adding the Sub-Treasury operations,
which occasioned a gain of $6,226,000, 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 $9,029,000, as follows:
.
W e e k e n d in g S e p t.

17.

In to
B a n ks.

Out o f
B a n ks.

N et Change in
B a n k H o ld in g s .

Banks’ interior movement_______
Sub-Treasury operations___________

59,212,000
25,183,000

56,409,000 Gain S2,803,000
18,957,000|
Gain 6,226,000

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

534,395,000

S25,366,0001
Gain S9.029.000

The following table indicates the amount of bullion
in the principal European banks:
S e p t.

16 1915.

S e p t.

17 1914.

B anks o f
G o ld .

England..
France__
Germany.
Russia__
Aus.-Hunc
Spain . .
Italy__
Netherl'ds
Nat.Heigh
Swltz'land
Sweden .
Denmark
Norway.

T o ta l.

S ilv e r.

G o ld .

T o ta l.

£
737,837i
— 63 737,837 48,720,492:
— 48 ,720,492
502,360 14,584, 840192 ,087,200*165653680 25,013 2S0 190 ,666,960
,598,150 2,250, 000122 ,848,150! 80,683,950 2,348 050 83 ,032,000
381,000! 4,093, 000169 ,474,000172,433,000 5,866 ,000 178 ,299,000
578.000 12,140, 000 63 718,000: 51,578,000 12,140 ,000 63 ,718,000
355.000 29.480, 000 58 ,835,000 21,818,000 27,436 ,000 49 ,254,000
811,000, 4,670 ,000 50 ,481.000 44,546,000, 3,000 ,000, 47 ,546,000
644.0001
157,,500, 31 .801,500 13,517,000
945 ,400 14 ,462,400
,380,000:
600 000, 15 ,980,000; 15,380,000;
600 O O 15 ,980,000
O!
624,900;
...
9 ,624,900! 8,674,600'
8 ,074,600
299,000,
6 ,299,000 5,736,000­
,736,000
946.0001
ooo; e 255,000, 3,880,000'
,150,000
434,000
,118,000
—
3 434,000 3.118,000
£

£

£

...

_

Tot. week 720,291,247 68,284 340 794,575,587 635,738,722, 77,618,730713.357,452
Frev .week 726,919,861i 68,408, 540795,328,401 628,876,709, 77,306,180 706,182,889
c July 30 1914 in both years,

h Aug. 6 1914 In both years.

* July 30 1914.

FIN AN C IAL A N D M IL IT A R Y STATUS OF
THE WAR.
Mr. Asquith’s address to the House of Commons
last Wednesday, on the position of England’s war
finances, followed as it was by Lord Kitchener’s
speech on the military situation and by M . Ribot’s
estimates, next day, of the French position, threw its
sidelight on several phases of the war as it now stands.
Briefly, the Premier asked from the British Parlia­
ment another war credit of $1,250,000,000. This
is the seventh of such requisitions since the war be­
gan and brings the total to $6,310,000,000. Mr.
Asquith set forth frankly that England’s daily war
expenditure now reached the sum of $17,500,000 and
would probably continue to increase. The French

880

THE CHRONICLE

Finance Minister’s estimates show that France, which
three months ago was spending on the average
$8,700,000 per day for war purposes, is now averag­
ing more than $12,000,000, and M . Ribot also cal­
culated a daily outlay of $12,000,000 for Russia and
of nearly $17,000,000 for Germany.
The striking facts about these figures are, first,
the disproportionate financial burden shown to have
fallen on England’s shoulders, and second, the rapid
increase in the war’s daily cost to all participants
combined. That England, according to the above
estimates, is now spending more per day than any
Continental Government, does not result from the
mere fact that she is simultaneously maintaining a
powerful navy and a considerable land force. It is
rather a consequence, as was the similar relative
showing under similar circumstances in the Napo­
leonic Wars, of direct financial assistance by the Eng­
lish Government to its allies. Mr. Asquith frankly
stated, in his speech, that the Government’s ad­
vances to the Allies and the Colonies, quite outside
of its direct outlay on the war for its own account,
have reached the formidable total of $1,250,000,000.
Combining all the above estimates of daily war
expenditure, it will appear that the four principal
belligerents are spending not much less than $60,­
000,000 daily, and that an increasing rate of outlay
is probable. This is not at all surprising; the ex­
perience of all protracted wars has been that such con­
tinual mounting rate of expenditure is inevitable.
Even the United States, which spent in 1861, at the
beginning of the Civil War, about $1,000,000 per
day, was disbursing nearly $3,000,000 for the same
purpose in 1865. Precisely the same was true of the
Napoleonic Wars. Therefore the question how long
such a contest can continue without at last bringing
all the belligerents to the position of waging war on
the basis of irredeemable government paper can
never be wholly overlooked.
Mr. Asquith made the further important statement
that three million Englishmen have enlisted in the
army. Apparently, however, only a small part of
these reserves are yet in action; for Lord Kitchener
also set forth that Sir John French has received in
reinforcements eleven divisions,comprising two hun­
dred thousand men, and has extended his lines ac­
cordingly. Apparently, then, by far the great bulk
of the new recruits are still under training. On the
other hand, if it is true that more than two and a
half million English soldiers will presently be avail­
able for active operations, the matter has a some­
what significant bearing on the future of the campaign
in France and Belgium. Lord Kitchener reviewed
frankly, with an optimism perhaps necessary under
the circumstances, the position of the military cam­
paign. In Russia, as he puts it, “ the Germans
appear almost to have shot their bolt.” His reason
for this statement is that the Russian army has not
been destroyed as a fighting unit, and is now re­
sisting the invaders so effectively that the average
rate of German advance into Russia, which lately
was five miles per day, is now barely one mile.
This virtual check, along with the approach of
winter and the failure to capture the Russian army
as a whole, means that the German campaign must
be called a'failure. “ Russia,” the Secretary of War
concluded, “ with her vast territory, has always been
able ultimately to envelop and annihilate large in­
vading armies. And this she is certainly no less
capable to do than she was a century ago.” It



[Vol. 101.

must be said that this is a rather evident effort to
paint the picture in cheerful colors. Lloyd George
put the case far less encouragingly in a public
speech of a week ago, when he frankly declared that
Russia “ for the time being has ended her contribu­
tion to European freedom” ; in other words, that she
cannot be reckoned as an aggressive factor in the
European campaign for many months to come.
As to the campaigns on the western front and on
the Italian border, Lord Kitchener spoke encourag­
ingly, but was compelled to admit that, while the ad­
vantages gained had been mostly on the side of the
Allies, those advantages were relatively very small.
As yet, indeed, a deadlock practically existed on both
battlefronts. Regarding the Dardanelles campaign,
Lord Kitchener frankly admitted the absence of any
decisive achievement under “ the enormous difficul­
ties which have attended the operations.” He point­
ed out somewhat emphatically— what, in fact, the
dispatches have lately made rather clear— that finan­
cial and political demoralization among the Turks
themselves is increasing. That would, indeed, ap­
pear to be inevitable, considering that Turkey was
by all accounts forced into war by the intrigues of a
small pro-German military clique.
But the sum total even of Lord Kitchener’s cheer­
ful speech did little more than testify to continued
deadlock outside of Russia, to the fact that actual
military achievement still remains on the side of the
Germans, and to continuance of enormous pressure
of the war burden on all belligerents. What conclu­
sion, then, is to be drawn regarding the outcome
of the war? Two recent articles in the London
“ Fortnightly Review” attempt partly to answer this
question. One, by a colonel of the regular army,
emphasizes first the fact that the alliance between
England, France and Russia is stronger than before,
and that recent public speeches and pledges by the
Premiers of France and England and by the Emperor
of Russia insure that condition. Regarding the
situation on the western front, he argues that as a
military question an invading army cannot stand
still indefinitely. It must in the end either advance
or retreat, and in this case its advance he believes
to be impossible. This being so, his conclusion is
that it favors the Allies, especially with the new
reserves in training in England.
The other article, by a well-known naval expert,
begins by the epigrammatic statement that the
Trafalgar of this war was fought on August 3 1914.
Since that time, no effective resistance of any kind
has been made by Germany on the seas. Indeed,
it is further pointed out that even the great naval
victory of October 21 1805 did not annihilate the
navies of France and Spain, or insure to British
commerce safety even on distant seas. The war
on the ocean actually continued ten years longer,
and all foreign commerce of Great Britain remained
a precarious venture. •The victory of 1914, he
infers, was therefore infinitely more complete even
than Trafalgar, and is bound to have a larger effect
on the outcome of the war.
The considerations pointed out in these two
articles, especially in the second, are of interest to
the extent that they show how easily one may over­
estimate the importance of Germany’s victories in
Russia. It is true that England’s victory on the
sea has been complete, whereas Germany’s victory
on land is still far from completeness. Nevertheless,
itgmust still be admitted that it is land victories

Sept. 18 1915.1

THE CHRONICLE

which in the ordinary course of the campaign will
end the war, and that the defeat of Russia has not
only pushed these victories further into the back­
ground, so far as concerns the Allies, but has re­
duced to complete uncertainty the important and
perhaps decisive question of participation in the
war of the Balkan States.

881

ducts of agriculture the tonnage in 1915 was 7,742,673
tons against 7,162,250 tons, and of products of ani­
mals 2,004,733 tons against 1,798,904 tons. The
growth in the mineral tonnage was chiefly in the
item of coal and in iron and other ores, the total of
this mineral tonnage for 1915 being 8,821,707 tons
against 8,262,152 tons for 1914.
We presume the company suffered a substantial
loss in traffic as a consequence of the competition of
T H E M I L W A U K E E & ST. P A U L REPORT.
the 1 anama Canal. There is no reference, however,
The annual report of the Chicago Milwaukee &
to the matter in the report and nothing in the statis­
St. Paul Railway Co. furnishes a striking illustration tics that will enable one to judge of the extent of
of the trying conditions under which the operations
the loss incurred on that account. The circumstance
even of the strongest and most favored properties
is of importance as indicating the presence of one
are being carried on. Aggregate gross revenues
other cause of loss of income that was beyond the
during the twelve months ended June 30 1915 were control of the management. The point, though, on
reduced $2,178,326 as compared with the twelve
which we wish to lay more particular emphasis at
months preceding, and by the practice of real econ­ this time is that the loss of gross revenue in the late
omy in operations the company managed to save year— at least in the case of the freight traffic—
$918,600 in expenses, cutting down the loss in net came from a diminution in rates, not a falling off in
to $1,259,725. Unfortunately, however, there was traffic. Of the loss of $2,178,326 in total gross
another large addition to the taxes— an addition of revenues, $1,361,956 represented a decrease in the
over 15%, or $640,164, increasing the loss in net freight revenues, and while, as already shown, the
earnings to $1,899,899.
aggregate of the revenue freight carried one mile was
In two years the charge for taxes has been raised larger for 1915 than for 1914, the average revenue
not far from $1,000,000, the amount of that item for
per ton of revenue freight moved one mile was only
1913 having been $3,823,833, for 1914 $4,106,558,
7.813 mills per ton per mile as against 8.078 mills per
and for 1915 $4,746,721. Thus the experience of the ton mile in the previous year.
Milwaukee & St. Paul in that respect has been like
In the matter of expenses evidences of genuine
that of practically all other railroad properties and
economy of operations is found in a number of direc­
aside from the shrinkage in net income produced
tions. For instance, the train load of revenue freight,
by advances in wages and higher prices for nearly
notwithstanding the unfavorable conditions existing
everything else entering into the operating accounts
as regards a number of items of traffic, was still fur­
of our transportation lines, railroad net earnings are
ther added to in 1915 after very substantial additions
being further whittled down in very important meas­
in the years immediately preceding. The develop­
ure through steadily augmenting charges for
ment of operating economy in this latter particular is
taxes.
really very noteworthy, the trains having carried an
The inability of the railroads to get better rates
average of 390 tons of revenue freight “ per freight
for their transportation services as an offset to the
and mixed train mile” in 1915, against 380 tons in
rising cost of operations and the growth in the item
1914, 357 tons in 1913 and only 308 tons in 1912,
of taxes is well known. As a matter of fact, in the
giving an increase in the train-load in three years
Milwaukee & St. Paul case the average rate received
of nearly 30% . Including company freight, the
actually declined quite materially in the late year
train-load in 1915 was 459 tons against 454 tons in
and the falling off in gross revenues to which we 1914 and 415 tons in 1913.
have referred is by no means to be ascribed alone to
We notice, too, on examining the details of the
a loss in traffic. Indeed the volume of the freight
expense accounts, some important items of savings.
traffic was actually larger for 1915 than it had been
It is proper to state here that all of the decrease, and
for 1914— that is measured b y the number of tons
more too, of $918,600 in total expenses, is found
of revenue freight moved one mile, which for the
under the head of “ Transportation Expenses.” For
latest year was 8,185,988,375, against 8,079,689,505
maintenance account almost as much was spent in
ton miles in 1914. Even in the actual number of
1915 as in 1914, the comparison being between
tons of freight handled the aggregate for the latest
$24,114,720 and $24,347,196. For transportation
year was practically up to that of the preceding year,
account, however, the outlays were only $35,697,961
the comparison being between 32,959,392 tons and
in .1915 against $36,848,933 in 1914. Scrutinizing
33,007,277 tons.
these transportation expenses, we find a saving in fuel
Study of the traffic statistics shows that the com­
alone as compared with the year preceding of $572,­
pany suffered from depression in the lumber indus­
922, a saving of $118,786 in engine-house expenses,
try, it having transported only 5,492,528 tons of
and of $230,188 in train men, besides $185,679 in
forest products in the latest year against 6,037,668
train engine men, evidently made possible by the
tons in the preceding year, and suffered also from the improved lading of the trains.
reaction in general trade as evidenced by the decline
1his analysis of the revenue and the expense
in the manufacturing tonnage and the general mer­
accounts is instructive as showing that as far as
chandise traffic. The tonnage of manufactures was
was within the control of the management everything
5,371,232 tons against 5,776,169 tons in 1914 and
was done that could be done to improve net income.
the general merchandise freight (as measured by
The fact that net income, nevertheless, fell off, was
“ commodities not specified” ) 3,526,519 tons against
due entirely to causes beyond the control of the
3,970,134 tons. But as an offset to this there was
executive officials. The position of the Milwaukee &
an increase in the agricultural tonnage and in animal
St. Paul property is well known. It built a 1,500products (as a consequence of good crops) and an
mile extension to the Pacific Coast, and the work,
increase likewise in the mineral tonnage. Of pro­
as it happened, had to be carried through during poor



883

THE CHRONICLE

[V ol . 101.

On all sides to-day industrial workers take little
times in the railway and financial world. This
Pacific Coast line, however, was well planned and or no pride in their work. On the one hand, the
had the advantage that does not usually belong to agricultural laborer and on the other the salaried man
new extensions, of tapping a number of populous or the employee in a higher position, may readily be
centers and districts created by the previous building found thoroughly interested in his occupation and
constantly, in conventions or gatherings of his fellows,
of other lines.
T o construct an extension of such magnitude is al­ discussing the question how his work may be im­
ways a precarious undertaking, but if it had not been proved; the industrial wage earner never seems to
for the advances in wages, the increase in taxes and the raise the question. His mind is wholly on methods
various other things that have tended to reduce rates by which he may minimize his labor while increas­
and to increase operating cost, the company would ing his pay. He has no interest in the work or the
doubtless have come through all right, especially as it product.
In an article in the “ Atlantic M onthly” for Sep­
had a large accumulated surplus to draw upon. As
indicating one particular in which expenses are be­ tember on “ The Progress of the Social Conscience,”
ing added to and net revenue reduced in ways not ex-President Tucker of Dartmouth College comes in­
commonly thought of, we may point out that an cidentally to a consideration of this fact. He calls
increase in the general expenses in the late year of attention to the disregard of it by both the labor un­
$198,859, as compared with the year preceding, is ions and the Socialists. Cpnsequently, the unions,
explained as “ due largely to the additional help re­ notwithstanding the place they have made for them­
quired in preparing statistics for the Western Advance selves and their obvious necessity in the modern
Rate Passenger and Freight Cases before the Inter­ world, show no progress in securing contentment
with their work, still less any of the old-time pride in
State and State Commissions.”
In the late year there was special need for improved it, on the part of their members, and give no evidence
net income inasmuch as the company has been whatsoever that they are concerned about it.
Socialism demands public ownership with what
spending large sums in providing branches and feeders
to its Pacific Coast extension and has thereby added amounts practically to the abolition of private prop­
considerably to the total of its funded debt and the erty, and a redistribution of labor, but that redistribu­
aggregate of its yearly fixed charges. As we have tion of work fosters no love for it. W ork still re­
seen, however, net income, instead of increasing, mains drudgery; diminished, perhaps, in the individ­
actually decreased and the loss was further accen­ ual case, in quantity, but not changed in character,
tuated by new additions to the taxes. Bond interest while, in fact, incentive to engage in it is diminished
for the late year was $14,636,298 against $13,254,823 and the attitude of the worker towards it remains the
in the year preceding, being an increase of over same. The right of the individual to work in con­
1 1-3 million dollars. The company formerly paid ditions in which are preserved the incentives and the
7 % dividends on its common shares, but the rate was satisfactions that belong to work is not obtained, or
reduced some time ago to 5 % , and the semi-annual indeed considered.
The domestic affections of the working man are
dividend paid in Sept. 1915 was made only 2 % . The
income account shows that even the reduced rate of not to be doubted. His joy in his wife and children
distribution was not earned in the late year, there is as keen as that of any other man in the community,
being a deficit of $1,399,174 on the year’s income if, indeed, it is not more to him than it is to those to
after allowance of 4 ^ % for the twelve months on the whom life brings greater abundance. As he gets on
common shares, namely the 2 > 6 % paid in March in years there is no pleasure more sustaining than that
1915 and the 2 % paid in Sept-. 1915. This deficiency which a man finds in his contentment with his lifewould be further increased by $242,884 to $1,642,058 work if he has it, and in the thought that he has put
if account was taken of the deficits on the several himself into it and, be it what it may, that it has
subsidiary companies, namely the Tacoma Eastern, been honest and true and useful, and so far consti­
the Bellingham & Northern, the Gallatin Valley, tutes his contribution to the world’s welfare. It is a
the Milwaukee Terminal R y . and the Big Black Foot sorrowful fact that in any community or at any stage
R y . A t $1,642,058 the deficit is equal to nearly of social development, the thousands of industrial
l} / 2% on the $117,356,100 of common stock out­ workers should be found entirely without that ex­
standing. Hence it may be said that* while 4 3 ^ % perience. It is difficult to measure the significance
was paid out of the late year’s income, only a little of the loss. This is but one aspect of the inj ury to the
over 3 % was actually earned— which, however, must workingman himself, and is quite apart from the evil
be regarded in the circumstances as a pretty good wrought to the community by the perpetual unrest
and discontent of those who should be its mainstay.
showing, all things considered.
Here, then, is the heart of the labor problem, a
situation in which industrial disturbance is inevitable
and constant. The question is, how shall it be
T H E C R U X OF T H E LABOR PROBLEM.
The fact that the strikes, of late so frequent, occur changed. President Tucker points out that “ our
chiefly in industries engaged in the manufacture of work may yield us the means of more outside en­
war supplies should not divert attention from the joyment without increasing in the least our satis­
perpetual unrest of labor. The notable fact in the faction in the work itself.” This is the statement on
settlement of strikes is that the men do not reach a the strength of which we have written as we have
condition of permanent contentment. They may above. He goes on: “ But it is the daily task, with
gain shorter hours or increased pay, their general its rigid requirements, with the conditions it imposes,
situation apart from their work may be improved, and the spirit it creates, that determines the.charac­
they have no better feeling .toward the work itself. ter of a democracy. If we are to become in increas­
That remains in their eyes a drudgery, at best a ing degree an industrial democracy, it will be the
necessary evil. Their mental attitude toward it is industrial factor rather than the democratic which
will give the shaping touch.”
entirely unsympathetic, if not distinctly hostile.



Sept . 18 1915.]

THE CHRONICLE

To confirm this we might call attention to the tre­
mendous and wide-reaching effect of the introduc­
tion of modern machinery, and of its inevitable con­
tinuance and further development. The strenuous
efforts here and there to revive some ancient hand
industry only serve to show how futile is the task.
If they have any value at all it is only to spur mas­
ter manufacturers to improve the character of their
product. The machine in all its measureless ef­
ficiency has come to stay.
And it is by no means an evil. It has changed the
entire aspect of society and has raised the level of
human life exceedingly. Indeed, this is so widely
felt that the wonder is that it has not done more.
In answer to the charge that the workman who now­
all day long tends a machine is merely a drudge,
in fact little better than a part of the machine itself,
attention is called to his shorter hours, better pay,
steadier work under better conditions and the greatly
improved conditions of his home life. The contrast
between the home of the weaver in Barrie's “ Window
in Thrum s" a century ago and that of the workmen
in any New England manufacturing community may
be taken as a measure of the material change. Since
D r. Carrol Wright first noted it in his governmental
report the story has frequently been told of the way
in which the workers of different nationalities, the
Yankee farmers' daughters, the Irish immigrants,
the French-Canadians, the Italians, the Balkan
Slavs,.the Russian Jews, have succeeded one another
in the mills of New England as their predecessors
have passed on through them to better positions and
a higher standard of living. Now it is urged that
the workman at his machine can feel that, small and
insignificant as is the article that in steady stream
flows from it, the shaped bit of metal or wood, the
tiny screw, the slender thread, the endless roll, it is
going to form part of some greater whole, a sewing
machine, a watch, a beautiful fabric, a book, a maga­
zine which will carry light and help and civilization
to the ends of the earth. He can feel himself a factor
in the well-being of the world, his mental vision opens
upon the universe; life even for him is worth living.
All this may be said, indeed here and there one
hears it said, but the fact remains that the industrial
wage-earner to-day has no discoverable interest in
his work, the betterments he claims and secures
work no change and give no promise. That this
should be the case with the most numerous single
group in the community, and the group which,
because of its sturdy strength, its disciplined habits,
its particular intelligence and its general self-control,
constitutes in some respects the most serious problem
with which modern society is confronted. When all
has been said about the many advantages of the wage
system as “ a measure of relative w orth ," a “ clean-cut
agency for fixing productive values in terms of lab or,"
as a “ relief from certain annoying responsibilities,"
and as furnishing a “ reasonably stable means of
livelihood," the fact remains that it fails at the
essential point; in this day of advancing prosperity
it leaves the workman discontented and without
interest in his work.
The only suggested solution of the difficulty lies
in an interest in the business, however small it may
be it is always enough to change one’s dispo­
sition toward it. “ Human rights in
property
rights," says President Tucker, “ have yet to be
recognized and satisfied. There lies the unfulfilled
task of humanizing industrialism."



883

The field of profit-sharing and co-operation is a
large one. M any experiments, some on a large scale,
are in operation. When as in a profit-sharing manu­
factory in Bridgeport, Conn., of which we gave a
detailed account some time ago, the workmen come
to the employer demanding that certain newly en­
gaged men be dismissed because they do not do their
work well enough, there is conclusive evidence that
a new spirit prevails. The factory's interest is
theirs. Unhappily the trades unions are resenting
“ benefits" and profit-sharing for reasons of their own;
but in some device of that kind the solution of the
problem seems to lie.

RESULTS FOR T H E R E A D IN G C O M P A N Y I N
AN

UN FAVORABLE PERIOD.

The Reading Company, perhaps more so than most
other important railroad properties, had an unusually
adverse state of things to contend against both in the
fiscal year covered by the present report and the
year immediately preceding. In one respect of
course the situation of the Reading Company, as
far as its railway transportation service is concerned,
was precisely like that of other railroads, in that it
has had to contend against a rising cost of operations
brought about by higher wage scales and an increase
in the cost of practically everything else entering
into the operating accounts of the railroads. It is
not this, however, that we have in mind in our allu­
sion to the adverse circumstances under which the
Reading Company's business was conducted during
the last two years. W e refer rather to the industrial
depression and inactive state of general trade, which
was a much more important circumstance with East­
ern roads serving the manufacturing and mineral
regions than with Western roads having very few
large industrial establishments and perhaps little or
no mineral traffic. In the Reading case there was
also this further drawback that as it is a large carrier
of anthracite coal, the mild winter weather which
prevailed in 1915 and 1914 operated to diminish the
demand for hard coal, which goes so largely into fam­
ily consumption, and that in turn acted to reduce the
tonnage in anthracite.
The extent to which the circumstances mentioned
served to diminish both the traffic and revenues of
the company is not generally appreciated until a
study is made of the statistics in the report. Gross
earnings of the Philadelphia & Reading R y . for the
late fiscal year were only $46,714,821 as against $49,­
293,103 in the year preceding, and examination
shows that all the leading items of traffic, namely
the passenger business, the coal traffic and the mer­
chandise tonnage contributed to the falling off.
Through economies in operation and rigid curtail­
ment of all expense outlays, operating expenses were
cut down so as to make the loss in net comparatively
small, the total of the net for 1915 standing at
$15,589,434 against $15,924,179 in 1914. As a
matter of fact, however, the 1915 loss is additional
to a very considerable loss in both gross and net
in the year preceding. It is not possible to carry the
direct comparisons back to 1913, since the Inter­
State Commerce Commission made a change in its
classification of revenue accounts with the first of
July 1914, one principal point of difference being
that under the new classification both the gross reve­
nues and the expenses from outside operations are
now included in the general totals of the railway

884

[Vol. 101.

THE CHRONICLE

company, where previously merely the net results
from the outside operations were taken into the
accounts. Using, however, the figures under the
old classification as shown in the previous year’s
report, we find that gross receipts then (on the old
basis) were down no less than $3,439,347 and net
earnings no less than $4,685,215. On the basis of
the net results it is possible by adding on the net
from outside operations to make a pretty close com­
parison for the last three years. W ith the proper
adjustments made, the net for 1915 at $15,589,434,
while comparing with $15,924,179 for 1914, contrasts
with about $20,500,000 for 1913. It is proper to
state, however, that the fiscal year 1913 was a period
of extraordinarily favorable conditions, just as the
last two years have been periods of adverse conditions.
The traffic statistics when carried back two years
speak eloquently of the part played by the influences
already mentioned in diminishing traffic and reve­
nues. Thus, while the anthracite coal traffic was
reduced from 12,860,092 tons in 1913 to 11,091,290
tons in 1914, being a loss of 1,768,801 tons, in 1915
there was an additional loss of 649,346 tons, bringing
the anthracite traffic down to 10,441,944 tons.
In the bituminous coal tonnage there has been striking
development in recent years as part of the policy
of the management to diversify and develop all
avenues of traffic, and the expansion in this item of
the coal traffic was not arrested even in 1914, but
in 1915 even the bituminous coal traffic, as a result
of the industrial depression prevailing, took a down­
ward turn, it being reduced from 16,735,104 tons in
1914 to 15,672,001 tons in 1915.
After this decrease the bituminous tonnage still
far exceeds the anthracite tonnage. It was five
years ago that the bituminous traffic in volume for
the first time surpassed the anthracite, and since then
there has been a further addition to this class of coal
traffic with each succeeding year until, as we have
seen, the very latest year. A t the time of the re­
organization of the Reading property the quantity
of bituminous coal moved was small, the soft coal
traffic in 1896-97 having aggregated no more than
1,690,228 tons. The advance from that figure to
16,735,104 tons in 1914 and 15,672,001 tons in 1915
obviously indicates prodigious growth.
Combining the revenue from anthracite with that
from bituminous there was a loss of $1,391,895 in
1915 on the new basis of accounting, after a loss of
$1,134,360 in 1914 on the old basis of accounting.
The merchandise traffic first fell from 26,550,349
tons to 23,042,126 tons, and then decreased further
to 21,881,371 tons in 1915. The revenue from the
merchandise traffic decreased $2,009,332 in 1914 on
the old basis of accounting, and decreased further
$324,867 on the new basis of accounting. The num­
ber of passengers carried decreased from 27,620,457
to 26,834,967 in 1914 and then to 23,709,536 in 1915.
The chief importance of all these statistics is in
their bearing on the Reading Company’s income
account. The Philadelphia & Reading R y. Co. had
net income (after providing for fixed charges of every
description and after appropriating $1,161,691 for
“ investment in physical property” ) of $5,367,158,
and the amount 'paid in dividends on the basis of
the surplus for June 30 1914 was pretty nearly iden­
tical in amount, being $5,310,212. This dividend
counted to the same extent in the income of the
Reading Company (the holding company) as the
owner of all the stock of the railway company. In



the previousTyear]|the’l ReadinglCompany 7 had re­
ceived no less than $8,496,340fasX'dividends on its
holdings of the railway company’s stock.
It is a noteworthy circumstance that notwith­
standing this loss of 3 million dollars in income
from that source the Reading Company is able to
show the full 8 % dividends earned that are being paid
on Reading common stock. In other words, the
Reading Company on its own income statement
shows $9,060,956 of surplus applicable to dividends
on the income of the 12 months, while the call for
4 % dividend on the 1st and 2d preferred shares and
of 8 % on the common shares and for the sinking fund
of $447,176 (which represented 5c. per ton on all
anthracite coal mined during the calendar year 1914
from lands owned and controlled by the Philadelphia
& Reading Coal & Iron Co. and pledged under the
general mortgage), besides $70,058 charged for mis­
cellaneous adjustments, was $8,917,234. This, it
should be distinctly remembered, is after appropria­
tion by the railway company of $1,161,691 for the
physical betterment of the property, and it does
not take any account of the surplus on the operations
of the Philadelphia & Reading Coal & Iron C o .,
which latter, however, for the latest year was not
very large, being only $60,572, though for the pre­
ceding year the profit of that company w as$715,389.
As pointed out in previous annual reviews, a dis­
tinguishing feature in the affairs of the Reading prop­
erty in recent years has been that little or nothing
has been added to outstanding debt. This charac­
teristic is again in evidence. During 1914-15 the
funded indebtedness of the Reading Company was
reduced $1,187,500. The Philadelphia & Reading
Railway Co. on its part had only a trifling net in­
crease, namely, $15,600, while the funded indebted­
ness of the Coal & Iron Company was reduced
$30,000.
RAILROAD

_ _ ____________________
GROSS E AR N IN G S

FOR A U G U S T .

It seems anomalous, but is a fact, that while
war orders are stimulating industrial activity in a
number of directions and more particularly have
led to a revival of the iron and steel industry, which
in the past has always been considered a sort of
barometer of the state of trade generally, no reflec­
tion of this activity, in any common measure at least,
is found in the returns of railroad gross earnings.
Doubtless, in part the explanation is that the South
remains in a state of depression because of the ill
effects upon its main staple, cotton, of the European
war, while in the West the grain movement has been
on a greatly reduced scale, as contrasted with the
exceptionally heavy movement of the corresponding
period of last season. But, at all events, railroad
earnings, speaking of them collectively, continue
to show decreases, the only encouraging feature
being that these decreases are no longer of the extra­
ordinary magnitude witnessed earlier in the year.
The occasion for these remarks is the presentation
of our compilation of the gross revenues of the rail­
roads for the month of August. This early compila­
tion comprises only, as is always the case, the roads
which make it a practice to furnish preliminary
estimates of their gross receipts prior to the appear­
ance of the audited returns of earnings and expenses.
It covers 89,582 miles of road and includes
mainly Southern cotton-carrying and Western grain­
carrying roads (precisely the two groups of roads
ffected by the adverse circumstances just noted),

Sept . 18 1915. f

THE CHRONICLE

and the three leading Canadian systems, which
latter, of course, are suffering from the depression
in the Dominion of Canada growing out of the
European war. On the 89,582 miles of road repre­
sented our compilation registers a decrease of $ 3 ,­
890,902, or 5 .3 2 % . This is smaller in both ratio
and amount than the losses recorded in the early
statements of other recent months and to that
extent is encouraging,in showing that the’contraction
in revenues is gradually approaching an end, but
nevertheless loses some of its significance when it
is remembered that comparison is with reduced
earnings a year ago— this year’s loss, therefore, being
additional to the loss sustained last year— and
compares with indifferent results even in 1913.
Our early statement for August last year (comprising
substantially the same roads now represented)
recorded a decrease of $4,955,479, or G .37% . For
August 1913 our early statement recorded only a
nominal amount of gain, no more than $71,670,
which was less than one-tenth of 1 % . In the years
immediately preceding, however, comparison in
August was with fairly good earnings.
Thus in
August 1912 our early statement registered an in­
crease of $6,276,721, or 8 .7 9 % , the roads included
being substantially the same as those now repre­
sented. In August 1911, likewise, the showing was
not unfavorable, our early statement then showing
$2,225,398 gain, or a little over 3 % . In prior years,
with the exception of the great contraction in 1908,
the record of earnings in August was one of accumu­
lating gains. In August 1910 our preliminary com­
pilation showed an addition of $5,600,104, or 9 .9 0 % .
In 1909, also, there was a gain, this being $6,102,600,
or 1 1 .7 7 % . These two, though, only a little more
than sufficed to make good the $10,691,980 loss ex­
perienced in 1908. Preceding 1908 there were in­
creases in each and every year back to 1896, as will
appear from the following summary of the monthly
totals drawn from our early compilations each year.
A uqu St.

Year.

Hoads

1896___ 120
1897___ 118
1898___ 1 2 1
1899 . _.
112
1900___ 105
1901___
90
1902...
76
1903___
76
1904___
67
1905___
56
1900___
68
1907___
67
1908___
52
1909___
49
1910___
46
1 0 1 1 ___
50
1912___
47
1913...
46
1914___
47
1915___
45
Jo n . 1 to A no.
1896___ 116
1897___ 114
1898___ 1 2 1
1899___ 1 1 0
1900___ 105
92
1901___
1902___
76
1903___
76
1904___
67
55
1905___
1906___
66
67
1907___
1908___
51
1909___
49
1910___
45
1911___
50
1912___
47
1913___
47
1914___
47
1915___
45

88 5

weather, and also because comparison is with an
exceptionally heavy movement in 1914, when grain
prices reached extremely high figures following the
outbreak of the European war. For the four weeks
ending August 28 the receipts of wheat at the
Western primary markets were only 27,986,000
bushels this year, against 44,314,000 bushels in the
corresponding four weeks of 1914; the receipts of
corn only 11,988,000 bushels, against 17,650,000;
of oats 22,701,000 bushels, against 37,337,000
bushels; of barley 2,381,000 bushels, against 3 ,9 6 2 ,­
000 bushels and of rye 878,000 bushels, against
1.331.000 bushels. Altogether the receipts of the five
cereals for the four weeks of 1915 aggregated only
65.934.000 bushels, against 104,594,000 in the four
weeks of 1914. The Western grain movement in
our usual form is shown in the following summary :
WESTERN FLOUR AND GRAIN RECEIPTS.
F ou r w eeks
e n d .A u g .28.
Chicago —

Flo ur.
(bbls.)

1 Vheat.
(bush.)

Corn.
(bush.)

Oats.
(bush.)

Earley.
(bush.)

(bush.)

5,945,000 14,446,000
9,053,600 21,996,000

680,000
788,000

388,C O
O
265,000

191,000
674,000

78,000
162,000

1015____
1911____

518.000
734.000

1915____
1914

124.000
103,000
______________
1,446,000
274.000

729,000
1,813,000

1,748,000
3,584,000

1915
1914

______________
255.000 3,432,000
______________
343.000 3,736,000

810,000
1,408,000

2 ,210,0 00

55,000

22,000

69,000
89,000

1915
1914

______________
641,000
______________
693,000

246,000
233,000

521,000
1,280,000

3,000

9,000

1915
1914

______________
24.000
232,000
______________
36.000
411,000

208,000
188,000

373,000
688,000

......

1915
1914

______________
50.000
190,000
______________
71.000
176,000

231,000
166,000

298,000
702,000

1,000

140.000
______________
732,000
______________
164.000
253,000

1,097,000
1,555,000

1,611,000
2,116,000

78,000
132,000

49,000

165,000
105,000

431,000
434,000

127,000
161,000

979,000
1,875,000

172,000
632,000

M ilwaukee —
St. Louis —
Toledo —
Detroit—
Cleveland —
Peoria —
1915
1914
D uluth —
1915
1914

M inneapolis —

11,526,000
16,400,000

______________
404,000
______________
1,730,000

1,490,000

1915
1914

______________
4,492,000
______________
7,630,000

412,000
518,000

1,045,000
2,124,000

1915
1914

5,249,000
______________
______________
10,019,000

899,000
874,000

985,000
______________

1,411,000
1,842,000

4,000

12,000

372,000
943,000

1915
1914____

......

632,000
1,589,000

K an sa s City —
Omaha —

Total o f A l l —

1,808,000

27,986,000
44,314,000

1,000

11,988,000 22,701,000 2,381,000 878,000
17,650,000 37,337,000 3,962,000 1,331,000

The cotton movement in the South in August is
never of large proportions, it being the beginning
of the new crop year, but for 1915 was somewhat
larger than for 1914. Depression in the South
Mileage.
Gross Earnings.
follows the low price ruling for the staple. The
Year
In Year
Year
Year
Increase (4-)
gross shipments overland for August 1915 were
Glcen. Preccd. cr se.
Given.
Preceding.
or Decrease (—).
M iles. Arties.
45,025 bales, against 22,225 bales; the receipts at
%
S
$
S
%
89,991 89,225 0.82 38,801,525 40,010,144 — 1,208,619 3.02
93,108 91,625 1.62 43,190,342 38,526,309 + 4,603,943 12.62 the Southern outports were 131,454 bales, as against
94,185 93,792 0.42 46,632,848 44,446,940 + 2,185,908 4.92
95,798 94,771 1.08 54,751,100 48,325,106 + 0,425,994 13.29 only 48,262 bales in August 1914, but comparing
96,376 93,157 3.45 57,143,176 53,731,004 + 3,412,172
99,951 97,750 2.25 65,155,714 57,439,471 + 7,716,243 13.43 with 312,688 bales in August 1913, as will be seen
90,102 88,620 1.67 58,887,908 56,213,712 + 2,674,196 4.75
98,126 96,047 2.16 72,505,067 66,411,069 + 6,093,998 9.17 by the table we now insert.
83,160 81,248 2.35 59,445,529 57,494,231 + 1,951,298 3.39

81,055
92,788
93,683
82,513
78,484
81,879
89,799
89,691
90,217
92,136
89,532
31—
88,742
92,379
94,185
95,484
96,376
96,056
90,102
08,126
83,160
80,798
92,507
93,683
82,091
78,484
81,421
89,799
89,691
89,691
92,130
89,582

79,192
90,455
92,898
81,261
77,217
78,874
87.9S4
88,135

2.26
2.58
0.84
l .54
1.65
3.81
2.07
1.77
88,201 2.29
90,579 1.72
88,047 1.74

88,000

90,896
93,792
94,455
93,157
93,855
88,620
90,047
81,248
78,935
90,174
92,898
80,891
77,217
78,432
87,984
88,135
88,135
90,579
88.047

58,859,481
79,344,748
86,377,190
59,649,837
57,953,811
62,005,137
71,282,467
77,638,413
77,975,309
73,690,353
69,231,248

55,955,430 + 2.904,051
70,099,249 + 9,245,499
79,029,051 + 7,348,139
70,341,817 — 10,691,980
51,851,211 + 6,102,600
56,405,033 + 5,600,104
69,057,009 + 2,225,398
71,361,692 + 6,276,721
77,903,639
+ 71,670
78,645,832 —4,955,479
73,122,210 —3,890,962

5.19
13.19
9.30
15.20
11.77
9.90
3.22
8.79
0.09
0.37
5.32

0.83 287,248,002 272,696,995 + 14,551,007
1.62 298,238,929 291,932,827 + 6,306,102
0.42 337,683,518 304,008,624 + 33,674,894
1.08 378,241,765 348,511,473 +29,730,292
3.45 417,335,014 371,773,610 + 45,561,404
2.34 417,198,174 376,726,858 + 40,471,316
1.67 429,366,197 397,306,062 + 32,060,135
2.16 536,623,682 475,299,340 + 01,324,342
2.35 419,174,339 423,955,840 —4,781,501
2.26 421.764,129 393,742,645 + 28,021,484
2.59 575,472,692 498,726,455 + 76,746,237
0.84 636,734,664 575,891,850 + 60,842,814
1.48 422,122,512 507,168,353 —85,045,841
1.65 409,593,132 367,711,841 + 41,881,291
3.81 452,534,443 391,216,649 + 01,317,794
2.06 511,926,161 504,172,509 + 7,753,642
1.77 549,470,466 509,252,663 + 40,217,803
1.77 549,470,466 509,252,66.3 + 40,217,803
1.72 553,417,408 589,445,391 —30,027,983
1.74 498,412,807 541,102,662 — 12,719,765

5.33
2.16
11.07
8.53
12.25
10.74
8.07
12.90
1 .1 2

7.12
15.39
10.57
16.78
1 1 .40
15.68
1.54
7.91
7.91
6.13
7.82

RECEIPTS OF COTTON AT SOUTHERN PORTS IN AUGUST AND FROM
JANUARY 1 TO AUGUST 31 1915, 1914 AND 1913.
Ports.

Galveston_________ bales.
Texas City, Ac_____ ___
New Orleans......................
Mobile____________ ____
Pensacola, Ac_______ ___
Savannah ______ _______
Brunswick______ _______
<Iharleston.........................
Georgetown. ......................
Wilmington......................
Norfolk............................
Newport News, A c ..........

Since Ja n u ary 1.

August.

1915. | 1914.

1913.

1915.

1914.

1913.

31.6S3 27,930 229,226 2,102,577 1,291,637 1,177,820
4,478
638 26,072 4 >2,768 218,607 293,615
30,379 6,162 6,838 1,226,079 852,768 489,068
1,624
545 3,027
78,988 131,060
74,481
1,064
275
88,416
492
57,796
41,918
33,276 5,494 23,707 965,385 436,204 325,713
550
___
750 155,250
67,900
54,884
1.36S
S42 3,709 185,957
42,621
54,390
1,857
110
12
5,638635
172,615
70,658
48,265
21,258 2,043 17,922 412,552 219,163 230,246
136| 3,698
633
81,807 110,185
63,248

Total.................. .......... 131,454 48,262 312,688 5,874.251 3,493,599 2,853,758

A few roads are distinguished for increases this
time and among these the Chesapeake & Ohio is
conspicuous, with a gain of $384,977. This follows
a gain of over $200,000 in the same month last year
and is due to the progressive development of this
N ote .—Neither the earnings of tho Mexican roads nor tho mining operations of tlio
anthracite coal roads arc Included In this tabic.
system. Some of the other roads by their present
W e have adverted above to the contraction in the gains are merely recovering some of their losses of
Western grain movement. The shrinkage was of the previous year. This is true, for instance, of the
large dimensions, but not because of any shortage Denver & Rio Grande, which now reports $147,900
in this season’s harvest, but because the new crops increase, but in August last year had no less than
have been late in moving, in part because of wet $226,000 decrease.



[Vol . 101

THE CHRONICLE

886

The Canadian Pacific leads off among the roads
suffering losses with a decrease of $1,118,000 and
this follows large decreases in both 1914 and 1913,
so that the August earnings of this important system
the present year were no more than $8,414,000,
against $12,251,710 in August 1912. The Great
Northern system in the United States has suffered
a loss not a great deal less noteworthy and this like­
wise follows a loss in the preceding year. In brief,
the Great Northern falls behind $842,015 in August
1915, after having sustained a decrease of $197,414
in August 1914. The truth is, this year’s decreases
are numerous and come from all sections of the
country. Thus, the Illinois Central has lost $523,­
236, the Southern R y .
$417,534, the Missouri
Pacific $387,000, the Mobile & Ohio $143,959, the
Missouri Kansas & Texas $124,045, the Buffalo
Rochester & Pittsburgh $115,180, &c.> &c. In
the following we show all changes for the separate
roads in amounts in excess of $30,000 whether in­
creases or decreases.
PR IN CIPAL CHANGES IN GROSS EARNINGS IN AUGUST.
Iticvccises .
D ecreases.
Chesapeake & Ohio______ $384,977 Grand Trunk___________ $207,859
174,800
Denver & Rio Grande_
_
147,900 Canadian Northern______
143,959
Western Maryland______
134,527 Mobile & Ohio__________
124,045
Yazoo & Mississippi Vail.
89,010 Missouri Kansas & Texas.
115,180
Minneap St P & S S M ._
01,459 Buffalo Rochester & Pitts
93,810
Chicago & Alton________
45.293 Chicago Great Western..
Minneapolis & St L ouis..
85,845
Representing 6 roads in
Grand Trunk Pacific____
a78,077
_
70,000
our compilation------- $803,700 St Louis Southwestern_
Louisvillo & Nashvillo_
_
70,115
J~)prTP/utp?
Cine New Orl & Tex Pac.
09,144
Canadian Pacific________ $1,118,000 Alabama Great Southern.
01,325
Great Northern_________
842,015 Texas & Pacific_________
43,243
Illinois Central__________
523,230
Southern Railway----------417,534
Representing 18 roads
in our compilation_ $4,091,187
_
Missouri Pacific_________
387,000
a These figures aro for threo weeks only.

To complete our analysis we annex the following
six-year comparisons of the earnings of leading roads
arranged in groups.

W e now add our detailed statement for the month
of August, comprising all the roads from which it
has been possible to procure returns for that period
up to the present time.
GROSS EARNINGS AND M ILEAGE IN AUGUST.
G ross E a r n in g s .
N a m e o f R oad.

1915.

1914.

S
392,111

$
453,436

Alabama Great Southern.
Ala N O & Tex Pacific—
293,652
New Orl & Northeast. .
127,507
Alabama & Vicksburg.
118,909
Vicks Shrev & I’acific. 200,591
Ann Arbor____________
989,083
Buffalo Roch & Plttsb—
Canadian Northern------ 1,192,900
Canadian Pacific --------- 8,414,000
Chesapeake & Ohio------ 3,904,033
Chicago & Alton----------- 1,373,855
Chicago Great Western. . 1,215.499
630,197
Chicago Ind & Louisville.
759.644
Cinc New Orl & Tex Pac.
Colorado & Southern----- 1,188,070
Denver & Rio Grande— 2.226,300
187,800
Denver & Salt Lake-----88,106
Detroit & Mackinac-----324.287
Duluth South Shore & Atl
161,862
Georgia Southern & Fla._
Grand Trunk of Can— ]
Grand Trunk Western! 4,585,881
Detroit Gr Hav & Mill
Canada Atlantic------ J
Grand Trunk Pacific----- 1/165,971
Great Northern------------ 6.074,640
Illinois Central------ ------ 5,322,115
Louisvillo & Nashvillo--- 4,635,100
90,344
Mineral Rango--------Minneapolis & St Louis. 1 818.853
Iowa Central---------- I
Minneap St Paul & S S M 2,435,546
Missouri Kansas & Texas a2,575,288
Missouri Pacific----------- 4,964.001’
890.483
Mobilo & Ohio-----------33,657
Nevada-California-Oro ._
45,838
Rio Grande Southern----S78,00C
St Louis Southwest-------5,270,51C
Southern Railway--------7,03(]
Tenn Alabama & Georgia
Texas & Pacific------------ 1,405.297
110,558
Toledo Peoria & Western.
427,45C
Toledo St Louis & West..
Wabash_____________ 2,793,294
897,656
Western Maryland-----Yazoo & Mississippi Vail 1,014,721

M ile a g e .

I n c . (4-) or
D e c . (— ).

$
— 61,325

1915.

1914.

309

309

317,245
— 23,593
203
203
— 11.119
142
142
138,626
— 16.858
171
171
135,767
217,681
293
— 17,090
293
1,104.263 — 115,180
586
586
1,367,700 — 174,800 4.965 4,670
9,532,000 — 1,118,000 12,921 12,039
3,519,056 + 384,977 2,374 2,367
1,328,562
+ 45,293 1,033 l ,033
1,309,309
— 93.810 1,427 1.427
636,102
— 5,905
022
617
828,788
—69,144
336
336
1,202.389
— 14,319 1,828 1,867
2,078,400 + 147,900 2,576 2,585
170,773
+ 17,027
255
255
98,503
— 10,397
400
400
295,400
+ 28,887
626
626
188,182
— 26,320
395
395
4,853,740

— 267,859 4,533 4,533

1/244,048
6,916,655
5,845.351
4,705,215
73.696
904,698

— 78,077
— 842,015
— 523,236
— 70,115
+ 16,648
— 85,845

916
916
8 ,1 0 2 7.993
4,768 4.769
5,034 4,941
119
119
1,646 1,646

2,374,087
2,699,333
5.351,000
1,034.442
39,073
51,433
954,000
5,688,044
7,810
1,448,540
116,977
41 1.007
2,792,630
763,120
925,111

+ 61,459
— 124,045
— 387,000
— 143,950
— 5.416
— 5,595
— 76,000
— 417,534
— 180
— 43,243
— 6,418
+ 16,443
+ 664
+ 134,527
+ 89,610

4,190 4,101
3,865 3,865
7,292 7,284
1,1 2 2

274
180
1,753
7,022
97
1,944
248
451
2,518
664
1,382

1 ,1 2 2

239
180
1,753
7,036
97
1,885
248
451
2,515
661
1.372

69.231,248 73,122.210 — 3,890,962 89,582 88,047
Net decrcaso (5.32% )a Includes Texas Central in both years.
t/Theso figures aro for threo weeks only.

EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
August.

Canadian Pac.
Chic Gt West*
DuISoSh&Atl
GreatNortliern
Minn & St L.a
M St P & S S M

1915.
S
8,414,000
1,215,499
324,287
0,074,640
818,853
2,435,540

1914.

1913.

1912.

1911.

1910.

$
9,532,000
1,309,309
295,400
6,916,655
904,698
2,374,087

S
11,434,459
1,316,699
365,045
7,114,069
818,207
2,539,020

S
12,251,716
1,239,869
313,881
6,876,076
822,549
2,404,807

S
10,421,90-1
1,144,321
304,602
6,000,950
692,405
2,136,619

S
9,255,331
1,102,227
336,479
5,875,568
735,475
1,998,743

Total.......... 19,282,825 21,332,149 23,587,499 23,908,898 20,700,801 19,303.823
* Includes Mason City & Fort Dodge and tho Wisconsin Minnesota & Pacific.
a Includes Iowa Central.
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
August.

1915.

1914.

1913.

1912.

1911.

•
S
$
S
S
S
989,083 1,104,263 1,087,337 1,047,435
866,779
Buff Roch < P
fc
Chic & Alton.- 1,373,855 1,328,562 1,483,112 1,403,259 1,402,455
636,102
610,293
630,197
650,737
631,591
Chic Ind & Lou
Grand Trunkl
Gr Trk West! 4,585,881 4,853,740 5,154,213 4,966,415 4,502,674
DctGrlLtM i
Canada Atl-J
IllinoIsCentralc 5,322,115 5,845,351 5,697,122 5,586,528 5,551,555
110,559
116,977
117,692
126,238
120,003
Tol Peo & W- _
427,450
411,007
426,503
370,815
375,797
Tol St L & W2,793,294 2,792,630 2,898,983 2,937,189 2,700,640
897,656
763,129
751,143
668,643
637,861
Western M d..
Total........- 17,130,090 17,851,761 18,275,388 17,731,878 16,771,746
c Includes earnings of Indianapolis Southern.
EARNINGS OF SOUTHERN GROUP.

1910.
S
888,775
1,460,644
613,737
3,885,049
5,328,014
124,623
364,744
2,756,970
702,582
16,125,144

1915.

1914.

1913.

1912.

1911.

1910.

S
392,111

August.

S
453,436

$
451,283

S
418.240

S
364,144

S
386,658

Ala Gt Southn
AlaNO&TP—
317,245
293,652
NewOrl&NE
138,626
127,507
Ala & Vlcksb135,767
118,909
Vicks Sh & P.
Chcs& Ohlo-C- 3,90-1,033 3,519,056
828,78?
759,644
CIn N O & T P
Lou & Nash.6 . 4,635,100 4,705,215
890,483 1,034,442
Southern Ry. 5,270,510 5,688,044
925,111
Yazoo&MIss V 1,014,721

355,916
152,953
153,084
3,313,572
852,415
5,112,065
1,069,80?
5,757,180
890,380

2S0.743
318,390
301,427
151,265
131,005
149,938
110,746
132,438
144,087
3,214,299 3,019,132 2,949,328
834,604
804,189
832,707
4,892,953 4,593,083 4,567,267
920,322
1,008,002
897,201
5,641,370 5,265,620 5,041.457
719,924
758,829
810,490

Total.......... 17,406,670 17,745,730 18,108,656 17,380,142 16,282,413 16,003,363
b Includes tho Louisvillo & Atlantic and the Frankfort & Cincinnati.
c Includes Chesapeake & Ohio of Indiana beginning July I 1910.
EARNINGS OF SOUTHWESTERN GROUP.
A ugust.

1915.

1914.

1913.

1912.

1911.

1910.

Colo & South.
Dcnv & Rio G.
Mo Kan < T.a
fc
Mo Pacific___
St Louis SW_.
Texas & Pacific

s
1,188,070
2,226,300
2,575,288
4,904,000
878,000
1,405,297

$
1,202,389
2,078,400
2,699,333
5,351,000
954,000
1,448,540

$
1,371,634
2.305.175
2,963,540
5,514,130
1.122.176
1,506,809

S
1,223,248
2,215,460
2,691,722
5,612,882
1,076,373
1,353,369

$
1,296,137
2,188,086
2,381,034
4,760,371
934,720
1,304,160

S
1,483,650
2,200,422
2,297,490
4,723,542
960,178
1,294,383

Total_____ 13,236,955 13,733,662 14,787,464 14,173,054 12,864,508 12,959,685
a Includes Texas Central in all the years and Wichita Falls line from Nov. 1 1912.




W A R ’S D E M A N D S UPON A M E R I C A N C A P I T A L .

The tremendous drain which is being mado at tho present
time upon tho world’s investment funds was referred to in
an address by Frank A . Vanderlip, President of the National
City Bank of New York, delivered at tho convention of the
Edison Companies at Spring Lake, N . J. on tho 16th inst.
M r. Vanderlip’s remarks boro for tho greater part on tho
growth of the oleetrical business, tho statistics for which
he declared aro among tho most amazing of all modern in­
dustry. In five years ho pointed out the business in the
electrical field doubled, tho investment going from a half
billion to a billion, and in tho noxt five years it moro than
doubled again, tho investment exceeding two billion. That
there is plenty of room for further growth, and amplo de­
mand for electrical products to warrant further enlargement
of their production, was the point emphasized by tho speaker.
In his further discussion ho said:
It is all well enough to bo amazed at tho total of moro than two billion
dollars invested in central lighting and power stations. That total is im­
pressive, but there is a fact oven more impressive, and that is that in every
forty tlays an amount o f wealth as largo as tho entire cost of the construction
and equipment of overy power and lighting plant in this country is being
consumed by tho warring nations in Europe. The world’s investment
funds aro being drawn on at that tremendous rate. Our minds aro begin­
ning to comprehend a now unit in finance. We speak in terms in which
wo uso totals of a billion dollars, and what is so distressing Is that this billion
dollar-totals, real dollars of wealth, real drafts on tho investment fund, aro
being diverted to tho melting pot of military waste.
England, Franco and Germany woro formerly bankers for tho world.
Capital from those countries helpod largely in tho development of your
business. Sinco tho beginning of tho war these nation have furnished no
now capital to other countries heretofore largely dependent upon them.
Practically every country in South America has been caught in tho midst
of tho construction of public works, tho completion of which it was expected
would bo financed in Europe. Such countries aro now turning to America
for capital. It has been estimated that tho European market in 1910 to 1913
furnished for public utility development in this country ono hundred
million dollars per annum. To-day instead of placing now securities in
Europe wo aro buying back securities that wero formerly placed thcro.
Instead of counting on fresh funds from that quarter wo aro giving consider­
ation to carrying on interrupted development in other countries which had
expected to financo in Europe.
,
You aro facing a period when tho demands upon capital aro going to bo
very great, and tho rates aro going to averago higher than we liavo been
used to. In addition to tho requirements of foreign Governments, the
railroads and industrials which have been pursuing a policy of retrench­
ment will have importunate demands for capital. Certain industries,
notably those engaged in the production of munitions of war, are growing
rapidly and the improvement of tholr credit is placing them in a position
to demand capital in largo amounts.
You may answor that in spite of this, money is plentiful, that the banks
havo extraordinary surplus reserves and aro lending money at a lower

THE CHRONICLE

Sept . 18 1915.]

rate than they have done in years before. D o not be deceived by tho
present banking situation. Do not let low rates for bank loans load you
into any belief that the destruction o f capital in Europe will not have its
effect upon the price o f investment capital in America. It is true that
we see the lowest bank rates that we have known in years, and that there
are the greatest surplus reserves that our banks have ever hold, but there
is an essential, fundamental difference between bank funds and investment
funds. Tho great fund o f money In the banks Is not capital owned by
the bankers that they may invest at will. It is a fund held by the bankers
subject to the order o f their depositors and must be invested in the main
by the bankers in such manner that they can got it back at short notice.
It is truo that the banks at the moment find their most pressing problem
as to the finding o f ways to invest their idle funds, but they can only
invest a moderate amount o f these funds in securities that represent per­
manent expenditures. There is nothing in these low bank rates to contravert tho statement that investment funds promise to be increasingly
difficult to obtain as long as the destruction o f wealth and the prodigious
borrowing by governments goes on. Our plethora o f bank reserves is
the result o f dull business conditions, o f changed reserve requirements
undor the law, and o f a considerable influx o f gold. W o are in a position
to expand bank loans to an unexampled amount. All that Is promising
for commerce, but it does not mean that money for permanent develop­
ment is to be easily found. I have no doubt that while these excessive
reserves last wo are likely to see banks entering the Investment field with
their funds to a certain extent. Finding that they cannot employ their
money in ordinary commercial loans they will employ some part of it in
bond investments.
One lesson, it seems to me, that our now financial relationships to the
rest o f the world should emphasize, is a very simple and old-time lesson,
which we in our years o f prosperity havo too often forgotten— the lesson
of thrift. We havo an opportunity now, indeed wo have a duty, to be­
come a well-spring o f capital for the world. Anxious hands are reaching
toward us from every quarter. The old main sources o f capital for the
world’s material-development may not have run permanently dry, but
for the present at least, their supply is wholly diverted. While wo shall
ourselves feel the cessation o f that flow in our own direction, there are
other countries that are left with needs so prossing that our opportunity
to supply those needs becomes almost an international obligation. So
wo faco the need o f a now fund o f accumulated capital, a fund not only
largo enough to meet the demands of our own industrial development, in
so far as those demands have heretofore been met by Europe, but large
enough to pay back to Europe the greater part o f what wo have heretofore
borrowed there, large enough also to now, in turn, make some great loans
to the very sources o f our former springs o f capital, so that those nations
may continue to buy from us our produce and products— and finally,
large enough so that wo may, in some considerable measure at loast, take
on the responsibilities o f supplying other nations with development capital
which they can no longer got in Europe.
R E G U L A T IO N S GOVERNING B A N K E R S ’ A C C E P T A N C E S
B R O A D E N E D SO A S TO P E R M I T R E N E W A L S .

The Federal Reserve Board made known on the 10th inst.
a new set of regulations governing bankers’ acceptances
these latest rules bearing date Sept. 7 and superseding those
issued April 2. The earlier regulations prohibited the bill
being drawn or renewed after the goods financed by the
acceptance had been surrendered to the purchaser or con­
signee. A modification of this is witnessed in the present
rules which set out that “ tho bill must not be renewed after
the goods have been surrendered to the purchaser or con­
signee except for such reasonable period as m ay havo been
agreed upon at the time of the opening of the credit as a
condition incidental to tho importation or exportation in­
volved provided that the bill must not contain or be subject
to any condition whereby the holder thereof is obligated
to renew tho same at m aturity.” While the Federal Reserve
Board is said to have stated that there is no connection be­
tween the revision of tho regulations and the pending nego­
tiations of the Anglo-French Commission with American
bankers it has nevertheless been pointed out that tho latest
regulations might facilitate the credit loan sought on bohalf
of tho Allies. In explanation of the regulations the fol­
lowing statement was issued by the Reserve Board on the 10th:
It has been the aim o f the Hoard to do everything in its power to create
for tho American acceptance— that is, dollar exchange— a dominating posi­
tion in tho world market. Present conditions offer in this respect a great
opportunity. In widening somowhat tho facilities o f Federal Iioservo banks
In dealing with American bankers’ acceptances tho Hoard is attempting
to givo tho member banks a larger opportunity for developing their sphere
of usefulness in this respect. Tho United States should now do what
Europo has dono for many generations for the United States, that is to say,
tho bank facilities of tho United States should be used for the carrying of im­
port and export transactions for foreign countries just as much as Europo
up to now carried by its acceptances tho Import and export transactions of
tho United States. In order to do this with tho exchango market dis­
organized it was thought that it would facilitate foreign transfers if liberal
conditions should bo allowed for tho renewal o f such drafts so as to enable
theso foreign countries to havo ample time to procuro tho necessary cover
against tho acceptances drawn by them.

W o print below tho regulations as they now stand:
Circular N o. 18.

.

Series o f 1915.

(Supersedes Circular N o. 11 of 1915.)

FEDERAL RESERVE BOARD.

W a s h in g t o n , S e p t. 7 1915.
BANKERS’ ACCEPTANCES.
In its circular of Feb. 8 1915, accompanying publication o f its first comprehenisve regulation (Regulation D , series o f 1915) on acceptances, tho
Board used tho following language:
‘ ‘The acceptance is still in its infancy in tho field o f American banking.
Dow rapid its dovclopmont will be can not bo foretold; but tho development
Itself is cortaln. Opportunity is given by the Federal Reserve Act to
assist the movement in this now direction; tho present regulations aro to bo
regarded as a first stop and will be extended as circumstances and a reasonable regard for the other uses and needs o f tho credit facilities o f the Federal
Reservo system may warrant.”
In pursuance of this policy the Board, after prolonged and careful consldoratlon o f tho matter in all its phases, has roachod tho conclusion that




887

tho time is at hand for an extension o f its acceptance regulation, as provided
in the appended regulation (R ).
CHARLES S. H AM LIN, G o v ern o r.
n . PARK ER W ILLIS, S e creta ry.
Regulation R.

Series o f 1915.

(Superseding Regulation J o f 1915.)

FEDERAL RESERVE BOARD.
W a s h in g to n , S e p t. 7

1915.

BAN K E R S’ ACCEPTANCES.
I.

D e fin it io n .

In this regulation tho term “ acceptance” is defined as a draft or bill of
exchange drawn to order, having a definite maturity, and payable in dollars,
in the United States, the obligation to pay which has been accepted by an
acknowledgment written or stamped and signed across the face of the
instrument by the party on whom it is drawn; such agreement to be to the
effect that tho acceptor will pay at maturity according to tho tenor of such
draft or bill without qualifying conditions.
II.
Statu to ry R eq u ire m en ts U n d e r S e ctio n s 13 a n d 14.
Section 13 of tho Federal Reserve Act as amended provides that—
(а) Any Federal Reserve bank may discount acceptances: (1) which are
based on tho Importation or exportation of goods; (2) which havo a maturity
at time o f discount of not more than three months; and (3) which are In­
dorsed by at least one member bank.
(б) Tho amount o f acceptances so discounted shall at no time exceed
ono-half the paid-up capital stock and surplus of the bank for which the re­
discounts are made, except by authority of the Federal Reserve Board and
o f such goneral regulations as said Board may prescribe, but not to exceed
the capital stock and surplus o f such bank.
(c)
The aggregate o f notes and bills bearing the signature or indorse­
ment o f any one person, company, firm, or corporation rediscounted for
any one bank shall at no time exceed 10% o f tho unimpaired capital and
surplus of said bank; but,this restriction shall not apply to the discount of
bills of exchange drawn In good faith against actually existing values.
Section 14 o f the Federal Reserve Act pormits Federal Reserve banks,
under regulations to be prescribed by the Federal Reserve Board, to pur­
chase and sell in the open market bankers’ acceptances, with or without
the indorsement of a member bank.
III.

R u lin g .

The Federal Reserve Board, exercising its power o f regulation with
reference to Paragraph II (6) hereof, rules as follows:
Any Federal Reserve bank shall bo permitted to discount for any membor bank “ bankers’ acceptances” as hereinafter defined up to an amount
not to exceed the capital stock and surplus of the bank for which tho re­
discounts are made.
IV .

E l ig i b ili t y .

Tho Federal Reserve Board has determined that, until further order,
to be eligible for discount under Section 13, by Federal Reserve banks,
at the rates to be established for bankers’ acceptances:
(а) Acceptances must comply with the provisions o f Paragraph II (a),
(6), (c) hereof:
(б) Acceptances must have been made by a member bank, non-member
bank, trust company, or by some firm, person, company, or corporation
ongaged In the business of accepting or discounting. Such acceptances
will hereafter be referred to as “ bankers’ ” acceptances [Drafts and bills o f
exchango eligible for rediscount under Section 13,other than ” bankers” ac­
ceptances, havo been dealt with by Regulation B, series of 1915]:
(c)
A bankers’ acceptance must be drawn by a purchaser or seller or other
person, firm, company or corporation directly connected with tho importa­
tion or exportation of the goods involved in the transaction in which the
acceptance originated, or by a “ banker.” The bill must not bo renewed
after the goods have been surrendered to the purchaser or consignee, ex­
cept for such reasonable period as may have been agreed upon at the time
of tho opening o f tho credit as a condition incidental to the importation or
exportation involved, provided that the bill must not contain or be subject
to any condition whoreby the holder thereof is obligated to renew the same
at maturitv.
id ) A banker’s acceptance must bear on its face or be accompanied by
evidcnco in form satisfactory to a Federal Reserve bank that it originated
in, or is based upon, a transaction or transactions involving the importa­
tion or exportation of goods. Such evidence may consist of a certificate
on or accompanying tho acceptance to the following effect:
This acceptance is based upon a transaction involving tho importation
or exportation of goods. Reference N o.______ _ Name of acceptor______
(c)
Bankers’ acceptances, other than those o f member banks, shall be
ellgiblo only after the acceptors shall havo agreed In writing to furnish to the
Federal Reserve banks of their respective districts, upon request, informa­
tion concerning the nature o f tho transactions against which acceptances
(certified or bearing evidence under IV (d) hereof) have been made.
(/) A bill of exchange accepted by a "banker” may be considered as drawn
in good faith against “ actually existing values,” under II (c) hereof, when
tho acceptor Is secured by a lion on or by transfer of title to tho goods to be
transported or by other adequate security;
(O') Except in so far as they may be drawn in good faith against actually
existing values, as under (/) , the bills of any one drawer drawn on and ac­
cepted by any firm, person, company, or corporation (other than a bank or
trust company) engaged In tho business of discounting and accepting, and
discounted by a Federal Reserve bank, shall at no time exceed in the aggre­
gate a sum equal to a definite percentage o f the paid-in capital of such
Federal Reservo bank; such percentage to be fixed from time to time by the
Federal Reserve Board.
(/i) Tho aggregate o f acceptances o f any firm, person, company or cor­
poration (other than a bank or trust company) engaged in the business o f
discounting or accepting, discounted or purchased by a Federal Reserve
bank, shall at no time exceed a sum equal to a definite percentage o f the
paid-in capital of such Federal Reserve bank; such a percentage to be fixed
from time to time by the Federal Reserve Board.
To bo eligible for purchase by Federal Reserve banks under Section 14,
bankers’ acceptances must comply with all requirements and be subject
to all limitations hereinbefore stated, except that they need not be indorsed
by a member bank: P ro v id e d , h o w ever. That no Federal Reserve bank shall
purchase tho acceptance of a “ banker” other than a member bank which
docs not bear tho indorsement of a member bank, unless a Fedearl Reserve
bank has first secured a satisfactory statement of tho financial condition
o f tho acceptor In form to be approved by the Federal Reserve Board.
V.

P o lic y a s to P u rc h a s e s .

While It would appear impracticable to fix a maximum sum or percentage
up to which Federal Reserve banks may invest in bankers’ acceptances,
both under Section 13 and Section 14, it will be necessary to watch care­
fully tho aggregate amount to be held from time to time. In framing their
I
policy with respect to transactions in acceptances, Federal Reserve banks
will havo to consider not only the local demands to bo expected from their
'
own members, but also requirements to be met in other districts. The plan
to be followed must in each case adapt itself to tho constantly varying
needs of the country.
I
CHARLES S. HAM LIN, G o v ern o r.
'
H. PARK ER W ILLIS. S e creta ry.
■

THE CHRONICLE

88S

UR GES R E T U R N TO N A T I O N A L B A N K S OF C A P I T A L
S U B S C R I B E D TO F E D E R A L R E S E R V E B A N K S .

[Vol. 101.

while tho demand is increasing now, I do not think it will reach tho point
where wo will be unable to handle it with our own resources.
Wo thank you for your kind offer, and assure you wo will not hesitato
to request a deposit of Government funds in caso the necessity arisos.

That the gold ; reserve amassed in the Federal Reserve
’
From John II. Rich, Rcservo Agent of tho Minneapolis
banks is almost certain to prove ample to take care of the :
Federal Reserve Bank, Secretary M cAdoo had the following
rediscounting needs of business through member banks, and
advices:
that if this be the case the capital stock subscribed by
I am very appreciative of your offer of the 9th inst., to place on deposit
national banks to the Reserve banks should be returned, is in this bank funds of tho Government to be used in assisting tho moving
tho belief expressed by Frank C . Mortimer, Cashier of tho and marketing of tho Northwestern crops. At this timo tho Northwest
is amply supplied with funds and rates for money are very low. This bank
First National Bank of Berkeley, Cal. M r. Mortimer has ample resources to meet the current demands upon it and still provide
advanced this opinion in tho course of an address which he a very considerable reserve against any emergency that may arise before
delivered on Aug. 19 at tho annual convention in San Fran­ tho crop has reached its markets. What proportion of our own resources
wo will lie able to employ for this purpose is, 1 rogrot to say, still something
cisco of the American Institute of Banking. Upon this of a question with us and there would seem to be no purpose in requesting
tho deposit of largo funds of the general Government until there is a suffi­
point ho said:
Already It is indicated, almost to a certainty, that tho gold reserve massed
In the several Reserve banks, with tho additional reserves soon to bo
paid in, will be ample to take care of the rediscounting needs of business
through member banks. If this provo to be truo, it \yjll be clear that
there will be no necessity for continuing that part of tho law which requires
national banks to supply capitalization for the Federal Reserve banks.
It is already foreshadowed that there may bo no need for employing such
cipital.
It follows, therefore, that tho capita! subscribed by tho national banks
could equitably bo returned to them.
The present law appears to place tho Federal Rcservo banks in competi­
tion with m e m b e r banks through open market operations. This has
already been availed of by the purchase of warrants and other instruments
of credit. The abnormally heavy reserves now carried by national tanks
might have been profitably employed by them, at fair rates of interest,
through the purchase of the very obligations now held by the Federal
Iteservo banks.
Tho open market operations of tho Federal banks are expected, in a
measure, to regulate interest rates throughout the country and should be
exercised in the manner indicated. Since their organization there has been
no complaint regarding abnormally high interest charges. Therefore, there
appears to be no valid rt ason for any open market operations at this time.
In buying in the open market the Reserve banks already have been in
competition with member banks, and they appear to have demonstrated
that they are operating, not altogether as emergency banks, to bo used
during periods of financial stress but as open competitors of member banks.
The question naturally arises: At times, when there is no demand for the
rediscounting privilege, are the Federal Iteservo banks forced to compete
with member banks by going into tho open market and buying municipal
and other warrants, in order that thoy may earn oxpenses and pay tho
expected dividend o f 6% ?
If this is tho situation, there exists a very good reason for tho return
of the capitalization to tho member banks and tho elimination of tho implied
obligation on the part of the Reserve banks of earning a dividend of 6% .
The return of tho capital stock o f Federal Reserve banks to member
banks has more than incidental bearing on tho success of the whole system.
With the elimination of this feature, which never has set well upon tho
national banks, tho Slate banks, recognizing tho value of tho rediscount
feature, in all probability would voluntarily and quickly apply for
membership.
Thus would be brought about a realization of tho desire of tho Federal
Reservo Board, expressed in the first parrgraph of Circular 14, dated
Juno 7 1015, which reads as follows:
"A unified banking system, embracing in its membership tho wellmanaged banks of the country, small and large, State and national, is tho
aim of tho Federal Reserve A ct.”

During the course of his remarks, which have been printed
in pamphlet form, M r. Mortimer touched upon tho subject
of trust functions as bestowed on national banks by the
Reserve A ct, and said:
One change which materially affects national banks is conferring on them
certain functions heretofore enjoyed only by trust companies.
By special permit, under Section 2, tho Federal Reserve Board Is prepared
to authorize national banks to act as trustees, executors, or registrars of
stocks and bonds. Separate trust departments must bo established and
such funds and records must bo kept separate and apart from the general
funds and books of the bank. In this connection it is interesting to noto
that serious objection to tho exercise of such functions by national banks
already has been made In several States. It is difficult to understand when
one takes a logical view of things, why such objection should be made, in
the face o f the invasion of tho commercial banking field by the trust com­
panies themselves.
If it is right for trust companies to compete with national banks for
commercial business there can be no reasonable objection to the performance
by national banks o f certain acts heretofore considered to be essentially
tho business of trust companies.

NO

DEMAND

FOR CROP F U N D S I N K A N S A S
A N D M IN N EA PO LIS.

C IT Y

Secretary of the Treasury M cAdoo mado public on Thurs­
day communications indicating that no demand exists in
the Kansas City and Minneapolis Federal Reserve districts
for tho deposit of Government moneys for financing the
crops. In announcing last week his intention to deposit
85,000,000 in each of tho three Federal Reservo banks in
the South, Secretary M cAdoo stated that the South is tho
only section of tho country whero Government funds would
appear to bo helpful, but if it should develop that crop
deposits were needed in any other section of tho country
tho Treasury Department would bo ready to extend assis­
tance to such sections. In tho ease of tho Kansas Federal
Reserve Bank, tho Deputy Reserve Agent, Asa E . Ramsay,
says:

cient demand upon us to indicate the approach of a period when such aid
can bo prof Babiy employed.
Should such a period of heavy demand come upon os, affording an oppor­
tunity to effectively employ Govcrnnunt funds, there will, undoubtedly,
bo Indications in advanco that will permit mo to advise you of tho oppor­
tunity to ultilize Government funds in such a way as to afford practical
assistance to tho agricultural interest of this district. In such an event,
I shall be glad to take advantage of your kind offer and would, therefore,
suggest that this subject be held open for determination at a later date and
in accordance with such situation as may then develop.
DALLAS

RESERVE

B A N K TO A I D
C O T T O N CROP.

IN

F IN A N C IN G

Action toward assisting in tho financing of tho cotton
crop was taken by tho Directors of tho Dallas Federal Reserve
Bank on the 8th inst. In conformity with tho circular of tho
Reserve Board covering commodity paper, issued under
date of Sept. 3, tho Dallas Reserve Bank has authorized a
preferential rato of 3 % on cotton or commodity paper having
not more than ninety days to run. As stated in these
columns last week, the Federal Reserve Board made known
regulations permitting tho Reserve banks to give special rates
for the rediscount of “ commodity paper,” which is defined
to cover notes secured by warehouse receipts based on cot­
ton. Member banks will bo charged only 3 % for redis­
counting such papor, provided, however, that they do not
lovy a charge in excess of 6 % on tho makers of tho notes,
including all commissions and expenses.
The action of tho Directors of the Dallas Bank in author­
izing a preferential rate of 3 % , was taken, as is known, in
view of the fact that the Secretary of tho Treasury has
deposited with that institution 85,000,000 to increaso its
facilities and to assist tho member banks of tho Eleventh
District in bringing about a gradual marketing of tho cotton
crop. In adopting the resolution the Board emphasized
the fact that tho interests of tho producers were being given
primary consideration and that the farmer was not to pay in
excess of 6 % on such paper.
The Dallas Board has ratified the recent purchase of tho
building at tho northeast corner of Commcreo and Martin
streets at a cost of 8112,500. The building is now under­
going renovation and will bo occupied by tho Reservo Bank
as a permanent homo about N ov. 1.
OLD C O L O N Y T R U S T B E C O M E S M E M B E R
CLEARING HOUSE.

OF BOSTON

The Old Colony Trust Company of Boston, which recently
joined tho Federal Reserve System, became a member of tho
Boston Clearing IIouso Association on tho 13th inst. It is
reported that tliis is the first time that a trust company has
been admitted to membership in the Boston Association.
The Old Colony now clears direct rather than through na­
tional banks, as it was forced to do prior to becoming a mem­
ber.
______________________
N E W O R L E A N S F E D E R A L RE SE R V E B R A N C H O P E N S .

Tho New Orleans branch of tho Atlanta Federal Roservo
Bank, which is tho first branch authorized under tho Reserve
A ct, opened for business on tho 10th inst. in tho Exchango
Bank Building at tho corner of Carondelet and Union streets.
There were no ceremonies attendant on tho opening,although
a number of bankers and business men called during the day
to congratulate Marcus Walker, Managing Director of tho
branch, and to exchange greetings with tho staff of tho bank.
Tho following telegram was received at tho branch from
M . B . Welborn, Federal Reserve Agent and Chairman of
the Board of tho Atlanta Rcservo Bank:
M y hearty congratulations on opening of branch bank. I am suro tho
establishment of this institution will bo of great benefit to your section
and tho facilities should bo used freely by your member banks in taking
caro of cotton, our groat staple product. Would welcome discounts by
your bank of two or throo million dollars within next ton days.

We are in receipt of yours of tho 9th inst., in which you offer to deposit
Government funds with the Federal Resorvo Bank of Kansas City. Beg to
Tho new branch was elected to membership in tho Now
, advise that I do not anticipate we will need tho assistance of Government
funds tills season. Oar district his bjan full of monoy, so to spoak, and • Orleans Clearing IIouso on the 9th inst. In addition to M r.




Sept . 18 1915.j

THE CHRONICLE

W alker, the officials of the branch are D r. P . H . Saunders,
Chairman of the Board, and C . G . Dunn, Cashier.
RAILROADS

S E E K TO O P E N W E S T E R N
A D V A N C E CASE.

RATE

A petition asking that the Inter-State Commerce Com ­
mission vacate its order in the Western rate advance case
was filed with that body on the 15th inst. As indicated in
these columns, the decision of the Commission on the appli­
cation of 41 roads in Western Classification territory for
increase in rates on certain articles was rendered on Aug. 11.
The potition has been filed by T . J. Norton, representing
the Atchison Topeka & Santa Fe R R ., and W . F . Dickinson,
Attornoy for the receivers of the Rock Island. The purpose
of the petition is to reopen the matter so that the railroads
may submit arguments to prove that the increases allowed
are not sufficient to afford reasonable compensation.
No
brief accompanied the petition, but counsel for the carriers
announced that if the Commission granted the plea and the
case was reopened for argument, briefs would be submitted
later in support of the advances asked for.
A petition was also filed by W . E . Lamb, Attorney for
the Illinois Coal Operators Association, and others, which
also sought to reopen the case. This petition contends
that the order entered by the Commission had caused higher
rates on coal shipments from points in Illinois, south of
Chicago, than exist from Lake dock points. It is alleged
that the effect of this is to bring about discrimination in
favor of the Lake dock points against the points south of
Chicago.
The total increases asked by the Western roads in the
advanco rate case wero $7,604,247, while tho increaso per­
mitted by the Commission was estimated at only $1,600,000,
or about
of 1 % of the total freight revenue for 1914 of
tho carriers involved. The new rates were to become
effective on the 30th inst.
DECREASE I N

889

There will be no docidod change for tho better In business until we get a
better public opinion in the United States towards the railroads and finance
in general. \ re must win more people over to an understanding of what
v
business men and bankers in the country are trying to do.

M r. Reynolds during the course of his remarks found some
fault with the Federal Reserve system, but said that in a gen­
eral way it satisfied the requirements of the country.
D E C I S I O N A G A I N S T C H I C A G O B O A R D OF T R A D E I N
A N T I-T R U S T SUIT.

A ruling for the Government in its suit against the Chicago
Board of Trade for alleged violation of the Sherman anti­
trust law by arbitrarily fixing the price of grain to be re­
ceived in Chicago, was handed down on the 8th inst. by
U.
S. District Judge Landis. As heretofore stated, the suit,
which was filed by the Government on Feb. 11 1913, was
directed particularly against the practice of fixing the “ call
price” of grain each day after trading hours. The “ call
price” has been abolished by the Board of Trade since the
suit was started, but, according to the Government, another
rule has been substituted, the effect of which is being watched.
According to the Government’s petition, grain bought by
members of the Board prior to shipment, or while in transit
to Chicago, was designated after each day’s session as
“ grain to arrive” and it was stated that the Board estab­
lished under its rules a public “ call” for corn, oats, wheat
and rye “ to arrive.” The Government charged that as a
result of this practice the Board fixed the price to be offered
for such staples bought or sold from tho closing hour to the
opening of the following day. The petition alleged that the
rule resulted in a conspiracy and combination to prevent
competition. The trial of the case took place last January.
Judge Landis ordered that a decree be given for the Govern­
ment against the Board of Trado. District Attorney Clyne,
who represented the Government in the proceedings, stated
that as soon as the decree is formulated the new rule which
has been substituted for the old “ call rule” will be examined
in the light of the language of the decree.

N U M B E R OF I D L E CAR S.

As is natural at this season of the year, a decrease in the T H E F O R E IG N C O M M E R C E OF F R A N C E FOR T H E F I R S T
number of idle cars on the railroads of tho United States is
S E V E N M O N T H S OF 1915.
now occurring from month to month, but the number of
[From “ L ’Economisto Francais,” August 28 1915.]
such idle cars is still above that of the corresponding date in
------ First Seven Months-----Inc. ( + ) or
Imports—
1915.
1914.
Dec. (— ).
1914.
The report of the American Railway Association,
Articles o f fo o d ..........francs. 1,190.065.000 1.093.672,000
+96.393.000
which was issued on Sept. 10, places the number of idle cars Material needod for manuf’re 1,748,222.000 2.960,588,000 — 1,212,366.000
on Sept. 1 at 189,919, which compares with 266,312 on Manufactured articles............ 1,326,104,000 929,886.000
+ 396.218,000
Aug. 1, but with only 165,244 on Sept. 1 last year. The
Tota,s.................................. .4.264,391,000
4.984,146,000— 719,755.000
statement of the Association setting forth these figures is
Exports—
printed below:
Articles of food-------------------- 321,845,000
417,237.000— 95,392,000

Material needed for manuf’ro 359.605,000
1,104,091,000— 744,486,000
THE AM ERICAN RAILW AY ASSOCIATION.
Manufactured articles---------- 883,312,000 2,015,572.000 — 1,132,260,000
New York, September 10 1915.
131,523,000
314,053,000— 182,530,000
The Commttteo presonts herewith Statistical Statement No. 8. giving Parcel post * . .............
a summary o f freight car surpluses and shortages for September 1st 1915,
T ota ls.....................
1,696,285,000
3,850,953,000—2,154,668.000
with comparisons:
™ . . a
.
[Sept. 1 1915............................ 189,919
* Of which 3,649,000 francs were for parcel post containing silk fabric
Total Surplus--------------------. . . Aug. 1 1915__________ . . . 266,312
and silk floss. The corresponding figure for 1914 was 22,514,000 francs.
[Sept. 1 1914_______________ 165,244
Tho surplus for Aug. 1 1915, shown abovo, includes figures reportod sinco
tho issuo o f Statistical Statement No. 7.
Tho decreases in surplus under Aug. 1 1915 are chiefly In Group 2 (East),
A N G L O - F R E N C H MISSION STUDIES E X C H A N G E
Groups 3 and 6 (Central North), Group 5 (Southeast) in box, coal and
SITUATION.
gondola cars; and in Group 11 (Canada) in box cars.
t
t
[Sept. I 1915........................ 6,260
Tho joint Anglo-French Commission which arrived in New
Total Shortago---------- -------------[Aug. 1 1915........... ........... 948
York last week and has, since that time, been conferring
ISept. 1 1914........................ 1,918
Tho shortage for Aug. 1 1915, shown above, includes figures reportod with American bankers with a view to adjusting the foreign
since the Issuo o f Statistical Statement No. 7.
Tho increases in shortago over Aug. 1 1915 are chiefly in Groups 3 and exchange situation, was understood last night to have
nearod conclusions in its negotiations covering
the
6 (Central North) in box cars; and in Group 4 (East) in coal car .
Tho figures by classes of cars follow:
proposed loan. The mission has devoted itself to a
Classes—
Surplus. Shortage.
thorough study of the exchange markets and kindred
B o x _____________ .......................... - ........... 102,385
3,367
F la t_____________
subjects. This information was contained in an official
181
Coal and Gondola. .......... ............................. 40,919
2,332
statement given out by it on Thursday. It was pointed out
Other________
380
189,919
6.260
ARTH UR IIALE, Chairman,
Committee on Relations Between Railroads.
H O S T I L I T Y TO R A I L R O A D S A D R A W B A C K TO
PROSPERITY.

that “ so much has already been accomplished in ascertaining
the exact facts of the situation that it is hoped that the time
for some definite statement as to progress will soon arrive.”
The announcement, which was given out by Baron Reading,
Chairman of tho mission, said:

Tho mission has nothing of fresh importance to say. Its mombars have
continued, largely in their individual cap.acitios—and occasionally as a
That the hostility of the people against the railroads is body— tho discussions already begun with rcferonco to tho exchange
markots and kindred subjects.
the greatest drawback to prosperity in the northwestern
Figures have boon collected going to show the total exports in recent
section of tho country was the opinion expressed by Arthur years of cotton, grain and other foodstuffs to Great Britain, the totals of
Reynolds, Vice-President of the Continental & Commercial such figures having such a direct bearing on tho question of establishing
credits in this country. The figures as published in one o f tho nowspapers
National Bank of Chicago, in an address beforo tho recent this morning give tho total commodity exports o f this country last yoar
convention of the Washington Bankers’ Association. M r. to Great Britain, Canada and Franco as approximately 81,600,000,000.
tho groat part of that being for articles of normal export. Those figures, if
Reynolds said in part:
correct, as wo assume thorn to be, indicate tho great volumo of interna­
The greatest drawback to prosperity in this section o f the country is tional trado involved in this whole situation.
duo to the attitude of tho people against the railroads. Tho railroads buy
As to any actual negotiations covering a proposed loan, it is almost too
40% o f tho lumber used from thi3 country, but they are not buying anything much to say that they are actually under way as yet, but so much has al­
now because of tho opposition that has developed in the minds of tho people ready boon accomplished in ascertaining tho exact facts of tho situation
against them, as reflected in tho law-making bodies o f tho country and that it is hoped that tho time for some definito statement as to progress
State.
will soon arrive.




THE CHRONICLE

890

The Anglo-French mission is composed of four British and
two French representatives. In addition to Baron Reading,
the English members include Sir Edward Hopkinson Holden,
Chairman of the London City & Midland Bank; Sii Edward
Babington Smith, President of the National Bank of 1 uikoy,
and Basil P . Blackett, an expert from the British Treasury.
The French representatives are M . Ernest M allott, Regent
of tho Bank of France, and M . Octave Homberg, who repre­
sents the French Forgein Office. Tho headquarters of the
c o m m i s s i o n are at the Biltmoro Hotel in this city. O n M o n day Baron Reading made a statement for the newspapers
which we reprint below from tho “ Journal of Commerce” :
Wo aro not in a position to make a statement at tho present time because
we are studying tho conditions in New York and elsowhero in relation to
American exchange on London and Paris. Wo have received a very con­
siderable number of persons, prominent bankers and other gontlomon, who
aro interested in tho stability of exchange.
Tho ono thing that is very striking about it is that overybody is agroed,
as one would expect, in the groat importance to bo attributed to regulating
tho exchange so as to provide more stabio conditions in exchange than
have obtained recently.
The sudden and considerable drop in exchango naturally disturbs, and
must disturb, commorciil relations between tho countries—tho United
Statos and Great Britain and France— inasmuch as it makes it so difficult
to soo ahead what tho rate of exchango will bo; and moreover, becauso
naturally it makes such a material difference in the prices to bo received
by tho American and tho prices to bo paid by the Englishman and tho
Frenchman.
There is a consensus o f opinion that it is eminently dosirablo that some
step bo mado by which stability of this exchango can bo secured. You
havo here in the States very largo surpluses of foodstuffs and other materials
which you want to export. Wo, on tho other hand, want to import theso
goods from you. To tho commercial man, nothing is moro difficult than
to arrango fixed prices whon there is instability of exchango, such as wo
havo had recently.
Wo cannot say moro than that at the present, but that generally reflects
our views on tho situation.

[Vol. 101.

Tho Board has no knowledge concerning tho matter you prosent except
what has appoared during tho past few days in tho public press, nor has it
any jurisdiction over tho negotiation of loans with foreign Governments.

Earlier in the week it was stated that tho Government,
while taking no part in the loan negotiations, had decided
that no violation of American neutrality would bo involved
in the establishment of the proposed credit. Secretary of
State Lansing made this clear on tho 15th inst. when he re­
iterated the views of this Government upon credit loans
previously made known. The State Department officials,
it is said, view tho new loan as what is known as a “ credit
loan,” to pay for obligations incurred, or about to be in­
curred, for the purchase of supplies. Such a loan is viewed
as a private commercial transaction, not differing from the
traffic in contraband or other war supplies, over which a
neutral government is not obligated to exercise any control.
G E R M A N O P P O S I T I O N TO PROPOSED B R I T I S H L O A N .

An appeal to American bank depositors generally, and
more particularly to those affiliated with the National
German-American Alliance, to protest against the use of their
money for the proposed Anglo-French loan, has been circula­
ted by D r. Charles J. Hoxamcr, President of the Allianco.
D r. Hexamer attacks tho “ Monoy Trust” and calls upon “ all
patriotic American citizens to pass resolutions in overy Ameri­
can society or association to express their abhorrcnco of
this unpatriotic and pro-British schemo” ; it furthermore
urges them to appeal to tho President of tho United States
to thwart this ovil conspiracy.” W o quoto tho circular is­
sued by him in full below:

Fellow Citizens’ The most sinister influcnco in our national lifo has
been tho Money Trust. Tho Anglo-American comDination of monoy in­
terests, supported by a largo part of the Anglo-American press, which it
controls is doing everything in its power not only to supply England and
A N A L Y S I S OF O U R F O R E IG N C O M M E R C E FOR J U L Y her allies with munitions of war, but it is also bout upon driving our peaceful
A N D THE SEVEN MONTHS.
nation into tho war as an ally of England. Tho prime movers of the
The detailed monthly statement of tho foreign trade of the allied Anglo-American money interests aro now also actually engaged in
formulating tho nefarious plot of robbing tho American pcoplo of their
United States was completed by tho Bureau of Foreign and savings which were in good faith deposited by them in our banks, in trust
Domestic Commerce, Department of Commerco, on Sept. 16. and lifo insuranco companies and in our savings funds for homo uso. Tlioy
want to aid En-dand and to cnablo her to continuo tho war,which sho is
Tho imports and exports by great groups during the month now waging to retain tho mastery of tho seas and to control tho commerco
of July and tho seven months ending with July 1915, aro of all tho world for ail times.
I call upon all patriotic American citizens to pass resolutions in overy
>f July---------—7 Mos. end. with July— American society or association to express their abhorrence of this un­
patriotic and pro-British schemo and to earnestly appeal to the President
1914.
1915.
1914.
Groups.
1915.
of the United States and tho Secretary of State to thwart this ovil conS
$
S
Imports—
S
sniracy a conspiracy which would rob tho American pooplo of tho money
Crude materials for
382,005,240 395,483,117 wherewith it can alono develop the natural resources of our land, Increaso
uso in manufac’g- 57,736,235 48,433,946
our industries and extend our own commerco across tho seas, improvo our
Foodstuffs in crude
means of internal transportation and aid our agriculture
condition and food
I
call upon overy truo American to write to overy financial institution in
142,296,987
128,970,833
animals_________ 16,464,362 18,852,517
which ho has deposited m onoy, protesting against tho uso of his money
Foodstuffs partly or
for tho proposed Anglo-French S1.000,000,000 !oan.^ jjjjX A M E R
158,078,224
183,712,778
wholly manuf’d - . 23,907,692 26,759.823
Mfrs. for further use
John Harsen Rhoades, of tho Stock Exchange house of
179,554,085
140,751,412
in manufacturing- 23,524,781 24,695,188
Mfrs. ready for con­
Rhoades & C o ., has taken occasion to roply to Dr. Hexamer’s
166,415,558 255,861,254
sumption_________ 21,148,111 39,806,149
9.319,706 protest, in which he defends tho participation of Americans
1,129,668
7,198,737
Miscellaneous--------463,556
159,677,291 1,009,054,558 1,140,593.373
Exports—
Crudo materials for
use in manufac’g- 26,736,359 22,656,281
Foodstuffs in crudo
condition and food
animals_________ 16,602,408 27,937,100
Foodstuffs partly or
wholly manufac’d 47,622,973 17,988,203
Mfrs. for further use
in manufacturing- 42,133,560 29,584,204
Mfrs. ready for con­
sumption________ 118,800,691 52,519,267
274,604
Miscellaneous______ 12,767,509

351.195,033

328,277,076

263,439,384

80,195,409

362,830,346

152,088,991

245,024,949

224,483,711

640,163,267
74,847,868

389,555,162
4,075.936

Total domestic ex­
ports _____
264,663,500 150,959,659 1,937,500,847 1,178,676,285
Foreign merchandise
22,305.877
33,282,268
3,179,288
exported________ 4,311,110
154,138.947 1,970,783,115 1,200,982,162

The increase in the exports for July, 1915, in the item
“ miscellaneous” to a total of 812,767,509 arises from tho
exportation of horses in that month to tho valuo of $9,867,
257, of mules to tho valuo of $2,825,142 and of seeds valued
at $57,594.
____________ _______________
N O J U R I S D I C T I O N B Y R E S E R V E B O A R D OVER A N G L O
F R E N C H CRED IT.

In reply to a letter from Senator Lewis of Illinois protesting
against the proposed loan for which tho Anglo-French Com missioin is negotiating, tho Federal Reserve Board has stated
that it has no jurisdiction over loans with foreign govern­
ments. The Board also points out that it has no knowledge
of the facts attending the negotiations excopt what it has
learned through the nowspapors. Tho letter, which was
sent out yesterday, said:
Your lotter of Sopt. 13 has been recoivcd. Tho question you havo raisod
will recoivo consideration in caso tho matter raised by you should como
ofore tho Board,




in the loan.

M r . Rhoades sets out his views as follows:

New York, Sept. 16.
Dr Charles Hexamer, President National Gcrman-Amcrican Alliance:
Dear Sir.__I have read with interest your letter addressed to mo, as
a fellow-citizen, appearing in tho press this morning, and presume a reply
1 While1Americans cannot but bo jealous of England’s prestlgo in her
S
control of the seas, I am bound to say that I am quite satisfied with tho
way in which she has exercised that control. It is to bo hoped that tho
day will como when wo shall command tho seas, but wo shall never com­
mand tho seas nor anything else until wo aro willing to play our part as
international bankers. As a banker and a citizen l soo no reason why wo
should not loan tho Allies such money as they desire without collateral for
ten years at 5%
How on earth can wo expect to do business if wo aro
unwilling to make loans? If wo would play tho part of a progressive
nation wo havo tho opportunity to become tho financial center of tho
world.’ Como, let us chooso whom wo will,for second placo, but America
fUIt’seems to mo rather important to add that throughout tho war I havo
endeavored to maintain an attitude of strict neutrality, so much so that I
havo been accused of being pro-Gorman. I am not a momber of tho
Monoy Trust
I own nobody and nobody owns me. But as ono who has
had twenty-five years’ experience as a dealer in bonds I should say that
such a loan without collateral, as suggested, would bo a safo investment.
A similar loan to Gormany would bo just as commendable, but under tho
circumstances, and inasmuch as wo aro not able to sell goods to Germany, it
might not seem unfair if wo demanded a bit of collateral and a higher rate
of interest. Favor for favor is the business man’s creed.
Yours very truly,
JOHN IiARSEN RHOADES.
B A N K S T O C K TO B E I N C L U D E D I N A S S E S S M E N T OF
S T A T E DIRECT T A X .

The New York State Tax Commission has discovered a
decision of tho Court of Appeals rendered in 1907 which
makes the stock of banks of credit and discount taxable.
This decision, which was handed down in tho case of the
Peoplo ex rel. City of Genova vs. Board of Supervisors of
Ontario County, was unearthod by tho Commission while
it was preparing tho equalization tablo for taxation next
year, under tho direct tax ordered by the Legislature.

Sept . 18 1915.]

THE CHRONICLE

891

The taxation of bank stock will bring into tho Stato Treas­
ury an additional $800,000 which was not expected when
tho tax rate was fixed at .0017. The following statement
on tho subject was given out by tho Tax Department on the
11th inst.:

That shares of bank stock are personal property and taxable as such for
State, county and local purposes at the rate and In tho manner prescribed
by Section 24 of tho Tax Law. A Court of Appeals decision exists supporting
this contention.
1 hat tho assessed valuation of bank stock is required to bo retumod to the
tate,Tax Commission and has been so actually returned. Accordingly, the
i 1J o 7
assessed va,uo o f real property in tho State for 1914 was $11,­ Equalization Board was correct when it included those bank shares values in
the equalizations.
,
1110 tota* assessed value o f personal property in the State
That tho State Comptroller has no power to disregard the valuation of
tother than stock of Stato and national banks) for 1914 was $438,252,976.
Jank stock included in tho equalization in apportioning tho taxes to bo
iroV ™ ~ 1
oaSSOSSed va,u0 o f stock o f stato and national banks for 1914 was
raised by tho soveral counties for Stato purposos, but is bound by the
$485,896,899, giving a total o f $12,070,420,887.
* PPL
y,n* tdo d‘ rect tax rate of .0017 upon the total taxables of $12,070,­ equalization as mado b y tho State Board.
The opinion also says :
420,887 will raise $20,519,715 51. Tho direct State tax of .0017 was
c i n ™ iw v tl10 kcgislaturo for tho purpose o f producing approximately
For the purpose of avoiding possible confusion and misunderstanding
o f taxes, and by including the assessment o f bank stock an it is proper to add that tho conclusions herein before reached do not in any
additional $826,024 73 will bo produced. Had the Legislature been ad- )Tay „ lang0 the manner or rate of taxation of bank stock, nor will they have
Viscd that tho assessment on bank stock might properly have been in- tho effect of imposing any additional tax thereon.
• uded in tho total taxables that body could have adopted a lower rate.
Bank stock will continue to bo taxed as heretofore at the rate o f 1% .
It seems that heretofore tho attention o f tho Stato Board of Equaliza­
upon the assessed valuation thereof, as provided by Section 24 of tho Tax
tion has nover been called to a decision of tho Court o f Appeals in 1907, Law which is expressly stated to be in lieu o f all other taxes for State,
In which it was held that “ there is no provision which authorizes or justifies county and local purposos.
tho omission from tho aggregate assessed valuation o f a tax district for tho
con<dusloas havo tho force and effect, however, of requiring tho
purpose of fixing tho amount of Stato and county taxes to be paid thereby
locaUties where banks are located, and which receive the benefit of tho tax
of tho assessed value of bank stock.” While this case related to tho appor­ collected, of contributing or turning over to the Stato tho proper propor­
tionment of taxes among tho tax districts o f a county, President Martin tionate part o f the amount included in that rate for State purposes, because,
Saxo of tho Tax Commission and his colleagues. Commissioners Walter II. among other things, it is expressly provided that such tax is in lieu of any
Knapp and Ralph W. Thomas, were o f the unanimous opinion that the prin­ state tax.
ciple must bo applied in tho apportionment o f tho Stato tax, and they so
The only question involved is that of tho right of tho State to get its
reported to tho Stato Board o f Equalization.
proper proportionate part of tho 1 % , collected as a tax on the assessed
Comptroller Prondorgast of tho City o f Now York has arranged for a
Tax Law ° f
St° Ck’ lovIed lmdcr the provisions of Section 24 of the
consultation with Attornoy General Woodbury, when ho will urge that tho
assessment of bank shares should bo included in tho calculation of tho total’
taxables for levying tho direct Stato tax. Tho mattor is o f considerable
importance to tho City o f Now York, becauso o f tho $485 896 899 of bank
stock assessment, $349,935,968 is assoased in tho Borough o f Manhattan
alono.
Of tho $20,519,715 51 tho total direct tax including tho assessment o f
bank stock. Now York City will pay $13,975,021 73, or 68.12% of the total
tax, and tho rest of tho Stato will pay $6,554,633 78.

AU STR IAN

M IN ISTER

REQUESTS IIIS RECALL.

D r. Constantin Dumba, tho Austro-Hungarian Ambassa­
dor to this country, whose recall has been requested by the
United States Government because of his plans to disorgan­
ize tho manufacture of munitions in this country, announced
A conference on tho taxability of State and national bank on the 14th inst. that he had asked his Foreign Office to re­
stock was held in Albany on tho 13th inst. between Attorney- call him on leave of absence in order that he might make a
Goneral Woodbury, First Deputy Attorney-General Lewis, personal report. Tho fact that tho Ambassador had made
President Martin Saxo of the State Tax Department and such a request was reported in the press prior to D r. Dum ba’s
Messrs. M cIntyre and Peters of tho Now York City Depart­ announcement on Tuesday, and resulted in the submission
ment of Finance. Tho representatives from this city wont of a note to Secretary of State Lansing by the German Am ­
to Albany to enter objection against tho proposod taxation bassador, Count von Bernstorff, in which he stated on Tues­
of bank stock and based their complaint upon sections of day that both ho and D r. Dumbaweresatisfied that the mes­
tho tax law which they interpreted as indicating that the sage had been improperly obtained. It is understood that
Legislature did not intend levying a tax on bank shares. the matter will be called to the attention of the Department
Thoy contended that tho additional sum which would bo of Justice. W ith regard to the premature publication of his
obtained from tho tax would simply be a surplus in tho message, D r. Dumba said:
State’s general fund without thoro being any specific object
I may say that I havo sent this message to our Minister for Foreign Af­
fairs:
for its use. It was also pointed out that inasmuch as tho
“ I beg your Excellency to recall mo on leave of absence for personal rerotums sent out by the Tax Dopartmont contained no pro­ jport.
This was a purely official mossago, and now for tho first time I authorize
vision for tho assessment of bank stock tho State should not
lovy upon those shares. On tho other hand, Attorney- i s publication. It was sent from tho Embassy by tho only means which I
had to communicate with my Government, and to my astonishment it has
General Woodbury maintained that the tax law made become public, though not through the Associated Press, to whom I had
ample provision for tho taxation of bank shares which had p anned to give a formal statement when I was prepared to do so. In
view of tho situation now, I think that I will have nothing whatever to say
been held to bo personal property under a decision of the regarding my position to tho American press. I will, however, probably
Court of Appeals. It was also contended by tho Attorney- havo something to say to tho public through tho Austrian press after I have
General that tho provisions of tho tax law which tho Depart­ returned homo.
Agents in New York are arranging reservations for mo on a Dutch or Nor­
ment of Finance claimed would oxcludo bank stock from wegian steamer, but tho exact date of my departure has not been deter­
taxation furnished tho moans for their taxation.
mined. I expect that tho British Government will afford mo safe conduct
Comptroller Prendergast of N ew York City and tho Mrs. Dumba will go to Washington for a brief stay beforo meeting mo in
New York, when wo will sail.
Corporation Counsel havo decided to contest tho proposed
It is understood that the Austro-Hungarian Ambassador’s
action of tho State Board in levying a tax on bank shares.
request to be recalled “ on leave of absence for personal re­
It is pointed out that if a direct tax of 1.7 mills should bo
port ’ is looked upon by officials in Washington as a happy
imposed on bank shares the city’s contribution to the Stato
solution of the situation which developed with D r. D um ba’s
for this year would bo increased by $616,009, making tho
admission regarding tho ammunition plants.
total direct tax to be paid by this city $13,975,021. Tho
The State Dopartmont announced on Thursday that word
Advisory Council of Real Estate Interests has decided to
had been received from tho American Legation at Berne,
re-enforce tho action of tho Comptroller. Regarding its
Switzerland, and from Ambassador Penfiold, that the note
docision in this matter, tho Council says :
I f the Stato should determine to take to itself this tax on bank shares asking for Dr. Dumba’s recall had been delivered on Sept. 10.
t will thus imposo upon roal estato an additional burdon, for tho tax on 1 Prior to tho receipt of these messages there appeared to be
bank shares obtained by tho city has always boon contributed to tho general some uncertainty as to whether the note had been received in
fund for tho purposo o f reducing taxat'on. Each year thoro aro certain
Vienna.
funds utilized by tho Board o f Estimate for mooting a certain proportion
of tho expenditures under tho city budgot. Thus, if those funds aro to
)o gradually taken by tho Stato, and tho assossod valuation of real estato
, f „V 0W r fiSUr0 th,an actua,'y Prevails, the possibility
n
of relief is far distant. Consequently, property owners should com'fVU l l0/\ , OrnT <
t
?°,n0ral and thQ Stato Board, impressing upon
S

r * L

T

„ U

X

S

r

dOC“ IOnS

*“ ’™ b “ “ " ' ‘ v o d •• '• “ M l * « •

In a formal opinion rendorod on tho 16th inst. by Attorney
General Woodbury at tho request of the State Comptroller,
the objections of tho Department of Finance of New York
City to tho inclusion of the assessed valuation of Stato and
national bank stock in tho equalization upon which tho
Stato taxes are to bo apportioned woro sot aside. Tho
Attornoy General holds that, in including bank stock in tho
equalization recently mado, tho Stato Board acted within
its rights. Tho following principles wero laid down by tho
Attornoy General, each answering an objection mado by tho
Department of Finance :




GERMANY

BELIEVES

H E S P E R IA N
M IN E .

WAS

SUNK

BY

A note from the German Government relative to the sink­
ing of tho Allan Liner Hesperian was received at the State
Department on the 16th inst. As heretofore indicated, the
vessel sank on the 6th inst. while being towed into Queens­
town after, apparently, having been torpedoed off the coast
of Ireland. The text of the German note with regard to the
incident has not been mado public, but it is reported that the
German Government expresses therein the opinion that tho
vessel was destroyed by a mine. It is understood that the
communication does not differ from the summaries cabled
from Berlin on Tuesday. In these dispatches it was stated
that tho German position, as set forth in the note was as
follows:
As we are informed from a competent source, tlie news already received,
taken in connection with facts officially known, seems to exclude almost ab­
solutely tho possibility that a German submarine could under any circum*

89-i

[Vol. 101.

THE CHRONICLE

citizens with tho citizens of neutral countries. All those shipments were
destined to neutral countries, and the ship s papers at tho time or their
seizure clearlv showed such fact. They wero not destined to or for the en­
^ F irstly according to the prearranged distribution, no German submarine emy of Great Britain, and upon trial of the case no evidence showing they
should have been on September 4 in that part of the ocean in which the were destined to such enemy of Great Britain was adduced and none could
have been
This makes necessary further presentation of stronger pro­
H Furthermore, the explosion, according to descriptions received from tests to the Department of State for an equitable adjustment of the claims.
British sources, was of such a nature as to indicate from its offsets that it
Prior to the time of tho seizure of these shipments every effort was made
was rather o f a mine than o f a torpedo.
to comply with every regulation and restriction mado by the various OrdersThe circumstances that, according to those descriptions, the vessel was ln-Council issued by the Government of Groat Britain placed upon such
struck near the bow and that tho bow compartments filled with water, shipments, even though such orders were clearly in violation of the princi­
goes to confirm this assumption.
ples of international law. and concerning which orders our State Depart­
The principal testimony in the possession of the btate De­ ment notified tho Government of Great Britain that this Government would
partment going to show that the vessel was torpedoed is not recognize any prize court decision based upon Ordora-ln-Counci1,.o r
upon any rules or regulations other than tho recognized principles of inter­
contained in an affidavit given by four officers of the Hes­ national law. Notwithstanding the fact of compliance with every order
perian, which states that “ from the steel fragments pre­ issued by them, whether reasonable or otherwise, American goods were
served it is indubitable that the explosion was caused by a seized and taken into English ports and held there for many months before
opportunity was given to present the claims in the prize court.
torpedo and not by a mine.
From tho start those seizures have been arbitrary and unwarranted, and
in spite of vigorous protests of our State Department to the representatives
tancos have boon concerned in sinking the British passenger steamer Hes-

B R I T I S H P R I Z E C O U R T C O N D E M N S M E A T CARG OES .

<>f ItAvmuld V p p ear from the brief dispatches that the Court bases its right

The British Prize Court handed down a decision on the to seize tho shipments on tho theory that the amount o f products being
16th inst. condemning the greater part of tho American shipped to Denmark in these neutral ships is in excess o f quantities received
prior to the declaration o f war. These neutral countries received large
products forming tho cargoes of four steamships. The goods quantities o f these products through Gorman p o r t s V r l o r t o '
on these vessels consisted mostly of American meat products through other sources o f supply which tho war g ro t o ff. T hat thaso coun­
which were valued at about $2,500,000. Besides the tries want m ore o f our products than boforo furnished no justification for
.
cargoes involved in these particular cases thero aro ad­ such seizure.
ditional shipments of packing house products, it is stated,
A D D R E S S OF C O N S T I T U T I O N A L V O N V E N T I O N
valued at more than $12,000,000 which aro being held up
U R G IN G A D O P T I O N OF N E W C O N S T I T U T I O N .
by England and have not been brought before the Prize
Below wo give the full text of the “ address to the people”
Court.
The steamships involved in this week’s decision
explaining the changes made by tho Constitutional Con­
aro three Norwegian steamers, Alfred Nobel, K im and
vention of 1915 in drafting a new Constitution and urging the
Bjomstjerne-Bjornson, and the Swedish steamer Fridadoption of the revised instrument. This address was
land.
A s heretofore stated, the trial of these cases
adopted by the Convention shortly before its adjournment
was begun in the Prize Court at London on July 12
10:
.
before Sir Samuel Evans, President of tho Court; Sir Edward on Friday, Sept. people of the State of New York in convention assem­
Tho delegates of the
Carson, the Attorney-General, asked on behalf of the Crown bled to rovise and amend the Constitution of the Stato present to the
.
that tho Prize Court condemn the four steamers on the people a revised Constitution of eighteen articles.
P We havo. in tho revised Constitution, submitted, retained tho general
ground that they had been carrying absolute and conditional framework of the existing constitution, and havo recommended such
contraband from America intended for German consumption. modifications as in our opinion are essential to the Improvement of the
The Court this week disallows sixteen claims, including those government of the State and to remody the'most striking deficiencies of
of the tho Morris, Armour, Hammond, Swift and Sulzberger ^BesWesTtrUringo'ut the obsoleto matter wo have considered upward of
companies, and allows eight claims, including that of the 80?ame^dmentsgproposed, and have adopted 33. The most important
Cudahy C o. of Chicago. The others involved were Danish
consignees. The Prize Court gives leave to appeal, fixing side into seventeen civil department.. a 'eduction in t t e n tm jb .v o t c e d e d
the security for costs at $25,000, divisible among the appell­ officers and provisions for the appointment of all other officers.
ants. Permission has also been given to the Crown attor­
neys to appeal in the cases of the Cudahy and other claims S S S
or S i n g inns or general application and or making neccswhich were allowed. Sir Samuel Evans, who delivered the sarv appropriations for the conduct o f tho Stato government.
3
A careful regulation o f. and change in the method of making appro­
opinion, says that it is plain that these ships were proceeding priations for the expenses of the Stato. by means of an annual executive
towards Copenhagen when captured, and were carrying more
than thirteen times the amount of goods which under normal ^ ‘^ Im p r o v e m e n ts in the method of contracting indebtedness for the
purposes of the State, and the substitution of serial for sinking fund bonds.
circumstances would have been taken to that port. He PT
The i a n t to cikes of as large a control of their own municipal govern­
pointed out that that fact gave practical assurance that the ment and affairs as is consistent with Stato sovereignty.
6
A thori y in the Legislature, with the approval of the electors of such
goods wero intended to find their way to Germany, although,
county to provide for any county optional forms of government, and pro­
of course, it did not prove conclusively that they were hibiting the passage of local or special laws relating to a county, except at
destined for an enemy of Great Britain. In support of his
• t t X S Z S S i r - < • '« . » « * . . »■»> r v U z i
contention Sir Samuel said that the exportation of lard by
affecting the organization and jurisdiction of the courts, designed to prevent
one American company alone to Copenhagen in three weeks delays in tho administration of justice and to simplify litigation and make
after the war began was twenty times more than in times of
peace. Ho added that only small quantities of canned meat ^ 8 ^ StatTcontrol over tho assessment of taxes on personal and intangible
had been sent to Denmark before the war, yet the vessels property.^ protect[on of th0 natUral resources of tho Stato under a Concaptured contained hundreds of thousands of tins. These
Se7oati0LovhdonTto0 the benefit of wage earners by cratin g a D i r i m e n t
rn
supplies, he said, were intended for German consumption.
of Labor and Industry by extending the benefits
tho
It was charged that there were quantities of rubber on the pensation Act to embrace occupational diseases, and by' °™P
g
Kim and Fridland listed as gum. Referring to this, the Legislature to regulate or prohibit manufacturing in

«. • « « « , *
«

opinion said:

, , ,

.

I have come to the conclusion that gum is not a true commercial descrip­
tion for rubber and that it was used in the ships' manifests in order to avoid
' tho difficulty which would result in its capture by a belligerent. Any con­
cealment o f this sort will, while I sit in tho Prize Court, weigh heavily
against those who adopt such courses. Neutrals aro expected to conduct
their neutral trade during the war without false papers and with candor, and
belligerents are entitled to expect from neutrals a frank course of conduct.

The Court found that the meat cargoes, which had been
shipped principally by American packing companies, wero
destined, except for some small items, not for consumption
in Denmark, but for delivery in Germany.
It is reported that the Chicago packers will appeal to the
Privy Council, which meets in October, and if this appeal
fails it is expected that they will attempt to have their
grievances adjusted through diplomatic channels. Accord­
ing to Thomas E . Wilson, President of Morris & C o., the
meat confiscated by Great Britain will be a complete loss to
the packers, as thero were no advance payments made on the
shipments. Attorneys representing Swift & C o ., Armour &
Co. and Morris & Co. gave out a statement on tho 16th inst.
concerning the decision, which said in part:

A number of other matters of only less importance than those referred
to also have been embodied in tho proposed ^endm ente.
T The modifications we recommend in tho organizatl
DvpartvncnTprcsont . » t o , people . plan for
atic wasteful and irresponsible Stato government, under which its executive
and'adminlstratlve
« o ^ t r ib a .e d .m o » .
1
departments commlMiom. board, and oM cM ^ J boln „ conccntraUol

a

^

o l ^

n

d

to.

»d

O M s S S i ^ a r o £ d e r t o , direction o f eommlssions compose.] o f one or
S oto S S S S
appointed for term. extending beyond that of tho
G They°are vested with both legislative and administrative functions. For
t h S fr e ^ o n l the consent of tho Senate is required to their appointment by
r ^
o
. and
t i o T i s ^ t i n u e d ’"under the Administration of tho University of the State
of New York with powers to bo exercised by regents chosen by the two
Houses of the Legislature voting jointly for terms of nine years, one of them
exn'tring°each year. Each of the remaining ton departments is placed under
tho direction of a responsible head appointed and removable by the Gover­

norshort Ballot Discussed.
W e have applied tho principle of tho short ballot, by taking the Secretary
of Stato and the Stato Treasurer out of tho class of elective officials, and
England's confiscation o f $2,500,000 worth of American meat products, I abolishing the office of State Engineer and Surveyor and transferring his
as announced in the brief press dispatches to-day, is not justified by the I d it es to the Department of Public Works, tho head of which is to be
facts or any principle of international law. It can only be construed as 1 appointed by the Governor. The elected State officials will thus be. the
another step in England's policy to interfere with the trade o f American




.SfiP 18 1915.]
';-.

THE CHRONICLE

893

Governor and Lieutenant Governor, Attorney General and the Comptroller,
empower tho Legislature to de!egata*to.the.cities, for exercise within their
all for tho term of two years.
respective local jurisdictions, such of its powers of legislation as to matters
' to ^avc provided that at tho session immediately following the adoption or State concern as it may from time to time deem expedient.
of the constitution, the Legislature shall provide by law for tho appropriate
Wo also require tho Legislature to provide for tho method and limitations
assignment to and among these seventeen several departments of all the
under which debts may be contracted by the cities, counties, towns, villages,
civil, administrative and executive functions o f tho Stato Government,
except those of assistants in tho office of the Governor; that no depart- and other civil divisions o f the State, to the end that such debts shall be
p.ija ite m annual installments, the last of which shall fall due and bo paid
men«.(S la*1 hereafter be created, and that any bureau board, commission, within fifty years after such debts shall have been contracted, and in no
*
oi office hereafter created, except assistants in the office of the Governor,
event for a period longer than the probable life of the work or object for
shall bo placed in one of the departments so enumerated.
which it is to be contracted.
I
ho electivo Stato officials in office at too time tho new constitution takes
VI. We authorize the Legislature by gmoral la.v to establish different
effect are to continue in office until tho end of their respective terms.
Kovornment for any county not wholly included within a city, to
II. Wo have extended the class of private or local bills which tho Legis­ w w
lature is prohibited from passing so as to embrace bills granting to any cor­ become effective only when approved by the electors of tho county, and to
poration, association, or individual tho right to prove a claim against tho confer upon any elective or appointive county officer or officers any of
Stato, or against any civil division thereof, and bills authorizing any civil the powers and duties now exercised by tho towns in any county, or by
officer
division of the State to allow or pay any claim or account. Wo have for­ any poor. of a town, relating to highways, public safety and tho care of
the
bidden tho Legislature to audit or allow any privato claim or account
Wo have provided that no local or special law relating to a county or
against tho Stato, or a civil division thereof, while authorizing it to pay
such claims and accounts against the State as shall have been audited and counties, except those wholly included within a city, shall be enacted unon
body Of tho county or countiefto
allowed according to law. Wc have provided that no public moneys or
property shall bo appropriated for tho construction or improvement of any bo affected. VVo have also authorized tho Legislature by general laws t °
confer upon the boards of supervisors or other governing bodies of th
building, bridge, dike, canal, feeder, waterway, or other work, until plans
and estimates of the cost of such work shall have been filed with tho Secre­ several counties of the State such further powers of local legislation and
tary of State by the Superintendent of Public Works, together with a certifi­ administration as t.ie Legislature may from time to time deem expedient.
T h e R efo rm s i n the C o u rts.
cate by him as to whether or not in his judgment the general Interests of
the State then requiro that such improvements bo made at Stato expense. .m l ’ „ V, ° ha' ° ®°ught
remove the basis for complaints of delays and
Wo havo abolished tho provisions for emergency messages by the whh n f PT 6 ‘ r
administration of justice, by amendments dealing
Governor, and havo required that no bill shall bo passed or become a law with (1) rules of procedure and (2) the organization and jurisdiction of
unless it shall have been printed and upon tho desks of the members in its court., and judges. As to the first, we require tho Legislature to enact
at its next session a short and simple civil practice act which it may not
final form at least three calendar legislative days prior to its final passage.
We have required each House of the Legislature not only to keep a alter or amend unless at the request of tho judges empowered to frame
complete journal of its proceedings, but also a record o f its debates and civil practice rules, except at intervals of five years, and then only after
report by a commission appointed to consider the subject
promptly to publish tho same from day to day.
Wo give to the Judges of the Court of Appeals and Supreme Cou-t ex­
Tho salary of members of the Legislature was fixed at SI ,500 per annum in
clusive power to make rules of court to regulate details of civil practice
1875. In view of tho changes in tho valuo of money and tho largely in­
creased cost of living during the forty years sinco that date, wo have in­ By these provisions we not only do away with the confused and complicated
creased that compensation to 82,500 a year, besides the actual railroad faro mass of statutes which constitute tho Codo of Civil Procedure. but we
of tho members paid in going to and returning from their homes not oftener substitute for a rigid statutory regulation o f practice, rales of court mado
than onco a week during tho session of tho Legislature.
to facilitate the progress of litigation without undue technicalities and
delays. (2) We recommend an increase in tho numbor of Justices com­
An additional reason for this increase was furnished by tho argument
earnestly pressed upon us, that many competent and desirable citizens posing the Appellate Division of the Supreme Court in the First Depart­
ment from seven to not loss than ten nor moro than twelve and in tho
cannot afford to become members o f tho Legislature at tho present rato of
compensation. Wc havo also increased the salary of tho Governor after Second Department from five to seven.
To supply this enlarged force, provision is mado for tho election of two
January 1 1917, to 820,000 a year, as moro suitable to tho dignity and
responsibility of tho offico of Chief Executive of the Stato.
new Justices in the First District. In 1914 tho Appellate Division in the
First Department disposed of 1.500 appeals and 840 motions, more than
F in a n c ia l M e th o d s C h a n g e d .
III. We havo proposed a radical change in the method of providing for doublo that of any other court in the State, except the Appellate Division
tho necessary expenditures of tho State. Instead of leaving the Legislature in tho Second Department, which in 1914 decidod about 70% of that
to make appropriations without any comprehensive and systematic study number. The changes in organization and increase in tho number of
of tho needs of the various departments of the Stato government, and tho Justices recommended is essential to cope with this great volume of busi­
ness.
sources of its revenue, leaving to tho Governor tho power and duty after tho
Tho number of cases undisposed of in the Court of Appeals has been
adjournment of tho Legislature to go over the appropriation bills and cut
steadily Increasing. It requires more than two years after appeal taken
out items which appear to him to bo unnecessary or improper.wo have
to that court before a caso not entitled to preference can be reached for
sought to restore the true American ideal which accords with tho go.iius
and history of our institutions, by requiring tho preparation by tho heads argument. There are now more than 003 cases ponding beforo it. We
of departments in advanco o f each legislative session of itemized estimates recommend that the number of permanently electod judges be increased
of appropriations to meet the financial noods of each department for tho to ten, and that the three Supremo Court justices now sitting in the Court
of Appeals by designation of the Governor, bo continued as Associate Judges
ensuing year, and tho preparation by tho Governor, after public hearing
for submission to the Legislature, or a complete budget or plan of proposed Oi the court until tho expiration of their respective terms, after which their
successors shall be elected as Associate Judges of tno Court of Appeals.
expenditures and estimated revenues.
IV
e give to the Governor and the heads of the departments, tho right to I*<ir the purpose of disposing of the present accumulation of business, we
appear before the Legislature and bo heard respecting tho budget, and make requiro the Court of Appeals within three months after tho constitution
it their duty so to appear if requested by cither House. We give to tlio takes effect, to designate for temporary service in that court not loss than
Legislature (ho p ow er to reduce or elim in ate, but not to increase auv item four nor more than six Justices of tho Supreme Court, and thereupon to
divido tho Court of Appeals into two parts each of seven judges each part
in such proposed budgot. Tho appropriation bills enacted after this pro
ceduro are to bocome laws without the Governor’s approval. Appropria­ having equal jurisdiction to hoar and dispose of the cases which shall be
distributed between them by the chief judge.
tion? for th0 expenses of tho Judiciary and tho Legislature are loft subject
When tho accumulation of cases has boon reduced to 103, but not later
to the Governor’s voto power as at present.
than December 31 1917, the Supreme Court Justices aro to return to their
We have sought by these provisions to substitute responsible, for ir
court and tho Court of Appeals is thou to rosumo its normal condition as a
responsible government; appropriations based upon thorough investigation
court. Similar provisions are made to deal with accumulations of
comprehensive information, and in tho light of Informed public discussion singlo In tho future.
cases
followed by deliberate action in the early period of the legislative session
T o F a c ilita te Im p ea ch m en t.
for tho present complex, irresponsible system of legislation, often by secret
In order to facilitate impeachment of officers of tho Stato in'proper cases,
conference in committee and hurried enactment with the aid of emergency wo have provided that the Legislature, of Its own motion, may convene to
messages in the closing hours of the session. Wo boliovo that those pro­ take action in the matter of the removal of a judgo of tho Court of Appeals
visions must load to the elimination o f many useless or improvident ex­ of justice of tho Supreme Court; that tho Assembly, of its own motion, may
penditures, and result in a greater economy in the administration of tho convene for the purposes of impeachment, and that the court for tho trial
Statn finances.
of impeachments may order all or any part of tho testimony in any case
IV . We havo also recommended provisions changing tho present cum- to be taken and reported by a committee composed of members of the
bersomo, uncertain and costly system of providing sinking funds fo- the court, except that tho impeached officer must be allowed to testify before
retirement of bonds issued by tho Stato, by requiring all bonds of tho State tho court if ho so dcsiro.
to bo issued in serials not extending beyond tho estimated life of the work
Applying tho principle that no man shall serve as judge in a cause in the
or improvement for which tho debt is contracted, payable in equal annual outcome of which lie has a personal interest, we provide that on the trial
Installments, and therefore requiring no sinking funds.
of an impeachment of tho Governor or Lieutenant-Governor, neither tho
T h e H o m e R u le P ro p o s a l.
Lieutenant-Governor nor the Temporary President of the Sonata shall act
V . Wo havo proposed as largo a measure o f home rule for tho cities o f as a member of tho court.
tho Stato as is consistent witli the recognition and retention of tho sov­
4Ve have provided for tho appointment by the Appellate Divisions in the
ereignty or tho state. W e provide that ovory city shall have tho exclusive I*irst and Second Departments of Supremo Court, Commissioners to act as
power to manage, regulate and control its own proporty. affairs and muni­ referees or to determine the compensation to bo paid when privato property
cipal government. Such power shall include, among others, the right to is taken for a public use, and to perform such other duties as may be
organize and manage the departments of tho city government and to regu- developed upon them by special order, rule of court or tho civil practice
lato tho compensation and method of romoval of all city officers an l em­ rules.
ployees, thus enabling them to obtain what is just and fair, both for thornWo havo increased tho jurisdiction of county courts in common law
solves and tho taxpayers, without tho necessity in tho first Instance of actions for tho recovery of money only from 82,000 to 83,000, and we have
application to tho Stato Legislature.
authorized tho Legislature to confer upon them jurisdiction over actions
As a last resort, or as a matter o f State policy, tho Legislature retains against non-rosidents having an offico for tho regular transaction of busi­
power to redress just grievances by tho enactment of laws applicable to all ness within tho county when the cause o f action arises within tho county.
tho cities of the State without classification or distinction. Wo make it the
C o n so lid a tio n o f C o u rts.
duty of the Legislature by general laws to provide for the organization of
Recognizing the greatly increased efficiency which has been realized by
new cities In sucii manner as to secure to them tho exercise of powers
tho consolidation of numerous small courts into single tribunals so organ­
thus granted.
ized that their entire judicial force may bo kept occupied by tho distribu­
Wo provide a mothod for the adoption by existing cities of new charters tion of tho business within tho jurisdiction of tho court among its various
for the exorcise of such powers, which charters must be submitted to tho terms and parts, we have provided for tho extension from and after Jan. 1
Legislature and become effective if not disapproved by it. Among tho 1917, over the whole city of New York, of tho jurisdiction of the Court of
powers so granted is that o f adopting amendments to charters; but amend­ General Sessions in and forthe City and County of Now York, tho abolition
ments which change tho framework o f tho city government, or modify of tho county courts of Kings, Queens, Itichmond and Bronx, and the
restrictions as to issuing bonds or contracting debts, must lie submitted transfer to tho Court of General Sessions of the criminal jurisdiction of
to the Legislature, and shall take effect as law. sixty (lays after such sub­ those courts.
mission, unless in tho meantime tho Legislature shall disapprove tho same
Wc have also provided for the extension from and after Jan. 1 1917, ovor
by joint resolution.
the whole city of the jurisdiction of the City Court of tho City of Now York,
Wo prohibit tho Legislature from passing any law relating to tho prop­ tho transfor to it of tho civil jurisdiction of tho county courts of Kings!
erty, aftairs, or municipal government o f a city, except such as is applicable Queens, Richmond and Bronx, and the increase of its jurisdiction in com ­
(o all tho cities of tho State without classification or distinction, and wo
mon law actions for tho recovery of money only to 83,000.




894

THE CHRONICLE

In order to obviate delays In criminal cases we have authorized the Legis­
lature to confer upon any inferior local court power to try without a jury
offenses o f the grade of misdemeanor. W o have provided that any person
may, in the manner prescribed by law, after examination or commitment
by a magistrate, waive indictment and trial by jury on a charge of
felony punishable by not exceeding five years’ Imprisonment, or of an
indictable misdemeanor, all Subsequent proceedings being had by informa­
tion before a superior court o f criminal jurisdiction, or a Judge or Justice
thereof.
.
This will remove a source o f serious complaint in those counties where
there is sometimes a period!of three and four months between grand juries,
so that a person charged with crime, even if willing to plead guilty, must
be held on bail, or lcept'Jn prison, until the next session o f the grand jury,
in order that the formality o f indictment may be observed before his plea
can be received. Wo have provided that in any criminal case the party
accused shall have the right .to at least one appoai. Wo have also provided
that every person shall be entitled to the equal protection of the laws.
T o enable tho Legislature to deal with delinquent children, not as
criminals, but as wards o f the State, and to regulate domestic relations
on a broader basis "than the mere enforcement of penal laws, wo have
empowered tho Legislature to establish children’s courts and courts of
domestic relations, as’separato courts or parts o f existing courts or courts
hereafter created, and to confer upon them such equity and other juris­
diction as may bo necessary Jor the correction, protection, guardianship
and disposition o f delinquent, neglected or dependent minors, and for the
punishment of adults responsible therefor, and of all persons legally charge­
able with the support o f wife or children who have abandoned or neglected
to support either.
T o prevent the constant partisanTpolitical legislation affecting tho Court
o f Claims, wo have continued that court as a constitutional tribunal, with
appropriate jurisdiction for the]hearing and determination o f claims against

[Vol. 101.

posal shall be considered and acted upon by the two houses separately
and that such proposal shall not be passed until after it shall have been
printed and upon tho desks of the mombers in its final form for at least
five calendar legislative days prior to final action.
X V . Other provisions not herein specifically enumerated have been
adopted by us as desirable amendments to the oxisting constitution. We
earnestly recommend all of these proposals to the favorable consideration
o f the electors of tho State, believing that their adoption will result in a
very great improvement in the government of the Stato and its civil divi­
sions, and thus promote the welfare of all of its inhabitants.
In convention.
Albany. Sop.amb™ 10 1915.
ELIHU BOOT.
President and
W ILLIAM D. CUNNINGHAM , Secretary.

Delegate at Large.

E F F O R T S O N B E H A L F OF A M E R I C A N I M P O R T E R S OF
G E R M A N GOODS.

A s indicated last week, the Foreign Trade Advisers of tke
State Department have prepared a statement instructing
American importers as to what action they should take in
order to secure the release of German goods ordered prior
to the issuance on March 1 of the British Order-in-Council
in conformity with the concessions understood to have been
granted by Great Britain in its embargo against Germany.
Tho Merchants Association of Now York proposes for the
benefit of its members, to keep informed as to the develop­
ments in the trade situation resulting from these reported con­
cessions. Announcement that such a course would be pursued
is contained in the weekly publication of the Association.
S. C . M ead , Secretary of tho Association, will have charge
of the collection and distribution to members of the informa­
tion received from tho State Department concerning regula­
tions. The Merchants Association says in this connection :

the State.
ThelTaxation Article.
V III. W e recommend'theladoption o f a new article respecting taxation,
which ompowors tho Legislature to prescribePiow taxable subjects shall bo
assessed, and to provido for officers to execute laws relating to the assess­
ment and collection of taxes,land ifor the supervision, review and equaliza­
tion of assessments. We provide that the power o f taxation shall never
be surrendered, suspended, or contracted away, except as to securities of
the State or a civil division thereof, and that hereafter no exemption from
taxation shall bo granted except by general laws and upon an affirmative
Tho incurring of liability for the payment of goods by tho American im­
vote of two-thirds o f all tho mombors elected to each house.
W e recommend provisions under which tho Legislature for the assessment porter prior to March 1 1915 is to be the basis on which permits for ship­
o f real property heretofore locally assessed may, with tho approval of tho ments will be issued in the future.
It will not be necessary to provo a payment mado, but tho American pur­
electors, establish tax districts embracing one county or any part thoreof,
and mako the assessment roll for such‘district servo for all tho lesser tax chaser must show that ho was legally bound to pay for tho goods beforo that
districts within its boundaries, thus providing a uniform rule o f assessment date Evidence that will substantiate tho abovo facts should be sub­
mitted to tho foreign trade advisers by interested housos as follows :
for all purposes throughout'.tho'county or district.
(a) An affidavit giving tho history of tho case and showing all tho docu­
IX . Wo have provided for a department o f conservation, to consist of
nine commissioners to serve without compensation and to bo appointed mentary evidence submitted.
(b) Either the original contract or certified copies of tho samo.
for terms to expire in ninelsuccessivojyears, their successors to be ap­
(c) Copies o f order sheets, tho original acceptances, invoices and consular
pointed for terms o f nine years each, one ofiwhom shall reside in each ju­
. ,
,
dicial district. This department is charged with theldovolopment and invoices If available.
In addition to theso proofs all marks, numbers, value and cost of goods,
protection o f tho natural resourcesJofithoJState, the encouragement of
forestry and the suppression of forest fires throughout tho State, tho and the name and address o f shipping agent in neutral port should be given.
exclusive care, maintenance and administration o f the forest preserve, the
conservation, prevention o f pollutionland regulation o f tho *
waters of the
It is reported that the machinery necessary to permit
State, the protection and propagation o f its fish, birds, game, shellfish
and Crustacea, except m igratoryIfishlofitholsca within the limits o f the American importers to submit their cases through tho Trade
marine district.
Advisers and the British Embassy has not been provided for
W e continue the provisionlthatlthelforest preserve shall be forever kept
as wild forest lands. W e requireJthoJLegisIature annually to make pro­ in the Embassy. It must be established that tho importers
vision for the purchase of real proporty.within the Adirondack and Catskill are liable for tho goods to be brought in and for this purpose
parks, tho reforestation of landsjandithe making of boundary and valua­ the British Embassy must be equipped with a number of
tion surveys, and wo provido that the violation o f any o f tho provisions
of tho artlclo dealing with conservation may be restrained at the suit of clerks and law officers to inspect the applications filed.
the people, or o f any citizen.
Until provision has been made to take care of this work, a
Labor’s TJVeedsIRecognized.
largo number of applications are being held in the office of
X . We have recognized thelneedslofithe wage earning class of our
people; (1) by creating tho DepartmentIof4Labor and Industry as one of the Trade Advisers. Advices from Washington on the 14th
the civil departments o f the StateSGovernment, at the head o f which is inst. said that the explanation given in British quarters for
to bo an Industrial Commission ;orICommissioner as may be provided by the delay in carrying out the concessions granted by Great
law; (2) by including in the amended Constitution tho provisions o f the
Workmen's Compensation Amendment adopted in 1913, and extending its Britain was that the approval of the plan by France was
provisions, so as to embrace compensation for injury or death resulting awaited.
#
from occupational diseases o f employees, and (3) by conferring upon tho
It is stated that applications for permits to ship Belgian
Legislature, power to regulate or prohibit manufacturing in tenement
goods will be presented through tho Trade Advisers to tho
houses.
X I. We have extended the existing constitutional prohibition against British Embassy and shipments will be authorized by British
the sale, lease, or other disposition o f the Erie and other canals so as to
consular officers at neutral ports provided tho following
embrace canal terminals heretofore or hereafter constructed, and wo have
provided that tho abandonment, sale, or other disposition of canals or data is furnished :
1 . — A declaration from a Belgian local authority that the goods in ques­
canal property which shall ceaso to bo a portion of the canal system of tho
State, shall be only under and pursuant to general laws which shall secure tion aro of Belgian origin or manufacture.
2.
— A written guarantee from a bank in Great Britain that tho purchaso
to the State a fair appraised value o f the property abandoned or sold.
We provide that tho Legislature by general, not special laws, may provido money for tho goods lias been deposited with them and will not bo with­
drawn without the special authorization of tho British Government during
for the lease o f surplus waters o f the State canals.
X II . Wo have continued with but slight changes the provisions of the tho continuance of tho occupation of Belgium by Germany, or, alternatively,
existing constitution respecting the composition of the Senate and Assembly, clear ovidenco that the purchase money was remittod to Belgium before
and the reappointmont of their members according to tho number of in­ July 31 1915.
________
habitants o f tho State, exclusive o f aliens. We provido that such reapportionmont, aftor the year 1916, shall be based upon the Federal Census,
Steps have been taken by the American * Importers’
unless the samo shall not be available; and, in conformity with the home
rule principle in its application to counties, we provido that in any city Association looking to the release of merchandise contracted
embracing an entire county, or more than one county, and having no for by American merchants prior to March 1 and detained
Board o f Supervisors, the members elected from such county to the Board as a result of the British Orders-in-Council. A meeting
o f Aldermen, or other body most nearly exercising the powers o f the Board
of Aldermen, shall meet and divide such county into Assembly districts of the Association was held on the 13th inst. at tho offices
according to the rule prescribed by the Constitution.
of ex-Judge Sharretts, 165 Broadway, who is counsel for the
School System Unchanged.
organization. As previously stated, M r . Sharretts con­
X II I . We leave unchanged the provisions in the present constitution
ferred last week with Trade Adviser Fleming of the State
requiring the State to provide for tho maintenance and support o f a system
of free common schools wherein all the children o f the State may be edu­ Department and Sir Richard Crawford, commercial attache
cated. and forbidding the use o f tho property, credit, or money of the of the British Em bassy. The counsel informed the im­
State directly or indirectly for tho aid or maintenance o f any school or
Institution wholly or in part under the control or direction of any religious porters that the British Embassy had assured him that here­
after the settlement of cases involving goods ordered prior
denomination.
*
X IV . W e have not deemed it expedient to recommend provisions to March 1 would be handled by tho Foreign Trade Advisers
making more difficult the adoption o f amendments to the constitution;
and the British Embassy at Washington, and not in London
but In order that the attention o f the public may be directed to any at
tempts at amendment, we have provided that in case any proposed amend­ as formerly. Ex-Judge Sharretts was also informed that
ment to the constitution shall be adopted by either house of the Legislature, special permits through the Foreign Office at London would
on tho first Tuesday following such adoption, the two houses shall convene
no longer continue. The importers were instructed to file
in Joint session for the consideration thereof, and that thereafter the pro




Sept . 18 1915.]

THE CHRONICLE

their petitions promptly as they would be considered by the
Foreign Trade Advisers and the British Embassy in accord­
ance with the priority of presentation. Great satisfaction
was expressed by the merchants who were present at the
meeting because their petitions would be considered in
Washington, thus obviating the necessity of securing permits
through London agencies.
LACK

OF D A T A

D E L A Y S COTTON
GREAT BR ITAIN .

PURCHASES B Y

The purchase of certain lots of American cotton detained
in England as a residt of the Order-in-Council has not been
concluded because of the failure of claimants to supply suffi­
cient commercial data to the British Government so that it
can take the cases under consideration. This announcement
was made by the State Department on the 11th inst. The
shipments of cotton were made prior to the enforcement of
the British blockading order and the British Government
agreed to pay for the cotton which was thus detained and
taken over under the order. The statement issued by the
State Department is as follows:
The Department of State is informed by the Consul-General In London
that it lias been found impossible to conclude the purchase o f certain lots
of American cotton detained in Great Britain under what is known as the
cotton agreement, becauso o f the failure o f the claimants to supply the
commercial details necessary to the consideration o f their consignments.
lie is informed that it is indispensable that the bills o f lading, invoices,
copies o f the contracts and confirmation of the contracts should bo supplied,
and that tho Board o f Trade, whoso officers aro making theso purchases,
will deal with all tho claims as promptly as possible, but must have all tho
commercial data bearing upon individual cases before they can do so.
N O R W E G IA N -A M E R IC A N CHAM BER
FORMED.

OF C O M M E R C E

895

of Consul-General Snodgrass at Moscow, who received a
letter from the Russian-American Chamber of Commerce
which said in part:
In our endeavors to enlarge the existing commercial relations between the
United States and Russia we are confronted with questions o f extended
credit, means of securing more practical methods of payments and tho need
of a medium whereby matters o f transportation, insurance, standing of
firms and other confidential subjects could be treated to tho satisfaction
of those in tho United States who are not acquainted with Russia and its
people and of Russian merchants not acquainted with existing conditions
of trade in the United States.
After mature consideration regarding tho best means to insure the success
of tho important undertaking which we are endeavoring to establish on a
firmer basis, we have arrived at the conclusion that tho establishment o f an
American bank in Russia is o f the greatest importance.
Wo do not overlook tho fact that for many years business transactions
between the United States and Russia have been served and certainly
served very well, by existing banks in this country, covering yearly millions
of dollars, and that such banks are, even at the present moment, ready to
meet all requirements of any specific industry, trade or personal enterprise.
Yet wo aro under the impression that were there a purely American bank
established hero with tho purpose, first and foremost, to render the neces­
sary assistance in all tho various phases o f pecuniary transactions between
tho two countries, to serve as a medium when opportunity may arise in tho
investment of capital, and to offer to the business centers of tho United
States a certain moral guaranty that their interests aro safeguarded by an
institution founded for the special purpose o f trading with this country,
it would prove to bo tho nucleus of an enormous business which could be
developed.
_________________
NAVAL

AD VISORY

BOARD

NAMED.

The personnel of the N aval Advisory Board, a body of
scientists and inventors who will assist in the technical de­
velopment of tho United States N a v y , was made public by
Secretary of the N avy Daniels on the 12th inst. The board
consists of twenty-three members, including Thomas A .
Edison, who was selected Chairman by M r . Daniels. In an­
nouncing the names of the members, Secretary Daniels made
the following statement:

W ith a view to extending trade between Norway and this
Desiring to make available the latent inventive genius of our country to
country, the Norwegian-American Chamber of Commerce,
improvo our navy, a short timo ago I requested Mr. Thomas A. Edison to
In c., has been incorporated under the laws of New York. become Chairman of an advisory board of eminent men who would make up
It is reported that many merchants and institutions inter­ tho board. M r. Edison, with tho patriotism characteristic of American
ested in trade between the two countries have already made inventors, accepted the call to duty.
The plan adopted for selecting tho members of tho advisory board was as
application for membership and that the leading importers follows: I requested eleven great engineering and scientific societies to se­
and exporters in Norway have been asked to join. The lect by popular election two members each to represent their society on the
temporary officers are: M ax M . Norman, President; John A . board. Tho result has been most gratifying. I have received the nomina­
tions o f all these societies and liavo accepted them, and it only remains to
Gade, Vice-President; Ingvar Tokstad, Treasurer, and A . M . have a meeting, organize and determine the method of procedure in order
R ygg, Secretary. The Norwegian G overnm ent, it is re­ to utilize to the best advantage o f our navy this mobilization of tho talent
and genius of our great country.
ported, has promised to support the institution through its
Tho responses o f the various societies invited to co-operate in tho great
Consul-General. ________
undertaking indicate the patriotic enthusiasm awakcncdjby this call tojduty.
TO URGE E S T A B L I S H M E N T OF C H I N E S E - A M E R I C A N
BANK.

Tho Department of Commerce was advised on tho 10th
inst. by Commercial Attache Arnold at Peking that the Chair­
man and Secretary of the Chinese commission which recently
visited this country, for the purpose of extending commerce
between tho United States and China, were in Peking ar­
ranging an audience with the President of tho Republic.
According to M r. Arnold’s dispatch, the commissioners de­
clared that the immediate establishment of a Chinese-American bank and a trans-Pacific steamship company was “ abso­
lutely necessary” for the advancement of trade between tho
United States and China.
It will bo recalled that the Honorary Commercial Com­
mission of the Republic of China visited this city early last
June, and a proposal was announced at that timo for the for­
mation in this country of a Chinese-American bank whose
stock would be sold in equal parts in America and China.
The Chairman of the Commission made public the plans for
the establishment of such a bank and drafts of the prospectus
wero distributed at a dinner of the Chinese Merchants’ As­
sociation. It was reported at that time that leading capi­
talists of New York and San Francisco were interested in the
movement. Previous reference to the proposed establish­
ment of a Chinese-American bank was made in our issue of
Juno 12.
________________
SEEKS

E X T E N S I O N OF U N I T E D
W IT H RU SSIA.

STATES

TRADE

Tho twenty-two members of the board who were chosen by
ballot by eleven of the principal scientific societies of the
country, each organization naming two members, are:
W. R. Whitney and L. II. Baekeland of the Amorican Chemical Society.
Prank Julian Sprague and Benjamin G. Lamme of tho American Insti­
tute of Electrical Engineers.
Robert S. Woodward and Arthur G. Webster of the American Mathe­
matical Society.
Andrew M . Hunt and Alfred Craven of the American Society of Civil
Engineers.
Mathew B. Sellers and Hudson Maxim of the American Aeronautical
Society.
Poter Cooper Hewitt and Thomas Robins of the Inventors’ Guild.
Howard E . Coffin and Andrew L. Riker of the American Society o f Auto­
mobile Engineers.
William L. Saunders and Benjamin B. Thayer o f tho American Institute
of Mining Engineers.
Josoph W. Richards and Lawrence Addicks of tho American Electro­
Chemical Society.
William Leroy Emmet and Spencer Miller of tho American Society of
Mechanical Engineers.
Henry A. W. Wood and Elmer A. Sperry of the American Society o f
Aeronautic Engineers.

The first general meeting of the board has been called
for Oct. 6 in the office of Secretary Daniels in W ashington.
A t that time, it is stated, the organization of the body will be
perfected and steps taken towards a division of the board into
convenient groups for the purpose of studying the problems
which will be brought forward. It is reported that the Ad­
visory Board will be assisted in its work by each of the eleven
scientific societies represented. According to Secretary
Daniels, several of these societies have already named com­
mittees who are to co-operate with their members on the
board.

D IV ID E N D DECLAR ED B Y N E W YORK ST A T E
W ith a view to furthering trado relations between the
IN S U R A N C E FU N D .
United States and Russia, Alexander Behr, Vice-President
of the Russian-American Chamber of Commerce at Moscow,
The directors of the New York State Insurance Fund
will visit this country, making a tour of the principal commer­ which was created under the Workmen’s Compensation Law,
cial centers. M r. Behr sailed from Christiania on the have declared dividends averaging about 1 5 % to policy­
3d inst. The Bureau of Foreign and Domestic Commerce holders on the second six months ended June 30. As
will co-operate with him during his trip and assist him in previously mentioned, the State Fund declared dividends
gaining as wide a hearing as possible. It is stated that ono ! averaging about 2 0 % on the first six months’ business. The
of the chief objects of M r . Behr’s visit is tho founding of reduction in the rate for the second period is said to have
an Amorican bank in Russia. Tho project for tho establish­ been occasioned by a rate reduction of 1 2 % , which went into
ment of such an institution has been brought to tho attention effect Jan. 1. The net cost of insurance to policyholders, itjis




[V ol . 101.

THE CHRONICLE

896

woro dostroyocl daily during tho your latoly closed. Tho
; development of this work sinco tho Civil W a r, when paper
. money was first issued, is indicated by comparison with tho
figuros for tho fiscal year 1865 when 70,000,000 pieces of
redeomed cun’ency woro destroyed, of a faco valuo of $144,­
219,920, which included a largo amount of fractional currenev. Secretary Chase’s regulations woro basod upon tho
Act of Congress of March 17 1862, authorizing tho Secretary
to prescribe tho method of destroying notos unfit for cir­
culation. Although changos in tho Troasury Department’s
business havo resulted in tho modification of practically
evory procedure established by tho original regulations,
Secrotary Chaso’s order had novel* been abrogated or formally
rovised. Thoro havo beon many changos in practico, howovor, dining tho intorvoning yoars, and many of them are
not mattors of record. B y Socrotary M cAdoo’s order early
last month, thoso changos aro now compiled and brought
up to date, with additional modifications as safeguards to
moot tho conditions of tho prosont day. Whon Secrotary
Chaso issued his original ordor tho Government’s money and
securities woro printed under contract. Sinco then tho
Bureau of Engraving and Printing has boon established, and
The experience of the Stato Fund to date indicates that tho present rates printing by contract abandoned; tho national bank law
arc adequate to cover losses, to provide ample rcsorvo and surplus funds and onactcd, introducing a now form of currency; tho duty of
to yield substantial dividends to policyholdors.
tho Troasuror and Register modified; and tho Fodoral RoAs heretofore stated, July 1 marked the closo of the first sorvo systom inaugurated, providing another form of cur­
year’s operation of tho Now York Workmen’s Compensation rency. In Socrotary Chaso’s time, papor monoy and secur­
Law. A summary of tho showing for tho first nino months ities woro destroyed by burning. Exporionco showed that
ending March 31 was published in our issue of July 17.
this was not tho safost plan in connection with tho destruc­
tion of distinctive paper, because it is difficult to burn
J.
Spencer Baldwin, Manager of tho Stato Insurancebundles of monoy, and undostroyod piocos may oseapo
Fund, took occasion on August 30 to reply to a criticism of through tho chimney. For this reason tho Act of Juno 23
tho administration of the Fund; his defense was embodied 1874 authorized tho destruction by maceration.
The destruction of this curroncy papor has always boon
in tho following letter addressed to tho New York “ Times” :
To the Editor of The New York “ Times":
witnessed by joint committoos. This policy is continued in
In your issue of Aug. 30 thero appears a letter reflecting upon the ad­
Secretary M cA doo’s ordor. Tho destruction committee
ministration of tho Stato Insurance Fund, signed by Harrison Law, who
attempts to show that tho Stato Fund has obtained tho surplus distributed was composed of representatives of tho Secretary of tho
in dividends to policyholdors by cutting down its reserves below tho level Treasury, tho Treasurer of the Unitod Statos, tho Register
required in tho case of the stock and mutual companies. Ho asserts that
of tho Treasury, and a witness on behalf of tho public.
tho State Fund has set up no reserves for unearned premiums, and alleges
that the Stato Fund has given as an excuso for this course tho pica “ that in­ Tho last-named position was abolishod at. tho last sossion of
asmuch as its policies cannnot bo cancelod, therefore it is not called upon to Congress.
Under Secretary M cA doo’s order of August 6
keep an unearned premium reserve.” Mr. Law declares that if tho Stato
Fund wero compelled to maintain such a reservo it would have a deficit tho destruction of United States curroncy will bo witnessed
by a committeo composed of representatives of tho Secre­
of over 8500,000 on tho first year.
This representation is wrong in every particular. Tho State Fund main­ tary of tho Treasury and the Troasuror of tho United States;
tains an unearned premium reservo upon precisely tho same basis as do
the stock and mutual companies. The amount of tho unearned premium National Bank and Federal Itosorvo Bank curroncy by
reservo on Juno 30 1915 was 808,754 32. This amount was small simply representatives of tho Socrotary of tho Treasury, tho Comp­
becauso tho bulk of the business of tho Stato Fund was writton from July 1 troller of tho Curroncy, tho Treasurer of tho Unitod Statos,
1914, and renewed from Jan. 1 1915 for tho second six months’ policy term,
so that a very large proportion of the premiums on tho first year's business and tho national bank or tho Fodoral Rosorvo bank con­
had been earned on Juno 30 1915. It may bo well to explain here, for tho cerned; Federal Reservo notes by representatives of tho
benefit of tho lay reader, that the reservo for unearned premiums is made Secretary of tho Troasury and tho Comptroller of tho Cur­
up o f that amount of tho not premiums corresponding to the proportion
or tho policy term during which tho insurance has still to run. The un­ roncy; internal revenue stamps by representatives of the
earned premium reserve on any policy is equivalent to the whole premium Secretary of tho Treasury and tho Commissioner of Internal
at tho beginning of tho term, and gradually diminishes during tho term.
Revonuo; imporfoctly printed work in tho Bureau of Engrav­
M r. Law takes tho figuro for the net premiums written by tho Stato Fund
during tho twelve months ended Juno 30, which amounted to 81.287,037. ing and Printing by representatives of tho Secrotary of tho
and sets down 50% of this amount, which ho gives incorrectly as 8043,018, Treasury and tho Diroctor of tho Buroau; and intorestas the amount of tho earned premium reservo which tho Stato Fund should
carry as of Juno 30 1915. Tho actual premium reserve of tho State Fund boarirw obligations of tho United States by ropresontativos
on that dato was, as I havo stated, $68,754 32. The amount of tho of tho Socrotary of tho Troasury, tho Register of tho Troas­
unearned premiums on tho same dato was $1,182,222 t i. Tho extraor­ ury and tho Treasurer of tho United Statos. The repre­
dinary error into which Mr. Law has fallen is duo to his failure to take
account of two facts: First, that the Stato Fund business is all written sentative of tho Socrotary on oacli of thoso committees will
on a semi-annual basis, and second, that tho great majority of its policies act as chairman, and each membor of tho committeo will
date from July 1 and Jan. I.
check the monoy and securities delivered as woll as witnoss
Tho fact is that the Stato Fund reserves are sot up on a basis of absolute
In tho past ono membor of tho com­
adequacy and in strict accordance with sound insurance principles. The their destruction.
State Fund is actually carrying higher loss reserves than it would be mitteo has usually vorified the amount and tho wholo com­
required to maintain under tho provisions of tho general insurance law. Its mitteo witnessed tho destruction. Tho now regulations aro
method of setting up reserves has been approved by tho Stato Insurance
Department, which has ordered the mutual companies writing compensa­ dosignod to simplify tho work and tliroiv greater safeguards
tion insurance to set up their reserves on tho same basis.
around tho destruction of monoy and securities.

stated was 7 % less for the second six months than for the
first. Every employer insured in the Fund will receive a
dividend except those who paid tho minimum premium of
$4, or whose accounts showed an excess of disbursements over
premiums. Dividends were declared in all of the 42 groups
of employment enumerated in tho Workmen’s Compensation
A ct, tho highest disbursement being 2 0 % , paid in the light
manufacturing groups. The lowest rate is 5 % paid in tho
transportation, public utilities and miscellaneous trades.
In
the heavier manufacturing, building construction, mining,
quarrying and lumber industries, 1 5 % is paid,
lh o net
premiums received by tho State Fund for the 12 months ended
June 30 amounted to $1,287,037. Tho number of policy­
holders on June 30 was 7,8 53. A surplus of $370,829 is
reported to havo accrued to policyholders on tho first year’s
business after paying all losses and setting up a loss reserve
of $621,883 and a catastrophe surplus of $109,111. Tho
announcement states that tho ratio loss for the first year
was 6 4 .7 % , which is regarded as satisfactory, since tho
normal loss ratio for insurance companies operating under tho
N ew York Act is 6 5 .7 % . Tho statement of the directors
of the State Fund says:

F.

j

SFENCFIt BALDW IN ,
Manager State Insurance Fund.

COM M ERCIAL

Now York, Aug. 30 1915.

C O D I F I C A T I O N A N D R E V I S I O N OF
FOR D E S T R U C T I O N OF P A P E R

REGULATION S
MONEY.

The regulations for tho destruction of papor monoy and
securities of tho Unitod States in process of being cancelod
and retired wero codifiod and rovised by Socrotary of tho
Troasury M cAdoo on August 6.
Pross accounts say that
this is tho first formal rovision of thoso instructions sinco tho
administration of Socrotary Chaso by whom tho first regu­
lations for tho destruction of retired obligations woro issued
on March 1 1864. During tho fiscal yoar of 1915 377,364,­
188 redoomed notos (paper monoy) of a nominal valuo of
$1,541,131,111 wero dostroyed by macoration.
It is esti­
mated that these notos weighed590 tons;in othor words,an
average of 1,250,000 pieces of worn out papor monoy of a
nominal value of $5 ,000,000,[and woighing almost two tons,




T R E A T I E S OF T H E

U N ITED

STATES.

In anticipation of tho responsibilities which will fall upon
tho United Statos whon tho world bogins to ropair tho treaty
relations destroyed or dislocatod by war, tho Foreign Rela­
tions Committeo of tho National Foreign Trade Council
has caused to bo prepared by Carman F . Randolph of tho
Now York Bar a compact “ Briof on Commercial Treaties
of tho United Statos.” Tho prominenco of tho membors
of tho committeo under whoso auspices this briof is issued
indicates tho importance of tho subject to foreign trade.
Thoy aro: Henry Howard, Vico-Prosidont Morrimac Chemical
C o ., Boston, M a ss.; Alba B . Johnson, Prosidont Bladwin
Locomotivo W orks, Philadelphia, P a .; C . M . Muchnic,
Vico-Prosidont Amorican Locomotivo Salos Corporation,
Now York; M . A . Cudin, Foreign Managor Genoral Electric
C o ., Schenectady, N . Y . , and Willard Straight, who is
connected with J. P . Morgan & C o ., Now York.

1 Sept . 18 1915. J

THE CHRONICLE

Tho briof lists and discussos tho eommorcial treaties in
forco botweon tho United States and othor nations and in
tho convenient appondix ombodios thoso provisions of
existing treaties rolating to commorce. It sorves to bring
to mind that tho provision of tho Underwood-Simmons
Tariff A ct, authorizing tho Preisdont, subject to Congres­
sional approval, to negotiate trade agreomonts with foroign
countrios, looking toward freor trado relations and furthor
reciprocal expansion of commerce, has not yet beon em­
ployed to furthor our commerco and clinch our opportuni­
ties. Allusion is also mado to tho requirement of tho La
Follette Seamen’s Act directing the President to notify
ovory Govornmont with whom tho United Statos has a
treaty agreement giving tho aid of the public authorities in
tho arrests and imprisonment of foroign officers and seamen
who dosort their ships in our ports, that all such agreements
will terminate upon tho expiration of tho period designated
in each troaty for termination after notice. Of this tho
brief says :
It is a diplomatic commonplace that whichever party first moves to
abrogate part o f a treaty, puts tho whole at risk. Tho other party is
entitled to treat all the provisions as interdependent. Whether it shall
meet the move by acquiescence or by notice cither of a compensatory
alteration or o f complcto abrogation depends on circumstances.

Tho briof also says in part :

897

as a member of the International High Commission on
Uniform Laws. The other members of this Commission
were named by M r . M cAdoo on June 22. They are :
Secretary M cAdoo, Chairman; John Bassett Mooro of
Columbia University, Vice-Chairman; John H . Fahey,
President of the United States Chamber of Commerco;
David R . Francis of St. Louis; E . II. Gary, Chairman of tho
Board of the United States Steel Corporation; A . B . Hep­
burn, Chairman of the Board of the Chase National Bank of
New York; George M . Reynolds, President of the Continental
& Commercial National Bank of Chicago; Henry P . Davison
of J. P. Morgan & C o. and Samuel Untcrmyer of New York.
B A N K IN G ,

L E G IS L A T IV E

AND

F IN A N C IA L

NEW S.

N o sales of bank stocks were made at tho Stock Exchange
this week and only one lot, 15 shares, was sold at auction.
Thirteen shares of trust company stock were also sold at
auction.
Shares. BANK A me York.
Low. High. Close. Last previous sale.
15 Com Exchange Bank---------- 30714 307^4 3071-4 Sept. 1915— 30714
TRUST COM PANY.
13 Equitable Trust C o................ 41014 41014 41014 Sept. 1915— 410

W e issue to-day our annual “ Bankers’ Convention Sup­

Tho nations appear to bo at tho threshold o f an era o f unprecedented plement,” containing the detailed report of the proceedings
activity in tho making and revising o f treaties, so seriously has tho war
dislocated tho system o f international contracts affecting tho entiro eastern of tho 1915 annual convention of the American Bankers’ As­
hemisphere, and tho western hemisphere cannot bo unconcerned. Ilow sociation, held at Seattle last week. This publication goes
far tho distinctively political phases o f this new treaty making will affect to all our subscribers throughout tho world.
tho United States remains to bo soon. Tho commercial phases will deeply
concern us and may to a substantial degree invite our active participation.
Wo appreciate how greatly tho war affects tho network o f international
William A . Law, the young retiring President of tho
commercial arrangements. We realize that in this general disturbance American Bankers’ Association, has had an interesting
thero is to us both promiso of benefit and threat of injury. Furthermore
tho war has only emphasized and complicated a national interest in com­ banking career, rising through his own ability and industry
mercial treaties necessarily involved in our movement for export trade in to the place he occupies in financial circles. M r . Law is a
manufactures. If wo are urged to “ preparedness" for the chance of war, South Carolinian, the son of tho Rev. D r. Thomas H . Law,
wo aro not less urged to “ preparedness" for tho certainty o f a sharper
strugglo for trade than we have ever experienced— a strugglo wherein who is stated Clerk of tho Southern Presbyterian Church.
commercial treaties and arrangements will play leading parts.
After graduating from college, M r. Law taught school two
Our diplomacy, however zealous and wise, will better promoto our
years in Wilmington, N . C ., and then was official stenog­
reasonable commercial needs if mercantile and financial interests shall
co-operate in tho shaping of our policy. Such co-operation involves not rapher of the Seventh Judicial District of South Carolina
only the obivous factor o f expert business advico but an appreciation of tho for seven years.
In 1891 he organized the Spartansburg
legal side o f international trade conditions covering such matters as these:
Two years lator ho
our commercial treaties in force; important commercial relationships Savings Bank, becoming its President.
among foreign countries; the effect o f war upon commercial treaties; the was elected President of the Central National Bank of
treaty-making power o f the United States; tho powers o f othor governments Spartansburg and in 1903 he accepted the Assistant Cashiertho relation of maritime war to commerce; the novel war legislation in
regard to commerce; navigation laws; trade with colonies and protectorates, ship of the Merchants’ National Bank of Philadelphia. He
&c.
advanced from this position tlirough various gradations to

There is ombodiod in tho briof a compact analysis of tho
spirit of oxisting commercial treaties, with roforonco to tho
legal position of American traders in foroign countries and
of foreign traders in tho United States, “ tho most favored
nation rule,” shipping (including a summary of tho presont
position of tho 5 % discriminatory discount in favor of goods
importod in American bottoms, authorized by tho prosont
tariff but not put into offect), tho protection of patonts,
trado marks, & c., commorco during war and guarantees for
neutral commorco. Tho appondix lists tho nations to whom
notification of termination of troaty provisions in conflict
with tho Seamen’s Act has beon sont and also tho President’s
proclamation abrogating tho troaty with Russia and leaving
tho United Statos without commercial troaty relation with
that country.
A P P O I N T M E N T S TO P A N - A M E R I C A N C O M M I T T E E S .

Additional appointments in connection with tho com­
mittees which aro to continue tho work of tho Pan-American
Financial Conference wore announced by Secretary of tho
Treasury McAdoo on tho 13tli inst. Tho following woro
named as members of tho permanent group committees
which will carry on tho work inaugurated at tho Conference
by tho temporary group committees :
Permanent Group Committees.— Chili— Charles If. Sabin, President
Guaranty Trust Co., Now York City, Chairman.
Costa Rica.—John Crosby, Washburn-Crosby Co., Minneapolis, Minn.
Ecuador.— F. I. Kent, Vice-President Bankers Trust Co., New York
City.
Nicaragua.— Prof. Jeremiah W. Jcnks. New York University Now
York City.
Peru.— William Loob Jr., American Smelting & Refining Co. New
York City.
Salvador.— Kugono I’ . Carver, Boston, Mass.
Uruguay.— A. M . Harris. President Harris Trust & Savings Bank,
Chicago.
Venezuela— II. G. I*. Deans, Manager Foreign Department Merchants’
Loan & Trust Co., Chicago, Chairman.

President; when the Merchants’ National was merged with
tho First National Bank of that city, ho was mado Vice­
President of the latter and on M a y 1 of this year ho was
elected President.
The election reported in these columns last week of J. S.
Calfee, Cashier of the Mechanics-American National Bank of
St. Louis, as Vice-President of tho new National Bank Sec­
tion of the American Bankers’ Association, is of special inter­
est, sinco tho movement to organize this section is understood
to have originated with him. M r. Calfee was prevented at tho
last moment from attending tho convention, and tho proposal
was presented to representatives of the national banks by
W . M . Van Dousen of Newark, N . J ., who has been made a
member of the executive committee of the section. It was
felt by those who favored tho movement that problems which
might arise affecting the Federal Reserve Act could bo dis­
cussed to better advantage by a section embracing tho na­
tional banks exclusively, and its organization was honco pro­
ceeded with. Its formation was subject to the approval of
the Executive Committee, which has been received.
Sereno S. Pratt, Secretary of the New York Chamber of
Commerce, died in Troy, N . Y ., on tho 14th inst., where he
had recently undergone an operation. M r . Pratt was born
in 1858 and became editor of the St. Alban’s “ Advertiser”
when 18 years old. He was prominent in newspaper work,
having been Wall Street editor of several dailies and for a
time also editor of the “ W all Street Journal.” M r. Pratt
held this latter position when he was appointed Secretary
of tho Chamber of Commerce in 1908. In 1903 M r. Pratt
published “ The W ork of W all Street,” which describes tho
inner workings of the financial district.

Samuel M . Schafer, one of the oldest surviving members of
the Now York Stock Exchange and a member of the old Gold
Tho group committees will keep in touch with tho dele­
Board, celebrated his 75th birthday last Sunday. M r .
gates from tho countries to which they aro assigned and thus
Schafer is the founder of tho old-time banking firm of Schafer
provide a recognized channel through which reliable informa­
Brothers, 55 W all Street, this city, which began business in
tion can be obtained.
1860, and ho is still an active senior member. A committee
Secretary M cAdoo also appointed on tho 13th inst. Duncan
of his Now York friends presented him with a loving cup and
U . Fletcher, President of tho Southern Commercial Congress,
many messages of congratulation were received at the birth-




898

THE CHRONICLE

day gathering, which was attended by twenty-two members
o f M r . Schafer’s immediate fam ily at his summer home last
Sunday.
The directors of the Columbia Trust Company of this city
last Thursday declared a quarterly dividend of 5 % with an
extra dividend of 2 % . This repeats the payment made the
last quarter and it seems to indicate that the extra dividend
will become a regular feature. Charles F . M inor, the man­
ager of the company’s Bronx branch, was elected a Vice­
President in charge of the Bronx and Harlen branches, and
Frederick Berry was made manager of the Bronx branch.
Robert I . Curran, the loan clerk, was elected Assistant Treas­
urer.
A t a meeting this week of the Board of Trustees of The
N ew Y ork Trust C o ., the usual quarterly dividend of 8 %
was declared. Tho dividend is payable Sept. 30 to stock­
holders of record Sept. 18.
Tho Morris Plan Company of New York opened on the
15th inst. its new suite of offices in the Equitable Building,
120 Broadway. The new home of the institution, which is
to bo its main office, is situated on the third floor at the Broad­
way and Cedar Street corner. Previous reference to the
company’ s new offices was made in our issue of Aug. 28.
The Industrial Finance Corporation, which was incorpora­
ted last year to assist in organizing companies to operate the
Morris Plan of industrial loans and investments,held a twodays’ convention of the managers of such institutions in this
city on Sept. 15 and 16. Almost every one of the Morris
Plan companies throughout tho country was represented by
a delegate. The number of persons at present identified
with the Morris Plan as officers, directors or counsel of the
national or local companies is 463. Eleven companies have
been organized by the corporation since June 1914, and tho
twenty-five operating to-day have loaned over $10,000,000
to more than 83,000 borrowers in sums averaging less than
$125.
Tho various attorneys connected with the bankruptcy
proceedings against M a x Kobre, private banker of this city,
Whose bank was closed by the State Banking Department in
August 1914, were granted allowances aggregating $57,145
on Aug. 27 by Judge Julius M . M ayer in the U . S. District
Court. The order signed by Judge M ayer prescribes that
the receiver shall retain out of the assets sufficient sums to
pay all these allowances. As previously announced, the
liabilities of the failed bank amount to about $2,300,000,
ohiefly due depositors numbering approximately 26,000.
Last June Judge Hand confirmed a composition plan pro­
viding for tho payment of 100 cents on the dollar. The
depositors have received 2 0 % of their claims and the balance
still due them is to be paid during a period of four years by
a liquidating corporation to be known as the Kobre Assets
Corporation.
Joseph G . Robin, formerly President of the failed W ash­
ington Savings Bank of this city, who served a little less
than eleven months in the penitentiary at Blackwell’s Island
for alleged larceny of the funds of the savings bank, was
pardoned by Governor Whitman on the 3d inst. and restored
to citizenship. As has b^en indicated in these columns,
Robin was sentenced on Jan. 10 1913 to one year’s imprison­
ment and was released on N o v . 29 1913, his term having
been shortened for good behavior. Robin spent little of the
time in the penitentiary, having been allowed more or less
freedom in rendering testimony in various civil suits growing
out of the failure of the Northern Bank. Ho was indicted
in January 1911.
G . Foster Smith, Cashier of tho Nassau National Bank
of Brooklyn, has been elected Vice-President and a director
of tho institution to succeed the late Col. Robert B . W ood­
ward, who died on the 2d inst. M r. Smith retains the Cashiership.
.
Announcement was made on the 15th inst. by the Pruden­
tial Insurance Company of America, Newark, of tho elec­
tion by the board of directors of John W . Stedman of New
York as Assistant Treasurer of the company. Ho will join
the Prudential on Oct. 1. For tho past 10 years M r . Sted­
man had been associated with Clark, Dodgo & Co. of 51 W all
Street, Now York, in its bond department, and tho knowl­
edge gleaned by him through his affiliation will be of much
value to him in his new work.




[Vol. 101

The Mechanics Trust Co. of Bayonne, N . J ., Do W itt
Van Buskirk, President, is steadily adding to its business,
deposits at the last semi-annual period, June 30, increasing to
$4,878,621. The company opened a branch last March in
the centre of Bayonne, at 33d Street and Broadway, and with
its affiliation with the Bank of South Hudson at 44th Street
the institution now has established branches in operation in
all of Bayonne’s chief business centres. The Mechanics
Trust Co. is the only trust company inNew Jersey that clears
through the New York Clearing House. On March 1 the
capital stock was increased from $50,000 to $200,000. Divi­
dends at the rate of 4 0 % were paid on the original capital
(or equivalent to 1 0 % on the new capital), on which, how­
ever, the company is paying at the rate of 1 4 % per annum.
The Commercial National Bank of Syracuse, N . Y . , is
to be merged with the Syracuse Trust C o ., plans for the
consolidation having been completed on tho 8th inst. It is
stated that the consolidation will become effective next
month. The Syracuse Trust is to take over the assets and
assume the liabilities of the Commercial National which
will go into voluntary liquidation. In view of the merger,
the capital of the Syracuse Trust will bo increased by $200,­
000, the new issuo (par $100) to be sold at $200 a share to
present stockholders of the Commercial National. This
addition to the trust company’s capital, which will bo voted
at a meeting of the stockholders on tho 24th inst., will in­
crease that item from $300,000 to $500,000. The stock­
holders of the Commercial National will moet on Oct. 8 to
ratify the merger and approve tho proposition to liquidate
tho bank’s affairs. Tho Commercial National has a capital
of $500,000, surplus and profits of over $300,000 and de­
posits close to $3,000,000. Anthony Lamb, Vice-President
and Cashier of the Commercial National, will be an active
officer of the trust company, it. is stated.
The Metropolitan Trust Co. of Boston, which represents
a consolidation of the Mutual National Bank and the First
W ard National Bank of that city, opened for business on
tho 13th inst. The main office of the new institution is
at 40 Stato Street in the quarters formerly occupied by the
M utual National. The old offices of the First W ard Bank
in Maverick Square, East Boston, are operated as a branch.
Arrangements for this merger had been pending for some time
The trust company charter was originally obtained in Dec.
1913 by the First W ard National under the name of the First
W ard Trust C o ., but it was later decided to designate the
company as the Metropolitan Trust Co. The latter has a
capital of $300,000, paid-in surplus of $300,000 and starts
with total resources of $4,396,000. Chandler M . W ood,
formerly President of the M utual, is hoad of the new trust
company, and is assisted in its management by William H .
Stickney, Vice-President and Treasurer; Walter S. Crane,
Vice-President; Frank F . Cook, Secretary and Assistant
Treasurer; Robert J. Gove, Assistant Treasurer, and Horbert
T . Greenwood, Assistant Secretary. Messrs. Stickney and
Crane were officials in the Mutual National, the former
having been Cashier and the latter Vice-President. M r.
Cook was formerly Cashier of the First Ward National.
George W . Moses, who occupied the position of President
of the First W ard, has been chosen Chairman of the board
of directors of the new company.
The Philadelphia Mortgage & Trust C o. of Philadelphia
is reported to have reduced its capital stock from $250,000
to $125,000.
A t a meeting of the directors of the Northern National
Bank of Philadelphia on the 15th inst., H .E . Schuehler,
formerly Assistant Cashier of the institution, was appointed
Cashier. Charles Gesing Jr. was chosen Assistant Cashier.
Joseph A . Bower has resignod as Vice-President of the
Detroit Trust Co. of Detroit, M ich ., to take a position as
representative of a group of New York banking houses in tho
management of the industrial corporations with which they
are associated. M r . Bower has been with tho Detroit Trust
Co. for thirteen years and was elected Vice-President in
December 1913.
Oscar G . Foreman, heretofore a Vice-President of tho
Foreman Brothers’ Banking Co. of Chicago, has been elected
President of the institution to succeed the late Edwin G .
Foreman. Harold E . Foreman, son of the former President,
and heretofore an Assistant Cashier in the bank, has been
chosen a Vico-President and a director.

Sbpt . 18 1915.]

THE CHRONICLE

899

A now banking institution is being organized in Omaha Receipts at— Flour. [ Wheat.
Corn.
Oats.
Barley.
Rye.
to be known as the Central State Bank of Omaha. Steps
bbls,196lbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushA8lbs.tbu. 56lbs.
159,000 2.242.000 1,218,000 5,228,000
233.000 160,000
were recently taken in that city to form a savings bank Chicago___
Minneapolis.
4.613.000
64.000
901.000 1,755,000 175.000
under the title of the Douglas County Savings B a n k ; it is Duluth____
2.255.000
23.000
248.000
532.000 294.000
Mllwaukee..
135.000
179.000
447.000
278.000 181.000
roported that this latter undertaking was abandoned and Toledo____ " 4 6 ’,000
126.000
8,000
186.000
Detroit___
eT.ooo
56.000
20.000
216,000
that the parties who were connected with the project have Cleveland . _
.
16,000
38.000
19,000
” 3',555
23,000
81,000
916.000
decided instead to form the Central State Bank. The bank St. Louis...
163.000
10,000
318.000
20,000
Peoria____
oq nnn
39,000
54,000
248.000
12,000
360.000
is to have a capital of $200,000.
Kansas City.
i uo ,uuu
1,568,000
120.000
1 non
Omaha........

The Fidolity National Bank of Spokane, W ash ., has
increased its capital from $200,000 to $250,000. A meeting
of the stockholders was held on August 25 when the proposod increaso was ratified. The now issue was sold at $150
a share, or at a premium of $50. It is stated that the board
of directors subscribed for two-thirds of the issue, all of
which was payable September 1. The capital of the Fidelity
was increased in 1906 from $100,000 to $200,000. The
institution has surplus and undivided profits of approxim­
ately $60,000 and deposits of about $2,300,000.
Sir William Van Horne, formerly head of the Canadian
Pacific R y ., died in Montreal on the 11th inst. at the ago
of 72. Sir William was born in Illinois and gained his first
railroad training in 1857 in the employ of tho Illinois Central
Railroad. He was later connected with the Michigan Cen­
tral, tho Chicago & Alton, the St. Louis, Kansas City &
Northern, the Southern Minnesota and the Chicago, Milwau­
kee & St. Paul railroads. In 1882 he became General M an­
ager of the Canadian Pacific and remained an official of the
company up to 1910, having served successively as Vice­
President, President and Chairman of the board of directors.
Ho was a director in tho company at the time of his death.
Sir William received his title and was created a Knight
Commander of St. Michael and St. Gregory in 1904. From
1900 until his death Sir William was President of the Cuba
Railroad of which he was the builder. Sir William was
President of the Cuba Company, the Canadian Salt C o ., the
Canada Northwest Land C o ., the Demerara Electric Co.
and the Laurentide Co. He was Vice-President of the
Dominion Steel Corporation and director in a number of
other corporations, including the Royal Trust C o ., tho
International Banking Corporation, the Duluth South
Shore & Atlantic R y ., the Dominion Iron & Steel C o ., the
Minneapolis, St. Paul & Sault Ste. Mario R y . and the
Equitable Life Assurance Society of New York. The head
offices of the Canadian Pacific R y. in Montreal were
closed for two hours on the 14th inst. during the time of
Sir W illiam ’s funeral and the flags were at half-mast on all
tho company’s buildings from London to Hong-Kong,
throughout the day.
E N G L IS H F I N A N C I A L M A R K E T — PER C A B L E .

Total wk. 15
Same wk. ’ 14
Same wk. '13

306.000
..........
347.000 12.309.000
445.000 15.515.000
423.000 10.240.000

©tfitxmcrcial a u d i t s ccIXanccnts gtetxrs
. S T O C K OF M O N E Y IN T H E C O U N T R Y .— The follow
ing tablo shows tho general stock of money in the country
as woll as tho holdings by tho Treasury and the amount in
circulation on the dates given:
-Stock o f M oney Sept. 1 '15-------M oney in Circulation —
In U . S . n i l eld in Treas. Sept. 11915. Sept. 1 1914.

221,000

___

___

8.253.000 2.846.000
8.664.000 3.049.000
6.937.000 3.061.000

835.000
680.000
633,000

Since Aug. 1
1915____ 1.777.000 49.114.000 16,800,000 41.425.000 6.863.000 2.329.000
1914____ 2.551.000 69.809.000 27.305.000 54.004.000 9.060.000 3.093.000
1913..
2.314.000 57.264.0001 22.003.000 42.717.000 9.281.000 2.585.000

Total receipts of flour and grain at the seaboard ports for
the week ended Sept. 11 1915 follow:
Receipts at—
New York_____
Boston________
Philadelphia___
Baltimore______
Now Orleans *__
Newport News..
Galveston______
Mobile...............
Montreal ...........

Flour,
bbls.
168,000
43,000
36,000
24,000
82,000
6,000

Wheat,
bush.
870,000
3,000
434,000
633,000
717,000
8S2.000
1,046,000
1,555
1,000
32,000 1,427,000

Total week 1915. 392,000
SlncoJan. 1 1915.17,836,000
Week 1914-------- 438,000
Since Jan. 1 1915.15,007,000

Corn,
Oats, Barley,
Rye.
bush.
bush.
bush.
bush,
331.000 1,165,000 246,000 10,000
1,000
134,000
1,000
1,000
37,000
202,000
2,000 38,000
25,000
222,000
420,000
74,000
101,000
........
1,604,000

___

10,000
48,000

___

53,000

10,666

6,014,000 526,000 3,484,000 259,000 469,000
73,956,00042,217,000 102899,000 7562,000 7182 000
4,258,000 1,188,000 3,7981000 OsioOO 107 000
152107,00018,692,000 33,123,000 8675,000 2617,000

* 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 Sept. 11 are shown in the annexed statement:
Exports from—
New York_____ .
Boston________
Philadelphia . . . . .
Baltimore.......... .
Now Orleans___
Newport News..’.
Galveston______ .
Mobile.............. .
Montreal ........... .

Wheat,
bush.
556,730
6,014
207,000
274,096
882*555
215,000
1,000
504,000

Total week___ 2,645,840
Week 1914......... 6,709,523

Corn, Flour,
Oats,
Rye, Barley,
bush.
bbls.
bush. bush.
bush.
7,642 91,264 534,192
176,570
200 8,362
3.000
11,714
317,347
153,000 18,000
7,000
_
_
6.000 1,604,000
Yo’,555

Y.555

___

Peas,
bush.
1,473
----- :::::
:::::

:::::

170,842 141,340 2,145,192 317,347 176,570
91,775 259,423 1,404,704 102,857 99.386

1,4 7 3

105

Tho destination of these exports for the week and since
July 1 1915 is as below:
------- Flour-------------------Wheat-------------------- Corn
Since
Since
Since
Week.
July 1
Week.
July 1
Week.
Ju~y 1
Exports for week and Sept.ll.
1915. Sept. 11.
1915. Sept. 11.
1915.
since July 1 to—
bbls.
bbls.
bush.
bush.
bush.
bush.
United Kingdom... 51,168 789,856 616,163 12,319,113
_____
144,917
Continent................. 54,114 522,885 2,027,477 18,708,400
_____ 1,643,497
Sou. & Cent. Amer. 21,322 286,924
375,400 142,533 1,132,412
West Indies_______ 13,603 236,522
2,200
27,000
28,109
596,299
___
Brit. Nor. Am. Cols. 1,133
4.8S9
200
730
Other Countries...... ........
66,445
186
_____
2,041
Total................. 141,340 1,907,521 2,645,840 31,430,099
Total 1914............ 259,423 2,319,795 6,709,523 70,490,801

170,842 3,519,956
91,775 1,024,319

The world’s shipments of wheat and com for the week
ending Sept. 11 1915 and since July 1 1914 and 1913 are
shown in the following:

The daily closing quotations for securities, & c., at London,
as reported by cable, have been as follows tho past week:
London.
Sat.,
Mon., Tues., Wed., Thurs., Frt.,
Week ending Sept. 17—
Sept. 11. Sept. 13. Sept. 14. Sept. 15. Sept. 16. Sept. 17.
Silver, porox.................... d. 23 9-16 23 9-16 23>*
23 9-16 23 7-16 23 7-16
Consols, 2H per cents.......... 65
65
65
65
65
65
98X
98
97X
97H
97J*
British, 4H per cents_____ 98tf
French Rontes (In Paris), fr. 68.50
68.25
68
68
67.25
67.25

442,000

2.504.000
3.865.000
6.170.000

Wheat.
Exports.

1915.
Week
Sept. 11.

Since
July 1.

Com.
|

1914.
Since
July 1.

1915.
Week
Sept. 11.

Since
July 1.

1914.
Since
July 1.

Bushels.
Bushils.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer* 7,044,000 57,305,000 88.199.000
77,000 3,117,000
373,000
Russia____
24.000 1,262,000 11.922.000
1.531.000
Danube___
2.304.000
8.355.000
Argentina... 136",555 6,050,565 3.114.000 5,628',666 50,*848",666 30,284,000
Australia__
6.058.000
India..........
11.244.565 8,544,000!
Oth.countr’s 396,000 1,636,000 1.258.000
17,000
111.000
Total___ 7,600,000 77,497,000 121,399,000 5.722,000 54,076,000 40,543,000
* North America.—The Canadian Government has officially prohibited tho
Issuance of both manifests and exports until after ten days. This Is effective
during tho continuance of the war.

The quantity of wheat and com afloat for Europe on dates

S
8
$
211,925,634 575,712,933 627,104,376 mentioned was as follows:
29,921,110 1,141,992,759 044,622,551
17,854,456
64,431,199
70,819.085
Wheat.
Com.
9,139,479 474,624,521 481,405,174
26,277.417 159,609,594 160,894,101
United
United
3,297
2,218,703
2,402,424
Kingdom. Continent. | Total.
Kingdom. Continent. Total.
10,072,178 336,608,838 339,253,744
6,112,255 104,188,245
_____
Bushels. Bushels. I Bushels.
Bushels. Bushels. Bushels.
_______
______ _
_
________
Sept. 11 1915.
............. 20,496,000
23.920.000
27,740,942 766,045,865 852,102,337 Sept. 4 1915.
............. 20,240,000
22.329.000
Sept. 12 1914.
............. 31.768.000
13.183.000
T o ta l.......................... 4,061,659,127 339,046,768 3,625,432,657 3,478,603,792 Sept. 13 1913. 13,352,666 22,848,000 36,200,000 13,252,000 20,587,000 33.839.000
Population of continental United States estimated at 101,009,000. Circulation
per capita, $35 89.
a This statement of money held In the Treasury as assets of the Government does
not include deposits of public money In national bank depositaries to the credit of
National Banks.— The following information regarding
tho Treasurer of the United States, amounting to $43,180,813 45.
6 For redemption of outstanding certificates and Treasury notes of 1890 an exact national banks is from the office of the Comptroller of the
Currency, Treasury Department:
equivalent In amount of the appropriate kinds of money Is held In the Treasury, and
Is not Included In tho account of money held as assets of tho Government.
APPLICATION TO CONVERT APPROVED AUG. 27.
Note.—On Sept. 1 1915 Federal Reserve banks and Federal Reserve agents hold
Tho Century Bank of tho City of New
against Federal Reserve notes $8,113,902 gold coin and bullion and $89,065,800 National Bank of New York.” Capital, York. N. Y ., into “ Tho Century
$1,250,000.
gold certificates—a total of $97,179,702, against $86,595,702 on Aug. 2.
CHARTERS ISSUED TO NATIONAL BANKS. AUG. 30 TO SEPT. 1.
10.772—
Tho First National Bank of Bryant, S. D. Capital. $25,000.
Breadstuffs Figures brought from page 9 5 3.— Tho
G. W. Iiart, Pros.; H. E. Hemingway, Cashier. (Conversion of
tho Merchants’ Bank of Bryant.)
statements below aro prepared by us from figures collected by
10.773—
Tho Farmers’ National Bank of Lake Preston, S. D. Capital.
tho Now York Produco Exchange. The receipts at Western
$25,000. Ben Lewis, Pres.; Chas. A. Alseth, Cashier.
lako and river ports for the weok ending last Saturday and 10.774— Tho First National Bank o f Florence. S. D. Capital, $25,000.
.1. O. Molham, Pros.; P. N. Larson. Cashier. (Conversion of tho
since Aug. 1 for each of tho last three yoars have been:
Farmers’ State Bank o f Florence, S. D.)
Circulating M edium .

S

Gold coin and bullion_____2,056,732,138
Gold certificates b ..................................
Standard sliver dollars____ 568,271,655
Silver certificates b .................. ......... .
Subsidiary silver.............. 185,887,011
Treasury notes of 1890 6.......................
United States notes_______ 346.681,016
Federal Reserve notes_____ 110,300,500
Federal Reserve bank notes ___ ____ _
National bank notes______ 793,780,807




900

[Vol. 101

THE CHRONICLE

VOLUNTARY LIQUIDATION, AUG. 28 TO SEPT. 1.
1 245— The New ILvven County National Bank, New Haven. Conn., at
close of business on Aug. 28 1915. Liquidating agent: Ezekiel G.
Stoddard, New Haven, Conn. Consolidated with the New Haven
Bank National Banking Association. New Haven.
4 085— The Dorchester National Bank of Cambridge, M d., Sept. 1 1915.
Liquidating agent: T. II. Medford. Cambridge, M d. Absorbed
' by the Eastern Shore Trust Co. of Cambridge.

N am e o f Com pany.

Railroads (Steam Concluded.)

Per I When
Cent. Payable.

Books Closed.
D ays Inclusive.

2 (Nov. 11 Holders of rec. Oct. 26a
1 ;Oct. 14 Holders of rcc. Sept. 28a
1)4 Sept. 30 Sept. 21 to Sapt. 29
St. Louis Rocky Mt. A Pac. Co., pf.(qu.)
1)4 Oct. 1 Holders of rcc. Aug. 31a
Southern Pacific Co. (quar.) (No. 36)..
2
Oct. 1 Holders of rec. Sept. 15a
Southern R y., M . A O. stock trust certf ----2
Oct. 1 Holders of rec. Sept, la
Union Pacific, common (quar.)...............
:oct.
Holders of rec. Sept, la
C a n a d ia n B a n k C le a r in g s .— Tho clearings for the weok
Preferred_________________________
to Sept. 30
U nited N . J . RR. < Canal Cos. (qu.) ........ $2.50 Oct. 10 Sept. 21
6
ending Sopt. 11 at Canadian cities, in comparison with the W arren R ailroad -------------------------------'Oct. 15 Holders of rec. Oct. 6a
Holders of rec. Sept. 15a
Oct.
samo week in 1914, show a decrease in the aggregate of West Jersey A Seashore ...........................
Holders of rec. Sept. 11a
Oct.
Wisconsin Central, preferred..................
1 1 . 4 % . ________________________________________________________
Street and Electric Railways.
I X < ct. lH
Bangor Ry. A E lec., p f. (qu.) (N o. 10)----Week ending September 11.
1)4 < ct. 1 I
Brazilian Trac., Lt. A P., Ltd., pref .(qu.)
9a
1)4 < ct. 1 I
Brooklyn Rapid Transit (quar.)----------Clearings at —
Inc. or
California Ry. A Power, prior prcferencc. I X ( ct. 1 1
1912.
to Sept. 30
Dec.
1913.
1915. 1 1914.
I X < ct. 1 S
CapltalTraction, Wash., D. C. (quar.)..
1
t 'Ct. 1 .
C incinnati A Ham ilton T ract., com. (qu.).
$
$
$
1 X < let. 1
$
%
Preferred (quar.) ........... ..............- - - - ­
41,672,120 39,642,394 + 5.1 55,091,935 50,847,893 Columbus R y ., Pow. & Light, p f. A ( q u .)..
1)4 Oct. 1 1
1
( let. 1 I
27,350,943 31,506,050 — 13.2 41,331,215 36,938,935
P rio r preference --------------------------- 1
()ct. 1 1
14,919,458 21,490,984 —30.6 23,357,533 27,003,387 Duluth-Superior Traction, pref. (quar.).
T
4,777,416 G,745,184 —29.3 12,210,324 13,767,555 Duquesne Light C o., pref. (quar.)(N o. 3)..
I X 1xov. 1 I
>ct. 1 1
3,319,412 3,964,803 — 16.3 3,679,795 3,361,186 Frankf. A Southwark Pass., Phila., (qu.) $4.50 <
2
(let. 1 1
3,008,358 3,361,230 — 10.5 3,422,464 3,480,924 H alifax Electric Tram way ( q u a r .) ...
1,820,000 1,623,153 + 12.1 2,190,575 2,382,387 Illinois Traction, pref. (quar.).......
1)4 ' let. 1 1
to Sept. 16
1
! let. 1 $
2,313,853 2,380,797 —2.8 3,311,871 3,008,628 Louisville Traction, com. (quar.)..
to Sept. 16
2)4 let. 1 s
1,250,295 1,301,364 —3.9 1,535,826 1,G88,146
Prcferred____________________
2,940,186 2,996,561 — 1.9 4,533,581 5,034,767 Manila Elec. RR. A Ltg. Corp. (quar.)..
1)4 (let. 1 I
cpt. 30 $
to Sept. 30a
1,052,903 1,814,434 —42.0 3,110,537 3,694,837 N ew Orleans Ry. A Light, p ref. (quar.) ----IX
let. 1 1
1
<
1,577,691 1,404,053 + 12.3 1,598,473 1,518,704 N ew York Slate R ys., com. (qu ar.) --------let. 1 I
1,514,112 2,207,546 —31.4 4,280,205 4,147,509
IX <
Edmonton - - ......... —
Preferred (quar.) ----------------------------let. 1 1
1,348.197 1,771,925 —23.9 2,219,594 2,537,035 Northern Ohio Trac. A Light, pref. (quar.) .
1)4 <
r rec. Oct. la
567,965
553,738 Philadelphia Com pany, com.(qu) (N o. 13 ,i)
4,000,009
405,616 — 1.4
D4 8 0 V . 1 I
632,009
t rec. Oct. la
■lov. 1 1
702,375
3
387,626 —27.1
282,472
Lethbridge----------------6% cumulative pref. (N o. 6 ) -------------to Sopt. 30
let. 1
<
669,548
899,440 —25.6 1,479,754 2,839,805 Philadelphia Traction...............- ............ $2
f rec. Sept. 30
)ct. 15 I
881,556 1,175,690 Republic R y. A Light, p ref. (qu.) (N o. 17) - 1)4 <
657,102 — 18.4
536,902
to Oct. 1
498,211 Ridge A re. Passenger, P h ila . (quar.) ....... $3
623,478
ilet. 1 $
409,823 —1.4
403,988
Brantford---------------f rcc. Sept, la
let. 1
861,844
741,431 Second A Third Sts. Pass.. Phila. (quar.) $3
308,161
629,897 —51.1
Fort William------ ------1
567,11 1
310,087 —22.2
241,212
(quar.) ..................
let.
____ Toronto Ry.Rap. Tran., Minn., ............... 21)4 1'let. 1
723,309
300,700 —53.0
169,852
Medicine Hat................
Twin City
com. (qu.)
1X let. 1
338,816 —9.4
307,089
Preferred (quar.)--------------------------1)4 Jet. 1
United Light A Rys., pref. (quar.) ----------to Oct. 12
let. 1
IX
Total Canada............. 112,184,177 120,610,305 ! — 11.l ’ 168,281,380'171,847,877 United Trac. A Elec., Providence (qu.)..
)ct. 1
IX
Washington Water Power, Spokane (guar.)
Oct.
West End Street Ry., Boston, common.. $1.75 Oct. 1
Oct.
Oct. 1
IX
Co.. Ltd.
A u c t io n S a le s . — Among other securities, tho following, West In d ia Elect. Banks. (qu.) (N o. 31).
Oct. 1
3
not usually dealt in at the Stock Exchange , were recently sold Chelsea Exchange ......... ..........................
Oct. 1
2
Coal A Iron National (quar.)................
at auction in New York, Boston and Philadelphia:
Oct. I
25
F ifth Avenue (quar.) ________________
1)4 Oct. 1
B y Messrs. Adrian II. Muller & Sons, New York:
Flalbush, Bank o f (quar.) -----------------Oct. 1
2
Irvin g N ational (quar.) --------------------Per cent.
Shares. Slocks.
Per cent. Shares. Stocks.
Oct. 1
Liberty N ational (quar.) ------ -------------150 Paumonok Iron A Cottage Col-I
3 Amer. Power & Lt. Co. com.,
to Sept. 30
Oct. 1
2
M etropolitan (quar.) ----------- ----------- ony, Inc., prof___________ i $50
v. t. c ____________________ 58)4
Companies.
5
13 Equitable Trust C o -------------- 41014 200 Paumonok I. A C. C., com. J lot Brooklyn ( qTrust__________________ Oct. 1
u a r .)
5 New Yorker Staats Zeitung,
Sept. 30
5
Columbia (quar.) ___________________
Per cent.
SI ,000 per share Bonds.
Sept. 30
2
E x t r a __________________________
15 Corn Exchange Bank_______ 30714 $8,000 N. Y. A N. J. Water Co.
Sept. 30
0
Equitable (quar.) ---------------- -----------4s, 1950.................................... - 34
8 Parker-Washlngton Co_$10 persh.
6
Sept. 30
Guaranty (quar.)................................
2
Sept. 30
Extra__________________________
B y Messrs. R . L. D ay & Co Boston:
1X Oct. 1
Lawyers' Title A Trust (quar.) (No. 08)
S per s h . M anufacturers-Cizitens, Brooklyn (quar.)
$ per sh. I Shares. Slock.
Shares. Stock.
1)4 Oct. 1
3 Naumkeag Steam Cot. (rightson).219 13 Naumkeag Steam Cotton
to Sept. 30
Sept. 30
6
M etropolitan (guar.) (N o. 75) — ..........
to Sept. 30
5 U. S. Wonted Co., pref...............401
rights ............................. .4114-41)4
8
Sopt. 30
N ew York (qu ar . ) . . - ........... — ..........
to Sept. 30
Oct. 1
4
Union (quar.)......................................
B y Messrs. Francis Henshaw & C o ., Boston
Miscellaneous
$ per s h .
Shares. Stock.
$ per sh .\ Shares. Stock.
1!4 Oct. 1
American Bank Note, pref. (quar.)---10 Art Metal Construction Co___ 13)4
10 Whitman Mills........................132
1)4 Oct. t Holders of rec. Sept. 15a
Amer. BeetSugar, pref. (quar.) (No. 6o).
32 Naumkeag MIg. Co. (rights on) .222)4
I X Sept.3L Holders of rec. Sept. 24a
A m er. Brake Shoe A F d y ., com. (quar .) — Sept. 30 Holders of rec. Sept. 24a
2
Preferred (guar.) _____________
B y Mossrs. Barnes & Lofland, Philadelphia:
I X Oct. 1 Holders of rec. Sept. 16a
Amer. Can, preferred (quar.)---$ per sh.
Shares. Stocks.
$ p ersh . Shares. Stocks.
)4 Oct. 1 Holders of rec. Sept. 10a
Amer. Car A Fdy., com. (qu.) (No. 52)..
1 Philadelphia Trust Co________ 719
10 Philadelphia Nat. Bank............450
Preferred (quar.) (No. 66)-----—- I X Oct. 1 Holders of rec. Sept. 10a
2 Fire Assn, of Phila., $50 each..315)4
4 Commercial Trust Co............... 375
Sopt. 20 Holders of rec. Sept. 13a
American Chicle, common (monthly) —, 1
01
7 Itolianco Ins. v. t. c., $50 each.. 50)4 1 Pcnnsylv. Co. for Insur., Ac__ G
- 1)4 Oct. 1 Holders of rec. Sept. 24a
Preferred (quar.)____________
13 Phila. Life Insurance Co......... 10
50 West End Trust Co.................. 160
- 1)5 Oct. t Holders of rec. Sent. 15a
American Cigar, pref. (quar.)---23 Phll.Gcr. A Norris. RR., $50ea.136)4 40 United Gas A 10., 1st pref....... 54)4
- I X Oct. 1 Sept. 25 to Sept. 30
American Coal Products, common (qu.)_
01 Nor. Liberties Gas, $25each-.. 4014 20 Phil. A Camden Forry, $50 ea.-108
- I X Oct. 15 Oct. 10 to Oct. 14
Preferrcd (quar.)--------------------17 Farmers A Mccli. Nat. Bk----12S-132 20 II. K. Mulford Co., $50 each.. 56
Oct. 1 Holders of rcc. Sept. 11a
- SI
American Express (quar.) — .........
25 Phil. Bourse, pref., $25 each__ 21
5 Hermann Bldg. A Loan Assn.
Oct. 1 Holders of rec. Sept. 20a
20 Phila. Bourse, com., $50 each.. 0-6)4 Amer. Gas A EL, com. (qu.) (No. 22) —. 2
No. 2, 30th series................. $415
of rec.
Preferred (quar.) (No. 35)........- - - - - -- 1)4 Nov. 1 Holders of rec. Oct. 20 1
7 Franklin Trust Co., $50each... 54
Sept. 15
1 Holders
.
1 X Oct.
Amer. Graphophono. com.(qu.)(No.42).
I X Oct. 1 Holders of rcc. Sept. 18a
Amer. Iron A Steel Mfg., pref. (quar.) .
I X Oct. 15 Holders of rec. Oct. 5
A m erican Laundry M achine, pref. (quar.) .
C U R R E N T N OT IC E.
Amer. Locomotive, pref. (quar.)------ —. 134 Oct. 21 iept.22 to Oct. 21
1)4 Oct. 1 Sept. 16 to Sept. 30
— Tho roport of tho United Statos stockholders’ protective commlttoo Am er. M anufacturing, common (quar.) —
Oct. 1 Sept. 16 to Sept. 30
Preferred (quar.) ......................- 3)4 Sept. 30 Holders of rec. Sopt. 11
of tho Dominion Trust Co., dated Juno 1 1915, has boon printed for dis­
Amer. Pneumatic Service, 1st pref
Sept. 30 Holders of rec. Sept. 11
Second Preferred.............. —
tribution. Irving O. Hunt, Turks Head Building, Pro/idonco, Is counsel
- 1)4 Oct. 1 Holders of rcc. Sept. 24
Am er. Power A L t., pref. (quar.) (N o. 24).
for tho committee.
1)4 Oct. 1 Holders of rec. Sept. 20a
Am erlcan Public U tilities, pref. (quar.) —— Theodore L. Bronson, fonnerly with Low, Dixon & C o ., has openod American Radiator, common (quar.)----. 4
Sept. 30 Sept. 22 to Sept. 30
1
Oct. 15 Holders of rec. Sept. 30a
an office at 10 Wall St. He will deal In investment securities. Wm. Amer. Seeding Machine, com. (quar.). .
Oct. 15 Holders of rcc. Sept. 30a
Prcferred (quar.)-----------------------Uacbeck. formerly with Low. Dixon & C o., is in chargo of tho bond depart
Amer. Smelters Securities, pref. A (qu.)._ 1)4 Oct. 1 Sept. 18d to Sept. 26
m ont.
- I X Oct. 1 Sept. 18d to Sept. 26
Preferred B (quar.)......... - .........
Oct. 1 Holders of rcc. Sopt. 14a
- 3
American Snuff, common (quar.)..
- 1)4 Oct. 1 Holders of rec. Sept. 14a
Preferrcd (quar.)_____________
American Sugar Rcfg.. com. A pref.(quar.) I X Oct. 2 Holders of rec. Sept, la
.)
D IV ID E N D S .
Oct. I f Holders of rec. Sept. 30a
2
Amer. Teleph. A Telegraph (quar.)
.
1)4 Oct. 1 Holders of rec. Sept. 15a
The following shows all tho dividends announced for tho American Tobacco, pref. (quar.) —
Oct. 15 Holders of rec. Oct. 10a
_ 1
Am er. Type Founders, common (quar.) —
Holders
rcc.
10a
future by large or important corporations.
Preferred (guar.) .................—
- I X Oct. 15 Sept. 18 ofto Oct. 29
Sept.
.
I X Oct. 15
American Woolen, pref. (quar.) (No. 66).
Dividends announced this week are printed in italics.
Sept. 16 to Sept. 30
- 2)4 Oct.
Ansco Company (quar.)..................
Oct. 15 Oct. 2 to Oct. 14
2
Associated Oil___________________
Oct. If Oct. 2 to Oct. 14
1
Special........- ................- ..............
Per
When
Books Closed.
Oct. If Holders of rec. Sept. 30
_ 2
Bell Telephone of Canada (quar.)__
Cent. Payable.
Days Inclusive.
N am e o f Company.
I X Oct. 1 Holders of rec. Sept. 16
Bethlehem Steel, pref. (quar.).........
Oct. 15 Sept. 19 to Oct. 14
. 20
Borne, Scrymser Co.........................
Railroads (Steam).
Sept. 36
See note (l)
Sept. 30 Holders of rec. Aug. 31a 1 British-American Tobacco. Ltd., ordinary 5ft Sept. 3 Holders of coup. No. 24
Boston & Albany (quar.)........................ 2
1
Britlsh-Amerlcan Tobacco, Ltd., pref—.
Boston Rerere Beach O Lynn (.guar.) -------k
1)4 Oct. 1 Holders of rcc. Sept. 15a 1 Brooklyn Union Gas (quar.) (No. 58)-.
1)4 Oct. 1 Sept. 16 to Sept. 30
1 Aug. 22 to Oct. 6
2)4 Oct
Canadian Pacific, common (quar.)........
.)
134 Oct. 1 Holders of rec. Sept. 10a
Brunswlck-Balke-Collender, pref. (quar.)
Oct. 1 Aug. 22 to Oct. 6
Preference.................... ....................... 2
1
- 1)4 Sopt. 3 Holders of rcc. Sept. 20a
2
Sept. 25 Holders of rec. Sept. 20a Buffalo General Electric (quar.) (N o. 84)-Chicago Burlington & Quincy (quar.) —
.
75c Sept. 3( Holders of rec. Sopt. 16 i
IX Oct. 1 Holders of rec. Sept. 10a Buttc A Superior Copper Co., Ltd. (qu.). $5
Chicago A North Western, com. (quar.).
Sopt. 3( Holders of rec. Sept. 16a
Extra.... ............- ------- ----------------- .
2
Oct. 1 Holders of rec. Sept. 10a California Electric Generating, pref. (quarPreferred (quar.)............................ .
.) D4 Oct. 1 Holders of rec. Sept. 20a
Delaware A Hudson Co. (quar.).............
2 X Sept. 20 Holders of rec. Aug. 2sa
.
1
Oct. 1 Holders of rcc. Sept. 17a
California Petroleum, pref. (quar.)........
1M Oct. 1 Sept. 2 to Sept. 9
Fitchburg (quar.).................... .............
Sept. 2 Sept. 5 to Sept. 12
1
Calumet A Arizona Mining (quar.)----- . $ 1
Nov. 1 Sept. 25 to Oct. 14
IX
Great Northern (quar.).................. .........
Sept.25 Holders of rec. Sept. 4a
Calumet A Ilecla Mining (quar.)------ - $15
Interborough Consol. Corp., pref. (quar.)
D4 Oct. 1 Holders of rcc. Sept. 10
Oct. 1 Holders of rec. Sept. 15a
5
Oct. 1 Holders of rec. Sept. 22a Cambria Iron_____________________ - 2
Interborough Rapid Transit....................
154 Sopt. 3( Holders of roc. Sept. 18
Jo liet A Chicago (g u ar.) ...........................
I X Oct. 4 Holders of rec. Sept. 24a Canadian Consol. Rubber, prof, (quar.) 5)
Holders of rcc. Sept. 15
1X
1
Oct. 1 Holders of rec. Sept. 9a Canadian Gen. Elec., com. (qu.) (No. 65) 3)4 Oct.
Lackawanna RR. o f N . J . (guar.) .............
Holders of rec. Sept. 15
Oct.
Preferred (No. 39)--------- ----------------.
Lehigh Valley, com. A pref. (guar.) -------- $1.25 Oct. 9 Holders of rcc. Sopt. 25a Case (.1. I.) Thresh. Mach., pref. (auar.).
Holders of rec. Sept. 13a
134 Oct.
M a in e Central (quar.) _____ ____ ____
1)4 Oct. 1 Holders of rcc. Sept. 15 i
-I )4 Sept. 3i Holders of rcc. Sept. 15a
Celluloid Company (quar.) _____________
Manhattan Ry., guaranteed (quar.) —
l X Oct. 1 Holders of rcc. Sept. 15a Central Coal A Coke, preferred (quar.) -----. 1 X Oct. 1. Holders of rcc. Sept. 30
2
Oct. 1 Sept. 16 to Oct. 1
M eadvllle Conneaut Lake A LlncsPille ----Holders of rec. Sept. 10a
-1)4 Oct.
Leather,
Minn. St. P. A S. S. M., com.Apf.(No.25) 3)4 Oct. 15 Holders of rec. Sept. 24a Central Petroleum,preferred (quar.)
Holders of rcc. Sept. 24
3 Oct.
Central
........3
Oct. 1 Holders of rec. Sept. 22a Central States Elec.preferredpref. (quar.).
N ewark A Bloom field ______ _____
Holders of rec. Sopt. 10
Oct.
1
Corp.,
Nov. 1 Holders of rcc. Oct. 7a Chesebrough Mfg. Consolidated (quar.) - 6 X Sept. 2 Sept. 3 to Sept. 20
N ew York Central RR. (guar.) ------IX
)2
Oct. 1 Holders of rcc. Sept. 23a
N ew York A Ilarlern, com. A p ref
..
4
Sept. 2 Sept. 3 to Sept. 20
Extra_____________________
N . Y . Lackawanna A Western (guar.) ----1X Oct. 1 Holders of rcc. Sept. 15a
Sopt. 3'
2
Chicago Telephone (auar.).......
1 V Sept. 1$ Holders of rec. Aug M a
i)
Norfolk A Western, common (quar.)___
75c . Sept. 3(
Chino Copper Co. (quar.)------------------(1
Philadelphia A Trenton (guar.) _________
2)4 Oct. 1 Oct. 1 to Oct. 10
Sept. 23 to Sept. 30
.) 2 A Oct.
C incinnati A Suburban Bell Teleph. (quar.)
Pittsburgh Bessemer & Lake Erie, com..
D4 Oct. 1 Holders of rcc. Sept. 15
3)4 Sept. 2'
1 Sept. 16 to Oct. 1 CIMzens Gas of Indianapolis (No. 12)----Pitts. Ft. W. A Chic., spec. guar. (quar.).
I X Oct.
Cluett, Peabody A Co., In c ., pref. (quar.).
)134 Oct.
Regular, guaranteed (quar.)___
I X Oct. 5 Scot. 12 to Oct. 5




Reading Com pany, com. (quar.) ----------- Second preferred (quar.) --------------------

Sept . 18 1915.]

THE CHRONICLE
Per ' When
Cent. Payable.

Name of Company.

Miscellaneous (Continued .

Colt's Patent F ire A rm s M fg . (guar .)____
E x t r a __ ______ _______ __________

2 Holders of rec. Sept. 18a
2 Holders of rcc. Sept. 18a
1 Holders of rec. Sept. 15
IX
1 Holders of rec. Sept. 15
3
1 Holders of rec. Sept. 17a
IX
1 Holders of rec. Sept. 20a
1X
1 Holders of rcc. Sept. 20a
IX
I Holders of rec. Aug. 31
10
1 Holders of rec. Sept. 30
10
1 Holders of rec. Sept. 15a
IX
1 Holders of rec. Sept. 15a
5XhOct.
1 Holders of rec. Sept. 11
I X Oct.
1 Holders of rcc. Sept. 15a
I X Oct.
1X Oct. 15 Holders of rec. Sept. 30a
1 Holders of rec. Sept ,21a
I X Oct.
to Oct. 25
I X Oct. 25 Oct. 16
1 Holders of rec. Aug. 31a
2 X Oct.
2 X Oct. 1 Holders of reo. Aug. 31a
I X Oct. 1 Holders of rec. Aug. 31a
Oct. 1 Holders of rec. Sept. 20a
8
Oct. 1 Holders of rec. Sept. 20
8
Oct. I Holders of rcc. Sept. 21a
1
3
Sept 30 Holders of rec. Aug. 31a
2
Sept. 30 Holders of rcc. Aug. 31a
I X Oct. 1 Holders of rec. Sept. 17a
2
Oct. 15 Holders of rec. Sept. 4a
1 Holders of rcc. Sept. 20
I X Oct.
1 Holders of rcc. Sept. 20
I X Oct.
50
Oct. 15 Holders of rec. Sept. 30
3 X Nov. 1 Holders of rec. Sept. 30
10c. Oct. 31 Holders of rec. Sept. 30
I X Oct. 1 Holders of rcc. Sept. 20a
1 Sept. 21 to _______
I X Oct.
1 Holders of rcc. Sept. 24
I X Oct.
6 to Oct. 1
I X Oct. 1
4
Oct. 1 Sept. 11 to Sept. 15
I X Sept. 30 Holders of rec. Sept. 20a
2 X Oct. I Holders of rec. Sept. 15a
I X Oct. 1 Holders of rcc. Sept. 15a
1 Holders of rec. Sept. 20
I X Oct.
Sept. 25
6 to Sept. 25
4
Sept. 25
6 to Sept. 25
65c. Sept. 25 Holders of rec. Sept. 20a
1
)ct. 1
3 to Sept. 30
I X Oct. 15 Holders of rec. Sept. 25a
1
6 to Oct. 1
X Oct.
1
8 to Oct. 1
l x Oct.
I X Oct. 1 Holders of rec. Sept. 20
1 Holders of rec. Sept. 20a
I X Oct.
I X Nov. 1 Holders of rcc. Oct. 20a
IX Oct. 1 Holders of rcc. Sept. 15
1 Holders of res. Sept. 15
I X Oct.
l
Sept. 30 .
9 to Sept. 30
2
Oct. l Holders of rec. Sept. 22
2
Oct. 1 Holders of rec. Sept. 20
Oct. 1
IX
to Sept. 30
I X Oct. 1
l
o ct. 1
I X Oct.
2 X Oct. 1
1
I X Oct.
2 X Oct. 15'
X Oct. 15
1
I X Oct.
1
Oct. 1 Holders of rcc. Sept. 10a
50c Sept. 30 Holders of rec. Sept. 16
1X Oct. 1 Holders of rcc. Sept. 24
1 X Oct. 1 Hotders of rec. Sept .21
I X Sept. 30 Holders of rec. Sept. 30
I X Oct. 1 Holders of rec. Sept. 10a
h X Oct. 1 Holders of rec. Sept. 10a
I X Oct. 1 Holders of rec. Sept. 15a
2X Sept. 30 Holders of rec. Sept. 4a
I X Oct. 1 Holders of ree. Sept. 15a
Holders of rec. Sept. 15a
A Oct.
Holders of rec. Sept. 15a
IX Oct.
Sept. 21 to ’ Oct. 1
I X Oct.
Holders of rec. Sept. 28a
I X Oct.
Oct. 15
I X Oct. 15 Oct. 6 to
to Nov. 15
I X Nov. 15 Nov. 6
Sept. 30 Sept.11 to Sept. 15
Sept. 30 Holders of rcc. Sept. 24
Oct. 2 Holders of rec. Sept. 7a
Oct. 1 Holders of rec. Sept. 20a
37Xc. Sept. 30 Holders of rec. Sept. 16a
Sept. 24 Holders of rec. Sept, la
\* Oct. 15 Holders of rec. Sept. 23
i x Oct. 15 Holders of rec. Sept. 22
Oct. i Holders of reo. Sept. 15a
Oct. I Holders of rec. Sept. 22
I X Oct. 1 Holders of rec. Sept. 15
$ 1. 2/
Sept. 20 Aug. 25 to Sept. 6
75c. Sept. 20 Aug. 25 to Sept. 6
I X Oct. 1 Holders of rec. Sept. 20
i x Oct. 15 Holders of rec. Sept. 39
l x Oct. 15 Holders of rcc. Sept. 30
I X Oct. 1 Holders of rcc. Scpr.20a
1
Oct. 1 Holders of ree. Sept. 23
I X Oct. 1 Holders of rec. Sept. 17a
Sept. 30 Holders of rec. Sept. 18a
\* Sept. 30 Holders of rec. Sept. 18a
Oct. 1'Holders of rec. Sept. 16
Oct. 15 Holders of ree. Oct. la
I X Nov. 30,Holders of reo. Nov. la
52
Sept. 27Holders of rec. Sept. 4a
to Sept. 20
I X Sept.2 0 Sept. 5
37Xc. Sept. 30 Holders of rcc. Sept. 16a
I X Oct. 1 Holders of reo. Sept. 15a
h X Oct. 1 Holders of rec. Seot. 15a
3
Oct. 1 Holders of rec. Sept. 20
I X Oct. 1 Holders of rcc. Sept. 20
2
Sept. 30 Holders of rcc. Sept. 15a
I X Sept. 30 Holders of rec. Sept. 15a
2
Oct. 1 Holders of rec. Sept. 16a
15c. Sept. 20 Sept. 10 to Sept. 29
10c. Sept. 2!) Sept. 10
to Sept. 20
1
Sept. 22 Holders of rec. Sept. 15
1
Sept. 22 Holders of rec. Sept. 15

Consol .Gas ,E ,L .APow. ,Balt. .com.(qu).
Preferred....... ........................... ........
Consumers Power, preferred (g u a r .) ____
Continental Can, Inc., com. (No. 1)___
Preferred (quar.)....................
Cuba Company, common_______
Common.............................................
Cuban-Amerlcan Sugar, prof, (quar.)__
Prof, (on account of accumulated dlvs.)
Dominion Glass, Ltd., pref. (quar.)____
Dominion Textile, Ltd., common (quar.)
Preferred (guar.) ...... ............... D uluth Edison Elec., pref. (guar.) ...........
duPont(E.I.)deNcmours Powd.,pf. (qu.)
Eastman Kodak, common (quar.).
Common (extra)_____________
Preferred (quar.)____________
Electric Boat, common (No. C)__
Preferred (quar.) (No. 30)..................
Electric Storage Battery, com. A p f. (?«.)-Galena-Signal OH, common (quar.)........
Preferred (quar.)........... ...........
General Chemical, pref. (quar.)..
General Electric (quar.)........... .
General Fireproofing, common (guar.) ___
Preferred (guar.) (N o. 3-1)_____ _____
General M otors, common ..................... .
P r e fe r r e d ............................................
Goldfield Consolidated Mines (quar.)__
Goodrich (B. F.) Co., preferred (quar.)..
Goodyear T ire it- Rubber, pref. (guar.) ___
Gray it- D avis, I n c ., preferred (guar.) ____
Great Lakes Towing, pref. (quar.)_____
Guggenheim Exploration (quar.)....... .
Hart, Schaffner A Marx. Inc., pref (qu.)
Ilelme (Gcorgo W.), common (quar.)___
Preferred (quar.)__________ _______
Hendeo Mfg., pref. (quar.) (No. 8)_____
Hercules Powder, common (quar.)_____
Common (extra)...................... ........
Homestake Mining (monthly) (No. 491).
Indiana Lighting.................................. .
In t. Harvester o f N . J . , com. (gu.) (N o. 23)
International Salt.............................. .
International Silver, pref. (quar.)______
K a u fm a n n Department Stores, pref. (guar.)
ICayscr (Ju liu s ) it: Co., common (guar.) __
First and second preferred (guar.) _____

Kclly-Sprlngflcld Tire, 1st prof. (quar.)..
Second preferred (quar.)____ _______
La Bello Iron Works, pref. (quar.)_____
Laurentlde Company (quar.)__________
Library Bureau, preferred ( g u a r .) .. .........
Liggett & Myers Tobacco, pref. (quar.).
Lone Star Gas (guar.) ____________ ____
Loosc-WIIesBlscult.lst pref.(qu.) (No.14)
Lorlllard (P.) Co., common (quar.)____
Preferred (quar.)....................... ........
M acAntlreies A Forbes, common (guar.) __
Preferred (guar.) ........... .................... .
MackayCompanles.com. (quar.) (No.41)
Preferred (quar.) (No. 47)..................
M agm a Copper (guar.) (N o. 1)_________
M an atl Sugar, preferred (guar.) ________
Manhattan Shirt, preferred (guar.) ______
M a n n in g , M axw ell it M oore, In c . (guar.).
Maxwell Motor, Inc., 1st pref. (quar.)__
First preferred (extra)______________
May Dept. Stores, pref. (quar.)........... .
Mergenthaler Linotype (quar.)________
M ichigan Light, preferred (guar.) _______
Montana Power, common (quar.) (No.12)
Preferred (quar.) (No. 12)....... .........
Montgomery, Ward & Co., pref. (quar.).
National Biscuit, common (quar.) (No.09)
N ational Carbon, common (guar.) .............
Preferred (guar.) ------ -------------- ------National Lead, commoh (quar.)----------N ational IAcorice, pref. (guar.) (N o. 53)..
National Sugar Refining (quar.)---------National Surety (quar.)................
Nevada Consolidated Copper Co. (quar.)
New York Air Brake (quar.) (No. 61)..
New York Transit_______ ______
N l p e B a y C o .. ................ ................
North American Co. (quar.) (No. 46 )...
Ogllvle F lo u r M ills , Ltd. (guar.) — .........
Ohio Cities Gas, preferred (quar.)...........
Ohio Oil (quar.)--------- -------- ------------Extra__________ ____________ ____
Ohio State Telephone, preferred (guar.) ----Otis Elevator, common (quar.)...............
Preferred (quar.)................................
Ottawa Light, Heat it Pow. (guar.) (N o. 37)
Pennsylvania Water it- Power (gu.) (N o. 7)
Pettibone, Mulllken Co.,lstA2d pf.(qu.).
Phelps, Dodge & Co., Inc. (quar.)-------Extra................... ...............- ............
Pittsburgh Plato Glass, common (quar.).
Quaker Oats, common (quar.)-------------Preferred (quar.)______ ____ _____ _
Quincy Mining (quar.)......... - ...............
Railway Steel-Spring, pref. (quar.)-----Ray Consolidated Copper Co. (quar.)...
Republic Iron A Steel, pref. (quar.)-----Pref. (on account of accumulated dlvs.)
Reynolds (R. J.) Tobacco, com. (quar.)..
Preferred (quar.)..............................
Royal Baking Powder, common (quar.)..
Preferred (quar.)....................- ..........
Safety Car Heating A Ltg., (quar.).........
St. Joseph Lead (quar.)......... .............
Extra........................... ......................
Savoy Oil................ ...............................
Extra.................. .................... ..........

Boohs Closed.
Days Inclusive.

2X

2

•iS

Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Nov
Oct.

901
Books Closed.
Days Inclusive.

Per
When
Cent. Payable

Name of Company.

Miscellaneous (Concluded).
Holders of rec . Sept. 15a
Scars, Roebuck A Co., pref. (quar.)..
I X Oct.
Shaw inigan Water A Power (guar.) _____
Holders of rec . Sept. 30
I X Oct.
Sloss-Sheffleld Steel A Iro n , p ref. (guar.).
Holders of rec . Sept. 18a
0 I X Oct.
Southern Utilities, pref. (quar.)_______
Holders of rec:. Sept. 18
IX Oct.
South Penn Oil (quar.)______________
3
Sept. 30 Sept. 15 to Sept. 30
South Porto Rico Sugar, common______
1
Holders of rec. Sept. 11a
Oct.
Common (extra)__ ____ ___________
Holders of rec. Sept. 11a
2
Oct.
Preferred (quar.)................ .............. j
2
Holders of rec. Sept. 11a
Oct.
South West Pa. Pipe Lines (quar.).--Ill
Holders of rcc. Sept. 15
Oct.
3
Standard Oil Cloth, p ref. A & B (guar.) __
Sept. 16 to Sept. 30
I X Oct.
Standard Oil (Kentucky) (quar.)_______
Oct.
Sept. 16 to Oct. 1
4
Standard Oil (Ohio) (quar.)__________
Sept. 4 to Sept. 22
3
Oct.
Extra.............................................
Sept. 4 to Sept. 22
Oct.
3
Steel Co. of Canada,Ltd.,pf.(qu.)(No.l7j I X Nov.
Holders of rec. Oct. 16
Stewart Mining (No. 1 4 ) . . . ....................
Sept. 30 Sept. 16 to Sept. 30
10
Subway Realty (quar.)__________ .
I X Oct. 1 Holders of rec. Sept. 22a
Sulzberger A Sons Co., pref. (quar.)___
Sept. 30
I X Oct. 1 Sept. 16 to
Superior A Pittsburgh Copper____
38c Sept. 20 Sept. 5 to Sept. 12
Swift A Co. (quar.) (No. 116)___
2
Oct. 1 Holders of rec. Sept. 10
Texas Company (quar.).........
- 2 X Sept .30 Holders of rec. Sept. 20a
■ IX
■ 13X

5

Extra.

. 2X
i 1
Preferred (quar.)........ ...............
IX
Union Carbide (quar.)__________
2
Union Tank Line___________
____
2X
United Fruit (guar.) (No. 65)_____ I ____
2
United Gas Improvement (quar.)_______ SI
United Shoe Machinery, common (quar.)
50c.
Preferred (quar.)................................... 37 He.
United States Gypsum, preferred (quar.)
IX
! IX
Utah Consolidated Mining........................
50c.
Utah Copper Co. (qu.) (No. 2 9 ) - .- ......... $1
Vacuum Oil........ ......... ............ ............ .. . 3
Washburn Wire, common (guar.)........ .....
2
Preferred (quar.).....................................
IX
Western Union Teleg. (qu.) (No. 186)..
lx
3
Weyman-Bruton Co., common (quar.)..
Preferred (quar.)_____ _____________
IX
Wlllys-Overland, preferred (guar.)_______
IX
Wolverine Copper Mining............... ....... $5
Woolworth (F. W.), pref. (quar.)........ ..
IX
Yale A Towne Mfg. (guar.) (No. 77)____
IX
Yukon Gold Co. (quar.)...................... ..... 7Xc.

Oct. 1 Holders of rec. Sept. 21a
Oct. 1 Sept. 16 to Sept. 21
Sept. 20
Oct. 1 Sept. 11 to
Oct. 1 Sept. 11 to Sept. 20
Oct. 1 Holders of rec. Sept. 2Ca
Oct. 1 Holders of rec. Sept. 2Ca
Oct. 1 Sept. 21 to Sept. 30
Sept. 25 Holders of rec. Sept. 4a
Oct. 15 Holders of rec. Sept. 22
Oct. 15 Holders of rec. Sept. 30a
Oct. 5 Holders of rec. Sept. 14
Oct. 5 Holders of rec. Sept. 14
Sept. 30 Sept. 16 to
Sept.30
Oct. 1 Sept. 21 to
Oct. 1
Sept. 27 Holders of rec. Sept. 4
Sept. 30 Holders of rec. Bept. 16a
Oet. 30 Holders of rec. Oct. 14
Oct. 1 Holders of rec. Sept. 20
Oct. 1 Holders of rec. Sept .20
Oct. 15 Holders of ree. Sept 20a
Oct. 1 Holders of rec. Sept. 13a
Oct. 1 Holders of rec. Sept. 13a
Oct. 1
Sept. 23a
Oct. 1
Sept 8a
Oct. 1
Sept. ICa
Oct. 1 1
Sept. 30
9 to Sept. 13
Sept.30 !

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

Im ports and Exports for th e W e ek .— The following are
the reported imports at Now York for the week ending
September 11 and since the first week of January:
FOREIGN IMPORTS AT NEW YORK.
For Week Ending Sept. 11.
Dry G ood s_______________
General Merchandise______

1915.

1914.

$2,112,938
15,456,624

$2,201,269;
14,730,879j

1913.

1912.

$3,483,164
12,808-,947 j

$3,335,201
12,317,261

T o ta l____________ ______
Since January 1.
Dry G ood s...... .....................
General Merchandise______

$17,569,562 $16,932,148j $16,292,111 j $15,652,462

Total 36 weeks.............. .

$769,331,441 i$691,716,457 $676,624,659 $693,454,812

$81,902,662 $121,230,176 $104,604,158 $101,284,821
687,431,779 | 570,486,281 572,020,501 592,169,091

EXPORTS FROM NEW YORK.
Week Ending Sepi. 11.
For the week.... ........... .........
Previously reported..............

1914.

1915.

1913.

1912.

$16,068,706 $13,906,351 $15,393,386 $16,643,824
942,310,395 573,804,473 002,250,292 546,909,451

Total 36 weeks............ . .. 1
$958,379,101 $578,710,824 $617,643,678 $563,553,275

_ The gold and silver exports and imports for the week
since January 1 have been as follows:

and

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Week ending Sept. 11.

Exports.

Gold.
Week.

Since
J a n . 1.

Im ports,
Week.

Since
J a n . 1.

Great Britain...............................
France_____________________
Germany.................................. .....
West Indies____________________
Mexico....... ................. .................
South America_________ ____
All other countries______________

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

Total 1915..................................
Total 1914..................................
Total 1913...............................
Silver.
Great Britain
Franco____
. ___________
Germany______________________
West Indies____________________
Mexico__________________- ____
South America_________________
All other countries_____________

$10,464,488
$170,500 127,452,944
68,768,196

1,257",201
1,363,644
9,802,458
5,076,378
*708 802*31 ft70 093
99,123 6,5031380
621,716 14,967,929

$392,802 $24,137,827
152,000 1,739,075

$11,928
12,923

Total 1915..................................
Total 1014..................................
Total 1913..................................

$609,617 $27,568,766
987,062 30,488,089
1,139,874 35,301,811

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

43,262
21,553

— .......
$9,673,338
22,010
719,140
50,000

1,565,932
3,700
112,857
9,375

$529,650 $2,651,028
11,519,314

.........

171,163
8,079

1,895
56,806

316,673
2,189,610
2,750,525
862,078

$58,701j $6,143,737
132,773 6,751,212
246,7621 7,246,865

T h e Federal Reserve B an k s.— Following is the weekly statement issued by the Federal Reserve Board on Sept. 11:
As com pared with the previous week the statement shows a gain In total cash reserve o f 14.5 million dollars and a gain in gold reserve o f 13.6
millions, notwithstanding 4.0 million dollars In gold was deposited by the banks with the Federal Reserve Agents to reduce their liability on account o f
Federal reserve notes outstanding, ilio gain in total gold reservo is largely duo to tho fact that 14 million dollars o f Government funds were placed to
tho credit o f tho throe Southern banks in tho gold settlement fund.
A gain o f $423,000 in commercial paper and a decrease o f $121,000 in bankers’ acceptances is reported b y the banks. O f the total amount o f bills

maturing after 90 days Is reported as 2.9 por cent.
T ho increaso o f $9,000 in tho amount o f U. S. bonds held is due to a purchaso o f a like amount b y tho Chicago bank. T ho amount o f municipal war­
rants held shows a decrease o f $303,000 as com pared with tho week before, tho Boston, New Y ork, Cleveland and M inneapolis banks reporting the prin­
cipal reductions In tho amount o f this class o f paper held.
Governm ent deposits are reported b y tho Federal Reserve banks this week for tho first tim e. T ho increase o f 15.7 million dollars in total deposits
held Is largely duo to tho fact that 15 millions o f this class o f deposits has been m ado with the R ichm ond, Atlanta andD allas banks In equal amounts o f
5 million dollars each.
Federal Reserve agents report a total o f 119.9 millions net o f Federal Reserve notes issued to tho banks, against which they hold 99.4 millions o f gold
and 20.5 millions o f paper. A total o f 5.3 millions o f additional Federal Resorvo notes was Issued to the banks during the week all tho banks except
Philadelphia, C hicago, M inneapolis and San Francisco reporting additional issues




[Vol. 101

THE CHRONICLE

903

Th8 figures of the consolidated statement for the system as a whole are given in the following tablo, and in additio
In the second table w
show the resources and liabilities separately for each of the twelve Federal Reserve banks.
Lhe statement of l( odoral 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 tho latter and the Federal Reserve banks.

we present the results for each of the eight preceding weeks, thus furnishing a useful comparison.

Statem ent

o f c o m b in e d

R

esou rces and

A

L ia b il it ie s

m e r ic a a t t h e

of the

F ederal R eserve B anks
S e p t e m b e r 10 1915.

of th e

U

n it e d

States

of

c l o s e o f b u s in e s s
RESOURCES.

S e p t. 10 1915 S e p t. 3 1915. A u g . 27 1915 A m 20 1915 A u g . 131915. A u g . 6 1915. J u l y 30 1915. J u ly 23 1915. July 16 1915.
?.
S2t2.130.000 S209.369.000 $211,115,000 $205,951,000 $209,697,000 S207.822.000 $212,988,000 $214,017,000 $213,472,000
Q )ld coin and certificate! In vault__________ S212
162 000
l 104,000
1 104 000
1,034,000
1,034,000
1,064,000
1,076,000
G ild redemption fun 1with U. S. Treasurer.. . 1’ 187 '000
. 1■ 3o'oO
....
r r , . n n nt\r\
co oon mn 52,140.000 48,450,000 46,680,000
n o u n nnn
.unnim A n1,030.000
non nnn
57!s ! O 55,930,000
54,930,000
53,490,000
52,290,000
Grid settlement fuad______________________ 63,690,000

Total sold reserve......................................S282.007.000 S263,41l,000 $268,179,000 $261,935,000 $264,271,000 $261,196,000 $260,192,000 $263,573,000 $261,188,000
Legal tender notes, silver. A c ........................... 20,235,000
19,274,000
19,878,000
27,117.000
20,949,000
24,916,000
22,002,000 2o,913,000
26,492,000
Total reserve............................................... $302,242,000
Bills discounted and bought—
Maturities within 10 d a y s ------------------- 84,734,000
Maturities within 30 days_____________ 12,085,000
Maturities within 60days_____________ 16,532,000
Maturities within 90 days_____________
8,652,000
Maturities over 90 days_______________
1,255,000

S287.635.000 $238,057,000 $2S9,102.000 $285,220,000 $286,112,000 $288,284,000 $289,486,000 $287,680,000
$4,475,000
10.264.000
18.163.000
9.156.000
1.638.000

$3,441,000
10.215.000
14.963.000
10.170.000
2,024,000

T o ta l...................
$13,253,000 $42,956,000 $42,839,000 $41,751,000
8.740.000
13.564.000
Bank acceptances (Included In a bov e).. 12,918,000
13,039,000
$8,740,000
83.836.000
Investments: U. 3. bonds................................ $3,852,000
8,813.000
18.553.000
25.808.000
Municipal warrants___________ 23,710,000 24,013,000
12.740.000
12.491.000
Fedoral Reservo notes— Net...... ..........
13,375,000
12,911,000
6.805.000
6.990.000
8,142,000
7,761.000
Due from Federal Reserve banks— Net____
4.777.000
4.962.000
All other resources_________________________
3,841,000
4,075,000

$40,818,000
12.209.000
8.607.000
18.558.000
11.266.000
4.028.000
5.623.000

$4,415,000
10.653.000
17.200.000
8,582,000
1.<$5,000

*34,938,000
*11,348,000
*16,785,000
*8,490,000
1,395,000

$ 4 ,222 ,000 \
8,851,000/ $12,065,000 $11,950,000
15.085.000
13.639.000
12.815.000
11.774.000
10.636.000
11.196.000
3,249,000
2,032,000
3,450,000

$12,146,000
12,103,000
9.399.000
3.992.000

$40,727,000 $39,423,000
11.625.000
10.338.000
57.923.000 37.923.000
16.107.000
15.110.000
11.029.000
9.227.000
5.229.000
7.078.000
4.765.000
5.901.000

$37,640,000
8.971.000
$7,923,000
14,391,000
9.953.000
5.855.000
4.436.000

$40,926,000
12.073.000
8.503.000
18.100.000
12,578.000
5.987.000
5.263.000

Total Resources__________________ $403,420,000 $388,274,000 $339,983,000 $382,468,000 $374,120,000 $377,469,000 $377,052,000 8371.163,000 $367,878,000
L IA B IL IT IE S
♦Corrected figures.
$54,135,000
$54,689,000 $54,329,000 $54,331,000 $54,315,000 $54,181,000
Capital paid In_________. . . _______________$54,772,000 $54,762,000
297,618,000
Reservo deposits— Net____________________ 328,053,000 312,316,000 316.9S9.000 310,095,000 301,926,000 306,002.000 306,183,000
al4,242,000
16.738,000 a 15,847,000 al5,723,000 al5,420,000 a 14,965.000
Federal Reserve notes— N e t _________________al7,527,000
17,670,000
1,409,000
1,723.000
1,885,000
1,732,000
2,140,000
1,567,000
2,197,000
All other liabilities________________________
3,068,000
3,526,000
$374,120,000 $377,469,000 $377,052,000
Total liabilities................................... $403,420,000 $388,274,000
84.9%
S5.3%
84.8%
82.8%
84.3%
82.1%
82.1%
83.3%
Gold reserve against net liabilities (b )_____
83.6%
93.3%
94.0%
91.8%
90.7%
90.9%
90.6%
88 . 2 %
89.3%
Cash reserve against net liabilities (b ).........
89.6%
Cash reserve against liabilities after setting
aside 40% gold reserve against net
amount of Federal Reserve notes In
96.6%
06.6%
94.4%
93.3%
93.6%
93.2%
90.8%
92.1%
circulation (b )_______________________
92.3%
A u g . 131915. A u g . 6 1915.
$101,529,000 $100,096,000

Deduct: Gold and lawful monoy In hands
of Federal Reserve Agents for re­
tirement of outstanding notes_____

99,356,000

94,766,000

N<!t outstand m tT n^ ^/^-0^3-0 0 -? $17,527,000

$17,670,000

(b)

33,142,000

$7,781,000

89,728,000

85,806,000

84,676,000

$16,738,000 S15.847.000

$15,723,000

$15,420,000

90,988,000

$6,990,000

$6,805,000 $4,028,000

16 1915.
$91,898,000

1915.
$96,156,000

Ju ly

J u ly SO

78,126,000

77,656,000

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

$14,242,000

81,191,000

$5,987,000 $7,078,000

$5,229,000

$5,855,000

WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS SEPT. 10 1918
C lev ela n d .

R ich m on d

M i n n e a p . K a n . C ity

C h ic a g o .

D a lla s .

San

F ran .

T o ta l.

$

S
I
$
RESOURCES.
I
S
I
S
'
S
,
,
Gold Coin A ctfs. In vault 12,002,000113,558,000 10,002,00012,718,000, 3,565,000 4,895,00026,804,000 7,050,000 5.379.000 4,811,000 4,117,000 6.629.000212.130.000
Gold settlement fu n d... 4,321,000 ’13,369,000 2,390,000 4,160,000 9,481,000 4,705,00012,490,000 2,865,000 1.645.000 3,828,000 7,573,000 1.857.000 1,187,000 68,690,000
'
° n ‘>n r'r'n
21,000
35,000
30,000
72,000
331,000
375,000; 225,000;
55,000,
37,000,
6,000
Gold redemption fund..
Total gold reserve.. 16,329,000126,982,00012,435,00016,878,00013,421,000 9,825,000 39,294,00010,550,000 7,054,000 8,711,00012,021,000, 8,507,000282,007,000
5,0001 443,000
440,000
7,000 20,235,000
----------------------94,000
377,000 2,057,000
344,000
Legal-ten .notes ,silv., A c. '257^000 12,657!oOO 2,584,000, 970,0001
16.586,000 139,639,000 15,019,000 17,848,000 13,515,000|10,202,00041,351,000 10,894,000 7,059,000 9,154,00012,461,000 8,514,000 302,342,000
Total reserveBills discounted A bought
181,000
Commercial paper_
_
Bank acceptances___ 2,541,000
Total..................

2,722,000

491.000
Investments U. S. bonds
Municipal warrants. 3,267,0001
414.000
Fed. Res’vo notes— Net
Due from other Federal
Reserve banks— Net.
726,000
All other resources..

532,000
740,000
5,345,000 1,559,000

618,000 8,606,000 5,315,000 1,130,000 1,207,000 1,831,000 1,657,000, 7,126,000 1,397,000 30,340,000
632,000 12,918,000
439,000
...
284,000
.......... | 1,238,000,
441,000
439,000

5,877,000 2,299,000j 1,057,000 8,606,000 5,315,000 2,368,000 1,648,000 2,115,000 2,096,000 7,126,000 2,029,000 43,258,000

.......... ! 2,299,000 1,078,000
347,000
590,000, 221,000

242,000 1,027,000
737,000,
...

3.960.000

340,000| 861,000
9,103,000 2,535,000 1,691,000
8.656,000
63,000
343,000

931,000,
790,000'

1,000,000 8,852,000
1.574.000 23,710,000
1.449.000 13,375,000

480,000
62,000,

132.000
570.000

54.000 1.525.000 a8,142,000
70,000 3,841,000
67.000

2.958.000 1,055,000

2.450.000
567.000
209.000

189.000 2,502,000 1,651,000
148.000
161,O O 658,000
O:

Total resources___ 24,206,000163,622,000 23.145,00023,099,000 22,897,000 15,854,000 55,750,00016,148,000 11,480,000 13,079,00019,708,000 16,167,000403,420,000
L IA B IL IT IE S .

5 162,000 10,982,000 5,270,000 5,940,000 3,366,000 2,420,000 0,628,000 2,797,000 2,488,000 3.023.000 2,759,000 3,931,000 54,772,000
Capital paid In_____
Reserve deposits— N e t.. 18,979,000 147,506,000 17,875,000 17,153,000 12,478,000 10,227,000 49,122,000 13,188,000 8,877,000 9.745.000 10,667,000 12,236,000328,053,000
-------------1 3,150,000,
163,000
115,000
_____ : 17,527,000
911,000 6,261,000
6,927,000, ------------- 1
Fed. Res’ ve notes—Net.
Duo to other Federal
65,000 2,270,000
Reserve banks— Net.
3,068,000
21,000
2,864,000
126,000
67,566!
All other liabilities.Total liabilities___ 24,206,000163,622,00022,145,000 23,099,000 22,897,00015,851,000 55,750,00010,148,00011,480,000 13,679,00019,708,000 10,107,000 103,420,000
M em ora n d u m —
F.R. notes Issued to bks 5,120,000 56,820,000 3,590,000 5,600,000 9.S00.000, 7,080,000 4,380,000 1,226,000 5,600,000 6,380,000 11,215,000 3,010,000119,851,000
F.R . notes In hand3 of
354,000 1,449,000* 16,343,000
459,000
485,000
373,000; 590,000 2,450,0001 437,000
414,000 8,926,000
63,000
343,000
banks___________
4,706,000 47,894,000 3,527,000, 5,257,000 9,427,000 6,490,000' 1,930,000, 789,000 5,115,000 5,921,000 10,861,000 1,591,000103,508,000
F.R . notes In circulation

Gold and lawful money
I
with agents........ ....... | 5,120,000 56,550,000 3,590,0001 5,600,000 2,500,0001 3,340,000' 4,380,000,
_____ 1
Carried to net liabilities.
..........
.......... I
...........
.......... 6,927,000, 3,150,000
_____ I
______I 2,450,000
Carried to net assets___
414,000 8,656,000!
63,000
343,000

626,000 5,000,000 5,010,000 4,600,000 3,040,000 99,356,000
911,000 6,261.000
17,527,000
163,000
115,000
1 1.4~40~,666 13,375,00U

(a) Items In transit, 1. 0., total amounts due from less total amounts duo to other Federal Reservo banks.

B o s to n .

N ew Y ork.

P h lla d e l’ a . C lev ela n d .

R ich m o n d .

A t la n ta .

C h ic a g o .

S t. L o u t s .

M i n n e a p . K a n . C ity .

D a lla s .

San

F ran .

T o ta l.

g
S
S
S
$
S
S
s
$
$
S
Federal Reserve Notes—
s
S
11,800,000 58,800,000 8.480.000 7,000,000 11,300,(00 11,100,000 9.380.000 3,400,000 7,000,000 8,000,000 13,900,000 10,000,000 100,160,000
455,000
5.000
120,000
230,000
Ret’d to Comptroller.
100,000

Amount chargeable to
F. R. agent..
11,700,000 58,800,000 8.250.000 7,000.000 11,300,000 11,100,000
In handsof agent, close
of business Sept. 10 6,580,000 1,980,000 4,660,000 1,400,000 1,500,000 4,020,000
Issued to F. R. bank,
less notes ret. to agt.
for redem p. & cancel. 5,120,000 56,820,000 3,590,000 5,600,000 9,800,000 7,080,000
Held by F. R. agent—
In reduction of liability
on outstanding notes:
Gold coin A certfs. 5,120,000 56,550,000 3,590,1)00 5.320,000 2,500,000 3,340,000
Lawful money___
As security for out­
standing notes:
7,300,000 3,740,000
270,000
Commercial paper
Held by Trcas. of U. S.
280,000
Gold rcdemp. fu n d ...
......... -

9.260.000 3,400,000 7,000,000 8,000,000 13,S95,000 10,000,000 159,705.000
4,880,000 2,174,000 1,400,000 1,620,000 2,6S0,00O 6,960,000 39,854,000
4,380,000 1,226,000 5,600,000 6,380,000 11,215,000 3,040,000 119,851,000

4,260,000

626,000 5,000,000 5,010,000 4,600,000 3.040,000 98,956,000

600,000
120,000

600,000 1,370,000 6,615,000

20,495,000
400,000

5,120,000 56,820,000 3,590,000 5,600,000 9,800,000 7,080,000 4,380,000 1,226,000 5,600,000 6,380,000 11,215,000 3,040,000 119,851,000
Total___ ; --------Amount comm’l papernon 1 971 o^O n n o Rir> non
-fg nno
7 33'>,0iO 7 .7 tt non
270 ono
turned over .to F.R.act.
.... .-7”
........




......

THE CHRONICLE

Sept . 18 1915.]

903

Statement of New York City Clearing-House Banks and Trust Companies.— The following detailed statement
shows the condition of the New York City Cloaring-House members for the week ending Sept. 11. The figures for the sepa­
rate banks are the averages of the daily results.
In the caso of the totals, actual figures at the end of the week are also
given. In order to furnish a comparison, wo havo inserted the totals of actual condition for each of the three groups, and
also the grand aggregates, for the four preceding weeks.
N E W Y O R K W E E K L Y C L E A R IN G -H O U S E R E T U R N .
C L E A R IN G HOUSE
MEMBERS.
Week Ending
Sept. 11 1915
(Oils o m itte d .)

C a p ita l.

N et
P r o fit s .

I Nat.

B'ks June 23,
(State B’ks June23(

Members o f Federal
Reserve Rank
$
$
2,000,0
4.674,5
Bank of N. Y ., N B A
2,000,0 2,210,3
Merchants’ Nat. Bank
Mech. * Metals Nat. . 6,000,0 9,242,2
National City Bank . 25,000,0 36,933,5
7,991,9
Chemical Nat Bank
3,000,0
Atlantic National Bank 1,000,0
798,7
77,6
300,0
5,000,0 4,942,2
National Bank of Com ■Js.ooo.o 17,843,2
2,250,0
1,467,3
Chatham > Phenlx Nat
fc
3,000,0 15,389,4
2,550,0 2,537,9
Citizens' Central Nat
1,972,4
1,000,0
Importers' & Traders'.
1,500,0 7^803,7
5,000,0 15,604,3
National Park Bank
64,2
250,0
1,000 jo 3,192,5
23 281 9
4;000i0 3,929,3
Irving National Bank
1,516.0
500,0
N. Y. County Nat. Bk.

Liberty National Bank

1 jooo 0
1,000,0
250,0
1,000,0
1,000,0

1,898,4
1,284,4
418.9
2,873,5
3,067,2

Broadway Trust Co

1,500 J)

888H

Garfield National Bank
Filth National Bank .

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

C o ld .

L eg a l
T en d ers.

S ilv e r .

A vera g e.

A verage.

A vera g e.

A v era g e

$
34,419,0
29,255,0
108,263,0
260,828,0
34,100,0
10,488,0
1,929,0
79,592,0
200,423,0
29,788,0
109,672,0
26,169,0
9,316,1)
31,801,0
125,773,0
2,191,0
15,524,0
144 712,0
56,575,0
9,701,0

$
2,357,0
2,003,0
15,606,0
112,957,0
2,408,0
769,0
49,0
5,975,0
19.602,0
2,177.0
21,006,0
1,293,0
950,0
1,463,0
7,709,0
86,0
778,0
22,643,0
73205,0
445.0
32,077,0
1,031,0
991,0
150.0
3,450,0
2,564,0
576.0
184,0
330.0
1.427,0

1G,192,0
8.698.0
4,578,0
31,771,0
39,267.0
7 891,0
ojooo.o
16,433,0

$
765,0
393,0
6,510,0
8,405,0
483,0
129,0
33,0
1,255,0
5,160,0
313,0
1,873.0
105,0
674,0
1,012,0
3,404.0
38,0
301.0
383,0
1,847,0
69,0
6,985.0
1,489,0
351,0
107,0
8.87,0
1,932.0
171.0
242.0
80,0
108,0

$
522,0
1,149,0
4,186,0
3,907,0
1,025,0
332,0
70.0
1,901.0
1,344,0
759,0
3,722.0
978,0
,802,0
1,113.0
4,400,0
125,0
774,0
2,195,0
2,632,0
324,0
3,540.0
271,0
472,0
269.0
1.677.0
4,043,0
214.0
494,0
496,0
460.0

Totals, avge. for week 114,100,0 184.540,3 1,606,607,0 270.870,0 44,504.0 44,250,0
Totals,
Totals,
Totals,
Totals,

actual
actual
actual
actual

conditio n Sept 11
uouUltl n Sept. 4
condlth n \ug.28
conditio n Aug. 21

N a t .B a n k N a t. B ank
N o tes
N o tes
[R eserv e
[N o t
f o r S ta te
C o u n ted
I n s t it u ­
as
t io n s ],
R eserv e.]

F ed era l
R eserv e
R a nk
N o tes
[N o t
R e s e r v e ].

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

E xcess
Due
fr o m
R eserve
D e p o si­
t a r ie s .

A verage.

A vera g e.

A vera g e.

i

A verage

S

$

4 v era ge

S

t

______

___
_________

______

______
______
_____

2,C
21,0
127,C
469 ,C
46.C
19,C
3,C
112,0
499,0
200,0
73,0
51,0
85,0
202,0
168,0
70,0
01,0
49,0
21,0
127,0
83,0
62,0
64,0
4,0
46,0
32,0
32,0
17,0
36,0
199,0

34,0
75,0
50,0
78,0
38,0
3,0
______
56,0
159,0
15.0
83,0
62.0
132,0
16,0
100,0
17.0
6,0
144.0

6.678 jo
16,534,0
2.166,0
9,266,0
1,940 0
929 C
2,163 0
9,355,0
192,0
937 0
11,026,0
4,672i0
684.0
13,695.0
1,781,0
839,0
323,0
3,135,0
3,332,0
722.0
778,0
631,0
1,267,0

...........

2,917.0

1,625 0 138,108,0

277,513,0
265,622,0
240.647,0
230,538,0

44,187,0
48.548.0
54,109,0
53,163,0

45,796,0
55.066,0
60,864.0
58,911.0

...........

2,920,0
2,577.0
3,101,0
2,793,0

1,771,0
1,750.0
1,987,0
1,715,0

39,960,0 11,187,0
30,968,0
3,602,0
10,629,0
1,201,0
4,885,0
431,0
2,330,0
149,0
12,317,0
865,0
80,270,0 8,401,0
3,356,0
307,0
4,787,0
481,0
14,795,0 2,265,0
3,682,0
445,0
5,730,0
757,0
13,487,0
906,1)
4,583,0
285.0
11.679,0 2,361,0
19,373,0
1,552,0
18,527,0
889,0

1,339,0
1,919,0
202,0
624.i)
64,0
584,0
3,415,0
29,0
151,0
1,312,0
56,0
144,0
475,0
236,0
670,0
283,0
208,0

1,343,0
611,0
434,0
85,0
103,0
587.0
3,098,0
60,0
65.0
870,0
88,0
209,0
896.0
97,0
629,0
565.0
522,0

123,0
72,0
220,0
182,0
12,0
45,0
1,330,0
50,0
10.0
37.0
82.0
124,0
73.0
34.0
135,0
422,0
378,0

281,358.0 30,114,0

11,711,0

10.262.0

3,329.0

36,671,0
35,864,0
34.832,0
34,832,0

10,202,0
12,656,0
12,354,0
12,354,0

9.189.0
10.491,0
12,744,0
12,744,0

3,374,0
2.92S.0
3,383,0
3,383,0

287.0
274,0
115,0
120.0
45,0
127.0
13,0
115,0
134,0
123,0
9,093,0 13,128,0
48,0
104,0
249,0
53,0
152,1)
527,0
87,0
227,0
1,330,0
103,0
59,0
137.0
61,0
205,0
939,0
216,0

129,0
19.0
161,0
81,0
157,0
438,0
25,0
37,0
214,0
188,0
12,0
59.0
32,0
342,0

1,619,998,0
1,593,375.0
1,586,026,0
............ 1,581,891,0

N et
T im e
D e p o s it s

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

A v era g e
%

A vera g e.

A vera g e.

' 125 !o
1,322,0

3.443,0
1,189,0

22i502 j)

_____
_____
_____

4,923.0
1,097,0
150,0
17.0

?
800,0
1,947,0
4,958,0
2,928,0
450,0
384,0

1,414,0

1,640,0

28^548,0
126.147.0
1 916 0
12,738io
_____

28,964,0
119,148,0
344.465,0
29.694.0
10.528.0
197^844,0
29,313,0

_
______

36,0 2,105,0
63,0 8,855,0
452,0 27,344,0
3,197,0
1,085.0

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

641,0

50,0
3,580,0
50,0
672,0

1553)

740i0
200,0

64 174J)
9,470.0
17,869,0
8,995,0
4,550,0
37,113,0
44.478,0
8.051 0
9,292,0
8,333 0
17,374,0

$
1,230,0

1,000,0

887,0
350,0
248,0
405,0
500,0
398 0

86.0
100.0
2,386,0
38,0

267,0

144,0

........

1 755,643,0

16,729,0 36,978,0

........

139,594.0
13S,440.0
141,358.0
138,647,0

1.778,945.0
1 751.717.0
1.733,345,0
1,717,528,0

16.559.0
18.136.(1
18,475,0
19,093,0

36,978,0
37,005,0
37,070,0
37,097,0

State Bank!)
N ot M em bers o j
F e d e r a l R eserve Itank

Bank of Manhattan Co.
Greenwich Bank____ _
Metropolitan B an k ....
Corn Exchange llauk .
Bowery B a n k .............
Fifth Avenue Bank___
German Exchange Bank
Germania Bank ___

Century B an k________
Totals, avge. for week

2,050,0
1.500.0
500,0
500.0
200,0
2,000,0
3,500.0
250,0
750.0
100,0
200,0
200,0
1,000,0
200j0
1,000,0
l.sooio
1.250,0

4,801,0
6,239,7
1,178,8
999,7
442,6
1,899,6
6,729.7
778,0
716,9
2,343,4
800,5
993,6
2,126,2
655,3
923,2
653,1
1,024,0

16.700,0 33,205,3

Totals, actual conditio n Aug. 21

—

281,375,0
280,964,0
278,801,0
278,801,0

571,000.0
3,0
11,0

116.0

137,0
4 , boo, 6

181.0
200.0

197,0
252,0

_

211.0
584.0

271,0
1,177,0
12,0
880.0 2,610,0

63,0

47,560,0
29.512.0
11.502,0
4 .677,0
2,282,0
10,331,0
92.632,0
3,012,0
4.481,0
16,588,0
3,478,0
5,979,0
12,638,0
4.485,0
13,580.0
21,205,0
14.662,0

27,0
4,783.0

31.0
4 ,C

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

77,0

7,866,0 3,533,0

298,60-1,0

4,845,0

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

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

93,0
66,0
73,0
73,0

7,801,0
8.000.0
7,903,0
7,903,0

3,307.0
3,707.0
3,861.0
3,861,0

296,057.0
297.146.0
296.899,0
296,969,0

4,846.0
4.854.0
4.860.0
4,008,8

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

23,0
6,0

1,168,0
7,696,0
1,752,0
858,0
1,134,0

3,087.0
17 236.0
9,681.0
2.219,0
6,130,0
28.081,0
318,0
1,061.0
3,863.0
2,584,0
6,358,0
l r, 77 6
711 jo
1.537.

23,371,0
153.929,0
35,059.0
18,134,0
22.682.0
181,921,0
7.365,0
14.208,0
49,368.0
15.743.0
37,793,0
13.038,0
9,683.0
36.841,0

6,991,0
28,746.0
13,798,0
5,614,0
590.0
27,963,0
126,0
333,0
15,348.0
1.133,0
7,437,0
3,979,0
1,016.0
6,154,0

Trust Companies

N o t M e m b ers o/
F e d e r a l R eserve Rank

Brooklyn Trust Co. . .
U .S. MtgA Trust C o ..
Astor Trust Co
.
Guaranty Trust C o .. .
Fidelity Trust C o ........
Lawyers' Title .fe Trust.

Metropolitan Trust Co
Totals, avge for week

1,500,0
10,000,0
2,000,0
1,250,0
10,000,0
1,000,0
4,000,0
2,000,0
1,000,0
3 jO O
O jO
1 jooojo
i jooojo
2,000,0

3,468,8
13,173,0
4,247,7
1,231,9
11 860 5
23 ^217^8
1,337,3
5.065.S
7,409 3
1,433,9
1j096,2
634,7
6,09316

44.750,0 91,374,4

1,644,0
31,860,0
181,301.0 15,218,0
49,870,0 3,227,0
1,610,0
23,647,0
1,996,0
37.061,0
214,7S8,0 10,812,0
003,0
8,652,0
1,188,0
21,373,0
66.530,0 4,157,0
1,081,0
16,987,0
52,864,0 3,077,0
1,061,0
17,218,0
665,0
10J40.0
45,829,0 2,187,0

_

367,0
710.0
2,468.0
787,0
1,894,0
652.0
484,0
1,842,0

10,0
103,0
22,0
63,0
3,0
9,0
5,0

778,720,0 54,526,0 12,617,0

15,459,0

1,894,0

259,0 21,812,0 84,543.0

619,135.0 119,228,0

59,560,0 14,701,0
51.452.0 9,161.0
60,050,0 3,581.0
61,509,0 5,315,0

19.077,0
8,648,0
4,142,0
3,240,0

1,887,0
1,801,0
1,848,0
2.307 0

270,0
242.0
266.0
290,0

620.238.0
623,433.0
637,285.0
631,865.0

778,587,0
780,201,0
790,547,0
785,749,0

Totals, actual conditio n Aug 28
Totals, actual conditio n Aug. 21

25,0

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

21,935,0
23,661.0
28.945.0
24,919,0

88,955,0
79.064.0
72,919,0
68.190,0

118,413.0
119.377,0
118,758,0
118,740,0

______

_ _
_
_________

___

—

......

Grand Aggregate, avge 175,550,6 309,120,0 2,660,685,0 361,540,0 68,832,0 69,977,0
Comparison prev week
-M2,094,0 +109580 -—1.738,0 —2,889,0

5,223,0 "12,917,0
+ 304,0
— 27,0

1,961,0 167,786,0 88,076.0 2.673,382,0 140,802,0 36,978,0
— 10,0
— 37,0 — 5,890,0 + 72480
+ 666,0 — 1,379,0

Grand Aggregate, actual condition Sept. 11. 2,679,960,0 373,744,0 09,090,0 74,062,0
— 143,0
Comparison prev week
.................
.................. + 25,420,0 + 208060 — 1,275,0

5,261,0
+ 532,0

2,926,0
+ 319,0

2,134,0 169,330.0 92,262.0 2,695,240,0 139,818,0 36,978,0
— 27,0
+ 70,0 — 761,0 + 94910 + 22,944,0 — 2,549,0

Grand Aggregate, actual condition Sept. 4. 2,654,540,0 352,938,0 70,365,0 74,205,0
Grand Aggregate actual condition Aug. 28. 2.055,374,0 335,529,0 70,044,0 77,750,0
G r a n d Aggregate a tual condition Aug. 21. 2,616,816,0 331,449.0 68,649,0 72,573,0

4,729,0
5,231,0
5,816,0

2.577.0
3,101,0
2,793,0

2,004.0 170.091.0 82,771,0 2.672,296.0 142,367.0 37,005,0
2,320,0 178,206.0 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 37,087,0

STATEMENTS OF RESERVE POSITION.
Averages.
C a sh R eserve R eserve in
in V a u lt. D e p o s ita r ie s

T o ta l
R eserv e.

n R eserve
R eq ttired .

Actual Figures.
In c.

S u r p lu s
R eserve.

or D ec.
C a sh R eserve R eserve in
fro m
i n V a u lt. D e p o s ita r ie s
P r e v lo u slV eek

T o ta l
R eserve

b R eserve
R eq u ired .

S u r p lu s
R eserv e.

I n c . or D e c .
fro m
P r e v io u s W e e k

$
S
M em bers Federal
S
S
S
S
S
$
$
S
$
$
Reserve Bank____ 359,630 000 138,108,000 497.738.000 310,852.190 180,885,810 —9,155,580 307,496,000 139,594,000 507.090.000 321,038,050 186,051,950 — 5,408,190
State Banks*______ 61.446.000 7,866,000 69,312.000 53.748.720 15,503,280 — 1,523.060 59.436.000 7,801,000 67,237,000 53,290,260 13,946,740 — 2,505,980
Trust Companies*__ 81.496.000 21,812,000 106.308.000 92,870,250 13,437,750 + 11,046,650 95.225.000 21,935,000 117.160.000 93,035,700 24,124,300 + 22,926,250
Total
Total
Total
Total

Sept. 11___
Sept. 4 ___
Aug. 28___
Aug. 21___

505.572.000
498.877.000
479.843.000
474.676.000

+ 307,910 522,157,000 169.330.000 691.487.000 467,364,010 224.122,990+ 15,012,0S0
167.786.000 673.358.000 463,471,160 209,886,840
173.676.000 672.553.000 403,034.070209,518.930 +15,371,900 502,237,000 170.091.000 672.328.000 463,217,090 209,110,910’ +4,311,330
172.662.000 652.505.000 458,357,970 191,147,030 + 8,354,170 488,554.000 178.206.000 666.760.000 461.960.420 204.799.580 + 12,211,760
164.154.000 638.830.000 453,037,140 185.792.S00 + 10,210,860 478,487,000 171.504.000 649.991.000 457,403,180 192,587,820 +5,354.960

• Not members of Federal Reserve Bank
n This Is tlio reserve required on Net Demand Deposits In the case of State Banks and Trust Companies, but In the case of Members of the Federal Reserve Banks.
Includes also tlio amount of reserve required on Net Time Deposits, which was as follows. Sept. 11, $836,450; Sept. 4, $918,150: Aug. 28, $945,450: Aug. 21, $944,850
b This Is the reserve required on Net Demand Deposits In the case of State Banks and Trust Companies, but In the case of Members of the Federal Reserve Banks,
It Includes also the amount of reserve required on Net Time Deposits, which was as follows: Sept. 11, $827,950; Sept. 4, $906,800; Aug. 28, $923,750; Aug. 21, $954,650.




THE CHRONICLE

904

Tlio State Banking Department reports woekly figures
showing tho condition of State banks and trust companies
in New York City not in the Clearing H ouse, and tlieso are
shown in the following table:
SUM MARY OF STATE 'BANK9 AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOU3E STATEMENT.
(F i g u r e s F u r n is h e d bg S la te B a n k in g D e p a r t m e n t .)

D iffe r e n c e s fr o m

S ep tem b er 11.
p r e v io u s w eek .
Loans and Investments...................
5588,461,300 Doe. $1,048,600
G o ld ........ ..................................................... . . . ......... 49,670,900 Dec.
294,900
Currency and bank notes_________________________
8,645,500 Inc.
200,500
Total deposits________________________________ 757,230,200 Ine. 1,189,400
Deposits, eliminating amounts due from reserve de­
positaries and from other banks and trust com­
panies In New York City, and exchanges________ 5608,527,700 Inc.
$857,700
Reserve on deposits_______________________________ 200,627,200 Inc.
221,800
Percentage of reserve, 3.0% .
RESERVE.
-------- Sta te B a n k s -------- — T r u s t C o m p a n ie s —
Cash In vaults.-............ ........... ........... $10,354,000 11.12%
$47,962,400 9.32%
Deposits In banks and trust companies 15,984,600 17.17%
126,326,200 24.57%

T o ta l..................................................$26,338,600 28.29%

In addition to the returns of “State banks and trust com­
panies in New York City not in the C learin g H o u s e ” furnished
by the State Banking Department, tho Department also
presents a statement covering all the institutions of this class
in the whole State. The figures are compiled so as to distin­
guish betweon the results for New York City (Greater New
York) and those for the rest of the State, as per the following:
For definitions and rules under which the various items
are made up, see “Chronicle,” V. 98, p. 1661.
The provisions of the law governing the roserve require­
ments of State banking institutions were published in the
“Chronicle” March 28 1914 (V. 98, p. 968). Tho regula­
tions relating to calculating tho amount of deposits and what
deductions are permitted in the computation of the reserves
were given in the “Chronicle” April 4 1914 (V. 98, p. 1045).

S174,288,600 33.89%

STATE BANKS AND TRUST COMPANIES.

The averages of the New York City Cloaring-House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House, compare as follows for a series of weoks past:
COMBINED RESULTS OF BYNK3 AND TRUST COMPANIES IN
GREATER NEW YORK.

June 19........
June 26____
July 3........
July 10........
July 17........
July 24........
July 31____
Aug. 7.........
Aug. 14........
Aug. 21........
Aug. 28____
Sept. 4 ........
Sept 11____

L oa n s and
In v e s tm e n t s

D em an d
D e p o sits.

$
3,050,140,8
3,045.645,1
3,105,038,2
3,144,527,9
3,145,394,3
3,156,507,4
3,158.668,0
3,184,089,5
3,192.566,3
3,227,324,2
3,239,060,6
3,244,100,9
3,255,146,3

$
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
3,281,909,7

O th er
M on ey.

S
439,005,1
446,616,8
435,726,5
400,003,9
407,474,4
414,895,2
419.001.4
410,236,5
434,942,9
449,279,8
456,750,1
473,413,8
481,187,9

T o ta l
M on ey
H o ld in g s .

E n t ir e
R eserv e o n
D e p o s its .

S
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
83,967,5
81,539,1
83,874,0
82,700,5

S p e c ie .

W e e k en d ed S ep t.

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

11.

S
513,103,0
517,068,0
507,950,9
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
503,888,4

$
795,476,0
796,000,4
789,700,3
706,343,0
777,173.8
789,583.3
806.203,6
799,090.0
812,29.8,7
828,407,2
847,557,2
878,958,4
873,985,2

T ru st C os.
o u t s id e o f
N . Y.

. G rea ter

$
24,550,000

$
67,300,000

39,269,500

151,327,000

13,749,700

11,225,000

Loans and investments..
Change from last week.

355,001,000 1,282,073,100
+ 2,020,500 — 8,123,300

136,428,200
+ 240,400

201,243,900
+ 300,100

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

49,053,000
+ 1,273,600

Currency and bank notes.
Change from last week.

32,821,200
22,744,300
— 1,925,100 + 17,205,200

...........

: - .......

Deposits_______________
Change from last week.

460,281,600 1,603,814,300
— 3,673,300 — 7,658,400

147,109,900
+ 428,900

213,891,900
+ 1,186,400

Reserve on deposit______
Change from last week.

106,745,000 385,692,000
— 253,600 + 16,389,100

28,822,000
+ 156,900

31,146,200
+ 650,000

30.9%
29.7%

22.6%
22.4%

17.9%
17.6%

Capital as of Dec. 24----Surplus as of Dec. 24------

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

W e e k en d e d —

[VOL. 101.

+ Increase over last week.

$

13,100,000

102,023,700
— 3,508,800

27.9%
28.4%

P. C. reserve to deposits.
Percentage last week..

S
10,913,000

— Decreaso from last week.

—Following is the report made to the Clearing-House by clearing non­
institutions which are not included in the “Clearing-House return” on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.

Non-Member Banks and Trust Companies.
member

C L E A R IN G
N O N -M E M B E R S .

C a p it a l.

N et
P r o fit s .

L oan s,
D is c o u n t s ,
I n v e s t­
m en ts dec,

(Nat. b ’ks June 231
{State b’ks June 23J

Week Ending
Sept. 11 1915.
Members o f
Fed’l Reserve Bank
Battery Park N a t...
Flrst Nat., Brooklyn
National Clty.llklyn
First Nat,. Jers. City
Hudson Co. N., J. C.
First Nat., Hoboken
Second Nat., Hobok.

A verage.

S
151.600
682,700
300.000
300.000
649.600
400.000 1,287,200
800,100
250.000
681,500
220.000
334,100
125,000
S

200,000

L eg a l
T en d ers.

A vera g e.

A vera g e.

$
2.245.000
4.927.000
4.837.000
4.750.000
3.829.000
5.347.000
4.183.000

Total..................... 1,795,000 4,586,800 30,118,000

S
113.000
105.000
161.000

S ilv e r .

A verage.

S
42.000
41.000
55.000
323,000

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

A vera g e.

$

S
46.000
130.000
127.000

A vera g e.

4 08 .00 0
5 61.000
6 16.000
4 93 .00 0
3 29.000
3 35 .00 0
2 35.000

6.000

16,000
36,000

60,000
44.000
89.000

16,000
37.000
75.000
16.000
5,000

870,000

625,000

582,000

159,000

111,000
345.000
480.000

112,000

59.000
556.000

8,000

24.000
133.000
155.000
186.000
623.000
112.000

84.000
151,000
54.000

86.000

A vera g e.

$

$
4.000

12.000

202,000

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

A verage.

N a t.B a n k N a t . B ank
N o t e s [R e­ N o l e s [ N o t
serve fo r
C o u n ted
as
S ta te I n ­
s t it u t io n s ] R ese rv e ]
|

$

m ’ ooo
333.000
2 , 77 I , 000

563.000
443.000
339.000

N et
D em an d
D e p o sits.

N et
T im e
D e p o s its .

v era g e.

A verage.

S
,354,000
,549,000
,800,000
,115,000
,740,000

t
35,000

,021,000 2.763.000

,047,000 1.889.000

25,000 2 ,9 7 7,0 00 4,576,000 22,626,000 4,687,000 1,506,000

State Banks.
N o t M e m b e r s o f th e
F ed era l R eserve B a n k .

Bank of Wash. Hgts. 100,000
400.000
Colonial Bank__
300.000
Columbia Bank___
200.000
Fidelity B an k...
200,000
Mutual Bank__
200,000
New Netberland___
100,000
Yorkvllle Bank____
Mechanics’ , Bklyn.. 1,600,000
North Side, Bklyn.. 200,000

360,600
731.700
694.700
183.000
478.500
288,400
614.000
727.500
186,900

1.946.000
7.279.000
6.867.000
1.164.000
4.516.000
3.311.000
5.244.000
16,421,000
3.123.000

102.000

551.000
145.000
398.000
795.000
196.000

3,300,000 4,165,300 49,871,000 3,123,000

Total.

10,000

64.000

32.000
37.000
75.000
134,000
40.000

210.000

512,000 2.058,000

85,000
516.000
178.000
318.000
1.558.000
245.000
865.000
1.998.000
428.000

1.485.000
7.741.000
7.191.000
1.048.000
4.358.000
3.339.000
5.614.000
17,616,000
3.332.000

106,000

89.0 00
5 24.000
4 31 .00 0
52.000
3 56.000
1,000 199.000
337.000
1,057,000

661,000

226,000

1,000 3,245,000 6 , 221,000 51,724.000

34.000
30.000

17,000

23,000
93.000
9,000
58.000
54.000
97.000
306,000
21.000

120,000

200.000

399,000
08,000

66,000
533,000

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 an k

13,000

254,000 1,409,000 5.084.000
913,000
84,000
474,000 1.679.000 2,206,000

17,000

15,000

338,000

402,000
66,000 + 89,000

4 1 ,0 00

12,671,000 81,1 13 ,00 0 8,339,000
+ 1268 000 — 257,000 + 233,000

40.000
37.000
41.000
43.000

11.403.000
11.937.000
11.654.000
11.440.000
11.065.000

HamlltonTrust.Bkln
Mechanics, Bayonne

500.000 1,040,300 6.734.000
275,100 4.032.000
200.000

458,000
77,000

8,000
28,000

72,000

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

700,000 1.315.400 10,766,000

635,000

36,000

84,000

64,000

10.067.500 90,755 000 4 528,000 1,073,000 2,724,000
+ 60 000 -95,000 + 79,000 + 205 000
Increase
10.067.500 90,695
,623,000 9 94 ,00 0 2 ,5 1 9,0 00
10.067.500 9() ,. V)5
,599,000 1.1 8 7.0 00 2 .5 4 9,0 00
523.000 1 ,0 4 9 ,0 00 ,2,5 97 ,00 0
10.460.500 90,522,
554.000 1 .1 0 1.0 00 2 ,4 9 9.0 00
10.460.500 90,624,
10.460.500 90.2S2,
554.000 9 8 8 ,0 0 0 j2 ,4 7 0 ,0 0 0

725,000

Grand aggregate___ 5.795.000
Comparison, prev’vk
Excess reserve. 5207,520
Grand aggr’te Sep 4 5.795.000
Grand aggr’ te Aug 28 6.395.000
Grand aggr’te Aug 2 1 6.395.000
Grand gggr’teAug 14 6.395.000
Grand aggr’te Aug. 7 6.395.000

12,000

—

791.000
761.000
693.000
842.000
803.000

2,000

313.000
295.000
348.000
269.000
215.000

—

1,000

6 .5 1 6 .0 0 0
6 .4 8 1.0 00
6 .4 8 7 .0 0 0
6 .3 4 2 .0 0 0
4 5 ,0 0 0 6 ,2 7 9 ,0 0 0

1,874,000 6 ,7 6 3,0 00

81.370.000
81.233.000
81.124.000
80.298.000
79.710.000

3,119,000

8,106,000 1.522.000
8.146.000 1.524.000
8.113.000 1.505.000
8.780.000 1.512.000
8,895,000jl,501,000

Boston Clearing-House Banks.—We give below a
Philadelphia Banks.—Summary of weekly totals of
Clearing-House banks and trust companies of Philadelphia: summary showing tho totals for all the itoms in the Boston
Clearing-House weekly statement for a series of weoks:
(00)
W e o m it tw o c ip h e r s

C a p it a l
and
S u r p lu s .

July
July
July
July
July
Aug.
Aug.
Aug.
Aug.
Sent.
Sept.

3..............
10..............
17..............
24..............
31..............
7_______
14________
21..............
28..............
4________
11________

L oans.

S
103,684,3
103,684.3
103,684,3
103,684.3
103.684.3
103.684.3
103,684,3
103,684,3
103,684,3
103.684,3!
103,684,3

S
421,583,0
421,239.0
422.834,0
424,533,0
425,393,0
426.702,0
429,948,0
431,769,0
432,266,0
431,900 0
432,378,0

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

R ese rv e .

D e p o sits.

a

$
111,281,0
113,026,0
114,109,0
114,811,0
114,109,0
115,946.0
117,853,0
119,090,0
116,789,0
119,932,0
123,105,0

s

500,467,0
496.2S0.0
500,446,0
503,808,0
503.2S0.0
605,092,0
511,807,0
512,880,0
510,436,0
518,360,0
519,879,0

C ir c u la ­
tio n .

S
S
11,265,0 199,174,7
11,241,0 130.789,2
11,264,0 168,838,0
11,252,0 152.015,6
11,230,0 148,913,0
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
11,121,0 ! 126,690,4

a Includes Government deposits and the Item “ due to other banks” (Sept. 11,
$150,167.000V also "Ex>'han?os for Clearing House" (Sept. 11, $12,141,000). Due
from banks Sept. 11, $56,523,000.




11.
1915.

S e p t.

C le a r in g s

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

Circulation.............................. 1 §9,088,000 Dee.
Loans, dlsc’ts & Investments. i263,729,000 Inc.
Individual deposits, Incl.U.S 194.460.000 Inc.
Due to banks.......................... 111.273.000 Inc.
7.719.000 Dec.
Time deposits.......................
Exchanges for Clearing House 9.088.0001 Dec.
Due from other banks_____ 29,468,000: Inc.
Cash reserve______________ 22,172,000! Dec.
Reserve In Fed. Res’ve Bank 8.510.000 Dec.
Reserve with other banks__ 42,619,000: Inc.
7.674.000 Dee.
Reserve excess In bank..........
Excess with reserve agent..r 28,121,000] Dec.
1.261.000 Dec.
Excess with Fed. Rcs’ve B’ k.

28
1915.

Aug.

§2.000 $9,090,000 $9,088,000
3,419,000 260.310.000 257.791.000
1,201,000 193.265.000 190.480.000
4,356,000 108.917.000 103.729.000
70,000i 7.789.000 8.069.000
1,009,000' 10.097.000 8.391.000
1,060,000, 28.399.000 28,861,000
292,0001 22.464.000 22,886,000
233,000] 8.743.000 8.835.000
48,000 42.571.000 41.930.000
638,000 8.312.000 8.862.000
298,000 28.419.000 27.906.000
406,000' 1,667,000! 1.823,000

Imports and Exports for the Week.

preceding.

4
1915.

S e p t.

—See third page

Sept . 18 1915.]

THE CHRONICLE

W all Street Friday Night Sept. 17 1915
The M oney M arket and F in an cial S itu a tio n .— Public
attention especially in the financial district and among:
bankers generally has throughout the week been focused
upon the conference now in progress for establishing a large
foreign credit in this market. For any plan thus put for­
ward thero is of course opposition and perhaps somo real ob­
jection, but these can doubtless bo met and overcome. Of
the desirability of such a loan or credit thero can be no
doubt by any fair-minded person who is at all familiar
with the situation. Without it practically every industry
in the country will suffer and suffer immensely. Without
it what is to becomo of the millions upon millions of bushels
of wheat and corn which we havo to sell and which Europe
needs? W e refer to the matter from a purely practical and
economic standpoint and wo imagino the Commission will so
consider it. As to the ethical and moral principles involved,
if any, there are as upon all such questions various shades
of opinion and tlicso the Commission will doubtless avoid
discussing. The enormous products of our farms and fac­
tories are for sale to any ono who will buy. If ono or moro
countries in the heart of Europe do not need them or for any
reason aro not in a position to accept our offer, should we
shut up our factories and thus create an immense army of
unemployed and let our surplus grain crops rot in elevators
and storehouses? Is not that just what would happen if
our foreign trade is interrupted?
As evidence of increasing general traffic it is reported that
both the Pennsylvania and Baltimore & Ohio railroads are
using all their freight cars and the latter found itself one day
recently 100 cars short of its needs. These cases are how­
ever unique as for the entire country thero was still a sur­
plus of 190,000 cars on Sept. 1. Moreover this week’s
report from the iron and steel industry shows that in addi­
tion to increasing orders for steel rails noted last week
these orders now include various other shapes for new equip­
ment. Again, copper metal has advanced this week to
18 cents on an increasing demand and cotton has sold 1 %
cents per lb. higher than tho price a few weeks ago.
The Bank of England reports a deereaso of 818,700,000
in gold holdings, due in largo measure to tho movement
hitherward, and a_ consequent declino of its percentage to
2 3 % , as against 2 5 % last week. The Bank of Franco has
taken in $12,000,000 during the same period, thus maintain­
ing almost the exact averago receipts since its appeal to tho
people in July. The total receipts from that source now
amount to $141,000,000.
Foreign E xch an ge.— Tho market for sterling exchange
eased off during tho early days of tho week but closed at full
recoveries, encouraged by reports that early announcement
might bo expected of the successful completion of tho AngloFrench credit in this market.
To-day’s (Friday’s) actual rates for sterling exchango wero
4 0 8 @ 4 09 for sixty days, 4 6 9 % @ 4 73 for cheques and 4 7 0 %
@ 4 7 3 % for cables. Commercial on banks nominal and
documents for payment nominal. Cotton for payment
nominal and grain for payment nominal.
There wero no rates posted or sterling by prominent bank­
ers this week.
To-day’s (Friday’s) actual rates for Paris bankers’ francs,
were nominal for long and 5 81 @ 5 82 for short. Germany
bankers’ marks wero nominal. Amsterdam bankers’ guild­
ers were 39 15-10 for short.
Exchange at Paris on London, 27.45 francs; week’s frange,
27.45 fr. high and 27.92 fr. low.
Exchango at Berlin on London not quotable.
The rango for foreign exchango for tho week follows:
S te r lin g , A c tu a l—
S ix ty D a g s .
High lor tho week___4 69
Low for the week___4 03
P a r i s B a n k e r s ' /■r a n c s —
High for tho w eek___ ____
Low for the week___ ____
G erm a n y B a n k ers’ A la r k s—
High for tiio week___ ____
J.ow for tho week___ ____
A m s te r d a m B a n k e r s ’ G u ild ers—

High for tho week___
Low for tho week___

____
____

C h eq u es.

C a b le s .

4 73
4 64 'A

4 73 54
4 65)4

5 79
5 98

5 78
5 97

84
82 J4

83 54
S254

40 54
4014

46%
4054

D om estic Exch an go.— Chicago, par. Boston, par. St
Louis, par. San Francisco, 35c. per $1,000 premium.
Montreal, $3 1 2 % per $1,000 premium. Minneapolis, 10c.
per $1,000 premium. Cincinnati, par. New Orleans, sight
50c. por $1,000 discount and brokers’ $1 premium.
State and R ailroad B on d s.— Sales of State bonds at the
Board include $12,000 New York 4 % s at 10 9% to 1 0 9% ;
$1,000 New York 4 % s , 1965, at 104% ; $20,000 N . Y . Canal
4 % s at 109% to 110; $2,000 N . Y . Canal 4 % s , 1965, at
104% ; $1,000 N . Y . Canal 4s, 1961, at 1 0 0 % , and $1,000
Virginia 6s deferred trust receipts at 56.
Tho market for railway and industrial bonds has been less
active than for some time past, duo in part to a falling off
in sales for foreign account. Tho latter designated as
“ s.-3 0 -f,” aggregated only $1,597,000, par value, as against
$2,326,500 earlier in tho month. Prices havo generally
been well maintained and a few issues aro notably higher.
Of tho latter Rock Island deb. 5s are conspicuous for an
advanco of 3 % points. International Mercantile Marino
coll. tr. 4 % s are 2 % points higher, and Erie 1st gen. 4s,
Steam Pump 5s, Northern Pacific 4s and Westinghouse 5s




905

are from 1 to 1 % points above last week’s closing quotations.
Of a list of 28 relatively active and representative issues,
17 aro higher, 15 aro lower and 6 unchanged.
United States Bonds.— Sales of Government bonds at
tho Board include $3,500 4s, coup., at 1 0 9 % ; $2,000 4s, reg.,
at 1 0 9 % to 109% ; $1,000 3s, coup., at 101, and $32,000 3s,
reg., at 101 to 1 0 1 % . For to-day's prices of all the different
issues and for weekly range, see third page following.

Railroad and Miscellaneous Stocks.— The stock mar­
ket has again been unusually inactive, the transactions
averaging somewhat less than $450,000 per day, and fluc­
tuations, especially in the railway issues, have been within
narrow limits. Only a very few manufacturing stocks,
indeed, have covered more than the usual or normal range.
In short, from whatever point one views it and in all par­
ticulars the market has throughout the week been dull and
free from unusual developments. This condition repre­
sents a waiting attitude on the part of both investors and
the trading element pending the establishment of a large
European credit now in progress.
To-day’s market has been by far tho most activo of tho
w ,V an<^ a b °on4” in some of the manufacturing issues
modifies somewhat the foregoing general remarks. The
movement was led by General M otors, which sold soon after
the market opened 28 points above last night’s closing
price. Railways were, howeyer, scarcely affected and
closing prices about ovenly divided between higher and
lower for tho week. Bethlehem Steel has, true to its past
record, covered a range of 30 points and closes with a net
gain of 10. General Motors is 17 points higher, Colorado
Fuel & Iron 10, Crucible Steel 7 % , Allis-Chalmers 5 and
Amer. Can, Studebakcr and Car & Foundry about 4.
For daily volume o f business see page 914.
Tho following sales have occurred this week of shares not
represented in our detailed list on tho pages which follow:
STOCKS.

Week ending Sept. 17

Sales
for
Week.

Range for Week.
Lowest.

Highest.

Range since Jan. 1.
Lowest.

Highest.

American Express_____
750 100 Sept 11 102 Sept 10 83
Feb 104
Sept
Amer Teleg A Cable___
100 02 Sept it 02 Sept 14 58
Mar 65
July
Brown Shoe__ - ___
20 30 % Sept 11 30J4 Sept 14 23
May 39
Jan
Preferred . . _. ___
170 83 Sept 13 83 Sept 13 04
Aug 83
Sept
Brunswick Terminal___
100 5 Sept 11 5 Sept 11 454 Mar 754 May
Buffalo Itoch A Plttab..
100 80 Sept 10 80 Sept 10 so
July 90
Apr
300 6254 Sept 13 05 Sept 14 55
Cluett Peabody_______
Apr 65
Sept
Comstock Tunnel.......... 1,400 10c. Sept 16 15c. Sept 13 7c. May 21c. Juno
( irex Carpet. _______
120 30 Sept 10 38 Sept 10 30
Sept 49
May
Deere A Co, preferred.300 95 Sept 13 99 Sept 17 86
Apr 99
Sept
29 117« Sept 14 11854 Sept 17 11154 Feb 118J4 Sept
Detroit Edison............ .
Duluth S S A Atl, pref..
100 9 Sept 16 9 Sept 16 4
July 10
Jan
Havana Elec Ry L A P
100 85 Sept 15 85 Sept 15 71
Mar 85
Sept
Preferred................100 10014 Sept 10 10054 Sept 10 95
Apr 10054 Aug
M St P A S S M leased 1.
200 70 Sept 17 7054 Sept 1 | 70
7
Sept 78 Aprli
N Y Chic A St Louis___
100 3014 Sept 10 30'4 Sept 16 30
June 3654 Apr
Ontario Silver Mining..
100 354 Sept 15 354 Sept 15 2
Feb 4 54 June
Pettlbone-Mull 1st pref.
100 *8954 Sept 17*8954 Sept 17i 83
May 93
Aug
Pittsburgh Steel, pref__
450 90 Sept 17 90 Sept 1 | 74
7
May 92
Aug
Rutland, preferred.. . .
100 22 Sept 10 22 Sept 16 22
Sept 22
Sept
Sloss-Sheffield S A I, pf.
100 9014 Sept 14 9054 Sept 14' 85
May 93
Aug
So Porto Rico Sugar___
200 85 Sept 14 85 Sept 14} 40
Feb 100
Aug
Texas Co full paid recta.
100 156 Sept 14 156 Sept 14] 123
June 156
Sept
Twin City R T, pref___
33 135 Sept 14 135 Sept 14 135
Sept 135
Sept
United Dry Goods, pref.
340 58 Sept 13 5954 Sept 15 4854 Jan 0654 Apr
U S Reduction A Refg__
100 254 Sept 17 254 Sept 17
154 April 1054 June
U S Reduc A Refg, pref.
200 2 % Sept 14 254 Sept 14 1
Apr 1054 June
Westinghouse Air Brake
100,286 Sept 15 286 Sept 15 280
Aug 286
Sept
West Maryland, p ro f...
400 44 Sept 14 45 Sept 151 25
Jam 4854 Sept

O u tside M arket.— Trading on the “ curb” this week con­
tinued of only moderate proportions, with the movement of
prices uncertain. Submarine Boat was erratic, advancing
fractionally to 5 0 % at first, then dropping to 4 5 % and to­
day advancing to 51. Tho close was back to 5 0 % . Elec­
tric Boat com. went dowm from 470 to 453 and sold to-day
back to 470. A heavy demand for Cramp Shipbuilding ad­
vanced the prico over 11 points to 9 1 % , the closo to-day boing
at 90. Canadian Car & Fdy. was subject to rumors of large
war orders, which were later denied. The com. early in tho
week sold down from 102 to 99 then up to 110. On realizing,
it foil to 104 and rested finally at 105. The pref. after a loss
of 2 points to 114 moved up to 119 and ends the w eek at
r
117. Driggs-Seabury Ordnance fell from 112 to 110, rose to
1 1 4 % and moved downward again, reaching 106. The close
to-day was at 108. International Mercantile Marino stocks
wero features of interest. The com. after moving irregularly
between 3 % and 2 % ran up to 4 % and ends the week at 4 % .
The prof, sold between 1 2 % and 1 3 % , then advanced to 2 0 % ,
closing to-day at 1 9 % . The new com. was off from 51 % to
50, improved to 56 and finished to-day at 55. Tho new pref.
lost 2 points to 64 and jumped to 75, with trading to-day at>
70. Int. Nickel declined from 190 to 187 and recovered to
195.
Kelly-Springfield Tire com. sold up 9 points to 214.
Lake Torpedo Boat issues were active, the com. gaining
about 4 points to 18 and tho 1st pref. about 4 points to 19.
Tho closo to-day wus at 17 and 18 respectively. 'Triangle
Film strong and active, advancing from 6 % to 8 % and closing
to-day at 8 % . Oil stocks very dull and without feature.
Bonds activo. Canadian Car & Fdy. 6s moved down from
1 0 0 % to 9 9 % and up finally to 100. Del. & Hudson new
5s easod off from 101 to 10 0% and recovered to 1 0 0 % , closing
to-day at 1 0 0 % . Int. M ere. Marino 5s gained 5 points to
85. Kennecott Copper Co. Cs advanced about 6 points to
176, dropped to 168 and ends the week at 169. Mining
stocks in fair demand. Nipissing was conspicuous for an ad­
vanco from 5 % to 7 % , closing finally at 7. Kennecott Cop­
per after early loss of somo 3 points to 5 2 % recovered to
5 4 % and finished to-day at 5 3 % .
Outside quotations will be found on page 914.

906

New York Stock Exchange— Stock Record, Daily. Weekly and Yearly
O C CU PY IN G

r w o PAGES.

For record '>f sales during the week of stocks usually Inactive, see preceding cage
BTU Cti.es — ri i U a
S a tu rd i w
S e p t.
1

M on day
S e p t. 13

KaJ

» iVij

T u esda y
S e p t. 14

U>W EST

SALE

W ed n esd a y
S e p t. 15

P R IC E S

T h u rsd a y
S e p t. 16.

IOD4 101*8 101% 101%
987g 99
98-*s 99
103 103
103 103
8314 8312 82*4 83*4
70*4 70*4 *70% 71%
84
84
§84
84
153% 154
15314 154
250 350
250 350
47% 48*4 47% 48%
*11*4 12
11*4 12
*30
31% *30
31
84% 84% 83*4 84%
*12112 123*2 *121% 123%
M20 127 *126 128
‘160 170
20
22*4
19U 2D2 19*8 22
19ls 20*8
19*4 20*4
*114 120 *113 120 *114 120 *110 120 *110 120
*125 130 *125 130 *125 130 *125 130 *125 130
*32
35
*32
35
*30
35
35
*32
35
*30
*60
65
65
*58
65
70
*2f»l4 27
*26*4 27
*26U 27
27
*46
55
*45 " 55
*47 ’
*45
*35
45
*35
45
*35
40
*35
10
*139 144 *139 144
139*8 139*8 139'4 139U §139 139
415 415 *400 420
*410 425 *412 420 *412 420
*5
8
*5
8
*5
8
*5
8
8
*5
11
*9
n
*9
11
*9
*9% 11
lo u io>.i
30% 297 30%
8
29% 2912 29*8 30*8 29*4 30*8 30
50^4 5 l5
8 50% 51%
47*2 48's 47*4 50 1 5012 51
37
37'2 3773 39 > 3912 401.1 39*4 40*.| 39
s
40
118'2 118% 118>4 118*4 118 11812 118% 118*4 118% 118%
40 > 4 1 14 407 41% 40% 42% 41
8
8
4012 41
41*4
103 103 *102 101*4 102*4 103
*103 101*4 103 103
20l2 21
20'2 207
20% 20*i 20% 20%
8 203, 21
74% 75
74% 74% 74% 74%
74*8 74% 7-4*2 75
4
*20% 20*4 20*8 20's 20l2 20 > 20% 20% 20
20%

IOOI4 10 1
*98
99i2
*103 1031s
g
821 32 7
4
*70
71
83*i 84
153 153*1
*250 350
47U 47*4
*11*4 12%
30
30
84
84*8
*12112 123'2
12512 125%

100*4 t o n 2
97% 99
103 10 1
82*4 83'4
70% 70%
S
83*s 83 7
153% 154*8
250 350
48
18
*11% 12
30
30
84 U 85
*121% 12312
126 120

101 101*4
9S*g 98*8
103 104
82*4 83*8
70l.| 7014
83*8 83*4
15312 154%
250 350
47*2 48
*11*4 1214
30 lg 30's
841 85
8
1211 12312
2
120% I26is

F r id a y
S e p t. 17.

101 101%
98% 98%
102 103
82*4 83 %
70% 71%
83% 84
153% 153%
260 350
47% 48%
8
1178 117
*30
31%
84
84%
121% 122%
•126 128
■ir»i 170
20% 21%
* u o 120
124 124
*32
35
*60
70
*26l4 27
*47
*35
46
*139
43
*412 420
*5
8
9% 9%
297g 30%
50% 50%
39
39%
19
118
41% 46%
*101*4 03%
20
20%
73*4 74%
20
20%

Sales 0)
ihi
W eek
S h a r es.

351
391
08*
61
97
05
92
105
174
56*
1057
67
1101
150
120
50
98
8
301
231
18

341
34
39l2 40*
70
69
01*8 6U
*96
97
65*8 65*
92
*88
♦100 105
*170 174
56% 58
*105'4 105*
6714 69*
*11414 1161
15Us 152
*119 123
*49% 511
951 951
2
8
8
37
37*
2312 231
10l2 181

33l2 341.
401.1 421
70
70'
0U2 on
*9612 97
05% 061
592
92
*100 105
*___ 174
56*4 591.
100 100
6.8
691
*11414 1101
ISO's 151
*119 121
*4912 51
*9t'2 90
8% 81
371. 381
*231. 24'
18l2 20*

33
42%
70
61
§95%
05%
*88
*103
*151
59%
*106
68%
*114
150%
*119
49*4
§96
8%
*37%
24
19%

331
44%
72
01*
951
G
O
91
105
175
6U
1061
697f
l 10*
152
121
501
96
81
37*
25*
21

32%
417g
70
61%
*95
64
*88
♦103
*151
00%
§1 0 1%
08*i
•11tl|
*149%
*119
50
*91%
8%
367
8
25%
19%

R a n g e S in c e J a n . 1.
O n b a sis o f 100-sArjre lo ts.
L ow est

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

Highest.

H ig h e s t .

Railroads
92% Feb 24
9,850 uchlson Topeka & Santa Fe.
96 Jan 5
Do
pref. ______________
l ,300
98 Mar I
200 Atlantic Coast Lino R R ------63*4 Feb 25
-----------9.750 laltlmore & Ohio
67 Feb 2'<
Do pref------------------------910
83% Aug 13
1,90 Brooklyn Rapid Transit------6,000 Canadian Pacific.......... ........... 1.38 July 23
Central of Now Jersey---------- i250 Sep 1
35% July 9
8,800 Chesapeake & Ohio_________
10*4 Jan 4
350 Chicago Great Western--------25% May 14
Do pref________________
700
77% July26
4,300 Chicago Milwaukee & St Paul
1207 Sep 2
8
Do pref........................ —
300
118*2 July 10
300 'hlcago it North Western —
103 July 9
10*2 July23
77,025 Chicago Rock Island & Pacific
'hlcago St Paul Minn & O m .. 5114 \ nr *
Do pref________________ 124 Sep 17
12
leve ('In Chic & St Louis__ »2l Jaa lr>
53*8 Fob 17
24 M ario
45 Jan la
36 Sep 2
230 Delaware & Hudson................ 138% Aug 31
100 Delaware Lack & Western__ 499-nJau 0
4 Jan 12
0%Jan 7
Do pref.............................
2ltf
197 Feb 24
8
83,97' Erie________________________
32*4 Feb 24
49,650
Do 1st pref_____________
27 Feb 25
I)
2d pref______________
7,800
4,000 ireat Northern pref_________ 113% Jan 2
25% Jan 2
Iron Ore properties________
137,950
99 July 7
770 llinols Central_____________
1878 July 10
6,90' nterborough Consol Corp.vtc
Do pref._____ _________
70 July 10
2,101
10% Jan 16
4.350 1 nterboro-Metropolltan v t ctf

26*4 20*4 2612 2612 20
27
26*4 257g 26% 25% 20
*20
59
59
*58
59l2 59% 59% 59
*58
68l2 58'2 59
59
*7
8
*7
8
*7% 8
*7
8
*7% 8
*7% 8
*17
22
*18
22
21
*18
*17
22
*17
22
144% 145%
14212 143 §144 144
143*8 143*8 143% 143% 142*4 144
42
42
49
43
43l8 43*2 40
*45% 48
*33
47
47
119
119 119
118% 118% 118 118 *118 118%
*110 119 *110
*125 129
129 *126 130 *126 129 *121 130
*120
* 11
14
*10l2 14
* 12
8
10*4 10
14
*9% 12%
11
24
297g *20
*27
35
*20
36
•25
35
35
*27
30
*110 119 *118% 11912 *U812 119l2 *117 119 *117 118% 118*4 118%
*122
120 127>2 *127 129
125
§127 127 *125 127%
Cl2 7
7
0% 7%
7
71?
7
6*8 7
6% 0».|
14% 14
15
*14% 10
13*8 14
14% 15
13*8 14*4 13
3% 3%
*3% 3*4
3U 3l2
3% 4
3*8 3*4
3% 3%
20
20
*15
20
*15
*15
20
*15
20
*15
*5
534 *5
5
0
5*4
*5
6
5*4
*5
5*4 *5
92%
92% 91*4 92% 92
91*4 92*4 92 * 92*4 91*4 92*8 92
8
667 67% 66% 07
8
66% 07
00i2 07
07U OS's 6712 68
8 26l2 2678 26% 20% 27
27
27
2
2G'8 2 6 >
8 201 2fl7
27
109% 109% 103 109% 109% 110
108*4 10834 109 109% 109% n o
91
*81
91
*81
91
*81
91
*81
91
*80*4 90
*81
10i78 I07U 107 107*4 107% 107% 107% 107% 107% 107%
107 107
109l2 109*4 109*8 109*4 100*8 10 )*s 109% 109% 103*.i 1091.1 109 109
70
70
*08
70
70
70
*70
72
*70
72
72
*69
*
90
90 ♦
96 * ___
90 *___
90 *
96
143U 149*4 119% 150's 140's 150'4 149% 149*4 148*4 149% 148% 149%
*80% 82
s
♦80^4 837s ♦.soil 837s *80*4 837 *80*4 837g
82
85
*83
84% *83
*83
♦83
84
83
85
83
*82i4 85
*%
%
*%
*8
*l4
3
8
*%
%
*'4
*8
*8
“ 4
*%
%
%
h
*%
*>4
>
2
l2
*8
*%
'4
*3
4
312 4
4
*4
412
*3
3*4 4 %
4*4 *4
9
*8
10'2 ___ ___
8
10
10
*8
*7
*8*2 11
5
5% *4*4 5
5
6
51.
5*4
♦0
6*2
55*4 53.1
*10*2 16>2 *10«2 1612 *10*4 16>2 *10*4 16% *103.1 10 % *10% 12%
*
35
35 * ___
35
35 *___
35 *
35 *
14% 14% *14
14%
14*4 *14
141S 14 *
8 m u 14*8 14*2 14*4
33%
34
33*4 33*4 *32% 34
*33
33% *33
33U 33i2 34
88I4 8878 88*4 89
8 88% 89
88% 887
8
88ls 88*2 88 > 89
105 105
1013.1 101-1.1
15% 15*4 15% 15*4 157 157*
8
15*4 10
16
16*8 157g 16
51
507g 51
51
511
2 51
*50% 51
*60
51*2 50 lg 51
*10
11
10*8 10*8 *9'2 11*2 *9% 10% *9% 11% *9% 11%
8 58
58% 58% 58%
57% 5712 58*4 58*4 59*4 58*4 597
50
*2*4 43.
4*4 *2*4 4*4 *2*4 4*4 *2*4 4*4 *2% 4%
*23,
*0% 9
*012 9
*0% 9
*0l2 9
*612 9
*0*2 9
*92
95
95
*93
95
*92
95
*92*4 95
*93
*92
95
s
128*4 129% 123*1 129*8 129 1297 129 129% 128*4 129% 128% 129%
80% 81
sou 801 *80% 80% 80'2 80% 80% 80% *80%
23*4 *22% 23% 23
23
22l2 23
23% 23*8 23
22D 23
38*8 *37
8
38
38% 38*4 38*4 38
38% 377 38%
37*2 37%
*
lj
*
1 *
#
*18
*1«
l.
1
1
.
*%
'■
*'s
1
*%
28% 28
28%
29*4
28*8 29*8 29l2 29*j 28
*28
28% 28
**4
**4
**4 U
1%
1%
*'% 1%
**4 I*
X4
>
1%
*2% 6
6
*21.
0
*2
*212 6
♦2lj 6
*212 0
*1% 2% *1
*1
2
21
♦1 " 2>j
2
2*4
*1
*Ui
33
33
33
33
*32
35
*31
35
*30
35
*31
35
33t2
38
08
01
*95
64
♦88
*100
*150
551
2
*105
66^2
*11412
148*4
120
50
*95
S
3012
23'4
17*2

STOCKS
NEW YORK STOCK
KXCHAN q e

32*
32% 3 3 %
43*
42% 441
707.
71*
70
02
CD
61
99
98
*95
65'.
64% 05*
*88
90
91
105 *103 105
174 *151 174
597g 61%
02
104% 1017,
1011
697 721
8
70'
1HP
149% 1531
151
121 *119 121
50% 5U
501
*94% 90
96
8*
8% 81.
37% 3.8
371
251
25
25
19% 21
20

2,000 Kansas City Southern______
Do pref.......... ...................
500
,ako Erie & Western________
4,550 .eltlgh Viilloy................ .........
1,120 ,ong Island.............. ...............
400 .ouisville & Nashville______
1,530
510
100
23
3,500
4,100
8,400
ion
10.400
5.30,
l ,300
2.900
3,666
6,300
300
2.3,000

vilnnoapolls Jk St Louis_____
Do
pref........ .....................
Minn St I M S S Marie..........
Do
pref.............................
Missouri Kansas & Texas___
Do
pref.............................
Missouri Pacific...... ......... ......
Vat Itys of Mexico 1st prof__
Do 2d pref.. .......... .........
V Y Central A Hudson River
N Y N H A Hartford............
N Y Ontario A Western____
Norfolk A Western__________
Do adjustment preferred.
Northern Pacific____________
Pennsylvania_______________
Plttsb CIn Chic A St Louis__
Do pref .
.
_ . _ _
Reading___________________

2d preferred______________
ioo
Rock Island Company______
Do pref____ _____ ______
1,100
1,700 St Louis A San Francisco___
Do 1st preferred_________
000
Do 2d preferred_________
2,029
700
790
6,300
200
3,900
1,200
200
27,310

Seaboard Air Line__________
Do pref........ ....................
Southern Pacific Co_________

Southern Railway___________
Do pref________________
Texas A Pacific...... .................
Third Avenue (N Y )_______
Toledo St Louis A Western__
Do pref__ _ . .
Twin City Rapid Transit___
19,093 Union Pacific_______________
700
Do pref..............................
0,100 United Hallways Invetmcnts.
Do p ro f..____ ________
2.10C
| Do prof..............................
3,70f Western Maryland..................
100 Wheeling & Lake Erie............
Do 1st preferred................
20C Wisconsin Central...... ...........

105 Apr lit
101% Junel7
113*2 Apr 30
84% Aug 11
73% July27
93 Apr 21
174 Apr 19
32.5 Ian 22
50% Sop 7
14*8 Apr 19
36% Apr 19
98% Apr 19
130 Jan 2.'
132 Apr 15
1175 Jan 30
38% A pr 15
115 July 9
131 July29
36 Aug 10
65 Apr 1
32 Apr 8
54% Apr 5
49% Apr 3
153 Apr 19
429*4 Apr 10
9% Apr 20
18*> Apr 10
30*2 Aug 11
51% Sep 15
40% Sep 15
122% 1pi 10
40* t Sep 17
113 Apr 10
22% Aug 30
77 Sep 9
24*4 ' pr 20
78 Sop 9
20*s Feb 24 29% Aug 12
54 7* Feb 24 00*2 Apr 20
9% Apr 21
5 Jan 5
23% Apr 22
19 May27
129% Feb 24 148 Aug 11
30 Jan 11 49 Sep 15
104% July 8 126% Apr 2u
3
125 Junc25 129 Apr .>
19% Feb 1
.5
8 Sep 15
40 Feb 1 1
24 Sep 15
loo Jai, * 124 Aug 11
123 June 8 132 Apr 10
15% Apr 10
5 July 10
1.3 Sep 10 40 Apr 6
18% Apr 10
1% July-27
14*2 Aug 31
33 Ian a
7*2 June 4
4% July28
81*2 Mar 1 94 Sep 9
71% Apr 21
4.3 Feb 25
35 Apr 20
21*4 Jan 6
99% Jan 4 111% Sep 4
.5
80% Sep 2 90 June 1
99 ‘a Feb 24 112% Apr 19
103% Feb 24 111% Apr 21
65 May 17 7'i Jan Is
98*2 June 5
90 Junel9
138% May 10 157% Apr 10
81 Aug 13 90 June 12
46% Apr 19
80 Feb 28
1*s Apr 9
% July 15
2% Apr 9
% June21
7% June26
1% Mar22
12% Junc28
7 Aug 17
8 Mar31
3 Jan 18
19 Apr 2
11 Sop 9
37 Jan 21
29*4 Jmy24
17 Apr 21
11*8 July.31
12 Apr 10
30*4 July24
81*4 Feb 6 95 Apr 21
04 » Feb 20 106% Apr 19
19% Apr 9
12*2 Ju!y23
42 July23 63 Jan 26
177« Apr IP
8*2 July23
s
35 Jan 2 597 Sep 15
3*2 Aug 27
1 Jan 6
9sxJ»ii 23
5*2 May25
90 July 9 100 Apr 19
115% Jan 2 134% Apr 19
i79 Mar 1 82*2 Aug 31
8 Jau 5 20 Allg 31
21*4 M arl ) 42% Aug 28
2*4 Apr 30
% May26
0% Apr 29
% June2S
0*4 Jar : 31%Sep 4
3*4 Jon 18
*2 July28
2 Aug 2 10 Jan la
6 Jan 18
% Aug 1(1
s
28 July 14 397 Jan 21

Industrial & Miscellaneous
2t.70r (f Alaska Gold Mining.P a r $1C $20*8 Jan <
7% Jaa 12
150,170 Aills-Chalraers Mfg v t c__
33 Feb 1(
Do preferred v t c ______
u,4or
48 Jan 4
2,25f American Agricultural Chem.
90 Mar27
1
C Do pref..............................
33% Jan 0
8.00C American Beet Sugar________
83 Fejb 1
Do pref.............................
If
Amer Brake Shoo A Fctfs dep 87*4 Feb 2.5
Do pref ctf dep________ 132% Mar2.5
25 Feb 24
128.20C American Can...... ............. .....
Do prof..............................
91%Jan 5
081
40 Feb 23
34.72C American Car A Foundry___
Do pref............................. 111% May25
82 Jan 20
3.80C American Coal Products____
Do pref............................ § 105 Jan 7
10'
39 Jan 4
1..30C American Cotton Oil..............
91 June 25
Do pref..............................
21C
4% Feb 19
1,70( American Hide A Leather___
Do pref________________
19% Jan 5
2, IO
C
20% Jan 4
3,80 1 American fee Securities_____
7% Jan 2
13.76C American Linseed....................

*40% Apt
40*2 Aug
70 Aug
05 Aug
90 Sop
68% Sep

22
12
12
30
8
2

109-% Aug 9
183 Aug 9
04% Aug 10
73*2 Aug 17
1 1 Aug 0
,8
170*2 July 12
120 Sep 11
64'8 Apr 20
99% Sep 2
9% Sep 2
42% Apr 19
35 Apr go
24% Aug 30

89% July 100% Jan
<98% Dec 101*4 Jun
120 Jan
199 > Do<
8
67 Dei
98*8 Jan
69 Dec83% Jan
79 July 94U Ma
153 Dec 220i2 Feb
300 July 310 Jan
68 Jan
40 Dec
15>4 June
9% July
■IDs June
35 July
84*. Dec 1071s Feb
126 Dec- 143 Feb
g
122 Dec 1307 Feb
180 Jan
170 Jau
33 June 33 Juna
125 May 131% July
132 May 132 May
22 July
40 Jan
40 July
70 Feb
20 Mar
28'2 Jan
62 Jan
377 July
s
29 Dec
35 Mar
138*4 Dec 159'2 Feb
400*4 June
388 Jan
4 July
19>4 Jan
8 July
31 < Feb
s
20% July
32i2 Jan
32 July
49*4 Jan
40> Jan
4
20% July
lll% Dec 131*4 Feb
39U a n
2212 July
10312 Dec 115 J*n
10*4 July50 Dei
20*4 July
49's Dec
5'8 July
17 Apr
118 July
28 Jan
125 Dec128 Jan
9% July
27<2 June
101 Dec
130 June
8's Dec
20 Dec
7 Dec
30 Jan
5 Dec
77 July
49*8 July
18*4 Dec
90>2 Dec
85 Jun
90*8 Dec
;02% Dei
04's Juiy
95 June
137 July
87 July
18O Dec
*s Dec
1 Dec
2 Apr
8 May
2U Dec
177* July
36 July
10% Dec
45*4 Jan
81 Deo
927 Deo
s
14 Dec
58 Dec
11‘* Dec33 July
2 Dec
4*, Dec
3478 July
1 12 July771! Deo
7*2 Dec
22 July
ij July
1*4 Dec
10*4 Dec
2i, July
814 July
3 Dec
29*4 July
*19% July
6 July
32i2 July
47*4 Jan
9014 Dei
19 July
00 May80 Apr
;29% Jar.
19n July
SO July421., Dec
1 12 July
182 Jan
>102 Jan
32 July
93*s Juno
M4 July17 July
197 July
s
7i? July24 Dec
20U July
90 Jan
414 Dec
30 Dec
79U July
50% July
97*3 Apr
148 Dec
997 Jan
s
2713 July
97 Mar
1077 Mar
»
114 July
215 Apr
101*> Jan
12 July
72I3 Mar
*?4t, Doc

19 Mar 2 68 Apr 16
54
571
67
581 69,01 American Locomotive............
56% 577
75 Mar t 100% Apr 10
97 100
*98 100
1,01 ) Do pref.............................
98
§98
8 Aug 31
37g Apr U
*6% 71
*0% 7
7
20 1 American Malt Corporation..
*0%
32*2 Mar* 1
Do pref______ _____ ____
21*2 May27
26% 20*
26
20
00
26% 20*
807 *79
78 Jan 19 83-% May 5
80
81
81
.30 Amer Smelters Sec pref B___
*80
56 Jan 2 84*2 Junel4
80% 82
80% 81
18,40 ) Amer Smelting A Refining__
80% 81
too Jan A 108*2 Aug 1"
*106 107
IO6I9 1061
40
105 Apr 22
51601# 1501
153 * 118 153
5
*103 ___
*105
103 Jan 19 10612 Apr 20
24% Mar 5 58 Allg IS
52
54*i
54
50
22,03 Amer Steel Foundry (new)..
5412 551
114% Apr 23
99% Feb 2
1,50 American Sugar Refining___
108% 1031 103 108* 108 1081
(1
*113 116
109 Feb 5 115*4 June 1
*114 115
10
123 123
2,97 vmer Telephono A Telegrapl 110 Jan 4 124*i Juncl7
123% 124'
123% 1231
40
227 227
228
x 2 is
Mayl4 252*2 * or 22
20
103*4 Jan 4 109*2 Sop £
*106 108
108 108
15*4 Mar 6 45 Sep 10
10,90
43’4 441
44
4311 44
1*4% Aug 14
1,10
77*4 Feb 27
94
941
z027s 93»
2
71% 72*
71% 71* 32.30 6 Inacnndn Conner P ar JT «S21% **-01)24 e«30 i
70*8 71-*!
707 71*
8
* Bid and asked prices; no sal s on this day. t Ex-rlghta. § Less than 100 shares, a Ex-dly. and rights. 6 New stock. « Far *25 per share,
per share, s First Installment paid, x Ex-dlvldend. « Full paid.
52i4 52*
5112 521
*97
98
97
97
71
*5*2 71
*7
*27
*201 29
2
29
*80
81
81
81
80% 81
80*2 8U
*100 107 * 10611 1071
*150 153 *151 153
*105
*105
6 11 511 2 5D4 52
!
*108 110
109 109
*1 10 110 *114 118
8
122*4 122* 1227 123
*225 21?2
230 230
1091. 10912 *108 109
431
42*4 441
94
94
93*8 935
69*8 707
09'4 097

527 531
g
97'2 971
6*4 7
253., 20
8 1is 811
80*4 82
*106 107
*146 153
*103 . . .
51
52*
108*8 1081
ni^s 1147
1227g 123
*225 233
*1071 1091
,>
43
441




" 10*8 J»n’

05*s June
28*2 July
02 J, «
9
Jan
21%Jan
156% Jaa
30 Feu
l417 Jan
s
133 Feb
lOM Jan
3513 Jan
137 Feb
145 Feb
24 Jan
00 Jan
30 Jan
34 Feb
14 Jan
90*8 Jan
78 Jan
31*8 Jan
io57 July
s
90 Apr
U8' j Feb
115J Jan
2
91 Feb
101 Mar
172*4 Jan
89*8 Juno
93 Jan
10*8 Jan
25 Jan
6*8 J»n
17ij Jan
9*4 Jan
26*4 J»n
65'« Jan
22*8 Feb
58 Feb
9!)i2 Jan
lOOij Jun
28*4 Feb
85‘4 Feb
17*4 Apr
45*4 Jan
12 % Jan
23 Jan
108*2 Jan
164*8 Jan
SO Feb
23*4 Feb
4914 V ar
4*8 Jan
13 Jan
35 Jan
0*8 Jan
21 Jan
1 1 Jan
48 Feb
S287 May
8
I4'i Feb
49 Jan
59'i Mar
97*3 Jan

331, Deo
80 Deo
97'2 Feb
l407 Feb
»
35% Jan
90 Jan
53>2 Feb
11878 July
}86i2 M ar
107 July
46*3 Feb
97*8 Mar
6U Feb
25*4 Feb
32*4 Feb
11*8 Jan
31*i Jan
3714 Jan
1021s M ai
9% Jan
60i8 Jan
85 Jan
711* Feb
105 Jan
172 Jan
100*4 July
3712 Feb
1097 Jan
8
115 Deo
124% Jan
250 Ma
109 Jun
207* Jan
«3 Jan
*3x14 eon

d Quoted dollar

NewYork Stock Record—Concluded—Page 2
F or re c o rd o f sales d u r in g t h e w eek o f s to c k s u s u a lly in a ctiv e , see s e c o n d p a ge p r e c e d in g
STO CK S— H IG H E S T A N D
S a tu r d a y
S e p t. 11

M onday
S e p t. 13

T u esd a y
S e p t. 14

LOW EST SALE
esd a y
. 15

P R IC E S

T h u rsd a y
S e p t. 16

.Halts o f
F r id a y
S e p t. 17

the
W eek
S h a res

STOCKS
NEW YORK STOCK
EXCHANGE

R a n g e S in c e J a n . 1.
O n b a s is o j 100 s h a r e lo ts.
H ig h e s t.

907
R a n g e f o r P r e v io u s
Y e a r 1914.
n ig h ts t.




-

-

T

-

-

Industrial & Mlsc. (C o n )
78% 79% 7834 80*4 79*4 81*8 80
81*8 79
80*2 80
81% 41,050 Baldwin Locomotive______
85 July27
26% Mai
38% Jad
*104 IO6I2 *104 100*2 *104 108
52% Mch
106 106
106% 106%
200
Go pref_____________ I
Mar
102% Jan
110 June
i u 1% *1*8 1*4 *1*8 1*4 * 1*8 1 % *1 % 1 % *1 % 1 % 300 <t Ratopilas Minina. . . P a r J20 92 Feb t 106*2 Sep
**2
*2 Apr
312 312
1% Apr
>1% Feb
320*2 335
337 349*2 345 350
336 340
12 ,10 0 Bethlehem Steel_
335*2 347
_
142 142 *142 150*8 145 152
40*4 Jan
350 Sep 15
29% Jan
4e% Deo
151*< 159% 1 15412 169
165 169
4,680
Go pref_______
91 Jan
130 Aug 12
*127 132 *127 132
68 Jan
91% Deo
127 132 ■126 133 *127 133 *127 133
Brooklyn Union Gas_________ 118 Jan
1321* Apr 30 118 Gee 180 Jan
65
66 >
8 66*8 6678 60*8 07
66*t 67*2 x 5 0
60
60% 60% 12,650 dButte*SuperlorUop.Par$l6 S56t2 Aug 23 *79%June 4
17*8 17*4 17*4 18
18
18
17*8 17*8 *17*2 18*8 18
18*8 2 500 California Petroleum v t ctfs.
8 July2l
*40
44l2 45
21% Feb s
15% Gee
30% Feb
45*4 44*4 44*4 44
44*4 43*4 44
*42
43
1,400
Go pref____
30 July2.i
54*4 Feb s
50 July
43*8 43*4 44
68 Meb
44*8 44
44*8 44
44*8 43*4 44*4 44*4 45*4 15,245 Central Leather.
32% Feb 2< 46 Aug 19
{104 104 *104 106
25% Jan
38% Deo
104 100 *105 100
105*4 105*4 106 106
250
Go pref___ . ___________
106 Aug 26
Jan
94% Jan
44 > 44*8 44*4 45*4 44*2 45
8
104 July
44*8 45
*43*8 44
44
44*4
7,300 d Chino Copper............ P a r 35 100*8 Jan t
32*4
49*4 Apr 2 > *31% Gee 844 Feb
*
44*4 45*8 45*8 47*8 46
47
52*4 58*8 190,800 Colorado Fuel * Iron___
45*4 47*2 46*4 54
21*4 Jan
58%Sop 17
20*j
34*2 Feb
127*2 127*2 126 126
126*2 127*2 12078 1267 126*4 127*2
8
900 Consolidated Gas (N Y ).
" 113*4 Jan 4 131*4 Apr <0 1 1 2 % July 139% Jan
82* 82
Gee
*81
83*2 83
83
837 86
8
*84*2 86
85*2 85*4
900 Continental Can_________ 1.1
40*4 Jan i 94% Aug 16
♦10212 106 *102*2 106
37*2 June
45% July
102*2 106
10212 106 ' 1033j 105
104*4 106
Go pref_________
88*2 Jan 0 104 Aug 19
16% 17
84 July
91*4 July
17*8 17*8 17
17*2 17*8 17*8 17*4 18
17*2 18*8 12,300 Corn Products ReflninglHIH
8 Jan 2
83
83
19% Aug 30
83
83
13% Jan
7 July
*82
84
*82
84
84
84*2
84*4 84*4
700
Go pref__________
"
65 Jan
85 Aug 30
85*8 87'4 87*2 91
72 Jan
58% July
91*2 95*4 93*8 96*4 92*8 94*2 91*8 95*4 258,870 Crucible Steel of A m ericallll
104% 104*4 105*2 105*8 106 107*2 1057 107*2 106 100*2 105*8 100
18*4 Mayli
96‘1 Sep 15
8
5,574
Go pref________________
*112 113*2 115 115
84 Mayl
107*2 Sep 14
117 117 *108*2 118 ■no 1 1 £
113 114*8
700 Cuban-Amerlcan SugarlZIIII
38 Jan 2
125 July 22
*107 110 *107 110
1 10 n o
■100 105 *102 104
100 110
Go pref...................
¥
100
93 M arl
110 Sep 14
26
26*8 26*8 27
Dec
90 Deo
25*4 267
8 20
267
8 25*4 20*4 25*2 257
8 7,700 Oilfillers’ Securities CorpIIII
5*2 Mar
30% Aug 10
2 1 % 2 112 21*8 21*2 21*2 21*2 21*4 21*2 21*8 23*2 227 23*8 15,500 d Gome Mines Ltd__ P a r j l o
20% Mob
July
8
1*16 June2
424*4 July 15
72
72
72% 74*2 73
74*2 72*8 72*2 72
72
72
73
1,500 Electric Storage Battery . .
78*2 Sep
69 Sep
*2512 28
25*4 2534 25*8 25*8 26
*26
26
30
26% 26%
400 Federal Mining 4 Smeltingll
8 Mar2
80 Junel2
44
44
15 Jan
7*4 May
44
44
44
44
44*2 *42
43
43*| *42
45*2
700
Go pref............................ 2
20 Marl
65 Iunel2
*28712 292 *285 292*2 *287 293 *285 292*2 *285 292*2 *285 292
28% Dec
43 Jan
General Chemical___________ (65 Jan 2 300 Aug 26 160 Apr
<
•110 115
'110 114 *110 114 *110*2 114 ♦ 1 1 1
180 Jan
115 *109 114
Go pref_____________ __~I
{113 Sep 10 107% Feb 110 June
170*2 171
170*8 172
171 172*4 171 172
170*4 171*2 170*4 173*8 0,466 General Electric___________ I 106 Mar
I 78*2 Aug 26 137% Dee 150% Feb
138 Mar
255*2 261*2 258 262
263 268
257 266
257 266
279 291
13,425 General Motors vot tr ctfs..
82 Jan
291 Sep 17
114 115
37*f Jan
99 May
115 115*2 115 115 *113 115
114's 115
115 115
1,892
Go pref
90% Jan
115*2 Sep 13
70 July
61*2 62% 6278 63*4 62*2 63*8 62*4 63*4 62*2 63*4 63*4 65*4 54,590 Goodrich Covoting trust ctfs
95 Feb
(B F)_________
24*- Jan
6.534 Sep 17
*106 108*2 108 108 *107 108*2 103*8 103*8 108 109*2 *108 109
19% Jan
28% Apr
Go pref______________ " *
1.150
-r 109 Sep 8
63*2 64*8 63*4 64*2 64*4 653s 64*2 64*2 64*2 64*4 64*4 65*4 4,800 d Guggenheim Explor. P a r *25 95 Jan 1
79% Jan
95 Deo
568% Aug 27 *40*2 July 857% Apr
*45*8 Jan
*117 118*2 ♦117 118*2 *117 118*2 *117
*117
____
*117
ITomi's take Mining_________
» 120 J dv 2 109*4 July 1122% Meb
34*4 34*2 34*2 34*8 34*4 35
34*4 35*8 34*8 34*4 34*4 347 12,700 d Inspiration Con Cop.Pur *20 (114 Jan
8
8106 Jan
*
436% Aug 28 *14% July 819% July
19
19
*18
20
♦16
20
*16
20
19
19
19*2 19*2
800 Intermit Agricultural Corp__
24% Aug 30
5*2 Mar 31
*33
40
4 Jan
*35
*33
38
37
*35
38
10*2 July
38*8 38*2 *37*2 39
710 Do pref________________
8 Mar If
42
105 105
13
100 106
36
1067 109
8
107*4 108
107 107
105*4 106*2
2,000 International Harvester of N j 90 May 10 114 Aug 28 82 May 113% Jan
June 4
•------ 117
Jan
July
117 * ___ 117
*
117 117
*110
Go pref________________ 110 July 13 117 Jan 2u 113% Jan
*69*2 75
70
70
*69*2 75
118% July
*70
75
*69*2 75
*69*2 73*4
200 International Harvester Corp.
55 Feb 2i
80 Apr 10
82 Dee 1 1 1 % Jan
1
____ 117 * ___ 117
*
117
'____ 117
Go pref________________
"16" To'
90*2 Mar 6 114 Jau Is
114% May 118 July
*9*2 10*2
*9*2 10*2 '*9*2
0'*2 10
10*8
9*4 10*2
2,850 International Paper_________
12 Apr 19
*38
39
8 Jan
*35*2 39
*38
39
10% Feb
6*4 July
*37*2 39
38
39
39*8 39*2
900
Go p r e f................ ....... ¥
43 Apr 19
33 Feb 24
*76*2 83
41 Jan
30 Gee
*70*2 83
*76*2 83
*76*2 83
*76*2 83
76*2 83
Kayser & Co (Julius).
76 Aug 24
88 Apr 26
*108 114 '108 114 *108 114 '108 114 *108 114 *108 114
80 Jan
94 June
Go 1st pref______
109 Apr 1» 106 Mob 108% May
*154 160 *154 168 *154 168 *154 168 *154 168 *154 168
107 Jan 1
Kresge Co (S S)______
* 1 1 0 112 *1 10 112 * 110 112
99 Jan 1 160 Aug 24
105 Feb
81 Jan
1 2 112 * 1 1 0 112*2 * 110*2 112*2
1
Go prof__________
100
105*4 Feb I 112 Sep 15
67*4 68
68
69
99 Jan
(05 Meb
08*8 70*4 69*4 71
67*4 69*4 08*s 70*4 27,650 Ackawanna Steel........
103 103
28 Jan
72 Aug 30
102 103 *101*2 103 *101*2 103 *
40 Jan
26*2 July
103
102 102
‘
400 I.aclcde Ga* (St Louis)
*223 230
92% Jan 15 106 Apr 13
224*4 224*4 *220 225 *220 224 *220 224 *220 224
85 July 101 Feb
100 Mggett <fc Myers Tobacco__ 207 Jan
*116 120
231 Apr 2.1 207*2 Der
119 119 *110 120 ♦115 120 *116 120 *116
231 Meb
119*2
170
Go pref
23*4 23M 23*4 23*4 ♦23*4 24*4 *227 24*4 *227 24*2 *227 24*i
113*4 Jan
1 19% Sep 9 111% Jan
118% July
8
8
s
200 Loose-Wiles Biscuit tr co ctfs
*92
97*2 *91
16 Feb I i
31 Jau 1 j
97*4 *917 92
88 Jan
26 Dec
8
*91*2 97*2 *917 97*2 '90*8 97*4
8
Go 1st preferred________
60
60
86 Feb 20 105*8 Jan I
----65 *
*05 Meb
101 Apr
------------------ * 05
65
* -----65 65
*55
100
Go 2d preferred________
65 M arl]
*168 178*2 *168 180 *168 180 *168 178*2 *108 178*2 168
60 Junel5
95% June
89 Jan
Lorlllard Co (P)___________
184 Mar
165*2 lan
*112 117*4 * 1 1 2
...
112 112 * ------ 115 *111 115 110 178*8
16O July 190 Apr
115
Go pref.............. .............
112 Sep 14 118 Jan 1
*70
78
il7% July
*75*4 78
110 Jan
*75
78
*70
78
♦75*2 78
75*4 78
Mackay Companies________
72%Jan 11
827, May 6
*66*2 68
*60*2 68
87% Feb
61 July
*60*2 68
*66*2 68
* 6 6 * 2 _____
* 66*2 68
Go pref_______________
65 Feb 26 611*4 Jan 1
42*2 43
43
43
70 Jan
65% Jan
4234 45
44
45*4 *44
45
44*4 46*2 10,100 Maxwell Motor Inc tr ctfs..
>
15*4 Jan u 5 > Apr 14
87
87*2 88*2 88*2 88*2 88*4 87
15% Deo
14% Gee
89
87*4 87*4 88*2 90
3,550
Go 1st pref stk tr ctfs__
43% Jan 2 92% Aug IS
*35*2 36*4 35*4 30
44 Deo
41% Ge>
30*8 36*4 367 37
8
*36
37
36*2 38*8 4,400
Go 2d pref stk tr ctfs___
18 Jan t
> 44 Ma>
*39
44
17% Deo
17 Gee
*30
44
♦36
45
*35
44
♦36
May Oepartment Stores
*94
96
35 July 12 .50 M ar
*94
90
51*2 June 69% Jan
*94
90
*95
90
*94
Go pref___________
94% Apr 27 r98% Mar If
83*8 84*4 84*4 86*2 84*2 80*4 84*4 85*4 84
97*2 June *01% Feb
85*4 84*4 85*4 28,800 Mexican Petroleum____
*84 ___
51 Jon 9 97 Apr 21
73*2 Feb
46*2 Jan
*82
87*2 *82
90
*82
90
*82
87*2
Go pref_________________ 67 Jan 16 94 Apr 2ti
26*2 26*8 2634 27
87 Feb
67 May
20*4 27
27
27*8
27*4 27*2 27*4 27*2 9,900 Miami Copper______P a r *5
55*4 56*4 56
t> *16% Dec 824% Feb
50
517*4 Jan ts $29% Apr 2
56
58
157*4 58
57*4 57*4 58
58
3.100 Montana Power__________
*103 107
103 107
42 Jan 4 50 Sep
62% June
41 Gee
106*2 106*2 *102 105*4 *102 105*2 105 105
Go pref______________
380
*120*4 124
120*4 121 *120*4 124
99 Jan 29 107% Sep
103% June
(01 Apr
1227 1227 *120*4 124
8
8
100 National Biscuit__________
122*2 122*2 *120 124
116 Apr 3 132 Jan 22 120 July 139 Feb
120 124 *121 124 j *121 124
100 Go pref______________
126 Feb
*81*4 84
*81*8 83*4 82
119 May26
82
128 June
119% Jan
81*8 81*2 82
82
♦81
83*2
600 National Cloak 4 Suit........
*107 109 1*107 109 *107*4 109
68 Mar2.> 90 Aug 27
108*3 109 |*107*4 n o
109 109
300
Go pref______________
Apr 27
24*2 25*2
25*4 26*4
Mar2
25*2 27
26*8 27*2
26
207
8
26*2 27
6.100 Nat Enameling 4 Stamping 100*2 Jan 4 109 Atlg 25
*85
90
♦85
90
9*2
29*4
*85
90
14 Feb
9 July
*86
90
*86
90
*87
90
Go pref______________
79 Apr 1 90 Juiy27
63*8 63*4
63*4 63*4
63*2 64*2 63*4 64*4 63*4 63*8 63*2 03*2
80 June 86% Meb
3,200 National I.cad-............. ......
44 Jan 4 70*4 M
♦109*2 112 *109 112 *109*2 112
52 Jan
40 July
■ 110 1 12 *109*2 112 ‘ 110*8 HI
Go pref______________
104*4 Jan 4 112% Sep 10 105 Jan
*14*2 1434
14*8 14*4
1434 14*4
109 Feb
14*4 147 4:14*2 14*2 *14*4 1434
8
1.900 d Nevada Cons Cop__ P a r *5 5 11*4 Fob 24 $ 16'n A pr 2
143 143
146 146
145 140
(10% July 816% Jan
145 148*2 144*2 145*2 146 140
4.000 New York Air Brake
56*2 Fob 26 152 Sep :
71*2 71*2 *71*2 73*2 *71*2 73
69 Jan
58 July
*71*4 71*4
72
73*2
73*4 75
9.700 North American Co (now)__
64 Jan 19 81 Apr 21
30*8 30*2 *30
30*4
79% Mob
64% July
30*8 30*8 30*8 30*2 30
30
30*8 31*2
900 Pacific Mall
*32
3L
18 Marl7
38 Aug
*32*2 35
*32*2 35
17% July
29 Jan
32*2 3212 *32
35*4 *32
34*2
200 Pacific Telephone 4 Telegraph
*115 110 *115 110 ♦115 116
26*8 Feb 1 1 39% Apr 16
31 Jan
20 July
115*2 116*2 117*8 117*2 110
116
1.000 People’s Gas Lt 4 C (Chicago) 112*2 MaylO 123** Apr
80
87
86*2 8S*a 88
89
106 July (25 Jan
*86
88
87*4
87
87*4 3,400 Philadelphia Co (Pittsburgh)
71 Apr
90*2 Aug 29
32*8 32*2 33
33
33*4 33*8 33*2 87
33*8
33
33
32*8 33*4 6,225 Pittsburgh Coal.
35% Aug 2
15*4 Jan
100*2 100*2 100 100*4 101*2 101*2 100*4 100*4 10 1 101
23% Feb
16 Dec
99 100
1.900 Go
pref____
62
81% Jan
100*2 Aug 2s
60
61*2 62*2 61*2 62*2 60*2 61*2 60*4 64
60*2 61
93% Feb
79 Der
18,600 Pressed Steel Car
*98 100
67 Aug 16
*98 100
98*2 98*2 *98*2 100
26%
46
*98*2 100
*98*2 100
100 Go pref________________ 26 M ar 6 102% Jan 26 97% Jan 105% Feb
86 Marin
*100 107 *100 107 *100 107
Mob
100*2 100*2 *100 107
' 100*4 100*4
100 Public Service Corp of N J . . . 100*2 Aug 24 110*4 Apr 22 107 Jan 114 Apr
*157 160 *157 160
1507 158
s
Jan
158 160*2 *159 161
100 161
1.900 Pullman Company..
3
3
*3
*2*2 3
160‘s M ar 12 167 Junel4
3*2
160 Dec 169 Jan
*2*2
3
2*8
2*8
*2*2 3
200 Quicksilver Mining..
*2% 4*2 *3
4*2 *27
4*4 Aug
8 4*2 *27
*4 M arl
2% Jan
% June
8
4*2
*27
8
4*2
*278 4*2
Go pref________
37% 38
6% Junel5
38
38
4 Jan
*4 Mar29
37*4 38*4 37*8 39
1*2 June
38*2 39
39*2 407
8 3,600 Railway Steel Spring
*91
92
♦91
93
*91
93
19 Mar 6 44*4 Aug 18
34% Feb
*91*2 93
19% July
*92
94*4
92
92
200 Go pref________________
22
22% 22*4 22*2 22*4 22*2 r2 l% 22
22
22
87 Mar 3 95 Apr 19
88 Dec 101 Feb
2178 22
9,650 d Ray Cons Copper 7~ P a r *16 515*4 Jan
42% 42% 42% 43% 43
*26% Apr 26 815 Gee 822% Apr
43*8 43
43*4
42*4 437
8
46*8
*10 1 102
101*2 10 1% 1 0 17 10 1 7 *99*2 100*2 997 9978 43*4 99% 46,600 Republlo Iron 4 Steel
19 Feb
47*i Aug 17
s
s
27 Jan
18 Gee
8
997
8
1,010 Go pref_________
5%
5
5*s
72 Jan 30 102% Aug 19
5%
5% 5*2
91% Mob
75 Dec
3*8
5
3*4
37s
37
s 6*4 12,650 Uumoly Co (M )_____
14 Aug 15
8% 8%
% Jan 22
8% 8%
8
8*8
18 Jan
3% Dec
7*8
77
8
7
7*8
7
10
6,000
Go pref___ 1____
154 154
155 155 *153 156
2*2 Jan 20
18*4 Aug 12
41 Jan
20*4 Apr
154*4 154*4 *153 155
153*2 155
1,275 Soars, Roebuck 4 C o.
131*4 MarlT 209% ken
*1257 ____ 124 *4____ 121*4___ * 1 2 4 * 4 ____ 124*4 124*4 124*4 124*.
8
170% July 197% July
200
Go pref_________ _______
*52
53
54
52
52*2 *52
125*2 Feb
120 Dec 124% Juno
*51*2 53*2
51
53
52*2 54*2 3,200 Sloss Sheffield Steel 4 Iron.. 121%Jan
24 Jan
56% Aug 19
*55*8 66
{56
50
557 55% 57
8
62
86 Jan
19*2 July
64
05
63*2 65
850 Standard Milling
*72*2 73*2 *72*4 73*4 *72*4 73*4
4312 Feb 23 65 Sep 16
73*4 73*4
32 Jan
46 Deo
70*2 76*2 *75
76*2
Go pref_____
_______
200
68 Feb 17 76% Sep 16
113*2 115*8 115*2 117*4 117*2 118*4 116*2 118
59*2 Dec
6712 Deo
115*2 117*. 118 120*2 53.460 Studebaker Corporation (The)
*105*2 107
35*4 Jan
120% Sep 17
105*2 105*2 106 100
106 106 *105*2 107*2 106 108*2
36% Mob
20 Jan
400
Go pref______
54*2 50*2
91 Jan 2 107 Aug 17
55*2 56*4
57
70 Jan
56
92 May
57*8 54
4.54*2 55*8
54*8 56
29.100 d Tennessee Copper. . . P a r *25 $25*2 Feb 24 *65 Aug 20 424% July 136% Feb
152 ----152*2 153 154
8
155 156*2 1547 155*2 155 155
154 155
3,900 Texas Company (The)
80
80
*79
82
120 Mayl4 157 Aug 30 112 July 149% Mob
82
*80
*80
82
*80
82
79*8 80
300 Underwood Typewriter
*100 1 10
100 n o *100 110 *100 110 ♦loo n o
55 Feb 1
81 Aug 31
73% June 88 Jan
*100 110
Go p r e f........ ........
7*8 *0*2 7*2
* 0*2
0*g 6*8 *6*2 7
98*4 May22 105 July2(i
103 Geo 113 Apr
6*8
6*8
*0*2 7
300 Union Bag 4 Paper___
27*2 27*2 *25
4*» Jan
28
*25
8% Aug 13
28
♦25
28
8% Feb
3% June
*25
28
*25
28
100 Go pref............ ......
48
48*4 48*4
48
22% July 13 30% Ap> 6
48
18% July
48
32*2 Feb
47*2 50*4
50
50*4 SO
55
0,36f United Cigar Mfrs____
*102 104 *103 104
102
42 Jan 25 55 Sep 17
101 ' 104 101
39 Dec
50% Feb
■ 102 101 *102 10 1
100
Go pref__________
21 21
20*4 2112 *20
2 1 12 *20*4 21*4 *20
99 Jun.l 103% Feb
21*4 21*4 22*8 3,300 U S Cast Iron Pipe 4 Foundry 100 Junel9 05
45
*30
45
*33
*30
8 Jan
45
23*4 Aug 17
*30
45
13% Jan
7% June
*32
45
*30
45
Go pref________________
67
*65
66*4 69
68
32% Mar
47*2 Aug 12
09*2 *65
30 July
49 Feb
68*4
65*2 65*2 *64
68
1,800 U S Express________________
747 75*8
8
75*4 707
8 76*4 80
73i.i Mar 9
60 July27
87 Mob
46 Jan
80*4 85*2
83*2 85*4
81
85
42,300 U S Industrial Alcohol______
*98 100
*97 100
15 Jan 27 85% Sep 15
98 100
20 A r
15 Dee
*98 100
*9S 100
997 997
8
s
100
Go pref________________
49*2 49*4 50*4 50
49
50*4
70 Jan 26 99% Sep 17
50
51
85% Jan
75 Dec
50*2 52
51*4 52*4 12,200 United States Rubber______
•103 105 §103*2 103*2 {103*2 103*2 *103*4 105
44 July2t
74% Apr 14
44% July
63 Mob
104% 1047 10l7 104%
8
s
343
Go 1st preferred_________ 101% Feb 24 110 Apr 9
73*4 74*8 74*8 757
8 7478 76
96% July 104% Jan
747 75*4
8
74*4 75*8
74*4 75*8
8
113*8 113*4 113*8 1137 113*2 113*8 113*2 113*2 113 113% 113*4 113*2 309,100 United States Steel_________
38 Feb 1 77% Aug 18
67% Jan
48 Deo
5,650 Go pref________________ 102 Feb I 114% Sep 9 103% Dec 112% Jan
65*4 60*4 65*4 66*2 66*8 67*4 66*4 67*8 465*2 66
65% 60*8 13,570 d Utah Copper............ P a r *10 $48*2 Jan 6 *73 Apr 26 845** Dec
*36
39
36*4 38*4
37*2 38
859% June
37*2 38
37*8 377
8 38
38*2 3,000 Vlrglnla-Carollna Chemical__
105 105*4 *105*4 100
103 106 ♦105 106
15 Jan 4 41% Aug 30
34% Mob
17 Dee
'103 106
105% 105*2
300 Go pref________________
*59
03
59
59
*55
56
80 Jan e IO6 I4 Sep 2
96 May 107% Meb
58*4 58*4
59
60
00
01
800 Virginia iron Coal 4 C oke..
75*8 76*8 75*8 76*2 76
76*8
36 June 9 66 Sep 4
35 July
52 Mob
76
76*2
76*8 767
8
76*2 7fl7
8 5,800 Western Union Telegraph___
113% 115
115 116*8 115*8 116*2 110*8 117*2 115*4 117*8
57 Jan 2 77 Sep 8
53% July
66% Feb
135 135 *134*2 137*2 *134*2 137*2 *134*2 137*2 134*2 134*2 115*4 117*8 184,850 Westinghouse Elec 4 M fg__
64 Feb 2a 120*4 Aug 17
64 Jan
79% Jnly
*133 137
200
Go 1st preferred_________
185 188
187*2 188*2: 187 188*4 186*4 187
Mar 12
124% June
183 180
188*2 192*2 7,060 Wlllys-Overland (The)_______ 117 Feb 2 136 A ugli 116% Jan
*107*2 108 *105*2 108 |*100 108 ♦105*2 103
87
196 Aug 13
'105*2 108
105*2 108
Go pref________________
*105 106
105*8 105*8 *105 106 *105*2 106
96 Feb l: 107% Sep 1
1057 1057 *105 106
8
8
Woolworth (F W )__________
*120 124
120 124 *120 124
O '* , Jan
111*2 Apr 14
89 July 103% Feb
120 124
120 124 *120 124
Go pref__________ ______ 115 I«n
1 11 Aug 14
12% Jan
118% Moh
dividend?
^
°a ^
1 * *
100 shares. t Ex-rlghts. a Ex-dlv. and rights, b New stock, d Quoted dollars per share, s Ex-stock

90S
Jan.

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

th e B x ch a n g e m eth od

BONDS
N . Y. STOCK EXCHANOK
Aeek Ending Sept. 17.

£ _
gfe

o f q u o tin g b o n d s

P r ic e
F rid a y
S e p t. 17.

3 id
4 Sk
IJ. S. Government.
98
D 8 2 n consol registered— 01980 Q J 97
97
U 9 2i conaol onupon------- d 1930 Q J
O S 3a registered............ ..A 1918 q - I* 101 Sale
'
O H 3d cou p on ----------------- *1918 Q - F 101 Sale
C H 4s registered__________ 1925 Q - F 10912 Sale
J
O Q 4a coupon------- ------------1925 q - F 10912____
O B l»ac Canal 10-30-yr 2a.* 1930 q - F 90 ___
U S P n Canal 10-30-yr 2 s.. 1038 q - N
U 8 Panama Canal 3s g----- 19(51 q -M 100*2 —
U 8 Philippine Island 4s. 1914-34 q - F _____100

Foreign Government
Argentine— Internal 5a of 1909.. M- 8 t ------ 92
74*4
Chinese (Ilukuang Ry)—5aof 'l l J -D t . .
95«2 90
Cuba— External debt 5s of 190 V M
F.xtcr dt 5s of *14 ser A — 19451 F - A 91 Sale
External loanl i-^s---------- 1949 F - A ____ 83
80
Japanese Govt —£ loan 4
1925 F - A t 77
77
Second series 4H ?---------- 1925 J - J t 70
Do do "German stamp”
___ t 73 Sale
Sterling loan 4s_________193 1 J - J ♦----- - 70
82
Moxlco— Exter loan £ 5s of 1899 q - J t 85
Gold debt 4s of 1904........ 1951 J - D
yo
B r ov of Alberta— deb 4 H a .. 1924 F - A t - - Tokyo City— 5s loan of 1912----- M- S f -------- 79*t
t T h e s e a r e p r i c e s o n th e b a s is o f

10a *

c n a n g e d . a n a p r ic e s

H io b

97 Sep T5
97*2 July’ 15
101

101*2

10 1
10 1
109 la 199*2
109*2
10912
97*2 M a y'll
97 July To
10134 Aug To
100 Feb '
JunoT5
• iiy’ 14
Sep T5
91
Aug T
76

77
73
78'i June’ 15
79l_i Apr *n
05 July’ 14
95*2 Jan T.
80 May* l

80

99*.:

03*a

97*2
04
85*2
84*2
82
79*4

90
80
737*
7 l7
8
70

95*2 95*2
78
82

i5 io £

State ami City Securities.
N Y City— I Vis...................... 1900 M - 8
4 is < orpornte stock_____I9fit M- 8
4^sCorporate Ftok (wD.1965 J -D
4 Hs Corporate stock____ 1903 M- 8
4% Corporate stock_____ 1959 M -N
4% Corporata stock_____ 195* M- N
4% Corporate stock_____ 1957 M -N
4% Corporate stock_____ 1950 M -N
New 4Hs............................1957 M- N
New 4H s........................... 1917 M- N
4H % Corporate stock ... 19571 -N
M
4H % Assessment bonds.. 1917 M -N
8 H % Corporate stock .. 1951 M - N
N Y State—4s..................... 1961 M- 8
Canal Improvement 4 s ... 1901 J - J
Canal Improvement 4s .. 1902 J - J
Canal Improvement 4 s...1900 J - J
Canal Improvement m s 1901 J - J
Canal Improvement 4V{a_1965 J - Ji
Highway Improv't 4 H a.. 1903 M- Sj
Highway Improv’ t. 4H 9--I90 (VI- S1
Virginia funded dent 2 3s .. 1991 J - J
6s deferred Brown Bros etfs

a .'/—

" a n d i n t r 6 3 t ” — e x c e p t fo r in c o m e a n d d e fa u lte d bon d s.

BONDS
N. Y STOCK EXCHANGE
Week loading Sept. 17.

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

ir e n o w

99*4 Sale 98*a
97*4 10U'2
90*4
99
99
99*4 93*4
97*4 1005a
102
10158 102
1 0 1 ?8 102 1017a
102
101-8 102 > lOT'a
8
1015a 105*4
95*4 Bale 9-13g
95*4
01
97*a
91*2 97
95
95^8 945a
91*8
95
91
97
95
95*4 91*4
94
94
971
,
91
91*4 91
102 Sale 101*4
102
15 ,1015a 105*4
100*8 101*4 100 *4 Aug 16 ----- r 100*2 10 .
10178 102>« 10178
102
80 lOPs t05i8
s
10 J*4 ------ I007 Sep T5 ------ i 100*2 101
847a 8!)
89 Juue'l.
84
89
10J?8 Sale 1007a 1C07«
99 7 101*4
s
101 . . . 101*a Aug
09 7 101*2
s
101 ____ 100*2 Juue'l6
100 100'2
100*4------ 100'a Apr T 6
99*a 100*2
110 Sale 1097a 1 1 0
108'i n o
10 1* 8 ------ 101*4
10 1 10 l*<
104*4
109*4 110 109*8
1097
h
103 1097
8
101*4____ 104*8 101*8
104*8 104(2
83*4____ 81 Aug '15
81
81
56
51
56
52
61*2
56

P r ic e
F r id a y
S e p t. 17.

R ange
S in c e
J a n . 1.

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

d
A sk Low
H ig h
L ow
H ig h
Chic Burl A q (Co».)—
joint bonds
See Great North
94*4 95
91*4 97
91*4 Sep T5
Nebraska Extension 4a...1027 M -N
9334 ____ 95 JunoTo
95
95
Registered____________ 1927 M -N
99*a 99**
Southwestern Dlv 4a------- 1921 M- S 9 9 'z ____ 99*8 June’ 15
88(4
88
92*4
General 4 s.-------1958 M- 8 88(4 Sale 88
16*4 17
2 l7 Junc’ 15
s
20*2 29
Chic A E III ref A Imp 4s g_. 1955 J - J
91
94
91 Aug T5
91 103
1st coosol gold 6s------------ 1934 A -O
60
51** 75
General conaol 1st 5a------- 1937 M- N 60 Sale 60
62 lj 71
71 June'15
Registered................ — 1937 M- N
97*« Feb T3
Pur money 1st coal 5a----- 1942 F - A
27*j July’ 14
Chic A ln d C Ry 1st 6«...1936 J - J 20 . . .
64*4 Sale 04
01*4
04
73*4
Chic Great West 1st 4a........ 1959 M- S
114 July’ 15
113 117
Chic fnd A Loulsv—Ref 60.1947 J - J ____ 113
10 1 10 1
Refunding gold 5s---------- 1947 J - J ------ 98 101 Juno’ 15
95*8 Apr 'l l
Refunding 4s Series O----- 1917 J
80 July’ 12
Ind A Loulsv 1st gu 4s— 1956 I - J
90*4 Aug *12
J
Chic Ind A Sou 50-year 4 s..1956
104 D e c ’ l l
Cblo T 8 A East 1st 4H *------ 1969 J -D
Chicago Milwaukee A St Paul—
85*4
85
92
J 85 Sale 85
Gen'I gold 4s Series A------*1989
8912 89*2
Registered___________ *1989 Q - J *87*2 *8878 89(2 Apr T 6
88
88*4
87
92*a
A O
Gen A ref Ser A 4 Ha----- o2014
102*4 I027 102*8 103
s
100** 104*2
Gen ref conv ser B 5s— «2014 F - A
8
76
80*4
- J 741 *74*4 76 A u g’ 15
Gen'I gold 3 Ha Ser B----- *1989
OS's 20 97 101*2
J 98 Sale 08
General 4 Ha Ser C ---------*1989
84*4 Sale 84*4
81*i
2 84*4 90*4
25-year deben 4a------------ 193*.
93'a Sale 03*8
91is 240 93*4 99*2
Convertible 4 H «.............. 1932
101*4___ 102*a Aug 15
10*28 102*2
*
Chic A L Sup Dlv g 5a . . 1921
102*i 104*8 103 July'15
103 101*1
Chic A Mo Rlv Dlv 6a___ 1920
102*2
10 ' *t I0j3a
102*2
102*2
Chic A P W 1st g 5a.......... 1921
s
8578
85*8 Sale 857
857S 91
C M A Puget Sd 1st gu 4a. 1949
100 ___ 100*2 July’ l
100 19012
Dak A Ort Sou gold 6 8 ... 1910
105*2____ L06*i J11110T 5
100 107*8
Dubuuue Dlv 1st s f 6 h — 1920
110 June'13
108 . .
Fargo A Sou asaum g 68.-1924
102 > June’ 15
«
101*4 -102*8 102 *
a
La Crosse A D 1st 6s........ 1919
102 102*4 102(4 June’ 15
10 IN 102*4
Wla A Minn Dlv g 5a.........1921
100*2 July'15
105*4
106*4 107
Wla Vail Dlv Iat 6a.......... 1920
97
98
99 May'15
99 1007
8
Mil A No 1st ext 4*49----- 1034
97 . . . 100*8 Mar' lA
IO
0*s 100*2
Cona extended 4 Ha----- 1931
93 ____ 94*4 May'15
92U 94*4
Chic A Nor Weal Ext 4*1886-1926
04*8 July'14
Registered_______1886-1926 F A -----80
78 Sep T5
78* ’ 82 "
General gold 3 Ha_______ 1987 M- N
7.8 Jan ’ l-i
*2
Registered................. pi 987 q F
92*2 93 Aug Tfi
89*4 9t*i
General 4a______________ 1987 M- N 92
89
94*2
Stamped 4-*................. 198- M- N 91*2 92*4 91 Sep T5
109*4
109 114*2
General 5s stamped___
198’ M- N 109'4 109*2 109U
...
103 June’ 15
108 109lj
Sinking fund 6s___ 1879-1929 A - O 1 1 0
105*2 Deo T3
Registered............ 1879-1929 A O
8
I027 i03’*4
a
Sinking fund 5s____ 1879-1929 A O 103*4 I I . . 1037 Sep T5
A O 103'2 108 102 Oct T3
Registered............ 1879-1929
10058 101*2
Debenture 5a___________ 1921 A - O IOU4 ____ 100*8 Mar'l.'>
101 D e o T ‘2
Registered.......... ........... 1921 A -O
101 104
Sinking fund deb 5s---------1933 M -N i s r 101*2 101 Sep T5
99 101*2
Registered.... ........... — 1933 M-N 1 0 0 ( 2 ____ 101*2 May’ 15
117 119*4
Freni Elk A Mo V 1st 6a.. 1933 A - O 117 ____ 117 A u g'15
U Sep '09
0>2
Mau G B A N W 1st 3H8.194I J - J
Mllw A S L 1st gu 314a...1941 J - J
105 10V12
MU L 8 A Wost Ht g 6 s ... 1921 M- 8 106*2 107*2 107*4 June'15
104*2 104*4
Ext A Imp a f gold 5s— 1929 F A 103*4____ 101*8 Mar'15
Ashland Dlv 1st g 6s— 1925 M- 8 109>2____ I13'a Feb T4
111*2 111*2
Mich Dlv 1st gold 6 a ... 1921 J J 108*2____ 111<2 Al>r T.f
89
89*4 89*4
89*4 92
Mil Spar A N W 1st gu 4a. 1947 M- S 104U____ 107*8 Aug *15
May’ M
Northw Union 1st 7a g — 1917 M- S
104 Aug T5
102*4 iofl
St L Peo A N W 1st gu 5a. 1948 J - J -------101
103*2 103*8
Winona A St P lat ext 7a. 1916 J - D 1 0 2 ( 2 ___ 103*2 May’ 15
102*8
101*8 102*2
Chicago Rock 1st A Pao 6a.. 1917 J - J 102*4 10 2*, 10212 Sep *15
...
TOU4 102*4
Registered____ _______ 1917 J - J 79*4 Sale 102*4 Sep T5
79
79*2
79
85
R y general gold 4a------------1988 J - J
82i2
Registered____ ________1988 J - J 62 Sale 80*4 June’ l
01*4
02
A -O
717*
Refundli-g gold 4a_______ 1934
47*2
07
20-year debenture 5a--------1932 J - J 46*4 Sale 43
79 ____ 9434 JunoT
Coll trust Series P 4a......... 1918 M -N
-----85 July’ 13
R l Ark A Louis 1st 4 H a--1934 M- H 1_____ 61
99 99
99
Bur C R A N— lat g 6a. ..1934 A - O
8
C R I F A N W 1st gil 58. . . 1021 A - O ------ 99 1007 M ar’ l l
M A St L 1st gu g 7a........ 1927 J -D
975a 075g
Choc Okla A G gen g 58.01919 J - J 07*8 I I I . '97*58 July’ 15
97(2 Apr T
97*2 97*2
Consol gold 5a........ — 1952 M -N
62 Aug T5
52
84
Keok A Des Moluea lat 5a 1923 A - O ------ 76
------ 85
65 Apr 1
05
65
St Paul A K C 8h L lat 4 Ha ’41 F - A
114*4 11734
Chic St P M A O con 6s___ 1930 J - I) 115 116*2 115 Sep T5
90 Jau T
90
90
Cons 08 reduced to 3H8--1930 J - D
99*4
99*4
99*4
99*2 102
Debenture 53___________ 1030 M -^ i 114 100
___ 110*2 Jan ’ ll
Ch St P A Minn 1st g 6a
11030 J - J 1 1 1 ____ 120*8 May’09
.1010 A •O, 105 ____ 105 Aug T5 — - 101*8 idt*4

Rallroar'*
57 Sale 57
57
001
55
Ann Arbor 1st g 4s..........A. 1995 Q* J
8
01
89*2 95*4
Atch Top A 8 Fe gen g 4s— 1095 A - O 91 Sale 001
89
62(2
Registered .................. ..... 1995 A - O 89*2 90*2 89 July’ 16
80'» 82*2 80*8
SO
80*4 80*4
Adjustment gold 4s_____ 41995 Nov
86 Mar 13
Registered ..................A1995 Nov
80*8 87
81*8
Stamped_____________ 41995 M- N 81*8 Sale 80(2
92*s 104U
101*4
Conv gold 4a_____ ______ 1955 J - C luiRi 101*4 100*4
99'2 May' i:»
Couv 4s Issue of 1909 ___ 1955 J - D
101(2
92*8 104*2
Conv 4s Issue of 1910____ 1000 J - D lo t's Sale 101
I00*a 101*4
101*4
10-year 5s ...........
19171 J - D 101's 101*2 101*4
92
94
East Okla Dlv 1st g 4a___ 1925 (VI- 8 92i2 931 9314 Sep ’ 15
85*4
85*4
84*2 89
Trans Con Short i. 1st 4s.l95S J - J 855a 86
93*2 95 May' l
95
96
Cal-Arls 1st 4 ref 4 Ha " A’T962 M- 8 92
103 I0c*2
103*2
8 Fe Pres A Ph 1 st g 5 e ... 1912 M S 103*2 Sale 103*2
85*2
85
93
Atl Coast L 1st gold 4s------A1952 M- H 85*4 Sale 80
9214 July 14
50-yoar unified 4s______ 1959 J - O S3 ___
Ala Mid 1st gu gold 6s------1928 M- N 101'*4------ 105*2 Junc’ 14
89
89 Sop T5
80
031*
Bruns A W 1st gu gold 4a. 193S J - J 87
1297 1297
a
8
Charles A Hav 1st gold 7s. 1930 J - J 1287a 135 1297a Aug '15
80
s7i2
80*2 81*4 80
80*2
B A N coll gold 4s-----------01952 M -N
I29*i 129*2
Hav F A W 1st gold fla___ 1034 A -O 115*2 117 119*2 June'15
105 105
1st gold 5s------------------- 1934 A -O 103*2____ 105 July'15
97*2 08
till Sp Oca A G gu g 4s------ 1918 J - J 97:,s ____ 98 June'15
90*8 96 88*4 92*2
Balt A Ohio prior 3He......... 1925 J - J 90*3 Sale 89*8
90 June’ 15
88'j 90
Registered___________ A1926 q - J
85*2 Sale 85*a
857S 86 85
91*2
1st 50-year gold 4s------- A194* A -O
87(2 90
Registered----------------A194S q - J ____ 857-j 90 Apr To
86*2 Sale 80
S0
--*8 198 82'a 88
20-yr couv 4H*-------------- 1933
Pitta June 1st gold 0s......... 1922 J - J
85*4------ 84*2 Aug T5
84*2 88
P Juno A M Dlv 1st g 3>$s 1925 M-N
78
10 ' 77^ Hi
P L E A W Va 8 ys ref 4 s.. 1941 M- N 77 '8 Sale 77*8
26 86
91
' 87
Bouthw Dlv 1st gold 3 Hk-1925 J - J 8634 Sale 86(4
Cent Ohio R 1st o g 4Hk- .1930 M- S
101*2 Apr '15 ___I 103*2 104*2
Cl I-or A W con 1st g 5s. .1933 A - O
86 Jan 'K . . . .
.I960 J D ------ 80
Monon River 1st gu « 5 s.. 1919 F - A
100 Aug T5
06
105
Chic A West Ind gen g 6a. f 1932 q -M 105*4
Ohio River RR 1st g 6s . . . 193(1 J -D 10 1* 8 ____
J 7 l-a Sulo 7478
6 7478 80*2
.1952
717*
104*g May'14
General gold 5s. ............. 1937 A - O
J J
90
113*2 Feb '12
Cln H A I) 2d gold4H «Pitts Clev A Tol 1st g (Is. _ 1922 A - O
J - J
lat A refunding 4a__
Pitts A West 1st g 4s......... 1917 J - J
80*4 June'12
..1959 J - J ------ 87
Stat lal Ry 1st gu g 4H8..1943 J -D
25
25
.1941 M-N ------ -- ----- 25 July'In
....
Bolivia Ry 1st 5 a ---------------- 1927 J - J
83 M ar’ l I
{.1923 M- N ------ . . . .
M- S 163*2 : : : i i0’ 5U Aug" 15
Toi** iofl'si
Buffalo R A P gen g 5 a ........ 1937
05 J'ly ’ ll
inn 103
99*4 100 > 109*2 Aug '15
2
Cln I A W 1st gu g 4 a ... . 1953 J - J ------ 30
Consol 4H8--------------------- 1957 M -N
_. . .
94*a Doc T4
92
94 * Feb To
Day & Mich 1st cona 4 * 8.1931 J - J
04*8 01*8
All A West 1st g 4s gu----- 1998 A - O 86
05 J’ ly 'l l
_ 1935 J - J ------ 30
112 Apr T4
Ind Dec A W 1st g 5a.
Cloar A Mah 1st gu g 58..1943 J J
l()7*t Doc ’0
.
193. J - J . - - . . .
100*8 107*8
Roch A Pitta 1st gold (Is..1921 F - A lOo ____ lOOigSep T5
2 68
70
70i| 707
a
707
«
74
. 1993 J -D
Consol 1st g 6s-------------1922 J - D 107 ____ 111*8 July’ 11
____ Si *
4
31 100 101*2
1U
0'3
20-yr deb IH s........ Oauuda Sou cons gu A 5s...1962 A O 100 10 1 100
83*2 Sep T5 ___ 81
83*2
. 1939 I - J SO's . .
1007a Apr 11
____
Cairo Dlv 1st gold 4s.
Registered--------------------1962 A - O
72*2 S3 Feb 'l l
I J 70
91 JunoT 5
Cln W A M Dlv 1st g la.
94
90-**
Car Clinch A Ohio 1st 30-yr 6s '3K J -D
4 77
77
85
II 199(1 M-N ------ 77*2 77
55 103*2 10712
Central of Ga 1st gold os— 01945 F - A 101*8 105 107*2 Aug '15
SJl M ar’ ll
4 96*2 102 >
Registered..............
93*2
90*4
z
Consol gold 5s__________ 1945 M- N ____ 97
80
85 M ar’ 14
M- S 77
86 Feb To ___ 8«
J -D ____ 83
so
Spr A Col Dlv 1st g 4a.
Chatt Dlv pur money g 4s 1951
1940 .1 - J . . . - . . . . 91 Apr *12
102 101*4
Mao A Nor Dlv 1st g 5a..1946 J - J 100'a 102*2 104U May’ 15
105*4 105*4
..1920 M-N 102*2 105 1051 June’ 15
lOOU Mar'15 __
100*4 100'.,
Mid Ga A Atl Dlv 6s........ 1047 J - J
88 ____ 90 Feb T5 ___ 90
90
.*1936 O F
J - J lOO's 105 103*4 May’ 15 ___ I03*i 103*4
Mobile Dlv 1st g 5s.......... 1946
_________ 88*2 May'15
87
88*2
85
89
.*1930 O F
0 86*2 92*8
86*2
87*4
Cen IIR A B of Ga col g 5s. -1937 M-N
101 JunelS
101 10 1
7 n i l 115*2
Cln S A Cl con lat g 5a. . 1923 J - J ____. . . .
111*4
Cent of N J gen'I gold 6s___ 1987 J - J 111*4 Sale IIU4
105*4 J’lv ’ M
C C C A I gen con g 6a.
1 10 12
7 1 10*2 115
Registered__________A1987 q - J 110*2 fills 110*2
1U3U 16 102*4 101
Registered ................ 1934 J - J
Am Dock A Imp gu 68...1921 j - J 103 105*2 103
94 J'ly ’08
Ind B A W 1st prof. 4a. ..1940 A - O
Leh A Hud Rlv gen gu g 6sl920 j - J 100 --------- - . . . .
.(J193S q -J
N Y A Long Br gen g 4a. _ 1941 M- S 94*4------ 100'2 Jan T3
49
09
59 July’ 15
05
__ _____ 68 Feb T 6
-.1940 A -O
59
O
S
08
Cent Vermont 1st gu g 4a..el920 q - F
15*3 20
20 July’ 15
1990 Apr
20
28
83*2 July’ 15
83
90
Ohesa A O fund A lmpt 6 s..1929 J - J 84 i8 90
897 92*2 90*4 Sep To
8
13 101*3 105
..1961 A -O
102
90*4 93*4
1st consol gold 6s............... 1939 M -N 102 Sale 101*8
12
m 4 10 May’ 15
17
15
..1947 J -J
101 10 1
Registered___________ 1939 M -N *10 1 ------ 101 Sep '15
.. .
10
14*2 M ar’ 15 ___
14*| 16
22 82
85
t........
01
General gold 4Hs............... 1992 M S 85 Sale 81*3
12 85
2
02
86
Colorado A Sou lat g 48- ..1929 F - A 85'4 37 > 85*2
Registered------------------- 1992 M- tt ____ 8478 93*2 Feb 'I!
79
80*i 79
79
6 79
85
1 1 1 70
70
76*4
Refund A Ext 4H *___ ..1935 M -N
Convertible 4 Ha________ 1930 F - A 75*8 Sale 74l2
100 103*4
..1921 J O 100*2 103*4 101 Sep T5
77*2 80
82 May’ 15
82
Dig Sandy 1st 4s............... 1941 J -D
837
a
82iz M ay'ir __
..191.*: A - O ________
82*2 82*2
Coal River Ry 1st gu 4s..1945 J -D ____ 80
J - J ____100
Craig Valley 1st g 5a____ 1940 J - J ____ 95
81*4 Jan T3
Del Lack A Western—
Potts Creek Br 1st 4s___ 1946 J - J
84
84*4 Sep '15
86**
..20 00 J - D 84*a 85
82
SOI4 H k
8O Sep T5
I4
U A A Dlv 1st con g 4s__ 1989 J - J 80
4*
1 107 109
-.1921 I - J 107*2 Sale 107*2 107*2
77 Apr '15
77
77
2d consol gold 4s______1989 J - J ____ 83
10l*i May’ ir
-.192.' F - /*
101*4 101*4
M- N
Greenbrier Ry 1st gu g 4s. 1940
95*4 90
95*8____ 96*8 Sep Tfl
..1923 M -N
113'4 Feb 'O;
Warm Springs V 1st g 5s.. 194 M- S
___
._
51*2 53 Aug ’ ir
Warren 1st ref gu g 3Ha. 200< K - I' ------ 85*2 102 s Feb 'o:
53
Ohio A Alton RR rer g 3 a ... 1949 A O 51
60
101*4 106*8
..1917 M- S 101*8 . . . 104*4 Aug To
44 Sale
n
14
2 3*
R a ilw a y 1st lien 3Ha........ I960
47*2
Aug ’01
149
99 ------ 99 Sep '15
..1917 M- S
Reglstered-----98*3 100
Ohio B A Q Denver Dlv 4S..1922
65 99 100*2
100*2
80*2 84
22 81 (4 84*2
..1916 J -L 100*2 Sale 100*8
817
a
82
Illinois Dlv 3 Ha................. 1949
10-yr conv deb 4s.
a
99 1007
s
..1922 J - J 997.1 10 1* 997 Sep '15
Registered____________ 1949
86*4 Aug ’ ll.
90% 60 ! 89*2 96
90*s Sale 90
927
8
..1943 M-N
92 7 93* 9J78
s
8
3 9l7g 94*8
Illinois Dlv 4s.....................1949
1st A ref 4a----3 SOD 86
80*2
81*.
..1946 A - C 80*4 82
Registered____________ 1949
113*8 113*8
..1921 M -N 1 1 1 ____ 113*8 Jan *1C
51 101*2 102*2
Iowa Dlv sink fund 6a___ 1919
100*2 102*4 10214 Sep T5
4 96*4 99
99*s 100*3 99
99
Sinking fund 4 a ...
1019
• No price Friday; latest thla week, d Due April, e Due May. g Due June, ft Due July. JfcDueAug. 0 Duo Oct. p Duo Nov. j Duo Doc. s Option sale.




....

....

New York 8 jq■ Raoord —Continued —Pago 2
i

S e p t . 18 1915.1
N.

BONDS
Y . STOCK EXCHANGE
Week Ending Sept. 17.

3 ^

P T iC t
F r id a y
S e p t. 17.
Rid

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

A s k L ow

H io h

13

R ange
S in ce
Jan. 1
Low

BONDS
N. Y . STOCK EXCHANGE
Week Ending Sept. 17.

909

P r ic e
F rid at,
S e p t. 17.

H io h

B id

A sk Low

H ig h

N o [L o w

H ig h

Danv A It G r is t con g 4a_ 1936 J
08
78
_
C
O
08
Leh A N Y 1st guar g 4a___ 1945 M S 86*4____ 85 July'15' . .
09*2 68
84
85
Consol gold 4 H 8._.......... 1936 J
70
70
78
83
78 Aug ’ 15
Registered...................
1945 M- S
00
30
00
G Sep T5
O
Improvement gold 5a___ 1928 J -D
70
Long laid 1st cons gold 58..51931 Q - J 100 102*2 103 July'15
38
49
45
44
1st * refunding 5a............ 1955 F - A 44>2 45
1st consol gold 4s.............M931 Q - J ____ 94
9614 Mar'12
Rio Gr June 1st gu g 5a..1939 J - D
95 109 Dec ’ 12
General gold 4s__________ 1938 J -D ____ 85% 86% May’ 15
01*2 Apr 'l l
77
Rio Gr So 1st gold 4a........ 1940 I - J
Ferry gold 4Ha........ .........1922 M- S ____ 92*2 95% May’ 14
85 Mar'OS
Guaranteed.............. 19101 - j !
J
40
Gold 4 s . . . ......................... 1932 J -D
99*4 Oct ’06
O
70
75
Sale O dt
Rio Gr West Istg 4s........ 1939 J - J
Unified gold 4s__________ 1949 IY S ------ 82*2 83% Aug To
15934
6'Jh 591.1 Aug T5
Mtge A col trust 4a A ._ 1919 A - O
Debenture gold 5s............. 1934 J -D
95% Jan Tfl
90 Apr ’ ll
Utah Cent lat gu g ls.«1917 A - O
Guar refunding gold 4s_._1949 TA - S 81*4 ~84*_ 83 Sep T5
100 M ar’ 1'
100 100
Dca Mol Un Ity lat g 5a___ 1917 M- N
Registered..................... 194G (VI95 Jan ’ ll
85 Sep ’ 15
87
7 17 87
8
Dot A M ao. lat lien g la .,. 1995 J •
D 85
N Y 1 A M I) 1st con g 5a. 1935 A - O "9
1
*5*“ : : : : 100 Feb T5
85 A u g ’ 15
78
85
Gold 4 s _______________1995 J - D 80 . . .
N Y A It B 1st gold 5 s...1927 M- S
102*2 Jan '14
90
90*2
90% May To
Dot Riv Tun-Ter Tun 4 Ha. 19(51 (V - N ____ 90
1 I
Nor Sh 1 1st con g gu 5s.ol932 Q - J
3
101 Aug T5
101*2 1045# Louisiana A Ark lat g 5s___ 1927 M- S ------ 91*2 9Uj Feb *14
Dul Mlssabe & Nor gen 5a.. 1911 J - J 101 102 101*2 May' l
_
Dul A Iron Range 1st 5a__ 1937 A - O *99% ___ 100 May’ l98*2 10J
Loulav A Nashv gen 6a____ 1930 J -D i n
—
1 1 1 % 111* 2
1 1 1 % 10 no 115
100*2 M ar’O
S
Registered........ ...............1937 A -O
Gold 5s............................... 1937 M N lot
105% Sep T5 . . . 105% 107
104 Feb ’ ll
2d (5a........................... 1916 J - J
Unified gold 4a__________ 1940 J - J 89% 90*4 G
O
90*2 01 89*2 91%
95*2 90 May’ 15
Du So Shore * At g 5a...... 1937 J - J
96 100
Registered... ............ 1940 J - J
94 June’ 14
103% Apr T
103 105
Elgin Jol A East 1st g 5a___ 1941 r.i - n ____ 10 1
Collateral trust gold 5 s ... 1931 M- N 101*2 H I I 1(H34 Sep T5 . . . 101*1 103*%
Erie 1st consol gold 7a_____ 1920|M- S 109 109*4 109*4
109*4
1920 M100*2 110*2
E H A Nash 1st g 6s........ 19 19 J - D IO4 5 3 ____ 108% May'14
N Y A Eric 1st ext g 4a_ 1947 M - N 90 ____ 97*2 June’ l l
L Cin A Lex gold 4H s___ 1931 M- N
97*2 . . . 102% J’ ly T4
2d ext gold Ga_______ 1919 M S 100% 10 1% 101*4 May’ 15
100 102*4
N O A M 1st gold 0a........ 1930 J - J 112% 115 114% July’ 15
3d ext gold 4 Ha........
192? M S 98 ____ 98*2 June’ i5
98*4 99*4
2d gold 6s ------------------- 1930 J - J -------110
109% May’ 15
100 102T
192f A C 100*2____ 100 July’ 15
Paducah A Mem Div 4s._1940 F - A
84 Dec *14
93% May’ l l
192> J E
St Louis Div 1st gold 6s__ 1921 rw- S 106
-- 105% 107%
106*4 Sep T5
109 Juno’ 15
N Y I. E A: W lat g fd 7a_ .19211 M S
109 109
2d gold 3a....................... 1980 M- S
61*2 61*2 Aug T5
-- 59% 65
77
77%
77
84*2
1996 J - J 77*2 78
Atl Knox A Cin Div 4s___19o' M -N
84
3 84% 88%
84%
84%
___ ____ 797# June’ 15
797 797
s
8
199(1 J - J
Atl Knox A Nor 1st g 5s. _ 1946 J - D 100
111 Jan ’ la
65
71
09
1 st consol gen lien g ■
;
199C J - J 68*2 Sale 00*2
Render 13dge 1st a f g 6s . . 193! M- S 106*2
105 105
105 Juue’ l
77 Apr T
Registered_______
.1990 J - J
Kentucky Central gold 4a. 1987 J - J
87
80
8734
88% July’ 15
80*8
Penu coll tr g is ____
80
88*4
1951 F - A 88l » ------ 80*#
L A N A M A VI 1st g 4 Ha 1945 M- S 9534 99
99% 101
99*2 June’ 15
(55
59
00
60-yr conv 4s A ........
1953 A - C 64*4 Sale 63
L A N-South M joint 4 s.. 1952 J - J!
80*2 80*2 July’ 15
78
80%
03*2 70*4
70*4
09*4 Sale 09
do
Series B ..
1953 A -O
Registered.................... M952 Q - J
95 Feb '05
102*2 103*8
N Fla A S 1st gu g 5s___ 1937 F - A; 10 1 ____ 106 J’ly ’ 14
1916 J -I) 101*4 103% 102*4 JuneTo
101*2 10434
N A C Bdge gen gu g 4 H S-1945 J - J !
.1932 M-N 10 2% 1 0 1 % 102 Aug'15
97 Dec T4
IOI 101
101 Feb T;
ios% m i 103 Sep * 15
Pens A Atl 1st gu g 6s___ 1921 F - A
|
1938 J - J
107% 109
11934 12 1
S A N Ala cons gu g 5a__ 1936 F - A 102% 105 105% Feb ’ is
1935 A - O ____ 119*1 11934 Aug T5
105% 105%
99 100'# 100 Dec T 2
Coal A lilt lat cur gu 6a_______M -N
1922
Gen cons gu 50-year 5a. 1963 A -O ------- 100
100 Sep ’ 15
99% 102%
102*2 103*4 L A Jeff Bdge Co gu g 4s_ 1945 M- S ------ 82*2 80
Dock A Imp 1st ext 5a...l943|J - J 103%____ 103*4 Aug T5
_
80
1943 J
74
80*2
103*2 Aug T 2
N Y A Green L gu g 5a__ 1946 M -N
Manila RR—Sou lines 4 a ... 1936 M-N
90
94
94 May'15
N Y Sua & W lat ref 5a. __ 1937 J - .1 ____ 90
Mcx Internat 1st consg 4s. .1977 M- S
77 Mar’ 10 100*4 Dec ’00
Stamped guaranteed........ 1977 M- S
1937 F -A
79 N ov’ 10 .
09
07*2 Aug T5
07*2 "75'
Midland Term— 1st s f 5s g.1925 J - D
101 Oct ’09 1940 F A 65
102 Jan T4
Minn A St L 1st gold 7s___ 1927 J -D 104 ------111% Mar’ 15 .
1943 M-N
111% 111%
1940 A -O 10 2% ____ 111*2 May’ 12
110% Aug ’ ll .
Pacific Ext 1st gold 6 s . ..1921 A - O!
80 June'15
86
80
Wllk A Ea 1st gu g 5a. _ 1942 J -I) ____ 82%
81% 85
1st consol gold 5s________1931 jM- N
81 Sep T5 .
1O May’ 12
0
C & Ind 1st con gu g 0s._ 1926 J - J
v
48*2
1st A refunding gold 4s_ 1949 M- Sj 47 Sale 44
_
Evans & T II 1st eons 6s. _ 1921 J - J ------ 87% 81 Aug T5
Des M A Ft D 1 st gu 4 s.. 1935 J - J ------ 60
60 Feb T5
17 ____ 999* Dec T3
1 st genera? gold 5a........
1942 A -O
82
Iowa Central 1st gold 5s..l938iJ -D
80*8 83*2 80
1923 A - O _________ 108 N ov’ ll
44
48
6 35
60
42%
48
Refunding gold 4s____ 1951 M- S
95 June’ 12
1930 A - O
29 86% 93
M StPASSM con g 4a Int gu 1938 J - J 87% Sale 86%
87*4
1959 J -D
80
80% 8fl34 Aug T5
8034 907
8
lat Chic Term s f 4s.......... 1941 M- N
97% June’ 12
92 Aug TO
1911 J - J
M S S A A lat g 4s Int gu_1926 J - J 93*4____ 96 N ov’ 13 05
Pt V A Itlo Gr 1st g 4s____ 1928 J - J 54
Y
51 Aug ’ 1
ad" ‘ 55*2 Mississippi Central 1st 5S...1949 J - J
91 J’ly T4
Groat Northern—•
7 Safe 74*4
*4*4
Mo Kan A Tex 1st gold 4a. .1990 J -D
7514
9G58
9fl*4
947 97
«
1921 J - J 90*4 Sale
52
2d gold 4s. ......................01990 F - A
51
52
94% 9634
6% 90*4 Sep T5
1921 Q - J *------ 1*
75
1st ext gold 5a.................. 1944 M- N
79*2 July’ 15
94 101
91*2
91% 94*8
45% 47
1961 J - J 91
1st A refund 4s__________2004 M- S
40*2
46*2
96 June’ lJ
1961 J - J . . . . .
49% 51 Aug T5 Gen sinking fund 4H s___ 1936 J - J
8 t Paul M A Man 4s.
95*2 July
9 1*4 95*2
1933 J - J 90% 96
St Loids Div la* ref g 4a ..2001 AA O ------ 60
60% Feo T5 .
1165a
J - J 116% 118% 110*2
110*4 120*4
1933
Dal A Waco 1st gu g 5a__ 1940 VI- N ----- 03% 99*4 Dec T3
118 1 1834
Reglstercd.............. 1933 J - J
11834 Apr T5
----- 78
Kan C A Pac 1st g 4a____ 1990 F - A
78 J’ly T4
99%
99*4 1013.,
Reduced to gold 4Ha 1933 J - J 99*3 Sale 09*4
----- 91
90 Aug '15 ■
Mo K A E 1st gu g 5s___ 1942 A -O
10934 Apr T5
Registered-------- 1933 J - J
88 % 85*2 Mar’ 15
M K A Ok 1st gnar 5s___ 1942 M - N
91
91% 91*3 Sep T5
1937 J -1)
91*2 94%
72
72%
M K A T or T 1st gu g 5s. . 1942 M- S 72% 76
1937 J -D ____ 92% 94*2 Apr ’ 14
96 May'13
Slier Sh A So 1st gu g 5 s.. 1942 J - D
1910 J - J 85 ------ 92% M ar’ ll
Texas A Okla 1st gu g 58..1913 M- S 7 0 ’ I I I ' 99*2 Jan T4
8 5 % ------ 8914 June'15
1948 A -O
93
89U 89*4 Missouri Pac 1st cons g 0 s . .. 1920 M- N 93*2 Sale 92%
110*2 Jan ’ l l
1922 J - J 106
78*4 Sale 7834
79*2
Trust gold 5a stamped__ ul917 M- S
1937 J - J 118% Salo 1185#
1185s
Mont C 1st gu g Os1183* 131 ”
Registered
........ ..... al917 M- S
88% June’ 15 1937 J - J
30*4 May’(H
i
Registered___
72% Sale 72
1st collateral gold 5s____ 1920 F - A
72*2
1937 J - J 104%____ 105*2 July’ 15
105*4 10511
Registered........ ........... 1920 F - A
1937 J - J
31
33
31
31
40 year gold loan 4s........ .1945 M - 8
Will A S Fist gold 5s . 1938 J -I) 103% ___ 107*4 June’ 15
32-----33
107*4 107*4
32
32
lst& ref conv 5a_________ 1959 M- S
par) Feb
701.1 80
72 May’ 1 ,
7
70
72
78 Jan T5
3d 7a extended at 4 % ___ 193s M N ------ 82
Feb
10*4 11 * 1034 Aug '15
4
IOI2 1334
100 Feb T3
Boonv St L A S 1st 5SgU_195l F - A - - 85
82 Aug ’
Gulf A S I 1st ref A t g 5s. 1952 J - J 82
82
88
60
S5 Feb T5
Cent Br Ry 1st gu g 4 s ... 1019■ F - A —
Registered_____ ______ 1952 J - J
60
77% Dec T3
Cent Br U P 1st g 4s........ 1948 J -D
88
199!) J - J 88 Sale 87**
87*2 95
80 110 Mar’l):
Lcroy A C V A L 1st g 5 s.. 1926 J - J
1999 J - J ____ ____ 97i.j Jan T4
84
87
85 Sep T5
Pac It of Mo 1st ext g 4s..1938 F - A
1918 A - O 83 ____ 83*2 Sep T5
83**2 *85%
90
96
97% J’ly T4
2d extended gold 5s___ 1938 J - J
1955 F - A ------ -------- 90*2 Juno’ l l
Col A Tol 1st ext 4s
93
St L Ir M A S gen con g 5s 1931 A - o[ 93 Sale 93
1937 J - J . . . . ____ 93*2 Feb To
93
93*2
Gen con stamp gu g 5a. ..1031 A - O ----101*4 102 J’ly T4
08
97*2 08
1 - J 94
1951
96
97*2
62*4
Unified A ref gold 4s ..1929 J - J 62 Sale 02
92
92
Registered____________ 1951 J - J -------------- 92 Aug T5
80% Oct *12
Registered................1929> J - J
81 July’ 15
78’4 83%
52 * S3 I0 ’ 52
52
Riv A G Div 1st g 4 s ... 1933i M-N
l
881* Feb '13
Registered........ .............. 1951 J - J
92% Dec T3
Verdi V I A W 1st g 5a___ 1926 » M- S ------ 87
Extended 1st gold 3Ha_ 1951 A -O *80* ' 82% 78*4 Deo ’ l l
_
1 16 5
105
Mob A Ohio new gold 6s___ 1927 7 J - D 105 106 105
Registered............ .......... 1951 A - O ------ 83
. . . 1 1 4 114
1st extension gold Gs___ 70927! Q - J 102 100 114 Apr 'li
80 ' J’ ly V )6
lat gold 3s sterling_______ 1951 VI- 8
General gold 4a...................193s: M- 5 62 ____ 72 Mar’ 15 __ M 72
75
Registered____ ________1951 01- s
_. 100 1 0 1 %
Montgom Div Istg 5s___ 1947j’ F - AI
100 June’ 15
81 *s 8278
81*4
Coll trust gold 4a________ 1952 A -O
81
87*4
St Louis Div 5a______ . . 192?! J - D 1 1 1 1 “ go " 95 Dee T;
Sep '12
Registered____________195~ A - O
II I 87 " *87*"
St L A Cairo guar g 4a___.1931 i— - J
- j, J
86*2 87 Jan ' l l
83
83
83
88*8 Nashville Ch A St L 1st Gs.. 19281A - O 163 104 103*4 Aug T5 . . . 103*4 106%
1st refunding Is. ..............195 M- N 82
837 82 Feb '14
8
Purchased lines 3H s____ 1952 J - J
Jasper Branch Istg 6a___ 19231J - J
111 Jan T3
~80’ * 83
8
80
80%
V *7 *86%
O*
L N O A Tex gold 43_____ 1953 M- N
McM M W A A1 1st 6 s ... 1917 J - J
103*4 Jan T4
95*2 81 May’ ll
Registered.......... ............ 1953 M N
T A P B rau ch 1st 6s_____ 1917 J - J
113 J’ly ’ 01
02t* 80 Apr T5
86
89
Culro Bridge gold 4s........1950 J D
Nat Rya of Mex pr Hen 4Hs_ 1957 J - J
59*4 58 JunoTl
74 Feb ’ ll
Litchfield Div lat g 3a___ 1951 J - J
Guaranteed general Is___ 1977 A -O
77 Feb T3
70*2 Juue’ 15
’70*12 ’ 7*7*2 Nat of Mex prior lien 4HS..1926 J - J
Loulav DIv A Term g 3H3.1953 J - J
90% Feb T3
83 Aug T2
Registered____________ 1953 .1 - J
- - | 30
30
30 Aug T5
1st consol 4a......................19511A - O
123 May’99
Mlddlo DIv reg 5a______ 1921 F - A
N O Mob A Cbic 1st ref 5a..l960i J - J ____ 40
40 May’ 15 -- 31*4 41
73 Mar’ l
68
73
Omaha Div 1st gold 3a__1951 F - A
10 1 June’ l 1
N O A N E prior Hen g 6s..pl915]A - O ____ 104
J - J 6034 08*2 75*2 Mar’ 12
St Louis Div A Term g 3a. 1951
79*8 May’ 13
Now Orleans Term 1st 4a__ 1053 J - J
80 Apr T5
Gold 3 Ha.......................1951 .1 - J
‘7*8*’ ’ 8*0
N Y Cen lilt deb 6s wh las._ 1935 M -N 104 Sale 103%
104*2 753 99% 104%
Registered................... 1951 1 - J
101% Oct *99
5 si I 86 89%
lief A Imp 4Hs “ A” ____ 2013 A - O 87 Sale 86*2
87
J - J
78% Mar’ l l
8 prlngf Div lat g 3Hs___ 1951
20, i 76 813
4
N Y Central A II R g 3H8--1997 J - j
76% 77 V 76
77
84*2____ 85 July’ 15
Western lines 1st g 4s___ 1951 F - A
85
88
76
1 75% 78%
78% M ay’ ll)
Registered....................1997 jJ - J ------Registered.................
1951 F - A
27 , 81
89
4
85%
Debenture gold 4s_______1934 M N 85*s Sale 84 3
117*2 May'll)
Bellov A Oar lat (is......... 1923 J -I>
Registered .................... 1934 M- N
89% June’ l4
91*2 J’ly T'J
Y
Carb A Shaw 1st gold 4s..1932 I 1 - S
75
72
Lake Shore coll g 3H s____1998 F - A ____ 72% 74% Aug T5
Cldc St L A N O gold 5s.. 1951 J -D 101*2 105 100*2 Aug *15
106*2 1097
8
72
- I' 71
Registered.................... 1998 F - A ____ 72% 72% July’ 15
J
114 F e b ’ ll
Registered...... .............
1951 -D
80
77*4 Sale 77*4
1 ' 77
J PM A C octfsof dep........
77*4
90 Oct ’09
Gold 3H-S..................... 1951 J -D
2 | 67
|
71
67
68
67
07
Mich Cent coll gold 3.Ha. _ 199*1 F -A
J -D
Registered............... ..1951
70
07
Registered___________1995! F - A --------------- 67 Aug T5
99 Sep T5
Joint 1st ref 5s series A .1963 J - D
98*a 100%
Battle Cr A Stur Istgu 3s.IGSOji - D! ------------80*j Mar'15
Memph Div lat g 4s__ 1951 J - D
86*2 80*2
92*2 06
Beech Creek 1st gu g 4s_ 1936 ;J - J , 92% ------ 96 June’ 15
_
J -D
Registered____ _____ 1951
Registered___________ 1936 J - J -------------- 99 May’ l l
S
St Loula Sou 1st gu g 4a. _ 1931 M- S ____ 95*2 98 J’ ly ’O
2d guar gold 5s.................. 1936
- J ------ 102*2
83
85*8 Feb ’ 1
Ind III A Iowa 1st g 4a_____ 1950 J - J 81
83*2 85**
Registered.......... ..... 1936| - J' --------------J
.VI- N ____ 98
98 Sep T5
Int A Great Nor 1st g 0s___ 1919
07*2 100
Beech Cr Ext 1st g 3 H s ..61951 i A - O j -------------James Fran A Clear 1st 4s. .1959 J -D ------ 90
843s July’ l.
88
90*2
Cart A Ad 1st gug 4s____ 1981 J - D --------------- 88 Oct T2 .
07
Kansas City Sou 1st gold 3s. 1950 A -O ____ 07*4 66%
607 69
8
Gouv A Oswe Istgu g 5s.. 1942 J - R l ------ -63 Oct ’00
Registered............... ......... 1950 A -O
Moll A Mill Istgu g 4 s ... 1991 M- 5 * ____ 87
95*2 June’ l 1
83
Ref A Impt 5s............ Apr 1950 J - J 87*’ *87"U 87*4
87*4 92
86 Jan To
N J Juno R guar 1st 4s
1986|F - A ; .......... —
_.|| 86
80
Kansas City Term 1st 4s__ 1960 J - J 8 U4 Sale 83*2
84*4
83*2 93
N Y A Harlem g 3H »___ 2()00,M-N ____ 84
85
85 June’ 15 . . | 85
Lake Erie A West lat g 5s..1937 J - J 90
911 90 Aug ’ IS
2
8934 98*2
N Y A Northern 1st g 5s.. 1927 A - O 101%____ 101*2 Mar’ 15 . . 1101% 101%
2d gold 5a..................... 1941 J - J ------ 79
94«4 May’ 14
N Y A Pu 1st cons gug 43.1993 A - O ------ 88
88 June’ 15 . . 88
88
98 Mar’ l l
North Ohio 1st guar g 5a.. 1945 A - O ____100
Nor A Mont 1st gu g 5s_ 1916 A -O
_
Leh Vail N Y lat gu g 4H 8-- 1940 J - J
96*4 993i 98 Sep ’ i;
98 101*2
Pine Creek reg guar 6s___ 1932 J - D
113 May’ 15 ..11113 113
Registered......................... 1940 J - J
99 Aug T5
99 100-%
R W A O eon 1st ext 5s. _7) 1922 A -O
102% Aug T5
1101*4 103*4
Lehigh Vail (Pa) cona g 4a-.2003 IYI-N "86*4 "89* 8734 JulyT5
87
87%
Oswe A It 2 d gu g 5s___ «1915 F - A
100% Mar’ 15 . ; 100*8 1 0 0 %
General eons 4H s____ 2003 01 - N 98*4____ 98*2 Aug T5
97*4 9934
104 June’ 10
R W A O T I t 1st gU R 5 s.. 1918 M -N 100
Leh V Term Ity lat gu g 5s. _ 1941 A - O 10 G 106% 108 A u g ’ 15
10534 108
’ fi! 8 5 ’ "85*
Rutland 1st con g 4H s_ 1941 J - J
_
85 Sale 85
85
Registered..........................1941 A - O ------107
111*8 Dec ’ ll
70
70
70
OgA L Chain 1st gu 4s gl948 J - J
70 Feb T5
Leh Val Coal Co lat gu g 5a. 1933; J - J 10534 . . . 101*2 Aug T5|..
101*5 104**4
Rul-Canada 1st gu g 4s. 1949 J - J
92 June’09
Registered......... ............. 1933 J - J *102 . . . 105 Oct ’ 13—
Mar’ 15 ___ 1101 10 1
8 t. Lawr A 1990 J J
. . . 100*4
. . gold 6s...................... 1996'A________________ 101 M ar* 12
----- Adlr 1st g 5 s ... ------ --- - 0
lat lut reduced to 4s____ 19331J J
. . . 102 119%
2d
* No price Friday; latest bid and asked this week. a Due Jan. 6 Due Feb. d Duo April, e Due May. 0 Due June, h Due July. k Due Aug 0 Due. Oct.
p Due Nov. s Option sale.




s

’

” f14**4

DONDS
N . Y . STOCK EXCHANGE
Week Ending Sept. 17.

(Vol. 101

New York Bond Record—Continued—Page 3

910
si
fe f
3S

P ric e
F rid a v
S e p t. 17.

W e e k ’s
R ange or
L a st Sal*

1i l
*

BONDS
Y. STOCK EXCHANGE
Week Ending Sept. 17.

R ang*
S in c e
Jan. 1

P r ic e
F r id a s
S e p t. 17.

W eek ’s
R ange or
L a st S a le

Range
S in c e
Jan 1

L ow U lg b
llio b
Bid
Ask L o w
90
96
A - O 98 ____ 96 Sep T5
65*2 72
72 ____ 72 Sep '15
M -N
65
68
68 July’ 15
A-O
F-A
55
65 May'14
J - J 30
P
A - O 10334 106 108*2 M ay'14
113*4 N ov’ U
1st consol gold 5s-------------1943 J - J
91
951*
913
4
............... R jading Co gen gold 4s------1997 J - J 91*2 Sale 91*8 Aug ‘ 15
07*4 Apr 'i4 .
90
93
90
90*4
Registered____________ 1997 J - J 89
. . . 03 103
03 Jan '15
90*2 93Sg
A - O ____ 9238 90*2 Sep '15
Jersey Central roll g 4s— 1951
Atlantio City guar Is g ...l9 5 1 J - J
60*2 73
60*2 J'ly '15
J - J ____ 61
................. S
101
1057* 108*2
J - J 107 107*2 106*8 Sep ’ 15
M- S 102*8____ 10212 Sep '15 . . . L023a 10212 S
98*2 101*4
99
General gold 5s-------------- 1931 J - J 99 Salo 98*2
03i? May* 14
75 J'ly '14
S t L & S F RR cons g 4 s .. 1996 J - J 63
35
51*2
41 Sale 41
43*2
General 15-20-year 5 s..1927 M -N
87 Feb *14
3212 61
44*2
445S 44*2
Trust Co certlfs of deposit. .
42 Salo 41
3212 49
42
do
Stamped..
_ 7958 81*4
M -N
795 Aug '15 _
8
93 D e c '13
Southw DIv 1st g 5s— 1947 A - O
78*4 82*2 78*4 Aug '15 —
78*4 83
A -O
66*2
63*2 71*2
si 88
9334
Refunding gold 4s------- 1951 J - J ____ 66*8 66*2
A - O 8834 89*4 88*4 Sep '15
8()34 M a r'll
9284 J’ly *14
Registered__________ 1951 J - J
63 Sep '15
60*8 71*2
Trust Co ctfs of deposit
75
77
M -N
76*2 Juno'15 ___ 76*a 79U
60*2 Sale 59*2
60*2
5912 68
do
Stamped
87
87Jt 33 86
92*2
Weat Shore 1st 4s guar.. .236 J - J 87*2 89
105 110
105
0 857 8934
K C Ft S & M cons g 6s . . 1928 M -N 10434 106l2 105
8
J - J 86*2 Sale 86*4
86*2
66*4
06*4
66*4 73*2
K C Ft S & M Ry ref g 4S.1936 A - O 6612 67
M- N 99*2____ 100 M ar’ 15 . . . . 100 100
N Y C Lines eq tr 5s.
95 M ar’ 14
K C & M R & B 1st gu 5S-1929 A - O
69*2
6734 80
6734 Salo 6734
3 F - A ____ 97
94*2 May’ 15 . . . . 9412 95*4 8 ; L S W 1st g 4s bond ctfs. -1989 M- N 52
55
54
60
2d g 4s Income bond ctfs.pl989 J - J 5234 Sale 54 A u g'15
N Y N H & Hartford—
5178 0234
52
53
J -D
78 ____ 77 J’ly ’14
Consol gold 4s__________ 1932
'
Gray’s Pt Ter 1 st gu g 5s. -1947 J - D •10 0 ____ 98*2 Jan 6714
63
7 M- S 70 ------ 63 Feb '15 ___ 63
66
65
80
J - J 67U 70
70
£
67
70
70 Aug '15 ___ 64
1 A -O
9934 10078
J - J 10034 101 10078 Sep '15
77h
i
5 J - J 77 ------ 77 Aug '15 ___ 71
75 D e c '14
A - O 78*2 80
7 70
78
£
77 ____ 77
77
6 M -N
78
83*2
75
78*2 783* June’ 15
Gold 4s stamped________ 1950 A - O
6 J - J 67*2 68
67*2
07*2 17 61*2 70
40 101 112
Registered____ __________1950 A - O 61*2 Sale 61*2
8 J - J 111 112 11034 111
5934 7134
01*2
Adjustment 5s_________ 01949 F - A 66*4 68
76 ____
66 71*2
66
66
Refunding 4s___________ 1959 A - O ____ 83
9U2 Jan '12
Non-conv deben 4s__
81
83*4
Atl Blrm 30 yr 1st g 4s ..e l 933 M- S 82*2____ 83 Aug '15
84** 85
85*4 M ar'15
Car Cent 1st con g 4s----- 1949 J - J 09 100
9934 100*4
9934 Sep '15
J - J
Fla Cent * Pen 1st g 5S..1918
104 N ov'12
1st land gr ext g 5s----- 1930 J - J
99U Nov'12
. 90
101 July’ 15
1007 10 1
a
Consol gold 5s________ 1943 J - J
100*2 10238
10258 M ar'15
J - J
___
Ga & Ala Ry 1st con 5s . . o l 945
707 79 May’ 15
8
79
79
1 J - J 07
Cent New Eng 1st gu 4s.
101*4 July'15
100*2 102*4
Ga Car & No 1st gu g 5s .. 1929 J - J * _____ 101
99*4 Aug .15
99*4 101*2
105 105*2
Seab & Roa 1st 5s_______ 1926 J - J 9834 1011*8
, M -N 102*4------ 105*2 May’ 15
87 J’ ly ’ 14
Naugatuck RR 1st 4 s..
80*2 17 7934 86*4
8038 Sale 803*
Gold 4s (Cent Pae coll)-*1949 J -D
90 Feb '14
3 66*2 78*2
Registered___________ *1949 J -D
77
77
6 J - J 7 5 ' 77
7934 8334
7934
8034
20 year conv 4s________ {1929 M- S 8034 Sale 99
107 Aug '09
99*2
95*4 1017
8
991 Salo
2
20 year conv 5s...... .......... 1934 J -D
835s 90
85*4
F - A 85 Salo 84*8
Cent Pae 1st ref gu g 4s . . 1949
New England cons 5s—
86I2 M ar'15
86*2 80*2
Registered____________ 1949 F - A 843s
9912 M ar’ 12
843S 89
843S
84*2
85
Mort guar gold 344s..1:1929 J -D
56 Apr '15 ___
> M -N
7
65
58*2
8214 87
82*4
82l4 Salo 82*4
Through St L 1st gu 4s. 1954 A -O
2J - J
100 10212
100
98*2 100 100
G H A S A M & P 1st 5 s.. 1931 M-N
835 Fob '14
8
10234 Apr '14
Gila V G A N 1 st gu g 5 s.. 1924 M-N
100 103
99*2 100 100 July'l
Hons E & W T 1st g 5s— 1933 M-N
74*4 Aug '15 ___
74*2 825g
77
)2 M- S 73
99*8 June’ 15
99 10 1
99*8 99*a
1st guar 5s red________ 1933 M-N
1025s 107
1025 Sep '15
8
H A T C 1st g 5s lnt gu— 1937 J - J 105
76 June'15 ___
>5 J -D ____ 74
75*2 80
03
95*2
94 Sep '15
A - O 93*2
83
Gen gold 4s lnt guar— 1921
111
M a r 'll
Waco A N W dlv 1st g 6s 1930 M -N 108 103 108 Juno'15
96 100 101 July'15 ___ 101 102
11 M -N
100 102*2
100
1 115 118
A & N W 1st gu g 5s.........1941 J - J 100
114 117*2 117*2 117*2
31 M- A
109 Junc’ 14
Louisiana West 1st 6s------ 1921 J - J
119 119
14 F - A 116*2 117*2 119 Feb '15 —
102 1043a
100 1045S July'15
Morgan’s La & T 1st 7s. .1918 A - O
119 119
1 A -O 114 ____ 119 Apr '15 —
2
106 106*4 J'ly '14
8734 89
87
8734 13 8634 94
1st gold 6s____________ 1920 J - J 10334
)6 A - O
112 Feb '07
A -O
No of Cal guar g 5s----------1938
Salo 100
9934 101*2
100*8
Ore & Cal 1st guar g 5s— 1927 J - J 100*8
8
85*2 88*2
14 J - J 847 86*4 85*2 Sep '15
101*2 Nov'13
So Pae of Cal— Gu g 5 s.. . 1937 M- N 106*2
32 J -D *108 1 10 110*4 Sep '15
987 110*4
s
91*2 Sep '12
J - J 86
1 9934 109
109
So Pac Coast 1st gu 4s g.-1937
32 M- S *108 1 10 109
Sale 79*8
7958 28 7734 823s
San Fran Tcrml 1st 4s— 1950 A - O 79*8
109*4 13 10 1 110*2
38 M- S 10834 109 109
90
Tex & N O con gold 5s— 1943 J - J 8412 Salo 84 Apr '14
41 J - D 86*2 Salo 80*2
86*2 15 86*2 90*4
833g 89
84*2
J - J
10 0 *4____ 105^4 Jan ’ K
So Pac RR 1st ref 4s........ 1955
9612 101
9012
9758
2 8434 91
8434
843
4
Southern— 1st cons g 5s------ 1994 J - J 9612 Salo 98 June’ 15
89 M- N ____ 87
99*2
98
98
J - J
168 8834 93*8
Registered..................... 1994
90
J7 Q - J 90 Sale 89*4
61*2 Salo 61*2
55 58*4 69
61*2
Develop & gen 4s Ser A .. 1956 A - O
)7 Q - . ___. ____ 895a Aug '15 . . . . 8834 92
61
05
71
76
71 Juuo’ 15
17 Q - F 02 Salo 62
62*4 103 62
Mob A Ohio coll tr g 4s . . . 1938 M- S 98
66
99
9834 100
99
99
Mem Dlv 1st g 4H 5s----- 1996 J - J
8478 81 July'15
80*4 8 3 ’ 4
s
96 J - D 8934 90S 905 Sop '15
St Louis dlv 1st g 4s--------1951 J - J 10033
St Paul-Duluth DIv g 4s.
905 903
8
4
10134 Juno’ 14
10()i2 Sep ’ i:
16 M- !
Ala Cen 1st g 6s---------------1918 J - J
98
O 3 May’ 14
O*
8
Ala Gt Sou 1st cons A 5s. . 1943 J - D
23 F - ) 1095 113" 10958 Aug '15
109*4 111*8
93
93
947a
93 July'15
Atl A Char A L 1st A 4 « s l 944 J - J
23 Q - > ________ 1153s Aug ' l
81
83*8 Apr ’ 15
83*s S5*a
J - J
103*2 104 102 ' Feb T£
31 F - 1
Atl A Danv 1st g 4s----------1948
102 102
75*2 7512
75*2 Aug '15
J - J
101 A u g'15
2d 4s ........ ...................... 1948
17 A - C ____ 102
100*4 10 1
7 2 * 8 ------- 7534 Dec ' 14
____ 90
88 June’ 15
Atl A Yad 1st g guar 4 s . .. 1949 A - O
68 J -I
88
88
loo’s J’ly '14
48 0 - n ! ...............
81*2 Dec ’ i; ___
Col A Greenv 1st 6s----------1916 J - J 102
1023a 10234
1025 May'15
8
J - J
1 10 1 1 1 110 ‘ Sep '15
E T Va A Ga Dlv g 5s----- 1930
33 j 110 113
100 102 102 Aug '15 . . . . 102 1045s
80*2
8C34
8O 81
I2
8 79*2 88
Con 1st gold 5s________ 1956 M- N 97
61 J 99
M- S
99 Sep '15
99
99
____ 95
95 Aug TC
E Ten reor lien g 5s----------1938
46 J -E
94
98*4
------ 65
96 ------ 97 Aug 'lr
23 M-1N
Ga Midland 1st 3s............. 1946 A -O 105 1007 64*2 May’ 13
96
98
8 100*4 Aug '15
106 107
102 ------ 10212 Sep '15
Ga Pae Ry 1st g 6s----------1922 J - J
19 M102 103*8
105*2 July'15
105*2 105*2
1 95
95 Sale 95
95
Knox A Ohio 1st g 6s----- 1925 J - J
43 M -Is
98*2
105*2 N ov’ 12
5 993s 1007
Mob A Blr prior lien g 53-1945 J - J
100*:
15 J -E 100 10 0 * 100
a
Mortgage gold 4s----------1945 J - J ------ 79*8 79 M ar’ 13
48 M-IS
96*2 Salo 96*2
967
(i
96*2 98*4
102 10234
102 May’ 15
Rich A Dan deb5sstmpd-1927 A -O
1023. 128 IOD4 1047
60 F - /* 1025s Salo 1023s
8
73 Sep '12
75 97
Rich A Meek 1st g 4s------ 1948 M N
97*8 Sale 97*8
65 J - 1
97*4
98*4
100*8____
100 10 1
So Car A Ga 1st g 5s......... 1919 M-N 10034 ____ 100 Sep '15
42 M92 . . .
94 May’ ll
Alleg Val gen guar g 4s.
935s 94
100*4 100*4
100*4 M ar’ 15
91 Mar'l* ___
VirginiaMid ser C 6s-------1916 M- S
36 F - / L ________
10334 N ov’ 12
96*4
961,
Series D 4-5s________1921 M- S
43 M- l> 95*2 97
96*4 96*4
102 Dec '13
24 J - 1 ________
Series
E 5s.............. 1926 M- S
Scries
F 5s________ 1931 M- S 1021* . . . 104 Mar'13
36 J 102 103*2
General 5s____________ 1936 M -N 1017s ___ 102*2 Aug '15
44 M99 A ug'U
98*4 - —
9834 99
08*2 101
Va A So’w’ n 1st gu 5S..2003 J - J 100 10 1 100 Aug '15
Pennsylvania Co—
8134 84
8O 8U4 84 Aug '15
I4
1st cons 50-ycar 5s. .1958 A -O
121 J 100*2 Salo 100*2
100*
9934 102*2
92 Juue’ 13
W O A W 1st cy gu 4s----- 1924 F - A
21 J 99*8 - - . 100 July'l
99*2 100
96*2 Juno’ 14
J - J ------ 98
» ________
___
37 MSpokane Xnternat 1st g 5s— 1955
94*2 9558 94*2 July’ 15
9412 9912
11 F - i^ ________
80 July’ l
Ter A of St L 1st g 4H s----- 1939 A -O
84
86
IOOS4 102
1st con gold 5s_ 1894-1944 F - A 99 ____ 101 Aug '15
_
>16 M -r
99*2 100
99*2
99*
99
99*2 1
80
80
84
J - J 80 Salo 80
83 Feb T
Gen refund s f g 4s_______ 1953
42 J - 1) ____ 82
83
83
100 M ar’ 15
100 100
80 . . .
81 Aug T.
St L M Brldgo Ter gu g 5s 1930 A - O
44 J - 1
81
81
92 Salo 92
92
92
96
92*2 89*2 Sep '1.
31 A - () 88
89*2 94*2 Tex A Pac 1st gold 5s______ 2000 J -D
303.i
30*2 31*4 3034
29
36*4
___
52 r/i- r1 ____ 89*
2d gold Inc 5s__________ {2000 M ar
95 May’ 14
___
La Dlv B L 1st g 5s........... 1931 J - J ____ 90
42 M- f *84 ___
94*8 967 9734 Aug '1.
8
W Min W A N W 1st gu 5s 1930 F - A ____ 95 100*2 Nov'04
9734 9734
35 M -I
99*4 Aug '15
99*4 103
Tol A O C 1st g 5s................. 1935 J - J 100 10 1
1 10 0 *8 ___ 1013s N ov ’ 1 : ___
.
Western Dlv lstg 5s_____ 1935 A - O ____ 98 101 Aug '13
4
10018 - - - 1093 J’ly '0C ___
________
General gold 5s................... 1935 J - D ____ 98*2 101*2 Apr '14
91U F e b 'll ___
80 M ar’ 15
86
86*2
________
Kan A M 1st gu g 4s-------- 1990 A - O
90*8 Oct *11 ___
95
93 Aug’ 1 '>
92
06
\ ____ . . .
2d 20-year 5s_________ 1927 J - J
83«4 8334
04
63 Sep '15
62*2 68
________
___
Tol P A W 1st gold 4s........... 1917 J - J 63
75
72*2 78
72*2 Aug '15
________ - 90*8 J’ ly *i ___
Tol St L A W pr lien g 3H 3-1925 J - J 73
40 J 4712 40
46
42*2 63*4
99
50-year gold 4s__________ 1950 A - O 46
95 July’ l
)41 J - J 94
95 100
43 June’ 14
l ...
Coll tr 4s g Ser A..............1917 F - A
43 M- S 95 ___
82*2 M ar’ 15
82*2 87*2
___
1
Tor Ham A Buff 1st g 4s..ft 1946 J - D
)2; M- > 10 2*4 ___
98*2 101
963.J Aug T . . .
9634 97*2 Ulster A Del 1st con g 5s .. 1928 J -D l o o ’ 100*2 1005* Aug '15
)3I J - J 90*2 98
74
74
74 M ar’ 15
1st refund g 4s........ .......... 1952 A - O
1 : I - J ________
3
98*4 98*4
93 Sale 9234
93
92*2 97*8
)42 VI- 5 ............... . 9312 J’ ly *i i . . .
Union Pacific 1st g 4s______ 1947 J - J
93
95*2
95*2 May'15
Registered____ ________1947 I - J
)4( A - 0 99 100 4 98*4 Aug T . . .
98 101*2
91*4
88
89*2
*42 A - )
20-year conv 4s_________ 1927 J - J 89l2 Salo 89*4
98*2 99 4 98 Aug T 5 . . .
9758 101*2
84*8 92*4
85
84*s
847
8
1 1 VI- 1 9734 _ . . - 97*4 July'l 5 . . .
4
1st A ref Is.......................{2008 M- S 84
07*4 101*2
87
91*2
88
87*2
87*2
Ore RR A Nav con g 4s— 1946 J -D
14/ VI- i 9234 . . . . 92*8 Sep T
92*8 9334
107*2 109*2
108 Sep ’ 15
14! F - \ 9034 . . . - 903 July'l . . .
s
Ore Short Lino 1st g 6s__ 1922 F - A 108
90
915s
10 178 106
I0 17
s
10 17
s
\
1 ; I - > 9234 ___
5
1st consol g 5s________ 1940 J - J 1 0 1 78
8734
88*s
87*2 917
a
89
4 9234 . . . . 925s Aug T
)5' VI-1
92*2 9334
Guar refund 4s........ ...... 1929 J - D 88
103*8 103 *
a
3 V- 13 101*2 - - - - 106*2 May’ l [ ___
Utah A Nor gold 5s____ 1926 J - J 99 102 103*8 June’ 15
1st extended 4s_____ 1933 J - J 92*8 99
2 ) - F 10158 . . . . 10135 M ay'l . . . 1013s 1013s
93 Apr *13
2 VI-11 ...............
89 Feb *1 ___
Vandalla cons g 4s Ser A .. 1955 F - A
92*4 May’ 14
5 1 - J ____ 20
Consol 4s Series B_______ 1957 M N
11*2 June’ l
11*2 11*2
42*2 42*2
90
42*2 Aug '15
5 1 - 1 ____ 19
Vera Cruz A P 1st gu 4HS..1934 J - J
40 Dec T : ___
92
997
s
92
92*4
92
93
v 1 72 . . .
72 Aue T.
72
72 1Vlrelnlan 1st 5s Series A____1962 M

A rk
Bid
N Y Cen & H RR (Con.)
95 ____
Utica & Blk R1v gu g 4s. - -1922 J - J
81
82
Lake Shore gold 3 Ha-------- 1997 J -D
82 ____
Registered____________1997 J -D
91*2
Debenture gold 4s-------- 1928 M- S 91
90 Salo
25-year gold 4s-------------1931 M -N
Registered_________ 1931
J - J
J - J 103*2____
A -O 1045g____
Pitts McK & Y 1st gu 6s.

£o w
H ig h N o . £ oto
90
97 Feb '15 s3 8 U2
32 Sop '15
82 Aug '15 - __ 81
90*2
91*8 20 90
77 88*4
8958
91

H ig h

97
84*4
82
93*2
927
s

P

Flint & P M gold 6s— 1920
1st consol gold 5s---------1939
Pt Huron Dlv 1st g 5 s.. 1939
Sag Tus & II 1 st gu g 4 s.. 1931

__

__

___

__

_

* No price Friday; latest bid and asked,

1 Option sale.




a Due Jan.

&Duo Feb.

e Due May.

{ Duo June,

ft Duo July,

ft Duo Aug.

o Duo Oct. p Duo Nov.

{ Duo Deo.

Sept . 18 1915.]

If.

II

BONDS
Y . STOCK EXCHANGE
Week Ending Sept. 17.

) M-N
F- A

)

Tol A Ch Dlv 1st g 4s___ 194
Vab Pitts term 1st g 4s___ 195
Cent and Old Col Tr Co certa.
Columbla Tr Co certfs_____
Col Tr ctfs for Cent Tr ctfs _.
Trust Co certfa........ ..
Wash TermI 1st gu 3J4s.._

A -O
M- g
J -D

J -D
F-A
F- A
A-O
J - J
A -O
Nov
A -O

Pa 1st g 5a..

Exten A Impt gold 5a. __
RR 1st consol 4a________

F- A
M- S
J - J
J - J
M -N

Street Railway

_
_

—

99
90

A sk L o w

100 100
Sale 90

A -O
J - J
J - J
J - 1
M -N
J - J
F-A
P - A
P-A
F- A
J - J
F- A

_
_

R ange
S in ce
Jan. 1

N o . L ow

51
7

3
102
102
80 A u g '15 ___
997
8
100*8 52
2
102
102
98 Apr *14 ___
101 May’ lS ___
08*4
983s Sale 98*2
8
*9834 ____ 08*8
08*4
70 Sep T5
------ 79
70 Sep ’ 15
------ 80
73 Aug 15 ___
73 *2 77
9418 9134 95*8 Aug T5
93*2____
102
____
100
IUOI2
____

71

1021*
83
Sale
101 lj
95

73

J - J

J.UXUI uuiu-ivioirou coil $ J

093 ____
4
F - A ------ 91
F - A 72 Sale
2o3.i Sale
+977 ___
8
74i4 Sale
A -O

Interboro Rapid Tranaltu<.wu)/vU LUA-OACUipi....

Metropolitan Street Ry—
Bway & 7th Av 1st o g 5s
Col <k9th Av 1st gu g 6a.
Lex Av & P F lot gu g 5a
Met W 8 El (Chlo) 1st g 4a.
Mllw Eleo Ry A Lt cona g 6a I9Z6
Refunding * oxton 4^8--1931
Gon A refund 5a ser A ___ 1n r '
Mlnneap 8t 1st cons g 6a___ ]
Montreal Tramways 1st A
•

97
80

J - J
A -O
A -O

71

J - J ____ OHa
J - J ____ 85
70
J - J G9
49
49U
A -O
SO
M- N 80
M- N 93*2____

12

60*4
72*4
8*4
h
9*2
38 8*2
8
u
1*2
13
80% 82
91*2 91*2
54
71*2
1007 102*2
s
74*2 78*2
17*8 17%
98*2 100
92
49

92
6534

84
81
83

84
87
85*2

100*4 1033s
79*4 85*2
98 7 100*2
a
100*4 102
101*2
100*2
83*2
82*2
78
97*s

05*4 79

92 Apr ’ 14 ___
29
72
72
93
2G5
8
27

70
797
»
24*2 20*8

741a 154

73*4 79*2

74

9612 Sale 96*4
82
84ia 82
82
85
85

J -D ____ 98
M- S ____ 9812
____ 09
F-A
F - A 10078 -----J - J ____ OOlo

72*2

897
8
65
34
27
27
24*2
30
100

55
60
1

98*2
98*8
79
79
73
9234

98
94

06*4
82
85

76 96*4 985*
2 82
91
1 85
91*4

Aug ’ 15
Aug To . . . .

97*2 101
94
99

.
80 Mar* 14
101*8 Aug T5 . . . . 101*8 101*8
92*8 Feb ’ 15 - . - 9258 925s
94*4 Feb T5
78 Feb ’ 15 __
17
68
09*2
11
4834
49
80 Apr *15 . . . .
99*8 Feb ’ 15 . . —

86
78
08
48*4
84
99*8

May’ 15 ___ 100
N ov’08 . . . .

Trl-CIty Hy ,t I.t 1st s t C

91*4
78
73*4
5558
86
99*8

100
08

J - J 79 Sale
7834 Sale
A -O
J - J 104*2 100
A -O
951s 00*2

G 78
O
783a
79
825s
783s
79*4 243 75
82
100 July’ 15 —
105*2 107
95*4 Sep ’15 . . . . 94*4 97*4

-----M-N
J - J
A- O
43__ l v a t A -O
5a. _. 1934 J - J

Gas and Electric Light
Atlanta G L Co 1st g 5s___ 19Colurabus Gas 1st gold 5s..

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

00

*70
71
------ 61
____ 09*2
4738 Sale
____ 83

100

87*2 J’ly ’ 14
2 65
70
70
63*2 May’ 15
63*2
503a Mar’ 15 . . . . 59*8
79 40
47*2
48
84 Sep ’ 15 —
88

101 ____ 101*2 May’ 14
10358 H 103
1035s Sale 103
54 Juno’ 13 ___
97 Feb ’ 15 ___ 07
115 3 4 110 115*2
0 109*8
116*2
101 103 101 Aug T5 ___
09*2

70*s
63*2
5938
555s
89*2

104*2
97
118*2
101

J - J 102*8 102*4 102 Sep '15 —
101*4 103
M- S 100*2____ 100*2 M ay'15 . . . . 100*2 100*2

Purchase money Gs..
Convertible deb Gs..

Ref and ext 1st g 5g_.

Purchase money g 4sl!

M -N 1*01*2 102*4 101*4 July’ 15
.. 885
i
A -O 102 ____ 104 Juno’ 15 ___
A O 110*2____ 114 Aug T5 ___
M- S
J - J
Q- F
A -O
M-N
J -D
J -D
F- A
J - J
F- A

118*4 121
87*s Sale
100*2 101*8
9934____
90
90*2
103*8-----101 101*2
80
80*4
107 109
100 101

N Y A Rich Gaa 1st g 5a.
1921
Pacific G A El Co Cal G A E
Corp unifying A ref 5a. _. 1937 M-N
94
91*2
Pac Pow A Lt 1st A ref 20-yr
F -A
M- H 99*2____
PeopG asA C lot cons gGsII 1943 A -O
M- G 100*4 100*2
Ch G-L A Ckc 1st gu g 6s. 1937 J - J
Con G Co of Chi 1st gug 5a1936 J - D
Ind Nat Gas A Oil 30-yr 6sl936 M- N
Mu Fuel Gaa 1st gu g 5 s..1947 M-N
Philadelphia Co conv 5a___ 1919 F - A
Conv deben gold 5s_____ 1922 M- N
Stand Gaa A El conv a f Gs.. 192G J - D
Syracuse Lighting .'at g 5S..1951 J -D
Tlr»b» »
•> 10*54 T
"*
|

121 Sep ’ 15 ___
1
87 »s
87*8
7
100*3 101
1
997
a
997
8
90*2 Sep '15
103*8 Aug T5 ___
1
101*8
101*8
8
80*4
80*4
107 July'15 ___
100 Sop T5
92*2 J’ly '09
94*8 Sep T5 —

101*4 103*2
10234 104*1
113 115
115
87*a
100*4
97
90
103
101*8
80*4
106*4
09*4
91

91 Feb ’ 15 ___ 88*2
_
9934
9934 July'15 _
111
111
3 no
8 997
ioo%
iuo%
8

121
88
101*2
[01
91»4
033s
103*2
85*8
107
101
95
91
9934
115
101*2

____ 101*8 Sep ’ 15 ___ 101 103
____ 100*2 July’ 15 . . . . 097 100*2
8
93 M ar’ 12
9934____ 99*2 Aug ’ 15 ___
99*2 100
____ 9534 95 Feb '15 ___ 95
95
91
92 July’ 15 . . . . 88*a 95
____ 95
98 ------ [00 Ma r ’ l l
—
................... g*;i- ri-np’ 12
101
100

BONDS
Y STOCK EXCHANGE
Week Ending Sept. 17.

H ig h

102i2
05*2

j - J ------ 10Ha
M- N

'-'•I/J' Ipau cue
Third Ave 1st rot Js.

wiiiwu mva ouri r e a l
Va Ry A P o w 1 s t A r e t

H ig h

100
00

Si

5 7 13 ____ 60*4 Jufy’ 15 ___
06*2 . . .
66*2 July 15 ___
1
3
12 312 3
7 Sale
8
5
8
1*8 29
1*4 Sep ’ 15
*8 1
L12
& Sale
8
2
Sale
■
4
u
*8 July’ 15 _
8034 Aug T5 ___
91»2 . . .
91*2 Aug T5 ___
5
70
70 Sale 70
13
102 ____ 102
102
74i2 75U 74*2 Sep *15
20 . . .
17'8 M ay'15
98*2 June’ 15 ___
____ 9G
____ 01
95*2 N ov ’ 13
92 Apr *15 __
53 ____ 53 Sep ’ 15 ___
90 Apr ’ l l
____ 82
84 Apr *15 ___
4
82
8234 8212
82*2
17
83
83
835 83
8

Get United 1st cona g 4^fl-

jULnan. C Cl., l
n

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

8
M- 8 ____ 897S 897 M ar’ 15 ___ 897g
J - J 65 ____ 65 Mar* 15 __ 65
12*4
13*4 14 12
14
J - J 13
1 12i4
12*4
12i4
11 Sep T5
11
1 4 Sale 12l4
14 > 96 12
4
12*4 83 10
123s Sale 10*2
J - J 100 101 100 Aug '15 ___ 09

Cent Trust Co ctfs_
Do stamped____
Eqult Trust Co ctfa_
Do stamped____
Det& Ch Ext 1st g 5s..

N Y A

P ric i
F r id a y
S e p t . 17.
B id

Wabash 1st gold 5a___
2d gold 5a........ ........
Debenture Scries B_

West

911

New York Bond Record-Concluded—Page 4
P r ic e
F rid a y
S e p t. 17.
B id

Trenton Q A El 1st g 5s___ 1949 M
Union Elec Lt A P 1st g 5a. .1932 M
Refunding A extension 58.1933 M
Utica Elec Lt A P 1st g 5a.. 1950 J
Utica Gaa A Elec ref 5a___ 1957 J
Westchester Ltg gold 5s___ 1950 J
Miscellaneous
Adama Ex coll tr g 4a.......... 1948 MAlaska Gold M deb 6a A ___ 1925
Armour A Co 1st real eat 4 ^ 8 ’39 J •
Bush Terminal 1st 4s.......... 1952 A ■
Consol 5a............................. 1955 J ■
Bldga 5a guar tax ex........ .. 1960 A
Chile Copper 10-year conv 7s 1923 MGranbyConsMSAP com G A ’28 Ma
Insplr Cona Cop 1st conv Ga. 1922 M5-year conv deb 6a............. 1919 J
Int Mercan Marino 4H s___ 1922 A ■
Certificates of deposit_________
Int Navigation 1st a f 5a___ 1929 F
Montana Power 1st 5s A___1943 J
Morris A Co 1st a f 4 t f a ___ 1939 J
MtgeBond (N Y) 4sacr2...196G A
I0-20-yr 5a series 3............. 1932 J
N Y Dock 50-yr 1st g 4a___ 1951 F
Nlag Falla Pow 1st 5a.......... 1932 J
Ref A gen 6s ............... __al932 A
Nlag Lock A O Pow 1st 5 s.. 1954 M
Ontario Power N F 1st 5s .1943 F
Ontario Transmission 5s___ 1945 M
Pub Serv Corp N J gen 5s_ 1959 A
_
Ray Cons Cop 1st conv 6s .. 1921 J
Sierra A S F Power 1st 5 s . . . 1949 F
Wash Water Pow 1st 5s___ 1939 J
Manufacturing & Industrial
Am Ag Chem.lst c 5s.......... 1928 A
Conv deben 5s__________ 1924 F
Am Cot Oil ext 4M8...........z?1915 Q
Debenture 5s...............
1931 M
Am Hide A L 1st s f g Gs___ 1919 M
Amer Ice Secur deb g Gs___ 1925 A
Am Smelt Securities s f 6s. .1926 F
Am Spirits Mfg g Gs............... 1915 M
Am Thread 1st coll tr 4s___ 1919 J
Am Tobacco 40-year g Gs_ 1944 A
_
Registered...........................1944 A
Gold 4s...............................1951 F
Registered___________ 1951 F
Am Writ Paper 1st s f 5s___ 1919 J
Baldw Loco Works 1st 5s_ 1940 M
_
Beth Steel 1st ext s f 5s____ 1926 J
1st A ref 5s - uar A ........... 1942 M
Cent Leath 20-year g 5a.
1925 A
Consol Tobacco g 4s______ 1951 F
Corn Prod Ref s f g 5s.......... 1931 r,l
1st 25-year s f 5s _______ 1934 M
Cuban-Am Sugar coll tr 6 s..1918 A
Distil Sec Cor conv 1st g 5s.. 1927 A
E I du Pont Powder 4 ^ s _ 1936 J
_
General Baking 1st 25-yr Gs. 1936 J
Gen Electric deb g 3>$s____ 1942 F
Debenture 5a....................1952 M
Gen’I Motors 1st lien 6s___ 1915 A
III Steel deb 4 ^ s .................. 1940 A
Indiana Steel 1st 5s.............. 1952 M
Ingersoll-Rand 1st 5s..........?1935 J
Int Paper Co ' st con g Gs_ 1918 F
_
Consol conv s f g 5s______1935 J
Int St Pump 1st 8 f 5s...........1929 M
Certfs of deposit_________
Lackaw Steel 1st g 5s.......... 1923
1st con5s Series A ........... 1950
Liggett A Myers Tobac 7s_. 1944
6a .......................................1951
Lorillard Co (P) 7s............... 1944
. , 6s.........................................1951
Mexican Petrol Ltd con Gs A 1921
1st Hen A rer Gs series C . . . 1921
Nat Enam A Stpg 1st 5s___ 1929
Nat Starch 20-yr deb 5s___ 1930
National Tube 1st 5s_______ 1952
N Y Air Brake 1st conv Gs..l928
Railway Steel Spring—
Latrobe Plant 1st a f 5s__ 1921
Interocean P 1st 8 r 5 s _ 1931
_
Repub I A S 10-30-yr 5s s f__ 1940
Standard Milling 1st 5s........ 1930 MThe Texas Co conv deb Gs.. 1931! J Union Bag A Paper 1st 5 s.. 1930 J Stamped........ ....................1930
U S RealtyA I conv deb g 5s 1924
U S Red A Rcfg 1st g Gs___ 1931
U S Rubber 10-yr coll tr 6s_. 1918
U S Steel Corp— /co u p ___ dl963
S f 10-60-yr 6a lre g ........ dl963
Va-Car Chem 1st 15-yr 5 s.. 1923
West Electric 1st 5s Dec___ 1922
Westlnghouse E A M s f5s._ 1931
Certs of deposit.
Conv s f 5s (l.«9 of 1915) .1931
10-year coll tr notes 5s___ 1917
Coal & Iron
Buff A Suaq Iron s f 5s____ 1932
Debenture 5s...................al92G
Col F A I Co gen s f g 5s___ 1943
Col Indus 1st A coll 5s gu._1934
Cons Ind Coal Me 1st 5 s . .. 1935
Cons Coal of Md IstAref 5s. 1950
Continental Coal 1st g 5s . . . 1952
Gr Rlv Coal A C 1st g 6a. .A 1919
Kan A H C & C 1st a f g 5s. 1951
Pocah Con Collier 1st s f 5s. 1957
St L Rock Mt A P 1st 5s___ 1955
Trust Co ctfs of deposit.
Blrm Dlv 1st consol 6s.__1917
Tenn Dlv 1st g Gs.......... al9I7
Cah C M Co 1st gu Gs___ 1922
Ictor Fuel 1st s f 5s............ 1953
Va Tron CoalACoke 1st g 5s. 1949
T elegraph

&

T elep h on e

n Tclep A Tel coll tr 4 s ... 10
Convertible 4s__________ 1936
20-yr convertible 4 Hs____ 1933
Cent Dlst Tel 1st 30-yr 5 s.. 1943
Commercial Cable 1st g 4S..2397
Registered...................... 2397
Cumb T A T 1st A gen 5s. . . 1937
Keystone Telephone 1st 5 s.. 1935
Metropol Tel A Tel 1st s f 5s 1918
Mich State Telep 1st 5s____ 1924
N Y A N J Telephone 5s g ..l9 2 0
N Y Telep 1st A gen 8 f 4H s. 1939
Pac Tel A Tel 1st 5s............... 1937
South Bell Tel A T 1st s f 5s. 1941
West Union coll tr cur 5s_ 1938
_
Fd and real est g 4J4s____ 1950
Mut Un Tel gu ext 5s____ 1941
Northwes* Tei mi 4t$s o,_.io34!

W eeks
R a n g e or
L a s S a ls

A sk L ow

99*4____ 101*2
*100 ____ 100
89
102*4------ 102*4
98
101*2 102 102

! l

R ange
S in c e
Jan. 1

N o . L ow

H ig h

__

H ig h

June’ l-J
10 97*2 101
100
Mar'15
89
90
96 102*4
M ar’ 15
Aug T5
98
98
Sep *15 —
101 103

21 70
75
75
75*2 76
80
9 1 18 150
132
132 Sale 130
917
s 65 90*2 93
91*2 917 915s
a
85
8734 87
1 84
87
87
85 July 15
85*4 9U
84% 90
84 Aug ’ 15
____ 84
S3
87
H37
a 62 1 1 1 1175s
113*2 Sale 113*4
100 lOllj 104 Aug ‘ 15
98 H I
80 97 147%
142
140 Sale 139
12 9434 147
139 142 139*2
HO
23o 30*4 76
70 Sale 73*2
70
76*4 Sale 73*4
76*4 552 33*2 76*4
49 36
69 Sale 65*2
69
69
91 Sale 90*4
91*2 55 88% 92%
87U 00
937 . . . 100
8
72
75
72
98*4 10134 100
104 ____
------ 94
------ 90*2
863s Sale
115 116
------ 88

J’ ly ’ 14
Aug ’ 15
Sep *15

__

103*2 Jan *14

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

10
100
100*4
1
94
94
100*8 Sep ’ 15
93
93U 35
9
103
103
81*2 Aug ’ 15 . . . .
10534
106*8 10
100 July’ 16 ___
93
95
93*2 June’ 15
110*2 122 119*2 Aug ‘15
121*4 May’ 14
------ 947 97 Apr ’ 15
8
98 Juue’ 14
1
64 Sale 64
64
102 _
103 May’ 15
25
102 102*8 102
102
8n
995s Sale 99*2
100
99*4 Sale 99*4
995s 40
97*4 Jan ’ 15
96*8
96*8 July’ 15
91*2
94*2 Sale 94
10034 sale 10058
IO J4 30
O
64 Sale 64
6412 69
102 Sale 1017
8 1045a 120
- - - - . . . *7*2 J’ly ’ n
1
70*2 Sale 76*2
76*2
101*2 Sale 101*4
1 0 1 < 82
|
100*8 100*4 100 Sep .15 ___
52
86
8G 867
78
8
87
10U4 Sale 101
IUH2 24
100 ____ 100 Oct T3
9934
9< 3
J 4 18
995a 100
79
79
10
79*4 80
63
64
01*4
65
2i
63
65
G
1
65
51.
91
94
2
95
95
84 Sale 83%
385
85
123*2 Sale 123*2
123*2 121
14j
102*4
102*4 Sale 9934
120
119-8 120*2 120
99*2 Sale 99*2
9934 24
5
105 1C612 100*2
106*2
104 106 104 Sep *15 . . . .
82% 84% 94*2 Aug *15
83*2 . .
83 June’ 15
98 Sale 98
98*4 21
8
1 0 1 102 101*2
102

__

__
__
__

97*2 98
97*2 Aug T5
90*4 91*8 91*a Sep To
9434
9412 Sale 94
91*4 92*2 92*2
92*2
102*8 Sale 101*2
102*4
76 _
80 Aug T5
76 . . .
91*4 Jan T3
70
72
70 Aug T5
. . . 20% 20 Aug T5
1025a Sale 1025a
163
102 Sale 102
102*4
10134 102*2
9534
95 Sale 9434
10034 10U4 10 1
10 1
105*8
105*2 Sale 105*8
105*8 Sale 105*8
105*8
1103s sale 114
11634
10034 ____ 10 1
10 1

-----____
------

____
80
93
Sale
88
09
946s

83*2 8034
78
81*2
1005s 1 0 1 l2
10158 1C2
1015s 102
------100
------ 75
82
86*2

75
10 1

94 July’ 15 ____ 92*4 956s
80*8 May’ 15 . . . . 86*8 99
4 86% 89%
803s
87
112*2
115*2 49 103 130

100*4 Sale
93*2 9412
100*8 100^
92
93
103 10334
83
85
100% 107

80
75
92
78

71
100

92 J’ly T4
78*2
78*2
92
92
76*2
80
73 Mar'14
88*4 Apr T5
99K Feb T4
1025s Apr *06
90 July’ 15
85*4 July‘ 15
82 Apr T5
79*2 Aug T5
1005a io n *
101*2
101*2
101*2 Sep T5
101 Dec T4
73 Apr *14
86*2
86*2

...•I
43
2{
42
_-

99*4 10233
92
94
097 100*2
«
9Ua 94*2
100% 103%
1035a 107
92** 100
93*2 9-3*2
115 121*8
97

74
101*2
100
8278
99

89

9534

121*4
99*2
119
95*8
95*2
95
92
S3

124*2
102*2
124
102
HO
110
94*2
85

90

_._|
...J
... J
2
1

79 Apr '14
9
97*8 97
97*4
89*8 Dec T4
3'
10034 1011 10 1
4
101
9S34
98
985s 985s
8
10 0 * 2 ___ 101*2 Junc’ 15
953., 74
95*4 Sale 913S
36
9034 Sale 96*4
9G7
8
6
97*2
____ 97*s 97*8
90
9034 96*8 Aug T5
9134 ____ 94
94
*
____ 97 104 June'll
------ -------- O01- Mur’ 1' ----- 1

__

78*2
92*2
80

88*4 88*2
90
90
85*4 88
76
82
75
82*f
100 101*2
997 1 0 1 34
8
100*4 1017
s

....
____I
lj 82
87*4 133 86*2
87*2 Sale 87
12 91*4
92 ____ 95*2
96
102 Sale 101*4
102i2 29. 96
99 100
99*8 May’ 15 ___ I 98*a
97

76

101*8 103*8
997 1025s
»
9934 102*4
89
97*2
100*4 102
X97 105b8
s
103i4 105*8
109*8 1197s
98*4 101*8

__
__

103

95*4 9S*4
90
93
90*2 95*4
88*2 9212
971? 102*4
75
80

10 ; 75
1 87
14! 70

.. - - I

79
105
101*2
88
101*2

993j 101*2
78*4 82
38
65*8

66
19
481
4
1
41
*
180,
28
839,

98%

5178 70
100*4 103
98*2 193
85*a 102*8
967a 100
97*4 97*4
94*4 97*4
92
95*4
95 100*4
40*4 6734
84 1045s

86*2
89*4
98*2
103*4
90*a

95

97*2

100
97*4
101*2
94
9484
90*4
95
88*8

10 1
99l4
10 112
975s
98
99
97*2
93*8

901* PH
I*

* No price Friday; latest bid and asked, a Due Jan. d Due April, e Due May. g Due June. A Due July. It Due Aug. o Due Oct. v Due Nov. q Duo Dec. s Option sale.




BOSTON STOCK EXCHANGE!— b lo c k Record

912

S H A R E P R IC E S —N O T P E R C E N T U M
M onday
S e p t. 13.

S a tu r d a y
S e p t. 11.

1

T u esd ay
S e p t. 14.

W ed n esd a y
S e p t. 15.

P R IC E S .
T h u rsd a y
S ep t 16

F r id a y
S ep t 17

S a les
o f th e
W eek
S h a res

STOCKS
BOSTON STOCK
EXCHANGE

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

L a s t S ale 102 Sept’ 15
101 *101*8 101*4^*101*8 101*8 *10 1 101*4
L a st S ale 98*4 Sept’ 15
99*4 *93*8 98*4 *98*4 98*4
99*4 *90
186 1 S6
186 186 *184 188
186 186
184 186
181
81
78
78
77*2 78
79
77*2 77*2 80
78
78
*130
130 130 *130 ___
*130
25
25
25
25
24*2 24*2 2 1
24*2 24*2 25
25
233 233
233 233
235 *233 235 *233 235
9
L a st S it e 10
Mar’ 15
9 *
9 ♦
9 *
•_
*
45
Mar’ 15
55
*40
L a s t S ale 50
*40
45 *_
50
♦
___ ___
9 *__
9 * ___
9
9
8*4 8*4 •
Sept'15
L a s t Sale 47
45
*44
*45
*44
*44
*
15.8
L a s t S ale 160 Sept’ 15
158 *__
158 *__
158 *
___ ___
10412 101*4 105 105 * 10 1 105 * 10 1 105 *102*2 105
L a st Sale 155 Aug’ 15
*155 162 *155 102 *155 162 *155 162
. ___
63
*63
65
63
*63
65
*63
65
*63
05
___ ___
113 119 ►
116 116 ►
113 119
*113 118 "113 119
86
Aug’ 15
*84
*84
L a st Sale 5
*84
86
86
*84
86
97
L a s t Sale 7 Sept’ 15
97
*96
*96
*96*2 97
*96
97
87S 87g *8*2 9
8*4 8%
8'7s
8*2 9
8*2 878
_
_ *13*4 44
43
44
44
44
*43
43*4 44
*43 ___
66*2 67*4 66*2 67*4 66*4 60%
58
67*2 68
66*2 67*4 07
90
93
90
*89
93
*89
93
*90
93*2 *89
141 141
143 143
141 141
141% 142
*140 ___ *140
21
21
*18
*18
20% 20%
*18
18
18
129*8 129*4 *129*4 129*4 129*4 129*4 ___ ___
*129*4 129*2 129*8 129*8 ►
Rilii
112 115 *113 115
L a s t S ale 15 Sept’ 15
*113% 115 *114 115 ►
67
67
65*4 66
67
61*2 64*2 65
01*2 65
*64
66
84
82
*82
82
82
82
84
84
82
82
.................

*60*2 62
96*2 96*2
*2*8 2*2
*15*2 16
108 109
115 115
123 123*4
*42*2 44
93*2 94*4
63
63
*97*4 93
15
16
30*2 31*2
*9*4 10*4
*237 239
*169*2 170*4
98
93
90*2 90*2
87
87
*172 176
*2*2 3
*1 0 * 2 ___
*___
40

60*2 60*?
95
96*2
2*8 2*8
*15
10
109 109*4
114*4 115
123 123*8
42*2 42*2
91
91*4
63*4 63*4
97*4 97*4
15*2 1678
31
32
*9*8 9*.i
237 238
170
72*4
*97*2 98
90
90*4
87
87
*172
70
*2*4 3
*10*2
* __
40

*30 ___ *30
128*2 130 *130
159*2 159*2 159*2
15*2 15*2 *15*2
118*4 119*4 118*4
35
34*2 35
*30
30
30
*1
1*2 *1
133 134*2 134
49*2 50
49*8
29*2
29*4 30
737S 74*2 74*i
*113 113*2 *113*2
11
11
10*2

30*2
160
10*4
119*4
35
30*4
U).
135
50
29*.1
7">7,
(14
11

61
61
95*2 95*2
*2 l8 2*2
*15
10
109 109
114*2 114*2
123 123*4
43*4 43*t
91
94*2
*63*4 01
*97
98
16*4 17
32
32*a
*9*8 10
238 239
170*2 170*2
97*4 98
*90
90*2
87
87
*172 170
3
*2*4
*10*2 ___
*__
40
*30
130
158
*157g
119
35
*30
*1
131*4
*49
x29*8
75
*113*4
10*4

61*2
95*4
*2*8
15
108
111
123
*43
91
63*4

61*2
95%
2*4
15
109
115
123*4
44*4
91*4
63*4

16*4
31*4
*9*8
238
171*4
*97*2
90
86
*___
*2*4
*10*2
*___

17*
3178
10
210
/!%
96
90%
80
70
3
___
40

*60*4 61*4
98
96
*2% 2*2
*15
16
108*4 108*2
114 114*4
123*4 1 2 1
*43
44*,
91
9412
63
63
*97
98
167 17
8
31*4 31*4
9*4 9*4
239 239*2
*170 171
98
98
90*2 90%
*86
87*2
172*2 172*2
*21.,
3

*30
30_ 130*2 130*2
60
00
159
16*4 *15*8 16*8
.19 * 118*2 119
4
35
35*4 35
30
30*4 *29
*1
1*2
1*2
135*2 131 135*2
49*8 48*2 49
29*8 29*8 29*4
757S 75
75*8
113*4 *113*2 114
11
10*4 107S

L a st S ale
L a st S ale

95
95*2
2*8 2*8
15*4’ 15*4
103 108
114 114
123*2 124
z92% 93*4
61
64
17
17%
31% 32%
239 210
171 172*2
98
98
90
90
86
87
172*2 172*2
2
2
10 June’ 15
40 July’ 15

Aug’ 15
L a st Sale 25
130*2 130*2
100 100*2
ICO 160
___
*15% 16*8
118 118*4 118*4 118*2
35
35
35
35
30
30
1
1
134*2 135
135 135
49
49*2
48*4 49
29% 29*2 29*4 29*2
7412 7512 74% 7512
L a st S ale 113% Sep’ 15
107g 12
12
12 %

_

9 2% Feb 23
Atcb Topeka & Santa Fe.-lOO
Do pref______________100 97 Jan 15
Boston & Albany________ 109 170 Mar 5
10'
73 JunelG
17.' Boston Elevated-------------- 100
10 Boston & Lowell------------- 100 109 Feb 26
20 Feb IS
Boston & Maine............ ..100
139
6 Boston & Providence----- 100 225 Jan 5
10 Mar23
Boston Suburban Elec Cos—
K
O Ian
Do pref_______ ____ ____
8*4 Sap 13
Boston * Wore Electric Co3._
39 Jan 20
Do pref------------------------157 Feb 13
Chic June Ry A U S Y ...1 0
Do
pref________________- 101*2 July 0
Connecticut River_______109 l40 Feb 25
51 Feb V
12 F
114 Apr 20
25 O
84 Aug 10
Do pref.
.
92 Mar
... M
478 June
070 M
33 July2.
74 Do pref stamped____ 100
43 Feb 25
615 N
00 M ar 9
l N
140 Aug
87 O
...
15 M arl7
36 |R
llO'sJan 4
15 U
79*4 M a rll
Do pref.
V
105 Feb 9
61 May 15
98 W
80 July
16 Do pref.
Miscellaneous
48 Jan
165 A
Do pref.
87% Mar25
.10'
63
1*4 M arl7
65 A
15 June 7
25 Do pref.......... ............. 5'
100 Feb 21
260 A
141 Do pref........................ 10< 109 Feb B
116 Jan 4
1,550 A
16% Apr 6
80 A
.109 77 Feb
Do prof,
1,313
59*8 Jan 20
217 Atnoskeag M
97*2 May26
100 Do pref.
4 Feb 24
4,072 A
.100
Do pref.
9N Mar 12
3,005
. 10
8*4 July27
25 1230 May 10
3,80 E
13.8*4 Feb 26
79 C
9 )*2 Aug 25
95 \
78 Apr 8
231 N
Do pref........................L O 85 May24
O
32
154 Feb 8
10 k
14 Apr 20
2 k
.......... k
10 June 4
35 Feb 23
Do pref_____________ 109
k
20 Apr 15
.109 25 July 1
Do pref.
rl27*4 JunolO
38 b
150 Feb 24
52 l
15*2 Aug 16
3 l
11)4*4 Jan 4
451 8
28 Mar 8
1,243 1
26 Mar25
Do pref____ _____ ___2?
53
95 Jan 18
100 1
110 Feb 25
401
48 Aug 17
911
Do pref_____ _______ 25
28 Mar27
251
38 Feb 1
9,018
On
nr»»f_
.109 102*4 Jan 27
3 5 11 Aug 20
13,900

Mining
1 Jan 22
2
2
*1*2
1*4 *1*2 2
50
1*2
1*2
*1*2
*1*2
94 July26
99*2 *98
98
99
99
99
98*2 99
155
98*2 99
26*4 Jan 0
34
34*8 33*8 34*4 32*8 33*2 32% 33
32*2 33*4 12,808
.45 Feb 10
*2*2 2*4
*2*4 27S
2*2 2 *? *2*2 3
75
2% 2%
35*2 Jan 5
54
54*2 54% 54*4 *54
54*2 *54
*53*2 54
425
54*2
16*4 Jan 4
53
53*4 517g 52*2 52
527g 7,124
52*4 52*4 52*2 53
3*i Jan 4
8*4 9
8*4 8*4
8*2 8*2
8*2 9
8% 87S 3,003
2 Jan 16
3*8 3*8
3*4 3*4 *3% 4
*3*2 3*4
*3% 4
25
8
35*4 Jau 4
60*2 07*? 657 07*2 z59*s 60
66*8 07
59
60% 7,965
6 1*2 Feb 23
62
63*4 62
62*2 617g 62% 1,214
62*2 02*4 6212 62
350 Jan 4
547 548 *540 548
545 540
540 545
549 519
07
167 17
8
15 Jan 12
17*4 17*. *17*4 18
270
*16*4 17
*17*2 18
45
327g Jan 6
45
*44*2 45
*44% 45
*43*2 4378
45
30 Jan 13
54*2 54*2 55*2 54
54*2 54*2 54*
938
53*4 54*2 54
17, Jan 21
2% 2% *2*2 23
2*2 2*4
195
2*4 2*4 *2*2 3
12
8*2 Jan 5
12
12
12*4 12*4 12*4 121., 12 1,
1178 117,
285
87g 87g
4*2 Feb 5
87S 87,
9*8 9%
8% 9
547
8*4 9*?
68 Jan 7
82
82
83
84*j
83*2 84
83*2 83*? 83*2 843
2,070
23*4 Feb 1
377g 38
38
38
38
465
38*2 38*? 38
38*2 393
11 Jan 18
16
17
16*2 *16*2 17
*16*2 17*4 *16*2 17*2
259
16
29
*26
29
29
*27
*28
29
20 Hedtey Gold...................... 10 205s Apr 9
*27 ___
2*4 Jan 21
5*? *5
5*?
*5
5*? *5
5*4 *5
*5
25
5*2
41 MarlS
48
48
*47
48
*47
47*2 48
*47
25 [stand Creek Coal________
*47
47*2
85*2 Jan 5
89*.
Do pref.............. .........
*89
89*4 *89
893
89*4 *89
89*2 89*2 *89
17*2 Jan 11
28
28
25
26*4 26*4 27*27*2 27*2 *27
325 Isle Hoyale Copper_______25
28
3 Aug 3
*3*2 3*4
255
3*8 3*8 *3*2 3*.
3*2 3% *3% 33
1*2 Aug 23
3
3
*2% 3
105
*2*2 3
*2*8 3
*2% 3
5*2 Jan 27
14
14
14
14
14
14
13
13
*133, 14%
130 Lako Copper Co_________25
3'gJan ?
0
*5*4 0
*5*4 6
r
>
*5*4 0
50 La Salle Copper...... ......... . 25
*5*2 6
1 M arll
L a st Sale 2
*1*2 2
*1*2 1*4 *1*2 2
Sept’ 15
3 Jan 11
10
10
*978 10
10*2 10*
10*2 10*2 *10*, 11
330 Mass C onsol... _________ 25
3 Aug 16
*3*4 3*
*3*4 3*
3*2 3*2
*3U 3*!
115 Mayflower______________ 25
3*4 3*.
27* *27*8 27*
*27
L a st Sale 27*2 Sept’ 15
Miami Copper___________ 5 16*4 Jan 2
*26*4 27
.60 Mar 1
*21,
2*2
2*8 2*
*2*4 2*
2*2 2*
115 Michigan............................ 25
*2*4 21
727
72
72
71
72*4 72*2 72*4 73*
71
71
578 Mohawk_________________ 25 46*4 Jan 15
145 *14% 14% *14*., 145,
*14*2 147
10 Vevada Consolidated____
5 115, Feb 21
*14*8 147,
14*8
4*2 Feb 2 1
10*
9*4 9*.
10
9*2 10
9*8 97,
1,200 New Arcadian cv.noer___ 25
9%, 9*
4 July 10
10
10%
10
9
10
9
9*2 97
5,366 New Idrla Quicksilver___ 5
10% 11*
6*2 7
5
6
6
0
5*s Aug 9
5,461 Nlplsslng Mines_______
7
7*
0
6*4 05,
2978 30
30*
30
29% 297
890 North Butte___________ .. 15 22*4 Jan .25
29*8 29*^ 29*4 29*
1 Jan 28
1*
2.;
*1*2
312 North Lake________
1*
1*2 1«.
1*2 1*
♦1*4 1*
1*4
50 Mar 4
*1*2 2
OJlbway Mining________ 25
*1*2 2
3 Aug 16
3
*3*8 3*5
2
3
3
*3
3*
3
3*4 3*
57 Old Colony....................
*3*8 3*
53*2 53*
53*2 53* *52*2 53* *5212 53*. *5212 531
65 Old Dominion C o_______ 25 38*2 Mar 8
*52*2 53*
81
81*
84
85
82
84
84
25 04 Jan 28
79
80
*80*2 82
86
605 Osceola.... ..................
17
17*
17*2 177,
17*
17*2 175
17
17*
17
1,795 Pond Creek Coal________ 10 12 Jan 7
17*8 17*
81
82
83
81
82
83
82
82
159 Quincy___________________ 25 50 Jan 10
*79
80* *79*2 82
22* *22
22* *22*4 22*
L a st Salt 22% Sept’ l
*22
22* *22
Ray Consolidated Copper. 10 15*4 Jan 7
_
51
51*
50*2 50*
50*2 53
52*2 52*
51*2 52*
51
51*
1.316 St Mary's Mineral Land.. 25 28 Jan 4
_ Marl7
1
*2*i
3
*2*4 3
3
3
*2*4 3
3
3
70 Santa Fe Gold & Copper.. 10
*2*4 3
4 Jau 15
7*
7
7*.
7
7
7
7*2
7
1.160 Shannon________________ 10
7*4 7*
0*8 7
20
25
24*2 24*
25
25
24*2 24*
*24*2 25
598 Shattuek-Arlxona________ 10 18% Jan
*24*4 25
5*2 Aug 23
6
0'
5*2 5* _
*5*2 01
60 South Lake................
*5*4 6*
25
*5*8 6
26
26
26
26
190 Superior__________________25 22*2 Jan C
26*4 20* t 26*4 26*, *26*2 27
*26*4 27
1 Mar 3
2*2 2*2
2% 23
2*2 2*
2*4 2*1 *2 Hi 2*1
335 Superior & Boston Copper. 10
2*2 2H
25 Jan 4
53
56* 2 56*4 57*
52
52
52*2 53
55*4 56*
50
66*1 3,784 Tamarack....... ...................
2*8 Feb 11
*33, 4
90 Trinity.................................. 25
*3*2 3*4 *3*2 4
3*4 3*
*312 3*, *3% 4
.20 Jan 2
.5 5
.45
.45
.41
.4
.43
.40 .4 )
*.40
.5 ) *.43
.43
600 Tuolumne Copper........ ...... '
40*2 40
40* 2 40*8 40*4 40% 407
40% 41
1,001 a S Smelt, Refln A M in .. 50 20 Feb 25
40*4 40 2 40
40*2 40
46
46*4 1,757
Do pref_____ ________ 50 28 Jan 1
40*8 45*2 46*
46*2 46* t 46*4 46*l 40
2 Jan 2
3*2 3*2
3% 3*8 1,745 Utah-Apex Mining_______ 5
3*2 3*8
3*2 3*2
3*8 3*2 *3% 3*
914 Feb 26
12
12
*12
1211 12
12*4 12*2 12*2 12*2 12
117g 12
230 Utah Consolidated_______ 5
O 66
210 Utah Copper Co_________ 10 48*4 Jan 6
*65*4 66* 1 G
66*2 60*2 07*2 67*2 ZG5% 05» ................
1 Feb 20
2*2 *2*4 2*
*2*4 2*1 *2*4 2*2 *2*4 2* 2 *2*,
100 Victoria................................. 25
2% 2*4
3*2
1% Jan 18
3
3
*3
*3
3*2
3
3
3*
240 Winona__________________ 25
3*8 3*2 *3
57
57
57
56*2 56*2 56*2 58*2 58*2 •
68*2 57
57*4 57*2
480 Wolverine________________ 25 32 Jan 6
50 Mar 3
1*
1*4 *1*2
L a s t S al 1
Wyandott ................
25
1*4
Sept’ l 5 ___
*1*2
1
=4 *1*8
*1*2
' Bid and asked prices, a Ex-dlvldend and right?. b Ex-stock dividend, e Assessment paid. ft Ex-rights, c Unstamped,

*1*2 2
99
99
33*8 35*8
*2*4 2*4
54
54
517 52
8
8*2 8*2
*3*2 37g
65*4 65^4
62
62*2
*540 545
*16*4 17
4478 447,
53*2 53*2
*2*4 27a
12
12
*8*4 9
82*2 82*i
38
38
16*2 16*2
*26 ___
5
5
47
47
*89
89*.
25
25
*3*2 3H
2*8 2*f
13
13
*5*4 0
*1*2 2
9*2 9*!
*3
3*
*20*4 26*
*2*4 2*
70*4 70*
*14*8 147
9*2 9*
*8*2 0*
*5*8 57
29
29
1*2 1*




1.

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

H ig h e s t.

Railroads

*100*4
*98*4
184
78
*130
25
*233

[VOL 101

S«« N Pag*
ext

104*8 Apr 21
1007 June 4
s
193 Jau 12
Jan 5
June 9
May 4
June26
M a r2-l
M a r?3
Sep 1
Julyl5
Sep 9
Apr 21
Jan 12
Jan 5
Feb 6
Mar 3
99*2 Aug 18
9 Sep 9
56 Jan 6
71 Apr 21
98 Apr 29
157 Apr 9
22 June 9
134 Apr 26
SO7 Feb 11
*
125 Apr 20
72*2 Jau 2r.
93*8 Fob 4

18% N ov 100 July
101% Feb
J 7% Jan
175 N ov 195 Jan
77 May 101%1 July
150 Dec 179 Feb
30% July
55 Jan
225 May 255 Jan
7*2 Feb
7 Mar
50 July
60 Jan
35 July
too Ma103 Dec
162 Nov
75 July
115*2 Dec
83 Jar.
307» Jan
9 Apr
54 Dec
497g July
100 May
140 July
19 May
*10% Nov
82 Apr
(15 Jan
65 Nov
82 Dec

40 Jan
103 Jan
107 June
200 Jan
93 Jan
124 May
887g Apr
99 Mar
14 Jan
00*2 Jan
7778 Jan
112 Feb
105 Jan
30 Jan
103% Jan
85 Jan
130 Feb
76 Jan
95 Ma>

17% Jan
69% M ai
61*2 Aug 30
89 Dec
98 June
93*2 Sop 9
2 Dec
4 Jan
3 Apr 14
17 Jan
22 Jnn
19*i Jan 9
97*4 Mar 1 10*4 Jan
1 14 Apr ?3
117 Aug 28 108 Mar 115 Deo
124*8 Junc.17 112 Nov 124 Jan
14 Mar
15 M ai
44 Sep 10
72*4 Mar
83 Jan
9 1*4 Sep 13
07 Feb
57*2 Doo
67 Apr 23
97*4 June 100*2 June
101 Feb 6
5 Feb
9 Jan
17*2 Sep 7
13*2 May
16*4 J.D
33*4 Sep 8
9*2 Dec
14*2 tb
13*4 \pr 5
2'iO fan 22 234 Nov 205 Mar
178 Aug 26 137 Dec 150*2 Fft.
98*2 N ov 102 Jaa
104 Mur29
70*4 N ov
94*8 Fe-)
94 Aug 5
85 N ov
90 Ma92*2 Jan 2S
200 fan 4 200 Deo 210*4 Feb
2*4 May
3 Jan
3 Sep 10
18 July
38 Feb
12*4 Feb 8
55 June 70 Jan
46*8 Jan 26
20 Apr
30 Jan
20 Apr 16
09 Jan
38 Dec
35 Apr 15
(43 Jan 29 (28 N ov 141 Feb
166 Junel4
*48 Deo 159 Jan
20*8 July
18*4 Jan 2
16 Jan
121 Aug 30 101*2 N ov 107*4 M ar
31 May
35*4 Sep 10
27 Feb
29*2 Jan
27 M ar
30*4 Sep 8
2 Feb
95 Deo
1*4 Apr 21
111*4 May 3 ■*13 Deo t73 Feb
01*4 June
65 May24
521, Deo
30% July
30 Aug 31
28 Jan
07*4 Jan
777g Aug 17
48 Deo
03*4 Deo (12*8 Jan
113*4 Sep 9
14 Aug 3
47s Apr 22
1 Apr
103 Aug 27 >39*4 Apr
40*4 Apr 22
19 July
4*4 Apr 22
*2 D >
e
58*4 Apr 20
34is fan
00*8 July 14
12U Nov
9*2 Apr 22
2ls Nov
4*4 Apr 22
1 Nov
80 June 4
24 N ov
78*4 Apr 26
53 Dec
630 Apr 22 *50 Dec
25 Apr 22
14 Jan
49*4 Apr 26
30*4 Dec
63*i Apr 26
29 Dec
5*4 Apr 22
1*2 N ov
15*8 Apr 23
8 Dec
14*4 Apr 22
2 Nov
91*2 Apr 27
00 Deo
44 Jltlyl5
21*4 Apr
24*2 Apr 29
II Deo
29*4 Jan *!'
28 July
10*2 Apr 22
3 Apr
52 Aug 17
14*2 Dec
91', Apr 27
81 June
34 Apr 20
10 Dec
5*8 Apr 20
37g Mar
4*2 Apr 26
2*8 May
18 Apr 22
4*4 N ov
9 Apr 23
3 Hi Dec
1*4 Deo
41* Apr 27
2 M a17 Apr 22
3*4 June
8 Apr 22
10*4 Dec
29 Apr 20
.50 July
3 Apr 22
39 Apr
82 Apr 20
10 Deo
17 Apr 27
17, Jan
14*4 June 7
4 June
13*2 Aug 7
6 lull
7's Sep 17
3S78 Apr 26
19% De"
95 Apr
4*3 Apr 23
3*2 Apr 29
*4 Apr
71, Apr 22
2*s Nov
44 Deo
58*2 Apr 21
93*3 Apr 22
04 Deo
12*4 Deo
19*8 Aug 13
517S Dec
95 Apr 22
Doc
20*4 Apr 20
Deo
65 Apr 23
Jan
3*8 JunelO
N ov
11*4 Apr 26
DOC
33 Apr 26
7*4 July27
■ 2 NOV
2
41*2 Apr 20
1*4 Nov
4*2 Apr 29
24*2 Dec
58*8 Aug 18
2*4 Nov
7*8 Apr 30
.23 Deo
.63 Apr 14
24U Deo
49*2 JunetR
40*2 Apr
48*2 JunelO
5*8 JunelO
1*4 N ov
8*4 Jan
16*8 Junel4
*5*8 N ov
73 Apr 26
1 Mar
41S Apr 22
ITs net
6*8 May 1
*0 Dec
70 Apr 26
30 Jure
2*4 Apr 23
x

2s paid,

to

Half paid.

2 Jan
300 M ai
28*4 May
1*4 Jaa
43*4 Feb
2
Jan
0 Hi Mar
4*8 tb
40*4 M y
70*8 M .1
400 F e1
19 Fob
43*2 Feb
40*4 Feb
3 Feb
13 Jan
7% Apr

91 Feb
42*8 Feb

22 Feb
50 M a i
0i2 Feb
60*4 June
89* June
j
24 Feb
68July
*
4 % Feb
10*2 Jan
6*2 Feb
4 Jau
e5*s M ai
9 Jnn
24*a Feb
1*4 Feb
49*2 Deo
10*8 Deo
7*2 Jan
4 June
8*8 Feu
30*4 Fob
2*8 Jan
2 Jan
5
Feb
51 Feb
84 Fob
207g Jan
08 Feb
22*8 Apr
10 Feb
2*4 Jan
7*2 Feb
29*4 Feb

32 Feb
2 % Jan
43 Feb
5*2 Jtn
.85 M a i
43*2 F*b
487S Feb
2*8 Feb
14 Feb
59 June
<2% May
47, Vrb
47*4 Feb
11. Jan

Sept. 18 1915.]

THE CHRONICLE

913

Philadelphia Stock Exchange.—Record of transactions
at the Philadelphia Stock Exchange from Sept. 11 to Sopt. 17,
Boston Bond Record.—Complete record of transactions both inclusive, compiled from the official sales lists, is given
In bonds at Boston Stock Exchange Sept. 1 1 to Sept. 17, below. Prices for stocks are all dollars per share, not per
both inclusive:
cent. For bonds the quotations are all per cent of par value.

Outside Exchanges—Record Transactions

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.

Bonds.
Amcr Tel A Tel 4 s ...1929
8754
Convertible 4 5 4 s... 1933 10154
A tlG A W ISS L 5 s.. 1959 715!
Chic Junction 4s____ 1940
Gt Nor-C B A (1 4 s ..1921
Mass Gas 454s.......... 1929
Mich State Teleph 5s. 1924
New Eng Teleph 5S..1932
Pond Creek Coal 6 s.. 1923
Seattle Electric 5s___ 1930
Swift A Co 5s_____ 1944 96
United Fruit 454s___ 1923
Western Tel A Tel 5s. 1932

___

87
1015!
7154
85
9654
9654
9954
10054
94
9854
96
97
9654

8754 $21,000
9,400
10154
715! 91,500
85
2,000
1,000
9654
4,000
9654
3,000
9954
2,000
10054
9554 14,000
1,000
9854
965! 10,000
5,000
97
965! 12,000

Low .

H ig h .

8654 Jan 8954 Apr
Apr
9554 Jan 103
Jan 73
60
May
Jan 85
82
Sept
Jan 9654 May
95
Jan 975! Mar
95
9854 Feb 9954 Sept
9954 Jan 10154 Feb
94
May 98 54 Aug
9854 Feb 995! Mar
94 5! Feb 9654 May
Feb 99
93
May
Jan
945! Mar 97

—The complete record of
transactions at the Pittsburgh Stock Exchange froraSopt. 11
to Sept. 17, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars por
sharo, not por cont. For bonds tho quotations are per cent
of par valuo.
Pittsburgh Stock Exchange.

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

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

Stocks—
P a r.
American Sewer Pipe.-100
17
17
25
Am Wind Glass Mach. 100 21 H
2,045
195! 215!
Preferred................... 100 95
90
95
830
Am Wind Glass, pref--100
185
10054 1005!
Canoy ltlvcr G as........... 25
26
75
2654
Citizens Traction_____ 50
1
C
4
6054 50 5
Columbia Gas A Elec.,100
14
14 54
14 54 2,105
Crucible Steel com___ 100
95
95
125
Preferred__________ 100 1 05 H 105 107
318
Independent Crewing. .50
3
3
3
426
Preferred___________ 50
163
14 54 15
I.a Belle Iron Works - .100 4054
395! 4054
298
I.one Star G a s ............ 100
93
93
93
30
Mfrs Light & Heat........ 50
495! 4954
315
Nat Fireproofing com. .50
8
85!
854 2,685
Preferred...............
50
540
2254 23
Ohio Fuel Oil...... .........
132
145! 1454
Ohio Fuel Supply_____ 25
40
40
172
Pittsburgh Brewing com.50
25
454
454
Preferred____ ______ 50
75
1254 1254
Pittsburgh Coal com .. 100 33 54 325! 34
1,485
Preferred__________100
101
101
50
Pittsburgh Oil A G as.. 100
10
554
554
Pittsburgh Plato Glass. 100
108
108
111
Pure OH common.............5 17
2,855
1654 17
San Toy Mining________ 1
14c. 15C.
1,100
Union Switch A Signal..50 10714 10654 10754
858
U S Steel Corp com___ 100
75 X
270
7454 7554
West’house Air Brake. .50 141*4 1405! 14154
687
West’h’se El A Mfg com.50 5854
455
58
5854
Preferred.....................50
100
6854 6854
Bonds.
Cent Dlst & l'tg Tel 5sl043
100 100
$2,000
Indep Brewing 6s___ 1955
1,000
50
50
Pitts!) Browing Gs___ 1949
2,000
56
56
Plttsb Coal deb 0S...1931
95
9554 2,000
Plttsb McK A Conn 5sl931
4,000
100
100
x

R ange

since Jan. 1.

L ow .

17
1554
7554
z98
23
48
85!
1254
75
25!
135!
27
91
46
454
16
12
3954
3
12
16 54
825!
454
104
1354
8c.
92
38
11654
3254
58

W e e k 's
F rid a y
R a n g e.
S a les. L o w .
H ig h

1.

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

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

H ig h .

24
2254
95
123
2654
52
15 5!
95
107
6
2254
4654
10854
50
854
25
155!
45
854
24 5!
38
102 54
754
110
1754
20c.
10754
7754
142
605!
70

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

985! Apr 100
Aug
49
Aug 61
505! Apr 65
Jan
90
Jan 97
Apr
995! Apr 1005! June

Ex-dlvldcnd.

Stocks.
P a r.
American Milling_____ 10 .
American Hallways___ 50
24 %
Preferred........ ......... 100 .
Baldwin Locomotive.. 100 805!
Preferred........ ......... 100 .
Cambria Iro n _________ 50 —
.
Cambria Steel_________ 50 6254
Consol Trac of N J___ 100 .
Elec Storage Battery.. 100 73
General Asphalt, pref.. 100 .
Insurance Co of N A . . . 10 —
J G Brill C o___________ 100 .
Keystone Telephone____ 50 .
Preferred___________ 50
G6
Lake Superior Corp__ 100
10’!
Lehigh Navigation........ 50
75%
Lehigh V alley.......... ..5 0
725!
Lehigh Valley Transit..50 1754
Preferred.....................50 35
Mlnehlll A S II...............50 .
Northern Central______ 50
Penn Salt M fg ................. 50 .
Pennsylvania__________ 50 5 1 %
Pennsylvania Steel___ 100 .
Preferred__________ 100
83%
Philadelphia C o(Pltts)..50
41
Pref (cumulative 6%).50
43%
Philadelphia Electric.2254 2454
Phlla Rapid Transit___ 50 .
Voting trust receipts..50 1 0 %
Reading ...................
50 74 5!
Tono-Hclmont Devel___ 1
Tonopah Mining________ 1
5%
Union Traction________50
30J4
United Gas Improvt___ 50
85
U S Steel Corporation. 100
7554
Warwick Iron A Steel.. 10 . —
Welsbach C o_________100 .
W Jersey A Sea Shore..50 4954
Westmoreland Coal___ 50 . ____
Wm Cramp A Sons___ 100
8954
Scrip—■
Cambria Steel scrip.. 1916 .
do
do
Feb 1917 .
do
do
May 1917 . —
Philadelphia Co scrip. 1916 .
do
do
1918 .
Bonds—
Ainer Gas A Elec 5 s..2007 87
do do
5s small.2007 .
Baldwin Locom 1st 5s.1940 10254
Beth Steel 6s reg........ 1998 11854
Elec A Poop tr ctfs 4s. 1945 .
do do small__ 1945
74
Keystone Tclep 1st 5s.1935 .
Lake Shore A M S 4s. 1931 .
Lake Superior Corp 5s 1924 .
Leli C A N consol 454 s 1954 .
Leh Val cons 6s regls.1923 . ____
Loll Val Coal 1st 5 s.. . 1933 .
Leh Val Transit 1st 5s 1935 10254
Penn HR consol 454s. 1960 .
General 4 54s _____ 1965
9/54
Phil Co consAcoll tr 5sl951 . ____
Phlla El tr ctf 5s small.1948 ..____
Trust certifs 4s___ 1950
7854
do do small__ 1950 ..
Phlla A Read Imp 4s.. 1947 9414
Reading gen 4s_____ 1997
9154
do J-C collat 4s. 1951 ..
Spanlsh-Amcr Iron 6 s.1927 ..
United Rys Invest 5s. 1926
7054
West N Y A Pa Inc 5s. 1943
26

654
24
97
79
10554
43
615!
70
715!
6954
225!
45
1454
66
10
75

715!
17
345!
5554
82

94
54 5!,
4054
835!
43?!
4354
2454
1054
105!
7454
35!
5%
365!
84?!
7354
105!
40
49
64
82

S a le s fo
W eek.
S h a res

10C
654
315
24 54
97
2(
82
3,575
106
87
43
7
65
42,397
70
If
74 54 4,979
70
65
23
395
46
541
61
1454
66
1(
12
17,341
125
7554
307
/ 2 5!
17 54
475
355!
91C
5554
6
83
28
94
25
55
1,245
10
4054
84
96
690
4454
44
551
25
2.261
1054
175
105!
3,215
74 %
858
4
780
6
8*0
37
1.094
1,111
8554
7654 25,841
588
105!
40
100
50
37
25
6454
91
4,736
1005!
9954
9954
100
98

237
317
396
51
5,601

87
875!
86
87?!
1025! 10254
11854 11854
74
74
74
73
9454 9454
90
90
28
30
99
995!
108 10S
103 103 5!
10254 10254
102 54 102=4
9754 9754
835! 83 5!
10154 102
7854 78 54
SO
SO
94 54 94 54
9154 9154
92
92
101 10154
70
71
26
26

$7,400
1,800
5,000
2,000
4,000
1,500
11,000
20,000
28,000
8,000
1.000
4.000
5,000
19,000
56,000
4,000
1,400
7,000
400
6,000
1,000
2,000
14,000
6,000
1.000

10054
9954
9954
100
98

1.

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

5

24
97
30
90
41
41
70
4754
60
21
29
13
61
5

7154
65
1354
265!
5454
82
80
5154
34
4954
29J!
32
2354
7
754
70
354
5
30
so?!
38
95!
35
47
58
185!
95
95
95
90
80

Apr
Sept
Sep
Feb
Mai
May
Feb
July
Jai
Mai
Jan
July
Aug
Jan
Apr
May
Jan
Jan
Mar
July
Sept
Mar
Feb
Aug
May
Mar
Jan
May
May
May
July
May
Jan
Feb
July
Mar
Aug
Jan
Jan

|

H ig h .

654 Feb
36
Jan
101
Jan
July
85
106
Sept
44
Apr
65
Sept
74
Apr
78
Sept
7254 June
23
Sept
50
Aug
16
Apr
69
Apr
13 54 June
7754 June
7454 Aug
18
Sept
35 J! Sept
5754 May
86
Feb
96
55 ?! Apr
4054 Sept
July
90
4554 Aug
45
25
Aug
1154
10?! Sept
7854 Apr
55!
754
3954
87 >!
7754
1154 Aug
40
50
Jan
65
Sept
91
Sept

Feb 1005! Aug
Feb 99?! Sept
Feb 9954 Sept
Feb 100
Aug
Feb 98
Aug

85
85
10054
116
73
73
90
90
2554
97?!
108
103
102
10254
97
70
101
775!
79
94J!
91
9054
100?4
55
26

Jan
Jan
Mar
Aug
Aug
July
Jan
Sept
Aug
Jan
Sept
Jan
Jan
Aug
May
Mar
Jan
Jan
Jan
Aug
Aug
Jan
Jan
Marl
Septl

88?!
88
103 '4
11854
79
82
96
90
45
100
110
104?!
1025!
105
985!
85
10254
80
SO?!
97
95
9354
10254
71
26

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

—Completo record of transac­ Ex-dlvldcnd.
tions at Chicago Stock Exchange from Sept. 11 to Sopt. 17, Baltimore Stock Exchange.—Complete record of the
both inch, compiled from tho official sales lists, is as follows: transactions at tho Baltimore Stock Exchange from Sept. 1 1
to Sept. 17, both inclusive, compiled from the official sales
H’ect’s
1.
lists, is given below. Prices for stocks are all dollars per
sharo, not per cent. For bonds the quotations are per cent
Stocks.
American Iladlator___ 100
355 360
19 345
of par value.
June 340
135 135
Preferred................... 100
7 Z1305! Feb 13S
Chicago Stock Exchange.

x

S a lts f o r

F rid a y
R a n g e.
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 .
L ow .

H ig h .

Par

America nShlpbulldlng. 100
Booth Fisheries, com .. 100
Preferred........ .......... 100
Chic Pneumatic T o o l..100
Chic Hys part ctf " l ” . .
Chic Hys part ctf "2” . .
Chicago Title A Trust. 100
Commonwealth-Edlson 100
Deere A Co., prof____ 100
Diamond Match.......... 100
Goodrich (B F) com.__100
Hart Shaff A Marx pL.100
Illinois Brick_________100
Kansas City Ky A Lt--100
Preferred........ ......... 100
Common certificates
Preferred certificates.
National Carbon pref. .100
People’s Gas Lt A Coke 100
Pub Scrv of No 1 1 com. 100
1
Preferred.................. 100
Quaker Oats Co............ 100
Preferred.......... ....... 100
Scars-Rocbuck com__ 100
Preferred ................... 100
Stewart War Speed com 100
Swift A Co.....................100
Union Carbide C o____ 100
Ward, Montg A Co, pref
Bonds—
Armour A Co 454S...1930
Chicago City Hy 5 s.. 1927
Chicago Hys 4s scr "B ” .
Commonw-Edlson 5s. 1943
Cudahy Pack 1st M5s 1924
DIa Match con deb Cs 1920
Ogden C.us 5s............... 1945
People's Gas L A Coke—
Refunding gold 5 s.. 1947
PubSer Co 1st ref g 5s I960
Swift A Co 1st g 5 s ... 1944

a Ex 50% stock dividend,




37*4

'7 5 "

84*4
72
20

137
0SJ4
95
G5

117
90
96*1
10454
15154
0654
11854

70
10154

9054
x

3854 38 54
36
39
79
79
7654 86
72
72
195! 20
208 208
136 137
9854
96
95
95
6354 65
113
113
65
655!
25
25
51
51
27
26
49
49
1205! 1205!
4
11554 117 5
8654 90
96
965!
255 257
104 54 105
154 15554
125 125
65
67
1185! 119
157
160
112
1125!

92
9754
70
10054
10054
1015!
94

150 26
30 30
160 685!
9,422 4554
3 72
253
175!
45 204
157 1325!
195 88
206 90
130 24*4
105 105
30 60
60 19
10
3754
45
20
40 40
25 1185!
333 113
679 75
55 935!
50 225
90 103
415 «13154
5 121
2,622 4854
1.132 1045!
175 11454
167 11054

Apr 4854
Feb 44
Mar 81
Feb 9354
Sept 93
July 315!
Aug 213
June 1405!
Jan 9854
Mar 98
Jan 65
Jan 113
Feb 6754
June 30
May 52
Apr 3054
July 57
Mar 125
Mar 1235!
Jan 90
May 100
Sopt 270
Apr *107
Mar 215
Jan 126
Jan *7154
Jan 12054
Jan 16654
Jan 114

92
Jan 9254
SI,000 91
June 99
9754 5,000 96
71
17,000 70
Sept 7754
Jan 102
10154 123,000 100
1,000 9954 June 10054
10054
1 ,200 10154 Feb 103
10154
94
3,000 92
Jau 945!

2,000
1005! 1005!
4 5,000
9054 90 5
96
965! 30,000

Ex-dividend.

995!
875!
9454

May
Aug
Aug
Aug
Aug
Jan
Jan
Mar
Aug
Sept

Sept
Sept
June
Feb
Sept
Feb
Sept
Apr
May

Sept
Aug
Mar

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.
Baltimore Electric pref.50
Consol Gas E L A Pow. 100 zl04 ?!
Consolidation Coal___ 100
Cosden * C o . . . .......... .....
654
Preferred____________
654
Elkhorn Fuel________ 100 ______
Preferred___________ 50
45
Houston Oil trust ctfs.. 100 13
Preferred trust ctfs. .100
Northern Central_____ 50
82
Pennsyl Wat A Power. 100
United Ry A Elec_____ 50
23?!
Way la ml Oil & Gas.......... 5
354
Bonds—
Atl Coast L con deb 4s 1939 84
Atlan C L (Conn) ctfs 5 s..
985!
Balt Spar P & C 4 54s. 1953
9354
Chicago Ry 1st 5s___ 1927
Consol Gas gen 454s. .1954
935!
Cons Gas E L A P 4 54s 1935
N otes________________ 10054
Notes, small __
___ 10054
Consol Coal refund 5s. 1950 8654

Feb
Mar
May
May
May

Jan 10154 Mar
Jan 91
Jan 9654 Feb

Elkhorn Fuel 5s_____ 1918
I'la C A I’ enln con 5s. 1943
JamlsonC A C —GC 5s 1930
Md Electric Ry 1st 5 s.1931
Maryland Steel 5s___ 1922
Minn St A St P C Jt 5s 1928
M tV-Wood C D ’k ctf of dep
United E LA P 454 s .. 1929
United Ry A E 4s___ 1919
Income 4 s............. .1949
x Ex-dlvldcnd.

97
10054
95

___
8054

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

4254
1045!
9554
6
654
1754
27
45
13
5654
82
6854
2354
354

4254
107
9554
6 54
654
18
27
45
13
5654
82 54
69
24
35!

85
141
33
1,320
125
25
35
235
5
23
120
232
550

42
10
54
82
635!
20)4
254

Aug
Aug
June
May

84
985!
93 54
945!
93
85 ?!
10054
100J4
8654
101 %

84
985!
9354
945!
93 5!
86
10054
10054
8654
]()1 ' ,
101 %
97 54
10054
83
95
955!
10054
4154
0154
8054
57?!

$24,000
2,500
2,000
1.000
10,000
7,000
6,000
100
5,000

82J4
985!
93
93
92
8554
9854
98?!
86 ?4

Aug 8754
June 101
Aug 97
June 97
Aug 95
Sept 89
Mar 10054
Mar 10054
Sept 91

10\%

9654
10054
83
95
955!
10054
4154
9154
80?!
57?!

42
Sept
1025! Jan
92
Jan
5
Jan
554 Mar
16

1.

H ig h .

445!
10754
96
75!
7
22

Feb

Apr
46
165!
61 '
8554
70
27
Mar
4 54

\f H
r
500
17,000 92?! Jan 9754
1,000 10054 Sept 102
1,000 79
June 86
4,000 94
July 985!
1,000 9454 Apr 955!
6,000 100
Sept 102
1,000 35
Jan 45
11,000 9054 July 9254
18,000 79?! Juno 82
11,000 55
June 63

^opt

Apr
Jan
Jan
Jan

[Vol. 101

THE CHRONICLE

914

Volume of Business at Stock Exchanges

T obacco Stocks—Per

S ba
Par

American Cigar common. 100
Preferred____________ 100
Amer Machine A Fdry.-lOO
Britlah-Amer Tobao ord. £1
Ordinary, bearer______£1
Conley Foil_____________100
Johnson Tin Foil A M et. 100
MacAndrewa A Forbes..100
Preferred____________ 100
Porto Rlcan-Amer T ob.,100
Reynolds (R J) Tobacco. 100
Preferred ..................
Tobacco Products com .. 100
Preferred— See Stock Ex.
United Cigar Stores com . 100
Preierred____________ 100
United Cigar Stores (new) 10
Young f.T S> Co_________ 100
Preferred-------------------100

B id .

A sk.

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

110 112
98 100
85
95
*13% 14%
*14
15
330 360
125 150
150 100
99 10 1
183 193
400 410
120 123
60
60
list.
96 102
1 1 1 % 113
*9% 97s
165 175
107 n o

A sk.

30

Street Railways—
Par
Com’w’lth Pow Ry A L . . 100 60 52
80
Preferred____________ 100 79
16
Federal Light A Traction 100 13
58
Preferred...... ......... ..... 100 52
S ta te , M u n .
R a ilr o a d ,
S to c k s .
17
Republic Ry A Light___ 100 15
V. s.
A F o r e ig n
A c ..
W e e k e n d in g
60
Preferred____________ 100 58
B onds.
B on d s.
B onds.
P a r V a lu e.
S ha res.
S e p t. 17 1915.
Tennessee Ry L A P com . 100
5
6
23
P referred ................... 100 22
$15,000
233,510 $19,807,300 $1,444,500
40
United Lt A Rys com__ 100 30
18,000 $63,000
2,509,500
348,671 31,690,300
08
1 st preferred_________ 100 60
1,000
110,000
2,457,500
451,448 41,746,800
80
Wash R y A E lO o ............ 100 85
105,000
2,355.000
519.808 46,668,350
Preferred_ _________ 100 80% 82
_
72.000
2.161,000
465,043 42,508,625
4a, 1951........................ J-D 80% 82
3,000
37.000
2,113.000
731,440 69,562,500
Friday_____________
Elec. Gas A Power Co*—
100
Am Gas A Elco com____ 60 *104
$357,000 $67,000
T o ta l...................... 2,749,920 $251,983,875 $13,040,500
Preferred_____________ 60 *48 49
Am Lt A Trao com m on.. 100 327 330
J a n . 1 to S e p t. 17.
Preferred____________ 100 108 109
W e e k e n d in g S e p t. 17.
S a le s a t
62
Amer Power A Lt com__ 100 00
N e w Y o r k S tock
Ordnance Stock*— Per ce n t .
1914.
Preferred____ _______ 100 78
81
1915.
1914.
E xch a n g e.
1915.
Aetna Explosives com— 100 124 126%
72
78 Amer Public Utilities comlOO 30 35
Preferred..................... 100
45,990,575
103,333.801
65
Preferred____________ 100 02
10
9
2,749,920
Stocks— No. shares__
$4,023,321,369 Amer A British M fg------- 100
$8,922,722,195
Cities Service Co com__ 100 45
47
Par value_________ $251,983,875
Preferred____________ 100 33 38
$265,800 Atlas Powder comm on.. .100 221 225
Preferred____ _______ 100 60
58
$138,300
STOCK
Bank shares, par------Consumers Power (Minn)
E XC H ’GE
B onds.
Preferred____________ 100 95 100
$655,100
$803,500
1st A ref 5s 1929 ...M A N 90 91
$67,000 CLOSED.
Government bonds—
Bliss (E W) Co common. 60 365 375
32,659,500
15,450.500
357.000
State, mun., Ac..bonds
Preferred_____________ 50 135 150 Elec Bond A Share pref. . 100 99
391,771,500 Canadian Car A Fdry— 100 105 107 Great West Pow 5s 1940 JAJ 81% 83 ~
544.282.700
13.040,500
R R . and mlsc. bonds..
Indiana Lighting Co___ 100 45
Preferred____________ 100 115 119
$425,080,100 Canadian Explosives com 100 365 380
70 ”
$560,536,700
4s, 1958 op tion al___ F-A 68
Total bonds_______ $13,464,500
31
Preferred.. _________ 100 103 108 Northern StatesPowercom 100 29
87
Preferred____________ 100 86
LIU£N3 A 1 1 n Jj D u al vsis, r u
C
Carbon Steel com _______ 100 40 44
50
Pacific Gas A El com ___ 100 48
BALTIMORE EXCHANGES.
1 st preferred_________ 100 60 70
80
1st preferred . . . . . ___ 100 85
2d preferred_________ 100 42 46
2d preferred_________ 100 36 87%
B a ltim o r e .
Colt's Patent Fire Arms
P h ila d e lp h ia .
B o s to n .
73
600 615 South Calif Edison com. 100 72
M f g ....................
-100
W e e k e n d in g
90
Preferred___________
Drlggs-Seabury Ordn Cor 100 105 107 Standard Gas A El (Del). 100 93
S h a r e s . |B o n d Sa les. S h a r es. B on d S a les. S h a r es. B o n d S a les.
S e p t. 17 1915.
7
60 *6
dul’ont (E I) de Nemours
Preferred_____________ 50 *28 291*
675 687
Powder common______100
220
$16,000
$54,941
12,812
$6,200
11,784
Saturday-----------United Gas A Elec Corp.100 17 20
Preferred____________ 100 10O
H O H DAY.
61,386
28,548
13,100
12,141
Monday-------------60
1st preferred_________ 100 56
374
44,500 Electric Boat.............
100 500 510
25,337
12,382
30.000
22,993
Tuesday-------------2d preierred__________ 100 18 21
Prcforred____________ 100 500 510
553
43,400
20.507
31,044
39.000
19.474
Wednesday...........
16
15
5471
25,400 Hercules Powder oom— 100 373 370% Utah Securities Corp----- 100 Notes
21,836
37,579
59,700
21,947
Thursday-----------0% notes—ScoShort-Term
Preferred____________ 100 1 12 115
1,515|
40,300
33,900
18,759
22,958
24,900
15
Friday................ Western Power common. 10C 13
55
Hopkins A Allen Arms ..100 60
P referred.......... ......... 10(
47 49
Preferred...... ..........
100 95 105
3,239 $175,600
111,297 $178,900 127,799 $231,232
T o ta l_________
Industrial
*17% 18
Lako Torpedo Boat co m .. 10
and Miscellaneous
NUes-hemeturPund com . 100 120 122
Adams Exp col tr f 4s ’47 J-D /70% 70%
C U R R E N T NOTI CE,
Preferred____________ 100 95
85
Alliance Realty-------------- 100 75
295
Savage Arms____ ______ 100 285
50% Amer Bank Note com----- 60 •35 37
__Ilaving sold all the bonds, Mlllott, Roe & Hagon, 15 Congress St., Submarine Boat w 1-----------Preferred_____________ 60 *4812 50
2350
Winchester Repeat Arms 1002350 2500
Boston, and 52 William St., this city, aro advertising as a matter of permaAmorican Brass-------------100 185 188
C en t‘
Short Term
nont record only, in to-day’s “ Chronicle," $400,000 Westfield Manufactur­ Amer Locom 5s, Note* **»
112
JulylOlO J-J 100% 10U| American Chicle com___ 100 85 110
89
ing Co. debenture 6% serial gold bonds. See the record advertisement for
Preferred____________ 100
100i2 1011.
os, July 1917_______ J-J
85
Am Graphophone co m .. 100 83
the security features of this investment and also our “ Goneral Investment Am T A T Sub Cos 5s, 1910. 100% 101>S
Preferred____________ 100 95 97
Anaconda Connor lie '17 M-8 101 101%
Nows" Department for other interesting particulars.
99%' 99% American Hardware___ 100 122 123
Balt A Ohio 4 Ha 1017.. JAD
__ j . s . Farleo & C o., members of the New York Stock Exchango, at
4H - 1918 . . .
. JAI) 9>% 99% American Surety------------ 50 120 130
Amer Typefounders co m .100 38 42
60 Broadway, this city, specialists in standard old lino securities, havo Canadian Pac Os, 1924 MAS2 lOlBjl'U
Preferred.....................100 88 92
93%| 9414
1
prepared a selected list of New England investments for the requirements Chen A Ohio 5s 1919 . J-D 92 I 93% Amor Writing Paper___ 100
1
Ohio Elov Ry 5s 1910
J-J
Bond A Mtge Guar........ 100 265 275
of conservative investors, trustees, executors and financial institutions.
•98 99
Chic A West Ind 5s, 1917
98i2 91-12 Borden’a Cond Milk oom. 100 109 110%
Consum Pow 0s, 1917.MAN
Preferred____________ 100 107 >09
Erie RR 5s. Oct 1 1915.A-O 100 100'8
* 8%
8%
100% 100*4 Braden Copper Mines........ 6
5s April 1 1916-----100 Casualty Co of America. 100 110 143*
5 Ha, April 1 1917----- A-O 99%
99% 100 Celluloid Co..................... 100 139
*18% 18%
A sk
Trust Co’ s
B id
B id
Bank*
Hocking Valley Os, '15.M -N 100% 1U012 Chill Copper.......................25 14 20
B id
A sk
10078 City investing Co_____ 100
iVe® Y ork
-lark A Full 238 215
N « w Y o rk
Inf Flarv 5s. Fob 15 '18. F A 100%1
80
Prefwreu.................
100 70
315
355
\ator...... ..
250
Much A Met 245
545 5-5
Lackawanna Steel 0s'17.M-S 99%too
America*
90 91
450
Bankers Tr. 440
185
175
Merchants’
200
210
Amer Exch
Lake Sh A M So 5s, Dec 1915 100% 100 % Cramp Ship A E Bldg ..100 17
20
Emerson-Bruntlngham . . 100
150
___ B’way Trust. 144
300
175
185 Metropolis*
Atlantic - ­
Minn Gen El 0s. 1917.JAD 1001* 101
50
Preferred...... ..........
100 45
990
185 Central Truet 980
175
165 Metro pol’n*
New Knv Vav Os in 17 M-v 90% 97
Battery Park 145
1%
_
* 1%
485
Columbia__ 475
1
100 1 ) 0 % Goldfield Consol Mines_ 10
M utual........ 326
400
Bowery*__
1% 2 %
Commercial . 100
210
225
New Neth*
100% 100% Havana Tobacco Co___ 100
260
Bronx Boro* 225
4
6
300*
Preferred____________ 100
Empire____ 290
New York Co 725 825
175
150
•10 M-8 100% 100%
Bronx Nat
58
1st g 5a Juno 1 1922..J-D /52
375
Equitable Tr t-110 %
100% 100'8
New York.. 305
Bryant Park 150
7
8%
Farm L A Tr 112 0 1135
200
220
100% 101)% Intcreontlnent’l Rub com 100
Pacific*----125
Butch A Dr 100
105 110
410
Fidelity........ 197
203
393
P a rk ..........
188
Century* . . . 180
outhern Ry 5a, 1910..F-A 100% 100% Internat Banking Co___ 100
*4
4%
270
290
245
Fulton____
98% 08% Inter Merc Marino------- 100
People’s* . . . 230
Chase ____ 625 550
os. Mar 2 1917.......... M-f?2
Preferred_____ ______ 100 1878 19
100% 1007s
165 Guaranty Tr 600 610
188 Prod Exch*.. 158
Chath APhen 183
120
176
H udson... .
93% 95 Internat Motor________ 100 29 32
135 Public*........
30
Chelsea Ex* 124
64
Preferred____________ 100 02
103
101%1017
8
Law Tit A Tr 98
410 Seaboard___ 410 430
Chem ical__ 400
193 194
107
425
Lincoln Trust 100
174 Second ------- 395
169
Gold notes 63 1918 M-N 99%| 99% International Nickel__ 100
Preferred____________ 100 107 109
Metropolitan 395 410
135
98% 99
125
395 Sherman . .
385
C hy............ .
1S Public 8erv 6s 1018 A-O
30
___ 130
Mut’ l (West105 State* ----Coal A iron. 155
Utah Go Os, 1917 ........ A-O 100% 100% International Salt______100 '63% 32
1 st g 5s 1951.............. A-O
05
Chester).
135
130
135
79%i 81
23d W ard*.. 100
450
UtahSecurOorp 6s,’22M-S16
Colonial*
international Silver pref 100 105 110
N Y Life Ins
140
325
Union Exch 134
300
Nov. York City Note*—
Columbia*
___
1st 6s 1948.............. J-D 10S 108
A Trust— 950 980
Unit States*. 500
159
155
Commerce
6s. Sent 1 1910............
___ N Y T ru st... 575
590
Deb 6s 1933 .............. J-J
10 1 j104%
Wash H’ ts* 275
f| 3ent ' 1917
a
.
Corn Exch* t307%
Kelly Springfield T ire.. .10 0 213 215
160
175 Tltlo Gu A i r 3S0 388
00
Weetch Av*
85
Cosmopolltn
C anadian G o v t. N o te s—
90
Tr’ nsatlantlc ___ 155
1st preferred________ .100 88
400 450
West Side*
70
85
East River
5s, Aug 1 1916............. FA A 100% 100%
100%
2d preferred ______ 100 208 212
Union Trust 330 338
550
145
Yorkvllle * .. 475
135
Fidelity*..
6s, Aug 1 1917_______ FAA 100 tin**-'
*53% 53%
US Mtg A Tr 380
390
r tfL i.
Kennecott Copper____
Fifth Ave*. 4200 4500
81
A J*
lainstou Monotype----- .100 79
United States 1020 1050
Bid
300
250
RR E quip m en t* —
F ifth..........
-*7 t
A
J2
Westchester . 140
4.00 1.40 La Rose Consol Mines.. . . . 5
875 8.85
First ..........
Baltimore A OtuoAHS4.60 4.40 Lawyers' Mtge Co........ urn 173 177
B ro o k ly n .
200
G arfield----- 180
Buff Roeh A Pittsburgh 4Hs
_
140
Coal Sales. ..6 0 ICO 105
145 Coney Isl’d*
Germ-Amer* 135
Equipment 4*.
- 4.00 4.40 Leblgh Val Transit----♦ »2
58
2(1
B ro o k ly n
255
265
First ____
110
German Ex* 390
Canadian Pacific 4H&-- - - - 4.95 4.80 Manhattan
4
142
Flatbush.. .. 134
5.35 1.90 Marconi Wireless of Am . . . 6
475
425
Germania •
Oaro Cllnchf A Ohio 5s____
u o 12 1
! 50
Brooklyn Tr 475 490
Grcenpolnt. .
190
Gotham . .
Central of Georgia 5s---------- 5-10 4.80 Mortgage Bond Co----- .10 0 230 210
.10 0
235
120
Franklin . . .
245
Hillside*----- 105
280
268
Greenwich*
Equipment 4 H s------------- 5.10* 4.80 National Surety............ .10 0 100 110
___
N Y Mtgo A Security-Hamilton ..
265
Homestead*
90
275
6
630
615
Hanover .
Chicago A Alton4s.......... —
42
___
Kings County 640
N Y Title Tns Co.......... . 101! 37
125
Mechanics*
135
0
335
320
Harrtman . .
Chicago A EasternIllinois 5s
A •7% 7%
Manufact’ ra110
Nlplsslng M in e s--------85
Montauk*
0
515
Imp A Trad 500
Equipment 4 Ha-----------**8
h
142
Ohio Copper C o............
195
Citizens... 137
205
Nassau------5.15 4.80
175
Irving ___
165
Chic Ind A Loulav 4 H 8 ...
73
290
2.80 People's — 280
National City 270
4.62 1 50 Otis Elevator o o m ----- 100 71
Liberty ___ . 620
Chic St L A N O 5s............
96
Preferred.................. .10 0 94
175 200 Gupons C o .. ___
80
North Side*
4.65 4 30
330
310
Lincoln ___
Chicago A N W 4 H s-------115 1
7.50 5.75 Realty Assoc (Pklyn). .10 0 95 100
People’s ----- ! 135
310
Manhattan* 300
Chicago R I A Pac 4 H a ...
6.15 4.85 Remington Typewriter10
11
* Banks marked with a (*) are State hanks tSale at auotlon or at Stock Colorado A Southern 6a ..
Comm on----------------- .10 0
4.95 1.70
Erie 5 s .............................
1st preierred.......... . . ion 55
Exchange Hit* week.
60
4 95 1.70
Equipment 4 Ha-----------2d preierred ................ . ion 35
38
4.95 1.70
Equipment 4s--------------4 90 1 70 Hiker* Hego n (Corpforstk) *5% 5%
Hocking Valley 4s-----------4 90 1.70 Royal Bak Powd com .. 100 152 157
Equip 5s -- --------------Preferred.............. ..... 10C 103% 105
4.60 4.40
Illinois Central 5s_________
All b on d prices ar* “ and In te re s t' except w here m arked *‘ f "
4.60 1.40 Safety Car Heat A L t .. . 1(8) 105 It?
4 Hs
...... .....................
P e r sh a re
5.15 1.90 Singer Mfg C o........... .UK 215 220
Kanawha A Michigan 4Ha
Par B id .
4.60 1.10 Standard Coupler com .10 0 25 35
A sk .
Standard Oil Stock*- P> rrS h o rt
Louisville A Nashville 5a
Preferred............... .. .10 1 100
25 *12
4.75 4.50
12 % Minn St P A S S M 4H8-A s k . pmree Oil C o rp ______
P a r B id .
*2% 2%
*16% 16% Prairie Oil A Uaa--------- 106 410 113
Missouri Kansas A Texas 6a. 6 50 5.25 Sterling Gum ________ . . . f 150 175
Anglo-Amer Oil n e w ...
K
7.50 5.50 Texas A Pacific Coal__ U )
Prairie Pipe Lino--------- I0II 180 182
625 630
Atlantic Refining---------- 10O
Mlssourl Pacific 5s-----------ion 255 265
1.90 fnnonah Extension Min. 1 •2 H» 2%
5.20
Borne-Scrymser Co-------10< 1260 270 So'ar Refining......... .
Mobile A Ohio 5s------------*8
8%
Southern Pipe Line Co. 100 220 223
5 20 1.90 Trlanglo F ilm .............. . . . 5
Buckeye Pipe Line Co__ 50 *100 102
Equipment 4 Ha-----------•2
2%
4.95 1.70 United Profit Sharing..
720 740 South Penn Oil........ — 100 328 132
New York Central Lines 5a.
500 4.80 u 8 Casualty............. . io n 190 210
135 1 15 Southwcsl Pa Pipe Lines 100 125 120
Equipment 4H9-----------K 130 135
245 250 standard Oil (California) 100 308 311
N Y Ontario A West 4HS— 4.90 4.65 U 8 Envelope com____ U
Preferred ___________ l(H 105 ____
4.50 1.30
Standard Oil (Indiana) 100 455 160
48
Credent Pipe Line Co— 60 *46
Norfolk A Western 4 Ha----10
15
55 Standard Oil (Kansas) . .100 400 110
Cumberland Pipe Line__ 100 50
Equipment 4s----------------- 4.50 4.30 U 8 Finishing..............- KM
33 39
Preferred --------------- 101
4.35 4.20
245 250 Standard OH of KentmkylOO 277 281
Pennsylvania RR 4Ha
90 _ _
_
1st g 5s 1919............
4.35 1.20
161 163 Standard Oil of Nebraska 100 310 350
Equipment 4s----- .
08
72
Con a 5s 1929-------135 140 Standard OH of New Jer .10 0 447 150
Preierred_________
St I-ouls [ron Mt A Sou 5a.. 0.00 5.00
K SO 50
(T 8 Tit On A rndom — . U
0
Illinois Pipe Line_______100 150 153 Standard Oil of New Y’rklOO 191 193
St T-culs A San Francisco 6s
5.10 4.85 Westchester A Bronx Title
*100 103 Standard Oil of Ohio — .1011 480 190
Seaboard Mr Line 5s--------K
A Mtge Guar .......... U 165 180
5 10 4.85
*9% 9% Swan A F in ch .......... . 100 130 135
Internat Petroleum_____ £1
Equipment 4H s------- 82
Union Tank Lina Co__ .10 0 79
4.65 •1.40 Worthington (H R) Com
:m
*33
Southern Pacific Co 4H 9-95 100
pany pref -------------- _i rvr
Vacuum oa . . . . . . . . . . . . .ICC 217 221
i 4.91. 4.7C
218 222
*2’
2%
42
1 5.0( 4.75 *•>>«- ' - i M
Washington OH________ . 1 ( *38
T r » ! V Ohio
Northern Pipe Line Co.-10< 102 105
Bonds.
•150 152
Ohio Oil Co....................
• Per hare
ft Basis
4 Purchaser also pays accrued dividend. / Flat price.
78 81
Pierce Oil Corp conv 6s 1924
60
' en~- Vex Fuel Co . . . . . 2? *68
tt Nominal, z Ex dividend. V Ex-rights.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
D AILY, W EEKLY AND YEARLY.

New York City Banks and Trust Companies.

__

Inactive and Unlisted Securities




Sbpt . 18 1915.]

THE CHRONICLE
lu ix e s tm c u t

_

. „

f

fw le lltg m te .

au cl

RAILROAD

,,

915

G R O S SE A R N I N G S
____

The following table show3 the gross earnings of every STGA.M railroad from whioh regular weekly or monthly returns
oan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
OOlumns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fisoal year totals of those roads whose fiscal year does not begin with July, but oovers some other
period.

The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.

ROADS.

Week or
Month.

Current
Year.

Previous
Year.

July 1 to Latest Date.
Current
Year.

Previous
Year.

Ala N O & Tex P a cj
$
N O & N or E ast- A ugu st_
_
293,652 317,245
586,806
650,881
A la & Vicksburg. A ugu st_
_
251,544
127,507 138,626
272,842
Vicks Shrov&Pac. A ugu st_
_
240,006
271,374
118,909 135.769
Ann A rb or_________ 1st wk Sen
49.694
439.164
48,401
458,487
A tch T op & San Fe_ J u l y ___
10422342 9,609,243 10,422.342 9,609,243
Atlanta Blrm & Atl J u l y ___
230.854
230.854 260.671
260,671
Atlanta & West P t. J u l y ___
99,571
96,784
96,784
99,571
A tlantic Coast Lino J u l y ____ 2,177,387 2,538.140 2,177,387 2,538,140
Chariest & W Car J u l y ___
116,593 143,062
116,593
143.062
Lou Ileml & St L J u l y ----111,028 124,709
111,028
124,709
^Baltimore & O h io. J u l y ___ 8,670,752 8,146,688 8,670,752 8,146,688
H & O Cli Tor HR J u l y ___
128,206 138,661
128,206
138,661
Bangor & A roostook J u l y ___
224,182 242,344
224,182
242.344
Bessemer & L E rie. J u l y _____ 1,265,806 1,118,402 1,265,806 1,118,462
Birmingham South- July . .
90,657
68,499
68,499
90,657
Boston & M aine___ July . .
4,099,236 4,242,092 4,099,236 4,242.092
B u ff Koch & Pittsb 2(1 wk Sep 221,075 217,006 2,387,069 2,419,729
116,065 115,585
B uffalo & Susq R R - July. -..
116.065
115,585
Canadian Northern. 1st wk Sop 283,300 320,000 2,682,300 3.282.000
Canadian Pacific . . 1st wk Sop 2 , 002,000 ,
18,311,375 22,123,972
Central o f G eorgia. July _____
987,827 1,166,371
987,827 1,166,371
Cent o f New Jersey J u l y _____ 2,782,615 2,724,602 2,782,615 2.724,602
Cent Now E ngland. J u l y _____
364,141 276,993
364,141
276,993
320,602 336,100
Central V erm on t.. J u l y _____
320,002
336,100
Clios & Ohio Lines. 1st wk Sop 771,889 706,755 8,318,499 7,489,909
Chicago & A lton ___4th wlt'Aug
434,304 410,496 2,562,213 2.608.000
Chic Hurl & Quincy J u l y _____ 7,374,125 7,861,573 7,374,125 7,861,573
/ Chicago & East III July _____ 1,191,595 1,315,453 1.191,595 1,315.453
p Chic Great W est. 1st wk Sop
270,999 279,870 2,615,296 2,671,736
C ldc Ind & Louisv. 1st wk Sep
161,667 148,639 1,364,081 1,380,808
Chic M llw & St P .l J u l y _____ 8,219,281 7,824,986 8,219,281 7,824,980
Chic Mil & Pug SI
rC hic & N orthw est. J u l y _____ 7,190,348 7,362,811 7,190,348 7,362,811
C hic Peoria & St L . J u l y _____
127,414 154,371
127,414
154,371
eChic St P M & Om J u l y _____ 1,433,333 1,580,989 1,433,333 1,580,989
C hic Terre II & S E J u l y _____
163,270 190,313
163.270
190,313
Cln Ham & Dayton July _____
920,751 938,738
920,751
938.738
C olorado M idland. July _____
121,917 135,024
121,917
135.024
t> Colorado & South 1st wk Sop
260,789 251,698 2,557,253 2.578.581
C o rn w a ll__________J u l y ______
11,109
12.454
11,109
12,454
Cornwall & Lebanon July
40,628
26,490
40,628
26,490
C uba R a ilro a d ____ J u l y ______
420,090 382,544
420,090
382,544
Delaware & 11 udson J u l y _____ 2,045,150 1,997,294 2,045,150 1,997,294
Del Lack & Western July _____ 3,387,071 3,752,004 3,387,071 3,752.004
D en y & Rio Grande 1st wk Sep 545,000 528,700 4,736,400 4,609,100
Western P a cific.. July _____
702,452 561,238
702,452
561,238
Denver & Salt Lake 1st wk Sep
40,700
37,911
387,670
366,046
D etroit Tol & Iront July _____
133,103 151,590
133,103
151,590
D etroit & M ackinac) 1st wk Sep
18,837
19,864
200,287
222.025
D et & Tol Shore L . J u l y _____
105,897
91,974
105,897
91,074
----------Dul & Iron “
Range. . July
862,399 812,254
862,399
812,254
Duluth So Sh & Atl 1st wk Sop
72,725
66,537
705,495
655,294
Elgin Joliet & East- July
882,467 800,348
882,467
800,348
El Paso & Sou West J u l y _____
748,842 740,159
748,842
740,159
E r ie ____________ J u l y ____ 5,673,128 5,419,581 5,673,128 5.419.581
Florida East Coast. J u l y ____
362,787 291,866
362,787
291,866
Fonda Johns & Glov J u l y _____
85,873
90,236
85,873
90,230
Georgia Railroad.. J u l y _____
205,778 255,426
205,778
255,426
Grand Trunk Pac__ 3d wk Aug
55,911
89,655
387,319
587,788
Grand Trunk Syst. 1st wk Sep 1,091,711 1,088,113 10,175,538 10,665,870
Grand Trunk Ry 3d wk Aug 841,204 890,346 6,033,077 6,555.144
Grand Trk West. 3d wk Aug 151,495 153,894 1,084,311 1,062,996
Dot Gr II & Mllw 3d wk Au.
59,749
52,196
427,904
377,424
Groat North Systom A u g u s t ___ 6,074.640 6,910,655 11,932,765 13,757,102
Gulf & Ship Island. J u l y .......... 140,022 149,680
140.022
149.680
Hocking Vallov__ July .........
543,136 451,414
543,136
451,414
Illinois Central___ A u g u s t ___ 5,322,115 5,845,351 10,200,941 11,241,473
Internat & Grt Nor July .........
059,699 738,936
659,699
738,936
Kanawha & M ich .. J u l y .......... 277,545 279,392
277,545
279,392
Kansas City South. J u l y .......... 831,356 945,266
831.356
945.266
Lehigh Valley......... J u l y _____ 3,733,762 3,582,081 3,733,762 3,582,081
Lehigh & Hud River J u l y _____
154,095 138,602
154,095
138,602
Lehigh & Now Eng. J u l y .......... 320,002 233,342
320,002
233,342
Louisiana & Ark__ J u l y _____
136,889 155,777
136,889
155,777
J u l y .........
Louisiana Ry & Nav
169,239 167,891
169,239
167,891
s Louisville & Nashv i.™ wk Sep 1,076,545 1,061,150 10,197,488 10,570,008
1st .

2 110,000

Macon & Birm’ham July

11,029
14,49,'
11,029
14,495
996,904 1,014,808
996,964 1,014,868
36,4821 40,342
36,482
40,342
Midland Valley___ July
125,267 116,266
125,267
116.266
Mineral Range___ 1st wk Sop
21,545,'
14,108
201,221 166,165
Minn & St L ouis.. 1st wk Sep 245,206 230,252 1,856,734 1,919.607
Iowa Central_
_
Minn St P A S S M 1st wk Sop 617,581 579,330 5,441,317 5,438,925
Mississippi Central July
67,556
79,439
67,556
79,439
u M o ICan & Texas 1st wk Sep 550,646 578,188 5,643,139 5,994,222
x Missouri Pacific.. 1st wk Sop 1,130,000 1,175,000 10,858,000 11,781,000
Nashv Chatt & St L J u l y ----942,303 1,071.780
942,303 1,071,780
Novada-Cal-Oregon 1st wk Sep
8,910
9.655
81.445
87.314
e New York Central July . . .
13862472 13029498 13,862,472 13,029,498
Boston & Albany. J u l y _
_
1,535,298 1,470,180 1.535,298 1,470,180
nLake Erie & w_ July . . .
489,378 507,955
489,378
507,955
Michigan Central July . . .
3,049,542 2,838,312 3,049,542 2,838,342
Clovo C C & StLI
Peoria & East( J u l y ......... 3,163,458 3,147,147 3,163,458 3,147,147
Cincinnati North. J u l y ......... 139,018 130,220
139,018
130.220
Pitts & Lake Erie J u l y ......... 1,655,433 1,503,661 1,055,433 1,503,661
NY Chic & St L. J u l y ......... 964,788 920,657
964,788
920,657
Tol & Ohio Cent. J u l y ......... 402,967 310.407
402,967
316.407
Tot all lines above J u l y ......... 25262354 23864 067 25,262,354 23,864,067
July
M aino Central
M aryland & Penna. July

July X to Latest Date.

Latest Gross Earnings.
ROADS.

Week or
Month.

Current
Year.

Previous
Year.

Previous
Year.

Current
Year.

$

$
N ow Orl Great N o r . J u l y .........
140,970 155,069
155,069
140,970
N O M obile & C h ic. J u l y _____
139.596 181.592
181,592
139.596
N Y N II
H a r t f.. J u l y _____ 6.247,659 5,755.633 6.247.659 7,755.633
N Y Ont & Western J u l y _____
961,572 992,561
992.561
961.572
N Y Susq & W e s t .. J u l y .........
317,790 289,632
289,632
317.790
N orfolk S ou th ern .. July
332.445 365,729
365,729
332,445
N orfolk & W estern. July __
4,467,344 3,749.736 4,467,344 3,749.736
Northern P acific___ J u l y _____ 5,349,784 5.792.063 5,349,784 5,792,063
Northwestern Pac_ J u n e _____
353,865 363,540 3,568.701 3.745.805
Pacific Coast C o ___ July . . .
609.596 589,470
589,470
609.596
zPennsylvania R R . . July . . .
16755615 16068588 16.755,645 16.068.588
B alt C h es& A t l . . J u l y _
_
153,760 174.763
174.763
153.760
Cum berland Vail. July . . .
244,587 240.251
240.254
244.587
L ong Island_____ July . . .
1.553.353 1,519,806 1,553.353 1.519.806
M a ry l’d Del & Va July . . .
106.120 112.105
112,105
106.120
N Y Phila & N orf J u l y _____
481,464 442,620
481.464
442.620
Phil Halt & Wash July _____ 1,904,687 1,852.017 1,901.687 1,852,017
W Jersey & Seash J u l y _____
895,105' 831.305
895.105
831,305
Pennsylvania C o _ July ..
_
5,640.024 5,198,494 5.040.024 5,198,494
Grand Rap & Ind July ..
454,957 489,579
454,957
489,579
Pitts C C & St L . July . .
3,390.186 3,476,210 3,390,186 3,476.210
V a n d a lia _______ July . .
921,255j 956.463
921,255
956,463
T otal lines—
East Pitts & Erie. July _.
22652 533 21811 583 22,652.533 21.811,583
W est Pitts & Erie July . .
10514483 10253 051 10,514,’483 10,253.051
All East & W est- July . .
33197 016 32064 734 33,197,016 32.064,734
Pore M arquette . . July . .
1,552,603 1,378.926 1,552.603 1,378,926
Reading C o—
Phila & R eading. J u l y ___
4,083,198 3.821,800 4,083.198 3.821,800
Coal & Iron C o . July . . .
1,817,280 1.822.951 1,817,280 1.822.951
T otal both c o s . July . . .
5,900,478 5,644,751 5.900.478 5,644.751
R ich Fred & Potom J u l y ___
252,927 257,913
252.927
257.913
R io Grando June___ J u n e ___
71.027
73,980 1,004,292 1,012.649
R io Grando S o u th .. 1st wk Sep
12,665
104,733
106,370
R ock Island L in e s .. J u l y _____ 5,666,486 6,035,758 5,666,486 6.035,758
R utland___________ J u l y ____
313,757 306.908
313,757
306,908
St Jos & Grand Isl. J u l y ____
116.155 196,108
116.155
196.108
St L Brownsv & M . J u l y _____
183.306 199.577
183.306
199.577
St L Iron M t & Sou J u l y _____ 2,432.048 2.735,066 2,432,048 2.73.5,066
St Louis & San Fran July _____ 3,550,223 3,815,950 3,550,223
St Louis Southwest. 1st wk Sop 207,009 209,000 1.986,626 3.81.5.950
San Ped L A & S L . J u l y ____ _ 1,083,462 878,791 1.083.462 2,089,342
878,791
Seaboard Air L in o .. J u l y .......... 1.627.645 1.833,170 1,627,645 1.833.170
Southern P acific___ J u l y _____ 12963204 11632920 12,963,204 11.632,920
Southern R a ilw a y .. 1st wk Sep 1,221,529 1,255,398 11.703,674 12,648,561
M ob ilo & O h io .. 1st wk Sep 218,963 213.134 2,005,802 2,346,182
Gin N O & T ex P . 1st wk Sop
172,531 177.392; 1,698.951 1,837.679
Ala Great South. 1st wk Sep
84.084
82,356
875,857
940.054
Georgia So & F la. 1st wk Sep
42.639
45,720
390,441
451.1.54
Spok Port & Seattle July .........
425,955 470,694
425.9.55
470,694
Tenn Ala & Georgia 1st wk Sep
1.570
1,483
16,418
16,498
Tennesseo C entral. J u l y _____
129,874 154,153
129,874
154,153
Texas & P a cific____ 1st wk Sep 319,161 316,506 3,197,017 3,238,247
Tidewater & W est. July _____
8,786
7,541
8,786
7.541
T oledo Poor & West 1st wk Sep
20,153
19,578
222,738
251,127
T oledo St L & W est 1st wk Sep
96,611
86,005
920.629
899,562
Trinity & Brazos V . J u l y ..........
52,835 135,817
52,885
135,817
Union Pacific S yst. J u l y .......... 7,846,866 7,559,237 7.846.866 7,559.237
V irginian__________ J u l y .......... 588,616 469,511
588,616
469.511
Virginia & So W est. J u ly ............
146,209 169.302
146.209
169.302
W a b a s h ___________ A u g u s t___ 2,793,294 2,792,630 5,215,777
5,442.083
Western M arylan d. 1st wk Sep 201,834
167,572 1.932,667 1.643.130
Wheel & Lake E rie. J u ly ............
561,805 531,094
561.805
531.094
Wrightsville & Tenn J u l y _____
13,541
18,618
13,541
18.618
Y a zoo & M iss V ail. A u g u s t ___ 1.014,721 925,111 1,915,510
1,778,302
$

10,866

Various Fiscal Years.

Period.

B uffalo & Susquehanna R R ____ Jan
Delawaro & H udson___________ Jan
E r ie ____________________________ Jan
N ow York C en tra l.e _ _ 1 .11111 Jan
Boston & A lbany___________ Jan
Lake Erie Sc W estern . n ____ Jan
M ichigan C e n t r a l____
Jan
Clevo Cine Chic Sc St L o u is .. Jan
Cincinnati N orthern________ Jan
Pittsburgh & Lake Erie. .
Jan
N ow York Chicago & St Louis Jan
lo lo d o & Ohio Central______ Jan
T otal all lines____________ I Jan
N Y Susquehanna & W e ste rn .. Jan
zPennsylvania R a i l r o a d _____
Jan
Baltim ore Chesap & A tlantic Jan
Cum berland Valley____
Jan
Long I s la n d _____________ " " Jan
M aryland Dolaw & Virginia. Jan
N Y Philadelphia & N orfolk . Jan
Phila Baltimore & Washing'n Jan
W est Jersey & Seashore_____ Jan
Pennsylvania C o m p a n y ________ Jan
Grand Rapids & Indiana____ Jan
Pitts Cine Chic & St L ouis_ Jan
_
V andalia_____________________ Jan
T otal lines— East Pitts & Erie Jan
— W estPitts Sc Erie Jan
— All Lines E & W _ ...... *
Jan
R io Grando Junction_________
(Dec 1
Rutland ______ __________ ______l j an 1

Current
Year.

Previous
Year.

July 31
790,590
791.403
July 31 12,826,449 12.745,338
July 31 35.287.168 33.863.098
July 31 89,415.454 86.181,800
July 31 9.6.54.805 9,258,629
July 31 3.255,518 3.193.217
July 31 19,607,596 19.100,630
July 31 20,205,718 19,730.992
July 31
846.497
767.820
July 31 8,693.377 9.499,238
July 31 6,646,494 6,483,559
July 31 2.475,030 2,372,356
July 31 160800.529 156858241
July 31 2.320.820 2,275,698
July 31 104914 649 10785,5136
July 31
610.518
676.107
July 31 1,62 4.788 1.918,715
July 31 7,606,353 7,537.655
July 31
484,795
504.480
July 31 2,347,713 2,235,681
July 31 11,621.301 11.670.943
July 31 3,673.326 3,547,635
July 31 30,856.246 31,460,111
July 31 2.921,488 3,028,248
July 31 21.829,796 22,643,190
July 31 6,078,253 6,154,775
July 31 135414 264 138489 366
July 31 62,562.461 61,207,481
July 31 197976 725 202696 847
Juno 30
462.7761 484,981
July 31 1,947,102 1.986,958

A G G R E G A T E S O F G R O S S E A R N I N G S — W e e k ly a n d M o n t h ly .
*Weekly Summaries.
4th
1st
2d
3d
4th
1st
2d
3d
4th

week June
wook July
week July
weok July
wook July
week Aug
week Aug
weok Aug
weok Aug

(31
(36
34
(35
(37
(36

roads)____
roads)
roads).
roads).
roads) .
roads).

(37 roa d s).

(36 roads).
(33 roads)-----1st week Sopt (36 roads)____

Current
Year.

Previous
Year.

%
13,993.259
10 555,138
10,852,144
11,060,669
17,072,024
11.601,061
11.965,891
12,220,561
16.778,185
12,032,766

$
15.334,395
11,710.679
12,068,210
12,259,162
18,470,398
12,567.332
12.618,877
12,778,103
17,122,595
12,057.576

Increase or
Decrease.

%

— 1.341,136 8.71
— 1,155.541 9.87
— 1,216.068 10.08
— 1,198.493 9.77
— 1,398,374 7.61
— 986,271 7.90
— 652,986 5.17
— 557.539 4.62
— 344,410 2.01
— 24,8 k )1 0.20

*Monthly Summaries.

Current
Year.

Previous
Year.

Increase cr
Decrease.

Mileage.
Cur. Yr. Prev. Yr.
N ovem ber..246,497 242.849
December ..246,807 243,242
January------246.959 213,559
F ebru ary ... 246,186 212.837
M arch .........246,848 243.598
A p r il.......... 217,701 245,170
M a y ----------- 247.747 245.207
June----------- 240,219 235,828
July------------243,042 241,798
A u g u st------ 89,582
88.047

a
240,235,841
232.598.369
220.282,196
210.860,681
238,157,881
237,696,378
244,692,738
248,849,716
262.948,115
69.231,248

%
272,882.181
258.285,270
230.880.747
212,163,967
253.352.099
241.090,842
243.367.953
247,535,879
260,624.000
73,122,210

S
— 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
— 3,890,962

th i
which.




roads In auv of our totals

%

11.90
9.94
7.01
0.61
5.99
1.41

0.54
0.53
0.89
5.32

[Vol. 101

THE CHRONICLE

«MG

Latest Gross Earnings by "Weeks.—In the tabic which
follows we sum up separately the earnings for the first week
of September. The tablo covers 36 roads and shows 0.20%
decrease in the aggregate under the same week last year.
1915.

F ir s t W e e k o f S e p te m b e r .

A labam a Great S outhern,..........
A nn A r b o r -------------------------------B uffalo R ochester & Pittsburgh
Canadian N orthern------------------Canadian P a cific______________
Chesapeake & O hio------------------C hicago Great W estern-----------C hicago Indianapolis & L ouise,
Cine N ow Orl & Texas P a c ific ,,
C olorado & Southern....... ..........
D enver & R io Grande..................
D enver & Salt Lake....................
D etroit & M a ckin a c----------------D uluth South Shore & A tla n tic,
Georgia Southern & Florida
Grand Trunk o f Canada---Grand Trunk W estern------ 1
D etroit Grand Haven & M il
Canada A tla n t ic ....... .......... ..
Louisville & Nashvillo..............
Mineral R ange----------- ------------M inneapolis & St Louis---------Iowa Central-----------------------;
M inneapolis St Pau it S S M . .
M issouri Kansas & Texas--------M issouri Pacific----------------------M ob ile & O h io------------------------N ovada-California-O regon------R io Grande Southern-------------St Louis Southw estern,............
Southern R ailw ay------------------Tennesseo Alabama & Georgia
Texas & P a cific---------------------T oled o Peoria & W estern_____
T oledo St Louis & W estern___
W estern M aryland-----------------

Net increase (6 .2 0 % ).---------

1914.

In crea se.

S
1,728

$
82,356
84,084
49,694
48,461
217,006
215,515
283,300
320,000
2,002,000 2.110,000
771,889
706,755
270,870
270,999
148,639
161,667
177,392
172,531
260,789
251,698
528,700
545,000
40,700
37,911
19,864
18,837
66,537
72,725
45,720
42,639

____
____
_
_
___

65,134
13,028
9,091
16,300
2,789
6,188

1,091,711

1,088,113
1,061,150
14,198
230,252
579,336
578,188
1,175,000
213,134
9,655
10,866
209,006
1,255,398
1,483
316,506
19,578
86,005
167,572

''8 ,8 7 1
"4 ,8 6 1

1,027
3,081

15,395
7,347
14,054

617,581
550,646
1,130,000
218,963
8,910
12,665
207,006
1,221,529
1,576
319.161
20,153
06,611
201,834

1,233
1,491
33,700
108,000

3,598

1,076,545
21,545
245,206

$

38,245

____
5,829
____
t ,799
____
___

27,542
45,000

249,610

274,420
24.S10

745
2,000

33,839

87
2,655
575
10,606
34,262

12,032,766 12,057,576

Net Earnings Monthly to Latest Dates.—The table
following shows the gross and net earnings of STEAM
railroads and industrial companies reported this week:
----- G r o s s
C u rren t
Y ea r.
S

R oa d s.

E a r n i n g s --------- ------ N e t E a r n i n g s ------r i <Plo^^s
C u rren t
P re v io u s
Y ea r.
Y ea r.
Y ea r.
$
$
$

2,515
2,892
38.586
38.788
49.194
46,912
555,899
646,021
44,070
45,313
J u l y ______ . — —
116,976
110,559
T oled o Peoria & W est.b.A ug
231,548
202.584
July 1 to A ug 3 1 --------402,559
396,567
T oi St Louis & W e s t .a . July
18,618
13,541
W rightsv & T on n illo.b .J u ly
IN D U S T R IA L C O M P A N IE S .
264,880
312,737
Jan l to Aug 31------ - 2,606,021 2,578,895
286,431
294,081
Jan 1 to Aug 3 1 ------ - 2,879,662 2,826,527
330,488
397,335
980,493
979,631
Jan 1 to Jiity 3 1 ---------209,730
212,984
M etropolitan Lino a .J u ly
877,602
782,628
Jan l to July 3 1 ...........
88,174
93,114
M aine SS Lino, a ____July
376,130
367,624
Jan 1 to July 3 1 ---------114,330
112,546
K oystono T elep h on e.a .A u g
880,262
899,154
Jan l to Aug 3 1 . ------71,881
119,829
909.908
638.807
Jan l to A us 31---------409,165
398,598
Utah Securities C o r p .-.A u g
Jan 1 to Aug 31............ 3,089,245 3,051,086

def 2,693
5,719
17,696
183,103
9,578
22,209
191352
c98,511
def 3,987

def 1,729
8,076
20,903
2 2 1,120
9,274
26,067
43,656
c 105,933
def 217

298,169
2,585,114
136,377
1,488,510
135,186
56,193
56,412
136,574
31,483
22,444
57,184
451,962
77,805
573.508
214,065
1,591,525

252,580
2,506,927
130,036
1,312,686
128,296
defS9,426
27,764
48,054
15,930
d of3 9 ,143
58,938
446,810
41,226
397.647
IS 1,035
1,492,682

Fairchild & Northeast.b.July
N ovada-Cal-Oregon b --J u ly
R io Grando S ou th ern .b . Juno

L a te s t G r o ss E a r n in g s .
N am e of
H oad.

Interest Charges and Surplus.

- I n t . , R e n t a l s . & c . --------- D a l . o f N e t E a r n s .
P re v io u s
C u rren t
P r e v io u s
C u rren t
Y ea r.
Y ea r.
Y ea r.
Y ea r.

s
$
$
S
x 1,823
7,134
6,602 zd ef 1,249
Ncvada-Cal-Oregon . .
Z845
10,578
20,831 zdef 1,211
.Juno
235,182
238,603 zdef48,855 zdef 13,862
20,156
19,063 zdef 10,013 zdef 9,179
J u l y -------- -----------Z2.460
26,405
24,984 zdef 1,196
. . Aug
52,110
50,316 zdof26,224 zd ef3,59l
July 1 to Aug 31
IN D U S T R IA L C O M P A N IE S .
211,747
257,336
40,833
40,833
Cities Service C o ____ . _ Aug
256,666 2,258,448 2,250,260
326,266
Jan 1 to Aug 31
100,940
95,679
34,358
-.A u g
35,431
288,568 1,205,061 1,024,118
283,446
Jan l to Aug 3 1
x 105,273
■ 112,8 17
x
23,766
Eastern SS C orp _____
23,327
167,7 llz d e f 100,812zdef202,475
162,740
Jan 1 to July 3 1
Z4.965
z 3 1,523
21,916
22,578
M etropolitan Lino ..J u ly
157,229 £defl(>,27().r<Iei 109, lo o
153,071
Jan 1 to July 31
z2,080
x 18,503
14,263
..J u ly
13,388
99,252 zdef68,537a: def 13 .>,57 6
93,831
Jan 1 to July 31
32,901
30,316
26,868
26,037
Keystone Telephone. ..A u g
239,490
238,957
207,853
212,472
Jan 1 to Aug 3 l
30,831
12,031
29,102
__Aug
46,974
N ow E ng C o System .
257,272
161,000
235,741
316,235
Jan 1 to Aug 31 ______
x After allowing for other income received.

ELECTRIC RAILWAY AND TRACTION COMPANIES.
L a tes t C r o s s E a r n in g s .

American R ys C o —
Atlantic Shore R y ___
c Aur Elgin & C ldc Ry
B angor By & Electric
Baton Rouge Elec Co
B e ltL R yC orp (N Y C ).

W eek or
M o n th .

C u rren t
Y ea r.

P re v io u s
Y ea r.

S
$
A u g u s t ___ 472,614 504,252
53,357
August ---51,883
July _____ 187,488 216,717
67,805
68,146
J u l y -------16,016
14,742
July ..........
67.092
66.737
M a y _____




Jan.

1

C u rren t
Y ear.

Jan.

P re v io u s
Y ea r.

1

to

la t e s t

C u rren t
Y ear.

d a te .

P r e v io u s
Y ear.

$
$
$
$
550,782
91,244
>18,417
97,654
Berkshire Street R y , I n l y -----Brazilian T rac, L & P J u n e ------ 16591940 /6188900 /37684.110 /36444.188
66,484
15,694
63,340
15,346
Brock & Plym St R y , J u l y -----Ilklyn Rap Tran Syst M a y ------ 2343,921 2482,243 10,811,364 10,734,655
198,789
31,320
186,917
31,467
Capo Breton Klee C o J u l y -----644,810
92,696
599,233
90,113
Chattanooga Ry & Lt J u l y -----232,351
224,392
45,282
44,653
Clove Painesv & East J u l y -----696,181
714,512
113,040 117,667
Clev Southw & C o l . . J u l y -----380.227
398,658
53,827
57,365
Columbus (Ga) El C o I n l y -----239,594 241,965 1,754,967 1,763,707
Colum (O) R y . P & I. J u l y -----flCom’w’ thP R y & L . J u l y ------ 1182,519 1143,335 8,020,712 7,954,019
800,482 798,767 4,574,916 4,601,832
Connecticut C o ____ J u l y -----305,309 258,356 2,126,067 1,938,980
Consum Pow (M ich ). J u l y -----262,080 258,001 1,437,311 1,395,590
Cum b C o (M e) P & L luly -----144,101 179,131 1,017,449 1.293,105
Dallas Electric C o — J u l y -----Detroit United Lines J u l y ------ 1205,881 1129,955 7,282,569 7,044,772
212,260
41,201
197.376
44,205
D D E B & Bat (R ec) M a y -----751,870
97,203 121,610
652,263
Duluth-Superior T ra c1
July -----200,599 218,659 1,374,586 1,549,551
East St Louis & S u b . J u l y -----383,162
65,007
386,587
61,065
Eastern Texas E le c .. July -----5 18,650
83,641
599,244
77,426
El Paso Electric C o . . July -----737,674
172,795 170,715
798,115
42d St M & St N A ve M a y -----174,093 226,664 1,131,722 1,422,899
Galv-IIous Elec C o . . July ----513,818 515,191 3,671,653 3,612,938
(/Georgia Ry & Power July
666,317
736.775
Grand Rapids Ry C o J u l y -------- 105,596 115,756
76,684
469,864
471,259
88,309
J u n e _____
Harrisburg Railways
Havana El R y , I. & P
53.706 1,887,311 1,975,164
54,854
(R ailw ay D ep t)___ W k Sep 12
337,550
353.708
50,765
49,531
Honolulu R T & Land July _____
168,461
154,994
28,309
26.177
Houghton Co T r C o . July _____
427.914 438,820 3,196,537 3,279,931
b Hudson & M anh at. J u l y _____
861,295 887,140 6,153,485 6,196,342
Itlinois T raction____ July _____
Interboro Rap Tran. M a y _____ 2904,773 2948,937 14,473,594 14,801,273
362,808
440,121
57,442
50,098
Jacksonvllle T rac C o July .........
142,502
131.703
21,643
18,687
Keokuk Electric____ July _____
77,417
65,392
11,732
9.323
Key West Electric___ July .........
810,105
761,570
Lake Shore E lec R y . J u l y .......... 130,446 151,999
Lehigh Valley Transit July ......... 190,563 175,676 1.117.826 1,043,838
376.485
406.27 '
72.565
75,376
Lew 1st Aug & Waterv July .........
85,065
86.974
23.452
22.839
Long Island E lectric. M a y _____
Louisville R a ilw a y .. July ......... 244,231 268,059 1.701,970 1,860,606
Milw El Ry & Lt C o . July ......... 447,692 487.590 3,373,442 3,511,261
861,826
820,287
Milw L t, lit & T r Co luly ......... 141,904 154.797
Nashville R y & Light July ......... 166.927 184.081 1,226,665 1,300,515
262,984
282.011
61.662
62,244
N Y City In te rb o ro .. M a y _____
145,822
160.918
38,658
39.643
N Y & Long Isla n d .. M a y _____
60,941
62.138
16.707
15.413
N Y & N orth S h o re .. M a y _____
523,732
529.704
N Y & Queens C o ___ M a y _____ 127,162 133,647
New York Railw ays. M a y _____ 1138,652 1199,850 5,454,164 5,509,712
211.058
210.996
49,667
49,783
N Y & Stamford R y July _____
232,692
267,363
37,198
42,611
N Y Westchest & Bos July .........
88,273
81,659
16,014
15,054
Northampton T ra c’n J u n e _____
Nor Ohio T rac & L t. July ......... 371,736 351,659 2 ,128.38S 2,073,359
939.262 1,227.499
North Texas Electric July ......... 151,850 188,715
162.399
164,106
31,098
31,127
Northw Pennsylv Ry J u n e _____
35,592
33,868
12,217
10.752
Ocean Electric (L I ) . M a y _____
174.507
162.452
24,250
23,196
July _____
Paducah T r & Lt C o .
162,877
144,117
24.405
21,941
I’ensacola Electric Co July ------Phila Rapid Transit- August . . . 1897,761 1912,971 15,736-, 150 15,880,510
467.946 511.005 3,204,301 3.782,664
Port (O re)R y,L & P C o July ____
584,472
581,915
115.100 116.551
Portland (M e) R R ._ July ------664,561 726,373 4,358,630 4,963,018
Puget Sound T r,L & P J u l y ____
250.908 252,217 1.709.826 1,747,949
(/Republic R y & L t .. J u l y ____
472.148 535,578
Rhode Island C o ____ J u l y -----138.736
135.405
32,963 ‘ 36,345
Richmond Lt & R lt . M a y ____
724,129
743,530
101.463 108,888
St Jos R y Lt II&P C o. J u ly_____
268,536
267,602
40,300, 40.707
Santiago El Lt & T r . J u l y ____
497,021
461.1 15
73,627
67.285
Savannah Electric Co J u l y ____
329,565
349,645
86,127
76.617
Second Avenue (R ec) M a y ____
85.423
88,709
20,778
20,233
Southern Boulevard . M a y ____
102,843
108,770
29,868
28.766
M a y ____
Staten Isl M id la n d ..
568,003
569.099
78,979
83,683
Tampa Electric C o .. July -----325.135 351,298 1.555.073 1,619,115
Third A venue______ M a y ____
449,108 515,883 3,236,351 3,550.684
T oron to Street R y .. July ____
Twin C ity Rap Tran .1 st wkSep 200,055 185,293 6,364,787 6,303,762
247.902 261.552 1,079,814 1.061.739
Union R yC o o f N Y C M ay —
448,857 443,816 2,925,770 2.980.740
Virginia R y & P ow er. July . . .
392.060
381,947
66,654
64.984
Wash Balt & A nnap. J u n o ___
272.076
56.780
277,268
51,367
Westchoster E loctric. J u n o ___
142,362
27.198
142,376
26,016
Westchester St U R . . July —
354,049
64.585
60.753
345,039
Yonkers Railroad___ J u n e ___
453,147
66,348
72,536
457,766
York Railways_____ July . . .
24.320
163,342
24,407
151,618
Youngstown & Ohio July —
95,008
17.842
102.81
16,851
Youngstown & South J u l y ___

a N et earnings hero given are after deducting taxes.
b N et earnings hero given are before deducting taxes.
.
c After allowing for miscellaneous charges to incom e for the m onth or
ily
July 1915, total net earnings wore $59,515. against $76,633 last year.

N eim e o f
Ito a d .

W eek or
M o n th .

b Represents income from all sources,
c These figures are for consol l °
dated com pany. /E a rn in g s now given in mllreis. g Includes constituent
companies.

Electric Railway Net Earnings.—Tho following tablo
gives the returns of ELECTRIC railway gross and net
earnings reported this week:
------c r o s s

R oad s.

C u rren t
Y ear.

r e a r n i n g s ------P re v io u s
Y ea r.
%

-------IV t t a w
C u rrent
Y ear.
%

$
24,090
53.357
51,883
Atlantic Shore R y b ----- Aug
44,191
248,785
243,909
Jan 1 to Aug 31______
70,673
216,747
187,488
Aur Elgin & C h ic .b ___ July
811.019
1,897,764 1,912,971
Phila Rapid Transit----- A ug 1,897
1,655,230
July 1 to A ug 31----------~ 3,837,669 3,804,230
31,418
62,677
59,018
P orto R ico R y s ------------ Aug
240,015
529,014
499,874
Jan 1 to A ug 3 1 ---------262,427
723,373
661,561
Puget S d T r Lt& P ow .a.July
Jan 1 to July 3 1 ---------- 4,358,630 4,983,018 1,588,417
p, N et earnings hero givon aro after deducting taxes,
b Net earnings here given are before deducting taxes.

t u n y * ------P r tv io u s
Y ea r.

23,624
58,871
95,740
801,953
1,615,517
31,234
243,090
303,217
1,990,594

Interest Charges and Surplus
— I n t.,

R oad s.

R e n t a l s , e& c .—
C u rren t
P re v io u s
Y ear.
Y ea r.

H a l. o f N e t E a r n s .—
C u rren t
P re v io u s
Y ea r.
Y ea r.

8
40,013
Aur Elgin & C h ic______July
40,440
808,764
Phila Rapid T ransit-----Aug
815,942
July 1 to A ug 31______ 1,632,538 1,618,129
156,440
Puget Sd T r Lt & P ow . .J u ly
153,395
" Jan 1 to July 3 1 ______ 1,106,840 1,078,708
x A fter allowing for other income recti v o l.

30,233
deft ,923
22,692
109,032
481,577

S
55,727
defO.811
def2,612
146,777
911,887

ANNUAL RE PO RTS
to

C u rren t
Y ea r.

la tes t

d a le.

P re v io u s
Y e e ir .

$
$
3,496,359 3,665,414
243,909
248,785
1,072,711 1,192,042
436,491
439,584
105,297
101,892
296.740
314,057

Annual Reports.—An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will bo
given on the last Saturday of each month. This index will
not incliulo reports in the issuo of the “Chronicle” in which
it is published. The latest indox will bo found in tho issuo
of Aug. 28. Tho next will appear in that of Sept. 25.

Sept . 18 1915.]

THE CHRONICLE

R e a d in g C o m p a n y .

(Report for Fiscal Year ending June

3 0 1 9 1 5 .)

The remarks of President Edward T. Stotesbury, together

917
N o r fo lk & W e s t e r n R a ilw a y .
3 0 1 9 1 5 .)

(Report for Fiscal Year ending June

in the editorial columns is given an articlo reviewing the tistics for several yearsresults for the year covered by the report. The remarks of
'
President Tlieodoro Voorhees of the Philadelphia* Reading
,
1914-15.
Ry. and of President W. J. Richards of the Philadelphia & Milos operated June 3o_
2,042
Readmg Coal & Iron Co., together with tables from tho I Locomotives__________
- Equipment—
1,088
reports of those companies, are also given.
Passenger c a rs________
448
Freight cars__________ I
Below are the comparative statistics for four years:
47,493
Mamtenance-of-way cars
1,070
o p e r a t io n s

PHILADELPHIA & READING RY.— STATISTICS, &C.
1914-15.
1912-13.
1913-14.
1911-12.
1,120
1,020
1,120
1,015

MHos operated Juno 30Equipment—
Locomotives__________
Pass, equipment cars.II
Freight equipment cars.
Servico cars___________
Floating equipment___

Barges____________
Operations—
Passengers carried___

10

e a r n in g s ,

1913-14.
2,036
1,057
443
47,927
1,078
10

250
Kate per pass, per mile. 2.161 cts. 2 2 9 , 7 5 5 : cts.
2.136
Tons freight carried___ 32,767 701
Ions fr t carried 1 mile. *8,918,549 34,000,572
*9,155,507
_ 0-410 cts
Itato per ton per miio_
000
1,000
0.415 cts.
?97 I Av. rev. train load (tons)
841
136
135
802
| Earns, per frt. train mile
S3.4999
$3.3730
Earns, per pass. tr. mile.
S1-3471
$1 3934
Gross earnings per mileS21,052
$21,931
* Three ciphers (000) omitted.
Ooa (anth) carried, tons 10,441,944 11,091,290 12,860,092 11,224,945
Coal (bit.) carried, tons. 15,672,001 16,735,104 16,115,417 14,808,222
Coal carried 1 mile, tons *3,141,026 *3,354,344 .............. .. *3,079,324
*3,466,115 ....... INCOME ACCOUNT.
Mdse, carried, tons___ 21,881,371 23,042,126 26,550,439 22,711,791
■New Basisdo one milo, t o n s ... *1,689,766 *1,748,391 *1,994,401 *1,713,417
1914-15.
1913-14.
Bate per ton per mile. . .
1.01 cts.
0.992 cts.
0.951 cts.
0-958 cts.
Earnings
$
* 000s omitted.
4.908,679
Passenger........................ 4.739,538
PHILADELPHIA & READING RY. INCOME ACCOUNT ,JUNE 30 YRS
New Basis----------- ------------ Old Basis389,245
im p r e s s .-.......................
540.100
~ ' ~~
1914-15.
1913-14.
1913-14.
571.079
1912-13.
Miscellaneous__________
264 261
$
$
S
275,8171
C o a l ............................... 20,985.987 22,377.883 20,925,697 22,060,057 Other than transports._ 503,733
466,868/
Merchandise__________ 17,027,464 17,352,331 16,964,074 18.973,407
Passenger------------------- 6,425,634
T o ta l--------------42,987,044 44,650,310
7,011,549
7,011,549
7,101,752
Expenses—
Miscellaneous_________
1,409,046
1.579,1931 2.083,403
2,308,391
727,714
Maint. of way & s tru c ... 5,738.074
Incidental..............
833,500/
4,998,612
M a i l s .....................
138.976
138,647
9,214,007
138,647
119,110 Maint. of equipment____8,341,419
Transportation ................ 12,521,665 14.068,577
Total earnings______ 46,714,821 49,293,103 47,123,370 50,562,717 General..............................
836,607
916.955
Operating Expenses —
Traffic--------------699.827
737,690
Maint. o f way, &c____
4,651,073 5.336,465 5,324,868 4,687,899 Miscellaneous operations. 109,'468
,687 899
199,565
Maint. o f equipment__ 8,370,290
8.921,264 8,720,246 8,432,953 I Transp n for invest.—Cr. 415,245
_____
1432,953
Transportation expenses 16,543,519 17,600.718 16,440,045 16.199,895
Traffic expenses............
546,704
519,858
Total ........
-27,831.815 30,135.407
519,859
492,481
General expenses..........
869,428
Net earnings....... ..........15,155.229 14,514,903
777,9631
788,191
734,113 Outside oner.—net def. .
Miscellaneous operations
160.049
212,655/
Transporta, for invest..
015,760
Uncollectibles..............
1,766
364
Improvements________
.......
....... 2.024,783 2,391,562 Taxes........- .................^1,878.000 1,620.000

984
977
39,428

1,005
921
40,730
1,013
137

987
855
42,651

989
861
40,210

Total expenses______ 31,125,387
Not earnings._________ 15,589.434
Outsidoopor. (net)_____

&c .
1912-13.
2,035

1911-12.
2.018

1,044
413
43,161
1,072
10

1,010
401
42,523
1,050
10

2 1 9 ® $ 202,710:820
2.143 cts.
32,701,743
*8,856,070
0.424 cts.
764
$3.2760
SI.3388
$21,623

2.142 cts.
29.335,583
*8,030,301
0.424 cts.
692
$2.9664
$1.2505
$19,766

Old Basis-

1913-14.
$
4 908 679

1912-13.

$

38| f e
J8J.245

571,079
562,994

4,715,294
37,588,024
352.722
552,907
530,974

44,470,619

43.739,921

4,998.612
9,214.008
14.068,577
916,955
737,690

5,542,960
8,336,631
13,192,922
801,742
691.558

29,935,842
14,534,777
19.874

28,565,813
15,174,108
7.608

1,620,000

1,452,000

12,894,903
775,549
1,168,810

13,714.500
544,795
1,174,606

33,368,923 33,817,992 32,938,903
15,924,180 13,305.378 17,623,814
369,967
411,431
15,589,434 15,924,180 13,675,345 18,035.245­
Taxes ________________ 1,166,688
1,267.504 1,267,504 1,300,478
Uncollectibles................
5,898
Baianco____________ 14.416,848 14,656.676 12,407,841 16,734,767
Other income_________
a510,124 1.163,794 1.387,845 1,240,745
T o ta l______________ 14,926,972 15,820,470 13,795,686 17,975,512
D e d u c t—
Rentals leased lines___ 2,852,190
2,860,224 2,860,224 2,857.668
Terminal trackage.........
425,000
425,000
425,000
425,000
Rent of equipment_____ 2,833,099
2,825,853 2,825,853 2,707,541
Bond interest_________ 1,939,980
1.939,980 1,939,980 1,939,980
Other rents, int., A c_
_
347,853
342,791
342,791
346,716
Appropriated for invest,
in physical property.. 1,161,691
2,024,783

Div. and interest acct
750,411
775 549
Hire of equipm’t balance. 1,100.804 1,123 886
Kenfs --------166,607
175,547
Miscellaneous income__
25,412
202,400
53.031
45,681
Total..........................15.318,696 15,171,921 14,892,293 15,478,982
D ed u ct—
Interest on bonds--------- 4,220,959 4.315 762 4,315,762 4,039,537
Interest on car trusts___ 519,503
248 372
248,372
206,o:-:o
Separately oper. proper's
662
’701
701
91.174
Preferred dividends (4%) 919,671
919,668
919,668
919,668
Dlvs. on common (6% )-- 6,476.622 6,260.924 6,240,150
5,759.521
Betterment fund- - - - - - - 1,534,095 2,093,918 2,093,918
1,553.088
M sc. deductions (net)..Cr.330.035
50.449
32,092
Miscellaneous rents____
158,177
140,143 Cr. 111,288
43,025
32,598
Total ----------13,499.653 14.029,936 13,750,308 12,636,708
Surplus for year............. 1.819.043 1,141,984 1,141,985 2,842.274

M P A ™ , 5.401,838 _ 5,401,838
a Other income in 1914-15 is derived as follows- RmitsUJ*287 4 R«'a»ninct
$291,776 in 1913-14; hire of equipment, $168,437 against $83o’ 378- Income
from securities interest. A c ., $41.659;’

GENERAL BALANCE SHEET JUNE 30.
[For full details of balance sheet o f June 30 1915, see page 9-37J
1915.
1914.
1915.
1914.
Assets—
S
S
Liabilities—
,
_
Road & equip..250,206,630 249,336,480 Adj.pref.stock. 22,991,800 22,991,700

Operating i n c o m e ...13,275.462 ^12,894,539

$85?f?^^wtively’, in 1913-l4.nt*
2
r^°S’ $2’314’ aga,nst *30’597’ W O .T C d
Inv.in aftii.cos.:
Common stock. 108.154,400 107,758,900
1,112,796 Mortgage bonds 83,261,500 83,268,500
Stocks.......... 1,189,016
PHIL A . & READING COAL & IRON CO. INCOME ACCOUNT.
354,674
354,674 Convert, bonds. 13,584,000 13,979,500
Bonds---------1914-15.
1913-14.
1912-13.
1911-12.
Advances----- 5,346,947
4,273,837 Equip’t oblig’ns 11,001,000 12,625,000
Earnings—
$
$
$
$
Traffic,Ac.,bal. 1,571,329
113,291
Anthracite coal________ 28,476,167 30,946,265 39,078,083 34,021,026 Other Invest’ts:
Bonds_______ 9,670,988 12,470,867 Audited accts. A
Bituminous coal_______ 1,098,020
1,206,692
1,277,608
1,186,203
Stocks & adv.
8,738
8,738
wages---------- 2,413,604
Coal rents & misceli’s . .
582,325
2,667,028
551,025
627,372
526,424 Mlsc.phys.prop.
627,635
564,536 Accrued Interest 1,019,172
1,043,230
Dlvs. declared..
229,918
T o ta l.......... ............... 30,086,512 32,703,982 40,983,063 35,733,653 Dcpos. in lieu of
229,917
mtg.prop .sold
60,739
73,537 Matur.lnt., A c.
570,065
Expenses—
526,307
Cash__________ 6,381,534
8,009,653 Miscellaneous..
297,765
Fixed charges A taxes..
239,031
136.370
/86,248
94,650
85,455 Time drafts and
Def cred. Items
205,254
Int. on R ’g Co. com. l’n
H6.729
deposits____
1 ,000,000
Accrued taxes..
898,437
Int. on R ’g Co. loan_
_
___
700,537
2,2691405
864,083 Loans A bills rec
1,210
1,500 ,Prem. o n fd .d t.
240,707
Aband. stor. yard, &c._
______
245,610
176,784
Traffic, Ac., bal 2,865,134
1,372,906 Accrued deprec. 11,476.729
Miscellaneous_________
______
9,144.770
106,487
Agts. & conduc. 1,136,008
1,066,707 |
Oper’g reserves.
10,021
Mining coal and repairs. 19,214,158 20,627,193 23,046,334 18.382,202 Mater. A supp. 3,649,201
115,216
4,290,664 : Oth. unadj.accts
319,323
Coal purchased (anth.).
210,350
523,880
372,467
1,308,665
1,618,059 M lscellaneous. _
961,003
972,080 IAdd’ns to prop.
Coal purchased (bitum.)
964,386
1,118,875
1,136,729
1,100,315 Work’s fd. adv.
17,315
15,3.86
erty through
Royalty leased collieries
499,399
485,614
601,326
458,523 Prepaid rents,Ac
54,380
47,062 1 income A surp 17,019,102 15,485,007
Transp’n o f coal by rail. 5,509,893
6.555,641
8,758,817
6,704,901 Oth. unadj.accts
220,108
251,092 Profit and loss.. 14,384,134 12,505,091
do do by water__ 1,076,081
1,212,596
1,334.985
995,791
Colliery, &c., improv’ts.
682,068
1,193,385
1,241,071
839,742
T o ta l............ 289,651,260 284,222,515
T o ta l............ 289,651,260 284,222,515
Coal sold from stock__
2,363,318 — V. 101, p. 523.
Taxes_________________
628,976
488", 195
512.300
589,729
All other expenses, A c .. 1,718.009
1,642,065
1.806,153
1.559,955
Coal added to stock----- Cr613,750 01,840,416 CY2A5()’23tj
C h ic a g o M ilw a u k e e & S t . P a u l R y .
Total oxponses______ 30,025,040 3E988.502 30,843.471 35,562,077
{Report for Fiscal Year ending June 3 0 1 9 1 5 .)
Balance, surplus
Balance, surplus---------00,572
715,390
1,130,592
171 576
n
,
,
... . „
, *
^
READING CO., PHIL. A READING RY. CO. AND PHIL & READING
coal & iron c o .—consolidated in co m e accou n t IN °
1914-15.
1913-14.
1912-13.
1911-12.
$
$
$
$
Net Phlla. & Read. R y . 14,937.867 15.063,100 19,275,992 14.670,097
Baianco, Coal & Iron Co.
106,942
848,367* 1.234,242
257,031
Reading Co. incomo___
9.276,867 __________ ___________
8,422,778
9,624.866
8,085,063
COMPARATIVE RESULTS OF OPERATIONS.
1913-14.
1912-13.
T o ta l.......................... 24,411,676 24,334,335 30,135.100 23^021,191 Miles operated, average 1914-15.
10,058
9.684
Deduct—
Equipment (a)—
Reading Co. exponses..
104,297
102,149
104,860
110,887 Locomotives__________
Read. Co. chgs., taxes A
Passenger equipment_
_
gen. mtgo. sink. fund. 5,869,003
5,994,227
760,525
6,080,788 Freight A miscell. cars..
Phi la. A Read. Ry. int.,
'
Operations—
taxes, A c.................... 9,570,708
9,661.351
9,577,385
9,170,259 Passengers carried_____
Phila. A Read. C. A I.
Co. charges and taxes.
136,370
132,977
94.650
85,455

f with
of President
.Fr l id Sat T S Ttogetherb° ^ thethe
ng hmgth,
general balance sheet,
1incomo account and profit and loss account.
Below wo give the usual comparative tables compiled for
tho “Chronicle.”

15,680,377
T o ta l.....................
Surplus_______________ 8,731,299
4% dlvs. on 1st prof___ 1.120,000
4% divs. on 2d prof------ 1,680,000
w
. „ ou ,,u
., . ..... ......
Dividends on com m on.(8)5,600,000 (8)5,600.000(7)4,900,000 (6)4,200.000
—

Total d ivid en d s----U
)’ia pC
°132an °S' "




8,400,000
331’299

8,400,000 ~ 7,700.000
43,631 6,897,680

7,000 000
573,802

Av. rev. tr.-load (tons).
Earns, per pass, train m.
Earns, per frt. train m _.
Earns, per mile of road.
a Includes narrow-gauge equipment,
c Revenue freight only.

b Three ciphers (000) omitted.

[VOL. 101.

THE CHRONICLE

918
O P E R A T IO N S

A N D

F IS C A L

-N e w B a s is -

1914-15.
,7.952.428
Freight . : : : ........
63.953.799
Mail, express, &c--------- 8.193.891
Incidentals, &c------- —
l,33o.2oo

1913-14.

1913-14.

$

$

18,961.225
65,266,420
7,555,046
...........

18.961,225
65.315,755
7,865.187
1,471,533

Total oper. revonue.. 91,435,374 93.613.700
E xp en ses—
Maint. ot' way & stru c.. 10,377,185 10,722,100
Malnt. of equipment_ 13,737,535 13,625,096
_
1,799,621
Traffic expenses_______ 1.756,801
Transportation expenses 35,697,961 36,848.934
1,664,0791
General expenses--------- 1,862,939
778,716]
Miscell. operations___
722.635
Transporta, for invest._Cr2,183,355 02,548.245

91.782,691
10,70-1.519
13,112,978
1,799,610
33,960.581
1,752.373

61.971,701
(67.78)
P. c. oper. exp. to earns..
Net operating revenuo.. 29,463,673
Outside operations, net.

62,890.301
(67.18)
30,723,399

61,330,061
(66.82)
30,452.630
d260,483

Total net revenue___ . 29,463,673
4,746,721
Taxes_________________ ._________ __
Operating income____ 24,716.952

30,723,399
4.106,558

30,713,113
4,106,558

26,616,841

26,606,555

IN C O M E

1914-15.
1913-14.
S
S
Oper. Income___ 24,710,952 26,610,841
Int. on bils. owned
342,257 234,842
51,143
Dlvs. on stk.own’d 515,191
Int. on oth. secur.
loans and accts. 1,974,565 2,065,328
402,547
Rents received__
487,988
272,636
Hire of equipment ---------448,605
Miscellaneous___
329,712

478 now steel car bodies were ordered to take tho place of the copper
sheathed car bodies now being operated in the subway. These car bodies
will be placed on the trucks of the composite cars and equipped with all of
1912-13.
the latest automatic and electrically operated safety devices. (V 101 p. 773.)
3
Tho first of the three 30.000 lc. w. turbine units contracted for installa­
18,457,136 tion in the 74th St. power house in connection with the operation of the
67,964,161
Manhattan Elevated third tracks and extensions and the new subways,
7.662,758 was put in operation Dec. 29 1914, the second on Feb. 24 1915. while tho
...........
third* is not yet fully completed. Thus far, with only two turbines in
operation and basing tho estimate upon tho output of power for the year
94,084.055
1914 a saving of about $200,000 per annum is indicated.
Two 4 000 k w. rotarv equipments were installed and placed in opera­
10,648,785 tion in tho Manhattan Railway Division sub-station No 4, and ono in
13,871,986 sub station No 7. Twenty-four new and improved stokers have been
1.894.343 Installed in the 59th St. power house, which are oxpectod to accomplish
35,065,842
reduction in the cost of coal of about $89,000 per annum
M a n h a t t a n E l e v a t e d I m p r o v e m e n t s . -Exceptionally
rapid progress has
1,403,012 bem made In tho construction of the Manhattan Elevated third tracks and
oxten™ons with a view to making the additional facilities available to tho
public as 'early as possible. . Practically 80f _ of Jhe^construction^ work
%
62,883,963
'
complel
(66.84)
the pov
31,200,087
174,748 able will almortdouWeathe present carrying capacity of the eievated roads.
The third tracks will enable the company to provide a complete, fio31,374.835
ouont and fast express service between the extreme northern and southern
3,823.833
tnrmin^knf the 2nd 3rd and 9th Ave. Elevated linos. Tho former grade
crossings* at C h l & ^ . ' a n d the B o w e r y a n d a t S .i r d S t . and1 9th Ave
27,551,002
will bo eliminated and the extension of tho 2nd Ave. lino to City Hall will

RESULTS.
-O ld B a s i s -

ACCOUNT.

1914-15.
1913-14.
S
S
Total net income.28,366,605 30,091,942
Accr’d bond Int__ 14,636,298 13,254,823
Hire of equipment
173,809
Rentspaid_______
871,503
765,363
716,772
595,470
Miscellaneous___
Pref. dlvs. (7 % )-- 8,109,200 8,109,206
Com. div___ (4H )5,258,254(5)5842,505

briiiK'fntoythoJ
clovated system a portlon of the White Plains ltoad subway
Astoria subway linos immediately available A llo f these subway branenes
which are now nearly completed are olovated structures and w 1 bo oper
1
ated in conjunction with both the Elevated,bu « r intermediate points
Exprassstations have been located at t h e / ^ ^ ‘^ ' “ f^ H h ^ s ^ u H n g
i all of the lines where transfers maybei had to local trains thus securing

Total deduc’ns.29,765,8 12 23,567,367
Total net In c...28,366,665 30,091,942 Bal., .................... f.l ,399, 177sr.l,,524,575
...... . sur. or d e f.d ... - - - -- . n l

d Outside operations, net— sleeping and dining cars, elevators, hotels and
restaurants in 1913-14 includo gross, $1,803,429; expenses, $1,542,946,
net, as above, $260,483.
O P E R . F O R F I S C A L Y E A R 1914-15 O F C O S . I N D E P E N D E N T L Y O P E R .
T acom a
E a s t .R R .

B e l l 'm &
M ilw .
N o r .R i j . T e r m . R y .

G a lla tin
B ig
V a ll.R y . B k .F k .R y .

. T o ta l
A ll C os.

Rovcnucs---------$405,162 $197,716 S}‘t8-878 $113,615 $57,328 $922,699
30,825 690,809
Expenses_____ 322,050 146,234 102,927
88,773
$51,482 $45,951 $24,842 $26,503 $231,890
Net revenuo._ $83,112
2,058
97,197
13,434
8.447
24,483
T axes_________ 48,775
Oper. income. $34,337
Rents rec’d, & c. 23.627
Hiro of equipm’t 46.658

$26,999
7.897
4.634
$39,530

$39,503

$11,408

$41,700
*2,874
570
963

$25,723 $220,786

$26,514 $301,681
______
73.625
13.897
33,731
IT. 145
3,296
7.071
30,726
—
- .........
16,836

Total...............$214,870 $51,541 $46,107 $107,445 $43,707 $463,670
$6,604 $96,037 $17,984 $242,884
Balance, deficit.$l 10,248 $12,011
The gross revenues of tho Tacoma Eastern RR. for tho year ending Juno
30 1 9 l f were $405H62 against $581,266 in 1913-14. and the deficit after
charces $110 248 against $11,378. Total of all above companies in 1913-14
was $1,175,793 and deficit after charges $57,453. Tho entire capital stock
of these companies is owned.
B A L A N C E S H E E T J U N E 30.
1915.

1914.

Road e
&equlp. x557,143,297 546,844,555
yStks.control.cos. 9,026,8341
_
yUds., &c., con) 14,513,502
trolled cos__ 5,541,000]
Advances to con­
trolled cos__ z34,993,7591
Mlsc. phys.prop.
620,7421 32,50o,249
Oth. mlsc. ln v ..
47,582)
Cash.................. 15,426,097 16,745,788
Traffic, &c.,bal.
17,961
456,649
Agts. & cond’rs. 2,264,100
2,036.092
•
7,723,038
Mat’ls & supp’s 8,258,192
3,431,216
Miscellaneous.. 3,563,181
570,335
282,329
Unmatured Int.
2,806,600
Secur.In Ins. fd. 2,818,100
534,521
412,089
Sinking fund —
857.182
Taxes prepaid.. 1,056,176
-------2,148,703
Oth.def.dcb.Items 2,508,597
T o ta l............ 644,390,474 630,702,992

1915.
1914.
L ia b ilities-8
S
Common stock.117,361,400 116,850,100
Preferred stock.116,274,900 115,845,800
Prem.on cap.stk.
36,184
36,184
Funded debt__ 357,896,355 333,400,054
Hills payable_
_
30,280
5,030,280
T ra f.,*c.,b a ls.
554,624
516,327
Pay rolls & vouch. 7.393.0S0
7,592,103
Coup, not pres.
167,831
115,994
Miscellaneous..
661,429
966,345
Acer. bd.lnt.,&0. 5,459,273
5,001,099
French Gov. tax
928.459
European loan
832,130
2,771,117
Ins. res’ve fund- 2,721,272
417,965
Oth.def.crcd.Items 550,730
430,269
Sinking fu n d ...
543,011
Surplus_______ 33,904,375 40.S60.896

T otal............ 644,390,474 630,762,992

x After deducting $7,597,065 reservo for accrued depreciation, y Un­
pledged. z Advances to controlled companies for construction, equipment
anFor* fulDdetails o f balance sheot o f Juno 30 1915 see page 94C.— V. 101
p. 845. 369.
I n t e r b o r o u g h R a p id T r a n s it C o .

{R ep ort f o r the F isca l Y e a r en d in g J u n e 30 1915.)
On subsequent pages will be found extracts from the re­
port of President Slionts and also the general balance sheot
and a condensed statement of operating results for 8 years.
The usual comparative tables for several years wore givon
in the “Chronicle” last week on pago 841.
..
Regarding the now construction work and the additions
and improvements during the year Pres. Shonts says in subst.:

S t r e n g t h e n i n g E l e v a t e d S t r u c t u r e s .— This work, which was inaugurated
several years ago, is making good progress. Pins, pm plates and column
tops have been renewed, column foundations reinforced and longitudinal
girders double latticed on the Sixth Avenue lino and a number of now
longitudinal girders installed and others double latticed on Ninth Avo. line.
R a i l a n d T i e R c n e t v a l s .— Steel rails have been renewed in the Subway
on 13.49 miles of singlo track out of a total of 85.29 miles and 57,993 ties
were renewed out of a total o f 303,000 ties in use. 5.72 miles o f steel rails
out of a total of 117.98 miles, and 16,802 ties out of a total of 494,000 ties
were renewed on tho Manhattan Railway Division.
E q u i p m e n t . — 606 trailer truck axles and 156 motor truck axles on tho
Manhattan Railway Division have been replaced with heat-treated carbon
steel axles to increase tho factor of safety. A now typo o f standard draw
bar has been adopted for tho Subway equipment and is now being installed
on 111 steel cars. Tho brake hangers on 1,388 subway built-up type of
trailer trucks aro being replaced with more substantial material, lo
further reduce tho distance in which subway trains could bo stopped In
case of emergency tho diamoter of tho pipo connections from the train
lino to tho motorman’s cab is being increased from 'A inch to M inch
diamoter. 322 cars were equipped with porcelain enameled sanitary
handholds and tho ceilings of 255 cars woro white enameled.
A d d itio n s a n d
B e t t e r m e n t s . — Expenditures on this account during tho
year aggregated $24,274,029, including payments made on account of
construction and equipment of now subways and Manhattan third tracks,
extensions and power plant improvements.




).

50
25

Seventh Ave. subway, from 42d St t o Chambers St. and W B V ay
Two-track extension. Chambers St. via Greenwich St. to South lorry
Park Place, William and Clark St. subway from Chambers St. to

$93,300

29.425
2,815
2.305
160
16.836

Railway & m u . a te .
^

A m o u n t o f W o r k C o m p le t e d o n th e N e w S u b w a y s .

D e d u ct—

Int. paid C. M .
& St. P a u l..-$140,167
Acer. int. on bds. 44.200
Hire of equip---- --------Rents paid_____
900
Miscellaneous __ 29,603
Sinking fund---- ---------

work’ o f constructing the now ^ w a y s

progress. as tho following shows (seo map, p. 63 o f

$37,504 $11,408 $24,445 $134,693
______
1.278
34,801
1.999
......................51,292

Total............... $104,622

143rd, 149th Sts., T rem ont A ve. and Fordham
C l N e w ^ S u b w a y ^ o m t r u c ii o n .— T h o

Ea1
stern” ParkwayUTino!y Brooklyn, from the Atlantic Ave. torinlnus

25
fpracticaify'In olfu'rtimrt^vork'’^ias been done on tho extensions in
Brooklyn, although all of tho lines aro under contract, except tho
two-track extension Eastern Parkway and Buffalo Avo..via Livonia
Ave. to Now Lots Road.]
. . . _ — K _,i
q
9k
Lexington Ave. subway from present subway at 41st St. to 53rdSt------ Jo
From 53rd St. to 133th St. and M ott Ave. in the B ro n x ...................

|>o

Western branch, from 13Sth_St. to LWth^St. and Jerome Ave------ 9„
Terome Avo. extension from 157th St. to 182nd St._ —
- ———
- Do.
Do.
portion from 182nd St. to W o o d l a w n . 65
QonthApn n mil ftv VI and Westchester Ave., M ott Avo. to lln irroit Sb._
8 Theremaining portion of this lino from Bancroft St. via Westchester
Avo. to tho terminus in Pelham Bay Park (which is an elovatod
W l d t o l d a M o a d 1 i f g W t . ^ n d ’ Boston Road’ to iLst 241st St
;
Queensboro Subway from Grand Central Station, 42d St., to Jackson
« ...

¥ ___ _

n n -. y y

________________________________________________________________

70
IO U

Q iw e ra b o ro ^ b w a y ? from
Vo{^t5;oThe^iwm wVoroTlridge P la za ._
Corona elevated lino from Queensboro Bridge 1 laza to Vanuatu S t— Corona olevated from Vandam S t., via Queens B lvd. and Roosevelt

50
^

Astoria elevated lino from Queensboro Bridge Plaza, via 2nd A vo. ^
Th^elovated railway ‘jwrMons o f The subways on’ the Astoria- and" Corona
lines in Queens and th e W h ite Plains Road and Jororno Avo. lines in the
Bronx will bo available for use in connection with tho present elevated
and subwav systems in advance o f tho com pletion o f the subway portions
o f these linesf This will encourage tho growth of tho outlying districts
1¥ Hinsn branches and securo to the new subways and olovated lines
V
a tr a m c w h ic h would be difficult to create under less promising conditions.
Under contract N o 3 o f March 19 1913 tho leaso o f tho now subways
is to begin whenever the main trunk lines and tho tunnels under the rivor
shad bo actually ready for operation.
f beforo that time any portions o f
the new subways shall be declared ready for operation and we aro called
upon to equip ^n d operate same wo will bo able to do so under tho contract
on a basis which will insure tho com pany against loss.
A D D I T I O N S A N D B E T T E R M E N T S F O R T H E Y E A R 1914-15 C H A R G E ­
A B L E T O C A P I T A L A C C O U N T ($24,274,029).
ra ) — o n

E x is tin g L in e s o f M a n h a tta n R a ilw a y D i v i s i o n —

Land damages, com pleting stations at 38th St. and 6 th A vo, and
86th St. and 99th St. and Columbus A vo., tw o additional
4,000 k.w . rotaries and reinforcing structure; total charge to
M anhattan R y. C o. construction accou nt................... - .................* 2 - z ,o o z
O n E x is tin g L in e s o f S u b w a y D iv is io n —
n
,
Additional speed control signals on Lenox Avo
lines; additional movable platform s at 14th St. stotlon, <
aqulp
ping cars with guide boards in connection with m ovable station
platforms: preliminary expenditures in connection with 478
stool car bodies to replace com posite car bodies and rout Ban
engines with W orthington pump; total charge to Intm borough
Rapid Transit C o. fixed capital account, $127,178. loss capital
retired from servico, $131,833; n e t - - - - - - - - - - - - - - - , - - - ”
15 •h 1
(b )— N e w

S u bw ays.

E lev a te d

I m p r o v em en ts a n d

E x ten s io n s

Contract N o. 3 .— Construction $ 12.691 140; e q ulpt.. S7( 7 097 S 13,398,237
Manhattan Third Tracking— Plant and structure. $8,904,903,
equipment, $ 1 0 ,1 7 2 ............ ..
-- ----- r»-U4&.U/6
Elevated Extensions— Plant and structure, $131,o i l , equip
ment, $75,042 — -------------------------”
j
Manhattan power plant im provem ents--------------------------------------i.o u o .^ o i
— V . 101, p. 841, 773.

C h ic a g o & N o r t h W e s t e r n R a ilw a y .

30 1915.)
Tho report of the President, Mr. William A. Gardner, will
bo found on subsequent pages; also tho balanco sheet.
Comparative tables, compiled for the “ Chronicle,” follow:
{R eport f o r F isca l Y ea r en d in g J u n e

O P E R A T IO N S

A N D

F IS C A L

RESULTS.

Averago miles operated.

1914-15.
8,1 0 8

1913-14.
8,071

1912-13.
7 ,974

1911-12.
7,859

Locomotives---------------Passenger cars-----------Freight cars----------------Work cars, &c--------------

1,840
68,242
3,626

1,830
1,918
65,950
3,579

1,722
1,796
61,263
2,831

1,670
1,520
59,342
2,172

33,389,42.8

32,441.450

31.526,803

0.87 cts.
411.18
$2.95
$1.27
$10,477

0.87 cts.
347.97
?3.03
$1.23
$10,413

0.91 cts.
298.94
$2.71
$1.17
$9,378

E q u ip m c n t—

O p e r a tio n s —

l ,950

„„

Passengers (N o.)--------- 33,079
Freight (tons)
Rato per ton per mile—
Av. tr. load, rev. (tons).
Earns, per frt. tr. m ile..
Earns, per pass. tr. milo
Oper. revenues per milo.

0.84 cts.
443.10
$3.01

$ 1.22

$9,963

Sept. 18 1915.]

THE CHRONICLE

EARNINGS, EXPENSES, CHARGES, Ac.
-New Basis-Old Basis1914-15.
1913-14.
1913-14.
1912-13.
Operating Revenues—
S
•
S
S
S
Froight revenuo_______ 51,923,801 53,989,475 53,989,476 54,661,588
Passenger revenuo_____ 20,528,443 21,540,543 21,540,543 20,557,623
Other transportation___ 6,694,250
7,257,6531 8,147,032
7,816,709
Incidental____________
1,633,121
1,771,604/
Total opor. rovenuos. 80,779,675

83,677,051

83,035,921

Maint. o f way & struc_- 10,450,740
Maint. o f equipment__ 12,648,935
1,288,448
Traffic..................
Transportation________ 29,753,444
General expenses______ 1,764,487
Miscoll. operations_____
604,058
Transport, from invest- CV138.539

84,559,335

12,213,095 12,179,690
12,358,488 12,187,123
1,331,856
1,357,643
31,949,238 31,941,194
1,783,3831 1,739,491
665,516/

11,501,186
11,568,496
1,348,982
32,241,258
1,592,858

„ T o ta l.............
56,371,573
Net oper. revenue_____ 24,408,102
Outside opers.— not rov_
______

60,301,576
24,257,759

59,405,141
24,271,910
Ur. 14,150

58,252,780
24,783,141
11,296

Total net revenuo___ 24,408,102
Taxes accru ed............... 4,516,943
Uncollectibles.............
7,255

24,257.759
4,252,790

24,257,760
4,252,791

GENERAL BALANCE SHEET JUNE 30.
[For further details see a subsequent page.]
a
^
1915.
1914.
1915.
1914.
L ia b ilitie s —
S
S
Road A cqulpm’t-74,25.5,873 74,182,654 Com. stk. A scrip.21,403,294 21,403,294
Invest, in affll.cos. 529,681
526,200 Pref. stk. A scrip. 12,646,833 12,646,833
Other investments
1,600
6,106 Funded debt____ 39,387,634 39,387,634
Mlsc. phys. prop.
220,387
200,466 Vouchers A wages 978,440 1,388,526
C o.’s stk. In treas. 4,231,128 4,231,128 Traffic, Ac., bals.
356,785
312,970
50,634
Bonds on hand__
50,634 Miscell. accounts.
104,321
134,402
C a s h ........... .......
900,204 1,016,097 Unmat’d Int., A c. 1,420,546 1,420,751
Mat’ls & supplies. 1,368,715 1,389,932 Int. A dlvs. unpaid
45,597
102,770
Bills receivable__
1,856
1,856 T a x e s ..................
665,904
611,057
Traffic, Ac., bals.
127,442
184,323 Accrued deprcc'n. 1,912,784 1,574,173
Agents A cond’rs.
442,295
448,434 Prem. on fund. dt.
107,786
115,474
Miscel. accounts.
435,318
534,593 Other unadj. items
157,838
195,902
Oth. unadj. items.
596,331
618,789 Profit and loss___ 3,973,702 4,097,426

24,794,437
3,597,160

E xp en ses—

Operating income___

19,883.904

20,004,969

20,004,969

21,197,277

Rents— credits . . . .
Dlvs. on stocks owned..
Int. on funded debt___
Int. 0110 th. scc.,l’ns,&c.

484,442
1,600,227
5,506
709,825

518,778
1,579,236
5,650
1,137,294

19S.542
1,579,236
5,650
1,137,333

191,209
1,836,922
53,433
1,381,928

Total othor Incomo_
_ 2,800,000
Gross income_________ 22,683,904

3,240,958
23,245,927

2,920,761
22,925,730

3,463,492
24,660,769

1,066,043
9,595,616
108,196
204,054

1,586,064
9,239,008
114,713
200,473

1,265,867
9,239,007
114,713
200,473

Total deductions___ 10,973,909
Balance_______________ 11,709,995
Dlvs. on com. stk. (7%) 9,108,015
Divs. on prof. stk. (8 %) 1,791,600

11,140,259
12,105,670
9,108,015
1,791,600

10,820,060
12,105,670
9,108,015
1,791.600

( R eport f o r F isca l Y e a r en d in g J u n e

Balanco, surplus_____

810,380

1,206,055

BALANCE SHEET JUNE 30.
[For further details sco subsequent page.]
1915.
1914.
1915.
1914‘
L ia b ilitie s —
$
s
Roa<i & eq uip..367,713,923 359,528,002 Common stock.132,455,531 132,455,531
Sinking funds.. 4,200,342
3,994,063 Preferred stock. 22,398,954 22,398,954
Mlac.phys.prop. 1,254,7,89
1,468,337 Prem.on cap.stk.
29,058
29,058
Invest, nffll. cos. 14,035,605 13,417,055 Bonded d eb t...218,489,000 219,052,000
Other Invcst’ts. 14,249,779 14,247,728 Traffic, Ac., bal. 1,626,790
1,424,635
C o.’s stock scrip
Audit vouchers
in treasury... 2,342,337
2,342,337
and wages__ 3,342,791
3,924,440
Bds., ctfs., Ac.,
Mat’d int., A c. 3,377,881
3,372,802
in treasury.. 7,908,000
4,173,000 Cons. S. F. cur.
Cash------- -------- 9,778,404 19,458,070
bds. mat’d,&c.
163,000
Bills receivable.
1,712
709,251 Miscellaneous..
335,547
357,187
Traffic, Ac., bal.
110,906
83,855 Accrued taxes..
52,000
00,000
Agents A cond. 2,397,429
2,747,719 Interest accrued 1,906,775
1,979,351
Material Asupp. 4,907,020
5,463,708 Acc.dep’n equip. 8,149,420
0,089,239
Miscellaneous.. 2,190,124
2,380,457 Oth.unadJ.cred.
419,208
258,203
Prepaid Ins., Ac.
47,102
62,593 Approp. surplus 4,197,099
3,993,046
Other unadjust,
Profit and loss.. 35,875,758 35,998,883
debits_______ 1,082,000
1,256,560
A

t

T o ta l............ 432,819,478 431,393,935

— V. 100, p. 2009.

T o ta l............ 432,819,478 431,393,935

1914-15
2,907
72,772
-. 21.36
.) 0.854
.. $5.83
..
683
..
579
i * 5,946
i.)
1.73
i- 79.03
L.
3.00
80.13

Total rev. tons carried * --

No. of pass, carried '
Av. rate p. pass. p.

30 1915.)

- W a b . - P i t t s . T e r m . - W e s t S id e B elt. R R . - T o t a l B oth L i n e s -

(000) omitted.

3,775,408

D e d u c tio n s —

Int. accr. on fund. debt.
Othor deductions___ __
Sinking funds_______ _

T o ta l................ 83,161,464 83,391,211

W a b a s h -P i t t s b u r g h T e r m . R y . a n d W e s t S id e B e lt R R .

9,985,746
14,675,023
9,108,015
1,791,600

1,206,055

Total........... ..83,161,464 83.391,211
-V . 101, p. 129.

1,194,268
8,520,266
62,221
199,991

O t h e r i n c o m e —■

919

1913-14
3,632
92,539
22.02
0.786
S5.54
705
523
5,617
1.73
82.80
3.13
80.58

1914-15
3,139
27,321
12.16
1.397

$8.66
620

55
350
1.94
47.54
6.51
60.97

1913-14 1914-15 1913-14
4,30-1
3,853
4,978
35,062 100,093 127,601
12'.72
25.63
26.03
1.560
1.002
0.999
$10.27
$6.90
659
691
664
84
607
634
505
6 ,12 1
6,296
1 .88
1.74
1.74
54.21
76.16
79.42
7.70
3.66
4.09
60.74
73.78
72.77
J U N E 30.

$6.66

IO U N T FOR Y E A R E N D IN G
- W a b . - P i t t s . T e r m - ■IFesf S id e B ell R R .

iyi4 -i5
S
.274,372
. 46.091
.300,617
.102,741
. 69,181

s

s

1913-14 1914-15
S
S
336,949
87,914
51,611
46.081
338,760 247,800
97,051
6,776
45,922
4,124

1913-14
$
121,254
5.3,156
372,583
9,463
8,883

Total oper. revenue___ 793,002
Maint. of way A structuresl 17,299
Maint. of equipment____ 154,621
Traffic expenses-.................21,575
Transportation expenses..280,682
Gen. A miscoll. expenses. . 61,218

870,293
140,392
176,118
22,373
320,834
41,589

392,095
39,964
63,820
12,383
95,028
28,212

565,339 1185.697 1435.632
82,876 157,263 223,268
101,722 218,447 277,840
11,793
33,958
34,166
120,321 375,710 441,155
26,659
89,430
68,248

Total oper. expenses__ 635,395
Net oper. revenue............ 157,607
Taxes__________________ 90,000

701,306
168,987
90,000

239,413
153,282
3,600

343,371
221,968
2,154

Operating Income_____ 60.607
Hire of equipment............. 20,063
Other income___________ 58,642

78,987 149,682
d r 561 dr.79,399
86,483
3,562

T otallncom c.-................ 146,312 164,909
Rentals............................... 18,551 22,040
Interest on bonds............ ........... .
..........
Int. on recelv. ccrtfs______143,753 143,753
Dlsct. on recciv. certfs................. ..
18,134
Rental Wabash equipment____ _
______
Int. on real estate m tg e ... 41.880
41,759

73,846
9,571
19,150
42,857
17,586

1914-15

1913-14

362,286
92,172
548,417
109,517
73,305

458,203
104,766
711,343
106.514
54,806

874 808 1044,677
310,889 390.955
93,600
92.154

219,814 217.289
50,986 dr.59,336
3.36S
62,204

298,801
50,425
89.851

274,168
9,518
19,150
42,857
13,095
105,515

439,077
31,558
19,150
186,610
31.229
105,515
41,759

220,158
28,122
19,150
186,610
17.589
41,880

Total deductions-------- 204,187 225.6S6
89,164 190.135 293,351 415 821
Balanco, sur. or def........ df.57,875 df.60,777 df.15,318 sr.84,033 df.73,193 sr.23,256

C h ic a g o S t . P a u l M in n e a p o lis & O m a h a R y .

30 1915.)
The report of President William A. Gardner will bo found
on subsequent pages; also the balanco shoot.
Comparative tables, compiled for tho “Chroniclo,” follow:
( R eport f o r F isca l Y e a r en d in g J u n e

R Y . B A L A N C E S H E E T J U N E 30.
19151914.
1915.
1914.
S
S
L ia b ilitie s —
S
S
Road A equip----- 53,426,646 53,462,940 Capital stock .. . 10,000,000 10,000,000
Stks. owned(pldg.):
Secured debt—
Wll. A L. E. R R . 6,000,000 6,000.000 Mortgage bonds.50,236,000 50,236,000
Pitts. T .R It.A C . 3,159,740 3,159,740 Wabash n o te s... 5,268,000 5,268,000
P. A C r.C rk.R R .
12,487
12,487 Real cst. mtges.. *795,867
795,867
Bonds pledged—
Loans A bills pay—
Pitts. T . RR.AC. 3,500,000 3,500,000 Wabash R R ___
300,000
300,000
C a s h ........... .......
145
9,624 Miscellaneous_
_
87,074
87,074
Wll. A L . E. note.
300,000
300,000 Audited acc’ts,Ac.
105,189
105,246
Loans A bills r c c ..
35,000
44,000 Mat’d Int. unpaid 1,205,836 1,205.836
126,881
Miscellaneous___
116,141 II. F. Baker, r c c ..
75,586
82,671
Profltandloss___ 1,512,963
1,475,885 Accr'd deprcc’n . .
187
Miscellaneous___
123
123
W A B A S I I -P I T T S B U R Q II T E R M I N A L

A ssets—

OPERATIONS AN D FISCAL RESULTS.
1914-15.
1913-14.
1912-13.
1911-12.
Average miles operated .
1,753
1,748
1,747
1,745
Operations—•
Passengers carried____
4.767,826
4,881,961
4,500,947
4,263,640
Passenger mileago
.252,307,000 266,685,999 234,’545,'62,3 220,979,696
Rato per pass, per mile_ 1 .975 cts. 2.031 cts.
2 195 r*f,s
9 nfirt
* Freight (tons) carried. 8,794,488 8,466,632
8,205 947
6 946 804
T o ta l................ 68,073,862 68.0S0.817
"Freight (tons) mileage. 1336106,367 1294143,291 1202998,028 1092173,586
T otal................ 68,073,862 68,080,817
Av. rate per ton per mile
0.86 cts.
0.88 cts/
0.86 cts.
0.87 cts.
A v. tons fr’t per tr. mile
360
331
x Real estate mortgages outstanding (5795,867) include (1) D. Herbert Ilostetter
276
249
Av. earn, per pass. tr. m .
SI.34
SI.40
at 5.4% (J.-J.), $106,834: (2) Fidelity Title A Trust at 5 and 6 %, $129,600: (3) Pa.
$1.31
$1.23
Av. earn, per fr’t tr. m . .
S2.86
$2.69
$2.37
$2.16 Co. for L. O. A. at 5% (F.-J.), $25,000: (4) Mary G. Dos Granges at 5% (M -A )',
* Revenue freight only.
$35,000; (5) Mutual Life Ins. Co. at 5% , $395,000: (6) Maggie Prlnty at 5 and
5X % . $74,000; (7) miscellaneous at 5, 5.4 and 6% , $30,433.
INCOME ACCOUNT.
W E S T S I D E B E L T R R . B A L A N C E S H E E T J U N E 30.
-New Basis-O ld B a s is 1914-15.
A ssets—
1915.
1914.
1913-14.
L ia b ilities—
1915.
1914.
1913-14.
1912-13.
Earnings—•
S
Road A equlpm’t.S4,197,025 $4,397,170 Capital stock.. ..$1,080,000 $1, 80,000
$
$
$
Freight revenuo_______ 11,523,103 11,427,563 11,427,563 10,857,207 Securities owned.
60,001
60,001 Secured debt........ 3,040,143 3,046.143
Passenger revenue____
4,983,700
687
5,415,710
687 Loans A bills pay.
5,415,710
106,000
106,000
4,984,595 Other lnvestm’ts.
Other transportation_
_
1,022,195
1,071,044) 1,149,098
1,237
1,237 A idlted vouchers.
161,128
161,136
1,151,203 Special deposit__
Incidental____________
312,349
Miscellaneous___
1,239
295.760/
1,325 M scellaneous___
161
Profit and loss___

Total opor. rovenue. 17,841,348
Operating expenses—■
Maint. of way & struc.. 1,956,804
Maint. of equipment_
_ 2,476,957
Traffic expenses_______
344,363
Transportation________ 6,737,697
Goneral expenses______
433,205
Miscoll. operations____
178,411
Transporta, for invest..
019,839

18,210,083

Total opor. expenses. 12,107,598
Not operating rovonuo.- 5,733,750
Outsido opor.— not____

12,834,117
5,375,966

2,627,189
2,303,124
357,570
6,932,903
431,1691
182,162/

17,992,371

16,993,005

2,612,610
2,283,926
353,956
6,939.604
442,475

2,208,294
2.188,946
348,515
6,746,792
394,915

12,632,571 11,887.462
5,359,800
5,105.543
sur.16,166
def .4,812

Total net revenuo___
Taxes accrued_________
Uncollectibles_________

5,733,750
1,015,029
4,835

5,375,966
973,282

6,375,966
973,382

5,100,731
832,263

Operating income___
Rents—credit.................
Divs.Aint.on sec. owned
Miscellaneous_________

4,713.887
269,812
61,571
24,112

4,402,684
261,341
58,411
40,072

4,402,684
134,922
5S,411
40,072

Gross corp. income_
_
Deductions—
Hire of equip.— balanco)
Joint fact!., Ac., rents./
Int. accr. on fund, debt
Int. accr.on unfund.d't
Othor int. and miscoll.
Dlvs. on prof. stk. (7%
Dlvs. on com. stk. (7%)

5,069,382

4,762,508

4,636,089

4,268,468
136,257
58,251
41,295
.
4,504,271
oot
387,159

673,096

641,004

515,184

2,152,313
24,288

2,052,901
40,388

787,976
1,298,934

787,976
1,298,934

2,052,902
J32,736
t 13,652
787,976
1,298,934

Total deductions___ 4,937,207
Balanco for year_______sur. 132,175

4,827,803
def .65,295

4,701,384
def.65,295




169,188

Ac;r. d eprcc.equlp.
442
Receiver, A c .____
35,503
_______
Profltandloss___

T o ta l................ $4,429,377 $4,460,420

T o ta l.................$4,429,377 $4,460,420
30 1915.

R E C E I V E R 'S B A L A N C E S H E E T J U N E
W .-P.Ter.R t/. W .S .B .R R .
L ia b ilitie s —

A s s e ts —
Road A cqulpm't.$2,415,437
Cash
45.562
Spec.deposits, Ac.
120,890
Mat’ls A supplies.
56,907
Def'd debit Items.
103
It. F. Baker (Rcc.)
75,586
Prep'd lnsur., Ac.
19,548
Profit and loss___
479,0S0

$S33,45t
36,030
249,648
54,067

W .-P .T e r .R ’ . W .S .B .R R .
j

Receivers’ certfs..$2,395,880
Acc'ts, wages, A c.
458,90
Int..taxes accr.,Ac. 193,898
Oth. unadj. acc'ts
4,376
Accr’d deprec’n ..
160,059
35,503 Profit and loss___
22,227

T o ta l................ $3,213,114 $1,230,928
—V. 101, p. 847, 775.

35,668
31,473

$714,286
219,279
28,977
1,208
8,369
258,809

T o t a l................ $3,213,114 $1,230,928

P i t t s b u r g h T e r m in a l R a ilr o a d & C o a l C o.
{R ep ort f o r F isca l Y ea r en d in g J u n e
This company is controlled by the Wabash-Pittsburgh Terminal Rv. C o.,
which still owns the $14,000,000 capital stock and all the $3,800,000 outstanding 1st consols. These securities, however, both stock and bonds,
wore pledged by the owner to secure its $5,000,000 demand notes and these
1 a o r oe.i D? V n n P h ? the Wabash RR. to secure its own W
/% extended notes
1,826,264 of 1905, duo 1913, were bid m at foreclosure sale on .March 12 1915 by the
committee, John W. Flatten, Chairman, representing the Wabash extended
notes (total issue $5,000,000 V. 100. p. 557, 903, 1511). This committee
1 ono'f/oV ! therefore has a claim on the Pittsburgh Terminal RR. A Coal Co. stock
1,298,934 1 and consols, and it is said that $2,250,000 to $3,000,000 is necessary to acqUo r from them the equity above the ! st M. of S3,922.000. SecV.101 p.775
4,312,248 1
■
2'18
the $0,612,000 1st 5s, $3,922,000 are outstanding, [$375,000 having
sur. 192 ,023 been retired] 37,000.are hold in*trcasury, $383,000 are reserved to retire

30 1915.)

W est Side Belt 1st M . 5s and $2,300,000 aro pledged as part security for
1st consols, o f Fitts. Term . lilt . A Coal C o.
Pittsburgh Terminal HU. A Coal C o. owns Pittsburgh Term inal Clay
M fg . C o. and Pittsburgh Terminal Land C o. b y ownership o f all their
cap. stock ($5,000 each) and W est Side Belt I1R. C o. b y ownership o f 98%
o f its $1,080,000 cap. stock. The com pany has also advanced $2,663,143
to the West Sido nelt I1U. (soo bal. sheet, & c., o f the last-named com pany
under W abash-Pittsburgh Term inal R y.)
IN C O M E A C C O U N T
Y E A R S E N D I N G J U N E 30.
[Excluding First Consolidated M ortgago bond interest charges.]
1913-14.
1913-14.
S
D e d u ct—
S
.1,914,979 3,227,116 Bond Interest______ 196,109 196,109
Coal sales___
35,487
29,475
Boiler fu e l.-- ..........
23,991
37,406 Taxes_____________
69,030
Interest and (1 seount 21,752
1
19,095 Legal, Ac., expenses 71,756
134,712
Real estate (net)__
45,800
41,976 Sales agency expense 87,082
Operating expenses. 1,497,121 i2,520,327
Miscellaneous earn­
ings ____________
405
1,956 Royalty (sink, fund) 137,700 220,309
10,133
7,602
Insurance, Ac_____
Total exp., &c___ 2,032,848 3,186,086
Gross earnings__ 2,006,930 3,327,549 Net from operation.10S325,918sr.141,463
T he net loss in 1914-15 after adding $3,008 adjustment from previous

against a profit o f $171,928 in 1913-14.
B A L A N C E S H E E T J U N E 30 1915.
L ia b ilitie s ( T o ta l $27,441,784)—
A s s e t s (.T otal $27,411 784)—
Cost of p r o p e rty ..:............. $17,120,650 Capital stock______________ $14,000,000
Live stock________________
36,271 First M. bonds____________ 6,612,000
3,800,000
Improvements* betterments
863,072 First Consol. M. bonds
400
Securities_________________ a t,195,000 Coupons outstanding_______
21,000
Company's 1st 5s In treasury
7,000 Defective title reserve______
do pledgedunderCons.M. 2,300,000 Pittsburgh Coal Co. (sus­
1,312
pense)............. ..................
Colonial Trust Co. (trustee).
bS76,199
969,000
Land purchased acct_______
4,319 Accrued lnt. 1st Consol. M ._
687,475
Advances to subsidiary co s .. c3,054,552 Vouchers_____ ___________
64,091
Bills receivable____________
108,000 Bills and accts. payable, A c.
17,215 Sinking fund______________ 1,243,830
Cash_______
Individuals and companies..
115,996 Profits from sinking fund In­
vested__________________
29,611
B. Nicoll * Co...................... C r.107,328
13,002
Profit and loss.... ................
1,600,365 Depreciation (live 3tock)___
Miscellaneous........ ..............
50,487
Income account____________
199,986
a “ Securities” ($1,195,009) include $1,065,000 Wost Side Belt H R. stock,
$125,000 Belt Lino Uy. stock; $5,000 Pittsburgh Terminal Land C o. stock
and $5,000 Pittsburgh Term inal Clay M fg . C o.
b “ Colonial Trust C o .” (trustee) includes 1st M . bonds hold to rodeom
bonds o f West Sido Belt H R ., $383,000; sinking fund, $434,789; 1st M . bonds
held by .1. S. Scully on account o f defective title, $21,000; profits from in­
vested fund, $29,011, and miscellaneous, $7,799.
c “ A dvances to subsidiary com panies” ($3,054,552) includo $2,063,143
to W ost Sido Bolt HU ., $225,111 to Pittsburgh Terminal Land C o ., $145,­
72.3 to Pittsburgh Terminal C lay M fg . C o ., $11,350 to receiver o f Wabash
Pittsburgh Terminal full account, $5,451 to receiver o f W est Sido Bolt
R R ., A c.— V. 8 8 , p. 1254.
.

G e n e r a l M o to r s C o ., D e t r o it.

31 1915.)
The text of the report and other data will bo given another
week. Below are the comparative figuros:
{R ep ort f o r the Y ea r en d in g J uly

IN C O M E

ACCOU N T

FOR

YEARS

J U L Y 31.
1913-14.
1912-13.
$7,947,413 $8,284,139
7 ,8i9,909
8,184,052

E N D IN G

1914-15.
N et profits (after depr., taxes, A c . ) . $14,926,322
General M otors C o .’s prop ortion ____ 14,794,190
D e d u ct—
Interest on 1st lion n otes________
$336,387
1,048,964
Preferred dividends ( 7 % )___________

$570,235
1,048,679

$724,581
1,048,534

Balance, surplus__________________$13,408,839 $6,201,055 $0,410,937
As to 50% casli dividend on com m on stock and proposed quarterly
distribution, see item on a subsequent page.
BALAN CE

Assets—
Real est., plants
Patents,

[Vol. 101

THE CHRONICLE

920

agree-

SHEET

31 ( I N C L U D I N G S U B S I D I A R I E S ) .
1915.
1914
1914.
L ia b ilitie s —
S
S
Preferred stock__ 14,985,200 14,985,200
15,432,917 Common stock...16,506,783 16,501,783
1st lien 6% notes. 2,328,000 7,852,000
528,000
573,000
471,200 Cap. stk. sub. cos.
454,423
431,142
352,735 Surp. of sub. co s ..
13,452,603 Accounts payable. 1,380,908 3,772,123
lnt., tax., &c.,acc. 1,270,303 1,000,247
262,241
262,241
3,358,790 Reserve for dlv__
888,406
965,288
11,642,370 Res. for renting..
387,578 Profit and lo s s ...19,985,160 6,689,427
7,934,198

JU L Y

1915.
$
15,819,852

413,500
367,185
14,526,124
1 ,001,000
3,944,681
14,049,298
Prepaid expenses.
533,586
7,934,198

58,589,424 53,032,451
— V. 1 0 0 , p. 1261.

A m e r ic a n L o co m o tiv e C o ., N e w Y o r k .

(14th A n n u a l R eport Y ea r en ded J u n e 30 1915.)
Chairman Sylvanus L. Schoonmaker, Sopt. 8, wroto in part
R e s u l t s . — A t no tim e during tho 14 years o f its oxistenco has tho com pany
suffered so severe a depression in its business. T h o gross earnings for tho
year, amounting to $9,303,298, wore insufficient to meet tho manufactur­
ing, adm inistrative, and other expenditures incurred in operations, which
resulted in a d eficit for tho year o f $451,297, in addition to which there
was charged oft' for depreciation on property o f all kinds tho sum o f $ 1
040,684, making a total loss for tho year o f $1 ,491,980.
T ho 7% accum ulative dividend on tho preferred stock, amounting to
$1,750,000, was paid during tho year out o f tho surplus profits accumu
latcd from tho earnings o f previous years.
T ho total reduction in tho surplus account for tho year was $3,241,980
leaving a balance in that account on Juno 30 1915 o f $8,293,678.
T ho gross earnings o f $9,303,298 for tho year 1914-15 were only about
17% o f tho gross earnings o f $54,868,175, for tho year 1912-13 and were
less than half the gross earnings o f $19,008,634 for tho yoar 1908-09, which
as a result o f tho financial panic o f 1907 was tho worst previous showing
in the com pany’s history.
. . . . . .
. .
......
T h o outbreak o f tho European war at tho boginning o f August 1914
made a continued depression in our businoss m oro than probable. A ccord
ingly, tho curtailment in salaried forces carrlal out in previous years was
supplemented by a further retrenchment in expenses. This included a
reduction in salaries o f all tho oxecutivo officers and salaried employees.
In addition, work upon the fow orders that wero rocelvai was concentrated
at tho Schenectady W orks, so that tho other plants could bo closed and
tho m anufacturing expenses cut down. Tho Schenoctady and Cooko
plants, operating at a low percentage o f capacity, were tho only plants out
o f the eight owned by tho com pany which wero not closed oither ontirely
or for a largo part o f tho year.
T ho productive operations o f tho com pany as a wholo averaged for tho
year about 17% o f capacity and at times ran as low as 8 % or capacity.
N e w B u s i n e s s . — During the first nine months o f tho year, thero was
only a small amount o f now business booked. Sinco A pril, however, this
com pany has secured largo foreign orders for delivery during tho fiscal
yoar 1915-16. In addition to theso tho com pany had $5,838,235 o f lo co ­
m otive orders on tho books Juno 30 1915, as com pared with $4,162,356 on
Juno 30 1914. Tn view o f tho now foreign business on tho books and tho
prospect o f an increaso in the demand for locom otives which wo aro am ply
prepared to take caro o f, tho outlook for tho com ing yoar is promising.
A d d i t i o n s . — During tho yoar thero was expended for permanent ad­
ditions and bo'term onts to tho plants $310,978, o f which $223,547 was
charged to capital account and $87,430 to surplus reservo for ad d itions&c.




C a s h a n d C a s h I n v e s t m e n t s . — N o t e s B o u g h t i n a n d P a i d . — During tho
year, under direction o f tho Financo C om m ittee, tho accumulation o f cash
in excess o f imm ediate needs o f tho businoss was m ade to yield an incom o,
by placing substantial amounts on tim e deposits with banks and b y pur­
chasing m unicipal and other high grado securities, all o f short tim e matur­
ities, also by purchasing such o f this com pany’s gold notes as were pro­
curable at advantageous prices. T ho total o f gold notes so purchased
during this and tho previous year amounted to $1,134,000.
T he incom o derived from the em ploym ent o f idle cash as described in
tho foregoing paragraph, together with interost and dividends on other
securities owned, amounted to $452,812, which was m oro than sufficient
to p ay the $349,378 o f interest on all outstanding bonds and notes.
On July 11915 thero was paid $944,000 o f gold notes o f Series 1, maturing
on that date, leaving a balance o f all outstanding notes o f $2,722,000.
I n v e n t o r y . — T ho annual physical inventory o f materials and supplies
was taken at tho close o f tho year and priced at cost, unloss such cost was
above tho market value in which caso tho market price was used.
S u b s i d i a r y C o m p a n i e s D i s s o l v e d . — T ho businoss o f tho Atlantic Equipm ent
C o having boon d isposal o f (as m entioned in tho report for tho year ending
Juno 30 1912) that com pany was form ally dissolved on Jan. 7 1915. T ho
bonds outstanding o f tho Rogers L ocom otivo W orks, $205,000, having
boon redeemed N ov. 14 1914 that co . was form ally dissolved Jan. 22 1915.
B o n d s . — On Juno 1915 $118,000 bonds issued by tho Richm ond L oco­
m otivo & M achine W orks held in tho treasury o f this com pany, wore can­
celed, reducing tho m ortgago from $550,000 to $432,000.
R E S U L T S F O R F I S C A L Y E A R E N D I N G J U N E 30.
1914-15.
1913-14.
1912-13.
1911-12.
Gross earnings_________$9,303,298 $29,987,438 $54,868,175 $30,449,451
Mf.r
maint .A a d n i.exp. 9,405,216
20,375,871 46,815,156
27,096,165
. . . 1,040,084
1.049,316
1,226.535
1,021,382
_
D epreciation_

N ot oarnings_____ lo ss $ l,142,602
ln t. on bonds o f constit.
c o s ., coupon notes, &c.
349,376

$2,562,251

$6,826,484

$2,331,904

486,124

641,178

464,350

A vailable for div_ _loss$l .491,980 $2,076,127 $6,185,306 $1,867,554
1,750,000
1,750,000
1,750,000
D iv . on prof, stock (7 % ) 1,750,000 ____________ _ _ _ _______ __________
Balance, sur. o f d c f.a d f$ 3 ,241,980 sr. $326,127sr.$ 4 ,435,306 sr. $117.554
Extraordinary additions
and betterm ent fu n d .
-------------------- ---------600,000
---------B a la n co....... ............... df.$3,241,980 sr.S326,127sr.$3,835,306 sr.$117,554
■ The com pany in its pam phlet roport shows a net loss o f $1,491,980;
after charging tho prof. div. ($1,750,000) against profit and loss there is
W o m ake tho deduction
as above for tho sake o f sim plicity.
C O N D E N S E D B A L A N C E S H E E T J U N E 30.
1915.
1914.
1915.
1914.
L ia b ilit ie s —
S
$
A ssets—
S
S
25,000,000 25,000,000
Cost of property..52,209,638 52,609,060 Common stock
25,000,000 25,000,000
828,072 Preferred stock
Securities owned..
718,499
Cas'aAcash assets y 15,409,479 8,411,467 Bonds constit. cos.* 1,932,000 2,255,000
Acc’ts receivable.zO,100,137 5,114,531 Gold coupon notes. 3,666,000 5,474,000
Bills receivable__ 1,646,567 1,857,410 Accounts payablcql4,156,91S 1,022,136
Accrued interest..
20,480
150,638
Materials and sup­
1,815
1,643
plies__________ 2,440,714 2,707,505 Unclaimed lnt.,<tc.
60,533 Prof. div. pay .July. 437,500
437,500
Accrued interest..
40,145
974,S51 Reserve loss liquid.
Contract work— 1,73.8,651
auto business..
904,858 1,062,645
280,454
Steam shovels, &c. 269,232
Dcprec. res’ve, Ac. 1,005,307
694,850
Sundry deferred
327,071
61,135
113,258 lies, for add’ns, Ac. 239,041
charges..............
Endorsements___
148,031
464,094
Notes discounted
148,031
464,094 Profit and loss___ 8,293,678 11,535,658
(per contra)___

shown a profit and loss surplus o f $8,293,678.

T otaI................ 80,872,228 73,425,241

T o ta l................80,872,228 73,425,241

7 V o t e __This

balanco sheet is "prepared solely for information and to
show tho com bined assots and liabilities o f tho Amorlcan L ocom otivo C o '
and the M ontreal L ocom otivo W orks, L td.
v Includes in 1915 cash in bank including unexpended advances recolvod
on contracts $ 1 1 616.537; timo deposits in banks and trust com panies,
$ 2 N)() 000' bank deposits for unclaimed interest, $698; Pennsylvania HR.
bonds duo Oct. I 1915, $611,126; N ew Y ork C ity notes due Sept. 1 1915,
$391,118. z Includes advances m ade on contracts, q Includes advances
' * Bonds' o f constHuont companies in 1915 inchulo $132,000 R ichm ond
L ocom otivo & Machine W orks and $1,500,000 L ocom otivo & M ach in e
C o. o f M ontreal, Lim ited.— V. 101, p . o29, 133.

L a k e S u p e r io r C o r p o r a t io n , S a u lt S to . M a rie , C a n a d a .
( 1 ith A n n u a l R eport— Y ea r en ded J u n e

30 1915.)
President Thomas Gibson says in substanco:

A l g o m a S te e l C o r p o r a t i o n , L t d . — This com pany, our most important subsldiary, reports [in substanco— d .].
-L
Tiie production is less than for tho previous year:
A nnual O u tp u t1912-13 1913-14. 1914-15.
I’ icc iron
--------------- .--------•
------------------------ 326,073 d l l , 004 2 12,917
Steel r a i l s " ! ! ............- .............- ....................... ........ 289,343 325.680 174.536
Merchant mill m aterial------------------------------- — 26,295
15.576
8,903
On tho outbreak o f war an immediate suspension o f steel rail business
ensued. Strenuous efforts wore mado to obtain foreign business, and tho
plant has been kept in partial operation through rail contracts from abroad.
Naturally the prices secured havo been lower and oarnings have decreased.
T he First A Refunding M . bondholders and ttio 3-year 6 % noteholders
aerreed to fund interest for a period o f two years from October last (V. 99,
v 1368 1599' V. 100, p. 1080, 1169).
This enables tho com pany to main­
tain a satisfactory financial position. In view o f the guaranty by the Lake
Superior C orporation, a London com m ittee o f both bond and noteholders
was form al to protect their interests and tho Lake Superior Corporation
handed over its entire stockholdings in tho Algoma Steel Corporation to

1387 1569 1697)
In view o f tho fact that the plant provided b y tho Lake
Superior Iron A Steel C o. (by-product colco ovens, open-hearth furnaces,
A c ) represents the modern end o f tho business, and tho factors which mainly
contribute to the earnings, and since the monies for its construction wero
provided by tho First A Refunding M . bondholders and by tho noteholders,
it becomos increasingly evident that negotiations must bo entered into with
the Lake Superior Corporation bondholders, in connection with tho 1’ urchaso M on oy bonds, with a view to immediate reconstruction and to the
unification o f tho bonds or other securities.
T he Bessemer process has been gradually replaced b y tho open-hearth
and practically no Bessomer sales can bo mado abroad. T ho lack o f suf­
ficient open-hearth steel has placed us at a disadvantage. A t the present
time another opon-hearth furnace is being added, but it is impossible for
tho com pany in its present financial position to increaso its steel-making
capacity to any appreciable extent. Wo havo therefore been utiablo to
take advantage o f tno present opportunities open to other steel plants.
The merchant mills wero put into operation in tho spring, and arrange­
ments aro being made for operating thoso regularly, as business would
appear to warrant.
Another mill, iiowever, is necessary, otherwise tho
operation is confined practically to tlio manufacture o f steel rails alone, and
to a com paratively small merchant mill tonnage. This problem is receiv­
ing serious consideration.
,
..............................
,
,
Certain war orders aro now in hand. Shell steel is being m ade, and in
conjunction with tho T oronto Chemical C o. a benzol plant is in operation.
Contracts havo been secured for tho salo o f sufficient coko to warrant tho
full operation o f all coke ovens. T ho outlook must o f necessity remain
uncertain. So long as tho war lasts, the probability is that rail business
from outsido will be secured— it is impossible to expect any great consump­
tion in Canada. All things considered, wo feel that thero is cause for con­
gratulation that tho plant has been kept going. N o opportunity is being
lost for improving our position in tho matter o f orders.
Our ore mines in ttio M ichipicoton district aro operating to full capacity
and producing ores o f good quality. It is doubtful how long Helen mine

S ept , ig 1915.]

THE CHRONICLE

will afford hematite ore, but there are large quantities o f other grades
available as future reserves.
Y our Investments in the Oannelton Coal & C oke C o. and o f the Lake
Superior Coal C o. are yielding satisfactory returns. The latter is still in
process o f development, and better results are looked for this years.
I ho water power department continues to show satisfactory results. A ll
outstanding questions have now been settled as to the rights o f the com pany,
and an Order-In-Council has been obtained from the Ontario Government
giving to tiio Steel Corporation free and perpetual water power rights
to 28,000 h. p.
Capital expenditure lias been curtailed to the utm ost possible.
A l g o m a C e n t r a l A H u d s o n B a y R a i l w a y C o . — On account o f the inability
o f this railroad to earn its fixed charges, receivers have been appointed,
both for the Railway C o. and for the Terminals C o. In view o f its guaranty
and its interest In the equity, tho Lake Superior C orporation had mado
advances to the Railway C o. which at the time o f the receivership aggre­
gated $317,489, secured on 2d M . bonds o f the railway. All efforts are
now bent In tho direction o f assisting the respective bondholders’ committees
and the receivers to arrive at a settlement. (See also News D ept, b 'low .)
Tho extension o f tho railway to a connection with the Grand Trunk
Pacific was decided upon in 1909 upon expert advice and about 350 miles
are now in operation. Considerable earnings wcro expected from the
carriage o f oro and coal. Owing to the difficulties experienced in arriving
at a satisfactory process for treating certain o f tho ores in the M lchipicoten
iield, the oro traffic until this year has been inconsiderable, while the delay
n the com pletion o f the Transcontinental (Grand Trunk Pacific) and
Canadian Northern Railways prevented traffic expectations from being
realized from those sources. Tho Canadian Northern Railway is not yet in
operation, and the Transcontinental lias only recently started to operate
on a limited scale. Considerable coal traffic was expocted in connection
with the operation o f those two railroads, but such traffic has not yet de­
veloped. A t present tho Algom a Central R y. is being operated b y T . .1.
Konnedy, who reports that ore traffic has considerably im proved, as has
also tho situation in rospoct to tho railway land grant, and to tho haulage
o f products derived therefrom. M r. Kennedy expects that as soon as
serious operation is embarked upon b y the Transcontinental R ailw ay
referred to, tho Algom a Central will benefit considerably.
T ho receivers [T. J. Kennedy and Vivian Harcourt] recognize that tho
interests o f the railway and o f tho Terminals are to a great extent dependent
upon the co-oporation o f the other industries controlled by tho Lake Superior
Corporation, so that a satisfactory outcom e o f present difficulties m ay bo
looked for. (V. 99, p. 1071; V. 100, p. 732, 810; 2100; V. 101, p. 772.)
A l g o m a E a s t e r n R a i l w a y C o . — While this railway is not earning its bond
interest your directors report increased earnings, and subject to their being
able to obtain security, they are disposed to advocate that this railway
should bo further assisted. Construction lias been com pleted with a few
minor exceptions and as was anticipated the coal and coriimercial docks at
Littlo Current are proving important factors in tho operation o f this line.
I n t e r n a t i o n a l T r a n s i t C o . — T r a n s S t . M a r y ' s T r a c t i o n C o . — These com ­
panies report decreased earnings on account o f the prevailing depression.
T hey contlnuo, however, to earn their interest charges, and no doubt
tho former in particular will gain when normal conditions prevail.
G e n e r a l . —-Your directors regret that tho rovenuo o f tho Lake Superior
Corporation is not sufficient to permit o f any interest being paid on tho
Incom e bonds. In this connection they emphasize what already has been
stated, that a readjustment o f the securititos o f the Algom a Steel C orpora­
tion is necessary, and that in this connection the Lake Superior Corporation
must o f necessity join In a scheme o f reconstruction through wliich tho
bonds o f tho Stool Corporation will bo dealt with.
O P E R A T IO N S

OF

S U B S ID IA R Y

COS.

FOR

YEARS

„
„
1914-15.
Surp. for year from oper. o f all sub.
cos., subj. to deprec. & other c h g s .*81,366,210
A d d — Unappropriated
profits from
oars prior to 1913________________
61,931
and grant earns, o f Algom a Cent.
& Hud. B ay R y . o f prev. y e a r s ..
______

EN D .

JU N E

30
1912-13.

1913-14.
$2,511,346

$2,514,221

114,519

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

E

94,951

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

31,428,141
A m ts, written o ff in resp. o f disc., &c.
62,000

$2,720,816
62,428

$2,514,221
______

$1,366,141
D e d u c t C h g s . , D i v s . , A c . , P a i d b y S u b . C o s .—
Int. on bds. o f Algom a Cent. & Hud.
B ay R y ., Algom a East. R y ., Lake
Sup. Iron & Steel C o.. Ltd. (now
Algom a Steol O orp., L td .), Cannolton Coal & Coko C o. and otner
subsidiary com panies_____________ $1,166,414
Am ounts set aside for redemption o f
capital fo tho Helen mine. sink. fd.
134,423
payments and sundry renewals, &c.
Appropriations for deprec’n reserv e..
54,210
Reserved for doubtful debts and for
losses o f previous years___________
Paid to Lake Sup. Corp. by sub. cos.
asint.on b d s., notes, &c. .andasdivs.
342,859

$2,658,388

$2,514,22 1

$1,542,323

$1,101,825

154,726
360,903

102,512

137.009
437.880

793,148

T o t a l .....................................................$1,697,906 $2,632,841
$1,997,485
Balanco carried forward b y sub. cos.d ef.$ 3 3 1 ,765 sur.$25,547sur.$516,736
* Excluding tho earnings o f tho Algom a Central & Hudson B ay R y.
for tiio fiscal year.
IN C O M E

FOR F IS C A L

Int. and d iv. on securi­
ties o f subsidiary co s .
Other incom e ..................

YEAR

1914-15.
$342,859
26.174

E N D IN G

1913-14.

JU N E

1911-12.

$437,880
10,174

$793,148
12,514

$695,976
124.449

$369,033
367,371

$448,054
421,611

$805,662
386,482

$820,425
653,007

B al., crcd. prof. & loss
Balance, preceding years

$1,662
23,410

$23,410

$419,180

$167,418
4,346

T o t a l .............................
Transferred to res. fund
Balanco carried forward
Int. on Income bonds___

$25,072
______
______
______

$23,410
______
______
______

$419,180
$234,372
34,803
(5)150,000

$171,764
$21,761

T otal surplus as per
bianco s h e e t............

$25,072

$23,410

1915.
$

SHEET

JU N E

(5)150,000

30.

1915.
1914.
L ia b ilitie s —
Assets—
S
S
Capital stock----- 40 ,000,000 40,000,000
Invest. < secur. of
fe
subsidiary c o s ..48 ,236,178 48,446,238 First mtge. bonds. 5 ,643,000 5,739,000
Real estate........ ..
171,989
164,588 Income bonds___ 3 000.000 3,000,000
Acer. Int. on Alg.
Temporary loan..
75,000
75,000
24,107
St. bds. owned.
24,375 Mtge. on real est.
1,325
14,475
Due from sub. cos. 615,181
808,280 Bals. due sub. cos.
429,393
100,000
Temporary loans.
100,000 Accrued interest..
23,512
23,913
100,000
Mortgage h e ld __
Couponsdue (con.)
24,100
25,950
lJroc. of sale of luv. 186,146
132',625 Reserve account..
806,257
734,808
Cash........... .........
101,254
284,081 Suspense account.
19,311
Office furn. & fixt.
2,220 Voluntary relief fd .
2,397
"6,375
5,625
42,285
Mineral lands, Ac.
88.840 Miscellaneous___
1,604
4,130
049
7,974 Income account..
Suspense account.
25,072
23,410
3,474
Miscellaneous___
11,627
Cash for unpaid
22,525
int. coup..........
24,107
1914.
S

,

T o ta l................ 49,600,245 50,095,015

T o ta l.................49,606,245 50,095,015

Tho com pany had (as o f Juno 30 1915) contingent liabilities on its guar­
anty o f principal and interest o f $10,080,000 bonds and loans o f Algom a
Central & Hudson Bay R y ., $2,500,000 Algom a Eastern R y ., $2,432,500
Algom a Steel C orp.. L td ., 3-ycar notes; $14,000,000 Algoma Steel C orp .,
L td., 1st & ref. bonds and loans, $950,000, and $4,999,526 Algom a Central
Terminals, L td ., bonds.— V. 100, p. 1511.




S m e ltin g

&

R e f in in g

C o .,

N ew

Y ork .

30 1915.)
Prest. Daniel Guggenheim says in substance :
{R ep ort f o r the H a l f- Y e a r en ded J u n e

I n c o m e A c c o u n t . —-The incom e o f the com pany, during the first portion
o f the year, was affected unfavorably o y tho continued lack o f earnings
from tho properties o f the com pany in M ex ico, and also b y the decreased
production o f ores in this cou n try, due to the low prices caused b y the
European war. So fa r as our business In this country is concerned, this
situation lias been overcom e and the works here are running to capacity.
D wrln « Juiy o f this year, it was felt that tho political condition in the
north o f M ex ico warranted starting the smelting plants at Velardena and
M on terey, in addition to the smelter at Chihuahua, which had been in
operation since early in the year. U nfortunately, how over, it has not
been possible for m ines to operate or railroads to transport the products
to a sufficient extent to warrant continuance o f these smelting operations,
and the com pany, therefore, has been obliged to again cease sm elting in
M e x ico , with tho single exception o f the plant at Chihuahua.
I he net Income fo r tho six m onths’ p eriod, applicable to the paym ent
o f dividends, am ounted to $5,019,982, or an increase over the same period
of last year o f $53,290. A fter tho paym ent o f regular prof, dividends and
at tho rate o f 4 % on tho com m on stock, thero was carried to tho credit
o f surplus $1,072,505. T ho earnings for tho six m onths’ period, appli­
cable to the com m on stock, were in excess o f 8 % per annum.
/ r o p e r t y A c c o u n t .—-During tho past six m onths, the com pany has pur­
chased and im provod a zinc plant situated at Sand Springs, Okla., which,
it is believed, will p rov o to bo a substantial earning unit. T he total ex­
penditures for p ro p o rty , including additions,new construction and im prove­
m ents, amounted to $860,272, there was credited to p roporty account and
charged to depreciation $779,613; tho p roperty accou nt, therefore, shows
an increaso o f $80,659.
T ho com pany is continuing to add to its p roperty b y purchase and b y
additional construction at old units. A t tho present tim e, tho capacity
o f all of tho smelting and refining works o f tno com pany is apparently
ouqai to tho present m aximum production o f mines. During tiio period
o f decreased production on the part o f the m ines, the com pany was able
to largely roduco tho stock o f ores and furnace products, so that this item
shows a decrease o f $7,462,621, as com pared with D ec. 31 1914. It is
hopod that with the added smelting and refining cap acity, tho com pany
m ay bo ablo to avoid tho accumulations o f tho past. A s a result o f tho large
decrease in stock o f metals on hand, and other financial toansactions shown
on tho balanco shoot tho cash on hand and in transit increased during tho
half year $11,114,600.
C O N S O L ID A T E D

IN C O M E

ACCO U N T.

-------------- S i x
1915.
Earn. o fs m e lt.& re fin . & allied plants! N ot
Ordinary repairs and replacem ents.. /
Stated

D e d u ct—
T a x e s ...................................
Adm inistrative oxponsos.
Researcli and examinatio:
D ep reciation ____________

Am.
Am.
Am.
Am.

30—
* 1913.
/ $6,509,769
\ 1,309,056

M o n t h s e n d i n g '" J u n e

1914.
N ot
Statod

$5,234,925
767,469
754,959

$5,462,094
614,727
705.433

$5,200,713
867,007
603,892

. $6,757,353

$6,782,254

$6,671,612

$74,329
470,925
30,390
764,918
475,000
510,000
750,000
1,750,000
1,000,000
—

$54,578
434,984
44,955
588,200
475,000
510,000
750,000
1,750,000
1,000,000
46,000

$5,825,562
$956,692

$5,653,717
$1,017,895

.
c.

.
.
i.
.
.
Sinolt. Soc. C o. pref. A divs.(3% )
Smelt. Soc. Co. pf.B divs.(213 % )
Smelt. & R ef. Co.pf.dlvs.(3 H % )
Smelt. & R e f.C o .co m .d ivs.(2% )

$71,480
449,106
23,492
779,613
413,680
504,900
750,000
1,750,000
1,000,000

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

T otal deductions__________________ $5,742,271
Surplus______________________________ $1,015,082

C O N S O L ID A T E D G E N E R A L B A L A N C E S H E E T .

(American Smelting & Refining C o . and American Smelters Securities.J
J u n e 30 T5.
D e c . 31 T4.
J u n e 30 T5. D e c . 31 T4.
A ssets—
S
S
L ia b ilitie s
%
S
Property acct.,140,722,881 140,642,221 Smelt. Co. com. 50,000,000 50.000.
000
_ 1,201,103
1,204,503
Investments_
do
pref. 50,000,000 50.000.
000
Metal stocks.._xl7,193,321 24,660,943 Sec. Co. pf. “ A” 16,830,000 16.830.000
*
Material & supp. 2,744,897
do
pf.‘‘B” 30,000,000 30.000.
2,785,636
000
Prepaid taxes,
Deben. bonds.. 12,727,500 13.351.000
351,616
insurance, &c.
426,512 Accts., drafts &
‘M
Cash...... ........... 19,149,378
8,034,778
wages payable 7,600,000
4,710,389
Demand loans.. 1,207,834
4,533,915 Deferred pay. on
Adv. to affll.cos.
286,662
282,228
mining prop’s.
80,250
215,500
Accts.&notes rec. 8,001,723
4,857,603 Deb.lnt.accd.,&c.
375,000
375,000
Cash with trus­
Divs. payable.. 1,865,089
1,863,676
643
tees of slnk.fd.
38,503 Int.&dlvs.uncld.
65,913
75,547
38,512 Accrued taxes..
52,412
318,927
Accrued Interest
323,875
520,450
Pension fund__
517,680 Employees’ ben.
pension res’ve
520,930
Balance, disc, on
520,239
529,167
554,167 Fire ins. reserve.
366,657
Sec. Co. debs.
366,657
Miscellaneous..
693,631
435,296
Profit and loss.. 20,525,140 19,510,058
T o ta l............ 191,967,087 188,577,237

30.

1912-13.

T o t a l ......... ...................
Int. and general exp____

BALAN CE

A m e r ic a n

921

T o ta l......... ..191,967,037 188,577,237

x Consists o f oro, bullion and factory product on hand and in transit,
$50,688,389, less approxim ate valuo o f metals purchased and on hand,
paym ont o f which is to be m ado in refined motals and not in cash, $27,­
231,909 and unoarnod treatm ent charges, $6,258,159; balance, $17,198,321.
Com pare report o f Securities C o . in V. 101, p. 526 , 529.

U n it e d P a p e r b o a r d C o ., C h ic a g o .

29 1915.)
President Sidney Mitchell says in substance :
(2d A n n u a l R ep ort Y ea r en ded M a y

R e s u l t s . — Tiio past year has been an unfavorable ono In tho paperboard
Industry, and prices were lower than during any year in tho history o f this
com pany or its predecessors. Nevertheless, through econom ies and in­
creased efficiency, obtained b y means o f improvements and additions to
machinery, the cost o f manufacture was reduced and, in spite o f business
conditions, our production o f paperboard was marketed at a profit.
Our pulp mills operated at a small loss. Wo hoped at the com m ence­
ment o f the European war that tho importation o f foreign pulp would de­
crease, but, on tno contrary, these importations have been larger, for,
owing to the reduction in tariff, foreign manufacturers, particularly those
in N orway and Sweden, have been able to profitably deliver pulp in this
country at prices below our cost o f production. Our loss in operating
tlieso mills is less than it would have been b y closing them down; tiio cost
o f insurance, taxes, & c., being somewhat m ore than tho actual loss sus­
tained, which during tho past year amounted to about $9,000. In con­
nection with its pulp mills, your com pany owns water-power, making
altogether a large investment not at present productive o f profit. During
the year 1913. prior to the reduction in tariff, these pulp mills operated
at a profit, lv o are advised that Scandinavian manufacturers are now
obliged to xiay more for their supplies o f fuels and chemicals; that being
true, higher pricos for chemical pulps are expected.
T he tonnago manufactured during the year was some 10% less than last
year, or approximately 65% o f the capacity o f the mills. On the other
hand, during tho last three months o f the fiscal year, the tonnage exceeded
tho same period the previous year and during M a y the volume o f business
manufactured at your mills was greater than any month in taeir h is t o r y .^
I m p r o v e m e n t s . A c . — Expenditures for repairs and replacements am ount­
ing to $142 235 have kept the mills In good physical condition. Im prove­
ments and additions liavo been com pleted during the year at a cost o f
$105,752, which havo shown satisfactory results through increased p ro­
duction and lower manufacturing costs. The sum o f $90,000 has been
charged o ff for depreciation, wnich your directors consider liberal.
N e w L i n e s . — When tiio present management took charge several years
ago, about 55% o f the total production o f the mills at that time was strawboard, but in recent years tho demand for this grade has steadily diminished
and strawboard mills havo been obliged either to close down or operate
on other products. T ojneetjthis_radicai change^in^the industry, we have

THE

923

installed the necessary equipment in fivo of our strawboard mills to onable
them to manufacture other grades of board an l now havo only ono small
machino operating on strawboard alono, whoso tonnage is lass than 5% o f
our total production.
„ , .
At the same time your company owned two mdls manufacturing juto
board from boiled spruce wood pulp, 'l'ho domand for this product has
also diminished, owing to the competition of boards somewhat similar in
appoaranco made from cheapor materials. This situation has been mot
also by tho installation of additional machinery in both mills to enable
thorn to operate on other gradas. Those plants being operated by water­
power. one of them had often been obliged to shut down on account of low
water. It has been improved by the addition o f a steam engino.
R etren ch m en t .— On account of tho depression generally prevailing in the
paper industry during the year we endeavored to curtail expenses as much
as possiblo consistent with effective operation and havo been ablo to
enforco rigid economies by reductions in salaries, and wages to the extent
of about §40.000 per annum. While tho profit and loss statement does
not show a reduction in administration expenses it is duo to the fact that
during the first year of tho company’s operation a portion of tho adminis­
tration expenses were borne by the United Boxboard Co., during tho time
that company was closing up its manufacturing business.
E m p lo y e es a n d Stockholders .— Your company has 1,202 persons in its
employ and its stockholders are 381 in number.
RESU LTS

OF

O P E R A T IO N S OF U N IT E D P A P E R B O A R D
PRED EC ESSO RS.

CO . A N D

— U n . P a p . B d . (N e w C o .) — U n . Box B d . C o J O ld C o .)
Y e a r s e n d in g —
M a y 20 T5. M a y 30 T4. M a r . 29 T3. M a r . 30 T2.
Gross earnings...............
$381,300
$508,406
$470,902
$413,709
Repairs and replacements $142,235
3163,501
$136,278
$123,819
Idle mill charges_______
______
______ 27.146
38,936
Taxes and insurance_
_
43.348
40.300
38.166
35.114
Administration expenses
51,981
44,770
78.441
71.546
T o ta l...........................
Net earnings__________
Other income_________

$237,564
$143,736
4,596

$248 571
$259,835
7,523

$280,031
$190,871
3,714

$269,415
$144,294
10.729

Total net earnings_
_
Interest charges_______
Depreciation__________

$ 14S.332
$35-875
90,000

$267,358
$35,769
90,000

$194,585
*365,027

$155,023
*865.525

Balance for the y e a r..

$22,457

$141,589

$129,558

$89,498

* Does not include interest on general mortgago or collateral trust bonds
of United Box Board & Baper Co.
U N IT E D

PAPERBO ARD

CO .

BALAN CE

M a y 29 T5. M a y 30 ’ l l

SH EET.

M a y 29 T5. M a y 30 T5.

Liabilities —
S
S
Assets —
$
S
Plants, equip.,&c.xl3,786,714 13,758,744 Preferred stock... 2,100,000 2,100,000
Cash....................
102,236
160,460 Common stock... 12,000,000 12,000,000
Bills & accts. rec.
471,065
455,488 Bills payable......... 311,072
272,195
Mcrchand.&supp.
386,955
331,740 Accounts payable. 150,708
170,496
Deferred charges.
14,019
2,993 Res.foraccr.lnt,,&c.
37.642
41,162
164,046
141,589
Suspended assets.
2,479
7,017 Surplus________

Total............... 14,763,468 14,725,442

[V o l . 101

CHRONICLE

Total...............14,763,468 14,725,442

x Includes M ay 29 1915 real estate, plants, machinery, personal property,
stocks and bonds, $14,384,714; less depreciation on buildings and machin­
ery $90,000 and sundry bonds and mortgages (not liabilities of this com­
pany) $508,000; balance as above, $13,786.714.— V. 100. p. 560.

GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Alabama, & Vicksburg Ry.— Dividend Reduced.— A
yearly dividend of 5 % was paid on Sept. 4 on the $2,100,000
stock, comparing with 7 % from 1904 to 1914, inclusive.
P re v io u s D iv id e n d R eco rd (P e r C e n t).

1890-’92.
1896.
3 yearly.
3
— V. 99. p. 1666.

’97-'99.
5

1900-’02.
6 yearly.

1903.
9

1904-’ 14.
7 yearly.

Albuquerque (N. Mex.) Traction Co.— Foreclosure Sale.
The propetty is to bo offered for sale at Albuquorque on Oct. 1. It is
expected that , e group headed by George Roslington, recoiver, will bid
in tho property.— V . 101. p. 46.
Algoma Central & Hudson Bay Ry.— Operations, & c .—
See Lake Superior Corporation under “ Annual Reports” abovo.
Reorganization.— Tho committeo named below, represent­
ing holders of the company’s 1st M . 50-year 5s, in a circular
dated Aug. 16 calling for the deposit of tho bonds with tho
Bank of Montreal, as depositary, at 47 Tlireadneedlo S t.,
London, E C ., on or before Sept. 30, says in substance:
Roports received from tlio receivers and tho chartered accountants
show* Capital stock, common, $5,000,000, all owned by Lake Superior
Corporation; pref. stock, $5,000,000. Outstanding funded debt at dato
of receivership (March 1915): 1st M . bonds, $10,080,000; 2d M . 6% bonds,
$1 000 000, pledged to Lake Superior Corporation as security for debt of
S318.744; equipment notes, $591,000. Tho railway was originally 80 miles
in length- about Aug. 1914 a 250-milo extension was completed to a junction
with the Grand Trunk Pacific R y.. crossing the Can. Pac. Ry. and Can. Nor.
Ry. Has had about $1,660,000 in Govt, subsidies and a grant of
2 000 000 acres of land, of which about 500,000 acres lie north of tho
Canadian Pacific Rly. in tho rich clay belt of Ontario.
Tho delay in opening the National Transcontinental Ry. and tlio dctorioration of tho oro in tho Hclon mine, with tho serious conditions duo to
tho war have, in our opinion, caused tho failure to realize tlio anticipated
traffic. ' Tho receivers state that they now have evidence that tlio oro
traffic is available, that tho Magpie mino should produce about 200,000
tons a year, that tho Helen mino should yield considerable quantities of
siderito iron oro and that a contract has boon concluded by tho Algoma Steel
Corp. and an American co. for tho opening of a large pyrites oro body
which in tho next year or two should lead to tho shipping over the railway
of 100,000 tons. Considerable dovolopment of pulp wood areas is in prog­
ress north of the Can. Eac. Ry. On tho other hand, much depends on the
ability of manufacturers to meet existing financial conditions. Iho steel
plant is likely to continue on half-time for some period.
Tho physical condition of tho railway is reported as generally satisfac­
tory except tho wooden trostlas; on these and otlior itoms, it is estimated,
$625,000 must bo spent by Dec. 31 1918.
„
The receivers’ forecast of earnings (soe bolow) may like earlier estimates
bo too hopeful, but wo think it is possibly over-conservative. I<rom Feb.
20 to May 31 1915 the total not income was $39,706, before deducting inter­
est charges or rental for terminals.
Tho Manager of tho Lands Dept, values tho land grant at $1,415,337,
a C mmsel'a dvises' us that tho transfer of properties to tho Algoma Central
Terminals R y. was invalid and may result In prolonged litigation unless
some agreement can bo reached for a reorganization, tho present companies

Mahoning Investment Company.
{Report fo r Fiscal Year ending June 30 1915.)
30.
R ec e ip ts fr o m —
1914-15.
1913-14.
1912-13.
1911-12.
Jeff.SupplyCo.divs.(6%)
$3,720
$3,720
$3,720
$3,720
Mah.Supp.Co.divs.(6%)
5,940
5,940
5,940
5,940
R. & P. O. & I. Co. d ivs.(l% )39,995(2^)104,987(2K )H 4 ,986 (10)39,995
Balance of Interest_____
121
164
288
558
IN C O M E A C C O U N T FO R Y E A R S E N D IN G

Total available..........

$49,776

Gen. exp. and taxes..

2,607

JU N E

$114,811
(3)123,786
2,816

$124,934
$50,213
(3)123,786 (1M)61,893
1,607
1,523

Total deductions____
$43,869
$126,602
Balanco, sur. or def----- sur.$5,907 def.Sll.79t

$125,393
$63,416
def.$459 def.$13,203

D ed u ct — Divs. paid___ (1%)41,262

B A L A N C E S H E E T J U N E 30.
L ia b ilit ie s —
1915.
1915.
1914.

A ss ets —
Cost stk., & c.$4,134,000 $4,134,000
Bills receiv’lo.
200,000
200,000
Cap.stk.in treas. 73,800
73,800
C a s h .............
4,344
..........

1914.
Capital stock.$4,200,000 $4,200,000
Bills payablo.
200,000
200,000
Acc’ ts pay_
_
1,563
Surplus______
12,144
6,237

Total...........$4,412,144 $4,407,800
T o t a l......... $4,412,144 $4,407,800
“ Cost o f stock, &c., $4,134,000,” includes cost (a) of 39,995 shares of
Rochester & Pittsburgh Coal & Iron Co. stock, and (b) o f $9,000 miscel­
laneous securities.
R O C H E S T E R & P I T T S B U R G H C O A L & IR O N CO . O P E R A T IO N S FO R
F I S C A L Y E A R E N D I N G J U N E 30.

Net earnings---------------T a x e s ..................
Int. on bonded debt----Bond redomp. & sink. fd.

1914-15.
$372,743
$30,000
202,108
168,257

1913-14.
$537,195
$30,000
201,942
156,990

1912-13.
$681,629
$30,000
188.878
85,229

1911-12.
$462,295
$30,000
127,408
87,315

Profit or loss...............loss$27,622prof$148,263prof$377,522prof$217,572
P. & L. surp. beg. o f yr.
772,047
750,480
612,407
580,736
T o t a l ..........................
$744,425
$898,743
$989,929
$798,308
D ed u ct —
Construction & equip’t .
----------------$89,491
$82,951
Bad dobts...................
$1,848
$1,698
C r . 1,141
2,950
Discount on bonds sold.
--------19,998
36,099
60,000
D lv. on $4,000,000 stk. . (1 % )40,000(2 % ) 105,000( 1 V s) 115,000 ( 1 % )4 0 ,000
P. & L. sur. end of year.

$41,848
$702,577

$126,696
$772,047

$239,449
$750,480

S185.901
$612,407

Regarding Rochester & Pittsburgh Coal & Iron C o .,
Secretary Lewis Iselin Aug. 1 wrote :

Out of the $168,257 charged to bond redemption and sinking fund and
accumulations in the fund, $124,000 bonds weropaid and canceled and $80,­
000 bonds were purchased by tho Guaranty Trust Co. o f New York, as
trusteo under the 4 )4 % sinking fund intgo. Tho trusteo now holds $475,000
of thoso bonds in the sinking fund o f the total issuo of $2,000,000.
Tho sum of $180,908 was oxponded for construction and equipment to
further develop the mining plants.
> Tho coal mined amounted to 2,594,615 tons as compared with 3,042,652
•
tons in tho provious year; tho coke tonnage amounted to 208,465 tons
against 200,044 tons in the year ending Juno 30 1914. Tho falling off in
tonnago is duo to tho depression in general business during tho year, tho
sales in Canada being especially affected by tho lessened domand from Its
customors in that country. Tho mines are in condition to produce a larger
tonnago than it has over boforo disposed of, and propared to take ad­
vantage of any rovival In tho domand for coal.
Dividends of 2 Y%% wore paid in tho provious year[lM % Aug. 15 1913
and 1 1 4 % Feb. 15 19i4.— Ed.l, 1% was paid Aug. 15 1914, but no pay­
ments have since been made.
[Tho Mahoning Investment Co. on March 1 1912 paid a dividend of
1 ) 4 % , tho first since 1908-09, and semi-annual payments of 1 ) 4 % each
wore paid to March 1914, inclusive. On Sept. 1 1914 tho semi-annual
payment was reduced to 1% . No distributions have been mado since.— Ed.]
— V. 99, p. 892.




with) these cannot bo sold until tho N. Y. bankers are satisfied that this
litigation will bo avoided. Tlio r e c o iv e r s say in substance: As we see it
present bondholders must make up their minds to accept a deferred se­
curity in exchange for what they now hold, say in tho shape of income bonds;
and in view of tho failure of tho Lake Superior Corporation to implement its
guaranty, we think both that corporation and the pref. stockholders of
tlio railway should surrondcr at least a part ol tlioir equities to tho bond­
holders. N o doubt a drastic reorganization is necessary."
The Lake Superior Corporation has outstanding $5,658,000 1st M .
bonds ST 000 000 income bonds, sotno $ 100,000 other direct liabilities
and guarantees as follows; Algoma Central & Hudson Bav Ry. 1st M .,
810 080 000- Algoma Eastern Ry. bonds, $2,500,000; Algoma Centra
Terminals bonds, $4,999,526; Algoma Stool Corporation bonds, $14,000,­
000, and notes, $2,432,500; total guaranties, $34,012,026. The assets of
the T.alre Superior Corporation outside of Its interest in subsidiary and
other companies of a par valuo of $39,484,012 .aggregate only $609,482.
The chartered accountants boliovo that if extraordinary conditions had
not arisen to cause a completo collapse of tho business of tho Algoma Steel
Corporation tho Lake Suporior Corporation would not bo in its present
position. If tho Steel Corporation can bo restored to prosperity, as wo
DC

’

*

’

~

"

~

J

*’

*

come
holdings "i larrow, Wade. Guthrie & Co. say • “ It would appear, however,
that tho only way to consorvo existing investments would bo tho formula­
tion of a working policy whereby tho Lake Suporior Corporation and its
subsidiary companies may bo tided over tho present difficulties and givon
an opportunity for tho largor dovolopment of thoir resources.”
Signed by 1st M . bondholders’ committeo: F. Leonard Govett, Chair­
man- Beckwith Smith, .1. C. Dalton, A. N. Rickctt, II. G. Chater-Fawsitt,
J. c ’. Russell, James Hamet Dunn. Acting Secretaries, Llnkiater C o., 2
Bond Court, Walbrook, London, E. C.
R eceivers’ F o reca st f o r 2 2 'A M o n th s to D ec. 31 1916 a n d Y e a r s 1917 a n d 1918,
1918.
E a r n in g s —■
22^[ M o s . ’ 15-16. 1917.
1rt1°
$1,326,175
Railway g r o s s ...---------------------------$331,544
Railway net-----------------------------------®®§I’n§Q
76,988
151,89!)
76,988
Steamship net_____________________
T otal estimated net earnings
Tim ber (and $54,700 land sales 15-16)i

Total estimated net incomo.

D e d u c t — Int. Rolling Stock Co. bonds

Int. on borrowed m on ey .-- — . . .
Taxes, legal, employees liab., &c.

Bal., sur., excl. rental of terminals,
depreciation (and 1st M . int.)-----

S p e c ia l — Impts. to bridges, etc---- - -

Rolling stock, sink fund payments
Past-due taxes ($30,785) etc---------

$627,627
104,700

$380,269
24,000

$408,532
24,000

$732,327
63,180
35,000
63,500

$404,209
25,110
17,500
31,750

$432,532
20,460
17,500
31,750

$570,646
419,485
144,000
1" n n n
60,785

$329,909
196,500
77,000

$362,822
123,420
78,000

Balanco for period.........................def.*$53,623 sur.$56,409sur.$161,402
* Add: Accounts payablo Feb. 19 1915, $174,559; less accounts receiv­
able and cash in bank and on hand Fob. 19 1915, $85,564; net debit, $88,995,
increasing total deficiency for 224£-mo. period to $142,618.— V . 101, p. 772.
Algoma Eastern Ry.— Status.—
See Lako Superior Co. under “ Roports” abovo.— V. 99, p. 1906.
Arkansas Louisiana & Gulf Ry.— Sale.— Tho road was

sold at foreclosure salo on Sept. 15 for $102,000 to Alfred
Cowles of Chicago.— V . 101, p. 613.
Atchison Topeka & Santa Fe Ry.— N ew Director .—
Homer A . Stillwell, Vice-President of Butler Bros, of Chicago,
has been elected a director to succeed former Governor John
G . McCullough of Vormont, deceased.— V . 101, p. 845, 613.
Baltimore & Ohio RR.— New Director .— Charles W .
ITarkness has boon elected a director to succeed Norman B .
Ream, deceased.

Se p t . 18 1915.]

THE CHRONICLE

Mr. Harkness is said to bo one of the largest stockholders in the road and
a member o f the Standard Oil group. He is a director and member of the
executive committee of the Chicago Milwaukee & St. Paul Ry.
Coal Export Pier.— The directors have authorized tho con­

struction of a coal export pier at Curtis B ay, on the outskirts
of Baltimore, to cost about $1,400,000.

92 3

that proxies shall not have been Issued against the same In favor of Pennsyl­
vania management control.— Compare V. 100, p. 1832.
Maine Central RR.— Stock Retirement— Bonds.—

The

stockholders will vote on Oct. 20 on:

1. Retiring $10,000,000 o f the $24,907,467 outstanding stock and issuing
in place thereof $3,000,000 non-voting 5% pref. stock and $7,000,000 o f
25-year 1st M . bonds bearing interest at not over 5% .
2. Also on accepting the Act passed by the last Legislature with a view
to the purchase and retirement of $10,000,000 of tho $15,648,400 stock
deposited as collateral under the Maine Railways notes (V. 100, p. 1168)
and also of the notes. Of the $11,962,000 notes S90.000 have been called
for redemption on Oct. 1.
Brazilian Traction, Light & Power Co., Ltd.—The Act specif ies that Maine Central stockholders shall bo offered oppor­
J. S. Lovell o f Blako. Lash, Anglin & Cassels, has been elected a director tunity to subscribe at par for any securities issued under it. The new
to succeed the late Sir William Van Home.— V. 101. p. 090, 369.
securities must be approved by the Maine P. U. Commission, who must
also
they
that proper
Buffalo Rochester & Pittsburgh Ry.— Bonds Called.— madecertify that of theare satisfiedcommon stock arrangements have been
to dispose
remaining
owned by the Railways
One hundrod and twenty ($120,000) 4
equi pment bonds, Series “ F ,”
Cos. so as to afford reasonable opportunity to citizens of Maine to acquire
all or a substantial majority of such remaining stock.— V. 101. p. 846, 444.
10I'lP pyr533t 52i?.ar an<* in t" ° n
* at ® uaranty ^'rust D o ., N . Y .— V .
Maine Railways Companies.— N ote Retirement.—
Buffalo & Susquehanna Ry.— Sold.—
Soc Maino Central RR. above.— V. 101, p. 694.
At foreclosure sale in Buffalo on Sept. 13 the property was bid in for
$300,000 by Morton G. I3oguo, representing tho bondholders’ committee.
Manila RR.— Interest Advance fo r Small A m ou n t .—
— V. 101. p. 772, 369.
Contrary to the impression created by a newspaper allusion to the matter,
the advance made
M
Chicago Indianapolis & Louisville Ry.— Earnings.— of interest on tho by the Philippine Govt, onwasayf 1 1915underits guaranty
Southern Division bonds
o very small consequence,
J u n e 30.
G ross
N e t (a fte r
Other
F ix e d
B a la n c e ,
i^ a V o v 1n t0.<,Il y 3bout $12,700, out of a semi-annual interest installment
'7 rv ?
. ~ Y ?ar—’
E a r n in g s .
T a x e s ).
In c o m e .
C h a rg es.
S u r p lu s .
of $197,700, then duo on said bonds.
1914-1.5----------$6,.559.665 $1,562,633 $232,182 $1,555,042 $239,773
Until the end of 1913 the Philippine Govt, regularly advanced to the
1,426,287
206,543 1,487,032
145,798 company the funds with which to meet the interest on tho Southern Division
1913-14 ---------- 6,944,005
During each o f tho fiscal years there wero paid from accumulated surplus bonds as it fell duo, such advances being repaid, as soon as tho company’s
dividends o f 4% on tho prof. stock ($199.752); in 1913-14, l % % ($170,568) accounts for each six months period were closed.
was paid on tho common stock, no distribution being made In 1914-15.—
Boginning in 1914, tho Govt, has advanced only such amounts as had
V. 99. p. 1831.
boon ascertained to be unearned when tho funds wero .remitted to meet the
__
_
«
.
.
_
CPmi.annnnl
r.
N o Default on semi-annual nmrmnnt rI’ het n4.nl „... _ _ i. .1___ .to ,the~ GovtT — D ec. "31
due
at
Chicago Rock Island & Pacific tt n t-. "• ,. • ",
Ry. A
.
un
1914
account was
i ,
r i Carpenter m tho U . S. District Court 1| reportim iiiiv9Hpaym ent 1 0 1T, p. 8total am ount only $9,730. Com pare annual
r <
,
, i » n for advances on interest a ce
irces
Debentures.— Judge
;
for 1 1 1 in v.
42.
Probably about a year will be required to do tho work. Bids have not
been asked for as yet and some little time will therefore elapso before the
work can bo begun. The pier will have a capacity o f 10,000,000 tons of
export coal a year. It is expected that the present pier near the samo point
will bo continued after the completion o f the new one.— V. 101, p. 692, 123.

at Chicago on Sept. 14 authorized the issuance of $500,000
6-months’ 6 % receivers’ certificates to pay the coupons due
July 15 on tho $20,000,000 5 % debenture bonds on which
the 60 days of grace expired Sept. 15. Payment of interest
is expected to be begun at the First N at. Bank to-day or
M onday. Chairman N . L . Amster of the minority stock­
holders’ committee, is quoted:
Our committee has succeeded In getting stockholders whom it represents
to take $410,000 certificates. Tho court among its friends in Chicago lias
disposed o f the remaining $90,000.
The company will have sufficient funds to pay all obligations due Oct. 1.
including tho $1,600,000 bank loan. We will now havo 6 months within
which to work out a readjustment plan.
The certificates will rank ahead of tho debentures, but after the first and
refunding mortgage.
Tho protective committeo, who objected to the certificates, will take an
appeal.
Judge Carpenter says that tho Kendrick report on the physical and
financial status of the road will probably be ready by October and will
servo as a basis for the rehabilitation o f the company.
Restitution Suit.— Judge Carpenter on the opinion of

ex-President William H . Taft, as counsel for Jacob M .
Dickinson (co-receiver with H . V . M udge), on Tuesday
directed M r. Dickinson (who was vested some time sinco
with sole authority in the mattor) to bring suits against
former and present directors for the recovery of about
$6,000,000 alleged to have been lost through the acquisition
and subsequent separation from the company of tho St.
Louis & San Francisco R R . The defendants named are
Daniel G. Reid, R. A. Jackson, W . II. Graham, Odgen Mills, E. S.
Mooro, William II. Moore, F. L. Hino, G. G. M cM urtry, and O. T. Boggs.
Equipment Trusts.— Judge Carpenter has, it is reported, au­

thorized the receivers to purchase 4,000 steel-frame box cars
Tho , total c£ sti
ls saw will be $3,409,540, of which about $3,000,­
000 to be provided by car trusts maturing semi-annually in series, and tho
remainder to bo paid in cash. These are, it is thought in this city, probably
tho certificates authorized last June (V. lqo, p. 2084).— V. 101, p. 845, 693

Columbus (O.) Ry., Power & Light C o . - P r i o r Pref.
D ivid en d — An initial quarterly dividend of 1 % has been de­
clared on the prior preference stock; also a regular quarterly
dividend of l j ^ % on series “ A ” preferred stock, both pay­
able Oct. 1 to holders of record Sept. 15.— V . 101, p. 523.

Demarara Electric Co., Ltd., Halifax.— D iv. Omitted.—
Tho directors havo decided to omit the quarterly dividend usually paid
on Oct. 1, owing to conditions brought about mainly by tho war, resulting
in an increase in tho cost of fuel and a decrease in general traffic. Recent
payments havo been at tho rate o f 1% quarterly.— V. 101, p. 212
General Gas & Electric Co.— Subsidiary Com pany.—
See Sayre Electric Co. under “ Industrials” below.— V. 95, p. n o .
Holyoke (Mass.) Street Ry .— Second Strike Over.—
Tho men roturnod to work on Sept. 10, after a striko which tied up
traffic for 14 days, under an agreement to stand by tho former arrange­
ment ontored into in tho Mayor’s offico on Aug. 15. Under tho latter
tho previous 8 days’ strike was settled. This makes a total of 22 days
during which tho cars have boon recently tied up.— V. 101, p. 614.
Hudson & Manhattan RR .— Authorized.—
The Now York P. S. Commission, First District, yesterday authorized
tho company to issuo $615,500 First Lien and Refunding M . bonds of 1913
to reimburso the treasury for expenditures made for additions and botterrments, $212,000: to retire underlying mortgages, $50,000, and for payments
on rolling stock, $255,000. Tho bonds aro to bo sold at not less than 80
and tho discount and expenses o f sale aro to bo amortized.__V. 101, p. 846.
Huntington Bluffton & Portland RR.— Subscriptions.

I’ residont Fred. A. Dolpli, Fort Wayno, Ind., purchaser at f o r e c l o s u r e
sale o f the Cincinnati Bluffton & Chicago R y., has o b t X e d an oxtenlton
to Sept. 20, o f the time for tho payment o f tho purchase price and in order
to moot tho samo is offering to tho creditors o f the old company tho right
to subscribe at par for 6% gold debenturo bonds of tho new company which
carry a participation receipt for a bonus o f 26% fully paid, non-assessablo.
pref. stock. Tho debentures aro limited to $150,000. Eastern interests
It is stated, havo agreed to take $100,000 thereof conditional upon $50,000
boing obtained through individual subscriptions. Sco V. 101, p. 448.
Inverness Railway & Coal Co.— Receivership 1 cfee.—
At a mooting o f tho bondholders held in Toronto on Juno 30 lasts* a reso­
lution was unanimously passed directing tho National Trust Co. of that city,
as trustees for tho bondholders to bring action in tho courts of Nova Scotia
for tho appointment of a receiver. Upon such application Mr. McGillivray, tho former Gonorai Manager o f tho company, was mado receiver and
manager and is now conducting tho business as such.
'A. A . Lash, K.C ., J. II. Pluminor and D. B. Hanna wero elected as a
committeo to look after tho intorosts o f tho bondholders. Comparo
V . 100, p. 1917.
Long Island RR .— Offer fo r 25,000 Shares o f Slock.—
Earl T. Shaw, 30 Broad St., N. Y., by adv. on another page offers to
purchaso at 60. less commission o f 2 ^ % , to bo paid by tho seller to th
advortisor, a block of 25.000 shrs. of tlio co’s stock, provided that th
certificates shall havo been issued not later than 1910 and provided als




Maritime Coal, Ry. &Pow.Co., Ltd., Montreal.— E a r n s.
Feb. 28.
Y e a r —■

G ross
P ro fits .

1 9 1 4 -1 5 ....$ 1 2 2 ,4 7 3

-V 9 9 ;p -.-8 9 3

Bond
In teres t,

$93,602
75,120

D e p r e - D is c ., A c .. S in k . M is c e ll. B a la n c e ,
n a t io n . W ritt.O ff. F u n d . C h a rg es S u r p lu s

$6,416

$7,870 $3 842

6,047

7,161

$9,846 $897

12.617

11*726

Middle West Utilities Co., Chicago.— S u b sid ia ry C o .—
Seo Pub. Serv. C o. o f Oklahoma under “ Industrials” below .— V .i01,p.532

Milwaukee Electric Ry. & Light Co.— J itn ey s. —
An ordinance was placed in effect in M ilw aukeo on Sept. 1 regulating
tho operation o f jitney busses in the city , w hich, it is stated, has resulted
in the witndrawal o f all o f the jitneys from service. This is regarded as a
distinct advantage for the com pany, as it is understood that the jitneys
which had been operated without any previous regulation had m ado con­
siderable inroads in earnings o f the street railway co .— V . 100, p. 2085, 807.

Mississippi Hill City & Western Ry.— Sale O ct. 26.
T ho salo ordered b y the U . S. D istrict Court has been set for O ct. 26.—
V . 101, p . 773.

Missouri Oklahoma & Gulf Ry.— T racka ge. —
M . O. & G . R y. o f Texas Sept. 1 began operating freight trains between
F ort W orth and Denison and Dallas and Denison under the trackage ar­
rangem ents referred to in V . 101, p . 449.

Missouri Pacific Ry.— Protective C om m ittee f o r Tw o I s s u e s
— D ep o s its U n til O ct. 10.— An advertisement by the Delano
protective committee requesting holders of tho $14,375,000
trust 5 % bonds, due Jan. 1 1917, and $9,636,000 First Collat.
M . 5 % bonds, due Aug. 1 1920, reads substantially as given
in tho “ Chronicle” last week (p. xvii), and further states
(seo also V . 101, p. 773):
Under the agreement the limit o f com m ittee expenses and compensation
is 1% o f tho par value o f the bonds deposited. Depositors have tho right
o f dissent and withdrawal upon the adoption o f a plan. Bonds must be
deposited on or before O ct. 10 1915.
These tw o issues o f bonds aro outstanding at the rato o f about $13,000
per mile, and, taken together, aro secured b y pledge o f 1st M . bonds cover­
ing nearly 50% o f the mileage o f the Missouri Pacific R y ., including sub­
stantially the entire main line between Kansas C ity and Pueblo. It is
the belief o f the com m ittee that the value o f the property under lien is
sufficient to protect the bonds in full, provided tho holders thereof unite
to control, for their own benefit, the proceedings under tho mortgages, and
to take such other steps as m ay be necessary to enforce their security.

F oreclosu re. — The necessary papers have been filed, or
are about to be filed, bringing suit for foreclosure of the
First & Refunding mortgage of 1909.— V . 101, p. 773, 615.

New Bedford & Onset Street Ry.— 6-C en t F a re, & c

.—

The M ass. P . S. Commission has authorized this 37-mile road
to make the following changes after due notice to the public:

(1) Cash fare, 6 cents in place or 5 cents within any fare zone.
(2) 20 tickets instead o f 24 tickets for one dollar.
(3) Special school tickets, 10 for 30 cts. in place o f 10 for 25 cts.
T he Commission believes that the proposed increase will not net the co m ­
pany m ore than $20,000 o f additional revenue annually.— V . 82, p. 1438.

New Orleans & Northeastern RR.

— D iv id en d s .— An

annual dividend of 1 % was paid on Sept. 4 on the $6,­
000,000 stock, being the same as last year and comparing
with previous years as follows :
’03.

’04.

’05.

Dividend Record (Per Cent.)
’06. ’07. ’08. ’09. ’ 10. ’ l l .

- l y . i o l p . f t i .

5

6

4

5

6*

6*

’ 12.
5

’ 13.
5

1914-15.
1 yearly

New Orleans Ry. & Light Co.— Earnings.— Bertron,
Griscom & Co. report for tho 6 months ending June 30:
6 M os.end . Gross
June HO. Earnings.
1915------$3,520,748
1914------ 3,596,463
— V . 101, p. 213.

Net {after
M isc.
B d .,& c.,
Taxes). Deductions. Interest.
$1,386,821 $18,184 $870,198
1,482,475
14,253
854,185

Renew. &
Replace’ts.
$75,166
130,871

Balance,
Surplus.
$423,273
483,166

New York & North Shore Traction Co.— Decision .—

The P. S. Commission in an opinion b y Commissioner Irvine on Sept. 10
hold that it had no power to m odify the terms o f a franchise granted by a
m unicipality. T he com pany asked the Commission to determine that the
just and reasonable fare between M ineola and P ort W ashington was 15
cents instead o f 10 cents, to which the road is limited b y the terms o f its
franchise granted b y tho Supervisors o f Nassau C ounty and the H ighway
Commissioners o f the Tow n o f North nem pstead. The com pany contended
that the power to grant franchises in a municipality was only a power dele­
gated to the municipality b y the Legislature, and that the Legislature it­
self, or tho Commission, to whom tho Legislature has delegated general
power over rates, could amend the franchise.
Judge Irvine in the opinion cites a clause in the Constitution providing
that no law granting a street railway franchise can be passed without the
consent o f the local authorities and the abutting property owners. He
says that if the language o f the P . S. Commissions Law giving tho C om ­
missions power over rates were to be construed as giving the Comm ission
power to change the terms o f a local permission, it would undoubtedly be
unconstitutional.
Had it been decided that the Commission had tho power invoked, nearly
all cases in which an admittedly inadequate teturn is now imposed b y the
lim itation o f local franchises might, it is stated, be brought before the C om ­
mission, without respect to the local authorities.— V . 97, p. 1824.
‘

LTHE CHRONICLE

924

P en nsylvan ia R R .— Electric Service.—
On Sept. 11 the company began operating by an ovorhoad electric system
four passenger trains daily on its mala lino between Broad St., Phila., and
Paoli 20 miles. Tho total cost of electrifying those 20 miles is unofficially
stated as about $4,000,000. This service will bo gradually increased.
Electric current is obtained from the Phila. Electric Co. Tho Chester Hill
branch, it is reported, will bo tho next lino to bo equipped electrically.
Compare V. 100, p. 819.
Mortgage Filed.— Tho company has filed its new general
mortgage to tho Girard Trust Co. of Philadelphia and W m .
N . E ly, as trustees, under which .$65,000,000 4 ) ^ % bonds
were recently sold.— V . 101, p. 774.
P h ila d elp h ia & W e ste rn (Electric) R y .— Proposed Fast
Car Line Philadelphia to Valley Forge, cfee.— Independent
Financing.— Advices from Philadelphia state that fast
through electric car service between Philadelphia, Valley
Forge, Phoenixville, Spring City and Pottstown is probable
within a year, the Philadelphia & Western R y . to form the
terminal trunk line, but to take no part in financing the
plan which is now being worked out by strong Philadelphia
interests. The “ North American” of Philadelphia on
Sept. 16 said in substance:
The plan contemplates a 7-milo extension of tho Phoenixville Valley
Forgo & Strafford Electric By. to a connection with the Philadelphia Sc
Western at Bridgeport. This work and new ears such as tho Phila. &
Western would lie willing to attach to its train will cost, as estimated,
about 8300,000. Thomas E. O'Connell is tho'chief man in tho present
P. v . F. & S. Elec. Ity., which runs 4 H miles from Valley Eorge to Phoenix,j
villo. From there tin there is another system in which tho active man is
C. Taylor Leland, the Pottstown & Phoenixville By. Co. now operating
25 miles in two sections, one from Pottstown to Sanatoga, tho other from
Spring City to Phoenixvil'e. Tho gap from Sanatoga to Llnfield, there
crossing the Schuylkill Biver and on to Spring City, is now being filled in
by a new line under construction and largely graded. With these lines
joined up new fast electric scrvico will bo provided through a territory
inhabited by about 40,000 persons, affording Philadelphia easier access
from thriving towns 30 miles up tho Schuylkill Biver and giving a frequent
service out to Valley Forgo Park.— V. 101, p. 095, 689.

P o ttsto w n & Phoenixville Railw ay C o.— •

Seo Philadelphia & Western (Electric) By. abovo.
Q uebec R y ., L ., H . & P. C o., Ltd .— Earnings — Directors.
J u n e 39
G ross
N et
Other
F ix e d
M is c e lB a la n ce
Y e a r —■
E a - n in n s .
Ea~ns.
In c o m e . C h a rg e s, la n e o u s . S u r p lu s .
1914-15
- $1,548,0; 0 $623,279 $235,973------ $739,482------ - $119,775
1913-141______ 1.531,221 618,120 235,776 $759,575 $13,937
80,381
Tho board, which had been reduced from 9 to 7 members at the last
annual mectixur, was increased on Tuesday to 11 members, consisting of:
Sir Bodolpho Forget, L. C. Webster, Hon. Bobert M cKay, J. N. Greenshields, K .C ., Paul Galibert. P . O. Lesporance, M .P ., Arthur Berthiaumo,
Treffle Bastien, Louis Joseph Tarte. Arthur ficroment, N . P., L. G. Morin.
The last five are now directors.— V . 101, p. 213.
R a te s.— Extension Asked in W estern Kate Case.— Attor­

neys representing tho 41 roads involved in tho Westernrate
case, in which small advances were allowed, effective Sept.
30, on Thursday filed a petition with the I. S. Commerce
Commission, asking for a postponement of 90 days before
putting the changes in operation
Tho step was taken in order to give tho roads time to preparo a petition
to reopen the entire matter. Should tho extension bo granted, temporary
tariffs will, it Is said, probably bo filed in compliance with tho Commission s
order and in the meantime a petition will be filed to reopen tho case. Com­
pare Item in editorial columns, V. 101, p- 496-7.— V. 101, p. / 75, 528.

St. Louis & San Francisco R R .— Plan Im m inent. — Tho
Eastern stockholders’ committee, wo learn, has reached an
agreement with the two committees representing the Gen­
eral Lien 5s and tho Refunding 4 % bonds. J. W . Lusk,
ono of the receivers, attended a conference in this city on
last Tuesday. There are still interests in St. Louis repre­
senting stockholders who are dissatisfied with tho reorgani­
zation plan, but both bondholders’ committes and tho Sabin
committeo of stockholders have expressed their intention
of proceeding with their plan.— V . 101, p. 775, 289.
Sherbrooke (Que.) R y. & Power C o.— Earnings .—
T o ta l
In c o m e.

N et
R even u e.

Bond
In i.

Other M is c e ll.
Balance.
I n i . D e d u c n s . S u r .o r D

1914-15
$146,769 $55,920 $49,535 $4,204 $2,157
sur.$24
i o i 3 - i t : ' _: : : : : : ltiio o o
5 4 .0 2 1
4 8 ,2 0 5
2 ,0 4 2
5 , 1 7 2 def.2 ,0 5 9
Total profit and loss surplus Juno 30 1915, $1,181.— V. 100, p. 1916.

T o ro n to H am ilton & B u ffalo R y .— Stock.—
Tho shareholders on Sept. 8 authorized tho proposed $10,000,000 (mort­
gage) bond issuo.— V. 101. p. 528.
T ri-S ta te R ailw ay & Electric C o., O h io .— Sale.—
The properties owned by this company (sec p . 41 o f “ El. By. Sec." for
May
"
Tractl’o n*&' LightTco. arid tho Steubenville & East Liverpool By. & Light
Co. were surrendered Ap’ il 1 1914 and that of tho Ohio Biver Passenger
By. to tho Steubenvillo Wellsvillo & Weirton By. cancelod. Compare
V. 100, p. 982.— V. 100, p. 1511.

V icksbu rg Shreveport & Pacific R y .— N o Dividends.
N o distributions have been declared on tho $2,142,800 5 %
non-cum. prof, stock or tho $2,856,500 common stock trom
the earnings of the year ending June 30.
Payments of 5% yearly wero made on tho proferro l from 1909 to 1914
Inclusive. On Nov. 28 1913 2% was distributed on the common stock.
P re v io u s D iv id e n d R eco rd (P er C en t.)

C om m on _______
Preferred_______
— V. 101, p. 775.

■02. ’0.3. ’04. ’05. '06. '07. '08. ’09 lo ’ 12. ’ 13. ’ 14
0
2 'A 3
2 ------------- None-------------- 2
0
----------- 5% yearly----------- 0 -----5% yearly------

U n ited L igh t & R ailw ays C o., G rand R a p id s.— Notes
Offered.— N . W . Halsey & Co. are offering at par and int.
an additional $750,000 of tho 6 % gold coupon notes, dated
Jan. 1 1915, duo Jan. 1 1918 & 1920.
Interest payable J. & J. in N. Y. Notos due in 1918 and 1920 are callablo
as a whole or in part upon four weeks’ published notice at 100 and int
and 101 and int., respectively. Denom. 3-yoar notes $1,000: 5-year notes
$1,000. $500 and $100 each c*. N. Y. Trust Co., trustee.
O rg a n iza tio n . — Organized.in July 1910 and now owns or controls through
ownership of all or a very largo majority of tho outstanding capital stock
14 public service companies engaged in 111., la., Incl., Mich, and ronn.,
in the manufacture and sale of gas and olectriclty ior light, heat and power
and in street and interurban railway operation, thus serving 53 commur.
ities population in 1910. 466,441; present population estimated oJ7,617




101.

C a p ita liz a tio n o f U n ite d L I . Sc R 'js . C o .—
A u th o r iz e d . H a n d s o f P u b lic
First prof. 6% stock_______________
$12,500,000
$7,707,409
Second pref. 3% stock--------------------------- 5,090,000
2,108,700
Common stock_________________________ 12,500.000
0,899,300
C o .’s F u n d e d I)e b l— d % gold notos, duo 1918-203,000,000
2,250,000
First and Bofimding bonds, duo 1932---------------------------------- 7,214,000
* Divisional bonds and preferred stocks--------------------------------18,076,500
*Does not includo $8,000 Cadillac Gas Light Co. 5% bonds, funds
sufficient to retire which aro with trustee.
The proceeds of these notos will complete paymonts on properties horotoforo acquired and reimburse tho treasury for improvement work.
T h ese $2,250,000 6% N o tes — S ec u red by P ledg e o f $3,000,000 o f C o m p a n y ’s
F ir s t N Itef. Af. 5% B o n d s . — Further notes may bo issued on pledge of
additional amounts of said bonds, but tho outstanding notes must never
exceed 75% of tho par valuo of bonds pledged. Additional Bofimding
bonds may bo certified only for refunding or acquiring underlying securities,
or for 75% of tho cash cost of betterments. Improvements and additions,
or in case of now properties purchased for not over 75% of tho replacement
valuo. These $2,250,000 notes precede tho company’s outstanding First
prof., 2d prof, and common stock, having a present aggregate market valuo
of over $9,000,000 yoarly beginning with 1915, the company must provide
a maintenance and depreciation fund aggregating not less than I2H %
of tho gross earnings, any xiortion unexpended to bo used for additions
against which no refunding bonds may bo Issued.
F r a n c h is e s . —These, with ono minor exception, oxpiro from 1921 to 1960;
approximately 73% aro indeterminate or extend beyond 1932.
C o m b in ed E a r n in g s o f the C o . A Its S u b . C os. f o r 12 Afos. e n d . J u l y .31 1915Gross revonuos, $6,146,497; not, after taxes — __— -------- — $2,377,469
All bond interest, including dividends on securities of subsidiary
companies in hands of public, also proportion of surplus duo
minority holders (paid or accrued)--------------------------------------- 1,330,212
Annual Interest on $2,250,000 6% notes---------------------------------135,000

Phoenixvillo V alley Forgo & S trafford Electric R y .—
Seo Philadelphia & Western (Electric) By. above.

J u n e 30.
Y e a r __

[V O L .

Bat., surplus, after allowing for full Int. on notes now offered. $912,257
Comparo V. 100, p. 400, 310.— V. 101, p. 450.
U n ited R ailroads of San F ran cisco.— Depreciation Fund.

— Tho Cal. R R . Commission has issued a supplemental
opinion to its decision rendered on M a y 17 1915, in tho inves­
tigation into tho financial condition of tho company.
ho original order provided that tho depreciation account should be
established so as to show an approuriation for earnings of S5.>0.000 a year
not later than June 30 1915, payable in equal monthly installments of
833. Of this the company was ordered to use 8300.000 for certain speci­
fied purposes and the remaining $250,000 for tho usual expenditures for
betterments and repairs.
Tii
' *‘
expei
oai’liv _
for tho beginning of the depreciation fund to Juno 30 1016 and for its end
Juno 30 1018, instead of 1017.
,
.
....
P
,
.
Tho Commission in a separate order dismisses tho petition tor a rehearing,
saying that after careful consideration it finds in them no good reason for
granting a rehearing.— V. 101, p. 214.
W in n ip e g Selkirk & Lake W in n ip e g R y .— Bonds .—

P . U . Commissioner Robson of Winnipeg has authorized tho
company to issuo at not loss than 85 $1,400,000 bonds. A
Canadian papor says:
.

Tho proceeds aro to bo used for tho purpose of putting the Winnipeg
Selkirk & Lako Winnipeg and the Winnipeg Electric Ity. on separate foot­
ings. Tho first-mentioned company owes tho Winnipeg Electric the sum
of $940,000 for money advancod.. Tho order of Judge Bobsou will en­
able the suburban company to reimburse the Winnipeg Electric.
Tho present bond issue is $400,000. These bonds wefe issuod in 1003.
Thov h e a r ■",% interest and aro redeemable 30 years from date. Tho Issuo
was limited under tho former arrangemont to ^20,000 per milo of s*r
fl8lo
track. Tim issuo of $400,000 will be consolidated with the now Issuo. Tho
paid-up stock of tho company is only $111,o00. 11m mileage Is approx. 40.
W righ tsville A d ria n & Lyons R y .— Sale of Rights.—
The property was sold at foreclosure sale at Swainsboro, Ga., on Sept. 7
to F ° J Garbutt of Sandersvillo for $5,000. The company was incorpor­
ated in 1909 and work was begun at once but with grading within 3 miles
of completion, was halted on account of financial conditions and tho road
nlicefl in receiver's hands. Tho road, whicn is to bo 50 miles long when
completed, will furnish an outlet to farm lands, lumber and turpentino
territories in South Georgia.

IN D U S T R IA L , G A S AN D M ISC E LLA N E O U S.
Algom a Steel C orp.— Adjustm ent, & c.—

See Lake Superior Co. under “ Reports abovo nod Algoma Central &
Hudson Bay Ry. under “ Railroads . V. 100, p. 1169.
A m erican A g ricu ltu ra l Chem ical C o.— N ew Director .—
George B. Burton of Detroit has been elected a director to succood Boss
L. Coe of Boston.— V. 101, P- 771.

A tla n tic Power & L ig h t C orporation

(V irg in ia ).—

Pref. Stock Offered.— William P . Bonbnght & C o., Inc., N . Y . ,

are offering tlio 7 % cum. pref. (p. & d.) stock at 9 5 % and
div., with the privilege of buying common stock voting trust
certificates at $10 per share to an amount not exceeding 5 0 %
of tho pref. stock purchased. A circular reports:
P re fe rr ed S t o c k __Has its dividends payable quarterly (Q.-F.) and is
redeemable at option of company upon any dividend date after tho expira­
tion of 3 voars from the Issue thoreof at 115% of par upon tho vote of a
maioritv hi interest of tho outstanding conunon stock. Par value, $100.
Commercial Trust c o ., Jersey City, N J., is registrar, and Registrar &
Transfer Oo Jersey City, N. J*. transfer agent.
r O raan z i t i o n — Incorporated Sent. 1912 In Virginia and owns all of tho
capital stock (except qualifying directors’ shares): (a) l ho United Electric
I h t I VVaS Co
seo V. 95, p. 970; V. 94, p. 71). incorporated
tiino iem in Connecticut and operating, under a 901-year leaso from the
N Y N° i t I BB gas anti electric-lighting properties in tho following
MHni'-in/i triwns in Gonnecticut: Berlin, Cheshire, Greenwich, Naugatuck,
New BHtain New Ca man. Newington. Norwalk. Plainvillo, Southington.
Wate?l ^
i f t t e t o S w ilto . (b) Seymour Electric Light Co., incornorated Sent 1899, in Connecticut, owning and operating the electric
Hghting property in Seymour. Conn. [Capital stock June 30 1914, $30,0001.
E a r n in g s o f A b o ve C o m p a n ie s ( fn lc r - C o . C h arges E lim in a t e d ) J u n e 30 Y e a rs1914-15.
1913-14. 1 D edu ct
1914-15. 1913-14.
Gross o p rev $1 125,057 $1,068,6501 Bents prop.leasod.$365,000 $365,000
______
Net^aft taxes)* $550 734 $453,667 General interest-1,016
Net (alt.taxes)
3 3 .1 6 6 1Depr. & cont. res. 32,113
1,336
Other incomo.

T ot. corp. inc. $556,953
Annual dlvs. on $825,000

$456.8331Net for dividends.$158,821 $90,497
7% pref. stock amount t o ..__________________
57,750
______

Balance available for com m on stock dividends. &c

5101,074

------

Farnlngs available for dividends aro more than 2 H times annual preferred
dividend. Actual prof, dividend charge during tho year was $56,079.
C a p ita liz a tio n o f A t la n t ic P o w e r & L ig h t C o r p .—
A u th o riz ed . O utstand g .
Preferred stocic (7% cu m ulative), par $lof)--------- $10,000,000 r$825,000
( ’nnuTHin sto(*lc nar 810 0 ___ - __ - _____ __________ - 10,000.000

,>,000,000

Tho common stock is held in a voting trust, which will continue until
Oct 1 1917 unless the voting trustees dissolve the trust at an earlier date.
F r a n c h is e ’ .— The franchises under which tho company operates aro all
s
P o m ila lto n
l 1890.
Served ______ ) 106,027

1909. 10 y r .in c .
1910. 10-y r .in c . E s t . 1914.
144,209. 36%
196,479.
36% . 212,000
The territory served is a most highly developed manufacturing district.
P r o p e r t ie s __Thorn aro no competing electric companies (except in a
limited area in South Norwalk) nor competing gas companies in th e terri­
tory In which the above underlying companies are operating. 1he varied
manufacturing industries in this territory afford a largo field for tho salo

Sept . 18 1915.]

THE CHRONICLE

o f electric power. There arc about 775 miles o f electrical distribution lines
(lor other than railway purposes) serving 16.051 customers. Electric
power is purchased on favorable terms from tho N . Y . N . 11. & u . r r . C o.
Operates under leaso tho manufacturing and distributing gas plant in N or­
walk with holder capacity o f 277.000 cu. ft., and tho gas distributing sys­
tems in part ot Greenwich and N augatuck serving over 5,400 customers.
Operates o3 miles o f gas mains and has an output o f over 95,000,000 cu. ft.
o f gas per annum. Com pany has adopted a liberal p olicy in developing its
business, extending its lines, im proving its service and reducing rates as
rapidly as conditions warrant, resulting in a large growth in business.

Underwriting in the syndicate has been offered to Baltim ore and outside
interacts, and already subscriptions exceed the offer. It is understood a
public offering o f tho bonds will be m ade at 97j^ . See V . 100, p . 645.

Denver Reservoir Irrig ation C o .— Proposed Plan fo r Sale
of Lands and Water Rights fo r Bondholders' Protective Com­
mittee N otes. — A circular signed by the bondholders’ protec­
t i° committee and the advisory committee, and sent as of
July 10 1915 to holders of committee notes,says in subst.:

Belle Terre E states, Port Jefferson, N. Y .— Sold.—
A t foreclosure sale under 1st M . at Port Jefferson, N . Y ., on Sept. 11.
the property was bid in for $100,000 for tho bondholders' com m ittee,
winch includes llarkow 15. B undy o f Kndicott, N . Y ., and George II. Clark
and M yron T . B ly o f Rochester, with Hiram R . W ood o f Rochester as
counsel. First M . bonds out about $280,000; Title Guar. & Trust C o .,
trusteo. Compare V. 86, p. 1231.— V. 101, p. 289.

and otlfeTim^vnm^hmV10,8011^ 1 d®Pl;essed condition of the land market
has b^en iinahT«1 bl?iifaCtors’ th,e,Chicago Title & Trust Co., as trustee,
^
rights a c o u fr^ h v it fn <?“ y c. ° ^ d.?rable amount of the lands and water
ing Uio debt^n? thn n/»« g & 1913 as \ r u * tc e under agreements for fundpanics0 Li th^ahYcn^n
Reservoir Irrigation Co. and associate comrlghts the trust
Y an/ illcome from tho sale o f lands and water
advancedV f d r t r Z Z l" y has betin c,all,e(! uI)on f™ i time to time to make
com rIb?t^to t ^ yexncn«?e V S of aduitalstering the trust, to pay taxes and
^ SC
-.dlkY10- 0 to tne expense of ooerating and keening in ronnir the riitchpc

B iograph C o .— N o Scrip Dividend .—
The directors have rescinded their action o f last Decem ber, declaring a
50% scrip dividend, owing to tho European war. On Juno 30 there was a
p rofit and loss surplus o f $1,101,697. Compare V . 100, p. 231.

Brooklyn Development Co.— Stock Reduction.—

Tho stockholders will vote Sopt. 29 on reducing tho capital stock from
$2,000,000, par $100. to $500,000, par $25.— V. 90, p. 773.
Canada Iron Corporation, Ltd.— Plan to be M od ified . —
Meetings o f tho holders o f 1st M . bonds o f 1908 and 2nd M . bonds of
1911 respectively will bo held in Montreal on Oct. 7 to modify the plan o f
reorganization under title o f Canada Iron Foundries I,td. (as approved
July 2 1914) by providing (1) that the interest on tho “ A " and “ B ’r deben­
ture stocks of tho new company shall begin to run as from Oct. 1 1915,
instead of as from tho date o f incorporation o f the new company, and that
so long as any “ A " debenture stock remains outstanding tho interest on
tho B debenture stock shall bo payablo yearly instead of half-yearly—
tho first half-year’s interest on the " A ” debenture stock to be payablo on
April 1 1916, and tho first year's interest on the " B ” debenture stock to
bo payable on Jan. 1 1917. As soon as tho “ A ” debenture stock has been
completely redeemed, the interest cn tho “ B ” debenture stock will be
payablo half-yearly (J. & J.) ; (2) that the fixed sinking fund on tho “ A ”
debenture stock shall commence in 1917 instead of 1916 and that the
sinking fund on tho “ B ” debenture stock shall commence in tho financial
year next following tho completo redemption o f tho “ A ” debenture stock,
and shall be a fixed charge from its commencement. (3) that tho trust
deeds to secure the “ A ” and “ B ” debenture stocks to bo made by tho
new company to tho Canadian Trust Co. and tho Montreal Trust Co.
respectively, as trustees, bo approved. Compare V. 99, p. 200, 315;
V . 100, p. 1754.
Canada Iron Foundries, Ltd., Montreal.— Plan .— >
See Canada Iron Corporation, Ltd., above.— V. 100, p. 1754.
Central Petroleum Co.— Bonds Called.—
Ono hundred and sovontcon 1st M . 6% collateral gold bonds of $1 000
each and 30 o f $100 each, for payment at par and int. on Oct. 1 at Bankers
Trust C o.. 16 Wall Street, Now York City.— V. 99. p. 819.
15‘» 1K
t-rs
Citizens Telephone Co. of Grand Rapids.— Earninqs.—
Ju n e . 30
T o ta l G m .K x n . Oner. A
V e .p r .o f
Isom!
V ie s .
B a la n c e
Year—

Income. Taxes,&c. M aint.

Plant,Ac

Tnt..&c

Pah!

Surnlm

1914-15--$900,172 898,412 $359,176 $157,422 $31,174 $231,105 $ 22,883
1913-14
869,662 95,827 348,116 154.377 20!294 231 121 * 10,927
Total income as abovo, $900,172, in 1914-15. includes Grand Rapids
E^2.n^ S? 55':U(,:. outslde exchange revenue, $361,617; toll line rovenuo,
$150,900: interest income, $22,625; and other income, $9,714.— V.99,p.745
Colt’s Patent Fire Arms Mfg. Co .— Dividend Increased.
An extra dividend o f 2 % has been declared on tho $2,500,000 stock in
addition to tho regular quarterly distribution o f 2 'A % , both payable Oct °
to holders of record Sept. 18. Regular distributions at tho rate of 0 % haVo
been made for several years quar. Jan. 1. In July and April 1915 extra
disbursements of 2 'A % were made, also in Dec. 1914; from Jan. 1 1913 to
Sopt. 1914, 1% extra was disbursed quarterly and in July and Oct. 1912,

of 1% .—V . 100» p •2088.

Copper Range Co .— Exchange o f Stock.—

Sco Copper Range Consolidated Co. below.

Copper Range Consolidated Co., Boston.— Circular.—
President William A . Paine, in circular dated at Boston,
Sept. 7, says in substance :
Your company was organized Dec. 2 1901 in N. J., and has since acquired
by exchange the stock of two ,other muangan mining corporations, capital­
canital'•
>
V
p i v - u l Michigan
iznd with 100.000 shares o f %
25 each, rnwiilMnfr In
ized with 100.000 shares o f $2;» Oar'll resulting in tho lnnifior1 ownership
unified

and management o f tho chiof minos on tho Baltic lode, in Houghton C ountv
M ich . Your com pany u outstanding stock is 393.862 shares par < inn'
Present Michigan corporation laws arc satisfactory and your directors
boliovo that tho New Jersoy corporation should now bo dissolved and its
ontiro assets transferred to a M ichigan corporation, having exactly tho
samo number o f shares and a similar charter, in fa ct, an exact counterpart
o f tho Consolidated Com pany.
1
T h o Copper Range C o is such a corporation. It was originally formed
Jan. 20 1899. with 100,000 shares o f $25 each. In August, loir, th i.

ror a sufficient numooi oi now snares or Copper Range C o. to onablo each
stockholder in this com pany to receive tho same number o f shares in the
C opper Range C o. that ho now owns in tho Consolidated C o. Under
tho laws o f Michigan tho capitalization o f mining companies is limited to
$10,009,000. so that wo arc com pelled to keop tho par vaiuo o f (ho 400 000
shares issiieu hi $25
vaiuo o a mining com pany stock in
snares issued at,i w .j each, but tho par vaiuo oi f a mining com pany stock in
r n w n v n Pfnck f.hn riial v a l u e OP th n mn.rlrnfr. vnlim /if <!»/. shares.
...w.
no way affects the real value or the market value o f the
All dividends paid on the Cham pion, Baltic and Trim ountain shares,
S E E ? -# ^
^ d,Y.)Or ^ il _ to.,!;h5L ( '0pbor, Range C o. o f

935

m entV must bo repM dm ft ' v
<
forks- , Tbese advances, underP
the trust agreed
is pavablo on com m ittcYY™ t~ alr o f assets before any interest or dividend
°
assets^for^^h witMn Vho t ? , ^ ’ In y ie,'v ,of, the, im possibility o f selling the
pfan m ust3bo devised fnr rt =t® ^xpcxitexl it has becom e apparent that some
Y w u rftte
O f t h ^ t m f P ^ r i -t
llllnB ‘ J10 assets in k in d to the holders o f

ss
their face value in the purchase S H a ^ d s ^
have b e c ^ o b ta in e d /a public s a le ^ m b e ^ e h f o f th o ia n d and w°“ er Ytock®
p rice at which the trustee lias been offering t h i lands a n d ^ a t e r stock fo?
sale heretofore. E ach holder o f com m ittee notes who uses th e sa m o In th i
purchase o f lands or water rights will thus be paid to 1M
fer to him o f a specific tract o f land or specific water stock or both
I f no bids in excess o f the appraised valuations fixed b y the tnistce are
obtainable at such public sale or sales, tho trusteo will nrocoYd to sHl nt
pr vato sale any remaining assets at price s not Ic^s than the annraisrd
valuations, and to accept in paym ent o f all or part o f the purchase price
com m ittee notes. In such cases as the trustee m ay deem proper itYnav
accept part paym ent o f tho purchase prico in cash or com m itteeYio’tes anil
a first m ortgage upon tho property sold bearing 6% interest and mat iHng
on A ugust 11 1918 as security for the deferred brdance o f the purchlisl
price. In our judgm ent, this plan offers tho only hope o f solution
R eserva tio n f o r F r e n c h B a n k .— It is proposed to set aside b y agreement
orsu scem ^
preferably those covered b y the T oll m ortgage
nnrnns,?1
^ Y L f ‘ lon fr°™ the Hanrylyn Irrigation D istrict, for the
wW ch will bo deHvpJ«? com m ittee notes d d ivered to tho French B ank, or
V .;1
ue delivered to it when its underwriting obligation is paid
The
S° uttreed upon with the French Bank will be s e r v e d from
the general sales, and will be t ransferred to the French Bank or its nominees
tcrms°as tcrvaluation at'whY^h g ?i f°.r sald con?n,ittco notes’ upon tho same
* A d va n ta n J ^ P in o <Thl> V
°*ther com m ittee notes are to be retired,
m i t t o o S o t r h o ^ R r a d v a n t a g e s o f such a plan are obvious. A com m u ico notcnolclor so exchanging his securities will obtain title to pti indi­
victual farm or water stock which ho can work or l&ase sell or hold a " he
pleases. His com m ittee notes will thus be paid vrtthcmt anv expense to
fn ovitkblo^ nc^ L ^ f in n h o C 1inB ?,gents’ com m issions, and ho will avoid the
t
U
a d v a n c e ^m ade ^lor iV m ?r,])Y ° r. l Ien expenses. Instead o f participating ,o
aavances m a d n r administration against thc.tru st estate on account *n
i,n°lv1?iCprlty vf? r notes o f a principal faco value o f m ore than $27500 000
lio will have his own particular farm or water stock to d o with as ho ileases

orobabYvrl i n Y
f 18i<
tnQd<xU forbidding, since the result would
a
1918'.aud the committee noteholders to prowould then be required to raise a large sum of money to pay
t r e t l o n l f f ^ i " ™ ^ ^ tb,e.trp
Ustce during the 5-year period of the adiniu&
J hIcY constitute a first lien upon ail the assots.
the lands^trt G a O i fL o ? , t r/s.• inasmuch as a very considerable acreage of
—
ireicaHon
m ?Sld Vnder tho foregoing plan is situated in

protective com m ittee for tho purpose
liUtlorl, ancL enf}ancln8 the value o f tho lands so dis­
T ali O
V rf*h° illte.rest upon the irrigation D istrict
c ° and including the interest coupon due June 1 1918,
a^Ytata^m Y.Ye^a^tYiTllYc6 ' t0 V
efund said irrigation district bonds under
a statute passed at the last session o f the C olorado Legislature so
to
postpone all payments on account o f the principal thereof for a further
period o f at least ton years. I f the district bonds are r e « d In 1918 from
their pleclgo as security for the com m ittee notes b y tho retirement o f said
e S tW f^ n n w o rl
bondholders' protective com m ittee, to the
extent o f its powers under its depositary agreement, has signified its will­
ingness to remit all interest on tho refunding bonds for a further period o f
Uirqo years, or up until and including tho coupon due June 1 1921.
,, F a r m e r s R eservo ir & Ir r ig a t io n C o . — It is proposed to provide for
f^ d R c lia r g o o f the receiver o f this com pany at the earliest time advisable.
P ro cess P ro p o se d S u b sequ en tly fo r P a r tic ip a tio n C e rtific a tes .— A fter
S S Y n V0 boon, obtained from tho holders o f a sufficient amount o f
hi!
com m ittee notes as aforesaid, separate mortgages or liens proportioned to
o f l i n d S w a t areSISt0 ! values wU1 tben bo idacod on tho remaining trectY
0r„la” d and water stock, in an aggregate amount not less than the aggregate
s u h w Y ° f co ,nnlittco notes still outstanding, and said remaining assets,
, it06u ° ,.^ d r^ cjcved m ortgages or liens, will then be distributed or sold
a
to tho holders o f P a rtic ip a tio n C e rtific a tes in tho order o f t
, [Signed b y Bondholders' P rotw tivo C o m m u te ? i
bonds o f Denver Reservoir Irrigation C o D onver-G reelevV a liev Irrlea”
D istrict and N orth Denveifand1 the Donver-St. Vraln^Tun t e f p a f l S :
W VVJ h ln ^ Y n i .r ^ Y r S b y the Advisqry C om m ittee. Abel Davis. 69
aL ,°
C om pare v f ^ o i ’ p 1675lICag° ’ 1S V ' ( • al^ma,1 offirst-nam ed Com m ittee.
'h
trnmtYH b iag^
bonds held

£

^

C hem ical C o., M idland, M ich .— Stock In c .— D iv.
$1^500!00°0 t ^ ^ M O .Y h ^ S L M r o o O ^ ^ ^ ^ ^ ^
k uu pn^iiuriy <vm assuis wi
i
tors will also ho identical. Stockholders of tho Copper Range Co will
then receive a dividond out o f tho earnings of the current year.’
For tho first six months ended Juno 30 1915— the profits of the Baltic
Trlmountaln, and ono-lialf Champion mines wore $1 80“' 791
our
$1,200,000 m/fus outstanding
•ji.zuo.uuw notos uuBMimnix .Tan. 1 1915, Have an been paiu. and your
i
nave all oeon paid.’
company
m
i.
com pany is now entirely freo from debt, and on Sent, 1 had $612 427 cash
Sopt. l

in bank. Thera was also duo for cooper produced to Soot 1 which has
all boon sold, but not paid for (after deducting one-half Ch'amninnY
$1,356,041.— V. 101. p. 848.
’

Cosdon & Co. (O il), B altim ore .— Bonds Underwritten .-—
A syndicate of Baltimore, Philadelphia, New York and Chi­
cago banking interests, headed by tho Equitablo Trust Co
Baltimore, has underwritten an issue of S I,000,000 of 5-year
6 % convertible bonds. Baltimore “ Sun” says:

»vT

o f record h*cpt°G S *° b° dlstributed as a 60% stock dividend to hoidere
18.1
as The r ^ d t ;
h iih r i l 1 1 . ^accumulated a surplus of over $900,000
01 .
i rcs* J °
1
lts products due to war conditions. Tlie
f
tatC .l5atrtb,° st°ck dividond had been decided upon because the
S
increased growth of tho company’s business will necessitate further largo
additions to tho plant, and it was, therefore, decided to conserve tho cash
o F n ew 'stock — V \“00 U V675>Ulk ° f th® accumulatod surplus in tho form
p°

D u qu esne L irfit C o., P ittsb u rgh , Pa.— Acquisition.—
See Tri-State Ry. & Electric Co. above.— V. 101, p. 617. 1
™ e i i t y C o .— Bonds Called.— 'Three thousand
($3,000,000) Collateral Trust 4 % bonds, Series A , secured by
trust indenture dated Oet. 1 1909, have been called for pay­
ment on Oct. 1, at par & in t., at office of company, 55 W all St.
Incorporated in N. J. M ay 17 1900 with $200,000 capital stock (in $100

T h e bonds are secured by a first m ortgage on tho plant. T hey run fivo 1 9 0 9 * 0 $2 000°000Ct' 31 1907 WaS incrcased to $1,000,000, and on Dec .28
years and aro callable at 101 on 90 days’ notico, and are convertible at any
tim e before m aturity, or before they ore called, into com m on stock at 86 50
G eneral C hem ical C o., N. Y . — Baking P ow d er __
per share, par vaiuo $5. Sinking fund nearly $17,000 m onthly, or $202,000
Tho company announces, by a d v.. that ithasadded to its other lines the
a year. T ho proceeds o f tho bond issuo will bo used to retiro tho present
pla373a2t16 ° ° f a n° " and superlor ^ k ln g powder called “ Ryzon.” — V . 101,
m ortgage, which originally amounted to $300,000, but has been reduced
through tho sinking fund to about $275,000. Tho balance will bo used to
pay the floating debt and to furnish working capital.
G eneral Motors C o.— 5 0 %
Cash Dividend— Regular
Cosdon & C o. operates in tho Oklahoma field. Tho surplus earnings in Quarterly Dividends on Com m on. — The directors on Thursday
July were about $93,000 and for August approxim ately $100,000. Tho
com pany now pays quarterly dividends o f 2% on its com m on stock, and it is I declared a cash dividend of 5 0 % on the $16,184,800 common
reported that tho rate will be raised to 2 !3 % quarterly, or 10% a year
stock, payable Oct. 15 to holders of record Sept. 30, and




026

THE CHRONICLE

recommended tho inauguration of regular quarterly dividends
on tho stock, the rate to bo determined by tho now board
to be elected on N o v . 16.
Tho basis of tho cash dividend
rato m ay, it is reported, depend upon whether a stock divi­
dend is declared.
.
Report.— The report for the fiscal year ending July 31,
compare “ Annual Reports” above will show in part:
Gross sales o f all of the companies amounted to $94,424,841, compared
with $85 373,302 for 1914: the number o f cars sold, 76,068, compared with
58 987 during the preceding year. Owing to price reductions, the number
of cars sold tends to increase considerably faster than tho sales measured
In dollars.
Tho outlook never was more promising than for tho coming
year The models of all of tho companies are meeting with great favor
in their respective classes anti sales so far in the new year (Aug. 1 to Sept.
14 1915) amount to $16,176,761. compared with $7,585,739 for the cor­
responding period for last year.
,
,
The large "writo offs,” amounting to $12,531,013, required during tho
last 5 years to bring the plants, machinery, merchandise and other assets
down to a conservative figure, are now, it is believed, at an end.
Cash on hand at the close of tho fiscal year, July 31 1915, was $14,526,124
with all the factories in operation and all current bills paid and discounted
in advance wherever possible. Cash on hand Sept. 14 1915. $20,408,331.
Large Profits N ot from W ar Business.— Pres. Nash says;
The impression that the company has made its profits out of war business
is entirely erroneous. The company has not sold ono dollar’s worth of war
materials from any of its plants in tho United States. Tho English com­
pany has made a deal for something like 250 automobiles, which will
serve as ambulances in tho Red Cross service. The policy of tho company’s
officers has been to strengthen business with tho homo trado. It has not
catered to war business, for the demand for our products in this country
has far exceeded our ability to supply it.
Expiration o f Voting Trust— Next) Board.— President Nash

states that in view of tho expiration of tho voting trust on
Oct. 1, representatives of large stock-holding interests on
Thursday appointed a proxy committee who have named
a new board, which includes Men prominently identified
with other large corporations.
N e tv D irecto rs to be E lected . — Pierre S. du Pont, President o f tlio du Pont
do Nemours Co.; Lammot Belin, director of tho Aetna Explosives Co.;
L G. Kaufman, President Chatham & Phenix National Hank, of which
tho du Pouts aro largo stockholders; S. I1 Pryor, Gen. Mgr. of the Union
'.

Haskell and J J Itoskob, Treasurer du Pont do Nemours Co.
OW D o l o r s to be R e-elected .— President C. W Nash Albert Strauss of
T & W Seligman & Co., J. J. Storrow of Eeo. Iligginson & Co.. E. W. Clark
W c Durant, J . H . MxClement, C. S. M ott and Thomas Neal.— V. 100.
’
.
P 1261.
G reat W e ste rn Power C o.— Earnings .— A s published:
Bond
B a la n c e ,
J u n e 30 G ross
N e t (a fte r
Other
In t e r e s t.
S u r p lu s .
Y e a r __ R ev e n u e.
T a x e s ).
in c o m e .
$1,243,130
$906,794
1914-15 $2 770,963 $1,950,582
$199,342
1,18.2,698
729,287
1913-14: 2:689.448
1.683.821
228,164
As to composition of items seo report, V. 101, p. 446, V. 101, p. 291.
H aw aiian Com m ercial & Sugar Co .— Extra Dividend .—
In addition to tho regular monthly uividoiul of 25 cts. (1%) on tho
810 000 000 stock (par S25) an extra payment of 50 cts. (2% ) lias been
declared payable Oct. 5. Similar extra paymonts wore made in Aug.
and May 1915- An extra payment of tho samo amount will, it is expocted,
bo made in Doc. 1915, bringing tho total divklonds for tho year up to 20%.
— V. 101. P- 844, 373.
H aw ks Electric C o., G osh en , In d .— Mortgage .—
r n'h0 Indiana P. S. Commission has authorized tho company to oxecuto
n mortgage on its property for $250,000 and to issue $128,000 thereunder at
not less than 93, to reimburse the treasury for $29,957 for expenditures al­
ready’ made, to purchase tho Home Electric Co. of Wakarusa, Ind., for
810 000 and to construct a new transmission lino from Goshen to Bremen.
The Homo Electric Co. has boon purchasing its energy from tho Hawks Co.
for somo time.
H ow es Bros. Co. (Sole L eath er), B o sto n .— Pref. Stock.

__ Rolla W . Bartlott & C o., Boston, aro placing at par and
int. tho unsold portion of $418,900 0 % cum. first prof, (p.&d.)
shares, Series B (samo preforonco as Series A ). Par $100.
Dividends Q .-J . Rodeomablo on 90 days’ notice at llO&div.
C im ita liz a tio n (N o B o n d e d D ebt)—
A u th o r iz e d . Is s u e d
F irs t p r o f 7% cumulative " A ” shares.................. ........$581,100 $581,100

First pref. 6% cumulative “ B” shares.......................... 918.900
Second prof. 7% non-cumulatlvo shares....................... 350,000
Common shares____________________________________ 1,150,000

418,900
350.000
650.000

D ig est o f S ta tem en t by T rea s. Frank 1,. H ow es, B o sto n , J a n . 21 1915.

iz a tio n
O rg a n iza tio n . — Tho management consists of myself, and my four brothors.
ages"26 to 47. Begun in 1895 as a partnership; in 1905, incorporated in
_ges 36
$150,000 “
1st
-- ■
• _ _ Bros. Co., with capital of $1,000,000, v ‘
•
Maino as Howes, _
pref "sold to investors; $350,000 2d pref. and $500,000 common. In Juno
1 9 1 4 ”ro-incorporated. These “ B” shares aro issued for working capital.
We do a commission sole loather business, advancing monoy on hides and
leather at 75% to 85% cash value. Wo acquire the legal titlo to these
hides and ship them fully Insured to tho tanneries in which wo liavo an indi­
vidual interest. The sole leather is then shipped to our various warehouses
in Boston, St. Louis and Chicago and sold by us on commission. Our
profits from loaning monoy on these hides and leather and from commissions
on tho salo of the leather are very stablo; in 19 years not a month without
profit
Net earnings June 1 1905 to Jan. 1 1915. $1,803,573; dividends
paid $456 602; carried to suprlus, $1,346,971, or a yearly avgo. of $140,553.
Grossbusinassfor 7 months ending Jan. 1 1915, $7.069,001; net, $137,384.
No mortgage debt can bo created unloss authorized by voto of not less
than 75% of all first pref. stock then outstanding. No dividend can bo
paid on any junior stock which will reduce tho net quick assets to loss than
150% of tho par valuo of tho outstanding first prof, stock of both series
outstanding. No first pref. stock beyond tho present $1,000,000 shall bo
Issued except for cash at or not less than par and divs., nor unless simul­
taneously thero is sold for cash, at not less than par, an equal amount of
2d prof stock or common stock, or unless tho said stocks then outstanding
equal hi amount tho first pref. stock outstanding and such additional issuo;
and only in case tho net quick assets after such additional issuo will equal
or oxcoed 150% of tho total first prof, stock which will then bo outstanding.
Tho first pref shares havo full voting powers, but In caso of default for 18
months upon the dividend thereon for any quartor tho first prof, will, so long
1 tho default continues bo entitled to tho exclusive voting poweras
F in a n c ia l Statem ent J a n 1 1915 (T o ta l each s id e , $3,160,628)
B ills rocoi vablo __________$1,404,183 Bills and notes payable___ $788,000
Foreign acceptances|l(with
Advances on hides and
drafts).................. ........... 287,750
loather.........................- - * ' 1 *§£§’?# ?
Cash in banks--------------- 238,201 Capital stock (as abovo)__ 2,000,000
. Surplus (undivided profits)
84,878
“ nircr/nri__Ernest G. TIowes, President; Frank L. Howes, V.-Pres. and
Treas.; Samuel C. Howes, Sec.; Henry S. Howes, John B. Fallon.
International Mercantile Marine Co.— Plan Declared
Operative After M aking Optional 2 Y2 % Cash Subscription by
Stockholders— Time Extended— The plan of reorganization

[VOL. 101.

of tho new company at the rate of $2 50 per share, and tho
plan has accordingly been changed so that holders may at
their election deposit their stock and stock trust certificates
without the payment of tho subscription.
Depositors may, if they so desiro, obtain a refund of tho amounts paid
bv them upon surrender of their certificates of deposit to the depositary
or Its agents on or beforo Oct. 1 1915 in exchango for now certificates.
Certificates of stock, stock trust certificates and bonds must bo deposited
under tho plan on or beforo Oct. 1 1915, after which date no deposits will
be accepted except in tho entire discretion of tho committeo and subject
to such penalties and conditions as tho committeo may seo fit to imposo.
Alfrccl E Cortis who last spring called attention to tho favorablo pros­
pects for the security holders, has announced his approval of the plan,
stating that after careful examination ho has decided that on the whole
tho various classes of security holders have received relatively fair and oquitablo treatment. He will, therefore, advise all Ins constituency promptly
to deposit their securities under the plan.
N ew Committee.— Preferred shareholders dissatisfied with

their treatment under the plan are asked by adv. on another
pa "c to deposit their certificates with tho Central Trust C o.,
5 4 °W a ll S t., as depositary. Committee: J. N . Wallace,
Chairman; Henry Evans, Harry Bronncr and Frederick
W Scott, with C . E . Sigler, 54 W all S t., as Secrotary and
Joiino, Larkin & Rathbono and Loueks & Alexander as
counsel.

"M ood y’s Magazine” for September contains an article regarding tho
company by Theodore Prince o f L. M . Prince & Co. of N. Y ., members
N. Y . Stock Exchango.— V. 101, P- 849, </6.

In te r n a tio n a l Steam Pum p Co. Plan Operative Time
for Deposit Extended — Assessm ent Called. Notico is given, by
adv. on another pago, that the plan of reorganization (V. 101,
p. 531, 617, 849) was on Sept. 14 declared operative and that
the time for the further deposit of securities thereunder has
been extended until and including Sept. 23.
Holders of certificates of deposit of Columbia I rust Co. ,
representing common stock oi tho company, are notified
by said a d v., that the payment of .$12 50 per share of com.
stock required under the plan dated Aug. o 1915, Must bo
made on or beforo Oct. 14 in N . Y . funds at Guaianty liu s t
C o ., 140 Broadway, N . Y .
Said ]
40% th
April b I' 19 V(i *(with priv i1 go of paying all unpaid installments at any time).
e
P ercen tag e o f E a c h C la s s o f S e c u r it ie s W h ic h

W an.

Tnioniotionol bonds
— 94% IWorthinston pict. stoclc — _ — ,)() /q
Inter at onal p r o L s t o c k !::! - .74% Blake & Knowles pret. stock .-100%
International common stock— 90% I Holly Mfg. Co. bonds---------- - 86%
Intervention D enied.— Judge Hough in the TJ. S. District

Court on Tuesday denied tho application of tho minority
pref. stockholders’ protective committee (McDmigall Hawkes
Chairman) to intervene in tho foreclosure suit biought by
the Guaranty Trust Co.
nitres! of Statem ent Issued by Hawkes Committee Dated Sept. 14.
^ *Tho (kxusion sots 'forth that, as a receiver has boon appointed in Now
Jersey defences in the foreclosure action should be set up by this receiver
and not bv the stockholders’ protective committeo. Tho protective com­
mittee has already covered this situation and made an application to ViceOhanceUor Stevenson in New Jersey yesterday for an order to show causo
why* Hie receiver'shoiilil not set up tho defences or allow tho committeo to
Tot them un in Ms name Notwithstanding tho objection of counsel for tho
other stockholders^committee, tho Vice-Chancellor granted an order to
s l o w c M ^ l s c S I b l o Monday next in the County Court House at
p ofersmi1
SN i ‘ TneVlce-Chancellor stated that technical defences should
not in his opinion bo allowed to interfere with substantial rights of stock­
holders and that if itwas necessary that orders should bo entered to cover
s ^ t h ^ h n t a lhd
aeflncU : unelss groundpWas shown to him on Monday why
thl^hohdechlon hi th^imtitioiTfor Intervention in tho foreclosure aciton,
U nond?ng in New York, docs not in any way affect tho action for
which nnners am being prepared, which will bo brought in tho Court of
( P aneJrvPr f Nmv Jersoy against tho mombers of the bondholders’ commmee^t^^stockholders^comniltteo of wnicli Mr. Lewis L. Clarke is Chairm in ami the ioidtreorganization committee, and also the mombers of tho
underwriting*syndicate in tho announced plan, to havo tho Guggonheim
common stoc^declared invalid and to hold the members of the reorganization
committee and members of tho underwriting syndicate personally responsi­
v e to tho prefekred stockholders of tho International Steam Pump Co. for
damages accruing by tho attempt to carry out, or tho actual carrying out,
if thov go so far as that, of tho reorganization plan as announced. Tho po­
sition of the preferred stockholders conimittoo will bo maintained as high
as the U S Supremo Court if necessary, and tho committeo has no doubt
whatovor of tho ultimate outcomo of this situation, though it may moan
long litigation.— V. 101, P- 849. 776.
In tersta te Electric C orporation , N. Y . — Earnings, &c.
C o n so lid a ted Statem ent o f E a r n s , o f S u b Cos for J u l y a n d Y e a r E n d J u l y 31.
i oi
1914. I n c .
vo
11)1*5— Y e a r — 1914.
m e . /o
Gross in c ..$32 477 $29,622 $2,555 8.6 $356,754 $321 835 $34,919 10.8
Oper. ex p .. 18,236 17,187 1,049 6,1
212,764 194,716 18,048 9.2

w h ic h

Net
$13,941 $12,435 $1,506 12.1 $143,990 $127,119 $16,871 13.2
The ooinnanv at Sail Angolo (Tex.) had in July the most prosperous
month in its hlstorv tho gross incomo being $10,009, an lncreaso of 16.9%,
S id the net earafngs $5,667. or an increase of 44H % over July 1914.
The I aredo comuan'y In July showed an increaso of 30.9% ($1,558) in gross
income and of 54 8% $1,506) In net earnings. In Trenton, M o ., 7 electric
coMmners and 9 gas consumers were added during July; tho expenditure
of $62 500 recently authorized for an ice plant and oil ongino, it is estimated,
will yield a°net return of $10,147 on this investment. The People's Gas
& Electric Co. of Chillicothe M o., taps beeni authorized to spend $26,906
in connection with the installation oi 32,8.,o ft. of now gas mains, o70
service connections, 570 meters set and a new station gas meter. At Great
Bend K an ' where gross earnings per capita havo increased 94c. over last
year ’ an expenditure of $42,240 is to bo made on an oil ongino which is
expected to yield a net return of $11,483 thereon. Tho high-tension trans­
mission line from Erie, Pa., to Waterford, Corry and Union City Is now
completed and in operation, making it posslblo to take on tho substantial
power load thero available. Rato concessions have accordingly boon mado
in Union City.— V. 101. p. 291.
__ ______ (N. Y.) Estates
Auction Sale.—
JaMaica __ _ _ ^
AiictloTieer"Joseph P , Dny sold UH(... foreclosure salo— M — on the .
Anpt.lnnpflP .Tosiinh P. Day
under ----- ------ -----....— Sept. 14
—
projnises all of tho remaining plots and *
tho company by order ” tfio Su­
fni’
’ ‘
' tracts of ‘
..............
" " of “
preme Court, in the action of tho Matawok Land C o., plaintiff against
Katherine M Galvin Jamaica Estates, City Real Estato Co. and tho 1 itlo
Guarantee & T ru stC o ., defendants. Ernest Scholvids of Philadelphia,
bought in tho interest of bondholders in a largo tract for $81,807 anil tho
attom eyfortho plaintiff bid in tho remainder of tho property for $132,046.
There was originally a mortgage for $1,100,000, taut of this $850,000
was paid (land sales having taken place from time to time) leaving
(V . 101, p. 451, 531, 617) elated Aug. 3 1915 has been de­ $250,000 on which thero was unpaid intorost of $31,000.

clared operative, as stated by adv. on another pago
Tho reorganization committee says: “ Tho continuing
largo earnings now indicato that tho assured cash resources
of the now company make it unnecessary to require holders
of stock and stock trust certificates to subscribe to bonds




Lake Superior Corporation.— Report.—
Seo "Annual Reports" on a preceding page.
Proposed Reorganization of Subsidiary Companies.
;vy
lee aforesaid report and also Algoma Central & Hudson Bay Ry. under
Railroads” above.— V. 100, p- 1514.

Sept . 18 1915.]

THE CHRONICLE

937

Laurentide Company, Ltd.— E a r n in g s .—

m oney paid to acquire tho property o f our only com petitor, tho Tulare
C ounty Power C o .; this acquisition should imm ediately increase our an­
nual gross earnings by 2 5 % . A first lien on our entire system . Unissued
(8 % ).
bonds m ay bo issued to reimburse com pany for 80% o f the cost o f permanent
1914-15------$1,034,006 $105,015 $01,800 $20,000 $708,000 $19,191
extensions or additions upon engineer’s certificate, but only when annual
1913-14-----944,959 156,818
57,307 20,000
570,000
134,774
T otal profits In 1914-15 include mill nets from ground w ood, sulphite net earnings aro double tho interest charge, including bonds applied for.
Sinking fund, 1% o f outstanding bonds began Oct. 1 1914. Im provem ent
pulp, paper, & c., $943,272, and profits from lum ber, & c., $91,333.
T ho total accumulated surplus Juno 30 1915, after crediting $192,000 fund, also 1 % , will begin Oct. 1 1919.
P r o p e r t i e s . — J . G . AVhite & C o ., now engaged in bringing up to dato their
interest charged to power dovelopm ont during construction, was $701,024.
appraisal o f our physical properties, including tho system o f Tulare C ounty
— V . 100, p . 1352.
Power C o. (since A ug. 1 consolidated with our ow n), report in substance:
Wo regret that our work is not advanced sufficiently for a m oro definite
Maryland Coal Co. (of West Va.).— D iv . P r o s p e c ts .■
—
It is com m only expected that at tho next meeting o f the board, which statement, but wo feci safe in advising you that tho total valuo o f the prop­
was adjourned from Sept. 15, a second dividend o f 1% will bo declared on erty o f theso com panies, based upon our estimated cost to reproduce, is not
the $2,000,000 stock. An initial paym ent o f 1% was mado on Feb. 1 last. loss than $4,590,000, with no allowance for water rights, good-w ill, going
concern, developm ent,cost or other intangible assets.”
C om pare V. 100, p. 313.— V . 100, p . 402.
• 9 P ?ratcs (a) four high bead hyrdo-eiectric generating stations, com bined
Massillon (Ohio) Electric & Gas Co.— P r e f. S tock .— installed ca p a city o f 12,530 li.p ., (b) steam plants in Visalia and Tulare,
R olan d T . M e a clia m , C loveland, is offering at 92 and d iv ., 11,060 h .p . lo ta l output, 16,955,210 k.w . hours in 1910; 45,687,700 k.w .
hours in 1914; increase 169% , or an average o f 27% yearly. T otal conyielding over 6 ) ^ % , tho initial $ 1 2 5 ,0 0 0 o f tho now issuo niic„t.?,c
.Uoa<L ,,Joc,' 3 ,1 1999 was 6,208 h .p .; D ec. 31 1914, 14,709 h .p ., a gain
o f 6 % cu m . prof, stock. D ividend s Q .-F ., cum ulative after o f 236 % . The hydro-electric power is brought at 33,000 volts over 223.5
miles ot transmission lines and distributed over territory by 1,500 miles o f
date of issuo, A u g . 1 1915.
low potential lines. A bou t 68.2% o f tho gross incom o is from power for
irrigation pumps
3 1.8 % from the normal general business o f an esti­
Digest of Letter from Henry I.. Doherty, Aug. 1 1915.
m ated population o f 60,000. Averago dem and, 56.4% o f maximum demand
O r g a n i z a t i o n .— Organized in 1908 in Ohio, succeeding tho M assillon L t.,
l i t . & Power C o ., and supplies electric light and power without com petition E a r n i n g s f o r J u n e 30 Y e a r s
(N e t A v e r a g i n g 2)4 T i m e s B o n d I n t e r e s t ) .
in tho city o f Massillon and the towns and villages o f Canal Fulton, Navarro, „
.
1 9 1 °-U .
1911-12. 1912-13. 1913-14.
1914-15
Orrvillo and D alton, O.; also sells power wholesale for distribution at Gross incom e............... $371,629 $428,689 $525,291 $633,710 $656,131
Brewster, O . T otal population served estimated as over 24,000.
N ot e a r n in g s ............... 206,227
222,711
262,253
284,531
388,238
65,046
78,021
102,333
127,574
152,673
C a p ita liz a tio n —
A u t h o r i z e d . O u Bond i n g .
t s t a n d interest-----------$500,000
$480,000
First mortgage 5% bonds duo 1948............- ............
$144,690 $159,920 $156,957 $235,565
Su
6 % cum ulative pref. stock (present issuo)____________________
250,000 125,000 rp lu s -------- --------- $141,181
C om m on stock _________________________________________________
500,000 500,000B a l a n c e S h e e t J u n e 30 1915 a n d D e c . 31 1913 ( S u p p l i e d b y E d )
J u n e 30’ i ' " e"c . 5 " ”
15. D
31’ 13.
Tho purpose o f this issue is to retire floating debt incurred in building
. ,
J u n eS O ’ 1 5 .D c c .S V 1 3 .
S
S
A s s e t s __
L i a b i l i t i e s —•
$
$
extensive additions to plant and equipment, to supply power to soveral
largo manufacturing plants. The pref. stock is limited to $250,000 and tho Plant & cquip’ t.5,715,818 5,150,818 Capital s t o c k ...2 ,6 2 5 ,0 00 2,625,000
Cash, notos and
1st M . b o n d s . ..2,623,000 2,165,000
remaining $125,000 can only bo sold with approval o f 1’ . U. Commission.
accts. r e c e lv .. 223,4511 707,616 Bills&accts. pay.
21,815
470,560
E a r n i n g s f o r Y e a r s e n d i n g J u n e 'S O —
1912-13.
1913-14.
1914-15.
64,273/
Bond m t. accr’d
39,345
32,475
$77,291
$100,048
$119,893 M erch a n d ise___
Gross earnings....................... ..................... Bd.disc.& def.chg. 245,1521 188,889 Deprec. reservo. 460,537
527,070
N ot earnings (after taxes)---------------------$24,039
$31,028
$50,022
13,134/
Surplus................ 492,131
227,218
B ond interest___________________________________________________
24,000 Miscellaneous _ .
J u n e 30
Y ea r—

T o ta l
P ro fits .

B ond
I n t .,& c .

B etterm en ts.

D ep rec.
R eserve.

D ie s .

B a la n ce,
S u r p lu s .

Balance, equal to 3 times tho $7,500 dividend on pref. s t o c k ..
$26,022
[For year ending July 31 1915, gross, $125,750; net, after taxes, $55,406.]
O w n e d .— M odern generating station o f 6,000 h. p ., centrally
located; high-tension transmission linos o f 25 miles and an oxtonsivo system
o f distribution lines adequate to servo tho territory. Tho physical plant
and equipment, with no allowance for franchises or other intangibles,
provide an equity for tho pref. stock substantially in excess o f tho amount
to bo issued.
E l e c t r i c F r a n c h i s e s .— All unlimited in tim e except at Canal Fulton, and
negotiations are now under way for tho roncwal o f that franchise. (Tho
population o f this villago in 1910 was 978.)
P ro p erty

E a r n i n g s , A c . , f o r C a l. Y e a r s , S h o w in g R a p id G r o w th o f E le c tr ic R e q u ir e m e n ts

1909.
1910.
1911.
1912.
1913.
1914.
Gross e a rn s .. $49,006 $58,673 $65,379 $69,368 $89,723 $107,895
C u s to m e r s ...
697
926
977
1,093
1,615
1,830
Output,lc.w.h.1,405,968 1,715,485 1,864,338 1.898,374 2,913,852 3,738,830
[Controlled by Cities Service C o. See “ E l. B y . S ection.’ ’] Compare
V . 101, p . 216.

M a v e ric k M ills , B o s t o n .— P referred D iv id e n d s .—
■

A dividend o f $3 a sliaro has been doclared on tho original (1910) issuo o f
preferred stock, thus placing tho 1910 issuo and the $260,000 issued July 1
1911 on tho samo basis so far as deferred dividends are concerned. A
dividend o f 1 )4 % has also been doclared on tho ontirc $950,000 prof, stock,
All dividends aro payablo O ct. 1 to stockholders o f record Sept. 21. C om ­
pare V . 100, p. 2014.

M e x ic a n P e tr o le u m C o ., L t d ., o f D e la w a r e .— P rop osed
V otin g T ru st.— N otice is given , b y a d v . on another page, that
holders of a m ajority of the outstanding capital stock, pref.
and c o m ., aro of tho opinion th at it is for tho best interest
of all of tho stockholders th at tho continuity o f tho present
m anagem ent bo ensured in order to carry on without risk of
interruption tho developm ent o f its properties and business
along tho lines now being follow ed.
It is therefore proposed
to creato a voting trust for a period of 7 years. A ll assenting
stockholders aro invited to deposit their stock in negotiable
form w ith tho G u aran ty T ru st C o . o f N ow Y o rk on or beforo
O ct. 15 in oxchange for tem porary transferable receipts,
which N . Y . Stock Exchange will bo asked to list. If tho deposits
aro inadequate the stock will bo returned without chargo.
T ho plan Is submitted b y tho following, who havo consented to act as
tho voting trustees: E . I.. Doheny, President: J. M . Danzlger, uirector,
and Herbert G . W ylio, V .-Pres. and Gen. M gr. o f tho com pany.
“ In view o f tho arrangements recently effected in England, w hich wero
outlined in tho annual report, involving a great expansion o f the com pany’s
business, it is believed to bo particularly desirablo at this tim e that a
continuous policy o f management bo secured, not only becauso tho measures
already adopted b y tho present management aro expected to work great
benefit to tho com pany and its stockholders, but becauso tho management
would feol better justified in inviting tho co-operation o f tho English inter­
ests requiring largo expenditure's on their part, if tho control o f tho com ­
pany is secured for tho period during which tho present policies aro being
d eveloped.’ ’ Oom paro annual report in V. 101, p. 446.

M id v a le S te e l C o .— Sale.— It is reported that tho M id va lo
Steel C o is to bo purchased b y a syndicate and that its
productive capacity will bo turned over to tho sorvico of
E n glan d , Franco and Ita ly .
W in . A . R ead & C o ., say :
N othing has been settled yet, but I
a few days. N o m oney lias changed
and seller, and no papers havo been
T ho rumored purchaso price was said
I). 553. 313.

M ount

expect to havo definite news within
hands between prospective buyer
signed, I can say no m oro n ow .”
to bo about $19,000,000.— V . 100,

V e r n o n -W o o d b e r r y

M ills,

I n c .— N o te s .— •

C olston, B oyco & C o ., Baltimore, aro offering at 97)4 and hit., yiolding
over 7 % , $200,000, tho unsold portion o f $2,506,000, 3-year 6 % dobenturo
gold notes, dated Feb. 2 1915, and duo Fob. 1 1918, but redeemable at
102)4 and int. at any interest dato on 60 days’ notice. Trustee, M orcantiio
T r. & Doposit C o. o f Baltimore. Com pany will pay normal Federal
incomo tax, so far as m ay bo law ful. Tho bankers say : "T h o operating
incom o for tho current year, if maintained at the present rate, should bo in
excess o f $600,000, or more than four times tho interest on those notes.
N o mortgage d obt can bo placed on tho properties while tho notos aro ou t­
standing. Tho follow ing voting trustees, all o f Baltimore, aro in activo
personal control : W aldo Newcom er, Prost. N at. Excli. Bank; J. J. Nolligan,
V .-Pres. Safe D ep. & T r. C o.; G oo. C ator, Pros. M t . V ernon-W oodberry
M ills, Inc.; A . II. S. Post, Pres. M ercantile T r. & Doposit C o.; Edwin G.
B aotjer. Soo also V . 100, p. 816, 1262.— V. 101, p. 697. 373.

M t. W h i t n e y P o w e r & E le c tr ic C o . o f C a l.— P on d
E a r n in g s , & c .— T ho com p an y’s fiscal agents (B ly th , W itte r
& C o ., San Francisco) aro placing a t par and in t. $ 4 4 0 ,0 0 0
1st M . 0 % sinking fund gold bonds o f 1 9 09 , duo O ct. 1 1 9 39 .
Callablo as a wliolo on any interest dato to A pril 1 1930 at 110 and int.,
said redem ption prico decreasing thereafter by 1% annually to m aturity.
D onom . $1,000 (c*). Interest A . & O. in N . Y . Tax-exem pt; Federal
incom o tax not deducted. Authorized, $5,000,000; outstanding, $3,110,­
000. Cancolcd b y sinking fund, $52,000. Bankers Trust C o ., trusteo.
Kntiro cap. stock owned b y M t. AVhitney Pow . & Elec. Corp. Seo below
D a ta from T roa s. & C om p . P a tr ick M. L o n g a p , V is a lia , C a l., A u g.ilG
B o n d s N o w O f f e r e d . — Theso bonds wero issued to provido a part o f tho




T otal------------- 6,261,828 6,047,323
T o ta l_________ 6,261,828 6 047 323
F r a n c h i s e s . — Tularo C ounty franchiso runs to 1961; for portion o f k e rn
C ounty served runs to 1960. Our counsel holds that tho municipal fran­
chises aro not limited as to tim e under A rt. I I ., California Constitution,
except in Exeter (to 1962), and that water rights for tho hydro-electric
plants aro vested rights.— V. 101, p. 618.

Mt. Whitney Power & Electric Corporation (of N. Y.)
— N ew H o ld in g C om p a n y— F irst P r e f. Slock O ffere d .— B ly th ,
W itte r & C o ., San Francisco, fiscal agents for this new com ­
p a n y , aro offering a t 9 5 and d iv . its first pref. 7 % cum ulative
stock. A circular says in substance:
T ho shares offered aro fully paid and non-assessable, par $100 each;
redeem able in part or whole at $105. Dividends payablo Q .-F . Transfer
offices, 704 M erchants’ E xchange, San Fran., and 120 B roadw ay, N . Y .
Iiegistrar, M ercantile Trust C o ., San Fran. In opinion o f counsel, exempt
from both personal property and normal Federal incom o taxes and free
from liability under California C orporation Laws.
T ho corporation [organized in N . Y . Stato Oct. 3 1914, V . 99, p . 1371
owns every sliaro o f stock o f M t. AVhitney Power & E lectric C o. and derives
its Incomo from tho profits o f tho operating com pany. [Seo that co . above, j
C a p i t a l (N o bonded or floating d eb t)—
A u th o r iz ed .
Issued.
First prof. 7 % cumulative s t o c k ................................ $1,000,000
$500,000
550,000
550,000
Second pref. 7 % cum ulative stock .................. ..........
C om m on stock without par value....... .......... .(shares) 32,500
21,750
T ho proceeds o f this 1st pref. stock was used to pay tho floating deb.
o f tho M t. W hitney Power & E lectric C o ., incurred for im provem ontt
T ho com p any’s business during five years has increased 7 6 % , and tho recent
acquisition o f Tularo C ounty Power C o ., it is estim ated, will increase gross
earnings 25% in addition to normal grow th, all com petition being eliminated
thereby. Territory served abou t 900 sq. miles; estimated p op 'n over 60,000.
O f tho territory served, T ulare C ounty, lying in the Southern portion o f
tho San Joaquin Valley, form s tho largest part. From a sparsely settled
area o f largo farms it has developed into an im portant fruit-growing section.
An abundant water supply with cheap power for pum ping has resulted in
a wido diversity o f agricultural products, and a remarkable growth in
population and wealth; but as yet o f an estimated 600,000 acres o f irrigable
land only about 60,000 acres aro intensively cultivated. In 1890 tho first
orange grove was planted. N ine years later tho M t. AVhitney C o . com ­
menced delivering power.

Tulare County Comparative Statistics.
„
,
1900.
1905.
1910.
1915.
Population........................
18,375
............
35,440 60,000(est.)
Assessed valuation-------- $15,361,280 $15,658,519 $37,445,140 $52,681,367
Bank deposits......................................
$1,770,330 $4,702,300 $6,586,800
N o . pow . & lt . consumers
498
1,718
3,367
6,639
Charter Provisions Protecting the First Pref. Stock.— (a) A first chargo on
net assets and earnings, (b) non-assessablo, (c) no stockholders liability,
(<*) dividends cum ulative, (e) special cash surplus must be maintained
sufficient to pay a 1M % dividend on first pref., (f) additional first pref.
can bo issued only for cash when annual net earnings applicable to tho first
pref. aro equal to 14% on tho first pref. as proposed to be increased, (g) has
solo voting power in case o f default for 12 m onths on a quarterly dividend,
(h) no lien can bo placed on tho property without consent o f two-thirds
outstanding first pref. Com paro V. 99, p. 1 3 7 1 .

Naumkeag Steam Cotton Co.— Stock. —
T he stockholders on Sept. 15 authorized the increase in capital stock from
$1,500,000 to $2,250,000.— V. 101, p. 776
*

New Jersey Steel Co., Rahway,N. J.— M a jo r it y D e p o s ite d .

A considerable m ajority o f the $250,000 1st M . 20-year 6s o f 1905 (with
coupons o f M a y 1913 attached) has, it is announced, been deposited with
tho Em pire Trust C o ., 120 B roadw ay, N . Y ., depositary, under agreement
datod Juno 71915. Further deposits solicited. C om m ittee for these bonds:
Thom as AV. Synnott, AVilliam S. Grant Jr., AV. Constantin P ope, and
John II. Crom ie Jr. (M r. Crom ie is Secretary o f tho estate o f Charles II.
G raham , tho largest individual bondholder or the com pany) all o f Phila­
delphia, and J. C . ltighter, Salem, N . J. Office o f com m ittee, 701 Drexel
B ld g ., Phila. AVhenever a plan is adopted dissatisfied depositors will
be allowed threo weeks in which to withdraw. Com pare V . 81, p. 1614.
V . 100, p . 1442; V . 101, p . 618.

Nipe Bay Co., Boston.— D iv id en d . —

A dividend o f 1 )£ % (probably a quarterly distribution) has been doclared
on tho $4,502,500 com m on stock, as re-capitalized per plan, V . 100. p. 905,
payablo Oct. 15 to holders o f record Sept. 22. On July 31 an initial p a y­
ment o f 8 % was mado on stock as at present existing.— V .100,p.611, 532.

Pacific Mail Steamship Co.— D e c is io n .—

Judge Hough in tho United States District Court on Sept. 15 dismissed
tho suit brought b y tho com pany against tho Panama ItR . (which is owned
b y tho Government) for $800,000 damages sustained in tho sinking o f the
steamship Newport in Aug. 1912, owing to tho coliapso o f the railroad pier
at Balboa in the Canal Zone. Tho Court holds that tho accident was due
to a natural landslide characteristic o f tho canal country and was not due
to defects in tho pier, for which the railroad com pany cou ld be held re­
sponsible.— V, 101, p. 618.

Public Service Co. of Oklahoma.— B on d s, & c .— F o x ,
H o y t & C o ., M ilw auk ee, recently offered for sale 8 1 0 0 ,0 0 0
1st M . 5 % gold bonds o f the T ulsa Corporation underlying
bonds of this com p any. A circular shows:
D ated 1912 and duo M a y 1 1932, but callable at 102)4 and int. as a
wholo and at 105 and int. for annual sinking fund, equal to 1% o f outstand­
ing bonds 1914 to 1917, 1 )4 % 1918 to 1921, 2 % 1922 to 1931. D enom .
$1,000, $500 and $100 c* . C om pany pays normal Federal incom e tax.
Bankers Trust C o ., N ew Y ork , trusteo. Authorized, $450,000; retired

938

b y sinking fund, $8,000; outstanding, $442,000. A direct 1st M . upon all
tho property supplying electric light and power for public and private uses
In T ulsa, O k ia ., and suburbs; population estimated at 40,000. A n artificial
ico plant is covered b y this m ortgage. A lso furnishes power to tho local
street railway. Steam elec.gener.station,nearly new, a b o u t4 ,0 0 0 k. w. cap.
Population o f T ulsa in 1910. 27,634; at present, with suburbs, estim ated
at 40,000; an oxtrem ely attractive and substantial c ity . Bank deposits,
$13,373,049 June 23 1915. W ealth from oil, agriculture and jobbin g.
T u ls a C o r p . E a r n s .
1914.
1913. |
Annual interest
1914.
1913.
Gross earnings___$268,168 $220,0831 C h a rges............. $22,100 $22,500
89,186
61,052
N e t. after t a x e s .. 111.286
83.5521 B alance--------------M a n a g e m e n t .— E arly in 1913 the property o f tho Tulsa C orp. was con­
solidated w ith a num ber o f other utilities in tho State and became a con­
stituent p a rt o f the Public Service C o. o f Oklahoma, a subsidiary o f the
M id d le W est Utilities C o ., o f which Samuel Insull is President (V . 100,
p 2006). Theso bonds, which are secured b y an absoluto first m ortgage
on the T ulsa p roperty, are also a prior lien to $1,423,000 Public Service
C o. o f Oklahom a First & R ef. 5 % bonds [of 1913], duo Juno 1 1933, covering
this and a considerable number o f other properties in the State.
[Interest on Public Service C o. 5s is payable J. & D . at Central T rust C o.
o f 111 C hicago, trustee. Callable at 105 and int. Sinking fund 2% o f
bonds out begins Jan. 1 1920. Denom . $1,000 c*. T otal a u th ., $7,500,000
o f w hich, it is understood, $442,000 are reserved to retiro tho Tulsa C orp. 5s
and $129,000 to tako up Guthrie L t. & P . 5s o f 1905, duo Jan. 10 1925).
T h o Public Service C o. o f Oklahoma took over the properties o f thoT ulsa
C o rp ., Venita E l. L t., Ice & P . C o ., Guthrie L t. & P . C o ., Oklahoma E l.
& K ofrig. C o. o f C olgato, O kia.. Atoka Ico & Power C o. and municipal
electric plant at Lehigh, Okia. Capital stock auth.: $2,000,000 commbn
stock and $800,000 6% cum . pref.; outstanding D ec. 31 1914 reported as
$2 000,500 com m on and $600,000 pref. A s to bonds, see abovo. The
Incom e for the cal. year 1914, it is reported, showed: Gross earnings, $457,­
855’ not, after taxes, $163,527. Deductions: Bond in t., $86,249; other
int
& e.. $10,114; prof, dividend, $36,000; dividend on com m on stock
(M o f 1 % ). $15,003. B a l., surplus for yoar, $16,155.— V. 96, u. 1773.

Royal Baking Powder C o C o m p etitio n . —
Seo General Chemical C o. abovo.— V. 90, p. 774.

Sayro (Pa.) Electric Co.— B on d s.— B arcla y, M o ore &

C o ., P h ila ., are offering at 9 0 and in t., to yield over 5 % % ,
1st gold 5s of 19 07 , due A p ril 1 1947. T h e bankers report:
Callable at 105 and int. on any int. date. Denom . $1,000 and $500 (c*).
Trusteo. Peoples Bank Wilkes-Barre. Int. A. & O. at Girard Trust C o .,
Phila. Tax-exem pt in Penna. and free o f normal Federal incom e tax.
T otal auth. issue, $750,000, viz.: Outstanding, $274,000; reserved to rottro
W averly El. Lt. & P. C o. 1st (closed) 5s, duo June l 1920, $40,000; re­
served for additions and improvements at 80% o f cost when net earnings
aro double interest charges, including bonds to be issued, $436,000. Sink­
ing fund (now containing $11,000 bonds), 1912 to 19i6, $2,500 yearly;
1917 to 1921, $5,000; 1922 to 1947, 1% o f bonds, but not loss than $5,000
Ve!E a r n i n g s —

1907.
1909.
1911.
1912.
1913.
1914.
Gross incom e_________ $*16,336 $58,912 $69,309 $75,392 $79,466 $84,056
N et (after taxes), as against int. chg. o f $13,700 on $274,000 h d s„,$34,549
Incorporated in Penna. and does tho entlro electric-lighting and power
business in Sayro, Athons and South W averly, Pa., and as owner o f entire
stock o f W averlv El. Lt. & Power C o. in W averly, N . Y . Population
about 18,000. Franchises, with ono unimportant exception, are perpetual
or extend beyond tho lifo o f tho bonds. All tho stock ($100,000 pref. and
$150,000 com m on) is owned b y General Gas & Electric C o ., managed by
W . S. Barstow & C o ., N . Y . (Seo p. 83, “ El. R y . S ec.” )— V . 97, p. 1290.

Seattle Construction & Dry Dock Co.— S tea m sh ip s .—
Pres. J. V. Paterson announced on Sept. 13 that tho com pany had con­
tracted to build two 5.000-ton freight steamships for the W ard Lino. 1 hey
will bo constructed on tho Pacific Coast and delivered in tho East b y way
o f tho Panama Canal.— V. 94, p. 420.

Sloss-Sheffield Steel & Iron Co.— S c rip D iv id en d .— A
quarterly dividend of 1 V±% lias been declared on tho 8 6 ,7 0 0 ,­
0 0 0 7 % n on -cu m . pref. stock, payable in one-year 6 % scrip
on O ct. 1 to holders of record 12 o ’clock noon Sept. 18.
T he scrip will tie payable in cash with in t., on Oct. 1 1916. Tho Jan.
1015 dividend was paid in one-year 6% scrip. N o declaration has beon
m ade since. Com pare V. 99, p. 1837; V . 100, p. 906, 985.

Standard Gas & Electric Co.— P lan S u ccess fu l. —

"Vic '-Pres and T ria s. J. J. O ’ Brien states that tho success o f tho re­
financing plan by tho salo o f $3,750,000 6% 20-year debentures to stock­
holders o f tho com pany is already assured. In case tho re-financing plan
is successfully carried out cash dividends on tho 8 % pref. stock o f Standard
Gas & E lectric will bo resumed at tho rate o f 1% quarterly beginning with
tho now year. Com paro V. 101, p. 843, 851.

Swift & Co. (Packers), Chicago.— T exa s S u it .—
Attorney-General Looney o f Texas on Sept. 14 filed suit in the Stato
D istrict C ourt charging conspiracy and wilful abuse o f corporate privileges.
Fines a b ro g a tin g nearly $15,000,000 aro demanded and tho cancellation o f
all charters and permits allowing tho packors to operate within the State.
T ho defendants named are: Sw ift & C o. o f Illinois, Swift & C o. o f Delaware,
Arm our & C o. o f Illinois, Arm our & C o. o f Texas, Arm our Fertilizer Works
o f W est Virginia, M orris & C o. o f Illinois, and M orris & C o. o f M aine.
T he Swift com panies, it is alleged, aro all under the same “ com pleto and
aosolute dom ination,” as are each o f the two other groups; and all theso
groups com bined in operating cottonseed oil mills and cotton gins in Texas
in vioiation o f tho laws o f tho Stato.
.
. . .
The com plaint charges that tho late Edward Tilden held tho properties in
namo only, that thev were tho actual property o f tho packing interests,
and the heirs and representatives o f tho Tilden Estato are summoned to
appear in court.

M e a t C argoes F o rfeited by B ritish P rize C o u rt .—

T he British Prize Court ordered to be forfeited consignments o f American
beef products for Copenhagen, Denmark, b y American beef packers on tho
ground that they were intonded for Gorman consum ption. T ho ship­
ments aro said to aggregate $15,000,000 in valuo. T h e packers will apply
to tho U. S. Governm ent for redress.— V . 101, p . 777.

Temple Coal Co.— B onds C a lled . —•

Seventy-ono ($71,000) 1st & C oll. M tgo. Sinking Fund bonds havo been
drawn for redem ption on Oct. 1 at 101 and int. at Bonn. C o. for Insurance
on Iilves & Granting Annuities, Philadelphia, trusteo.— V. 99, p . 905.

Union Electric Light & Power Co., Unionville, Conn.
Tho directors votod on July 20 that the capital stock be increased from
$225,000 to $250,000 by tho issuo o f 500 shares o f unissued stock o f the par
valuo o f $50 a share, and that said additional shares bo offered to stockhold­
ers o f record July 20 1915 pro rata (ono share to nine) for cash at par, tho
proceeds to be used for corporate purposes, including paym ent o f all present
note indebtedness. It was also voted that tho capital stock be turther in­
creased from $250,000 to $300,000 by the issuo o f 1,000 shares o f tho com ­
p any’s unissued authorized capital stock o f tho par valuo o f $50 a sharo,
and that said 1.000 shares bo issued as and whon tho directors shall from time
to timo dotormino, tho right to subscribo therefor to bo first offered to stock­
holders o f record. Subscriptions for the $25,000 stock now to bo issued
woro to bo filed with R oy T . II. Barnos & C o ., 77 Pear S t., Hartford,
C onn., on or before A ug. 10 1915, and payment in full made there by Aug.
16 1915. Total auth. stock, $500,000. all o f ono class. Dividend rate is
now 10% per ann., J. & J. 22. There aro also outstanding $100,000 1st
(closed) M . gold 6s. dated Jan. 1 1914 and duo Jan. I 1944. but subject
to call on any interest date at 110. Interest J. & J. at Stato Bank & Trust
C o ., H artford, C onn., trustoo. Sinking fund. $1,000 yearly, begins 1919.
C om pany incorporated in C onn. M a y 10 19011 servos Unionville, Farm jngton, C anton, Burlington, A von and Collinsville, C onn.

United Drug Co. (Rexall), Boston.— S to ck . —

An officer on Sept. 10 wrote: " N o definite plan with reference to offering
pref. stock upon tho general market has been decided upon as yet. W o aro
a co-operative concern, and our stock is sold almost altogether to tho
druggists who represent us in the salo o f our goods throughout tho country.
W o aro selling some few shares o f stock from day to day whenovor now
agencies for our goods are created, but no general offering o f pref. stock




[Vol. 101

THE CHRONICLE

has been put out recently. Some tim e back our directors voted authority
to sell $1,000,000 o f pref. stock in case o f necessity, but tho vote was sim ply
a precautionary measure. Stock issued and outstanding Sept. 1 1915,
com m on, $1,959,400, par $100: prof., $2,861,650, par. $50.
Boston o ffico, Groonloaf, Leon and Bryant streets. Branches: C hicago,
St. L ouis, San F rancisco, T oron to, Liverpool and Paris (2). C om paro
V. 101, p. 851.

U n it e d

S t a te s

E x p ress

C o .— D is tr ib u tio n .—

It is reported that a partial distribution will soon bo m ade in tho form of
a liquidating dividend o f about $25 a sharo, being the first o f 3 or 4 pay­
ments. Unofficial estimates o f tho liquidation value o f tho stock range from
89 to 93.— V. 100, p. 1503, 1516.

U n it e d S t a te s P u b lic S ervice C o .— C on solid ated E a rn ­
in g s .— John N ickerson Jr. reports:
J u ly S I
Y ea r—

G ross
E a r n in a s .

1914-15
$883,085
1913-14
" 791,616
— V. 101. p . 218.

N e t {a fter
T a x es ).

$365,161
287,761

U n d e r l y i n g I n t . o n 6%
I n t e r e s t ,& c .
N o t -s .

$79,788
62,135

$72,009
72,000

B a ’a n c e ,
S u r p lu s .

$213,376
153,626

U n it e d S t a te s R u b b e r C o .— S e m i-A n n u a l R ep o rts .—
T h e directors on T hursday in reply to the letter of John
M u ir & C o . of this c ity , dated A u g . 2 4 last, requesting that
quarterly statem ents bo issued, wrote:
In view o f the proxim ity o f tho close o f tho fiscal year and considering
that quarterly reports would seem to involve at present a substantial and
needless expense and interference with tho routine o f the com pany’s regular
business, tho following vote was passed b y the board :
“ T hat, following tho next annual roport, which will be made as o f D ec. 31
1915, the officers be instructed to take such steps as may bo found neces­
sary to furnish tho stockholders semi-annual reports.
V. lul), p. 2015, 985.

W e s t f ie ld (M a ss.) M a n u fa c t u r in g C o . (B ic y c le s a n d
M o to r c y c le s ).— Sale o f 6 % S erial D eb en tu re B o n d s.— M ille tt,
R oe & H agen , N e w Y o rk and B o sto n , recently offered a t
prices yielding from 6 .2 0 to 6 .5 0 % ,a c c o r d in g to th e m a t iir ity ,
a (closed) issue o f 8 4 0 0 ,0 0 0 D ebenture 6 % Serial G old B on d s.
T h e bonds havo all been sold, but as a m atter of record an
advertisem ent o f the issue is given on a provious page.
T he
com pany m anufactures both bicycles and m otorcycles,boing
the largest manufacturer of high-grado bicycles in the w orld.
Bonds dated A ug. 25 1915 and due $20,000 D ec. 1 1017; $20,000 D ec. 1
1918; $25,000 D oc. 1 yearly 1919 to 1924, incl., and $30,000 D ec. 1 in each
year from 1925 to 1931 incl. Int. J. & D. C om pany will pay all taxes,
including Federal Incom e tax, so far as it m ay lawfully do so. D enom .
SI ,000 ( c * ). Subject to call all or part at 101 and int. on any interest dato
on 30 days’ notice. Under provision respecting the application o f net earn­
ings in excess o f 5 % on tho com m on stock, the latest outstanding maturities
must be rodeemed at 101 and int. unless the bonds are available at a lower
price. Trustee, Equitable Trust C o. o f Now Y ork.

Digest of Letter from Pres. Wilbur C. Walker,

W e s tfie ld ,

Sept. 10.

P r o p e r t y . — Organized under M ass. laws in Aug. 1915 and has acquired
and is now conducting the bicycle and m otorcyclo huisness located at
W estfield M ass., which was formerly a part o f tho I’opo M fg . C o ., and
which, notwithstanding the financial difficulties o f that com pany, lias
been operating on a successful and profitable basis. T o meet tho increased
demand, tho olant has been considerably enlarged and improved.
lo ta l
area o f the properties about 712,000 sq. ft., 480,000 sq. ft. being occupied
liv tho plant, balance available for expansion. A railroad siding extends
directly to the manufacturing buildings, which are one, two and three-story
brick construction, well arranged. Property appraised at about $1,700,000
and the proceeds o f theso b on d s'were used in part payment there or.
B u s in e s s . — The com pany is the largest manufacturer o f higa-grado
bicycles in tho world. It has over 3,200 resident appointed dealers in a 1
parts o f the globe and an excellent selling organization. Out o f approxi­
mately 300,000 bicycles estimated to havo been sold in tho United States last
year about one-sixth were manufactured in tho W estfield plant. A m ong
the trade names owned aro “ C olu m bia,” " P o p e ,” "R a m b le r.” "Crescent,
“ Cleveland ” “ Spalding,” "Stearns and others, all valuable assets.
T r u s t A g r e e m e n t . — T he com pany must maintain not quick assets equal
to 125% o f tho par valuo o f tho outstanding bonds and shall pormit no
m ortgago or lien upon any o f its manufacturing plants without the consent
o f tho holders o f two-thirds o f tho outstanding bonds. In case in any
fiscal year o f dividends aggregating 5% or more on the com m on stock, then
25% o f tho net earnings in such year in excess o f said 5 % must lie applied
to the redemption o f the last outstanding maturities o f theso bonds at 101
and int., if not purchasable for less. T ho serial featuro also will im prove
tho position o f tho outstandihg bonds.
C a p i t a l i z a t i o n . — $400,000 debenture 6 % serial gold bonds; $400,000
7 % cum. convertible prof, stock; $800,000 com m on stock.
N e t E a r n i n g s W e s t f i e l d P l a n t ------- Y e a r s e n d i n g J u l y 31 (1914-15 p a r t l y e s l . )
— .A s R e p o r t e d b y T r e a s u r e r o f P o p e M f g . C o . ---------— R e c e iv e r s D a t a .—
1909-10.
1910-11.
1911-12.
1912-13. A v . 4 y r s . xl913-14.
1914-15
$127,908 $156,982 $124,978 $135,778 $136,412 x$84,645
$84,000

x From N ov. 12 1912 to July 31 1914.
A u d i t e d B a l a n c e S h e e t A u g . 28 1915 ( T o t a l e a c h s i d e , $1,729,448)
Plant investment_________ *$777,288 Preferred stock____________ $400,000
C a s h _______________________ 269,928 Comm on stock_____________ 800,060
N otes and accts. receivable- 246,121 6 % serial debentures---------- 400,000
8.932
Inventory (book value and
_ „ Accounts payablo......... ........
c o s t ) ____________________ 389,410 Accrued interest, & c---------- 11.067
11,036
Deferred charges___________
17,987 Deposits on o r d e r s ------ --—
Suspense accounts_________ 28,713 Reserve for bad debts, & c_ . .>2,470
45,942
Organization c o s t ..N ot determined Surplus_________________- - * Plant investment Includes: Land, $17,500; buildings, §250,000; ma­
chinery and equipment, $350,081; portable tools, durable, $120,018, and
non-durablo, $35,000; m otor trucks, $4,600.
T ho cash and accounts receivi b e aggregate over $.>00,000, against
payables o f about $10,000.
,
T. „
.
D i r e c t o ' s .— Charles II. Tenney, Pros. Springfield Gas L t. C o ., and
Joseph Shattuck, Pres. Third N at. Bank. Springfield, M ass.; \ IIbur C .
V
W alker, President: O tto J. Thom en. o f Redmond & C o ., N . Y ., Stephen C .
M illett. o f M illett, R o e & lfagen, N . Y .
T ho management is in the hands o f men who have made a success o f this
business. T ho outlook is bright for steadily increasing profits.— V .
101, p. 698.

Westinghouse Electric & Manufacturing Co. -U n ­
a ssen tin g B on ds C a lle d — Tho small am ount of convertible
5 % bonds o f 1906 which failed to come m under the
plan of M a y 12 1915, providing for an issuo of now bonds
has been called for redem ption at 105 and int. on Jan. 1
1916 at the Guai’a n ty T rust C o ., 140 B ’w a y , N . Y . C ity .
Holders who desiro to anticipate
o f their bonds for cancellation at
receive in cash. 105 and interest,
Comparo V. 100, p. 1678; V. 101,

said dato o f redemptionimay on surrender
said offico oil
,1® A 915
from July 1 1915 to date o f surrender.
p. 781, 619.
_

D iv .— It is generally expected that as a result of the increase
in earnings, the directors will a t their m eeting on W ed n esd ay
next increase the annual dividend rato on tho com m on stock
from 4% (1% q u a r .), which has been in effect since 1911, to
possibly 6 % .
,
,
,
.
A director is quoted: “ Our oarnings aro running very largo and w o have
always boon disposod to have stockholders sharo in tho profits.
It is stated
that earnings last m onth from tho electrical and tho shell businoss were at
a yearly rate o f 20% on the com mon stock.— V. 101, t>, 7 a i, 619.

For other Investment News see page 947.

Se pt ,

is

1915.]

THE CHRONICLE

929

xyoxU and |p
ocnmmts ,
READING COMPANY
E I G H T E E N T H A N N U A L R E P O R T — F O R T H E F I S C A L Y E A R E N D E D J U N E 3 0 1915.

R ead in g C o m p a n y , G eneral O ffice,
P h ila d elp h ia , O ctober 11 1915.
To the Stockholders o f R ea d in g C o m p a n y:
T h e Directors subm it herewith their report for the fiscal
year ended Juno 3 0 1915.
R E A D IN G C O M P A N Y .

„
1914-15.
R eceip ts.................... ..................... ..................... $14,587,080 13
Expenses
104,290 74

1913-14.
$10,919,118 34
102,149 30

$14,482,783 39
5,421,820 80

$10,810,908 98
5,494,900 88

Surplus for year...................... - ....................... $9,000,950 53

$11,322,002 10

T h e accum ulated surplus o f Reading C om p an y on Juno 30
1915 was as follows:
Surplus to Juno 30 1914----------- ------------------$27,259,203 09
Less:
Dividends paid during fiscal year ended
June 30 1915, as follows:
First Preferred Stock,
4 % ..............................-.$1 ,1 2 0,00 0 00
Second Preferred Stock,
4 % .................
1,080,000 00
Com m on Stock, 8 % ____ 5,000,000 00
General M ortgage Sinking
Fund_____ ______________
447,175 81
Miscellaneous Adjustments
70,058 28
— ------------------ $8,917,234 09

2 2 L ; Vn - - - - - S f - - r
■

- - - - ----5130,000 00

A ccount 10-year Sinking Fund Ronds "of 1892-'
1932, paid and canceled________
30,000 00
100,000 00

Less;
$5,300,000 00
Genoral M ortgage Bonds sold to Sinking F un d___________
480,000 00

Incom e for year ended Juno 3 0 1915, and comparison
w ith similar period o f provious year:

Interest, taxes, & c............................................

lan nnn no
In treasury Juno 30 1914------------------Received as hereinafter shown:
...................................... 55,140,000 00
A ccoun t real estate mortgages paid and satis-

m.
„
$4,820,000 00
J ho am ount of General M o rtg ag e B onds outstanding was

reduced during the year b y

$ 3 2 0 ,0 0 0 ,

leaving the

total

«oc°kQ 7 nnob ° ndSi ° f
V SU® outstanding on June 3 0 1915
L
$ 9 8 ,5 3 7 ,0 0 0 , as shown b y the balance sheet o f Reading C o m ­
pany.
$ 4 8 0 ,0 0 0 General M o rtg ag e B onds were purchased and
canceled during tho past fiscal year out o f tho proceeds of
the General M ortgage Sinking F und; while a total of $ 7 40 6 0 0 0 General M ortg ag e B onds has been purchased for the
Sinking Fund and canceled to Juno 3 0 1915.
E Q U IT Y

P R O C E E D IN G S B Y U N IT E D
GOVERNM ENT.

STATES

A n opinion on final hearing was filed in this case b y Judge
M cP h erso n , Circuit Judge, on July 3 1915.
T h e C ourt holds
that tho principal charges m ade against the throe Reading
C om panies, that their organization and m anagem ent have
been violative of the A n ti-T ru st L a w , have not been sus­
tained.
Surplus for year ondod Juno 30 1915_______________________
9,060!05G 53
T ho leaso of the Lehigh & Susquehanna Railroad by tho
Total surplus Juno 30 1 9 1 5 ..................... ...... ..........................$27,402,920 13
Lehigh C oal & N avigation C om p an y to tho C entral Railroad
In connection with the surplus o f Reading C o m p an y , the C om p an y of N ew Jersey is held not to offend against tho laws
o f tho U nited States and the bill is ordered to be dismissed
B oard of Directors lias taken the following action:
On the First Preferred Stock , a quarterly dividend of as to those Com panies w ithout prejudice to the G overn m en t’s
one per cent was declared, payable Septem ber 9 1915, and right to tako such action as m a y appear desirable.
Tho bill is also ordered to be dismissed so far as the
the sum o f $ 8 4 0 ,0 0 0 was set apart to m ake provision for
further quarterly dividends upon that stock as follows: Schuylkill N avigation C om p an y and the W ilm in gto n &
Ono per cont, payable D ecem ber 9 1915; ono per cent, N orthern Railroad C om p an y are concerned.
Tho facts connected with tho organization o f Reading
payable M a rch 9 1916; one per cent, payable Juno 8 1916.
A s to the Second Preferred Stock , a quarterly dividend of C om p an y and o f Philadelphia & Reading R ailw ay C om p an y
one per cont was declared, payable July 8 1915, and the sum and tho relations and business m ethods o f those C om ­
of $ 1 ,2 6 0 ,0 0 0 was sot apart to m ake provision for the fol­ panies and of the Philadelphia & Reading C oal & Iron
It is gratifying that the
lowing additional quarterly dividends upon that stock: C om p an y are fully considered.
Ono per cent, payable October 14 1915; ono per cent, p ay­ decision holds squarely that the plan o f reorganization
adopted in 1896 was “ an honest a ttem p t to cope w ith a per­
able January 13 1916; ono per cent, payable April 13 1916.
On tho C om m on Stock , a quarterly dividend of tw o per plexing financial situation so as to save an exceedingly
valuablo property for m an y persons whose investm ents were
cent was declared, payable A ugust 12 1915.
in serious danger and an a ttem p t to solve difficult legal
problems w ith scrupulous regard for the la w .”
T h e claim of
D IV ID E N D S .
tho G overnm ent that the reorganization accom plished in
Tho following dividends were paid upon the First Preferred, 1896 “ was a mero subterfuge and sham ” is decisively over­
Second Preferred and C om m o n Stock of Reading C om p an y ruled and it is held that the Com m odities Clause o f the
during tho fiscal yoar ended Juno 3 0 1915, from tho earnings H epburn Bill has not been violated b y tho Reading C o m ­
o f tho previous fiscal year ended June 3 0 1914:
panies.
I he only charge m ad e b y the G overnm ent that is sus­
F IR S T P R E F E R R E D S T O C K .
D a le o f
R a te p e r ce n t
tained m the decision relates to the acquisition b y Reading
D a le o f P a ym en t
D e c la r a tio n .
o f D iv id e n d .
.
to S to c k h o ld e r s .
C om p an y of the stock o f the Central Railroad C om p an y of
Juno 17 1914....... ................................ 1 ..............
-Septem ber 10 1914.
N ew Jersey which owns about nine-tenths o f tho stock of
October 2 1 1 9 1 4 . . -----------------------1 _______
-D ecem ber 10 1914.
January 20 1915---------------------------1 ________
.M arch 11 1915.
tho Lehigh & W ilk es-B arre C oal C o m p an y .
W h ile the
April 21 1 9 1 5 ......... ...........................
1 - ............
.Juno 10 1915.
C ourt holds that “ in tho carriage of coal the Reading R ail­
SEC O N D P R E F E R R E D S T O C K .
w ay and tho Central Railroad are not com p etitors,” y e t,
Juno 17 1914..........................................
1 _______________July 9 1914.
upon the facts that Reading C om p an y— termed H olding
September 10 1 9 1 4 ..............................
1 ...........................October 8 1914.
N ovem ber 18 1914...............................
1 .................. ........ January 14 1915.
C om p an y — owns tho capital stock of Philadelphia & Reading
February 17 1915.................................. 1 .................. ........ April 8 1915.
R ailw ay C om p an y , the capital stock o f tho Philadelphia &
C O M M O N STOCK.
Reading C oal & Iron C om p an y and a m ajority o f the capital
Juno 17 1 9 1 4 - - - - - — : ....................
2 ...........................August 13 1914.
stock o f tho Central Railroad C om p an y o f N ew Jersey,
September 10 1914........................
2
..................... ..................... N ovem ber 12 1914.
“ which owns nearly all the stock” of the Lehigh & W ilk esDecem ber 10 1 9 1 4 ............................. 2 ....... ...............--F eb ru a ry 11 1915.
M arch 17 1 9 1 5 ________________
2 ..................... ..................... ..................... M ay C oal C om p an y, and these railroads “ reach the same
Barro 13 1915.
Prior to the paym en t, on January 14 1915, of tho dividend general field, the same general source of supp ly, and carry a
of ono per cent upon the Second Preferred Stock , Reading similar article to m any o f the same m ark e ts,” the Court
C om p an y paid to tho Trustee o f tho General M ortg ag e holds that “ tho union o f these interests in the H olding
$ 4 4 7 ,1 7 5 8 1 , being tho am ount required for the Sinking C om p an y is condemned b y the rule laid down in the N orthern
F u n d , which represented five cents por ton on all anthra­ Securities case, 193 W . S . 197, and in W . S . V . Union
cite coal m ined during tho calendar year of 1914, from lands Pacific R R . C o ., 2 2 6 U . S . 6 1 .”
Tho C ou rt, how ever, distinctly states that it is not dis­
owned and controlled b y the Philadelphia & Reading C oal
& Iron C om p an y and pledged under the General M o rtg ag e. posed to disturb the ownership by Reading C om p an y o f tho
T h is sum of $ 4 4 7 ,1 7 5 81 was also paid out o f surplus earnings stock of the Central Railroad C om p an y of N ew Jersey
and was applied b y tho Trustee to tho purchase of tho “ unless tho friendly and m utually advantageous alliance
of tho two railroads in this particular (with respect to traffic
$ 4 8 0 ,0 0 0 General M ortg ag e bonds hereinafter referred to.
T h e funded indebtedness of Reading C om p an y was re­ other than coal) m ust be destroyed in order to reach the un­
lawful com bination in another particular that would other­
duced $ 1 ,1 8 7 ,5 0 0 during tho past fiscal year, as follows:
T h e C ourt further points out that “ if the
Railroad Equipm ent Trust Certificates, Series E , ca n celed -. $530,000 00 wise escape.”
Reduction in General M ortgage Ronds outstanding________
320,000 00 Central Railroad were divorced from the W ilk es-B arro C oal
Delaware River Terminal Extension Loan Ronds ca n celed -.
275,000 00
M ortgages and ground rents on real estato paid and satisfied02,500 00 C om p an y , tho object of tho bill would in this respect bo
substantially a tta in ed .”
T h e C ourt suggests that separa­
$1,187,500 00 tion of tho Central Railroad C om p an y from the Lehigh &
T ho Gonoral M ortg ag e B on d s in the treasury of Reading W ilk es-B arre Coal C om p an y be considered b y counsel when
C om p an y on .June 3 0 1915 were $ 4 ,8 2 0 ,0 0 0 , as com pared the dccreo is prepared.
with $ 5 ,1 4 0 ,0 0 0 on Juno 3 0 1914, a reduction o f $ 3 2 0 ,0 0 0 .
Owing to the fact that Judge M cP h erson ’s decision was
T h is reduction is accounted for as follows:
not handed down until after counsel interested in tho caso




THE CHRONICLE

930

h a d , in m an y instances, left their offices for their sum m er
vacation s, no decree has as y e t been prepared. T h e decree
will doubtless bo prepared in the n ot distant futuro, when
consultation between counsel for tho G overn m en t and the
defendants can be h ad .
R E A D IN G

IR O N C O M P A N Y .

T h e balance sheet of the R eading Iron C om p an y as of
June 3 0 1915 shows assets valued a t $ 1 0 ,8 9 6 ,1 5 8 4 6 . T h e
outstanding m ortgage obligations, after deducting Sinking
F u n d securities deposited w ith the T rustee of the R eading
Iron W o rk s M o rtg a g e , am ou n t to $ 1 7 1 ,3 1 7 14, and the cur­
rent liabilities am ou n t to $ 4 2 5 ,4 9 2 6 5 .
M r . Peter A . B . W id en er, a D irector of the C om p an y
since Juno 7 19 10 , presented his resignation on N ov em b er 18
1 9 1 4 , and was succeeded in tho B oard on the latter date b y
M r . Joseph E . W id en er.

[Vol. 101

M r . Sam uel D ick son , who had been a D irector of Reading
C om p an y since Juno 7 18 98 , departed this lifo on M a y 2 8
1915.
M r . Charles C . H arrison, who had been elected a D irector
of tho C om p an y on D ecem ber 17 19 13 , declined a re-elec­
tion a t the conclusion o f his term of office on Juno 1 19 15 .
A t the annual election of Directors b y tho stockholders on
June 1 19 1 5 , M r . Alfred H . Sm ith and M r . W illiam L .
K in ter were elected D irectors of tho C om p an y to fill the
existing vacancies.
T h e lo ya lty of Reading C o m p a n y ’s officers and em ­
ployees and tho efficient services rendered b y them during
tho past year is gratefully acknowledged b y the B oa rd .
B y order of the B oa rd ,
EDW ARD

T . STO TESBUR Y,
P r esid en t.

I N C O M E F O R Y E A R E N D E D J U N E 3 0 1915 A N D C O M P A R I S O N W I T H S I M I L A R P E R I O D P R E V I O U S Y E A R .
1913-1914.

1914-1915.
R e c e i n ls —

$16,919,118 34

$14,587,080 13

E xpen ses—

D e d u ctio n s fr o m

$13,792,158 35
2,825,853 20
301,106 79

$11,441,311 70
2,833,098 52
312,669 91

104,296 74
In com e—

$3,759,930
920,000
51,800
89,935
600,161

Intorest on W ilm ington & N orthern Stock Trust C ertificates_______
T a xes____________________________________________________________ ______

102,149 36

$14,482,783 39
5,421,826 86

$3,759,930
920,000
51,800
103,708
659,468

00
00
00
14
72

S u rp lu s ___________________________________________________________

$16,816,968 98

00
00
00
44
44

5,494,906 88
$11,322,062 10

$9,060,956 53

B A L A N C E S H E E T , J U N E 3 0 1 9 15 .
A m o u n t.

T o ta l.

T o ta l.

R a ilr o a d E q u ip m e n t:

L ocom otive Engines and C ars________

$41,256,571 33

F lo a tin g E q u ip m e n t:

Sea Tugs, Barges, & c _________________

4,125,466 43

Real E state______________________________
Leased E quipm ent_______________________
M ortgages and Ground R ents___________

$45,382,037
16,498,928
5,997,790
42,312

76
10
19
32

B on d s:

Philadelphia & Reading R ailw ay C om ­
pany’s B onds___'_____________________
Bonds o f sundry com panies___________

Stocks *
Philadelphia & Reading R ailw ay C om ­
pany’s Stock _______________________
T ho Philadelphia & Reading Coal &
Iron C om pany’s S tock_______________
Stocks o f sundry com panies___________

20, 000,000 00
25,348,850 72

45,348,850 72
42,481,700 00

8 ,000,000 00

53,411,444 89

T h e P h ila d e lp h ia & R ea d in g C o a l & I r o n C o .
S u n d r y R a i l r o a d s , E t c -------------------------------C u rren t A s s e ts :

Cash___________________________________
N otes R eceivable______________________
Central Trust C o. o f N ow York,Trustee
Accrued Incom e------------------------------Current B usin ess___________________
Philadelphia & Reading Railway Co.

2,568,678
138,375
39,369
381,194
55,860
1,408,198

70
00
91
54
85
84

______
General M ortgago Loan,
1897-1997, total issued.$105,943,000 00
Less General M ortgago
Bonds purchased and
canceled for Sinking
Fund________________
7,406,000 00
M ortgages and Ground R o n t s .- -------------Delawaro River Terminal Bonds . . . — ..
Delaware River Terminal Extension Bonds
W ilm ington & N orthorn RI4. C o. Stock
Trust Certificates------------- - - - - - - . ­
Reading C om pany— Jersey Central C ol­
lateral G old B onds----------- - - - - - - - - —
Railroad Equipm ent Trust Certificates,
“ Series E*’ ----------------- ----------------------- Bonds— M ortgago N ew L ocoinotlvo and
M achino Shops, R eading-----------------------

103,893,144 89
72,022,371 37
5,648,522 88

First Preferred S tock-------------------------------Second Preferred S tock---------------------------Com m on S tock-----------------------------------------

$98,537 ,000
1,074 ,330
500 ,000
534, ,000

00
77
00

00

1,295 ,000 00
23,000 ,000 00
1,030 ,000 00

1,200 ,000 00

170,330 77

28,000 000 00
42.000 000 00
70.000 000 00

,000,000 00

Contingent A ccoun t (for Unadjusted
M atters in Connection with Foreclosure
Sale, e t c .)___________________________
C u rren t L ia b ilitie s :

281,682 49
3,026,786 67

Current Business _ . --------- ■ - - - - - ■
—
A ccrued Interest, 'la x c s, etc. (E st.)_

4,591.677 84

SSI
,539,296.58

Sinking Fund General M ortgago L o a n ..
A ccount New Equipm ent to bo Purchased
Profit and Loss------------------------------------$299,425,642 07

$299,425,642 07

W IL L IA M II. W H IT E ,

C o m p tr o lle r .

PHILADELPHIA AND READING RAILWAY COMPANY
E IG H T E E N T H A N N U A L R E P O R T — F O R T H E F IS C A L T E A R

P h ila d elp h ia

&

ENDED

J U N E 3 0 1915.

1914-15.
8,398,121 58

1913-14. ’
8,393,848 13

R ead in g R ailw a y C o m p a n y , G en eral O ffice,
P h ila d elp h ia , O ctober 11 19 15 .
T h e B oard o f D irectors of tho Philadelphia & Reading
R ailw ay C om p an y subm its herewith its report for tho
fiscal year ended June 3 0 1915.

_
.
„ ,
Incom o Appropriated for Investm ent in
Physical P roperty..........................................

P H IL A D E L P H IA & R E A D IN G R A IL W A Y C O M P A N Y .

T h e accum ulated surplus of tho Philadelphia & Reading
R ailw ay C om p an y on Juno 3 0 1915 was :

Deductions from In com o----------------------------

6,528,850 11
1,161,691 32

N et Corporate In com o................................. $5,367,158 79

7,426,621 53
2,024,783 3 6 '
$5,401,838 17

P Incom e for year ended June 3 0 19 15 , and comparison with
similar period of provious year :
1914-15.
53
R ailw ay Operating Rovonuos------------ $46,714,821
Raiiway Operating Expensos------------ 31,125,387
13
N ot Rovenuo from Railw ay O p e r a tio n s ...

15,589,434 40

Railway T ax A ccruals______________
1,166,688
09
U ncollectiblo R ailw ay Rovenuos--------------5,898 04
T otal Taxes and U ncollectiblo Raiiway
R evenu es..................................

1,172,586 13

Surplus, Juno 30 1914........................................................................ $8,426,178 10
Less—
D iv ld o n d ......................................................... $5,310,212 50
1913-14.
Property abandoned--------------------------------21,071 43
$49,293,103 39
Miscellaneous adjustments (P rofit and
33,368,923 69
L oss)..............................................................
19,209 52
--------------------5,350,493 45
15,924,179 70
$3,075,684 65
1,267,503 48
Surplus yoar ondcd Juno 30 1915________________________ 5,367,158 79
.........................
r > r Tot al surplus to Juno 30 1915___________ ___________ $8,442,843.44
r
1,267,503 48

T ho rocoipts of tho R ailw ay C om p an y from tho several

Railway Operating Incom o__________ 14,416,848
Other ineorno..........................................
510,123

27
42

14,656,676 22 classes of business for tho last six years (the poriod in each
1,163,793 44 case being the twolvo m onths ending Juno 3 0 ), were a s .

T otal Incom o........................................ 14,926,971

69

15.820,469 66 follows :




Sept . 18 1915.]

THE CHRONICLE

931

YE AR

1914-1915.
Freight— Coal___________________________
Freight— M orch a n d iso____
Passenger
_________
Excess Baggago_________
Expross __ _
M ilk _______ __
Othor Passenger T r a in ..
S w itc h in g ____
Special Service Train
A ll Other Transportation
In cid en ta l____
M a il___________
Other Incom o_________

For years 1 9 1 4 -1 915 and 1 9 13 -1 914 receipts are shown in
accordance with In ter-S tate Com m erce C om m ission ’s classi­
fication of revenuo accounts effective July 1 1 9 14 .
T h e tonnage o f Anthracite coal decreased from 1 1 ,­
0 9 1 ,2 9 0 .1 6 tons in 1 9 1 3 -1 914 to 1 0 ,4 4 1 ,9 4 4 .0 9 tons in
1 9 1 4 -1 9 1 5 , a loss o f 6 4 9 ,3 4 6 .0 7 tons, or 5 .8 5 per cent, and
tho tonnage of Bitum inous coal decreased from 1 6 ,7 3 5 ,1 0 4 .1 7
tons in 19 13 -1 914 to 1 5 ,6 7 2 ,0 0 1 tons in 1 9 1 4 -1 9 1 5 , a decreaso
of 1 ,0 6 3 ,1 0 3 .1 7 ton s, or 6 .3 5 per cent.
T h e revenuo from
coal traffic decreased from $ 2 2 ,3 7 7 ,8 8 2 8 2 in 19 1 3 -1 9 1 4 to
$ 2 0 ,9 8 5 ,9 8 7 11 in 1 9 1 4 -1 9 1 5 , a loss o f $ 1 ,3 9 1 ,8 9 5 7 1 , or
6 .2 2 per cent.
M erchandise traffic decreased from 2 3 ,0 4 2 ,1 2 6 tons to
2 1 ,8 8 1 ,3 7 1 ton s, a loss of 1 ,1 6 0 ,7 5 5 ton s, or 5 .0 4 per cent,
and tho revenuo decreased from $ 1 7 ,3 5 2 ,3 3 1 0 6 to $ 1 7 ,­
0 2 7 ,4 6 3 8 0 , a loss of $ 3 2 4 ,8 6 7 2 6 , or 1.8 7 per cent.
T h o num ber of passengers carried decreased from 2 6 ,­
8 3 4 ,9 6 7 to 2 3 ,7 0 9 ,5 3 6 , a loss of 3 ,1 2 5 ,4 3 1 , or 1 1 .6 5 per cent,
and tho passenger rovenuo decreased from $ 7 ,0 1 1 ,5 4 8 87
to $ 6 ,4 2 5 ,6 3 4 14 , a loss of $ 5 8 5 ,9 1 4 7 3 , or 8 .3 6 per cent.
BETTERM ENTS.

D uring tho fiscal year ended June 3 0 1915 tho Philadelphia
& R eading R ailw ay C om p an y charged to incom e the sum
o f $ 1 ,1 6 1 ,6 9 1 3 2 , expended for additions and betterm ents to
its property, as compared w ith $ 2 ,0 2 4 ,7 8 3 3 6 in tho previous
fiscal year, or a decreaso of $ 8 6 2 ,0 9 2 0 4 .
T h o oxponditures for tho fiscal year ended Juno 3 0 1915,
classified in accordance w ith tho ruling o f tho In ter-S tate
Com m erce Com m ission effective July 1 19 1 4 , were on tho
follow ing principal accounts:
E n gin eerin g____________ SI 1,136 61 |W harves and d ocks_____
948
Land for trans. purposes 334,880 1!) Coal and oro wharves ._ 14,905
G r a d in g ..______ ________ 30,812 29 Telegraph and tolep. lines
7,962
Tunnels and subways____ 10,129 53 Signals and interlockers. 64,022
Bridges, trestles and cuiI’owcr plant buildings___
240
e r t s . . . ...............
137,051 59 Power transmis’n systems
4,582
Ties ..................................... 29,053 59 Power distribut'n systems
8,068
K a ils _____ ______________ 92,931 09 Power lino poles & fixtures
1,302
Other track m aterial____ 41,953 05 Miscellaneous structures. 59,199
B allast__________________
15,725 07 having---------------------------1,383
Track la y in g * su r fa c in g . 29,041 19 Assessments for imblic
B ight o f way fences_____
1,059 32
im provem ents________
8,168
Crossings and signs_____
9,709 81 Other expenditures— road
2
Station & office buildings 80,494 85 Shop m achinery_________ 34,647
R oadw ay buildings_____
1,147 47 Power plant m ach in ery .. 27,144
W ater stations__________ 17,965 22
Shops and engino houses. 77,021 78
S I ,161,691

00
05
47
71
07
35
59
21
68
85
67
70
59
73
32

T h o work o f onlargmg tho M a n a y u n k tunnel so as to
provido standard clearanco was practically com pleted at
tho closo of tho year.
A t tho Crcosoting Plant a t P ort R eadin g, N . J ., addi­
tional equipm ent was installed, including a salt water fire
protection system and a zinc chloride process for treating
tim ber.
H all signals havo beon installed between P ort Clinton and
T a m a q u a and are now in operation.
Considerable now work has been done during the year at
tho S t. Clair car repair shops, including tho installation of
JU N E

30 1915.

C a p a c ity , L b s.

984
39,428
977
600

29,796,704
3,010,485,000

1909-1910.

$9,760,303
32,137,351
5,239,293
353,383

30 1914.

N o.

95
00
00
00

C a p a c ity , L b s.

1,005
41,144
.
921
599

30,122,463
3,117,350.000

$47,490,330 95
23
113

C ross

R eg.

1,410,8S3 00
2,478,620 00

90,521 69

G ross

$3,889,503 00

T h e sum o f $ 1 2 3 ,4 0 3 64 was paid out in pensions during
tho fiscal year ended Juno 3 0 1915, under the C o m p a n y ’ s
pension system .
T h e num ber of pensioners on tho roll on Juno 3 0 1915 was
as follows:
RetlredTunder resolution o f December 11 1901 (fifty-yea r scrvico em ­
ployees) .................
5
R etlred'at ago o f seventy upon com pletion o f thirty or m ore years’
continuous s e r v ic e ____________________________________________________ 275
Rctircd?at age sixty-five to sixty-nine years, upon incapacity after thirty
or m oro years’ continuous service______________________________________67
Retired (Irrespective o f ago and length o f service) account Incapacity
resulting from injuries, e tc., received while in performance o f d u t y .. 17
364

V a lu a tio n .

$9,865,055
33,098,563
4,549,675
340,563

97
00
00
00

$17,853,856 97

T on

8,312 20
82,209 49

P E N S IO N S Y S T E M .




1910-1911.

JU N E
V a lu a tio n .

Total Rolling E quipm ent____________________

T otal Floating E quipm ent___________________

30.

m achinery in the new engine house and the erection o f a
boiler power plant.
A t W a y n e Junction the m asonry o f the bridges carrying
the tracks over G erm antow n A venue and W a y n e A venue was
extended and a new track constructed on the outbound side
of the station. ^ Alterations have been m ade to the passenger
station, including the construction o f a subw ay between the
outbound and inbound w aiting room s, and a new p latform ,
w aiting room and shelter shed have been constructed on the
outbound side.
A num ber of sidings have been constructed during the year
a t various points, while others have been rebuilt or extended
to accom m odate the traffic offered b y shippers along this
C o m p a n y ’s railroad.
T h e city o f Philadelphia opened T en th Street under the
T a bo r B ranch,necessitating the construction o f a new steel
bridge a t that point, for which this C om p an y was obliged to
p ay a portion o f the cost.
A d ditional protection has been provided a t m a n y o f tho
highw ay crossings b y tho installation o f warning bells, gates
and w atchm en.
T h e work connected w ith the construction o f new tracks
betweon W ood bourno and Y a rd ley and between H opew ell
and Bello M e a d , on the N e w Y o rk branch, to which reference
was m ade in the previous report, lias been com pleted.
Soveral now bridges havo been erected during the year to
replace others which have becom e unsafe or obsolete, n otably
those a t G lenm oore, across the Schuylkill R iver south of
A u b u rn , south of A lb a n y on the Schuylkill and Lehigh
B ran ch , north o f Rockhill and west of H ershey.
W o r k is
progressing on the now Sixth Street bridgo in R eading.
T h e low grado freight line a t W a y n e Junction has been
com pleted. Regular freight service over these tracks was
inaugurated on February 21 1 9 15 . T h e entire cost o f this
lino has been charged to capital account.
Som e additional work was done during the year in the
elevation o f tracks on the Philadelphia G erm antow n &
N orristow n Railroad and on the Richm ond B ran ch , b u t all
tho principal work connected therewith was com pleted in
previous years.
E Q U IP M E N T .
T ho Philadelphia & Reading R ailw ay C om p an y owns no
rolling or floating equipm ent, but leases from R eading C o m ­
pany all the equipm ent which it finds necessary to satisfac­
torily operate its railroad. U nder its leases, the Pliiladelpliil & Reading R ailw ay C om p an y is required to m aintain the
leased equipm ent in good order and repair and to m ake
replacements from tim e to tim e of such equipm ent as m a y be­
com e unfit for use or which m ay be destroyed. A ll replace­
m ents are mado for rolling equipm ent on the basis of trac­
tive power or carrying cap acity, and for floating equipm ent
on basis of gross registered tonnage.
T h e rolling and floating equipm ent in service on June 30
19 15 , as com pared w ith June 3 0 1914, was as follows:

N n.

Sea Tugs, e tc_____________________________________
Sea Barges, e tc____________________________________

JU N E

1911-1912.

11 $22,377,882 82 $22,060,057 32 $19,123,327 74 $19,326,004 93 $18,737,217 84
80 17,352,331 06 18,973,407 20 16,417,899 04 16,054,942 46 16,523,710 60
14
7,011,548 87
7,101,752 42
6,908,759 59
6,995,801 30
7,059,476 94
82
32,296 91
33,800 54
30,441 29
33,199 31
28,786 04
06
678,592 32
730,908 44
662,675 98
668,591 81
589,421 20
76
339,230 93
346,898 23
313,673 14
262,611 18
294,435 87
16
126,687 15
119,188 44
120.449 41
97,414 63
88,701 16
78
372,975 36
462,296 93
356.449 82
395,190-95
415.529 92
53
14,980 53
39,929 52
14,463 27
14,678 49
30,308 36
80
14,430 57
5,042 97
4,629 01
46,247 81
13,220 51
52
833,499 65
570,325 74
402,230 31
350,736 05
320,473 51
05
138,647 22
119,109 56
117,064 50
118,277 75
118,136 60
42
1,163,793 44
1,240.745 11
1.045,732 79
972,424 65
883.208 45
$47,224,944 95 $50,456,896 83 $51,803,462 42 $45,520,553 91 $45,337,866 99 $45,098,123 31
411,431 63
305,160 75
325,793 98
329,960 15
$47,224,944 95 $50,456,896 83 $52,214,894 05 $45,825,714 66 $45,663,660 97 $45,428,083 46

T o ta l_________________

L ocom otlvo Engines and Tenders-------------------------Rovonuo, Freight C ars___________________________
Passenger C ars_________________________
W ork Cars______ _______________________

E N D E D

1912-1913.

$20,985,987
17,027,463
0,425,634
24,743
543,625
316,422
146,377
330,587
20,429
26,860
727,713
138,976
510,123

T otal P . & R . R y__
._
Outsido Operations, N et Earnings___

A D D IT IO N S A N D

1913-1914.

23
114

R eg.

T on

8,312 20
83,050 49

1,410,883 00
2,520,263 00

■91,362 69

$3,931,146 00

Tlio num ber o f pensioners who died between July 1 1914
and Juno 3 0 1915 was 3 3 .
In addition to tho am ount paid out in pensions, the sum
o f $ 3 1 ,1 1 5 3 8 was contributed b y the Philadelphia & Reading
Railw ay C om p an y towards the support and maintenance of
tho Philadelphia & Reading Relief A ssociation, the m em ber­
ship of which is com posed of em ployees of the Reading
S ystem .
IN S U R A N C E F U N D .
Tlio balance to tho credit o f this fund on June 30 1914 w a s .. $981,723 00
Incom o from investments during fiscal year______ $52,492 28
Am ount received from claims adjusted, etc______
2,017 24— 1 54,509 52
T otal.................... ......................... .......... .......... ................................$1,036,232 52
Payments mado account firo or marine losses and for pro- ’
mlums on insurance carried in regular insurance companies
48,828 91
Balance to credit o f Fund Juno 30 1915.

$987,403 61

THE CHRONICLE

932

[Vol. 101.

bonds which matured December 31 1914, and for which this
Company was responsible, whilo the balance of $41,000 bonds
represents the interest paid by the Company during the year
on its proportion of the outstanding bonds of the city’s issue.
All of tho Subway bonds issued by the Company, aggre­
gating $1,907,000, are in its treasury.
It is with deep regret that' tho Board records the death,
on April 2 1915, of M r . William Hunter, its Chief Engineer.
M r . Hunter had been connected with the Engineering Depart­
ment of tho Company for more than forty years, and since
August 9 1900 as Chief Engineer.
On April 6 1915 M r. Samuel T . Wagner was appointed
Chief Engineer.
F U N D E D IN D E B T E D N E S S .
M r . Peter A . B . Widener, who had been a director of the
The funded indebtedness upon the property of the Phila­ Company since June 15 1910, resigned on November 18 1914,
delphia & Reading Railway Company was increased $15,600 when M r. Joseph E . Widener was elected a director to fill the
during the past fiscal year. This increase was caused as vacancy.
follows:
M r. Charles C . Harrison resigned from tho Board on
Philadelphia & Reading Railway Co. Subway bonds issued___ $191,000 00 June 16 1915, having served as a director since December 17
Less—
1913. M r . Alfred H . Smith was elected a director of the
City of Philadelphia Subway bonds canceled______$150,000 00
Real Estate Mortgages and Ground Rents canceled 25,400 00
Company on June 16 1915 to fill the vacancy.
---------------- 175,400 00
The Board desires to express its acknowledgments to the
$15,600 00 officers and to tho employees of the Company for their
fidelity and for the efficient services which they have ren­
$150,000 of the $191,000 Philadelphia & Reading Railway
Company Subway Mortgage Loan bonds issued during the dered during the past year.
B y order of the Board,
year were to reimburse the Company on account of the pay­
T H E O D O R E V O O R H E E S , President.
ment of a similar amount of City of Philadelphia Subway

The Insurance Fund now consists of cash amounting to
$13,556 47 and marketable securities valued at $1 ,031 ,­
890 75. The difference of $58,043 61 between the aggregate
value of the securities and cash in the fund and the balance
on June 30 1915, shown above, represents an amount ad­
vanced by the Philadelphia & Reading Railway Company,
which will be adjusted later.
There was an increase of $4,096 55 in income from invest­
ments for the fiscal year to June 30 1915 as compared with
the previous year, and a decrease of $72,107 98 in losses and
insurance premiums paid.

IN C O M E A C C O U N T F O R T H E Y E A R E N D E D JU N E 30 1915 A N D C O M P A R IS O N W IT H Y E A R E N D E D
JU N E 30 1914.
1913-1914.

1914-1915.

R A I L W A Y O P E R A T IN G R E V E N U E .

TransportationFreight— c o a l__________
Freight— merchandise—
Pass ‘n g e r _____________
Excess baggage_________
M ail.................... - ...........
Express , ---------------------Other passenger train—
M hk___________________
Sw itching_____________
Special service train____
All other transportation.
Incidental_____________

$20,985,937
17,027,463
6,425,634
24,743
138,976
543,625
146,377
316,422
330,587
20,429
26,860
727,713

Railway Operating Expenses—Maintenance o f way and structures______________________________
Maintenance o f equipment______________________________________
T raffic_________________________________________________________
Transportation_________________________________________ _____ —
Miscellaneoua operations------------------------- .,-------------------------------General expenses_______________________________________________
Transportation for investments--------------------------------------------- Credit

11
80
14
82
05
06
16
76
78
53
80
52

$4,651,073
8,370,289
546,794
16,543.518
160,049
869,428
15,766

46
57
41
82
05
09
27

$46,714,821 53

31,125,387 13
$15,589,434 40

Net operating income-----Railway tax accruals_________
Uncollectible railway revenues.

$1,166,688 09
5,898 04

1,172,586 13

$22,377,882
17,352,331
7.011,548
32,296
138,647
678,592
126,687
339,230
372,975
14,980
14,430
833.499

82
06
87
91
22
32
15
93
36
53
57
65

$5,336,464
8,921,263
519,858
17,600,718
212,655
777,963

86
92
46
01
24
20

$1,267,503 48

$14,416,848 27

Operatlng Income.......................... ...............
Other Income—
Hire of equipment (Cr. balance)-----------------—
Joint facility rent incomo-------------------------------Miscellaneous rent income-----------------------------Miscellaneous non-operating physical propertyincome from unfunded securities and accounts.
Miscellaneous income-------------------------------------

$168,436
59,361
228.105
10,247
41,658
2,313

92
08
33
97
52
60

510,123 42

$2,852,190
425,000
2,833,098
1,939,980
11,614
40,897
145,590
121,768
27,981

32
00
52
00
95
50
83
17
29

8,398,121 58

33,368,923 69
$15,924,179 70
1,267,503 48
314,656,676 22

$830,377
56,840
234,935
10,186
30,596
856

63
74
26
74
57
50

$14,926,971 69

Total Income____________________________
Deductions from Income—
Rent for leased roads------------------------------------Terminal trackage-----------------------------------------Rent of equipment-----------------------------------------Interest on funded debt--------------------------------Interest on unfunded debt-----------------------------Interest on subway loan (City of Philadelphia).
Joint facility rents-----------------------------------------Miscellaneous rents----- ---------------------------------Miscellaneous tax accruals------------------------------

$49,293,103 39

l,163,7k>3 44
$15,820,469 66

$2,860,224
425,000
2,825,853
1,939,980
9,289
46,147
147,508
127,084
12,761

34
00
20
00
22
50
12
73
02

8,393,848 13

Incomo appropriated for investment in physical property.

$6,528,850 11
1,161,691 32

$7,426,621 53
2,024,783 36

Net Corporate Income___________ _________ ________

$5,367,158 79

$5,401,838 17

N o t e . — 1913-1914 figures are adjusted to conform to Inter-State Commerce Commission Classification effective July 1 1914.

B A L A N C E S H E E T JU N E 30 1915.
ASSETS.

A m o u n t.

T o ta l.

In vestm en t i n R o a d a n d E q u ip m en t —
Road to Juno 30 1907. ---------------------------$94,724,974 02
Road since Juno 30 1907--............................ 17.758,798 68
--------------------- $112,483,772 70
Jrnppnvpmonfq on TiP H RuilfOAd Propfirty
asp
S17 0S7 O
O
Miscellaneous Physical P rop erty ----------------------------------1,018,528 91
Investm en ts i n A ffi li a t e d C o m p a n ie s —

Advances

_______

C u rre n t A ssets —

677,243 03
---------------------

Loans and Bills Receivable__________ _____
Traffic, Car Service and Miscellaneous Ac­
counts Receivable.. ________ - - - - - Net Balances Receivable from Agents and
Conductors____________________________
Materials and Supplies...................... .............
Rents Receivable________________________

909,843 93

17,089 59
2,805,352 98
2,575,855 04
2,856,463 92
17,815 29
---------------------

9,902,623:32

$35,273 08
1.045,447 22
---------------------

1.080,720 30

$38,349 69
427,700 39
--------------------S e c u ritie s Is s u e d o r A s s u m e d — U n p le d g e d -------------------------

466,050 08
1,907,000 00

D e fe r re d A ssets —
Working Fund Advances__________________
Insurance Fund (Cash and Securities)--------U n a d ju ste d D eb its —
Insurance Premiums Paid in Advance____
Other Deferred Debit Items----------------------




$128,285,576 24

LIABILITIES.
A m o u n t.
T o ta l.
C a p it a l S to ck .......................- .......................................................$42,481,700 00
Prior Mortgage Loan, 1868— 1893— 1 9 3 3 ... $2,696,000 00
_____
Improvement Mortgage Loan, 1873— 1897—■
________________________________________ 9,363.000 00
Consolidated Mortgage Loan, 1882 1922—
5 766,717 00
1937, First Series------- --------- -Consolidated Mortgago Loan, 188.5 iu.5.5,
Second Series . _______________________
535 00
Debenture l£ a n . 1891— 1 9 4 1 ---................... 8,500.000 00
Purchase Money Mortgago, 1 8 9 6 - - - - - - - - - - 20,000,000 00
City of Philadelphia Subway Loan. 1914-1922 1,093,500 00
Mortgages and Ground Rents on Real Estato
105,660 61
Philadelphia & Reading Railway Company
1,907,000 00
Subway Mortgage Loan------------------------,„
. — ---------------N o n -N eg o tia b le D ebt to A f f i li a t e d C o m p a n ie s ...........................
C u rrent L ia b ilit ie s —
,,
Traffic, Car Service and Miscellaneous Ac­
counts Payable___________ - — ------------ $3,910,424 98
Audited Accounts and Wagos Payable........ 3,450,077 25
6,305 00
Interest Matured U n p a id ----------- ----------Unmatured Interest Accrued-------------------204,887 13
Unmatured Rents Accrued.................... .......
731,092 38
--------------------D e fe r re d L ia b ilit ie s
_______________________
- ______
U n a d ju sted C red its —
Tax L iability............................................ - - - $1,134,430 97
Insurance Fund___________________________
987,403 61
Other Unadjusted Credits------------------------730,097 77
--------------------Additions to Property Through Income Since June 30 1907
and charged as an asset----------------------------------------------Profit and Loss........................................................................ -

49,432,412 61
398.083 00

8,302,786 74
439 95

2,851,932 35
16,375,378 15
8.442,843 44
$128,285,576 24

W IL L IA M H . W H I T E , Comptroller.

Sept. 18 1915

THE CHRONICLE

933

THE PHILADELPHIA AND READING COAL AND IRON COMPANY
A N N U A L R E P O R T FO R T H E F IS C A L Y E A R E N D E D J U N E 30 1915.
The Philadelphia & Reading Coal & Iron C o.,
General Office, Philadelphia, Oct. 11 1915.
To the Stockholders:

The Board of Directors submits herewith the annual re­
port of the operations of the Company for the fiscal year
ended June 30 1915.
The total production of Anthracite coal from the lands
owned, leased and controlled by The Philadelphia & Reading
C o a l& Iron Company for the year ended Juno 30 1915 was
9,00b ,589.14 tons, as compared with 10,271,669.04 tons
mined during the previous year.
During the year the Company mined 8,161,836.19 tons,
purchased 115,478.07 tons and sold 8,083,487 tons, as com­
pared with 8,992,494.04 tons mined, 218,957.08 tons pur­
chased and 8,747,643.19 tons sold the previous year.
The percentage of sizes above pea produced from the minmg operations was 58.54 per cent, as compared with 59.35
per cent the previous year.
Our sales for the first six months of the present fiscal year
were about 120,000 tons less than those of the previous year,
but for the six months from January to June, owing to the
very mild winter and to the general disturbed business con­
ditions, they fell off about 540,000 tons.
During the year there was charged and paid in taxes on
coal lands and improvements for 1913 and 1914 the sum of
$146,515 71, duo to increased taxation imposed in North­
umberland County by the final decision of the Supremo Court
delivered on M a y 26 1915, growing out of the increased as­
sessed valuations in that county made at the triennial as­
sessment of 1913, appeals having been mado to Court that
the samo wero unjust and illegal.

The United States Commissioner of Internal Revenue de
cided that the Company was not entitled to a deduction fo~
ilr?i°or n < i 1,lcr^ nen^ which was made from our earnings of
T
1J12, and the Company was therefore compelled to pay the
o ! v ^
, ^ l s m o tio n a l special excise tax, amounting to
$23,778 83, during the present fiscal year.
Thirty-one collieries were operated a total of 6,653 days
during the year ended June 30 1915, as compared with a total
ot 7,313 days during the previous year.
1he funded indebtedness of the Coal & Iron Company
has been reduced by the following payment: Philadelphia &
Reading Collateral Sinking Fund Loan, $30,000.
This
Company has been reimbursed by Reading Company for
the payment of these bonds; the amount of this loan now out­
standing is $1,020,000.
. Notwithstanding that this was a year of great depression
m our business, we have kept up all necessary repairs and
dead work; so that your plant is in an efficient condition and
able to carry on its many operations to their full capacity.
M r . 1 eter A . B . Widener, who had been a Director of the
Company since June 15 1910, resigned on N ov 18 1914
when M r . Joseph E . Widener was elected a Director to suc­
ceed him.
M r. Henry P . M cK ean resigned from the Board June 16
1915, having served as a Director since Oct. 10 1904- M r
Alfred H . Smith was elected a Director of the Company on
Juno 16 1915, to fill the vacancy.
The Board extends to the officers and employees of the
Company its appreciation of the faithful services performed
by them during the past year.
B y order of the Board of Directors,
W . J. R IC H A R D S , President.

IN C O M E A C C O U N T FO R T H E Y E A R E N D E D JU N E 30 1915, C O M P A R E D W IT H T H E Y E A R 1914.
11)1.5-1914

R E C E IP T S .
A m o u n t.

Coal sales (Anthracite).................................
Coal sales (Bituminous)_____
I
Coal rents________________________ V .Z '.V .
Ifouso and Land rents____________________
Interest and Dividends______________ H I .
Miscjllaneous ______________________ I.

-

$28,476,166
1,028,019
325,432
141,610
85,394
29,887

1914-1913
T o ta l.

A m o u n t.

68
82
13
83
87
76

Total Receipts _

$30,946,264
1,206,691
276,157
138,975
108,037
27.855

63
66
24
50
96
08

$30,0S6,512 09

S32,703.982 07

EXPEN SES.

Mining coal and repairs__________________
Improvements at collieries, & c____________
Coal purchased (Anthracite)______________
Coal purchased (Bituminous)_____________
Royalty of leased collieries_________________
Transportation of coal by rail_____________
Transportation of coal by water__________
Handling coal at depots_________ ______ ___
Taxes on coal lands and improvements______
Improvements and repairs of houses________
Damages account coal dirt________________
All other expenses________________________

$19,214,157 63
682,068 43
210,350 35
964,386 32
499,398 90
5,509,892 61
1,076,081 53
430,749 51
458,681 75
34,394 10
1.312 13
1,251,522 72

$20,627,192 70
1,193,385 43
372,467 41
1,118,875 32
485,614 01
6,555,640 50
1,212,596 10
406,451 87
488,195 49
113,997 89'
655 85
1.120,958 62

Less coal added to stock.

$30,333,025 98
613,750 57

$33,696,031 19
1,840,416 02

Total Expenses____

$29,719,275 41

Trofit in Operating_______________ _____________
Fixed charges, taxes and interest___________ ____
Taxes on coal lands and improvements, 1 9 1 3 and 1914
United States Special Excise Tax, 1912___________ ~

136,370 16
146,515 71
23,778 83

31.855,015 17

$367,236 78

$848,366 90

132,976 98

306,664 70

Mined
(Anthracite)
Purchased
“
Sold
"
On hand
“

$715,389 92
2,599,286 55

S3,375,248 45

Balance to Crdeit o f Profit and Loss Account.

132,976 98

$60,571 98
3,314,670 47

Profit___________________________________
Profit of previous years_______________________

$3,314,676 47

TO NNAGE.

8.161,830
115,478
8,083.487
1,785,708

19
07
00
13

8,992,494
218,957
8,747,643
1,592,421

0
0
V

1°

B A L A N C E S H E E T JU N E 30 1915.
C a p it a l A cco u n ts —

A m o u n t.

T otal.

Coal Lands_________________________
S47.S59.302 77
Timber Lands_____________________ I ______
843,828 39
Now York and Eastern Depots____________
840.774 70
Western Yards and Depots_________________ 1,833,848 34
Miners' and Other Houses_________________
553,137 07
Pottsvillo Shops, Real Estato and Improve­
ments __________________________ ______ _
417,939 87
Storage Yards and Washerios______________
675.107 78
Other Heal Estato_________________________
405,408 20
Improvements and Equipments at Collieries. 12,959,224 33
Stocks and Bonds of and Loans to Companies
Controlled______________________________ 9,863,914 75
-376,252,486 80
C u rren t A ssets —
Cash_____________________________________
3484,721 53
Bills Receivable__________________________
7,284 82
Coal Accounts_____________________________ 3.308.126 66
Rent Accounts____________________________
51,423 28
Companies and Individuals________________
802,694 86
Coal on hand_____________________ _____ ___ 5,897.215 24
Supplies and Materials on hand____________
1.311,781 20
11,803,247 59
Stocks, Bonds and Mortgages______________
54,201 24




388,169,935 63

C a p it a l A c c o u n ts —
P*1892 IL^Collatcral Sinking Fund Loan,
Capital S tock!! 1 1 I I H U H I I I I I I H '
Bills Payable______________________ I I I I I I !
Reading Company________________ H I
C u rre n t L ia b ilit ie s —
Pay Rolls and Vouchers_________________
Duo for Coal Purchased_______________ ""
Due for Royalty on Coal Mined______I
Freight and Tolls Due Foreign R oadsIU III
Commonwealth of Pennsylvania Account
State Tax on C o a l____________________
Companies and Individuals_________ I I I I I I
Interest Duo and Uncollected_________ IIII
Interest and Taxes Accrued________ II11 H I

Minors’ and Laborers’ Beneficial Fund______
P. & It. Railway Company Current Account*
Profit and Loss to Juno 30 1914..
Profit and Loss July 1 1914 to June 30* 1915*"

A m o u n t.

T o ta l.

31.020.000 00
8 , 000,000 00

600.000 00
72,022,371 37
S917,98.3 12
8,528 37
108,864 66
21,273 33
921,831 29
74,832 09
20 00

328,568 22
3.314.676 47
60.571 98

2.381,901 08
54.570 76
715,843 97
3.375,248 45

$88,169,935 63
W. G. BROWN, Secreta ry .

[Vol. 101.

THE CHRONICLE

934

NORFOLK AND WESTERN RAILWAY COMPANY
N IN E T E E N T H

A N N U A L REPORT— FOR T H E

Roanoke, V a ., August 31s< 1915.
To the Stockholders of the Norfolk & Western Railway Company;

Your Board of Directors submits the following report for
the year ending June 30th 1915:
M IL E S OF R O A D A N D T R A C K IN O P E R A T IO N .
J u n e 30 1915.
M i le s .

J u n e 30 1914. In c r e a s e
M ile s .
M i le s .
' "

1,542.98
Main Line ___________________
1,542.98
90.36
Branches (Operated as second track 90.30
389.53
(Other branches-----------396.27f
- 486.63 ---------- 479.89

6.74

Total miles.....................- - - ........
Operated under trackage rights—

2,029.61
13.98

2,022.87
13.98

2,043.59
524.32
3.45
1.254.50

2,036.85
490.74
3.20
1,229.88

3,825.86

3,760.67
2,035.91
3,645.33

— 559,822 52

26.74

76,308 15

— 76,308 15

15,499 96

+47,595 65
— 883 10

5.70

Total Charges . . . . . 8,072,929 99

8,446,649 61

— 373,719 02

4.43

IN C O M E S T A T E M E N T .
FOR THE YEA R E N DIN G JUNE 30 1915 AN D COMPARISON W ITH
PRECEDIN G Y EA R .
1914-1915.
1913-1914.
I n c . ( + ) o r D e c . (— ).
%
R a ilw a y O p er. In c o m e :
$
$
$
3.91
R EYdght'— KeVOnUtS:36,550,549 91 38,038,621 63 — 1,488,071 72
3.44
Passenger..........."
4 739 538 08 4,908,679 22 — 169,141 14
Mail S ...................
388,861 67
389,245
42— 38375 .10
5.42
E x p r e ^ " ':: :'::::
540,09990
571,078.57
— 30,97867
All Other transp’n . .
264,260 80
275,816
52— 11,5554.19
72

Credit Balance June 30 14,384,134 09 12,565,090 91 +1,819,043 18 14.4
N o t e .— The delayed income credit, 8336.165 97, consists of passenger
earnings accumulated before July 1 1914, but hold in suspense pending
decision of the U. S. Supremo Court in the case described on page i f (Pam­
phlet report.

The Dividends were as follows:
A d ju s t m e n t P r e fe r r e d S lo ck —
N o.

45
46
47
48

3.73

7.90

N ov.
Feb.
M ay
Aug.

19
19
19
19

Sept.
Dec.
Mar.
Juno

19
19
19
19

Stock o f R ec o rd .

1914___ Oct.
1915___ Jan.
1915_April 30
1915----- July

1914----- Aug.
1914___ Nov.
1915----- Feb.
1915___ May

p-r

Per
C ent.

0 u t s t a n d in g
Stock.

31 1914------- 1
30 1915------- 1
1915------------- 1
31 1915------- 1
4

$22,991,700
22.991.800
22.991.800
22.991.800

31 1914------ l ' A
30 1 9 1 4 .... l ' A
27 1915------ 1 A
31 1915-------1 A

^07,806,700
107,817,900
107,91.5,400
108,083,400

___
Maintenance o f W ay
and Structures------- 5,738,074 23
Maintonanco o f Equip. 8,341,419 27
Transportation' 1 1 1 1 1 1 12.521

ill

4,998,612
9,214,007
737,690
44 14.068:577

+739,461
25
34 — 872,588
— 37,862
26
31 - l ^ O i O l l

G ^ e l r . ^ - 05! - ' -

836:606 72

T ra n s p o rta tio n fo r I n ­
vestm ent— C r -----------

415,245 13 ____________

916.954 43

98
07
96
87

- 8 0 ’.347 71
+415,245 13

Total oper. expenses 27,831,815 35 30,135,406 68 — 2,303,591 33
R a t io o f E x p e n s e s to T o ­
67.49%
64.74%
ta l O p er. R ev e n u es — _______________________

14.79
9.47
5.13
11.00
45.15
8.76

7.64

— 2.75%

N e t R ev , fr o m R a i l Oper.15,155,228 42 14,514,902 86

+640,325 56

4.41

1,620,000 00

+258,000 00

15.93

R a ilw a y T a x A c c r u a ls . 1,878,000 00
U n co llectib le
R a ilw a y
R e v e n u e s ...................
1,766 01

363 86

R a ilw a y O p e r. I n c o m e . 13,275,462 41 12,894,539 00

+ 1,402 15 385.35
+3S0.923 41

2.95

A d d - N o n - O p c r . In c o m e

Hire o f Freight Cars
— Credit Balance. 1.1Q0.803 70
Rent of Other Equip.
88,943 §§
Miscellaneous Rents
77,663 16
Dividend & Interest
Incom e_________
750,410 69
Miscellan’s Incomo.
25,411 98

— 23,082 11
+ 1,246 21
— 10,186 22

2.05
1.42
11.60

775,549 29
202,399 57

— 25,138 60
— 176,987 59

3.24
87.44

2,277,381 70

— 234,148 31

10.28

G r o s s In c o m e _________ 15,318,695 80 15,171,920 70
D e d u c tio n s fr o m G ross
In c o m e :

+ 146,775 10

.97

42,773 31
97,369 71

+6,767 40
+ 11,266 30

15.82
11.57

700 85

— 39 08

5.57

Total Non-Opera___
ting Income_ 2,043,233 39
_

Rent of Equipment
Other than Freight
49,540 73
Cars____________
108,636 01
Miscellaneous Rents
Separately Operated
661 77
Properties----------Interest Deductions
for Funded Debt:
__
Mortgage Bonds. 3,622,359 00
Convertible Bonds 598,599 84
Equtp’t Obligat’ns . 519,503 00
Misc. Deductions ._
9,490 59

Total..................... 4,908,790 94

1,123,885 81
87,697 65
87,849 38

3,622,380
693.382
248,372
4,515

00
49
31
55

4,709,494 22

N e t I n c o m e __________ 10,409,904 86 10,462,426 48

Dividends on Adjustmont Pref. Stock_
_

— 21
— 94,782
+271,130
+ 4,974

00 ___
65 13.67
69 109.16
04 110.18

+199,296 72

4.23

— 52,521 62

.50

*
919,671 00

___. . .
919,668 00

+ 3 00

Tra n d L o ^ A 0.P! - 1 9,490.233 86
-

9.542.758 48

-5 2 ,5 2 4 62

_
.55

The Incomo and Profit and Loss statements conform to
the arrangement prescribed in the order of the Inter-State
Commerce Commission taking effect July 1st 1914. The
figures of the preceding year have been rearranged to facili­
tate comparison.
P R O F IT A N D LOSS S T A T E M E N T .
1913-1914. I n c . ( + ) o r D e c
1914-1915
$
C red its —•
$
Balance, July 1st.........:12,565,090 91 11,423,106 35 +1,141,984 56 1<^00
Credit Balance from
Incomo Account for
— 52,524 62
.55
the Year--------------- 9,490,233 86 9,542.758 48
Delayed Income Cred­
+386,165 97
386,165 97
its ( Seo N o t e ) . _
_
— 30,302 35 66.05
45,875 69
15.573 34
Miscellaneous Credits.
6.88
Total Credits--------- 22,457,084 08 21,011,740 52 + 1,445,323 56




A m ount o f
D iv id e n d .

$229,917
229.918
229.918
229.918

00
00
00
00

$919,671 00
$1,617,100
1,617,268
1,618,701
1,621,251

50
50
00
00

$6,474,321 00
Dividend adjustment on Common Stock issued in exchange
2,301 00
for Convertible Bonds------------------------------------------------.
$6,476,622 00

The increase in the amount of dividends on Common
Stock is duo to the issue of additional shares in exchango for
Convertible Bonds surrendered.
C A P IT A L S T O C K .
The amounts of Adjustment Preferred and Common
Capital Stock authorized and issued, are now as follows:
A u th o r iz e d .

R a ilw a y O p e r. — E x p .:

I n c o m e B a la n c e :

P a y a b le .

C om m on Stock —

37
38
39
40

3.85

Total Oper. Rovs.42,987,043 77 44,650,309 54 — 1,663,265 77

%

2,093,918 00

B ra n c h e s —
fio
Alma Branch---------------------------------------------------------------------------------- . ’Yg
Mato Creek Branch............................................ ....... ......... ......... .............
Mitchell Branch o f Mato Creek Branch------------------------------------------6.74

T<ttonTUen
vlm°ues*42,483,310 36 44,183,441 36 — 1,700,131 00
+36,865 23
503.733 41
466,868 18

8

8

3.45

The increase in miles of road in operation is as follows:

R ^her°thannTnfnsp”n

I n c . ( + ) or D e c . (— ).

1913-1914.

+215,698 50

6.04
147.17

2,041.95
3,792.50

1914-1915.
$

6,260,923 50

65.19

Average miles o f road operated—
Averago miles o f track operated- -

Appropna-

S g S m u S f s . ® ? 6,470.622 00
Surplus Appropriated
for Investment in
.„
Physical P roperty.. 1,534,095 48
Debt Discount extin­
guished through Sur­
p lu s-------------------- - ---------------Loss on Retired Road
and Equipment----47,595 65
Miscellaneous Debits.
14,616 86

6.74
33.58
.25
24.62

Total miles o f all trades in oper.

C h a rg es —

Dividend

6.74

Total miles of road in operation.
Second Track..................................
Third Track------- - - - - - --------------Sidings and Yard T ra ck s .............

Y E A R E N D I N G JU N E 30 1915.

- Is s u e d S h a res.
P a r V a lu e .

Adjustment Preferred Stock...........f 23’000,000
Common Stock.............
150,000,000

$23,000,000
108,156,000

230,000
1.081.560

Total Juno 30 19 15.....................
Total June 30 1 9 1 4 .................... 173,000,000

$131,156,000
130,760,500

1.311.560
1,307,605

$395,500

3,955

Increase (all Common S t o c k ) .---------------

The additional 3,955 shares of Common Stock outstanding
were issued in exchange for $395,500 Convertible Bonds,
surrendered for conversion, as follows:
$132,000 Convertible 10-25-year 4 % Gold Bonds of 1907.
67,300 Convertible 10-20-year 4 % Gold Bonds of 1912.
196,200 Convertible 10-25-year 4 y 2% Gold Bonds of 1913.
There axe in the Treasury 82 shares ($8,200) of Adjust­
ment Preferred Stock and 16 shares ($1,600) of Common
Stock. One share of Adjustment Preferred Stock was ex­
changed for Dividend Scrip issued by the old Norfolk &
Western Railroad Company, in accordance with tho Com­
pany’s policy of taking up the securities of the old com­
pany, of which but few aro now outstanding.
Of the $41,844,000 authorized but unissued Common
Stock, $15,066,000 is reserved for the conversion at par of
the outstanding Convertible Bonds.
FUNDED DEBT.
The aggregate Funded D ebt outstanding is as follows:
J u n e 30 1915. J u n e 30 1914. D e c re a s e
$7,000
Mortgage Bonds
$83,276,500
$83,283,500
395,500
convlrtibie B o n d i : : : : : : : ______
1 5 ,0 6 6 ,0 0 0
1 5 ,4 0 1 ,5 0 0
1,800,000
Equiinneut Trust Obligations-----11,100,000
12,900.000
$109,442,500 $111,645,000 $2,202,500

The decrease in the amount of Mortgage
outstand­
ing is due to the retirement by purchase of $7,000 Ceneral
Mortgago Bonds, the par of which was paid by tho Trustee
of that mortgage out of the proceeds of the sale ottne Com­
pany’s Maple Shade Inn property at Pulaski, V a ., to the
M aple Shade Inn Company, Incorporated; tho premium and
accrued interest on tho bonds were paid by your Company.
Tho purchase price of the property was $27,000, and since
the close of the fiscal year $20,000 additional General M ort­
gago Bonds have been similarly purchased.
Tho decrease of $395,500 in the amount of Convertible
Bonds outstanding is duo to the conversion into Common
Stock of $395,500 of Convertible Bonds as dosenbed above
under the head “ Capital Stock.” The decrease m the
amount of Equipment Trust Obligations results from tho
payment of matured Equipment Trust Certificates.
I ho
interest on Equipment Trust Obligations shows an increase
over the preceding year because tho $10,000,000 Equipment
Trust Certificates, Series of 1914 (which were sold April 9th
1914), bore interest for less than throe months ot tho preCCTh!r<T£re in the Treasury $13,000 First Consolidated
Mortgago 4 per cent Bonds, $269,000 Convertible 10-20-year
4 per cent Gold Bonds of 1912 and $1,213,000 Convertible
10-25-year 4 ^ per cent Gold Bonds of 1913.
There is still an unissued remainder of $8,431,000 of the
Convertible Bonds authorized by the stockholders October
11th 1906.

Sept. 18 1915.]

THE CHRONICLE

On April 1st 1915 tho final payment of $200,000 was made
under tho Company’s Equipment Trust, Series “ C ,” and a
bill of salo was thereupon executed by the Commercial Trust
Company, Trustee, conveying to your Company the fol­
lowing equipment forming the security under said Equipment
Trust:
17 Freight Locomotives,
2,000 Hopper Coal Cars,
the original cost of which was $2,024,082 92.
Pursuant to tho provision of tho Company’s First Consoli"
dated Mortgage, the Trustee of that mortgage has canceled
and surrendered to tho Company the following-described
old Divisional Lion Bonds, to wit:
$496,000 Norfolk & Petersburg Kailroad Company’s Second Mtgo. Bonds.
980,000 Virginia & Tennessee Itailroad Company s Enlarged Mtgo.Bonds.
1,000,000 Virginia & Tennessee Kailroad Company’s Fourth Mtgo. Bonds.
1,012,300 Southsido Railroad Comi)any’s Consolidated Mortgage Bonds.

The Trustee of the Norfolk & Western Railroad Com­
pany’s General Mortgage, pursuant to the provisions of
that mortgage, has canceled and surrendered:
$722,700 Southsido Kailroad Company’s Consolidated Mortgago Bonds.
6,000 Virginia & Tennessee Kailroad Company’s Enlarged Mtgo.Bonds

A release of the Norfolk & Petersburg Mortgago has been
executed by tho Trustee and recorded in all the counties in
which the mortgago was recorded. Arrangements are being
mado for the release of tho Virginia & Tennessee M ort­
gages and tho Southsido Consolidated Mortgage, but as tho
individual trustees named in these mortgages liavo been
dead for many years it will bo necessary to petition tho proper
courts for the appointment of now trustees to execute the
Tplpn, opo;

R O A D A N D E Q U IP M E N T .
Tho total additions to cost of road and equipment shown
in dotail on pago 22 [pamphlot roport] wero $6,870 ,14 9 60.
From tho commencement o f operations Oct. 1 1896 to
Juno 30 1916 your Company s property investment in
road and equipment increased---------------------- -------------- $123,649,404 16
Thero wero also direct charges to Income for Additions and
Betterments aggregating--------------------------------------------- 16,473,521 16
Total road and equipment expenditures........................ $139,122,925_32

Of theso expenditures, your Company’s income provided
tho following amounts:
Direct charges to Income as above________________________$15,473,521 16
Appropriations from Surplus Income for Additions and
17,019,102 46
Betterments___ ____________
Total---------------------------------------------------------$32,492,623 62

In addition, by means of charges to operating oxpenses
and surplus income, depreciation reserve credits havo been
created as follows:
Charges to Operating Expenses for a road depreciation
reservo_______________________________________________
Charges to Operating Expenses for an equipment deprecia­
tion reserve...............................

$642,793 52
10,833,934 68

From October 1st 1896 to June 30 th 1915 thero havo been
added to your Company’s property 459.32 miles of main
lino and branches, 470.30 miles of second track and 3.45
miles of third track, and 816.11 miles of sidings, and to its
equipment 682 locomotives, 206 passenger train cars, 31,320
freight train cars and 913 work train cars.
Tho increases in tractivo power and capacity are very
much greater than in the number of locomotives and cars,
as is shown in tho following table comparing the equipment
of October 1st 1896 with that of Juno 30th 1915:
Locomotives— Incrcaso in number, 168%; in tractivo power, 385%.
Freight cars— Increase in number, 196%; in ton capacity, 436%.

Tho double-track work reported in tho preceding annual
roport as in progress has been completed.
Double-track work is now in progress betweon Jack, V a .,
and Ford, V a ., 13.58 miles, which will bo completed by D e­
comber 1915. Thero is also under construction a low-grado
line between Burkcvillo, V a ., and Pamplin, V a ., a distanco
of 36.93 miles, which it is expected to put in operation in
tho early part of 1916. Thero will then bo'in operation be­
tween Lambert’s Point and Columbus 686.24 miles of double­
track main line (including as second track tho low-grado lines
around Petersburg, V a ., and Lynchburg, V a ., tho Big
Sandy Lino and tho Burkovillc-Pamplin Line) and 19.83
miles of single track.
Tho singlo track is between Radford, V a ., and Coaldalo,
W . V a ., in sections which total 15.90 miles, east of Wharncliffo, W . V a ., 2.22 miles and at Columbus, O ., 1.71 miles.
Tho latter and tho parallel track of tho Cleveland Akron &
Columbus Railway aro operated jointly by tlio two com­
panies as double track.
Tho new equipment received during tho year was as follows:
40 freight locomotives (steam),
8 freight locomotives (electric),
5 all-steel dining cars,
2 all-steel flat bottom gondola cars, 180,000 pounds capacity,
537 all-steel hopper coal cars, 115,000 pounds capacity.
88 steel underframo cabin cars,
2 steam derrick cars,
2 locomotive cranes,
1 harbor bargo.

Of the now equipment, 2 all-steel flat-bottom gondola
cars, 537 all-steel hopper coal cars and 88 steel underframo
cabin cars, wero built at your Roanoko Shops.
A D D IT IO N S

AND

B E T T E R M E N T S TO W A Y A N D
STR UCTU RES.
107.80 miles of main track wero rolaid with 100-pound
rails.
10.64 miles of re-sawed 85-pound rails wero laid, 8.74
miles on Clear Fork Branch and 1.90 miles on Durham
District.




935

404,846 cubic yards of stone and 115,100 cubic yards of
gravel were used in standard ballasting on main line.
Passenger stations and freight depots were built or en­
larged at Waverly, Riverton, W irtz, South Boston and
Shawsville, V a ., Charles Town and Kermit, W . V a ., and
M ayodan, N . C .
Shelter sheds were erected at New Bohemia, Hopewell,
Overall, Rocky M ou n t, Doran and Faraday, V a ., Buffalo
Creek, Canebrake and H av aco ,W .V a . ,andBeaverPond, Ohio.
Section houses wero erected at Sutherland, V a ., and Ex­
celsior and M aybeury, W est Va.
Tool houses were erected at Wellville, Pamplin and Spout
Spring, V a ., and Sciotoville, Ohio.
M otor car houses wero erected at Coaldale and Devon,
W . Va.
Stock pens were erected at Shenandoah, V a ., and Charles
Town, W . V a.
A_100-ft. turntable was installed at Roanoke, V a.
150-ton scales were installed at Norfolk, V a ., and Ironton,
Ohio, and a 200-ton scale at Bluefield, W . V a.
Crossing gates were erected at South Norfolk, Wakefield,
Lynchburg and Abingdon, V a ., and crossing bells were in­
stalled at Norfolk, Ivor, Roanoke and Meadowview, V a .,
Landgraff, W . V a ., and Locks and Columbus, Ohio.
An ice house was constructed at Clare, Ohio.
A Government coal inspectors’ office was constructed at
Lambert’s Point, Va.
Tho superstructure on Pier N o . 1 at Lambert’s Point,
V a ., was removed and the pier prepared for the handling
of pig iron and lumber business.
Automatic signals were installed between Dwight, V a .,
and Disputanta, V a ., and between Bluefield, W . V a ., and
W est Vivian, W . V a ., malting 98.7 miles of single track and
515 miles of double track equipped with automatic signals. -M
Interlocking plants were installed at W averly, V a ., and
Glen Jean, Ohio.
A power house for automatic signals was erected at
Dwight, Va.
Two 50,000-gallon water tanks were erected at Farm,
W . V a ., and a 100,000-gallon tank at Pulaski, V a.
Pump houses wero erected at Norton, V a ., and Farm,
W . Va.
A boiler house was erected at Williamson, W . V a.
A foot bridge was erected over main line tracks at Roa­
noke Shops.
Three pneumatic ash hoists wero erected at Bluefield,
W . Va.
360 feet of Pepper Tunnel wero lined with concrete.
The lining of Dingess Tunnel was completed, 682 feetTof
brick lining being placed, including a 9-foot portal on the
east end.
Pocahontas Tunnel N o . 2 was lined with concrete.
126 feet of wooden bridges and 68 feet of iron bridges
were replaced by masonry.
743 feet of wooden trestle and 121 feet of light iron bridges
were replaced by fit iron bridges removed from main line.
520 feet were replaced by now steel structures.
1,5 80 feet of bridges wero built to increase waterway^for
flood defense in tho State of Ohio.
Passing sidings were extended at Lowry, Bedford, M on tvale, Bonsack and W alton, V a ., and Dorney, Ohio.
The yards at Lambert’s Point and Norfolk, V a ., and Blue­
field and Williamson, W . V a ., wero enlarged.
•
15 highway grade crossings wero eliminated; one by under
grado crossing of steel, two by undergrade crossings of ma­
sonry, ten by overhead crossings of steel and two by change
of county road. One railway grade crossing was eliminated
by undergrade crossing of masonry.
29.41 miles of fencing were erected.
M A IN T E N A N C E E X P E N D IT U R E S .
Tho expenses for Maintenance of W a y and Structures
and comparison with the proceeding year aro as follows: j
1914-15.

s

1913-14.

s

I n c . ( + ) or D e c . (— ).

s

TotalI E xpen ses...-- - - - - - 5 ,7 3 8 ,0 7 4 23 4.998.612 25 +739,461 98 14.79
Averago per mile of road.
operated________________
2,810 09
+354 87 14.45
2,455 22
Averago per mile of track
operated________________
1,513 01
1,371 23
+141 78 10.34

The expenses for Maintenance of Equipment and com­
parison with the preceding year aro as follows:
1914-15.
1913-14. I n c . ( + ) o r D c c .( — )
$
$
$
%
Total Maintenance of Equip~ “V . '
‘™
ment Expenses_________ 8,341,419 27 9.214,007 34 — 872,588 07 9.47
In which aro included:
Locomotives: Repairs, Re­
newals and Depreciation.3,107,385 09 3,298,700 94 — 191,315 85 5.80
Avge. per Locomotive.
2,855 18
— 264 66 8.48
3,119 84
Avgo. per 100 miles run
1336
12 40
+96 7.74
Passenger Train Cars: Re­
pairs, Renewals and De­
preciation______________ 368,507 86 384,576 43
-16,068 57 4.18
Avge. per PassengerCar
826 40
870 42
— 44 02 5.06
Avge. per 100 miles run
153
—02 1.29
1 55
Freight Train Cars: Repairs,
Renewals and Deprecia’u.4,339,385 65 4,998,963 33 — 659,577 68 13.19
Avgo per Freight C a r..
90 75
107 76
— 17 01 15.78
Avge. per 100 miles run
90
101
— 11
10.89
Work Equipment Cars: Re­
pairs, Renewals and De­
preciation---------------------63,945 78
80,357 31 — 16,411 53 20.42

Thero were in the shops undergoing and awaiting repairs
at tho close of the year 195 locomotives, or 17.9 per cent
(63 needing only light repairs); of this number there were
55 heavy freight locomotives, or 7.9 per cent of this class
of locomotives, the remaining 140 being passenger engines

and light freight engines, the latter of obsolete types which
may be sold or scrapped; there wero also 19 passenger cars,
or 4.2 per cent, and 2,108 freight and work equipment cars,
or 4.3 per cent. These figures evidence the fact that the
decrease above shown in the cost of maintenance of equip­
ment was not obtained at the expense of efficiency.
Additions to and replacement of shop machinery have
been mado at a cost approximately as follows:
Roanoke Shops...............- ............— -------------------------------------------Portsmouth Shops----------------------------------------------------------------------Bluefield Shops-------------------------------------------------------------------------- ,
Williamson Shops---------------------------------------------------------------------Outlying ---------------------------------------------------------------------------------- L ‘ ,a 0 ‘
T o ta l..........- ...............- ....................... — .................................. - .............$27,712

T R A F F IC A N D R E V E N U E C O M P A R IS O N S .
Comparison of traffic and revenue figures with those of
the preceding year shows the following interesting changes:
N u m b e r of passengers...................... Increased
148,633
A verage haul o f passengers-------------decreased
2.47
R evenue from passenger fares-d ecreased
$169,141-14

Shipments o f o r e -------------.decreased
Shipments o f pig and bloom ir o n ..decreased
Shipments of lum ber________________ decreased

484,291

155,857
211,213
306,937

2.37%
6.74%
3.45%

nules

A vgo. rate per passenger per mile.-increased
0025 ™^ts
tons
Revenue freight ca rried .............-decreased 1,232,871
A v e r a g e haul of freight..................increased
2.90nules
Revenue from freight transport’l l . . decreased $1,488,071.72
Average rate per ton per mtlo_____decreased
0.005 cents
Average tons of revonuo freight per
_
,
train mile______________________ increased
39.37 tons
Shipments of coal........................... .increased
60,007
tons
Shipments o f c o k e ............................. .decreased

[Vol. 101.

THE CHRONICLE

936

tons

tons
tons
tons

1-1'%

1.08%
3.91%
1.20%
, „,
4.01%
0.20%

3 5 .4 0 ^

lO'KO/o
.5 3 .PS/0
17.02%

JACOBS F O R K B R A N C H .
Jacobs Fork Branch is under construction from its junc­
tion with Dry Fork Branch at Rift, W . V a ., a distance of
3 93 miles, to reach operations of the New River and Poca­
hontas Consolidated Coal Company. Grading is about
75 per cent completed. The Cucumber Branch of Jacobs
Fork Branch, 1.28 miles in length, to other operations of
the samo Company is under construction. Grading is 90
per cent completed.
M ATE CREEK BRANCH.
This branch, 4.48 miles in longth, and Mitchell Branch of
M ate Creek Branch, 1.57 miles in length, with 3.39 miles
of sidings, to operations of tho Red Jacket Consolidated
Coal & Coke Company and the Red Jacket Junior Coal
Company wero purchased from those companies M a y 7th
1915 at a cost of $98,000.
ALM A BRANCH.
This branch 0.69 miles in length, to operations of tho
Crvstal Block Coal & Coko Company was purchased from
S
company on December 20th 1913 at a cost of $5,000.
The grade was revised and track relaid and its operation
as a branch was commenced in September 1914. An ex­
tension of 2.55 miles was placed in operation sliortly after
July 1st 1915.

E L E C T R IF IC A T I0 N .

The electrification of tho lino between Bluefield and
Vivian, W . V a ., a distance of 29.35 mdes, is practically

POCAHONTAS COAL & COKE C O M P A N Y .

COTho°power plant and lino work are finished and 8 of the
The sinking fund provided for in the Pocahontas Coal & 12 electric locomotives contracted for arc in service.
Ihe
Coko Company’s Purchase M oney First Mortgage dated traffic results already obtained from this work indicate
December 2d 1901 amounted for tho calendar year 1914 to that tho capacity of the line has been doubled and that tho
$224,465 49. Through this and other sums received by the operating cost per ton mile will bo materially reduced.
Trustee under tho terms of tho mortgage, bonds aggre­
The cost of tho electrification to Juno 30th 191o was
gating $259,000 were purchased and canceled. From the $3,128,224 04.
beginning of its operation in 1906 to date, the sinking fund
TRACKAGE AG REEM EN T.
has received from royalties on coal mined the sum of $1,923,­
Under authority of your Board an agreement dated July
420 30 and from sales of lands the sum of $131,794 22, a
total of $2,055,214 52, by means of which there have been 21st 1915 has been executed granting to the Cnesapeako &
purchased and retired bonds to tho aggregate amount of Ohio Northern Railway Company trackage rights oyer
$2 ,277,000, reducing the outstanding bonds to $17,723,000, 61.86 miles between W averly and Valley Crossing, Ohio.
Tho agreement runs for fivo years and may then or there­
and leaving a cash balance of $47 55 in the Sinking Fund.
after be terminated by two years’ notice by either party.
The work of unifying tho Company’s properties, complet
The Chesapeake & Ohio Northern Railway wi l bo a con­
ing its titles and surveying, monumenting and mapping its
lands is progressing. Your Company has advanced to the necting line between the Chesapeake & Ohio Railway at
Pocahontas Coal & Coke Company for these purposes tho or near Edgington, K y ., and tho Hocking Val oy Railway
further sum of $74,000, making a total to date of $1,465,000 at Valloy Crossing, Ohio. It is expected that the lino from
Edgington to W averly, now under construction, will bo
charged in your Company’s accounts as advances to that
completed during tho fall of 1910, when the trackage con­
Company for property expenditures.
tract with your Company will become effective.
V IR G IN IA -C A R O L IN A R A IL W A Y .
N E W IN T E R -S T A T E C O M M E R C E C O M M IS S IO N
The North Carolina Division of tho Virginia-Carolina
C L A S S IF IC A T IO N S .
Railway was completed and has been in operation since
Taking effect July 1st 1914, now classifications of Invest­
M a y 31st 1915 to Oakland on tho Ashe-Wautauga County
Line, N . C ., a distance of 48.64 miles. The cost of this ment in Road and Equipment, of Operating Revenues and
Operating Expenses and of Income, Profit and Loss and Gen­
division to Juno 30th 1915 was $1,207,759 12.
Tho operations of tho Virginia-Carolina Railway havo eral Balance Sheet Accounts wero ordered by the Inter­
been profitable, and tho indications are favorable for con­ State Commerce Commission superseding previous classi­
fications which had been in effect from two to seven years.
tinued prosperity.
Tho changes aro so numerous and important as to make it
N E W R IV E R H O L ST O N & W E S T E R N R A IL R O A D . impracticable to present with the usual completeness de­
Tho extension from Rocky Gap to Suitars in Bland tailed comparisons of operating expenses with tlioso of tho
County, V a ., a distance of 13.87 miles, was completed and
put in operation September 10th 1914. Tho total cost of
the extension to Juno 30th 1915 was $253,857 60.
Tho extension of this line gives access to large bodies of
timber, tho development of which is proceeding.

I> In ad'utioiM o tho Equipment Depreciation Reservo, which
r<
has been in operation for seven years, tho new classification
of operating expenses provides for tho creation of deprecia­
tion reserves for other railroad property by moans of chargos
to operating expenses. Tho uso of these depreciation
opponnts hmvover, is for tho present optional with tho car­
T U G R IV E R & K E N T U C K Y R A IL R O A D .
Your Company has availed itself of tho permission
Tho bridgo over Tug River, referred to in tho previous rier
annual report, has been erected, and track has been laid a to sot up such accounts, but, to begin their operation con­
distance of 0.89 mile to Blackberry Creek. Tho grading servatively and to avoid largo initial charges to operating
of the lino up Blackberry Creek to tho mouth of Peters Fork, expenses for depreciation of such property, only the larger
structures have been considered, leaving the extension of
a distance of 1.38 miles, has been completed.
B y deeds dated June 23d 1915 your Company conveyed tho plan to cover smaller structures for consideration at a
to tho Tug River & Kentucky Railroad Company the later date when experience shall have more clearly indicated
As a result, there has been
Poplar Creek Branch, 1.93 miles in length, in consideration the best permanent course.
of the sum of $16,130 85, and tho Freeburn Branch, 1.55 charged to operating expenses the sum of $642,793 52, which
miles in length, in consideration of the sum of $49,668 99. Ins been credited in the General Ledger to tho appropriate
These branches are located in Kentucky; they have been reserve account specified in tho order of tho Inter-State
operated by tho Tug River & Kentucky Railroad Company Commerco Commission. N o charges to operating expenses
for a depreciation reserve for roadway and structures had
from July 1st 1915.
been mado in provious years.
Among the new accounts oponed m Operating Expenses
W IL L IA M S O N & P O N D C R E E K R A IL R O A D
Leckio Spur, 1.03 miles in length, with a Y connection is “ Transportation for Investment— Credit.” By means
0.15 mile in length, is being built to reach operations of the of this account operating exponscs aro credited with tho cost
of transporting on rovenue trains men engaged m and ma­
Leckio Collieries Company.
terial for construction, which expense is concurrently charged
to tho appropriate property investment accounts.
B U R K E V IL L E TO P A M P L IN L O W -G R A D E
C O N N E C T IN G L IN E .
W E S T V IR G IN IA 2 -C E N T P A S S E N G E R R A T E C A S E .
This lino, 36.93 miles in length, is under construction from
In 1907 tho Legislature of W est Virginia passed an Act
Pamplin, V a ., to Burkovillo, Va. Instead of double-track­
ing your Company’s present line, an entirely new lino is fixing tho maximum faro for intra-Stato passengers on rail­
*
being built with better grades and curvature and at less cost, roads at two cents a mile. After tho rate had been tested
which will be operated as a second track, furnishing a low- by operating under it from M a y 1907 until September 1J09
grade lino for east-bound traffic. Its maximum grade will your Company, considering it to bo confiscatory, broiight
be 0.1 per cent, and its maximum curvature 1.5 degrees. suit in tho Circuit Court of Kanawha County, W est Vir­
It is expected that tho line will be in operation in January ginia, to restrain its enforcement, and under tlio terms of an
iiiforl’noiitnrv iniunctioii restored tho rates for passenger
1916.




Sept. 18 1915

THE CHRONICLE

fares in effect before tho Act was passed. Ponding the deter­
mination of the suit, which was decided by the Circuit Court
against your Company and appealed to the United States
Supreme Court, tho amounts collected from passengers in
excoss of two cents a mile were not included in operating
revenues, but were held as a fund to be distributed, in the
event of a final adverse decree, to the holders of receipts
g m m to passengers under the order of the Court, for fares
paid in excess of the statutory rate. In an opinion dated
March 8th 1915 tho United States Supreme Court reversed
the judgment of the Circuit Court and declared the rate
fixed by tho W est Virginia Act to be confiscatory as to your
Company, whereupon a final decree was entered M a y 10th
1915 in tho Circuit Court of Kanawha County which estab­
lished the titlo of the Company to the entire accumulation
in the fund. This included tho sum of $386,165 97 which
had accrued between September 16th 1909 and June 30th
1914.
Application was mado to and granted by tho Inter­
State Commerce Commission for permission to credit this
amount to Profit and Loss in the accounts of the year cov­
ered by this report. Tho additional amount accrued in the
fiscal year ending Juno 30th 1915 has been included in the
passenger revenues of that year.
TAXES.
Tho amount charged to Income for Railway Tax Accruals
again shows a substantial increase. In the last three cal­
endar years the ratio of Taxes to N et Railway Operating
Revonues was as follows:
10.00 per cent in 1912;
11.85 per cent in 1914.
10.76 per cent in 1913;
IN D U S T R IE S .
Among the now local industries are tho following:
15 manufactories of mineral, metal and other products,

937

13 manufactories of lumber products,
6 manufactories of farm implements and farm products,
6 coal mines.
A t Hopewell, V a ., on the City Point Branch, the E . I .
du 1 ont do Nemours Powder Company is constructing an
extensive nitro-cellulose plant, from which an average shipme*1t of 20 cars of nitro-cellulose daily is already being made.
• j tho close of the year there were 146 companies organ­
ized for producing coal and coke on your Company’s lines,
with a total of 233 separate mines, of which 214 were in
actual operation.
Of the 13,931 coke ovens, 2,034 were in blast.
Of the 22 iron furnaces, with a total daily capacity of 3,490
tons of pig, 5, having a total daily capacity of 930 tons, were
in blast.
___________________________ _
O B IT U A R Y .
W . C . Walstrum, Superintendent of Telegraph, died on
M a y 8th 1915. M r. Walstrum had held this position for
twenty-six years, and had rendered most efficient and loyal
service.
Tho vacancy in the office of Superintendent of Telegraph,
occasioned by the death of W . C . Walstrum, has been filled
by the appointment of George W . Jett.
The certificate of Price, Waterhouse & C o ., the inde­
pendent auditors elected b y the stockholders to audit the
books and accounts of the Company, is attached to the
Balance Sheet.
The Board expresses its acknowledgment to the officers
and employees for the faithful discharge of their duties
during the year.
B y order of the Board of Directors.
L . E . J O H N SO N , President.

C O N D E N S E D G E N E R A L B A L A N C E S H E E T JU N E 30 1915.
INVESTM ENTS—
Investment in Road and Equipment—

ASSETS.

Ennfnmnnt...................................................................................................................................................... ..

Deposits in lieu o f mortgaged proporty s o ld ...
Miscellaneous Physical Property________ _
"
Investments in Affiliated Companies—
---------------------------- ---------------- ............... — ............. - .....................................................

-----------------------------------------------------------------------------'

Tragic and Car Service Balances Receivable:- I I I : : : : : : : : : :
Net Balances Receivable from Agents and Conductors____
Miscellaneous Accounts Receivable

Working Fund Advances------- --------

4,730 00

-----------------------

g t S o 'o n n n i

lon ’n fo o i
.......... ■■■----------- ----------873 94
"
----------------------------------------------------------------------

15,994,089 86
17,315 00

$54,380 27
220,108 45
274.488 72

— $100 00

$22,991,800 00

+395.500 00
108.154.400 00
-S

131,146,200 00

$83,276,500 00
15,000 00

$1?»88888

“’

— 7,000 00
$83,261,500 00
— 395,500 00
13,584,000 00
— 1,800,000 00
— 179,000 00

11.004,000 00
107,849,500 00

CURREN T LIABILITIES—
Traffic and car service balances payablo----------------------------Audited Accounts and Wages Payablo_______________ _____
Miscellaneous Accounts Payablo
Interest Matured U npaid..
Dividends Matured Unpaid__
Funded Debt Matured Unpaid
Unmatured Dividends Declared
Unmatured Interest A c cru ed ..

""

+ 1.929 17
+7,318 23
— 30,982 17

S289.651.259 81

C om m on --------------------------------------------------------------------------S108 156 000 00
Held in Treasury. . _______ __________________________ 1. 1111111111111
’ L600 00

0o S32>
,&

— 1,628.119 39
1 000,000 00
— 290 40
+ 1,492,228 21
+ 69,301 20
+39,249 52
— 641,463 46
— 50.638 90
+ 312 07

+ ,

i ’Snn an

L IA B IL IT IE S .

LONG T E R M DEBT—
Mortgage Bonds--------Held in Treasury.

9.679,726 00
$273,365,366 23

2 865 134 in
1 136 0 0 8 96
oonoVe T i

U N A D J U S T E D D E B IT S —
............... ..........................................- ....................... ............................Rents and Insurance Premiums Paid in Advance
•
Other Unadjusted D ebits---------------- ; _____
2 ...........
Securities Issued or Assumed— Unpledged—
--------------------------------Par Values of Holdings at Close o f Y ear__________________________________________ 81,602,800 00
Total Unadjusted D ebits__________

CAPITAL S T O C K -

+ 1,073,109 91
— 2,799,879 30

9 ,6 7 0 ,9 8 8 0 0

nnn non on
... .............................. .................. * ........... - ...........
1

Material and Supplies___________
Interest and Dividends Receivable
oth er current Assets........................................... i i i : : : : : : : : . . : : : : : : :
T otal Current Assets_______
D E F E R R E D ASSETS—

— 12,798 67
— 36,901 00
+76,220 00

6,890,636 54

N o t -----------------------

Thne Drafts and Deposits 111111
Loans and Hills R e c e iv a b le ...

+$4,851,404 56
+ 2,016,818 14
+ 1,426 90

$4,008 00

JMotcs- ........................................- ............................................................ .....................................................
C U R R E N T ASSETS—

$256,206,630 19
60.738 70
527,634 80

------------------$1,189,016 10

Other Investments—
Stocks------------------------------------------------------------------ --------- ----------- ----

Total Investments..

C o m p a riso n w ith
J u n e 30th 1914.

43

___________

«■, c71 ™
09
2 4 1 3 6 0 1 33
v
2 6 4 ___ m
859
264,852 92
562,5SS 00
1,476 50

+ 1,458,038
— 253,424
+55,287
+ 43,191
+566

6,000 00

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

..................*

oth er current L iab ilities.......... -------------------------------------------------------------------------------------Total Current Liabilities
DE FE RR E D LIABILITIES—
Other Deferred Liabilities__
UNADJUSTED CREDITS—
Tax Liability

+ 1 00
— 24,058 49
+3.446 79

229,918 00
66
3 2 9 1 1 al
35

i m n i i v U;

6,101,851 85
205,254 25
$898,436 72
240,707 50
10,021 40
in IHij’no? §o

Operating Reserves.
Accrued D opreciation— R oad.
.........
.........
Accrued Depreciation— Equipment! 11
Other Unadjusted Credits.------------ ------------ ------------ ----------------------------------------------------------310^’3 0 3 34
Total Unadjusted Credits.......
.........
...........* * '-------CORPORATE SURPLUS—
............ ............... ............................... ................................. ..
.......................
Total Corporate Surplus_________________________

08
09
31
85
00

+205,254 25
+ 197,899 44
— 4.902 50
— 105,194 71
+ 642,793 52
+ 1.689,164 17
— 204,556 66

12,945.217 16
+ 1.534,095 48
+ 1.819,043 18
31.403.236 55
$289,651,259 81

c o m ^ r { s ^ i s ”v h ffgmts1
i”
^?the prec^hfg^ar^earran^etrm corr^pon^Wtli the new Order?




lst 1914.

The

[Vol. 101.

THE CHRONICLE

938

CHICAGO. MILWAUKEE & ST. PAUL RAILWAY COMPANY
F IF T Y -F IR S T A N N U A L R E P O R T — F O R T H E F IS C A L Y E A R E N D I N G JU N E 30 1915.

The Directors submit to the Stockholders the following
report of tho operations of the Company for the year ending
June 30th, 1915, and of the condition of its property and
finances at the close of that year.
Tho operations for the year show tho following results:

E Q U IP M E N T .
•
During the year twenty-five locomotives and forty cars of
various classes have been purchased or built as follows:
25 Locomotives
1 Dining Car
2 Mail and Baggage Cars
2 Passenger and Baggage Cars
10 Passengor Cars
13 Sleeping Cars

Operating Revenues------------------------ -------------- ------------------ra
Operating Expenses----------------------------------------------------------- 01,971,701 03
Not Operating Revenue.................
$29,463,673 23
Taxes Accrued__________________________________________ 4,746,721 21
Operating Tncomo______________________________________ $24,716,952 02
Other In c o m e —•
Interest on Bonds------------------------------------------$342,25736
Dividends on Stocks-----------------------------------515,19100
Interest on Other Securities, Loans and Ac_
1,974,56502
counts_____________________________________
Rents—-Received--------------------------------------487,987 73
Miscellaneous.....................................................
329,7H 97 g 64Q ?13 Q8

3 Observation Sleeping Cars
4 Parlor Cars
2 Observation Parlor Cars
2 Cafo Observation Cars
1 Track Scalo Tost Car

During tho year eleven locomotives and one thousand four
hundred and sixty-one cars of various classes wore destroyed
by wreck or fire, sold or taken down on account of small
capacity, as follows:
11 Locomotives
1 Passenger Car
1 Passenger and Baggage Car
1 Mail and Baggage Car
1117 Box Cars
68 Stock Cars
179 Flat and Coal Cars
9 Ore Cars

26 Refrigerator Cars
2 Refrigerator Express Cars
2 Vegetable Cars
15 Ballast Cars
13 Caboose Cars
22 Cinder Dump Cars
5 Work Train Cars

Gross Corporate Incomo__________________________________ $28,366,66510
D e d u c tio n s —
_ .
Interest Accrued on Funded D ebt-------------------- $14,636,29791
Tho original cost of tho equipment retired has been credited
Rents— P a id -------------------------871,503 67
to Property Investment— Road and Equipment.
Hiro of Equipment------------------------------------nl
TVTisrnllnnpmxa
716,772 05. 16,398,382 60
Miscellaneous...................... ........... - ............
.....................
Net Corporate Incomo____________________________________-$11,968,28250

A C Q U IS IT IO N OF T H E G R E A T F A L L S T E R M IN A L
R A IL W A Y .
Tho railway of the Great Falls Terminal Railway Company
was constructed at Great Falls, M ontana, as a terminal fa­
cility of the Great Falls-Lewistown Lino. There are 3.45
miles of this railway, all of which has been electrified and is
being operated very economically with electric locomotives.
It was deemed advisable, both on account of economy and
efficiency in operation, to take over these terminals and make
them a part of tho St. Paul System.
Accordingly tho Great Falls Terminal Railway Company
conveyed all of its railway property and franchises to this
Company by deed dated November 5th, 1914, smco which
date this Company has operated such railway as a part of
its system and as the owner thereof.
SE ATTLE PO RT A N G E LES & W E ST E R N R A IL W A Y .
The Seattle Port Angeles & Western R y ., the outstanding
Capital Stock of which is all owned by this Company, has
under active construction a line of railway extending from
Fairmount, Jefferson County, Washington, westerly through
Port Angeles to Earles, a point in Clallam County, W ash­
ington, a distance of approximately 62 miles. That portion
of the lino west of Port Angeles, approximately 24 miles, has
been completed and was placed in operation in January,
This lino taps tho rich timber country of tho Olympic
Peninsula, and is proving to be an excellent feeder for tho St.
Paul System.
M IL E S OF T R A C K , JU N E 30 1915.
Owned sololy by this Company:
Main track----------------------------------------------------------------M ' £.22
Second main track------------------------------------------------------It1 23.su
9
Third main track-------------------------------------------------------21.72
Fourth main track-----------------------------------------------------13-11
Connection tracks-----------------------------------------------------46.98
Yard tracks, sidings and spur tracks----------------------------- 3,104.48

13,827.01

Owned jointly with other Companies:
Main track---------------------------------------------------------------Second main track___________________________________
Third main track_____________________________________
Fourth main track-----------------------------------------------------Connection track_____________________________________
Yard tracks, sidings and spur tracks-----------------------------

103.45
6.14
1-04
1-93
5.92
175.34

354.94
76.47
1-14

- .......................................
Purchase of Great'Falls’Terminal' R y .....................- ...............
Now Branch Lines and Extensions
-- - - - - - - - - - - - - - - - Now Additional Main Tracks and Reducing Grado and I er
fecting Line —------- - — -------- - - - - - - - - - - - - - - - - - - - - - - Other Additions and Betterments---------------------------------Credit— Property retired or converted.....................................

$818,501 82
0 7 4 73? sn
A U rt.M i ao
^ ^ Q02 fll
, . -y\ o Ay
$15,948,367 13
4,451,350 23

Total as shown by detailed statement (Pamphlet Report)$ll,497,016 90

IM P R O V E M E N T S A U T H O R IZ E D .
EQUIPM ENT.

Authority has been given for tho purchase or building of
additional equipment as follows:
.
,
.
7 Sleeping-Observation Cars, 2 Loungmg-Observation
Cars, also to convert 231 forty thousand pounds capacity
box cars into cinder-dump cars.
A D D IT IO N A L M A IN TRACKS.

The construction of the second main track jjnd grade re­
duction work on the Chicago and Council Bluffs Division m
Iowa, was completed on June 30th 191o between Green
Island and Manilla, Iowa, a distance of 270 miles. On ac­
count of unfavorable business conditions, it was deemed ad­
visable to temporarily suspend the work on tho Hastings and
Dakota Division, but tho work has beon resumed and 178.70
miles were completed and placed in operation Juno 30th 1Jlo.
On Juno 30th 1915 tho following now sections of second
main track were completed and placed in operation.
Chicago and Council Bluffs Division in ^Iowa:^
..
Ono mile east of Delmar to Lost Nation, Iowa---------------------- • 68
•
Elberon to Capron, Iowa__-------------------------------------------------- 2 / nil •
«
Coon Rapids to Manilla, Iowa-------------------------------------------Total
_ - ______________________________ - —85.16 miles
_
Hastings and Dabota'Dlvi'sion:
Hopkins to Oologno. Minn - - - - - - - - - ......... - - - ........................... k an “
Minnesota Falls to Great NorthernTower, Minn
...............5.80 <
t
West of Montevideo, M inn., to Doublo Track Switch.........- 10 09
.........................39.76 miles
Total .
AUTOM ATIC BLOCK SIGNALS.

During the year ending Juno 30th 1915 installations of
automatic block signals have been completed as follows:

294.72

Used by this Company under contracts:
Main track---------------------------------------------------------------Second main track____________________________________
Third main track_____________________________________

P R O P E R T Y IN V E S T M E N T — R O A D A N D
E Q U IP M E N T .

432.55

La Crosse Division: _ _
T r,
T
in 4 1 mllo.
Portage to North La Crosso, W is--------------------------------------- mues
River Division:
.
on Bridge Switch to Minnesota City, M inn----------------------------- 3U.o
Hastings and Dakota Division:
C
1
99 ,
Summit to one mile east of Mllbank, S. D -------------------------- 25.1
Chicago and Council Bluffs Division in Iowa.
Green Island to Capron, Iowa------------ -------------------------------1k i ’ o
Slater to Coon Rapids, Iow a ................- ............................... .. er.a
WCenUr Street, Spokane, to Northern Pacific Crossing, Spokano 1.4

Total miles o f track_________________________________________ 14,554.28

Sinco Juno 30th automatic signals have also been placed
in service on the Chicago and Council Bluffs Division in
Iowa between Coon Rapids and Manilla. These installa­
Owned solely___________________________________________ mjJes
tions comprise a total of 395.2 miles and make tho automatic
Owned jo in tly ---------------------------------------------------------------A03.36 •
•
Used under contracts----------------------------------------------------3io-6U
block practically continuous from Chicago to Minneapolis
^
ir
.
,
.
Total average miles operated---------------------------------------.1 0,052.58 miles and from Chicago to Manilla.
Tho installation of automatic signals on tho Hastings and
The lines of road ofthis Company aro located in tho Dakota Division from Hopkins to Cologno, Minnesota, a dis­
tance of 21.5 miles, is now in progress and will bo completed
following States:
W isconsin______________________ ________________________mj|es
in tho near futuro.
.
.
,
,,
„
.
Illinois — .............................................. - ............... - ........... - . 415.04
The installation of automatic signals on tho RockyJMounI o w a ___________________________________________________ l.obo.ol
tain Division from Butto Yard to Finlen a distance of 16
Minnesota---------------------------------------------------------------------- 1*244.90
North D a k o ta --------- --------- - ..................................... .............
379.93
miles, has been authorized, and work will bo startedunUho
South D a k o ta ---------------------------------------------------------------- 1*794.89
near future.
M issouri............................................ - ............. - ......... - ............
M0.27
Average miles of main track in operation during tho year:

Michigan...................................................... ....... ......... .............
179..)8
Montana ...................- ................................. - ........................... t O A l l
W ashington____________________________________________

619.98

Total length of main track owned solely and jointly-------- - 9.720.67 miles




ELIM IN ATION OF GRADE CROSSINGS.

The work of depressing tho tracks of tho IlastingsTand
Dakota Division, from Hiawatha Avenuo to Hennepin'Ave­
nue in the City of Minneapolis, a distanco of aboutlthree

SEPT. 18 1915.]

THE CHRONICLE

939

miles, was somewhat delayed during the past year. It in­ General and Refunding Mortgage Bonds, available for the
acquisition of additional property or for other additions
cludes tho elimination of thirty-seven grade crossings. On
and betterments_____________________________ _____ ___ $107,310,800 00
June 30th 1915, however, the work was about 6 4 % completed Bonds certified by Trustees, to reimburse the Company
for expenditures from earnings for additional property
and it is planned to complete all of this work during the
acquired, for other additions and betterments and avail­
season of 1916.
able for such corporate purposes as tho Board of Direc­
tors may authorize:
The elevation of the tracks along tho Bloomingdale Road,
_
in the City of Chicago, which includes the elimination of 35 General and Refunding Mortgage Bonds_ $16,424,000 00
General Mortgage Bonds__________ _____ _
159,000 00
grade crossings, and extends for a distance of 2 .4 miles, was
--------------------- 16.583,000 00
about 9 5 % completed on June 30th 1915.
Total
.$123,893,800 00
Tho elevation of tracks in the City of Milwaukee has been
somewhat delayed during the past fiscal year. This work
IN S U R A N C E D E P A R T M E N T .
extends from Kinnickinnick Avonue to Fowler Street, and
INSURANCE RESERVE ACCOUNT.
from Clinton Street to First Avonue, a distance of 1.4 miles,
In c o m e —
and on June 30 1915 was 3 0 % completed. It is estimated Premium Received:
_
For Insurance of Railway Properties_
$73,317 34
that it will take at least two years to complete this work, and
Less— Reinsurance paid________________
”
75,916 52
when completed 14 grade crossings will have been eliminated
Net Premium Deficit________
$2,599 18
in that C ity.
Other Income:
Considerable progress has been mado in connection with the
Interest and Dividends on Securities owned
118,820 63
elevation of tracks on the Chicago and Evanston Division
Gross Income___
$116,221 45
from Montroso Avenue to Howard Avenue, Chicago, a dis­
D isb u rs e m en ts —
Fire Losses—Net.
tance of 4 .4 miles, and on Juno 30 1915 this work was 3 0 %
$116,221 45
completed. It will probably take at least two years to com­ Insurance Reserve—July 1st 1914__________
8 2 fi 873 62
plete this track elevation work, which will eliminate 36 grade Add—Appropriation of March 1915__________ ’ 11,500 00
crossings.
$2 838 373 62
Insurance Reserve—June 30th 1915...................... ...
N EW LINES AN D EXTENSIONS.

The line of railway from Lewis town to Great Falls, M o n t.,
a distanco of 137 miles, was completed and opened for opera­
tions early in September 1914.
Tho grading of tho Choteau Line, extending from Great
Falls to Agawam, Montana, a distance of 70 miles, is com­
pleted, but track laying has been temporarily suspended.
Construction work on the Newwood River Lino, a logging
road, extending 18.25 miles northwesterly from Merrill, W is.,
was completed and tho line placed in operation in December
1914.
TUNNELS.

The construction of the Snoqualmie Tunnel at tho summit
of tho Cascade Mountains, was completed, and tho tunnel
placed in operation on January 17th 1915. Tho opening of
this tunnol shortens the main lino of the Coast Division 3.6
miles, eliminates interruptions from snow slides, and also
eliminates 6.4 miles of ruling grado.
ELECTRIFICATION .

The electrification of tho Puget Sound Lines, which was
commenced in April 1914, has made such progress that the
line between Deer Lodgo and Three Forks, a distanco of
114.4 miles, will be ready for full electric operation during the
spring of 1916. The electrification of tho second division,
between Three Forks and Harlowton, a distanco of 114.2
miles, was commenced in April 1915, and it is probable that
this division will be ready for operation early in 1917.
R E S E R V E F O R A C C R U E D D E P R E C IA T IO N .
A t tho close of the fiscal year, ending June 30th 1914, there
was at tho credit of Reserve for Accrued Depreciation the
sum of $6,398,789 90.
A cortain percentage of the total cost of equipment, aggre­
gating $1,376,091 46, has been credited to this Reserve for
the estimated depreciation of locomotives, passenger train
cars, freight train cars and work train cars, accrued during
the year.
_
Thoro has been charged to this Reserve an amount of
$177,816 39, representing tho accrued depreciation, previous­
ly credited, on locomotives and cars destroyed, sold or taken
down.
Tho balance of this Reserve, Juno 30th 1915, as shown on
page 24 [of pamphlet roport] is $7,597,064 97, which repre­
sents the estimated depreciation of rolling stock subsequent
to June 30th 1907.
C A P IT A L S T O C K .
A t the close of the last fiscal year the share capital of tho
Company amounted to $233,130,300 00 and consisted of
$116,855,400 00 of Common S t ^ k and $116,274,900 00 of
Preferred Stock. It has been increased during this fiscal
year by $506,000 00 of Common Stock issued and sold. Tho
total amount of Capital Stock at tho close of this fiscal year
is $233,636,300 00, of which $434,400 00 is held by tho Com ­
pany.
FUNDED DEBT.
A t the close of tho last fiscal year the Funded D ebt of the
Company was $486,881,154 66.
It has been decreased during tho fiscal year by $4 ,748 ,­
000 00 Terminal Mortgage bonds retired.
The amount of bonds at the close of this fiscal year is
$482,133,154 66, of which $123,893,800 00 are in the Treas­
ury of the Company and $358,239,354 66 are outstanding.
TR EA SU R Y BO ND S.
A t the closo of the last fiscal year tho amount of the Com ­
pany’s bonds in its treasury was $153,572,500 00.
It has been decreased as follows:
General and Refunding Mortgage 4)4 % bonds sold..............
$589,000 00
General and Refunding Mortgage 5% Convertible bonds sold 29,089.700 00
Total decrease.......................................... ........... ............. ..$29,678,700 00

A t tho close of this fiscal year, bonds in treasury amounted
to $123,893,800 00, as follows:




Less Reinsurance effected applying subsequent to June
30th 1915................................ ..................................................

’

'
117,101 45

Insurance Reserve as per General Balance Sheet__________ $2,721,272 17
ASSETS AND LIABILITIES.
A s s ets —
Funded: Securities as shown (Pamphlet R eport)____
$2,818,100 00
Unfunded: Interest Accrued on Securities Owned_
43,415 80
D e ferre d D e b its —
Reinsurance effected applying subsequent to June 30th 1915
117,101 45
Total Assets.
.$2,978,617 25
L ia b ilit ie s —
Insurance Reserve______________
C. M . & St. P. Ry. Co. Advances.

.$2,838,373 62
■ 110,243 63

Total Liabilities..........................

.$2,978,617 25

INVESTMENTS— SECURITIES.

The Insurance Reserve June 30th 1915 amounts to
$2,838,373 62, of which $2,818,100 00 is invested in securities
at par, as shown in the following statement:
Chicago Milwaukee & St. Paul Ry. Co. Stock:
Preferred Stock________________________________
Common Stock________________________________
Chicago Milwaukee & St. Paul Ry. Co. Bonds:
Chicago Milwaukee & Puget Sound Ry. Co. 4%
Dakota & Great Southern Ry. Co. 5 % ._ ...........
Fargo & Southern Ry. Co. 6 % _________ _______
Milwaukee & Northern UR. Co. First 4
Milwaukee & Northern R R . Co. Cons.
General Mortgage 4 % ____________________________
General and Refunding Mortgage Convertible 5%
Twenty-five Year Gold 4 % ______________________
La Crosso & Davenport Division 5 % _____________
Chicago & Pacific Western Division 5 % __________
Convertible Gold 4 % ___________________________
Bonds of Subsidiary Companies:
Tacoma Eastern R R . Co. 5 % _____________________________
Bonds o f other Companies:
Atchison Topeka & Santa Fo Ry. Co. 4 % _
_
Baltimore & Ohio RR. Co. 3 ) 4 % ...................
Chicago Burlington & Quincy RR. Co. 4 % ..
Chicago & Western Indiana R r . C o. 4 % ___
City of New York 4 % ______________________
Kansas City Belt Ry. Co. 6 % ---------------------Lako Shore & Michigan Southern Ry. Co. 4%
Northern Pacific Ry. Co. 4 % _______________
Pennsylvania RR. Co. 4 % __________________
Union Pacific R R . Co. 4 % ...................... ..........
Total.

$ 86,100 00
5,300 00
1 ,000,000 00
6,000 00
2,000 00

38.000 00
20.000 00

600,000
11,500
83.000
4.000

00
oo
00
00

6.000 00

19,200 00

37.000 00
$1,918,100 00
.
.
.
.
.
.

100,000 00
50,00000
50.00000
125,00000
75.00000
150,00000
100,000 00
100,000 00
100.000 00
50,000 00

.$2,818,100 00

O P E R A T IN G R E V E N U E S .
Tho Operating Revenues for the year wero $91,435,374 26
— a decrease of $2,178,325 72 compared with the previous
year.
Tho rovenuo from freight traffic was $63,953,798 62—
6 9 .9 5 % of total revenue— a decrease of $1,361,956 17, or
2 .0 9 % .
The number of tons of freight carried was 32,959,392— a
decrease of 47,885 tons, or .1 4 % .
Tho following classes of commodities show an increase com­
pared with the previous year: Products of Agriculturo,
580,423 tons; Products of Animals, 205,829 tons; Products of
M ines, 559,555 tons. The following commodities show a
decrease: Products of Forests, 545,140 tons; Manufactures,
404,937 tons, and Commodities N ot Specified, 443,615 tons.
The number of tons of all agricultural products carried
during the year was 7,742,673 tons— an increase compared
with tho previous year of 8 .1 0 % . Agricultural products com­
prised 2 3 .4 9 % of the total tonnage carried, compared with
2 1 .7 0 % of the total tonnage of last year.
Tho number of tons of commodities other than agricultural
products carried during the year was 25,216,719 tons— a de­
crease compared with the previous year of 628,308 tons, or
2 .4 3 % — the per cent of the total being 7 6 .5 1 % against
7 8 .3 0 % last year.
Tho number of tons of revenue freight carried one mile was
8,185,988,375— an increase of 106,298,870, or 1 .3 2 % . The
revenue per ton per mile was .7813 cent— a decrease of .0265
cent, or 3 .2 8 % . The average miles each ton of revenue
freight was carried was 248.37 miles— an increase of 3.58
miles, or 1 .4 6 % .
The number of tons of revenue freight carried per loaded
car was 16.835, against 16.498 last year— an increase of
2 .0 4 % .. The number of tons of revenue freight per freight

[VOL. 101.

THE CHRONICLE

940

and mixed train mile was 390.21, against 379.78 last year—
an increase of 2 .7 5 % . The revenue from freight per freight
and mixed train mile was $3.0486, as against $3.0678 last
year— a decrease of .6 3 % .
The revenue from passenger traffic during the year was
$17,952,428 18— 1 9 .6 3 % of the total revenue— a decrease of
$1,008,796 40 compared with the previous year, or 5 .3 2 % .
The number of passengers carried was 16,065,456, a de­
crease of 360,560, or 2 .2 0 % . The number of passengers car­
ried one mile was 858,452,321— a decrease of 53,923,494, or
5 .9 1 % .
.
The revenue per passenger per mile was 2.091 cents— an in­
crease of .013 cent, or .63 % . The average miles each passenger was carried was 53.43 miles— a decrease of 2.11 miles, or
3 .8 0 % .

GALLATIN VALLEY RAILW AY COM PANY.

|
Operating Revenues---------------: Operating Expenses---------------j

$113,614 70
88.772 81

Net Operating Rovonue.......................
Taxes Accrued____________________________________

$24,841 89
13,434 25

Gross Corporate Incomo____________________________________ $11,407 64
Interest pakl Chicago Milwaukee & St. Paul Ry. Co. $93,300 00
Hiro of Equipment______________________________ 14,144 40
---------------- 107,444 40
Net Corporate Deficit------------------------------$96,036 76
BIG BLACKFOOT RAILW AY COM PANY.
Operating Revenues.------------------------------------------------------------ 51
, Operating Expenses_________________________________________ 30,824 56
Not Operating Revenuo...............- ............................. ............... $26,503 05
Taxes Accrued______________________________________________
2,0o7 93
Operating Incom e--------------------524.445 12
Income from Non-Operating Property-----------------------------------1,277 66

O P E R A T IN G E X P E N S E S .

Gross Corporate Incomo-------------------------------------$25,722 78
The Operating Expenses for the year were $61,971,701 03,
a decrease of $918,600 21 compared with the previous year. Interest paid Chicago Milwaukee & St. Paul Ry.C o. $26,513 94
The expenses of Maintenance of W a y and Structures were Hire of Equipment______________________________ EJ.sve 73
$10,377,184 60; Maintenance of Equipment, $13,737,535 32;
....................................................................
■ ^ 08
3
43,70746
Traffic Expenses, $1,756,800 69; Transportation Expenses,
Net Corporate Deficit________________________ ____________$1,7,984 68
$35,697,961 43; Miscellaneous, $722,635 21; General Ex­
For details of operation, reference is made to the state­
penses, $1,862,938 89; and Transportation for Investment—
ments of the General Auditor, appended hereto.
C r ., $2,138,355 11.
.
B y order of the Board of Directors.
There was an increase in Maintenance of Equipment of
$112,439 68; in General Expenses of $198,859 92( due largely
August 1915.
A> j_ E A R L IN G , President.
to the additional help required in preparing statistics for the
Western Advance Rate Passenger and Freight Cases before
the Inter-State and State Commissions) and Transportation
G E N E R A L B A L A N C E SH E E T JU N E 30 1915.
for Investment— C r., $364,889 50.
ASSETS.
There was a decrease in Maintenance of W a y and Struc­
tures of $344,915 08; in Traffic Expenses of $42,820 78; in Road a^d^l/quipin'entTr. . . . . . . r - - - - - ............ - ................
Transportation Expenses of $1,150,972 29; and in Miscel­
Reserve for Accrued Depreciation— Cr-------------------------7,597,064 97
laneous Operations of $56,081 16.
$557,143,296 98
During the year 39 steel bridges, aggregating 2,980 feet in Securities:
,
Securities of Controlled Companies—•
length and 12 masonry bridges, aggregating 1,603 feet in
length, were built— replacing 4,026 feet of wooden bridges,
U sftocte01
1.'_______________________ - - $9,026,833 90
Funded Debt------- -------5,541,000 00
407 feet of iron bridges and 150 feet of embankment; and
14,567,833 90
19,025 feet of wooden cidverts were replaced with iron and Other Investments:
,
.
Advances to Controlled Companies for
concrete pipe. About 3 miles of pile bridges were filled with
Construction, Equipment and Betterearth, 44 bridges having been completely filled and 43 reduced
m onts______________________________ $34,993,/o8 04
Miscellaneous Investments:
on
in length by filling.
Physical Property--------------- - - - - r------Investment Securities— Unpledged-------

SUBSIDIARY COMPANIES.

The operations for the fiscal year of the Subsidiary Com­
panies named below, show the following results:
These Companies are operated independently and their
Revenues and Expenses are not included in the statement of
the Chicago Milwaukee & St. Paul Railway Company,
shown on page 7 (Pamphlet Report.)
TACOM A EASTERN RAILROAD COM PANY.
Operating Revenues........................................................ - .........
Operating Expenses..........................................................................d^,U6U4t)
Net Operating Revenuo................. ......... ........................... ..
S83.111 74
Taxes Accrued........................ ............................... - ........... - ......... 48,775 02
Operating Income--------------------------------------------- ■ - - $34,336 72
Rents Received-------------------------------------------------Hire of Equipment........ ......... ............. ..................... 46,658 17
Miscellaneous............ - ..........................................................337 89 70l285 51
Gross Corporate Income__________________________________ $104,622 23
Interest Accrued on Funded Debt----------------------- $44,200 00
Interest paid Chicago Milwaukee & St. Paul Ry.Co. 140,166 71
Non-Operating Property Expenses----------------------- 29,390 71
000 00
Rents Paid_____________________________________
Miscellaneous----------------------------------------------------- -------- 2 1 3 2 5

^

Net Corporate Deficit____________________________________ $110,248 44
BELLINGHAM & NORTHERN RAILW AY COM PANY.
Operating Revenues------------------------------------------------ ----------- 21
Operating Expenses________________________________________ 14b,244 90
Net Operating Revenue.......... ............. ........................... ......... 11
Taxes Accrued_____________________________________________ 24,484 bl
Operating Income________________________________________$26,998 63
Other In c o m e :

Rents Received-------------------------------------------------Hire of Equipment______________________________
Sinking Fund__________________________________

57,058 71
4,634 ?§
838 57

51,541 17

Net Corporate Doflcit____________________________________ $12,010 98
M ILW AUKEE TE RM IN A L RAILW AY COM PANY.
Operating Revenues---------- --------- ------------------- --------- ......... 2?
Operating Expenses_________________________________________ 102,9..7 ol
Net Operating Revenuo---------------------------- -----------------------$45,950 48
Taxes Accrued----------------- --------- ----------------------------------------8 ,44b 83
Operating Income.................. - ................................... - ............. ’222 25
Rents Received -----------------------------------------------------------------1.999 05
Gross Corporate Incomo----------------------------------------------------$39,502 70
Interest paid Chicago Milwaukee & St. Paul Ry .Co. $41,699 71
Hire of equipment.
2,873 75
________Equipment_______________ ______ _______
963 47
Non-oporating Property Expenses.
570 54
Rents Paid.
Net corporate deficit.




Total Capital Assets--------------------------W o rkin g A s s ets —
Cash_________ _____ - - - - - ............... ........... $15,420,097
17,961
Traffic and Car-Service Balances-------------2,264,099
Duo from Agents and Conductors-............
3,402,908
Miscellaneous Accounts Receivable----------8,258,191
Materials and Supplies--------------------------160,272
Other Working Assets----------------------------- _
A c c ru e d In c o m e N o t D u e —
Unmatured Interest----------------- ---------------D e ferre d D e b it Ite m s —
Working Funds---------- ---------------------------Special Deposits__________ - - - - -r - - - - - -r
Taxes Paid applicable to period subsequent
to June 30 1915---------- - - - - - t.........
Cash and Securities in Sinking Funds------Securities in Insurance Fund------- -------------Other Deferred Debit Item s.------- -----------

35,662,082 48

.$607,373,213 36
28
28
83
76
89
08
29,529,531 12
570,334 99

$166,427 79
65,664 44
1,056,176
534,521
2,818,100
2,276,504

43
23
00
88— 6.917,394 77
$644,390,474 24

LIABILITIES.
C a p it a l Stock —
Common Stock:
lr,n « «
In Hands of Public. - -$117 -356,100 00
Held by Company----------5,300 00

$117,361,400 00

Preferred Stock:
, r o enn on
In Hands of Public------- $115,845,800 00
Held by Company------429.100 00
Premiums Realized on Capital S tock..

116,274,900 00
36,183 87
___ ___________

Total Capital Stock-----------------------------------------------------$233,672,483 87
F u n d e d D ebt —
,
M °n K t a o f P u b l i c . . . -*224.703,200 00
Held by Company.. . . . 125,884,300 0 0 ^ ^ ^ 00
D f n « S s B « i ,.I c .........S131.f43.454 66
o

Held by Company____

fi54

102,200 00 l31,54o,654 66

Total Funded Debt................... - ......................................... $482,133,154 66
12,531 56

Gross Corporate Income---------------------------------------------------- $39,530 19
Interest Accrued on Funded Debt--------------------------$29,425 00
Sinking Fund___________________________________
16,836 25
Hire of Equipment--------------------------------------------2,815 00
Kents Paid_____________________________________
2,305 00
Miscellaneous-----------------------------------------------------15J J2
----------------

620,741 89
47,582 Oo

Total Canitai Stock and Funded Debt-------------------------- $715,805,638 53
L e4 Stock and B o S f n s o /d . held by the Company---------- 124,236,800 00
...........................................$591,568,838 53
Total Capital Liabilities...........................
W orking L ia b ilit ie s —
$30 ,280 20
Bills Payable................ - -------------------------554 ,623 71
Traffic and Car-Service Balances-------------7,393, 079 56
Pay- Rol Is and Vouchers------- - ----------------389, 248 00
Miscellaneous Accounts Payable-------------3, 279 00
Unclaimed Dividends------------ ----------------167, 830 77
Interest Coupons not Presented--------------5, 400 00
Matured Funded Debt--------------- ------------266, 502 45
Other Working Liabilities...... ............. ....... _
8,810,243 69
A c c ru e d L ia b ilit ie s N o t D u e - ­

$5,459,273 27
Interest Accrued on Funded Debt----- - —
French Government Tax— European Eoan
832,129 93
of 1910...................... - ..............................._
D e ferre d C red it Item s —•
Insurance Department Fund— Resorvo----Other Deferred Credit Items-------------------A p p r o p r ia t e d S u r p lu s —
Reserves from Income or Surplus:
Invested in Sinking Funds---------

$2,721,272 17
550,730 41
.

6,291,403 20
3,272,002 58
543,611 23
$610,486,099 23

46.107 47
$6,604 77

P ro fit a n d Lo ss — B a la n c e :
Surplus----------------------------

.

33,904,375 01
$644,390,474 24

Sept. 18 1915.)

THE CHRONICLE

S T A T E M E N T OE IN C O M E A C C O U N T , Y E A R
E N D I N G JU N E 30T H 1915.

941

P R O F IT A N D LOSS A C C O U N T , J U N E 30 T H 1915.
D E B IT .

O p era tin g In c o m e —

Insurance Department Reserve__________________________
SI 1,500 00
Duhuquo Division and Wisconsin Valley Division Sinking
'
-«
Kail Operations:
Lunds________________________________________________
92,270 00
$91,435,374 26
Operating Revenues............
value of equipment destroyed, sold
Operating Exponses.............................. . I I I I I I I ................. 61,971,701 03 Extinguishment of Ilook the year_________________________
or taken down during
409,645176
Not Loss on Property sold or abandoned and
replaced. .
118,626*26
Not Operating U o v o n u o ....................................................$29,463,673 23 Adjustment due to abandonment of propertynot connection
in
isi
Taxes A c c r u e d ..........................
4,746,721 21
wdh revision of line on Chicago & Council Bluffs in Iowa
and Hastings and Dakota Divisions____________________ 3,320,996 37
Operating Income................................................................ $24,716,952 02 Discount on General Mortgage and Goneral and Refunding
Other In c o m e —
coo ini 07
Mortgage B o n d s __________
Miscellaneous Debits__________________~__ IZIZZIIIII
II “ 7 ,5 5 7 8 7
Interest Accrued on Ronds Owned_______ .
$342,257 36
Adjustment by reason of the acquisition of the property and
'A ^
Dividends on Stocks Owned___________________
515,19100
accounts of the Chicago Milwaukee & I’ uget Sound Ry. Co.
300,207 56
Interest on Othor Securities, Loans and Ac­
Dividend declared July 30th 1 9 1 4 :
«*■
counts-------------------------------------------------------- 1,974,56502
3H % on $115,845,800 Preferred S tock ...........
4,05-4,603100
Rents— R eceived________
_
487,987 73
, n SI 16,850.100 Common S to c k _________________ 2,921,252'50
H,
Miscellaneous____________________ I I I I I I I I
329,711 97
Dividend declared January 19th 1915:
•*$% °n $115,845,800 Preferred S tock......................
4,054,603 00
Total Othor Income...............
3,649,713 08
2 L % on $116,850,100 Common Stock_________________ 2,921,252 50
t»f
Gross Corporate In co m o ........................................................$28,368,66510 Balance Credit Juno 30th 1915, carried to General Balance
hnc3t- .....................................- -------------- -------------------------- 33,904,375 01
D e d u c tio n s fr o m G ross C o rpo ra te In c o m e —
Intorest Accrued onFunded Debt....................... $14,630,29791
C R E D IT
552,945,081 10
Rents— R aid __________
_
871,503 67
Hire of Equipment_________
...
___
173,808 97
Miscellaneous________________________________
716,77205
Balance for Year brought forward from Income Account! 11 11,968,282 50
Total Deductions from Gross Corporate Incomo_______ 16,398,382 60
.
$52,945,081 10
N e t C o rpo ra te In c o m e fo r Y e a r C a r r ie d F o r w a r d to C red it
in
y?
o f th e incom e, d
o f P ro fit a n d L o s s __________________________
$11,968,282 50 m en t i f balan ce 1 1 e ets,U£.CS.,^or seYer"* years preced in g page.] isb u rse­
m
ts,
sh
& c are given on a

INTERB0R0UGH RAPID TRANSIT COMPANY
A B S T R A C T S F R O M A N N U A L R E P O R T — F O R T H E Y E A R E N D E D JU N E 30 1915.
N o.
To

th e

165

B ro ad w ay, N ew

Y o rk ,

S ep t.

1 1915.

Your Board of Directors submits herewith its report of tho
operations of the Interborough Rapid Transit Company for
tho fiscal year ended Juno 30 1915.
Tho comparative income account for tho years onded
June 30 1915 and 1914 is:
C O M P A R A T IV E S T A T E M E N T OF IN C O M E A C C O U N T .
, , .

„.

Y e a r en d ed J u n e 30—

on tho Manhattan Railway Division of $304,889 79, oJ
2 .2 0 % .

S to c k h o ld e rs :

1915.

s

1914.

s

In c r e a s e ( + ) o r
D ecrea se (-—).

$

Gross Operating Revcnuo----- 33,433,742 81 33,515,395 69
Operating Expenses............. ..12,941,314 22 12,902,053 36

— 81,652 88
+39,260 86

Net Operating Revenue___ 20,492,428 59 20,613,342 33
2.133,980 09 2,081,948 43
T axes...................................

— 120,913 74
+52,031 66

Incomo from Operation------18,358,448 50 18,531,393 90
Non-Operating Incomo...........
623,631 25
612,852 55

— 172,945 40
+10,778 70

O P E R A T IN G E X P E N S E S .
Operating Expenses were $12,941,314 22 as compared with
$12,902,053 30 last year, an increase of $39,200 80, or
0; 3 0 % , the result of an increase on tho Subway Division of
831,252 38, or 0 .5 0 % , and an increase on the Manhattan
Railway Division of $8,008 48, or 0 .1 2 % .
4
he amount charged to Operating Expenses and credited to
“ Depreciation Reserve” was $230,719 79 moro than the
previous year, whereas the expenditures for Maintenance
showed a decrease of $152,467 03, resulting in a net increase
in charges for both Depreciation and Maintenance of
$78,252 7G.
N E T O P E R A T IN G R E V E N U E .

Gross Incomo......................... 18,982,079 75 19,144,246 45 — 162.166 70
Incomo D eductions................. 10,913.595 48 11,119,666 19 — 200,070 71
Net Corporate Income for
A d d —Yoar' - ......................... 8,068,484 27 8,024,580 26
+43,904 01
Surplus Juno 30 1914 and
June 30 1913 . . .
15.214,403 12 13,072,955 98 +2,141,447 14
Tax Refunds & Other Credits.
17,476 90
23,059 32
— 5,582 42

The N et Operating Revenue was $20,492,428 59, as com­
pared with $20,613,342 33 last year, a decreaso of $120,­
913 74, or 0 .5 8 % , the result of a gain on the Subway Division
of $251,984 53, or 2 .2 1 % , and a loss on tho Manhattan Rail­
way Division of $372,898 27, or 4 .0 4 % .

Totals.....................................23,300,364 29 21,120,595 56 +2,179,708 73

Tho total amount of Taxes was $2,133,980J09 as compared
with $2,081,948 43 last year, an increase ofi$52,031 66 or
2 .5 0 % ; Subway Division shows an increase of $56,183 36,
or 1 4 .5 5 % , and the Manhattan RailwayJDivision a decrease
of $4,151 70, or 0 .2 4 % .

A p p r o p r ia t e d fo r :

Taxes Prior Years, Amortiza­
tion, Capital Retirements
and Other Charges-----------791,255 71
Dividends................................ 7,000,000 00

656,192 44
+135,063 27
5,250,000 00 +1,750,000 00

Total Appropriations........... 7,791,255 71

5,906,192 44 +1,885,063 27

Profit and Loss—Surplus.. 15,500,108 58 15,214,403 12

+294,705 46

The results from operation, are shown in tho following:
S T A T E M E N T OF O P E R A T IO N S FO R T H E Y E A R
E N D E D JU N E 30 1915.
Gross Operating Revenue-------------------------------------------------$33,433 742 81
Operating Expenses...................................... ............................. 12,941.*314 22
Not Operating Revenue.................. ............. ......................... $20,492,428 59
T axes.....................................................................................----- 2,133,980 09
Incomo from Operation------------------------------------------------- 318,358,448 50
Non-Oporating Incomo----------------------------------------------------623,631 25
Oross In com o_______________________________________ S l« oao 079 75
Intorest and Sinking Fund on City Bonds----- $2,360,066 03
’
’
Interest on Interborough Rapid Transit Com­
pany First and Refunding Mortgage 5%
Gold Bonds-----------------2,632,572 97
Interest on Manhattan Railway Consolidated
Mortgago 4% Bonds____________ ________ 1.591,080 00
Interest on New York Elovated Railroad 5%
Debenture Bonds________________________
50,000 00
Manhattan Railway Rental (Organization)_
_
35,000 00
Guaranteed Dividend—7% on Manhattan
Railway Company Capital Stock_ ______ 4,200,000 00
_
Interest on Unfunded Debt.............
37,500 00
Other Rout Deductions......................................
7,376 48
Total Incomo Deductions---------------------------------------------- 10,913,595 48
Not Corporate Incomo.................................. ....................
«g
. 0 . 97
Dividends on Interborough Rapid Transit Company Stock, * '
’
( 1 0 %— 1 0 % extra)...................
7 ,0 0 0 ,0 0 0 00
Surplus................................ - ................... ............................... $1,068,484 27
Per Cent Expenses to Earnings--------------------------- v _
gg yj
Passengers Carried.......................... ................................. .1 .1 1
647,378,266

O P E R A T IN G R E V E N U E .
Gross Operating Rovcnuo for tho year ended Juno 30 1915
was $33,433,742 81, as compared with $33,515,395 09 last
year, a decrease of $81,052 88, or 0 .2 4 % , the result of a gain
on the Subway Division of $283,230 91, or 1 .0 1 % , and a loss




TAXES.

GROSS IN C O M E .
Income was $18,982,079 75, as compared with
n or’ i 4 ’^40 45 last year> a decrease of $162,166 70, or
i r r T o ’ tbo Fes)df of a £ain on the Subway Division of $127,c
lo o 58, or 1 .1 0 % , and a loss on the Manhattan Railway
Division of $289,333 28, or 3 .8 1 % .
IN C O M E D E D U C T IO N S .
ei Ini n^ P e l u?tions wero 510,913,595 48 as compared with
ei°A
i
$11,119,666 19 last year, a decrease of $206,070 71
Tho
interest on First and Refunding Mortgage 5 % 53-Year Gold
Bonds, chargeablo against earnings for the twelve months
ended June 30 1915, fell below the interest, sinking fund and
amortization charges of the previous year, a variation inci­
dent to the refunding operations effective’ November 1 1913.
SU R PLU S.
The Surplus over Dividends of 2 0 % (including extra divi­
dends of 1 0 % ) on the Capital Stock was $1,068,484 27. On
tho basis of 1 0 % dividends for one year the Surplus for 1915
would be $4,568,484 27, as compared with $4,524,580 26, a
gain of $43,904 01 in Surplus over the previous year. Your
directors declared extra dividends amounting to 1 0 % during
the year payable out of the Surplus of the Company. N ot­
withstanding these extra dividend payments, there was an
increase of $294,705 46 in tho Profit and Loss Surplus during
tho year.
F IN A N C IA L .
The capital stock of your Company remains at $35,000,000
The issue of First and Refunding Mortgage 5 % Gold Bonds
dated January 1 1913, has been increased during the year by
$5,000,000, making the total amount outstanding as of
Juno 30 1915 $103,658,000. These bonds were issued for
the following purposes:

[Vol. 101

THE CHRONICLE

943

T o provide funds for Subway C ontribution under C ontiact
N o. 3 dated M arch 19 1 9 1 3 . . . . - - - - - - - - - -------- $37,433,999
T o provide funds for Elevated 'third tracking under C citiii-

ratp rl'it.P March 19 1913
fl

_

_________________________

S,42ll,U U
U

T o provide funds for Elevated Extensions under Certificate
Hatpd M arch 19 1913
__________________________________
T o provide funds for the M anhattan Division Power Plant
Im nrovements
_________________________________
F or tho R efu n d in g'of $15 J)99,999 notes duo M a y 1 1913, and
the F orty-F ive-Y ear M ortgage 5 % G old Bonds called
N ovem ber 1 1913--------------- --------------------------- - ..........................

WZ
S'SH

3 o S 3 ES
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52,615,000
$103,658,000

The above First and Refunding Mortgage 5 % Gold Bonds
are listed on both the New York and Lonson stock exchanges.
Under Contract N o . 3 with tho City of New York, dated
March 19 1913, the Company is required to pay out of its
own resources on the dates mentioned therein certain amounts
representing depreciation upon its existing equipment, the
total amounting to $2,908,150. It was found that investing
the sum of $651,000 in New York City Revenue Bonds, tho
proceeds to bo reinvested in this Company’s First and Re­
funding Mortgage 5 % Bonds, would produce a sum sufficient
to pay the amounts referred to on the specified dates, and to
fulfil these requirements of Contract N o . 3, without further
expense to the Company. This investment was accordingly
made from the accrued amortization of capital reserve.
GENERAL REM ARKS.
The Gross Earnings of your Company for tho fiscal year
ended June 30 1915 were substantially the same as last year.
That tliero was no appreciable falling off at a time when prac­
tically all other transportation lines havo been showing
marked decreases is most gratifying.
<
It is interesting to noto in this connection that this year
witnessed tho first interruption in tho annually recurring in­
creases in tho Gross Earnings of your Company smco tho
opening of tho Subway for operation. This is duo to the
general business depression of the country. Tho 1915
earnings cannot, therefore, be used as a basis for estimating
the earning power of your Company without taking into con­
sideration tho following cumulative increases of previous
years, showing tho phenomenal growth of tho Com pany’s
operations.
^ G E N E R A L B A L A N C E S H E E T J U N E 30 1915.
F I X E D C A P IT A L .......................................................- ...............$90,467,611 27
IN V E S T M E N T S _
______ _____ ______________________
24,512,529 58
A D V A N C E S T O A S S O C IA T E D C O M P A N IE S -------------2,398,306 73
C U R R E N T A S S E T S ......... ................... .............
- 18,010,592 21
Cash
- _______________________ _____ $3,844,967 44
C a s h 'advan ced from General Fund for
M anhattan Third Tracking (seo contra) 1,600.000 00
A ccoun ts R eceivable_____________________ 6,996,343
6.120 00
Bills R eceivable----------------263,530 38
Interest and Dividends R eceivablo---------M atorial and Supplies-----------------------------1,634,878 10
Special Doposits:
27,271 56
T o meet C oupons duo n ot presented— —
T o meet U ncollected Dividends on M an­
131 25
hattan Railway C om pany Capital Stock
T o meet D ividend duo July 1st 1915.on
M anhattan Railway C om pany Capital
gtock
__________ __________________ 1,050,000 00
T o m eet "D ividend duo July 1st 1915 on
Interborough R apid T ransit C om pany
Capital S tock------------------875,000 00
T o meet Interest duo July 1st 1915 pn First
& Refunding M ortgage 5% G old Bonds 2,591,4o0 00
Cash Deposit with Stato Industrial Com ­
m ission---------------------------------------- --------20,900 00

Taxes'11100.................. ............ I : : : : : : : : : : : :
R
e
n
t s
............- ...................

22,272,649 92

01
41
68

L IA B IL IT IE S .

C A P IT A L S T O C K ........................................................................ $35,000,000 00
F U N D E D D E B T .......................- .......... ..................... ................. 103,658,000 00
First and Refunding M ortgage 5 % G old Bonds.
M A N H A T T A N R A IL W A Y C O M P A N Y , LE A S E A C ­
C O U N T ...................... ................... ........ .......................................
377,322 73
C U R R E N T L I A B I L I T I E S ..- ------------------------9.903,488 02
Interest and Rentals A ccrued, not duo— $1,300,711 16
C oupons duo, not presented--------------------27,271 56
D ividends April 1st 1909 to A pril 1st 1915
inclusivo on M anhattan Railway C om ­
pany Capital S tock, unpaid----------------131 25
D ividends due July 1st 1915 on M anhat­
tan Railway C om pany Capital S t o c k .. 1,050,000 00
D ividends due July 1st 1915 on Interbor­
ough R apid Transit C om pany Capital
S t o c k - . - . ...............
875,000 00
Intorest duo July 1st 1915 on First and
Refunding M ortgago 5% G old B o n d s .- 2.591,450 00
D u o for W ages----------------------------------------5 !§
A ccounts Payable------------------------------------1,485,173 68
Taxes A ccrued____________________________
689,055 19
T hird Tracking Cash L iability for ad­
vances from General Fund (see contra) 1,600,000 00

IT E M S A W A IT IN G D IS T R IB U T IO N
P R O F IT A N D LOSS SU R P L U S .......................................... ..

2,411,391 75

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T O T A L ....................................................... : ...............- .......... $167,102,193 68




V
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1.036,711 72

83

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IT E M S A W A IT IN G D IS T R I B U T I O N -........................ — 467,758
S E C U R IT IE S IN T R U S T F O R V O L U N T A R Y R E L IE F
FU N D
____________________________________________
68,644
D E F E R R ’ e D C H A R G E S -----------------------7,867,389
U nam ortized D eb t D iscount and Expense
T O T A L .................
$167,102,193

R E S E R V E S ....................................... .......... ..........
Accrued Am ortization o f C apital----------------$2,292,637 17
M anhattan Railway Equipm ent Reserve
102,154 08
Intorest on Investm ent o f Depreciation
R e s e r v e _______________________________
16.600 50

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Z D
5

" ,o ju .uuu

C O N S T R U C T IO N A N D E Q U IP M E N T CASH FU N D S
Subway C ontribution Cash — ........... . —$29,9o5,594 43
M anhattan T hird Tracking C ash------------86.240 37
Elevated Extension C ash....... ........ .......... 2 ,0 8 5 .8 .2 71
M anhattan Pow er JUouso C ash--------------44,992 41

2833° >
4

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0 0 ..
30
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Sept . 18 1915.]

C H IC A G O

THE CHRONICLE
AND

NORTH

W ESTERN

943

R A IL W A Y

COM PANY

F I F T Y -S I X T H A N N U A L R E P O R T — FO R T H E F IS C A L Y E A R E N D I N G J U N E 30 1915.

R E P O R T OF T H E B O A R D OF D IR E C T O R S .

Tho above mileage is located as follows:

To the Stockholders o f the Chicago & North W estern Railway
Company:

The Board of Directors submit herewith their report of the
operations and affairs of tho Chicago & North Western Rail­
way Company for tho fiscal year ending Juno 30 1915.
The Inter-State Commerce Commission having prescribed
new classifications of accounts, effective July 1 1914, tho
results for the preceding year shown in this report have been
partially revised for tho purpose of comparison.
Averago number of miles operated........................................ ..
Operating Rovenues:
Freight.........................................
551,923,860 74
Passenger-------------20,528,443 46
Other Transportation.........................
6,694,249 64
Incidental _...................... .............................
1,633,12146

8,107.82

.N o t Rovenuo from Railway Operations______________ 824,408,102 26
Railway Tax Accruals (5.59% o f Operating
Revenues)...................................................... $4,516,943 10
Uncollcctiblo Railway Rovonucs___________
7,254 64
--------------------- 4,524,197 74
Railway Operating Incomo.................................... ........... $19,883,904 52
Non-operating Income:
Rental Incom o__________________________
$484,441 71
Dividend Incomo______________
1,600,227 00
Incomo from Funded Securities__________
5,505 83
Income from Unfunded Securities and Ac­
counts, and Other Items_______________
709,825 41
2,799,999 9 5

n „ , G™ss Incom o................................. ................................... $22,683,904 47
Deductions from Gross Incomo:
Rental Payments ...................................
$1,066,043 00
Interest on Funded Dobt.............................. 9,595,615 81
Other Deductions_______________________
108,196 57
Total Deductions from Gross Incomo________________ 10,769,855 38
Net Incomo_____________________________
c i i 0 1 4 0 40 no
Disposition o f Not Incomo:
"
’
’
Sinking F u n d s . .........................
$204,053 75
Dividends—
1,791,600 00
8 % on Preferred S tock ________________
7% on Common Stock_________________ 9,108,015 00
Total Appropriations..................................................
Balanco Incomo for tho year______________________

11,103,668 75
$810,380 34

The results as compared with tho preceding fiscal year
wero as follows:
Freight Rovenuo decreased_______________________________ S2 065 614 60
Passonger Rovenuo decreased_____________________________ 1 012 099 33
Other Transportation Rovenuo decreased..............................
’563 402 66
Incidental Rovenuo decreased_______
_________________
138 542 73
Total Operating Rovonucs decreased............................ ..
$3,779,659 41
Operating Expenses decreased____________________________ 3,930,002 26
Not Rovenuo from Railway Operations increased______
Railway Tax Accruals increased....................
$264,152 81
Uncollcctiblo Railway Rovonucs increased..
7,254 64
--------------------Railway Operating Incomo decreased___________________

$150,342 85
271-407 45
$121,064 60

Of tho Operating Expenses for tho curront fiscal year
$32,920,365 11, or 5 8 .4 0 % , was paid employees for Labor,
as compared with .$34,098,916 25, or 5 6 .5 5 % , paid during
tho preceding fiscal year. The docreaso of $1,178,551 14
in tho amount paid is accounted for as follows:
Decreaso account less time worked.................................. ......$1,226,711 22
Increaso account highor rates of compensation____________
48,160 08
$1,178,551 14

M IL E S OF R A IL R O A D .
Tho total number of miles of railroad owned
Juno 30 1915 was.......................... ............................................... 7,946.13 miles

Peoria & Pekin Union Railway (in tho City of
Peoria, 1 1 1 .)______________________
Chicago Indiana & Southern Railroad"(Churchill to Ladd, 1 1 1 .)_______
Union Pacific Railroad (Broadway Station,
Council Bluffs, Iowa, to South Omaha, Neb.)
Missouri Valloy & Blair Railway and Bridge

2.02
~ ”
o.go

40 3 9 9 215°— 6 72

o .Y J

SI 29 +3.20

Average Revenue Received per Ton
per M i l o .......................... ...................87 of a cent
.84 o f a cent — 3.45
Average Distance Each Revenue Ton
was Hauled........................ ................. 143.85 miles 153.87 miles +6.97
Mileage of Freight and Mixed Trains. .
18,314,329
17,250,535 — 5.81
Average Number of Tons of All Freight
Carried per Train Mile:
East of Missouri River__________
442.36
479.68 +8.44
West of Missouri River__________
205.95
203.49 — 1.19
Wliolo Road__________________
411.48
443.10 +7.68
Average Number of Tons of All Freight
Carried per Loaded Car Milo______
20.31
21.11 +3.94
Average Freight Rovenuo per Train Milo
$2 95
$3 01 +2.03

P A S S E N G E R T R A F F IC .
Tho details of Passenger Traffic for the year ending June
30 1915, compared with the preceding year, were as follows :
1914.
Passenger Rovenuo.$21,540,542 79

1915.
$20,528,443 46

— D e c re a se A m o u n t.

SI.012,099 33

&0
P ercen ta g e
1914.
1915. o f D e c . (—-)
Rovenuo Passongers carried__________
33,389,428
„
_
,
_________
33,079,550 — .93
Revenue Passengers Carried one M ile .l,173,435,140 1,130,297,641 — 3 68
Average Faro Paid per Passenger------65 cents
62 cents
— 4.62
Avorago Rato Paid per Passenger per
M ile ..
......... . . .
......... . . .
1.84 cents
1 .8 2 cen ts— 1.09
Average Distance Traveled per Rev­
enue Passenger....................... ............ 35.14 miles
34.17 miles — 2.76
Mileage ot Passenger and Mixed Trains 21,537,781
21,372,414
.77
Average Passenger-train Rovenuo per
*
Train M ilo........................................ ..
$1 27
SI 22 — 3.94

M A IN T E N A N C E

OF W A Y A N D

STR U CTU RES.

Tho total Operating Expenses of the Company for the year
ending Juno 30 1915, were $56,371,573 04; of this amount
$10,450,739 45 was for charges pertaining to the Maintenance
of W a y and Structures. Included-in these charges is a large
part of tho cost of 59,969 tons of steel rails, tho greater por­
tion of which was laid in replacement of rails of lighter weight
in 441.23 miles of track; also tho cost of 2,583,111 now ties.
, The charges for Maintenance of W a y and Structures also
includo a portion of tho cost of ballasting 49.08 miles of track
with crushed stone, 146.34 miles with gravel, and 21.44 miles
with cinders; tho erection, in placo of wooden structures, of
55 now steel bridges on masonry, aggregating 3,550 feet in
longth and containing 3,885 tons of bridge metal; and the
replacement of other wooden structures with masonry arch
and box culverts and cast-iron pipes, the openings being
filled with earth. The wooden structures replaced by
permanent work aggregate 8,929 feet in length.
The charges on account of Maintenance of W a y and
Structures for tho year ending Juno 30 1915, compared with
tho preceding year, wero as follows :
1915.
D e c re a se (— ).
$698,965 82 — $513,293 08
842,610 97
— 153.849 64

$2,208,719 51

Total Charges for Road-

1,191,307 88

— 293,055 65

$724,355 98
1,762,313 18
227,056 25
terial__________________
Roadway and Track Labor
and Other Exponsos___

$1,511,576 79

1,484,363 53

“

C om pany's track______ ___________ _____ _ _ 3 .3 6

•
•

Chicago St. Paul Minneapolis & Omaha Rahway:
Blair to Omaha. N eb________
94 70
Elroy to Wyevillo, Wis............... '
2279
_,,In Sioux City, Iowa________________
2.28
Illinois Central Railroad (Sioux City to Wren"

“
•
•
“

lowa) - ............................................................ 10.10

“

-----76.78
Total miles of railroad operated Juno 30 1915________ 8,107.82




43,309",643

$350,268 91
1,547.651 05
117,254 77

— $374,087 07
— 214,662 13
— 109,801 48

— 3667,142 72

539,118 33

375.613 88

— 163,504 45

5.073,539 12

4,486,656 40

— 586,882 72

$8,326,382 86

$6,877,445101 •
—$1,448,937 85

“

8.73

Percentage o)

Tons of Rovenuo Freight Carried.........
Tons of Rovenuo Freight Carried One

1.98

82.93

Under Trackago Rights—

-D ecrea se -------- Freight Rovenuo---------$53,989,475 43 $51,923,860 74 $2,065,014 69 3.83

Cost o f R a ils —
1914.
New steel rails___________ $1,212,258 90
Usablo and re-roiled rails..
996,460 61

In addition to which tho company operated:
Through Ownership o f Entire Capital Stock—

Wolf River Valley Railway (Junction east o f Elton to Van
Ostrnnd, W is .).................. ..........................................................
Under Lease—
Do Pue Ladd & Eastern Railroad (Ladd to
HeatonviUo, III.)___ _____ _________________ 3.25 miles
Hello I<ourcho Valley Railway (Hello Fourcho to
Newell, S. D .) _ .________
23.52 “
James River Valley & North Western Railway
(Blunt to Gettysburg, S. D .)__
._ _ _ 3> ;.55 “
Macoupin County Extension Railway (Henld
to Staunton, III.)_____________________
_ 4 ,3 6 •
•
Iowa Southern Railway (Miami "to Con­
sol, Iowa)_________________________________ 12.25 “

F R E IG H T T R A F F IC .
Tho details of Freight Traffic for the year ending Juno 30
1J15, compared with the preceding year, were as follows:

Total Operating Revenues___________________________880,779,675 30
Operating Exjieuses (69.78% of Operating Revenues)_____ 56,371,573 04

Total Non-operating Incomo________________________

In W is c o n s T n -.::::::::.............................................. ................. 2 ?f4.53 miles
In M ichigan________ __________
'
......................
“
In Minnesota . . _____________________________
in i o w a . . . .................-------------------------------------- ------------- r £ 9 ?9
..
1 i i 9« •
•
In North Dakota_______
In South Dakota. _____
i n i l , ? ..
In Nebraska........................
iin o n t
In Wyoming.................................11H1111111111111111111111 130-'46 “
T o ta l.
-8,107,82

lures w ere a s fo llo w s :
Bridges, Trestles and Cul­
verts __________________
Road Crossings, Fences,&c.
Signals and Interlockers_
_
Buildings, Fixtures and
Grounds_______________
Docks and VVharvos______
Superintendence_________
Roadway Tools & Supplies
Sundry AIIsc. Charges___

$937,863 85
331,200 62
434,770 48

$833,833’69
296,673 21
419,141 63

1,229,186 81
53,975 41
522,712 02
150,540 57
226,462 07

995.745 24
88.452 05
515,022 78
130,502 96
293,922 88

— 3104,030 16
— 34,527 41
— 15,628 85
— 233.441
+34,476
— 7,689
— 20,037
+ 67,460

Total Charges Account
Maintenance of Way
and Structures.............$12,213,094 72 $10,450.739 45 $— 1,762,355

60
64
24
61
81

944

[Vol. 101.

THE CHRONICLE

The above charges for Maintenance of W a y and Structures
for the current year amount to 18.54 per cent of the total
Operating Expenses, as compared with 20.25 per cent for
the preceding fiscal year.
M A IN T E N A N C E OP E Q U IP M E N T .
The charges on account of Maintenance of Equipment for
the year ending June 30 1915, compared with the preceding
year, were as follows:

B O N D S IN

THE

TREASU RY AN D
TRUSTEE.

DUE FROM

A t the close of the preceding fiscal year tho
amount of the Company’s Bonds in the Treas­

ury and duo from Trustee, was------------------------------------------ $4,173,000 00

The above amount has been increased during
tho year ending June 30 1915 as follows:

C & N. W. Ry. 5% Sinking Fund Bonds of
1879, Redeem ed..______________________
$59,000 00
M . L. S. & W. Ry. 5% Extension and Im­
1914.
1915.
In c . or D ec.
provement Sinking Fund Mortgage Bonds,
___
Locomotives................ .$4,831,466
36 $4,740,217 79
— $91,24857 Redeemed .............- - - — - — - - - - - - ------1‘ -000 00
Passenger-Train C a rs______ 1,252,013 63
1,268,877 15
+16.863 52 C. & N. W. Ry. 5% Sinking Fund Debentures
Freight-Train C a r s__ 5,445,489
09
5,873,407 23
+427,918 14 of 1933, Redeemed------- ----------------- 131,000 00
Work Equipment____
145,882
97
156,987 57
+ U-1Q4 60
j & N W. Ry. General Mortgage Gold
59,524 72
Shop Machinery and T o o ls ..
229,921 15
170,39643
‘Bonds of 1987 Due from Trustee in Ex­
354,854 54
— 4.672 85
359.527
39
Superintendence_____
change for Bonds Retired, viz.:
84,194 47
— 9,992 67
Sundry Misc. Charges_
94,187
14
C & N. \Y. R y. Consolidated
Sinking Fund Currency, 7%S12,669,000 00
& N.
Ry.
Maintenanco^of Equipm’t.$12,358,487 73 $12,648,935 18 $+290,447 45 C.Bonds W. 1879.Sinking Fund
of
6 % ---------- 0,000 00
..
The above charges for Maintenance of Equipment for the C. & N. W. Ry. Sinking Fund
Bonds of 1879, 5 % -----------124,000 00
current year amount to 22.44 per cent of the total Operating M . L. S. & W. Ry. Extension
and Improvement Sinking
Expenses, as compared with 20.49 per cent for the preceding
Fund Mortgage, 5 % ------- 38,000 00
fiscal year.
C. & N. W. Ry. Sinking Fund
Debentures oi 1033, 5 /o
12*1»000 00
jjcocnturts ot u m , o % - - - ----------- --------- 12,961,000 00
RESERVE
FO R A C C R U E D
D E P R E C IA T IO N
ON
C. & N. W. Ry. General Mortgage Gold
E Q U IP M E N T .
Bonds of 1987, Due from Trustee on A c­
At the close of the preceding fiscal year there was a balance
count of Construction Expenditures Mado
to tho credit o f the Equipment Reservo Accounts o f---------$6,089,239 37
During the Y ear....................................- - - - 1-600,000 00
During tho year ending June 30 1915 there was credited to the
14,168,000 00
Equipment Reserve Accounts on account of charges to
Operating Expenses for Accrued Depreciation----------------- 2,323,461 68
818,341,000 00
$8,412,7(50 95
The Bonds on hand and due from Trustee
And there was charged during tho year against the abovo
amount tho Accrued Depreciation previously credited this
have been decreased during tho year as follows:
account on Equipment retired or transferred from one class
& N.
Mortgago Gold
of service to another____________________________________
263 ,281 4o C.Bonds ofW. liy. General to Reimburse tho
1987. 5% , Sold
Company for Past Expenditures Made lor
Leaving a balance to the credit of the Equipment Reserve
Construction and in Redeomhig^ Mau_ ds 10i000,000 00
‘^
Accounts on Juno 30 1915 o f.................................- ........... $8,149,419 47
M . L. S.’ &TwT Ry. Extension and Improve­
T R A N S P O R T A T IO N •E X P E N S E S .
ment Sinking Fund Mortgage, 5% Bonds,
Jv.uuu uu
The Transportation Expenses of tho Company for tho C. Retired w : Ry: 5%______________________
& N.
Sinking Fund Deben­
year ending June 30 1915 were $29,753,444 06, or 5 2 ./8
tures of 1933, Retired-------------------- 4,000 00
& N . W . R y . 4 K % Equipment Trust Cer­
per cent of the total Operating Expenses. Of this amount C .tificates of 1913, Retired...............................
400,000 00
$19,268,640 36, or 64.76 per cent, was charged for labor;
10,433,000 00

$5 842,571 64, or 19.64 per cent, was charged for fuel for
locomotives; and $4,642,232 06, or 15.60 per cent, was
charged for supplies and miscellaneous items. The decrease
in tho Transportation Expenses for tho year ending June 30
1915 as compared with the preceding fiscal year, was $2,195,
793 88, or 6.87 per cent, distributed as follows:
Decrease in amount charged for labor. ....................................
Decreasoin amount charged for fuel for locomotives.. --------- 1,063,loo
Decrease in amount charged for supplies and miscellaneous
items__ - ..................................- ........................... - ....................
585,109
$2,195,793

01
48
39
88

C A P IT A L S T O C K .
There was no chango during the year in tho Capital Stock
and Scrip of tho Company.
The Company’s authorized Capital Stock is Two Hundred
Million Dollars ($200,000,000 00) , of which the following has
been issued to June 30 1915:
Common Stock and Scrip held by P ublic..$130,117,028 82
Common Stock and Scrip owned by the
_
Company_____________________________
2,338,502 lo
Total Common Stock and Scrip----- -------------. ---.$132,455,530 97
Preferred Stock and Scrip held by P ublic.. $22,395,120 00
Preferred Stock and Scrip owned by tho
Company-------------------------------------------3,834 oO
Total Preferred Stock and Scrip-----------------------------------

22,398,954 56

Total Juno 30 1915------------------------------------------------- $7,908,000 00
Net Increase during the year---------------------------------- $3,735,000 00

C O N S T R U C T IO N .
The construction charges for the year ending Juno 30 1915
were as follows:
On Account of Elevating Tracks, viz.:
In River Forest. Blinois
Greenfield Avenue, north, Milwaukee, W is..

i»a 7 ^
28.i, 188 73

On Account of Extensions, viz :
Kingston Extension, \ isconsin ............ I 0 .6 0
Y
Koepenick Extension, Wisconsin---------7.1J

«0 1 kik 1 1
$91.• lo 11
Jo.JoO-9

SULand for'rrarmportatlon Purposes..................

$97,224 90

1 r f e ^ l+raU^and" CufverN" X -' X I Now Sidings. Yard Tracks and Spurs to In-

692.’ 157 60
^ ^ ^

c r o ^ a m is ig n s ::::::::::::::::::::::
Signals and Interlockers---------- ----------------Reduction of Grade between Nelson and
I’oorK Illinois
___ - —
------ — ------ —
—
-----Bc\terment of Roadway and T ra ck ..............

6 1 : 5 3 0 87
o-.o3^ . i j
2 ,1 ,H 2 4U
o.
694,869 53

riliscehaneous^^oiistructioii, including Fences,
^ Wharves and Docks, and other items-------

94,201 65

$427,927 57

191,471 40

2,718,863 33

Total Capital Stock and Scrip, June 30 1915--------------$154,854,485 53

FUNDED DEBT.
A t the close of tho preceding fiscal year tho
amount of Funded D ebt, exclusive of Bonds in

E% lP
Steam Locomotives, 5,000 Freight-Train
Cars 70 Passenger-Train Cars, and 260
Work Equipment Cars---------------$6,292,698 95
Improvement of Equipment-----------------------403,6S1 03

The above amount has been decreased during
the year ending June 30 1915 by Bonds and
Equipment Trust Certificates redeemed or
transferred as follows:

$6,696,379 98
Less Original Cost of Equipment Retired, as

tho Treasury and Due from Trustee, was_________________$214,879,000 0U

fOll30 Locomotives................. $236,780 30
2 639 Freight-Train C ars.. . . 1.420,108 78
26 Passenger-Train Cars.
190,725 47
285 Work Equipment Cars.
47,754 46
Other Items...................
32,169 29
1,927,538 30

C & N. W. R y. Consolidated
Sinking Fund Currency of
1915, 7% , matured Feb. 1

4,768,841 68

19Redeemed ...................... $12,669,000 00
Unpresentecl and trans­
ferred to "Current
163.000 00
Liabilities” ----------------$12,832,000 00
C . & N . W . Ry. Equipment
Trust Certificates o f 1912,
4 'A % . redeemed, viz.:
nnnnn
Series A ...................- - $300.000 00
KoriiN R
____
300,000 00
Series c ' . " . : I - - - - — .
400,000 00

Account Cost of Milwaukee S parta* North Western R y . . . .
Armunf dost of Dcs Plaines Valley ity
---------------------Account Cost of St. Louis Peoria & North Western R y---------

$8,185,320 94

LANDS.

1,000,000 00

C. & N . W . Ry. Sinking Fund o f 1879. 6 % ,
redeemed--------------------— — r - - - - - - - - C . & N. W. Ry. Sinking Fund o f 1879, 5% ,
redeemed-------------------- ,--------- -------------■
M L. S. & W. Ry. Extension and Improve­
ment Sinking Fund Mtge., 5% .redeemed.
C. & N. W . Ry. Sinking Fund Debentures
of 1 9 3 3 5 % '. redeemed!..............................

During tho year ending Juno 30 1915 3,663.84 acres and
88 town lots of tho Company’s Land Grant lands woro sold
for tho total consideration of $41,698 01. Tho number of
acres remaining in tho soveral Grants Juno 30 1915 amounted
to 327,530.81 acros, of which 18,790.19 acres were under
contract for sale, leaving unsold 308,740.62 acres.

6,000 00
183,000 00
26,000 00
251,000 00

Total Funded Debt Redoemed or Transferred.............

14,298.000 00
$200,581,000 00

And tho abovo amount has boon increased by
Bonds sold during tho year, as follows:
C & N W . Ry. General Mortgago Gold Bonds of 1987,
5% . sold to reimburse the Company for past expenditures
made for construction and in redeeming matured bonds..

1 0 .0 0 0 0 00 00

Total, June 30 1915------------------------------------------------ $210,581.000 00
Net Decrease during tho year..........................................




$8,107,103 98
14.340 44
10,602 87
53,273 65

$4,298,000 00

Appended heroto [pamphlot report] may bo found state­
ments, accounts and statistics relating to tho business of tho
fiscal year, and tho condition of tho Company’s affairs on
June 30 1915.
•
B y order of tho Board of Directors,
W IL L IA M A . G A R D N E R ,
P resid en t.

Sept . 18 1915.]

THE CHRONICLE

945

C H IC A G O A N D N O R T H W E S T E R N R A IL W A Y C O M P A N Y G E N E R A L B A L A N C E S H E E T J U N E 30 1915.
In vestm en ts—

ASSETS

„

Road .and Equipment—
Balance to Debit of this Account Juno 30
a I ? 14
$359,528,602 22
Add Sundry Construction and Equip­
ment Expenditures for the year
ending June 30 1915, as see state­
ment elsewhere herein_____________
8.107,10398
"
Account Cost of Milwaukee Sparta
& Nortii Western Railway______
11,310 44
"
Account Cost of Des Plaines Val­
ley lty...... ..................
10,602 87
“
Account Cost of St. Louis Peoria &
North Western Railway________
53.273 65
„ ,
,
----------------------- $367,713,923 16
Cash and Securities in Sinking F u n d s ..................................
4,200,342 26
Miscellaneous Physical P rop erty...
______
1,254,788 92
Investment in Affiliated Companies.........I ______ ________
14,635,605 17
Other Investments—
$2,000 Chicago St. Paul Minneapolis &
Omaha Railway Debentures of 1930..
$2,051 25
149,200 Shares of Capital Stock of the
Chicago St. Paul Minneapolis &
Omaha Ry. C o_____________________
10,337,152 29
41,715 Shares of Preferred Stock o f the
Union Pacific Railroad Company___
3,910,575 93
----------------------- 14,249,779 47
C u rre n t A s s ets —
C a s h ...............................................................
Bills Receivable________________________
Traffic and Car-Service Balances Due from
Other Companies_____________________
Net Balance Receivable from Agents and
C onductors_______ ,___________________
Miscellaneous Accounts Receivable_______
Materials and Supplies__________________
Other Current Assets____________________
U n a d ju s t e d D e b its—

Insurance Premiums Paid in Advance------Common Stock and Scrip, C. & N . W . Ry.
Co. held in Treasury__________________
Preferred Stock and Scrip, C. Sc N . W. Ry.
Co. held in Treasury.......... ..................
$17,000 M . L. S. Sc W. Ry. Extension and
Improvement Sinking Fund Mortgage
Bonds Hold in Treasury-----------------------$131,000 C. & N. W. Ity. Sinking Fund De­
bentures of 1833 held in Treasury______
$59,000 C. Sc N. W. Ry. 5% Sinking Fund
Bonds of 1879 held in Treasury________
$3,600,000 C. & N. W. Ity. Equipment
Trust Certificates of 1913, Series D,
hold in Treasury------- -------------------------$4,101,000 C. & N. W. ity. General Mortgags Gold Bonds o f 1037, due from
Trustee-------------Other Unadjusted Debits________________

„

,

l ia b il it ie s

.

C a p it a l Stock —
Common Stock and Scrip, C. & N . W . Ry.
Co., held by the Public------------------------ $130,117,028 82
Preferred Stock and Scrip, C. & N . W. Ry.
Co., held by the Public________________ 22,395,120 00
„
a
„
----------------------- $152,512,148 82
Common Stock and Scrip, C. & N . W. Ry.
C o., owned by tho Company-------------- - $2,338,502 15
Preferred Stock and Scrip, C. & N. W. Ry.
C o., owned by the Company__________
3,834 56

L o n 0- T c n n D M $154,884,143 28
Bonds hold by tho Public------------------------ $198,944,000 00
Equipment Trust Certificates held by the
Public----------------------------------o qqp. non nn
Bonds held by Trustee account sinking
’
’
_
. 3
0 3 7 000 00
Funds______________________
Equipment Trust Certificates "held" by
’
’
Trusteo account Sinking Funds.
_
4 000 00
Bonds owned by the Company and duo
from Trustee___________________
4 3 0 s 000 00
Equipment Trust Certificates of 1913
’
’
owned by the C o m p a n y ........................
3,600,000 00
—-------------------- 218,489,000 00

$402,054,438 98
$9,778,403 49
1,712 35
110,905 85
2,397,428 41
1,858,672 06
4,907,020 13
331,452 15
-----------------------

19,385,594 44

$47,102 17
2,338,502 15
3,834 56
17,000 00
131,000 00
59,000 00

C u rren t L ia b ilit ie s —
Traffic and Car-Service Balances Due to
Other Companies___________ ________
Audited Vouchers and Wages Unpaid_____
Miscellaneous Accounts Payable_________
Matured Interest and Dividends Unpaid "
C . & N . W. Ry. Consolidated Sinking Fund
Currency Bonds matured and unpresented
Unmatured Interest Accrued____________
Other Current Liabilities_________________

SI 626 795 93
3 342 790 43
201 008 11
3 377’880 79
0 "J" " 30U
163,000 00
1,906 774 99
’ l33,939 38
U n a d ju st e d C red its—
—
10,752,789
----- - - - - .........................
$52,000 00
Tax Liability.
Accrued Depreciation— Equipment_______
8,149,419 47
Other Unadjusted Credits________________
419,268 22
--- --------- :--------8,620,687
„ o rp o ra te S u r p lu s —
, o
.
C
Sinking Fund on North Western Union Ry.
Gold Bonds-------------$1,680,649 09
Sinking Fund on W. Sc St. P. RR. Exten­
sion Gold Bonds______________________
2,516,450 10
-----------------------4 197 0 49
Profit and Loss................................ ......................................... 35,875,’75S

63

69

19
00

3,600,000 00
4,101.000 00
1,082,005 49

---------------------

u -379-444 37
$432,819,477 79

(O n a p r e ce d in g p a ge are giv en com p a ra tiv e

CHICAGO, SAINT

~'^29!657 75

Premium Realized on Capital Stock_____________________

PAUL,

$432,819,477 79

ta b les o f in co m e , d isb u rse m e n ts, b a la n c e sh e e t,

MINNEAPOLIS

AND

OMAHA

& c.)

RAILW AY

COMPANY

T H IR T Y -F O U R T H A N N U A L R E P O R T — F O R T H E F IS C A L Y E A R E N D I N G JU N E 30 1915.

To the Stockholders of the Chicago St. Paul M inneapolis &
Omaha Railway Company:

The results as compared with the preceding fiscal year Avere
as folloAvs:

Tho Board of Directors submit herewith their report of tho
operations and affairs of the Chicago St. Paul Minneapolis
& Omaha Railway Company for tho fiscal year ending Juno 30
1915.
The Inter-State Commerce Commission having prescribed
now Classifications of Accounts, effective July 1 1914, tho
results for the preceding year, shown in this report, have been
partially revised for tho purpose of comparison.
Avorago number of miles operated, 1,752.81.

Passenger Revenue decreased______________
Other Transportation Revenue decreased___

Operating Revenues:
Freight............................................................ $11,523,103 44
Passenger------- --------------------------------------- 4,983,699 89
Other Transportation--------------------1,022,194 88
Incidental______________________________
312,349 47

Not Rovenuofrom Railway Operations---------------------- S5.733 750 17
Railway Tax Accruals (5.69% of Operating
Rovenues)........................ ............................. $1,015,028 61
Uncollectible Railway Rovenues___________
4,834 59
--------------------- 1,019,863 20
Railway Operating Income___________________________$4,713 886 97
Non-operating Income:
Rental Incomo-------------------------------------$269,811 98
Dividend Income........ ................................
46,351 00
Incomo from Funded Securities..................
15,220 00
Incomo from Unfunded Securities and A c­
counts and other items..............................
24,111 61
355,494 59

Gross Income.......... ......... ................................................. $5,069,381 56
Deductions from Gross Income:
'
’
00
Rontal Payments_______________________
$873,696 23
Interest on Funded Debt------------------------- 2,152,312 50
Other Deductions_______________________
24,288 17
Total Deductions from Gross Income_________________

2,850,296 90

Not Incomo
...................................................................... $2,219.084 66
Disposition o f Net Income:
Dividends—
7% on Preferred Stock--------------------------$787,976 00
7% on Common Stock----------------------------- 1.298,934 00
--------------------- 2,086,910 00
Balance Income for tho year___________________________
$132,17466




$95,540 20
16,583 09

$480,859 00
112,123 29

Total Operating Rovenues decreased____________________
Operating Expenses decreased____________________

$368,735 71
726,519 41

Net Revenue from Railway Operations increased________
Railway Tax Accruals increased____________
$41 ,7 4 5 78
Uncollectible Railway Revenues increased__
4,834 59
---------------------

$357,783 70

Railway Operating Incomo incrcsaed..................................

Total Operating Rovenues........ ............... ......................... $17,841,347 68
Ojjerating Expenses (67.86% of Operating Revenues)______i 2 ,107,597 51

Total Non-operating Incomo---------------------------------------

Freight Revenuo increased__
Incidental Rovenue increased.

$432,010 30
48,848 70

46,580 37
$311,203 33

Of the Operating Expenses for tho current fiscal year,
.10,599,357 35, or 54.51 per cent, Avas paid employees for
labor, as compared Avith 86,906,716 33, or 54.28 per cent,
paid during the preceding fiscal year. The decrease of 8367­
358 98 in the amount paid is accounted for as folloAvs:
Decrease account less time worked________________________
Decreaso account lower rates of compensation_____________

$306,417 18
60,941 80
$367,358 98

M IL E S OF R A IL R O A D .
The total number of miles of railroad owned June 30
t
dvas 1 — T! V u ------------------------- -------------------1,683.22 miles
In addition to which the company operated :
Under Trackage Rights—
Northern Pacific Railway (Superior, AVis., to
Rices Point, M inn.)----------------------------------- 1 .5 9 miles
Great Northern Railway (St. Paul to Minne­
apolis, M inn)_______________________________11.40 ‘
Minneapolis Sc St. Louis Railroad (Minne­
apolis to Merriam. M inn.)_________________ 27.0C
Illinois Central Railroad (Le Mars to Sioux
City, Iow a)....................
25.20 “
Sioux City Bridge Company (bridge across
Missouri River and tracks at Sioux City,
Io w a )........ ..................... .................................. a.90
“
Chicago & North AVestem Railway (Sioux City
to Sioux City Bridge Company’s track)_____
.50 •
--------------69.59 miles
In
In
In
In
In

Totalmiles of railroad operated June 30 1915............ 1,752.81 “
Tho above mileage is located as follows :
AVisconsin.................................... ............................................. 781.14 miles
Minnesota__________________________
._
473.01 “
I o w a ... .......
102.04 “
South Dakota_________________________________________
88.20 “
Nebraska_____________________________________________ 308-39 “
T o ta l..............................................................................1.752.81

[Vol. 101

THE CHRONICLE

946

In addition to tho foregoing, the company owned and
operated 183.03 miles of second track, located as follows :
Wisconsin______________________________________________
In Minnesota____________________________________________
In Nebraska______________________________________________
T o ta l...................................................... - ........... ..........

157.09 miles
24.23 “
1-71 “
183.03

“

F R E IG H T T R A F F IC .
The details of Freight Traffic for the year ending June 30
1915, compared with the preceding year, were as follows :
1914.
Freight Revonuo...........§11,427,563 24

-----In c r e a s e ----A m o u n t.
%
.84

1915.
§11,523,103 44

1914.
8,466,632
Tons of Revenue Freight carried----Tons of Revenue Freight Carried
Ono M ile_______________________ 1 ,294,143,291
Average Revonuo Received jjer T on.
$1 35
Averago Revenue Received per Ton
per M ile_______________________ .88 of a cent
Averago Distance each Revenuo Ton
was Hauled_____________________ 152.85 miles
Mileago of Freight and Mixod Trains
4,255,990
Averago Number of Tons o f All
Freight Carried per Train M ilo..
330.67
Averago Number of Tons of All
Freight Carried per Loaded Car
M ilo .................................................
19.39
Averago Freight Revenuo per Train
M ilo____________________________
$2 69

M A IN T E N A N C E OF E Q U IP M E N T .
The charges on account of Maintenance of Equipment for
the year ending June 30 1915, compared with tho preceding
year, were as follows:
1914.
Locomotives_________________ $915,313 10
Freight-train Cars___________
923,035 34
Passenger-train Cars_________
287,841 23
Work Equipment------------------33,067 42
Shop Machinery and Tools-----33,788 02
Superintendence_____________
63,083 97
Sundry Miscellaneous Charges
46,995 43

Total Charges Account of
MaintenanceofEquipment$2,303,124 51 $2,476,956 71 +$173,832 20

$95,540 20

P ercentag e o f
In c r e a s e ( + ) ,
1915. o r D e c . (— ).

8,794,488

+ 3.87

1,336,106,367
$1 31

+3.24
— 2.96

.86 of a cent

— .60
— 5.40

360.13

+8.91

20.39

+5.16

$2 86

+6.32

The above charges for Maintenance of Equipment for the
current year amount to 20.46 per cent of tho total Operating
Expenses, as compared with 17.95 per cent for tho preceding
fiscal year.

— 2.27

151.93 miles
4,026,069

RESERVE

-----D ecrea se ----A m o u n t.
%

1915.
$4,983,699 89

$432,010 30 7.98
P ercen tag e o f

Passengers Carried________________
Passengers Carried Ono M ile---------Average Fare Paid per Passenger—
Averago Rato Paid per Passenger
per M ile_______________________
Averago Distance Traveled per
Passonger______________________
Mileage of Revenue Passenger and
Mixed Trains___________________
Averago Passenger Train Revenuo
per Train M ilo---------------------------

And thoro was charged during tho year against tho abovo
amount tho Accrued Depreciation previously credited this
account on Equipment retired or transferred from ono
class of sorvico to another_______ '----------------------------------

1915. D e c re a s e ^ )
—
4,767,826 — 2.34
252,305,000 — 5.39
104.53 cents — 5.77

2.031 cents

1.975 cents

— 2.76

54.63 miles

52.92 miles

— 3.13

4,510,639

4,349,764

— 3.57

$1 40

$1 34

— 4.29

In c r e a s e ( + ) , or
D e c re a s e (—
1915.
-)•
$362,580 63 — $29,476 48
138,315 69
— 5,256 83

$535,629 63
Less valuo of old rails and
other items________________

1914.
$392,057 11
143,572 52

$500,896 32 — $34,733 31

366,663 79

Net chargo for rails------------ $168,965 84
525,024 70
Cost of Ties__________________
51,996 80
Cost of Ballast---------------------89.442 67
Cost of Other Track Material- Roadway and Track Labor and
Other E xpenses___________

860,749 04

369.953 94
$130,942
229,376
20,270
117,233

+3,290 15

38 — $38,023 46
56 — 295,048 20
06
— 31,720 74
00
+ 27,790 39

774,745 18

— 86,003 80

Total Charges for Roadway
and Track________ ____$1,696,179 11 31,272,507 24 — $423,611 87
Other C h a rg es A c c o u n t o f
M a in te n a n c e o f W ay a n d
S tru ctu res ivere a s fo llo w s :

Bridges, Trestles and CulvertsRoad Crossings, Fences, etc_
_
Signals and Interlocking plants
Buildings, Fixtures & Grounds
Docks and Wharves__________
Superintendence_____________
Roadway Tools and Supplies._
Sundry Miscellaneous Charges

295,994 49
70,010 91
30,288 21
244,206 25
2,636 23
111,551 70
23.742 73
152,578 97

159,950 88 — 130,043 61
64,003 35
— 6.007 56
28,082 14
— 2,206 07
207,458 28
— 30,747 97
C r . 96 30
— 2,732 53
107,451 21
— 4,100 49
24,502 41
+759 68
92,884 28
— 59,694 69

Total Charges Account of
Maintcnanco o f Way and
Structures...........................$2,627,188 60 $1,956,803 49 — $670,385 11

The above charges for Maintenance of W a y and Structures
for the current year amount to 16.16 per cent of tho total
Operating Expenses, as compared with 20.47 per cent for
the preceding fiscal year.
I




78,664 33

T R A N S P O R T A T IO N E X P E N S E S .
Tho Transportation Expenses of tho Company for the year
wero 86,737,697 17, or 55.65 por cent of tho Total Operating
Expenses. Of this amount 83,639,774 85, or 54.02 per cent,
was for labor; 81,922,464 65, or 28.53 per cent, was for fuel
for locomotives, and 81,175,457 67, or 17.45 per cent, was
for supplies and miscellaneous items.
The total decrease in tho charges as compared with tho
preceding year was 8195,205 38, distributed as follows:

M A IN T E N A N C E OF W A Y A N D S T R U C T U R E S .

Now steel rails_______________
Usable and re-rolled rails---------

ON

Leaving a balance to tho credit of tho Equipment Reservo
Accounts on Juno 30 1915 o f--------------------------------------- $1,912,783 32

Tho total Operating Expenses of tho Company for tho year
ending June 30 1915, were 812,107,597 51; of this amount
81,956,803 49 was for charges pertaining to Maintenance of
W a y and Structures. Included in these charges are 8130,­
942 38 for steel rails, 8229,376 56 for ties, and tho cost of
re-ballasting 24.01 miles with gravel and cinders, also part
cost of replacing 1,934 feet of wooden bridging with per­
manent work.
During the year 11,408 tons of now steel rails and 6,446
tons of usable and re-rolled steel rails were laid in track, a
greater portion of which replaced rails of lighter weight;
372,974 ties of all descriptions wero laid in renewals.
Tho details of the charges to Maintenance of W a y and
Structures for tho year, compared with the previous year,
wero as follows :
Cost o f P a ils —

ACCRUED
D E P R E C IA T IO N
E Q U IP M E N T .

At the close of tho preceding fiscal year there was a balance
to tho credit of tho Equipment Reserve Accounts o f . ------- $1,574,172 82
During tho year ending Juno 30 1915 thero was credited to
the Equipment Reserve Accounts on account of charges
417,274 83
to Operating Expenses for Accrued Depreciation--------------

The details of Passenger Traffic for the year ending Juno 30
1915, compared with the preceding year, were as follows :

1914.
4,881,961
266,685,999
110.93 cents

FOR

$1,991,447 65

P A S S E N G E R T R A F F IC .

1914.
Passenger Revenue_____$5,415,710 19

In c r e a s e ( + ) or
1915.
D e c re a se (— ).
$975,126 79 +$59,813 69
1,061,967 59 + 138,932 25
265,800 71
— 22,040 52
35,127 09
+ 2,059 67
31,300 56
— 2,487 46
68,929 43
+ 5,845 46
38,704 54
— 8,290 89

Decreaso in amount charged for la b o r ...--------- - --------------------- $188,447 73
Decrease in amount charged for fuel for locomotives------- §§
Increase in amount charged for supplios and miscellaneous items 114,869 63
$195,205 38

C A P IT A L S T O C K .
N o Stock was issued or sold during the year. The com­
pany’s authorized Capital Stock is fifty million dollars
(850,000,000), of which tho following has been issued to Juno
30 1915:
Common Stock and Scrip held by tho l>
ublic_$18,559,086 69
Common Stock and Scrip owned by tho Com­
_________________________________________ 2,844,206 64

$21,403,293 33
Preferred Stock and Scrip neld by the Piiblic.$l 1,259,911 6.3
Preferred Stock and Scrip owned by the Com- ^
gg
12,646,833 29
Total Capital Stock and Scrip, Juno 30 1915.................. ..$34,050,126 62

FUNDED DEBT.
Chicago St. Paul Minneapolis & Omaha Railway Consoli­
dated Mortgage 6 % Bonds of 1880, to tho amount of 841,000,
were issued for a like amount of Chicago St. Paul & M in­
neapolis Railway First Mortgago 6 % Bonds of 1878, rotired.
Tho total of tho Funded Debt on Juno 30 1915 was 839,­
387,634 09, of which 839,337,000 is outstanding, and tho bal­
ance, 850,634,09, is held in tho Treasury of tho Company.
C O N S T R U C T IO N .
The construction charges for tho year ending Juno 30 1915
wero as follows:
Balance Cost of Terminal Improvements at Minneapolis, M inn. 349 026 89
Balance Cost of Nicholas Street Viaduct Omaha, N eb............... 24,954 59
Permanent Bridges (cost of now over old)-------------------------------- 142,826 44
Betterments of Roadway a n d '1 rack--------------------------------------- 120,207 62
Sidings and Spur Tracks------------------------------------------------------4CUb4 13
Buildings.............................................................................................. n g.207 64
Machinery and Tools----------------------------------------------------------- i p ’Aoo 5s
Miscellaneous Charges--------------------------------------------------------- 16,322 34
Cost of 2 Cafe Smoking Cars------------------------------------------------- 33,907 69
Improvements to Equipment------------------------------------------------- 34,687 51
T o ta l................................................ - - - - — - ............... ......... $565,340 66
Less Original Cost of Equipment Retired as follows:
16 Locomotives................................................................ S13.V§RRRR
i Passenger-train Car___________________________ . 3,300 00
523 Freight-train Cars_______________________________3U ’2'2§£8
4 Work Cars....................................... - ................. _2.750 00
Other Items................................................................ 3b’337 °°. 492,12228
$73,218 38

LAND DEPARTM ENT.
Tho N et Receipts from Jill Grants wore 86,100 33.
4,200.83 acres wero disposed of, leaving 72,905.19 acres
unsold Juno 30 1915.
Appended heroto may bo found Statements, Accounts and
Statistics relating to the business of tho fiscal year, and tho
condition of tho Company’s affairs on Juno 30 1915.
B y order of the Board of Directors,
W IL L IA M A . G A R D N E R ,
President,

Sept . 18 1915.]

THE CHRONICLE

C H IC A G O , S A IN T P A U L , M IN N E A P O L IS A N D
O M A H A R A IL W A Y C O M P A N Y G E N E R A L
B A L A N C E S H E E T J U N E 30 1915.
Investments:
Road and Eouipment—

The

( C o m m e r c ia l
C O M M E R C IA L

ASSETS.

m
i

Q?S°
Account Juno 30
A.dd Sundry 'Construction' and 'Equip-874 -182 -654 43
ft®1 * ^ P 'w litu re s for the year ending
1
1915, as see statement else­
where .herein _______ _____ _
218 38

* 1

Miscellaneous Physical Property...........

o.hS‘Tn n
° StLn
v
oA?m,‘M
Current Assets:
C ocll
B ^ R e c-e fv a b T e -::::.....................................
f i c ; i n (1 f l a p K lo ,- „ l „ „ T B ~ V L Z .~ - Z ~ n 7 .~ - x -----Traffic and Car Service Balances ZDuoTrom
Other Companies._ _ _ _ _
lrom
Net Balanco Due from Agents and'Conduc3t
* J ° rs„ (lncludi” S working funds)_________
Miscellaneous Accounts Receivable_______
Materials and Supplies________ _______ "
Unadjusted Debits:
&
R y - C o- Common Stock,

94 7

l.o o o

12 7 4 4 l

'

,

, , ,

3 p m e s.

E P IT O M E

, F r id a y N ig h t, S ept. 17 1915.

In e prolonged hot weather has affected certain lines of
trade unfavorably, but there is nothing in the underlying
situation to suggest that sentimont as to the future is less
rvhHS w
° n
cont,rary, confidence is still noticeable.
1 he high temperatures which have prevailed over the country
8 7 4 9 9 n’f s 7 ?n
387 40
bJ°efl!tIPef fCOd -Vhich 18 bac^ a r d .
n
Reports in regard to
I ? : 680 78
io ™
1.600 00
trado ln ?otton goods are very encouraging. The
w 3 h,as ,lnereased materially and at ris$75,007,540 99 in?Drices°r u T r w
rnftnermm' S
st?,el tr,ade ls ProsPer°u s. W ar orders are
19
mimu
r •, / i-0 railroads are purchasing more freely. The
So
innnber of idle freight cars has decreased.

45

4 4 2 295 30
4 3 5 ’3 1 8 36

1,3681715 03

3,275,830 16

nont Q ?n o U1QAP iirnA W e- te™ 8.7 5c., refined for the Conti­
fr e
s
nent 9.3 0c., South America 9.4 5c., Brazil in kegs 10.45c
1 utures advanced partly in sympathy with other provisions*
which were strengthened by buying in the hedges.
’
D A ILY CLOSING PRICES
September delivery cts. 8 5 2 1 5
.0
October delivery______8.0215
January delivery______ 8 .5 7 1 5

S2'8“a -206 na
noicl m Treasury_____
i oo 0 9 1 64
Consolidated Mortgage B o n d 'S c r ip 'D m
’
°
a o ° v ^ e,n r!l Trust Company_______
(534 no
, H- - Wrn R y - C o- Flrs‘ Mortgage
,
rw-uon<rr ^ (l *n Treasury________________
le^
5 0 nnn nn
Other Unadjusted Debits__________ 59o!330 56
4,878,092 95
_____________

OF LARD FUTURES IN CHICAGO
2 ft?Wed.
Thurs.
Fri.
8.00
8.20
8.1715 8.0215 7 97
8.00
8-20
8.1715 8.02 H
7.97
8.5715 8.7215 8.75
8.60
8.50

2oX!

India mess $ 2 9 @ $ 3 0 ; pickled hams’, W to
121 ? @
1 3 ^ c .; ditto, bellies, rib 1 2 @ 1 3 K c ; tallow 5 U G ButteV
| 2ie ) ^ c y ’ 2 1 @ 2 7 ° |
Cheese> State, 1 2 @ 1 5 c . Eggs, fresh)

$83,161,464 10
L IA B IL IT IE S .
Capital Stock:
Stock and Scrip held by the
C O F F E E dull; N o. 7R io 6 ^ c .,N o .4 S a n t o s 8 M @ 9 c fair
l l l D l l C ________________
,
Preferred Stock" and Scrip held by the$18,559,086 69
to good Cucuta 9 K @ 1 0 c . Futures weakened i ld e r a cer­
Public.
tain amount of liquidation. Rio exchange declined
Thero
.1 1,259,911 63
$29,818.998 32 | was nothing Stimulating in the Brazilian news. T im R io
Common Stock and Scrip owned by the
Preferred ^
‘'stock" and 'Scrip' owned 'b y ' the* 2 ’844,20G 64
C o m p a n y ........................................ ____ i , 3 86>92 i 6 6
4,231,128 30
$34,050,126 62
Long Term Debt:
Bonds hold by the Public________
oqq 3 3 7 non no
Bonds and Scrip owned by the Com pany._
’ 50,634 09
Curront Liabilities:
" 39.387,634 09
traffic and Car Servico Balances Duo to

figgr
g —

o n ia a ::::

a S S 'S S a u i i a a ::

Unmatured Interest and Dividends______
Unadjusted Credits:
Premium lonyFunded Debt!IIZZZ...............

‘ J fc g lg j

1,420,545 83
"
2,905,690 1 2
$i 07 ’786 19

gjj
Profit and Loss.............................. ................... ~ .....................
n„

„

..

i i l r a f f i l 89
$83,161,464 10

disburaomen°tsf bala*nce°sheetf &c" coraParative table3 of income

T Worcester
,. .

(Mass.)

Gas

Light

Co.— N o te s . — Kissel

Kinmcutt & Co. and Blake Bros. & Co. have sold at the
£ F m n S b d ,Ia8t^ eolf J l.0 0 0 ,0 0 0 4 K % coupon notes of
i
+ ’u i S i w ’i dated Sept. 1 1915, duo serially on Sept. 1 1917
to 1920, both mcl. Int. M . & S. A circular shows :

receipts have been only moderate but shipments increased
Receipts at Santos have been large. Cost and freight prices
declined. To-day prices declined 4 to 12 points..

September cte6.04 @ 6 .0 6 January _cts6.06@6.07 April------cts 6.22(
„
JO-23
October.........6.01 @6.03 February . . . 6 . 1 1 @ 6 . 1 2 M a y _
--------------- 6 .2 7 @ 6 .2 8
N ovem ber... 6 .0 1 @6.03 March...........6.17@6.18 J u n e .............. 6.32 @ 6 .3 3
Decomber---- 6 .0 1 @6.03

SU G A R weakened; Centrifugal, 96-degrees test 4 39c •
molasses, 3.62c.; granulated, 5.30c. Refiners have been
cutting prices on granulated. England has bought 35,000
tons at 4.10c. in bond. Sales of Cuban raw have been made
to refiners and speculators at 3 V8@ S 7-16c. cost and freight.
A t the decline the domestic demand for granulated has been
lather better to say nothing of the export business. But
ranTTU ar ‘i f been d,u • T i d i n g in futures has been light
o
,1
^ aker; Clfcy raw, American, 5 4 @ 5 5 c .;
11 i / c ’ l 5 @ 56c•! 19 ^ n 3/ ta’ Z 5c- Cocoanut-Cochin, 10 y @
^ r r n ’r 3 ry ° n ^ ^ 9 ^ c . ; Castor, N o. 3, 9 @ 9 3 ^ c .; Corn,
5 5 ( ,® Y 7 5 e ; Palm-Lagos, 6 J 4 @ 6 ^ 0 - Lard prim e 8 5 @ 8 8 ? .;
Cod domestic, 4 3 @ 4 4 c . Cottonseed winter, 0 .4 7 @ 7 .5 0 c
fP olts of turpentine, 41 y 2e . Common to good strained rosin
$3 25.

Pennsylvania dark $1 65
X1
®0® ....................... 1 65
Oaboll___________ l 25
Mercer black_____ 1 23
New Oastlo______ 1 23
Corning__________ i 1 2

W ooster___________ $i 36 Ragland.

North Lima_____
South Lima_
_
Indiana _ .
Princeton____ZZZ;
Somerset, 32 d eg.I

........... 650;

\ 08 Illinois, above 30
] 08
degrees________ \ 09

9 3 ..
f {3
10 8

Kansas and Okla>
b o m a ............... 80c.

P E T R O M U M firm and in brisk demand; refined in bar­
rels S7 5 0 @ $ 8 50; crude •S4@S5; cases 89 7 5 @ 8 1 0 75
naphtha in 106-gallon drums 2 5 ^ c .; drums 88 50 extra
Worcester ‘under a ‘p o r t a l fra n cC e ^ V a lu e ^ o flT a n lf &cg £US,ness 9f Gasoline, 86-degrees, 27c.; 74 to 76-degrees
2 5 © 27c
estimate), 84,500.000. There is m bonded debt
upon any property, now or hereafter oV ned ’w h il^ a n y 1?f the I ™ i ° ‘ (b(lofTees, 2 2 @ 2 4 c . Pittsburgh dispatches report a

E a r n in g s f o r Y e a r s en d ed J u n e 30th — A v e ra g in g 3 >5 T im e s I n t . on these N o tes.

„
1910-*.. 1911-12.
Gross receipts............. $681,677 $704,868 1012-13. 1913-14. 1914-15.
$808,112 $888,143 $842,727
Net income_________ 200,796
187,995
165,180
The increased operating expenses in 1914 is partly explained'bv thn'risJ.
in tho price of oil for production of oil im-j
.... i.y
rls?
1914 by ovor 100%.— V. 101, p. 85li

dingly increased

CURRENT NOTICE.
4 ho 1915 edition o f “ Poor's Manual of Industrials” exceeds tho 1914

issue In size by 412 pagos o f toxt.an increaso mado nocessary by hundreds
of new statements covering not only companies in which public interest
has lately appeared, but lato data as to reorganization plans, &c. In
addition to tho information as to industrial companies generally, including
ordnanco and copper stocks, there is an appendix for lato information
garding railroads and utilities. This is tho last book o f tlioseriosfor 1 9 1 5
o two other volumes covering the steam railroads and tho public utility
properties. 1 110 throe books, recognized authorities contain 7198 pages
certificate of incorporation has been granted to Teller & Evers, Inc
Buffalo N. Y ., who will succeed to tho business o f Teller & Evers, o f
v i c i rm tho late Mr. Georgo R. Teller was tho senior partnor. Tho
business will continue undor tho management o f Mr. Harry Evers, who
has boon elected President, tho other officers being John L. Chittenden
Treasurer, and Maulsby Kimball, Secretary.
~ 8amuel G° 14 fh m ld t. 25 Broad St., is offering by advertisement on
du?M avPia94en l t r i° J
topIin. Fnion l) o » o t hst Guaranteed 4 ^ % Bonds
duo May 1940 at a prieo to yield ovor 5 M % . These bonds aro guaranteed
principal and interest, jointly and severally by Atchison Topeka & Santa Fe
souri & N ^

S . S R R .ern R y " MLSS0Uri Kansas & T ° xas K y - and M to.
OU




dUT n m r 'n n rro1' in,24 b«urs. Crude prices advanced.1
, i : . 1 aVCC0 9 lu°t* but steady. Thero 10 a uuiituii uemana
is
certain demand
----- vv ,v •
lor binder as manufacturers m some cases find their supplies
running a little low. Tho crop of Wisconsin still looks to
j ? m o d e r n S T \°
St° ad/

b^d Wea^her- Connecticut has been
i
demandj . Thero is little business

s a lo s T o t e from'larK? an
6n0UKh' but tho
T nn?nP 7
n
fiw - Gr; Lf*ke> 17M @ 1 8 c .; electrolytic 17% o.
,nn!o
i
at olnes, bee,n reP °rted distinctly stronger at
somo adyance. Stocks .abroad are said to bo decreasing.
d< 4inPd h°ToP i ? ere quieL at 3 3 ^ c -‘ London prices have
O
declined. Lead here on tho spot 4.4 5c., showing some
weakness with demand smaller. London weakened
Spel­
ter hero on the spot l ‘ y 2e . and dull. Pig iron has been in
S
better demand; N o. 2 foundry Eastern 815 2 5 @ 8 1 5 75*
i\o. 2 Southern 811 5 0 @ 8 1 2 50; Birmingham, structural'
lrwe V :* eady d®ma? d ' , M °reover, various steel companies
have been inquiring for large quantities of basic iron follow­
ing tho recent sale of 50,000 tons to one company
Prices
are everywhere strong. Railroad companies are increasing
their purchases of material. Steel production is said to be
largely sold for 1915 delivery. Sales of locomotives have
latterly been the largest for months past. The inquirv for
rails and cars is a so increasing. Tho augmented demand
trom American railroad companies seems to be partly duo
that foreign business may largely monopolize tho
attention of American mills after January 1st. Tin plate
business is less active but the sheet trade has increased
owing to the larger demand for automobiles, partly for
export to Europe. Blue annealed sheets have risen 81 to 82
firstnh al7G f 1916y l0° k f° r a big business in steel in the
o

[Vol . 101.

THE CHRONICLE

94 8

O n S h ip b o a r d , N o t C lea re d f o r —

COTTON
Friday N ight, Sept. 17 1915.

T H E M O V E M E N T OF T H E C R O P , as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
176,839 bales, against 100,526 bales last week and 72,493
bales the previous week, making the total receipts since
Aug. 1 1915 440,584 bales, against 184,752 bales for the
same period of 1914, showing an increaso since Aug. 1 1915 of
255,832 bales.
*

S e p t. 17 at —

G er­
m any.

G reat
B r it a in .

Now Orleans..
Galveston____
Savannah -----Charleston —
M obile----------N orfolk --------New York----Other ports—

4,133
20,783
5,000

Total 1915..
Totai 1914. .
Total 1913--

33,773
4,224
57,477

Other
F o r e ig n

T o ta l.

L e a v in g
Stock.

657
880
4,500
5,800

104,088
118.514
112,134
42,464
13,201
35,276
224,282
59,548

100 38,361 4,489 88,806
12,083
15,363 30.333
869 8,947 .
930
7,776 61,517 19,564 11,4641157,798

709,537
244,629
220,398

1,763
9,720

8,799
21,762
1,500

600

3,500
2,800

220 14,915
1,689 53,954
1,600 8,100
100

457
400
3,000

C a o stw is e .

880

Speculation in cotton for future delivery has been active at
much higher prices. The rise was based partly on bad crop
6,486 9,626 16,762 18,187 8,931 16,782 76,774 reports from Texas and other parts of tho belt. Also Liver­
pool has been active and firm with spot sales of 12,000 to
IZiZtZl
*127
*127
1,425 3,071 4,957 4,484 2,552 2,085 18.574 15,000 bales a day. Manchester has been strong, with a good
Now Orleans-----136 4,489 demand for cloths.
730
582
1,521
269
1,251
Reports about the cotton goods trade
*549 in this country liavo been favorable. Moreover, an important
*549
Jacksonville, &c.
9,336 6,034 8,190 11,759 51,899
7,580 9,000
2,000 2,000 factor has been the activity in tho Southern spot markets at
1,903 10,864
t ,040 2,840
1,606 2,972
503
The international situation in the opinion ot
879 4,440 rising prices.
828
1,017
441
966
309
W ilm ington-----1,346 6,203 some has a more pacific look than it did recently.
995
935
896
1,414
617
It is
423
423
N ’port Nows, &c
50 hoped that the submarine dispute with Germany may shortly
25
25
150
14
136
*297
297 bo settled, if it has not been settled already, in a manner
Philadelphia----so satisfactory to all concerned as to precludo the
Totals this week. 18.171 25.952 37,02ll 32,293 25,091 38,311 176,839 possibility of future friction on the subject.
M ean­
time, largo spot interests have been buying.
Hall
The following shows the week’s total receipts, tho total Street
houses
have
bought.
Some
large
cotton
since Aug. 1 1915 and tho stocks to-night, compared with operators who for a time neglected cotton for war stocks
havo now, it is understood, returned to cotton on tho bull
last year:
side. A well-known Texas operator issued a very bullish
Sto ck.
interview early in the week in which ho leaned strongly to
1914.
1915.
R eceip ts to
tho belief that, sooner or later, tho price of cotton will go
T h is S in c e A u g
T h is S in c e A u g
S ep tem b er 17.
1914.
1915.
very much higher solely on tho basis of supply and demand,
1 1914.
W eek.
1 1915.
Week.
66,445 adding that often in the past a largo carryover so far pre­
98,200 172,498
Galveston_______ 76.774 153,218 33,786
in e
2,898 venting an advance has been powerless to stop it.
13.517
1.858
375
10,725
Texas C ity______
4001
400
163
Port Arthur__
2,682 Census Bureau statement of the stock in consuming
654
2,033
684
712
127
Aran. Pass, & c. .
48,802 establishments as 1,116,190 bales August 31st, against
12,367 119,003
61,640 3,114
Now Orleans___ 18,574
5,854 675 873
13.858
5,650
8,505 2,879
4,489
bales
on
tho
same
date
last
year,
M o b ile ______
963
Pensacola____
91 had’ no offect. Every body seemed to consider it discounted,
236
1,602
1,027
1,499
"649
Jacksonville, & c.
23,326 Bulls now contend that tho American consumption this sea­
36.438 120,234
51,899 136.163 15,151
Savannah------2,000
248
1,048
425
3,100
2,000
Brunswick___
^
6,708 son may easily reach 6,500,000 to 7,000,000 bales.
42,464
6,432
15.424 3,469
10,86*1
Charleston___
8,965 think that stocks of cotton goods aro very small all over the
38,128
2,625
1,491
10,923
4,440
Wilmington. .
14,127 world. They think the loss of Germany and Austria to the
5,652
36,156
33.818 2,082
6,203
Norfolk______
7,757
742 2,853
423
N ’port News, &c.
87*666 ox port trade of this country is exaggerated; that it is really
50 228*782
250
50
New York_
_
2,978 not 3,000,000 bales, the approximate yearly exports to those
5,888
1,255
99
917
150
B oston ______
3,437
2,994
1.335
1,820
101
297
Baltimore___
1,401 countries, but only about 1,000,000 bales their actual con­
1,931
50
2
Philadelphia____
sumption— which will be mado up olsewhero. And so on.
176,839: 440.584 67.9361 184.7521 798,343 274.962 Whatever may bo said as to theso arguments, they seem to
T o t a ls ___
have had no small effect. Tho outsido public has evidently
In order that comparison may bo made with other years,
been buying cotton. The Waldorf-Astoria party was re­
we give below tho totals at leading ports for six seasons:
cently short, but covered and went long. Now Orleans and
tho interior South have been buying. Rust, shedding and
1910.
1912.
1911.
1913.
1914.
1915.
R eceip ts a t —•
boll weevil damage have been tho cardinal factors with
143,933 139,471 123,567 manv
They seem to encourago the belief that the crop
33,786 128.684
76,774
_
Galveston_
897
862
15.592
15,173
1,459
127
TexasCity,&c.
14,863
10,758 is not over 12,000,000 bales, if it is as much as that—
10,434
16,290
3,114
18,574
Now Orleans.
say
only
11,700,000
bales. And
the
bulls
6,311 some
7.437
6,205
8,801
2,879
4,489
59.404 stick to it that the world’s consumption of American cotton
94,952
34,408
77,432
15,151
51.899
Savannah ---3,558
11,325
17,000
3.050
425
2,000
Brunswick_
_
22,199
11,711 this season will probably bo 15,000,000 bales. Also they lay
11,194
28,256
3,469
10,864
Charleston ,&c
19,369
16,636 stress on reports that foreign crops as well as American will
9,368
16,970
1,491
4,440
Wilmington. .
8.902
16,758
9,160
3,758
2,082
6,203
Germany and Austria are expected to buy ireely
78 bo small.
644
1,008
2,853
423
N ’port N.,&c.
736 in tho United States and to store the cotton until alter tho
707
515
2,596
1,227
1,046
All others-----67,936 329,018 258,453 327,633| 242,558 return of peace. M any look for a very largo demand lroin
Total this wk. 176,839,
Europe after the close of tho war. They add that peace
Sinco Aug. 1 .. 440,584! 184,752 949,195! 797,570 1,027,4441 708,021 may come as suddenly and unexpectedly as war came.
Also they emphasize the importance of the visit ot eminent
Tho exports for tho week ending this evening reach a total
English and French financiers to the United States to negotiate
of 68,301 bales, of which 33,329 wero to Great Britain, a loan of possibly 8500,000,000 to $1,000,000,000 a
11,419 to Franco and 23,613 to tho rest of tho Continent. something auguring well for tho future ot tho Ai l Exports for tho week and sinco Aug. 1 1915 aro as fol­ can oxport trade by stabilizing rates for foreign exchange.
On tho other hand a recent advance of n e a t l y a bale
lows:
is believed by not a few to havo discounted all possible
bullfsh factors.
Stocks aro large at home and abroad.
From Aug. 1 1915 to Sept. 17 1915.
Weekending Sept. 17 1915.
Exported to—
Tho war is expected to cause widespread and severe
Exported to—
Exports
economy in Europe. The weather at the South has latter y
Great
Conti
Conti
Great 1
from—
Total.
nent.
been quite generally favorable. The size of the c^op really
Britain. France .! nent. j Total. Britain. France.
.Naturally,
67,363 depends largely upon tho dato of killing Host.
16,919
39,025
11,419
30,605
—
Galveston.. 19,186 11,419
9,002 nobody knows when that will occur and therefore crop
1,289
7,713
—
—
—
—
Texas City.
103
163
Tho shoit interest has been
Pt. Arthur.
45,734
65,966 estimates lack conclusiveness.
1,760
18,472
18,684 22*327
—
NewOrleans 3*643
There must have been considerable pyramiding
187 reduced.
187
—
—
—
—
M obile___
1,039 The international situation is still considered to bo fraught
1,639
Pensacola..
12,255
2,058
9,765
432
—
—
Savannah..
The week y Government
10,250 with disagreeable possibilities.
10,250
10,250
Charleston. 10*250
6,726 weather report last Wednesday said that the change from
6,726
—
—
Wilmington
..........
250
***250
*250
*250
Norfolk___
76,622 the cool weather of the preceding week to dry weather was
61,702
7,160
7,760
4*229 4,229
—
New York.
466
628 generally beneficial, especially in the Northern district,
162
Boston----7,402
7,402
Baltimore..
In lexas the
400 where late crops mado rapid advancement
*"*400
*200 *200
Phtlailel’a .8,474 plant is said to have responded less promptly to favorable
8,474
: : : ::
San Fran..
10,203
10,203
____
____
Seattle----7,514
7,514 conditions, and is still in a somewhat unsatisfactory state.
______
*500
*500
T acom a__
To-day tho market was irregular, closing at a small decline
22,397 169,192 285,044 on long liquidation, favorable weather and bearish pressure.
93,455
Total___ 33,329 11,419 23,613 68,361
24,059
41,674 Middling upland closed at 10.90c., showing an advance of
5
17,610
7,915l
___ 1 5,469 ! 13,375
Total 1914
,
„
Note.— New York exports since Aug. 1 include 766 bales Peruvian and 21 West 80 points for tho week.
The following averages of tho differences between grades,
Indian to Liverpool.
as figured from the Sopt.16 quotations of the eleven markets,
In addition to abovo exports, our telegrams to-night also
designated by tho Secretary of Agriculture, are tho differ­
givo us the following amounts of cotton on shipboard, not
ences established for deliveries m tho New York market on
cleared, at tho ports named. ' W o add similar figures for
Sopt. 23.
'
New York.
S a t.




M on.

T u c s . 1 W ed.

T h u rs.

F r i.

T o ta l.

Sept . 18 1915.J

THE CHRONICLE

Middling fair...............................1.01 on
Strict good middling..................0.70 on
Good middling..............
0.45 on
Strict middling_______________0.22 on
Strict low middling.............. . o 44 off
Low middling, ........................0.97 off
Strict good ordinary___________1.515 0ff
Good ordinary__________
2 14 off
Strict good mlc. .‘'yellow” tlngcd'o.29 on
.
_

Good middling “ yellow” tlnged-cvcn
Strict middling "yellow" tlnged-0.22 off
Middling "yellow” tinged........ 0.50 off
Strict low mid. “ yellow” tinged. 1.02 off
Low middling "yellow’ ‘tinged.. 1.(15 off
Middling “ blue" tinged............ 0.84 off
Strict low mid. "blue" tinged___ 1.25 off
Low middling "blue" tinged___ 1.81 off
Middling “stained” .... ................ 1 . 1 2 off

. . T h e official quotation for middling upland cotton in the
JNew York market each day for the past week has been:
. a s s t ! ! - ............ . i f o

f a

.

1907-c......... 12.25
1900
. 9.80
1905............. 10.75
1904............. 10.90
1903----------- 11.75
1902----------- 9.00
8.38
1901
1900........... .10.88

T H E V IS IB L E S U P P L Y OF C O T T O N to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week’s returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including m it the exports of Friday only.
_ Sept. 1 7 —

1915.
.1,088,000
. 72.000
65,000

1914.
855,000
14,000
64,000

1913.
451,000
5,000
2 2 ,0 0 0

63.000

1,225,000
933,000
".
Stock at Hamburg___
* 1 ,0 0 0
*29.000
Stock at Bremen_____
. *6 ,0 0 0 *190,000
StO at Havre . . .
<Jk
203,000 226,000
Stock at Marseilles .
" "
6 ,0 0 0
3,000
Stock at Barcelona .
'
44,000
32,000
Stock at G en oa ____ .
104,000
31,000
Stock at Trieste________ 1111111
* 1 ,0 0 0
*2 0 ,0 0 0
Total Continental stocks......... 370.000 531,000

478,000
17,000
09,000
45,000

585,000
9,000
158,000

5,000
14,000
164,000

10 ,0 0 0
6 ,0 0 0

u s

N E W i n Y O R K „Q U O T A T IO N S F O R 32 - __ - A R S .
YE
r»
nn 1 nn*r
1n n -

h
1015-c_____ 10.00
1914......................
1 9 }3 -........... 13.40
1912..............I I .7 5
I 9 l l ----------- 11.75
1910..........-.13.90
1909----------- 12.70
1908............ 9.60

949

1899.C........... 6.38
1898........... 5.62
1897............. 7.00
1896............. 8.62
1895............. 8.25
1894............. 6.75
1893............. 8.44
1892-........... 7.19

1891 , c ........... 8.50
1890............. 10.62
1889_______ 11.38
1888_______ 10.44
1887________ 9.81
1886............ 9.31
1885_______ 10.06
1884............. 10.50

M A R K E T A N D SA LES A T N E W Y O R K .

2 ,0 0 0
1 2 ,0 0 0

1912.
516,000
6 ,0 0 0

10 0 ,0 0 0
2 ,0 0 0

14,000

299.000

- - - L595.000 1.464,000
68 000
Amer. cottpn afloat for E urope.. 183 .854 114.000
30,706
Egypt, IJrazil,&c.,afloatforEur’po
18,000
15,000
Stock in Alexandria, Egypt
no non
*80,000
Stock in nombay, I n d i a . : . . . . ': ' 544 000 627.000
Stock in U. S. p o rts___________ 798 ,343 274,962
Stock in U. S. interior towns___ 473 806
191.548
U. S. exports to-day___________
13,’068
2,558

642.000
885.000
109.000
69.000
S p o t M a rk e t
389,511
306,954
C lo sed .
S p o t. C o n tr'ct T o ta l.
36.000
24.000
75.000
49.000
Saturday... Quiet____
Steady________
464.000 402.000
Monday
Steady2 5 p ts a d v 'i: Strong _______
105
105
378,196 475,745
Tuesday
Steadu 10 pts adv . . Strong _______
192,635
184,619
Wednesday, Steady 30 pts adv . . F irm _________
100
100
200
50,128
24,329
Thurdsay
Quiet 5 pts adv_____ Steady________
300
300
Friday------- Steady 10 pts a d v .. Barely steady..
Total visible suppIy
. ---------3,793.071 2,799,774 2,336,470 2,419,647
Total.
American—VC' t<>ta S ° f American and °t hcr descriptions are as follows:
205
400
605
Liverpool stock............ ..bales. 841,000
560,000 281,000
362.000
5 5 qqq
F U T U R E S .— The highest, lowest and closing prices at Manchester stock______________
44,000
10,000
46,000
Continental stock______________ *295,000
*410.000
123,000 266.000
JNew York for the past week havo been as follows:
American afloat for Europe .
183 854
31,706
389,511
306,954
U. 8 . port stocks_______
798 .343
274,962
378,196 475,745
U. S. interior stocks__________ . 473'so6
Saturday M onday Tuesday W ed’day T hursd'y F rid a y ,
191.548
192,635
184,619
U. S. exports to-d a y _________
13 068
Sept. 11 Sept. 13 Sept. 14 Sept. 15 Sept. 16 Sept. 17
2,558
50,128
24,329
Week.
September—
!,660,071 1,513,774 1,424,470 1,665,647
k Range..
.
Liverpool sto ck ________________ 247.000 295,000
Closing___ 10.00-.03 10.25- 30 10.40-.4S 10.77-.83 10.60-.65 10.60-.6S
170,000
154,000
London stock_________
October—
72,000
14,000
5,000
6 ,0 0 0
Manchester stock______
"
Rango........ 10.10— 10.15- 45 10.39-.57 10.58-.S8 10.62-.80 10.65-.82
1 0 ,0 0 0
2 0 ,0 0 0
25
12 ,0 0 0
17,000
Closing___ 10 12— 10.41- 45 10.56-.57 10.87-.88 10.70-.71 10.65-.67 10.10- 88 Continental sto ck _____________
*75,000 * 1 2 1 ,0 0 0
13
41,000
33,000
India afloat for Europo..
6 8 ,0 0 0
114,000
109,000
69,000
Egypt, Brazil, &c., afloat______
Range........ __________ _______ _______ _______
18,000
15,000
36,000
24,000
Stock in Alexandria, Egypt_____
Closing___ 10.22 — 10.51 — 10.66 — 10.97 — 10.80 — 10.75 — —
99,000
*80,000
75,000
49,000
December—
544,000 627,000
464,000 402,000
Range........ 10.45- 59 10.19— 10.75-.95 10.94- 23 10.97-.19 11.02— 10 48- 28
80
22
Closing___ 10 45-47 10.78-.80 10.93-.94 11.20— 11.06 — 11.03—
.133,000 1,286,000
23
912.000
754,000
04
Total American_______ " " N
.660.071 1.513,774 1,424,470 1,665,647
Rango____ 10.62-.77 10.67-.99 10.90-.il 11.09— 11.11— 11.15-.35 10 02- 80
39
32
Total visible supply__________ ; ,793,071 2,799,774 2,336,470 2,419,647
Closing___ 10.64— 10.90— 11.09— 1I.37-.39 11.21—
65
97
10
22 11.15-.10
Middling Upiand, Liverpool___
February —
6.44:1.
5.80d.
7.57d.
6.79d.
Middling Upland, New York___
Range........
10.90c.
13.40c.
11.85c.
Egypt, Good Brown, Liverpool
Closing___ 10.74 — 11.06 — 11.19 — 11.47 — 11.32 — 11.26 — - - 9 30d.
8.60<L
10.60d.
1 0 HU.
Peruvian, Rough Good, Liverpool lO.OOd.
M arch —
8.75d.
8.90d.
lO.OOd.
Rango____ 10.91— 10.96-.26 11.20— 11.41— 11.44-.62 11.40— 10.91-.68 Broach, Fine, Liverpool. _
6 . 0 >d.
5.15d. 6 ll-16d.
07
6 Hd.
42
68
62
Tinnevelly, Good, Liverpool___
Closing___ 10.94 — 11.26— 11.40— 11.65-.67 11.48— 11.40 —
6.17d.
5.35d.
O H O . 6 3-16d.
27
41
49
A p ril —
* Estimated.
Rango__
Continental imports for past week have been 38,000 bales.
Closing___ 11.04 — 11.35 — 11.50 — 11.75 — 11.58 — 11.60 — —
^
ab° ve ^gures for 1915 show an increase over last week
Range____ 11.16— 11.22-.54 11.49— 11.71— 11.68-.86 11.69— 11.16-.9G
32
69
96
88
of 29,724 bales, a gain of 993,297 bales over 1914, an excess
Closing___ 11.19— 11.54-.66 11.68— 11.93— 11.77-.78 11.66-.68
20
94
69
of 1,456,601 bales over 1913 and a gain of 1,373,424 bales
Rango........
over 1912.
Closing___ 11.26 — 11.66 — 11.75 — 12.00 — 11.83.— 11.72 — _______
11.37— 11.68-.79
72:
00
A T T H E IN T E R IO R T O W N S the movoment— that is,
Closing___ 11.35-.37 11.71— 11.84-86 12.06-.07 11.83— 11.87-.00 ll.37-.06
73!
11.90— 11.79-.81
92
August —
the receipts for the week and since Aug. 1, the shipments for
Rango........
11.84 —
11.90-00 11.90-.02 11.81-.02 the week and the stocks to-night, and the same items for the
Closing___ 11.41 — 1
11.77 — 1
11.90 — 1
12.11 — 11.96 — 11.80 —
corresponding periof of the previous year— is set out in de­
F u tu r e s
M a rk e t
C lo sed .

A/f a p t / f/m 0

A 1

SALES.

J.U1N A f U H l f i t t

M A R K E T S .— Below aro the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
W eek e n d in g
Sept. 17

Galveston_____
New Orleans_
_
M obile. . .
Savannah _____
Charleston_
_
Wilmington___
N orfolk _______
Baltiinoro_____
Philadelphia_
_
Augusta.............
Momphis______
St. Louis______
Houston
Littlo R o c k ...!

C lo sin g Q uotations f o r M id d lin g C olton o n —
S a tu rd a y . M o n d a y . T u e sd a y . W e d 'd a y . T h u rs d 'y .
10 .0 0

9.82
9.38
9%
9 'A
OH

9.75

10.25

10.60
10.25

OH
OH

OH
9H

9.75

' 6 :8 8
9H
10.70
9.88
9.88
9H
10.35
9.50

1 0 .0 0
10 H
10
10

9.75

oh

10.35
9.50
9.63
9H

1 0 .0 0

9.38

10.40

1 0 .0 0

1 0 .0 0

16 :0 0

9.63
9.88

OH

10.25
9.38

9.75

10.13
OH

11.00
10.25
10.25

10
1 0 .0 0

9.75

10.60
10.38
10.25

F r id a y .

10.60
10.38
10.25

10 H
10 H @ H
10

io n
10 H
10

10 H

10 H

10.25
11.05
10.38
10.25
10 K
10.60
1 9.75

10.25
11.15
10.38
10.25
10 H

10.50
1 0 .0 0

N E W O R L E A N S C O N T R A C T M A R K E T .— The high­
est, lowest and closing quotations for leading contracts in the
Now Orleans cotton market for the past week have been as
follows:
S a tu rd a y , M o n d a y , T u e sd a y , W ed d a y A T h u r s d y F r id a y ,
S e p t . 11. S e p t. 13. S e p t . 14. S e p t. 15. Sspl. 16. S e p t. 17.
Septem b er —

Range_______
Closing_____

October —

Range.............
Closing______
D ecem b er —
Range_______
Closing______
J a n u a r y —•
Range_______
Closing______

M a rch —

Range_______
Closing______

M a y —-

Range_______
Closing______

Ju ly —

9.78 — 10.09 — !10.20 — 10.41 — 10.21 — 10.20 —
9.99-.08 10.05-.35 10.30— 10.54-.80 10.48-.68
55
10.04-05 10.35-.36^ 10.54— 10.70-74 10.54-.56 10.53-.54
55
10.33-.44 10.39.74 10.65-.90il0.87-16 10.85-05
10.38-.39 10.73— 10.88-.89i 10.10-11 10.92-93 10.91—
74
92
10.51—
61
10.81-06 11.02-30 11.00—
20
10.55-.56 10.8t-.90| 10.05-06 11.26-.27 11.06-07 11.04-05
10.80-88 10-86- 19 11.20— 11.31-60 11.31-51
34
10.82-.84 11.19-.20 11.33-35 11.57-.59 11.36-37 11.36-.37
11.00— S 11 12-.27 11.32-10 11.52— 11.55-71
O
70
11.03 .05 11.40—
41^1] .52-.55^11.78— 11.58-59
80^
11.56-.57

Rango_______
Closing_____ 11.20— 11.58-.60 11.70-751------------ ill.78-.80
23
11.76- 78
Tone—
S p o t________ Firm.
Stoady. ' Steady. Stoadv. Rv-adv. Stoady.
O ption s____ Stoadv. Verv st.’v Strong.
>rr g
Stoadv. Steady.




India cotton afloat for Europo _

tail below.

Movement to Sept. 17 1915.
Towns.

Receipts.

i Ship

Week. | Season. \ Week.

Movement to Sept. 18 1914.

Stocks
Receipts.
1 Ship
Sept. ~ —— --------------, m eras.
17.
Week, f Season. Week.

Stocks
Sept.

18
Ala., Kufaula..
920
3,593!
495 5,981 1,245
3.623!
261 2.812
Montgomery-. 7.315; 18,766 4,300 56,673 9,234, 17.674 ......... 18,450
Selma........... 3,284;
8,135 1,861 23,269 5,788! 12,325!
903 10.9s.-,
A— TTaI___
Ir
yiu,
717j
1,046
156' 1,757
Littlo Rock..
352
1,2351
903 5,589|
479,
■769
117 _ _
5,156
Ga., Albany__ 1,980;
8,1481 1,766 8,740! 2,181!
5,795;......... 6,120
Athens.........
1,200,
2,580,
150 6,7921
894
1,23®
175 2,029
Atlanta_____ 3,622!
6,454 1,605 7,3871
on
a
509
1911
780,
Augusta........ 1 5 .270 : 33,714: 7,969 74,6721 12,000 27,970| 4.734,' 24,008
Columbus__ 2,902
6,100
228 28,759, 2,600
6.542,
750 4,527
Macon.........
2,929
6,662| 2,193 4,672 1,6211
3,061
747, 2,577
Romo.........
2,089
538
295 3.119,
606
838! 2,328'
939
La. .Shreveport 3,798!
7,850 1.842, 26,932 3,257|
4,5671
7,509
Miss.,Columbus
2G
7i
502
17ll 2,690
333
65
41
733
Greenville__ 1,745
2,647j
370. 5,982 l,07l'
1,554;
2,057
Greenwood . . 2,543'
3,387
6,383 1,234
1,834!
190 4,710
Meridian___
516
1,290 1,212; 9,412
389
8331
132 1,947
Natchez____
2,299
900.
200 4,034
090
910,
26 1,820
Vicksburg__
1,534
955
414 5,179
254
369
5,
928
Yazoo City..
234!
953[
3.932!
818
1,199 ------ 1 2,018
Mo., St. Louis. 1,134! 12,270 1,965 9,206;
488'
6,210
659 13,738
N. C., Raleigh.
145'
530
75
_
120
18
41; -----26
O.
, Cincinnati. 6,375 1,086, 13,3811
1,248:
463
0.( 11
(2
990 4,832
Okla., Hugo__
100
100 ----- 1
100 200
240 ........1
240
S.C., Greenw’d
376
540,
2811 5,220;
175
3141
3.3
714
Tenn.,Memphis 3,302
11,852 5,857, 54,3471 4,744
9,654, 1,169 17.797
Nashville___
64
197j ----- 1
197
Tex., Brcnhain 1,771
4,582 1.621! 2,400
991!
2,6311
265 2,651
Clarksville__
400
400 ----- 1
400( 700
1,400
200 1,100
Dallas.......... 2,061
5,501'
73 3.093 1,587,
2,778! 1,567
761
Honey Grove.
GO
O
600, ----- 1
600 1.000
__
1,800
400 1,300
Houston____ 73,403 212,390. 59,960 91,568 44,064 134,633 39,524 42,508
Paris........... . 1,7641
2,007j
;
2,007!
3,000700 3,800
4,700
Total. 33 towns 138,029! 375,64ll 96,922 473,806103,356 264,036' 55.644191,543

Tho above totals show that the interior stocks have in­
creased during the week 41,107 bales and are to-night 282,258
bales more than at the same time last year. The receipts at
all towns have been 34,673 bales more than the same week
last year.
OVERLAND m o v e m e n t f o r t h e w e e k a n d
b lN C E A U G . 1.— W e give below a statement showing the
overland movemont for tho week and since Aug. 1, as made
up Iroin telegraphic reports Friday night. Tho results for the
week and since Aug. 1 in the last two years aro as follows:

-1914-

1915------- Sept. 17—
S h ipped—

... .

W eek.

S in c e
A u g . 1.

S in c e
A u g . 1.

W eek.

Via St. Louis.................................. 1.965
Via Cairo_______ _____ ________ - L 488
Via Rock Island----------------293
994
822
2,644

20,908
5,047

659
215

2,296
3,917
5.375
33,099

670
228
348
1,937

2,765
700
3,308
2,936

8,206

70,642

4,057

30,022

497
1,614
3,761

2,989
4,759
14,029

200
2,674
620

2,690
7,845
14,572

5,872
Total to bo deducted-------------- 5,872

21,777

3,494

25,107

2,334
Leaving total net overland *--------- 2,334

48,865

563

4,915

D e d u c t S h ip m en ts —

Overland to N. Y . .Boston, & c..
Between interior towns------------Inland, &c., from South-----------

17.597
2,716

* Including movement by rail to Canada.

The foregoing shows the week’s net overland movement
has been 2,334 bales, against 563 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 43,950 bales.
1914----------

--------- 1915----------I n S ig h t a n d S p in n e r s ’
T a k in g s .

S in c e

S in c e

A u g. 1.

W eek.

A u g . 1.

176,839
. 2,334
7 65,000

440,584
48,865
445,000

67,936
563
60,000

184,752
4,915
390.000

.244,173
. 41,107
Total in sight Sept. 17-

934,449
27,844

128,499
47,712

579.667
71,409

W eek.

.285,280

Nor. spinners’ takings to Sopt. 17. 28,739

962,293
159,170

176,211
31,579

651,076
124,818

M ovem ent into sight in previous years:
S in c e A u g . 1—
B a le s .
W eek —
B a le s .
1913— Sopt. 19-------------------432,733 1913— Sept. 19.................... 1,446,164
1912— Sept. 20......................357,250 1912— Sept. 20 -...................1,314,958
1911— Sept. 22 - . . . - . . . . . . -427,462 1911— Sept. 2 2 - - - - - - - 1.385,667
t — r ; i-'1 » v !>; jd .
■ .’T1
- ..y " y . v ; 1.1 , 'A
*
ffit.'

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 — Telegraphic
reports to us this evening from tho South denote that the
weather has continued favorable as a rule during the week,
and as a result the picking of cotton has made excellent
progress. Our Texas advices are to the effect that conditions
in that State are still rather unpromising, bolls opening pre­
maturely and weevils being active and on tho increase.

Weatherford, T ex .-— There has been rain on two days of the
past week, the rainfall reaching sixty-six hundredths of an
inch. Tho thermometer has averaged 79, ranging from 68
to 90.
.
Ardm ore, Okla.— Rain has fallen on two days during tho
week, the precipitation reaching twenty hundredths of an
inch. Thermometer has ranged from 64 to 94, averaging 79.
M angum , Okla.— W o havo had rain on one day of tho past
week, to the extent of twenty hundredths of an inch. Avorago thermometer 83, highest 101, lowest 66.
Tulsa, Okla.— Thero has been rain on two days of tho week,
to the extent of eighty-threo hundredths of an inch. Tho
thermometer has averaged 81, the highest being 94 and tho
lowest 69.
„ ,
,
,
Eldorado, A rk . — D ry all the week. The thermometer has
averaged 81, ranging from 67 to 95.
.
,
Fort Smith, A rk . — Ram has fallen on one day during tho
week, the rainfall being one hundredth of an inch. Tho ther­
mometer has ranged from 70 to 94, averaging 82.
Little Rock, A rk . — W e havo had no ram during tho past
week
Average thermometer 81, highest 92, lowest 71.
Alexandria, L a.— ' here has been no rain the past week.
T
The thermometer has averaged 83, the highest being 94 and
the lowest 72.
,
. . .
.,
,
...
N ew Orleans, La.— W e have had ram on three days of the
past week, the rainfall being tliirty-ono hundredths of an inch.
The thermometer has averaged 80, ranging from 65 to 96.
Shreveport, La.— It has been dry all tho week
The ther­
mometer has ranged from 71 to 92, averaging 82.
Columbus , M i s s .— W o havo had no ram tho past week*
Avorago thermometer 85, highest 101, lowest 70.
Holly Springs, M is s . — Thero has been no ram tho past
week. The thermometer has averaged 82, the highest being
93 and the lowest 70.
, .
Vicksburg, M i s s — Rain has fallen on two days during the
week, tho rainfall reaching twenty-one hundredths of an inch.
The thermometer has averaged 83, ranging from 72 to 94.
Decatur, A la . — It has rained on ono day of tho week, the
precipitation reaching four hundredths of an inch.
Ih e
thermometer has ranged from 68 to 94, averaging 81.
M obile A la . — W arm weather with scattered showers have
been very favorable to cotton. Picking is progressing nicely.
W o havo had rain on tlireo days during the past week, to the
extent of fifty-three hundredths of an inch. Average ther­
mometer 82, highest 97, lowest 72.
M ontgom ery, A la .— ' hero has been ram on ono day of tho
T
week, the rainfall being twenty-threehundredths of an inch
The thermometer has averaged 83, tho highest being 94 and
the lowest 72.
, ,
.
.
,
Selma, A la .— W e havo had ram on three days of the past
week, the rainfall being forty-five hundredths of an inch.
Tho thermometer has averaged 80.5, ranging from 72 to 90.
M adison F l a — W e havo had ram on one day during tho
week the precipitation reaching thirty hundredths of an inch.
Tho thermometer has ranged from 73 to 94, averaging 83.
Tnllnha^rc Fla — W e have had ram on two days during the
past week to the'extent of nineteen hundredths of an inch.
Average thermometer 84, highest 97, lowest 70.
Albany, Ga.— W e havo had rain on ono day tho past week,
to the extent of seventy hundredths of an inch.
Ihe tliermometer lias averaged 8b, tlie highest being 102 and tho

Galveston, Tex.— Crop conditions in Texas aro still un­
promising. Bolls are reported opening prematurely. Weevils
are active and are on the increase. It has rained on three
of the week, tho precipitation reaching elevon hun­
dredths of an inch. Tho thermometer has ranged from 76
to 86, averaging 81.
Abilene, Tex.— Rain has fallen on four days of the week, the
rainfall being ono inch and eighty-fivo hundredths. Average
thermometer 80, highest 94, lowest 66.
Brenham, Tex.— There has been rain on three days of the
past week, tho rainfall being ninety-four hundredths of an
inch. Tho thermometer has averaged 83, the highest being
94 and the lowest 72.
Cuero, Tex.— It has rained on one day during tho week.
Tho precipitation reached twenty hundredths of an inch,
tho thermometer has averaged 82, ranging from 70 to 94.
Dallas, Tex.— W e have had rain on one day during the
week, the precipitation reaching twenty-six hundredths of
an inch. Minimum thermometer 70.
Henrietta, Tex. — The week’s rainfall has been ono inch and
sixty hundredths, on ono day. Average thermometer 81,
highest 94 and lowest 68.
Huntsville, Tex.— It has rained on one day of tho week,
the rainfall being sixty-four hundrdeths of an inch. Tho
thermometer has averaged 81, the highest being 92 and tho
lowest 70.
Kerrville, Tex.— Rain has fallen on ono day of tho week,
the precipitation being sixty hundredths of an inch. The
thermometer has averaged 78, ranging from 67 to 90.
Lampasas, Tex.— W e have had no rain. The thermometer
has averaged 81, the highest being 94 and the lowest 68.
Longview, Tex.— It has rained on ono day of tho week, tho
precipitation being two hundredths of an inch.
Tho ther­
mometer has averaged 82, ranging from 70 to 94.
Luling, Tex.— W e have had heavy rain on one day during
tho week, the precipitation reaching ono inch. Tho ther­
mometer has ranged from 70 to 94, averaging 82.
Nacogdoches, Tex. — D ry all tho week. Average thermome­
ter 78, highest 90, lowest 66.
Palestine, Tex.— It has rained on ono day during tho week,
tho precipitation being thirty-two hundredths of an inch.
Tho thermometer has averaged 80, the highest being 90 and
the lowest 70.
Paris, Tex.— W o have had no rain during tho week. Tho
thermometer has ranged from 68 to 96, averaging 82.
San A ntonio, Tex.— Wo havo had rain on four days tho
past week, tho rainfall, reaching ono inch and fifty-two hun­
dredths. Minimum thermometer 70, highest 94, average 82.
Taylor, Tex.— There has been rain on two days of the past
week, tho rainfall being ono inch and fifty-two hundredths.
Minimum thermometer 72.




[Vol . 101.

THE CHRONICLE

950

^ T f/fen s1 ' Ga.— W e havo had rain on two days of tlio past
,
week, tho rainfall being twenty-nmo hundredths of an inch.
Tho thermometer has averaged 80, ranging from 02 to 97.
Savannah, Ga.— It has rained on one day during the week,
tho rainfall reaching forty-two hundredths of an inch. The
thermometer has ranged irom 73 to 96, averaging 8 .
Charleston, S. C — This week’s rainfall has boon thirty-five
hundredths of an inch on three days. Average thermometer
85, highest 100 and lowest 71.
Cher aw, S. C.— Dry all tho week. The thermometer has
averaged 81, tho highest being 96 and tho lowest 67.
Spartanburg, S. C — It has been dry all the week. Ih e
thermometer has averaged 80, ranging from Oo to Jo.
Charlotte, N . C.— Dry all the week. Thermometer has
ranged from 69 to 93, averaging 81
,
,
Goldsboro, N . C .— W e havo had ram on two days the past
week, the rainfall reaching ono inch andthirty-six hundredths.
Average thermometer 79, highest 97, lowest 00.
Weldon N C — Thero has been ram on ono day of tho
past week, the rainfall being five hundredths of an inch.
Tho thermometer has averaged 79, tho highest being 93 and
the lowest 65.
.
.
.
n
Dyersburg, T enn .— Thero has been no ram tho past week.
The thermometer has averaged 83, ranging from 71 to 95.
M em phis, T e n n — Cotton is opening rapidly. Picking is
general. W o havo had no ram during tho week.
Ihe tliermometer has ranged from 73 to 91, averaging 82.
M ila n , Tenn.— Rain has fallen on ono day during the
week, the rainfall reaching three hundredths of an mchThe thermometer has averaged 80, ranging from 00 to J3.
The following statement wo havo also received by tele­
graph, showing tho height of tho rivers at tho points named
at 8 a! m . of tho dates given:
17 1916. Sept. 18 1914.
F e e t.
N o w Orleans.................. Above zero of gauge.

Memphis........................ Above
Nashvillo................
A bo v e
Shreveport.............
Above
V icksburg____________ Abovo

zero of
zero of
zero of
zero of

gauge.
gauge.
gauge.
gauge.

13.8
20.4
8.7
5.8
30.7

F eet.

4-8
10.1
8. )
e.J
»-u

Sept . 18 1915.

THE CHRONICLE

W O R L D ’S SU P P L Y A N D T A K IN G S OF C O T T O N .—
Tho following brief but comprehensive statement indicates
at a glance tho world’s supply of cotton for the weok and
since Aug. 1 for tho last two seasons, from all sources from
which statistics are obtainable; also tho takings, or amounts
gone out of sight, for the like period.
C otton Takings.
W eek and Season.

1915.
W eek.

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 business has
boon disorganized by the advance in cotton. Buyers cannot
follow tho market. W e give prices for to-day below and
leave those for previous weeks of this and last year for
comparison:
1916.

1914.

Season.

Season.

W eek.

3,176,816
651,076
42.000
24.000
500
34.000
3,928,392
2,799,774
1,128,618
817,118
311,500

32s Cop

* Embracos receipts in Europe from Brazil* Smyrna, West Indies, &c.

a I Ins total embraces since Aug. 1 tho total estimated consumption by

Southern mills 445,000 bales in 1915 and 390,000 bales in 1914— takings
not being available— and tho aggregate amounts taken bv Northern and
foreign spinners 1,531,432 bales in 1915 and 738,618 bales in 1914, of
widen 1,080,432 bales and 427,118 bales American.
6 Estimated.

C O T T O N C O N S U M P T IO N A N D O V E R L A N D M O V E ­
M E N T TO SE P T . 1.— Below wo present a synopsis of tho
crop movomont for tho month of August for threo years:
1915.

1914.

45,025
35,851
132,842
158,812
062,738
88,875
282.000

22,225!
3,090
50,200:
12,8411
234,480,
45,9211
234,000

|

1913.
28,532
15,895
303,152
148,423
216,561
100,183
256,000

5,223
3,417
292:
12,209
21,067
287,418
536,052
14,779,829 14,348,749
15,067,247 14,884,801
506.04
514.00
521.15
481.04
489.00
496.15

IN D IA
COTTON
M O V E M E N T .— Tho receipts of
India cotton at Bombay and tho shipments for tho weok
onding Aug. 26 and for the season from Aug. 1 for tiireo
years havo been as follows:

d. a. d.
3

&H 6

9K 5
9X 6
SH 6
9 6

©
@
@

@7

Since
A u g . 1.

Week.

Bombay________________

1914.

24,000

Since
A u g . 1.

Week.

64,000

4,000

For the Week.
Exports
from —

Great Conti
Britain . nenl.

Total all—
1915___
1914 _ __
1913___

Since
A u g . 1.

Week.

34,0001 6,000

27,000

Since August 1 .

Ja p a n
A China Total.

Bombay—
1,000 5,000 21,0 0 0
1915___
1914 . .
3,000
1,0 0 0
1913___
10,000
Calcutta—
1,000
1915___
1914___
1913___
3,000 3,666
Madras—
1915___
1914___ .......... .........
1913___
"4",700
All others—
1915___
5.000
1914___
4.000
1913___ 4 ,6 6 6 2 1,0 0 0 10,000

1913.

Great
B ritain .

27,000
3,000
1 1,0 0 0

nent.

2,000
1,0 0 0

6,000

7,000
64,000

1,0 0 0

Total
—

69.000 77.000
18.000 25.000
56,000 12 1,0 0 0

1,0 0 0
1,000
6,000

5.000
4.000
35,000

2,000
1,000

1,000 10,000 22,000 33,000

4,000

7,000
7,000
4,000 34,000 18,700 56,700

9,000

2,000

5,000

1 1,0 0 0

7’,666

..........

1,0 0 0

4',700

1 1 ",766

S.000
19.000
51.000

<
5,666
~ 4 , 700

China.

6,000

16,000

15,000
27,000
128,000

1,000
10,000

20,000

71,000

17,6 6 6

76.000 95.000
18.000 46.000
82,700 220,700

According to the foregoing, Bombay appears to show an in­
crease, compared with last year, in tho week's receipts of
20.000 bales. Exports from all India ports record a gain of
20.000 balos during tho week and since Aug. 1 show an in­
crease of 49,000 bales.
A L E X A N D R IA R E C E IP T S A N D S H IP M E N T S OF
C O T T O N .— The following aro tho receipts and shipments for
tho weok ending Aug. 25 and for tho corresponding week
of tho two provious years:
A le x a n d r ia , E g y p t.
A u g u s t 25.
R eceip ts (cantars)—

This week_____________
Sinco Aug. 1__ _____

E x p o r ts (bales)—

To
To
To
To

Liverpool_____ ____
Manchester_________
Continent and India.
America____________

1915.
12,522
21,543
T h is
S in c e
W eek. A u g . 1.

4,800

6,813
689
3,473
9.117

Total exports________ 13,130 20.092
N o t e . — A cantar is 99 lbs.

1914.

l",850
6,480

1,700
T h is
S in c e
W eek. A u g . 1.

300
300

1913.
10,000
12,100
T h is
S in c e
W eek. A u g . 1.

3l587

300
4,100
3,000
4,287

4.750
3',750 3.750
1,250 21,250
1,800

4,187

11,687

5,000 31,550

Egyptian bales weigh about 750 lbs.

Tho statement shows that tho receipts for tho week
ending August 25 woro 12,522 cantars and tho foreign
shipments woro 13,130 bales.




Cot' n
M id .
U p l't

in gs, common
to fin est.

T u ist.

a. d.
d.
d. s. d.
s. d. d.
6
5.31 9 11-16@ 10% 6 1K@10 10H 6.66

9 ©7
0 ©7
6 ©7
6 @7

9% 6 9
9 H 6 10

@8
©8
0/4 7 3 ©8

3
6
9
9

5.53
5.43
5.42
5.63

No
No
No
No

Q O tatlons
U
quo tations
quo
quo tatlons

6.50
6.50
6.20
6.20

0
IK
0

5.78
6.12
6.44

No quo
No quo
No quo tatlons.

6.00
6.00
5:80

N EW

Y O R K -T o R otterdam -Sept. 11-W cstcrd ijk. 3 4 ™
M a ’
.
_ _
2 065
Sept. 14— Rijndam, 1,715___ __
To Genoa— Sept. 11— Dante Alcghierl, 550-Y.TSept. 13— Pro- ’
cida, 1,464----------------------------------------------_
2014
To Piraeus— Sept. 15— Athinai, 100.. .Sept. 16— Thessaloniki' ’
50---------------------------------------------------------------------’
IK
A
GALVESTON— To Liverpool— Sept. 15— Dominic, 7,3 0 8 .-1 1 1 1 1 " 7 30S
To Manchester— Sept. 16— Gloria do Larrinaga. 1 i S7 S
1 1
T o Havre— Sept. 10— Dalecrest, 11,419___ -------------------------- 1 1 4 Q
NEW ORLEANS— To Liverpool— Sept. 10— Asian, 1441 _ I ’
... S?.ph 14—Nortonian- 1.668— Sept. 16— Ernesto, 3 4 0 - ..I l l 3 449
To Belfast— Sept. 15— Howth Head, 194_____
_
19 4
To Genoa— Sept. 14— Fotis, 11,166: San Giovanni,- 6*.818'"
Sept. 16—Seguranca, 700______________________
18 684
CHARLESTON— To Liverpool— Sept. 15— Cayo Soto, 10,250
10 250
250
NO It FOLK— 1 o Liverpool— Sept. 9— Maxton, 250. . _ I _ . ............
T
PHILADELPHIA— To Rotterdam— Sept. 14— Vaandijk, 200.
200
500
TACOM A— To Vladivostock— Sept. 14— Seattle Maru, 500_______
Total.....................................................

68,361

Tho particulars of the foregoing shipments for the week,
arranged in our usual form, aro as follows:
G reat F r en c h
B r it a in . P o rts.

H o i ----- O th .E u ro p e — V la d .
la n d . A T rth . S o u th .
o
& c. Ja p a n .

New York_____ ____
2,065
------ 2,164 ..................
Galveston------- 19,186 11,419
................
- ............................
New Orleans_ 3,643
_
___
----------- 18.684 ------ -----Charleston_____10,250
___
----------- ...........................
N orfolk _______
250
___
..................Philadelphia_
_ ____
____
-----200
------ ------ -----Tacoma_______ ________________ ____
____
___
_____ ------500 -----T o ta l.............33,329 11,419

1915.

A ug. 20.
Receipts at—

8X lbs. Shirt-

32* Cop

S H IP P IN G N E W S .— As shown on a previous page, the
exports of cotton from the United States the past week have
reached 68,361 bales.
The shipments in detail, as made
up from mail and telegraphic returns, aro as follows:

5,369

14,253
413,693

Cot’n
M id .
U pl's

in gs. common
to fin est.

Jilly 4.
30 8 5- 16 @
Aug.
6 8K @
13 SK
@
20 8
<>
a
27 814
3 8K
10 9K
17 9%

1914.

8K lbs. Shirt-

T u ist.

Visible supply Sept. 10________ 3.763,347
2,776,946
Visiblo supply Aug. 1. . . . .
4,633,210
American in sight to Sept. 17_
_
285,280
962,293 176,211
Bombay receipts to Sept. 16_
_
642,000
125,000
2,000
Other India shipm’ts to Sept. 16
63.000
25.000
Alexandria receipts to Sept. 15.
64.000
9,000
100
Other supply to Sept. 15 *___
61.000
15.000
3,000
Total supply________________ 4,098,627 5,769,503 2,958,257
D ed u ct —
Visiblo supply Sept. 17________ 3,793,071 3,793,071 2,799,774
Total takings to Sept. 17.a ___
305.556 1.976.432 158,483
Of which American______ _
223.556 1.525.432 131,383
Of which other__ _________
82,000
451,000
27,100

Gross overland for August________ bales.
Net overland for August_________
Port receipts in August__________
Exports in August............................
Port stocks on Aug. 31_________________
Northern spinners’ takings to Sept. 1__
Southern consumption to Sept. 1_______
Overland to Canada for August (included
in not overland_____________________
Burnt North and South in August______
Stock at North, interior markets Aug. 31
Oaino in sight during August__________
Carao in sight balance season_________
Total crop___________________
Average gross weight of bales...................
Averago net weight of bales. . .

951

2,065

200 20,848

500 ____

T o ta l

4,229
30,605
22,327
10,250
250
200
500
68,361

The exports to Japan since Aug. 1 have been 23,279 bales
from Pacific ports.
C O T T O N F R E IG H T S .— Current rates for cotton from
Now York aro as folIoAvs, quotations being in cents per pound:
Liverpool, 1.25c.: Manchester, 1.25c.; Havre, 1.50c.; Rotterdam
1.50c.; Genoa, 1.35c.©1.40c.: Naples. 1.35c.® 1.40c.; Leghorn, 1.40c.
Barcelona, . . . ; Marseilles, 2.00c.; Piraeus, 1.50c.; Syra, 1.50c.; Japan,
1.50c. asked; Shanghai, 1.50c. asked; Bombay, 1.2,5c.; Vladivostock,
1.00c.; Archangel, nominal, 2.25c.

L IV E R P O O L .— B y cable from Liverpool we havo the
following statement of the week’s sales, stocks, & c., at
that port:
„ ,
„ ,
,
-A ug. 27.
S e p t . 3. S e p t . 10. S e p t . 1 7 .
Sales of tho week...........................
48,000
77,000
76.000
Of which speculators took..........
3.700
15,000
8.000
Of which exporters to o k ______
1,600
1,000
2,000
Sales, American............................
40,000
64,000
63.000
Actual export................................
7,000
8,000
2,000
11,000
Forwarded......................................
75.000
67,000
65,000
___
68,000
Total stock. ------------1,252,000 1,190,000 1,154,000 1,088,000
Of which American---------------- 998,000
943,000
900,000 841,000
Total imports of the week............
30,000
13,000
30,000
13,000
Of which American.............
10,000
3,000
13,000
3,000
Amount afloat...................
55,000
71,000
69,000 . . .
Of which American.................
22,000
32,000
39,000
.............

Tho tono of tho Liverpool market for spots and futures
each day of tho past week and tho daily closing prices of
spot cotton havo been as follows:
Spot.

Saturday.

Market, |
12:15 < Good
1> M. ( demand.
.

M onday.

Tuesday.

Good
demand.
6.27

6.36

6.44

6.44

12,000
2,000

12,000
1,500

15,000
2,000

10,000
1,500

Mld.Upl’ds

6.12

Large
business
doing.
6.11

Sales____
Spec.&exp.

12,000
1,000

15,000
2,000

Wednesday, Thursday.

F rid a y .

Active.
demand.

Steady, Ba’ly, sty.,
Firm,
Strong, Ba’ly sty.,
\ K @ 1K 4K@6K 6@7K pts. 9K@12
1@3 pts. 2® 3K Pts.
/ pts. adv. pts. dec. advance. pts. adv. advance. advance.
Strong, Ba’ly sty.,
Market, ( Steady,
Quiet,
Ba'ly sty., Quiet, Kpt.
4
( 4K@0 pts. 1@3K Pts. 5K@7 pts. 10® 12 K IK pts .dec dec. to 2K
P. M. 1 advance. advance. advance. pts. adv. toKpt.adv. pts. adv.
Futures.

Market
opened

Tho prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
T h e p ric e s a rc g iven i n p en c e a n d lOOths. T h u s , 5 99 m e a n s 5 99-1 OOd.

Sept. 11 S a tu rd a y .
to
Sept. 17. 1 2 H 1 2 'A
p .m .
d.

Oct.-Nov.
Jan.-Feb. : : : :
Mar.-Apr.
May-June
July-Aug.

p .m .

5
6
6
6
6
6

d.

99
03 K
14 K
21K
28 K
34 'A

M onday.

12 M

T u e sd a y .

W ed d a y .

T h u rs d a y .

F r id a y .

4

4 \2M 4 12 H
12 H
4 12 H \ 4
p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m .
d.

95
99
10
16K
23
28 K

d.

02 K
06 K
18
25
31
35K

d.

11
15
26 K
33
39 K
44

d.

09 K
12K
23 K
30
36 K
41K

d.

22
23
34 K
41K
47 K
51K

d.

28
29 K
41
47
52 H
56

d.

21
22K
35
41K
47
50

| d. 1 d.
27K23>*
28K 24
41K 36
48K 42
53 K 46 K
56K 49K

[Vol. 101.

THE CHRONICLE

95 2
BREADSTUFFS

Friday N igh t , Sept. 17 1915.

Flour early in the week was in rather better demand, even
though business was not really very active. Prices, too,
were firmer in response to some advance in wheat. But
later in the week the demand fell off somewhat. In fact trade
as a rule has latterly been only moderately active. Buyers
as a class do not seem at all convinced that an advance in
wheat at this time is to be more than temporary, especially
if the Allies should force the Dardanelles and thus release the
enormous supplies of Russian wheat to compete with Ameri­
can in the markets of Western Europe. M an y or most people
still pursue the policy of buying from hand to mouth. The
total production last week at Minneapolis, Duluth and M il­
waukee was 406,445 bbls., against 376,105 in the previous
week and 402,505 last year.
.
W heat advanced early in the week, owing to heavy rains
in the American and Canadian Northwest. Cash premiums
at the Northwest were thereby sterngthened. Northwest­
ern markets became very firm. The crop movement, too,
though large, was not so large as was generally expected.
And the world’s available stocks are still far smaller than they
were at this time last year and two years ago. That is to
say, they are only 81,000,000 bushels, against 123,100,000
bushels a year ago and 133,600,000 at this time.in 1913. In
other words, the present stock is some 42,000,000 bushels
smaller than a vear ago and 52,000,000 smaller than at this
timo in 1913. Russian advices report general rain, in parts
heavy, with storms over a wide area of the agricultural dis­
tricts. Late harvesting is being delayed in Russia and the
movement interfered with. Storing is on a large scale,
but facilities are inadequate to cope with the movomont,
and therefore much will be affected by the rain.
There are practically no shipments for export from Russia,
as Northern ports are congested with military arrangements.
In Germany it is understood that fodder crops at least are
poor. The Punjab of India is very dry. France’s crops are
deficient especially in the Southern portion. The supplies
in France are insufficient and sho will have to import freely.
In the United Kingdom the crop is only an average one and
offerings have been light of late even at firm prices. In
Argentina heavy rains are needed, with a drought pronounced
over a wide area. M uch apprehension is expressed in Ar­
gentina about the crop. In Italy the weather has been very
wet and the prospects have been lowered. Italian supplies
aro light and Italy will be forced to import heavily. In
Hungary the crop of wheat and rye are a bare
average; those of oats barley and fodder are poor.
In other words, while tho American crop promises to
be the largest ever known, those of some other countries,
seemingly are menaced either by drought or wet weather
or actually cut down by military operations. Therefore,
later on, especially if foreign exchange rates here should
be stabilized by a loan of 8500,000,000 to 81,000,000,000,
European purchases of American wheat may be very large.
There is some tendency already towards a larger foreign
buying here. Y e t, on all advances there has been heavy
selling in American markets. The short interest has been
greatly reduced. Also the oponing of the Dardanelles,
which is beginning to be more talked about as a possibility
in tho not very distant future, would, many think, flood
Europe with Russian wheat. It is estimated, too, that the
United States will have a surplus for export of 375,000,000
bushels. Some doubt whether Europe will bo ready to take
that much, or anything like it, if the Dardanelles, as a result
of more vigorous operations by the Allios on the peninsula
of Gallipoli should be opened up within the next few months.
And, in spite of all drawbacks, one estimate of the world’s
crop is 4,150,000,000 bushels, against 3,652,000,000 bushels
last year. This estimate includes 2,170,000,000 bushels
in Europe, against 1,959,200,000 last year, whatever may
be said to this idea, and Canada is estimated at 224,000,000,
against 160,000,000 last year; India, 383,200,000 bushels,
against 314,000,000 last year. It is claimed in some quar­
ters that the total exportable surplus of tho world, excluding
Russia and Rumania, will bo about 750,000,000 bushels,
whoreas European requirements are put at only 440,000,000
bushels and non-European at 65,000,000 bushels. Whether
such figures can be accepted with anything like literalness
or not, there is for the time being at least an undercurrent
of more or less “ bearish” sentiment based primarily on the
prospects of an American crop approximating 1,000,000,000
bushels and a growing belief that tho Dardanelles will be
forced by the Allies. Also, tho idea that there is still a pos­
sibility of a break between the U . S. and Germany has caused
selling. To-day the market was unsettled. September
advanced owing to the strength of tho cash position, but other
months ended lower on favorable weather and liquidation.
D A ILY CLOSING PRICES OF WHEAT FUTURES IN NEW YO R K .
S a t.

M on.

T u rs.

W ed. T h u r s .

Fn.

S a t.

M on.

T u e s.

W ed. T h u r s . F r i .

No. 2 red____________________ cts.12094 12194 12254 122% 125% 128
September delivery la elevator----- 113
112
11414 114% 117
11814
D A ILY CLOSING PRICES OF W HEAT FUTURES IN CHICAGO.
September delivery in elevator.cts. 9914
December delivery in elevator------ 95
M a y delivery In elovator................. 9814

9914 10114 10014 103
9554 9554 94
0614
9854 99
9714 9914

10414
9514
9814

Indian corn early in tho week was inclined to be firm, owing
to a fear of frost, but weakened later on reports of tho best
growing weather seen for many weeks past. Also there have
been free offerings of Argentina corn at the seaboard. A
cargo of Argentina corn was bought to come to the United




States at a price lower than that for American for September
delivery at Chicago. Meantime crop reports from our corn
belt are more cheerful, owing to hot weather. It is assumed
very generally that the crop in this country will approximate
3,060,000,000 bushels, the largest with one exception in
American history. And possibly a significant straw is that
an Eastern manufacturing company is said to be operating
its plant almost entirely with Argentina corn. Country
offerings of American corn aro increasing. Tho export de­
mand remains in abeyance. Liverpool has been weaker
with a poor spot demand and liberal offerings from the River
Plate. In fact Argentina just now seems to bo the enfant
terrible of the trade. To-day tho market was irregular,
closing lower on increased country offerings and long liqui­
dation.
D A ILY CLOSING PRICES OF NO. 2 M IX E D CORN IN NSW Y O R E .
S a t.

M on.

T u e s.

W ed. T h u r s . F r i .

S a t.

M o n . T u c s. W ed.

No. 2 yellow__________ ______ cts. 8854 8654 86% 84% 8554 85%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
September delivery In elevator.cts. 72%
December delivery in elovator------57%
M ay delivery in elovator_______ _ 58%

7154 71% 71%
5694 56% 66%
57% 58 . 58

T h u rs . F n .

72 54 72 %
57
5694
58% 58 __

T)ats h a v o llu T tu ^ ^
ts. They have
faintly reflected the price movement of corn. Country
offerings, however, have been small. W et weather has de­
layed threshing. Tho American available supply increased
last weok 2,950,000 bushels against an increase in the same
time last year of 2,250,000 bushels, but the total stock still
amounts to only 11,325,000 bushels, or 18,000,000 bushels
less than a year ago and 29,000,000 less than at this timo in
1913. While interior points have offered sparingly, there
has been a fair domestic shipping demand. On tho other
hand, export trade has been slim. The Government ruling
against sulphur shipments apparently tended somewhat for
the time being to restrict demand. Meantime the indications
point to a crop of 1,450,000,000 bushels. Livepool advices
state that prices of oats have been maintained both in Eng­
land and France. This in spite of tho fact that the con­
sumption in tho United Kingdom has lessened as fodder
crop turned out favorably and reserve stocks of oats are fair.
In France tho reserves are light with the native crop so dis­
appointing that France will continue to buy foreign oats.
Italy’s crop of oats is small and it is beginning to buy foreign
oats as military requirements are enormous. I 11 Argentina
tho prospects for tho oats crop aro less favorable. To-day
prices were irregular, September being firmer on buying by
cash interests and other months being easier on increased
country offerings and selling by commission houses.
D A ILY CLOSING PRICES OF OATS IN NEW YORK.
S a t.

M on.

T u e s.

W ed. T h u rs . F n .

qfonH-,rri«
cts.50© 55 50@55 Nom. Nom. Nom. Nom.
No.^2 w h i t e . - .........Nom. Nom. Nom. Nom. Nom. Nom.
D A IL Y CLOSING PRICES OF OATS FUTURES IN CHICAGO.
S a t.
S e p te m b e r d e liv e ry In e l e v a t o r .c t s . 3694
D e ce m b e r delivery in elovator -------36%
Mav delivery in elevator_________ o o y $

M o n . T u e s.

3694 3654
36% 3694
o S y ^ 08 %

W ed.

36%
36
38^

T h u rs . F n .

3794 37 54
36% 36%
38 5^ 38 %

The following aro closing quotations:
g r a in .
Corn, per bushel—
C ts.
Wheat, per bushel— f. o. b.
N o. 2 mixed________ f. o. b.
nom.
N. Spring, No. 1, new----- 51 lo
N o . 2 yellow_______ c. i. r.
85%
N. 8pring, No. 2...................-,'5577
N o . 3 yellow_______________________
Red winter. No. 2. n ew --- 1 26%
Argentina in bags...............................
Hard winter. No. 2.............1 28
Oats, per bushel, new—
J r a ‘. R ye, per bushel—
New Y o rk ...................... $1 01 @ 1 02
Standard............................ ££nn
W estern. N o . 2, new_______
.
No. 2. white....................
No. 3, White...................40% <3*41 B trley— M a l t i n g ...................... S 4 © 6 6
FLOUR.
or.
Winter, low grades------$4 10<g$4 35 Kansas straights, sack s.$5 1 0 @ $ 5 50
;er i
Winter patents________ 5 60@ 5 7,» Kansas clears, sacks___ 4 9 0 © 5 10
.er straights--------- 5 _
Winter stra ig h ts _______ --- 0 0 © 5 2,, C ity patents_______
5 0 0 © 6 65
Winter clears__________ 4
75 CRye flour ......................
Buckwheat flour_______
Spring patents------------- 5
20©
Graham flour.................... 5 6 5 ® 5 75
Spring straights............... 5 00(c
Spring clears___________ 4 7oQ

W E A T H E R B U L L E T IN FO R T H E W E E K E N D I N G
S E P T . 13.— Tho influences of weather on the crops as sum­
marized in tho weather bulletin issued by the Department
of Agriculture for the week ending Sept. 13 wore as follows:
W H F A T __Cloudy weather with frequent showers during tho latter
Dart of" tho' week greatly interfered with thrashing in tho spring wheat
states
In tho winter wheat States, howovor, tho weather was generally
much more favorable and thrashing proceeded without material interrup­
tion
Plowing for winter wheat progressed satisfactorily, although the
ground is reported as getting hard and dry in a few localities. Other
Preparations for fall seeding are progressing and somo wheat has been
sown in the more northern portions or tho belt, and winter oats are being
S°C O R N — The continued warm and dry weather over much of the corn
belt greatly improved tho outlook for tho safe maturing of a large crop,
although iii Iowa and portions of surrounding States further rains delayed
ripening, and soveral weoks of favorable weather aro still necessary to bring
^Some^ainage^to°cornNn the far Northwest from severe cold has already
occurred and further progress of the cold area eastward will threaten the
proper maturing of much moro. Over the moro eastern districts the weather
was Ideal for maturing and ripening, and in the South an excellent crop of
late corn is now practically assured.
,
COTTON.— Tho change from tho cool weather of tho preceding week
to the hot and dry weather of tho week just ended was gonorally beneficial
to cotton especially in tho northern districts, whero the late crop inado
rapid advancement, and in the eastern and central districts, where the bolls
opened rapidly, and picking became general and made good progress.
In Toxas tho crop appears not to have responded so promptly to tho
more favorablo conditions and it is reported as in a somewhat unsatisfactory
condition. Damage by boll weevil is increasing and the outlook for a fair
top crop is poor The crop in Oklahoma appears to have responded to
the better weather and is now reported as doing well, and improvement
is noted in Arkansas.
Ld
For other tables usually given hero, see page 899.
1

~ The visible supply of grain, comprising tho stocks in
granary at principal points of accumulation at lake and
seaboard ports Sopt. 11 1915 was as follows:

Sept . 18 1915.]

THE CHRONICLE

UNITED STATES GRAIN STOCKS.

A m er.
A m er. A m er. Bonded A m er. A m er. Bonded
Wheat. Wheat. Corn.
Rye. Barley. Barley.
Oats. Oats.
bush.
bush. bush. bush. bush. bush. b u sh .

I n Thousands —
New York..............
437
4
Boston......... . ..............
Philadelphia................
685
Baltimore___________
725
New Orleans____ ______ 1,192
Galveston___________
502
Buffalo....................
304
Toledo_____ _________ 17 6
Detroit........................
84
Chicago........................ 358
"
afloat______ . . . .
s
Milwaukee.... ..............
Duluth_____ _________ 1 ,7 3 1
Newport News.............
350
204
Minneapolis............
St. Louis_______
400
Kansas City____ ____
332
Peoria........................
5
Indianapolis................. 217
Omaha_____________
159
On L a k e s...............
610
On Canal and River...
40

18
1
69
117
247

301
19
157
443
133

110
586
40
437
28
141
334 3,207
172
27 '356
132
66
9
474
67
397
02
82
17
751
162
152
99
171
123
142

—

—
—

—

1,710 8,147
2,415 5.796
25
5,653 23,764
CANADIAN GRAIN STOCKS.

Total Sept. 11 191 5.. 8,553
Total Sept. 4 1915.- 7,747
T ota lS cp t. 12 1914. .31,774

43
23
97

Canadian Bonded
Wheat. Wheat,
....... bush.
bush.
1,5 5 8

I n Thousands —

Montreal________
Ft.William * Pt.Arthur 1,936
Other Canadian______
121
Total Sept. 11 1915-. 3,615
Total Sept. 4 1 91 5.. 1,888
T ota lS cp t. 12 1 9 1 4 .. 8,249

3
58
1

18
1
186
114

—

—

—

"'17
4
26
35

"3 6

"io
84
38
8
9
6
4

” 40
424

3
203

28

__
—

__
__
__ ___
__ __
__ __
__
19 __
197

125

772
931
537
764
665 2,574

—

3
9

Canadian
Bonded
Canadian
Bonded
Rye. Barley. B a rley,
Corn. Oats. Oats,
bush. bush. bush. bush. bush.
bush.
.................
12 ___
12
547
107
311
12

965

103

732

____
____
____

Oats.
bush.
8,147
065

Bonded
Oats,
bush.
____
____

b u sh .

__

12

1,722 9,112
2,418 6,814
5,761 24,496

____
____
25

772
537
665

943
768
2,621

3 1,018

12
4
47

SUMMARY.
In Thousands —

Bonded
Wheat. Wheat . ' Corn,
bush.
....... bush. bush.

American_____ _____ 8,553
Canadian...... ..............3,615

11 1915. .12,168
4 1915. . 9,635
12 1914. .40,023

1,710
12

43
23
97

Bonded
Rye. Barley, Barley,
bu sh.
bush.
772
931

THE DRY GOODS TRADE
N ew York, Friday Night, Sept. 17 1915.
1 D ry poods markets have been fairly activo during the
week, although the exceptionally warm weather has re­
stricted tho distribution of fall and winter goods. Jobbers
and commission brokers state that many shipments are held
up which would have gono forward before this if tho weather
had been cooler. A steadily rising cotton market continues
to exert considerable influence upon the market for finished
goods, and manufacturers aro holding their lines at very
firm levels, particularly for futuro delivery. Mills being
well covered ahead with business on staple lines, in view of
tho advancing prico of spot cotton and weaving yarns, aro
inclined to make an upward revision in their price lists.
Buyers, on tho other hand, are more willing to cover their
requirements at present prices, fearing a higher tendency
from now on. The opening of certain lines of standard
dress ginghams for next spring at prices a half cent under
those of last season, and the revisions made on competing
lines to meet the reduction, were the features of the week.
As the talk of the scarcity of dyestuffs had lead every one
to expect much higher prices on all lines of colored goods,
tho reductions were a great surprise and came in for consid­
erable comment throughout tho trade. Tho result has been
that buyers instead of taking immediate interest in the
offerings are inclined to hold off until they can study the
situation. It has mado them somewhat doubtful of tho
advices which manufacturers have been circulating to the
effect that all classes of colored goods would be higher priced
and decidedly scarco during the coming season. M any
are now inclined to the belief that somo manufacturers have
been successful in covering their requirements of dyes and
are going after all the business in sight. This belief is
strengthened by reports received from Southern manufac­
turers to the effect that they cannot understand the reduc­
tion, as they aro not in a position to turn out goods at any
concession from last season’s prices. Selling agents handling
tho lines upon which the reductions have been mado state
that prices aro subject to change without notice, and that
they cannot tell how long tho present level will bo main­
tained. Export business has been more activo during tho
week. Buyers for Red Sea account are credited with pur­
chases of over 2,000 bales of 3.90 sheetings on tho basis of
434c. Nothing in the way of now business is reported from
India or China, although it is believed that stocks of drills
in India must bo in need of replenishing. Inquiries have
been received regarding prices, and in view of tho advancing
tendency in cotton values exporters are advising foreign
buyers to cover their requirements at present levels. Heavy
exports of duck continue, and mills are reported to have all
they can do to meet the combined domestic and export
demand.
W O O L E N G O O D S.— Continued warm weather is groatly
interfering with the distribution of fall and winter goods and
men’s wear, and until thero is cooler weather little additional
business can bo expected. A good trade is looked forward
to, however, as retailers have so far done very littlo toward
covering their winter requirements. Business for tho new
spring season is developing slowly, and jobbers and cutters-up
are not oxpected to give much more attention to spring lines
until their fall business is out of tho way. So far offerings
for spring 1916 have been confined entirely to staples in
which quite a fair business has been done. As a result of




95 3

the dye situation, there has been an absence of fancy fabrics.
Manufacturers have not as yet shown their samples of nov­
elty fabrics, and until they do it will bo impossible to deter­
mine what goods are going to be most popular.
D O M E S T IC C O T T O N G O O D S .— Tho exports of cotton
goods from this port for the week ending Sept. 11 were 12,598
packages, valued at 8814,139, their destination being to the
points specified in the table below:
N e w Y o rk to S e p t. 11 —
Great Britain_______
Other Europe___
C h i n a ___________
In d ia ......................
A rabia_____________________
A f r i c a __________________
W est Indies_____
M e x i c o _____________
Central A m e ric a ..
South Am erica____________
Other countries__________

---------1915--------S in c e
W eek. J a n . 1.
59 409
16,480
5,003
19752
- .................. ! 199
38,'183
.................... 845
13,454
1 as 0
37.565
1 153
13^408
33,330
61,823

2

Tota1- - - ............... ........... ............................ 12.598

299.560

---------1914---------S in c e
W eek. J a n . 1.
2
2.703
1,889
49.633
-15.093
9.412
15
5,978
1,447
32.536
13
383
15.671
339
39.669
670
45.375
140
2 ,626

218.342

The value of these New York exports since Jan. 1 has been
$18,639,077 in 1915, against $15,385,582 in 1914.
Staple cotton goods markets have been more activo during
the week, with prices showing a strong upward tendency.
Tho rising price of cotton is reflected in higher prices for all
weaving yarns, and cotton goods manufacturers are consid­
ering an upward revision of their quotations for finished
goods. Standard lines, 4-4 bleached muslins are in good
demand, and an advance in these is looked for, as supplies
are not plentiful. Manufacturers of heavy cotton goods
suitable for bag making are doing an exceptionally good
business and expect to continue in a strong position, as the
shortage of burlaps is forcing bag users to use cottons in­
stead, despite the higher prices which they are obliged to pay.
Brown and bleached goods are in fair demand, but selling
agents aro refusing to book business beyond tho first of the
year at current prices. In fact, several attractive contracts
offered at prices within a shade of market quotations for de­
livery during the remainder of the year have been refused.
Cotton duck is very firm and mills are booked to capacity
for two to three months ahead. Print cloths are steady to
firm, but sales are confined to small quantities. Printers
are unwilling to book business very far in advance at current
prices, and goods for spot delivery are only available in small
quantities. Gray goods, 38-inch standard, are quoted
4 34c- to 4 % c .
F O R E IG N D R Y G O O D S.— Demand for standard linens
in the local market is improving but importers and dis­
tributers are having difficulty in furnishing the goods wanted.
Business being placed by jobbers and retailers in preparation
for next spring is ahead of that of last year chiefly owing to
the fear that the goods will not bo obtainable upon short
notice. While buyers realize that the prices asked are ex­
ceptionally high they know that there is no hope of any
lower prices later on and are anxious to cover their require­
ments early. Reports from Belfast reveal a pronounced
scarcity of yarns suitable for the manufacture of standard
linens due to tho conservative exports of flax from Russia
and the fact that large amounts of flax are now being spun
into thread and devoted to other purposes to meet the needs
of the armies. According to advices from foreign manu­
facturers coarse and heavy-weight linens aro going to be
extremely scarce in the future as the yarns suitable for their
manufacture are not available in sufficient quantities.
Burlaps are very irregular and as sellers in many instances
have withdrawn from the market it is difficult to quote defi­
nite quotations. Light-weights aro quoted nominally at 5.50c.
to 6c. and heavy-weights nominally at 7.50c. to 7.75c.

Importations & Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goods
at this port for the week ending Sept. 11 1915 and since
Jan. 1 1915, and for the corresponding periods of last year,
were as follows:
Im ports Entered fo r C onsum ption for the W eek and Since Jan. 1.
W eek E n d in g
S e p t . 11 1915.
Pkgs.
V a lu e .

S in c e J a n . 1 1915.
Pkgs.
V a lu e.

Manufactures of—
W o o l_________ _________
C o tto n ____________________
S ilk ...........................................
F l a x ........ .................................
M iscellaneous____________

394
- 2,169
. 1,602
.
763
. 2,215

126.390
527,714
801,382
97,723
229,493

23.690
73,600
40,806
31,283
79,512

6.240.961
19,897,594
19,417,704
8 ,208,799
9 .117,370

Total 1 9 1 5 ............................
Total 1914____
________

. 7,143
. 6.862

1,785,702
1,660,456

248,891
390,105

62,882,428
94,521,303

$

W arehouse W ithdrawals T hrow n U pon the M arket.

Manufactures of—
W o o l____________ ____________ _. . .
C o t to n _______________________ . . .
S ilk ____ .........................................
F l a x _________________________ . . .
M iscellaneous............... ..
... . . .

230
360
334
621

74,142
161,913
88,334
90,921
49,030

13.451
19,407
12,462
16.742
50.390

4 ,268,637
5,906,519
4,781.541
3.827,141
3,875.411

Total withdrawals____
Entered for consumption___ ----- 7,143

464,340
1,785,702

112,452
284,891

22,659,279
62,882,428

Total marketed 1915_ ------8,894
_
Total marketed 1914__ ----- 9.001

2.250,042
2,274,895

361,343 85.541,707
536,401 122,891,307

Imports Entered for Warehouse Durincr Same Period.

Manufactures of—■
W ool____________________
C otton ____________ _____
S i l k .._______
________
Flax . ______________
Miscellaneous___________

___
___
___

49
357
140

___

681

Total__________________ ----- 1,412
Entered for consumption___ ----- 7,143
Total Imports 1915____ ----- 8,555
Total Imports 1914........ ___ 11,145

16.104
119,862
55,196
59,715
76,359

9.404
15,582
10,322
14.721
49,252

3,207,148
4,690,256
3,928,281
3,664,076
3.530,473

327,236
1.785,702

99,281
248,891

19.020,234
62,882,428

2,112.938
2,201,269

348.172 81.902,662
505,893 121,230,176

THE CHRONICLE

954

News Items.
C a lifo rn ia .— Savings Bank Investment Law A m ended .—
The Legislature has passod an Act (Chapter 608, approved
Juno 3) amonding certain sections of tho “ Bank A c t” of
1909. Sections 61 and 67 governing investments by sav­
ings banks are amended to read as follows, the now portions
boing italicized and tho parts eliminated placod in brackets:
Sec. 61. A n y savings banksmay purchase .hold and convey real [and] or
personal property as follows:
1 . The lot and building in which the business of the bank is carried on;
fu r n it u r e a n d fix t u r e s , v au lts a n d s a fe d e p o sit vaults a n d boxes n ecessa ry o r
p r o p e r to c a rry on its b a n k in g b u s in es s ; such lot and building, fu r n it u r e a n d
fix t u r e s , v au lts a n d s a fe dep o sit vau lts a n d boxes shall not [cost the savings
bank] i n the agg reg ate, be c a r rie d on the books o f su ch b an k a s a n a sset to an
amount exceeding its p a id u p capital and surplus: and h e re a fter, tho author­
ity of a two-thirds vote of [a full board] a ll of the directors shall bo neces­
sary to authorize the purchase o f such lot a n d b u ild in g , or the construction
[thereof] o f su ch b u ild in g .
, , , ,
. . . . . .

2. Such as may have been mortgaged, pledged or conveyed to it in trust
for its benefit in good faith, for money loaned in pursuance of tho regular
business of the corporation.
, , ,,
3. Such as may have been purchased at a n y sales under pledgets], mort­
gage^] or deed[s] of trust made for Its benefit for money so loaned and such
as may bo conveyed to it by borrowers in satisfaction and discharge of
loans mado thereon.
.
,
,
[No savings bank shall purchase, hold, or convey real estate in any other
case or for any other purpose: and all real estate described in subdivision 3
of this section must be sold by the bank within ten years after the title
thereto is vested in it by purchase or otherwise, unless permission to hold
said real estate for a longer period be given by tho Superintendent of Banks
In writing. Parcels of real estate not sold within ton years, or extension
of said poriod as above provided, may bo purchased by any persons or
parties wanting thorn, at tho price to bo determined by arbitration of throe
persons appointed by tho superior court as appraisers, at tho request of
tho would-be purchaser.]
No savings bank shall purchase, own, or sell personal property, excopt
such as may be requisite for its immediate accommodation for tho con­
venient transaction of its business, [and] notes o r bonds sec u re d by trust
deeds o r mortgages on real estate, bonds, securities or ovidonccs of indebt­
edness, public or private, gold or silver bullion and United States mint
certificates of ascertained value, and evidences o f debt issued by the
United States. No savings bank shall purchase, own, hold or convoy
bonds, securities or evidences of indebtedness, public or private, excopt
as follows:
(а) Bonds or Intorest-bearing notes or obligations o f the United States,
or those for which tho faith and credit of the United States [is] a re pledged
for tho payment of [interest and principal] p r in c ip a l a n d in terest;
(б) Bonds of this State, o r those f o r w h ic h the fa it h a n d c red it o f the S ta le
o f C a lifo r n ia a re p le d g e d f o r the p a y m en t o f p r in c ip a l a n d in terest;
(c) Bonds of any State in the United States that h a s [have] not, within

five years previous to making such investment by such bank, defaulted
In tho payment of any part of either principal or intorest [thereof];
(d) Bonds of any [city] county, city and county, [town, township,] city
or school district o f this State; b onds o f a n y p erm a n e n t ro a d d iv is io n in a n y

co un ty is s u e d in p u r s u a n c e o f the p ro v is io n s o f A r t ic le I X . o f C h a p ter I I . ,
T itle V I . , p a r t I I I . , o f the P o lit ic a l C ode; b onds o f a n y seioer d is tric t, d r a in a g e
d is tric t, recla m a tio n d is tric t, pro tectio n d is tric t, o r s a n ita r y d istric t o rg a n iz ed
u n d e r the la w s o f th is Sta le; a n d a n y ir r ig a t io n district b onds w h ic h the la w
m a y n o w o r h erea fter a u th o rize to be u se d a s secu rity f o r the d ep o sit o f p u b lic
m o n eys; p ro v id e d , that the total a m o u n t o f bonds so iss u ed by a n y such sew er
d is tric t, d r a in a g e d is tric t, p ro tectio n d is tric t o r s a n ita ry d is tric t, does not exceed
fifte e n p er centum o f the va lu e o f the taxable p ro p erty i n s a id d is tric t a s sh o w n
Oy the last e qu aliz ed assessm en t ro ll o f the county in w h ich s a id d istric t is located;
a n d p ro v id e d , fu r th e r , that the total a m o u n t o f bonds is s u e d by a n y su ch i r r i ­
g a tio n d istric t does not exceed s ix ty p e r centum o f the aggregate m arket valu e
o f the la n d s w ith in such d is tric t, a n d o f the w a te r, w a ter rig h ts , c a n a ls , reser­
v o ir s , re s erv o ir sites a n d ir r ig a t io n w o rks o w n ed or to be a cq u ire d o r constructed
w ith the p ro ceeds o f a n y o f such b o n d s, by s a id d is tric t, su ch fa c ts m referen ce
to b onds o f ir r ig a t io n d istric ts to be d eterm in ed by a c o m m issio n n o w o r h ere­
a fte r a u th o rized by la w to a s c e rta in a n d rep o rt u p o n su ch fa c ts .
(e) Bonds of any [city, town or county which has in each case, at the
time of tho Investment,] co u n ty, city a n d co u n ty, city o r tow n in a n y S la te
o f the U n ite d States other th an the S la te o f C a lifo r n ia , is s u e d u n d e r a u th ority
o f a n y la w o f such Sta te, w h ic h c o u n ty, city a n d co u n ty, city o r toivn, h a d , a s
sh o w n by the F e d e r a l o r S ta le C en su s next p reced in g such in vestm en t, a p o p u ­
la tio n o f more than twenty thousand inhabitants, [as ascertained by the

United Statos or State Census mado next preceding such investment, in
any of the States of the United States, other than In tho State of California,
Issued pursuant to the authority of any law of such States]; p ro v id e d , how ­
ev er, that tho entire bonded indebtedness of such [city or county or town
shall] c o u n ty, city a n d co u n ty, city o r to w n , in c lu d in g su ch iss u e o f bonds
does not exceed [five] fift e e n per centum of tho [assessed] value o f the tax­
able property therein [including the issue of bonds in which said Investment
Is mado as shown by tho last assessment preceding tho investment] a s sh o w n
by its last e q u aliz ed assessm en t ro ll a n d p ro v id ed , fu rth e r , that such [city,
town or county or Stato in which it is situated] co u n ty, city a n d co u n ty, city
o r to w n , o r the State i n w h ic h it i s located has not defaulted in payment of
[any part of] either principal or Interest fthereon] du e u p o n a n y leg a lly
a u th o rized b ond iss u e within five years n ext p re c ed in g [previous to making]
such Investment.
. . . »
.
„
. . .
[ (/) First mortgago or underlying bonds of any steam railway, tho incomo of which is sufficient to pay all operating exponses and fixed charges,
and which is completed and operated, wholly or in part, in any o f tho States
of tho United States.]
,
,
,
(/) (1) B o n d s o f a n y r a ilro a d co rp o ra tio n in co rp o ra te d u n d e r the la ics o f the

S ta le o f C a lifo r n ia a n d o p e ra tin g exclu sively th erein , p ro v id ed s a id co rp o ra tio n
h a s h a d net e a r n in g s fo r the p e r io d h e re in fix e d a m o u n tin g to at lea st o n e a n d
o n e-fo u rth tim es the in terest on a ll its o u tstan d in g m ortgage in d eb ted n ess o r
(2) B o n d s o f a n y r a ilro a d co rp o ra tio n in co rpo ra ted u n d e r the la w s o f a n y
other State in the U n ite d States, o p e ra tin g at least fiv e h u n d re d m iles o f sta n d a r d
g a u g e track exclu sive o f s id in g s , p ro v id ed s a id co rp o ra tio n ha s h a d net e a r n ­
in g s f o r the p e r io d h e re in f i x e d a m o u n tin g to at least one a n d o n e -h a lf lim e s the
in terest on a ll its o u tsta n d in g m ortgage in deb tedn ess o r
(3) B o n d s o f a n y ra ilr o a d co rp o ra tio n , the p ay m en t o f w h ich h a s been g u a r­
a n teed , both a s to p r in c ip a l a n d in terest, by a r a ilro a d co rp o ra tio n m eetin g the
requ irem en ts o f eith er s u b s d iv is io n (1) o r (2) o f p a r a g r a p h (/) o f th is sectio n ,
p ro v id e d that such g u a ra n tee in g c o rp o ra tio n ha s h a d f o r the p e r io d h e re in fi x e
net e a r n in g s a m o u n tin g to at least o n e a n d o n e -h a lf tim es the in terest on a ll
its o u tsta n d in g m o rtgage in d eb ted n ess a n d , in a d d itio n thereto, s u ffic ie n t ,
ta ken w ith the e a r n in g s o f a ll co rp o ra tio n s whose b onds it ha s g u a ra n teed , to
q u a lify a s investm en ts fo r sa v in g s b a n k s, a s i n th is section p ro v id e d , a ll such
g u a ra n teed bo nd s p ro v id ed , that the excess o f in co m e o f a n y co rp o ra tio n w hose
b onds have been so g u a ra n teed , over the a m o un t re q u ire d by this section fo r
such c o rp o ra tio n , sh a ll not a p p ly to o r be in c lu d e d in d e te rm in in g the in co m e
so req u ired .
I n d e te rm in in g the in co m e o f a n y co rp o ra tio n s p e c ifie d i n p a r a ­
g ra p h If) o f s u b d iv is io n 3 o f this sectio n , there s h a ll be in c lu d e d the in co m e o f
a n y co rp o ra tio n o r co rp o ra tio n s out o f ich ich it s h a ll have been fo r m e d through
c o n so lid a tio n o r m erg er, a n d o f a n y co rp o ra tio n or co rp o ra tio n s, the e n tire
b u s in es s a n d in co m e p ro d u c in g p ro p e rty o f w h ich the c o rp o ra tio n is s u in g su ch
b onds ha s w h o lly a cq u ired .
A l l b onds a u th orized f o r investm en t by p a r a g r a p h If) o f s u b d iv is io n 3 o f
th is section m ust be secu red by a m ortgage o r deed o f trust w h ich i s , at the tim e
o f m a k in g su ch in vestm en t, eith er
I . A closed f ir s t m ortgage o r deed o f trust; or
I I . A f ir s t m ortgage o r deed o f trust c o n ta in in g p ro v is io n s restrictin g the
iss u a n c e o f fu rth e r b onds u n t il such tim e a s the in co m e o f s a id co rp o ra tio n
s h a ll have been at least s u ffic ie n t , d u r in g the twelve m onths next p re c ed in g the
is s u a n c e o f a n y a d d itio n a l b o n d s, to m eet the e a r n in g requ irem ents s p e c ifie d
i n the respective s u b d iv is io n s o f th is p a r a g r a p h a p p lic a b le to su ch co rp o ra tio n
a fte r in c lu d in g the a d d itio n a l b onds then p ro p o sed to be iss u e d ; o r
I I I . A re fu n d in g m ortgage o r deed o f trust p ro v id in g f o r the retirem en t o f
a ll p r i o r lie n m ortgage debts o f s a id co rp o ra tio n , a n d restrictin g the iss u a n c e
o f fu r th e r b onds u n t il su ch tim e a s the in co m e o f s a id c o rp o ra tio n s h a ll h ave
been at least s u ffic ie n t , d u r in g the tw elve m onths next p re c ed in g the iss u a n c e
o f a n y a d d itio n a l b o nd s, to m eet the e a r n in g requ irem ents s p e c ifie d i n the
respective s u b d iv is io n s o f this p a r a g r a p h a p p lic a b le to su ch c o rp o ra tio n a fte r
in c lu d in g the a d d itio n a l b onds then p ro p o s e d to be is s u e d ; or




[Vol. 101.

IV .
A n u n d e rly in g o r d iv is io n a l clo sed m ortgage o r d eed o f trust o f p ro p e rty
w h ic h fo rm s a p a rt o f the o p e ra tin g system o f the co rp o ra tio n then o w n in g s a u l
p r o p e r ly .
I n the case o f b onds secu red by a n u n d e rly in g o r d iv is io n a l clo sed
m ortgage o r deed o f tru st, the net in co m e req u ired by th is sectio n s h a ll be based
e x clu sively u p o n the in co m e , m a in ten a n ce ch a rg es, o p e ra tin g e x p e n s e s, taxes,
a n d m ortgage in d eb ted n ess o f o r a g a in s t the p ro p e rty covered by su ch u n d e r ly in g
6r d iv is io n a l clo sed m ortgage o r d eed o f trust, o r, i f su ch in co m e , m a in ten a n c e
ch arges o r o p e ra tin g exp enses can n o t be d e fin ite ly a sc e rta in ed , o n the p r o p e r
p ro p o rtio n a te sh a re o f su ch p ro p e r ly i n the g e n era l in co m e , m a in ten a n c e
ch a rg es, o p e ra tin g ex p en ses, a n d taxes o f the c o rp o ra tio n then o w n in g su ch
p ro p e r ly a n d o n the m o rtgage in deb tedn ess o f o r a g a in s t the p r o p e r ly covered
by su c h u n d e rly in g o r d iv is io n a l closed m ortgage o r deed o f tru st; p ro v id e d ,
h o w ever, that i f the p a y m en t o f the bonds secu red by su ch u n d e rly in g o r d iv i­
s io n a l closed m ortgage o r deed o f trust s h a ll be g u a ra n teed or a ss u m e d by the
co rp o ra tio n then o w n in g the p ro p e rty sec u rin g the sa m e , su ch b o nd s s h a ll be
leg a l in vestm en ts fo r sa v in g s b a n k s, i f the n et in co m e o f su ch co rp o ra tio n fr o m
a ll sou rces s h a ll equ al the a m o u n t h e re in re q u ire d , n o tw ith sta n d in g a n y i n ­
s u ffic ie n c y o f the in co m e d e riv ed fr o m the p ro p e rty covered by su ch u n d e rly in g
o r d iv is io n a l closed m ortgage o r deed o f trust to m eet the requ irem ents o f this
section
N o sa v in g s b an k s h a ll p u rc h a se the bonds o f a n y r a ilro a d c o rp o ra tio n de­
r iv in g less th an tw enty p e r centum o f its gross receip ts fr o m p a s s en g e r reven u es.
T h e term “ r a ilro a d c o rp o ra tio n ” w h en u sed in p a r a g r a p h i f ) o f s u b d iv is io n 3
o f th is sectio n s h a ll have the m e a n in g d e fin e d i n the " P u b li c U tilitie s A c t
a p p ro v e d D ecem b er 23 1911.
,

[ (g) Bonds o f street railroads, water, light, light and power, gas, and
other public utility and industrial corporations. All bonds authorized for
investment by this section shall be secured by a mortgago or trust deed,
which is, at tho time o f making such investment, (1) a first or underlying
mortgage or trust deed o f the (corporation issuing said bonds, or (2) a re­
funding mortgage or trust deed used to retire all prior lien mortgago dobts
o f said corporation outstanding at tho time o f making said investment
p ro v id e d , that tho incom e o f such corporation is sufficient to pay all operat­
ing expenses and fixed charges and such incom e shall have been so sufficient
for the term o f three years preceding tho issuance ot such bonds, or that
paym ent o f its said bonds have been guaranteed by a corporation that has
paid all its operating expenses and fixed charges for a period o f three years
prior to guaranteeing tho paym ent o f such bonds.]
. . .

(< B o n d s o f a n y street r a ilr o a d co rp o ra tio n ; o r o f a n y gas, w a te r; p ip e lin e ;
?)
lig h t; p o w e r; light a n d p o w e r; g a s, lig h t a n d p o w e r; electrica l; telep h on e; tele­
g ra p h ; o r telep h on e a n d teleg ra p h co rp o ra tio n o r o f a n y other p u b lic u tility
in co rp o ra te d u n d e r the la w s o f the State o f C a lifo r n ia ; a n d
(1) O p era tin g ex clu sively in the State o f C a li fo r n i a , p ro v id e d s a id co rp o ra tio n
h a s h a d , f o r the p e r io d h e re in f i x e d , n et e a r n in g s a m o u n tin g to one a n d o n e -h a lf
tim es the in terest on a ll its o u tsta n d in g m ortgage in d eb ted n ess; o r
(2) O p era tin g its p ro p e rty in p a r t w ith in the State o f C a lifo r n ia , p ro v id ed
s a id c o rp o ra tio n h a s h a d , fo r each o f its tw o fi s c a l y ea rs next p re c e d in g such
in vestm en t, net e a r n in g s a m o u n tin g to one a n d o n e -h a lf tim es the in terest on
a ll its o u tsta n d in g m ortgage in d eb ted n ess; o r
. . .
, ■ ,
, ,
(3) T h e p a y m en t o f w h ic h is g u a ra n teed , both a s to p r i n c i p a l a n a in tere st, bu
a p u b lic u tility co rp o ra tio n m eetin g the requ irem ents o f eith er s u b d iv is io n (1)
o r (2) o f p a r a g r a p h (g) o f th is sectio n , p ro v id ed that such g u a ra n tee in g cor­
p o r a tio n h a s h a d f o r the p e r io d re q u ire d i n the respective s u b d iv is io n s o f th is
p a r a g r a p h re la tin g thereto, net e a r n in g s a m o u n tin g to at least one a n d o n c -lia lf
tim es the in terest on a ll o f s a id g u a ra n teein g c o rp o ra tio n 's o u tsta n d in g m ortgage
in d eb ted n ess, a n d , i n a d d itio n thereto, s u ffic ie n t , taken w ith the e a r n in g s o f
a ll co rp o ra tio n s w hose bonds it h a s g u a ra n tee d , to q u a lify a s investm en ts f o r
sa v in g s b a n k s, a s i n th is section p ro v id e d , a ll su ch g u a ra n teed b onds; p ro v id e d ,
that the excess o f in co m e o f a n y c o rp o ra tio n w hose b o nd s have been so g u a r a n ­
teed, over the a m o u n t re q u ire d by th is section f o r su ch c o rp o ra tio n , s h a ll not
a p p ly to or be in c lu d e d i n d e te rm in in g the in co m e so re q u ire d .
I n d e te rm in in g the in co m e o f a n y co rp o ra tio n s p e c ifie d in p a r a g r a p h (g)
o f s u b d iv is io n 3 o f th is sectio n , there s h a ll be in c lu d e d the in co m e o f a n y cor­
p o ra tio n o r co rp o ra tio n s out o f w h ic h it s h a ll have been fo rm ed through co n ­
s o lid a tio n o r m erger a n d o f a n y c o rp o ra tio n the en tire b u sin ess a n d in co m e
p r o d u c in g p ro p e r ly o f w h ic h the c o rp o ra tio n is s u in g su c h bonds h a s w h o lly
a ca u ired
A l l b onds a u th orized f o r in vestm en t by p a r a g r a p h (g) o f s u b d iv is io n 3 o f
th is section m u st be secu red by cl m ortgage or d eed o f trust w h ic h i s at the lim e
o f m a k in g su ch in vestm en t eith er
/ . A closed f i r s t m o rtgage o r deed o f tru st; o r
.
I I . A f ir s t m ortgage or deed o f trust c o n ta in in g p ro v is io n s restrictin g the
iss u a n c e o f fu rth e r b onds u n t il su ch tim e a s the in co m e o f s a u l co rp o ra tio n
s h a ll have been at least s u ffic ie n t , d u r in g the tw elve n ionths next preceding-the.
iss u a n c e o f a n y a d d it io n a l b o n d s, to m eet the e a r n in g requ irem en ts s p e c ifie d
i n the respective s u b s d iv is io n s o f th is p a r a g r a p h a p p lic a b le to su ch co rp o ra tio n
a fte r in c lu d in g the a d d itio n a l b o nd s then p ro p o sed to be is s u e d ; or
I I I A re fu n d in g m ortgage o r deed o f trust p ro v id in g fo r the retirem en t o f
a ll p r io r lie n m o rtgage debts o f s a id co rp o ra tio n a n d restrictin g the iss u a n c e
o f fu rth er bonds u n til such tim e a s the in co m e o f s a id c o rp o ra tio n s h a ll have
been at least s u ffic ie n t , d u r in g the tw elve m onths next p re c ed in g the iss u a n c e
o f a n y a d d itio n a l b o n d s, to m eet the e a r n in g req u irem en ts o f su ch co rp o ra tio n
a fte r in c lu d in g the a d d itio n a l b onds then p ro p o sed to be iss u e d ; or
IV .
A n u n d e rly in g o r d iv is io n a l closed m ortgage o r deed o f trust o f p ro p e r ly
w h ic h fo rm s a p a rt o f the o p e ra tin g system o f the co rp o ra tio n then o w n in g s a id
p r o p e r ly .
I n the case o f b onds secu red by a n u n d e rly in g o r d iv is io n a l closed
m ortgage o r deed o f tru st, the net in co m e re q u ire d by this section s h a ll be based
ex clu sively u p o n the in c o m e , m a in ten a n c e ch a rg e s , o p e ra tin g e x p e n s e s , taxes
a n d m ortgage in deb tedn ess o f o r a g a in s t the p ro p erty covered by su ch u n d e rly in g
or d iv is io n a l closed m ortgage o r deed o f trust o r, i f such in co m e , m a in ten a n c e
ch arges or o p e ra tin g exp enses can n o t be d e fin ite ly a sc e rta in ed , on the p ro p e r
p ro p o rtio n a te sh a re o f such p ro p e rty i n the g e n era l in co m e , m a in ten a n ce
ch a rg es, o p e ra tin g exp enses a n d taxes o f the c o rp o ra tio n then o w n in g such
p ro p e r ly a n d on the m ortgage in d eb ted n ess o f o r a g a in s t the p ro p e rty covered
by su ch u n d e rly in g or d iv is io n a l closed m ortgage o r deed o f trust; p ro v id e d ,
h o w ever, that i f the p ay m en t o f the b onds secu red by such u n d e rly in g or d i v i ­
s io n a l closed m ortgage o r deed o f trust s h a ll be g u a ra n teed or a ssu m e d by the
c o rp o ra tio n then o w n in g the p ro p e rty sec u rin g the s a m e , such bo nd s s h a ll be
leg a l in vestm en ts f o r s a v in g s b a n k s, i f the net in co m e o f su ch co rp o ra tio n fr o m
a ll sou rces s h a ll equ al the a m o u n t h e re in re q u ire d , n o tw ith sta n d in g a n y in ­
s u ffic ie n c y o f the in co m e d e riv ed fr o m the p ro p e r ly covered by such u n d e rly in g
or d iv is io n a l closed m ortgage o r deed o f trust to m eet the requ irem en ts o f tills
sec tio n .
T h e term s "s tree t ra ilr o a d c o rp o ra tio n ,” “ p ip e lin e c o r p o r a t io n ” " g a s cor­
p o r a t io n ," “ electrica l c o rp o ra tio n ,” “ teleph on e c o rp o ra tio n ,
teleg ra p h cor­
p o r a t io n ,” “ w a ter c o rp o ra tio n " a n d “ p u b lic u t i l i t y , ' w h en u sed m p a r a g r a p h
(a) o f s u b d iv is io n 3 o f th is sec tio n , s h a ll each have the m e a n in g d e fin e d i n the
“ P u b lic U tilitie s A c t " a p p ro v e d D ecem b er 23 1911.
_
_ „
„„„
[(h) First mortgago bonds or deeds o f trust issued by .real estate cor­
porations; p ro v id e d , that said bond issue shall not exceed sixty per contum
o f tho market value o f the real estato taken as security.]
[No savings bank shall purchase the bonds o f any corporation or make
a loan on the bonds o f any corporation, if tho franchise o f such corporation
expires prior to the m aturity o f its bonds, or if tho franchise or special privi­
lege granted to sucli corporation by any city , cou nty, or city and county,
expires before tho maturity o f such bond issue.]

(h) N o tes o r b onds secu red by f ir s t m ortgage o r deed o f trust o r other f ir s t
lie n u p o n re a l estate, im p ro ve d o r u n im p ro v e d ; p ro v id e d , that the en tire note
o r b o n d iss u e s h a ll not exceed six ty p e r centum o f the m arket valu e o f such re a l
estate, o r such re a l estate w ith im p ro ve m e n ts , taken a s sec u rity ; a n d p ro v id e d ,
fu r th e r , i n case the s a id note o r b o n d iss u e i s created fo r a b u ild in g lo a n on
re a l estate, that at n o tim e s h a ll the en tire o u tsta n d in g note o r bond iss u e exceed
six ty p er centum o f the m a rk et v a lu e o f the re a l estate a n d the a ctu a l cost o f the
im p ro vem en ts thereon taken a s sec u rity .
I n d e te rm in in g the m arket va lu e o f a n y r e a l estate u n d e r the p r o v is io n s o f
p a r a g r a p h (h) s u b d iv is io n 3 o f this section w h ere such re a l estate, im p ro ve d
o r u n im p ro v e d , co n sists o f o il o r other m in e r a l o r lim b er la n d , the va lu e re p re ­
sented by su ch o il o r other m in e r a l or tim b er s h a ll not be in c lu d e d i n f i x i n g

S U /i) V o ila le ra l ‘trust bonds o r notes w h en secu red by eith er:
C C
(1) D ep o sit o f bonds a u th orized f o r in vestm en t by this sectio n o f a m arket
va lu e at least fift e e n p e r centum in excess o f the p a r v a lu e o f the co lla tera l trust
bonds o r notes iss u ed ; or
(2) D e p o s it o f bonds a u th orized f o r investm en t by th is section a n d other se­
c u ritie s o f a co m bin ed m arket va lu e at least tw enty p e r centum i n excess o f the
p a r valu e o f the co lla tera l trust b o nd s o r notes is s u e d ; p r o v id e d , that the p a r
va lu e o f s a id co lla tera l trust bo nd s o r notes s h a ll in n o case exceed the m arket
v a lu e o f that p o rtio n o f the sec u rity rep resen ted by b o nd s a u th o rized f o r in evstm ent by th is sectio n .
,
,
•
.
,,
(3) D ep o sit o f a n y notes or b onds a u th o rized f o r in vestm en t by th is section
a n d other s ec u ritie s o f a co m b in ed m arket v a lu e o f at least th irty p er centum
in excess o f the p a r valu e o f the co lla tera l trust b onds or notes iss u ed ; p ro v id e d ,
that the p a r valu e o f su ch co lla tera l trust b onds o r notes is s u e d s h a ll m n o case
exceed the m arket valu e o f that p o rtio n o f the. s ec u rity rep resen ted by notes or
b onds a u th o rized fo r in vestm en t by th is sectio n ; p ro v id e d , fu r t h e r , that the
co lla tera l p le d g e d c o n sist o f b onds a u th o rized f o r in ve stm e n t bu th is s ec tio n o f

Sept . 18 1915.]

THE CHRONICLE

the m arket v a lu e o f at least s even ty -five p e r centum o f the p a r v a lu e o f su ch col­
la te ra l trust b o nd s o r notes iss u e d .
(j ) B o n d s leg a l f o r in vestm en t by sa v in g s ban k s i n the States o f N e w Y o r k
o r M a ssa ch u setts; p ro v id e d , h o w ever, that a s to b onds o f the ch a ra cter s p e c ifie d
m p a r a g r a p h (c) o r (e) o f s u b d iv is io n 3 o f th is sectio n , su ch b o nd s s h a ll a lso
co n form to the req u irem en ts o f eith er o f su ch p a r a g r a p h s .
(k) N o te s or b o nd s secu red by m ortgage o r d eed o f tru st, p a y m e n t o f w h ic h i s
g u a ra n teed by a p o lic y o f m ortgage in s u r a n c e , a n d m ortgage p a r t ic ip a t io n
c e rtific a te s , is s u e d by a m ortgage in su ra n c e c o m p a n y in a cco rd an ce w ith the
p ro v is io n s o f C h a p te r V I I I . o f T itle I I . o f P a r t I V . o f d iv is io n f i r s t o f the
C i v il C o de.
" N e t e a r n in g s " a s u se d i n th is section s h a ll be deem ed to m e a n the a m o u n t
re m a in in g a fte r d e d u c tin g fr o m the g ross e a r n in g s a ll ta xes, m a in ten a n c e
ch arges a n d o p e ra tin g exp en ses except d e p re cia tio n ch a rg es, s in k in g f u n d
ch arges a n d in terest on in d eb ted n ess.
U n le ss h e re in o th erw ise ex p re ssly p ro v id e d the p e r io d f o r w h ic h a n y co r­
p o ra tio n m u st have “ net e a r n in g s " s u ffic ie n t to q u a lify its b onds a s a n in vest­
m ent f o r sa v in g s b an k s u n d e r th is section s h a ll be eith er the fi s c a l y ea r o f such
c o rp o ra tio n next p re c ed in g the investm en t th erein by a n y s a v in g s b an k o r tivelve
co nsecutive m onths i n the fo u rte e n m onths next p re c ed in g su ch in vestm en t.
N o n o tes, b o n d s, o r other s ec u ritie s s h a ll be deem ed to com e w ith in o r co n ­
fo r m to the requ irem ents o f eith er o f p a r a g r a p h s ( f ) , («) or (i) o f s u b d iv is io n 3
o f th is sectio n , u n le ss su ch n o tes, b o nd s or other sec u ritie s s h a ll, i n the m a n n e r
p ro v id e d m th is A c t , have been c e rtifie d by the S u p e rin te n d e n t o f B a n k s to
com e w ith in a n d f u ll y co n form to the requ irem ents o f one o r the other o f s a id
p a r a g r a p h s ; p ro v id e d , ho w ever, that n o tes, b onds or other se c u ritie s, the p a y ­
m ent o f w h ich is secu red by a n y m o rtgage o r d eed o f trust executed on o r before
Sep tem b er 1 1913 a n d n o w o w n ed by a n y s a v in g s b an k in th is Sta te, i f o th erw ise
i n f u l l co n fo rm ity w ith the requ irem en ts o f th is sectio n , n eed not be so c e rtifie d
by the S u p e r in te n d e n t o f B a n k s , i n o rd er to be leg a l a s in vestm en ts f o r sa v in g s
b a n k s.
T h e le g a lity o f in vestm en ts heretofore la w fu lly m a d e p u r s u a n t to the p r o ­
v is io n s ot th is sectio n , o f o f a n y la w o f th is State a s it existed on a n d subsequen t
to J u l y 1 1909. s h a ll not be a ffected by a n y a m en d m en ts to th is section o r th is
A c t ; n o r s h a ll a n y such a m en d m en ts req u ire the ch a n g in g o f in vestm en ts on ce
la w fu lly m a d e u n d e r this A c i.
A n y bo nd s a u th orized by th is section a s a leg a l in vestm en t f o r sa v in g s banks
m a y be c a r rie d on the books o f s a id b an k at th eir in vestm en t v a lu e, based on
th e ir m a rk et v a lu e at the tim e they w ere o r ig in a lly bought, u n le ss the S u p e r in ­
tendent o f B a n k s s h a ll req u ire a n y o r a ll o f the b onds w h ic h m a y th erea fter have
a m arket va lu e less than the o r ig in a l investm en t va lu e to be w ritten d o w n to
such n ew m arket v a lu e w h ic h s h a ll be done g ra d u a lly i f p ra c tic a b le a n d i n such
m a n n e r a s he m a y d eterm in e; or he m a y , by a p la n o f a m o rtiza tio n to be deter­
m in e d by h im , req u ire su ch g ra d u a l extin ctio n o f p r e m iu m a s w i ll b rin g su ch
b o nd s to p a r at m a tu rity .
N o sa v in g s b an k s h a ll h erea fter p u rc h a s e o r lo a n m on ey u p o n a n y b o n d , note
o r other eviden ce o f in d eb ted n ess, is s u e d by a n y “ p u b lic u t i li t y " sub ject to the
ju r is d ic t io n , re g u la tio n or con trol o f the ra ilr o a d c o m m issio n o f th is S la te
u n d e r the p ro v is io n s o f the " P u b li c U tilitie s A c t , " a p p ro v e d D ecem b er 23 1911
a n d A c ts a m en d ato ry th ereo f or s u p p le m e n t a l thereto, u n le ss each su ch b ond
note o r other eviden ce o f in deb tedn ess w a s eith er:
(a) Is s u e d p r io r to the ta k in g effect o f the “ P u b lic U t ilitie s A c t " ; or
(.b) Is s u e d u n d e r a u th ority o f the ra ilr o a d c o m m iss io n , in a cco rdan ce w ith
the p ro v is io n s o f s a id A c t; or
(c) A note iss u e d f o r a p e r io d not exceed in g tivelve m o n th s, i n a cco rdan ce
w ith the p ro v is io n s o f s u b d iv is io n (6) o f section 52 o f s a id A c t.
N o p ro v is io n o f this A c t , a n d n o A c t, or d eed , done o r p e r fo rm e d u n d e r or
i n con nectio n th erew ith , a n d no f i n d i n g m a de or c ertifica te iss u e d u n d e r a n y
p ro v is io n th ereo f, s h a ll be h eld o r co n stru ed to oblig a te the S ta le o f C a lifo r n ia
to p a y , o r be lia b le f o r the p ay m en t o f, o r to g u aran tee i n a n y m a n n e r w hatsoever
the re g u la rity o r the v a lid it y o f the is s u a n c e o f a n y stock or b o nd c e rtifica te ,
o r b o n d , n o te, o r other eviden ce o f in d eb ted n ess c e r tifie d u n d e r a n y p ro v is io n
o f th is A c t , by the S u p e rin te n d e n t o f B a n k s , a s b ein g i n co n fo rm ity w ith the
requ irem en ts o f a n y p a r a g r a p h o f s u b d iv is io n 3 o f th is sectio n .
I t s h a ll not be la w fu l f o r a n y in d iv id u a l, f i r m , a ss o c ia tio n , b an k , trust
c o m p a n y , stock c o m p a n y , c o -p a rtn e rs h ip o r c o rp o ra tio n to a dvertise by n e w s ­
p a p e r o r c ir c u la r or i n a n y other m a n n e r that a n y b o nd s a re leg a l in vestm en ts
f o r s a v in g s b an k s i n th is S ta le o r to u se a n y a dvertisem en t w h ich m ig h t le a d the
p u b lic to b elieve that a n y b o nd s co n form to the requ irem en ts o f la w re la tin g
to in vestm en ts by sa v in g s ban ks u n le ss such bonds a re su ch a s a re s p e c ifie d in
p a r a g r a p h (a ) , ( b ) , (c), (d ) , (e ), U) o r (k) o f s u b d iv is io n 3 o f th is section
o r s h a ll, in the m a n n e r p ro v id ed i n th is A c t, have been c e rtifie d by the S u p e r in ­
tendent o f B a n k s to com e w ith in a n d f u ll y co n fo rm to the requ irem ents o f one
o r the other o f p a r a g r a p h s ( J ) . (ff), W o r W ° f s u b d iv is io n 3 o f this section o r
u n le ss su ch a dvertisem en t s h a ll h ave been a p p ro v e d i n w r it in g by the S u p e r in ­
tendent o f B a n k s p r io r to p u b lis h in g , c ir c u la tin g o r o th erw ise is s u in g the sam e,
A n y in d iv id u a l, f i r m , a ss o c ia tio n , b a n k , trust c o m p a n y , stock c o m p a n y , co­
p a r tn e r s h ip or c o rp o ra tio n w h o s h a ll a dvertise a n y b onds i n v io la tio n o f the
p ro v is io n s o f th is p a r a g r a p h s h a ll be g u ilty o f a m isd em e a n o r a n d s h a ll be
■ punishable by a f i n e not exceed in g one th o u san d d o lla rs o r by im p r is o n m e n t
i n a county j a i l not exceed in g one y ea r o r by both such f i n e a n d im p r is o n m e n t.

955

o f a n y re a l estate taken a s secu rity except f o r the p u r p o s e o f fa c ilit a t in g the sa le
o f p ro p e r ty o w n ed by su ch sa v in g s b an k ; p ro v id e d , that a seco n d lie n m a y be
a ccep ted to secu re the rep a y m en t o f a debt p re v io u sly contracted i n good fa it h
a n d , p ro v id e d , a ls o , that a n y sa v in g s b an k h o ld in g a f i r s t m ortgage o r d eed o f
trust on r e a l estate m a y take o r p u rc h a s e a n d h o ld a n oth er a n d im m e d ia te ly
subsequen t m ortgage o r deed o f trust th ereon , but a ll su ch lo a n s s h a ll not exceed
tn the aggregate s ix ty p e r centum o f the m arket v a lu e o f the re a l estate s ec u rin g
the sa m e; p ro v id e d , fu r t h e r , that a s a v in g s b a n k m a y lo a n not to exceed n in e ty
p e r centum o f the fa c e v a lu e o f a note o r b o n d secu red by a f ir s t m ortgage o r
d eed o f trust o n r e a l estate, but in n o event s h a ll a n y su ch lo a n exceed n in e ty
p e r centum o f six ty p e r centum o f the m a rk et v a lu e o f the r e a l estate covered by
s a id m ortgage o r deed o f trust.
lf>. No savings bank shall purchase, invest or loan its capital or the money

of its depositors, or any part of either, in mining shares or stock.]

5. N o s a v in g s b an k s h a ll lo a n to a n y one b o rro w er on the sec u rity o f the
c a p it a l slo ck o f a n y c o rp o ra tio n a n a m o u n t exceed in g ten p e r centum o f the
c a p it a l stock a n d s u r p lu s o f su ch s a v in g s b an k ; p ro v id e d , that a ll lo a n s on the
c a p it a l stock o r a n y one c o rp o ra tio n s h a ll n et exceed i n the aggregate tw en ty /ire p e r centum o f the c a p it a l stock a n d s u r p lu s o f such s a v in g s b a n k . N o
sa v in g s b an k s h a ll p u r c h a s e , in vest o r lo a n its c a p it a l, s u r p lu s o r the m o n ey
o f its d ep o sito rs, o r a n y p a r t o f e ith er, in m in in g sh a res or stock.
[b. No savings bank shall hereafter make a loan secured by the stock
of another bank, if by making such loan the total stock of such other bank
held by such loaning bank as collateral will exceed in tho aggregate ten per
centum of the capital stock of such other bank.]
Any President or managing officer who knowingly consents to a viola­
tion of any provision of this section shall bo guilty of a felony.
County W ater-W orks District Bonds M ad e Legal Investments
Under Certain Conditions.— Chapter 627 of tho Laws of 1915,

approved Juno 5, relates to bonds of county water-works
districts, and providos under what circumstances such bonds
shall be legal investments for funds of banks, insurance com­
panies and trust companies, trust funds, State school funds
and any monoy or funds which may now or hereafter be in­
vested in bonds of cities, cities and counties, counties, school
districts or municipalities; also under what circumstances
tho use of bonds of county water-works districts as security
for tho performance of any Act may be authorized.
Cape May, N . J .— Commission Government A dopted. — W e
learn that at tho election held Sept. 14 this city voted
in favor of tho question of establishing the commission form
of government. The vote was 336 to 120.
C o n n e c tic u t .— List of Legal Investments fo r Savings Banks
— Complying with Section 38 of Chapter 127 of the Public
Acts of 1913, tho Bank Commissioners on M a y 1 1915 issued
a list of bonds and obligations which, they find upon investi­
gation, aro legal investments for savings banks under the
provisions of Chaptor 127. This list, as previously announced,
is rovisod oach six months during tho first weolc of M a y and
November. In tho “ Chronicle” of November 14 1914,
pago 1470, will bo found tho list of legal investments
proparod
by
tho
Commissioners
last
year.
Tho
Commissioners also call attention to the wording of the law
which discriminates against tho “ Special Assessment” or “ Im­
provement” bonds, or other bonds or obligations which are
not tho direct obligation of the city issuing tho same and for
which the faith and credit of the issuing city aro not pledged.
The following table shows the State and municipal bonds
which are considered legal investments;

Bonds of the UnltediStates, or those for Fall Iiiver, Mass.
Pasadena, Cal.
which tho faith of the United States Is Fitchburg, Mass.
Passaic, N . J.
pledged. Including tho bonds of the D is­ Flint, M ich.
Paterson, N . J.
trict of Columbia.
Fort W ayne, Ind. Pawtucket, It. I.
Vnlted States Bonds....................... 2s, 1930 Fresno, Cal.
Peoria, 111.
.............................................................3s,1918Galesburg, III.
N
"
•'
*' ______ 4 g 1925 Gloucester, Mass. Perth Am boy,Pa. . J.
Sec. 67. 1. No savings bank shall loan money except on adequate se­
Philadelphia,
curity of real or porsonal property, anil no such loan shall be made for a U. S. Panama C a n a l..................... 2s,’ 1936 Gloversvllle. N . Y. Pittsburgh, Pa.
period longor than ten years. No such loan shall be made on unsecured U. S. Panama Canal....................... 3s, 1961 Grand Rapids,M ich.Plainfield, N . J.
District of Columbia................. 3.65s, 1924 Green Bay, WIs.
notes; p ro v id e d , that a sa v in g s b a n k m a y , u n d e r su ch co n d itio n s a n d reg u la
Portland, M e.
Legally Issued bonds and Interest­ Hamilton, Ohio.
tio n s a s the S u p e iin t e n d e n t o f B a n k s m a y p re sc rib e , d isco u n t o r p u rc h a se com
Portland, Ore.
bearing obligations of the following States: Hammond, Ind.
m e rc ia l p a p e r o f the k in d a n d ch aracter m a d e e lig ib le u n d e r the F e d e r a l R eserve
Portsmouth, Ohio
California
A c t a n d the then cu rren t reg u la tio n o f the F e d e ra l R eserve B o a rd f o r re -d isc o u n t
Montana
Harrisburg, Pa.
Poughkeepsie, N . Y .
Colorado
Nevada
o r f o r p u rc h a se i n the o p e n m arket by a F e d e r a l R eserve b an k ; p r o v id e d , ho w ever
Haverhill, Mass.
Providence, R . I.
Connecticut
that n o s a v in g s b an k s h a ll at a n y tim e a cq u ire by d isco u n t o r p u rc h a se a n a m o u n t
New Hampshire
Hoboken. N. J.
Quincy, III.
Delaware
o f su ch c o m m ercia l p a p e r greater th an fi v e p e r centum o f its d ep o sits n o r s h a ll
New York
Holyoke, Mass,
Quincy, Mass.
Florida
a n y sa v in g s b an k a cq u ire , directly or in d ir e c t ly , by disco u n t o r p u r c h a s e , a n North Dakota
rndianapolls, Ind. Racine, Wis.
Idaho
su ch c o m m ercia l p a p e r o f o r fr o m a n y p e r so n , f i r m , c o -p a rtn e rs h ip o r cor­
Pennsylvania
Jackson, M ich.
Reading, Pa.
p o ra tio n in a n a m o u n t w h ic h s h a ll exceed fi v e p e r centum o f the c a p it a l a n d
Indiana
Rhode Island
Jacksonville, Fla.
Richm ond, Ind.
s u r p lu s o) such b an k .
Kansas
South Dakota
Jamestown, N . Y. Rochester, N . Y .
(2. No savings bank shall invest or loan moro than five por centum of
Kentucky
Tennessee
Jersey City, N . J. Rockford, III.
Its assets on any ono bond issue, except bonds of tho United States, of the
Maine
Texas
Joliet, 111.
Rock Island, III.
Stato of California, of tho counties, cities and counties, cities or school
Maryland
Vermont
Joplin, M o.
Rom e, N . Y .
districts of this State.]
Massachusetts
Washington
Kalamazoo, M ich. Sacramento. Cal.
2. N o sa v in g s b an k s h a ll in vest o r lo a n a n a m o un t greater th an f i f t y p e r
Minnesota
Wisconsin
Kansas City, Kan. Saginaw, M ich.
Missouri
centum o f its a ctu a l p a id u p c a p ita l a n d s u r p lu s on a n y one b o nd is s u e o f the
W yoming
Kansas City, M o. St. Joseph, M o.
c la ss s p e c ifie d in p a r a g r a p h (/i) o f s u b d iv is io n 3 o f section six ty -o n e o f this
Legally Issued bonds and obligations of Kenosha. WIs.
St. Louis, M o.
A c t , n o r m o re than f i v e p e r centum o f its assets on a n y o n e b ond iss u e o f a n y
any county, town, city, borough, school Kingston, N . Y.
St. Paul, M inn.
other c la s s, except bo nd s o f the U n ite d S ta le s, o f the State o f C a lifo r n ia , bonds
district, fire district, or sewer district in Knoxville, Tenn.
Salem, Mass.
f o r w h ic h the fa it h a n d credit o f the U n ite d States o r o f the State o f C a lifo r n ia
the State of Connecticut.
La Crosse, Wis.
San Antonio. Tex.
a re p le d g e d , o r bonds o f a n y co un ty, city a n d co un ty, city o r school district i n this
Legally authorized bonds of the follow­ Lafayette, Ind.
San Diego, Cal.
S ta te, o r b onds o f a n y ir r ig a tio n d istric t such a s a re leg a l f o r investm en t by
ing cities outside of Connecticut, and Lancaster, Pa.
Sandusky, Ohio.
sa v in g s ban k s.
which aro the direct obligations of the Lansing, M ich.
Schenectady, N . Y.
[3. No savings bank shall loan money to exceed ninety per centum of city Issuing the same. "Special Assess­ Lawrence, Mass
tho market valuo of bonds specified in subdivisions (a), (b ) , (c) and (d) m ent" and “ Improvement" bonds which Leavenworth, Kan Scranton, Pa.
Sheboygan, Wis.
of subdivision three of section sixty-one o f this Act, and no moro than aro not the direct obligations of the city Lewiston, M e.
Shenandoah, Pa.
oighty-fivo per centum of the market value of bonds specified in sub­ and for which Its faith and credit are not Lexington, K y.
Sioux City, Iowa.
division (e) of subdivision three of section sixty-ono of this Act, and no more pledged are not allowable.
Lima, Ohio.
Somerville, Mass.
than soventy-fivo por centum of tho market value of bonds specified in Akron, Ohio.
Chicago, III.
Lincoln, Neb.
8outh Bend, Ind.
subdivisions (/) and (g ) of subdivision tlireo of section sixty-one of this Alameda, Cal.
Cincinnati, Ohio.
Los Angeles, Cal.
South Omaha, Neb.
Act, and no moro than sixty-five per centum of the market value o f personal Albany, N . Y .
Cleveland, Ohio.
Louisville, K y.
Springfield, III.
property and stocks o f corporations or banks; p ro v id e d , h o w ever, that no Allentown, Pa.
Cohoes, N . Y .
Lowell, Mass.
Springfield, Mass.
loan shall bo made upon the capital stock of any corporation or bank unless Altoona, Pa.
Colorado Spgs., Col. Lynn. Mass.
Springfield, M o.
such corpo.ation or bank lias been in existence for two or moro years and Amsterdam, N . Y . Columbus. Ohio.
Madison, Wis.
Springfield, Ohio.
has earned and paid a dividend on its capital stock.]
Anderson, Ind.
Concord, N . II.
Malden. Mass
Steubenville, Ohio.
3 . N o s a v in g s b an k s h a ll lo a n m on ey:
Atlantic City, N . J. Council Bluffs.Iowa Manchester, N . II. Stockton, Cal.
(a) On b onds o f the ch a ra cter s p e c ifie d i n p a r a g r a p h s (a), (6), (c), a n d (d) Auburn, N . Y .
Covington, K y.
Mansfield, Ohio.
Syracuse, N . Y .
o f s u b d iv is io n 3 o f section six ty -o n e o f th is A c t, u n less such bonds s h a ll h ave a
Aurora, 111.
Cranston, R . I.
Milwaukee, Wis.
Tacom a, Wash.
m arket v a lu e at least ten p e r centum i n excess o f the a m o un t lo a n ed thereon; or
Bangor, M o.
Cumberland, M d.
Moline, 111.
Taunton, Mass.
(b) On bonds o f the ch a ra cter s p e c ifie d in p a r a g r a p h s (e ), (/) a n d (g) or on
Hattie Creek, M ich. Dallas, Tex.
M uncle, Ind.
Terre Haute, Ind.
b o nd s o r notes o f the ch a ra cter s p e c ifie d in p a r a g r a p h (f) o f s u b d iv is io n 3 o f
flay City, M ich.
Danville. 111.
Muskegon, M ich.
Toledo, Ohio.
section six ty -o n e o f th is A c t , u n le ss su ch bonds or notes s h a ll h ave a m arket
Beaumont, Tex.
Davenport, Iowa.
Nashua, N . II.
Topeka, Kan.
v a lu e at least fifteo u p e r centum i n excess o f the a m o un t lo a n ed thereon; o r
Bellingham, Wash. D ayton, Ohio.
Newark, N . J.
Trenton, N . J.
(c) On bonds leg a l J or in vestm ent by s a v in g s ban k s in the Sta tes o f N e w Y o rk Berkeley, Cal.
Decatur, 111.
Newark, Ohio.
T roy, N . Y .
o r M a ss a c h u s e tts , u n le ss such bonds s h a ll have a m arket v a lu e at least fift e e n
Binghamton, N . Y . Denver, Colo.
New Albany, Ind. Utica, N . Y .
p e r centum in excess o f the a m o un t lo a n ed thereon; o r,
Bloomington, III.
Des Moines, Iowa.
New Bedford, M ass.W aco, Tex.
(d) On p erso n a l p ro p erty u n le ss such p erso n a l p ro p erty sh a ll h a ve a m arket Boston, Mass.
Detroit, M ich.
New Brunswick. N .J . Wal tham, M ass.
va lu e at lea st f i f t y p e r centum in excess o f the a m o un t lo a n ed thereon; o r,
Brockton, Mass.
Dubuque, Iowa.
Newburgh, N . Y . Waterloo, Iowa.
(e) On other b o n d s, o r on the c a p it a l stock o r a n y co rp o ra tio n , u n le ss such Buffalo, N. Y.
Duluth, Minn.
New Castle, Pa.
Watertown, N . Y .
b o nd s or stock sh a ll have a m arket v a lu e at least f i f t y p e r centum i n excess o f the
Burlington, Vt.
Easton, Pa.
Newport. K y.
Wichita, Kan.
a m o u n t lo a n ed thereon; p ro v id e d , how ever, that n o lo a n s h a ll be m a de u p o n the
Burlington, Iowa. East Liverpool, O.
Newport, R . I.
Wilkes-Barre. Pa.
c a p ita l stock o f a n y ban k u n le ss such bank h a s been in existence at least two
Butte, M ont.
East St. Louis, 111.
Newton, Mass.
Williamsport. Pa.
y ea rs a n d h a s e a rn ed a n d p a id a d iv id e n d on its c a p ita l stock.]
Cambridge, Mass. Elgin, 111.
Oakland, Cal.
W oonsocket, R . I.
1‘ - No savings bank shall make any loan on the security of real estate Camden, N . J.
Elizabeth, N . J.
Omaha, N eb.
Worcester, Mass.
except it bo a first lion and in no event to exceed sixty per centum of tho Canton, Ohio.
Elmira, N . Y.
Oshkosh. Wis.
York, Pa.
market valuo o f any piece of real cstato to bo taken as security, except for Cedar Rapids. Iowa. El Paso, Tex.
Oswego, N . Y .
Youngstown, Ohio.
the jjurposo o f facilitating tho sale o f property owned by tho savings bank* Chelsea, Mass.
Erie, Pa.
Ottumwa. Iowa.
Zanesville. Ohio.
P r o v id e d , that a second lien may bo accepted to securo tho re-payme.it of a Chester, Pa.
Evansville, Ind.
Paducah, K y.
debt previously contracted in good faith.]
[The cities o f Poughkeepsie, N . Y ., and San D iego, C a l., have been added to the It it
4. N o sa v in g s b an k s h a ll m ake, cm y lo a n o n the sec u rity o f r e a l estate, except since last November, while Baltim ore, M d ., and San Francisco, C al., have been cllm lit be a fir s t H en , a n d tn
six ty p e r centum o f the m arket va lu e
n*tca. J




956

THE CHRONICLE

Railroad bonds which the Bank Commissioners find to be
legal investments are shown below:
BO N DS OF N E W E N G LA N D C O M PA N IE S.
Fitchburg R R . deb. 4>3s, 1933
Boston & Albany R R . deb. 3J4s, 1951
......................... 5a, 1934
"
"
3H s, 1952
•
•
"
4a,1933 T roy & Boston R R . lat 7s, 1924
Vermont A Mass. R R . plain 3>3s, 1923
*
•
"
4a,1934
•
•
"
4a,1935
M aine C en tral System .
•
•
“
4>4s, 1937
Belfast A M ooselicad Lake R R . lat 4a, '20
"
1
5a,1938
Collateral Trust 5s, 1923
"
"
5a.1963
Consolidated Refunding 5a, 1961
So on A Lowell R R . deb. 4a, 1916
Dexter A Newport R R . lat 43, 1917
"
“
4s,1917
Dexter A Piscataquis R R . 1st la, 1929
•*
"
4a,1918
European & N o. Amer. R y . 1st 4a, 1933
“
“
4a,1926
Knox & Lincoln R y . 5a, 1921
"
"
4a,1927
Maine Shore Line R R . 1st 6a, 1923
"
'•
4a,1929
M n tn q
1010
“
"
4a,1932
Portland A Ogdens. R y . 1st 4>3s, 1928
“
“
3>4s, 1919
Portland Term . Co. (guar.) lat 4a, 1961
"
“
3J4a, 1921
Portl. A Rtimf. Falls R y . cons. 4a, 1926
•
•
“
3HS, 1923
Penobscot Shore Line R R . lat 4a, 1920
"
“
3H 3, 1925
Somerset R y . 1st 5a, 1917
•
•
“
4>33, 1933
“
" cons. 4a, 1950
"
" 1st A ref. 4s, 1955
Concord A M ontreal R R . cons. 4a, 1920
Sinking Fund Improvement 4>3a, 1916
"
deb. 4a, 1920
•
•
"
"
4>33, 1917
•
"
“ 3 >33, 1920
Upper Coos R R . 1st 4a, 1930
“
“
“
extension 4>3s, 1930
Connecticut River R R . deb. 3>3s, 1921
Washington Co. R y. 1st 3)3s, 1954
*
•
“
" 3 >3a, 1923
New London Northern R R . 1st 4a, 1910
•
"
“ 4a, 1943

P e n n sylva n ia System .
N ashv. C h a tt. 8c St. L ou is System .
Consolidated M ortgage 5s, 1919
Consolidated M ortgage 5a, 1923
•
•
"
4a, 1943
Centreville Branch 1st 6a, 1923
•
•
"
4a, 1948
Fayette A M cM lnnv. Br. 1st 6a, 1917
"
•
•
3 >33, 1945
Ju3por Branch Extension lat 6a, 1923
“
"
4 >3s, 1960
Lebanon Branch 1st 6a, 1917
M em ph. Un. Sta. Go. (guar.) lat 5a, 1959 Allegheny Valley R y. gen. 4a, 1942
Bclv. Del. R R . (guar.) cona. 4s, 1925
Tracy City Branch lat 6a. 1917
.............................................4a, 1927
New Y o rk C en tral System .
.............................................3>3a, 1943
Cambria A Clearfield R y . gen. 4s, 1955
First M ortgage 3>3s, 1997
Clearfield A Jefferson R y. lat 6a, 1927
Refund. A Im pt. 4>3s, 2013
Oleve. A Pitta, (guar.) gen. 3>3s, 1948
Beech Creek R R . (guar.) 1st 4a, 1936
"
........................ 3 >33, 1950
Carth. Wat. A Sack. H. R R . 1st 5s, 1931
"
.........................3>3s A4>3s’42
Carthage A Adlrond. R y . 1st 4s, 1981
Gouverneur A Oswegatchle I1R. 1st 5s,'42 Connecting R y . (guar.) 4s, 1951
Del. Rlv. A Bridge Co. (guar.) 1st 4s, ’ 36
ittle Falla A Dolgeville 1st 3s, 1932
Junction R R . gen. 3>3a, 1930
Mohawk A M alone R y . 1st 4s, 1991
•
•
"
“ cona. 3>3s, 2002 N. Y . Bay R R . (guar.) 1st 4s, 1948
Penn. A Northw. R R . gen. 5a, 1930
N . Y . A Putnam R R . cona. 4s, 1993
Phila. A Erie R y . gen. la, 5s A 6a, 1920
N . Y . A Northern R y. 1st 5a, 1927
Pittsb. Va. A Chariest. R y . 1st 4a, 1943
N orwood A Montreal R R . 1st 5s, 1916
Rome W . A O. R R . cona.3>4s,4aA5s,1922 Phila. Balt A Wash. R R . 1st 4a, 1943
Phila. W ilm. A Balt. R R . 4a, 1917
“
“
Terminal 5a. 19IS
"
"
“
" 4a, 1922
Spuy. D ’ vil. A Pt. M or. R R . 1st 3>3s.'59
“
"
“
" 4s, 1926
Utica A Black River R R . 1st 4a, 1922
"
“
"
“ 4a, 1932
N orfolk 8c W estern System .
Sunbury A Lewiston R y . 1st 4a, 1936
Sunb. Haz. A Wllkes-B. R y. 1st 5a, 1928
Consolidated Mortgage 43, 1996
Southwest Pennsylvania R y. 1st 7a, 1917
General M ortgage 6a, 1931
Columbus Con. A Term . Co. 1st 5a, 1922 Un. N . J. R R . A Canal Co. gen. 4a, 1948
....................... 4s, 1944
"
"
New River Division 1st 6s, 1932
“
“
....................... 4a, 1929
Im pt. and Exten. M tge. 6a, 1934
"
"
....................... 4s, 1923
Scioto Val. A New Eng. R R . 1st 4s, 1989
"
“
....................... 3>3s, '51
West Chester R R . lat 5a, 1919
N orth ern P a cific System .
Western Pennsylvania R R . cona. 4s, 192
General Lien 3a. 2047
Prior Lien 4s, 1997
R ea d in g System .
Refund. A Imp. 4>$s, 2047
Philadelphia A Reading R R 5a, 1933
St. Paul A Nor. Pac R y . 1st 6s. 1923
S o u th e rn P a cific System .
St. Paul A Duluth R R . cona. 4s, 1968
Northern R y. 1st 5a, 1938
'•
''
"
1st 5a, 1931
Northern California Ry. lat 5s, 1929
"
"
“
2d 5s. 1917
Southern Pacific Branch R y . 1st 6a, 1937
Duluth Short Line 1st 5a, 1916
Southern Pacific R R . cons. 5a, 1937
Wash. A Columbia River ltv . 1st 4a. 1935
•
•
“
" ref. 4a. 1955
P ittsb u rg h 8c Lake Erie System .
U n ion P a cific R a ilroad.
Firat M ortgage 4s, 1947
Pitta. A Lake Erie R R . 1st 6a, 1928
Pitta. M cK . A Y ou g.R .(guar.)lat 63,1936 Refunding M ortgage 4s, 2008
(Since last November the Pennsylvania System consolidated mortgage 4 A s , 1960, have
been added to the list given above. I n addition to the bonds which have matured the fo l­
lowing have been elim inated:, Chicago St. L . A N . O. HR.. M em phis D ivision 4s, 1951:
Beech Creek Ext. R R . (guar.) lsl 5s, 1951, and cons. 4s, 1955; N . J . Ju n e . RR. tguar.)
1st 4s, 1986: Pine Creek lly. (guar.) lsl 6s, 1932; West Shore RR. (guar.) 1si 4s, 2361;
Vandalia RR. Cons. A 4s, 1955, B 4s, 1957; Terre Haute A In d . R R . Cons. 5s, 1925.

Conn. & Passumpslc River R R . 4a, 1943 New Y ork New H aven 8c H artf.S ystem
Boston A Providence deb. 4a, 1918
Holyoke & Westfield R R . 1st 4J3s,T951
Fitchburg R R . deb. 4a, 1916
Old Colony R R . deb. 4a, 1938
..........................4a, 1920
.................................4a, 1924
•
'*
' 3>3s, 1920
.................................4s, 1925
..........................3>3a, 1921
................................. 3 >3a, 1932
......................... 43, 1925
Providence & Worcester R R . 1st 4a, 1917
......................... 4a, 1927
......................... 4a, 1928
Sullivan County R R . 1st 4a, 1924
......................... 43, 1937
......................... 4 >33, 1928
Vermont Valley R R . 1st 4>3a, 1940
......................... 4>3a, 1932
[Bonds o f N ew England railroads which have been added to the list since last November
are as follow s: Washington Co. R y. 1st 3J4a, 1954. Only Issues which have matured
hate been eliminated.]
BO N DS OF O T H E R CO M PA N IE S.
A tc h is o n T op ek a & S an ta Fe System . St. Louis Peoria & N . W . 1st 5a, 1948
Southern Iowa R y. 1st 3>3s, 1925
General mortgage 4a, 1995
Eaat. G .T.R y.(guar.)lat4>3s,'47
Chic. Santa Fe. A Calif. R y. 1st 5a, 1937 dt. Paul A St. Peter R R . ext. 7a, 1916
Eastern Oklahoma Division 1st 4a, 1928 Winona
Wisconsin Northern 1st 4a, 1931
Hutchlnaon A Southern R y . 1st 5a, 1928
San Fr. A San Joaq. Val. R y. lat 5s, 1940 C h ic. St. Paul M inn. & O m aha System
Transcontinental Short Line 1st 4s, 1958
Consolidated 6a A 3>3a, 1930
A tla n tic C oa st L in e System .
Chic. St. Paul A M inn. R y . 1st 6a, 1918
North Wisconsin R y . 1st 6a, 1930
First consolidated 4s, 1952
dt. Paul A Sioux City R R . 1st 63, 1919
Alabama Midland R y . 1st 5a, 1928
Atl. Coast Line of So. Caro, lat 4a, 1948 Sault Ste. M . A S. W . R y . 1st 5a. 1915
Superior Short Lino R y . 1st 5s, 1930
Brunswick A Western R R . 1st 4a, 1938
Charleston A Savannah R y . 1st 7a, 1936
D elaw are & H u d son System .
Florida Southern R R . 1st 4a, 1945
Adirondack R y . lat 4>3s, 1942
Northeastern ItR . cons. 6a, 1933
Albany A Sua.llR.(guar.) conv. 3>3s, ’46
Norfolk A Carolina R R . 1st 5a, 1939
D. A II.Canal C o.,— Pen n.D lv.1st 7s, ’ 17
................................... 2d 5a, 1946
Del. A Hudson C o. 1st A ref. 4a, 1943
Petersburg R R . cona. A , 5a, 1926
3chcnec. A Duancsb. R R . lat 6a, 1924
"
'•
" IJ, 6a, 1926
Rlchm. A Petersb. R R . cona. 4>3s, 1940 D claw . L ack aw an n a 8c W estern Syst.
Sanford A St. Petersburg R R . lat 4a, 1924
Sav., Fla. A W est. R y . 1st 5a A 6a, 1934 Bangor A Portland R y . 1st 6a, 1930
Silver Spga. Ocala * Gulf H R. lat 4a,1918 Morrla A Essex R R .(guar.) ref.3>3s, 2000
Wllm. A Weldon R R . gen. 4a A 53, 1935 Warren R R . (guar.) ref. 3>3s, 2000
WUm. A New Berne R R . 1st 4a. 1947
G re a t N orth ern System .
B a ltim ore & O h io System .
First and Refunding 4>3s, 1961
Eaat. R R . of M in n.,N o.D lv. 1st 4a, 1948
Balt. A Ohio R R . extended 4a, 1935
Minneapolis Union R y. lat 5a A 6a, 1922
......................... lat 4a, 1948
Montana Central R y . lat 5a A 6a, 1937
'•
•' prior lien 3>3a, 1925
Spokane Falla A N or. R y . 1st 6a, 1939
Southwestern Division 3>3s, 1925
St. P. M . A M . R y . cona. 4a,4>3sA03, ‘33
Balt. A N . Y . R R . (guar.) lat 5a, 1939
Montana Extension 4s, 1937
Clove. T . A V. R R . (guar.) 1st 4a, 1995
Pacific Extension 4a, 1940
Hunt'n A Big Sandy R R . 1st 6a, 1922
Wlllmar A Sioux Falls R y . 1st 5a, 1938
Monongahela River R R . 1st 5s, 1919
Illin o is C en tral System .
Ohio River R R . lat 5a, 1936
Ravcanw. Spen. A Glenv. R y . 1st 6a, 1920 Collateral Trust 3 >3a, 1950
Schuylkill R .E .S .ItR .(gu a r.) 1st 4s, 1925 Cairo Bridge 4s, 1950
West Va. A Pittsburgh R R . 1st 4a, 1990 Chic. St. L. A N . O. R R . cona. 3>3s, 1951
Wash. Term . Co. (guar.) lat 3>3sA4s, '45 Firat M ortgage, gold, 3>3a A 4a, 1951
First Mortgage, Gold Extension 3>3a, ‘51
C en tral R ailw ay o f New Jersey.
First M tge., Sterling Exten., 3a A 4s,1951
General mortgage 5a, 1987
Amer. D ock A Im p. C o. (guar.) 1st 5a,'21 Flrat M tge., Sterling Exten., 3>3s, 1950
Kankakeo A Southwestern R R . 5a, 1921
C h ic a g o M ilw aukee & St. P aul System Litchfield Division 3a, 1951
Louisville Division 3>3s, 1953
General mortgage 3>3a, 4a A 4>3s. 1989
Purchased Lines 3>3a, 1952
General A Refunding 4 >3a, 2014
Chle. M llw . A Puget Sound lat 4a, 1949 Refunding Mortgage 4s, 1955
Chlo. A Lake Superior D lv. lat 5a, 1921 St. I.ouls Division 3a A 3>3s, 1951
Chic. A Missouri R lv. D lv. lat 53, 1926 Springfield Division 3>3s, 1951
Chicago A I’ ac. Western D lv. lat 5a, 1921 Omaha Division 3a, 1951
Western Lines 4a, 1951
Convertible 4>3s, 1932
Dakota A Great Southern R y . 1st 53,1916
Lake S hore & M ichigan S o u th e rn Ry
Debentures 4a, 1925 A 1934
General M ortgage 3>33, 1997
Dubuque Division lat 6a, 1920
Kalamazoo A W h. Pigeon R R . lat 5a, ’40
Fargo A Southern R y . lat 6a, 1924
Milwaukee A Northern exten. 4>3s, 1934
L eh igh Valley System
La Crosse A Davenport D lv. 1st 5a, 1919
Annuity Perpetual Consolidated 4J3s A6
iVlaconaln A M inn. D lv. 1st 5s, 1921
Consolidated 4>3s A 6s, 1923
Wisconsin Valley D lv. lat 6a, 1920
First Mortgage 4a, 1948
C h ica go B u rlin g ton & Q u in cy System Easton A Amboy (guar.) 1st 5a, 1920
General mortgage 4a, 1958
L ou isville & N ashville System .
Burl. A Missouri River cona. 6a, 1918
First Mortgage lat 5a, 1937
Denver Extension 4a, 1922
General Mortgage 6s, 1930
Illinois Division 3 >3a A 4a, 1949
Unified Mortgage 4s, 1940
Iowa Division 4a A 5a, 1919
Evanav. Hen. A Nashv. D lv. lat 63, 1919
Nebraska Extension 4a, 1927
M obile A M ontgom . R y . 1st 4>3s, 1945
Nodaway Valley R R . 1st 7s, 1920
Nash. Flor. A Slief. R y. (guar.) lat 5a, ’37
Republican Valley R R . 1st 6a, 1919
New Orleans A M obile IMv. 1st 6s, 1930
Tarklo Valley I1R. 1st 7s, 1920
Pensacola Division lat 6a, 1920
C h ic a g o & N orth W estern System .
Pensacola A Atlantic (guar.) 1st 6a, 1921
Paducah A Memphis D lv. 1st 4a, 1946
General mortgage 3>3s A 4s, 1987
Southeast A St. I.ouia D lv. 1st 6s, 1921
Boyer Valley R R . Iat3>3s. 1923
Cedar Rapids A Missouri R R . lat 7s.1916 Trust 1st 5a, 1931
Loulsv. Cin. A Lexington gen. 4>3a, 1931
Collateral Trust 4a, 1926
Loulsv. A Nash. T ’l Co.(guar.) 1st 4a, ’52
Dos Plaines Valley R y . 1st 4>3a, 1947
Frem. Klkh. A M o. Val. R R . cona. 6s, '33 So. A N o. Ala. R R . (guar.) cons. 5a, 1936
Iowa M inn. A Northw. R y . 1st 3>3s, 1935 So. A N o. Ala. I1R. cona. 5a. 1963
Manl Green Bay A N .W .R y .ls t 3>3s, '41
M ichigan C en tral System .
M ankato A New Ulm R y . 1st 3>3s, 1929 Detroit A Bay City 1st 5a, 1931
Minn. A South Dakota R y . 1st 3>3s, 1935 First M ortgage 1st 333a, 1952
Milwaukee A State Line R y. 1st 3>3a. '41 Joliet A Nor. Indiana 1st 4a. 1957
Mllw. Sparta A N . W . R y . 1st 4s, 1947
3>3a, 1951
Mllw. Lake Sh. A West. R y . 1st 6a, 1921 Jackson Lansing A Sag. 1st 1st 5s, 1939
Kalamazoo A South Haven
Ashland Division 1st 6a, 1925
Michigan Air Line lat 4a, 1940
Extension and Improvement 5a, 1929
M inn. St. Paul 8c S. S. M arie System .
Marshfield Extension 1st 5a, 1922
Michigan Division 1st 6s, 1924
First Consolidated 4a, 1938
Minnesota A Iowa R y . 1st 3>3s, 1924 . Minn. A Pacific R y. 1st 4a, 1936
Northwestern Union R y. lat 73, 1917
M inn. S. S. M . A A t. R y . 1st 4a, 1926
Princeton A Northw R y. 1st 3J4s, 1926
M obile & O h io System .
Peoria A Northw. R y. lat 3>3s, 1926
dioux City A Pacific R R . lat 3>3s, 1936 First M ortgage 6a, 1927




l Vol. 101.

Railroad bonds which aro at present not legal under the
general provisions of the law but which are legal investments
under Section 3G (given below) aro given as follows:
Sec. 36. The provisions of this Act shall not render Illegal the Investment In
nor the investment hereafter In, any bonds or Interest-bearing obligations issued or
usaumed by a railroad corporation, which were a legal investment at the time of the
passago of this A ct, so long aa such bonds or interest-bearing obligations continue
to comply with the laws in force prior to the passage of tills A ct, but no such bond
or interest-bearing obligation that fails subsequent to the passage of this A ct, to
comply with said iaws shall again bo a legal Investment unless such bonds or Interest­
bearing obligations com ply with the provisions.of this A ct.
L ou isville 8c N ashville.
A tch iso n T o p e k a 8c San ta Fe System .
Californla-Ariz Lines 1st A ref. 4><Ja, 1962 Atlanta K noxv. A Cln. D lv. lat 4a, 1955
Boa. R ev. Bch. A Lynn R R . 1st 4)4s, '27 Lake S h ore 8c M ich. S o u th . System .
Kalam. Allegan A G . It. R R . 1st 5a, 1938
Bridgeton A Saco R lv. R R . 1st 4s, 1928
Mahoning Coal RIt. 1st 5s, 1934
M cKeesp. A Belle Vern. R R . 1st 6a, 1918
B u ffa lo R o ch e ste r 8c P ittsb . System .
M ln ncap. St. Paul 8c S S. M. System .
Allegheny A Western R y. 1st 4a, 1993
Buff. Roch. A Pitts. R y . gen. 5s, 1937
Central Terminal R y . lat 4a, 1941
“
"
“
“ cons. 4>$s, 1957
Clearfield A Mahoning R y. 1st 5s, 1943
M obile A Ohio R R . 1st ext. 6a, 1927
Lincoln Pk. A Charlotte R R . 1st 5s, 1939
Rochester A Pittsburgh R R . 1st 6s, 1921 Narragansett Pier R R . 1st 4a, 1916
•
•
“
“ cona. 6s, '22
New Y ork C en tral System .
Couderspt. A Pt. Allcg. R R . 1st 5s, 1916 N . Y . A Harlem R R . ref. 3J4a, 2000
C en tral R y. o f New Jersey System .
N orth ern P a cific System .
N . Y . A Long Brch. R R . gen. 4s A 5s, '41
Wilkes-Barre A Scran. R y . 1st 4>$s, 1938 St. Paul A Duluth Division 4a. 1990
C h ica g o 8c N orth W estern System .
Collateral Trust 5a A 6s, 1929

P en nsylvania System .
Camden A Burl. Co. R R . lat 4a, 1927
Delaware R R . gen. 4>4s, 1932
C o n n e c tic u t R ailw ay 8c L ig h tin g C o. Elmira A Willlamspt. R R . lat 4a, 1950
First Refunding 4J4a, 1951
Erie A Pittsburgh R R . gen. 3H a, 1940
Bridgeport Traction C o. 1st 5s, 1923
Little Miami R R . gen. 4a, 1902
Conn. Lighting A Power C o. 1st 5s, 1939 Massillon A Cleveland R R . lat 5a, 1920
N . Y . Phila. A Norfolk R lt. lat 4a, 1939
Chic. A Western Indiana R R . 1st 6s, 1932 Ohio Connecting Ity. 1st 4a, 1913
Pitta. Youngs. A Ash. R R . cona. 5s, 1927
•
•
•
•
•
'
" gen. 4a, 1948
Gumb. A Penn. R R . 1st 5a, 1921
Pitta. Wheel. A K y . R R - cons. 6s, 1934
D elaw are 8c H u d son System .
Sham. Val. A Pottsville R R . lat 3J4s, '31
West Jersey A Sea Shoro R R .—
Rensselaer A Saratoga R R . 1st 7s, 1921
Series A, B, C , D , E and F 3>$s A4s,'30
Tlconderoga R R . lat 6a, 1921
D elaw are I.ackaw . 8c W estern System . Raritan River R R . lat 5a, 1939
Morrla A Essex ItR .con a. 7a ,1915
R e a d in g System .
N. Y . Lack. A W est. R y . lat 6a. 1921
Del. A Bound Brook RIt. cona. 3 54s, 1955
Det. A T ol. Shore Line R R . 1st 4a, 1953 East Pennsylvania IIR. 1st 4a, 1958
North Pennsylvania RIt. 1st 4a, 1930
Duluth A Iron Range R R . 1st 5s, 1937
Phila. Harrisburg A Pitts. R R . 1st 5s, '25
Duluth Measabe A Northern Ity.—
Phila. A Reading R lt. Impt. 4a, 1947
1st 6s, 1922
“
“
"
Term. 5s, 1941
Cons. 6s, 1923
Reading Belt R R . 1st 4a, 1950
Sham. Sunb. A Lewiston R lt. lat 5a, 1912
Elgin Joliet A Eastern R y . 1st 5a, 1941
Erie R a ilroad System .
Cleve. A Mai onlng Val. R y. lst, 59Goshen A Deckertown R R . 1st 6s, 19-8
M ontgomery A Erie R y. 1st 5a, 1926
New Castle A Shen. Val. R R . 1st 6s, 1J17
Northern R y. of N . J. 1st 6s, 1917
Bharon R y . 1st 4J4a, 1919

St. L ou is Iron Mt. 8c S o u th . System .
River A Gulf D lv. 1st 4a, 1933
S ou th ern P a cific System .
San Francisco Terminal la, 1950

T erm inal R ailw ay A ssn, o f S t, L ouis
Consolidated Mortgage 5s, 1944
First M ortgage 4>$s, 1939
General Refunding M ortgage 4a, 1953
H o ck in g Valley R ailw ay C o.
St. Louis Mer. lidg e.T erm . R y. 1st >
f
First Consolidated 4)43, 1999
St. I.ouia M er. Bdge. C o. 1st 6s, 1929
Colum. A H ock. Val. R R . lat ext. 4s,1948
W estern M aryland System .
Columbus A Toledo R R . lat ext. 4a, 1955
Illin ois C en tral System .
Balt. A Curnb. Val. Ext. 1st 6a, 1931
Balt. A Harrisburg R y . 1st 5s, 1936
Chic. St. L. A New Orl. cou3. 5a, 1951
[The bonds which have been added to the above list since last November are: Duluth A
Iron Range RR. lsl 5s, 1937; Duluth Messabe A Northern Ry. lsf 6s, 1922, and ecus. 6s,
1923. The bonds which have been dropped are: Ashland Coal .fe Iro n Ry. lsf 4s, 1925;
Cornwall A Lebanon RR. 1st 4s, 1921; Belvtdere D elaware RR. cons. 4s, 1933.)

Genesee A W yom ing R R . 1st 5s, 1929

Equipment trust obligations as follows (savings banks may
invest not exceeding two per centum of tkoir deposits and
surplus therein):

Sept. 18 1915.]

THE CHRONICLE

Baltimore & Ohio Railroad.
Minn. St. Paul & Sault Ste. Marie
Equip, trust of 1912 4>6s, serially to 1922 Series A 5s, serially to 1917
Equip, trust of 1913 4>6s, serially to 1923 Series B 4>6s, serially to 1920
Scries C 4 >68, serially to 1921
Series 1) 4>6s, serially to 1922
Central Railroad o f New Jersey.
Series E 4>6s, semi-annually to 1923
Series E 4s, serially to 1916
Series F 5s, seml-annuully to 1923
Series F 4s, serially to 1917
New York Central Lines.
Joint Equip. Trust—
Lehigh Valley Railroad.
5s, serially, 1907 to 1922
Series J 4!$s, serially to 1917
i ' A a , serially, 1910 to 1925
4Ka, serially, 1912 to 1927
Louisville & Nashville Railroad.
4Ks, serially, 1913 to 1928
Series A 5s, semi-annually to 1923
B. A A. Equip. Trust 4>6s, ser, '13 to '27
[T h e e q u ip m e n t tr u st o b lig a tio n s w h ich h a v e b een add ed s in c e th e la st li s t w a s p u b lish e d
a r e : M i n n . S t. P a u l & S a u lt S te. M a r i e S e r ie s A' 41-js, s e m l-a n n . to 1923; S er ies F 5 s ,
s e m i - n n n . to 1923.
T h e b o n d s In clu d ed I n the li s t la st tim e a n d n ow elim in a te d a r c
C en tr a l l i l t , o f N e w J e r s e y S e r ies 1) 4s, s e r ia lly to 1915. I l l i n o i s C en tra l H it. S cr ies A
4 A s , s e m l - a n n . to 1923; S er ies II 5s, s e m l-a n n . to 1923.1

Other securities in which banks m ay invest aro classified
as follows:
Bonds o f Street Railways In Conn.
onds o f Telephone Cos. In C onnec't
Savings banks may Invest not exceed­
Savings banks may Invest not exceed­
ing two per centum of their deposits and
ing two per centum of their deposits and
surplus therein.
Bristol & Plainv. Tram. Co. 1st 4>6s,1945 surplus therein.
So. New Eng. Telep. Co. 1st 5s, 1948
Bonds o f Water Cos. In Connecticut.
Savings banks may Invest not exceed­
ing two por centum of their deposits and Bonds o f Telep. Cos. outside o f Conn.
surplus therein.
Savings banks may Invest not exceed­
Bridgeport Hydraulic Co. 1st 4s, 1925
ing two per centum of their deposits and
'• notes 5s and 6s, 1916 surplus therein.
Now Haven Water Co. deb. 4s, 1915
Amer. Tel. & Tel. Co. coll, trust 4s, 1929
........................................ 4>6s 1962
N. Y. Telephone Co. 1st 4 'A s , 1939
tU n d e r th e la s t c la s s ific a tio n th e f i r s t 4 'A s , 1939, o f th e N . Y . T e le p h o n e C o . h a v e b een
a d d ed s i n c e la s t N o v e m b e r .]

Colorado Irrigation Districts.— B on dh old ers Protective
C om m ittee W a iv es In terest U p o n Ir r ig a tio n D istrict B onds
H eld By I t . — Seo D en ver Reservoir Irrigation C o . in our
“ Industrial” item s on a preceding page.
New York State.— C on ven tion A d o p ts F in a l D ra ft o f
R evised C on stitu tion an d A d jo u r n s .— T h e Constitutional
Convention of 1915 adjourned F rid ay , Septem ber 10, after
adopting b y a voto of 118 to 33 the final draft of the revised
Stato Con stitu tion . T h e now C onstitution in order to be­
come effective m ust bo ratified b y the voters at the general
election N ovem ber 2 .
T h e referendum will bo in the form
of these three questions :
Q u e s t i o n 1— Shall the revised constitution subm itted by the Constitu­
tional Convention, not included in Questions 2 and 3, be approved?
Q u e s t i o n 2— Shall the proposed amendments, subm itted b y the; Consti­
tutional C onvention, to Sections 2, 3, 4 and 5 o f Article I I I , relating to
Legislative apportionm ent, bo approved?
Q i t c s t i o n 3— Shall the new Article X . subm itted b y the Constitutional
C onvention, relating to taxation, bo approved?

T h e second question has reference to changes m ado in the
rules which are to govern in the reapportionm ent of Senate
and A ssem bly districts by next year’s Legislature.
B y their answers to the third question, voters would indi­
cate their approval or disapproval of tho now Article on
taxation.
Tho answers to Question 1 carry all tho remainder of tho
revised C on stitu tion .
T w o other propositions will com e before tho voters as
Questions 4 and 5 .
Question 4 will be on tho proposal to
amend tho constitution so as to give wom en in this State
the right to v o te. T h is will bo a referendum from tho
Legislature, not from tho Constitutional Convention.
Question 5 is on tho ratification of a $ 2 7 ,0 0 0 ,0 0 0 bond issue
for Bargo C anal purposes, which was provided for b y tho
Legislature at its session this year.
Tho “ address to tho people” explaining tho constitutional
am endm ents m ade b y tho convention and urging tho adop­
tion of tho rovisod Constitution was adopted b y a vote of
8 8 to 4 7 . T h is address is given in full on a preceding pago
in our editorial colum ns.

Vermont.— R ailroad B on ds C on sid ered Legal In vestm en ts
f o r Savings B an ks.— Tho following list of bonds was issued
M arch 1 1915 from tho offico of tho B an k Com m issioner
undor Clauso N in t h , Section 8 , A c t N o . 158 of 19 11 , which
provides that tho B ank Commissioner shall prepare annually,
n ot lator than M arch 1, a list of tho railroad securities that
aro then logal investm ents for savings banks. Thoro havo
boon addod to tho list since last yoar tho bonds givon below
in italics.
Atchison Topeka & Santa Fe Ry.
Atch. Top. A S. F. Ry. gen- 4s, 1995
•
•
•
•
E. Okla. 48,1928
•
•
.
Transc. Short L
1st 48. 1958
Chicago Santa Fe A Cal. Ry. 1st 58, 1937
Hutchinson So. R y. 1st 5s, 1928

San F t . A San Joaq. Val. Ry. 1st 5s, 1910
Baltimore & Ohio System.
B .A O . RU., prior lien 3! js, 1925
"
"
first mtge. 4s, 1918
“
Southwest. Dlv. 3>6s, 1925
Ohio River 1st 5s, 193G
W. Va. & Pittsburgh RR.(4sl 1990
143/
Boston & Maine System.
Conn. A Passumpslc River RIl. 4s. 1943
Concord A Montreal RR. consol. 4s, 1920
Central o f New Jersey System.
Central RR. of New Jersey gen. 5s, 1987
Chicago & North Western System.
Chlc.& N.W. Ry. gen. 5s, 4s A 3>6s, 19.87
............................. exten. Is, 1926
Cedar Rap. A Mo. Rlv. RR. Mtg. 7s, '16
Northwestern Union Ry. 1st 7s, 1917
Milw. I,. S. & W. Ry. consol, (is, 1921
“
" Marshfield ext. 1st 5s, 1922
“
“ Michigan Dlv. 1st 6c, 1924
“
" Ashland Dlv. 1st 6s, 1925
*
*
“ ext. & Imp. mtge. 5s, 1929
Wisconsin Northern RR. 1st 4s, 1931




Winona A St. Peter RR. 1st 7s, 1910
Minnesota A Iowa Ry. 1st 3>6s, 1924
Princeton A Northw. Ry. 1st 3>6s, 1926
From. Elkh. A Mo. Val. RR. cons.6s, '33
Iowa Minn. A Northw. Ry. 1st 3 >6?. 1935
Sioux City A Pacific RR. 1st 3 'A s . 1936
Manltow. Gr’n Bay A N .W .1st 3Hs, 1941
Chicago Milwaukee & S t . Paul S y s t e n
C. M. A St.P. gen. A ref., 5s A 4>6s 201
“
“
European loan 4s, 192.
“
“
Conv. deb. 4 A s , 1932
“
"
Deb. 4s, 1934
"
"
general 3>6s. 1989
"
4s, 1989
“ 4 >6s, 1989
“
“
La Crosse A Dav.
Dlv. 1st 5s, 1919
"
Dub. Div. 1st 6s, 1920
"
"
Wise. V. Dlv. 1st 63,1921
"
Cb. A P. W. 1st 5s, 192
"
WIs.A Minn. 1st 5s, 192:
“
Ch.A L .Sup. 1st 5s, 192:
'*
“
Ch.A Mo. R. 1st 5s,192(
Dakota A Great South. Ry. 1st 5s, 1910
Fargo A Southern Ry. 1st 0s, 1924
Milw. A Nor. R R. ext. 1st 4>6s, 1934
..................... cons. ext. 4 As, 1934
Chic. Milw. A Pug. Sd. 1st 4s, 1949
Chic. St. Paul Minn. & Omaha System
Ch. St. P. M. A O. Ry. cons. 3 l-3s, \3(
.........................................
6s, 1930
Ch. St. P. A Minn. Ry. 1st Os, 1918
North Wisconsin Ry. 1st 0s, 1930
St. Paul A Sioux City RR. 1st Os, 1919

Chicago Burlington & Quincy System
C. 11. A Q. RIt. general 4s, 1958
“
"
111. Dlv. mtg. 3 'A s . 1949
*
*
'*
“
“
4s 1949
“
Iowa Div. mtg. 4s, 1919
"
"
"
"
2s 1919
“
“
Denver Exten. 4s,’ 1922
“
"
Neb. Ext. mtg. 4s, 1927
Burl.AMo.Rlv.RR.in Neb. cons. 6s, 1918
Republican Valley RR. mtg. 6s, 1919
Tarkio Valley RR. 1st 7s, 1920
Nodaway Valley RR. 1st 7s, 1920
Delaware & Hudson System.
Del. A Hud. Co. 1st refunding 4s, 1943
“
" Canal Co. 1st 7s, 1917
Adirondack Ry. 1st 4 'A s . 1942
Schenec. A Duanesburg RR. 1st 6s, 1924
Albany A Susq. RR. conv. 3>6s. 1946
Delaware Lack. & West. System.
M o r r i s & E s s e x R R . 1st c o n s . 7s, 1915

957
Michigan Central System.
Michigan Central RR. 1st 3>6s, 1952
Mich Cent.-MIch. Air L. RR. 1st 4s, '40
Mich. Ccnt.-Det.ABayCltyRR.lst5s, '31
M. C.-Jaclt. Lan. A Sag. RR 1st 3>6s.'51
Minneapolis St. Paul & S S M. Syst
M i n n . S t. P . it 8. S . M . R y . Is! c o n s . 5 s
a n d 4 s , 193S
M i n n e a p o l i s & P a c i f i c R y . lsf 4s, 1936
M i n n . S . S . M a r i e & A l l . R y . 1st 4 s , 1926

Nashv. Chatt. & St. Louis System.
N. C. A St. L. Ry. 1st cons. 5s, 1928
..................... Ccntrev. Br’ch. 1st
6s, 1923
.....................
FayetteAMcMinnv.
Br. 1st 6s, 1917
.................... . Jasper Br. Ext. 1st
6s, 1923
“
“
Lebanon Br. 1st 6s,
1917
"
"
Tracy City Br. 1st
Great Northern System.
6s, 1917
Great Northern Ry. 1st A ref. 4 ' A s , 1901
St. P. M. A M. Ry. consol. 4s, *1933
New York Central System.
.................................. consol. 4 >6s, 1933 Y. C. A H. R. RR. mtg. 3>6S, 1997
N.
“
“
consol. 6s, 1933
Beech Creek RR. 1st 4s, 1936
"
Mont. ext. 4s, 1937 Mohawk A Malone Ry. 1st 4s, 1991
.................................. Pacific Ext. 43,1940
Rome Watertown A Ogdensb. RR. cons.
East. Ry. of Minn. Nor. Div. 4s, 1948
5s, 4s A 346s, 1922
Montana Central Ry. 1st 5s, 1937
Utica A Black River RR. 1st 4s, 1922
................................. 1st 6s, 1937
Boston A Albany RR. Plain 3Ks, 1952
Will mar A Sioux Falls Ry. 1st 5s, 1938
"
'•
"
3 A s , 1951
Spokane Falls A North. Ry. 1st 6s, 1939
“
"
'•
4s. 1933
Minneapolis Union Ry. 1st 6s, 1922
"
"
"
43, 1934
“
“
1st 53 1922
"
"
"
4s, 1935
“
"
"
4 A s , 1937
Illinois Central System.
"
“
"
5s, 1938
111. Cent. RR. refunding mtge. 4s, 1955
"
“
5s, 1963
"
“
Sterling extended 4s, 1951
"
Gold extended 3>6s, 1950 New York New Haven & Hartf. Syst.
Old Colony R R. 4s, 193S
“
Sterling 3s, 1951
..................... 4s, 1924
"
gold 4s, 1951
..................... 4s, 1925
"
gold 3 A s , 1951
..................... 3>6s, 1932
■ gold extended 3 A s , 1951
'
"
Spring!. Dlv. 1st 3.4s, '51
Northern Pacific Ry. Co.
"
Kank. A S.W .lst 5s, 1921 N o . P a c . R y . r e f . < im p l . 4 A s , 2047
L
'■ Cairo Bridge 1st 4s, 1950
“ g e n e r a l lie n 3 s , 2047
“
St. Louis Dlv. 1st 3s, 1951 ..................S t. P .- D u l u t h D l v . 4s, 1996
............................... 3As. 1951
D u lu th S h ort L in e R y . 1st 5 s , 1916
"
Purch. Lines 1st 3>6s, '52 S t. P a u l <t D u lu th li l t . 2d 5 s , 1917
"
Collat. Tr. 1st 3>6s. 1950 “
“
"
“ c o n s . 4s, 1968
Northern Pacific Ry. prior lien 4s, 1997
Lake Shore & Mich. South. System. St. Paul A Northern Pacific Ry. fls, 1923
L. S. A M. S. Ry. 1st general 3 A s , 1997 St. Paul A Duluth RR. 1st 5s, 1931
Wash. A Columbia Rlv. Ry. 1st 4s, 1935
Lehigh Valley System.
Pennsylvania System.
L eh ig h V a lley R R . Is! 4s, 1948
Pennsylvania RR. consol. 5s, 1919
'■
" c o n s o l. 4>6s, I960
Louisville & Nashville System.
“ consol. 4s, 1943
Loulsv. A Nashv. RR. Unified 4s, 1940
" consol. 316s, 1945
.....................
general 6s, 1930
“
“ consol. 4s, 1948
.....................
1st 5s, 1937
Western Penn. RR. consol. 4s, 1928
.....................
Trust 5s, 1931
Southwest Pennsylvania RR. 1st 7s, 1917
Evansv. Ilcnd. A Nash. Div. s. f . 6s, 1919 Phlla. A Erie RR. 6s, 5s and 4s, 1920
Loulsv. Cln. A Lex. Ry. gen. 4 >-68, 1931 Un. N. J. RR. A Canal Co. gen. 4s, 1923
Southeast A St. Louis Division 6s, 1921
...............................
gen. 4s, 1929
Mobile A Montgomery 4 A s , 1945
.....................
gen. 4.s, 1944
N. O. A Mob. Div. 55,090,000 1st 6s, '30
“
.................... .
gen. 4s. 1948
Pensacola A Atlantic RR. 1st 6s, 1921
............................... gen. 3>6s, 1951
Nashv. Flor. A Sheffield Ry. 1st 5s, 1937 Clev. A Pitts. RR. gen. 4 'A s A 316s, '42
S ou th A- N o r th A la b a m a R R . 1st C o n s . 5s,
..................... general 3 Mis, 1948
1936
..................... general 3 A 3, 1950
Allegheny Valley Ry. general 4s, 1942
Maine Central System.
Cambria A Clearfield RR. 1st 5s, 1941
Somerset Ry. 1st 5s. 1917
Union Pacific System.
"
“ refunding 4s, 1955
U n io n P a c i f i c R R . 1st 4s, 1947
Maine Central RR. coll, trust 5s, 1923
....................... lsf A r e f. 4s, 2008
Maine Shore Line RR. 6s, 1923
Miscellaneous New England Railroads
Penobscot Shore Line RR. 4s, 1920
New London Northern RR. cons. 4s, 1940
Portland A Ogdensburg Ry. 4>6s, 1928
Washington County Ry. 1st 3>6s, 1954
Burlington T raction Co.
Portland Terminal Co. 1st 4s, 1961
Burlington Trao. Co. 1st A refund. 5s, '42

. T h 0 bonds which have been eliminated since last year’s
list was published, not including those issues which have
m aturod, aro shown below:
Baltimore & Ohio System.
B. A O. R R . extension 4s, 1935

Housatonlc RR. consol. 5s, 1937
Danbury A Norwalk RR. cons. 6s, 1920
"
“
"
cons. 5s. 1920
Chicago Rock Island & Pacific Syst. Providence A Sprlngllcld R R. 1st 5s. 1922
New Haven A Derby RR. cons. 5s. 1918
C. R. I. A P. mtge. 6s, 1917
Naugatuck RR. 1st Is, 1954
“
*'
Ry. general 4s, 1988
Providence Terminal Co. 1st 4s, 1956
Maine Central System.
Pawtuxet Valley RR. 1st 4s, 1925
Boston A N. Y. Air Line RR. 1st 4s, 1955
Maine Central RR. ref. mtge., 1961
New York New Haven & Hartf. Sys. New England RR. cons. 4s, 1945
“
“
cons. 5s, 1945
N Y. Providence A Boston 4s. 1942
N .11 .A Northam .RR .ref .cons .4s ,1956

Bond Proposals and Negotiations this week

have been as follows:

ABERDEEN, Chehalis County, Wash.— B O N D E L E C T I O N . — R ert «tinnllnnnan ele.<
rtlon ' vil1 be held Sept. 20 to vote on the questions o f
Issuing $ 100.000 gravity-water-system amt 825,000 bridge-purchase bonds.
The water bonds if authorized, will take the place o f the $500,000 Issue
awarded on July 29 to Geo. II. Tilden A C o. o f Seattle. V. 101 p 634
It Is stated that $500,000 would exceed the bond limit.
’ P'
ABINGTON TOWNSHIP (P. O. Abington), Montgomery Countv

P a .— B O N D S A L E . — On Sept. 13 the $10,000 5 % 30-year gold
bonds were awarded to Warner & Fitzharris at 105.10 and in t., a
about 4 .6 8 % . V. 101. p. 709. Other bids were;
Newburger, Henderson & L oeb, Philadelphia____
Robert Cherry Jr. & C o ___________________
M artin & Com pany, Philadelphia_______ 11111111111
Jenldntown National Bank. Jenklntown_______ ’ * * ] * '

taxTrce
basis o f

m i 53
104 Oft
fn.3 132
101 062

--- ....
V ” -----.
----- K rA J Ovvin-IUOKUKUIUII DUHU5 < 0 11U UX1
0
ceeding b % int. A uth. vote o f 3o to 0 at an election held A ug. 03
Due
Sept. 30 1935, op t. after 10 yrs.
PiV.F01?> W a y n e )- I u d — B O N D S A W A R D E D
W , E /\,} T ~ N h f V O F I E R I A G .— Reports state that o f the two Issues o f
C
■ l ' A % highway bonds, aggregating $18,760. offered on Sept. 13. the $4,960

bonds were awarded to the Hamilton N at. Bank for $1,968, equal to
100.161.— V . 101, p. 864.
B O N D O F F E R I N G .— Bids will be received until Sept. 27 for $13,000 4 ' A %
highway bonds. This issue takes the place o f the $13,800 bonds which
were offered but not sold on Sept. 13.
ALPHA SCHOOL DISTRICT, M adera County, Cal.— B O N D S A L E
— On Sept. 8 $8,000 6 % building bonds were awarded to B lyth, W itter &
C o. o f San I'rancisco for $8,161. equal to 102.012. Other bids were;
Torrance, Marshall A C o ., San Francisco_________________
S8 156 00
G .
G . Blyinyer & C o ., San Francisco_____________ _ .
8 071 50
I. W . T hom pson C o _____________________________________ 8 047 55
D enom . $1,000. _ D ate Sept. 8 1915. Interest annually In September,

[Vol. 1 1
0

THE CHRONICLE

958

AMARILLO, Potter County, Toxas. — B O N D S V O T E D . — The elec­
tion held Sept. 8 resulted, reports state, in favor o f the question o f issuing
$40,000 paving and $10,000 sower bonds. V . 101, p. 789.
AMBOY, Lee County, Ills.— B O N D S

TO B E O FFE R E D

S H O R T L Y .—

W e are advised that the 5% water-works bonds voted A ug. 24 will shortly
be offered for sale— V. 101, p . 789. D ato N o v . 1 1915. Duo serially
on July 1.

ANGELINA COUNTY (P. O. Lufkin), T o x . —

BOND

E L E C T I O N .—

R eports state that an election will be held Sept. 18 to decide whether or
not Precinct N o. 1 shall issue $229,000 road bonds.

ANNISTON, Calhoun County, Ala .—

B O N D E L E C T IO N P R O P O S E D .

— An election will be held some time in N ovem ber to vote on the question
o f issuing $20,000 school bonds.
ATTLEBORO, Bristol County, Mass.— T E M P O R A R Y L O A N . — On
Sept. 14 a loan of $50,000 dated Sept. 17 1915 and maturing M ar. 17 1916,
was negotiated with Loring, Tolm an & Tupper o f Boston at 2 .59% discount
plus 50 cents premium. Other bids were:
Curtis & Sanger, B o s to n ...........-.2 .6 5 % discount plus 75 cents premium
B ond & Goodwin, B oston.......................- ..................... .......... 2 .92% discount
Blake Bros. & O o.. B oston....................................- ..................... 3 .09% discount

AUBURN, Cayuga County, N. Y . —

B O N D S TO BE SO LD L O C A L L Y .

__ W e are advised that the $4,580 fire-apparatus-purchase bonds authorized
b y tho Com m on Council on Sept. 7 will bo sold to local investors.— V . 101,
p . 865.
AUGUSTA, G a .— B O N D O F F E R I N G . — Attention is called to tho official
advertisem ent elsewhere in this Departm ent o f tho offering on O ct. 6 o f
tho $250,000 444% 30-year coupon tax-freo flood-protection bonds. For
details and terms o f offering seo V . 101, p. 865.

BEDFORD COUNTY (P. O. Shelbyville), Tenn.— B O N D S

PRO-

P O S E D .—

A ccording to reports, this cou nty is contem plating tho issuance
o f $200,000 road and pike-building bonds.
BENEWAH COUNTY (P. O. St. Maries), Idaho.— B O N D S A L E .—
On Sept. 3 the $59,000 bonds were awarded to Ferris & Hardgrovo o f
Spokane at par less $435 expenses for 5s— V. 101, p. 710. Bonds to maturo serially from 10 to 20 years, optional after 5 years. There were 21
other bidders.

BEXLEY (P. O. Columbus), Franklin County, Ohio.— B O N D S

N OT

S O L D . — N o bids wero received on Sept. 4 for tho two issues o f 5% streetim pt. assess, bonds aggregating $63,000 offered on that d a y.— V . 101, p.466.

at *10F 4.5'a n d hit'.—"v” mV, p. 865. ’ A. syndicate consisting o f Blodget &
C o ., N . W . Harris & C o ., M errill, Oldham & C o ., C urtis & Sanger and
Blake Bros. & C o. o f Boston bid 100.739.
BREMEN, Fairfield County, Ohio.— B O N D S A L E . — On Sept. 13
tho $5,425 544% 7-vear average coupon special assess, bonds, wero
awarded to tho llrem en Bank C o. o f Brem en for $5,519 39 (101.739) and
int.— V. 101, p. 865.
BROOKVILLE, Franklin County, Ind.— B O N D O F F E R I N G . — Albert
Trichler Clerk Board o f T ow n Trustees, will recelvo bids until 7:30 p. m.
Sept. 24 for $20,000 4 44% water-works-im provem ent bonds. Denom .
$1 000
Date Sept. 15 1915. Principal and semi-annual interest— J. & D .
— payable at People’s Trust C o ., Brookvillo. D uo beginning D ec. 15 1916.
Purchaser to pay accrued interest.
BUHL, St. Louis County, Minn.— B O N D O F F E R I N G . — Proposals
will bo received until 4 p. m . Sept. 20 by Axel K ilstrom , Village Recorder,
for tho $70,000 6 % 6 44-year (average) refunding bonds authorized by vote
o f 80 to 28 at an election held Sept. 1. Donom. $1,000. Dato Sept. 1
1915
Interest semi-annually. D ue $7,000 yearly Sept. 1 from 1917
to 1926 lncl
An unconditional certified check on some State or National
bank having banking connections in St. Louis C ounty for $3,500, payable
to W m Renlund Village Treasurer, required. Bids must bo unconditional.
T otaF bon ded d e b t ,in c l. this issue, $315,000. Floating debt. $99,094 74
A s s e s s e d filia t io n , 1914. $10,021,551; actual value, est., $20,200,000.
CAPE MAY, Cape May County, N. J.— B O N D S V O T E D . — Local news­
paper reports state that at an election hold Sept. 14, a proposition to issue
electric-light bonds carried.

reg tax-freo road-im provem ent bonds. Denom . $1,000. Dato O ct. 1
10 15
Int A . & O. at offico o f C ounty C ollector. Certified check or
pish for 2% navablo to Jos. I. Scull, C ounty C ollector, required. Bonded
debt, including this issue, $528,000; floating debt, $98,000. Assessed
valuation, $37,126,154.
CARMI White County, Ills.— B O N D S V O T E D . — A ccording to reports
tho question o f issuing $12,000 bridge bonds carried b y a voto o f 648 to 88
at tho election held A ug. 31.
CEDAR COUNTY (P. O. Tipton), Iowa.-— B O N D .SALK.— Reports
state that tho $50,000 county-farm -buikling-eroction bonds voted Juno 16
have been disposed o f.— V . 101, p. 61.
CELINA Mercer County, Ohio.— B O N D S A L E . — On Sept. 14 tho
onn 414% 10-vcar city-hall-im provem ent bonds were awarded to
S casongood”* M ayer o f Cincinnati at 100.05 and in t., a basis o f about
4 .4 9 % — V . 101, p. 710. There wero no other bidders.

CENTER SCHOOL TOWNSHIP (P. O. Kokomo), Howard County,

T n d B O N D S A L E . — On Sept. 3 tho $4,800 444% 5 44-year averago
school bonds were awarded to tho K okom o Trust C o. o f K okom o at 101.25
a basis o f about 4 .2 4 7% — V . 101, p. 710. Other bidders wero:
P . E . Iloss ________- . - - $ 4 , 8 5 3 t5 J. F. W ild & C o ., Indianapto M
Cainpbeir.s Son &
olis--------------------------------- $4,815 00
C o .J n d ia n a p o lis - ......... 4,821 00 Howard N ational Bank,
B reed, Elliott & Harrison,
K o k o m o .............................. 4,805 28
Indianapolis------------------- 4,8^0 00

Calif
m ent^bonds" at lOO'.SO'and int. Denom. $1,000. D ate M a y 4 1915.
Princinal and semi-ann. int. payablo at tho C o. Treas. Duo $6,000 yearly
M a v I from 19 36 to 1954 inch and $11,000 M a y 4 1955. Bonded debt!
d elu d in g this issue. $215,000. Assess, val., $4,351,083; real val., est.,
$10 000 000
Legality approved b y W ood & Oakley, Chicago. These
bonds wero awarded June 8 to Torranco. Marshall & C o. o f San i-rancisco
who subsequently refused tho same on account o f the notice o f sale failed
to bo published tho required number o f days.— V . 100, p. 2100.

CHATHAM COUNTY (P. O. Savannah), Ga.— B O N D

E L E C T IO N

An election will bo held Sept. 21 to voto on tho propositions to issuo $400,000
pubHc-schoM -bldg,-equ ip t ., $375,000 public-roacl-constr., $25,000 county
farm bldgs, and equipt., $50,000 coimt-house-addition and equipt. and
$50,000 reform atory bldgs, and equipt. 4 44% 30-yr. bonds.

CHATTOOGA COUNTY (P. O. Summerville), Ga.— B O N D

ELEC­

R E S C I N D E D . — The
election which was to have been held
A ug. 14 to vote on the proposition to issuo $150,000 road-constr. bonds was
called o ff.— V . 101, P- 467.

CLERMONT COUNTY (P. O. Batavia), Ohio.— B O N D

O F F E R I N G .—

Bids will bo received until 12 m . Oct. 4, it is stated, b y C . Searlcs, C o . A n d .,
for $10,000 5-14-yr. serial bridge bonds. Int. payablo semi-ann. Cert,
check for $500 required.

CLEVELAND SCHOOL DISTRICT (P. O.

Cleveland), Whito

County, Ga.— B O N D S A L E . — An issuo o f $10,000 5 % building bonds has
been sold to R . N . Berrien Jr. o f Atlanta.
CLINTON CONSOLIDATED SCHOOL DISTRICT, Hinds County,

Miss.— B O N D O F F E R I N G . — Sealed bids' will bo opened on O ct. 4 by tho
Board o f C ounty Supervisors, W . W . Dow ning, Clerk (P . O. Jackson),
for $8 ,50 0 6 % school bonds. Dato O ct. 1 1915. Int. semi-annual. Certi­
fied check for 5% o f bid, payablo to Hinds C ounty, required.
CLINTON SCHOOL TOWNSHIP, Laporto County, Ind.— B O N D

S A L E . — On Sept. 11 tho $16,080 5% cou p , scliool-houso bonds wero
awarded, it is stated, to the Fletcher-American N at. Bank o f Indianapolis
for $16,677, equal to 103.712.
COCOA, Brevard County, Fla.— N O A C T I O N Y E T T A K E N . — W o aro
advised b y tho M ayor under dato o f Aug. 14 that no election had yet been
called to vote on tho issuance o f municipal im pt. bonds.— V . 99, p. 1693.

COMPTON, L o3 Angeles County, Calif.— B O N D S A L E . — Tho State
Board of Control has purchased, it is stated, $70,000 544% bonds for $70,­
600, equal to 100.857.
COOK COUNTY SCHOOL DISTRICT NO. 36, 1113.— B O N D

S A L E .—

IT. T . Holtz & C o. o f Chicago wero awarded on M ay 22 tho $27,000 444 %
school bonds offerod, but not sold on M ay 10 for $27,028 (100.103)and int.—
V . 100, p. 1527. Denom. $1,000. D ato April 1 1915. Int. A. & O.
D ue yearly on A pril 1 as follows: $1,000 1916 to 1£30 lncl., $2,000 1931 to
1933 incl. and 83,000 in 1934 and 1935.
CROCKETT COUNTY (P. O. Ozona), Tex.— B O N D S A L E . — The
$27,000 (unsold portion o f $40,000) 5 % 5-40-yr. opt. road bonds have been
disposed of. V . 99, p. 1848. $7,000 has been purchased by tho Sinking
Funds and $20,000 was purchased at par and int. on Sept. 6 by tho Ozona
N at. Bank.
DAVENPORT, Thayer County, Neb.— B O N D S V O T E D . — B y a voto
o f 75 to 36 tho question o f issuing $2,000 5-20-year opt. bonds at not exceed­
ing 6 % carried at an election held Sept. 11.

DAVIESS COUNTY (P. O. Washington), Ind.— B O N D

O F F E R IN G .

Bids will be received until 12 m . Sept. 21 by John L. Clark, C ounty
Treasurer, for the follow ing 444% coup, highway-im provem ent bonds:
$6,000 Willard Bowm an ot al. road bonds in lilm oro and M adison Twps
D enom . $300.
m
**
’ •- ' ' - J*— m—
Denom. $160.
D enom . $170.
Denom . $140.

_

D ate Sept." 151915.'

_ _

Int. M . & N .

Denom. $93.

D uo beginning M a y 15 1910.

DEFIANCE COUNTY (P. O. Defiance),

O h i o . — B I D S R E J E C T E D .—

W o havo just learned that all bids received for tho $51,000 5% road bonds
offered on Juno 7 wero rejected.— V . 100, p. 1852.
Bids received for tho $48,000 6% 3-year averago d itch bonds which wero
offered on Sept. 7 havo been rojected.— V. 101, p. 790.
DENISON, Grayson County, Tex.— B O N D S V O T E D . — R eports state
that at a recent election this city authorized tho issuance o f $o0,000 5%
20-year viaduct bonds.
DEPEW, Erio County, N. Y . — B O N D O F F E R I N G . — It is stated that
Albert Sturm. Vil. Clerk, will receive bids until 8 p. m. Sept. 27 for $53,000
1-10-yr serial im provem ent bonds at not exceeding 5% in t ., payable semi­
annually. Certified check for 2% required.

DICKENS COUNTY (P. O. Dickens), Tex.— B O N D

O F F E R I N G .—

Blaine Speer. C ounty Judge, will sell at private sale an issue o f $12,000
5% 10-40-year (op t.) road bonds. D enom . $300. D ato April 10 1915.
Interest annually on April 10.
DUVAL COUNTY (P. O. Jacksonville), F la .— B O N D E L E C T I O N . —•
An election will bo hold Sept. 21, it is stated, to submit to a voto the pro­
position to Issuo $300,000 funding bonds.

DUVAL COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 1

(P O. Jacksonville), Fla.— B O N D S A L E . On Sept. 11 the $500,000 .5%
■in vrni- citr-mirrhaso building and equipment bonds wero awarded to
W ^ l f R o t h & Cm ^ f Cincinnati for $513,816 50 (102.763) and in te r e s t-a

l'^W .°Chapman &3J o . and Y a n L O U s % Taylor, Chicago----- *$514,100 00
Barnett National Bank, Jacksonville......... ..................... ............ .. 513,216 50

l'leiu.iticnarusor o u ., o in .,
5;............ —
........ ’ A tlantic N ational B ank, J a c k s o n ih lo -------— - - - - - — .— o01,090 99
Penn M utual Insurance C o. and Guaranty Trust & Savings
Bank, Jacksonville (for $100,000)------------------------------------------ 100,2o0 00
* This hid annears to bo higher than that o f tho purchaser's, but is so
given by the C ounty Supervisor o f Board o f Public Instruction.

EAST

Reports 1
were offe
.
cinnati, Stacy & Braun
at 102.275.— V. 101, P- 545.

‘

' I!

"

’

~

ELDORADO SPRINGS, Cedar County, Mo.— B O N D S

D E FE A T E D .

__Tho question o f Issuing $15,000 water-works bonds failed to carry at an
election held A ug. 24.

ELLENSBURG, Kittitas Count 7 , Wash.— B I D S

REJECTED

.—All

bids received for tho $100,000 6 % coupon funding bonds offered on S e p t.6,
were rojected on account o f being below par. V . 101, p. 389.

ELLIS COUNTY DRAINAGE AND LEVEE DISTRICT (P. O.

Ennis) Texas.— B O N D S V O T E D . — T ho question o f Issuing $125,000
drainage-system bonds carried, it is stated, at an e’ection held Sept. 7.
ELMORE COUNTY (P. O- Mountain Home), Idaho.— B O N D

OF­

F E R I N G __Further details are at hand relative to tho offering on Sept. 20,
o f the $35,000 20-year coupon court-house bldg, bonds (V . 101, p. 791).
Proposals for these bonds will bo received until 10 a. m. on that day (opened
o n hv F M H obbs, Auditor. A uth. Sec. 1960 to 1972, Idaho
R ev C od e sfa lso election held A ug. 10. Denom $1,000. Date Sept. 20
1915
Int. J. & J. Cert, check for 10% , payablo to tho A u d ., required.
Bonded debt, including this issuo, $154,300. Float ng debt, $11,000.
Sinking fund, $3,438 80. Assess, val. 1914, $9,117,912 93.

tails

2 0 -4 C ____
d iv ° b v J P F PDawson, C ity Clerk. D enom . $1,000. D ate July l 1915.
Inf. ,L & J. at the Chemical National B ank, New York. Certified check
for 815 000 reouired. Official circular states that tliero is no controversy
nr litigation pending or threatened as to tho corporate existence or the
boundaries o f the citv nor tho title o f its prosont officials to their respective

T IO N

CHILHOWEE,

Johnson

County,

Mo .—

BONDS

OFFERED

B Y

__Little & Hays Investm ent C o. o f St. Louis is offering to
investors $6 500 6 % municipal electric-light-plant-construction bonds.
Denom $500
D ato Sept. 1 1915. Principal and semi-annual int.—
Vre V s ' — payable at the Mississippi Valley Trust C o. o f St. Louis. Due
o n S e p t 1 as follows: $500 1920, 1922 and 1924 and $500 yearly from 1926
to 1935 incl. Total bonded debt (this issue o n ly ), $6,500. Assessed valua­
tion 1914 $137,293; actual value, estimated, $400,000.

R A N K E R S

$38,000,000: estimated value, $63,000,000.
" ETTRICK, T ra m p e a le a u County, W is.— B O N D E L E C T I O N . — An
election will be held Sept. 20, it is stated, to voto on tho question o f issuing
$75,000 railway construction bonds.
EVERETT M iddlesex County, Mass.— B I D S . — T ho other bids re­
ceived for tho two issues o f 4 % coupon bonds, aggregating $25,000, awarded
to 11. C . G rafton Jr. at 100.95 on Sept. 9. were:

CINCINNATI SCHOOL DISTRICT (P. O. Cincinnati), Ohio.—

O F F E R I N G — Reports state that tho Board o f Education will offer
for sale on Oct. 11 an issue o f $500,000 4 44 % 20-year school bonds in tho de­

nom ination o f $500.

CLAY COUNTY (P O. Brazil), Ind.— B O N D

Bids will
be received until 10:30 a. m. Sept. 25 b y M cClean Johnson, C ounty T reas­
urer, for tho following 4 'A % highway-im provem ent bonds:
J n (• )() Oliver Johnson et al. road bonds in Jackson T w p .
D enom . $180.
4 200 M W . Parkins et al. road bonds in Posey T w p . D enom . $210.
D ate Sent. 8 1915.
Int. M . & N . Duo one bond o f each issuo each six
months from M a y 15 1917 to N ov . 15 1926 lncl.




O F F E R I N G .—

E .M .Farnsw orth & C o .,B o s . 100.59 IN. W . H a rris * C o .,
C ropley, M c G a ra g lo * C o — 100.513|

FAIRFIELD TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Lilly

Chapel), Madison County, Ohio.— B O N D S A L E . — On Sept. 8 tho $40.­
000 5% coupon school bonds wore awarded to Stacy & Braun o f T oled o.
V . 101, p. 711- There wore two other bidders.
FRANKLIN COUNTY (P. O. Columbus), Ohio.— B O N D S A L E . — On
Sept. 7 tho $100,000 5 % 544-ycar averago emergency brklgo bonds wero

S E P 'i . 1 8 1 9 1 5 .1

THE

C H R O N IC L E

959

Denom. 3260 Date Oct. U 9 1 5 P\„b a V o ith Sec. 7629 Gen. Code.
t
Dayton Sav. & Tr. Co., Day. 102 07
Ohio Nat. Bk., Columbus 101 026 T i n o t ^ 2 \ &w 0r 9 i n innatl- 101 -630 1 to 5 years lncl. Cert, check for i n c nAhnnrvN •P i10 $2t)0 yearly from
^ _
ble
101 614 Treas required. Bonds to be delivered and m?Hb^ f0 aJ?ay,ar to Dist.
Jarson.^Son A C o., N . Y ___ 101.817 lillotson & Wolcott C o_
Davies-Bertram Co., Cln” lO l'iofi Iloohlor,Cummings & PrudP ° / r t p e o , ™ rChaSer to hay accru^cf ?n terest/0r Wlthm 15 days from
cion, Toledo_ ___
_
ini r.qo
<
n
Y_ ” 101’530 Bids will be receivechinitiF2 n , ^ 0, s5e^ae{')» Xnd.— BOND OFFERING__
feSiA a- gs;- a s : : g|» Equitable Tr. C o., N. T ol.IIlO lA S l for $14,000 4J%% 5 ^
S v ^ e p t * 21 hY AAA *FeI1’ County Treasurer
>
Sidney Spltzer & Co.,
Gillam Township, "ficnom
Jomcs P- Deselms et ai road bonds in
Weil, Roth & C o., Toledo__ 101.280
R. L. Day & C o., Boston__ 101.180
Hue S700 each six monthTfrom Mav l f f o i P f ' P5 19>;\ hit. M A N
lt ? c v n& l & Mayer, CinTllOl.^lO Hpltzor, Rorick A C o., Tol ._101.073
CnC
JOLIET TOWNSHIP HTPir qr-iTT^rtr10??0 N ov" l j 1925 inclusive.
ht* C m i1 raun’ i o l °do_____101.631
Ai^
"
----------W ill C ounty, 111.—
? ? ®7 EI ,c t < - O. Joliet),
p
BOND Of’E R R / Y r ^ n ^ mCnt °f accrued interest.
i

^

11 000

W ' l W o c t ^ f f l S : 000 yearly 011 ° Ct- 1 from 1916

o « y ° C

» o S

r .

Z A M & n l\ h
i
i

«a r*

chaser. Date Jan. 1 19lfi
& ; t , ° n5r moro than 31,000, to suit n irpayable at office of School Two nc ^a
semi-annual interest_T S ?
r

’
to 1919 K W b 0 b°o t - l 1920 S2'000 yCarly ° n ° Ct- 1 from 1916
nc
" ‘I W
W
S t t / g k - “ At. A. * O. cert, check (or cash)
re^fy R ^delivery^on^^oTsalo^0^ ™ ^ ^ ” ?1 8’^ 0
^

^^nncls'^vilF^e
f

for examination o f ^ . “ ^ S k l W i & ^ ^ l S S ^ J S r 611 PUrChaSCr
I nd—
T OWNS HI P (P. O. Freodom), Owen C ounty
Trustee, will receive hku'i.nVn o statcci that It. B. Franklin, Township
4 ^ % si-hooldmuse bonds.

2 P’

Sept- 24 for an issuo o fS H U s g

— B y 'aTvo?e(nf 9o V h ?SM5g )' ' 0 h l ° County, W. Va.— BONDS VOTED

GOFF, Nemaha County, K an.— BONDS V n r r n
mi
.
t e i l ^ SO.DOO 5% electric-light-plant bonds, c a r r i S at ™ ° c 8 S X - ° d

-S f°ue 3900 yearly-’o

n

^

, 0P a V 's e p t .° 15~~ i 915.' In t’.

BSndV'W e 'd e lT v e 0
red°and p a i d T o r ^ S t °

Purchaser to pay accrued interest

thm ten days from time of a?vard.‘

At t h e t K ° ^ eIf a “ a'°O h C o u ^ ; M ich-B O N D S D E F E A T E D slap
K “ eral.and,S 75,°00 mortgage) m u tS te in a f^
®
$975,000 ($900 000
ioht-extension bonds was defeated__\P HH^jf “ pt and S350.000 electric-

s

a

s

k

i

s

Ls 1930 incl.,7 and0 M f f ™ m T 9 r P t yo 7 9 2 5 i n c l 'S i f f i f n
> ,0 °
to

• (P. o. Pollock), L , . _

s D u e o ns'o c t .'T e

$5,000 yearly from 1931 to 1935 ?Ac?° yearly from 1926
EPENDENT SC H O m .
_

•Uily $25,000 5% 1-13-yr. ser. building and cauii)Im^nM?rc ,awarc^ during
0(l
Denom. 3500. Date July 1 1915. Int.
4)onds at Par and Int.

dnunaUJuly. 1 ) interest p a y a b l e j *a^' y 4 1915, p rin and
30 1940, subject to call oneor more of saidbondf
, °y-s'>r- Due Juno
K
<iobt, including this issue 3^0 non
\c ^-XterJuly l 1925. IlnnrioH
Certified check for 5 % of amount o f bid paylvble'to^hfl1^ 15, ??»894»936 50.
catJon, requ,red. These bonds were p r ^ ^ l g ^ 6
^
KduM ah a ^k E ^ C ou n ty^ l’o w a . ^ ^ ^ /C R ^ ^ ^ n /B,I„ST R I P T

—
5-

............„ „
»™

ir n u ifS g J S -s S S ^ . g lK g j
water-works and sewerage-system bonds

OEFEBIN Q . __ D is-

p. m . Oct. 4 for the SI 17 000 W ‘ir u l!,. . reas-- will consider bids until 3
in V. 101, p. 866. Cert, check for*2%required1 6 fund*nK bonds mentioned
K

A

$ S ^ ^ v i ^ F 0^ l ^ ^ O O L
m s n i C T (P. o. H a rla n )
$ 9 0 ,0 0 0 , h ig h -sc h o o l-b u lld in / and Cln nno ~ Z 1 V' proposition to issue
carried, it is reported, b y a vote o f 559 to ^ a s a n ^ f o C ol-building bonds
V
at an election held Sept. 3.— V . 101? p . f i a f f and 018 to 127. respectively?
H A R T F O R D , C o n n .— B O N D S A W A t> r tj? r \ mr
local newspapers o f Sent. 11 3 1 Hi
P A R T . — A ccording tn
H A V t N S V I L L E , P o tta w a to m ie G m i n t n
rr
r~ A,n ®lnct*on Will bo held Sept. 23, it is s?at^ri^a n ' — ^ O N D E L E C T I O N .
issuing $8,000 electric-light-plant bonds sta tcd ’ to voto on the question o f
COUN TY

IP

o

O.

L a ce y )

S

__ A vote

6 questlon of issuing 315,000

B S K

o .

ko„o0. 2 par ,*nd S T
a

c o n t v e ,,

S S j t e a , 27
D e S o ° ' S ert
y
S
m
E t & u i 'n ^ l H O O o S S 1
on Mar. 1 from 19i7?o I^ O in c l ‘ gfnn ;an!1, , Duo as follows: 3500 y S
our°Iart
to Sept. 1 1924 inch, S500 Mar i ' and^*
f rom Mar. i 1901

repcfrt!— V f ° l o i , ^ 6 3 6 ^ * totai of Sllf/.OOO d & s ™
'
H A W K IN S

<p-

for the 316,000 5% building b o n d s recently i w a ? ? ? S' t T 8 0 i,rico Paid
7
* ? Vn n n SJT J.f & D.
a'ik ? Dskaloosa w a s p a r — 10 1 d 701 to People’s Trust &
V?
31,000. Int.
P. 791.
D e n o m3500 a n d
.

»X : iM

f&

S 5 S a a “ “ ^

f l f e r 1. frocm r ffi&
e

poo- '

71VO.— Proposals will bo received u n ti? f2 m ^ O et’ 0'r, o n ? } - — n o N D O F F E R man o f tho ( ounty C ourt, for 3250,000 o f
2 b y I ’ B - Stamps, Chari
borids authorized ^by A ct o f Gen. A s s e m b l v ^ W o f SWO.OOO' 6 % road
D ato Jan. l 1916. Int. semi-annuailv
rw, °*c.??eiln ' D en om . Si 000
Jan. 1 1921. Certified check or cash for 2 V
yearly beginning
man required. The entire issue o f ,3450 a n t i ,,,aya,)lo to tho above Chairln denom . o f 31,000. Due $15,000 y ^ r l v T ^ ,11 * - / 4 tJ,° rat<! o f 5%
1,
inch Ih ese bonds were offered without success on
1921 to i960
HDRICICS C Q IIN T V r p r, t^ „ _ 1C0. SS011 s °Pt- 1 •— V . 101, p.867.
C

-n^y.^Oh ? ? — n o N D O F F E R /N c R I ? r i ,(P -in9 - J o h n s t o w n ),

f t * 3li-year
Denom. $250. Date Oct 1 1015 “ i°.n S\ i u th ,.Se<= 7629, Gem Code
i
payable at Citizens' Bank in Johnstown
Due S t n ’l ''" ^ int.— A. & O —
April 1 1917 to April 1 1921 inclusive
v h six months from
?ac.
M
>1°
P? « . Hoard of I'ducaGonfVoqtorcd^led^ fe p k
J0% o f bid?
tional. 1 urchaser to pay accrued interest.
* ^*lc*s musfc bo uncondiLIM A, A lle n C o u n ty , O h io . —

a

a

BOND

a

f t

rcrm vT

a

:

» &

P«0/Y1.S7.:D— A,?YlecTilnwill be hetd some ttae'to
ELECTION
the proposition to issue road-construction bonds. Scptcmhcr to vote on
Au ' , , lcllarus A C o., Cincinnati
............
" v n i:
J.
C . M ayer & C o., Cincinnati................................................
Davies-Bertram C o., Cincinnati
Spitzcr, Rorick & C o., T oled o____" I .........................................
Brood, E lliott & Harrison, C incinnati'
Hoohler, Cummings & Prudden, Toledo
.............................
Stacy & Braun, T oled o................
.................... .................
5 ,v ^ . Doiiings C o., Ham ilton____I " .........................................
o i u ^To rd N ational Bank, C in cin n a ti.!......... .......................
t

46,049 50
46,033 50
46,011 40
46,001 06
45,952 10
45,926 40
........ 88
45,919....
45.915 32
45.915 00
1 B m m aVinBS i!ank * Trust C o . ,"Cincinnati...........................45,915 ()5
PRIVATELY W ,» lam«on County, III— B o n d s ' N O T VnVrV 40,898 01
(ioi)
Clerk

'1 *
',’
»<»"' bo offered at private ^ l n
hatr?a y - V. 101. p
D a t° day o f sale- Due 37,500 yearly
W . G os“ eil$i|°Town

I?Id ' T / i
| ? p f 13 ' the
school-house warrants were awarded it is

Countv,
\° ^H-year average

or - t s s w i z r f f i . t M i- * « — -*• <
it 5
& Co. of Boston at 100.48.

°°°

HALE.— On Sopt i 3
% b° nds " as awarded to F. S. Moseley

t r ^ o f l i m w f 'o S r t S f S S S ,.r e * ™ ."
S i J t e S

& S C g » -®

S C H O O L D IS T R IC T

s ^ b5 9 f — f f i d f a C I S a ™ S

U b e r t o h '- r „ " s^
Sent. 2 th l, t o w i f f i S S V ’t W
i

7) ? ^

. t e “ - s i -»°5 s j s
i o f f i „ S r? 2 T b o a d s a l e — o n

^ ^ C A R T H U R 6 VI^LAGE
CHOOL^ D
ftnuUng » a n ^ r e ° a ^ d
fl^

^ T H
“S

I C

*
£2

0 f?P ^ I h L °°

^ M A n p p ?A" m U f° r 51,201 D 00.083) and in?— V° f o ? ^ * n ^ Unty N at?
thM A
theE^ t i “ ahllda s
4 H % bldg, bonds was awarded to^th o'iu iS u Scl)t• 9 an R su ifof S 5?1
n»n
cquar to 100.250. Other bids were- h M lch ,« an N at. Bank fo ? % y ;5 ’A « 0
Highland Park State Bank
* 0 5 .1 3 8 ,

Harris Trust & Savings Bank. Chlc'agoV.............‘ ............................... ..
HOWELL, Livingston County,
----------------- 55.056
H i bo received until 7:30 p. m. Sept 2 0 h ? f T / WiV?? OFFERING.— Bids
T
(5,000 5% coupon pavingfionqgvoted^*
'
1 1 9 ,15- Interest annually-on Smt
1928 and J tlUu

S

W

V O T E D .—-Reports state

M A D R ID °S 'L inS 512,000 bri*iL
ft1S
?e-construc t?onSionds ° 73 in faVor o f

the ^ ^ ^ 0 ? ’H - y ^ r ^ ven^eSnaSdd’ Wator~Edstrict
L p 1' 0 C^densburg Bank at par for 4J^s 1 V 101 n W ®
A Co, of New York also submitted a bid.
101 ’ p ’ 792,

Sept. 14
w0re. awarded
H - A - KaJhler
O FFER IN G .—

sower bonds! ° Uy 4’reasur®r. for 375.000 4% l-lS -y e ^ s e J la l^ d g fa n ^
MARION COUNTY fP O
.

bonds payable w t u y .a oik requ

debt.

Assessed val. $2,175,000.

---------- ™ »,u w ; no rioatii
Ang.U n C oun ty C a l i f -

t 0 I N m * iS * T w 0n t0 V0t0 ° n ‘ ho 9 uestion of?issifing school h
|l,|tr1^ ProP«ses
CaVoRIM ic ln ^ /]o A r .? Y07^v/ Jf —
D
vo ^ d to J ^ uo $25,000 building'bind™




U ^ T RI CT J
®I
Q
ar0 adviswl that this^ d i s t r i c t s

p ^ t ? w»UUUS^wure. ST* no*>
A . 15. .Leach^ C'o .. N .: Y03;206- on
&
Tillotson A W olcott C o . I 33i078 40 Ohio Nat. Bk., Columbus S33 nno tc
Seasongood < M ayer
&
‘*‘* n7 i nn Sidney Spitzer A CoMTol 33 00? In
Field, Richards A CoV
Cincinnati_______

qq

’ 7 °° Hoeliler Cummings
Prudden, Toledo
ons ro

&

60
q2 009 in

£tacy & Braun. T o le d o .":; 33,037 77 Security S. B. & T r 'C o " 82-J82 40
foled o----- . . .
* on Q nn
*.n
Brov . S .B .& T r. O o., Cln. 33 027 20

BUUOT COTOT'?°i.3i 0,4
1 nj?

S.P ., 13 tho lout

Hayden, Miller & c 6: f“c ie 39
nn
Spitzer, Rorick & C o., T ol. s l | « 50

Co^crf imS^tMpolls for
m a pv

[VOL. 101.

THE CHRONICLE

<)60
^ ttttTP

0 7 bv j
R ead V oigt, M ayor, for the $50,000 5 % 30-yr. sewer bonds.
— \ 1 0 1 p . 637
T
$ 1 , 0 0 0 . D ate Sept. 1 1915. Int. semi-annu­
ally'in N ew Y ork . C ert, check for 2 % o f bonds bid for, payable to W . S.
Beck T ow n T rea s., required. Bonds will be delivered in Chattanooga
or in N ew Y ork at purchaser’s option im mediately after they are r ^ d y fo
sLnaturo
Purchasers will be furnished without charge opinion o f Caldwell.
M asslieh "& Ret™ o f N ow Y o rk approving the validity o f bonds payable
tar nrovided in and lim ited by tho town charter. Bids must be m ade
on blank form s which will bo furnished b y the M ayor. Purchaser to p ay
S c r i e d i n c “ B onded d ebt, this issue $50,000. Floating debt, $325.
Assess v a l., $721,620: actual v a l., $1,750,000.

D e S .

-aStms°s o f about

Y u b a C o u n ty , Cal."~B0JVD SA LE .

On S©pt. 3 tho

Bank o f Savings, all o f M arysville, at Par.— V . 101, I>' 792.

$ 15,000 road bonds carried, it Is stated.

__

Dn,r n Q^rp

jg S B f.S S a S ^ i^ V iS S S S S !^ ^

5

»

^ ra sa r "

a" “ 7 ‘

urowTTT W FM PSTEA D (P . O . M a n h a s se t), N assau C o u n ty , N . Y .—
•»
$2 000^ I n f M &S
S D u o $2.000f^ a r ly on Sept. 1 from 1920 to 1934

B O N D S A L ^ O n S ep t

i ? ' 1 .1 h l ? r t & CobWN e r Y V - 4 . 6 0 s . r. ......... ................................- 1 0 0 .0 ^
A k
e
♦For tho $8,000 water bonds only.
M rT C S OOTJNTY (P. O. D e c a tu r ), T e n n .— B O N D S V O T E D . - R e­
p o r t S fhat Uie proposition to issue $ 1 0 0 0 0 0 road-im provem ent bonds
carried at the election held Sqpt. 2.— V . 101, p. 469.
_
M E L R O S E , M id d lesex C o u n t y , M ass.— T E M P O R A R Y £ 0 - ^ - ~ - O n
qonf 1 ? tho loan o f $50,000 maturing 330,000 June 22 1916 and $20,000
A ug.' 4 1916 and issued in anticipation o f taxes, was awarded to Horace
G . T ob ey o f W areham at 3 1 4 % discount.— V. 101, p- 867.
Other bids were:
D is c o u n t.
Discount.
Salom on Bros.&TIutzler ,N -Y .«3 -29% Curtis & Sanger, B oston --------3.49%
R . L . D ay & C o ., B o s t o n .-.3 .5 4 %
Old C onoly Trust C o ., B o s ..5 3 .3 9 /, Cropley, McGaraglo & Co -.3.50 2)
Blake Bros. & C o ., B o s t o n .. „ . „ /0 Goldman, S ach s& C o.,N .Y .a 3.97 %
3-42^,
„
„
L oring.Tolm an& Tupper.B os. 3 .4 4 "
a F o r 'ju n e maturity.' b For August maturity.
..

G ror B G ib b o n * & C o , New Y o r k - 4 YOsI 1111111111111111111100'.09
N
N O R T H YAKJM A;>
not thiscity 8 shalUssinJ $80,000
__ On
PAPTP'IfJ C O U N T Y (P. O . S o u th B e n d ), W ash . BOND SALE. On
F A O iir io u u u n i . * v*- y T
0f Seattle, purchased at private sale
Ife T o r

, * .W J V O *

P A IH E SV U .L E I * ! 1”
4 l r e S f c s iT o o o .
^ * S f d ° t o 5 | r S a 'f E n “ S 4 “ & s o » o f C ln. at 101.101 and l o t . “ • Other bidders were ■

S f f i & T S f i K B a n k f c i f - 101-0221

. ^M M
SentD 2 l0 i^ is^ afed ^ to'vote*oiP the^ Jm erttS is " o f t s u i n f $360 000

M

e f

^ a -P O ^
and i n t .- V . 101. p.

construction and $20,000 hospital-erection bonds.
m t a i /yt f ’ nTTMTV / p
o P o ru ). I n d . — B O N D S A L E . — According to
r e S f s ” he P3r^t N a t.(Bank*of Peru has been awarded an issue o f $4,120
hlffhwav bonds for $4,125 25, equal to 100.124.

!l°0 d 1 3 3 ) as
n0
e
D ate July 1 1915.

Denngm B
o
$500 an°«S $1,000.
Interest annually on July 1.

Certified check for $500 required.
PEKIN Tazewell C ountv, 111.— BOND SALE.— Wo have just learned
F&K.J.N, x m a n & C
.vardcd
that C o u n s e lazeweii o . o f C h l c a g o w w e a„w ^ r a e at par and Int.non Marcho8
D o o m . 85 f r

„ M SST O SM B SE a &K S W a je s u s ®
'&

f^ j^ iir s ^ s ^ s T r s !£ s ^ . ^

yearly beginning _
Sept. 1 1916.
_
_
2,811 02 N o. Grant St. Improvement^bonds.

D enom . $280.

an is s u e o f $48,000 4 H % coupon ■ « ««§ ™ ‘I nt^ e s t annually on April 1 at
$100 and <9 tor $500. D rte A W U l W t as follows: $500 1916, S i,000 1917
C1¥ ,T K o * ^ ^ n n iq to > 2 0001920 $2,200 1921, $2,400 1922, $2,500 1923,
!
«
’W
M
r
»
2
m
$3,000 1929, $3,100 1930 to

P.
„

^ mIC K E TT^JO i uNTY^flP*.^Byr'dstown). T ennby H. O. Winn Ingham,
P 'g k e T T G t U « x x \r.
j
Oct. 1 .— BONDOFFERINO.
i f y ° o f Hlghwiy C o S m T i , for $18,000 5% 10-40-year (opt.) bonds,

D ue part

?oar h t a 10 d B m t C o f award. Purchaser to pay accrued interest. judgments a ^ *“ st the c i ^ ^ r str . fc 000 lnclnerator-plant consiruc. bd s.
y^
M IN N E A P O L IS , M in n .— BOND OFFERING. Sealed proposals and passed p r o v i d m g f o r the issuance o■ »
SALE. - According to local
nooular subscriptions will b e received until 3 p . m . O ct. 8 b y H enry N .
sola an I»U 0 ot .13,600 Judgment bond, to
K n o tt, C ity Clerk, for $15,000 4 % bonds for making a physical examination
INDEPENDENT SCHOOL DISo f the properties o f tho M inneapolis Street R y . C o . D ate N ov 1 19 5. Howard, Stoxnons & Armstrong.
PLYMOUTH CONSOLIDATED G ordo C ounty, Iow a.-D E S C R IP Principal and semi-annual Interest, payable at the fiscal agency o f the C ity
T R IC T (P. O. P lym outh Co
bonds awarded on Aug. 31 to
o f M inneapolis in N ew Y ork . D ue not less than 1 year nor m ore than 30
TION OF BONDS.— The $15,000 bu llin g
f 5% and
do
vears at option o f purchaser. N o proposal will bo entertained for any o f
I n t ' J ' & l S ' D u oseria lly
The a b ove bonds for a sum less than 95% o f tho par value thereof and
accruod interest on same to dato o f delivery. Certified check for 2 f0 c f to 1924.
___
- n B , n . TDATED SCHOOL DISTRICT, Hinds
POCAHONTAS C ON SOLI
— Sealed bids will bo opened Oct. 4
bonds bid for. payable to the C ity Treasurer, requirod.
C ounty, Miss.— B O
(P. O. Jackson), for
“ tS o f f i c i a l notice o f this bond offering w i l l appear next w e e * among the by t h o B o a r d o f Co. jSi D O l i » . ' w • Downing, Clerk semi-annual. Cert.
Supers., W
X915. Int.
$5,000 6% school bonds. Date^uct.
r rnnllirpfI
advertisements elseichere in this Department.

AshevUlelor $30,250. equal to 100.833.‘- V . 100 p. 1528.

__BQND

ELlWTpON*— A ^ e lS S S o w U l beheld Sept.118 to°vo?e’on the propositions

fo K

wOO,000 Morgan District and $140,000 Union District road-impt.

' 4 V 0 0 y ar
yea rlyCi^ BSSf.
1 9 ? » W « W 2 h ^ 2 f f*rt Sem
'
M nvTT.bE W o o d b u r y C o u n ty , I o w a .— BONDS VOTED.— B y a vote
of 9 1 t ^ l t h e ’q S o n o f Issuing $6,000 5 ^ % 10-20-yr. op t. funding bonds
CaN A C O G D O C H E S h C O U N T Y ' COMMON
SCHOOL
D IS T R IC T
S A L E .— The $12,500 5% 10-40-year (opt.) building
bonds“
reglst«>edBb y ^ e State Com ptroller on A ug. 19 have been purchased
byf i r o o D O c S s I

ndependent

sch ool

,

d is t r ic t

(p

B A w ^ t a w n M « 7 TEM PO RAR Y L O A N .— It is stated that this city
6
P O R T negotiated a h TEMPOR
recently L A N D , M e.—lgh -^ h ooi loan o f $150,000 maturing in six months,
o i| io o ^ iscount
with Bond & G oodwin o f Bost
, *n d
BOND sA T E On
PU TN AM C O U N T Y (P. O .
bonds, aggregating $5,480
Sept. 6 tho two issues o f 4 'A % highway imp
o f Greoncastle as folwero awarded, roports state, to tho l'irst ina l ­
lows (V . 101. p . 715):
. f
. 9 4 2 « (100.233) and int.
$3,420 Obenschaln road bonds
$3.4218 i i and in).
2,060 Irwin road bonds for $2,065 (lun ^ 1 i
, __BOND SALE —
R N D O L P bid O ere.received ^ for t h e J 1 3 ,iu u 4 / % 5 ^ -y e a r average
A V 0p the $13 100 l f
?
A
T he AfollowingH CswU N T Y
__________

o

ron -V ^ isrC o.So f H o u s to rh a s 8p u r c h S t h J w S o O O f i ^ i ^ O - y ^ r (opt")
aC
F - w i l d * C o ., i:nap s .

etch«

^ ir ffw ic v

TI

J — TEM PO RAR Y L O A N .— On Sept. 14 a loan o f

ti« w M O T 0 8 D

‘ B r is to l C o u n ty , M ass.— TEM PO RAR Y L O A N .—

I h ^ o V & b r t d p loan N o
17.482 75 ^

^

2 bond,

D «t| M ^ l

1915.

D u . 31,000

“ s I p T l 1910.1*JtS8o‘ V e 5 l ^ » S K * j l M

D enom .

W

V S W

i B k

l

?

a,

ta

* - “ Indianapolis................
13,115 00
L A Y A AND BAYOU BOEUF LEVEE DIS-

SlooSSSfSFJSSa£

v -101’ p-m - ’n“ te^

“

T ^ ICw F IE L D ,° ' S ovier C o f n t y , U ta 19.— B O N D Sawarded, it Is$25,000
v il r'VC o
y
h have been A L E .— 'The stated,
R r f H v tw t Tt
i c i - p - 5 4 s- D on om $1w ? o w T K n ^ C H O O L T O W N S H IP (P . O. M etz), S te u b e n C o u n t y ,
IA
C
x ¥ C m v n Dq ? t ? r - O n Sopt. 10 the $8,000 5% 6-yr. average school
In d . B O N D S A L E . O
e^ & C o o f i ncuanap0iis for $8,171 (102.137)
bonds were awarded to J. f . vvim
Other bids wore:
and int., bonds furnished free.— V. i u i . p / i o . e m u u .........
00
K.
M . Cam pbell, Sons & C o ., Indianapo s .............. ................... 168 00
Fletcher American N a t. Bank, I n d ia n a p o lis .................
.*8,167 00
H anchett Bond p o . , C h i c a g o . - - - - - - ------------------------------:::_ _ _ .x 8 ,1 8 7 75
Bolger, M osser & W lllam an. C hicago........... .....................
....... 8 0g0 00
First N at. Bank, .. .......................................................................

U uougb
B I O ^ O R A N ^ E ^ D R ^ ^ O ^ D D ^ ^ C T ^ P ^ ^ M o t it e ^ la t a )^

n n r P A N ': L a — B IDS REJECTED .— T h e following bids reN K W P A E A N S , L a . xda / o n
p riv i!ego o f registration as to

^tadpL TA Sdulon0®

^ M e r e t l on SeP 13 were re je cte d .-V . 101,
pt.

-

b o n d

S A L E .-O n

S en t.

4 W

^ ’^ ^ V d S o r a d o Springs at 96.10.

^nitzer Rorick & C o.. Toledo, par and int. from Sept. 13 1915.
*SlThe abovfbid s5wero rejTOted, w fa re advised, on account of being "in-

• ^ B f e c C S a S




X 'Z ^ T s A ^ -O n S ^

Interest.
3.35II
Goldm an. Sachs 3c C o ., N ow Y o r k . . ------------- ---------Salomon Bros. & Hutzler, N e w Y o r k - .
I . .1 .1 1 3 .6 0 %
Farmers' Loan 3c Trust C o ., New Y o r k - - .........
*
H ibbard, Palmer & Kalbfleisch. R ochestoi----------------/«

Sept 18 1915.]

#

« S

«

THE CHRONICLE

3

£ a i= £ a e r™

961

Bid?T^in^T COUNTY (P. O. Shelbyville), In d .— BOND OFFERING__
Treasurer5 for'theItollow!ni'j.U w ' k 1 ' 25 by W> A ‘ McDonald County
^
$6,460 Jos A RfYleni nu?h0.t4 ^f
r
5 ii.'ye5 r ,avT
erage highway-impt. bonds:
5r qrn Tn5:[ A •Rodenbough et al. road bonds in Libertv Twp. Denom. .8323
6 526 n n Il ; ^ o li™an ot al. road bonds in Liberty Twp Denom $298
6Dft°e SepJ l ^ T f ^ r n l M T f t ? , in
t‘.
D e S Z .' $326.'
months from M ay 15 1916 to Nov is 1925°ind U ° fCaCh 1 10 each sbc
55X

*

electim ?'^^question°of is s u in ^ i’n
V®TED-— At a recent
vorable vote?
1
" $ 10,000 water-works bonds received a fa-

Trs r ^ » r ° ' cc<iinK ’ "“ M tS L S i 2&c£Md<SEfor ra,'“rc<
'
‘-

1916 to N ov .” 15 1925 inch N ‘

° U0 52,800 cach slx m onths 7ron‘ M a y 15

from July 1 1917 to .Ian 1 m o w n d ™ 1 ?s17 ,ai ?dJ 87^ 0 each six months
County bank for $100, payable to Township Trustee r e a M . * Lawrence

NoS a ? e ? d S a t e { i M ^ t e
S
M* 3S— ™ P O R A R Y LOAN.—
P R O P O ^ Z )7 R « n « 2 ? E Y* (£ : ° - C la y to n ), M o .— B O N D E L E C T I O N
—
dated Sept. 7 1915 and Nov 5 191 5 royA aS awa5ded a loan of $200,000
A
an election to vn?«
♦
»?tate t Aat a Petition is being circulated calling for
2.20% discount.
5 1915 to Morgan & Bartlett o f N . Y . at
2 ,
° ? th0 question o f issuing 83,000,000 flood-repair bonds
be received nm n i°ob anna C o u n ty , O h io . — B O N D O F F E R I N G . — -Bids wil1
i-_R IN G FI t,LD SCHOOL DISTRICT lin lor m /v r» .
,,
i n i / ' od unl 12 m . O ct. 11 b y Geo. Holmes, C ity A u d ., for $12 000 5<y
Sangamon C ounty, Ills.__B fW n s n iw p » p n 5,80 ( f ; O. S p rin gfield),
S I 'o o o e n l t ^ Q 1 r.efunding bonds. A uth. Sec. 3916, Gen. C ode. D enom
°
Peck & Rockwood of Chicago are
BX BA^ E R S .— Emery
from 1025
\ 19V?'
Int M . & S. D ue $1,000 yearly o n S e p t l
10 *4-year average coup. Z ld in g bonds the
5400,000 414%
( ’ i ( ? T r 3 . „ to 1030 ln,c l- Cert, chock for 2 % o f bonds bid for?p a y a b le to from Aug. 10 to Aug. 17— v . 101 n 54« tnrr™le ° V y ldeh was postponed
from
re(lu>red. Bonds to be delivered and paid for w ith in \ o d ivs
1915. Total bonded debt .8530 non J
jnoini' $1,000. Date Sept. 1
trom tnno of award, Purchaser to pay accrued int
lu adys
state SL?!5,°9i C a lif.— B O N D E L E C T I O N P R O P O S E D . — Local papers
contem plating the calling o f an election to vote on the
i^ uanco ot 3100,000 Mission Valley pum p-construction &7R 000 ro«nm,; ,
b on d sUCtIOn’ $55,00° em ergency reservoir and $25,000 immigrant station
s r m m v S K , ' f rie C o u n t y , O h i o . — BONDS T O B E O F F E R F D
Y
S H O R T L Y . — Local newspaper reports state that this citv will shortiv effn?
for sale an issue o f $98,000 sower bonds.
y
shortly offer
S A N D U S K Y C O U N T Y (P. O. F re m o n t), O h io .__ B O N D
Bids for the tw o issues o f 5% road bonds, aggregating $43 Q00 o f fared nn
Sept. 15, weroas follows (V. 101, p. 715):
*
* » u .J U 0 , oflered on
Seasongood & M ayer, C in c in n a t i............
*895 958 nn
< t « o i Ko r
Field, Richards & C o., Cincinnati______ _________ 3 5 3 5 I 59
$x o f n nn
............ 35 3 5 3 nn
* s ’o 7 ? no
Davies-Bortram C o ., Cincinnati............
H ornblower &
Cos, B oston..............
.................. 3 5 3 0 4 5 0
8 ,9 7 1 0 0
Stacy & Braun, T oled o______________ _________oH y J J
\9.
v - .- .- .- j;
Continenta & C om m ’l Trust & Sav. B ank.'C hicago
o e l no
Fitth-Third N ational Bank. Cincinnati . ’ _
g '$ '§ 1 ^
-R - - -„-g=
-Q
no
o S in
Ifqehler, Cummings & Prudden, T oled o......... " I ”

1

35
35287

8.938 00

S

§ «

C

% e± E E E E i III I

Providont t S k i , a M S - S * w r . o i s s f n m t i : : .1 :1 $ :™
8 :9 2 8 2 5
m .u r ., ,
.
.
_
Bias f o r T o t a l I s s u e .
Field, Richards & C o .. Cincinnati
*'
Fifth-Third National Bank, C incinnati..................................... - - 544,319 47
Continental & C om m ’I Trust v Hav' n l n i f o M --------------------44,209 25
Otis & G o., C leveland_________________
* T h e jo bids were successful.

_____________ —

^*12500
44,025 00

Jo h n so n fc j iAr^rafretary^ wiM
°ecefv o
C"
S?d7^ * 80^ { ^ ^ to r “ g % ^ ° n 5 %
A u g .2 4 1915. I n f 'F 92! ' A R at
T exas'. O enom. $500. Date
Bank, N . Y . B on d ed 'd eh t ‘ inei ^ „ Ma5cosJ o r » ^ stin or Hanover N at.
$8 ,20 0 . Sinking fund S 1 5 M 5
b °n d s , S70^ 00- Floating debt,
tax rato (per SlfoOO), $11.50. ’
valuo 1915, $2,771,000. C ity
mtaUioned^h/v'. g g ^ p 1852 ’ w^rt^nvardTvP'5
"0^ ( o ^ V city building bonds
o f St. Louis at par and^into’r^ T fes^lsoo^com m ission t0 H * M> N ° cl & C o "
SANTA BAR B AR A C O U N TY P O w
T .'.i ,
, „
SU L T OF BON D ft FC TTnw
r„ i
5 a n ta B a rb a ra ), C a lif.— R E hold A u g. 30 the questions o f iss u in g th e ^ liW llO rf h ^ Z aiS ?bnm°IeCtlo!i
equipment, $1.5,000 detention -hom e^n stnicH n n a°n°H^S?p« tal‘ b ? 1ISfeR :i'T *
m ain-public-highway-im provement and $9 5 000° new n i
5893,000
struction bonds were defeated, while t li« n m n , n-0W Pu,bbc-highway-eon6
a%rai »

/ r

v

«

C e n t e r * S tea rn s1 C

d
o u n ^ ^ n n ^ f}o ^ ^ \ r ^ ,J ;fJ R1C T

(P .

O. S au k

SAVAN N AH , G a .— B O N D E L E C T r n N
* P,' ,
1 2 to determine whether ot not this city sRal 1 f Z e $400 00 0 '!t! ? V Uor O ot'
houso-drainago and storm-sewerage-svst m
f 100.000 4 >4 % 25-yoar
$ 5 0 0 ,(3 0 0) 8 1 .000. Int. semi-annuaily “
Xt‘ bonds‘ D cno,h (200)
S C H E N E C TA D Y , N. Y .— B O N D O F F F T f T M n
,
until 11 a. m. Sept. 21 by James F. I looker rn^Pr7 - 1 3 '!3 iv 1 be received
1
reg. bonds :
•
Hooker, C ity C om p t., for the following
$80,000 4 y 2 % sewer bonds. Denom. $1,000
Date
, ,m r
,v
„
$4,000 yearly on Sept. 1 from 1916 to i o n ? 1'. 1 . 1915, Duo
50.000 A ' A % school bonds. Denom. $2,500. D ^ to^ en t1 ?I-io i k
r.
$2,500 yearly on Sept. 1 from 1916 to
1915, Due
30.000 4>4% park bonds. Denom. $1,500. D a te 1 lulv
oik
tv
$1,500 yearly on July 1 from 1916 to 1 9 9 5 .,,m 1915, Duo
12.000 414 % public-market bonds. Denom . $1,000 'D a t ^ T n V 1 i m r
10
,w
Duo $2,000 yearly on July 1 from 1916 to 10 9 1 J l .d y , 1 191S12.000 4>4 % school bonds. Denom. $1,000. Date Auer “ / ’ im0*" tv
5 rno d0/ 51,000 yearly on A ug. 1 from 1916 to1 1927S incI191
DU°
0 .0OO 4 % garbage-disposal bonds. D enom . $50 0 ? ’ r w n q(.„ t
1
24 000 4 <y
11110 $500 yearly on Sept. 1 from 1916 to 1926 inel
mim i w *
deficiency bonds. Date Sept. 1 1915. D u n s l t 1 in ? '
CitV C om ntW Is?l!es’ aggregating $29,500, will bo purchased at m r h l bti.n
£
CHy C om pt. for the credit o f the Sinking Funds arfti Pensimt Funds o f the
ofi reg|ste?edSh old e?w iiU^tie rem itted‘i ^ N 0^

6.502 98 W f J M j T j , .

‘

•

Clerk Bd. of

4 t o ,1.000.

bo

e not ot iSc l- and 51,502 98 Oct. 1 1920.

°

1 from 1916 to 1919

$901 < .T "S u o | l!0 0 0 O ctdlb19?627
fo5 « 1,000, 1 tor
12 487 25 S CtV 1 1919 and W o i 27 Oct f l 9 2 0
’ ° 18 aUd 192° ' $2,000
12,48/ -5 Norton Two. assess, road bonds. Denom. 12 for $1 000 1 for
6

8,951 02
9

Sidney% ?teern&
nCoa?T o ? o d o in.nati.............................f f ’277] 7)0

496: real value, estimated, $55,000,000. ssessed valuation, 1914, $18,346,-

B id s ^ m b o r f c d ^ u n t i U l
Co. Coramrs., for tho following 5 % cniin

074 96 Tall 19\9 and°*21

T V 920. d 1917' $3' ° 0° ° Ct 1 1918

6,0/4 96 Tal l m a d g e
Twp. assess, road bonds.
„ . . 0 M " o 6 i 9 ? a ct* 1 i0? S ^ ,I’ » ” 0 “ 7
oe

D e n o m . $1
5 for

000 1 for

somi-ann. 'bit'.— A 2 & C — lavahm a?offi™ Dfa?? daJ of sale- Prin- and
)ld
pay accrued interest.
P yab o at 077100 07 Co. Treas. Purchaser to
o f ^Fff7 t , l f e U
:o
rjuastim^onssiiing 1110^225~lOO^^n VOTBD- ~ ^ a vo7°
bonds carried at the election
s Z $7 -V
street*Paving
SUTTLES LAKE IRR IG A TIO N D IS T R irT
r.
Ore.— BONDS PROPOSED — Reports i^atnHin?1/!.!?'B e” on C oun ty ,
^
consideration the issuance of $600,000 irrigation bom ll dlstnct has under
lE R R IL f D ickinson County, Iow a,__am\rn c a t jp t»
beelsolcf .8'500
% Water-WOrks bonds mentioned i n f l b a p S , have6
TINNIN CONSOLIDATED SCHOOL DISTR IC T
r>
.
Miss.— BOND OFFBRING.— Proposals will be opened on^Orf8 ?°»Un^ ’
Board o f County Supervisors, \V. \V. DowinimrPGfarir°?p0 r ? ‘ $
v
G

a n i ^ r 2’ a rd ds ° ^ '
^ e ^

to reports’, c Z i^ K ^ o ^ E s tim a te ^ lind^rm n/ ^ TK ° RIZED-— According
t
Sept. 8 voted to issue $165,000 Kernan school^Zndf
^ a meetin« held
B r ^ o M ^ v ° w e r H . (a r d ° i o a Z Z i ’ s u Z l O O ^ f 71 .fA L F .-IC e e le r
^
funding bonds at par. D enom . $1,000. 3 Date’ SS?y l i ^ i f i ^ i n t ' W 0? * 0

ffltFB&sasem

VICTORVILLE SCHOOL DISTRICT (P O VietoririUnT r.
nardino County, C alif.— BONDS VOTED.— By a vote^of h n

„

ZThZseptU BS
4 3°'°00 bU iU b°nds C rrie^ 1 staWSt^ViS!
ild S
a
1
% U ° - & bllabZ

MSrtiotf S

R

C

Bridg«5Distf

i

?

Nati o n a l B a n k ? } C o m S

entertained for a sum less than 95 %

of par valuo of bonds.

C aV 5 ?,11 t *111®811

will Purchase) will be certified as to genufneSe^ b y th^TT t^ ° £ if
ty
C o. and their legality will bo examined hv C vid«£ii °tkF ’ ? / ,M tge - & T r.
N . Y ., whose favorable opinion will be furnished Tmrrn,Masshc,n^& Keed o f

r
stated, for $300,000 4 % semi-annual 18 5-6-year aver' S l W

(101.013) and Int., a basis of about 4.77%— V im ^ “ ^ “ “ atl for $7,576

S S S l U“
.

^ C o - . P i n _ S 7 , 5 6 7 50 Tiffotsln & \v?ico dr C o ° thr
b

7 5 2
4 S:75
Breed, Elliott & Harrison,
Weil l?rvHa
---- 87,'540 00
’i ,*2T4 L 9
C in cin n a ti__________
7 kri ko AVei 1 , R oth & C o ., Cin__
A . E . Aub & C o ., C in ___I 7A.57 .50 P rov. S. B . & T r. C o ., C in . 7 527 75
Otis & C o ., C leveland____7,505 00

e
J,jd g 0 ,16­ ls

T rcas., It is stated, for the $11,000 5% build t^ ^A,?aPfc' 20 by the C o.
V. 101, p . 869. D enom . $500.
/o m ,,Id,n8 bonds voted A ug. 16.

Due $5,000 yearly Jan. 15 from 1917

WENONAH, Gloucester County, N. J . — B O N D O F F F P r N r ' t
>^
WESTERViV t F ' T UKbi S° m 'ring f0r sa'° an l™ B ° 07 s S F F e R b N r s 6:
WESTERVILLE, Franklin County, Ohio.— O N D O ^ F r T d
street-im pt. assess, bonds

*»»■



E'riiftei & i-& sliooD S c a °‘ ,c” ,l“‘"
^

Auth

spn oot < n on n

, 1,1 -»v' ^ ^

^ u -y r .

THE

[V

C H R O N IC L E

o l

.

101.

son

w r ig h t -----------

nar and Int.

Donom. $ 5 0 0 . -------------- ------ --

Ark _

SALE,— R eports state that Gunter & Sawyers o f Little

, ,

_

._

AR the MJOve°debentures are payable-hi annual installments

P WILMOT SCHOOL DISTRICT (P. O. Wilmot), AsM ej C ounty,
»

BOND

■

' £

£

for the loan of

^ fN 00Y . a t T l j f l discount $ t \ l 6 % ^ f l w t r e p T t S ) ? ^ as follows
Lee,‘ H?ggimon7^ C o .. N- Y . 2.17% Lorlng, Tolman & Tupper..c2.28%
Blake Bros. & Co., Boston
2.29%
Goldman, Sachs & C o ., N . Y . 2.35%
Cropley, McGaraglo & C o .- 2.49%
Curtis & Sanger, Boston----- 2.21%
ir r.t'n Anstev. N . A _______ o2.2»> 7
c
c Plus 25 cts. prem.
a Plus 50 cents prem. b Plus $10 prem

Council o » g n l r P e d ° ^ r a s
r^
^ nn ^ed nrovWing for the issuance of $3,000 school-buildmg debentures.
t I^AT DBS RAPIDES, Que.—DEBENTURES OFFERED B Y B A N K „ L A VAL DE
Jr that tho Canada Securities Corp., Ltd., is offering
^ in vestors anP
lssueof $76,000 6% gold debentures.
w AnirnAt F Ont — DEBENTURES VOTED.— Tho question of issuing
th“ $9 000' hydro-electric-power debentures carried, it is stated, at the

CATHOLIC SCHOOL DISTRICT (P. O. Montreal),

MONTREAL CATH

OSOLD.— No salo was made on Sept. 10 of tho

MOORS TOWNSHIP

(P.

TOW
...... C e .» « ,r ovnracrfi road-imi
O
YELLOW CREEK TOWNSHIP, Y Columbiana Count7, Ohio.
vft

N v n w K SCHOOL TOWNSHIP (P. 6 . Metz), Steuben County, Ind.—

M
°» ,h“ a“r' D“ omO •Brigden), Ont.—
.ection wm be held Sept. 20 to decide

S t o & T o ? n f f S t e S S n S l p i * L I " ™ N ectrlc-ligkt-plm t-taproTO-

m MQBWTnF^ttBST,
(102.424.) Purchaser to furnish blank bonds. V. 101, p. 718.
V Tho other bids were:
„
$10,132 75
Meyer-Kiser Bank, Indianapolis--------------------------------------------- *10.127 70
Hanchett Bond Co., c ™‘» * 0-v--,T-r: r - - f . ; ------------------------III 10.0S1 00
E, M . Campbell s Son & Co., Indianapolis---------------------075 50
Miller & Co., Indianapolis.-------------------------------------------------- 1o!oil 00
First National Bank, Angola------------------------------------------------* And furnishing o f bonds.

t S S r * ™

" ”

.!^ 2 o n * to tot $11,851. .aual to 9 8 .7 5 8 -V . t00,

P PARIS. O n ^ -D B B E N ™ ,a
S

f i T K e .^ S °ii‘SAu,S.,,r 0
o

$4,000 bridge debentures carried, it is statea, m w
cl|P K
l

K

“

b“

\7 “ V
Qp

E

S

w

— The Coun

» c »

o f 810.000 publio-work

debentures, it is said.

Ont .— DEBENTURES

V O T E D * ",

the _____

*Sw 2& *

bridge

works bonds
» n « ,u — --- 7 , 8
$23,507 (102.204) and int.— V. 101, p. 7 IS.
C a n a d a ,

its

P r o v in c e s

&
g

j a

i S

V

a n d

i s

l M

M u n ic ip a litie s .

m a r * " moM s
“

l i w

.

o
n

Ip th . province

Canada Bond Corp Ltd., of Toronto at
& Co., Toronto.97.07
Bankers Bond Co.. Toronto.- -98.50 Wood, uunuy
.07.03
Toronto Mtge. Co., Toronto...97.96 McNeu « Co , Toronto......... 96.38
It. C. Matthews Co., Toronto.97.791Burgess® g
tjo ’C orp., Toronto.96.26
Imperial Bank— ------ --------- 07 9» Brent Noxon & Co., Toronto.95.69
Goldman1& Co.,r Tnronto'offerod'99 for part of tho issue and requested an
;
optioif3on the r e 'S S f f i °‘'W t t t S & v a * & Co. of Toronto also re­
quested an option.
._
NEW

m is c e l l a n e o u s

LOAN S.

.
$ 8 ,2 0 0

TH E TOWN OF CHINOOK,
P IT T S B U R G H ,

P A .

s t a t e m e n t o f c o n d it io n a t t h e c l o s e o f

STATEMtr.

RESOURCES

BUSINESS SEPT. 2, 1915

Loans and Investment S ecu rities...................... $49,101,453 3^
Overdrafts^----- ------------------------------------------------------- 11.269,062 94
Due from Banks--------------------------------------5,592,067 67
C a s h ------------------$65,962,584 37
,

• ,

UABUm ES

.................58,000,000 00

Surplus and’ Undivided Profits.............................u
Reserved for Depreciation, & c ._ .................
3.360.697 50
Circulating N o t e s ..-------------53,446,608 38
D eposits------------------------------------------------------------------ $65,962,584 37

Acts as
Executor,
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent.

G ir a r d

W ATER SUPPLY (6%) BONDS
stc
^

»
o
T b « : 1
nl
T O W N OF C H IN O O K .)

($8,200).
w!'<dd0issuo of bonds shall bo numbered consecu1 to 9, both inclusive, Nos. 1 to 8
^
of the denomination of $1,000 each, and
° A eN q 0f the denomination of $200, all dated
°0
im v 1 A. D . 1914. duo July 1. A. D 1934. re5UImni\lfi at t n o ^ boar[ngoflntereat town after
said from thelr
deem, bio at^ tho pleasure
, * ,,Ahi nald at tho rate of six (6) per centum
dat0annnm payable semi-annually on the first
per annum, payamo
respectively, In each

Sat'urday to wlt tho 2ND DAY OF OCTOBER,
Saturday., iu
; he hour of 10 o clock a. m., at
public auction' be sold to the bidder offering the

Chartered 1836

C A P IT A L a n d S U R P L U S , $10,000,000
E. B. Morris, President.

BOOK

o f

ss.

„
tn the authority of Ordinance No. 128
r ? w r o w n of Chinook, of Blaine County, MonI d n S and approved August 30. A. D. 1915,
SShorStag and directing tho advortisemont and
ortaln
sal^of eeiuiii bonds or saiu town. naraeiy:
of said town, namely:
sale 01 certain
oesrregating the nrl
Water supply bonds aggregating tho principal
sum o frEight ^Thousand Two Hundred Dollars

OF

S E C U R IT IE S

“ lgA eta S r nubUcIauction only the bids of such of
V
thase who havo deposited with the undersigned
M ayor a certified chock payable to his order for
an amount equal to tho par'value of the bonds bid
f n r w U b o considered. Tho chocks of all unsucJSLfiil bidders will be roturned forthwith , whoreas
’
the check of tho successful bidder, or bidders
ovlaii ha held by the town and forfeited to It should
the mirchaser fail to take up and pay for said
hands when presented to him.
.
. „
U
°Sald bonds aforesaid will be available for deliv­
ery'at the time of thoir salo, namely, the day,
riain and hour aforesaid.
,
Byorder of tho Council of tho Town of Ohfnook.
of Blaine County, Montana, made this 30th day
of August, A. D. 1915.
(Seal) B. F. O’NEAL. Mayor.
A ttest:

CHAS. F. EASBEY. Clerk.

than 25 copies to one address) at special rates.

T o

M ONTANA

T ru st Com pany

The Hand-Book Is issued to Banks, Bankers, Investment Dealers and
others with their cards lettered in gilt on the outside cover (not less

P r ic e

COUNTY,

P H IL A D E L P H IA

Interest allowed
on deposits.

HAND

B L A IN E

S in g le

S u b s c r ib e r s

N O T IC E

C o p i e s ----------------------------------------------- $ 1 , 0 °
of

th e

C h r o n i c l e ----------------------

75

O F

S A L E

eor.n nnn m tv of Augusta, Georgia, Bonds to be
soM at °V«gusy a ; Georgia. 12:00 o-clock noon
t
rirV n R F P GTH. 1918. Purpose, Levee conPtmTSon
Denomination. $1,000: dated July 1st.
: payable thirty (30) years from date: Inter­
e s t 4 H % . payable semi-annually In Augusta or

1914

N C h y reserves right to reject any or all bids.
F orW u re
f « ^ r t l c u l a r s a ^ l y to
C o m m e r c ia l




a n d

F in a n c ia l

C h r o n ic le

138 Front Street, Now York

Clork of Council, Augusta, Georgia.