The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
fittantial
The
INCLUDING
Bank & Quotation Section
Railway Earnings Section
VOL. 101
Iirontde
Railway & Industrial Section
Bankers' Convention Section
Electric Railway Section
State and City Section
SATURDAY, SEPTEMBER 25 1915
The (chronicle.
PUBLISHED WEEKLY.
Terms of Subscription-Payable in Advance
For One Year
$10 00
For Six Months
6 00
European Subscription (including postage)
0
35
17 0
European Subscription six months (including postage)
Annual Subscription in London (including postage)
22 140.
Six Months Shi•Jseription in London (including postage)
21 118.
Canadian Subscription (including postage)
$11 50
Subscription includes following Supplements
B ANI AND QUOTATION(monthly) RAILWAY AND INDUSTRIAL(3 times yearly)
RAILWAY EA:Ls:D;(7,s (monthly)
ELECTRIC RAILWAY(3 tunes yearly)
STATE AND CITY (semi-annually) BAAKERS' Con VENDOR (yearly)
NO. 2622
Week ending September 18.
Clearings at
1915.
1914.
Die. or
Dec.
1913.
1912.
Chicago
325,815,261 287,436,703 +13.4 314,890,935 310,760,685
Cincinnati
27,056,850
22,817,800 +18.6
26,021,250
25,410,700
Cleveland
34,228,038
25,562,748 +33.9
24,815,138
22,495,679
Detroit
33,682,035
27,878,614 +20.8
27,364,707
22,986,418
Milwaukee
16,107,730
16,298,026 -1.2
16,550,931
14,798,976
Indianapolis _ _
9,134,378
7,599,561 +20.2
8,469,784
9,108,655
Columbus
7,047,400
6,649,200 +6.0
6,615,300
6,112,500
Toledo
7,768,140
7,239,643 +7.3
5,622,345
5,416,966
Peoria
3,113,093
2,609,873 +19.3
3,826,140
3,715,948
Grand Rapids_
3,483,614
3,378,072 +3.1
3,406,874
3,234,432
Dayton
1,999,144
1,968,932 +1.6
2,775,136
2,087,896
Evansville
1,854,641
1,192,674 +55.5
1,135,325
1,130,466
Kalamazoo
655,327
636,399 +3.0
681,614
Terms of Advertisind-Per Inch Space
722,156
Springfield, Ill
1,163,497
1,177,204 -1.2
1,194,079
1,227,844
Transient matter per inch space (14 agate lines)
1,280,600
1,235,378 +3.7
20 Fort Wayne _ _ _ _
1,211,353
1,057,443
Youngstown _ _ _ _
1,698,562
Two Months
times)
1,563,254 +8.6
22 00
1,684,032
1,724,272
1,910,718
'4.1c
irW, ,ths
,,
I1111
1,581,844 +20.8
29 00 Canton
Standing Business Cards
1,350,000
1,257,302
834,293
984,278 -15.2
50 00 Rockford
885,033
818,708
Akron
Twelve Mouths(52 times)
2,308,000
1,880,000 +22.4
87 00
2,210,000
2,021,000
Quincy
825,865
CHICAGO OFFICE-39 South La Salle Street, Telephone Randolph 7396
855,569 -3.5
860,025
758,038
Bloomington_ _ _ _
700,782
652,629 +7.4
LONDON OFFIcR-Edwards (Cc Smith,1 Drapers' Gardens, E. C.
709,048
743,391
Lexington
610,610
747,541 -18.7
537,786
815,569
South Bend
larILLIAM B. DANA COMPANY, Publishers,
815,430
708,785 +15.1
653,751
650,000
Mansfield
574,508
597,935 -3.9
Front, Pipe and Depeyster Sts., New York.
557,860
471,582
Decatur
557,800
462,679 +20.5
487,316
675,735
Springfield, Ohio.
1,052,484
788,048 +33.5
729,738
630,246
Published every Saturday morning by WILLIAM 13.
DANA COMPANY, Jackson
664,576
536,090 +24.0
606,000
600,000
Jacob Seibert Jr., President and Treasurer: George S. Dana and Arnold
547,210
G. Dana. Lima
459,971 +19.1
542,279
423,352
Vice-Presidents: Arnold G. Dana, Sec. Addresses of all, Office
Danville
of the Company.
514,253
495,191 +3.8
485,872
468,774
Lansing
783,999
547,024 +43.4
515,948
500,812
Jacksonville _
293,719
281,389 +4.4
264,575
270,795
CLEARING-HOUSE RETURNS.
Ann Arbor
201,876
182,489 +10.6
159,686
155,857
The following table, made up by telegraph, &c., indicates
Adrian
56,878
44,684 +27.4
45,935
that the total Owensboro
60,640
bank clearings of all the clearing houses of the United States
295,775
328,266 -10.0
376,281
the week
348,722
ending to-day have been $3,649,926,205, against $3,445,344, for last week
Tot. Mid.West 489,637,086 427,738,493 +14.5 458,241,986 443,661,562
059
and $2,242.735.630 the corresponding week last year.
San Francisco
60,646,579
52,963,991 +14.5
53,165,378
55,636,736
Los Angeles
22,385,827
22,566,745 -0.8
Clearings-Returns by Telegraph.
27,132,506
22,726,981
Per
Seattle
13,474,880
13,865,724 --2.8
Week ending Sept. 25.
13,908,250
13,084,208
1915.
1914.
Cent.
Portland
12,191,694
11,950,982 +2.0
13,572,467
11,973,707
Spokane
4,060,000
4,265,744 ---4.8
New York
3,639,358
$1,832,483,091
4,320,085
$861,506,105 +112.6 Tacoma
2,145,012
2,427,890 -11.6
Boston
2,611,421
2,803,467
106,696,967
84,746,591
+25.9 Salt Lake CRY
7,300,000
6,281,574 +16.2
Philadelphia
6,500,426
5,799,955
140,344,124
104,121,625 +34.8 Oakland
4,196,898
Baltimore
3,793,013 +10.6
3,542,102
3,903,306
25,351,971
27,699,627
-8.5 Sacramento
2,469,216
2,149,685 +2.1
Chicago
2,426,889
1,728,174
258,175,975
223,859,453 +15.3 San Diego
2,181,735
St. Louis
2,083,275 +4.7
2,439,309
2,750,179
66,433,065
53,759,174 +23.6 Fresno
1,419,916
1,451,660 -2.2
New Orleans
1,375,788
1,173,947
19,124,425
13,724,061
+39.3 Stockton
1,238,578
1,178,121 +5.1
1,108,809
1,297,834
San Jose
781,816
850,821 --8.1
Seven cities, 5 days
700,000
$2,448,609,618 $1,369,416,636 +78.8 Pasadena
690,000
798,435
750,992 +6.3
Other cities, 5 days
926,253
868,988
592,498,973
475,104,213 +24.7 North Yakima_ _
488,226
465,700 +4.8
463,802
509,304
Reno
397,363
303,650 +31.0
Total all cities, 5 days
300,000
316,077
$3,041,108,591 $1,844,520,849 +64.9 Long Beach
578,571
560,396 +3.2
All cities, 1 day
608,817,614
398,214,831
+52.9
Total Pacific__ 136,754,746 128,179,963 +6.7 133,812,758 129,582,948
Total all cities for week
$3,649,926,205 $2,242,735,680 +62.7
Kansas City__
75,556,782
71,577,105 +5.6
56,781,802
53,836,828
The full details for the week covered by the above will be given
28,598,269
32,188,750 -11.2
next Minneapolis __33,080,854
27.713,817
Saturday. We cannot furnish them to-day, clearings being made
Omaha
20,503,260
18,872,239 +8.6
up
18,088,771
16,798,215
clearing houses at noon on Saturday, and hence in the above the by the St. Paul
11,780,510
10,489,076 +12.3
last day
10,277,523
10,937,103
of the week has to be in all cases estimated, as we go to press Friday night. Denver
9,825,454
9,782,379 +0.4
8,764,967
9,244,204
We present below detailed figures for the week ending with Saturday St. Joseph
7,404,222
5,500,433 +34.6
7,101,415
7,147,626
noon, September 18, for four years:
Duluth
8,510,302
9,312,124 ---8.6
8,796,953
7,026,374
Des Moines
5,671,317
4,954,330 +14.5
4,987,086
4,811,085
Sioux City
3,514,769
3,183,168 +10.4
3,442,696
3,101,350
Week ending September 18.
Wichita
4,036,139
3,874,528 +4.2
3,466,204
Clearings at
3,426,761
Lincoln
2,471,660
2,221,715 +11.3
1,968,125
1,633,636
Inc. or
Topeka
1,461,296
1,708,121 -14.5
1,582,665
1,499,591
1915.
1914.
Dec.
1913.
1912.
Davenport
1,450,266
1,474,419 -1.6
1,588,009
1,413,915
Cedar Rapids
1,800,000
1,600,000 +12.5
1,700,000
1,372,431
$
$
%
$
$
1,396,151
1,318,456 +5.9
530,505
1,958,889,471 1,112,512,149 +76.0 1,840,626,435 1,845,894,814 Fargo
Now York
468,637
777,472
720,333 +7.9
Philadelphia
673,011
161,603,770 135,785,657 +19.0 160,306,139 154,660,727 Colorado Springs
672,197
Pueblo
355,713
685,776 -48.1
642,411
Pittsburgh
50,081,095
618,794
49,800,085 +0.6
51,583,752
55,801,423 Fremont
420,991
367,263 +14.6
313,776
29,008,183
Baltimore
270,516
38,006,936 -23.7
37,837,665 3 8,916,461 Waterloo
1,618,568
1,367,416 +18.4
1,412.373
11,314,426
Buffalo
1,785,965
12,015,991 -5.8
13,084,843
11,534,736 Helena
1,208,680
1,386,552 -12.8
1,426,192
4,517,127
1,055,978
Albany
5,685,134 -20.6
6,444,699
6,239,817 Aberdeen
600,000
704,026 -14.8
412,380
7,404,301
Washington
383,705
6,788,798 +9.1
7,164,687
6,484,334 Hastings
213,116
361,264 -41.0
185,699
194,596
4,902,524
Rochester
4,514,626 +8.6
4,711,803
4,577,684 Billings
450,000
440,615 +2.1
507,064
351,232
2,762,848
Scranton
3,375,013 -18.3
3,005,066
2,500,000
Tot.Oth.West. 189,624,937 184,090,588 +3.0 167,730,481 155,764.556
Syracuse
2,853,091
3,060,221 -6.8
2,908,936
2,739,198
Reading
1,826,865
1,756,690 +4.0
1,815,076
79,111,711
1,798,639 St. Louis
70,771,158 +11.8
76,800,506
77,510,005
Wilmington
1,806,701
1,669,794 +13.6
1,903,143
1,609,234 New Orleans_ _ _ _
19,250,959
14,965,997 +28.6
17,967,035
18,013,908
Wilkes-Barre-.
1,601,068
1,580,700 +1.3
1,462,007
15,323,349
1,303,926 Louisville
11,322,630 +35.3
12,224,017
12,934,479
Wheeling
1,844,074
1,955,916 -5.7
2,297,643
2,231,521 Houston
9,650,000
7,931,899 +21.5
11,622,404
Trenton
1,919,732
1,608,355 +19.3
1,935,759
4,874,403
1,653,830 Galveston
3,441,317 +41.6
3,838,000
4,413,000
York
846,166
888,766
4.8
903,366
6,148,597
1,046,086 Savannah
3,403,128 +80.7
7,732,804
5,294,726
Erie
1,070,477
1,022,261
+4.7
1,134,080
9,816,846
958,690 Richmond
7,985,100 +22.9
7,988,038
7,374,521
Greensburg
546,250
828,298
34.1
713,125
7,181,567
545,902 Fort Worth
6,533,984 +9.9
8,065,420
9,194,202
Binghamton _ _
725,200
649,000 +11.7
680,700
13,675,617
635,200 Atlanta
11,313,385 +20.9
13,473,336
11,251,498
Chester
989,135
737,169 +34.2
620,325
650,414 Memphis
4,399,152
4,929,237 -10.8
5,980,123
5,627,637
Altoona
513,522
607,992
15.5
672,184
7,233,034
604,413 Nashville
6,087,291 +18.8
6,554,151
5,778,742
Lancaster
1,554,735
1,582,123
1.8
1,643,174
1,484,146 Norfolk
3,336,005
3,743,879 -10.9
3,575,343
3,587,805
Montclair
407,816
408,147
Augusta
0.1
391,081
1,667,367
336,561
1,366,882 +22.0
2,331,338
2,146,541
Birmingham
2,284,434
2,350,831 -2.8
2,831,472
2,382,084
Total Middle_ 2,249,080,377 1,386,840,717 +62.2 2,143,852,58 2,144,297,76
1,842,527
8
2 Knoxville
1,864,813 -1.2
1,821,573
1,815,795
Chattanooga_
2,277,787
2,173,132 +4.8
2,284,520
2,482,119
Boston
144,404,908 118,484,620 +21.9 140,839,537 158,200,596 Charleston
1,680,698
1,356,478 +23.9
2,282,413
1,681,435
Providence
7,163,700
7,033,900 +1.9
7,524,700
1,200,824
7,342,000 Mobile
1,050,000 +14.4
1,300,000
1,130,591
6,603,373
Hartford
4,526,334 +45.9
5,263,581
2,464,570
4,187,423 Jacksonville _
2,687,296 -8.3
2,852,259
2,650,000
3,563,315
New Haven
3,225,579 +10.5
3,021,089
2,665,682 Little Rock
1,938,549
1,934,300 +0.2
1,961,416
1,698,274
2,131,281
Portland
1,948,786 +9.4
2,121,462
2,097,300
2,208,550 Oklahoma
2,398,883 -12.4
1,711,248
1,493,422
Springfield
3,389,999
2,633,620 +28.7
2,609,442
3,333,503
2,559,635 Macon
3,079,198 +8.2
3,970,334
3,339,905
2,952,308
Worcester
2,523,938 +17.0
2,673,682
2,509,014 Austin
1,815,204
1,789,271 +1.5
1,693,086
2,130,131
1,199,701
Fall River
1,012,503 +17.9
1,193,986
242,820
1,022,396 Vicksburg
190,717 +27.3
218,970
187,394
1,193,498
Now Bedford
_
971,422 +22.9
1,049,240
337,476
1,069,224 Jackson
328,697 +2.4
334,393
343,514
Lowell
865,966
749,643 +15.5
460,439
1,532,268
559,578 Tulsa
1,609,101 ---4.8
1,335,645
791,574
Holyoke
744,795
775,216 -3.9
642,527
Muskogee
889,444
609,469
876,895 +1.4
885,131
679,032
Bangor
429,070
423,391 +1.3
379,325
491,279
Total Southern 205,6C5,909 177,485 479 +15.8 203,414,975 185 912,334
Total New Eng 174 R41 ens 144 MO 042 .1-91 0 167 770 0111 152 464 5411
Total all
3,445,r4TW)2,448,643,782 +40.7 3,275,331,798 3,242,684,008
Outside N. Y_ 1,486,454,588 1,336,131,633 +11.2 1,434,705,363 1,396,789,19i
Note.
-For Canadian clearings see "Commercial and Miscellaneous News."
964
THE CHRONICLE
[VOL. 101.
The reason why our export trade would,in the event
of failure, be halted is that our producers and manuSECTION.
ELECTRIC RAILWAY
their goods
A new number of our "Electric Railway" Section, facturers could not afford to take pay for
and commodities in the depreciated bill of exchange
to-day.
revised to date, is sent to our subscribers
without asking the foreign purchaser to make good
the depreciation, while, on the other hand, if the
THE FINANCIAL SITUATION.
purchaser did make good the depreciation, that is,
Commission, which is in if he made payment at the current rate of exchange,
While the Anglo-French
this country for the purpose of restoring the equilib- the price of his purchases would be so enormously
rium in our foreign exchanges, has continued increased that the total cost in most cases would be
assiduously at work during the week, negotiations prohibitive.
In view of the tremendous importance of the mathave not yet reached a point where any definite
can be ter and the serious consequences that failure would
announcement as to the results of its labors
made. It can be affirmed however, that the ut- entail, it is obviously incumbent upon all the leading
most cordiality prevails beween the Commission interests to leave no stone unturned to ensure the
and the banking interests through whose instru- early placing of the loan. When we say every intermentality its mission is to be carried out, and ap- est, we mean not only our banking and investment
parently not the slightest doubt exists of a favorab:e concerns, but also our agricultural classes and our
outcome. The Commission took pains on Thursday producers generally, as well as our manufacturers,
to deny most emphatically a malicious rumor that for none of them could escape in the case of a general
downfall. The Commission has its part to perform.
friction had developed.
That the labors of the Commission should be It must make the terms so liberal that the success
protracted• is not at all surprising. The task com- of the flotation shall be a foregone conclusion. It
mitted to their care is a stupendous one. They cannot afford to haggle or be niggardly. We do
are seeking to establish a credit or to place a loan not allude in this to the allowance to the syndicate
for $500,000,000 to $750,000,000 to overcome managers, for these would doubtless be willing to
the adverse trade balance existing against Great give their services gratuitously just as did the syndiBritain and France by reason of the large purchases cate managers of the New York City loan twelve
of goods and commodities by those countries in the months ago. We have reference to the rate of interUnited States. The magnitude of the amount est in the notes or bonds and the rate of return to be
required is itself such as to stagger the senses, and allowed on the investment. The combination of
it outranks everything of the kind ever attempted bankers underwriting the loan will of course want to
in the United States. We have not yet become find lodiment for the bonds or notes among investors
accustomed to foreign Government loans in this and the moneyed classes, and the rate of return
country, and even if we had the raising of such a should be high enongh to ensure subscriptions in
sum as required in this instance must in any event overwhelming amounts.
That was what was done with the $100,000,000
tax the ingenuity and resourcefulness of the ablest
New York City loan last fall. The one, two and
minds.
All accounts agree in saying that very consider- three-year obligations then put out all bore 6% interable progress towards a conclusion has been made est, and they were offered to the public at par. Some
in the brief time the Commission has been here. thought the interest rate rather high, but at least
Nevertheless, if more or less further time should be it had the effect of making the loan a popular success.
required, no one should be discouraged, for the nature The new bonds immediately sold at a slight premium,
of the transaction is such that undue haste might and this premium gradually increased as it became
in the end work mischief. Last autumn it took evident that the bonds were being taken with great
weeks and months to perfect the Cotton Loan Fund avidity.
The aim should be the same in the present case.
where banking interests all over the country had to
be consulted, just as on the present occasion, and It will be better to make the rate of return somewhat
that involved an aggregate of only $100,000,000, higher than absolutely necessary rather than run
while the sum now to be raised is perhaps over five any risks and have it a trifle below what may be
required. If the loan should immediately go to
times that amount.
The importance of the iiroblem of stabilizing the a premium, as in the case of the New York City
foreign exchanges cannot be exaggerated. Nor is bond issues, so much the better. Think what a rousit possible to overstate the imperative nature of ing success in the flotation of this Anglo-French loan
the requirements. The gold value of the sovereign would mean, not merely as crowning the effort at
as expressed in our money is $4 8665, while the cur- the rehabilitation of the exchanges, but for British
rent value of the bill of exchange yesterday was only and French credit generally.
In like manner it is absolutely necessary that the
$4 709,and the quotation,as is known,has been as
low as 1,4 50. Such is the excess of our merchandise entire community should give its aid to the moveexports over our merchandise imports that a further ment in ungrudging fashion. Everyone has so much
considerable drop in exchange rates would seem in- at stake in the solution of the problem. If anyone
evitable unless the Anglo-French Commission suc- thinks the import or the export trade does not conceeds in correcting the dislocation of the exchange cern him, let him pause and consider. A moment's
market through the placing here of credit notes or serious reflection will convince him to the contrary.
other short-term obligations. But if the decline in Our exports embrace all classes of goods and CMexchange should proceed any further the inevitable modifies from the raw products of the farm to the
effect would be to bring our merchandise export trade finished goods of our mapufacturing concerns. Farm
to a standstill, and this iq tprn might mean—it is produce, of course, goes out in prodigious amounts,
no use mincing words—little short of national and there is scarcely an industry in the country that
does not ship larger or smaller quantities of goods to
disaster.
SEPT. 25 1915.1
THE CHRONICLE
965
foreign markets. Let these foreign markets
be cut 864,000, or almost exactly 50% of the same
. In the
off and a glut must ensue in the domestic
market, previous fiscal year England and Franc
e took only
with lowering of prices and eventual depression
, cur- $590,105,000 out of $1,429,153,000,
or but little over
tailment of output, with diminished empl
oyment as 40% of the aggregate. The rise
in the ratio of the
the natural concomitant.
two Entente countries is due to the fact that, becau
As it happens, too, the two countries engag
se
ed in of the war, exports to the Central Empi
res of Europe,
the present loan negotiations are the largest
consum- namely Germany, Austria-Hungary
ers of our productions. To bring out that
and Turkey,
fact in have practically ceased.
statistical form and to show how comprehens
ive is
What would happen if we now denied to
the character of our export trade and how
Great
wide- Britain and France the privilege
of further trade
spread, therefore, the effects of any injury
that may with us by declining to assist
in the marketing of
be done to that trade, we introduce here
a table notes or bonds for the rehabilita
tion of the foreign
covering the last two fiscal years, compi
led from exchanges? The answer is
very simple. Exports
statistics contained in the reports of the
Bureau of to Germany, Austria and Turk
ey are already cut
Foreign and Domestic Commerce in the
Department off. Those to Great Brita
in and France would,
of Commerce at Washington. It gives for
each year in that event, also be reduced
to dwindling proporthe aggregate values of certain leading
articles of tions. The result would be
that our entire export
export and also the amount ofl each articl
e taken by trade would be in danger of utter
demoralization.
England and France.
And with an embargo thus placed on our
LEADING ARTICLES OF EXPOR
exports, inT FROM THE UNITED STATES.
dustrial depression of an intense type,it woul
d seem,
Year ending June 30 1915.
could hardly be averted at home. Certain
Year ending June 30 1914.
domestic
(00) omitted.
Total to All
To
To
Total to
industries that are not receiving any benef
To
To
Countries. England. France. CountrieAl
it from
s. England. France.
the European war orders that have stimu
$
$
$
$
lated the
$
$
Horses
64,046,0 20,786,0 31,809,0
3.338.
Corn
354,0 iron and steel industry, are
39,339,0 2„0
even now complaining
7,008,0
388,0
Wheat
333,552,0 80,039,0 06,352,0 87,953,
26,015,1 5,384,0 of bad times becau
Wheat Flour
94,869,0 23,668,0
se the war has cut off so much
54,454,0 13,805,0
Automobiles
60,254,0 21,149, 13,776,0
26,574,0 5,853.0
Copper
924,0 of their export busin
08,238,0 33,929,0 25,070,
ess. In the contingency sup144,895
Cotton
370,217,9 164,138,9 27,771,0 610,475,0 22,442,0 25,452,0
,0231,817,I73,918,0 posed
Canned Salmon_ __ _
9,072,0 8,957,0
, their hapless state would have to be share
7,999,0 6,000,
Metal Working Mad
chinery
28,163, 12,295,0 8,695,1
14,011,0 3,178,0 1,771,0 by all other industries.
Sewing Machines_ _ _
0,224,0 2,484,0
11,495,0 2,518,0
TyPewriters
5,315,0 2,010,
A quite erroneous impression exists that
125,0
10,575,0 2,657,0
Sole Leather
808,0
21,351,0 17,110,0
at least
7,475,0 6,254,0
Upper Leather
13,552,0 6,836,1
349,0
16,810,0 6,486,0
Boots and Shoes._ _ _
378,0 as far as wheat is concerned, the United King
24,696,0 1,482,0 5,085,0
dom
17,867,0 1,309,0
Canned Beef
340,0
11,975,0 9,927,0 1,386,1
is absolutely dependent upon us—that it must
461;I
154,0
Fresh Beef
2f,731,0 6,814,0 12,931,0
take
788,0
Pickled Beef
3,383,
1,262,0
our supplies or starve. But that is a sad mista
2,289,0
410,
Bacon
47,326,01 28,388,0 5,766,0
25,879,0 18,103,0
ke,
Hams and Shoulders
25,0
29,050, 25,440,1
23,787,0 20,558,1
and as we are now completing in this country
Lard
52 440,01 20,650,0 3.504.0
,
54,402,0 18,412,0
the
Rosin
573,0
6,220,
2,018,Q
11,217,Q 2,310,1
ingathering of a wheat crop of unexampled dime
Turpentine
4,478,0 2,416,0
8,095,0 2,930,1
nNickel
11,110,0 5,878,1 1,168,
0
9,4931 2,702,1 1,583,0 sions, it is in
Gasoline
17,603,0 3,484,0 3,564,0
the highest degree desirable that the
21.699,
3,076,0 2,435,0
1110mlnatIng 011_ _ -53,607.0 6,955,0 4,162,'
74,500,9 10,008,0 3,039,0 delus
Lubricating 011
28,499,0 8,862,1 2,987,1
ion in that respect shall be scotched. In the
27,852,0 6,460,0 3,429,0
Cottonseed 011
21,873,Q 5,574,0
578,1
13,843,0 2,286.1
Paraffin
579,0 first place, it shoul
10,589,0 4,485,Oi
d be noted that estimates of the
6,516,0 2,540,
Films
5,089,0 2,993,0
313,0
8,547,0 5,057,
Tobacco
42,0
44,404,0 23,870,
3,896,1
53,963,0 20,698,0 4,783,0 wheat crop of the world make the yield of
Timber
wheat
3,178,0 1,756,0
133,1
9,172,0 3,939,0
Ltimber
636,0
25,225,0 8,443,f
148,.
57,781,0 13,231,0 1,134,0 for 1915 496,000,000 bushels larger than
Wool Manufactures.
9,108,0 1,635,0 5,235,0—Not separat
that
ely gi en
of 1914. We published one of these estimates only
recently ("Chronicle" of August 28, page
657)
It will be observed that though these selected
arti- and from this it appears that of the 496,000,000
cles and commodities are far from comprising
our bushels total increase, only 75,000,000 bushels is
total export trade, they yet embrace a huge
number assigned to the United States, which in the present
of different industries, making it plain how
great year has raised, as is known, a wheat crop of unwould be the calamity resulting from
any general exampled dimensions. A considerable portion of
catastrophe to our export trade. Exami
nation of the remainder is derived from the Colonies and
the table discloses that not alone are grain and
cotton dependencies of Great Britain.
prominent, but a vast variety of other thing
India has raised 69,000,000 bushels more of wheat
s. There
are our copper exports, our leather exports,
than the previous season, Canada 64,000,900 bushour exports of boots and shoes, our exports of petro
leum els more, Australia 65,000,000 bushels more. In
and of gasoline, our exports of tobacco, of timber
and addition, Russia is credited with an increase of 112,lumber, of provisions, of automobilesiof metal
work- 000,000 bushels. This Russian wheat—not only
ing machinery, of sewing machines, of typew
riters, this year's crop but last year's too---is at present tied
&c., &c. Even the products of the Pacific
North- up, but let the operations of the Entente countries
west appear in the shape of canned salmo
n, and we against the Dardanelles be successful, and it would
wish to direct particular attention to the
fact that come out in a perfect deluge. That is a special reathe selected articles contained in the abov
e presen- son for speeding the Anglo-French loan negotiations,
tation are not made up of munitions of
war, but of for if these loan negotiations should be delayed until
goods and commodities of a general natur
e and of the opening of the Dardanelles, it would then. be Op
ordinary use.
late to find a market for our wheat.
The total value of the exports of the articles
If that contingeNcy should occur, the 4ituation of
represented reached for the fiscal year 1915,
it will be our wheat producers would then hecome critical, for
seen, $1,579,864,000. As our total merchandis
e ex- with our surplus stocks of wheat remaining at
ports for the same period of twelve mont
hs were home, priees would inevitably Opp to very low fig$2,768,589,340, this shows that the articles
es, throwing the farruing industry into a state pf
given
constituted nearly 60% of the same. Again
, of the distress. That IRO 14ppen ii 4ny event even with$1,579,804,000, England took 8566,069,0
00 and out the aid 4t,4 pc*** Nybpg,-,01 view of the ahunFrance $224,803,000. In other words, the
two coun- 444 gR4PPliPs ql4t =TRPAI rita can. coupt
,
tiNP- from
tries combined took $790,872,000 out of the
$1,679,- he'
WP d NS f.pj1itate early ship
966
THE CHRONICLE
[voL. 101.
has never
for- upon, no matter what may happen, and she
ments of our grain through a rectification of the
to place one of her
ably in her entire history undertaken
eign exchanges. That phase of the matter is
ry. Even if
J. Hill, Government loans in a foreign count
discussed in a statement issued by James
me view of the case and contemplate
will we take an extre
which we print on a subsequent page, and we
of
the possibility of partial insolvency as the result
here.
not therefore dwell further upon it
ng out of huge additional masses of debt
un- the putti
We will only add that if our farmers should
on of the war, it is inconceivable
h and French markets for with the continuati
fortunately lose the Britis
gn loan
ing that this $500,000,000 or $600,000,000 forei
our tremendous surplus stocks of wheat,the result
the interest to be prowill ever be in danger, since
depression would be felt from one end of the country
0 a year—
cutting off vided will be only $25,000,000 or $30,000,00
to the other. We see what havoc the
Thus, on the one hand, duty calls
a mere bagatelle.
of the market for 3,000,000 bales of cotton in the
aid in the movement for correcting
created in the cotton trade, upon everyone to
Teutonic countries has
inequalities in the exchanges, while on the other
the
and the paralysis of industrial activity it has ocindications are that no pecuniary sacrifice
ghout the whole South. What would be hand the
casioned throu
will be involved, since the operation promises to be
the condition of the agricultural classes in the
independently profitable.
West, the Northwest and the Southwest if, as
a consequence of our own folly, the Entente
The foreign trade figures for the United States
countries should be forced to meet their wheat
for August 1915, issued this week, show, as natur
requirements elsewhere, leaving the United States
ed expansion in the
ally expected, a most decid
in undisturbed possession of its large holdings?
ing period
t, exports, as compared with the correspond
The situation, then, from which relief is sough
outflow of goods contrasts favora year ago and the
is one that involves great peril to all the interests
enormous totals of all
ng upon our ably in volume with the
of the country. The obligation resti
months of the current calendar year.
preceding
financial and commercial classes to avert the possilast year is especially striking,
al disaster, is commensurate The comparison with
bility of any such gener
as an increase of over 137% is disclosed, but it must
with the peril involved. No section of the comd
be remembered that the contrast is with the perio
munity can afford to hold back, for everyone will
in exports since the war
. If of greatest contraction
be jeopardizing his own interests by so doing
wing the breaking
about the matter, began. In fact, immediately follo
anyone is inclined to be lukewarm
ities exports were very materially checked
out of hostil
let him contemplate what would happen if the
cally ceasing for a time and conssion should next week or next —in fact, practi
Anglo-French commi
tinuing restricted in many directions until near the
month announce that its efforts had been fruitless
a not
d close of 1914, the lack of freight room being
and should return home without having establishe unimportant contributing cause.
have
the large credit needed. Would we not then
The results for the port of New York may be
with an unsettleto face very grave consequences,
g
taken as aptly illustrating the situation. Durin
ment of commercial and financial affairs that might
no
August 1915 the exports of commodities were
shake our industrial mechanism to the very foundaa less than 144 million dollars, whereas a year ago the
tions and from the effects of which it would take
was only 333/ millions. The outflow to Great
long time to recover? Will any responsible body total
Britain rose to 53 millions from 13 millions; to France
of people dare to invite such a menace?
millions from 13 millions; to Italy to 9 milThe dislocation of the foreign exchanges, though to 25
from less than a third of a million, and to
exceptional and extraordinary, follows from well- lions
a to 11 millions from 1-13th of a million,
known and obvious causes. Perfectly solvent coun- Russi
these comprising the countries to which war muni
tries like Great Britain and France find themselves
ial augmentation
tions, &c., are going. Very mater
obliged, for the time being, to make enormous purshown over
United States, in exports in other directions is also
chases abroad, particularly in the
figures of 1914. This is particularly
contracted
while at the same time their own exports of merchan- the
s, Sweden, South America,
cted scale,in part because true of the Netherland
dise are kept on a very restri
and Oceania.
such large numbers of their population are on the Asia
The August exports from the whole country
fighting line and in part because the population reyear reached an aggregate of $261,975,771,
maining at home is employed in supplying the needs this
against only $110,337,494 in 1914 (which was the
of the armies instead of manufacturing and producest total for any month since August 1909)
ing goods in the ordinary way for consumption and small
and $187,909,020 in 1913. For the eight months
sale. The trade balance against these countries is
since January 1 1915, moreover, shipments of merhence very heavy—too heavy to be met by shipments
chandise were by a large margin of unprecedented
of gold or even of foreign-owned American securities.
magnitude for the period covered, the aggregate
The equilibrium will be restored the moment the war
at $2,232,758,886, comparing with but $1,311,349,is ended.
latter
of our 656 in 1914 and $1,515,182,757 in 1913, this
In the meantime, these foreign purchasers
former high record for the period.
obliga- the
goods offer to settle by giving us short-term
The month's merchandise imports, on the whole,
edged character. The rate of return
tions of a gilt729,628 they
will be at least make a satisfactory exhibit as at $141,
on these obligations, it is safe to say,
ns more than in August last year,
that basis, is were some 12 millio
5%, and probably a trifle better. On
years ago and only
a tempting one, alto- 4 millions greater than for two
not the offering going to be
ons below the record total of 1912. The
to the finan- 13 milli
gether apart from the relief it will furnish
months, however, is the lowest
world? We do not feel called result for the eight
cial and commercial
contrasting
n's finan- since 1911, the total of $1,150,784,196,
upon to argue the question of Great Britai
high-water mark) in 1914
us one that with $1,270,361,263 (the
cial strength. The point is such an obvio
The inflow from
even at this stage and $1,156,300,228 in 1913.
no one would think of disputing it
the eight months was over 200 millions
rces to draw Europe for
of the war: England has huge resou
SEPT. 251915.]
THE CHRONICLE
967
less than a year ago, but greater receipts of mer- has agreed to permit the German armies
to pass
chandise are to be noted from South America, the through its territory, and that Greece will
at once
West Indies, Asia, Africa and Oceania. The net rally to the support of Servia and
thus re-enact in
result of our foreign trade for August was an export a measure at least the second Balkan
War. Berlin
balance of $120,246,133, this contrasting with a seems quite confident
that Rumania will remain
balance of imports of $19,400,396 in 1914—an neutral. It is certain
that a new and important eleabnormal showing for the season of the year, and ment has entered into the
military situation. The
only possible under some such extraordinary situa- conviction is said to
prevail among military experts in
tion as then existed. For the eight months the London that Bulgaria is
standing by the declaration
favorable balance is $1,081,974,690, a total almost of Premier Radoslavoff
that his country would enter
as great as the imports for the period, and compar- the war on the side
of the Entente Powers if it reing with only $40,988,393 last year, $358,881,929 ceived the portion of
Macedonia lost to Servia by
in 1913 and the former record figures of $391,369,960 the Bucharest Treaty
after the second Balkan war.
in 1908.
Beyond this nothing is known of the demands or
The gold movement of the month reflects British ambitions of Bulgaria,
although concessions have been
efforts to improve and stabilize the foreign exchange offered both by the Entente
and the Central Powers.
situation here, large shipments of gold having been One interpretation is
that the military movements
made from London to this country in furtherance that have just been
announced by Bulgaria were inof that policy. As a consequence, imports of gold tended chiefly to prove
the readiness of that Governinto the United States in August were of very large ment to fight to obtain
its wishes.
volume,reaching no less than $61,609,286. Of this
total about 40 million dollars came from Great
The fighting in Poland and on the Eastern war
Britain via Halifax, N. S., and Vanceboro, Me., frontier generally has not been so
completely oneits final destination being this city; nearly 7 millions sided this week. Three successe
s are claimed by
arrived here from Ottawa via Odgensburg, N. Y.; the German War Office in the
Russian theatre of
9 millions were received at San Francisco from Aus- war, while the Russians, on the
other hand, announce
tralia, &c., and some 33' millions came here mainly "brilliant victories" at both
ends of a long battlefrom ,South America. Against this aggregate there front, where General
Russky is said to have
were exports of only $1,128,428 (almost wholly beaten back with heavy
losses German forces which
from New York to the West Indies) leaving a net attempted to approac
h the Dvina River, 27 miles
inward balance of $60,480,858. For the eight southeast of Riga.
General Ivanoff, another Rusmonths our net gain of the metal reached $212,893,- sian officer, has capture
d, it is asserted, four villages
970, this following net export balances of $98,589,220 from the Austrians, taking
more than 1,500 prisoners.
for the period a year ago, $32,010,382 in 1913 and The Germans are renewin
g their attacks on the Rus$8,570,861 in 1912. In 1911 the flow was inward sian position west and southwe
st of Dvinsk, where a
to the extent of $20,938,029 net.
great battle is developing. In this district, according to the German reports, the Russian advanced
Bulgaria has apparently come out in favor of the
positions west of Dvinsk have been penetrated.
Teutonic Allies. A general mobilization order was
Another Germany army is reported to have broken
issued officially on Wednesday, though a formal the
resistance of the Russian forces north of Oshmystatement by the Bulgarian Premier declared that the ana
in the Vilna-Molodetchno-Lida Ry.triangle, thus
object of the mobilization was to provide "armed adding
to the danger which the Russian Vilna army
neutrality." The Premier, however, at the same
is facing. Field Marshal von Mackensen has
time announced the signing of a convention with reached
the region northeast and east of Logishin.
Turkey in which this same "armed neutrality" was
This location is due west of Luninjets at the interthe main feature. Such a move was widely inter- section
of the Pinsk-Gowel and Ssarny-Baranowitschapreted as significant of Bulgaria's future policy. On Lida
railways. The German War Office concedes
Thursday a mysterious. message was received in
that Russian attacks have forced General Mackensen
London from Salonika saying that the Bulgarian
to retreat behind the Oginski Canal, temporarily
mobilization which was issued on the day preceding
abandoning his attempts to reach the Vilna-Rovno
had been canceled and that the entire movement had Ry.
Southeast of Vilna the Russian rearguard,
been postponed. Yesterday the report of the post- which
made possible the escape of the main Vilna
poneinent was itself denied. On the other hand, army
from the German net, are now falling back,
it is announced that King Constantine of Greece and
in doing so have left some prisoners in the
has signed a decree mobilizing twenty divisions of the hands
of the Germans. The Czar's troops are
Greek army. Advices from Athens state that still
reported to be making headway in Eastern
Premier Venizelos will ask King Constantine to, at Galicia.
Three more Turkish transports have been
once sign a further decree delcaring a general mobilisunk by the Allied forces at the Dardanelles, aczation of the Greek armies. The King has called
cording to official statements in Paris. In the
the Greek Parliament into session and the Chamber
western theatre .the operations during the week
of Deputies will meet to-day, Saturday, for the
have consisted very largely of the bombardment
purpose of voting funds for the military establishwith heavy guns, both sides maintaining an
ment. The railroads have been taken over by the
almost continuous fire, while the British fleet is
Government and troop trains already are moving.
reported to be conducting important operations on
The order of mobilization includes the navy. The
the Belgium coast. As. to the Dardanelles, there
deduction that seems most logical from this "Balkan has
been nothing in the week's report of an illumiriddle," as it is called by the London press, is that native
character.
the long-pending Austro-German campaign to force
a way through the Balkans to aid Turkey has begun,
No formal and final communication has been rethat Bulgaria, rather than share the fate of Belgium, ceived as yet from
Berlin confirming the statement
968
THE CHRONICLE
[voL. 101.
of the German Ambassador here that the Arabic in- they will be accepted by the country." He said the
cident will be settled to the complete satisfaction of revenue for the current year would be £272,000,000
our own Government. That the German attitude is and the expenditures £1,590,000,000. "Our naa friendly one, however, is suggested by the concilia- tional wealth is great," he continued, "and this debt
tory tone of a note received this week in Washington will not cripple our resources. But we must not
from Germany regarding the sinking of the American overlook the strain which such an expenditure will
ship William P. Frye by the German sea raider impose on our sources of supply. It will be necessary
Prinz Eitel Friedrich when the American vessel was to borrow again." The navy, he said, was costing
carrying grain to the Continent. The note as made £190,000,000 and the army £715,000,000. The
public by our State Department states that the German country also had to bear external advances amountGovernment, while holding that in law and equity it ing to £423,000,000. The total daily rate of expendoes not believe itself prevented from proceeding diture will be upwards of £4,500,000 and in the latter
against American ships carrying contraband, ac- part of the year it might rise to £5,000,000. "If by
cording to its interpretation of the Prussian-American taxation we can restrict imports, reduce consumptreaty, nevertheless, until the question is settled. by tion and bring revenue," he continued, "we shall
arbitration, "in order to furnish to the American have found an ideal fiscal system." As to the income
Government evidence of its conciliatory attitude," tax,to which it was proposed to add 40% of the presGermany has issued orders to German naval com- ent tax, combined with improved machinery for
manders not to destroy American merchant ships assessing employees and relieving cases in which there
which carry conditional contraband even when the has been a falling off in income of more than 10%,
conditions of international law are present, but to a far-reaching alteration was proposed permitting
allow them to continue their voyage unhindered if payments by half-yearly installments. For emnot possible to take them into port. American ves- ployees of all descriptions both the assessment and
sels carrying absolute contraband will be destroyed the collection are to be quarterly.
The effect of these changes in the income tax for the
where such destruction is permissible by the provisions of the Declaration of London. The German present year, the Chancellor estimated, will be to
Government. agrees to the proposal of the American bring in £11,274,000 this year and for a full fiscal
Government to separate the question of, indemnity year £37,400,000. The supertax is to be increased
from the question of interpretation of the Prussian- on incomes of £8,000 and over,from 34 pence to 42
American treaty. In making payment for the Frye, pence per pound. This will produce in the current
which it proposes to do on the basis of appraisement year additional revenues of £2,150,000. The Channamed by experts of the two nations, it does not cellor dwelt at length on the sums the supertax would
acknowledge the American interpretation of the treaty, bring in. A man with an income of £20,000, he
but agrees to arbitrate this question. The text of the pointed out,would pay £6,029 income tax and a supertax at virtually 6 shillings a pound. A possessor of
note appears on a subsequent page.
an income of £100,000 will have to pay £34,000 inTuesday of this week Reginald McKenna, come tax. Simultaneously with the increase in the
On
Chancellor of the British Exchequer, introduced in sugar duty to 9s. 4d. per hundredweight, the Royal
the House of Commons the War Budget which had Commission on sugar supplies will reduce by 30d.
been so eagerly awaited. The proposals may fairly the prices to refineries, to 36d. The net effect will
be said to be on the same broad plane as have marked be an increase of 5s. per hundredweight, or Md. per
all the Chancellor's financial operations since he pound. The new sugar rax, Mr. McKenna estiassumed office. In brief he proposed an addition of mated, would produce additional revenues of £5,40% to the existing income tax and a reduction in the 360,000 this year and £11,700,000 in the full year.
maximum of exemption from £160 to £130. On su- Concluding, the Chancellor said: "We have trebled
gar he provided an increase in the duty to 9s. 4d. per our debt and doubled our taxes. If the war continhundredweight. A heavy tax on the profits of man- ues these proposals cannot be our last word. Our
ufacturers of war supplies also was proposed. Fifty great resource is the continued willingness of the peoper cent of all war profits above the amount assessed ple to bear their share." The new revenues will
for the income tax last year will be subjected to a amount to £102,155,000 ($510,775,000). Advices
special tax which works out at 60% of the profits. cabled from London agree that the ,budget has met
Mr. McKenna estimated the revenue from this par- general approval in financial circles, the chief crititicular source in a full year at £30,000,000. An all- cism even in the City being that luxuries still are inaround increase of 60% in the duty on tea, coffee, sufficiently taxed.
chicory, tobacco, dried fruits and other articles was
On the London Stock Exchange this week the dissuggested and also an increase of 100% on patent
medicines. Another source of revenue is to be an in- position was first to await the publication of the
crease in postal rates, which is expected to bring in budget and then to watch its effect. Thus there
£4,975,000. The Chancellor plans to abolish the was little disposition to do business, though to wards
half-penny postage and to impose additional charges the close of the week some degree of selling pressure
on telephones and telegraph messages. A tax of followed the indications that Bulgaria had decided
33 1-3% ad valorem on all imported motor cars and to cast its lot in the European conflict with the
bicycles, moving picture films, clocks, watches, Teutonic Allies. The Bank of England on Tuesday
musical instruments, plate glass and hats is also in- announced an offering of £3,500,000 Indian Government yearly bills. The terms or the success of the
cluded in the plan.
speech the Chancellor dealt very offering have not yet been reported on in cable disIn his budget
frankly with the seriousness of the situation. "I patches. International Mercantile Marine securimust ask the House," he said, "to sanction great ties were particularly active on the London Exchange.
and unprecedented burdens. I am confident that if They advanced sharply in price as a re'sult of the
the proposed taxes are assented to by the House modification of the reorganization plan, and it is
SEPT. 25 1915.1
THE CHRONICLE
969
stated there has been violent criticism from those balances so markedly in favor of the United
States that the
who were induced to sell recently because of expec- question of exchange has become acute.
Supplies which America is sending to Europe prepare the
tations of an assessment. Russian securities have market for the re-sale
to Americans of their securitie held
been irregular, following the varying accounts of the in Europe. • It is to be hoped that the Anglo-Frenchs delemilitary operations in Poland. The London Stock Ex- gates negotiating in New York will find a basis adapted to
American tastes and temperament.'
change will be closed to-day (Saturday). The
M. Bark alluded to "the lively sympathies of
English market has naturally been keenly interested
Americans toward Russia when she was emancipatin the progress of negotiations in New York for the
establishment of an Anglo-French credit. The ing the serfs at the same time that America abolished
British censor, however, has been extremely active slavery and maintained the Union." He continued:
Russia is going through a difficult period as regards
in restricting dispatches containing information reexchange. We cannot export our
garding these negotiations. The clearing banks of a lack of remittances from abroad. products, and there is
Russia has large payLondon have agreed not to lend short-term money ments to make abroad, and she cannot make them in goods
or products. That difficulty was examined closely in Februbelow 432%, but funds on American and Colonial ary, and the French and British
Governments came to the
collateral are available at 332%. The London assistance of Russia with advances which have been employed
to pay coupons and purchase supplies. Eirident/y this
money market is beginning to discuss fresh Govern- policy of co-operation
must be continued. That is one of
ment borrowing. It is estimated in London banking the questions which the Ministers of Finance are considering.
Certain
circles that the Government has funds on hand change precautions must be taken to raise the rate of exfor the ruble, and give it stability
sufficient to last another two months, provided that exchange will facilitate importations into . Improvement in
Russia, which now
the replacement of maturing treasury bills is carried are obstructed by depreciation of the ruble. Russia is
putting into the common effort with her
out in the manner expected. It is believed that the sources in men and money. She receivesallies all her refrom her allies
Treasury bill rate will be raised when the war loan indispensable co-operation. Inferior to the Germans in the
beginnin
of
has been fully paid in. A new public loan is not we haveg, from the point of view of preparation for the war,
made up part
the disadva
common effort of the Government, the ntage through the
looked for before December or January. French
people, the
and the Council of the Empire. We shall continue Duma
to deTreasury bills to the amount of £2,000,000 have crease the difference
between ourselves and our enemies in
recently been renewed for one year in London at that respect.
5%%.
A wireless dispatch from Berlin on Thursday
quoted the Overseas News Agency as saying that the
The French Minister of Finance in an interview
this week explains that the proposed French loan third German war loan, subscriptions to which closed
would not be issued until the beginning of October, on Wednesday, had been a great success. The
as there is no pressing need for money and the Treas- "Lokalanzeiger" figures that the subscriptions generury itself is so swamped with work that it has been ally have been 30% higher than those for the second
decided it would be necessary first to create a special loan. Berlin Stock Exchange estimates are even
issuing department to relieve the Cashier's depart- higher. Conservative estimates, the News Agency
ment, which during the first year of the war handled adds, are that the total of subscriptions will be
receipts and payments amounting to 163,000,000,000 greater than that for. even the highly satisfactory
francs, as compared with 38,000,000,000 francs in second loan. Latest cable advices by way of
the average year. France's war expenditures to the Amsterdam, give the total subscription at 12,beginning of 1916 will amount to 30,500,000,000 030,000,000 marks ($3,007,500,000). Figures from
francs ($6,100,000,000), according to the report of Berlin late in March gave the total of subscriptions to
the French Budget Commission. Average monthly the second loan, which closed on March 19, at $2,140,expenditures, the report says, have increased from 000,000. A News Agency dispatch from Copen1,300,000,000 francs to 2,070,000,000 francs. M. Du- hagen says that in return for Germany's consent to
pont, head of the Dupont Furlaud Bank, which took permit exports of coal and some other specified items
a prominent part in introducing American securities to Sweden, five Swedish banks will lend 40,000,000
in Paris, explained on Monday to the Paris corre- kroner to the Kaiser's Government. The money
spondent of the "New York Sun" that his firm had will be used to pay for goods bought in Sweden by
conducted a campaign in the form of open letters to Germany.
the newspapers, urging French investors to sell their
The official bank rates in Europe still remain withAmerican holdings for the purpose of favoring the forout change from 5% in London, Paris, Berlin, Vienna
eign exchange status. He said the result has been a and
Copenhagen; 532% in Norway, Sweden and Pordaily sale ranging between 1,000 and 1,000,000 tugal,
6% in Italy and Russia and 432% in Switzerfrancs since June. One of the most notable trans- land
and Amsterdam. Open market rates are 4%®
actions was the sale of 100,000 shares of Utah Cop- 4%%
for short and 4 11-16@4%% for long bills.
per. M. Dupont added that the total sales of all
These figures are without net change for the week.
houses could not exceed 500,000,000 francs out of a
Day-to-day funds at the British center remain at
total of five milliards(a billion dollars) held in France
. 3@4%. A private discount rate of 3 % was
8
reported from Berlin; otherwise the open market
Pierre L. Bark, Russian Minister of Finance, after
rates on the Continent are subject to private negoa long conference with M. Ribot, the French Minister tiation
s based on the official bank rates.
of Finance, in Paris on Tuesday departed for London
to take up financial matters affecting the Allies with
The gold supply of the Bank of England decreased
Reginald McKenna, Chancellor of the British Ex- £837,66
1 this week as a result principally of sales of
chequer. Before his departure M. Bark made the the preciou
s metalfor New York. Note circulation infollowing statement to the Associated Press:
creased £107,000; therefore the total reserve decreased
It would be infantile to deny that the role of the United £945,000. As a result of the contraction
in deposits,
States in international finance during the past year has,been
extremely important. The power of America as a center of however, the proportion of reserve to liabilities inlir6dtiotion has been affirmed in incontestable manner.
The creased to 25.06% from 23.92% last week. This
needs of the belligerents have changed international credit compar
es with 23.35% at this date a year ago and
970
THE CHRONICLE
[vol.. 101.
Treasury paper, of 1,031,000 marks
58.34% two years ago, before the war. The feature in discounts and
1,963,000 marks in securities, of 10,798,of the weekly return was the large decrease in loans in loans, of
in circulation and of 41,294,000 marksin
(other securities) of £9,278,000, bringing the total 000 marks
stock and paper currency dedown to £135,676,000, comparing, however, with deposits. The metal
in 1913. creased 40,330,000 marks. Detailed figures of totals
£110,732,658 one year ago and £27,614,699
d by cable.
Public deposits were drawn on by the Government have not been forwarde
00; other deposits were reto the extent of £12,836,0
Notwithstanding that negotiations are current for
duced £523,000, and Government securities decreased
$500,000,000 or more, to be
£3,105,000. Treasury bills to the amount of £11,- a foreign credit of
ed in New York, the local money situation
500,000 were redeemed last week and £11,250,000 establish
ease. Arrangements have
were sold. The Bank reports the amount of cur- continues one of extreme
Sept. 18 at £66,551,454, been made for six months funds as low as 3%.
rency notes outstanding as of
The Crop demands may not be said to have become an
against £60,843,562 the preceding week.
general situation this year,
amount of gold held for the redemption of such notes active factor in the
having as a broad proposition, been
remains at.£28,500,000. A total of £45,000,000 in Western banks
have not found it necesTreasury bills will fall due in October. Our'special so well supplied that they
by cable sary to call on New York for their balances or for
correspondent furnishes the following details
marketing season has now
of the gold movement into and out of the Bank for the advances. The crop
is slight probability of
Bank week: Inflow, £878,000 (of which £828,000 so far advanced that there
occurring in this respect.
bar gold bought in the open mraket and £50,000 re- any change whatever
be based upon the fact
leased from miscellaneous accounts); outflow, £1,- The entire situation seems to
domestic trade and industry, as well as our
716,000 (of which £291,000 bars and £102,000 for- that
activities, are on such a
eign gold coin sold in the open market, £526,000 to routine import and export
of funds are altogether
America, £10,000 to Canada, £300,000 ear-marked restricted basis that supplies
The improvement in
Egypt and £487,000 net sent to the interior of Great in excess of requirements.
so far as it is based on the
Britain). We add a tabular statement comparing the iron and steel trade,
general war munifor the last five years the different items in the Bank manufacture of ammunition and
is being financed as a separate proposition,
tions,
of England return:
and to this extent is not entering specifically into
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1911.
1912.
1913.
1914.
the general money market situation. Last Satur1915.
Sept. 27.
Sept. 25.
Sept. 24.
Sept. 23.
Sept. 22.
day's bank statement showed an increase of $7,31,622,000 34,202,760 28,659,210 28,828,140 29,064,070
Circulation
798,000 in the aggregate reserve. The reserve
Public deposits __.108,738,000 28,672,610 10,238,555 16,869,991 12,170,653
89,645,000 125,267,316 41,967,787 44,040,546 43,711,175 requirements, however, were increased $11,547,900
Other deposits
31,313,000 25,682,087 12,453,405 13.367,655 14,097,524
Gov't securities
expansion in deposits; hence
135,676,000 110,732,658 27,614,699 34,570,252 29,157,772 because of the large
Other securities
Reserve, notes&coin 49,727,000 35,920,299 30,472,664 31,315,104 30,945,508
the surplus above requirements was reduced $3,62,900,176 51,173,059 40,681,914 41,693,244 41,559,573
Coin and bullion
Proportion of reserve
749,900, bringing the total down to $220,373,090,
55.38%
51.39%
58.34%
23.35%
25.06%
to liabilities
4% which compares with a deficit of $38,384,100 under
4%
5%
4%
5%
Bank rate
the old form of bank statement in operation a year
House reported an expansion
The Bank of France is still adding to its gold stock ago. The Clearing
of $28,801,000 in the loan item. Net demand deas a result of deposits by the French people in exno less than $70,297,000, while
change for paper. This week's increase amounts to posits increased
Note
also increased net time deposits decreased $2,209,000.
62,515,000 francs. The silver holdings
a contraction of $294,000.
indicated
this week by the amount of 1,535,000 francs. A circulation
0 to
n of note circulation of 42,571,000 Reserves in "own vaults" increased $4,606,00
further expansio
000, of which $452,182,000 was specie.
francs was noted, while general deposits increased $526,763,
Federal Reserve banks increased $3,596,46,320,000 francs. Discounts are 3,372,000 francs Reserve in
000 to $143,190,000, while reserves in other deposithigher and Treasury deposits 42,258,000 francs
to $29,332,000. We refer
higher. The Bank's advances decreased 482,000 aries decreased $404,000
t in greater detail on a subsefrancs. The Bank now holds in gold 4,499,991,000 to the bank statemen
have been no important specific
francs against 4,141,350,000 francs a year ago and quent page. There
on the capital market this week. The City of
3,459,900,000 francs in 1913. Silver stands at demands
a loan of $2,500,000 from New
356,111,000 francs against 625,325,000 francs in Toronto has obtained
York banks in the form of notes to run nine months on
1914 and 632,000,000 francs in 1913. Note circulashipment of gold that was last week
tion aggregates 13,308,512,000 francs. A year ago it a 5% basis. The
from London by way of Halifax
was 6,683,184,785 francs and two years ago 5,519,- expected to arrive
yet reached New York. It is suggested
344,345 francs. General deposits show a total of has not as
have been diverted to Ottawa awaiting
2,587,537,000 francs against 947,571,861 francs and that it may
the results of the credit negotiations here.
647,565,847 francs one and two years ago, respecReferring to money rates in detail, demand loans
tively. Discounts are 2,355,937,000 francs. A year
at the recent range of 1%@2%,
ago they were 2,454,280,425 francs, and two years have continued
being the lowest and highest, respecago 1,394,578,252 francs. A year ago the Bank these figures
0
day in the week, while 1%7 has been
of France suspended publication of its statement tively, for each
the renewal basis. Time money quotations have
as soon as the war began and did not resume until
reduced, sixty-day funds closing at
Feb. 4 1915; hence no closer comparison with last been fractionally
%
/
2 (against 23/2% a week ago); ninety days
year's condition than as of July 30 is available. These 21 1@23/
that are mentioned above. 23% (unchanged); four months 2%@3% (against
are the 1914 comparisons
3%); five months 2%@3% (against 3@331%), and
3@33%). Commercial paper
The weekly statement of the Imperial Bank of six months 3%(against
is in excellent demand but comparatively light supply
Germany, as cabled on Sept. 18, indicates an inxty and ninety days endorsed
crease of 370,000 marks in gold, of 85,041,000 marks for the best names—si
SEPT. 25 1915.]
THE CHRONICLE
bills receivable and for four to six months single
names of choice character. Names not so favorably
known still require at least 3%%. Bankers' acceptances are quoted at 2%@23/%. Discount rates at
2
the Federal Reserve banks have not been changed
from the following figures:
•
971
volume of transactions was still small. Conflicting
reports as to the progress of the loan negotiations
caused some nervousness on Thursday and trading
continued dull; early weakness was followed by a
steadier tone, this in turn being replaced by an
easier tendency towards the close, though quotations
Maturities of—
Agricul- Trade Acceptances. ruled above Wednesday's level, at 4 7O3'@4
713
tural and
Federal Reserve
for demand and 4 71@4 71% for cable transfers;
Over 30 Over 60 live stock
Over 60
Bank—
10 days 30 days days to 60 days to 90 paper
To 60
10 90
and
and
days,
sixty-day bills were easier at 4 673@4 673/2. On
days,
over 90 days indays
less,
less.
incl.
incl.
days.
incl.
incl.
Friday the market ruled quiet but steady, ranging
Boston
3
4
4
4
5
3%
3%
New York _
3
4
4
4
5
4 70%@4 71 for demand, 4 713'@4 713/ for cable
3%
334
Philadelphia _
4
234
4
4
5
—_
3
Cleveland..
3
4
4
4%
5
transfers and 4 679'@4 68 for sixty days. Closing
Richmond 4
4%
4
5
5.
4
i4
Atlanta
4
4
4%
5
334
quotations were 4 68 for sixty days,4 71 for demand
Chicago
4
4
5
434
St. Louis__ _
3
4
4
4
5
5yi
iii and 4 713/ for cable transfers. Commercial on
Minneapolis
___
4
4
4%
5
Kansas City
4
4
4
5
5 .
ii
iii
banks, 4 64@4 66; documents for payment, 4
Dallas
4
4
5
434
3%
4
653.
San Francisco
3
334
4
414
5
3
314
Seven-day grain bills, 4 693@4 69%. Cotton for
Authorized rate for acceptances, 2 to 4%. On March 10 the
Federal Reserve
Board fixed the following rates for rediscounts between Federal
Reserve banks: payment, 4 65; grain for payment, 4 7032.
334% for maturities 01 30 days or less; 4% for maturities of over 30 days
to 90 days,
Notwithstanding the firmness of sterling exchange
inclusive.
Rates for commodity Paper: Philadelphia, St. Louis,
Dallas and Richmond, rates, the Continental exchang
es as a rule have
3%; Boston, 334 %; San Francisco, 30 days and less, 334%; over 3)to
60 days.
4%; over 60 to 90 days, 434%; over 90 days, 5%; Atlanta,
shown a tendency toward weakness. The London
60 to 90 days, 4%.
check rate in Paris closed at 27.703/i francs, against
The market for sterling exchange has been with- 27.45 francs
a week ago. In New York Paris checks
out important movement, there not unnaturally finished at 5
87 and cable transfers at 5 86,
being a general disposition to defer large operations against 5 80
and 5 79, respectively, a week ago and
pending the results of the important conferences 5 94 and 5 93
a fortnight ago. Exchange on Berlin
that are now in progress in this city looking toward has been
comparatively well maintained, owing to
the establishment of a large Anglo-French credit. the
demand for remittances on account of subWhile various reports have been circulated suggest- scriptio
ns to the new German war loan. Sight
ing that a hitch has occurred that will delay the
drafts finished at 83% and cables at 83%, against
completion of these negotiations, the advance that 833/
2 and 83% last week. Swiss exchange is 5 30
has gradually taken place in rates suggests that
and 5 29 for sight and cables against 5 25 and 5 24.
these reports have not been widely credited. On
Bankers sight on Amsterdam finished at 403 and
Thursday there was a sharp advance in all classes
cables 40%, against 40% and 40%. Commercial
5
of bills, following an official announcement made
sight on Amsterdam is 39 15-16, unchanged for the
on behalf of the foreign Commissioners that "The week.
Italian lires are 6 33 and 6 32 for sight and
reported friction between the Commission and cables,
respectively, against 6 21 and 6 20. Greek
American bankers, the Commission wishes to deny
exchange remains at 5 27 for checks and 5 26 for
emphatically. There has been no friction. The
cables. Copenhagen checks are without change
report that there has been is not so." The weekly
from 25.85 and sight exchange on Norway and
statement, published by the Department of ComSweden is also without alteration at 25.90. Russian
merce, of our exports and imports through the leadrubles are % higher at 359.
ing customs districts showed an excess of exports in
the large total of $35,423,734 for the week ending
The New York Clearing House banks, in their opSeptember 18, which compares with the smaller erations with interior banking institutions, have
total of $6,672,241 for the preceding week and gained ,507,000 net in cash as a result of the currency movements for the iweek ending Sept. 24.
$27,616,721 for the week before that.
Compared with Friday of last week, sterling ex- Their receipts from the interior have aggregated
change on Saturday was decidedly heavy, recording $9,094,000, while the shipments have reached ,587,000. Adding the Sub-Treasury operations, which
a loss of about 5 cents from the previous day's high occasioned a gain of $5,940,0
00, the combine
figure, due chiefly to reports of a setback in the sult of the flow of.money into and out of the d reNew
Anglo-French loan negotiations; demand bills were York banks for the week appears to have been a
quoted at 4 68@4 703, cable transfers at 4 683@ gain of $10,447,000, as follows:
4 71 and sixty days at 4 66@4 67. On Monday the
Week ending Sept. 24.
Into
Out of
Net Change In
Banks.
Banks.
Bank Holdings.
market opened and ruled firm, advancing at one time
Banks'
$9,094,000
24,587,000 Gain 24,507,000
to 4 713/ for demand; the close was slightly under • Sub-Treinterior movement
asury operations
23,663,000
17,723,000 Gain 5,940,000
this figure, with the low for the day 4 68; cable trans- Total
$32,757,000 322,310,000 Gain 210,447,000
fers ranged at4 68%@4 723. and sixty days at4 67@
The following table indicates the
4 69; renewed expectations of an early agreement in in the principal European banks: amount of bullion
the details of the foreign credit was the principal
Sept. 23 1915.
Sept. 24 1914.
factor in the day's firmness. Sterling moved within Banks of
Gold.
Silver. I Total,
Gold.
Silver. I Total.
narrower limits on Tuesday and trading was dull
£
1
£
£
£
I
£
I
£
62,900,176
and inactive, the disposition being to await a defi- England__ 180,002,960,I
62,900,176 51,673,059,
I 51,673,059
14,646,240194,649,200 *165653680 25,013,280190,666,980
Germany. 120,691,850, 2,200,00012
Francenite announcement as to the terms of the impending Russia __ 163,802,000 3,189,000162,891,850 83,791,000 1,434,700 85,225,700
6,991,000 172,433,000 5,866,000178,299,000
Aus.-Hunc 51,578,000, 12,140,000 63,718,000 51,578.000 12,140,000 63,718,000
British-French loan; quotations were 4 703'@4
Spain
29,638,000, 29,528,000 59,166,000 21,888,000 27,164,000 49,052,000
713/i Italy
a45,811,000: 4,670,000, 50,481.0001 46,264,000 3,000,000 49,264,000
for demand, 4 713@4 723' for cable transfers and Netheri'ds 31,644,000, 157,500" 31,801,5001 13,517,000, 945.400 14,462,400
Nat.13eigh
4 68@4 69 for sixty days. On Wednesday the Switeland 15,380,0001 600,000,I 15,980,000 15,380,000 600,0001 15.980,000
9,675,6001
9,675,600 8,819,20)1
8,819,200
Sweden
5,736,000,
5,736,000
opening was weak and rates declined; later, however, Denmark _ 6,301,000, 309,000I 6,301,000 3,880,000 270,000 4.150.000
5,946,000,
6,255,
Norway _ _ 3,453,000,
I 3,453,000 3,059,000,
I 3,059,000
there was a rally and the close was firm with demand
Tot. week 726,823,586 67,439,740 794,263,328
76,433,380 720,105,319
at a range of 4 699@4 713/ cable transfers at Prey.week 726,291,247i,1 68,284.340794.575,587643.671,939 77,618,730713,357,482
8
,
635,738,722
4 703@4 71% and sixty days 4 673/2@4 68; the a July 20 1915. c July 30 1914 in both years. h Aug. 6 1914 in both years.
* July 30 1914.
972
THE CHRONICLE
[VoL. i01.
in wealth of England and second, the readiness of
the English people to sacrifice that wealth for the
THE NEW WAR TAXES IN ENGLAND.
program of new taxation, presented to -Ow issues at stake in the present war. Mr. Asquith's
The
British Parliament on Tuesday night by Chancellor recent statement, showing that $1,250,000,000 has
of the Exchequer McKenna, fulfilled the most already been advanced by the British Government
extreme predictions in its drastic imposition of new to England's colonies and Allies, gives a plain idea
burdens. The Chancellor summed up the whole of how great a part of the general burden England
situation in his declaration that "we have trebled is carrying on her own shoulders. Compared with
our debt and doubled our taxes; but if the war this extraordinary showing, in barely one year of
continues, these proposals cannot be our last word." war, Pitt's subsidies to the impecunious German
He described those proposals as "unprecedented States in the Napoleonic wars, of which so much
burdens"; adding, however, "our national wealth has been made by the historians, fade into insigis great, and this debt will not cripple our resources". nificance.
The existence of this great financial reserve power
But there is, he concluded, "no record of a nation
voluntarily accepted a burden bearing so was known beforehand; the people's willingness to
having
high a proportion to the national income, for which use it on such a scale was not. It was, in fact,
doubted a few months ago whether the Government
provision has to be made for a single year."
Briefly summed up, the budget undertakes to would have the courage to ask for such sacrifices,
raise $510,775,000 of new revenue. What this especially when the highest income tax ever premeans may be judged from the fact that, in the viously imposed, the tax levied at the crisis of the
fiscal year ending with March 1914, the total Napoleonic wars, was only 10%. Out of the expendirevenue raised in England through taxation was ture of those wars we are told that £391,700,000
$815,000,000. As to the special sources from which was raised from taxes and that £440,000,000 were
the new revenue is to be drawn, the Chancellor added to the debt. Even with the proposed inbegins with an extra sugar tax of one-half penny crease in taxation, the proportion• paid through
per pound, which would produce £11,700,000 fresh taxation will not reach the figures of the Napoleonic
revenue in the first fiscal year. A 50% increase in wars.
But the advantage enjoyed by Pitt as compared
duties on tea and tobacco is estimated to yield
£9,600,000. From a 33 1-3 % duty on imported with the present Exchequer lay in the fact that the
automobiles, moving picture films, clocks, watches, income tax was not existent in its modern form in
musical instruments, plate glass and hats, £1,- England when the war with France broke out in
950,000 is to be obtained. The half-penny post is 1798. Therefore a field with ready and enormous
abolished; rates on Government telegraph and opportunities for productive new taxation lay at
telephone messages are raised substantially. Profits hand. This present war began with the English
from manufacture of war materials are to be taxed income tax already at a height never reached since
on the assessed basis of 50% of the excess over the Napoleonic war period—far above the rate imlast year's income tax assessment of the same con- posed even during the Crimean and Boer war
cern, and the rate of tax imposed on this assessed periods. As everybody knows, this fact was clue
income is stated to average 60%. From this tax to the persistent increase of taxation, in connection
with the governmental schemes of the past half£30,000,000 are expected.
The income tax is handled with great severity. dozen years for social betterment. It was old-age
It is difficult to ascertain the precise figures in any pensions and government insurance—praiseworthy
given case, because of the graduated tax and the ideals in themselves, but applied by Lloyd George
distinction drawn between earned and unearned with utterly lavish use of the Government's financial
incomes; but the general facts appear to be that a resources—which left the income tax, on the eve of
basic tax of sixteen pence in the pound existing the present war, higher than in the period of heaviest
before the war was virtually doubled in the fiscal pressure during the Transvaal conflict. The Govlegislation of last November, and is now to be fur- ernment was warned at the time that to do this was
ther increased by 40%. The "supertax" on incomes to draw with great rashness on the reserve resources
of £8,000 and over rises from 34 to 42 pence in the of the United Kingdom. The figures of the income
pound; that is to say, it will now amount to more tax as now proposed show how true the warning was.
Another consideration, possibly of high both
than 17%, in addition to the regular income tax.
The Chancellor explained that under the new pro- economic and political importance hereafter, is the
visions a man with an income of £20,000 will pay Exchequer's greatly extended recourse to import
an income tax of £6,029, or at the rate of 303/8%. duties. Revenue taxes on imports are not new to
On an income of £100,000, the tax would be £34,000, England's budgets of our day; but they have been
or 34%. From these drastic taxes, combined with applied primarily to articles, like tea and tobacco,
reduction of the exemption limit from a minimum not produced in England, and the protective printaxable income of £160 to one of £130, the Chan- ciple has always been scrupulously excluded. This
cellor expects an additional £11,274,000 in the fiscal week, in introducing the high ad valorem duties on
year ending with next March, and £37,400,000 in such competitive articles as motor cars, clocks, glass
the full fiscal year. The supertax itself will pro- and hats, Mr. McKenna somewhat ambiguously declared that the new taxation "will satisfy neither the
duce £2,150,000 in the present year.
The enormous burdens thus imposed—which strict free trader nor the scientific tariff reformer."
seem, by the cables, to have been accepted without There can be no doubt, however, that these particular
demur by Parliament and people—bring up for taxes will operate to the exclusion of foreign manudiscussion in a new form many financial and economic factured goods from competition with English
questions. The foremost and indisputable facts, manufacturers.
The Chancellor laid stress on the useful results
proved by the tax proposals and their reception
by the people are first, the immense pre-eminence of the higher cost thus created on imported articles,
•
SEPT. 25 1915.1
THE CHRONICLE
973
in promoting economy among the people, and sug- less than $258,000) together with a small increase in
gested further that, in view of the foreign exchange a minor item of deduction. Growth in taxes is
situation, "imports must be restricted." These are as inseparable a feature of this company's affairs
doubtless temporary considerations. But the ques- as it is of that of other railroad properties. For
tion still remains how far such a principle, once intro- 1914-15 the company was obliged to pay $1,878,000
duced, is likely to be carried, and how easy or diffi- in taxes, against $1,620,000 in 1913-14, and $1,cult it would be to abandon it on return of peace. 452,000 in the fiscal year 1912-13. President L. E.
The teaching of our own Civil War finance was that Johnson, in his remarks, points out that in the last
the application of a protective tariff is likely to be three calendar years the ratio of taxes to net railway
extended from the moment of its first admitted intro- operating revenues has risen from 10% in 1912 to
duction. It is not to be ignored that a strong and 11.85% in 1914.
well-organized political party already exists in EngIn this matter of taxes the railways are, of
land committed to the establishment of the protec- course, practically helpless, the disposition being so
tive policy. What the larger future results would general on the part of the taxing officers to impose
be if her free trade policy were to be, in greater or new burdens upon the railways and upon corporaless extent, abandoned by England, it is difficult to tions in general. Examining the ordinary operating
say. Conceivably, that consideration might play expenses where, as we have seen, there was a dean important incidental part in the problem of Lon- crease of $2,303,591, we find one entirely new item
don's future position as the financial center of the in the accounts which in the previous year had no
world; to the unchallenged occupancy of which parallel. We refer to the item of "Transportation
position, during the century past, the country's free for Investment". This appears as a credit item
trade policy has unquestionably contributed. But for $415,245 in the expenses. In other words,
English public men, bankers and merchants, must expenses were cut down $415,245 by reason of this
themselves be aware of this, and the Government's credit. We will let President Johnson explain this
future policy will be regulated by that knowledge.
item in his own words. He says: "By means of
These are only a few of the aspects in which this this account operating expenses are credited with
historic budget of taxation presents itself to the mind. the cost of transporting, on revenue trains, men
There is one other aspect, and by no means the least engaged in, and material for, construction, which
important. The effect on the war itself of this expense is concurrently charged to the appropriate
showing of England's readiness to throw its wealth property investment accounts." In other words,
and savings into the scales of war, is not to be ignored. under the latest classification of accounts the railThe predominant influence of the moment on roads are now obliged to charge for the cost of
the European war situation, has undoubtedly transporting men and material for their own use,
been the German victories in Russia. Yet pos- when engaged in construction work, and then to
session of the sinews of war in another form, and set up a charge for the item under property accounts.
clear demonstration of willingness to use them, Under the bookkeeping methods employed in the
is in England's case a fact which cannot be without past by the best managed railroads we believe the
equal moral influence on the situation. Precisely practice was not to charge for carrying men and
as the German military successes have given almost material for a company's own construction work or
an appearance of weakness to the strategical moves to treat the sum so charged as so much additional
of the Allies, so this remarkable showing of economic income in the income accounts. The Norfolk &
and financial power by England gives an appearance Western certainly never previously did so. The
of weakness and economic uncertainty to the fiscal Commerce Commission, however, now requires that
position of Germany, whose Government has not such shall be the course pursued and the result is
ventured since the war began to impose the slightest to that extent the Norfolk & Western appears to
new taxation.
have had more revenue than it actually received.
As it happens, there was an offsetting item that
A NORFOLK & WESTERN REPORT.
more than counterbalanced the credit item of
The Norfolk & Western Railway Co., which in $415,245 referred to. In explaining the many
all recent periods has had a most prosperous career, changes made under the commerce Commission's
enjoys the distinction of having in the fiscal year new classifications, the report points out that in
covered by the report published last week, suffered addition to the Equipment Depreciation Reserve,
a substantial loss in traffic and in gross earnings which has been in operation for seven years, the
compared with the fiscal year preceding, and of yet new classification of operating expenses provides
having been able to keep the final total of net in- for the creation of depreciation reserves for other
come practically unchanged. The explanation is railroad property by means of charges to operating
found, in the main, in the further development of expenses. While the use of these depreciation
operating efficiency, which has been a noteworthy accounts has been left for the present optional with
characteristic of this thriving little property for the carrier, the Norfolk & Western availed itself
so long and which is being carried to greater heights of the permission to set up such accounts. In
with each new twelve months period, and in part order, .however, to begin their operation conservais also found in changes in accounting methods made tively and to avoid large initial charges to operating
necessary by the Inter-State Commerce Commis- expenses for depreciation of such property, only the
sion's new classification of revenues and expenses larger structures were thus treated during the year
and of other accounts, which took effect July 11914. under review, leaving for consideration at a later
Aggregate gross revenues fell off $1,663,265; date the extension of the plan so as to cover smaller
this was met by a reduction in expenses in amount structures when experience shall have more clearly
of $2,303,591, thus leaving a gain in net of $640,325. indicated the best permanent course. Even this
This gain, however, was cut down to $380,923 by partial use of the new system involved a charge to
another increase in taxes (the increase was no operating expenses in the sum of $642,793, swelling
974
TIIE CHRONICLE
lin.
The Norfolk & Western has long been distinguished
the expense accounts to that extent. In previous
train-load, this, indeed, being
years no similar charge to operating expenses for for its high average
ent by reason of the
a depreciation reserve for roadway and structures an indispensable requirem
traffic and the exceedingly low
character of the
was made.
must be moved. One
special depreciation charge of $642,793—and rates at which this traffic
This
would hardly have believed it possible, but the
which, in the Norfolk & Western case, neutralized
raised in the late year almost 5%,
the advantage that would otherwise have been train load was
of Transportation for the addition having been over 39 tons, and
derived from the credit item
of 5% increase, or 38 tons, the preInvestment—may be taken as accounting for the coming on top
record of the growth of the trainincrease of $739,462 shown under the head of vious year. The
the last three years has been a marvelexpenses for Maintenance of Way and Structures, load during
ng the high figures previously
as compared with the year preceding. On the other lous one, consideri
attained. For 1915 the average revenue tons per
hand, for Maintenance of Equipment the expendi841 tons, as against 802
tures were $872,588 less, though still being high. freight-train mile was
in 1913 and only 692 tons
NQ attempt is made to compare any of the separate tons in 1914, 764 tons
for the three years having,
items under the different heads, it being stated that in 1912, the increase
or considerably over 20%.
the numerous changes prescribed by the Commerce therefore, been 149 tons,
With reference to this record now established of
Commission's new classification of operating exof over 841 tons, we can repeat
penses make "it impracticable to present the usual an average train-load
with what we said last year, only with greater emphasis,
detailed comparison of operating expenses
average is not duplicated on
those of the preceding year." Only the general namely that this high
systems of the day and excelled by
any of the large
totals are given under each head.
and only in the case
the absence of the itemized comparative very few roads in the country,
While
such as possess special advantages in the way
details of expenses is a drawback to a complete of
grade, or of both combined.
study of the figures, there are enough reliable figures either of traffic or of
It is through the addition to train-load and the
in the report to prove conclusively that economies
the unit of cost per ton that
of operation so noteworthy in the past have been consequent lowering of
which have been dropping to a
carried a step further, thereby permitting sub- the loss in rates,
lower basis, has been overcome. In
stantial reductions in expenses with the falling off in lower and still
the average rate per ton per
the volume of traffic. And first of all it is to be both 1913 and 1912
mile was only 4.24 mills, but in 1914 there was a
noted that transportation expenses footed up $1,and in 1915 still another drop to
546,911 less than in the preceding year. It is under drop to 4.15 mills
observed that to move freight
this head that the inquirer must look for evidences 4.10 mills. It will be
4.10 mills means that it is necessary
of true economy, since the figures under this head at an average of
tons of freight one mile in order
furnish a more reliable guide to the real cost of to carry nearly 23/
earn a single cent gross. The Norfolk & Western
operations than do the expenses under any of the to
make a profit even at such exceedother heads, inasmuch as they cannot be varied at finds it possible to
this they differ ingly low rates through its success in raising the
discretion or convenience. In
high figures. It is noteworthy
widely from maintenance outlays either on equip- train-load to such
this increase in train-load, the road
ment account or the upkeep of road and structures. that through
raise—to constantly raise—its
For, obviously, it is possible to pursue a liberal has been able to
earnings per train-mile, notwithstanding the decline
policy or quite the reverse in the making of repairs
in the late year the road had an
and renewals, accordingly as necessity or inclina- in rates. Thus,
(gross) per freight-train mile of
tion may suggest. In the transportation expense average revenue
$3.3324 in 1914, $3.2420 in 1913
account, on the other hand, "skimping" is hard to $3.4484, against
1912. It is not alone, however, the
practice. Hence, the decrease of $1,546,511 in the and $2.9664 in
net a
expenses under that head must be taken as a meas- high train-load that makes it possible to
profit at such low rates. The tremendous volume
ure of the saving effected through further,advance
of tonnage that the road has at the same time been
in operating efficiency.
Turning now to the train and traffic and revenue able to build up has been an equally important
as showstatistics we find ample evidence in support of the factor in the problem. On that point and
e of the traffic, it is only necessary
conclusions indicated. The freight traffic, as al- ing the magnitud
tanding the
ready stated, suffered a substantial reduction, as to say that in the late year, notwiths
, the number of falling off in tonnage, this system carried no less
compared with the year preceding
revenue freight one mile,
revenue tons carried one mile having fallen away than 8,918,549,288 tons of
& Quincy in the fiscal
236,957,439 ton-miles. This, however, is not as while the Chicago Burlington
30 1914 (the figures of this comformidable a reduction as might appear from the year ending June
)
face of the return, since the Norfolk & Western, pany for 1915 are not yet available with over 9,000
of road, or about 43/ times the 2,043 miles
though a small system, comprising only about 2,000 miles
miles, handles a tremendous volume of tonnage. operated by the Norfolk & Western, had a freight
In ratio, the decrease is no more than 2.59%. traffic of only 8,612,629,607 ton-miles.
Of course it required a very large investment of
With this decrease of only 2.59% the mileage run
up to the
by revenue trains in the freight service was dimin- new capital to bring this little system
it can handle such a tremendous volume
ished 7.30% and the locomotive mileage run by point where
the late year
revenue trains in the freight service was cut down of tonnage and at such low rates. In
that the average number the new capital outlays were relatively small—the
14.30%. We note, too,
outof cars per freight-train mile was 44.13 in 1915, management having, in view of the uncertain
cautiously in the making
against 42.38 in 1914 and 40.17 in 1913. All this look, proceeded rather
means another large addition to the average train- of new expenditures—and the total addition to cost
of road and equipment during the twelve months
load, already of record proportions.
SEPT. 25 1915.1
THE CHRONICLE
975
was only $6,870,149, as against $15,333,648 in the both revenues and expense
s prescribed by the Interpreceding fiscal year. From the time of the reorgan- State Commerce Commission.
As indicating, howization and the commencement of operations on ever, the nature of
the results, we may note that in
October 1 1896,to June 30 1915,the road and equip- 1914, on the old
basis of accounting, there was a
ment expenditures have reached $139,122,925. decrease of $1,285,
913 in gross operating revenues,
Of this $15,473,521 was met by direct charges to with a decreas
e of only $266,591 in the net revenue,
income for additions and betterments and $17,019,102 while in 1915
there was on the new basis of accountwas met by appropriations from surplus income for ing a further
loss in gross of $1,770,405, but atadditions and betterments, making $32,492,623 appro- tended by a reducti
on in expenses of $2,170,898, thus
priated out of earnings, but still leaving over 1063' producing an
actual gain in net of $400,493. The
million dollars represented by new capital outlays.
figures in both cases are stated without deduction
Having made ample provision for its needs in for the taxes,
which, as in the case of other roads,
the previous year, the company had no occasion have been a growing
item.
for adding to stock or debt during the year under
In the previous year the shrinkage in traffic and
review. As a matter of fact equipment trust gross revenues
followed from quite a number of cirobligations were reduced $1,800,000 during the cumstances, some
of which at least were not retwelve months. The balance sheet shows that peated in 1915. In
other words, in the fiscal year
cash on hand June 30 1915 was $6,381,534, or only 1914 the road had
to contend with the protracted
$1,628,119 smaller than on June 30 1914; in addition strike of the coal miners
in southern Colorado, the
there appears an item in current assets called "Time fruit crop failure on the
western slope in Colorado,
drafts and Deposits" for $1,000,000. The balance while the inactivity in the
building industry curtailed
sheet has been entirely reconstructed in accordance the demand for lumber from
southern Colorado and
with the new classification of the Inter-State Com- New Mexico territory. Then
also the road was admerce Commission and the item of "Short-Term versely affected by the falling
off in the demand for
Investments" for $12,352,771, representing an accu- manufactures
and miscellaneous commodities. In
mulation of cash in the treasury in the previous year 1915 there
was a further decrease in the freight
which had been in part invested in the purchase revenues of
$1,147,343 on top of a decrease of $1,of well-secured short-term obligations, does not 020,060 in 1914.
President Bush tells us that of
appear in the balance sheet under that designation this further
decrease in the freight revenue 30%
this time, but we learn that it is now represented by was in the
ore and bullion shipments, mainly atthe balance sheet item of "bonds" under "other in- tributable to
the depressed condition of the copper
vestments," which amounts to $9,670,988.
industry during the first nine months of the fiscal
We have stated that the final result as to income, year; 40% in merchan
dise and manufactured articles
as a result of economies in operation, had been sub- because of the
general business depression and the
stantially the same as in the previous year, not- diverting of
transcontinental tonnage to the Panama
withstanding the falling off in traffic and in gross Canal; 15%
in coal and coke, largely because of the
revenues. After providing for all expenses and depression
in the copper industry, coupled with an
for fixed charges and rentals and also for the divi- unseasonable
winter in the Northwest, and approxidend on the adjustment preferred stock, there mately 15%
in live stock, wool and lumber shipments.
remained $9,490,233 of available income on the Passenger
revenues were reduced $628,363 in 1915
operations of 1915, against $9,542,758 on the opera- in additio
n to $221,673 decrease in 1914, and the
tions of the twelve months preceding. The call report tells us that of
the 1915 loss 65% occurred in
for the 6% dividend on the common shares was local travel, and that
to this the operation of addionly $6,476,622. Out of the remainder the manage- tional electric lines
and of automobiles largely conment appropriated a somewhat smaller sum than tributed.
Thus there was a variety of circumin the preceding year for additions and betterments, stances and conditi
ons responsible for the falling off.
or, as the Commerce Commission's classification
With reference to the reduction in expenses there
makes the term, "Investment in Physical Property", was a decreas
e last year under each of the general
the appropriation for 1915 having been $1,534,095 heads, and
the experience was the same in 1915
and for 1914 $2,093,918, leaving even on this basis, except as to
two of the minor groups. In the latest
a considerable balance to be carried forward to the year there was
a decrease of $865,312 in the expendicredit of profit and loss, after allowing for certain tures upon
maintenance of way and structures and of
smaller items of credits and debits.
$326,160 in the expenditures upon maintenance of
HOW THE DENVER & RIO GRANDE FARED equipment. The ratio of the two groups of expenses
to operating revenues equalled 29.94%, as conTHROUGH BUSINESS DEPRESSION.
The year under review—that is, the year ending trasted with the average of 30.97% for the
June 30 1915—is the second twelve-month period previous five years. The expenditure per mile
of depression experienced by the Denver & Rio of road, however, for maintenance of way and strucGrande Railroad Co., and hence it is not surprising tures amounted to close to $1,000 per mile, being
to find that the company sustained a material reduc- $988 per mile, and the report tells us that "notwithtion in traffic and gross revenues in both years. standing substantial reductions in maintenance, the
In the net results, however, the losses were in the roadway and equipment are in gratifying condilatest year more than overcome,and in the previous tion." Of course, the smaller volume of
traffic
year nearly so, through reductions in expenses as a moved would diminish maintenance outlay.
The
result of new capital outlays which enabled the same is true in.a measure of the
transportation excompany to make important progress in the develop- penditures, but here the saving
has been very notement of operating efficiency.
worthy, namely $1,020,888 in 1915 after $489,255
It is not possible to make direct comparisons in 1914, and it is
evident that important economies
of revenues and expenditures for the last three fiscal in operati
on have been effected. For the latest
years, owing to the changes in the classification o, year
the ratio of transportation expenses to operating
976
THE CHRONICLE
[voL.
101.
in its affairs. The Denver &
revenues was 28.83%, against an average for the the chief drawback
Rio Grande up to last March undertook to meet the
previous five years of 33.44%. The number of tons of
000 of Western Pacific
revenue freight carried one mile decreased only 5.52% 5% interest on the $50,000,
aggregate declined first mortgage bonds, calling for a payment of $2,and the freight revenue in the
but on March 1 last allowed
6.73%, but in the freight and mixed train mileage 500,000 per annum,
it having become evident(as stated
there was a decrease of 16.80%, due to the average default to occur,
& Rio Grande report) that this
freight-train load having been raised an additional in the present Denver
interest "could not be met either by the principal
4( tons, or 13.55%. This is the more noteworthy
company." The Western Pacific
as it follows striking progress in the same direction debtor or by this
same is true of the pas- is now being operated by receivers and obviously some
in the previous year. The
entirely new adjustment of the relations between
senger train mileage.
be worked out in the
In brief, important economies were affected in the the two companies will have to
latest year as in the two preceding years, by adding near future.
to the train-load and diminishing the train mileage,
O & NORTH WESTERN REPORT.
making it possible for a train crew to handle a much THE CHICAG
The Chicago & North Western Railway Co. in its
greater volume of traffic without adding to the
30 1915 shows
number of employees, thus overcoming the rise in report for the fiscal year ending June
as those of other large railroad
wages. In 1913 the train-load of revenue freight results much the same
al falling off in traffic
was raised from 264 tons to 305 tons; in 1914 it was properties, namely a substanti
as a result of the unfavorable conditions prevailing,
brought still higher to 337 tons, and now for 1915 it
expenses which served to
is up to 383 tons. Including company freight, the but offset by a reduction in
now almost 433 tons, wipe out this loss as far as net income is concerned.
average lading of the trains is
is one of those conseragainst 390 tons in 1914, 345 tons in 1913 and only The Chicago & North Western
railroads with a long record
299 tons in 1912. The average rate received has vatively administered
to do well in
been declining slightly, having been 1.186 cents of prosperity behind it which manages
times and bad times alike. Accordingly, it
per ton per mile in 1915, against 1.201 cents in 1914 good
of dividends,
and 1.194 cents in 1913. Nevertheless, on account succeeds in keeping up its old rates
a great improve- paying 7% on the common shares and 8% on the
of the development of the train-load,
above
ment has been established in the train earnings per preferred shares, but the margin of income
ions is now relatively small, where
mile. In 1915 the freight trains actually earned dividend distribut
This means
$4 54 per train-mile, against only 4 05 per mile formerly it was of large proportions.
that the trying conditions under which railway transrun in 1914, $3 64 in 1913 and no more than $3 19
United States have left
in 1912. The marked advance in revenues per unit portation is carried on in the
what has been their impress on this company's affairs the same as
of traffic here disclosed indicates
have shown in our reviews
accomplished in bringing operations to a more on others. Indeed, we
how operating costs have been
of previous reports
profitable basis.
anding tremenWhile these improved operating results reflect the rising year by year, so that notwithst
dous growth in traffic and in gross revenues, the comemployment of new operating methods, they also
to add comparatively little to
indicate the benefits that are being derived from the pany found it possible
res that have been made during the net income over a series of years, though in the
new capital expenditu
obliged to make tremendous new
the last three years. In 1912, as may be remem- meantime it was
for the proper extension and developbered, an adjustment mortgage bond issue for $25,- capital outlays
thereby adding to the total of
000,000 was authorized, and of these $10,000,000 ment of the system,
stock and bonds outstanding and increasing the interare now outstanding in the hands of the public. The
requirements.
proceeds of $7,500,000 were spent upon the Denver & est and dividend
The income account for the late year shows that
on the Western Pacific.
Rio Grande and $2,500,000
a surplus on the operations of
In a brief reference to the matter in the report the the company earned
months of $810,380 over and above all
statement is made that the additions and improve- the twelve
and above the regular dividends
ments to road and equipment made feasible through charges and also over
d at the rates mentioned above. For the previous
the sale of the adjustment bonds were conclude
income above dividends and
during the last fiscal year, the remark being added year the balance of
4. The difference between the
that "it is with much satisfaction that the manage- charges was $1,206,05
great, and the showing made for
ment refers to the important gain in the efficiency two years is not very
ng, considering the heavy loss
of train operations that has resulted therefrom and is 1915 is quite encouragi
in gross earnings,and also that there was a falling
assured for the future." As indicating the nature
dollars in the non-operating
of some of these improvements a detour of 133/2 off of nearly half a million
Soldiers Summit in Utah income. When business in the United States shall
miles at what is known as
margin of surplus above the divihas been completed, thereby effecting a reduction again improve, the
ents will no doubt also again increase,
dend requirem
in grade from 4% to 2%.
may note that in the fiscal year
The income account shows that the net income and on that point we
ending June 30 1913 the surplus above dividends on
above expenses and fixed charges, owing to the new
months amounted to
economies in operation, was practically the same in the operations of the twelve
$1,418,730, against $1,400,375 $3,775,407. Owing, however, to the great rise in
1915 as in 1914, being
ten years ago, due
in 1914. Out of this $1,418,730, $273,044 was ap- operating costs as compared with
of wages and the increase in the
plied to sinking and renewals funds and $211,045 to higher schedules
entering into the operwas appropriated for road and equipment, leaving price of practically everything
ating accounts of the railroads, together with the
.
even then a balance of surplus of $934,640
imposed upon the railThe Denver & Rio Grande's ownership of the many burdens and exactions
governmental authority, it
Western Pacific, with the responsibilities and lia- roads by legislative and
the nearfuture,if ever,
bilities incurred in connection therewith, constitutes seems unlikely that we shall in
SEPT. 25 1915.1
THE CHRONICLE
977
have a repetition of the prosperous times which pre- $2,195,794 was. effected.
While the number of
vailed in recent earlier periods. We have only to passengers carried one
mile diminished 3.68%, the
go back to 1905706, to find a year when the passenger revenue
fell off 4.70%, showing that part
Chicago & North Western earned over $8,000,000 in of the decrease
followed from a decline in rates. In
excess of the requirements for dividends, the income the freight traffic
the falling off in revenue resulted
account for that twelve months having shown a spe- almost entirely
from lower rates. The tons of revecific appropriation of $6,000,000 out of the year's nue freight
handled actually decreased 6.72%, but
earnings for the physical improvement of the prop- in the tonnage
movement one mile—which is the
erty, with a balance left over even then above divi- true measure of
the work done—the decrease was
dend requirements in the sum of $2,316,609. The only .22 of 1%.
Notwithstanding this inconseyear given was an exceptionally favorable one, to quential decline in
the freight movement, freight
be sure, but the surplus above the dividend require- revenues diminish
ed, as we have already seen,
ments was then running large year by year, and it $2,065,615, or 3.83%,
and we find that the company
was then the practice to contribute several million in the late year
realized an average of only 8.4 mills
dollars a year for betterments and improvements, per ton per mile against
8.7 mills in ,the preceding
the surplus being large enough for the purpose, year. Economy of
operations, however, was further
though the amount varied according to the size of promoted through an
increase in train-load, and
the surplus.
accordingly the freight revenue per train-mile imIt is not merely the increase in wages and in the proved slightly, notwiths
tanding the lower rate reprice of materials that has served to reduce net in- ceived. The average rate
realized appears to be
come. The growth in the item of taxes has been an- slowly but steadily tending
downward. As against
other serious feature. Even in the late year, when the 8.4 mills for 1915, the average
for both fiscal year
expenses in all other directions were reduced, there 1914 and the fiscal year 1913 was
8.7 mills and for
was a further rise in taxes. This further increase in 1912 was 9.1 mills.
1915 was $264,152, bringing the total taxes on this
Including company freight, the train-load in the
property up to no less than $4,516,943. This is late year was 443 tons (which
is a good average,
after $655,630 increase in 1914, $174,322 increase in having regard for the company
's traffic and the loca1913, $306,804 increase in 1912, $136,521 increase tion of its lines), against
411 tons in the previous year.
in 1911 and $264,881 increase in 1910. Six years This is after very substant
ial improvement in the
ago the amount consumed by the taxes was only lading of the trains in the
years preceding. It is
$2,714,632, and accordingly there has been an aug- not possible to make
a direct comparison with these
mentation in the interval in this one item of over preceding years, since in
those years the total train$1,800,000. As gross operating revenues in the late load was not given, only
the revenue train-load, but
year were $80,779,675, and the net revenue from rail- in this latter case there was an
increase from 260 tons
way operations $24,408,102, the taxes now consti- in 1910 to 277 tons in 1911, to
299 tons in 1912 and
tute nearly 6% of the gross revenues and not far then to 348 tons in both
the fiscal year 1913 and the
from 19% of the net revenues.
fiscal year 1914. While in 1915 the freight trains
Passing now to a consideration of last year's loss earned $3 01 of freight
revenue per train-mile, back
in gross earnings and the attending reduction in ex- in 1909 they earned only
$2 33 per mile run and in
penses, we find that the loss in gross reached $3,779,- 1910 only $2 32. The
increase in train-load shows
659, or about 43'%, and that the falling off extended one way in which
transportation expenses were reto all branches of the service, there being a decrease of duced and there are other
evidences of economy in
$2,065,614 in the freight revenues, of $1,012,099 in operations. Of the
total decrease of $2,195,793 in
the passenger revenues, of $563,403 in "other trans- the expenses under this head,
no less than $1,063,155
portation" and of $138,543 in "incidental." This was in the charge
for fuel, while $585,109 was in the
loss in revenue calls for no special comment, since it amount charged for supplies
and miscellaneous. In
merely reflects the business and traffic conditions pre- the amount charged
for labor there was a saving
vailing during the twelve months. In one particu- of $547,529 by reason
of the better lading of the
lar an improvement must have come in the later trains.
months of the fiscal year, namely in the transportaIn the amount of bonded debt outstanding there
tion of iron ore to Lake Superior, the revival in the was a net decrease
during the twelve months of
iron trade occasioned by the war orders having in- $4,298,000, only
$10,000,000 of new bonds having
creased the demand for iron ore.
been sold, while $14,298,000 were absorbed or redeemThe management succeeded in overcoming the ed. Construction expendit
ures, as befitted the times,
decrease of $3,779,659 in gross earnings by a reduc- were on a reduced
scale and aggregated $8,185,320,
tion of $3,930,002 in expenses, thus leaving an actual as against $22,873,
353 in the preceding year. By reagain in net of $150,343. But this gain was again son of these
construction outlays and the reduction in
converted into a loss through the $264,153 increase debt the
amount of cash in bank has been brought
in taxes and an increase of $7,254 in minor items. down to a nearly
normal basis, being reported at
Expenses of maintenance of way and structures were $9,778,4
03 for June 30 1915, whereas on June 30 1914
heavily cut, $1,762,355 less having been expended it was $19,458,
669.
in that way than in the previous year, roadway maintenance and track-laying and surfacing alone accounting for $818,788 of this. In the expenditures • GREAT BRITAIN'S WEALTH AND FINANCIAL
RESOURCES.
for maintenance of equipment, however, there was
One of our economic students who is taking a deep interest
an increase of $290,447, more than the whole being in the Anglo-French loan sends us the following
statement
for augmented depreciation allowances under the of facts and figures, which he has compiled from various
sources:
rules of the Inter-State Commerce Commission.
Great Britain is an old country
The largest decrease of all in the expenses is found a great fund of wealth accumulated with established population. enjoying
through the centuries. Hence it must
be measured by standards quite different from a new country still requiring
in the transportation group, where a reduction of much developmen
t. Internal debt due fro n the nation as a whola to meat
978
THE CHRONICLE
bers forming nation (and does not decrease income). External debt a
mortgage on nation's wealth.
In 1816(March 31) the United Kingdom's national debt was $4,500,000,000
In 1916 (March 31) the United Kingdom's national debt is
11,000,000,000
estimated at
In 1816 annual income of United Kingdom was, as given by
1,500,000.000
statisticians
In 1916 annual income of United Kingdom is estimated at_ _12,500,000,000
300 per cent
Proportion of debt to income, 1816
88 per cent
Proportion of debt to income, 1916
In other words, debt in 1816 was equivalent to three years' income; in
will be equivalent to between ten and eleven months' income.
1916 debt
Yet the British people experienced no difficulty in ten years following 1816
in meeting the interest and gradually paying off, by means of sinking funds,
considerable portions of the principal. In 1899, just before ,the Boer War,
the debt had been reduced to $3.175,000,000, and in spite of an increase
during that war of over $800,000.000 to the debt, raising the total to close
on $4,000,000,000 in 1903, by 1914, before the present war began, over
$450,000,000 of the additional debt incurred during the Boer War had been
paid off and the debt reduced to about $3,530,000,000.
As illustrating the ;rowth of the Ile 3me 31' the Unite 1 Kingdom,the figure; of th• income which comes under review by the Income Tax Commissioners may be cited:
$1,219,150,000
Total income coming under review in 1844 (*)
2,715,130,000
Total in 1874
5,835,920,000
Total in 1914
* 1844 was the first complete year after the income tax was introduced
by Sir Robert Peel on the lines on which it has been collected ever since.
This income represents (with a few unimportant exceptions) only the
income of persons with incomes of over $800 a year, and does not include the incomes of any but a trifling fraction of the wage earning class,
a class with salaries of under $800 a year, and the total income not included
in these figures is not less than $6,500,000,000 a year. The war has, so
far, not resulted in any appreciable reduction in the amount of income
assessed to tax and has certainly increased considerably the total income
of the wage-earning classes. It must always be remembered, in comparing
figures of this kind with figures of the income of the United States, that
a pound of English money has a much larger purchasing power in the
United Kingdom than five dollars of United States money has in the
United States of America. The figures of the income of the United Kingdom, therefore, would be equivalent, as regards purchasing power to considerably larger figures for the United States of America.
Income tax rate is popularly stated to have been raised from 2s.6d.to
3s. 6d. in the £, i.e., from 12A % to 17;i%. But these figures are misleading. The rate of 3s. 6d. only applies to incomes over £2,500, i.e.,
$12,500 a year. Earned incomes under that figure pay a much smaller
rate and there are various exemptions and deductions allowed. In the
year 1913-14, the last fiscal year before the war began, the nominal rate
% (73 cents in the dollar), but the
of tax was is. 6d. in the £, i.e.,
average rate of tax on earned incomes from £160($800) up to £2,000($10.-id. in the £ (13-s cents in the dollar) and the limit
000) was only about 43
of exemption has been reduced under the Budget just introduced from
($650), but, even so, while it is not possible to make
£160 ($800) to £130
a very exact estimate, the virtual rate of tax on earned incomes between
$650 and $10,000,000 does not exceed is. 6d. in the L, or 7M cents in the
dollar and is probably not as much as 7 cents in the dollar.
over 300.000,000 bushels. Add that amount to next year's surplus, and
even if we cut our wheat production in two it would require two or throe
years to work off the surplus. Meantime,such a condition would mean ruin
to this country. The price of this unsalable surplus would fix the price of
the whole crop. Wheat would be sold below the cost of production and our
farm interest be involved in a disaster from which it could not recover for
many years. And precisely the same is true, in different degrees, of our
cotton, meat products and provisions generally.
One who looks only at the plain facts will see that the grant of this credit
for the purpose stated is far less an accommodation to the countries that
ask it than an act of necessity for the United States. It is part of the most
familiar business policy.
When a merchant who has been buying for years for cash finds it nocessary to ask for a line of credit, it is granted gladly. This is done not as a
personal favor, but as a matter of sound business policy. If it were not,
mercantile business would pass through a perpetual crisis.
It is hard to understand the people who talk about "taking money out
of the country." It is of the essence of the plan that the money shall stay
in this country. The goods will go out, the money will stay here and be
used to pay for the goods in the localities where they were bought and where
the money already is, and the only money that moves at all will come this
way in the payment of interest and the eventual repayment of principal.
The loan cannot encroach upon our neutrality in either fact or feeling.
Indeed, some of the great German financial houses in this country are in
favor of it, since they understand its terms and purpose. There are millions
of persons of German stock on the farms of this country, and every one will
share in the benefit of preserving and Upholding the market for farm products that cannot be secured in any other way.
It is necessary only for any man to get the right point of view, and the
purpose of stating the facts just mentioned is to give it to him. Only
superficially is this credit for the advantage of other nations. Primarily
and with much more force it applies to the maintenance of our own commerce, to the support of our own industry, to the prevention of disaster
to our agriculture, to the assurance of prosperity in the United States. It
is far less a favor to others than a necessity for ourselves. It means more
to us just now than armies and navies or anything else. It is a measure
of financial and industrial self-preservation. So understood, it should
appeal even more powerfully to the general public, which is the real party
in interest, than it has to the men who have given it their sanction already'
THE PENDING ANGLO-FRENCH CREDIT.
- While nothing definite has yet been announced as a result
of the informal conferences in this city with regard to the
proposed Anglo-French credit or loan, it is known that satisfactory progress has been made. We discuss the importance
of the loan in our article on "The Financial Situation," on
a previous page.
J. J. HILL EMPHASIZES NECESSITY OF FOREIGN
CREDIT.
The necessity for the establishment of the Anglo-French
credit as a means to avert disaster to our important industries
and promote our own prosperity was pointed out in a statement issued on Monday by James J. Hill with his return to
St. Paul from New York, where he had participated in the
conferences with the Anglo-French Financial Commission.
Mr. Hill not only urged that the loan "cannot encroach
upon our neutrality in either fact or feeling," but also
urged that the money is not to be taken out of the country,
nor be used for munitions of war. We quote his statement
herewith:
There is no doubt that the loan will be made to a total not less than
$500,000,000. The whole amount of this credit will be used to pay for
puachases of grain, cotton and provisions in this country. No part of it
whatever will be used for munitions of war. It is probable that such arrangements will be made as will largely insure the spending in each district
of the money contributed in that district. In this way'there cannot be the
slightest disturbance in our domestic finances.
I find that men of differing sympathies in this war and differing financial ideas approve heartily of this loan, as they appreciate the reasons why
we should make it. On its face, it is a grant of credit to Europe. In
reality it is a new use, compelled by circumstances, of the cash and the
credit of this country to avert disaster from our most important industries
and to promote our own prosperity. Its greatest benefits are to come to the
people of the United States.
Take the case of our wheat as an example. Reliable estimates of the
wheat crop of toe world and of the probable demand show that England
will require about 240,000,000 bushels for next year, France 85,000.000,
and Italy 75,000,000, a total of 400,000,000 bushels. The common
assumption that they must come to us for this on our own terms betrays
ignorance of the situation. The same estimates show that Canada will
have a surplus for sale this season of 175.000,000 bushels, Argentina
130,000,000, Australia 60,000,000. and India 50,000,000, or a total of
415,000,000 bushels. Their demand could be satisfied without taking a
bushel from us.
Exports are paid for on the basis of the pound sterling. With Canada,
Australia and India, London exchange is at par. A pound will buy its
face value of wheat. But when exchange wont recently to $4 50 for the
pound, that meant a difference of over nine cents a bushel. If it should go
to $4, as it might if nothing is done to stabilize exchange, it would mean
about 20 cents a bushel on wheat. Either the European buyer would have
to pay that much more in our market by the depreciation of exchange, or
our farmers would have to take that much loss. Since Europe has opened the
sources of supply mentioned, it is not difficult to see that we should
Top on our hands.
nit 550,000,000 bushels for home consumption and seed.
e us a surplus of nearly 450,000.000 bushels. The total
autside of England, France and Germany is not to exceed
,els. If it was all bought here, we should still have to carry
[voL. lin.
In answer to reports that the banking house of J. & W.
Seligman was opposed to the proposed credit, the firm took
occasion last Sunday to issue the following denial:
On learning that English papers have classed them as a German house
and have stated that they are opposed to the Anglo-Franco-American loan,
the firm of J. & W. Seligman & Co. expressed great annoyance. They
stated most emphatically that they are not and never have been either proGerman or German-American, but an unqualified American house of half
a century's standing. They further stated that they have always disliked
and avoided the term German-American, and that in their opinion citizens
of this country can have only one nationality.
As indicating their sympathies, J. & W. Seligman & Co. called attention
to the part their firm took in the recent French loan made in America for
commercial purposes and for equalizing exchange rates, and emphatically
declared that they have always favored and now favor the success of the
Anglo-Franco-American loan.
Although distinct firms, it is interesting to note that while the London
firm of Seligman Brothers and the Paris firm of Seligman Freres & Cie.
continue in existence, the German house of Seligman & Stettheimer was discontinued over fifteen years ago, also that members of the English and
French families of Seligman are serving to-day in the armies of those countries, and at least one member of the family is in the Belgian army.
A statement denouncing as false the report that he had
withdrawn from the credit conferences because he resented
the treatment he had received from Mr. Morgan came from
James B. Forgan, President of the First National Bank of
Chicago, on Thursday, in the following statement, issued at
Chicago:
I have just returned from a business trip to Now York and Washington,
which I had arranged to make some time before receiving from J. P. Morgan
an invitation to the reception and dinner which he gave in honor of the
British and French commissioners on the day of their arrival in this country.
Those were purely social affairs, at which business was not discussed.
With the exception of having attended those affairs and having spent an
evening socially with Sir Edward Holden, who is an old friend and whose
bank has been the London correspondent of the First National Bank of Chicago for half a century,I have not met the foreign commissioners and I have
had no conferences with them. My time in New York and Washington
was occupied with other matters of business and I was not connected with
any foreign loan negotiations. I have, therefore, no information as to the
status of these negotiations other than what appeared in the newspapers.
I have no doubt that a British-French loan will before long be offered
In this country and that the banks and other investors in Chicago will have
an opportunity to subscribe for it. It will come before the officers of the
banks, who will lay it before their directors.
None of the boards of directors of the banks with which I am connected has
yet had an opportunity to consider it. When they do their consideration
of it will be on its merits, uninfluenced by any personal bias of mine in
ogard to the European war.
My attention has just been called to the stories that have been published
to the effect that I withdrew from the Now York negotiations in a "huff"
and that I resented the treatment I received from Mr. Morgan. I can only
say that these stories are absolutely without foundation in fact.
A formal statement to the effect that the Milwaukee
banks did not contemplate participating in the proposed
SEPT. 25 19154
THE CHRONICLE
979
credit was issued on Monday following a meeting
of the
Milwaukee Clearing House Association. The statem
ent
said:
In my opinion the Secretary of the Treasury, who was
born and reared
in the South and is familiar with the Southern tempera
ment, felt that by
announcing his intention to deposit Government funds
with Southern banks
to assist in moving the cotton crop, simultaneously with
The undersigned banks of Milwaukee,
Great Britain's
on account of the many state- declaration of contraband
against cotton, he was availing himself of the
ments made in some of the newspapers
in relation to the foreign loan now psychological moment
for restoring confidence, and the members of the
being considered by some of the large banking
houses in the East, believe Federal Reserve Board felt
it their duty to present to the public
that in issuing the commodity regulations which
their position regarding the matter.
are entirely independent of the Secretary's action
No bank in Milwaukee has been asked
in depositing Governto take part in this loan, nor will ment funds, that they
would prove to the Southern farmer the dispositi
they participate under any circumst
on
ances in this or any other war loan.
of the Federal Reserve banks to render aid; while
Even if the loan should be made by
the Secretary, by making
the parties considering the same it these deposits, convince
d the farmer of the ability of the banks to carry
would in no way affect the banks in Milwauk
ee.
out their good intentions.
It was evident two months ago that unless somethi
ng was done to stimF. H. Goff, President of the Cleveland Trust Co. of
ulate the holders and producers of cotton,
Cleve- altogeth
the market this fall would be
land, made a public statement on the 14th inst.,
er in
of
declaring by the banksfavorthe the buyers, regardless of the plethora of money held
and
unusually low rate of
that, on account of the largo number of German and
Austro- could be obtained, and in spite of reports interest rates at which money
Hungarian depositors, the bank's policy had been, and would throughout the world, which indicated thatfrom cotton producing sections
the available supply of cotton
during the next twelve months would
continue to be, against war loans.
not be out of proportion to the
world's requirements.
The Federal Reserve banks of Richmon
d, Atlanta, Dallas and St. Louis,
which cover practically all of the cotton
-producing section, have fixed a rate
OUR FOREIGN COMMERCE FOR TWELVE
MONTHS of 3% for this commodity paper,so that any country member bank desiring
to make a loan to a farmer or merchan
AFTER THE WAR.
t against warehouse receipts for
cotton
Figures made public on Sept. 22 by the Bureau of Foreig at once may, provided it has taken the loan at a 6% rate, indorse it over
to the Federal Reserve bank of its district
n
and receive credit less disand Domestic Commerce, Department of Commerce,
count at the rate
show the transaction of 3% per annum. It was believed that the nature of
that for the first time in the country's history
would appeal to the banker and make
it easy•for him to reexports ex- duce his usual interest charge, and it is
ceeded 83,000,000,000 in value for a 12
-month period. For ers who will this fall experience for the thought that there are many farmfirst time the sensation of getting
the 12 months ending with Aug. 31 1915 exports
from the money as low as 6%.
With this in mind, the Federal Reserve
United States aggregated $3,035,033,280, against
$2,280,- through a committee. Discovering that the Board made investigation
warehouse facilities are en185,791 in the preceding 12 months. Twelve months'
tirely sufficient to provide for all cotton upon
imwhich
ports of merchandise totaled $1,669,698,934, compared with required, the committee determined that the financial loans are likely to be
to hold must be equal to the power of the producer capacity of the seller
$1,906,657,515 in 1913-14.
to buy. It was upon
this basis that the Board decided upon the regulati
on for
Our international gold movements during the first year
The contention that the Board is seeking to as3ume preferential rates.
the
since the outbreak of the European war included imports of to member banks what their interest rates shall be, is, of right to dictate
course, absurd,
gold, $244,004,045, against $59,312,328 in the previous 12 as there is nothing compulsory about the regulation.
I repeat,in concluding, that my understanding
of the object of the Board
months; exports of gold, $97,749,270, against $153,984,944 in issuing its commodity regulations, is
that it was desired as far as possible
to place the producers, who are also the original sellers
a year earlier.
of agricultural comThe 12 months ending with Aug. 31 1915 showed an excess modities, on equal terms with the buyers, and I believe that the Secretary
of the Treasury, in his independent action, had the
same object in view.
of exports over imports of merchandise amounting
to $1,365,334,346, compared with $373,528,276 in the 12 months
preceding, and $711,755,672 in the corresponding period
two
years ago. It also recorded a net inward gold movem
ent
of $146,254,775, compared with a net outward gold
movement of $94,672,616 in 1913-14 and a net outward movem
ent
of ,315,591 in 1912-13.
The aggregate foreign commerce of the United States in
the year ending with August 1915, the first year of the
European war, was, including merchandise, gold and
silver,
$5,129,715,002, against $4,480,304,760 in the year
immediately preceding the war. The net increase of $649,4
10,242
for the year included a gain of $754,847,489 in export
s of
merchandise and of $189,749,922 in imports of gold and
silver,
and a decrease of $236,958,581 in imports of mercha
ndise
and of $58,228,588 in exports of gold and silver.
W. P. G. HARDING INDORSES GOVERNMENT'S
PLANS
TO ASSIST COTTON PLANTERS.
The course taken by Secretary of the Treasury McAdo
o to
assist in the financing of the cotton crop by depositing
Government funds in the Federal Reserve Banks of the South
was
upheld this week by W.P. G. Harding of the Federal Reserv
Board. Mr. Harding undertook to justify the Secreta e
ry's
action in an address delivered at Raleigh, N.C.,on Monda
y,
before the Raleigh Chamber of Commerce, in which he
also
had something to say concerning the Reserve Board's
regulation granting preferential discount rates for commod
ity
paper, and the excessive rates of interest which some of
the
national banks charge for loans. In his reference to the
Secretary's action and the commodity regulations Mr. Hardin
g
said:
The regulation of the Federal Reserve Board, by granting
preferential
discount rates to notes secured by warehouse or terminal
receipts for cotton, grain or other staple commodities, provided the
maker has been
charged not more than 6% interest for discounts, has
been
cized by some of the financial journals. The action of the severely critiSecretary of the
Treasury in depositing Government funds with some
of the Federal Reserve
banks has also been condemned.
He has an undoubted legal right to make deposits with
the Federal Reserve banks. He cannot be charged with discrimination
in favor of any
one section, for his critics contend that no Government deposits
are needed
anywhere and he has, as a matter of fact, offered to deposit
Treasury funds
with Federal Reserve banks of other sections, which
deposits have been
declined.
I fully agree that from a purely banking standpoi
nt, and eliminating all
other considerations, the deposits were not essential
. The situation as a
banking proposition could have been cared for by the
Southern Reserve
banks, either by an expansion of their note issues or by re-dis
counting with
other Federal Reserve banks, but the human equation
has to be reckoned
with, particularly when it comes to dealings with Southern
farmers.
The Federal Reserve system is still now. The farmer has
yet to become
acquainted with it and to learn and appreciate its value.
On the other
hand, ho knows about the Government of the United States.
father and his father fought for it and against it, and he himself His grandhas profound
respect for Federal law and an abiding faith in the ability
of the United
States Treasury be relieve all financial troubles.
With regard to the high interest rates commanded
by
some of the national banks, Mr. Harding is quoted as
saying
that as much as 120% has been asked for by a nationa
l bank
in Arkansas; on this point Mr. Harding had the followi
ng to
say:
The Comptroller of the Currency has information from
sworn reports to
his officers regarding the maximum and average interest
rates charged by
national banks throughout the United States. From
the report of June 23
1915 it appears that there are five national banks in
Alabama whose maximum rates of interest average 26%, the rate in one case
being 60% and in
another 34%. The average rate of interest which one
of these banks was
charging on all of its loans'amounted to 12%, another
10%. In Arkansas
one national bank admitted making a loan at a rate as
high as 120%, one
at 50%, another at 60% and another at 25%. In Georgia
there were 11
banks where the average maximum rata of interest was
above 30%. The
maximum rate charged by one of these banks was 40% and
the average on
all loans was 15%. No bank in South Carolina admitte
d charging more
than 15%. In Texas a number of banks reported rates in excess
of 100%
and many of them stated that their average rates on all loans
were 1% per
month or more.
These higher rates, however, are not confined exclusiv
ely to the South,
for the reports show occasional rates of 50% in the East
and North as well
as in the far West and South. Twelve per cent seems to
be regarded still
as not extraordinary by the country bankers of Minnesota,
Wyoming, Kentucky and California. The average interest rates in North
Carolina are
lower than elsewhere in the South. While one bank in North
Carolina admitted making a loan at as high as 50%. its average rate on
all loans was
less than 636%• and the average rate for loans by all national
,
banks in
your State was slightly over 6%.
MEETING OF ADVISORY COUNCIL OF RESERVE BOARD.
The Advisory Council of the Federal Reserve Board held
its regular quarterly meeting with the Reserve Board
at
Washington on the 21st inst. Several of the members
of the Council were absent, namely J. P. Morgan, Rolla
Wells of St. Louis and E. F. Swinney of Kansas City. It
is
stated that the subjects discussed were differential rates for
trade acceptances, special rates for commodity paper,
probable future course on discount rates, access of Federal
Reserve banks to national bank examiners' reports, establishment of joint foreign agencies and liberalization of
National Bank Act.
SOUTH DAKOTA BANKERS OBJECT TO DEPOSIT OF
SURPLUS.
A protest has been lodged by South Dakota bankers against
an order of the Banking Department of that State which
requires that all State banks shall deposit at least 50% of
their surplus with the State institutions at reserve cities
selected within the State. A number of bankers met
at
Pierre, S. D., on the 17th inst. for the purpose of filing
objections to the order. They contend that the carrying
out
of the State Banking Department's decree would disturb
their present business connections and would be of no benefit
to the people of the State.
980
THE CHRONICLE
[VOL. 101.
in the dethe national Administration its "hearty support
EC- velopment of this policy." It also urged that employers
ANOTHER STEP IN PLAN FOR AMERICAN PROT
vacation,
HAITI.
"give to their employees, in addition to the regular
TORATE OVER REPUBLIC OF
naval
we referred sufficient time for participation in annual military or
In the "Chronicle" of August 28, page 659,
protectorate over maneuvers without loss of pay or prejudice of position."
to the plan to establish a limited American
Ferris
The treaty which
The association registered its opposition to the
the finances of the Republic of Haiti.
e comwas signed on September 17 bill, as passed by the House and reported by the Senat
makes provision for this step
for Government lease and regulation of
can Charge
by President Dartiguenave and by the Ameri command mittee, providing
This diswater-power sites on public lands in the West.
Admiral Caperton, who is in
d'Affaires. Rear
on
in Haitian waters in a dispatch approval was made a part of the report of the committee
of the American naval forces
the announce- public service corporations, presented by John E. Oldham of
to the Navy Department advised that with
new Govern- Boston.
ment that the United States had recognized the
sion
an flag by the
At the closing session on Wednesday considerable discus
ment in Haiti a formal salute to the Haiti
was immediately developed over the reports of the committee on irrigation,
American warships at Port au Prince,
an Congress reclamation and agricultural credits, presented by H. P.
given. The treaty is now pending in the Haiti
on agriexpected, very shortly. As pre- Wright of Kansas City, and the special committee
and will be ratified, it is
be ratified. by the cultural credits, presented by W. R. Compton of St. Louis,
viously stated, the treaty will also have to
ted by President which were opposed on the subject of rural credits. The
United States Senate. Before being accep
that
modified, it is said, so as to subject was dismissed by the adoption of a resolution
Dartiguenave the treaty was
er" to be the association should take no stand upon the question at
advis
curtail the proposed powers of the "financial
g of these
appointed by the United States and the vestin informa- this time.
The
powers instead in the National Bank of Haiti.
Rates of
was received,
"The Effects of the Present Conflict upon
tion as to the changes made in the treaty
the Business of the Investment Banker"
e Chavet, Interest and upon
according to press accounts, by Ernest Georg
ore Burton of
of Port au Prince. was the theme discussed by ex-Senator Theod
ation
editor of "Le Nouvelliste", a newspaper
the banquet of the Investment Bankers' Associ
at
Mr. Chavet is quoted as saying: al adviser is the only important Ohio
Mr.Burton predicted that higher rates
on Wednesday night.
The curtailing of the power of the financi
others, but these are so minor
result from the property destruction in the
modification of the treaty. There are a few
affect of interest will
of the
called changes in words alone, as they do not
that they may well be
war, and urged American money lenders
European
the meaning of the other clauses.
Government must create future to use patriotism as well as thrift in making interthe Haitian
The Ninth Article, which says that
of Haitians for "the preservation of inHe also said:
an efficient police force composed
complete observance national loans.
y
ual life, and the
ly be that if this countr
ternal peace, the security of individ
The chief issue in the next Congress will probab
also be
" met with the unqualified approval of
arms and ammunition to the Allies it must
of the dispositions of the treaty,
force is to be organized and is to continue to furnish
This
foodstuffs to Germany;
the Haitian Government and people.
ed by the Allies to furnish cotton and
will be appointed by the United States and permitt
the Allies end.
nts to
officered by Americans, who
otherwise it will be contended that the shipme
Government.
greatly increased imporvested with full power by the Haitian
Our international relations are sure to assume
treaty shall exist for ten years,
trade
Fifteenth Article, which says that the
Not force, but common interests in finance and
The
of either of the parties thereof, tance in the future.
with an additional ten years at the demand
will best promote friendship and peace.
ed.
which should always be exera
also was entirely approv
The ability to lend carries with it power
on of affairs
tho wider field in which the people of the
cised with the utmost care. In
One of the chief features of the reorganizati ng
ment banker must
floati of a loan United States must conduct their operations the investimposed upon the
in Haiti, according to Mr. Chavet, iethe:
abiding consciousness of the new duties
out the rehabilitation and development always have an America as the leaders in the world's civilization. I am
sufficient to carry
citizens of greater
used to refund or sure that all those new duties will be met in a spirit in which thrift will not
plans of the Republic. This loan is to be
qualsuccess suppla
the currency on a displace patriotism, or the eager desire forfor all, which nt the finer ng
are the crowni
redeem all domestic debts; to reorganize
regard
of ities of cosmopolitanism and duo a nation's financial life.
development
gold basis; to extend material aid for the
distinctions in the enlargement of
commercial
war upon
Haiti; to provide for the establishment of close
The following conclusions as to the effect of the
s of all
ble for investment were outlined by Mr.Burton:
ons with the United States; to establish school
relati
l availa
stations; to capita enormous decrease in capital available for investment.
(1) An
kinds, including agricultural and experimental
aggregate volume of commercial and
(2) A temporary shrinkage in the
m of custom houses and bonded
ruction
establish a modern syste
es. Expenditures for rehabilitation and reconst
ng under IIaitain industrial activitince over those for the development of now enterprises.
warehouses; to develop a coastwise shippi
will have prefere
ly will be the case
ained
interest. This certain
(3) Higher average rates of
Government subsidy; to build good roads to be maint
nt of Govern- if the attempt is made to prosecute all the varied classes of undertakings
by a special road tax; to provide for the payme
required loans.
ants in which heretofore haveof discrimination on the part of the investing public,
ment guarantees,and assist the farmers and merch
(4) A greater degree
ofinterest among the varit for their products on which taxes apply; and, consequently, a wider disparity in the rateslikely that the interest on
finding a marke
It is altogether
system; to import into Haiti ous categories of investment. decline.
to build a modern telephone
bonds will
ls for breeding certain high-grade States will obviously occupy a much more important
horses, cattle, hogs, chickens and other anima
(5) The United
of light- position in the world's investment market than formerly.
purposes, and to provide funds for theierection
found
Some of the other papers read at the meeting will be
houses on the Haitain coast.
pages of to-day's issue. The officers of the
on succeeding
B.
ation for the ensuing year are: President, Lewis
INVESTMENT BANKERS ASSOCIATION—RESOLU- associlin, Vice-President of the Guaranty Trust Company
Frank
TIONS—NEW OFFICERS.
of N. W. Halregis- of Now York; Vice-Presidents, Allen G. Hoyt
Indorsement of the proposed!Anglo-French credit was
Jr. of the Merchants'
during its sey & Co., New York; John E. Blunt Stedman Buttrick of
tered by the Investment Bankers' Association
go;
adopted at Loan & Trust Company, Chica
convention at Denver this week in a resolution
n; A. C. Foster of Sweet, Causey &
tion was offered by William Estabrook & Co., Bosto
Elliott & Harrison,
Tuesday's session. The resolu
Co., Denver; E. Edgar Elliott of Breed,
as follows:
Fenton of Devitt, Tremble
R.Compton of St. Louis and as:adopted reads
a financial and indus- Chicago; Secretary, Frederick R.
country faced
Whereas, Twelve months ago this
Smith of Smith,
nature; and
& Co., Chicago; Treasurer, J. Herndon
trial crisis of an almost unparalleled
the enoris and has so far been averted through
Whereas, This crisis
& Co., St. Louis.
s of America's farms and factories and Moore
mous foreign demand for the product
Mr. Franklin was active in the organization of the Invest
for labor; and
the resulting increased demand
of this demand and the continued prosperit
rs' Association in 1912. He was one of its first
ment Banke
Whereas, The continuance
providing foreign credits in settlenors.
of the country can only be assured by
Vice Presidents and has served on its Board of Gover in
000,000; and
of a trade balance estimated at over $1,500,
l banquet which was held
ment
will not reduce the volume of exports He presided at the first annua
Whereas, The refusal of such credits
will seriously curtail the shipment of New York City in 1912. He became associated with the
demanded by military necessity, but other
manufactured goods for ordier of its
products, of textiles and of
agricultural
Guaranty Trust Co. of New York in 1907 as manag
nary use; and
he was elected Vice-President
this question bears directly upon the imme- bond department. In 1909
Whereas, It is realized that
welfare, and that its proper solution vitally of the company, but has retained general supervision over
diate and permanent national
turers and our working
s our farmers, our merchants, our manufac
concern
the investment business of the company.
men,
the Investment Bankers of America,
Now, therefore, be it resolved, That
the extension of foreign credits, not
represented in this convention, approve
ce, but solely as a matter of business
indicating either partiality or prejudi
as
e of existing conditions. We believe
and practically as a necessary ourcom
d to become a creditor inwe should not lose the opportunity now afforde of our financial usefulness
scope
stead of a debtor nation and broaden the
and interests the world over.
has been maintained by the
We indorse the attitude of neutrality which
ment bankers to support and
national Administration, and urge the invest
tional transactions.
reflect that attitude in conducting interna
ber
The delegates to the Convention will long remem
with them
Denver's hospitality. They also carry away
and the State's
some idea of Colorado's wonderful beauties,
power development, its electric
great resources, its water
t, &c.
g
railways, its agricultural and minin developmen
entertainment provided by the Denver members of the
The
general was most delightful.
ion Association and its citizens in
ut
association also passed a resolution urging the adopt
The
Monday afternoon one of Denver's beauty spots, Looko
pledging to
of a complete program for national defence and
SEPT. 25 1915.1
THE CHRONICLE
Mountain, was visited. After Tuesday morning's session
an auto ride of over seventy-five miles to Estes Park was
taken by the entire convention. Wednesday morning was
devoted to sight seeing in Estes Park, followed by a trip
to the Big Thompson River, where a luncheon, taking the
form of a typical Colorado fish fry, was served. Wednes
day
evening a banquest was held at El Jebel Temple.
Thursday morning the delegates were the guests of the
Mountain States Telephone & Telegraph Co., at which
time telephonic communication was had with prominent
bankers in San Francisco and New York. In the afternoon the Denver Tramway system acted as hosts, beginning
with a luncheon at noon in their magnificent building, after
which the delegates toured the city in the company's special
sight-seeing cars. All day Friday the delegates were entertained by the Denver Water Co. The company had a
special train leaving the Union Station and taking the
visitors first to Wynetka,, then on through Platte Canon
to Buffalo, where they detrained, a distance of 38 miles
from Denver; at this point automobiles were taken to Lake
Cheesman, 23 miles further, where the main reservoir
owned by the company,is situated. At this place an elaborate luncheon was served. The investment bankers on this
trip secured more real knowledge of Denver's great water
system by personal investigation than could be accomplished through a ton of literature. The Denver Union
Water Co. is said to be the largest privately owned water
system in the world, operating in a single municipality
and from the viewpoint of plant investment and value, it i
the second largest.
981
men's bodies and minds and that the new freedom,
the dream of the centuries, will prove not to have been a dream, but something
of every day. .
I am not going to burden you with a long detailed
statement of the
doings of our committees and of the Board of Governors
during the past
year, but may I just say in passing that your Associatio
n has had this
year the most efficient, the most painstaking, most throughtf
ul committees
that I have ever had the privilege to be connected with, and
I believe every
man has done yeoman service for the good of our
common cause. The
reports of these committees and the reports of the Secretary
and Treasurer
will show that the Association is in a most excellent
condition, that it le
out of debt and prepared for a new year of great progress.
There are
but two or three questions which I would like the privilege
of presenting
to the thought of this convention—they are the subjects
which have interested most closely our members, have interested
every one in this
country who has the public benefit at heart. The
first of these I would
like to take up relates to Railroad Securities; the
second, the Public
Service Companies, and lastly, the Blue Sky Regulatio
ns.
Through our membership there has been placed in
this country and in
Europe a very large percentage of all of the railroad
bonds and stocks, the
proceeds of which have served to build
up that magnificent system of transportation lines which this country has
been proud of. Savings banks, insurance companies and the general investmen
t public are the owners to-day
of these securities, while a considerable proportio
n of them is held abroad.
In view of this situation, a very strong
and able committee of our members
attended a session of the Inter-State Commerc
e Commission when the
Eastern railroad rate question was under considerat
ion. They presented.
with all possible emphasis, the investor's position
in relation to the rate
question, is that the railroads should be granted
the increase asked for.
Whatever may have been the errors or failures or
mistakes of mind or
purpose in the issuing of some of these securities, the fact remains
that the
railroads have become very important, if not the most important
, industry
of this country and the investments in railroad securitiesform vetylarge
a
percentage of the security for the savings of our people,
in more than one
way. The railroads to-day are facing new conditions. They face
them
1st. In the character of the service they are called upon to render;
2d. In the enormous volume offreight and passenger traffic to be handled;
3d. In the new equipment necessary; safety appliances prescribed
by
commissions.
4th. In the always pressing need of new terminals, additional
tracks and
sidings.
The Inter-State Commerce Commission seems
to place great stress upon
the need of physical valuation of railroads, and
seems to believe that the
physical valuation should be made a basis for the
interest return upon the
A, B. LEACH URGES FAIR TREATMENT OF RAIL- capital actually shown in physical
property to-day and the rates should
be made on that as a base.
ROADS AND PUBLIC UTILITIES.
I
A warning that fair treatment must be accorded the rail- and submit to the just and reasonable consideration of the American people,
primarily the American shipping and business
roads if we are to have a return of prosperity was sounded business in which we are connected, which has taken men, whether in any
a number of years to
at the opening of the annual convention of the Investment build up, it would be fair to make its valuation depend absolutely upon the
physical property available. Vast sums of money
have been spent not
Bankers' Assodiation of America at Denver last Monday only in the development, but
also for tangible assets. I do
by President A. B. Leach of New York. That the railroads that necessarily we should capitalize franchises and rights,not mean now
for from the
are furnishing the life currents of a large portion of the Commission's viewpoint these rights and franchises are not an asset, but
are available only to earn a deficit. The physical valuation
of the railway
country—are the largest employers of labor and are the lar- properties will cost a large sum of
money (running into
gest purchasers of supplies, thus constituting one of the but it will be of little value and practically obsolete when many millions),
completed, and
serve but
greatest, if not the greatest, of American industries, were ference a small purpose in just and reasonable rate making. The difto the fanner in the sale of his products, the difference
to the mersome of the things emphasized by Mr. Leach, who, fur ther- chant in the cost of his goods, the difference
to any shipper in the
more, pointed out that the Inter-State Commerce Commis- of rates requested by the railroads, is so small that it is practicallyadvance
a negligible
sion was appointed not alone as guardians of the shipper, but and quantity. May I not submit,too,that the watchword of Americans
America is "progress." The past of each and every one
of us is full
also as the guardians of the railroads, adding that "if our of mistakes and regrets; to-day let us have confidenc
e, and feel assured that
railroads are to succeed a new vision and a new disposition from our errors and mistakes of the past we can reach to higher levels of
progress and development for our country and our common
on the part of this Commission must be brought about by the ever the railroads'
good. Whathistory in the past has been signifies but
pressure of public sentiment, by the pressure of the business to the railroads and the communities they serve,unless little at present
it teaches us fair
treatment for each other and common efforts for the
world, by the pressure of the investment world."
common good. 1.4et
us not
railroads are furnishing the life currents of a large
Mr. Leach also entered a plea for the fair treatment of the portionforget that the they
of the country;
are the largest employers of labor, they are the
public utility companies by the public service commissions. largest purchasers of supplies and materials, they constitute
one of the
He likewise referred to the so-called "Blue Sky" legislation greatest, if not the greatest, of American industries. The Inter-State Commerce Commission—I find no fault
and the tendency of these statutes by reason of their wide make the statement—was appointed and make no criticisms, but simply
not alone
shipper,
scope, to seriously interfere with, if not prevent, a sound in- but also as the guardians of the railroads, and ifas guardians of the succeed,
our railroads are to
vestment banking business. While admitting that the broad- a new vision and a new disposition on the part of this Commission and of
the State
est publicity possible in the issuing of securities should be in- sentiment,commissions must be brought about by the pressure of public
by the pressure of the business world, by
sisted upon, he declared that unreasonable and untried regu- investment world. For the railroads must not only bethe pressure of the
solvent, but must
lations should not stand in the way of honest enterprises. be in position to aggressively and actively push forward their development.
In this great West, the need for additional railroad facilities,
additional
We print Mr. Leach's address below:
mileage, is felt constantly. Increased railroad facilities can do
more—and
May I not welcome you to this, the third convention of the Investme
nt will do more—to develop the country than any other one agency. Take
Bankers Association? We all have cause to be proud of the
progress that away from the investnient world the confidence in railroad securities, the
our Association has made since its organization, of the increase
in member- staunch belief that investments in railroads will always receive fair treatship, of the increase in interest, of the increase in efficiency
of service ment, and the railways of the country face bankruptcy. I could name a
that we have been able to give to our membership. Most of all
do I fool long list of railroads which have fallen by the wayside, and are now in the
that we should congratulate ourselves upon the great stop forward
this hands of receivers, and although I will agree with the most radical as to the
Association has been able to bring about in the investment bankers'
world, mistakes or errors—and crimes, if you will—that have been committed in
in closer relationship, in the knowledge of each other and
the purpose handling some of these properties, I will say to you, nevertheless, that towhich we servo in the distribution of the wealth of this
country, in the day is the time to forget; let us leave the past behind and forget what has
upbuilding of its industries, in the protection of American
investments been done.
and in doing our part in placing America at the highest point
The new thought that is in the mind of the railroad managers to-day is
of financial,
industrial and commercial achievement. The Prophets,
since the days explained by the plan of the Atchison management, carried out by what is
of old, have shown us over and over again that most of their
prophecies known as the "Harmony Special." The railroads are prepared and ready
were wrong and that they reached out in to-morrow for results
which did to meet the public on a fair basis, on the basis of service, on the basis of
not come. With the knowledge of what has happened, I
dare say that mutual justice. But the public, and public sentiment, should meet the
we live in a rich ago, and we shall look backward, I believe,
in the days railroads in a similar manner. What would it benefit the State of Colorado,
to come,and feel that it is a privilege to live and to be a part of
the majestic what would it benefit the country as a whole, if as a punishment of the sins
drama which is passing upon the stage of time to-day, that
it is a privilege, of the past, the railroad mileage of the country is forced into the hands
of a
perhaps, which has never been given to any other generatio
n. This old receiver, if lack of confidence in this great American industry is abroad
and
world is passing through a wonderful experience, the tragedies
of love consequently new developments cease? I insist, there is none. I would
and hate, ambition, intrigue are being enacted on a gigantic
stage. Like like to leave with the convention, I would like to leave with the
State of
those who could not see the forests because of the trees, we
perhaps to-day Colorado, I would like to leave with the vast Western world, of
which I
are too close to these wonderful, and lot us confess,at times,
frightful de- am proud to be a son, the thought, that the day has come for a new
alignvelopments, to really appreciate their magnitude and their
meaning. In ment of public thought, and of public effort, when we shall all join,
the
tho days to come, I believe we will look back at these days with
wonder, shippers, the railroads, the investment world, on the basis that with
the
with awe, with a feeling of gratitude that through all of it there
seemed conditions of to-day, the need for fair treatment accorded to the railroads
to have run an Almighty purpose. Out of the deep valleys
of distress is imperative, and that from to-day on the public should give the Commisand terror through which the world is now passing, we shall find
an easier sion and their servants to understand, if recent developments have not
alclimb to higher hilltops and brighter visions and greater
possiblilities, to ready taught that lesson, that what this country needs is service,
what we
more humanity, to broader liberty of the peoples, than as yet
has been need is good equipment, what we need is railroads prepared to push
develthe privilege of man. We can hope that from this mighty conflict
now opments, and this can only be realized by such fair treatment of the railraging, which tries men's souls to-day, millions of shackles
shall fall from roads as will restore the confidence of the investment public.
Until that
982
THE CHRONICLE
[Vol.. 101.
to develop in himself the highest measure of
day, we will not get has the broadest opportunity
time, and I believe and hope it is coming nearer every
which the Almighty has given him.
of which this abundantly resourceful country, the talents
which has
back that degree of prosperity
As investment bankers, we face the problem that the capital
when given a fair chance, is capable.
ent of this country, derived in the past
the activities been expended for the developm
Now a word about Public Service Companies. Through
available. We therefore must devise ways and
Association, from Europe, will not be
of a large number of the members of the Investment Bankers
these developments from home capital. This
the building means to furnish moneys for
responsibility, but I feel that the inthe development of the public utility companies of this country,
interurban is a broad opportunity, it is a great
and steam power plants, the construction of urban and
up to it, not only so we will serve our counof water
es, whose services vestment bankers will measure
railways—in short, the construction of all these enterpris
y, but so we shall find success in our business.
a great impetus. try successfully and faithfull
s volumes—they are
are truly called a public utility, have given to this country
Again, there will be resold to this country in enormou
have been improved, urban life has been made comforCities and villages
which have been placed in Europe. We could
communities has coming every day—securities
and convenient, rapid communication between
a better time. Never before in the history
table
to us at
in the character of the not have them presented
added to the comfort of travel. The changes
been in position where they could be absorbed and
the horse car to the of the country have we
not a creditor naservice, in the form of equipment from the days of
sed as they have to-day; it will make probably
plants, equipment for re-purcha
modern motor,the changes from the earlier developed
very much nearer that point than ever before.
ngly rapid and caused tion, but certainly a nation
which have been going to the other side
electric lighting and power, have been astonishi
with the trend The interest and dividend moneys
constant expenditures by these companies, to keep abreast
in a larger measure than before. We also
passible through the will be paid to our own people,
price of money, the return on bond
of the times. These developments have been made
a large face the problem as to what will be the
bonds, of common and preferred stocks, distributed to
close of the war, when the time of reissue of
In a large and stock investments. After the
range of investors through the investment banking world.
volume of paper which is now being used in
bodies have adjustment comes, this vast
number of the States public service commissions or similar
have to be redeemed, and we will got back to
both of the public service Europe to finance the war will
been organized. The best thought, I believe, of
complex that it is difficult to prophesy, but
ons, when a gold basis. The problem is so
companies and the banking world is that public service commissi
ction period will be faced by the American innot only to the community I believe that this reconstru
properly organized and named, are a benefit,
loss and that we will come out of it in the best
added assurance vesting public with a smaller
have heard it prophesied by the
nerved, but also to the public service companies, and an
position of any country in the world. I
to the investor in the securities of the companies siipplying
would face a financial catastrophe,
and security
very wise that at the end of the war we
of.the public
this kind of service. It was considered that with the coming
on would be worldwide. I do not believe this.
monopoly was the that wreckage and repudiati
will be gradual;
service commissions, we should find that regulated
ion work in business, this calling in of credits,
al method for the development of these great This regenerat
of economy, they must face a long permost efficient and economic
service the nations must face a long period
repudiate its indebtedness. Europe
s. In a good many of the States, however, the public
Industrie
will not
to grant the iod of high taxation. Europe
commissions have seemingly felt that it was their province
must bear a share of the terrific destruction,
service, with- will be able to pay, and if we
financial
demands of the public for lower-priced service, for increased
America will come out richer and in a stronger
companies, I believe that
out giving due consideration to the rights of the public service
before.
railroad world, a and business position than ever
and to those of the holders of their securities. As in the
physical valuation of
great amount of discussion has taken place as to the
ns an interest return
these properties, and here and there, on these valuatio
TMENT
s, loaves a great
PUBLICITY AS AFFECTING THE INVES
has been computed which, when forced upon the companie
I have said in
BANKER.
many of those properties practically stranded. What
has a very great
regard to the change of the character of the industry
" was the
s as going
"Publicity as Affecting the Investment Banker
bearing to-day upon the actual valuation of these propertie
operof an address delivered at this week's con. If a careful engineer's report is to be made on the actuaPpr
matter
concerns
s of this country, there subject
ties now in use by the public service companie
Bankers' Association of America
reasonable sum for going vention of the Investment
should be added to this amount an adequate and
nt of the Association.
computation, the basis upon which this is to be by George B. Caldwell, former Preside
values. The method of
e of opinion, but the
may be one on which there may be a differenc
ty as the "life of business," Mr. Caldwell
allowed,
publici
n of the value of these Describing
fact certainly is that,without this, no just valuatio
or in the professions, the
ng the hazard of the busi- observed that "whether in the trade
properties can be had. In rate making,consideri
the one
the public
constant,persistent,consistent,truthful advertiser is
that 6% allowed on a reduced valuation of
ness, I contend
that new capital is not
greatest success." He urged that the pubutility property means bankruptcy; it means
ownership is heard. I who makes the
available. In this connection, the cry of public
up to a high standard,
ctory, the most disas- licity work of the Association be kept
believe that the most expensive, the most unsatisfa
members but
experiment that the American cities could undertake would that its influence shall be good not only with the
trous financial
but unless the public utility
be. public ownership of their public utilities,
corporations and municipalities producing the
the public service commissions, with the
this
companies are to be given fair treatment by
to cease being the champion and
products they desire to sell to the best advantage—in
unless the public service commissions are
and broaden
guardians not only
s of lower rates and greater service and become
way the confidence of the investor will grow
advocate
s, a great disaster to
of the public but also of the public service companie
the service and usefulness to the members
the public service companies, and a the markets and
Mr. Caldwell
the investments in this country and
is and the investing public will be increased.
s bring to the public
great reduction in the service which these companie superficial reasoning,
upon any
sure to follow. This warning is not based
addressed the convention as follows:
that have taken place in
report of our Chairman of the Publicity
but is the fruit of a careful lookout on the things
I have listened with interest to the
Indeed, the word of warning
of his report, but before voting upon it,
the public utility world in recent months.
regarding Committee. I move the adoption time for a few minutes to impress upon
I cannot emphasize too strongly. As I have said,
valuable
I utter,
demand is good service, I will presume upon your
rates, I am sure that what the American people
be a very important thing to the success of any
that will keep in step with and you what seems to me to
ion, and that is the right kind of publicity
advanced, progressive service, developments
will be person or business or any organizat
the growth of our cities and towns. This is possible and
agencies. I am sure you will agree with me that
ahead of
or probable unless also handled by competent
thus far has been made many times more
for one common good, but it is not either possible
work
are met in a broad, liberal, our growth and good
policy of unselfish publicity ably handled by
the public service companies of this country
commissions. The valuable because of a broad
the financial and local press.
reasonable spirit by the public and the public service
s the New York News Bureau aided by
who have placed their funds in these public service companie
something we could not enjoy individually
investors
As investment bankers this was
hands with the communities
received as impartially as is an act of this organionly ask for justice and an opportunity to join
ng of these communities. nor, if we did, would it be
bonds the problem of production
In which the companies are located,for the upbuildi
Being merchants in stocks and
world, where the need of capital and moneys for new im- zation.
waste and famine—the waging of wars—
In this western
bring and distribution, the elimination of
evidence, and should
of the world and putting them where they are
provements and developments is always in
of the public officials for the getting of the products
after
a large return, may I urge the consideration
are the problems above mere office routine and are,
tion of the public utilities companies, not as accessible to all,
ng our best thought, as well as that of all
a fair, mord just considera
of self- all, the great questions demandi
an important part. I know
perhaps only as a basis of fairness, but on the basis
publicity plays
charity, not
of every one who other business with which
interest, on the basis of common good and the benefits
that our responsibility individually and collectively
is done, a crisis can be you recognize, as I do,
uses public service facilities. Only when this
end in one transaction or in one convention, nor in
does not begin and
and municipalities once—but many
averted.
nt banking securing money for corporations
One question definitely relating to the business of Investme
ever be solved. Problems we shall always
e and Board of Gov- times; nor can all our problems
yet young, must grow strong in numbers,
has been very carefully considered by your committe
to the so-called "Blue have, and our organization,
whaternors. You,of course, understand that I refer here
experience and continue to use its force as a unit to secure
legislation. The General Counsel of your Association has undertak en strong in
Sky"
ng the constitutional- ever we shall aim to achieve.
In two or more States to bring action directly questioni
understand better than any other organization
The question is, do we
broad that they preity of these Acts. We believe that these statutes are so
other of producer and consumer and both upon
ns on the lines proposed is the dependence upon each
for securing greater
vent the right of free contract, that the regulatio
- a market, and that publicity is our one great agency
. In endeavor
that it prohibits all inter-State dealings in securities
such
, these statutes have been given and better results.
our publicity responsibility is
ing to reach the dealer in unsound securities
Looked at from the inside of a bond house,
all transactions, and seriously inquality of securities offered to the public by
so wide a scope that they cover any and
of vital two-fold: First, care as to the
prevent, a sound investment banking business. It is
and ourselves; and, secondly, salesmunicipalities
terfere, If not
be an interchange of our corporations and
use in their distribution.
Interest to the well-being of this country that there
of bona fide securities manship or publicity we
securities, and it goes without saying that the sale
to say to you that the greatest reason I and the others
Just here I want
ents in any part of the country should be readily mercalling this organization into being, throe years
Issued for developm
y of a number of associated with me had for
chantable in all parts of the country. I know definitel
a public sentiment that I found existed which
e has been ago, was a state of mind or
cases where business which would have been of mutual advantag
result of disclosures of bad business management and
these acts. My purpose in speaking on this was largely the financing, which sentiment, if allowed to go unchecked
prevented by the passage of
I am sure that wrong methods of
question is that I consider it one of great public interest.
might become a negative force to all linos of busi, are going to see and grow into laws that
our members, and I do believe that the public generally
own. It seemed to me, and those associated with me
possible in the issuing of securities ness, especially our
to it, that while the broadest publicity
that we must give greater publicity to our business
and untried regulations should not then, as it does to-day,
To throw the spotlight of publicity upon what
should be insisted upon, unreasonable
of course, through and in fact to all business.
od, namely, investment
in the way of honest enterprises. Your association,
stand
only a small percentage of the public understo
.
same direction
Its legal agencies, is working seriously in the
phase of our business that needed an organization wherein
three pictures, which perhaps have a some- banking—was one
Gentlemen, I have presented
interest and that any campaign of broad publicity to
which bespeak possible disaster there was a common
so, was a work above and beyond any indiwhat gloomy atmosphere, three pictures
nt bankers to be effective, or even partially
only because I believe that it is the duty of the investme
even,
that an association of houses working unitedly could
to every follow American, showing vidual house, but one
say a word in season and out of season
e. This is all set forth in the preamble that was
and showing them the well afford to undertak
t in all our efforts.
him the results of action that is now being pressed,
d. adopted at our first meeting, and has been uppermos
leading to what I believe will be a great damage to all concerne
pathway
we have dignified our business and have already
not feel that I am pessi- It is my judgment that
Because I paint these pictures in dark hues, do
. We have changed prejudice into
the American people, returned value received to our members
ed legislation in all the important
mistic. On the contrary. I feel that to-day, before
to a better, a greater, reason and halted much bad and ill-advis
some Investors from bad investthe beckoning finger of Providence can be seen,looking
I feel a hope that we States in the Union and we have saved
broader America than ever has yet been known.
justification for this association has
&
bring to a close this ments and some from losses. Another
due to a greater
shall be the instruments—and it may be soon—to
change in business methods oven in five years,
feel that after this conflict, America will stand out been the which the public demands.
frightful conflict. I
l publicity
ever before, as a land of freedom, as a land where each individua
more than
SEPT. 25 1915.)
THE CHRONICLE
983
This is an ago of publicity—there is a world of sense in the saying—
There is no business which offers itself so well to truthful publicity
"Sell your hammer and buy a horn," if for no other reason than
a
because the honestly conducted investment banking business.
Our dealings are
publicity establishes stable business conditions and begets confidence
, and divided—first, they are with the corporation or municipality and,
secondly,
this makes a market.
with the public—involving price and quality of goods. If we
are to enjoy
Publicity is of many sorts. There are those who think that
the display the confidence of the public, the public must be made
acquainted with
of words and pictures in newspapers is good publicity. It only
is
good for these things. The surplus account is in their hands and
is always awaiting
a certain time and for a certain purpose. Many small
cities fight fire by a field for investment. It is daring and yet it timid.
is
It will sometimes
ringing a bell, but alarms don't prevent fire. It is
advertising, however, rush in where even angels should fear to tread,
but will retreat precipitately
and while all advertising may be pubicity, all publicity
is not—in the at the least suspicion that all is not well. Therefore,
there is no business
general acceptance of the term—advertising.
whose publicity should be so clear and unmistakable as the
bond business.
Advertising is systemized selling. Publicity has for its aim
the accom- Confidence is the great asset in banking and investment
plishments of a definite purpose, by moulding the minds
dealings. It is
of groups of worth more than actual capital. It is, in fact, the real
capital on which the
people to one common way of thinking. Editorials are'
not advertising, great superstructure of business in this
country is builded. Once you debut the highest type of publicity. In this organizatio
n our advertising is stroy confidence, you destroy credit,
and when the latter is destroyed,
left to the individual member as are also our other selling
forces like our trade is instantly paralyzed.
salesmen and our circulars, &c., but the field of publicity is certainly
the
So the investment banker of to-day has a great duty
field of operation for this association. It is the publicity by
to perform in his
which the publicity work. Whether he does
it himself, or whether he employs an
bond business is known and judged, by which this association
is known— able publicity director to do it for him,
he must so shape his advertiseng,
what it stands for—what it does, and its activity or helpfulness
to one his address to the people, his conduct in business,
so that there is nothing
another and the investing public. The world will read a frank advertiseleft to be said. He must reveal himself as the
exponent of truthfulness
ment and the few interested in it will act upon it, while the rest
will speedily in all his dealings, or cease to be an investment
banker.
forget it. If, as an able statistician claims, there are 20,689,000
families in
I approve our publicity as to quality but
not as to quantity. We
the United States and but 6.8% have incomes exceeding
$3,000 per year, it rightfully boast of our ethics and
our profession. Each of our members
naturally follows it is from this small percentage or heads of families
that is an expert in his particular field. We are expert
we must secure our business from our advertising. Our
analysts, as well as
advertising market experts or distributors—much of our membershi
p are also bankers.
problem, then, is to spend our appropriation so that it will
reach as nearly This membership is and always should be limited,
yet spread as we are
as possible that class to which our goods will appeal.
over all parts of the country, we are in the,position
in which the individual
In our publicity, however, we become much broader.
We seek to house is not often found; we can command
the interchange of views on all
educate people to become thrifty, to buy interest-bearing
bonds, and topics of interest continually coming before the
we increase our publicity and likewise our responsibili
business world, such as
ty by seeking to the tariff, the Federal Reserve system,
railroad rate decisions, Public Serhave them buy from us. I am told there are to-day
22,500 publications in vice Commission decisions, the jitney,
labor conditions, effect of the
the United States of all kinds
-58,000 street cars, and millions of square European war or other wars
on business, and Government transactions
feet of billboards and dead walls, and a large consumptio
n of electric (both foreign and domestic) and new laws affecting
taxation, issuing of
energy for signs, and $100,000,000 given away as premiums, which
in total securities, court decisions, &c.
is a tax laid upon business of over $700,000,000. These are all
employed
We all admit that to-day we have to read much to get
by different lines of business in their publicity advertising and salesmanship.
all this, and that
90% of what we read is practically only words, that the
Mr. James W. Fisk has said salesmanship may be divided as
real kernel of the
follows:
subject can be expressed usually in one sentence. Now
Attracting attention
supposing that our
20%—Publicity
publicity department was under the control of a select
Arousing interest
type of man,&Milled
20%—
"
and chosen for his capacity to deal only with cold facts
Creathyr a desire
and making a state15%—
"
ment of them without expressing an opinion,
Closin the sale
and that each Monday morn20%—Salesmanship
ing a digest of the facts, together with the views of
Securing good will
the most astute business
15%—
"
minds of the world, was placed upon each member's
Introducing other goods
desk—would not this
10%—Publicity
association perform a service so valuable that you and
I could never afford
To 1
to be without it? Could we not hope to get the support
100%
for such a work
35% is salesmanship
-65% is publicity and advertising—of this latter from associate members who would willingly pay a fair price for the service,
sum 55% is straight publicity, and 10% straight advertising
; for publicity and soon have 1,000 or 2,000 additional bank, railroad, insurance and corconsists in rendering a public service in which there is no
poration presidents, et al., eager for our service and
interested in us as
thought of advertising and comes within the first three headings
amounting to 55% associate members. But you say: "This is too large an undertaking, and,
of this large expenditure, or $385,030,000.
as a mutual association, we could hardly expect the right
management."
I admit this is all important, but I know it is possible and
Publicity, as I conceive it, is "Truth well told." Publicity,
would not only
therefore, to
be effective, must be that sort which breathes
the truth. More and unite us as I. B. A. members, but quickly associate us with other interests,
more is this fact coming to be recognized by advertising
which would be the greatest and best publicity we could enjoy.
men. The Associated Advertising Clubs of the World,following our example,
I know it is not impossible to find a man that stands well in the financial
have adopted
world to undertake this work, and that his services and the printing
the one word. "Truth," as their motto, determined to put away
and
the temptation of exploiting goods in advertising which will not answer
mailing of 2,000 copies each week of the "I. B. A. Digest," covering
the descriptwo
or four pages, could be made self-supporting by subscriptions from
tion of the advertisement. Any article which will not stand up under
our
the
associate members. It will mean, first, the engaging of an experience
searchlight of truth has no place in the publicity copy of to-day.
d
financial writer, and a stenographer, capable of gathering, compiling
We sometimes fool ourselves with that old remark attributed
and
to Barnum
—"the public likes to be humbugged"—but when we say it,
publishing as a digest, the weekly happenings in the world that are
the
we know it is
not so. People do not like to be humbugged, but, to our
humiliation, we most important. Our "Digest" should not advance arguments, but state
must admit that they have been humbugged so many times
that they try facts. It should be void of promotion of persons or any particular enterto salve the wounds caused by their credulity by the use
prise. Once started, it would take the place of our Bulletin and
be more
of some flippant
phrase. And the process of fooling the people cannot go
valuable: and it will readily find its place and its value in every financial
on indefinitely
In any given field, for once the people have discovered
that they have been library, and it will be rated and respected according to its standard of truth
and impartiality. It is the one field distinct and unoccupied
fooled they are not going to accept the same statements again.
in publicity
They prowork by any organization of men of this caliber, and we are, I believe,
ceed to create a public sentiment that crystallized in some
action for their
best
protection—be it good or bad. Somebody once stated
qualified to handle it and should not overlook the demand
this very succinctly
nor the opportunity.
when he said: "If a man fools me once, that is his fault, and
I am not to
blame; but if he fools me the second time, that is my
I submit it is possible, it is practical, and that it would be
fault, for I have
highly benebeen forewarned."
ficial, and that an associate membership of 1,000 or 2,000 of the
Captains
The man who sells bonds has a story to tell. He comes
of Industry and an exchange list with the best journals and magazines,
before the
will
public not as a suppliant for favors, but one who is
giving to the world an put this association in an advanced position in questions of finance where
opportunity to invest its idle capital and thus increase
that capital. To the it rightfully belongs. As a collateral to this suggestion, let me read you an
smaller investor he will appeal through the baby
bonds which are now extract from an article appearing in "The Outlook" for August 1915:
becoming so popular. To the larger investor, the long-time
bonds, bearing
"There is probably no other people in the world," says a recent editorial,
a low rate of interest, or perhaps the short-time notes, with
a higher rate, referring to the American people, "with so little investment intelligence
are offered. The investment banker seeks no favors beyond
those which in proportion to their capacity to produce and employ capital. Of these
the operation of legitimate business gives to him. Yet every
who save, only a very small
bond issue save.' There are millions relative number themselves invest what they
of people who do not know
and every note issue has its own story, and of necessity he must
tell the of investments. There are towns and towns where thethe first principles
total of bonds or
public what that story is, to show the soundness of the security
behind outside mortgages held does not amount to more than a few thousand doleach issue and help the public to a proper discrimination. He is
lars, and where individual deposits are lying idle in the bank because
offering
local
conditions do not
to the world the chance to increase the income account. How
else, save ous that no singleafford suitable opportunities for investment. It is obviinvestment concern could hope to reach
through the medium of publicity, can he make the world
know of the of prospective investors; the cost would be prohibitive. If this vast body
there
opportunity which it has of adding to its wealth?
ganization which can touch them,it must be an organization which is an ordoes not
Publicity is the life of business. Whether in the trade or
in the profes- lose sight of its ideals in the stress of daily business. Perhaps we may expect from the Investment Bankers' Association of America propagand
sions, the constant, persistent, consistent, truthful advertiser is
a
the one looking toward the education of the investing
public in this matter of diswho makes the greatest success.
criminating between swindlers and legitimate securities.
As I have said, there are many kinds of publicity, and the sort that would
It will be observed that the interests of the investing public and the
inapply to one business will not make the proper appeal in another. There vestment banker are identical, viz., to prevent fraud
and
are ethics in publicity as there are ethics in professions. The "barker" who and to encourage investment along conservative lines. misrepresentation
loudly proclaims the wonderful things to be seen inside the tent of the
The banker must educate the depositor, the bond house, the investor.
side
show, with his profusion of words, and, usually, his execrable grammar, As the depositor
is left to choose his bank independently, so the investor
would be a poor man to use in front of the office of an investment
banker, must learn to choose his investment without too much support from
the
for, contrary to the opinion of some people, the business of
investment banker or the law. Protection is paternalistic; education is democratic
banking is not the conducting of a circus.
.
The American people have always shown a preference for the latter,
President Wilson declares that there are times when a
and for
man should be that reason Blue Sky laws and other restrictive measures affecting
the freetoo proud to fight. There are never times when a business
man should dom of business are undemocratic and generally unhealthy; and I think
I
be too proud to advertise, but there are times when he
should be too Can say their popularity is waning.
proud to advertise in a certain way. And the kind of
publicity which
On this principle this Association has so far been consistent and given
would produce a'rush and riot of women at a department
its
store bargain approval publicly; and this Association, in my judgment, can
continuo to
counter, is not the kind of publicity that would sell bonds,
or in which this lend itself to a healthy, dignified, permanent publicity, along
the lines I
association should ever indulge.
have indicated, that no one else can do better or as well. It may appeal to
Dignity in copy, rather than the flare of type, is suited
to the adver- you at first as a radical departure, but if carefully considered, cannot
help
tising of a bond business. There is a suggestion of stability
in clean-cut but appeal to you, as it does to me, as presenting to us our largest
and best
copy devoid of lithographic features, that lends itself well
to the uses field of usefulness.
of the investment banker. There is an allurement in figures used in bank
If in your wisdom this is not practicable, then let the publicity work
done
and financial advertising which would be stiff and out of place in the adver- by this Association
be kept up to a high standard and let us have more of it,
tising of other lines of business. But do not, I pray you, proceed on the that
its influence shall be good, not only with our members but with the
sick man, who when given a prescription, decided that if
theory of the
a corporations and municipalities producing the products they desire to sell
ittle of the medicine was good, more was better; and acting on that
de- to the best advantage. In this way the confidence of the investor will
cision took an overdose, so that subsequent events in this world interested grow and
broaden our markets, and our service and usefulness to our memhim no more. Figures are sometimes staggering, and their intoxicatin
g bers and the investing public will be increased. Certainly it is our duty to
effect frequently will render the reader unable to see the real purport
of see that we do not use a false or misleading publicity for the mere sake of
the advertisement.
accomplishing a temporary advantage.
984
THE CHRONICLE
E. E. PRATT ON ADVISABILITY OF FOREIGN LOANS.
The growing financial strength of the United States in
the family of nations and the opportunities thus created for
future prosperity were brought out at this week's convention
of the Investment Bankers' Association of America, in the
address of Dr. E. E. Pratt, Chief of the Bureau of Foreign
• and Domestic Commerce. He cites the British investments
abroad of $17,500,000,000, French foreign investments of
$6,500,000,000, and Germany's $2,500,000,000 to $5,000,000,000 invested abroad as the basis for their commanding
influence in the world's commerce. English money just before the war was going into foreign and colonial investments to
• the extent of a billion dollars annually, and French capital
about one-fourth that amount, while Holland and Belgium
also contributed freely. Dr. Pratt added:
[VoL. 101.
stand me. I am
sound principle for us to follow. Please do not misunder
made to the European
not criticising or objecting to loans which are being
as to whether or not it is a
countries. I am merely raising the query
our money to our
sound economic principle for us, as a nation, to loan
another when we might
best customers to enable them to destroy one
those countries which,
at least be using a portion of that capital to develop
to become very good
although now not our best customers, are likely
circumstances it is
customers. I realize perfectly that under the present
to Europe or not. At
not a question of whether we want to loan money
money to Europe in order
present we have no alternative. We must loan
permit us to realize the
to keep our foreign trade moving and in order to
we should not lose
largest possibilities of the present situation. However,
of South America, of
sight of the fact that the undeveloped countries
seeking capital with
Africa, of Australia, and of the Far East are ardently
keep the very wheels of
which not only to develop but with which to
commerce moving.
London
The tremendous volume of foreign trade and the supremacy of
upon exports of
as the market for international securities depend mainly
of the external debt
British capital. Thus. London holds a great part
therefore, upon Lon• of Japan, and the price of Japanese bonds depends,
raildon's judgment of Japan's financial strength. The great Argentine
and London
* roads are British companies. The head offices are in London,
thing is
• is the principal market for their bonds and shares. The same
Governtrue to a considerable extent of the external debt of the Argentine
railways,
ment. British investments in Argentina—Government debts,
sterling.
land companies, ranches, &c., run several hundred million
turns to tho
With the vast destruction of capital in Europe the world
s. The United States has become
'United States for financing its enterprise
y. Since the outa capitalist nation not only theoretically but practicall
made formal loans
break of the great European war, the United States has
Of this total $131,• to foreign countries to the amount of $257,090,000.
and $82,000,000 to
090,000 went to Canada, $44,000,000 to Latin America
• Europe.
our loans
This largo figure does not, however, express the sum total of all
and volume
to foreign countries during the last few months. The rapidity
in this country have not permitted the
of recent European purchases
organized here on
• floating of formal loans. Instead, credits have been
ise have been made
••behalf of foreign purchases and payments for merchand
which have been bank credits. The total
against these credits, many of
with accuracy, but it is
• amount of such credits cannot, of course, be given
likely that they exceed $250,000,000.
States have been only
Up to the present year New York and the United
There have been
on the outer fringe of the world of international finance.
to Canada, Mexico,
a few foreign loans floated in Now York—a tow loans
Central and South America, and Japan.
trade can be
It is only through the investment of capital that foreign
•
in her desire to develop
secured and held. If the United States is serious
must buy foreign securiforeign trade she must lend; she must invest; she
are oven approximately true,
ties. If the facts which I have already stated
other than to invest abroad.
• the United States has no immediate choice
investments in foreign
Her only choice lies in the exact location of those
-countries.
this subject showing how
There are some interesting facts available on
exportation of goods, and
closely the exportation of capital is related to the
table brings out:
• mainly of manufactured goods, as the following
ED GOODS.
EXPORTS OF CAPITAL AND MANUFACTUR
RAILROAD REORGANIZATIONS.
Word on Railroad Bonds and Reorganizations" served
"A
'
as the medium of an address at the Investment Bankers
meeting by John E. Blunt Jr. of Chicago. Mr. Blunt
attributed the present troubles of the railroads to two causes:
ty
bad financing on the one hand; failure to receive authori
service
to increase rates sufficiently to meet increased cost of those
on the other; furthermore,he said,the tendency is for
responsible for each of these conditions to shift the blame
g
on ;the other. "The greatest obstacle to railroads securin
what they really need to-day," said Mr.Blount,"is the quesnt
tionable financial transactions indulged in by the promine
." In discussing remedies he said:
financiers and bankers
There are
to construct.
I am aware that it is easy to criticize but hard
s that make it extremely
practical questions to be faced in all these situation
I have no sympathy with
difficult to work out our ideals and theories.
ion of railroad management,
those who are indulging in wholesale denunciat
permanent prosperity until
and I believe that this country cannot have
must make an effort to get
the railroads can share in it. However, we
ry and solid foundation.
this railroad financing on a more satisfacto
mortgages in full. It
Let us provide sinking funds for the payment of
in other
of 1% a year to pay off a 5% mortgage in 50 years;
only requires
interest on a millionWords, while it requires $50,000 a year to pay the
will take care of the principal
dollar loan, an additional five thousand
as well.
rs' interest
Let us have some means of taking care of the bondholde
powers of the trustees
during the life of the bond, either by enlarging the
voting power and a voice in the manageor possibly by giving the bonds
not be done, especially
ment of the road. I do not know why this should
You will all recollect that
in cases where there is little equity in the stock.
railroad systems was prevented from
some years ago one of our greatest
clique by the exercise of the
falling into the hands of a highly speculative
bonds.
voting power of holders of certain issue of
greatest part of the bonds
We investment bankers distribute by far the
of us do not have the opportunity
issued in this country, and, while most
we can nevertheless make our inof originating the larger financial deals,
ns. We ought to be
fluence felt if we have the courage of our convictio
able to put a stop to corrupt
in the position of an impartial Judge or jury,
same time as representatives
or incorrect financial practices, and at the
such fair treatment at the hands
of investors secure for our corporations
' rights.
of legislators as shall protect the investors
Miles Imports of Railway
It will be necessary to imMaterials
But before we will be in a position to do this,
of
. I am afraid that we cannot entirely escape the
Railway Rail
prove our own standards
Class of Imports.
From
to-day. Has not the deCountries— Years. Issues in way From the
responsibility for some of the conditions existing
All
United
London. Conto participate in some large piece
sire to make quick profits or the desire
. struc- Kingdom. Countries.
hasty decision which should have been deferred
led.
of financing caused many a
made. However, we cannot help
,
until a careful investigation could be
$
$
in the past; but we can turn our faces
$
rail- the mistakes that have been made
results will not be obtained
__ 1901-11 432,822,000 9,326 89,270,000 133,857,000 Locomotive, rails.
Argentina
way mat.,
In the right direction and while the desired
,365,000 Railway plant and In a day or a year, we can make a start along the line of progress.
British India. 1902-12118,0$5,000 2,823121,603,000131
roiling stock.
26,040,000Iron and steel
Australia_ .1903-11 123,720,000 3,227 15,780.000
rails, &c.
ASSURANCES OF SAFETY OF SHIPS
2,481,000 5,056,000 Railway materials GERMANY GIVES
South Africa_ 190611 37,812,000 2,070 19,034,000 26,689,000 Mining machinery
BEARING CONDITIONAL CONTRABAND.
190611 74,666,000
steel ran1901-11367,733.00l 9,143 9,096,000 23,599,000Iron &bars & rails
Canada
way
Germany, in a note to the United States Government
i:04M All
384,000 5,362,000Iron & steel railUnited States 1901-10 366,378,00047,131 years)
way harm
(9
regarding the sinking of the American sailing vessel William
parIf there was ever a time when the people of tho United States,
and consider
ticularly the investing public of the United States, should stop
realize that our
the situation, that time is the present. We do not always
destruction;
best foreign customers are engaged in a campaign of mutual
resources are being diminished. We are, at
that their energies and their
to our industries
the present, experiencing in this country a sort of stimulus
is experiencing a
—at any rate, in certain linos—and our foreign trade
well for us to consider whether or not
certain extension, but it would be
one and whether the extension
this extension of our industries is a solid
is no question
of our foreign trade indicates a permanent extension. There
s in Europe and the within my mind that with the cessation of hostilitie
supplies of war materials of various
drawal and cutting off of orders for
reaction. Those features
sorts, the United States will experience a serious
will be cut off, and
which just at the present are making for expansion
in capturing the markets
unless there has been some real advance made
primarily by the European war, our
of the world which are unaffected
situation is likely to be a serious one.
on in
is
In the face of this tremendous destruction of capital which going
the United States to save
Europe, it would seem that this is a time for
States to curtail their expenditures which
and for the people of the United
where they will do
are in any way unnecessary and to invest those savings
made herself the foremost
the greatest amount of good. Great Britain had
she made large profits, but rather
capital nation in the world, not because
of savings and not profits
because she saved large savings. It is out
to become a great
that investments are made. For the United States
States must save. It is somecapitalist nation, the people of the United
duty to save. If that be his first duty,
times said that it is a man's first
savings that they will be
it is certainly his second duty to so invest those
Just at the present the
of the greatest advantage to the commonwealth.
, in the securities of those couninvestment of savings in foreign securities
will afford the greatest
tries which we hope to win for our foteign markets,
advantage to our commonwealth.
or not, in
It is also worth while for us to stop and consider whether
loans which are
making our loans to the European nations and in making
lly
to be used almost wholly for destructive purposes, is an economica
P. Frye by the German auxiliary cruiser Prinz Eitel Friedrich, "agrees with the proposal of the American Government
to separate the question of indemnity from the question of
interpretation of the Prussian-American treaties of 1785,
1799 and 1828." The new German note was received at the
State Department on Wednesday and made public yesterday. The communication is in reply to a note from the
United States Government under date of Aug. 10. This note
stated that if the two alternative propositions suggested
in a previous German note could be combined they would
furnish a satisfactory basis for the solution of the question.
These propositions, as originally put forward by Germany,
were that each Government designate an expert to jointly
fix the amount of indemnity, or, as an alternative, that the
differences between the two Governments be submitted to
the tribunal at The Hague. Germany has now agreed to
take these propositions up separately and names as her
expert to settle the indemnity question, Dr. Kepny of
Bremen, Director of the North German Lloyd. In accepting
the American proposal the German Government again states
"that in making payment it does not acknowledge the violation of the treaty as contended by the American side."
The note sets out, however, that the German Government
"will admit that the settlement of the question of indemnity
does not prejudice the arrangement of the difference of
opinion concerning the interpretation of the treaty rights
SEP1. 25 1915.1
THE CHRONICLE
and that this dispute is left to be decided by The Hague
Tribunal of Arbitration." In reply to inquiry made in the
last American note as to whether, pending the settlement of
the case, Germany intends to govern its naval operations
in accordance with the German or American interpretation
of the treaty stipulations the new note states that "from the
standpoint of law and equity it is not prevented, in its opinion, from proceeding against American ships carrying contraband according to its interpretation until the question
is settled by arbitration." The note informs the United
States that the German Government."in order to furnish to
the American Government evidence of its conciliatory attitude, has issued orders to the German naval forces not to
destroy American merchantmen which have loaded conditional contraband even when the conditions of international
law are present, but to permit them to continue their voyage
unhindered if it is not possible to take them into port."
The German Government states, however, that "it must
reserve to itself the right to destroy vessels carrying absolute
contraband wherever such destruction is permissible according to the provisions of the Declaration of London." The
full text of the note is as follows:
Foreign Office, Berlin, Sept. 19.
The undersigned has the honor to make the following reply to the note
of His Excellency, Mr. James W. Gerard, Ambassador of the United States
of America, dated 13th ultimo, on the subject of the claim for reparation
for the sinking of the American merchantman William P. Frye.
With regard first to the ascertainment of the damage by experts, the
German Government believes that it should dispense with the nomination
of an umpire. In the cases of the ascertainment of damages hitherto
arranged between the German Government and a neutral government
from similar causes,the experts named by the two parties have always
reached an agreement as to the amount of the damage without difficulty;
should it not be possible however, to reach an agreement on some point, it
could probably be settled by diplomatic negotiation. Assuming that the
American Government agrees to this, the German Government names
as its expert, Dr. Kepny of Bremen, Director of the North German Lloyd;it
begs to await the designation of the American expert.
The German Government declares that it agrees with the proposal of the
American Government to separate the question of indemnity from the
question of interpretation of the Prussian-American treaties of 1785, 1799
and 1828. It, therefore, again expressly states that in making payment it
does not acknowledge the violation of the treaty as contended by the
American side, but it will admit that the settlement of the question of indemnity does not prejudice the arrangement of the differences of opinion
concerning the interpretation of the treaty rights, and that this dispute is
left to be decided by The IIague Tribunal of Arbitration.
The negotiations relative to the signing of the compromise provided by
Article 52 of The Hague Arbitration Convention would best be conducted
between the Foreign Office and the American Embassy at Berlin, in view
of the difficulties in the way of instructing the Imperial Ambassador in
Washington. In case the American Government agrees the Foreign Office
is prepared to submit to the Embassy a draft of such a compromise.
The American Government's inquiry whether the German Government
will govern its naval operations in accordance with the German or the
American interpretation of the treaty stipulations in question, pending the
arbitral proceedings, has been carefully considered by the German Government. From the standpoint of law and equity it is not prevented, in its
opinion, from proceeding against American ships carrying contraband,
according to its interpretation, until the question is settled by arbitration.
For the German Government does not need to depart from the application
of generally recognized rules of the law of maritime war, as the Declaration
of London, unless and insofar as an exception based on a treaty is established beyond all doubt. In the case of the present difference of opinion
between the German and the American Governments such an exception
could not be taken to be established except on the ground of the arbitral
award. Moreover, the disadvantages to Germany which would ensue
from the American interpretation of the treaty stipulations would be so
much greater as to be out of proportion to those which the German interpretation would entail for the United States. For whereas the American
interpretation would materially impede Germany in her conduct of warfare,
hardly any particular disadvantage to American citizens would result from
the German interpretation, since they receive full reparation for any
property damage sustained.
Nevertheless, the German Government, in order to furnish to the
American Government evidence of its conciliatory attitude, has issued
orders to the German naval forces not to destroy American merchantmen
which have loaded conditional contraband even when the conditions of international law are present, but to permit them to continue their voyage
unhindered if it is not possible to take them into port. On the other hand
it must reserve to itself the right to destroy vessels carrying absolute
contraband wherever such destruction is permissible according to the
provisions of the Declaration of London.
The undersigned begs to suggest that the Ambassador bring the above to
the knowledge of his Government, and avails himself of the opportunity
to renew, &c.
VON JAGOW.
985
dulged in a tour around the globe, landing first at Monaco,
and going on east through the Mediterranean to Egypt,
India, Ceylon and Japan, until he gladly saw the Golden
Gate rising out of the Pacific. To the "Daily Telegraph"
of Nashua, Mr. Harris sent back a series of letters giving
his personal experiences and impressions. These letters,
making no literary pretenses and jotted down in a gossipy
offhand style, served their purpose of interesting the friends
left at home and are now reprinted in a pleasant little volume
of 148 pages of large type, with the title of "Breezes from
the Orient". They do not breathe veneration for the
ancient, the writer viewing everything in a practical and
American manner, but they fulfill their modest intent.
COMMERCIAL PAPER AND BILLS OFEXCHANGE OF THE WORLD.
—The Banking Law Journal Co., Publisher, 25 Thames
St., New York. Price $1 50 postpaid.
"The Banking Law Journal" of New York has issued its
tenth year book under the above heading. The publisher
announces that, owing to the changes in the methods of
discounting paper, brought about by the Federal Reserve
Act, a demand was created for an up-to-date work on commercial paper. The work reviews briefly the methods of
discounting paper under the new and old systems of banking and describes the difference between the foreign methods
of discounting, and those in practice here now and prior to
the establishing of the Federal Reserve system. It also
cites the advantage and simplicity of the single name paper
that has so long been the chief credit instrument in use in
our discount market as against the two-name or acceptance
form of credit.
A special chapter is devoted to bank acceptance which
points out the claim of bankers, experienced in handling
this form of credit, which is, that the acceptance is destined
to be one of the principal forms of credit in the future in
this country, owing to its popularity as an investment as
well as a commercial credit in European countries; the
claim being for the acceptance that it is a liquid asset.
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
The public sales of bank stocks this week aggregate 471
shares, of which 461 shares were sold at auction and 10 shares
at the Stock Exchange. The transactions in trust company
stocks reach a total of 70 shares. The auction sales include
a block of 458 shares of Corn Exchange Bank stock (represented by temporary certificates of the Washington Trust
Co.) at $300 per share.
Shares. BANKS—New York.
Low. High. Close. Last previous sale.
*10 City Bank, National
395 395 395 June 1915— 387
x458 Corn Exchange Bank
300 300 300 Sept. 1915— 307%
3 Commerce, Nat. Bank of_ _ _ 159 159 159 Sept. 1915— 158
TRUST COMPANIES—New York.
293 293 293 May 1914— 291
36 Empire Trust Co
100 100
100 Mar. 1915— 105
14 Lincoln Trust Co
TRUST COMPANY—Brooklyn.
280% 280% 2803 Feb. 1914— 285%
20 People's Trust Co
* Sold at the Stock Exchange.
x Temporary certificates of the Washington Trust Co. representing stock
of the Corn Exchange Bank.
A New York Stock Exchange membership was posted for
transfer this week, the consideration being $60,000, the
same as the last previous sale.
Advices to the effect that Count von Bernstoff, the German
Ambassador to the United States, islin possession of complete information regarding:thelwishes7and policy of,Germany
on the submarine problem,were imparted to the Associated
Press from Berlin on the 18th inst. These advices said
that Count von Bernstorfflis:empowered:to negotiate terms
ofoettlement with the United States, subject only to final
revision and,Approval by the'Merman Government.
In pursuance of the resolution passed at the Conference of
Cotton States Bankers, which was held in Galveston, Tex.,
on Aug.•14 with a view to formulating a plan whereby the
cotton crop of the South might be placed on the market only
in such quantities as would instantly be absorbed, the Union
Trust Company of Little Rock, Ark., has sent a circular letter to Northern and Eastern banks who have Southern bank
correspondents, informing them of the movement. Enclosed with the letter are copies of the resolution passed at
the conference, as well as a report of the meeting held at
Birmingham on Aug. 26 between W. P. G. Harding of the
Federal Reserve Board, and a delegation of Southern bankers appointed at Galveston on Aug. 14. This latter report
was published in our issue of Sept. 4, page 740, and a reference to the Galveston meeting appeared in these columns
Aug. 21, page 572. The letter sent out by the Union Trust
Co. was signed by Moorhead Wright, Vice-President and
Treasurer of the company and Secretary of the Cotton
States Bankers' Conference.
BOOK NOTICES.
BREEZES FROM THE ORIENT.—By Ira Francis Harris. The
Colonial Press, C. H. Simonds Co., Boston.
I'd In the early monthsl'ofi1913, Mr. frail'. Harris, Cashier
'
ofjithe Indianillead National Banka ofiNashua, N.
The National Bank of the Republic of Chicago has recently issued an interesting pamphlet on cotton, entitled
"The Wealth of America". The booklet gives a brief sketch
of the development of the cotton planting industry in the
South from 1793, when, owing to the time and labor required
986
THE CHRONICLE
to gin the cotton by hand, the industry was at a standstill,
up to the present time when "three-fourths of all the cotton
the world produces is raised in our Southern States." The
booklet deals with the revival of the industry brought about
through the invention by Eli Whitney of a machine to gin
cotton quickly and cheaply; and in emphasizing the immense
proportions of our cotton growing industry and the value
of the crop, says:
Our States of Texas, Georgia and Alabama taken together, raise more
cotton than all the rest of the world Outside this country.
At the time the recent European war was precipitated, our Southern
States were reaping a harvest of cotton then valued at nine hundred and
seventy-five million dollars. At the price then current it was the most
valuable crop ever grown in the United States.
Over two million Southern farms, great and small, raised cotton during
1914 and it is estimated that the cultivation, handling and shipping of the
crop gave employment to upwards of four million persons.
That Congressmen and Senators should be forced to go
into a military encampment is the view advanced by Stephen
Appleby, Cashier of the National Bank of Tacoma, at Tacoma, Wash. Mr. Appleby has been attending the business
men's military encampment at American Lake, near Tacoma. In expressing his views with regard to the military
training of Congressmen and Senators, he is quoted in the
"Pacific Banker" as saying:
If they did,they probably would have some idea of the length of time it
takes to prepare an army for defence. It would be a good thing for them
to have to go through the drills as we have done. They would then realize
that soldiers, especially officers, cannot be trained over night.
Mr. Appleby also said that an untrained volunteer army
would suffer greater losses than a similar number of trained
men. He added that he is in favor of a large navy and a
reasonable increase in the army,especially in trained officers.
The suspension from the New York Stock Exchange for
one year of Percy E. Donner of Pittsburgh was announced
23d inst. Mr. Donner,
by President H. G. S. Noble on the.
who is a member of the Pittsburgh firm of Donner, Childs
& Woods, was held to have been guilty of accepting the business of bucket shops; he denied the charges against him, contending that he was ignorant of the fact that the firms for
which he had executed orders,were bucket shops. The penalty was the maximum imposed for infractions of the following section of the constitution of the Exchange, adopted in
1909 as a result of the recommendations of the Hughes investigating commission:
[VOL. 101.
18th inst. and the enlarged institution, with twelve branches,
all situated in this city, was opened for business on Monday.
This step involving the operation of domestic branches by a
national bank was understood to be prohibited by the Federallaws,but authority for the move was found by President
Louis G. Kaufman of the Chatham & Phenix National in an
old law which apparently authorizes the continuance of
branches where a State bank is converted into a national institution, taking its branches with it. Comptroller of the
Currency Williams approved the conversion of the Century
Bank with its branches into the Century National Bank and
also gave his consent to the consolidation of the latter institution with the Chatham & Phenix, the combined institution
continuing under the name of Chatham & Phenix National
Bank. The Century Bank absorbed in July the Security
Bank. The Century National had a capital of $1,250,000.
The enlarged Chatham & Phenix National begins operations with a capital and surplus of $5,000,000 and resources
of $60,000,000. The officers of the bank remain practically
as heretofore, the only additions as a result of the merger
of the Century being C. S. Mitchell and George Kennedy,
who were Vice-Presidents of the Century, and are retained
in that capacity in the consolidated bank. The directorate
of the institution is made up of the former directors of the
Chatham & Phenix, together with several of the directors of
the Century. The Chatham & Phenix has been a purely
commercial institution and it is announced that its policy in
that respect will be continued. The main office of the bank
is at 192 Broadway, corner of John Street. The twelve
branches are situated at Greenwich and Warren streets,
Bowery and Grand Street, 345 Grand Street, Fifth Avenue
and 14th Street, Ninth Avenue and 14th Street, Fifth Avenue
and 20th Street, 2 West 33d Street, 57th Street and Third
Avenue, 86th Street and Second Avenue, Broadway and
104th Street, Lenox Avenue and 116th Street and 125th
Street and Lexington Avenue.
Michael Friedsam has been elected a director of the Bank
of the Metropolis of this city to fill the vacancy caused by
the death of Benjamin Altman.
James W. Alexander, former President of the Equitable
Life Assurance Society of this city, died on the 21st inst. at
Tuxedo Park, N. Y. Mr. Alexander was born in 1839 and
That any member of this Exchange who is interested in, or associated in graduated from Princeton in 1860. He practised law in this
business with, or whose office is connected, directly or indirectly, by public
city until 1866, when he became Secretary of the Equitable.
or private wire or other method or contrivance with, or who transacts any
to the position of
business directly or indirectly with or for, any organization, firm or indi- In 1871 Mr. Alexander was advanced
vidual engaged in the business of dealing in differences or quotations (com- Second Vice-President of the Society and a few years later
-shop),shall, on conviction thereof, be deemed to have
monly called a bucket
became First Vice-President. Mr. Alexander was chosen to
committed an act, or acts, detrimental to the interests and welfare of this
the Presidency of the Equitable in 1899, following the death
Exchange.
Mr. Donner has been a member of the Exchange since of Henry B. Hyde, the founder of the Society. He resigned
1909. His firm is one of the best known in Pittsburgh and in 1905 when Thomas F. Ryan bought a controlling interest
has a membership on the Pittsburgh and Philadelphia Stock in the Society.
Exchanges.
Irregularities are said to have been discovered in the books
Willard D. Straight, who has been associated with J. P. of Henry S. Bradley, mail teller of the Merchants' National
Morgan & Co. for some time, will sever his connection with Bank of thia city, who disappeared on the 16th inst. Bradthe firm on Oct. 1 in order to take up the study of interna- ley was on his vacation at the time and was to have returned
tional law. Mr. Straight's activities with the Morgan firm to the bank on the 20th inst. With his failure to appear on
have been in connection with Far Eastern and other interna- that day, Joseph Byrne, Vice-President and Cashier of the
tional business. The following announcement with regard Merchants', gave out the following statement:
was due
of the Merchants' National
to his retirement was made on the 17th inst. at the office of to II. S. Bradley, the mail teller day, but has not returned. Bank,learning
Upon
return from his vacation this
J. P. Morgan & Co.:
the bank began an investigation
of Bradley's disappearance, the officials of
Willard D. Straight, who for some years has been associated with
J. P. Morgan & Co. in connection with Far Eastern and other international business, will on Oct. 1 retire to pursue special studies in international law at Columbia Law School.
Mr. Straight was graduated from Cornell in 1901 and in
the same year accepted an appointment in Sir Robert Hart's
Chinese Imperial Maritime Customs Service, working in
Nankin and Peking. He left this position to serve as a war
correspondent during the Russo-Japanese War. In 1905
Mr. Straight was appointed Vice-Consul-General at Seoul
and later became Consul-General at Mukden. He was chosen acting Chief of the Bureau of Far Eastern Affairs by the
State Department and left this position in 1909 to represent
in China an American banking syndicate made up of J. P.
Morgan & Co., Kuhn, Loeb & Co., the First National Bank
and the National City Bank. Mr. Straight was successful in
obtaining for this syndicate representing United States interests, an equal share in the railroad loan which China was
negotiating at that time. With the completion of his work
for the syndicate Mr. Straight became connected with J. P.
Morgan & Co.
of his booss, and th13 inveitigation has disclose." S3M0 irregularities. The
bank is fully covered from any loss which may occur by reason of fidelity
bonds which it holds.
Bradley was bonded by the Aetna Accident & Liability
Co. of Hartford for $10,000 and the Merchants' National
has an excess policy for £30,000 issued by Lloyd's of London.
A reward of $500 for information leading to Bradley's arrest
was offered on the 21st inst. by the bank, the Aetna company
and Lloyd's. While reports have it that the shortage may
reach $200,000, it is stated that the exact amount of the defalcation will not be known until advices have been received
from the bank's out-of-town correspondents regarding their
accounts.
The Bank of Buffalo (N. Y.) has arranged to purchase a
new site at Main, North Division and Washington streets.
The property is situated at the northeast corner of Main and
North Division streets and includes the entire frontage on
the latter street between Main and Washington streets.
The area to be acquired covers 11,280 square feet and has a
frontage of 70 feet on Main Street, 200 feet on North Division
Street and 41 feet on Washington Street. Although no
The merger of the Century Bank of New York with the figures have been given out, it is believed that the deal
Chatham & Phenix National Bank was consummated on the will involve between $750,000 and $1,000,000. With regard
SEPT, 25 19154
THE CHRONICLE
987
to the purchase, Elliott C. McDougal, President of the instiJohn J. Nelligan, heretofore Third Vice-President of the
tution, said:
Safe Deposit & Trust Co. of Baltimore, has been elected
We consider this location the very best location in the city for a banking
office. It always will be the banking center of the city. We have not yet President of the institution to succeed Michael Jenkins, who
died on the 7th inst. Mr. Nelligan entered the employ of
decided when we shall build. Before doing so, we shall take plenty of
time
to consider our plans. We have not even decided upon the style of building, the institution in 1886
as a minor clerk, and has advanced
although our preference would be not for a tall office building, but
for a successively to the posts of Assistant Secretary,
Secretary,
beautiful building which would be most effective on so prominent a site.
Third Vice-President and now to the Presidency. Henry
We are being crowded out of our present quarters.
growing so fast that it is almost impossible to keep paceOur business is
with it in our
old building. Taking as a basis the figures of our last official statement, Walters, who has been Vice-President of the company, has
during the last two years, this bank's deposits have
an increase in been chosen to the newly created position of Chairman of
the sum of $7,288,461 02. This increase during two shown is greater
than
the total increase during the first thirty-three years of years
the bank's existence. the board of directors. Mr. Walters is Chairman of the
The Bank of Buffalo has occupied its present banking boards of directors of the Atlantic Coast Line RR., and the
building at the northwest corner of Main and Seneca streets Louisville & Nashville RR. John W. Marshall, heretofore
for twenty years and has been on or adjacent to this corner Second Vice-President of the Safe Deposit & Trust Co., has
been chosen to succeed Mr. Walters as Vice-President.
since the institution was established in 1873.
The People's Bank & Trust Co. of New Haven, Conn.,
moved from its old home at 799 Chapel Street on the 17th
inst. to the quarters formerly occupied by the City Bank
of New Haven. As heretofore noted, the latter was recently
merged,along with the New Haven County National Bank,
into the National New Haven Bank; the enlarged institution
known as the New Haven Bank, National Banking Association, moved into a new home at the corner of Chapel and
Orange Streets. The People's Bank & Trust Co. opened
for business in its new location on the 18th inst. The
institution has a capital of $272,300, surplus and profits
of over $100,000 and deposits of over $1,000,000.
The Boston Safe Deposit & Trust Co. of Boston recently
established a fund to be known as the "Permanent Charity
Fund", which is designed to solve the difficulties experienced
by people who wish to make gifts to charity or leave money
in trust for such purposes, but who are in doubt as to the
proper means of doing so effectively. The plan provides
that all gifts whether in money or property which may be
made to the fund will be held in trust by the company. The
principal of the fund is to be administered by the trust
company,while the income is to be distributed annually in
charity by a committee of seven citizens to be selected by
public officials. The committee is to be appointed as
follows: One by the Judge of the Probate Court of Suffolk
County, one by the Chief Justice of the Municipal Court
of Boston; one by the Judge of the United States District
Court for the District of Massachusetts; one by the Attorney
General of the Commonwealth and three by the Boston Safe
Deposit & Trust Co. The committee is to be made up of
men and women who are engaged in charitable work. No
holder or seeker of political office may be a member of the
committee, nor shall more than two persons of the same
religious denomination or sect be eligible. The method of
selection as well as the above-mentioned limitations insure
a non-partisan, non-sectarian and non-political organization
to administer the income of the fund. As heretofore noted,
similar charitable foundations have been established in
Cleveland, St. Louis, Spokane, Los Angeles and Milwaukee.
The Baltimore Commercial Bank of Baltimore, whose proposed organization we have previously noted, will open for
business on Oct. 18 in the Coca Cola Building, corner of
Market Place and Pratt Street. The institution will have a
capital stock of $500,000 and surplus of $100,000. Threefifths of the capital stock has been subscribed by-the officials
of the new bank and the remainder, consisting of 2,000
shares, has been offered for public sale at $120 per share,
$100 to go to capital account and $20 to surplus. Willoughby
M. McCormick is President of the institution and will be
assisted in its management by Robert S. Mooney, VicePresident; Robert A. Welsh, Cashier; Gwynn Crowther and
H. Clarke Jones, Assistant Cashiers. The new banking
quarters of the Baltimore Commercial Bank will be furnished
with up-to-date facilities, including a reinforced concrete
and steel-lined vault, safe deposit boxes and a thorough
equipment of electrical protective devices.
0. M. Stafford, heretofore Second Vice-President of the
Woodland Avenue Savings & Trust Co. of Cleveland, has
been advanced to the position of First Vice-President to
succeed the late Daniel Bailey. Thomas S. Grasselli, a
director in the institution, has been chosen Second VicePresident, and Eugene R. Bailey, eldest son of the late
Daniel Bailey, has been elected to his father's place on the
board. Albert C. Bailey, another son of the late Daniel
Bailey, has been chosen to replace his father in the directorate of the Broadway Savings & Trust Co. of Cleveland.
Harry P. Caves has been elected Treasurer of the Guardian
Trust & Savings Bank of Toledo, Ohio, to succeed A. H.
Peiter, who recently resigned. Mr. Caves, who is paying
teller of the Ohio Savings Bank & Trust Co., will assume his
new duties early next month.
It is reported that J. C. Donnell, President of the First
National Bank of Findlay, Ohio, has disposed of his holdings
in that institution, consisting of 100 shares, to A. E. Dorsey,
Vice-President of the Buckeye National Bank of that city.
Mr. Donnell is President and General Manager of the Ohio
The Lynn Safe Deposit & Trust Co. of Lynn, Mass., has Oil Company.
absorbed the Lynn National Bank. The latter institut"on,
which was placed in voluntary liquidation on the 7th inst.,
M.H.Grossman and Robert W.Baird have been appointed
had a capital of $100,000, surplus and profits of over $250,- managers of the bond department of the Wisconsin Trust
000 and deposits of approximately $1,200,000.
Co. of Milwaukee.
Rudulph Ellis, President of the Fidelity Trust Co. of
Philadelphia, died at his home in Bryn Mawr, on the 21st
inst. Mr. Ellis was born in 1837 and served in the Civil
War, having been made a captain. Following the war he
became senior member of the brokerage firm of R. Ellis
& Co. He retired from business for a short time upon the
dissolution of the firm about 15 years ago, but retained his
membership in the Philadelphia Stock Exchange to which
he had been admitted in 1866. Mr. Ellis was identified
with the Morgan interests in Pennsylvania through Edward
T. Stotesbury, a member of J. P. Morgan & Co., In 1901
Mr. Ellis was elected President of the Fideltiy Trust Co.,
succeeding John B. Gest. Prior to that he had been Acting
Vice-President of the institution. He was chosen a director
of the Pennsylvania Railroad in 1903. Mr. Ellis was a
director of the Commercial Trust Co., Fourth Street National Bank, the New York Philadelphia & Norfolk RR., the
Electric Storage Battery Co., and a number of other corporations. In 1912 Mr. Ellis established by a gift of $100,000,
a gratuity fund known as the Rudulph Ellis Gratuity Fund,
for the benefit of widows and familiesof deceased employees
of the Fidelity Trust Co., or of employees forced to give
cup thir positions because of illness.
R. R. Barrett, Cashier of the Citizens' National Bank of
Wheeling, W.Va., has resigned, his resignation to take effect
Oct. 1. Mr. Barrett has held the cashiership since the institution began business on Dec.20 1913. Prior to that time
he was Cashier of the First National Bank of Moundsville,
W. Va.
A controlling interest in the United States National Bank
of San Diego, Cal., has been sold by Louis J. Wilde, heretofore President of the institution, to Frank C. Spalding and
other prominent men of Los Angeles and San Diego. Among
those associated with Mr. Spalding in the purchase of the
stock are Frank Pfaffinger of Los Angeles; W. R. Powell,
President of the Azusa Valley Savings Bank of Azusa, Cal.;
and J. F. Spalding of Kansas City. Frank C. Spalding,
who is reported to be the largest stockholder, has been chosen
President of the bank to succeed Mr. Wilde. The United
States National, which was organized in 1913, has a capital
stock of $100,000, resources of approximately $650,000, and
deposits of over $400,000. Mr. Spalding, the new head
of the institution, has heretofore been in charge of the trust
department of the Southern Trust & Savings Bank of San
Diego.
[VOL.
THE CHRONICLE
988
Dm.
August gave
An Indian currency return for the 31st of
ment in rates.
The Northwest Trust & Safe Deposit Co.of Seattle, Wash., details in lacs of rupees as follows:
66,41
of SecNotes in circulation
has moved into new quarters at the southeast corner
39,92
Reserve in silver coin
6,34
Union Street. The company began busiond Avenue and
Gold coin and bullion
6,15
inst. For the past fifteen
Gold in England
ness in its new home on the 13th
consists of 5,700 bars, as compared with 5,600 last
The
the institution has been located at First Avenue and week. stock in Bombay
from San Francisco
years
A shipment of 245,000 ounces has been made
ve
ounce standard:
Columbia Street. The exterior of the new home is attracti
to Hongkong. Quotations for bar silver per
5%
windows set in Flemish
Bank rate
No
in appearance, having large panel
cvhi
Sept. 3-23 9-16
quotation Bar gold per oz. standard _ 77s. 9d.
4-23M
Nominal
The interior finishings are of dull mahogany and
coin per oz_
bronze.
French gold
fixed
6-23 11-16 "
was
U. S. A. gold coin per oz_ Nominal
for
7-23M
solid bronze. The Northwest Trust & Safe Deposit Co.
forward
"
8=23M
. At the present
delivery.
organized in 1900 with a capital of $15,000
9-23 11-16 "
of over Av. for wk. 23.614 cash
time it has a capital stock of $100,000, total assets
that fixed a week ago.
The quotation to-day for cash delivery is Md. above
of more than $1,000,000. The
$1,200,000 and deposits
k, President; T. S.
officers of the institution are E. Shorroc
and
IMPORTS AND EXPORTS FOR AUGUST.
Lippy, Vice-President; Alexander Myers, Secretary
the
Cashier, and R. W. Sprague,
Treasurer; J. V. A. Smith,
The Bureau of Statistics at Washington has issuedfrom
statement of the country's foreign trade for August,and
Assistant Cashier.
g
it and previous statements we have prepared the followin
Alexander Laird has resigned as General Manager of the interesting summaries:
UNITED STATES.
FOREIGN TRADE MOVEMENT OF THE
Canadian Bank of Commerce (head office, Toronto), and
an the following tables three ciphers (000) are in all cases omitted.)
re Assistant General Manager, has been
John Aird, heretofo
MERCHANDISE.
Imports
chosen to succeed him. Mr. Aird's position as Assistant
Exports
1913.
1914.
1915.
1913.
1914.
1915.
General Manager will be filled by H. V. F. Jones, who has January
$267,879 $204,067 $227,033 $122,148 $154,743 $163,0133
148,045
r of the bank's branch in London. Mr. Laird, February..._ 299,806 173,920 193,997 125,123 182,555 149,914
been Manage
155,448
157,982
187,427
187,499
29d,612
146,194
173,762
160,576
199,813
162,553
who had been General Manager since January. 1907, was March
294,746
April
133,724
164,282
142,285
194,607
161,733
274.218
May
131,246
157,529
forced to retire because of ill-health. He entered the service June
157,695
163.405
157.072
268,547
139,062
159,677
143,245
160,991
154,139
267,975
of the bank in 1876 and was appointed Assistant General July
137,652
129,768
141,730
187,909
110,367
261,976
August
171,085
139,711
218,240
156,052
Manager in 1903, from which position he was advanced to September_
132,949
138,080
271,861
194,711
148,236
126,467
General Manager. Mr. Aird, the newly-elected General October ber..205,878 245,539
Novem
184,026
114.657
233,190
245,633
ed with the bank in 1878 as a December _
Manager, became associat
$1,789,276 $1,792,598
the Winnipeg branch
52,113.624 12.434,018
Total
clerk. He was formerly Manager of
GOLD.
of the institution and later Superintendent of Central WestImports
Exports
1913.
1914.
1915.
1913.
ern branches. He was made Assistant General Manager in
1914.
1915.
$6,210
$10,442
$6,896
$17,238
$6,914
Aird as Assistant January
$691
5,357
3,209
1911. Mr. Jones, who succeeds Mr.
12.726
12,373
9,079
1,054
February..,..
4,381
7,842
25,620
18,077
2,632
924
Manager, had been Manager of the bank's London March
General
4,014
3,460
16,203
3,010
407
814
April
4,561
1,973
31,136
12,467
16,835
1,277
branch since 1908.
May
3,387
3,817
52,342
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
September 9 1915:
GOLD.
of England.
External movements have not been in favor of the Bank
The following amounts were received by the Bank:
Sept. 2-£1,000,000 in sovereigns from abroad.
2- 200,000 in sovereigns released on miscellaneous account.
50,000 in sovereigns released on miscellaneous account.
36- 1,450,000 in sovereigns from abroad.
8- 1,055,000 in bar gold.
8- 550,000 in sovereigns from abroad.
8- 200,000 in sovereigns released on miscellaneous account.
Withdrawals were made as under:
Sept. 3-£1,857,000 in foreign gold coin.
6- 1,150,000 in foreign gold coin.
6- 2,000,000 in sovereigns for Japan.
7- 1,100,000 in foreign gold coin.
7- 105,000 in sovereigns set aside on account of Egypt.
5,000 in sovereigns set aside on account of the Straits
7Settlements Note Guarantee Fund.
8- 151,000 in bar gold.
40,000 in sovereigns for Malta.
88- 210,000 in sovereigns set aside on account of Egypt.
During the week the net reduction amounted to £2,113,000. The net
import of gold into India for the month of August 1915 was about £318,500.
Since the outbreak of war the United States of America received up to Aug.
21 about $152,000,000 in gold, made up as follows:
$3,700,000
$300,000 China
Denmark
9,625.000
1,000,000 Japan
South America
11,500,000
2,000,000 France
Australia
20,590,000
2,000,000 England
Holland
98,802,000
2,500,000 Canada
Brazil
The receipts from Canada consisted almost entirely of gold lying in that
disposal of the Bank of England.
Dominion at the
In October 1913 the Government of India decided to appoint a committee
to consider the question of uniform weights and measures within the Indian
Empire. The recently published report of this conunittee is of considerable importance, affecting as it does, the commercial transactions of one fifth
of the world's population. The adoption of the metric system and alternatively of the British, was considered and rejected. The former,
principally upon the ground that the use of decimals was alien to the customs of the Indian people. The latter, because it would have necessitated an alteration in the weight of the Tola, the most important standard
of weight in use. Moreover, the weight of the Tola and of the Rupee being identical, the weight of the coin would also have had to be altered. The
committee recommended that the Bengal or Indian railway weights should
be adopted for universal use throughout the Indian Empire, with the exception of Burmah, where a uniform system suitable for that province already obtains. The proposed weights are as follows:
For India.
1
1
1
1
1
1
1
chawal
ratti
masha
tola
chatak
seer
maund
8 khaskhas
8 chawals
8 rattis
12 mashas or 4 tanks
5 tolas
16 chataks
40 seers
SILVER.
The undertone continues good. Under the combined pressure of buying
orders from the Continent, and the Indian Bazaars, the price advanced
by stages to 23 11-16d. on Sept. 6, the highest figure touched since May 15
last. China has sold a limited amount, but not sufficient to affect appreciably the vigor of the market. The United States Treasury, by purchasing
about 500,000 ounces each week, is mainly responsible for the improve.
669
8,654
1,195
496
484
6,663
10,573
48,107
33,669
18,126
21,887
50,302
14,$27
131
2,822
2,192
1,128
June
July
August
September_
October
November _
December
7.859
5,804
4,627
5,391
7.041
5.073
$57,388
$63,705
Imports
1914.
$2,318
1,914
2,567
2,214
1,755
1,822
1,240
2,097
1,864
2,724
2,705
2,739
$91,799
$222,616
Total
3,392
3,045
2,782
5,945
7,392
4,109
1913.
$4,201
2,481
3,184
2,808
3,093
2,365
2,799
3,401
3,098
2,538
3,089
2,810
17,263
61,609
SILVER.
1915.
$5,188
January
' 3,425
February _
3.158
March
4,371
April
4,741
May
3,963
June
3,965
July
3,381
August
September_
October
November.. _
December
Exports
1914. $4,009
3,592
3,882
4,543
4,845
4,639
3,953
3,627
5,390
3,972
3,838
5,312
1915.
$2,287
2,400
2,477
2,603
2,352
3,622
3,003
3,745
1913.
$6,436
6,315
5,537
5,972
5,329
4,732
4,936
4,908
5,856
4,874
4,423
4,458
$35,867
$25.959
562.776
551.602
EXCESS OF EXPORTS OR IMPORTS.
Silver
Merchandise------- -Gold
1914.
1914
1915.
! .
+51,691
-$6,205
3
3
Jan __ 5145:7 1 +549: 24 +$63,970 -11,672 -$3..528 +$2,901
+1,678
+5,870
+1025
Feb., +174.883 +25,875 +44,083
+1,314
+679
+4,944 +31,981 -24,696 -5,210
March +133,630
+2,329
+1.768
April. +134,170 -11,209 +53,619 -15,389 -3,053
+3,090
+2,389
+131.933 -2,549 +60,883 -29,859 +14,862
May _
+2,817
+347
-457 +32,159 -49,520 +44,290
June. +110.852
+2,713
+962
-15,071
July__ +124,730 -5,538 +21,929 -60,481 +30,278
+1,530
-364
+15,081
-19,401 +50,257
Aug__ +120,246
+3,528
+19,125
+47.155
+16,341
Sept+1,248
+44,357
Oct..+56,631 +138,912
+1,133
+7,135
+79,411 +97,303
Nov_
+2,573
+3,978
Dec..+130,976 +49,170
Total
+5324,348+5691,422
Total_
+525,643
+3165,228
-I- Exports. -Imports.
Totals for merchandise, gold and silver for eight months:
Gold.
Merchandise.
Eight
Months.
(000s
omitted)
Im-
Exports.
ports.
Excess
Exof
Exports ports.
Silver.
EXCESS
Exof
Imports. Export3 ports.
Excess
Imof
ports. Exports
s
$
$ I $
1915_ 2,232,759 1,150,784 1081975 10,903 223,797f212894
37,180
1914___ 1,311,349 1,270,361 40,988 135,770 41,573 08,590
32,010
1913.... 1,515,182 1,150,300358,882 73,583
1912-- 1,416,347 1,188.075 228,272 43,159 34,589 8,570
1911._ 1,259,703 1,0 7,740251,957 15,910 40,473 f24,563
1910_ -- 1,054,053 1,055,098 f1,045 53,496 42,590 11,006
5
32,195
33,090
43,166
46,337
44,5881
36,9341
$
22,480
15,927
24,332
32,653
29.535
29,816
$
0,708
17,163
18,834
13,684
15,053
7,118
f Excess of imports.
Similar totals for the two months since July 1 for six years
make the following exhibit:
Gold.
Merchandise.
Two
Months
(000s
omitted)
Excess
of
ExImports. Exports ports.
Exports.
$
I
1016... 530,95
1914--1913-1912-1911- _ 1910___
264.6061
348,9001
316,7301
271,882
249,2941
s
s
284,074245,976
289,445 24,939
278,713 72,187
303,424 13,306
244,000 27,882;
255,674 46,380
f Excess of Imports. I
Silver.
Excess
of I ExInt-.
ports. Exports, ports.
Excess
of
Imports. Exports
1
5
3
$
S
3,320 78,872 f75,552 7,346
51,795 6,437 45,358 7,580
9,848 13.663 (3,815 9,844
438 12.6s9
9,783 9,325
2,659 6,700 f4,401 10,144
3,979 23,101 19,122 9,880
$
$
598
6,7481
3,3381 4,242
3,644
8,2
7,388 5,280
7,574 2,570
7,914 1,960
SEPT. 25 1915.1
THE CHRONICLE
DEBT STATEMENT OF AUGUST 31 1915.
The following statements of the public debt and Treasury
cash holdings of the United States are made up from official
figures issued Aug. 31 1915. For statement of July 31 1915
see issue of Aug. 28 1915, page 669; that of Aug. 31 1914,
see issue of Sept. 19 1914, page 803.
989
TREASURY CURRENCY HOLDINGS.
-The following
compilation, based on official Government statements, shows
the currency holdings of the Treasury at the beginning of
business on the first of June, July, August and September,
1915:
RePt.1 1915. June 1 1915 July 11915. Aug. 1 1915
Holdings in Sub-Treasuries$
, $
$
$
INTEREST-BEARING DEBT AUGUST 31 1915.
Net gold coin and bullion
236,536,258 241,322,017 257,006,051 241.846,744
22,762,265 22,923,683 30,011,097 31,528,604
Amount
Amount Outstanding
- Net silver coin and bullion
Net United States Treas. notes_
10,856
8,290
7,511
3,297
Interest Issued.
Registered. Coupon.
Total.
Net legal-tender notes
Title of Loan14,442,525 14.645,022 12,517,467 10,072,178
Payable.
2s, Consols of 1930
40,400,279 36,388,737 37,731,120 33,853,197
Q.
-J. 646,250,150 643,303,750 2,946.400 646,250,150 Net national bank notes *
3s, Loan of 1903-18
26,522,495 26,397,048 26,293,677 26,277,417
Q.
-F. a198,792,660 46,814.240 17,131,220 63,945,460 Net subsidiary silver
4s, Loan of 1925
3,309,084 3,312,897
3,173,716
3,011,068
Q.
-F. b162,315,400 101,280.400 17,209.500 118,489,900 Minor coin,&c
2s, Pan. Canal Loan 1906.Q.
-F. 54,631,980 54,611,420
20.560 54,631.980
Total cash in Sub-Treasuries.
2s, Pan. Canal Loan 1908Q.
.343.983,762 344,997,694 366,745.639z346.592,505
-F. 30,000,000 29.687,520
312,480 30,000,000
3s, Pan. Canal Loan 1911.Q.-$. 50,000,000 40,559,900 9.440,100 50.000,000 Less gold reserve fund
152,962,285 152,977,037 152,931.221 152,983,066
2%s,Post.Sav .bds.'11-'14 _J.4.
6,441,600 5,695,820
745.780 6,441,600
Cash balance in Sub-Trea.sles-191,021,477 192,020,657 213,764,418 193,609,439
23s, Post. Say. bds. 1915-1.4.
777,560
865,500
87.940
865,500
Cash in national banks-:To credit Treasurer of U. S.__ 47,459,892 88.274,716 46,502,976 43,180,814
Aggregate int.-bearing debt__1,149,297,290 922,730,610 47,893,980 970,624,590
To credit disbursing officers... 4,600,058
5,055,811
4,728,592 5,206,480
a Of this original amount issued, $132,449,900 has been refunded into the 2%
Total
Consols of 1030 and $2,397,300 has been purchased for the sinking fund, &e., and
52,059,950 93.330,527 51,231,568 48,387.294
Cash in Philippine Islands
canceled.
4,444,290
5,949,324
5.320,336
5,634,790
b Of this cr glnal amount issued, $43,825,500 has been purchased for the sinking
Net cash in banks, Sub-Treas_247,525,717 291,300.503 270,316,322 247,631,523
fund and canceled.
Deduct current liabilities_a
126,135,583 121,511,516 100,731.869 128,340.533
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
Balance
July 31.
Aug. 31.
121,390,134 169,788,992 169,584,453 119,290,990
Funded loan of 1891, continued at 2%,called May 18
National bank redemption fund_106,394,077 87,763,276 101.410,991 65,935,546
1900,interest ceased Aug. 18 1900
$4.000 00
$4,000 00
Funded loan of 1891, matured Sept.2 1891
Available cash balance
23,650 00
23,650,00
14,996,057 82,025,716 68,173,462 53,355,444
Loan of 1904, matured Feb. 2 1904
13.050 00
13,050 00
Funded loan of 1907, matured July 2 1907
a Chiefly disbursing officers' balances. x Includes $4,534,669 27 silver bullion
551,450 00
551,400 00
Refunding certificates, matured July 1 1907
12,570 00
12,540 00 and $3,011,067 69 minor coin, &c., not included in statement "Stock of Money."
Old debt matured at various dates prior to Jan. 1 1861
* Including $6,112,225 Federal Reserve notes on Sept. 1.
and other items of debt matured at various dates
subsequent to Jan. 1 1861
901,540 26
901,540 26
Aggregate debt on which interest has ceased since
maturity
$1,506,260 26 $1,506,180 26
DEBT BEARING NO INTEREST.
Aug. 31.
July 31.
$346,681,016 00 $346,681,016 00
United States notes
Old demand notes
53,152 50
53,152 50
National bank notes, redemption fund
19,849.327 50
22,640,052 00
Fractional currency, less $8,375,934 estimated as
6,850,239 00
6,850,239 90
lost or destroyed
Aggregate debt bearing no interest
5373,433,735 00 $376,224,460 40
RECAPITULATION.
Increase (+) or
Aug. 311915.
July 31 1915.
Decrease (-).
Interest-bearing debt
$970,624,500 00 $970,624,590 00
Debt interest ceased
1,506,180 26
1,506,260 26
-$80 00
Debt bearing no interest_
376,224,460 40
373,433,735 90
+2.790.724 50
Total gross debt
$1,348,355,230 66 $1,345,564,586 16 +52,790,644 59
Cash balance in Treasury *_ a228,978,561 85 a241,004,010 86 -12,025,449 01
Total net debt
$1,119,376,668 81 51,104,560,575 30 +514,816,093.51
* Includes $152,983,065 71 gold reserve fund.
a Under the new form of statement adopted by the United States Treasury on
July 1, the Item "national bank notes redemption fund" is not only included in
the "debt bearing no interest," but appears as a current liability in the Treasury
statement of "cash assets and liabilities." In arriving at the total net debt, therefore, and to avoid duplication, the amount is eliminated as a current liability,
increasing to that extent the cash balance in the Treasury.
The foregoing figures show a gross debt on Aug. 31 of
$1,348,355,230 66 and a net debt (gross debt less net cash
in the Treasury) of $1,119,376,668 81.
TREASURY CASH AND CURRENT LIABILITIES.
The cash holdings of the Government as the items stood
Aug. 31 are set out in the following:
ASSETS.
LIABILITIES.
$
Trust Fund Hollings:
Trust Fund Liabilities:
Gold coin and bullion_ _ - 1,260,979,660 00 Gold certificates
1,304,852,769 00
483,764,000 00 Lass certificates received
Silver dollars
2,222,000 00
in exchange for gold
Silver dollars of 1800
and order gold ctfs
43,873,100 00
Total trust funds_ _ __1,746,965,669 00
General Fund Hold'ils:
Net
1,260,979,669 00
In Treasury Offices
Silver certificates
483,764,000 00
58,042,568 18 Treasury notes
Gold coin
2,222,000 00
29,921,110 00
Gold certificates
Standard sliver dollars 17,854,456 00
Total trust liabilities..1,746.965,669 00
9,139,479 00
Silver certificates__ _ _
Gail Fund Liabilities:
10,072,178 00 In Treasury offices:
United States notes_ _
3,297 00
Treas. notes of 1890..
Disbursing officers'
Certifiedchecks on
balances
61,457,892 49
183.956 04
banks
Outstanding wat rants
1,339,435 62
6,112,255 00
Federal Reserve notes
Outstanding Treasurnotes. 27,740,941 94
National bank
er's checks
2,598,045 57
Subsidiary silver coin 26,277,416 92
Outstanding interest
Fractional currency_ _
checks
342,477 85
2,827,111 65
P.0. Dept. balancesMinor coin
4,947,493 16
4,534,669 27
Postal Savings baisSilver bullion
3,221,877 06
Judicial officers' bal103,609,439 00
Total
ances, &c
8,021,281 30
Redemption fund,
In Nat. Bank Deposit's:
Fed. Reserve notesTo credit Treas. U.S. 43,180.813 45
1,483,987 36
Nat. bank notes: ReTo credit postmasters,
5,206,480 44
demption fund__ -judicial officers, &c.
22,640,052 00
Retirement of add'i
43,387,293 89
circulating notes_ -- 41,811,506 39
Total in banks_ _
In Treas. Philippines:
Nat. bank 5% Fund- 29,467,859 33
2,861,044 30
Assets of failed naTo credit Treas. U.S.
To credit di3bursing
tional banks
2,107,881 40
2,773,746 12
• officers
Miscellaneous (ex4,039,473 80
changes, &e.)
5,634,790 42
Total in Philippines__
Total
184,379,263 33
In National Bank Depositories:
Judicial officers' balances, &c
5,206,48044
Outstanding warrants
665,982 19
Total in banks_ _ _
In Treasury Philippines:
Disbursing officers'
balances
Outstanding warrants
5,872,462 63
Total in Philippines__
4,024,353 21
2,773,746 12
1,250,607 09
Total liabilities
against cash
194,276,079 17
Cash Bal. it Reserve'
Total cash reserve
206,338,500 85
Made up ofAvadable$53,355,444 14
and
Reserve Fund:
R 'serve Fund Hol l'n -8:
Gold and
Go'd coin and bull on_ 152,983,C65 71
bull_152.983,065 71
Grand total
2,147,580,258 02
Grand total
2,147,580,258 02
ENGLISH FINANCIAL MARKETS
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London.
Week ending Sept. 24.
Silver, per oz
d
Consols, 23-i per cents
British 4% per cents
French Rentes (in Paris)..fr.
Sept.18. Sept.20. Sept.21. Sept.22. Sept.=
Sat.
Mon.
Tues.
Wed. Thurs.
239-16 233
233
23%
23%
65
65
65
65
65
8
97%
97%
97%
97%
97%
67.25
67.25
67.25
67.25
67.25
Sept.24
Frt.
233(
65
97%
67.25
grutralterCta1 a ntilnisceiianeonsgems
tAIWWIP0....sow•
BANK NOTES
-CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &o.
-We give below tables which
show all the monthly changes in bank notes and in bonds
and legal tenders on deposit.
Bonds and Legal Tenders
on DepoSit for
-
Circulation Afloat Under
1914-15.
Bonds.
Legal
Tenders.
Bonds.
Legal
Tenders.
Total.
Aug.31 1915__ 735.698,808 70.626,198 723,160,609 70,626,198 793,786,807
July 311915.. 735,682,530 80.798,814 723.802,559 80,798,814 804.601,373
June 30 1915__ 736,743,751 93,240,891 1726,032,702 93,240,891 819,273.593
May 31 1915_ 738.656.230 112,101,038 k728,186,909 112,101,038 840,287.947
Apr.30 1915._ 742,687,871 139,016,678 11728,776,389 139,016,678 867.793,067
Ntar.:11 1115.
751,289,635 165,409,147 ;731.11g.
,11 1n5.4,
19.147 899,547,960
1-ch
7i0,139,524 190,078.639 1717,9),.
.
•,
933,030,441. .
Jan. 30 1915._ 810.508,055 191,724,115 e790,482,018 191,724,115 982,206,133
Dec. 311914.. 897,146.922 168,541,616 d871,169,405 163,541,616 1,039,711,021
Nov 301914.. 1.017.177.241 101,420,019 c1010,579,057 101,420,019 1,111,999,076
Oct. 31 1914._ 1,109,989,665 20,632,278 51100.830,633 20,632,278 1,121,468,911
Sept.30 1914.. 1,039,281,290 15,766,893 a1062, 17,883 15.766,893 1,077,884,776
Aug.31 1914__ 870,289,600 15,447,138 *862,093,143 15,447,138 877.540,281
•Of which $126,241,760 miscellaneous securities, Act of May 30 1908.
a Of which 5325,007,900 miscellaneous securities, Act of May 30 1903.
S Of which 5361.119.940 miscellaneous securities, Act of May 30 1908.
c Of which 5270,078,236 miscellaneous securities, Act of May 30 1908.
d Of which $150,836,692 miscellaneous securities, Act of May 30 1908.
t Of which $67,307,165 miscellaneous securities, Act of May 30 1908.
f Of which $31,133,734 miscellaneous securities, Act of May 30 1908.
g Of which $15,154,695 miscellaneous securities, Act of May 30 1908.
36,582.581 miscellaneous securities, Act of May 30 1908.
h Of which
k Of which 52.508.940 miscellaneous securities. Act of May 30 1908.
$719,561 miscellaneous securities, Act of May 30 1908.
I Of which
$185,245 miscellaneous securities, Act of May 30 1908.
m Of which
$181,778 miscellaneous securities, Act of May 30 1908.
n Of which
The following shows the amount of each class of bonds
held against national bank circulation and to secure public
moneys in national bank depositaries on August 31,
Bonds on Deposit
Aug. 31 1915.
2%, U. S. Consols of 1930
3%, U. B. Loan of 1908-1918
4%,U. S. Loan 01 1925
2%, U. S. Panama of 1936
2%,U.S. Panama of 1938
3%,U.S. Panama of 1961
3.65%, District of Columbia
4%,Philippine Loans
4%,Philippine Railway
4%, Manila Railroad
4%,Porto Rico Loans
Various, Territory of Hawaii
Various, State, City, Railroad, &c
U. S. Bonds Held Aug. 31 to Secure
Bank
Public Deposit
Circulation.
In Banks.
Total
Held. •
601,340,450
20,450,320
32,085,100
52,849,180
28,791,980
11,764,500
4,570,200
3,270,600
1,159,500
506,000
12,903.500
585,000
4,549,000
706,000
10.000
1,415,000
1,423,000
8,782,246
613,104,950
25,020,520
35,355,700
54,008,680
29,297,980
12,903,500
585,000
4,549.000
706,000
10,000
1,415,000
1,423,000
8,782,246
Total
735,517,030
Misc. Securities (approved issue value)_
181,778
51,644,546
787,161,578
181,778
51,644.546
787,040,054
Total Bonds and other Securities
735,698,808 1
The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits Aug. 1 and
Sept. 1 and their increase or decrease during the month of
August:
National Bank Notes
-Total Afloat
Amount afloat Aug. 1 1915
Net amount retired during August
Amount of bank notes afloat Sept. 1 1915
-Tender Notes
Legal
Amount on deposit to redeem national bank notes Aug. 1 1915
Net amount of bank notes retired in August
$804,601,373
10,814,566
$793,786,807
$80,798,814
10,172,616
Amount on deposit to redeem national bank notes Sept. 1 1915-- $70,626,198
[vol.. En.
THE CHRONICLE
990
GOVERNMENT REVENUE AND EXPENDITURES.
-Through the courtesy of the Secretary of the Treasury, we
are enabled to place before our readers to-day,the details of
Government receipts and disbursements for August 1915 and
1914 and for the two months of the fiscal years 1915-16
and 1914-15.
Aug. 1914. 2 Months 1915. 2111onths 1914.
Aug. 1015.
$
$
11
$
ReceiptsRevenues:
19,431,362 52 30,766,183 64 42,419,827 56
15,780,540 95
Customs
Internal Revenue
29,857,544 93 27,468,917 60 59,111,822 02 52,287,198 28
Ordinary
7,608,896 08
475,255 46 10,001,627 56
Corp'n & income tax 1,616362 57
3,706,206 77 3,697,362 72 8,370,837 69 21,981,149 93
Miscellaneous
TO SEPT. 11.
CHARTERS ISSUED TO NATIONAL BANKS SEPT. 4
-The Elverson National Bank, Elverson, Pa. Capital, $25,000.
10,775
John C. Dengler, Pres.; H. Bernard Fox, Cashier.
, ICans. Capital,
10,776-The Farmers' National Bank of Phillipsburg
$25,000. Joseph Brown, Pres.; W. C. Smith, Cashier. $50,000.
Capital,
-The Staunton National Bank, Staunton, Ill. (Succeeds private
10,777
Edw. C. Luker, Pros.; C. R. Wall, Cashier.
bank of Wall, Luker Si Co., Staunton, Ill.)
Capital,
-The Century National Bank of New York, N. Y.
10,778
omer,
$1,250,000. Harden L. Crawford, Pres.* H. A. Clinkunbro New
Vank of the City of
Cashier. (Conversion of the Century
York, with branches, New York, N. Y.)
-The First National Bank of Murray, Ky. Capital, $25,000.
10,779
W. H. Finney, Pres.; T. H. Stokes, Cashier.
VOLUNTARY LIQUIDATION.
-The First National Bank of Granada, Colo., Aug. 27 1915.
7,809
by
Liquidating agent: E. A. Wines, Granada, Colo. Succeeded
The American State Bank of Granada.
7 1915. Liquidat-The Lynn National Bank, Lynn, Mass., Sept.
3,429
Lynn, Mass.
ing agents, Charles E. Harwood and David Dunbar,
(Absorbed by the Lynn Safe Deposit & Trust Co.)
TITLE SEPT. 13.
CHANGE OF
to "Peninsula Na-Peninsula National Bank of St. Johns, Ore., been annexed to
10,103
tional Bank of Portland." (St. Johns having
Portland.)
50,960,755 22 51,072,898 30 108,250,470 91 124,297,071 85
Total
Disbursements
Pay Warrants Drawn:
2,561,044 79
2,277,788 51
Legislative Estab'm't 748,978 88 1,342,121 14
1,754,313 04
*56,467 22
Executive proper_ _ _ _ *131.673 28 1,700,125 80
854,286 70
897,613 50
548,045 94
405,425 88
State Department_
Treasury Departml-8,985,570 78
Excl. Public Bidgs.. 3,656,779 54 3,950,539 27 8,050,109 01
3,714,222 42
Public Buildings_ _ _ _ 1,450,636 72 2,074,403 09 3,020,848 14
War Department
-Among other securities, the following,
95
Auction Sales.
Military Estab'm't_ 9,591,335 88 12,547,046 04 25,998,587 24 29,193,940
at the Stock Exchange, were recently sold
Civil Establislun't61 not usually dealt in
382,978
382,706 12
190,909 80
188,247 05
Philadelphia:
War Dept. proper_
2,358,299 07 at auction in New York, Boston and
2,835,353 98
954,185 19
s Civil 694,317 99
Miscellaneou
9,486,371 93
6,504,761 58
By Messrs. Adrian H. Muller & Sons, New York:
Rivers and Harbors_ 3,349,019 72 5,131,217 71
52
1,931,081
Per cent.
Department of Justice 412,607 89 1,215,242 02 2,221,738 55
Per cent. Shares. Stocks.
Shares. Stocks.
4734
Post Office Dept.250 Indiana Lighting Co
50
10 Lord & Taylor, 1st Pre
344,421 44
337,738 90
154,329 93
159,563 66
Excl.Postal Service_
458 Corn Exchange Bank, Wash100
Trust Co
14 Lincoln
1,500,000 00
1,500,000 00
ington Trust Co.temp. cerPostal Deficiencies
lot
85 Old Dominion Land Co---$10
$300 per eh.
Navy Department
tificates
50
13 Newport News Lt. & Water
Naval Establishml_14,019,066 71 11,201,875 00 28,566,747 65 23,454,272 65
$734 per sh. 5,000 San Toy Mining, $1 each, sh.
Co
155,004
145,852 96
78,257 47
15c. per
71,916 53
Civil Establishment_
293
36 Empire Trust Co
Interior Department
50 Chicago Util. Co., pref., temp.
28034
20 Peoples Trust Co
$1 per sh.
certificates
Excluding Pensions
5
F'y Co_
5 N.Y.& East Riv.
7,237,93788
2,760,217 71 2,561,255 97 7,136,871 96
and Indians
3
1,200 Internat. Power Co
Per cent.
14,952,767 47 15,674,876 81 26,602,978 59 27,687,51821
Pensions
Bonds.
200 Manhat. Transit Co., $20
52 4,027,41883
3,971,559
1942,
1,748,536 31 2,672,963 94
Indians
75c. per sh. $1,000 Chic. Util. Co. 1st 5s,on... 17
each
5,462,947 30
of Agriculture_ 2,692,189 81 2,279,814 07 5,829,398 45
ser. A, Apr.'15 coup.
Dept.
2,126,800 64
5 1st Nat. Bank of Jer. City-325
2,222,231 20
059,462 91
1,042,180 44
Dept. of Commerce
1,000 L. Huron & Nor. Ont. Ry.
3 Nat. Bank of Commerce.._ _159
703,614 29
590,236 62
35
377,149 46
275,685 84
Dept. of Labor
1st 513, 1943, A.& 0
500 Schulman Conte°. Corp_$2 per sh.
Offices &
Independent
746,799 80
1,418,500 60
339,978 94
843,685 95
Commissions
By Messrs. R. L. Day & Co., Boston:
33
2,638,080
12
$ per eh.
District of Columbia_ 1,822,144 64 1,104,843 50 3,397,047 69
$ per sh. Shares. Stock.
5,227,119 32 Shares. Stock.
5,289,533
1,942,401 50 1,895,098 40
1073.
Int. on Public Debt
13034 1 Tremont & Suffolk Mills
1 Boylston National Bank
95
10 Crocker-Wheeler Co., prof
290
1 Merchants' National Bank
Total pay warrants
Mfg. Co. rights_ _ 2X-2X
2 Old Boston National Bank_130-13034 50 West Point E. Trust ($1,000
84 68,953,742 40 139,141,736 67 141,034,045 00
64,196,032
drawn
1 Boston R.
Bank, ex-div 198
5 Second National
1,000 flat
Public Debt:
par)
119
60 Pacific Mills
Bonds, notes and cer7,945 00
1,080 00
3,825 00
80 00
tificates retired
By Messrs. Francis Henshaw & Co., Boston:
Panama Canal:
$ per sly
9,042,986 04 Shares. Stock.
3,302,040 21
$ per sh. Shares. Stock.
2,247,536 62 4,107,459 88
Pay warrants issued
Co., rights__.3-334
5 Bigelow-Hart. Carpet, com__ _ 7934 368 West Point Mfg.
4 Conn.& Passumpsic Riv. RR.,
240
11 Bates Manufacturing
Total Public Debt &
86
preferred
1 West Point Mfg..ex-rights_ _ _ _114
Panama Canal dis9,050,031 04
3,303,120 21
2,247,616 62 4,111,284 88
bursements
Barnes & Lofland, Philadelphia:
By Messrs.
$ per sh.
V per sh. Shares. Stock.
Grand Total of DisShares. Stock.
11 Fire Assn. of Phil., $50 each,
65,819,189 30 73,343,661 86 140,146,16267 148,987,804 39
2 Nat. State Bank, Camden__ _210
bursements
315X-317M
6 Farmers' & Mech. Nat. Bauk_128 •
1 Frank. & S'wark Pass. Ry_ _ _ _344
325
29 Girard Nat. Bank
Net excess of all dis10 United Gas & El. Corp., 1st pf_ 5434
14,858,434 08 22,270,763 56 31,030,191 76 24,690,732 51
1 Nat. Bank of Nor. Liberties__ _240
bursements
144
3 Phil. City Pass. Ry
125
7 Mfrs. Nat. Bank
60 Phila. Bourse, pref., $25 each,
* Excess repayment in relief of American citizens' account.
1 Farmers Trust Co., Mt. Holly 121
21-21X
3534
5 Mt. Holly(N.J.) Nat. Bank
500 Mo. Elec. Gas & Wat. Co.,$50
225
5 Girard F.& M.Insur. Co
$40 lot
each
25534
-The clearings for the week
1 Bank of North America
Canadian Bank Clearings.
335
8 Penn National Bank
Percent.
Bonds.
ending Sept. 18 at Canadian cities, in comparison with the
Franklin Trust Co.,$50 each.. 54
7
$500 Perklomen RR.1st series 5s,
same week in 1914, show a decrease in the aggregate of 25 Delaware Co. Tr., S. D.& Tr. 65
101
1918
Co. ($50 paid in)
9934
. 11.0%.
Warehousing & C.S. Co_ 8234 $1,000 Phila. City 3s, 1915
4 Phil.
Week ending Sept. 18.
-The following are
Clearings at
Imports and Exports for the Week.
Inc. or
1912.
the reported imports at New York for the week ending
1913.
Dec.
1914.
1915.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
Calgary
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
$
$
48,853,942 48,999,937
32,372,448 35,044,036
22,814,374 30,336,160
6,172,589 8,116,592
3,633,388 4,027,014
3,652,451 3,955,841
2,081,882 1,943,726
3,258,534 3,067,219
1,574,301 1,502,658
2,507,371 3,804,958
1,379,514 1,981,837
1,607,388 1,500,383
1,573,929 2,408,648
1,488,208,, 1,777,911
462,615
411,026
393,665
311,618
830,025 1,093,031
793,696
580,917
474,288
411,872
643,972
311,456
396,334
249,038
371,732
185,232
411,966
377,387
%
-0.3
-7.6
-24.5
-23.9
-9.8
-7.7
+7.1
+6.2
+4.8
-34.1
-30.4
+7.2
-34.7
16.3
-11.1
-20.8
-24.1
-26.8
-13.2
-51.6
-37.1
-50.0
-8.4
3
57,692,953
40,680,636
25,281,544
12,554,966
4,245,088
3,134,510
1,990,586
3,693,819
1,499,877
4,204,295
3,260,019
1,610,578
3,911,162
1,979,985
508,209
481,214
1,361,401
1,152,941
658,669
849,440
493,771
645,462
$
59,618,171
38,150,630
24,011,238
13,212,617
4,212,513
3,231,075
1,662,816
3,450,039
1,960,909
4,791,748
3,831,598
1,700,862
4,720,584
2,949,911
477,828
666,283
2,297,135
1,312,077
604,858
845,620
September 18 and since the first week of January:
YORK.
FOREIGN IMPORTS AT NEW
For 1Veek Ending Sept. 18.
1914.
1915.
$1,791,040
14,594,242
Dry goods
General merchandise
I
1912.
1913.
13,161,5191 $3,036,965
13,542,239j 15,226,335
$3,307,453
15,888,885
$16.385,282 $16,703,7581 $18,263,300 $19,196,338
Total
Since January 1.
Dry goods
General merchandise
$83,693,702 $124,391,695 $107,641,123 $104,592,274
702,026,021 584,028,520 587,246,836 608,058.876
$785,719,723 $708,420,215 $694,887,959 $712,651,150
Total 37 weeks
EXPORTS FROM NEW YORK.
Week Ending Sept. 18.
1914.
1915.
I
1912.
1913.
For the week
Previously reported
$41,494,401 $17,208,199 $14,561,782 $17,750,394
958,379,101 578,710,824 617,643,678 563,553,275
Total 37 weeks
$999,873,502 $595,919,023 1632,205,460 $581,303,669
The gold and silver exports and imports for the week and
Tntial Onntarla
January 1 have been as follows:
-We append a since EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
S.
NICARAGUA CUSTOMS RECEIPT
an customs receipts for the
statement showing the Nicaragu
Imports.
Exports.
Week ending Sept. 18.
six months since Jan. 1 1915, compared with 1914:
1R11 AIR RRR 5fi3 SAR 210 -11 A 171 MA 12.5 17370s 1n2
January
February
March
Total first quarter
April
May.
June
1915.
$45,064 68
59,460 45
67,60788
1914.
$158,251 36
156,910 64
118,220 40
Increase(+)
Decrease(-).
-1113,186 68
-97,450 19
-50,612 52
$172,133 01
$68,627 96
81,18768
05,773 53
$433,382 40
$115,087 24
118,30640
108,549 52
-4261,249 39
-146,459 28
-37.11872
-42,775 99
Total second quarter
$215,589 17
$341,943 16
-$126,353 99
Half-year
$387,722 18
$775,325 56
-1387.603 38
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO CONVERT APPROVED SEPT. 13.
The Farmers' State Bank of Geraldine, Mont., into "The First National
Bank of Geraldine." Capital, $25,000.
The First National Bank of Caruthersville, Mo. Capital, $50,000.
rorrespondent: W. A. Crockett, Caruthersville, Mo. R. L. Ward, C. F.
Blokes'. J. J. Long and G. H. Musgrave.
The First National Bank of Beaver, Okla. Capital, $27,500. Correspondent: John W. Savage, Beaver, Okla. J. W. Webb, Frank Maple,
L. S. Munsell and II. N. Lawson.
Gold.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1915
Total 1914
Total 1013
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1915
Total 1914
Total 1913
Week.
Since
Jan. 1.
Week.
Since
Jan. 1.
11,073,445 $3,724,473
11,519,314
$18,000 $9,691,338
22,010
719,140
50,000
1,300
112,720
3,328
1,258,501
1,363,644
9,915,178
5,079,706
$18,000 $10,482,488 $1,190,793 $32,860,816
258,906 6,762,286
68,004 127,520,948
591,613 15,559,552
68.768,106
$11,928
12,923
$555,530 $24,693,357
155,000 1,894,075
33,420
1,604,352
3,700
112,857
0,375
$748,950 $28,317,716
1,131,359 31,619.448
978,733 36,280,544
$355
26,223
2,320
317,028
2,189,610
2,776,748
864,398
$28,898 $6,172,635
185,834 6,937,046
284,923 7,531,788
coin.
Of the above exports for the week in 1915 $18,000 were American gold
SEPT. 25 1915.1
THE CHRONICLE
DIVIDENDS.
The following shows all the dividends announced for the
future by largo or important corporations.
Dividends announced this week are printed in italics.
Name of Company.
Per
1Vhen
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
Trust Companies(Concluded).
Empire (guar.)
Equitable (guar.)
Guaranty (guar.)
Extra
Lawyers' Title de Trust (guar.)(No.68)Manufacturers-Citizens, Brooklyn (qu.).
Metropolitan (guar.) (No. 75)
New York (guar.)
Title Guarantee & Trust (guar.)
Union (guar.)
U. S. Mortgage & Trust (guar.)
991
Per
When
Cent. Payable.
23
6
6
2
1%
1%
6
8
5
4
6
Books Closed.
Days Inclusive.
Sept.30 Holders of rec. Sept.25a
Sept.30 Holders of rec. Sept. 23a
Sept.30 Holders of rec. Sept. 23a
Sept.30 Holders of rec. Sept.23a
Oct. 1 Sept. 16 to Oct. 1
Oct. 1 Holders of rec. Sept.20
Sept.30 Sept. 18 to Sept.30
Sept.30 Sept. 19 to Sept.30
Sept.30 Holders of rec. Sept.23
Oct. 1 Sept. 25 to Sept. 30
Sept.30 Holders of rec. Sept.25
Railroads (Steam).
Beech Creek (guar.)
1
Oct. 1 Holders of rec. Sept. 23a
Boston & Albany (guar.)
2
Sept.30 Holders of rec. Aug 31a
Boston Revere Beach & Lynn (guar.).-1% Oct. 1 Holders of rec. Sept. 15a
Canadian Pacific, common (guar.)
2% Oct. 1 Aug. 22 to
Oct. 6
Preference
2
Oct. 1 Aug. 22 to
Oct. 6
Chicago Burlington & Quincy (guar.)-2
Sept.25 Holders
Miscellaneous.
Chicago & North Western, corn. (guar.). 14 Oct. 1 Holders of rec. Sept. 20a
of rec. Sept. 10a AlabamaFuel & Iron (guar.)
Preferred (guar.)
1
Oct. 1 Sept. 21
to Sept.30
2
Oct. 1 Holders of rec. Sept. 10a
Amer. Agric. Chem., corn. (qu.) (No. 16). 1
Fitchburg (guar.)
Oct. 15 Holders of rec. Sept.270
ig Oct. 1 Sept. 2 to Sept. 9
Preferred (guar.) (No. 41)
Georgia RR. & Banking (guar.)
1% Oct. 15 Holders of rec. Sept. 27a
3
Oct. 15 Oct. 2 to
Oct. 14
American Bank Note, pref.(quar.)
Great Northern (guar.)
13 Oct. 1 Holders of rec. Sept. 15a
1% Nov. 1 Sept. 25
Amer. Beet Sugar. pref.(guar.)(No.65)_
Interborough Consol. Corp., pref. (guar.) 1% Oct. 1 Holders of to Oct. 14
134 Oct. 1 Holders of rec. Sept. 15a
rec. Sept. 10
Amer. Brake Shoe & Fdy., corn. (quar.)..
Interborough Rapid Transit (guar.)
134 Sept.31 Holders of rec. Sept.240
5
Oct. 1 Holders of rec. Sept. 22a
Preferred (guar.)
Joliet & Chicago (guar.)
2
Sept.30 Holders of rec. Sept.24a
14 Oct. 4 Holders of rec Sept. 24a Amer. Can, preferred (quay.)
Kansas City Southern, Pref. (guar.)
1% Oct. 1 Holders of rec. Sept. 16a
1
Oct. 15 Holders of rec. Sept. 30a Amer. Car & Fdy.,
com.(qM.)(No.52).._
Lackawanna RR. of N. J. (guar.)
% Oct. 1 Holders of rec. Sept. 10a
1
Oct. 1 Holders of rec. Sept. Oa
Preferred (quar.) (No. 66)
Lehigh Valley, corn. At pref. (guar.)
14 Oct. 1 Holders of rec. Sept. 10a
$1.25 Oct. 9 Holders of rec. Sept. 25a American Chicle, common
(monthly).
Maine Central (guar.)
Sept.20 Holders of rec. Sept. 13a
1
13 Oct. 1 Holders of rec. Sept. 15a
Preferred (guar.)
Manhattan Icy., guaranteed (quar.)_ _ _ _
13 Oct. 1 Holders of rec. Sept.240
1% Oct. 1 Holders of rec. Sept. 15a American Cigar,
pref. (guar.)
Meadville Conneaut Lake & Linesville.
1%
2
Oct. 1 Sept. 16 to Oct. 1
American Coal Products, common (qu.). 14 Oct. 1 Holders of rec. Sept. 15a
Minn.St. P.& S.S. M.,com.&pf.(No.25) 33 Oct. 15 Holders of
Oct. 1 Sept.25 to Sept. 30
rec. Sept. 24a
Preferred (guar.)
Minn. St. Paul & S. S. M.leased lines_ -- 2
134 Oct. 15 Oct. 10 to
Oct. 1 Holders of rec. Sept. 20a American Express (guar.)
Oct. 14
Newark & Bloomfield
Oct. 1 Holders of rec. Sept. ha
$1
3
Oct. 1 Holders of rec. Sept. 22a Amer. Gas & El., corn. (qu.)
(No. 22)--- 2
New London Northern
Oct. 1 Holders of rec. Sept. 20a
2% Oct. 1 Sept. 17 to Oct. 1
Preferred (guar.) (No. 35)
New York Central RR.(guar.)
134 Nov. 1 Holders of rec. Oct. 200
1% Nov. 1 fielders of rec. Oct. 7a Amer. Graphophone, com.(qu.)
New York & Harlem, corn. & pref
14 Oct. 1 folders of rec. Sept. 15
2
Oct. 1 Holders of rec. Sept. 23a Amer. Iron & Steel Mfg., pref. (No.42)_
N. Y. Lackawanna & Western (quar.)
(quar.)... 13( Oct. 1 Holders of rec. Sept. 18a
1% Oct. 1 Fielders of rec. Sept. 15a Amer. La France Fire Eng.,Inc.,
pl.
Norfolk dc Western, ad>. pref. (guar.)
% Oct. 1 Holders of rec. Sept. 25a
1
Nov. 19 Holders of rec. Oct. 30a Amer. Laundry Machinery, pref. (qu.).. 13
1% Oct. 15 Oct. 6 to
Northern RR. of N.H.(guar.)
Oct. 15
1% Oct. 1 Holders of rec. Sept. 4a Amer. Locomotive, pref.(guar.) (guar.)
1% Oct. 21 Aept. 22 to Oct. 21
Norwich & Worcester, pref. (guar.)
2
Oct. 1 Sept. 17 to Sept. 30
Amer. Manufacturing, common (guar.).
Philadelphia & Trenton (guar.)
134 Oct. 1 Sept. 16 to Sept.30
__
21.. Oct. 10 Oct. 1 to
Oct. 10
Preferred (Guar.)
1% Oct. 1 Sept. 16 to Sept.30
Pittsburgh Bessemer & Lake Erie. com_
1% Oct. 1 Holders of rec. Sept. 15
American Piano, preferred (guar.)(N0.30) 14 Oct. 1 Sept.
Pitts. Ft. W.& Chic.,spec. guar.(guar.)_
23 to
Oct. 1
1% Oct. 1 Sept. 18 to Oct. 1
Amer. Pneumatic Service, 1st pref
334 Sept. 30 Holders of rec. Sept. 11
Regular. guaranteed (guar.)
14 Oct. 5 Sept. 12 to Oct. 5
Second Preferred
134 Sept. 30 Holders of rec. Sept. 11
Reading Company,corn.(guar.)
2
Nov. 11 Holders of rec. Oct. 26a Amer. Power At Lt., pref.(qu.)(No. 24).
134 Oct. 1 Holders of rec. Sept.24
Second preferred (guar.)
1
Oct. 14 Holders of rec. Sept. 28a Amer. Public Utilities, pref. (guar.)
134 Oct. 1 Holders of rec. Sept.20a
St. Louis Rocky Mt. St Pay. Co., pf.(qu.) 13 Sept.30 Sept. 21 to Sept. 29
American Radiator, common (quar.)_ _ _ _
4
Sept.30 Sept 22 to Sept.30
Southern Pacific Co. (guar.) (No. 36)__
13. Oct. 1 Holders of rec. Aug. 31a American Screw (guar.)
134 Sept.30 Holders of rec. Sept.23a
Southern fly., M.& 0.stock trust certf..
Oct. 1 Holders of rec. Sept. 15a Amer. Seeding Machine, corn.
2
(guar.)_ _ _
1
Oct. 15 Holders of rec. Sept. 30a
Union Pacific, common (guar.)
2
Oct. 1 Holders of rec. Sept. la
Preferred (guar.)
134 Oct. 15 Holders of rec. Sept. 30a
Preferred
Oct. 1 Holders of rec. Sept. la Amer.Smelters
2
Securities, pref. A (qu.)._
1% Oct. 1 Sept. 18 to Sept. 26
United N.J. RR.& Canal Cos.(quar.)_ $2.50 Oct. 10 Sept. 21 to Sept.
30
Preferred B (guar.)
13% Oct. 1 Sept. 18 to Sept. 26
Warren Railroad
3% Oct. 15 Holders of rec. Oct. 6a American Snuff,
common (quar.)
3
Oct. 1 Holders of rec. Sept. 14a
West Jersey At Seashore
2% Oct. 1 Holders of rec. Sept. 15a
Preferred (guar.)
Wisconsin Central, preferred
13.4 Oct. 1 Holders of rec. Sept. 14a
2
Oct. 1 Holders of rec. Sept. ha American Sugar Reg—
cont.& pref.(quar.) 1% Oct. 2 Holders of rec. Sept.
Street and Electric Railways.
la
American Surety (guar.)(No. 105)
Asheville Power & Lt., pl. (qu.)(No. 14)__
13% Sept.30 Holders of rec. Sept.22a
1'% Oct. 1 Holders of rec. Sept. 22
Amer. Teleph. & Telegraph (guar.)
2
Oct. 15 Holders of rec. Sept. 30a
Athens By. de Electric, pref. (guar.)
14 Oct. 1 Holders of rec. Sept. 30a American
Tobacco. pref.(quar.)
Bangor fly,& Elec., pf. (qu.)(No. 16)....
134 Oct. 1 Holders of rec. Sept. 153
14 Oct. 1 Holders of rec. Sept. 18a
Amer. Type Founders, common (guar.).
1
Brazilian Trac.. Lt.& P., Ltd., pref.(qu.) 1% Oct. 1 Holders of
Oct. 15 Holders of rec. Oct. 100
rec. Sept. 15
Preferred (guar.)
iq Oct. 15 Holders of rec. Oct. 103
Brooklyn Rapid Transit (guar.)
1% Oct. 1 Holders of rec. Sept. 9a American Window
Glass, pref.
California fly. & Power, prior pref.(quar) 1% Oct. 1 Holders of
334 Oct. 6 Sept. 30 to Oct. 5 ,
rec. Sept. ha
Preferred (on account accumulated divs.)_
Capital Traction, Wash., D. C.(guar.)_ _
8h
Oct. 6 Sept.30 to Oct. 5
1% Oct. 1 Sept. 15 to Sept.30
American Woolen, pref.(auar.)(No.
13% Oct. 15 Sept. 18 to Sept.29
Carolina Power & Lt., pf. (qu.)(No. 26)
I% Oct. 1 Holders of rec. Sept. 22
Company (guar.)
Chicago City Ry. (guar.)
6).Ansco
234 Oct. 1 Sept. 16 to Sept.30
Sept.30 Sept.28 to Sept.29
2
Associated 011
Cincinnati & Hamilton Trac., corn. (qu.)
2
Oct. 15 Oct. 2 to Oct. 14
1
Oct. 1 Sept. 21 to Sept.30
Special
1
Oct. 15 Oct. 2 to
Preferred (guar.)
Oct. 14
1
Oct. 1 Sept.21 to Sept.30
Bell Telephone of Canada (guar.)
Cincinnati Street By. (guar.)
2
Oct. 15 Holders of rec. Sept.30
1% Oct. 1 Sept. 17 to Sept.30
Bethlehem
Cleveland By. (guar.)
13% Oct. 1 Holders of rec. Sept. 15
1% Oct. 1 Holders of rec. Sept. 15a Bliss (E.1VSteel, pref. (guar.)
.) Co., common (guar.)
Colum. Newark & Zaneso., pref. (quar.)..
13% Oct. 1 Sept.23 to Sept.30
1% Sept. 30 Sept.26 to
Common (extra)
1
Columbus fly., Pow.& Light, pf. A (qu.) 1A Oct. 1 Holders of rec. Sept. 30
Oct. 1 Sept.23 to Sept.30
Sept. 15a
Preferred (guar.)
2
Oct. 1 Sept.23 to Sept.30
Prior preference
1
Oct. 1 Holders of rec. Sept. 15a Booth Fisheries,
1st pref. (quar.)
Duluth-Superior Traction, pref. (guar.). 1
13% Oct. 1 Sept.21 to Sept.30
Oct. 1 fielders of rec. Sent. 15a Borne,
Scrymser Co
Duquesne Light Co.. pref. (qu.)(No. 3)_
20
Oct. 15 Sept. 19 to Oct. 14
Nov. 1 Holders of rec. Oct. 1
14
British-American Tobacco. Ltd.. ordinary 5
Elmira Water, Light & RR., 1st pref. (qu.) 14 Oct. 1 Holders of rec.
Sept.30
See note (t)
Sept. 23
British-American Tobacco, Ltd., pref._ _
5b
Second preferred (guar.)
Sept.30 Holders
1% Oct. 1 Holders of
Brooklyn Union Gas (guar.) (No. 58)... 134 Oct. 1 Sept. of coup. No.24
Frankf. & Southwark Pass., Phila., (nu.) $4.50 Oct. 1 Holders of rec. Sept.23
16 to Sept.30
rec. Sept. la
firunswick-13alke-Collender. pref. (guar.) 134 Oct. 1 Holders
Halifax Electric Tramway (qu.)(No. 75) 2
Oct. 1 Sept. 19 to
of rec. Sept. 10a
Oct. 1
Buffalo General Electric (qu.)(No. 84).
Honolulu Rap. Tran. & Land (guar.). _ _
13.4 Sept.30 Holders of rec. Sept.20a
2
Sept.30 Sept.28 to Sept.30
75c. Sept.30 Holders of rec. Sept. 160
Houghton County Trac., pf.(No. 15)
Oct. 1 Holders of rev. Sept. 22a Butte & Superior Copper Co., Ltd. (qu.)..
3
Extra
$5
Illinois Traction, pref. (guar.)
Sept.30 Holders
1% Oct. 1 Holders of rec. Sept. 15
California Electric Generating, pref. (qu.) 134 Oct. 1 Holders of rec. Sept. 163
Louisville Traction, corn. (guar.)
1
Oct. 1 Sept.11
of rec. Sept.20a
to Sept. 16
California Petroleum, pref. (guar.)
Preferred
1
Oct. 1 Holders of rec. Sept. 17a
25 Oct. 1 Sept. 11
to Sept. 16
Calumet de Hecla Mining (guar.)
$15
Manila Elec. RR.& Ltg. Corp.(guar.)_ _
Sept.25 Holders of rec. Sept. 40
1% Oct. 1 Holders of rec.
Sept. 18
2
Mohawk Valley Co. (quar.)
Oct. 1 Holders of rec. Sept. 15a
1% Oct. 1 Holders of rec. Sept. 24a Cambria Iron
Canadian Consol. Rubber. pref.(guar.).New Orleans fly. At Light, pref. (quar.).
13% Sept.30 Holders of rec. Sept. 18a
13( Sept.30 Sept.21 to Sept.30
New York State Rys., corn. (guar.)
134 Oct. 4 Sept.25 to
1
Oct. 1 Holders of rec. Sept. 23a Canadian Cottons, Ltd., pref. (guar.)
Oct. 3
Canadian Gen. Elec., corn.(qu.)(No.65) 14 Oct. 1 Holders
Preferred (guar.)
1% Oct. 1 Holders of
of rec. Sept. 15
Preferred (No. 39)
Northern Ohio Trac. & Light, pf. (qu.). 1% Oct. 1 Holders of rec. Sept. 23a
334 Oct. 1 Holders of rec. Sept. 15
rec. Sept. 10a Canadian Locomotive, preferred (guar.)_ _
Omaha & Council Bluffs St. Ry.,com.(qu.) 1
13% Oct. 1 Holders of rec. Sept. 29a
Oct. 1 Sept. 19 to Sept.30
Canadian Westinghouse,Ltd.(qu.)(No.43) 1
Preferred (guar.)
Oct. 11 Holders of rec. Sept.30a
13i Oct. 1 Sept. 19 to Sept. 30
Caney River Gas (guar.)
2
Ottawa Traction (guar.)
Nov. 20 Holders of rec. Nov. 10
1
Oct. 1 Holders of rec. Sept.
30a
Extra
1
Philadelphia Co., corn. (qu.)(No. 136)__
Nov. 20 Holders of rec. Nov. 10
1% Nov. 1 Holders of rec. Oct.
la
13% Oct. 1 Holders of rec. Sept. 13a
6% cumulative pref.(No. 6)
3
Nov. 1 Holders of rec. Oct. la Case (J. I.) Thresh. Mach., pref. (auar.)
Celluloid Company (guar.)
Philadelphia Traction
134 Sept.30 Holders of rec. Sept. 15a
$2
Oct. 1 Sept. 11
to Sept. 30
Central Coal & Coke, preferred (quar.)-14 Oct. 15 Oct. 1 to
Porto Rico Rys., pref. (guar.)
14 Oct. 1Sept.22 to
Oct.
Sept.
Central Leather, preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 15
Public Service Corp. of N. J.(guar.)
1% Sept.30 Holders of rec. Sept. 30
10a
28a Central Petroleum, preferred
Puget Sound Trac., L.& Pow., pref. (guar.) 75c. Oct. 15 holders of
$2 50 Oct. 1 Holders of rec. Sept.24
rec. Oct. la
Central & S. A. Telegraph (guar.)
Republic By. & Lt., pref. (qu.) (No. 17) 1% Oct. 15 Holders of
134 Oct. 8 Holders of
rec. Sept.30
Central States Elec. Corp., pref. (guar.). 134 Oct. 1 Holders of rec. Sept.30a
Ridge Ave. Passenger, Phila. (guar.)._ _ _ $3
Oct. 1 Sept. 16 to
rec. Sept. 10
Oct. 1
,
Second & Third Sts. Pass., Phila. (guar.) $3
Oct. 1 [folders of rec. Sept. la Chic. June.Rys & Un.Stk. Yds. corn (gu.) 234 Oct. 1 Holders of rec. Sept. 15a
Preferred (guar.)
Tidewater Power, common
3% Oct. 1 Sept. 21 to
134 Oct. 1 Holders of rec. Sept. 15a
Sept.30
Chicago Telephone (attar.)
2
Toronto fly. (guar.)
Sept. 30 Holders of rec. Sept. 290
2
Oct. 1 Holders of
Twin City Rap.Tran., Minn., corn.(qu.) 135 Oct. 1 Holders of rec. Sept. 15a Chino Copper Co. (guar.)
75c, Sept.30 Holders of rec. Sept. 163
rec. Sept. 15a Cincinnati & Suburban Bell Teleph.
• Preferred (guar.)
(qu.) 234 Oct. 1 Sept. 23 to Sept.30
1% Oct. 1 Holders of rec. Sept. 15a
Citizens Gas of Indianapolis(No. 12)
United Light & Rys., pref. (guar.)
334 Sept.27 Holders of rec. Sept. 11
1% Oct. 1 [folders of rec. Sept.
15a City Investing, preferred (guar.)
184 Oct. 1 Holders of rec.
United Trac. & Elec., Providence (qu.)
1% Oct. 1 Sept. 8 to
Sept.25
Oct. 12
Cluett, Peabody & Co.. Inc.. pref.
Wash. Bait. & Annap. Elec. RR., pf. (qu.) It Sept.30 Holders of
134 Oct. 1 Holders
Spgs. Lt., Ht. & P., pref. (guar.) 134 Oct. 1 Holders of rec. Sept.203
Washington Water Power, Spokane (qu.) 1% Oct. 1 Holders of rec. Sept. 18a
(qu.)Colrad
of rec. Sept. 180
rec. Sept. 15a Colt's Patent Fire Arms Mfg.(guar.)._
West End Street fly., Boston, common_ _ $1.75 Oct. 1 Sept. 22 to
234 Oct. 2 Holders of rec. Sept. 18a
Oct.
Extra
1Vestern Ohio By., 1st pref. (guar.)
2
Oct. 2 Holders of rec. Sept. 183
1% Oct. 1 Sept. 19 to Oct. 1
Consol.Gas,E.L.&Pow.,Balt.,com.(qu)_
5
West India Elec. Co., Ltd.(q113 (No.31)
1% Oct. 1 Sept.24 to
134 Oct. 1 Holders of rec. Sept. 15
Oct. 1
Preferred
3
1Vinnipeg Electric By. (guar.)
Oct. 1 Holders of rec. Sept. 15
2% Oct. 2 Holders of rec.
Sept. 23a Consumers' Power, iireferred (guar.)_ _ _ _
Banks.
134 Oct. 1 Holders of rec. Sept. 17a
Continental Can, Inc., corn. (No. 1).
Chase National (guar.)
134 Oct. 1 Holders of rec. Sept.20a
Oct. 1 Holders of rec. Sept.30a
5
Preferred (guar.)
Chelsea Exchange
134 Oct. 1 Holders of rec. Sept. 20a
Oct. 1
3
Sept. 30d
Continental Gas & Elec. Corp.,tom. (quar.)
% Oct. 1 Sept. 23 to Sept.
Citizens Central Nat. (guar.) (No. 116)...... 2
Oct. 1 Holders of rec. Sept. 25a
30
Preferred (guar.)
Coal & Iron National (guar.)
2
134 Oct. 1 Sept. 23 to Sept.30
Oct. 1 Holders of rec. Sept. 8
Cosden & Co.,common (guar.)
Commerce, Nat. Bank of. (par.)
2
Oct. 11 Holders of rec. Sept.
2
Oct. 1 Sept.22 to
Oct. 1
Common (extra)
Fifth Avenue (guar.)
% Oct. 11 Holders of rec. Sept.30
Oct. 1 Holders of rec. Sept. 3Ja
25
30
Preferred (guar.)
Fifth National(guar.)
234 Oct. 1 Holders of rec. Sept.30
3
Oct. 1
Cuba Company, common
First National, Brooklyn (qu.) (No. 151)-.. 24 Oct. 1 Holders of
10
Oct. 1 Holders of rec. Aug. 31
rec. Sept. 24
Common
First National (guar.)
10
Nov. 1 Holders of rec. Sept. 30
7
Oct. 1 Holders of rec. Sept.30a Cuban-Americ
an Sugar, pref. (guar.)-- First Security (guar.)
134 Oct. 1 Holders
Oct. 1 Holders of rec. Sept.30a
3
Pref.(on account of accumulated diva.) 54h Oct. 1 Holders of rec. Sept. 150
Flatbush, Bank of (quar.)
1% Oct. 1 Holders of rec. Sept. 28
of rec. Sept 153
Dayton Power & Light, preferred (guar.)_ —
Garfield National (guar.)
134 Oct. 15 Holders of rec. Sept.30a
3
Sept.30 Sept.23 to Sept.30
Detroit Edison (guar.)
Gotham National (guar.) (No. 12)
14 Oct. 15 Holders of rev. Sept.30a
2
Oct. 1 Holders of rec. Sept.30s Diamond
Greenwich (guar.)
134 Dec. 15 Holders of rec. Nov. 30a
3
Oct. 1 Holders of rec. Sept. 21a Distilling Match (guar.)
Co. of America, pref. (quar.). _ _
Hanover National (guar.)
% Oct. 30
5
Oct. 1 Sept. 22 to Sept.30
Dodge Manufacturing, pref.(qu.)(No. 19) 14 Oct. 1 Holders of rec. Sept.29a
Irving National (guar.)
2
Oct. 1 Sept. 21 to
Sept.23 to Sept.30
Sept.
Dominion Glass, Ltd.. pref. (guar.)
Liberty National (guar.)
134 Oct. 1 fielders of rec. Sept. 11
5
Oct. 1 Holders of rec. Sept. 30
30a Dominion Textile, Ltd.. common (guar.) 134 Oct. 1
Market & Fulton National (guar.)
3
Holders of rec. Sept. 15a
Oct. 1 Sept.22 to Sept.30
Preferred (guar.)
Metropolitan (guar.)
14 Oct. 15 Holders of rec. Sept.303
2
Oct. 1 Sept. 18 to Sept. 30
Duluth Edison Elec., pr.(qu.)(No.38)_ _
Nassau National, Brooklyn (guar.)
134 Oct. 1 Holders of rec. Sept.21a
2% Oct. 1 Holders of rec. Sept. 2sa duPont(E.
I.)deNemours Powd.,pf.(qu.) 134 Oct. 25 Oct.
Park, National, (guar.)
4
Oct. 1 Holders of rec. Sept.21
16 to
Oct. 25
Eastern Light & Fuel (guar.)
Seaboard National (guar.)
2
Oct. 1 Sept. 23 to Sept.24
3
Oct. 1 Holders of rec. Sept.23a Eastman Kodak,
common (guar.)
Second National (ouar.)
234 Oct. 1 Holders of rec. Aug. 310
3
Oct. 1 Holders of rec. Sept. 30a
Common (extra)
Washington Heights, Bank of (guar.)
2
234 Oct. 1 Holders of rec. Aug. 313
Sept.30 Holders of rec. Sept. 30a
Preferred (guar.)
Trust Companies.
134 Oct. 1 Holders of rec. Aug. 3Ia
Electrical Securities Corp.,com.(guar.) _ _ 2
Bankers (guar.)
Oct. 1 Holders of rec. Sept.28a
5
Oct. 1 Holders of rec. Sept. 25a
Preferred (guar.)
Brooklyn (guar.)
134 Nov. 1 Holders of rec. Oct. 27a
5
Oct. 1 Holders of rec. Sept. 17a Electrical
Utilities Corp., pref.(gu.)(N0.22) 13% Oct. 15 Holders
Central (guar.)
10
Oct. 1 Holders of rec. Sept.22a Electric Boat,
of rec. Sept.30
common (No. 6)
Columbia (guar.)
8
Oct. 1 Holders of rec. Sept. 200
5
Sept.30 Holders of rec. Sept. 22a
Preferred (guar.) (No. 30)
Extra
8
Oct. 1 Holders of rec. Sept. 20
2
Sept.30 Holders of rec. Sept. 22a
Electric Storage Battery, corn. & pf.(qu.)
1
Oct. 1 Holders of rec. Sept.21a
Name of Company.
[VOL. 101.
THE CHRONICLE
992
When
Per
Cent. ,Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Oct. 1 Holders of rec. Sept.22
2
(guar.)
Miscellaneous(Continued .
Sept. 30 Holders of rec. Aug. 31a Ogilvie Flour Mills, Ltd.(guar.)
3
134 Oct. 1 Holders of rec. Sept. 15
Galena-Signal 011, common (guar.)
Sept.30 Holders of rec. Aug. 31a Ohio Cities Gas. preferred
2
Oct. 15 Oct. 1 to Oct. 15
2
Preferred (guar.)
Ohio Fuel Supply (guar.)
of rec. Sept.20
Oct. 1 Holders of rec. Sept.25
1
Telephone, preferred (guar.). 131 Oct. 1 Holders of rec. Sept.20a
General Baiting. pref. (guar.) (No. 15)1M Oct. 1 Holders of rec. Sept. 17a Ohio State
134 Oct. 1 Holders
General Chemical. pref. (guar.)
Gas, preferred (guar.)
10
Oct. 15 Holders of rec. Sept. 4a Old Colony
2
134 Oct. 10 Oct. 1 to Oct. 10
General Electric (guar.)
Osage & Oklahoma Co.(guar.)
. 1 Holders of rec. Sept.20
13
Oct. 10 Oct. 1 to Oct.
1
General Fireproofing, common (quar.)
Extra
134 Oct. 15 Holders of rec. Sept.30
13j Oct. I Holders of rec. Sept.20
(guar.)
Preferred (guar.) (No. 34)
Otis Elevator, common
Oct. 15 Holders of rec. Sept.30
Oct. 15 Hollers of rec. Sept.30
50
1
General Motors, common
Preferred (guar.)
1 Holders of rec. Sept.20a
33 Nov. 1 Holders of rec. Sept.30
Preferred
Lt., Ht. & Pow.(guar.)(No. 37) 1% Oct. 15 Oct. 1 to Oct. 15
10c. Oct.30d Holders of rec. Sept. 30a Ottawa Teleph. & Teleg., pref. (guar.)
154 Oct.
Consolidated Mines(quar.)
Goldfield
Pacific
Nov. 15 Holders of rec. Nov. 5
1
13( ,Oct. 1 Holders of rec. Sept.20a Penmans Limited, common (quar.)
Goodrich (B. F.) Co.. preferred (quar.)._
Oct. 21
1) Oct. 1 Sept.21 to
154 Nov. 1 Holders of rec. Sept.23a
Goodyear Tire & Rubber, pref. (quar.)_ _
Preferred (guar.)
1 Holders of rec. Sept.24
Oct. 1 Holders of rec.
1
Gorham Manufacturing, preferred (guar.). 1% Oct. 1 Holders of rec. Sept.30a Penntylv. Water & Pow.(qu.) (No. 7)
Oct. 1 Holders of rec. Sept. 17a
1% Oct.
134
Gold & Stock Telegraph (quar.)
Pettibone, Mulliken Co..1st&2d pf.(Q11.)
:Nov. 1 Holders of rec. Oct. 15
254 Sept.30 Holders of rec. Sept. 18a
Granby Consol. Min., Smelt. & Pow., LtdPhelps, Dodge & Co., Inn. (guar.)
Sept. 30 Holders of rec. Sept. 18a
13j lOct. 1 Holders ox rec. Sept.24
3
Gray & Davis, Inc., preferred (quar.)
Extra
13j Oct. 1 Sept. 16 to Oct. 1
134 Oct. 25 Holders of rec. Oct. 15a
Great Lakes Towing, pref. (guar.)
Pittsburgh Coal, preferred (guar.)
lOct. 1 Sept. 11 to Sept. 15
Sept. 17 to Oct. 1
4
Glass, common (quar.). 134 Oct. 1 Sept. 26 to Oct. 13
Guggenheim Exploration (guar.)
Pittsburgh Plate
13 Oct. 1 Holders of rec. Sept.25
Oct. 15
2
Harrisburg Light & Power, pref. (quar.)
Procter & Gamble, preferred (guar.)
la
Sept.30 Sept. 17 to Sept.29
75c.
254 Oct. 15 Holders of rec. Oct. la
Hartford City Gas Light,corn. (quar.)
Quaker Oats, common (guar.)
50c. Sept.30 Sept. 17 to Sept. 29
154 Nov. 30 Holders of rec. Nov. 4a
Preferred (guar.)
Preferred (guar.)
20a
Sept. 27 Holders of rec. Sept.
Inc., pref.(qu.) IN Sept.30 Holders of rec. Sept. 22a Quincy Mining (guar.)
$2
Hart. Schaffner & Marx.
of rec. Sept. 16a
$1.12% Oct. 1 Holders of rec. Sept.
Co.(guar.)._ _ 37440. Sept.30 Holders of reo. Sept. 15a
Haverhill Gas Light (guar.)(No.79)
,Oct. 1 Holders of rec. Sept. 15a Ray Consolidated Copper (guar.)
134 Oct. 1 Holders
pref.
Helme (George %V.). common (guar.)
IN ,Oct. 1 Holders of rec. Sept. 15a Republic Iron & Steel,accumulated diva.) 1*34 Oct. 1 Holders of rec. Sept. 15a
Preferred (guar.)
Pref.(on account of
14 Oct. 1 Holders of rec. Sept.20
Oct. 1 Holders of rec. Sept.20
3
Hendee Mtg., pref.(guar.)(No.8)
Reynolds(R. J.) Tobacco,coin.(guar.)._
Sept.25 Sept. 16 to Sept.25
2
1N Oct. 1 Holders of rec. Sept.20
Hercules Powder, common (guar.)
Preferred (quar.)
Sept.25 Sept. 16 to Sept.25
4
Sept.30 Holders of rec. Sept. 15a
(quar.).... 2
Common (extra)
rec. Sept. 15a
65c. Sept.25 Holders of rec. Sept.20a Royal Baking Powder,common
134 Sept.30 Holders of rec. Sept. 16a
Homestake Mining (monthly)(No. 491)_
Preferred (guar.)
1( Oct. 1 Holders of rec. Sept. 17a
Oct. 1 Holders of
2
& Fuel, preferred (quar.)_..
Houston Gas
& Ltg.,(guar.)
(guar.) 14 Oct. 1 Holders of rec. Sept.30a Safety Car Heating Co., pref. (guar.)... 134 Oct. 1 Holders of rec Sept. lba
-Cent Stores, pl.
Independent 5 & 10
Sears, Roebuck &
1
Oct. 1 Sept. 23 to Sept.30
134 Oct. 9 Holders of rec. Sept.30
Indiana Lighting
Shawinigan Water dz Power (guar.)
of rec. Sept. 18a
$2 Nov. 15 Holders of rec. Oct. 23
Indiana Pipe Line (guar.)
& Iron, pref. (qu.). glg Oct. 1 Holders of rec. Sept.30
Oct. 15 Holders of rec. Sept.25a Sloss-Sheffleld Steel pf.(qu.)(No. 25)_ _ _
134 Oct. 15 Holders
Int. Harvester of N.J.,com.(qu.)(N0.23) 11i
Southern Cal. Edison,
Oct. 1
A Oct. I Sept. 16 to
134 Oct. 1 Holders of rec. Sept. 18
pref. (guar.)
International Salt
Southern Utilities,
lg Oct. 1 ieot. 18 to Oct. 1
Sept.30 Sept. 15 to Sept.30
3
International Silver. pref. (guar.)
South Penn 011 (guar.)
50c. Nov. 1 Holders of rec. Oct. 23
Oct. 1 Holders of rec. Sept. lla
1
Island Creek Coal, common (guar.)
South Porto Rico Sugar, common
Oct. 1 Holders of rec. Sept. lla
$1.50 Oct. 1 Holders of rec. Sept.24
2
Preferred (guar.)
Common (extra)
Oct. 1 Holders of rec. Sept. lla
2
pref. (qu.) 1N Oct. 1 Holders of rec. Sept. 20
Kaufman Department Stores,
Preferred (guar.)
14i Oct. 1 Holders of rec. Sept.20a
Oct. 1 Holders of rec. Sept. 15
3
Kayser (Julius) & Co., common (guar.).
South West Pa. Pipe Lines (guar.)
1N Nov. 1 Holders of rec. Oct. 20a
2% Oct. 30 Oct. 20 to Oct. 31
and second preferred (quar.)_ _ _
First
Standard Milling, preferred (No. 25)
1% Oct. 1 Holders of rec. Sept. 15
Oct. 1 Sept. 16 to Sept.30
Kelly-Springfield Tire, 1st pref.(guar.)._
Stand ird 011 Cleth, ref. A & B (guar.). 134 Oct. 1 Sept. 16 to Oct. 1
15( Oct. 1 froHers of rec. Sept. 15
4
Second preferred (guar.)
Standard Oil(Kentucky)(guar.)
13 Oat. 1 Holders of rec. Sept.25
Oct. 1 Sept 4 to Sept. 22
3
pre .(guar.)(No. 15)
Kolb Bakery,
011 (Ohio) (guar.)
Oct. 1 Sept. 4 to Sept. 22
13j Oct. 1 Holders of rec. Sept.24a Standard
3
Kresge (S. S.) Co., preferred (guar.)
Extra
Sept.30 Sept. 19 to Sept.30
1
Holders of rec. Oct. 16
La Belle Iron Works, pref. (guar.)
(No.17) 1N Nov. 1 Sept. DI to Sept. 30
Steel Co. of Canada.Ltd..pf.(qu.)
Oct. 20 Oct. 1 to Oct. 19
1
10 Sept.30
Mines (guar.)
La Rose Consolidated
Stewart Mining (No. 14)
rec. Sept.22a
Oct. 1 Holders of rec. Sept.22
2
134 Oct. 1 Holders of to Sept. 30
Laurentide Company (guar.)
Subway Realty (guar.)
3
Sept.30 Holders of rec. Sept.23
1 Sept. 16
Lawyers' Mortgage (guar.)
Sulzberger & Sons Co., pref. (quar.)___ - 134 Oat. 1 Holders of rec. Sept. 10
23•6 Oct. 16 Holders of rec. Oct. 7
Oct.
2
Lehigh Valley Coal Sales (quar.)
Swift & Co.(guar.)(No. 116)
Oct. 1 Holders of rec. Sept.20
Sept.28
2
134 Oct. 1 Holders of rec. Oct. 2
Libr try Bureau,.p^efer:el (guar.)
IN Oct. 1 Holders of rec. Sept. 15a Taylor (II. P.) & Co., pref.(guar.)
Oct. 12 Holders of ree.
2
Liggett & Myers Tobacco. pref. (quar.)
Temple Coal, preferred (guar.)
13 Oct. 1 Sept.28 to Sept.30
15 Holders of rec. Oct. 4
75c. Oct.
Lone Star Gas (guar.)
Tennessee Copper (quar.)
14 Oct. 1 Sept. 18 to Oct. 1
2% Sept.30 Holders of rec. Sept.20a
Loose-%VilesBiscult,lst pref.(qu.)(No.14) 2% Oct. 1 Holders of rec. Sept. 15a Texas Company (quar.)
21a
134 Oct. I fillers of rec. Sept.
(qu.)(No. 11)_
Lorillard (P.) Co., common (guar.)
1N Oct. 1 Holders of rec. Sept. 15a Tobacco Prod. Corp.. pf.
12% Oct. 1 Sept. 16 to Sept. 21
Preferred (quar.)
15 Holders of rec. Sept.30a Tonopah Belmont Development (guar.). 5
2%
Oct. 1 Sept. 11 to Sept. 20
MacAndrews & Forbes, common (guar.). dl% Oct. 15 Holders of rec. Sept.304 Tonopah Extension Mining (guar.)
Oct.
234 Oat. 1 Sept. 11 to Sept. 20
Preferred (guar.)
Extra
1 Holders of rec. Sept. 10a
Oct. 21 Oct. 1 to Oct. 7
15
Mackay Companies,corn.(guar.)(No.41) 1N Oct. 1 Holders of rec. Sept. 10a Tonopah Mining of Nevada (guar.)
Oct.
1
Oct. I Holders of rec. Sept. 20a
Preferred (guar.) (No. 47)
Typewriter, common (guar.) 1
Underwood
50c. Sept.30 Holders of rec. Sept. 16
IN Oct. 1 fielders of rec. Sept. 204
(No. 1)
Magma Copper (guar.)
Preferred (quar.).
1N Oct. 1 Holders of rec. Sept.24
Oct. 1 Sept.21 to Sept.30
2
Manati Sugar. preferred (quar.)
Union Carbide (guar.)
13j Oct. 1 Holders of rec. Sept .21
234 Oct. 15 Oct. 1 to Oct. 15
Manhattan Shirt, preferred (guar.)
Union Natural Gas Corporation (guar.)__ _
4a
Inc.(guar.) 1% Sept.30 Holders of rec. Sept.30
234 Sept.25 Holders of ree. Sept. 22
Manning, Maxwell & Moore,
Union Tank Line
Nov. 1 Holders of rec. Oct. 15
Oct. 15 Holders of rec. Sept.
2
Massachusetts Gas Companies,corn. (quar.) 13 Oct. 15 Holders of rec. Sept. 25
United Fruit (guar.)(No. 65)
Oct. 15 Holders of rec. Sept.30a
$1
tts Lighting Cos., old corn.(qu.) $1.75
ent (guar.)
Massachuse
United Gas Improvem
25c. Oct. 15 Holders of rec. Sept. 25
50e. Oct. 5 Holders of rec. Sept. 14
New common (guar.)
United Shoe Machinery, common (guar.) 3744e. Oct. 5 Fielders of rec. Sept. 14
$1.50 Oct. 15 Holders of rec. Sept.25
Preferred (guar.)
Preferred (guar.)
SePt.30
13( Oct. 1 Holders of rec. Sept. 10a
preferred (guar.) 144 Sept. 30 Sept. 16 to Oct. 1
Motor, Inc.. 1st pref.(quar.)
Maxwell
hg Oct. 1 Holders of rec. Sept. 10a United States Gypsum.
134 Oct. 1 Sept.21 to
First preferred (extra)
pref. (guar.) (No. 19)
50a. Sept.27 Holders of rec. Sept. 4
13( Oct. 1 Holders of rec. Sept. 15a United Utilities, ed Mining
May Dept. Stores, pref. (guar.)
Utah Consolidat
1) Oct. 1 Holders of rec. Sept.21
Sept. 30 Holders of rec. Sept. 16a
$1
McCrory Stores Corp., preferred (guar.)_ _
(qu.)(No. 29)
2% Sept. 30 Holders of rec. Sept. 40 Utah Copper Co.preferred (quar.)
134 Oct. 1 Holders of rec. Sept.20a
Mergenthaler Linotype (guar.)
,
246 Oct.. 15 Holders of rec. Sept.30a Utah Gas & Coke,
Oct. 30 Holders of rec. Oct. 14
3
Mexican Telegraph (guar.)
14i Oct. 1 Holders of rec. Sept. 15a Vacuum 011
Oct. 15 Holders of rec. Sept. 30a
2
Michigan Light, preferred (guar.)
Virginia-Carolina Chem. Pl. Wt.)(N0.80)
13 Sept.30 Sept. 19 to Sept.30
f.
&2d p. (qu.) 134 Oct. 28 Holders of rec. Sept.30a
Michigan Stale Telephone, pref. (guar.)_ _ _
1 Holders of rec. Sept. 15a Warner(Chas.)Co.ofDel„1st (guar.)
% Oct.
Oct. 1 Holders of rec. Sept.20
2
Montana Power,common (guar.)(No.12) 1N Oct. 1 Holders of rec. Sept. 15a Washburn Wire, common
134 Oct. 1 Holders of ree. Sept .20
Preferred (guar.) (No. 12)
Preferred (guar.)
1)j Oct. 1 Sept. 21 to dSapt.30
Sept.30 Holders of rec. Sept.23a
2
(guar.)
Montgomery. Ward & Co., pref.(guar.)_
1( Oct. 1 Holders of rec. Sept.24a Western Electric Teleg. (qu.) (No. 188)
- 144 Oct. 15 Holders of rec. Sept 20a
Mortgage-Bond Co. (guar.)
Western Union
1% Oct. 30 Holders of rec. Sept. 30
(queer.) _
o.69) 1N Oct. 15 Holders of ree. Sept. 28a
National Biscuit. common (quar.)(N
Westinghouse Elec. & Mfg., corn.
14•6 Oct. 15,0ct. 6 to Oct. 15
134 Oct. 15 Holders of rec. Sept.30
National Carbon, common (quar.)
Preferred (guar.)
1N Nov. 15 Nov 6 to Nov. 15
$1.75 Oct. 1 Sept. 22 to Oct. 1
Preferred (guar.)
Westmoreland Coal
Oct. 1 Sept.24 to Sept.30
Oct. 1 Holders of rec. Sept. 13a
3
Power, corn. (quar.) 1
Nat. Gas, Elec. Lt. &
Weyman-Bruton Co., common (quar.).... 134 Oct. 1 Holders of rec. Sept. 13a
144 Oct. 1 Sept.24 to Sept.30
Preferred (guar.)
Preferred (guar.)
to Sept 15
N Sept.30 Sept.11
154 Oct. 1 Holders of rec. Sept.23a
Lead. common (guar.)
National
Willys-Overland, preferred (guar.)
$5
Oct. 1 Holders of rec. Sept 8a
13 Sept.30,Holders of rec. Sept. 24
National Licorice. pref. (qu.) (No. 53)._
Mining
Oct. 1 Holders of rec. Sept. 15a Wolverine Copper), pref. (quar.)
2
134 Oct. 1 Holders of ree. Sept. 104
National Refining, preferred (quar.)
Woolworth (F W
1% Oct. 2 Holders of rec. Sept. 7a
154 Oct. 1 Sept. 26 to Sept. 30
77).Sugar Refining (guar.)
(No.
National
Oct. 1 Holders of rec. Sept.20a Yale & Towne Mfg.(guar.)(guar.)
3
234 Oct. 1 Holders of rec. Sept. 22a
National Surety (guar.)
Young (J. S.) Co., common
e. Sept.30 Holders of rec. Sept. 16a
134 Oct. 1 Holders of rec. Sept. 22a
Nevada Consolidated Copper Co.(guar.) 3734 Oct. 1 Holders of rec. Sept. 22
Preferred (quar.)
14i
2
Oct. 1 Holders of rec. Sept. 20
(guar.)_ _ _
Power, pref.(guar.)
New England
Sheet & Tube, corn.
13i Sept.30 Holders of rec. Sept.22a Youngstown (guar.)
134 Oct. 1 Holders of rec. Sept.20
New England Teleph. & Teleg. (guar
Preferred
27a
Oct. 1 Holders of rec. Sept.
2
734e. Sept.30 Sent. 9 to Sept.13
(quar.)
N. Y. Mortgage & Security (guar.)
Yukon Gold Co.
Oct. 15 Holders of rec. Sept. 23
4
b Leas British income tax. d CorNew York Transit
Oct. 15 Holders of rec. Sept.30a
2
a Transfer books not closed for this dividend.
Niagara Falls Power (quar.)
stock. g Payable in scrip.
1 g Oct. 15 Holders of rec. Sept. 22a rection e Payable In stock. 1Payable in common received in London on or be.
Bay Co
i Transfers
Nipe
Oct. 20 Oct. 1 to Oct. 17
5
h On account of accumulated dividends.for payment of dividend to transferees.
Nipissing Mines (guar.)
1 Holders of rec. Sept. 15a fore Sept si will he In rime to be passed
1N Oct.
North American Co.(guar.) (No.46)
Federal Reserve Board on Sept. 18:
-Following is the weekly statement issued by the
The Federal Reserve Banks.
York bank reports an increase in gold reserve of about
dollars in combined gold reserves. The New
and St. Louis, while
holdings are also reported by Chicago the banks in the gold
'rho statement indicates a gain of 6.6 million
banks. Considerable increases of gold
amount held to the credit of
7 millions, deposited during the week by member
net withdrawals of gold during the weak. The aggregate
a decline of about 5.6 million
Atlanta and Dallas report the largest
Reserve banks to Federal Reserve agents shows increase of 5.2 millions. The
credits from Federal
settlement fund, partly because of transfers of hell by the Federal Reserve agents against outstanding notes shows an
dollars. The amount of gold and lawful money millions.
for the week of over $400,000. Atlanta reporting the
total reserves of the banks increased about 2.4
by the banks shows an increase
wook before, and 80.7%
al and
The aggregate amount of commercihand. bank paper held 40.7% matures within 30 days as against 38.9% shown the differing but little from
Of the total about
of paper on
the amount of this class of paper
largest gain In the amount
than 30% of the total bills on hand were acceptances,
, while warrants increased by more
against 77.1%-within 60 days. Less
show a further increase of $195,000
week. United States bonds on hand
the amount given at the end of the previous
proper increased about 4 millions,
than $700.000 during the week.deposits with the three Southern banks continues unchanged, while reserve deposits
The amount of Government
St. Louis banks.
gains at the New York and on circulating notes decreased almost 1 million dollars through the deposit by the banks of gold to release
mainly through
issued by the latter stands now at 124 million dollars.
The aggregate net liability of the banks
The total amount of Federal Reserve notes
paper previously pledged with Federal Reserve agents.
of paper.
agents hold 104.5 millions of gold and 19.5 millions
Against this total the
system as a whole are given in the following table, and in addition
The figures of the consolidated statement for theweeks, thus furnishing a useful comparison. In the second table we
each of the eight preceding
we present the results for
twelve Federal Reserve banks. The statement of Federal Reserve
show the resources and liabilities separately for each of the regarding the transactions in Federal Reserve notes between the
table following) gives details
Agents' Accounts (the third
and the Federal Reserve banks.
Comptroller and the Reserve Agents and between the latter
CLOSE OF BUSINESS SEPTEMBER 17 1915.
FEDERAL RESERVE BANKS AT THE
RESOURCES AND LIABILITIES OF THE
COMBINED
RP:SO(111(W.
July 30 1915. July 23 1915.
1915 Aug 20 1915 A up.131915. Aug. 6 1915. $212,943,000 $214,047,000
Sept. 17 1915 Sept 10191.5 Rept. 3 1915. Aug 27
$205.951.000 5209.697.000 $207.822,000
52.140.000 48.450.000
$224,402.000 $212.130.000 $209.369.000 $211.145.000
52.290.000
53,490.000
54.930,000
Gold coin and certificates in vault
1.076,000
1,004.000
63.040.000 61.690.000 67,880.000 55.930.000
1.084.000
1.084,000
1,104.000
Gold settlement fund
1,104,000
1,162.000
1.187.000
1,197,000
n fund with U.S.Treasurer...
Gold redemptio
000 5266.192.000 5263,573,000
000 5264.179.000 5261.945.000 $204,271,000 5261.196. 0
22.092.000 25,913.000
0
24,916.00
-$288.030.00 1282,007,000 526.4.411,
20.949.000
27.117.000
Total gold reserve
19.878.000
19.274.000
16,001.000 20.215 000
Legal tender notes. sliver, &c
000 $288,112,000 $288,284,000 $289.488,000
5287,885.000 5288.057,000 5289.102.000 $285,220,
5304,640,000 1302,242,000
Total reserve
EP .
25
RESOURCES (Concluded).
Sept. 17 1915 Sept. 10 1915 Sept. 3 1915 Aug.27 1915 Aug.20 1915 Aug. 13 1915 Aug. 6 1915 July 30 1915 July 23 1915
$304,640,000 $302,242,000 $287,685,000 $288,057.000 $289,102,000 $285,220,000 $286,112,000 $288,284,000 $289,486,000
Carried forward (total reserve)
Bills discounted and bought
Maturities within 10 days
Maturities within 30 days
Maturities within 60 days
Maturities within 90 days
Maturities over 90 days
$4,745.000 $4,734,000
13,036,000 12,085,000
17,451.000
16,532,000
7,293,000
8,652,000
1,135,000
1,255,000
Total
$43,661,000 $43,254,000
Bank acceptances (Included in above).. 12,945,000
12.918.000
Investments: U. S. bonds
9,047,000
8,852,000
Municipal warrants
24,444,000 23,710,000
Federal Reserve notes
-Net
12,441,000
13,375,000
Due from Federal Reserve banks
8,142,000
-Net
8,533,000
All other resources
3,382,000
3,841,000
Total Resources
*34,938,000
*11.348,000
*16,785,000
*8,490,000
1.395,000
$4,445,000
10,654.000
17,209.000
8,582.000
1.945.000
$4,475.000
10.264,000
16.164,000
9,156.000
1.688.000
$3,441,000
10,215,000
14,968.000
10,170,000
2,024.000
$4,222,0001
8,851.000( $12.065.000 $11.956,000
15,085.000
13.639.000 12,815,000
11.774.000 11,196,000
10,686,000
2,082.000
3.249.000
3.456,000
$42,956,000 $42,839.000 $41,751.000 $40.818,000 $40.926,000 $40.727,000 $39,423,000
13,564.000
8,740.000
11.625.000 10.338.000
13,039,000
12.209.000
12.073.000
8,836.000
8,740,000
8,843.000
8.607.000
7,923,000
8,503,000
7,923 000
18,553.000
24,013,000 25,808.000
18,558,000
18.100,000
16.107,000 15,110.000
12,941,000
12.491.000
12,740,000
9,227.000
11.266.000 -12.578.000
11,029.000
6.990.000
6.805.000
7,761,000
4.028.000
7.074.000
5,229,000
5.987,000
4,075,000
4.962.000
4,777.000
4.765,000
5,623,000
5,263,000
5,904.000
$406,188,000 3403,420,000 $388,274,000 $389.983,000 $382,468,030 $374.120,000 $377,469,000 $377,052,000 $371.163,000
LIABILITIES
$54,749,000 $54,772,000 $54,762,000 $54,689.000 $54,329,000 $54.331,000 $54,315,000 $54,181,000 $54,170,00
0
15,000.000
15,000,000
316,953.000 313.053,000 312,316,000 316,989.000 310,095.000 301,926,000 306.002,000 306,183.000 301:063,000
16,562.000
17,527,000
16.738.000
17,670.000
15.847.000
15,723,000
15,420,000
14,965,000 14.521,000
3.526,000
1.567.000
2,924,000
3.068,000
2,197,000
2,140.000
1,732.000
1723.000
1.409.000
Capital paid in
Government deposits
Reserve deposits
-Net
Federal Reserve notes-Net
All other liabilities
Total liabilities
$406,188,000 $403,420,000 $388,274,000 $389,983,000 $382,468,000 $374,120,000 $377,469,000 $377,052,000 $371,163,000
Gold reserve against net liabilities (a)
83.6%
82.1%
83.3%
82.1%
84.9%
84.3%
82.8%
84.8%
84.9%
Cash reserve against net liabilities (a)
88.2%
90.6%
89.6%
89.6%
89.3%
90.9%
91.8%
90.7%
93.3%
Cash reserve against liabilities after setting
aside 40% gold reserve against net
amount of Federal Reserve notes in
circulation (b)
93.2%
92.3%
90.8%
92.1%
92.1%
93.6%
93.3%
94.4%
96.5%
( After deduction of items in transit bea)
tween Federal Reserve banks, viz
$8,533,000 $8,142,000 $7,761,000 $6,990,000 $6,805.000
$4.028.000
$5,987.000
$7,078,000
$5.229,000
Federal Reserve NotesSept. 17 1915 Sept. 10 1915 Sept. 3 1915 Aug. 27 1915 Aug.20 1915 Aug. 13 1915 Aug.6 1915 July 30 1915 Juiv 23 1915
Issued to the banks
$124,000.000 $119,851,000 $114,531.000 $109,901,000 $107,691,000 $102,571,000 $101,731,000 $97,831.000 $94,131,000
In hands of banks
14,858,000
15,036,000
14,668,000
15,378,000
16.343,000
12,308,000
14,213,000
12,704.000
10,711,000
In circulation
$108,622,000 $103,508,000 $99.495,000 $95,233,000 $92,833.000 $90,263,000 $87,518,000 385.127:000 581.420.000
Gold and lawful money with Agent
Carried to net liabilities
Carried to net assets
Federal Reserve Notes (Agents' Accounts)
Received from the Comptroller
Returned to the Comptroller
$104.541,000 $99,356.000 $94,766,000 $90.986.000 989,726.000 $85,806.000 884.676,000 $81.191.000 374,126,000
15,847,000
16,734,000
15,723.000
17,670,000
16,562,000
17,527.000
14,520,000
14,965.009
14,521,000
12,491,000
12,740,000
11,266,000
12,941,000
12,481,000
13,375.000
12.578.000
11.029.000
9.227,000
Amount chargeable to Agent
In hands of Agent
3164.805.000 3159,705.000 $156,705.000 3155,425.000 $148,065,000 $142,865,000 $138,465,000 3136.465.000 8134.445,000
45,524.000
40,374,000
42,174,000
40,294,000
40.895,000 39,854,000
36,734,000
38.634.000
40,314.000
$165,400,000 $160,160,000 $157,160,000 $155,860,000 $148,460.000 $143,269,000 $138,740,000 $136,595.000 $134,475,000
435,000
395,000
395,000
455.000,
455,000
505.000
275,000
130,000
30,000
Issued to Federal Reserve banks__ _8124,000.000 $119,851,000 $114,531.000 $109,901,000 $107,691.000 $102,571,000 $101,731,000 $97,831,0Z 894,131.000
How Secured
By gold coin and certificates
$96,826,000 $98,956,000 $94,386,000 $90,606,000 $89,361.000 $85,446,000 $84,316,000 381,739,000 $78,006,000
By lawful money
5,000
By commercial paper
19,447,000 20,495,000 91,765,000
18.915 000
17,965.000
16,765,000 16,742,000
16,092.000
16,005,000
Gold redemp'n fund held by U.S.Treas_
410,000
400.000
380,000
380,000
365.000
360,000
673,000
Gold settlem't Id. held by U. S. Treas.
7,300,000
Total
*$123,988.000 $119,851,000 $114,531,000 $109,901,000 3107,691,000 $102,571,000 $101,731,000 $97,831,300 $94,011,000
Commercial paper turned over to Agent
$19,476,000 $20,546,000 $20,070,000 $19,350,000
* Deficiency of $12,000 offset by funds in the Gold Redemption Fund.
$18,852,000 $17,602,000 $17,431,000 $16,817,000
$16,321,000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS SEPT.17 1915
I
Boston. New York. PhiladeralCleveland. Richmond.1 Atlanta. Chicago. St. Louis. Minneap.IICan. City. Dallas. !San Fran
Total.
R"'
71 RESOURCES.
I
3
$
$
3
$
1
$
$
$
I
$
Gold coin & ctfs. In vault 13,520,000 120,346,000 9,880,00012,535.000 6,122,000 5,913,00020,065,000 7,535,000 5,109,000 4,813,000 3,220,000 6,344,000 224,402,000
Gold settlement fund_- 2,265,000 13,532,000 2,209,000 4,517,000 7,106,000 2,738,000 12,321,000 4,322,000 2,211,000 3,460,000 6,544,000 1,815,000 63,040,000
Gold.redemption fund__
6,000
37,000
55.000
375,006 225,000
30,000
35,00
72,000
21,011 1,197,000
341,000
Total gold reserve__ -- 15,791.000133,033,000 12,126,000 17,052,000 13,603,006 8,876,000141,386,000 11,892,000 7,350,000 8.345,00010.105,0(10 8,180,000 288,639,000
Legal-ten.notes,sliv.,&e.
153,0001 9,510,000 2,457,000
931,0001
317,000
05,Q001 214,006 1,594,000
5,000
444,000
275,000
6,00 16,001,000
Total reserve
15,944,000 143,443,000 14,583,000 17,083,0001
,13,698,0001 9,090,000142,980,000 12,209,000 7,355,000 8,789,00010,380,000 8,186,1 1304,640,000
,
Bills discounteddrbought
Commercial paper__ _
164,000
2,547,000
Bank acceptances_
Total
2,711,000
491,000
Investments: U. S. Ms_
Municipal warrants_ _ 3,547,000
Fed. Res've notes-Net. 349,000
Due from other Federal
-Net. 542,000
Reserve banks
726,000
All other resources
Total resources
1
767,000, 8,560,0001 5,733.000 1,302,000 1,233,000 1,591,000, 1,787,000 7,212,000 1.288,000 30,676,000
,
511,006
1,391,
315,000, 476,000
480,000
604,000 12,985,000
1
5,925,000 1,775,000 1,278,003 8,560,000, 5,733,000 2,693,000 1,713,000 1,906,000, 2,263,000 7,212,000 1,892,000 43,661,000
513,000
526,000
5,412,000 1,249,000
340,000 861,000
9,058,000 3,043,000 1,722,000
7,600,0130
188,000
51,000
362,000
2,942,000
728,000
926,0001
152,006
379,000
230,000
462.000 1,337,000 1,977,000
129,000
130,000
203,000
447,000
65,006
9,047,000
1,000,00
1,574,000 24,444,000
1,976.00 12,481,000
138,000 1,348,000 1,640,00
35,000
540,000
82,00
a8,533,000
3,382.000
24,310,000 166,388,000 23,599,000 22,973,000122,867,000 15,420,000 56,349,000 17,379,000 11,537,000 13,646,00018,975,000 16,350,000406,188,000
LIABJ.LtTIES.
5,162,000 10,982.000 5,270,000 5,947,000
Capital paid in
Government deposits_
-Net- _ 19,148,000 149,079,000 18,329,000 17,026.000
Reserve deposits
-Net.
Fed. Res've notes
3,605,000
Due to F.R.banks-Net
2,722,000
All other liabilities
Total liabilities
3,960,000
242,000 1.027,0001 1,126,000
5,000 2,933,000 1,035,000
737,000
790,000
2,317,000
3,361,000
5,060,000
7,444,000
6,931,000
131,000
2,417,000 6,629,000 2,780,000 2,488,000 3,023,000 2,759,000 3,931,000 54,749,000
5,000,000
5,000,000
15,000,000
5,230,00049,720,000 14,473,000 8,869,000 9,554,000 5,662,000 12,419,000316,953,000
180,000 1,069,000 5,542,000
126,000
2,714,000
16,562,000
59,000
12,000
2,924,000
24,310,000166,388,000 23,599,000 22.973,000 22,867,000 15,420,000 56,349,000 17,379,000 11,537,000 13,646,000 18,975,00016,350,000 406,148,000
Federal Reserve Notes
5,120,000 56,820,000 3,870,000 5,800,00010,100,0001 8,280,000 4,380,000 1,225,000 5,900,0001 6,380,00612,125,0001 4,000,000 124 000 00
Issued to banks
,
15
:37800
: 0
349,000 7,870,000
In hands of banks_
188,000
51,000
369,0001 1,066,000 2,317,000
301,0001
183,000 1,976,000
420,
Y.R. notes in circulation 4,771,000 48,950,000 3,682,000 5,749,000 9,731,0001 7,214,000 2,063,000
5,480,006 6,079,000111,942.0001 2,024,000 108,622,000
Gold and lawful money
5,120,000 56,550,000 3,870,030 5,800,000 2,800,000 4,500,000 4,380,00
with agents
Carried to net liabilities
6,931,0001 2,714,000
349,000 7,600,000
Carried to net assets...
188,000
51,000
2,317,000
811,000 5,300,000 5,010,000; 6,400,000! 4,000,000104.541,000
126,000
180,000 1,069,000 5,542,000;
16,562,000
I 1,976,000 12,481,000
(a) Items in transit, i.e.. total amounts due from less total amounts due to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS SEPT. 17 1915.
Boston.
New York.1Phtladel'a.1Cleveland. Richmond.1 Atlanta.
Chicago. St. Louis. Minneap. Kan. City
Dallas. 1San Fran
Total.
Federal Reserve Notes
-1
3
$
1$
g
1
$
1
$
1
$
$
i
$
$
$
Red'c from Comptrolr 11,800,000 60,800,000 9,280,000 7,000,000 11,300,000112,100,0001 0,380,000 3,400,000 7,000,000 8,000,000 15,340,000 10,000,000 165,400,000
Returned to Compter
100,000
1 270,000
120,000
15,000
505,000
1
Chargeable to Agent__ 11,700,000 60,800,000 '9,010,006 7,000,000 11,300,000112,100,0001 9,260.000 3,400,00011 7,000,000 8,000,000 15.325,00010,000.000164,895,000
In hands of agent,close
of business Sept. 17 6,580,000 3,980,000, 5,140,006 1,200,000 1,200,0001 3,820,0001 4.880.000 2,175,0001 1.100,000 1,620,000 3,200,000 6,000,000, 40,895,000
Issued to F.It. bank_ 5,120,000 56,820,000 3,870,0001 5,800.00010,100,000! 8,280,0001 4,380,003 1,225,000 5,909,000 6,380,00012,125,000 4,000,000.124,000.000
Held by F. R.agent-.
Gold coin & cents__ 5,120,000 56,50,000 3,870,000, 5.510,000
4,260,000
806,000 5.300,000 5,010,000 6,400,000 4,000,000 96,826,000
Lawful money
5,000
5,000
Notes secured by commercial paper
270.000
414,000 600,000 1,370,000 5,713,000
7,300,000 3,780,000
19,447.00 (
Held by Treas. of U. S.:
Gold recemp. fund_
120,000
290,000
110,000
Gold settlem't fund2,800,000 4,500,000
7,300,000
5,120,01)0 56,820,000 3,870,000 5,800,000 10,100,000 8,280,000 4.389.000 1,225,003 5,900,003 6,380,000 *12113000 4,000,000.123988000
Total
Amount comml paper
;
• turned over to F.R.agt
270,000
417,000 602.006 1.370.000 5,713,0001
7,323,000 3.781.0011
,
19,476.000
* Deficiency of 312.003 offset In funds in the Gold Redemption Fund.
[VOL. 101.
THE CHRONICLE
994
-Thefollowing detailed statement shows
Statement of New York City Clearing-House Banks and Trust Companies.
the condition of the New York City Clearing-House members for the week ending Sept. 18. The figures for the separate
banks are the averages of the daily results. In the case of the totals, actual figures at the end of the week are also given.
In order to furnish a comparison, we have inserted the totals of actual condition for each of the three groups and
also the grand aggregates, for the four preceding weeks.
NEW YORK WEEKLY CLEARING-HOUSE RETURN.
CLEARING HOUSE
Capital.
MEMBERS.
Week Ending
Sept. 18 1915.
(005 omitted.)
Loans,
Discounts,
Investm'ts,
etc.
(Nat. B'ks Sept. 21,
(State B'ksJune23J
Net
Profits.
Members of Federal
a
Reserve Bank.
Bank of N. Y., N.B.A_ 2,000,0
Merchants' Nat. Bank_ 2,000,0
Mech.& Metals Nat.-- 6,000,0
National City Bank___ x28,000,0
Chemical Nat. Bank__ _ 3,000,0
Atlantic National Bank 1,000,0
300,0
Nat. Butchers' & Drov_
Amer. Exch. Nat. Bank 5,000,0
National Bank of Com_ 25,000,0
Chatham & Phenix Nat. 2,260,0
Hanover National Bank 3,000,0
Citizens' Central Nat__ 2,550,0
1,000,0
Market & Fulton Nat__
Importers' & Traders'_- 1,500,0
National Park 8ank__ _ 5,000,0
250.0
EastRiver Nat. Bank_
Second National Bank: 1,000,0
First National Bank_ _ _ 10,000,0
Irving National Bank__ 4,000,0
500,0
N.Y.County Nat. Bk_
Chase National Bank__ 5,000,0
Lincoln National Bank_ 1,000,0
Garfield National Bank 1,000,0
250,0
Fifth National Bank__
Seaboard Nat. Bank_ -- 1,000,0
Liberty National Bank_ 1,000,0
Coal & Iron Nat. Bank_ 1,000,0
Union Exchange Nat__
1,000,0
1,000,0
Nassau Nat. Bank__-_
1,500,0
Broadway Trust Co__
$
4,673,6
2,180,9
9,155,8
34,942,3
8,020,4
783,8
76,6
5,089,9
18,053,4
1,471,3
15,583,2
2,604,6
1,980,9
7,698,6
15,590,1
71,6
3,248,3
23,164,9
3,907,6
1,225.3
9.750,7
1,905,4
1,278,7
401,0
2,871,2
3,095,7
686,9
1,002,9
1,119,3
888,1
Gold.
Legal
Tenders.
Silver,
Nal.Bank Nat.Bank Federal
Reserve
Notes
Notes
Bank
[Not
(Reserve
votes
for Slate Counted
[Not
as
Institudons). Reserve]. Reserve].
Average. Average. Average. Average. Average. Average.
$
5
$
3
$
$
3,0
801,0
688,0
34,330,0 2,501,0
31,0
27,0
144,0 1,488,0
1,615,0
29,315,0
56,0
144,0
107,444,0 17,067,0 7,591,0 4,909,0
539,0
438,0
'276,513,0 112,390,0 4,522,0 3,246,0
39,0
468,0 3,447,0
32,727,0 3,197,0
17,0
333,0
143,0
573,0
10,462,0
4.0
163,0
44,0
71,0
1,933,0
34,0
160,0
803,0 1,336,0
79,552,0 7,287,0
107,0
471,0
5,028,0 6,232,0
200,638,0 18,909,0
54,0
244,0
896,0
437,0
1,747,0
29,733,0
77,0
63,0
2,451,0
111,410,0 22,584,0 2,627,0
34.0
76,0
307,0 1,151,0
1,140,0
25,987,0
3,0
108,0
860,0
609,0
1,037,0
9,314,0
163,0
670,0
1,072,0
32,237,0 1,806,0
137,0
129,518,0 8,864,0 2,917,0 3,903,0
6,0
212,0
40,0
2,191,0
100,0
27,0
57,0
502,0
326,0
786,0
15,931,0
68,0
515,0 2,601,0
144,467,0 24,944,0
162,0
25,0
1,300.0 3,606,0
56,039,0 6,611,0
16,0
138,0
436,0
89,0
406,0
9,472,0
153,0
149,0
140,522,0 32,237.0 7,748,0 4,006,0
52,0
114,0
897,0
1,633,0 1,727,0
16,298,0
110,0
6),0
255,0
450,0
8,824,0 1,001,0
7,0
110,0
135,0
255,0
4,562,0
18,0
40,0
33,753,0 3,298,0 1,029,0 1,580,0
120,0
29,0
42,619,0 3,750,0 1,981,0 2,398,0
4,0
24,0
134,0
446,0
200,0
7,960,0
10,0
29,0
164,0
511,0
265,0
9,837,0
31,0
299,0
76,0
539,0
9,096.0
125,0
204,0
473,0
129,0
16,532,0 1,440,0
Average.
a
Reserve
with
Legal
DeposiLanes.
Excess
Due
from
Reserve
DeposiLanes.
National
Net
Bank
Time
CirculaDeposits. lion.
Net
Demand
Deposits.
Average. Average. Average.
$
5
$
31,675,0 1,230,0
800,0
28,714,0
1,967,0
121,664,0 4,913,0 4.962,0
1,097,0 2,678,0
357,208,0
450,0
150,0
30,631,0
17,0
10,267,0
384,0
54,0
50,0
1,583,0
78,910,0 1,622,0 4,795,0
125,0 3,443,0
201,914,0
29,359,0 1,322,0 1,189,0
305,0
130,371,0
22,609,0 1,351,0 1,642,0
84,0
9,840,0
50,0
29,011,0
642,0 3,575,0
130,344,0
50,0
2,091,0
675,0
___ __
12,826,0
125,0 4,796,0
146,504,0
740,0
155,0
63,890,0
200,0
9,356,0
450,0
182,510,0 1,000,0
883,0
18,847,0
350,0
9,028,0
86,0
248,0
4,524,0
405,0
100,0
39,081,0
500,0
47,686,0 2,316,0
397,0
7,939,0
400,0
48,0
9,232,0
267,0
8,414,0
144,0
17,532,0
Average. Average
$
$
2,308,0
2,105,0
8.920,0
29,145,0
2,278,0
999,0
122,0
5,947,0
16,212,0
2,258,0
9,899,0
1,925,0
929,0
2,289,0
9,702,0
183,0
962,0
11,238,0
4,815,0
691,0
13,766,0
1,793,0
867.0
331,0
3,258,0
3,623,0
732,0
772,0
598,0
1,270,0
Totals, avge.for week 117,100,0 182,523,0 1,629,216,0 278,038,0 43,034,0 50,552,0
3,075,0
1,732,0 139,937,0
1,793,560,0 16,497,0 36,735,0
52,759,0
45,796,0
55,066,0
60,864,0
2,960,0
2,926,0
2,577,0
3,101,0
1,724,0 143,190,0
1,771,0 139,594,0
1,756,0 138,440,0
1,987,0 141,358,0
1,807,122,0
1,778,945,0
1,751,717,0
1,733,345,0
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
State Banks.
Not Members of
Federal Reserve Bank.
Bank of Manhattan CoBank of America
Greenwich Bank
Pacific Bank
People's Bank
Metropolitan Bank_ _ __
Corn Exchange Bank__
Bowery Bank
German-American Bank
.
Fifth Avenue Bank_ _ _
German Exchange Bank
Germania Bank
Bank of Metropolis.....,
West Side Bank
N. Y. Produce Exch.Bk
State Bank
Century Nat. Bank a__
Sept.
Sept.
Sept.
Aug.
18
11
4
28
2,050,0
1,500,0
500,0
500,0
200,0
2,000,0
3,500,0
250,0
750,0
100,0
200,0
200,0
1,000,0
200,0
1,000,0
1,500,0
1,250,0
1,637,225,0 279,697,0
1,619,998,0 277,513,0
1,593,375,0265,622,0
1,586,026,0240,647,0
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
553.1
696,0
Totals, avge. for week_ 16,700,0 32,877,3
Totals, actual conditlon
Totals, actual condition
Totals, actual condition
Totals, actual condition
Sept. 18
Sept. 11
Sept. 4
Aug. 28
41,248,0
44,187,0
48,548.0
54,109,0
1,181,0
790,0
433,0
92,0
105,0
641.0
4,314,0
60,0
123,0
973,0
93,0
166,0
878,0
89,0
602,0
557,0
555,0
117,0
73,0
292,0
198,0
17,0
55,0
1,341,0
57,0
13,0
44,0
65,0
110,0
63,0
33,0
137,0
417,0
353,0
63,0
284,401,0 36,584,0 10,391,0 11,652,0
3,385.0
70,0
7,122,0
977,0
299,451,0
3,044,0
3,374,0
2,928,0
3.383.0
59,0
93,0
66,0
73,0
7,082,
7,801,0
8,000,0
7,903,0
1,120,0
3,307,0
3,707,0
3,861,0
301,430,0
296,057,0
297,146,0
296,899,0
4,844,0
4,846,0
4,854,0
4.860.0
272,0
131,0
362,0
128,0
127,0
8,960,0
102,0
54,0
550,0
218,0
386,0
112,0
1920,
512,0
156,0
21,0
160,0
97.0
174,0
483,0
29,0
36,0
205,0
207,0
14,0
76,0
55,0
349,0
16,0
8.0
1,162,0 2,489,0
7,872,018,497,0
1,770,0 9,936,0
918,0 1,912,0
1,135,0 6,163,0
30,128,0
473,0
367,0
716,0 1,003,0
2,502,0 4,323,0
833,0 1,924,0
1,897,0 6,236,0
661,0 1,903,0
786,0
485,0
804,0
1.867,0
23,236,0
157,439,0
35,409,0
18,718,0
22,691,0
212.638.0
7,352,0
14,324,0
50,004,0
16,646,0
37,908,0
13,216,0
9,699,0
37,330,0
7,467,0
27,322,0
13,777,0
5,551,0
441,0
27,311,0
121,0
308,0
14,587,0
1,099,0
7,429.0
4,165,0
1,022,0
6,094,0
286,963,0
281,375,0
280,964,0
278,801,0
36,411,0
36,671,0
35,864.0
34,832,0
1,164,0
1,558,0
199,0
703,0
80,0
599,0
3,236,0
27,0
123,0
635,0
54,0
147,0
540,0
210,0
592,0
281 0
243,0
291,0
32,208,0 1,622,0
116,0
183,401,0 15,558,0
50,129,0 2,969,0
98,0
24,062,0 1,623,0
17,0
36,993,0 1,995,0
158,0
217.744,0 21,558,0 12,367.0
615,0
8,615,0
58,0
21,597,0 1,145,0
199,0
140,0
66,461,0 4,111,0
82,0
17,734,0 1,165,0
52,882,0 3,136,0 1,092,0
215,0
17,278,0 1,201,0
686,0
66,0
10,762,0
45,358,0 2,450,0 1,279,0
Totals, avge. for week_ 44,750,0 91,374,4
785,224,0 69,834,0 16,178,0 12,106,0
2,084,0
1,887,0
1,801,0
1,848,0
559,0
18
11
4
28
5,447,0
+224,0
Grand aggregate, actual condition Sept. 18 2,708,761,0 376,362,0 69,453.0 75,820.0 5,128,0
+28,801,0 +2,618,0 +363,0 +1,758,0 -133,0
Comparison prey. week
-Grand Aggregate actual condition Sept. 11 2,679,960,0 373,744.0 69,090,0 74,062,0 5,261,0
Grand Aggregate actual condition Sept. 4 2,654,540,0 352,938,0 70,365,0 74,205,0 4,729,0
Grand Aggregate actual condition Aug. 28 2,655,374,0 335.529.0 70.044.0 77.750.0 5.231.0
a Became National Bank Sept. 111915, but not member of Federal Reserve Bank of N.Y.
x Capital set aside for foreign branches,$3,000,000.
141,0
98,0
4,000,0
180,0
200,0
118,0
2,0
5,0
628,0
211,0
285,0
307,0
133,0
1,239,0
2,062,0
784,573,0 60,254,0 17,257,0 11,453,0
778,587,0 59,560,0 14,701,0 19,077,0
780,201,0 51,452,0 9,161,0 8,648,0
790,547,0 60,050,0 3,581,0 4,142,0
=-_-.=_-_-=-_. Grand Aggregate,avge_ 178,550,0 306,774,7 2,698,841,0 374,456,0 69,603,0 74,31070
Comparison prey. week
+32,156,0 +129160 +771,0 +4,333,0
Sept.
Sept.
Sept.
Aug.
36,684,0
36,978,0
37,005,0
37,070,0
4,851,0
10,948,0 11,608,0
10,202,0 9,189,0
12,656,0 10,491,0
12,354,0 12,744,0
41,250,0 10,806,0
31,546,0 3,882,0
10,268,0 1,174,0
439,0
4,970,0
155,0
2,347,0
971,0
12,343,0
81,213,0 8,311,0
300,0
3,349,0
560,0
4,851,0
15,023.0 2,154,0
452,0
3,723,0
775,0
5,923,0
833,0
13,492,0
283,0
4,582,0
11,967,0 2,382,0
19,349,0 1,533,0
18,205,0 1,574,0
Trust Companies
Not Members of
Federal Reserve Bank.
1,500,0 3,468,8
Brooklyn Trust Co_ _ _
10,000,0 13,173,0
Bankers Trust Co
2,000,0 4,247,7
U.S. Mtg.& Trust Co_
1,250,0 1,321,9
Astor Trust Co
Title Guar.& Trust Co_ 5,000,0 11,866,5
Guaranty Trust Co__ 10,000,0 23,217,8
1,000.0 1,337,3
Fidelity Trust Co
Lawyers Title & Trust_ 4,000,0 5,065,8
2,000.0 7,409,3
Columbia Trust Co_ _ _ _
1,433,9
1,000,0
People's Trust Co
New York Trust Co__ 3,000,0 11,197,9
1,000,0 1,096,2
Franklin Trust Co
534,7
1,000,0
Lincoln Trust Co
2,000,0 6,093,6
Metropolitan Trust Co_
T otals,actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
48,300,0
30,185,0
11,170,0
4,856,0
2,355,0
10,528,0
92,302,0
3,006,0
4.725,0
16,188,0
3,515,0
6,170,0
12,543,0
4,561,0
13,783,0
21,210,0
14,054,0
16.496,0
16.559,0
18,136,0
18,475.0
18,0
9,0
109,0
12,0
62,0
3,0
12,0
6,0
255,0 22,185,0 86,577,0
27,0
13,0
27,0
4,784,0
656,619,0 110,604,0
232,0 22,250,0 88,423,0 656,985,0 116,269,0
270,0 21,935,0 88,955,0 620,238,0 118,413,0
242,0 23,651,0 79,064,0 623,433,0 119,377,0
266,0 28,945,0 72,919,0 637,285,0 118,758,0
__------ 2,057,0 169,244,0 87,55470 2,749,630,0 138,042,0 36,73570
3,075,0
+96,0 +1,458,0 --522,0 + 76,248,0 -2,760,0 -243,0
+158,0
2,960,0
+34,0
2,015,0 172,522,0 89,543,0 2,765,537,0 137,609,0 36,684,0
-119,0 +3,192,0 -2,719,0 +70.297,0 -2,209,0 -294,0
2,926,0
2,577,0
3.101.0
2,134,0 169,330,0 92,262,0 2,695,240,0 139,818,0 36,978,0
2,064,0 170,091,0 82,771,0 2,672,296,0 142,367,0 37,005,0
2,326.0 178,206.0 76,780,0 2,667,529,0 142,093.0 37,070.0
STATEMENTS OF RESERVE POSITION.
Actual Figures.
Averages.
Cash Reservei Reserve in
in Vault. Depositaries
Total
I a Reserve
Reserve.
Required.
Surplus
Reserve.
Inc. or Dec.1
Cash Reserve Reserve in
from
PreviousWeek in Vault. Depositaries
Total
Reserve.
b Reserve
Required,
Surplus
Reserve.
Inc. or Dec.
from
PreviousiVeek
$
3
S
Members Federal
$
Is
Reserve Bank._ _ _ 371,624,000 139,937,000 511,561,000323,665,650 187,895,350 +7,009,540 373,704,000 143,190,000 516,894,000 326,106,760 190,787,240 +4,735,290
+888,860
-330,460 62,011,000 7,082,000 69,093,000 54,257,400 14,835,600
)
62,012,006 7,122,000 69,134,000 53,901,111d 1.5,232,820
State Banks
+434,480 91,048,000 22,250,000 113,298,000 98,547,750 14,750,250 -9,374,050
Trust Companiess
90,180,0001 22,185,0J0 112,365,000 98,492,85 13,872,150
Total Sept.
Total Sept.
Total Sept.
Total Aug.
18
523,816,000 169,244,000 693,060,000476,059,686217,000,320 +7,113,480526,783,000 172,522,000 699,285,000 478,911,910 220,373,090 -3,749,900
±367.910522,157,000 169,330,000691,487.000 467,364,010 224,122,990 +15,012,080
11_ 505,572,000 167,786,000 673,358,000463,471,160 209,886,840
4,,. 498,877,000 173,676,000 672,553,000463,034,070209,518,930 +15,371,900 502,237,000 170,091,000672,328,000 463,217,090 209,110,910 +4,311,330
28
479,843,000 172,662,000652,505,000458,357,970194,147,030 +8,354,170 488,554,000 178,206,000666,760,000 461,960,420 204,799,580 +12,211,760
* Not members of Federal Reserve Bank.
a This is the reserve required on Net Demand Deposits in the case of State Banks and Trust Companies, but in the case of Members of the Federal Reserve Banks.
Includes also the amount of reserve required on Net Time Deposits, which was as follows: Sept. 18, $821,850; Sept. 11, $836,450; Sept. 4, $918,150; Aug. 28, $945,450.
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. 18,$824,800; Sept. 11, $827,950; Sept. 4,5900,800; Aug.28,$923,750.
SEPT. 251915.1
THE CHRONICLE
995
The State Banking Department report weekly figure
s
In addition to the returns of "State banks and trust
showing the condition of State banks and strust compa
comnies panies in New York City
in New York City not in the Clearing House
not in the Clearing House" furnished
, and these are by
shown in the following table:
the State Banking Department, the Department
also
presents a statement covering all the institutions of
SUMMARY OF STATE BANKS AND
this class
NEW YORK, NOT INCLUDED IN TRUST COMPANIES IN GREATER in the whole State.
C EARING HOUSE STATEMENT.
Th%figures are compiled so as to distin(Figures Furnished by State Banking Departm
ent.) Differences from guish between the results for New York
City (Greater New
September 18.
previous week.
Loans and investments
$586,366,200 Dec. $2,095,100 York)and those for the rest of the State, as per the
Gold
following:
49,891,500 Inc.
220,600
Currency and bank notes
For definitions and rules under which the various
8,634,200 Dec.
11,300
Total deposits
items
762,645,600 Inc. 5,415,400 are made up, see "Chro
Deposits, eliminating amounts due from
nicle," V. 98, p. 1661.
positaries and from other banks and reserve detrust comThe provisions of the law governing the reserve requir
panies in New York City, and exchang
ees
606,458,000 Dec. 2,069,700
Reserve on deposits
207,999,600 Inc. 7,372,400 ments of State banking institutions were published in
Percentage of reserve, 33.8%.
the
"Chronicle" March 28 1914 (V. 98, p. 968).
RESERVE.
The regulations relating to calculating the amount of deposi
State Banks-Trust Companies
ts and what
Cash in vaults
$10,374,300 11.10%
$48,151,400 9.26% deductions are permi
Deposits in banks and trust cos_
tted in the computation of the reserves
16,414,000 17.57%
133,059,900 25.53%
were given in the "Chronicle" April 4 1914 (V.
Total
98, p. 1045).
$26,788,300 28.67%
$181,211,300 34.79%
STATE BANKS AND TRUST COMPA
The averages of the New York City Clearing-House
NIES.
banks
and trust companies, combined with those
Slate Banks
Trust Cos.
and trust companies in Greater New Yorkfor the State banks
Stale Banks
Trust Cos.
Week ended Sept. 18.
City outside of the
in
in
outside of
outside of
Clearing House, compare as follows for a series of
Greater N. Y. Greater N. Y. Greater N.
Y. Greater N. Y.
weeks past:
COMBINED RESULTS OF BANKS AND
TRUST COMPANIES IN
GREATER NEW YORK.
We omit ciphers in all these figures.
Week ended
- Loans and
Investments
June 26
July 3
July 10
July 17
July 24
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Sept. 4
Sept. 11
Sept.18
Demand
Deposits.
Total
Entire
Money Reserve on
Holdings. Depositi.
Other
Money.
Specie.
$
3,045,645,1 3,028,615,2 446,616,8
3,105,038,2 3,083,954,0 435,726,5
3,144,527,9 3,093,795,5 400,003,9
3,145,394,3 3,124,117,8 407,474,4
3,156,507,4 3,138,585,5 414,895,2
3,158,668,0 3,147,068,8 419,001,4
3,184,089,5 3,161,053,4 419,236,5
3,192,566,33,172,513,5 434,942,9
3,227,324,2 3,227,946,4 449,279,8
3,239,060.6 3,256,872,5 456,750,1
3,244,100,9 3,280,386,0 473,413.8
3,255,146,3 3,281,909,7 481,187,9
3,285,207,2 3,356,088,0 498,657,5
.
$
67,300,000
10,913,000
13,100,000
151,327,000
13,749,700
Loans and investments_ 340,352,300
Change from last week _ -14,649,300 1,286,164,200
+4,091,100
11,225,000 •
137,346,500
+918,300
Capital as of Dec. 24___ _
24,550,000
Surplus as of Dec. 24_
39,269,500
Gold
Change from last week_
201,467,500
+223,600
46,806,700
-2,246,300
107,448,500
+5,424,800
70,451,2 517,068,0 796,000,4 Currency and bank notes
22,852,300
33,289,000
72,230,4 507,956,9 789,700,3
Change from last week
+108,000
+467,800
82,704,3 482,708,2 766,343,0
84,165,2 491,639,6 777,173,8 Deposits
441,535,900 1,613,806,700 148,133
84,463,7 499,358,9 789,583,3
,100
Change from last week. -18,745,700
+9,992,400 +1,023,200
84,187,0 503,188,4 806,293,6
83,077,0 502,313,5 799,090,0 Reserve on deposit
101,271,400 399,476,900
83,149,3 518.092,2 812,298,7
29,109,200
Change from last week _ -5,474,200
+13,784,900
83,967,5 533,247,3 828,407,2
+287,200
81,539,1 538,289,2 847,557,2 P.c.of reserve to
deposits
27.6%
83,874,0 557,287,8 878,958,4
31.5%
22.7%
Percentage last week
27.9%
82,700,5 563,888,4 873,985,2
30.9%
22.6%
83,684,2 582,341,7 901,059,6
+ Increase over last week: -Decrease from
last week.
214,696,900
+805,000
31,737,800
+591,600
18.0%
17.9%
Non-Member Banks and Trust Companies.
-Following is the report made to the Cleari
ng-House by clearing nonmember institutions which are not included in the "Clea
ring-House return" on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS
OF NEW YORK CLEARING HOUSE.
CLEARING
Net
NON-MEMBERS. Capital. 1 Profits.
Loans,
Discounts,
rat. b'ks June 231 InvestState b'ks June 23J menu, ctc.
Week Ending
Sept. 18 1915.
Members of
Fed'i Reserve Bank
Battery Park Nat
First Nat., Brooklyn
National City,Bklyn
First Nat., Jers. City
Hudson Co. N.,J. C.
First Nat., Hoboken
Second Nat., Hobok
Legal
Tenders.
Gold.
Excess
Due from
Reserve
Depositaries.
Net
Demand
Deposits.
Average. Average. Average. Average. Average
. Average. Average. Average. Average
$
$
. Average.
$
$
$
$
$
2,252,000 109,000
$
$
$
33,000
41,000
5,000
428,000
4,960,000 112,000
2,288,000
34,000 119,000
5,000
5,000 565,000
4,902,000 151,000
150,000 4,563.000
47,000 108,000
14,000
11,000 618,000
4,720,000 212,000 273,000
327,000 4,824,000
87,000
25,000
495,000 2,841,000 4,134,000
3,832,000
88,000
12,000
63,000
72,000
5,000 333,000
5,304,000 113,000
542,000 2,778,000
27,000
53,000
22,000
4,000 329,000
4,195,000
577,000 1,970,000
60,000
39,000
90,000
5,000
250,000
342,000 2,085,000
1,795,000 4,450,000 30,165,000
845,000 465,000 561,000
---148,000
25,000 3,018,000 4,779,000 22,642,000
Total
360,600 1,947,000 108,000
731,700 7,568,000 390,000
694,700 6,751,000 489,000
183,000 1,138,000 102,000
478,500 4,458,000 542,000
288,400 3,322,000 159,000
514,000 5,368,000 402,000
727,500 16.405,000 813,000
186,900 3,090,000 189,000
3,300,000 4,165,300 50,047,000
3,194,000
Total
Trust Companies.
Not Members of the
Federal Reserve Bank.
HamiltonTrust,BkIn
Mechanics, Bayonne
Net
Time
Deposits.
$
$
200,000
150,500
300,000
679,400
300,000
614,500
400,000 1,279,900
250,000
776,300
220,000
654,300
125,000
295,100
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Wash. Hgts. 100,000
Colonial Bank
400,000
Columbia Bank_ _ _ _ 300,000
Fidelity Bank
200,000
Mutual Bank
200,000
New Netherland_ _- 200,000
Yorkville Bank
100,000
Mechanics' Bklyn__ 1,600,000
North Side, Bklyn__ 200,000
Total
Silver.
Nat Bank Nat.BanIc Federal
Reserve
Notes(Re- Notes[Not Reserve
with
serve for Counted
Bank
Legal
Stale In..
as
Notes[Not Deposistitutions] Reserve .1 Reserve]. taries.
9,000
55,000
124,000 502,000
93,000 228,000
8,000
21,000
34,000 137,000
36,000 144,000
67,000 185,000
111,000 625,000
43,000 114,000
81,000
9,000
59,000
46,000
92,000
299,000
24,000
525,000 2,011,000
637,000
27,000
115,000
500,000 1,040,300 6,702,000
200,000
275,100 4,033,000
462,000
72,000
7,000
25,000
11,000
71,000
28,000
26,000
700,000 1,315,400 10,735,000
534,000
32,000
82,000
54,000
Grand aggregate... _ _ 57795,000 9,930,700 90,047,000
4,573,000 1,022,000
Comparison, prey wk
+192,000 +45,000 -51,000 2,654,000 691,000
-70,000 -34,000
Excess reserve, $107,950 decreape
Grand aggr'te Sep 11 5,795,000 10,067,500 90,755,000
Grand aggr'te Sep 4 5,795,000 10,067,500 90,695,000 4,528,000 1.073,0002,724,000 725,000
4,623,000 994,000 2,519,000 791,000
Grand aggr'te Aug 28 6,395,000 10,067,500 90,595,
000
Grand aggr'to Aug 21 6,395,000 10,460,500 90,522,000 4,599,000 1.187,000 2,549,000 761,000
4,523,0
Grand aggr'te Aug 14 6,395,000 10,460,500 90,624,000 4,554,000 1,049,000 2,597,000 693,000
00 1.101,000 2,499,000 842,000
100,000
215,000
22,000
22,000
385,000
-17,000
402,000
313,003
295,000
348,000
269.000
Average. Average.
$
$
44,000 191,000
297,000
117,000
383,000
195,000
2,767,000 217,000
1,881,000
99,000
4,692,000 1,499,000
90,000
73,000 1,509,000
483,000
606,000 8,054,000
427,000
160,000 7,113,000
102,000
294,000 1,016,000
339,000 1,383,000 4,282,000
2,000 200,000
245,000 3,352,000
344,000 1,061,000 5,732,000
1,052,000 2,012,000 17,529,000
198,000
512,000 3,306,000
2,000 3,235,000 6,346,000 51,893,
000
1,000
14.000
15.000
National
Bank
Circulation.
400,000
67,000
68,000
535,000
253.000 1,389,000 5,052,000
901,000
83,000
470,000 1,667,000 2,210,000
336,000 1,859,000 6,719,000 3,111,000
42,000 6,589,000 12,984,000 81,254,000
+1,000 +29,000 +313,000 +141,000 8,338,000 1,499,000
-1,000 -7,000
41,0006,560,000 12,671,000 81,113,000
40,000 6,516,000 11,403,000 81,370,000 8,339,000 1,506,000
37,000 6,481,000 11,937,00081,233,000 8,106,000 1,552,000
41,000 6,487,000 11,654,000 81,124,000 8,146,000 1,524,000
43,000 6,342,000 11,440,000 80,298,000 8,113,000 1,505,000
8,780,000 1,512,000
Philadelphia Banks.
-Summary
Boston Clear
Clearing-House banks and trust compaof weekly totals of
-We give below a
nies of Philadelphia: summary showinging-House Banks.
the totals for all the items
We omit two ciphers (00) in all these figures.
Clearing-House weekly statement for a series in the Boston
of weeks:
Capital
and
Surplus,
July 10
July 17
July 24
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Se)t. 4
3e)t. 11
3ent. 18
BOSTON CLEARING HOUSE MEMBE
RS.
Loans.
$
i
103,684,3 421,239,0
103,684,3 422,884,0
103,684,3 424,533,0
103,684,3 425,398,0
103,684,3 426,702,0
103,684,3 429,948,0
103,684,3 431,769,0
103,684,3 432,266,0
103,684,3 431,900,0
103,684,3 432,378,0
103.684,3 433,634,0
Reserve.
Deposits.
a
$
$
113,026,0 496,280,0
114,109,0 506,446,0
114,811,0 503,808,0
114,109,0 503,280,0
115,946,0 505,092,0
117,853,0 511,867,0
119,090,0 512,880,0
116,789,0 510,436,0
119,932,0 518,366,0
123,105,0 519,879,0
125,335.0 530.794.0
Circulion.
$
11,241,0
11,264,0
11,252,0
11,230,0
11,224,0
11,261,0
11,255,0
11,145,0
11,136,0
11,121,0
11.100.0
Clearino
$
130,789,1
168,838,(
152,015,1
148,913,1
157,813,9
152,237,(
151,546,1
147,975,9
173,932,C
126,690,9
161.6O3.
a Includes Government deposits and the
$156,069,000): also "Exchanges for Clearingitem 'due to other banks" (Sept. 18,
House" (Sept. 18, $13,453,000). Due
from banks Sept. 18, $62,876,000.
Sept. 18.
Change from
Sept. 11.
Sept. 4.
1915.
previous week.
1915.
1915.
Circulation
$9,076,000 Inc.
$12,000 $9,088,0001 $9,090,000
Loans,disc'ts & investments_ 348,888,000 Inc.
85,159,000 263,729,000 260,310,000
Individual deposits, incl.U.S. 282,551,000
Inc. 88,085,000 194,466,000
Due to banks
125,194,000 Inc. 13,921,000 111,273,000 193,265,000
Time deposits
17,389,000 Inc. 9,680,000 7,719,000 106,917,000
Exchanges for Clearing House 10,091,000
7,789,000
Inc. 1,003,000 9,088,000
Due from other banks
37,694,000 Inc. 8,226,000 29,468,000 10,097,000
Cash reserve
28,399.000
26,662,000
Reserve in Fed. Res've Bank 12,190,000 Inc. 4,490,000 22,172,000 22,464,000
Inc. 3,680,000 8,510,000
Reserve with other banks
65,145,000 Inc. 22,526,000 42,619,000 8,743,000
Reserve excess in bank
42,571,000
7,474,000
200,000 7,674,000 8,312,000
Excess with reserve agent_ _ _ 45,957.000 Dec.
Inc.
Excess with Fed. Res've Bk. 2,596,000 Inc. 17,836,000 28,121,000 28,419,000
1,335,000 1,261,000 1,667,000
Imports and Exports for the Week.
-See fourth page
preceding.
THE CHRONICLE
996
[VOL.
Armin
the most active bonds
Westinghouse cony. 5s were by far advance of 4 points.
nt by an
and led the upward movemeover 3 points higher than last
Wabash ref. & ext. 4s are and Southern Pacifies,New York
week,Union Pacific 1st 4s 2, Great Western, Burlington &
ay Night, Sept. 24 1915.
Wall Street, Frid
phone, Erie, Chicago
ation.—The Tele cy, Central Pacific and Balto. & Ohio issues are from
Quin
Market and Financial Situ
The Money
niatic relations with Ger- 1 to 2 points higher.
atmosphere surrounding our diplo
of Government bonds at
which, together with the proUnited States Bonds.—Sales
many has cleared a good deal
pean credit in the Board include $1,000 4s coup. at 110, $1,500 35 coup. at
blishing a Euro
gress made this week in esta
reg. at 98. For to-days prices of
a broader activity and higher 1003 to 101 and $9,000 3s week's range see third page folthis market has resulted in
s and for
ange. Little attention is all the different issue
range of prices at the Stock Exch
lications in • lowing.
what seem to be increasing comp
here paid to
e
Miscellaneous Stocks.—The stock market
ver, the entrance of two or thre I Railroad and y more active, and, although quite irreguEurope. Perhaps, howe
dedl
not be to the advantage or has been decihas generally been strong and net changes are
Balkan States into the war may
0
ts nor hasten lar, the tone
substantially higher level. Over 1,100,00
of any of the original belligeren
change the status
in- in most cases to aed in on Wednesday, the largest number
Hope of the latter is not much
trad
shares were
the end of the conflict.
e for the week has not been
g on and especially by the since early May,and the aggregatd. The market was reacCreased by anything now goin
much as the equaled since the date mentione
in Russia, inas
advance of the German army
but prices moved up during the unusual
to have retreated in good tionary on Tuesday, y and the best prices of the week were
Russian army seems thus far
Wednesda
ity. of
s of both men and equipment. , activtained. To-day's market was a duplicate of that of
order with relatively small losse
domestic main
that it was stronger and
conditions abroad, therefore,
Wednesday, with the difference
Under existing
smaller. The railet. Next in importance to the aggregate transactions were a littledian Pacific led this
affairs are dominant in Wall Stre
depending largely way issues were notably strong. Cana
above, and
4
the European loan referred to
nce of 43 points, and closes 8% points
increasing foreign trade bal- list to-day in an adva . Baltimore & Ohio is 43% higher,
upon it for continuance, is the
s, higher than last week
,New York Cen4
/
dentally, marketing the crop
Great Northern (ex-div.) 23
ance in our favor; and inci
way lines, and also St. Paul 3%, New Haven nearly 3, Pennsylvania 23,
nearly 4,
ng traffic on some important rail
tral
increasi
ic over 4.
ioned, in the iron and steel Reading 43,Southern Pacific 33% and Union Pacif
the increasing activity, often ment
irregular as usual, some covIndustrial stocks have been
of the latter is illustrated by an
ral Motors, for instance,
industry. The importance
est quotations re- ering a very wide range. Gene
ebaker 253/2, New York Air Brake
in Steel common stock to the high
advance
points. Stud
t the special Exposition traffic covered 70 ell Motors 12, American Woolen 12, and others
corded since 1912. No doub
%
183 , Maxw
part of the gross gain of $1,536,- 6 to 10. Moreover, many of the issues mentioned closed
accounts for a considerable
earnings for August, but the whole to-night at the highest point reached.
000 in Southern Pacific's
page 1005.
there
For daily volume of business see
be attributed to that source, and
this week of shares not
increase could hardly
The following sales have occurred pages which follow:
rts from other roads for the
moreover, favorable repo
list on the
are,
represented in our detailed
same period.
e
to
Range since Jan. 1.
French people, their willingness mak
Range for Week.
Sales
The loyalty of the
STOCKS.
outcome of the war, is
Highest.
Lowest.
Week ending Sept. 24. for
Highest.
fices and their confidence in the 000 gold in the Bank
Lowest,
sacri
Week.
$12,500,
Sept
Feb 104
18 83
again shown by their deposit of red by its last report. The
500101% Sept 22103% Sept 23 53
Sept 55% Sept
American Express
Sept 23 55% Sept
of France during the week cove
Apr
15
n ctfs of dep
, showed diminished gold Amer WoolePaper, pref.. 8,00' 53 Sept 22 10 Sept 22 5 July 83 Sept
hand
1,500 834
Aug
18 64
Bank of England, on the other ease in its percentage of Am Writing pref
10 84% Sept 18 843's Sept 21 27
Feb 32% Apr
Brown Shoe,
Sept
Sept 22 3
, but a substantial incr
60) 29
holdings
Sept
Jan 130
22 110
Butterick
2130 Sept 22130 Sept 22 98
Jan 1075 Sept
reserve.
Cent & So Am Teleg200 107 Sept 22107% Sept 20 7c. May 21e. June
, Peabody,
et for sterling exchange Cluettock Tunnel prof
Sept 20 150. Sept
700 Ile.
Sept
Feb 127
23
Foreign Exchange.—The mark
736128 Sept 23127 Sept 24 1113( July 53 Aug
the week, awaiting the results Comst t Ediso
2
Sept
100 5 Sept 24 5 Sept 22 4
has been quiet but firm duringblishment of the Anglo-French Detroih S S &nAtlantic
Jan
July 1'
Dulut
23 10
8% Sept
Apr101
95
of the conference for the esta continental exchanges have, Preferred R L dr P, pf 500 00% Sept 23101 Sept 23 120 June 126 Sept
3001
Jan
Havana Elec
in this country. The essed.
22% Sept 23122% Sept 23 30 June 36% Apr
1201
credit
Nash Chatt & St Louis_
24 321 Sept 20
200
ver, been somewhat depr s for sterling exchange were N Y Chic & St Louis_ _ _ 1,000 32 Sept 24 3% Sept 24 2 Feb 45 June
howe
3 Sept
Aug
May 93
83
Ontario Silver Mining
To-day's (Friday's) actual rate
154 89g Sept 22 893i Sept 22 74
Aug
May 92
one-Mull, 1st pre:
92 Sept 24
4 70%@4 71 for cheeks and
91"
67%@4 68 for sixty days, Commercial on banks 4 64@ Pettlburgh Steel. pref.. _ _ 300 155 Sept 21 158 Sept 24 123 June 158 Sept
4
Pittsb
Sept 24
2it
Co full paid
Sept
71%@4 71% for cables. ent 4 653/2. Cotton for pay- Texasco Products,rects_ 600 98 Sept 23100 Sept 2i 95 May 102% Apr
4
pref..
21 4834 Jan 6634 Apr
Tobac
paym
5) 6034 Sent 21 6334
Jan
Sep 5')
4 66 and documents for payment 4 703/2•
33
United Dry Goods, pref..
40) 30 Sept 21 35 Sept 22
Apr 1034 June
Realty &
ment 4 65 and grain for for sterling posted by prominent US ReductionImpt
2% Sept 20 234 Sept 20 134 Jan 111
100
Sept
& Reg
Sept 22 7734
US
641 109 Sept 18111
,
It There were no rates
Jan 4834 Sept
Wells, Fargo & Co
Sept 24 46 Sept 24 25
,
cs Western Maryland pref. 400 4534 Rant 9221IR Rnnt 92 25211 A no 9QA 1,1c.r.•
bankers this week.
i(1/1s12,1
actual rates for Paris bankers' fran
To-day's (Friday's)
for short. Germany bankers'
ing on the Broad Street "curb"
were nominal for long and 5 89
Outside Market.—Trad
vAmsterdam bankers' guilders were
marks were nominal.
k, with price movements irregular. Acti h
this week was bris
als, of whic
39 15-16 for short.
week's range, ity was pronounced in several of the industri corn., after
27fr. 703/2c.;
was the leader. The old
Exchange at Paris on London,
low.
5
Int. Mercantile Marine advanced to 5% and finished to-day
27fr. 410. high and 27fr. 71c. on not quotable.
decline to 4,
Lond
a fractional
to 323.j and closed
Exchange at Berlin onexchange for.the week follows:
old pref. gained over 4 points ily traded in, with
at 534. The
The range for foreign
Cables.
. Submarine Boat was heav as high as 523
s.
Check
to-day at 323/8
Sixty days.
4723
From 503/i it sold
Sterling, Actual—
471%
price movements erratic.
4683
High for the week_ __4 69
468
being at 5034. Carbon
for the week_ __4 66
as 48%, the close to-daya rise of some 30 points
Low
and as low
579
Paris Bankers' Francs—
580
mon was conspicuous for The 1st pref. moved up
Steel com
586
High for the week_
587
to 65.
Low for the week_
to 73, with a final reaction from 50 to 55. Canadian Car
—
83N
Germany Banker'
83%
from 68 to 75 and the 2d pref. to 109, then dropped to 102,
83%
High for the week______________
83%
from 105
& Fdy. corn. improved The pref. went up from 117 to 120 and
Low for the week_ rs' Guilders—
40%
Amsterdam Banke
40%
closing to-day at 103. Cramp Shipbuilding lost over 5 points
_ _
40%
for the week _ _ _
High
40%
down finally to 118. 's business carried the price back to
Low for the week_
par to 100. discount.
though to-day
stic Exchange.—Chicago, 00 discount bid and to 8558, the close at 89. Driggs-Seabury moved up from
Dome
per $1,0
corn. advanced. over 4 points to
on, par. St. Louis, 5c.cisco,40c. per $1,000 premium 90, with
Bost
107 to 115. Int. Motors
from 61
Sc. premium asked. San Fran $1,000 premium. Minneap- 33% and to-day reacted to 30. The pref. sold up eld Tire
per
finally to 65. Kelly-Springfi
Montreal, 62M to 783/20.
premium. Cincinnati, par. New to 663/ and eased off to 239 and ends the week at 233. Toolis, 25c. per $1,000 $1,000 discount and brokers, $1 corn. jumped from 214
e a noteworthy advance, from 25
Orleans, sight, 50c. per
bacco Products corn. mad at 3634. Triangle Film, another
premium.
to-day
4
s at the to 363 ,and closed ed over a point to 934. Oil stocks made
s.—Sales of State bond
.
tt State and Railroad Bond York 43/28 at 110 to 1103'; active feature, gain few sales. Ohio Oil gained 7 points to
New
Board include $25,0001962, at 1013; $3,000 N. Y. Canal wide fluctuations on saction at 156. Prairie Oil & Gas adtran
$1,000 New York 4s, $1,000 N. Y. Canal 43s, 1965, at 157, with the final
and Prairie Pipe Line from 182 to 200.
432s at 109% to 1103; 100% to 101%, and $43,000 Vir- vanced from 408 to 425
ed to1962, at
N. J. sold up from 447 to 478 and clos ts to
Standard Oil of
1043/2; $4,000 4s,
poin
Standard Oil of N. Y. improved 10 between
trust receipts at 55 to 57.
de- day at 471.
ginia 6s deferred
and industrial bonds has been es- 200. In bonds, Del. & Hud. cony. 5s fluctuated
The market for railway
On Wedn
•Kennecott
ve and prices have advanced. e, and for the 1003/i and 100%, with the final figure 1003/2.weakened to
cidedly more acti
and
valu
egated over $4,000,000, par rds of $3,500,000, Copper 6s advanced from 169 to 1703/ier, after early deday sales aggr
en Copp
averaged upwa
week the daily transactions $2,300,000 last week, and of a 168. Among mining issues Brad 83/8. Kennecott Copper
nced to
as against a trifle more than active issues, 28 are higher, cline from 834 to 8%, adva , reacted to 53 and ends the week
and
list of 30 representative and 2 are unchanged. Sales for gained over 2 points to 553' from 7 to 634 and advanced to
many substantially so, ted as "s-30-f," increased to $1,- at 5434. Nipissing weakened
foreign account, represen last week, and all maintained a 7%.
d on page 1005.
Outside quotations will be foun
973,500 from $1,597,000
.
firm tone
Vaulters?
azette.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYIN TWO
997
G
PAGES.
For record of sales during the week of stocks usually inactive, see preceding page.
STOCKS
-HIGHEST AND LOWEST SALE PRICES
Saturday
Sept. 18
Monday
Sept. 20
Tuesday
Sept. 21
Wednesday
Sept. 22
Thursday
Sept 23
Friday
Sept 24
Salesfor
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1
On basis of 100-share lots
Lowest
Highest
Range for Previous
Year 1914
Lowest
Highest
Railroads
10114 102
10112 10214 102 10212 102 10214 10178 10212 102 10378 18,700 Atchison Topeka & Santa
9212 Feb 24 105 Apr 19
Fe_
8912 July 10038 Jan
.98
983
4 985 98 4 98 4 9912 9914 100
8
,
,
0938 99 4 997 10018 2,395 Do pref
,
8
96 Jan 5 1013 June17 z9612 Dec 10134 June
8
103 10318 *101 104
10434 1043 105 1053
10412 105
4
4 1,700 Atlantic Coast Line RR
98 Mar 1 11312 Apr 30 19918 Dec 126 Jan
8314 8414 8414 8458 84 8453 8414 847
,
8 8414 8512 8518 87 4 38,110 Baltimore & Ohio
4
633 Feb 25 8734 Sep 24
67 Dec
983 Jan
8
7112 7112 7138 715
8 7158 713
7214 723 727
4 7158 72
72
4
8 2,661 Do pref
67 Feb 23 7312 July 27
69 Dec
831 Jan
8
83 4 84
,
8414 8412 843 843
8
4 8414 8412 8414 8412 84% 8512 7,850 Brooklyn Rapid Transit
8314 Aug 13 93 Apr 21
79 July 9414 Mar
15314 15614 155 156
15518 156
15512 15712 155 4 158
,
157 162
25,100 Canadian Pacific
138 July23 174 Apr 19 153 Dec 22012 Feb
*260
Central of New Jersey
§250 Sep 1 325 Jan 22 300 July 310 Jan
4814 16" 46- 1612 4812 360 *260 350 8 *260 8 350 4958 5012 19,600 Chesapeake & Ohio
49
48
, 4912
4812 487
3July 9 5012 Sep 21
355
40 Dec
12
63 Jan
12
12
1214 1134 12
11 4 113
,
1134 113
1212 3,295 Chicago Great Western
4 12
4
1014 Jan 4 1418 Apr 19
914 July
1514 June
*30
31
31
313
4 31
3112 31
3018 31
31
31
3212 5,900 Do pref.
2512 May14 3658 Apr 19
25 July
4112 June
84% 855
8 85
8512 .8312 86
8412 85
8454 85
853 873 15,050 Chicago Milwaukee & St Paul_ 773 July26 9814 Apr 19
8
8
4
8434 Dec 10718 Feb
*121 12158 *12112 123 *12112 123
12312 12312 1233 12414 12414 1243
4
500 Do pref
4
12078 Sep 2 130 Jan 22 126 Dec 143 Feb
127 127
127% 127% 127 127 *126 128
12618 12714 126 128
1,800 Chicago & North Western__
11812 July10 132 Apr 15 122 Dec 1367 Feb
*161 170 *161 170 *102 170
8
163 103 *160 170
165 165
200 Do pref
2034 21
207 2114 2014 21
8
1912 2058 1938 2053 1912 21 8 30,390 Chicago Rock Island & Pacific 163 July 9 1175 Jan 30 170 Jan 180 Jan
,
1012July23 3833 Apr 15
33 June 33 June
*110 120 *110 120 •110 120 *110 120 *110 120 *110 120
Chicago St Paul Minn & Om_ _ 1114 Apr 8 115 July 9 125 May
.124 130 *124 130 •125 130 *125 131 .
13114 July
125 131 *125 131
Do pref
124 Sep 17 131 July29 132 May 132 May
*32
35
3212 323 *32
35
'32
4
35
*32
33
34
35
1,700 Cleve CM Chic (lc St Louis... 121 Jan 18 36 Aug 10
22 July 40 Jan
*58
65
*60
70
8214 6212 *61
63
7112 *61
*61
200 Do pref
63
5318 Feb 17 65 Apr 1
40 July 70 Feb
*2614 27
2614 2614 .26
27
*26
27 •
26
27
204 27
550 Colorado & Southern
24 Mar15 32 Apr 8
20 Mar 2812 Jan
*47
55
*47
55
*47
*47
55
55
*48
55
*47
55
Do 18t prof.
45 Jan 18 5414 Apr 5
377 July 62 Jan
*35
45
*35
45
45
*37
*37
45 .37
45
*37
45
Do 2d pref
35 Sep 2 4912 Apr 3
29 Dec
35 Mar
*139 144
•14012 143
14012 14012 14012 14012 .141 143
200 Delaware & Hudson
13812 Aug 31 153 Apr 19 13834 Dec 15912 Feb
.400 425 *413 425 *412 422 *412 425 *412 425
412 412
200 Delaware Lack & Western
3997
8Jan 6 4291 Apr 10 388 Jan 4063 June
4
4
*6
712 *5
7
*5
712 *6
712
.812 *5
200 Denver & Rio Grande
712 812
4 Jan 12
914 Apr 20
4 July
1914 Jan
953 958
10 4 11
,
9% 9%
*9
*10
12
11
11
1112
800 Do pref
612Jan 7 1814 Apr 19
8 July 3118 Feb
30% 303
4 31
311. 3012 31% 30 4 3138 3014 314 31
,
317 97,300 Erie
8
1978 Feb 24 317 Sep 24
8
2013 July 3212 Jan
8012 5158 5118 52
5012 515
5214 51% 5212 41,175 Do 1st pref
8 50 4 52
,
51
3214 Feb 24 5212 Sep 24
32 July
40
4
493 Jan
40
40
403
4 39 4 39 4 40
,
4014 3914 40 8 4012 41
,
,
5,400
2d pref
27 Feb 25 41 Sep 21
2614 July 4014 Jan
11878 11978 11914 1193 11912 12014 1193 12018 120 12012 x119 12178 15,775 Do Northern
4
4
Great
pref
1123
4Jan 2 1223 Apr 19 11158 Dee 1343 Feb
4
46% 4818 44 4 463
4
,
4 4414 453
4 4412 453
,
4 44 8 46
44 4 4512 152,025 Iron Ore properties
,
2514 Jan 2 4818 Sep 18
2212 July 3914 Jan
102 102
1021 1023 1023 1023 103 103
4
4
4
103 10314 104 104
4
1,200 Illinois Central
99 July 7 113 Apr 19
2014 203
8 2012 207
8 2018 2012 20
8
2114 16,180 Interborough Con.sol Corp, vie 187 July10 2238 Aug 30 10312 Dec 115 Jan
2012 197 2018 20
8
7414 74% 74
7414 7312 7412 73 4 74
,
7314 733
8
4 735 75 4 7,075 Do pref
,
70 July10 77 Sep 9
20% 20 4 2014 2014 2018 2013 19% 20
3
20
2114 7,100 Interboro-Metropolitan v t ctf 10%Jan 16 2484 Apr 29
103 July
4
163
sJan
*76
79
Do pref
49 Jan 19 78 Sep 9
50 Dec
6533 June
-2612 W - 27 2714 2614 263 -2612 2812 2658 - - -2(1E8 2713 -6,200 Kansas City Southern
ii
4
205 Feb 24 295s Aug 12
8
2014 July 2812J1113
,
583 59
4
5913 5912 *58
5938 5878 587 *5812 5912 5978 60
8
1,000 Do pref
547 Feb 24 6012 Apr 20
4918 Dec
62 Jan
*712 8
8
8
*8
8
9
8
9
814 814 *8
900 Lake Erie & Western
5 Jan 5
958 Apr 21
518 July
9 Jan
*18
21
*18
22
*18
22
*18
22
19 .18
*18
22
Do pref
19 May27 2314 Apr 22
17 Apr
2112 Jan
14512 146
14512 146
14514 14512 145 14514 144 4 146 x14312 146
,
11,400 Lehigh Valley
12914 Feb 24 148 Aug 11 118 July 15614 Jan
48
4912 4912 49 4 47
,
47
*46
49 .46
48
4612 47
820 Long Island
30 Jan 11 4934 Sep 2
28 Jan
36 Feb
11812 11812 119 119
11912 11934
11914 11914 120 12114 1,815 Louisville & Nashville
10412July 8 12512 Apr 20 125 Dec 14178 Jan
127 12714 127 127
127 127
fiii; 127 127 *126 128
880 Manhattan Elevated
125 June25 129 Apr 23 128 Jan 133 Feb
*912 13
12
12
*1112 14
11
11
*11
13
1214 1212
450 Minneapolis & St Louis
8 Sep 15 193, Feb 15
918 July
1614 Jan
*23
35 .26
36 .20
36
*22
35
*25
35
Do pref
24 Sep 15 49 Feb 15
2712June 3512Jan
118 11912 120 12012 12114 12214 12112 123 *123 124 ziii 12184 -"2",400 Minn St Paul & S S Marie_
106 Jan 4 124 Aug 11 101 Dec 137 Feb
*125 12712 *125 130 •125
12812 12812 *127 130 *125 130
100 Do pref
123 June 8 132 Apr 19 130 June 145 Feb
64 64
,
0% 67
,
68
8 *65
4 63
4
8 7
512 6 8
,
5 4 63
,
8 5,900 Missouri Kansas & Texas
5 July16 1514 Apr 19
818 Dec
21 Jan
*1412 1512 1512 1512 1412 15
1212 1412 5,900 Do pref
15
15
1318 15
1212 Sep 21 40 Apr 5
26 Dec
60 Jan
3 4 33
,
4
312 3 4
314 35
,
314 312
8
4% 34,400 Missouri Pacific
314 3%
314
13 July27 1814 Apr 19
4
7 Dec
30 Jan
*15
*15
20
20 .15
20
*15
20 .
*15
15
20
20
Nat Rys of Mexico. 1st pref._
1412 Aug 31 23 Jan 5
30 Jan
34 Feb
*5
6
514 *5
6
*5
5 4 *5
,
.5
5 4 *53, 6
,
Do 2d pref
454 July28
712 June 4
5 Dec
14 Jan
9212 9414 911g 95
94
9478 94
94% 93% 95
9412 9614 35,220 N Y Central & Hudson River_ 8112 Mar 1 9614 Sep 21
77 July 9658 Jan
6712 683
8
8 675 6812 6712 673
4 6712 68
67
685
8 6814 6914 16,170 N Y N II & Hartford
43 Feb 25 7114 Apr 21
495 July 78 Jan
27
2718 2714 2812 28
29
2814 287
8 2838 291s 2814 2912 12,900 N Y Ontario & Western
2134Jan 6 35 Apr 20
1854 Dec
3158Jan
110 11114 111 11112 11012 111
11012 111
111 11112 111 4 115
,
15,045 Norfolk dr Western
9912Jan 4 115 Sep 24
9612 Dec 1057
8July
*81
91
*81
91
*81
91
*81
91
Do adjustment preferred_ 8012 Sep 2 90 June15
85 Jan
90 Apr
10712 1085 jai" 10858 10818 109
8
108 108 4 1073 109
4
,
111 22,580 Northern Pacific
9918 Feb 24 11258 Apr 19
96% Dec 11812 Feb
10918 10912 10934 110
10934 1093 10978 11018 1095 110% 1101811114 16,488 Pennsylvania
4
8
10358 Feb 24 11138 Apr 21 10212 Dec 11512Jan
*68
70
*88
70 .68
70
*68
70
*68
70
*08
70
200 Pittsb CM Chic & St Louis__ _ 65 May17 72 Jan 18
64's July 91 Feb
*__-- 96 •
_ 98
- 96 •
96
96
96
Do pref
90 June19 9812 June 5
95 June 101 Mar
14912 1515 151 152
8
15018 151
liar4 151
1521 15158 154
8
65,600 Reading
13834 May10 15718 Apr 19 137 July 17214 Jan
*803 8114 80 4 82 .80
,
4
837 .81
8
837 *82
8
837 *83
8
83%
050 1st preferred
80 4 Sep 20 90 June12
,
87 July 89% June
*83
*83
85
843
4 84
*82
84
85 .82
85
*84
85
527 2d preferred
80 Feb 23 8612 Apr 19 x80 Dec
93 Jan
*1,
3,
*I2
*18
3
8
3
8
*18
*14
3
8
3
8
35
100 Rock Island Company
18 July15
118 Apr 9
•14
58 Dec
•14
16% Jan
12
*14
12
12
*3
8
12
*14
12
*14
Do pref
12
June21
212 Apr 9
1 Dec
25 Jan
412 412 *414 412 *4
438 438
4 12
212 3
33
4 4
1,000 St Louis & San Francisco _ _ _ _
13 Mar22
4
714 June26
2 Apr
538Jan
*7
*712 10
*812 10
*71, 9
*8
10
*9
10
10
Do 1st preferred
7 Aug 17 1212 June28
8 May 1712 Jan
57
8 57
8 *5 4 6
512 57
,
3
012 518 1,500 Do 2d preferred
5% 5 4
,
5 2 512
,
3 Jan 18
8 Mar31
214 Dec
934 Jan
•103 1012 *1012 1012 12
4
12
*11
15
•11
1612 15
15
200 St Louis Southwestern
11 Sep 9 19 Apr 23
177s July 2634 Jan
*---- 35 *_35
33
33 *---- 30
30
3012 3112
400 Do pref
2934 July24 37 Jan 21
36 July 6518 Jan
1412 1412 i:154 143 •14
4
143 *14
4
14 4 1418 1458 1412 1412 1,400 Seaboard Air Line
,
1118 July31 17 Apr 21
1014 Dec
34
3378 337
2233 Feb
8 33
*33
34
*3312 34
33
3312 3312 34% 1,400 Do pref
453 Jan
3014 July24 42 Apr 10
4
58 Feb
89 89 4 893 9012 8934 0038 893 9018 89% 91
4
,
4
91
92 4 53,650 Southern Pacific Co
,
8114 Feb 5 95 Apr 21
81 Dec
9912Jan
110512 10512
25 Certificates (when issued)_ _ 947 Feb 20 10614 Apr 19
3
9278 Dec 10612 June
"14" -16(8 1614 1653 1614 1613 1614 1658 1612 16 4 1658 1734 15,600 Southern Railway
,
1212 July23 1938 Apr 9
14 Dec
2814 Feb
52
50 4 503
51
3
4 5118 5214 5158 5212 5214 53
5314 54 4 3.300 Do pref
,
42 July23 63 Jan 28
58 Dec
8514 Feb
*10
1112 1118 1112 1118 1118 •10
11
1012 1012 11
1112 2,500 Texas & Pacific
812 July23 177 Apr 19
s
1112 Dec
1754 Apr
60 8 5812 5912 58% 5918 5814 593
5812 593
3
4 59
8 593 6014 17,650 Third Avenue (New York)_ _ _
4
35 Jan 2 OA Sep 20
33 July 4534Jan
*2 4 43
,
,
4 *2 4 5
*23
4 5
4 5
*23
4 5
*23
.23
4 5
Toledo St Louis & Western_ _ _
1 Jan 0
312 Aug 27
1214 Jan
*612 g
2 Dec
.612 9
*612
*612 9
*612 9
*612 9
9
Do pref
512 May25
93
8Jan 23
434 Dec
23 Jan
9212 9212 .92
*92
95
93
*92
03
9212 9278 9212 9212
400 Twin City Rapid Transit_ _ _ _ 90 July 9 100 Apr 19
9478 July 10812Jan
13012 13134 1301s 131
129 131
130% 13078 129 4 13112 1303 13312 77,700 Union Pacific
,
4
11534Jan 2 13458 Apr 19 112 July 1643
8Jan
8012 813 *8012 80 4 8012 81
*8012 82
8
,
8018 8014 803 80 4 2,850 Do pref
4
,
z79 Mar 1 8212 Aug 31
7712 Dec
86 Feb
2312 233
23
23
4 23
2312 2212 23
2214 2212 223 243 18,200 United Railways Investments.
4
4
8 Jan 5 26 Aug 31
712 Dec
2334Feb
38 4 39
,
*3658 3912 3812 39
3812 3812 36% 37
38
4012 5,300 Do pref
2114 Mar15 4212 Aug 28
22 July
S• _
4914 Mar
18
18
Wabash
18 May26
214 Apr 30
45 Jan
12 July
1
18
8
I*18
_4
*is
14
*18
14 *--;i
14
14
*18
13 June28
14
100 Do
612 Apr 29
13 Dec
4
13 Jan
2834 293
*2812 2912 2838 29% 2018 3014 3,500 WesternProf
4 20,2 203
4 2812 29
Maryland
914 Jan 4 3133 Sep 4
1034 Dec
35 Jan
*3
4
114
4
13
4 214 *2
13
13
4
212 12
2
218 238 1,650 Wheeling & Lake File
3 4 Jan 18
,
12 July28
212 July
*3
7
63
8Jan
*212 6
*212
*3
7
*6
7
7
10
100 Do 1st preferred
2 Aug 2 16 Jan 18
814 July
21 Jan
*1
218 238
*1
2
2
214 27
3
3 *2
3
1,100 Do 2d preferred
3
58 Aug 10
6 Jan 18
3 Dec
11 Jan
32
36
*31
32
*30
36
*31
36
*30
35 .31
34
100 Wisconsin Central
28 July14 397
8Jan 21
2934July 48 Feb
*Ha-
%au.
Industrial Sr Miscellaneous
3212 3312 33
337
8 32 4 33 4 3213 3314 3212 3278 3278 33
,
,
9,700 d Alaska Gold Nlining_Par $10 $2618 Jan 7 $4012 Apr 22 $1912 July $.2878
4358 4414 4358 458 42 4 4412 4318 4414 4214 437
,
May
8 43
437 75,875 Allis-Chalmers Mfg v t c
8
4Jan 12 4612 Aug 12
73
6 July 1414 Feb
7112 7214 72
727
8 7112 72
713 7218 70
4
7112 7114 7214 12,600 Do preferred v t c
33 Feb 10 76 Aug 12
3213 July 49 Jan
6314
6214 6314 6234 6358 62
6114 6112 61
6212 6212 63
6,100 American Agricultural Chem_
48 Jan 4 65 Aug 30
473 Jan
4
5912 Mar
*95
9912 *9512 9912 19614 9614 96
96
*95
99
97
97
250 Do pref
90 Mar27 97 Sep 21
9014 Dec
9712 Jan
6.53 66
4
6614 673
6812 6612 0838 6434 6714 58,925 American Beet Sugar
4 6612 6818 67
3314 Jan 6 6812 Sep 22
19 July 3312 Dec
*88
90
92
8814 8812 88
*88
89
*89
8912 88
88
1,200 Do* pref
83 Feb 1 91 Aug 18
66 May 80 Dec
103 103 .100 103
*103 105
102 10212 *101 105 *100 104
300 Amer Brake Shoe & F cite dep 8714 Feb 25 10934 Aug 9
80 Apr
9712 Feb
170 170 •151 175
*152 174
108 168 *165 175
175
250 Do pref ctfs dep
13212 Mar25 183 Aug 9 1291j Jan 146% Feb
6014 617
6014 6114 6014 62
8 61
623
4 6014 6212 6058 63 154,950 American Can
25 Feb 24 64 4 Aug 16
,
1914 July
3518 Jan
8
1047 10178 105 10512 10538 10612 106 10612 10618 10618 106 10614 2,000 Do pref
9112Jan 5 10712 Aug 16
80 July 96 Jan
703 713
8
4 7012 713
8 7414 7718 7414 77
4 7012 745
75
7714 152,925 American Car & Foundry _ _ _ _
40 Feb 23 7714 Sep 24
4214 Dec
5312 Feb
*1143 1163 11658 1163, •11612 11714 *11612 11714 1167 11714 11612 117
4
4
8
850 Do pref
11112 May25 118 Aug 6 112 July 11.87 July
152 152
8
152 15312 152 1527 151 151
8
15012 156 x151 15212 0,400 American Coal Products
82 Jan 20 17012July 12 §82 Jan 18612 Mar
*119 121 *119 121 •118 120 *117 120
119 119 *117 121
100 Do pref
105 Jan 7 120 Sep 11 1102 Jan 107 July
5114 5178 5114 6114 5014 5138 5012 5214 51
52% 5134 5218 3,200 American Cotton Oil
39 Jan 4 5418 Apr 28
32 July 4612 Feb
4 96
*948
.943 06
4
*9434 96
*9412 05
05
95
*9412
200 Do pref
91 June25 9912 Sep 2
935 June 9738 Mar
8
812 83
4
9
938
938
958
93 1012 1053 1114 1114 -12
4
36,400 American Hide & Leather....
438 Feb 19 12 Sep 24
314 July
3814 40
514 Feb
403 4134 4012 423
4
4 4314 4538 4512 4758 4614 49
47,200 Do pref
19 4Jan 5 49 Sep 24
,
17 July 2534 Feb
2478 25
*24
25
24
24
2312 2358 23
23
2312 2312 2,100 American Ice Securities
20 8Jan 4 35 Apr 30
5
197 July 3234 Feb
8
2012 2078 20
2012 20
20% 1914 2014 183 193
4
4 185 19
8
6,100 American Linseed
7I Jan 2 2412 Aug 30
3612 36i2 35
712 July
115 Jan
8
3512
35
36
36
3634 .35
37
*3412 37
700 Do pref
24 Jan 5 4114 Aug 30
24 Dec
57
3134 Jan
5712 5718 5814 57
5814 58
5978 5914 61
5912 6112 94.410 American Locomotive
19 Mar 2 68 Apr 16
2014 July 3714 Jan
*98 100
*98 100
x9714 9714 *96
09
9714 9714 9738 98
400 Do pref
75 Mar 6 10018 Apr 16
*6
96 Jan 10212 Mar
8
68
4 63
4 *614 714
612 658
7 3 73
3
8 *7
712
400 American Malt Corporation..
37 Apr 14
8
8 Aug 31
914 Jan
414 Dec
*2612 29
*2614 28
*2812 2712 2612 2714 27
28
29
29
1,100 Do pref
2112 May27 3212 Mar31
30 Dec
*7012 80
80
80
5018 Jan
*793 8012 8012 8012 *793 8012 *80
4
4
8012
700 Amer Smelters Sec pref B
78 Jan 19 83% May 5
7914 July 85 Jan
8
8 817 843
4
8112 817
4 833 8.514 8453 8534 837 86
8
8514 88 120,660 Amer Smelting & Refining__ 56 Jan 2 88 Sep 24
5014July
10712 10712 107 108
7118 Feb
4
1063 1063 107 107
4
.
10712 10712 10712 1075
8
800 Do pref
100 Jan 4 10812 Aug 10
9712 Apr 105 Jan
150 150 *149 153 *149 153
*147 153
148 149 .147 157
500 American Snuff
144 Jan 16 165 Apr 22 148 Dec 172 Jan
.103
*105 ____ *105
*104 106 *103
*106
_Do pref (new)
103 Jan 19 10612 Apr 26
997 Jan 10534 July
8
54
58
5712 56
56
5612 5412 5578 54
5534 5412 - 4 18,727 Amer Steel Foundry (new)
551241s Mar 5 58 Aug 18
2712 July
3712 Feb
8
10814 10812 109 1097 10912 11018 10912 1097 10814 1083 108 1087
8
8
8. 6,000 American Sugar Refining
9912 Feb 24 11414 Apr 23
97 Mar 10978 Jan
1147 1147 115 116 *115 117 *114 116
8
8
*114 115
116 116
800 Do pref
109 Feb 5 116 Sep 21 1077 Mar 115 Dec
8
12312 12418 124 12414 124 12414 12418 12412 12414 12412 12412 1247
8 4,920 Amer Telephone & Telegraph_ 116 Jan 4 1247 Sep 24 114 July 12414 Jan
8
227 22912 *228 231
22718 228
228 228
22612 22612 22812 2293
4 1,550 American Tobacco
:218 May14 25212 Apr 22 215 Apr 256 Mar
108 109
108 108
*108 109
109 109
109 109 .108 10912 1,185 Do preferred (new)
10314 Jan 4 10912 Sep 9 101 4 Jan 109 June
,
4312 478 48
4812 49
493
4 48
5538 5318 57
5312 55
81,770 American Woolen
1584 Mar 6 57 Sep 23
12 July 2O7 Jan
8 9312 94
9314 933
9312 94
9312 947
8 9412 95
9414 9412 3,450 Do pref
7212 Mar 83 Jan
8 7112 7238 7134 7212 7153 7212 713 7212 7134 7233 41,850 Anaconda Conn, _ r.,‘50 7714 Feb 27 95 Sep 23
7112 717
8
c24, 57 24 c39. A or 2 a91I, m. -ggi, Feb
3 'h
• Bid and asked prices: no sales on this day, t Ex-rights.
Less than 100 shares. a Ex-div. and rights. b New stock. c Par $25 per share.
d Quoted dollars
per share. e First installment paid. z Ex-dividend. s Full paid.
New York Stock Record-Concluded-Page 2
998
stocks usually inactive, see second page
For record of sales during the week of
-HIGHEST AND LOWEST SALE PRICES
STOCKS
Saturday
Sept. 18
Monday
Sept. 20
Tuesday
Sept. 21
Wednesday
Sept. 22
Thursday
Sept. 23
Friday
Sept. 24
Salesfor
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
preceding.
Range Since Jan. 1
On basis of 100-share lots
Lowest
Highest
Range for Previous
Year 1914
Lowest
Highest
Industrial & Misc.(Con.)
5218 Mar
3812 Jan
4
2658 Mar 3 943 Sep 24
4 9012 9434 240,400 Baldwin Locomotive
4
92 Mar 9 10712 Sep 22 10212Jan 110 June
8 8118 8278 8212 8814 853 913
8012 827
8012 81
537 Do pref
*107 _ _
8114 Feb
$12 Apr
10714 10712 __-_ ____
$12 Feb 5 52 Apr 17
Mining-Par 520
*106 107 110712 10712 107 107
300 d Batoplias
8
118 118 *118 114
291 Jan
465 Dec
114
4614 Jan 2 359 Sep 22
114 *118
114 *118
*118
_
Bethlehem Steel
9138 Dec
68 Jan
353
91 Jan 2 183 Sep 24
aii- 344 - 345 350 336 357 *16012 359 354 355 354 358 7,300 Do pref
4,200
183
173
167 168
169
118 Jan 5 13212 Apr 30 118 Deo 130 Jan
16012 164
160 160
Union Gas
160 168
Brooklyn
*127 133 *128 133
8
$5612 Aug 23 $797 June 4
.127 133 *127 133 *128 133 *129 8 133
5812 6,200 d Butte dr Superior Cop.Par $10
4 58
3058 Feb
4
1518 Dec
4
6034 585 6018 563 583
8 July26 213 Sep 22
v t ctfs_
8 6014 608 60
6012 605
50 July 68 Mar
8 2012 2112 30,525 California Petroleum
3
4 20 4 213
213
30 July23 5434 Feb 8
1912 1934 2112 2018 215a 20
1834
6,200 Do pref
4614 47
3814 Deo
2578 Jan
4
463 4712 4614 47
3258 Feb 20 4938 Sep 20
47
46
4538 47
45
45
74,945 Central Leather
047 Jan 104 July
4758 488 478 49
10038Jan 7 107 Sep 23
4514 4712 4814 4938 4814 4914 4814 4918 107 107
550 Do prof
10612 10612
4
106 10612 *10512 107
Par 55 3234 Jan 6 493 Apr 26 13112 Dec 144 Feb
106 106
•106 108
4458 9,650 d Chino Copper
4
2012 July 3412 Feb
4414 4434 443 4512 44
2134 Jan 5 5838 Sep 17
8
4478 4414 4478 445 447
44
4
8
535 56% 543 5612 180,680 Colorado Fuel & Iron
5158 54
11334 Jan 4 13134 Apr 30 11212 Dec 13912 Jan
5614 5212 54
5538 5712 53
3,800 Consolidated Gas(NY)
4
1273 128
3712 June 4514 July
12818 12912 12838 12838 128 128
4014 Jan 4 9438 Aug 16
128
12612 12612 127
11,250 Continental Can
90
89
84 July 9184 July
9114 9338 9018 93
92
8812Jan 5 10412 Sep 22
9012 90
86 .x86
.84
200 Do pref
*10414 10512 *105 106
7 July 1318 Jan
4
8 Jan 2 1918 Aug 30
*10414 106 *10212 106 .102 1043 10438 10412 1814 1858 18
8
183 26,350 Corn Products Refining
5818 July 72 Jan
4
1812 183
65 Jan 5 86 Sep 21
8 1878 1814 19
1814 177
18
8512 8514 8514 2,800 Do pref
85
86
85
86
85
1814 May10 9712 Sep 21
4
843 85
.8312 85
8 139,830 Crucible Steel of America- _ 84 May10 108 Sep 24
8 9312 973
953
9712 9514 9634 93
9338 9514 9312 9612 93
4,025 Do pref
107 108
8 107
4
38 Jan 25 125 July 22
106 10618 10638 10718 1063 10714 107 1077 1065 1237 118 120
8,600 Cuban-American Sugar
8
90 Dec
8
90 Dec
11934 12314 1197
114 120
93 Mar17 110 Sep 14
114 116
300 Do prof
11 July 2012 Mar
102 102 *101 105 *101 105 *102 105
102 102
512 Mar 2 3014 Aug 10
Corp_ 2412 2514 8,200 Distillers' Securities
2534 2434 25
June25 $2414 July15
2634 2512 2534 25
8
255
2518 26
2212 7,300 d Dome Mines Ltd......Par $10 8516 Sep 1 7812 Sep 3
2234 22
8 22
8
217 227
2234 23
69
2234 2312 2234 227
9,400 Electric Storage Battery
78
74
714 May 15 Jan
7212 7312 7314 75
27212 73
8 Mar24 60 June12
7412 7312 74
72
400 Federal Mining &Smelting
32
43 Jan
32
2858 Dec
29
29
4
*2834_ *283 34
20 Mar13 65 June12
30
30
30
*26
8 4812 4812 2,000 Do pref
485
47
48
48
48
48 165 Jan 26 300 Aug 26 160 Apr 180 Jan
4512 4512 49
*43
General Chemical
42
*286'
4
4
106 Mar 1 1113 Sep 10 10712 Feb 110 June
8
s
12897 2897 *286 290 12893 2893 *28612 290 *110 290
1290 290
Do pref
114
114 *110 114
138 Mar 3 17812 Aug 26 13712 Dec 15058 Feb
*109 114 *109 114 *109 114 *110 17512 17114 174
27,800 General Electric
99 May
173 174
3738Jan
17112 17434 174
82 Jan 2 350 Sep 21
tr ctfs__ _
1717 17212 17012 173
70 July 95 Feb
339 33912 9,400 General Motors vettrust Ws_ 905
32912 340
8Jan 4 11512 Sep 13
29712 350 335 345
296
294
285 290
800 Do pref voting
i
113 11378
195
8Jan
287 Apr
8
4 113
2412Jan 7 727 Sep 21
11412 1141 *113 11412 *113 11412 11212 11212 1123 71
7014 137,300 Goodrich Co(B F)
6912
8
95 Dec
797 Jan
3 7018 7218 6812
95 Jan 14 109 Sep 8
8
6514 6612 665 7134 6914 727
500 Do prof
10812 1082 10812 10812
8
10812 10812 108 108
$451 Jan 7 5685 Aug 27 $4012 July 55712 Apr
109
$25
*109 110 .106
.800 d Guggenheim Explor_Par
8
6512 641s 6512 647 655 10
6614 65
51638 Jan 2 $3678 Aug 28 $1414 July $1914 July
6514 6538 6612 65
65
1012 July
3438 3514 27,000 d Inspiration Con Cop_Par $20
4 Jan
4
512 Mar31 2438 Aug 30
4
4 343 3538 343 3514 3414 35
353
8 35
3438 355
500 Internet Agricultural Corp
13 May 36 Jan
1812 1812 19% 1918
19
*18
20
8 Mar15 42 Aug 28
1912 .19
1912
1914 1914
500 Do pref
s
82 July 11312Jan
8
387 387
38
38
*3812 39
40
*38
90 May10 114 June 4
3812 39
*3838 39
1,700 International Harvester of N J 110 July13 117 Jan 20 11312Jan 1187 July
8
8 *106 10734
8
4
10612 10612 107 1073 10712 1087 107 1083 *---- 117
107 107
100 Do Prof
4
82 Dec 1113 Jan
Feb 20 80 Apr 10
117 117 *__ 117 *-___ 117 *___ 117
*116 117
100 International Harvester Corp.. 55 Mar 6 114 Jan 14 11414 May 118 July
6958
6912 6912 *68
*6912 70
9012
4
*693 71
*6912 71
*6912 75
Do pref
23
117 .--- 117
4
117 *__ 117 *---- 117 *---- 117 .____ 2193 21414 21812 5,812 International Nickel (The)._ 212 Sep 23 2193 Sep 19
*____
107k Feb
634July
4
. 212 21934 212
8 Jan 6 12 Apr
____
41 Jan
30 Dec
lois 1018 1014 1014 1012 1012 2,700 International Paper
33 Feb 24 43 Apr 19
1012
;iii 1012 1014 I% 3814 If% 3812 39 3814 3812 39 39 3,700 Do pref
94 June
80 Jan
3912
76 Aug 24 88 Apr 26
39
*37
39
*38
Kayser & Co (Julius)
4May
Mar
83
*77
*77 . 83
83
107 Jan 13 109 Apr 19 106 Jan 1083 Feb
____ -__ *7612 83 *77
*7612 83
Do 1st pref
105
81
99 Jan 18 160 Aug 24
___ *108 114 *107 114 *107 114 .107 114
____
*107 114
Kresge Co (SS)
99 Jan 105 Mar
*150
10514 Feb 15 112 Sep 15
168 *155 168 *155 168 *150 168 .110 168
*155 168 *155
Do pref
11212
2612 July 40 Jan
11212 *11012 1121
28 Jan 7 72 Aug 30
*11012 11212 *11012 11212 *11012 11212 *11012 71
85 July 101 Feb
5
4
683 70 8 6914 70% 23,750 Lackawanna Steel
6914 68
9218 Jan 15 106 Apr 13
8
693 6934 68
6918 70
400 Laclede Gas (St Louts)
10112 102 *101 10212
*102 103 *102 103
207 Jan 9 231 Apr 22 20712 Deo 231 Mar
•10112 103 .10112 103
100 Liggett & Myers Tobacco
*22512 230 .22512 230
4.Tan 5 11978 Sep 9 11138Jan 11812July
1133
22514 22514 *225 230 *225 230 *22512 230 *11638 11914 *116 11914
Do pref
38 Jan
26 Dec
1191
16 Feb 17 31 Jan 11
*116 11912 *116 120 *11612 11914 *116
200 Loose-Wiles Biscuit tr co ars- 88 Feb 20 10518 Jan 13 101 Apr 105 Mar
2312 2314 2314
2414 *22
2414 *23
*23
2414 2312 2312
•23
Do 1st preferred
9514 June
89 Jan
Marll
9712
9712 *92
8
60 June15 65
9714 .9213 9712 *917 9712 *92
*994 9712 .92
Do 2d preferred
65
*55
65
*55
65
*55
65
16512Jan 6 184 Mar 8 160 July 190 Apr
*55
65
65 .55
*55
Lorillard Co (P)
178 *168 174 *168 174 .168 180
Sep 14 118 Jan 19 110 Jan 11778July
112
*168 17818 *168 178 *168
Do prof
8
61 July 873 Feb
115 *112 115 *112 115
8Jan 11 8278 May 6
725
*112 115 .112 115 *112 115 *112
100 Mackay Companies
70 Jan
6518 Jan
78
'78
78
*76
80
*75
65 Feb 25 6934 Jan 19
*7512 78
78
*70
*7514 78
Do pref
1514 Dec
1412 Dec
--- ___ -*6612 67
*6612 67
Jan 6 58 Apr 14
67
67 .66
ctfs__ - 154
*6612 6712 *66
44 Deo
5612 102,430 Maxwell Motor Inc tr ctfs
4112 Dec
5712 5358 5614 631 4
- 4314Jan 2 943 SeP 22
4518 4634 4612 5018 5014 5634 5558 943
1712 Deo
17 Dec
9434 9314 937 17,461 Do 1st pre( stk tr Ws-. 18 Jan 6 4914 Sep 22
4 93
9412 935
9212 93
90
tr
90
89
5112June 6914 Jan
4814 79,720 Do 2d pref stkStores
4812 46
4914 44
35 July12 56 Mar 2
455
8 46
41
3814 40
3712 38
2,300 May Department
9712 June 10134 Feb
517 517
527 527
s
52
50
50
47
947 Apr 27 29812 Mar15
4513 50
300 Do Prof
7312 Feb
96
4612Jan
*94
96
*94
96
*95
96
51 Jan 9 97 Apr 26
96
Petroleum
67 May 87 Feb
4
8612 8812 8912 9114 87% 9012 883 9212 110,020 Mexicanpref
67 Jan 15 94 Apr 26
8512 8512 89
85
500 Do
Feb
87
86
Apr
87
*82
87
4 87
4
863 863
86
Par $5 $1714 Jan 6 529% Sep 26 $1612 Dec $2438 June
8712 86
Copper
.82
23
52%
41 Dec
2712 2758 2718 273
4 2738 2712 12,080 d Miami
42 Jan 4 6012
4 2712 277
2738 2712 2738 273
6012 11,300 Montana Power
1Sep 3 101 Apr 10378 June
6038 5912 6012 60
Jan 29 1075/
5'7%
99
5712 58
5812 5718 58
.58
200 Do pref
____ __-- *103 107 *103 105
116 Apr 3 132 Jan 22 120 July 139 Feb
*105 10512 105 105 *103 107
400 National Biscuit
12312 _--- ---- *12012 12312 *12112 12312
119 MaY25 126 Feb 3 11914 Jan 128 June
12012 12012 122 122% *12014 124
200 Do pref
*121 125 *121 125
_-_
--_ 124
68 Mar25 90 Aug 27
.121 124
1,325 National Cloak & Suit
87
4 87
863
845
84
8458 - 8 84
10012 Mar25 109 Apr 27
18312 8312 8212 8212 8312 110 *10714 110 *108 110 *108 110
Do pref
9 July 14 Feb
8
9t2Jan 4 297 Sep 22
*10714
Stamping•107 109 *10714 109
8
80 June 867 Mar
4
s 273 2918 2838 2912 25,815 Nat Enameling &
4
4 263 297
s
79 Apr 1 90 July27
2714 263 263
27
8
267 27
200 Do prof
90
*87
90
40 July 52 Jan
4
*88
90
*86
90
44 Jan 4 703 May 1
*86
89
89
89
89
17,750 National Lead
6614 6514 66
4Jan 4 11214 Sep 10 105 Jan 109 Feb
4 6558 6638 65
6512 663
1043
4
4 6412 663
/3
643 643
400 Do pref
11118 11118
8
111 111
7
8
1107 110 8 *11014 111
35 5113 Feb 24 $167 Apr 27 31014 July $16'2 Jan
11014 11014 *11014 111
1414 3,134 8 Nevada Cons Cop_ - _Par
58 July 69 Jan
1438 1438 1418 1414 14
4
5912 Feb 26 1643 Sep 23
1418 1414 1414 143s 1414 1438
641s July 7914 Mar
,
81 API' 21
164 4 15512 162 15712 159 42,497 New York Air Brake(new)
154 163
159
14712 15714
64 Jan 19
145 146
7612 20,750 North American Co
*74
77
1714 July 29 Jan
4 77% 7818 75
18 Mar17 38 Aug 3
773
4 77
773
76
7518 75
Mail
20 July 31 Jan
3114 3238 3138 3138 4,400 Pacific Telephone & Telegraph 2618 Feb 11 3912 Apr 16
341
3214 32
3234 32
32
*3012 32
400 pacific
33
3112 321 *31
3312 *3212 35
11212May10 12312 Apr 3 106 July 125 Jan
*3212
*3212 35
35
*32
s
8 1,000 People's Gas Lt & C (Chicago) 71 Apr 7 9012 Aug 29
4
4
1163 1163 117 11712 11712 11818 *11712 11812 1177 1177
117 117
9,680 Philadelphia Co (Pltlaburgh)4
2312 Feb
8714 863 88
15 Dec
86
86 86
87
1514 Jan 4 3818 Aug 28
4 86
4
8714 863 873
87
3534 28,000 Pittsburgh Coal
3614 35
7
9312 Feb
79 Dec
3614 35
35
9158Jan 4 10612 Aug 28
3312 36
3212 34
4
323 33
6,300 Do pref
104
4
46 Feb
2634 Jan
25 Mar a 67 Aug 16
100 10212 10314 10458 104 10478 102 1043 103
101
4
*993
647 37,225 Pressed Steel Car
4
978 Jan 10514 Mar
6312 6234 6514 6234 6412 64
86 Mar10 10214 Jan 25
4 6218 6334 62
623
62
200 Do prof
101 101 *10012 10112 *100 102
10012 Aug 24 11014 Apr 22 107 Jan 114 Apr
*99 101 .100 101
*99 100
Public Service Corp of N J
_
*103 107 *103 107
_
15018 Mar12 167 June14 150 Dec 159 Jan
*100 107 *100 107
100 107
400 Pullman Company
2% Jan
14 Mar15
414 Aug 7
4
1593 160% *159% 161
%June
16012 1601 *161 162
16014 16014 *159 161
Quicksilver Mining
3
*2
4 Jan
112 June
618 Junel5
8
.212 27 ___. ____ ____ __
4
3 Mar29
*212 2% *212 3
100 Do prof
*273 412
1934 July 3438 Feb
19 Mar 6 4414 Aug 18
212 212 *278 412
412
*212
14,750 Railway Steel Spring
397 42
40
88 Dec 101 Feb
8 3912 4014 3934 1013 3958 87 Mar 3 95 Apr 19
405
5
40 8 40
40
100 Do prof
92
r
92
1
27
94
1,8 DDeeco
pggg 6
9414 *92
118427
Faaa
: eb
7222;4 jjan 0201 1046317488 Aouu, 1113239 $715 Dee $9221142
Copper _ Par 510 $15 :nnn 2232 $2 1/1 AASAPr 2
*9112 9212 .9112 9414 *9112 941 *92
I
Jan
2134 22
217 2178 2134 2214 7,300 r Ray Cons & Steel
22
22
4
213 22
8
2134 217
457
4612 4534 4738 4658 4738 66,620 Republic Iron
45
45
8 4512 4612
4
453 463
2,550 Do pref
n
4181
10118 10118 *101 102
8
100 10014 10038 10058 10014 1007 10012 101
538 12,500 Rumely Co (M)
5
Jan
438 6
%
33 Apr
20 4 I:1e('
5's
4
43
514
4'2
4
53
3
53
512 518
7
73
4 814 5,200 Do pref
4
612 83
4
73
718
4
81
31313 Mar17 20912 Feb 1 17014 July 19712July
7
3
8 4 958
4
4 93
93
5,800 Sears. Roebuck & Co
156
4
12138Jan 4 12512 Feb 19 120 Dec 12434June
155 15618 15512 15512 155 1573 15518 15518 155 12434
154 154
335 Do pref
*12414 12434 *124
19l July 35 Jan
'
24 Jan 6 567 Aug 19
•124 12412 12412 12413 12434 1243 *12414 12434 53
5412 2,900 Sloss Sheffield Steel & Iron
5312 53
45 Dec
54
32 Jan
53
4312 Feb 23 75 Sep 23
5514 5212 54
55
55
54
900 Standard Milling
75
75
6712 Dec
5912 Dec
7434 75
72
72
66
65
60 Feb 17 80 Sep 22
6412 651
65
*62
1,385 Do pref
80
180
80
4
180
3614 Mar
20 Jan
7712 7612 7714 7712 80
(The) 353 Jan 2 145 Sep 22
76
78
*75
4
1403 14212 138,435 Studebaker Corporation
70 Jan
92 May
138 142
4
13912 1443 14014 145
91 Jan 2 10934 Sep 21
12912 141
120 130
1,400 Do pref
109 109 .107 109
4
4
8
_Par $25 $2512 Feb 24 565 Aug 26 $243 July $3634 Feb
107 *10712 10914 1083 1093 10812 109
•106
.
5412 5512 5414 558 557 5912 68 455 4 Tennessee Copper..
120 May14 162 Sep 24 112 July 14978 Mar
5434 56% 5434 5714 5514 56
11,100 Texas Company (The)
157 162
15512 158
154
7314 June 88 Jan
4
55 Feb 18 81 Aug 31
•15378 155 *152 15412 1523 15312 *72 15712 *75
100 Underwood Typewriter
82
*75
82
82
82
*72
9814 May22 105 July26 103 Dec 113 Apr
78
x78
82
*7918
Do pref
834 Feb
838 Aug 13
358 June
438Jan 4
*100 110 *100 110 *110 110 *100 110
*100 110 *100 110
8 1,100 Union Bag & Paper
67
67
8
8 67
67
8
8 67
68
65
8 7
4.612 7
1814 July 3213 Feb
8
227 July13 307 Apr 6
*612 7
Do pref
28
*25
28
*25
28
5014 Feb
*25
8
39 Dec
28
42 Jan 25 553 Sep 18
*25
28
*25
28
*25
4,260 United Cigar Mfrs
52
51
50
5012 50
5214 50
99 June 10378 Feb
100 June19 105 Feb 11
5412 50
/
5412 5533 52
300 Do Prof
734 June 1313 Jan
8 Jan 2 2314 Aug 17
103 104 *102 107 *104 105 '104.... *105 - - -- 2,400 US Cast Iron Pipe & Foundry
•102 104
2112 1912 20
21 - 21
30 July 49 Feb
3212 Mar 3 4712 Aug 12
4 2112 2212 21
2212 223
2212 22%
Do pref
45
*40
45
*40
45
87 Mar
*32
45
46 Jan
*40
60 July27 7314 Mar 9
45
*41
45
•32
U S Express
67
*65
*6534 67
67
20 Apr
*64
15 Dec
88
15 Jan 27 9012 Sep 20
6712 *65
*64
68
*64
861 30,250 US Industrial Alcohol
86
s
8712 8414 87
8518 Jan
75 Dec
70 Jan 26 10013 Sep 20
9012 8412 8714 83
86
8412 89
200 Do pref
*99 101
*99 102
*98 101
4412 July 63 Mar
44 July24 743 Apr 14
4
100 10018 *98 100
.98 100
537
5212 53 35,700 United States Rubber
8
9518July 10458Jan
10138 Feb 24 110 Apr 9
5258 5414 5312 5434 535 5412 52
5214 53
preferred
4 1,304 Do 1st
4
4
8
674 Jan
48 Dec
8
38 Feb 1 787 Sep 23
8
104 1055 10512 10512 1055 106 *10512 1053 1053 1053 638,020 United States Steel
10478 105
8
78% 773 7812
4 77
4Jan
8
x102 Feb 1 11438 Sep 24 10314 Dec 1123
8
753 7634 753 7614 7618 783
7518 757
Do pref
8
11312 11334 11334 11414 1137 11414 11418 11438 5,850 Utah Copper
4
4
Par $10 $4812 Jan 6 $73 Apr 26 $453 Dec $5938 June
11334 1133 1133 114
4
347 Mar
8 663 6738 20,650 d
17 Dec
4 6612 6714 6612 673
6618 663
67
4 4178 Aug 30
15
6518 6618 6578
9,600 Virginia-Carolina Chemical-- 80 Jan 6 1095 Sep 24
3814 4018 3812 3938 3912 397
96 May 10712 Mal
397
Jan
38
8
397
3812 3812 38
10812 10914 *108 10934 10953 10958 1,445 Do pref
35 July 52 Mar
4
36 June 9 66 Sep 4
106 10712 1073 109
106 106
6312 1,900 Virginia Iron Coal dr Coke
61
62
6214 62
62
62
5338 July 6678 Feb
6314 *58
57 Jan 2 77 Sep 8
62
62
60
7,500 Western Union Telegraph.-- 64 Feb 24 12414 Sep 22
7614 7618 77
7 7614 76
7614 76
7912 July
64 Jan
4
x753 7612 75
4
763 77
12218 515,100 Westinghouse Elea dr Mfg
12114 11912
8
117 Mar12 140 Sep 22 1157sJan 12412Juna
11812 1193 11734 12314 120i8 12414 11812 140 *140 _ -11714 119
500 Do 1st preferred
140
140 140
137 137
137
23 222 Sep 21
87 Feb
'
•13312 137 *13312
18,363 Willys-Overland (The)
216 21912 210 2171 215 216
212 222
96 Feb 13 10813 Sep 21
195 210
1901.2 193
700 Do pref
10818 10812 *10812 110 210812 10812 108 108
89 July 10314 Feb
9014 Jan 6 1111z Apr 14
•10512 108 *10512 10%
2,000 Woolworth (F W)
10812 1081 *10712 10812 108 108
4Jan 11878 Mar
10614 109
115 Jan 8 124 Aug 14 1123
106 100
•10514 106
Do met
124 *120 124
•1911 191 .12n 124 *120 124 *120 124 *120
share. sEx-stook
Ex-d1v. and rights. Is New stook. a Quoted dollars per
:Ex-rights. a
• Bid and asked prima: no sales on this day. 1 Less than 100 shares.
dividend. z Ex-dividend.
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
999
Jan.1909 the exchange method of quoting bonds Was changed. and pried's Ira now
all -and int,
r6st"-except for income and defaulted heeds
BONDS
N. Y. STOCK EXCHANGE
Week Ending Sept. 24.
t
U. S. Government.
U 5 2s consol registered___61930
Q. J
U B 2e consol coupon
d1930 - J
U 5 35 registered
k1918 Q F
U 111 3s coupon
k1918 Q F
8 48 registered
1925 Q F
II 13 4e coupon
1925 Q- F
U S Pao Canal 10-30-yr 2s_k1936 Q F
USPn Canal 10-30-yr 2s1938 Q -N
U 13 Panama Canal 35 ft---1901
-M
U S Philippine Island 45_1914-34 Q -F
Price
Friday
Sept. 24.
Week's
Range or
Last Sale
tc1"
4
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Sept. 24.
h
4
Price
Friday
Sept. 24.
Week's
Range or
Last Sale
4
"
514
4s1 Low
High NO Low High
98
97
97 Sep '15
963 964
4
97 -- 9712 July'15
9712 99
10034
98
98
9 98 1015
s
101
1003
101
4
1 10013 102
109 110 10913 Sep '15
109 110
110 Sale 110
110
10912 11112
96
9712 May'14
9713 9713
- - _ 97 July'15
160 1013 Aug '15
12
4
1003- id:f 4
100 Feb '15
loc) no
Range
Sines
Jan. 1.
Chic Burl & Q (Con.)
1310
Ask Low
High No. Low Eltob
Joint bonds. See Great North
Nebraska Extension 4e___1927 SI-N
9514 Sale 95
14 9434 97
9514
Registered
1927 M -N 9334 --__ 95 June'15
95
95
Southwestern DIY 45
1921 M• S 9912
_ 9915 June'15
9915 9918
General 45
1958 M S 0014 Sale 88%
9214
9014 112 88
Chic & E 111 ref & imp 4s g1955 J 16
2012 29
2478 June'15
J
let consol gold 85
1934 A-0 -93- 94
94 Aug '15
91 103
General consol 1st 15s
58
GO
1937 M- N
60 Sep '15
5118 75
Registered
5213 71
1937 M- N
71 J une'lo
Fur money let coal St..,.,,l942 F -A
_ 90
9734 Feb '13
Chic & Ind C Ry let 5s
_ 2713 J ul 7'14
1936 J Foreign Government
Chic Great West let 4s
7354
661s Sale 6512
Argentine-Internal 58 of 1909_ 14- 8 1____ 92
1959
86 64 "
67
93 June'15
80
9914 Chic Ind & Loulsy-Ref 68.1947 M- S
Chinese (iukuang Ry)-55 of '11 J -D 2- 113 114 July'15
113 117
3-i
743 88 July'14
4
Refunding gold 5s
Cuba-External debt 59 of 1904_
1947 3-i
98 101 June'15
101 101
e 95 Sale 95
9512 15 931 9713
Refunding 4s Series C
Exter dt 5501 '14 ear A_1949 F - A
-__--1917 3-3
9533 Apr '11
92
90
91
913
4
18 90
94
Ind & Loulsv 1st go
External loan434s
------45-1956
86 July•12
80
80 Aug '15
1949 F- A
83
80
8512 Chic Ind & Sou -year 45_1956 J - J
Japanese Govt-£ loan 434s 1925 F - A
3-i
--- 9014 Aug '12
7834 Sale 783
4
7912 22 73% 8412 Chic S & East 50
1st 4 As
Second series 4165
1969
101 Deo '11
-77
76
1925 J - 176
7(312 26 717 32
8
Chicago Milwaukee de St Paul- J -D .--Do do "German stamp"- • _ _ _
7:3
7312 79 70
793
Gen'i gold 4s Series A. e1989 J 4
86
Sterling loan 49
87
8514
92
7834 Junela
853
1931 - J ---..
4 13 85
Registered
adexlco-Exter loan £ 55 01 1899 Q - J _
el989
8912 Apr '15...- 8913 8913
3
7914 Apr '14
82
Gen & ref Ser A 434s____a2014 Q- J
8712 Gold debt 45 01 1904
E34 8814 89
9238
A87
65 July'14
85
1954 1.0
Gen ref cony ser 11 5s___a2014 F Prey of Alberta-deb 4145._1924 F - A
10278 134 10018 10412
A 10234 Sale 10212
88
9512 Jall '15
96
9511 9512
Gen'l gold 334s Ser B
75
Tokyo City-Se loan of 1912__ _ \•1- S 1---- 7912 80 May'15
7612 96,4 Aug 43
e1989 J
71
76
J
9 15
'4
8014
82
78
General 43458er C
9758 Sale 9758
:These are prices on the basis of d5to£
el989 J - J
98
13 97 10113
25
-year deben 48
8512 8613 8412
1934 J - J
8434 10 8413 9014
Convertible 434s
State and City Securities.
1932 -D
177 9314 9913
Chic Sc L Sup Div g 5s_ 1921 3-2 1943 S_-- 10238
013 _ ale
N Y City-41,1s
4
9914 Sale 99
1023 10212
Aug '15
8
9914 35 9714 10011
1960 MChic & Mo Riv Div Ss__ _1926 J 4 Si a Corporate 8toek_
J 10012 _--- 103 July'15 ---- 103 104 4
8
3
9918 23 973 10038
1961 M - S 9914 993 99
4
Chic & P W 1st g 5s
434s Corporate etock
10212 Sep *15 81.4 10134 10338
1921 J - J 10212
I965 J -D 102 Sale 10178
102
107 101% 102
C M & Puget Sd let gu 48_1949 J - J
434s Corporate stock
86
8712 853 Sep '15 ---- 857 91
8
10214 24 101% 105%
1963 M - S 10212 10234 10214
Dak & Grt Sou gold 5a
4% Corporate stock
1916 J J 100
- - 10018
95% Sale 9514
10018
3 100 10012
1959 - N
957
8 70 94
97%
Dubuque Div let s f 6s
it% Corporate stock
1920 3-i 10613 ....-- 1063
8
957 Sale 9538
9578 17 9413 97
1958 M- N
Fargo & Sou assum g 85_1924 3-S 10$ --- 110 4 June'15 -- 10(3 107%
d% Corporate stock
June'13 -95
9558 47 94
1957 SI-N 9512 96
97
La Crosse & D let Sc
11% Corporate stock
1919 3-2 10114 _--- 10218 June'15
913 9413 94 Sep '15
s
1021* 102's
1956 M- N
9714
94
Wis et Minn Div g55
1021s ---- 102(4 June'15 -- 10158 10214
New 434s
1921 J 10218 28 1015s 1053
8
1957 M- N 10218 10238 1017
Wis Vail Div let 85
4
4
1920 J
New 414e
J 1053 __-- 10613 July'15 ---- 10614 107
4
1917 M- N 10078 1013 10034 Aug '15
10012 10114
Mil & No let ext 444s
1934 -D 98 ___- 99 May'15
Corporate stock
43.4%
99 100 8
8
10218
7
5 101% 10518
1957 - N 1021s -- 1017
Cone extended 4345._ _ _1934 •
97 ____ 10038 Niar'15
% Assessment benda 1917 SI-N 1003 -- 1003
10035 10011
4
4
1003
6 10013 101
4
Chick Nor West Ext 4s1486-1926 F - D 93
A
83.4% Corporate stock__ _1954 M11- N
847 86
9414 May'15
8
8558
9212 9414
858
2 84
89
Registered
1888-1926 F - A
N Y State-45
10038 1013 1001 Sep '15
9412 .a y 14
78 J u
9% I
2
4
4
1961 PAI99% 1013
4
General gold 3345
793 78%
s S'ale
1987 M- N
Canal Improvement 45_1961 J - J 1013
7012 24 78 -di 10118 Aug '15
8
997 10112
8
Registered
p1987 Q - F
Canal Improvement 45_1962 J - J 10114 Sale 10(13
4
1013
8
4 100 101%
General 4e
Sale 92
1987 M- N
Canal Improvement 45_ 1960 3-3 10138
10018 Apr '15
-3914 9434
993 100,2
8
Stamped Is.
91
1947 \I- N
Canal Improvement 445_1964 3- J 11014 Sale 10934
91 Sep93 __3_ 89
'
15
_2
11012
3 10814 1103
9412
General 5s stamped. _
_ _ 1987 M- N 10913 Sale 10912
Canal Improvemmt 43(hi- 1965 - J 10412 105 10113
104 12
1 Int 10414
10938 24 109 11412
Sinking fund 88_-_1879-1929 A-0 110 ____ 108
Highway Improv't 4345_1983 M- S 11012 Sale 110
June'15
11012 25 158 11012
108 10913
Registered
Highway Improv't 4 Si s 1965 M- S 10112 ____ 10438 Sep '15
1879-1929 A-0
1031,2 SepDec15
057i
:1
10418 10412
Sinking fund 5s
Virginia funded debt 2-35_ _1991 J 1879-1929 A-0
833 .81 Aug '15
4
8
i027- id%
81
81
Registered
fis deferred Brown Bros °Bs__
1879-1929 A-0 l031 108
5634 Sale 55
57
43 52
6112
Debenture 5s
101% ---- 1025 Oca 1
1921 A 0 8 NI ;
0
t 1..5
Hid% 10113
Registered
1921 A Railroad,
Sinking fund deb bs
Ann Arbor let g 48
1933 SI-N 'di- 102 101 Sep 45
57
58
59
1
Ije(' 12
101 - 104
58
A 1995 Q- J
1 55
6612
Registered
Ateh Top & S Fe gen g 4u_.1995 A - 0 9112 Sale 91
1933 111-N .100
9112 186 8912 953
99 10113
Frem Elk & Mo V let 85 1933 A - 0 11713 --- 10112 May'15
4
Registered
---- 117 Aug '15
90
937 Ot)
8
9012
117 11914
1995 A 2 89
9212
Man 0 B & N W let 33415_1941 3-S
Adjustment gold de
803 83
4
8113
9012 Sep '09
8118
51995 Nov
5 8014 86"4
Milw & 8 L let gu 3345
Registered
1941 J -J
86 Mar'13
51995 Nov
Mil L & West 1st g 6s..._1921 M- S 107
Stamped
10714
10714
8
11
8214 286 8018 -87
51995 M- N 8214 Sale 813
Ext & imps f gold 5s
Cony gold 4s
1929 F A 10334 ___- 10438 Mar'15
10413 1043
1023
4
4 87 9232 104(4
1955 J -D 10234 Sale 101
Ashland DIY 1st g (35
Cony 45 Issue 01 1909
1925 (hi- e 10012
- 11318 Feb '14 -9913 May'13
1955 J -D
Mich Div 1st geld 813
10812
Cony 45 issue 01 1910
1924 J -J
_ 11112 Apr '15 -12
11113 11112
10313 157 -924 10412
1980 J -D 153 Sale 101
Mil Spar et NW 1st gu 45_1947 M - S
10
-year bs
8
8914 92
10112
4
1917 -D 1013 1013 101 18
9 10018 10134
Northw Union 1st 70 g -1917 M- S 1091
East Okla DIY let g 4s------328 M- S 9318 9314 9318
841
109: ug 15 _- -_
87 Abla'
31
y 14
1 92
9318
94
St L Peo & N W let gu 55_1948 J 10414 Sale 104
Trans Con Short I. 1st 49_1954 J-, 8412 86
10414
11 tOZ3- 106
8512
8578
4
6 8413 89
Winona & St P let eat 73_1916 3-0
Cal-Aria 1st & ref 4345"A"19(12
_ 9312 93
•S
8
6 93
10312 1035
9312
96
Chicago Rock Idl & Pao 8s 1917 J - J 103- 10313 May'15
1023 1023 10212 Sep '15 -- 10138 10212
13 Fe Pres & Ph let g 5s1942 M8
4
---- 10312 10312 Sep '15
103 10)12
Registered
AU Coast L let gold 45____01952 M1917 3-2 10214 ____ 10214 Sep '15 -- 10114 10214
8614 Sale 853
8
8614 43 85
93
14 general gold 4s.
7978 Sale 7938
80-year unified 45
1988 - J
8018 46 79
9214 July 14
85
1959 J -D 83
_
Registered
Ala Mid let gu gold 5s_ - 1928 M- N 10134 __ 10512 June'14
1988 J - J
7934 8014 June'15
8212
_ 80
Refundit.g gold 4e
Bruns & W let gu gold 45.1038 J - J 87
--- - Sale 6134
613
1934 A 4
39
62
89 Sep '15
7178
71 01
89
20-year debenture 5s
9112
Charles & Say 1st geld 75_1936 J J 28% 135 1297 Aug '15
43 Sale 4212
1932 J J
46
1
71 39
67
129% 129%
Coll trust Series P 48
L & N cell gold 45
79 ____ 9438 June'll
1918 M - N
01952 M-N 8134 Sale 8012
813
4
8 80 .712
R. I Ark Az Louis let 430...1934 RISay F & W 1st gold 813____1934 A - 51
85 July'13
11512 117 11912 J1,ne'15
12911 12912
Bur C it & N-181 g
1st gold 55
AA -0 10313
105 July'15
-id - 100"
1934
105 105
CRIF&NW let gu Se.,,.,1921 A - 0
tip Sp Oca & agog 4s
1097 SeP:11 6
9 8 biar 4
97% --_
0
1918
98 June'15
9712 98
M & St L 1st gu g 7s
Bait & Ohio prior 334s
1927 J -D
8
1925 J - J 995 907 8978
8
90%
71 8834 9212
Choc Okla & . gen g 55_o1919 J - J
(
1
Registered
973 -__
975 "if5;
--90 June'15
51925 Q J
5813 90
Cansol gold bs
let 50-year gold ds
1952
N
8714 Sale 8514
9713 Apr '15 -- 9713 97
51948 A 8714 53 85
1s
Kook dc Des Moines let 55 1923 A-0 ---9112
Registered
75
52 Aug '15 -- 52
85% 90 Apr 15
51948 Q84
St Paul & K C Sh L 1st Cis'41 F - A ---- 85
8713 90
20-yr cony 43'4s
• 8734 Sale 8612
1933
65
65
873 382 8213 88
4
Chic St P M & 0 con 8s____1930 J -D 115 11612 65 Apr '15
Pitts June 1st gold Cs
115 Sep '15
1922
112 Jan '12
114% 1173
4
Cons (35 reduced to 3345_1930 2 -D
P Juno & M Div 1st g 3345
90 tau '15
86 ____ 8413 Aug '15
1925 M-N
90
90
8412 -38
..
Debenture 51;
F. LE& W Va Sys ref 4s_ _1941 M4
1930 M- S 993
7714
7714 78
4
7712 18 77% 84
9912 102
Ch St P & Minn let g 68_1918 M-N 114 1003 9934 Sep '15 _
Southw Div it gold 3345_192 J - N 88 Sale
11612 Jan '14 - -- _ J
8678
5
88
25 86
91
North Wisconsin let 65_1930 J - J 114
Cent Ohio It 1st 0 g 4348 1930 M- S
100 Apr '13
12938 May'09
St P & 13 City let g 6e
CI Lor & W con 1st g 55...1933 A - 0
1919 A -0 105'8 --_- 105 Aug '15
_ 10113 Apr '15
1045- 10534
8
-11(13 2 13412
Superior Short L let 55 g_g1930 MMonon River let gu g 55 19111 F A
10214 June•12
Chic T H & So-east let 5e
.
--Ohio River RR 1st g 55_1936 -D fo1▪ 11960 J
80 -fi/F
8
10534 June•14
Chia & West Ind gen g 85_4493
- General gold 55
2 Q -M
_ 105 Aug '15
7
6
1937 A 1043 May'14
105 106
Consol 50
-year Is
Pitts Cloy & Tol let g 58.
1952 J
J
.1922 A - 0
75
1 747 8013
11313 Feb •12
8
an El &D 2d gold 43'4e
Pitts & West 1st g Is
1937 J - J
OU
•
1017 J - J
- 96 Mar'14
9634 Mar'14
1st Sr refunding 4s
Slat 1s1 Ry 1st gu g 454e 1943 J -D
1959 J - J
91 June'12
let guaranteed 4e
- _
Bolivia Ry let 55
1959 J - J
87
1927 J - J
86'g Jiin&12
_
Cin D & I 1st gu g 5s
Buffalo It & P gen g 5/1
1937 M- S 103 --- - 10514 Aug '15
---- 25 July'15 __.. 25 25
-12
10212 10(08
C Find & Ft W 1st gu 4s g_1943
Consol 434s
2
19 1
9934 100(2 10013
1957 SI-N
- 88 Mar'll
1C012
- 100 103
Cin I & W 1st gu g 4s__1953 J - J All & West 1st g 45 gu
7.7;
11:2 85 j y :14
1998 A - 0 86
780 J
8
92
94% Feb 'In
14
- - 94% 94%
Day & Mich 1st cons 4348_1931 J - J
Clear & Mah let gu g 5s 1943 J - J
943 Dec '14 ---112 Apr
8
Ind Deck W 1st g 5s
Reel]& Pitts let gold 85..1921 F - A 15617 10714 10618 Sep '14
10353 - J
1
'15
idd18
let guar gold 55
Consol let g Cs
1935 J - J
1922 3-0 107 __ _ _ 107
10712 Dec 02
107
107 107
Cleve Cin C & St L gen 4s__ _1993 J -D
Canada Sou cons gu A 5s
10013 Sale 100
1962 A101
68 -747
100 10412
20-yr deb 434s
Registered
▪
8413 82 June94
A-0
19678 Apr' 14
71
7
Cairo Div 1st gold 4s
Car Clinch et Ohio let 313-yr 551162 J -D
78
83
8312 Sep '15
'
1 38
94 June'15
-if - 814
94
963
5
Cln W & M Div 1st g 45_1991 J
Central of Ga 1st gold 58_4)1945 F - A 10133 105 10712 Aug '15
70 Sale 70
jj
J
199339 jj
70
70
70
10312 10712
St L Div 1st cell tr g 4s
Consol gold be
1990 M- N
76
77
77
77
1946 M- N 97 Sale 96
2 77
97
85
7 96 10212
Registered
Chatt Div pur money 9 45 1951 ▪ -D ____ 82
86 Feb '15
86
86
Spr de val Di y 18t
w w Coi Dc 1s
Mao & Nor Div 1st g 5s_ _1946 .1 J .10018 10212 10114 Nlay'15
-i6" 824 r rla r:14
8
5 ' ar 4
102 10114
Mid Ga & Atl DIY Ss
,0 a .I
: :I949 Ji N
49 MM S
486:
2
I9: N
3
10018
1947
91 Apr 12 ____
10014 Mar'15
40014 10(1,4
C I St L & C consoggl
Mobile Div let g 55
103 1041 1(3514 June'15 -- 1054 i6ii
1946 J - J 10018105 1033 May'15
4
103% 10334
let gold 4s
Cen RR & 13 of Ga col g 58..1937 SI-N
8814
k1936 Q-F
8714 89
90 Feb '1 .--- 90
871s
8718
90
8612 623
8
Cent of NJ gen,gold 56._
Registered
8812 May'15
11134 33 11114 11513
87
1087 J -j 11112 11134 11112
8812
S & CI con 1st g 5s_ k 1923 J 2-.1
Reglstored
6
_ 193 ( -F
101 June'15
Q- J 111)12 11113 1101z
11012
101 101
1 11012 115
CCCez I gen con g 6s _1934 .1 - J
Am Dock et Imp gu 5s_
103
_!1927 J
(
1 8
1053 Sly '14 _-- - 4
10234 104
Registered
Leh & Bud Riv gen gu 581920 -J 100 10512 103 Sep '15
g
100 J uric'13
Ind II & W let pref. Is.,.. _ 1934 j O ---N Y & Long Br gen g 45._1941 J -J
- - -- 0
94 A j
94 .1•1;-.
943 -- 10013 Jan '13 _
58
4
.--- ---0 Ind & W 1st pref 5s..._d1938 Q-J
Cent Vermont 1st gu g 411._e192 M0
Peo & East let con 45
Cheat & 0 fund A impt 531._1929 Q F 7014 .- -- 68 Feb '15- -di- 63
1910 A -0 -id - -Ed- -6
J - J 8518 90
-6- July 6
8312 July'15
'
--Ed- 65
83
96
Income 45
1st consol gold 55
16
20
1939 SI-N 10214 Sale 1013
20 July'15
102% 40 10138 105
4
20
28
Cleve Short L let gu 4 348
Registered
1961 A pO 89% 9113 91
19
99 A- r
1939 111-N
101 Sep '15
91
10 90% 933
101 101
4
General gold 434s
Col Midland let g 43__
_ _1947 J -J
12
1414 18 May'15
1992 AI84
85
8434
85
17
15
30 82
91
Trust Co certfs of deposit _____
Registered
-1992 M 16
▪ 1412 Ma r'15
847 9312 Feb '14
1412 18
8
Convertible 434s
Colorado & Sou let g 4s
1929
883 Sale 8632
3
193(1 F - A
7634 Sale 75%
8613
85
92
763 118 id" -id%
4
Big Sandy 1st 4s
Refund dr Ext 430
79 Sale
1944 J -D
82 May'15
7912 14 78% 88
82
Coal River Ity 1st gu 4e 1045 J -D 7712 80
Ft W & Den C 1st g 8s19 JI N 10012 10314 7878
837
8
21
1935 A :
D
101 Sep '15
80
100 10314
8213 May'15
8212 8212 Conn & Pas Rivs let g 4s
Craig Valley 1st g bs
1943 A - 0
1940 J - J *
_
95
9613 Dec '13
Potts Creek Br 1st 45.......1946 J Cuba RR 1st 50 yr 58 g_1952 J - J
- 100 100 mf-yio
J
8434 Jan '13
tR & A Div let con g 4s
Del Lack dr Western
1989 - J -if 82
8014 Sep '15
-E 4 -34 8
412d consol gold 44
Morris & Es let gu 3345._ 2000 J - D 8434 Sale 8434
5
1989 J - J
85
77 Apr '16
84
8512
77
Greenbrier Ry 1st gu g 45_1940 M- N __ 82
77
N Y Lack
W lst 8s__1921 - J 107 ___ 10712
10712
90 Apr '14
107 109
Warm Springs V 1st g 5s 1941 MConstruction 58
1013 May'15
4
11314 Feb '0.5
101% 1013
4
Ohio & Alton RR ref g 38_1949 A Term de Improve 4s___ _1923 F:N
1 23 M A 958 __-_ 9533 Sep '15
543 53 Aug '15
51
9514 98
53 -66'Railway 1st lien 334s
Warren 1st ref gu g 3'-e2000 F - A - - 8512
1950 J -.1 4312 45
45
45
11 38
Chic B & Q Denver Div 4e_. 1922 F - A
4712 Del & Bud let Pa Div 714_1917 M- S 10418 ___. 10218 Feb '03
10414 Aug '15 ____ 10414 10.538
99 _ 99 Sep '15
0838 100
Illinois Div 334s
Registered
1917 M- S
1949 J - J 83
149 Aug '01
84
8212
8212 12 8114 841s
_
10-yr cony deb 40
Registered
1949 J -2
10012 Sale 10012
8614 Aug '12
10038 24 -66 10033
let lien equip g 4345
Illinois Div 45
1922 j
96J
1
1949 J - J
997 10134 997 Sep '15 -- 99 100 e
9338 94
9318
9318
7
15 917 9458
8
1st & ref 45
Registered
1943 M o 9413 Sale 9014
A N
1949 J J *-- - 94
9412 63 8912 98
93 June'13
Iowa Div sink fund 15s__1919 AAlb & Sus cony 334e
1946
82
8314 81
10212 103 10214 Sep '15
82
1
8013 88
10112 16212
SinkInv fund 4e___
Rens & Saratoga 1st 75
1921 SI-N 111 ____ 11338 Jan '1
1919 A -fl 99 100, 99
1133 11338
s
99
3
1 963i 99
* No price Friday; latest this week. 4 Due Apr11.
e Due May. g Due June. 5 Due July. k Due
Aug. o Due Oct. p Due Nov. q Due Dec. 8 Option sale.
9:91
6
1000
BONDS
N. Y. STOCK EXCHANGE
Week Ending Sept. 24.
101.
New York Bond Record-Continvd Page 2
Price
Friday
Sept. 21.
Week's
Range al
Last Sate
coa
Range
Since
Jan. 1
.
BONDSr-'...'
it
N. Y, STOCK EXCHANGE ..4 4
.
Sept. 24.
Week Ending
Price
Friday
Sept. 24,
Week's
Range or
Last Sate
V1
Range
Since
Jan, 1
High No Low High
Ask Low
Bid
85
84
High No. Low High
Ask Low
Bid
5 851 ---- 85 Jul'15
_
Leh & N Y let guar g 4s____1945 M- S --------------78
6912 66 68
6834
6812 69
1945 MDeny & It Or let eon g 4s___1936 J - J
Registered
103 fail;
14 7358 83
7358
7338
100 10212 103 July'15
1936 J - J 7418 76
Consol gold 4 Yie
Long Isld 1st eons gold 5s_ _h1931 Q - J --- 94
80
17 66
71
9614 Mar'12
70
71
h1931 Q - J
Improvement gold 5s__1928 J -D 4414 Sale 44
let consol gold 4s
8738
4f)
85
4412 20 38
45
s
1938 J -D ---- 857 8634 May'15
1955 F - A
let & refunding 5s
General gold 4s
____ ___ ...
'12 -1922 MI- S --- 921 9514 May'14
Or June let gu g 55 1939 J - D ---- 95 109 Dec '11
Rio
Ferry gold 4588
6112 Apr
77
J - J
1932 J -D ------ - 9914 Oct '06
1940
Rio Or So let gold 4s
Gold 45
-§63;
85 Mar'08
40
1949 M- S --- 8212 8318 Aug '15
1940 J - J
Guaranteed
Unified gold 4s
9518 9518
75
5 69
70
6934
1939 J - i 6934 70
1934 J -D -- - - ---- 9518 Jan 'Ii
Rio Or West let g 4s
Debenture gold 5s
8612
83
58
4
593
83 Sep '15
5934 Aug '15 --8
- S 823 81
- 0 ---- 60
Mtge & col trust 45 A 1919 A
Guar refunding gold 4-8_1949 PA
90 Apr '14 ---1949 M- S --„-- --. 95 Jan '11
Utah Cent let gu g 4s_a1917 A -0 -------Registered
- - 100 166 - 1001
Feb '15
1917 M- N - - -- - - . 100 Mar'15 -- Rio 8 87
g 58_1935 A -0 95 -__ _ 100 Jan '14
1st g 5s
N Y B & M B 1st con
Des 11101 Un Ely
8718 85 Sep '15 -:- - 717
1995 .1 -D 85
1927 M- S --------10212
Det & Mac_ let lien g 4s
N Y & It B let gold 5s
85
6.57; 101
--------101 Aug '15
1995 J -D 80 __ _ . 85 Aug '15 ---- 78
Gold 4s
Nor Sh B let con g gu 58_01932 0- J - . 9112 9113 Feb '14
9012
3
90, May'15 ---- 90
1927 M- S
44s_1961 NI - N --_- 90
Det Riv Tun-Ter Tun
7 110 115
8 Louisiana & Ark let g 5s
112
8
11112 1125 11112
101 102 10112 May'l, --- 10112 1045
19302 -D
Dul Missabe & Nor gen 59_1911 J - J
,
Louis / & Nashv gen 6s
10518 107
8 Sep '18
1937 A - 0 ---- 997 100 May'15 --- 9812 1(11
1937 111-N 104 -_ _ 105,
Dul & Iron Range let 5s
Gold 5s
4
9018 94 8912 943
90 Sale 90
1937 A - 0 -------- 10612 Mar'08 ---.
1940 J - J
Registered
Unified gold 4s
94 lune'l I
04 Feb '11 ---1916 J - J --------1
1940 J - J 2d 6s .
Registered
4
ilif1'15
1937 J - J -------- -95 May'15 -- 96 100
1931 M- N 102 103 10134 Sep
So Shore & At g 5e
Du
Collateral trust gold 5s
8
8
8
1911 M-N --__ 104 1037 Apr 15 --- 103 105
1919 .1 - D 1045 - - - 1083 May'14
EJgin Jol & East let g 5s
E H & Nash 1st g as
4 10612 11012
10912
9712 ---- 10258 Fly '14
1920 M- S 109 -___ 10912
Erie let consol gold 7s
L On & Lox gold 458e..1931 M- N ---- 115 11478 July'15
18
-3
11 . 11513
891a __- - 9712 June'14 ---1947 M-N
1930 J - J
& Erie let ext g 4s
NY
NO & M let gold 6s
e
4
108 1097
icid - ioi1s
1919 M S 1001a ____ 10114 May'15
1930 J - J ____ 110 1097 May'15
2d ext gold 5s
4
9814 991.
26 gold 65
-- -_ 84 Dec '14
3
1923 NI S 977 __ _ 9812 June't5 -_-_::
3d ext gold 4 e
& Mom Div 4s 1946 F - A .85 --_- 106
Paducah
6:84788813
2 I0_g7i 1071;
106
1920 A 0 10018 ____ 100 July'15 --- 100 10214
hi- S 10618
gold 5s
4th ext
_
5 :9271
588
St Louis Div let gold 6s_1921
59
8
5858
1928 J D --- --... 935 May'14 ---- 60
198(1 NI- S
5th ext gold 4s
2d gold 3s
- io56 iii -83
1955 M-N --. 8478 8478 Sep '15
NY LEA W 1st g fd 7s 1920 M S --------109 June'15 61 77
Atl Knox A Cin Div 4s
8412
7934
7934 Sale 7718
1996 J - J
J -0 102 -- _ 111 Jan '13
4s prlor
Erie let con g
----797 797
Atl Knox & Nor let g 5s 1946
105 105
(t
105 June'15
10512 -.
1996 J - J -.- - --__ 7918 June.'15 Registered
Render Bdge 1st s f g 63_ A931 M- S
-4
87371
45 65
86
69
8
8812 July'15
s
$7
1996 J - J 687 Sale 683
let consol gen lien g 4e
Kentucky Central gold 4e1987 J - J -,.-- 987g 9912 June'15
4
1996 J - J -.-. --- 77 Apr '12 - - -M- S 953
Registered
3 - - -ii)
L & N & M AM 1st g 4585 1945
._._.
4
788012
ii
8618
July'15
_ _ 861s
---- 8012 8012
1951 F - A 8618
Penn coil Erg 4s
L & N-South M Joint 4s_ _1952 J - J ,., - --- 95 Feb '05
1953 A -0 65 Sale 631,
81952 Q - J
50-yr cony 4s A
65
Registered
'14
72,4 ni
4
1953 A -0 72 Sale 693
..1937 F - A 101 --- - 106 Fly
Series B
do
N Ha & S 1st gu g 5s_
8
,
102 4 June'15 --- - 10212 103,
4
- J -------- 97 Dec '11
Buff N Y & Erie 1st 7s_1916 J -1) 1013 10318
1 10112 10434
N & C Bdge gen gu g 4548_1948 J - A 10818 ---- 108 Sep' 15
10711 109
10238
__ 10238
1921 F
Chic & Erie 1st gold 5s.._ _ 1982 111-N 1021
Pens A All let gu g 6s_-_
to518 lows
- 1051s Feb '15
Feb 15 ---- 101 101
- A 103
Cloy & Nlahon Val g 53_1938 J - 3 ---- ----101 Aug' ---- 1193 121
1 0912 10214
4
S & N Ala cons gu g 5s_ _ _1936 F -0 9912 --- 9912
'15
9912
4
sale
1935 A -0 -__- 1193 11934
Long Dock consol g 6e
cons gu 511-year 58_1963 A
Gen
8012
74
80 Sep '15
99 10013 106 Dec '12 ......:...
M- S ---- 80
Coal & RR 1st cur gu 6s1922 111-N
-1-0211 . 2 103 4 E. & Jeff Bdge Co gu g 4s_. _1945 111-N ---- ---- - - _ _
10314 Aug '15
.._ ...
Dock & Imp 1st ext 5s.. 1943 J - J 103 _-__ 10312 Aug '12 -Manila RIt-Soil lines 4s___1936
77 Mar'10
1946 111-N - .-- ---_
N Y & Green I., gu g 5s
Internal let cons g 4s__1977 M- S --------79 Nov
1 -id - -iii - Mex
90
.10
1
01 -- -• 9,
1937 J - J
1977 M- S -------N Y Sus & W 1st ref 5s
Stamped guaranteed
--------101 Oct '09
1937 F - A --------10014 Dec '06
2d gold 410
Midland Tertn-let s f 5s 8_1925 J - D 105 ---- 11112 Marl:,
11112
6712 Aug '15 --- 6712 75
70
65
1940 IP - A
General gold 5s
1st gold 7s__1927 J -D
Minn & St L
-------. 11018 Aug 'II
1943 111-N , .---- 102 Jan '11 ---- -- -- --Tertninal 1st gold 5s
Pacific Ext let gold 6e_1921 A -0
-if - -62171
-12
102 ____ 11112 May'12 .--81 Sep '15
s
813 85
1940 A -0
1934 M- N
Mid of NJ let ext 5s
let consol gold 5s
60
40
48
47
49
1942 J -D ---- 8212 86 June'15 ---- -86 - -86 1949 MI- S 48
Wilk & Ea let gu g 5s
let & refunding gold 4s
60
60
15
60 Feb'
1926 J - J --------106 May'12 --9014
Des M & Ft D 1st gu 4e_ A935 J - J -r-- 60
Ev & 100 let con gu g 6e
2 80
81 Aug '15 ---- -if - -if 80
8
, 8313 80
1921 J - .1 ---- 8712
Evans & T II let cons 6e
Iowa Central 1st gold 5e_1938 1 -D 80 Sale 45
5 35
66
4612
1951 si. s 45
1942 A -0 47 L.._ _ 9938 Dec '13 ---- _ _ _ ___.
gold 5s
let genera!
Refunding gold Is
8738 10 8612 93
8
877 8738
A -0 --------108 No v'11 ---- ___ _ _ _ _
875e
Mt Vernon let gold 6s------.123
_
.2 _6678 M StP&SSNI con g 4s Int gu 1934 J - J
63
June'12
1930 A -0 --------9511 Jung'112 --- ...i61_
Sull Co Branch 1st g 5s
let Chic Term s f 4s -. _1941 M- N - ._-_- 94
6312
-931; -.8612
9312
9312
935s
Florida E Coast 1st 4e....1950 J -D 86
,
M SS& A 1 0g Is int gu_1926 J - J
- J _ _____ . 92 Aug ti,._-_ -___
J -- - - - 91 Ply '14
Fort St U D Co let g 4%13_1941 J
if
- 9
-igl; Mississippi Central 1st 'is__ _1949 J id
-7412
65 , 54 Aug '15
7412
1928 J - .1 54
Ft W & Rio Or 1st g 4e
1st gold 4s._1990 J -D 7412 ig12 5112
Nlo Kan & Tex
13 ma 63
52
5112 52
g1990 F - A
Great Northern
2(1 gold 45
957 9478 97
97
7912 89
8
7812 7912 July'15
j - j 9678 Sale 965
1921
1944 M- N --_C B & Q coil trust 4e
let ext gold 5s
4612 5638
4612 Sep '15
9612
9614 97
1921 0- J
la
2004 M- S 4414 46
1st & refund 4s
5112 74
52
5112
9512 Sale 94
19311 1 - J ---- 50
let & refunding 414s ser A 1961 J - J
Gen sinking fund 458s
6018 6018
96 June'13 ---8 Feb '15
60,
---- 60
1961 J - J
Registered
St Louis Div Is ref g 4e _2001 A& 0 ---- 9312 9934 Dec '13
4
- . 12
------.
9314 -66 - 9512 July'15 -- - -143 -151;
1933 J - J
1910 M- N
St Paul M & Man 4e
g 5s
Dal & Waco let gu
4
78 J'ly '14
1933 J - J 1163 11858 11658 Sep '15 ---- 11614 12014
- A ---- 78
1990 P
let consol gold 6s
1 82
Kan C & Pae 1st g 4s
9512
4
82
1183 Apr '15 ---- 118 11834
82
1933 J - J
1942 A -0 ---- 91
Registered
Mo K & E 1st gu g 5s
8512 88
4
9914 1013
100
1150
. - 1.101 9934
J7
8
1942 111-N -_, 887 8512 Mar'18
Reduced to gold 4 fti_1933 J 3 70
89
M K & Ok let guar 5s
7218
7218
._ _
1933 J - J ------- - 10934 Apr '15 -M- S 7218 76
Registered
10 -fill; -44
M K & Tot T 1st gu g 5s 1942
3
;
92
92
96 May'13
---- 95
8
1937 J -D 913 Mont ext 1st gold 4s
Sher Sh & So 1st gu g 5s_ _1942 J - D ---- 9912 Jan '14
-2 4
1937 J -D - _. 0 -1- 9412 Apr '14 ---- --- - --S
Registered
Texas & Okla 1st gu g 53_1943 M- N
.
El
38 - ;fall;
_
91
8
9312 9212
85 -___ 925 Mar'll --_-_-_
93
1940 J - J
MPacific ext guar 4s £__
4
i91-. -8014 Missouri Pac list cons g Os__ _1920 M- 8 8012 Sale 7912
8914
8012 23 7812 0653
8412
E Minn Nor Div let g 4e....1948 A -0 106 ..___ 11012 Jtine'15 ---gold 5s stamped__a1917
Trust
8812 June'15 ---- 8812 8812
___
Jan '14
1922 J - J
a1917 M- S ---- 78
g 6e
Minn Union let
Registered
921
.
.513 - -1
6 72
73
73 Sale 7258
19372 - j 118 119 1185s Sep '15 ---- 118 1 2 1920 F - A
Mont C let gu g 6s
1st collateral gold 5s
_
_
_1937 J - J . _ ___ _ ___ 136,4 Nlay'06 -___
1920 F - A - -Registered
533
Registered
44 29
____.
34
2
8
3612 3113
1937 J - J 1043 ---_ 103, July'15 ---- 10514 10512
1945 PA- 8 33
let guar gold 5e
40 year gold loan 4e
18 29
49%
34
1937 J - J --------------1959 M- S 31 Sale 33
Registered
lst& ref cony 5s
78
38.. _ ... 10714 June'15 --__ 10714 10
714
8
1938 M N ---- 817 78 Jan '15 ---- 78
Will & S Fist gold 5s _ _ 1938 1 -D
at 4%
3d le extended
72
72 May'15 ---- 70
7018 80
par) Feb
F- A --------100 Feb '13 - -- - • -- -- Or B & W deb etre "A"($100
Boonv St LAS 1st 5s gu_1951
86
4
1034 Aug '15 ---- 1012 133
85 Feb '15 --- 85
10-14 11
60
- A ---Deben etre -11" ($100 par)____ Feb
Cent Br Ry 1st gu g 4s_ 1919 F -D --------7712 Dec '13 88
- - - - -82 Aug '15 ---- 82
85
82
19483
Gulf & S I let ref & t g 5s_ _51952 J - J
___
Cent Br UP 1st g 4s
81952 J - J -___
- J ---- 80 110 Nlar'05
Registered
Leroy & C V A L 1st g 59 1926 J - A 81
1 84
81
8712
81
8814 15 8713 95
8712
85
F
Hocking Val 1st cone g 410_1999 J -3 ____ 90
Pac Rot Nlo let ext g 48...1938 J - J 90
9712 Fly '14
90
1999 J - J -.- - - - - - 9734 Jan 14 --1938
Registered
2d extended gold 5s
93 idf1-2
8
937
8
_1948 A - 0 83 ---- 8312 Sep '15 ---_ -giii 13513
-0 937 Sale 93
A
Col & H V 1st ext g 4e__
St L Ir NI & S gen con g 5e 1931 A -0 --------102 Fly '14
____
1955 F - A --------9013 June'14 ___ _
1931
Col & Tol 1st ext 418
Gen con stamp gu g 5s
4
6i- -6312
613
61" 71 9312 Feb '15
4
613 Sale 61
1929 .1 - J
Houston Belt & Term let 53_1937 J - 1 . - -- ---Unified & ref gold 4e
9712
s
807 Oct '12
971 96 Sep '15 --- 96
J - J 93
1929 J - J ----.
Illinois Central let gold 4e_1951
Registered
02
-83 -if- -66
52
53 Sale 51
1951 J - J -------- 92 Aug "15 ---- 93
Registered
G Div 1st g 4e_1933 111-N
Riv &
87
4
8
1 87
87
1951 .1 - J 8112 -__ 81 July'15 ---- 783 833
87
let gold 3 lie
Iti- S -.:7- 89
Verdi V IA W let it 5s--- -1926 J - D luti 1075 106
___ _
8812 Feb '13
1 105 11434
3
106
-___ 82
1951 .1 - J
1927
Registered
7
82 8 7814 Dec '14 ---- ___ _ _ Mob & Ohio new gold 6e
1951 A -0 80
7 (;) - j 102 106 114 Apr '15 ---- 114 114
Extended let gold 33-4e
let extension gold 6s____8192 M- 5 62 - -72 M ar'13
1951 A -0 -- 83
1934
Registered
General gold 4s
____ 7
0
71
-ici - xi;..56 ---_
1951 IW- S
1947 F - A --------100 June'15 -- -- 102 10512
let gold 3s sterling
Montgom Div let g 5s
.
95 Dec '13
1951 M- S ----------1927 J - ID ---- 90
Registered
-- - 4
iii1
__
St Louis Div 5s
8
1952 A -0 8118 27 8118 Sep '15 .:_--- -1
J - J --- 8612 87 Jan '15
1931
Coll trust gold 4e
St LA Cairo guar g 4e
ei
9514 Sep '12 :
15
41
1033
104
103 --_- 104
1952 A - 0 -----R g stered
22 -gi - -itifs Nashville Ch A St L let 5a._1928 A -0 -------- 111 Jan '13
83
8234 4378 83
1955 M- N
1923 J - J
let refunding 4e
70
Jasper Branch let g 6s
10 79
79
4
1952 J - J 79 Sale 79
J - J -------- 1033 Jan '14
1917
Purchased lines :lirt
McNi NI 0/ & Al let 68
s
83 80 Sep '15 ---- 797 8638
1953 M- N 81
1017 J - J -- -,-. 113 J'ly '04
L N 0& Tex gold 4s
T& P Branch 1st fle
0512 84 May'14 --1953 M- N
J - J ---- 593 58 June'14
Registered
Nat Itys of Nlex pr lien 458e..1957 A - 0 ------- - 17 Feb '13
89
J - D --. 9212 86 Apr '15 ---- 86
1950
Calro Bridge gold 4e
Guaranteed general 4e__ _1977
'14 -_-_-_-_
9678 Feb '13
Litchfield Div let g 3s-1951 3 - J --- -.. _ . 74 Feb
Nlex prior lien 458s 1926 J - J --- ---- 30 Aug '15 ____ 16- 30
-i(i1- -ii12 Nat of
2
7613 June'15
1951 A - 0 -------Loulsv Div & Term g 33.0.1953 J - J
,
let consol 4 1
3114 41
40 May 15
1953 J - J -------- 83 Aug '12 -1 - J ---- 40
Registered
N 0 Mob & Chic 1st ref 58_1960 A - 0 ____ 104 101 June'14
---1921 F - A ____ __ _ 123 May'99
Middle Div reg 58
g 6s__p1918
73 M ar'15 --- -di- -ii- NO & N E prior lien 4s
__
.
1953 J - _I -------7913 May'13
1st gold 3s_ 1951 F - A
Omaha Div
New Orleans Term let
Mar'12 -*
1043 1768 091 10434
4
4
_1935 111-N 1043 Sale 104
St Louis Div & Term g 313_1951 J - J -64334 -6812 7512 Apr '15 ---- - - - .
0
N Y Con Ittt deb 65 wh les__2013 A -0 8712 Sale 87
ii 8
8938
873, 77 86
80
1951 J - J -. 80
Gold 3 iiii
Ref & imp 458s "A" _
4
813
4
4 64 76
773 Sale 7618
773
19.51 J - J ---- ____ IOUs Oct '99 ---- ---- --1997 J - J
Registered
N Y Central & H It g 334e
_ 7513 7814
8
76
7814 MaY'10
75
1951 J - J - - ---- 785 Mar'14 --1997 J - J
SprIngf Dlv let g 3%e
Registered
ig- 88
89
36 84
86
8412 _-__ 85 July'15 --- 851 85
1951 F - A
1934 111- N 85
Western lines let g 4s
4s
Debenture gold
1951 F - A
1934 111- N ------- - 8934 June'14
Registered
Registered
11712 May'10
72 -fic"
8
1923 .1 -D
- A ---- 723 7414 Aug '15
Bellev & Car let 6s
Lake Shore coil g 3589.. 1998 F - A ---- 7212 7214 July'15
72
9112 Fly '12 --71
1998 F
& Shaw 1st gold 4s....1932 M- S ____
Carb
Registered
:
:7
. i_ 3i 8
10412 : 1_4)41:2 (f:
5
:
80
77
4
4
1951 1 -D ---- 105 10413
773 773 Sep '15
Chic St L & NO gold 5s
J P M & Co Wsof dep----- ---A ---- 6934 67
_.
_
71
2 67
68
69
1951 J -D --------114 Feb '11 -,
Registered
Cent coll gold 335s_ _ 1998 F Mich
70
67
1951 J -D --- - ____ 90 Oct '09 -1998 F - A *67 ---- 67 Aug '15
Gold 35.0
Registered
-1951 J -D ---- Registered
Battle Cr & Stur let gu 36_1989 J - D 9214 ---- 96 June 15
5
09 Sep '15 ---- 9812 100 s
9212 96
- -'
Joint 1st ref 5s series A_1063 J -0 ---- 99
Creek let gu g 4s _1936 J - J
Beech
1951 J -0 -- ---- 8612 Mar'15 - -- - 8612 8612
1936 1 - J ---_ __ _ . go may'll
Memph Div let g 4e
Registered
..._
--__ _ _
1951 J - D ___
1936 J - .1 --- 10212 -__ Registered
26 guar gold 55
'OS
.
__ _
---- ---___-1936 J - J _ _
St Louis Sou 1st gu g 4e_.1931 M- S -... 9512 94 Fly82
Registered
1 - -2 - -8518
8
_
---- 1950 .1 - J 82 Sale 82
358s51951 A -0 ____ ___ _
& Iowa let g 4s
Ind III
Beech Cr Ext let g
8
ii
1919 M- N ____ 977 98 Sep '15 --- 9712 100
fig Oci1981 J - D
Int & Great Nor let g 6s
)12
9
t
Cart & Ad 1st gu g 4s
''
6 114
67 s
.
. 2 *1714 843 July 7., ....i9 igf1.78 g(
James Fran & Clear let 4s_ _1959 J -1) _661_ 9
Gouv & Oswe let gu g 5s 1942 J -D 86 gf - -g-iif
- - -if"
gold 30.1930 A -0
Kansas City Sou let
Mob & Mal let gu g 48._ 1991 M- S ------86
.___ 63 Oct '00
86
1950 A -0 . __
86 Jan '15
__
Registered
NJ June R guar let 4s___1986 F - A
-121 -R7 8 -iii
8714
85
8718 Sale 871s
85
85 June'15
Apr 1950 J - J
Ref & impt 5s
g 3lie_ _2000 111-N *____ 34
N Y & Harlem
8412 21 8312 93
3
10112 1017
A -0 *10114 ____ 10112 Niar'15
1st 45.._ _1960 .1 - J 8112 Sale 8413
Kansas City Term
NY & Northern let g le_ _1927
4
88
9112 90 Aug '15 --- 893 9812
88
88 June'15
8
8
Lake Erie & West let g 5s__1937 J - J 91
N Y& Pu 1st cons gu g 4s..1993 A -0
_
_
1941 J - .1 ____ 7778 94'34 Nlay'14 __ ____ _ __
3d gold 53
_
t1storg5s_1916A()
Nor&Nlon
-08 NT ar'14 .._
113 113
______i
-___ ___ _ _ _ _ ii - t,./,,y(i
.North Ohio 1st guar g 5s 1945 A -0 _ _ . 100
P1110 Creek reg guar 6s__1932 J - D
2
98 Sep '15 81 -sii- iof13
10134 103 4
.
981 99
Aug '15
Leh Vail NY let gu g 4Me_1910 J - J
R W & 0 con 1st ext 5s_ _h1922 A - 0 10i12 --- 10218 Mar'12
99 1003
8
10018 10018
1940 J - J ---- ----09 Aug '15
_ 10018
Registered
F- A
4
Oswe & It 20 gug 5s--81915
1 8634 873
8614
4
4
853 Sale 863
104 June'll
Lehigh Vail (Pa) cons g 4e....2003 111-N
It W & 0T It 1st gu g 58..1918 M-N 100 .
4
Aug '15 _- 9714 993
85
85
9412 ____ 9'813
2003 M-N
85 Sep '12
8518 87
General cons 4-lie
Rutland 1st con g 4 s___1941 J - J
--__ 10534 108
70
70
70 Feb '11
7
Leh V Term Ry let gu g 5e 1941 A - 0 10512 108 11)8 Aug '15
Og & L Ohara 1st gu 4s 81918 J - J
.
June'Of
1941 A -0 -__ 107 11118 Dec 'It
Registered
Rut-Canada tat gu g 48_1949 J - J ---- ----92 Meet:
'15 -_-_--- 1011; 10414
iiii - 101
101
Leh Val Coal Co let gu g 156_1933 J - J 103 __ 10113 Aug
Adir let g 55_ ....1996 J - J ..
St Lawr &
Registered1933 J - J ___ __ 105 Oct '13 ____ .......
1996 A - 0 --------11912 Meet'.
2d gold 6s
..
let Int reduced to 4s..... _1933 J - J
Oct.
May. g Due June. h Due July. k Due Aug. o Duo.
bld and asked this week. a Due Jan. b Due Feb. ci Due Awn. e Due
* No price Friday: latest
p Due Nov. 8 Option sale.
--
;IL 72,,
Registered
c: 121153.7134
--5:
New York Blad R,9cor1---Continued-Page 3
SEPT. 25 1915.1
BONDS
t
N. Y. STOCK EXCHANGE ul
..
7
43
Week Ending Sept. 24.
Price
Friday
Sept. 24.
1001
Week's
Range or
Last Sale
..+0z000z
- OCI0Zz,
-,,,z, mmo-wo-,zamozzo-izo....-w4m
a
,comal.cz..4.400.0-+qmoo,z-v-.1um.ow.441,12AS-,,AZ0Zmzamaz.,-m
-,-.0‹zacozzw,00z<-+-.-.0z-,-.00ozzczowv,,,c1
I
i ,4
Bangs
BONDS
Pries
Week's
Range
,...c.e4
Sines
N. Y. STOCK EXCHANGE 1 4
Bang.or
Since
Friday
'"
Jan. 1
Week Ending Sept. 24.
...3
. Sept. 24.
Last Sale
Jan 1
N Y Cen & H RR (Con.)
Ask Low
Bid
High No. Low High Pere Marquette (Con.)
Ask Low
Bid
High No Low High
Utica & 131k Riv gug 43.._ _1922
95- - 97 Feb '15 ---- 96
97
Flint & P M gold (is-1920 A -0 98 ---- 98
98
90 98
Lake Shore gold 350
80 - - 81
81
817
1997
8
6 81
let consol gold 55
8414
1939 11-N
2 ---- 72 Sep '15
651: 72
Registered
*82 ____ 82 Aug '15 ...,- 81
1997
82
Pt Huron Div 1st g 58_1939 A -0 ----68
July'15
68
65
9112 915 9118
8
Debenture gold 48
9112 19 90
9312
Sag Tus & H 1st gu g 4s 1931 F - A - --- ---- ---1928
-- - 25
-year gold 48
9012 70 5.934 9278 Philippine Ry let 30-yr s I 4s 1937 J - J 30 55
9012 Sale 9,314
1931
65 May'14
Registered
9178 June'14 ---___ Pitts Sh & L E 1st g 58
1931
1949 A -0 10334 106 10812 May'14
Ka A &0 R. 1st gu c 58
--_- -_-_ ____
-___ ---- ____ ___
1938
1st consol gold 58
1943 J - J __--__ 11314 Nov'll
Mahon C'l RR 1st 58
10312 -_ 10714 Apr '14 ----_-- Reading Co gen gold 49.......1997 J - J 9214 Sale 9112
1934
9212 48 91
Pitts & L Erie 2d g 5s_a1928
10418 ---_ 103 Jan '15 --- 103 1C13
Registered
1997 J - J 90
9012 9014 Aug '15
114 ___ 13018 Jan '09 ---- ____ ---Pitts McK & Y 1st gu (113_ _1932
Jersey Central roll g 4s
0 935
012 9 8
1 9
3
1951 A -0 -___ 9212 9112
9112
2d guaranteed 133
__ 116 12314 Mar'12
1034
Atlantic City guar 45 g
1951 J - J --- - - - - --McKees & B V 1st g 68_1918
151
___ _
__._ -- ___--- - St .108 & Or 1st 1st g 4s
1947 J - J --_- Ei 6(112 J'ly iE
6012 73
Michigan Central 58
1025s --- 10212 Sep '15 ---- 102% 10212 St Louis & San Fran gen 69_1931 J - J 107 10714 107
19:31
5
2 1981 10112
9 0 1 05 ,
197
Registered
10312 May'14 ---- __ _- _
-_
1931
General gold 5s
1931 J - J 99
9934 9914
9914
48
_____ 98 Apt '12 ---_____
1940
St L & S F RR cons g 48_1996 .1 - J 63 -_-_ 75 J'ly '14
Registered
1940
General 15 -year 55_1927 51-N
5112
-20
4312 47
41 Sep '15
J L de S 1st gold 350.. _1951
_-___ 00 June'08 ---Trust Co certifs of deposit__ -- -- 43
51
445 4412 Sep '15
____ ____ 79% Aug 15 ---- 79% 814
1st gold 3568
'
1952
/
1
do
Stamped_
-- 4214 44
10
42
42
20
-year debenture 4s......1929
/ 7814 Aug '15 ---, 7814 83
1
4
79
82
Southw Div 1st g 58_ _1947 -A-0 - - - - - - - - 93 Dec '13
N Y Chic & St L 1st g 49-1937
8834 Sale 8834
8834
3 88 933
Refunding gold 48
4
1951 J - J 602 Sale 66
6612 28 11:1! 7112
Registered .
9234 J'ly '14 -- . ._
_
1937
Registered
1951 J - .1____ _ ---- 8034 Mar'll
Debenture 48
7914
71
77
75
75
1931
i
Trust Co Ws of depos!t__ -- --j61; "
12 --- 63 Sep '15
ffi2
West Shore 1st 48 guar_ 2361
8958 Sale 8812
8958 29 88
9212
do
Stamped__
- 6412 -- - 6012
6012 "i5 5912 68
Registered
8734 8813 8634
89
2361
K C Ft S & M cons g 6s_ _1928 --- 10514 Sale 10514
7 85% 893
4
1 105 110
M-N
10514
N Y C Lines eq tr 5s_ _1915-22
9912 --- 100 M ar'15 ---- 100 100
.
K C Ft S & M Ry ref g 413.1936 A -0 (73
6614 7312
1 6612
673
4
Equip trust 450_ _1916-1925
953 .. _ _ 98 J'iy '14 ---- ___ ___ .
K C & M R & B 1st gu 5s_1929 A -0 ---- ---- 95 Mar'14
- NY Connect 1st gu 456s A.._1953
-_ 97
9412 May'15 ---- 9412 9514 St L SW 1st g 4s bond ctfs 1989 M- N 683- 6912 68
4
82 673 80
69
N Y N H & Hartford2d g 4s income bond ctfs_p1989 J - J 51
55
52
9934 16073
52 00
52
Non cony deben 48
78
77 J'ly '14 ------------Consol gold 4s
1947
1932 J -D 55 Sale 53
8
3
55
33 517 62 4
Non-cony &ben 3As
70 ---- 63 Feb '15 ---- 63 63
1947
Gray's Pt Ter 1st gu g 5s_ 1947 J -D 100 __ _ 9412 Jan '14
Non-cony deben 3Sis_
68
70
70 Aug •I5 ---- 64
1951
70
S A & A Pass 1st gu g 4s
1943 J - J 68 Sale 67
419 85
68
Non-cony deben 4s
77
80
77 Aug '15 ---, 71
1955
775 S F & N P 191 sk fd g 5s
8
8
1919 J - J 1007 Sale 1007
s
1007
8
Non-cony deben 48
78
1956
77
3 70
77
78
Seaboard Air Line g 45
1950 A -0 79
80
75 Dec '14
Cony debenture 354s
69 Sale 6712
69
43 611 70
/
4
1956
Gold 4s stamped
1950 A - 0 79
8012 '7812
78
8312
7812
Cony debenture Os
11114 Sale 111
11112 32 101 112
1948
Registered
1950 A-0 .... - - _.
Cons Ely non-cony 4s
76
1930
Adjustment 5s
4
o1949 F - A 623 safe 6134
49 -i6C4713
4
63
Non-cony deben 48.._ _ _1954
__- ____ 9112 Jan '12:-----Refunding 4s.
1959 A -0 66
68
66 Sep '15 85 68
7112
Non- onv deben 45...._1955
-___ ....- ---- ...... ---- ---- ---Atl Birm 30 yr 1st g 45...e1933 M- S - -- 83 83 Aug '15
9114 100 4
8
6
83:
Non-cony deben 41955
-___ ---_ ---- ...... ---- ---- ---Car Cent 1st con g 4s____19411 .1 - J 8212 - - -. 8514 Mar'15
8412 85
Non-cony deben 4s_ __ _1956
------- --- ...... ---- ---- ---Fla Cent de Pen 1st g 58..1918 J - J 99 100
993 Sep '15
4
Harlem ft-Pt Ches 1st 48_1954
*-- 0
9914 Nov'12 ---- __--1st land gr ext g be
_1930 J - J ---------104 Nov'12
B dr N Y Air Line 1st 48.. _1955-- 9912 June'12 ---- _ _ _ --Consol gold 58
1943 .1 - J --------101 July'15
Cent New Eng 1st gu 4s 1961
-di 707 79 May'15 ---- - s
79 79
Ga & Ala Ry 1st con 5e_o1945 J - J --------10258 Mar'15
Hartford St Ely 1st 4s
_ _
1930,
Ga Car As No 1st gu g 58.._1929 J - J -------- 10114 July'15
19912 1024
Housatonic It cons g 5s.. 1931
10214 ---- 10512 May 15 ---- 105 1051e
Seab & Roa 1st 5s
1926 J - J 983 10158 9914 Aug .15 ---- 9914 10112
4
Naugatuck ItR 1st 48
___. -- 87 J'ly '14 --- ___ _- Southern Pacific Co
1954
,
N Y Posy SC Boston 4s
8912 - - -. 88 Aug '13 --- - - - _
1942
Gold 48 (Cent Pao coll)..k1949 J - D
1
le 8012
8114
NYW'ches&B 1st ser I 450'46
77 Sale 7614
77
1
i .1
l
Registered
k1949 J - D ------- 90 Feb '14
-- N H dr Derby cons cy 58_ _1918
_____. 107 Aug '09 -------- ---_ - -20 year cony 48
01929 M- S 813; Sale 80 4
3
813
4
Boston Terminal 1st 48
---1939
20 year cony 5s
1934 J -D 995 Sale 99
8
993
4
____.._ .__-__ ---- -- ---New England cons 5s
1945
Cent Pac 1st ref gu g 4s_1949 F - A
:511:
8612 44772: 1i. 1333:7144: 11:900i8606112f73-441
61
4-8 0 .9i:66 8
le 8434
5695
Consol 48
_. 9912 Mar'12 --- ___ -_
1943
Registered
1949 F - A ------- 8612 Mar'15
- --Providence Secur deb 4s..1957
----. 56 Apr '15 ---- 515
584
Mort guar gold 334s_k1929 J - D i 12 851- 8412
/
1
8412
2
Prov & Springfield 1st 58_1922
--.-- 997 Dee '14 ---- ---Through St L 1st gu 48_1954 A -0 8214 ____ 8218
821 - 0 846%112 88879612
/ 16 882 8
4
Providence Term 151 45_ _1956
..__ --. 835a Feb '14 ---OR & S A M & P 1st 5s_ _1931 M-N 9
, 00 Sep '15 ---- 100 1024
W & Con East 1st 450.._1943
Gila V 0& N 1st gu g 5s1924 151-N ----- -- 1023 Apr '14
---- 4
N Y 0& W ref 1st g 48_ _ _21992
74 ---_ 7414 Aug 15 ---- 7412 82%
Roue E & W T 1st g 5s..„1933 M-N 99 100 100 July'15
100 103
Registered 85.000 onlyg1992
..-- - - 9212 June'12 ---- _ ___ _ _
1st guar 58 red
1933 M-N
9812 100 9915 June'15
99l 9958
General 4s
---- fi 76 June'15 ---- 7513 80
1955
H & T C 1st g 5s lot gu_ 1937 J - J 10234 ___- 1023
2 10258 107
4
1023
4
Norfolk Sou 1st & ref A 58_1961
____ 83
_
94 June'14 -.
Gen gold 4s int guar ..1921 A -0 9312 ---- 94 Sep '15
Norf & Sou 1st gold 58
96 100 101 July'15 ---- itil la
waeo& N w gag ling 681930 M-N 108 111 108 Mar'14
1941
.
Norf & West gen gold (30. _ _1931
11712 Sale 11712
1 115 118
11712
A & N W 1st gu g 55
1941 J - J 10C1 103 100 June'15
ici3 i6 -5119
4 9 2
2
Improvement & ext g 68._1934
115 1174. 11634
11634
3 1163 119
4
Louisiana West let 6s_.._1921 J - J ---- -_ 109 June'14
New River 1st gold (38_
114 - -- 119 Apr '15 -, 119 119
1932
Morgan's La & T 1st 78..1918 A -0 --- ---- 1045 July'15
8
ioi" 10458
N & %V Ity 1st cons g 48_1996
8914 Sale 8818
8914 46 8(334 94
1st gold 6s
1920 J - J - - - - 106 10614 J'ly '14
Registered
_ . __ 94 May'14 ---, ____ __ _
1996
No of Cal guar g 58
1938 A -0 10512 ____ 112 Feb '07
Div'l 1st lien & gen g 48_1944
853 8614 8614
4
8614
3 8512 8812
Ore & Cal let guar g 59-1927 J - .1 100 101 100
100
10-25-year cony 48
113 114 110
110
1932
5 987 11014
s
So Pao of Cal-Gu g 5s_ 1937 M- N 10612 --- 10112 Nov'13
10-20
-year cony 4s
113 114 1093
1932
4 10934
2 9934 109
So Pac Coast 1st gu 48 g 1937 J - J 86 _- 9112 Sep '12
10-25-3 ear cony 410_ _ 1938
114 Sale 109
114
110 101 114
San Fran Termi 1st 45_1950 A -0 7812 79
785
8
7914
Poeah C & C joint 41_ _1941
8614 8612 863
2 8612 9014
4
863
4
Tex & N 0 con gold 56-.1943 J Apr '14
CC & T 1st guar gold 58 1922
10014 _
1053 Jan '13 ---- _ _ _ _ _ _ . _
4
So Par RR 1st ref 4s
8514 223 :4 89
J 8534 Sale 8412
1955 1 - J584
63
;
43-4
Selo V & N E let gu g 48_ _1989
87 Sale 87
87
4 8434 91
Southern-let cons g &L._ 1994 J - -1 9712 Sale 9612
14 3
861 8
973
4 56 90 2 10134
Nor Pacific prior lien g 41_1997
901 Sale 893
9012 288 884 934
4
/
1
Registered
1994 J - J --------98 June'15
96
98
78
71
Registered
1997---- ----89
4 8834 92
89
Develop St gen 45 Ser A 1956 A - 0 625 Sae 6112
8
625
69
Ge eral lien gold 3s
627- Sae 62
8
a2047
62 8 466 62 66
7
Mob & Ohio coil tr g 48_ 1938 M- S 81
65
71 June'15
n
Registered
-__. --- 8312 June'15 ---- 6113 6312
a2047
Mem Div 1st g 454 55
1998 .1 - J 9
9884 100
8 984 99 Sep '15
St Paul-Duluth Div g 4s_ _1996
8934 9058 905 Sep '15 --- - 90 8 90114
8
St Louis div 1st g 48
5
1951 J - J 76
82 81 July'15
Dul Short Line 1st go 5s...1916
_ 1001 Sep '13 ---- ____ .._ .
/
4
Ala Cen 1st g 65
'918 J - J 10058 10314 1043 June'14
4
St P & N P gen gold Os_.J923
jOi5 i13 10958 Aug '15 ---- 10914 11118
8
Ala Gt Sou 1st cons A 5s_ _1943 J -0 ---- 98
4
993 May'14
Registered certificates_ _1923
.__. ____ 115% Aug '11 --Atl & Char A L 1st A 4501944 J - J -- 93 93 July'15
St Paul & Duluth 1st 58_1931
10414 ---- 102 Feb '15 --- 102 102
All & Danv 1st g 45
1948 J - J ---•- 81
831a Alm '15
2d 5s
102 101 Aug '15 ---- 10014 101
1917
2d 48
1948 J - J ------- 7512 Aug '15
1st consol gold 48
___ 90
1968
88 June'15 ---- 88 88
Atl & Yad 1st g guar 4e
1949 A -0 7218 __ 7534 Dec '14
Wash Cent 1st gold 48_ _1948
____ - - - 8112 Dec '13 --- ._ --Col dr Greenv 1st 8s
1916 J - J --------10058 J'ly '14
Nor Pao Term Co 1st R 65_1933
110 111 110 Sep '15 --- - 110 113
E T Va & Ga Div g 58_ _ _ _1930 J - J 102 _-__ 1023
1 152sR10234
4
Dregon-Wash 1st & ref 45_ .1981
1023
4
81
8112 8012 Sep '15 85 7912 88
Con 1st gold 58
1956 M- N 100 102 1003
2 1003 1045
4
Pacific Coast Co 1st g 5s
1003
4
4
3
____ 94% 95 Aug '15 ---- 94
1948
984
/
1
E Ten reor lien g 58
1938 I'd- S 97 99
99 Sep '15
99 99
Pennsylvania Rft 1st g 48_1923
95 ____ 97 Aug '15 ---- 96 98
Ga Midland 1st 3s
1946 A -0 --- 65
8412 May'13
CO/1801 gold Ss
113212
1019
10212 Sep '15 ---- 102 10318
Ga Pac Ry let g 13s
1922.3 - J 105 1 7 10614 Aug '15
106 107
Consd1 gold 4s
95
1943
96
95 Sep '15 ---- 95
Knox & Ohio 1st g 65
9812
1925 J - J -------- 10512 July'15
_
Convertible gold 350___o1915
100 Sale 100
100
3 9938 100%
Mob & Bit prior lien g 58_1945 J - J ------ 10512 Nov'12
--Consol gold 4s
9712 1948
9712
9712
1 9612 91314
Mortgage gold 48
1945 J - .1 -- 79I8 79 Mar'13
Consol 434s
10234 sale 10214 '
1960
10234 71 10134 1047
Rich & Dan deb 58 strupd_1927 A -0 ---- ---- 102 May'15
General 450 when issued 1965
9714 Sale 9718
9712 135 97
9814
Rich & Meek 1st g 4s........ 1948 M N
73 Sep '12
Alleg Val gen guar g 48_ ...1942
92 ---- 94 May'15 .-935 94
8
So Car & Ga 1st g 58
1919 M-N 10018 ---_ 100 Sep '15
D R RR &13'go ist gu 48g 1936
--------91 Mar'14 --_ _
Virginia Mid ser C(38_1916 itl- S 100 ---- 10014 Mar'15
3
Phila Ball & %V 1st g 4s.1943
961 98
0834
4 9(34 6i
07
Series D 4-5s
1921 111- S ---- ----1033 Nov'12 .
4
Sodus Bay de Sou 1st g 58_2924
---- ----102 Jan '03 -- - .... -_
Series E 58
____ 102 Dec '13 .
1928 M- S
Sunbury & Lewis 1st g 48_1936
1931 61- s iiji12 ___ 104 Mar'13
Series F 58
U NJ RR & Can gen 4s.1044
14 ---- 99Aug 15 ---- 984 99
1936 62-N ____ ____ 1C212 Aug '15
General 5s
Icii" 1031±
1Pennsylvania CoVa & So'w'n 1st gu 5s2003 J - J 102 -__ 100 Aug '15 .
9812 101
Guar 1st gold 4503
1003 101 10012 Sep '15 ---- 993 10212
1921
4
let cons 50
01 841 84 Aug '15 -year 58_1958 A -0
8184 84
Registered
1921
---- ----100 July'15 ---. 9912 100
W 0& W 1st cy gu 4s
_
1924 F - A ---- ---- 92 June'13
Guar 3568 coll trust reg A.1937
--------8412 Apr '14 .--- ____
_ Spokane Internet 1st g 58_1955 J - .1 - - 98
.
9612 June'14 .
Guar 334s coil trust ser B_ 1941
--------833 July'15 -_ 84
80
Ter A of St L let g 434s...1939 A -0 93
91358 94
6 6 2 8
94
i
0
Trust Co etre gu g 350_1916
9912 100
9912 Sep '15 --- 99
9912
1st con gold 5s-1894-1944 F' - A 9918 101 101 Aug '15 -. 10034 ICS
102
Guar 3548 trust'Ws C__ _ _1942
____ 8318 83 Feb '15 --_ 83 83
Gen refund 5 f g 48
1953 J - J
80
8012
Guar35is trust Ws D
8018 ___ 81 Aug '15 ---_ 81
1944
81
St L M Bridge Ter gu g 5s 1930 A -0 --------100 Mar'1.5
100 100
Guar 15-25-year gold 4s_ _1931
9012 0212 8912 Sep '15 ---- 8912 9412 Tex & Pac 1st gold 55
2000.3 -D 90
92 92
92
.
.29
7
40 year guar 4s etre Ser E.1952
_ 8912 923 May'14 --- ._ --- .
2d gold Inc 55
r000 Mar 3114 Sale 3114
Cin Leb & Nor gu 4s g
3114
I942
- _ _ - _ .. 9312 Ayr '14
La Div 13 L let g 58
1931 J - J ---- 90
95 May'14
Cl & Mar 1st gu g 450_ _1935
9418 9678 9734 Aug '15 -- 9'73 0734
4
W Min W & N W 1st gu 5s 1930 F - A --- 95 10612 Nov'04 .
CI & Pgen gug 4545ser A 1942
10014 - _ 101% Nov'13 ---- ___ ___ Tol &0 C 1st g 5,8
1935 J - .1 lee 101
9914 Aug '15 .
Series 11
991k 103
IC01 --- 1094 J'ly '09 ____ _ _ __
1942
Western Div 1st g 58
- 98 101 Aug '13 .
1935 A - 0 Int reduced to 334s 1942
---- ----9114 Feb '12 -___ ___- _
General gold 5s
1935 J - D -_ 9812 10112 Apr '14 .
Series C 350
1948
9018 Oct '12 ---_
Kan & M 1st gu g 48
1990 A -0 -_- 85
86 Mar'15 .
Series D 350
86 -Sit;
W50
833 June'lL --4
8334 933
2d 20
-year 5s
4
1927 B - J --,._ 95
Erie & Pitts gu g 35is B...1940
93 Aug'1 i 02 96
-__--- 861 May'14 ____ __ ____ To! P & W 1st gold 48
.
/
4
68
1917 J - .1 63 64 63
Series C
63
1040
1 6212
-_ 9018 J'ly '12
Tol St L At W pr lien g 350_1925 J - .1 73
74
75
Or R & 1 ex 1st gu Jr 450_1041
10 7212 78
74
(ii 99
95 July'15 .___ 95 190
-year gold 41;
50
.
1950 A -0 471 Sale 4714
Ohio Connect 1st gu 48__ _1043
3 4212 5314
4712
*95 ___ 93 May'14 _- ...._ __
Coll tr 48 g Ser A
1917
___-43 June'14 Pitts Y & Ash 1st cons 58 1927
_
10214 ....„._ 109 May'10 ---- -- -- Tor Ham & Buff 1st g 48...h1946 F - A ------J -D
Tol W V & 0 gu 450 A 1931 .
82 Mar'15 /
1
4
821k 9712
---- 98
904 Aug '15 --- 96 4 9712 Ulster & Del 1st eon g 55_1928 J -D -___ 113058 1005 Aug '15 3
9832 101
Series B 43
8
-is
1933
9814 June'15
9814 £1814
1st refund g is
1952 A -0
Series C 4s
74 Mar'15
74
74
1942
9312 J'ly '14
Union Pacific 1st g 48
1947 J - J 95
PC C & St L gu 450 A 1940 .
le 93
119 9212 9712
95
99 Sale 99
99
4 98 10112
Registered
1947 J - J ---- ----9558 May'15
Series B guar
93 95
12
1942 .
9812 10034 98 Aug '15 -- 075 10112
20
-year cony 45
1927 J - .1 9014 Sae 8912
Series C guar
9114
9014 92 88
1042 1
9734 ___ 9714 July'15 ---_ 9714 10112
1st & ref 45
22008 M- S 8514 Sale 847
Series 13 is gpar
s
853 229 841s 9214
8
1945 1
9234 __ 9218 Sep '15 -- 9218 933
4
Ore RR & Nav con g 48___1946 J -D 884 Sale 88
/
1
Series E 350 guar gold_1949
8812 48 87
9112
9134 .. _ __ 9058 July'15___ 90 915
8
Ore Short Line 1st g 6s___1922 F - A 108 -_- 108 Sep '15 - _
'cries F guar 45 gold__ _1953 ,
107 109
/
1
4
12
9234 __ 9511 Jan '14
_ 1st consol g 5s
1946 J - .1 100 1023; 10178
Series 0 4s guar
1 10172 106
1018
1957 1
923
4
9258 Aug '15
dils fi3.
-3
4
Guar refund
1929 J - D 88
8812 873
C St I. & P 1st cons g 58_1932 .
4
88
57 8712 9178
1011 __:... 10012 May'14 ...........Utah fie Nor 4s
/
4
gold 58....„1928 J - J 99 10314 102
'eorla & Pekin Un 1st g 68....1921(
102
2 102 10318
10158 ___ 101% May'15 ...- _
I
1st extended 48
1933 J - .1
1
2d gold 454s
_51921 1
-.._ _..... 89 Feb '14
Vandalla cons R 45 Ser A. 1955 F - A ---- ---- -93 Apr '13
.
--- I.
Marquette-Ref 45____19.55
---- 20
1112 June'15 .--. 1113 1112
Consol 4s Series B
1957 M
---/
1
4
Refunding guar 48
1955 ,
- - - - 19
40 Dec '13 __.. .. .... Vera Cruz & P let gu 4342_1934 J - N -_- ____ 92 May'14 .
J
90 42 Aug '15.
Chic & We-it kWh Se
/
1
4
4212 - * -1;
42
1921 .1
72 _ _
72 Aug '15 ____ 72 72
Virginian let fie Flprlas A _ 1982 iiii-N 923; 94
92
9212
2 92 91/2
7
• No price Friday; latest bid and asked. a Duo Jan. b Due Feb. •Due
May. g Due June. ls Due July. k'Due Aug. o Due Oct. p Due Nov. q Due Dee,
s Option sale.
-------98
22
92:1
-
BONDS
N. Y. STOCK EXCHANGE
Week Ending Sept. 24.
[VOL. 101.
New York Bond Record—Concluded—Page 4
1002
Price
Friday
Sept. 24.
4
.44
Week's
Range or
Last Sac
Range
Since
Jan. 1
.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Sept. 24.
t1,1
,
b
Price
Friday
Sept. 24.
Z_Z
.-4.
ill
Week's
nc
Range or
l el
'
Las Sale '
Bangs
Since
Jan. 1
0044"Z"ZO<ZZOOt=4C000Z",<
0<4.ZMO<W,
1 4,
:PC'OZZCL'O :<".0CZ<Z0"
A
J:
0W040400ZZ 'OCZ
,E2
'11E<C41.4W.C.t ,
'I
"
ozzam.,
1 4 ..iJ11.4.0-3.-,
:c pcia<coxpo<c)-1-1-1
I
,
oo'Z''' "0
High No. Low High
Bid
Ask Low
91)14 —_ 10112 June'14 - - - - _ _ __ ...
Trenton 13 & El let g 5s____1949
100 Sep '15 ---- 9712 101
---Union Elea Lt & P 1st g 5s_ _1932
90
__-- --__ 89 Mar'15 ---- 89
Refunding & extension 58_1933
10214 ._._ 10214 Mar'15 ---- 96 10214
Utica Elec Lt & P 1st g 5.3_1950
98 98
93 Aug '15 _
Utica Gas dr Elec ref 5(3_1957 .
10111; 102 102 Sep '15 ---- 101 103
Westchester Ltg gold 59_ ___ 1950 .
Miscellaneous
8 70
76
80
76 Sale 7512
1948
Adams Ex coil In g 4s
24 118 150
135
135 Rate 134
Alaska Gold M deb Os A ___ _ 1925
77 9012 93
92
9112 Sale 9112
Armour & Co let real est 4)0'39
87
87 Sep '15 ---- 84
87 88
1952
Bush Terminal let 4s
85 July•15 --- 8412 90
90
85
1955
Consol 5s _
8518 84 Aug '15 .
83 87
84
1960
Ridge 5s guar tax ex
4
1133 108 111 11759
113 Sale 113
-Yew'cony 7s 1923 1
Chile Copper 10
12 98 111
10112 Sale 10112 103
GranbyConsMS&P corn 6s A '28
14312 119 97 1473
140 Sale 139
4
Inspir Cons Cop let cony 6s..1922
14212 25 9434 147
139 14012 140
1919 •
-year cony deb Os
5
7712 114 3014 7712
7618 7678 7514
Int Mercan Marine 4 the ...1922
7758 1307 3312 7758
7614 Sale 7512
Certificates of deposit
70
6 36
70
6812 Sale 6812
Int Navigation 1st s f 5s--.._192o
8 33 8834 9212
915
9138 Sale 9114
Montana Power let 55 A_ _1943
8812 Jan '14 --_ __ __
8714 90
Morris dr Co 1st s f 4)0____ 1939
— - — - 83 Apr '14 ____ ____ ____
Mtge Bond(N Y)4s ser 2_1966
7
93 s ._ _. 100 J'ly '14 --- -—
1932
,10-20-yr 5s series 3
75
72 Aug '15 --71
75
72
1951
Dock 50-yr let g 4s
NY
100 __ 100 Sep '15 ---- 100 101
1932
Niag Falls Pow let 59
104
a1932
Ref dr gen Os
9114
/i2
81 M ar'18 ___._ WI, - 4
863
Niag Lock & 0 Pow 1st 58_1954
4
8
_--- 937 94 July'15 --- 923 9558
Ontario Power N F 1st 5s .l943
8619 90
9012 861s May'15 . Ontario Transmission
87
21 8614 8914
8612
5s___1945_--- 8634 8814
Pub Sony Corp NJ gen 5s.._ _1959
17 103 130
116 Sale 11213 116
Ray Cons Cop let cony 63_1921
9214 Feb •14 --._ _ _ _ _ _
- - -- 88
Sierra & S F Power let 56.. __1949
. 10312 Jan '14 .-__ _ _ _ _ _
____ _
.10-3O
Wash Water Pow let 5s.
Manufact..rIng & Industrial
8 9934 10238
10014
10018 10014 100
1928
Am Ac Chem 1st o Ss
2 92
9412
9411
Street Railway
9412 Sale 9418
1921
2 10014 10339
102
Cony deben Se
10018
6 9978 10012
8
Brooklyn Rapid Tran g 56_1945 A - 0 101 102 102 Aug '15
10018 1003 1001.3
_ 793 854 Am Cot 011 ext 43s
p1915
4
83 80
_
18 9118 9412
93
1st refund cony gold 49_2002 3 93 Sale 93
1931
47 987 101
101
9
5s
Debenture
'1 18 10012 10312
10312
-year secured notes Ss__ _1918 J - J 0014 Sale 100
6
103 10334 10314
1 10014 102
Am Hide & L let s f g 6s_ _1919
10012 10012
33
8912
85 83
Bk City let con 5s_ _1916-1941 J • J 10012 82
1 80
1925
Amer Ice Scour deb g 6s
95 98 Apr '14
32 10353 107
107
8
Bk Q Co & S con gu g 5s1941 M-N
8
1057 Sale 1057
s f 68_1920
Am Smelt Securities
-- 101 May'13
- 100 July'15 ---, 924 100
Bklyn Q Co & lst 5s_1941 J - 1
----1915
9812 26 981 10112 Am Sprite Mfg g (.1s
9812
2 9312 95
95
95 Sa- 95
Bklyn Un El let g 4-59_1950 F - A 98 99
4 98 1004 Am Thread let coil tr 4s
9312
1919
98
99
1950 F - A 98
11912 120 11912 Aug '15 ---- 115 12112
Stamped guar 4-513
19 79
-year g 6s.....1944
80
8312 Am Tobacco 40
:
- -- ..
21 4 A a , ..
Kings County El 1st g 46_1949 F- A ____ 8312 80 Sep '15
.
..
-- .. 95
.... __ _ 1073 Mpry414 -...: _- 979918
1944
8434 79
Registered
79
8212
1949 F- A
•
Stamped guar 4s
1951
78
73 Aug 15 — _ 73
Gold 4s
___77
_ ii78
,
e"
.1_ 98
Nassau Elec guar gold 4t.1951 J
-tif _ _64 2 64 Jun6 14 —5. . fo,..
1951
9412 37 9234 971
Registered
1927 F - A 941i 9134 9418
Chicago Rys 1st 56
Am Writ Paper lets f .55_ __ _1919
9
- 101/ June'14
4
Conn Ry & L 1st & ref g 4146 1951 J - J 9314
10112 10212 103 May'15 -.-- 1003 103
Baldw Loco Works 1st 5s_ _.1940
9614 June'14
55 984 103
102
1951 J - J
Stamped guar 41,49
100 8 10134 10114
7
1926
65-34 79
Beth Steel let ext s f 5s
4 71 8518 10212
993
Det United let cons g 4)49_1932 J - J 73 "fi 75 Jan75
9934 Sale 9914
1942
'14
let & ref Se -liar A
-- 84
73
100
Ft Smith Lt dr Tr let g 58_ _1938 61- 8
100
1925
_ Cent Leath 20-year g Se 1951--- Sale- 9914 Jan '15 ---, 9678 100 4
100 June'14
4
1916 J D 903 Grand Rapids Ry 1st g 6s
4
9734 973
973
__
Consol Tobacco g 4e
92 Apr '14
1952 F - A
1 9434 9714
9618
961s Sal; 961s
Havana Eleo consol g 5s
1931
7112 72 7112 72 28 "id" "'him Corn Prod Ref s f g Se
9514
9 92
9412
1957 F - A
Bud & Manhat 56 Ser A..
9412 Sale 9412
1934
29 2412 2918
let 26-years f 5e
4
263
2634 Sale 2614
1957
Adjust income 5s
4
8
10034 Sale 1003
6 95 10072
1007
Cuban-Am Sugar coil tr fls 1918
1932 F - A
6414 82 4814 673
N Y & Jersey 1st 56
6312 Sale 6312
4
7414 92 'lila -7912 Distil Sec Con cony let g 5s_ _1927
7 --414 6;1e- 738
86 84 10454
103
10259 Sale. 102
Interboro-Metrop coil 4)48_1956 A -0
E I du Pont Powder 4 is..-1936
-------8712 July'14
Interboro Rapid Transit—
9878 174 9614 9853 General Baking let 25-yr 68_1936
i
2 i -i4
1 - J 9634 Sale 961,
7612
1966
let & refunding 59
7612
7612 77
1942
2 82
85
91
Gen Electric deb g 3)0
135 10112 105
102 Sale 10114 102
Manhat Ry(N 'Y) cons g 49_1990 A - 0 85 Sale 85
1952
35 85 9114
87
Debenture 5s
10018
1 100 104h
1990 A - 0 87 Sale 86
1004 10014 10018
Stamped tax-exempt
1915
Gen'l Motors let lien 6s
63 8278 88
87
867 Sale 8634
8
Metropolitan Street Ry—
1940
1 9712 101
9734
III Steel deb 49.0
9712 9734
10634 Sale 10012 10114 55 99 1011;
Bway & 7th Av late g 56_1943 J -0 -__- Sale
1952
1 94 99
Indiana Steel let 5s
9712
9712
100 Oct '13 --Col & 9th Av 1st gu g 59_1993 M- S 9712
.
91935
Ingersoll-Rand 1st Se
99 101 Apr '14 ---- . - 10018 5 664 i6111
- 8
9912 10 3
6
Lex Av de P F lit gu g 56_1993 M- S
100- 100
Int Paper Co let con g 6s _1918
80 Mar'14
7914 20 785 82
4
79 Sale 79
Met W 8 El (Chic) 1st g 4s_ _1938 F - A
1935
Consol cony s f g 5s
1014 Aug '15 _ _ 1011s 10115
6514
MIiw Eleo Ry & Lt cons g 56 1926 F - A 10114
6414 67 634 Sep '15 ....„, 38
1929
J __— 9012 9258 Feb '15 33 9255 9259 Int St Pump let s f Si.
65
53 52
6318
65
0414 65
Refunding & exten 4349....1931
_
Certfs of deposit
95 Sale 94
4
Gen & refund 53 ser A_ _ 1951 J - D
8 89 953
95
1923
NoVii
Lackaw Steel 1st g 5s
8458 405 65
8412 Sale 8312
,
853
Minneap St let cons g 5s____1919 J J -6972
1950
1st con5s Series A
102 1213 1241:
124 Sale 12312 114
4
Montreal Tramways let & re
'15 Tobao 75 1944
86 9414 Liggett & Myers
9112 944 Feb
102 Sale 10134
30
-year 59 Ser A
10214 25 9912 10211
1951
78 Feb '15 - -- 78
85
5s
78
1 5
411
12014 12112 120 Sep '15 --,, 119 124
New Onl Ry Lt gen 4Sis
1944
10 68
69
7314 Lorillard Co (P) 7s
NY Rye 1st RE dr ref 46_1942 J - J 6834 6912 6812
8
9912 18 955 102
9914 Sale 9914
1951
25 4814 5558
50
5s
10613
1 9512 110
a1942 A -0 50 Sale 4914
30-year ad)Inc 5s
10612 Sale 10013
-- 84
Apr
Mexican Petrol Ltd con 6s A 1921
86
86
104
1 95 110
104 108 104
N Y State Rys let cons 4%9_1962 M- N 80 ---- 86 Feb '15
'15
9918
9918 991s
1st lien & ref 6s series C..... 1921
9312
923 9418 9413 Aug '15 ---- 92 941;
3
Portland Ry let de ref 59_ _ _1930 M- N
1929
Nat Enam dr Stpg let 5s
- 92 Mar'14
8312 .... 83 June'15 --,, 83
85
Portld Ry Lt de P let ref 56_1942 F - A 80
idd" idd Nat Starch 20-yr deb 5s 1930
.._ 10112 100 May'15
9838 Sale 98
1
997
4 14 95
985
Portland Gen Elea 1st 5s_1935 J 1952
National Tube let 5s
98 Nov'08
102
101)2102 101
St Jos Ry, L, H & P 1st g 59_1937 M- N
5 90 103
1 kid" 100
100
N Y Air Brake 1st cony 69._1928
- - - 100
St Paul City Cab cons g Si._1937 J - J
39 78
80
82 9 Railway Steel Spring—
5
80 Sale 80
974 Aug '15 --- 9514 954
1980 - J
974 98
Third Ave let ref 46
8
795 105 75 82
Latrobe Plant let if 5s__ _1921
4
9
795 Sale 783
960 A Ad) ine 5s
9014 9P8 9118 Set/ '15 • -,, 90 93
Interocean P 1st s f 5s __ _1931
1054 107
10413 10612 106 July'15
9412 71 9012 953
011937
9414 Sale 9418
Third Ave Sty 1st g 56
1 943 974 Repub I & S 113-30-yr 5s s f_ _1940
95
9612 95
4
95
_ 9212
9212
1 8812 921
9112
Tr -City Ry & Lt IsIs f 5s 1923
1930
9612 J'ly '14 —_ — - - - Standard Milling let 5s
1933 J - J ---- 94
10214 23 9712 1021,
10214 Sale 10218
_Undergr of London 4 .6s
The Texas Co cony deb Os._ 1931
- ------ 90 8712 J'ly '14
1948
7618 _-- 80 Aug '15 ---- 75
Income 86
80
Union Bag & Paper 1st 55..1930
- -- 84 Oct '08 -------,
Union Elev (Chic) let g 5s 1949
1930- - - _ 9114 Jan '13 --Stamped
65
70 Sep '15 791s
i
("d if 70
United Rys Inv 55 Pitts 159_1926 61-N ____ 72
70
i6
i -66- "
3 60 6312 US Realty& loony deb g 59 1924
61
60
1934 J - J ---- 61
United Rye St L let g 4s_
_..-- 2612 26 Aug '15 ---, 20
30
593 593
8
5938 Mar'15 -60
8 U S Red dr Refg let g 6s.__1931
St 1.3t118 Transit gu Si... _1924 A -0
10238
10258 Sale 10214
16 10112 1031,
1918
33 40
47
555
8 U El Rubber 10-yr colt tr 6;_ _
4612 Sale 4612
1927 A 10212 431 997 1025
United RRs San Fr s f 4s
10238 Sale 102
s
1 88
82
8912 US Steel Corp—(coup ____d1963
1
Va Ry & Pow Ist & ref 5s__ _1934 J - J --__ 8712 82
10212 Sale 10239 10212
- 9934 1023
d1963
S f 10-60-yr 5alreg
95
9 89 971
9412 Sale 9412
Va-Car Chem 1st 15-yr 5s__1923
Gas and Electric Light
101
101 10112 101
17 10014 102
West Electric let 5s Dee.._ _1922
1947 J -D 101 --__
Atlanta G L Co let g 5s
10512 10534 10512
10512 39 897 1055
4
168— jaii, Westinghouse E & M 9 Ms_ _1931
aY44
103
Bklyn Un Gas let cons g 59_1945 MN 10318 ---- 10151 Sep 15
10518 10512 10518
8 10314 1053
10518
Corte of depoelt _ _
54 J dne'13 .
1947 A -0 ____
Buffalo City Gas let g 5s
12012 Sale 11638 12358 2039 109-53 1235
_iiiii
Cony 8 f 5s (15e of
-6
97 Feb '15
-J
Columbus Gas let gold 59_1932 J
10014 __- 101 Sep ,15 ---- 9814 1011
-year coil tr notes 5s__ _ _1917
117 —51 109 6 11812
10
3 1
1920 Q - F iii" Sale 16
Consol Gas cony deb 85
Coal & Iron
101 103 101 Aug '15 __ -- 994 1(11
Detroit City Gas gold Ss__ _1923 J 86 -- 92 rly '14 __-- ___ _ „
1932
Buff & Susq Iron s f 55
5a
95 Sep '08 --781
Detroit One Co cons let g 56_1918 F - A
7812 Sep '15 --- -, 75
80
I 75
a1926
Debenture 5.9
10214 1 1(111- 164
2 87
93
Detroit Edison let coil tr 58_1933 J - J 102" 10214 10214
93
93
94
91
lows May'15 -- 10012 10012 Col F & I Co gen at g 5s_ _ __ 1943
78
Eq GLNY 1st cons g 5s_ _ _1932 61- S 10012
90 70 80
77
78
77
Col Indus 1st & coil Sc gu__ 1934
100 Feb '13
Gas de Eleo Berg Coo g 59_1949 J -D
1 -------, 73 Mar'14 ---- _ _ _ _
Cons Ind Coal Me let 5s. _ _1935
10234
4 July'15 ---- 1611;
8814 Apr '15 .--- 8814 811
Hudson Co Gas let g 511
1949
1 ---- 88
N 1004 8859 1013 M ar'14
Cons Coal of MO ist&ref 58.1950
92
Kan City(Mo) Gas let g 55_1922 A 991,, Feb '14 _.
—..... 99
104 June'15
1623; 10414 Continental Coal let g 5s._ 1952
.
1937 A - 0 i131 - --9
Kings Co El L & P g Ss
1 ---- 9459 1025 Apr '06
_h 1910
Gr Riv Coal & C 1st g Os_
1997 - 0 113 ---- 114 Aug'15113 115
Purchase money 85
------ 90 July'15 ---- 66 66
_ 12212 Dec '12
Kan&HC&Cletsfg 55.1951
_
1922 PA - S
Convertible deb 69
87 8514 July'15 —_ 8514 88
1 fi
Pocah Con Collier lets f 59_1957
121
122 121 Sep '15
1925 61- S 120
Convertible deb 6s
82
I ---- ----82 Apr '15 .- -- 75
St L Rock Mt& P ist 59._..1955
878 Sep '15 ____ 8718 88
Ed El Iii Bkn 1st con g 40_1939 J - J 8614 87
821
75
8112 7912 Aug '15 ._
78
Trust Co ctfs of deposit
5 10014 10112
Lao Gas L of St L 1st g 56_ _e1919 Q - F 10012 1014 10012 10012
1005,9 101 10059 Sep '15 _- _, 100 10113
1951
Tenn Coal gen 56
s
997 Sep '15 -___ 97 101
8
Ref and ext Ist g 5s
1934 A -0 995 ---8
1015 Sale 1015
8
8
1 997 10114
1015s
Birm Div 1st consol 63_1917
4
1927 111-N 90 - - 9012 Sep '15 --- 90 913
Milwaukee Gas L let 49
10158
1015 102 10158
5 10014 1011
8
a1917
Tenn Div let g Cis
6
8
s
1948J -D 1033 -- 1033 Aug '15 _ - 103 1033
Newark Con Gas g
....-- 106 101 Dee '14 ---- __
_1922
4 1011s 103,2
Cab C M Co 1st gu 6s
4
1013 10212 10118 10114
NYGELFI&Pg 56
73 Apr '14
. -- 75
1953
5
80
8012 31 80 85 8 Victor Fuel let s 15.
s
803 81
1.9U
Purchase money g 4s
82 86
8612 ---- 82 - -i1612
8612
Va Iron Coal&Coke let g 58.1949
Ed El Ill let cons g 59___ _ 1995 J - J 107- 107 July'15 ____ 10614 107
Telegraph & Telephone
100
2 9914 101
NY&Q El L & P ist con g 59_1930 - A loo i6i 100
8812 136 8013 8914
8812 Sale 8712
Am Telep & Tel coil tr 4s_ __1929
_- 924 J'ly '09
_ 1921 111-N
N Y & Rich Gas 1st g
15 9134 9812
97
95
9512 100
1930
Convertible 4s
Pacific0 AL El Co Cal 0& E
10234 183 96 1.0314
10234 Sale 102
20-yr convertible 4)6e_ .. _ 1933
95
9 91
94
7
1937 M- N 94 Sale 93 s
Corp unifying de ref 55
8
100 ____ 9918 May'15 ---- 983 9918
Cent Diet Tel let 30-yr 5s_1943
____ ___ _ _
Pao Pow & Lt 1st & ref 20-yr
---- .- __ 8814 June'14
Commercial Cable let g 4s2397
1930 F - A ---- -- 91 Feb '15
59 Internat Series
--- -- -- 79 Apr '14
2307
Registered
4
993 9
891 99 4
18
1919 M- S 9912 -- 993 July'15
ii 66— Eiji
97
at& Passaic G & El 59
9718 97
97
Cumb T & T let & gen 5s_ _ _1937
110 115
114 Sep '15
_ 89% Dec '14 ___
Peon Gas & C 1st cons g 89 1943 A _
9 20 9978 10112 Keystone Telephone let 5s...1935
4
1947 M•• S i661 Sale 10014 1005
Refunding gold 59
idol', Ha, 101 sop '15 —_, 166 161
1918
Metropol Tel & Tel Islet 59
_ 99 Sep '13
1947 M- S
99
5 9714 9914
Registered
9858
, 98 99
1921
9 3
( 1101
2
2 i 597 104- Mich State Telep let 5s_
101
J - J 10012
Ch G & Cke 1st gu g 56_1937
-L
10012 _ _ 10112 June'15 ___ 10112 loll3
N Y & NJ Telephone 58 it- -1920
10012 July'15
Con Co of Chi 1st gug 591936 3-0 loo
9638 331 94
9618 gal; 0518
971
N Y Telep 1st & gene f 4;48_1930
-- 93 Mar'12
Ind Nat Gas & 01130-yr 551936 M- N
4
36 943 98
97
4
5
967 Sale 963
1937
1 99'2 100
Pac Tel & Tel 1st 5s
993
4
4
003
M- N 993 4
Mu Fuel Gas let gu g 55_1947
__.- 9714 97
6 9614 99
5
973
'15
South Bell Tel & T ist s f 58_1941
95 95
7
65 4 95 Feb
1919 F - A
Philadelphia Co cony 543
96
971 2
7 95
9712
1
973 98
West Union coil In cur 5s__ _1938
4
4
903 988 June'14
1922 M- N
Cony deben gold 59
92,
21 9218
8
2 8818 931
23
Fd and real est g 4 SO._ _195C
-81 2 -£4
192 July'15
90
Stand Gm & El cony 9 f 8s 1928 J -0 - _- 94
_---- ---- -04 June'll ---- _
Un Tel gu ext 59._ _ _1941
Mut
—
Syracuse Lighting let g be 1051 J -D 98 ---- 100 Mar'14
,
J --------908 Mar'15 ___ . 9019 an 2
Northwent Tel aii 4 Wee 1934
-854 June'12
Syracuee Llht & Power Ss_ _1954 J - J --sale•
q
Jan. dDueApnil. e Due May. g Due June. h Due July. k Due Aug. o Due Oct. p Due Nov. Due Dee. s Option
•No pries Friday; lateen bid and asked. a Due
High No. Low High
Ask Low
Bid
10038 78 97 10212
1939 - N 10014 Sale 9934
Wabash 1st gold 59
17 86 954
90
88
8912 Sale
1939 F - A
2d gold 55
- _ 90 June'12
1939 J -.1
Debenture Series B
a
897 S97
9
8
- _ 897 897 Mar'15
M11- S
let lien equip s fd g 59_1921
65 65
_ 85 Mar'15
let lien 50-yr g term 49._1954 J -J 65
25 12
34
20
1956 J J 18 Sale 15
ref and ext g 4s
let
1612
1712 20
4 25 1214 27
183
Cent Trust Co otts
6 11
27
1514
1514 Sale 1514
Do stamped
2412
2012 314 12
1414
18
20
Equit Trust Co ctfs
30
1534 Sale 14
1814 755 10
Do stamped
'15
99 100
Det & Ch Ext lat g 5s___1941 J J 100 101 100 Aug '12
- 80 Aug
Des Moin Div 1st g 4s__1939 J - J
60't
55
604 July'15
1941 A -0 58
Om Div 1st g 3Y•is
3
72 4
66
1941 M- 8 6612 .___ 864 July'15
Tol & Ch Div 1st g 4s
4
83
1
112
9
17 Sale
5
17
J -D
Web Pitts Ferm 1st g 4s-- —1954
4
3 118
12
12 Sale
8 913
3
Cent and Old Col Tr Co certs__
4 33
3
8
5
3 812
3
%
Sale
Columbia Tr Co certfs
388
5
5
8 87
5
Col Tr ctfs for Cent Tr etfs _ _ _
14 112
15
15
14
14 Sep'
1954
2d gold 4s
8
18
7
I8 July'15
Trust Ce cents
--__ 8034 Aug '15
8038 82
F-A
Wash Terml 1st gu 3)49____1945
9112 9112
_ _ 9112 Aug 'lb
9112
1945 F - A
1st 40-yr guar 43
10 54
7112
70
1952 A -0 70 Sale 70
West Maryland 1st g 4s
s
1007 10212
1937 J - J 102 10214 102 Sep '15
West N Y & Pa lat g 5s
7413 Sep'
74
75
15 $8 7412 7812
1943 A Gen gold 49
17, 1718
s
1719 May'15
20 41943 Nov
Income 5s
9812 100
9812 June'15
Wheeling & L E 1st g 55......1926 A -0 --- 96
9512 Nov'13
— 94
Wheel Div 1st gold 55____1928 J - J
92 92
92 Apr '15
Exten & Impt gold 5s_._ 1930 F - A
49
653
4
53 Sep '15
1949 M- S 54
RR 1st consol 4s
90 Apr •14
1922 J - J
-year equip s f 55
20
84 84
82 84 Apr '15
J - J 1960
Winston-Salem S B 1st 4s
87
81
8218
8218
Wls Cent 50-yr 1st gen 45.._ _ 1949 J - J 8218 83
83 8512
83 Sep '15
Sup & Dul div & term 1st 49'36 61. N 83 87
SEPT. 25 1915.]
•••
Saturday
Sept 18
BOSTON STOCK EXCHANGE—Stock Record s..B
irn...
SHellebt PAR:BS—NOT PER CSNTUM PRUMS,
Monday
Sept 20
I
Tuesday 'Wednesday
Sept 21
Sept 22
Thursday
Sept 23
Sales
--— of the
Friday
Week
Sept 21
Shares
STOCKS
BOSTON STOCK
EXCHANGE
Range Since Jan, 1.
Lowest.
Highest.
1003
Range for Previous
Year 1914.
La west.
Highest.
Railroads
3 Atell Topeka & Santa Fe_100 923 Feb 23 1043 Apr 21
4
8
8814 Nov 100 July
5 Do prof
100 97 Jan 15 1007 June 4
8
9732 Jan
10132Feb
ii0 Boston & Albany
100 170 Mar 5 198 Jan 12 175 Nov 195 Jan
403 Boston Elevated
100 73 Junel6 96 Jan 5
77 May 10114 July
2 Boston & Lowell
_ 10() 109 Feb 26 130 June 9 150 Dec 179 Feb
312 Boston & Maine
100 20 Feb 13 37 May 4
3012 July 55 Jan
Boston & Providence __100 225 Jan 5 240 June26
225 May 255 Jan
Boston Suburban Elec Cos__
10 Mar23 10 Mar24
74 Feb
7 Mar
55 Do pref
43 Sep 21 56 M a r21
50 July 80 Jan
Boston dz Wore Electric Cos_
83 Sep 13
4
9 Sep 1
Do pref
39 Jail
35 July 40 Jan
Chic June fty & U S Y___100 157 Feb 21) 47 July15
13 160 Sep 9 160 Mar 163 Jan
108 Do pref
10112 July 9 110 Apr 21 103 Dec 107 June
Connecticut River
100 140 Feb 25 165 Jan 12 162 Nov 200 Jan
30 Fitchburg prof
100 51 Feb 9 75 Jan
75 July 93 Jan
5 Georgia Ry & Elect stmpd_100
114 Apr 20 120 Feb 6 11512 Dec 124 MAY
Do pref
100 84 Aug 10 88 Mar 3
83 Jan
887 Apr
2
Maine Central
100 92 Mar 4 9912 Aug 18
99 Mar
9078 Jan
1,565 Mass Electric Cos
100
47 June 7 10 Sep 24
s
9 Apr
14 Jan
Do
354
pref stamped
100 33 July21 66 Jail 6
664 Jan
51 Dec
1,388 N Y N 11 & Hartford
100 43 Feb 25 71 Apr 21
497 July
7778 Jan
8
Northern New Hampshire..100
90 Mar 9 98 Apr 29 100 May 112 Feb
26 Old Colony
100 140 Aug 3 157 Apr 9 140 July 165 Jan
Rutland. prof
100
15 Mar17 22 June 9
19 May 30 Jan
25 Union Pacific
100 1164 Jan 4 134 Apr 26 1108 Nov 1633 Jan
4
4
10 Do prof
100 7934 Marll 807 Feb 11
8
82 Apr
85 Jan
Vermont & Massachusetts_100
105 Feb 9 125 Apr 20 115 Jan
130 Feb
68 West End Street
50 61 MaY15 7213 Jan 25
85 Nov
75 Jan
21
Do pref
50 80 July 1 9312 Feb 4
95 Mar
82 Dec
Miscellaneous
"61
62
*623 6312 62
4
623
4 63
6312 6258 6258 *62
42 Amer Agricul Chemical
63
0512 0512 953
100 48 Jan 5 6412 Aug
591, Mat
4 96 4 9614 9612 9512 9618 "96
,
30
474 Jan
97
9612 9612
264 Do pref
100 874 Mar25 9812 Sep 9
*23 8 214
/
214
214
*214
212 *214 212 *214 212
89 Dec
98 June
212 *214
50 Amer Pneumatic Service— 50
•15
16
15
134 Mar17
15
*1514 16
3 Apr 14
2 Dec
"1512 16
4 Jan
*1512 16
5
Do pref
50 15 June 7
109 109
110 110
1912Jan 9
110 110
17 Jan
22 Jan
109 10912 *108 109
274 Amer Sugar Refining
100 100 Feb 24 114 Apr 23
•114 115
114 114
9714 mar 1104 Jan
11412 11512 "115 116
11514 1153 11514 11514
211
4
Do pref
100 109 Feb 5 117 Aug 28 108 Mar
12334 12414 12378 12412 124 1243 12418 12412 12414 12412
115 Dec
4
12414 12472 1,911 Amer Telep & Teleg
100 118 Jan 4 12478 Sep 24 112 Nov 124 Jan
4414 45
48
49
4814 4812 50
54
5314 56
5312 54
1,484 American Woolen
100 164 Apr 6 56 Sep 23
93
9314 93
94
14 Mar
9312 94
15 Mar
9312 943
4 9158 95
Do pref
1,278
9412 95
100 77 Feb
*6312 64
633 64
4
"63
723 Mar 83 Jan
4
6312 63
63
130 Amoskeag Manufacturing-- 59',Jan 5 95 Sep 23
20 87 Apr 23
•
_ 98
5712 Dec
87 Feb
"I
-A" 98"
24 Do prof
"ii- 17
May25 101 Feb 6
1634 17
16
973 June 1004 June
4
167
8
i63. 167
1613 1812 "16
8
8
1,834 Atl Gulf & W 1 S S Linos 100 9712
17
3134 32
4 Feb 24 1712 Sep 7
32
32
3114 3214 3138 317
5 Feb
9 Jan
8 3138 3178 315 32
8
1,519
Do
pref
100
*95 10
978 Mar12 3334 Sep 8
8
*958 10
"958 10
1312 May
163 Jan
4
*953 93
958 10
4 *958 10
50 East Boston Land
10
*23912 243
83 July27 1314 Apr 5
241 242
4
242 242
240 241
144 r
912 Dec
240 240
240 240
149 Edison Electric Ilium
100 230 MaY10 260 Jan 22 234 Nov 265 Mar
*17112 17238 .171 17252 172 173
1743 17514 1723 17312 173 173
4
4
317 General Electric
100 13814 Feb 26 178 Aug 26 137 Dec
9734 98
98
98 •____ 98
98
98
____ 98
1504 ireb
98
98
43 McElwain(W H) 1st pref_100 9612 Aug
•
89
00
90
90
25 104 M a r29
90
90
*8912 90
9812 Nov 102 Jan
8918 8912 *8914 90
231 Massachusetts Gas Cos
100 78 Apr 8 94 Aug 5
*86
87
8612 87
"8512 87
"86
7814 Nov 943 Fee
87
86
2
8612 86
79
86
Do pref
•172 17212 172 17212 *17218 ____ *17212
100 85 May24 9212 Jan 28
85 Nov 98 Mar
- - *172 --- _ 17218 17214
50 Mergenthaler Linotype_ 100 154
"2
214
*2
314 *2
Feb 8 200 Jan 4 200 Dec 2163 Feb
3
"2
3
Last Sale 2
4
Sept'15
Mexican Telephone
10
*1012
*10
"10
Apr 20
3 Sep 10
"10
Last Sale 10 June'15
214 May
3 Jan
Mississippi River Power__100 10
40
*35
____ *35
June 4 1214 Feb 8
_ *35
__ _
Last Sale 40 July'15
18 July 38 Feb
Do pref
100 35
Last Sale 20 Apr'15
55 June 70 Jan
New Eng Cotton yarn___ -100 20 Feb 23 461k Jan 26
;55"
*30
_ _ __
Apr 15 20 Apr 15
*30
__ _ _
20 Apr
31
30 Jan
31
6 Do pref
*131
100 25
"131
132 132 713014 13014 13014 13014 131.- 131
35 Apr 15
38 Dec
69 Jan
38 New England Telephone ,.100 71274 July 1
18012 "15912 16012 16012 161
June16 143 Jan 29 128
160 160
141 Feb
16012 16012 160 16012
70 Pullman Company
*1512 1614 "15
100 150 Feb 24 168 Junel4 149 Nov 159 Jan
16
1514 1514
1514
*1514 16
Dec
_
5 Reece Button-Hole
11812 1183 118 1183 118 11812 11812 16
10 1514 Sep 21
4
4
1614 Jan 2
16
1183 118 11814 11712 1 - 4
2012 July
036 Swift de Co
4
-181*34
35
100 10484 Jan 4 121 Aug 30 1014 Jan
343 35
4
343 35
4
35
35
35
4
35
Nov 1073 Mar
35
560 Torrington
35
*29
30
25 28 Mar 8 3514 Sep
2912 2912 *29
2912 "2912 30
31 May
27 Feb
30
30
10
30 Do
pref
"1
118 "1
25 28 Mar25 3014 Sep 8
*1
118 *1
144
14
,
27 Mar 29* Jan
1
1
25 Union Copper L & M
135 136
25
135 13512 13112 13512 713234 133
.95Jan 18
134 Apr 21 .95 Dec
2 Feb
133 131
134" fii" 1,100 United Fruit
49
100 110
50
4914 50
4912 50
4912 5012 4912 5012 4912
4,168 United Shoe Mach Corp_ 25 48 Feb 25 14134 May 3 z113 Dec 173 Feb
• 8 293
293
4 2912 2912 2912 2912 2912 2912 2912 2912 2914 50
Aug 17 65 May24
304 June
5214 Dec
375 Do pref
2914
25 28 Mar27 30 Aug 31
75 2 755
,
8 755s 763
4 7512 7614 76
304 July
783
77
28 Jan
7814
773 7812 12,696 II S Steel Corporation..
8
11312 11312 114 11418 *113 11312 1133 11334 *11312 114
100 38 Feb 1 783 Sep 22
4
4
4
48 Dec
8714 Jan
16 On pre?
12
1212 1218 1238 1134 1238
111214Jan 27 11418 Sep 20 10314 Dec 1123 J613
1178 1214
1112 12
2
1134 1214 8,810 Ventura Consol Oil Fields
6 11 Aug 20 14 Aug 3
Mining
•112 2
1
112
112 13
17,2 *112 2
4 •112
"112 2
176 Adventure Con
99
99
9812 9812 98 4 98 4 98
25
,
1 Jan 22
472 Apr 22
9912 95
,
2 Jan
98
1 Apr
*95
97
379 Ahmeek new (wh las)
3212 3312 3314 333
25 94 July28 103 Aug 27 23934 Apr 300 Mar
4 33
335
8 325 33
8
3212 3278 323 3278 8,965 Alaska Gold
4
•212 3
*212 278 *212 234
10 2814Jan 6 40 4 Apr 22
212 212
3
218 214
19 July 285 May
4
218 218
680 Algomah MInIng
5412 55
5412 543
25
54
.45 Feb 10
5414 54
4
434 Apr 22
5418 5312 54
la, Jan
5338 5338
12 Dec
180 Allouez
53
5312 525 5314 5214 523
25
8
4 515 523
8
8 5158 5212 5212 53
34I Jan
431 Feb
4
*53
8,790 Amer Zinc. Lead & Smelt_ 25 3512 Jan 5 584 Apr 26
4 0
858 878
8
814 85
163g Jan 4 603 July14
83
8 858
3
Jan
1210 Nov
2
818 814
8
812 2,065 Arizona Commercial
334 3%
33
5
4 34
314 Jan 4
3
3 2 35
,
35
8
358 *3 2 33
8
912 Apr 22
4Alar
212 Nov 68
312
,
4 *314
960 Butte-Balakiava Copper_ 10
6018 6012 6014 603
4 6013 6058 5812 6018 57
2
434 Apr 22
44 Prb
1 Nov
59
58
59
7,820 Butte & Sup Cop (Ltd).._.. 10 358 Jan 16
6134 62
62
4 Jan 4 80 June 4
6212 6214 6214 6134 62
62
24 Nov
404 May
62
62
6212
845 Calumet & Arizona
548 548
In 51',Feb 23 7834 Apr 26
543 543
545 545 *540 548
540 541
53 Dec
7018 Mar
540 540
25 Calumet & Heels
•1712 18
18
25 350 Jan 4 830 Apr 22 350
1812 1814 1814
18
18
*17
18
*17
Dec 480 Fell
55 Centennial
4414 4114 *4434 45
25 15 Jan 12 25 Apr 22
4412 4412 4414 4414 4412 4514 *4412 18
19
14 Jan
4478
145 Chino Copper
55
55
5412 543
5 327 Jan 6 4934 Apr 28 3014 Dec 4312 Feb
4 5414 543
8
4 5114 5412 5312 54 s 5378 5438 2,355 Copper
Feb
,
Range Cons Go.,.,. 100 30 Jan 13
•
212 27
8
212 212 "2
3
402 Feb
8314 Apr 28
4
212
212 *2
29 Dec
212
255 Daly-West
•1218 1214
12
1218
20
12
12
1178 1178 12
178 Jan 21
53 Apr 22
4
1212 12
112 Nov
3 Feb
12
450 East Butte Copper Mtn
9
9
*9
10
912
9
9
812Jan 5
1538 Apr 23
*9
9
9,
9
2
13 Jan
8 Dec
"83
4 912
155 Franklin
85
8612 86
25
8714 86
412 Feb 5 1414 Apr 22
87
8512 8618 8312 8512 84
77 Apr
8
2 Nov
85
5,101 Granby Consolidated
3912 3912 39
40
100 58 Jan 7 9412 Apr 27
39
39
3812 3912 *3512 3012 39
91 Feb
80 Dec
•1012 1712 "163 1712 "17
403
1,006 Greene-Cananea
4
4
100 2314 Fob 1 44 July15
18
17
17
4232 Feb
"163 1712 1612 1712
2114 Apr
4
10 Hancock Consolidated
27
27
27
27
*26
25 11 Jan 18 2412 Apr 29
28
"26
28
22 Feb
11 Dec
27
27
27
*5
100 Ifedley Gold
512 4
.5
10 265 Apr 9 2934 Jan19
512 *5
512 *512 53
4
3
28 July 30 Mar
512 5 2 *5
,
50 Indiana Mining
5,
2
4612 4712 *4612 4712 *4658 4712 4612 47
25
214 Jan 21
1012 Apr 22
612 Feb
4612 4612 45
3 Apr
46
835 Island Creek Coal
•
89
893
89
4 89
1 41 Mar18 52 Aug 17
8912 89,
2 8912 89,
5014 June
2 89
8912 883 883
444 Dec
8
102 Do pref
8
*27
28
*27
"27
28
1 85'2 Jan 5 9118 Apr 27
2712 27
27
27
81 June 8912 June
27
26
115 Isle Royale Copper
2714
334 33
4
*334 4
25 1712.Jan 11
*33
4 37
s
34 Apr 28
33
4 37
2 *358
24 Feb
378
18 Dec
3 4 37
3
415 Kerr Lake
8
*25s 3
"25
8 3
3
5
3
*23
2 3
3 Aug 3
518 Apr 20
618 July
37 Mar
8
238
238
85 Keweenaw Copper
1414 1412 "1312 1412 "1312 14 2 1312 1312 "258 3
25
112 Aug 23
,
412 Apr 26
1314 134 1314 1312
218 May 4% Feb
220 Lake Copper Co
5
514
*514 6
25
*514 6
5
5
512Jan 27 18 Apr 22
"5
514
514
6
434 Nov
1012 Jan
264 La Salle Copper
*112 2
2
2
25
•112 2
"112 2
318Jan 7
9 A pr 23
512 Feb
*112 2
35 Dec
4
20 Mason Valley Mines
1018 1018 "10
1014
5
10
10
1018 1018
I Marll
412 Apr 27
101.4 1014 "io" 161
4 Jan
114 Dec
4
175 Mass Coned
312 312 *314
312
*3 4 312
,
24
312
33
4 *314
312 *314
3 Jan 11
17 Apr 22
0512 Ma7
2 Mar
40 Mayflower.,
34
,
•2738 273
25
4 2712 2712 273 275 *2738 273 *2738 273 *273
8
8
3 Aug 16
4
8 Apr 22
9 Jan
4
33 June
2 2752
4
110 Miami Copper
*214 212
214 214
5 163 Ian 2 29 Apr 26
212 212
212 212 *214
4
212 *214 212
4294111 Febeb
DecF
163 Dec
4
125 MIchlgan
73
73
2,5
7212 73
7212 73
72
.60 Mar 1
7212 72
3 Apr 22
72
72
.50 July
72
495 Mohawk.
•14
1412 "14
1438 "14
25 4814 Jan 15 82 Apr 26
1412 *1414 1412 "14
1412 1412 1412
39 Apr
40 Nevada Consolidated
95
8
978
95
8 97
8
958 97
8
1158 Feb 21
93
912
17 Apr 27
4 93
4
912
1658 Dee
93
8 93
10 Dec
980 New Arcadian Conner
4
1012 1014
1014 1014
25
412 Feb 24
912 931
9
9
1414 June 7
79
912
712 Jan
178 Jan
1,020 New Idria Quieksil ver _
7
718
5
718
738
7
4 July 10 1312 Aug 7
712
71s
718
74
,
71 1
7
4 June
4 June
712 6,329 Niplising Mines
2934 30
2978 3018 2934 30
5
2912 293
518 Aug 9
712 Sep 24
4 2912 2912 2914 2912
5 July
84 Feb
910 North Butte
•114
112 *1,
15 2214 Jan 25 387 Apr 26
4
112 *114
112 "114
112
Last Sale 112 Sept'15
8
302 Feb
4
1934 Dee
North Lake
112
112 *112 2
'25
"112 2
1 Jan 28
418 Apr 23
"112 2
112
252 Jan
.95 Apr
112
60 011bway Mining
-;5"
3
3
25
3
3
.50 Mar 4
3
312 Apr 29
3
*3
3
32
,
3
2 Jan
330 Old Colony
3 Apr
4
*5212 5312 "51
5212 5114 52 2 52
25
3 Aug 16
52
,
718 Apr 22
5112 5112 *5114 5212
258 Nov
Feb
165 Old Dominion Co
84
84
83
8512 84
25 3812 Mar 8 5812 Apr 21
85
4
.83
8412 82
83
83
44 Dec
54 Feb
83
240 Osceola
1718 1712
1718 1714
25 64 Jan 28 9312 Apr 22
17
173
8 17
1714
1612 163
1612 17
4
84 Dec
84 Feb
1,758 Pond Creek Coal_
82
83
82
82
10 12 Jan 7 1958 Aug 13
81
31
81
81
81
8012 81
1234 Dec
2072 Jan
90 Quincy
•2112 2214 "2112 2214 *215 2214 "2112 81
25
8
22
22
22
2218 2218
5178 Dec
08 Feb
20 Ray Consolidated Copper_ 10 50 Jan 18 95 Apr 22
5212 523
4 5214 53
523 523
4
4 52
1534 Jan 7 2614 Apr 26
5112 52
52
52
15 Dec
52
2212 Apr
675 St Mary's Mineral Land_ 25
*234
3
*23
4 3
*234
278 *23
4 27
278
13
27
8 "278 3
28 Dec
40 Feb
100 Santa Fe Gold & Copper_ 10 29 Jan 4 65 Apr 21
65
8 63
4
7
6,
2 67
7
8
7
1 Mar17
7
338 Junel6
63
4 63
24 Jan
612 612 1,105 Shannon __________
4
1 Jan
243 25
4
25
2514 25
10
25
25
4 Ian 15
25
1114 Apr 26
2434 2514 2134 243
4 Nov
712 Feb
901 Shattuck-Arizona
4
*53
4 614 *53
4
1318 *57
10 1834 fan 5 33 Apr 26
s 812 *53
4 6 2 *53
,
4 614
2984 Feb
18 Dec
512 531
20 South Lake
263 263
4
4 2614 2658 2614 263 "2614 27
25
4
512 Aug 23
*2614 27
73 July27
4
2614 263
4
95 Superior.,
212 2ife
8 25
25
212 29
4
8
25 2212 Ian 6 4112 Apr 26
2".( 258
4
212 232 *214
22 Nov
32 Feb
212
540 Superior &
5612 5712 5614 57
55
5614 56
1 Mar 3
56
412 Apr 29
65
5512 5518 5512 1,415 Tamarack Boston Copper_ 10
114 Nov 2% Jan
*312 4
334
33
4
312 312
25 25 Jan 4 5858 Aug 18
33
4 33
4
,
3 2 31.2
2412 Dee.
312 331
43 Feb
519 Trinit y
.40 .40
.40 .40
.40 .40
25
.41 .45
23 Feb 11
s
758 Apr 30
.42 .42
.44 .45 3,650 "Tuolumne Copper
512 Jan
214 Nov
4058 41
4012 4112 4114 42
4112 4178 41
.20 Jan 2
4112 41
.63 Apr 14
.23 Dec
4214 3,306
.85 Mar
S Smelt. Refin de Min_ 50 20 Feb 25
46
4612 46
47
4634 47
47
4714 47
4912 June15
4714 4714 471 t
2414 Dec
4312 Feb
1,185
Do
33
pref
8
358
314 33
60 28 Jan 15 4812 June16
2
314 37
4
314
314
318
338
4012 Apr
4 37 Feb
,8
3X, 31
12
4 1,500 Utah-Apex Mining
123
4 1214 1212 12
1214
12
5
2 Jan 2
1212 12
538 Junei6
12
12
114 Nov
25 Feb
12
8
456 Utah Consolidated
66
66
*66
6612 *6614 6612 *663 6714 "67
014 Feb 26
4
1638 June14
6712
834 Jan
14 Feb
5 Utah Conner Co
*214 23
214 214
4
214 214
10 482 Jan 6 73 Apr 28
*214
4
212 "214 212 "214 212
4518 Nov
59 June
85 Victoria
*3
312
3
3
25
314 314 *3
1 Feb 26
*3
412 Apr 22
312
314
318
318
1 Mar .2% May
140 Winona
57
58
58
59
58
25
5812 58
58
134 Jan 18
518 May 1
575 5758 5712 58
8
2
17 Dee
471 Feb
437 Wolverine
*112
13
4
1,
2.5 32 Jan 6 70 Apr 26
4
1,
4 *112
13
4 *112
13
4 *13
8
13
4
30 Dec
473 Feb
4
1,
4
60 WYandott
114
25
50 Mar 3
214 Apr 23
•Bid and asked prim. a Ex-dividend and
30 June
114 Jan
rights. b Ex-stock dividend. e Assessme
nt paid. h Ex-rights. a Unstamped.
z 2s paid. so Halt paid.
1
•10134 10214 10134 101341'102 10214*102
10212 *10112 102
*98
9812 9918 9918 "99
9914 *9912 100
*99 100
186 186
186 186
18612 188 *18612 188
18712 18712 18715 18712
81
8114 81
8112 *8114 8112 8114 813
81
8014 81
4 80
•130
"130
130 130 "130
____
25
26
25
2518 25 - 25
25
24
25
25
21
25
*233 235 *____ 235 *____ 235
*____ 235
Last Sale 233 Sept'15
• __
8 *---8
Last Sale 10 Mar'15
40
40
40
40
Last Site 83
4 Sept15
*44
_ _ _ _ *44
_ _ _ _ *44
__
*44
Last Sale 47 Sept'15
__
•_ _ _ _ 158 • __ 158 *____ 158
*____ 158
Last Sale 160 Sept'15
*10212 105 *10212 105 *____ 104
_ 101
__ 101
101 101
•155 162 *155 162 *153 162
"153 162
Last Sale 155 Aug'15
*63
65
"63
6412 6412 64
6412 6412 6112
•113 119 *113 119 *11312 119
117 117 *113 119 *1151s 116'*84
86
*84
86
"84
86
"84
Last Sale 85 Aug'15
86
*95 2 - ,
*9512 _ _ _ _ *9512
Last Sale 97 Sept'15
- *97
98
"8
9
87
8 878
87
8 9
83
4 92
914 912 10
,
10
44
44
44
44
43
43
44
44
4312 433
4 41
44
67
6814 68
6812 673 6818 6712 68
4
67
6812 68
6914
*88 2 9312 *8812 9312 4 88t2 9312 *8812 9312
,
,
Last Sale 90 Sept'15
"14134 144 *142 150
144 144
145 145
146 146
*18
21
"17
"17
"17
Last Sale ;
2012
13034 130 4 *13014 131 *13038 130 4 *13012 131 *13012 131 263 Sept'15
3
3
*8012 81
80
80
'111 115 •
115 "111 115 *111 115
Last Sate
66
67 '
65's 67 "64 65 65 65 *64 65 115 Sept'15
6412 6412
"82
84
"82
84
*82
84
84
84
8312 8312
1004
[VOL. 101.
THE CHRONICLE
Outside Exchanges-Record Transactions
-Complete record of transactions
Boston Bond Record.
24,
Boston Stock Exchange Sept. 18 to Sept.
In bonds at
both inclusive:
-Complete record of transacChicago Stock Exchange.
Stock Exchange from Sept. 18 to Sept. 24,
tions at Chicago
is as follows:
both incl., compiled from the official sales lists,
Salesfor
Week's
Week.
Range.
Friday
Sales. Low. High. Shares.
Range since Jan. 1.
Low.
High.
•
Par
Stocks.
Aprl 48% Aug
30 26
37
37
Aug
Amer Shipbuilding_ _ _ _100
Feb 44
2 30
38
38
Aug
Range since Jan. 1.
Booth Fisheries, com_ _100
Sales/or
25 6894 Mar 81
Week's
79
79
100
Mar
Preferred
Sept 115
Week.
78 99
Friday
99 100
Range.
100
High.
Low.
Chicago City fly
Shares.
45% Feb 9334 Aug
10,689
90
Sates. Low. High.
85
Jan
Chic Pneumatic Tool_ _100 88
Sept 93
72 70
74%
70
Chic Rys part ctf "1"
25 1714 July 3131 Jan
19
19
Bonds.
May Chic Rys part ctf "2"
Jan
3
Feb
$3,000 9914 Jan 102
1
75
100 10034
Am-Agric Chem 5s_ _1928 9431 9334 9434 8,000 91
Apr 94% Sept Chic Rys part ctf "4"__
54 132% June 14031 Aug
13634 137
1924
-Edison 100
Apr
Convertible 55
Sept
Jan 99
122 88
8734 8834 33,000 86% Jan 89% Apr Commonwealth
99
97
1929
100 97
Am Tel dr Tel 4s
Deere & Co pref
Mar 102 Sept
10214 26,400 95% Jan 103
1.463 90
95 102
100 100
Convertible 4%s__ _1933 10211 10234 72
Jan 73 May Diamond Match
71,000 60
430 24% Jan 70g Sept
7134
67% 7034
100
Sept Goodrich (B F)com
Sept
Atl0& W I SS L 5s 1959 72
Jan 113
5,000 68 June 72
72
40 105
72
112 z11214
Central Vermont 4s_ _1920
Jan 96% May Hart Shaft& Marx prel_100 112
Feb 6754 June
85 60
9634 9834 8,000 95
100 64% 64% 6414
-C B & Q 4s_ _1921
Jan
94
Brick
Feb
Gt Nor
91
115 19 June 30
25
1931 9134 9134 9134 10,000 99% Aug 101% Feb Illinois City fly & Lt.. 100
25
Mass Gas 454s
Feb
Jan
Kansas
July 57
20 40
10034 13,000
50
50
Aug Kan City fly & Lt pref ctf_ 50
New Eng Telep 5s_ _ _ _1932 100% 10034 76
Sept
Mar 78
Mar 47
8,000 65
76
100 31
47
1934 76
45
5s
p1_100
New River
Aug
4,000 94 May 9834 Aug Maxwell Motors 2d
94
10 11914 Jan 149
94
1423-4
_1923
:14214
100
Pond Creek Coal 13s.
May 9734 Jan National Carbon
Mar 12334 Apr
308, 113
9734 97% 5,000 97
May
Southern Bell Tel 5s_ _1941
Gas Lt& Coke 100 118% 116% 118%
Feb
Jan 9414 Sept
421' 75
94%
1944 9614 9534 9634 26,000 9414 Mar 9634 Jan People's,of No Ill com_100 94
91
Mar
Swift & Co 55
97
Pub Sell
9634 9634 17,000 9414
138 9331 May 100
9614
100 9834 96
Western Tel & Tel 5s_1932
„Preferred
Sept 270 May
225
18
255 255
100
May
Quaker Oats Co
Apr :107
189 103
104% 10414 105
100
Jan
Preferred
-Complete record of the Sears-Roebuck corn.....100 155% 154 15734 1,557 a13136 Mar 215 Mar
Baltimore Stock Exchange.
Jan 126
11 121
Sept.18
125
100
75
Preferred
transactions at the Baltimore Stock Exchange from l sales StewartWarnSpeedcom100 125 125 75 13,177 48% Jan 12034 Sept
6614
75
Sept
from the officia
769 104% Jan
118 118%
100 118
to Sept. 24, both inclusive, compiled
431 144% Jan 16614 Aug
all dollars per Swift & Co
100 15934 z157 160
Sept
Mar 119
lists, is given below. Prices for stocks are are per cent Union Carbide Co
455 95
119
112%
ions
Union Switch & Signal_ _50
225 38% Feb 7714 Sept
7634 7754
share, not per cent. For bonds the quotat
100
Mar
U S Steel common
77 110% Jan 114
110% :11034 11234
Ward,Montgom & Co,pre
of par value.
Bonds
Jan 92% Feb
91
$5,000
Feb
Armour & Co 414s....1039 91% 91% 91% 13,000 96 June 99
Range since Jan. 1.
Sales/or
96% 97
Week's
Mar
Feb 98
Chicago City Rys 5s_ _1927 97
10,000 94
95
Week.
95
Range.
Feb
Friday
ChicPneum Tool 1st5s1921
93 June 97
High.
Low.
94% 31,000
94
Jan
1927 91
Sala. Low. High. Shares.
Chicago Rys 5s
Sept 00
11,000 86
86
86
86
Chic Rys 55 ser "A".._
Sept 77% Mar
10.000 69
70
Jan
Par.
Chic Rys 45 ser "B"___ ------ 69
61% Sept 67
Stocks.
1,00)
5
Sept
Sept
5
10
6134 6114
5
Jan
5
101
100
Chic Ry pr m M g 4s_ 1927
Alabama Co
10 42 Sept 443.4 Feb Chicago Telephone 55_1923 10031 10014 100% 11,000 99% Jan 102
Jan
4234 4234
50
Jan
100
Bait Electric pref
236 10234 Jan 10734 Jan
100 10111 45,000
Feb
10434 105
Commonw-Edison 5s-1943 101
Aug 77
& Povr_100 105
Consol Gas E L
Mar
5,000 72
72
70 10634 Jan 115
72
10734 10734
El 1st 43_1938
100
88)1 Apr
Preferred
Jan 96 June Metr W Side
8731 4,000 86% Jan 101% Mar
120 92
8731
95
.1939
Consolidation Coal__ _ _100 9434 9434 634 1,385
Jan
734 May Morris & Co 434s.... '47 100% 10031 100,4 19.000 99% Jan 102
5
Apr
634
L & C ref g 5s
63-4
June
Cosden dc Co
7 May Peop Gas L & C 1st 58.1937
100
534 Mar
101% 101% 2,000 100% Sept 100
Sept
634 63-4
Chic0
I Preferred
Apr
Apr 29
10,00' 100
110 2334
100 100
28
27
Apr
Consum Gas 1st 58_1936
50
Jan 01
Gas
Fairmont
Feb
Apr 46
20 42
8934 9034 12,000 87% Jan 96% Feb
45
45
g 5s 1958
50
Preferred
Sept Pub Ser Co 1st ref _ _1944
Sept 10
100 10
9614 9614 6,000 94%
10
10
g 5s_
George & Co, pref
Mar 1634 Apr Swift & Co 1st
13
1534 2,415 10
Houston 011 Trust ctfs_100 1554 5634 58
Apr
a Ex 50% stock dividend. x Ex-dividend.
Jan 61
381 54
Preferred trust Ws.._100 58
-Record of transactions
Aug 8534 Jan
287 82
8214 8214
50 8214
Philadelphia Stock Exchange.
Aug
70
Northern Central
355 6314 Aug
18 to Sept. 24,
6934
68
Pennsyl Wat & Pow_ _ _100
3 may at the Philadelphia Stock Exchange from Sept.
July
2
350
214
214
Sapulpa Refining
Mar
from the official sales lists
420 2034 June 27
ive, compiled
50 233-4 2334 2334
United Ry & Elee
434 Jan both inclus
234 May
365
33-4 39-4
334
5
Range since Jan. 1.
Sale
-410r
Wayland Oil & Gas
Week's
Week.
Bonds
Range.
Sept
Sept 70
70
Friday
Friday
$2,000
70
High.
70
Low.
High. Shares.
Alabama Coal & Iron 5s.. _ _
Sept 10014 Apr
Sales. Low.
2,000 98
98
98
Anacostia dc Potom 5s 1949
8434 8434 38,000 8234 Aug 87% Apr
AtiCoastLRRcondeb4s'39
Apr
9811 June 101
1,300
Sept
98% 9854
Par.
34 1511 Jan 18
Stocks.
Atlan C L (Conn) ctfs 5s_ _
Sept
Sept 92
1714 18
Feb
1,000 92
92
02
Jan 104
10
24 100
Alliance Insurance
Aug fly & El 1st 5s_ _ _1940 92
Apr
10234 10234
2,000 10234 Sept 104
634 Feb
Apr
10234 103
100
5
6
AmerGasofNJ
Central fly cons 5s__ _1932
Jan
June 97
1,000 93
Jan
Sept 36
94'% 9434
10
81 24
1st 5s_ _ .. _1927
n Milling
America
Chicago fly
264%
Apr
2434
4
6
24
Jan
8531 8534 2,000 8534 Sept 89
_ _ 50
5 963.4 Sept 101
Cons Gas E & P 43-49_1935
96%
1,000 9834 Mar 10034 Sept American Railways_ 100 9694
Feb 9111 Sept
10034 10034
0
9 m
0
4
8 z 41% 15.225 30
Notes
Preferred
Sept
Jan
1013410134 4,000 999-4 Mar 10134 Sept Baldwin Locomotive_ _100 94
Mar 10834 Sept
90
6s_ _1923
145
Consol Coal cony
10134
10834
500 100
Aug
10134 10134
July 41
100 10834 107
70 36
Small bonds
Preferred
Aug
Jan 100
Apr
9931 9994 1,000 97
_100
May 44
5 41
Davison Chemical 6s..1932
43
43
8,000 9234 Jan 9734 Aug Buff & Sus(' pref v t e_ 50
Sept
9634 97
Feb 66
1918
41
Elkhorn Fuel 5s
66 127,190
Aug 10414 Apr Cambria Iron
1,00 103
Jan
113 103
50 65% 6234 51
29 5034 Sept 54
Lake Roland El gu 53_1942
July 9834 Jan Cambria Steel
51
6,000 94
96
Apr
95
July 74
50
10 70
CatemIsma tat pref
Md Elec fly 1st 5s_ _ _1931
71
Jan
Sept 102
71
10034 10034 5,000 100
Sept
Jan 78
_ _ _100 77
C Jt 5s 1928
Minn St & St P
Aug
Congo! Trac of NJ.
Jan 45
7234 7734 21,810 473-4 Mar 3631 June
,
5,000 35
4134 42
10 24
MtV-WoodCDucketfofdep 4134 04
32
F,lec Storage Battery_ _100
Sept 9734 Apr
32
943-4 2,000 94
Mar 7234 June
100 69
190 60
Norfolk fly & Lt 5s_ _1949 94
Apt General Asphalt
Jan 92
6834 693-4
1,000 88
Aug
8934 8914
Aug 75
100
5s.... _ _1940
9 75
Pennsy W & P
Preferred
75
75
Sept
10234 10234 3,000 10234 Sept 10234 Sept
30
814 Apr 18
Ral & Gaston 1st 55._1947
Harwood Electric pref.. -- 18
18
18
9014 July 9234 Jan
9134 9134 5,000
Jan 2394 Sept
166 21
Ton oref_ _ _50 23
United E L & P 414s_ _1929
Jar
Hunt & FIrd
2334
23
10,000 7934 June 82
81
Aug
July 50
8034
215 29
Jar
United fly & E 45.... _ _1949 5934 8034 5934 10,000 55 June 63
Insurance Coot N A.._._10
44% 45
58
Apr
1949
Aug 16
100 1431
417 13
Income 48
Jar
1414
G Brill Co
June 87
14
Apr 1334 June
1936 8234 8214 8234 3,000 81
5
ne _ _50
5s
20,118
Funding
Keystone Telepho
511 1034 •
9
2,600 8014 July 8734 Jar
8234 83
83
7734 Juno
192 7134 May
Small bonds ..... _1936
Lake Sunerior Corp.._..100 7534 7534 7534
Jan 7434 Aug
50
395 65
73
Lehigh Navigation
Sept
z Ex-dividend.
50 z72% :723-4 19
2,902 1334 Jan 19
Lehigh Valley
1714
19
50
2,436 2634 Mar 3634 Sept
ete record of Lehigh ValdTransit
36% 3454 31334
-The compl
50
July 5414 Jan
23 52
Pittsburgh Stock Exchange.
Preferre
52% 523-4 5294
Feb
Sept 86
from Sept. 18
50
44 82
8234 8234
Aug
transactions at the Pittsburgh Stock Exchange official sales Little Schuylkill
Mar
50
Northern Central
0311
r
6556%
50
7
0
4,506 8501%
to Sept. 24, both inclusive, compiled from the dollars per Penn Salt Mfg
6N.
Aug 4034 Sept
50
19 34
4
6
01 4014
lists, is given below. Prices for stocks are allare per cent Pennsylvania Steel...._100
July
Pennsylvania
8834 2,181 493-4 May 90
ions
8351
100 44
share, not per cent. For bonds the quotat
740 2931 Mar 4534 Aug
Preferred
433-4 44
Aug
Mar 45
677 32
Philadelphia Co (Pitts).50 44
4234 44
of par value.
Sept
Pref (cumulative 6%)50 25% 2434 2534 9,010 233-4 Jan 2534 Sept
May 1334
7
_
660
Philadel Electric_
1354 1014 1314
Sept
Range since Jan. 1.
7% May 14
Sales/or
24,471
Week's
4
15
Phtla Rapid Transit.... _ _50 13% 7
0% 7
13
July 79% Jan
Week.
70 70
Range.
Voting trust rects_ _ _50 75
Friday
High.
Low.
_ _50 7634 7434 7634 1,208 70 May 7834 Apr
Shares.
Philadelphia Traction
Sales. Low. High.
531 Mar
50
334 July
Reading
334
331 334 1,052
7% Jan
July
5
Tono-Belmont Dove!._ _ _1
Par.
531 53-4 4,226
514
StocksApr Tonopnb Mining
1
30 May 3934 Jan
1634 Sept 24
80
7,004
1634 1834
Feb
3694 43
American Sewer Pipe_ _100 1634
Mar 225
50 4234 222 222
36 220
2234 3,930 1534 July 2234 Sept
Am Wind Glass Mach_100 1734 17 10034 2,720 7534 May 10034 Sept TTnion Traction
100 86
8094 Jan 8731 Mar
9434
United Cos of NJ
100 97
8434 8634 2,580 38
Sept
Preferred
Feb 79
Jan United Gan Impt
50
June 123
155 z98
05,223
75% 79
Am Wind Glass pref_ _ _100 10034 10034 101
Jan 114% Sept
July 2734 Sept US Steel Corp
100 7831 114
230 23
400 103
2634 2734
25
11434
Caney River Gas
911 July 1114 Aug
100 114%
814 Jan 1534 Aug
60
Preferred
1031
1334 1434 2,190
1094 1 31
Jan
Columbia Gas & Elec__100 14
Aug 50
Sept Warwick Iron & St
Feb 97
10 49
47
110 1234
349
97
95
4934
48
Sept
Crucible Steel tom_ _ _ _100 97
Jan 66
Sept Went Jersey A,SPA Sh_ _
Jan 107
40 75
120 58
106 107
100
653-4 66
Preferred
Sept
Feb 6034 Sept Westmoreland Coat.._ _50 66
10 45
790 1894 Jan 91
91
89
90
Harb-Walk Refrac com 100 8034 6034 6034
Apr
6
211 Aug
160
4
3
311
Wm Cramp & Sons_..100
Independent Brewing_ _ _50
Feb 10014 Sept
162 1334 Aug 2234 Jan
74 95
1614
Scrin-50 1634 15
100% 100%
Preferred
Jan 4634 Aug Cambria Steel scrto__101(1
Feb 9931 Sept
510 27
43 05
99% 99%
La Belle Iron Works_ _ _100 4034 4034 4134
Aug
May 50
Feb 99% Sept
Feb 1017
379 46
37 95
99%
Scrip
50 4934 499-4 4934
99
Light & Heat
Mfrs
Aug
Feb 100
May 1017
434 Feb 103-4 Sept
108 90
Scrip
834 1034 6,927
914
100 100
Nat Fireproofing corn_ _ _50
Aug
Aug
Feb 25
Feb 98
016
1,130 16
80
238
98
Philadelphia Co scrip_1
2234 2334
50 23
98
ill Preferred
520 12 May 1534 Jan
1018
1434 1431
Scrip
1 1434
Ohio Fuel Oil
may
Jan 8894 Aug
60 3934 Aug 45
40
$4,000 85
Bonds
3994
87%
25
87
Aug
Ohio Fuel Supply
3
Jan 88
Feb
5S4
834 Apr
400 85
414 5
Gas & Elec 5s_ _2107 86
5
87
86
Pittsburgh Brewing com.50
July 2414 Jan Amer
Mar 10334 Apr
660 12
2007
1434 1534
Small
50 15
102% 102% 1,000 100% Aug 79
Feb
Preferred
Aug
3614 3,695 1634 Jan 38
10,000 73
Locom 1st 5s 1040 74% 74
3234
Baldwin
74%
Apr
Pittsburgh Coal corn_ _100 35
July 82
140 8234 Jan 10431 Sept Flee & Feo tr ctts 45_1945
800 73
103 10434
100 103
75
75
Preferred
Sept
July
Sept 93
Apr 110
25 104
1945 75
1,000 93
105 105
Small
03
Glass_100
93
Aug
Pittsburgh Plate
2,767 1334 May 1734 Aug Elmira & W'msnort 4s_
1834 1634
2,001 99% Sept 100
5 1634
99% 99%
Apr
Pure 011 common
July 60
8e. Apr 200. June Gen Asphalt deben RA _1025
4,200
1,000 57
140. 15c.
1
58
58
Aug
San Toy Mining
Mar
Jan 96
25 12834 Aug 133
90
132 132
-State Rya eon 48 1043
9434 94% 11,000 2534 Aug 45
Jan
Union Natural Gas_ _ _ _100
Sept Inter
Apr 125
5,030 92
1st Its 1025 29
125
3,000
e Teter)
29
29
Union Switch & Signal_ _ 50 12111 108
Apr
Feb 7834 Sent Keyston
815 38
47,000 97g Jan 100
753-4 7834
Lake Superior Corn 5n 1024
100 78
99
09
U S Steel Corp
Sept LehighekNavcon414(L'54 99
1,975 11614 Mar 144
1,000 sog Aug 90% May
14234 14034 344
86% 86%
West'house Air Brake __50
Apr
Feb 100
1,472 3234 Feb 62 Sept Lehigh Val gen eon 4s_2001
1,000 97
99% 09%
West'se El & Mfg com_..50 5934 5934 62
Jan 10434 Jan
Gen eonnol 414s. _ _ .20411 10334 103% 103% 3,000 103
Bond.May
Mar 75 Jun(
Sept 101
$1,000 71
74
2,000 102
74
Val Cost 1st 5s 1013
102 102
Colum Gas & El _ _1927
Sept 9634 Jan Lehigh
Jan 10214 Apr
1013
102
2,000 95
96
96
Registered hs
5s102% 102% 2,000
Mil v Etna & Sharps5s1923 96
Feb
Fel
Apr 100
4,000 08
99
09
Leh Val Trans 1st ISs_1015 10234 102% 102% 13,000 102% Aug 105
Pitts All it Man Tr 58_1930
Jan
Sept 08% Feb
5,000 5011 Apr 65
57
1,000 07
57
Ttn. consol 4Hs.10e0 97
Penn
97
97
Pittsb Brewing 6s.._ _ _1949
An,
Jan 97
5.000 90
May 0814 June
97
95
95
,
4 1,000
Consnl 4s
11
Plush Coal deb 5s..1931
lens 9734 9734 0734
•
flemprAl 41.4
z Ex-dividend.
943.4
55,31
K
SEPT. 25 1915.)
Week's
Sales/Or
Friday
Range
Week.
Sales. Low. High. Shares.
THE CHRONICLE
1005
Range since Jan. 1.
Tobacco Stocks
-Per Shalre.
Railroads
Bid. Ask.
Pal Bid. Ask. West Pac 1st 58 1933_11-S 127 30
American Cigar common100 110 114
Preferred
100 98 100
Street Railways- Par
Bonds- (Con.)
Amer Machine dr Fdry_ _100 85 95 Com'w'Ith Pow Ry & L._100 50 52
Phi's,Co con & coll tr 55'$1 83
83
83
7,000 70
Mar 85
Aug British-Amer Tobac ord._51 *1312 1412
Preferred
100 79 80
Phil Electric tr ctfs 58_1948
101X 101% 6,000 1003 Jan 102% Jan
Ordinary, bearer
11 •14 15 Federal Light & Traction 100 14 17
Small
1948
102 102
1,000 101
Jan 1023. Jan Conley Foil
100 340 380
Preferred
100 52
Trust Ws 4s
1950 79
78% 79
10,000 77( Jan 80
Apr Johnson Tin Foil & Met_100I 125 150 Republic Ry de Light _ _ _ _100 15 58
Small
17
1950
80
81
300 79
Jan 81
Sept MacAndrews & Forbes _1001 150 160
Preferred
Reading gen 45
100 57 60
1997
913. 92
26,000 91
Aug 95
Feb
Preferred
100 99 101
Spanish Am Iron 6s._1927 101
5
6
101 101
31,000 100X Jan 102X Aug Porto Rican-Amer Tob _ _1001 185 195 Tennessee Ry L & P corn 100
Preferred
United Rys Invest 55_1926 70
100 23 26
70
70
4,000 55
Mar 71
Sept Reynolds(R J) Tobacco_100 400 410 United Lt & Rys com__ _100 35 38
WeIsbach Co 55
1930 93
92X 93
7,000 89
Jan 93
Aug
Preferred
1 120 123
preferred
1st
67 69
10
Tobacco Products com_ _100 363 3612 Wash Ry & El Co
z Ex-dividend.
8
100 85 88
Preferred-See Stock Ex.1 list.
Preferred
100 81 82
United Cigar Stores com_100, 95 100
45 1951
J-D 80 4 8114
3
Preferred
100, 110 125
United Cigar Stores(new)_10; 4934 978
Elec. Gas & Power Cos
-1
Young (J 5) Co
100, 165 175 Am Gas & Elec corn
50*104 105
Preferred
100 107 110
Preferred
50 *48 50
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Ordnance Stocks
-Per Share.
Am Lt dr Trac common_ _100 333 336
DAILY, WEEKLY AND YEARLY.
Aetna Explosives cora_ _ _100, 134 140
Preferred
100 108 11012
Preferred
1001 74 77 Amer Power & Lt corn_ _100 60 62
Stocks.
Amer & British Mfg_
Railroad. State. Man.
100 12 14
Preferred
100 7912 82
Week ending
Preferred
dtc.,
& Foreign
1001 32 37 Amer Public Utilities com100 30 35
U. S.
Sept. 24 1915.
Shares.
Par Value.
Atlas Powder common 100, 223 227
Bonds.
Bonds.
Bonds.
Preferred
100 83 66
Preferred
100' 94 97 Cities Service Co corn.._100 46 48
Saturday
393,596 $34,694,100 $1,351,000
Bliss(E W)Co common_ _ 50 4182 186
$48,000
$9,000
Preferred
Monday
869,811 75,545,250
3,146,000
Preferred
50,500
50 *70 75 Consumers Power (Minn)
500
199 59 61
Tuesday
871,771 78,012,850
3,723,000
Canadian Car & Fdry...._1001 102 104
176,000
1st dr ref 5s 1929_ _M&N 90
Wednesday
1,109,784 100,543,550
Preferred
3,850,500
152,000
100 116 119 Elec Bond & Share pref.. _100 9812 91
1,000
Thursday
988,522 91,310,720
Canadian Explosives com100 360 380 Great West Pow 55 1946.J&J 80 101
3,061,000
99,000
82
Friday
946,552 85,633,825
3,859,000
Preferred
100, 105 110 Indiana Lighting Co_ _ _ _100 45 69,000
1,003
Carbon Steel common..
.100, 67 69
45 1958 optional.. F
-A 68 70
Total
5,180,036 $465,740,295 $18,990,500
1st preferred
100, 73 78 North'n States Pow com_100 29 30
$600,500 $11,500
2d preferred
100 54 56
Preferred
100 86 88
Colt's Patent Fire Arms
1
Pacific Gas dr Elec corn_ _100 49 4914
Sales at
Week ending Sept. 24.
Jan. 1 to Sept. 24.
Mfg
100, 630 650
1st preferred
New York Stock
100 8412 86
Driggs-Seabury Ord Corp100; 112 115
2d preferred
Exchange.
100 ---1915.
1914.
1915.
1914.
duPont(E I) de Nemours
1
South Calif Edison com_100 72 74
Powder common
100, 715 725
Preferred
Stocks
-No. shares__ _
100 93 98
5,180,036
103,513,837
45,990,575
Preferred
100, 103 106 Standard Gas & El(Del). 60 '
Par value
36
$465,740,295
6112
59,388,462,490 $4,023,321,369 Electric Boat
100, 490 510
Preferred
Bank shares, par
50 *28 29
$1,000 STOCK
$139,300
$265,800
Preferred
United Gas & Elec Corp_100 17 20
Bonds.
EXCH'GE
Hercules Powder com-199 495 419
'
100 09 5 5
1st preferred.
Government bonds...
100 57 60
$11,500 CLOSED.
$815,000
$655,100
Preferred
15 16
140 148
2d preferred
State, mun.,&c.,bonds
100 18 21
600,500
16,051,000
32,659,500 Hopkins & Allen Arms_110099,
Utah Securities Corp__ _ _100 1412 1518
RR. and misc. bonds_
18,990,500
563,273,200
391,771,500
Preferred
6% notes-See Short
-Term Notes.
Lake Torpedo Boat com__ 10 *14 9
9
199 9
2 16 Western Power common_100 13 15
Total bonds
$19,602,500
$580,139,200
$425,086,100 Midvale Steel
1001 235 255
Preferred
100 48 48
Niles-Bement
-Pond com_100, 141 146
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
Preferred
Industrial
BALTIMORE EXCHANGES.
Arms
Savage
and Miscellaneous
Submarine Boat w 1
i49678 315004 Adams Exp col tr g 45'47 J-D 17112 7213
909 110
Boston.
Philadelphia.
Winchester Repeat Arms 1002300 2450 Alliance Realty
Baltimore.
100 75 85
Week ending
Short Term Notes. Per:Cent.
'
Sept. 24 1915.
Shares. Bond Sales. Shares. BondSales. Shares. BondSales. Amer Locom 5s July 1916.1-3 1003 10114 Amer Bank Note corn... 50 36 38
4
Preferred
50 *4812 50
58, July 1917
001 0 1
0
10 7 1011: American Brass
100 191 194
Saturday
16,198
$16,000
15,562
$18,277
1,0181 $11,000 Am T & T Sub Cos 58_ _194
36
1
American Chicle corn ...100 95 103
Monday
22,415
35,600
58,477
25,259
1,650,
27,500 Anaconda Copper 58'17 M-8 101 1014
Preferred
100 85 89
Tuesday
17,726
24,500
46,292
26,031
6131
26,100 Bait & Ohio 43s 1907_J&D 99%100 Am Graphophone corn_ _100 82 84
Wednesday
25,053
28,000
86,593
67,328
430, 1918
829,
27,800
J&D 99 9918
Preferred
100 9412 Ms
Thursday
21,942
32,300
54,608
25,205
1,2921
30,000 Canadian Pac 6s 1924-M&82 1013 10214 American Hardware....100 122 123
4
Friday
15,33
101,000
66,572
87,400
1,455:
19,600 Ches & Ohio 58 1919_ _J-D 9412 95 American Surety
50
Chic Elev Ry 5s 1916_ _ _J-J 92 9312 Amer Typefounders cora_100 120 130
'
39 45
Total
118.670 $237.400 328.104 $249.503
6,857i 5142.000 Chic dr West Ind 5s'17_ M&S 98 99
Preferred
100 90 93
Consum Pow Os 1917_ _M&N 9812 9912 American Writing Paper_100
Erie RR 58, Oct 1 1915_A-0 100 10018 Bond & Mtge Guar
100 265 275
58 April 1 1916
A&O 100 8 100 8 Borden's Cond Milk com.100 11012112
3
8
5Xs April 1 1917_ _ _A-0 1004 1003
s
Preferred
100 107 109
General Rubber 5s 1918 J&D 993 100 Braden Copper Mines
4
5 *83
11
Banks.
Bid
Ask
Banks.
Bid
Hocking Valley 68 1915_M-N 10014 10012 Casualty Co of AmerIca_100 110 4 87
Ask
Trust OD's.
New York
Mark & Fult 238
lot Han 55 Feb 15 '18_F-A 100 8 1007 Celluloid Company
,
245
New York
,
8
Bid
Ask
100 139 143
America._ _ _ 545
555
Mech & Met 245
Lackawanna Steel 68'17 M-S 100 10012 Chill Copper
250 Astor
345
355
25 '18 1814
Amor Exch. 200
210
Merchants'. 175
Lake Sh & M So 58_Dec 1915 10014 1005 City Investing Co
185 Bankers Tr- 435
8
445
100 14 20
Atlantic _ _ _ _ 175
185
Metropolis*. 300
Minn Gen El 6s 1917_ _ _J&D 10012 10114
310 B'way Trust 144
Preferred
150
100 70 80
Battery Park 145
Metropol'n
165
New Eng Nay 6s 1917_M-N 971s 9738 Cramp Ship & E Bldg__ _100 88 90
175
185 CentralTrust 990 1000
Bowery 4_ _ _ 400
Mutual
NYC&HRly 58 Oct 1'15 A-0 100 10018
325
Columbia...
14 20
Bronx Bow* 225
260 New Neths_ 210 225 Commercial_ 480 495 NY NH& H 5s_May 1 1916 1001210034 Emerson-Brantingham ..100 45 50
Preferred
100
-Bronx Nat.... 150
New York Co 725
175
Pub Scr Corp NJ 5s'16 M&S 10038 1005 Goldfield Consol Mines 100 *114
825 Empire
8
t293
_10
138
BryantPark* 150
New York.. 365
Schwarz & Sulzb 6s '18_ _J-D 10034 101 Havana Tobacco Co-_ _ _100
375 Equitable Tr 410
112 212
420
Butch & Dr_ 100
fig - Pacific *_ _ _ 200 220 Farm L dr Tr 1120 1135 Seaboard A L 5s 1916.._M-S 10012 1007 Preferred
s
100
4
6
Century._ _ 184
Park
190
Southern Ry 5s 1916.....F-A 10018 10038
390
400 Fidelity.
1st g 58 June 11922._J-D /52 58
197
203
Chase
625
550 People's*
5s Mar 2 1917
230
M-82 983 988 Intercontlnen Rub corn_ _100
245 Fulton
8
8
270
285
7
812
Chat dr Phen 184
190 Prod Exchs_ 158
Sulz&SonsCo6sYne 1'16M
10034 101 Internat Banking Co--165 Guaranty Tr 600 615
-100
Cheslsea Ex* 124
Public *_ _ _ _
135
UnTypew 5s Jan15'16 J-J15 93121 95 Internat Mere Marine_..100 105 110
175 Hudson __ _ _ 120
130
51g 514
Chemical.._ 400
410 Seaboard _ _
416 430 Law Tit& Tr 98
United Frult8sMay 1'17M-N 1013 1017
.8
8
Preferred
100 3134 31%
CitizensCent 169
174
Second
393 425 LincoInTrust t100 103
Gold notes 5s 1918_ _M-N 9914 9912 International Motor_ __ _100 2912 304
City
Sherman
t395
125
US Public Sery 68 1918-A-0 9812 99
135 Metropolitan 390 405
Preferred
100 58 63
Coal dr Iron. 155
165
State *
Utah Co 6s 1917
130 Mut'l(WestA-() 10014 1003 International Salt
4
100 3212 3412
Colonial*.._ 450
23d Ward*. 166- 135
UtahSecurCorp Os'22 M-S15 7912 81
chester).. 130
1st g 58 1951
A-0 /68 70
135
Columbia*
325
Union Exch. 134
- 300
New York City Notes
140 N Y Life Ins
International Silver pref_100 105 110
Commerce_ _ t159
Unit States* 500
Os Sept 1916
_
102
%
& Trust_ _ 970 1000
1st 6s 1948
J-D 106 108
Corn Exch*. t300
Wash Me_ 275
1 1917
N Y Trust.. 580
10 Os
4
Deb 83 1933
Sept
34 - - Cosmopol'n* 85
100 Westch Av* 160 fii TItleGu& Tr 375 600
Canadian Govt. Notes
Kelly-Springfield Tire_..100 231
385
35
East River_ - 75
West Side*_ 400 450 Transatian'0
s Aug 1 1918
F&A 10014 1003
8
1st preferred
100 90 92
155
Yorkville *_ _ 475
Fidelity *--- 135
145
Os Aug 1 1917
550 Union Trust 666- 338
F&A 1001s 10038
2d preferred
100
Fifth Ave*.. 4200 4500
PerCt.Basis Kennecott Copper
USMtg& Tr 380 390
;Eiji 54
Fifth
250 300
RR. EquipmentsBid. Ask. Lanston Monotype
UnitedStates 1020 1050
100 80 81
First
875 885
Baltimore &Ohio 44s
4.60 4.40 La Rose Consol Mines_ _ _ _5 *3
Westchester 140
12
4
Garfield _
Brooklyn
185
200
Buff Roch & Pittsburgh 434s 4.60 4.45 Lawyers' Mortgage Co_ _100 173 177
Germ-Amer* 135
Coney Isl'd*
145
Equipment 45
140
4.60 4.45 Lehigh Valley Coal Sales _50 155 165
German Ex* 390
First
410
Canian Pacific 4Xs
ad
255
205
4.95 4.80 Manhattan Transit
Brooklyn
20
*12
3
4
Germania'. 425 475
Flatbush
Caro Clinchf & Ohio 58
134
142
5.15 5.00 Marconi Wireless of Amer_5 *4
418
Gotham _
Greenpoint _
_ 190
Central of Georgia 58
150 BrooklynTr_ 475
5.05 4.80 Mortgage Bond Co
490
100 116 121
Greenwich*. 265
280
Hillside s... 105
Equipment 4)is
120 Franklin
5.03 4.80 National Surety
235
245
100 230 35
Hanover
615 630
Homestead
Chicago dr Alton4s6
90 Hamilton_ _ _ 265
N Y Mtge dr Security_..100 100 105
275
Harriman
Mechanics*. 125
320
335
Chicago &Eastern Ill 55_ _ _
135 Kings Co _ _ 640
6
N Y Title Insurance Co-100 37 42
Imp & Trad _ 500
Montauk
Equipment 4s
85
110 M anufact'rs
6
Nlpissing Mines
5 *714 712
Nassau
Irving
Chic Ind & Louis,'4)0
165
175
195
205
5.15 4.80 Ohio Copper Co
Citizens
130
14
140
10
*Is
Liberty.
Nation'l City 270
ChicStL&NO 58
620
280 People's _
4.60 4.45 Otis Elevator corn
100 71 73
Lincoln
Lincoln
_ 310
330 North Side.- 175 200 Queens Co__ t28012 16" Chicago & N W 4Xs
4.50 4.30
Preferred
100 •94 96
Manhattan* 300
People's
Chicago R I dr Pac 4Xs
310
135
145
7.50 5.50 Realty Assoc (Brooklyn).100 94 99
Colorado & Southern 5s_ _
5.10 4.80 Remington Typewriter
*Banks marked with a( are State banks. l*Sale at auction or at Stock
4
)
Ex- Erie 5s
4.95 4.75
change this week.
Common
100 1012 1112
Equipment 4Xs
4.95 4.75
1st preferred •
100 55 60
Equipment 4s
4.95 4.75
2d preferred
100 34 37
Hocking Valley 45
4.85 4.70 Riker & liege'n(Corp for stk) .518 5
3
Equipment 5s
4.85 4.70 Royal Baking Powd corn.1® 152 157 s
Illinois Central 5s
All bond prices are "and interest" except where marked "f."
4.55 4.40
Preferred
100 10312 105
4.55 4.40 Safety Car Heat & Light_100 103 110
44s
Kanawha & Michigan 4s
4.90 4.65 Singer Mfg Co
Per share.
100 216 20
Standard 011 Stocks Pe rShare
4.55 4.40 Standard Coupler cora- _100 25 35
Par Bid. Ask. Louisville & Nashville 58_ _
Par Bid. Ask. Pierce 011 Corp
4.75 4.50
25 •12 1212 Minn St P & S S M 4Xs
Preferred
100 100 - - -Angio-Amer 011 new
*16
1612 Prairie 011 & Gas
Missouri Kansas dr Texas 55. 6.50 5.50 Sterling Gum
100 422 426
51 .235 285
Atlantic Refining
100 630 640 Prairie Pipe Line
Missouri Pacific 58
7.50 5.50 Texas ei Pacific Coal_ _ _ _100 150 175
100 199 201
Borne-Scrymser Co
100 265 275 Solar Refining
Mobile & Ohio 5s
5.15 4.90 Tonopah Extension Min_..1 *2;( 212
100 260 270
8
Buckeye Pipe Line Co- _50 *103 105 Southern Pipe Line Co- _100 230 235
Equipment 430
5.15 4.90 Triangle Film
5 *812 87
Chesebrough Mfg Cons-100 720 740 South Penn 011
New York Central Lines 5s_ _ 4.85 4.75 United Profit Sharing
100 340 345
.1% 2
Colonial Oil
100 140 150 Southwest Pa Plpe Lines _100 125
Equipment 414s
4.85 4.75 U S Casualty
130
100 190 210
Continental Oil
100 250 260 Standard 011 (California) 100 309 311
NY Ontario & West 44s_
4.85 4.65 U S Envelope corn
100 130 135
Crescent Pipe Line Co--_50 *46 48 Standard 011 (Indiana).
Norfolk & Western 4X8_ _ _ _ 4.50 4.30, Preferred
402 467
100 105 --Cumberland Pipe Line_ _100 50 55 Standard 011 (Kansas) -100 405 415
Equipment 4s
4.50 4.30, U S Finishing
- -100
100 10 15
Eureka Pipe Line Co_ _ --100 255 265 Standard Oil of Kentucky100 285 290
Pennsylvania RR 41.4s
4.35 4.20; Preferred
100 33 39
Galena-Signal Oil corn_..100 139 161 Standard 011 of Nebraska100 340 350
Equipment 4s
4.35 4.20, 1st g 55 1919
34 90 Preferred
100 135 140 Standard Oil of New Jer_100 470 473
St Lads Iron Mt dr Sou 5s- 5.95 5.00
Cons g 55 1929
J-J 68 72
Illinois Pipe Line
100 145 148 Standard 011 of New Y'rk100 193 200
St Louis & San Francisco 55_
6
US Title Gu & Indem__ _100 30 50
Indiana Pipe Line Co..._50 *106 108 Standard 011 of Ohio_ ---100 515 530
Seaboard Air Line 5s
-4.90 4:60, Westchester dr Bronx Title
Internat Petroleum
El *93
8 9 4 Swan & Finch
3
Equipment 43.4s
4.90 4.601 & Mortgage Guar
100 130 135
100 165 180
National Transit Co
25 *32 34 Union Tank Line Co---100 83 85
Southern Pacific Co 43.45... 4.55 4.40, Worthington (H R) ComNew York Transit Co_ _.100 210 215 Vacuum Oil
Southern Railway 4%8
4.85 4.65
100 223 227
pany pref
100 90 96
Northern Pipe Lino Co.
.100 103 106 Washington 011
Toledo & Ohio Central 4s.. _ 4.90 4.70 Yukon f1n1 3
10 *38 42
,
C .14 288
Ohio 011 Co
25 *155 157
Bonds.
*Per share. b Bards. d Purchaser Aso pays accrded dividend.
Penn-Mex Fuel Co
58 60 Pierce 011 Corp cony 68_1924 79 81
25 •
I Fist price.
n Nominal. z Ex-dividend. V Ex-rights.
Low.
High.
Volume of Business at Stock Exchanges
-.
12
New York City Banks and Trust Companies
Jai;
Inactive and Unlisted Securities
1
[VOL. 101.
THE CHRONICLE
1006
inuestuunt anti Sailirrati luteragout.
RAILROAD GROSS EARNINGS.
from which regular weekly or monthly return')
The following table shows the gross earnings of every STEAM railroadfor the latest week or month, and the last two
son be obtained. The first two columns of figures give the gross earnings
week or.month. We add a supplementary
oolumns the earnings for the period from July 1 to and including the latest not begin with July, but covers some other
does
statement to show the fiscal year totals of those roads whose fiscal yearon a subsequent page.
period. The returns of the electric railways are brought together separately
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Latest Gross Earnings.
July 1 to Latest Date.
Current
Year.
Previous
Year.
I
$
Ala N 0& Tex Pac650.881
586,806
N 0 & Nor East.. August _-- 293,652 317,245
272,842
251,544
Ala & Vicksburg_ August ___ 127,507 138,626
271,374
240,006
Vicks Shrev&Pac. August ___ 118,909 135,769
508,182
35.158
485,083
30,320
2d wk Sept
Ann Arbor
10422342 9,609,243 10,422,342 9.609,243
Atch Top & San Fe_ July
260,671
230,854
230,854 260,671
Atlanta ltirm & Atl July
99.571
96,784
99,571
96,784
Atlanta.& West Pt_ July
2,177,387 2,538,140 2,177,387 2.538,140
Atlantic Coast Line July
143.062
116,593
116,593 143,062
Charlest & W Car July
124,709
111,028
111,028 124,709
Lou Hend & St L July
9,348,857 8,700,376 18,019,610 16,847,064
gBaltimore & Ohio_ August
138,661
128,206
128,206 138,661
B & 0 Ch Ter RR July
242.344
224,182
224,182 242,344
Bangor & Aroostook July
1,265,806 1,118,462 1,265,806 1,118,462
Bessemer & L Erie_ July
174,695
137,470
84,038
68,971
South_ August
Birmingham
July
4,099,236 4,242,092 4,099,236 4.242.092
Boston & Maine..
Buff Roch & Pittsb_ 3d wk Sept 241,584 217,007 2,628,653 2,636,736
115.585
116.065
116,065 115,585
Buffalo & Susq RR_ july
Canadian Northern 3d wk Sept 481,400 566,700 3,581,400 4,307,400
Canadian Pacific 2d wk Sep 2,214,000 2,496,000 20,525,375 24,619,972
987,827 1,166,371
987,827 1,166,371
Central of Georgia_ July
2,782,615 2,724,602 2,782,615 2,724.602
Cent of New Jersey July
276,993
364,141
364,141 276,993
Cent New England.. July
320,602
336,100
320.602 336,100
Central Vermont July
Ches & Ohio Lines_ 2d wk Sep 877,656 826,836 9,196,155 8,316,745
& Alton.... _ 2d wk Sept 327.088 290,906 2,306,163 3,160,971
Chicago
7,374,125 7.861,573 7,374,125 7,861.573
Chic Burl & Quincy July
1.191,595 1,315.453 1,191,595 1,315.453
f Chicago & East Ill July
2d wk Sept 352,186 392,249 2,967,482 3,063.985
p Chic Great West..
Chic Ind & Louisv_ 2d wk Sep 155,205 146,255 1.515,209 1,527,063
8,219.281 7,824,986 8.219,281 7,824,986
Chic Milw & St P_1 July
Chic Mil& Pug S 1
7,190,348 7,362.811 7,190,348 7,362.811
rChic & NorthWest. July
154,371
127,414
127,414 154,371
Chic Peoria & St L_ July
1,433,333 1,580,989 1,433,333 1,580.989
vChic St P M & Om July
190,313
163,270
163,270 190,313
Chic Terre H & S E July
938,738
920,751
920,751 938,738
Cin Ham & Dayton July
135,024
121,917
121,917 135,024
Colorado Midland_ July
b Colorado & South 2d wk Sep 290,109 282,321 2,847,361 2,860.903
12,454
12,454
11,109
July
11,109
Cornwall
26,490
26,490
40,628
40,628
Cornwall &Lebanon July
382,544
420,090
420,090 382,544
July
Cuba Railroad
2.045,150 1,997,294 2,045,150 1,997,294
Delaware & Hudson July
3,387.071 3.752,004 3,387.071 3.752.004
Del Lack & Western July
Deny & Rio Grande 2d wk Sep 543,200 507,900 5,316,900 5,118,630
702,452
561.238
702.452 561,238
Western Pacific July
401,740
35,694
426,770
39,100
Denver & Salt Lake 2d wk Sept
133,103
151.590
133,103 151,590
Detroit Tol & Iront July
245,268
220,033
23,243
19,746
Detroit & Mackinac 2d wk Sep
91,974
105,897
91,974
105,897
Det & Tel Shore L_ July
862,399
812,254
862,399 812.254
Dul & Iron Range July
719,530
773,511
64,236
68,016
Duluth So Sh & Atl 2d wk Sep
800,348
882,467
882.467 800,348
Elgin Joliet & East.. July
740,159
748,842
748,842 740,159
El Paso & Sou West Ally
5,673,128 5.419,581 5,673,128 5.419,581
July
Erie
291.866
362,787
362,787 291,866
Florida East Coast._ July
90,236
90,236
85,873
85,873
Fonda Johns & Glov July
255,426
205,778 255,426
205,778
Georgia Railroad July
706,550
93,422 118,762
480,741
Grand Trunk Pac 4th wk Aug
Grand Trunk Syst_ 2d wk Sep 1,044,808 1,096,942 11,220,346 11,762,812
Grand Trunk Ry 1st wk Sep 884,330 899,309 8,142,888 8,732,224
Grand Trk West.. 1st wk Sep 148,993 135,396 1.457,085 1,427,453
505,608
572,123
53,371
58,349
Det Or II & Milw 1st wk Sep
6,074.640 6,916,655 11,932,765 13,757,102
Great North System August
149.680
140,022
140,022 149.680
Gulf & Ship Island_ July
451,414
543.136
543,136 451,414
July
Hocking Valley
5,322,115 5,845,351 10,200,941 11.241,473
Illinois Central.... _ _ August
738,936
659,699
659,699 738,936
Internat & Grt Nor July
279,392
277,545 279,392
277,545
Kanawha & Mich.... July
807,407 885,643 1,638,763 1,830,908
Kansas City South_ August
3,779,598 3,770,347 7,513,360 7,352.428
August
Lehigh Valley
138,602
154,095
154,095 138,602
Lehigh & Hud River July
233,342
320.002
320,002 233,342
Lehigh & New Eng.. July
155,777
136,889
136,889 155,777
Louisiana & Ark_ _ July
167,891
169,239
169,239 167,891
Louisiana Ry & Nay July
sLouisville & Nashv 2d wk Sep 1,141,140 1,085,450 11,338,628 11,655,458
14,495
14,495
11,029
11,029
Macon & Birm'ham July
996,964 1,014.868
July
996,964 1,014,868
Maine Central
40,342
36,482
40,342
36,482
Maryland & Penna.. July
116,266
125,267
125,267 116,266
Midland Valley_ ...._ July
179,173
221,864
13,008
2d wk Sep ' 20,643
Mineral Range_
& St Louis....1 2d wk Sept 279,950 269,872 2,136,684 2,189,539
Minn
Iowa Central...... J
Minn St P & S S M_ 2d wk Sep 689,451 682,667 6,130,768 6,121.591
79,439
67,556
79.439
67,556
Mississippi Central.. July
U Mo Kan & Texas_ 2d wk Sep 576,628 623,967 6,219,767 6,618,189
x Missouri Pacific 2d wk Sept 1,122,000 1,197,000 11,980,000 12,978.000
942,303 1,071,780
942,303 1,071,780
Nashv Chatt & St L July
96.031
91,905
8,717
10,460
Nevada-Cal-Oregon 2d wk Sep
13862472 13029498 13,862,472 13.029.498
e New York Central July
1,535,298 1,470,180 1,535,298 1,470,180
Boston & Albany. July
507.955
489,378
489,378 507,955
nLake Erie & W.. July
3.049,542 2.838,342 3,049,542 2,838,342
Michigan Central July
Cleve CC & StL1
3,163,458 3.147,147 3,163,458 3,147,147
Peoria & Eastf July
130,220
139,018
139.018 130,220
Cincinnati North. July
1,655,433 1.503,661 1,655,433 1,503,661
Pitts & Lake Erie July
920.657
964,788
964,788 920,657
NY Chic & St L_ July
316,407
402,067
402.967 316,407
Tel & Ohio Cent.. July
25262354 23864067 25.262,354 23.864.067
Tot all lines above July
ROADS.
Week or
Month.
Previous
Year.
Current
Year.
July 1
to Latest Date.
Current
Year.
Previous
Year.
155,069
140,970
140,970 155,069
New On Great Nor_ July
181,592
139.596
139,596 181.592
N 0 Mobile & Chic_ July
6,247,659 5,755,633 6,247,659 7,755,633
Hartf_ _ July
NYN H &
992,561
961,572
961,572 992,561
N Y Ont & Western July
289,632
317,790
317,790 289,632
N Y Susq & West.. July
365,729
332,445
332.445 365,729
Norfolk Southern July
4,467,344 3,749,736 4,467,344 3.749,736
Norfolk & Western.. July
5,349,784 5,792,063 5,349,784 5,792,063
July
Northern Pacific_
353,865 363,540 3,568.701 3,745.805
Northwestern Pac_ June
589,470
609,596
609,596 589,470
Pacific Coast Co.. July
16755645 16068 588 16,755,645 16,068,588
July
zPennsylvania
174,763
153,760
153,760 174,763
Balt Ches & Atl_ July
240,254
244,587
244,587 240,254
Cumberland Vail. July
1.553.353 1,519,806 1,553,353 1,519,806
July
Island
Long
112,105
106,120
106.120 112,105
Maryl'd Del & Va July
442,620
481,464
481,464 442,620
N Y Phila & Nerf July
1,904,687 1,852,017 1,904,687 1,852,017
Wash July
Phil Bait &
831,305
895,105
895,105 831,305
W Jersey & Seash July
5,640,024 5,198.494 5,640,024 5.198,494
Pennsylvania Co...... July
489,579
454.957
454,957 489,579
July
Grand Rap & Ind
3,390,186 3,476,210 3,390,186 3,476,210
Pitts 00& St L.. July
956,463
921,255
921,255 956,463
July
Vandalia
Total lines
22652533 21811 583 22,652,533 21,811,583
East Pitts & Erie. July
10544 483 10253051 10,544,483 10,253,051
West Pitts & Erie July
33197016 32064734 33.197,016 32.064,734
All East & West.. July
1,552,603 1,378,926 1,552,603 1.378,926
July
Pere Marquette
Reading Co4,083,198 3,821.800 4,083,198 3,821,800
Phila & Reading_ July
1,817,280 1.822,951 1,817.280 1,822,951
Coal & Iron Co July
5,900.478 5,644,751 5,900,478 5,644.751
Total both cos July
257,913
252,927
252,927 257,913
Rich Fred & Potom July
73,980 1,004.292 1,012,649
71,027
June
Rio Grande June117,682
116,331
11,312
11,598
Rio Grande South 2d wk Sep
5,666,486 6,035,758 5,666,486 6,035,758
Rock Island Lines July
306,908
313,757
313,757 306,908
July
Rutland
196,108
116.155
116,155 196.108
St Jos & Grand ha_ July
199,577
183,306
183,306 199,577
St L Brownsv & M July
2,432,048 2,735,066 2,432,048 2,735,066
L Iron Mt & Sou July
St
3,550,223 3,815,950 3,550,223 3.815.950
St Louis & San Fran July
St Louis Southwest_ 2d wk Sop 223,000 201,000 2,209,626 2,290,342
878,791
1,083,462 878,791 1,083,462
SanPedLA&SL July
1.627.645 1,833.170 1,627,645 1,633.170
Seaboard Air Line July
_ 13207856 11672157 26,171.060 23,305,077
Southern Pacific . August
Southern Railway 2d wk Sop 1,258,556 1,247,990 12,962,230 13,896,551
Mobile & Ohio...... 2d wk Sep 197,093 222,934 2,202,895 2,569,116
CinNO & TexP_ 25 wk Sep 180,012 198,421 1,878,963 2,036,100
952,983 1,028,832
88,77%
77,126
Ala Great South.. 2d wk Sep
434,425
496,874
45,720
43,984
Georgia So & Fla_ 2d wk Sept
425.955
470.694
425.955 470,694
Spok Port & Seattle July
17,887
17,981
1,483
1,469
Sep
Tenn Ala & Georgia 2d wk
129,874
154,153
129,874 154,153
Tennessee Central.. July
2d wk Sep 340,706 313,258 3,537,723 3,551,505
_
&
Texas
8,786
7,541
7,541
8,786
Tidewater & West.. July
280,060
247,617
24,879
28,933
Toledo Poor & West 2d wk Sep
West 2d wk Sep 106,779 103.322 1,027,408 1,002,884
Toledo St L &
135.817
52.835 135,817
52,835
Trinity & Brazes V July
7,846,866 7.559.237 7,846.866 7.559.237
Union Pacific Syst_ July
588,616
469,511
588.616 469,511
July
Virginian
169.302
146.209
146.209 169.302
Virginia & So West.. July
2,793.294 2,792,630 5,215.777 5,442,083
August
Wabash
Western Maryland_ 3d wk Sept 207,437 167,572 2,343,269 1.978,273
667,792 516,541 1,229,598 1,047,635
Wheel & Lake Erie.. August
13,541
18,618
18,618
13,541
Wrightsville & Tenn July
1,014,721 925,111 1,915,510 1,778,302
Yazoo & Miss Vail.. August
Various Fiscal Years.
Previous
Year.
-July 31
791,408
790,590
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 9.654,805 9.528,629
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
767,820
846,497
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 156858 241
July 31 2,320,820 2,275,698
July 31 101914649 107855 136
676,107
640,518
July 31
July 31 1,624,788 1,948,715
July 31 7,606.353 7,537,655
484,795
504,480
July 31
July 31 2,347,713 2,235,681
July 31 11.621,304 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 138189366
July 31 62.562,461 61,207,481
July 31 197976 725 202696847
June 30
462.775
484.981
July 31 1,947,102 1.986,958
Period.
Jan 1
Buffalo & Susquehanna R R_
Jan 1
Delaware & Hudson
Jan 1
Erie
Jan 1
New York Central_e
Jan 1
Boston & Albany
Jan 1
Lake Erie & Western_n
Jan 1
Michigan Central
Cleve Clue Chic & St Louis Jan 1
Jan
Northern
Cincinnati
_ _ Jan 1
Pittsburgh & Lake Erie
New York Chicago & St Louis Jan 1
Jan 1
Toledo & Ohio Central
Jan 1
Total all linos
N Y Susquehanna & Western_ Jan 1
Jan 1
zPennsyl vania Railroad
Baltimore Chesap & Atlantic Jan 1
Jan 1
Cumberland Valley
Jan 1
Long Island
Maryland Delaw & Virginia.. Jan 1
N Y Philadelphia & Norfolk.. Jan 1
Phila Baltimore & Washing'n Jan
Jan 1
West Jersey & Seashore
Jan 1
Pennsylvania Company
Grand Rapids & Indiana........ Jan 1
Jan 1
Pitts Cinc Chic & St Louis
Jan 1
Vandalia
-East Pitts & Erie Jan 1
Total lines
-WestPitts & Erie Jan 1
-All Lines E & W.. Jan 1
Dec 1
Rio Grande Junction
Jan
Rutland
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
Current
Year.
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
'Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
*Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
$
$
$
Cur. Yr. Prey. Yr.
Mileage.
242.849 240.235.841 272.882.181 -32,646.340 11.96
November
1st week July (36 roads)____ 10.555.138 11.710,679 --1,155,541 9.87 December _246,497 243.242 232.598.369 258.285,270 -25.686.901 9.94
__246.807
2d week July (34 roads)____ 10.852,144 12,068,210 --1.216.066 10.03
236.880,747 -16,598,551 7.01
243.559
3d week July (35 roads)___ _ 11,060.669 12,259.162 --1,198,493 9.77 January -.246.959 212.837 220.282.196 212,163,967 -1,303,286 0.61
210.860,681
4th week July (37 roads)___ 17,072,024 18,470,398 --1,398,374 7.61 February __ _246.186 213,598 238,157,881 253,352.099 -15,194,218 5.99
246.848
---966,271 7.90 March
1st week Aug (36 roads)____ 11,601,061 12,567,332
247,701 245,170 237,696,378 241,090,842 -3,394.464 1.41
--652,986 5.17 April
2d week Aug (37 roads)____ 11.965.891 12,618,877
247.747 245.207 244,692,738 243,367.953 +1.324.785 0.54
---557.539 4.62 May
3d week Aug (36 roads)____ 12,220,564 12,778,103
40.219 235,828 248,849,716 247,535.879 +1.313,837 0.53
9
---344,410 2.01 June
4th week Aug (33 roads)____ 16,778,185 17,122.595
243,012 241.796 262.048,115 280,624.000 +2,324.115 0.89
---24,810 0.20 July
12,057,576
1st week Sept (36 roads):___ 12,032.766
80.582 88.047 69.231.24% 73.122.210 -3.890.962 5.32
--276,003 2.07 August
2d week Sept (37 roads)____ 13,108.847 13,381,850
Lake Shore & Mich. So.. the Chicago Ind. & 80.,
e
b Does not include earnings of Colorado Springs & Cripple Creek District Ry. & Includes the and the Ottawa & New York Ely., the latter of
Adirondack
Valley & Pitts.. the New York & Ottawa, the St. Lawrence
the Dunkirk Adegheny
Commerce Commission. f Includes Evansville & Terre Haute and Evant.
Which, being a Canadian road, does not make returns to the Inter-State
Northern Ohio lilt. p Includes earnings of Mason
Tine & Indiana R R. g Includes Cleveland Lorain & Wheeling Hy. in both years. n Includes the Frankfort & C/Incinnati. u Includes the Texas
City & Fort Dodge and Wisconsin Minnesota & Pacific. s Includes Louisville & Atlantic and the
revenues, but also all other receipts. z Includes St. Louis Iron Mountain
Central and the Wichita Palls Lines v Includes not only operating
Mexican roads in any of our totals.
Southern. s Includes the Northern Central beginning July 1 1914 • We no longer include the
SEPT. 25 1915.]
THE CHRONICLE
1007
Latest Gross Earnings by Weeks,
-In the table which
follows we sum up separately the earnings for the second week ELECTRIC RAILWAY AND TRACTION COMPANIES.
of September. The table covers 37 roads and shows 2.07%
decrease in the aggregate under the same week last year.
Latest Gross Earnings.
Jan. 1 to latest date.
Name of
Second week of September.
Road.
1915.
1914.
16
S
77,126
88,778
30,320
35,158
217,006
221,075
417,700
458,700
2,214,000 2,496,000
877,656
826,836
327,088
290,906
392,249
352,186
155,205
146,255
180,012
198,421
282,321
290,109
507,900
543,200
39,100
35,694
19,746
23,243
68,016
64,236
43,984
45,720
Increase. Decrease.
Week or
Month.
Current Previous
Year.
Year.
Current
Year.
Previous
Year.
$
$
s
$
American Rys Co___ August ___ 472,614 504,252 3,496,359 3,665,414
Atlantic Shore Ry ___ August -__ 51,883 53,357
243,909
248,785
c Aur Elgin & Chic Ry July
4,069
187,488 216,747 1,072,711 1,192,642
41,000 Bangor By & Electric July
68,146 67.805
439,584
436,491
282,000 Baton Rouge Elec Co July
16,016 14,742
105,297
101,892
50,820
BeltLRyCorp(NYC). May
66.737 67.092
314,057
296,740
Berkshire Street By.. July
36,182
91,244 97,654
518.417
550.782
40,063 Brazilian Trac, L & P July
f6703000 16462860144387,110'42907,048
Brock & Plym St Ry_ July
8,950
15,346 15,694
63,340
66,484
18,409 Bklyn Rap Tran Syst May
2343,921 2482,243 10.811,364 10.734,655
7,788
Cape Breton Elec Co July
31,320 31,467
186,917
198,789
35,300
Chattanooga Ry & Lt July
90,116 92,696
599,233
644,810
Cleve Painesv & East July
3,406
44,653 45,282
224,392
232,351
3,497 Clev Southw & Col July
113,040 117,667
696,181
714,512
Columbus(Ga) El Co July
3,780
57,365 53.827
398,658
380.227
Colum (0) Ry,P & L July
1,736
239,594 241,965 1,754.967 1.763,707
gCom'w'thP Ry & L July
1182,519 1143,335 8.020,712 7,954,019
1,044,808 1,096,942
52,134 Connecticut Co
July
806,482 798,767 4.574,916 4,601,832
Consum Pow (Mich)_ July
305,309 258,356 2,126,067 1,938.980
Cumb Co(Me)P & L July
262,080 258,004 1,437,311 1,395,590
1,141,140 1,085,450
Dallas Electric Co_ July
55,690
144,101 179,131 1,017.449 1,293,105
20,643
13,008
Detroit United Lines July
7,635
1205,881 1129,955 7,282,569 7,044.772
279,950
D D E B & Bat(Rec) May
269,872
10,078
41,201 44,205
197,376
212,260
Duluth-Superior Trac August
98,055 115,900
750,318
867,770
689,451
682,667
6,784
East St Louis & Sub_ July
200,599 218,659 1,374,586 1,549,551
576,628
623,967
47,339 Eastern Texas Eiec July
65.067 61,065
386,587
383,162
1,122,000 1,197,000
75,000 El Paso Electric Co July
77,426 83,641
548,650
599,244
197,093
222,934
25,841 42d St M & St N Ave May
172,795 170,715
737,674
798,115
10,460
Galv-Hous Elec Co__ July
8,717
1,743
174,093 226,664 1,131,722 1,422.899
11,598
11,312
gGoorgia Ry & Power August
286
498,869 527,949 4,170,522 4,140,887
223,000
201,000 22,000
Grand Rapids Ry Co July
105.596
666.317
736.775
1,258,556 1,247,990
liarrisburg Railways August.... 76,247 115,756
10,566
89,959
626,928
651,301
1,469
1,483 -_.--_14 Havana El Ry,L & P
340,706
(Railway Dept)._ _ Wk Sept 19 48,425 50,318 1,935,736 2,025,482
313,258
27,448
24,879
28,933
4,054 Honolulu It T & Land July
49,531 50.765
337,550
353.708
103,322
106,779
3,457
Houghton Co Tr Co_ July
26,177 28,309
154,994
168,461
203,164
167,572
35,592
b Hudson & Manhat_ July
427,914 438,820 3,196,537 3,279,931
Illinois Traction____ July
861,295 887,140 6,153,485 6,196,342
Total (37 roads)
13,108,847 13,384,850 331,574 607,577 Interboro Rap Tran June
2689,444 2714,667 17.163,038 17,515,940
TT nh. el 0,1•14.,QA i9 n7oz.1
276.003 Jacksonville Trac Co July
50,098 57,442
362,808
440,121
Keokuk Electric..... July
18,687 21,643
131,703
142,502
Key
July
Net Earnings Monthly to Latest Dates.
9,323 11,732
-The table LakeWest Electric..__ July
65,392
77.417
Shore Ele,c Ry_
136,446 151,999
761,570
810,105
following shows the gross and net earnings of STEAM Lehigh Valley Transit August
198,668 182,931 1,316,494 1,226,769
Lewist Aug & Watery July
railroads and industrial companies reported this week:
75,376 72,56h
406,272
376.485
-Gross Earnings--Net Earnings
22,839 23,452
- Long Island Electric- May
86,974
85,065
Louisville Railway... July
Current
Prctnous
Current
244,231 268,059 1,701,970 1,860,606
Previous
Milw El By & Lt Co_ August
Roads.
Year.
Year.
Year.
465,232 479,262 3,838,676 3,990,523
Year.
Milw Lt, IR & Tr Co August
$
147,035 151,649
$
$
967,322 1,013,475
Baltimore & Ohlo_b_ __ _Aug 9,348,857 8,700,376 3,394,507 2,767,318 Nashville Ry & Light July
166.927 184,081 1,226,665 1,300,515
July 1 to Aug 31
18,019,610 16,847,064 6,471,420 5,039,339 NY City Interboro__ May
62,244 61.662
282,011
262,984
N Y & Long Island.- May
39,643 38,658
160.918
Bellefonte Central_ b_ _ _Aug
145,822
6,845
8,761
1,668
2,434 N Y & North Shore__ May
15.413 16,707
62.138
60,941
Jan 1 to Aug 31
52,570
58,827
6,524
10,419 N Y & Queens Co___ May
127,162 133,647
529,704
523,732
Chic Ind & Louisv_b__ _July 568,140
596,067
169,839
166,291 New York Railways.. May
1138.652 1199,850 5.454,164 5,509.712
N Y & Stamford By.. July
Greenwich & Johnsonville_ b
49.783 49.667
211.058
210,996
Apr 1 to June 30
42,611 37,198
31,602
28,600
17,422
13,553 N Y Westchest & Boa July
267,363
232.692
Jan 1 to June 30
17,512 17,526
59,514
55,843
99,171
30,877
28,907 Northampton Trac'n July
105,799
Nor Ohio Trac & Lt_ July
371,736 351,659 2,128,388 2,073.359
Kansas City South_b__..Aug 807,407
885,643
332,004
318,041 North Texas Electric July.
151,850 188,715
939,262 1,227,499
July 1 to Aug 31
1,638,763 1,830,908
697,348
693,932 Northw Pennsylv By June
31.127 31,098
164.106
162.399
Lehigh Valley_b
Aug 3,779,598 3,770,347 1,229,657 1,283,921 Ocean Electric (L D_ May
10.752 12,217
33,868
35.592
July 1 to Aug 31
7,513,360 7,352,428 2,396,999 2,339,328 Paducah Tr & Lt Co_ July
23.196 24,250
162,452
174.507
21,941 24.405
Southern Pacific_a
Aug 13.207,856 11,672,157 4,596,970 3,354,878 Pensacola Electric Co July
144.117
162,877
Phila Rapid Transit_ August
1897,764 1912,971 15,736,150 15.880,510
26,171,060 23,305,077 9,189,505 6,636,451
July 1 to Aug 31
Port(Ore)Ry,L&PCo July
467.946 511,005 3,204,301 3,782,664
INDUSTRIAL COMPANIES.
Portland (Me) RR.... July
115,100 116,551
581,915
584.472
664,564 726,373 4,358,630 4,963,018
Dayton Pow & Light_a_Aug
80,498
71,824
39,133
30,917 Puget Sound Tr,L&P July
gRopublic Ry & Lt__ August
260,792 255,488 1,968,619 2,003,459
Jan 1 to Aug 31
668,780
600,392
305,967
258,506 Rhode Island Co_ _ __ July
472,148 535,578 2,768,268 3,081,056
Aug 548,564
Detroit Edison_a
459,580
169,820
126,414 Richmond Lt & RR May
32,963 36,345
138.736
135,405
4,825,895 4,080,516 1,748,314 1,366,151 St Jos Ry Lt H&P Co. July
Jan 1 to Aug 31
101,463 108,888
724,129
743,530
Gt West Pow Co Syst_a_Aug 244,583
226,515
169,910
40,300 40,707
154,915 Santiago El Lt & Tr.. July
268,536
267,602
1,887,723 1,752,590 1,326,931 1,146,387 Savannah Electric Co July
Jan 1 to Aug 31
67.285 73,627
461.115
497.021
Second Avenue (Rec) May
76.617 86,127
329,565
349.645
a Not earnings here given are after deducting taxes.
Southern Boulevard- May
20,233 20,778
88.709
85.423
b Net earnings hero given are before deducting taxes.
Staten Isl Midland-- May
28,766 29.868
108.770
102.843
Tampa Electric Co- July
78.979 83,683
569,099
Interest Charges and Surplus.
568,003
Third Avenue
May
325,135 351.298 1.555,073 1,619,115
-Int., Rentals,
-Bat. of Net Earns.
449.108 515,883 3,236,351 3.550,684
- Toronto Street By.. July
Current Previous
Previous
Current
Twin City Rap Tran_ 2d wk Sept 200.838 200.402 6,565,625 6,504,164
Previous
Year.
Roads.
Year.
Year.
Union RyCo of NYC May
Year.
247,902 261.552 1,079,814 1,061.739
$
Virginia By & Power_ August
$
$
$
442,698 446,197 3,368,468 3,426,937
Aug
Bellefonte Central
269
235
1,399
2.199 Wash Balt & Annap July
71,966 70,780
464,027
452,727
2,152
Jan 1 to Aug 31
1,880
4,372
8,539 Westchester Electric_ June
51.367 56.780
272,076
277.268
Westchester St RR July
26,016 27,198
Greenwich & Johnsonville
142,362
142.376
Yonkers Railroad_ _ _ June
60,753 64,585
354.049
Apr 1 to June 30
9,858
345.039
11,329
z8,341
z3,041 York Railways
71,771 68,151
19,331
Jan 1 to June 30
524,918
525,917
22,479
z13,043
z7,905 Youngstown & Ohio.. August
July
24,407 24.320
163,342
151,618
INDUSTRIAL COMPANIES.
Youngstown & South July
16.851 17.8421
95.008
102.812
Dayton Power & Light_Aug
18,136
17,302
z22,294
z14,498
b Represents income from all sources. c These f gures are for consoli144,331
Jan 1 to Aug 31
137,300 z169,692 z129,236
dated company. f Earnings now given in milreis. g Includes constituent
Detroit Edison
Aug
97,980
77,349
71,840
49,065 companies.
702,018
Jan 1 to Aug 31
560.982 1,046,296
805,169
Gt West Pow Co Syst__ _Aug 106,755
101,062
z80,400
z73,093
843.628
Jan 1 to Aug 31
795,662 z619,857 z499,159
Electric Railway Net Earnings.
-The following table
z After allowing for other income received.
gives the returns of ELECTRIC railway gross and net
EXPRESS COMPANIES.
earnings reported this week:
-Month of June- -July 1 to June 30-Gross Earnings---Net Earnings
1914.
1915.
1914-15. 1913-14.
Current
Previous
Current
Previous
Candaian Express Co.
Roads.
Year.
Year.
Year.
Year.
Total from transportation--272,871
431,186 3,117,113 3,341,340
$
$
$
$
Express privileges
286,154 1.554,427 1,666,472 Brazilian
136,491
-Dr
Tract Lt & P_Julyc6,703,000 c6,462,860 c3.900.000 c3,723,210
Jan 1 to July 31
c44,387,110c42,907,048c25,843,420c24,562,598
Revenue from transport'n_ 136,380
145,032 1,562,685 1,674,867
Oper. other than transp'n_
5,450
11,867
60,570
98,055
114.732 Duluth-Superior Tract.a Aug
115.900
31,829
50,599
Jan 1 to Aug 31
750,318
867,770
187,637
333,916
Total operating revenues.. 141,831
156,900 1.623,255 1,789.599 Georgia By & Power and
Operating expenses
128,239
131,391 1,539,528 1,661,834
subsidiary cos_ a_ _ __Aug_ 498,869
527,949
203,808
209,468
Jan 1 to Aug 31
4,170,522 4,140,887 1,720,184 1,714.196
Net operating revenue..
13,591
25,508
83,726
127,765 Harrisburg Rys
Aug
76,247
Uncollectible rev,from trans.
89,959
7,817
5
19,347
100
Jan 1 to Aug 31
626,928
651.301
Express taxes
83,963
7,948
103,986
7,249
51,948
38,949
Lehigh Valley Trans_ b_Aug 198,668
182,931
97,854
86,890
Operating income
5,637
18,259
31,677
Sept to Aug 31
88,816
1,954,922 1.863.030
871,812
809.135
MayJuly 1 to May 31- Milw Elect By & Lt_a__Aug 465,232
479,262
120.136
128,592
1915.
1914.
1914-15.
Jan 1 to Aug 31
1913-14.
3,838,676 3,990,523 1,008,236 1,079,973
Great Northern Express Co.
$
$
$
Milw Lt Ht & Tract_a_ _Aug 147,035
151,649
53,304
58,680
Total from transportation--- 263,126
256,611 2,839,093 2.9!L852
Jan 1 to Aug 31
967,322 1,013,475
301,837
356,696
Express privileges
159,676
-Dr
155,875 1,731,170 1,799,157
Northampton Tract_a_ _July
17,512
17,526
9,244
6,317
Jan 1 to July 31
Revenue from transporta_
103.449
99,171
105.799
100,736 1,170,923 1,142,695
45,263
40,313
Oper. other than transporta_
4,859
4,438
47,848
46.091 Philadelphia Co.
Nat Gas & Oil Depts_Aug 459,264
379,834
202,584
110,878
Total opertaing revenues.. 108,309
105,174 1,155,772 1,188,786
Apr 1 to Aug 31
2,696,363 2,573,401 1,342,799 1,145,722
Operating expenses
86,132
86,391
972,476
985,253
Consol GasCo ofPitts_Aug
5,950
8,026 def3,124
def2.779
Apr 1 to Aug 31
46,107
53,754 def2,936 def6,722
Net operating revenue..
22,176
18,783
183,
ER
203,533
Uncollec. rov, from trans.-Duquesne Light
15
Aug 384.085
348,313
179,267
114,259
Express taxes
Apr 1 to Aug 31
3,443
1,957,187 1,906,286
3348
41,446
934.059
41,750
746,048
Pennsylv Lt & Pow_.Aug
13.426
14,033
4,294
5,265
Operating income
18,717
15,435
141,745
161,782
Apr 1 to Aug 31
71,703
79,324
23,834
26,403
Alabama Great Southern
Ann Arbor
Buffalo Rochester & Pittsburgh
Canadian Northern
Canadian Pacific
Chesapeake & Ohio
Chicago & Alton
Chicago Great Western
Chicago Ind & Louisvilte
Cinc New ON & Texas Pacific__
Colorado & Southern
Denver & Rio Grande
Denver & Salt Lake
Detroit & Mackinac
Duluth South Shore & Atlantic_
Georgia Southern & Florida_ _ _ _
Grand Trunk of Canada
Grand Trunk Western
Detroit Grand Hay & Milw_
Canada Atlantic
Louisville & Nashville
Mineral Range
Minneapolis & St Louis
1
Iowa Central
Minneapolis St Paul & S S M__
Missouri Kansas & Texas
Missouri Pacific
Mobile & Ohio
Nevada-California-Oregon
Rio Grande Southern
St Louis Southwestern
Southern Railway
Tennessee Alabama & GeorgiaTexas & Pacific
Toledo Peoria & Western
Toledo St Louis & Western_ _ _ _
Western Maryland
$
3
11,652
4,838
THE CHRONICLE
1008
101.
.
INCOME ACCOUNT(Seefurther detailsfor last 2 gears one subsequent page)
Old Basis
New Basis
1912-13.
1913-14.
1913-14.
1914-15.
Operating Revenue$15,911,102 $17,058,445 $17,058.080 $18,078,140
Freight
5,299,081
5,077,408
5,077,408
4,449,044
Passenger
953,827
915.398
915,398
981,324
Express, mail,&c
121,917
116,165
542,390
481,766
Incidental.&c
Total oper. revenue_ _$21,823,236 $23,593,641 $23,167,051 $24,452,965
Operating ExpensesMaint. of way & struct_ $2,541,540 $3,406,852 53,393,968 $3,545,938
4,318,512 4,245,325 4,538,251
Maint. of equipment__.. 3,992,351
546,432
497,432
497,431
477,425
Traffic expenses
Transportation expenses 6,290,955 7,311,844 7,249,240 7,738,496
678,055
632,231
585,069k
651,215
General expenses
401,1821
345,487
Miscellaneous operations
Transport'n for invest... Cr. 9,302 Or. 60,320
Total oper. expenses_$14,289,671 $16,460,569 $16,018,196 $17,047,172
(69.71)
(69.14)
(69.77)
(65.48)
P. C. of exp. to earnings
Net operating revenue._ $7,533,565 $7,133,072 $7,148,855 $7,405,793
6,495
16,148
Outside operations-def.
net revenue_ __ _ $7,533,565 $7,133,072 $7,132,707 $7,399,298
Total
Interest Charges and Surplus.
948,738
1,009,143
1,009,143
1,020,606
•
Taxes accrued
365
- Uncollectibles
-Int., Rentals, &c.- -Bat. of Net Earns.
1,352
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$6,511,607 $6,123,564 56.123,564 $6,450,560
Roads.
Operating income
1,247,938
1,262,934
1,262,934
$
$
$
$
1,241,181
Other income
z18,427
14,916
z36.611
14,671
Tract_Aug
Duluth-Superior
z81,643 z223,551
119,083
116,357
$7,752,788 $7,386,498 $7,386,498 $7,698,498
Jan 1 to Aug 31
Gross income
x47,831
$126,328
02,302
61,091
z34,581 Hire of equipment
Lehr Valley Trans_ _ _Aug
$359,878
$360.088
$360,088
511,157
733,174 x260,445 x207,142 Rent
742,007
opt 1 to Aug 31
5,626,035 5,244,440
5,626,035
5,696,574
Interest
z55,705
z60,818
69,844
67,399
Milw Elect By & Lt_ ___Aug
560,338 z484,436 x562,825
542,324
Jan 1 to Aug 31
$1,418,730 $1,400,375 $1,400,375 $2,094,180
Net income
$247,808
$263,889
$263,889
x42,262
z48,961 Sinking & renewal funds $273,045
55,128
56,127
Milw Lt Ht & Tract_ _ _Aug
389,000
80,927
80,927
211,045
438,525 z212,974 x278,612 Additions & betterments
449,292
31
Jan 1 to Aug
5,519
2,592
3,725
3,725
Northampton Tract_ _ _ _July
$934,640 $1,055,559 $1,055,559 $1,457,372
Balance
19,188
14,238
26,075
26,075
Jan 1 to July 31
GENERAL BALANCE SHEET JUNE 30.
Republic By & Light and
page.]
x44,077
57,063
z43,456
58,560
(For details of balance sheet of June 30 1915 see subsequent
Aug
subsidiary cos
1914.
1915.
450,112 z291,451 z322,676
459,648
1914.
Jan 1 to Aug 31
1915.
3
$
Ltabllittes$
3
137,572
x85,083 x105,257
AssetsVirginia By & Power_ _ _Aug 143.930
38,000,000
Common
273,920 x183,395 406,852 Road & equip1-174,875,280 174,316,510 Preferred stock.. 38,000,009 49,775,670
287,305
July 1 to Aug 31
stock- 49,775,670
24,076
z9,923
x10,063 Impr'd on leased
24,898
123,270,000 123,644,000
Bonds
Wash Balt & Annap_ _ _July
121
RY.property__
170,970
z33,512
z33,984
172,979
Jan 1 to July 31
10,121 Mat. rent.leased
41,924
.
1st & ref. M.s.f.
676,978
514,449
240,892 lines
22,199
11,128
13,599 Misc.phys.prop.
24,839
Aug
238,094
York Rys
253,975
210,801
Traffic balances
75,146 Invest.in affil.cos.196,288
72,231
207,393
Dec 1 to Aug 31
1,500,322
43,995,125 43,826,587 Vouch. & wages 1,279,392
Pledged
z After allowing for other income received.
Matured Int. &
-Gross Earnings--NetEarnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Roads.
$
$
Philadelphia Co.(Con.)289,180
358,796
Aug 1,008,011 1,007,036
Pittsburgh Rys
5,028,592 5,135,476 1,820,701 1,545,196
Apr 1 to Aug 31
8,003
11,175
28,917
30,920
Beaver Valley Tract_ _Aug
43,551
46,164
151,089
147,942
Apr 1 to Aug 31
By & Light and
Republic
100,431
102,494
255,488
Aug 260,792
subsidiary cos_ a
771,554
752,027
1,968,619 2,003,459
Jan 1 to Aug 31
236,299
221,544
446,197
Virginia By & Pow_ b__ _Aug 442,698
467,877
454,570
890,014
891,556
July 1 to Aug 31
32,886
70,780
71,966
Wash Bait & Annap_b_July
1831109
190,438
452,727
464,027
31
Jan 1 to July
35,598
35,968
68,151
71,771
Aug
York Rys_b
271,434
279,623
597,528
595,508
Dec 1 to Aug 31
given are after deducting taxes.
a Net earnings here
b Net earnings here given are before deducting taxes.
c Milreis.
11,860,621 10,065,409
Unpledged_ _
1,177,357
4,903 divs. unpaid... 1,211,837
4,938
Oth.unpl.invest.
32,601
38,252
2,692,625 2,607,342 0th. work. hub-.
Cash
Accr'd int., rent478,259
18,538
Special deposits
1,540,246
1,606,712
351,342 els and taxes
510,743
Traffic balances
200,815
351,721
193,227 Def. credit items
114,860
Agts.& conduc_
1,952,959
516 Aeon deprec'n_ 2,463,791
965
-The following is an index to all annual Loans& bills rec. 743,687
Annual Reports.
701,587 Def.int.onW.Pac
accounts_
6,152,845
Ry.2d M bonds
reports of steam railroads, street railways and miscellaneous Misc. & supp.. 1,671,863 1,623,385 Approp. surplus 6,777,844 3,220,301
Mater.
3,837,379
9,182
8,450
Advances
7,828,751
companies which have been published since Aug. 28.
8,970,651
1,195,887 Profit and loss
Pac. acct. 1,279,448
West.
215,009
This index, which is given monthly, does not include Spec.renew. fd_ 215,301
119,594
104,965
Oth.unadj.accts.
reports in to-day's "Chronicle."
Page.
238,377,552 235,962,821
Industrials (Continued)Total
Page.
Railroads238,377,552 235,962,821
Total
Automatic Electric Co., Chicago_ _ _..844
Bangor & Aroostook RR. (Prelimi
733, 370.
692 -V. 101, p. 768,
772 (F N.) Burt Co., Ltd., Canada
nary statement)
844
688, 699 Canada Cement Co., Ltd
Canadian Pacific Ry
The Central Railroad Company of New Jersey.
691
Canton Co. of Baltimore
Chicago Indianapolis & Louisville
923 Central Petroleum Co., San Fran._ _ _772
By.(preliminary statement)
(Report for Fiscal Year ending June 30 1915.)
775
& St. Paul Ry_917,938 Chalmers Motor Co., Detroit
Chic. Milwaukee
Chic. St. Paul Minn.& Om.Ry_919,945 Chicoutimi Pulp Co. (La Comp. de
Prest. and Gen. Mgr. Wm. G. Desler, says in substance:
844
Pulp de Chicoutimi)
Chicago & North Western Ry....918, 943
and
-The operating revenue decreased $508,836, or 1.74%,
841 Citizens' Telephone Co. of Grand
Results.
Chicago & Western Indiana RR
925 operating expenses decreased $790,537, or 4%. Included in the operating
Rapids, Mich
768
Cuba RR.Co
Employees' compensation
770 expenses are expenditures made as follows:
Cuba Company
Denver & Rio Grande RR. Co. (prew laws.
768 Edison Elec. Ilium. Co. of Boston- _ _848 law, N. J., $31,563; Federal valuation of railroads, $12,739; full-cre mile
liminary statement)
tonnage per train
N. J. and Penna.. $99.915. The average revenue
Fonda Johnstown & Gloversville RR_688 Firestone Tire & Rubber Co..
844 was 565.7 tons, increase 11 tons.
Akron,Ohio, and New York
-Manila RR_842
Manila By.(1906), Ltd.
yards of rock
920
769 General Motors Co., Detroit
During the year 355,124 new ties were laid, 33,066 cu.
Manistee & North Eastern RR
steel rails
Great Western Power Co
926 ballast were placed in track; 93.99 miles of track were relaid with secondMaritime Coal, By. & Power Co.,
with
923 Hawaiian Commercial & Sugar Co_ ..844 of 90, 100 and 135-1b. sections; 12.52 miles of track wore Maid
Ltd., Montreal
934 Home Telep. & Teleg. Co., Los Ang_849 hand rails, chiefly 70, 80, 85 and 90-1b.
917,
Norfolk & Western By. Co
-$610,000 of those wore retired.
926
930 Interstate Electric Corporation
Equipment Trusts.
Philadelphia & Reading By. Co
items charged to capital during tho year
Additions and Betterments.-Thochiefly: Extension of crib bulkhead and
Pittsburgh Terminal RR.& Coal Co_919 Keystone Telephone Co. of Phila-..692
917, 929 Lake Superior Corporation, Sault
aggregated $1,826,983, includingrearrangement of passenger terminal yard
Reading Company
920 filling at Jersey City, $366,636;
Ste. Marie, Canada
Wabash-Pittsburgh Terminal By.and
at
927 and interlocking at Jersey City, $965,276; railway post office bldg.
919 Laurentide Company,Ltd
West Side Belt RR
697 Jersey City, $80,507; riparian rights account exterior lino piers oast and
Long Island Lighting Co
Electric Railways
922 west of Ellis Island, $175,000.
notably
845 Mahoning Investment Co
Albany & Southern RR
Narragansett Electric Lighting Co.,
The items charged to profit and loss amounted to $1,203,547,
Brazilian Traction, Light & Power
770 for new pier No. 9 and bulkhead North River, N. Y. City. $196.079;
Providence, R. 1
680 New York
Co., Ltd
843 floating equipment, $116,145, and rolling equipment (new), $544,919.
Transportation Co
Interborough Rapid Transit Co_918, 941 Northern Cal. Power Co. Consoi'd_776
-S. C. Commission requires that the cost of addiBalance Sheet.-Tho I.
shall be stated
Kentucky Traction & Terminal Co ..694 Northwest. Elec. Co., Porti'd, Ore_776
tions and betterments charged to income or profit and loss
on
Pacific Gas & Electric Co. (7 and 12
Ohio State Telp. Co.,
-Columbus, 0_776 as a property asset on the balance sheet. The amount so charged
694
months ending July 31)
692 owned property is $20,913,664 and on leased property $279,634, aggregatCo
689 Ontario Steel Products& Iron Co.. _ _ ..033
Philadelphia & Western By
as a separate item on the credit
Phila. & Reading Coal
ing 321.193.298, which amount is shown
Quebec Ry., Light, Heat & Power
850 side of the balance sheet in order to offset an apparent increase in capi924 Procter & Gamble Co&
Co., Ltd
Paper Mills,
Spanish River Pulp
talized property.
Sherbrooke (Que.) BY.& Power Co_ _924
851
Toronto
INCOME ACCOUNT.
Third Avenue Ry., New York_ _842, 852 Sperry Flour Co.,San Francisco
851
Old Basis
New Basis
Standard Gas & Electric Co., Chicago
Industrials
1912-13.
1913-14.
1913-14.
1914-15.
(Financial statement Sept. 1 1915).843
Operating RevenueAmerican Agricultural Chemical Co_..771
769 Merchandise
$12,649,149 $12,220,103 $11,591,143 $11,855,504
692 Texas Co., Houston, Tex
American Cyanamid Co
9,373,920 9,262,968 10,081,937
8,712.472
American Hide & Leather Co.. N. Y.770 (The) Thomas Iron Co., Easton, Pa_691 Anthracite coal
5,599,654
5,651,091
5,508,150 5,877,854
920 (The) Tuckett Tobacco Co., HamilAmerican Locomotive Co
Passenger
558,178
528,152
528,152
692 Express and mail
480,306
ton, Ont
American Smelting & Refining Co.
387,780
343,603
(6 months ending Juno 30 1915)._ _921 United Paperboard Co., Chicago_ _ _ _921 Water line
310,484
338,961
512,0391
559,688
United States Glass Co., Pittsburgh_772 Incidental
American Public Utilities Co., Grand
351,244J
488.888
771 Virginia-Carolina Chemical Co.,
Rapids, Mich
Miscellaneous
769
Richmond, Va
American Water Works dr Electric Co.778
$28,742,256 $29,251,092 $27,372,315 $28,405,757
Total
Operating Expenses$3,314,272 $2,785,817
ANNUAL REPORTS
Denver & Rio Grande Railroad.
(Report for Fiscal Year ending June 30 1915.)
The annual report for the year ending June 30 1915 has
been issued in pamphlet form. The remarks of President
B. F. Bush will be found at length, togethwe with valuable
tables, on subseguent pages of this issue.
The comparative statistics below have been compiled for
the "Chronicle."
S.
STATISTIC
1913-14.
1912-13.
1911-12.
1914-15.
2,551
2,583
2,555
2,571
Average miles operated_
Equipment580
617
616
617
Locom.(stan.&nar.gauge)
18,370
18,060
17,936
Fr't cars do
16,431
do
446
452
446
444
Pass. cars do
do
Operations
1,770,179
1,843,634
1,820,715
Rev, pass. carried (No.) 1,537,343
Rev, pass. carr'd 1 mile_230,251,727 248,876,693 261,421,816 253,180,352
2.03 cts.
1.93 cts.
2.04 cts.
Rate per pass, per mile..
1.93 cts.
Rev. fr't carried (tons). 10,103,382 11,230,397 11,571,318 12,338,095
Rev.fr't car. 1 m.(tons)1341731.435 1420196.751 1514612,213 1436616,951
1.19 cts.
1.21 eta.
1.20 cts.
Rate per ton per mile....,.
1.19 cts.
305
265
337
383
Av.rev, train load(tons)
$3.64
$4.53
Earns, per fr't train mile
$4.54
$1.49
IS
$1.53
$1.48
- arns• Per Pass. tr. mile
$9,571
$9,128
$9,133
$8,487
_erns. Per mile of road..
Maint. of way & struc $2,550,456 $3,378,808
4,220,747
5,220,589 4,705,571
5,347,465
-Maint. of equipment-.
8,499,555
Transportation expenses 9,962,503 10,029,729 8,803.493
381,528
346,288
Traffic expenses
898,742
959,709
557,7871
599,272
General expenses
173,403
149,435
Miscell. operations
Cr4,113
Transporta. for invest't_
$18,951,307 $19,741,844 $17,783,045 $16,404,861
Total
$9,790,949 $9,509,248 59.589.270 $12,000,896
Net revenue, rail lines
def.80,022 def.65,611
*Outside oper.-not
$11,935,285
Total net revenue_ _ _ _ $9,790,949 $9,509,248 $9,509,248 *1,656,189
1,339,454
1,339,454
1,433,783
Railway taxes
40
s
Uncollectible
$10.279,096
Operating income...._ $8,357,126 $8,160,794 $8,169,794
2,259,846
2,334,1051 3,087,772
1,813,637
Rents received
2,536,1141
1,875,131
Dividend income,&c
$13.040,013 511,257,566 312,538,942
Gross corp. income.._ _$12,045,894 32,370,0231 $2,619,373 $2,508,267
$2,223,938
Int. on bonds
249,3501
249,350
Miscellaneous
2,684,639 2,697,793
2,684,639
Rentals leased lines, &c.. 2,615,690 1,782,447
1,557,940
Equipment rents
229,620
(a)
229,620
86,798
Miscellaneous taxes..
4,040,466
Additions & betterm'ts_
3,292,415 3,292,416
3,292,415
3,292,416
(12%)
Dividends
$8,826,048 $12,538,942
Total deductions...._..$10,026,132 310,608,495 $2,431,518
$2,019,762 $2,431,518
Balance,surplus
,
foot noto. *.100.p.1256.
* Includes miscellaneous tax accruals. a See
THE CHRONICLE
SEPT. 25 1915.]
Duluth South Shore & Atlantic Ry.
(Report for Piscal Year ending June 30 1915.)
TRAFFIC STATISTICS.
Operations,1914-15.
1911-12.
1912-13.
1913-14.
Average miles operated..
621
626
627
627
Revenue pass. carried__
842,073
790,239
903,370
754,924
Rev. pass. carried 1 mile 33,951,411 45,090,592 39,528,611 37,654,013
Rate per pass. per mile_ 2.526 cts.
2.469 cts.
2.460 cts.
2.449 cts.
Rev,freight tons carried 2,680,898
3,413,835
3,454,914
3,216,312
Tons carried one mile_ --207,913,779 260,289,207 260,406,913 230,353,543
Av.rate per ton per mile 0.872 cts.
0.895 cts.
0.865 cts.
0.805 cts.
INCOME ACCOUNT.
Old Basis
New Basis
-Earnings
1912-13.
1913-14.
1913-14.
1914-15.
Merchandise freight_ _ _ _ $1,650,392 $1,890,936 $1,887,193 $1,983,034
Iron ore freight
204,403
204,403
269,835
162,667
Passenger
1,104,471
972,525
1,104,471
857,607
Mail, express and misc..
216,509
295,835
267,931
187,438
Total revenue
12,938,597 $3,495,645 $3,412,576 $3,412,832
ExpensesMaint. of way & struc
$800,841
$795,084
$716,711
$570,978
Maint. of equipment__ _
431,058
448,827
426,748
411,864
Traffic
105,726
105,707
119,642
95,361
1,312,029
Transportation
1,294,558
1,141,875
1,358,579
General expenses
127,0091
121,867
137,590
117,694
47,9791
Miscellaneous operations
45,006
Total expenses
$2,401,835 $2,842,411 $2,763,997 $2,724,490
Per cent of exp. to earns.
(81.73)
(81.31)
(80.99)
(79.83)
Not operating revenue.. _
$653,234
$536,762
$688,342
$648,579
Outside operations
-Net
4,672
4,655
Total net revenue.... _ _
Taxes accrued
Uncollectibles
$536,762
197,313
107
$653,234
247,443
$653,234
247,443
1693,014
219,625
Operating income..__ _
Other income
$339,342
40,767
$405,791
26,819
$405,791
26,819
$473,389
34,472
Net income
Deduct
Interest on bonds
Other interest
Other deduc.(rents,&o.)
$380,109
$432,610
$432,610
$885,899
$885,899
58.047
97,700
97,700
$868,680
46
176,655
CLASSIFICATION OF FREIGHT
-PRODUCTS OF (TONS.)
Agricul. Animals.
Manuf.
Forests.
Mines.
.
Mdse.
1914-15 ___ _44,586
8,667
96,674
4,346,334
66,468
1,099,626
1913-14 _ _ _ _40,321
24.245
58,774
978,699
85,918
3,184,217
Products of mines include in 1914-15 3,326,743 tons of anthracite coal
and 604,660 tons of bituminous, against 2,292,012 tons and 574,369 tons,
respectively in 1913-14.
INCOME ACCOUNT FOR THE YEAR ENDED JUNB SO.
1914-15.
1912-13.
1913-14.
1911-12.
Miles operated June 30..
295.97
268.75
293.58
169.77
Freight earnings
$2,502,517 $2,157,448 31.756,475
1845,726
Passenger
14.008
15,259
12,473
11,653
Mail, express, &c
114,410
4,934
67,067
12,547
Incidental
14,476
6,158
13,109
17,277
Total operating rev.... $2,646,662 $2,255,800 51,793.785
ExpensesMaint. of way & struct_
$249,045
$343,726
$292,897
Maint. of equipment......
382,829
204,237
303,627
Traffic expenses
23,861
26,226
16,659
Transport'll expenses_ _ _
585,782
655,985
447,806
General expenses
71,036
45,293
51,113
1869.292
$133,657
140,053
13,983
251,298
37,359
Total operating exps_ $1,479.802 $1,257,280
P. c. of exp. to earns...... (55.91%)
(55.74%)
Net operating revenue.._ $1,166,860
$998,520
Accrued taxes
67,839
43,126
Uncollectibles
284
$963,040
(53.6s%)
$830.745
29,700
$576,350
(66.31%)
5292,942
22,000
Net operating income. $1,098,737
Hire of equipment
7,242
Int., Joint facilities, &c..
54,056
$955,394
4,286
5,657
$801,045
2,497
1270.942
25,603
837
Gross income
11,160,035
5965.337
Lease of other roads........
535,652
$63,655
Hire of equipment
Joint facility rents
75,361
91,783
Miscellaneous
2,991
1,104
Interest on bonds
317,646
240,094
Other interest
24,314
14,321
Amortiz. of disc. on bds.
11,124
7,269
Dividends paid
(8)480,000 (8)361,600
$803,543
$297,382
$31,045
108,320
15
275,310
20.254
10,416
$23,476
2
265,193
9,008
9,694
$507,861
$879,145
1009
$983,599
$937,192
$983,599 $1,045,381
$550.989
$550,989
$557,083
$537,520
BALANCE SHEET JUNE 30.
1914.
1915.
1914.
1915.
LiabilUies-Assets
Road &
_48,286,490 47,770,647 Common stoek_.._12,000.000 12,000,000
Stocks other cos.....1,270,276
895,412 Preferred stock...10,000,000 10,000,000
Misc. investm'ts_
263,110 Funded debt
70
20,360,000 20,499,600
Loans & bills pay.. 950,000
Misc. phys. prop.. 117,587
950,000
Cash
125,542
34,204 Traffic, &c., bals_ 124,991
156,552
M.R. RR. equip.
Vouchers & wages 358,101
368,456
notes in treas..
173,470 Miscell. accounts_
3,197
9,875
Loans & bills rm..
3,500
1,000 Matured interest.. 8,637,915 8,033.635
Traffic, &c., bats.. 193,932
306,123 Matured car trust
Mat'l & supplies._ 330,371
395,829
186,213
notes
186,213
Agents & conduc'rs
110,353 Matured Inc. ctfs. 3,000,000 3,000,000
99,036
Miscellaneous_ ___ 231,594
211,008 Accruedinterest.._ 270,983
272,096
Eq.tr. redemp. Id.
30,658 Accrued taxes
18,545
98,000
116,000
0th .det.deb items
16,881 Accr'd deprecia'n. 721,912
782
Profit and loss_ _ _ 6,052,325 5,401,510 Def. credit items..
18,678
18,738
Total
Balance, deficit
Total
56,730,050 55,611,105
Total
56,730,050 55,611,105
* Stocks of other companies include Mineral Range RR., $751,905, and
equipment notes, $173,471; Lake Superior Term. & Transfer By., 585,000,
and advances, $2,398; Ste. Mario Union Depot Co., $37,500, and advances,
$22,776: N. J. Bridge Construction CO., $250; Mackinac Transportation
Co., $21,667, and advances, $166,719; South Shore Land Co., $3,000, and
advances, $5,500.-V. 100, p. 2085.
Lehigh & New England Railroad Company.
(21st Annual Report-Year ended June 30 1915.)
Pres. S. D. Waniner, Philadelphia, Sept. 22, says in substance (compare map page 69 of 'Railway& Ind." Section):
-The continued growth of the company's business is reflected
Results.
In the increase of $390,863 (17.33%) in total railway operating revenues as
compared with tho preceding year. Total railway operating expenses
increased $222,523(17.70%),and the ratio of expenses to revenues(55.91%)
increased 17-100 of 1%. Net income increased $145.835, or 26.66%.
The method of stating the accounts has boon changed in many respects
from the method used in the last annual report, due to changes ordered by
the I. S.0. Commission in its classification of accounts, effective July 1 '14.
The physical condition of your property and equipment was considerably
improved during the year, resulting in very satisfactory operating conditions. Upon the completion of improvement work now under way, it is
believed that these conditions will be further improved.
Bonds.
-The general mortgage is a direct lion on the franchises and property now owned or hereafter acquired, subject only to the lion of the $1,000,000 (closed) 1st M. bonds duo July 11945. ApOcation has been made
to list the bonds of Series "A" on the Phila. Stock Exchange. (Soo offering of $2,000,000 of those by Brown Bros.& Co.in July 1914.in V.90,p.49.)
The following stock and bonds owned by the company are pledged under
the General Mortgage: (a) Campbell Hall Connecting RR.$120,000 capital
stock out of a total outstanding issue of $125,000 (par $100), and the entire
Issue of $500,000 1st M. bonds of 1889, due Aug. 11939. (6) Pochuck RR.
$18,750 capital stock out of a total of $20,000, par $50. The lines of these
companies are located in N. Y. State and are operated under lease.
-Equipment trusts for $150,000 were canceled.
Equipment Trusts.
-The investment in road and equipment was inRoad and Equipment.
creased $2,042,847, of which $1,624,554 was expended on account of new
lines and extensions, principally the acquisition of the Panther Creek and
Crane railroads, and the construction of a new branch trom Hauto to Nesquehoning, Pa.,and $418,293 on account of improvement and development.
The construction of the new shops and yards near Pen Argyl, Pa., is
progressing satisfactorily. These improvements when completed will
comprise adequate locomotive shops and classification yard facilities, coaling station, storehouse, oilhouso and transfer platform. Because of the
largely increasing tonnage and the use of heavier power, 32.4 miles of main
line and sidings were re-laid during the year with heavier rails. This required 3,222 gross tons of now 90-lb. rail and the re-laying of 1,204 gross
-pound Hal. Steel is now on the ground to complete the replacetons of 80
ment of the entire main line with heavier rail. Bridges at Atlantic Mills,
on the Nazareth Branch, and at North Bangor, on the main lino, were replaced with heavier structures. There was also constructed a wye-track,
1,515 feet long connecting the main line and Bethlehem branch, and two
sidings, capacity 44 cars each, at Benders' Junction; a now passing siding
at Paxinosa an several now commercial sidings.
Additional equipment placed in operation consisted of six switching locomotives and nine caboose cars; retired, one switching locomotive and 28
wooden gondola cars. Three section motor cars and one light motor car
for use of linemen were placed in service, making 11 of this type now in use.
Mtleage.-The total first track mileage operated on June 30 1915 was
295.97 miles, of which 191.13 miles were owned, 8.50 operated under
leases, and 96.34 over which the company had trackage rights. This total
shows an increase of 2.39 miles during the year, consisting principally of
the branch from Hauto to Nesquehoning, Pa.,completed and put in operation in April 1915. In July 1914 your company purchased the capital stock
of the Crane RR. Co. and on Dec. I acquired its property and franchises.
EQUIPMENT STATISTICS JUNE 30 1915.
Locomotives.
Pass. Tr. Cars.
Fr't Tr. Cars.
Work Equip.
Total.
12
48
59
2,904
3,023
Total deductions........ $947,088
$779,826
$445,359
Bal., surp. or deficit.. _ _sur$212,947 sur$185,511 sur$358,184
BALANCE SHEET JUNE 30.
1914.
1915.
1915.
AssetsLiabilities
$
Road and equip..512,083,894 10,212,885 Capital stock......_ 6,000.00*
Invest.in attn. cos
Mortgage bonds....y4.507,000
Stocks
75,001 Equipment trust
25,0011
Bonds
50,000f
obligations ____ 1,800,000
Advances
23,095 Traffic, &c., bals_ 108,409
33,380
Other investments.
22
220 Loans & bills pay..
Cash
134,355 Accts. & wages...._ 340,084
480,999
Securd.In trees
320,000 Accrd. Taxes, &c..
49,715
Agra.& conduc_
151,509 Matured int., &c.. 115.6011
266,045
Traffic, &c., bats_
86,359
201,639 Unmatured InterMiseell. accounts..
38,966
38,766 est, &c
22,2C0
Material& suppro. 229,842
146,615 Derd unadjusted
Diset.on fund.debt. 154,927
39,833
accounts
53,131
Other unadjusted
Profit and
_ x499,922
46,428
153,761
&c., accounts__
Total
13,496,060 11,497,679
Total..
1307,374
def$9,992
1914.
4,645,000
3,650,000
1,950,000
29,710
400,000
270,985
34,643
49,300
68,437
414
399,190
13,496,060 11,497,679
* After deducting $608,919 reserve for accrued depreciation on equipment.
x After deducting 5% premium on bonds retired, $116,500; and adding
miscellaneous adjustments, $4,286.
y After deducting $493,000 mtge. bonds held in treasury.
-V.99, p. 1832.
New York Ontario & Western Railway.
(36th Annual Report-Year ended June 30 1915.)
Chairman Howard Elliott, N.Y.,Sept. 14, wrote in subst.:
Results.
-The net income of your property for the past year was only
$612,507, the smallest since 1898, except for the year of the coal strike, 1912.
The total net revenue for 1915 is $5,01.2,310 more than in 1898, but the net
income is only $210,046 more.
Every class of business in which your company is engaged, except the
milk business, showed a decrease during the year, the total decrease being
$324,624. Strong effort was made to curtail expenses with the result that
there was a decrease of $367,652, accomplished without impairing in any
way the physical condition of the property. [The Gen. Supt. reports:"The
sum of 31,144,018 was expended for the maintenance of way and structures,
a decrease of $132.458, or 10.38%. The expense per mile of road operated
was $2,012, or $227 per mile less than in the preceding year, and less than
any year since 1909."]
-An increase of 5% in certain freight rates was authorized by the
Rates.
I. C. Commission, taking effect in February and March. Some increases
-S.
in passenger rates have also been permitted. The reduction in the anthracite coal rates ordered by the Commission to take effect Dec. 1 will almost
offset any increase in revenue on any other kind of freight and on passengers.
Additions, &,c.
-During the year it was necessary to pay for 12 steel
coaches (delivered at close of previous year). $149,855; miscellaneous equipment, $63,376; general additions and betterments, $197,589; payments
on car trusts, $202,000; total, $612,820. This sum is almost exactly the
surplus earnings of your property for the fiscal year.
No Dividend.
-In view Of the great uncertainty of the general business
situation, the war in Europe and the small working capital of the company. your directors thought it unwise to declare any dividend. Instead
your directors are arranging to buy some heavier locomotives with the hope
that some savings can be made in handling business that will offset, in part,
the steady increase in the complication and expense of carrying on the
transportation business of the 'United States.
Extracts from Report of President John B. Kerr, September 10.
Traffic.
-The decrease in revenue from anthracite coal transportation
was due to the decreased demand for coal for domestic purposes, owing to
the mild weather in the winter months,leaving large stocks on hand April 1,
when the market usually is stimulated by reduction in wholesale prices;
the sales, however, then fell much below normal, and consequently the
mines worked but about,half the time from the latter part of April to June
30. Milk traffic increased 10.38% in tons carried (from 120,305 to 133.393)
and 8.39% in revenue.
(The revenue received from the transportation of coal was $4.196,738, a
decrease of $137,941, or 3.18%. The anthracite coal shipments from the
Scranton division to the main line were 3,424,030 gross tons, against 3,502,538 tons in 1913-14, and from the Delaware & Hudson Co., via Sidney,
were 378,442 gross tons, against 366,441. The coal trans-shipped to vessels
over the company's docks at Oswego, Cornwall and Weehawken, compared
with the preceding year, aggregated in 1914-15 1,907,309 tons, in 1913-14,
1,893,255 tons and in 1912-13, 2,041,968 tons.)
In the transportation department an increase has been effected in average
load of all trains except milk, from 368 tons last year to 410, or 11.41%;in
average cars per train, from 25.37 to 28.25; tons per car. 23.92 to 24.07.
New Engines.
-The board has authorized the purchase of 12 engines of
much greater power than any now in use for service in the movement of
coal from the coal fields to tidewater and other points on the southern division. It is confidently expected that a very substantial economy will result
from the use of those engines through increase in train loads and decrease
in pusher service. The engines will all be delivered by the early part of
October. The heavier engines will necessitate the rebuilding of two bridges,
strengthening a few others and adding 5 stalls to Middletown round house.
Rates on Coal.
-In August 1915 the Commission rendered their decision
reducing rates to tidewater on prepared sizes from 31 60 per ton to $1 450
on pea coal from $1 45 to $1 35, and increasing the rates on the three smaller
sizes from $1 25, $1 20 and $115 to 51 35. The rates to interior points
were also reduced on prepared sizes by a larger percentage than to tide
(V. 101, p. 497.) On the tonnage carried in the fiscal year ended June 3.
the loss to this company, by application of these rates, would be about
$200,000,if the increases on the smaller sizes, which are sold in competition
with bituminous coal, could be realized.
1010
THE CHRONICLE
paThe rates were ordered in effect Oct. 1, but as the time was too short
for fair consideration of the course to be pursued an extension of time
was granted to Dec. 1. The carriers interested have been 'advised by
vacating
counsel that,in their opinion,a review by the courts would result in be taken
the order of the Commission, but it is probable that course will
only as a last resort.
(During the year the company's holdings of 1st M. bonds of the Elk Hill
the
Coal & Iron Co. was reduced from $600,000 to $200,000, the holdings of
2d M. bonds remaining unchanged at $2,400,000. The company also owns
bonds of the Scranton Coal Co.]
$1,170,000 1st M.
OPERATIONS AND FISCAL RESULTS.
1911-12.
1912-13.
1913-14.
1914-15.
568
566
568
568
Miles operated June 30_
Operations
2,199,664
2,245,578
2,223,952
2,011,552
Pass. carried, No
73,660,919 86,762,628 87,345,478 86,175,680
Pass. carried 1 mile_
1.896 cts.
1.934 cts.
1.970 cts.
Rate per pass. per mile.. 2.099 cts.
5,944,499
6,046,222 6,409,817
5,911,196
Freight carried (tons)
Fr't (tons) car'd 1 mile_861,443,051 878,519,133 933,144,824 863,683,142
0.758 cts.
Rate per ton per mile._ _ _ 0.782 cts. 0.785 cts. 0.783 cts.
292
308
301
327
Aver. train-load (tons)_
$2.21
$2.41
$2.36
$2.56
Earn. per fr't train mile_
$1.0680
$1.0948
$1.43491
Earn, per pass. tr. mile.. $1.37426
$15,077
$16,715
$15,924
$15,370
Gross earnings per mile..
Detailed Freight Traffic Receipts (incl. Milk on Passenger Trains).
1911-12.
1912-13.
1913-14.
1914-15.
8847,930
$833,812
$757,696
Through freight revenue $707,037
1,061,829
1,177,623
1,013,462
980,359
Local freight revenue_ __
799,064
810,872
787,339
853,406
Milk revenue
4,496,797 3,843.962
4,196,738 4,334,679
Coal revenue
"
INCOME ACCOUNT.
Old Basis
New Basis
1912-13.
1913-14.
1913-14.
1914-15.
Earnings$1,546,407 $1,709,369 $1,709,368 $1,689,675
Passenger
7,311,127
6,883,721
5,884,135 6,105,837
Freight
227,116
216,706
216,706
199;505
Mail and express
226,431
231,017
1,219,658
1,296,899
Miscellaneous
[VOL. 101
1913.
1914.
1915.
$
$
$
LiabilitiesStock (see "Ry. & Indus." section)_ _140,000,000 140,000.000 140,000,000
& Indus." section)__127,170,331 128,357.831 129,312,658
Bonds (see "Ry.
1,539,297
1,539,297
1,539,297
Contingent account
Accrued interest and taxes (est.)_--- 3,026,787 3,031.642 3,044,204
370,340
281,682
115.970
Current business
846
4,619
3,119
Miscellaneous
27,402.926 27,259,203 24,836,462
Profit and loss, surplus
299.425,642 300,307,062 299,103,807
Total liabilities
PHILADELPHIA & READING RY. BALANCE SHEET JUNE 30.
1914.
1913.
1915.
$
$
Assets112,483,7731111,497,762 107,931,237
Road and equipment
517,037f
Impts. on leased RR. properties
1,948,600
1,752,610
Secur. issued or assumd cunpledged)- 1,907.000
232,600
Stocks
1,630.047
1,422.042 5,325,406
Cash
677,244
626,634
596,392
Advances
836,160
1,018,529
997,198
Miscellaneous physical property
2,805,352 4,500,412 4,573,503
Traffic, &c., balances
2,575,855 2,082,214
2,481,360
Due from agents
2,856,464 3,666,180 3,981,410
Materials and supplies
17,868
34,905
12,320
Loans, bills, &c., receivable
1,050.373
1,059,226
1,045,447
Insurance fund
59,779
54.548
501,323
Other deferred debit items
128,285,576
Total assets
Liabilities
42,481,700
Stock
Bonds (see "Ry & Indus." section) 49,326,752
398.083
e debt to affil. cos
Non-negotiabl
105,661
Mortgages and ground rents
3 450,077
Vouchers and wages
6.305
Interest and rents matured
3.910,425
Traffic balances and miscell. accts.._ 2,070.410
Interest, taxes. &c.. accrued
987,404
Insurance fund
730,538
Other unadjusted accounts
16,375,378
Appropriated surplus a
8,442,843
Surplus
128,285,576
Total liabilities
127.708,024 128,765,210
42,481.700 42,481,700
49,285,752 49,239,752
131,061
133,831
3,597.247
4,444,864
314,342
308.187
4,686,643 3,871,380
1,800,550
1,744.853
981,723
1,052,247
789,142
739,408
15,213.687 13,188,903
8,426,178 11,560,085
$8,926,946 $9,251,570 $9,040,812 $9,454,349
127.708,024 128,765,210
$1,144,018 $1.276,477 $1,272,562 $1,191,798
1,508,833
1,564,091
1,619,934
1,590,402
134,166
124,204
to property through income
124,220
101,817
a Appropriated surplus represents additions
3,516,756 3,702,462 3,531,879 3,468,223 since June 30 1907 and charged as an asset.
1S6,021
200.188
187.505
190,640
Cr.637
PHILA. & READING COAL& IRON CO. BALANCE SHEET JUNE 30.
1913.
1914.
1915.
$
$6,542,996 $6,910,648 $6,692,924 $6,499,041
$
$
Total
Assets$2,383,950 $2,340,922 $2,347,888 $2,955,308 Coal lands
47,859,303 48,363,138 48,905,220
Net earnings
32,319
27,467
841.691
841,691
843,828
Outside opor. deficit_ _ _ _
Timber lands
839,540
839,540
840,775
New York and Eastern depots
1,786,608
1,824,284
1,833,848
Total net revenue...... _ $2,383,950 $2,340,922 $2,320,421 $2,922,989 Western yards and depots
231,092
238,561
238,562
242,455
553,138
553,138
accrued
553,138
Taxes
Miners' and other houses
55
407,732
417,940
417,940
Uncollectibles
Pottsville shops, real estate, &c
675,108
675,108
675,108
and washeries
$2,141,440 $2,102,360 $2,081,860 $2,691,897 Storage yards
396,425
Operating income..
403,468
22,004 Other real estate405,408 12,959,224 12,959,224
34,422
• 67,168
37,667
12.959,224
Rentals received,
190,782 Impts. and equip at collieries
172,665
172,665
154,738
9,863,915 9,863,915
Interest,&c
loans to cos. control'd 9,863,915
Stks.&bds.of &
369,511
955,923
484,722
on hand
Gross corp.income.._ _ $2,333,845 $2,342,193 $2,288,947 82,904,683 Cash accounts
3,308,127 3,098,297 3,634,568
Coal
51,795
Disbursements
51.423
37,783
$95,606 Rent accounts individuals
$79,360
$100,349
$99,815
873.957
802,695
980,542
Rentals paid
1,202,925 Companies and
1,256.131
1,256,131
1,227,041
7
7
5,897,215 5,401,479 3,449163
Interest on bonds
on hand
3,562 Coal
10,685
10,685
10,685
1,311,781
1,433,010
Amortization & bond dis.
1,566,268
54,552 Supplies and materials on hand &c_....
2,470
2,470
8,259
60,191
61,486
74,557
Other interest
188,769 Stocks, bonds & mtges. owned,
188,624
188,624
181,899
Rentals other roads......
147,636
87,985
120,242
193,639
88,169,936 88.141,271 87,820,920
Hire of equipment
Total assets
Liabilities
$1,721,338 $1,678,501 $1,625,255 $1,693,050 Capital stock
8,000,000 8,000,000 8,000,000
Totals
$663,692 $1,211,633
$663,692
$612,507
1.080,000
1,020,000
1,050,000
Balance
$210 Bonds (see "Ry.& Indus." section).... 72,022,371 72,472,767 72,980.172
$210
$210
$210
Div. on pref. stock
Reading Company
1,162,130
600,000
Div.on corn. stock(2%)
Bills payable
917.983
1,062,744
1,226,028
$210 $1.162,340 Pay-rolls and vouchers current account 715,844
$210
$210
Total dividends
1,166,189
1,342,606
By.
$49,293 Phila. & Readingacc't State tax on coal 921,831
$663,482
$663,482
$612,297
Balance,surplus
Com'w'lth of Pa.
596,658
592,827
1,074,894
Interest, taxes & miscellaneous
BALANCE SHEET JUNE 30.
3,314,677 2,599,287 •
3,375,249
Profit and loss
1914.
1915.
1914.
1915.
Is
$
Liabilities88,169,936 88,141,271 87,820,920
Assets
-$
Total liabilities
Road & equip't__ _84,215,818 84,192,921 Common stock__ _58,113,983 58,113,983 -V. 101, p. 929, 917
4,000
4,000
Preferred stock_ __
Improve'ts leased
Mortgage bonds.._28,630,000 28,630,000
48,713
railway prop'ty_
600,000
200,000
Gold notes
Albany Southern (Electric) RR.
Invest.in ann.co's:
2,312,138 2,312,138 Equip, trust notes 1,210,000 1,412,000
Stocks
149,855
6,370,000 6,770,000 Loans & bills pay_
(5th Annual Report-Year ended June 30 1915.)
Bonds
43,319
10,262
40,061 Traffic balances._
40,061
Advances
668,336
79,144
Pres. William Loeb Jr. says in substance:
92,956 Accts. & wages..__ 318,722
Other investments
245,541
513,204 Insur.,&c.,res'ves 258,865
.84%, operating
557,818
Cash
-Gross revenue of all departments decreased revenue
Results.
22,288
13,424
0th. unadJ. accts.
net
26,430
of $136,Special deposits
expenses, including taxes, decreased 4.16%, leaving areserves
814,801 Matured int., div.
3,233
amounted to
interest on bonds, rentals and
Traffic balances__
43,669 692. Deductions of corporate income of $44,973.
13,225
55,949 & rents unpaid_
19,644
Agents & conduc'rs
$91,719, leaving net
333,212
798,689 Accr. int.,divs.,&c. 357,474
Mans & supplies.. 731,729
-The traffic continued to fall off during the past year in
Railroad.
Miscellaneous ____ 1,060,487 1,051,588 Accr. depr.-equip. 1,713,865 1,498,991 even more marked degree, due to the general business depression. SevProfit and loss__ _ y6,005,621 5,469,483 eral of the important mills along the line have been shut down, others are
Int.& diva. receiv. 866,743
375,903
Dise't on fund. dt- 365,217
working on short time, and the falling off of freight and passenger traffic
Other unadJust.,
which has normally been derivedorfrom these sources has contributed
216,468
4.1%, in the gross revenue. The
accounts.._ 152,266
largely to the decrease of $13,849,much as possible by a rearrangement of
the situation as
96,849,441 97,234,677 company has met with due consideration for the welfare of the community.
Total
96,849,441 97,234,677
Total
its train schedule
y After deducting accrued depreciation prior to July 1 1907 on equipIn Feb. 1914 the company increased its passenger rates. This increase
ment retired, $51,568, and sundry minor adjustments (net). $24,590.
after a lengthy investigation was approved by the P. S. Commission. In
The investments in other companies aggregating $8,760,945 June 30 1915 March 1915 advantage was taken of the permission to increase all freight
includes: Ontario Carbondale & Scranton By. Co., stock, $1,500,000 and rates 5% except on coal. Other rate adjustments were also made.
mortgage bond, $1,500,000; Scranton Coal Co. 1st M. bond bal., $1,170,The unusually large expenditures of the past two years for maintenance
000; Elk Hill Coal & Iron Co. 1st M. bond bal.. $200,000, and 2d M. of way and structures have resulted in a decrease of $7,001, or 21.6%, in
bond bal., $2,400,000; Wharton Valley By. Co. stock, $70,000; Pecksport this item for this year. Construction and new work in this department
Connecting Ry. Co. stock, $40,000; Port Jervis Monticello & Summitville cost $17,482. The company has received many compliments upon its imRR. Co. stock, $110,000 and 1st M. bond, $450,000; Ellenville & Kings- provements of property and service.
ton RR. Co. stock, $300,000, and 1st M. bond, $650,000; sundry shares
Jitney buses are running between Albany and Nassau, but the traffic
the company.
and bonds. $370,945.-V. 101. p. 48.
has been light and the effect little felt by the business depression, this de-Notwithstanding
Electric Department.
in gross operating revenue of $8,160, or 6.7%,
partment shows an increase
Reading Company.
into new territory and the
due to the extension of lines expenses increased $11,566 sale of power to
(or 21.8%), of
new customers. Operating
(Balance Sheets of June 30 1915.)
the increase cost of production due to extraordinary
which $9,882 represents
plant by steam
report and comparative statement repairs at the power plant and the necessity of operating theinstallation of a
the past year. The
The text of the annual
on account of the extreme drought ofnew street-lighting system in Hudson
the
of earnings were given in the "Chronicle" of Sept. 18, pages new surge tank cost $22,009 andin construction, $63,862.
$11,112. Total amount spent power plant is being replaced by a modern
917, 929. The balance sheets of June 30 follow:
One of the steam engines in the
2,500 k.w. steam turbine. This installation, including transformers and
READING COMPANY BALANCE SHEET JUNE 30.
switchboard, will cost $42,850 and should be completed by Sept. 1915.
1913.
1915.
1914.
customers, etc.
atfording ample capacity for prospective power increased $1,522, or 3.5%.
$
Assets-The gross operating revenue
Gas Department.
41,256,571 41,44.602 37,459,916
Railroad equipment
the face of bad conditions, to an aggressive campaign which is still
3.644,009 due, in
4.125,466 4.050.647
Floating equipment
expenses increased $2,588, or 7.8%. New work
5,997,796 6.459,541 10.344.670 in progress. Operating
to mains, services and meters.
Equipment accounts
16,498,928 16,563,708 16.646.088 cost $4,305, representing extensions
Real estate
-Considerable attention has been given to the developFranchises.
New
Phila. & Reading Ry. bonds owned.... 20,000.000 20,000,000 20,000,000 ment of business in adjacent territory and, to be prepared for any extension
25,348,851 25.383,373 26.414,494
Bonds of sundry companies
the company has obtained franchises in
42,481,700 42,481,700 42.481,700 of lines that might be required,
.
mina & Beading Ry.stock owned
Poestenkill and North Greenbush. Several new
8,000,000 8,000,000 8.000.000 the towns of Claverack,
P.& R. Coal & Iron stock owned
in territory already served. All of the fran53,411,445 53,290.265 53,313.453 franchises were also obtained as to time and without unusual restrictions.
Stocks of sundry companies
72.022,371 72,472.767 72,980,172 chises obtained are unlimited
Phila. & Reading Coal & Iron Co
-The Workmen's Compensation Act went into effect July 1
Insurance.
5,648,523 4.832.233 4.057.967
Sundry railroads, &c
to tho company was $2,751.
2,568,679 2,347.259 2,716.198 1914. The increase in cost of insurance the company made application to
Cash
-In Dec. 1913
Bonds-Valuation, &c.
372.165
374,881
381,195
Accrued income
for permission to issue bonds in reimbursement of
47,101 the P. S. Commission
1,152.849
1,408.199
Philadelphia & Reading Ry
account. Notwithstanding the fact that the
135,000 expenditures made for capital our organization, accepted as satisfactory a
135.000
138,375
Notes receivable
490,874 Commission had in 1909. atthe Commission's experts in collaboration with
1,448,237
137.543
Miscellaneous
made,
valuation at that time
a detailed physical valuation of the
299,425,642 300,307,062 299,103,807 the company's operating staff made
Total assets
Total
Operating ExpensesMaint. of way, &c
Maint. of equipment_ _ _
Traffic expenses
Transportation expenses
General expenses
Transport'n for invest
SEPT. 25 1915.1
THE CHRONICLE
property in service Dec. 31 1913, and also determin
ciation as well as the proper rates for depreciat ed the accrued depreion subsequent to 1913.
The capital accounts have thus been
items with an agreed-upon depreciated segregated into their component
value attached to each. The
real estate for storage reservoir sites was
placed in a separate account.
The difference between the physical valuation
of the property and the
capitalization was found to be $326,363,
as intangible capital, being only 7.1% ofand this amount has been set up
the total
$4,591,450. This valuation is less than the total property investment of
amount of cash invested
in the property. Items aggregating
$65,798 were
of capital account and charged against surplus. directed to be taken out
The
sheet (shown below) has been revised in accordanc comparative balance
Commission, eliminating all items in controver e with the order of the
sy.
The Commission has authorized us to issue
the balance of the $1,500,000 issue), largely $198.000 1st M. bonds (being
in
ury for expenditures made for capital account reimbursement of the treasand the
purposes. It will be seen that the net operating revenuebalance for specific
of $136,692 for the
past year is but 3.2% of the value of our tangible
property, and there is
little to fear from any attack against rates.
STATISTICS FOR YEARS ENDING JIINE 30.
1914-15. 1913-14.
(Electric Dept.)Passengers carried_ _1,452,739 1,563,064 Number of customers1914-15. 1913-14.
2,087
1,808
Rev.per pass.car mile $0.461
10.460 Connected load(k.w.)
3,543
3,120
Exp.per pass.car mile $0.314
10.341 K. w. hrs. generated.8,414,092 8,416,852
Tons (frt.) carried__ 61,211
67,661 Rev.per k.w. hr.sold. 4.59 eta. 5.48 eta.
Rev.per frt.traln mile $4.354
$4.520 Exp.per k.w.hr. sold.. 2.28 eta. 2.39 eta.
Exp.per frt.train mile $2.967
$3.347
INCOME ACCOUNT YEAR ENDED JUNE 30.
Gross Oper. Revenue- 1914-15.
1913-14.
1912-13.
1911-12.
Railroad d.epartment___ $325,445
$339,294
$335,924
$314,864
Electric department_ _ _ _
129,729
121,569
117,092
111,772
Gas department
44,491
42,970
41,942
41,717
Miscellaneous
3,110
3,215
2,308
2,877
Total gross
$502,775
$507,048
$497,266
$471,229
Operating exp. & taxes..
366,083
381,972
335,197
357,178
Net earns., after taxes $136,692
$125,076
$162,069
$114,051
Bond interest
$65,100
$65,100
$65,100
$65,100
Other interest
3,918
1,062
18
12
Rentals
13,445
22,688
20,371
19,163
Amortiz., &c., reserves..
9,256
9,256
11,550
8,087
Dalance,surplus
$44,973
$26,970
$65,030
$21,689
COMPARATIVE BALANCE SHEET AS OF JUNE 30.
1915.
1914.
1915.
1914.
Assets$
Liabilities
$
-
Property investment4,591,450 4,545,651
Real estate investm't 92,850
94,200
Cash
45.318
29,695
Accounts receivable. 31,203
33,132
Treasury bonds
108.00)
Material & supplies_ 42,243
60,104
Miscellaneous
5,028
150
Unamort.debt,&c_ _ 164,177 171,594
Deferred accounts
6,833
6,787
Total
5,177,103 4,941,313
Common stock
1,375,000 1,375,000
Preferred stock
2,029,000 2,029,000
1st M. 5.3, due 1939_1,500,000 1,302,000
Notes payable
75,000
40,000
Accounts payable.... 25,730
54,453
Accr. bond int., &e_ 60,061
52,885
Reserves
50,453
40,719
Suspense accounts_
113
urplus
61,747
47,255
Total
5,177,103 4,941,313
Directors.
-W. Redmond Cross, William Loeb Jr. (Pres.), V. Event
Macy, Clinton L. Rossiter, William F. Sheehan, Frederick
Strauss,
Sutro (V.
-P.), Milton J. Warner and R. A. C. Smith (Chairma Richard
n of the
Board).
-V. 101, P. 845.
General Motors Co., Detroit.
(Reportfor the Fiscal Year ending July 311915.)
The remarks of President Nash will be found at length on
subsequent pages, together with the comparative balance
sheet, for two years, and the comparative income account
and profit and loss account for several years. Some of
the
tables were given briefly in advance of the annual report
in
last week's "Chronicle" on page 920.-V. 101, p. 920,
925.
Maxwell Motor Co., Inc., Detroit and New
York.
(Report for Fiscal Year ending July 311915.)
The report will be found at length on a subsequent page.
Below we give the comparative income account and balance
sheet for two years:
INCOME ACCOUNT FOR YEARS ENDING
JULY 31.
1914-15. 1913-14.
1914-15. 1913-14.
Net after taxes,&c.$2,337,950 $1,430,444 *Dep'n on
bldgs,&c. $256,726
Other income........ 222,090
339,979 1st pt. div.(2)i %) 306,988 $264,956
Gross income_ _$2,560,040 $1,770,423
Balance,
* Depreciation on buildings, machinery and sure_ _51,996,326 $1,505,467
tools over and above repairs and replacements.
BALANCE SHEET JULY 31.
(For details in 1915 see a subsequent page.)
1915.
Assets$
Real estate, bidgs.,
mach. & equip't 5,192,626
Investments
795,827
Good-will, models,
patents, trademarks and trade
names
26,500,000
•
Inventories
5,146,902
Notes & accts. rec. 825,408
Prepayments
44,757
Mtg. receiv. on
contr. of sale_ _ _
95,000
Cash & sight drafts 3,295,615
Total
1914.
1915.
Liabilities$
1st pref. stock out..12,279,332
4,462,222 2d prof. stock out..10,127,468
604,656 Com.stock out.. .12,778,058
Real estate mtges..
15,709
Accounts payable_ 1,134,149
Accr. wages, &c
168,653
26,500,000 Customers' depos- 296,421
4,588,973 Duo on contracts.. 109,080
640,951 Reserves for depr.50,898
Bldgs.& eq.,Sm. 1,231,077
Inventories ____ 255,714
Notes&accts.rec. 148,679
1,785,993 Res. for °outing.50,000
Appr.sum.retlre't
41,896,135 38,723,693
1st pref. stock..
130,000
Surplus
3,171,794
-V. 101. p. 617, 532.
Total
1911.
12,279,332
10,127,468
12,778,058
30,161
619,598
125,296
206,597
with the result that the productive capacity of
domestic coal in the State is at least twice the developed mines producing
present demand and far in
excess of the prospecti
ve demand for some years.
been kept in good physical condition and are ableOur coal properties have
to
demand may develop, though with the increase in respond to whatever
operated by others, our participation in the business the number of mines
offered will naturally
be on a reduced basis.
Relation with Emplopees.-A plan of co-operat
providing for the adjustment of differences and ion with our employees,
matters of common interest, through represent the consideration of other
men, has been inaugurated at the coal mines. atives selected by the workIn its formative state this
plan has proven to be mutually beneficial,
and its further development is
anticipated in the near future.
Continued attention has been given to matters
and living conditions of the employees. Additionaaffecting the working
l safety devices have
been installed, and constant vigilance is
Many new houses of modern type havebeing exercised to prevent accidents.
been built, and old houses repaired
and repainted as needed.
STATEMENT OF PRODUCTION FOR YEARS ENDING
JUNE 30.
Tons, 2,000 lbs.1914-15.
1913-14.
1912-13.
1911-12.
2,329,069 2,428.992 4,091,667 4,038,852
Coke
520,261
535,274
784,627
777,993
Iron ore
441,026
614,039
853,878
813.728
Limestone
344,033
376,226
485.756
459.913
Pig iron produced
268,661
263,883
416.467
426,659
Finished iron and steel
324,600
352,929
458,521
485,743
RESULTS FOR YEAR ENDING JUNE 30.
1914-15.
1913-14.
1912-13.
1911-12.
Iron department
$10,885,451 $12,085,037 $15.590,535*$15,140,523
Fuel department
5,692,589 5,717.988 8,725,353 *9.127,929
Total gross earnings..-$16,578,040 $17.803,
025 $24,315,888 $24,268,452
Iron department
$1,869,317 $1.569,2
Industrial dept. (fuel) loss104,259 loss495,588 $2.894,464 $2,766,775
18
725,802 *1.005,507
Total net earnings-- $1,765,058 $1,073,770
$3,620,266 $3,772.282
Add-Inc. from secur__
370,508
391,229
563.439
526.270
Interest and exchange....
125,535
186,248
192,190
150,423
Total net income.... $2,261,101 $1,651,247
$4,375,895 $4,448,975
Deduct
Bond interest
$2,016,213 $2,021,103 $2,026,780 $2,039.622
Taxes
302,909
293,580
243.722
226.737
Real estate sinking funds
83,658
90,221
142,531
138,317
Insurance, sociological,
personal injury, &c._
74,494
55,128
50,082
64,105
Equipment renewal..
80,000
43,016
120,000
120.000
Loss on Crystal R. RR36,000
36,000
36,000
36.000
Prospecting
2,488
18,168
29,588
22,965
Preferred dividends..
a(4)80,000 (5)100.000
Total deductions___ $2,595,762 $2,557,216
$2,728,703 $2,747,746
Balance, sun. or def___def.$334,661 df.$905,969
sr$1,647.192 841,701,229
a The dividend above deducted in 1912-13 is
1913; there was also declared at the same time the 4% ($80.000) paid July 1
a dividend of 4%, which was
paid Jan. 1 1914, and deducted from profit and loss. An
35% ($700,000) was also made March 20 1913 on accountextra payment of
of the 74% then
accumulated dividends, leaving about 39% still
due. V. 96, p. 491, 1704.
* Figures so marked are inaccurate, comparison
being changed in later
years, the general results for the year, however, remainin
g unchanged.
BALANCE SHEET JUNE 30.
Coal
1915.
Assets$
Property
62,684,146
Cash on hand...._ 2,675,325
Stocks and bonds_15,412,070
Accts.& bills rec.., 3,409,476
Subsidiary cos_
332,037
Manufact'd stocks
and supplies..... 3,391,232
Stripping, &c_
Accr. diva. Az mt... 235,342
Miscellaneous...... 159,318
Total
1914.
62,677,522
3,793,195
15,365,170
3,232,136
278.388
3,158,989
20,041
139,857
155,288
88,298.946 88,820,586
Liabilities-
1915.
1914.
$
Common stock..._34,235,500 34,235,500
Preferred stock...._ 2,000,000
Funded debt_ _ __x45,075,000
Accts.& bills pay. 698,202
Hospital
9,106
Accrued bond int.. 828,003
Tax payment fund 109,000
Sink.fd.-real est. 1,656,950
MLscell. funds......319,901
Profit and loss__ _ y3,376,281
Total
2,000,000
45,158,000
857,585
15,125
829,775
100,000
1,573,292
315,314
3,735,995
88,298,946 88,820,588
x Includes Col. Fuel & Iron Co.5% gen. M.
Co.6% gen. M. bonds, $160000; Grand Riverbonds. $5,718,000; Col. Fuel
bonds, $856,000, and Col .Industrial Co. 5% Coal & Coke Co.6% 1st M.
1st M.
After deducting sundry amounts (net,) $25,053. bonds, $38,341,000.
The "consolidated balance sheet" is omitted from
the pamphlet report
this year.[
-V. 100, p. 2013.
Torrington (Conn.) Company.
(Report for Fiscal Year ending Aug. 311915.)
Pres. John F. Alvoor, Sept. 1, wrote in substance:
The earnings of your subsidiaries for the past year have
from the previous year, but apparently the coining year isfallen off a little
going to
large increase in business and earnings. Our German factory is still show a .
in all the departments, but on a very much reduced scale, owing to running
shortage
of help. We do not got any exact report from there, but
understand they
are readily selling at some profit everything they can make.
finished the addition to their plant and are in good enough shape They have
so that they will be able to pay off the balance of their mortgage financially
The additions that were being erected a year ago to the .
English plant
have been
finished and are being largely occupied. They have started
making knitting-machine needles over there, and are very
busy in all lines,
with the largest profit that they have ever made.
We should think that the increased profits in your English
your London selling-house would more than offset the loss factory and
in Germany.
The business of the Excelsior Needle Co. of
is about the same in volume and profit as last Torrington and Springfield
Standard Company has fallen off considerably inyear. The business of the
volume
the exception of the Standard Company, the combined and profit. With
671,585 subsidiaries would be larger than the previous year. profits of all your
210,368 small profit in the factory in Canada which we purchasedWe are making a
last year, and are
69,764 increasing capacity to about double its present.
The Splitdorf Electrical Co., in which the Torrington Company
100,000
interested, is doing a greatly increased business, and the promiseis heavily
of profits
for the year is very good. (See V. 101. p. 777.)
1,505,467
The cash condition of your company and of its subsidiaries is good.
Your
41,896,135 38,723,693
Colorado Fuel & Iron Co., Denver, Colo.
(23d Annual Report-Year ending June 30 1915.)
Pres. J. F. Welborn, Sept. 10, wrote in substance:
Results.
-Gross earnings were $16,578,0
all but about $25,000 of which occurred in 40, a reduction of $1,224,985,
expenses decreased $1,916,274 and net the iron department. Operating
earnings from operations were
$1,765,05
8, an increase of $691.288. The
operation was $496,043, making the' totalincome from sources other than
net income $2,261,101. Bond
interest, taxes, sinking funds and other charges against
income amounted
to $2,595,762, resulting in a deficit of $334,661
$905,968 in the previous year. The reduction in as against a deficit of
tailment in the consumption of coal in all of that sales was duo to a curterritory supplied from
Colorado, and to lighter purchases of steel by railroads.
Outlook.
-There is little promise of improvement in buying
by railroads
during the current fiscal year, and we do not anticipat
e
business that will keep the rail mill operating to more a volume of rail
capacity. The summer demand for coal has not been than 50% of its
up
while some improvement is anticipated in the near future, to normal and
it is not believed
that the business will be such as to enable us to work
all of our mines to
their capacity, even during the winter months.
During the period of reduced consumption of
two years, development of new coal properties incoal, extending now over
Colorado has continued,
10!1
company purchased during the year $32,000 of its own bonds
which, in addition to $425,000
that you held before, leaves your bond issue $513,000
instead of $1,000.000, the original issue.
INCOME ACCOUNT FOR THE YEAR ENDING SEPT.
1.
Receipts
1914-15.
1913-14.
191243.
1911-12.
Dividends from sub.cos. $340,448
$353.546
$352.848
$360.286
Miscellaneous income_ _
9,652
31.060
32.153
24,922
Rentals
110,000
110,000
110.000
110.000
Accounts receivable......
1,000
6,475
15.868
Loans to subsids.,repaid
10,000
90,000
145.000
Sale of new capital stock
1,021,000 •
Total receipts
$471.100
$591,081
$655,868 $1,516.208
Interest paid on bonds_ _
$28,025
$40.890
$50,000
$50,000
Dividends on pref.(7%)
70.000
70,000
70,000
70,000
Divs. on common (8%).
280.000
280.000
280.000
228.000
Salaries & directors' fees
31.698
31,527
31.856
31,397
Torn. Co. bonds punch._
32.000
92,000
.91,9851
140,000
Investments
17,500
20,000
Cap.stk SpiltdorfEl.Co.
750,000
Loans to sub-companies
50,000
100.000
101.525
Other expenditures....
8.771
16,928
13,028
30,484
Total payments
$467.994,
$601.345
$636.869
Balance, sun or def_ _ _ _ sur.$3.106 def.$10,264 sur.$18,999 $1,401,406
sur.$114 802
Cash balance end year
$278,582
$275,476
$285,740
$266.741
-V. 101, p. 777.
1012
THE CHRONICLE
Consolidated Gas Elec. Lt. & Power Co. of Baltimore.
(Report for Fiscal Year ending June 30 1915.)
Pres. Herbert A. Wagner, Balto., Oct. 4, wrote in subst.:
[VOL. 101.
1935, $10,831,000; United E. L. & P .
44% G. & E. bonds, due Feb. 14$4.428,000; Consol. M.5% deb. stock,
Co.4% bonds, due May 11929, notes due Mar. 15 1917, $2,500,000.
series "A," $3,999,995, and 5% gold
-V. 101, p. 215.
Lehigh & Wilkes-Barre Coal Co.
-The gross income shows an increase for the year of $388,505
Results.
4.8%. The sales
.
(Report for Fiscal Year ending June 30 1915.)
or 6.1%. and the net earnings an increase of $145,744 or
ory increases notwithstandof both gas and electricity have shown satisfact
Pres. and Gen. Mgr. Charles F. Huber, Wilkes-Barre,
year, which merely had the effect
ing the widespread depression during the of your business. Gas sales in
Sept. 23, wrote in substance:
of slightly retarding the normal growth
$227,261, or 7.4%. Recent
4,942,836
creased $124,713, or 3.8%; electric sales will probably continue and be
R?sutt.s.-Tlio company mined and shipped during the year a deNselso
tons wore purchased.
marked improvement in business conditions
tons, a decrease of 279,457 tons, and 54.796
in our income during the ensuing year.
the previous year. Th.o tonnage sold was
reflected
of 43,282 tons, as compared with
-Increase
1914.
1915.
d with the previous year.
Electric Operations7.47 4,738,745, a decrease of 468,302 tons as compare
$3,073,933 $227,261
lump, equaled 66.88%, and
Gross inc. from sale of elec__ $3,301,199 123,837,694 3,095,514
2.5
'rho tonnage of prepared sizes sold, including
k. w. hours_126,933,209
Electricity sold,
4.089 11.9 o of pea and smaller 33.12%.
34,330
38,419
an exceedingly mild winter,
Customers
The general condition of trade, together with
during the year for
The company has closed contracts for electric power 16.817 p. h., this account for the decrease in production and sales. Operating costs were
general power purposes, aggregating
mining the thinner STEM in the inlarge industrial and
contracted for during the previous higher, duo to decreasucl output and totonnage. The coal mined in 03CC3S
being over 12% greater than the amount
in any one year of our history. terest of conservation of the available
income to a conside:able extent.
year and next to the largest amount obtained
to the underground distribution system. of sales and put into stock has reduced
About 100 miles of cable were added Pennsylvania Water & Power Co. fur- The result has been a decrease in net earnings.
The hydro-electric plant of the
the first series of bonds matured under the conhours, repre-On June 1 1915
Bonds.
nished to your company during the year 110,281,530 k. w.
The necessary fends have been deposy.
solidated mortgage of Juno 1 1910. ,trustee, and as soon as all of the bonds
senting 73.5% of your total output of electricit
-Increase
1914.
ited with the Pennsylvania Company d the $2,500.010 will be canceled.
1915.
Gas Operationspresente
:$124,713 3.8% of this maturity have been
$3,250,202
$3,374,916
under way and
is
Gross inc. from sale of gas_
-The new breaker at 1,Vanam1e Colliery ionwellthe now general
200 3.9%
Additions.
on
Total sales-cubic feet____4,199.790,500 4,040,513,300 159,277,
3,608 3.1% will be completed early next year. Active constructSeptember.
118,258
121,866
Customers
Empire will be started in
supply store at
to a large range of
A schedule of rates which automatically adjusts itself , was adopted in shops and -The Tonnage Tax Law having been upheld by tho decision of
Tax Suit.
Supreme Court.
industrial users, largely a pioneer step in the gas industry
that our original the Courts of Dauphin County, appeal has been taken to the
thus far
made until the validity
April, and the new business realized. secured indicates
Hearing was held in July and no payment will be
estimates of its value will be P. S. Commission of a single heating-value has been finally passed upon by the Court.
The establishment by the
r standard will
standard of gas In lieu of the present antiquated candle-powe h a reduction
TONNAGE, EARNINGS, EXPENSES, etc.
therewit
become effective on Jan. 1 next and simultaneously
1911-12.
1912-13.
1913-14.
80 cents to 75 cents per 1,000 Cu. ft.
1914-15.
Tonnage shippedin the maximum rate for gas from
3,935.424
are
5,188,221
5,222,343
affecting our public relations
4,942,886
(V. 101, p. 215). No further questions point of stability in the gas rates By company
1,113,126
1,055,101
778,617
673,412
ly thought that a
By tenants
open, and it is confident
charged by the company has been reached. into with the Maryland Steel
5,098,552
6,243,321
6,000,961
5,616,299
Total of all
supplemental contract has been entered ft. of coke oven gas, making
A
Produced as Follows
Co. for an additional supply of 3,000,000 cu. for 7.400,000 cu. ft. per day.
3,631,005
4,571.391
4,355,497
d
3,889,865
the quantity of coke oven gas now contractewe have certain improvements From fee lands
1,248,111
1.464,892
1,40:3,940
1,438,481
do leased lands
To handle this additional quantity of gas ent of the gas business during
169,436
207,036
241,523
developm
283,052
do washeries
under way. The extension and ion of 4,194 new gas services and 18 miles
Earnings
the year necessitated the installat miles of mains in use June 30 1915.
01
16,271,085 17,930,990 20,085,620 18,271,0
making a total of 733
Coal sales
of gas main,
306,928
316,850
240,913
116,372
-Our sales were as follows: Electrical devices, $400,- Coal mined by tenants
Merchandise Sales.
164.695
226,094
272,875
.
368,014
353; gas consuming devices, $422,131; total, $822.484 of the business, ex- Miscellaneous
-To provide for the continual growthents and betterments
Properties.
24
for improvem
16.755.471 18,444,813 20,628,564 18,742,6
Total
penditures were made during the yearelectric properties, $788,378; total,
Expensesas follows: Gas properties, $312,217; ordinary repairs and maintenance
6.450,714
7,881,079
8,260,921
8.285,286
expended for
, &c
collieries
$1.100,595. There was
261,181
337,137
317,125
There was also transferred from Opera,tg &c., deprecn_ _ _
247,144
Addns.,
$356,361, or 5.2% of the gross income. depreciation, &c.," $460,000.
341,089
395,257
401,822
432,593
the earnings of the year to "reserve for was the increase in the number of Royalty leased prop'ties.
1,691,392
1,246,470
142,060
79.537
g feature
-A most gratifyin
Financial.
3,885,289
4,451,284
rs among our Coal purchased ag'y exp. 3,726,939
3,828,542
of 721
yard &
common shareholders through the additionaggregatsubscribe
119,219
126,701
131,384
e 3,091 shares. These Transp.,expenses
102,636
gas and electric consumers, who took in the
719,469
727,079
of to consumers on a General
and
753,5481 1,067,423
property..
shares wore purchased on the market sharedisposed
the subscribers re- Taxes, mining & State..
per month,
215,5061
Federal
deferred payment plan of $4 for each
16.386
19,781
20,484
fully paid for. It is ex- Taxes,
19,427
ceiving 6% on their deposits until the shares are list monthly. (V. 100, Insurance (min'g prop.)
460,000
461.090
672,311
the
474,424
Depletion of coal prop
pected that new subscribers will bo added to
28,058
7,676
3,952
54,891
nce of prop'ty_
p. 2169; V. 101, p. 215.)
1,469,465
your company in March Maintena
8 Cr424,528 Cr172,732
On account of the security market conditions, gold notes, in order to Val, of coal stocked_ _ _ Cr870,12
-year 5%
last issued and sold locally $2,500,000 2 for new construction and to meet
96 15,430,823 15,442,263
13,472,109 14,421,4
Total
reimburse the treasury for advances made
3,300,361
5,147,741
4,023.317
ions to the issue exceeded Net earnings
3,283,362
The
current construction requirements. 814).subscript
p.
Deduct
13 times the total issue (V. 100,your company's financial needs, it secured
814,390
724,690
679.840
671,507
on bonds_
In order to add flexibility to
1.197,625
1,197,625
1.197,300
time to time, its author- Fixed interest
1,197,300
s
permission from its shareholders to increase, from
$30,000,000. In the year Dividend (13%)
ized issue of common stock from 820,000,000 to increased by $1,034.900,
2.012,015
1,922,315
1,877,140
Total deductions_ _ _ _ 1,868,807
just ended .the outstanding common stock was
1,288,346
3,225,426
2.146,178
against the issue of an equal
1,414,555
representing the par value of pref. stock retired,(V. 100, p. 736, 814, 1081). Surplus
amount at par of the company's common stock
is now a closed
CONDENSED BALANCE SHEET JUNE 30.
of $15,000,000 Gas & Electric 434% bondsare in the hands
The issue
000
1914.
1915.
1914.
mortgage. Of the total authorized amount, $10,200,
1915.
under the debenture stock deed,
Liabilities
$
of the public and $4.406,000 are deposited
.
Assetsg in the treasury available for corporate purposes pref.
5 Capital stock__ 9,210,000 9,210,000
$394,000 remainin
Property & equip_28,670,330 28,915,89 Funded debt (see
and its guaranteed bonds and
[As to the Public Service Building Co.
Advanced royalties
-Ed.]
1
"Ry.drInd."Sec.)14,509,000 16,996,000
1
stock, see a subsequent page.
for coal
507,929 Depletion fund405,595
Statement Indicating the Development of the Business-Years Cash
2,701,550 2,134,711
Comparative
coallands
12,265
19,782
&c.
1914 and 1915.
0
Cash for coup.,
Ending June' 1910,
Vouch. dc pay-rolls 771,951 1,051,12
Rills dr accts. rec.. 1,874,577 2,237,661 Coup.,&c.,unpaid.
1909-10.
1913-14.
13,865
21,182
1914-15.
707,288
1,577,417
14,995 Coal on
34,330
38,419
Pa.State ton. tax.. 888,947
Electric customers
126.933,209 123,837,695 37,790,201 Land contracts not
8,092 Int., mine rents,
in k. w. hours
6,952
Electric sales
due
4199790,500 4040513,300 2934872,100
&c., not due.. _ _ 833,662 1,009,984
36,337
21,402
Gas sales in cubic feet
96,416 Insur., adv. pay'ts
118,258
121,866
428,502 Reserve for
Gas customers
59.628 Materials dr supp_ 431,371
95,679
102,874
New collieries._ 1,555,438 1,597,682
use
Gas ranges in
13,220 Securities of com23.701
25,712
500,000
371,001 Breaker and shops_ 397,379
371,001
Water heaters in use
panies owned
11.860
9,260
Land susp. acct.....
Marketable securs. 6,859,830 5,539,616 Suspense accounts
79,145
55,673
ACCOUNT YEARS ENDING JUNE 30.
1,947,300
INCOME
Sinking fund
107,390
398,733 Sink. fund Income
1911-12.
1912-13.
1913-14.
1914-15.
accounts 452,887
Suspense
1,789
Fire loss repl. fd_
$
$
$
$
'9,932,110 8,398,481
Profit and loss _ 9
3,049,445
3,260,956
3,250.202
3,374,916
Income from gas
2,381,123
2,801,995
3,073,938
y_ 3,301,200
Income from electricit
40,690,944 41,110,710
Total
34,719
52,022
76,756
113,286
Other income
40,690,944 41,110,710
Total
5,465,287
6,114,973
6.400,896
6,789,402
Total gross income_ _ _
p. 1596.
2,642,887
2,963,180
3,333,821
*After adding adjust. sundry items aggregating $119,075.-V. 99,
Oper. expenses & taxes_ a3,576,583
2,822,400
3,151,793
3,067,075
3,212,819
Net earnings
1,417,268
1,476,768
1,567,690
Int. on funded debt,&c- 1,640,361
1,405,132
1,675,025
1,499,385
,458
Surplusfor divs.,&e_ _ 1,572
381,603
365,347
310,326
262,848
Preferred dividend (6%4
.
(7%) 801,781 (6)581,236(5%)445,326 (5)363,147
Common dividend
RAILROADS, INCLUDING ELECTRIC ROADS
Reserve for renewals,
455,527
460,000
460,000
460,000
Report.
amort'n. conting., &c.
n Bay Ry.-Financial company
300,000
Algoma Central & Hudso
125,000
e regarding this
Special reserve
The report issued by the bondholders' committe
'rho receivers of the
1,200,277 was cited at considerable length last week (p. 922). the road, and Vivian
1,570,672
1,476,562
1,524,629
t of
Total deductions..
204,855 company are T. J. Kennedy, a former Presiden
22,823
104,353
b47,829
member of the firm of
is
Net surplus
of Montreal. The last named nts a
Harcourt
and auditors, with offices
new business and extraordinary Deioitte, Plender, Griffiths & Co., accounta
a Operating expenses do not include $300,000 in 1913-14, charged to in New York, London, Montreal, Vancouver, B. C., Havana and Mexico.
expenses amounting to $125,000. againstn and extraordinary expenses."
-V. 101, p. 922.
"special reserve for new business campaig
without applying the "special
-Application for Receiver.
b On a strictly comparative operating basis, note "a," the "surplus and
Atlantic Northern RR.
to in the
of the company's
reserve" credits to operations referred against 1914 an increase of $75,005.
H. S. Rattenberg, of Atlantic, Iowa, who owns $9,000 for the appointnet surplus" would each show for 1915
filed suit in the District Court asking
bonds, on ept. 12
1 is in default. The people along
ment of a receiver. Interest due Sept.
BALANCE SHEET JUNE 30.
by voluntary tax $50,000 to
the line of the road have been trying to raise bond Interest due Sept. 1.
1914.
1915.
1914.
ties and pay the $3,000
1915.
purchase new rails and
Liabilities
Assets
-V. 97, p. 1202.
Common stock_ _11,472,334 10,437,434
Property, plant,
_ _ 4,103,754 5,138,651
Aurora Elgin & Chicago RR.-Pref. Div. Omitted.
franchises, &c.. _44,070,027 42.838,693 Preferred stock.. _.31,258,995 28,746,321
2,220,154 2,324,597 Funded debt.. _ _ _
Investments
The company has decided to omit the usual quarterly divi427,805
250,000
Notes payable_ _
Construction work
dend of 13/2% on the $3,100,000 6% cum. pref. stock.
201,644 Unpaid wages (not •
164,542
In progress
35,887
23,416
due)
been made on the stock since July
Cash on hand, in
312,641 Regular payments have
Accounts payable.. 203,825
bank and with
528,181 1906. Vice-President Faber says:
Accr'd bd. Int.,&c. 557,502
739,148
fiscal agents _ _ 1,708,471
decided that on account
569,7:6
Depr'n,&c., res've 609,625
Directors and officers unanimously and formally 's business, the comAccts.& bills rec... 1,218,500 1,090,884 Sund. accruals,&c. 463,836
413,41d
910,325
war's depressing effect on the company
Materials & sum. 839,708
125,000 of Europeaninterests would be conserved by taking no action on the preSpecial reserve
50,179
50,179
Sink. fd. invested.
156,561 pany's best
151,872 Divs. pay. July 1_ 200,766
294,301
ferred dividend at this time.
Uninvested
fiscal year 1914-15, officials
47,829
85,687 Res. for conting
Referring to the reduced earnings for the
Miscellaneous_ __ _ 162,277
178,011
def. items._ 203,996
Misc.
wore depression in tho Chicago industri tl di-strict, In•
patrons, rainy Saturdays,
1,321,281 1,321,280 state that the causes
Surplus
use of automobiles by former regular 916.-V. 100, p. 900, 811.
creased
Soo earnings V.101, p.
50,726,1E1 48,394,029 Sundays and holidays.
Total
50,723,159 48,394,029
Total
-Increased Freight Traffic.
Baltimore & Ohio RR.
July 11939,$3,bonds,
on Sept. 15 said:
* Funded debt Includes: Consol. M.57 Gas11954,due
00; gen. M. President Daniel Willard
$6,100,0
400,000; gen. M.43% Gas bonds, due April
GENERAL INVESTMENT NEWS
SEPT. 25 1915.1
THE CHRONICLE
Our August tonnage of all kinds was about 10% ahead of
August
last year. So far, September continues the improvement. that ofthe
coal
traffic is good, the gains are not confined to coal, but are While over
spread
a
wide range of commodities. Our surplus cars have now all been drawn
into
use. We had yesterday a shortage of 100 coal cars on the entire
system
a decided change from the time when a shipper who asked for one car was
quickly given five in the hope that he might be induced to
load two.
Passenger traffic is still off, but passenger revenue
look so bad when the final figures are made up as that for August may not
item did previously.
I should not be surprised if the September earnings wore almost
or quite
up to last year's. It was Just a year ago
traffic, which meant $300,000 a year to the B.that we lost the immigrant
&
parison will not be made with the figures which 0., so tha'; hereafter comcontained those earnings.
-V. 101, p. c22. 692.
Birmingham Ensley & Bessemer RR.
-Plan Approved.
-The bondholders' committee, S. H. Cunningham, Chairman, has adopted the plan of reorganization submitted by
the committee headed by Charles H. Zehnder, and gives
notice that it will allow dissenting depositors until Oct. 25 in
which to withdraw.
1013
Chicago & Eastern Illinois RR.
-Listed.
-The New
York Stock Exchange has listed:
(1) $2,284,000 certificates of deposit "plain" and "stamped" for General
Consolidated 1st M. 5% bonds with authority to add,
of issuance,(a) a further $9,521,000 when exchanged for on official notice
outstanding printed
certif. of dep. of U. S. Mtge. & Trust Co.; (5) $863,000
for outstanding certificates of deposit of the First Trust when exchanged
Chicago; and (c) $8,675,000 when exchanged for & Savings Bank of
outstanding bonds,
making the total amount authorized to be listed $21,343,00
(2) $3,240,000 certificates of deposit for Ref. and Impt. 0.
M.
bonds with authority to add $9,621,000 of such certificate 50-year 4%
s on notice of
Issuance in exchange for outstanding printed certificate
s of deposit at the
U. S. Mtge. & Trust Co. and $3,135,000 of such certificate
s on official
notice of issuance in exchange for outstanding bonds,
making the total
amount authorized to be listed 815,996,000.-V. 101,
p. 447. 369.
Chicago Indianapolis & Louisville Ry.-Annual Report.
Report for Fiscal Year ending June 30 1915.
1913-14.
19 2-13.
1911-12.
Average miles operated _ 1914-15.
621
618
617
617
Operating revenues_ _ _ _ 56,559,665 36,944,005
$6,985,944 $6.503,653
Operating expenses_ _ _ _ 4,678,021
5,184,728
5,103,937
4,775,212
Net earnings
$1,881.644 $1,759,277 $1,882,007 81.728,441
Taxes
$318,497
$332,990
$294,039
$278,145
Uncollectibles
514
Operating income_ _ _ _ $1,562.633 $1,426,287
81.587.963 31,459,296
Miscellaneous income
232,182
206,544
311,268
199,523
Total income
81,794,314 $1,632.830
81,899.236 $1.619,819
Interest on bonds
$896,833
$829.723
$804,071
3732.300
Rents, &c
653,158
657,309
556,801
503,359
Balance, surplus
$239,773
8145,798
$538.361
$409,160
Dividend on pref.(4%)
- $199,752
$199,752
$200,099
$200,000
Dividend on common_ _ _
( %)170.568(34)341,136(3))341,250
1
-V. 101, p. 923.
Statement by Bondholders' Committee, Charles H. Zehnder, Chairman, Sept. 21 1916.
The committee has taken into consideration the earning capacity
of the
property dutiag the rece vership as evidenced by figures taken
from
reports of the receiver and embodied in a letter of Haskins & Sells, the
copy
of which is herewith enclosed, and also conditions surrounding
the property, indicating its probable future earnings. At the time the bondholder
s'
protective agreement was prepared there was in existence an agreement
between certain parties by which it was through that new guaranteed bonds
equal to 70% of their holdings of old bonds could be secured for
tho
holders. Your committee is disappointed to find that this contract bondenforceable and must be abandoned. The plan has been consideredis not
by a
number of the larger bondholders and has their approval.
mitted to tho depositing bondholders, with the rocommend It is now subaton that it be
accepted by them.
Haskins & Sells report: "In accordance with your request,
we have prepared from the detailed reports of the receiver,
without examination of the books or accounts, which you furnished us,
the following
Chicago Rock Island & Pacific Ry.-Payment.-The
summary of income of the road for the two years ended Aug. 31 condensed
1915:
1914-15. 1913-14.1
1914-15. 1913-14. First National Bank in this city began on Monday to pay
Gross revenue _ _ _$165,548 $220,655 Taxes
$16,144
$7,399 the coupons due July 15 on the $20,000,000 5% deb. bonds.
Net earnings
20,296 69,1131 Net income
4,152 61,713
The Prosser committee
"There are included in the operations of the year ended Aug. 31 1915. under deposit agreement for the debentures notifies certificate holders
of July 1915 that the payment due July 15
allowances of $7,200 and $101)00 for estimated legal expenses and estimated will be made by its
1915
depositary, Bankers Trust Co., N.
property taxes, respectively."
depositary, First Tr. & Says. Bk.. Chic., on presentation Y., or the subFirst Plan.
of
-It is contemplated that it may be possible to procure the
The protective committee, representing the Consolidat the certificates.
guaranty of the principal and interest of an issue of bonds as hereinafter Co., bonds,
ed Indiana Coal
stated by a guarantor of responsibility satisfactory to the committee. In will take an who objected to the authorization of the receivers' certificates,
appeal from the order.
the event that it shall be possible to procure such guaranty, the proposed
The appointment by Judge Hough on Sept. 18 of receivers
new company to be organized after the foreclosure sale will be organized diction
in this
(being the same previously appointed at Chicago, is merely a juriswith the following securities:
formal
stop in connection with the restitution suits ordered by the
Court).
First Mortgage 5% 30-Year Gold Bonds. Total authorized,
Requests for Proxies.
$4,000,000, covering all property owned at the execution of the
-The Amster stockholders' commortgage or thereafter acquired, dated and to bear interest
mittee is sending out proxies for the directors to be voted
from Jan. 1 1916, but redeemable at option of company on any
at
the annual meeting on October 14.
interest day prior to maturity at 101 and int. Now issuable__
$1,500,000
6% Non-Cumulative Pref. (p. & d.) Stock. to have equal voting
Note Extended.
-Charles Hayden, Chairman of one of the
powor with common stock, not to exceed
1,060.000 2 stockholders'
Common stock, not to exceed
committees, announced on Tuesday that
1
Holders of deposited 1st M.5% bonds of present company will,590,000 the 5 men
who had personally guaranteed a $1,600,000 note
receive
50% of the principal amount of their bonds in bonds of the new company,
of the company in March last had consented to extend their
say about $1,202,500. The remaining $237,350 bonds presently
to be
issued will be sold for cash at such price or prices as to the committee may guarantees for 90
days or until Dec. 30. The men are
seem wise. The balance of the authorized issue of bonds shall be
reserved Daniel G. Reid, Arthur Curtiss
for betterments, additions, new equipment,&c..at 85% of the cost ofsame.
James, James McLean,
The new stock !gni() will, In whole or in part, be delivered to the Ogden Mills and William H.
Moore. Only the last 2 are
guarantor of the bonds as aforesaid, as a consideration for such
guaranty, any longer connected with the company.
any part not so used to go into the treasury of the now company.
The cash arising from the sale of the $237,350 bonds
Listed.
-The New York Stock Exchange has listed:
follows: (1) To payment of any part of purchase price ofwill be applied as
the
$4,740,000 Bankers Trust Co. "plain" certificates of deposit
quired to be paid in cash. (2) To the expenses,disbursements properties refor the
and compen- 20
-year 5% debentures, with authority to substitute "stamped
sation of the committee and all expenses incident to the reorganiza
" certificates
tion. on official notice of issuance in exchange for "plain"
(3) Any balance to treasury of now company.
certificates; and has
authorized $15,260,000 certificates of deposit "stamped" to
Alternate Plan -If it shall not be found possible
be listed on
method of organizing the new company, then to carry out the foregoing notice of issuance in exchange for outstanding debentures, or for outstandnew company shall be ing temporary certificates of deposit
organized with the share capital above shown. said the 1st
therefor,
but
M 30-year Ss certificates of deposit authorized to be listed making the total amount of
shal be for the authorized principal amount of $1,000,000 dated
$20,000,000.
,
Jan. 1
1916 (redeemable at any time at par and int.). whereof the
Equipment Payments.
-The order entered by Judge Carshall be $250,000. In tills case the 3250,000 bends shall be present issue
sold for cash penter on Sept. 18, providing
at such prices as the committee may approve, to meet the expenses of
for the purchase of 4,000 steel
re
organization. &c. as aforesaid. The balance of said authorized
issue shall underframe ears, calls for payment,it is reported, as follows:
be reserved for betterments additions, new equipment, &c.
Pullman Co.. 2.500 cars at a cost of $2,137,200, of
The entire authorized stock in such Case shall be deposited with
voting to be paid in cash and the remainder in 20 yearly lease which $320,580 is
trustees for five years unless the trust is sooner terminated
warrants of $90,831
the first voting trustees, three in number, to be named by by the trustees, each; Haskell & Barker. 500 cars for $424,880, of which $64.032 in cash and
the committee. 20 payments of $18.142 in car lease warrants;
Tho voting trustees at any time during the trust period will have the
Bettendorf
power to remaining 1,000 cars at a cost of $845.460, to be paid for Co. of Iowa, the
sell the stock of said new company as an entirety, suchterms as
$120.819 in cash
they may and 20 lease warrants of $36.000 each.
deem advisable, subject to the limitatIons, if any,at the trust agree:nent
in
The voting trust certificates shall be distributed among the holders.
Refunding Interest to be Paid.
of
-It is announced that arpresent 1st M. 5s (If deposited). 40% of the face amount of
exchanged for voting trust certificates for preferred stock andthe bonds to be rangements have been made to pay the Oct. 1 interest on
60% for
trust certificates for common stock, thus calling for $1.009,120 and voting the 4% Refunding bonds.
Interests in this city also believe
$1,515.180 thereof, respectively. Any balance will be turned over to the treasury
that all of the interest obligations of the company proper
of the new company.
Depositors under agreement of Sept. 15 1914 must waive
due on that date will be paid.
right
exchange of $700 new bodns for $1.090 old bonds mentionedthe said to an
agreement. Compare V. 99, p. 1365, 1526.-V. 101, p.693, 129. in
Keokuk dc Des Moines Ry.-Doubt as to Rental.
See that company below.
-V. 101, p. 923, 845.
Brazilian Traction Power & Light Co.
-4%for
Year.
At the annual mooting Chairman Sir William MacKenzie
Columbus (0.) Delaware & Marion Ry.-Decision.tions regarding the policy of the company on dividends on ,in reply to quesSee Columbus Marion & Bucyrus Ry. below.
-V. 101, p. 129.
stated that a dividend of % of 1% on the common stock the common stock
had already been
declared for the last quarter of the current year, which,
Columbus (0.) Marion & Bucyrus
ision.dividend paid for the third quarter, would make 4% for thewith the similar
The Common Pleas Court at Columbus recently,Ry.-Decto newspaper
year 1915. He
according
stated further that in case Brazilian exchange recovered to normal
in the accounts, held in the suit brought by the Troy (N. Y.) Trust Co. as trustee
meantime, dividends on the common would again be raised at
least to the under a mortgage for $500,000, that the Columbus Delaware & Marion Ay.
old rate of 6% a year. Compare V. 101, p. 369.-V. 101. p.
cannot be held under Its guaranty of principal and interest of
690, 369.
the bonds.
V. 99, p. 537.
Camaguey (Cuba) Co.
-Option Deferred.
The Electric Bond & Share Co. which in June last took a 90
Denver & Salt Lake RR.
-Mr. Erb Retires.
-day option
-Newman
on the company's stock, has allowed the same to lapse.
-V. 100, p. 2166.
Erb has withdrawn as President, voting trustee and director.
Chattanooga (Tenn.) Railway & Light Co.
It is reported that Mr. Erb recently disposed of his holdings to a syndi-Notes.
- cate including Denver capitalists and others. All parties in
The $596,000 5% 2
interest are
-year notes due June 1 1915 were
reticent regarding
"Rocky Mountain
maturity and have been refunded through the sale bypaid at News" of Sept. 21 the matter, but according to thewere elected to
new directors and voting trustees
E. W. ceed Mr. Erb's representatives following a conference held
sucClark & Co., Phila. of $615,000 2
in New York.
-year 5% gold notes At this
,
says. Lawrence C.
dated June 1 1915 and due June 1 1917. A circular shows: Hughes,conferenceofthe "News"law firm of Hughes &Phipps and Gerald
'
the latter
the Denver
Dorsey, were present 'as representatives of the Denver capitalists, who include themselves
Redeemable at par and accrued interest on any interest
days' notice. Interest J. & D. Denom. $1.000.c. Trustee, date upon 30 and Charles Boettcher and Henry M.Porter."
-V. 100, p. 1672, 1167.
Penn. Co. for
Ins. on Lives & Granting Annuities, Phila. Authorized.
$1,000,000; isElmira(N. Y.) Water, Light & RR.
sued, $615,000. Secured by pledge of (a) $431,000 Chattanoo
-No Common Div.
ga Ry. &
The regular dividends on the 1st 7% cum. pref. and 2d cum. 5% pref.
Lt. Co. First & Ref. M.5% bonds due May 11956;
Mtn. Ry. Co. 1st M. 6% bonds due May 1 1956. (5) $389,000 Lookout have been declared, but none on the common. Payments on the common
Notes may only be have been: Apr. 1915, 1%: Jan.
Issued to the extent of75% of tho face value of the bonds
1915. 2%; Oct. 1914, 2%; 1911 to
pledged.
The aforesaid $431,000 Chatt. Ry. & Lt. Co. 5s, along with as security. 4% yearly, the initial distribution of 1910 having been made in Oct. 1913,
1910.
$2.395.000 2 100, p. 1592.
V.
thereof held by the public, are a first mortgage on the electric
light and power
properties; on the railway property they are subject to
$2.165,000 Chatt.
Georgia Northern Ry.-Authorized.-The Georgia RR.
Railways Co. First Consol.5s and $625,000 Chatt.Elec.
Ry.Co.1st 5s. The
Lookout Mountain Ry. Co. 1st M.6s are the initial issue
Commission on Sept. 15 authorized the company to issue
under
mortgage, being a first lion on about 10 miles of the electric a $2,000,00()
railway encir- $450,000 bonds, of which $300,000 is to be used to retire
cling and on the top of Lookout Mountain; all the stock is
outowned by the standing
Chattanooga Ry. & Lt. Co.
and maturing bonds and $150,000 for improvePractically all the stocks of the Chattanooga Railway &
Light Co. are ments and new terminals.
owned by the Tennessee Railway. L.ght & Power Co.,
For the 12 months ended Feb. 28 1915, the Chattanooga which see below.
Harrisburg (Pa.) Railways.
Co. reported gross earnings $1,056,377; net after taxes, Railway & Light
-Dividend Reduced.
$355,031; bond inA semi-annual dividend of 1%
terest, $257,578, and interest on $615,000 2
-year notes, $31,000; balance, $2,100,000 cumulative preferred has. it is reported, been declared on the
surplus, $66,453.-V. 95, p. 1122.
stock, comparing with the former rate
23%.-V.98, P. 155.
[VOL. Dm.
THE CHRONICLE
1014
-Foreclosure.
Idaho & Washington Northern RR.
1st
under
The Illinois Trust & Savings Bank, as trustee same. the
M. of 1907, has brought suit to foreclose the
owns
which
Paul Ry..
The road is controlled by the Chic. Mil. & St.
e. See page 58
nearly all of the $3,390,000 bonds issued under the mortgag
-V. 92, p. 118.
of "Ry. and Industrial" Section.
& Great Northern Ry.-Earnings.-
International
Balance,
Other
Interest
Net (after Other
Gross
June 30.
Deductions. Deficit.
Year- Earnings. Tax., &c. Income. Charges. $1,096,428 $1,121,397
$461,241 $1,382,710
1914-15_49,033,626 $806,500
448,896
4 1,148,366
1913-14_- 9,963,408 1,561,099 460,076 1,321,70
-V. 101, p. 370.
-Notice to StockholdKansas City Railway & Light Co.
ds,
.-The stockholders' committee, George M. Reynol
ers
Chicago, Chairman,in circular dated Sept.8 says in subst.:
Hook
RR.
Minneapolis St. Paul & Sault Ste. MarieRy. -Earns.
Ste. Maria
Minneapolis St. Paul & Sault
Balance,
Chges.
Other
Net
Oper.
Gross
Income. Taxes,dc. for Divs.
June 3() Income. Expenses. Earns.
Year.
Y
19145
2,974,004
__17,817,855 11,059,594 6,758,261 1,043,965 4,828,222 2,853,502
3
1913-14_18,717,689 12,209,228 6,508,461 1,033,244 4,738,20
,
Railway.
Wisconsin Central
61,281 3,118,139 136,732
1914-15__ 9,945.370 6,751,780 3,193,590
46.709 2.972,515 517,696
1913-14_10,588,533 7,145,031 3.443,502
Dividends on Minneapolis St. Paul & Sault Ste. Marie pref. stock (7%)
76, leaving a
call for $882,238 yearly and 7% on common stock for $1,764,4 1913-14.balance, surplus, of $327,290 in 1914-15, against $206,788 in
V. 100, p. 1510.
-Sold.
Jersey & Pennsylvania RR.
New
the property was bid
At receiver's sale at Morristown. N. J., on Sept. 21 J., owner of a quarry
, N.
in for $29,000 by J. Irving Demarest of Sewaren
-V. 101, p. 370.
own. 2 miles from the railroad.
near New Germant
-Plan.
Hon. William C.
Northern Electric Ry. of California. Sept. 13 that the reThe plan of reorganization prepared by the
ed on
(under whose judicial con
San eranclico advizes state it was announc
U. S. Circuit Judge of the 8th Judicial Circuit has been approved by the
addition to being agreed to by all the creditors'
ship proceedings),
agreement, in
trol are the pending receiver
parties in interest," including the
the holders of the securities twganization
representatives of a large amount in interest ofCity of Kansas City. (See representatives, had been "bisned by allinterests and certain San Francisco
several constituent railway cos., the Sloss Co., First Federal Trust Co.,
and obligations, and by representatives of the
Trust
773.)
digest of plan. &c., in V. 101, p. 614. 689, on of the ownership and control banking institutions, viz. Union
& London Paris Nat. Bank
The plan requires the complete separatilight properties, and makes de- Wells, Fargo Nevada National Bank, Anglo deposit securities and claims
Bank of California. Holders are asked to
of the street railway properties from the
of the debts and obligations against the and Union Trust Co. or First Federal Trust Co., San Francisco, depositailed provision for taking care for the distribution of the equities appor- with
V. 101, P. 131, 48.
properties, but does not provide
the debts and obligations. taries. Compare
tionable to the stockholders over and above for the stockholders of the
-Dollar Bonds Replace French
then left
Pennsylvania Company.
It states, however, that "the equitiesRailway & Light Co.) should be dis-J. P. Morgan & Co. this week completed
'Railway'(meaning the Kansas City
Loan Bonds.
as they may determine."
tributed among them
y conferred upon negotiations with Kuhn, Loeb & Co. in connection with the
To this end the committee, acting under the authorit
there has been deloan bonds and
it in the deposit agreement of July 10 1912, under which ial Trust & Sav- purchase of Pennsylvania Company French
ry, the Continental & Commerc
posited with our deposita
conversion into dollar 4% securities of the same
preferred stock and over 83% of common
ings Bank of Chicago,over 86% ofLight Co.,is engaged in preparing a plan their
ty. The new 43's, which it is understood, are
stock. of Kansas City Railway &
and for the separation of maturi
for the distribution of equities to the stockholdersand light properties, but being offered privately by the last-named firm, are described
the ownership and control of the street railway
has not, as yet, had time to complete it. stockholders under the plan pre- as follows:
certificates, duo June 15 1921.
No assessment is to be made against the ntal plan now under preparaPennsylvania Company 4% gold loan
unpared by Judge Hook, or under our suppleme ders are required to take at Interest payable semi-annually on J. & D. 15. Principal and interest Co.
ment by the Pennsylvania RR.
Hook's plan the stockhol
ed by endorse
tion. Under Judge
pay certain expenses and conditionally guaranteas a whole only at par and int. on any interest date
par sufficient of the First and Ref. M. bonds to
company with Subject to redemption
supply that
liabilities of the new Railway Company and to ns therein named, to cause on and after June 15 1918 upon 60 days previous notice. Denom.$1,000c*.
the conditio
$1.000,000 in cash, and also, upon e which will underwrite the exchange of Girard Trust Co., trustee.
of an equal face amount
to be formed a responsible syndicat g the plan and supplemental plan will
To be secured by the deposit with the trustee
as
securities. No stockholder acceptin & Ref. M. bonds, or subscribe to any of the Pennsylvania Co.'s French franc loan 33% % certificates, stamped
of such First
equal to $96 52%). This
certificate
be obligated to take any
is
unless he may desire to do so. payable in dollars only (500 francs
part of the underwriting of such exchange, ble parties, who are depositing latter loan, of which 250,000,000 francs-$48,262,548--is outstanding,
Arrangements have been made with responsi matters, and an opportunity in turn secured by very valuable stock collateral, having a present market
tes issued. In the
care of both of these
of certifica
stockholders, for taking
to participate on an equal value largely in excess of the total amount
will be given to each depositing stockholderin underwriting the above- event of the redemption or retirement of the French franc loan, the Oi%
basis with all other depositing stockholders, and in underwriting the certificates will be secured directly by a prorata amount of the collateral
bonds at par,
mentioned First Ss Ref. M.
-V. 101, p. 846.
rata for his proportion of securing the former loan.
exchange above mentioned, by subscribing pro
rd Elec.
Forge &
either or both of these underwritings.
Phoenixville (Pa.) Valleythe shares onStaffoagreed,it isRy.stated
Sept.4
the committee that the plan prepared by
It is the unanimous opinion of
Stockholders representing 75% of
ders, is eminently fair,
Judge Hook, both as to bondholders and stockholby all holders of certifi- to sell the road. See Phila. & Western By. in V. 101, p. 924.
gly recommended for acceptance
and it is accordin
.
stock of the Kansas City Railway
Providence & Fall River Street Ry.-Receiver Denied
cates of deposit of common and preferredof July 10 1912.
Boston on Sept. 22 declined
Judge Morton in the U. S. District Court at
SG Light Co. issued under the agreement
30
Trust Co. of
ng to the approval of said plan may withinfall to appoint a receiver on the application of the Industrial stated that he
Any depositor dissenti
bonds. The Judge
nt. Depositors who
Providence, trustee for $165,000 1st M.ee, which has been operating the
days withdraw his stock from the deposit agreeme
plan.
so to withdraw will be bound by said M. Reynolds, Oscar Fenley, H. T. believed that the noteholders' committ d to continue for the present at
ee: George
years, should be permitte
Stockholders' committ
th as Secretary, road for three p. 119.
-V. 92.
Abernathy and George W. Bacon, with Arthur Dyrenfor , as counsel.
- least.
Chicago
ngs.
.
914 Marquette Bldg., Chicago, and W. W. Gurley,
Public Service Corporation of New Jersey -Earni 8
V.101. p. 773. 689. 614.
and the
for
August
- -The monthly statement of earnings same uerio.
Rental
0:
1m1.3.
Ap gusi dsin8 94
Keokuk & Des Moines Ry.-Doubt as to Action.
- months end. Aug.31,compares with the
.
Holders of Pref. and Common Stock Urged to Concerted Exchange
$54,474 $806,282
Gross increase in total
3.5%
Herbert H. Clark, of the New Yo.k Stock Broadway, Percentage of increase business
1.8%
firm of Henry I. Clark & Co., stock brokers, 66 ce:
of operating expenses,
Balance available, after payment
sinking fund requirements, &c., for
N. Y., in circular dated Sept. 23, says in substan
charges,
block of the pref. and common
My firm and myself own a considerable importance to all of the stockstock, and we believe it to be of the utmostin concert in opposing the protely act
holders that they should immedia
the Ch. R. & Pac. Ry.
ceedings for the renunciation of the lease to annual rental at 25% of the
I*
The lease, dated May 14 1878, fixes the
rental of $137,500, which is the
gross earnings with a minimum annual the
ng 1st M. 5s. The
on
amount of the annual interest chargesbonds isunderlyi ed by the lessee.
guarante
interest, but not the principal, of said certain of the preferred stockholders,
In June 1914 a suit was instituted by
the lessee to account for the
including my firm and myself, to compel
d by the road through misagreed rentals, and to recover damages sustaine taking of testimony has
management. This suit is still pending, but the
yet been completed (V. 99, p. 608, 969). the Rock Island, and subsenot
for
In April 1915 receivers were appointed discontinue the lease. In behalf
leave to
quently they asked the Court forI opposed this application, and thereupon
preferred stockholders
of certain
and directed that in the
the Court referred the matter to a special master,
any rental.
meantime the receivers should cease to pay not only would dividends be
should discontinue the lease,
If the Court
ng mortgage would almost
impossible, but a foreclosure of the underlyi
cannot be separately operated
inevitably follow, because the leased property
rehabilitation
financially and physically rehabilitated. Such ing before the
until, it is
time interven
obviously cannot be accomplished in the short the expiration of the period
maturity of the next interest coupon or beforeIf foreclosure should ensue,
of grace fixed in the underlying mortgage.
ly valueless.
your investment in the stock will be rendered absolute not only to oppose
necessary,
Immediate concerted action is absolutely Court should grant it, to insist
tion of the lease, but, in case the
the renuncia
the furnishing by the
g
upon equitable terms, includinntamong other things none of its own) and
(the road now has
receivers of sufficient equipme the stock which the Rock Island acquired
the treasury of
the return to
a majority of the cap. stock.
under the lease, and which stock constitutesme, through counsel, to oppose
Several largo stockholders have requested do this without compensation,
the lease. I am willing to
the renunciation of
of stockholders, the pref.
provided I receive the support of the general body
of 1% and the
g
stockholders to bear an assessment of not exceedin fund to defray the
not exceeding y, of 1%, as a
common stockholders
nts &c. If all of the fund
expenses of counsel, railway engineers, accounta to each subscriber. The
return
pro
is not required, then there will be aby rata will decline any longer to
me,
stockholders, now represented
the receiver's application, unless
bear the expensive burden of contestingco-operate and bear their equitable
the general body of stockholders will also101, p. 527.
-V. 100, p. 2085; V.
share of expense.
3,6
adv.
Little Rock Junction Ry.-Deposits-In an First
of
dated at Boston, Sept. 21, and addressed to holders Gordon
Consol. M. 6% bonds, a committee consisting of
Dexter and Edwin F. Atkins says in substance:
Pacific Ry. Co.
fixed
$230,303 $2,094,947
amortization, dividends and surplus
e for dividends__ _dec.$41,3631nc$145,383
Increase or dec.in surplus availabl directors declared the regular quarterly
At a meeting held Sept. 21 the to stockholders of record on Sept. 28.
30
dividend of i %, payable Sept. 5s, due Oct. 1 1959, purchased for the
[On Sept. 10 $235,000 Gen. M. of the Phila. Stock Exchange,leaving
list
sinking fund, were struck off the V. 101, p. 371.
the amount listed $36,763,000.1
-Proposed Extensions.
t in New York City.
Rapid Transi
granted a satisfactory form of jpermit for
The War Department having the East River from 14th St., Manhattan,
the construction of a tunnel under construction will probably be asked for
bids for
to North7th St., Brooklyn,
-Eastern Diswill form part of the 14th St.
within a few weeks. The tube public hearing will be held Sept. 29 before
A
trict line of the dual system.
hear the request of the Broadway Subway Exthe P. S. Commissioners to
building of an extension of the Broadway branch
tension Association for the present terminus at 242d St., or Van Cortlandt
of the old subway from its
-V. 101, p. 846.
Yonkers line, 13i miles.
Park, along Broadway to the
-Year end. June 30:
-Report.
e Southern RR.
Rio Grand
Other Balance,
Interest
Operating Net, after Other
June 30
Revenue. Taxes,&c. Income. Charges. Charges. Deficit.
5
$555.899 $148,351 $3,224 $180,360 $20,070 $48,856
1914-15
13,862
23,248
180,340
3,585
186,141
646,021
1913-14
-V.95, p. 680.
-No Receivership.
Southern RR.
Rock Island
from Monmouth, Ill., that Judge Grier
We have confirmed the report for the property as aslced for by the origihas declined to appoint a receiver defendants included Walsh Bros. of Clinroad. The
nal promoters of the for Railway Co., V. 101, p.371. 449.
ton, Iowa. See plan
t is
St. Louis Iron Mt. & Southern Ry.-Suit.--I and
being
tood that the necessary papers are the drawn Reunders
First and
will shortly be filed for the foreclosure of
funding mortgage of 1912.
•
of Little Rock
• Notice to Holders of Consol.-V. 101, p. 616. Junction Ry.See that company's caption above.
-Listed.
St. Louis Rocky Mountain & Pacific Co.
The New York Stock Exchange has listed:
d", due 1955, with author$5,570,000 1st M.5% 50-year bonds "stampe
d" when exchanged for certificates of
ity to add $183,000 bonds "stampe
to be listed $5,753,000
deposit of Bankers Trust Co., making total
-For years ending June 30:
Earnings.
Interest, Dividends Balance,
Other
Net(after
Gross
June 30
Surplus.
Income. Depr.,&c. Paid.
Taxes).
Year- Earnings.
15 $650,007 $207,752 $525,568 $150,000 $182,191
plan of readjustment of capital and debt of Missouri
The
$2,465,2
1915
79,180
150,000
594,337
n & Southern By. Co., dated July 1bonds 1914-15- 2,276,868
180,310
643,207
and St. Louis Iron Mountai
1913-14..
for the payment of the above
equipment and interincludes in
(V. 101, p. 130), makes no provision but does provide for their exchange,
"Interest, depreciation, &c.." depreciation1914-15 property and equipof mine
$414,004, and
nor for their extension,
at maturity
est, &c., charges,
of minas, $111,564, against $486,894 and $107,443,
par for par, into a security of inferior lien.
at tho request of a majority ment and depletion
yearly 5% on pref., calling
In the judgment of the committee, acting
and the bond- respectively, m 1913-14. "Dividends" include
it is imperative that concerted action be taken, the American for $50,000,and 1% on the common stock, $100,000.-V. 100. p. 1753.
of the bonds,
d to deposit their bonds with
holders are therefore requeste
s.ry, on or before Oct. 12. Limit
Trust Co., 50 State St., Boston;as deposito bonds deposited. Dissenting
San Francisco-Oakland Terminal Rys.-Earning
par value of
follows:
of committee expenses, 2% of the adoption of a plan.
-V.89, p. 1542.
The San Francisco "Chronicle" reports as&c.
depositors may withdraw upon
Results Before Deducting Depreciation, Bond, &c.
Sur.for
-Stock.
Other
-Bonds
Net (after
Midland Railway,
Gross
Deprec&C
Interest.
Income.
has authorized the company to issue June 30 Earnings.
Taxes, &c.)
The Georgia RR. Commission the bonds on account of the purchase of
Year$217,724
$1,101,112
$74,555
$1,244,281
and $75.000 stock,
$360,000 bonds
415,343
the stock in settlement for 1914-15.34,341,891
1,057,499
125,964
1,346,878
the Savannah Augusta Sc Northern RR. and
1913-14. 4,515,799
p. 449.
the construction of a part of the Midland Ry. See V. 101,
SEPT. 25 1915.1
THE CHRONICLE
Previous Dividend Record (Per Cent).
1900. '01. '02. '03. '04. '05. '06. '07. '08. '09. '10. '11. '12.
16
12 20 30 24 20 16 16 24 24 32 30 24 '13. 1914.
8 Mar., 2
New York Air Brake Co.—War Orders.—President Starbuck on Wednesday announced:
The company has closed a contract for
cases amounting to S3.675,099, bringing an additional order for cartridge
total
books for war material to $20,242,600. theis the of orders now on the
It
holders informed of any additional contracts which policy to keep stockmay bo closed, so they
may not be misguided by extreme statements
given out by irresponsible
parties.—V. 101, p. 618.
Nipissing Mines Co.—Statement.--The Nipissing Mining
Co., Ltd., the operating company, has issued the following
statement of condition as of July 1 1915:
Cash in bank, $655,402: bullion
in process and bullion ready for in transit, $331,332; oro on hand and
shipment, $400,240; total, $1,386,975.
—V. 101, p. 612.
North Butte Mining Co.—Dividend Increased.—
A dividend of
50 ets. a share(3 1-3%) has been declared
stock (par $15), Payable Oct. 27 to holders of record on the $6,450,000
Oct.
with 40 cts.(2 2-3%)last July, which was the first payment 8, comparing
since July 1014.
Provious Dividend Record (Per Cent) to 1914.
1905. 1006. 1907. 1908. 1909. 1910. 1e11. 1912.
1913.
1914.
8 1-3 48 1-3
40
20
26 2-3 7 1-3
8
111-3 13 1-3 10 1-3
—V. 101, p. 201, 285.
Pacific Mail Steamship Co.—Reluction of
Stock.—
The shareholders will vote Oct. 13 on the following proposition
s: (1) To
reduce the caoital stock from $20,000.000 par
(2) To change the par value of its shares fromvalue to $1,000.000 par value.
$103
thorize the amount of capital over and above the to $5 each. (3) To auamount of
capital to be returned to the stockholders pro rata at such timesthe reduced
and ia such
manner as the directors shall determine. Compare
V. 101. p. 618.
Extract from Circular Signed by Secy. Hugh Neill, N.Y..
Sept. 21 1915.
The Act of Congress aporoved March 4 1915
"Seamen's Act", becomes effective Nov. 4 1915, generally known as the
as
States. The company cannot continue operations to vessels of the United
under the terms of that
Act without incurring heavy losses. As explained
at the last
meeting of the stoekholders, figures prepared by expert accountantannual
s show
that the Act woald increase the expenses of your transpacifi
c fleet
the items of wages and feeding crews alone by $640,805 per annum. as to
Other
provisions of the Act relating to lifeboat crews and to your Central
lino would swell this amount. The abnormally largo surplus America
in 1915,
due to higher rates following the withdrawal of Canadian Pacific and
Japanese steemors in consequence of the European war, would not suffice
to men the increase of wages and feeding expanses that the Act demands.
Pursuant to authority conferred by the stockgolders at their last anneal
meeting, several of the company's vessels have, therefore,
it is now desired to pay a dividend to the stockholders. been sold, and
The directors
are forbidden by law to pay dividends except out of surplus profits or to
divide any part or the company's capital among the stockholders. Since
at least a portion of the moneys in the company's treasury represents
capital assets and not surplus profits, in order to permit the distributio
n
of these moneys as a dividend to stockholders a reduction of the company's
capital stock is deemed advisable.
The company proposes to soli its remaining steamships as
soon as a
satisfactory purchaser can be found.(As yet none
sale of five to the International Morcnatile Marinohave been sold since the
Co.—Ed.] See V. 101,
618; V. 100, p. 2082, 2165.1—V. 101, A. 927.
Pittsburgh Coal Co.—Rumored Plans.—It was reported
on Thursday that at a meeting of the directors the plan to
retire the accumulated dividends on the preferred stock was
arranged. This was denied as a mere newspaper "rumor."
One statement says in substance :
1 0 P.7
Guaranty Endors^d on Each Preferred
For value received the Consol. Gas, El. Lt. StockCertificate.
& Power Co.
hereby guarantees to the holder of the within certificate the of Baltimore
ment of a perpetual dividend on the pref. stock represented punctual paycertificate, to accrue from Aug. 2 1915, at the rate of 6% perby the within
annum, Payable quarterly, accounting from said date, whether earned or
declared or
not, and without deduction for any tax or taxes which may
be paid thereon, or retained therefrom, under any present be required to
or future law of
the U. S., or of any State, county or municipality therein; and
in
of the dissolution of said Building Co. guarantees to such holderthe event
ment of the par value thereof (if such dissolution be involuntar the payy), or the
redemption price of $110 per share (if such dissolution be
voluntary, by
consolidation or otherwise), and accrued dividends to the date
of such payment; all without deduction as aforesaid.
(As to earnings of Consolidated Gas, Electric Light &
"Annual Reports" on a preceding page. The company is Power Co., see
dends on $1,103,754 pref. stock and 7% on $11,472,33 paying 6% divi4 common stock
at present outstanding.]
Tenth & Twenty-Third St. Ferry Co., N. Y.—Coupon.
Treasurer Lewis A. Eldridge announces that the coupons on
the 1st M.
5% bonds which fell due on June 1 last will be paid
upon presentation at the Corn Exchange Bank.—V. on and after Oct. 1
99, p. 1303.
•
Terminal Warehouse Co., N. Y.—Possi
ble Stock Div.—
The shareholders will meet Oct. 7 to consilee
a statern
pany's financial condition and also to vote on authorizing 'nit of the com: (1) Tee increase
of the capital stock from $1,200,000 to $2,090,000
, par $100: (2) the issuance of $200,000 stock at present unissued and
stock, or any part thereof, either (a) in the form the said $330.033 additional
holders in proportion to their holdings, or (b) of a stock dividend to stockall
pro rata by the shareholders at a price not less than or part for subscription
par.—V.83, p. 1144.
Tonopah Mining Co.—Dividend 1Wuced.
—
A quarterly dividend of 15% (15 cents per share)
stock, payable Oct. 21 to holders of record Sept. has been declared on the
39, comparing with 25%
(25 cents per share) from Oct. 1913 to July 1915. Extra payments
of 15
c snts each were also paid quarterly from July 1910
to July 1913. Compare
V. 101, p. 292.
Trinidad Consolidated Telephones, Ltd.,
N. S., Can.
An initial dividend of 3% has been declared on
$210,090 stocK. The
company was organized in 1909 under the laws thethe
of
Trinidad and Tobago and its securities, consisting of British Colony of
$210.000 6% bonds
and $210,000 stock, are mostly owned in Nova Scotia.
F. B. McCurdy
& Co. floated the securities in 1909.
United Drug Co., Boston.—Purchase.--ft seems to be
a fact that negotiations for the purchase of the Riker
& Hegeman stores are about completed.
Geo. J. Whelan is quoted as saying that the
stores by the Whelan group has passed to the control of the Riker-Hegeman
United Drug Co. and that he
will exchange his shares for United Drug Co. stock on the
basis proposed
to all stockholders, which he considers eminently fair. With
the
tion of the Riker-llegeman chain of stores the United Drug Co. acquisiwill, it is
said, _loossess a manufacturing and retail business amounting
to
$30,000,000 and $40,000,000 gross yearly. An announcement between
will, it is
stated, be made to the United Drug Co. stockholders in the
near future.
—V. 101, p. 928. 851.
United States Steel Corporation.—Bonds
Sold.—
lIambleton & Co. and Colgate, Park & Co.
completed the sale of their blocks of guaranteed announce that they have
bonds namely $2,090.009
434% debenture gold bonds of 1910, due April 1 1940 of the Illinois
Steel
Co., offered at 863i and int., and $1,250,000 1st M.5s of
1912, due May
1952, of Indiana Steel Co.. offered at 101 and int. These
bonds were
originally purchased by a syndicate some considerable time ago,
forming
a part of the outstanding issues, $18,500.030 and $13.035,030 respectivel
y,
as shown in the annual report for the calendar year 1914. Ci!culars
the average net earnings of the Illinois Steel Co. dicing five years report
ending
Dec. 311014 after providing for depreciation but before deducting interest
on bonds and other debts, as 58,989.206, while the not earnings
of the
Indiana Steel Co. for 1913 after deducting depreciation were
$11,504,000.
—V. 101, p. 851. 533.
l'ittsburgh coal interests have virtually completed plans
the company. This reorganization is a purely voluntary to reorganize
one, and is
more properly to be described as a readjustment of capitalization. Present
plans provide for changing the corporation from its Now Jersey domicile
to Pennsylvania. The present bonded debt of approximately $28,000,00
0
is to be retired through the sale of the company's Montour RR. and certain
U. S. Metal Products Co.—Sale.-parts of its coal lands which it does not need. The railroad property
The company's machinery, &c., will be sold at public auction
at College
would be taken over by large railroad interests and is sufficiently
valuable Point, N. Y., on Oct. 4. See V. 101,p. 452,292.
command a quick market sale.
to
United Water & Guarantee Co.—Controlled Company.—
With bonds extinguished the company would then plan to convert
its
present $27,000,000 preferred into common so as to have only
See Pleasantville Water Co. above and in V. 99, p. 1055.
of stock. The accrued dividends on the preferred, amounting one class
Washington-Oregon Corporation.—Plan Operativ
would be adjusted in this re-capitalization plan, probably through to 42%,
issuance
The committee of holders of 1st M. bonds, Clarence M. Brown, e.—
of stock, at least in part.
ChairIt is figured that this change would put the company in position to begin man, announces that it has adopted a revised plan of reorganization, in
substitution of that dated April 20 1915, outlined in V. 100,
regular dividends on its combined ono-class stock.—V. 103, p. 1923,
p. 1598.
895.
Pleasantville (N. J.) Water Co.—Sol
Watervliet Hydraulic Co.—Receiver.—
d.—
The company was on Sept. 20
Vice-Chancellor Backes on Sept. 21 confirmed the sale of the property
at ized in Sept. 1900 as successor placed in the hands of a receiver. OrganTrenton on Sept. 3 to Wilbur F. Sadler Jr. of Trenton and Louis
to the West Troy Waterworks Co. with
S.
Guy H. Davies and Caleb S. Brinton of Carlisle, Pa.,for $280,000.Sadler, $300,000 each of stock and bonds. J. C. Chamberlain, Pres., Bridgeport,
—V. 99, Conn.—V. 72, p. 286.
p. 1055.
(The) Public Service Building Co., Baltimore.—Guaranteed Bonds and Pref. Stock.—J.S. Wilson Jr. & Co., Baltimore, are offering at
and int. $800,000 1st M. sinking
fund gold bonds and $600,000 6% cum. pref. stock, both
guaranteed by endorsement by the Consolidated Gas, El.
Lt. & Power Co. of Baltimore, the former as to principal and
interest, the latter as to perpetual 6% divs. Circular shows:
Bonds dated Aug. 2 1915 and duo Aug. 11940, but red., all or
on any interest day at 105 and int. on 2 mos. notice. Authorized,any jpart,
$900,000
outstanding, $800,000. Donom. $500 and $1,000 (c*). Company agrees
so far as lawful to pay normal income tax and will refund, upon presentation
to it of a receipted tax bill, all State, county or municipal taxes, not exceeding 45 etre for each $100 of par value paid by holders on these bonds
IT. S. Int. F. & A. at Mere. Trust & Deposit Co. of Bait, trustee. in
Digest of Letters from Pres. Herbert A. Wagner, Baltimore, Sept. 1.
Organization.—Incorporated with the following authorized
$900,000 1st M. 57 bonds, $700,000 6% cum. pref. stock caph,alization:
and $900,000
common stock, and has acquired lot. 84 ft. by 120 ft., at Lexington and
Liberty streets, Baltimore, on which a modern office building of about
18 stories will be constructed. The cost of this building, together with the
land, will not be less than $1,600,000. This building vsill
solidated Gas, Electric Light & Power Co. of Baltimore toenable the Concombine
one roof its executive, engineering and commercial department under
s. Any
portion not needed at present, for this purpose will be available
for tenants.
To meet the estimated cost. $1,600,000 as aforesaid, the company
has
sold $800,000 1st M.5% bonds, limited to 50% of the total
6% cum. prof. stock, limited to 3734% of the total cost, and cost, $600,000
at par for the balance. We have deposited $1,600,000 withcommon stock
the
pay tor the land and to provide upon certificates of expenditur trustee to
e,
struction. Should the total cost exceed $1,600,000 the Building for conCo. will
sell additional bonds and stocks in the proportions above indicated.
After
the completion of the building no more bonds are to be issued
acquire ground rent of $140 per annum), so that the amount of (except to
bonds outstanding will at no time exceed 50% of the cost of the land and building.
Lease.—In addition to its guarantee the Consolidated Gas, Electric
Light
& Power Co. has leased the entire building for a period of 25 years under
an
annual charge sufficient to pay the interest and sinking fund on these
bonds,
divideads and sinking fund on the pref. stock, as well as the operating
expenses of the building, taxes, maintenance, &c. This lease is deposited
with the trustee for the benefit of the bondholders and pref. shareholders.
Sinking Fu td.—A bond sinking fund of not loss than
will begin Fe). 11921, and should retire about half the$20,000 per annum
Beginning Aug. 1 1923 the corporation will set aside issue by maturity.
$10,000
for the retire nent of the pref. stock. If any additional bonds or annually
are issued, the sinking fund will bo increased proportionately. prof. stock
Sto(k.—Par value of $100; pref. as to assets and 6% dividends.
Prof.
Dividends cumulative, payable Q.
-F.,free of all State, county or municipal
taxes in Maryland. Baltimore Trust Co., transfer agent. All or any
part
may be redeemed at any time at $110 a share and dividends,
Westinghouse Electric & Manufacturing Co.—On 6%
Basis.—A quarterly dividend of 13/2% has been declared on
the common stock, payable Oct. 30 to holders of record
Sept. 30. This compares with 1% quar. from Oct. 1912 to
July 1915.
Earnings for the quarter from the electrical business were, it is stated,
sufficient to cover the dividend.
Dividend Record Since 1904.
19041o1907. 1908. 1909. 1910. 1911. 1912. 1913-14.
1915.
Com__ 10 yriy.
0
0
0
0
2
4 yriy. 1, 1, 1, 13i
Pref___ 10 yrly.
53 1034 1231 7
7
7
7 5713r.
War Orders.—Chairman Tripp on Wednesday said:.
The company has received firm contracts for the manufacture of
war
munitions aggregating approximately $60,000,000. the greater portion
of
which is is contract for rifles which is to be executed at factories in New
England especially acquired for the purpose.
Terms of Conversion of Bonds.—The company makes substantially the following announcement regarding the conversion of bonds, issue of 1915:
1. If presented for conversion up to and including Sept.
will be on the basis of an allowance of interest on the bonds29, conversion
num from July 1 to the date of conversion, with a reduction at 5% per anat rate of 6%
per annum from July 30 to date of conversion.
2. If presented on Sept. 30 and up to and including Oct. 29, there will be
besides the interest allowance a further one as dividends at the rate
of 6%
per annum from date of conversion to Oct. 30.
3. If presented on Oct. 30 and up to the date of action by the board at its
December meeting, there will be an allowance for interest on the bonds at
5% per annum from July 1 to date of conversion, with a deduction for dividends from Oct. 30 to date of conversion at the rate of 6% per annum.—
V. 101, p. 928, 781.
CURE ENT NOTICE.
The partnership existing between J. D. Hayward and John F. Clark
under the firm name of Hayward & Clark, of New Orleans, will expire by
limitation on Sept. 30. Following its discontinuance both Mr. Clark
and
Mr. Hayward will be identified with separate firms. The former, in conjunction with Russell Clark, has formed a partnership under the firm name
of Jno. P. Clark & Co., and commencing Oct. 1 will continue the operation
of the private wire system, local and public wire brokerage business in
cotton, stocks, bonds, grain, provisions, coffee and sugar. The offices
of the concern will be in the present quarters of Hayward & Clark at 818
Gravier St.
[VOL. 101.
THE CHRONICLE
1018
'fey cies and Documents.
THE DENVER AND RIO GRANDE RAILROAD COMPANY
1
YEAR ENDED JUNE 30 1915.
TWENTY-NINTH ANNUAL REPORT-FOR THE FISCAL
St. Louis, Mo., Sept. 14 1915.
Stockholders of The Denver & Rio Grande Railroad Co.:
To the
The Board of Directors submit the following report for the
fiscal year ended June 30 1915.
The results were as follows:
----Inc. or
Amount.
1914.
1915.
-11.81
2,583.27
2,571.46
Average mileage oper_
$
5
Operating Revenues: 15,911,101 65 17,058,445 14 -1,147,34349
Freight
4,449,044 31 5,077,407 62 -628,363 31
Passenger
344,969 77 308,938 97 +36,03080
Mall
+59,614 81
72
372,078 46 312,464 04 -29,719 68
Express ous
293,995 27
264,275
Miscellane
41
49
465,690 81 531,366 93 -65,675 92
Incidental
+5,051 88
11,023
16,075
Joint Facility
Total Operating
21,823,236 21 23,593,641 38 -1,770,405 17
Revenues
0.46
6.73
12.38
11.66
19.08
10.11
12.36
45.83
7.50
Operating Expenses:
Maintenance of Way 2,541,539 49 3,406,851 81 -865,312 32 25.40
and Structures_ _ _
Maint.of Equipm't_ 3,992,351 45 4,318,511 82 -326.160 37 7.55
477,425 30 497,431 40 -20,006 10 4.02
Traffic
6,290,954 61 7,311,843 46 -1,020,88885 13.96
Miscellaneous 0per- 345,487 05 401,181 67 -55,69462 13.88
Transportation-ations
651,215 12 585,069 38 +66,145 74 11.31
General
Transportation for
60,220 22 +51,018 19 84.58
9,302 03
Investment-Cr
Total Operating14,289,670 99 16,460,579 32 -2,170,898 33 13.19
Expenses
Net Revenue from 7,533,565 22 7,133,072 06 +400,493 16 5.61
Operations
1.14
53
31
Tax AccrualsRevenues 1,020,606 82 1,009,143 93 +11,462 78 270.43
+98689
364
1,351
Uncollectible
1,021.958 13 1,009,508 46 +12,449 67 1.23
Total
Operating
Total
6,511,607 09 6,123,563 60 +388,043 49 6.34
Income
Non-Operating Income:
Hire of Equipment
82,218 36 -82,218 36 0.34
Credit Balance_
+691
201,216 13 200,524 78
Rent Income__ - 891,038 31 800,000 00 +91,038 35 11.38
31
Dividend
17.30
Interest s Income._ 148,918 76 180,061 58 -31,14282 133.69
-121 40
129 57
. 817
Miscellan'
Total Non-Opera- 1,241,181 37 1,262,934 29 -21,75292 1.72
ting Income..
Gross Income 7,752,788 46 7,386,497 89 +366,290 57 4.06
Deductions from Gross
Income:
Hire ofEquipment
126,327 37
Debit Balance
511,156 64 360,088 16
Rent
5,696,573 87 5,626,034 44
Interest
Total Deductions.. 6,334,057 88 5,986,122 60
1,418,730 58 1,400,375 29
Net Income
•
Disposition of Net Income:
to
Income Applied ReSinking and
273,044 89 263,8$8 82
newal Funds
Income Appropriated for Road and 211,045 46
80,927 52
Equipment
Total Appropria- 484,090 35 344,816 34
tions
Income Balance Transferred to Credit of 934,640 23 1,055,558 95
Profit and Loss_
Operating Revenue per
9,133 25
8,486 71
Mile of Road
Operating Expense per
6,371 99
5,557 03
Mile of Road
Revenue
Net OperatingRoad
2,761 26
2,929 68
per Mile of
Ratio of Operating Expense to Operating
69.77%
65.48%
Revenue
Under contract with the Utah Railway Company and involving an annual rental charge of $191,220, there was taken
over for operation November 1 1914 the new line of railway
extending from a point 2.4 miles west of Helper to Mohrland
and East Hiawatha, 27.43 miles, serving the coal properties
of the United States Fuel Company. The completion of this
road enabled the immediate discontinuance of operation of
exceedingly heavy grade line between Price and Mohrland,
Utah, 22.5 miles.
Second main track from Thistle to Provo (20.62 miles),
begun in August 1913, was completed and put in operation
August 28 1914. This is the property of the Utah Railway
Company, but is operated by this Company under the provisions of a contract dated November 1 1913. Annual
rental $43,500.
There was also taken over for operation 3.68 miles of track
extending from a point 1.13 miles east of Helper to Kenilworth, Utah, to serve the coal property of the Independent
Coal & Coke Company.
ROAD AND EQUIPMENT.
A classified list of Road and Equipment charges, aggregating $558,770 11, appears on page 18 [of pamphlet report].
The following are the important items:
The construction of the narrow-gauge branch line Taos
Junction to La Madera, New Mexico.
The laying in track of 9,330 tons of new 90-pound and
-pound section rail.
160 tons of new 85
Approximately 247,000 tie plates and 65,000 rail anchors
were installed.
New steel bridges aggregating 481 lineal feet were erected,
displacing those of lighter construction,and 793 lineal feet
of wooden bridges were eliminated by permanent filling.
The Colfax-Larimer Street viaduct in the City of Denver,
being constructed over main line and yard tracks as mentioned in last year's annual report, is about 50 per cent complete.
The rearrangement of tracks and laying of brick pavement on Wynkoop Street, Denver, mentioned in last year's
report, was completed in June of this year.
Industrial sidings and yard tracks were constructed and
extended to serve new or enlarged industries involving the
building of 12 miles of track.
The item of $100,806 20 for "Grading" includes all roadbed work occasioned by the construction of additional track.
Ten new steel standard-gauge mail and baggage cars were
purchased and placed in service in October 1914.
OPERATION.
+126,327 37 41.95
48
+151.06843 1.25
The total Operating Revenues were $21,823,236 21, a
+70,539
decrease of $1,770,405 17, or 7.50 per cent under the previous
+347,935 28 5.81 year. The average mileage operated was 2,571.46, a de+18,355 29 1.31 crease of 11.81 miles.
traffic decreased $1,147,343 49,
The revenue from freight
to
or 6.73 per cent. Of this decrease, 30 per cent was duedeore and bullion shipments mainly attributable to thenine
industry during the first
+9,156 07 3.47 pressed condition of the copperper cent to merchandise and
months of the fiscal year; 40
ured articles because of the general business de+130,117 94 160.78 manufactand to transcontinental tonnage attracted through
pression
Canal; 15 per cent to coal and coke, largely be+139.274 01 40.39 the Panama depression in the copper industry, coupled with
cause of the
an unseasonable winter in the Northwest, and approxilumber shipments.
to live
-120,918 72 11.46 mately 15 per cent tons ofstock, wool and handled declined
revenue freight
The number of
tons-one-mile decreased
cent, although
-64654 7.08 10.04 perper cent, due tothe resulting haul of 6.34 miles.
longer average
but 5.52
-814 96 12.79
The average revenue per ton per mile was 80.01186, and
+168 42 6.10 represents a decline of 3.03 per cent under the previous fiveyear average.
The revenue from passenger traffic decreased 12.38 per
--4.29
cent, or $628,363 31, of which 65 per cent occurred in local
travel and to which the operation of additional electric lines
CAPITAL STOCK.
and of automobiles largely contributed.
There has been no change in the Capital Stock.
The total number of passengers carried decreased 15.55
per cent; the number carried one mile decreased 7.48 per
FUNDED DEBT.
cent; the average revenue per passenger per mile was 1.93
1.97 cents.
The Funded Debt in the hands of the public was decreased cents-against previous five-year average ,of
Complete details of Operating Expenses exhibiting a de$368,000 by purchase of $218,000 (face value) First and
cent, are recorded on.
Refunding Mortgage 5 per cent bonds for the Sinking Fund, crease of $2,170,898 33, or 13.19 per For comparative purwhich have been deposited with the Trustee, and $150,000 pages 25 and 26 [pamphlet report].
to accord with the
of equipment trust obligations were redeemed and canceled. poses last year's figures have been revisedCommission, made
regulations of the Inter-State Commerce
NEW LINES.
effective July 11914.
Combining the Maintenance of Way and Structures and
A narrow-gauge branch line was constructed in the State
nt expenditures, the ratio of these
of New Mexico from Taos Junction (formerly Caliente) to Maintenance of Equipme
g Revenues equalled 29.94 per cent as
La Madera, to serve the Hallack & Howard Lumber Com- charges to Operatinprevious five-year average of 30.97 per
pany. The line is 16.43 miles long and was placed in opera- compared with the
cent.
tion November 10 1914.
SEPT. 25 1915.1
THE CHRONICLE
1015
Prom the foregoing surplus. $217,724, for the year 1914-15 the company
deducts $89,338 for depreciation of equipment (as required by the I. S. 0. certificates of deposit up to $40,000,000 for preferred and $20,000,000 corn
Commission) and $96,319 as reserve for advances to the Oakland Terminal mon stock, on notice of issuance in exchange for outstanding preferred and
common stock under the agreement dated Aug. 14 1915 (V. 101, p. 529).
Co. (entire stack owned by the railway company) and
int. charged to capital assests, making the bal. carried toadds $78,053 for —V. 101, p. 695, 529.
surp.
"The decrease in gross earnings is duo principally to jitney $110,121.
bus comAtlantic, Gulf & West Indies SS. Lines—New Steamers*
petition during the first six months of 1915, which, it is estimated, diverted
from the company at least $150,000 in revenue during this period."—
This holding company has lately adopted the new policy of building and
V. 101 p. 846. 616.
owning steamships on its own account. An approved statement says in
brief: "If
Tennessee Railway, Light & Power Co.—Notes.—The build and present plans carry to maturity the company will in all probability
own $4,000,000 to $5,000,000 of new steamers during the
$2,500,000 note due June 22 1915 was paid at maturity. five years. One of the two 5,000-ton steamers just ordered from next
the
Construction & Dry
To finance this payment there were sold by E. W. Clark & Seattleline at a rental equalDock Co. will be owned by it and leased to the
Ward
to
Co. of Phila. $2,500,000 one-year 6% secured note partici- depreciation. The other of theinterest on the investment, insurance and
two boats will be built and owned by the
Ward line
pating receipts dated June 22 1915 and due June 22 1916. upbuildingitself. The management is strongly committed to the policy of
its fleet out of earnings. None of
tonnage constructed during the last seven years has involved a dollar the
Interest payable quarterly Sept. 22,&c. A circular shows:
of outside financing and it is
These participating receipts are issued by the Guaranty Trust Co. of the desire of the management to adhere to this policy.—V. 101, p. 49.
N. Y. and certify that the holder is entitled to a certain interest in a oneAustin, Nichols & Co.—Purchase.-year 6% promissory note for 32,500,000, executed by the Tennessee Ry.,
Lt. & Power Co., and secured by pledge of the following securities: (a) NashThe company has purchased the three stores of Johnson & Murray in
ville Railway & Light Co. common stock. paying 4%. $2,500,000. and (b) Utica. Watertown and Ogdensburg,
N.
Tennessee Power Co. 1st M.5% gold bonds, $2,500,000; total, $5,000,000. the old name, with James B. Murray Y., and will operate them under
as President of the local concern.
These securities represent an investment on the part of the Tennessee Ry. D. Clinton Murray will be a
director of Austin, Nichols & Co.—V. 99. 13•
Lt. & Pow. Co. of over $5.000.000, and the income received from them is 1599.
50% greater than the interest on these notes.
The Nashville R.& Light Co. does practically all the street railway, elecBishop-Babcock-Becker Co.—Retu n of Certificates.—
tric light and power business excepting municipal lighting in Nashville,
The First Trust & Savings Co. of Cleveland, as depositary, announces
and for the 12 months ended March 31 1915 its earnings, after paying'the
pref. dividend, were equal to over 734% on the common stock. The that the shareholders' committee has terminated the readjustment agreeTennessee Power Co. owns two hydro-electric plants with an installed capac- ment dated Jan. 2 1915 and that the stockholders should therefore present
ity of 45.000 h. p., and three additional sites capable of development of their certificates of deposit and receive the capital stock of the company
about 100,000 h. p., and 507 miles of high-tension transmission lines. represented thereby.—V. 100, p. 1513.
Supplies practically all the electric current used in Nashville, Chattanooga.
(E. W.) Bliss Co., Brooklyn.—Extra Dividend.—
Knoxville, Murfreesboro, Cleveland, Athens, Etowah, Sweetwater, Lenoir
An extra dividend of 134% in addition to the usual quarterly distribution
City, Loudon, Franklin and Sparta, Tenn., and Rome and Dalton, Ga.
Is now supplying about 20,000 h. p. to Aluminum Company of America of 134% has been declared on the $1,250,000 common stock, payable along
with the regular quarterly dividend of 2% on the $1,250.000
at Maryville, and 1,750 h. p. to American Zinc Co. at Mascot.
preferred stock, on Oct. 1 to holders of record Sept. 22. The cumulative
The Tenn. Ry., Lt. & Pow. Co. is a holding company and
same extra
tically all of the $4,000,000 common stock and $335,000 of theowns prac- distributions were made in July and April last. Compare V. 100, p. 1081.
32,500,000
pref. stock of the Nashville Ry. & Lt. Co., practically all of the $3,000,000 —V. 101. p. 215.
common stock and $2,000,000 pref. stock of the Chattanooga Ry. & Lt.
Cambria Steel Co.—Important Developments.—It was
Co. and the $20,000.000 capital stock of the Tennessee Power Co. The
company has outstanding in the hands of the public $10,250,000 pref. announced after a meeting of the
board on Sept. 23:
stock and $12,000.000 common stock. These notes (prior to the stock)
Owing to the recent absence from the city until yesterday of a number of
provide for paying off an equal amount of floating debt (the $2,500,000
note due June 22 1915) incurred through advances to the constituent com- the executive committee, only routine business was transacted .t the
Cambria Steel Co.'s board meeting to-day.
Mr. Donner stated that he
panies for new construction and improvements.—V. 100, p. 1667.
desired to bring some important matters before
board and that this
Texas & Pacific Ry. Co.—Purchase.—The Equitable would be done as soon as they could be formulated the proper consideration.
for
Trust Co., N. Y., has.purchased $220,000 of the company's
There have been renewed rumors recently of consolida6% equipment notes.—V. 101, p. 616.
tion with other large steel companies.
Toledo (0.) Traction Light & Power Co.—Franchise
It is surmised in some quarters that the interests that recently acquired
President Donner says regarding the reported sale of the property that
Agreement.—The street railroad committee of the City Coundeal as outlined in the newspapers
negotiated, nor would
cil and President Doherty have agreed upon an ordinance no on the basis given—$25,000,000 forhas beenof the plant.—V. 101, it
be
control
p.
290. 215.
settling the differences between the city and the company.
Referendum petitions are being circulated and it is expected that the
Canadian Western Lumber Co., Ltd.—Quotation.—
ordinance will be submitted
to the people at the election on Nov. 2. The
ordinance provides for a 25
-year franchise, that the city may buy the property at any time it chooses, and also provides for a trial of 3
-cent faro, but
the company is to be eventually permitted to earn 6% on the actual investment.—V. 97, p. 1735, 1358: V. 99, p. 408, 344.
Trinidad Electric Co., Port of Spain.—No Dividend.—
The directors have decided not to pay the usual quarterly
dividend of I YI
Disbursements of 5% annually have been made for many years.—
V. 101, p. 214.
Wilmington Southern Traction Co.—New
Officers.—
This road, Wilmington to New Castle, Del., 634 miles, has passed out of
- the control of the Wilmington New Castle & Delaware City Ry. Co., owing,
it is said, to failure to comply with purchase contract. The new officers are:
Pres., W. J. Wall, N. Y.;
J.T. Hambleton, Wilmington,
Sec.-Treas., Chas. F. Gehrmann, N. Y. Address of company, 41 Del.;
Vice-Pres.'
Wall
St., N. Y. On Sept. 18 there was a press report that the control of both
roads might pass to the Wilm.& Phila.. Traction Co. The last coupon paid
on the $250,000 1st Gold 5% bonds was that of Feb. 1914.—V.96,p. 137.
INDUSTRIAL, GAS AND MISCELLANEOUS.
American Chicle Co.,—Quarterly Dividend.—
The company will hereafter make quarterly disbursements
000,000 common stock, the first payment on the now basis to on the $8,be made in
Jan. next. Distributions have been made monthly for many years. payments having been: From April 1902 to April 1915. 1% monthly with 1%
extra bi-monthly from May 1906 to March 1915; also 1% extra in Oct. and
Dec. 1914; May 1915, 13%, and June to Sept. 1915, 1% monthly (the
last Sept. 20).—V. 100. p. 1919.
American Cotton Oil Co., N. Y.—Notes.—Earnings &c.
The London Stock Exchange has granted official quotation for the
£1,384,314 5% 1st M. debenture stock and £1,384,314 5% cum. income
debenture stock, in lieu of the 5% 1st M. debenture stock of the Columbia
River Lumber Co., Ltd., and the 5% 1st M. debenture stock of the Canadian Western Lumber Co., Ltd.—V. 99, p. 1751.
Caney River Gas Co.—Extra Dividend—
A quarterly dividend of 2%, also an extra disbursement of 1%, has been
declared on the stock, payable Nov. 20 to holders of record Nov. 10.—
—V. 101, p. 848.
Central & South American Telegraph Co.—Partly Estimated Earnings.—For 3 and 9 months ending Sept. 30:
3 Mos.-,- Total Inc. Net Income.
Dividends.
Bal.,Surp. Total Sur.
1915
$687,000 $528.250 (1 A %)3143,565 $384,685 $5,185,180
1914
547,500
388,917 (13%) 143,565
245.352 3,731,282
9 Mos.—
1915
$1,977,000 $1.499,500 (43%)$430,695 $1,068.805 $5,185,180
1914
1,325.200
854,368 (4A %) 430,695
423,673 3,731,282
—V. 100, p. 2169.
Central Union Telephone Co.—Trial of Suit.—
The trial of the suit brought by Wm. A. Read and other minority stockholders against the company and the American Telephone & Telegraph Co.
was resumed this week before Judge Dever of the Superior Court in Chicago.
The suit was brought for the purpose of obtaining an accounting from the
American Co. and to prevent the sale of the assets of the Central Union
to other Bell controlled companies for less than the amount of a debt of
$32,500,000 claimed to be due in 1913 to the American Telephone & Telegraph Co., which then owned 96% of the stock. This, it is stated, would
leave the stockholders without a cent. The plaintiffs have, it is stated.
owned their stock for 17 years without receiving dividends and with
practically no information as to the affairs of the company throughout
the entire period of ownership.—V. 98, p. 389.
The $5,000,000 2
-year 5% coupon gold notes recently placed at 993 by
Chicago St. Louis & Gulf Transpn. Co.—Receiver.—
the First Nat. Bank of N. Y. are dated Nov. 1 1915 and due Nov. 11917,
Judge Carpenter in the U. S. District Court, Chicago. appointed the
but are redeemable in whole or in part at 101 and int. Denom. $1.000.
Int. M.& N. Central Trust Co. of N. Y.,registrar. The company agrees, Central Trust Co. of Illinois receiver for this company, wnich began in
so far as it lawfully may, to pay the principal and interest without deduc- 1914 the running of barges between Chicago and New Orleans via the
tion for any taxes which it may be required to pay thereon under any pres- drainage canal.
ent or future law of the U. S. of A. or of any State, county or
Consolidated Gas, Elec. Light & Power Co., Baltimore
therein. No mortgage lien can be placed upon the property municipality
without the
See "Annual Reports" on a preceding page.
written approval of the holders of 80% in amount of the notes of this issue
outstanding, nor without the notes of this issue being secured by such
then
Pref. Stock of Public Service Bldg. Co. Guaranteed Perpetually
mortgage equally and ratably with all other indebtedness secured thereby.
For the year ending Aug.31 1915 the net earnings,it is said, were about 6% Per Annum.—See that company.—V. 101, p. 215.
$2,500,000 (contrasting, it is understood, with $1,487,623 for the year 1913Corporation for Riker & Hegeman Stock.—Sale.—
14—V. 99, p. 1463), being five times the amount required to discharge the
See United Drug Co. below.—V. 99, p. 1530.
interest on the entire funded debt, while the general balance sheet of July
31 1915 showed current assets of $14,701,325 as against current liabilities of
Cosden & Co. (Oil Refiners), Tulsa, Okla.—Bonds.—
$2,127,599, leaving a surplus of working capital of $12,573,726, which is The Equitable
Trust Co. of Baltimore, the mortgage trustee,
125% of the entire funded debt. The company has $16,000,000 invested
in real estate, buildings. machinery, &c.—V. 101, p. 847.
and syndicate manager, is offering, at 97% and int. to yield
-year sink, fund convertiblegold6s.
American Malt Corporation, N. Y.—Old Manage- 6:V8%,$350,000 1st M.5
Date Oct. 11915, due Oct. 1
ment Ousted.—At the special meeting of shareholders on any int. date on not less than 901920, but redeemable at 101 and int. on
days previous
having
Thursday the Taylor Proxy Committee, headed by James B. the r ght of conversion up to and including the datenotice, the holderDenom.
of redemption.
i
Taylor, won in its fight for control by a majority of 700 out $1,000. Int. A. & 0. Capitalization of company:
Common stock authorized, $4.000.000; outstanding
$2,202,660
of a total vote cast of 111,792 shares.
Preferred stock authorized, $200,000; outstanding
200.000
The new directors are George A. Schreifer, William L. Hallihan, Russell First mtge. 6% cony, gold bonds, authorized and outstanding
1,000,000
H. Landale (a lawyer at 37 Wall St.), Stephen J. Leonard (Vice-Pres.,
Digest of Letter from Pres. J. S. Cosden, Tulsa, Sept. 10 1915.
Robert N. Bassett Co.),Ansel Phelps and Rudolph Neesar(of Vickers &
Properties.—Engaged in the refining of crude oil and the manufacture
Phelps), and James B. Taylor (of Taylor, Bates & Co.). The only mem- of gasoline, naphtha, kerosene, fuel oil. &c. Incorporated in Oklahoma in
bers of the old board re-elected are William B. Franklin, Pres. of American 1913 as a consolidation of the S. W. Refining Co., Colonial Refining Co.
Malt Co.. and Friend A. Russ, Pres. of Robert N. Bassett Co.—V.
and J. S. Cosden & Co.
101, company have organized Since that date interests closely affiliated with the
p. 775, 529.
the Cosden Pipe Line Co. which has built pipe
lines to the Cushing Field. the Bixby Field, and to the now rapidly growing
American Window Glass Co.—Accumulations Paid.—
Boynton Field, together with all necessary gathering lines.
The directors have declared a dividend of 11A % on the $4,000.000
now the
7% ofIt isCosden intention of the company to purchase all of the capital stock
cum. pref. stock, payable Oct. 6 to holders of record Sept. 29,
the
Pipe Line Co., t us assuring our oil supply for years to come.
h
the
final installment of 8% on account of accumulated dividendsbeing. the The Pipe Line Co. has been earning approximately $25,000 net per month
and
regular semi annual disbursement of 3A %,due Sept. 11915. On May
20 [having handled in Aug. 1915 about 240.000 bbls. of crude oil). The com1915 20% was disbursed. On Jan. 30 last 12% was paid; in Oct. 1914 pany also owns interests in several large producing properties in the famous
10%• in Sept. 1914 '7%, and in Juno 20%—a total of 37% in 1914. In Cushing field, and in several other fields in Oklahoma.
Nov. 1913 7% was disbursed, this having been thefirst payment since
The company has in the past six months doubled the
March 1903. when 33 % was paid. 7% was paid in each of the years main plant at VVest Tulsa (present total capacity of 15,000 capacity of its
1900 to 1912. inclusive.—V. 100, v. 2087.
I making, with our other two plants, a total refining capacity bbls. per day).
of 18,000 bbls.
per day. We are also erecting a large lubricating oil and wax plant, which
American Woolen Co.—Certificates Listed.—
will cost about $200,000 (covered
The N. Y. stock Exchange has authorized to be listed Guaranty Trust into cylinder oil, automobile oils by the mortgage), to enable us to turn
and wax, vast quantities of oil which are
Co. of New York and Old Colony Trust Co. of Boston interchangeable now being sold as fuel
oil.
galtalliagNal ...4J.....t......r, 1..1.4
THE CHRONICLE
1016
the
-An absolute first mortgage on the modern refining plants of
Bonds.
company located at West Tulsa,Cushing and Bigheart,Okla.,the Inola nine
corn,capital stock of the Cosden Pipe Line Co.. all
line, all of the pref. and
also
other pipe lines, storage tanks and various valuable productive leases, are
315 tank cars, some of which
all the company's title and interest into equipment car trust notes. which
are subject
owned by it and the balance
mortgage.
2% times
mature monthly. Value of tangible property overmaturity, the option of
The bonds are convertible at any time before value $5. at
50 per share, par
holder, into common stock, at $6
and redempSinking fund: in cash,$292,000 per annum for the purchase
s of about $16,000
tion of bonds at 101 or less, in equal monthly installmentissue in 5 years.
the entire
commencing Nov. 1 1915. This should retire
stock 2ee,% quer.
Dividemds.-Common stock is receiving 2% guar.; pref.were $554,000, or
Earninys.-During the cal. year 1914 the net earnings
earnover nine times the interest charges on this issue of bonds. The net date,
to
ings for the present year ending Nov. 30 1915, based on earnings the best
for the next two months, which should be
and estimated earnings
the
of the year, will be approximately over $700,000, or over 11 times
interest on the total bond issue of $1,000,000.
pref. stock and $2,202,660 corn. stock
-The $200,000
Capital Stock.
held
have a present market value of over $3,120,000. The stock is closely
identified with it.
by the management and interests closelyOkla.; A. W. Giesko (V.-Pres.),
Tulsa,
-.I. S. Cosden, Pres.,
Directors.
A. F.
Elmore B. Jeffery, Jacob France, John R. Cary (Sec.-Treas.), and
Lawrence of Baltimore, Md.
on the property and its
[Expert V. B. Ward reports very favorably
of the refinery promanagement, and says: "I figure that the net return the market price of
ducts on the full capacity of 18,000 bbls., based on
Sept. 8, at $200,000 per month. As it is seldom that any plant can operate
per
at full capacity I would say that an average net earning of $100,000
month would be very conservative."]
-A quarterly dividend, of 2% also IA of 1
Extra Div.
extra has been declared on the common stock,payable Oct.
5, comparing with 2% on April 10 1915 and 2% on Dec. 21
1914 and 1% on Feb. 1 1914-V. 101, P. 925.
-New President, &c.-Vie6-Pres.
Diamond Match Co.
W. A. Fairburn has been elected President to succeed Edward R. Stettinius, who resigned as President, but remains
a director. James A. Patten succeeds as director W. S.
Hofstra. Appropriate action has been ordered for the redemption on Dec. 15 of the balance (at last accounts $1,295,700) of the $2,000,000 6% convertible debentures of 1910,
the company's only funded debt. Following said payment
the net liquid assets, it is stated, will aggregate about
$7,500,000 (not including plants, timber lands, &c.), as
against $1,864,727 on Dec. 311908.-V. 100, P. 1747, 979.
Distillers Securities Corporalon.-Div. Re umption
Sept.
-The following statement was issued oncontracts17:
Deferred.
for
present fiscal year important new
[VOL. un.
of which J. N. Wallace, President of the Central Trust Co.,
is Chairman, issues a notice to holders of preferred stock
stating that it has secured the support of a large amount
of preferred stock and urges prompt additional deposits..
The committee, as a result of the report of its expert accountants, is firm in the opinion that the preferred stockholders
in any reorganization are entitled to a very miich larger
interest than under the present plan. See V. 101, p. 926.
-The New York
-Listed.
International Nickel Co.
Stock Exchange has listed:
$3,319,400 6% non-cumulative preferred and $6,382.300 common stock
and $31,649,200
and $5,593,200 voting trust certificates for pref. stock to add
voting trust certificates for common stock, with authority voting$3,319,400
trust cervoting trust certificates for pref. stock and $6,382,200
exchange
tificates for common stock on notice of issuance in authorizedfor outstandto be listed
the total amount
ing pref. and common, making
of voting trust certificates for pref. stock, $8,912,600 and voting trust
certificates for conunon stock, $38,031,500.
-The company has agreed with the
Quarterly Statements.
Exchange to publish a balance sheet and profit and loss
account quarterly and also to publish annual reports of
cqmpanies of which they do not own all of the stock.
Statement of American Company 4Months end. July 31 1915
and
Earnings or all properties; after deducting manufacturing $4,selling expense and ordinary repairs and mainteneme,
$4.451,402
411,049: other income, $40,3o3; total
comDeduct-General office exp., legal, office rent, salaries,
$43,504.. 272,528
$229,023; corp. and cap. stock
missions. &c..
taxes,
Depreciation ofplants,$240,800;mineral exhaustion,$247,694.. 488,494
$3,690,380
Profits for 4 months ending July 31 1915
Dividends-Pref. (3 mos.), paid Aug. 1 1915, $133,689; com- 2,035,264
mon (3 mos.) 5% paid Sept. 1 1915, $1,901,575: total
$1,655,116
Transferred to balance sheet July 31 1915
-V. 101, p. 451.
-Deposit under Plan.Steam Pump Co.
International
Assented to the Plan.
Perantage of Each Glass of Securities Which Iles prof. stock
90%
98% Worthington
International bonds
84% Blake & Knowles pref. stock_ _100
International pref. stock
98 0
_ _ _95% Holly Mfg. Co. bonds
International common stock
will only
The time for deposits expired Sept. 23, and further dtTosits
extension of
received subject to the approval of the committee. 1N o
be
time niade.-V. 101, D. 926. 849.
Since the beginning ce the
course
the sale of our products have been entered into and others are now in
of negotiation. This may require the enlargement or acquisition of addiit
tional plants. To meet that situatiod and other trade necessity is deemed.
advantaeeous that the different compani should have available an ample
that further consupply ief cash resources. Therefore it was resolvedV. 101, p. 610, 133.
sideration of the resumption of dividend be deferrett.-
-Record Orders.
Mfg. Co., Mishawaka, Ind.
Dodge
in
The company reports more unfilled orders on hand than over before
its history, partly due to equipment orders from concerns with "export
for its standard products.
contracts- and partly to the increasing demandmonths eruhx1 June 30 1913
Current reports indicate net earnings for the six
someof about 4% times pref. dividend after deducting all prior charges,and
regular
what more than this percentage for tho full year. Theof recordquarterly
Sept. 23.
of 1%% will be paid Oct. 1 to stockholders
prof. dividend
Compare V. 100, P. 1170.
-Bonds.
Kings County Lighting Co., Brooklyn, N. Y.
company's
The P. 8. Commission will hold a hearing Sept. 27 on the
M.of
plan to issue a further $675,000 bonds under its $5,030,000 First Ref. out1904, on account of additions, &c., made and to be made. Amount re$7E0.030 additional reserved to
standing Jan. 1 1915. $2,423,000;
tire 1st 5s due Oct. 1 1940(V.88, p. 1502; V.95, p.423).-V.98, p. 1395.
-Bonds Sold.
Petroleum Co.
Magnolia
&
Kissel, Kinnicutt & Co., Emanuel Parker & Co. and Dominick
them
Dominick announce that the $2,400,000 1st M. Os, offered by p. 51. last
closed. See V. 101,
July, have all been sold and the syndicate
-Deposit of Stock with
Mexican Petroleum Co., Ltd.
Guaranty Trust Co. Constitutes Assent to 'Voting Trust.
The advertisement regarding this company in our issue of Sept. 18 conthat "such
tained a misprint in the third paragraph, wherein it is stated
the voting trust." This
deposit will constitute an asset to the creation ofan assent to the creation
should have read "such deposit will constitute
of the voting trust." See V. 101, p. 927.
-Purchase, &c.
(E. I.) du Pont de Nemours & Co.
-Partly Estimated Earnings.
Mexican Telegraph Co.
- For 3 and 9 months ending Sept. 30:
Powder Co.,Wilmington.
(E. I.) du Pont de Nemours
Balance,
Dividends
Mexican
Net
Total
-200% Stock Dividend.
Surplus.
Paid.
Govt.
Circular to Common Stockholders
3 Months- Income. Income.
$186,836 $10,000 (2%%) $89,735 $87,101
circular dated Sept. 18 says:
$207,136
1915
Treasurer John J. Raskob in
144,465
89,735
-V. 101, p. 696, 348.
See E. 1. du Pont de Nemours Powder Co. below.
In accordance with plan announced Aug. 19 1915, the directors, with the
consent of more than two-thirds of the stockholders, have sold the entire
properties of the company to E. I. du Pont de Nemours & Co., a Delaware
follows: $1,484,100 in cash;
corporation, for $120,000,000, payable asand
$58,854,200 par value in
$59,661,700 par value in debenture stock, & Co. This is all of the stock
common stock of E. I. du Pont de Nemours & Co. at this time.
that will be issued by E. I. du Pont de Nemours
The properties were sold subject to the lien or charge of our 4%% bonds
of the
and E. I. du Pont de Nemours & Co. assumed all bonds, liabilities except
aggregating $1,capital stock liability and funded debt. Our 5%
at
of
230,000, will be called for redemption,under provisions % the mortgage
bondholders opbe
105% and interest. There will % extended to our 4% cumulative nonbonds at par for 6%
exchange their 4%
portunity to
voting debenture stock of e1. I. du Pont do Nemours & Co. at par, which
bonds when so exchanged shall be retired and canceled.s opportunity to exThere will be extended to our preferred stockholder
change their preferred stock [as below stated], which pref. stock when so
exchanged will be retired and not reissued. has been declared payable in
A dividend of 200% on our common stock
stockCo.
common stock of E. I. du Pont do Nemours & date to our common
our transfer books for
holders of record as of Sept. 30 1915, on which
remain closed until Oct. 10 1915, during which
common stock will close and
time no transfers of stock can be made. This dividend will be payable as
soon as the new stock certificates are ready for delivery, which we estimate
will be on or before Oct. 15 1915.
All persons who shall hold our common stock as security for loans or
or before that
advances when the transfer books close on Sept. 30 should, onor secure from
date, either have such stock transferred to their own names,
the pledgers duly executed transfer powers covering the dividend or 200%,
Powder ComIn stock of the now company, and obtain orders directing thebe
distributed
pany to deliver to the pledgees the stock dividend which will
only in the names of stockholders of record at close of business on Sept.30,
18,000 (2%%)
252,200
280,000
1914
9 Months
$743,136 $473,336 $37,000 (7%%)$269,205 $367,131
1915
434,899
53,886 (7%%) 269,205
757,990
845,000
1914
.
-V. 100, I). 2171.
Circular to Pref. Stockholders-Option of Exchange (Subject
to Withdrawal Dec. 1 1915).-A circular signed by Treas.
John J. Raskob as of Sept. 18 says in substance:
The directors on Sept. 8 authorized the Treasurer to extend to the pre •
ferred stockholders opportunity to exchange their present 5% cumulative
pref. stock in our company for 6% cum. debenture stock of It. I. du Pont
do Nerrours & Co. under the following offers: For each $100 par value of
our pref.stock either(a)$100 par value6% cum.non-voting debenture stock
annual
of E. I. du Pont de Nemours & Co., resulting in a 20% increase inof E. I.
income; or (b) $83 1-3 par value 6% cum. voting debenture stock voting
this
du Pont de Nemours & Co. with the privilege to the holder ofat any time
debenture stock of exchanging for non-voting debenture stock debenture
prior to Apr. 25 1916,receiving therefor $100 par value non-voting
stock for each $83 1-3 of voting debenture stock.
The rights of both voting and non-voting debenture stocks are identical
except as to voting powers. (See full statement in V. 101, p. 616.) after
The now certificates will not be ready for delivery until Oct. 15,offerwhich date stockholders desiring to take advantage of this exchange N. Y.
ing should send their certificates to Bankers Trust Co., 16 Wall St.,
voting
City, properly endorsed in blank, stating whether they desireaddress or
in
non-voting debenture stock and giving the name and correct
issued. No dividend adjustment will be neceswhich the new stock is to be
sary for the reason that stockholders will receive a dividend on their present
shares to Oct. 25 and the new deb.stock will carry dividendsfrom that date.
The company reserves the right to withdraw this offer on Dec. 1 1015.
-V. 101, p. 616, 696, 848.
-Notice to PrefInternational Mercantile Marine Co.
-The preferred stockholders' committee,
ferred Shareholders.
-Listed on N. Y. Stock Exchange.
Power Co.
Montana
The N. Y. Stock Exchange has listed $75,700 additional common stock,
in
The additional
making the total listed $27,133,300. for 189% shares stock was issued of
of common stock
exchange for stock purchase warrants
Co., being the balance of said warrants remaining
Butte Elec. & Power
outstanding, as per agreement of consolidation dated Nov. 11 1912.
-For the 7 months ending July 311915:
Earnings.
$3,062
$2,221,9011 Divs. on investments_
Gross earnings
33,483
$1,559,728 Int.from banks,&c
Not (after taxes)
$1596,273
net income
Total
650,788
Interest and discount, $827,457; less $176,669 charged to constr_
$945,485
Balance, surplus, for the seven months
Interest and discount includes: Interest on bonds, $756,452; bond discount, $50,465; int. on floating debt, $20,539; total, $8 7,457; loss charged
to construction, $176,669; leaving, as shown above, $650,788.-V. 101, p.
850.
-Default.
Brick Co. of La Prairie, Ltd.
National
pay its
The directors announce that the company cannot prudently
the bondholders
Oct. 1 coupons, but will shortly make a proposition to fund the 1st M.
offer to
which, it is said, is likely to take tho form of an
in the treasury)
coupons into 1st M.scrip (using some of the $600,000 bonds
until business conditions improve. Secretary 1'. S. McKergow says:
the remainder of
"After the outbreak of the war we continued business for would have justhe year, and the falling off in our earnings was not such as
payment of
tified us in not paying the April bond interest. Since month until the last
we are
bond interest, the business has diminished month by 211.
barely earning our expenses." Compare V. 101, P.
now
-The
-Status.
National Enameling & Stamping Co.
following is understood to be substantially correct:
tales for the first half of 1915 showed a considerable gain in comparison
with corresponding portion of 1914, due to increased export business and
manualso boVer domeeeic trade. The Germans and Austrians have beenpresent
to
facturers and exporters of enameled wares for years, but owingthe foreign
manufacturers are now getting much of
condition, American
trade formerly held by the Teutons. Tho National's nine plants, located
arc
as far west as St. Louis and as far south as New Orleans,ago.running close
a year
to normal capacity as against 75% at this timein the company's stocks.
This accounts, presumably, for the strength
since orThe dividend on the preferred, which has paid its 7% annually to better
ganization, has always been pretty well protected. In addition
position
earnings the company is strengthening its tinancial on hand,steadily and
while mainkeeping down stocks of raw and finished materials
$3,034,000 1st M.
taining a larger ratio of cash to inventories. The issue ofand is being regu,
5% bonds has been reduced to $2,903.000 outstanding this account now
larly cut down by the sinking fund. Tho reserve against
stands at about $700,000.-V. 100, p. 808, 646.
New Idria Quicksilver Mining Co.-Divs. Resumed.
A dividend of 50 cts. a share (par $5) has been declared on the $500,000
stock, payable Oct. 1. The last previous disbursement was 10 cts. a share
on Apr. 11914.
SEPT. 251915.]
THE CHRONICLE
The expenditures per mile of road operated amounted to
$988 for Maintenance of Way and Structures.
Notwithstanding substantial reductions in maintenance,
the roadway and equipment are in gratifying condition.
The important additions and improvements to road and
its equipment that were made feasible from the proceeds
of the Adjustment bonds were concluded during the past
fiscal year, and it is with much satisfaction that the management refers to the important gain in the efficiency of
.
train operation that has resulted therefrom and is assured
for the future.
The passenger train mileage has been reduced to the extent of 6.73 per cent, total transportation charges have decreased 13.96 per cent, while operating revenues declined
7.5 per cent.
Traffic Expenses were reduced $20,006 10, or 4.02 per
cent, less than previous year.
The reduction of 16.8 per cent in total freight train miles
was largely accomplished by increasing the revenue tonnage
per freight train mile 45.73 tons, or 13.55 per cent.
The ratio of Transportation Expenses to Operating Revenues was 28.83 per cent-the averag8 for the five previous
years was 33.44 per cent.
OPERATING INCOME.
While suffering a shrinkage in Operating Revenues of
7.5 per cent, and an increase of 1.14 per cent in direct taxes,
nevertheless Operating Income exhibits an increase of 6.34
per cent.
Net Income, distinguished from Operating Income in that
it represents final results after all deductions, was substantially the same as last year.
Appropriations from Net Income were:
For Renewal Fund and the Sinking Fund under First and
Refunding Mortgage
$273,044 89
For Road and Equipment
211,045 46
Total
$484,090 35
leaving a credit for the year to Profit and Loss of $934,640 23.
With the exception of ordinary current accounts, the Company has no floating debt.
Early in the calendar year it became evident that the
March 1st interest on the Western Pacific First Mortgage
Bonds could not be met either by the principal debtor or by
this Company. Thereupon, at the instance of your officers
and directors, a series of conferences were held with banking houses representing, directly and indirectly, a large
amount of said bonds, with the object in view of formulating
a scheme of financial readjustment. It was hoped that a
friendly readjustment of the financial relations of the two
companies could be carried into immediate effect, thus
avoiding receivership of Western Pacific, but before this
was physically possible, the March 1st interest was defaulted, and on March 5 1915 the United States Court
appointed receivers for the property.
As publicly announced, a Committee has been formed to
represent the Western Pacific First Mortgage Bondholders,
and at some future time the question of this relationship
between the two companies will have to be negotiated between your Company and this Committee.
By order of the Board of Directors,
B. F. BUSH, President.
Denver, Colorado, August 28 1915.
To the Stockholders of The Denver & Rio Grande Railroad Co.:
At your meeting on October 20 1914, in accordance with.
Article 15 of your By-Laws, I was named as Auditor to examine the books and accounts of your Company.
I now have to report that your Company's Balance Sheet,
as of June 30 1915, has been submitted to me and I have
examined it, with accounts and vouchers relating thereto,
and I have found it to be a full and fair Balance Sheet,
properly drawn up so as to exhibit a true and correct view
of the state of your Company's affairs.
Where I have called for explanations or information they
have been readily and fully given and have been entirely
satisfactory.
I take pleasure in hereby acknowledging the willing aid
given me by your officers and their assistants, the condition
of whose books and accounts reflects great credit on them
and on you.
Yours respectfully,
C. I. STURGIS.
INCOME ACCOUNT.
YEAR ENDED JUNE 30 1915,COMPARED WITH PREVIOUS YEAR.
Average Mileage Oper.
1915.
2,571.46
Operating Revenues:
$
Freight
15,911,101 65
Passenger
4,449,044 31
Mall
344,909 77
Express
372,078 72
Miscellaneous
264,275 46
Incidental
465,690 49
• Jointfacility
16,075 81
-Increase or Decrease
1914:
Amount.
2,583.27
-11.81
W 46
)
.
$
$
17,058,445 14 -1,147,343 49 6.73
5,077,407 62 -628.363 31 12.38
308,938 97
+36,030 80 11.66
312,464 04
+59,614 68 19.08
293,995 27
-29,719 81 10.11
531,366 41
-65,675 92 12.36
11,023 93
+5,051 88 45.83
Total Operating
Revenues
21,823,236 21 23,593,641 38 -1,770,405 17
7.50
1019
-Increase or Decrease
1915.
1914.
Amount.
Operating Expenses:
Maintenance of Way
and Structures___ 2,541,539 49 3,406,851 81 -865,312 32 25.40
Maintenance of
Equipment
3,992,351 45 4,318,511 82 -326,160 37 7.55
Traffic
477,425 30
497,431 40
-20,006 10 4.02
Transportation
6,290,954 61 7.311,843 46 -1,020.888 85 13.96
Miscellaneous Operations
345.487 05
401,181 67
-55.694 62 13.88
General
651,215 12
585,069 38
+66,145 74 11.31
Transportation for
Investment-Cr
9,302 03
60,320 22
+51,018 19 84.58
Total Operating
Expenses
14,289,670 99 16,460,569 32 -2,170,898 33 13.19
Net Revenue from
Operations
7,533,565 22 7,133,072 06 +400,493 16
5.61
Tax Accruals
1,020,606 31 1,009,143 53
Uncollectible Revenues
1,351 82
364 93
Total
+11,462 78
1.14
+986 89 270.43
1,021,958 13 1,009.508 46
+12,449 67
1.23
Total Operating
Income
6,511,607 09 6,123,563 60
+388.04349
6.34
82,218 36
-82,218 36
----
152,410.94
+2,649 24
1.74
Non-operating Income:
Hire of Equipment
Credit Balance..
Joint Facility Rent
Income
155,060 18
Income from Lease
of Road
3,417 14
Miscellaneous Rent
Income
34,555 42
Miscellaneous NonOperating Physical
Property
8,183 39
Dividend Income..
891,038 31
Income from Funded
Securities
95,716 00
Income from Unfunded Securities
and Accounts_ _
41,322 48
Income from Sinking and Other Reserve Funds
11,880 28
Miscellaneous Income
8 17
1,141 08
+2,276 06 199.47
31,133 97
+3,421,45 10.99
15,838 79
800,000 00
-7,655 40 48.33
+91,038 31 11.38
97,599 25
-1,883 25
1.93
70,632 51
-29,31003 41.50
11,829 82
129 57
+50 46 0.43
-121 40 93.69
Total Non-Operating Income
1,241,181 37 1,262,934 29
-21.752 92
1.72
Gross Income_ __ _ 7,752,788 46 7,386,497 89
+366,290 57
4.96
Deductions from Gross
Income:
Hire of Equipment
Debit Balance
126,327 37
Joint Facility Rents
85,034 29
74,410 26
Rent for Leased
Roads
424,724 19
284,137 42
Miscellaneous Rents
1,398 16
1,540 48
Interest on Funded
Debt
4,995,515 29 5,012,488 75
Interest,as Adjusted,
on Adjustment
Mortgage Bonds_ 689,471 24
611,499 12
Interest on Unfunded Debt
2,046 57
Miscellaneous Income Charges..
11,587 34
Total Deductions.. 6,334,057 88 5,986.122 60
Net Income
1,418,730 58 1,400,375 29
Disposition of Net Income:
Income Applied to
Sinking Fund....
135.313 03
Income Applied to
Renewal Fund..
137,731 86
Income Appropriated
for Road and
Equipment
211,045 46
Total Appropriations
Income Balance Transferred to Credit of
Profit and Loss..
484,090 35
+126,327 37
+10,624 03 14.28
+140,586 77 49.48
-142 32 9.24
-16,973 46
0.34
+77,972 12 12.75
-2,046 57
----
+11,587 34
-_--
+347,935 28
5.81
+18,355 29
1.31
126,166 56
+9,146 47
7.25
137.722 26
+960
0.01
80,927 52
+130,117 94 160.78
344,816 34
934,640 23 1,055,558 95
+139,274 01
40.39
-120,918 72 11.46
PROFIT AND LOSS JUNE 30 1915.
Credit Balance, June 30th 1914
87.828,751 13
Credit Balance Transferred from
Income Account
$934,640 23
Unrefundable Overcharges
562 42
Donations for Spur Tracks
154 60
Miscellaneous Credits
6,951 88
Sale of Interest in The Union Depot
& Railway Co., Denver
343,934 00
$1,286,243 13
Less:
Redemption of Equipment Bonds $12,500 00
Loss on Retired Road and Equipment
4,058 17
Miscellaneous Debits
22,338 65
The Union Depot & Ry.Co.. Denver, Capital Stock closed out
80,000 00
Settlement of Government Timber Case
25,446 46
144,343 28
1,141,899 85
Credit Balance, June 30th 1915
$8,970,650 98
• RENEWAL FUND JITNE 30 1915.
Credit Balance, June 30th 1914
$355,382 48
Appropriations from Income During the
Year
$120,000 00
Adjustment of Securities in Fund to Par 14,686 25
Accretions to the Fund During the Year 17,731 86
$152,418 11
Less:
Redemption of Equipment Bonds
137,500 00
14,918 11
Credit Balance, June 30th 1915
$370.3001)
[Vol,. 101.
THE CHRONICLE
1020
CONDENSED GENERAL BALANCE SHEET JUNE 30 1915, COMPARED WITH PREVIOUS YEAR.
LIABILITIES.
ASSETS.
-Inc. or Dec.1914.
1915.
StockInc. or Dec.
1914.
1915.
Investments:
$
$
Capital Stock:$
Investment in Road and
38,000,000 00 38,000,000 00
Common-Outstanding..
174,875,279 96 174,316,509 85 +558,770 11
Equipment
Preferred
Improvements on Leased
Issued _ _$49,779,800
+124 00
124 00
Railway Property
Le-ssHelci in
cing Funds:
4,130
Treasury
irst & Refunding Mtge.:
49,775,670 00 49,775,670 00
ook As$586,924 42
sets ___
87,775,670 00 87,775,670 00
Total
-CarLess
rier's
Own Issues__ _ 545,000 00
Long Term Debt
10,124 20
+31,800 22
41,924 42
Funded Debt Unmatured:
Deposits in Lieu of MortBonds issued$134,268,000
1,11700
-1,11700
gaged Property Sold_
Less Held in
-2,798 30
240,891 90
238,093 60
Misc. Physical Property
Treasury &
Investmentsin Affiliated
by Trustees 10,992,000
-Pledged_ _ 43,995,125 35 43,826,586 77 +168,538 58
Companies
123,276,000 00 123,644,000 00 -368,000 00
Investments in Affiliated
ledged. 11,860,621 43 10,065,408 93 +1,795,212 50 Non-negotiable Debt to AfCompanies-Unp
filiated Companies:
Other Investments-UnMatured Rental of Leased
+30 00
4,938 14
4,908 14
pledged
676,977 78 -132,529 20
544,448 58
Lines
231,016,106 90 228,465,546 79 +2,550,560 11
Total
123,820,448 58 124,320,977 78 -500,529 20
Total
Current Assets:
+85,283 21
2,692,625 35 2,607,342 14
Cash
Special Deposits:
Current Liabilities
Book AsTraffic and Car Service Balsets __$7,223,537 96
-13,174 37
253,974 97
240,800 60
ances Payable
Less-CarAudited Accounts and Wages
rier's
1.500,322 41 -220,929 96
1,279,392 45
Payable
Own IsMiscellaneous Accounts Paysues_ _ _ 7,205,000 00
32,601 30
+5,651 17
38,252 47
able
478,259 35 -459,721 39
18,537 96
+449 51 Interest Matured Unpaid
516 06
965 57
Loans & Bills Receivable..
(Including Bond Coupons
Traffic and Car Service
+34,530 00
1,176,370 00
1,210,900 00
due July 1)
351,342 32 +159,400 56
510,742 88
Balances Receivable.._ _
986 94
986 94
Dividends Matured Unpaid
Net Balance Receivable
-6,225 10
1,076,089 46
Unmatured Interest Accrued 1,069,864 36
from Agents and Con+57,088 28
95,519 81
152,608 09
-78,367 36 Unmatured Rents Accrued_
193,227 28
114,859 92
ductors
Accounts
Miscellaneous
4,135,864 89 -143,059 98
3,992,804 91
Total
+37,631 08
691,144 03
728,775 11
Receivable
+48,478 00
1,623,385 44
1,671,863 44
Materials and Supplies
+2,584 64
12,326 07
14,910 71
___
Other Current Assets_
Deferred Liabilities
5,957,542 69 -204,261 75
5,753,280 94
Total
Other Deferred Liabilities:
Deposits for Construction
Deferred Assets:
+121,596 77
18.975 17
140,571 94
of Tracks
9,181 66
-731 82
8,449 84
Working Fund Advances..
Insurance & Other Funds:
Special Renewal Fund:
Book AsUnadjusted Credits
sets__ -$370,300 59
+15,603 14
368,637 12
384,240 26
Tax Liability
Less-CarAccrued Depreciation
rier's
+510,831 79
1,952,958 59
2,463,790 38
Equipment
OwnIsOther Unadjusted Credits:
sues __ 155,000 00
Deferred Income-Inter+231 86
215,068 73
215,300 59
est on Western Pacific
Other Deferred Assets:
1
+625,000 00
Ry.Co.2d Mtge. Bonds 6,777,844 45 6,1 11,113 15
Western Pacific Ry.Co.
+32,311 28
214,151 77
Other items
+83,561 75
1,195,886 63
prior to Mar. 51915.. 1,279,448 38
I
1,503,198 81
Total
Unadjusted Debits:
Rents and Insurance Premiums Paid in Advance
Other Unadjusted Debits:
Depreciation on Equipment Leased to Western Pacific Ry. Co.:
Prior to Mar.5 1915_
Subsequent to Mar.5
1915
Other Items,
Securities Issued or Assumed-Unpledged:
$4,130 00
Stocks_
Bonds_ _3,087,000 00
1,420,137 02
+83,061 79
7,589 01
8,973 88
---1,384 87
29,88646
18,849 87
+11,036 59
3,744 50
63,745 12
91,770 30
+3.744 50
-28,025 18
Grand Total
9,840,026 86
Corporate Surplus
Additions to Property
through Income & Surplus 2,880,153 46
Sinking Fund Reserves:
a First and Refunding
586,924 42
Mortgage
Appropriated Surplus Not
Invested:
Specifically
370,300 59
Renewal Fund
Appropriated SurTotal
3,837,378
3.837,378 47
us
Profit and Loss:
Balance
$3,091,130 00
Total
Total
104,965 09
119,594 05
--14,628 96
238,377,551 74 235,962,820 55 +2,414,731 19
8,656,280 65 +1,183,746 21
2,519,108 00
+361.045 46
337,124 20
+249,800 22
370,068 73
+231 86
3,226,300 93
+611,077 54
8,970,650 98
7,828,751 13 +1,141,899 85
Total Corporate Surplus_ 12,808,029 45 11,055,052 06 +1,752,977 39
238,377,551 74 235,962,820 55 +2,414,731 19
Grand Total
* $150,000 00 Equipment Trust Bonds, Series "B," were retired during the fiscal year. the year for the Sinking Fund.
a $21$.000 00 Par Value Five Per Cent First and Refunding Bonds were purchased during
FINANCIAL CHANGES YEAR ENDED JUNE 30 1915.
Resources:
$2,607,342 14
Cash on Hand. June 30 1914
Additions to Property through Income and Sur$361,045 46
plus
Sinking Fund Reserves-First and Refunding
249,800 22
Mortgage
Appropriated Surplus not Specifically Invested
231 86
-Renewal Fund
1,141,899 85
Net Credit to Profit and Loss
Lieu of Mortgaged Property Sold
Deposits in
1,117 00
Decreased
2,798 30
Miscellaneous Physical Property Decreased_ _ _ _
$1,756,892 69
Changes in Current, Deferred and Unadjusted Accounts, as follows:
Decrease in Assets:
3459,721 39
Special Deposits
Net Balance Receivable from
78,367 36
Agents and Conductors
731 82
Working Fund Advances
Rents and Insurance Premiums
1,384 87
Paid in Advance
-Other
Other Unadjusted Debits
28,025 18
Items
1
- 6-60Wib
Increase in Liabilities:
$5,651 17
AlLscellaneous Accounts Payable
Interest Matured Unpaid (Including Bond Coupons due
July 1)
Unmatured Rents Accrued..
Other Deferre4 Liabilities-Deposits for Construction of
121,596 77
'Tracks
15,603 14
Tax Liability
Accrued Depreciation-Equip510,831 79
ment
Other Unadjusted Credits:
Deferred Income-Interest on
Western Pacific Ry. Co.
Second Mortgage Bonds_ 625,000 00
32,311 28
Other Items
$f;102;612 43
41,970,843 05
g4:812 22
-Less
Increase in Assets:
Loans and Bills Receivable.. __ _
Traffic and Car Service Balances Receivable
Miscellaneous Accounts Receiv_
able
Materials and Supplies
Assets
Other Current
Insurance and Other Funds
Special Renewal Fund
-WestAssets
Other Deferred
ern Pacific Ry. CO
-DeOther Unadjusted Debits
preciation on Equipment
Leased to Western Pacific
By. Co
$449 51
159,400 56
37,631 08
48,47800
2,584 64
231 86
83,561 75
14,78109
$347,11849
Decrease in Liabilities:
Traffic and Car Service Balances Payable
Audited Accounts and Wages
Payable
Unmatured Interest Accrued
$13,17437
220,929 96
6,225 10
1240,32943
$587,447 92
Totals to be Accounted for
1,383,395 13
Applied as Follows:
$558,770 11
Investment in Road and Equipment
124 00
Improvements on Leased Railway Property- -- 8
68 80 22
131:5300
Sinking FUnds-First and Refunding Mtge_ _ _ _
-Pledged
in Affiliated Cos.
Investments
1,795,212 50
Investments in Affiliated Cos.-Unpledged
30 00
Other Investments-Unpledged
500,529 20
Funded Debt Unmatured Decreased
Balance, Cash on Hand,Juno 30 1915
3,140,287 82
$5,747,629 96
3,055,004 61
12.692,625 35
SEPT 25 1915.]
THE CHRONICLE
102 1
FUNDED DEBT
TRAFFIC STATISTICS.
CHANGES DURING THE YEAR ENDED JUNE 30 1915.
YEAR ENDED JUNE 301915, COMPARED WITH PREVIOUS YEAR.
Funded Debt, including Equipment Trust
Obligations outstanding in hands of pub-Increase or Decrease
1915.
lic, June 30 1914:
1914.
Amount.
Freight Traffic
Funded Debt
$123,119,000 00
No. of Tons Carried
Equipment Trust Obligations
525,000 00
Revenue Freight_ _ _ _
10.103,382
11,230,397
-1,127,015 10.04
Total
Company Freight.. _ _
$123,644,000 00
1.485,387
1,709,744
-224.357 13.12
Total
Changes During the Year:
11,588,769
12,940,141
-1,351,372 10.44
Funded Debt decreased:
No. of Tons Carried
One Mile
By the purchase of First and Refunding Mortgage Five Per Cent Gold
Revenue Freight.._ _ _1,341,731,435 1,420,196,751 -78,465,316
5.52
Bonds, placed in the Sinking Fund,
Company Freight_ _ _ 173,740,722 220,319,233 -46.578,511 21.14
with the Bankers Trust Co. of New
Total
1,515,472,157 1,640.515,984 -125,043,827 7.62
York, Trustee
$218,000 00
No.of Tons Carried One
By the redemption of EquipmentTrust
Mile per M.of Road
Obligations as follows:
Series"B"•
Revenue Freight_ _ _ _
521,778
549,767
-27,989 5.09
Sept. 1 .
Company Freight_ _ _
1914
$75,000 00
67,565
85.287
-17,722 20.78
Total
Mar. 1 1915
75,000 00
589,343
635,054
-45,711 7.20
Av. Distance each Ton
Total decrease in Equipment
Carried
Trust Obligations
150,000 00
Revenue Freight_
132.80
126.46
+6.34 5.01
Net decrease in funded debt outCompany Freight_ _ _
116.97
128.86
-11.89 9.23
standing in hands of public
Total
368,000 00
130.77
126.78
+3.99 3.15
Funded Debt,including EquipmentTrust
Av. No. Tons of Freight
Obligations outstanding in hands of
per Loaded Car Mile
public June 30 1915:
Revenue Freight_ _ _ _
Funded Debt
20.27
$122,901,000 00
20.30
-0.03 0.15
Company Freight
Equipment Trust Obligations
2.62
375,000 00
3.15
-0.53 16.83
Total
22.89
23.45
-0.56 2.39
Total
$123.276,000 00 Av. No. Tons of Freight
per Train Mile
Revenue Freight_ _ _ _
383.18
337.45
+45.73 13.55
Company Freight..
ROAD AND EQUIPMENT
40.62
52.34
-2.72 5.20
Total
432.80
389.79
+43.01 11.03
CHANGES DURING THE YEAR ENDED JUNE 30 1915.
Total Freight Revenue 15,911.101 65 17,058,445 14 -1,147,343
Road and Equipment June 30 1914
$174,316,509 85
49 6.73
Road Constructed
Av. Amount Received
$439,964 92
Road Purchased
for each Ton
1.57482
47,370 82
1.51895
+0.05587 3.68
Equipment
Av. Amount Received
65,357 40
General Expenditures-Interest during Conper Ton Mlle
0.01186
0.01201
-0.00015 1.25
struction
6,076 97
Freight Revenue per
Mile of Road
6,187 58
Total Road and Equipment for the Year
6,603 43
-415 85 6.30
558,770 11 Freight Revenue
per
Train Mile
Road and Equipment June 30 1915
4.54403
4.05317
3174.875.279 96
+0.49086 12.11
Passenger Traffic
ACCRUED INTEREST CHARGED TO INCOME.
Passengers Carried........
1,537,543
1,820,715
-283,172 15.55
Passengers Carried One
YEAR ENDED JUNE 30 1915, COMPARED WITH PREVIOUS YEAR.
Mile
230,251,727 248,876,693 -18,624,966 7.48
Passengers Carried One
Rate
Amount.
Inc.(+)
Mile per Mile of Road
89,557
96,352
-6,795 7.05
Per
or
Average Distance each
Description
Cent.
1915.
1914.
Dec. (-)•
Pass. Carried (Mlles)
149.75
136.69
+13.06 9.55
$
$
First Consol. Mtge. Bonds,
Average No. of PassenThe Deny.& R. G. RR. Co. 4 1,365,000 00 1,365,000 00
gers per Passenger
First Consol. Mtge. Bonds,
Car Mlle
9.98
10.30
-0.32 3.11
The Deny.& R. G. RR. Co. 4% 287,190 00 287,190 00
Average No. of PassenImprovement Mtge. Bonds,
gers per Train Mlle
65.08
65.61
-0.53 0.81
The Deny.& R. G. RR. Co. 5
416,750 00 416,750 00
First Trust Mortgage Bonds,
The R. G. Western Ry. Co_ 4
Total Passenger Rev_ _ 4,449,044 31 5,077,407 62 -628,363 31 12.38
607,600 00 607,600 00
First Consol. Mtge. Bonds,
Average Amount ReThe R. G. Western Ry. Co.- 4
603,200 00 603,200 00
ceived from each
First Mtge. Bonds, Utah CenPassenger
2.8936
2.7887
+0.1049 3.76
tral RR Co
4
15,600 00
15,600 00
Average Amount ReFirst & Refund. Mtge. Bonds,
ceived per Passenger
The Deny.& R. G. RR.Co. 5 1,678,300 29 1,687,773 75
-9,473 46
Mile
Adjustment Mtge. Bonds,The
0.0193
0.0204
-0.0011 5.39
Denver & Rio Gr. RR. Co.. 7
689,471 24 611,499 12 +77,972 12 Total Passenger Train
Equip. Trust Mtge. Bonds.
Revenue
5,246,130 30 5,798,619 69 -552,489 39 9.53
Series "B," The Deny. &
Passenger Train ReveRio Grande RR. Co
5
nue per Mile of Road..
21,875 00
2,040 50
29,375 00 -7,500 00
2244 92
-204 42 9.11
Passenger Train ReveTotal
5,684.986 53 5,623,987 87 +60,998 66
nue per Train Milo
1.48280
1.52858
-0.04587 2.99
SCHEDULE OF FUNDED DEBT JUNE 30 1915.
AMOUNT.
MORTGAGES.
Date
of
Miles
Mortgage. Mortgaged.
Date
of
Bond.
Maturity
of
Bond.
Issued.
Authorized.
Held in
Treasury and
by Trustees.
Held
by the
Public.
Mortgage Bonds
First Consol. Mortgage,The
Denver & R. G. Hit. Co_ July 15 1886
July 15 1886 Jan. 1 1936 $35,570,000 00 $1,445,000 00 $34,125,000
First Consol. Mortgage,The
00
Denver & R.0.1M. Co_ July 15 1886 1,646.83 Jan. 1 1898 Jan. 1
1936 6,382,000 00
6,382,000 00
improvem't Mortgage, The
Denver & R. G. RR. Co_ June 1 1888
Juno 1 1888 June 1 1928 8,335,000 00
8,335,000 00
First Trust Mortgage, The
Rio Or. Western Ry. Co_ July 1 1889
1 July 1 1889 July 1 1939 15,200,000 00
10,000 00 15,190,000 00
First Consol. Mortgage,The
698.98
Rio Or. Western Ry. Co.. Apr. 1 1899
Apr. 1 1899 Apr. 1 1949 16,475,000 00 1,395,000 00 15,080,000
00
First Mortgage, Utah Central RR. Co
Jan. 1 1898
33.71 Jan. 1 1898 Jan. 1 1917
650,000 00
260,000 00
390,000 00
First and Refunding Mtge.,
The D. & R. G. RR. Co.. Aug. 1 1908 2,540.60 Aug. 1 1908 Aug.
1 1955 150,000,000 00 7,882,000 00 33,399,000 00
'A djugtmon t mtge.,
,The....
& R. G. RR. Co._ May 1 1912 2,540.60 May 1 1912 Apr. 1
1932 25,000,000 00
10,000,000 00
Total
2,540.60
$10,992,000 00 $122,901,000 00
Equipment Trust Obliga'ns:
: Equipment Trust Mtge.,
The D.& R. G. RR. Co.,
Series "B"
Sept. 1 1907
Sept. 1 1907 Aug.31 1917
375,000 00
i0.002_000 00112:1.27R 000 no
Rate of
Interest
in Gold.
Annual
Interest on
Debt
Held by
the Public
June 30 1915.
4%
$1,365,000 00
43%
287,190 00
5%
416,750 00
4%
607,600 00
4%
603,200 00
4%
15.600 00
5%
1,669,950 00
7%
700,000 00
$5,665,290 00
6%
18,750 00
35.fig4.040 00
*Semi-annual interest contingent upon net surplus of
Bonds is cumulative and all deferred payments will be duepreceding six months, ending June 30 or December 31. Interest on Adjustment Mortgag
and payable at maturity of the bonds.
x The principal of Equipment Bonds is paid at the rate of $78,000 00 semi-annual
ly, which reduces the interest charge every six months $1,875 00.
EQUIPMENT TRUST JUNE 30 1915.
Series.
Original
Amount.
Amount
Amount
Date of SemiPaid.
Outstanding. Annual Payments.
Equipment•Covered.
Sept. 1 1907 $1,500,000 00 $1,125,000 00 8375,000 00 Mar. 1 and Sept.
1 1,000 S. G. Gondola Cars, Nos. 40,000 to 40,999, inclusive. 28 S. G.
Locomotives, Nos. 1,151 to 1,178, inclusive.
Date.
[VOL. 101.
THE CHRONICLE
1022
30 1915.
SECURITIES OWNED AND OTHER INVESTMENTS JUNE
DESCRIPTION.
Sinking Funds
Fund:
To Bankers Trust Co. of New York, Trustee, Sinking
RR. Co
First and Refunding Mortgage Bonds, The Denver & Rio Grande
invested)
Cash (to be
Miscellaneous Physical Property
Real Estate
-Ogden and Salt Lake City Gas Plant
One-fourth Interest
Leased Rails and Fastenings
Investments in Affiliated Companies-PledgedStocks
Mortgage:
To Bankers Trust Co. of New York, Trustee, First and Refunding
Capital Stock, Western Pacific Ry. Co
New York Trust Co., Trustee, Adjustment Mortgage:
To the
Capital Stock, Western Pacific By. Co
Bankers Trust Co. of New York, Trustee, First and Refunding Mortgage:
To
Capital Stock, The Rio Grande Junction By. Co
To the New York Trust Co., Trustee, Adjustment Mortgage:
Capital Stock, The Rio Grande Junction Ry. Co
To Guaranty Trust Co. of New York, Trustee:
Capital Stock, Utah Fuel Co
Mortgage:
To Bankers Trust Co. of New York, Trustee, First and Refunding
Capital Stock, The Rio Grande & Southwestern RR. Co
Bonds
Mortgage:
To Bankers Trust Co. of New York, Trustee. First and Refunding
Second Mortgage Bonds, Western Pacific Ry. Co
Notes
To the New York Trust Co., Trustee, Adjustment Mortgage:
Notes, Western Pacific By. Co
Book Value.
Par Value.
Number
of Shares
or Bonds.
Amount.
Total.
Total.
$545,000 00
41,924 42
$586,924 42
$586,924 42
$203,328 37
24,850 23
9,915 00
545
$238,093 60
$238,093 60
$50,000,000 00
500,000
12,500,000 00 $62,500,000 00 84,284,952 85
125,000
12,211%
$1,221,150 00
7,3714
737,150 00
1,958,300 00
596,885 43
100,000
10,000,000 00
6,000,000 00
1,492
149,200 00
110,371 62
25,000,000 00 18,750,000 00
25,000
14,252,915 45 14,252,915 45
$113,860,415 45 343,995,125 35
Investments in Affiliated Companies-UnpledgedStocksCapItal Stock, The Rio Grande Southern RR. Co
The Pueblo Union Depot & RR. Co
" The Denver Union Terminal By. Co
" The Salt Lake City Union Depot & RR. Co
" The Globe Express Co
" The Colorado Midland Ry. Co
" The Western Realty Co
Securities of Boca & Loyaiton RR. Co. and Associated Co
$3,579,737 50
8,120 00
5,00000
100,100 00
3,000,000 00
4,187,500 00
300,500 00
1,406,070 00
35,797 3-8
811-5
50
1,001
30,000
46
40
3,005
8390,933 50
28,120 00
5,00000
100,100 00
74,000 00
1,000,000 00
300,500 00
790,947 19
$12,587,027 50 $2,689,600 69
Bonds
First Mortgage Bonds, The Rio Grande Southern RR Co
Utah Fuel Co
"
Western Pacific Ry Co
"
31,511,000 00 $1,004,366 63
665,000 00
665,000 00
67,500 00
75,000 00
1,511
665
75
$2,251,000 00 $1,736,866 63
..
Notes
Notes, Western Pacific By. Co
Salt Lake & Alta RR. Co
"
33,670,454 11
13,700 00 33,684,154 11 $3,684,154 11
$3,750,000 00 33,750,000 00
Advances
Second Mortgage Bond Coupons, Western Pacific Ry. Co
$22,272,181 61 $11,860,621 43
Other Investments-UnpledgedBondsFunding Bonds, State of Colorado
Funding Bonds, State of Colorado
Gunnison County Bonds
4
1
4
Miscellaneous
Orchard Mesa Irrigation District Warrant
The Denver Reservoir Irrigation Co., Certificate of Indebtedness
$4,000 00
500 00
400 00
$8 14
35 74
34,900 00
$4,900 00
Special Deposits
To the New York Trust Co., Trustee:
First and Refunding Mortgage Bonds,The Denver & Rio Grande RR.Co.(Pledged)
To Blair & Co., Trustee:
RR. Co
First Consolidated Mortgage Bonds, The Denver & Rio Grande Grande RR. Co_
Cash Proceeds, Adjustment Mortgage Bonds, The Denver & Rio
7,005
43 88
38 14
$4,943 88
$4,938 14
$7,005,000 00
G.
$266,000 00
88,000 00
51,000 00
16,000 00
42,400 59
$172,900 00
88,000 00
51,000 00
16,000 00
42,400 59
3463,400 59
di
200,000 00
18,537 96 $7,223,537 96 $7,223,537 96
266
88
51
32
Insurance and Other Funds
Special Renewal Fund:
Co
First Mortgage Bonds, The Rio Grande Southern RR.Western RR. Co
First Consolidated Mortgage Bonds, The Rio Grande
The Denver & Rio Grande RR. Co
The Denver & Rio Grande RR. Co
Cash (to be invested)
200
$370,300 59
"
Other Deferred Assets
Western Pacific Ry. Co., prior to March 5 1015:
Labor, Material, Rental, &c
Commission on Adjustment Mortgage Bonds, Sold
Interest on Adjustment Mortgage Bonds while proceeds were held by Trustee
Freight and Passenger Balances
Equipment Per Diem Balances
Securities Issued or Assumed-UnpledgedCapital Stock, The Denver & Rio Grande Railroad Co
Co
First Consolidated Mortgage, The Denver & Rio Grande Railroad
Co
First and Refunding Mortgage, The Denver & Rio Grande Railroad
Consolidated Mortgage, The Rio Grande Western Ry. Co
First
Rio Grande Western By. Co
First Trust Mortgage, The
First Mortgage, Utah Central RR. Co
$515,412 68
100,000 00
59,621 03
561,051 18
43,363 49 $1,279,448 38 $1,279,448 38
•
•
•
•
•
41 3-10
1,178
332
1,307
10
260
$4,130 00
1,178,000 00
332,000 00
1,307,000 00
10,000 00
260,000 00 33,091,130 00 $3,091,130 00
Joel Stockard, for the past five years manager of the Detroit office of
Allert on, Greene & King, investment bankers of Chicago, has opened offices in the Dime Bank Bldg. in Detroit under the firm name of Joel Stock-Three publicity campaigns carried on by the American Public Utilities ard & Co. Prior to becoming associated with Allerton, Greene & King.
of three of its subsidiaries, are comCo. of Grand Rapids, Mich., in behalf
Mr. Stockard was connected with the Security Trust Company of Detroit.
mented upon in the annual report of the President of the company, Joseph The new firm has been formed for the purpose of transacting a general
Brewer. One of the campaigns was held at Indianapolis in the interest investment business, buying and selling government, municipal and railH.
of
of the Merchants' Heat & Light Co. and was "for the double purpose
local, New York, and outside stocks. Besides M.
company road bonds, as well as
Davies.
giving the local public adequate idea of the importance of the
Stockard, who is President, the members of the firm are W. L.
for doing business." Another campaign was staged at Vice-President and Treasurer, and Walter C. Boynton, Secretary. There
and its facilities
that
Jackson, Miss., in behalf of the Jackson Light & Traction Co. In
directors which will pass on all securities offered to the
nt of a is a board of five
city the company attempted to defeat the threatened establishme
is to have prominent connections in Chicom- public by the firm. The concern
municipal lighting plant and, according to the annual report, the
cago, Boston and New York.
activities "kad the satisfactory result of assisting in producing an
pany's
adverse vote of the people." The report states that the third campaign
-In the latest issue of "Questions and Answers," J. Frank Howell,
o
is in progress in the Wisconsin and Minnesota territory.
52 Broadway,N.Y.,discusses the speculative and other aspects of Colorad
Fuel & Iron common. The facts and views presented are of value to inJ. D. Hayward, Alvin P. Howard, Ashton Hayward and J. D. Hayward vestors and others.
Jr., have formed a partnership under the firm name of Hayward, Howard
-Sawyer, Noble & Co., investment bankers, of Elmira, N. Y., have
& Co. Beginning Oct. 1 they will be engaged in the local and public wire
opened an office in Rochester under the management of R. F. Strong.
cotton brokerage business. The offices of the firm will be located at
formerly with R. G. Dun & Co.
826 Common St.
CURRENT NOTICE.
SEPT. 25 1915.]
THE CHRONICLE
1023
GENERAL MOTORS COMPANY
ANNUAL REPORT FOR THE FISCAL YEAR ENDING JULY 31 1915.
Detroit, Michigan, September 16 1915.
To the Stockholders:—
Your directors submit the annual report of General
Motors Company and its subsidiary companies for the fiscal
year ending July 311915.
The income and profit and loss accounts include simply
the share of General Motors Company in the earnings and
surplus of the subsidiary companies.
INCOME ACCOUNT FOR YEARS ENDING JULY 31
1915 AND 1914.
1915.
1914.
Net Profits for year after deducting expenses of manufacture (including maintenance), selling and administration as
well as taxes, insurance and depreciation_$14,926,322 28 $7,947,412 80
General Motors Co. proportion thereof_ _ _ -314,794,190 76 $7,819,968 42
Accrued interest 12 months on General
Motors Company 6% First Lien Notes__
336,387 34
570,234 66
Balance
$14,457,803 42 $7,249,733 76
Preferred dividends for 12 months at rate of
7%
1,048,964 00
1,048,678 75
Undivided profits for 12 months
$13,408,839 42 $6,201,055 01
In addition there was expended during the year $1,238,357 27 for additions to real estate, plants and equipment,
without incurring any new capital obligations therefor. It
will also be seen that the company had $14,526,124 14 cash
on hand on July 31 1915, as against $13,452,663 35 July 31
1914, a gain in cash of $1,073,460 79.
The marketable securities aggregating $1,001,000, shown
above are high-grade short term obligations of municipalities
and corporations, in which it was deemed advantageous to
invest temporarily a part of the company's surplus funds.
These securities can readily be sold and converted into cash
when wanted. (See statement 4, on following page.)
The increase in Accounts Receivable is due almost entirely
to the larger amount of drafts against shipments in transit
which represent substantially cash.
CAPITAL EXPENDITURES.
Charges to capital account during the year for additions to
real estate, plants and equipment aggregated
$1,238,357
27
Of this expenditure about $700,000 was for additions to
plants and equipment of the Buick Company, the balance
being for additions to plants and equipment of the Cadillac,
PROFIT AND LOSS ACCOUNT.
Profit and Loss Surplus July 31 1914
$6,689,427 51 Northway and Weston-Mott Compazues. Notwithstanding
Add balance of undivided profits (after payment of Prethe above expenditures charged to capital account during
(erred dividend) for twelve months ending July 31 1915,
as per Income .Account above
13,408,839 42 the year it will be seen from the balance sheet that the net
book valuation of "Real Estate, Plants and Equipment"
$20.098,266 93 after deducting the reserves
for depreciation was only
Charged off from plant and equipment at the close of the year
113,106 99
$386,935 27 greater than on July 311914. This is, of course,
Profit and Loss Surplus July 31 1915
$19,985,159 94 due to the appropriation from income
and surplus accounts
The net profits of $14,926,322 28 are after deducting all during the year for depreciation of plants and equipment.
expenses of General Motors Company, and also after deductSALES.
ing $1,029,469 78, a sum deemed sufficient to cover deGross sales of General Motors companies in the year just
preciation of buildings and equipment. The plants have closed amounted to $94,424,841
47, as compared with
been maintained in good operating condition.
5,373,302 96 for 1914, the
Full charges have been included in operating expenses compared with 58,987 duringnumber of cars sold 76,068,
to cover all depreciation in inventories during the year just be noted that, owing to pricethe preceding year. It will
reductions, the number of
closed. Inventories at the close of the year were on a cars sold tends to increase considerab
ly faster than the sales
thoroughly conservative basis of valuation. The increase measured in dollars.
of $2,406,928 13 in the value of inventories is because of the
THE OUTLOOK.
larger volume of current business being carried on at the
close of the fiscal year.
The outlook never was more promising than for the coming
The Condensed Consolidated Balance Sheet, as of July 31 year. The models of all your compames are meeting with
1915, as compared with July 31 1914, is to be found on great favor in their respective classes and sales so far in the
following page. Comparative statements of Income and new year (August 1 to September 14th 1915) amount to
Profit and Loss accounts for the last five fiscal years will $16,176,761, compared with $7,585,739 for the correspondbe found on following page.
ing period for last year.
CAPITAL STOCK.
DIVIDEND POLICY.
The capital stock of the Company outstanding in the
The Preferred dividends have been continued during the
hands of the public on July 31 1915 was as follows:
year, as heretofore, at the full rate of seven per cent and
Preferred stock 7% cumulative
$14,985,200 00 should, of course, be so continued.
Common stock
16,506,783 05
The Common stock has never received a
dividend
This represents an increase during the year of $5,000 since the Company was organized Septembercash1908.
16
Common stock.
Your directors have followed the policy of building
FUNDED DEBT.
the cash assets and the credit of the Company and so up
accumulated and held large cash balances pendinghave
The sole outstanding funded debt of the Company July 31.
the
1915, consisted of $2,328,000 6% First Lien Notes, matur- maturity of the 6% notes, the original issue of which was
ing October 1 1915, being unpaid balance of the original $15,000,000, and the last of which will be paid October 1st
issue of $15,000,000 of these notes, dated October 1 1910. next. During the past year, for the first time, it has not
The Company has cash on hand amply sufficient to pay been necessary for the Company to borrow money.
Further marked improvements in manufacturing methods
these notes without incurring further obligations.
will be continued, but can hardly be expected in future to
OTHER INDEBTEDNESS.
yield such large gains in output with such moderate expendiAside from these notes, the only indebtedness of the tures on new buildings and machinery as have characteri
zed
Company and its subsidiary companies on July 31 1915 the last five years. It is also true, in the
consisted of current accounts payable, of $1,380,907 94 directors, in view of the strong financialopinion of your
position your
(composed wholly of obligations for merchandise, &c.) and Company now occupies, that the time is
$1,270,302 43 liabilities accrued, but not due, for pay rolls, additions to plant, made necessary by thenear when larger
great growth of
taxes and interest on funded debt.
the business, should be made. Your board does not believe
The current accounts payable on July 31 1915, were $2,- in running into debt, and it was partly because of
these
391,215 18 less than on July 31 1914.
probable extensions, a portion of which have now been
authorized, that your board voted to set aside the one million
WORKING CAPITAL.
dollars referred to above, as invested in short time securities.
The net working capital as shown by the balance sheet
The large "write offs" amounting to $12,531,013 99,
of July 31 1915, amounted to $31,141,237 64, as follows:
required during the last five years to bring your plants,
Current Assets—
1915.
machinery, merchandise and other assets down to a con1914.
Cash
Marketable securities of municipalities$14,526,124 14 $13,452,663 35 servative figure, are now, we believe, at an end.
and other corporations (see StateThe cash on hand at the close of the fiscal year July 31
ment 4)
Notes ($110,513 99 in 1915) and accounts 1,001.000 00
1915 was $14,526,124 14 with all the factories in operation
receivable including drafts, against
and all current bills paid and discounted in advance wherever
shipments in transit
3,944,680 75
3,358,790 51 possible,and cash on hand September
Inventories
14th 1915 was $20,14,049.298 15
11,642,370 02
Prepaid expenses
408,331 94.
533,585 97
387,578 14
Total current assets
$34,054,689 01 $28,841,402 02
From the balance of cash available your directors have
Less Current and Accrued Liabilities—.
to-day declared a dividend of fifty per cent. on the Common
Current accounts payable
Interest, taxes and pay-rolls accrued not $1,380,907 94 $3,772,123 12 Stock,being $50 per share,
payable on October 15 1915, to
due
1.270,302 43
1,000,247 19 stockholders of record at the close of business
Sept.30 1915.
$2,651,210 37— - 4,772,370 31
$
Your Board believes that the time has now come when
$317,1 - From which deduct amount reserved for . 1 03,478 64 $24.069,031Y1 the Common Stock can be put on a regular dividend basis,
three months' proportion of Preferred
payable .
quarterly. The rate of such dividends should in
Dividend payable November 1
262,241 00
262.241 00 the opinion of the Board be left to the
Board of Directors
Net working capital
$31,141,237 64 $23.806,790 71 to be elected
at the coming Annual Meeting.
Increase in net working capital during the year, as above__
Your directors wish again to express their high appreciaTo which should be added the reduction in debt during the $7,334,446 93
tion of the loyalty and efficiency of your officersand employees.
year through the prepayment of 6%. 5
-year notes,
duo October 1 1915
By order of the Board of Directors,
5,524.000 00
Total additions to the net working capital during year
12.858.446 93
CHARLES W.NASH, President.
[VOL. 101.
THE CHRONICLE
1024
MOTORS COMPANY AND SUB-CONDENSED COMPARATIVE CONSOLIDATED BALANCE SHEET OF GENERAL
STATEMENT 1.
TURE OF MOTOR CARS AND PARTS AS OF
SIDIARY COMPANIES DIRECTLY CONNECTED WITH THE MANUFAC
JULY 31 1915 AND 1914.
July 311914.
July 31 1915.
ASSETS.
Fixed Assets-real estate, plants and equipment
Less: reserve for depreciation
$21,515,065 26
6,082,148 68
$22,753,422 53
6,933,570 68
-
$15,432,916 58
$15,819,851 85
471,200 00
413,500 00
Patents, agreements, &c
352,734 50
367,184 50
s investments
Wiscellanebu
Durrent and working assets
$13,452,663 35
$14,526,124 14
Cash in banks and on hand
1,001,000 00
Marketable securities of municipalities and other corporations (see Statement 4)
3,358,790 51
3,944,680 75
Notes ($110,513 99 in 1915) and accounts receivable
11,942,370 02
14,049,298 15
Inventories
387,578 14
533,585 97
Prepaid expenses
28,841,402 02
34,054,689 01
Total Current and Working Assets
stocks of
300dwill, representing excess of appraised value over book value of capital
7,934,198 14
7,934,198 14
subsidiary companies owned, less reserve
$53.032,451 24
$58,589,423 50
Total
LIABILITIES.
J
- apital Stock
(authorized $20,000,000) issued
Preferred stock
-In treasury of General Motors Company
Less
In treasury of subsidiary companies
$18,038,400 00
$18,038,400 00
$3,053,200 00
$1,741,900 00
1,311,300 00
$3,053,200 00
$3,053,200 00
Total
$14,985,200 00
"
In hands of public
Common stock (authorized $40,000,000) issued
-In treasury of General Motors Company
Less
In treasury Of SubsidiarY companies
$14,985,200 00
$19,874,030 00
$19,874,030 00
$3,367,246 95
$3,233,746 95
138,500 00
$3,372,246 95
3,367,246 95
Total
16,506,783 05
In hands of public
-
16,501,783 05
$31.486,983 05
$31,491.983 05
Total in hands of public
7,852,000 00
Funded Debt
2,328,000 00
First Lien Five-Year Sinking Fund Gold Notes of subsidiary companies, being the
6%
Dutstanding Capital Stock (par value) and surplus
portion not owned by General Motors Co.
$573,000 00
$528,000 00
Capital Stock
431,141 62
454,423 14
Surplus
1,004,141 62
982,423 14
Total
Current Liabilities
$3,772,123 12
94
$1,380,907
Accounts Payable
1,000,247 19
1,270,302 43
Interest, Taxes and Pay-rolls Accrued, not due
4,772,370 31
2,651,21,0 37
Total Current Liabilities
262,241 00
262,241 00
965,287 75
Reserve for three months' proportion of Dividend on Preferred Stock, payable November 1_
888,406 00
Reserves for sundry contingencies
6,689,427 51
94
19,985,159
Surplus
$53,032,451 24
$58,589,423 50
Total
.0110111
-INCOME ACCOUNT.
STATEMENT 2.
Year ending Year ending Year ending 10 Mos. endg.
Year ending
July 31 1915. July 31 1914. July 31 1913. July 311912. July 31 1911.
manufacture (including maintenance),
Net Profits after deducting expenses ofas taxes, insurance, depreciation and
selling and administration as well
$14,926,322 28$7,947412 80 $8,284,139 77 $4,838,4.48 55 $4,447,146 58
interest on teMporary loans
31
$14,794,190 7637,819,968 42 $8,184,052 82 $4,746,756 50 $4,066,251 00
proportion thereof
750,000
General Motors Company
850,463 23
724,581 46
336,387 34 570,234 66
Accrued Interest on General MotorS CoMpany 6% First Lion Notes
27
$14,457,893 42$7,249,733 79 $7,459,471 36 $3,899,203 51 $3,316,251 31
Balance
842,974 33
1,048,964 00 1,048,678 75 1,948,534 08 1,040,210
Preferred Dividends at the rate of 7%
$13,408,839 42,$6.201,055 01 $6,410,937 28 $2,856,082 76 $2,474,176 98
Undivided Profits
-PROFIT AND LOSS ACCOUNT.
STATEMENT 3.
Year ending I Year ending Year ending 10 Mos. endg.
Year ending
July 31 1915. July 31 101.4yuh) 31 1913. July 31 1912. :July 31 1911.
$6,689,427 51$2,945,379 471$1,262,594 88 $1,240,175 26 $1,349,789 07
199,84541
Profit and Loss surplus at the beginning Of the Year
Add miscellaneous adjUstmentS
$1,549,634 48
out of surplus prior to
Less Preferred dividend No. 4 paid November 30 1910,
October 1 1910
Add undivided profits per income account above
384,552 00
$1,195,082 48
13,408,839 42 9,201,055 01 6,410,937 28 2,856,082 76 2,474,179 98
$20,098,266 93$9,146,434 4837,673,532 16 $4,096,258 02 $3,639,259 46
Charged off
For reduction of inventories and assets as carried on books October 1 1910
and liquidation lOsSe%
Plants and Equipment
Patents, Agreements, Stc
Sundry adjustments
4,728,152 69 2,833,663 14 2,399,084 20
113,106 99 1,483,208 18
972,418 77
1,38002
.
117,19p oq
Total Charged off
Profit and loss surplus July 31
52
2,457,006 97 4,728,1. 99 2,833,66:3 11 2,399,084 20
$19,985,159 94$9,989,427 51 $2,945,379 47 $1,262,594 88 $1,249,175 26
IONS OWNED BY
-SCHEDULE OF MARKETABLE SECURITIES OF MUNICIPALITIES AND OTHER CORPORAT
STATEMENT 4.
GENERAL MOTORS COMPANY JULY 31 1915.
Date Due.
Description.
State of MasSachnSotts, -Notes
City Of BeSton, 'Mass NoteSToWn 'of Canton, Mass., Notes
Town of Wakefield, Mass., Not
-e,
City or tiolYek Mass.* Coupon ,s
Town of Sharon, Mass., Nntg
City of Worcester, Mass., conpon 4s
of NewtOn, Mass..;Notts'
Mass..; Note
C
fisourt Sr' Kansas Tel. Co. Notes
International Hatvester Corporation of New Jersey 5s
4%s
City of Buffalo, N:
United FruitPo 5s
No' YOrk
City'Of„ 434s
Total
(jabber 27 1915
r v Ci l9
iulie aer f.6191
May 22 1916
.1916
April 4
,
rehears 7 1916January 1 1916
July 31 1916
July 29 1916
April 14 1916
ki,b,Prt911 191 1 1918 .
John 1 1018
-May
Amount.
$1JJO,II 00
2lj,Ii 00
4,4000
4000
5,000 00
15,000 00
10,000 00
ISM sa
p.88g 00
;
3,000
0
0
(
25,009 00
223,000 00
$1.001,000 00
SEPT. 25 1915.)
TIIE CHRONICLE
1025
MAXWELL MOTOR COMPANY, INC.
SECOND ANNUAL REPORT—FOR THE YEAR ENDED
JULY 311915.
Detroit, Mich., September 15 1915.
We certify that, in our opinion, the annexed Consolidated
To the Stockholders:
Balance Sheet properly states the financial condition of
The second annual report of the Maxwell Motor Compan
the
y, Company at July 31 1915, and that the accompa
Inc., for the year ended July 31 1915 is herewith submitt
nying Coned.
The net earnings of the company, as shown by the accom- solidated statement of Income for the year ended July 31
panying statement of West & Flint, Certified Public Account 1915, correctly states the profits from operations, not in- cluding any element of profits on goods in the hands
ants of New York, amount to $2,303,314 41.
of subA regular quarterly dividend of 14% on the First Preferre sidiary companies.
d
WEST & FLINT,
Stock of the company was paid July 1 1915 and a
Accountants and Auditors.
quarterly dividend of 1%% has been declared on saidregular
50 Pine Street,
stock,
payable October 1 1915. In addition thereto a dividen
New York, September 2 1915.
og % of 1% was paid July 11915, on the accumulated d
3
dends of the First Preferred Stock,and another dividend divi3
of 1% has been declared on said stock,payable Oct. 1 of%
MAXWELL MOTOR COMPANY
1915.
The net working assets of the company at the close of
Incorporated
second fiscal year are approximately $7,165,000, as its
compared with $5,835,000 at the close of the first fiscal year.
AND SUBSIDIARY COMPANIES
The cash on hand is $2,652,628 60, as compared with
$1,785,992 68 last year.
CONSOLIDATED STATEMENT OF INCOME
FOR TUE YEAR
Following out the policy established at the time of
ENDED JULY 31 1915.
its
incorporation, the company has disposed of its remaini
ng
idle factory at Tarrytown, New York, and is,
therefore, Net Earningsfrom Operations after deducting
Costs of Manufacturing and Expenses of
operating factories only at Dayton, Ohio; Newcast
le, InAdvertising, 'Selling, Administration and
diana; and Detroit, Michigan.
Taoces
$2,337,950 21
The total volume of sales of the Maxwell products during Other Income—
Cash Discounts on Goods
the past fiscal year shows an increase of 62%.
Purchased
$167,640 63
Sundry Miscellaneous RevForeseeing that the demand for Maxwell automobiles
enue
54,449 92
would exceed our factory capacity, the Manufacturing
222,090 55
facilities have been increased during the year by the instalTotal
lation of special machinery designed to produce one model Deductions—
$2,560,010 76
of automobile in large quantities at the minimum cost.
Depreciation on Buildings, Machinery and Tools, over
and above Repairs and Replacements
That this increase was necessary to take care of the demand
256,726 35
is indicated by the fact that the company manufactured
and Net Income for the Fiscal Year ended July 31 1915
$2,303,314 41
sold in August 1915, 5,217 automobiles, as compared with
2,161 automobiles in August 1914. Shipments in SeptemWEST & FLINT
Certified Public Accountants
ber 1915, will probably exceed those of August 1915.
5i) Pine Street
Following this report are the Profit and Loss Account,
New York
containing additional information as to the results of the
Telephone .
3061 John
year's operations, and the Balance Sheet.
William II. West, A. C. A., C.P. A.(N. Y.)
Orders on hand at the present time indicate that Maxwell John Flint, C. P. A.(N. J.)
automobilesare popular with the buying public,and the outlook
September 2 1915.
for the future success of the company is very satisfactory.
To the Board of Directors, Maxwell Motor Company, Incorporated, New York:
MAXWELL MOTOR COMPANY, INC.,
Gentlemen.—We have made an audit for the fiscal year
WALTER E. FLANDERS, President.
ended July 31 1915 of the books and records of the Maxwell
Motor Company, Incorporated, of the Maxwell-Newcastle
CONSOLIDATED GENERAL BALANCE SHEET
Manufacturing Company, operating the Newcastle, Indiana,
JULY 31 1915.
factory,and of the Maxwell Motor Sales Corporation,through
ASSETS.
Capital Assets—
which the products of the Company are marketed.
Real'Estate, Buildings, Machinery
The treasury stock, the notes receivable, and the cash in
and Equipment,at July 31 1914.$4,462.222 42
Additions during the year (Not)__
hand and on deposit have been verified by examination or
310,201 30
Increase through Re-appraisal, offby proper certificates of deposit.
set tiy correspOndin* inerease to
Reserve for DepreelatiOn
The accounts receivable have been examined. In
420,202
14$5192625 86
judgment adequate reserves for possible shrinkage in our
Investments
re795,826 53
alization of notes and accounts have been carried on the
$5,988,452 39
Goodwill, Models, Patents, Trade Marks and Trade
Names_26,500,000 00 books, as shown on the balance sheet.
Curreal Working Assets—
The factory inventories were taken at cost by the ComInventories
$5,140,901 50
Accounts Receivable
pany at Juno 30 1915 and brought down to July 31 1915 by
593,119 44
Notes Receivable
229,289 25
additions of purchases and labor, less deductions for cost of
Prepayments
44.756 75
N'ortgage Receivable—Due on Contract of Sale.
sales for July shipments.
95,000 00
CaSh
$2,652,628 60
The inventory includes cars and parts of approximately
Sight Drafts, with Bills of Lading
attached, out for Collection. _ _ _
$1,000,000 in the hands of the Maxwell Motor Sales Cor642.985 71
3.295,615 31 9,467,682 25
poration and its agents, as well as active repair parts for new
Total
$41,890,134 04 and old models
to the amount of about $1,150,000; the
LIABILITIES.
balance represents materials for present factory operations
Capital Liabilities—
and the 1916 Model "25" car. Certain supply parts repre*Vint Preferred
$13,000,000 00
Less—In Treasury
sentative of old models, for which there is small demand,
720,667 99
$12,279,332 01
are carried in the inventory at no value. Other supply
Second Preferred
311,000,900 00
Less—In Treasury
parts, for which there is a better demand, have been carried
872,5320110,127,467 99
on the books at cost and are included in the $1,150,000 of
Common
$13,000,000 00
Less—In Treasury
221,942 42 12, .
778 057 58$35,184,857 58 active stock, but provision against loss on such parts through
depreciation and obsolescense has been made by setting
nr,ft,rred Liabilities—
,' Estate Mortgages
15,799 46 aside a reserve of $200,000 out of Surplus.
iterent LiabilitzekReal Estate, Plant and Equipment are stated on the
4.ccennts Payanio--Audited Vouchers
$829,0$9 46
AM:hints Payabto—Unirohdhered niVoices
ance sheet, presented herewith, with reserves which bal305,050 30
Wag6S--Abartied
123,742 01
believed to be ample to bring the net worth down to are
Taxes, Insurance, &e.—Accrued
47.909 55
customers' Deposits
present value. Due to certain conditions and changesthe
296,421 21
in
Due on Contracts, &c
109;080 00 -1,708,303 43 the equipment, the management found a re-appra
isal of the
• 120ervefor pepre ltion of Capital Assets
:
properties to be advisable during the year. Through this
On ishildi s 114ac nelly and EqUiPment —
1,231,077 41
ReservO' r lepre tio, of Curr6111 Woiltng ilssets, .
re-appraisal the property values, as shown by the books,
:
-On Invente OS
$25e,714 21
Were increased approximately $420,000, which increase is
OnNoteS n 'Accounts Receivable
a
148,678 53— 494,392 76
Reslrve fek tloritingencies
50,000 00 offset by a corresponding increase in the reserve.
ropriated 0urpltm—For Retirement of First Preferred
The investinvnts owned by the Maxwell Motor Company,
1n8apital Stock
130,000 00 Incorpo
Cbrporltip'Stkplus—
rated, include the entire capital stock outstandfng,
TIndividel ptirplus=uly 31 1914
7-J
$1,505,467 09
excepting directors' qualifying shares, of the Briscoe ManuNet Incotne for the Year ended July 31 1915_ 2,303,314 4t
(
fa,‘cturing Company and the Newcastle Realty Company.
Deduct-$3,808,581 5
.
Dividends paid during the
The former of these manufactures automobile parts for the
87
year
$396,9 50
general trade as well as for the parent company, and the
Sltpking Fund Appreprialatter i$ the owner of certain lands and buildings at NewU.:in
130,000 00
4.dilit1enal Reserve on
castle, Indiana, not used in the manufacturing business.
tirnitoried"
200,000 00
636,987O 3,171,794
The Company has no liability, contingent or otherwise,
00
!I'ntal
.
$41,89 Ti p4 on outstanding notes or drafts of any character.
Yours very truly,
,* Dividend on First Preferred Stock is munulative
annum from Januaryll 1913...One dividend of two at sevcp- pQc cent Dor
AvpsT 3c FLINT,
5
and one-half (25i%)
per cent declared...and paid. .„‘ _.
•
Accountants and Auditors.
The
[VOL. 101.
TIIE CIIRONICLE
1026
Tomutercial Times.
COMMERCIAL EPITOME
Friday Night, Sept. 24 1915.
With cooler weather general trade has improved.of War
this
orders are still large. The balance of trade in favor
country has reached an enormous total. The Anglo-French
at
loan seems to be assured of success with the amount fixed ing
about $500,000,000. It is expected to have a stabiliz
effect on foreign exchange and thus stimulate regular export
trade. Reports in regard to Southern trade are more cheerful, coincident with a large advance in cotton. International
politics have a more favorable aspect. The dry goods trade
is more active. Sales of steel for export are still very large
at higher prices. The demand for lumber is better, with
prices higher. The coal trade is more active. Furniture
manufacturers are busier. Wholesale trade in shoes is
larger. Money is easier and collections at the South are
much better, with cotton selling at 11 to 113/2c. and cotton
crop
seed at $30 a ton. It is believed, too, that the cotton past,
was raised at the lowest cost known for many years
planters making a virtue of necessity, owing to the impossibility of securing as large loans as usual. Exports of wheat
make a good showing for the week, although the total for
the season thus far is nearly 20,000,000 bushels smaller than
in the corresponding period last week. In the West and
Northwest trade is increasing. Manufactures in the East
been
are expanding. On the other hand, the weather has even
too cool for the corn crop, with frosts in some sections, es
if a large yield is practically certain. The textile industri s.
are still more or less hampered by the scarcity of dyestuff
Commercial failures have increased somewhat. But taking
such
it as a whole, the business situation in this country is
that the general feeling is cheerful.
LARD quiet; prime Western 8.75c.; refined to the Continent 9.30c.; South America 9.45c.; Brazil 10.45c. Futures
have been quiet and irregular, though at times steadier, with
higher prices for hogs; the big stocks of provisions and the
restricted export trade have been noticeable drawbacks.
and
To-day prives advanced. Big interests bought lard posribs at Chicago. Higher prices for cotton suggests the
sibility of a better trade with the South.
DAILY CLOSING PRICES
Sat.
September delivery_cts. 7.873
7.8754
October delivery
8.4255
January delivery
and a.revival of business is expected by many before long.
The ordinary demand prevails for Sumatra and moderate
sales of Cuban leaf are being made at steady prices.
COPPER has been in fair demand; Lake 18@183/2c.; later
/
%
17%@18c.; electrolytic 173 @l8c.; later 173 tc. Italy and
France have bought to some extent but the domestic trade
has been small.London advanced early in the week but
reacted later. Tin on the spot declined to 32hc., with trade
dull. London was easier. Spelter advanced to 13%c. after
dropping to 133c. Some called the advance "manipulation." London prices fell. Lead on the spot here 4.45@
4.50c., closing with more export demand. Pig iron has been
firm though with less demand. No. 2 Eastern $15 75@$16,
No. 2 Southern $11 50@$12 50, Birmingham. Bar iron is
in good demand; coke stronger. There is a heavy war demand for steel products. Big orders from France are expected for shrapnel and high explosive shells. The production of steel rounds and blooms suitable for shells is reported
s is the
to be practically sold out for 1915.. Export businesplace in
taken
paramount factor. Advances in prices have bolts and nuts,
sheets, iron bars, hard steel bars, shafting and to war orders.
in addition to wire products. This is due
The domestic demand, however, is negligible. Barb wire
sales to Europe recently were 25,000 tons. European buyers want 60,000 tons of painted barb wire. The price for
export is 3c. and higher. Bar plates and structural steel
have been advanced in some cases to 1.40c. Pittsburgh for
1915; other quotations 1.300. to 1.350.
OF LARD FUTURES IN CHICAGO?
Frt.
Wed. Thurs.
Mon. Tues.
8.15
8.02% 8.0754 8.10
7.85
8.15
8.0755 8.10
8.05
7.85
8.5251 8.65
8.50
8.3255 8.50
$20@$22. Beef,
PORK quiet; mess $20@$21; clear extra India mess
$18 50@$19; packet $17@$18;
mess,
lbs.,
$29@$30. Cut meats quiet; pickled hams, 10 to 20
y,
@,13 Me.; pickled bellies, 12@14c. Butter, creamer
123
.
@32c
.
.
@27c Cheese, State, 12@,15c Eggs, fresh, 20/
21
4@9c.•,
COFFEE dull; No. 7 Rio, 6%c.• No. 4 Santos 83d with
Futures advance
fair to good Cucuta 9M@l0c. ' face of liberal receipts.
Rio firmer and Santos steady in the
has
Rio exchange declined. The trading here, .however,
been light. To-day prices declined slightly
September cts6.06 6.07
6.06@6.07
October
November__.6.09@6.10
December_ _ _6.1106.12
January_ _cts6.15®6.17
_6.2006.22
February
6.2506.27
March
6.3006.32
April
May
June
July
August
COTTON
Friday Night, Sept. 24 1915.
ed by our
THE MOVEMENT OF THE CROP, as indicat For the
telegrams from the South to-night, is given below. reached
have
week ending this evening the total receipts and 100,526
284,998 bales, against 176,839 bales last week
receipts since
bales the previous week, making the total bales for the
Aug. 1 1915 725,582 bales, against 282,468 Aug. 1 1915
same period of 1914, showing an increase since
of 443,114 bales.
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
12,266 16,447 27,742 16,895 12,94Ci 11,112
1,983
____
____
____
___ 5,'750
246
18,100
1,977 4,109 7,427 4,113 6,383 4,695
289
776 1,254
506 2,437
591
-_-_-_-_ fig/
-_-_-_-_
-_-_::
: -_-_-_-_
-_-_-,
9,980 13,908 13,837 10,930 6,914 8,925
____ 4,500
.
. 3548 3,349 4,140
54
,6
2
45
---- ---------- -----,31 2,527 3,570
2,298 3,515 3,967
1,016 2,169 3,368 1,916 2,696 1,177
97,402
Galveston
7,733
Texas City
Port
18,346
Aransas Pass,&c.
28,704
New Orleans_ _ _ _
5,853
Mobile
Pensacola
1,§55
Jacksonville,&c_
64,494
Savannah
4,500
Brunswick
23,704
Charleston
45
Georgetown ---19,508
on
Wilmingt
12,342
Norfolk
N'port News, &c
650
--- - -- -75
---575
New York
51
51
-___
____
Boston
• 398
-50/3
-_-_-_-_
____
____
_
Baltimore
29
29
---------------Philadelphia _ __ 42.203 224M-A
,
pm-.1..ht. ,,..te Aci An9 An.inn 65.10R 41.762 26.663
cts6.3606.38
6.416.43
6.46@6.48
6.51@6.53
SUGAR lower; centrifugal, 96-degrees test, 3.75@4c.;
demolasses 2.98(0.240.; granulated 4.80@5c. Futures the
clined under Wall Street and Cuban selling, due to ly.
weakness of raw sugar, with refiners buying very sparing
5,000
Cuban receipts for the week were 9,521 tons, against last
tons last year; stocks 302,350 tons, against 145,000 tonssugy
year and 129,000 tons in 1913. These are certainl the
gestive figures. Also, a large increase is proposed infrom
duty on sugar imports into the United Kingdom, i.e.,
is. 10d. to 9s. 4d., or about two cents per lb. Todayfutures declined.
, the total
The following shows the week's total receipts ed with
since Aug. 1 1915 and the stocks to-night, compar
last year:
1914.
1915.
This Since Aug This Since Aug
Week. 1 1915. Week. 1 1914.
97,402 250,620 52,502 150,702
Galveston
3,147
18,458 1,289
7,733
Texas City
400
163
Port Arthur
2,359
326
19,058
Aransas Pass,&c_ 18,346
20,607
90,344 8,240
28,704
New Orleans..
9,138
14,358 3,488
5,853
Mobile
963
Pensacola
3,114
2,738 1,512
1,239
Jacksonville, &c_
55,012
64,494 200.657 18,574
Savannah
1,548
500
7,600
4,500
Brunswick
10.507
39,128 4,075
23,704
Charleston
45
45
2.94 January _cts 2.8102.83 May ____cts2.922.94 Georgetown
Septembercts2.90
2.94@2.95
6,345
30,431 3,720
_2.792.81 June
19,508
2.89@2.91 February
October
2.96 2.97 Wilmington
8,303
2.81 2.83 July
46,160 2,651
12,342
November _..2.90(S'2.92 March
2.9803.00 Norfolk
8,218
742
2.84@2.85 August
461
April
N'port News,&cDecem ber_ _2.9202.93
50
____
900
6Lo
city, raw, American seed, 56© New York
1,470
-Linseed, quiet;
215
968
OILS.
Si
Boston
1,458
123
2,218
an seed, 57@58c., Calcutta, 75c. Baltimore
398
57c.; city boiled, Americ
90
40
31
1
29
2
103/ ©11/0.;
Lard, prime, 85@880. Cocoanut, Cochin,Palm, Lagos, Philadelphia
.75c.
Corn, 5.56@5
2R4.AOR 72A.A52 97.716 282,468
.
Totalla
Yic
Receipts to
Sept. 24.
Stock.
1915.
1914.
188,045
18,408
86,308
3,464
3,994
138,073
16,168
3,008
54,480
8,643
536
161,416
6,200
63,688
214
32.906
534
10,122
57,633
37,187
16.460
13.878
237.955
4,159
3,606
1.996
82,320
2,992
3,607
2.335
939,064
321.271
Ceylon, 9M
with other years,
Wic. Cod, domestic, 43@44c. Cottonseed, winter,
6M
In order that comparison may be madefor six seasons:
032c•
6.600.; summer white, 6.350. Spirits of turpentine, 4 /
we give below the totals at leading ports
to good, $3 40.
Strained rosin, common
1910.
1911.
1913. 1 1912.
PETROLEUM in good demand; refined, in barrels, $7 50 Receipts at
1914.
1915.
a,
@$8 50; bulk, $4@$5; cases, $9 75@$10 75. Naphth50
146,322 186,815 161.043 160.584
52,502
Galveston _ _ _
14,523
8,099
35.117
22,401
73 to 76 degrees, in 106-gallon drums, 253'c.; drums $8 .; TexasCIty.&c 97,402
1,615
26,079
29,531
23.512
17,993
17,524
8,240
extra. Gasoline,86 degrees, 27c.;74 to 76 degrees, 25@270ed New Orleans.. 28,704
8,803
10,498
9,941
18.082
3,488
5,853
Mobile
94.930
58.994 131.192
68 to 70 degrees, 22@24c. Attention has been attract is Savannah
92,934
18,574
64.494
16,103
19,200
5,500
12,000
500
Oklahoma territory south of Tulsa near Okmulgee; it - Brunswick
to
4.500
18,266
27,4j5
27,211. 21,977
4,075
29,408
25,017
a spotted pool but some good wells are reported. Develop Charleston,&c 23,749
18,797, 23,996
3,720
In
16,693
24.597
12,938
8,913
are said to be promising in Muskogee County. the Wilmington.._ 19,508
2,651
ments
12,342
Norfolk
147
128
264
216
461
N'port N.,&c.
2,430
the Texas coast region activity is said to be confined for
6,834
511
3,122
1,890
2,367
All others.._ _ _
most part to Humble, Edgerly and Vinton.
Pennsylvania dark $1 65
1 65
Tiona
1 25
Cabell
1 23
Mercer black
1 23
N w Castle
1 12
Corning
65c.
$1 30 Ragland
Wooster
1 08 Illinois, above 30
North Lima
_ 1 09
degrees
1 08
South Lima
93c. Kansas and OklaIndiana
e 80c.
homa
1 13
Princeton
Somerset, 32 deg-- 1 08
TOBACCO has been in moderate demand. There is no
pressure to sell as in some parts of the country, at least,
the crop has been injured by recent bad weather and the
yield in such sections may fall off. Prices are quite steady
Total this wk. 284,998
97,716
794 4519
9119 MIR
Since Aug. 1_
367,522
373,946
437,525
391,418
1.316.717 1.171.516 1.464.969 1.099.439
this evening reach a total
The exports for the week ending were to Great Britain,
of 123,478 bales, of which 49,230 rest of the Continent.
the
35,614 to France and 38,634 to Aug. 1 1915 are as folExports for the week and since
lows:
SEPT. 25 1915.)
Exports
from-
THE CHRONICLE
Week ending Sept. 24 1915.
Exported to-
From Aug. 1 1915 to Sept. 24 1915.
Exported to
-
Great
ContiGreat
Britain.France. need. Total. Britain. France. Contineed.
Total.
Galve8ton__ 37,859 19,736 14,411 72,006 76,884
31455 31,331 139,369
Texas City_ 1,429
413 1,842
9,142
1,702 10,844
Port Arthur
163
163
Ar.Pass.,&c.
13,873
13,873
13,873
13,873
NewOrleanal
1,480 0,411 10,891 18,472
3,240 55,145 76,857
Mobile
187
187
Pensacola
1,639
1,639
Savannah_ .. 1,499
1,499
1,931
2,058
9,765 13,754
Charleston_
10,250
10,250
Wilm'ton
8,726
6,726
Norfolk
250
250
New York_ 2,643
525 8,972 12,14a
10,403
6,736 69,380 86,519
Boston ____
137
35
172
303
501
804
Baltimore__ 5,663
5,663 13,065
13,065
Philadel'la_
400
400
San Fran
1,964 1,964
10,438 10,438
Seattle
2,793 2,793
12,996 12,996
Tacoma
635
635
8,149
8,149
Total__ 49,230 35,614 38,634123,478 142,689 57,062
206,532 406,283
Total 1914- 11,407
18,038 29,445 29,017
5 41,996 71,018
-Note.-New York exports since Aug. 1 include 1,013 bales Peruvian and
21 West
Indian to Liverpool.
1027
bull manipulation early in the day. Later on much of the
advance was lost on profit taking. Spot cotton closed at
11.55c. for middling upland, showing an advance for the
week of 65 points, or 145 points in two weeks.
The following averages of the differences between grades,
as figured from the Sept.23 quotations of the eleven markets,
designated by the Secretary of Agriculture, are the differences established for deliveries in the New York market on
Sept. 30.
Middling fair
1.01 on
Strict good middling
0.70 on
Good middling
0.47 on
Strict middling
0.23 on
Strict low middling
0.45 off
Low middling
0.99 off
Strict good ordinary
1.58 off
Good ordinary
2.17 off
Strict good mic. "yellow" tinged_0.29 on
Good middling "yellow" tinged_even
Strict middling "yellow" tinged.0.22 off
Middling "yellow" tinged
0.50 off
Strict low mid. "yellow" tinged.1.02 off
Low middling "yellow" tinged .1.63 off
Middling "blue" tinged
0.84 off
Strict low mid."blue" tinged___ 1.25 off
Low middling "blue" tinged____1.81 off
Middling "stained"
1.12 off
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Sept. 18 to Sept. 24Middling uplands
Sat, Mon. Tues. Wed. Thurs. Fri.
10.70 10.85 11.25 11.40 11.35 11.55
NEW YORK QUOTATIONS FOR 32 YEARS.
In addition to above exports, our telegrams to-night also
The quotations for middling upland at New York on
give us the following amounts of cotton on shipboard,
Sept. 24for each of the past 32 years have been as follows:
cleared, at the ports named. We add similar figures not 1915_c
11.55 1907_c
11.90 1899_c
6.62 1891_c
8.69
for 1914
1906
9.60 1898
New York.
5.44 1890
10.38
1913
13.60 1905
On Shipboard, Not Cleared for--
Sept. 24 at
New Orleans.._
Galveston
Savannah ____
Charleston____
Mobile
Norfolk
New York
Other ports
Britain.Great
GerOther CaostFrance. many. Foreign wise.
10,775 4,461
25,308 10,818
10,000
5,000
2,214
1,300
1.000
-800
10.000
9,182
31,427
5,000
100
1,200
4;666
Total.
Leaving
Stock.
196 24,614 113,459
1,750 69,303 118,742
2,500 17,500 143,916
5,000
58,688
3,514
12,654
1,120 2,420 34.767
5,800 232,155
14,000
82,632
4,000
Total 1915_,. 65,597 16,079
100 54,809 5,566 142,151
Total1914.._ 14,577
4,443 17,552 15,001
Total 1913.... 67,952 47- 64§ 62,587 24,095 10.343 51,573
,
212,919
796,913
269,698
267,828
1912
1911
1910
1909
1908
11.75
10.85
13.70
13.75
9.40
1904
1903
1902
1901
1900
11.10
11.20
11.40
9.00
8.25
10.75
1897
1896
1895
1894
1893
1892
6.75
8.56
8.44
6.62
8.31
7.62
8189
1888
1887
1886
1885
1884
11.12
10.50
9.69
9.38
10.06
10.38
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Spot Market
Closed.
Futures
Market
Closed.
SALES.
Spot. Contect Total.
Speculation in cotton for future delivery has been active
Quiet,
pts.
at much higher prices. Another high level has been reached Saturday__ Steady,20 pts. dec. Steady
Monday
15
adv_ Firm
430
430
on this movement. Persistent reports of a short crop co- Tuesday ___ Steady,40 pts. adv.. Firm
___
100
100
Wednesda
incident with an estimated world's consumption of America Thursday y_ Steady, 15 pts. adv_ Steady
Steady, 5
Steady
700
cotton of 15,000,000 bales have been cardinal factors in n Friday __ Steady, 20pts. dec.._ Barely steady..
700
pts adv..
200
200
rise. Also the apparent success of the Anglo-French the
Total_
1.430
of $500,000,000 has had no small effect as likely to loan
1,430
export trade. Rising spot markets in this country and help
tinued activity in the spot business at Liverpool have conTHE VISIBLE SUPPLY OF COTTON to-night, as made
been contributory factors. Some advance in foreign also up by cable and telegraph, is as follows. Foreign stocks,
ex- as well
change has certainly done no harm. The more pacific
as the afloat, are this week's returns, and consequently
aspect of international affairs has likewise been at
all foreign figures are brought down to Thursday evening.
negatively favorable to bull interests. Back of it all, least But to make the total the complete figures for to-night
how- (Friday
ever,is the widespread belief that the next
), we add the item of exports from the United States,
report, which is to appear on Saturday, Oct.Government crop including in it the exports of Friday only.
2, will be
That has inspired much of the recent very aggressive bullish.
Sept. 241915.
1914.
1913.
1912.
buying Stock at Liverpool
bales.1,034.000 829,000 449.000 507,000
in which the outside public has taken part. Well-known Stock at London
72.000
13.000
5.000
12.000
Texas and Alabama interests are credited with determined Stock at Manchester
62.000
62,000
29,000
57,000
buying. The Waldorf-Astoria party covered shorts on a big
Total Great Britain
1,168,000 904.000 483,000 576,000
scale on Wednesday morning and went "long," it appears, Stock at Hamburg
*1.000 *29,000
17,000
10.000
Stock at Bremen
when frost in Kansas gave rise to a fear that
*3,000 *185,000
77,000 165.000
Stock at Havre
201.000 225,000
83.000
92,000
trate into Texas, Oklahoma and Arkansas. it might pene- Stock at Marseilles
That
4.000
3,000
2.000
2.000
not vefiried by the event, but it is true that over fear was Stock at Barcelona
44,000
29,000
10.000
11.000
Stock at Genoa
90,000
22,000
there were temperatures down in the forties in Wednesday Stock at Trieste
6,000
10.000
*1,000 *20,000
12,000
6,000
Alabama, Mississippi, Georgia, Tennessee and Oklahoma,
North
Total Continental stocks
344,000 513.000 207.000 296,000
lina. Moreover, the Government weekly weather Caroreport
laid stress on the ravages of boll-weevil and the
Total European
1,512,000 1,417.000 690,000 872.000
dubious India cotton afloatstocks
for Europe
77.000
outlook for a top crop this season. It stated, in fact,
85.000
58.000
Amer. cotton afloat
that in Egypt,Brazil,&c for Europe 252.466 103,000 473,722 363,501
56,471
Texas the present indications do not point to any top
.,afloatforEur'pe 25,000
17,000
33.000
crop Stock in Alexandria, Egypt
27,000
117.000 *80,000
at all. The boll-weevil, according to Government advices, Stock in Bombay,
96.000
62.000
India
510,000 601,000 434,000 391,000
is spreading rapidly over Southern Georgia. The weevil
Stock in U.
ports
is Stock in U. S. interior towns_- 939,064 321,271 480.747 636.083
S.
now reported to be numerous in some sections of Alabama not
550,384 255,150 223,769 228,883
U. S. exports to-day
1.899
23,813
heretofore invaded. In Northwestern Texas, it is said,
38,018
the
Total visible supply
crop is promising, but that elsewhere boll-weevil are destroy3,984,813 2,850,892 2,540,051 2,673,485
Of the above totals of American and other descriptions ase as
ing new forms so that no top crop is expected. Speculation
follows:
American
is
broadening. The transactions have been the
stock
bales_ 798.000 535,000 274,000 352.000
largest Liverpool r stock
Mancheste
seen for several years. The bullish propaganda is based
49,000
43.000
17.000
41,000
not
*274,000 *395,000 167.000 264,000
only on the idea of a small crop, but also on a big consump- Continental stock Europe
American afloat for
252,466
56,471 473.722 363.501
tion. The South is expected to be wellfortified financially and U. S. port stocks
939.064 321,271 480,747 636.083
U. S. interior stocks
550.384 255.150 223.769 228.883
to market its cotton gradually. Therefore even the loss
U. S. exports to-day
1,899
23,813
35.018
3,000,000 bales in the usual yearly exports to Germany of
Total American
2,864.813 1,605,892 1,660.051 1,920,485
Austria, according to the believers in higher prices, will and
East Indian, Brazil, &c.
have Liverpool
no very prejudicial effect on Southern quotations.
stock
236.000 294,000 175.000 155,000
is expected to be 12,000,000 bales or less. This The crop London stock
72.000
13,000
5,000
12.000
Manchester
is
13,000
19,000
12.000
summary of the bullish idea of the general situatio a rough Continental stock
16,000
stock
*70,000 *118,000
n. There India afloat for Europe
40.000
32,000
are, to be sure, not a few sceptics. They think
77.000 103,000
85,000
58,000
there
Egypt,
25.000
17.000
much manipulation, too much pyramiding, too little is too Stock inBrazil, &c., afloat
33.000
27,000
Alexandria. Egypt
117.000 *80.000
96.000
62.000
of the huge supplies at home and abroad, too little thought Stock in Bombay, India
510.000 601,000 434,000 391,000
tion given to the fact that prices are no longerconsideraTotal East India, &c
1.120,000 1.245,000 880.000 753.000
as
as they were. They are four cents a pound cheap
Total American
2,864,813 1,605.892 1,660.051 1,920,485
higher
than last fall and two cents higher than only
Total visible supply
3,984.813 2,850,892 2,540,051 2.673,485
a Middling Upland, Live
short time ago, with Europe rapidly impover
6.59d.
5.554.
7.85d.
6.59d.
Middling Upland. New
rk
herself in the most gigantic and most destructive warishing Egypt. Good Brown, Liverpool.. 11.55c.
14.10c.
11.55c.
.. 9.600.
8.45d.
history. And if the date of average killing frost of all Peruvian. Rough Good, Liverpool 10.90d. 8.754. 10.80d. 10 d.
9.000. io.00ri.
Broach, Fine, Liverpool
South should be late it is, of course, possible that at the Tinnevell
6.20d.
5.10d.
6%d.
6gd.
y, Good, Liverpool_
6.32d.
5.300. 6 15-16d. 6 3-16d.
may turn out to be far larger than is now generally the crop
*Estimated.
expected.
To-day prices advanced, owing to fears of a Caribbe
Continental imports for past week have been 16,000 bales.
an
storm striking the Gulf States, and general rains in
reports of active and strong spot markets, bad crop Texas, of The above figures for 1915 show an increase over last week
191,742 bales,again of 1,133,921 bales over 1914,an
reports
from Texas and some other States, covering of shorts,
of 1,444,762 bales over 1913 and a gain of 1,311,328excess
buying by Wall Street, and uptown interests, and big over
bales
1912.
some
THE CHRONICLE
1028
[VoL. 101.
-The highest, lowest and closing prices at
FUTURES.
-that is,
AT THE INTERIOR TOWNS the movement
York for the past week have been as follows:
_
receipts for the week since Aug. 1, the shipments for New
the
the week and the stocks to-night, and the same items for the
Saturday, Monday, Tuesday, Wed'day, Thursdey, Friday,
Sept. 18. Sept. 20. Sept. 21. Sept. 22. Sept. 23. Sept. 24. Week.
corresponding periof of the previous year-is set out in detail below.
ieptemberMovement to Sept. 24 1915.
Towns.
I
Ship- Stocks
Receipts.
ments. Sept.
Week. I Season. Week. 24.
5,587
Ala.,Eufaula__ 1,9941
Montgomery _ 8,7631 27,529
4,2881 12,423
Selma
1,049
690
Ark., Helena
2,670
1,435
Little Rock
10,474
2,326
Ga.,Albany
7,33
4,750
Athens
13,157
6,703
Atlanta
65,253
31,539
Augusta
7,764
1,664
Columbus
10,986
4,324
Macon
3,774
1,685
Rome
13,842
La.,Shreveport 5,992
1,069
567
MIss.,Columbus
6,401
3,754
Greenville
8,895
5,508
Greenwood
2,62
1,330
Meridian
5,151
1,852
Natchez
2,598
1.064
Vicksburg
2,939
1,986
Yazoo City
13.998
Mo.,St. Louis_ 1,728
1,138
608
N.C., Raleigh_
7,128
753
0., Cincinnati_
• 23
Okla.,Hugo..
1.325
785
S.C., Greenw'd
19,764
Tenn.,Memphls 7,912
1,461
1,264
Nashville
5,715
Tex., Brenham 1,133
1,117
640
Clarksville_
10,532
5,031
Dallas
972
372
Honey Grove_
98,139 310,529
Houston
5,945
3,938
Paris
Movement to Sept. 25 1914.
Ship- Stocks
mends. Sept.
25.
Week. I Season. Week.
Receipts.
:
3181 7,657 1,080
4,372 61,064 10.000i
3,062, 24,495 0,310
1,660 1,140
__
1,277i 5,747 1,042
1,2741 9,792 2,081
1,650 9,892 1,256,
7261
2,917 11,173
1
4,290101,921 13,584,
1,645, 28,778 2,9951
1,8111 7,185 1,842;
1,180, 3,624 1,0351
4,160, 28,764 5,8391
3521
100, 3,157
3821 9,354 3,1471
771 11,120 3,000,
8241
2,705, 8,037
900,
1,0111 4,875
9681
850 5,393
26! 5,892 1,308,
988
3,4411 7,493
241
228
5001
933,
1,6291 12,505
! 23
2781
-KO 5,495 56
7,938 54,323 9,7071
1 1,461
1
-,68i 2,446 1,319,
1,102 1,200
3,8911 4,233 3,503
460 1,500
5271
81,313 108,394 52,193
3,304, 2,641 5,000
951 2,797
4,703
27,674 2,000 26,450
18,635 2,144 15,151
2,829
5
2,176
6
8481 5,352
1,811
8,201
7,876
8
-42- 2,860
2,495
548 1,171
1,506
41,554 5,798 31,794
675 6,847
9,537
138 4,281
4,903
774 1,200
1,873
225 13,123
10,406
32 1,053
997
5,204
4,701
600 7,116
4,834
511 2,720
1,657
220 2,500
1,81
1371 1,759
1,337
1,324
2,505
7,196 2,032 12,692
25
25
65
663: 5,102
8.995
700
40
74
689
303,
502
19,301 2,4411 25,063
6
-Boo 3,070
3,950
400 1,900
2,600
6,281 2,034 2,230
500 2,300
3,3001
186,826 46,900 47,741
9,700 1,900 6,000
Range
Closing_
ktoberRange
Closing
VovemberRange
Closing
)ecember1
Range
Closing
ranuaryRange
Closing
?ebruaryRange
Closing__
IlarchRange
Closing
IprilRange
Closing
IfayRange
Closing
Tune
Range
Closing
fu/yRange
Closing
IlugustRange
-114,5anr,
(
72,964255,150
Total, 33 towns 214,5171 591,158 137,939 550,384136,566 400,602
The above totals show that the interior stocks have increased during the week 76,578 bales and are to-night 295,234
bales more than at the same time last year. The receipts at
all towns have been 77,951 bales more than the same week
last year.
OVERLAND MOVEMENT FOR THE'WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Aug. 1 in the last two years are as follows:
Sept. 24Shipped-
Via St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
-1915-Since
Week. Aug. 1.
24,349
3,441
7.075
2.028
1914
Since
Week.
2,032
174
Aug. 1
19,629
2,890
958
549
941
4,879
3,254
4,466
6,316
37,978
358
499
762
4.324
3,123
1,199
4,070
7,260
12,796
Total gross overland
Deduct shipments
Overland to N.Y.,Boston,&c_ 1,128
996
Between interior towns
2,799
Inland, &c., from South
4,923
Total to be deducted
83,438
8,149
38,171
4,117
5,755
16,828
378
3,068
402
8,247
10.50-.55 10.75-.80 11.05-.10 11.13-.18 11.18-.23
10.51-.61 10.46-.81 10.85-.20 10.98-.31 11.09-.28 11.15-.45 10.46-.45
10.54 .55 10.80-.81 11.10-.11 11.18-.20 11.23-.24 11.34-.35- .
11.35 - --11.35 - 10.64 -10.90 -11.20 -11.28 -11.33 -11.44 10.88-.99 10.86-.16 11.25-.58 11.39-.73 11.48-.72 11.61-.87 10.86-.8710.90-.92 11.15-.16 11.49-.51 11.60-.62 11.64 -11.75-.76-11.03-.13 11.03-.29 11.49-.70 11.49-.84 11.61-.83 11.75-.02 11.03-.02
- 11.06-.07 11.28-.29 11.62-.63 11.73-.74 11.75-.76 11.87-.8912.06-.09 12.06-.09
---11.16 -11.38 -11.72 -11.83 -11.86 -11.97
11.75-.08 11.83-.05 11.98-.24 11.32-.24
11.32-42 11.32-.55 11.71-.92
11.34-.35 11.54-.55 11.87-.89 11.96-.97 11.98-.99 12.11-.13---11.44 -11.64 -11.97 -12.06 - 12.08 -12.21
12.21-.41 11.58-.41
11.59-.68 11.58-.80 11.88-.12 12.01-.28 12.05-.26
-11.61-.62 11.77-.78 12.09-.10 12.17-.18 12.20-.21 12.27-.30- 11.68 -11.83 -12.15 -12.22 -12.24 -12.31 11.73-.84 11.71-.90 11.96-.20 12.08-.31 12.15-.33 12.27-.45 11.71-.45
11.78-.79 11.88-.89 12.19-.20 12.25-.27 12.27-.20 12.34-.3612.20 -12.27-.28 12.29-.41 11.82-.41
11.82
ii sin -11 00- 93 12.20-.23 12.27%30 12.30 -12.32-.35--
-The highNEW ORLEANS CONTRACT MARKET.
s in the
est, lowest and closing quotations for leading contractbeen as
New Orleans cotton market for the past week have
follows:
Saturday, Monday) Tuesday, Wed'day, Thursd'y,I Friday,
Sept. 23. Sept. 24.
Sept: 18. Sept. 20. Sept. 21. Sept. 22.
September
Range
Closing
October
Range
Closing
December
Range
Closing
January
Range
Closing
March
Range
Closing
May
Range
Closing
July
Range
Closing
Tone
Spot
Options
-10.90 10.10 -10.29 -10.66 -10.77 -10.75
11.10-.33
10.35-.47 10.39-.65 10.75-.03 10.87-.20 11.05-.24 11.21-.22
10.43-.44 10.62-.63 10.99-.00 11.10-.11 11.08-.10
11.23-.63
10.74-.87 10.77-.04 11.15-.43 11.49-.51 11.42-.62 11.53-.75
11.48-.49 11.60-.61
10.80-.81 11.01-.02 11.37-.39
10.82-.00 10.98-.18 11.34-.56 11.34-.75 11.53-.73 11.65-.88
10.95-.96 11.15-.16 11.51-.52 11.63-.65 11.61-.62 11.75-.76
11.92-.16
11.20-.30 11.23-.47 11.64-.83 11.66-.04 11.75-.99 12.02-.03
11.26-.27 11.44-.45 11.80-.81 11.89-.90 11.86-.87
12.03-.16
11.46-.50 11.44-.68 11.86-.03 11.91-.23 12.06-.07 12.10-.33
12.23-.24
11.46-.47 11.67-.68 12.00 -12.10-.11
11.68-.70 11.85-.86 12.20-.22 12.29-.31 12.20-.22 12.35-.38
Firm. Steady. Steady. Steady.
Steady. Firm.
Steady. Steady. Steady. Steady. Steady. Steady.
WEATHER REPORTS BY TELEGRAPH.-Advices to
us by telegraph from the South this evening indicate that
20,377
5,805
rule during the
the rainfall has been light or moderate as agenerally. Pickquite
31,692
6,585
26,700
week, but temperature has been lower and the movement to
6,479 ing of cotton has progressed rapidly
1,564
56,738
7,873
Leaving total net overland *
market is increasing very apprepiably. Texas reports furby rail to Canada.
* Including movement
ther boll weevil damage.
-Some improvement has been made in the
Galveston, Tex.
The foregoing shows the week's net overland movement
e but little change is noted.
last
has been 7,873 bales, against 1,564 bales for the eweekover- northwestern section. Elsewherrushed. Further extensive
Picking and ginning is being
year, and that for the season to date the aggregat net
weevil damage is reported. Rain has fallen on five days of
land exhibits an increase from a year ago of 50,259 bales.
- the week,the rainfall being one inch and fifty-two hundredths.
1914
1915
Since
Since
thermometer 80, highest 88, lowest 72.
In Sight and Spinners'
Aug. 1 Average
Week.
Aug. 1.
Week.
Takings.
-We have had rain on two days during the
Abilene, Tex.
282.468
725,582 , 97,716
284,998
Receipts at ports to Sept. 24
6,479 week, the precipitation reaching eighty-four hundredths of
1,564
56.738
7,873
overland to Sept. 24
Net
450,000
510,000 60.000
Southern consumption to Sept. 24 65,000
an inch. The thermometer has averaged 78, the highest
738,947 being 90 and the lowest 66.
357,871 1,292,320 159.280
marketed
Total
135,011
104.422 63,602
76,578
-There has been rain on three days during
Brenham, Tex.
Interior stocks in excess
even
the week, the rainfall being two inches and twenty-s 92,
-------into sight during week---434,449,1 222,882
Came
873,958 hundredths. The thermometer has ranged from 66 to
Total in sight Sept. 24
132,794 averaging 79.
7,976
185,957
Nor.spinners'takings to Sept. 24_ 26,787
-We have had rain on four days the past
Cuero, Tex.
hundredths.
sight in previous years:
week, the rainfall being two inches and fifty being 94 and
Movement into
Bales.
Since Aug. 1Bales.
has averaged 81, the highest
Week1,913,673 The thermometer
26
-Sept.
467,509 1913
-Sept. 26
1913
1,793.304 the lowest 68.
-Sept.27
478,346 1912
-Sept. 27
1912
1,922,818
-Rain has fallen lightly on one day during the
537,151 1911-Sept.29
Dallas, Tex.
1911-Sept. 29
week, and the precipitation has been two hundredths of an
temperature 62.
QUOTATIONS FOR MIDDLING COTTON AT OTHER inch. Minimum-We have had rain on three days Jf the
Henrietta, Tex.
-Below are the closing quotations of middling
MARKETS.
rainfall reaching one inch and eightyl huncotton at Southern and other principal cotton markets for past week, the thermometer has averaged 77, the highest
dredths. The
each day of the week.
being 94 and the lowest 60.
-We have had no rain during the week.
Huntsville, Tex.
Closing Quotations for Middling Cotton on
Week endin
The thermometer has averaged 76, ranging from 62 to 90.
Saturday. Monday. Tuesday. Wed'clay. Thursd'y. Friday.
Sept. 24.
-We have had light rain on three days durKerrville, Tex.
twenty-six hun11.25
11.00
11.00
10.85
10.60
10.60
Galveston
ing the week, the precipitation reachingranged from 62 to
11.00
10.87
10.87
10.69
10.38
New Orleans.. 10.38
dredths of an inch. The thermometer has
11.00
10.75
10.75
10.50
10.25
10.25
Mobile
10%
11
10%
10%
103
10M
90, averaging 76.
Savannah
10%.11
10%
10M
1034
10Y
10
Charleston
-This week's rainfall has been fourteen
Lampasas, Tex.
10%
105
103i
log
10
Wilmington_ _ _ _ 10
11
10.81
10.75
10.50
10.25
hundredths of an inch, on three days. Average thermometer
10.13
Norfolk
10%
1034
104
1034
-Log
1034
Baltimore
78, highest 92 and lowest 64.
11.80
11.65
11.60
11.50
11.10
Philadelphia...... 10.95
10.88
10.81
-We have had rain on three days the past
10.75
10.63
Longview, Tex.
10.31
10.25
Augusta
10.88
11.00
10.88
10.63
10.38
10.25
Memphis
week, the rainfall being sixty hundredths of an inch. The
1034
1034
1014
1034
1034
1034
St. Louis
11.00
11.15
11.00
11.00
thermometer has averaged 75, the highest being 92 and lowest
10.60
10.50
Houston
10.57
10.57
10.38
10.00
10.00
Little Rock_ _ _ - 10.00
58.
SEPT„ 251915.)
THE CHRONICLE
1029
Luling, Tex.
-It has rained lightly on three days during the The thermomet
week, the precipitation reaching twenty-four hundredths of the lowest 48. er has averaged 69, the highest being 90 and
an inch. The thermometer has averaged 81, ranging from
Goldsboro, N. C.
-We have had rain on two days of the
70 to 92.
past week, the rainfall being eight hundredths
Nacogdoches, Tex.
-Rain has fallen on two days during The thermometer has averaged 71, ranging from of an inch.
49 to 93.
the week, the rainfall being twenty-four hundredths of an
Weldon, N. C.
-It has
inch. The thermometer has ranged from 58 to 90, averaging precipitation reaching rained on one day of the week, the
two hundredths of an inch. The
74.
thermometer has ranged from 45 to 92, averaging 69.
Palestine, Tex.
-We have had rain on two days during the
Dyersburg, Tenn.
week, the rainfall being fifty-four hundredths of an inch. week, the rainfall --Rain has fallen on two days of the
being eighty-five hundredths of an inch.
Average thermometer 75, highest 90, lowest 60.
Average thermometer 68, highest 91, lowest 46.
Paris, Tex.
-The week's rainfall has been two inches and
Memphis, Tenn.
-There has been rain on two days of the
eighty-one hundredths, on three days. The thermometer past week, the rainfall
being twenty-three hundredths of an
has averaged 77, the highest being 98 and the lowest 56.
inch. The thermometer has averaged 69, the highest being
San Antonio, Tex.
-It has rained on two days during the 88 and the lowest 49.
week, the precipitation reaching seventy-two hundredths of
ANNUAL COTTON HANDBOOK FOR DAILYCABLE
an inch. The thermometer has averaged 80, ranging from
RECORDS OF AMERICAN, EAST INDIAN, EGYP70 to 90.
Taylor, Tex.
-We have had light rain on three days during TIAN AND BRAZILIAN COTTON STATISTICS, &c.
the week, the rainfall being five hundredths of an inch. The forty-fifth annual issue of the "Hand-Book for Daily
Cable Records," issued by Comtelburo, Limited, of London,
Minimum thermometer 66.
Weatherford, Tex.
-This week's rainfall has been forty Liverpool and New York, has reached us this week. Several
hundredths of an inch, on two days. Average thermometer features of trade interest have been added to this issue,
among which are Texas rainfall statistics monthly for ten
74, highest 90 and lowest 58.
Ardmore, Okla.
-There has been rain on three days during years, the Census Bureau annual returns and more extensive
the week, the rainfall being one inch. The thermometer condition reports of Egyptian cotton. It goes without saying that all the old features are retained. The publication,
has averaged 77, the hjaest being 96 And the lowest 58.
Mangum, Okla.
-We have hadYdin on two days during the being of a very comprehensive character, is consequently a
week, to the extent of one inch and ninety-six hundredths. very valuable book of reference. It contains, of course, the
usual very full statistics of the American, East Indian,
The thermometer has averaged 75, ranging from 55 to 95.
Tulsa, Okla.
-We have had rain on two days during the Egyptian, Russian and Brazilian crops, the pages being so
week, the precipitation reaching sixty-five hundredths of an arranged that the daily and weekly figures for this year as
Inch. The thermometer has ranged from 49 to 91, averaging received can be inserted side by side with those for the previous year. It will be found on sale at the office of Comtel70.
Eldorado, Ark.
-Rain has fallen on two days of the week, buro, Limited, 16 Beaver Street, New York.
the rainfall being sixty-one hundredths of an inch. Average
EXPORTS OF COTTON GOODS FROM GREAT
thermometer 71, highest 93, lowest 49.
BRITAIN.
-Below we give the exports
Fort Smith, Ark.
-We have had rain on one day of the past goods, &c., from Great Britain for the of cotton yarn,
month of August
week, the rainfall reaching one inch and thirty-eight hun- and since Aug. 1 in 1915 and
1914,
dredths. The thermometer has averaged 72, the highest the British Board of Trade returns. as compiled by us from
It will be noticed that
being 92 and the lowest 52.
we have reduced the movement all to pounds.
Little Rock, Ark.
-There has been rain on one day the
past week, the rainfall reaching twenty-one hundredths of
Yarn & Thread.
Cloth.
Total of All.
an inch. The thermometer has averaged 70, ranging from 0005
omitted. 1915. 1914.
1915. I 1914. I 1915.
1914.
1915.
51 to 90.
1914.
Alexandria, La.
Lbs.
-It has been dry all the week. The
Lbs.
Yds.
Yds.
Lbs.
Lbs.
Lbs.
Lbs.
August_ 15,318 9,084 418,794 313,075
78,279 58,519
thermometer has ranged from 60 to 93, averaging 76.
93,597 67,583
New Orleans, La.
-The week's rainfall has been forty-six Stockings and socks
158
90
hundredths of an inch. Average thermometer 80, highest Sundry articles
2,545
2,557
92, lowest 68.
Total exports of cotton manufactures
96,300
70,230
Shreveport, La.
-We have had rain on one day the past
The foregoing shows that there have been exported from
week, to the extent of one inch and sixty hundredths. The
thermometer has averaged 74, the highest being 92 and the the United Kingdom during the month 96,300,000 pounds
of manufactured cotton, against 70,230,000 pounds last
lowest 56.
Columbus, Miss.
-There has been no rain the past week year, an increase of 26,070,000 pounds.
The thermometer has averaged 73, ranging from 48 to 99.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Holly Springs, Miss.
-Ram has fallen on three days during
Cotton Takings.
the -week, the rainfall being one inch and forty hundredths.
1915.
1914.
Week and Season.
The thermometer has ranged from 46 to 90, averaging 68.
Week.
Season.
Week.
Season.
Vicksburg, Miss.
-Rain has fallen on two days of the week, Visible supply Sept.
17
3,793,071
2,799,774
the rainfall being fifty-four hundredths of an inch. Average Visible supply Aug. 1
4,633,210
3,176,816
American in sight to Sept. 24
thermometer 75, highest 92, lowest 53.
434,449 1,396.742 222,882
873,958
Bombay receipts to Sept. 23_ _ _
Decatur, Ala.
4.000
-The week's rainfall has been four hun- Other India shipm'ts to Sept. 23 b50,000 175.000
46,000
58,000
33,000
1,000
25,000
dredths of an inch on one day. The thermometer has Alexandria receipts to Sept. 22_ ; b5,000
14,000
700
1,200
Other supply to Sept. 22 *
I
b2,000
averaged 69, the highest being 90 and the lowest 48.
17,000
1,000
35,000
Mobile, Ala.
-Cool nights and hot days are bad for young
Total supply
i4,292.520 6,268,952 3,029,356 4,157,974
Deduct
cotton. Picking is progressing well and grade is good.
I3,984,813 3,984,813 2,850.892 2.850,892
It has been dry all the week. The thermometer has aver- Visible supply Sept. 24
Total takings to Sept. 24..a__.._ 307.707 2,284,139 178.464 1,307,082
aged 79, ranging from 61 to 92.
Of which American
229,707 1.755,139 130,764
947,882
Montgomery, Ala.
-Dry all the week. The thermometer
Of which other
78.000
529.000
47.700
359,200
has averaged 74, ranging from 56 to 92.
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
Selma, Ala.
-Dry all the week. Average thermometer
a This total embraces the total estimated consumption by Southern mills,
510,000 bales in 1915 and 450,000 bales in 1914
-takings
75, highest 91, and lowest 56.
available
-and the aggregate amounts taken by Northern andnot being spinners,
foreign
Madison, Fla.
-It has rained on two days during the week, 1,774,139 bales in 1915 and 857,082 bales in 1914, of which 1,245.139 bales
b Estimated.
the precipitation reaching seven hundredths of an inch. and 497.882 bales American.
The thermometer has averaged 79, ranging from 65 to 91.
.INDIA COTTON MOVEMENT.
Tallahassee, Fla.
-We have had rain on two days during
the week, to the extent of thirty-two hundredths of an inch.
1915.
1914.
1913.
Sept. 2.
The thermometer has averaged 78, ranging from 64 to 92.
Receipts at
Since
Since
Since
Albany, Ga.-Rain has fallen on one day of the week, the
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
rainfall liming two inches. Average thermometer 77, high- Bombay
28,000
92,000 4,000
38,000 9,000
36,000
est 96, lowest 59.
Athens, Ga.-We have had no rain during the week. The
For the Week.
Since August 1.
Exports
thermometer has averaged 70, ranging from 46 to 95.
from
Great Conti- Japan
Great
ContiJapan
Savannah, Ga.-Rain has fallen on one day of the week.
Britain. neat. &Chi
Total. Britain.
neat. & China. Total
the rainfall being two hundredths of an inch. Average Bombay
thermometer 78, highest 92, lowest 60.
1915
------ 8.000 20,000 28,0001
2,0
14,0001 89,0
105,000
1914
6.000 8,000 14.000
Charleston, S. C.
-There has been rain on three days the
13,000 26,0
39.000
1913 -_32,000
1,000 83,000. 55,000 139,000
past week, the rainfall reaching sixty-nine hundredths of an Calcutta- -1;66 31,000
1915
inch. The thermometer has averaged 78, ranging from
1,
1,0
2,000
1914
1,0
1,000
63 to 92.
1913
1,000 1.000
1,000
5,
7,000
Cheraw, S. C.
-There has been rain on one day the past Madras
1915
week, the rainfall reaching one inch and ninety-four hun1914
dredths. The thermometer has averaged 70, ranging from
1913
7MN
7.000
All others
48 to 92.
1915
------ 4 000 3,0
7,000
2,000
12,000i.
9,00
23,000
Spartanburg, S. C.
1914
-We have had rain on two days during
1.000 19,000
20,000
1913
1,00
8,000
9.000 2,000 14,000 10,000 26.000
the past week, to the extent of thirty-four hundredths of an
inch. Average thermometer 70, highest 93, lowest 47.
Total all
-1915
------ 12,000 23,111 35,0
Charlotte, N. C.
4,000
27,000, 99.
-There has been rain on one day of the
130,000
1914 _6.000 8.000l 14,000
1,000 33,000; 26,000 60,000
week, the rainfall being thirty-five hundredths of an inch.
1913
-3,000 40,000
I 43,000
4,000 109,000
66.000 179,000
[VOL. 101.
THE CHRONICLE
1030
ALEXANDRIA RECEIPTS AND SHIPMENTS.
1915.
Alexandria, Egypt.
Sept. 1.
Receipts (cantars)This week
Since Aug 1
1913.
1914.
28,000
40,100
300
2,000
7,923
29,466
This Since
This Since
Week. Aug. 1. Week. Aug. 1.
Exports (bales)
This Since
Week. Aug. 1.
2,300
4,500
3.398
5,250
2,500 7,250
3.750
____
3,750 25,000
300 2,100
2,480 9,293
4,665 5,354
_ 5,474 8,947
1,712 10,829
To Liverpool
To Manchester
To Continent &
Ao America
2,000
400
398
963
Spot.
Saturday.
Market, 1 Large
business
12:15
doing,
P. M.
Monday.
Tuesday. Wednesday. Thursday.
Good
demand,
Good
demand,
Moderate
demand.
Firm.
Friday.
Good
demand.
Mid.Upl'ds
6.34
6.26
6.43
6.55
6.59
6.59
Sales
spec..texp.
16,000
4,000
12,000
2,000
10,000
1,000
10,000
1,000
8,000
800
15,000
5,000
Steady
Futures. Barely st'y Steady
,5
Market 18@11 pts. 1) ©4 pta. 334@434
Dte. adv.
decline.
opened I decline.
Easy
Market, 1
1034011
4
pts. dec.
P. M.
Steady Barely st'y
Strong
434010 73409 pts. 1 to 6 pts.
decline.
pts. adv. advance.
Firm
Unsettled
Steady
Irregular
Steady
506 pts. 133461534 346j4 pts. 834(51234 unch. to
advance. pta. adv. advance. Dts. adv. 6 ins. adv.
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
unless otherwise stated.
The statement shows that the receipts for the week end- clause, are given in pence and 1001hs. Thus,6 12 means 6 12-100d.
The prices
ing Sept. 1 were 7,923 cantars and the foreign shipments
were 14,331 bales.
Sept. 18 Saturday. Monday. Tuesday. Wed'day. Thursday. Friday.
to
-Our report received by Sept. 24. 123i 1231 1234 4 1231 4 1231 4 123.1 4 123.I 4
MANCHESTER MARKET.
pan• p.m Pim p.m p.m. p.m. pm. p.m. P.m. p.m• p.m p.m
cable to-night from Manchester states that the business is
poor in specialties, but in miscellaneous goods a moderate
d. d. d. d. d. d. d. d. d. d.
d.
d.
6 12 1034 18 2634 3231 39 3631 43 49 4331 55
trade is being put through. We give prices for to-day below Sept
55
373144
33
6 13 11% 18%
and last year for Oct.-Nov. ____ 6 25 23 30 27% 4431 40 4731 53 50 44 4 62
and leave those for previous weeks of this
5831 5231
4934
39
Jan.-Feb_
comparison:
-Apr. ___ 6 31 29 36 4431 4931 54 52 56 62 5531 65
Mar.
7 66
14.331 34.423
Total exports
-A cantar is 99 lbs.
Note.
3.761 15.448
84 tbs. Shirt- Coin
ings, common Mid.
Upt's
to finest.
a. s. a.
May-June ____ 6 36
6 39
July-Aug_
1914.
1915.
323 Cop
Twist.
6.550 38.100
Egyptian ba es weigh about 750 lbs.
32s Cop
Twist.
Sh Ms. Shirt- Cot's
ings, common Mid.
to finest.
d. s. d.
No quo tations
No quo tations
No quo tations.
No quo tatlons
s. d. d.
6.60
8.50
8.20
8.20
34 41
3731 44
49 54 58
5231 5734 60
5531 59
58 61
6434
6631 58
16614
BREADSTUFFS
Friday Night, Sept. 24 1915.
Flour has been quiet. And, though prices may not as a
rule actually have changed very much, the undertone has
Northwest
been more or less depressed. The receipts at the big
8.00
No quo tattoos.
5.78
Northseem to be counting on
9% 69 08
8.00 have increased. Buyers
No quo tations.
9% 6 10 08 1% 6.12
5.80 western supplies to help greatly in bringing about lower
No quo tations.
6.44
1(1% 73
5.55
No quo tations.
1031 73 07 10% 6.59
prices. Northwestern trade is distinctly, less active. Meantime many claim to have supplied their needs for the rest
a previous page, the of this year. Reports as to trade in the Southwest are
-As shown on
SHIPPING NEWS.
exports of cotton from the United States the past week have anything but cheerful. It would seem that pretty much
reached 123,478 bales. The shipments in detail, as made everywhere purchases go little if any beyond the requireup from mail and telegraphic returns, are as follows: bales. ments for the moment or a short distance ahead. Very
Total
many seriously question the permanence of current quota-Den of Ogil, 1,702 upland,
-Sept. 21
-To Liverpool
NEW YORK
-Baltic,774 upland, 104 Peruvian.._ 2,643 tions for wheat, and on that account are the less disposed
63 Peruvian_ _ _Sept. 22
525
--Chicago,25
The output at Minneapolis,
To Havre-Sept. 17-Strathavon,500_ __Sept. 18
644 to purchase flour at all freely.
-Frederick VIII,644
To Copenhagen-Sept.22
--Calabria, 1,550; Caserta, 500..- _Sept.
Duluth and Milwaukee was 506,840 last week, against
To Genoa-Sept. 18
8,328
21-Italia, 6,278
406,445 the previous week and 462,925 last year.
-Sept. 17-Sylvanian, 9,520_
GALVESTON-To Liverpool
-Dramatist, 10,517_ _ _ _ 37,859
Wheat has been irregular, declining at one time but soon
Sept. 20-Ikbal, 17,822.... Sept. 22
-Domingo de Larrinaga, 8,795; Toftfirmness of Northwestern markets has at
To Havre-Sept. 20
19,736 rallying. The
wood, 10,941
9.250 times been a feature. Chicago traders, however, have been
-Catalina,9,250
To Barcelona-Sept. 17
5,061
-San Giovanni, 5,061
Northwest and buying in Chicago. St. Louis
To Genoa-Sept. 20
100 selling at the
-San Giovanni, 100
-Sept. 20
To Naples
1,429 has been shipping wheat to Kansas mills. A fair export deTEXAS CITY-To Liverpool-Sept. 17-Sylvanian, 1,429
413
To Mexico-Sept. 21-City of Mexico, 413
has prevailed. This, with covering of shorts, has had
13,873 mand
-To Havre-Sept. 16-Auchencrag, 13,873
ARANSAS PASS
1,480 a bracing effect. September has been noticeably strong at
-Mexico, 1,480
-To Havre-Sept. 18
NEW ORLEANS
40
To Christiania-Sept. 23-Mexicano, 400
Chicago and at the Northwest. Mills are said to have been
-Dora Baltea,7,415_ _ _Sept. 22-Sicania,
To Genoa-Sept.18
of September. Elevator interests have
8,915 rather heavily short
1,500
96 been steady buyers of winter at Chicago. Country offerings
-Cartago,96
To Puerto Columbia-Sept. 18
1,499
-Sept. 23-Boniface, 1,499
have not been at all burdensome. OutSAVANNAH-To Liverpool
137 of spring and winter
-Sachem. 137
-Sept. 16
BOSTON-To Liverpool
35 side mills were good buyers at Minneapolis, and DUluth
-Prince George, 35
To Yarmouth-Sept. 18
5,663
freely. Cash wheat premiums were firm.
BALTIMORE-To Liverpool-Sept. 18-Rowanmore, 5,663
1,964 shorts covered
-Persia, 1.964
-To Japan-Sept. 16
SAN FRANCISCO
2,793 Baltimore has bid 18 cents over Chicago September for No.2
-To Japan-Sept.21-Awa Meru,2,793
SEATTLE
635 hard. Stocks are not accumulating rapidly. For in-To Japan-Sept. 17-IIawail Maru, 635
TACOMA
available stock in the United States
123,478 stance, the
Total
bushels,
only
4,950,000
week
last
The particulars of the foregoing shipments for the week, increasedan increase in the same week last year of
against
arranged in our usual form, are as follows:
16,524,000 bushels. The world's supply is still only 86,Great French hot- -Oth.Europe- Vlad.,
Britain. Ports. land. North. South. dec. Japan. Total. 000,000 bushels, against 53,000,000 bushels more than this
644 8,328 ____ _ __ _ 12,140
____
525
2,643
and 60,000,000 bushels more in 1913.
New York
72,006 time a year ago,
4
37,859
Galveston
1.842 Foreign crop news is, in some respects, bad. In France
1,429 --------------------413
City
Texas
13,873
the latest threshing shows an improvement,
Aransas Pass_ _ _ ___ 13,873
-466 8;618 -Yo -_-_-_-_ 10,891 the quality of and quality are unsatisfactory. Ploughing
1,480
New Orleans_
1,499 but the yield
1,499
Savannah
172
137
crop is progressing slowly, as the weather is unBoston
5,663 for a new
---- ---- ---5,663 _..,._
Baltimore
1,964 favorable and labor scarce. A semi-official report places
1,964
____
---___
Francisco
San
2,793 the yield of France this season at 240,000,000 bushels,
2,793
Seattle
635
635
Tacoma
against 312,000,000 bushels last year. In Russia the
____ 1,044 31,654 544 5,392 123,478 weather has been unfavorable for late harvesting and move49,230 35,614
Total
advices conThe exports to Japan since Aug. 1 have been 28,671 bales ment and much damage has been done. Late yield will be
firm this damage, and report that the general
from Pacific ports.
much under expectations. From Greece there are further com-Current rates for cotton from plaints and it is said that the Macedonia crops are very poor.
COTTON FREIGHTS.
New York are as follows, quotations being in cents per pound: Importations will be very large and already arrangements
Liverpool, 1.00@1.25c.; Manchester, 1.00@1.25c.; Havre, 1.25c.; Rot- are being made for purchases while prices are attractive. In
terdam, 1.75c.; Genoa, 1.45 ® 1.50c.; Naples, 1.4501.50c. nom.; Leghorn,
; Marseilles, 2.00c.; Piraeus, 1.75c.; Syra 1.75c.; Holland prices for wheat and flour remain high, with re1.45c.; Barcelona,
Japan, 1.50c. asked: Shanghai, 1.50c. asked; Bombay, 1.25c.; Vladivostok, serves moderate. Millers there are still paying officials
; Archangel, 2.25c.
a.25®1.50c.
60s. 6d. per 480 pounds for fair quality of wheat. Importa-By cable from Liverpool we have the tions, it is stated, will soon begin. In Italy threshing is slow
LIVERPOOL.
following statement of the week's sales, stocks, &c., at and supplies of native and foreign wheat are moderate.
that port:
Many mills have closed. In Rumania all frontier stations
Sept. 3. Sept. 10. Sept. 17. Sept. 24.
which have exported cereals have been closed and the Gov72,000
77.000
76,000
Sales of the week
15,000
8.000
7.000
ernment has informed the producers that they must not send
Of which speculators took
1,000
2,000
2,000
Of which exporters took
further consignments and to avoid a crisis 60% of the value
64,000
63,000
58,000
Sales, American
11,000 of the crops will be officially paid. This is a precautionary
11.000
2.000
8.000
Actual export
70,000
68,000
65,000
67,000
Forwarded
to avoid scarcity, as there is a large demand there
1,190,000 1,154,000 1,088.000 1,034,000 measure
Total stock
sparingly.
943,000 900,000 841,000 798.000 at attractive prices. India has offered wheat
Of which American
28,000 Argentina has had some needed rains, but drought has con13,000
30.000
13.000
Total imports of the week
17.000
3.000
13,000
3.000
Of which American
tinued to prevail generally. Port stocks in the United King90.000
69,000
71,000
Amount afloat
69,000
39.000
32,000
Of which American
dom as officially compiled up to Sept. 10 for wheat and flour
The tone of the Liverpool market for spots and futures show 16,100,000 bushels against 17,500,000 bushels last
each day of the past week and the daily closing prices of month and 24,000,000 bushels last year. The total in and
afloat for Europe decreased last week 1,100,0W
spot cotton have been as follows:
Aug. a.
8%
13
20 si
27
Sept
3 8%
10 9%
17 9%
24 Oil
914 59
9% 60
8% 66
9 8 6
3
.
d
s. d.
5.53
07 3
5.43
07
5.42
07 9
5.63
(4)7 9
8EPT. 25 1915 I
THE CHRONICLE
1031
bushels, as against an increase in the same week last year of marized
in
3,200,000 bushels, a difference in a single week against the of Agricult the weather bulletin issued by the Department
ure for the week ending Sept. 20 were as follows:
buyer of 4,300,000 bushels. Liverpool advices state that
Corn.
-Over the
arrivals of foreign wheat continue inadequate, and with Illinois, and thence corn-growing States, including Kansas, Missouri and
northward, the weather was too cool and wet for the
rapid maturing and ripening of corn, and large portions of the crop continue
the native offerings disappointing and absorption by
late and
danger of frost. To the eastward the
liberal, nervousness on the part of buyers is evident. millers sunshine in the past two weeks have afforded ideal continued warmth and
of
There and the crop in
conditions for
is a growing belief in Liverpool that supplies
those districts is now very generally near maturity, ripening.
with cutting
over the
spring wheat will be locally absorbed for the of American cornin progresspracticallsouthern portions. At the same date last year the
crop
present.
y matured in all portions of the belt and cutting
is added that European crops are disappointing both as It was in full was
operation.
Wheat.
-Over most
yield and quality, and although arrivals are taking care to only slight interrupti of the spring-wheat region thrashing continued with
of
the urgent demand just now, still, stocks are not accumu- producing States. Inon, and it is nearing completion in some of the large.
the winter-wheat States to eastward of the Missbsippi River
lating. September has been a noticeable feature at Chicago, progress is the weather favored preparation of the soil for wheat and good
reported, some seed having already been
as may be inferred by its premium. The short interest has northern portions. To the westward of the Mississippi sown in the more
for seeding were less satisfactory, the ground continuinRiver preparations
been large and an attempt has been made to deliver No.
g too wt in some
sections,
weedy or dry
velvet chaff on contracts. Stiff premiums have prevaile1 sown andand tooground is still in others. But little wheat has yet been
unprepared. At the same date last year
d wheat wasmuch sown
being
at Minneapolis, i. e., 5 to 8c. on No. 1 Northern blue stem
in all portions of the belt, and much of it was aland 4c. Over September for No. 1 velvet chaff. To-day ready up.
Cotton.
-High temperatures over the cotton belt greatly favored
prices were irregular, declining early on better weather and ing and opening of the bolls and picking progressed rapidly in allthe ripenportions.
No general improvement of
advancing later on highercash premiums. Chicago receipts terioration was noted in some the crop was indicated, however, in fact decases; weevil activity appearsto haveincreased
are rather moderate.
and prospects for top crop are less promising than previousl
y reported.
The statement of the movement of breadstuffs to market
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW
YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
indicated below are prepared by us from figures collected by
No.2 red
cts_125% 123
124% 126% 128
124% the New York Produce Exchang
September delivery In elevator__ -_1i7% 115% 116% 120
e. The receipts at Western
116
116%
lake and river ports for the week ending last Saturday and
DAILY CLOSING PRICES OF WHEAT FUTURES IN
CHICAGO.
since Aug. 1 for each of the last three years have been:
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery in elevator_ cts-1013.1
101% 101% 106% 105
December delivery in elevator.. _ _ - 93% 93%
May delivery in elevator
96% 97
93
96%
95%
98
105%
94
95X
98% 97%
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
Indian corn has been irregular within moderate limits,
• bbls.196Ibs. bush.60 lbs. bush. 58 lbs. bush.32 lbs. bush.481bs.
Chicago_ __ _
1,542,000
alternately advancing and receding. Changes in prices as Minneapolis. 176,000 4,935,000 2,261,000 3,875.000 497,000 bu. 561bs.
162,000
227,000
785,000 1,504,000 189,000
a rule have not been large. Early in the week predictions Duluth
4,763,000
352,000
899,000 520,000
Milwaukee56,000
173,000
157,000
of frost caused buying and a stronger tone. Later came re- Toledo _
532,000
317,000 108,000
165,000
39,000
157,000
ports of freezing or lower temperatures in Iowa and Nebraska. Detroit
6,000
74,000
52,000
127,000
Cleveland
21,000
41,000
Country offerings have decreased. Sample prices at Chi- St. Louls
36,000
115,000
2,000
7,000
72,000
923,000
271,000
325,000
13,000
cago have risen. The available stock increased last week Peoria
6,000
48,000
62,000
441,000
287,000
41,000
5,000
Kansas
only 48,000 bushels, against 840,000 bushels in the same Omaha City.
1,884,000
215,000
141,000
583,000
418,000
150,000
week last year. The American available supply is only
q 4
2,530,000 bushels, against 8,025,000 last year, and 7,975,000 Total wk. 15 379,000 15,145,000 4,117,000 6,846,000 3,273,000 997,000
'14
19,383,000
two years ago. But somehow bullish factors have been for Same wk.'13 436,000 11,755,000 2,405,000 7,265,000 3,600,000 724,000
Same wk.
393,000
6,010,000 6,388,000 3,943,000 801,000
the most part ignored. Stories of damage to the crop by
Since Aug. 1
cold weather have had little effect, and that only for the
1915
2,156,000 64,259,000 20,917,000 48,271,000 10,136,000
3,326,000
moment. Everybody believes the crop is to be enormous,
1914
2,987,000 89,192,000 29,710,000 61,269,000 12,660,0003,817,000
1913
2.707.000 69.019.000 28.013.000 49.105.000 13.224.000 3.186.000
one of the largest over known, and there is little or no export
business. In Liverpool prices have been depressed, owing to
Total receipts of flour and grain at the
liberal offerings from the River Plate and a decline in Argen- the week ended Sept. 18 1915 follow: seaboard ports for
tine freights. The spot demand in Liverpool has been poor
I Flour,
Wheat,
Corn,
Oats, Barley,
Rye,
bbls.
and cargoes have declined. Port stocks in the United King- Receipts at
bush,
bush.
bush.
bush.
bush.
New York
274,000
965,000
239,000 1,541,000 272,000 29,000
dom are large, being 17,000,000 bushels, against 5,600,000 Boston
27,000
165,000
52,000
bushels a year ago. To-day prices ended higher in sympathy Philadelphia ....
41,000
514,000
27,000
326,000
52,000
25,000
317,000
40,000
482,000
with wheat, and also because of a forecast of unsettled BaltimoreNews
370,000
Newport
1,000
904,000
856,000
94,000
Norfolk
weather.
3,000
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW
YORK.
Sat. Mon. Tues. Wed. Thurs' Fri.
No. 2 yellow
cts_ 83
82% 83
84% 83% 83
DAILY CLOSING PRICES OF CORN FUTURES IN
CHICAGO.
Sat. Mon.
September delivery in elevator_cts_ 71% 71% Tues. Wed. Thurs. Fri.
71% 72
71Y 71%
December delivery in elevator.___ 56% 56% 56%
56% 55% 55%
May delivery in elevator
57% 58
57% 57% 57
57%
Mobile
2,000
1,000
New Orleans a_ _ _ 1 24,000
711,000
Galveston
1,033,000
Montreal
29,000 1,236,000
66,000
23,000
37,000
22,000
304,000
18,000
1,000
Total week 1915.. 526,000 5,846,000
394,000 3,621.000
Since Jan.11915_18,362.000 79,802,000 42,611,000 106520,000 290,000 546,000
7852,000 7728,000
Week 1914
461,000 3,943,000
497,000 4,108,000 104,000 216,000
Since Jan. 11914_15,468.000 156050,000 19,189,000 37,231,000
8779,000 2833,000
a Receipts do not include grain passing through New
Orleans for foreign ports
Oats were irregular and much of the time without marked on through bills of lading.
The exports from the several seaboard ports for the week
changes in prices. The Northwest, however, has been
ending Sept. 18 are shown in the annexed statement:
offering at relatively low prices. The available
increased last week 3,546,000 bushels, against supply, too,
Wheal,
Corn, Flour,
Oats,
Rye, Barley, Peas,
an increase
Exports
bush.
bush.
bbls.
bush,
bush,
in the same week last year of only 1,600,000 bushels. But New Yorkfrom- 486,394 29,164 95,201
bush.
bush.
857,230
195,056
2,405
country offerings have latterly been small. It is also a fact Boston
10,320
27.960
115,000
Philadelphia ..... 613,000
19,000
20,000
that available stocks look small by comparison with those of Baltimore
2,000
410,280
12,143
198,639
recent years at this time. They amount to only 14,875,000 Norfolk
1
3,000
1,000 856,000 94,000
bushels against 31,000,000 bushels a year ago and 42,475,000 Newport News __ 904,000
Mobile
1,000
2,000
at this time in 1913. Sample prices at Chicago have been New Orleans____1,331,000 29,000 87,000 23,000
2,000
Galveston
1,587,000
generally firm. A big Seaboard demand has been reported Montreal
693,000
20,000
69,000
at Chicago at close to the market. Exporters have sucTotal week..___6,026,214
ceeded in doing some business. It looks as though they
58,164 249,664 1,786,190 292,639 379,056
Week 1914
5,876,766 103,226 304,131 3,300,739 168,728 92,885 4,405
would do more before long unless the whole situatio changes
2,438
The destination of these exports for the week and since
radically. The Russian crop, it now appears, willnbe much
July 1 1915 is as below:
below expectations. To-day prices advance with active
Flour- -Wheatcovering in September, light country offeringd and fears of
-Corn-s
Since
Since
Since
wet weather.
•
Week.
July 1
Week,
July 1
Week.
July 1
Exports for week and Sept.18.
1915. Sept. 18.
1915. Sept. 18.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
1915.
since July 1 tobbls.
bbls.
bush.
bush.
bush.
bush.
Sat. Mon. Tues. Wed. Thurs. Fri.
United Kingdom.„117,843 907,699 1,210,992 13,530,103
Standards
144,917
cts_Nom. Nom Nom Nom. Nom. Nom. Continent
23,422 546,307 4,044,592 22,752,992
No. 2 white
1,643,497
Nom. Nom. Nom. Nom. Nom. Nom. Sou. & Cent. Amer.. 80,531 367,455 528,630
904,030
24,400 1,156,812
West Indies
DAILY CLOSING PRICES OF OATS FUTURES IN
26,245 262,767
1,000
28,003
33,764
830,063
CHICAGO.
Brit. No. Am. Cols..
650
5,539
Sat. Mon.
790
Other Countries.......,
September delivery in elevator_cts_ 37% 37% Tues. Wed. Thurs. Fri.
973
67.418 241,000
241,186
2,041
375
37% 38 X
December delivery in elevator___,. 35% 35% 37
35
35
35
3631
Total
May delivery in elevator
249,664 2,157,185 6,026,214 37,456,313
58,161 3,578,120
38
37% 37
373
37% 38% Total' 1914
304,131 2,623,926
The following are closing quotations:
GRAIN.
Wheat. per bushel-f. o. b.
Corn, per bushel
C/s,
N. Spring. No. 1, new..___$111%
No.2 mixed
f. o. b. now.
N. Spring. No. 2
No. 2 yellow
c. I. f. 83
Red winter, No. 2, new....- 1 24%
_
No. 3 rellow
Hard winter, No. 2
1 24%
Argentina in bags
Oats, per bushel, new
Cu. Rye, per bushel
Standard
Nom.
New York
03%
No.2, white
Nom.
Western, No. 2, new
No. 3, White
4031@41 Barley-Malting
52 ©63
Winter. low grades____$4 10
Winter patents
5 60
Winter straights
5 008
Winter clears
4 75
Spring patents
5 20
Spring straights
5 00
Spring clears
4 75
FLOUR.
$435 Kansas straights,sacks_$5 10 ©$6 00
5 75 Kansas clears, sacks._
4 90© 5 10
5 25 City patents
5 00 Rye flour
5 000 6 00
0 75 Buckwheat flour
5 10 Graham flour
5 650 5 75
5 00
WEATHER BULLETIN FOR THE WEEK ENDING
SEPT. 20.
-The influences of weather on the crops as sum
5,876,766 76,367,567
103,226
1,127,545
The world's shipments of wheat and corn for the week
ending Sept. 18 1915 and since July 1 1915 and 1914 are
shown in the following:
Wheat.
Exports.
1915.
Week
Sept. 18.
Since
July 1.
Corn.
1914.
Since
July 1.
1915.
Week
Sept. 18.
Since
July 1.
1914.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels. Bushels.
Bushels.
North Amer. 8,203,000 65,508,000 96,607,000
36,000 3,153,000
485,000
Russia
1,262,000 11,922,000
1,531.000
Danube_
2,347,000
Argentina _ _ 720,000 6,770,000 3,138,000 5,959,000 56,807,000 8,491,000
32,488,000
Australia..
6,208,000
India
48,000 11.292,000 8,872,000
Oth.countr's 364,000 2,000,000 1,644,0(10 205,000
316,000
Total ____ 9,335,000 86,832,000 130.738,006 6,200.000 60,276,000
1 42,993.000
• North America.
-The Canadian Government has officially prohibited the
issuance of both manifests and exports until after ten days, This
is effective
during the continuance of the war.
[vol.. lin.
THE CHRONICLE
1032
-The exports of cotton
DOMESTIC COTTON GOODS.
The quantity of wheat and corn afloat for Europe on dates goods from this port for the week ending Sept. 18 were 12,110
as follows:
mentioned was
packages, valued at 50,436, their destination being to the
Corn.
points specified in the table below:
Wheat.
United
Kingdom. Continent.
Sept. 18
Sept. 11
Sept. 19
Sept. 30
Total.
United
Kingdom. Continent.
Total.
Bushels.
Bushels.
Bushels. Bushels.
Bushels.
Bushels.
24,880,000
20,216,000
1915_
23,920,000
0
20,496,00
1915_
11,866,000
29,536,000
1914_
0
1913_ 13,208,000 23,080,000 36,228,000 13,082,000 16,354,000 29,436,00
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Sept. 18 1915 was as follows:
GRAIN STOCKS.
Barley.
Rye.
Oats.
Corn.
Wheat.
bush.
bush.
bush.
bush.
bush.
12,000 111,000
466,000
31.000
356.000
10,000
2,000
29,000
1,000
47,000
350,000 198,000
73,000
437,000
101,000 1,014.000 176,000
705,000
80,000
200,000
150,000
87,000
147,000
823,000
8,000
687,000
73,000 1,174,000 106,000 146,000
334,000
7,000
426,000
60,000
180,000
28,000
289,000
29,000
106,000
35,000
59,000
520,000 4,286,000
480,000
45,000
19,000
403,000
47,000
4,000
373,000 161,000 793.000
3,244,000
38,000 2.54,000
724.000
16,000
540,000
7,000
400,000
65,000
334,000
0,000
105,000
66,000
478,000
1,000
747,000
50,000
4,000
320,000
127,000
174,000
15,000
5,000
176,000
106,000
82,000
98,000 167,000 192,000
251,000
1,238,000
54,000
New York to Sept. 18Great Britain
Other Europe
China
India,
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total
-1915Since
Week. Jan. 1.
5,578 64,987
17,207
727
5,003
24
19,776
38,183
13,454
38,816
1,251
1,317
164
13,728
320
35,011
1,681
2,365 64,188
12,110 311,670
-1914
Since
Week . Jan. 1.
2,710
7
1,895
6
49,633
15,641
-81§
,
9,412
_-_ _
5,984
6
33,242
706
399
16
16,047
376
374 40,043
1,365 46,740
3.404 221,746
United StatesThe value of these New York exports since Jan. 1• has been
1914.
New York
$19,489,513 in 1915 against $15,688,074 in with prices firm.
Boston
Philadelphia
Staple cotton goods are fairly active week have caused
Baltimore
Further advances in yarns during the.
Newport News
manufacturers to mark up prices for finished goods, parNew Orleans
last week,
ed
Galveston
ticularly for future delivery. Comparare with eighth to
Buffalo
up an
prices on print cloths and gray goods
Toledo
gs are
Detroit
a quarter cent, with demand fairly active. Sheetin
Chicago
three-eighths
decidedly firm, with advances of as much as lines of duck
Milwaukee
Duluth
of a cent upon wide goods. On well known
HartMinneapolis
values have been advanced and discounts reduced. 14c. an
St. LOWS
up to
Kansas City
ford 11 oz., 40-inch duck, has been markedms remain unPeoria
advance of 13e. from last week. Ginghafair scale, as a
Indianan°Ills
Omaha
changed. Business is coming forward on a and any great
On Lakes
result of the reductions made a week ago, higher quotaOn Canal and River.
in
increase in demand is expected to result s are not plenti0 1,768,030 11,721,000 1,072,000 1,601,000
10,401,00
Total Sept. 18 1915
opinion that supplie
8,553,000 1,710,000 8,147,000 772,000 931,000 tions. It is the general
Total Sept. 11 1915
to the scarcity of
36,821,000 6,620,000 24,778,000 1,029,000 3,026,000 ful in any grade of colored goods, owing
Total Sept. 19 1914
under the
49,474,000 6,414,000 31,130,000 1,241,000 4,114.000
Total Sept. 20 1913
The cotton goods situation is entirely for future
New York, dyes.
-Bonded grain not included above: Wheat, 1,000 bushels at bushels in
Note.
of sellers who are accepting business
336,000 bushels against 197,000
control
23,000 Buffalo, 312,000 Duluth; total,
Many buyers
bushels in 1914; and Barley,
1914. Oats, 8,000 bushels at Duluth against 23,000
delivery upon a conservative basis only. the end of the
in 1914.
16,000 bushels Duluth against 18,000 bushels
anxious to cover their requirements over s at present
are
Canada
22,000 year, but cannot get mills to accept the busines
1,000
494,000
11,000
1,275,000
Montreal
43/2e.
147,000
Fort William & Port Arthur 2,981,000
prices. Gray goods, 38-inch standard are quoted
214,000
' 702,000
Other Canadian
-Demand for fall and winter dress
GOODS.
WOOLEN
22,000
1,000
855,000
11,000
of the cooler weather.
4,961,000
Total Sept. 18 1915
12,000 goods is much improved as a result
965,000
12,000
3,615,000
Total Sept. 11 1915
53,000 Buyers are now sending forward shipping instructions on.
1,368,000
99,000
14,372,000
Total Sept. 19 1914
262,000
time en4,925,000
5,954,000
Total Sept. 20 1913
goods which they have under order and. at the same jobbers
and
Summary
upon their requirements. Retailers in their hands
10,401,000 1,766,000 11,721,000 1,072,000 1,601,000 larging
American
22,000
1,000
855,000
11,000
4,961,000
report better sales of piece goods and as stocks Business for
Canadian
light they will soon need replenishing.
15,362,000 L777,00) 12,576,000 1,073,000 1,823,000 are
Sept. 18 1915
still confined to staple
Total
demand is.
12,168,000 1,722,000 9,112,000 772,000 943,000 next spring is quiet and
Total Sept. 11 1915
offering fancy
0 1,029,000 3,079,000
done
51,193,000 6,719,000 26,146,00
Total Sept. 19 1914
goods, very little having yet been es to toward
55,428,000 6,416,000 36,055,000 1,315,000 4,376.000
be a source of much
Total Sept. 20 1913
lines. The dye question continu
s booked in
anxiety to manufacturers. The heavy busines be hard to
dark colors, particularly blues and blacks, will obtain.
THE DRY GOODS TRADE
fill, as these colors in good quality are hard to
New York, Friday Night, Sept. 24 1915.
-Business in linens is fairly
displayed increased activity
FOREIGN DRY GOODS.
Markets for dry goods have
restricted by the increasing shortmost
during the past week, with the tendency of prices in bear- active but sales are being
Retail and jobbing stocks of staple linens
departments upward. A large number of the factorsfavor- age of supplies.cleaned up and importers are unable to fursituation at present are more
pretty well
are
ing upon the dry goods
anything like the prices which are
the former are
able to sellers than to buyers, and as a result larly on goods nish additional goods atbuyers are willing to pay the prices
being bid. Even when
their quotations, particu
inclined to advance
hard to accept the business, as they
refor distant delivery. Cotton goods manufacturers are for asked importers find it es required. Buyers are quick to
cannot make the deliveri
very comfortably supplied with business
ported to be
offerings of spot goods, and there is
the remainder of the year, and in view of the uncertain raw take advantage of any
y is most
on do not care to quote on deliveries beyond little available for quick delivery. The scarcit as little
material situati
The advancing tendency of spot cotton and pronounced in goods of coarse yarn construction,
that period.
the country. It seems that
yarn prices continues and sentiment in raw material markets of this grade is coming into
output of coarse
bullish. Buyers of goods are also displaying a much foreign manufacturers are limiting their flax consumed in
is very
and are more willing to place business at cur- goods, owing to the greater quantity of more settled and
better feeling
have been
rent levels. Jobbers reported an active trade during the their manufacture. Burlaps with the undertone steady.
over the counter and through the mails, the cooler active during the past week,
week both
5.50c. to 5.60e. and heavyweather having stimulated demand from retailers for fall Lightweights are quoted at
goods upon which prompt deliveries are re- weights to 7.75c.
and winter
quested. While the orders are not large, they are numerous
Withdrawals of Dry Goods.
generally
and cover a wide range of merchandise. Jobbersstate that Importations & Warehouse for the Week and Since Jan. 1.
Imports Entered for Consumption
taking a very hopeful view of the future, and
are
Week Ending
the dry goods
Since Jan. 1 1915.
Sept. 18 1915.
the improvement in conditions bearing upon retail business.
Value.
Pkgs.
Value.
Pkgs.
•
$
trade are already having a beneficial effectupon
g pros- Manufactures of6,404,897
163,936 24,393
The good crops to be marketed at war prices are bringin
703
Wool
75,793 20,389,530
491,936
y increasing
2,193
Cotton
perity to agricultural districts, while the steadil
332,326 42,005 19,750,030
1,199
Silk
162,928 31,885 8,371,727
industrial activity is doing the same for manufacturing
602
Flax
s developing
136,477 81,009 9,253,847
1,557
sections. There is also a large export busines
Miscellaneous
to the European war.
with markets which did not exist prior
6,254 1,287.603 255,145 64,170,031
Total 1915
booked
7,280 2,398,301 397,385 96,919,604
Several large manufacturers are reported to haveneeds of
Total 1914
Warehouse Withdrawals Thrown Upon the Market.
enormous contracts covering goods to meet the no doubt
14,088 4,378,538
109,899
637
the warring nations. While these reports arevery profit- Manufactures of
Wool
6,095,298
188,749 20,017
610
greatly exaggerated, the business obtained will be
Cotton
12,798 4,912,008
336
130,467
half what it is reported to be.
Silk
3,945,553
able should it amount to only
17,151
409
118,412
Flax
with
3,972,347
96,936 51,761
1,371
The American Woolen Co., for instance, is credited busiMiscellaneous
million dollars worth of
having approximately twenty
644,463 115.815 23,303,742
3,363
Total withdrawals
6,254 1,287,603 255,145 64,170,031
ness booked for export under war contracts. It is further Entered for consumption
have sold their
stated that all large duck manufacturers for
9,617 1,932,066 370,960 87,473,773
Total marketed 1915
many months
surplus product over domestic requirements
12,660 3,140,393 549,061 126,031,700
Total marketed 1914
Same Period.
in staple cottons to old-time markets,
to come. Export trade
Imports Entered for Warehouse During
high
such as China, India and Red Sea, is backward. The s are Manufactures of
9,494 3,242,478
35,328
90
Wool
16,077
4,920,785
230,529
prices named by manufacturers in response to inquirie dis495
Cotton
10,617 4,043,620
115,339
295
The fact that orders from these
Silk
discouraging buyers.
14,917
3,734,989
70,912
196
Flax
51,328 49,674 3,581,801
tant markets have to be placed months in advance of deliv422
Miscellaneous
compels manufacturers to quote on the basis of
ery dates
503,437 100,779 19,523,671
1,498
Total
a rising raw material market. Business with South America Entered for consumption
6,254 1,287,603 255,145 64,170,031
ing and covers a wide range of staple domestics,
is improv
7,752 1,791,040 355,924 83,693,702
r'Total imports 1915
which South American buyers formerly secured from Euro9,959 3,161,519 515,852 124,391,695
Total imports 1914
markets.
pean
SEPT. 25 1915.J
THE CHRONICLE
STAVE AND CITY
1033
ARDMORE, Carter County, Okla.
-BONDS PROPOSED.
-Local papers state that this city contemplates issuing
about $6,000funding bonds.
ARLINGTON HEIGHTS (P. 0. Cincinnati),
Hamilton County,
Ohio.
-BOND OFFERING.
-A.
until 12 m. Oct. 12 for $3,657 33J. Orth, Village Clerk, will receive bids.
6%
bonds. Date Oct. 1 1915. Int. ann.1-5-year street-improvement assess.
Billings, Yellowstone County,Mont.
Certified
-Election on Com"' bid for, payable to Village Treasurer, required. check for 10% of bonds
mission Form of Government.
and paid for within 10 days from time of award. Bonds to be delivered
-An electio
Purchaser to pay acNov. 22 to vote on the question of adoptingn will be held crued interest.
the commission
ASHLAND, Jackson
form of government.
-BONDS DEFEATED.
-We
learn that the question of County, Ore.
issuing $25,000 bonds to purchas
the
Oregon-Californ
Fort Worth, Texas.
-City to Recover Funds Involved in was defeated atia Power Co. their poles, lines and connections e from city
in
the election held Aug. 25 by a vote of 205 "for this
Bank Failure.
to 559
-According to the Dallas "News," the city "against.'-V. 101, p. 634.
of Fort Worth, Texas, is to recove
ASHLAND CONSOLIDATED SCHOO DISTR
$191,000 of Benton County
L
ICT (P.O. Ashlan
its funds which were involved in r in full the of
, Miss.
-DESCRIPTION OF BONDS -The $8,000 d),
the failure
the Fort coupon tax-free school-building bonds awarded on April.
6%
Worth Savings Bank & Trust Co. Arrangements to
6 to Austin & Reed
are in the denoms. of $500 and $100 and
end were concluded on the 7th inst. between the City this Int. ann. on Aug. 1. Due in 20 years.dated Aug. 11914-V. 101, p.634.
ASHTABULA COUNTY (P. 0. Jeffers
mission and those who signed the bond protecting Comon), Ohio.
-BOND SALE.
funds which were deposited with the defunct bank. the city On Sept. 7 the $18,000 5% 5 1-6-year average highway-improvement bonds
were awarded, it is stated, to Breed,
Elliott & lIarrison of Cincinnati at
The arrangement provides that the bondsmen turn
over to the city. 101.30, a basis of 4.64%.-V. 101, p. 709.
treasury cash and notes valued at $71,000.
ATLANTA, Ga.-BOND ELECT
five years and draw interest at the rate of 5%.The notes are due within
-An election will be held Sept. 30
lateral said to be valued at twice the amount ofThey are secured by col- to vote on the questions ofissuing ION.
the
to the $71,000 in cash and notes the city holds deeds notes. In addition $1,000,000 site-purchase, buildingthe following 4 pi % gold coupon bonds:
and equipment bonds. Denom.$1,000.
of trust to a ranch
valued at $125,000 and a farm worth $50,000. The ranch
Due $34.000 yearly Jan. 1 from
1917 to 1926 incl. and $33,000
was turned over
to the bondsmen by the late E. E. Baldrid
yearly Jan. 1 from 1927 to
1,000,000 sewer system and disposal1946 incl.
bank, and the farm was given over by his ge, former President of the
widow.
plant
bondsmen an option of five years on the ranch and farm The city gives the
Due $34,000 yearly Jan. 1 from ext. bonds. Denom. $1,000.
,during which time
1917
they may sell the properties and turn over to
yearly Jan. 1 from 1927 to 1946 incl. to 1926 incl. and $33,000
750,000 water-works-system-ext. and impt.
the $120,000 necessary to make up, in addition the city from the proceeds
bonds. Denom. $1,000.
notes the total amount of $191,000 due the city.to the $71,000 in cash and
Duo $25.000 yearly Jan. 1 from
The Fort Worth Savings
Bank & Trust Co. closed its doors on July
375,000 Grady Hospital site-purchase, 1017 to 1946 incl.
23.
building and equipment bonds.
Denom. (360) $1,000, (30) $500.
Due $12,500 yearly Jan. 1
Germany.
-Bonds Offered to Investo -In an
from 1917 to 1946 incl.
133,500 site-purchase. fire-dept. bldg. and
ment on a preceding page Zimmermannrs. Forsha advertiseequipment
&
y,9 and 11
(120) $1,000, (27) $500. Due $4,000 Jan. bonds. Denom.
Wall Street, New York, offer for sale 5% bonds the
1 1917. 1918 and
1919 and $4,500 yearly Jan. 1 from
100,000 Grant Park cyclorama building 1920 to 1946 incl.
war loan" of the Imperial German Government.ofThe"third
erection bonds. Denoin.
bonds
$1,000. Due $4,000 yearly Jan. 1 from
are exempt from all tax in Germany and are not callabl
1917 to 1926 inc . and
$3,000 yearly Jan. 1 from 1927 to 1946 incl.
e
Interest semi-annually.
before 1924. Interest payable April and October, and will
accrue from Oct. 18 1915. Coupons will be cashed, free of
AU'STERLITZ, Columbia County,
-BOND OFFERING.
Van Hoesen, Town Supervisor,N. Y.
expense, ten days prior to maturity at the office of Zimmer- Chas. W. $1,500
will receive bids until 2 p. Oct. 2 for
m.
mann & Forshay. The bonds are offered at $210 for each $500. Date Oct.5% 2%-year aver. coup. bridge constr. bonds. Denom.
2 1915. Int. ann. in March at State
Bank,
1,000 mark, equal to 84, subject to change in price (owing to Due $500 on Mar. 1 1916, 1917 and 1918. No deposit required.Chatham.
the possibility of violent fluctuations in the rate of exchange). debt, this issue; no floating debt. Assess. val. 1914, $375,431. Bonded
BAD AXE, Huron County, Mich.
The firm says: "Owing to the present low rate of German An election will be held
-BOND ELECT
during October to vote on theION PROPOSED.
question of issuing
exchange, the bonds yield a very high interest return,
which, $50,000 sewer bonds.
together with the quality of the bonds themselves, should
BAND ON, Coos County, Ore.
-BONDS NOT SOLD.
-No sale was
made of the $40,000 municipal water and
be a recommendation to the careful investor." The
$40,000 general funding 5% gold
firm coupon bonds offered on Sept. 15.-V. 101, p. 710.
will issue its temporary receipts, exchangeable for
BARAG
the defini- POSED. A COUNTY (P. 0. L'Anse), Mich.
-BOND ELECTION PROtive bonds upon their arrival from Eruope. The
-According to reports, this county is
contemplating
be delivered free of expense, interest adjustment bonds will election to vote on the issuance of $150.000 highway bonds. calling an
to be made
BARBERTON, Summit County, Ohio.
at time of purchases. The national wealth of Germa
-BOND SALE.
-On Sept. 13
the
ny is (V. two issues of 5% bonds, aggregating $55,640, were awarded as follows
statistically estimated at $75,000,000,000.
101, p. 710):
$50,000 park-site-purchase bonds to Sidney
Spitzer & Co. of Toledo at
102.84 and interest.
5,640 street-impt. bonds to Field, Richards
& Co. of Cincinnati for $5,686
-equal to 100.79.
BARTHOLOMEW COUNT
Hawaii (Territory of).
-BOND SALE.
-Bond Call.
-On Sept. 15 the $2.500 , Y (P. 0. Columbus), Ind.
-Call is
6 road bonds
payment at the U. S. Mortgage & Trust Co., Newmade for 100.64 (V. 101, p. 865). 0 % bids were: were awarded to Ed. Marr at
Other
York, of Phillip Gilliland
public-impt. bonds, Nos. 151 to 250 incl., Series
43/2%
$2.515
1903- Fenelon Taylor, Fred Suhre and Richard Stephenson
1904. Interest will cease on October 1.
2,510
BATH (P. 0. Berkeley Springs), Morgan
County, W. Va.-BOND
OFFERING.
Spokane, Wash.
-Bond Call.
-The following specialim- Mayor, for -Proposals will be received until 12 m.Oct. 2 by J. A. Risinger.
$15,000 6% 10 -year (opt.) gold coupon
provement bonds have been called for payment
paving bonds.
Denom. $500. Date Nov. -30
at the City Morgan County, Berkeley 1 1915. Int. ann. on Nov. 1 at the Bank of
Treasurer's office on Oct. 1:
Springs. Cert.
bid for, payable to the "Town of Bath," check or cash for 5% of bonds
Name.
Dist. Bonds Called
No floating debt. Sinking fund $2,000. required. Bonded debt, $2,000.
Name.
Dist Bonds Called
Assess. val. 1915, $734,000.
PavingNo. up to &incl.
Grade (Concl.)- No. up to 80 incl
BEACH HAVEN, Ocean County,
8-9 & Maple
614
-BONDS AUTHORIZED.1
7th Avenue
Reports state that the Borough CouncilN. J.
422
19
5th Avenue
has passed an ordinance providing
596
47
12th Avenue
for the issuance of $40,000 boardwalk-impt
2
20
Grand Boulevard- 519
. and public-dock constr. bonds.
138
13th Avenue
612
9
. BENTON COUNTY (P. 0. Warsaw
Monroe Street...... 245
137
Wall Street
),
-BOND ELECTION PRO68
23
Sprague Ave
POSED.
-Reports state that this county 710.
76
33
Walton Street__
647
12
Sprague Avenue
vote on the question of issuing $250,000 proposes to hold an election to
974
62
Walk
road-impt. bonds.
6th Avenue
703
7
BERINO SCHOOL DISTRICT (P. 0.
Crown Avenue.._ _1016
3
25th Avenue
Berino), Dona Ana County,
1004
3
Sewer
N. Mex.-BONDS VOTED.
-The question of
Grade
Alley
ried, it is stated, at an election held Aug. 23. issuing building bonds car857
19
Cotta Avenue__ - 37
11
Alloy
1022
BEVERLY, Essex County, Mass.
6
15th Avenue
581
25
-TEMPORARY LOAN.
Cotta Avenue..
-On Sept.
686
10
24 a loan of $50,000, maturing March 15 1916
14th Avenue
667
10
1st Ward
6
of taxes, was negotiated, it is stated, with Blakeand issued in anticipation
49
1st Avenue
603
30
1st Ward
Bros. & Co. of Boston at
17
64
2.49% discount plus 60 cents premium.
Greene Street__- 644
11
5th Ward
10
951
Hatch Street
947
BIG HORN COUNTY SCR.
9
Sharp Avenue_
585
10
Indiana Avenue
454
-Proposals will be received untilDIST. NO. 7, Wyo.-BOND OFFERING.
5
16th Avenue
1 p. m. Sept. 25 by B. D. Dickson, Clerk
681
15
Nevada Street.- 696
Board- of School Trustees (P. 0. Kane),
21
13th Avenue
630
9
-year coupon
Post Street
460
building and equipment bonds. Denom. for $1,300 67 15
75
12th Avenue
700
(2) $500,(1) $300. Date Sept. 1
5
1915. TPrincipal and annual interest (Sept.
1), payable at the County
Treasurer's office or at the State Treasure
r's
These bonds were previously offered on Aug. office, at option of holder.
16.-V. 101, p. 543.
BLACKFORD COUNTY (P. 0. Hartfo
rd City), Ind.
-BOND OFFERING.
-N ewspaper reports state
death, County Treas.. until 12 m.that bids will be received by J. L. McADAMSTON, Harrison County, W. Va.-B
Oct. 26 for an issue of 826,000 43i
-year county-infirmary-bldg. bonds.
-It is 10
%
stated that W. V. Hutchinson, Town Recorder,OND OFFERING.
until 12 m. Oct. 16 for $21,000 6% annual paving will receive sealed bids
BLACXHAWK COUNTY (P.O. Waterlo
bonds. Certified check -Repor
for 5% roquirod.
ts state that this county has under o), Ia.-BONDS PROPOSED.
consideration the issuance of
$13,500 funding bonds.
ALLIANCE, Stark County, Ohio.
-BOND
-Bids will be
received until Sept. 27 by Chas. 0. Silver, CityOFFERING.
BLACKSBURG SCHOOL
Auditor, for the following
5% street-improvement bonds:
Montgomery County, Va.-BDISTRICT NO. 3 (P. 0. Blacksburg),
OND SALE.
-The $15.000 10-30
$6,900 assessment bonds. Denom.$500 and $300.
-year opt.
Due $1,380 yearly on registered school bonds mentioned in V. 100, p. 1187. were awarded
Sept. 1 from 1916 to 1920 inclusive.
Aug. 20 to the Literary Fund of Board of
on
Education as 4s. Denom.$500.
9,700 assessment bonds. Denom. $500 and
$450. Due $1,950 on Date Aug. 20 1915. Interest annually in August.
Sept. 1 1916, 1917, 1918 and 1920 and
$1,220 Sept. 1 1919.
BLAINE COUNTY (P. 0. Halley), Idaho.
6,000 assessment bonds. Denom. $1,000 and
-NO BONDS OFFERED.
$220. Due $1,520 Sept. 1 The Auditor advises us under date
1916 and $1,220 on Sept. 1 1917,
of Sept. 20 that the reports stating
that this county offered for sale on Sept.
990 assessment bonds. Denom. $300 1918, 1919 and 1920.
14 $13.000 6% I0
and $30. Due $330 on Sept. 1 refunding bonds are erroneous
-19-year
1916, 1917 and 1918.
-V. 101, p. 790. He further states thatser.
the
bonds referred to above were called for paymen
7,600 assessment bonds. Denom. $1,000 and
t some time ago.
BLANCHARD INDEPENDENT SCHOO
on Sept. 1 from 1916 to 1920 inclusive. $520. Duo $1,520 yearly
L DISTRICT (P. 0. Blanchard), Page County, Iowa.
8,200 city's portion bonds. Denom. $500 and $200.
-BOND OFFERING.
-J. M. McKee, Sec.
Date Sept. 1 1915. Prin. and semi-annual int.-M Due Sept. 11943. Bd. of Ed., will receive bids at any time for
an Issue of $4,000 57Q__ bldg.
-payable at bonds authori
office of Sinking Fund Trustees, Alliance. Certifie . & S.
by
d check on a solvent 10 years, opt.zed anyvote of 99 to 22 at an election held Sept. 17. Due in
national or State bank for 3% of bonds bid for,
at
interest-paying date.
required. Successful bidder to furnish at own payable to City Treasurer,
BLOOMINGTON TOWNSHIP (P. 0.
expense the necessary blank
Bloomington), Monroe
bonds. Bids must be made on forms furnished
County, Ind.
-WARRANT SALE.
by
-On Sept. 18 the $2,000
reserves the right to issue a lesser amount of bonds the city. The city township warrant was
than herein described,
awarded to William H. Jones at 100.506% 1-year
based on the contractor's bid.
-a basis of
about 4.48%-it is stated.
-V. 101, p.865.
ALTON SCHOOL DISTRICT (P. 0. Alton),
BONNER COUNTY INDEPENDENT SCHOO
- (P. 0 Bonner
BOND SALE.-Thts district has disposed of at Sioux County, Iowa.
L DISTRICT NO. 4
s Ferry), Idaho.
private sale an issue of
-BOND SALE.
-The $20,000 55-4% 10$30,000 building bonds.
20-yr. topt.) coupon building bonds
APPLETON INDEPENDENT SCHOOL
to C. 0. Kalman & Co. of St. Pauloffered on June 14 have been awarded
at 101.90, int. and blank bonds. V.
Swift County Minn.-BONDS VOTED. DISTRICT (P.O. Appleton) 100, p. 1768.
-By
question of issuing to the State of Minnesota the a vote of 282 to 140 the
BOWLING
$65,000
carried, it is statedat the election held Sept. 13.-V. 4% building bonds Brownsville), GREEN TOWNSHIP SCHOOL DISTRICT (P. 0.
Licking County, Ohio.
101, p. 865.
-BOND SALE.
-On Sept. 14
ARANSAS COUNTY (P. 0. Rockport), Tex.
$9,500 5 % 3
-year aver.
-BONDS VOTED.
-The of Brownsville for 82.515 school-impt. bonds were awarded to W.E. Holmes
election held Sept. 18 resulted, it is stated,
17. equal '100.605. Other bids were:
issue $300,000 Rockport-Lamar Causeway in favor of the proposition to The Park National Bank, Newarkto
construc
$2:604 60
2 508 95
junction to prevent the holding of the above elccti.,3n tion bends. An in- Tillotson & Wolcott Co.. Cleveland
wum
by the Fourth Court of Civil Appeals at San Antonio ciJni:..d on Sept. 16
Denom. $500. Date Sept. 11915. Int. M.
& S. Due $500 yearly on
.
Sept. 1 from 1016 to 1920 incl.
News Items.
Bond Calls and Redemptions.
Bond Proposals and Negotiations this week
have been as follows:
1034
THE CHRONICLE
[V oL. 101.
by
-Bids will be received until 10 a. m. Sept. 29
BOND OFFERING.
-BONDS DEFEATED.
Fla.
$16,900 434% 634-year aver. Froman
BRADENTOWN, Manatee County,defeat of the questions of issuing John R. Scott, County Treas., forin Jeffersonville Tsp. Denom. $845.
bonds
The election held Aug. 10 resulted in the 0 funding bonds.
. M. Coots et al. highway & N. Due $845 each six months from May
-V.101.p.227
M.
the $10,000 water,$4,000 street and $21,00
Date Sept. 7 1915. Int.incl.
0. West Unity),
Y TOWNSHIP SCHOOL DISTRICT (P. will be received by 15 1917 to Nov. 15 1926
BRAD
-Bids
-BOND OFFERING.
(P. 0. Clark), Clark County, So. Dak.
Williams County, Ohio.
CLARK SCHOOL DISTRICT -Reports state that a petition will be
2for the $25,0005% 13%Henry Reifel, Clerk Bd.of Ed., until 12 m.Oct. bonds authorized during -BOND ELECTION PROPOSED.
to vote on the question of issuing $30,000
site-purchase and constr.
year average coupon
and 7627, Gen. Code. circulated asking for an election
August. V. 101, p. 710. Auth. Secs. 7625, 7626
Prin. and semi-ann. int. (A. & 0.) building bonds.
-BOND SALE.
Denom. $1,000. Date day of sale. Ed. Due $1,000 yearly on Apr. 1
Cove Springs), Fla.
of Bd. of
CLAY COUNTY (P. 0. Green Road and Bridge No. 1 bonds offered
payable at office of Treas.
Special
tional.
The $150,000 534% coupon d to Terry, Briggs & Slayton of Toledo at
from 1917 to 1941 incl. Bids must be uncondi
- on Aug. 16 have been awarde
-BOND OFFERING.
BREVARD COUNTY (P.O. Titusville), Fla. A. Osteen, Chairman of 97.75. and int.-V. 101, p. 308.
S.
(P. 0. Amo), Hendricks County, Ind.
Proposals will be received until 2 p. m. Oct. 4 by 6% 16 1-3-year (aver.)
CLAY SCHOOL TOWNSHIP be received until 10 a. m. Oct. 19 by
00
Board of County Commissioners, for $150,0
-Bids will
and bridge construction -BOND OFFERING.
refunding
coupon Special Road and Bridge District No.3 road election held June 15. John W. Figg, Twp. Trustee,for an issue of $15,550 434% school
bonds. Auth. Chap. 6.208, Fla. Laws 1911; also semi-annual in (J. & bonds, it is reported.
al and
-BOND ELECDenom. $1,000. Date July 11915. Princip of Chicago. Due on July 1
(P. 0. _Morino), Idaho.
CLEARWATER COUNTY
J.) payable at the Chicago Title & Trust Co. 1923 and 1924;$6,000 yearly
which was to have been held Aug. 28
TION RESCINDED,-The election $90,000 road and bridge-impt. bonds
as follows: $4,000 1920 and 1921;$5,000 1922,
to issue
$9,000 yearly from 1932
from 1925 to 1929 incl.; $8,000 1930 and 1931 andof bid, payable to Chair- to vote on the proposition
was called off.
to 1940 incl. Certified check for 2% of amount
-Arrangements have
d. These bonds were
-TEMPORARY LOAN.
man or Clerk of Board of Commissioners, require
CLEVELAND, Ohio.
papers, to borrow $1,500,000 from the
previously offered on Aug. 11.-V. 101. p. 466.
been completed, according to local
operating deficit. The
SCHOOL DISTRICT (P. 0. Federal Reserve Bank at 3% to cover the city's will run six months.
BROOKLYN HEIGHTS VILLAGE
-At the notes are to be in denominations of $10,000 each and
-BONDS DEFEATED.
Cleveland), Cuyahoga County, Ohio.
L DISTRICT, Hinds County,
the $10,000 school-completion
election held Aug. 12 the question of issuing state.
CLINTON CONSOLIDATED SCHOO
at hand relative to the
-V. 101, p. 466.
-Further details are tax-free building bonds.
and equipment bonds was defeated, reports
-BOND OFFERING.
Miss.
ed
-On Sept. 21 the three issues of offering on Oct. 4 of the $8,500 6% register be opened at 10 a. m. on
-BOND SALE.
BUFFALO, N. Y.
d to the V. 101, p. 958. Proposals for these bonds will
were awarde
ry Clerk
434% reg. tax-free bonds, aggregating $400,000, bids were as follows:
Supervisors, W. W. Downing, Chance
that day by the Board ofChap. 255, Laws of 1912. Denom. (5) $300,
Fidelity Trust Co. of Buffalo ('V. 101, p.865). The0 $50,000
). Auth.
nual
$200.00
al and
0 (P. 0. Jackson
Oct. 1 1915. Principfollows:semi-an
$150,00
Date
Bird
Grade
$300 yearly
(5) $400 and (10) $500. Jackson. Due on Oct. 1 as
Water.
Crossing. Island.
int. (A. & 0.) payable in
1925 incl. and $500 yearly
103.35
$400 yearly from 1921 toof bid, payable to Hinds
102.55
102.17
,
from 1916 to 1920 incl.,
Fidelity Trust Co.,* Buffalo
check for 5%
10350
from 1926 to 1935 incl. Cert. $600,000; actual val., $1,000,000. ApFidelity Trust Co.. Buffalo
102.571
val..
102.571
102.571
County, required. Assess. Wood & Oakley of Chicago. Bonds are printed
Central National Bank,* Buffalo
102.311
102.311
by
102.311
proval of legality of issue
Equitable Trust Co.,* New York
102.15
102.15
102.16
ready for delivery.
Marine National Bank,* Buffalo
-BOND ELECTION
Flagstaff), Ariz.
100.78792 100.91751 101.321
Marine National Bank,* Buffalo
COCONINO COUNTY (P. 0.an election will be hold to vote on the
101.807
101.807
101.807
A. B. Leach & Co.,* New YorklJointly
SBD.-It is reported that
PROPO
y-construction bonds.
N.W.Halsey & Co., New York_ j
proposition to issue $350,000 highwa
101.751
-By a
101.751
101.751
-BONDS DEFEATED.
Mich.
Bankers Trust Co.,* Buffalo
102.10
101.38
101.26
COLON, St. Joseph County, the question of issuing $25,000 waterRobert Winthrop & Co.,* New York
"against"
Aug. 31.
New York yointly 101.6653 101.6653 101.6653 vote of 87 "for" to 139
held
E. H. Rollins & Sons,*
works bonds failed to carry at the election
Kissel, Kinnicutt & Co., N.Y.._ _ _
-The question of issuing
103.057
102.057
101.675
-BONDS DEFEATED.
COLUMBUS, Ohio.
Farson, Son & Co.,* New YorkiJo ntly
bonds failed to carry
uso-site-purchase and construction
York_
$150,000 work-ho
J. S. Bache & Co., New
vote was, 10,676
101.67
101.67
101, p. 309. The necessary to carry.
101.67
at the election held Aug. 10.-V.
Estabrook & Co.,* New York' ointly
y was
majorit
"for" and 7,700 "against." A two-thirds
Harris, Forbes & Co., N. Y_
SED.
• 101.6555 101.6555 101.6555
-BOND ELECTION PROPO
Hornblower & Weeks,* New York
CORSICANA, Navarro County, Tex. be held Oct. 10 to vote on the
101.5825 101.5825 101.5825
George B. Gibbons & Co.,* New York
101.517
-Local papers state that an election will
and $20,000
101.517
101.517
s & Co.,* New York
school-impt., $80,000 street-impt.,
Rhoade
101.411
question of issuing $25,000
101.411
101.411
Bond & Goodwin, New York
101.263
sewer-impt. bonds.
101.263
101.263
-The quesDEFEATED.
Remick, Hodge,s & Co.,* New York
101.759
101.131
101.007
CORTLAND, Gage County, Neb.-BONDS
& Co.,* New York'Jointly
H.A. Kahler
em-installation bonds failed to
tion of issuing the $10,500 water-works-syst
The vote
Curtis & Sanger, New York_ _ f
100.88
election held Aug.31.-V. 101, p. 711.
100.88
100.88
carry, it is stated, at the
Kountze Brothers,* New York
100.333
was 30 "for" to 39 "against."
J. C. Dann & Co., Buffalo
-It is stated
-BONDS VOTED.
, Iowa.
CORWITH, Hancock County e of electric-light bonds at a recent eleccity authorized the issuanc
* For all or none. z For any issue.
- that this
Vt.-BOND OFFERING.
tion.
BURLINGTON, Chittenden County,
28
-BOND SALE.-Geo. G. ApplePa.
d by L. C. Grant, City Treasurer, until 10 a. m.Sept.
CRAFTON, Allegheny County,on Aug. 26 the $35,000 434% 27-year
Bids will be receive
Denom. $1,000.
-year coup. school-refunding bonds. er. These bonds gate & Co. were awarded at 102.24
for $25,000 4% 20
without success on June 1.-V. 100, p.
offered
office of City Treasur
Date Oct. 1 1915. Int. A.& 0. atness by the Old Colony Trust Co. and aver, tax-free impt. bonds
will be certified as to their genuine
-BOND OFFERopinion of Ropes, Gray, 1769.
Portland), Maine.
this trust company will further certify that in theobligation of the city.
CUMBERLAND COUNTY (P. 0. m. Oct. 1 by the County Commisuntil p.
Boyden & Perkins of Boston, this issue is a valid
-Bids will be received -year 2
- ING.
bridge bonds. Denom. $1,000. Date
-BONDS DEFEATED.
for $200,000 4% 20
at office of
CANBY, Yellow Medicine County, Minn.
water-plant-extension bonds sioners 1915. Principal and semi-ann. int.-A. & 0.-payabe
from
The question of issuing the $18,000 municipal
Aug. 9.-V. 101, p. 466. Oct. 1 Treasurer. Bids are asked on bonds with accrued interest Ives,
County
failed to carry, it is stated, at the election held
legally approved by Libby, Robinson &
Oct. 1. These bonds will be file with the First Nat. Bank of Portland
The vote was 77 "for" and 82 "against."
- whose favorable opinion is on
-BOND ELECTION PROPOSED.
CANTON, Fulton County, 111.
calling an election to vote on who certify to the issue.
-BOND SALE.
Reports state that this city is contemplating
0. Cleveland), Ohio.
al-lighting-plant installation and $10,000
CUYAHOGA COUNTY (P. year average coup, refunding bonds were
he questions of $40,000 municip
5% 14%On Sept. 18 the $181,000 Co. of Cincinnati for $190,060, equal to 105.005city's overdraft bonds.
-According awarded to A. E. Aub &
-BONDS PROPOSED.
CANTON, Madison County, Miss. issuance of $20,000 street-improve- a basis of about 4.52%. V. 101, p. 865.
to reports, this city is contemplating the
TAX SCHOOL DISTRICTS, Fla.
DADE COUNTY SPECIAL two issues of 6% building bonds were
ment bonds.
-On Sept. 7 the
-Bids will be BOND SALES.
-BOND OFFERING.
Stark County, Ohio.
790:
CANTON,
-V. 101, P.
&
as follows
C. Brumbaugh, City Auditor, for
received until 12 m. Oct. 4 by Emmet 8221,400. Of these $43,800 bear awarded 13-year aver. Silver Palm District bonds to the Miami Bank
fourteen issues of bonds, aggregating Date Mar. 1 1915. Int. semi-ann. $25,000 Trust Co. of Miami at 100.315 and int.
$177,600 bear 5% int.
District No. 6 bonds to the First Nat.
% int. and
Larkins
bonds bid for, payable to City
12,000 1234-year aver. for $12,010 (100.083) and int.
Certified check on a Canton bank for 5% of and paid for within 10 days
Bank of Miami
-Proposals
Treasurer, required. Bonds to be delivered
-BOND OFFERING.
to print at
N, Wayne County, Ohio.
award. Purchaser to pay accrued interest and and coupon
DALTO
F. Scott, Village Clerk, for
from time of
on special bond borders
d until 12 m. Oct. 1 by Ernest bonds. Auth. Sec. 3939,
own expense the necessary blank bonds
-improvement
abstract showing will be receive
-works
A certified copy of the
$2,400 5% coupon water
sheets to be furnished by the city. furnished successful bidder.
Date Oct. 1 1915. Interest payable semiGen. Code. Denom. $600.
on Oct. 1 from
the legality of these bonds will be
, Idaho. annually at First Nat. Bank, Dalton. Due $600 yearly bid for, payable
COUNTY SCHOOL DISTRICT NO.7(P. 0. Malta)
CASSIA
e. Certified check for 10% of bonds
-10
-On Sept. 4 $6,000 6% 5 -year (opt.) coupon bldg. 1919 to 1922 inclusiv required. Bonds to be delivered and paid for within
-BOND SALE.
of Denver at 100.50. to Village Treasurer,
& Co.
Purchaser to pay accrued interest. These
bonds were awarded to James N. Wright & D.
J.
148.
ten days from time of award.
Denom. $600. Date Dec. 1 1915. Int.
without success as 434s on July 15 -V. 101, p.
-PURCHASER OF BONDS. bonds were offered ng this issue, $12,934; floating debt, $350. Assessed
COUNTY (P. 0. Tipton), Iowa.
includi
CEDAR
debt,
-7
5% 5 -year serial county-home-building Bonded
-The purchaser of the $50,000
Continental & Commercial value, $464,550.
-On
-BOND SALE.
gton), Ind.
bonds awarded on Aug. 24 at 101.14 was the p. 958. Denom. $1,000.
DAVIESS COUNTY (P. 0. Washin
coupon highway improvement bonds, aggreTrust & Savings Bank of Chicago. V. 101,
Sept. 21 the five issues of 434%to the Fletcher-American National Bank of
Date Sept. 11915. Int. semi-annual.
, were awarded
-WAR- gating $17,260
County, Ind.
V. 101, p. 958. Other
CENTER SCHOOL TOWNSHIP, Laporte r average school house Indianapolis for $17,324 60 (100.374) and int.
-On Sept. 7 the $2.500 5% 2 5-6-yea s
RANT SALE.
$311:023600
$17,300
& Son at 100.48 bids were:
Co., Indianapolis
s were awarded, reports state, to A. P. Andrew Jr.
warrant
J. F. Wild &
par and interest for
-a basis of about 4.82%.-V. 101. p. 544.
Breed, Elliott & Harrison, Ihdianapolis,
Wenatchee),
23
NO. 13(P.O. Bloomfield),
ICT
CHELAN COUNTY SCHOOL DISTRStateNO. (P.O. was awarded
DAWSON COUNTY SCHOOL DISTRICT
of Washington
-10-year opt. coupon bonds of-On Sept. 11 the
-The $1,600 6% 5
-BOND SALE.
Wash.
-BOND SALE.
Mont.
Board of Land Commissioners
bldg. bonds at par for 534s.
on May 29 were awarded to the State . $200. Date June 15 1915.
$2,700
-Newspaper fered
-BONDS DEFEATED.
on June 15 at par. V. 100, p. 1614. Denom
CHEN0A, McLean County, Ills.
27 the question of issuing Int. annually in June.
dispatches state that at the election held Aug.
-Bids will be received until 12
-BOND OFFERING.
DAYTON, Ohio.
$5.000 bonds failed to carry.
for $40,000 5% 534-year
L DISTRICT NO. 4 (P. 0.
Hugh E. Wall, City Accountant,
CHERRY GROVE SPECIAL SCHOO -BOND OFFERING.-Blds m. Oct. 11 bySanitary Sewer Dist. No. 6 bonds. Denom. $1,000. Date
, Ohio.
coup.
Cherry Grove), Hamilton County
of Educa- average1915. Prin. and semi-ann. int. (F. & A.) payable in N. Y. C. Due
n, Clerk Board
Aug._ 1
Cert. check for $2,000,
will be received until 12 m.Oct. 1 by Wm.Lewelle
g bonds. Auth. Secs. 7625 to 7627, $4.000 Yearly on Aug. 1 from 1916 to 1925 incl.be delivered and paid for,
Bonds to
tion, for $6,000 534% 30-year buildin
Aug. 21. Denom. $200. Date payable to City Accountant, required. The approving opinion of Squire,
inclusive, Gen. Code, and election held Int.-A. & 0.
le at First at office of City Treas. on Oct. 15.
-payab
Oct. 11915. Principal and semi-annual check for 10% of bonds bid for,
be furnished purchaser by city.
Sanders & Dempsey of Cleveland will
Nat. Bank, Mt. Washington. Certified
-On
-BOND SALE.
Greensburg), Ind.
DECATUR COUNTY (P. 0.highway improvement bonds, aggregating
payable to above Clerk, required.
-BOND OFFER), Mont.
issues of 434%
CHOIPTEATI COUNTY (P. 0. Fort Benton sealed bids until 10 a. m. Sept. 4 the two
C. C. Shipp & Co. of Indianapolis for $14,320
d to
receive
-L. M. Bond, County Clerk, will -year opt. refunding bonds. Int. 1314.300. were awarde .-V. 101, p. 711. Other bidders were:
ING.
-20
(100.139) and interest
*$14,331 50
Oct. 3, it is stated, for $92,000 5% 15
Muncie
d.
Merchants National Bank, Bank, Muncie
14,331 25
semi-ann. Cert. check for $9,200 require
*14,330 00
-On Sept. 23 the $210,000 434% Delaware County Nationalpolis
SALE.
-BOND
CINCINNATI, Ohio.
y, Indiana
•14,323 00
-improvement bonds were awarded,dispatches Miller & CompanHarrison, Indianapolis
-40-year (opt.) water-works
20
14,314 75
Cincinnati at 101.95, a basis of about Breed, Elliott & Indianapolis
state, to the Atlas Nat. Bank ofabout 4.39% to the full maturity.
-V. J. F. Wild & Co.,
14,308 00
4.35% to the optional date and
Rockport Bank, Rockport
14,300 00
p. 711.
101,
- C. J. Erdman, Greensburg
(P. 0. Cincinnati), Ohio.
CINCINNATI SCHOOL DISTRICT hand relative to the offering on
purchasers',but are so
-Further details are at school bonds. V. 101, p. 958.
bids appear to be higher than that of the d for the payment of
OFFERING.
BOND
* These
-year coup.
County Treasurer. All bids provide
Oct. 11 of the $500,000 434% 20
until 4 p. m. on that day by Wm. given by the
Bids for these bonds will be received . $500. Date "day of sale." Prin. accrued interest.
-Additional in-BOND OFFERING.
Clerk Bd. of Ed., Denom
Grautman,
DEPEW, Erie County, N. Y.
Exch. Nat. Bank, N. Y. Cert.
on Sept. 27 of the $53,000 1-10and semi-ann. int. payable at American Bd. of Ed., required.
formation is at hand relative to the offering
not exceeding 6%.
check for 5% of bonds bid for, payable to
tible into coup.) impt. bondsdat
r
-The year serial reg. (conver
receive until 8 p. m. on that
-BOND SALE.
), Ind.
Bids for these bonds will be $100 or multiples thereof, to
CLARK COUNTY (P. 0. Jeffersonville -year average highway bonds
101. p.
Denom.
,
958.
following bids were for the $19,500 434% 634
day by Albert Sturm, Vil. Clerk. Int. A. & 0.In N. Y. or at such other
1 1915.
p. 790:
er. Date
offered on Sept. 9-V. 101,
on Oct. 1
$19,551 00 suit purchasY. State asOct.
& Co., Indpis
purchsaer may desire. Duo $5,300 yearly
C. C.Shipp & Co., Indpis.$19,582 55 Miller Elliott & Harrison,
place in N.
or trust comCert. check on an incorporated bank Vii. Trustees,
J. F. Wild & Co.,Indpis__ 19,575 20 Breed
19,525 00 from 1916 to 1925 incl.
Indianapolis
of bonds bid for, payable to1Bd. of
Fletcher American Nat.
pany of New York for 2%
paid for on Oct. or within a reasonaBank, Indianapolis_ _ __ 19,552 50
required. Bonds to be delivered and
.
All bids provided for payment of accrued interest
SEPT. 25 1915.]
THE CHRONICLE
1035
ble time thereafter. Bonded debt, $98,250;
val. taxable real estate, 1915, $2,668,022. sinking fund, $9,250. Assess. for $50,000 4% 16-yr. average highway-constr. bonds. Denom. $1,000.
Date Aug. 10 1915. Int. F. & A. Due $5,000 yrly. on Feb.
DE SOTO COUNTY (P. 0. Arcadia),
10from 1927
-BOND OFFERING.
- to 1936 incl. Purchaser to pay accrued interestProposals will be received at any time by the Fla.
000 6% 30-yr. coup. road and bridge dist. Bd. of Co. Commrs.for $350,GASTON
-DESCRIPTION
No. 5 bonds. Denom. $500. OF BONDS. COUNTY (P. 0. Gastonia), No. Caro.
Date Oct. 11914. Int. A.& O.at office
-The three issues of 5% bonds aggregati
ofCo. Treas.
Bids for these bonds are requested as 30-yr. straight or some bank in N.Y. on Sept. 9 to J. H. Hilsman & Co. of Atlanta for ng $150,000 awarded
$151,517 55 (101.011)
bonds or that county are in the
has option to redeem one-thirteenth yearly
after Oct. 1 1917. Cert. check cipal and denom. of $1.000 and dated July 11915.-V. 101, p.959. Prinfor 2% of bid required. Official circular
semi-annual in (J.
states
bond issue, therefore no contest nor default that there has been no former yriy. July 1 from 1916 to 1945& J.) payable in New York. Due $5,000
incl. Total debt (including these issues),
in payment of interest or prin- $480.000
ciple and that there is no litigation or controver
. Assess. val. 1915, $15,500,000; actual value, 340,000,000.
sy pending or threatening
the corporate existence of boundaries of the district,
or the titles of the
GILES COUNTY (P. 0. Pulaski), Tenn.
respective officials to their respective offices,
-BONDS PROPOSED.
-Reor
bonds. The district has no bonded debt. Assess. the validity of these ports state that this county is contemplating the issuance of road-construcval. of dist. 1915 (ap- tion bonds.
prox.), $1,461,340. These bonds
D. L. Skipper is Commissioner. were offered on Mar. 16. V. 100, p. 919.
GIRARD, Russell County, Ala.
-BOND SALE.
-On Sept. 17 the
$10.000 5% 30
-year refunding bonds voted Aug. 9 were awarded, reports
DICKSON COUNTY(P.O. Charlott
-BONDSDEFEATED. state, to Sidney Spitzer &
-The proposition to issue $250,000 roade), Tenn. to carry,
Co. of Toledo at 89.50 and printing bonds.
bonds failed
it is stated, V. 101, p. 310. Int. semi-annual.
at an election held Aug. 14.
BONDS TO BE OFFERED SHORTLY.
DIMMIT COUNTY (P. 0. Carrizo Springs), Tex.
-Reports state that the $15,000
-BOND SALE.
- 5% 30
-year high-school-bldg. bonds also voted on Aug.
The County Judge advises us that on Aug. 12 $10,000
9, will be offered
-40
(opt.) Road Dist. No. 1 road impt. bonds were awarded 5% 20 -year for sale in sixty days.
-V. 101, p. 310.
to
wealth Trust Co. of Houston at 90. Denom. $1,000. Date the CommonGLENDALE, Los Angeles County, Calif.
-BOND ELECTION PROApr. 12 1915. POSED.-Aceordi
Interest annually on April 10.
ng to reports, this city
of an election to vote on the issuance of has under consideration the calling
DOBBS FERRY, Westchester County, N. Y.
$20,000 flood-protection and auto-BOND OFFERING.
- fire-engine purchase bonds.
Bids will be received until 8:30 a. m. Sept. 28 by Oswald
Schuler, Vii. Clerk
GLENDALE, Hamilton County, Ohio.
for $150,000 reg. paving bonds at not exceeding 5% int.
-BOND ELECTION PROPOSED.
-It is stated that an election will shortly be held
Denom. $1,000.
to vote on the
Int. F. & A. Due $6,000 yearly on Aug. 1 from 1920
to 1944 incl. Bonded questions of issuing $1,500 fire-engine, $5,000 sanitary-impt. and $8,500
water-works bonds.
debt $80,500. Assess. val. 1915, $5,697,272.
GLENWO
The official notice of this bond offering will be found
-BOND
among the advertise- -According OD, Mills County, Iowa.
ments elsewhere in this Department.
to local papers, this city proposes toELECTION PROPOSED
hold
on the question of issuing water-works-system bonds. an election to vote
DOS PALOS SCHOOL DISTRICT, Merced County,
Calif.
-BOND
SALE.
-The Merced Security Say. Bank of Merced
GOSHEN TOWNSHIP RURAL SCHOOL DISTRI
was recently awarded, Philadelphia), Tuscarawas
CT (P. 0. New
it is stated, $10,000 school bonds at 101.45.
County, Ohio.
-On Sept. 18
the $35,000 5% 7%-yr. average coup. school-BOND SALE.
DU BOIS, Pawnee County, Neb.-B
bonds were awarded to RodONDS VOTED.
-Reports state gers & Son of Chagrin Falls for $35,353 (101.008
that at a recent election this village authorize
d the issuance of $7,000 about 4.99%.-V. 101, p. 712. Other bids were: ) and int.-a basis of
electric-light-plant bonds.
Hoehier, Cummings &
Cont.& Corn. Tr.& Says.
EAST CLEVELAND (P. 0. Cleveland), Cuyahog
Prudden, Toledo
335.283 50( Bank,
a County, Ohio.$35,156 00
BOND OFFERING.
-Proposals will be received until 12 m. Oct. 11 by E.
Citizens' Nat. Bk., N.Ph. 35.251 00 Hayden,MChicago
iller&Co., Tol_ 35,105 00
L. Seasongood &
Hickey, City Aud., for $10,000 5% 3-year average assess.
Mayer,Cin. 35.203 50 Stacy &
bonds.
35,067 50
$1,000. Date Oct. 11915. Prin. and semi-ann. int. (A. & 0.) Denom. Well, Roth & Co., Cin _ _ _ 35,182 00 Security Braun, Toledo
S.B.&Tr.Co. Tol 35,065 00
payable at Prov. .B.&Tr.C
Guardian Says. & Trust Co., Cleveland. Due $2.000
o., Cin__ 35,134 50 First Nat. Bank, Coium_ 35,046
yearly on
00
from 1916 to 1920 incl. Cert. check on a Cuyahoga County bank Oct. 1
GRAND ISLAND, Hall County, Neb.-BOND SALE.
for 10%
of bonds bid for, payable to City Treas., required. Bonds
-On Sept. 15
328,000
and paid for within 10 days from time of award. Purchaser to be delivered S. D. (more or less) 6% Paving Dist. No. 13 bonds were awarded to
to pay accrued
Ross of Grand Island for a premium of
interest.
of Grand Island bid a premium of $28 25. $112. The First Nat. Bank
Denom. $500. Date Oct. I
EAST FORK IRRIGATION DISTRICT (P. 0. Hood
River), Ore.
- 1915. Int. annually. Due in 10 yrs., subject to call any time.
BONDS VOTED.
-An election held Sept. 7 resulted in a
GRA/NGER COUNTY (P. 0. Rutledge), Tenn.
it is stated, in favor of the question of issuing $50,000 vote of 85 to 25,
-BONDS VOTED.
irrigation system By a vote of 891 to 842 the proposition to
bonds. V. 101, p. 790.
ried, it is stated, at an election held Sept. issue $200,000 road bonds car9.
EAST MOLINE TOWNSHIP SCHOOL DISTRI
GRANVILLE, Licking County, Ohio.
line), Rock Island County Ills.-BONDS VOTED. CT (P. 0. East Mo-BOND OFFERING.
-Bids
question of issuing the 364.000 bldg. bonds carried-It is stated that the will be received until 12 m. Oct. 11 by Roe E. Morrow, Village Clerk, for
'
at the election held $16,000 5% 11%-year average Broadway improvem
Sept. 11.-V. 101, p. 866. These bonds take
ent bonds. Auth.
issue recently awarded to Geo. M. Bechtel .SE the place of the $75,000 Sec. 3939, Gen. Code. Denom. $500. Interest semi-annual. Due
Co. of Davenport, as that 31.000 yearly on Oct. 1 from 1919 to 1934 inclusive
amount was in excess of the debt limit.
. Certified check for
-V. 101.
10% of bonds bid for, payable to Village Treasurer, required.
Bonds to be
EAST VIEW (P. 0. Cleveland), Cuyahog P. 711.
a County, Ohio.
-BOND delivered and paid for within 10 days from time of award. Purchaser to
OFFERING.-Blds will be received until 12
pay accrued interest.
m. Sept. 27 by Chas. E
Burger, Village Clerk, for $3,791 6%
GRAYMONT,Emanuel County, Ga.-BOND OFFERIN
(village's portion) bonds. Auth. Sec. Lee road water-main-construction
G.-Proposals
3821,
3791,3for $1.000. Principal and semi-annualGen. Code. Denom. 1 for will be received by J. M. Thompson, City Clerk, for $5,000 electric-lightinterest.
-A.& 0.
-payable plant bonds authorized by vote of 48 to 4 at the election held Sept. 14.at office of Village Treasurer. Due $791 April
1 1918 and $1,000 on V. 101. p. 866.
April 11921, 1924 and 1926. Certified check on
a Cuyahoga County bank
for 10% of amount of bid, payable to Village Treasurer
GRAYSON COUNTY (P. 0. Sherman), Tex.
-BONDS OFFERED BY
to be delivered and paid for within ten days from time of , required. Bonds BANKERS.
-Harris Trust & Say. Bank of Chicago is offering to investors
award. Purchaser $862,000 5% 5
to pay accrued interest.
-40-year (opt.) road bonds. Denom. $1,000. Date
1915. Int. ann. on Apr. 10 in New York City. Bonded debt, July 10
ECHO, Umatilla County, Ore.
including
-BONDS VOTED.
-The questions of this issue. $897,000. Assess. val. $46,228,920; real value
issuing the $10,000 city-hall and $3,000 park 6% bonds
est., 375.000,000.
carried at the elecGREECE (Town) (P. 0. Charlotte), Monroe County,
tion held Sept. 13 by a vote of 61 to 24 and 45 to
43, respectively.
N. Y.
-CORRECTION.
-We are advised that the $28,500 bonds sold on Sept. 8
ELLSWORTH JOINT SCHOOL DISTRI
were
awarded to Myron W.
Pierce County, Wisc.-DESCRIPTION OFCT NO. 1 (P. 0. Ellsworth), Wm. R. Compton Co. Greene of Rochester on his bid for 4.608 and not to
BONDS.
of N. Y., as first reported.
-The $8,000 heat-V. 101, p. 866.
ing and ventilating plant installation bonds awarded
on Aug. 16 to the HanGREEN CAMP, Marion County, Ohio.
chett Bond Co. of Chicago bear int. at the rate of
-BOND OFFERING.
-Bids
5%
of $1,000. V. 101, p. 791. Date Aug. 1 1915. and are in the denom. will be received until 12 m. Sept. 27 by H. R. Watts, Village Clerk, for the
Int. ann. on Feb. 1. $5,000 5% 531-year average coupon electric-l
Due serially from 1916 to 1923 incl.
ight
-V.101, p. 389. Denom.$250. Date Sept. -plant bonds voted July 17
11915. Int. M.& S. at the
ETTRICK, Trempealeau County, Wis.-B
ONDS
-By a vote Village Treasurer's office. Due $250 each six months from March 1 1916
of 298 to 148 the question of issuing $75,000 5% couponVOTED.
Ettrick & Northern to Sept. 1 1925 inclusive. Certified check for 5% of bonds bid for, payable
RR. Co. aid bonds carried at the election held
to Village Clerk, required. Bonds to be delivered apd
Sept.
paid for within ten
Denom. $5,000. Int. ann. on Feb. 1. Due $5,000 20-V. 101, p.958. days from time of award.
Purchaser to pay accrued
yearly Feb. 1 from
1920 to 1934 incl., subject to call any
has no indebtedness. Assessed valuation, 1914, interest. This Village
$285,000.
after five years from Feb. 11917. 0. or all at any interest-paying period
A. Ask is Town Clerk.
GREENE COUNTY (P. 0. Springfield), Mo.-BO
NDS AUTHORFALLS COUNTY (P. 0. Marlin),
-On Sept.
-BONDS DEFEATED.
- IZED. issuance 12 the Commrs. of Ingram Special Road District authorThe proposition to issue $500,000 bondsTexas.
ized the
of $20,000 road-impt. bonds.
defeated newspaper reports state. for good roads in Precinct No. I
was
GRIFFITH SCHOOL TOWN (P. 0. Griffith), Lake
County, Ind.
FARGO, Cass County, No. Dak.-BONDS
-On Sept. 18 an issue of $6,800 5% 3
AUTHORIZED.
-Local BOND .SALE.
-year average school
papers state that an ordinance was passed on Sept.
bonds
awarded to the Fletcher Amer. Nat. Bank of Indianapolis for
providing for the issuance of $4,000 city-hall-impt. 7 by the City Council, $6,891 was equal
75,
bonds.
to 101.348, a basis of about 4.51%. Other bids were:
FARMERSVILLE, Montgomery County, Ohio.
First National Bank, Crown Point
-BIDS REJECTED
$6,880
- E. M. Campbell's Son & Co., Indianapolis
-All bids received for the $16,000 5% 2-33-yr.
TO RE-OFFER.
serial water6,805
works-plant bonds offered on Sept. 14 were rejected.
Denom. 2 for
-V. 101, P. 866. Due $400 July $400. 12 for $500. Date Sept. 10 1915. Int. M. & S.
The bonds will be re-advertised.
10 1916 and Jan. 10 1917 and $500 on July 10 and $1,000
Jan. 10 from July 10 1917 to Jan. 10 1921 ind.
FAYETTE COUNTY (P. 0. Lexington),Ky.-BO
ND
HAULER SCHOOL DISTRICT (P. 0. Hagler), Arkansa
An election will be held September 30,it is stated, to vote on ELECTION.
s County,
the proposition Ark.
to issue $300,000 5% road bonds.
-BOND SALE.
-Gunter & Sawyers of Little Rock were awarded on
Aug. 2 $10,000 6% 5-16-yr. building bonds at 99 and int.
FLEETWOOD,Berks County, Pa.
Denom. $500.
-BOND ELECTION PROPOSED.
- Date Aug. 2 1915. Int. F.& A.
According to reports, an election will shortly be
held to vote on the question
of issuing 347.000 bonds.
HALFA CONSOLIDATED INDEPE
SCHOOL
(P. 0. Halfa), Emmet County, Iowa. NDENT OFFERIN DISTRICT
MORENCE, Lauderdale County, Ala.
-BOND
G.
-Proposals
-BONDS PROPOSED.
-Re- will be received by Niels Jorgensin, Secy. Board of Education. until 1 p. m.
ports state that this city contemplates the issung of street-im
Nov. 1 for $22,000 5% 10-year coupon site-purchase and
pt. bonds.
building bond
FLORENCE SCHOOL DISTRICT (P. 0.
Florence), Florence authorized by vote of 21 to Oat an election held Aug. 27. Denom.$1,000.
County, So. Caro.
-BONDS REFUSED.
Date Nov. 1 1915. Int. M.& N. Certified check for
-NEW ELECTION.
$500, payable to the
-Local
papers state that Well, Roth & Co. of Cincinnati have refused
to accept the Secy., Board of Education, required. This district has no indebtedness.
$52,000 4 y,% 20-year school bonds awarded to them on
Aug. 4 on account Assessed value 1914. $160,000.
of a conflict in the law authorizing the issue. V.
101, p. 791. An election
HAMMONTON, Atlantic County, N. J.
will be called to re-submit the question.
-BOND OFFERING.
-Additional information is at hand relative to the offering on Oct.4
of the $117,000
FLORENCE TOWNSHIP(P.O. Berlin Heights)
, Erie County, Ohio. 5% coup, funding bonds. V. 101, p. 959. Bids for these bonds will be
-BOND OFFERING.
-Newspaper reports state that L.
received until 3 p. m. on said day by A. B. Davis, Town Treas.
A. Andrews, $1,000.
Township Clerk, will receive bkls until 12 m.
Denom.
Date July 11915.
Oct.
1-10-year serial road bonds. Interest semi-annual. 15 for $15,000 591 People.. Bank,Hammnnton. Prin. and semi-ann. int. J. & J., payable at
Due $37,000 July 11925.and $40.000 July 1
Certified check for
5% required.
1925 and 1935. Cert. check for 2% of bid, payable to Town
Treas., required.
FLOYDADA, Floyd County, Tex.
-BOND SALE.
-The $20,000 5%
Official circular states that this
15-40-year (opt.) coupon water-works-construction
bonds were awarded on principal or interest; that there is town has never defaulted on payment of
March 24 to N. S. Sherman Machine & Iron Works
no pending or threatened litigation, and
of Oklahoma City at that the legality
par and int. V. 100, p. 751. Denom. $500.
been questioned. Bonds are non-taxable in N. J.
Date Oct. 20 1913. In- Accrued interest has not charged.
terest annually on April 10.
will be
Bonded debt, incl.
including $66,500 water bonds; floating debt additionathis issue, $183.500.
FLOYD COUNTY (P. 0. Rome), Ga.-BONDS
l, $15,211. Assess.
VOTED.
-The propo- val. real estate. 32.320.107: personal, $247.143
sition to issue $225.000 4%% bridge-construction
bonds carried by a vote
of 2,374 to 87, it is stated, at the election held
HANCOCK COUNTY (P. 0. Findlay), Ohio.
-BOND SALE.
-On
Denom. $1,000. Date Oct. 1 1915. Int. J. Sept. 14. V. 101, p. 866. , Sept. 15 the $100,000 5% 8-yr. average county-i
&
nfirmary-bldg. bonds were
Jan. 1 from 1916 to 1920 incl.; $8,000 yearly Jan. 1 J. Due $5,000 yearly awarded to the Continental & Commercial
Tr. & Says. Bank, Chicago, at
from 1921 to 1945 incl. 102.782a basis of about 4.582%.-V. 101. p. 712. Other bids
FORT17NA HIGH ScHOOL DISTRICT, Humbold
were:
Tillotson
-BOND SALE.
-On Sept. 14 the $24,000 5% 10-year t County, Calif. Davies & Wolcott Co.,Cie_ 102.67 Prov. S.B.&Tr.Co.. Cin_ _ _ _102.210
-Bertram Co., Cin__-102.626 First Tr. & Say. Bk., Chic_
building bonds were awarded to Gurvin & Miller of gold coupon tax-free Seasongood
_102.15
San Francisco at par
& Mayer, Cin_ _ _102.61 Hoehier, Cummings & Prudand int. V. 101, p. 866. There were no other
Fifth-Third Nat. Bk.. Cin_ _102.561
bidders.
den, Toledo
102.07
Hayden, Miller & Co., Clev_102.56 Stacy & Braun, Toledo
FULTON COUNTY (P. 0. Rochester),
101.86
-BOND OFFERING.
- Sidney Spitzer &
Layman E. Downey, Co. Treas., will receiveInd.
bids until 3 p. m. Oct. 1 for Field, Richards &Co., T0L...102.507 C. E. Dennison & Co., Clev_101.771
the following 43i% coup. highway-impt. bonds of
Co., Cin _102.36 Otis & Co., Cleveland
101.763
Rochester Twp.:
A.E. Aub & Co., Cincinnat1_102.301 Spitzer, Rorick
$18,000 G. It Nelson et al. road bonds. Denom.
$900.
Well, Roth & Co.,Cincinnati.102.286 E. H. Rollins & & Co., Tel_ _101.663
12,500 Geo. *E. Finney et al. road bonds. Denom.
Sons, Chic_ -101.399
Merch. Loan & Tr. Co.. Chic.102.272
8,500 Oliver J. Jordan at al. road bonds. Denom. $625.
$425.
Due one bond of each issue each six months from
HANOVER TOWNSHIP SCHOOL DISTRICT, Butler
May 15 1916 to Nov. 15
County,
1925 incl.
Ohio.
-BOND SALE.
-Sidney Spitzer & Co. of Toledo was
June 14 an issue of $20,000 5% coup. road bonds. These awarded on
FULTON COUNTY (P. 0. Johnstown), N. Y.
bonds were
-BOND OFFERING.
- offered on May
Bids will be received by J. R. Robertson, Co. Treas.,
-until 2 p. m.Sept. 30 V. 100, P. 1615. 19 but all bids received on that day were rejected.
1036
THE CHRONICLE
[VOL. 101.
-At the
-BONDS DEFEATED.
KIRKWOOD, Warren County, Ill.
-The election
-BONDS VOTED.
HEMET, Riverside County, Calif.
the question of issuing $5,000 village-hall and fire42 in favor of the election held Sept. 14defeated by a vote of 99 'for' to 101 "against."
held Sept. 10 resulted. It is stated, in a vote of 197 tobonds.
protection bonds was
question of issuing $8,000 Florida Ave. Improvement
-BOND OFFERING.
KNOX COUNTY (P. 0. Vincennes), Ind.
-Pro-BOND OFFERING.
HENDERSON, Chester County, Tenn. M.Bradon, City Recorder, It is stated that bids will be received until 2 p. m. Sept. 28 by E. P. Blann,
E.
posals will be received until 12 m. Oct. 19 bywater, $14.000 13-year average Co. Treas., for $13,600, $13,000, $13,760 and $4,700 434% highway-impt.
-year average
It is stated, for $30,000 12 1-6
bonds.
sewer and $13,000 13-year average electric-light 6% bonds.
-BOND OFFERING.KOSCIUSKO COUNTY (P. 0. Warsaw), Ind.
-On
-BOND SALE.
be received until 2 p. in. Oct. 5 by Andrew J. Logan, County
HENRY COUNTY (P. 0. Napoleon), Ohio.
were -Bids willfor $26,100 43 % 5 1-3-year average Jacob A. Metzger et al
bonds
4
,
Sept. 16 the 29.000 5% 331-yr. average coup. ditch impt. -equal to Treasurer,
Denom. $1,305.
Toledo for
• highway improvement bonds in Jackson Township. six months from
awarded to Hoehler, Cummings & Prudden of Other bids $9,056
were:
Date Oct. 1 1915. Int. M. & N. Due $1,305 each
100.622, a basis of 4.80%.-V. 101. p. 866.
___$9,018 00 May 15 1916 to Nov. 15 1925 inclusive.
50
Seasongood & Mayer. Cin_$9,050 00 Stacy & Braun, Toledo_
Prov.S.B.&Tr.Co., Cincin_ 9,013 50
County, Cal.A. E. Aub & Co., Cincin__ 9,030
LANCASTER SCHOOL DISTRICT, Los Angeles and equip. bonds
9,027 00 Spitzer, Rorick & Co., Tel_ 9,010 50
Keans & Co., Detroit
-The $5,0006% 3-yr. (aver.) construction
9,019 80 Otis & Co., Cleveland..___ 9.005 00 BOND SALE. 17 were awarded on that day to Hammond-Stevens Co. at
& Wolcott Co
Tillotson
offered on May
Hiawath
HIAWATHA SCHOOL DISTRICT (P. 0. will be a) Brown 101.34.-V. 100, p. 1616.
-Proposa
atehes
County, Kans.-BOND OFFERING. Board ls Educatioreceived until
LAUREL, Cedar County, Neb.-BOND OFFERING.-Disp
n, it is stated,
of
7:30 p. m. Oct. 4 by W. F. Shale, Clerk,% 15-year average high-school- state that P. Stewart, Village Clerk, will receive sealed bids until 7 p. m.
-20-year optional municipal-electricfor $00,000 of an issue of $75,000
° annual 6
al. Sept. 30 for the $12,000 57
Certified check for
building bonds voted July 20-V. 101, p. 389. Interest semi-annu
light-plant bonds voted Aug. 29-V. 101, p. 791.
Certified check for $500 required.
required.
TOWNSHIP (P. 0. Rileysburg), Vermillion $500
Tenn.
-BONDS REeburg),
HIGHLAND SCHOOL
LAWRENCE COUNTY (P. 0. Lawrenc the $20,000 5% school-bldg.
-On Sept. 7 the $4.000 school war-WARRANT SALE.
County, Ind.
-The County Clerk advises us that
-V.101, p. 791. CALLED.
-V. 100, P. 1771.
awarded to the Perrysville Bank at par for 5s.
rants were
Rate. bonds offered on June 8 have been recalled.
Price.
Other bids were:
-At the election held
5s
$4,000 00
-BONDS VOTED.
Breed, Elliott & Harrison, Indianapolis
LEMONT, Cook County, Ills.
it
5s
4,000 00
proposition to issue $8,000 water-mains-ext. bonds carried,
William M. Segarty
6s Sept. 14 the a vote of 92 to 37.
4,087 50
Farmers' Bank, Rockport
6s is stated, by
4,006 25
N SCHOOL DISTRICT NO. 12 (P. 0.
Fletcher American National Bank, Indianapolis
LIBERTY COUNTY COMMO
6s
4.000 00
W. K. McNeill
-The $40,000 5% 10-40-yr. (opt.) gold
-BOND SALE.
Cleveland), Tex.
Denom. 2 for $1,350 and 1 for $1,300. Date Sept. 7 1915. Int. J. & J. coupon taxable bldg. bonds offered on June 15 have been awarded to Powell,
on Jan. 11917. 1918 and 1919.
Due
-V. 100. D. 1948.
Co. of Chicago.
-Proposals Garard &
-BOND OFFERING.
Columbiana
0.
HILL CITY, Aitkin County, Minn.
LIVERPOOL TOWNSHIP (P.G. East Liverpool),
until Oct. 5 by Geo. A. Hankerson, Village Clerk, for an County, Ohio.
will be received
-BOND OFFERIN -Bids will be received until 12 m.
at an
issue of $10.000 6% funding bonds authorized by a vote of 78 to 6 & N. Oct. 1 by J. A. Kenney. Township Clerk, for the following 5% road
election held Sept. 7. Denom. $1,000. Date Nov. 11915. Int. M.
Improvement bonds:
for
Duo 31.000 yearly Nov. 1 from 1919 to 1928 Inclusive.
Hollow road-impt. bonds. Denom. 5 for 3500, 1Oct.$800.
1 '21.
and $800
- $3,300 Jethro
-BOND SALE DEFERRED.
$500 yearly on Oct. 1 from 1916 to 1920incl.
HOBOKEN, Hudson County, N. J.
-year coupon (with 11,700 Duo Way impt. bonds. Denom. 22 for $500 and 1 for $700. Due
434% 30
Park
We are advised that the sale of the $120,000
1916 to 1924 incl. and $1.700 Oct. 1 '25.
$1,000 yearly on Oct. 1 fromGen. Code. Date Oct. 1 1915. Prin.
priv. of reg.) street-impt. bonds, which was to have taken place on Sept. 22.
incl.,
-V. 101, p. 866.
has been temporarily deferred.
Auth. Secs. 6976 to 7018 -Payable at Potters Nat. Bank, East Liver-Reports and semi-ann. int.-A. & 0.
-BOND SALE.
HOLLISTER, San Benito County, Calif.
other than the one making the bid, for
of Hollister has been awarded $6,000 street- pool. Certified check on a bank
state that the First Nat. Bank
required. Bonds to be delivered and paid
-equal to 101.666.
.5500, payable to Twp.Treasurer,
improvement bonds for 36,100
unconditional and upon forms furnished by
be
-In Sept. 22 a loan of for on Oct. 1. Bids must
-TEMPORARY LOAN.
HOLYOKE, Mass.
negotiated with Blake Bros. & Co. of the Township Clerk.
$50,000 maturing Nov. 18 1915 was cents
(P. 0, Lodi), San Joaquin County,
premium. Other bids were: .
LODI SCHOOL DISTRICTvote will be taken on Oct. 26, it is stated,
30
Boston at 2.10% discount. plus
-A
Discount. Calif.
-BOND ELECTION.
Discount.
2.257 on the question of issuing $40,000 building bonds.
Morgan & Bartlett N. Y_ _2.12% Merchants Nat. Bank
-We aro
-AWARDED.
-BONDS RE
2.25
,
LORAIN, Lorain County, Ohio.
Bond & Goodwin, Boston___2.15% Henry H. SkinnerCo., N. Y_2.25 °
coupon bonds, aggregating $116,000
advised that the two issues of 5% Chicago,on Aug. 3 at 102.641, were
C. I). Parker & Co., Boston__2.24% Goldman Sachs && Co
2.509
2.24% Kissel, Kinnicutt
Rollins & Sons,of
awarded to E. H.
National City Bank
Cincinod&
on Sept. 10 to SeasongoThe Mayer ofof these
-BONDS DBFEATED.-At the re-awarded at public auction
legality
HORNELL, Steuben County, N Y.
jail building nati for $118,725,equal to 102,349. V.101,p.546.
election held Sept. 7 the question of issuing $15,000 city
Sanders & Dempsey of Cleveland.
bonds has been approved by Squire,
bonds failed to carry, reports state.
-Bids
-BOND OFFERING.
Ohio.
Howland),
LOVELAND, Clermont County,
HOWLAND TOWNSHIP SCHOOL DISTRICT (P. 0. D.
, Village Clerk, for
-BOND ELECTION PROPOSE -Reports will be received until 12 m. Sept. 27 by L. Shawhan
Trumbull County, Ohio.
Auth. Sec. 3939, Gen
shortly hold an election to vote on'the question $1,100 5% 11-year fire-engine improvement bonds. M. & S. Duo Sept. 1
state that this district will
Sept. 1 1915. Int.
Code. Denom. $100. Date of bonds bid for, payable to Village Treasurer,
of issuing $35.000 building bonds.
check for 5%
Bonds to be delivered and
IMPERIAL IRRIGATION DISTRICT (P. 0. El Centro), Imperial 1926. Certified
Purchaser to pay accrued interest.
-Proposals will be received until required.
-BOND OFFERING.
County, Calif.
the $3,500,000 paid for within 15 days from time of award.
C. M.Berry, Dist. Secy. it is stated, fora
10 a. m. Oct. 12 by
-BONDS VOTED.
Lubbock), Tex.
Developrunet
'
LUBBOCK COUNTY (P. 0. court-house-erection bonds carried, it is
5% 3234-yr. gold coupon bonds to purchase the Californi Denom. $500
The proposition to issue $100,000
Cos.' water-system, voted Oct. 29 1914.-V. 99, p. 1849.
867.
bonded debt. Assess. val. 1914-15, $28,000,- stated, at the election held Sept. 18.-V. 101, p.
and $1,000. Int. ann. No
-Proposals
Ky.-BOND OFFERING.
000. See V. 100, p. 1185.
LUDLOW, Kenton County, 28 by W. B. Cullen, City Clerk for
m. Oct.
-Proposals
-BOND OFFERING.
INGRAM, Allegheny County, Pa. H. Heiner, Boro. Clerk, 24 Short will be received until 8 p.
school-building bonds. Denom. $500.
(opt.)
-20
will be received until 5 p. m. Oct.4 by D. tax-free street and sewer-impt. 330.000 5% 15 -year semi-ann. Cert. check on some national bank
-year
Date Dec. 1 1915. Int.
St., Ingram, for $14,000 434% 29
of Ludlow", required.
bonds. Date Oct. 1 1915. Int. A.& 0. Cert. check for $1,000, payable for $300, payable to the "City
to the West End Save. & Tr. Co., Treas., required.
-The 31.770 93 6% Park Ave. impt. bonds offered on
BOND SALE.
by Jos. G. Herman, contractor, of Newport,
ON
-BOND
IRON MOUNTAIN, Dickinson County, Mich. g that anELECTI be June 10 have been purchased
election
-Reports state that petitions requestin
-V. 100. p. 1948.
PROPOSED.
at par.
-It is reported that this city will
called to submit to a vote the question of issuing public improvment bonds.
-LOAN OFFERING.
LYNN, Mass.
-BOND ELECTION consider bids until 10 a. m. Sept. 28 for a loan of $100,000.
(P.O. Grand Rapids), Minn.
ITASCA COUNTY
will hold an election on Oct. 19
CT (P. 0. McGehee), Desha County,
-Loca newspapers state that this county
McGEHEE SCHOOL DISTRI
road-Gunter & Sawyers of Little Rock were awarded on
to vote on the proposition to issue $75,000 refunding and $75,000
-BOND SALE.
Ark.
refunding bonds at par. Denom. $500.
improvement bonds.
Aug. 15 $21,500 670 15-year S.
-13y a
-BONDS VOTED.
1915. Int. M.&
JACKSONVILLE, Duval County, Fla.
con- Date Sept. 1
-BONDS DEFEATED.
Eufaula), Okla.
vote of 805 to 353 the question of issueing $250,000 sewer and drain
McINTOSH COUNTY (P.0. road bonds failed to carr at an elecdrainstruction: $125,000 street-paving and impt. and $125,000 sewer and
-The proposition to issue $25,000
at an election held Sept. 14.
construction bonds carried
20.
-On tion held Aug.
-BOND SALE.
-Reports
Ill.
-BONDS VOTED.
JASPER COUNTY (P. 0. Rensselaer), Ind.
MACKINAW, Tazewell County,
bonds were awarded to
proposition to issue $8,500
Sept. 21 the $14,000 434% 534-year average roadfor $14,085 10 (100.607) state that at the election held Sept. 10 the the
Mackinaw Electric Co..
the Fletcher American Nat. Bank of Indianapolis
and improve the plant of
bonds to purchase
bids wore:
and int., a basis of about 4.375%.-V. 101, p. 959. Other
00 carried.
-AcJ. F. Wild & Co., Indpls_$14,085 001C. C.Shipp & Co., 1ndpls.$14,055 50
Ind.
-BONDS AUTHORIZED.
MADISON, Jefferson County, has authorized the issuance of $40,500
Breed, Ell. & Harrison__ 14,085 00 Miller & Co., Indpls__- _ 14,051 00
Council
.
cording to reports, the City
Merch. Nat. Bk., Muncie. 14,061 35 Gavin L.Payne&Co.,Indp 14.035
bonds.
-The 434% refunding
-BOND OFFERING.JASPER COUNTY (P. 0. Carthage), Mo.-BONDS VOTED.
Anderson), Ind.
issuing
MADISON COUNTY (P. 0. , will receive bids until 10 a. m. Oct. 1
election held Sept. 14 resulted, it is stated, in favor of the question of
-V. 101, p. 311.
Geo. T. Beebe, County Treasurer
$100,000 tuberculosis-sanitarium-erection bonds.
Harold W. Farmer et al highway
$8,200 434% 5 1-3-year average
Denom. $410. Date Oct. 1 1915. Int.
JEFFERSONVILLE SCHOOL TOWNSHIP (P. 0. Jeffersonville), for
bonds in Anderson Township.
-On Sept. 11 the $5,000 43i
-BOND SALE.
Clark County, Ind.
$410 each six months from May 15 1916 to Nov. 15 1925
awarded to the Fletcher-American Nat. Bank M.& N. Due
school-building bonds were
inclusive.
bids were:
Other
-On
of Indianapolis at 101.325 and int. V. 101._p. 712. Harrison, In-BOND SALE.
MANCHESTER, Hillsboro County, N. H.
Miller & Co., Indianapolis_ __$5,025 Breed, lliott &
010
0.- Sept. 20 the $75,000 4% 1-15-year serial bridge and sewer bonds were
J. F.Wild & Co.,Indianapolis 5,0141
Ayling & Co. at 101.02-a basis of about 3.85%. V.
5,
awarded to Baker,
-BOND OFFERlN
dian
JOHNSON COUNTY (P. 0. Franklin), Ind.apolis$
101, p. 959. Other bids were:
:53
07
Bids will be received until 10 a. m. Sept. 30 by Harry Bridges, Co. Treas., E. H. Rollins & Sons, Bos__100.89 N. W.Harris & Co., Boston_ 100 579
Boston
534-yr. average highway-impt. bonds:
for the following 43.
Hornblower & Weeks, Bos_ _100.855 Biodget & Co.,
& Co., Boston__ _100.43
bonds in Pleasant Twp. Denom. $980.
$9,600 Sheek et al. road
Merrill,Oldham&Co.,Boston.100.839 Estabrook
Union Twp. Denom. $600.
N.
100.346
12,000 Frank Park et al. road bonds inDue one bond of each issue each six Parkinson & Burr, Boston_ _ _100.759 A. B. Leach & Co.,e & Y
McGaragl
Date Oct. 11915. Int. M.& N.
Paine, Webber & Co.. Bos__100.648 Croploy,
Nov. 15 1925 incl.
months from May 15 1916 to
BEACH (P. 0. Manhattan), Los Angeles County,
MANHATTAN
0. Jonesboro), Clayton.
-An election will bo held to-day (Sept. 25)
JONESBORO SCHOOL DISTRICT (P. ls will be received until Calif.
-BOND ELECTION.
-Proposa
city-hall and $6,000fire-protecCounty, Ga.-BOND OFFERING.
gold to vote on the questions of issuing$20,000
Oct. 10 by J. C. Hanes, Sec.-Treas. Bd. of Trustees, for $15,000 5%
on Jan. 1 tion bonds.
-Hoyt
building bonds. Denom. $500. Date Jan. 1 1916. Int. ann.
-BOND
1917 to 1946 incl. These bonds
ELD, Richland County, Ohio. m. Oct. OFFERING.
MANSFI
19 for $110,000 5%
at Jonesboro. Due $500 yriy. Jan. 1 from
the Sec.- Johns, City Aud., will consider bids until 12
are exempt from all taxes in Ga. Cert. check for 5%, payable to
bonds. Auth. Secs. 3942 and 4471.
district has no indebtedness. No sinking fund. 10-year sewage-disposal-plant-impt. Oct. 14 1915. Int. A. & O. Cert.
Treas., required. This
Gen. Code. Denom. $1,000. Date
Assess. val. 1914, $580.000. District tax rate (per $1,000), $4.50.
for, payable to City Treas., required. Bonds
-Proposals will check for 2% of bonds bid within 10 days from time of award. Purchaser
JOPLIN, Jasper County, Mo.-BOND OFFERING.
viaduct- to be delivered and paid for
5% 20-year
be received until Oct. 9 for the $13,500101, p. 459. Main St.
to pay accrued interest.
construction bonds voted Aug. 31.-V.
-BOND OFFERING.-Geo. C.
MARION, Williamson County, Ills.
-On Sept. 16 $124,000 cit
-BOND SALE.
10 a. m. Sept. 27 for an issue
KANSAS CITY, Kan.
Campbell, City Clerk, will receive bids until Denom.$50(). Date Sept. 15
of as follows, it is stated: $60,000 434
improvement bonds were disposed
of$30,000 4% 13-year average sewer bonds. on Sept. 15 from 1921 to 1935,
_par
municipal-electric-light-plant-equipment bonds at Dunn and $51,000 6 0 1915. Int. semi-ann. Due $2,000 yearly
& Co. of Wichita
to D. D. Hartwell, Mayor. required.
general street-impt. bonds for $51,525 (j01.029) to
City for incl. Cert. check for $500, payable
to 224 at an election held
and $13,000 59' street-impt. bonds to Wm. B. Sutton of Kansas
These bonds were authorized by a vote of 412
$13,178 (101.369).
Mich.
-BOND ELECTION August 26.
ND ELECTION.KENT COUNTY (P. 0. Grand Rapids), is contemplating calling an
MARION COUNTY (P. 0. Fairmont), W. Va.--BO
Road Dist. to vote on the
-It is stated that this county
PROPOSED.
work- An election will be held Sept. 28 in Mannington
election to submit to the voCers the question of issuing $100,000
proposition to issue $300,000 road-impt. bonds.
house-construction bonds.
103(P.O. Woodburn)
MARION COUNTY SCHOOL DISTRICT NO.
-On Sept. 3 the
-BOND SALE.
KENTON, Hardin County, Ohio.
-Proposals will be received by E. J. Stanard,
-BOND OFFERING.
of as follows, Ore.
two issues of 5% bonds, aggregating $24,625, were disposed
Oct. 14 for $40,000 534% high-school-bldg. bonds.
Dist. Clerk, until 8 p. m.
held Sept. 7. Denom.$500.
it is stated (V. 101, p. 546):
of Cin- Authorized by vote of 252 to 143 at an election 20 years. Cert. chock for
2 to
$21,625 14-year average refunding bonds to Seasongood & Mayer
Int. semi-annually. Due serially from blank bonds and legal opinion.
cinnati for $22,300, equal to 103.121-a basis of about 4.69%.
to furnish
& Co. of Cleve- $1,000 required. Purchaser
,
CT
3,000 1334-year average water bonds to Hayden, Miller
SCHOOL
MARSHALL COUNTY INDEPENDENT-On Sept. 15 DISTRI
-equal to 102.533-a basis of about 4.735%.
land for 33.076
the $20,000
-BOND SALE.
-The NO. 1 (P. 0. Stephen), Minn. building and repair bonds were awarded
Va.-BONDS DEFEATED.
KEYSER, Mineral County, W.
failed 15-year gold coupon or registered
and int. for 53.-V. 101, p. 713.
question of issuing $35,000 water-works and sewerage-system bonds
to the Union Investment Co. at 101.525
to carry, it is stated, at an election held Aug. 31.
SEPT. 251915.]
THE CHRONICLE
1037
MASSILLON, Stark County, Ohio.
-BOND
-On Sept. 20 the $102,000 bonds dated Jan.
$25,000 of an issue of 350,000 5% coupon !parkSALE.
1 1915 for $102,137 50
to
.Seasongood & Mayer of Cincinnati at 102.94. bonds were awarded to
50,000 bonds dated Jan. 1 1914 for $50,066 60-equal to 100.134.
-equal
100.133.
V. 101, p. 867. Other
bidders were:
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
-BOND SALE.
Well, Roth & Co., Cincin_ _ _325,635
On Sept. 21 the two issues of 59 53i-yr. highway-impt. bonds
Prov. S.
Hayden, Miller & Co., Clev_ 25.617 Sidney B.& Tr. Co.. Cin_ 425,505 $70,000 were awarded
aggregating
Spitzer & Co., Toledo 25,501
to Stacy & Braun. Toledo, for $71,427 28 (102.038)
Hoehler, Cummings & Prud-a basis of about 4.58%.-V. 101, p. 867. Other bids were:
A. B. Leach & Co., Chicago.. 25,478 and let.
den, Toledo
25,605 Spitzer, Rorick & Co.,Toledo 25,468 Davies-Bertram Co., Cin___$41,236 R. L. Dollings & Co., Ham_
Field, Richards & Co., Cin
_$40,985
S.B.&Tr.Co., Cin....__ 41,232 Dayton Say.& Tr. Co., Day_
25,453 Prov.Roth
Fifth-Third Nat. Bank, Cin_ 25,605 Otis & Co., Cleveland
40.875
Well,
25,592
& Co., Cin
41,1901Tillotson & Wolcott Co
Farson, Son & Co., N. Y.._ _ _ 25,549 Security Say. Bank & Trust
40.847
A.E. Aub & Co., Cin
Co., Toledo
41,162 Spitzer, Rorick & Co., Tol__ 40,830
25,452 Seasongo
Stacy & Braun, Toledo
od & Mayer,Cin_ _ _ 41,080 Wm.R. Compton Co.,St.
A. E. Aub
Tillotson & Wolcott CQ.,Cin_ 25,545 Atlas Nat.& Co., Cincinnati_ 25,435 Mansfield Say. Bk.,
L..
25,515
Bank, Cincinnati_ 25,410
Manf'd- 41,060 City Trust & Savings Bank, 40,799
Davies
-Bertram Co., Cin_
R. L. Day & Co.,
41,010
Dayton
Breed,Elliott & Harrison,Cin 25,515 C. E. Denison & Co., Cleve_ 25,393 Fifth-Third Nat. Boston_
40,591
25,507
Bk., Cin__ 40,994
MEDFORD, Jackson County, Ore.
MOORHEAD, Clay County, Minn.
-BOND ELECTION.
-An election
-BOND SALE.
-On Sept. 10
will probably be held shortly to vote on the question
of issuing $1,030,000 Wells & Dickey Co. of Minneapolis were awarded, it is stated, an issue of
5% 5 -year (ser.) refund, paving bonds.
-30
$4,000 city-hail-leapt, bonds.
MECHANICVILLE, Saratoga County, N. Y.
MUSKOGEE, Muskogee County, Okla.
-BOND SALE.
-On
-BOND ELECTION.Sept. 21 $40,000 43% 103i-Yr. (aver.) sewer refunding
Loca papers state that this city will hold an election
coupon (with
privilege of registration) bonds
the question of issuing 8350,000 gas-pipe-line bonds. Sept. 28 to vote on
Geo.
of New.York at 100.76 and int. were awarded towere: B. Gibbons & Co.
Other bidders
MUSSELSHELL COUNTY SCHOOL DISTRI
Mfrs.' Natl. Bank, Troy_ __*340,4051I. W.
CT NO. 55 (P. 0.
-BOND SALE.
H.A. Kahler & Co., N.Y __ 40,268 Mfrs.'Sherrill Co., Poughk_ _$40,252 Roundup), Mont.
-The following bids were rceived for
Nat. Bank, Mechanic. 40,000 the $5,000 6% 10-15
-year (opt.) coupon building bonds offered on Sept. 7.
*Conditional bid and no check enclosed.
V. 101, p. 714:
Denom. $1,000. Date Oct. 1 1915. Int. ann. (Oct.
Commissioner of Finance. Due $2,000 yrly. Oct. 1 1916 1) at office of Sweet, Causey, Foster & Co., Denver-35,168 and interest.
to 1935 inc.
Lumberman's Trust Co., Portland-85,162
, interest and blank bonds.
MEDINA COUNTY (P. 0. Hondo), Tex.
-BONDS AWARDED IN C.0. Kalman & Co., St. Paul-35,150,interest and blank bonds.
PART.
-Of the $40,000 5% 5-40
-year (opt.) Road District No. 2 improve- Wells & Dickey Co., Minneapolis
-35,116
ment bonds offered on Sept. 13, $2,000 were awarded
Minnesota Loan & Trust Co., Minneapolis and blank bonds.
-$5,076 50, int. & blank bonds.
Erucks at par and int. V. 101. p. 867. Bids will be on that day to B. Spitzer, Rorick & Co.,
received at any time
Toledo-35,050
blank bonds.
by R. J. Noonan, County Judge, for the remainin
The bids of C. H. Coffin, Chicago; andJ. Hood,
g $38,000.
A.
MEMPHIS, Tenn.
Magraw of St. Paul, were not considered as they did Detroit, and F. H.
-BOND BIDS REJECTED-TEMPORARY
not contain the reLOAN quired certified check.
NEGOTIATED.
-The following bids received for
refunding bonds offered on Sept. 7 were rejected. the $986,000 coupon
MYRICK CONSOLIDATED SCHOOL DISTRICT (P. 0.
-V. 101, p. 792:
H. M. Grant & Co., New York-Par
Ellisville),
Jones County, Miss.
-BONDS TO BE OFFERED SHORTLY.
Well, Roth & Co., Cincinnati-3992,0 (unconditional).
-The
County Supervisors will
17
permission to withdraw their bid, if 50, but conditioned upon their ing bonds. Due seriallyshortly ask for bids on an issue of 53,5006% buildthe
on Nov. 1 from 1916 to 1922 incl.
certain city officials filed on the morning ouster proceedings directed
of the day of the sale were not
NEW BEDFORD, Bristol County, Mass.
terminated favorably to the officials within a
-BIDS.
-The other bids
reasonable time.
received for the two issues of 4% reg. bonds aggregating $29,482 75
Arrangements have been made with the Bank of
awarded
Commerce & Trust Co. to Hornblower & Weeks of Boston on Sept. 16 at 100.59
of Memphis for a four months' loan at
and int, were as
44%,to take up the 90
-day loan follows (V. 101, p. 960):
which was made by the National City Bank of
New York when tho above Cropley. McGaragle & Co_ ....100.532 F. S. Moseley
bonds failed to sell at 43i% on June 17.
& Co., Boston_100.29
New Bedford Inst. for Says_ _100.37 Curtis & Sanger, Boston_
_ _ _100.222
METAMORA, Fulton County, Ohio.
-BOND SALE.
-On Sept. 7 the P. M. Chandler & Co., Bost00.331
_1
$21,235 36 5% 5
-year average street-Improvement bonds were awarded
NEW DURHAM SCHOOL TOWNSHIP (P. 0. La Porte),
to
Spitzer, Rorick & Co. of Toledo at par and int.-V.
La Porte
101, p. 713. Hoehler, County, Ind.
-WARRANT OFFERING.
Cummings & Pruddon and the Security Says. Bank & Trust
-Bids will
Co. of Toledo 10 a. m. Oct. 5 (and from day to day thereafter until be received until
each bid par and interest.
sold) by David P.
Hannon, Township Trustee, for an issue of $2,000 5% 2-yr.
average schoolMIAMI COUNTY (P. 0. Troy), Ohio.
-BOND SALE.
-On Sept. 3 house warrants. Denom. $500. Date Oct. 5 1915. Due $500 each six
the $8,000 5% 43i-yr. average Knoop Children's
months from Jan. 2 1917 to July 2 1918 incl. Cert. check
Home impt, bonds we
for 5% of purawarded to the Brighton German Bank of Cincinnati
for $8,080 25(101.0000 chase price required.
and int.-a basis of about 4.75%.V. 101, p. 713. Other bids were:
NEWFIELD TOWNSH P (P. 0. Hesperia), Osceana County,
Seasongood & Mayer, Cin_38,075 00 First Nat,
Mich.
Bk.. W.Milton_$8,062 00 -BONDS VOTED.
-According to reports this township
J. C. Mayer & Co., Ctn.._ 8,072 00 Fifth-Third
Nat. Bk., Cin_ 8,061
tion voted In favor of the issuance of $20,000 road bonds. at a recent elecField, Richards&Co., Cin- 8,072 00 Hoehler,
Cummings &
3
0
Davies-Bertram Co., Cin_ - 8,066 00
NEW HANOVER COUNTY (P. 0. Wilmington), No. Caro.
Prudden, Toledo
-BOND
8,044 50 ELECTION PROPOSED.
A. E. Aub & Co., Cin
-Local papers state that an election will
8,066 00 Prov.
Breed,Elliott&Harrlson,Cin. 8,062 40 Piqua S. B.& Tr. Co., Cin_ 8,029 60 be he d to vote on the proposition to issue $250,000 bridge-constr. probably
Nat. Bank Piqua__ 8,006 00
bonds.
MIAMISBURG, Montgomery
NILES, Trumbull County, Ohio.
-BOND OFFERING.
Ohio.
-BOND OFFERING.
-Bids wit
- be received until 2 p. m. Sept. 28 by Homer Thomas,
Proposals will be received until 12County,2
m. Oct.
City
Clerk, for $4,900 5% 13-year average coup.by Chas. H. PansIng, Village 5% 63.6-3rr. average Sewer Dist. No. 4 assess. bonds. Aud.,for $9,800
Main St. improvement (vil- Gen.
Auth. Sec.
lage's portion) bonds. Denom.9 for
Code. Denom. 1 for $300, 19 for $500. Date Sept. 28 1915. 3914
Int.
Principal and semi-ann. int.-A. &$500, 1 for $400. Date Oct. 11915. M.& S. Due $1,000 yearly on Sept. 28 from 1917
O.
-payabl
to 1925,
Miamisburg. Duo $1,000 yearly on Oct. 1 frome at First Nat. Bank, Sept. 28 1926. Cert.check for 1% of bonds bid for, payable incl. and $800
to City Treas..
1926
$900 Oct. 1 1930. Certified check for 5% of bonds to 1929 incl. and required. Bonds to be delivered and paid for within 10 days
from time
bid for, payable to of award. Purchase
Village Clerk, required. Bonds to
r to pay accrued interest.
from time of award. Purchaser tobe delivered and paid for within 10 days
Homer Thomas, City And., will receive bids until 2 p. m. Oct. 11
pay accrued interest.
for
the fol.owing 55' bonds:
MIDDLEPORT, Meigs County, Ohio.
-Bids $4,721 89 Pratt St. leapt. bonds. Denom.9 for $500, 1 for $221 89. Due
will be received until 12 m. Sept. 27 by Fred.-BOND OFFERING.
M.Sisson, Village Clerk, for
$500 yearly on Oct. 11 from 1916 to 1924 incl. and $221 89 Oct. 11
$7,000 5% street-improvement (village's portion) bonds.
Auth. Sec. 3939,
1925.
Gen. Code. Denom. $500. Date Sept. 11915.
2,500 00 Sewer Dist. No. 3 bonds. Denom. $500. Due $500 an Oct.
Nat. Bank, MIddleport. Duo $500 every other Int. M.& S. at Citizens
11
year on Sept. 1 from 1917
1917, 1919, 1921, 1923 and 1925.
to 1943 incl. Purchaser to pay accrued interest.
Bonded debt, incl. this
Auth. Sec. 3914, Gen. Code. Date Oct.
issue, $102,302; floating debt, $3,750; sinking
Cert.
fund, $3,245.
check for 1% of bonds bid for, payable to 11 1915. Int. A. & 0. Bonds
City Treas., required.
MIDDLESEX COUNTY(P.O. New Brunswic
k), N..T.
-BOND SALE. to be delivered and paid for within 10 days from time of award. Purchaser •
On Sept. 20 the $69,000 convertible bridge
bonds were awarded to Farson, to pay accrued interest.
Son & Co. of N. Y. at 101.38 for 43s.
-V. 101, p. 867.
NODAWAY COUNTY (P. 0. Maryville), Mo.-RESULT
The other bids were:
OF BOND
ELECTION.
-At the election held Aug. 24 the proposition to issue $25,000
Outwater & Wells, Jer. City..100.871 Kountze
R. M. Grant & Co., N. Y _ _ _100.78 Geo. B. Bros., New York_ _100.582 Monroe Twp. road-construction bonds was defeated, while the question of
Gibbons & Co., N.Y.100.40
issuing $35,000 Nodaway Twp. road-construction bonds carried by vote
J. D.Everitt & Co., N. Y__ -100.67 First Nat.
a
Bank,South River100.26
of 249 to 95.-V. 101. p. 637.
J. S. Rippel, Newark
100.601
All bids were for 434% bonds.
BOND OFFERING.
-Proposals will be received until 1:30 p. m. Oct. 4
by Frederick J. Yeomans, County Clerk, it is stated, for the $35,000
MILFORD TOWNSHIP, Knox County, Ohio.
road
-BOND OFFERING.- bonds mentioned above.
Bids will be received by Blinn Gearhart, Twp. Clerk,
(P. 0. Centerburg
R. D. No. 4), until 12 m. Sept. 29 for $2,215 11 5%
NO. 3 TOWNSHIP (P.
436-yr. average Colum- BOND ELECTOIN.-An 0. Shelby), Cleveland County, No. Caro.
bus ext. No. 2 road bonds. Denom. 7 for 46500, ,
election will be held Oct. 16, it is stated, to vote
1 for $115 11. Date
Oct. 1 1916. Prin. and semi-ann. int.-A.
-payable at Centerburg on the question of issuing $30.000 6% road-leapt. bonds.
Says. Bank. Centerburg. Due $500 yrly. on& O. 1
NORFOLK, Va.-BONDS PROPOSED.
Oct. from 1916 to 1922 inci
-According to local papers,
and $115 11 Oct. 1 1923. Cert, check for $50, payable
required. Purchaser to pay accrued interest. Bids must to Twp. Treas.' this city is contemplating the issuance of $36,000 street-Inept. bonds.
be unconditional'
NORTH PLATTE, Lincoln County, Neb.-BONDS VOTED.
-The
MILLERSBURG, Holmes County, Ohio.
-BONDS
- questions of issuing the $16,000 intersection paving and.S12,000 park-site
No bids were received on Sept. 20 for the two issues of 434 NOT SOLD.
-20
-improve- purchase 5% 10 -year (opt.) bonds carried at the election held Sept. 14
ment assessment bonds aggregating $3,944 28,offered on % street
that day.
-V. 101, p. 792.
-V.101, by a vote of 553 to 225 and 537 to 245, respectively.
p. 960.
NORWOOD SCHOOL DISTRICT (P. 0. Norwood), Hamilton
MINNEAPOLIS, Minn.
-BOND OFFERING.
-Attention is called to County, Ohio.
-BOND ELECTION PROPOSED.
-An election will be
the official advertisement elsewhere in this department
held in
of the offering on school November, it is stated, to vote on the question of issuing $45,000
bonds.
Oct. 8 of $15,000 4% coupon tax-free appraisal bonds.
For details and
terms of offering see V. 101. p. 960.
ONEIDA, Madison County, N. Y.
-BOND OFFERING.
-Bids will be
received until 7:30 p. m. Oct. 1 by 0. J. Covell, City Clerk,
MONROE COUNTY (P. 0. Bloomington), Ind.
for
-BOND OFFERING. 43.5% rog sewer bonds. Auth. Chap. 648, Laws 1911, Sec. $4,326 42
-Bids will be received until 2 p. m. Oct. 1 by J. D.
revised City Charter. Denom. $432 64. Date Oct. 1915. 250 of new
Hensley, County
Treasurer. for $3,000 434% highway improvement bonds,
1
Prin. and
semi-ann. it
It is stated.
-A.& O.
-payable in Oneida or N. Y. City. Due $432 64
MONROE COUNTY (P. 0. Albia), Iowa.
yearly on Oct. 1 for 10 years. Certified
-DESCR
BONDS.
-The $50,000 funding bonds awarded on Aug. 4 to IPTION OF Chamberlain, required. Official circular check for $200, payable to City
states that there is no controGeo. M. Bech- versy
tel & Co. of Davenport at 100.10 bear interest at
or litigation pending or threatened affecting the corporate existence
in denom. of $10,000. V. 101, p. 867. Date Aug.the rate of 5_% and of the boundaries of said municipal
ity or the title of its present officials to
4 1915. Int. F. & A.
Due serially Aug. 4 from 1919 to 1923.
their respective offices, or the validity of its bonds, that
interest of all bonds previously issued have always been the principal and
MONROE COUNTY (P. 0. Woodsfield), Ohio.
Sept. 8 the two issues of 5% 53i-year average -BOND SALE.
-On maturity, and that no previous issue of bonds has everpromptly paid at
been contested.
highway-improvement Total indebtedness, incl. this issue,
assessment bonds. aggregating 4620,000, were
$313,614 22; no floating debt. Assessed
awarded to Breed, Elliott & valuation real and personal,
Harrison of Cincinnati at 101.52-a basis of about
4.68%. V. 101, p. 312. 225,000; true value, approxim 1914, equalized, $5,165,489; est. 1915, $5,Other bids were:
ately $7,000,000.
Davies-Bertram Co., Cin.. _420,302 Bolger,
ONSLOW COUNTY (P. 0. Jacksonville), No. Caro.
Mosser & Wiliaman,
Fifth-Third Nat. Bank, On_ 20,302
FERING.
-Proposals will be received until 12 m. Oct. 4 -BOND OFChicago
by Prank T.
$20,202 Yopp, Clerk Bd. of Co. Commrs.
J. C. Mayer & Co., Cin
20.258 Monroe Bank, Woodsfiel
,
d__
Seasongood & Mayer, Cln
20,252 Hoehler, Cummings & Pried 20,201 bonds. Denom. $500. Int. A. & O.for $10.000 6% coupon jail-constr.
Due $1,000 yrly. Oct. 1 from 1916
Prov. S. B. de Tr. Co., Cin
20,242
to 1925 incl.
den, Toledo
20,197
Field, Richards & Co., Cin__ 20,228 Stacy & Braun,
OWENSVILLE, Clermont County, Ohio.
Toledo
20,183
Brighton-German Bank, Cin. 20.220 Well, Roth &
-BOND SALE.
-On
Co., Cin
Spitzer, Rorick & Co., Tol__ 20,2161
20,156 Sept. 10 the $1,400 57 17-year electric-light bonds were awarded to the
Merchants'& Farmers Bank of Owensville at par and int.
V. 101, p. 714.
MONROE SCHOOL TOWNSHIP, Washing
There were no other bidders
ton
,
BOND OFFERING.
-Proposals will be received until County, Ind.PALMETTO, Manatee County, Fla.
-BOND SALE.
Chas. Winslow, Township Trustee (P. 0. Salem, R. 2 p. in. Oct. 9 by
-On Sept. 15 the
R.),
,
6
23.1-year average site
-purchase and construction bonds.for $1,300 43 % $16,000 6% 30-yr. refunding bonds dated Oct. 1 1915 were awarded to
Denom. 2 for Hoehler, Cummings & Prudden of Toledo for $16,010 (100.062) and int.$500, 1 for $300. Date Oct. 9 1915. I.J. & J.
Due $500 Jan. 1 1917 V. 101. p. 637. Spitzer. Rorick & Co. of Toledo bid 94.25.
and 1918 and $300 Jan. 11919.
PASO ROBLES SCHOOL DISTRICT, San Luis Obispo
MONROE UNION SCHOOL DISTRICT
County,
-BOND OFFERING.
-Proposals will be received until Oct. 5 by the
Green County, Wis.-BOND OFFERING. NO. 1 (P. 0. Monroe)
, Calif.
-Proposals will be received I3d. of Supers.(P.0. San Luis Obispo), it is stated,
until 7:30 p. in. Oct. 1 by M. E. Baltzer, Secy.
for $40,000 bonds.
Board of Education, for
PATCHOGUE, Suffolk County, N. Y.
$60,000 5% bonds. Denom. $500.
-BOND OFFERIN -Bids
Due $4,000 yearly Feb. 1 from 1917 Date Nov. 1 1915. Int. F. & A. will be opened at 8 p. m. Sept. 28 by the Board of Vii. Trustees G.
inclusive. Bidders are re- 7k-yr. average Division
for $5,000
quested to state the amount of their to 1931, upon
St. concrete road constr. bonds. Bids must be
bid and
what rate of interest addressed to Ed. B. Woodruff
the said bid is based.
. Vii. Clerk. Bonds will be
the bidder who will take them at the lowest rate of interestsold for par to
MONTGOMERY, Montgomery County, Ala.
(not to exceed
-On 6%). Denom.$1,000. Date Oct. 1 1915. Int. J.& J. Due $1,000 yrly.
Sept. 14 the two issues of 5% 10-year gold coupon -BOND SALE.
bonds were awarded, it is stated, to Well. Roth & street-paving assessment on Jan. 1 from 1921 to 1925 incl. Cert. check for 10% of bonds required.
Co. of Cincinnati as follows (V. 101, p. 714):
PENN SCHOOL TOWNSHIP (P.0.Pennville), Jay
County, Ind.
BOND SALE.
-On Sept. 4 the.$4,400.4%%.3-yearaverage coupon funding
1
1038
THE CHRONICLE
[voL. nil.
Oct. 6, reports state, by James Shoemaker, Township Trustee, for $25,000
school bonds were awarded to the Fletcher-American Nat. Bank of Indian- 4 % school bonds.
101,
apolis for $4,423 50 (100.534) and int.-a basis of about 4.30%.-V.
RAVALLI COUNTY SCHOOL DISTRICT NO. 15 (P. 0. Stevensp. 714. Other bidders were •
-On Aug. 28 $19,000 6% building and equip-BOND SALE.
Samuel Mason, Pennville, $4,420 and interest.
ville), Mont.
Indianapolis, $4,401 and int.
Breed, Elliott & Harrison,
ment bonds were awarded to Keeler Bros. of Denver at 102. Denom. $1,W.H. Chandler,Pennville, $2,200 and int., for bonds numbered 1 to 4,Incl. 000. Date July 1 1915. Int. J. & J. Due July 1 1935, subject to call
W. H. Kelley, Pennville, par and int. for bonds numbered 5 to 8, incl., serially after 1927.
each for $550.
-Bids will
-BOND OFFERING.
RAVENNA, Portage County, Ohio.
-ProPENNSBORO, Ritchie County, W. Va.-BOND OFFERING.
be received until 12 m. Oct. 11 by W.A. Root, City Auditor,for $4,179 70
-improvement assessment bonds. Auth. Sec.
posals will be received until 12 m. Oct. 1 by the City Commissioners for 5% 5-year average street
Prin. and semithe following 6% coupon bonds:
3915, Gen. Code. Denom.$417 97. Date Sept. 11915. Ravenna. Due
-payable at Second .at. Bank,
$16,500 10-year bonds. Denom. $500. Interest semi-annua . Bonds ann. int.-M & S.
are free from municipal taxation.
on Mar. 1 from 1916 to 1925 incl. Certified check for $300.
$417 97 yearly
-year bonds,$1,500 Series "0," $5,500 Series "D," and $21,500 payable to City Treasurer, required. Bonds to be delivered and paid for
28,500 20
Series "E." Denom. $100. Interest annual.
within 5 days from time of award. Purchaser to pay accrued interest.
Bluff),
-Proposals w 11
-BOND OFFERING.
PERTLY, Lake County, Ohio.
RED BLUFF UNION HIGH SCHOOL DISTRICT (P.O. Red be held
-An election will
Village Clerk, for the fo
-BOND ELECTION.
be received until 12 m. Oct. 4 by W.E. Salkeld,
Tehama County, Cal.
it is
lowing 5% coup. Narrows-Center road-improvement bonds: from Mar. 1 Oct. 19 to vote on the question of issuing $90,000 building bonds,
$20,000 village's portion bonds. Due $500 each six months
stated.
1917 to Sept. 1 1934 incl., except that on Sept. 1 1927, 1932, 1933
T (P. 0. Reddick), Kankakee and
REDDICK SCHOOL DISTRIC VOTED.
and 1934 $1,000 is due.
-At a recent election this
-BONDS
Ill.
4,000 assess. portion bonds. Due $500 on Mar. 1 1917, 1918, 1922 and Livingston Counties, in favor of the issuance of building bondsaccorddistrict voted 266 to 262
1923 and $500 on Sept. 1 1919, 1920, 1924 and 1925.
$500. Date Mar. 1 1915. Int. M.& S. Certified check on an ing to reports.
• Denom.
ONDS NOT SOLD.
Ohio bank for 5% of bonds bid for, payable to Village Treasurer, required.
REHOBOTH BEACH, Sussex County, Dela.-B
Bonds to be delivered and paid for within 10 days from time of award. We are advised that no sale has been made of the $20,000 bonds which were
to pay accrued interest.
Purchaser
offered on May 29.
T (P. 0. Rendville),
-BOND OFFERPICKAWAY COUNTY (P. 0. Circleville), Ohio.
RENDVILLE VILLAGE SCHOOL DISTRIC sale has yet been made
-No
-BONDS NOT SOLD.
-Bids will be received until 12 m. Oct.4 by Fred R. Nicholas, County Perry County, Ohio.
ING.
-year average coupon inter-county-highway-impt. of the $1,000 6% 4s-yr. average funding bonds offered but not sold on
Auditor, for $8.625 5% 5
1
bonds. Auth. Sec. 1223, Gen. Code. Denom. 16 for $500,S. for $625. May 15.-V. 100, p. 1529.
-M.& -payable
-On
-BOND SALE.
Date Sept. 1 1915. Principal and semi-annual interest
RICE COUNTY (P. 0. Faribault), Minn. . bonds were awarded
March 1
of County Treasurer. Due $500 each six months from check (or
at office
the $20,000 5% 10-year county ditch-impt
Sept.
Certified
1916 to Sept. 1 1923 inclusive and $625 March 11924.Treasurer, required. to the14
Northwestern Trust Co. of St. Paul at 103.25 and int.-V. 101.
cash) for 3% of bonds bid for, payable to County
There were six other bidders.
Bonds to be delivered and paid for within 10 days from time of award. p. 868.
-Re-BOND
Wash.
RIDGEFIELD, Clarke County, Oct. 23 to submitELECTION. quesPurchaser to pay accrued interest.
to a vote the
will be held
Official circular states that there is no controversy or litigation pending ports state that an election 15-yr. municipal-water-system bonds.
officials to their respective offices or tion of issuing $11,000 6%
or threatening the title of the present
-BOND SALE.
-On
and that
Versailles), Ind.
the validity of these bonds or any outstanding bonds,interest. this county
RIPLEY COUNTY (P. 0.
ment bonds were
Transcript
has never defaulted in the payment of principal and
$7,000 4 % 53i -year average road-improve
-equal to 100.603
assess. val., $50,032,715; total debt, Sept. 7 thethe Batesville Bank of Batesville for $7,042 25
will be furnished purchaser. Total
awarded to
.-V. 101, p. 715. Other bids were:Bank, 7
incl. this issue, $453,135.
a basis of about 4.37%
00 Merchants' Nat.
-BOND OFFERING.
PICKETT COUNTY (P. 0. Byrdstown), Tenn. Oct. 1 of the $18,000 Versailles Bank, Versailles _$7,034 00
010 35
$7,012 00
Muncie
-Further details are at hand relative to the offering on 960. Proposals for First Nat. Bk. Batesville.. 7,026 50 John Spencer
-V. 101, p.
road bonds
& do., Indpls__ 7,015
J. F. Wild
-year (opt.) coupon
5% 10-40
-BOND SALE.Caro.
day by H. C. Winning
No.
these bonds will be received until 1 p. m. on that $500. Date Nov. 1
ROCKY MOUNT, Edgecombe County, funding bonds were awarded
aver, coupon
ham, Secretary of Highway Commission. Denom.
-V. 101.
The county On Sept. 16 the $35.000 7-yr.
. No
at par and int. for 5s.
1915. Int. J. & J. at Byrdstown$6,000.deposit required. $500,000.
to Fields, Richards & Co. of Cincinnati % bonds:
Assess. val. 1915,
5%
has no indebtedness. Sinking fund
The following bids were forE.H. Rollins & Sons,Chl_$35,276 17
- p. 715.
RARY LOAN.
Mass.
-TEMPO
Hoehler. Cummings &
PITTSFIELD, Berkshire County,
Mayer & Co., CM_ _ 35,186 00
10 1915 was negotiated,with
Prudden, Toledo$35.514 50 J. C.
On Sept. 21 a loan of $200,000 maturing Dec.plus $1 premium.
& Wolcott Co.,
Seasongood & Mayer,Cin. 35,462 00 Tillotson
Morgan & Bartlett of N.Y.at 2.12% discount
35,185 50
Cleveland
50
Secur. S. B.& Tr. Co.,Tol. 35,451
The other bids were:
Say. Bank &
_
Blake Bros.
Hanchett Bond Co., Chi_ 35,417 50 Provident
Curtis & Sanger, Boston_ __a2.14% F. C. Peach & Co., Boston_ 2
35,129 50
Trust Co., Cincinnati
.25% Well, Roth & Co., Cin_ -- 35,406 00
.
Loring, Tolman .S& Tupper,
of accrued interest.
Hornblower & Weeks,
a2.15
All the above bids provided for the payment
Boston
1520
7, 8,
b2.375%
Boston
-On Sept. 16 the $24a0 50
Ga.-BOND SALE.
Goodwin, Boston__ _ 2.15%
Bond &
ROME, Floyd County,
$22
awarded to J. H. 1-111s
a Plus 25 cents premium. b Plus $4 premium.
27-yr. average city-hospital bonds were
00
-This town has 4% of Atlanta at 88.766 and int.-V. 101, p. 868. Other bids were:4
-BOND SALE.
County, Colo.
Co.
PLATTEVILLE, Weld
& Mayer, Cincinnati
disposed of an issue of about $20,000 6% 15-year water-works bonds author- SeasongoodHumphrey-Wardlaw Co., Atlanta
Robinsonized by vote of 68 to 15 at an election held Sept. 14.
21,876 13
Hinds John W. Dickey, Augusta
21,285 00
POCAHONTAS CONSOLIDATED SCHOOL DISTRICT,
-Additional details are at hand rela- Spitzer, Rorick & Co., Toledo
OFFERING.
y.
-BOND
County, Miss.
DISTRICT (P. 0. Rome), Oneida County, N. sale
tax-free building
ROME SCHOOL
tive to the offering on Oct. 4 of the $5,000 6% registered
this district has sold at private
are advised that
bonds will be opened at
-V. 101, p. 960. Proposals for these s, W. W. Downing, Chan- BOND SALA.-We school bonds.
bonds.
10 a. m.on that day by the Board of Supervisor Laws of 1912. Denom. an issue of $17,500
DISTRICT (P.O. Rootstown)
cery Clerk (P. 0. Jackson). Auth. Chap. 255,
ROOTSTOWN TOWNSHIP SCHOOL -On Sept. 18 the $30,000 5%
and
1915.
-BOND SALE.
(5) $100, (5) $200, (5) $300, (5) $400. Date Oct. 1 Due on Principal fol- Portage Township, Ohio.
Oct. 1 as
payable in Jackson.
bonds were awarded to Hoehler, Cummings &
semi-annual int. (A. & 0.) is
incl. site-purchase and constr.
1921
Other bids were:
lows: $100 yrly. from 1916 to 1920 incl., $200 yrly. from 1931 to 1925 incl. Prudden of Toledo at 100.89 and int.-V. 101,n. 869. .,Clevei'd $30,033
to 1935
$30,090 I Hayden,Miller&Co
$300 yrly. from 1926 to 1930 incl. and $400 yrly. from required. Assess. Otis & Co., Cleveland
to Hinds County,
Nat. Bank, Ravenna_ 30,000
30,066'Second
Cert. check for 5% of bid, payable Bonds are printed,ready for delivery Seasongood & Mayer, Cinc
-Proposals
-BOND OFFERING.
val.,$200,000; actual val., $500,000.
ROSEAU, Roseau County, Minn.
G.
-BOND
Idaho.
POCATELLO, Bannock County, Oct. 14 by A. R.OFFERIN City will be received until 7:30 p. m. Oct. 4 by the Village Clerk for $9,000
bonds authorized by vote of 45 to 7 an at election held
Proposals will be received until 8 p. m. ear (opt.) coupon Dawson, em- 15
-year funding
water-syst
Date Nov. 1 1915. Int. (rate not to exceed
Clerk, it is stated, for 3400,000 10-20-y
Sept. 2 Sept. 14. Denom. $1,000.
purchase bonds at not exceeding 5% int. Denom. $1,000. DateSept. 2. 6%) M. & N.
Int. J. & J. These bonds were offered without success on
'1915.
DISTRICT (P. 0. St. Joseph), Berrien
ST. JOSEPH SCHOOL
V. 101, p. 868.
-On Sept. 18 the $100,000 coup. bldg.
-BOND SALE.
TOWNSHIP (P. 0. Mt. Vernon), Posey County, County, Mich.
Hoehler, Cummings & Prudden of Toledo at 101.18
POINT SCHOOL
were awarded to
-Bids will be received until 2 ju. in. Oct. 9 by bonds5s.
bids were:
-BOND OFFERING.
Ind.
,
43 -V. 101, p. 869. Other
5% school bonds. for
Interest.Premium.
Thos. J. Conlin, Township Trustee, for $5,422 50 semi-annual. Due
$365
Interest
l Trust & Say. Bank,Chicago.._4 %
Denom. 28 for $180 75, 1 for $361 50. to
1 1930 inclusive and Continental & Commercia
2,525
Feb.
5%
$180 75 each six months from Feb. 1 1916
Nuveen & Co., Chicago
John
less 800
50 Aug. 1 1930.
$361
1,015
r4%%
-On Sept. 18 the Bolger, Mosser & Wiliaman, Chicago
-BOND SALE.
POMEROY, Meigs County, Ohio.
2,700
5%
to the Pomeroy
$6,000 5% 10-yr. coup. refunding bonds were awarded
220
4%'e
Bank, Detroit
basis of about 4.80%, it is stated.
First & Old National
Nat. Bank of Pomeroy at 101.57 -a
276
434 o
V. 101, p. 868.
2,111
4N o
N PRO- Detroit Trust Co., Detroit
-BOND ELECTIO
4,111
5%
POMONA, Los Angeles County, Calif.
less 538
4%%
-Reports state that this city contemplates calling an election to
POSED.
bonds.
1,453
4 %
vote on the question of issuing $50,000 street and park impt.
-On Harris Trust Co., Chicago
-BOND SALE.
3,560
5'
, Ottawa County, Ohio.
PORT CLINTON
were awarded
1,500
5/0
,
Sept. 20 the $4,400 535% serial Madison St. impt. bonds int.-V. 101, Devitt, Tremble & Co., Chicago
2.180
to Field, Richards & Co. of Cin. for $4,502 (102.318) and
P. W. Chapman & Co., Chicago
77.70
4%%
p. 868. Other bids were:
Sidney Spitzer & Co. Toledo
10
4 %
Savings Bank, Chicago
R. H. Shafer, Findlay._ _ _ _$4,494 40 Breed, Elliott* Harrison,
$4,477 00 First Trust &Loan & Tr. Co., Chicago, bid for $65,000 as 4 s and $35,000
Cincinnati
Seasongood & Mayer, Cin_ 4,494 00
Merchants'
4,466 00
Cleveland
Prov. S. B.& Tr. Co., Cin_ 4,492 40 Otis & Co.,Cummings &
as 5s; no premium.
-On Sept. 4
Tillotson&WolcottCo..Clev. 4,491 92 Hoehler,
-BOND SALE.
4,460 00
ST. MARIES, Benewah County, Idaho. s-impt. bonds were awarded
Prudden, Toledo
Security S.B.&Tr.Co., Tol. 4,491 00
coupon water-work
the $37,000 10-20-yr. (opt.)Co. of Portland for $37,465 (101.256) and int.
Weil, Roth & Co., Cin_ _ __ 4,478 32
n's Trust
to the Lumberme
All bids provided for payment of accrued interest.
-V.101, p. 715. Other bids were:
- as 53s.
-BOND OFFERING.
$35,705 and int. for 5s
PORTER COUNTY (P. 0. Valparaiso), Ind.
Co.
37,052 and int. for 5%s
Proposals will be received until 10 a. m. Sept. 28 by B. H. Urbahns,
James N. Wright & Co., Denver
38,095 and int. for 6s
4 % 5M-year aver. highway-impt. bonds:
Treas., for the following
in Centre Twp. Denom. $740.
1$37.215 and int. for 5;is
$14,800 Julius Goodeyon at al. road bondsMorgan Twp. Denom. $620.
Sweet, Causey, Foster & Co., Denver
37,953 and int. for 6s
Fred Emmett et al. road bonds in in
12.400
$200.
I$37,001 and int. for 53is
4,000 Chas. Hamstrom at al. road bonds Portage Twp. Denom.
Keeler Bros., Denver
$220.
37,385 and int. for 6s
Portage Twp.
4,400 Jos. Grosser et al. road bonds inDue one bond ofDenom. each six
each issue
Par and int. for 5s
Date Aug. 16 1915. Int. M.& N.
Eyman & Co., Seattle
$36,500 and int. for 5s
months from May 15 1916 to Nov. 15 1925 incl.
John E. Price & Co., Seattle
37,757 and int. for 6s
-BOND OFFERING.-Geo.L.
County, Ohio.
PORTSMOUTH,Scioto
53js
$70,000
bids
I$36,324 and int. for 6s
Gableman, City Auditor, will receive and until 12 m. Oct. 5 for Denom. A. J. Hood & Co., Detroit
37,565 and int. for
Embankment bonds.
17-year average coup. Levee S. at office of City Treasurer. Due
434%
$37,851 and int. for 6s
. M.&
Nuveen & Co., Chicago
Int
$500, Date Sept. 11915. - 1930 to 1934 incl. Certified check for 2% John
$37,375 and int. for 6s
Lumbermen's State Bank, St. Mantes
$14,000 yearly on Sept. 1 from
Purchaser to pay New First National Bank, Columbus, Ohio_ _ _ _ $37,375 and int. for 6s
of bonds bid for, payable to City Auditor, required.
$37,207 and int. for 6s
unconditional.
Bond Co., Chicago
Hanchett
accrued interest. Bids must be
$37,082 50 and int. for 6s
-Up Union Trust & Savings Bank, Spokane
SOLD.
-BONDS
$37,048 and int. for 6s
PORT ST. JOE, Calhoun County, Fla. 6% 10 NOT
-year coupon public- Chas. S. Kidder & Co., Chicago
Par and int. for 6s
to Sept. 17 no sale had been made of the $10,000
Bank, St. Merles
First National
impt. bonds offered on June 10.-V. 100, p. 1951.
-On Sept. 21 the seven issues
-BOND SALE.
SCHENECTADY, N. Y.
-BOND OFFERING.
POSEY COUNTY (P. 0. Mt. Vernon), Ind. until 2 p. m. Oct. 4 for of bonds, aggregating $213,500, were awarded as follows (V. 101, p. 961):
bids
Andrew A. Schenck, Co. Treas., will receive et al. road bonds in Black $184,000 43i% five issues bonds to the Equitable Trust Co., N. Y., at
% 5 -year aver. Herman Wallace M.& N. Due $500 each
$10.000
101.30.
Int.
par by the City Comptroller,
Twp. Denom. $500. Date Oct. 15 1915.1925 incl
29,500 4% two issues bonds purchased atFunds and Pension Funds of
six months from May 15 1916 to Nov. 15
for the credit of the Sinking
-On Sept. 20
-BOND SALE.
,St. Lawrence County, N. Y.
the city.
POTSDAM
awarded to the Peoples Bank
The other bids for the $184.000 were:
an issue of $5,000 5% 1 and 2-yr. bonds was A. E. Sayler each bid par.
$185,766 40
Colgate, Parker & Co., New York
of Potsdam at 100.50. C. E. Haywood and
185,411 00
Int. ann.
Farson, Son & Co., New York
Denom. $500.
185,194 16
- E. H. Rollins & Sons, New York
No. Caro.
RALEIGH TOWNSHIP (P. 0. Raleigh), Wake County,
185,127 92
.-By a vote of 1,280 to 81 the question of issuing the $100,- Remick, Hodges & Co., New York
BONDS VOTED
184,883 20
bonds carried, it is stated, at Geo. B. Gibbons & Co., New York
184,828 00
000 5% coupon school-bldg..and equipment
Co., New York
A. B. Leach & Co. and N. W. Halsey &
the election held Sept. 14.
184,772 80
Co., New York
Tippecanoe Estabrook & Co. and Harris, Forbes &
184,740 00
RANDOLPH SCHOOL TOWNSHIP (P. 0. Romney),until 1 p. m. H. A. Kehler & Co. and Curtis & Sanger, New York
-Bids will be received
-BOND OFFERING.
County. Ind.
5,
SEPT. 25 1915.1
MM.
THE CHRONICLE
1039
SAUSALITO SCHOOL DISTRICT (P.
Calif.
-BONDS DEFEATED -The questi 0. Sausalito), Mann County,
TURTLE
on of issuing $20,000 bldg. bonds Allegheny CREEK SCHOOL DISTRICT (P. 0. Turtle Creek),
failed to carry at an election .
County, Pa.
held Sept. 11.
-BOND OFFERING.
-E. R. Smith, Sec. Bd. of
Ed., will receive bids until 8 p. m. Sept.
SCOTT COUNTY (P. 0. Huntsv
27 for $45,000 4%% 1935-37.
average school bonds. Denom. $1,000
-BOND OFFERING.
Further details are at hand relativ ille), Tenn.
- Due $3,000
. Date Oct.
e to the offering on Oct. 1 of the $300,0
yrly. on Oct. 1 from 1925 to 1944 incl. 11915. Int. A.& 0.
4% 18 5-6-yr. aver. coupon pike-r
00 or trust compa
Cert. check on a bank
oad-constr. bonds.
ny for $1,000, payable to Dist.. Treas.,
-V. 101,
Proposals for these bonds will be
required.
received until the above day and p. 961.
Oct. 2 by W. H. Potter, Co. Judge.
opened
UNION COUNTY (P. 0. Liberty), Ind.
Denom. $1,000. Int. semi-annual.
-BOND SALE.
Due $25.000 in 1925:$15,000 yrly.
-The
from 1926 to 1942 incl. and $20.000 1943. 435% bridge bonds which were offered but not sold on June 8 were $15,000
Delivery of bonds will be as
awarded
to the Vincennes Bridge Co. of Vincen
nes on Aug. 2 for $15,33
6 mos.and $100,000 in 12 mos.follows: $100,000 immediately, $100,000 in to 102.233.-V. 100,
-equal
from the date ofsale and confirmation of
p. 1856. Denom. $750. Date Aug. 3 50
bonds. This county has no
said J. & D.
2 1915. Int.
bonded debt. Assess. val. 1914, $3,018
,745,
SEATTLE, Wash.
UTICA, Oneida
-BOND SALE.
-BOND OFFERING.
city sold the following 6% special -During the month of August this received until 12 m. County, N. Y.
Sept. 29 by A. M.Burke,City Compt., -Bids will be
impt. bonds, aggregating $29,241 58,
at par:
for the $165,000
414% 1014-yr. average reg. tax-free Kerna
Amount. Imp.Dist. Purpose.
n school bonds authorized
Sept. 8.-V. 101, p. 961.
Date.
to suit
$1,944 22 2835 Grade and
Due.
Prin. and semi-ann. int.-Denom.-paya purchaser. Date Sept. 1 1915.
walks
M. & S.
Aug. 9 1915 Aug. 9
ble at office of City Treas. or
7,803 04 2831 Paving
Aug. 30 1915 Aug. 30 1925 will be remitted to registered holder in N. Y. exchange upon request.
19,494 32 2805 Bridge, grade & planki
ng_..Aug. 31 1915 Aug. 31 1925 $8,250 yrly. on Sept. 1 from 1916 to 1925 incl. Cert. check for 1% of Due
All the above bonds are subjec
t to call at anyInterest-paying date.1925 bid for, payable to City Treas. required. Bids must be uncond bonds
itional
and upon forms furnished by said City
SENECA TOWNSHIP
Compt. The favorable opinion
-BONDS DEFEATED. SCHOOL DISTRICT, Seneca County, Ohio. of Caldwell, Masslich & Reed of N. Y. as to the legality of these bonds
-At the election held Sept. 13 the questi
be on file in the City Comptroller's
will
issuing $30,000 bldg. bonds failed
office
to carry, it is stated, by a vote of 64on of pay accrued interest. Bonded debt Sept. before delivery. Purchaser to
to 135 "against."
"for' cash and
16
assets, $280,914. Assessed valuat1915. $2,967,321; sinking fund
ion, real estate, $43,165,415:
SEQU'ATCHIE COUNTY(P.O. Dunlap),
special franchises, $3,554,920,
Tenn.
making a total assessed valuation of
-Further details are at hand relative to the offerin -BOND OFFERING
$47,g on Oct.2 of the $50,000 720,335.
5% 20-40-yr. opt. coupon tax-free road-c
VENTURA COUNTY (P. 0.
onstr. bonds.
-V. 101, p. 961.
Proposals for these bonds will be received until
San Buena
-BOND
12 m. on that day by J. H. OFFERING.
-Proposals will be received until ventura), Cal.
Heard, Chairman Bd. of Commrs. Auth.
11 a. m. Sept. 27 by J. B.
•Chap. 505, Act of Legislature McCloskey, Clerk Bd. of Supers., for
1916. Denom. not less than $500.
$500,000 of the $1,000
place to suit purchaser. Cert. checkDate Oct. 2 1915. Int. A. & 0. at public-highway-constr. bonds voted Aug. 24.-V. 101, p. ,000 5% mainBd. of Commrs., required. Bonded for $500, payable to the Chairman $1,000. Date Dec.20 1915. Principal and semi-annual int.794. Denom.
debt,
payable at the
Co. Treas. office or at Bankers Trust
Floating debt, none. Sinking fund, $1,445 including this issue, $62,000. Dec.
Co., New York. Due $20,000 yrly.
20 from 1920 to 1944 incl. Cert.
. Assess. val. 1915, $812,775.
State and county tax rate (per
$1,000), $23 75.
bid for, payable to the Chairman Bd. or cashier's check for 3% of bonds
of
SHARPSBURG INDEPEND
pay accrued int. Bonded debt, $378,0 Supers., required. Purchaser to
00. Assess. val., $28,413,561.
Sharpsburg), Taylor County, ENT SCHOOL DISTRICT (P. 0.
VINTON SPECIAL SCHOOL DISTR
-BOND SALE.
-On Sept. 1 the
$10,000 5% building bonds wereIowa.
ICT (P.
awarded to Ruford Garima at par less County, Ohio.
-BOND SALE.
-The Vinton Banking 0. Vinton), Gallia
$100.-V. 101, p. 716.
Co. has been awarded
at par and int. the issue of $18,000
SHERIDAN COUNTY SCHO
on May 22. Weil, Roth & Co.of5% coup. school bonds which was offered
OL DISTRICT NO. 19 (P. 0. AnteCincinnati also bid par.
lope), Mont.
-BOND SALE.
-On Sept. 10 the $3,000 6% 10-20-year $100. 20 for $200 and 24 for $500. Date May 22 1915. Denom. 20 for
opt. coupon building bonds
ann. int.-M. & N.
Prin. and semi-payable at Vinton Bank, Vinton
Chicago for $3,007 (100.233) were awarded to Chas. S. Kidder & Co. of on May 22 from 1916 to 1931 incl.
. Due $800 yearly
and int.-V. 101, P. 716.
and $1,300 on May 22 1932,
and 1935.
1933, 1934
SHERIDAN TOWNSHIP (P. 0. Fremo
-BONDS VOTED.-By a vote of 205 to nt), Newaygo County, Mich.
VOLUSIA COUNTY SPECIAL
road-impt. bonds carried, it is reported, 73 the proposition to issue $55,000 BOND OFFERING.-Proposais will TAX SCIIOOL DISTRICTS, Fla.
at a recent election.
be received until 10 a. m.
the Supt. of Board of Public Instruction
Oct. 18
SKOWHEGAN, Somerset Count
(P. 0. De Land),for the follow by
-BOND OFFERING.
-Bids 6% building and equipment bonds:
ing
will be received until 11 a. m. Oct. 1y, Me.
for $30,00
reports state. Date July 1 1915. Due $2,000 0 4% high-school bonds, $50,000 District No. 41 bonds. Due $15,000 July
yearly from 1916 to 1930,
1 1925 and 1935 and
$20,000 July 1 1945.
inclusive.
42,000 District No. 8 bonds. Duo
SOLDIER, Jackson County, Kans.-BOND
$15,000 July 1 1925 and 1935
$12,000 July 1 1945.
and
ELECTION.
-A vote
will be taken on Sept. 30, reports state, on
Denom. $500. Date July 1 1915.
the question of issuing $8,000
electric-light and $10,000 water-works bonds.
of bid, payable to the Bd. of Public Int. 3. & J. Cert. check for 3%
Instruction, required. C. R.
SOMERVILLE SCHOOL DISTRICT
Sheppard is Secretary of Board.
M.
(P. 0.
County, Ohio.
-BOND ELECTION PROPOSED. Somerville), Butler
WALDO, Marion County, Ohio.
-According to reports,
this district is contemplating calling an
-BOND
election to decide whether or not 514% coup. Marion St. impt. assess. bonds offeredSALE.-The $8,846 83
$32,500 site-purchase, constr. and equip.
but not sold on June 12
were awarded on July 15 to the Citizen
bonds shall be issued.
SPRINGVILLE INDEPENDENT
(101.503) and int.-V. 100, p. 1775. s' Bank of Cardington for $8,979 83
Springville), Linn County, Iowa. SCHOOL DISTRICT (P. 0.
WALL LAKE, Sac County, Iowa.
-BON
-On Sept. 17
-BOND SALE.
$12,000 5% 1-10-yr. serial coupon tax-fre D SALE.
-On Sept. 15 the
e bldg. bonds were awardedthe $7,500 5% electric-light-system bonds were award
the Merchants Loan & Trust Co. for
to
ed
$12,012 50 (100.104) and int.-V. & Co. of Davenport at par.
-V. 101, P. 869. There to Geo. M Bechtel
101, p. 869. Other bids were:
were four other
ders. Denom. $500. Date Oct. 1 1915.
Cont. & Comm. Trust &
Int. A. & 0. Due $500 bidYrIY..
Say. Bank, Chicago_ _ _$11,964 00 Hanchett Bond Co., Chl_$11,806 50 Oct. 1 from 1919 to 1933 incl.
WARRICK COUNTY (P. 0. Boonville),
John Nuveen & Co., Chi_ 11,880 00 Bolger, Mosser & WillaInd.
-BONDS NOT SOLD.
man,Chicago
No bids were
J. M Ely
11,820 00 C. H. Coffin, Chicago_ -.. 11,765 00 bonds offered received for the $13,970 88 5% 53i-year average coup. ditch
on Sept. 10,it is stated.
11,712 00
STILLWATER COUNTY SCHO
-V.101, p. 794.
BOND SALE.
Columbus) Mont.-BOND SALE. OL DISTRICT NO. 46 (P. 0.
-The above bonds were sold on Sept.
16, it is reported,
(opt.) building bonds were awarded -On Aug. 23 $1,500 6% 5 -year to the City Nat. Bank of Boonville at par and int.
-10
to the
and $1 premium.
stoners at par. Denom. $100. Date"Aug. State Board of Land COMMLSWASHBURN, Bayfield County, Wis.Int. ann.
BONDS AUTHORIZED.
On Aug. 7 the Common Council passed an
Farififfnmit,S, Mahoning County,1 1915. -BON on Aug. 1.
ordinance,
D SALE.
Sept. 1 the three issues of 6% street-impt. Ohio.
-On for the issuance of $5.591 75 5% 10-year refundingIt is stated, providing
(village's portion) bonds, aggrebonds.
gating $4,611 45, were awarded to the Lowellv
WASHINGTON INDEPENDENT SCHO
ille Says. & Banking Co. of
OL DISTRICT (P.O.
Loweliville for $4,673 31 (101.341) and
int.-V. 101. p. 472. Seasongood ington), Washington County, Iowa.
-BONDS DEFEATED. Wash& Mayer of Cincin. bid $4,613 95 and int.
state that an election held Sept. 14 resulte
-Reports
d in the defeat of the question
of issuing $100,000 high-school-building
SUMMIT COUNTY (P.O. Akron), Ohio.
bonds.
-On Sept. 22
the five issues of 5% coup. highway impt. -BOND SALE.
WATFORD SCHOOL DISTRICT
(P. 0. Watford), McKenzie
were awarded to Breed, Elliott & Harrison bonds aggregating $40,078 91 County, No. Dak.-BONDS
VOTED.
-The question of issuing
and int.-V. 101, p. 961. Other bids were:of Cin. for $40,563 91 (101.21) building bonds carried, it is stated
, at an election held Sept. 11. $6,000
Field, Richards & Co.,
WEBB CITY,
Otis & Co., Cleveland.._ _340,334
Cincinnati
91 question of issuing Jasper County, Mo.-BONDS DEFEATED.
$40,481
-The
the $8,000 5% 10
Davies-Bertram Co., Cin_ 40,449 68 Hoehler, Cummings &
-year city-hall-erection bonds
defeated
Prudden, Toledo
was
Seasongood & Mayer,Cin. 40,448 91 Spitze
40,313 00 to 219, at the election held Sept. '.-V. 101, p. 717. The vote
91
r, Rorick & Co., Tol. 40,306 41
a two-thirds majority being necessary
was 279
Stacy & Braun, Toledo_ __ 40,418
to carry.
Wm.R.
WESTMINSTER DRAINAGE
Prov.S.B.&Tr.Co., Cin__ 40,415 63 C.E. ComptonCo.,St.L- 40,241 50
DISTRICT (P. 0. Santa Ana),
24
Hayden, Miller & Co., Cie 40,403 91 Dep. Denison & Co., Cle_ 40,236 71 BONDS VOTED.
Cal.
-Reports state that an election
Say. Bank, Akron
held Sept. 10 resulted
Weil,'Roth & Co., Cin__ - 40,342 91 Tillots
40,20491 in a vote of 92 to 2 in favor
on & Wolcott Co..... 40,187 12 system-construction bonds. of the question of issuing $25,000 drainage-V. 101, p. 794.
SUMMIT SCHOOL DISTRICT, Siskiy
ou
WESTON, Wood County, Ohio.
SALE.
-On Sept. 7 $6.500 6% 10-yr. buildin County, Cal.
-BON
-BOND
g bonds were awarde D will be held Nov. 2, it is
ION.
-An election
Blyth, Witter & Co. of San Francisco for
stated, to vote on theELECTon
$6,642 (102.184) and int. d to works bonds.
questi of issuing waternom. $650. Date Aug. 7 1915. Int. ann. on
DeAug. 7.
SUWANNEE COUNTY SPECIAL TAX
WEYMOUTH, Norfolk County, Mass.
-BOND OFFERING.
SCHOOL DISTRICT NO. 1 state that bids will
-Reports
(P. 0. Live Oak), Fla.
-BOND SALE.
be received until 12 m.Sept. 29
-On Sept. 6
coupon school bonds were awarded to the First Nat. the $70,000 5% 30-Yr. bonds. Date Oct. 1 1915. Due $4,000 yearly from for$40,000 4% school
Bank of Live Oak,it is
1916 to 1925,inclusive.
stated, at 103.-V. 101, p. 548.
WILKESVILLE TOWNSHIP SCHOOL
DISTRICT (P. 0. Clarion),
TACOMA, Wash.
Vinton County, Ohio.
-BOND SALES.
-BOND SALE.
-Duri
-On Sept. 4 the $7,000
following 6% special improvement bonds, ng the-month of August the 17X-yr. average school bonds were awarded to
514%
aggregating $5,353 45, were Cincinnati for
issued by this city:
$7,288 (104.114) and int.-V. 101, Seasongood & Mayer of
p. 718.
Hayden, Miller & Co., Cloy.
Amount. Loc.Imp.Dis. Purpose.
..37,231 Hoehler, CummingsOther bids were:
Date.
& PrudHanchett Bond Co., Chicago- 7,227
Due.
$4,659 05
Grading
940
den, Toledo
Aug. 18 1915 Aug. 18
Tillotson & Wolcott Co
1126
$7,210
694 40
Sewer
7,211 Gallipolis Nat. Bank
Aug. 24 1915 Aug. 24 1920
1920
TATE COUNTY (P. 0. Senatobia), Miss.
Terry, Briggs & Slayton, Tol_
-BONDS PROPOSED,
7 08
7..81
WINONA SCHOOL DISTRICT (P. 0.
Reports state that the Board of Supervisors has
Winona),
decided to issue $12,00
school-building-improvement bonds.
-BOND SALE.
-On Sept. 10 the $115.000 5%Winona County,
0 Minn.
high-school-bldg.
bonds were awarded, it is stated, to Wells
TEANECK TOWNSHIP SCHOOL DISTR
& Dickey Co. of Minneapolis
ICT
-equal to $105,458.-V. 101, p. 473.
Bergen County, N. J.
-BOND ELECTION PROPO (P. 0. Englewood), for 3121,276
Denom.
taken to hold an election in this district to vote on SED.-Steps are being Oct. 1 1915. Int. A. & 0. Due $5,000 1125, 1927, 1928,$1.000. Date
1937, $10,000
the question of issuing 1939 and 1940, and $15.000 yearly from
about $45,000 building bonds.
1941 to 1945, incl.
WINTERS, Yole County, Calif.
TEHAMA COUNTY (P. 0. Red Bluff), Calif.
-BOND ELECTION PROPO
SED.
-BONDS DEFEATED. Reports state that the Board of Trustees contem
-The proposition to issue the $140,000 5%
plates calling an
failed to carry at the election held Sept. 3-V. bridge-construction bonds to vote on the question of issuing $7,000 city-hall-erection bonds. election
WINTERVILLE, Pitt County,
1,486 "for" and_1015 "against" a two-thirds 101, p. 549. The vote was
No. Caro.
majority being necessary
carry,
to Reports state that E. W. Braxton, Mayor, will -BOND OFFERING.
12 m. Oct. 13 for $10.000 6% 20-yr. improvemen receive sealed bids until
TERRE HAUTE SCHOOL CITY (P.
t bonds.
0. Terre Haute), Vigo
WINTHROP, Suffolk County, Mass.
-BOND SALE.
Ind.
-Reports state that the
County,
-TEMPORARY LOAN.
of Indianapolis and Breed, Elliott & Harris Fletcher Amer. Nat. Bank Sept. 20 a loan of 330,000 maturing March 20
-On
chased the $300,000 4% 20-yr. school bonds on of Cin. have jointly pur- Tolman & Tupper of Boston at 2,57% discou 1916 was awarded to Loring.
nt, it is stated.
Trustees entered into a contract with Millerat par and int. The School
YOUNGSTOWN, Ohio.
-BOND OFFERING.
pose of these bonds (V. 100, p. 2031), but & Co. of Indianapolis to dis- until 2 p. m. Sept. 27 by
-Bids will be received
this sale, apparently, was
Dan Jones,
consummated.
not or reg. (option of purchaser) bonds: City Aud.,for the following 5% coup.
THIEF RIVER FALLS, Pennington
$2,000 sidewalk and crosswalk bonds. Due
County, Minn.
TION.
-Local papers state that an election
-BOND ELEC- 16,000 street-impt. city's portion bonds. Oct. 11918.
Due $3,000 yearly on Oct.
will
on the question a issuing $38,000 Kretzschmar be held Sept. 30 to vote
from 1918 to 1921 incl. and
1
dam and water-powerpurchase bonds.
8,605 Blaine Ave. paving bonds. $4,000 Oct. 1 1922.
Due $1,721 yearly on Oct. 1
from 1917
.
TIPPECANOE COUNTY (P. 0.
Lafaye
t°
in
1
-BOND OFFER" 7,405Ave. paving bonds. Due $1,481 yearly
ING.-Bids will be received until 2 p. m. tte), Ind.
on Oct. 1 from
Oct. 8 by Harry G. Leslie
1917 to 1921 incl.
Treas., for twelve issues of 435% highwa
Co.
y
4,395 Rayden Ave. paving bonds. Due $879
Denom. 20 bonds of equal denomination to bonds aggregating $61,700.
yearly on Oct. 1 from 1917
each issue. Int. M.& N.
to 1921 incl.
Due one bond of each issue each six months
from May 15 1917 to Nov.
8,235 Hawn St. paving and sewer bonds. Due
1926 incl.
15
$1,647 yearly on Oct. 1
from 1917 to 1921 incl.
TIPTON SCHOOL TOWNSHIP (P. 0.
1,875 Shirley Ave. paving bonds. Due $375
Walton), Cass County, /nd.
yearly on Oct. 1 from 1917
-BOND SALE.
-Bids received for the $40,000 414%
to 1921 incl.
building bonds offered on Sept. 20, were as
7'A -year average
2,740 Judson Ave. sewer bonds. Due
$548 yearly on Oct. 1 from
Fletcher-American National -Bank, Indian follows (V. 101, p. 716):
1921 incl.
1917 to
Breed, Elliott & Harrison, Indianapolis apolis
$41,027 00
1.655 Millen Ave.sewer bonds. Due $331
yearly on Oct. 1 from 1917
J. F. Wild dr Co., Indianapolis
40,872 00
1921 incl.
to
E. M. Campbell's Son & Co., Indianapolis
40,835 50
1.945 Richview Ave. sewer bonds. Due
$389 yearly on Oct. 1 from 1917
40.634 00
to 1921 incl.
[VoL. 101.
THE CHRONICLE
1040
as a bonus to the Glass Garden Builders,
$30,000 debentures to be granted
Limited.
-Local newspaper reports
-LOAN.
INCE OF).
MANITOBA (PROV
has arranged for a loan of $1,000,000, as an overstate that this province bank.
Canadian
draft from a
-Canadian newspapers state
SED LOAN.
MONTREAL, Que.-PROPOs for the placing of a new loan of the City
that negotiations are in progres
six months. This loan will as
maturing in
of Montreal for $4,000,000,
of Montreal. the city's financial agent.
usual be handled by the Bank
SCHOOL DISTRICT (P. 0. Montreal),
REAL CATHOLIC YET SOLD.
MONT
-We are advised that no sale
NOT
Que.-DEBENTURES
of the $917,000 5% 40-yr.school debentures,
had been made up to Sept. 21 on Sept. 10.-V. 101, p. 962.
offered but not sold
which were
-The LumC.-TREASURY NOTE SALE.
NEW WESTMINSTER, B. d was awarded at 97% and 98 on June 1
bermans Trust Co. of Portlan
notes. Denom.$100, $500 and $1,000. Date
$446,500 6% 3-yr. treasury
Due Aug. 16 1918, subject to call at 101.50
Aug. 16 1915. Int. F. & A.
and int. on any interest date.
-According
DEBENTURES AUTHORIZED.
OWEN SOUND, Ont.the City Council has authorized the issuance
to local newspaper reports,
0 water-works debentures.
of $16,00
-John A.
-DEBENTURE OFFERING.
PRINCE GEORGE, B. C.
bids until Sept. 30 for $80.000 15-yr. waterTurner, City Clerk, will receive
-light,$15,000 10-yr. street-impt., and $10,000
works,$45,000 15-yr. electric
debentures voted Aug. 14. Separate bids are
10-yr. civic buildings 6%
under each issue.
required for the total amount
-The question of issuTURES VOTED.
ROSTHERN, Ont.-DEBEN fire-protection debentures carried at the
10-instaliment
ing the $7,000 7%
59 to 5.-V. 101, p. 870.
vote of
election held Sept. 11 by a
TURE OFFERINO.-Bids will be received
SARNIA, Ont.-DEBEN Woods, City Treas., for the following 5%%
by James
until 6 p. m. Oct. 1
coupon debentures: payable from 1915 to 1924.
$5.000 00 debentures debentures. Due from 1915 to 1934.
9.822 23 local impt. debentures. Due from 1915 to 1924.
3,075 98 local impt. payable annually on Dec. 31. Purchaser to pay
Principal and int.
accrued int.
(P. 0. Agincourt), Ont.-DEBENTURES
SCARBORO TOWNSHIP l passed a by-law on Sept. 13, it is stated,
AUTHOR1ZED.-The Counci$40,000 school-bldg. debentures.
the issuance of
providing for
-We are advised that the
TURE SALE.
$3,g05,95923
DEBENTURES AUTORONTO, Ont.-DEBEN
-improvement debentures, aggregating
BRANT COUNTY (P. 0. Brantford), Ont.passed a by-law, it is reported. two issues of4%% local Sept. 9, were awarded jointly about Sept. 20 to
-The County Council has
THORIZED.
not sold on
A. E. Ames & Co.
res.
offered but
N. Y., Wood, Gundy & Co. and July 1 1925 and
ng for the issuance of $8,500 bridge debentu
providi
-According to Harris, Forbes & Co., p. 870. Maturing $3,750,774 10
-DEBENTURES DEFEATED.
o.
-V. 101,
BROOKLANDS, Man.
$11,000 school debentures of Toront13 on July 1 1920.
local newspaper reports,the question of issuing
$155,185
-On Sept. 17 a loan of $2,.
held Sept. 4.
.
failed to carry at the election
RARY LOAN NEGOTIATED
TEMPO
, was negotiated with the National City
(P. 0. Columbus), Ont.-DEB-EN.
EAST WHITBY TOWNSHIPreceived until Oct. 4 for the $15,000 5% 500,000, maturing in nine months
N. Y. at 5% interest.
TURE OFFERING.-Bids will be
-DEBENTURE
a vote of 125 to 10 at the election Bank of
MUNICIPALITY, Man.
20-yr. bridge debentures authorized by
WEST HILDONAN RURAL
have been awarded at private sale
held Sept. 11.-V. 101. p. 795.
-Macneill & Young of Toronto debentures, it is stated.
SALE.
-An election will be held
sinking fund
DEBENTURE ELECTION.
of $20.000 5%%
FERGUS, Ont.n of issuing $25,000 bonus deben- an issue
-On Sept. 10 $50,000 20
SALE.
Sept. 27,it is stated,to vote on the questio
res were awarded
WINDSOR, Ont.-DEBENTURE
-installment 5 % debentu
tures.
$30,478 10
Roports state installment and zie & Co. of Toronto at 97.21, it is stated.
ION.Macken
GEORGETOWN, Ont.-DEBENTURE ELECT
vote on the question of issuing to W. A.
that an election will be held Sept. 27 to
on Oct. 1 from 1917 to
$735 Spring Lane inapt. bonds. Due $147 yearly
1921 incl.
grading bonds. Due $163 yearly on Oct. 1 from
815 Stambaugh Ave.
1917 to 1921 incl.
on Oct. 1 from 1917
700 Jackson St. grading bonds. Due $140 yearly
to 1921 incl.
on Oct..1 from 1917
925 Augusta St. grading bonds. Duo $185 yearly
to 1921 incl.
bonds. Due $872 yearly on Oct. 1 from
4,360 Albert et al. Sts. sidewalk
1917 to 1921 incl.
yearly on Oct. 1 from 1917
5,890 Adams St. paving bonds. Due $1,178
to 1921 incl.
Oct. 1 from 1917
Emerald St. paving bonds. Duo $886 yearly on
4,430
to 1921 incl.
yearly on Oct. 1 from
5,280 Garland et al. sidewalk bonds. Due $1,056
1917 to 1921 incl.
& 0.) payable at office
Date Oct. 11915. Prin. and semi-ann. int.(A. each block of bonds bid
check for 2% of
of Sinking Fund Trustees. Cert. d. Separate bids must be made for each
City Aud., require
for, payable to
not later than Oct. 1.
issue. Purchaser must be prepared to take bonds bonds if above amounts
amount of
The city reserves the right to issue a lesser
are not needed.
s, will receive bids until 2 p. m.
F. A. Scott, Secy. Sinking Fund Trustee
privilege of registration) sinking
Sept. 27 for the following coupon (with
fund bonds:
bonds. Denom. $1,000.
$40,000 4 % street-improvement city's portion 1918 to 1927, inclusive.
Due $4,000 yearly on Oct. 1 from
bond. Denom. $500. Due Oct. 11918.
500 5% Rice Ave. walland semi-annual interest payable at office of
Date July 12 1915. Prin.
a national bank for 2% of
Sinking Fund Trustees. Certified check on Trustees, required. Separupon, payable
each block of bonds bidfor each issue. to above must be prepared to take
Purchaser
made
ate bids must be
ed at one of the banks
bonds not later than Oct. 1, the money to be deliver are not new bonds but
s. These
of Youngstown or at office of said Trustee
held in the sinking fund as investments.
issues which have been
-BOND ELECTION PROr*ZEBULON, Wake County, No. Caro.
n to vote on
an
-This town is contemplating the calling ofand electio street 6%
POSED.
$2,000
the $8,000 electric-light
the questions of issuing
-V. 100, p. 1457.
bonds.
Canada, its Provinces and Municipalities.
NEW LOAN.
$8,200
NEW LOANS.
NEW LOANS.
$15,000
$150,000
Y OF MINNEAPOLIS
THE TOWN OF CHINOOK, CIT
S
BLAINE COUNTY, MONTANA
APPRAISAL BOND
Village of Dobbs Ferry, New York
Bonds for Paving Highways
The Village of Dobbs Ferry, Westchester
Council of
Notice is hereby given that the City the City County, New York, will soil 150 registered bonds
in
the City of Minneapolis will meetfloor of the of the denomination of $1,000 each, on the 28TH
Council Chamber, on the third Minneapolis, DAY OF SEPTEMBER, 1915, at the CorporaWATER SUPPLY (6%) BONDS
Municipal Building in the City of
FRIDAY. tion Rooms, Main Street, in the Village of Dobbs
lIennepin County, Minnesota, on p. m., to Ferry, at 8.30 o'clock in the forenoon of that
3 o'clock
f;TATE OF MONTANA,)
OCTOBER 8TH, 1915, atbids for the bonds of day, to the person or persons or corporation who
BLAINE
COUNTY OF
receive, open and consider
of $15,000 will take them at the lowest rate of interest, not
TOWN OF CHINOOK.
the City of Minneapolis to the amount
the purpose to exceed five (5%) per centum per annum,
of Ordinance No. 128
Pursuant to the authority Blaine County, Mon- proposed to be issued and sold for l examina- which interest shall be payable February and
physica
of raising funds for making aMinneapolis Street August 1st in each year. The first six of said
of the Town of Chinook, of
August 30, A. D. 1915,
tana, passed and approved the advertisement and tion of the properties of the
Minneapolis, bonds to become duo shall be due and payable
Railway Company in the City of
authorizing and directing
August 1, 1920, and six of said bonds shall be:
Minneasota.
sale of certain bonds of said town, namely
Knott, come due the first day of August of each year to
al
Bids should be addressed to Henry N.
Water supply bonds aggregating thedprincip
and including August 1, 1944.
Two Hundre Dollars City Clerk, Minneapolis, Minnesota.
sum of Eight Thousand
er 1st,
Particulars may be obtained from 33 Pine St.,
The above bonds to be dated Novemb a time New York City, or Hugh A. Thornton, Counsel
($8.200).
e at
of bonds shall be numbered consecu- 1915, and to become due and payablthirty years for saki village, whose office is No. 52 West
Said issue
inclusive, Nos. 1 to 8 not less than one year nor more than
tively from 1 to 9, both
the purchaser Main St., Tarrytown, N. Y., or will be mailed
each, and
to be of the denomination of $1,000 all dated from the date thereof as desired by rate of 4 per on request addressed to the undersigned.
the
$200,
bond No.9 of the denomination of D. 1934. re- thereof, and will boar interest at
Said village has a bonded indebtedness of
semi-annually, and
e
July 1, A. D. 1914, due July 1, A. town after cent per annum, payablbe payable at the fiscal $80,500 and the assessed valuation of all property
deemablo at the pleasure of said t from their principal and interest will
of
from the assessment roll of
of Minneapolis in the City a therein as appears year 1915 amounts to the sum
bearing interes
July 1, A. D. 1924. rate of six (6) per centum agency of the City bid will be entertained for
said village for the
Now York, and no
date until paid at the
the of $5,697,272.
on the first sum less than 95 per cent of the par value of
per annum, payable semi-annually
Dated September 16, 1915.
in each
interest thereon to date of
days of January and July. respectively, thereon bonds and accrued bid or subscription must doFRANKLIN Q. BROWN, President.
t
and
delivery, and each
year, both principal thereofBank interes
OSWALD SCHULER, Clerk.
of Commerce, signate very clearly the date on which it is desired
the National
payable at
Dobbs Ferry, N. Y.
U. S. A.
made payable.
be
in the City and State of New York, GIVEN that that the bonds shall reserves the right to reject
The City Council
PUBLIC NOTICE IS HEREBY of the underbids and offers for said bonds. of the
aforesaid will, at the office
said bonds
on any or all d check for two (2%) per cent
A certifie
signed Mayor, at the town hall, in said town.
to C. A.
Saturday. to wit, the 2ND DAY OF OCTOBER. par value of the bonds bid for, made
any
at the hour of 10 o'clock a. m., at Bloomquist, City Treasurer, must accomp
A. D. 1915,
offering the each bid.
public auction, be sold to the bidder
will be
EXPERT BANK EXAMINERS AND
Circular containing full particulars
highest price therefor.
of
ACCOUNTANTS
upon application.
At said public auction only the bids of such
gned mailed
undersi
DAN 0. BROWN,
Auditing, Examining, Systematizing
thee() who have deposited with the his order for
City Comptroller,
a certified check payable to the bonds bid
Mayor
NEW YORK CITY
Minneapolis,
170 BROADWAY
an amount equal to the par value of of all unsucchecks
Minn.
for will be considered. The d forthwith, whereas
bidders will be returne
cessful
bidder, or bidders,
the check of the successful forfeited to it should
shall be held by the town and
er fail to take up and pay for said
the purchas
bonds when presented to him.available for delivSaid bonds aforesaid will be namely, the day.
ery at the time of their sale,
date and hour aforesaid.
k,
of
By order of the Council of the Town Chinoo
THE CLOSE OF BUSINESS SEPT. 2, 19115
this 30th day
STATEMENT OF CONDITION AT
of Blaine County. Montana, made
RESOURCES
of August, A. D. 1915.
$49,101,453 30
(Seal) B. F. O'NEAL, Mayor.
Loans and Investment Securities
46
Attest:
Overdrafts
11,269,062 94
CHAS. F. EASBEY, Clerk.
,ISS.
John I Cole, Son & Co.
MELLON NATIONAL BANK
URGH, PA.
PITTSB
Due from Banks
Cash
MINING ENGINEERS
H. M. CHANCE & CO.
Mining Engineers and Geologists
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Drexel Bldg.
PHILADELPHIA
LIABILITIES
Capital
Surplus and Undivided Profits
Reserved for Depreciation, &c
Circulating Notes
Deposits
5,592,067 67
$65,962,584 37
$6,000,000 00
3,048,626 35
106,652 14
3,360,697 50
53,446,608 38
$65,962,584 37
I
@FedFRASER