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f i n a n c i a l
V O L .
101
S E P T E M
B E R
4
1 9 1 5
CLEARINGS FOR A U G U ^ ^ C E
Clearings at-
DANACOMPANY.
Yl«PPNi^B!An ^ 0 .iia ? S y - > g ^ ^ 0^A ^^L Si5i.
JANUARY 1, AND FOR WEEK ENDING A n a n ST oa
N O .
August.
2 6 1 9
Eight Months.
en in A g st 2 .
d g uu 8
1915.
1914.
1915.
1914.
1915.
1914.
1913.
1912.
NewYork__
S
8,537,442,171 4,581,200,595 +13.5 64,314,,790,556 60,851,902,782
x% 5,039034,654 5,438,262,549
+lfl.
:.4
1,820,373,902 907,119,770 ++100.0 ,140,626,754 1,580,018,142
Philadelphia..."
7 559,820,100 128,050,977
655,855,938 577,659,7
39 +0.6 1,683,645,970 1,792,313,277
147,028,901 125,425,711 +18.
975,438
Pittsburgh......... 211,960,756 210,774,938 4
440
Baltimore__
9.0
258,905, 51,517,772 46,818,438 +0.2 50,999,367 49,260,084
Buffalo............ 128,759, 47.747.790 — 383984,832
48,067,008 23,918,125 +0.7 187691,263 212,238,628
9,531,593 4,880,599 +13.2 10,454,755 9,301,072
Albany.......... I 22,032,r.26 150,433,765 —14.9 1,150,,,886,311 I,400,665,586 850 27,336,329 31,485,793 — 2 29,818,243 33,406,611
9,500,508 13. 5,680,268 4,608,389
7. 2661,646,632 261,549,425
5,097,606 5,915,36 +3.2 6,128,407
Washington___ 30,032,830 17,789,074 +5.8 162
6,693,954 2,974,76 +24.2 3,358,660 3,154,244
Rochester........ 13.250.000 13,145,795 +5.3
5,683,486
3,
Scranton_____ 18,729,847 28,375.456 +0.2 1091,806,402 172,875,359
+0.8 ,564,459 106,074,667
3,188,451 2,340,785 +19.7 2,203,502 2,300,000
Syracuse.......... 11.323,093 11,179,282 +2.0 102,328,464 116,439,446
900.000 7,874,202
Reading.............. 9,538,384 6,586,548 +44.8 61,199,538 64,877,328
2,109,268 2,597,210 —1.4 2,843,315 2,309,253
— 1,551,997 1,369,925
6.5
7,
W
ilmington...... ... 7,2
1,470,675 1,490,443
850
65
66,342,286
Wllkes-Barro___ 8,146,308 9,802,089 +4.9 55,112,505 54,005,774
1,787,318 1,646,415 +8.6 1.575,768 1,250,123
57,056 1,308,013
W
heeling............ 7,130,609 6,592,235 4 05938,513 76,525,037
1,560,804 — 1 2,103,920 1,564,585
0.
Harrisburg...... ... 8,031,231 0,405,072 —13.0 55,,,960,311 53,688,633
1,028,329 1,632, +0.3 1,2
556,646
Trenton_______ 3,662,424 3,439,290 ++9. 62>466,009 61,245,033
63,208 6,710.002 +6.5 31.052,624 31,744,690
20.2
York...........
1,722",196 1,338",215 ++4.3 1,643",536 1,630',978
044 700,192
Erie ............
730.810 879,819 28.7 966,090 865,045
4.516.000 2,575,832 ++0.4 22,885,482 23,679,344
722,144 744,469
Chester...........
940,963 526,925 ++6.9 824,906 661,913
3,725,1X 2,894,112 — 5 24,,723,311 24,655,894
281,029 4,492,310 27. 33371,954 36,955,027
Greensburg...... .." 2,845,800 2,650,800 +7.4
740,122 514,873 +25.1 640,292 603,476
10
40.0
5.8 231,233,600 23,596,200
Binghamton......... 2,140,570 2,349,902 — 9
643,
Altoona.......... .
582,000 607,200 — 519,300 482,700
2,088,422 1,161,718 — 3 18>220,016 10,704,740
2.5
8.
Franklin..........
454,476 467,488 — 490,972 412,887
1,474,260 1,308,319 +12.7 11,868,858 10,798,125
2.8
6. 8,189,120 1,9768,649
Frederick______ 2,108,993 2,193,991
1,
Beaver County, Pa.. 5,791,176 6,301,641 — 1 18
—
3.9
19,131,563
Lancaster........
8. 16420,713 16,420,730
Norristown.....‘'
1,214",621 1,4301203 — .! 1,213",290 1,3731247
1,879,313 1,457,455 +7.5 14280,471 14,408,908
15'
Montclair...... “ 2,909,078 _ 3,022,009 +3.1 56,,,512,433 58,282,352
1,567,297
Oranges*___ __I“ 9,758,544,290
358,499 202,116 + 30.6 3141683
_— 0 74,046,,783,433 __ 11,724,978
3.7 _ 27405,869 71,278,057,882
Total M
iddle
643 70.
2,090,6881366 1521122,4
95 +81.5 521,733
Boston___
577,213,242 51738,846,676 +17.9 145,241,300 270,419,600
Providence ...II
115,770,855 96,427,244 +20.1 1,825,760,811
27,253,300 ++ 2 261,946,276 185,355,339
Hartford_____* 29,419,500 505,557,851 ++14.8 5,222,539,976 5,295,424,016
6,500.000 5,853,700 ++5.7 111,586,451
155,100 3,741,897 73.2 3,984,700
28,500,(564 20,013,944 42. 128,088,839
100 14,012, 8.5
5,
NewHaven__
6.130,382 2,685,206 +16.8 2,511,055
Portland.......... 15,203,
3,582,874 1,659,346 — 6 2,004,636
8,597,002 8,045,792 19.9 66,280,800 68,596,594
6.
Springfield......... 11,996,038 10,805,304 ++10.9 98,590,606 115,916,237
1,442,663 1,989,460 +22.8 1,924,386
4.
Worcester.......... 4,185,855 001,896 0 88;809,789 98,076,335
2,284,407 1,958,869 +10.6 2,219,773
Fall River........ 10,851,112 9,380,712 .++3.3 40,764,052 43,685,537
2,829,342 832,092 —0.3 741,445
NewBedford...... 4,083,700 4,951,046 +3.2 27,,,467,621 38.262.206
3,216,663
35507,184 26,556,478
Lowell.............. 2,946,293 2,
870,524 895,095 — 327,161
146
059 2.8 868,272
Holyoke............ 3.318.541 3,891,471 —1.4 25,234,547 24,980.065
051,541 001,273 -15.7 611,541
Bangor.............. __ 5,331,400 _ 3,616,425 +47.4 41,958,518 15,229,697
570,081 361,486 —3.4 369,731
677, +8.4
1,749,431 1,773,800 +1.9 13,698,000
W NewEngland 703,3951678 611,580.940
aterbury
349,
__34,246,000
Total ..........
141,148,915 "117,682,727 TIO T/S,670.8 144,003,946
Chicago.......... 1,234,596,410 1,163,781,093 +14TS 10,351,474,437 10,804,280,048
84
+8.1 6,197.993,950 0,307,381,193
6.2 869,127,208 903,658,150
Cincinnati.......... 108,984,100 100,720,350 ++ 2 956
271,154,229 254,794,678 — 278,911,547 254,720,597
6.4 22,564,150
Cleveland......
24,303,850 24,965,850 ++2.6 23,402,631 20,854,800
125,614,864 126,103,548 +10.3 924,,,892,194 937,154,091
450 94,315,872 33.
253,888 855,721,902
Detroit........... 146,645, 64.808.460 5.6 542
26,500,000 23.585,914 +37.2 22,496,284 19,249,972
19,311,701
Milwaukee____ 30,730,542 35,874,828 +2.4
27,000,000 13,630,388 — 9 11,060,994 11,177,123
61,171,970
717,086 565,511,981
Indianapolis ....... I 27.551.000 25,989,000 — 0 284,,033,677 278,482,643
12,549,709 7,118,592 +14.5 7,300,692 17,381,556
7.
Columbus__
7.712,900 4,965,200 +15.0 6,020,600 5,637,100
690,820
8.0
6.
6,396,813
637,500
100
Toledo__
5,954,530 5,104,340 +36.2 4,696,0531 4,772,162
27,804,140
24,018,715 —17.9 208,694,157 207,758,217
++15.7 220,,023,919 235,692,015
Peoria____
6,691,716
Grand Rapids___ 11,832,961' 14,358,588 — 7 114,267,473 115,500,863
2,982,239 3.301,7551— 2 2,824,808 2,546,525
18.5 3,360,3891 3,089,654
15.706,420 14,406,628 +7.0 101,458,674 120,837,
587,731 9,607,363 0. 73
Dayton........
2,724,114 2,150,809 +19.8 2,874,197 1,729,436
2,705,669 10.
8,
Evansville........ ” 6,554,828 2,371,089 — 6 19,644,509 83,879,032
1,
Kalamazoo .11...II 4,906,484 4,937,071 +31.8 42,,786,962 44,359,888
1,668,806 430,628 ++5.3 945,982 910,579
570 8
2,329,687 4,360,647 +14.5 39219,406 40,095,573
1.
20,586,792
Springfield, 1
453,448 853,274 +83.7 581,283 942,301
Fort Wayne____ 4,946,891 5,816,313 — 3 44,742,729 44,092,937
1,053,391 1,163,063 ++0.5 1,015,002 592,224
851, 23. 823,820 897,516
10.
5,512,761 +11.9 49
Youngstown......
1,168,358
6,507,133
Akron____
1,407,228 1,144,105 +28.0 1,565,409 1,260,000
Canton........"I” 8.876.000 0,069,000 +10.2 62,.678,52. 53,108,113
2,027,000 1,153,111 +23.2 1.200.000 1,237,623
9
000
9 393,031 53,879,958
Lexington.......... "" 6,722,661 6,821,981 +29.7 65,892,0003 60,733,000
1,444,709 1,573,000 +25.7 1.707.299 1,048,706
2,049,336 2,758,058 — 4 26,220,348 32,211,839
2.
26,047,965
Rockford___
593,540 610,265 —2.1 520,020 723,325
536 826,696 — 879,
3,873.332 3,613,595 —3.4 32,975,798 29.570.206
488,234 3,435,050 — 26
3.
Quincy.......
809,998 686,068 — 0 616,222 653,405
South Bend.......II 2.868,668 3,303,212 +16.7 25,,750,262 21.423.472
575,987 516,949 +12.6 509,747 575,588
16.
2,215,838 2,499,278 — 8 23592,446 25,048,606
Bloomington__
581,017 673,823 —
3,344,928 2,213,865 +14.0 16,264,187 16,865,173
2.
610,093
Decatur_____
669,704
2,177,185 3,288,110 — 4 26>791,366 27,258,874
0.7 639,607 550,219
6.
486,833 451.952 —7.7 483,377 376,697
Springfield, Ohio... 2,365,053 2,132,327 +10.9 18,931,613 17,866,629
3,
3.
528,063 543,890 ++10.2 478,393 399,474
Mansfield____
665,490 37.6 693,446 523,203
745.150
Danvlllo........... 2,136,445 2,025,422 +5.1 17,,819,870 17,404,213
5 759,
505,000 410,077 ++7.9 525,000 530,300
Jackson............. 2,432,502 2,038,164 ++17.4 16'>427,718 17,620,208
23.2
394,545
450.527 416.990 +28.9 400,560 473,806
Lima______
2.209.332 2.076.460 +0.9 19,857,512 17.081.526
8. 9 842 10,298,179
464,186 360,619 +19.5 277,568 308,298
Jacksonville, 111
__ 2,594,660 2,137,129 +21.4 19',822,997
1,129,763 1,119,517
511,618
Lansing............. 1,045,986 958,642
220,000 414,673 +3.7 358,037 361,421
189,808
AnnArbor..........
430.
8091,955 17,000,226
204.064 133,229 +14.7 156,062 155,214
Adrian............
225.000
2176,308 8,389.179
2,
45,892 40,000 +53.3 45,000 39,593
Owensboro......... 2.922,150 2,126,670 —22.4 19,,,,048,791 14.004,984
1.247,007 1,608,302 +37.4 12465,153 16.157,799
Flint..............
31.
Lorain____
505.541 1,245,079 — 6.6 10,630,425 II,336,738 475,889 245,167 360,259 — 9 295,817 271,317
557,047 +9.2 3 ,019,275 4,024.472
Gary............I
1,327,962 581,045
092
NewAlbany....... 3,000,014 ^ 2,704,127 —17.0 4 ,,806,466 4,944,775
481,
PaducahM W 1,890,376,960 1,752,544,049 ++10.9 _ 27415,354 _ 27,802,550
Totalof............ other W
iddle and
est.
7.9
339 770,043
405,948,7ii 375,910,441 ~ +8.6 ""400,747,214 301,397,167
Details Pacific..... 496,519,869 on468,157,560 +6.1 15,960,,207,081 15,700,255.805
Pacific
estern
Total other W 669,942,009 page749.
3,805,531,980
103,014,148 139,800,503 ++3.9 105,462,810 111,070,887
10.
145,222,708 93,298,804 +11.4 138,101,858 125,926,050
St.Total ___ 298,053,783 638,981,075 — 2 2,623,,808,010
Louis__ est. 61,874,514 283,321,416 +4.8 5, 939,234
+5.8
NewOrleans.....
60,090,007 59,543,915 — 0 68,656,243 68.096.036
5.
Louisville......
13,870,367 10,684,277 +20.2 11,339,504 15,683,068
10.0 999,768
02,733,094 48,474,358 +25.3 463,200,282
Houston........
12,845,492 5,795,405 +8.7 15,422,508 11.658,830
28,248,053 —1.6 263,249,026
Galveston___"""" 27,809,587 29,925,691 +65.5 310,109,794
17,439,379
9,
176
Richmond__
3.000.000 2,133,621 +40.6 3,533,771 4,000,000
37,103,546 10,535,895 +24.0 147,581,100
Atlanta......... "" 43,633,758 43,311,517 —0.6 423,233,191
8,220,557 8,841,627 ++1.5 8,480,453 7.050.000
30.0
+
Memphis........
8,907,171 3,999.393 — 4,127,974 4,349,486
975,276 6.300.000 27.3 6,825,000 8,185,348
16,190,920 21,471,101 — 7 209,,018,192
24. 197294,
2,
Nashville__
21,925,712 23,003,708 +20.9 ,228,
4.7
4,481,105 4,94o,0>0 +24.2 5,081,781 4,880,723
Fort W
orth.......i 28,371,047 23,407,217 +14.0 267>183,200
—3
9.
Savannah ......
6,408,209 4,969,802 +43.4 4,242,071 5,903,283
174,438 3
14,715,509 14,152,105 — 1 148',108,512
185.412 12,444,633 3. 130 867
Norfolk............I 13,261,794 10,437,760 —11.3 81,673,109
3,069,183 2,276,044 — 5,487,160 2,575,193
3,111,566 3,225,911 — 2,903,047 2,450,794
Birmingham......... 6,855,179 7,372,009 — 0 56,713,884
4.9 2,428,806 3,690,750
9,
2,352,047 2, 42,483 —5.8 1.549.317 1.800.000
Knoxvillo.......... 9,398,813 9,736,778 — 77,036,947
7.
Chattanooga......
1,
1,601, 7.9
3.5
Jacksonville_ " 4.108.318 11,050,585 —12.8 36,,957,578
1,982,508 2.151,433 — 6 1,941,684 2,500,000
2, 957 15.
9,098,534 4,059,797 —11.3 92 621,100
Mobile.........
2.000.651 000200.000 — 1 2,425,198 2,181,185
Augusta......... " 4,280,471 4,610,025 — 4 50,628,862
859. 1,217,281 —9.2 1,266,165 1,435,957
—
7.
872
Little Rock......
825,000 900,000 —4.6 1,199,850 1,050,097
32.
7,981,316 7,778,638 — 2 67,547,769
6.2
Charleston........ 10,287,904 5,374,460 +21.9 61,479,216
1,200,769 1,393,537 —13.4 1,420.317 1,410.155
4,251,000 8,410,386 — 82,383,981
7.
Oklahoma......... " 9,107,952 11,297,774 — 9 88
1,169,900 1.807,600 +20.0 1,355,881 1,270,168
083,247 1,207,658 14.5 1.049, 1,085,180
Macon.........
2,945,729 2,207,432 —11.9 1,923,903 2,160,704
,802,152
Beaumont..... C. " 2.417,998 2,050,272 —18. 23>854,248
1.
—
W Ga...
ilmington, N.
1,700.000 2,839,794 —4.9 13,,916,834
30.9 12541,774
Columbus,
1.089.318 1,434,296 24.1
Austin........... _ ' 0,599,358 5,348,866 +23.2 97,145,033
Vicksburg.....
886,046 870",230 +2.1 2.061",217 2,328,96!
773.000 834.790 — 3 8 464
7.
Columbia..........." 2,519,343 2,884,457 —9.9 27>608,742
140,295 143,987 +V.0 146,233 161,075
12.
Jackson........
1,690,800 6,184,400 — 7 46,,,309,806
342,879 1,489,020 — 13959,979
530,
Tulsa............II 5,938,442 3,352,729 —8.0 24>849,803
267,267 1,312,431 —Va'.7 240,549 369,351
Muskogee.......... 2, 981
1,600,381 306,997 — 4 891,958 042,847
097,872 768,119 —
10.
ElTotal Southern__ ___ 8,074,201 7,973,372 +12.8 ,338,950
Paso ............. 760,074,
21.8 666,744 630,896
8.3“8317,854,781
+4.3 112,172,896,902
1677882,2031"'148,725,099 50.1 “ 166,872,257 “f67.3W.iii
Total all........... 5,731,410,905 9,932,290.349 +771
30 7I9.186.Q83
York. 14,268,853,1 5,351.095,754 +43.7
3,043,905,045'2,027,540,669 ""+0.2 2.769,611,8282,731,360,418
Outside New
48,133,100,308
*,223,531,143 1,120,420,899 ++9.2 1,209,791,728 1.160.742,276
Week
Inc. or
Dec.
Inc. or
Dec.
1,562,093
,035,222
I ,8-j3,5U0
90,463,089
,099,253
213,037
65,693,580
59.8
15,412,509
6.300,000
THE CHRONICLE
723
[Vol. 101.
be obtained. The newspapers that formerly passed
the monthly statistics by, are featuring the weekly
The wild and erratic course of the foreign exchange returns now with great regularity.
market this week is indicative of the extraordinary All this serves to foster a belief that low though
conditions prevailing in that market for the time the level of exchange is, it is certain to go still lower.
being. The situation is one that deeply concerns When sight sterling first dropped below §4 80 predic
every one having any dealings with the outside world. tions were freely made that $4 50 might be reached
The par of sterling exchange, or the gold value of the before long and that no one could tell how low the
pound sterling, is $4 8665. This week sight bills of price might go with the trade balance accumulating
exchange on London have sold as low as $4 50, indi so fast. And as some of those entertaining such views
cating a depreciation of the pound sterling, as repre are in position to give verity to their predictions, it is
sented by a bill of exchange, of over 36 cents. From not surprising that the course of exchange rates
this low level there was an upward rebound which at should have continued steadily downward. No
one time carried the price to 84 72 (a recovery of feature has been so conspicuous in recent months as
22 cents), but with the close last night $4 673^, the tendency to abstain from buying. There has
leaving still a depreciation of over 19 cents per pound. been really no reason for this abstention from buy
Such violent fluctuations are in themselves disturb ing bills except the general belief and the widely
ing and constitute a serious detriment to foreign heralded announcement that, by waiting, bills could
trade. They introduce a new factor in all trade be purchased at still lower figures. Such an attitude
transactions between the United States and abroad, is in itself calculated to produce demoralization,
the effect of which it is impossible for the merchant especially since, as a result of the large foreign
or the business man to gauge in advance. Accord purchases of commodities being made here, bills of
ingly, he is obliged to make a price on his goods with exchange are necessarily offered in considerable
out knowledge as to how this price is likely to be amounts from day to day. In this state of things
affected by the variable element referred to. It repeated large breaks in prices became inevitable.
might easily happen that the difference in the rate Hence it is not strange that during August sight
of exchange would wipe out altogether his small sterling fell off from 4 76 to 4 553^2> and on Sept.
1 dropped still lower to 4 50.
margin of profit.
But that is not all. The disorganization of the For confirmation of the statements that remitters
foreign exchange market introduces instability in have been holding back it is only necessary to turn
many operations where stability is in the highest to the reports of the exchange market in the daily
degree essential. And exchange on London is not papers. There were two days this week when ex
alone in selling far below its ordinary normal or gold change rates broke badly—that is, broke several
value. Units of exchange on the Continental cen cents a pound. The first of these was Tuesday
ters of Europe register an even heavier discount. when the rate dropped from 4 60 to 4 55}/2, and the
The cause of the general depreciation in exchange second on Wednesday when there was a further drop
units lies on the surface. It is found in the circum to 4 50. With reference to the first of these days
stance that European countries are purchasing here the “Evening Post” of this city said that the “chief
on an enormous scale not only of munitions of war, feature of the market was the absence of buyers, and
but of foodstuffs and many other items. At the this absence was most pronounced in the market for
same time imports into the United States from cotton bills.” Though these bills were quoted at
these same countries are very much restricted, since 4 53 for 60 days and at 4 51 for 90 days, “bankers
productive capacity abroad has been greatly re would not buy even at these concessions.”
duced because the flower of their manhood is doing The further statement was made that “business
duty on the battlefield, while the activities of those in sterling was small because of this lack of
remaining at home are mainly employed in meeting buyers, and exchange on other financial cen
the exceptional requirements of the war. As a ters simply held to parity with demand sterling,
consequence, a trade balance has rolled up in favor but with declines in rates, also without any material
of the United States which is already of huge magni amount of business.” Of Wednesday’s market,
tude and is being steadily and largely added to day when the rate dropped early in the day to 4 50, but
with a pronounced recovery before the close, the
by day.
It may be doubted, though, if the situation is as “Post” said: “There was increased pressure from
bad as it appears to be or is represented to be. At banking and speculative sources in the sterling ex
tention is being so steadily focussed on this matter of change market to-day.” Other newspaper accounts
the trade balance that there is danger of its being- went further and declared flatly that there had been
magnified beyond its true importance. The public considerable short selling and that the sharp re
mind is being educated to think that the problem covery in the afternoon followed from the covering
is so extremely formidable that only through her of short sales and also from purchases for remittance
culean and heroic measures can it be dealt with. As to Europe for the account of people who had sold
a consequence, everyone is conducting his operations American securities in this market. Of the panicwith a view to the possible eventualities that such a stricken rise which occurred on Thursday the “Post”
situation may produce. Everyone is watching the said that the rally in the late trading of the day
trade figures. The authorities at Washington, to before had “caused a scramble to buy in the early
meet the desire for information and also because trading to-day, that numerous bids ranging from
they take pride in our favorable trade situation, are 4 58 to 4 60 were made long before the usual time
issuing weekly returns covering the leading customs for beginning business, but there was no supply in
districts of the country. This serves to emphasize evidence until late in the afternoon, that comment
the excess of merchandise exports over merchandise was general on the scarcity of commercial bills and
imports week by week. Previously, monthly returns the rumor prevailed that recent negotiations had
resulted in the supply of these bills finding a lodgwere
the best in the way of information that could
THE FINANCIAL SITUATION.
Sept . 4 1015.1
THE CHRONICLE
723
ment in bankers’hands which prevented their appear . rebound so plainly testifies. Extensive trade bal
ing on the general market, and (finally) that the ances in themselves furnish little guide to the true
heavy sales of securities in this market by Europe situation. They may easily be given an exaggerated
were estimated as equal to £2,000,000 in value.” importance. Large merchandise balances on the side
Altogether, what is here said offers strong evidence of the exports are the ordinary course in this country.
of manipulative tendencies. Yesterday the fear We have frequently had very heavy balances and
that the foreign bankers to arrive here next week yet have been obliged to export gold on final settle
might succeed in adjusting exchange rates was suf ment. It is only the extent to which the present
ficient to send the market up still further, sight balance exceeds similar balances in the past that is of
sterling at one time being up to 4 72, with the close special significance. And as against this we have as
offsets the large security sales on foreign account, to
4 673^.
_
But whether or not speculative or short selling gether with the extensive gold importations now un
is responsible for the decline in sterling, there is not der way.
a shadow of doubt that abstention from buying has Banking interests do not view the current gold
played its part in it. The extent to which such ab importations with favor. They frown upon the
stention may be carried is not generally appreciated. suggestion that the rectification of the exchange
This is not the only week, it should be remembered, market should be brought about by further imports
in which sales of American securities for foreign ac to the extent of $100,000,000 to $200,000,000. They
count have been large. We see that the National cannot understand why there should be such a fever
City Bank of Chicago in its monthly circular dated ish desire to bring gold here and settle in that way.
Sept. 1 says that sales of our securities by London The explanation is very simple. There is no depre
alone have averaged from $10,000,000 to $20,000,000 ciation in the gold value of the pound sterling. The
a week for some time past. This, it should be ob depreciation is in the bill of exchange. The gold,
served, is at the rate of $500,000,000 to $1,000,000, when brought here, has its gold value of $4 8665.
000 a year. Yet the closing price yesterday, even The bill of exchange has a value in American money
after the recovery, was only 4 67)^, against 4 7G on of only $4 67 When gold is used in settlement of
debts or obligations the full value of $4 8665 is
the 1st of August.
It is facts like this which encourage the inference realized. The bill of exchange, on the other hand,
that considerable remittances have been deferred. has only the current market value which last night
The operations of such foreign exchange houses as was $4 67)^. The gold is being rushed here to save
merely make it a practice to buy and sell bills of this discount and we may be sure that so long as
exchange and do not go beyond that, would of course any considerable discount remains English merchants
have no influence on exchange movements one way and bankers will collect it in all parts of the world
or the other, but where mercantile and financial where it can be obtained and bring it to this point so
concerns which in the ordinary course have heavy as to escape the loss involved in making payment or
remittances to make abstain in larger or smaller settlement through depreciated bills of exchange.
measure from buying as a matter of policy because The reason why the large special importations of
of a widespread belief that rates must inevitably go gold made by J. P. Morgan & Co.—there were two
lower, the collective result in producing an extreme such shipments in August of roughly 193'2 million
dollars each—have not served to arrest the decline
state of depression is certain to be marked.
Is it too much to ask those who have yielded to the in exchange, is also plain. These importations are
influence of this policy to abandon their attitude as a not exchange operations. Where gold is imported
matter of patriotic duty and also urge their clients in the ordinary course because a profit can be figured
in like manner to abandon such attitude, and thus out on the transaction, bills of exchange are bought
prevent the accentuation and aggravation of a situa to cover the importation and this buying of exchange
tion serious enough as it is. Let them simply follow has an immediate effect upon exchange rates.
ordinary routine in the matter of making remittances Special importations, however, where the gold is
without reference to the possible course of exchange used directly in settlement of obligations existing
rates. In other words, let them remit as they would here, as was the case with the large consignments of
if there were no talk of an accumulating trade bal the metal that were made to J. P. Morgan & Co., are
ance. Then, at least, the exchange market would not independent transactions and are without influence
be deprived of that sustaining influence. Those hav upon exchange rates, one way or the other, though
ing occasion to make remittances must consider them they do reduce foreign indebtedness here to the ex
selves fortunate as it is; they are able to buy upon most tent of their value.
advantageous terms; every penny of depreciation be
low the par of exchange means a penny of profit to Bank clearings in the United States for the month
them. If they remitted in actual gold, the cost of the of August 1915, comparing as they do with the period
pound sterling would be $4 8665; at any figure below in the previous year when the first and most drastic
this there is a profit to them to the extent of the dif effects of the war in Europe were felt here, make in
ference. If they persist in refusing to fill their cus the aggregate a decidedly favorable showing, but
tomary demands for exchange and allow the deprecia nevertheless do not reflect a satisfactory state of
tion to go too far, it may prove their own undoing. general business in the country as a whole. This is
If every business man, every merchant and every indicated by the fact that at quite a number of
banker formed a resolve to make each day full re points the exhibit is not as good as a year ago and
mittances to the extent of his requirements, rectifica that at many of the cities included in our compila
tion of the dislocation of exchange would, with some tion the totals are lower than at the corresponding
help from banking and financial interests, be, we time in 1913 or 1912. The showing this year at
New York is distinctly good on its face, but this is
are persuaded, quickly accomplished.
There is risk anyway of losing some profit on ex clearly due to the larger volume of financial transac
change by waiting too long, as this week’s upward tions recently passing, operations on the Stock
724
THE CHRONICLE
Exchange in August having been of much greater
magnitude than for the like period of any year
since 1909, whereas in 1914 dealings were entirely
suspended. The generally satisfactory crop pros
pect is of course a decidedly encouraging feature,
but real activity is discernible in too few lines of
industry to be accepted as an earnest of general
trade revival.
Our compilation of clearings for August shows
that 72 of the 160 cities included record decreases
from a year ago, but that compared with the greatly
contracted general aggregate of that period the
total for the whole country exhibits a gain of 43.7%.
The largeness of the increase it is to be noted,
however, is due to the phenomenal augmentation
at New York (86.4%), the excess for the remaining
159 cities having been only 7.1%. For the eight
months of the calendar year the total of clearings
at the 160 cities reaches $112,172,896,962, this
being a gain of 2.2% over 1914, but contrasted with
1913 there is only a nominal increase and comparison
with 1912 reveals a falling off of about 1%. At
New York the gain in the aggregate over 1914 for
the eight months is 5.2%, but the outside cities
show a small loss—1.6%. As regards the individual
cities, it is to be said that at some points where the
stimulus of “war orders" has been especially felt
important increases are to be noted, but a number
of Southern cities, reflecting the effect of the re
stricted movement of cotton and low prices, report
diminished totals. Of the various groups into which
the figures are segregated the Middle (with New
York included) and the “Other Western" alone
make a better exhibit than in 1914.
Speculative transactions on the New York Stock
Exchange in August were, as stated above, of much
greater volume than in the same month of any year
since 1909, with the “war stocks” the feature in the
trading and in many instances new high levels of
value were reached. The dealings in the month
this year aggregated 20,432,350 shares, against nil
a year ago and 6,086,374 shares in 1913. For the
eight months they were 96,733,962 shares, against
but 45,990,575 shares and 57,467,687 shares respec
tively in the like period of the two preceding years.
Bonds were quite freely traded in during the month
and transactions for the period since January 1 at
524 million dollars par value contrast with 425
millions in 1914 and 348 millions in 1913.
Canadian clearings returns continue with very
few exceptions, to make unfavorable comparison
with the similar period of the previous year, losses
being noted at all cities in the Western Provinces,
some of them conspicuously large, while in the East,
Montreal and Hamilton alone show gains worthy of
mention. The total for the twenty-two cities for
which we have comparative figures exhibits a decline
for the month of 3% and the eight months’ aggre
gate falls below 1914 by 16.4%.
The country’s foreign trade statement for July
1915, issued this week, is of the same general charac
ter as all similar monthly compilations since the
beginning of the current calendar year. In other
words, with the demand upon us for war munitions
and supplies of the most urgent character and tend
ing toward increase rather than diminution, the out
flow of commodities continues of phenomenally large
proportions. On the other hand, and naturally so
under existing conditions, the volume of imports is
[Vol. 101.
restricted. Consequently, from month to month
the balance of trade has stood enormously in our
favor even though many classes of goods that have
been considered mainstays in our foreign commerce
in the past, and will again occupy that position when
the world’s international trade returns to normality,
have figured but feebly in the statements.
Not only has the outflow of many staple articles
of export fallen off very seriously as the result of
the war, but the benefits that were to accrue to us in
the stimulating of our trade with countries that had
been largely dependent upon Great Britain, Ger
many and France for supplies of various commodities,
have thus far failed of realization. Our exports to
both China and South America were appreciably
less in the late fiscal year than in either 1913-14 or
1912-13, and in the latter case it would almost seem
that provision had been made for some such con
tingency as a war, the flow of goods from Germany
to several of the important States having shown
phenomenal expansion the last few years. But be
that as it may, the fact remains that with German
commerce virtually cut off for practically a full year,
we have actually done less in cotton goods with
South America than when normal conditions pre
vailed .
As regards the July merchandise exports from the
United States the gain over last year may be br:efly
stated as having occurred in shipments of explosives,
firearms, automobiles, horses, wearing apparel,
foodstuffs and various other supplies in the fulfill
ment of orders or contracts from the Entente
countries. The exports for the month foot up the
enormous total of $267,978,990—by a considerable
amount a record for the period—and comparing
with only $154,138,947 in 1914. For the seven
months of the current calendar year, moreover, the
aggregate value of the merchandise outflow at
$1,969,787,495 compares with but $1,200,982,162
in 1914 and $1,327,273,137 in 1913—this latter the
former high-water mark for the period.
Imports of merchandise for the month exhibit
a loss of 16^ million dollars from last year, the
respective aggregates having been $143,099,620 and
$159,677,291. For the seven months the total falls
some 131^2 millions behind the high record of last
year, the comparison being between $1,008,909,441
and $1,140,593,373. The net result of our July
foreign trade is a balance of exports of no less than
$124,879,370, this contrasting with an excess of
imports of $5,538,344 in 1914. For the seven
months the balance of exports is $960,878,054,
whereas in 1914 the outward flow was greater than
imports by only $60,388,789. It is a notable fact,
furthermore, that this year’s favorable balance is
almost as great as the aggregate of imports for the
period.
The movement of gold in July 1915, as in all
recent previous months, was in favor of the United
States. Imports reached $17,262,938, of which
$4,858,440 came from Ottawa, via Ogdensburg,
N. Y., for the account of Great Britain, and some
3 millions was received at New York from South
America. Against this there were exports of only
$2,191,735, mainly to the West Indies, leaving the
net inflow $15,071,203. For the seven months the
net imports of gold have been no less than $152,
413,112, against net exports of $83,508,822 in 1914
and $36,619,478 in 1913.
Se p i . 4
1 9 1 5 .]
T H E
C H R O N I C L E
T h e c o tto n c o n d itio n r e p o r t fo r A u g . 2 5 , m a d e
p u b lic b y th e D e p a r tm e n t o f A g r ic u ltu r e o n M o n d a y
l a s t , i n d i c a t e d t h e a d v e r s e e f f e c t u p o n t h e p l a n t in
im p o r ta n t p r o d u c in g s e c tio n s o f th e d r o u g h t o f la te
J u l y a n d A u g u s t a n d t h e e x c e s s iv e r a i n s t h a t f o l
lo w e d . F ro m th e tw o c a u s e s th e r e s u lta n t d e te rio ra
t i o n w a s g r e a t e r t h a n t h e a v e r a g e lo s s o f p r e v i o u s
y e a rs a n d , c o n s e q u e n tly , ta k in g in to a c c o u n t th e
m a te ria l d e c re a s e in a re a a n d th e re d u c tio n in th e
u se o f fe rtiliz e rs in d is tr ic ts w h e re th e y h a v e b e e n
c o n s i d e r e d e s s e n t i a l t o s a t i s f a c t o r y y i e l d s , a s w e ll a s
t h e l o w e r c o n d i t i o n , a c r o p c o n s i d e r a b l y le s s t h a n a
y e a r a g o is n o w l o o k e d f o r . T h i s l a t t e r p r e m i s e ,
h o w e v e r , is n o t c a l c u l a t e d t o b e a s o u r c e o f a n y c o n
c e rn , a s w ith c o n s u m p tio n m u c h r e s tr ic te d in E u r o p e
la s t s e a s o n o n a c c o u n t o f th e w a r , a c o n s id e ra b le
p o r tio n o f th e 1 9 1 4 y ie ld f a ile d to c o m e u p o n th e
m a r k e t a n d w e n t to m e a s u ra b ly in c re a s e th e re s e rv e
■ supply o f c o t t o n i n t h e w o r l d . I n f a c t , a c o m p a r a
tiv e ly s h o r t o u ttu r n th is y e a r c a n b e v ie w e d w ith
e q u a n i m i t y , a s i t w ill s e r v e t o s t r e n g t h e n t h e p r i c e
b a s is a n d th e re fo re b e n e fit th e p ro d u c e r.
The
r e p o r t, a s a n n o u n c e d , m a k e s th e g e n e ra l c o n d itio n
o f t h e c r o p 6 9 .2 o n A u g . 2 5 , o r a d r o p o f 6 .1 p o i n t s
f r o m J u l y 2 5 , a n d c o m p a r e s w i t h 7 8 .0 o n t h e s a m e
d a t e l a s t y e a r a n d a t e n - y e a r a v e r a g e o f 7 2 .8 . M o r e
o v e r, in o n ly tw o y e a r s s in c e 1 9 0 2 h a s a lo w e r c o n
d itio n b e e n r e p o rte d o n A u g . 2 5 .
A s re g a rd s th e in d iv id u a l S ta te s , th e C a ro lin a s ,
T e n n e ss e e a n d M is s o u ri sh o w e d little d e te rio ra tio n
d u r i n g t h e m o n t h a n d i m p r o v e m e n t i n c o n d i t i o n is
n o te d in O k la h o m a a n d V irg in ia . E ls e w h e r e , h o w
e v e r, h ig h te m p e r a tu r e a n d la c k o f m o is tu r e a t f ir s t
a n d t h e n e x c e s s iv e r a i n f a l l e x p l a i n t h e d e c l i n e in
c o n d itio n t h a t r a n g e s fro m 6 p o in ts in A la b a m a to
1 0 p o i n t s i n L o u i s i a n a , b o l l w e e v il s b e i n g a c o n
tr ib u t i n g c a u s e in th e tw o S ta te s s p e c ific a lly m e n
t i o n e d a n d a ls o i n M i s s i s s i p p i a n d t o a s l i g h t e x t e n t
in T e x a s . I n th e l a t t e r , o f c o u rs e , th e s to r m s
o f m id -A u g u s t w e re p o te n t d a m a g in g fa c to rs , b u t
n o t i n a ll s e c t i o n s o f t h e S t a t e . O n t h e c o n t r a r y ,
w h ile c e n tr a l a n d s o u th T e x a s s u ffe re d s e v e re ly
th e r e f r o m , s o m e s e c tio n s w e re b e n e f ite d b y th e r a in .
7 2 5
w h ic h w e re p a id fo r b y d e liv e ry in G e r m a n y o f c e r
ta in c o tto n c a rg o e s , to p a s s w ith o u t in te rfe re n c e ,
p r o v id e d th e v e s s e ls s a ile d u n d e r a n e u tr a l fla g ;
t h a t th e s h ip m e n ts w e re m a d e fro m R o tte rd a m , a n d
th e d y e s tu ffs c o n s ig n e d to th e S e c re ta ry o f C o m
m e rc e fo r d is tr ib u tio n d ire c tly to th e te x tile in d u s
tr ie s . T h is o ffe r, w h ic h w a s re fu s e d b y G e rm a n s ,
s till h o ld s g o o d .”
L a s t w e e k ’s i n t i m a t i o n s t h a t t h e G e r m a n G o v e r n
m e n t h a d d e te rm in e d to m a k e fu ll r e p a r a tio n fo r a n y
in ju r y to A m e ric a n in te r e s ts b y th e s in k in g o f th e
A ra b ic h a s a s s u m e d a d d itio n a l im p o rta n c e th is w e e k ,
s i n c e i t h a s b e e n f o l lo w e d b y t h e o f f i c i a l s t a t e m e n t
t h a t th e G e r m a n s u b m a r in e w a r f a r e h a s b e e n m o d ifie d
to c o m p le te ly m e e t th e p o s itio n ta k e n b y P r e s id e n t
W il s o n i n h i s l a t e s t n o t e . O c e a n l i n e r s , i t is d e f i
n ite ly p ro m is e d b y th e G e r m a n G o v e r n m e n t, a re n o t
t o b e a t t a c k e d w i t h o u t A v a rn in g , a n d a r e n o t t o b e
to rp e d o e d u n til th e s a fe ty o f th e p a s s e n g e rs h a s b e e n
a s s u re d , u n le s s t h e y a tt e m p t to e s c a p e o r to o ffe r
r e s i s t a n c e . F o llo A v in g a n o r a l s t a t e m e n t t o S e c r e
t a r y L a n s in g o n W e d n e s d a y , t h a t G e rm a n y h a d a c
c e p te d th e d e c la r a tio n s o f th e U n ite d S ta te s in th e
s u b m a rin e w a rfa re c o n tro v e rs y , C o u n t v o n B e rn sto rff, th e G e rm a n A m b a ssa d o r, fo rw a rd e d a le tte r
t o M r . L a n s i n g t o t h a t e f f e c t , A v h ich w e g i v e o n a
s u b s e q u e n t p a g e . A d v ic e s c a b le d f r o m B e rlin s ta te
t h a t G e r m a n y , a c c o r d i n g t o C o u n t v o n B e r n s t o r f f ’s
in s tr u c tio n s , o ffe rs to s u b m it th e c la im s fo r c o m p e n
s a tio n a ris in g o u t o f th e L u s ita n ia a n d A ra b ic c a s e s
t o t h e H a g u e f o r a d j u d i c a t i o n . I t is d e n i e d f r o m
B e rlin t h a t th e s o lu tio n o f th e s u b m a r in e p ro b le m
is c o u p l e d w i t h a s e t t l e m e n t o f t h e A m e r i c a n n e g o
tia tio n s w ith G r e a t B r ita in in c o n n e c tio n w ith t h e
l a t t e r ’s b l o c k a d e o f G e r m a n c o m m e r c e . C o u n t v o n
B e rn s to rff h a s , h o w e v e r, b e e n in s tru c te d to sa y th a t
th e s e ttle m e n t o f th e b lo c k a d e p ro b le m w o u ld e n a b le
G e r m a n y t o d r o p t h e w h o l e s u b m a r i n e A v a rfa re
a g a i n s t c o m m e r c e ; b u t t h i s s u g g e s t i o n , i t is d e c l a r e d ,
is q u i t e a p a r t f r o m t h e p r e s e n t d i s c u s s i o n . I t is
re p o rte d t h a t A d m ira l v o n T ir p itz , th e G e rm a n
M i n i s t e r o f M a r i n e , A vho h a s b e e n r e s p o n s i b l e f o r t h e
s u b m a r i n e a c t i v i t y , h a s r e s i g n e d o r Avill r e s i g n , a n d
O u r C o n s u l - G e n e r a l a t L o n d o n , M r . S k i n n e r , b e s u c c e e d e d b y A d m i r a l v o n P o h l , noAV c h ie f o f t h e
c a b le d o u r S ta te D e p a rtm e n t o n T u e s d a y t h a t A d m ira lty S ta ff a n d c o m m a n d e r o f th e G e rm a n b a ttle
E n g la n d h a d d e c id e d to re la x h e r c o m m e rc ia l b lo c k f le e t.
a d e o f G e r m a n y in s o m e p a r tic u la r s . C o m p le te
d e ta ils w e re la c k in g , h o w e v e r, a n d in f a c t, th e y
C a r d in a l G ib b o n s c a lle d a t th e W h ite H o u s e o n
h a v e e v e n y e t n o t b e e n a n n o u n c e d . S im ila r in T h u r s d a y to s u b m it a m e s s a g e fro m th e P o p e s o lic it
f o r m a tio n w a s r e c e iv e d a t th e B r itis h E m b a s s y . in g th e a id o f th e U n ite d S ta te s in a m o v e to b r in g
T h e B r itis h A m b a s s a d o r e x p la in e d t h a t a r r a n g e a b o u t p e a c e in E u r o p e . F r o m th e W h ite H o u s e
m e n t s w o u l d b e c o m p l e t e d f o r a c c e p t i n g p r o o f o f h e A v en t t o t h e S t a t e D e p a r t m e n t , A vhere h e h a d
c o n t r a c t s a t t h e E m b a s s y h e r e i n s t e a d o f r e q u i r i n g a l o n g c o n f e r e n c e A vith S e c r e t a r y L a n s i n g r e g a r d i n g
i t s p r o d u c t i o n i n L o n d o n . F u l l i n f o r m a t i o n w ill t h e d e t a i l s o f t h e p e a c e p r o g r a m . T h e C a r d i n a l
b e g iv e n la te r in a m e m o r a n d u m f r o m th e L o n d o n re fu s e d to d is c u s s fo r p u b lic a tio n h is m e s s a g e , e x
F o r e i g n O f f ic e . T h e f o r e ig n t r a d e a d v i s e r s o f o u r c e p t t o s a y t h a t t h e q u e s t i o n s a t is s u e b e t w e e n
S ta te D e p a rtm e n t h a v e b e e n m a k in g v ig o ro u s G e rm a n y a n d th e U n ite d S ta te s h a v e b ro u g h t th e
r e p r e s e n ta tio n s r e c e n tly in b e h a lf o f A m e r ic a n im p o s s ib ility o f p e a c e n e a r e r . “ I e x p re s s e d to th e
p o r te r s g e n e ra lly a n d h a v e c o m p la in e d t h a t w h ile P r e s id e n t” , s a id th e C a r d in a l, “ m o s t d e c id e d ly
t h e i r e f f o r t s t o s e c u r e t h e r e le a s e o f g o o d s h a d b e e n m y g r e a t g r a t i f i c a t i o n a t t h e a d v a n t a g e o u s c o n c e s
i n v a i n , p r i v a t e i n t e r e s t s i n G r e a t B r i t a i n w e r e s i o n o f t h e d i s c u s s i o n s A vith G e r m a n y . ” M r . L a n s i n g
g e ttin g p e r m its fo r c e r ta in s h ip p in g . T h e B r itis h s a id t h a t h e h a d d is c u s s e d th e g e n e ra l s u b je c t o f
E m b a s s y o n M o n d a y i s s u e d a s t a t e m e n t p l a c i n g i p e a c e i n E u r o p e A vith C a r d i n a l G i b b o n s , b u t t h a t
th e e n tir e re s p o n s ib ility fo r th e h o ld in g u p o f d y e th e l a t t e r d id n o t le a v e a n y d o c u m e n t o r m e s sa g e
s t u f f s o f G e r m a n m a n u f a c t u r e i n t e n d e d f o r A m e r i c a n A vith h i m f r o m t h e P o p e . I t is u n d e r s t o o d t h a t
c o n s u m p t i o n u p o n t h e G e r m a n G o v e r n m e n t . T h e t h e P o p e is a n x i o u s t o h a v e a ll t h e n e u t r a l P o w e r s
s ta te m e n t r e a d : “ O n A p ril 14 a fo rm a l n o tic e w a s a c t in c o n c e r t a n d p e titio n th e b e llig e re n t g o v e rn
is s u e d b y th e B r itis h G o v e r n m e n t t h a t th e y w o u ld m e n ts o f E u r o p e to c e a s e h o s tilitie s . C a r d in a l
a llo w v e s s e l s c a r r y i n g t w o s h i p m e n t s o f d y e s t u f f s , G i b b o n s p r e s e n t e d s o m e v a l u a b l e i n f o r m a t i o n r e g a r d
726
THE CHRONICLE
[Vol. 101.
d a y re s ig n e d a s V ic e -P re s id e n t o f th e C h in e s e R e
p u b lic . T h e V ic e -P re s id e n t h a s b e e n v ir tu a lly a
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t h a t is s a t i s f a c t o r y t o t h e w o r k m e n , if n o t t o t h e S e c r e t a r y t o t h e P r e s i d e n t a r e q u e s t t h a t h e b e
e m p lo y e r s . T h e a g r e e m e n t p r o v id e s t h a t th e a w a rd g r a n te d a s m a ll b o d y g u a r d a n d p e rm is s io n to d e
m a d e b y W a lte r I tu n c im a n , P r e s id e n t o f th e B o a r d p a r t w ith h is fa m ily fro m th e F o r b id d e n C ity to a
o f T r a d e , a f te r th e p r e v io u s s tr ik e , s h a ll s t a n d . T h e p r iv a te re s id e n c e . H e w a s s a id to h a v e s t a t e d in
m in e o w n e rs u n d e r ta k e , h o w e v e r, to c o n c lu d e a h is m e s s a g e to th e P r e s id e n t t h a t w h ile h o w o u ld n o t
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e n g in e e rs a n d o th e r s u rfa c e w o rk e rs , n o t in c lu d e d h e w o u ld n o t s u b s c rib e h is n a m e to a p e titio n f a v o r
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a n d i n t h a t r e g a r d t h e m e n h a v e o b t a i n e d w h a t is t o c o m e t o N e w Y o r k f o r t h e p u r p o s e o f d i s c u s s i n g
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w a r is s t i l l t h e s u b j e c t o f c o n s i d e r a b l e m y s t e r y ,
S o f a r a s m i l i t a r y o p e r a t i o n s h a v e b e e n r e p o r t e d b u t t h e c o m m i s s i o n is e x p e c t e d n e x t w e e k . A n
t h i s w e e k t h e c h ie f a c t i v i t y o f t h e E u r o p e a n w a r h a s A s s o c i a t e d P r e s s d i s p a t c h w h i c h b e a r s e v i d e n c e o f
c o n tin u e d in P o la n d . E x c e p t in th e re g io n o f lii g a , a re s p o n s ib le b a s is , s ta te s t h a t th e B r itis h c o m m is
w h e re th e R u s s ia n s h a v e c h e c k e d F ie ld M a r s h a l v o n s io n e rs a r e fu lly c o n v e r s a n t w ith th e a t t i t u d e o f th e
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h a v e c o n tin u e d to a d v a n c e a n d th e ir o p p o n e n ts to s itu a tio n a s a la rm in g . O n th e c o n tr a r y , th e G o v e rn
r e t i r e . T h e W e s t e r n f o r t s o f G r o d n o w e r e e v a c u m e n t v i e w is d e c i d e d l y h o p e f u l a n d s e r e n e , a s t h e
a te d o n T h u r s d a y a f te r tw o o f th e m h a d b e e n d e re c e n t su c c e s s in flo a tin g th e g ig a n tic w a r lo a n h a s
s tr o y e d b y th e h e a v y g u n s , a n d h a d b e e n s to r m e d g iv e n i t c o n fid e n c e t h a t th e la r g e s t fin a n c ia l p r o b
b y t h e G e r m a n i n f a n t r y . I t is r e p o r t e d t h a t t h e l e m s c a n b e r e a d i l y s u r m o u n t e d . T h e c o m m i s s i o n ,
w h o l e f o r t r e s s h a s n o w b e e n l e f t t o i t s f a t e , t h e d i s p a t c h s a y s , w ill b e i n a p o s i t i o n t o p o i n t o u t
s i n c e i t w a s n o t l o n g e r t e n a b l e a f t e r t h e G e r m a n s h a d t h a t t w o d i s t i n c t c la s s e s o f c r e d i t s a r e b e i n g i n c u r r e d
c ro s s e d th e G ro d n o - V iln a R a ilw a y , w h ic h th e y d id in A m e r ic a . T h e f ir s t r e s u lts fro m p u r c h a s e s o f
a t t w o p o i n t s , a n d h a d p e n e t r a t e d t h e f o r e s t o f s u p p l i e s a n d m u n i t i o n s b y t h e A l l ie d G o v e r n m e n t s ,
B ie lo v ie z h to th e s o u th e a s t o f th e to w n . I n th e th e se c o n d fro m o r d in a r y p u r c h a s e s a n d s a le s b e
S o u th w e s t, V ie n n a r e p o r ts a s e rie s o f su c c e s s e s b y tw e e n p r iv a te tr a d e r s . C o n tin u in g th e d is p a tc h
w h ic h th e A u s tria n s h a v e p ra c tic a lly d riv e n th e s a y s :
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C o n c e rn in g th e G o v e rn m e n t p u rc h a s e s n o t th e
n o w h o ld in g a v e r y n a r r o w s tr ip b e tw e e n t h e S e r e th s lig h te s t q u e s tio n h a s b e e n ra is e d r e g a r d in g th e
R iv e r a n d B e s s a r a b ia . A c ro ss th e b o r d e r in th e u n b o u n d e d re s o u rc e s o f th e G o v e r n m e n t, p e r m ittin g
l a t t e r p r o v i n c e t h e A u s t r i a n s s t a t e t h e R u s s i a n s h a v e i t t o m a k e p a y m e n t s a s f a s t a s r e q u i r e d . T h i s is
s e t f i r e t o a n u m b e r o f v i ll a g e s , w h i c h m i g h t i n d i c a t e l i k e l y , i t is p o i n t e d o u t , t o b e e m p h a s i z e d b y t h e
a f u r th e r r e tr e a t. O n th e W e s te rn f r o n t th e G e r re a d in e s s o f th e B r itis h a u th o r itie s to p a y in A m e ri
c a n g o l d e a g l e s if a n y q u e s t i o n e x i s t s r e g a r d i n g t h e
m a n s c la i m t o h a v e r e c o v e r e d t r e n c h e s w h i c h t h e y r a t e o f e x c h a n g e o n t h e B r i t i s h p o u n d s t e r l i n g ;
l o s t i n t h e m i d d l e o f A u g u s t i n t h e V o s g e s , w h i l e t h e t h a t is , t h e A m e r i c a n u n i t o f v a l u e p r o b a b l y w o u l d
F r e n c h s i m p l y r e f e r t o t h e h e a v y a r t i l l e r y e n g a g e b e h e l d t o b e a c c e p t a b l e if a n y q u e s t i o n a r o s e c o n
m e n ts w h ic h h a v e b e e n th e f e a tu r e fo r th e la s t n in e c e rn in g th e f lu c tu a tio n o f th e B r itis h u n it.
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v a n c e s h a d t h r e a t e n e d t o c u t o f f . A n A t h e n s d i s s e e in g t h i s p r i v a t e a d j u s t m e n t s a t i s f a c t o r i l y a c c o m
p a t c h o f y e s t e r d a y ’s d a t e a n n o u n c e s t h a t a n i m p l i s h e d , s o a s t o p r e s e r v e n o r m a l a n d h e a l t h y f i n a n
p o r t a n t p a r t o f t h e T u r k i s h f o r c e s o n t h e G a l li p o l i c ia l c o n d i t i o n s . T h e r e f o r e t h e c o m m i s s i o n s a r e
P e n i n s u l a h a s b e e n s u r r o u n d e d b y t h e A llie s a n d i t s l ik e l y t o e x p l a i n t h e a b i l i t y a n d w i l li n g n e s s o f t h e
s u r r e n d e r is i m m i n e n t .
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G re e c e h a v e a g re e d to re v is io n o f th e t r e a t y o f s u p p lie s b y g o ld p a y m e n ts in th e A m e ric a n u n it, o r
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B u c h a r e s t , b u t B u l g a r i a is s t i l l h o l d i n g b a c k , a c w i t h c r e d i t s g r o w i n g o u t o f p r i v a t e s a l e s w ill p r o b a b l y
c o rd in g to a d v ic e s fro m R o m e , a p p a r e n tly tr y in g to a w a it c o n fe re n c e s b e tw e e n th e B r itis h a n d F r e n c h
p o s tp o n e th e d a y w h e n a d e c is io n m u s t b e m a d e . d e le g a te s a n d A m e ric a n fin a n c ie rs .
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T h e t h r e e c o u n t r i e s a r e n o t w i l li n g t o s a t i s f y e n t i r e l y
B u l g a r i a ’s c la i m s t o t e r r i t o r i a l c o m p e n s a t i o n f o r e x p e c t e d f r o m t h e American s i d e , a s t h e v i e w p r e
v a i l s i n t h e h i g h e s t q u a r t e r s h e r e t h a t if A m e r i c a
p a r tic ip a tin g in th e w a r .
w a n t s t o s e ll i t m u s t p r o v i d e t h e m e a n s o f c r e d i t .
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W h il e P r e s i d e n t Y u a n S h i h K a i d e n ie s t h a t s u c h a o u t t h a t A m e r i c a ’s g r e a t w h e a t c r o p n o w b e i n g
m o v e m e n t is o n f o o t , d i s p a t c h e s f r o m S h a n g h a i s u g h a r v e s t e d w ill n o r m a l l y b e t a k e n b y E u r o p e a t g o o d
g e s t t h a t t h e r e - e s t a b l i s h m e n t o f t h e C h i n e s e E m p i r e p r i c e s if a c r e d i t s y s t e m is p r o v i d e d b y t h e A m e r i c a n
is u n d e r s e r i o u s d i s c u s s i o n . L i Y u e n - H e n g o n T h u r s s e l le r s . O t h e r w i s e , i t is s t a t e d , r e p o r t s r e a c h i n g
i n g t h e s e n t i m e n t o f t h e p e o p le i n G e r m a n y a n d
A u s tr ia in re fe re n c e to th e w a r . W h a t th is in f o r m a
t i o n w a s o f f i c i a l s r e f u s e d t o d i s c lo s e . B u t i t w a s
s a id to b e o f s u c h a n a tu r e a s to in d ic a te t h a t th e
p e a c e m o v e in s tig a te d b y th e P o p e h a d g o o d g ro u n d
u p o n w h ic h h o p e s o f s u c c e s s c o u ld b e b a s e d .
Sept . 4 1915.]
THE CHRONICLE
t h e G o v e r n m e n t c o n c e r n i n g t h e w h e a t f ie ld s i n I n d i a ,
A u s tra lia a n d C a n a d a a re s u c h a s to in d ic a te t h a t
G r e a t B r i t a i n a n d h e r A llie s w o u l d b e p e r m i t t e d f o r
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n a m e d in s te a d o f in A m e ric a , a s I n d ia , A u s tr a lia
a n d C a n a d a w ill g i v e t h e n e c e s s a r y c r e d i t f a c i l i t i e s .
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3 ,2 8 1 t h e p r e v i o u s m o n t h . I t w a s 3 ,2 5 0 i n J u n e .
A s w a s s t a te d b y u s la s t w e e k , th e tw o F r e n c h C e re a ls in c r e a s e d 2 3 ^ p o in ts to 8 4 1 ; o th e r fo o d d e
d e l e g a t e s t o t h e c o n f e r e n c e , n a m e l y , O c t a v e I l o m b e r g c li n e d 2 p o i n t s t o 4383/2,' t e x t i l e s a r e 2 5 p o i n t s h i g h e r
o f t h e F o r e i g n O f f ic e a n d E r n e s t M a l l e t , R e g e n t o f a t 6 2 8 ; m i n e r a l s a r e 1 4 3 ^ p o i n t s l o w e r a t 610}^.
th e B a n k o f F r a n c e , h a v e a lr e a d y s a ile d . T h e y le ft
o n L a B o u l o g n e l a s t S a t u r d a y . I t is n o t k n o w n
V e r y l i t t l e is p a s s i n g i n t h e f o r m o f b u s i n e s s o n t h e
w h a t f o r m t h e n e g o t i a t i o n s w ill t a k e , e x c e p t t h a t t h e P a r i s B o u r s e . A c t i v e a c c u m u l a t i o n o n b e h a l f o f t h e
m a t t e r o f r e s t o r i n g a n d s t e a d y i n g t h e e n t i r e e x c h a n g e G o v e r n m e n t is t a k i n g p l a c e o f A m e r i c a n s e c u r i t i e s
s i t u a t i o n a s a p p l y i n g t o t h e i n t e r e s t s o f t h e A llie s w h i c h a r e b e i n g e x c h a n g e d f o r T r e a s u r y b i ll s o r n a
w ill b e c o n s i d e r e d o n t h e b r o a d e s t p o s s ib l e lin e s . t i o n a l b o n d s , o n t h e b a s i s o f t h e p r i c e s t h a t c o u l d
I n t h e a b s e n c e o f b u y i n g p o w e r , s t e r l i n g e x c h a n g e b e r e a l i z e d f o r t h e s e c u r i t i e s if s o l d i n N e w Y o r k
r a t e s d u r i n g t h e e a r l i e r d a y s o f t h e w e e k w e r e w e a k s u b j e c t t o a d j u s t m e n t o f e x c h a n g e . I t is u n d e r s t o o d
to th e p o in t o f s u g g e s tin g u n m is ta k a b le d e m o r a li in P a r is t h a t th e s e A m e ric a n s e c u r itie s a r e to b e
z a t i o n , a n e w lo w l e v e l o f 4 .5 0 f o r d e m a n d b ills u t i l i z e d i n t h e n e g o t i a t i o n s t h a t a r e s o o n t o t a k e
b e i n g e s t a b l i s h e d o n W e d n e s d a y . D u r i n g t h e l a t e r p l a c e f o r e s t a b l i s h i n g a c r e d i t f o r t h e A llie s i n N e w
d a y s o f th e w e e k im p o r ta n t s u p p o r t w a s a ffo rd e d , Y o rk . A c c o rd in g to a sp e e c h b y S e n a to r A im o n d ,
a n d t h e i m p r e s s i o n p r e v a i l e d t h a t t h e w o r s t o f t h e w h o is s p o k e s m a n o f t h e F i n a n c e C o m m i t t e e o f t h e
d o w n w a r d m o v e m e n t h a d b e e n e x p e r i e n c e d . O n e F r e n c h S e n a t e , F r a n c e c o u ld s e n d b e f o r e t h e e n d o f
r e a s o n f o r t h e e a r l y w e a k n e s s w a s t h e c o n t i n u e d t h e w a r $ 3 0 0 ,0 0 0 ,0 0 0 i n g o l d t o t h e U n i t e d S t a t e s
in d e f in ite n e s s , a n d w h a t la te r p r o v e d to b e u n w ith o u t a f fe c tin g h e r f in a n c ia l p o s itio n in E u r o p e ,
f o u n d e d i n t i m a t i o n s o f d e l a y , a s t o t h e p r o b a b l e “ W h i l e w e w ill d o t h i s i f A m e r i c a i n s i s t s , w e c o n
d a te o f th e c o n fe re n c e to w h ic h w e h a v e a lr e a d y s id e r t h a t th e g r e a te s t s e rv ic e t h a t c a n b e re n d e r e d
r e f e r r e d . W e d i s c u s s a t g r e a t e r l e n g t h t h e m a r k e t t o F r a n c e is c o - o p e r a t i o n i n s t a b i l i z i n g t h e e x c h a n g e
f e a tu r e s o f th e fo re ig n e x c h a n g e s itu a tio n in a s u b m a r k e t. A m e ric a n s c a n d o th e ir p a r t to th e ir o w n
s e q u e n t c o lu m n .
a d v a n t a g e a s w e ll a s o u r s b y g r a n t i n g a l o a n , t h e
p ro c e e d s o f w h ic h w o u ld p a y fo r s u p p lie s p u r c h a s e d
T h e L o n d o n S t o c k E x c h a n g e m a r k e t s , a s h a s b e e n i n A m e r i c a . T h e o n l y a l t e r n a t i v e is t o s u b m e r g e
t h e c a s e i n N e w Y o r k , h a v e b e e n v e r y l a r g e l y d o m i A m e r i c a n b a n k s w i t h g o ld t o m e e t a ll p a y m e n t s .
n a t e d b y t h e e x c i t e m e n t a n d n e r v o u s n e s s t h a t h a v e G o l d is f l o w i n g f r o m F r e n c h p u r s e s [ t h e S e n a t o r
a tte n d e d th e s te a d y d e c lin e in th e fo re ig n e x c h a n g e c o n tin u e d ] in to th e B a n k o f F r a n c e a t th e r a te o f
r a t e s . T h e t e n d e n c y t o w a r d i m p r o v e m e n t i n d i c a t e d 9 0 .0 0 0 . 0 0 0 f r a n c s a w e e k . T h e G o v e r n m e n t is
b y t h e s e r a t e s t o w a r d s t h e c lo s e o f t h e w e e k f o u n d a s p e n d i n g o n t h e w a r 1 ,8 3 0 ,0 0 0 ,0 0 0 f r a n c s a m o n t h ,
r e s p o n s e i n t h e L o n d o n p r i c e l e v e l f o r s e c u r i t i e s . o f w h i c h 1 ,2 0 0 ,0 0 0 ,0 0 0 f r a n c s is s p e n t i n F r a n c e a n d
T h e G e rm a n a n n o u n c e m e n t o f its n e w s u b m a rin e th e r e m a in d e r a b r o a d . H a lf o f th is re m a in d e r o f
p o l ic y p r o d u c e d a g o o d i m p r e s s i o n , w h i l e t h e e n d i n g 6 0 0 .0 0 0 . 0 0 0 f r a n c s is p a i d b y e x p o r t a t i o n s w h i c h a r e
o f th e W e ls h c o a l m in e r s ’ s tr ik e w a s a n a d d itio n a l f a c la r g e r m o n th b y m o n th . F r a n c e h a s , b e s id e s a g o ld
t o r c o n t r i b u t i n g t o t h e f i r m n e s s . T h e q u e s t i o n o f s t o c k o f 4 ,2 5 0 ,0 0 0 ,0 0 0 f r a n c s i n t h e B a n k o f F r a n c e ,
a n o f f ic ia l r e v i s i o n o f t h e m i n i m u m q u o t a t i o n s o n a n o t h e r g o l d r e s e r v e o f 5 ,0 0 0 ,0 0 0 ,0 0 0 f r a n c s i n p r i
t h e L o n d o n S t o c k E x c h a n g e is a g a i n b e i n g a g i t a t e d , v a t e h a n d s . N o p r e s s u r e h a s b e e n b r o u g h t t o b e a r
b u t t h u s f a r n o t h i n g o f a d e f i n i t e n a t u r e h a s b e e n u p o n t h e s e p r i v a t e s t o c k s , b u t e v e r y g o l d p ie c e c a n
r e p o r t e d . A n n o u n c e m e n t w a s m a d e o n T h u r s d a y b e m o b i l i z e d . A l t h o u g h F r a n c e c a n s e n d 1 ,5 0 0 ,0 0 0 ,
in L o n d o n t h a t th e b a n k s h a d ra is e d th e ir in te r e s t 0 0 0 f r a n c s in g o ld to m e e t o b lig a tio n s o f n e a r ly t h a t
r a te fo r d e p o s its 3 ^ o f 1 % to 3 j ^ % . T h e w a r lo a n s a m o u n t t h a t a re n o w o u ts ta n d in g , th e e ffe c t in th e
d u rin g th e w e e k h a v e b e e n q u ite a c tiv e a n d firm . U n ite d S ta te s m ig h t b e s o m e w h a t th e sa m e a s t h a t
L a te s t c a b le d r e p o r ts a re t h a t th e B r itis h w a r lo a n u p o n a m y th o lo g ic a l p e rs o n a g e w h o w a s c h o k e d b y
e x t h e c o n v e r s i o n r i g h t s a r e a b o u t 9 8 j/£ . I t is e s t i h i s o w n r i c h e s . B u s i n e s s is d o n e t o - d a y w i t h p a p e r ,
m a t e d t h a t a b o u t £ 4 5 ,0 0 0 ,0 0 0 w a s i n v o l v e d i n T u e s a n d w h a t t h e f i n a n c e s o f b o t h c o u n t r i e s n e e d is t h a t
d a y ’s p a y m e n t o f t h e i n s t a l l m e n t o f t h e w a r l o a n . t h e i r p a p e r b e m a i n t a i n e d b y t h e e q u i l i b r i u m o f
T h e s e p a y m e n t s d i d n o t a f f e c t m o n e y r a t e s , h o w e x c h a n g e v a l u e s . ” I t is u n d e r s t o o d t h a t t h e F r e n c h
e v er.
G o v e r n m e n t i n t e n d s t o c o n s o l i d a t e a ll t h e w a r l o a n s
i n t o o n e i s s u e . A n n o u n c e m e n t t o t h a t e f f e c t is e x
T h e m o n th ly c o m p a ris o n p u b lis h e d b y th e “ L o n p e c te d n e x t m o n th . E v e r y tr a v e le r le a v in g F r a n c e
d o n B a n k e r s ’ M a g a z i n e ” o f t h e a g g r e g a t e v a l u e o f h e r e a f t e r w ill b e r e q u i r e d t o d e c l a r e t h e a m o u n t o f
3 8 7 s e c u r i t i e s d e a l t i n o n t h e L o n d o n S t o c k E x f u n d s i n c o in i n h i s p o s s e s s i o n . I f m o r e t h a n 5 0
c h a n g e , a s r e c e i v e d b y c a b l e , s h o w s a d e c l i n e o f f r a n c s ( $ 1 0 ) , h e w ill b e c o m p e l le d t o e x c h a n g e t h e
£ 2 ,8 9 8 ,0 0 0 , o r 0 . 0 9 % , f o r t h e m o n t h e n d i n g A u g . 2 0 . e x c e s s f o r p a p e r m o n e y i n a c c o r d a n c e w i t h a d e c r e e
T h e r e a l s i g n i f ic a n c e o f s u c h a c o m p i l a t i o n is m u c h i s s u e d o n M o n d a y l a s t b y t h e F r e n c h M i n i s t e r o f
le s s i m p o r t a n t t h a n u s u a l j u s t n o w b e c a u s e m i n i F i n a n c e . T h i s a c t i o n , a c c o r d i n g t o p r e s s d i s p a t c h e s ,
m u m p r i c e s a r e s t i l l i n o p e r a t i o n a f f e c t i n g a v e r y f o l lo w e d a n i n v e s t i g a t i o n i n t o t h e s c a r c i t y o f s i l v e r
l a r g e p r o p o r t i o n o f t h e q u o t a t i o n s c o n c e r n e d . A m e r i- c o in , p a r t i c u l a r l y i n t h e f r o n t i e r r e g i o n s . I t w a s
a n s t o c k s w e r e t h e o n l y i m p o r t a n t e x c e p t i o n s t o a s c e r t a i n e d t h a t c o in s i n c i r c u l a t i o n w e r e b e i n g c o l
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THE CHRONICLE
[Vol. 101.
le c te c l s y s t e m a t i c a l l y f o r e x p o r t . I t h a s b e e n s u g F i n a n c e C o m m i t t e e o f t h e D u m a , w h i c h w a s p r e
g e s te d u n o ffic ia lly t h a t fo r th e p u rp o s e o f p r e v e n tin g s e n te d o n W e d n e s d a y , u rg e s a n a u th o r iz a tio n b y
h o a r d i n g d u r i n g t h e w a r t h e G o v e r n m e n t s h o u l d w h i c h t h e S t a t e B a n k s h a l l b e p e r m i t t e d t o is s u e
a n n o u n c e i t s i n t e n t i o n o f i s s u i n g a n e w s e r i e s o f c o in s p a p e r m o n e y . O n t h i s p o i n t t h e r e p o r t s a y s :
a f te r th e c o n c lu s io n o f p e a c e , d e m o n e tiz in g th o s e n o w
F o r 191 5 th e e s tim a te d w a r e x p e n s e s a re 7 ,2 4 2 ,
in c irc u la tio n .
0 0 0 ,0 0 0 r u b l e s ( $ 3 ,6 2 1 ,0 0 0 ,0 0 0 ) , a n d o t h e r e x p e n s e s ,
2 ,8 4 7 ,0 0 0 ,0 0 0 r u b l e s ( $ 1 ,4 2 3 ,5 0 0 ,0 0 0 ) , m a k i n g a
A d v i c e s b y w i r e le s s f r o m B e r l i n s t a t e t h a t w a r t o t a l o f m o r e t h a n 1 0 ,0 0 0 ,0 0 0 ,0 0 0 r u b l e s ( $ 5 ,0 0 0 ,
l o a n b o n d s a r e b e i n g d e a l t i n o n t h e S t o c k E x c h a n g e . 0 0 0 ,0 0 0 ) . T h e r e v e n u e f r o m o r d i n a r y r e c e i p t s is
t h e r e a t a b o v e p a r . S u b s c r i p t i o n s a n d p a y m e n t s e s t i m a t e d a t 2 ,7 9 6 ,0 0 0 ,0 0 0 r u b l e s ( $ 1 ,3 9 8 ,0 0 0 ,0 0 0 ) ,
w h ile c r e d it o p e r a tio n s u p to th e p r e s e n t tim e h a v e
o f b o n d s o f t h e n e w G e r m a n w a r l o a n w i l l, i t is y i e l d e d 4 , 1 8 1 ,0 0 0 ,0 0 0 r u b l e s ( $ 2 ,0 9 0 ,5 0 0 ,0 0 0 ) , l e a v
s t a t e d , b e a c c e p t e d b y t h e p o s t o f f ic e s f o r t h e i n g m o r e t h a n 3 ,0 0 0 ,0 0 0 ,0 0 0 r u b l e s ( $ 1 ,5 0 0 ,0 0 0 ,0 0 0 )
a c c o m m o d a tio n o f s m a ll s u b s c r ib e r s . O th e r s u b y e t to b e p r o v id e d .
T h e G o v e rn m e n t m u s t p re p a re th e g ro u n d fo r
s c rip tio n s a re p a y a b le 3 0 % o n O c to b e r 1 8 , 2 0 % o n
N o v e m b e r 2 4 , 2 5 % o n D e c e m b e r 2 2 a n d th e r e m a in a n o th e r im p o r t a n t lo a n in fo re ig n m a r k e ts to p a y
in g 2 5 % o n J a n u a r y 2 2 . T h e m a n a g e r s o f th e fo r m a te r ia l p u r c h a s e d a b r o a d , b u t in v ie w o f o u r
R e i c h s b a n k h a v e i s s u e d a f o r m a l c a ll f o r s u b s c r i p a g r e e m e n t w i t h o u r A l l ie s t h e r e is n o d o u b t o f o u r
s u c c e s s . I n t h e w h o le f i n a n c i a l h i s t o r y o f R u s s i a
t i o n s . T h e l o a n h a s s e v e r a l n e w f e a t u r e s . I t w ill t h e r e h a s n e v e r b e e n a m o m e n t ’s d e l a y i n p a y i n g
b e c o n fin e d to b o n d s , n o tr e a s u r y n o te s b e in g s o ld . c r e d i to r s .
T h e R e ic h s b a n k m a n a g e rs , p r iv a te b a n k e rs a n d
T h e M in is te r o f F in a n c e , M . B a rk , s u p p o rte d th e
t h e n e w s p a p e r s p r e d i c t t h a t t h e l o a n w ill b e a s
r e p o r t o f th e c o m m itte e . H e s a id R u s s ia p o sse sse s
su c c e s sfu l a s o n th e tw o fo rm e r o c c a s io n s , a n d t h a t
im m e n s e re s e rv e s o f s a v in g s , o f w h ic h th e G o v e r n
G e r m a n y w ill w i n “ t h e t h i r d g r e a t b a t t l e u p o n t h e
m e n t in te n d s to m a k e u se s h o r tly . T h e e x p lo ita tio n
f in a n c ia l f ie ld .” S u b s c rip tio n s fo r th e th ir d G e rm a n
o f i n t e r n a l c r e d i t , h e s a i d , r e a c h e d 3 ,0 0 0 ,0 0 0 ,0 0 0
w a r lo a n a re a lr e a d y b e in g re c e iv e d . F r o m th e
r u b l e s , a f i g u r e u n p r e c e d e n t e d i n R u s s i a ’s f i n a n c i a l
A s s o c ia tio n o f G e r m a n R a ilr o a d W o r k m e n a s u b
h is to ry .
s c r i p t i o n o f 2 ,0 0 0 ,0 0 0 m a r k s ( $ 5 0 0 ,0 0 0 ) h a s c o m e
i n ; f r o m t h e C i t y o f W i e s b a d e n , 1 ,0 0 0 ,0 0 0 m a r k s ,
T h e o f f ic ia l d i s c o u n t r a t e s a t t h e l e a d i n g f o r e i g n
.w h i l e t h r e e s u b s c r i p t i o n s , a g g r e g a t i n g 4 ,0 0 0 ,0 0 0
c e n te r s r e m a in a s la s t q u o te d , n a m e ly , 5 % in L o n
m a r k s , h a v e b e e n re c e iv e d f r o m in d u s tr ia l c o n c e rn s
a n d a fin a n c ia l in s titu tio n . T h e B e rlin “ V o r w a r ts ,” d o n , P a r is , B e r lin , V ie n n a a n d C o p e n h a g e n ; 5 ) ^ %
a S o c ia lis t o r g a n , in d is c u s s in g th e n e w G e r m a n in N o r w a y , S w e d e n a n d P o r tu g a l; 6 % in I t a l y a n d
w a r l o a n d i r e c t s a t t e n t i o n t o w h a t i t c h a r a c t e r i z e s R u s s i a , a n d 4 3 ^ % in S w i t z e r l a n d a n d A m s t e r d a m .
a s th e a la r m in g fin a n c ia l s itu a tio n w h ic h G e r m a n y O p e n m a r k e t r a te s in L o n d o n a re 4 1 3 -1 6 @ 4 % % fo r
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m u s t f a c e a t t h e c o n c l u s i o n o f t h e w a r . “ A f t e r t h e s h o r t a n d 4 7g% f o r t h r e e m o n t h s ’ b i ll s . A w e e k
a g o 4 % @ 5 % w e re q u o te d w ith o u t d is c rim in a tio n fo r
w a r ,” sa y s th e p a p e r, “ th e Im p e ria l d e b t a n d p e n
s i o n s a l o n e w ill d e m a n d a n a n n u a l e x p e n d i t u r e o f b o t h s i x t y a n d n i n e t y - d a y b i ll s . D a y - t o - d a y f u n d s
a t l e a s t t w o a n d a h a l f b i ll i o n m a r k s ( $ 6 2 5 ,0 0 0 ,0 0 0 ) , i n L o n d o n c o n t i n u e w i t h o u t a l t e r a t i o n f r o m 3 j ^ @
o r a l i t t l e le s s t h a n t h e u n i t e d o r d i n a r y a n d e x t r a 4 % . A p r i v a t e d i s c o u n t r a t e o f 3 ^ % is q u o t e d
o r d in a r y I m p e r ia l e x p e n d itu r e f o r 1 9 1 2 . I n o th e r fro m B e rlin ; o th e r w is e p r iv a te r a te s a re la r g e ly
w o r d s , t h e i n c o m e o f t h e E m p i r e h i t h e r t o w ill o n l y n o m i n a l a t E u r o p e a n c e n t e r s a n d a r e a m a t t e r o f
s u ffic e to p a y t h e in te r e s t o n th e n a tio n a l d e b t. n e g o tia tio n s b a s e d o n th e o ffic ia l b a n k r a te s .
F o r a ll o t h e r e x p e n s e s n e w s o u r c e s o f t a x a t i o n m u s t
T h e w e e k ly r e t u r n o f t h e B a n k o f E n g l a n d s t i l l
b e c re a te d . W h o e v e r re m e m b e rs th e ta x a tio n c o n
t r o v e r s i e s o f 1 9 0 8 a n d 1 9 0 9 c a n e a s il y i m a g i n e i n t o f a il s t o r e f l e c t t h e 2 0 0 ,0 0 0 ,0 0 0 f r a n c s o f g o l d t h a t
w h a t i n t e r n a l p o l i t i c a l d i f f i c u l t i e s t h e w a r is l e a d i n g w a s a ll e g e d t o h a v e b e e n f o r w a r d e d b y t h e B a n k o f
u s .” G e r m a n n e w s p a p e rs re c e iv e d th is w e e k a t F r a n c e to E n g la n d la s t w e e k . I n a s m u c h a s th e
A m s te rd a m
a n n o u n c e t h e f o r m a t i o n i n B r e m e n s t a t e m e n t o f T h r e a d n e e d l o S t r e e t l ik e w i s e h a s f a il e d
o n T u e s d a y o f th e “ C o tto n I m p o r t C o m p a n y o f to s h o w th e r e c e n t s h ip m e n ts o f g o ld to N e w Y o r k
1 9 1 5 , L i m i t e d ” , w i t h a c a p i t a l o f 4 ,0 0 0 ,0 0 0 m a r k s . b y w a y o f H a l i f a x , i t is n o t i m p r o b a b l e t h a t t h e g o l d
T h e e n t e r p r i s e is s a i d t o b e f i n a n c e d b y t h e D e u t s c h e f r o m F r a n c e m a y h a v e b e e n f o r w a r d e d a s a n i n d i r e c t
D re s d n e r D is c o n to G e s e ls c h a ft a n d th e D e u ts c h e tr a n s a c tio n fro m P a ris v ia L o n d o n to N e w Y o rk .
N a t i o n a l B a n k , a n d is u n d e r s t o o d t o b e b a c k e d b y T h e B a n k o f E n g l a n d ’s g o l d h o l d i n g s i n c r e a s e d d u r i n g
l e a d e r s o f t h e B r e m e n c o t t o n t r a d e a n d t h e G e r m a n t h e w e e k £ 1 ,1 3 2 ,4 9 2 , w h i l e t h e t o t a l r e s e r v e e x p a n d e d
a n d A u s t r o - H u n g a r i a n C o t t o n S p i n n e r s ’ F e d e r a o n l y £ 6 1 1 ,0 0 0 , a s t h e r e w a s a n i n c r e a s e o f £ 5 2 2 ,0 0 0
tio n . T h e c o m p a n y h a s b e e n fo rm e d to c e n tra liz e in n o te c ir c u la tio n . P u b lic d e p o s its s h o w e d a n e x
t h e i m p o r t a t i o n o f c o t t o n d u r i n g t h e w a r . T h e p a n s i o n o f £ 3 ,8 8 1 ,0 0 0 , o t h e r d e p o s i t s a r e d u c t i o n o f
A u s t r o - G e r m a n d e a l e r s a n d s p i n n e r s w ill p l a c e t h e i r £ 1 ,5 4 3 ,0 0 0 a n d o t h e r s e c u r i t i e s ( l o a n s ) a n i n c r e a s e
e n t i r e b u y i n g o r d e r s w i t h t h e c o m p a n y , w h i c h w ill o f £ 2 ,9 6 8 ,0 0 0 . T h e B a n k ’s b u l l i o n h o l d i n g s a g g r e
o r d e r t h e w h o l e a m o u n t f r o m A m e r i c a n e x p o r t e r s . g a t e £ 6 8 ,4 3 2 ,2 5 8 , w h i c h c o m p a r e s w i t h £ 4 7 ,7 7 2 ,7 1 2
T h e s u g g e s t i o n h a s b e e n m a d e t h a t t h e r e a l o b j e c t o n e y e a r a g o a n d £ 4 3 ,2 5 0 ,1 5 2 i n 1 9 1 3 . T h e r e s e r v e
o f t h e c o m p a n y is t o m a k e p r e p a r a t i o n s f o r p u r f i g u r e s o u t £ 5 4 ,5 5 8 ,0 0 0 , a g a i n s t £ 3 0 ,9 3 4 ,9 5 2 o n e
c h a s i n g c h e a p c o t t o n s o t h a t G e r m a n y a n d A u s t r i a y e a r a g o a n d £ 3 2 ,2 3 6 ,7 3 7 i n 1 9 1 3 . T h e l o a n i t e m
s h a l l n o t b e a t a- d i s a d v a n t a g e in t h i s r e s p e c t w i t h is £ 1 4 5 ,1 0 5 ,0 0 0 . O n e y e a r a g o i t w a s £ 1 2 1 ,8 2 0 ,6 9 2
a n d i n 1 9 1 3 £ 2 7 ,6 3 2 ,4 3 8 . T h e B a n k r e p o r t s a s o f
E n g lis h s p in n e rs w h e n th e w a r e n d s .
A u g . 2 8 th e a m o u n t o f c u rre n c y n o te s o u ts ta n d in g
A d v i c e s c a b l e d f r o m P e t r o g r a d s t a t e t h a t R u s s i a a t £ 5 4 ,0 0 1 ,4 9 2 , a g a i n s t £ 5 1 ,0 8 6 ,4 4 6 t h e w e e k p r e
n e e d s $ 1 ,5 0 0 ,0 0 0 ,0 0 0 m o r e t h i s y e a r t o d e f r a y e x t r a c e d i n g . T h e a m o u n t o f g o l d h e l d f o r t h e r e d e m p
o r d i n a r y e x p e n d i t u r e s a n d is p r e p a r i n g t o n e g o t i a t e t i o n o f s u c h n o t e s r e m a i n s a t £ 2 8 ,5 0 0 ,0 0 0 . S a l e s o f
a l a r g e l o a n i n t h e f o r e ig n m a r k e t s . A r e p o r t b y t h e T r e a s u r y ^ b i l l s l a s t w e e k a g g r e g a t e d £ 8 ,1 6 8 ,0 0 0 .
Sept . 4 1915.]
THE CHRONICLE
T r e a s u r y b ills t o t h e a m o u n t o f £ 1 2 ,7 7 0 ,0 0 0 w e r e
p a i d o f f . T h e B a n k ’s p r o p o r t i o n o f r e s e r v e t o
l i a b i l i t i e s is w i t h o u t i m p o r t a n t c h a n g e f o r t h e w e e k ,
b e in g 2 4 .1 5 % a g a in s t 2 4 .1 3 % . A y e a r a g o th e p e r
c e n t a g e w a s 1 9 .0 4 % a n d t w o y e a r s a g o 5 9 .5 9 % . O u r
s p e c i a l c o r r e s p o n d e n t f u r n i s h e s t h e f o l lo w in g d e t a i l s
b y c a b le o f th e g o ld m o v e m e n t in to a n d o u t o f th e
B a n k f o r t h e B a n k w e e k : I n f l o w , £ 2 ,5 3 2 ,0 0 0 ( o f
w h i c h £ 1 ,0 9 7 ,0 0 0 b o u g h t i n t h e o p e n m a r k e t a n d
£ 8 3 5 ,0 0 0 n e t r e c e i v e d f r o m t h e i n t e r i o r o f G r e a t
B r i t a i n ) ; o u t f l o w , £ 1 ,4 0 0 ,0 0 0 ( o f w h i c h £ 3 9 3 ,0 0 0
b a r s a n d £ 1 4 5 ,0 0 0 f o r e i g n g o l d c o in s o l d i n t h e o p e n
m a r k e t , £ 1 1 2 ,0 0 0 e a r m a r k e d S t r a i t s , £ 2 0 0 ,0 0 0 t o
E g y p t a n d £ 5 5 0 ,0 0 0 e a r m a r k e d m i s c e l l a n e o u s ) . W e
a d d a t a b u l a r s t a t e m e n t c o m p a r i n g f o r t h e l a s t f iv e
y e a r s th e d if f e r e n t ite m s in th e B a n k o f E n g la n d
re tu rn :
BANK OF ENGLAND’S COMPARATIVE STATEMENT.
1915.
Sept. 1
£
Circulation_______ 32,324,000
Public deposits___ 137,935,000
Other deposits____ 87,921,000
Government secur’s 44,418,000
Other securities___ 145,105,000
Reserve notes & coin 54,558,000
Coin and bullion__ 68,433,258
Proportion of reserve
to liabilities____
24.15%
Bank rate_________
5%
1914.
Sept. 2
£
35,287,760
28,670,828
133,818,826
28,023,971
121,820,692
30,934,952
47,772,712
19.04%
5%
1913.
Sept. 3
£
1912.
Sept. 4
1911.
Sept. 6
29,463,415
9,519,982
44,565,994
12,453,405
27,632,438
32,236,737
43,250,152
£
29,274,310
15,896,771
47,116,125
13,367,055
36,518,725
31,367,819
42,192,129
£
29,763,470
9,924,742
41,923,899
14,597,524
25,348,811
30,150,599
41,464,059
59.59%
4 44%
49.80%
4%
58.13%
3%
739
s h o u l d e x e r t s o m e d e g r e e o f i n f l u e n c e i f t h e r e is
t o b e a n y s u c h i n f l u e n c e a t a ll t h i s s e a s o n . A
f u r t h e r a d d i t i o n o f $ 1 2 ,2 1 1 ,7 6 0 t o t h e s u r p l u s a b o v e
re q u ire m e n ts o f th e N e w Y o rk b a n k s a n d tr u s t
c o m p a n i e s w a s i n d i c a t e d b y l a s t S a t u r d a y ’s C l e a r
in g H o u s e s ta te m e n t, b rin g in g th e to ta l o f th e s u r p lu s
u p t o $ 2 0 4 ,7 9 9 ,5 8 0 . A t t h i s d a t e a y e a r a g o ( u n d e r
t h e o ld f o r m o f b a n k s t a t e m e n t ) t h e r e w a s a d e f i c i t
o f $ 3 3 ,8 5 7 ,0 0 0 . L o a n s f o r t h e w e e k s h o w e d a n
e x p a n s i o n o f $ 8 ,5 5 8 ,0 0 0 . N e t d e m a n d d e p o s i t s
w e r e $ 2 6 ,3 9 3 ,0 0 0 h i g h e r , b r i n g i n g t h e t o t a l u p t o
$ 2 ,6 6 7 ,5 2 9 ,0 0 0 . N e t t i m e d e p o s i t s d e c r e a s e d $ 6 2 5 ,
0 0 0 t o $ 1 4 2 ,0 9 3 ,0 0 0 . T h e r e w a s a n i n c r e a s e i n
r e s e r v e s i n “ o w n v a u l t s ” o f $ 1 0 ,0 6 7 ,0 0 0 t o $ 4 8 8 ,
5 5 4 ,0 0 0 , o f w h i c h $ 4 1 3 ,2 7 9 ,0 0 0 w a s s p e c ie . R e s e r v e
i n F e d e r a l R e s e r v e b a n k s i n c r e a s e d $ 2 ,7 1 1 ,0 0 0 t o
$ 1 4 1 ,3 5 8 ,0 0 0 a n d r e s e r v e s i n o t h e r d e p o s i t a r i e s
w e r e $ 3 ,9 9 1 ,0 0 0 h i g h e r a t $ 3 6 ,8 4 8 ,0 0 0 . T h u s , t h e
a g g r e g a t e r e s e r v e i n c r e a s e d $ 1 6 ,7 6 9 ,0 0 0 t o $ 6 6 6 ,
7 6 0 ,0 0 0 .. W e r e f e r t o t h e b a n k s t a t e m e n t i n g r e a t e r
d e ta il o n a s u b s e q u e n t p a g e . N o d e m a n d s o f im
p o rta n c e th is w e e k h a v e b e e n m a d e o n th e c a p ita l
m a r k e t , e x c e p t t h a t t h e r e h a s b e e n a c t i v e s e l li n g
o n t h e S t o c k E x c h a n g e b y f o r e ig n h o l d e r s o f A m e r i c a n
s e c u ritie s , w h ic h n e c e s s a rily h a v e h a d to b e p a id
f o r . T h e s u p p l y o f f u n d s is s o o v e r w h e l m i n g l y
la rg e t h a t th is in flu e n c e h a s n o t b e e n a n e ffe c tiv e
one.
R e fe rrin g to m o n e y q u o ta tio n s in d e ta il, ra te s fo r
d e m a n d lo a n s h a v e b e e n p e g g e d th is w e e k w ith in
th e r a n g e o f 1 % @ 2 % , th e f ig u re s n a m e d b e in g
th e lo w e s t a n d h ig h e s t re s p e c tiv e ly e a c h d a y . O n
M o n d a y a n d T u e s d a y 2 % w a s th e ru lin g r a te , b u t
th is w a s re d u c e d to 1% % o n W e d n e s d a y a n d re
m a in e d a t th e lo w e r fig u re d u r in g th e r e m a in in g
d a y s . 1 im e m o n e y r a te s a r e w ith o u t c h a n g e in a n y
p a r t i c u l a r , r e m a i n i n g a t 2]/2% f o r s i x t y d a y s , 2 % %
fo r n in e ty d a y s , 3 % fo r fo u r m o n th s a n d 3 ) 4 % fo r
f i v e a n d s ix m o n t h s . C o m m e r c i a l p a p e r d i s c o u n t s
m u s t s till b e q u o te d a t 3 ) 4 @ 3 % % fo r s ix ty a n d
n i n e t y d a y s e n d o r s e d b i ll s r e c e i v a b l e a n d f o r f o u r
t o s ix m o n t h s s i n g l e n a m e s . I n i n s t a n c e s o n t h e
h i g h e s t c la s s o f n a m e s b u s i n e s s h a s b e e n r e p o r t e d
a t a s lo w a s 3 % . N a m e s n o t s o f a v o r a b l y r e g a r d e d
re q u ire 4 % . D is c o u n t r a te s o f th e F e d e ra l R e s e rv e
b a n k s r e m a i n w i t h o u t a l t e r a t i o n f r o m t h e f o l lo w in g
ta b le :
T h e B a n k o f F r a n c e c o n tin u e s to sh o w th e e ffe c t
o f th e p o lic y o f e x c h a n g in g g o ld in g e n e ra l c ir c u la
tio n o r in h id in g fo r G o v e r n m e n t p a p e r . T h e in
c r e a s e i n t h e g o l d i t e m t h i s w e e k is 6 0 ,0 3 5 ,0 0 0 f r a n c s .
T h e e x c h a n g e o f g o ld fo r p a p e r a t th e B a n k o f
F r a n c e f ro m th e b e g in n in g o f th e m o v e m e n t to
S e p t e m b e r 2 a m o u n t s t o 6 0 0 ,0 0 0 ,0 0 0 f r a n c s . F o r
t h e w e e k t h e s i l v e r h o l d i n g s d e c r e a s e d 3 8 ,0 0 0
f r a n c s . T h e r e w a s a la r g o i n c r e a s e o f 1 0 9 ,7 2 2 ,0 0 0
f r a n c s in n o t e c i r c u l a t i o n a n d o f 2 5 ,6 0 1 ,0 0 0 f r a n c s
i n g e n e r a l d e p o s i t s . B i ll s d i s c o u n t e d i n c r e a s e d
8 .5 4 0 .0 0 0 f r a n c s a n d t r e a s u r y d e p o s i t s d e c r e a s e d
3 8 .2 7 9 .0 0 0 f r a n c s . T h e B a n k ’s g o l d h o l d i n g s a g g r e
g a t e 4 ,3 2 6 ,2 7 1 ,0 0 0 f r a n c s , a g a i n s t 4 ,1 4 1 ,3 5 0 ,0 0 0
f r a n c s i n 1 9 1 4 ( J u l y 3 0 ) a n d 3 ,4 4 1 ,7 7 5 ,0 0 0 f r a n c s i n
1 9 1 3 . T h e s i l v e r s t o c k is 3 5 6 ,6 6 2 ,0 0 0 f r a n c s ,
a g a i n s t 6 2 5 ,3 2 5 ,0 0 0 f r a n c s a y e a r a g o . C i r c u l a t i o n
s t a n d s a t 1 3 ,0 5 8 ,9 1 7 ,0 0 0 f r a n c s , a g a i n s t 6 ,6 8 3 ,
1 8 4 ,7 8 5 f r a n c s i n 1 9 1 4 a n d 5 ,6 5 8 ,5 2 1 ,8 1 5 f r a n c s i n
1 9 1 5 . G e n e r a l d e p o s i t s a g g r e g a t e 2 ,4 9 8 ,9 9 6 ,0 0 0
f r a n c s , a g a i n s t 9 4 7 ,5 7 1 ,8 6 1 f r a n c s a n d 7 0 6 ,3 2 7 ,5 0 3
f r a n c s o n e a n d t w o y e a r s a g o r e s p e c t i v e l y . T h e Federal Reserve Maturities Maturitles Maturities of Maturities of Agricultural
of
of
over 30 days over 60 days
10 days and 30 days and to 60 days.
d i s c o u n t s s t a n d a t 2 ,3 8 9 ,1 2 3 ,0 0 0 f r a n c s , a g a i n s t
less.
inclusive. to 90 days. 90 days.
Inclusive.
3
2 ,4 5 4 ,2 8 0 ,4 2 5 f r a n c s i n 1 9 1 4 a n d 1 ,6 4 4 ,1 7 5 ,6 9 0
5
3
5
3
f r a n c s in 1 9 1 3 . t h e B a n k o f I r a n e e s u s p e n d e d Philadelphia___
4
4
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p u b lic a tio n o f its s ta te m e n t la s t y e a r a s s o o n a s th e
444
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w a r b e g a n a n d d id n o t re su m e it u n til F e b r u a r y 4
444
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Minneapolis___
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1 9 1 5 ; h e n c e n o c lo s e r c o m p a r i s o n w i t h l a s t y e a r ’s Kansas City__
4
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Dallas______
c o n d i t i o n t h a n o f J u l y 3 0 is a v a i l a b l e . T h e s e a r e San Francisco__
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th e 191 4 c o m p a ris o n s t h a t a re m e n tio n e d a b o v e .
I n th e lo c a l m o n e y m a r k e t th e s itu a tio n r e m a in s
o n e o f a d m i t t e d e a s e . T h a t t h e m a r k e t is n o t
a c t u a l l y w e a k is d u e t o t h e d e t e r m i n a t i o n o f l e n d e r s
to m a in ta in c u r r e n t r a te s fo r w h a t b u s in e s s th e y
d o s e c u re , in s te a d o f b re a k in g th e m a r k e t in a s e n s e
le s s c o m p e t i t i o n f o r a v o l u m e o f b u s i n e s s t h a t is
n o t s u f f i c i e n t t o g o r o u n d . T h e a r r i v a l o f $ 1 9 ,
5 0 0 ,0 0 0 i n g o l d o v e r t h e w e e k - e n d a n d t h e e x p e c t a
tio n o f a d d itio n a l a m o u n ts to c o m e f o r w a r d in th e
n o a i f u tu r e , a re n o t c a lc u la te d to a d d firm n e s s ,
a lth o u g h w e h a v e n o w re a c h e d th e p o in t w h e re
th e fin a n c in g o f th e c ro p s , w h ic h a g a in a re la r g e ,
T h e la te s t re p o rt o f th e Im p e ria l B a n k o f G e rm a n y
re c e iv e d b y c a b le y e s te r d a y s h o w s a n in c re a s e in th e
g o l d r e s e r v e o f 3 ,8 7 4 ,0 0 0 m a r k s . T h e c a s h i t e m ,
w h ic h in c lu d e s I m p e r ia l a n d L o a n b a n k n o te s a n d
n o t e s o f o t h e r b a n k s , i n a d d i t i o n t o c o in a n d b u l l i o n ,
s h o w s a d e c r e a s e o f 2 5 ,7 8 0 ,0 0 0 m a r k s , n o t e s i n c ir
c u l a t i o n i n c r e a s e d 2 4 7 ,1 1 7 ,0 0 0 m a r k s , d e p o s i t s d e
c r e a s e d 8 0 ,7 2 9 ,0 0 0 m a r k s , l o a n s i n c r e a s e d 2 ,5 1 1 ,0 0 0 ,
a n d d i s c o u n t s i n c r e a s e d 1 9 7 ,1 4 6 ,0 0 0 m a r k s . A d e
ta ile d r e p o r t o f th e R e ic h s b a n k h a s n o t b e e n c a b le d to
t h i s s i d e f o r s e v e r a l w e e k s . T h e l a t e s t m a i l a c c o u n t is
o f A u g u s t 1 4 a n d s h o w s a t o t a l o f c o in a n d b u l l i o n o f
2 ,4 5 0 ,4 9 2 ,0 0 0 m a r k s , a g a i n s t 1 ,5 9 0 ,2 2 1 ,0 0 0 m a r k s
730
THE CHRONICLE
[Vol.
101.
d e m a n d , 4 6 3 )4 @ -4 6 4 fo r c a b le tr a n s f e r s a n d 4 5 8 ) 4
@ 4 5 8 ) 4 fo r s ix ty d a y s . O n M o n d a y s till lo w e r
le v e ls w e re r e a c h e d , w h e n s te r lin g in a fre s h d o w n
w a rd m o v e m e n t b ro k e to 4 6 0 )4 fo r d e m a n d , n o t
w ith s ta n d in g th e a r r iv a l o f la rg e im p o r ta tio n s o f g o ld ;
t h e p r e v a ilin g d e m o r a liz a tio n w a s s a id to b e d u e in
t h e m a i n t o a n o v e r w h e l m i n g p r e s s u r e o f b i ll s o n a
m a r k e t d e v o id o f b u y e rs ; q u o ta tio n s w e re la r g e ly
n o m in a l a t 4 6 0 )4 @ 4 6 2 )4 fo r d e m a n d , 4 6 1 @ 4 6 3 )4
fo r c a b le tr a n s f e r s a n d 4 5 6 )4 @ 4 5 6 )4 fo r s ix ty d a y s .
A d r o p o f 5 c . in th e p o u n d , o n e o f th e m o s t s e n s a
t i o n a l b r e a k s e v e r w i t n e s s e d in s t e r l i n g e x c h a n g e , w a s
r e c o r d e d o n T u e s d a y a n d d e m a n d b ills w e n t d o w n t o
4 5 5 ) 4 a n d c a b l e s t o 4 5 6 ; t h e b r e a k w a s f o l lo w e d b y
a c o n d itio n o f c h a o s a n d tr a d in g c a m e to a n a lm o s t
I n s t e r l i n g e x c h a n g e c ir c le s t h e w e e k h a s w i t n e s s e d c o m p l e t e s t a n d s t i l l ; t h e r a n g e m a y b e s a i d t o h a v e
i n c r e a s e d d e m o r a l i z a t i o n a n d d e m a n d b i ll s o n L o n d o n b e e n 4 5 6 @ 4 5 9 ) 4 f o r c a b l e t r a n s f e r s , 4 5 5 ) 4 @ 4 5 9
o n W e d n e s d a y d e c lin e d to $ 4 5 0 to th e p o u n d , th u s f o r d e m a n d a n d 4 5 2 @ 4 5 4 fo r s ix ty d a y s , w ith
p la c in g E n g lis h f u n d s in th is m a r k e t a t a d is c o u n t p r a c tic a lly n o tr a n s a c tio n s . O n W e d n e s d a y a r e p e
o f s u b s t a n t i a l l y 7 ) 4 % f r o m 4 8 6 ) 4 , w h i c h is t h e p a r t i t i o n o f T u e s d a y ’s d e m o r a l i z a t i o n w a s e x p e r i e n c e d
p o in t. T h e w e a k n e s s r e s u lte d fro m th e a c tu a l o ffe r a t t h e o p e n in g , d e m a n d b e in g c a r r ie d d o w n 5 ) 4 c .
i n g o f b i ll s a n d t h e a b s e n c e o f e v e n t h e u s u a l v o l u m e t o 4 50— a f i g u r e e n t i r e l y w i t h o u t p a r a l l e l in r e c e n t
o f b u y in g p o w e r. N e ith e r th e F re n c h n o r B ritis h h is to ry ; la te r h e a v y b u y in g b y a p ro m in e n t in te r
c o m m is s io n e rs w h o a re to d is c u s s w ith N e w Y o rk n a tio n a l b a n k e r b r o u g h t a b o u t a re c o v e ry to 4 5 5 ,
b a n k e r s t h e s t e p s n e c e s s a r y t o r e s t o r e p a r i t y i n t h e t h e c lo s in g q u o t a t i o n ; t h e lo w f o r c a b l e t r a n s f e r s w a s
fo re ig n e x c h a n g e s h a v e a s y e t a r r iv e d . T h e u n d e r 4 51 a n d th e h ig h 4 5 6 , s ix ty d a y s w e re q u o te d a t
s t a n d i n g i n b a n k i n g c ir c le s h e r e is t h a t i t is t h e 4 4 9 @ 4 4 9 ) 4 ; v e r y l i t t l e a c t u a l b u s i n e s s w a s d o n e .
B r i t i s h G o v e r n m e n t 's p l a n t o r e s t o r e e x c h a n g e r a t e s D e c i d e d f i r m n e s s m a r k e d T h u r s d a y ’s d e a l i n g s , a s a
a s a p r e lim in a r y to n e g o tia tio n s fo r a la rg e lo a n o r c o n s e q u e n c e p r in c ip a lly o f c o v e rin g b y s h o r ts a n d
c r e d i t . T h a t f i n a n c i a l a r r a n g e m e n t s o f t h e b r o a d e s t f o r e i g n s e l li n g o f A m e r i c a n s e c u r i t i e s ; q u o t a t i o n s
p o s s ib l e s c o p e a r e n e c e s s a r y is c o n c e d e d i n b a n k i n g r a l l i e d t o 4 5 7 @ 4 6 1 f o r d e m a n d , 4 5 8 @ 4 6 2 f o r
c ir c le s h e r e , t h o u g h t h e r e s e e m s , b a r r i n g t h e p o s s i c a b l e t r a n s f e r s a n d 4 5 6 @ 4 5 8 f o r s i x t y d a y s . O n
b i l i t y o f o u r o w n c o u n t r y b e i n g d r a w n i n t o t h e w a r , F r i d a y t h e m a r k e t r u l e d n e r v o u s , t h o u g h c lo s in g a t
a d i s t i n c t i n d i s p o s i t i o n h e r e t o e n c o u r a g e t h e s h i p s h a r p f u r t h e r a d v a n c e s . T h e d a y ’s q u o t a t i o n s w e r e
m e n ts o f g o ld fro m L o n d o n to N e w Y o rk a s a n e c e s 4 61 @ 4 63 fo r s ix ty d a y s , 4 6 4 @ 4 7 2 fo r d e m a n d
s a r y s t e p f o r r e s t o r i n g m o r e n e a r l y n o r m a l c o n d i t o n s a n d 4 6 5 @ 4 73 f o r c a b l e t r a n s f e r s . S i x t y - d a y b i ll s
b e t w e e n t h e E n g l i s h a n d A m e r i c a n f i n a n c i a l c e n t e r s . c lo s e d a t 4 6 3 , d e m a n d b i ll s a t 4 6 7 ) 4 a n d c a b l e
A t o t a l o f $ 1 9 ,5 0 0 ,0 0 0 a n d a l a r g e b l o c k o f A m e r i c a n t r a n s f e r s a t 4 6 8 ) 4 . C o m m e r c i a l o n b a n k s n o m i n a l ,
s e c u r i t i e s w i t h a n e s t i m a t e d v a l u e o f $ 35 , 000,000 d o c u m e n t s f o r p a y m e n t n o m i n a l . S e v e n - d a y g r a i n
a r r i v e d i n N e w Y o r k o n S u n d a y c o n s i g n e d t o J . P . b i ll s 4 6 6 . C o t t o n f o r p a y m e n t n o m i n a l ; g r a i n f o r
M o r g a n & C o . T h i s is t h e s e c o n d s h i p m e n t o f t h i s p a y m e n t n o m i n a l .
T h e C o n t i n e n t a l e x c h a n g e s h a v e f o l lo w e d v e r y
k in d t h a t h a s c o m e f o r w a r d , th e f ir s t h a v in g a r riv e d
c lo s e l y t h e t r e n d o f s t e r l i n g r a t e s . T h e L o n d o n
in th is c ity o n A u g . 1 1 . P re s u m a b ly o th e r a m o u n ts
c h e c k r a t e i n P a r i s c lo s e d a t 2 7 .6 7 ) 4 f r a n c s , a g a i n s t
a re to c o m e re g u la rly .
E v e r y d a y is a d d i n g t o t h e a c c u m u l a t i o n o f t h e 2 7 . 7 5 ) 4 f r a n c s a w e e k a g o . A t N e w Y o r k e x c h a n g e
tr a d e b a la n c e in o u r f a v o r , a n d th e p r o s p e c ts c e r ta in ly o n th e F r e n c h c e n te r fin is h e d a t 5 9 5 fo r c h e c k s
f a v o r a m u c h f u r t h e r a c c u m u l a t i o n d u r i n g t h e c lo s in g a n d 5 94 for c a b l e t r a n s f e r s , a g a i n s t 5 9 8 ) 4 a n d 5 9 7 ) 4
m o n th s o f th e y e a r . T h e o n ly f o r m o f w h a t m a y b e la s t w e e k . T h e lo w p o in t o f th e w e e k w a s r e a c h e d
t e r m e d r e a l l y p r a c t i c a l r e li e f t h a t is i n s i g h t c o n c e r n s o n W e d n e s d a y w h e n b a n k e r s ’ c h e c k s s o l d a t 6 0 3
C h e c k s o n B e r l i n c lo s e d a t
th e p ro g re s s o f th e w o r k o f th e a llie d c o u n tr ie s fo r a n d c a b le s a t 6 0 2 .
8 0 ) 4 a n d c a b le s a t 8 0 )4 a g a in s t 8 1 ) 4 a n d
th e o p e n in g o f th e D a r d a n e lle s a n d th e c o n s e q u e n t
r e le a s e o f t h e R u s s i a n w h e a t t h a t h a s b e e n t i e d u p 8 1 ) 4 , r e s p e c t i v e l y , o n F r i d a y o f l a s t w e e k . S w is s
e v e r s in c e t h e w a r b e g a n . T h i s g r a i n is a v i t a l p a r t e x c h a n g e f i n i s h e d a t 5 3 4 a n d 5 3 3 f o r s i g h t c a b l e s ,
o f R u s s i a 's b a s i s o f f o r e i g n c r e d i t , a n d t h e s u p p l i e s r e s p e c t i v e l y , a g a i n s t 5 4 2 a n d 5 4 1 l a s t w e e k .
w ill b e r u s h e d f o r w a r d a s p r o m p t l y a s p o s s ib l e t o I t a l i a n l i r e a r e 6 4 3 f o r s i g h t a n d 6 4 2 f o r c a b l e s ,
W e s te r n E u r o p e to th e e x c lu s io n o f A m e ric a n p r o a g a in s t 6 5 0 a n d 6 4 9 la s t w e e k . B a n k e r s ’ c h e c k s
d u c t s . T h e f o r c i n g o f t h e S t r a i t s , h o w e v e r , s e e m s a o n A m s t e r d a m a r e 3 9 )4 > w h i l e c a b l e s a r e 3 9 1 5 - 1 6 .
m a t t e r t h a t is s t i l l s o w e ll i n t h e f u t u r e t h a t t h e r e is A w e e k a g o t h e f i g u r e s w e r e 3 9 ) 4 a n d 4 0 . G r e e k
s l i g h t e n c o u r a g e m e n t a p p a r e n t l y t o a c c o r d i t m o r e e x c h a n g e r e m a i n s a t l a s t w e e k ’s f i g u r e s o f 5 2 7 f o r
t h a n a n a c a d e m ic p o s itio n in a n y d isc u ssio n o f th e c h e c k s a n d 5 2 6 fo r c a b le s . C o p e n h a g e n c h e c k s a re
g e n e ra l fo re ig n e x c h a n g e s itu a tio n .
A f i r m e r t o n e 2 5 .9 0 a g a i n s t 2 5 .2 5 a n d e x c h a n g e o n N o r w a y a n d
d i s p l a y e d b y t h e m a r k e t a s a w h o le d u r i n g t h e c lo s in g S w e d e n is q u o t e d a t 2 5 . 9 5 , c h e c k s , a g a i n s t 2 5 .7 0 .
d a y s o f t h e w e e k s e e m e d t o b e d u e t o b u y i n g o f b i ll s R u s s i a n r u b l e s h a v e n o t c h a n g e d f r o m 3 4 ) 4 b y p r o m in e n t b a n k e r s a n d to th e c o v e rin g o f s h o r t
T h e N e w Y o rk C le a rin g H o u s e b a n k s , in th e ir
c o m m itm e n ts . T h e d e fin ite n e w s t h a t th e B r itis h
o p e ra tio n s w ith in te rio r b a n k in g in s titu tio n s , h a v e
f i n a n c i a l c o m m i s s i o n h a d a l r e a d y s a i le d w a s l ik e w is e
g a i n e d $ 3 ,1 7 1 ,0 0 0 n e t i n c a s h a s a r e s u l t o f t h e c u r
a fa c to r a s p o rte n d in g a n e a rly a d ju s tm e n t.
C o m p a re d w ith F r id a y o f la s t w e e k , s te r lin g e x re n c y m o v e m e n ts fo r th e w e e k e n d in g S e p t. 3 .
c h a n g e o n S a tu r d a y sh o w e d b u t s lig h t c h a n g e s , T h e ir r e c e ip ts fro m th e in te r io r h a v e a g g r e g a te d
r u l i n g w i t h i n n a r r o w l i m i t s , a t 4 6 3 ) 4 @ 4 6 3 ) 4 f o r $ 8 ,0 6 4 ,0 0 0 , w h i l e t h e s h i p m e n t s h a v e r e a c h e d $ 4 , -
i n 1 9 1 4 . O f t h e t o t a l 2 ,4 0 4 ,3 7 3 ,0 0 0 m a r k s is g o l d ,
a g a i n s t 1 ,5 0 8 ,5 2 8 ,0 0 0 m a r k s a y e a r a g o . T r e a s u r y
n o t e s a g g r e g a t e d 2 3 4 ,9 0 0 ,0 0 0 m a r k s , a g a i n s t 1 2 6 ,
753,000 m a r k s , w h i l e n o t e s o f o t h e r b a n k s a r e
1 4 .8 9 6 .0 0 0 m a r k s , a g a i n s t 3 1 ,8 3 5 ,0 0 0 m a r k s ; d i s
c o u n t s 4 ,7 2 8 ,4 4 2 ,0 0 0 m a r k s , a g a i n s t 4 ,1 2 5 ,9 8 4 ,0 0 0
m a r k s ; a d v a n c e s 1 2 ,8 4 2 ,0 0 0 m a r k s , a g a i n s t 1 8 0 ,
9 8 4 ,0 0 0 m a r k s ; i n v e s t m e n t s 2 3 ,1 4 0 ,0 0 0 m a r k s , a g a i n s t
2 0 0 .6 2 1 .0 0 0 m a r k s ; o t h e r s e c u r i t i e s 2 0 2 ,8 4 4 ,0 0 0
m a r k s , a g a i n s t 2 2 2 ,0 3 1 ,0 0 0 m a r k s ; n o t e c i r c u l a t i o n
5 .3 8 8 .7 7 3 .0 0 0 m a r k s , a g a i n s t 3 ,8 8 1 ,9 3 1 ,0 0 0 m a r k s ;
d e p o s i t s 1 ,7 5 5 ,5 2 7 ,0 0 0 m a r k s , a g a i n s t 2 ,5 5 1 ,7 5 4 ,0 0 0
m a r k s ; a n d o t h e r l i a b i l i t i e s 2 6 2 ,7 7 5 ,0 0 0 m a r k s ,
a g a i n s t 9 0 ,2 6 5 ,0 0 0 m a r k s .
THE CHRONICLE
S ept . 4 1915.]
731
893,000. Adding the Sub-Treasury operations and j munition on the part of the Russians. This fact
the gold imports, which together occasioned a gain i doubtless in a measure explains the military result,
of $16,576,000, the combined result of the flow of j though it is still a mystery why, if such supplies were
money into and out of the New York banks for the known to be deficient, the fatal policy of invasion of
week appears to have been a gain of $19,747,000, Hungary through the Carpathian Mountains, and
far from the Russian base, should ever have been
as follows:
contemplated. But an equally convincing explana
Out of
N et Change in
Into
Week ending September 3.
tion of the episode would be the simple conclusion
Bank H oldings.
Banks.
Banks.
$8,064,000 $4,893,000 Gain S3,171,000 that the Russian generals have been outfought and
Sub-Treas. oper. and gold im ports.. 55,356,000 38,780,OOOjGain 10,576,000 outmaneuvered. A well-known diplomat, in touch
T o ta l................................................ . . i $63,420,000^ $ , ,OOo'Gain S19,747,000 with Petrograd, when asked lately regarding the
The following table indicates the amount of bullion Grand Duke’s strategic reputation in that city, re
plied that strategy had never been considered even
in the principal European banks:
by the Russians as his strong point; his special mili
September 3 1914.
tary virtues, in the eyes of the Russian Government,
September 2 1915.
Banks of
Silver. | Total.
Gold.
being his dogged inflexibility of purpose and his be
Gold.
Total.
Silver.
£
£
£
47,V,2,712 lief in the inexhaustible supply of men for his army,
England.. 68,433,258
68,433,258 *47,772,712
France__ 173.054,160 14,668,640 187,722,800 *165653680 25,013,280 190,660,900 rendering heavy losses a matter largely of indiffer
77,824,950 4,114,250 81,939,200
Germany. 120,416,500 2,200,000 122,610.500
Russia . . . 167,246,000 5.224.000 172,470,000 172,167,000 6,316,000 178,483,000 ence. But these are somewhat doubtful qualities when
Aus.-IIunc 51.578.000 12.140.000 63.718.000 51.578.000 12.140.000 03.718.000
Spain__ 28.708.000 29.760.000 58.468.000 21.740.000 29.191.000 50.931.000 not supplemented by strategic skill and a properly
Italy___ 45.811.000 4.670.000 50.481.000 45.339.000 3,000,000 48.339.000
665,800 14,175,800
193,500 31,729,500 13.510.000
31.536.000
636,000 11.108.000 arranged provision for munitions and equipment;
15.380.000 600,000 15.980.000 10.472.000
8,491,600 and that must be specially true when such a
9,627,300 8,491,600
9,627,300
5.723.000
6.299.000 5.723.000
Sweden _ 6.299.000
270,000 4.150.000 commander is opposed by the resourceful strat
Denmark 5.946.000 300,000 6.246.000 3.880.000
3.091.000
3.434.000 3.091.000
N orw ay-. 3.434.000
727,469,218 69,756,140 797,225,358 527,242,942 81,340,330 708,589,272 egists and highly trained troops of the German
723,244,376 69,790,760 793,035,136 321,476,842 78,502,780 699,979,622
army.
c July 30 1914 In both years, h Data In 1915 for Sept. 21 1914. * July 30 1914.
The further purposes of the German commanders
now invading Russia are unknown. It had been
THE RUSSIAN CAMPAIGN.
supposed, by the majority of critics, that the ad
Many indications have presented themselves in vance would have halted long before this; that the
recent events connected with the European war, invading armies would have entrenched themselves
that the conflict is passing, or has already passed, against a renewed Russian attack and that a transfer
into a new stage where both the military and the of their activities to the Western front would have
diplomatic situation must be judged from a con ensued. But events, as they have developed this
siderably altered point of view. This does not present week, seem on their face to indicate the pur
mean that the future is clear, or that the success of pose of continuing the advance, at least until the
either side is assured; still less does it indicate any approach of winter renders further advance imprac
strong probability of effective peace negotiations. ticable. If this were to be the program, it would
What it does appear to show is a notable and in necessitate the capture of some important city be
many ways perplexing change in the character of fore winter, and would explain the alleged purpose
the war and in the relationships to it of the various of taking Petrograd.
States, belligerent and neutral.
It is true, this city has little military value from
The defeat of Russia has been extraordinarily position or communication, and it is also true that
complete. It is true, her armies have not been history has taught, in such campaigns as those of
destroyed. In so far as that was the hoped-for Charles XII and Napoleon I, the danger of an in
objective of the German commanders, their purpose vading army penetrating too far into the vast
has not been achieved; for the Russian withdrawal territorial recesses of Russia. These facts may turn
still continues, apparently in good order. Yet it is out to have governed the final decision of the
doubtful if the actual surrender of the entire Russian German generals. But it is possible that, in
force was ever seriously contemplated, when the the present policy of the general staff, a polit
campaign was being waged along a battle front of ical purpose has superseded purely strategic con
no less than a thousand miles. Moreover, the num siderations. Those political considerations would
ber of Russian prisoners captured in the campaign first concern the moral effect of such an invasion of
(if the German official report is accurate) far Russia on the attitude of the Balkan States—the
exceeds in magnitude the entire French armies question which has hung so long in the balance.
surrendered in the Franco-Prussian War of 1870. It may be argued that German successes at any
Berlin claims that no less than a million Russians point would provide a motive for action on the side
have been taken prisoners since the opening of May, of the Allies, since the Balkan States can scarcely
and that 272,000 men and 2,300 cannon have been have anything to expect for themselves in case of
captured in August alone. The German advance victory by Germany and Austria with Turkey as
has continued almost without check. All Poland their ally; and it is also probable that Russia is now
is in German hands. On the north the German line more liberal in her offers of territorial concessions
is something like two hundred miles within Russian to the Balkans as the price of co-operation. Never
territory proper, and a quarter of the way from the theless, the spectacle of victorious German armies
German frontier toward Petrograd. Practically driving the defeated Russians back into the interior
the whole line has penetrated well into the territory of Russia, and the knowledge that these powerful
of Russia itself.
forces might be diverted to the borders of Rumania
The cause of the Russian defeat has been less a or Bulgaria, in the event of a declaration of hostilities
matter of discussion since the completeness of the by those States, must strengthen the hands of
German victory has become evident. One still hears Balkan factions which are opposed to belligerent
it ascribed primarily to inadequate supplies of am intervention.
43 673
t
£
*
733
THE CHRONICLE
[Vol. 101.
The whole situation would undoubtedly be greatly Considering that Germany herself is apparently
changed if Constantinople were to be captured and the most anxious of all for peace, this phase of the
the Dardanelles forced. This may yet happen; but situation powerfully illustrates the folly and futility
no tangible progress seems to be made toward that of the invasion of Belgium at the opening of the war
event, and even if it occurs, it may happen too late Had Germany respected Belgian neutrality, as Bis
for the maximum of political effect. Further than marck did in 1870, it is altogether probable that, even
these considerations, it is hardly to be doubted that if England had still entered the war, the existing
Berlin believes its victories in Russia to constitute a military position would at this time have been sub
possible basis for the future opening of peace nego stantially what it is to-day, but with an immense
tiations. The argument would be that with Poland moral advantage on the side of Germany as compax-ed
and part of Russia itself occupied by the German and with her present discredited international position,
Austrian troops, a much larger basis than heretofore and with her chances in a preliminary peace confer
for trading for terms in conceivable peace negotiations ence incalculably enhanced. The effect on the gen
would exist; while at the same time the elimination eral situation of Germany’s repudiation of the lawless
of Russia as an active military factor must neces submarine policy, and the recognition even at Berlin
sarily alter the general alignment and plans of the itself of the futility of von Tirpitz’s whole undertak
European campaign. The Pope’s resumption of his ing, go still further to prove to what extent the
efforts at mediation may have resulted from this military and naval clique, in overbearing the wishes
and instincts of the German civil government, have
feeling at Berlin.
It is not at all improbable that we shall hear more been the evil genius of Germany. We may yet hear
in the immediate future of tentative peace negotia indefinite and general intimations of the willingness
tions—the suggestion of which, as a matter of fact, on the part of the Teutonic Allies to appi-oach peace
has always seemed to have originated with Berlin negotiations by a change of attitude on even the
and Vienna. The increasing financial strain on all Belgian question.
the belligerent States, strikingly reflected in this
week’s foreign exchange market, must to some extent
OPPRESSING THE RAILROADS.
predispose the belligerents at least to listen to pro In treating of the injustice inflicted upon the rail
posals. But on the other hand, the idea that the
the matter of payment
Anglo-French-Russian alliance is on the eve of break roads by the Government inalready mentioned news
for mails-carrying, we have
ing up, as the Berlin critics have at times seemed to paper tales of even children carried as parcels post,
imagine, is almost certainly futile. The agreement
instance in
between the three nations still remains absolute and and here istoanother l-eported the 31st fromthis week.
According a news item of
the
unqualified. English history gives convincing proofs of Jackson, Ky., Mrs. Celina Post, having town
of that nation’s habitual tenacity in holding to her taken ill while visiting at that place, had been been
fret
allies; France is fighting both for principle and for its ting over the three-years-old daughter left at home.
national life, and Belgium remains the apparently To quiet her, the child “was sent to-day by parcels
insurmountable obstacle to the granting of peace on post on a 40-mile journey through the mountains.”
any terms likely to be acceptable now to Germany. The family thoughtfully “dressed her up for the
The notion that Germany’s present military occu
attached
to
her
pation of Belgium and Northeastern France would be occasion,and gave the stamps necessary to carry the
weight,
her candy enough last
an advantage to Berlin in such negotiations, is an ex journey,” and so she “arrived in Jackson in good
traordinary illusion. The feeling even of the neu
tral world, regarding that part of the situation, places condition, though the ride through the mountains
in the category of absurdities the recent assertion of was very chilly.” a convenient
This was obviously
Dr. Helfferich, the German Finance Minister, that ering the child, economical on her method of deliv
transporta
the Allies will have to make good, through a war tion and saving the fare of an adultown go with her;
to
indemnity, all of the military expenditure which is it was also an adventure which probably pleased
crushing financial and industrial Germany. So fax her, and there seems to have been no extra trans
is this from being a manifest probability that during portation for the candy. One question which
all the past year, it has been difficult for even disin occurred to us before relates to the possibly variable
terested observers to conceive of any terms of peace status of such living mail matter; in case of injury
(under other circumstances than the complete defeat death by mishap en route,
she
of England and France) which should not provide a or package and be vested withwouldrightsceaseato be
a
the
of pas
heavy indemnity to be paid by Germany herself, as
reparation to Belgium. And England and France senger ? question concerns a remote though possible
That
are very far from defeated. France holds Germany contingency, but there are others more near. The
absolutely in check on the western battle front, Eng
silent about the purposes for which
land is more omnipotent on the sea than ever before, Constitution isempowered “to establish post offices
Congress was
Germany is more completely isolated than at any pre
vious period of the war from ocean communication and post roads,” but when cases of using the mails
with tlie outside world, and practically all of the Ger for fraudulent purposes have arisen it has been said
man colonial empire is in the hands of the enemy. It j that the postal service is intended for the diffusion
is a complicated situation. The facts which we have ; of intelligence. This passes without dissent, and it
touched upon show how many and how conflicting would be said on behalf of the parcels post that it is
are the considerations which will have to be adjusted intended for the public convenience. Granting
before peace is even seriously discussed. The situa this also, we may concede that to send a child by it
tion may mean that war is bound to continue until is convenient for the persons concerned, and there is
military or financial exhaustion on one side or the no doubt that shipping soiled clothing, vegetables
other changes the point of view and forces a compro for the table, hardware, fruit in crates and baskets,
and all the miscellaneous articles which their owners
mise on terms.
Sept .
4 1915.]
THE CHRONICLE
desire transported at the lowest cost, is a personal
convenience. In view of the successive raisings
of the weight limit, it is not entirely sar
casm to query whether the time may come for
sticking stamps on adults and delivering them
by mail.
The mass of people still have a hazy though com
forting notion that “government” is rich and has
gifts to bestow; consequently, if transportation serv
ices can be obtained by individuals at a fraction of
usual cost there is a saving; the person who gets the
saving is satisfied with that, and does not deem
himself interested to inquire at whose expense he
is profiting.
The parcels post service is now drawing towards
the close of its third year. The point at issue is not
that the railroads are paid inadequately for carrying
this class of matter. The injustice is more rank than
even that would be; they are not paid at all. After
being bound to a unit of average weight which be
came antiquated long ago by the great increase in
the mails, the parcels post is dumped upon the other
matter, so that, in effect, it is a compulsory gratui
tous work. The statements of its development need
not be repeated once more, but only two months
ago Postmaster-General Burleson, in one of his con
gratulatory announcements, said that “much new
service has been installed and numerous provisions
made for enlarged or quicker means of dispatch and
delivery of mails; notwithstanding the falling off in
other mails, the parcels post has continued to grow,
and is now in every respect a better, as it is a larger,
service than it was a year ago.” He hopes “and
fully believes that the spirit of unity and co-operation
in the postal organization, the desire to do the ut
most with the means available for the accom
modation of the general public, will continue to
prevail.”
Very excellent and desirable to have it so, yet this
public accommodation should not be obtained by a
persistent robbery. The robbery increases even in
its methods, as by the recent order that hereafter
the Government will ship money by post instead of
express, the effect of this being to at once deprive
the roads of what they used to receive for this work,
and add it to what they are made to perform
without pay, just as there has been some diversion
of paying matter from freight cars to non-paying
matter in mail cars.
Perhaps somebody asks how it can be possible that
railroads submit to this, and perhaps the question
may be deemed evidence that the case must be
exaggerated. The question is natural, and the an
swer is at hand: the roads submit, just as they submit
to the gruelling by the Inter-State Commerce Com
mission and to the periodical raisings in wages which
their employees extort from them through alleged
arbitration hearings. They submit because, while
physically very large, they are not so independent
and powerful as is imagined. Their managers have
not yet come to the stage of readiness to put the
subject of mails-carrying or of wage extortion before
the public in the most crucial manner by plumply
rebelling. Perhaps they ought to take this stand,
which would bring these subjects sharply to an issue;
but in fact they have not taken it. Instead, they
have trusted that the public sense of justice and the
preference for an honest rather than a dishonest
Government would bring hearing and remedy; so
they have waited patiently.
733
TO “ ENFORCE” PEACE.
In the current issue of the “Atlantic” President
Lowell of Harvard explains the idea of “A League to
Enforce Peace”, which he, with Mr. Taft and others,
organized in Philadelphia in old Independence Hall
on June 17. This is Mr. Lowell's own scheme, and
he begins by distinguishing it from other so-called
peace plans by disclaiming any intention to make it
operative in the present war. He has evolved four
points :
“ The first is that, before resorting to arms the
members of the league shall submit disputes with one
another, if justiciable, to an international tribunal;
second, that in like manner they shall submit non
justiciable questions (that is, such as cannot be
decided on the basis of strict international law) to
an international council of conciliation, which shall
recommend a fair and amicable solution; third, that
if any member of the league wages war against
another before submitting the question in dispute
to the tribunal or council, all the other members
shall jointly use forthwith both their economic and
military forces against the State that so breaks the
peace; and fourth, that the signatory Powers shall
endeavor to codify and improve the rules of inter
national law.”
The phrasing of the title is to be noted: it is not
merely to urge or to promote peace, but to “enforce”
peace. The kernel of it, as Mr. Lowell points out,
is “obliging all the members of the league to declare
war on any member violating the pact of peace:”
not that as soon as any member declares war all
the others shall take sides against it with the one
assailed. It is not proposed to enforce the decisions
of the tribunal or of the Council of Conciliation;
“the proposal goes no further than obliging all the
members to prevent, by a threat of immediate war,
any breach of the public peace before the matter in
dispute has been submitted to arbitration, and this
is neither unreasonable nor impracticable.” In
other words, the members join in saying to each
other : bring your disputes to arbitration, and then
get on with them as best you can; if you strike a blow
before doing this we will make common cause against
you with arms.
President Lowell takes more than eight pages to
explain and argue his plan, making a number of
points which it does not seem needful to consider.
He thinks a policy of non-intercourse would be
ineffective, and that an international police force,
under control of a central council, would be un
workable as a means of constraining a continuance
of peace. His analogies—from the vigilance com
mittees which precedes and finally gives way to the
regular forces of law in a new community, and from
the tacitly admitted duty of every private citizen
to hold himself as of the posse comitatus for pre
servation of order—do not seem to us helpful in
this matter. The main question is, would the
suggested threat of united war avail to prevent any
attack before the matter in dispute has gone to
arbitration ?
We cannot see how this prevention could reasonably
be counted on to follow. A year ago, it was asserted
on behalf of Germany that first one, then another,
country was the aggressor, not she. Later, her
advocates have fallen back on such allegations as
these: that she was about to be attacked, and there
fore gained a point by striking first; or that she was
so grievously “crowded” as to be unable to draw
734
THE CHRONICLE
a full breath and live her entitled national life; that
she was denied her “place in the sun”, &c. The
world is weighing these pleas now, and history will
judge them sternly and justly; suppose the real
causes of outbreak to have been national jealousies,
lust for conquest, over-vaulting ambition—or even
phrase them how you will— can anybody think it
possible to have put them into such form of griev
ance that an arbitration tribunal could have con
sidered them at all? As for the conceivable service
of a “conciliation” tribunal, could anybody, of any
nationality, be found who would seriously affirm
that the assassination in June in Sarajevo was a
grievance which Germany could or would have
submitted, or that Austria could not have settled it
with Servia had there been a real desire to have it
settled ?
We are reminded of the monograph on an “in
surance” against war, by Professor Royce of Harvard,
reviewed in the “Chronicle” of November 7 last.
His plan, written out in the first month of the present
war, is that an insurance compensation against the
injuries by a war could be raised, the nation which
committed the first act of war being always ex
cluded from participation in the benefit; particularly,
he suggested that all the victors in this war exact
one indemnity of all the vanquished and thus pro
vide an initial fund, to be deposited with trustees,
under the formal care of Switzerland or Sweden;
then this “will henceforth be the fund of the com
munity of mankind.”
A beautiful vision, but a vision only, and we must
reluctantly deem President Lowell’s nearly as futile.
Test that by one point in passing: Germany did not
believe England and France would stand by each
other and Belgium, and would the State hereafter
seized by the war-lust believe the others would
surely stand by their compact to jointly take the
sword against the sword? If not so believed, and
also if believed but not feared, the preventive influ
ence would fail.
No, we may use all argument and oratory, we may
push preparedness to any degree or trust improba
bility instead, but we must mournfully confess that
war grows out of jealousies and hatreds and will
never cease until that dreadful soil dries away.
Our hope must be that the unparalleled cost and
misery and folly of this war will bring mankind far
towards the resolve to have no more. The philo
sophic historian can fit every outbreak of the last
two centuries into the scheme of evolution from rule
by a few to self-government, and is not Christianity
itself self-government? Wars seem to be the
Creator’s terrible stepping-stones to democracy, and
if their end can be foreseen it must be when demo
cracy is triumphant.
RAILROAD GROSS AND NET EARNINGS FOR
THE HALF-YEAR.
In our issue of Aug. 14 we reviewed the gross
earnings of United States railroads for the first half
of the current calendar year, and found that the
roads had suffered a further considerable reduction
in the aggregate of these gross earnings after a very
considerable shrinkage in 1914. In other words, the
period in 1915 had been a very poor one for these rail
transportation lines, even as had been the correspond
ing period of the preceding year. The continued con
traction reflects accurately the unfortunate position
of the railroad industry, it having failed to share in
[Vol. 101.
the reviving activity so evident in many other indus
tries as a consequence of the stimulating effect of
European war orders.
In the article referred to we were careful to point
out that the showing as to the net earnings for the
half-year, when it came to be presented, would be
entirely different from that of the gross, and would
record a substantial increase, in face of the further
loss in gross. This is precisely what we find in the
compilations which we now furnish for the half-year,
covering the results as to both gross and net earnings.
This improvement in net, as indicated in our pre
vious article, is significant chiefly of the fact that
expenses have been cut to the bone out of a fear that
net income would otherwise fall to such a basis as
to invite disaster.
Stated in brief, the total of the gross for the first
six months of 1915 is only $1,407,465,982 against
$1,447,464,542 in the corresponding six months of
last year, thus showing a decrease of $39,998,560, or
2.76%. At the same time, however, expenses were
reduced in amount of no less than $87,613,901, thus
producing a gain in net of $47,615,341, or 13.72%.
J a n . 1 t o J u n e 30.
— In crea se or D ecrea se—
(489 R o a d s ) .
1915.
1914.
A m o u n t.
%
Miles of road......................
247,745
245,885
Ine. 1,860 0.75
Gross earnings.....................51,407,465,982 51,447,464,542 Dec. 539,998,560 2.76
Operating expenses_____ 1,012,782,434 1,100,396,335 Dec. 87,613,901 7.96
Net earnings................ 5394,683,548 $347,068,207 Inc. 547,615,341 13.72
As already stated, comparison is with a very poor
period in 1914. At that time our compilations regis
tered a decrease of $85,033,426 in the gross, or 5.72%,
and a loss of $50,660,208, or 12.82%, in the net.
For the two years combined, therefore, we have a
falling off in the gross of $125,031,986 in the gross,
but of only $3,044,867 in the net. When the com
parisons are carried still further back, additional occa
sion for dissatisfaction is found. In the first six months
of 1913 the volume of traffic was still satisfactory,
and as a consequence a substantial addition to gross
earnings was then recorded, it amounting to $136,
168,743, or 9.97%; but such was the augmentation
in expenses that only $26,799,669 of this gain in
gross was carried forward as improvement in net.
In 1912 the showing was still poorer. The increase
in gross was only $56,349,506, and this was converted
into a loss in net of $2,037,477 because of the increase
in expenses. In 1911 there was for the half-year a
loss in both gross and net—$28,958,798 in the former
and $25,717,377 in the latter. In the first half of
1910 business was very active and gross earnings
registered a gain of no less than $179,089,522; but
augmented expenses consumed $142,271,707 of this,
leaving an increase in net of only $36,817,815. In
1909 the showing was much better. The railroads
were then recovering part of the large loss in gross
earnings sustained after the panic of 1907, but were
still practicing rigid economy in every direction; as
a consequence, in the six months of that year there
was a gain of $120,332,208 in gross and of $76,640,239
in net. But this succeeded tremendous losses in
1908, the latter being the period of industrial depres
sion following the panic of 1907. At that time large
numbers of roads withheld their figures, the returns
being so very bad. Our compilations then embraced
an aggregate of only 168,839 miles of road reporting
both gross and net. On this mileage the loss in
gross for the six months of 1908 aggregated $172,
868,595. Over 30,000 miles more of road, however,
had made reports of gross without furnishing the
figures of net; hence in the case of the gross alone
we had a footing covering 202,172 miles, on which
THE CHRONICLE
S ept . 4 1915.]
the loss in gross reached no less than $197,085,791.
That still left about 30,000 miles of road unrepresen
ted, and careful computations which we made showed
that for the whole railroad mileage of the country
the loss in gross must have reached $235,000,000.
In the net we estimated that for the full railroad
mileage the amount of the loss then must have been
about $85,000,000.
Going back to 1907, prior to the panic of that
year, we find that at that time, too, rising expenses
were the most pronounced feature of the returns.
For, while the addition to gross revenues in the first
half of that year, according to the roads making re
turns, was $114,050,528, the increase in net was no
more than $19,273,550. In the following we furnish
the half-yearly comparisons back to 1897. We give
the results just as registered by our tables each year,
and it should be borne in mind that in 1908 and prior
years a portion^of the railroad mileage of the country
was always unrepresented in the totals, owing to the
refusal of some of the roads in those days to furnish
monthly figures for publication.
Year
Given.
Gross Earnings.
Year
Increase or
Preceding.
Decrease.
Year
Given.
N et E arnings.
Year
Increase or
Preceding. Decrease.
735
the New England roads, the Boston & Maine has
changed a loss of $250,795 in gross into a gain of
$1,529,038 in net, and the New Haven, while having
added only $385,503 to gross, added $3,674,981 to
net.
Southern roads have all lost heavily in the gross
because of the unfortunate situation of the South’s
main staple, cotton, but, by decreases in expenses,
have either cut down the loss in net to small propor
tions or actually converted it into gains. Thus the
Louisville & Nashville, with $3,410,403 decrease in
gross, has only $650,712 decrease in net, and the
Southern Ry., with $4,335,025 decrease in gross,
actually has $224,808 increase in net.
In the West there are many similar types; the
Chicago & North West., with $1,798,888 decrease in
gross, has $894,056 increase in net, and the Burling
ton & Quincy, with $861,174 loss in gross, has
$66,589 gain in net. The Milwaukee & St. Paul, on
the other hand, has $594,439 loss in gross and
$453,052 loss in net.
The Great Northern has converted a decrease of
$4,058,524 in gross into $1,017,687 gain in net, and
similarly the Northern Pacific has changed $2,689,084
decrease in gross into $69,796 increase in net, while
the Southern Pacific, though falling $2,677,464 be
hind in gross, registers $538,770 increase in net. The
Union Pacific, on the other hand, has $2,208,332 loss
in gross and $1,055,802 decrease in net, and similarly
the Missouri Pacific has run behind in both gross and
net—$888,607 in the former and $1,133,973 in the
net. In the following we show all changes for the
separate roads for amounts in excess of $500,000,
whether increases or decreases, and in both gross and
net.
$
$
$
$
$
3
1897 405,003,731 407,104,468 —2,100,737 121.059.320 115,427,318 + 5,032,002
1898 400,528,130 410,596,441 + 49,931,089 139,585,717 121,895,082 + 17,090,035
1899 489,509,705 401,993,058 + 27,516,707 150,599,074 140,545,535 + 10,053,539
1900 577,149,004 500,360,345 + 70,783,319 180,718,437 155.591.408 25,120,909
1901 038,334,794 580,421,956 + 57,912,838 200.218.320 179,495,140 + 20,723,180
1902 070,398,920 631,494,280 + 38,904,640 209,973,703 202,250,797 ++ 7,722,900
1903 727,932,307 037,099,839 4-90,232,528 218,024,050 198,250,820 + 19,707,230
1901 731,774,531 714,860,135 — 13,085,604 198.807.547 221,157,420 —25,319,873
1905 847,334,204 790,321,750 + 57,012,454 234,333,810 215.417.408 + 18,910,342
1900 923,554,208 815,480,025 + 108,068,243 272,101,047 220,345,855 + 45,755,192
1907 999,082,091 884,420,103 +114,050,528 280,097,490 201,423,940 + 19,273,550
1908 803,860,905 1030,729,500 —-172,868,595 231,254,071 294,738,973 —63,481,902
1909 1172,185,403 1051,853,195 + 120,332,208 371,591,341 294,951,102 + 76,040,239
1910 1351,570,837 1172,481,315 + 179,089,522 408,380,483
+ 36,817,815
1911 1310,580,705 1339,539,503 —28,958,798 378,852,053 371,502,608 —25,717,377
104,509,430
1912 1305,355,859 1309,000.353 + 56,349,500 373,370,171 375,407.048 — 2,037,477
1913 1502,472,942 1306,304,199 + 130,168,743 100,242,544 173,412,875 + 20,799,069
1914 1401,010,280 1480,043,706 — 85,033,420 543,835,077 394,495,885
1915 1407,405,982 1447,401.512 —39,998,500 391.683.548 347,068,207 —50,000,203 PRINCIPAL CHANGES IN GROSS EARNING3 FOR SIX MONTHS.
+ 47,015,341
Jan . 1 to June 30.
1HCTPnvrv
N o .—In
D ecrca ses
1899.te165; In1897 the number of roads Included in thein 1903, 170- in isos 136; In Atch Top & S Fe (4)------$1.038,59i Chicago & N orth W est.. $1,798,888.
1900, 170; in 1901, 172; In 1902, 151; total Is 159; in 1904 17')- in
Now York Central--------- b 2 , 460,412 Nash C hatt & St L ......... 1,037,339
C h esapeak o & O h io --------1,481,028 Mobile & Ohio___________
974,437
Duluth Missabo & N or.. 1,292,888 Pitts &
957,032
the coal-mining operations of the anthracite coal roads arc Included in any of these Missouri Kans & Tex__ 1,259,195 Central Lake Erie_________ 890,333
of Georgia--------totals.
Erie (2)_______________ 1,170,525 Missouri Pacific (2).............. 888,007
Lehigh Valley__________
809,211 Chicago
801,174
I’ero Marquette-----------830,570 St Louis Burl & Q uincy.. 850,810
Rock Island (2)-----------523,500 Cine NewSouthwestern(2) 800,383
Orl & Tex Pac.
Western Maryland------510,714 Baltimore & Ohio______ 790,150
Kansas City Southern__
793,738
Representing 15 roads
El Paso Southwestern__
093,752
in our compilation..$14,448,700 Elgin Joliet & E astern__
005,308
D e c r e a s e s . Wheeling
001,129
Pennsylvania (3)_______a$5,402,528 Chic Mihv&&Lake Erie__
St Paul___
594,439
Southern Railway______ 4,335,025 San Ped Los Ang & S L .. 559,756
Great Northern________ 4,058,524 Trinity & Brazos Valley. 548,255
Louisville & N ashville.. 3,410,403 Denver & Rio
545,779
Atlantic Coast Line____ 2,919,079 Philadelphia &Grande__
535,453
Northern Pacific_______ 2,089,084 Minn S t Paul & Reading. 527,431
S S M __
Southern Pacific (12)__ 2,077,404 Chicago & Eastern III__
524,924
Illinois Central_________ 2,228,207
Union Pacific (3)---------- 2,208,332
48 roads
Seaboard Air Lino______ 2,185,833 Representing pilation..$48,626,262
in our com
N o t e .—
-All tho figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, wo have combined tho
separate roads so as to make the results conform as nearly as possible to
, given in tho statements furnished by tho companies themselves.
I ho figures in parenthesis indicate tho number of roads so combined.
With reference to the separate roads, the feature
here, as in the case of the general totals, is the great
reduction in expenses carried into effect under the
propulsion of necessity and to such an extent that
many of the losses in gross have been converted into
gains in net. In other instances there are gains in
gross accompanied by reducing expenses, the two
working together to produce very notable increases
in net. A striking type of this kind is the New York
Central, its record disclosing $2,460,412 gain in gross
and no less than $7,829,466 gain in net. This is for
the Central proper as enlarged under the recent
merger with the Lake Shore and other roads. In
all lines owiied
monthly
cluding the other auxiliary and controlled roads, the State Commerceand controlled which make a loss of returns to the Inter^
Commission, the result is
$5,824,213.
These figures
merely the operations of the New York Central
whole going to form the New York Central System, itself. Including covervarious auxiliary and controlled roads, like tho
tho
Michigan Central, tho “Big Four,"
&c\,
the result is a gain of $2,440,551 in gross and of no going to form tho Now York Central the “Nickel Plato,” gain ofthe wholethe result is a
$2,440
551.
less than $11,894,781 in net. The showing, while These figures are for five months only.
good, is not so very remarkable when it is remem PRINCIPAL CHANGES IN NET EARNINGS FOR SIX MONTHS.
New York
bered that in the first six months of 1914 our tables Baltimore Central.......... 6$7,829,466 Cin Ham & Dayton___ $678,040
&
4,412,237
Pore Marquette________ 4,183,088 Detroit Kansas Ironton 652,331
showed for the New York Central System a loss of N Y N H & HOhio______ 3,674,981 MissouriToledo && Texas 616,248
649,965
artford...
Chic
2,395,067 Rock Island
Central______ 601,078
$23,590,602 in gross and of $17,601,444 in net. The Clev Cin & San & St L__ 2,143,815 MichiganNew (2)................ 542,913
St Louis
Fran (4).
England..
Pennsylvania Railroad the present year on the lines Pennsylvania (3)---------- a l,874,80-1 Central Pacific (12)__ 538,770
Duluth Missabe & N o r.. 1,666,909 Southern
Western Maryland_____ 1.640,804 Representing 49 roads
directly operated east and west of Pittsburgh has a Atch Topeka & S Fe (4). 1,534,663 in our com
Boston & Maine________
loss of $5,462,528 in gross but a gain of $1,874,804 in Chesapeake & Ohio_____ 1,529,038 Missouri Pacificpilation..$46,225,364
1,164,125
(2)______
Great Northern________ 1,017,687 Union Pacific (3)_______ $1,133,973
net. The previous year the record for these lines Norfolk & & Western__ 944,311 Illinois Central_________ 1,055,802
Dela Lack
802,454
Western____
937,664 Seaboard Air Line______ 798,150
was a loss of $13,633,685 in gross, but of only Chicago & NorthReading. 889,266 Louisville & N ashville.. 650,712
W est.. 894,056
Philadelphia &
111..
$1,791,212 in net. The Baltimore & Ohio for the Erie (2)........................rio.. 855,803 Chicago & Eastern roads 504,694
Bessemer & Lako E
797,484 Representing 9
six months of the present year falls behind $796,150 Lehigh Valley.................... 779,656 in our compilation.. $4,945,785
781,095
Alton..............
in gross, but, through a reduction in expenses, is Chicago & tho result for the Pennsylvania RR., together with tho Pennsyl
« This is
able to report $4,412,237 increase in net. Among Pennsylvania RIt. reporting $1,15-1,274 increase, the Pennsylvania tho
vania
and tho Pittsburgh Cincinnati Chicago & St. Louis,
b
S y s te m ,
x
I n c r e a s es •
Tnrt pn*ip*t
f'ip rrp n (pc
C om pany
C om -
736
THE CHRONICLE
[Vol. 101
----- N et ----------------- Gross------------ - •
1914. I n c . or D ec.
1915.
1914.
1915.
3
S
3
3
3
+ 6,817
41,749
43,989 defl9,322 def20,139
Donora Southern ..
7,886
77,103
158,701
152,373
85,049 def5,444 ++25,475
E Bd Top R R A C . i 104,734
76,959
20,031
East Jer RR A Term 26,459,063 25,754,767 6,706,633 6,794,901 —88,268
Erie......................... 3ee Group III
Chicago A Erie—S
215,693 —20,581
195,112
Fonda Johns A Glov 414,818 ’ 467,154
97,388
53,985 ++11,190
65,181
Genesee A Wyom’g 111,046
1,968
55,843
59,514
30,875
28,907 —4,940
Grcenw A Johnson.
77,091
57,734
1,929
6,869
Hoboken Mfrs____ 257,870
285,753
114,510
125,385 —10,875
Hunt A Bd Top Mt 148,673
104,410
94,838
52,449 ++42,389
Ironton------ --------- 1/56,776
2/55,337 2/23,777
2,422
2/21,355
Lake E Frank A CI.
49,183
78,351
7,531
24,790 —17,259
Lake Cham A Mor. 911,640
852,950
331,898
270,481 + 61,417
Lehigh A Hud River 1,277,807 1,290,870
539,145
580,135
Lehigh A New Eng. 20,408,934 19,539,723 6,008,038 5,226,943 +—40,990
781,095
Lehigh Valley-----110,733
95,665
44,144
9,551 + 34,593
Llgonier Valley----- 231,734
N et E arnings.
244,140
Gross E arnings.
50,897
59,351
—2,454
Maryland A Penna.
116,420 def12,653 def.5,718 —6,935
90,632
M th .
46,734
1915. | 1914. In c. or D ec. McKeesport AConn.
I n c . or D ec.
1914.
55,435
25,781
5,774 + 20,007
1915.
Morristown Erie. 151,042
175,824
15,699
20,344 —4,645
Morgant’nA Kingw 387,555
449,982
S
S
S
67,616
S
S
% 51,582,992 52,473,974 —890,982 Monongahela Conn 188,572
77,648 —10,032
S
141,359
Jan .. 220.282,196 236,880,747 —16,598,551 7.01 51,257,05339,274,776 + 11,982,277 Montour_________ 401,111
397,264 defl04,620 def 161,341 ++56,721
97,664
92,797
4,867
Feb.. 210,860,6S1 212,163,967 —1,303,286 0.61
52,277
2,137
1,000,350 New Jersey A N Y.
49,017
8,702 —6,625
Pennsylvania
.
...
_, __ _
Mar . 238,157,881 253,352,099 —15,194,218 5.99 68,452,432 67,452,082 + 8,249,222 N Y &York Central 83,672,488 *81,212,076 25,152,917 *17,323,451 +7,829,466
1.41
Apr.. 237,698,378 241,090,842 —3,394,404 0.54 67,515,54459,266,322 ++14,619,397 New
71,958,56357,339,166
60,636
StlawrAAdiron
315,541
357,883
««
..........
116,486 —55,850
May. 244,692,738 243,367,953 + 1,324,785
June. 248,S49,716 247,535,879 + 1,313,837 0.53 81,649,630.69,481,653 + 12,167,983 N For lines west of Buffalo see Group III.
Y Ont A Western 3,987,310
4,238,081 973,074 960,592 + 12,482
583,342
N o te .—Percentage of Increase or decrease in net for the above months has been
499,952
l,o98,277 def5,807 def8,806 + 83,390
Jan., 1.7()%dec.; Feb.,30.51% inc.; March, 1.43% inc.; April43.92% inc.; May N Y Susq A West.. 1,645,580
+ 2,999
Northamp A Bath.
71,586
^7,253
13,575 —2,684
25.50% inc.; June, 17.51% road covered was 246,959 miles: in February, 216,186 Norwood A St Lawr
inc.
35,328
40,462 10,891
In January the length of
Pennsylvania—Lines east of Pitts A Erie
19.807.1S1 18,652,907 +1,154,274
miles; In March, 246,848 miles; in April, 247,701 miles; In May, 247,747 miles; In Pennsylvania RRX 88,159,004
91,781,163
def2,224
24,332 —26,556
June, 240,219 miles.
Balt A Sparr Pt.
28,797
34,087 —3,927
Balt Ches A Atl.
4.86,758
501,343 30,160
29,146
9,950 +19,196
Cornwall A Leb. 1,380,202
140,439
608,839
Cumberland Vail
1,708,461 460,506 1,434,548 —148,333
+137,762
Long Island____ 6,053,000 5,955,252 1,572,310
9,647
392,375
14,993 —5,346
MarylandDelAVa 378,675
636,509
278,599
369,136 —90,537
Monongahela___ 602,709 1,793,061
357,252
291,908 +65,344
N Y Phila A Norf —See Groups IV. A V.
Pennsylvania Term 1,866,250
76,733
Phila Balt A W -. 9,716,618 58,378 1,644,754 1,568,021 ++1,793
9,818,926 2,358
565
Susq B1 A Berw.. 48,772
642,390 598,461 + 43,929
750,795
Union RR of Balt 769,320
SUMMARY BY GROUPS.
1,159
60,017
7,448 —6,289
53,378 2,716,330
Waynesb A Wash
298,470 —40,802
-Gross Earnings West Jersey A Sea 2,778,222sec Group III. 257,668
Inc.(. + )o rD e c .(.—)
1915.
1914.
Jan. 1 to June 30-1
For lines west of Pitts A Erie
49,956 defl4,534 dcfl3,333
S
$
% PlttsAHAMcKRock
$
Section or G roup —
29,007
242,780
197,403 +—1,201
971,553
45,377
—458,947
Group 1 (18 roads), New England. 68,109,816 68,508,763 —658,112 0.70 Pittsb Shaw A N o.. 871,026
10,322
5,154
96,049
0.17 Potato Creek_____ 135,948
+ 5,168
387,401,369 388,059,481
Group 2 (87 roads), ftast & Middle 162,701,796 163,656,657 —954,861 0.58
Group 3 (64 roads), Middle West.. 183,891,782 202,892,239 -—19,000,457 9.36 Reading Company—
30,892
64,282 —33,390
950,155
Groups 4 A 5 (98 roads), Southern.
Atlantic City___ 921,127
42,508
20,372 +22,136
84,038
311,076,848
Groups 6 & 7 (79 roads), Northwest. 297,701,878 222,192,713 —13,374,970 4.30
Catasaqua A Fog 102,117 13,887,386 4,354,187 3,883,746 +470,441
+ 519,743
Groups 8 A 9 (93 roads), Southwest 222,712,456 91,017,841 —6,070,956 0.23
Cent RR of N .L . 13,770,180
52,626
44,808 +7,818
101,132
6.66
Group 10 (50 roads), Pacific Coast: 84,946,885
Chester A Del RR 101,177
100,404
28,742
12,037 +16,705
Harris
+728
57,509 def8,007 def8,795
1,407,465,982 1,447,464,542 ■—39,998,560 2.76 Gcttysb APenna. 106,992
Total (489 roads).
Northeast
52,347
157,657
148,585 +9,072
284,160
Perkiomen.......... 299,806 23,466,987 7,604,515 6,715,249 +889,266
-N e t E a rn tn gs- M lleagePhila A Reading. 22,931,534 . 79,874
( + )o rD e c .(—)
1914.
1915.
1915. 1914.
1,421
dof8,037 +9,458
75,265
Phila Newt ANY
$
%
417,963
367,512 +50,451
S09.838
,667,385 39.23 Port Reading___ 763,575
.. 7,833 7,818 20.115,026 14,447,641
Group No. 1.
183,849
27.944
10,555 +17.389
176.643
Reading A Colum 139.644
,140,268 22.59
.. 29,499 29,307 109,298,017 89,157,749
Group No. 2.
78,678
50,153 +28,525
114,182
,519,286 59.06 Raritan River____
.. 23,708 23,651 30,411,295 22,892,009
30,416
11,307
7,514 +3,793
35,538
52,564,849
■ 246,453 0.46 Reynoldsv A F Crk 83,564
..
Groups Nos. 4 A 5... 42,190 41,748 88,794,809 52,811,302
32,948 dcf.5,910 +38,858
68,760
,117,352 4.85 St Clair Terminal..
84,677,457
68,753 67,988
254,869
82,120
61,291 +20,829
,703,305 10.70 South Buffalo____ 262,604
.. 57,167 56,919 58,997,872 53,294,567
Groups Nos. 8 & 9... 18,589 18,454 28,501,680 29,787,482
167,489
17,668
10,495 +7,173
167,934
,235,802 4.32 Staten Island_____ 589,032
Group No. 10
595,054
269,485
253,180 +16,305
Staten Isl Rap Tran 111,782
124,678
7,880
2,075 +5,805
Susquehan A N Y . 436,016
..247,745 245,885 394,683,548 347,068,207
450,446
4,349
74,858 —70,509
Ulster A Delaware. 1,714,731 1,553,279
NOTE.— Group I . Includes all of the New England States.
197,798 dcf269,953 +467,751
Union RR Co, Penn 144,761
G roup I I . Includes all of New York and Pennsylvania except that portion west
240,831
41,513
88,602 —47,089
Belt____
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland, and West SideMaryland. 4,483,262 3,966,548 1,332,406 def308,398 +1,640,804
Western
the extreme northern portion of West Virginia.
387,788
132,338
167,201 —34,863
Wilkes-Barre A East 357,450
G roup I I I . includes all of Ohio and Indiana: all of Michigan except the northern
65,112
12,399
21,181 —8,782
63,870
peninsula, and that portion of New York and Pennsylvania west of Buffalo and Wllliamsp A No B.
Pittsburgh.V . and V. combined Include the Southern States south of the Ohio and Total (87 roads).387,401,369 388,059,481 109,298,017 89,157,749 + 20,140,268
G roups I
eastroups V I. and V I I . combined Include the northern peninsula of Michigan, all of ♦tlncludes the Northern Central. results of the N. Y. Central, tho Lake Shore A
of the Mississippi River.
These figures are tho combined
G
So., tho Chicago
the Dunkirk
Minnesota, Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota Mich.been combined forInd. A So. andpurposes only.Allegheny Vail. A Pitts., which
comparative
and Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming have
-------------Gross-----------------------------—-— N etand Nebraska, together with Colorado north of a line parallel to the State line
1914.
1915.
1914. I n c . or D ec.
1915.
passing through and I X . combined include all of Kansas, Oklahoma, Arkansas and
Denver.
G roup I I I .
$
$
G roups V I I I .
$
S
M id
e .
63,419
40,496
Indian Territory, Missouri south of St. Louis and Kansas City; Colorado south Akrondle WAdYoung
23,032 + S
82,381
17,464
Can
120,310
17,324
88.718 1,032,421
of Denver, the whole of Texas and the bulk of Louisiana: and that portion of Alequlppa A South.
32,983 —15,659
310,270 247,132 + 63,138
New Mexico north of a line running from the northwest corner of the State through Ann Arbor_______ 1,095,871 3,218,281 1,233,559
436,075 + 797,484
Santa Fe and east of a line running from Santa Fe to El Paso.
Bessemer A L Erie. 3.433,108
141,012
46,338
51,541
G roup X . Includes all of Washington, Oregon, Idaho, California, Nevada, Utah
Boyne C Gay A Alp 122,824
773,050 def 171,021 + —5,203
and Arizona and the western part of New Mexico.
944,071
Chicago A Erie___ 3,154,977 2,688,748
473.461
110,574
481,075
34,181 + 70,393
Chic Det A Can G T 3,152,249 3,259,610 1,005,160
694,326 + 310,840
Chic Ind A Loulsv. 177,604
140.462
61,179
29,762 + 31,417
Chicago River A Ind 1,021,746 1,021,017
199,116 + 93,980
Chic Terre H A S E
83,136 293,096
4,202
13,744 —9,542
86,287
Cine Georget A Port 4,555,558 4,665,020
171,207
Cln Ham A Dayton 111,319
121,201 def37,301 def500,773 + 678,040
def40,018
+ 2,717
Cine Sag A Mack..
65,438
11,797 def3.659
69,082
15,456
EARNINGS OF.UNITED STATES RAILWAYS JAN. 1 TO JUNE 30.
Dayton A Union__
61,080 def20,533 def23,153 +—3,380
45,586
Delray Connecting. 517,801
Yet
589,812
125,612
161,769 —36,157
A
3 1914.
1914. I n c . or D ec. DetroitTol Mackinac 733,809
1915.
G roup I .
1915.
739,303
363,394
350,113
13,281
Det A ShLine..
S
$
S
N ew England.
$
$
198,954 dcf8,912 ++207,866
170,061 —77,441 Det Gr Hav A Mllw 1,275,230 1,194,885
880,754
92,620
Atlantic & St Law. . 756,339 2,019,782
138,836
215,290
110,733 + 28,103
769,282 + 140,347 Detroit Terminal.. 233,822
909,629
Bangor & Aroostook 2,054,061
62,139 dcf590,192 + 652,331
070,355
1,529,038 Frankfort Ironton.
Boston & Maine__ 22,069,614 22,320,409 5,086,101 3,557,063 + + 139,898 Det Tol AA Cine.. 720,892
47,363
6,462
4,493
40,354
+ 1,969
799,668
76,719
210,617
Can Pac lines In M . 772,757 2,000,869
623,173
476,035 + 147,138
Grand Trunk West. 2,641,501 2,738,545
288,948 + 191,449 Hocking Valley___ 3,550,277 3,512,572
480,397
CentralVermont__ 1,911,408
834,266
684,416 + 149,850
61,782
22,729 —15,584 Kal L Sh A Ch Ry. .
7,145
Grafton & Upton..
53,594
52,213
8,912
8,605
55,332
+ 307
+ 3,536
50,344
8,692
12,228
Iloosac Tunn & Wll 42,466 5,682,320
383,044
355,951 + 27,093
—41,959 Kanawha A Mich..
1,516,497 1,558,456 —12,919 Kanawha A W Va.. 1,325,818 1,358,586
Maine Central____ 5,440,030
11,595
75.263
64,430 228,288
7,019
+4,576
141,227
27,892
14,973
Montp A Wells Rlv 126,207 31,898,467 11,130,397 7,455,416 + 3,674.981 Lake Terminal___ 213,860
27.470
34,857
N Y N H A H artf.. 32,283,970
01.264
29,214 def7,38l + 22,216
65,336
6,998 +
97,284 defl0,761 def41,074 + 30,313 Lakeside A Marbleh 113,976
Newport & Richford 37,084
158,071
S4.167
115,578 —31,411
Lorain A West Va.. 250,071
122,651
49,270
61,656 —12,386
Portland Terminal. 106,645 1,680,051
295,217
52,799
71,753 —18,954
A NorE..
431,311
298,091 + 133,220 Manistee Col A Clev
Rutland_________ 1,633,346
45,821
10,744
49,058
11,202
def458
178,637
19,086 —13,509 Marietta Air Line. 101,029
5,577
St Johnsbury & L C 153,224
106,983 def30,904 def52,82S + 21,924
+
Michigan
86,618
+ 5,497
25,176
19,079
92,894
Sandy Rlv & R L._
248,392
00,952
72,819 —11,867 New York Central- •See Group II. 93,247
Sullivan County— 240,687
36,728
97,648
+5,782
30,946
Kal A Sag..
66,220
+ 2,473 Chic Northern__ 707,479
20,620
18,147
68,650
Union Freight____
637,600
116,819
+ 127,927
60,277
03,979
+ 2,298 Cine Ch A St L .*17,042,260 1G’583.845 3,584,407 def11,108 +2,395,067
Vermont Valley___ 216,840 233,288
ClCln
1,189,340
880 def 1,434
+2,314
37,892
44,801
Total (18 roads). 68,109,816 63,568,763 20,115,026 14,447,641 + 5,067,385 Detroit A Charlev Groups VI A VII.
Ind Harb Belt—Sec
---- N et-----583,891
------------Gross-----------458,901 + 124,990
Lake Erie <fe West 2,700,138
1915.
1914. I n c . or D ec.
1915.
1914.
G roup I I .
Michigan Cent.. 16,558,053 Ui,262,-87 4,054,156 3,453,078 + 601,078
S
3
S
S
967,970 599,558 + 368,412
N Y Chic A St L. 5,081,700 5,562,901
East & M id d le.
$
Baltimore & Ohio.. 44,677,362 45,473.512 14,803,163 10,450,920 + 4,412,237 St Lawr A Adiron—See Group II40,224 def1,578 defl2,039 + 10,461 Pitts A Lake Erie 7,037,943 7,995,575 2,834.586 2,670,117 + 164,469
8,418
Benwood A Wheel’g
39,670
8,920
12,357 —3,437
33,538
2,072,062 2,055,948
72,703 + 217,297
Bloomsburg & Sull.
151,315 290,000
675,823
67,574
29,661 + 37,913 Tol A Ohio Cent. 147,028 280,064 def40,105 dcf67,776 + 27,011
Buffalo & Susq RR . 674,524
Zanesv A Western
196,021
66,254
29,720 + 30,534
Buffalo & Susq R y . . 116,933 4,620,868 def21,530 def9,145 +—12,385 Newb A South Sh.. 300,031
100,805 def 1,003
1,176,608
905,593
271,015 ................................
91,630
Buff Roch A Pittsb. 4 ,422,021
9,008 —10,071
49,376
137,327
37,585 + 11,791 Ohio River A West- West of Pitts A E rieCambria & Indiana. 151,543 1,812,117
Pennsylvania—Lines
971,029
428,116 + 542,913 Central Indiana.
—4,774
Central New Eng.. 2,168,019
91,370 274,461 defl.3,285 def8,511 —23,770
192,241
20,129
19,803
549 + 19,580
40,004
07,241
43.471
Connecting Term..
Nor. . 307,165
21,473
80,263
34,993 —13,520 Cine Lcb AA Ind. 2,460,531 2,538,670
445.160 380,380 + 64,780
61,385
Cornwall________
Gr Rapids
58,274
13,507
16,245 —2,738 Pennsylvania Co. 25,216,222 26,401,959 6,157,031 5,568,081 + 588,950
62,130
Coudspt A Pt All.. 399,627 424,284
46,750
02,393
140,293
58,700
41,985 + 10,715
Cumberland & Pa.. 10,781,298 10,748,043 3,622,433 3,151,404 +—15,637 Pitts Char A You 140,085 19,034,242 4,028,072
471,029 Pitts Ctn ChAStL 18,439,010
Delaware & Hudson
3,896,492 + 131,580
63,979
7,572
7,485
+ 87 Tol Peor A West—Sco Groups VI A VII.
61,175 19,881,592 7,026,802
Del A Northern___
6,082,491 + 944,311
929,878 808,037 +121,241
Del Lack A West__ 20,380,319
83,116 def7,911 def6,248 —1,663 Vandalia........ . 5,156,998 II.5,130,707
77,353
Sussex_________
Waynesb A Wash—Sco Group
$588,950 gain and the L>. C. C. & St. L. $131,580 gain. Including all
lines owned and controlled which make monthly returns to tho Inter-State
Commerce Commission, tho result is a gain of $6,213,539.
b These figures merely cover tho operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the “Big Four," tho “Nickel Plato,” &c., tho whole
going to form the New York Central S y s te m , the result is a gain of $11,894,
781.
p a rty
Reduced expenses have been a feature of the re
turns all through the half-year, as will appear from
the following summary of the monthly totals where
the net in every instance makes a very much better
showing than the gross.
When the roads for the half-year are arranged in
groups or geographical divisions according to their
location,it is again found that the comparisons of the
net are in each instance far better than those of the
gross. Our summary by groups is as follows:
We now give our detailed statement for the half
year. It shows the results for each road separately
for all the groups.
Sept . 4 1915.]
THE CHRONICLE
------------ -G r OSS-------------------- Net-----1915.
1914.
1914. Inc. or Dec
1915.
S
S
S
$
$
Pore Marquette___ 8,677,501 7,840,925 1,881,102 def2,301,986 + 4,183,088
Pontiac Ox & Nor. .
123,073
112,588
def6 07 def29,889 + 29,282
Pullman RR...........
39,164
61,436
def2,810
16,714 — 19,524
St Clair Tunnel Co.
170,630
181,779
126,893 — 24,240
102,653
Tionesta Valley___
106,742
103,456
17,803 + 10,532
28,335
Toledo Sag & Musk
78,425
84,660
+ 14,069
Tol S t L * W est. . . 2,344,089 2,153,249 def42,104 def.56,173 — 77,519
609,676
532,157
Toledo Terminal__
216,997
196,497
92,451
5,748
86,703
Wabash ______ ____ 13,806,446 13,799,680 2,068,530 1,579,734 ++488,796
Wab-Pltts Term__
335,059
35,273
37,721
+2,448
346,893
Western Allegheny.
110,365
5,272
—3,436
86,457
1,830
Wheeling & Lake E . 2,560,238
560,414
926,698 — 366.2S4
Y ’town & Ohio R lv. 138,229 3,161,367
57,868
+ 5,832
127,735
63,700
Total (64 roads).162,701,796 163,656,657 36,411,295 22,892,009 + 13,519,286
737
1915.
1914.
1914. Inc. or Dec.
1915.
S
S
$
S
S
Cine Poor * St Lou.. 722,629
800,588
39,783 def4,701
44,484
Ch St P Minn & Omi 8,246,292 8,440,222 2,443,769 2,255,236 ++188,533
Chicago Short Line
32,880
72,479
732
18,259 — 17,527
Chic W Pullm &Sou.l
99,513
110,672
29,990
24,930
+ 5,060
Copper Range___ . 352,999
280,967
124,471
71,620 + 52,851
Dav R I * Nor W. .
38,216
48,313 def7,487 dcf7,481
—6
Denver Lar & N W..
39,992
39,688 defl6,488 defl7,919
+ 1,431
Denver & Salt Lake! 691,012
554,498
193,512
77,885 + 115,627
Des Moines Union..
46,511
49,466
36,824
49,466 —12,642
Duluth & Iron R’gc! 2,093,743 1,803,141
902,693
431,247 + 471,446
Duluth* Nor East. 108,392
176,109
44,618
68,813 —24,195
Duluth & Nor Minn 209,190
222,535
63,078
76,536 —13,458
Duluth Miss &Nor
1,666,909
Duluth Win & Pae. 3,099,342 1,806,454 1,650,021 def16,888 + + 110,224
639,191
811,185
216,321
106,097
Duluth SoSh* Atl. 1,436,843 1,614,609
252,736
261,900
—9,164
East St L Connect. 202,089
240,109
57,150
57,546
—396
♦ Includes Peoria’* Eastern.
Elgin Joliet * East. 4,291,953 4,957,261 1,663,852 1,468,289 + 195,563
Escanaba & Lake Su 183,785
222,669
84,480
92,109
—7,629
------ Net-----Farm Grain & Ship.
31,042
32,554 def5,499 def6,008
+ 509
Groups IV. A V. 1915.
1914.
Inc. or Dec. Gallatin Valley___
1914.
1915.
43,886
43,084
2,865
1,938
+ 927
Southern.
8
S
S
8
S
Great Northern___
9,103,778 8,086,091 + 1,017,687
Ala & Vicksburg__ 700,451
108,146
78,148
— 29,998 GreatWestern____ 26,853,227 30,911,751
875,542
56,211
80,474
def72
15,490 —15,562
AlaTenn* North.. 235,636
92,990
65,034
— 27,956 Green Bay & West.
221,339
373,324
379,590
99,804
111,536 —11,732
Appalaehlcola Nor.
27,471
11,270
— 16,201 Hannibal Conncet’g
65,843
102,755
39,299
56,409 def.3,501
2,929
—6,430
18,464
AshlandCoal* Iron
14,525
— 3,939 Illinois Central___
70,091
60,707
6,193,931 6,996,385 —802,454
Atl & St And's Bay 1/68,014
1/29,866
1/12,919
— 10,947 Illinois Northern__ 29,487,719 31,715,986
2/94,433
167,955
190,213
66,379
71,845
—5,466
Atlanta & West Pt. 580,552
139,581
140,596
+ 1,015 Illinois Southern__
630,943
259,506
264,839
59,102
68,554
—9,452
Atlanta Blrm & Atl 1,278,829 1,507,376
104,113
230,280 — 120,167
143.364
140,046
46,50-1
39,492
+ 7,012
Atlantia Coa3t Line 16,528,978 19,448,057 5,371,344 5,700,261 — 328,917 Illinois Term RR__ 1,581,970 1,634,918
Indiana Harbor Belt
491,633
405,415 + 86,218
Birmingham & N \V
20,022
53,691 defl0,417
45,662
— 30,439 Kewaunee Gr B & W
105,059
111,209
38,850
50,898 —12,048
74,886
106,928
520,320
Birmingham South. 346,750
— 32,042 Lake Sup & Ishpcm
101,604
107,793 def41,782 dcf46,369
+ 4,587
22,935
58,935
17,171
Birmingham & S E.
+ 5,704 LItchfleld&Madlson
50,388
97,430
91,596
29,042
+ 8,494
20,548
91,933
157,807
Caro Atl & Western 316,046
35,395
+ 56,538 Manlstique & L Sup
78,790
81,003
24.SS5
18,955
+ 5,930
41,980
238,760
67,231
Caro & North West 197,703
— 25,245 Manufac’s Junction
32,257
43,309
3,460
7,564
—4,104
452,506
539,579
Caro Clinch! & Ohio 1,036,588 1,125,805
— 87,013 Mineral Pt & N or..
42,182
42,350
10,254
10,122
+ 132
71,782
25,444
63,186
35,399
Caro Clinch&OofSC
— 9,955 Mineral Range___
341,836
124,889
85,315 + 39,574
Central of Georgia. 5,774,804 6,671,137 1,512,215 1,339,359 + 172,856 Minn & Rainy Rlv. 450,648
71,153
110,577
12,507
47,431
86,870
80,040
28,492
37,093
Cent W Va & South
— 8,001 Minncap & St L .. ( 4,795,082
4,595,997 1,450,482 1,173,773 +—34,924
276,709
Charleston & W Car 872,447 1,024,240
251,858
229,747
+ 22,111
Iowa Central__ /
155,180
Charleston Term Co 118,359
42,990
45,980
— 2,990
in nS tP & S S M l 12,302,991 12,830,422 3,787,132 3,778,266
+ 8,866.
225,021 dcf29,619
Charlotte liar & No 160,855
17,667
— 47,286
Wisconsin Cent./
54,048
44,827
Chattahoochee Vail
24,655
19,882
+ 4,773 Minnesota & Inter.
483,983
134,851
98,636 + 36,215
Chesapeake* Ohio. 19,944,552 18,403,524 6,174,810 5,010,685 + 1,164,125 MontanaWyom* S 428,946
66,669
69,565
19,496
27,055
33,522
Chesapeake Beach.
35.277 def21,814 dcf7,874 — 13,940 Muscatine N & S__
63,171
55,763
16,660 def4,571 +—7,559
21,231
66,512
83,044 def2,890
Chic Memph & Gulf
10,610
19,500
218,986
238,497
54,025
49,549
+ 4,476
Cln N O & Texas P- 4,659,557 5,459,940 1,483,599 1,458,220 — 25,379 Mun Marq & S E. 27,591,776 30,280,860 11,047,060 10,977,264
+
Northern Pacific...
+ 69,796
Coal & Coke-------- 471,154
478,423
110,540
83,571
+ 26,969 Peoria & Pekin Un.
471,128 461,862
87,268
56,097 + 31,171
Colum Nov/h & I.au 130,450
177,202
19.790
62.904
— 43,108 Peoria Ry Term Co
115,221 116,966
14,251
15,506
—1,255
Durham & Southern 137,390
157,782
53,209
75,633
C & N W 132,442
122,702
dcflOO def4,275
+ 4,085
Eastern Kentucky.
21,440
24,680 def5,543 def3,158 — 22,424 Pierre Rapof M inn..
— 2,385 Ry Trans
98,238
100,340
36,161
37,046
—885
89,111
E Tcnn & W No Car
100,681
37,390
43,824
— 6,428 Rock Island So___
111,545
122,289
36,809
36,420
+ 389
Fernwood & Gulf..
77,966
85,153
13,631
20.905
— 7,274 St Louis* Hannibal
106,159
104,427
2,622
1,017
+ 1,605
Florida East Coast. 3,403,858 3,333,554 1,559,877 1,399,985 + 159,892 St Louis & O’Fallon
94,565
96,906
47,650
+ 8,852
38,798
Gainesville Midland
83,436
94,025
14,108
22,223
— 8,055 St L Troy & Eastern
132,023 124,772
46,846
22,767 + 24,079
Georgia * Florida.. 295,167
391,892 def52,285
29,087
— 81,372 St Paul Bridge & T .
109,997
90,480
36,572
26,217 + 10,355
Georgia Fla & A la.. 234,300
288,875
46,054
13,876
+ 32,778 South Dakota Cent
148,555 152,761
39,360
23,997 + 15,363
Georgia Northern..
85,354
109,088
21,299
32,182
— 10,883 Stan Merrill * Phil.
82,477
72,848
28,212 defl,122 + 29,334
Georgia__________ 1,278,711 1,567,804
196,361
320,365 — 124,004 Tol Peoria & West.
541,534 579,128 dcf29,309
12,552 —41,861
Georgia S W & Gulf
41,173
60,094
9,784
18,975
— 9,191 UnionPaclflc_____ 22,256,743 22,656,076
8,032,505 8,265,172 —232,667
G ulf* Ship Island. 790,896
922,810
257.950
221,756
+ 30,194
Oregon Short Line—See Group X.
Ilawkinsv & Fla Sou
53,903
81,705
1,253
4,532
— 3,279
Ore-Wash RR & Nav—See Group X.
48,642
Ilarrlman & Nor E.
46,330
17,581
17,722
— 141
St Jos & Gr Island 656,858
742,629
118,863
48,534 + 70,329
63,680
Interstate.................
01,778 defl0,010 def 13,578
— 3,038 Union Stock Yd Om
241,506
236,895
61,032
59,685
+ 1,347
Kan Glen Jean & E
39,203
47,380
15,447
18,101
— 2,654 Wab Ches & W est..
51,812
58,263
3,354
3,848
— 494
72,001
74,847
Kentucky & Tenn..
40,203
32,822
+ 7,381 Wisconsin & M ich..
67,899
75,934
12,243
11,073
47,940
Kcntlcky Highlands
+ 1,170
52,652
32,026
33,054
— 1,628 Wyoming & N W ..
164,947
186,973
48,792
83,517
72,869 —24,077
Kentwood * East..
116,153
27,591
40,004
— 12,413
Lancaster & Chester
42,302
53,035
9,250
d013,243
+ 12,493
Live Oak Perry * G
93,339
311,076,848 88,794,809 84,677,457 + 4,117,352
80,050
39,879
16,706
+ 23,113
52,421
Louisiana Southern.
66,011
9,890
16,335
Louisville* Nashv. 24,761,739 28,172,142 5,039,621 6,290,333 — — 6,445 Groups VIII. A IX . 1915.
1914.
1915.
1914. Inc. or Dec.
650,712
Southwest.
S
Loulsv Hcnd & St I. 066,222
671,518
127,459
S
S
S
101,633
— 34,174
S
Macon & Blrming'ni
51,259
123,539
73,319 def32,968
64,781
51,199
20,429 + 30,770
7,279
— 40,247 Abilene & Southern
Macon Dub & Sav. 225,230
def208
251,275
42,734 def3,218 dcf27,438 + 24,220
60,819
40,664
+ 20,155 Arkan Lou * Gulf.
Mississippi Central. 361,948
Arkansas Central..
39,664
453,580
47,507 def 1,983
125,826
156,572
6,290
—8,273
— 30,746
Nashv Chatt & St L 5,271,033 6,308,972
66,513
65,067
51,704
859,145
1,309,878 — 450,733 Ateh & East Br’g ..
46,745
+4,959
New Orl & Nor East 1,727,918 1,948,099
434,552
406,567
+ 827,746
+ 27,985 Atch Top & San Fe 46,912,744 45,130,849 16,999,704 16,171,958
New Orl Great Nor. 782,459
Gulf Colo & S Fe 7,484,013 6,040,667 1.6S4.790 1,078,264 + 606,526
894,345
261,705
341,985
— 80,280
NO Mobile* Chic. 852,947 1,052,354
Panhandle & S Fe 2,023,317 1,221,587
218,325
438,865
354,683 + 84,182
300,607
— 82,282
48,377
N O Natalb & Nat.
Rio G El P * S Fe 144,457
02,262
132,837
3,952
31,563
15,354 + 16,209
dof5,341
+ 9,293
Norf & Ports Belt L 111,920
Grand Canyon—See Group N
123,321
28,063
31,477
— 3,414
Norfolk Southern.. "1,912,038 *2,104,973 *411,826 *460,028 — 48,202
Rocky Mt & S Fe
92,657
110,980 def 1,155
def908
— 247
Norfolk & Western. 21,492,379 21,150,503 7,768,093 0,830,429 + 937,664 Brimstone RR&Can
31,799
48,097
def33i
13,230
N W of South Caro.
60,700
92,134
62.278
37,661 def0,292 — 13,561
57,337
18.791
9,126
+43,953
+ 9,605 Butler Co RR____
Ocllla Southern___
44,324
56,310
10,029
7,043
55,577
71,335
12,540
15,076
— 2,511
— 8,033 Blyth Leach* ArkSo
Pennsylvania Term. 233,069
246,792
25,246
26,933
5,117 dcf4,060
95,035
95,306
+ 9,177
+ 329 Colorado & So East
Rich Fred & Potom. 1,560,098 1,606,284
019,984
3,450,906
812,230
907,622 — 95,392
609,646
+ 10,338 Colorado * South.. 3,468,301
Savan & Statesboro.
54,896
69,089
Ft Worth * D C. 2,392,652 2,112,373
11,128
520,965
480,728 + 40,237
18,339
— 7,211
Savan & Nortliwest. 1/70,902
1/91,139 1/def 17,053 l/dcf3,22l — 13,832
203,848
Wichita
285,836
72,080 + 131,768
Seaboarod Air Line. 10,910,268 13,090,101 3,418,080 4,216,230 — 798,150 Trinity * Valley.. 486,189
Br Vail 393,475
941,730 def65,934 defl60,572 + 94,638
Sandy Val * Klkh’n 106,721
98,333
35,659
335,003
134,334
21,164
138,495
371,959
—4,161
+ 14,495 Colorado & W'yom.
South Georgia____
82,065
116,927
15,139
ColoradoM ldland __ 653,368
41,895
764,978 <lcf5,497
38,474
Southern Railway.. 29,433,933 33,768,958 7,797,560 7,572,752 +— 26,756 Denver A Rio Gdo. 9,625,877 10,171,656 3,356,002 dcf43,971 ++478,766
2,877,236
224,808
Ala Great South. 2,330,833 2,574,797
261,215
582,105
417,807
263,732
5,469 de!40,54l + 46,010
+ 164,358 Ft Smith A W est..
Augusta Southern
74,549
81,130
3,940
115,772
13,229
11,590
14,382
125,955
— 2,792
— 9,289 Ft Worth Belt____
94,022
Blue Ridge_____
85,870
21,379
177,580
20,939
139,172
42,908
+ 440 Galv IIou * Ilend.
18,156 + 24,752
Danville & West. 165,648
163,867
819,525
63.950
584,789
441,807
57,203
261,238 + 180,509
— 6.747 Galveston Wharf. _
Georgia Sou & Fla 1,023,569 1,249,586
162,981
River
72,108
18,862 def 16,819 + 35,681
67,770
211,319
— 48,338
Mobile* Ohio__ 5,341,386 6,315,823 1,663,787 1,202,631 +461,156 Gulf * Sabine West.
Gulf Texas*
88,180
62,123 def19,088 def’ 6,466
2
+ 7,378
275,249
North’n Alabama 245,514
78,745
394,364
4,355,123
73,033
439,524 — 45,160
+ 5,712 Interuat & Gt Nor. 4,260,170
695,031 def 1,384
South lty In Miss. 425,216
133,793
27,514
132.345
88,570
defl73 + 27,087
— 89,954 JonesbLako C & E.
04,261 def4,811
Tallulah F alls...
50,911
170,083
175,767
27,230
32,104
8,966
— 4,874
— 13,777 K C Clin & Springf
947,219
Virginia* Southw 824,005
173,115
5,541,058 1,601,066 1,976,720 — 315,660
254,491
— 81,376 Kansas City South. 4,747,320
52,701 def5,096
Standard & Hcrnun
3,522
415,589
192,635
200,870 def22,916 + 223,786
6,795
— 12,491 Kansas City Term.
80,415 def 1,074
Tampa Northern__
53,436
847,226
291,347
201,371 + 29,976
10,217
42,959 defl8,332 def7,377 — 17,291 Louisiana & Arkan. 835,305
Tenn Ala & Georgia
32,206
123,377
12,501 del’20,478 + 32,979
150,375
— 10,955 Louisiana * N W_.
818,838
Tennessee Central.. 714,673
113,894
160,339
131,387
91,943
24,315 + 67,628
170,597
— 56,703 Louisiana & Pacific
64,612
Tenn & North Caro
56,813
28,649
260,862
940,773
204,598 + 56,264
37,424
— 8,775 Lou Ry & Nav Co. 1,024,200
58,471 def 11,989
Union Ry (M em)..
41,040
28,906
7,623
8,707 def8,428 defl4,516
+ 6,088
— 19,612 Manltou* Pike’s Pk
57,123
Virginia & Caro Sou
53,128
22,038
17,801
61,602 dcf55,114 def’25,056 — 30,058
23,297
— 659 Mfrs Ry of St L ...
44,348
Virginia Carolina..
74,077
32,350
88,685
88,146 def 1,554 def 16,911 + 15,357
21,886
+ 10,470 Marshall AEastTex
Virginian.............. 2,878,117 3,056,547 1,229,307 1,272,531 — 43,224 Midland Terminal63,268
52,786
28,108
21,640
+ 6,468
Wadley Southern..
54,118 def 12,761
42,281
632,568
717,985
130,680
1,509
90.0S3 + 40,597
— 14,270 Midland Valley___
W’mson & Pond Crk
52,152
52,810
28,878
344,730
343,602
167,675
155,340 + 12,335
23,026
+ 5,852 Miss Rlv & Bon Ter
Washington South. 665,862
682,317
210,161
537,984
206,289
606,551 def 123,768 def33,269 — 90,499
+ 3,872 Mo A Nor Arkansas
Western Ry of Ala. 619,148
719,049
100,237
4,407,658 3,757,693 + 649,965
130,318
— 30,081 Mo Kan & Texas.. 15,696,545 14,437,350
Win-Sal Southbound 221,477
274,856
75,790
65,541
59,119 dcf‘ 7,520
2
125,281
6 ,159 — 33,679
— 49,491 M oO kla& G ofT .
158,762
Wrlghtsv & Tennlilo 124,563
17,667
547,050
537,953 def 165,092 def76,010 — 89,082
39,038
— 21,371 Mo Okla & G ulf...
Yazoo & Miss Vail. 5,784,652 5,798,794 1,681,954 1,012,840 + 09,114 Missouri Pacific__ 12,906,856 11,997,241 2,534,219 2,096,908 +437,311
StL Iron Mt&So 14,074,285 15,872,507 4,015,087 5,586,371 --1,571,284
Total (98 roads).183,891,782 202,892,239 52,564,849 52,811,302 —246,453 Missouri Southern.
82.084
84,312
16,880
27,573 — 10,693
New Iberia & N o..
32,464
37,072 de!21,124 def’20,680
— 3,444
* These returns arc for that portion of road operated by steam only.
New Orl Sou & G Isl J/46,922
1/50,719
3,355 def8,703 + 12,058
Ouachita & Nor W.
91.085
93,178 def 6,003 def9,709
+ 3,706
Parls & Mt Pleasant
16,884
54,369
73,453
18,281
— 1,397
Groups VI A VII. S —GrossPrescott & Northw
13,194 def3,881 + 17,075
48,081
41,723
Northwest.
S
S
S
S
Quanah Acme* Pae
73,776
23,202 + 58,011
81,213
Ahnapce * Western
52,148
56,768
10,750
23,948 — 13,198 IUo G r* EagloPass 158,823
70,076
69,640
25,593
28,892
— 3,299
B&O Chlo TerTrails 733,653
707,399
242,719
110,865 + 131,854 Rio Grande South. 254,205
274,380
94,189
89,039
+ 5,150
Belt Ry of Chicago. 1,490,574 1,560,357
640,098
665,286 —19,188 Rock Island—
Big Fork & Int Falls
75,018
70,971
34,521
23,862 + 10,659
Chic R I A Gulf. 1,314,579 1,291,218
271,068
264,623
+ 6,445
Chicago & Alton__ 6,699,005 6,289,521 1,210,907
431,251 + 779,656
&
+ 609,803
Chic & East Illinois 0,015,726 7,140,650
670,240 1,174,934 —504,694 St Chic R&ISanI’a c.. 31,387,525 30,887,326 7,501,533 6,891,730 -[-2,087,022
Louis
Fran 19,561,208 19,596,238 6,019,465 3,932,443
Chic * 111 Midland. 126,480
90,365
30,426
16,369 + 14,057
11,874
Ft Worth & R G 392,727
373,517
24,480 — 12,612
Chicago & III West.
64,437
75,402
7,201
5,092
+ 2,109
Paris & Gt North
48,000
47,487 defl5,956 def72,930 + 56,980
Chicago & Nor West 37,280,649 39,079,537 10,970,846 10,076,790 + 894,056
St L S F & Tex. 475,134
633,428 deI59,540 def71,965 + 12,425
Chic * Western Ind
75,458
129,405 def9,475
26,359
37,642 def29,S83 + 67,525
BcaumontSL&W 264,999
308,375
Chic Burl * Quincy 41,330,844 42,192,018 11,403,042 11,336,453 —35,834
+
Louisiana Southern- See Groups IV. & V.
Quincy O & IC C. 385,177
397,929 <lcf8,759 def21,830 + 66,589
13,071
New Orl Tex & M 674,375
750,312 dcfl4,807 def42,632 + 27,825
Chlcago Great West 1/5,353,138 f/5,601,621 2/1,127,301 2/1,199,789 —72,428
11,928
Orange & Northw
107,207
11,564
+ 364
89,475
Chicago Junction.. 989,388
949,341
138,230
217,969 —79,739
325,634
L Browns
288,735 + 36,899
Chic Mllw & Gary. 181,809
201,979
20,817 defl4,034 + 40,851 St St Morcli Brg& M 1,143,302 1,409,856
I,
Ter 878,874
908,120
240,399
165,397 + 75,002
ChlcM ilw&St P .l 42,045,306 43,239,745 13,124,054 13,577,106 —453,052 St Louis Southwest 3,229,317 3,886,680 1,127,011 1,244,710 —117,705
Ch Mil & Pug Sd./
St L S W Ry of T 1,704,928 1,958,381 def8,983 def282,143 + 273,160
738
THE CHRONICLE
[Vol. 101
pointing tho Court as arbitrator to consider, adjudge and determine tho
1914. Inc. or Dec.
1914.
1915.
1915.
54,010 —32,230 shall bo binding, difference botwoon them, and providing that its award
21,780
207,559
St Louis Transfer.. 189,631 1,965,494 def95,9l4 def31,384 —64,530 specifiedamatters o fconclusive and a final adjudication.
1,632,193
+ 7,458
T he matters o f difference to which tho arbitration is limited aro (1)
16,603
24,061
220,967
San Ant Uvalde & G 261,881
Southern Pacific—See Group X.
whother tho appraisers wore justified in Including in thoir appraisal o f tho
Arizona Eastern—See Group X. Group X.
valuo o f tho stock any sum whatsoever for deposit accounts or good-w ill trans
Coos Hay Hose & E HR & N— Sec
ferred to tho Corn Exchange Hank, and if so justified, whothor tho am ount
Corvallis & Eastern—See Group X.
693,777 + 65,655 fixed by tho appraisers as tho value o f tho deposit accounts or as good-w il
759,432
5,221,327 5,709,732
95,394 —76,822 is correct and, if not, “ what less sum, if any, should have boon included as
189,218
18,572
114,096
115,347 + 443,478 tho value o f such accounts or such good -w ill.” (2) Whethor or not tho pe
558,825
3,059,586 2,881,108
175,812 + 19,478
713,991
195,290
Hous E & IV Tex 693,742
49,946
—8,595 titioner is entitled to interest upon tho valuo o f his stock from tho 5th day
120,034
41,351
108,183
328,264 —54,835 o f February. 1914, or from any other date to tho 5th day o f M a y, 1915.
273,429
1,048,290 1,202,089
394,357 —54,090 T ho pertinent facts, so far as material to the disposition o f tho first quostion,
340,267
MorgL&TUR&SS 1,991,549 2.210,020
63,002 + 135,799 will be briefly stated: T h e W ashington Trust Conpany began business in
1,888,582 2,102,049
198,801
37,164 + 26,552
103,141
77,322
63,716
450,004 + 161,817 1889, with a capital o f $500,000 and a paid in surplus o f $250,000. During
611,821
1,303,003 1,337.448
8,410,075 8,622,452 1,425,720 1,483,843 —58,123 tho tw enty-five years o f its existence it earned and added to this surplus
28,414
+ 4,897 $750,000, and had on hand at tho tim o o f the sale o f its assets accum ulated
33,311
90,255
93,431
20,824
+ 6,616
27,440
163,048
154,071
868
17,737 — 16,869 undivided profits amounting to over $300,000. During tho samo period
228,512
301,380
57,500
21,427 + 36,073 it earned and paid out in dividends tho sum o f $1,180,000.
117,476
166,586
52,524
15,767 def7,903 + 23,730
77,413
Texas Southeastern 122,799
T
began
$2,000,000,
47,200
17,397 + 29,803 and ho com pany depositsbusiness with deposits approxim ating Jan. 1 1914
120,342
its average
for five years immediately preceding
28,432
8,662 + 19,770
140,204
138,692
159,163 — 126,788 amounted to about $10,000,000. Tho number o f theso accounts on
863,201
32,375
’ 640,522
9,061 — 13,537 tho last-montioned date aggregated 1,884, o f which 083 woro under $500
68,679 def4,476
63,700
+ 3,075 each, 1,184 botween $500 and $10,000 and 17 ovor $100,000 each. T ho
22,766
19,691
66,362
62,640
W M W <fc N W ...
tho value f
tangiblo assets
tho
Total (93 roads). 222,712,456 222,192,713 58,997,872 53,294,567 + 5,703,305 appraisers found liabilities, oas tho surplus fo f$1,900,000. ando fupon com pany,
after deducting
upwards o
tho basis
Group X .
------------- Gross— ---------Net
1914. Inc. or Dec. o f tangible assets alone the value o f each share o f stock was $,164 47. T o
1914.
1915.
1915.
Pacific Coast.
8
$
8
$
this finding no objection is here m ade. T ho appraisers separately fixed
249,434 —93,122 tho value as o f Feb. 5 1 9 1 4 , o f tho deposits turned ovor to tho Corn Exchange
156,312
350,322
478,877
148,184
61,240 —39,620
21,620
90,613
893,484
548,070 —82,440 Bank at $125,553. thereby increasing tho value o f each share to tho oxtont
465,630
Bingham & Garfield 763,520
+ 600 o f $25 17. It is solely to this finding that tho trust com pany takes excep
28,562 deft! ,601 def7,20l
12,390
Boca & Loyalton —
66,592
16,733 def4,704 + 21,437 tion” T he respondent insists that tho deposit accounts had no value and
39,387
Bullfrog-Goldfield _
— 102 that the facts afford no basis for a finding that any “ good w ill" existed.
5,5)25
48,405
5,823
40,307
Butte County----70,073 —26,402
43,071
158,315
206,571
T he learned counsel for tho trust com pany has very fully discussed in
El Paso A S W Co 4,008,246 4,701,998 1,589,352 1,962,788 —373,436
61,176 +157,572 his brief the subject o f good will, tho rules to bo considered in ascertaining
218,748
345,326
169,921
Grand Canyon .
16,286 def0,945 + 23,231 its value and what he conceives to bo the application o f these rules to tho
59,946
48,231
Gilmore A Pittsburg
01,940 —30,241 facts o f this case. T he proceedings before the appraisers, how ever, indicate
31,705
206,620
Idaho-Wash Nortli. 164,153
945 + 10,992
65,962
94,419
11,937
Lea Vegas & Tonop. 111,359
13,006
—8,068 that they did not attem pt to valuo tho good will o f tho business o f tho trust
132,014
4,938
def232 def 18,558 + 18,326 com pany, but that thoy merely valued tho doposits as such. T ho petitioner
57,443
45,084
5,037 —36,511 both beforo the appraisers and this Court has consistently contended that
153,045 dcf31,474
Novada-( 'al-Oregon. 155,545
—7,273
17,064
9,791
58,160
58,975
330,882
382,758 —51,876 he makes no claim for tho value o f tho good will, but that ho is entitled to
847,124
678,170
Nevada Northern.
3,754 — 19,871 have the $ 1 0 ,0 0 0 ,0 0 0 o f deposits considered as a valuable asset o f tho
27,297
42,327 defl0,117
345,075 —44,904 com pany. It is thus apparent that tho rules recognized in various cases in
300,111
1,521,572 1,649,698
+ 2,242
375 def 1,80/
89,243
76,379
—2,987 which the valuation o f “ good will” o f a business was at issuo require no
1,385
52,324
68,280 def 1,602
+ 9,949 extended consideration liore. It is doubtless correct to urgo, as tho learned
5,141
15,690
83,587
92,539
+ 53,281
126,552 def2,600 def55,881 —24,859 counsel did. that m any o f tho elements that enter into tho determination
Pacific Hy & N av.. 136,137
112,608
126,020 def38,199 defl3,34G —65,140 o f the value o f “ good will” aro present upon an assessment o f tho valuo
216,169
151,029
269,194
Itay & Gila Valley. 231,601
—3,772 o f the $ 1 0 ,0 0 0 , 0 0 0 deposits.
18,223
14,451
95,362
88,097
Salem F Cy & Wes.
—3,294
5,603
But there aro also important differences botweon good w ill" and
2,309
32,743
37,956
Salt Lake* Los Ang
16,065 —70,717 •deposits " “ G ood will” is o f an intangiblo, indefinite and often highly
186,818 def54,652
132,484
20,743 defl8,717 def57,328 ■+f*38,611 speculative nature and dependent upon circumstances peculiar to a
18,791
San Ped L A & S L. 4,824,807 5,384,563 1,785,564 1,701,338 — 84,226 given business. In order to give effect to an apparently existing valuo
19,481
55,641
75,122
177,737
Sierra Hy of Calif . 145,199
o f a “ good will’ which is difficult o f measurement, tho Courts, in tho
46,878,590 48,240,789 10,042,164 15,923,527 ++118,637 interest o f justice, have often resorted to inoro or loss artificial mothods
22,125 o f assessing it, such as aggregating tho profits o f a business during tho
46,816
36,273
14,148
57,431 1,431,270
591,259 — 128,401
462,798
1,170,803
112,907 def79,799
116,380
Corvallis & East. system see Groups VIII & IX. def 136,200 + 56,401 last three, fivo or m ore years o f its existence. In tho matter
o f “ deposits” a somewhat different situation exists. W
For remainder of 1.874,480 2,189,582
718,607 —200,509 bo uncertain whether tho purchasing com pany will retain hile ito f m ay
518,098
m ost
tho
442,163
172,247 —77,272 deposits turned over to it. thoy nevertheless present a more concrete asset
94,975
332,342
148,753
47,186
23,384 + 23,802
142,389
208,513
92,752 —71,202 than that o f “ good-w ill.” A ccording to tho testimony taken b y tho ap
21,550
146,947
266,633
53,283
66,185 — 12,902
182,017
Tacoma Eastern. . . 339,238
men o experience in banking circles,
o f deposits
156,374
331,437
114,956 + 41,418 praisers o f is well frecognized among bankers andthe m oney valuo limitations
within varying
—6,768 o f a bank
193,894
65,911
72,079
Tonop & Tidewater 171,052
—6,701 is susceptible o f fairly reasonable determination. In estimating tho valuo
94,804
22,664
29,365
85,983
Tooele Valley_____
Union Pacific—See Groups V1& VII.
bo
3,162,328 3,797,096 —634,768 o f “ good-w ill” it would the necessaryf ordinarily to reach a conclusion o f its
exclusively upon
profits o
2,132,150
0,948,417 7,769,890 def 12,844 2,320,517 — 188,367 valuo valuing “ deposits” a purchasingthe business
In
bank doubtless would take into ac
109,986
757 — 13,601
80,492
—4,320 count the profits earned by tho vendor bank, but its judgm ent would by
21,887
121,359
17,567
124,009
87,077 —84,566 no means necessarily be controlled b y a showing o f small profits. Tho
216,150
2,511
131,997 2,604,302
182,550 + 448,977 deposits might nevertheless bo regarded as a valuable marketable asset,
631,527
2,620,903
33,230 +15,924 albeit they represent liabilities. T hoy constitute a class o f liabilities which
49,154.
101,881
143,955
Yosemlte Valley—
84,946,885 91,017,841 28,501,680 29,787,482 —1,285,802 banks consider a m ost valuable asset. Objection is made on bohalf o f tho
Total (50 roads .
pany
tho
ex
Gr. Tot. (489 rds.). 1407465982 1447464542 394,683,548 347,008,207 + 47,615,341 trust comto tho to tho reception b y tho appraisers o fupon testimony o fthat
perts as
valuo o f the $10,000,000 deposits,
tho ground
such opinion evidence is inadmissible. It seems to mo that this objection
y These figures are for five months only.
DEPOSITS A N ELEMENT TO BE CONSIDERED IN
VALUING BANK SHARES.
Justice Greenbaum of tho New York Supreme Court,
acting as arbitrator in a case involving tho valuation of the
shares of a dissenting stockholder of the Washington Trust
Co., who objected to the merger of tho company with tho
Corn Exchange Bank, holds that deposits are an element
that must bo considered in any such valuation. Ho also
holds that the dissenting shareholder is entitled to interest
on tho valuation dating from tho time of his dissent. As
the questions involved are novel, we give herewith tho full
text of the opinion. Charles W. Gould of Gould & Wilkie
acted as counsel for Paulding, tho objecting shareholder.
M atter o f Paulding, & c.— T he petitioner was tho holder o f sixty-five
shares o f the capital stock o f tho Washington Trust C om pany, a dom estic
corporation. Nino other holders o f stock, representing in all about 10%
o f tho capital stock, aro in a position similar to that o f tho petitioner. On
or about the 19th day o f January, 1914, a mooting o f the com pany was held
and a resolution passed, pursuant to tho provisions o f Sections 10 and 17 o f
tho Stock Corporation Law, authorizing its officers to sell and transfer all
its properties to tho Corn Exchange Hank o f tho C ity o f New Y ork, and
thereafter these assets were duly sold and convoyed In accordance with the
resolutions. T ho petitioner did not vote in favor o f tho proposed sale, and
within twenty days after tho meeting ho duly objected thereto and demanded
paym ent for his sfock. Thereafter proceedings were taken in this Court
resulting in tho appointment o f appraisers for tho purposo o f valuing pe
titioner’s stock. A fter various hearings, tho appraisers, having duly filed
their report, tho petitioner m oved this Court for an order confirm ing tho
report and for judgm ent thereon. Upon tho hearing o f the m otion tho
quostion was raised whether under tho existing statutes the C ourt had power
to make tho desired order. Thereupon, and for tho purposo o f avoiding
dolay and oxpenso, the patties united in a request to tho Court that it pass
upon tho matters o f difference between them as arbitrator, and thereafter
with the approval o f tho Court, thoy entered into formal stipulation ap
is not well taken, since tho testimony given is in the nature o f expert opinion
upon tho value o f com m odities which havo no fixed market valuo. But,
aside from tho legal question raised, it must bo borno in mind that tho strict
rules o f evidence recognized upon tho trial o f any action aro not applicable
to an appraisal. Tho appraisers wero justified in utilizing such information
as was available from men having experience with similar transfers o f de
posits and familiar with their valuo to banking institutions. As a matter
o f fact tho values given b y these witnesses wero considerably in excess o f
the value ultimately placed b y tho appraisers upon tho deposits herein
involved indicating that they wero not entirely guided b y this testim ony,
but accepted it for what it appeared to them to bo worth, and probably
gave some consideration to tho profits realized b y tho trust com pany from
its deposit accounts during tho years o f its existence. That tho largo
amount o f deposits transferred must havo a substantial valuo scarcely
can be gainsaid, and sinco tho valuo found b y tho appraisers does not
appear to bo excessive, their finding in that behalf should not be disturbed.
‘ 1 T he remaining question is whether tho petitioner is entitled tn interest
. . ......... -whether th e netitinner
to interest
upon the award made b y tlio appraisers. Section 17 o f tho Stock C orpo
ration Law is silent as to tho matter o f interest. It provides in somowhat
vague language that tho Court shall “ direct the manner in which paym ent
for such stock shall bo m ade,” and that tho appraisers "shall estlmato and
certify tlio value o f such stock at tho timo o f such dissent.” Tho manner
o f payment can only refer to tho timo or times o f paym ent for tho shares
o f dissenting stockholders. T ho respondent claims that interest com
mences to run upon tlio delivery o f tho appraisers' certification to tho
C°T h e ^ ta tu to clearly prescribes that tho valuo o f tho stock is to bo fou n d
as o f tho date o f tho stockholders’ dissent, which, in tho present caso, was
Feb. 5 1914, so that tho appraisers, in valuing the shares in question, could
not have taken into consideration tho loss o f interest on tho stockholders'
investment from Feb. 5 1914. T ho lim itation o f tho statute that tho valuo
o f the stock be fixed as o f tho dato o f tho dissent and demand for tho pay
ment o f tho stock would soom to carry with it tho obligation to pay interest
on the amount found to bo tho valuo o f tho stock from tho dato when p ay
ment for tho stock was dem anded. T he situation hero presented is quite
analogous in principle to tho caso o f taking prlvato property for public
purposes under tho power o f eminent dom ain. Under the statuto two-thirds
or m ore o f tho stockholders take from tho remaining stockholders their
property against thoir will, precisely as under tho constitution tho Stato
takes an individual’s property for public uso. It is no answer to say that
S ept . 4 1915.]
THE CHRONICLE
in the form er case tho exerciso o f tho right o f the m ajority arises out o f an
implied agreement between the stockholders b y reason o f tho statute. T ho
samo reasoning would bo applicable to tho individual whose property is
taken b y t.ho Stato, since there is also an implied agreement botween the
individual and tho sovereign power that tho form er shall bo bound b y tho
laws o f tho State. In each caso tho taking is lawful, but, nevertheless,
against tho will o f tho owner o f tho property. T he law is well settled in
{eminent dom ain cases that interest com m ences to run from tho date tho
property is taken, and it thus has boon held ntowithstanding the statute
declared to tlio contrary (Sec. 4, C hap. 56, Laws o f 1804), sinco tho de
privation o f interest would bo violative o f tho constitutional provision guar
anteeing Just com pensation for tho taking (M atter o f M ayor, 40 A p p.
D lv -, 281; M atter o f Riverside Park, 59 A pp. D iv ., 603, a ff’d 1C7 N . Y .,
627). T ho authorities cited b y respondent disallowing intorest in certain
'lasses o f cases are readily distinguishable, as, for example, Hudson River
Tel. C o. vs. How York (210 H . Y ., 304), and People ox rel. Contral Trust
J o . vs. Stillings (136 A . I )., 438), which were statutory actions for damages
done by the C ity o f New Y ork and did not involve tho taking o f property.
Trask vs. Poekskill Plow W orks (6 Ilu n , 236) is a direct authority favoring
respondent’s position, but an examination o f tho case indicates that the
amount o f interest involved was trifling, and that no serious consideration
had been given to the question here raised. That caso does not appear to
have been m entioned in any later authority, and is so clearly contrary to
tho rulo o f law now prevailing that it should not be followed. T ho circum stanco that tho claim was unliquidated docs not affect tho question, as is
indicated from tho following quotation from W hite vs. M iller (78 N . Y .,
393, 395); "D o w n to a recent period interest was not allowed upon unli
quidated accounts or demands. N ow that last landmark has boon swept
away, and tho solo fact that a demand has not been liquidated is not a bar
to tho absoluto legal right to interest" (soo also D o Carricarti vs. B lanco,
121 N . Y ., 230, 233). It follows that tho petitioner is entitled to the pay
ment o f tho amount found b y tho appraisers, plus interest thereon from
_________________________________
Fob. 5 1914.
A FURTHER LARGE SHIPMENT OF GOLD AND
SECURITIES FROM GREAT BRITAIN.
The second consignment during August of gold and securi
ties from England shipped in furtherance of plans for the re
adjustment of the exchange situation, reached New York
last Sunday, Aug. 29. The previous shipment, like tho
present one, was deposited at the Sub-Treasury to the ac
count of J. P. Morgan & Co., fiscal agents in tho United
States of the British Government, and came by way of
Halifax. In addition to $19,534,200 in gold, securities esti
mated at moro than $30,000,000 made up tho first ship
ment; the value of tho shipment received this week is figured
at about $55,000,000, mado up of $19,500,000 in gold and
about $35,000,000 in securities. The aggregate represented
in tho two shipments of the month is thus over $100,000,000.
The latest shipment reached Halifax from England on
Aug. 26 in a British cruiser; the treasure train from Halifax
to New York was preceded by a dummy train, and made
stops at Vanceboro, Me., Bangor, Mo., Dover, N . H., and
Springfield, Mass., from whence it is said to have come by
way of Albany; it arrived at tho dopot of tho American
Express Co., at 32d Streot and 10th Avenue, about 6 a. m.
Sunday morning. Tho shipment was mado up of 700 cases
containing the bullion, each weighing 120 pounds and esti
mated to contain about $28,000 each, and eight largo cases
containing the securities. The valuables were conveyed to
Wall Street in more than twonty motor vans of tho American
Express Co., five armed guards accompanying each of the
motors; there was no police escort, nono having been asked
for as on tho previous occasion.
CHARLES G. DAWES ON POWERS OF SECRETARY OF
TREASURY REGARDING FEDERAL RESERVE BANKS.
Tho danger to tho country which is imminent under tho
present law whereby tho Secretary of the Treasury may de
posit, at his own discretion, cash reserves of the Treasury
in the Federal Reserve banks, was pointed out by Charles
G. Dawes, President of the Central Trust Co. of Illinois,
at Chicago, in an address delivered at a joint meeting of
the International Association of Casualty and Surety Under
writers and the National Association of Casualty and Surety
Agents at Detroit on Aug. 26. Mr. Dawes recommended an
amendment to tho Federal Reserve Act which would pre
vent the exerciso of such authority, and also proposed that
a further chango bo made in tho law so as to prevent direc
tors of national banks from becoming directors of the Federal
Reservo banks. Wo quoto in part his remarks as follows:
Tho effect o f tho Europoan war upon tho financial system o f tho world
and tho business and financial system o f our own country, demands tho
immediate and best thought o f tho American legislator and tho American
financier. When wo confront unprecedented conditions wo must prepare
for unprecedented results. W hen tho French indemnity o f one billion
dollars was paid to Germany after tho Franco-I’ russian war it resulted in a
redundancy o f m oney and credits in Germany and a resultant prostration o f
business after a period o f speculation and credit expansion. E conom ic
history shows that a redundancy o f m oney anil credit promotes specula
tion. unsound business, fictitious prices and eventual collapso.
T he United States, owing to tho Europoan war and to tho present contion o f its own credit and business system, faces a period o f prosperity
and expansion o f credit so great that, oven beforo it is upon us, certain im
portant stops to safeguard our financial and business futuro should bo
taken legislatively at this time. Tho Federal Rcservo A ct, which, properly
amended, will bo our greatest business safeguard, and unamended m ay bo
739
our greatest menace, has, in changing the former law relating to bank roserves and in authorizing credit b y tho Federal Reserve banks them selves,
created a reservoir o f credit never heretofore approximated in the nation.
lo -d a y in tho city o f N ew Y ork tho national and State banks could, on
a basis o f an 18% roservo, build up additional credits exceeding one billion
dollars. T ho Comptroller o f tho Currency has just pointed out that tho
national banks o f tho country alono, w ithout including tho State banks,
hold $778,000,000, moro roservo than required b y the law, “ sufficient,” to
use his words, " t o justify an expansion o f credit or a further loaning power
o f $2,000,000,000 or $3,000,000,000.”
Certainly at this time tho problem which confronts our country is not tho
la jin g o f tho foundation o f prosperity by increasing tho present basis o f
credit that has already been dono largely through tho Federal Roservo law.
but to so safeguard tho futuro emissions o f credit as to make prosperity
permanent instead o f tem porary, to continue to hold in reserve'tho means
o f protection against credit collapse, to look ahead and not to put on full
sail without proper provision for taking in sail in a storm.
This safeguarding is possible through amendment o f the present Federal
Reserve A ct forbidding tho deposit
tho general fund holdings o f tho
nited States Treasury in tho Federal Reserve banks until the banks have
reached the lim it o f their possible expansion in note issues without Govern
ment deposits, and then tho deposits to bo m ade under such restrictions
as to com pel tho banks to return tho m oney after the crisis is past. T o illus
trate the necessity o f this, suppose that in a bank having $20,000,000 o f
deposits and carrying a 40% reserve, one custom er had a deposit o f $8,000,
000, subject to his draft. It would then bo possible for a single customer to
draw a single d raft, taking the entire reserve o f tho bank. I f ho should do
tins it m ight cause tho bank to ruin a largo number o f its borrowers b y en
forced immediate and widespread liquidation o f its loans. I f the borrowing
customers could not immediately respond tho bank m ight bo ruined.
Under the law to-day, if tho Secretary o f tho Treasury should deposit in
tho Federal Reserve banks tho general fund holdings o f tho Treasury
now held, n cash, which am ounts to $192,894,00 \ ho would have prac
tically 40% o f tho then deposits o f tho Federal Reserve banks, since at
present all o f tho national banks o f the country com bined have only $310,
000,000 on deposit. Suppose tho Secretary should make this deposit and
tho Federal Roservo banks should expand their general loaning business
based upon it, it would leave tho m atter o f continued prosperity o f tho
country in tho hands o f tho Secretary o f tho Treasury. B y withdrawing
his deposits ho could precipitate disaster. Roger B . Taney, Secretary o f
“ ° treasu ry under Andrew Jackson, onco did this with tho Second Bank o f
tho United States and brought on tho panic o f 1837. The demand that tho
Secretary o f tho Treasury deposit at this tim e tho m oney o f tho G overn
ment in tho Federal Reservo banks, mado in tho "Journal” o f tho Ameri
can Bankers Association for August, is ill-tim ed, and Secretary M cA d oo
should bo commended b y every conservative man for not doing so. Bankers
especially should bo interested at this tim o when wo are threatened witii
prospective inflation in keeping shot in tho national lockers. T he Govern
ment largely saved us in tho panic o f 1907 bocauso its money was not on
deposit in struggling banks, but in its own strong b ox, from which it was
carried to tho banks in their tim o o f distress. Sinco wo have in tho country
at this timo billions o f dollars o f unusod (credit, there is no excuse for our
not taking the step plainly dictated by conservatism and providing b y law
that tho m oney in tho Treasury should not bo deposited in tho Federal
Reserve banks and bo loaned out in general business until tho timo when
it can bo used to lessen tho distress o f over-oxpansion, instead o f eontrib
uting to tho creation o f credit.
-
of
COTTON BILLS OF LADING CENTRAL BUREAU
CLOSED.
The Cotton Bills of Lading Central Bureau, which was
established in this city in 1911 for the registration of cotton
bills of lading, discontinued its operations on Aug. 31.
Charles S. Haight of this city, who is the American represen
tative of the Liverpool Cotton Bills of Lading Conference
Committee, announced that the Bureau was forced to sus
pend in view of the fact that the exchange-buying banks of
this city refused to furnish it financial support. The Cen
tral Bureau was a development of tho ICnight-Yancey and
Steele-Miller failures which brought to light irregularities
in cotton bills of lading; it was established following a series
of conferences between the Liverpool Cotton Bills of Lading
Conference Committee, tho sub-committee of the Bill of
Lading Committeo of the American Bankers’ Association,
representatives of the Southeastern and Southwestern
cotton-carrying roads and Southern bankers. The purpose
of the Bureau was to servo as a clearing house for all cotton
bills of lading against which drafts are drawn on foreign
bankers. The Liverpool Committee proposed the plan
and perfected arrangements for its establishment. Tho
Bureau opened in this city on Sept. 1 1911 at 51 Wall Street.
Tho “Journal of Commerce” has tho following to say regard
ing the discontinuance of the Bureau:
The Central Bureau scheme contemplated the sending o f notices to tho
Bureau o f all export bills of lading issued b y the railroads in the South, and
provided that tho exchange-buying banks in this city which handled bills
o f exchange accompanied b y railroad receipts should request the Bureau
to verify tho signature on the receipts and pass upon the genuineness of
tho documents.
T he leading banks in this city which handle cotton bills never approved
o f the Central Bureau and m ost o f them declined right from the beginning
to have any relations with the Bureau. Only a few o f the institutions here,
particularly tho agencies o f Canadian banks, liavo paid any attention what
ever to tho Bureau, and as far ,as the big banks are concerned the Bureau
lias been practically a dead issue for some time past.
Until recently English interests (bankers and members o f tho Liverpool
C otton Conference) have furnished the necessary funds, but o f lato even
sponsors o f tho institution havo tired o f it and have indicated a reluctance
to supply any m ore m oney. It is reported that Sir Edward Holden has
for some timo past been opposed to tho continuation o f tho Bureau, and,
whilo ho is supposed to havo contributed to its support at tho beginning,
ho has refused to render any further aid.
In tho latter part o f M ay M r. Haight sent out a circular letter to tho
banks doing a foreign exchange business soliciting funds for the maintenance
740
THE CHRONICLE
[Vol. 101.
YEAR'S RECORD OF WAR RISK INSURANCE BUREAU.
o f the Bureau and threatening the bankers that the Bureau would cease
operations on Juno 1 if financial support was not forthcom ing.
M any o f
the bankers were surprised to receive the com m unication for the reason
that they had been under the impression that the Bureau had gone out o f
existence a long tim e ago. M oreover, they never approved or sympathized
with the organization. T he principal banks hero m erely acknowledged
tho receipt o f M r. H aight’s letter.
The Government War Risk Insurance Bureau, which
completed on the 1st inst. the first year of its existence, is
reported to have had few applications for war risk insurance
since last March, most of the business since that date having
been written by private companies. The reason for this
inactivity is said to be the enforcement of the Order-in
Council of the Allies establishing a blockade against Ger
many and the declaration of England and France making
cotton, contraband of war. It is understood that the private
concerns are favored, since the Government Bureau is for
bidden to write insurance on contraband trade. It is
reported that although the United States has not yet an
nounced its position regarding the order of Great Britain
making cotton contraband, the War Risk Bureau is not
writing insurance on cotton. The Bureau is issuing a few
policies on shipments to South America, the Scandinavian
countries and Rotterdam. Policies are also being written
on the hulls of five large Ameri«an passenger boats out of
New York. Approximately 1,250 policies have been issued
by the Bureau during tho one year of its existence and at
least 1,000 of these were issued prior to March 1. Since
August 1 it is said the Bureau has not issued more than
15 policies. The total amount insured by tho Bureau during
tho year is estimated at about $80,000,000 in cargoes and
hulls. The premiums received havo aggregated over
$2,000,000, while the known losses to date are $720,653.
These losses were incurred by the destruction of the American
vessels Evelyn, Carib, Greenbrier and William P. Frye.
The Bureau is understood to have outstanding insurance
of about $5,000,000.
SOUTHERN BANKERS' REPORT ON CONSIDERATION
TO BE ACCORDED COTTON FARMERS.
The Committee of Southern bankers appointed at Gal
veston, August 14, to confer with W. P. G. Harding of the
Federal Reserve Board, at Birmingham, August 26, with
regard to the financing of the cotton crop, has drawn up a
report in which it is expressed as the sense of the delegation
“that it is right and proper for Southern bankers, to accord
special consideration to loans made to farmers based on
insured, warehoused cotton, and other staple products, and
to offer on such loans the lowest interest rates consistent
with sound business policy”. The report in full is as follows :
T h o delegation appointed at the recent conference o f cotton States
bankers hold at Galveston, August 14, said delegation being com posed
o f a representative from each o f tho Southern States Bankers’ Associations
and appointed for tho purpose o f conferring with H on. W . P . G . Harding
o f tho Federal Reserve B oard, m ade tho following report :
T hat we have this, tho 26th day o f August 1915, hold such a conference
with M r. Harding at Birmingham, and after a full consideration and dis
cussion o f the m attor o f co-operation botwoen Southern bankers and cotton
producers, the resolutions adopted at the Galveston conference are heartily
ratified and approvod.
It is a m atter o f m uch gratification to the delegation to fin d that these
resolutions arc not only in accord with the viows o f M r . Harding, a member
o f tho Federal Resorve Bioard and a recognized authority upon tho pro
duction and marketing o f cotton , but that they havo m et with such general
approval throughout the country. Tho Federal Reserve Board and those
entrusted with the management o f the Federal Reserve banks aro working
in harm ony with the principles contained in the plan for the gradual
marketing o f cotton , and we earnestly bespeak therefor their further co
operation and oncouragom ont.
I t is the further senso o f the delegation that it is right and proper for
Southern bankers to accord special consideration to loans m ade to farmers
based on insured, warehoused cotton and other staple products, and to
offer on such loans the lowest interest rates consistent with sound business
p olicy. It is n ot, howevor, deemed wise or necossary for any arbitrary
maximum interest rate to bo named, it being tho sense o f this delegation
that better results to all concerned will bo reached b y entrusting this detail
to the patriotism and sound business judgm ent o f individual bankers
throughout the South, local conditions being given duo consideration.
T ho statement is signed b y F . M . Law, Chairman, H ouston, T ex.,
Vice-Presidont First National Bank.
M oorehead W right, Secretary, Little R ock , A rk., Vice-President Union
Trust C om pany.
F . S. Etheridge, Jackson, G a ., President Georgia Bankers’ Association.
S. J. H igh, T upelo, M iss., President Mississippi Bankers' Association.
F.
W . Foote, H attiesburg, M iss., director Atlanta Federal Reserve
B ank, A tlanta, Ga.
Oscar W ells, Birmingham, President First N ational Bank.
L . M . P ool, Now Orleans, President Louisiana Bankers’ Association.
John W . Simpson, Spartanburg, S. C ., President South Carolina Bank
ers’ Association.
George W . R ogers, Little R ock , A rk ., Vice-President Bank o f Commorce.
OLD COLONY TRUST JOINS FEDERAL RESERVE
SYSTEM.
The Old Colony Trust Co.,of Boston having completed
the preliminaries incident to its admission to tho Federal
Reserve system, is now established as a member. A payment
of $2,960,000 against reserve requirements has been mado by
the institution. As heretofore noted in these columns the direc
tors of the company voted unanimously on June 15 to
apply for admission to the Reserve system. Tho stockhold
ers had previously authorized the step.
MAIL IN FRANCE SUBJECT TO TWO DAYS DELAY.
A reference to the Galveston meeting and the resolutions
adopted at that gathering appeared in these columns August
21, page 572.
HOUSTON CLEARING HOUSE BANKS FIX 6% AS
RATE ON LOANS TO COTTON FARMERS.
The rates on loans to cotton farmers has been reduced by
the Houston Clearing House banks from 7 to 6%. Advices
to this effect have been sent by the Association to the
Farmers’ Union Cotton Co. in the following letter:
E. F. Shropshire, Manager the Farmers' Union Cotton Co., Houston, Texas:
Dear Sir—-Referring to tho arrangement m ado some weeks ago with your
good com pany b y the undersigned banks, com posing the Houston Clearing
House Association, in whicli it was agreed that the banks would aid you
in every way possible in financing such cotton as m ight be consigned to
you b y tho farmers o f Texas, and at whicli time it was understood that tho
rato o f interest w ould be 7 % per annum, wo now beg to advise you o f the
following m odification.
In viow o f the easier tone o f the m onoy markot, and the apparent like
lihood that m oro than sufficient funds will be readily obtainable to finance
the present crop, and at fair and reasonable rates, and our earnest desire to
assist the cotton producer in securing a living price for his cotton , wo are
pleased to advise that on and after Sept. 1 1915 the rate, until otherwise
advised, will bo reduced to 6 % .
This is m ade, o f course, with tho understanding that in no instanco will
you charge a higher rate to your customers, as It is for their benefit the
reduction is m ado.
.
W ith a com paratively short crop staring us in tho face, there is evory
reason to hope for better prices later on, and if, by proper assistance and co
operation on all sides this m ay bo attained, the farmers o f the South will
have boon rendered a service to which they aro justly entitled.
Yours Very respectfully.
T H E F IR S T N A T IO N A L B A N K ,
B y J. T . S cott, President.
T H E SOUTH T E X A S C O M M E R C IA L N A T IO N A L
B A N K , B y J. A . Pondrom , Vice-President.
T H E U N IO N N A T IO N A L B A N K ,
B y T . C . D unn, Vice-President.
T H E HOU STON N A T IO N A L E X C H A N G E B A N K ,
B y Henry S. Fox J r., President.
T H E L U M B E R M A N S N A T IO N A L B A N K ,
B y G uy M . Bryan, Vice-President.
T H E N A T IO N A L B A N K OF C O M M E R C E ,
B y R . M . Farrar, President.
'
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1
Under an order issued by the French Ministry of War on
the 1st inst. all trans-Atlantio mail will be held by the French
postal authorities for two days before being forwarded. The
order applies to American as well as French, English and Swiss
mails, and is understood to affect outgoing and incoming
mail alike; it is directed at all classes of mail; no provision
is made for exceptions for the press or commercial mail in
the way of submission to the censor on the last day before
the sailings. The purpose of tho order it is said is to delay
the forwarding of letters which might contain military intelli
gence. According to a statement from Paris yesterday, its
issuance was due to the discovery that Germany was com
municating with persons in the United States through inter
mediaries in France.
An official note states that the Arabic carried French mail
posted between Aug. 11 and Aug. 17 for tho United States
and Central America. All the mail was lost.
GERMANY'S MODIFICATION OF ITS SUBMARINE
POLICY.
Further evidence of the pacific intentions of the German
Government was furnished this week in the tender of assurances to Secretary of State Lansing by Count von Bemstorff,
the German Ambassador, that no liners would be sunk by
German submarines “without warning and without safety
of the lives of non-combatants, provided that the liners do
not try to escape or offer resistance.” These assurances
which are a development of the sinking of the Arabio on
August 19 follow assurances furnished last week by Count
von Bemstorff, on behalf of his Government that Germany
J would give “complete satisfaction” to tho United States
if it developed that the commander of the German sub
marine had gone beyond his instructions in sinking the
’ Arabic. In yielding to the United States the German
Government through its Ambassador, addressed the follow
ing note to Secretary Lansing] after a conference between
the two on the 1st inst.:
Sept . 4 1915.]
THE CHRONICLE
Washington, D. C . , Sept. 1 1915.
My Dear My. Secretary:— W ith reference to our conversation o f this m orn
ing, I beg to inform you that m y instructions concerning our answer to your
last Lusitania note, contains the following passage:
“ Liners will not bo sunk b y our submarines without warning and without
safoty o f tho lives o f non-com batants, provided that tho liners d o not try
to escape or offer resistance.”
Although I know that you do not wish to discuss tho Lusitania question
till tho Arabic incident has been definitely and satisfactorily settled, I de
sire to inform you o f the abovo because this policy o f m y Governm ent was
decided on before tho Arabic incidont occurred.
I have no objection to your making any use you m ay please o f tho above
information.
I remain, m y dear M r. Lansing, very sincerely yours,
J. B E R N S T O R F F .
In making public the above, Secretary Lansing made the
following statement :
In view o f tho clearness o f tho foregoing statement, it scorns needless to
make any com m ent in regard to it, other than to say that it appears to be
a recognition o f tho fundamental principle for which we have contended.
No report on the sinking of the Arabic has yet been re
ceived from the German Government; rumors that the
submarine which torpedoed it, has itself sinco been sunk
seem to mako it likely that no report will come from Ger
many in the matter, and the exact circumstances of the
disaster it is pointed out, may never be determined other
than by testimony from British and American sources.
Tho sinking of tho submarine was reported in an uncon
firmed dispatch from Liverpool to London on August 31.
Advices from London in tho matter the following day said:
741
tion o f which the applicant resides. T he application should bo made at
least three days before it Is necessary to obtain tho vise.
An American citizen who does not go directly from this Governm ent to
France, but sojourns in some other country before visiting France, should
inquire o f the American or French diplom atic representative in such foreign
countries concerning tho special formalities which it will bo necessary fo4
him to fu lfill before entering French territory.
The French Government announced last June that no
passports would be issued by it to Americans of German
origin.
FRANCE FIXES LIMIT ON AMOUNT OF SPECIE
WHICH DEPARTING TRAVELERS MAY CARRY.
An announcement from Paris on Aug. 27 stated that
every traveler thenceforth leaving France would be required
to declare the amount of funds in coin in his possession.
Under a decree issued by the Minister of Finance on the 27th
ult., if he has more than 50 francs ($10) he will be compelled
to exchange the excess for paper money. This action is said
to have resulted from an investigation of the scarcity of silver
coin. It was learned that coins were being collected syste
matically for export. Even coppers and nickels, it is re
ported, were sought and exchanged at a premium.
DEMAND FOR COIN IN PETROGRAD.
The exhaustion of the silver and coin supplies of the shop
keepers and tram conductors in Petrograd was witnessed on
Aug. 30 with the unexpected presentation of unusual quan
tities of paper money of large denominations, with the result
that business was seriously embarrassed. State and private
banks of the city were said, however, to be well stocked with
coin, and were paying it out in unlimited amounts. Offi
expressed the belief that the action of the
Whilo affidavits and statements bearing on the Arabic cials to the dissemination of false reports, possiblypublic was
due
by agents
liavo beon received from Ambassador Page at London by of one of the countries at war with Russia.
Secretary Lansing, it is stated that tho Pago roport will not
bo made public for the present, and may perhaps never
bo given out.
EXPORTS
Cables from Berlin on the 2nd inst. stated that Germany, RUSSIAN EMBARGO ONLIFTED. TO UNITED STATES
according to Count von Bernstorff’s instructions, offers to The acceptance by Russia of an agreement for modifying
submit the claims for compensation arising out of tho Lusi the Russian embargo against exports to the United States
tania and Arabic cases to the ITaguo for adjudication. Tho was communicated to the State Department on Aug. 30.
same cable said :
It is reported that the agreement provides that all goods
Count Von Bcrnstorff, the German Ambassador at W ashington, it Is un
derstood, is in possession o f fairly wide-reaching authority to negotiate for coming from Russia to this country shall be consigned to
a settlement o f the submarine question, and it is believed that tho proposals the Secretary of Commerce and will be distributed to the
ho is authorized to make will strike at tho heart o f tho problem as affecting
importers only after the Secretary of Commerce and the
tho United States. T hey provide for im m unity from attack without warn
ing for passenger steamers, which are to bo destroyed only after being Russian Embassy in Washington have been satisfied that
halted and full opportunity has been given to tho passengers and crews to
they will not be re-exported to enemies of Russia. The
embark in the boats under conditions o f safety. Submarine commanders
commercial agent of the Department of Commerce in New
will bo advised o f the expected arrival o f liners on regular schedules.
York and the Russian commercial agent in this city are to
Newspaper reports reaching hero to tho effect that tho solution o f tho
submarine problem is coupled with a settlement o f tho negotiations with
handle applications for export permits. It is stated that
Great Britain are declared in initiated circles to bo incorrect. It is true that
Count von Bcrnstorff has been instructed to say that tho settlement o f tho bonds to guarantee against re-exportation will be required.
It is added that the agreement reached between the two
blockade problem would enable Germany to drop tho wholo submarine
warfare against com m erce, but this suggestion is quito apart from tho pro countries is expected to free millions of dollars’ worth of
posals indicated abovo, which aro independent and unconditional.
Hides
furs, vetch seed and min
In connection with the chango in Germany’s submarine merchandise. some of and skins, important products which
eral oil are
the more
policy it is reported that Admiral von Tirpitz, tho German American importers are desirous of securing.
Minister of Marine, may resign; he is the one who is under
stood to havo pressed the submarine campaign, and while
it is reported that ho was opposed to any change’witli
RUSSIAN COTTON SITUATION.
regard to it ho is said to havo been finally won over this That there is considerable activity in the cotton-manufac
week in favor of the concessions.
A formal communication from Germany to the United turing industry of Russia is indicated by a cablegram received
by the
States on the Arabic is now awaited, this to be followed, this week Henry Department of Commerce from Commercial
Attache
D.
it is expected, by tho answer to the last Lusitania note; received is as follows:Baker, Petrograd. The message as
with tho final disposition of these matters President Wilson, Out o f 9,000,000 spinning spindles ordinarily operating in Russia (ex
it is understood, will renew negotiations with Great Britain cluding F inland), there aro 7,500,000 outside the zono o f military operations.
to tho end that an understanding may bo reached with that Theso aro all working full speed on two nine-hour shifts, giving an average
3 poods (108 pounds) per
country as to the rights of neutral commerce during the war. o f about before the war, or a total spindle per year, as against 2 poods (72f
pounds)
o f 22,500,000 poods (1,625,000 bales o
T he Admiralty has given out no information concerning tho fate o f the
German submarine which sank the A rabic. W hether such inform ation is
In its possession is unknown, as it is tho policy o f tho A dm iralty to withhold
news o f tills character. Unofficial reports that tho submarine has been
sunk are being circulated widely. It is said that tho craft attem pted to
torpedo tho British steamer Nicosian, which arrived at Liverpool from Now
Orleans on Aug. 24, five days after tho Arabic wont down. A ccording to
tills account, the Nicosian escaped, and tho submarine, while attem pting
to sink her, fell a victim to a patrol boat. In Liverpool tho report is current
that tho submarine has been captured and not sunk.
FRENCH PASSPORT REGULATIONS RELAXED.
France has relaxed her passport regulations for Americans
traveling direct to France or entering that country from
other European countries. Under tho new regulations
American citizens going direct to Franco aro required to
bear passports vised by French diplomatic or consular offi
cers in the United States. Tho old rules required a special
passport issued by a French consul on special information.
Tho Stato Department at Washington issued tho following
explanatory circular on Aug. 19 regarding tho now regu
lations:
Tho Departm ent o f Stato has recently boon informed b y tho Fronch
Embassy in this country that American citlzons going directly to Franco
from tho United States are required to bear passports vised b y Fronch
diplom atic or consular officers in tho United Statos. An application for a vise
should be made to the French consulate in this country within tho jurisdic
500 pounds). T he Russian crop from Turkestan and Transcaucasia is
understood to be 15,000,000 to 17,500,000 poods (1,083,000 to 1,264,000
bales), and about 2,000,000 poods (144,000 bales) m ay b8 obtained from
Persia, though little is known about the Persian crop. Ordinarily 1,500,000
poods (108,000 bales) would bo expected from E gypt, but now the d iffi
culty in getting cotton from E gypt is greater even than in getting it from
tho United States. N o reliable estimate is obtainable o f stocks on hand,
but they are supposod to bo small.
It is anticipated in M oscow that, about January, Russia will import
from tho United States a fair amount o f cotton to arrive during the spring.
Sinco Russian orders for American cotton in com petition with the Asiatic
and Egyptian supply will depend largely on getting cotton via Archangel or
V ladivostok without great delays, I would suggest some co-operative
arrangement between American exporters and Russian importers for
special forwarding facilities at Archangel by river and canal service next
spring. Encouragement has boon given to tho Archangel route by the
permission just given b y the Russian Government to reload cotton at
Archangel direct from ocean steamers to river boats, according to the
bill o f lading, weights partially checked, instead o f having tho bales unoadod and weighed at the custom house and then reloaded on tho b oats,
which has hitherto caused great delay and expense.
742
THE CHRONICLE
[Vol. 101.
NORWAY PLACES EMBARGO ON EXPORTATION OF viduals. No other State reached a total of $2,000,000 in
either corporation or individual income revenue. The Com
COTTON PRODUCTS.
missioner’s report had the following to say regarding the cost
The Department of Commerce announced on Aug. 17
that Norway had placed an embargo on the exportation of ofT collection of internal revenue: in the collection o f internal
h e exact amount o f expenses incurred
until all the
for the fiscal year
various cotton products. A cable from the American con revenue cannot be stated The amount accounts expenses, however,have been
received and adjusted.
o f such
approxi
sulate at Christiania enumerated the following additions mates $6,710,000, as compared with $5,784,000, in round numbers, for the
to the embargo list:
•
previous year. The approxim ate expenses d o not in clu d e the m oney
N orw ay embargoes cotton waste, cotton wadding, cotton yarn and thread
o f cotton , w oven cotton goods, except curtains, knitted cotton underwear,
alum and nickel sulphate.
As heretofore stated, the Department of Commerce
announced on May 27 that Norway had placed an embargo
on shipments of raw cotton.
NEW RESTRICTIONS ON COMMERCE TO HOLLAND—
DENMARK FORMS OVERSEAS TRUST.
New regulations with regard to the granting of import
licenses by the Netherlands Overseas Trust were cabled to
the Department of Commerce on Aug. 13 by Commercial
Attache Thompson from The Hague. The Netherlands
Overseas Trust, which handles all imports into Holland
under an agreement with Great Britain that none of the goods
will reach Germany, has decided to issue licenses only to
importers who account in detail for the ultimate destination
of the last lot shipped to them. Mr. Thompson in his
cablegram said:
The Netherlands Overseas Trust now gives im port licenses only to those
satisfactorily accounting in detail the ultimato destination o f last lot.
Hereafter importers m ay sell only through a new distributing com m ittee.
N o tify exporters.
Mr. Thompson also stated that there was a large demand
for coal in the Netherlands, and that the Overseas Trust
would issue licenses for American coal.
An arrangement similar to the one existing between Great
Britain and the Netherlands Overseas Trust is reported to
have been virtually completed between Danishjimporters
and the British Government. The plan will permit of the
free passage of goods shipped to Denmark consigned to mem
bers of the Merchant Guild at Copenhagen. The arrange
ment differs from the one operated by the Netherlands
Overseas Trust in that shipments must be made to individual
members of the Guild. The organization guarantees that
such consignments will not reach the Central Powers. It is
stated that representatives of the Guild will be placed in
London to keep in touch with the exporters and British
authorities to insure the satisfactory working of the plan.
INTERNAL REVENUE RECEIPTS RECORD HIGHEST
TOTAL.
returned to proponents on account o f rejected offers in com prom ise, as
this in no sense is an expense, notwithstanding a specific appropriation is
m ade for the purpose. For the fiscal year 1915 the regular and deficiency
appropriations for such purpose amounted to $95,000. O f this amount
approxim ately $86,000 has been allowed to date.
The cost o f collecting the internal revenue for the fiscal year was approxi
m ately $16 14 per $1,000, or 1 .61% . The cost o f collection the provious
year, in which the largest sum was collected prior to the fiscal yoar 1915,
was $15 25 per $1,000, or 1 .52% . The average cost o f collection since the
establishment o f the bureau is $24 77 per $1,000. or 2 .4 8 % .
The figures contained herein are subject to slight m odification upon the
final audit o f collectors’ accounts for the fiscal year.
HEARINGS OF FEDERAL TRADE COMMISSION ON
PACIFIC COAST.
During the recent hearings of the Federal Trade Commis
sion on the Pacific Coast, Government control of lumber
prices and an annual tax on growing lumber was recommended
by George X. Wendling, President of the Wendling-Nathan
Lumber Co., who appeared as the representative of the white
and sugar pine men of California. In Mr. Wendling’s opin
ion competition is no longer the life of trade. He referred
to the decided and detrimental competition which existed
before the Inter-State Commerce Commission was created
to fix reasonable rates between the carrier and shipper
and pointed out that if rates on the Panama Canal fluctu
ated there would not be the stability to the world’s shipping
which now exists. “Stability and permanency,” he said,
“is what the lumber industry needs, and that end can be
attained only through Federal legislation.” “ Long-continued,
nation-wide depression in the lumbering industry,” he added,
“affects not alone those who produce lumber from the for
est, but nearly all our people.” Mr. Wondling is also quoted
in the San Francisco “Chronicle” as saying:
B y com parative reasoning, it is safe to assume that when the consumer
can buy lumber for his requirements on a published price, known to pro
vide only a fair margin, ho is In the realm o f tho greatest safoty. The la
borer, the clorlc, or, for that m atter, any workor, who has boon several
years saving from his earnings a sum necessary for a hom e, will bo socure
when ho knows that the house he builds will not fall in value noxt m onth or
year becauso lumber slumps out o f sight in price, not value— for the value
is thore, notwithstanding that his neighbor can buy at 30% o ff.
Capt. E. A. Selfridge Jr., who appeared at the hearing in
behalf of the redwood interests, also ascribed conditions in
the lumber business to unfair competition. He recommended
that lumber men be permitted under the Sherman Anti-Trust
Law to form selling agencies for the purpose of merchandiz
ing their products through a common combine, thereby
doing away with the waste between the producer and con
sumer; that a uniform freight rato be maintained on forest
products to permit the closest utilization of raw material as
near the stump as possible, and that the shipping .and navi
gation laws be modified so as to enable the use of foreign
bottoms under American registry in intercoastal trade,
thereby permitting the lumber men to meet competition in
the world’s trade. He said that Uncle Sam is interested in
the causes of depression in the lumber business in this country
since he is a one-third owner of all the standing timber of the
United States. That there are 100,000,000,000 feet of
standing redwood in California, that $190,000,000 is invested
in the lumber business in that State, that 25,000 men are em
ployed by the industry there, and that the lumber corpora
tions pay annually in wages in California $15,000,000, were
facts cited to the Commission as being of vital importance to
the welfare not only of the lumber people, but to the entire
State.
Capt. Robert Dollar, President of the Robert Dollar
Steamship Co., was given a hearing by the Commission at
San Francisco on Aug. 18, when he sought to impress upon
it tho urgency of the following:
The total receipts of internal revenue for the year ended
June 30 1915 aggregated $415,669,876, an increase of $35,
660,000. over collections for the preceding year, according to
a report of the Commissioner of Internal Revenue made
public on Aug. 27. This total is the largest amount collected
in any year and was made up of $80,190,695 from the income
tax and $335,479,181 from ordinary internal revenue. The
war revenue tax yielded a total of $52,069,126. The receipts
from the corporation tax for the year amounted to $39,
144,529, while the returns from individual income tax totaled
$41,046,166. The income tax returns approximate the esti
mates made last year by the Internal Revenue Bureau,
which figured the 1915 revenue at $40,000,000 each from cor
poration and individual tax. In Congress, when the law was
enacted, the framers of the bill estimated that for the fiscal
year 1915 the corporation tax revenue would amount to
$39,000,000, while the income tax from individuals would
aggregate $83,000,000, the latter being double the actual
collection from that source. The total tax collections from
corporations and individuals for the year ending June 30
1915 of $80,190,695 compare with $71,381,275 at the close
of the 1914 fiscal year—last year’s yield being made up of
$43,127,740 collected from corporations and $28,253,535
collected from individuals. It is pointed out, however, that
the individual income taxes for the 1914 fiscal year represent T h e need
payments for ten months only and not for the full fiscal year. products. for American merchants in all forolgn countries to sell our
Of the total received from the corporation and individual T ho necessity for a cessation o f antagonistic action b y tho Government
corporations.
income taxes this year New York contributed $10,221,207 againstencouragement b y the national Administration o f foreign trade.
under the corporation tax and $17,417,538 under the indi T he need for American banks in foreign lands.
T ho
T ho crying demand for
vidual income tax. Pennsylvania was next with $4,725,139 legislation putting Americanships to scarry o American products in place o f
bottom out
existence.
from corporations and $4,642,557 from individuals; Illinois, T he benefits that would accruo if small fmanufacturers woro allowed to
third, with $2,983,527 from corporations and $2,670,630 from com bine.
individuals; Massachusetts, fourth, with $1,853,057 from In discussing before the Commission the situation which
corporations and $2,683,084 from individuals; Ohio, fifth, confronts the shipping interests as a result of the enactment
with $2,538,058 from corporations and $1,489,401 from indi of the La Follette bill, Capt. Dollar said:
Sept . 4 1915.]
THE CHRONICLE
Previous to the European war wo had practically no ships; sinco then we
started to get thorn fast until the passage of the Seamen’s Bill, when the
registration under our flag came to a doad stop. Before the emergency bill
was passed it was almost impossible to operate an American ship in tho for
eign trado, but this bill puts us so completely out o f tho running that no
discussion of it is necessary, and the exactions are so groat that foreign ships
can only sail with our products at vory much increased cost, thereby com
pelling us to pay more to get our products to market than any other nation
has to pay. Tho situation is so acute that ship owners don’t know which
way to turn unless to follow the example o f the Pacific Mail and sail out.
Thoy are completely discouraged.
Now, I have heard merchants say, what difference does it make to us
what tho nationality of the ship is that carries our goods as long as wo
got a low rate of freight. The difference is this, that while San Francisco
is my homo port, I am continually trying to develop commerce to and from
here, and now comes this Seamen’s Bill, which certainly makes an ending
of all American ships in foreign trade on this Pacific Ocean.
What, then, I ask you, are American merchants to have in the Orient
when by this bill only Japaneso can run, and they aro subsidized and their
Government rightly .says to the steamship companies: “ You must give tho
preference to all Japanese trado and only carry freight for others when
Japaneso citizens do not require tho space.” If you can figure this out, you
can do bettor than any merchant in this city, although thoy can t bo blamed
for this, as wo aro doing nearly as bad in carrying lumber to the Orient at
old rates to hold our Oregon pine trado against Japaneso pine, when we are
getting more than three times tho freight on other commodities.
Putting our American ships out of the running Is discouraging in the ex
treme. Mr. Wilson and his Cabinet have gone on record that thoy will
permit us to have a merchant marine. Thoy convinced us thoy were in
earnest, and wo took fresh courage and registered over 500,000 tons under
the American flag; then, like a thunderbolt out o f a clear sky he signed the
Seamen’s Bill that completely puts American ships out of tho foreign trado.
Is it any wonder that wo are rapidly losing ground with a condition such as
________
this?
74 3
a p p re c ia tio n o f fin a n c ia l a n d c o m m e rc ia l c o n d itio n s . I t w a s
d e cid e d t h a t th e m e m b e rs w ill n o t u n d e rta k e to tra n s a c t
in d iv id u a l b u sin e ss. A p la n a n d scope c o m m itte e w a s a p
p o in te d to d r a ft a g e n e ra l p ro g ra m f o r th e v is its . I t is m a d e
u p o f Ja m e s A . F a r r e ll, C h a irm a n ; S e n a to r D u n c a n U .
F le t c h e r, J o h n B a r r e t t , E l l i o t t G o o d w in , Ja m e s J . S h irle y ,
W . S . K ie s a n d R o b e r t H . P a tc h in . T h o co n d itio n s re
v ie w e d b y th e c o m m itte e in d ic a te d t h a t th e b e st re s u lts
w o u ld p ro b a b ly b e o b ta in e d b y o ne v is it to th e c o u n trie s o n
th o m a in la n d o f C e n t ra l A m e ric a , a n o th e r to th e R e p u b lic s o f
th e W e s t In d ie s a n d th e S o u th A m e ric a n c o u n trie s b o rd e rin g
o n th e C a rrib e a n , a t h ir d to th e c o u n trie s o n th e w e s t co a st
o f S o u th A m e ric a a n d o n e o r m o re se p a ra te v is it s to th e
c o u n trie s o f th e east co a st o f S o u th A m e r ic a .
S e c re ta ry o f th e T r e a s u r y M c A d o o , w h o w a s u n a b le to a t
te n d th e co n fe re n c e , s e n t th e fo llo w in g m essage:
I am satisfied that we have a marvelous opportunity, not only to expand
our trade and financial relationships with Latin-America, but to establish a
political accord and a friendly understanding with those countries which aro
working for tho good of civilization and the world’s peace. W e must not
neglect this opportunity. You can, I know, render highly patriotic and
useful service to your country in what you are doing.
C h a irm a n F a r r e ll has ca lle d a m e e tin g o f th e p la n a n d
scope c o m m itte e to be h e ld a t In d ia H o u s e o n S e p t. 9. T h e
p e rs o n n e l o f th e v a rio u s c o m m itte e s w ill be discussed a n d
step s w ill be ta k e n to p la n itin e ra rie s .
T h e P a n - A m e ric a n C o m m itte e o n H o n d u ra s h e ld a m e et
A defence o f th e S e am e n ’s B ill w a s e n te re d a t th e h e a rin g in g in th is c i t y o n A u g u s t 5, a n d e ffe c te d its o rg a n iz a tio n ,
b y A n d r e w F u ru s e th , w h o la b o re d in b e h a lf o f its e n a c tm e n t. w it h th e p u rp o se o f ta k in g im m e d ia te step s to w a rd s p ro m o t
M r . F u ru s e th a sse rte d th a t th e n e w la w w a s in te n d e d to in g c o m m e rc ia l re la tio n s b e tw e e n th is c o u n t r y a n d th e C e n tra l
a d va n c e th e w e lfa re o f th e A m e ric a n s a ilo r, g iv e h im b e tte r A m e ric a n R e p u b lic . I t is u n d e rs to o d t h a t th e f ir s t a c tiv itie s
w a ge s a n d p e rm it h im to “ liv e lik e a w h ite m a n .” I n s o u n d o f th e c o m m itte e w ill b e to h e lp th e G o v e rn m e n t o f H o n d u ra s
in g a w a rn in g to A m e ric a n s h ip p in g in te re s ts , h e d ecla red to a s o u n d e r fin a n c ia l fo o tin g , so t h a t o u ts id e c a p ita l m a y be
th a t if O rie n ta ls c o n tin u e to d r iv e th e E n g lis h -s p e a k in g races e n c o u ra g e d to in v e s t in H o n d u ra s e n te rp ris e s . J o h n S .
o ff th e sea th e tim e w ill co m e w h e n O rie n ta ls w ill be o n th e A r m s t r o n g o f B a ltim o re is C h a irm a n o f th e c o m m itte e .
b rid g e in c o m m a n d o f A m e ric a n sh ip s. H e a d d e d th a t His
S e c re ta ry o f th e T r e a s u r y M c A d o o a n n o u n c e d o n A u g u s t
t o r y w o u ld re p e a t its e lf; t h a t th e n a tio n w h ic h m a n n e d th e
sh ip s t h a t sailed th e seas u lt im a te ly w o u ld c o n tro l th e co m 5, t h a t pledges o f c o rd ia l c o -o p e ra tio n a re b e in g re c e ive d
m e rc ia l m a rin e a n d th e w o rld — th a t n a tio n , he sa id , w o u ld be fro m a ll th e c o u n trie s o f C e n t ra l a n d S o u th A m e ric a f o r th e
c o n tin u a tio n o f th e w o rk o f th e P a n - A m e ric a n F in a n c ia l C o n
O rie n ta l.
fe re n ce . P re s id e n t W ils o n has ca b le d th e P re s id e n ts o f each
S to d d a rd Je s s , V ic e -P re s id e n t o f th e F i r s t N a tio n a l B a n k o f th e L a t in -A m e ric a n c o u n trie s w h ic h p a rtic ip a te d in th e
o f L o s A n g e le s , w a s also one o f th e w itn esse s b e fo re th e C o m c o n fe re n c e , e xp re s sin g th e a p p re c ia tio n o f th e U n it e d S ta te s
m is s io n d u rin g its h e a rin g s o n th e P a c ific C o a s t. M r . Je ss G o v e rn m e n t a n d h is o w n th a n k s f o r th e a id g iv e n to w a rd
e xp re sse d h im s e lf in f a v o r o f a n a m e n d m e n t to th e A n t i - T r u s t m a k in g th e c o n fe re n c e a success. I t is s ta te d t h a t responses
L a w s so as to p e rm it co m b in e s f o r th e fu rth e ra n c e o f o v e r b y th o L a t in -A m e ric a n G o v e rn m e n ts to th e P re s id e n t’s m es
sage e xp re ss th a n k s f o r th e w e lc o m e e xte n d e d to t h e ir re p re
seas tra d e , a n d said in p a rt:
It would appear from the development of our harbor that Los Angeles Is s e n ta tiv e s b y th e U n it e d S ta te s , a n d fu rth e rm o re s h o w t h a t
evontually to participate largely In foreign trade. So far this trado Is th e co n fe re n ce has s tr u c k a f r ie n d ly a n d re s p o n s ive c h o rd
small In volume, due largely to the inadequate or uncertain transit facilities
th ro u g h o u t th e L a t in - A m e ric a n c o u n trie s .
to tho west coast of South America and Mexico. The differences between
tho credit systems of this country and Latin-America have also been a
deterrent.
The crying noed of California at presont is to find and maintain mar
kets within the confines of the United States. I believe that combines of
growers or shippers could find and maintain these markets in this country
and abroad, just as tho California Fruit Growers’ Exchange has found mar
kets for 50,000 carloads of citrus fruits in the faco of circumstances which
have been none too propitious.
Government representatives have been In the Imperial Valley this year
supervising tho routing of cars so as to prevont glut in any ono market and
maintain prices in all. Thoy aro doing exactly what the unlawful combine
did tho year before, and for which Its members wore indicted.
P A N - A M E R I C A N C O M M I T T E E P L A N S R E T U R N TRIP
TO S O U T H A M E R I C A .
E c u a d o r, C h ili, P a n a m a a n d C u b a h a v e a p p o in te d th e
m e m b e rs w h o a re to re p re s e n t tho se c o u n trie s o n th e In te r n a
tio n a l H ig h C o m m is s io n o n U n ifo rm L a w s w h ic h w a s c re a te d
b y th e re c e n t P a n -A m e ric a n F in a n c ia l C o n fe re n c e in W a s h
in g to n a n d is to co -o p e ra te w it h th e P a n - A m e ric a n U n io n fo r
th e p u rp o se o f b rin g in g a b o u t u n if o r m it y in th e c o m m e rc ia l
la w s o f th e d iffe re n t c o u n trie s . S e c re ta ry o f th o T r e a s u r y
M c A d o o re c e ive d a c a b le g ra m o n A u g u s t 6 fro m th e
M in is te r o f F in a n c e o f E c u a d o r n a m in g th e a p p o in te e s fro m
t h a t c o u n t ry . T h e S e c re ta ry o f F in a n c o a n d T r e a s u r e r o f
P a n a m a a lso ca b le d to M r . M c A d o o th e n am e s o f th e
P a n a m a re p re s e n ta tive s a n d a cce p te d th e su g g e s tio n o f th e
S e c re ta ry o f th e T r e a s u r y t h a t th e f ir s t m e e tin g o f th e
C o m m is s io n be h e ld a t B u e n o s A y r e s o n N o v . 1. T h e dele
gates fro m C u b a w e re n a m e d in a c a b le g ra m re c e ive d a t
th e T r e a s u r y D e p a rtm e n t o n A u g u s t 11.
A s p re v io u s ly n o te d in these co lu m n s , P e ru w a s th e f ir s t
o f th e S o u th e rn re p u b lic s to a n n o u n c e th e a p p o in tm e n ts to
th is C o m m is s io n , w h ic h is to in c lu d e n in e re p re s e n ta tive s fro m
th e U n it e d S ta te s a n d each o f th e re p u b lic s o f S o u th a n d
C e n tra l A m e ric a . T h e m e m b e rs re p re s e n tin g th is c o u n t ry
w e re a p p o in te d o n J u n e 22.
T h e c o m m itte e re c e n tly n a m e d b y S e c ro ta ry o f th o T r e a s
u r y M c A d o o to co n sid e r a v is it o f A m e ric a n business m e n
a n d fin a n c ie rs to th o C e n t ra l a n d S o u th A m e ric a n co u n trie s
w h ic h p a rtic ip a te d in th o P a n - A m e ric a n F in a n c ia l C o n fe r
ence a t W a s h in g to n , h e ld a m e o tin g o n A u g u s t 5, a t In d ia
H o u s e , th is c i t y . T h e co n fe re n ce to o k p la ce a t th e in v ita t io n
o f Ja m e s A . F a r r e ll, P re s id e n t o f th e U n it e d S ta te s S te e l
C o rp o ra tio n , a n d C h a irm a n o f th e c o m m itte e . I t w a s de
c id e d a t th e m e e tin g th a t th e r e t u r n v i s i t to th o L a t in - A m e ric a n c o u n trie s , w h ic h w ill bo m ad e in a c c o rd a n c e w it h th e in
v it a t io n e xte n d e d b y th e L a t in -A m e ric a n delega tes to th o
P a n - A m o ric a n F in a n c ia l C o n fe re n c e , s h a ll b e a cco m p lish e d
A n n o u n c e m e n t t h a t th e F e d e ra l T r a d e C o m m is s io n w ill
th ro u g h th e m o d iu m o f so p a ra te p a rtie s o f re p re s e n ta tiv e co -o p e ra te as fa r as possible w it h th e In te rn a tio n a l H ig h
b u sin e ss m e n , w h ic h w ill v is it s in g ly o r in g ro u p s th e d iffe r C o m m is sio n , cre a te d a t th e P a n -A m e ric a n F in a n c ia l C o n
e n t c o u n trie s . A sin g le t r ip to a ll o f th e R e p u b lic s w a s d is fe re n ce , to b rin g a b o u t, if possible, u n if o r m it y o f la w s in th e
m isse d as im p ra c tic a b le . T h e c o m m itte e a lso d is ca rd e d th o L a tin -A m e ric a n c o u n trie s a n d th e U n it e d S ta te s , w it h re
su g g e stio n s f o r th e c h a rte rin g o f sp ecial ste a m e rs o r th e as spect to c u s to m s, re g u la tio n s ,c o n s u la r in v o ic e s ,p o rt ch a rg e s,
s ig n m e n t o f a n a r m y tra n s p o rt f o r th e t r ip . T h e p e rso n n e l & c ., w a s m a d e b y th e T r e a s u r y D e p a rtm e n t o n A u g . 22.
o f th e v is it in g p a rtie s w ill be b u ilt a ro u n d th o se m o m b e rs o f T h e a n n o u n c e m e n t said :
Tho Commission will make a searching study of all tho artificial barriers
th e p e rm a n e n t g ro u p co m m itto e s a p p o in te d to c a r r y o n th e
w o r k o f th o P a n -A m e ric a n F in a n c ia l C o n fe re n c e . T h o ralsod by adverse laws and regulations that hinder the expansion of our
commerco with the republics of tho Western hemisphere and will submit
c o m m itte e p la n s th a t a s u ffic ie n t le n g th o f tim e sh a ll b e sp o n t recommendations to the President for the removal of tho obstacles and for
b y th e p a rtie s in each c o u n t r y v is ite d to p e rm it a th o ro u g h tho establishment of reciprocal trade relations.
744
THE CHRONICLE
The inquiry was suggestedito thejj President by Secretary M cAdoo and
grows out of the Pan-American; Financial Conference recently held in Wash
ington. The conference,‘.wasj.unanimous in indorsing co-operativo effort
among the American Governments forjj tho expansion of Pan-American
finance and trade andjpointed out the way for its accomplishment.
“ The essential thing!now,” thoJSecretary said, “ is to take up tho threads
where the conference left off and by quick and intelligent action bring its
purposes to fruition. M anyjof thejexisting obstacles to tho extension of
f inance and trade amongjtho Americanjnatlons were disclosed by tho inter
change of views at tho conference. Tariff laws, customs regulations,
classification o f merchandise, consularjf.certificates and invoices and port
charges in many Latin-American countries aro serious impediments to
the growth of their trade with tho United States.”
Secretary M cAdoo already has taken a number of definite stops to bring
practical results from'ithe workgso auspiciously begun by the conference.
Ho is now organ izingjtho International High Commission created by the
conference to consider uniformity of laws relating to trade, Commerce and
international commerce court.
This Commission willjibe^composedjof nine members from each of tho
nineteen countries that participated in tho conference, tho Minister of
Financo or Secretary of the Treasury of tho country represented, being
Chairman of each group. Secretary M cAdoo has suggested that tho Com
mission meet in Buenos Ayres on N ov. 1 1915. Tho United States, Cuba,
Ecuador, Chile, Panama and Peru already have appointed their members
o f tho Commission and the remaining countries are expecting to complete
its personnel within tho next few weeks.
The Federal Trade Commission will co-operate with the International
High Commission as far as practicable to bring about if possible uniformity
of laws in all tho Latin-American countries and the United States with
respect to customs regulations, consular invoices, port charges, &c. Asido
from exposing conditions and barriers which impede trade relations between
tho United States and Central and South America, tho Federal Trade
Commission will give careful consideration to tho larger question of reci
procity, which would bo a practical and substantial basis for tho enlarge
ment of Pan-American commercial relations.
Tho Simmons-Underwood Tariff Act o f Oct. 3 1913 opens tho way for tho
negotiation o f reciprocal trade agreements by tho following provision:
“ That for tho purposo o f readjusting the present duties on importations
into tho United States and at the same time to encourage the export trado
of this country, the President o f the United States is authorized and em
powered to negotiate trado agreements with foreign nations, wherein mutual
concessions aro mado looking toward freer trade relations and further
reciprocal expansion of trade and commerce, provided, however that said
trade agreements before becoming operative shall be submitted to the
Congress of the United States for ratification or rejection."
Each American nation has its distinctive problems, and tho Federal
Trado Commission will deal with them separately so as to make tho in
vestigation of as much practical valuo as possible. For years it has been
known that the development of trado relations between tho United States
and her sister republics has been retarded by restrictive laws and regula
tions. It will bo the aim of the Commission to exposo these difficulties
and to suggest remedies.
It is believed that this investigation, sweeping in scopo, will bo of great
assistance not only to tho United States but to overy republic o f America
in improving its foreign trado and consequently its prosperity.
In addition to tho co-operation o f the Treasury Department and tho
International High Commission, tho Federal Trade Commission will have
tho assistance of tho Departments o f State and Commerce through tho
commercial attaches and tho diplomatic and consular officers of tho United
States in Latin America.
THE
S E A M E N 'S
L A W — S A L E OF
S T E A M E R S , ETC.
PA CIF IC
M AIL
[Vol. 101.
A c t , w h ic h b a rs ra ilro a d -o w n e d sh ip s fro m th e c a n a l, has
h a d m o ro to do w it h th o w it h d r a w a l o f th o P a c ific M a il fle e t
th a n th o S e a m e n ’s A c t . T h e y ta k e issue w it h th o s ta te m e n ts
t h a t th e sale o f th o vessels w a s n e c e ss a ry becauso th o S ea
m e n ’s A c t w o u ld re n d e r t h e ir o p e ra tio n u n p ro fita b le . Sec
r o t a r y R e d fie ld h o ld s t h a t it is n o t e ssen tial u n d e r th o A c t
t h a t a se a m a n bo a b lo to sp e a k E n g lis h f lu o n t ly o r a t a ll i f
h o u n d e rs ta n d s o rd in a r y w o rd s o f co m m a n d o n b o a rd s h ip ,
a n d th is , h e sa id , w a s s o m e th in g t h a t c o u ld bo q u ic k ly
d e te rm in e d in a n a d e q u a te te s t. R e g u la tio n s b e a rin g o n th e
la n g u a g o te s t p ro v is io n d ra w n b y C o m m is s io n e r C h a m b e r
la in o f th e B u re a u o f N a v ig a tio n a n d a p p ro v e d b y A c t in g
S e c re ta ry S w e e t o f th o D e p a rtm e n t o f C o m m e rc e o n
A u g . 13 set f o r t h t h a t th e D e p a rtm e n t “ c o n stru e s th e
w o rd s ‘a b lo to u n d e rs ta n d a n y o rd e r g iv e n b y th o o ffic e rs o f
su c h ve sse ls’ to m e a n th o n e c e ss a ry o rd e rs t h a t m a y be g iv e n
to m e m b e rs o f th o c ro w in each d e p a rtm e n t in th o co u rse o f
th e p e rfo rm a n c e o f th o ir d u t y . ” U n d e r th is c o n s tru c tio n ,
i t is p o in te d o u t, it w o u ld n o t be n e c e ss a ry fo r a d e c k h a n d
to u n d e rs ta n d th o o rd e rs u s u a lly g iv e n to fire m e n o r v ic e
ve rs a .
R . P S c h w e rin , V ic e -P ro s id o n t a n d G o n o ra l M a n a g e r o f
th e P a c ific M a il S S . C o . has w r it t e n a lo tto r to S o n a to r L a
F o lle tt e t a k in g e x c e p tio n to c e rta in s ta te m e n ts m a d o b y th o
S e n a to r in a n a rtic le re c e n t ly p rin te d in L a F o llo t to ’s m a g a zin o u n d e r th o t it le o f “ T h e S h ip O w n o rs ’ C o n s p ir a c y .” T h e
le tte r s a ys in p a r t:
You state in your articlo:
“ Nothing in this measure will work any hardship upon an Amorican
vessel as compared with foreign vessels. The purpose of Congress in pass
ing this law was to equalize tho cost of operation by setting free tho law of
supply and demand in order to compel foreign shipowners to come up to
tho American standard. And Congress gave tho shipowners eight whole
months in which to prepare for the law.
“ How are these shipowners employing this time?
“ Take for illustration tho Pacific Mail Steamship Company, most often
quoted in tho inspired news dispatches and business men’s resolutions.
Tho Pacific Mail, according to the claim of Mr. Schwerin, its General
Manager, is ‘going out of business.’ Tho propaganda put forth by tho
shipping interest assorts that it is ceasing business becauso’of the handi
caps imposed by tho seamen’s law. This is wholly and maliciously falso.”
Permit mo to say, as an officer of this company and familiar with its
policy, that the Pacific Mail cannot operate and meet Its financial obliga
tions under the seamen’s act, thoreforo it is forced to go out of business.
This statement is neither wholly nor maliciously falso, but is wholly and
fatally truo.
*
*
*
*
Your statement that tho company is converting its ships into oil burners
is incorrect, as well as your statement that it is changing its relation to the
Southern Pacific Company to engago in the coastwise trado through the
Panama Canal, also your statement that tho Panama Canal act now forces
this company out of businoss. It is hardly fair, therefore, that you should
ask tho reading public to beware of any statement mado by tho company
based upon fact and neither prompted by cupidity nor carried out by
falsehood. Thero is nothing else for this company to do when tho La Folletto
seamen’s bill becomes effective on November 4 1915 excopt ono of three
things: First, operato in somo other sphero, whoro wages do not have such
a serious effect in competitive oversoa trade; second, lay up tho ships;
third, sell the ships and liquidate tho company.
Yours truly,
(Signed) R. P. SCHWERIN.
T h e P a c ific M a il S te a m sh ip C o . a n n o u n c e d o n A u g . 13
th e sale o f f iv e o f its vessels o p e ra tin g in th e tra n s -P a c ific
s e rvic e . T h e re a s o n g iv e n b y th e c o m p a n y fo r th is a c tio n
is t h a t th o L a F o lle tt e S e a m e n ’s L a w , w h ic h goes in to
e ffe c t o n N o v . 4, m a k e s i t im p o ssib le fro m a fin a n c ia l s ta n d
A s p re v io u s ly s ta to d in thoso co lu m n s n e g o tia tio n s fo r th e
p o in t to o p e ra to th o s h ip s . T h e lik e lih o o d o f th is m o v e has sale o f th e vessols o p e ra to d b y th o D o lla r S to a m sh ip C o m
been re fe rre d to o n p re v io u s occasions in theso c o lu m n s . p a n y h a v e been g o in g o n f o r som o tim o . C a p t. R o b e rt
T h o ste a m o rs, w h ic h h a v e been sold to th o A t la n t ic T r a n s D o lla r w a s in V a n c o u v e r ro e e n tly m a k in g a n o ffo rt to a rra n g o
p o r t C o ., a s u b s id ia ry o f th o In te rn a tio n a l M e rc a n tile M a fo r th o tra n s fe r o f th o D o lla r L in e vossols fro m A m o ric a n
rin o C o ., a re th o M a n c h u ria a n d M o n g o lia , 27,000 to n s to B r it is h r e g is t r y , b u t fo u n d th a t th o salo o f th o sto a m o rs
e ach; th e K o r e a a n d S ib e ria , 18,000 to n s e ach, a n d th e w o u ld b e m o ro p ro fita b le . I t is ro p o rto d t h a t th o s to a m e r
C h in a , 10,200 to n s . T h o fo llo w in g s ta te m e n t re g a rd in g th o R o b e rt D o lla r has boon sold a n d w ill bo d o livo re d to n o w
tra n s fe r o f th e vessels w a s g iv e n o u t a t th o P a c ific M a il o w n e rs in th o O rio n t. T h e ste a m e r M . S . D o lla r has been
o ffice in th is c i t y o n A u g . 13:
sold to B ir k a ll & C o . o f S h a n g h a i a n d th o sto a m o r M a c k in a w
1ho Pacific Mail Steamship Oo. announces tho salo of fivo steamships
to Ja m e s a n d G e o rg o F lo o d .
of its trans-Pacific fleet, namely, Manchuria, Mongolia, Korea, Siberia
A n n o u n c e m e n t w a s m a d o b y th o G r e a t N o r t h e r n S te a m
and China, to tho Atlantic Transport Co. of West Virginia.
The last sailing from San Francisco by any of those vossols to Oriental s h ip C o . o n A u g . 27 t h a t i t in te n d e d to sell its o n ly ste a m
ports, on account of tho Pacific Mail Steamship Co., will bo tho steamship
s h ip , th o M in n e s o ta , becauso th o s e rvic o h a d been u n p ro fit
Mongolia, on Aug. 25 1915.
I n a n n o u n c in g o n A u g . 3 th e p ro p o se d d is c o n tin u a n c e a ble. L a s t J u n o a d vic e s fro m T a c o m a , W a s h ., s ta te d th a t
o f th e tra ffic , A . J . F r e y , A s s is ta n t to th o V ic o -P ro s id e n t a n d th e S e am e n ’s la w w o u ld re s u lt in th o M in n e s o ta b e in g placed
u n d e r B r it is h r e g is tr y o r sold b y N o v e m b e r.
G e n e ra l M a n a g e r o f th o c o m p a n y , said :
Tho La Follette seamen’s law goes into effect on November 4th, and as
our trans-Pacific stoamors carry American officers and Asiatic crews, they
aro unablo to meet tho requirements o f tho language clause of that law,
which provides that 75 per cent o f the crow in each department must
speak tho language of the officers.
I t has beon re p o rte d t h a t P re s id e n t W ils o n has o rd e ro d a
close ro v io w o f th e S e a m e n ’s L a w b y th o D o p a rtm o n t o f
Ju s tic e to d e te rm in e w lie th o r its e ffe c t o n A m o ric a n s h ip p in g
o r its re la tio n to o th e r la w s o n th o sam o s u b je c t m a k o a m e n d
m e n ts n e c e ss a ry. H . H . R a y m o n d , P re s id e n t o f th o C ly d e
S te a m sh ip L in o , ro c o n tly se n t to th o D e p a rtm e n t o f J u s tic e
a le tto r p ro te s tin g a g a in s t th e la w . H o said in p a rt:
N e g o tia tio n s f o r th e salo o f th e re m a in in g se ve n vessels
o f th e P a c ific M a il S te a m sh ip C o . a re p e n d in g , a c c o rd in g
to a s ta te m e n t m a d e in S an F ra n c is c o o n th e 1st in s t. b y
M r . F r e y . I t w a s said t h a t th e salo m ig h t bo m a d e in a fe w
Somo of the provisions of this statute aro fraught with menace and in
d a y s . I n a d d itio n to th e sale o f th o f iv e vessels to th e
of tho United States. No
A t la n t ic T r a n s p o r t C o ., th re e s m a lle r vessels w e re disposed somo cases irreparablo injury to the shipping to bo mado applicable to a
uniform set of inflexible rules can bo dovised
o f tw o w e e k s a g o . T h e s e ve n vessels fig u rin g in th o p re se n t shipping of such a diversified character as that of the United States without
d e a l w e re ru n n in g to M e x ic a n a n d C e n tra l A m e ric a n p o rts . having such consequences. The features of the act, howover, which arc of
most serious import and aro likely to bo far reaching in
A s h e re to fo re s ta te d a n in v e s tig a tio n o f th o c o n d itio n s requiring that at least 65 per cent of tho deck crews, their effects aro those
exclusive of licensed
resp o n sib le f o r th o w it h d r a w a l o f th o P a c ific M a il S S . C o . officers, shall bo certified ablo seamen; that 75 per cent of tho crows in all
is b e in g co n d u c te d b y th e D e p a rtm e n t o f C o m m e rc e . O f f i departments of a ship, deck, engino room and stoward, shall speak tho
language of tho officers, and that tho seamen shall have tho right to demand
cials o f t h a t D e p a rtm e n t c o n te n d t h a t th o P a n a m a C a n a l half their wages at each port after fivo days’ service.
Sept . 4
1915.]
THE CHRONICLE
To obtain a ccrtificato as able seaman in the coastwise and deep-sea
trades requires a preliminary training of three years on deck. To insist
that it requires three years’ experience to acquire facility to perform tho
duties performed by tho deck hands aboard a modern steamship is absurd;
capacity alone should bo considered.
P a r t ia l re g u la tio n s fo r th e e n fo rc e m e n t o f th e S e a m e n ’s
L a w w e re issued o n A u g . 11 b y th e B u re a u o f N a v ig a
tio n . I t is re p o rte d th a t th e ru le s fo r th o e n fo rc e m e n t o f
m a n y o f th o p ro v is io n s in th e a c t c a n n o t be fra m e d u n t il tho
A t t o r n e y G e n e ra l h a s passed u p o n th e e ffe c t o f c e rta in
clauses in th e la w re fe rre d to h im f o r a n o p in io n . T h e re g u
la tio n s se n t o u t A u g u s t 11 to c o lle c to rs o f c u s to m s, s h ip
p in g c o m m issio n e rs a n d o th e r o ffic ia ls c o v e r t h a t se ctio n
o f th o a c t w h ic h p ro h ib its “ a llo tm e n ts ” o r th o a d va n c e p a y
m e n t o f a s e a m a n ’s w a g e s to p e rso n s o th e r th a n d e p e n d e n t
re la tiv e s o f th e se a m a n . A l l a llo tm e n ts m u s t be s h o w n o n
th e s h ip ’s a rtic le s a n d cle a ra n ce w ill be re fu s e d w h e re a rtic le s
s h o w v io la tio n s o f th e la w . A s p re v io u s ly s ta te d in these
c o lu m n s , th e a c t becom es e ffe c tiv e N o v e m b e r 4 as to A m e r
ic a n ships a n d M a r c h 4 1916 as to fo re ig n ve ssels, o xco p t
in cases w h e re t r e a t y p ro vis io n s w o u ld be v io la te d w h e n tho
e ffe c tiv e d a te is p o stp o n e d u n t il tho a b ro g a tio n o f th o t r e a t y .
A c t in g S e c re ta ry S w e e t o f th o D e p a rtm e n t o f C o m m e rc e ,
as in d ic a te d a b o v e , a p p ro v e d re g u la tio n s o n A u g . 13 a ffe c t
in g th o la n g u a g e -te s t p ro v is io n o f th o A c t . T h e s e re g u la
tio n s h a v o beon se n t to cu s to m s c o lle c to rs a n d s h ip p in g
c o m m issio n e rs w it h a c irc u la r c a llin g f o r in fo rm a tio n as to
w h a t a d d itio n a l m a c h in e ry w il l bo noodod f o r its e n fo rc e
m e n t. R e g u la tio n s w e re also issu ed o n A u g . 13 fo r th o e n fo rc o m o n t o f S o c tio n 11 o f th o la w w h ic h lim its th e h o u rs o f
la b o r a n d re g u la te s th o k in d o f la b o r to bo p e rfo rm e d o n
s h ip b o a rd . T h o B u re a u o f N a v ig a t io n is fra m in g re g u la
tio n s to c o v o r a ll th o se ctio ns o f th o la w w h ic h a ro n o t in
v o lv e d in q u e stio n s n o w p o n d in g b e fo ro th o A t t o r n o y G o n e ra l f o r le g a l o p in io n . O n A u g . 25 P re s id e n t W ils o n
re c e iv e d fro m A t to rn e y - G e n e ra l G r e g o r y a n in te rp re
t a tio n o f S e ctio n 14 o f th o la w , w h ic h im p oses rig id s a fe ty
re g u la tio n s . W h ile th o o p in io n w a s n o t m a d o p u b lic , it is
u n d e rs to o d th a t th o A tto rn o y - G o n e r a l u p h o ld s a d e cisio n o f
S o lic ito r T h u r m a n , o f th o D e p a rtm e n t o f C o m in e rc o , th a t
th o se ctio n in q u e s tio n w o u ld n o t a p p ly to m a n y vessols
o f fo re ig n re g is te r. A second o p in io n o n th o S e a m e n ’s A c t
w a s se n t to th o P re s id e n t o n A u g . 27 b y th o A t t o r n o y G o n e ra l. T h o o p in io n d e a lt w it h S e ctio n 4 o f th e la w , w h ic h
g iv e s sa ilo rs o n sh ip s o f a n y n a t io n a lit y th e r ig h t to d e m a n d ,
w h ile in A m e ric a n p o rts , o n e -h a lf o f th e p a y d u e th e m , p ro
v id in g th a t th is d e m a n d is n o t m ad o o fte n e r th a n once o v e ry
fiv e d a ys . T h o A t to rn e y - G e n e ra l h o ld s t h a t th o c o u rts m u s t
de cid e o n tho c o n s t it u tio n a lit y o f th is se ctio n o f th o la w .
T h o D e p a rtm e n t o f C o m m e rc o has u n d e rta k e n a census o f
a b le seam en in th o U n it e d S ta te s . A le t t e r has beon se nt
to a ll tho co lle cto rs o f cu s to m s d ire c tin g th e m to co lle c t tho
n e c e ss a ry d a ta a n d fo r w a rd th o sam e to th o B u re a u o f
________________________
N a v ig a tio n .
TRADING W IT H
THE E N E M Y — D IVID E N D S D U E
G R E A T B R I T A I N ’ S E N E M I E S TO B E P A I D TO
PU BLIC TRUSTEE.
T h o n o w B r it is h A c t w h ic h f u r t h e r a m e n d s th o la w re la t
in g to tra d in g w it h th o o n o m y has boon d ra w n to th o a tte n tio n
o f b a n k e rs , tra d e rs a n d o th e rs b y C . J . S to w a rt, P u b lic
T r u s t e o , as C u s to d ia n f o r E n g la n d a n d W a le s o f E n o tn y
P r o p e r t y . A t te n tio n is e s p e c ia lly d ire c te d b y M r . S to w a rt
to th o fo llo w in g re q u ire m e n ts a ffe c tin g d iv id e n d s o n s e c u ri
tie s h o ld f o r onem ies:
745
firms. Companies who have not already disclosed property under Soction 3
(1) of the old Act should therefore apply to the Public Trustee for Regis
tration Order " B .” The term "enemy” means any person or body of per
sons of whatever nationality resident or carrying on business in tho enemy
country, but does not include persons of enemy nationality who are neither
resident nor carrying on business in the enemy country.
Attention is called to the penalties fixed by tho Trading With the Enemy
Amendment Act, 1914, for non-compliance with tho requirements thereof,
and to the fact that such penalties will also apply for non-complianco with
the requirements o f tho present Act.
A U T O M O B IL E S I N RU R A L M A I L D E L I V E R Y ; PARCEL
PO ST E X H I B I T S U R G E D .
T h e u se o f b ic yc le s a n d m o to rc y c le s in th o r u r a l d e liv e r y
s e rvic e has b e e n p ro h ib ite d a ft e r J a n u a r y 1 1916 b y a n o rd e r
issued b y P o s tm a s te r G e n e ra l B u rle s o n . T h e n e w re g u la
tio n a u th o riz e s c a rrie rs to use a u to m o b ile s u p o n ro u te s in
a d d itio n to th o se s p e c ific a lly d e s ig n a te d f o r a u to m o b ile
s o rvic e , w h e n p e rm is sio n has b e e n o b ta in e d fro m th e P o s t
O ffic o D e p a rtm e n t a n d a re g u la r sch e d u le h as been a p p ro v e d
a n d w h e re ro a d c o n d itio n s w il l a llo w u n in te rru p te d s e rvic e
d u rin g a la rg e p a r t o f th e y e a r.
A s h e re to fo re s ta te d in these
c o lu m n s , th o P o s tm a s te r G e n e ra l re c e n t ly sig n e d o rd e rs
a u th o riz in g th o use o f 105 a u to m o b ile s b e g in n in g A u g . 2 fo r
d is trib u tin g m a il in r u r a l c o m m u n itie s . T h o rea so n s f o r th o
p ro h ib itio n o f b ic y c le s a n d m o to rc y c le s in th o s e rvic e a ro
t h a t t h e y h a v e n o t th e c a r ry in g c a p a c ity n eed ed f o r th e p a rce l
p o s t s o rvic e , t h a t in b a d w e a th e r d is a rra n g e m e n t o f sch edu les
is lia b le to o c c u r a n d p ro te c tio n o f th o m a il c a rrie d is im
possible a n d t h a t th e c a rrie r u s in g a m o to rc y c le is a p t to
d isco u ra g o th o s h ip m e n t o f p a rce ls . I t is p o in te d o u t t h a t
th o e lim in a tio n o f b ic yc le s a n d m o to rc y c le s w il l te n d to
e q u a lize th o w o rk in g c o n d itio n s o f th o c a rrie r fo rc e a n d t h a t
c a rrie rs u s in g th o m o to rc y c le s a re e s p e c ia lly lia b le to in j u r y ,
a fa c t o f im p o rta n c e in v ie w o f th o p ro v is io n s o f th e a c t o f
M a r c h 9 1914, u n d e r w h ic h p a y m e n ts a ro a u th o riz e d in
cases o f c a rrie rs in ju re d o r k ille d w h ilo o n d u t y . I t is e s ti
m a te d t h a t a t tim e s d u rin g tlio y e a r b ic y c le s a n d m o to rc y c le s
a ro used u p o n a b o u t 8,000 ro u te s .
P o s tm a s te r G e n e ra l B u rle s o n in a lo tto r a d d re sse d to a ll
re s id e n tia l p o s tm a ste rs d ire c ts t h a t p a rc e l p o s t e x h ib its bo
m a d o a fe a tu re o f c o u n t y fa irs a n d o th e r c iv ic e xp o s itio n s
th ro u g h o u t th o U n it e d S ta te s d u rin g th is s u m m e r a n d f a ll.
T h is m o th o d o f b rin g in g th o fa c ilitie s o f th e p a rc e l p o s t to
th o a tte n tio n o f p o s ta l p a tro n s w a s trie d o u t la s t y e a r w it h
success. M r . B u rle s o n ’s le t t e r s a ys in p a rt:
Thero is no appropriation from which expenses in connection with these
exhibits can be defrayed, and you are, therefore, limited to malting such ar
rangements as you can make without incurring any expense or obligation
to tho Department. However, tho postmasters who successfully conducted
exhibits last year havo reportod that spaco is readily obtained without
oxponso and that business men aro glad to loan for exhibition as parcel
post shipments tho articles that they sell, in consideration of having their
advertising cards attached to their contributions. In addition to such
attention as you can give the exhibit yourself, a well informed competent
clerk should bo detailed to give information concerning tho advantages of
tho parcol post, and you aro hereby authorized to assign ono employee of
your offico for tho purposo.
T h e la te s t m o d e ls o f p a rce l c o n ta in e rs w ill bo s h o w n
a t th o e x h ib its . I t is re p o rte d t h a t la s t y e a r e x h ib its w e ro
in s ta lle d in n o a rly tw o h u n d re d fa irs a n d e xp o s itio n s . T h i s
y e a r t h e y a ro e xp e c te d to be e ve n m o ro n u m e ro u s a n d w ill
s o rvo to b r in g b e fo ro th o p u b lic fa c ilitie s w h ic h h a v e r e c e n tly
b e e n a d d e d to th o p a rco l p o st s e rvic e .
T h o p o s ta l re g u la tio n s g o v e rn in g th e in s u ra n c e o f p a rc e l
p o st w e re e xp a n d e d o n A u g u s t 21 b y o rd e r o f P o s tm a s te r
G e n e ra l B u rle s o n to in c lu d e p a cka ges v a lu e d a t fro m $50
to $100. T h e in s u ra n c e p riv ile g e w a s also e xte n d e d to
p a rce ls v a lu e d a t $5 o r less f o r a fee o f 3 ce n ts . T h e fee f o r
(1) Dividends and interest payable in respect o f all classes of securities
held for enemies are now payable to tho Custodian. Under tho provisions in s u rin g p a rce ls in a n a m o u n t b e tw e e n $50 a n d $100 is
o f the now Act. interest on securities issued by or on behalf of British, 25 c e n ts.
T h e o rd e r becam e e ffe c tiv e im m e d ia te ly . P r io r
colonial or foreign governments or corporations or municipal or other au to th o issuance o f th e n e w o rd e r a fee o f 5 ce n ts w a s c h a rg e d
thorities, and moneys representing tho payment o ff o f the capital of any
securities aro payable to the Custodian. The duty of making such payments fo r in s u rin g a ll v a lu a tio n s u p to $25. F o r v a lu a tio n s ra n g
to tho Custodian and of furnishing him with the necessary particulars in g fro m $5 to $25, th e 5 c e n t c h a rg e w ill be m a d e as h e re to
rosts with tho person, firm or company through whom tho payments in fo re a n d f o r v a lu a tio n b e tw e e n $25 a n d $50 th e fee w il l
tho United Kingdom aro mado. Accountable parties should apply to tho
In s u ra n c e fees, th e re fo re , a ro
Public Trusteo for receivable order " A ,” upon which tho return should bo c o n tin u e to bo 10 ce n ts .
made. •No money should accompany tho receivable order, but a warrant n o w g ra d u a te d fro m 3 ce n ts to 25 c e n ts to c o v e r v a lu a tio n s
directing payment will bo issued in duo course. N. II.— Where coupons or
drawn bonds to bearer are hold for the accounts of enemy persons, the holder u p to th o $100 m a x im u m .
should apply to tho office of tho Parliamentary Counsel, Whitehall, S. W .,
for a license authorizing tho presentation for payment of such instruments,
and should apply to tho Public Trusteo for copies o f receivable order “ A ,”
which should bo completed and handed to tho paying authority, upon whom
tho duty will then fall to account to tho Custodian.
(2) Tho obligation to registor property with tho Public Trusteo under
Section 3 (1) of tho earlier Act is now extended to (a) bank balances and
deposits; (ft) debts to tho amount of £50 and upwards. All persons, firms,
or companies with whom enemies havo bank balances or doposits, or who
owo £50 or moro to onemies (apart from those dividends, & c., payable to tho
Custodian), should apply to tho Public Trusteo for Registration Order “ F .”
N. B.— Tho Act provides that the liability to disclose property of any
nature held for enemies shall apply to companies as well as to persons an j
T h e P o s t O ffic e D e p a rtm e n t a n n o u n c e d o n A u g u s t 26,
th a t o n a n d a fte r S e p te m b e r 1 liq u id s , o ils, p a ste s, s a lve s ,
a n d o th e r a rtic le s e a s ily liq u ifia b le m a y be se n t b y in t e r
n a tio n a l p a rc e l p o st fro m th o U n it e d S ta te s to th e B a h a m a s ,
B r it is h H o n d u ra s , C o s ta R ic a , C u ra c o a , D a n is h W e s t
In d ie s , Ja m a ic a , N e w fo u n d la n d a n d T r in id a d . I t is
re p o rte d t h a t th o a b o ve -m e n tio n e d c o u n trie s a ro th e fir s t
to a cce p t th e p ro p o s a l o f th e P o s tm a s te r G e n e ra l to a d m it
''lie tra n s m is s io n o f th e a rtic le s u n d e r th e te rm s o f th e p a rc e l
THE CHRONICLE
746
p o s t c o n v e n tio n s w it h th e U n it e d S ta te s . T h e a rtic le s
se n t w ill b e s u b je c t to th e re s tric tio n s im p o se d in th e d o m e stic
p a rc e l p o s t.
LABOR CONFERENCE CONSIDERS PROBLEMS OF
UNEMPLOYMENT.
A c o n fe re n c e o f m u n ic ip a l, S ta te a n d F e d e ra l la b o r o ffic ia ls
f ro m a ll o v e r th o c o u n t r y w a s h e ld in S a n F ra n c is c o o n
A u g . 3-6 a t th o in s ta n c e o f S e c re ta ry o f L a b o r W ils o n , to
c o n s id e r u n e m p lo y m e n t a n d m e a su re s f o r its re lie f. T h e
m e e tin g w as p a r t o f a g e n e ra l m o v e m e n t b e in g u n d e rta k e n
b y th e S e c re ta ry o f th e In t e r io r a n d th e S e c re ta ry o f L a b o r to
re lie v e u n e m p lo y m e n t. A s p r e v io u s ly s ta te d in these c o l
u m n s , th e a b o ve -m e n tio n e d o ffic ia ls r e c e n t ly a p p o in te d a n
in te r-d e p a rtm e n ta l c o m m itte e w h ic h is w o rk in g o u t a p la n
to h a v e th e G o v e rn m e n t fin a n c e w o rk e rs d e s irin g to ta k e u p
fa r m la n d s .
O n e o f th e o u tg ro w th s o f th e m e e tin g in S a n F ra n c is c o
w a s th e a p p o in tm e n t o f a n a d v is o r y c o m m itte e w h ic h is to
b r in g a b o u t o lo ser c o -o p e ra tio n b e tw e e n th e th re e G o v e r n
m e n t b ra n c h e s in d e a lin g w it h th e p ro b le m s o f u n e m p lo y
m e n t. T h e c o m m itte e co n sists o f t w e lv e m e m b e rs , re p re
s e n tin g e q u a lly th o F e d e ra l, S ta te a n d m u n ic ip a l g o v e rn
m e n ts , a n d w il l a c t w it h th e S e c re ta ry o f L a b o r in p re p a rin g
f o r f u tu re co n fe re n c e s. I t is p la n n e d to m a k e th is c o n fe r
ence a n a n n u a l e v e n t. O n A u g u s t 6, th e clo s in g d a y o f
th e m e e tin g , th e S e c re ta ry o f L a b o r m a d e th o fo llo w in g
re c o m m e n d a tio n s :
Federal labor exchanges in every State and ultimately In every center o f
population.
Whore municipal labor employment bureaus exist, the Government and
the city to operate under one roof and under joint management.
Extension under such an arrangement of post offico franking privileges
to the municipal exchange.
.
Creation by Congress o f a fund to be loaned to farmers under a rural credit
system and to establish colonies of moneyless immigrants on tho land.
Vesting af authority In the Departments o f Labor, Agriculture and In
terior to make use o f tho surplus funds o f the immigration dopartmont,
which amount at presont to $10,000,000, such money to be tho nucelus for
a Government money-lending fund.
[VOL. 101.
T h e a n n u a l c o n v e n tio n o f th e A m e ric a n B a n k e rs ’ A s s o c ia
t io n , w h ic h opens a t S e a ttle o n M o n d a y , is e xp e c te d to be
th e m o s t la r g e ly a tte n d e d in th e h is to r y o f th e A s s o c ia tio n .
O n e re a so n f o r th is is t h a t th e c o n v e n tio n delega tes w ill be
g iv e n a n o p p o rt u n ity to a tte n d th e P a n a m a -P a c ific E x p o s i
tio n a t S a n F ra n c is c o a n d th e P a n a m a -C a lifo rn ia E x p o s i
tio n a t S a n D ie g o , th u s a ffo rd in g to th e b a n k e rs a p a rtic u
la r ly a tt r a c t iv e t r ip . T h e co m p le te p ro g ra m f o r th e b u s i
ness sessions o f th e c o n v e n tio n w a s p u b lis h e d in o u r issue
o f A u g . 21. A d d re s s e s w ill bo m a d e a t th e re g u la r c o n v e n
tio n b y e x -P re s id e n t W illia m H . T a f t ; F re d e ric A . D e la n o ,
V ic e - G o v e r n o r o f th e F e d e ra l R e s e rv e B o a rd ; H e n r y D .
E s t a b ro o k o f N e w Y o r k ; P r o f . T . J . N e w b ill, S ta te A g e n t
in ch a rg e o f J u n io r W o r k , U n iv e r s it y o f W a s h in g to n , S e a ttle ;
M is s M a r y F . R a u s c h , A s s is ta n t P ro fe s s o r o f H o m e E c o
n o m ic s , U n iv e r s it y o f W a s h in g to n , a n d R e v . W . W . D ie h l,
P a s t o r o f th e M e th o d is t E p is c o p a l C h u rc h o f H in c k le y , 111.
B e fo re th e T r u s t C o m p a n y S e c tio n , H e n r y M . C a m p b e ll
w ill discuss th e q u e s tio n , “ C a n C o n g re ss C o n fe r T r u s t
P o w e rs U p o n N a tio n a l B a n k s ? ” T h e sp e a ke rs b e fo re th e
S a v in g s B a n k S e c tio n a re R o b e r t I I . B e a n , P re s id e n t o f th e
A m e ric a n I n s t itu te o f B a n k in g ; W illia m S p ro u le , P re s id e n t
o f th e S o u th e rn P a c ific C o .; D r . J o h n W e s le y H i ll , a n d
G e o rg e E . E d w a r d s , P re s id e n t o f th e D o lla r S a v in g s B a n k
of N e w Y o rk .
T h e C le a rin g H o u s e S e c tio n w ill be addre sse d b y 0 . H o w
a rd W o lfe , A s s is ta n t C a s h ie r o f th e P h ila d e lp h ia N a tio n a l
B a n k ; R a y F . M c N a l ly , C a s h ie r o f th e C itiz e n s N a tio n a l
B a n k o f C h illic o th e ; L . F . K ie s e w e tte r, V ic e -P re s id e n t o f
th e O h io N a tio n a l B a n k o f C o lu m b u s ; R u s s e ll L o w r y ,
D e p u t y G o v e rn o r o f th e F e d e ra l R e s e rv e B a n k , S an F r a n
cisco , a n d B re c k in rid g e Jo n e s , P re s id e n t o f th e M is s is s ip p i
V a l le y T r u s t C o ., S t. L o u is .
A n a tt ra c t iv e p ro g ra m has be e n a rra n g e d f o r th e e n te r
ta in m e n t o f th e b a n k e rs a n d th e ir g u e sts, in c lu d in g a y a c h t
t r ip o n P u g e t S o u n d , a g ra n d b a ll a n d re c e p tio n a t th e
A r m o r y , a u to m o b ile rid e s a n d a g o lf to u rn a m e n t fo r th e m e n
a t th e S e a ttle G o lf C lu b . O n F r i d a y th e re w ill be n o b u s i
ness sessions, th e e n tire d a y b e in g g iv e n u p to a t r ip o n
P u g e t S o u n d . T w o ste a m ers w ill le a ve S e a ttle in th e m o rn
in g f o r T a c o m a , w h e re th e g u ests w ill be e n te rta in e d b y th e
T a c o m a b a n k e rs . A sto p w ill bo m a d e a t B re m e rto n to
v ie w th e N a v y Y a r d a n d d r y d o ck s.
C o m m is s io n e r-G e n e ra l o f Im m ig ra t io n A n t h o n y C a m in e tti
s ta te d t h a t i t is th e a im o f th e D e p a rtm e n t to h a v e s ta tio n s in
o v e r y c i t y w h ic h s h o u ld h a v e th e c o -o p e ra tio n o f n o w sp a p e rs
in fin d in g jo b s f o r th e u n e m p lo y e d . H e also said t h a t if th e
fa rm e rs a n d f r u i t g ro w e rs o f C a lifo rn ia w o u ld sond to th e
D e p a rtm e n t o f A g r ic u ltu re u n d e r th e p ro p o se d s y s te m re
q u e sts f o r fie ld , fa rm a n d o rc h a rd la b o re rs , th e p ro b le m o f
F r a n k L . P o lk , C o rp o ra tio n C o u n s e l o f N e w Y o r k C i t y ,
seasonal e m p lo y m e n t c o u ld b e s o lve d . S e c re ta ry o f L a b o r
has b een a p p o in te d C o u n s e lo r o f th e S ta te D e p a rtm e n t a t
W ils o n a rg u e d a g a in s t th e c e n tra liz a tio n o f p o w o r o v o r th e
W a s h in g to n b y P re s id e n t W ils o n , a c c o rd in g to a n a n n o u n c e
p ro p o se d c h a in o f F e d e ra l, S ta te a n d m u n ic ip a l la b o r e x
m e n t m a d e b y S e c re ta ry o f S ta te L a n s in g o n A u g . 28.
ch a n g e s, a n d su g g e ste d t h a t e a ch s h o u ld b e u n d e r se p a ra te
T h e o ffice to w h ic h M r . P o lk is a p p o in te d has been v a c a n t
m a n a g e m e n t. F o llo w in g th o close o f th o co n fe re n ce th e
since J u n e , w h e n M r . L a n s in g w a s a d va n c e d fro m th a t po si
m e m b e rs o f th o a d v is o r y c o m m itte e m e t a n d e ffe c te d a n o r
tio n to S e c re ta ry o f S ta te , succe e d ing W illia m J . B r y a n .
g a n iz a tio n . E t h e lb o r t S te w a rt, c h ie f s ta tis tic ia n o f th o
M r . P o lk w a s b o rn in N e w Y o r k C i t y in 1871 a n d s e rve d
D o p a rtm o n t o f L a b o r , w a s ch o sen C h a irm a n .
th ro u g h th e S p a n ish w a r. H o w a s a m e m b e r o f th e B o a rd o f
E d u c a tio n a n d T r e a s u r e r o f th e B u re a u o f M u n ic ip a l R e
T e n sha res o f b a n k s to c k w e re sold a t th e S to c k E x c h a n g e se arch d u rin g M a y o r M c C le lla n ’s a d m in is tra tio n a n d also
th is w e e k a n d no sales w e re m a d e a t a u c tio n . T h e a u c tio n s e rve d as P re s id e n t o f th e M u n ic ip a l C i v i l S e rv ic e C o m m is
sales o f t ru s t c o m p a n y s to cks a g g re g a te 33 shares. E x te n s iv e sio n . M r . P o lk becam e C o rp o ra tio n C o u n s e l in J a n u
tab les re p o rtin g b id a n d a ske d q u o ta tio n s , d e p osits, s u rp lu s , a r y 1914.
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
& c ., o f b a n k s a n d t ru s t co m p a n ie s in a ll im p o rta n t citie s in
th e U n it e d S ta te s a re p u b lis h e d m o n t h ly in th e “ B a n k a n d
Q u o ta tio n ” S e c tio n , th e S e p te m b e r issue o f w h ic h a cco m
pa n ies t o - d a y ’s “ C h r o n ic le .” B id a n d a ske d q u o ta tio n s fo r
a ll N e w Y o r k C i t y b a n k a n d tru s t c o m p a n y sto cks a re also
p u b lis h e d w e e k ly in a n o th e r d e p a rtm e n t o f th is p a p e r, a n d
w ill be fo u n d to - d a y o n page 764.
Low. H igh.
BANK — N ew York.
*10 Commerce, Nat. Bank o f_ 158
_
160
TRUST COMPANIES — New York.
410
20 Equitable Trust C o........ ...... 402
102
13 Lawyers’ Title & Trust C o .. 102
Shares.
Close.
Last previous sale.
160
A u g .1915—
159
410
102
April 1915—
May 1915—
420
119
♦Sold at the Stock Exchange.
A N e w Y o r k S to c k E x c h a n g e m e m b e rs h ip w a s p o s te d fo r
tra n s fe r th is w e e k , th e c o n s id e ra tio n b e in g $60,000. T h e
la s t p re v io u s sale w a s a t $59,000.
T h e N e w Y o r k S to c k E x c h a n g e w ill be o pen t o - d a y , th e
G o v e rn o rs h a v in g d e n ie d o n th e 1st in s t. th e p e titio n o f th e
m e m b e rs to close th e E x c h a n g e to - d a y in c o n n e c tio n w it h th e
h o lid a y o n M o n d a y — L a b o r D a y . I t w ill be re c a lle d th a t
s im ila r a c tio n w a s ta k e n b y th e G o v e rn o rs o n th e p e titio n
to close th o E x c h a n g e o n th e S a tu rd a y b e fo re J u l y 4.
T h o C o tto n E x c h a n g e a n d th e C o ffe e E x c h a n g e a re closed
to -d a y , th e m e m b e rs h a v in g v o te d to o b s e rve th o d a y as a
h o lid a y .
T h e C o n tin e n ta l & C o m m e rc ia l N a tio n a l B a n k o f C h ic a g o
th is w e e k fu rn is h e d a s u m m a ry o f its a n n u a l c ro p re p o rt
g iv in g its e s tim a te d y ie ld s o f w h e a t, c o rn , o a ts, r y e , b a rle y ,
h a y a n d c o tto n f o r 1915. A c c o rd in g to th e b a n k ’s re p o rt,
“ th e p ro d u c tio n o f th e f iv e le a d in g g ra in cro p s o f th e c o u n
t r y surpasses la s t y e a r ’s b y o v e r 600,000,000 bu she ls a n d in
th e a g g re g a te is th e la rg e s t in th e c o u n t r y ’s h is to r y , p o s s ib ly
n o t in a vo ra g e y ie ld p e r a c re , b u t in g ro ss a m o u n t, th e in
crease in acreage g iv in g th e u n u s u a l re c o rd in p ro d u c
t io n .” I t is p o in te d o u t t h a t th e w h e a t c ro p , fo r th e f ir s t
tim e in th e c o u n t r y ’s h is to r y , exceeds a b illio n b u sh e ls, th e
e s tim a te d y ie ld b e in g g iv e n as 1,003,000,000 b u she ls, co m
p a rin g w it h th e fin a l G o v e rn m e n t fig u re s fo r la s t y e a r o f
891,000,000 b u sh e ls. “ T h e a ve ra g e y ie ld p e r a c re ,” th e
r e p o rt s ta tes, “ is a b o u t th e sam e as la s t y e a r, th e in cre a se
b e in g in th e a cre a g e .” T h e s u m m a ry describ es th e oats
c ro p as “ th e second la rg e s t o f re c o rd , th e y ie ld p e r a cre
fa llin g b e lo w 1912,” a n d e stim a te s th e c ro p a t 1,352,000,000
b u sh e ls, o r 210,000,000 b u she ls o v e r th a t o f la s t y e a r.
B o th th e w h e a t a n d o a ts cro p s s u ffe re d fro m r a in y w e a th e r
a t h a rv e s t tim e , th e r e p o rt sta te s, a n d th e q u a lit y o f th e
c ro p has been im p a ire d m o re th a n th e q u a n t it y . T h e b a n k ’s
c o rre s p o n d e n ts h a v e e s tim a te d th o c o rn c ro p a t 2,983,000,000
b u sh e ls o n a n a re a o f 110,321,000 a cres. T h o s u m m a ry
c la im s th a t “ th e a re a in c o tto n w a s c u rta ile d 1 6 % a n d th e
| use o f fe rtiliz e rs c u t in h a lf, w it h th o re s u lt th a t th o p re s e n t
Sept . 4 1915.]
THE CHRONICLE
o u tlo o k o n tho b a n k ’s e s tim a te is fo r a c ro p a ro u n d 10,500,
000 b a le s .”
747
o f 6 % , b o th p a y a b le S e p t. 30 to h o ld e rs o f re c o rd S e p t. 23.
T h is is th o f ir s t e x t ra p a y m e n t since Ju n o 1914, p r io r to
w h ic h th o c o m p a n y h a d been p a y in g 2 % e x t ra a t e ach q u a r
t e r ly p e rio d . U n fa v o ra b le c o n d itio n s a t th a t tim e , it is s ta
te d , m a d e it d e sira b le to t e m p o ra rily susp e n d e x t ra dis
b u rs e m e n ts .
I t is a n n o u n c e d t h a t G o v e rn o r H a ll o f L o u is ia n a has
a p p o in te d L e v e r in g M o o ro as C h a irm a n o f th o n e w ly -c re a te d
R u r a l C r e d it C o m m is s io n o f th o S ta to o f L o u is ia n a . T h i s
co m m is sio n has been assign ed to in v e s tig a te th o s u b je c t o f
T h e C o m p tro lle r o f th e C u r r e n c y has a p p ro v e d th e a p p li
r u r a l c re d its f o r t h a t S ta to a n d to r e p o rt to th e n e x t session
o f th o L o g is la tu ro . T h e re c o m m e n d a tio n s w h ic h th o C o m c a tio n o f th e C e n t u r y B a n k o f N o w Y o r k to c o n v e rt in to
m is s io n is in s tru c te d to s u b m it, a re in te n d e d to e m b o d y su c h th e C e n t u r y N a tio n a l B a n k (c a p ita l $1,250,000) p re lim in a ry
sug g e stio n s f o r le g is la tio n f o r L o u is ia n a as w ill m oe t th o to its c o n s o lid a tio n w it h th o C h a th a m & P h o n ix N a tio n a l
re q u ire m e n ts p e c u lia r to t h a t S ta to in th e s o lu tio n o f th o B a n k . T h e d e ta ils o f th e p la n w e re o u tlin e d in o u r issue
r u r a l c ro d it p ro b le m .
M r . M o o ro is V ic e -P re s id e n t o f th o o f la s t S a tu rd a y , page 667.
M o rtg a g e S e c u ritie s C o . o f N o w O rle a n s a n d is a m e m b e r
J . T e m p le G w a th m e y w it h d r e w o n th e 1st in s t. as a p a rtn e r
o f th o b o a rd o f g o v e rn o rs o f th e F a r m M o rtg a g e B a n k e rs ’
in tho c o tto n b ro k e ra g e f ir m o f G e o rg e H . M c F a d d e n & B r o .
A s s o c ia tio n o f A m e ric a .
M r . G w a t h m e y w a s fo r m e rly P re s id e n t o f th e N e w Y o r k
H e n r y R . C a rs o , V ic e -P re s id e n t o f th o H a n o v e r N a tio n a l C o t to n E x c h a n g e . N o tic e has been g iv e n t h a t o n S e p t. 1
B a n k o f th is c it y , is e xp e c te d to te n d e r h is re s ig n a tio n as a n th o in te re s t in th e fir m h e ld b y J . F r a n k lin M c F a d d e n , w h o
o ffic ia l o f t h a t in s titu t io n a b o u t O c t. 1 in o rd o r to becom o w it h d r e w as a p a rtn e r o n S e p t. 1 1913, has ceased b y m u tu a l
P re s id e n t o f th o S u b m a rin e B o a t C o rp o ra tio n . I t is u n d e r a g re e m e n t.
s to o d th a t M r . C a rs o has re c e ive d a n o ffe r to h ea d th o B o a t
C o l. R o b e r t B . W o o d w a rd , V ic e -P re s id e n t o f th e N a s s a u
C o rp o ra tio n ,a n d is in c lin e d to a cce p t it . In a d d itio n to h is
c o n n e c tio n w it h th o H a n o v e r N a tio n a l, M r . C a rso is a d ire c N a tio n a l B a n k o f B r o o k ly n a n d a d ire c to r in m a n y la rg o
t o r in th o G re e n w ic h B a n k , th o E q u ita b le T r u s t C o ., T r e a s c o rp o ra tio n s , d ie d o n th e 2d in s t. a t C o o p e rs to w n , N . Y .
u re r a n d a d ire c to r o f th o H a n o v e r S afo D e p o s it C o ., a C o l. W o o d w a rd w a s a d ire c to r o f th o B o w e ry S a v in g s B a n k ,
d ire c to r o f th o O ld D o m in io n T r u s t C o ., o f R ic h m o n d ,V a ., th e M u t u a l L if e In s u ra n c e C o ., th e B r o o k ly n U n io n G a s C o .,
P re s id e n t o f th o B irm in g h a m R e a lt y C o . a n d a d ire c to r o f th o H o m e L if e In s u ra n c e C o ., th o T h o m p s o n -S ta rre tt C o .,
tho U n it e d S ta te s C a s u a lty C o ., th e B o n d & M o rtg a g e
th o E n s lo y L a n d C o .
G u a ra n te e C o ., L lo y d s P la te G la s s In s u ra n c e C o . a n d th o
L a fa y e tt o B . G le a s o n , co u n se l fo r N e w Y o r k S ta to C o m p E s ta te s o f L o n g B e a c h . H o w a s F i r s t V ic e -P re s id e n t o f
tro lle r T r a v i s , has issued a w a iv e r p e rm ittin g th e sale o f tho th e b o a rd o f tru s te e s o f th e B r o o k ly n In s t itu te o f A r t s a n d
s to c k in th e E q u ita b le L if e A s s u ra n c e S o c ie ty , h e ld b y tho S ciences. C o l. W o o d w a rd w a s f o r m e r ly a sp e cial p a rtn e r
J . P . M o rg a n E s ta to . T h o w a iv e r w a s g ra n te d o n a p p lic a in th o f ir m o f H a t h a w a y , S m ith , F o ld s & C o .; h e re tire d
tio n o f C a r te r , L e d y a r d & M ilb u r n , co u nse l fo r th e M o rg a n fro m th o c o n c e rn in J a n u a r y .
E s t a te . A s p re v io u s ly n o te d in these c o lu m n s , a rra n g e
m e n ts w o re p e rfe c te d in J u n o fo r tho p u rch a se b y G e n e ra l T .
C o le m a n d u P o n t o f a m a jo r it y o f th o c a p ita l s to c k o f tho
E q u ita b lo fro m th o J . P . M o rg a n E s ta te . T h e S ta te C o m p
t ro lle r ’s w a iv e r w a s n e c e ss a ry b e fo re th e s to c k c o u ld bo
d e liv e re d to G o n e ra l d u P o n t .
R e fe rrin g to th o ite m a p p e a rin g in o u r issue o f la s t w e e k
w it h re g a rd to th e M e rc a n tile B a n k o f th o A m e ric a s , In c .,
w o u n d e rs ta n d t h a t th is b a n k , w h ic h , as w e h a v e s ta te d , has
a n a u th o riz e d c a p ita l o f $5,000,000, h as co m m e n ce d o p e ra
tio n s w it h $400.,000 p a id -u p c a p ita l a n d a ca sh s u rp lu s o f
$100,000. T h o shares issued h a v e been su b sc rib e d a n d p a id
f o r in e q u a l p ro p o rtio n s b y B r o w n B ro th e rs & C o . a n d
J . & W . S e lig m a n & C o . T h e b o a rd o f d ire c to rs is as fo llo w s :
Ja m e s B r o w n (P re s id e n t), A lb e r t S tra u s s a n d W m . S . C o x
(V ic e - P re s id e n ts ), T h a t c h e r M . B r o w n , F re d e ric k S tra u s s ,
Ja s o n A . N e ils o n a n d A lfr e d M e y o r (G e n e ra l M a n a g e r).
T h o b a n k is o rg a n ize d a n d e s ta b lish e d to c a r r y o n a co m
m e rc ia l b a n k in g b usiness in a n d w it h th o L a t in - A in e r ic a n
re p u b lic s , p r im a r ily in a n d w it h C e n tra l A m e ric a , V e n e zu e la ,
C o lo m b ia , E c u a d o r a n d P e r u , w h e re , w o le a rn , i t is n o w
a c t iv e ly e ng a g e d in a rra n g in g fo r th e a p p o in tm e n t o f a g e n ts.
T h o b a n k p u rp o se s to c o n d u c t b a n k in g o p e ra tio n s o n tho
sam e lin e s as has been do n e fo r m a n y y e a rs b y E u ro p e a n
in s titu tio n s o f a s im ila r c h a ra c te r in C e n tra l a n d S o u th
A m e ric a , w h e re th e re is a fie ld fo r b a n k in g w h ic h h e re to fo re
in th is c o u n t r y has re c e ive d littlo a tte n tio n . I n N o w Y o r k
it w ill c a r r y o n a g e n e ra l b a n k in g b usiness as p e rm itte d b y
tho license o f th o S ta te B a n k in g D e p a rtm e n t. T h e p rim o
o b je c t o f th is n e w in s titu tio n w ill bo to p ro v id e fin a n c ia l
a n d o th o r fa c ilitie s in c o n n e c tio n w it h e x p o rts a n d im p o rts
to a n d fro m C e n tra l a n d S o u th A m e ric a . M r . M e y e r w a s
fo r m e rly L o n d o n M a n a g e r o f th e C o m m e rc ia l B a n k o f
S p a n ish A m e ric a . T h e fo rm e r N e w Y o r k A g e n t o f th a t in
s titu t io n , R . L . B e a u s ire , has jo in e d th e n e w b a n k in tho
c a p a c ity o f A s s is ta n t G e n e ra l M a n a g e r. W a lt e r M . C a rle b a ch is S e c re ta ry a n d T re a s u re r.
C h a rle s T . W ills , V ic e -P re s id e n t o f th o G a rfie ld N a tio n a l
B a n k o f th is c it y , d ie d o n A u g . 31 in G re e n w ic h , C o n n .
M r . W ills w a s S e co nd V ic e -P re s id e n t o f th o G a rfie ld Safo
D e p o s it C o . a n d a d ire c to r in tho N ia g a ra F ir e In s u ra n c o
C o . H o w a s tho fo u n d e r a n d P re s id e n t o f C h a rle s T . W ills ,
In c ., a b u ild in g a n d c o n tra c tin g f ir m , w h ic h has e re cte d
m a n y p ro m in o n t b u ild in g s in th is c it y .
T h o G u a r a n t y T r u s t C o . o f th is c i t y has d e cla re d a n e x t ra
d iv id e n d o f 2 % in a d d itio n to th e u su a l q u a rt e rly d is trib u tio n
T h o B a n k o f L o n g Is la n d , w h o s e m a in o ffic e is a t Ja m a ic a ,
has c o m p le te d a rra n g e m e n ts to ta k o o v e r th o b usiness a n d
assets o f th o F i r s t N a tio n a l B a n k o f C o ro n a , L . I . T h o
tra n s fe r w ill ta k e place o n N o v . 1. I t is re p o rte d t h a t a
la rg o m a jo r it y o f th o s h a re h o ld e rs o f th o C o ro n a b a n k h a v e
a cce p te d th o o ffe r o f $180 a s h a re fo r t h e ir s to c k m a d e b y th o
B a n k o f L o n g Is la n d . T h e la t te r in s titu t io n o ffe re d to b u y
th o bu sin ess o f th o F i r s t N a tio n a l, w h ic h h as a c a p ita l o f
$100,000, in s te a d o f e s ta b lis h in g a r iv a l b a n k in t h a t s e ctio n .
T h o o ffice s o f th e F i r s t N a tio n a l w ill becom e a b ra n c h o f
th o B a n k o f L o n g Is la n d . O . G . A le x a n d e r, C a s h ie r o f th o
F i r s t N a tio n a l, w ill bo in c h a rg e o f th o b ra n c h .
T h o N e w H a v e n C o u n t y N a tio n a l B a n k a n d th o C i t y
B a n k o f N e w H a v e n , C o n n ., h a v e been c o n so lid a te d w it h
tho N a tio n a l N e w H a v e n B a n k , w h ic h as a re s u lt o f th e m e r
g e r has ch a n g e d its n a m e to th e N e w H a v e n B a n k , N a tio n a l
B a n k in g A s s o c ia tio n . T h e e n la rg e d in s titu tio n o pened fo r
bu sin ess o n A u g . 30. I t has a c a p ita l o f $1,200,000, s u rp lu s
o f th o sam e a m o u n t a n d u n d iv id e d p ro fits o f $120,000.
T h o N e w H a v e n C o u n t y B a n k a n d th e C i t y B a n k w ill liq u i
d a te . T h o ca sh a n d s e cu ritie s o f th e th re e b a n k s fig u rin g
in th e m e rg e r w e re m o v e d o n S a tu rd a y la s t to th e n e w hom o
o f th o co n so lid a te d in s titu tio n a t th e c o rn e r o f C h a p e l a n d
O ra n g e s tre o ts . E z e k ie l G . S to d d a rd , w h o w a s P re s id e n t
o f th o N o w H a v e n C o u n t y N a tio n a l, is P re s id e n t o f th e n e w
b a n k . V ic t o r M . T y l e r , P re s id e n t o f th e N a tio n a l N e w
H a v e n B a n k , has re tire d . T h e o th e r o ffice rs o f th e co n so li
d a te d b a n k a re : F i r s t V ic e -P re s id e n t, T h o m a s W . F a m a m ,
h e re to fo re P re s id e n t o f th e C i t y B a n k ; S econd V ic e -P re s i
d e n t, S a m u e l L lo y d , w h o w a s C a s h ie r o f th e C i t y B a n k ;
T h i r d V ic e -P re s id e n t, E d w a r d E . M i x , h e re to fo re C a s h ie r
o f th o N a tio n a l N e w H a v e n ; C a s h ie r, W illia m G . R e d fie ld ,
w h o w a s A s s is ta n t C a s h ie r in th e N e w H a v e n C o u n t y B a n k ;
A s s is ta n t C a s h ie rs , C h a rle s E . C o r n w a ll, C h a rle s H . R a y
m o n d , A b e l H o lb ro o k , R . E . C h a m b e rs a n d Ja m e s W .
W o o d w o rt h . M r . C o r n w a ll w a s A s s is ta n t C a s h ie r o f th o
C i t y B a n k , a n d M e s s rs . R a y m o n d a n d W o o d w a rd h e ld
s im ila r p o s itio n s w it h th e N a tio n a l N e w H a v e n . T h e s to c k
h o ld e rs o f th o N a tio n a l N e w H a v e n B a n k v o te d t h a t th o
d ire c to rs o f b o th th e N e w H a v e n C o u n t y B a n k a n d th o C i t y
B a n k bo m a d e d ire c to rs o f th e e n la rg e d in s titu tio n . T h o
N o w H a v e n C o u n t y N a tio n a l B a n k w a s in c o rp o ra te d in
1834 a n d h a d a c a p ita l o f $350,000. T h e N a tio n a l N e w
H a v e n B a n k (n o w th e N e w H a v e n B a n k , N . B . A . ) , is th o
o ld e st o f th o th re e in s titu tio n s , h a v in g been in c o rp o ra te d in
1792. T h e b a n k b e fo re th e p re s e n t p ro ce e d in g s h a d a
c a p ita l o f $464,800. T h e C i t y B a n k w a s c h a rte re d in 1831
a n d h a d a c a p ita l o f $500,000. T h e n e w b a n k is lo ca te d in
748
[Vol. 101.
THE CHRONICLE
a h a n d s o m e n e w b u ild in g , d is tin c tly c o lo n ia l in t y p e a n d m a d e
o f V e r m o n t m a rb le a n d N o r t h H a v e n b ric k .
F i r s t N a t io n a l b u ild in g . F o llo w in g th e c o n s o lid a tio n , th e
F i r s t N a tio n a l w il l h a v e a c a p ita l o f $1,500,000, s u rp lu s
o f a b o u t $1,500,000, d e p o sits o f a p p ro x im a te ly $17,500,000,
a n d re s o u rce s o f m o re th a n $20,000,000. T h e M e rc h a n ts &
M e c h a n ic s h a s a c a p ita l o f $250,000, d e p osits o f a b o u t $ 2,
500,000 a n d re so u rce s o f a p p ro x m ia te ly $3,730,000. T h e
F i r s t N a t io n a l h a s u n d e r c o n s tru c tio n a n e w h o m e o n th e
site f o r m e r ly o ccu p ie d b y th e L a c k a w a n n a T r u s t C o . T h e
n e w q u a rte rs w ill be re a d y f o r o c c u p a n c y a b o u t F e b . 1 o f
n e x t y e a r.
T h e W a t e r b u r y M o r r is P la n C o . o f W a t e r b u r y , C o n n .,
h a s file d a rtic le s o f in c o rp o ra tio n w it h th e S e c re ta ry o f th e
S ta te . T h e in s titu t io n is to o p e ra te th e M o r r is P la n o f
in d u s tria l lo a n s a n d in v e s tm e n ts . T h e a u th o riz e d c a p ita l
s to c k is fix e d a t $100,000, d iv id e d in to 1,000 sha res o f $100
e a c h . T h e o ffic e rs o f th e c o m p a n y a re : A . R . K im b a ll,
P re s id e n t; J . I I . G o ss a n d J . B . E lt o n , V ic e -P re s id e n ts , a n d
T h e o d o re L i ll e y , S e c re ta ry a n d T re a s u r e r .
A M o r r is P la n b a n k is also b e in g o rg a n ize d in K a n s a s
H e n r y J . B r e t n e y , C a s h ie r o f th e F i r s t N a tio n a l B a n k o f
C i t y . T h e c a p ita l s to c k o f th e n e w in s titu t io n is to be $500, L e h ig h to n , P a ., d ie d o n A u g . 27. M r . B r e t n e y w a s fa ilin g
000. S to c k s u b s c rip tio n s a re b e in g ta k e n a t th e b a n k ’s in h e a lth f o r o v e r a y e a r. H e w a s co n n e cte d w it h th e b a n k
t e m p o r a r y h e a d q u a rte rs a t th e P io n e e r T r u s t C o .
f o r t w e n t y - f iv o y e a rs .
E v e r e t t L . S p e n ce r h a s b e e n e le cte d a d ire c to r o f th e
M e r c h a n t s ’ N a tio n a l B a n k o f P ro v id e n c e .
T h e C o m m e rc ia l T r u s t C o ., w h ic h w a s re c e n tly o rg a n ize d
in S p rin g fie ld , M a s s ., w il l o p e n f o r bu sin e ss o n th e 16th in s t.
a t th e c o rn e r o f M a in a n d H a m p d e n s tre e ts . A s h e re to fo re
s ta te d , th e in s titu t io n is to h a v e a c a p ita l s to c k o f $350,000
a n d s u rp lu s o f $105,000. T h e sha res a re b e in g sold a t $130,
$100 g o in g to c a p ita l a n d $30 to s u rp lu s , a n d n o a p p lic a tio n
is re c e iv e d f o r o v e r 25 sha res. T h e o ffic e rs o f th e t ru s t co m
p a n y a re A r t h u r J . S k in n e r, P re s id e n t ; D a n ie l F . D o h e r t y ,
V ic e -P re s id e n t; J o h n W . W o o d , T re a s u re r; R a y m o n d H .
F la g g , A s s is ta n t T r e a s u r e r a n d F r a n k N . H u g h e s , S ecre
t a r y . M r . S k in n e r w a s f o r m e r ly C a s h ie r o f th e T h i r d
N a t io n a l B a n k , w h ile M r . W o o d w a s h e re to fo re a S ta te B a n k
E x a m in e r .
A u g u s t B . L o e b , P re s id e n t o f th e T ra d e s m e n ’s N a tio n a l
B a n k o f P h ila d e lp h ia , d ie d o n A u g . 23 a t h is s u m m e r h o m e
in V o n t n o r , N . J . M r . L o e b b ecam e a V ic e -P re s id e n t a n d
d ire c to r o f th e T ra d e s m e n ’s in 1895 a n d w a s ch o se n to th e
P re s id e n c y in J a n u a r y 1910. H e w a s a d ire c to r in th e
M a r k e t S tre e t N a tio n a l B a n k , th e R e a l E s t a te T r u s t C o .,
th e F in a n c e C o . o f P e n n s y lv a n ia a n d th e S o u th C h e s te r
T u b e C o . H e w a s f o r m o r ly a d ire c to r o f th e P h ila d e lp h ia
R a p id T r a n s it C o .
H o w a r d A . L o e b , a so n o f A u g u s t B . L o e b , a n d h e re to fo re
a V ic e - P re s id e n t o f th e T ra d e s m e n ’s N a tio n a l, has been
e le c te d P re s id e n t to succeed h is fa th e r. T h e n o w h e a d o f
th e b a n k h a d o c c u p ie d th e p o s itio n o f V ic e -P re s id e n t since
A p r i l 1907. H e is a d ire c to r o f th e P e n n s y lv a n ia S u g a r C o .
a n d th e S e c u ritie s C o rp o ra tio n G e n e ra l a n d is C h a irm a n o f
th e K e n t u c k y T r a c t i o n C o . o f L e x in g t o n , as w e ll as th e P e n n
s y lv a n ia L ig h t in g C o . o f S h a m o k in , P a .
G e o rg e I I . E a r lo 3d has b e e n ele cte d a d ire c to r o f th e
T ra d e s m e n ’s N a t io n a l B a n k .
A n a p p lic a tio n f o r a c h a rte r f o r a n o w b a n ld n g in s titu t io n
to bo k n o w n as th e B a n k o f E a s t F a lls a n d to be lo c a te d in
P h ila d e lp h ia w ill b e m a d e o n N o v . 1. T h e a m o u n t o f th e
c a p ita l s to c k is to b e $50,000, d iv id e d in to 1,000 sha res o f
$50 e a ch . T h e a p p lic a tio n w ill bo o n b o h a lf o f E . M c L a in
W a t t e r s , T . F r e d e ric k W a t t e r s , C h a rle s T . B r o w n , C la re n c e
E . B la c k b u rn a n d Jo s e p h B o n n .
T h e F i r s t N a tio n a l B a n k o f S c ra n to n , P a ., a n d th e M e r
c h a n ts & M e c h a n ic s B a n k o f t h a t c i t y a re to b e co n so lid a te d ,
a c c o rd in g to a n a n n o u n c e m e n t m a d e b y C . S . W e s to n , P re s i
d e n t o f th e fo r m e r in s titu t io n , o n A u g . 30. T h e d ire c to rs
o f b o th b a n k s h a v e re c o m m e n d e d th e p ro p o s a l to th e s to c k
h o ld e rs . N o tic e s o f s to c k h o ld e rs ’ m e e tin g s to a c t o n th e
p ro p o s itio n h a v e b e e n se n t o u t c a llin g th e M e rc h a n ts &
M e c h a n ic s ’ s to c k h o ld e rs in to session o n S e p t. 24 a n d those
o f th e F i r s t N a tio n a l o n O c t. 1. A c c o rd in g to th e p la n a d o p
te d b y th e d ire c to rs , th o c a p ita l s to c k o f th e F i r s t N a tio n a l
w ill be in cre a se d f ro m $1,250,000 to $1,500,000, th e s to c k
h o ld e rs o f th e M e rc h a n ts & M e c h a n ic s to b e g iv e n th e p r iv i
lege o f p u rc h a s in g th e $250,000 o f n e w s to c k , to g e th e r w it h
a p ro r a t a b e n e fic ia l in te re s t in th e s to c k o f th e L a c k a w a n n a
T r u s t C o ., a t a p p ro x im a te ly th e ir b o o k v a lu e . A s p r e v i
o u s ly s ta te d in these c o lu m n s , a p e m a n e n t a sso cia tio n w a s
e sta b lish e d o n A p r i l 1 b e tw e e n th e F i r s t N a tio n a l a n d th e
L a c k a w a n n a T r u s t . T h e M e rc h a n ts & M e c h a n ic s B a n k w ill
g o in t o liq u id a tio n a fte r tra n s fe rrin g it s d e p osits a n d a n
e q u iv a le n t a m o u n t o f its assets to th e F i r s t N a tio n a l
The
p la n o f c o n s o lid a tio n p ro v id e s t h a t a ll th e o ffic e rs a n d d ire c
to rs o f th e M e rc h a n ts & M e c h a n ic s s h a ll becom e id e n tifie d
w it h b o th th o F i r s t N a tio n a l a n d th e L a c k a w a n n a T r u s t C o .
T h e bu sin ess o f th e e n la rg e d b a n k w ill b e c o n d u c te d in th e
C lif t o n K . W e lls has b e e n a p p o in te d A s s is ta n t C a s h ie r o f
th e F i r s t N a tio n a l B a n k o f B a ltim o re . M r . W e lls b e cam e
c o n n e cte d w it h th e in s titu t io n 23 y e a rs ago a n d f o r som e
y e a rs has b e e n c h ie f c le rk .
R . J . M ’K a y h a s be e n ele cte d A s s is ta n t C a s h ie r o f th e F o r t
D e a r b o rn N a tio n a l B a n k o f C h ic a g o . M r . M ’K a y has b een
a sso ciate d w it h th e b a n k f o r th e la s t tw o y e a rs .
E d w in G . F o re m a n , P re s id e n t o f th e F o re m a n B r o t h e r s ’
B a n k in g C o . o f C h ic a g o , d ie d in S a n F ra n c is c o o n A u g . 26.
M r . F o re m a n w a s b o rn in C h ic a g o in 1862 a n d e n te re d th e
p r iv a t e b a n k o f h is fa th e r, G e rh a rd F o re m a n , a t a n e a r ly
age. I n 1885 th e b u sin ess w a s tra n s fe rre d to th e son s,
E d w in G . a n d O s c a r G . F o re m a n , a n d w a s c a rrie d o n u n d e r
th o n a m e o f F o re m a n B ro th e rs . T h e c o n c e rn w a s in c o r
p o ra te d in 1897 u n d e r its p re s e n t t itle .
z
------ -------
M o s e s L e v y , V ic e -P re s id e n t o f th e M e rc h a n ts ’ & M e
c h a n ic s ’ T r u s t & S a v in g s B a n k o f B irm in g h a m , A la ., d ie d
o n A u g . 23 a t A t la n t ic C i t y . M r . L o v y w a s one o f th e
o rg a n ize rs o f th e in s titu t io n a n d w a s its ca s h ie r w h e n i t
b e g a n business in A p r i l 1909.
T h e W e s te rn N a tio n a l B a n k o f F o r t W o r t h , T e x a s , a c
c o rd in g to th e D a lla s “ N e w s ,” h a s n o tifie d its d e p o s ito rs to
w it h d r a w th e ir ca sh b a la n ce s as soo n as c o n v e n ie n t, o w in g to
th e fa c t t h a t th e b a n k is liq u id a tin g its a ffa irs . I t is s ta te d
th a t th e b a n k w ill p r o b a b ly re m a in o p e n f o r business f o r
s e v e ra l m o n th s u n t il a ll s e ttle m e n ts h a v e been m a d e . T h e
in s titu t io n h a s a c a p ita l s to c k o f $400,000 a n d d e p o sits o f
a b o u t $200,000, i t is s ta te d . W illia m I I . E d d le m a n is P re s i
d e n t o f th e W e s t e rn N a tio n a l a n d O . P . H a n e y , C a s h ie r.
T h e G u a rd ia n S a v in g s B a n k o f S e a ttle , W a s h ., w h ic h w a s
re c e n t ly o rg a n ize d to ta k e o v e r th e in v e s tm e n t b a n k in g b u s i
ness o f Jo s e p h E . T h o m a s & C o ., I n c ., o p e ne d f o r b u sin ess
o n A u g . 11 a t 105 C h e r y S tre e t. T h o in s titu t io n is c a p i
ta liz e d a t $100,000, a n d o f th is a m o u n t $50,000 is p a id u p ,
th e b a la n ce to b e p a id in f iv e m o n th s . A c h a rte r fo r th e
b a n k w a s issued o n A u g . H • T h e o ffic e rs o f th o in s titu t io n
a re Jo s e p h E . T h o m a s , P re s id e n t; T h o m a s H . K o ld e r u p ,
V ic e -P re s id e n t a n d C a s h ie r; M . J . C a s e y , A s s is ta n t C a s h ie r,
a n d B . B . E h rlic h m a n , M a n a g e r B o n d D e p a rtm e n t.
W . R . P h illip s , P re s id e n t o f th e B r o a d w a y S ta to B a n k
a n d th e N o r t h e r n B a n k & T r u s t C o ., b o th o f S e a ttle , W a s h .,
is re p o rte d to h a v e p u rc h a s e d th o c o n tro llin g in te re s t in
th o B a n k e rs ’ T r u s t C o . o f T a c o m a fro m Ja m e s A . M u r r a y .
T h e la t te r is P re s id e n t o f th e A m e ric a n S a v in g s B a n k &
T r u s t C o . o f S e a ttle . A lth o u g h th e c o n tro l o f tho B a n k e rs ’
T r u s t has passed to M r . P h illip s , it is s ta te d th a t th e b o a rd
o f d ire c to rs o f th e in s titu t io n w ill re m a in u n c h a n g e d e xc e p t
f o r th e a d d itio n o f M r . P h illip s as a d ire c to r a n d P re s id e n t.
------ Z------
G e o rg e H a g u e , f o r m e r ly G e n e ra l M a n a g e r o f th o M e r
c h a n ts ’ B a n k o f C a n a d a (h e a d o ffice M o n tr e a l), d ie d o n
A u g . 26 in h is n in e t y - f ir s t y e a r. M r . H a g u e becam e
a sso ciated w it h th e B a n k o f T o r o n t o in 1856 a n d a fe w y e a rs
la te r w a s p la ce d in ch a rg e o f one o f th e in s titu t io n ’s c o u n t r y
b ra n c h e s . H e w a s s u b s e q u e n tly a p p o in te d C a s h ie r, a p o si
tio n w h ic h h e h e ld f o r fo u rte e n y e a rs . I n 1877 M r . H a g u e
becam e G e n e ra l M a n a g e r o f th e M e rc h a n ts ’ B a n k o f C a n a d a .
I n 1898 a J o in t G e n e ra l M a n a g e r, T h o m a s F y s h e , w a s
a p p o in te d to re lie v e M r . H a g u e o f som e o f h is d u tie s in
c o n d u c tin g th e a ffa irs o f th e b a n k , a n d in 1902 h e r e tire d
fro m its s e rvic e . M r . H a g u e w a s C h a irm a n o f th o R o y a l
C o m m is s io n o n th e re fo rm a n d im p ro v e m e n t o f th e c iv il se r
v ic e o f th e D o m in io n in 1892, a n d w a s th e f ir s t P re s id e n t o f
th e C a n a d ia n B ankers* A s s o c ia tio n , h a v in g be e n H o n o r a r y
THE CHRONICLE
Sept . 4 1915.j
749
Eight Months.
President of the Association at the time of his death. Ho was
August.
well known as a speaker beforo the American Bankers* Asso Clearings atInc. or
Inc. or 1915.
1914.
Dec.
1915.
1914.
Dec.
ciation. Mr. Hague was a director of the Guarantee Co. of
3
3
S
$
North America and a Governor of McGill University.
% 1,585,807,912 1,801,902,946 —%
12.0
Montreal__ 224,452,501 190,434,000 + 17.8
Toronto___ 140,624,050 143,924,791 —2.3 1,174,885,078 1,402,847,894 — 10.2
Winnipeg__ 00,444,845 87,424,502 —24.0
818,340,830 —13.0
The New York agency of The Yokohama Specie Bank, Vancouver.. 24,240,715 33,598,185 —27.8 711,862,951 302,752,052 —40.3
180,589,791
136,340,851 —0.4
Ltd., 55 Wall Street, announces that power of attorney was Ottawa____ 14,657,981 13,517,193 —13.0 135,809,592 100,579,282 —7.1
16,960,770
Quebec____ 13,919,741
+ 3.2 98,905,390
conferred on Aug. 31 upon Teruaki Isobe, to sign per pro H alifax___ 8,975,030 8,808,297 + 1.9 06,619,423 67,505,134 —1.3
Hamilton__
curation on behalf of the bank. The power of attorney St. John___ 13,095,120 11,422,751 ++14.0 94,407,213 101,476,687 —7.0
6,638,50S 0,437,732
52,789,859 —3.3
3.1
Calgary___
95,080,037
previously held by Nory Watanabe and Tokuji Mizuno London ___ 10,433,985 15,880,301 —34.3 51,043,059 138,880,011 —31.5
7,358,001 7,016,338 + 4.9 58,004,089 58,240,520 +0.6
Victoria___ 5,979,244 9,824,821 —39.1 52,109,686 87,062,872 —40.5
were both revoked on the same date.
Edmonton.. 7,950,704
08,326,507 114,132,937 —40.1
Regina____ 5,785,215 11,093,200 —32.0 43,450,702 63,468,922 —31.5
6,832,260
Brandon__ 1,764,203 1,766,876 — 15.3 14,807,128 15,891.717 —6.8
—0.2
Pacific and Other Western Clearings brought forward Saskatoon .. 3,150,009 4,041,977 —22.0 24,017,305 40,487,202 —36.7
from first page.
Moose Jaw. 2,560,700 3,247,255 —21.2
29,887,851 —26.8
Lethbridge . 1,454,382 1,618,303 — 10.1 21,890,077 14,471,834 —2S.5
10,341,335
August.
Clearings at—
1915.
$
San Francisco. 222,173,127
Los Angelos.. . 82,400,090
Seattle_______ 47,973,175
Portland____ 40,302,044
Salt Lake City 25,989,148
14,243,809
7,400,803
14,591,074
8,142,090
8,080,352
3,853,205
2,805,228
3,421,950
3,279,709
North Yakima 1,418,278
3,000,000
Holso_______
1,2-5,000
R e n o ________
3,588,734
O gden______
950,000
Santa R o sa ...
Long Beach*.. 2,102,492
Bakersfield . . .
1,489,987
1914.
s
180,180,400
87,892,050
51,101,113
40,573,584
23,339,784
31,929,748
8,871,079
13,099,107
8,682,830
8,136,240
3,823,047
3,039,870
4,076,790
3,170,930
1,451,000
2,955,720
1,097,513
3,649,002
982,540
2,366,052
1,504,457
Eight Months.
Inc. or 1915.
1914.
Dec.
S
8
% 1,699,070.690 1,054,418,905
+ 19.3
— 0.2
— 0.1
—0.5
+ 11.3
+ 2.3
— 10.5
+ 0.5
— 6.2
— 0.7
+ 0.8
— 5.7
— 10.1
+ 3.4
—2.3
+ 1.5
+ 17.1
— 1.1
— 3.3
— 8.0
— 1.0
080,545,920
397,794,340
351,405,052
200,221,752
120,097,732
04,539,727
110,259,538
00,543,831
04,595,051
30,098,519
21,038,913
29,711,110
29,323,110
12,191,034
25,158,027
9,501,020
20,033,784
7,444,011
17,004,792
13,313,296
795,073,340
423,810,755
383,000,387
199,200,937
130,435,228
73,890,945
117,100,250
06,553,471
72,310,501
29,027,830
22,232,143
31,190,742
31,372,355
12,983,129
25,073,007
9,060,837
25,419,248
8,283,402
8,480,484
15,992,403
Brantford _. 1,917,414 1,978,287 —3.1 10,599,467 19.937,554
Fort Wiliam 1,512,005 2,896,073 — 47.8 14,268,140 26,901,817
New W’m’er
1,553,791 —33.7
8,943,906 13,629,231
Inc. or Mcdlcinenat 1,029,201 1,462,801 —50.3 0,889,159 14,230,510
726,910
Dec. Peterboro *. 1,629,557 1,701,808 — 4.2 13,260,438 4,351,039
%
Tot. Can. 504,707,271 582,342,302 —3.0 4,536,038,133 5,428,377,273
+ 2.7
— 14.4
* Not Included In total; comparison Incomplete.
— 6.1
Total Pacific 490,519,809 468,157,500 + 16.1 3,906,207,081 4,133,162,007
Kansas C ity.. 282,140,821 240,195,112
Minneapolis . . 74,547,430 97.300,977
Omaha______ 72,248,900 67,218,702
St. Paul_____ 47,449,440 39,991,007
Denver______ 37,838,028 35,225,878
St. Joseph___ 28,233,108 23,505,035
Dcs M oines... 21,250,058 20,184,500
Sioux City___ 12,009,089 12,502,790
Wichita.......... 15,700,371 10,345,900
Duluth__ __ . 14,004,210 10,007,093
6,411,704 0,701,019
T op ek a ..........
Lincoln___ . 8,498,245 8,337,555
D avenport__
5,420,264 0.143,419
Cedar Rapids. 0,043,002 6,734,044
Colorado Sp’gs 3,036,781 2,848,970
Fargo............ . 4,017,750 4,400,004
3,890,294 3,811,813
Sioux Falls__
1,500,488 2,535,713
Pueblo_______
1,501,647 1,730,029
Frem ont____
5,937,543 4,939,909
Waterloo____
4,437,059 5,212,300
Helena______
Aberdeen------- 2,444.408 2,385,000
840,843 1,007,582
Hastings........
2,017,803 1.059,595
Billings_____
4,321,028 2,727,944
Joplin_______
1,250,000 1,380,400
Grand Forks..
705,157
845,544
Lawrence____
900,000
969,132
Iowa City-----
+ 14.0 2,381,209,140 1,815,544,503
— 21.7 700,083,218 784,022,553
+ 7.5 017,182,275 572,575,425
+ 18.7 402,277,081 374,300,073
+ 7.4 309,022,320 289,957.835
+ 20.1 250,512,034 241,577,893
+ 5.3 182,953,322 192,735,481
— 4.0 108,720,544 110,795,053
— 3.9 124,539,310 114,280,020
— 12.5 115,722,007 110,935,957
50,650,043
— 5.2
54,338,125
77,474,902
71,240,512
+ 1.9
49,140,719
58,028,007
— 11.7
58,939,980
— 1.3
04,324,735
23,354,518
+ 0.0
21,408,842
39,708,531
+ 4.9
30,078,313
+ 2.1
34,373,405
32,285,105
16,018,308
21,600,113
— 38.2
— 13.5
13,094,257
13,234,295
20.2
55,568,008
49,883,177
— 14.9
30,849,834
30,107,438
17,010,180
+ 2.5
18,936,143
0,593,339
— 21.3
7,256,743
21.0
16,145,752
13,658,148
58.4
28,201,700
22,166.444
— 9.4
11.520,400
11.252,400
6,547,914
— 9.5
7,315,910
8,727,044
8.540.424
— 1.0
Tot.oth.West 609,942,009 038,981,075
+4.8 5,805,531,980 5,159,530,974
+
+
+
* Not Included in total; comparison Incomplete.
Clearings at—
1915.
San Francisco—
Los Angeles____
Seattle------------Portland . - —
Salt Lake City- Oakland_____
Sacramento........
Stockton.......... .
North Yak ima._
3
45,591,570
17,910,472
10,502,503
9,137,112
5,030,039
2,877,079
1,653,092
2,802,849
1,012,428
1,543,048
800,880
544,788
072,872
083,571
313.459
247,400
403,714
Week ending Aug. 28.
Inc. or
1914.
Dec. 1913.
3
$
%
30,000,000 + 20.0
45,038,533
— 8.2
+ 3.5
— 11.5
— 12.7
— 0.7
— 9.0
— 10.7
+ 1.6
— 5.4
—4.7
— 0.5
— 6.1
+0.3
+5.5
+ 2.4
— 10.1
— 10.7
— 4.0
+ 31.2
— 3.0
+ 7.8
+ 7.5
+ 0.0
+ 3.7
— 5.1
— 6.9
+ 9.0
— 1.0
—0.8
+ 8.7
— 10.2
— 8.4
+ 8.8
+ 32.0
+ 0.5
—23.1
3.5
11.4
— 2.0
+ 11.3
10.1
18.2
27.2
— 2.3
— 10.5
2.1
++
+
+
+
+
+ 12.5
1912.
17,430,080
11,570,574
8,871,142
4,941,905
2,822,304
2,017,453
2,585,772
1,733,973
1,488,995
753,027
580,070
944,351
520,440
324,000
270,000
437,512
+ 2.8
— 8.7
+ 3.0
+ 13.9
+ 1.9
— 23.0
+ 8.4
— 7.0
+ 3.7
+ 14.2
— 7.0
— 28.8
+ 31.4
— 3.3
— 8.3
+ 0.0
17,014,257
12,103,744
9,727,981
4,808,142
3,320,991
2,558,402
2,979,504
1,978,467
1,870,687
700,999
041,305
804,129
058,974
310,095
280,000
S
48,119,899
22,313,088
10,852,021
8,889,259
5,445,841
3,550,000
3,262,030
3,537,052
1,415,203
1,948,422
725,105
707,403
074,434
040,000
288,070
303,000
Total Pacific-.
103,014,148
93,298,804
+ 10.4
105,462,810
111,670,887
Kansas City___
Minneapolis__
Omaha_________
St. Paul_______
D en ver________
St. Joseph..........
Dcs Moines____
Sioux City_____
W itchlta........ .
Duluth...............
T op ek a ..............
Lincoln_____ D avenport........
Cedar Rapids__
Colorado Springs
Fargo.......... .......
Pueblo_________
Frem ont_______
Waterloo______
Helena ............ .
Aberdeen______
Hastings............
Billings........ .
02,081,874
17,223,378
10,554,004
9,878,259
8,457,492
0,307,629
4,245,802
2,502,713
3,327,332
3,593,473
1,340,204
1,663,041
1,215,027
1,350,000
590,332
994,194
313,717
357,187
1,145,008
870,213
600,000
203,909
340,000
54,223,255
22,413,483
15,589,185
8,059,814
7,301,002
5,201,118
4,3.81,882
2,970,686
3,305,014
4,200,209
1,004,803
1,591,169
1,172,518
1,372,971
533,470
891,702
540,857
301,130
1.097,882
1,133,388
015,351
204,307
309,187
+ 14.5
— 23.2
+ 0.2
+ 14.1
+ 14.9
+ 21.2
— 3.1
— 13.9
— l.l
— 14.4
— 10.4
+ 4.5
+ 3.7
— 1.0
+ 10.7
+ 11.5
—42.0
— 1.1
52,924,780
20,913,501
15,423,800
9,475,728
7,798,590
0,803,433
4,013,498
2,907,912
3,514,327
3,801,037
1,535,129
1,556,255
1,250,000
1,388,418
505,000
301,935
524,859
309,384
1,328,577
883,107
332,239
195,000
358,271
40,553,957
18,991,342
15,110,879
8,000,720
7,500,000
0,485,110
3,750,042
2,712,280
3,323,703
3,103,548
1,298,557
1,450,731
1,458,742
1,027,758
500,000
289,273
403,418
289,034
1,324,743
777,703
398,002
180,957
280,705
Total’ othcr West
145,222,708
139,800,503
138,101,858
125,902,050
M •* 4 ■
+ 4.4
— 22.7
— 2.5
—0.2
+ 10.0
+ 3.9
Canadian Bank Clearings.—Tho clearings of tlio Cana
dian banks for tho month of August 1915 show a decreaso
from tho samo month of 1914 of 3.0%, and for tho eight
months tho loss roachos 16.4%.
—16.7
— 47.0
—34.4
—51.6
—16.4
The clearings for the week ending Aug. 28 in comparison
with tho samo week of 1914 show a decrease in tho aggregate
of 1.0%.______________________________
Clearings at—
1915.
Canada —
Montreal_ ..........
Toronto______ ________
W innipeg_____________
Vancouver
__ ____
Ottawa_______________
Quebec_______________
Halifax ................. . —
Hamilton____ ____—
St. John_____ ________
Calgary.......... ..... ...........
Victoria_______________
Moose Jaw____________
Lethbridge____________
Brantford____ _____ __
Fort William.
_____
Now Westminster_____
Medicine Hat__________
Peterborough__________
Week ending August 28.
Inc. or
1914.
Dec. 1913.
S
S
%
53,384,207 45,218,982 + 1.8.1
30,599,078 31,249,212 — 2.1
14,841,583 17,998,280 — 17.5
4,973,860 7,192,262 — 30.9
3,302,120 3,930,851 — 10.1
+ 1.9
2,884,605 2,830,490
1,740,002 + 10.3
1,919,385
2,041,214 2,273,098 + 10.2
1,474,947
1,525,282
+ 3.5
2,427,091 3,195,432 — 24.0
1,525,734
1,512,913
+ 0.8
1,183,676 2,029,223 — 41.0
1,759,938 2,511,484 — 29.9
1,121,078
1,355,715 — 17.3
364,019
397,305
+ 9.1
791,823 — 13.0
686,483
539,431
741,832 — 27.2
322,299
340,328
+ 5.0
480,841 — 7.3
445,040
035,546 — 54.5
290,092
308,290 — 29.9
216,400
275,784 — 43.5
155,531
367,908
+ 0.0
390,217
Total Canada________ 127,551,550 128,810,899
S
4 1,450,097
37,105,643
21,422,045
10,014,505
3,353,148
3,043,714
1,781,093
3,007,327
1,407,307
3,937,230
1,436,721
2,984,895
3,219,752
1,633,070
443,027
1,341,992
971,274
434,886
553,792
958,757
504,883
531,750
1912.
3
52,732,123
35,000,000
24,187,670
12,995,004
5,015,515
2,024,203
1,051,658
2,892,350
1,732,093
5,154,835
1,336,195
3,178,528
4,475,853
1,792,086
527,087
1,941,607
1,139,072
530,896
407,486
742,093
::::::::
— 1.0 144,072.580 161,399,767
Clearings by Telegraph—Sales of Stocks, Bonds, &c.
—Tho subjoined table, covering clearings for the current
week, usually appears on tho first page of each issue, but
on account of tho longth of tho other tables is crowded out
once a month. The figures are received by telegraph from
other leadingTcities._____________________________________
Per
Clearings— Returns by Telegraph.
Week ending September 4.
1914.
1915.
Cent.
$1,885,818,366
$916,614,260 + 105.7
108,956,277
88,588,474 + 23.0
144,868,558
124,790,028 + 16.1
27,781,166
28,640,970 —3.0
200,838,895
233,701,064 + 11.6
62,513,050
54,132,440 + 15.5
14,131,425
15,219,507 —7.1
32,504,907,737 $1,401,698,755 + 71.4
525,417,984
501,247,618 + 4.8
Total all cities, 5 days______ _____- 33,030,325,721 31,962,940,373 + 54.4
530,994,237
372,099,010 + 44.3
Total all cities for week....................... 33,507,319,958 1 32,335,045,383 + 52.8
Our usual fmonthly detailed statement of transactions on
tho Now York Stock Exchange is appended. The results
for tho eight months of 1915 and 1914 are given below:______
Eight Months 1914.
Eight Months 1915.
Descrip Par Value
Acer. Par Value
Actual Acer.
Actual Price. or Quantity.
tion. or Quantity.
Value. Price.
Value.
45,990,575'
96,733,962
Stock/Shrs. 38,327,422,970 $6,904,072,207 82.9 $4,023,321,309 33,792.545,143 94.3
\Val83.1
96.0
RR. bonds 509,350,700 423,109,309 101.9 391,771,500 376,280,085 104.3
655,100
683,029
684,578
071,500
Gov’t bds.
90.0
100.8
State bonds 14,533,000 13,024,755 174.2 32,659,500 32,922,520 201.4
205,S00
535,338
238,2S6
136,800
Bank stks.
<‘1 i,
T ota__ $8,852,114,970.S7,341,129,255 82.9 S4,448.673,269 S4,202.972,721 94.5
SALES OF STOCKS AT THE NEW YORK STOCK EXCHANGE.
1914.
1915.
Number
of
Shares.
Par.
Values.
Actual.
Number
of
Shares.
Par.
Values.
Actual.
3
$
3
S
Jan . 5,070,210 435,534.900 302,461,298 10,088,895 881,625,495 847,963,208
515,947,918
Feb. 4,383,449 380,032.785 262,372,421 0.220.059 550,109,360 483,147,619
Mar. 7,862,308 681,471,315 535,470.914 5,855,260 518,398,024
lstqr 17,321,907 1,497,039,000 1,100,310,633 22,164,214 1,950,132,879 1,847,058,745
1,799,430,335
Apr. 21,022,930 1,037,762,900 1,619,407,302 7,145,284 623,482,570 593,476,978
958,264.713 4,757,405 398,348,240 374,842.097
May 12,581,040
June. 11,004,042 912,019,430 832,467,913 4,002,748 343,670,540 324,688,914
2d qr 44,608,012 3.749,818,725 3,410,139,928 15,905,437 1,365,507,350 1,293,007,989
6mos 01,929.979 5,246,857,725 4,510,450,561 38,069,651 3,321,640,229 3,140,066,734
701,681.140
958,643,288
Jdly. 14,371,633 1,288,903,620 1.434.978.418 7,920,924 transactions. 052,478.409
No
Aug. 20,432,350 1,791.650.625
MONTHLY CLEARINGS.
19.15.
|
1914.
E N G L IS H F I N A N C I A L
Clearings Outside New Hork.
Clearings, Total All.
Month.
[Vol. 101.
THE CHRONICLE
750
%
1914.
1915.
%
$
$
$
!
$
J a n ... 13,478,488,698 16,198,199,048 — 16.8 6,190,796,165 6,826,078,655 —9.3
Feb . . 11,908,010.330 12,865,538.277 — 7.5 5,426,183,783 5,627,982,795 — 3.6
M a r.. 13,842,354,632 14,253,206,041 — 2.9 6,278,240,930 6,403,915,996 — 1.9
1st qr. 39,229,853,660 43,316,943,366 — 9.4 17,895,220,878 18,857.977,446 —5.1
Apr . . 15,008,877,252' 14,899,452,513 + 0.8 6,197,212.178 6,352,935,192 — 2.4
May . 14,622,873,941 13,167,100,346 + 11.1 5,987,717,981 5,928,568,788 + 0.9
June.. 14,117,551,611113,948.023,685 + 1.2 6,092,070,062 6,103,820,918 —0.2
2d qr. 43,749,302,354| 42,014,576,544 + 4.1 18,277,000.221 18,383,324,898 — 0.6
6 mos. 82,979,156,014!85,331,519,910 — 2.8 36,172,221,099 37,241,302,344 — 2.9
J u ly .. 14,924,887,812 14,493,300,896 + 3.0 6,229,474,244 6,312,816,275 — 1.3
Aug - . 14,268,853,136. 9,932,296.349 + 43.7 5,731,410,965 5,351,095,754 + 7.1
try for the month of August and since Jan. 1 in each or the
last four years is shown in the subjoined statement;
August
Jan. to Aug.
BANK CLEARINGS AT LEADING CITIES.
------------------------------------------1
311912.
1913.
1914.
1915. 1914. 1913. 1912. 1915.
$
$
$
S
S
$
$
$
2,898 65,544
8,537 4,581 6,762 7,486 64,040 60 852
1,235 1,164 1,245 1,233 10,351 10,804 10,579 10,044
6,006
5,431
5,146
5.295
644
506
561
577
5,299
5,637
5,314
5,438
63.3
628
578
656
2,626
2,705
2,624
2,673
322
.304
283
298
1,833
1,982
1,792
234
1,684
218
211
212
1,725
1,723
1,700
1,661
226
793
208
222
916
904
880
106
870
101
101
109
Cincinnati_______
1,272
1,325
1,259
1,151
145
176
150
129
1,712
1,834
1,816
237
222
2,381
246
282
743
851
856
95
956
94
100
126
674
613
622
599
77
66
67
62
New Orleans--------652
770
784
761
89
8.3
97
75
491
477
472
46.3
53
53
48
61
740
880
937
925
109
126
126
147
472
566
510
543
65
60
55
61
757
817
795
681
94
88
87
82
. 288
276
270
261
32
29
27
29
558
586
573
617
72
70
67
72
372
407
384
401
48
48
48
48
361
333
374
402
41
43
40
47
291
290
278
284
33
36
35
37
313
309
290
309
38
38
35
38
289
268
274
311
29
35
30
37
250
245
245
209
23
22
21
16
386
425
424
398
54
51
51
48
166
169
223
185
19
18
20
28
205
250
199
206
27
23
25
26
Salt Lake City___
8,995 11,408 12,260 103,793 101,039 103,425
Total ..............
8,629
8,718
8,380
948
985
972
937
Other cities_______
(000,000s
Total all
14 269
Outside New York I 5.732
5,351 5.631
9,932 12,393 13,208 112,173 109,757 112,054 113,003
5,722 48,133 48,905 49.156 47,459
M A R K E T — PER C A B L E .
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Week ending Sept.
314
%
Aug. Aug Aug. Sept. I. Kept. 2. Sept. 3.
Sal. Mon. Tues. Wed. 23 5-16 23 Fri.
Thurs. 9-16
28.
.30.
31.
3.
Sliver, per oz............ ....... d-22 15-16 23
23
23 3-16
Consols,
per cents-------65
65
65
65
British, 4 percents_____
9734
9734
9734
French rentes (In Paris)-lr.68.50 68.50
68.50
68.50
97%
65
9734
68.50
t a m e r c ta l m ic im is c e lla tie c w s
National Banks.—The following information regarding
national banks is from tho office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED TO NATIONAL BANKS, AUG. 16 TO AUG. 17.
in 766__The First National Bank of Tallahassee, Ala. Capital, $25,000.
’
Soth P. Storrs, Pres.; E. A. Cox, Cashier.
10>767— The First National Bank of Harrisvillo, N. Y . Capital, $25,000.
D F Sprague, Pres.; John Carraway, Cashior.
in 768— Tho National Bank of Arkansas at Pine Bluff, Ark. Capital,
’
$100,000. Charles Hector Triplett, Pros.
VOLUNTARY LIQUIDATION.
o 7 Q __Tho Harford National Bank of Bol Air, M d., Aug. 12 1915. Liqul7
’
dating agents: W . H. Harlan. John A. Evans and S. A. Williams,
Bel Air
(Succeeded by tho Harford Bank of Bol Air.)
5,195— The Southern National Bank of Louisville, Ky., Aug. 7 1915.
Liouidatin" committee: Brainard Lemon, Edgar Ezzoll and II.
Thiemann ^Louisville, Ky. Absorbed by tho American National
10,418__The^Fhst^Natlonal’ Bank of ICrum, Tex., July 30 1915. Liqul’
dating agent, A. II. Knox, Krum, Tex.
CHANGE OF TITL E , AUG. 14 TO AUG. 18.
1,243—The National Now Ilavon Bank New Haven, Conn., to “ The
New Haven Bank National Banking Association.
4 956— The American National Bank of Louisvillo. Ky., to “ The Ameri
can-Southern National Bank of Louisville.
Auction Sales.—Among other securities,
tho following,
recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
n ot u su a lly dealt in at the Stock E xch a n g e, w o r e
Per cent. Shares.
5
Percent.
Bonds.
Shares.
' Percent.
Estates of Long Beach_______$9 i0t
150 Bank of Commerce, Meridian,
Miss____ _____________ $300 lot 25 City of N. Y. Insurance C o ...100
100 People’s Theatre C o------------$10 lot 50 Southwestern Trac. C o ..$20 per sh.
13 Lawyers’ Title A Trust Co----- 102
2 Winchester Repeating Arms
C o . . . .......... .......... $2,500 per sh. 81,000 Estates of Long Beach 1st
6s, 1917--------------------$400 lot
10 Huguenot Tr. Co., New Roch. 89
2,000 Big Run Water Co. 1st 5s,
20 Equitable Trust C o_____ 402-410
1942...... ............... ......... $10 lot
5 Bay view Realty C o.... ........... 1
1,500 Washington Farm Lands Co.
10 Thorne Manor Co........ ......... ($10
1st Series B 6s, 1923...$50 lot
300 Villa Park Assn, of Gt. N eck.) lot
By Messrs. R. L. Day & Co., Boston:
T H E E N G L IS H GOLD A N D
S IL V E R
M ARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co., of London, written under date of
Aug. 19 1915:
O IlD
O .
The external movements have not been In favor o f the Bank o f Engand. The net reduction on balance amounts to £3,588,000. On the
other hand, to-day’s Bank return shows an increase of no less than
£1.401,045 in the reservo o f gold, indicating that the flow from internal
circulation which set in last week, continues on a still larger scale, even
to the extent o f nearly £5,000,000 during the week.
The following amounts were received by the Bank:
Aug. 12—- £5,000 in bar gold.
“ 14— 350,000 in foreign gold coin.
“ 16— 250,000 in foreign gold coin.
•
•
— 220,000 in foreign gold coin.
" 18— 180,000 In foreign gold coin.
“ 18— 566,000 in bar gold.
Withdrawals were made as under:
Aug. 14— £394,000 in bar gold.
•
•
"
“
•
•
10 — 1 ,8 0 0 ,0 0 0
65
9734
68.50
Shares. Stock.
28
2
6
5
versh. Shares. Stock.
Bonds.
Spersh.
Percent.
$
14 American Glue, preferred____141
National Union Bank_________ 198
Esmond Mills, pref........ .............8°
Arlington Mills------------------------- 80
$1,000 Boston A Nor. St. Ry. 1st
Heywood Bros. & Wakefield,
A ref. 4s, 1 954................ 80
preferred, ex-dtvidend---------- 9534
By Messrs. Francis Henshaw & Co., Boston:
Shares. Stock.
V« Sh Bonds.
Percent.
$
.' '
'
10 Pepperell Mfg. Co...... .......... ---12034 $1,000 Dallas Electric 5s, 1922___ 91
20 Wamsutta Mills.... .......... 11834-118:4
10 Snell & Simpson Biscuit Co., pf- 49 34
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
persh. Shares. Stocks.
3o
per sh.
$
$
1 J. B. Stetson, common________350
5 Mutual Trust Co., $50 each----51 Amer. Pipe A Construction
25
8 Tuckerton R R „ pref........ ......... 75c.
3 Phil. Bourse, pref., $25 e a ch ... 2134
1 Farmers* Meehan. Nat.Bank.128
10 Phil. Bourse, com., $50 each.534-6
3 Fourth Street Nat. Bank---------278
.
21 West End Trust Co-----------------‘ “ O
$1,000 American Rys. Co. ref.
40 Pa. C. S. & Market Co., $50 ea. 20
conv. 5s, 1931.................. 8834
20 Camden F. Ins. Assn., $5 each. 1034
26 Fire Assn, of Phil., $50ea.31534-31734 5,000 Buck Ridge Coal Mg. 1st
6 s, 1931............
75
20 Delaware RR., $25 each---------- 41
300 Philadelphia City 334s, 1923 9534
10 Phil. & Camden Ferry, $50 each 108
Bonds.
in foreign gold coin.
peTcent
d i v id e n d s .
17— 1,300,000 in foreign gold coin.
18— 1,650,000 in foreign gold coin.
is — 15,000 in sovereigns set asido on account of the Straits
Settlements Note Guarantee Fund.
The following shows all the dividends announced for the
The Comptroller o f the Indian Currency reports that after the outbreak futuro by large or important corporations.
of war, an arrangement was made whereby the Government of India agreed
D ivid en d s a n n ou n ced th is w eek a re p rin ted in ita lics.
to receive on behalf of the Bank of England gold produced by certain Indian
gold mining companies, for safe custody at the Bombay Mint, after being
melted and assayed. The amount deposited by the end o f March 1915 was
345,980 standard ounces.
Slli VhiK.
Railroads (Steam).
After the exceptional rise to 23 l-16d. last week, the tendency has been Atlantic Coast Line Co., Conn, (quar.)-- $1.50 S ept.10 Sept. 1 to Sept. 9
Sept. 30 Holders of rcc. Aug. 31a
downward, and l-16d. was shed daily with monotonous regularity until to Boston & Albany (Quar.) _ ____________________ 2
2 % Oct. 1 Aug. 22 to Oct. 6
day. The absence of any precipitance in this movement, and the curtail Canadian Pacific, common (quar.).............
Oct. 1 Aug. 22 to Oct. 6
2
ment of supplies which accompanied the shrinkage in price, indicated that P.hpqtniit. H i l l fntiar 1
1% Sept. 4 Aug. 21 to Sept. 3
___ _
the undertone of the market had undergone some Improvement, and that Chicago Burlington & Quincy (quar.)--- 2
Sept. 25 Holders of rec. Sept. 20a
Oct. 1 Holders of rec. Sept. 10a
IK
the dry rot which seemed to have set in for some time past has been stayed
—
Oct. 1 Holders of rec. Sept. 10a
2
P r e f e r r e d (tin it )
__ - ______
for tho present. So small had offerings become on yesterday's quotation—
2 K Sept. 20 Holders of rec. Aug. 28a
D n in .w n .r p
H u d s o n On foliar )
______
22Md.— that they failed to suffice for tho broadening inquiry, and a rally TJrln Ar P lt.ts h n r fifh f n u n r ^
Sept. 10 Holders of rec. Aug. 31a
IK
________
to
ensued today. China has been a buyer rather than a seller at the F it r h h u r n (tillfi r 1
1 K Oct. 1 Sept. 2 to Sept. 9
__________ Nov. 1 Sept. 25 to Oct. 14
(nllflT 1
_______
IK
lower level, but the Indian Bazaars have pursued a temporizing policy, and
Oct. 1 Holders of rec. Sept. 10
1%
have sent at intervals buying limits too low to tempt sellers. An Indian
Oct. 1 Holders of rcc. Sept. 22
5
'T r a n s i t
_______
currency return for Aug. 12 gave details in lacs o f rupees as follows:
3X
Oct. 15 Holders of rec. Sept. 24a
Minn. St. P. & S. S. M .. com.Apf.(No.25)
Sept. 18 Holders of ree. Aug. 31a
1%
Notes in circulation________________________ 69,55
Norfolk & Western, common (quar.) -------Sept. 4 Aug. 21 to Sept. 3
3
Reserve in silver coin----------------------------------- 40,07
Phlla. Germantown & Norristown (quar.)
Sent, 9 Holders of rec. Aug. 24a
1
Gold coin and bullion------------------------------------- 9,33
Heading Company first pref. (quar.)-------Sept. 15 Sept. 11 to Sept. 15
Gold in England---------------------------- ........... 6,15
1%
---------2 H Sept. 15 Sept. 11 to Sept. 15
______ ________________ ___
The stock in Bombay consists of 4,900 bars, as compared with 5,200 last
1H Oct. 1 Holders of rec. Aug. 31a
week. No shipment has been made from San Francisco to Hongkong. Southern Pacific Co. (quar.) (No. 36)-2
Oct. 1 Holders of rec. Sept, la
___
The United States Treasury purchased for the San Francisco Mint 500,000 i Union Pacific, common (quar.)
2
Oct. 1 Holders of rec. Sept, la
___ __
Prnfnrrnrl
2
Oct. 1 Holders of rec, Sept. 11a
ozs. at an average price of slightly under 49c. per ounce. Quotations for Wisconsin Central, proffiirnd
___ __
Street a n d Electric R a i l w a y s .
bar silver per ounce standard:
50c. Sept. 15 Holders of rec. Aug. 28a
5% American Railways, common (quar.)----Bank rate...................... .......
Aug. 13— 23
cash
No
Sept. 15 Holders of rec. Aug. 31
1
14—22 15-16 “
quotation Bar gold, per oz. standard--77s. 9d.
1H Oct. 1 Holders of ree. Sept. 15
French gold coin, per oz___ Nominal
16—
22% “
fixed
Oct. 1 Holders of rec. Sept. 9a
U. S. A. gold coin, per oz_ Nominal Brooklyn Rapid Transit (quar.)________
_
17—
22 13-16“
for
Sept. 15 Holders of rcc. Sept. 2a
i
18—
22 K “
forward
2J.( Sept. 15 Holders of rec, Sept. 8a
17)--19— 22 %
“
delivery.
Frankf. A Southwark Pass., Phlla., (qu.) $4.60 Oct. 1 Holders of rec. Sept, la
Av.for week 22.875 cash
1
Oct. 1 Sept. II
to Sept. 16
Louisville Traction, com. (quar.)._____
The quotation to-day for cash delivery is 3-16d. below that fixed a week
Oct. 1 Sept. 11 to Sept. 16
2
Preferred.................................................
ago.
Name of Company.
Per When
Cent. Payable.
Chicago A North Western, com. (quar.)
(
22%d.
drenf ATnrthern.
Interborough Rnnlft Corp., pref. (qu.)...
Tnterhnm'iinh Consol.
St.Preferred Bend A South, com
Joseph South
Arkansas Val. Ry..Lt. A Pow., pref. (qu.). K
Brazilian Trac., Lt. A P., Ltd., pref. (qu.) 1%
Eastern ElectricA Light Corp., pref. (quar.) %
El Paso Power Co., com. (qu.) (No.
K
Books Closed.
Dags Inclusive.
Sept . 4 1915.]
751
THE CHRONICLE
Per When
Books Closed.
Name of Company.
Cent. Payable.
Days Inclusive.
Name of Company.
Street and Electric Rys. (C oncluded).
Miscellaneous (C oncluded).
Manhattan Bridge Three-Cent Line (guar.)
Sept.
Holders of rec. Aug. 25a Packard Motor Car, pref. (quar.) (No. 24)
Northern Ohio Trac. & Lt. com. (quar.)_
IX Sept. 15 Holders of rec. Aug. 25a Pettihone, MulllkenCo., 1st A 2d pf. (qu.)
Second * Third Sts. Pass.. Phlla. (quar.) S3
Oct. 1 Holders of rec. Sept, la
Philadelphia
United Tract. <fc Klee., Providence (guar.). I X jOct. Sept. 8 to Oct. 12 Pittsb. Term.Electric (quar.). (m’thly)
Wareh. & Transf".
Trust Companies.
Quaker Oats, common (quar.)..
Guaranty____ __________ .........."
6
'Sept. 30 Holders of rec. Sept. 23
Preferred (quar.)................ ..... _I
Extra (quar.)................ '
2
;Sept. 30 Holders of rcc. Sept. 23
Quincy Mining (quar.)_________ ""
Lawyers’ Title & Trust (quar!) (No". 68)”
IX
Per When
Cent. Payable.
Books Closed.
Days Inclusive.
IX
IX
2X
ix
ix
IX
hX
Sept. 15 Sept. 2 to Sept. 15
Oct. 1 Holders of rec. Sept. 17a
3954c. Sept. 15 Holders of rec. Aug. 20a
25c. Sept. 15 Holders of rec. Sept. 6a
Oct. 15 Holders of rec. Oct. la
Nov. 30 Holders of rec. Nov. la
$2
Sept. 27 Holders of rec. Sept. 4a
Sept.20 Sept. 5 to Sept. 20
Oct. 1 Holders of rec. Sept. 15a
Oct. 1 Holders of rec. Sept. 15a
3
Oct. 1 Holders of rec. Sept. 20
Oct. 1 Holders of rec. Sept. 20
Oct. 1 Holders of rec. Sept. 15a
3
Sept. 30 Sept. 15 to Sept. 30
1
Oct. 1 Holders of rcc. Sept. 11a
Oct. 1 Holders of rec. Sept. 11a
2
Oct. 1 Holders of rec. Sept. 11a
3
Oct. 1 Holders of rec. Sept. 15
1
(7 Sept. 15 Holders of rec. Aug. 31
2X Sept. 15 Holders of rec. Aug. 20
3
Sept. 15 Aug. 27 to Sept. 15
4
Oct. 1 Sept. 16 to Oct. 1
5
Sept. 15 Holders of rec. Aug. 20a
2
Sept. 15 Holders of rec. Aug. 27a
3
Oct. 1Sept. 4 to Sept. 22
3
Oct. 1Sept. 4 to Sept. 22
IX Oct. 1 Holders of rec. Sept. 22a
38c. Sept. 20 Holders of rec. Sept. 4
2
Oct. 1Holders of rec. Sept. 10
12X Oct. 1 Sept. 16 to Sept. 21
Oct. 1 Sept. 11 to Sept. 20
2X Oct. 1 Sept. 11 to Sept. 20
Oct. I Holders of rec. Sept. 20a
Oct. II Holders of rec. Sept. 20a
Oct. 1 Holders of rec. Sept. 20
IX Sept. 1 Aug. 21 to Aug. 31
2X Sept. 25 Holders of rec. Sept. 4a
I X Sept. 15 Holders of rec. Sept, la
IX Sept. 30 Sept. 16 to Sept.30
50c. Sept. 27 Holders of rec. Sept. 4
3
Oct. 1 Holders of rec. Sept. 13a
IX Oct. 1 Holders of rec. Sept. 13a
S5
Oct. 1 Holders of rec. Sept. 8
IX Oct. 1 Holders of rec. Sept. 10a
Sept.30 Sept. 9 to Sept. 13
Sept. 10 to Oct. 1
Railway Steel-Spring, pref. (quar.)
Republic Iron & Steel, pref. (quar.)____
Holders of rec. Sept. 15a
Oct.
Pref. (on account of accumulated dlvs.)
Holders of rec. Sept. 15a
Oct.
Oct.
Holders of rcc. Sept. 16a
__
Oct.
Holders of rec. Sept. 10a Scare, R °ebuck & Co., pref".'(quar.)".”
Oct. 1 Holders of rcc. Sept. 10a South Penn Oil (quar.)______________
Sept. 20 Holders of rec. Sept. 13a
Oct. 1 Holders of rec. Sept. 24a
___
Oct. 1 Holders of rec. Sept. 15a
3X Sept. 30 Holders of rec. Sept. 11
Second Preferred______________ _____
Sept. 30 Holders of rec. Sept. 11
IX
American Itadlator, common (quar.)___
Sept. 30 Sept. 22 to Sept. 30
Standard Oil, (California) (quar.)___II
IX Oct. 1 Sept. 10 to Sept. 26
Standard Oil (Kansas) (quar.)__ _____
__________________
IX Oct. 1 Sept. 10 to Sept. 20
Amer. Smelting & Refining, com. (quar.)
1
Sept. 15 Aug. 28 to Sept. 2
Standard Oil of N. J. (quar.)_______ II
____
3
Oct. 1 Holders of rec. Sept. 14a Standard Oil of New York (quar )
______________ ______
IX Oct. 1 Holders of rec. Sept. 14a Standard Oil (Ohio) (quar.)
American Sugar Refg., com. A pref.(quar.)
IX Oct. 2 Holders of rec. Sept, la
Extra.............
I
__
IX Oct. 1 Holders of rcc. Sept. 15a
__________________
Oct. 15
<
t..1 1 1 1 1 ""
___ _______ ___________
Oct. 15
Swift & Co. (quar.) (No. 116).............
Atlantic Refining (quar.)________
Sept. 15 Holders of rcc. Aug. 20a Tonopah Belmont Development (quar.)
Atlas Powder, common (quar.) (No. 8 )..
IX Sept. 10 Sept. 1 to Sept. 10
Tonopah Extension Mining fquar )
Cominon (extra)................ .........
IX Sept. 10 Sept, 1 to Sept. 10
Extra____ ____________ _____ ______ I
______
IX Oct. 1 Holders of rec. Sept. 10
Underwood Typewriter, common "(quar.)
Borden's Condensed Milk, pref. (quar.).
IX Sept. 15 Sept. 2 to Sept. 15
Preferred (quar.)___________________
____ ________________ 20
Oct. 15 Sept. 19 to Oct. 14
______________
Brltlsh-Amerlcan Tobacco, Ltd., ordinary 5
Sept. 30
Seo noto (
Brooklyn Union Gas (quar.) (No. 5 8 )..
IX Oct. 1 Sept. 10 to Sept. 30
Union Tank L in o .............. ............. H I
Brunswlck-Balke-Collender, pref. (quar.)
IX Oct. 1
United Cigar Stores of Amcr.I pf ,’ ("q"uar.)
Buckeye Pipe Line (quar.)_____________
Sept. 15 Holders of rec. Aug. 25
United States Gypsum, preferred (quar.)
<
fc
______ SI
(Sept. 20 Holders of rec. Sept. 4
Utah Consolidated Mining............
_________ S15
Sept. 25 Holders of rec. Sept. 4
.............. ........... ....................
2
Oct. 1 Holders of rcc. Sept. 15a
_____ _________ _
65).
IX Oct. 1 Holders of rec. Sept. 15
................
39)__ _____ __________
3X Oct. 1 Holders of rec. Sept. 15
Wool worth (F. W .), pref. (quar.) II11III
Central Leather, preferred (quar.). _
IX Oct. 1 Holders of rec. Sept. 10a
______________
Chesebrough Mfg. Consolidated (quar.)
0
Sept. 20 Sept. 3 to Sept. 20
Extra........ ................................. .
4
Sept. 20 Sept. 3 to Sept. 20
a Transfer books not closed for this dividend,
Less British Income tax.
Cor
Chicago Telephono (quar.)...... .........
2
Sept. 30 Holders of rec. Sept. 29a rection
Payable In stock. /Payable In common stock, a Payable In scrip.
Childs Company, preferred (quar.).. I"
IX Sept. 10 Sept. 3 to Sept. 10
* 2 >„acc.0Unt m accun)“ lat<!d dividends,
n
Q
Transfers received In London on or be
Citizens Gas of Indianapolis (No. 12)___
3 X Sept. 27 Holders of rec. Sept. 11
fore Sept. 8 will bo In time to be passed for payment of dividend to transferees
Colorado Power, preferred (quar )
IX Sept. 15 Holders of rec. Aug. 31a
Consolidated Gas (quar.)........
IX Sept. 15 Holders of rcc. Aug. 12a
Extra......................................
X Sept. 15 Holders of rec. Aug. 12a
The following are
Consol .Gas, E.L.&Pow., Balt.,com. (qu)
IX Oct. 1 Holders of rec. Sept. 15
Preferred.............. .........
the reported im
ports at New York for the week ending
3
Oct. 1 Holders of rec. Sept. 15
Continental Oil (quar.)............................
3
Sept. 10 Aug. 27 to Sept. 10
August 28 and since the first of January:
Crescent Pipe Line (quar.)___
75c. Sept. 15 Aug. 25 to Sept. 15
FOREIGN IMPORTS AT NEW YORK.
Cuba Company, common__ __
10
Oct. 1 Holders of rec. Aug. 31
Common_________________ _____
10
Nov. 1 Holders of rec. Sept. 30
Cuban-Amcrlcan Sugar, prof, (quar.)__
I X Oct. 1 Holders of rec. Sept. 15a
28.
1915.
1914.
| 1913.
1912.
Pref. (on account of accumulated dlvs.)
Oct. 1 Holders of rec. Sept. 15a
5
Diamond Match (quar.).........................
Sept. 15 Holders of rcc Aug. 31a Dry Goods ..
81,948,530 SI,998,925; 83,531,390 $3,361,619
Sept. 15 Sept. 5 to Sept. 15
duPont(E.I.)deNcmoursPow.,com.(qu.)
General Merchandise.
12,560,403
9,717,892
18,882,253
14,175,377
Common (extra)____ __________
8
Sept. 15 Sept. 5 to Sept. 15
Preferred (quar.)........ ........... .....
IX Oct. 25 Oct. 16 to Oct. 25
Total . . .
814,508,933 Sll,716,817 $22,413,049 $17,536,990
Eastman Kodak, common (quar.). .
2X Oct. 1 Holders of rec. Aug. 31a
1.
Common (extra)_______________
2X Oct.
Holders of rec. Aug. 31a Dry G o o d s__
77,520,243 SI 16.540,362 $97,906,355 $94,439,490
Preferred (quar.)...................... .............
IX Oct.
Holders of rec. Aug. 31a General Merchandise
054,074,751 543,031,945 542,224,059 558,976,324
Electric Boat, common (No. 6)................
8
Oct.
Holders of rcc. Sept. 20a
Preferred (quar.) (No. 30)....................
8
Oct.
Total 35 weeks........ .......... 8731,600,994 S659,572,307 8640,131,014
Holders of rec. Sept. 20
$053,415,820
___
IX S ept.10 Holders of rcc. Sept. 1
Federal Mining A Smelting, pref. (quar.)
Sept. 15 Holders of rec. Aug. 23a
EXPORTS FROM NEW YORK.
Galena-Signal Oil, common (quar.)___
3
Sept. 30 Holders of rec. Aug. 31a
Preferred (quar.).......... .................
2
Sept. 30 Holders of rec. Aug. 31a
28.
General Chemical, pref. (quar.)__ ” 111
1915.
1914.
IX Oct. 1 Holders of rec. Sept. 17a
1913.
1912.
General Electric (quar.)____ _______ ” 1
Oct. 15 Holders of rcc. Sept. 4a
For the week_____________
Globe Soap, 1st, 2d A spec. pref. (quar.)'
S37,524,558 $10,214,302 812,158.997 814,810,359
IX Sept. 15 Sept. 1 to Sept. 15
Globe-Wernlcke, common (quar.)........ "
Sept. 10 Holders of rec. Aug d31a Previously reported________ 870,096,945 551,379,182 575,225,147 510,425,302
____
10c. Oct. 31 Holders of rec. Sept. 30
Goodrich (B. F.) Co., preferred (quar.).."
IX Oct. 1 Holders of rcc. Sept. 20a
Great I.akes Towing, pref. (quar.)..........
IX Oct. 1 Sept. 10 to Oct. 1
.......... .....
Oct. 1 Sept. 11 to Sept. 15
The gold and silver exports and imports for the week and
Hart, Schaffner A Marx, Inc., pref. (qu.)
IX Sept. 30 Holders of rec. Sept. 20a since January 1 have been as follows:
IF.),
2X Oct.
Holders of rec. Sept. 15a
.......... .......... ......
IX Oct.
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Holders of rec. Sept. 15a
8).
Oct.
Holders of rcc. Sept. 20
.......... .......... ........
X Oct.
Sept. 10 to Oct. 1
Kerr Lake Mining (quar.) (No. 40).
28.
25c. Sept. 15 Holders of rec. Sept, la
______
1
Sept. 30 Sept. 19 to Sept. 30
Gold.
Laclede Gas Light, common (q u a r.)...
IX Sept. 15 Sept. 2 to Sept, is
Liggett A Myers Tobacco, pref. (quar.).
1.
Oct.
1.
Holders of rec. Sept. 15a
_____
2X Oct.
Holders of rcc. Sept. 15a
------------- ---------Oct.
$113,290 $2,121,378
Holders of rec. Sept. 15a Great Britain.
Franco...............
Mackay Companies, com. (quar.) (N o.41)
IX Oct.
Holders of rec. Sept. 10a Germany______
11,519,314
Preferred (quar.) (No. 47)....................
1
Oct.
Holders of rec. Sept. 10a West Indies_____
Maxwell Motor, Inc., 1st pref. (quar.)__
$258,300 $8,413,338
IX Oct.
Holders of rec. Sept. 10a Mexico_________
1,257,201
First preferred (extra)_______________
hX Oct.
22,010
Holders of rec. Sept. 10a
1,133,052
8,000
719,140
Oct. _ Holders of rec. Sept. 15a South America.____
9,505,674
All other countries . . .
Mergenthalcr Linotype (quar.) — ..........
50,000
Sept. 30 Holders of rec. Sept. 4a
163,103 5,062,816
Montana Power, common (quar.) (No. 12)
Oct. 1 Holders of rec. Sept. 15a
Total 1915..........
Preferred (quar.) (No. 12)....................
$266,300 $9,204,488 $498,851 $30,600,035
IX Oct. 1 Holders of rec. Sept. 15a
Total 1914...
A
__
15,000 127,157,949
IX Oct. 1 Holders of rec. Sept. 20
153,827 6,036,433
Total 1913...... ......... ..........
1
Montreal Cottons, Ltd., com. (quar.)_
_
Sept. 15 Holders of rec. Sept. 6a
08,743,196
13,494,571
Silver.
Preferred (quar.)___________________
IX Sept.15 Holders of rec. Sept. 5a
Great Britain__________________ _ $1,056,796 $23,357,907
___
IX Sept. 15 Holders of rec. Aug. 31
$11,928
National Biscuit, common (quar.) (No.09)
4,500
IX Oct. 15 Holders of rec. Sept. 28a France................ ........... ............
1,587,075
12,923
Germany.............. ..... ........... ......
National Lead, common (quar.)________
X Sept. 30 Sept.11 to Sept. 15
Preferred (quar.)...................................
52,210
IX Sept. 15 Aug. 21 to Aug. 24
1,490,470 $102,117
' 220,824
National Sugar Refining (quar.)________
Oct. 2 Holders of rcc. Sept. 7a M e x ico ......................................
3,700
2,189,610
National Transit (quar.)
_
_
_
50c. Sept. 16 Holders of rec. Aug. 31a
47,488
os” os I 2,046,118
New York Air Brake (quar.) (No. 51)-IX Sept. 24 Holders of rec. Sept, la All other countries........ ............
' 9^375
16,014
860,788
_______
_____
Oct. 15 Holders of rec. Sept. 23
North American Co. (quar.) (No. 4 0 )...
Total 1915.................. ................... $1,160,994 S26,539,831 $186,212 $5,942,191
Oct. i Holders of rec. Sept. 15a
Total 1914_______ _________ .
1,379,532 28,463.170
Oct. 1 Holders
i
701,044 6,436,140
rec. Sept.
Ohio OH (q u a r.).............. ....... _________ $1.25 ISept. 20 Aug. 25 of to Sept. 15
Total 1913____ ________________
902,198 33,118,883
360,979 6.736,584
6
Extra..................................... ................
75c.]Sept. 20 Aug. 25 to Sept. 0
_________
Of the above gold Imnorts for the week In 1915, $89,587 were American gold
IX Sept. 15 Sept. 7 to Sept. 15
coin and of the exports $100,117 American gold coin.
American gom
Miscellaneous.
American BankSugar, pref. (quar.)___ 65) IX
American Beet Note, pref. (quar.) (No.
American A Edry., com. (quar.)_________ IX
Amer. Car.Can, preferred 06)____________ IX
X
Preferred (quar.) (No. (qu.) (No. 52).. IX
American Chicle, common (monthly)__
1
Preferred (quar.)___________________
American Cigar, pref. (quar.).......... ......... IX
IX
Amer. Pneumatic Service, 1st pref_____
Reynolds (It. (quar.)
Preferred J.) Tobacco, common (quar.)
South Porto(extra) common
Common Rico Sugar,
Preferred (quar.)..
South West Pa. Electric, pref. (quar )
Standard Gas A Pipe Lines (quar.)H~.~_~_
Standard Oil (Kentucky) (quar.)
_
Amer. Smelters(quar.) pref. A (qu.).. 4
Preferred B Securities,
American Snuff, com. (quar.)
Preferred (quar.)
American Tobacco, pref. (quar.)
Associated Oil
2
Special
1
5 ■
Bethlehem Steel, pref. (quar.)
Borne, Scrymser Co
Calumet Arizona Mining (quar.)
Calumet A Ilecla Mining (quar.)
Cambria Iron
Canadian Gen. Elec., com. (qu.) (No.
Preferred (No.
Subway Really (quar.)
_
Superior Pittsburgh Copper
i)
Union Carbide (quar.)
Union Stock Yards (Omaha) (quar.)
82
Weyman-Bruton Co., common (quar.)
Preferred (quar.)
Wolverine Copper Mining.
Yukon Gold Co. (quar.)
e
\x
ix
2
5
1
ix
2
7Xc.
i
b
d
Imports and Exports for the Week.—
For Week Ending Aug.
Xh
IX
2
Since January
Electric Properties Corp., pref. (quar.)
Goldfield Consolidated Mines (quar.)
Guggenheim Exploration (quar.)
Helme (George
Preferred (quar.) common (quar.)
Ilendee Mfg., Salt (quar.) (No.
International pref.
La Belle Iron Works, pref. (quar.)
Lorillard (P.) Co., common (quar.)
Preferred (quar.)
1
j
Week Ending Aug.
2
2
4
Week ending Aug.
ix
IX
Exports.
Since
Week. Jan.
Imports.
Since
Week. Jan.
May Department Stores, preferred (quar.).. IX
2X
X
Montgomery Ward Co., pref. (quar.)
Muskogee Gas A Electric, pref. (quar.)
IX
4
lx
y
New York Transit
Ohio Cities Gas, preferred (quar.). .
Pabst Brewing, preferred (quar.)
The Federal Reserve Banks.
Following is the weekly statement issued by the Federal Reserve Board on August 28
o f 3 tm illk )1
nsrshow n\ yh N e w ^ o r k Bln tfie trokf
bank° The
ai BaIn V1 *2ld ro?orvo o f 6 “ mi,llions and a loss in other reserve o f 7.2 millions
A gain
acceptances'show°a ga ^ mfor° t^c/'week *rff Issnn nnrf ^ ™ * 300-900VAtlanta. St. Louis and Kansas C ity reporting the largest increases. Bankers’
the tota ^am ount o f p a p ^ rh old ? l'o?4 % m ft T c s wltldn" l o T a y l ?
feys*
f P .^ : ° f
live-stock paper stand now at 4.5 % o f the total as against 4 .1 % for the week bofore
*
witmn 00 d a ys* lh e holdin£* o f agricultural and
A total Of $96,000 o f U. S.
bonds wn.« niirhhucnrl r l , 41...r.l.xi........ ‘
\\<L
;
b /o
. ^ ^ ^ ^ S
r a
S s a E K & 5s S k s s a
i
Statem
[Vol. 101.
THE CHRONICLE
752
e n t o f c o m b in e d
R
esobbces and
A
L
s s s a a s a s r s
M
ix « s s s s . ia r 1' — - —
—
ia b il it ie s o f t h e
m e r ic a a t t h e
F ^ dobal R esebve B anks
A uoust
iy io .
c lo se o p b u s in e s s
RESOURCES.
,r ,
OH,oil; A„nE
Any- 27 1915 A *1(7. 20 1915 Auff. ^ Q ^ CEAun
131915. Aug
6 1915
81915.
G o ld c o in a n d certificates In vault .......................... $211,145,000 $205,951,000 $209,097,000 3307.822,000
Gold ^demotion fund with U .S . Treasurer..
104,000
^.104.000
of th e
^.084,000
aaa u
s^.^oioQQ
i >076,000
48,450,000
—1-----—
Legal tender no es.s v e ......................................... 1
1 0 Lit1 r o o d V---------------------------------------------------
354,689,000
316,989,000
w .™ .™
354,329,000
310,095,000
g a sK sa a ssB sst:Caiti reserve against liabilities after setting
aside 40% gold reserve against net
cfrculatlon' ( b ) ^ 1
_
(ii)- Federal Reserve notes: Gross liability_ W07,1r24^KM)
93.2%
WEEKLY
RESOURCES.
)_402)000
22)494)000
24)841:000
m
$13,008,000
11,367,000
8.557.000
3.745.000
9.735.000
8.097.000
5.033.000
$40,727,000 $39,423,000
10.338.000
11.625.000
$7,923,000 $7,923,000
16.107.000 15.110.000
5.229.000
7.078.000
9.227.000
11.029.000
4.765.000
5.904.000
$37,640,000
8.971.000
$7,923,000
14,391,000
5.855.000
9.953.000
4.436.000
$36,677,000
9.593.000
$7,898,000
13,895,000
6.107.000
8.379.000
3.694.000
$7,652,000
12,390,000
9.862.000
7.601.000
3.060.000
366,481,000
“ mM
«#
93.6%
«“
93.3%
94.4%
■ '».
#»
96.6%
e Bank3 UDOn 316,738,000
89,726,000 85,806,000
84,676,000
315.847.000 $15,723,000
$15,420,000
*.<*>»»
a»
96.6%
«*•
97.8%
98.6%
'W i l S f e
81,191,000
T W W »
$14,965,000 $14,521,000
J 0M0.000
77’65£ ^
$14,242,000 $13,375,000
$12,797,000
Kan. city. Dallas. San Fran. Total.
Boston. New York. PMladeVa. Cleveland. I Richmond. Atlanta. Chicago. St. Louis. Minneap.
s
S
$
S
S
1
S
|
S
$
|
13,059,000, 4.119.000 3,476,000514.497.000 7.685.000
Gold Coin & ctfs. In vault 1,858,0001 13,502,000' 11,693,000 3,995,000 4.370.000 1,415,000 2.326.000 2.512.000
4,831,000j 15.736,000 1,244,000
Gold settlement fu n d ...
35,000
345,000j 225,000
37,000
55,000
6.000
Gold redemption fund—
16,695,000 129,293,000 12,974,00017,054,000; 8,834,000 5,116,000,56,823,000[ 10,232,000
Total gold reserve-.
122,000] 460,000 2,197,000| 372,000
648,000' 10,823,000j 3,166,000 1,058,000
17.343.000 140,116,000 16,140,000] 18,112,000 8,956,000 5,576,000 59,020,00010,604,000
Bills discounted & bought
Commercial paper------
1,080,000
31,840,000
i S $ g & S S il& % $ S > S A %
90,986,000
N6t outsIanydlL“
1,116,000
47,100,000
-.
. i f ^'1 - nen
, , , nOO $54 170,000 $54,135,000 $54,104,000 $54,128,000
$54,331,000 |54,31n,000 $54,181,000
Q00 297,616,000 295,808,000 297.883,000
301,928,000 306,002,000 306,183,000 3 0 ,
.uuu
a 13.375,000 al2,797,000
*«
90.8%
of
$12,146,000
12,103,000
9.399.000
3.902.000
KR±
...........
a w s
$4,222,000\
8,851,000/ $12,063,000 $11,956,000
12.815.000
15.085.000
13,639,000
11.196.000
10.686.000
11,774,000
3,456,000
2,032,000
3,249,000
$3,441,000
10.215.000
14.988.000
10.170.000
2,024,000
Total .............................................. $42,839,000
$42,839,000 $41,751,000 $40,818,000 $40,926,000
12.073.000
12.209.000
8,740,000
Bans acceptances (Included In above).. 13.564.000
15
nnn
8.503.000
8,607,000
33.740.000
Investments: U. S. bonds------------------------- - $8,836,000
18.100.000
18.658.000
18.553.000
Municipal warrants--------------- . 25,808,000
5.937.000
4.028.000
12.740.000
12.491.000
Due from Federal Reserve banks— Net-----12,578,000
11,280,000
6.805.000
6.990.000
Federal Reserve notes— Net..........................
5.263.000
5.623.000
4.777.000
4.982.000
All other resources............................................
ranlfal oald In
£ f? i^ iP
d«nnSts— Net” '
St
t o u osu .000 $289,486,000 $287,680,000 $288,737,000 $289,129,000
$4,475,000
10.264.000
16.168.000
9.156.000
1.633.000
$4,445,000
10,658,030
17,209,000
8.532.000
1.945.000
n it e d
1,036,000
46.680,000
Gold settlement fun ................ - .....................—— -----000 $266 192,000 $263,573,000 $201,188,000 $200,243,000 $284,288,000
Total gold r e s e rv e ..-.-..........................$2^ . 1^9,000 $351^35,000 S220:949:000 S224’,916:000 ^ ^ i o o S ’.O G 25’,913)000 _
O
Bills discounted and bought—
Maturities within 10 d a y s -------------------Maturities within 30 days---------------------M aturities within 60 days---------------------M aturities within 90 days---------------------Maturities over 90 days--------------------------
U
Al
Julyyavv July 23 1915. July 16 1915. July 9 1915. $231,368,000
30 1915.
July 2 1915.
Jw
J2i4.017.000 $213,472,000 $218,021,000
204,000
2,574,000
512,000
445,000
6,066,000 1,529,000
2,778,000|
6;511,000 2,041,000
340,000
491.000
Investments U .S . bonds
Municipal warrants. . 3,407,000 10,802,000 2.747.000
150.000
495.000
Fed. Hes’ve notes— Net
Due from other Federal
1.322.000
Reserve banks— Net.
652.000
"756",666 ” 388",666
$
5.858.000 5.380.000 3,05*1,000
1.047.000 3.523.000 3,621,000
313,000
37,000
30,000
6,935,000 8,940,000 6,985,000
555,000
465,000
5,000
6,940,000 9,405,000 7,540,000
1,934,000 1,418,000
421,000, 8,652,000 4,920,000 1,226,000 1,185,000
452,000
304,000
1,144,000| 456,000
484,000
2,238,000 1,870,000
905,000j 8,652,000 4,920,000 2,370,000 1,641,000
931,000
244,000 1,027,000
3,951,000
852.000
580,000
559,000
696,000
2,422,000, .............. .............. 3.502.000
2.431.000
406.000
330.000
560,000
244.000 3,241,000 1.447.000
331.000
447.000
735.000
60,000
133,000 1.559.000
151.000
176.000
246.000
18,115,000 10,891,000 54,648,00016,191,000
Total resources----- 25,270,000:165,062,00023,292,000 23,390,000
6,96*7,000^211,145,000
1,310,000 55,930,000
21,000 1,104,000
8,298,000268,179,000
7,000 19,878,000
8,305,000288,057,000
6,889,000 1,469,000 29.275.000
555,000 13.564.000
6,889,000 2,024,000 42,839,000
..............
..............
1,000,000 8,836,000
1.093.000 25.808.000
1.764.000 12.491.000
145.000 *2,151,000
133.000
73,000
6.990.000
4.962.000
11,384,000 13,851,000 14,707,000 16,410,000389,983,000
LIABILITIES.
2.430.000 3,020,000 2.755.000 3,931,OOo! 54,689,000
5,270,000 5,947,000 3.364.000 2.419.000 6,616,000 2,797,000
Capital paid In----- ------- 5,162,000 10,978,000 18,022,000 17,443,000 7.764.000 5.420.000 48,032,000 13,375,000 8.797.000 9,988,000 6.059.000 12,479,000 316,989,000
842,000 5.854.000 ............ - 16,738,000
157,000
Reserve deposits— N et.. 19,481,000 150,128,000
19,000
6.865.000 3.001.000
Fed. Res’ve notes—Net.
________ ..............
..............
Due to other Federal
■ " 39",666
l",507’,666
627,000 2,601,000
51,666 .............. .............. —
122,000
1,355,000 .... ......... ________
14,707,000 16,410,000389,983,000
13,851,000
18,115,000|10,891,000 54,648,000 16,191,000 11,384,000
Total liabilities___ 25,270,000 165,062,000 23,292,000 23,390,000
10,215,000 3,040,000109,901,000
—
836.000 5,000,000 5,580,000
9,000,000 5,600,000 4.380.000
F.R . notes Issued to bks. 4,620,000 52,820,000 3,610,000 5,200,000
361,000 1,764,000] 14,668,000
328,000
443,000
F.R. notes In hands of
191.000
349,000 2.431.000
235,000
406,000
150,000
495,000 7,515,000
4.557,000 5,252,000 9,854,000 1,276,000 95,233,000
645,000
8,765,000 5,251,000 1,949,000
F.R . notes In circulation 4,125,000 45,305,000 3,460,000 4,794,000
4,000,000
Gold and lawful money
626,000 4.400,000 4,410,000 j 5,854,000 3.040.000 90.986.000
5,200,000 1.900.000 2,250,000 4,380,000
842,000
.............. 16.738.000
157,000
with agents...... ......... 4,620,000 52,550,000 3,610,000
19,000
6.865.000 j 3,001,000
1.764.000 12.491.00 ft
Carried to net liabilities.
2.431",665
"495.666 7.245,66c " 150,660 "Too",666
Memorandum
* Items in transit, 1. e. total amounts due from less total amounts duo to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS’ ACCOUNTS AUG. 27 1915^----------
Kan. City Dallas. San Fran
Boston. New York. PMladeVa Cleveland. Rlchmondl Atlanta. Chicago. St. Louis. Minneap. $
$
$
$
S
$
$
8,000,00C
$
s
Federal Reserve Notes—
10.000.00C 9,100,000 9,38*0,000 3,400,000 6,000,000
Rec’d from Comptrol’ i 11,800,000 t 58,800,000 8,480.00C 7,000,000
120,000
210,00C ..............
-------
Ret’d to Comptroller. ! 100,000
Amount chargeable tc
9,260,000 3,400,000 6,000,000 8.000.00C
11,700,000 58,800,000 8,270,00( 7,000,000 10.000.00C 9,100,000
2.420.00C
In hands o f agent, close
3,500,000 4,880,000 2,564,000 1,000,000
7,080,000 5,980,000 4,660,00( 1,800,000 1.000.00C
Issued to F. R . bank
less notes ret. to agt
forredemp.&cancel
4,380,000
836,00C 5.000.00C 5.580.00C
4.620.00C 52,820,000 3,610,00< 5,200,000 9,000,00( 5.600.00C
Held bv F. R. agent—
in reduction of llabllltj ----------- -on outstanding notes:
Gold coin & certfs.
626.00C 4,400,00C 4,410,00<
2.250.00C 4,260,000
4,620,00( 52,550,00 3,610,00 4,940,00( 1.900.00
Lawful money----As security for out
600,00C 1,170,001
standing notes:
210,00(
7.100.00 9 3,350,00( ..............
270,00
Commercial paper
Held by Treas. of U. 8
120,00C ............
260, O X ............
C
Gold redemp. fund..
836,001 5,000,00( 5.580.00
0 5,200,00 9,000,00 9 5,600,00< 4.380.00C
Total...................... 4,620,00 52,820,00 0 3,610,00
Amount comm’l pape
602.00( 1.170.00
! 212.00
'
J ............
7.506.00 O 3.359.001
270.00 0 .......... r ............ J
Total.
"
$
$
13,900,000 10,000,000 155,860,000
5,000
435,000
13,895,000 10,000,000 155,425,000
3,680,000 6,960,000 45,524,000
10,215,000 3,040,000 109,901,000
4,000,00C 3.040.00C 90.606.000
6.215.00C
..............
18.915.000
380,000
10,215,00( 3,040,000|109,901,000
6.231.nor
________I 19.350,000
M«
4 1915.]
Sept .
THE CHRONICLE
753
Statement of New York City Clearing-House Banks and Trust Companies.—The following detailed statement
shows the condition of the New York City Clearing-House members for the week ending Aug. 28. The figures for the sepa
rate 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, wo have insorted 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.
C L E A R IN G HOUSE
MEMBERS.
National
Bank
Circula
tion.
Week Ending
August 20 1915
(00s
.)
omitted
Members o f Federal
Reserve Bank.
Bank
N. Y., N .B .A .
Merchants’ Nat. Bank
Mech. < Metals N a t..
fc
National City B an k ...
Chemical Nat. B an k ...
Atlantic National Bank
Nat. Butchers' & Drov
Amer. Exch. Nat. Bank
National Bank of Com.
Chatham & Phenlx Nat
Hanover National Bank
Citizens’ Central N a t..
Market & Fulton N at..
Importers’ & Traders’ . .
National Park B ank..
East River Nat. Bank..
Second National Bank
First National Bank..
Irving National Bank..
N. Y. County Nat. Bk.
Chase National Bank.
Llncoln National Bank
Garfield National Bank
Fifth National Bank
Seaboard NatlonalBank
Liberty National Bank.
Coal * Iron Nat. Bank.
Union Exchange N a t..
Nassau Nat. Brooklyn
Broadway Trust Co__
oi
Total8. avge. for week;114,100,0 184,540,3
Totals,
Totals,
Totals,
Totals,
actual
actual
actual
actual
condition Aug.
conditio n Aug.
conditio n Aug.
conditio n Aug.
28
21
14
7
State Banks
Not Members of
Federal Reserve Bank
Bank of Manhattan C o.
Bank of America
Greenwich Bank
Pacific Bank_________
People’s B a n k ..........
Metropolitan Bank__
Corn Exchange Bank..
Bowery Bank
German-Amerlcan Bank
Fifth Avenue Bank___
German Exchange Bank
Germania Bank____
Bank of Metropolis. .
West Side Bank
N. Y. Produce Exch__
State Bank___________
Century B an k________
Totals, avge. for week.
Totals,
Totals,
Totals,
Totals,
actual
actuul
actual
actual
conditio
conditio n Aug. 2t
condition Aug. 14
condition Aug. 7
Trust Companies
Not Reserve of
FederalMembersBank.
Brooklyn Trust Co___
Bankers’ Trust Co___
U. 8. M tg & Trust C o ..
Astor Trust Co_______
Title Guar. & Trust Co.
Guaranty Trust Co----Fidelity Trust Co.
Lawyera’ Title Trust.
Columbia Trust Co_
_
People's Trust Co____
New York Trust Co_
_
Franklin Trust Co.
Lincoln Trust Co_____
Metropolitan Trust Co.
&
Totals, avge
Totals,
Totals,
Totals,
Totals,
actual
actual
actual
actual
condition Aug. 28
condition Aug. 2 1
conditio n Aug. 14
condition Aug “
Grand Aggregate, avge.
Comparison prev. week
Grand Aggregate, actual
Comparison prev. week
Grand Aggregate actual condition Aug. 21. 2,64(5,810,0 331,449,0 68,649,0
Grand Aggregate actual condition Aug. 14. 2,614,889,0 322,913,0 70,493,0
Grand Aggregate actual condition Aug. 7. 2,589,698,0 297,889,0 68.680,0
Averages.
M om bcrs Federal
Reserve Bank____
State Banks*_______
Trust Companies*__
Total
Total
Total
Total
Aug.
Aug.
Aug.
Aug.
28___
21___
14___
7___
Actual Figures.
or
Surplus Inc.fromDec. Reserve Reserve in Total
Reserve.' PrevlousWeck CashVault. Depositaries Reserve.
in
S
$
$
S
S
310,272,570 174,712,430 + 6,276,820
CashVault. Reserve in Total a Reserve
in Reserve Depositaries Reserve. Required.
S
$
S
s
345,703,000 139,282,000 484,985,000
or
b Reserve
Surplus Inc.fromDec.
Required. Reserve. PreviousWeek
s
S
S
355,620,000 141.358.000
62.440.000 7,811,000 70.251.000 53,158,500 17,092,500 + 3,364,000 63.313.000 7,903,000 496,978,000 312,925,850 184,052,150 + 6,902,840
71.216.000
71.700.000 25,569,000 97.269.000 94,926,900 2,342,100 — 1,286,650 69.621.000 28.945.000 98.566.000 53,441,820 17,774,180 + 4,845,920
95,592,750 2,973,250
+ 463,000
479,843,000172,662,000652,505,000458,357,970 194,147 030 + 8,354,170 488.554.000 178.206.000 666.760.000 461,960,420 204,799,580
+ 12,211,760
474,676,000164,154,000638,830.000453,037,140185,792,860 + 10,210,86(1 478.487.000 171.504.000 649.991.000 457,403,180 192,587,820
459.418.000159.977.000619.395.000 443,813,000175.582,000 + 6,377,330! 475.096.000 160.573.000 635.669.000 448,436,140 187,232,860 ++ 5,354,96o
444.496.000
160,566.000611,062,000 441,857,330169,20-1,670 160,154,000, 605.442.000 439,383,660 166,058,340 — 21,174,520
— 9,447,880- 445.288.000
14,325,710
[Vol . 101
THE CHRONICLE
754
The State Banking Department reports weekly figures In addition to the returns of “State banks and trust com
showing the condition of State banks and trust companies panies in Now York City not in the Clearing House” furnished
in New York City not in the Clearing House, and these are by the State Banking Department, the Department also
shown in the following table:
presents a statement covering all the institutions of this class
The figures aro compiled so as to distin
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER in the whole State.
NEW YORK, NOT INCLUDED IN CLEARING-HOUSE STATM ENT.
(Figures Furnished by Slate Banking Department.) Differences from guish between the results for Now York City (Greater New
August 28. previous toeek. York) and those for the rest of the State, as per the following:
Loans and Investments____________________________ $590,964,000 Dee. $1,547,600
For definitions and rules under which the various items
Q o ld ____________
49,979,100 Dec.
41,700
8,467,100 Dec.
83,400
Currency ami bank notes_________________________
Total deposits______- _______ - ----------- -------------- 752,137,500 Inc. 3,880,000 are made up, soe “Chronicle,” V. 98, p. 1661.
Deposits, eliminating amounts duo from reserve de
The provisions of the law governing the reserve require
positaries and from other bank3 and trust com
panies In New York City, and exchanges------------- 610,217,500 Dec. 2,085,900 ments of State banking institutions were published in the
Reserve on deposits--------------— --------------------- — 195,052,200 Inc. 5,475,000
“Chronicle” March 28 1914 (V. 98, p. 968). The regula
Percentage of reserve, 32.5%.
RESERVE.
.
tions relating to calculating the amount of deposits and what
------ State Banks------ —Trust Companies—
d eletion s are permitted in the computation of the reserves
Cash In vaults...................................... $10,150,900 11.02%
$48,285,300 9.50%
Deposits In banks and trust companies 15,104,000 16.39%
121,512,000 23.93%
wero given in the “Chroniclo” April 4 1914 (V. 98, p. 1045).
Total ..................................................$25,254,900 27.41%
$169,797,300 33.43%
STATE BANKS AND TRUST COMPANIES.
The averages of the Now York City Clearing-House banks
Trust Cos. Slate Banks Trust Cos.
State
outside
outside
in
and trust companies, combined with those for the State banks Week ended August 28. GreaterBanks Greater N. Y. Greater N.ofY. Greater N.ofY.
InN. Y.
and trust companies in Greater Now York City outside of the
$
$
Clearing House, compare as follows for a series of weeks past:
S
S
10,913,000
67,300,000
13,100,000
COMBINED RE3ULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Capital as of Dec. 24------
24,550,000
Surplus as of Dec. 24------
39,269,500
We omit ciphers In all these figures.
Loans and Demand
Investments Deposits.
June
June
Juno
June
July
July
July
July
July
Aug.
Aug.
Aug.
Aug.
5___
12___
19___
26___
3___
10___
17___
24___
31___
7___
14----21----2 8 ---
$
3,014,410.7
3.035.658.2
3.050.140.3
3.045.645.1
3.105.038.2
3,144,527,9
3.145.394.3
3.158.507.4
3,158.668,0
3.184.089.5
3,192,566.3
3,227,324.2
3.239.060.6
2.957.997.7
2.977.514.7
2.905.498.0
3,028,615,2
3.083.954.0
3.093.795.5
3.124.117.8
3.138.585.5
3.147.068.8
3.161.053.4
3.172.513.5
3.227.946.4
3.256.872.5
Specie.
$
422.433,7
425.046,5
439,905,1
446,616,8
435.726,5
400.003,9
407.474,4
414,895,2
419.001.4
419,236,5
434,042,9
449,279.8
456,750,1
Total Entire
Other Money Reserve on
Money. Holdings. Deposits.
$
80.089,2
79,781.0
73,257.9
70,451,2
72,230,4
82,704,3
84,165,2
84,463,7
84,187,0
83,077,0
83,149,3
83,967,5
81,539,1
s
502.522.9
501,827,5
513.103.0
517,068,0
507,956,9
482,708,2
491,039,0
499,358,9
503,188,4
502,313,5
518,092,2
533,247,3
538,289,2
Loans and Investments..
Change from last week.
S
789.217.0
778.850.5
795.476.0
796,000,4
789.700.3
706.343.0
777,173,8
789.583.3
800.293.6
799.090.0
812.298.7
828.407.2
847.557.2
151,327,000
13,749,700
11,225,000
351,208,100 1,292,272,900
— 1,430,000 + 4,322,600
136,382,600
+ 699,700
200,284,200
+ 411,200
__________
------------
Change from last week.
47,192,800
+ 2,657,600
107.755,900
— 1,330,100
Currency and bank notes.
Change from last week.
25,397,000
+ 1,266,600
14,525,300
— 1,632,600
Change from last week.
459,902,900 1.584,135,300
— 3,422,600 + 6,608,200
..................
145,776,000
— 228,100
..................
211,679,500
—476,600
Reserve on deposit--------Change from last week.
108,911,800
+ 3,819,700
352,963,100
+ 3,656,400
27,757,900
— 149,400
30,170,700
— 1,193,100
P. C. reserve to deposits.
Percentage last week..
28.4%
27.7%
28.9%
28.8%
22.0%
22.2%
17.5%
17.9%
+ Increase over last week.
— Decrease from last week.
Non-Member Banks and Trust Companies.— F o l l o w i n g is m e
w
- ......... — —
member institutions which are not included in the “Clearing-House return” on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
Reserve
with
Legal
Deposi
taries.
Average.
Nat.Bank Nat. Bank Federal
Net
CLEARING
Notes for Notes]Nol Reserve
Loans,
NON-MEMBERS. Capital. Profits. Discounts,
serve [Re Counted Bank
Legal
as Reserve]
Stale In Reserve 1 Notes[Noi
Tenders.
Invest
Nat. b ’ks June 231
W eek E n d in g
stitutions]
State b ’ks June 23J ments tfee
Aug. 28 1915.
Average. Average. Average. Average. Average. Average. Average.
M em bers of
%
«
3
j
%
$
3
3
$
F e d 'l R eserve B ank
8,000
42.000
151.600 2,062,000
200,000
682,700 4.970.000
300.000
649.600 4.852.000
300.000
400.000 1,287,200 4.646.000
800,100 3.848.000
250.000
681,500 5.392.000
220.000
334,100 4.151.000
125,000
Total___________
103.000
117.000
164.000
205.000
79.000
128.000
61.000
41.000
35.000
54.000
349,000
11.000
18,000
40,000
107.000
111.000
78.000
54.000
62.000
77,000
7.000
13.000
12.000
100,000
15,000
5.000
1,795,000 4,586,800 29,921,000
Battery Park N a t...
Flrst Nat., Brooklyn
National Clty.Bklyn
First Nat,. Jers. City
Hudson Co. N., J. C.
First Nat., Hoboken
Second Nat., Hobok.
857,000
548,000
531,000
160,000
1.941.000
7.527.000
6.795.000
1.246.000
4.431.000
3.268.000
5.315.000
16,518.000
3.051.000
109.000
330.000
478.000
101.000
574.000
205.000
393.000
798.000
189.000
11,000
213.000
47.000
9,000
32.000
34.000
80.000
144.000
37,000
50.000
380.000
245.000
24.000
145.000
112.000
206,000
683,000
99.000
19.000
96.000
79.000
9,000
52.000
43.000
71.000
259,000
34.000
607,000 1,944,000
662,000
58.000
41.000
S
Notta te B an kof the
Members s.
Federal Reserve Bank
100,000
Bank of Wash. Hgts
400.000
Colonial Bank..........
300.000
Columbia Bank----200.000
Fidelity Hank_____
200,000
Mutual Bank........ .
200,000
New Netherland___
100,000
Yorkvillo Bank........
Mechanics’ , Bklyn.. 1,600,000
200,000
North Side, Bklyn.
360,600
731.700
694.700
183.000
478.500
288,400
514.000
727.500
186,900
T otal................... . 3,300,000 4,165,300 50,092,000 3,177,000
T ru s t C o m p an ies.
Not Members Bank
the
Federal ReserveofBkln
HamlltonTrust,
Total.
600,000 1,040,300 6,660,000
276,100 3.922,000
200,000
474,000
91,000
8,000
24,000
11,000
63,000
700,000 1,315,400 10,582,000
Mechanics, Bayonne
565,000
32,000
Grand aggregate----- 5,795,000
Comparison, prcv’wk
Excess reserve. 3206,430
Grand aggr’te Aug 2 5.795.000
Grand aggr’teAug 14 6.395.000
6.395.000
Grand aggr’teAug.
Grand aggr’ to July31 6.395.000
Grand aggr’te July24 6.395.000
Increase
10.067.500
10.460.500
10.460.500
10.460.500
10.460.500
4.523.000 1.049.000 2.597.000
4.554.000 1.101.000 2.499.000
4.554.000 958.000 2.470.000
4.576.000 995.000 2.666.000
5.001.000 1.174,000 2,950,000
4.000
5.000
3,207,000
1,000
10,000
348.000
269.000
215.000
452.000
448.000
496.000
937.000
080.000
124,000
,301,000
,281,000
,691,000
,940,000
,238.000
396,000
87,000
52,088,000
113, 000
89.000
406, 000
470.000
135,,000
424.000
142 .000
67.000
344.000 1,447 ,000
412 ,000
196.000
589 ,000
341.000
1,076,000 1,519 ,000
497 ,000
194.000
544,000
61,000
272,000
79,000
11,000
693.000
842.000
808.000
654.000
912.000
300.000
119.000
394.000
198.000
218.000
99,000
25,000 2,923,00 40,700,000 22,109,000 4,892,000 1,524,000
135,000
761,000 295,000
+ 68,000 —53,000
10,067,500
3
21,000
2,080,000
378.000
172.000 4.555.000
568.000
226.000 4.907.000
616.000
405.000 3,026,000 3.881.000
420.000 2.708.000
325.000
458.000 1.972.000 2.858.000
332.000
398.000 2.006.000 2.013.000
239.000
5,000
11,000
33,000
74,000
Excess
National
Due from Net
Bank
Net
Reserve Demand Time Circu
Deposi Deposits. Deposits. lation.
taries.
Average. Average. Average. Average.
3
$
3
3
196.000
351,000
37,000 6,481,000
— 1,000 — 6,000
41.000
43.000
45.000
57.000
55.000
6.487.000
6.342.000
6.279.000
6.280.000
0,739,000
below a
Philadelphia Banks.—Summary of weekly totals of Boston Clearing-House Banks.—Wo givothe Boston
itoms
Clearing-House banks and trust companies of Philadelphia: summary showing the totals for all the series in weeks:
Clearing-Houso weekly statement for a
of
We omit two ciphers (00) in all these figures.
Capital
Deposits. Circula Clearings
and
tion.
Surplus.
June
June
July
July
July
July
July
Aug.
Aug.
Aug.
Aug.
19..........
26..........
3..........
10..........
17..........
24..........
31..........
7..........
14..........
21..........
28..........
103.684.3
103.684.3
103.684.3
103.684.3
103.884.3
103.684.3
103.684.3
103.684.3
103.084.3
103.684.3
103.684.3
419,067,
419.947
421,583
421,239
422,884
424,533
425,398
426,702
429.948
431,769
432,266
048.0
436.0
281.0
,028.0
,109,0
,811,0
,109,0
,946,0
,853,0
,090,0
,789,0
s
498.911.0
497.472.0
500.467.0
496.2.80.0
506.446.0
503.808.0
503.280.0
505.092.0
511.867.0
512.880.0
510.436.0
S
11.273.0
11.270.0
11.265.0
11.241.0
11.264.0
11.252.0
11.230.0
11.224.0
11.261.0
11.255.0
11.145.0
158.619.8
157.254.3
199,174,7
130.789.2
168,838,0
152.015.6
148.913.6
157.813.4
152.237.9
151.546.2
147.975.4
a Includes Government deposits and the Item "due to other banks" (Aug. 28,
$148,405,000): also “ Exchanges for Clearing House” (Aug. 28, $12,319,000). Due
from banks Aug. 28, $52,239,000.
Aug. 28
1915.
Circulation........ ................... Loans, dlsc’ts & Investments.
Individual deposits, lncl.U.S
Due to banks---------------------Time deposits.......................
Exchanges for Clearing House
Due from other banks--------Cash reserve---------------------Reserve In Fed. Res’ve Bank
Reserve with other banks —
Reserve excess In bank-------Excess with reserve agent—
Excess with Fed. Res’ve B'k.
$9,088,000
257.791.000
190.480.000
103.729.000
8.069.000
8.391.000
28,861,000
22,886,000
8.835.000
41.930.000
8.862.000
27.900.000
1,823,000
Change week. Aug. 21
1915.
previous from
Inc.
Inc.
Inc.
Dec.
Inc.
Dec.
Dec.
Inc.
Dec.
Inc.
Inc.
Inc.
Dec.
Aug. 14
1915.
$1,000 $9,087,000 $9,085,000
967,000 256.824.000 255.765.000
406,000 190.074.000 189.655.000
3,004,000 106.793.000 109.927.000
2,000 8.067.000 8.135.000
1,460,000
9.851.000 10.532.000
2,222,000 29.053.000 29.427.000
532,000 22.354.000 22.492.000
1,095,000 9.930.000 10.402.000
290,000 41.640.000 43.447.000
486,000 8.376.000 8.520.000
244,000 27.662.000 29.475.000
1,118.000 2.941.000 3.410.000
Imports and Exports for the Week.—Seo third pago
preceding.
Sept . 4 1915.]
THE CHRONICLE
f B a n l u e r s 3’
d f a x e lt e .
W all Street, Friday Night, Sept. 3 1915.
T h e M o n e y M a rk e t a n d F in a n c ia l S it u a t io n .— T h e
p o s s ib ility o f a r u p tu re o f o u r d ip lo m a tic re la tio n s w it h G e r
m a n y has passed, o n o ffic ia l a ssu ra n ces fro m B e r lin th a t th e
p ro te s ts o f o u r G o v e rn m e n t a g a in s t re c e n t s u b m a rin e o p e ra
tio n s w ill be heeded, a n d c o n s e q u e n tly m o re se ttle d c o n d itio n s
o b ta in in th e fin a n c ia l d is tric t. C o in c id e n tly th e fo re ig n
e xc h a n g e s itu a tio n has becom e m o re d is tu rb e d a n d is n o w o n e
o f th e m o s t im p o rta n t m a tte rs re q u irin g a d ju s tm e n t. N o t
w ith s ta n d in g th e re c e ip ts h ere o f a la rg e co n sig n m e n t o f g o ld ,
re p o rte d to h a v e been n e a r ly $20,000,000, s te rlin g e xc h a n g e
sold e a r ly in th e w e e k a t 4 50, a p ric e h e re to fo re u n k n o w n ,
a t le a st d u rin g th e la s t h a lf-c e n tu ry . U n d o u b te d ly th is lo w
ra te w a s d u e in p a rt to s h o rt sales a n d m a n ip u la tio n o f th e
m a rk e t, b u t th e fa c t th a t su c h a re s u lt w a s possible e m p h a
sizes th e need o f steps f o r th e p e rm a n e n t re lie f o f th e e x
ch a n g e s itu a tio n .
T h e p re m iu m th u s cre a te d o n N e w Y o r k d ra fts in th e L o n
d o n m a rk e t has s tim u la te d sales o f A m e ric a n se cu ritie s f o r
fo re ig n a c c o u n t, a n d it is said th a t such sales th is w e e k a t th e
S to c k E x c h a n g e h a v e in c lu d e d shares in co n sid e ra b le a m o u n t
as w e ll as b o n d s. T h is m o v e m e n t has been ch e cke d to -d a y ,
h o w e v e r, b y a re c o v e ry o f 15 p o in ts o r m o re in s te rlin g e x
ch a ng e .
S u b s ta n tia l e vid e n c e o f in c re a sin g business in W a ll S tre e t
is seen in th e p ric e o f S to c k E x c h a n g e seats, one o f w h ic h sold
th is w e o k a t $60,000, as a g a in s t $34,000 la st O c to b e r; a n d
also in th e to ta l n u m b e r o f shares tra d e d in d u rin g th e m o n th
ju s t closed. T h e s e sales a g g re g a te d o v e r 20,000,000 shares
as a g a in s t o n ly a t rifle o v e r 6,000,000 in 1913 (th e E x c h a n g e
w a s closed in 1914), less th a n 9,000,000 in 1912, a n d w e re
th e la rg e s t fo r a n y c o rre s p o n d in g m o n th since 1909.
F r o m a n a u th o rita tiv e sou rce w h e re th e fa c ts h a v e been
c a re fu lly co m p ile d , som e in fo rm a tio n has been g iv e n o u t
w h ic h is b o th in te re s tin g a n d su g g e s tive as to th e cro p s o f
th e c o u n t ry . T h is sho w s th a t th e w h e a t h a rv e s t w ill as
h e re to fo re a n n o u n c e d , exceed 1,000,000,000 b u sh e ls, a n d
th a t th e proceeds o f th is a n d th e fo u r o th e r le a d in g cereals
w ill fa r surp a ss a n y t h in g h e re to fo re k n o w n in th e c o u n t r y ’s
h is to r y . O n th e o th e r h a n d , it is e s tim a te d th a t th e c o tto n
c ro p w ill be o n ly th re -q u a rte rs th a t o f la s t y e a r.
T h e B a n k o f E n g la n d re p o rts a g a in o f $5,600,000 in g o ld
h o ld in g s w it h in th e w e e k a n d th e B a n k o f F ra n c e $12 000 000
T h is m a k e s f o r th e la tte r a n in ta k e o f $119,000 000 d u rin g
th e p a st tw o m o n th s , a ll, o r p ra c tic a lly a ll, fro m w it h in th e
F r e n c h b o rd e rs .
F o r e i g n E x c h a n g e — T h e m a rk e t f o r s te rlin g e xc h a n g e
c o n tin u e d m a d e m o ra lize d c o n d itio n e a r ly in th e w e e k ,
d e m a n d b ills o n L o n d o n fa llin g to th e s e n s a tio n a lly lo w le v e l
o f 4 50 o n W e d n e s d a y . S u b s e q u e n tly se n sa tio n a l im p ro v e
m e n t to o k p laco, b u t th e m a rk e t c o n tin u e d n e rv o u s
T o - d a y ’s ( F r id a y ’s) a c tu a l ra te s f o r s te rlin g e xc h a n g o w e re
4 61 @ 4 63 fo r s ix t y d a y s , 4 64 @ 4 72 fo r cheques a n d 4 6 5 @
4 73 fo r cables. C o m m e rc ia l o n b a n k s n o m in a l a n d d o c u
m e n ts f o r p a y m e n t n o m in a l. C o tto n fo r p a y m e n t n o m in a l
a n d g ra in f o r p a y m e n t n o m in a l.
T h e r e w e re n o ra te s fo r s te rlin g p o ste d b y p ro m in e n t b a n k
e rs th is w e e k .
T o - d a y ’s ( F r id a y ’s) a c tu a l ra te s fo r P a ris b a n k e rs ’ franc
w e ro n o m in a l fo r lo n g a n d 5 98 f o r s h o rt. G e rm a n y b a n ke r:
m a rk s w e re n o m in a l. A m s te rd a m b a n k e rs ’ g u ild e rs w e r
3 9 % f o r s h o rt.
E x c h a n g e a t P a ris on L o n d o n , 2 7 .6 7 % f r w e e k ’s rarnre
27.56 f r . h ig h a n d 2 7 .7 5 % f r . lo w .
k
E x c h a n g e a t B e rlin o n L o n d o n , n o t q u o ta b le .
T h e ra n g e f o r fo re ig n e xc h a n g e f o r th e w e e k fo llo w s :
—
High for the week__
Low for the week
High for tho week__
Low for tho week__
High for tho woek__
Low for tho week__
S te r lin g A c t u a l
P a r is R a n k ers' F r a n c s
4 63
4 49
—
___
___
—
___
___
S ix ty D a g s
G erm a n y B a n k ers’ M a rk s
High for tho week__
Low for the week__
-----
A m sterd a m B a n k ers' G u ild e r s
.—
C h equ es.
4 50 Wed.
5 96
6 03
811$
801$ Wed.
391$
39 7-16 Wod.
4 73
4 56 Wod.
5 95
6 02 W ed.
81 5-16
801$ Wed.
40
oy y-iu Wed.
39 9-16 ^
C a b le s .
----D o m e s tic E x c h a n g e . — C h ic a g o , p a r. B o s to n , p a r. s
L o u is , 5c. p e r $1,000 d is c o u n t b id a n d 5c. p ro m iu m aske
S an F ra n c is c o , 40c. p e r $1,000 p re m iu m . M o n tre a l, 9 2 %
®$1 25 p e r $1,000 p re m iu m . M in n e a p o lis , 20c. p e r $1 d
p re m iu m . C in c in n a ti, p a r.
S t a t e a n d R a i lr o a d B o n d s .— Sales o f S ta te b o n d s
th e B o a rd in c lu d e $6,000 N e w Y o r k 4 % s a t 1 09% $1 0<
N e w Y o r k 4 % s 1965 a t 1 04 % , $1,000 N . Y . C a n a l 41
1965 a t 1 0 4 % a n d $1,000 N . Y . C a n a l 4s 1961 a t 1 01 % .
T h e m a rk e t fo r r a ilw a y a n d in d u s tria l bo n d s has bet
la rg e ly it n o t w h o lly to in cre a se d sales f o r fo re ig n a cco u n
thoso d e sig n a te d as “ s-30-f” , a g g re g a tin g $2,326,500, f
a g a in s t $1,024,000 la st w e e k a n d a n a ve ra g e f o r s e ve ra l wee!
p a st o f $1,000,000 o r m o re less th a n th is w e e k .
K n o w in g to these o ffe rin g s , p rices h a v o y ie ld e d a n d o f a li;
o f 30 co n s p ic u o u s ly a c tiv e b o n d s, 17 h a v e d e c lin e d , 10 a re , i
755
m o s t cases, f r a c t io n a lly h ig h e r, a n d 3 a re u n c h a n g e d . L a c k
a w a n n a S teel issues h a v e been n o ta b ly s tro n g a n d B . & O . ’s
a re fra c t io n a lly h ig h e r. W e s tin g h o u s e 5s h a v e been w e a k ,
in s y m p a th y w it h th e sha res, a n d som e o f th e C o p p e rs a re
in th e sam e class.
U n i t e d S ta t e s B o n d s .— Sales o f G o v e rn m e n t b o n d s a t
1 j I l ^ d n re lim ite d t0 $4,500 4s co u p , a t 1 1 0 % to 1 1 1 L L
.a
a n d $o,000 4s re g . a t 1 09 % . For to-day’s prices of all the
different
lowing.
issues
and fo r
weekly range see third
page fo l
R a i lr o a d a n d M is c e lla n e o u s S t o c k s .— T h e s to c k m a r
k e t has been d e c id e d ly less a c tiv e th a n o f la te , o w in g c h ie fly
to a sub sid e n ce o f th e s p e c u la tive f u r o r w h ic h has c h a ra c
te rize d th e m a rk e t f o r som e tim e p a s t. M o r e o v e r , th e d is
a p p e a ra n c e o f a n x ie t y as to o u r fu tu re re la tio n s w it h G e r
m a n y , as n o te d a b o v e , re s to re s th e m a rk e t to a m o re n o rm a l
c o n d itio n . T h e fir s t e ffe c t o f th e fo re g o in g w a s a g e n e ra l
b u t r e la t iv e ly m o d e ra te r e c o v e ry o n M o n d a y fro m th e de
p re ssio n o f la s t w e e k a n d th is has been fo llo w e d b y a s te a d y
a n d less a c tiv e m a rk e t. T o - d a y th e v o lu m e o f business
w a s b y fa r th e s m a lle st o f th e w e e k . T h e m a rk e t w a s w e a k
e a r ly in th e d a y o n th e e xc h a n g e s itu a tio n , b u t re c o v e re d
la te r a n d p ra c tic a lly e v e r y a c tiv e r a ilw a y issue closed su b
s ta n tia lly h ig h e r th a n la s t w e e k .
T h e in d u s tria l lis t has as u su a l flu c tu a te d w id e ly th ro u g h
o u t th e w e e k w it h v a r y in g re s u lts . A d v a n c e s o f fro m 3 to 6
p o in ts o r m o re a re p a r tia lly o ffs e t b y d eclines o f o th e r issues
U . S . S te e l, w h ic h has led th e lis t in th e m a t t e r o f a c t iv i t y
closes w it h a n e t loss o f 2 % p o in ts . A m . C a r & F o u n d r y
has lo s t 4 % , B e th le h e m S te e l 6, A n a c o n d a C o p p e r 3 % , B u tt e
& S u p e rio r 4 % , T e n n . C o p p e r n e a r ly 4 a n d U t a h C o p p e r 2.
O n th e o th e r h a n d , C o m s to c k T u n n e l has a d va n c e d 6 p o in ts
C ru c ib le S te e l 5 % ,T e x a s C o . 12 a n d N e w Y o r k A i r B ra k e 2 % .’
For daily volume of business see page 764.
T h e fo llo w in g sales h a v e o c c u rre d th is w e e k o f sha res n o t
re p re s e n te d in o u r d e ta ile d lis t o n th e pages w h ic h fo llo w :
STOCKS.
W eek
e n d in g
S e p t.
3.
S a les
to r
W eek
R ange fo r W eek.
L o w est.
H ig h est.
R a n g e sin c e J a n .
L o w est.
1.
H ig h e s t.
34 61 Sept 3
Am Telcg& Cable.
30
Mar
July
Am Writing Paper, pref. i n/V 9 Aug 31 63 Aug 31 58 July
20,
0
5
Apr
Brown Shoe_____
100 32 Sept 2 32 Aug 2 23 May
Sept
Jan
Preferred ...........
560 77 Sept 8 1 Sept
64 Aug
Apr
Canada Southern.
10| 53 Sept 3 53 Sept
Sept
Case (J I), preferred___ 1,22 78X Sept 1 80 Aug 31 53 June 831$ May
741$
Apr
Cent & So Am Teleg___
1 128 Sept 128
Jan
Sept
Cluett, Peabody, prof.. 300(106 Sept 2 106 Sept 110 Jan 128 Sept
Sept 98
106
Comstock Tunnel.
56,20i 11c. Aug 28 17c. Aug 30 7c. May 21c. June
Crex Carpet...........
2 40 Aug 30 40 Aug 30 40 June 49 May
Detroit Edison__
167 1151$ Aug 31
Sept
Feb 1161$
E I du Pont Powd, pref. lOOjlOO Sept 116 'A Sept 1111$ Apr 100 Sept
901$
Aug
Havana E 1 K L & P , pfd 300100 Sept 100 Sept
100
95 Apr
Kings Co El Lt & Pow. _ 127jl24 Aug 30 125 X Sept 1201$ Mar 1001$ Aug
1251$ Aug
Manhattan Shirt.
100 59 Sept 3 59
50 Jan
Apr
Montgomery Ward, pref 20|113J$ Sept 2 1131$ Sept 112 Apr 1691$ Sept
Sept
131$
Nashville Chatt & St L_ 100:120 Aug 30 120 Aug 30 120 June 126 Jan
Ontario Silver M ining.. 200i 3
Pettlbone-Mulliken___ 200 59 X Aug 30 60 Aug 28 15 Mar 75 June
J$ Sept 3 31$ Aug 30 2 Feb 41$
Pitts Ft Wayne & C hic..
46154 Sept 2 54 Sept 2 154 Sept 158 July
Jan
So Porto Rico Sugar___
50 77 Aug 31 77 Aug
40 Feb
Aug
Texas Co full pd rects.. 700 145 K Aug 28 149 Sept 31 123 June 100 Sept
2
49
Union Pacific Warrants. lOOi 31J$ Sept 3 311$ Sept 3 271$ Feb 1311$ Apr
Unlted Dry Goods, pref.
Aug 30 681$ Aug 31 481$ Jan 661$ Apr
U S Reduction & Refg. .
~ ~ 41$ Aug 2S 11$ Apr 101$ June
Preferred____ ______
6 Aug 28 1 Apr 101$
U S Realty & Impt____
361$ Sept 3 33 Aug 50 June
Jan
Vulcan Detlnnlng_____
13 Sept 3
Jan 15
Wells, Fargo & Co____
107 Sept 3 771$ Jan 1101$ June
Aug
West Maryland, p ref...
481$ Sept 3 25 Jan
Westinghouse Air Brake
Aug 28283 Aug 31 280 Aug 2481$ Sept
83 Aug
O u t s id e M a r k e t . — T r a d in g c o n tin u e s a c tiv e o n th e B ro a d
S tre e t “ C u r b , ” w it h th e m a rk e t th is w e e k d e c id e d ly irre g u la r.
1 h ero w a s co n sid e ra b le se llin g p re ssu re a t tim e s w h ic h b ro u g h t
p ric e s d o w n , th o u g h these m o v e m e n ts w e re u s u a lly fo llo w e d
b y c o rre s p o n d in g a d va n c e s. T h e n e w S u b m a rin e B o a t
s to c k , w . i., a ssu m ed p ro m in e n c e a n d o n a c tiv e b u y in g a d
va n c e d s e ve ra l p o in ts a t th e b e g in n in g o f th e w e e k to 57, b u t
lo s t g ro u n d each d a y th e re a fte r u n t il 4 7 % w a s re a ch e d to
d a y . T h e close w a s a t 4 8 % . E le c t r ic B o a t co m . m o v e d u p
fro m 510 to 580 a n d d ro p p e d to 490. C a n a d ia n C a r & F d y .
co m . flu c tu a te d b e tw e e n 100 a n d 107 w it h th e close to - d a y a t
th e h ig h fig u re . T h e p re f. a fte r a loss o f som e 4 p o in ts to
113 sold u p to 119 a n d fin is h e d a t 1 18 % . C a r L t g . & P o w .
w a s a c tiv e a n d g a in e d a lm o s 12 p o in ts to 11, th e n fe ll to 8 % a n d
re c o v e re d fin a lly to 9. C ra m p S h ip b ld g . w a s e rra tic a n d
a fte r e a rly a d va n c e fro m 8 3 % to 87 m o v e d d o w n to 79,
clo s in g to -d a y a t 82. D rig g s -S e a b u ry O rd . lo s t o v e r 5 p o in ts
to 92 a n d sold u p to 9 8 % . I n t . M e r c . M a r in e w a s s tro n g ,
th e co m . a fte r y ie ld in g fra c tio n a lly to 2 % ro se to 4 % a n d
closed to -d a y a t 3 % . T h e p re f. g a in e d o v e r 6 p o in ts to
1 5 % w it h th e fin a l fig u re 1 3 % . T h e n e w c o m . a d va n c e d
fro m 48 to 54 a n d th e n e w p re f. fro m 6 3 % to 66. O il sto cks
w e re f a ir ly a c tiv e . Illin o is g a in e d som e 4 p o in ts to 151 a n d
sold f in a lly a t 150. P ra irie O il & G a s w e n t u p fro m 403 to
415 a n d d o w n to 398, re s tin g f in a lly a t 406. S ta n d a rd
O il (In d ia n a ) g a in e d 20 p o in ts to 470. S ta n d a rd O il o f
N . J . w e a k e n e d fro m 451 to 441 a n d re c o v e re d f in a lly to 444.
B o n d s m o re a c tiv e . D . & H . c o n v . 5s a d va n c e d fro m 102
to 102 % a n d s a n k to 1 0 0 % . I n t . M e r c . M a r in e 5s im
p ro v e d fro m 7 7 % to 7 8 % . K e n n e c o tt C o p p e r 6s r a n u p
fro m 149 to 178 a n d re a c te d f in a lly to 175. I n th e m in in g
lis t K e n n e c o tt C o p p e r w a s co n sp icu o u s f o r a n a d va n c e o f
8 p o in ts to 5 8 % , th o u g h to -d a y it r a n o ff, clo s in g a t 54.
B ra d e n C o p p e r a d va n c e d fro m 8 % to 8 % a n d re a c te d to 7 % .
C h ili C o p p e r w a s o ff fro m 1 9 % to 1 8 % .
O u ts id e q u o ta tio n s w ill be fo u n d o n page 764.
756
'
New York Stock Exchange— Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
,
For record of ia!e* during the week of «tocks usually Inactive, ice preceding page._________ _
S T O C K S — H IG H E S T A N D L O W S S T S A L S P R IC E S .
S a tu r d a y
A uy.
23.
M onday
A uy.
30.
T u esd a y
A uy.
31.
W ed n esd a y
S e p t.
1.
T h u rsd a y
S e p t.
2.
S a le s o f
the
F r id a y
S e p t.
3.
W eek
STOCKS
NEW YORK STOCK
EXCHANGE
R in o e S in ce J a n . 1
O n Oasis o f 100 share to n .
H lyh e st.
g iin o e f o r P resto n
Y ea r 1914.
L o w est.
B io h est.
Railroads
Topeka A Santa Fe. 92% Feb 24 105 Apr 19
0 1%
1017. 102 1 0 1 % 1 0 2 % 1 0 1 % 1 0 2 10034 101% 1 0 0 3 4 1 98% 10034 101% 19,250 Atchisonprel.............. ........ .......... 96 Jan 5 101% Junel7
Do
y »»2
97% 98 98%
98% 98H *10134 103 103 103 * 1 0U8»4 103% 1,215 Atlantic Coast Line R R .......... 98 Mar 1 113% Apr 30
08 98 *97% 100 103 103
300
2
*10 2
6334 Feb 25 84% Aug 11
103% *102 103%
81%
81% 82% 81% 81% 81% 8134 *70 81% 81% 8 2 % 20,867 Baltimore & O h io --------------- 67 Feb 23 73% July27
8 U 2 82
1,000 Do pref..................................
71
70-% 70-% 4,800 Brooklyn Rapid Transit.......... 83% Aug 13 93 Apr 21
70% 70% 70% 70% 85% 8 6 % 85% 8 6
71
*7012 R5U 70% 70*4 84% 85% 85% 85%
847a
85% 85%
138 July23 174 Apr 19
152
151% 1513d 150% 152% 150 151% 150 150% 150% 151 150*8 oOU 13,800 Canadian Pacific------------------- §250 Sep 1 325 Jan 22
3 Central of New Jersey..............
*250 350 *250 350 *250 350 §250 250 *250 350
Ohio-------------- 10% July 9 14% Apr 19
24,31 Chesapeake A Western............ 35% Jan 4 49*8 Apr 19
46%
45% 467g 45% 47% *11 471.1 46 47% 46 48%
4 5 % 46%
12 12
11% 11% 500 Chicago Great
12
*11% 12
1 1 % 11*4 *11% 12
Apr 19
Do
30 30 2934 30 30 30% 30 30% 30 303g 2.400 Chicago pref_________________ 25% M ayl4 36% Apr 19
*29 30
98%
7 7 3 4 July26
Milwaukee & St
8234 83 82% 82% 81% 82% 82 84
823.1 83
83 83% 121% 121% 121% 121% 120% 120% 120% 120% 7.400 Do pref....................... Paul 120%Sep 2 130 Jan 22
700 Chicago A North W estern... 118% JulylO 132 Apr 15
1201. 12U-> *120% 121%
126%
126 126% *126
127
*126 129 127 127 *160 127% *163 170 *163 128 *163 126% 1,200 Do pref___________ _____ 163 July 9 §175 Jau 30
*160 170 *160 170 21% 170 22% 24% 22% 170 22% 170 107,435 Chicago Rock Island A Pacific 10% July23 38% Apr 15
23%
23%
24
20% 2178
22
* 20
115 July 9
Chicago St Paul Minn A O m .. §114 A or
113 120 *113 120 *113 120 *113 120 *113 120 *113 120
Do pref_________________ 126 July26 131 July29
*125 140 *125 135 *125 135 *125 135 *125 135 *125 130
Ohio A St L o u is... 53% Feb 17 36 Apr 1
35
*32 35 *32 35 *32 35 *32 35 *32 60% 200 Clove Cln ref..--------------------- §21 Jan 18 65 Aug 10
* 35 35
225 Do p
60%
60 60 *60 65 *58 65 *58 63 *58 62
Southern------------ 24 M arl5 32 Apr 8
*27 28 *27 28 *26% 28 *27 28 *27 28 *27 •27% 200 Colorado & pref........................... 45 Jan 18 54% Apr 5
Do 1st
48%
*49 50
*48 52 49 49 *35 42 *43 52 *35 48%
*48 52
3
35
2 49%
100 Do 2d pref------- -------------- 138% Sep 31 153 Apr 19
40
35 35
40
*35 42 *35 40 *35 139% 139% 139% *139 140 139% 140
Aug
920 Delaware A Hudson-------------- 399's Jan 6 429*4 Apr 10
138%
139 140 13934 1 3 9 3 4 *405 423 *400 425 *400 425 *415 420
Apr
Delaware Lack & Western—
*400 425
*400
4 Jan 12 9% Apr 20
Denver A Rio Grande.*4
7
7
*4
*4
7
* * 4 425
7
*4
7 *4
7
18% Apr 19
6% Jan
Do pref___________
10
*8
10 * 8 10
*8
*8 10 * 8 10 28% 29% 28 29% 28% 29% 70.400 Erie.......................................
*8 1 0
19% Feb 24 30% Aug 11
28% 29%
28% 28% 28% 29% 44% 44% 44% 44% 43% 44% 43% 448 4 13.400 Do 1st p r e f.............
32% Feb 24 46% Apr 19
44 44 4334 44%
37% Apr 19
600 D 2d pref_________
35% 34 35*2
35% 35%
*34 35% 35 35 35% 35% 117% 118% *3434 118% ♦117% 11834 5,750 Great Northern pref............— 1 27 Feb 25 122*4 Apr 19
1 2%Jan
2
1173,1
118*d 1187* 118 11834 118 118%
45
Iron Ore properties------------ 25% Jan 2 113 Aug 19
4234 43% 42*8 43% 4134 42% 41% 42% 41% 42% 41% 42% 27,300 Illinois Central..............- ........... 99 July 7
Apr 19
300
102 " 102 103 103 *102 10434 102 102 *101 10434 *1U134 104% 29,800 Interborough Consol Corp.vtc 18% JulylO 22% Aug 30
21 22-% 2 0 % 2 1 %
21 21*4 21 22% 21% 22% 21% 22% 75% 76% 7512 76% 15,250 Do pref_________________ 70 JulylO 76%June24
75% 743.1 75 3 4 75% 76 75% 76%
24*4 Apr 29
74*4
10%
21% 207g 22*s 21% 22 213.1 22% 21 22% 21 21% 13,200 Interboro-Mctropolltan v t ctf 49 Jan 10 77% June22
21
fan 19
300 Do prof.....................
77 77 7634 7634 77% 77% 2
*76 78 *74% 75 *26 27% 26% 27 26% 27 —5 3 4 —
20% Feb 24 29% Aug 12
27 5,400 Kansas City Southern..
26*2 27 26% 273s *57% 58 5734 5734 5734 58
Feb
Do pref___________
58% 58% 1,300 Lake Erie A Western------------ 54% Jan 24 60% Apr 20
57% 57%
9%
5 7 % 57%
5
5 23% Apr 21
*7
*7
8
8
*6% 8 *612 2 2 *17 2 8 *17 2 2
Apr
*63g 8
*6-% 8
19 May27 148 Aug 22
Do pref......................
2
21
11
*17 22 *17 22 *18 142% *17 144% 142 144 142 144% 16,300 Lehigh Valley..................
129% Fob 24 44 Aug 25
142
*142 142% 142% 14312 142% 39% 40% 40% 42% 42% *40 42
30 Jan 11 125% Apr 20
Long Island.......................
400
49
42 *39 42 39%
104% July 8 129 Apr 23
Nashville..
*1143§ 117 116 116 *115 117 *112 117 *114 116 *114 116 . 225 Louisville A E levated...
125 June25 19% Fob 15
50 Manhattan
*125 129 §128 128 *125 129 *126 128 *126 127 *125 123
10% Jan U 49 Feb 15
895 Minneapolis & St Louis.
14
13% 1410
14 *13% 14
14 *13% 14 *13 36 *31 36 *13% 30 *30 36
25 Jan
200 Do pref_________________ 106 Jan 18 124 Aug 11
30
*31 36 *31 119 *117% 119 *116 119 *117 119
36
Minn St P A S S Marie............ 123 June 8 132 Apr 19
*117 119 *115 119 *116 125 *120 125 *120 123 *120 123
Do pref.................................. 5 JulylO 15% Apr
*120
*120 125
Kansas A Texas-----7% 7% *7% 7% 7% 7% 1,800 Missouripref_________________ 13% JulylO 40 Apr 19
8
5
8% 8% 8% *7
8
300 Do
18 18
*17 19% *17 19 18 18 17 17 *17 19
1-% July27 18% Apr 19
Pacific____________
3% 4% 3% 4%
4
4% 3% 4
4
312 4% 14% 14% >14 20 *14 19 *14 20 17,200 Missouri of Mexico 1st pref— 14% Aug 31 23 Jan
3I2
100 Nat Rys
*14 20
4% July28 7% June 4
200 Do 2d pref............................*5
534
6
*5 6
6
6
8
Mar 1 71% Apr 2
91% 92% 91% 93% 91 92% 28,600 N Y Central A Hudson River 81% Feb 25 93% Sep 21
9012 9012 9012 9 I 84 91% 92
43
65% 66*4 33,600 N Y N II & Hartford..
65% 67*8 66 67% 65% 67
64 6 6 I4 2634 271i 26% 28% 26% 26% 2G% 27% 2,550 N Y Ontario A Western
*6212 64
2 1 %Jan
6 35 Apr 20
110% Sep 3
26's 26l2
2512 26
1
A Western_____
0734
106
107l2 108 zl05% 106% *80 10634 10634 180% 108% 110% 9,300 Norfolkadjustment preferred. 99% Jan 2 00 June15
10718 108
80% Sep
100 Do
*80 90
80%
19
*80 ___ *80 - . - *80
99 %Fob 24 112% Apr 21
8,928 Northern Pacific---------103*8 Feb 24 111% Apr
108% 1 .S 4 107-3s 10812 107% 10734 10634 107% 108 106% 106 107% 16,708 Pennsylvania_________
0 -1
IO8 I2 1 0 St2 108% 109 108% 109% 108 108% 10834 109 103% 110%
65 May 17 7 8 Jan 5
925 Plttsb Cln Chic A St L ou is... 90 JunelO 9 1 %June 18
70% 70% 72 72
70% 71
572 72 *70% 72 '___ 96 '___ 96 ___ 96
*70l2 72
Do pref_________________ 138% May 10 157% Apr 19
96 ___ 96 14734 148% 148 149% 147*8 150% 60,410 Reading______________
'___ 96
148 149%
90
14834 149*8 148*2 150
81 Aug 13 86% Junel2
150 1st preferred_______
*79 84 *79 84 *79 84
*80 82% 82% 82% *82% 83 *82% 83 83 83
Apr
*80 84
80 Fob 23 1% Apr 19
100 2d preferred................
*82% 83 *82>4 83
9
*82% 83
% Julyl5 2% Apr 9
*1,
5,000 Rock Island Company..
% 3
8 *% 1
%
*>4 %
%June21
3
8 ■
3
8 3 3,100 Do prof.....................
g
% 1
%
«4
•<s
% 6 % *4% 6 38 5% 5%
1*4 Mar22 7% Jnne26
*434 5% 900 St Louis A San Francisco----5% 4% 5
*4%
7 Aug 17 12% June28
100 Do 1st preferred__
10% 10%
*7 11 *10 11 *9 11
*7 1 1
11
*8
3 Jan 18 8 Mar31
-3 7
6% 3,585 Do 2d preferred__
*434
3
6% 6 8 6 8 6% 6 4 6
6
6%
6
*5
12% Aug 19 19 Apr 23
St Louis Southwestern.
16% * 1 0 16% *10 16% *10% 16% *10% 16% *10% 16%
*10
29*4 JUiy24 37 Jan 21
Do pref.....................
34 * . 35 '___ 34 ___ 34 *___ 34 ___ 34
11% Juiy3l 17 Apr 21
Air Line----1434 14% 14% 3234 1434 13-% 14% 13% 13% 1,300 Do
"1 4 % 14% 14% 3234 *32 33 *14-38 3234 32 32% 31% 31% 1,050 Seaboardpref__________
42 Apr 10
3 0 % July24
32 32 32%
Feb 5 95
..
88% 89 87% 89%
91% Z8834 89% 104% 101% 104% 105% 87% 88% 41,970 Southern Pacific C o .Issued)-. 81% Feb 20 106% Apr 21
90 9012 90%
Apr 19
94%
448 Certificates (when
105% 105%
12% July23 19% Apr 9
15% 15% 15% 15% 1534 15% 15% 15% 49% 1.800 Do Railway..........
15% 15%! 1534 4934 48% 49 48% 48% 48 48*8 ‘ 48 "l5% 4.800 Southernpref....................
42
July23 63 Jan 26
48% 48%; 49% 1 0 % *9% 10% 10 10 *9% 10% 10% 10% 300 Texas & Pacific..............
8% July23 17% Apr 19
*9% 1 0 % *9% 55% 53% 541, 53% 54 53% 55-i4 54% 54% 37,300 Third Avenue (N Y )________ 35 Jan 2 68 Apr 15
53%
54 55
1 Jan 6 3% Aug 27
Toledo St Louis A W estern.. .
*234 5
*234 434 *234
*284
5
5
5
*3
5% May 25 '»%Jan 23
*3
Do pref....................
*6%
*6% 9
*6 9
*7 9
7
*6
*6 % 7
Apr
90 July 9
92% 92% 459
94
92 92% 92%
91% 92 592 132% ll2734 129% *92 129% 128% 129% 57,170 Twin City Rapid Transit----- 115*4 Jan 2 100 Apr 19
*90 92
134%
19
13 1
:I313g 131% 132% 131% 82% *80 80 128% 80% 80% 80% 1,215 Union Pacific_________
*79 Mar 1 82% Aug 31
Do pref__________
82%
80
82 82
82 82
8
5 26
24 2 18 4 24% 26 24% 25% 24% 2434 23% 24V 49,150 United Railways Invetments. 21% Janarls 42% Aug 31
24% 2434 403g 42% 40% 4134 40 41% 39% 40% 38% 39% 19,900 Do pref________________
M
Aug 28
%May26 2% Apr 30
Wabash............................ .............
• ’S
* 413.1 42% *__
h
%*
3|
%June28 6% Apr 29
1,400 Do
%
*% %
% %
% 29 % 28% 31 % 14.700 Westernpref________________
% %
' * ’ 14
%
31 Sep
9% Jar
Maryland__________
25% 29% 273., 29 28 28 28 28% 28
% July28 3*4 Jan 18
100 Wheeling A Lake Erie_______
*% 1%
1% *34 1% *3., 1%
1% *2% 6 *2% 6 *2% 6
♦ 84
1% 1% *2% 6
2 Aug
16 Jan 18
Do 1st preferred_________
*2% 6
*2% 6
%Aug 10 6 J»n 18
Do 2d preferred_________
2%
*1
2% *1
2
*1
2% *1
2
2
*1% 3
Wisconsin Central__________ 28 Julyl4 39%Jan 21
*33 35 — — *31 35 *32 35 ♦ 31 35 *31 35
Industrial & M iscellaneous $ 2 6 %Jan
$10
4.300
33 33%
33 33% 33% 33% 32% 33 33 3334 38% 40% 33 33 55,225 d Alaska Gold Mining . Pt a 0r ------ 7 * 4 Jan 12
38 39«4 2.300 Allls-Chalmers Mfgt vc___
3634 38% 36% 3934
39%
39% 40% 373.1 6984 68 69
Fob
Do preferred v
6834 69% 69% 69% 68% 69% 21,200 American Agricultural Chem. 33 Jan 10
69
70% 71
43
61% 9534
6234 65 6134 63% 61% 62% 62 63% *94% 62%
593g 63
90 Mar27
585 Do pref.................. ........
95 95 595 95
95 95
9 38 4
95 95%
94
33% Jan 6
67%
66 6312 65% 65% 68% 65% 88 40,110 American Beet Sugar_____
65% 66% 63% 92 *88 92 *86 92
65 66
83 Feb l
100 Do pref.........................
88
*86 91 *86 92 *88 100 *100 107 ‘100 106 *100 107
87%
Araer Brake Shoe A F ctfs dep 132% Feb 25
*100 107 *100 106 >
Mar25
*
*___ 177 *
Do pref ctf dep________ 25 Feb 24
175
177
176
» ,__ 177
177 1
57% 59*4 2,650
60*8 58% 59%
0 0*8
60% 61% ~59% 61% 59% 105% 105% 108 ~59~ 105*4 105 105% 70.700 American Can____ ______
01%Jan 5
Do pref...........................
106 106 105 10534 105 70-3g 6 8 % 69% 105% 70% 67% 69 56,375 American Car & Foundry___ 40 Fob 23
673.1
72 73% 69% 724, 6 8
1 1 1 %May25
100 Do pref............................
116*4
116% 116%
*118% 121 *116% 118 ’‘116% 118 *116% 118 151% 154 *116% 151 11,600 American Coal Products..
82 Jan 20
151% 157% 152% 159 149 154% 150 150% *117 117% 149% 117%
§ 105 Jan 7
300 Do pref_____________
*117 118 *117 118 117% 117% 117% 117% 50% 51% 117% 50% 5.100 American Cotton Oil________ 39 Jan 4
513
49%
5138
53 5234 51 1 0 0 ♦ 51% 1 0 0 4 99% 99% *98 1 0 0
52 52%
91 June2o
400 Do pref...........................
*97 99 *97 99 *97% 9% 97% 9% 9
Feb
884
8%
9*8 8 % 39% 20,710 American Hide A Leather------ 1 94% Jan 19
9% 9%
9
8% 9
*4
5
Do pref_____________
3834
38%
39%
41 39 41*8 23% 39% 23 40*8 23% 23% 24.620 American Ice Securities—
37% 3834 39%
20% Jan 4
1.100
•23% 25 23% 23% 23% 23% 2 0 % 23% 1934 23*8 19% 2 0 % 57.620 American Linseed________
7% Jan 2
2334
20% 213g 2134 24% 2 0 % 3934 3634 2 1 % 37 2 1 * 4 *36 38 12,850 Do p ref................ ........
24 Jan 5
37*8
38
38 39% 39 41% 37%
19 Mar 2
54% 55% 54 55 8 4 53% 54% 52% 54% 53 56 52% 53% 33.700 American Locomotive___
Mar 0
300 Do pref_____________
♦ 96 98 *96 98 *96 98 *90 98 ♦ 96 98 97 % 97% 6,300 American Malt Corporation.- 75 Apr 14
3%
7
8
7% 734 7% 734 6 28
734 7%
6
6
*5
21% May27
1,728 Do pref...........................
27%
*24 27 26 28 *80% 29% *26 27% §25 25 *25 80%
225
81
80% 80% *80 82 80% 81% §81 81 *80*4 81% 80% 82% 38.900 Amcr Smelters SecRpref B------ 78 Jan 19
66
2
Amer Smelting A efining... 100 Jan 4
79*4 82% 81*4 82% 81
81
8134 82% 80%
Jan
850 Do pref____ ________
107 107
1063.1 107 §107 107
107 107 107 107 *146 149 *146 149 *106 150 *149 107
144 Jan 16
300 American Snuff__________
151
149
*140 150 *140 149 ♦ 105 1 1 2 *105
Do pref (now)..............
*103 108 *103 108 5234 54 52 54__ *105 ____ *105 ___ lY,306 Amer 8teel Foundry (new)-- 103 Jan 19
24% Mar 5
52 54% 51% 53%
53% 54 53% 54% 1 1 0 1 2
99% Feb
109 1 1 109 2 0
*109 111 110*4 11034 *115 11 2 0 %zl09% 109% *113 11 2 0 % *114 1109% 7,400 Amerlcan Sugar Refining------ 109 Fob 24
5
Do pref...........................
*113 1 2 0
*115 120 *115 120 122% 123*8 12234 1 2 3 122 123 122 122*8
500 Amer Telephone & Telegraph 116 Jan 4
12334 12334, 123% 124
150 American Tobacco_______ *218 May 14
♦ 225 228 *225 228 *225 228 *225 228 225% 225%
1228 228
103% Jan 4
350 Preferred (now)________
106% 106%! *106% 107% 107% 107% §107*4 107*4 *107 108 108 108 4,620 American Woolen________
15*4 Mar 6
34% 38
34 33 3334 34% 34% 34% 91 93% 1,524 Do pref____ ________
77% Feb 27
*90 91% 90 00% *90 91 91 91
713g 733a1 71*8 73*8 71 72% 110,475 d Anaconda Copper. . P a r $50 e $24*4 Feb 24
74>g 74%1 73 74% 72% 73*a
• Bid and asked prices; no sales on this day. J Ex-rights. § Less ih a i 1 0 0 shares, a Ex-dlv. and rlabta. t> New atook. Par $25 per share,
dollars per share, e First installment paid, x Ex-dlvldend. # Full paid
t
d
Quoted
NewYork Stock Record—-Concluded— Page 2
For record of sales during the week of stocks usually inactive, see second page preceding.
ST O C K S— H IG H E S T
S a tu r d a y
Aug.
28
M onday
Aug.
30
AM O
T u esday
Aug.
31
LOW EST
W ed n esd a y
S e p t.
1
SALE
T R IC E S
T h u rsd a y
S e p t.
2
F rid a y
S e p t.
3
S a le s o f
th e
W eek
S h ares
STOCKS
NEW YORK STOCK
EXCHANGE
1.
R a n g e S in ce J a n .
of
sh a re lo ts.
On b a s i s
L o w est.
100
H ig h e s t.
757
R a n g e f o r P resto n s
Y ea r
1914.
L ow est.
H ig h e s t
Industrial & Mlsc. ( C o n )
79 79% 79% 82% 80% 83% 82% 83%
80% 82
Locomotive______
26% Mar 3 85 July27
52% Mch
*103 105% *103 105% '103 105% 106% 106% 80% 83% *103% 106 127.300 Baldwin pref.................................. 92 Mar 9 106% Sep
100 Do
110 June
1«4 291
1'4 *1% 1% 1% 1% 1% 1% "*1
1% *1% 1% 300 d Kutopllas Mining__ P a r S20 $% Feb 5 S2 Apr 1
$1% Feb
290
289% 293
46% Jan 2 311 Aug 6
46% Deo
140 140 *140% 150 285 292 285 293 290 294 284 290 4.000 Bethlehem Steel___
141% 141% 140
140% 141
142
500 Do pref.............
91
Aug
91% Deo
*126l2 129 *126% 129 127 129 *127 150 127 127 142 127%
200 Brooklyn Union Gas_________ 118 Jan 2 180 Apr 12
5 132%
130 Jan
07*, 68% 66% 68% 60% 67 05% 129 64 66% 127% 64 11,700 d Butte A; Superior Cop. P a r $ 10 $58% Jan 23 $7978 June 30
67
61%
Aug
4
17% 18% 18% 19% 18% 19% 18% 19% 18 18% 18% 18% 15,900
8 July26
Feb 8 15% Deo
Feb
40% 40% 41% 43% 43% 45% 44% 45% 43% 45% 43% 43% 14,550 California Petroleum v t ctfs 30 July23 52D8 Feb 8 50 July 30% Mch
Do
4*4
68
44 44% 44 44% 43% 44% 43% 44 43% 44% 43% 44 14.300 Central pref_______
Leather___
32% Feb
46 Aug 19
*104% 105% 104% 105% *105% 106 104% 104% 104% 105% 104% 104% 1.000 Do pref______________ __~ 100% Jan 20 106 Aug 26 25% Jan 38% Deo
94% Jau 104
46% 47
46% 47 46 46% 45% 46% 45% 46
45%
32% Jan
49% Apr 26 $31% Dec $44 July
Feb
42% 44
41% 43% 42 42% 41% 44% 43% 46% 43% 45% 15,350 d Chino Copper.............. p a r *5 21% Jan
46%
Colorado Fuel &
46% Sep 2 20% July 34% Feb
*127 128 127 127% *126 127% *126 127% 125% 127 126% 126% 100,250 Consolidated Gas IronY ). " 113%Jan
600
(N
13134 Apr 30 112% Deo 139% Jan
85% 86% 84% 85% 82% 85% 84% 86 82% 85% 3,750 Continental Can________ ” 40% Jan
587 87
9 4 %Aug 16
37% June 45% July
*103% 104% 103% 103% 103% 105 103% 105% 103% 105% 102% 103% 800 Do pref................ I
88% Jan
104 Aug 19 84 July 91% July
18% 19
18% 19% 17% 18% 17% 18% 17% 18% 17% 18
8 Jan
19% Aug 30
7 July 13% Jan
84% 84% 84% 85 84% 84% 83% 83% 83% 83% 83 84% 47,450 Corn Products Refining..
65 Jan
85 Aug 30 58% July 72 Jan
75 76% 74 77% 74% 76% 73% 84 82% 88% 81% 851 1,700 Do pref________
Steel of America
18% MaylO 9 2 3 4 Aug
101% 101% 10134 101% 101% 101% 101% 103% 104 105% 103% 104% 185,720 Cruciblepref__________
4,100 Do
84 MaylO 106 July30
118% 118% 114 115% 116 117 117 118% 118 119
116
38 Jan 25 125 July22
*107 112 *107 112 107 110 *107 112 *107 110 115% 110 3.600 Cuban-Amerlcan Sugar
Do pref.............................
M arl7
Aug
27 28
26% 28 26 27 26 26% 26 27 107 26% 15",350 Distillers’ Securities CorpII” 93 Mar 2 109 Aug 27 90 Deo 90 Deo
26
5%
30%
10
21% 21% 21% 22 21% 22
21% 21% 21% 21% 21% 21% 3.600 d Dome Mines Ltd . . . P a r $16 t$16 June25 324% July 15 11 July 20% Mob
70 76
74% 78% 19,000 Electric Storage Battery .
69 69
69 Sep
78% Sep 3
33 34% *32 36
31 33 *28 33 '___ 35 *25 30
800 Federal Mining & Smelting
8
Mar24 60 Junel2
7% May 15 Jan
51 51
49 49 *45 51 *45 49 *45 49 45 45
300 Do pref..............................
20 M arl3 65
*296 300 298% 298% 5295 295 *290 298 298% 298% *290 298
587 General Chemical_____I ” ” " 165 Jau 26 300 Junel2 160 Apr 180 Jan
Aug 26 28% Dec 43 Jan
*109% 112 *109% 109% 110 112 *110 113 '110 112% 111 111
Do pref................. ............... 106 Mar 1 111 Sep 3 107% Feb 110 June
175% 176% 174 176% 174 175 173 175 173% 175 zl71 172 8,050 General Electric______
Mar 178% Aug
Dec
Feb
219% 219% 218% 219% 218 219% 219% 240% 240% 248 243 243 9.100 General Motors vot tr ctfs” 138 Jan 3 248 Sep 26 137% Jan 150% May
2
2
37*8
110% 110% 110 110 109% 109% 109% 110% 110% 112% *111 112% 2.400 Do pref voting trust ctfs. 82 Jan 4 1 1 2 1 2 Sep 2 70 July 99
Feb
62% 63
61'% 63 60% 61% 60% 62% 60% 63 60% 62% 28,900 Goodrich Co (B F )................... 90% Jan 7 64% Aug 17 19% Jan 95 Apr
24'?
28%
107 108% 108 108 108 108 5106% 106% ■ 106 108% 107 108%
650 Do pref.................................. 95
108% Aug
79% Jan 95 Deo
67% 68% 66% 68% 66% 67% 66% 67
66% 67% 65% 66% 38,875 d Guggenheim Explor. P a r $25 $45% Jan 14 $6 8 %Aug 26 $40% July $571* Apr
Jan 7
*116 117% 117 117 *116% ___ 5118 118 *117 118% *117 118%
193 Ilomestake Mining__________ §114 Jan 8 §120 July 27 109% July §122% Mob
2
36% 36% 35% 36% 35 36
34% 35% 35% 36%
35% 46,705
. P a r §20
2
Aug 28
22% 23% 22% 24% 22 22% 21 22 22 22 35 20% 4.100 d Inspiration Con Cop C orp... $16%Jan 31 $36% Aug 30 $14% July $19% July
19
Internat Agricultural
24%
4 Jan 10% July
40 41% 38% 39
40% 42
39 36% 38% 36 36
3.400 Do pref.................................. 5% Mar 15 42 Aug 28 13 May 30 Jan
8
Mar
108% 109 103 109 107 108
107 106% 106% 106% 108% 2.400 International Harvester of N J 90 MaylO 114 June 4 82 July 113%Jan
117 ----- 117
* ----- 117
116 115% 115%
100 Do pref.................................. 110 July 13 117 Jan 20 113% Jan 118% July
116
75 *68 75 68 68% *6 8 % 75 * 6 8 70% 200 International Harvester Corp. 65 Feb 20 80 Apr 10
*68 75
110 ----- 110
*----- 110
Do pref..................................
0
Mar
14 82 Deo 111%Jan
10 11*4 11% 11% --- 110 *___ 1 11 01 % * 1 0 1 11034 10,650 International Paper_________ 90% Jan 6 114 Jan 19 114% May 118 Julj
*9% 10
10% 11% 1 1
8
12
6%
10% Feb
38 39% 39% 39% 39 39
*36 38
38 38% *38 39 2,300 Do pref.................................. 33 Feb 24 43 Apr 19 30 July 41 Jan
Apr
Dec
*76 83 *77 83 *77 83 *77 83 *77
Kayser & Co (Julius)............ 76 Aug 24 8 8 Apr 26 80 Jan 94 June
*77
*108 112 *103 112 103 112 103 112 *108 1 183 *108 1 183
2
2
Do 1st prof____________ 107 Jan 13 109 Apr 19 106 Mob 108% May
*150 170 *150 170 150 170 *150 170 *150 170 *150 170
Krcsge Co (S S)___________ 99 Jan 18 160 Aug 24 81 Jan 105 Feb
*110 111 *110 112 110 112 110 111 * 1 1 0 1 1 2 * 1 1 0 1 1 1
Do pref_______________ 105% Feb 15 110 Junel2 99 Jan 105 Mob
07% 72 69 71% 70 71
67% 68
70 72 6
70
72
*101 103% 103% 103% 103% 103% *101% 102% * 1 0 1 103 * 1 0 18 % 103 35,770 Lackawanna Steel..................... 92% Jan 15 106 Aug 30 26% July 40 Jan
500 Laclede Gas (St Louis)______ 28 Jan
Apr 13 85 July 101 Feb
*215 230 *215 223 *220 223
225
§220
318 Liggett & Myers Tobacco___ 207 Jan 9 231 Apr 22 207% Deo 231 Mob
*116 120 118% 118% *116 118% 220 220 *116 225% *116 2 2 0
116 120
12 0
119*4
100 Do pref.................................. 113%Jan 5 119% Jan 2! 111*8 Jan 118% July
*13% 20 *18% 20 *18% 20 20 25 *18% 27 * 2 0 25
900 Loose-Wiles Biscuit tr co ctfs. 16 Feb 17 31 Jan 11 26 Dec 38 Jan
*90% 92 *90 92 *90 92
92 92 *__ 93 93 93
93
300 Do 1st preferred..
86
Feb 20 105%Jan 13 101 Apr
*— - 65
------------------ 65
*
65 *
65
65
Do 2d preferred..
60 Junel5 65 M arl) 89 Jan 105 Mob
95%
*103 180
♦ 168 180 168 180
§180 180
11 Lorlllard Co (P)____
165% Jan 6 184 Mar 8 160 July 190 June
Apr
* 12 115% 115% 115% *110
*110
*110
100 Do pref................
112% Jan 6 118 Jan 19 110 Jan 117% July
75 79 *75 79 *70 79 *70 79 *70 79 *70 79
Mackay Companies..
72%Jan 11 82% May 6 61 July
Feb
65% 68 *06 68 *66% 68 568 68 *6 6 *4 68 *65 68
21
Do pref.................... ........... 65 Feb 25 69% Jan 19 65% Jan 87% Jan
42% 42% 42% 43% 42% 43 42% 45% 44% 45*8 43*4 44% 7,200 Maxwell Motor Inc tr ctfsl” 15% Jan 6 6 8 Apr 14 14% Deo 70 Deo
16%
91 91% 91 91% 90 91
90% 91% 91*4 92% 90*4 91*4
1st pref stk
43% Jan 2 92% Aug 18 41% Dec 44 Deo
36 36 35% 36% 35% 36% 35% 37% 37*4 38% 37% 38% 5.000 Do 2d pref stk tr ctfs
Do
18 Jan 6 44 May 6 17 Deo 17% Deo
*36 40 *35 45 *35 45 *35 45 *35 45 *35 45 4.800 May Department Str ctfs.
tores...
35 Julyl2 56 Mur 2 61% June 69% Jan
*95 98 *94 98 *94 96 *94 96
96 96 *94 96 """166 Do pref_________
94% Apr 27 i9S% M arl5 97% June 101% Feb
85 85% 84% 87% 84% 86 83 85
83% 85% 83 84%
Petroleum.I
Apr 26
51 Jan 9
73% Feb
84 84 86 86 *82 90 *82 86 *85% 86 *82 86% 31,500 Mexicanpref_________________ 67 Jan 15 97 Apr 26 46% Jan 87 Feb
200 Do
94
67 May
26% 27 26% 27 26% 26% 26% 26% 27 27*4 27 27% 15,400
Apr
Feb
Deo
53 % 53% 54 55% 55 55% 54% 55% 56 59 57% 58 12,045 d Miami Copper______P a r §3 $17%Jan 6 $29% Sep 26 $16% Deo $24% June
Montana Power_________
42 Jan 4 59
2 41
*106 ___ 106% 100% 105 105 *104% . . . *105 ___ 107% 107% 70 0 Do pref....................1111” 99 Jan 29 107% Sep 3 101 Apr 52%
103% June
118% 119 118 121 119% 119% 120 123% 123 124 122 122% 7.800 National Biscuit......................... 116 Apr 3 132 Jan 22 120 July 139 Feb
*-----122% 120% 120% 122% 122% *120
200 Do pref.............................
Feb 3
May25
*86 89% 84% 86 81% 84 I 84 84
84% 86% 84 84
1,625 National Cloak & Suit_____II 119 Mar25 126 Aug 27 119% Jan 128 June
106 109 I*------ 108 *----- 108 1*105 108 108% 108% *107 109
100 Do pref................................ 6 8 Mar25 90
27
27% 2812 *87 28% 27 27% 26% 27% 27% 29
27% 27*4 7,900 Nat Enameling & Stamping.I 100% Jan . 109 Apr 27
9%
29%
90 89 89 *87 89
14 Feb
9
*87 90
89%
100 Do p ref.................. ............. 79 Apr 1 90 Aug 25 80 July 86% Mob
July27
June
65 65% 65 66 64% 65% 63% 64% *87 66% *86 89
65
National Lead______________ 44 Jan
64% 65%
70% Mav 1
111% 112 112 112 ‘112 112% 112 112 110 112 '109 112 13,900 Do pref................................. 104% Jan . 112 Aug 28 40 July 62 Jan
400
105 Jan 109 Feb
15 15% 15 15% 14%
14% 14% 14% 14% ‘14% 147S 3,600 d Nevada Cons Cop__ P a r $ 5 811% Feb 24 S167g Apr 27 110% July $16% Jan
147% 149% 147 149% 142
New
71% 75 72% 75% 1141% 147 146 152 146 149 17,800 NorthYork Air Brake________ 56% Jan 26 152 Sep 2) 58 July 69 Jan
*71 72
71% 74
72% 74
72 72 6,200
American Co (new)__ 64 Feb 19 81 Apr 2 64% July 79% Mob
33 33% 33 33
*33 34
32 33% *31% 33%
33
1.000 Paelflc Mall.................................. 18 Mar 17 38 Aug 3 17% July
Jan
33% 34% 35 37% 35% 37 35% 36% 35% 35% 32% 35
34%
7.000 Pacific Telephone & Telegraph 26% Feb 11 39% Apr 16 20 July 29 Jan
31
*115 116 *115 116 114% 116 115 115 114% 116 *114% 116
100 People’s Gas
C (Chicago)
MaylO
Apr 3
88% 90% 88 90% 86% 88% 87% 89 88 88 86 87% 22,550 Philadelphia Lt & (Pittsburgh) 112% Apr 7 123% Aug 29 106 July 125 Jan
Co
71
90%
35 38% 33% 37 33% 34% 33% 3i
3334 35% 32
56,200 Pittsburgh Coal...........
15% Jan
38% Aug 28 15 Deo 23% Feb
99% 106% 102% 105 101 102% 102% 104 101 103% 101
8.000 Do pref................
Sl%Jan 4 106% Aug 28 79 Deo 93% Feb
60% 62
61% 61% *100 101 59% 60% 59 60
60% 58% 63% 27,160 Pressed Steel Car.........
67 Aug 16 26% Jan
Feb
100% 100% 100% 100% 59% 101
*100 101
101
300 Do pref................................ 25 Mar 6 0 2 %Jan 25 97% Jan 46 Mob
86
MarlO
*100% 107 100% 100% *100 100% *100 107
*100 107
100%
200 Public Service Corp of N J .. 100% Aug 24 1110% Apr 22 107 Jan 105% Apr
114
*158 160 *158 160 159 159 157 159 159 159 *100 160
158
200 Pullman Company___
150% Mar 12 167 Junel4 150 Dec 159 Jan
*3% 3% 3% 3% *3%
3%
*3
3% 600 Quicksilver Mining___
%Marl.'. 4% Aug 7
%June 2% Jan
*3% 4% 4
*4
*4 5
*3% 4% 600 Do
% Mar2G 6 %JunelS
1>* June 4 Jan
38% 38% 38% 38% 39% 39% 39 39 2,000 Railway pref...................
39% 39% 39% 40
Steel Spring..
19 Mar 6 44%
34% Feb
19%
*87 93 *87 93 *90 93 *83 93 *85 93 *88 93
Do pref................................ 87 Mar 3 95 Aug 18 88 July 101 Feb
19
Deo
23% 23% 23 <g 24 22% 23% 22% 22% 22% 227g 22% 22% 16,210 d Ray Cons Copper. . P a r §16 $15% Jan 2 $26% Apr 26
Apr
$15 Deo $22% Apr
43% 44% 42% 43% 41% 43% 42% 44% 42% 43% 20,100 Republic Iron & Steel.
44% 4 !
19 Feb J 47% Aug 17 18 Deo 27 Jan
102 102% §101% 101% 101% 101% 101 101
101% 101% 101% 101% 1,925 Do pref_____
72 Jan 30 102% Aug 19 75 Dec 91% Meb
5% 7% 5% 6% 5% 6% 6
7% 8
6% 5% 6%
Co (M )___ II
%Jan 22 14 Aug 13
3% Deo 18 Jan
11% 11% 9% 11% 10 10% 10 10% 10 10% 10 10 13,400 Rumely pref................’
4.500 Do
2% Jan 20 18% Aug 12 20*4 Apr 41 Jau
*155 159 155 155% 154% 154% 153 154% 154% 154% 154% 154% 1.500 Sears. Roebuck & C o.I
*131% Mar 17 209% Feb
170% July 197% July
*124% 124% *124% 124% 1241, 124% >124% 124% 125 125 125 125
200 Do pref..............
Jan
Feb 16
53% 55% *53 55 52% 55 *53 56 *52 54 2,400 SIoss Sheffield Steel..& Iron” 121% Jan 6 125% Aug 19 120 Deo 124% Juno
55 66
24
567g
Jan
19%
55% 55% *54 56 55 55
*54 56
55% 55%
308 Standard Milling..........
43% Feb 2 3 56% Julyl4 32 July 35 Dec
Jan 45
*72% 74 *72 73% *72% 73% *72% 73% §72 72% *55 57
73
220 Do pref.................................
110% 112% 107% 111 107% 109% 106 113% 110% 114% *71 111 28,250 Studebaker Corporation (The) 6 6 Feb 17 7 3 % Julyl3 69% Deo 67% Deo
108%
35%Jan 2 120 Aug 16
Mob
Jan
*103% 104% 104% 104% 104% 104% 105 105 104 104 '103% 105
600 Do pref...........................
91 Jan 2 107 Aug 17 20 Jan 36% May
92
70
54% 57% 55% 58 53 It 56 52% 57% 55% 58
53% 55%
d Tennessee Copper . . . P
Feb 24
147% 153 152% 157 152% 155% 152 154 154 155 151 152 63,550 Texas Company (The).a r §25 $25% M ayl 4 $65 Aug 26 $24% July $30% Feb
13,330
120
157 Aug 30
Mcb
§75 75
79 801 81 81 80 80% *79 82 *79 82
55 Feb 18 81 Aug 31 112 July 149% Jan
88
73%
*99 104 *99 102 100 100 100 104 103% 104 '104 110 1,020 Underwood Typewriter.
400 Do p ref..................
98% May22 105 July26 103 June 113 Apr
8
Deo
6% 6% 7
7% 7% 7
7% 7 7% 7
7 3.500 Union Bag & Paper___
4% Jan 4 8 %Aug 13
8% Feb
*25 28 27% 28 *27 28 27% 27% *25 28
3%
28
300 Do p ref....................
22% Julyl3 30% Apr 6 18% June 32% Feb
*43% 45 43% 43% *42 45 *43% 45 *43 45 *25 45
*43
100 United Cigar Mfrs.........
42 Jan 25 61% Apr 19 39 July 66% Feb
Deo
*98 104% *100 105 *99 104% *99 104% *100 105 100 104
Do pref.................................. 100 Junel9 105 Feb 11 99 June 103% Feb
21 21% 21% 22% 21 21*8 20 20% 20% 20% 19% 20
3,370 U S Cast Iron Pipe & Foundry 8 Jan 2 23% Aug 17
41 41 *39 46
7% June 13%
46
46
200 Do pref___________
32%Mar 3 47% Aug 12 30 July 49 Jan
66 67 *64 67 *63 46 *64 67 1----- 45
F»h
§66
67
220
60
July27 73% Mar 9 46 Jan 87 Mob
72% 73% 71 73 71 72*8 71 72% *65 67 7,000 U S Express.................. ..
72
70% 72%
U 8 Industrial Alcohol..
15 Jan 27 76% Aug 25 15 Dec 20 Apt
*97 98% *98 99 *98 99 *98 99 *98 99
*97
Do pref.......................
70 Jan 26 98 Aug 27 75 Deo 85% Juu
49% 51% 49 50% 49% 50% 50 50% 50 50% 49% 49%
States Rubber..
44 July2i 74% Apr 14 44% July 63 Mob
§105 105 *101 105 103 103% 103 104*4 105 105 104% 104% 15,700 United 1st preferred___
1,410 Do
101% Feb 21 110 Apr 9 95% July 104% Jan
75% 77
74%
76% 77 112% 112% 112% 75*4 73% 75% 74% 76% 74% 75% 412,200 United States Steel___
38 Feb
77% Aug 18
112% 112%
112*4 111% 112% 112% 112% 112% 113% 11.300 Do pref..______________ X102 Feb 11 113% Aug 10 48 Deo 67% Jan
68% 69% 07% 69% 67% 68% 66% 67% 66% 67% 66% 67% 30,200 d Utah Copper.............. P a r \ 10 $48% Jan 6 $73 Apr 26 103% Deo 112% Jan
Deo
39% 40% 40% 41% 38% 40*4 39% 40% 39 41
38% 39% 23,000 Vlrglnla-Carolina Chemical.
15 Jan 4 41% Aug 30 $46% Deo $59% June
34% Mob
17
102 102 102 102
102 106 105 106%
1.300 Do pref...........................'
80 Jan
2 96 May
Mob
*56 58 57 57
57 57% *54 59 58 59% 103 106
58% 69
1.300 Virginia Iron Coal & C oke.. 36 June 6 106% Sep 18 35 July 1071* Mcb
9 64% Aug
52
72 72% 72% 74% 73% 75% 74% 75% 74% 75% 74 74% 15.300 Western Union Telegraph__ 57 Jan 2 75% Aug 31
116 116% 115% 118% 115% 117% 114% 116% 115% 117 114% 116% 171,100 Westlnghouse Elec & M fg ... 64 Feb 24 120% Aug 17 63% July 66% Feb
64 Jan 79% July
*135 140 *135 150 *135 144 135 141
141
Do 1st preferred..............
M arl2 136 Augl2
183 183 181% 181% 180 180% 178 188 186" 190 135 186 6,960 Wlllys-Ovcrland (The)............’ 117 Feb 23 196 Aug 13 115%Jan 124% June
183
87
*107 107% 107% 107% 105 106% 107% 107% 107% 107% 105 108
900 Do pref.......................
96 Feb
Sep 1
105% 105% 105 106 106 106 105 105% 105 106 105
280 Woolworth (F W ).............. . ” 90% Jan 13 107% Apr 14 89 July 103% Feb
6
111%
*120 124 *120 124 120 124 *120 124 1*120 124 121% 106
122%
Do oref_________
It
124 Aue 14 112«, Jen 1187, Mob
*n
eBd?
D0 M,M 00 tWa day- * L0M thaa 100
W w U r tf. * Ex-dlv. and rights. 5New stock. -Q u ote dollars per share. « Ex-stock
dividend “
New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
B onds
S o ld
758
sinkln* bind *s........i»m « . ^
• No price Friday; latest ems week.
4 D as A pril.
« D m M ay.
^
0 Due June,
------ —---—---------—
a Due Ju ly .
* D ae Aug.
-v*
0 D us Oo .
1
1
P e r io d
R ange
W e e k 's
P r ic e
BONDS
R ange
S in c e
W e e k 's
P r ic e
R ange or
F r id a v
BONOS
N. Y. STOCK EXCHANGE
S in c e
J a n . 1.
R an g e or
F r id a y
L a s t S a le
S e p t - 3.
N . Y . STOCK EXCHANGE
Week Ending Sept. 3.
J a n . 1.
L a s t S a le
S e p t . 3.
Week Ending Sept. 3.___
H ig h
L ow
H ig h N o
B id
A sk L ow
Chic Burl A Q f C o n . )
Low
H ig h
Low
H ig h
S ilt
V . S. Governm ent.
Joint bonds. S e e Great North
9034 99U
97
9034 July’15
94
9434
94%
O 8 2a consol registered..-41930 Q - J 97
Nebraska Extension 4s— 1927 -N 94% Sale 953 4 Juno’15 __ 1 9434 95
9712 99
9 7 1 2 July’15
95
____
97
O S 2s consol coupon------- dl930 Q - J 100
Registered.........................1927 -N
100‘2 1015
*
101 Aug T5
99% 99*8
____
0 8 3a registered_______ ..*1918 Q -F 100
Southwestern Dlv 4s------- 1921 ;. s 99% Sale 99*8 June'15 __24 8 8 % 92%
10012 102
10034 Aug ’15
88%
89*2
O 0 3s coupon_________ ..*1918 Q -F 109
General 4s..............................1958
109 110 Ohio A E III ref A Imp 4s g ..l9 5 5 .- 8 ------ 17% 8 8 * 2 June’15 ___ 2 0 *z 29
24%
J
U S 4s registered___________1925 Q -F 109 109>4 10914 109*4
10934 11 U2
1105* 1 1 1 14
’15
- O 91 94 59
C S 4s coupon------------------- 1925 Q F 90
1st consol gold 0s..........— 1934 [-N 59 Sale 94 Aug60 ___2 91 103
9712 9712
1
9 7 1 2 May’14
0 8 Pao Canal 10-30-yr 2s.*1930 Q F
General consol 1st 6 s-------1937 [- N *51 ____ 71 June’15 ___ 61*8 75
97 July'15
62% 71
D 9P .O C an al 10-30-yr 2 s.. 1938 Q -N 1 0 0 ------ 101*4 Aug T5
Registered......................... 1937
10034 102
Feb '13
0 8 Panama Canal 3s g----- 1901 Q-M ____ 1 0 0 100 Feb '15
Pur money 1st coal 6 s ----- 1942 - A ____ 2 0 9 7 * 4 July’14 ___ ____ ____
100 100
._ .
___
27%
-J
0 8 Philippine Island 4s. 1914-34 Q -F
Chic A Ind C Ry 1st 5S--.1930
65% Sale 65% 6 6 % 7S 65% 73*4
Chic Great West 1st 4s..........1959 [-. sJ ____ 113 114 July'15 ___ 113 117
Foreign Government
Chic Ind A Loulsv— Ref 0a. 1947 - J
80 99%
101 June’15 ___ 1 0 1 1 0 1
Argentine—Internal 5s ol 1909.. M- S I ---- - 92 93 June’15
Refunding gold 6 s---------- 1947
Apr ’l l
____
Chinese (Uukuang Ry)— 5 so( ’l l J -D t ____ 7434 88 Juiy’14
Refunding 4s 8 erles C ----- 1917 .- jJ _________ 95% July’12
93% *9712
80
Cuba—External debt 5s o f 1904. IVI- 8 90 97l2 97 Aug ’15
Ind A Loulsv 1st gu 4 s .-.1950 - J■
90 94 Chic Ind A Sou 60-year 4s. .1950
91 92 Aug '15
90% Aug ’12
Etter dt 5soi '14 ser A — 1949 F - A 8012 83 80 Aug ’ 15
80 85l2 Chic * 8 A East lst4M a----- 1909 - n
104 D sn ’l l
Lt
External loan 1 H s-----------1949 F -A
73% 84i2
75%
77
Japanese Qovt—£ loan 41$s 1925 F -A t 70 Sale 75l2 73%
Milwaukee St Paul—
7178 82 Chicago gold 4a SeriesAA____#1989 - J 85 89 85
72l2
t 73%
85% 1 0 85 92
Second series 41$s----------1925 I - J t 71 Sale 71
Gen’l
70 7 93 4
.
71%
J
Do do “ German stamp” .
Registered------- ----------#1989 t -- O 87. . ___ 89% Apr8716 ..8 89% 89%
78*4
87 92%
89 87
.Sterling loan 4 s . . . ......... .1931 J - J tt ------ 70 79% June’15
Gen A ref Ser A 4 Hs----- a2014
1 0 2 % 107
Msxfco— Exter loan £ 5s oi 1899 Q - .1 ------ 82 05 Apr ’14
Gen ref conv ser B 5s— <*2014 ' -- A 102*8 Sale 1 0 1 % A ug'15 — 100*8 104*2
76 80*4
. . 74%
Cold debt 4s of 1904-------1954 .1 - D t ------ 80 95i> Juiy'14
Gen’l gold 3 tis Ser B----- el989 - J . 98 . Sale 76
95*2 95*2
Jan '15
973 4 10 1%
98
P o v of Alberta—deb 4 t^s.. 1924 F -A
General 4 Hs Ser C ---------rI989 J J 85% 80*4 97% Aug98
78 82
80*4
’15
80*4 90%
79*2 80 May’15
Tokyo City— 5s loan of 1912-----\1- S
26-year deben 4a------------1934 J -DJ 93% Sale 93*2 93%
93% 99%
t T h e s e a r e p r i c e s a n t h e b a s i s o f 151" £
Convertible 4H s......... — 1932
102% 102%
J 101%----- 102% Aug ’15
Chic A L Sup Dlv g 5a----- 1921
103 .104%
J 102% 104% 103 July’15
State and City S ecu rities
97% 100*2 Ohio A Mo Rlv Dlv 6 s ----- 1920 - J 102% Sale 102% 102%
977s 9818
101*4 103%
N Y Clty—4%8.......................1900 Wl- 8 93 Sale 93
PW
6 a............1921
97% 100% Chic A Puget1 stdg 1st gu 4s. 1949 - J ____ 87 87 A ug’15
98>8
87 91
98ig Sale
4"4s Corporate stock . .1904 M
CMA
8
101% 102
July’15
100 100*2
10 2
Sale
4 HsCorporate stok (w 0.1905 J -D 102 Sale IOD4 102
Dak A Ort Sou gold 5 s . . . 1910 • J 100 106% 100% June’15
101% 105%
102
106 107%
100%
- J 105% ____ 110 Jiine’13
414s Corporate stock----- 1903 M- 9 94 ’. 2 Sale 10134 902
Dubuque Dlv 1st s f 6 s — 1920 - J 108
94 97%
4% Corporate stock------ 1959 M -N 94% 9134 9 H4 94%
Fargo A Sou assum g 0 s . -1924 • J 1 0 1 % ------ 10‘2> June’16
94*3 97
102% 102%
h
4% Corporate stock-------1958 M- N 94i2 9434 943a 94%
La Crosse A D 1st 5s------- 1919
94 97
101% 102%
4% Corporate stock-------1957 M -N 9312 94i2 94 i4 Aug T5
Wls A Minn Dlv g 6 s..........1921 - J 101% 103*4 102*4 June’15
94 97*4
July’15
106*4 107
91
J 105%____ 100% May’15
4% Corporate stock-------1950 M -N IOD4 Sale 101% 102
WIs Vail Dlv 1st 0 s ...........1920 J -D 97*2 98*2 99
101*8 105*4
99 100%
New 414S...............................1957 M-N 1007a IOU2 10034 Aug T5
Mil A No 1st ext 4 U s----- 1934
100*2 1004
100% 100%
100% Mar’15
New 4V4s_______________ 1917 M- N 10134 Sale I015s 10134
Cons extended 4 His------1934 F A
101% 105% OhlcA Nor West Ext 4s 1880-1920 J - D 97% ------ 94% May’15
92% 94%
414% Corporate sto c k ... 1957 M -N IOOI4102 101 Aug T5
I00*i 101
414% Assessment b on d s..1917 M -N 8 I34 89 89 June'15
Registered.............1888-1920 F - A ___ 81 94% July’14
84 89
78
78
78 82
M-N
314% Corporate sto c k ... 1954 M -N
99% 101% General gold 3H #................}93J Q -F
78*2 Jau ’14
1008
N Y State—4s................ . — 1901 M- 9 lo i” IT- 1008 Aug T5
Registered__________pl987
93 A ug’15
89"% 9 4 3 4
99% 101*2
1008
Canal Improvement 4 s ...1901 J - J 101
General 4s..............................1987 M-N 91% 92% 94 J nut’15
89 94%
100 100*2
91 92%
Canal Improvement 4 s .-.1902 J - J 10012102 10012 June’15
MStamped 4 s __________ 1987 M- N 109% 110% 109*2 Aug T5
109 114%
99% 100*2
100's Apr ’15
Canal Improvement 4s— 1980 J
General 5s stamped___ - *987 A - N n o — 108 Juue’15
108 109%
108*4 HO
Canal Improvement 4148.1904 J - J 1093g 10912 10912 Aug 4T5
O
Sinking fund 8 s------1879-1929 A -O
105% Deo ’13
104*8 101%
104U
Canal Improvement 4 1 4 3 . 1 9 0 5 J - J ____109U 10912 10 1 4
Registered_______1879-1929
102"% 10334
108 109*4
Highway Improv’t 414S--1903 M- S ____ 10434 IOII4 1090
Sinking fund 5s..........1879-1929 A -O 103*4 ____ 103% Aug ’15
101% 104*2
1041.1
- O 0 1 % — 100% Mar’15
Highway Improv't 4 M s .. 1905 M - 9
Registered.............. 1879-1929 A -O 1103*2 108 102 OOt T3
l66% 101%
81 81
81 Aug T5
A
Virginia funded debt 2-3s— 1991 J - J 54 57 55 Aug 'lo
Debenture 5s.......................192} A -O
101 Deo
52 01*2
Os deferred Brown Bros otfs..
Registered-------------------}921 M -N 1 0 1 • . - - 101 Aug ’12
io f 104
’16
Sinking fund deb 6 s ---------J933 M -N 1 0 0 % mmmm 101% May’15
99 101%
Railroad
Registered____________ 1933
117 119%
65
60*2
57
69*2
Ann Arbor 1st g 4s______*.1995 Q - J 67 Sale 57
Frem Elk A Mo V 1st 0s. -1933 A -OJ 117% — 117 A ug’15
90*2 Sep ’09
89% 95%
90%
JAtoh Top A S Fe gen g 4s— 1995 A - O 90 89*2 89% July’16
M a n G B A N W 1 st 3 1 4 8 . 1 9 4 } J - J
89 92%
Registered---------------------1995 A - O 89 Sale 89
M llw A S L 1st gu 3H S...194} M- S 107*8
105 108*1
80*2 80%
80*2 8034
Adjustment gold 4s____ A1995 Nov 80*2
Mil L 8 A West 1st g 0 s ..-1921 F - A 103 - - - - 107*4 June’15
104*2 104%
Registered----------------*1995 Nov *80 “ "802 80 Mar’13
Ext A Imp s f gold 6 s ...1929 M- 8 109*2 . . . . 104% M ar’15
113% Feb 14
80*2 87
80*2 81*2
Stam ped_____. . . ____*1995 M-N
Ashland Dlv 1st g 08-..1926
111% ill* i
92% 104%
101%
J 89% . . . . 89% Apr ’15
C onvgold4s..................— 1955 J -D 10034 Sale 10034 May’13
Mich Dlv 1st gold 0s— 1924 J - S 108*2 ____ 111*2 Aug ’IB
89% 92
99*2
Conv 4s Issue of t909--------1955 J -D ioi'% Safe 100% 102*2 051 92% 104*2
MU Spar A N W 1st gu 4s. 1947 M- S 104%
107% May’14
MConv 4s Issue of 1910____1900 J - D 100a Sale 101
Northw Union 1st 7s g._-1917 J
102*4 100
100*8 101*4
101%
10-year 6 s _______________1917 J D 92*2 .
St L Peo A N W 1st gu 6S-1948 J -D 103*2 104 104 Aug ’15
92 94
___
103*2 103%
92% Aug T5
East Okla Dlv 1st g 4s___ 1928 M 8
Winona A St P 1st ext 78.1910 - 103% 10234 103*2 May’15
102% 102%
101% 102%
80
84*2 89
10 2 %
Trans Con Short 1st 4s. 1958 J - J .8558 80 80 May 15
1917 J
101% 102%
102% 102%
95 90 Chicago Rock Isl A Pao 0s_. 1917 J - J 1 0 2 %
.
93*2 95
Cal-Arli 1stAref4V4s‘‘A” 1902 M- S 103*2------ 103*2 103*2
Registered____________
79% 85
81
103 103*2
80 80% 80 June’15
8 Fe Prea A Ph 1 st g 5 s . . .1942 M- S
R tf general gold 4 s . . . . . . . . 1988 J 80 82*i
8534
85 93
81 80%
85 Sale 85
Atl Coast L 1st gold 4s----- *1952 M- 8 83 93'g 92% July’14
Registered____________ 1988 J -O 62% Sale 62% 63
61 7178
A
50-year unified 4 s----------1959 J - 0 100*4------ 105*2 June’14
Refunding gold 4s..............1934 J
47*2
39 67
46 Sale 46
Ala Mid 1st gu gold 6 s ----- 1928 M- N ____ 92*4 91*2 June’15
2 0 -year debenture 6 s-------1932
91 93lt
Bruns A W 1st gu gold 4s. 1938 J J 129% 135 129% Aug T5
Coll trust Series P 4s..........1918 M -N 78 93 9 4 3 4 June’11
129% 129%
M — 51 85 July’13
Charles A Sav 1st gold 7s. 1930 J J 80 81 80
R I Ark A Louis 1st 4H S..1934 10 80 *7*2
99 99*2 99*2
81
L A N coll gold 4s-----------01952 M- N U434 ____
Bur C
—1st g
100*8 Mar’14
129*2 129*2 C R I F R A NW ist gu 6 s ...1934 A -O
Sav F A W 1st gold Os----- 1934 A - O 103*4------ 119*2 June’15
AN
6a.-.1921 A -D
105 105
July’15
J
1st gold 6 s _____________1934 A - O 9738 ------ 105 June’15
M A 8 t L 1st gu g 7s..........1927 J 97% 99*2 9 7 % July’15
97% 97%
97*2 98
98
till Sp Oca A G gu g 4s------1918 J - J
Choc Okla A O gen g 6s.ol919 M -N . - 92*2 97% Apr 1
88% 92*2
97% 97%
89*4
Balt A Ohio prior 314s_____ 1925 J - J 89 Sale 8 8 % June’15
Consol gold 6 s------------ 1952 A -O 62% 75 52 Aug ’15
88*i 90
52 84
Registered........................*1925 Q - J 85% Sale 90
Keok A Des Moines 1st 6 s 1923 F
85 9 0 2
____ 85 05 Apr ' 15
85*4 80%
06 65
isi oO-year gold 4s-------*1948 A - o ____ 85% 90 A pr’15
St
h L 1st 4 H« ’41
’15
114% 117%
Registered.....................*1948 Q - J 80*4 Sale 85*2 80% 283 87*2 90 Ohio Paul A K CO8 con 0a----- 1930 J -D 115 116% 114% Aug ’15
St P M A
82*3
90 90
J -D 9 9 ,4 Sale 90 Jan
20-yr conv 4H #-------------- 1933
Cons 6 s reduced to 3HS--J930 M99% 100 33 99% 102
Jan
Pitts Juno 1st gold 0s..........1922 J - J *84*2 TIT. 112 Aug ’12
Debenture 5s___________ 1930
84%
*15
114 ------ 1 0 * 2
P Juno A M Dlv 1st g 3>4# 1925 M-N 78*2 Sale 84*2 78%
Ch St P A Minn 1st g 0S..1918 M --N 114%___ 1129% Jan ’14
78
78*2
May’09
P L E A W VaSys ref 4a .. 1941 M- N
North Wisconsin 1 st 0 8 ..-1930 J - 104%----- 105 Aug ‘15
86%
88%
104% 105%
Southw Dlv 1st gold 3148.1925 J • J 8058 Sale 100 Apr86%
St P A 8 City 1st g 0s----- 1919 A
M- ____ 80
Cent Ohio R 1st 0 g 4 1 4 s . . 1930 M- S *101*2 I I I - 104% Apr ’13
Superior
Jan ’14
103*2 101*2 Ohio T H AShort L 1st 66ss g ..01930 J -D
’15
Cl Lor A W con 1st g 6 s ..1933 A - O
So-east 1st . - 1960
10 2 * 4 June’12
105 100
106
..
Monon River 1st gu g 6 s ..1919 F - A
Ohio A West Ind gen g 0 s ..f 1932 Q-MJ 1 0 0 . 77
76 80*1
76*2
Ohio River RR 1st g 6 s ..-1930 J - D 101*8 T i l l 105*4 June’14
Consol 50-year 4s.................1952 J J 75% . .
104% May’14
M ar'14
60
General gold 6 s ------------1937 A - O
Cln II A D 2d gold 4 U s..........} 9 3 7 J 113% Feb T2
Pitts Clev A Tol 1st g 0 s .. 1922 A - O
1st A refunding 4s..............J959 J - J ' I l l *87 80% June’12
96% Mar’14
Pitts A West 1st g 4s..........1917 J - J
1st guaranteed 4s------------l°o9 S
25 25
July’15
91 June’12
Scat Isl Ry 1st gu g 4 1 4 #-.1943 J • D
Cln D A I 1st gu g 5s..........}941 M-N * 15 ------ 25 M ar’ll
M-N
Bolivia Ry 1st 58......................1927 J - J 104
C Find A Ft W 1 st gu 4s g . 1923 J - J T i l l ‘ 30" 8 8 J’ly ’14
05
10 2 * 2 106%
T5
Buffalo R A P gen g 5#...........1937 M- S ___ 100*2 1105% Aug ’15
Cln I A W 1st gu g 4s-----1953 J - J
Deo
100 103
0 2
Consol 414s______________1957 M -N 8 6 92 094* > Aug ’ 16
Day A Mich 1 st cons 4 H s. 193} J - J T ill "30 94% J’ly ’ll
94% 94%
05
’14
« Feb
All A West 1st g 4s gu----- 1998 A - O 101% ■Ind Dec A W 1st g 5s..........1935 J - J
107*2 Deo ’02
Clear A Mah 1st gu g 5S-.1943 J - J 1O0*8 Sale 1112 % Apr T4
68 74
70
iO0*8 160 , Cleve1st guarAgoldL5s..............-}935 J -D ■____" ‘ 76% 70 June’14
76
00
106%
Roch A Pitts 1st gold 0 s ..1921 F - A 107 ------ 1108 July’14
Cln C St gen 4 s .. 1993 J - J
84% 82
Consol 1st g 0S________ 1922 J - D
2 0 -yr deb 4H s__________1931
81 83%
100 104*2
10 0
10
..
J - J 82 . 72*2 83*2 Feb83%
Canada Sou cons gu A 5s— 1902 A - O 101 Sale 1C6% Apr' 1 14
Cairo Dlv 1st gold 4s..........1939
83
'14
J 70
Registered...........................1»«2 A -O
M
1st
’94" *90% ClnLW A 1st Dlv tr gg44 s... 1991 J - N 70 78% 80 A pr’15
80" *85
94
Car Clluch A Ohio 1st 30-yr 6 8 ’38 J - D 105 100 107*2 June’15
St Dlv coll
s.. }990 M- N
82% Mar’14
103*2 107*2
Aug ’15
Central of Ga 1st gold 6 s...p l9 4 5 F - A
Registered ........................1999 MMar’14
93*4 102*2
97% 98*4 Aug T5
Consol gold 5s..............— 1945 M-N
SprACol Dlv 1st g Is----- 1940 M-- S *77" *80 85 Apr ’12
80 80
91
80
J
Chatt Dlv pur money g 4s 1951 J - D m i io i *2 1 0 1 * 4 Feb T5
W W Val Dlv 1st g 4s----- 1940 M -N 102% i6a" 105% June’15
102 101%
May’15
105% 105*4
Mao A Nor Dlv 1st g 5 s ..1946 J - J
C I S t L A C consol 0s----- 1920 Q-F
100*4 100*4
90 Feb'If
Mar’15
90 90
Mid Ga A Atl Dlv 58..........1947 J - J 100*8 105 100% May’15
1 st gold 4s....................... *}93«
103% 103%
8 8 % May’15
87 8 8 %
Q-F
Mobile Dlv 1st g 6 s............1940 J - J 87 87% 103% A ug’15
Registered.................. *}93<j J - J
88
92%
88
10 1
June’16
101 101
Oen RR A B of Ga col g 6 s .. 1937 M -N 111*4 112*8 12 112% 32 112 115*2
Cln S A Cl con 1st g 5s— 1923 J - J
105% J’ly ’14
Cent of N J gen'l gold 6 s___ 1987 J - J ___112*2 1 1 1 Aug ’15
C C C A I gen con g 0 s .-.1934 J - J
111
115
Registered ....................*1987 Q - J
Registered........................}934
102% 104
94 J’ly ’08
Am Dock A Imp gu 5 s.-.1921 J - J 103% 104 103% Aug T5
Ind B A W 1st pref. 4 s . . . 1940 A -O
Q-J
Leh A Hud Rlv gen gu g 581920 J - J 1 0 0 ------ 100*2 June’13
O Ind A W 1st pref 5s . . - d 1938 A -O
59 59 July’15
T3
59 05
N Y A Long Br gen g 4 s..1941 M- S 94% ------ 10 0 Jan ’15
Peo A East 1st con 4s----- 1940 Apr
03
20 20 July'15
20 28
Oent Vermont 1st gu g 4s..«1920 Q - F 70 ------ 08 Feb
Income 4s..........................
90 Cleve Short L 1st gu 4 H s ... }990 A -O
92% 90% 90%
83*2 90 83%
90% 93%
Ohesa A O fund A Impt 6 s .. 1929 J - J 101 102*8 1 0 2 July’15 10
1901 J -J
105 Col Midland 1st g 4s..............1947
10 2*2
14% 10 May’16
16 17
1st consol gold 6 s________1939 M -N 1 0 1 ------ 105*3 June’14
14% 15
16 14*2
R egistered-----------------1939 M -N 84*2 Sale 84
Trust
of dep osit... 82 91 ColoradoCo certfs1st g 4s----- J929 F - A 85 Sale 85 Mar’15
85 92
85*2
General gold 4 14s................ 1992 M S > . 84% 9 3 * 2 Feb85
A Sou
’14
79 85
80%
M -N 79 Sale 79
Registered-------------------1992 M S 74*s Sale 74
Refund A Ext 4H s............1935 -D 100 103 101 101
70 70%
74*2
100 103%
Convertible 414s-------------1930 F • A 77*2 81*2 82 May’15
Ft W A Den C 1st g 0 s ... 1921 A
82 837*
Big Sandy 1st 4s.................1944 J -D ____ 80 82*2 May'15
1st g 4 9 4 3
82*2 82*i Conn A Pas Rlva yr 5s g s . . . } 1953 J -OJ
100 May’10
Coal River Ry 1st gu 4S..1945 J -D ____ 95 98*2 Deo ’13
Cuba RR 1st 50
----Craig Valley 1st g 5s-------1940 J - J
Del Lack A Western—
84%
84 85*2
84%
Potts Creek Br 1st 4s___ 1940 J - J 80*2 82 81*2 Jan ’13
Morris A Es 1st gu 3 ^S--?900 J - D 107 Sale 107*2 July’15
80*2 84%
A ug’15
107 109
. . . 84% 84%
J
R A A Dlv 1st con g 4s__ 1989 J N Y Lack A W 1st 6 s ----- }921 J -- A
77 77
101% 101%
. . . 83 77 Apr T5
May’15
2 d consol gold 4s______1989 J - J
Construction 5s...............j9*;? F -N "95% III 101% Juno’15
90 Apr ’14
95% 90
96
Greenbrier Ry 1st gu g 4 s. 1940 M- N
Term A Improve 4s----- L}-;’ M
113*4 Feb ’05
____
Warm Springs V 1st g 5 s.. 1941 M- S
Warren
g ‘i .
53 00 Del A Hud1st ref guDlv3 7 ss.---2000 F - A 104% .8512 102*8 Feb ’03
T5
104*4 105%
.. 104% Aug ’15
Ohio A Alton RR ref g 3 s . -.1949 A - O 52 53*2 53 Aug44
1st Pa
}9}7 M- S
38 47*2
44 45 43%
149 Aug '01
H a l l w a y 1st lien 314#_____ 1950 J - J
R egistered........................}9}' M- S 100*4
98% 100
99 100%
99
Ohio B A Q Denver Dlv 4 s . . 1922 F - A 99 99% 99
10-yr conv deb 4s..............- *910 J -DJ 100*4 Sale" 100
99 100%
Sale 100*4 100*4
100*4
Illinois Dlv 3 14S....................1949 J - J 80 84 82*2 Aug82*2 11 81*4 84*2
1 st Hen equip g 4 His......... 192- J 89% 96
80*4
90*8
M -N 88 90% 90
Registered_____________1949 J - J 93 93% 9 3 * 4 Aug '12
lst A ref 4s........................... }9 }3
91% 94%
81 80
T5
82
Illinois Dlv 4s__________ xl949 J - J
O
Alb AASus conv 3H s-------1940 A --N 80% 83% 113% Jan82’15
93
113% 113%
Registered_____________1949 J - J 102% Sale 10 2 * 4 June'13
Rons Saratoga 1st 7 s ... 1921 M
101*3 1 0 2 * 2
Iowa Dlv sink fund 6 s___ 1919 A -O 99 100*8 98*4 I'll1 0 2 %
90lj ‘
v’15
Sept. 4 1915.]
BONDS
Y. STOCK EXCHANGE
Week Ending Sept. 3.
New York Bond R ecord— Continued— Page 2
P r ic e
F r id a y
S e p t.
3.
W eek’s
R an ge or
L a s t S a le
R ange
S in c e
Jan.
1
BONDS
N . Y. STOCK EXCHANGE
Week Ending Sept. 3 .
2 1
759
P r ic e
F r id a y
S e p t.
3.
W e e k 's
R an ge or
L a s t S a le
R ange
S in c e
Jan. 1
A sk L ow
H ig h N o
B id
ow
ig
H ig h
L ow
H (0 ft
Low
26 L69 H78 h Leh A N Y lat guar g 4s___ 1945 M
70
Deuv A It Or 1st eon g 4s__ 1933 J - J 69 Sale 69
84 85
85*2 . . . . 85 Jul y’15
Consol gold 4H s................1936 J - J
78 S3
Registered............................. 1 9 1 5 M75*4 78 A ug’15
66
Improvement gold 5a___ 1928 J -D 6 6 67 66
68
30 Long laid 1st cons gold 5s..ft 1931 Q - 100*2 102 103 July'15
103 104*2
1st A refunding 5a..............1955 F - A 44 45 44 lg 44!s
38
lat consol gold 4a_______ft 1931
____ 94 9 6 *4 Mar’12
95 109 Dec ’12
Rio Gr June lat gu g 58--1939 J - D
General gold 4s___________1 9 3 8 Q --D *86 ___ 8 634 May’15
J
85 876a
77 61>2 Apr ’ll
Rio Gr So lat gold 4a____ 1940 J - J
Ferry gold 4H s....................1922 M- ____ 95 9 5 * 4 May’l 4
40 85 Mar’OS
Guaranteed.................... 1910J - J
Gold 4s_________________ 1 9 3 2 J -D
9 9 * 4 Oct ’06
70
7012 70
Rio Gr West lat g 4a......... 1939 J - J
75
Unified gold 4s___________1 9 4 9 M- I I I I 82*4 83*8 Aug T5
83*8 8934
5934 59-74 Aug ’I
5934
Mtge & col trust 4a A ..1919 A - O
Debenture gold 5s_______ 1 9 3 4 J 95*8 Jan ’ 15
95*8 95 *8
90 Apr ’ll
Utah Cent lat gu g 4s.al917 A - O
Guar refunding gold 4 a ... 1949 M
83 Sale 83
83 8 6 * 2
83
100 M ar’15
100 100
Dos Mol Un Ry lat g 5a____ 1917 M- N
Registered.......................1949 M
95 Jan ’ll
85
Dot A M ae. lat lieu g 4a___1995 J D 85 87 85
7178 87
N Y B & M B lat con g 5s. 1935 A - O
100 Feb *15
100 100*8
Gold 4 a .................................1995 J - D 80 . . . 85 Aug ’1
78 85
N Y <fc R B 1st gold 5s__ 1927 M1 0 2 * 2 Jan '14
Det Rlv Tun-Ter Tun 4 H s .1961 M -N ------ 90 90'2 May T o
90 90*2
Nor Sh B 1st con g gu 5s.ol932
101 Aug T5
ioo"7 io i *
8
Dul Mlaaabe A Nor gen 5 3 .. 1941 J - J 101 105 101U May' 1.
10 Uj 10438 Louisiana * Ark 1 st g 5s____1927 Q 91*2 Feb
Dul A Iron Range lat 5a___ 1937 A - O 997s ____ 100 May’lo
98*2 101 Loulsv & Nashv gen 6 a_____ 1930 M- 11138 111*4 112 Aug ’T4
J
15
110 115
Registered_____________ 1937 A - O
106*3 M ar’08
Gold 5s__________ ______ 1 9 3 7 M -D 101i2 10578 106*8 Juue’15
■N
106*8 107
104 Fob ’ll
2d 6 a ................................1916 J - J
Unified gold 4s___________ 1 9 4 0 J 90% Sale 90*s 9078
89*2 9434
Du So Shore A At g 5a____ 1937 J - J - - - - 95*2 96 M ay'l
96 1 0 0
Registered......................... 1 9 4 0 J 94
Elgin Jol A East 1st g 5a___ 1941 M -N ____ 104 10378 Apr T
103 105
Collateral trust gold 5 s ... 1 9 3 1 M- N 101*2___ 1 0 1 * 4 June'14
101*4 10334
July’15
Erie lat consol gold 7a_____ 1920 M- S 109*8____ 109is Aug '15
10012 110*2
E II & Nash 1st g 6 s_____ 1919 J
10478 ____
N Y * Erie 1st ext g 4 a ... 1947 M -N 90l8 ____ 97*2 June’14
L Cln A Lex gold 4 Ha___ 1931 M- N 99 ____ 108*8 May’14
2d ext gold 5s....................1919 M S 100 *8 IOUs 10114 May’15
1 0 0 * 10214
N O & M 1st gold 6 s_____ 1930 J - ------ 113 1102*8 J’ly '14
1478 July’15
113*8 115*2
98 .
98'j June' to
3d ext gold 4 H 9-- ...........1923 M S 10012 .
98*4 9914
2 d gold 6 s - . ...............
1930 J 108 1097s
100 July’l
4th ext gold 5a......... .......1920 A
100 102U
Paducah & Mem Dlv 4 s.. 1916 F - A ------ 1G978 10978 M ay'l5
------ 87 84
c ’l l
93>8 M ay'll
5th ext gold 4a________ 1928 J
St Louis Dlv 1st gold 6 s. .1921 M- S IO6 I4 ____ 106*4 D e106*4
1057s 107*2
109 June’15
N Y L E & W 1st g fd 7a-. 1920 M
109 109
2d gold 3 s ........................1980 M- S 59*i 6 U 2 61l2 Aug '15
59*8 65
78 Sale 78
7814
Erie 1st con g 4s prior____ 1996 J
78 84*2
Atl Knox A Cln Dlv 4s__ 1955 M -N
85 85 July'l
85 8 8 * 2
7978 797s
Registered........................1996 J - J ........ 76i2 797s Juno.'l
Atl Knox A Nor 1st g 5 s .. 1916 J - D 107
111 Jan '13
131 65 71
1st consol gen Hen g 4a___1996 J - J 65*2 60>2 6512 60*.,
Hender Bdge 1st s f g 6 s. .1931 M- S 105*2
105 105
77 Apr ' 12
Registered....................... 1996 J - J
Kentucky Central gold 4s. 1987 J - J 84*8 87 105* 2 June'15
86
8734
July’15
80*8 86*s
Penn coll tr g 4a................... 1951 F - A "s'rt'lg
86 88>4
L <fc N A M A M 1st g 4 4jS 1945 M- S 96*4 97*8 8 8 * 2 June ’ 1 5
99
99*2 101
6 U2
50-yr conv 4a A ............ 1953 A - O OD2 Sale 61
59 66
L * N-South M Joint 4 s.. 1952 J - J
87 80*2 July ’ 1 5
78 80*2
6834
do
Series B.............1953 A - O 68 8 4 Sale 6 8
6312 70
Registered___________ ft 1952 Q - J
95 Feb ’05
Buff N Y * Erie 1st 7 a ... 1910 J -I) IOU4 103 >8 10 2 3 4 June'lf
10 1
____ 106 J’ly ’14
N Fla A S 1st gu g 5s___ 1937 F
102l2 1031s
N A C Bdge gen gu g 4H8.1945 J - J
Chic A Erie lat gold 5 a ... 1982 M -N 101*4 102?s 102 A ug’15
1 0 U2 10434
97 Dec T4
101 101
101 Feb
Clev A Mahon Val g 5 a ... 1938 J - J
Pens A Atl 1st gu g 6 s____ 1921 F
108*8
108 108
107*2 109
U934 121
8 A N Ala cons gu g 5s__ 1936 F - A 102*4 103*2 105*8 Feb ’ 15
Long Dock consol g 6 a ... 1935 A - O I I I I lui-h 11934 Aug T5
105*8 105*8
Gen cons gu 50-year 5s. 1963 A -O ------ 1 0 0 100 100
C oal* RR lat cur gu 6 a. .1922 M -N 9978 100>4 106 Dec T2
99*2 102*4
103 1 4 ____ 103U Aug T5
Dock A Imp 1st ext 5s__ 1943 J
102>2 10314* L A Jeff Bdge Co gu g 4s__ 19 45 M- S ------ 79 80 June’15
74 80*2
N Y A Green L gu g 5 a ...1946 M -N
103*2 Aug T2
Manila RR—Sou lines 4s__ 1930 M
N Y Sua A W lat ref 5 s ... 1937 J - I I I I ’90 94 May'15
90* ’J4’ Mex Internat 1st cons g 4 s .. 1977 M
77 Mar’10
2d gold 4X 8............. 1937 F - A
100U Dee ’06
Stamped guaranteed____ 1977 M- S
79 N ov’10
General gold 5a.................. 1940 F - A 67*2 69 67*2 Aug T5
67*2 75 Midland Term— 1st s f 5s g.1925 J - D
101 Oct ’09
Terminal lat gold 5a___ 1943 M-N
102 Jan ’ll
Minn A St L 1st gold 7s___ 1927 J -D 1 0 1 ____ 111*2 Mar’15
111*2 111*2
10 2 * 2
Mhl of N J lat ext 5a___ 1940 A - O
1 1 1 ' 2 May’ 12
Pacific Ext 1st gold 6 s__ 1921 A -O *100 ___ 110*8 Aug ’ll
Wllk A Ea lat gu g 5a____1942 J -D — 82*2 8 6 Juno’15
1st consol gold 5s________ 1934 M- N 80 85 81
81
81 92U
Ev A Ind lat con gu g (3a____1926
106 May’ 12
1st & refunding gold 4s__ 1949 M- S 48 50 48
4S12
40 60
Evans A T il 1st cons 6 a____ 1921 J - J
85 81 Aug '15
Des M A Ft D 1st gu 4S..1935 J - J ____ 60 6 0 Feb '15
81 97
60 60
lat genora1 gold 5a...............1942 A - O 47 — 99j8 Dec ’13
Iowa Central 1st gold 5 s..1938 J -D 84 8 6 * 2 83*2 83*2
82*2 90U
Mt Vernon lat gold 6 a____1923 A - O
108 N ov’l 1
------ 48 4778 48
Refunding gold 4s_____ 1951 M- S
35 66
Bull Co Branch 1st g 5 a ... 1930 A - O
95 June’12
M StP&SSM con g 4s Int gu 193.8 J 87*4 87*2 87
87*
87 93
Florida E Coast 1st 4H s._.1959 J -D ‘36*8 ~&7 ‘ 8 634 Aug '15
8 6*4
9078
1st Chic Term s f 4s.............1941 M- N
9 7 * 4 June ' 1 2
Fort St U D Co lat g 4H 8..1941 J - J
92 Aug TO
M S S A A 1st g 4s int gu. 1926 J - J "9 3 * 4 *94*2
N ov’13
Ft W * Rio Gr 1st g 4a........... 1928 J - J "54 05 54 Aug T5
50 65*2 Mississippi Central 1st *s__ 1949 J - J ------ 89 96 J’ly T4
91
Great Northern—
Mo Kan A Tex 1st gold 4 s.. 1990 J -D 7 5 * 4 Sale 75*4 76
72t4 81
96*8
C B A Q coll truat 4s___ 1921 J - J ____ Sale 96*8 9638
9478 97
2d gold 4s______________01990 F - A 60*8 51 50*8 50*8
49*8 63
Registered ft________ 1921 Q - J
90*4 U0>8 Aug T5
94*s 96*4
1st ext gold 5s__________ 1944 M- N ------ 75 7 9 * 2 July'l
79*2 89
lat A refunding 4Ka ser A 1961 J - J — 943., 95
95>2
95 101
1st * refund 4s__________ 2004 M- S 46*2 Sale 46*2 46*2
4612 563g
J•
Registered__________1961
96 June’13
Gen sinking fund 4H s___ 1936 I - J ------ 54 54 Aug T5
53*2 74
J - J 91*8 95*2 95>2 July’15
8 t Paul M A Man 4s.......1933
91*4 95*2 St Louis Dlv Is ref g 4 s . .2001 AA O ------ 60 60's FeD
60*s 60*8
lat consol gold 6 a____ 1933 J - J n o 118 118*2 June’15
117*2 120*4
Dal & Waco 1st. gu g 5s__ 1940 M- N ------ 93*2 9 9 34 Dec T3
1 1834 Apr ’IS
Registered________1933 J - J 99*4
118 118*4
Kan C A Pac 1st g 4s...........1990 F - A ------ 78 78 J’ly
99 78 993.4 Aug '15
Reduced to gold 4H s. 1933 J - J
9934 10134
Mo K * E 1st gu g 5s___ 194 A -O ----- 93 90 Aug '15
90 96*2
10934 Apr T5
Registered_____ 1933 J - J
M K <fc Ok 1st guar 5s___ 1942 M -N . . . 89 85*2 Mar’15
85*2 8 8
Mont ext 1st gold 4a_1937 J -D "ijlij) *92“ 9238 Aug '15
91*2 ’o’l'sg
70
M K & T o fT 1stg u g 5 s .. 1942 M- S 70 76 70
70 89
____ 92i4 9 T>2 Apr ’l l
Registered________1937 J
Sher S1) A S o 1st gu g 5 s.. 1942 J - D
96 May’13
Pacific ext guar 4a £__ 1940 J - J 85
92S8 M ar’l 1
Texas & Okla 1st gu g 5 s._ 1943 M- S ___ 71 99i8 Jan T4
__ 89 UJuneTo
E Minn Nor Dlv 1st g 4a.. 1948 A -O 85*4
8914 89*4 Missouri Pac 1st cons g 6 s__ 1920 M- N
92*2 Sale 92*2 94
92*2 101*2
Minn Union 1st g 6 s ___ 1922
J 106
110 * 2 Jan T4
Trust gold 5s stamped a 1917 M- S 79 Sale 78*2 80
78*2 965s
Mont C 1st gu g 6 a............1937
J 118 11858 1 2 0 1 2 July'15
120 121
Registered .................... al9I7 M- S
8 8 *2 June’15
8 8*2 88*2
Registered......... ............1937 J - J
136U May'OO
1st collateral gold 5s..........1920 F - A 72*8 75 75 Aug T5
75 92*8
1st guar gold os_____193
J 104*8 . . . . 105*2 July’15
Registered .......................1 9 2 0 F - A
105*4 105*2
Registered...............1937 J - J
40 year gold loan 4s......... .1945 M- 8 29*2 Sale 29
’2 9“ *5334
*
3*0*
Will A 3 Fist gold 5a ..1938 J -D 104*2
1st* ref couv 5s....... ...........1959 M- S 30 32 2 9 3 4 31
107*4 107*4
29 4978
Or B A W deb ctfs “A” (5100 par) Fob 72 80 1 0 7 1 4 June’15
72 May’l
70 72
3d 7s extended at 4%___ 1938 M N ----- 85 78 Jan T 6
78 78
Deben ctfs "B" (8100 par)___ Fob 10 * 4 11 * 4 IOI4 Aug T5
10*i 1 34
3
Boonv St L A S 1st 5s gu. 1951
----- 80
Feb '13
Gulf A 8 I 1st ref A t g 5s..ft 1952 J - J 82 85 82 Aug T5
82 8 8
Cent Br Ry 1st gu g 4 s...1919 F - A ----- 60 100 Feb ’ 1
85
85 85
Registered_____________ 61952 J - J
Cent Br U P 1st g 4s...........1948 J -D ----- 60 7 7 * 2 Dec ‘13
J
Hocking Val 1st cons g 4 H 8 .1999
— 89 8 9 3 4 9 0
8 934
95
Leroy A C V A L 1st g 5s. .1926 J - J
80 110 Mar’0
Registered......................... 1999 J - J
9734 Jan T
Pac R of Mo 1st ext g 4 s .. 1938 F - A 85 89*2 87 Aug T5
85 87*2
Col A II V 1st ext g 4a.. . 1948 A - O *83*2 I I I . 83*g Aug '15
2d extended gold 5s___ 1938
J 92*2 96 9 7 * 2 J’ly T4
83*8 *85*2
Col A Tol 1st ext 4a____1955 F - A
90>2 June’14
St L Ir M A S gen con g 5s 1931 A - O 94 Sale 94
95*2
94
IOH 2
Houston Belt A Terra 1st 5a. 1937 J - J
9 3 1 2 Feb T5
93 93*2
102 J’ly T4
Gen con stamp gu g 5s___ 1931 A - O
Illinois Central 1st gold 4 s.. 1951 J - J 90*2 97*2 96i8 Julv’15
96*8 9712
Unified A ref gold 4s__ 1929
J 62*8 63*4 62*4 62*4
'oT * 7 l "
92 92
Registered............................ 1951 J - J
92
92 92
Registered _________1929
807s Oct T
J
J 81*2
1st gold 3 V$s____________ 1951
81 July'15
78*4 83*8
Rlv A O Dlv 1st g 4 s.. . 1933 M -N 52**8 Sale 52
52*8
51 69
Registered.........................1951 J - J ____ 82 8 8 * 2 Feb '13
Verdi V I A VV 1st g 5s___ 1926 M- S ____ 89 92*2 Dec T3
Extended lat gold 3H s__ 1951 A -O 80*2 8 2 78 78 >4 Dec ’l l
Mob & Ohio new gold 6 s___ 1927 J - D ___111 1 1 2 * 4 June’ 1 5
1 1 0 * 2 111*4
Registered____________ 1951 A -O — 83
1st extension gold 6 s___ A1927
114 114
J 1 0 2 106 114 Apr T5
1st gold 3s sterling..............1951 M- S
80 J’ly '09
General gold 4s.....................1938 Q - S
72 Mar’15
72 75
MRegistered____________ 1951 M- S
Montgom Dlv 1st g 5s___ 1947 F - A
10 0
June'15
100 101*2
Coll trust gold 4a................1952 A - O 81*4 84 8 D2 Aug T5
81 87*4
St Louis Dlv 5s___________1927 J - D ____ 90 95 Dec T3
Registered____________ 1952 A - O
9 5 * 4 Sep T2
St L A Cairo guar g 4s___ 1931 J - J ____ 8612 87 Jan ’15
87 87
lat refunding 4a.................1955 M- N I I I I ‘83% 84
84
837 *8
s 8*8 Nashville Ch A St L 1st 5 s .. 1928 A -O 103*4 104 10334 Aug T5
10334 1063s
Purchased lines 3H s......... 1952 J - J — 84 82 Feb ’14
Jasper Branch 1st g 6 s ___ 1923 J - J
111 Jan T3
M- N 8 OI4 80*8 80*8 Aug '15
L N O A Tex gold Is____ 1953
7 9 78 863g
McM M W A A1 1st 6 s__ 1917 J - J
10334 Jan T4
Registered____________ 1953 M- N ----- 95*2 84 May’ll
T A P Branch 1st 6 s............1917
J
Cairo Bridge gold 4 s____ 1950 J O . . . 03 <8 8 6 Apr T5
86
89 Nat Rys of Mex pr Hen 4H s. 1957 J - J ___ 59*4 113 J’l y ’04
58 June’14
JLitchfield Dlv 1 st g 3 s . . . . 1951
74 Feb '14
Guaranteed general 4s___ 1977
77 Feb ’ 13
Loulsv Dlv A Term g 3 Ha. 1953 J - J
76*2 June'15
76*2 77*2 Nat of Mex prior lien 4 H s.. 1926 J - oJ 'III *84* 967a Feb T3
Registered____________ 1953 J - J
83 Aug T
lat consol 4s....... ........... 1951 A -O
30 Aug '15
30
F-A
Middle Dlv reg 5s............... 1921
N O Mob A Chic 1st ref 5 s.. 1960 J - J ------ 40 40 May' 15
31*4
685S 123 May’99
Omaha Dlv 1st gold 3s__ 1951 F - A
73 Mar’15
N O A N E prior lien g 6s..p l915 A - O
101 June'14
70 7 5 * 2 Mar’12
8 t Louis Dlv A Term g 3a. 1951 J - J
New Orleans Term 1st 4s__ 1953 - J 1 0 0 1 0 2 ' 79i8 May'13
Gobi 3 H a .........................1951 J - J
80 Apr T5
N Y Cen RR deb (is wh lss._ 193 M -N 10378 Sale 103U 1037s 1063 99*2 104*4
101i8 Oct ’99
Registered.............. 1951 J - J
Ref A Imp 4H s “ A " ___ 2013 A - O 8 6 * 4 87 87
87*4 40 8 6 S93g
Spring! Dlv 1st g 31^8____1951 J
73*8 Mar’14
N Y Central A II R g 3H 8..199 - J 76 76*4 76*4 76*2 13 76 81»4
Western lines 1st g 4s___ 1951 F - A 84t2
85 July’15
85 8 8
R egistered___________ 1997 - J
78*4 May ’ 1 0
75*2 78*4
Registered..............
1951 F - A
Debenture gold 4s_______ 1934 M- N 85 Sale 85
85*8
84 89
Bellev A Car lat 0s ' "1923 J -D
117*2 May’10
R egistered____________1934 M- N
8978 June'H
8
Curb A Shaw 1st gold 4a 1932
91*2 J'ly T2
Lake Shore coll g 3 H s___ 1998 F - A I I I I *74 741.4 Aug T5
72 75
Chle St U N O gold 5 s .. 1951 I -D ------ IO534 100U Aug ‘15
106*2 10978
Registered................... ..1998
____ 72*2 72*4 July’15
71 72*2
Registered..............
1951 J -D
114 Feb ’ll
J P M A Co ctfs of dep.
____ 773| 77*8 Aug '15
77 8034
Gold 8 >$a................... . 1 1951 J -D
90 Oct ’09
Mich Cent coll gold 3H s._ 1998
------ 693s 6978 Aug T5
68*4
717s
Registered......................1951 J -D
R egistered____________1998
*67 ____ 67
67
67 70
Joint 1st ref 5s series A. 1963 I - D 99 99*2 99*2 991 2
Battle Cr A Stur 1st gu 3s. 1989
98*2 10 0 *8
Memph Dlv 1st g 4 s ... 1951 J -D
8 6 * 2 M a r ’15
86*2
8 6*2
Beech Creek 1st gu g 4s____1936 J - J 92*4-----June'15
92*2 96
Registered......................1951 J - D
R egistered..........................1936 J - J
M ay'll
------ 95is 98 J’ly ’08
8 t Louis Sou 1st gu g 4s. _ 1931 M- S
2d guar gold 5s............... 1936 J - J II I I io'22
'1
Ind III A Iowa 1st g 4s______ 1950 J - J 81 84 85*8 Feb ’I;
83*2 85*8
Registered......................1936 J - J
Int A Great Nor 1st g 6 s ____1919 M- N 97< 2 Sale 97la 97*
97*2 100
Beech Cr Ext 1st g 3 H s ..61951 A -O
James Fran A Clear lat 4a. . 1959 J -D S4'2 90 84*8 July'l
88
90*2
Cart A Ad 1st gu g 4s.............1981 J -O
88
Oct T2
Kansas City Sou 1st gold 3s. I960 A -O 6 OI2 6734 67
67
67 69
Gouv A Oswe 1st gu g 5s. . 1942 J -D
Registered_______________1950 A -O
63 Ocr ’00
Moh A Mai lstg u g 4s__1991 M- S
9 5 * 2 June'H
Ref A Impt 5s..............Apr 1950 J - J 87*2 8 8 87*2 8 7 I2
87*4 "02"
N J June R guar 1st Is___ 1986 F -A
86
Jan T5
86 86
Kansas City Term 1st 4a___I960 J - J 8378 Sale 83*4 84*8
83*4 93
N Y A llarlem g 3'Hs___ 2000 M-N ------ 81 85 June'15
85 85
Lake Erie A West 1st g 5 s.. 1937 J - J 90 95 90 Aug T
89*4 98*2
N Y A Northern 1st g fts.. 1927 A -O 1 0 1 ____ 1 0 1 * 2 Mar’15
101*2 1017
*
2d gold 5s_____________1941 J - J ____ 79 9 4 3 4 May’14
N Y A Pu 1st eons gu g Is. 1993 A -O ------ 8 8 8 8 June'15
88 88
North Ohio 1st guar g 5 s .. 1945 A - O . . . 1 0 0 98 Mar' 14
Nor A Mont 1st gu g 5 s ... 1916 A -O
Leh Vail N Y lstgu g 4 H s..l9 4 0 I - J 9S Sale 98
99
98 101*2
Pine Creek reg guar 6 s ___ 1932 J -D
113 May’15
113 113
Registered.............................1910 J - J
99 Aug T5
99 100*8
It W A O con 1st ext 5 s ..61922 A -O 1 0 2 104*4 102*8 Aug T5
101*4 103*4
Lehigh Vail (Pa) cons g 4a. .2003 M -N 85*2 87*2 873.1 July’15
87 S734 Oswe A It 2d gu g 5s____<1915
100*8 Mar’15
100*8 100*8
General cons 4 H s ...........2003 M-N 98 . . . 98*2 Aug T5
97*4 9914
R w A O T R 1st gu g 5a.. 1918 M -N 100** I
104 Juue’10
Leh V Term Ry 1st gu g 5 s.. 1911 A - O 106*2 108 108 Aug '15
105*4 103
Rutland 1st con g 4H s__ 1941 J - J 85 ____
Apr T3
Registered...............................1941 A -O ____107 111*8 Deo 'll
OgA L Cham lstgu 4s gl948 J - J ____ 70
Feb T5
70 70
Leh Val Coal Co 1st gu g 5s. 1933 J - J 101*4 - - 101*2 101*2
101**2 104*4
Itut-Canada 1st gu g 4s. 1949 J - J
Juue’09
Registered m ___________ 1933 J - J 102 . . . 105 Oct T3
St I.awr A Adlr 1st g 5s__ 1996 J - J _____1 0 0 * 4
M nr’15
1 st Int reifWed to 4s
.. 1933 J - J
2d gold 6 s ..........................1996 A O ___102 19*8 Mar’lS
» No p ice Friday: latest bid and asked this week. a Due Jan ft Due Feb. 4 Due A pril. « Due M ay. 0 Due June. A Due July, t Due Aug. 0 Due Dot
Due Nov < Option sale.
760
New Y ork Bond R ecord — Continued— Page 3
[Vol. 101.
R ange
P rice
W eek ’s
BONDS
R ange
P r ic e
W eek ’s
DONDS
S in ce
F r id a y
R ange or
N . Y . STOCK EXCHANGE
S in ce
F r id a y
R ange or
Y. STOCK EXCHANGE
Jan. 1
Sept. 3 .
L a s t S a le
Week Ending Sept. 3.
Jan. 1
S e p t . 3.
L a s t S a le
Week Ending Sept. 3.
L o w H ig h
B id
A
Low
H ig h
Pere Marquette ( C o n . )
Low
H ig h
B id
A ik L ow
H ig h
N Y Cen & H RR (Con.)
...
90 96
O
96
Flint & P M gold 6s__ 1920 A --N 96 Sal 96
96 97
9513____
Utica & Blk Rtv gu g 4s__ 1922 J - J *82 ____ 97 Feb ’15
72
72
M
65l2 72
72
1st consol gold 53---------1939 A -O
81*3 84U
Lake Shore gold 3H s_____1097 J -D 82 ____ 82 A u g'15
65 6 8
68 July’15
Pt Huron Dlv 1st g 5 s .. 1939
82
82
81 82
Registered ...................... 1997 J -D
Sag Tus & H 1st gu g 4 s .. 1931 F - A 30 55
90 93l2
Debenture gold 4s--------1928 M- S 90 3 4 Salo 90*4 91's
J
65 May’14
88*4 9278 Philippine Ry 1st 30-yr 3 f 4s 1937 J -- O *10334 106 108's May’14
25-year gold 4a________ 1931 M-N 90 Sale 897s 90>8
A
Pitts Sh & L E 1st g 5s...........1940 J - J
9178 June’14
R egistered_________ 1931 M -N
1 1 3 1 4 N ov’11
1st consol gold 5s________ 1943
Ka A & G R 1st gu c 5 a ..-1938 J - J
Sale 9178 92 i8
91 95*g
Reading Co gen gold 4s------ 1997 JJ -- J
Mahon C’l RR 1st 5s..........1934 J - J 1 0 3 1 3 . . . 107U Apr ’14
9034 9014
9C'4
90 93
J
Registered_____________ 1 9 9 7 A - O
1041s 10413 103 Jan ’15
Pitts & L Erie 2d g 5 s...a l9 2 8 A - O
92 A ug’15
91 93*8
Jersey Central coll g 43— 1951 J - J
Pitts McK & Y 1st gu Os. . 1932 J - J 114 ____ ISO's Jan ’09
Atlantic City guar 4s g ...l9 5 1 J - J ____ 61 60t2 J’ly ’15
1
2d guaranteed 6 s ---------1934 J - J 11 0 11 116 123U Mar’12
60's 73
...
Jos & Gr Isl 1st g 4s...........1947 J - J 106«s Sale lOb's 107's
McKees A B V 1 st g 6 s. 1918 J - J
10578 IO8 I3
Louis & San Fran gen 6s. 1931
102’s 1023s
Michigan Central 5s____ 1931 M- S 10213 . . . 102*8 M ay’ 15
99
9933
99 101U
9 9 1 3 Sale
103i2 May’14
General gold 5s-------------- 1931 J - JJ ____62
R egistered___________ 1931 Q-M
75
’14
98 Apt ’12
St L & S F RR cons g 4 s ..1996 J --N 44H 45 4412 J’ly 44l2
4s.........................................1940 J - J
35 5U 2
General 1 5 - 2 0 -year 5 s ..192/ M
87 Feb ’14
R egistered_________1940 J - J
44l2 46'8 44i2 4 4 1 3
32 13
51
Trust Co certlfs of deposit.
90 June’OS
J L & S 1st gold 3H S...1951 M- S
3 2 1 3 49
do
Stamped. A - O 41'3 Sale 4U2 Dec4213
79*8 Aug T5
79*s 81U
1st goid3H a__________ 1952 M -N 7 7
’
Southw Dlv lat g 5s— 194 J - J 66'3____ 93
78'4
78'4 83
20-year debenture 4s — 1929 A - O 871 4 . 8212 7SR 8 8 I4
66H 0612
63'3 7112
.
8 SI4
Refunding gold 4s--------1951 J - J
88 9334
N YChlc& St L 1st g I s .. 1937 A - O
80*4 M ar’ll
9234 J’ly '14
Registered__________ 1951
R egistered___________1937 A - O
60's July’15
6 6 I3 ___
60's 7 1 1 3
..
Trust Co ctf3 of deposit
76 >3 79 14
Debenture 4a_________1931 M -N 72 Sale 76H June’15
OOI Sale 60'4 OOI3
59 78 6 8
do
Stamped M -N 105 3 Salo 105
86
87l2
86
92l2
West Shore 1st 4s guar__2361 J - J 8 6 8 6*4 80
105
105 110
86
86I
4
857s 89’4 K C Ft S & M cons g 6 s .. 1928 A - O 6 6 * 4 Sale 66*4 6 OI4
R egistered___________2301 -I - J
6 OI4 7312
K C Ft S & M Ry ref g 4s. 1936 A - O
10 0
10 0
N Y C Lines eq tr 5 s .. 1915-22 M- N 99i2 . . . 100 Mar’15
K C A M R & B 1st gu 5 s. 1929 M- N 701’ Salo' 95 3 M ar’14
Equip trust 4 M s..1916-1925 J - J 95*8 . . . 98 J’ly ’14
7 OI
72
7012 80
L S W 1st g 4s bond ctfs.. 1989
9413 9 5 1 4
N Y Connect 1st gu 4H 8A ..1953 F -A ____ 97 91*3 May’15
55
’15
54 60
2d g 4s Income bond ctfs.pl989 J -D 52 Sale 54 Aug54
N Y N II A Hartford—
54
5178 62*4
J
____ 79 77 J’ly T4
Consol gold 4s___________1932 J - D 1 0 0 ____ 52 Jan ’l l
Non conv deben 4s______ 1947 M
98'3
Gray's PtTer lstg u g 5 s .. 1947
70 . . . 63 Feb ’15
63 63
Non-conv d;ben 3H s____1947 M
65 80
J O5 I3 67 66
A & A Pass 1st gu g 4s------1943 J -- J 10034 _____ 100*a Aug66
64 70
Non-conv deben 3H s____1954 A -O 6 8 70 70 Aug '15
9934 100*8
71 775s _ F A N P 1st sk fd g 5s...........1919 J - O 78'3 80 75 Doe ‘’15
Non-conv deben 4s______ 1955 J - J 77 ------ 77 Aug T5
70 77 Seaboard Air Lino g 4s--------1950 A -O ____ 78'3 78*8 Juno’15
Non-conv deben 4s_____ 1956 IV1-N 77 77 14 77 Aug T5
78 83l2
67l2
Gold 4s stamped________ 1950 A -O
6 II 3 70
Conv debenture 3H s____1956 J - J 111 Salo 671s 67*2
Salo IIOI4 I l l ’s
Registered_______________ 1950 A
101 112
Conv debenture 6 s ______ 1948 J - J
59*4 713.1
60 Sale 59*4 60*3
F
76 ----Adjustment 5s_________ 01949 A - O OS's Sale 6818 70
Cons Ry non-conv 4s___1930 F -A
66
71H
Refunding 4s____________1959 M- S ___ 83 83
Non-conv deben 4s___1954 J - J ____ 72 9 U 3 Jan '12
83
81 83U
Atl Birm 30 yr 1st g 4s..el933 J
Non-'onv deben 4s___1955 J - J
8412 85
83 1 ____ 85'4 M ar’15
Car Cent 1st con g 4s------ 1949 J - J 99344 ------ 100 A ug’15
Non-conv deben 4s___1955 A -O
10 0
IOOI4
- J
Fla Cent & Peu 1st g 5 s .. 1918 J - J
Non-conv deben 4s___1956 J - J
104 N ov’12
99U N ov’12
1st land gr ext g 5s--------- 1930 - J
Harlem R-Pt Ches 1st 4s. 1954 M -N
101 July’l
1 0 0 7s 1 0 1
J
Consol gold 5s.....................1943 - J
B A N Y Air Line 1st 4 s .. 1955 F -A 67 7078 9 9 * 3 June’12
1 0 0 H 1025a
79 May’15
Ga A Ala Ry 1st con 5s..ol94o J - J 99 14 IOU4 1025s Mar ’ 15
79 79
Cent New Eng 1st gu 4 s .. 1961 J - J
1 0 0 H IO2 14
lOl'j Jul.v'15
Oa Car A No 1st gu g 5S--1929 J - J
Hartford St lty l 3 t 4s___ 1930 M- S
9 9 1 4 IOU3
9 9 14
9 9 14
M ay’15
Seab A Roa 1st 5s.......... 1926 J
105 10512
Housatonlc R cons g 5s__ 193/ M -N 10234 _____ 105i2 J’ly ’l l
Southern Pacific Co—
Naugatuck HR 1st 4s___ 1954 M -N 90 ____ 87
8
J - D 80H Sale 80 Feb OI3 24 79 3 4 8 8 I4
88
Aug M3
Gold 4s (Cent Pao coll).*1949 J - D
N Y Prov A Boston 4 s ... 1942 A -O
90
T4
10
7413
Registered........................*1949 M66'3 7812
NYW'chesAB 1st ser I 4H* ’46 J - J 74 < 3 Sale 107 Aug75
7978 *83**4
’09
20 year conv 4s___________01929 -DS 80's Sale 80's 3078
N H A Derby cons cy 5 s .. 1918 M- N
99H
9 5 1 4 1 0 1 7s
J
Boston Terminal lat is__ 1939 A -O
20 year conv 5s........................199' -A 93*4 Sa'e OSH 841,
83*s 90
Cent Pac 1st ref gu g 4 s . .1919 F -A 84 Sale 83*8 M ar’15
New England cons 5s___ 1945 J - J
8 6 H 8 6 I3
F
9 9 1 3 M ar’12
Registered_____________1949 J - » *8*4*“ *84*4 8 6 H 843.1
Consol 4s______________1945 J - J
84*3
84*s 89
Mort guar gold 3M s..tl929
56 Apr ’15
55 58*3
Providence Secur deb 4 s .. 1957 M -N
82H 8 U
8 U4 87
9978 Dec ’l l
Through St L 1st gu 4s. 1954 A - O 1 0 1 1 0 1 102 4 June’15
Prov A Springfield 1st 5s. 1922 J - J
M ar’15
t02 102H
M-N
833s Feb ’14
G II A S A M A P 1st 5 3 . . 1931 M-N
Providence Term 1st 4 s .. 1956 M- S
Gila V G A N 1st gu g 5 s .. 1924 M-N 99 '8 1 0 0 10 2 3 4 Apr ’14
W A Con East 1st 4H S ...1943 J - J
July’15
ioo* 10 3 "
Hous E A W T 1st g 5 s . . -1933 M-N 98*2 IOH3 1 0 0 June'15
7413 825„
N Y O A W ref 1st g 4s___ 01992 M- S . . . 76 74U Aug ’15
99'8
99's 99lg
1st C 1 5s 5s Int g u ... 1937 J J
Registered 35.000 on ly..01992 M- S 73 . . . 92>3 June’ 12
104 107
H A T guar st g red__________ 1933A -- O 102*4 104 105 Aug '1
76 June’15
‘75'l3 *80
General 4s_______________1955 J -D
93 95H
94H July’15
93H
94 June'14
Gen gold 4s Int guar— 1921 M -N 108 ___ 108 Mar’14
Norfolk Sou 1st A ref A 5 s .. 1961 F -A " 9 6 ' 1 0 0
101
101 102
Waco A N W dlv 1st g 6s 1930 - J 0 1 1 1
Norf A Sou 1st gold 5s..........1941 M-N 1 1 5 1 3 1 1 7 1 3 115 July’15
100 102H
115
115 118
A A N W 1st gu g 5s...........1941 J - J 1—0 — 100 Juno' 15
Norf A West gen gold 6 s __ 1931 M - A 1161s 11712 119 Feb ’15
109 June’14
119 119
Louisiana West 1st 6s------ 1921 J -O
Improvement A ext g 6 s .. 1934 K - A
ioiT 1045s July’15
102 104*8
A
Morgan’s La A T 1st 7 3 ..1918 J - J
119 119
New River 1st gold 6 s ___ 1932 A -O 114 ____ 119 Apr8 ’15
106
’14
8
8634 94
1st gold 6s______________ 1920A -O 103*8 106H lOOU J’ly ’07
N A W Ry 1st cons g 4 s.. 1996 A -O 8713------ 87 May’14
112 Feb
94
Registered____________ 1996 A -O 85*3 Sale
No of Cal guar g 5s------------1938 J
99*4 1 0 1 H
8512 85ij
Dlv'l 1st lien A gen g 4s. 1944 J - J
85l2 8812 Ore A Cal 1st guar g 5 s . . . 1927 J - N 11 0 0 H IOOI4 100*8 Aug ’15
___ IOU3 N ov’13
00
IOOI3 IO6 I3
10-25-year conv 4s____ 1932 J -D
8 0 Pac of Cal—Gu g 5s— 1937 M987s 107
’12
J - J 90 79*4 91H Sep 80
10-20-year conv 4s____ 1932 M- S 110 Sale 107 A ug'15
So Pac Coast 1st gu 4s g .. 19.37 A -O 79
993i 107
47 77*4 82*8
80
107
110
10-25-year conv 4 H a __ 1938 M- S
San Fran Terml 1st 4s— 1950 J - J
10 1
110
96
’14
Pocah C A C Joint 4s__ 1941 J - D 8634 ____ 87 Aug ’15
Tex A N O con gold 5s— 1943 J - J 84 14 Sale 84's Apr84*8
87 90U
83*s 89
____
C C A T 1st guar gold 5s. . 1922 J - J IOOI' 3 Sale 10534 Jan M3
So Pac RR 1st ref 4s...........1955
98
9712 101
J
8 6 I3
8 6 I3
Sclo V A N E 1st gu g 4 s .. 1989 M- N 8 6 2
Southern— 1st cons g 5s------ 1994 J -- J 9 7 * 4 Salo 97H June’15
8 6 l 2 91
98 98
891
Nor Pacific prior lieu g 4s__ 1997 Q - J ____2 Sale 8S34 89l2
Registered.............................1994J - O 6OI4 Sale 98
8 8 s4 93 '8
62 14
A
89 895s Aug ’15
Registered_____________1997 Q - J
Develop A gen 4s Ser A .. 1956 M- S 58 65 60 Juno’15 57 5814 69
8834 92
71
71 76
General lien gold 3s_____a2047 Q - F 6 2 1 3 Sale 6212 627s
Mob A Ohio coll tr g 4 s .- - 1938 J - J 98'3 997a 99H July’15
62 6 6
98*4 100
Registered............... a2017 (1- F
63*3 June’15
Mem Dlv 1st g 4.H 5s----- 1996
6 U3 6 3 13
76 847s 81 July’15
80U 83*4
St Paul-Duluth Dlv g 4 s .. 1996 J - D 9058____ 9034 Aug ’15
9034 90*4
St Louis dlv 1st g 4s--------1951 J -- J 100*8 103U 104*4 Juno’14
J
Dul Short Line 1 st gu 5 s .. 1916 M- S lOOU____ 100t2 Sep M3
Ala Cen 1st g 6 s ................-' 01S J - D ____ 98 9 9 3 4 May’ll
St P A N P gen gold 6 s.-.1923 F -A loo’s 113 109*8 Aug ’15
Ala Gt Sou 1st cons A 5 s .. 1943 J - J ____ 93 93 July’15
109U Ill's
93 9478
115’s Aug ’ll
Registered certificates.. 1923 Q - A
Atl A Char A L 1st A 4KS1944 J - J 79 81 83'8 Apr ’15
831a 8518
I03l2 ____ 102 Feb ’15
8 t Paul A Duluth 1st 5 s .. 1931 F - F
102 102
Atl A Danv 1st g 4s______ 1948 J - J
75*3 Aug T5
75H 75H
J
10 1
IOH3 1 0 1
10 1
2d 5s..................................1917 A -O
2d 4 s .................
1948
IO I4 101
O
7258
75*4 Dec ’
1st consol gold 4s______1968 J -D ____ 90 8 8 June’15
Atl A Yad 1st g guar 4 s . ..1949 A -- O 10038 ___ 100*8 J’ly 'l14l
88 88
J
Wash Cent 1st gold 4s__ 1948 Q-M 1 1 0 1 1 1 8 U3 Dec M3
CoIAGreenv 1st 6 s -----------1916J - J 102 ____ 102*8 May’15
...
02*4
J
110
110
Nor Pac Term Co 1st g 6 s .. 1933 J - J
E T Va A Ga Dlv g 5 3 ----- 1930 M-N 100 102 102 Aug '1 5 ------ 10 22* 8 1104*8
110 113
10
8 CI
80*4
Oregon-Wash 1st A ref 4s__ 1961 J - J ____3 95 80*4 SC34
Con 1st gold 5s________ 1956
7913 8 8
97
99 99
Pacific Coast Co 1st g 5s__ 1946 J -D 90 ____ 95 A ug’15
E Ten reor Hen g 5s---------1938 M- S ____ 99 99 June’15
94 98'4
65 04H May’13
A
97 A ug'15
Pennsylvania RR 1st g 4s__ 1923 M-N
Ga Midland 1st 3s...............1946 J -O
96 98
106 107
Consol gold 5s__________ 1919 M- S 103ls Sale 1031s 103*8
Ga Pac Ry 1st g 6 s .............1922 J - J 105 10678 IO6 I4 Aug T5
102 103's
105H July'15
105H 105*3
-J
Consol gold 4s__________ 1943 M-N 96 973s 9 7 1 4 Aug ’15
Knox A Ohio 1st g 6 s----- 192o - J
97U 98H
100
Convertible gold 3H s__ 01915 J -D 100 100i8 100
Mob A Btr prior lion g 5s.l9l.> J - J ____ 70i8 105H Nov'12
993s I0 0 7s
79 Mar’13
Consol gold 4s.....................1948 IVl-N _____ 9678 9634 Aug ’15
Mortgage gold 4s.............. 1945 A - O
9634 981
102 102*4
10 2
May'15
Consol 4 H s ____________1960 F -A 10218 Sale 10134 10212
Rich A Dan deb 5sstm pd.l927 M N
10134 10t78
73 Sep ’ 12
General 4H s when Issued 1965 J - D 9 7 1 4 Sale 97
9714
Rich A Meek 1st g 4s----- 1948
97 98U
tOO'4 July'15
10 0
10 1
Alleg Val gen guar g 4s__ 1942 M- S 91 ____ 94 M ay’15
So Car A Ga 1st g 5s......... 1919 M -N ___100 100>4 Mar’15
933s 94
100'4 lOOU
91 Mar’14
D II RR AB ’ge 1st gu 4s g 1936 F -A
Virginia Mid ser C 6 s ----- 1916 M- S 100*4____ 103*4 N ov’l
Phlla Balt A W 1st g 4 s.. 1913 M- N 9 5 1 3 ____ 99 '8 J’ly M3
Series D 4-5s_________ 1921 M- S
D ec’13
102 Jan ’03
Sodus Bay A Sou 1st g 5 s . 2924 J - J
Series E 5s........................1926 M- S 10213____ 102 Mar’13
104
S
Sunbury A Lewis 1st g 4s. 1936 J - J
Series F 5s___________ 1931 M--N
Aug
102 103H
U N J RR A Can gen 4 s .. 1944 M- S 99U
99 Aug ’15
General 5s_____________ 1936 M - J 1 0 0 1 0 1 1C2H Aug T5
9834 99
98*3 101
Pennsylvania Co—
Va A So’w’n 1st gu 5 s ..2003 J -O 80<4 SU 4 100 Aug ’15
84
T5
81*4 84
1st cons 50-year 5 s .. 1958 A - A
Guar 1st gold 4H *--..........1031 J - J lOOU 10112 IO2 I3 Aug ’15
991i 102l2
92 Juno’13
F
Registered.........................1921 J - J 9 9 ls ____ 100 July'15
W O A W 1st cy gu 4s___ 1924 J - J ____ 98 96'3 Junc’14
99's 100
84l2 Apr ’ 14
Guar 3Ha coll trust reg A . 1937 M- S
Spokane Internat 1st g 5s— 1955 A - O 03*1 95U 9 U3 July’15
94H 99H
86
July’15
Guar 3H s coll trust ser B.1941 F - A
84 86 Ter A of St L 1st g 4 H s___ 1939 F - A 99 100'3 101 Aug T5
100*4 102
1st con gold 5s__ 1894-1944 - J
Trust Co ctfs gu g 3H s__ 1916 M-N 9913 - - - 99*8 Aug ’15
99 09*8
80*4
8034 84
D
83 Feb ’15
Guar 3H s trust ctfs C___ 1942
Gen refund s f g 4s_______1953 J -O ____ 80 100 Aug ’15
83 83
Mar’15
10 0
10 0
81 Aug ’15
Guar3Hs trust ctfs D ___ 1944 J - D
St L M Bridge Ter gu g 5s 1930 A
81 81
9 2 13
92 96
Guar 15-25-year gold 4 s .. 1931 A -O 92l2 ----- 891i Aug '15
89'2 9412 Tex A Pac 1st gold 5s______2000 J -D "____ *931 92H Aug9 2 1 3
'15
M
29 3614
92*8 May’ 14
40 year guar 4s ctfs Ser E . 1952 M- N
2d gold Inc 5s___________ 0 2 0 0 0 J -ar ____ 30l2 32t2 May’14
90 95
J
Cln Leb A Nor gu 4s g__ 1942 M- N *84 ~ - .1 93 ' 2 Apr ’14
La Dlv B L 1st g 5s............1931 F - A ____ 95 100H N ov’04
Cl A Mar 1st gu g 4 H s__ 193 M-N 95 - - 9 73 4 Aug ’15
W Min W A N W 1st gu 5s 1930 J - J 9 9 3 4 100 9 9 1 4 Aug '15
9734 9734
9 9 1 4 103
J - J 1 0 0 's - - - 101*8 N ov'13
Cl A P gen gu g 4H s ser A . 1942
Tol A O C 1st g 5s...................1935 A - O
101 Aug T3
Series B__________
1942 A - O lCO's - - - 109*4 J’ly ’09
Western Dlv 1st g 5s_____ 1935
91 '4 Feb M2
Int reduced to 3HS--194? A - O
General gold 5s__________ 1935 J -D ____ 98t2 IOU3 Apr ’14
86
Mar'15
A
86 86H
90's Oct M2
Series C 3,Hs_________ 1918 M- N
Kan A M 1st gu g 4s_____1990 J -O1 90
93 Aug ’15
92 96
8 3 3 4 June’15
Series D 3H s...................1950 F -A
2d 20-year 5s__________1927 8334 83*4
62*3 6 8
63 July’15
SOU May’14
Erie A Pitts gu g 3H s B ..1940 J - J
Tol P A W 1st gold 4s............1917 J -- J 62
7212 Aug '15
72H 78
90's J’ly M2
Series C ............................ .1940 J - J
Tol St L A W pr lien g 3 H 8-192 J J 73
43
44
42H 5314
Gr R A I ex 1st gu g 4 H e.. 1941 J - J 94 99 95 July’15
50-year gold 4s_________ 1050 A - o 43
43 June’14
93 May’14
Ohio Connect 1st gu 4s__ 1913 M- S
Coll tr 4s g Ser A______ 1917 F - A
82l2
82t8 87H
Pitts Y A Ash 1st cons 5s 1927 M- N 102B . . . 109 MayMO
Tor Ham A Buff 1st g 4s . . h 1946 J - P IOOI3 101 100*8 Mar’15
98H 101
100*8
Tol W V A O gu 4H s A ..1931 J - J ____ 98 983i Aug ’15
9634 97U Ulster A Del 1st con g 5 s ..1928 J -D
74 74
Series B 4H s....................1933 J - J
1st
4s___________ 1952
98U Juno’l5
98U 98U Unionrefund g 1st g 4s--------1947 J A --O 92*8 Sale 74 Mar’151
92'2 97'8
92*8
93'
9 3 ' 3 J’ly M4
Series C 4s........................1942 M- S
Pacific
J
93 OSH
P C C A St I. gu 4,Hs A ..1910 A - O 98'3 100*4 98U Aug ’15
Registered____________ 1917 J - J 891.1 Salo 05H May'15
98 10112
881
3
90
88
91U
Series B guar_________ 1942 A - O 98*3 10034 98 Aug ’15
2 0 -year conv 4s-------------- 1927 J - J
97*8 101'
85
8478 92U
Series C guar_________ 1942 M- N 98>3 . . . 97U July’15
1st A ref 4s____________ 02008 M- S 8413 89 8478 8 6
97U 101's
88
88
88 9 U 3
Series D 4s guar_______ 1945 M- N 92 ____ 9238 Aug ’15
Ore R R A N a v c o n g ts — 1 9 1 6 J - D 108 ----- 88
92U 93*4
107H 109H
Series E 3H sguar gold .1949 F - A 9 0 1 3 . . . 90*8 July’15
Ore Short Line 1st g 6 s __ 1922 F -A 100 103 108 Aug T5
90 91*8
103
103
103 106
’ erics F guar 4s gold___1953 J - D *923s - -- 9 5 * 4 Jan ’14
1 st consol g 5s________1948 J - J
881
4
83H
87H 917s
Series O 4s guar_______ 1957 M- N *9258 ___ 923s Aug ’15
Guar refund 4s________1929 J - D 8 S'3 Salo 103's June’15
9212 9334
99H 102
103's 10318
C St L A P 1st cons g 5 s .. 1932 A - O 104 . . . IO6 I3 May’14
Utah A Nor gold 5s___ 1926 J - J 9258 99
Peoria A Pekin Un 1st g 6 s__ 1921 Q - F 10D8 -- - lob’s May’15
1st extended 4s____1933 J - J
1013s 101*8
93 Apr ’13
2d gold 4H s........................S1921 M-N
89 Feb '14
Vandatla cons g 4s Ser A .. 1955 F -A
92'4 May’14
Pere Marquette— Ref 4s___ 1955 J - J ___ 20 1 1 ' 3 June’ 1 5
Consol 4s Series B _______1957 M N
lll2 1
90 42H Aug '151----- 42H 42H
Refunding guar 4s...............1955 J - J ____ 19 40 Dec M3
Vera Cruz A P 1st gu 4 H 8 . - 1 9 .3 4 . 1 - 1
Salo 92
9 3 I4 I
10 92 997i
Chic A West Mich 5s..........1921 J - D 72 . . . 72 A u g’15
Virginian 1st 5s Series A___ 1962 M-N
• No price Friday; latest bid and asked, a D u a J a o ; 6 D ie Feb. e Due M ay, 0 Due June. » Due Ju ly . *Due Aug. 0 Due Oot. v Due Nov. f Due Dea.
s OPtlon sale.
3.
W e e k 's
R an ge or
L a s t S a le
N o.
R ange
S in c e
Jan.
1
BONDS
N . Y. STOCK EXCHANGE
Week Ending Sept. 3 .
761
P r ic e
F rid a y
S e p t.
3.
W e e k 's
R ange or
L a s S a le
B onds
S o ld
P r ic e
F rid a y
S e p t.
I n te r e s t
P erio d
BONDS’!
H . Y . STOCK EXCHANGE
Week Ending Sept. 3.
N ew York Bond R ecord--C oncluded-~Page 4
B onds
S o ld
1915.]
I n te r e s t
P e r io d
sept . 4
R a tg s
S in c e
Jan.
1
IOOI IS 97
Wabash 1st gold 5s________193! IVI-N
% Trenton G & El lat g 5 3 ___ 194! rvi - p 90*4
IOOI
2d gold 5s..............................1930 F - A ____ 92 9178 917g 1 80 95% Union Elec Lt & P 1st g 5 s.. 1932 M- S 9 9 9 5 % 97% June’15
97% 101
J-J
897g 897S Utica Elec Lt <t P 1st g 5a .1950 M --N
____ 897g 897s M ar'15
1 st lien equip a Id g 58__ 1921 M- S
96 102%
j j
102% M ar’15
65 Mar' 15 — 7 05 05 Utica Gas A Eleo ref 5a___ 1957 j -1 1 0 2 % ____ 98 Aug ’15
1st Hen 50-yr g term 4 a ... 195-1 J - J 65 ___
98 98
14 34 Westchester Ltg gold 5a___ 1950 J -D 1 0 1 1 0 2 1 0 2
lG7g
1 101
1st ref and ext g 4a_____ 1950 J - J 14 Sale 14
10 2
103
16 30 15 27
M iscellaneous
Cent Trust Co c tfs ...
*15 20 15
14% 27 Adams Ex coll tr g 4s______1948 M- 8 74 76
14% 14%
70 80
21
24%
6 118
Equtt Trust Co c tfs...
. - 1 0 14% 167g 330 114% 30 Alaska Gold M dob 6 s A___ 1925
127 130 127
130
150
2
15
Armour A Co lat. real eat 4H s '39 J -D 9 1 7 S Sale 9134 917s 27 90% 93
Do stamped_____
12% Sale 12
Det < Ch Ext 1st g 5s___ 1941 J - J 1 0 0 1 0 1 100 Aug '15 — 99 1 0 0 Buah Terminal lat 4 3 ______1952 A -O 87 ____ 8 6 Aug ’15
Sc
84 8 6
J - .]
Bldga 5a guar tax ex______I960 A -O ------ 84
Om Dlv la tg 3 H s-............1941 A -O 5712____ 00% July’15 ___ 55 60%
84 Aug ’15
83 87
Tol A Ch Dlv 1st g 4a___ 1941 M- S 6 0 '? ____ 60‘s July 15 94 0 0 7234 Chile Copper 10-year conv 7s 192.1 1*1 -K 114 Sale 113% 116% 152 111 117%
83, GranbyConsMSAP com 6a A '2 8 M-4S 100 104% 10378 104
1
2
Wab Pitta Term 1st g 4a.. 1 9 5 4 J -D
17g Sale 1
If 98 111
0%
h
3g
1 886
Insplr Cons Coo 1st conv 0a. 1922 M- £ 141% Sale 140% 14734 39C 97 14734
Cant and Old Col Tr Co certs
3g
s4 85 % 8 % 5-year conv deb O s............1919 J - J 143 Sale
Columbia Tr Co certfs. .
OS
3l 1
7g 5S0 *8 8 Int Morean Marine IH s___ 1922 A -C 72 Sale 140*2 147 176 9434 147
Col Tr etfa for Cent Tr ctfa .
68%
72
*4 1*4 *8 Aug T5 ____
30% 73%
I4
14 1 % Certificates of deposit_____
2d gold 4s_______ _
1 0 5 4 J -D
68
71*2 117 331* 73
ig
18
Trust Ce certfs..
____
% 8034 July’15 ____ 80% 82 % Int Navigation 1st a f 5s___ 1929 F - A 62% 65% 62
62*2 1 0 36 65*4
J
Power
1943
Wash Tcrinl 1st gu 3 H s ... 1945 F - A 80i2 ------- 01l2 Aug8034 — 5 91 >2 91% Montana Co 1st a1st45s A__ 193! J - J 89% 90*a 8934 90% 16 S8 *4 92%
'15 24
Morris A
f Hs___
J87% 90
0 1 D ........
54 71%
09
A
West Maryland 1st a 4a. 1952 A -O 70 Sale 102U Aug7015 ____ 1 0 0 % 1 0 2 % Mtge Bond (N Y) 4s aer 2__ I960 J -OJ 937g ____ 83 Apr ’14
’
10 2
..
10-20-yr 5s series 3 ..............1932 J’ly
76 Aug '15 —
75 78% N Y Dock 50-yr 1st g 4s___ 1951 F - A 72 75 100 Aug *14
76 77
Gen gold 4s_
1 0 4 a A -O
72
’15
71 75
17's 17% N ias Falls Pow lat 5s______1932 J - J 99% 101 1 0 0
20
------ 17>8 M ay'15 —
10 0
10 10 0
Income 5s____ __
din -13
10 1
98*2 June’lo
____ 90
9812 1 0 0
A -C
Wheeling & L E 1st 5 s
| 0 '>«
____ _ _ 89% M ar’15
—
95 N ov’13
M-N
Wheel Dlv 1st gold 5a._I.1928 J - J ____ 94 92 ' 2 Apr ' 15 — ____ ____ Nlag Lock A O Pow 1st 5 s.. 1954 F - A ------- 937S
89% 91%
92 92 Ontario Power N F 1st 5a _. 1943
94 July’15
Exten <fc Impt gold 5a____1930 IF - A 5234 ------ 52^1 53
92*4 95%
11
49 65 3 4 Ontario Transmission 5s ____ 1945 M-N * ____ 90% ROla M ay’15 - . . 8 6 % 90
Hit 1st oonsol 4s ..... ............ 1919 M- S
8 GI4 8 6 * 2
83 84
'15
81 84
- J
5 103 130
Winston-Salem 3 13 1 st 4 s . . . 1900 J - .« ____ Sale 81 Apr82 ____ 81 87 Ray Cons Cop 1st conv 6 s. .1921 J - A 114% Sale" 113% 117
11
F
------- 8 8
92% Feb 'll
J * J 81
J-J
103% Jan '14
83'2 85%
Bud & Dul dlv & term lat 4s '30 IVI-N 83 87 85 Aug '15
M anufacturing & Industrial
24 993.4 1 0 2 %
Am A r Chem 1st c 5s ......... .1928 A -O 100% Sale 1 0 0 % 1 0 1
Street Hallway
01
1 0 i2 1 0
93%
Brooklyn Rapid Tran g 5 s. .1945 A -O _0___63*21 10 0 3 4 A u1 g'15 — 4 1 0 0 % 103-% Conv deben 5s _________ 1021 F - A 1 93 % 1 0 0 % 93% 93% ____2 92 9334
100% Aug '15
1st refund conv gold 4 s...2002 J - J 9 9 3 4 Sale 80 4 100 363 793.4 85% Am Cot Oil ext IH s ______ pl915 Q -F 0 0
9978 1 0 0 %
993
98 '8 1 0 0 % Debenture 5a____________ 1931 M-N 93 93*4 91% Aug '15 ____ 91% 94%
0-year secured notes 5s __ 1918 J - J 1 0 1 1 0 2 101 Aug T5 —
26 100% 103%
S
1 0 0 %1 0 1
Bk City 1st con 6a..1910-1941 J ■ 1
Am Hide A L lat a f g 6 a___ 1919 M- C 103% 10334 102% A 103
82 85 Silo
’15
AM -N
J-J
101 May'13
F - A 105% Sale 105% 1O07S 83 10358 107 "
99 9 9
99% 13 98% 1 6 1 % Am Spirits M fgg 6 s ________1915 M- S
100 July’15 ___ 92% 100
Bklyn Un El lat g 4-5S...1950 F - A ____ 0914 99
99l2 99l2 2 99% 100% Am Thread 1st eoll tr 4 s___ 1919 J - J ------ 95 9 3 %June’15 — 93% 03%
Stamped guar 4-5s..........195C F - A
l 79 83% Am Tobacco 40-year g 6 s__ 1911 A -O 119% 122 119% Aug '15 — 115 121%
79
Kings County El lat g 4a. 194! F - A ____ 80 79
70
7
F - A 79 Sale 79
121*4 M ay’14
79 82%
A- O
Nassau Elec guar gold 4a. 1951 J - J 74% 76 73 Aug '15
73 78
Gold - I s _____ _____ ____1951 F - A ------ 95 97 Apr '15 ___ 97 98%
9234 97%
F - A 94i2 95 951g Aug '15
98 June’11
F - A
J - J
9314 ____
1
6034 61*8 61
61
J - J
102 _
Dot United 1st cons g 4H8--1932 J - J 74i2 Sale 7U2 7412 1 1 05% 79 Beth Steel 1st ext s f 5a_____1926 j - j 1 0 1 * 4 Sale 101*4 102% 26 98% 103
84 Jan T -1
Ft Smith Lt A Tr 1st g 5a 1936 JW- 8
997* Sale 9934 1003s 99
993.1 ____
G1
J -D
99*4 Sale
F- \
90 91
28 70 797g Corn Prod Ref a f g 5s______1931 M-N 90% ____ 96% July'15
70lg
Hud A Manhat 5s Ser A .I..11957 F - A 70ig Sale 25% 71
91*4 97%
253.4 41 24% 29%
25-3.1 Sale
Adjust Income 5s ...............1957
lat 25-year af5a __ ____1931 M-N 93% 91% 94% 94% 3 92 95%
977«___
59
74 Sale 7313 74U 176 73% 79% Distil Sec Cor conv 1st g 5s. . 1927 A -O 64*4 Sale 64*2 66
80 46% 67*4
Interboro-Metrop coll 4 Hu 1950 A -O
-D
99*4 100 1 0 s 84 103
Interboro Rapid Transit—
96*2 Sale 961.1 97 219 90% 98% E 1 du Pont Powder 4 Ha__ 1936 J -D 100 Sale 87*2 J’ly ’14
J - J
J
1 74 79
Manhat Hy (N Y) cons g 4s. 1990 A - O ____ 84 14 84 ig Aug '15 ____2 84% 91 Gen Electric deb g 3 H s ......... 1042 F - A 70 78% 76 " 76
85 1.4
85 91%
102% 72 101% 105
Stamped tax-exempt_____ 1990 A -O 85 85 85
Debenture 5a____________ 1952 M- 8 101% 102 102
Metropolitan Street Hy —
100% 5 100 101%
Gen’l Motors 1st Hen 6s ____1915 A - O 100%____ 100
23 827S 88
Bway A 7th Av 1st 0 g 5s. 1943 J - D 9 7 3 4 100*4 98 Aug '15 — 07% 101
A -O 80% 87 86% 87
deb %
Col A 9th Av 1st gu g 5 s .. 1993 M- S ------- 98*2 94 Aug '15 ____ 94 99 111 Steel Steel4 1st a .... ..............1940 M-N 100% Sale 100% 101% 21 09 101%
Indiana
5 s _______ 1952
101 Apr '14
99
M- S —
J - J 100 ____ 100 Oct ’13
___
12 99*4 101%
Met W 8 El (Chic) lat g 4 s .. 1938 F - A 100*3____ 80 M ar'll
F - A 99*4 100*4 9 9 3 4 100
Co
Mllw Eleo Hy A I.t cons g 5a 1926 F - A ------ 90l2 101 ig Aug '15 ____ 101% 101% Int Paperconv1stf con g 6s ___1918 J - J 79 80 79 A ug'15 ___ 78*4 82
Consol
s 5s______1935
92% Feb ' li> — 92% 92% Int St Pump 1st s gf 5s______1929 M- S C3 64 63% 64
Refunding A exten 4H 8..193I J - J
10 38 65%
J - l» ------- 88
82
6314 64
99% ------- 102 Nov'12
J - J
07 89 9584
A -O
S 84
82% 8534 1291 65 85*4
Montreal Tramways 1st A ref
1st con5a Series
____ 91*2 94i« Feb T5 — 80 94% Liggett A Myers P A _____ 1950 M-- O ’ 1243 4 Sale 123
_
1 121*4 124%
80-yoar 5s Sor A _________ 1941 J - J ___ 85 78 Feb '15 —
123
obac 7a.. 1944 A
11 99% 102%
New Orl Ry A Lt gen 4 Ha. -1035 J - J 08i2 Sale G838 GSfy 30 78 78
5s ...........................................1951 F - A 101% 102 101% 102
N Y Rya lat R E A ref 4a.. 1942 J -OJ 49 Sale 4812 49% 50 68% 73% Lorlllard Co (P) 7s................ 1944 A - O 120% 120% 119% Aug '15
119 124
48% 55%
30-.vear adj inc 5a_______<»1912 A
100% 15 95% 102
5s..........................................1951 F - A 100 Sale 100
80
'15 —
N
1C6
7
N Y Stato Uys lat cons 4 H s. 1902 M- N 80 80 99*8 Apr *15 — 84 80 Mexican Petrol Ltd con 6a A 1921 A -O 105 Sale 105
I*eb
M104 Sale 101
104
7 95% 110
99% 90%
Portland Uy lat & ref 5a___ 1930 F - A 82 ------- 92 Mar’14
95 110
1st Hon A ref 6s series C__ 1921 A -O 92 *j 94*8
4
May’15
- j
100
Portland Gen Elec 1st 5a. 1935 jM- N ------ --------- 100 Nov'08 — ____ 100 Nat Starch 20-yr deb 5s___ 1030 J - J 83% ____ 83 June'15
83 85 2
98
____ National Tube 1st 5s..............1052 M-N 977s 98% 98
98% 8 95 997g
St Jos Uy, L, H A P 1st g 5 a. 1937
10234 22
102% Sale 102
10
78
78
78
J Third Avo 1st ref 4s................1900 A -OJ 77% Sale 76*2 77*8 59 78 82% Hallway Steel Spring—
Sale
75 82
Adi Inc 5s.................. ........ alOOO
Latrobe Plant 1st s f 5a___1921 J - J 97% 98% 97% Aug '15 ___ 95% 98*4
6
Third Avo Ry 1st g 5a_____ 1937 J - J 10412 1 0 0 1 0 5 1 4 July’lo — 105% 107
Interocean P 1st s f 5 a __ 1931 A -O 90 90% 91% 91% 1 90 93
9
95'j4
A
Trl-Olty Ily A Lt 1st 3 f 5 s..1923 J -- O ------ Sale 90i2 J'ly 9014 - - 18 ____ 07% Repub IA S 10-30-yr 5a 8 f .. 1940 A -O 94% Sale 94*8 95 40 90% 95*4
9134
’
94
-J
____ Standard Milling 1st 5s____ 1930 M-N 91 92% 91% 91% 3 88% 92%
Undergr of London 4 H s___ 1933
------ 90 8 1 12 J’ly 'll
140
'08 .
Union Elev (Chic) 1st g 5s. .1949 A -O 70 ____ 81 Out 70 28 ____ __ _ Union Bag A Paper lat 5sIIl930 J - J 75%____ 80 Aug '15
75 80
70
05 70%
United Rya Inv 5s Pitts las. 1920 r.i-N ____ 70 03i2 May’15
J-J
— 03%
United Uys St L 1st g 4a___ 1934 J -OJ
deb g 5a 1924 J
70 7478
'15
---- - 00 593g Mar’15 — 59% 03% U S RealtyA I conv g 6 3 ___ 1931 J - J ------ 26% 70 Aug26
St Loula Transit gu 5s__ 1921 A
59-ig U S Red A Refg 1st
4 66 76
26
20 30
United RRs San Fr a f la ...1927 A -O 48i2 Sale 47^*4 59*8 405 40 55% U S Rubber 10-yrcoll trC a..l918 J - D1 102% 10234 102% 102*4 5 101% 103%
88 June'15 — 88 89% U S Steel Corp— /cou p ___ <41063 M-N 10178 Sale 1017s 102% 427 9978 102%
Va Ry A Pow 1st A ref 5a__ 1934 J “ J . . . . 85
S f 10-00-yr 5 a \reg_____<11963 M-N
102*4 Aug '15
90*4
Gas and Electric Light
Va-Car Chem 1st 15-yr 5a..1923 J - D 95% Sale 9434 95% 8 89 102*4
97%
Atlanta G L C o lat g 5a
1947 J -D 101 ____
1033.4 7 103 104% Westlnghouso E A M a f5a.. 1031 J - J 105% Sale 105% 105% 17 897g 105%
M
Bklyn Un Gaa lat cona g 58.1945 A --N 1 0 3 1 2 ____ 103
54 Juue’13
Buffalo City Gas 1st g 5a___ 1947 O
106
105*8 Sale
97 Feb '15 __ . . 97 97
Columbus Gaa 1st gold 5 s ... 1932 j - j
1153g Salo 114% 118 1013 109% 1197g
Conv s f 5a (Isa of 1015) .1931
116
71
11512
2 98% 101%
Consol Gas conv deb0a ..1920 Q -- F 101 8alo 101 A u110l2 ___ 109% 118%
10-year coll tr notes 5a___ 1917 A -O 1 0 0 3 4 101% 101
101
103
J
g'15
99% 101
Detroit City Gas gold 5s___ 1923 J - A
Coal & Iron
F
95% Sep '08
J - J
10234 Sale 1023.4 10234 1 101% 103
Detroit Edison 1st coll tr os. 1933 51- S
Debenture 5a__________ al926 M- S 75 78% 78 June’15
75 78%
Eq G L N Y ls t cona g 5 s.. .1032 J -D * 98 ____ 100'2 May’15 ___ 100% 100% Col F A I Co gen 8 f g 5s----- 1943 F - A ____ 90 90 A ug'15 ___ 87 92%
100 Feb ' 1.3
18 70 75
75 767g 73
75
IOOI4 1023.1 1()134 July’15
Hudson Co Gaa 1st g 5a 1940 M -N
101% 103%
22
____ 73 M ar’14
J -D
------ 88%
Kail City (Mo) Gaa lat g 5a 1922 A - O 102 ____ 92 M ar' 11
____ S8
101 June'15 ___ 10234 104% Continental Coal 1st g 5a__ 1952 F - A ____ 9 9 99% Feb *14
Klnga Co El L A P g 5s." 1937 A -O
Purchaso money 0a
1997 A - O 110*2 116*2 114 Aug T5
113 115
A -O ____ 9 4 % 102% Apr '00
Convertible deb 6a_.
1922 fH- S 120l2 ____ 122% Dee '12 ___
Kan A 11 C A C 1st a f g 53.195i j - j
90 July'15
90 90
Convertible deb 6a
1925 M- S 120*2____ 121 Aug '15 ___ 115 121 Pocah Con Collier 1st a f 5a. 1957 j - j 86 8634 85% July’15
85% 88
87*2
Ed El 111 Bkn 1st con g 4s 1939 J - J 8 0 1 4 ____ 101 Aug T5 ___ 87% 88 St L Rock Mt A P 1st 5a___ 1955 j - j
82 Apr '15
75 82
101 ig 7 100% 101%
-F
78 81% 79% Aug '15
Lae Gas L of St L 1st g 5s el919 Q -O 100*2 101*8 99
75 82%
99
____
99
1 97 101 Tenn Coal gen 53__________ 1951 j - j 1 0 0 % 1 0 1 % 101% Aug '15
Ref and ext 1st g 5a.
1931 A
100 101%
Milwaukee Gaa L 1st 4a. 1927 M -N 90 ____ 90 Aug T5 s9 90 91 34
Blrra Dlv lat consol 6 a ...1917 j - j 101% Sale 101% 101% 1 1 997g 101*4
Newark Con Gaa g 5 a ... 1918 J - D 103*8------ 10338 Aug '15 ___ 103 1033g
Tenn Div 1st g 6a............< 1917 A - O 101% 10134 101% 101% 1 100% 1017g
j
N Y G E L I I A P g S a ___ 1948 J - D 102 1023i 102*2 Aug '15
101% 103%
J - D ____106 101 Dec ’14
Purchaao money g 4a__ 1949 IF - A 8134 Sale 8 U2 813,4 7 81 855.
J - J ____ 75 73 Apr *14
Ed El III lat cona g 5 8 ... 1995 J - J 100 100 107 July'15
100% 107 Va Iron CoalACoke 1st g 5a. 1949 M- S 80 Sale 86
2
86
82 86
NYAQ El LA P lstCOng5a 1930 F - A 98l4 100 100 Aug '15 ___ 99% 101
Telegraph & Telephone
51 - N
92l2 J'ly '09
49
Pactfle G A El Co Cal Q A E
92 ____ 96 A ug'15
Convertible 4a__________ 1936 M- S
91*4 98%
Corp unifying A ref 5a___ 1037 M-N 95 Sale 04U 05 51 91 95
Sale 100% 103 236 96 103%
2 0 -yr convertible 4 H s___ 1033 M- S 101
Pac Pow A Lt 1st A ref 20-yr
1
Cent Dlst Tel lat 30-yr 5 s ..1943 Q -- D 99 9978 99% M ay'15 __ 98% 99%
J
5s Intornat Scries.............. 1930 F - A *90% . . . 91 Feb '15
88% 91
PnfA Passaic G A El 5a . . . 1949 M- 8 *991*____ 9 9 3 4 July’15
99*4 9934
Q- J
Poop Gas A C 1st cona g 6 3 . 1943 A -O 114 ------ 114 June’15
110 115
1 95 97%
- j
97
Refunding gold 5a.......... 1917 M- S IOOI4 1 0 0 l2 100% 100l2 2 997* 101% Cumb T A T 1st A gen 5a__ 1937 J - J 96% 97 89*8 Dec97
*14
99 Sep '13
M- S
Ch G-L A Cke lat gu g 5s. 1937 J - J 1 0 1 18 ioug 101«2 Aug '15 ___ 101 103 Mieh State Telep 1st 5s___ 1924 F - A 98%
98% Aug '15
97% 99%
C onO Co of Chi lat go g 5a 1930 J - D 1 0 0 ____ 100'2 July'15 ___ 997g 100% N Y A N J Telephone 5a g._1920 M-N 100%100% 101% June’15 --- 101% 101%
____
93 Mar’12
Ind Nat Gas A Oil 30-yr 5at930 M- N
65
Mu Fuel Gas 1st gu g 5a.. 1947 M- N 9 9 3 4 ____ 99*2 Aug '15 ___ 99% 100 Pac Tel A
J J 907j Sale 967g 97% 22 94*4 98
Philadelphia Co conv 5a___ 1919 F - A ____ 95 34 95 Feb '15 ___ 95 05 South BellTel lat'sa................ 1937 J -- J 97% Sale 97% 97% 15 96% 99 °
Tel A T lat a f 5a. 1911
Conv debon gold 5a............1922 M- N ____ 91
Stand Gas A El conv a f 0 s ..1920 J - O ____ 947g 92 July’15 ___ 88% 95
Fd and real eat g 4H s___ 1950 M -N 92 923j 92% 92% 20 88% 93%
Syracuse Lighting lat g 5 s.. 1951 1 -D 98 ____ 100 Mar'14
104 June’ll
M-N
Syracuse Light. A Power 5s. 1954
851* June’12 ___
J
Northwest Tel gu 4H« g..!9 3 4 j - j _________ 90% Mar'15 ___ 90% 90%
• No prloe H lday: ita it bid ana aakefl a Due Jan d Du» April. « Dus May ODuo June. A Due July. * D ub Aug oD ue O ct. p Due Nov. q Duo Deo. t Option sale
B id
10 0
A sk L ow
4 10 0
H ig l
4
Low
I lia d
10 2
B id
A sk
Low
H ig h
uk
j
N o
Low
H ig h
763
B O S TO N S TO C K
EXCHANGE—Stock Record sJ£"Dsag.
r
SE A R S PRICES— N OT PER C E N T U M PRICES.
S a tu r d a y
Aug.
28 I
M onday
Aug.
30
T u esd a y
Aug. Sl
(
1 I
I
\ W ed n esd ay
T h u rsd a y
S e p t.
2
F r id a y
S e p t.
3
S a le s
o f th e
W eek
S h a res
STOCKS
BOSTON STOCK
EXCHANGE
Range Since Jau. 1.
[ V O L . 101
Range fo r Previous
Year
1014.
H ig h e s t.
Railroad*
Feb
Apr
N ov
30 Atcb Topeka «fe Santa Fe.-100 9 2 * 4 Jan 23 10438 June 21 8 8 * 4 Jan 1 100 July
4 97*8
Feb
Do prof......................... -100 97
7 Boston & Albany................. 100 170 Mar 15 10Q78 Jan 12 175 N ov 101*8 Jan
5 198
195
20
182 182 *182 ___ zl80i2 180i2 180i2 180i2 182 ___ 77 77
JunelG 96 Jan .5 77 May 101*4 July
73
156 Boston Elevated-------------- 100 109 Feb 26 130 Juno 9 150 Dec 179 Feb
76'i 77
77
*76 77 1 75-34 7 6 l2 76 77 | 77
Boston A Lowell--------------100 20 Feb 13 37 May 4 30*2 July 55 Jan
L a s t S a le 130 Aug’15
*130
*130 ____*130 ___ *130
Boston A Maine...................100 225 Jan 5 240 June26 225 May 255 Jan
24i2 24*2 24l2 25
2412
26 24
Boston A Providence----- 100 10 Mar23 10 Mar24
L a s t S a l e 233 Aug’15
*232 235
*232 235 *232 “ 235 *232 235 *__
7 Mar 7*2 Feb
Boston Suburban Elec C os.. 50 Jan 8 66 Mar23 50 July 60 Jan
10 Mar’15
9*4 #___ 9*4 L a ss tt S a lee 56 Mar’15
9*4 *__
9*4 *__ _ 65 * _
Do pref_________________ 9 Sep
La
Sal
55
*___ 55 +__
55
9
Boston A Wore Electric Coe.- 39 Jau 2i11 47 Sep 1 35 July 40 Jan
*
*
9 ""5 9 ___ 9
9
9 *_
Julyl5
Do pref............................... .......................
46 4fl""
*44" — *44" — *44" — *44 — *44 a s t ___l e 158 July’15
153 Mar 9
Chic June Ity A U S Y— 100 157 Feb 13 110 Apr 21 160 Mar 163 Jan
L
Sa
107 June
July 9
Do pref.............................- - 101*2 Feb 25 165 Jan 12 103 Dec 200 Jan
*103 ___
10314
162 N ov
Connecticut River----------- 100 140
L a s t S a le
o 75
9 75
93
51
Fitchburg pref-----------------J00 114 Feb 20 120 Jan 6 115*2 July 124 Jan
*62 67
May
Apr
Dec
Georgia Ity A Elee stmpd-100 84 Aug 10 88 Feb 3 S3 Jan 8878 Apr
L a s t S a l e 115 Aug’15
Mar
Do pref______________100
Aug’15
L a s t S a l e 85
Mar 4
M at
96 Maine Central........................100 92 June 7 99*2 Aug 18 0078 Jan 99 Jan
96 '4 97
9 Apr 14
478
1,052 Mass Electric Cos-------------100 33 July21 8 *2 Jan 7
711 7?8 "7 “ "Y
Dec
Jan
stamped--------100
386
39*4 40 39U 3914 2,471 N DoN Hpref Hartford.........100 43 Feb 25 56 Jan 2 6 64 July 60*2 Jan
7778
71 Apr 1 497s
Y
A
6512 67
65*2 67
May
98
Mar
Northern New Hampshire. 100 90 Aug 0 157 Apr 29 100 July 112 Feb
L a s t S a l e 92
Aug’15
Apr
Jan
3
Old Colony___________ ...1 0 0 140 Mar 17 22 June 9 140 May 165 Jan
140 140
♦I40i2 :
9 19
30
Rutland, pref........................100 15
*18 21
*17
Apr
Nov
Jan
Union Pacific_________ -.-100 116*8 Jan 41 134 Fob 26 110*4 Apr 163*4 Jan
L a s t S a le 131 Aug’15
*131
85
Do pref....................— 100 7 9 * 4 Marl 8078 Apr It 82
June’15
L a s t S a le 80
Feb
Vermont. A Massachusetts 10<> 105 Feb 9 125 Jan 20 115 Jan 130 Jan
115 115 115 115 115 115
115 115
West End Street......................5 0 61 May 15 72*a Feb 25 65 Nov 75 M ai
64 64 *62 64
64 64
4 82 Dec 95
Do pref___«...---------- 6° 80 July 1 9 3 * 1
81 81 *80 81
*80 81
M iscellaneous
64*2 Augj30 47U Jan 69*4 Mav
62<2
61*4 63*4 61 6234 63 63 *61 *2 95l2 1,182 Amor Agrlcul Chemical-.- 0» 48 Jan
3
Mar2/
541 Do pref______________100 87*a Mar17 05*2 3«P 14 89 Dec 98 June
95 95
95 95 9412 95 95
2 Dec
3 Apr
14
3
450 Amer Pneumatic Service.. 50 15 June 7 19*| Jan 9 17 Jan 2 4 Jan
*2I8 2*2 2 2 *2 2'2 *2i.i 21
2
Jan
300 Do pref____ ________ 60 100 Feb 24 114 Apr 23 97*4 Mar 110*4 Jan
15*2 15«2
*15 16 *1512 16
763 Amer SugarR efin in g ..... 100 109 Feb 5 1 17 Aug 28 108 Mar 115 p «o
109*2 109*2
1109*4 110*2 10934 110 no 111 114 11512
166 Do pref................ ........... 0 0
zl 141.1 114*2 1 1 414 116 115 115 122 122*2 2,355 Amer Telep A Tel eg______1100 116 Jan
124*8 Junel7 112 Nov 124 Jan
12178
123*4 12378 12234 123U *34 1233s 35*2 351;
Aug 17 14 Mar 15 M ai
20 American Woolen________ 100 716*2 Apr 6 38*2 Aug 14 72*4 Mar 83 Jan
35
*31 35
7
Fob 5 9458 Apr 23 67i2 Dec 67 Feb
9178 93
1,713 Do pref______________100 59D Jan 20 67
91 9lT2 90l2 91
01*4 92
Amoskeug Manufacturing
*03 64 *63 6412 L a s t S a le 64 Aug’15
97*2 May25 |01 Feb 6 97*4 June 100*2 June
Do pref.........................
L a s t S a l e 98
Aug* 15
*97*4 99 >4 *97 ^2 99
9 Jan
5 Feb
12i2 13 123,t 13*2 5,798 Atl Gulf A W I S S Lines. 100 4 Feb 24 13*2 Sep 3
12*2 13
1278 13
1
Do pref______________100
29*4 29 2978 2 9 1 4 2978 29 2978 9,977 East Boston Land---------- 10 97# Mar 12 2978 Sep 5 13*2 May 16*4 Jan
28
912 Dec
14*2 *eb
13M Apr
8*4 July27 260 Jan 22 234 Nov 265 Ma»
225
W
*9*4 lOli * 9 3 4 103g *934 H s 10*4 10*4
May 10
138 Edison Electric Ilium____ 100 230 Feb 26 178 Aug 26 137 Dec 150*2 Feb
232 232 232 232 232 232 232 232
151 General Electric_________ 100 13811
173*4 174 1733i 17412 173*2 174 ___ __
Nov
132 MoE’waln (W H) 1st pref. 100 96*2 Aug 25 104 Mar29 98*2 N ov 102 Jan
98 98
98 98
97 97
94 Aug 5
1,398 Massachusetts Gas Cos— 100 78 Apr 8 92*2 Jau 28 76>4 N ov 94*8 Feh
91 91 90 9078 90i2 91 ’ 9 6 * 2 91
85
96
85
57 Do pref____ _________100 154 May24 250 Jan 4 200 Dec 216*4 Mat
88 88 87 87 87*2 87*2 87 87
Feb
Feb 8 21
3 Mergenthaler Linotype— 100
*176 178 ■ 172 178 *173 178 zl72 172
2 May 3
500 Mexican Telephone........... 10 10*4Apr 20 L2 U Aug 30 18 >4 July 38 Jan
*2
3 ___ __
2l.i *2 3
2*4
Feb
8
4
Mississippi River Power..100 35 June 23 461* Feb 26 55 June 70 Jan
June’15
L a s t S a le
*l0li
*10«2 ---■
Jan
*10‘4 ----Fob
Do pref..............
10<i
July’15
f M s t S a le
*----- 40 ■___ 40
___ 40
Jan
Apr 15
New Eng Cotton Yarn-----100 20 Apr 15 20 Apr 15 20 Apr 30 Jan
Apr’15
L a s t S a le
Do prof________
100 25 July I 35 Jan 29 38 Dec- 69 Feb
Aug’15
I y t s t S a le
*30"
*30
*30 . . .
98 New England Telephone.. 100 rl27*i JunelG 143 Junel4 128 Nov 141 Jan
130 129*2 129*2
130 130 130 130
*130
Dec
20 Pullman Company...............100 150 Feb 24 166* 4 Jan 2 148 Jan •59 J uly
...
160 160 160 160 ___ ___.
16
18
20*8
180 Reece Button-Hole.............. to 15*2 Aug 16 121 Aug 30 I01*t Nov 107*4 Mar
1578
"isiia 16*2 1534 1534 *15*8 120 ___ 120
1,392 Swift A Co...............................100 10434 Jan 4 35 May 4 27 Feb 31 May
119*4
119 120^8 11912 12018 119
55 Torrlngton______________ 25 28 Mar 8 30 July 6 27 Mar 29*2 Jan
*3234 33l2 *33 34 33*2 33*2
*32*2 34
10 Do pref.................
25 26 Mar25
*28 30 *28 30 *28*4 3011 28 30
2 Feb
50 Union Copper L A M ------- 25 .95 Jan 18 1*4 Apr 21 .95 Dec
1
*1 U2 M
1*8 1
Fob
Dec
May 3
134 132 234l2 536 United Fruit......................... 100 110 Feb 25 141*4 May 24 r 113 Dec 173 June
13312 134 131*2
48 Aug 17 65 Aug 31 52U Jan 01*4 July
49 49*2 48*4 49*2 49 14 4912 1,564 United ShoeMach Corp... 25 28 Mar27 30
30*«i
28
57 Do pref_____________ 25 38 Feb 1 77?8
*29 2934 29*2 29*2 28 2912
07*4 Jan
48
7378 7578 7478 76*4 74*8 75M 8,321 U S Steel Corporation----- 10-1 102*4 Jan 27 113*4 Aug 17 103U Doc 112*8 Jan
Deo
Aug 16
ion
72 Dr* nref______
112 112 112 112 112*4 112*4
1178 12
11*4 12
11*3 11*4 2,257 Ventura Consol Oil Fields 5 11 Aug 20 14 Aug 3
M ining
47#
1 Apr
2
1 Jau 2. 103 Apr 22 239*4 Apr 300 Jan
* ID 2
*134 2*4 244 Adventure Con .
2
* 1* 2 2
2
2
* 1* 2 2*4 2
Aug 27
Mar
94
Juiy 2 6 40*4 Apr 22 19 July
621 Ahmeek new (wh lss).
98*2 99 99D 00D 99 99
102 103 100 103 1 0 0 1 0 0
28*1 May
26*4 Jan 6 4 *4 Apr 22
W
33li 3312 331g 33*8 33 33*2 3234 33*2 33*8 33*4 3278 33*2 2,0991Alaska Gold.
1*4 Jau
*2 Dec
.45 Feb 10 58*4 Apr 26 34i8 Jan
23,i 2*4 2*4 3 *2D 3 4,420 Algomab Mining................
4
278
2*4
2
3*8
4 3 * 4 Feb
3 5 1 2 Jan
5
316
54 543.1
54
55 65*4 55 5 5 3 4 5434 54*4 5334 55 54*4 5434 5312 55 20,451 Allouca..... ..................... .......
July 14
1634Jun 4 60*8 Apr 22 12i4 N ov 2 1 Jan
533., 54*4 5218 537„
Amer Zinc, Lead A Smelt
55*2
55 57
56*8 57
2ij Nov 0 % Mar
3 1 4 Jan
4 9*2 Apr 22
858 8*4 83.1 87S 8*2 87.8 4,750 Arizona Commercial_____
83.1 9
9
87S 9*8 8 *2
1 N ov 4*8 tfb
2 Jan 16 4*4
965 Butte-Balaklava Copper.
*33.t 4
*33.1 37«
4
4*8 4
4*4 4
4*8 4
4
Nov
35»4 Jan 4 80 June 26 24 Dee 40*4 M-y
64D 6 6
65*2
61 6414 9,845 Butte A Sup Cop (Ltd) —
6734 6 8 D 6 6 * 2 6 8 * 2 60 6733 63*4 6 6 * 2 6358 64
78*4 Apr
53
70's
61*2 Feb 2 :i 630 Apr 22 350 Deo 460 Fen
64l.i
621.1 63 2,244 Calumet A Arizona..........
63 65
64 651s M 65*2
350 Jan 4 25 Apr 22 14 Jan 19 Fob
338 Calumet A Heel a_______
569 570 565 569 560 567 560 561 565 575 z545 550
15 Jan 12 49*4 Apr 26 30*4 Dec 43 i2 Feb
82 Centennial.................. ........
19
18*2
1SD 18 18
193.1
20
19*2 4078 17 46*2 *18 46 *17 45*1 *45li 4558
3278 Jan 6 63*4 Apr 26
115 Chino Copper__________
46
*45-*s
*4618
4678
*46*2 47
30 Jan 13 5*4 Apr 22 29 Dec 40*4 Feb
54*i 55*4 54 55U 5378 54*4 3,177 Copper Range Cons C o..
55 56
56 5678 55*4 57
1*2 Nov 3 Feb
178 Jan 21
115 Daly-W est.
*278 3 '8 *278 3
3
3
3
3D 3
*3
*3
3*2
Apr 23
8 Dec 13 Jan
8*2 Jan 5 15*s Apr 22
123i 13*8 1 2 * 2 1234 12 *8 12D 1 2 12 * 2 3,900 East Butte Copper Min ...
12*4 1278 13 1334
2 Nov 77* Apr
Uj Feb 5 14U
9D 8*4 9*1 ♦ 8*4 9D
190 Franklin _________ _______
914 9*4 *9
9*2 9*2 85 86
*912 1 0
94*2 Apr 27 60 Dec 91 Feb
58 J hd 7
84*t 85*2 83*4 84*4 81*2 83*4 4,158 Granby Consolidated
85 8718 86 #9
July 15
23U Feb I 44 Apr 29 21U Apr 42*8 Feb
39 40*4 38*2 39 39li 40 39 393.1 1,240 Greene-Oananea_________
*40 40*4 40 41
tl Jan 18 24i2 Jan 19 11 Dec 22 Feb
587 Hancock Consol M ated...
16*4
18 17
10i2 173.| 17 18 *26 17 el7 17 D *17 a s S a le 28*2 Aug1715 _____ Iledley Gold_________
261*8 Apr 9 29*4 Apr 22 28 July 30* 2 Mav
*26
L
*26
*26
3 Apr
6
Feb
2UJan 2J 10«2
ISO Indiana Mining__________
5
6
*514
6
5*2 5I2 5
6
6
6*4 *5
17
41 MarlS 52 Aug 27 44*2 Dec 60>4 June
340 Island Creek Coal__ . . . . .
4734
*48*2 49*2 48*2 49*2 48*2 48*2 *89 4734 *48*2 49D 48'.i 4814
Apr
85*2 Jan 5 9 1*8 Apr 26 81 June 891* June
10 Do pref_____________
90 *89 90 89*2 89>2
90 89 89
*89l2 90*i *89*2 28
Dec
17i2 Jan 11 34 Apr 20 16 Mar 24 Feb
26 27*4 26*2 27 *26*4 27 *20*2 2712 577 isle Royale Copper---------27
271.4 28
5*a
3 Aug 3 4*2 Apr 2 6 37g May 4 0i8 July
255 Kerr Lake........................... .
*3 % 4 a:35a Mi *358 3*4 *3'Sr, 3»4
*3% 4
4
4
% Feb
li2 Aug 23 18 Apr 22 2i* Nov 10»2 Jan
235 Keweenaw C o p p e r ......
2
*134 2
158 *258 3 *2*8 3 *2*8 2*|
168
1*8
5*2 Jan 27 9 Apr 23 3 1*4 Dec 5*2 Feb
370
14*8 14*8 14 1 1 >4 137.1 14*1 13*2 13*2 235 Lake Cooper Co_________
*15 15*2 14 15
3>8 Janarll7 4*j Apr 27 1*4 Dec 4 Jan
Lh Salle Copper--- ----------5
5-*8 6*8 *5*4 6
5*4 511 51.1
5
514
*5*2 6
1 M
45 Mason Valley Mines----2
2 *2
2
3
2
3
2*2 *2
*2
*2
Apr 22
2 Mai* <5*2 Muy
3
Jan ’ *
165 Mass Connol... ________
10M
1U2 113.J 1012 10*2 *10 10D 10*4 1011 *3t2 IOI4 *10 11
22
3*4 June
9
Jan
3 Aug 16 29 Apr 26
440 Mayflower____________
3D 37g
3*2
4
*3I2 4 26*4 378
378 4
3*2 4
Apr
16*4 Jan 2 3 Apr 22 t6*4 Dec 24»b Fob
370 Miami Copper___________
2678
26*2 2 7 1 4 27*2 27D 27*2
27 27 27 27 *26*2
.50
1U Feb
.60 Mar 1 82 Apr 2 0 39 July
335 Michigan...............................
*2i.| 2D *2'4 2 h . *2>i 2D
*2*4 2*2 2's 2D *2ti 2 b 72
Apr 4 9 12 Dec
46*4 Jan 15 17 Apr 27
690 Mohawk________________
72
73* t 74*2 72l2 74*2 72 *2 73 *14-*i 72*2 721.4 73 *14D 72*4
10 Dec Iflfy Deo
11 ■ *8 Feb 24 I4*t June
10
147s 1478 *15 1.5*4 *147„ 15*4
15*8 *14*2 14 >8 9?8 15 1,715 Nevada Consolidated____
*7* Jar.
7'/ Jan
4 1 * Feb 94
New ArnadlHP
.
10*4 11*4 10*4 1078 10*4 10*4 10*8 10*4 101« 10*8 8 10
4 Juno 4 Juno
4 July 10 13*2 Aug 7
872 New Idrla Quicksilver----9
8*2
9
9
9
9D 8*2 578 8*2 8D
10 10
Q78
6
»i8
6*a Aug 9 387S M a r29 19*1 Jut, 30** Feb
270 Nlptsslng Mines______
r>78 5*2 5*2
*57g 6
5% 5% 5*4 534 *5»4
■V
s
Apr 20
Dec
Feb
2 2 U Jau 26
Butte-----------------29*4
31*8 3134 30 317S 2973 30 29*2 30 30 30 29*2 ___ 1,995 North Lake . .......................
8 Apr 23
.95 Apr
Jan
1 Jan 2"- 4l2 Apr 29
192 North
2
2
2
2
2
1*4 1*1 2
1*4 2
*1*4
50 Mar t 3 *
2 Jan
•4 Apr
........... OJIbway Mining-------------Aug’15
L a s t S a l e ll 2
* 1*4
*1*8 2
*1*2 2 * *1*4 2
22
3 Aug 16 7*a Apr 2 1
2% Nov f>X« Feb
150 Old Colony..........................
3i2 3
3
334 3*8 3*2 *3
3*4 3*4
3*4 *3l2 54*2 52 53
38lj Mar 8 58*2 Apr 22 44 Dec 64 Feb
53
53
*53*2 54 54 54*2 *53*2 84 *83 84 *5lt2 83 *52 8212 252 Old Dominion Co_______
64 Dec 84 Feb
64 Jan 28 9312 Apr
385 Osceola..................................
83
82*2
84 85 83 84*4 82
12 Jan 7 19*s Aug 13 12*4 Dec* 207« Jan
171.1 17 17*4 171.1 l/l.i 1,740 Pond Creek C oal.. ____
17*8 17*2 17 17*2 167s 171.1 17 85 85 85 8212 83
50 Jan 16 95 Apr 22 5178 Dec 68 Fob
140 Quincy ........... .....................
*86 87 86 86 84 85 85 23
15*4 Jan 7 2 6 * 4 Apr 26 15 Dec 2 2 * 2 Apr
Consolidated Copper
L
Sa
*23*2 24 *23 23*4 *22D 23 *22*2 55 *51 a s t 55 le 23l2 Aug’15 _____ Ray Mary’s Mineral Land.
Apr 23
28 Jan 4 65 JunelO 28 Dec 40 Feb
250 St
53*2 54
56 14 56i.i 0 6 56*4 55*2 55*2 55
1 M arl? 3*8
2 )4 Jan
1 Jan
130 Santa Fe Gold A Copper*2*4 3
3 *278 3
2*4
3
3
2*8 2*8 7*2
2*4
3
11
Apr 26
7* 2 Fob
4 Jar: 16 33* 4 Apr 26
4 Noc
91 l Shannon...............................
7*2 7 1 2 7*4
7*2 73| 7*4 7 % 7D 7*4 75» 7*8
lvsj.lao
18 Doc 29*4 Feb
541 Shattuck- Arizona_______
26*2 20l2 255a 2612 *25*4 261 j 25*8 25 D 25 25*8 *25 2514
7*t July27
5*2 Aug
South Lake
OD 65.8 6 * 1 6*4 6*4 7
6*2 0i2 690 Superior ............................. 26 22‘2Jan 23 41*2 Apr 26 ” 2 2 ” Nov ” 3 2 ' "Feb"
6*2 012 0*2 OD
d
331
28*2 29 14 28 29 *27 28 *27*2 28 28 28 20i2 271.1
1 Mar 3 ID, Apr 29
U4 Nov 2% Jan
234
2*4 2*, 53D 3 52D 2*4 2*2 2*4 456 Superior A Boston Copper
*2*4
*2*4 3
*2 *4 3
25 Jan I 58*8 Aug 18 24*« Dec 43 Feb
990 Tamarack........................
53
53 53
54
53 53
55 55 53
5*2 Jan
Feb II 7*8 Apr 30
2 *4 Nov
57.5 Trinity................................
334 3/8 *3*2
3*2 33t
4*2 4i2 4
4*1 3*8 4
03 Apr 14
.85 Ma»
20 Jan 2
.23 Dec
800
opper............
*.47 .5( .47 .4c .45 .45 *.45 .5( .42 .42 3,024 Tuolumne CRefln A Mlu..
*.45
20 Feb 25 4 9 * 2 June 15 21*4 Dec 13*2 Feb
U S Smelt.
41 40 40i2
42*2 43 41 42i21 41*t 4li i 40*8 41*8 4 OI4
38 Jan 16 4812 Junel 6 40*2 Apr 487s Fob
577 Do pref.........................
4612 47 46*2 46*2j 4638 46*4 40*8 46*4 4638 47 40D 47
1*4 Nov 2*8 Feb
2 Jan 2 5*8 JunelO
378 • 3/(S 3*4 3/8 3*4 378 3*4 1278 4,410 Utah-Apex Mining-------3*4
37» 4
3*4 4
14 Feb
9*4 Feb 26 10*8 Junelt
760, Utah Consolidated______
8*4 Jan
*12
13 13*.| 13'4 13*2 137, 13*8 13 13*8 13 13
59
26
48*4 Jan 6 731 3 Apr 22 45*3 Nov* #2 % June
51 LUtah Copper Co---------6812 691 I 075.8 69*4 1 6S*g OiW 67 6712 * 6 6 1 4 66* 66 67
May
l Mai'
1 Feb 26 4 Apr
100, Victoria.................................
2l2
2b
*212 2 h ! *2*2 2*4 2*2 3D *214 3D *214 2*4 *2U 2*4
17* Feb
17* Deo
1*4 Jan IN 6<8 May 1
3*2
360, Winona_____ . . . . . . . . . .
3
*3*2 4
3*4
3*2 3* I 334 3-* 3'2
32 Jail 6 70 Apr 26 30 Deo 47*4 Feb
1,423 1Wolverine--------------------63*2 6434 64 643. 64 64
64 6Ua 04 643 64 65
2D Anr 23 30 Juno U« Jan
lool W y a n d o tt....-----------1*8 15s *1*2 2
* 111 ID *11* l-*i
*1«« 17s *l«s 2
• Bid and aaked prices, a Ex-dlvidend and rights, h Ex-stock dividend, e Assessment paid, h Ex-rights, c Unstamped, z 2d paid, to Half paid.
*10112 102 *10H* 102121 102 102 ,*10012 101 100l2 101
*99 99*2 *99 99*2' *98 98*2 983g 983s *97*2 98*2
Sept . 4 1915.]
Outside Exchanges—Record Transactions
B o s t o n B o n d R e c o r d . — C o m p le te re c o rd o f tra n s a c tio n s
In b o n d s a t B o s to n S to c k E x c h a n g e ] A u g u s t 28 to S e p t.
3 , b o th in c lu s iv e :
F r id a y
S a le s .
1.
R a n g e s in ce J a n .
S a le s fo r
W e e k 's
W eek .
R an ge.
L ow .
H ig h . S h a res.
Bonds.
Alaska Gold Mines 6 s. 1925
126J5 12655 $3,000
Amer Tel & Tel 4s___ 1929 8754 87 55 8854 9,000
A tlG & W I SSL 5s. .1959 71
7055 7154 155,500
Gt Nor—C B & Q 4 s .. 1921
9655 9655 1 21,,0 0 0
000
96 96
4 J 5 s ___ I________ 1931
91 92 1 0 , 0 0 0
1 ,0 0 0
New River conv 5s__ 1934
76 76
4,000
New England Telep 5s 1932
10055 101
Pond Creek Coal 6 s..1923
96 55 9655 61 ,,0 0 0
000
Swift & Co 5s_______1944
9554 9555 15,000
Western Tel & Tel 5s. 1932 9655 9654 9654
Low .
12655
8655
60
95
95
91
65
9955
94
9454
9454
Sept
Jan
Jan
Jan
Jan
Aug
Mar
Jan
May
Feb
Mar
H ig h .
13555
8955
73
9655
9754
94
78
10154
9855
9655
97
July
Apr
May
May
Mar
Jan
Aug
Feb
Aug
May
Jan
P i t t s b u r g h S t o c k E x c h a n g e . — T h e c o m p le te re c o rd o f
tra n s a c tio n s a t th e P itt s b u r g h S to c k E x c h a n g e fro m A u g . 28
to S e p t. 3 , b o th in c lu s iv e , co m p ile d fro m th e o ffic ia l sales
lis ts , is g iv e n b e lo w . P ric e s f o r s to c k s a re a ll d o lla rs p e r
s h a re , not p e r c e n t. F o r b o n d s th e q u o ta tio n s a re p e r c e n t
o f p a r va lu e .
W e e k 's
S a le s .
P ar.
Stocks—
American Sewer Pipe. . 1 0 0
Am Wind Glass Mach . 1 0 0
Preferred_________ . 1 0 0
Am Wind Glass, pref. . 1 0 0
Caney River Gas----- ..2 5
Columbia Gas & Elec. . 1 0 0
Consolidated Ice, com -.5 0
Crucible Steel, com .. . . 1 0 0
Preferred_________ 1 0 0
Independent Brewing. -.5 0
Preferred_________ -.50
La Belle Iron W orks.. . 1 0 0
10 0
Lone Star Gas.............. 1 0 0
Mfrs L igh t* H ea t... ..5 0
N at Fireproofing, com ..5 0
Preferred_________ ..5 0
1
Ohio Fuel Oil
Ohio Fuel Supply___ ..2 5
Oklahoma Natural Gas 100
Plttsb Brewing, com. .50
Pittsburgh Coal, com. . 1 0 0
Preferred_________ . 1 0 0
Pure Oil, common___ . .. 5
_-_l
Union Natural G as.. . . 1 0 0
Un Sw & Signal, com. -.5 0
.1 0 0
U S Glass .
U S Steel Corp, com .. . 1 0 0
W’house Air Brake__ 50
W’house El & M fg__ 50
Preferred.................. ..5 0
Bonds—
Amer Sewer Pipe 6 s .. 1920
Columbia Gas & El 5s. 1927
Independ Brewing 6 s. 1955
Pitts & Alleg Telep 5s. 1949
Plttsb Coal deb 6 s----- 1931
West Penn Rys 5s----- 1931
x Ex-dlvldend.
L ow .
H ig h .
1755 17 1754
2155 17 2255
9455 85 95
10 0
10 1
______ 26 26 55
1454 1455 1455
5
80 8 8
103 1 0 2 105
255 255 3
14 1455
40
40 46
116 116
93
93 93
4855 4854
7 ', 555 8
2154 1954 25
1455 15
40
3955 40
67 67
455 455 4 55
33
3255 38
10 0
10 2
10255
17
1655 17 55
14c.
130 131
107 106 107
13 13
7455 74-55 76
14155 140 142 55
5755 5755 59
70 70
96 96
74 74
50 50
69
______ 9555 69
98 9555
98
S a le s fo r
W eek.
S h a res.
R a n g e sin c e J a n .
835
7,668
630
290
250
2,450
10
70
205
325
30
2 ,1 1 2
25
38
248
5,943
2,730
69
195
610
55
3,227
175
4,705
4,900
174
515
50
330
1,458
300
24
2255
95
123
2654
1554
Low .
17
Aug
1555 July
7555 May
198 June
23 July
Jan
854 Mar
12J4 Feb
75 Jan
254 Aug
1354 Aug
27 Jan
103
91 Mar
46 May
455 Feb
16 Feb
12
May
3955 Aug
57 Feb
3 Feb
1655 Jan
8254 Jan
1355 May
8 c.
Apr
12855 Aug
92 Apr
13 Aug
38 Feb
11655 Mar
3255 Feb
20
58 Feb
$500 91 Feb
3,500 71 Mar
1 ,0 0 0
49 Aug
1 ,0 0 0
69 Sept
1 ,0 0 0
90 Jan
500 9634 July
1.
H ig h .
6
88
10555
6
2255
4635
l 16
10855
50
8
25
1554
45
67
855
38
10254
1735
2 0 c.
133
107
18
7755
142
6054
70
96
75
61
69
97
9934
Apr
Sept
Sept
Jan
Aug
Aug
Mar
Sept
Aug
Apr
Jan
Aug
Aug
Apr
Aug
Aug
Aug
May
Aug
Apr
Aug
Sept
Aug
Mar
Apr
Apr
Aug
Aug
Aug
Aug
Sept
June
Jan
Sept
Apr
Jan
B a lt im o r e S t o c k E x c h a n g e . — C o m p le te re c o rd o f th e
tra n s a c tio n s a t th e B a ltim o re S to c k E x c h a n g e fro m A u g . 28
to S e p t. 3, b o th in c lu s iv e , co m p ile d fro m th e o ffic ia l sales
lis ts , is g iv e n b e lo w . P ric e s f o r s to c k s a re a ll d o lla rs p e r
s h a re , not p e r c e n t. F o r b o n d s th e q u o ta tio n s a re p e r c e n t
o f p a r v a lu e .
W e e k 's
S a le s fo r
F r id a y
R an ge.
W eek.
S a le s . L o w .
H ig h . S h a res.
Stocks.
P ar.
Atl Coast L (Conn)___ 100
Baltimore Elec, pref___ 50
Comm'l Credit, p ref...100
Cons Gas, E L & Pow. .100
Preferred.....................100
Consolidation Coal___ 100
Cosden & Co..........
.....
Elkhorn Fuel.................166
Fairmont Gas, pref____ 50
Houston Oil trust ctfs. .100
Mer & Miners Trans.. 100
Northern Central______50
Penn Water & Power.. 100
United Ry & E lectric...50
Wayland Oil & Gas______5
Ronds.
Atlanta Consol St 5 s .. 1939
Atl C t , RB conv deb 4s ’39
Halt Catonv & E M 5S.1916
Central Ry cons 5 s .. . 1932
City & Suburb 1st 5s. 1922
Consol Gas gen 454s. .1954
Cons G E L 4 P 454s.19.35
Consol Coal ref 5s----- 1950
Conv 6s small-------1923
Elkhorn Fuel 5s-------1918
Fair & Clarks Trao 5s. 1938
Georgia & Ala cons 5s. 1945
G-B-S Brewing 1st 4s. 1951
Ga Car & Nor 1st 5 s .. 1929
Ga Sou & Florida 5 s .. 1945
Jamison C&C-GC 5s. 1930
Norf R y & L t 5s____ 1949
Norfolk Street Ry 5s. 1944
Unlred Ry & Elec 4s. .1949
Income 4 s..................1949
Funding 5s________ 1930
do small......... 1936
Virginia Mid gen 5 s.. 1936
763
T H E C H R O N IC L E
110 110
42 42
27 34 2734 2734
106 106 106 34
111 111
95 9554
6 34
6 34
18 18
45 45
1334 1315
28 28
8215 8234
69 54 6715 70
23 54 2334 24
315 315
10134 10155
84 84
10 0
10 0
10215 10215
10115 10115
9315 9315
8515 8554
8655 8615
10 1
10114
9615 9615
9815 9815
10114 10115
18 18
18
101 101
16634 10015 10015
82 82
95 95
95
10115 10115
80 34 8015 8054
5734 5715 5715
82 54 8215 8215
8234 8215 8215
10254 10254
17
10
62
199
12
60
50
11
7
2
50
85
480
688
250
R a n g e s in c e J a n .
L ow .
Aug
42 Sept
2555 May
10254 Jan
10655 Jan
92 Jan
5 Jan
16 May
42 Apr
10
Mar
24 May
82 Aug
6354 Aug
2055 June
255 May
$ 1 , 0 0 0 10134 Aug
1 ,0 0 0
8255 Aug
1 ,0 0 0
10 0
June
1 ,0 0 0
10255 Sept
2 ,0 0 0
10 1
Aug
1 2 ,0 0 0
92 Aug
3,000 8555 Sept
1 ,0 0 0
8635 Sept
1 ,0 0 0
10 0
Mar
6 ,0 0 0
9234 Jan
2 ,0 0 0
9855 July
3,000 10055 Aug
1 ,0 0 0
18 Aug
15,000 1 0 1
Jan
2 ,0 0 0
10 0
Aug
1 ,0 0 0
79 June
1 ,0 0 0
95 July
1 ,0 0 0
10155 July
18,000 7934 June
55 Juno
1 2 ,0 0 0
1 ,0 0 0
81 June
10 0
8054 July
1 ,0 0 0
10234 Sept
110
1.
H ig h .
11554 Apr
4454 Feb
10255 Apr
10755 Jan
115 Mar
96 June
754 May
22
June
46 Feb
1654 Apr
28 Sept
8555 Jan
70 Aug
27 Mar
455 Jan
10354 Mar .
8754 Apr
10 0
June
104 Apr
10355 Feb
95 Juno
89 Apr
91 Jan
10154 Aug
9754 Aug
10 0
Feb
10234 Apr
23 Jan
10235 Apr
10254 Jan
86
Jan
9734 Apr
103 Jan
82 Jan
63 Jan
87 Jan
8754 Jan
10234 Sept
C h ic a g o S t o c k E x c h a n g e . — C o m p le te re c o rd o f tra n s a c
tio n s a t C h ic a g o S to c k E x c h a n g e fro m A u g . 28 to S e p t. 3 ,
b o th in c l., c o m p ile d f ro m th e o ffic ia l sales lis ts , is as fo llo w s :
S a lesfo r
W e e k 's
F u uy
r r Min n
S a le s . L o w .
H ig h . S h a res.
i
Stocks.
Par
American Radiator___ 100
Amer Shipbuilding___ 100
Preferred__________ 100
f al & Chic Canal & D.100
Chic Pneumatic T ool.. 100
Chic Rys part ctf "2”____
Chicago Title & Trust-100
Com’wealth E d ison ... 100
Ileere & Co, pref______100
Diamond Match______100
Hart Shaff & Marx, pfdlOO
Illinois Brick_________100
Kan City Ry & Lt____ 100
Kan City Ry & Lt ctf..........
National Carbon______100
Preferred .................... 100
Pacific Gas & El Co. . . 100
Peoples’ Gas Lt & Coke 100
Pub Serv of No III, com 100
Preferred__________ 100
Quaker Oats Co_______100
Preferred__________ 100
Sears-Roebuck, c o m ... 100
Stew-Warn Speed, com 100
Preferred .................... 100
S w ift* Co.......................100
Union Carbide Co____ 100
Ward, Montgom & Co,pref
Bonds—
Chicago City Ry 5 s.. . 1927
Chic Rys 4s___ series "B”
Chic Ry ad Inc 4s .1927.
Chicago Telephone 5s 1923
Com’wealth Edison 5s 1943
DIam Match con deb 6 s ’20
Met W Side El 1st 4s. 1938
Ogden Gas 5s...............1945
Peoples Gas L & Coke—
Refunding gold 5 s .. 1947
Pub Serv Co 1st ref g 5s '56
South Side El 4 5 4 s...1924
Swift * Co 1st g 5 s .. . 1944
a Ex 50% stock dividend,
rr ttA.
______ 360 360
______ 4055 41
73 73
4954 4954
78
77 8134
19 1955
20455 205
137 136 138
9255 9254
9554 95 9654
111 113
6554 6554
25 2554
24 3055
141 14255
122 125
45 45
11555 116
87
85 87
96
9354 96
230 230 238
103 10455
155 154 15655
6434 6355 6554
106 106
11954 11955 1 2 1
159 159 16255
11134 11134 11255
9735 9734
70 70
36 36
10055 10055
10034 10035 10055
10 2
10 2
72 72
94
94 94
10055 10055
R an ge s in ce J a n .
L ow .
1.
H ig h .
30 345 June 390 Jan
71 26 Apr 4854 Aug
6754 Apr 79 54 Aug
4954 Sept 5054 Apr
1,518 4554 Feb 9354 Aug
207 1734 July 3154 Jan
37 204 Aug 213 Mar
96 13254 June 14054 Apr
Jan 9534 Aug
10 0
88
92 90 Mar 98 Jan
185 105 Jan 113 Sep
70 60 Feb 6754 June
99 19 June 30 Feb
153 2 0 Apr 14Q Sept
3054 Ane^
74 11934 Jan
22
11834 Mar 125 Sept
105 41 July 4954 Apr
147 113 Mar
Apr
114 75 Jan 12334 Apr
87
134 9354 May 1 0 0 Mar
172 230 Jan 270 May
185 103 Apr zl07 May
1,660 <213154 Mar 215 Jan
1,272 4854 Jan 17154 Apr
2 *103
Apr
2,179 10434 Jan 10654 July
12 0
Aug
637 14454 Jan 16654 Aug
615 11054 Jan 114 Mar
$6 , 0 0 0 96 June 99 Feb
5,000 70 Sept 7754 Mar
500 35 July 44 Jan
3,000 9954 Jan 1 0 1
Jan
2 0 ,001 ) 1 0 0
Jan 1 0 2
Jan
1 ,0 0 0
10154 Feb 103 May
5,000 72 Aug 77 Feb
3,000 92 Jan 9434 May
1 0 ,0 0 0
9954 Jan 10154 Mar
2 ,0 0 0
88
88
8734 Jan 91 Apr
1 0 ,0 0 0
88
Jan 90 Apr
88
88
88
9555 95 34 9534 52,500 9454 Jan 9654 Feb
x Ex-dividend.
110
10 0
P h il a d e l p h ia S t o c k E x c h a n g e . — R e c o rd o f tra n s a c tio n s
a t th e P h ila d e lp h ia S to c k E x c h a n g e fro m A u g . 28 to S e p t .3,
b o th in c lu s iv e , c o m p ile d fro m th e o ffic ia l sales lis ts , is g iv e n
b e lo w . P ric e s f o r s to c k s a re a ll d o lla rs p e r s h a re , not p e r
c e n t. F o r b o n d s th e q u o ta tio n s a re a ll p e r c e n t o f p a r v a lu e .
W e e k ’s
S a le s fo r
R an ge.
F r id a y
W eek .
S a le s. L o w .
H ig h . S h a res.
Stocks.
P ar.
American Gas o fN J ...1 0 0
American Milling______10 6
American Railways____ 50
Baldwin Locomotive. .100 2454
81
Preferred________ 100
Cambria Steel_________50 5954
Consol Trac of N J ___ 100
Elec Storage Battery.. 100 7534
General Asphalt______100 33
Preferred ....................100 6954
Insurance Co of N A___ 10 2234
JG Brill C o ................100 45
Keystone Telephone___ 50 14
Preferred___________ 50
Lake Superior C orp ... 100 "1054
Lehigh Navigation..........50 7354
Lehigh Valley_________50 72
Lehigh Val Transit____ 50 1754
Preferred___________ 50 ______
Northern Central............50 _____
North Pennsylvania___ 50 ______
Penn Salt Mfg
50
Pennsylvania................... 50 54%
Pennsyl Steel, pref___ 100 82
44
Philadelphia Co (Pitts).50 ______
Preferred (5%)............50
Preferred (cum 6 %). .50 44
Phlladel Electric___ 2254 2454
Phil Rapid Transit—
Voting trust rects___ 50 1054
Phlladel Traction_____ 50 7334
Rending ...................... so 75
Tono-Belmont Devel___ 1
4
Tonopah Mining________1
554
Union Traction________50 3654
United Cos of N J .. 100
United Gas Impt_____ 50 85
U S Steel Corporation. 100 7434
Warwick Iron & Steel.. 10
West Jersey & Sea Sh._50 " 49*'
Westmoreland Coal___ 50 65
Wm Cramp & Sons___ 100 80
York Railways............__50 7
Scrip—
Cambria Steel scrip.. 1916
Do scrip___ Feb 1917
Do scrip___ May 1917
Philadelphia Co scrip. 1916
Do scrip.........
1918
Bonds—
Amer Gas & El 5 s.. .2007 S7J4
Do sm all________2007 87
Baldwin Locom 1st 5s 1940
Elec & Peoples tr ctfs 4s ’45
Do sm all________1945 81
Inter-State Rys coll 4s 1943
Keystone Teleph 1st 5s ’35
Lake Superior Corp 5s 1924
Leh C & Nav gen 454 s 1924
Consol 454s_______1954
Leh Val gen con 4s reg 2003 9954
Gen Consol 454s...2003 9854
Leh Val Coal 1st 5 s ... 1933
Penn RR consol 454s. 1960
General 454s............1965
Phlla Co 1st 5s_____ 1949 9754
Cons & coll tr 5 s ... 1951
Phil Elec trust ctfs 4s_ 1950 7834
Reading gen 4s_____ 1997 92
Spanish Am Iron 6S..1927 10154
United Rys Invest 5s. 1926 70
Welsbach Co 5s______1930
* Ex-dividend.
1
R a n g e s in ce J a n .
L ow .
1.
H ig h .
19 1 0 0 Jan 104 Feb
10154 10154
6
6
10 5 Apr 654 Feb
12454 2434
558 2454 Aug 36 Jan
79 83 5s 3,558; 30 Feb 85 July
104 105
25, 9 0 IVfar 10534
5454 5954; 26.224 41 Feb 5954 Sept
70 70
10 70 July 74 Apr
6434 78 52,982 4754 Jan 78 Sept
31 33
5501 24 Mar 3654 June
67 6954 1 , 1 2 0 1 60 Mar 7254 June
22
Jan 2234 Aug
796 2 1
2234
4454 4934 2,611 29 July 50 Aug
14 14
150 13 Aug RQ Apr
16
20 61
6534 6534
954 1034 9,524 5 Anr 1354 June
944 7154 May 7754 June
7354 74
216 65 Jan
7154 72
Aug
15 1734
899 1354 Jan 7454 Sep
1734
32 34
880 2654 Mar 34 Sept
83 83
4 8234 Aug 8 6 Feb
90 9054
30 90 Feb 9254 Feb
94 54 95
95 80 Mar 96 Aus
5454 54% 3,823 5154 Feb 5534 Apr
82 82
175 4954 May 90 July
44 4554 1 , 2 2 2 2934 Mar 4554 Aug
29 31 Mar 40 Aug
40 40
240 32 Mar 45 Aug
4254 45
24 2454
610 2354 Jan 25 Aug
954 1054 2,790 754 May 1034 Mar
136 70 July 7934 Jan
7254 7334
105 70 May 7854 Apr
7454 75
1,364 354 July 554 Mar
334 4
930 5 July 754 Jan
554 554
35 3654 1,632 30 May 3954 Jan
2
221
221
225 Feb
220
920
Jan
Mar
8454 85
74 7654 29,784 8034 Feb 8754 Aug
38
7754
10
50 954 July 1154 Aug
1054
53 47 Aug 50 Jan
4854 49
65 65
15 58 Jan 65 Sept
80 87
1,790 1854 Jan 87 Aug
7
7
10 0
6
July 854 Apr
141 95 Feb 10054 Aug
10054 10054
12
95 Feb 9854 Aug
9834 9834
18 95 Feb 9834 Aug
9854 9834
10 0
10 0
321 90 Feb 1 0 0 Aug
98 98
295 80 Feb 98 Aug
8754 8754 $9,000 85 Jan 8834 Aug
86
8754 3,700 85 Jan 8 8 Aug
10 2
10 2
1 ,0 0 0
Mar
Apr
73 7354 8 ,0 0 0 10054 Aug 10354 Feb
73
79
74 82
800 73 July 82 Apr
58 58 13,000 57 July 60 Apr
95 95
5,000 90 Jan 96 Aug
8 ,0 0 0
2554 27
2554 Aug 45 Jan
10254 10254 2 ,0 0 0 1 0 2 Mar 10254 Apr
9954 9954 9,000 9734 Jan 1 0 0 Apr
8654 8654 1 , 0 0 0 8654 Sept 8854 May
9854 9854 5,000 97 Feb 1 0 0 Apr
10354 10354 2 ,0 0 0 103 Jan 10434 Jan
10254 10254 8 ,0 0 0 10254 Aug 105 Feb
97
9754 9754
Ofiu ion 117,000 95 May 1 09854 June
Alar 0 Apr
1 ,0 0 0
84 85
3,000 70 Mar 85 Aug
7854 7834 5,000 7734 Jan 80 Apr
92 92 14,000 91 Aug 95 Feb
10154 10154 3,000 10034 Jan 10254 Aug
70 7054 2 2 , 0 0 0 55 Mar 7054 Aug
93 93
1 ,0 0 0
89 Jan 93 Aug
T H E C H R O N IC L E
764
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
S to ck s.
W e e k e n d in g
S e p t.
3 1915.
Saturday__
Monday___
Tuesday----W ednesday.
Thursday__
Friday____
S h qres.
P a r V a lu e.
R a ilr o a d ,
i i:c .,
B on d s.
S ta le. M u n .
& F o r e ig n
B on d s.
345,201 $28,6S9,925 $1,332,500
701,204 62,240,275 3.297.500
603,048 53,354,425 3,418,000
671,108 58,941,100 3.697.500
656,453 58,996,200 3.369.500
431,194 37,699,700 2,516,COO
U . S.
B on d s.
$3,000
1,500
5,000
$24,500
40.000
41.000
89.000
81.000
72,000
J a n . 1 t o S e p t . 3,
3.
1914.
1914.
1915.
1915.
45,990,575
98,492,807
3,468,268
Stocks— No. shares—
Par valu e_________ $299,927,625 STOCK $8,483,059,970 $4,023,321,369
3265,S00
S136.800
$1,000
Bank shares, par------EXCII’NGE
B on d s.
3655,100
$676,500
$9,500 CLOSED.
Government bonds—
32,659,500
14,775,500
347,500
State, mun. Ac., bonds
518,953,700
391,771.500
RR. and misc. bonds.. 17,631,000
$534,405,700 $425,086,100
Total bonds.............. $17,988,000
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
S a les a t
N e t o Y o r k S to ck
E xch a n ge.
W e e k e n d in g S e p t.
B o sto n .
P h ila d e lp h ia .
W eek ex itin g
S e p t.
B o n d S a les.
S h a res.
B o n d S a le s .
S h a res.
3 1915.
9,667 311,200
18,505
$1,000
Saturday............ ..
28,507
29,000 16,693
Monday....... ........... 34,708
26,256
Tuesday.................. 23,503 100,000 20,332
35,297
25,700 22,730
Wednesday______ 22,609
46,300 48,490
30,627
18,457
16,400 35,182
25,400
Friday..................... 19,325
T o ta l................... 137,107 $218,400 153,100 $157,287
B a ltim o r e .
B on d S a le s .
S h a res.
26 $16,500
12,800
437
25,000
280
8,000
722
43,600
475
11,800
387
2,327 $117,700
C U R R E N T NO T I C E .
—A. D. Converse & Co., 49 Wall St., this city, specialists in public
utilities issues, have a departm ent specially organized to furnish information
in unlisted stocks, to quote markets and to execute orders with dispatch and
accuracy for ordnanco, m unition, industrial and Standard Oil shares.
—Attention is called to the offering in our advertising pages of tho bond
departm ent of tho Union Trust Co. of Chicago. This company offers City
of Chicago, Ills., 4% bonds dated July 1 1915, due 1923-34, at a prico basis
of 4.25% . See advertisem ent for further details.
— Messrs. Gartenlaub & Co., 5 Nassau St., Now York, aro offering in our
advertising pages to-day an attractive list of railroad bonds yielding from
4.70 to 5.05%. M any of these bonds aro legal investments for savings
banks in Now York, M assachusetts and Connecticut.
New York City Banks and Trust Companies.
A si
B id
550 560
200 207
A tlantic__ 175 185
Battery Park 115 165
400
225 260
150 175
150
100 125
178 185
535 555
Chath APhen 183 187
124 135
400 410
167 172
395
City
Coal A Iron. 155 165
450
Columbia* .. 300 325
1158 tio o
300 305
85 100
70 85
Fidelity*___ 135 145
Fifth A ve*.. 4200 4500
F ifth.............. 250 300
860 880
G arfield___ 180 200
Gcrm-Airior* 135 145
Gorman Ex*. 390 410
425 475
Germania
190
265 280
Hanover___ 610 625
Harrlman__ 315 325
Imp A Trad. 505 520
Irving........... 165 175
f.lberty......... 620
Llucoin......... 325 350
Manhattan*. 300 310
* Banks marked with
Exchange this week.
Bank
Mark A Fult.
Mech A M et.
Merchants'..
Metropolis* .
Metropol’n *.
M utual...__
New Neth* .
New York Co
New York__
Paciric*....... P ark_______
People's* —
Prod Exch*..
Public*..........
Seaboard___
Secoud_____
Sherman___
State* _____
23d W ard*..
Union Exch.
Unit States*.
Wash H'ts*.
Westeh Av*.
West Side*..
Yorkvlllo * ..
B r o o k ly n .
B id
240
245
175
300
175
325
210
725
370
200
390
230
158
___
410
395
125
___
100
134
500
275
160
400
475
A si
250
252
185
320
185
....
225
825
380
220
400
245
165
175
430
425
135
130
135
140
___
___
175
450
550
T rust Co’s
B id
N ew Y ork
Astor_______ 355
Bankers T r.. 420
B'way Trust. 144
Central Trust 975
Columbia__ 470
Commeiclal . 100
Em pire.......... 295
Equltablo Tr f402
Farm L A Tr 1115
Fidelity......... 197
Fulton____ _ 270
Guaranty Tr 600
Hudson____ 125
Law Tit A Tr 1102
Lincoln Trust 98
Metropolitan 400
Mut'l (WestChester). . . 130
N Y Life Ins
A T ru st... 945
N Y T ru st... 575
Title Gu A ir 385
Tr’nsatlantle
Union Trust. 330
U S Mtg A Tr 380
United States 1020
Westchester. 140
Coney Isl’d*. ___ 140
First ______ 255 205
B r o o k ly n
Flatbush___ 134 142
Greenpolrit.. ___ 150 Brooklyn Tr.
Hillside*----- 105 120 Franklin___
Homestead*. ___ 90 Hamilton __
Mechanics* . 125 135 Kings County
Montauk* . . 85 110 Manufact’rsN assau.......... 195 205
C itizens...
National City 270 280 People’s ____
North Side*. 175 209 Queens C o..
People's ___ 135 145
a (•) arc State banka. tSale at auction
A sk
363
427
150
985
477
305
t410
1130
203
290
610
135
105
410
135
970
590
395
155
315
390
1050
475 490
235 245
265 275
625 645
137 142
280 290
80
or at Stock
Inactive and Unlisted Securities
All bond prices aro “ and Interest’ ’ except where marked “ f.'
Standard Oil Stocks - P e r S h a r e
P a r B id .
A si.
*16% 17
Anglo-Araor Oil new----Atlantic Refining........... .100 605 610
Borne-Scrymser Co----- .100 275 280
Buckoye Pipe Line C o . . . 50 ♦ 101 103
Chesehrough Mfg Cons.. .100 730 750
140
Colonial OH___________ .100 130 242
Continental Oil________ .100 237
Crescent Pipe Line Co_. 50 *46 48
53
Cumberland Pipe Line.. .100 50 250
Eureka Pipe Line Co__ .100 245
Galena-Signal Oil com .. .100 162 165
Preferred...................... .100 135 140
Illinois Pipe Line............ .100 148 150
Indiana Pipe Line Co__ . 5(1 *101 103
£1 *9% 9%
National Transit Co----- 25 •32 .34
New York Transit C o.. .100 220 225
Northern Pipe Lino Co. .100 101 103
Ohio Oil C o..................... - 25 *153 155
Penn-Mex Fuel C o___ . 25 *58 62
Par
P.erce Oil Corp __. _
26
Prairie Oil a Gas____ 100
Prairie Pipe Line______ 100
Solar Refining-------------- 10(1
Southern Pipe Lino C o.. .100
South Penn Oil___ _
100
Southwest Pa Pipe Lines 100
Standard Oil (California) 100
Standard Oil (Indiana) 100
Standard Oil (Kansas) . 100
Standard Oil of KentuckylOO
Standard Oil of Nebraska 100
Standard OH of New Jer 100
Standard Oil of New Y'rklOO
Standard Oil of Oblo__ 10IJ
Swan A Finch________
Union Tank Line Co__ 100
Vacuum Oil_____ ___
Washington OH_______
Bonds.
Pierce OH Corp conv os 1924
P e r sh a r e
B id .
A sk.
*12% 13
403 106
177 179
260 270
212 215
338 342
122 127
305 307
460 465
410 420
270 275
330 310
443 445
192 194
470 480
130 135
X81 83
225 228
♦ 37 41
78 81
[Vol. 101
As*.
B id .
R ailroads—
Tobacco Stocks — P e r S k a
30
P a r B id .
A s k . West Pac 1st 5s 1933__ M-S /28
American Cigar common. 100 110 113
Street Railways— P a r
Preferred_____________100 97 99
Amer Machine A Fdry.-lOO 80 90 Com’w’lth Pow Ry A L ..100 50 51
Brltlsh-Ainer Tobac ord- £1 *1312 14l2 Preferred_____________100 78% 79%
Ordinary, bearer_______ £1 *14 15 Federal Light A Traction 100 14 17
Preferred_____________100 52 56
Conley Foil.......................... 100 325 350
Johnson Tin Foil A M et. 100 125 150 Republic Ry A Light___ 100 10 12
Preferred........................ 1 0 0 40 46
MacAndrewe A Forbes.. 100 160 170
Preferred...............
100 99 101 Tennessee Ry L A P com. 100 4 0
Preferred.......................... 1 0 0 20 24
Porto Uican-Auier Tob.-lUU 185 195
Lt A Rys com__ 100
Reynolds (R J) Tobacco. 100 380 410 Oultedpreferred_________100 36 40
1st
119 121
66 69
Preferred
Tobacco Products com .. 100 50 60 Wash Ry A El Co_______100 85 89
Preferred________
100 8U; 82%
Preferred—See Stock Ex list. 100
4a, 1951............................J-D 8U, 8134
United Cigar Stores com. 100 95
Elec, Gas A Power Cos—
Preferred_____________100 110 125
9%
United Cigar Stores (new) 10 *9^ 175 Am Gas A Elec com____ 60 >104 106
Preferred___ _____
60 *48 50
Young (J Si Co..................100 165
Preferred................ ......100 107 110 Am Lt A Trac common.. 100 325 330
Preferred------------------- 1 0 0 109 110
Amer Power A Lt com__ 100 59 61
Ordnance Stocks — P e r c e n t .
Preferred..........................100
Aetna Explosives com___ 100 123 130 Amer Public Utilities comlOO 80 82
30 33
Preferred_____________100, 76 82
Preferred------------------- 100 63
14
Amer A British Mfg............100 9 44 Cities Service Co com___i00 44 65
46
Preferred_____________ 100 34 220
Preferred------------- 100 53 55
Atlas Powder common___ 100 215
Preferred_____________ 100 94 99 Consumers Power (Minn)A N 90
1st A ref
...M
Bliss (E W) Co common. 50 370 390 Elec Bond A5s 1929 pref._10f: 99 91
Share
Preferred______________50; 125 140
81%
Canadian Car A Fdry___ 100 105 107 Great West Pow 5s 1946 JAJ 45 8234
Preferred_____________ 100 115 125 Indiana Lighting Co----- 100
4s, 1958 optional-------F-A
Canadian Explosives com 100 325 375 Northern StatesPowercomlOO 08 '7 0 ■
29% 30
Preferred_____________100 101 110
Preferred_____________100
Carbon Steel com _______ 100 26 32 Pacific Gas A El com___ 100 86 87%
48 49
1st preferred_________ 100 46 50
1st preferred . . . . . ____ 100 84 86
2d preferred_________ 100 27 33
2d preferred....................100 85 87
Colt's Patent Fire Arms
M fg ____ ____
100 570 585 South Calif Edison com. 100 71 72
Preferred______
Drlggs-Scabury Ordn Cor 100 97 9812 Standard Gas A El (Del). 100 93 96
60 *6 7
duPont (E I) de Nemours
Preferred______________60
Powder common______ 100 688 700 United Gas A Elec Corp.100 *29% 30%
14 18
99 104
Preferred_____________100
1st preferred-------------- 100 54 58
Electric B e a t..................... 100 480 490
18
2d
100
490
Preferred_____________100 480 390 Utah prelerred.............. — 100 14 14
13
Securities Corp.......
Hercules Powder com___100 375 116
6% notes—See Short-Term
Preferred_____________100 111 65 Western Power common.IOC Notes 15
14
Hopkins A Allen Arms ..ICO 55
Preferred------------------- 10( 48% 49
Preferred..........................100 95 105
Industrial
116
Nlles-Bement-Pond com. 100 113 104
and M iscellaneous
Preferred___ . ________100 97
Savaee Arms___________ 100 290 310 Adams Exp col tr gls ’47 J-D /70% 70%
75 85
Alliance Realty...................
48% 48*8 Amer Bank Note com-----100 *33 30
Submarine Boat w 1
50
Winchester Repeat Arms 100 2450 2650 Preferred______________50 *48% 50
American Brass-------------100 185 188
Short Term N otes — P e r C e n t
Amer Locom 5s, Julyl910 J-J 100l2 101% American Chicle com----- 100 123 126
lOli.i Preferred_____________100
6s, July 1917............... .J-J 100'2 101 Am Gtaphophone com .. 100 85 89
O
Am T A T Sub Cos 5s, 1916. lO -i.i 100% Preferred_____________100 82 83
93%
Anaconda Copper 5s ’17.M-S 100% 993.1 American Hardware----- 100 122 123"
Balt AOhto4Vis 1917.. JAD 9912 9 3 3 4 American Surety------------50 115 125
4H> 1918.......................JAD 9812 102 Amer Typefounders com. 100 37 40
Canadian Pac Os, 1924 MAS2 101 92% Preferred_____________100 88 92
Ches A Ohio 5s 1919 ...J -D 91%
1
Writing Paper----- 100
Chic Kiev Ry 5s. 1916. J<-J 92 93*2 Amer A
Bond
Chic A West Ind 5s, 1917 . 9812 99 Borden’sMtge Guar..........100 205 275
Cond Milk com. 100
9812 99%
Consurn Pow 6s, 1917..MAN 100% 100-% Preferred_____________100 109 110%
Erie RR 5s, Oct 1 1915. A-O 100 100t.t Braden Copper 'Mines------- 6 107 109
*7% 8
5s April 1 1918.........
100
6Via. April 1 1917___ A-O 09% 99% Casualty Cooof America.100 110 143“
99 Celluloid C ....................
9834 1003.t Chill Copper.........................25 139 19
General Rubber 5s, ’18 .JAD
Hocking Valley 6s, ’15.M-N 100l2 10Cl.i City Investing Co---------100 14 " 20
Xnt Harv 5s. Febl5 '18.K-A 100
Preforreu____________ 100 70
9912:100
Lackawanna Steel 6 s’17.M-S 100% 1003.1 Cramp Ship A E Bldg ..100 81 80
83
Lake Sh A M So 5s, Dec 1915
00 17 20
Minn Gen El 6s, 1917.JAD 1 0 0 % 1 0 1 Emerson-Brantlngham ..1100 45 50
Preferred____________
96 i 96% Goldfield Consol Mines__ 1C *1% 1%
Now Eng Nav 6s. 1917 M-N
NYCAHRlv 5s, Octl ’15 A-O 1100's 11003s Havana Tobacco Co___ 100 1% 2%
N Y N H A H 53. May 1 1916 0 0 1 4 1 0 0 % Preferred.......................100 4 6
Pub Ser Gorp N J 5s, '16 M-3 100-% 1005S 1st g 5s June 1 1922..J-D
Sdhwarz A Sulzb 6s, ’18.J-D 100% 101 Intereontlnent'l Rub com 100 /52 68
8 9
Seaboard A L 5s, 1916..M-S 100% 100% Internat Banking Co----- 100 105 111)
Southern Ry 5s, 1916..F-A 100 1100% Inter Merc Marino------- 100 3% 3%
5s, Mar 2 1917_____ M-S2 98 | 98% Preferred-------------------100 12% 13%
SuIzASonsCo Os.J’n e l' 16M-S 100% 101 Internat Motor------------100 30 32
93% 95
UnTypew 5s,Janl5 ’16 J-J15 1013.1 102% Preferred-------------------100 60 64
United Frult6s,Mayl ’17M-N
Gold notes 5s 1918. .M-N 99% 99% International Nickel------100 180 182
Preferred-------------------100
99
U S Public Serv 6s 1918 A-O 97 IOO.I4 International Salt---------100 106 108
28 32
Utah Co 6s, 1917......... .A-O 1001.1 81
l»t g 5s 1951------------A-O /63%
79
UtahSecurCorp Rs.’22M-S15
International Sliver prof. 100 104 65
New York City Note*—
1st
6s, Sent 1 1916____________ 102% 10234 Dob6s 1948.....................J-D 106 108
6s 1933 ...................J-J
6s. Sent 1 1917.................. .. 1033.1 103% Kelly Springfield Tlre___100 195 205"
Canadian Govt. N otes—
100% 1st preferred--------------100 86% 87
5s, Aug 1 1916.............. FA A 100 100% 2d preferred--------------100 195 205
5s, Aug 1 1917..............FAA P 100t . B a s i s Kennecott Copper----*541., 54%
erC
81 82%
A s k . Lanston Monotype..........100
B id .
RR. Equipments —
*%
4.40 La Rose Consol Mines_____5
Baltimore A Otuo4Vis_____ 4.55 4.40 Lawyers’ Mtge Co...........100 173 177
4.60'
__
Buff Roch A Pittsburgh 4Vis 4.60; 4.40 Lehigh Val Coal Sales...5 0 160 165
Equipment la .________
*% 34
4.90 4.80 Manhattan Transit............20 *3% 3%
Canadian Pacific 4Vi&___
of A m
5.35 4.90 Marconi WirelessCo-------...5 115 120
Caro Cllnchf A Ohio 5s__
Bond
6.10; 4.80 MortgageSurety..........— 100 200
Central of Georgia 5s_____
5.10 4.80 National A Security... 100 105
Equipment 4 Vis_______
N Y Mtge
100
115
6
Chicago A Alton 4s................
N Y Title Ins Co_______ 100 37 42
6
Chicago A Eastern Illinois 6
Nlplsslng Mines----------------5 *5% 6
6
Equipment 4>is________
Copper
Chic Ind A I.oulsv 4 Vis___ 5.05 4.75 Ohio ElevatorCo..................10 71 l8 73 %
com______100 *
Chic St L A N O 5s.............. 4.80 4.60 Otis
96
4.30 Preferred...... ...................100
Chicago A N W 4 Vis______ 4.55 5.75 Realty Assoc (Dklyn). .100 94 100
95
Chicago R 1 A Pac 4 Vis___ 7.50 4.85 Remington Typewriter—
5.15
Colorado A Southern 53
00
5.10 4.80 Common------------------- 1100 11 13
Erie 5s...............................
1st preferred...................
5.10 4.80 2 d preferred......................1 0 0 57 60
Equipment 4 Vis_____
5.10 4.80 RlkerAIIego’n (Corpforstk) 37 40
Equipment 4s_______
*6 0%
4.88 4.62
Hocking Valley 4s_____
4.88 4.62 Royal Bak Powd c o m ... 100 152 157
Equip 5 s ......................
Preferred..........................1 0 0
4.60 4.40 Safety Car Heat A L t_.ll00 102 10212
Illinois Central 5s______
4.00 4.40 Singer Mfg Co.................. 0 0 105 107
4 Vis ...............................
Kanawha A Michigan 4Vis__ 5.15 4.90 Standard Coupler corn.. 1100 215 220
4.35
25
Louisville A Nashville 5s__ 4.50 4.50 Preferred__________ 1 0 0 100 35
Minn St P A S S M 4 ’is... 4.75 5.25 Sterling Gum........... . I I I . .5 •2% 2%
Missouri 'Kansas A Texas 5s. 6.50 6.50 Texas A Pacific Coa1 .IIU .6 0
Missouri Pacific 5s_________ 7.50 4.90 Tonopah Extension Min___ *2% 175
2%
Mobile A Ohio 5s__________ 5.20 4.90 Triangle Film.........
” 5
*63., 0%
Equipment 4 Vis_________ 5.20
United Profit Sharing.
*2% 2%
New York Central Lines 5s... 4.95 4.75 U S Casualty......... .......... Joe 190 210
Equipment 4 Vis_________ 5.00 4.80 S Envelopo com............ 1 0 0
N Y Ontario A West 4Vis... 4.90 4.05 U Preferred_____________100 130 135
Norfolk A Western 4 Vis___ 4.50 4.30 U S Finishing___ IIIIIIlOO 102 106
10 15
Equipment 4s___________ 4.50 4.30
10 0
33 39
Pennsylvania RR 4Vis____ 4.35 4.20 Preferred............
1st
Equipment 4s........... ........... 4.35 4.20 Congg5a 1919...................J-J 90 72
5s 1929.................J-J
St l.ouls Iron Mt A Sou 5 s.. 6.00 5.00 U S Tit Gu A Indem___ 100 68 50
30
6
St Louis A San Francisco 6s
Seaboard Air Lino 5s_______ ~5.I 0 4.85 Westchester A Bronx Title 165 180
A Mtge Guar................... 100
Equipment 4 Vis____ . . 5.10 4.8 Worthington (H R) Com
Southern Pacific Co 4 Via__ 4.55 4.40 pany pref_____________100 87 92
4.90 4.70
Southern Railway 4%js
. ................5 *21, 2%
Toledo A Ohio Central *■ » .. 5.00 4.75Yukon Gold
/ Flat price.
• Per share. h Basis, d Purchaser al
n Nominal,
z Ex-dlvldend.
v Ex-rlghts.
Sept . 4 1915.]
T H E C H R O N IC L E
765
Imrcstweut mid §U crm lutclligcutc.
iiIt\ X
R A I L R O A D
G R O S S
E A R N I N G S
T h e fo llo w in g ta b le s h o w s th e g ro ss e a rn in g s o f e v e r y S T E A M ra ilro a d fro m w h ic h re g u la r w e e k ly o r m o n t h ly r e tu rn s
own be o b ta in e d . T h e f ir s t tw o c o lu m n s o f fig u re s g iv e th e g ro ss e a rn in g s fo r th e la te s t w e e k o r m o n th , a n d th e la s t t w o
o u lu m n s th e e a rn in g s fo r th e p e rio d fro m J u l y 1 to a n d in c lu d in g th e la te s t w e e k o r m o n th .
W e a d d a s u p p le m e n ta ry
s ta te m e n t to s h o w th e fisca l y e a r to ta ls o f tho se ro a d s w h o s e fisca l y e a r does n o t b e g in w it h J u l y , b u t c o v e rs som e o th e r
p e rio d . The returns of the electric railways are brought together separately on a subsequent page.
July 1 to Latest Date.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
Ala N O & Tox Pac$
$
N O & Nor E ast. July .
293,154 333,636 293.154 333,636
Ala & Vicksburg. July .
124,037 134,216 124,037 134,216
Vicks Shrev & P . July .
121,097 135.607 121,097 135,607
Ann A rbor__
45,605 47,863 331,005 339,052
Atch Top & San Fe. 3d wk. Aug 10422342 9,609,243 10,422,342 9,609,243
July
A tlanta Birm & Atl July .
230.854 260,671 230,854 260,671
A tlanta & West Pfc. July .
96,784
99,571
96,784 99,571
Atlantic Coast Line July .
2,177,387 2,538,140 2,177,387 2,538,140
Chariest & W Car July .
116,593 143,062 116,593 143,062
Lou Hond & St L
111,028 124,709 111,028 124,028
(^Baltimore & Ohio. July ..
8,670,752 8,146,688 8,670,752 8,146,688
B & O Ch Ter RR July .
128,206 138,661 128,206 138,661
July
Bangor & Aroostook June .
329,529 307.966 3,747.973 3,795,412
1,265,806 1,118,462 1,265,806 1,118,462
Bessemer & L E rie. July .
68,499
68,499 90,657
Birmingham South- July .
90,657
4,099,236 4,242,092 4,099,236 4,242,092
Boston & M aine— July .
Buff Boch& P ittsb. 3d wk Aug 226,170 249,349 1,668,408 1,686,132
116,005 115,585 116.065 115,585
Buffalo & Susq HR. July .
Canadian Northern 3d wk Aug 286,500 307,600 2,001,500 2,575,800
Canadian Pacific.. 3d wk Aug 1,956,000 2,154,000 13,005,000 16,593,000
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 Now Jersey July .
364,141 276,993 364,141 276,993
Cent Now erm ont.. June ..
Eng___ July
Central V
396,913 464,917 3,899,660 4.178,957
Chos & Ohio Lines. 3d wk Aug 904,411 813,881 6,124,578 5,572,773
Chicago & Alton__ 3d wk Aug 332,405 312,982 2,129,750 2,197,504
Chic Burl & Quincy June .
7.260,412 7,584,951 91,125,061 93.687,141
/ Chicago & East 111 Juno .
1,068,103 1.133,380 14.210,602 15,633,625
7;Chic Great W est. . 3d wk Aug 314,465 351,016 1,963,819 1,999,722
Chic Ind & Louisv. 3d wk Aug 146,303 144,760 996.787 1,030,359
Chic Milw .V St P .l July .
8,219,281 7,824,986 8,219,281 7,824,986
Chic Mil & Pug S f
Chic & N orthw est. July .
7,190.348 7,362,811 7,190,348 7,362,811
Chic Peoria & St L. June .
113,340 129,605 1,597,909 1,663,799
cChic St P M & Om July .
1,433,333 1,580,989 1,433,333 1,580,989
Chic Terro II & S E June .
160,745 174,021 2,186,268 2,170,289
Cin Ham & Dayton July .
920,751 938,738 920,751 938,738
Colorado Midland . July .
121,917 135,024 121,917 135,024
b Colorado & South 3d wk Aug
284,083 269,321 1,905,788 1,942,500
C ornw all______ July .
11,109 12,454
11,109
12,454
Cornwall & Lebanon July .
40,628 26,490
40,628
26,490
Cuba R ailroad___ July .
420,090 382,544 420.090 382,544
Delaware & Hudson June .
1,914,316
Del Lack & Western July .
3,387,071 1,969,336 22,701,942 23,219,669
Deny & Rio Grande 3d wk Aug 506,400 3,752,004 3,443,900 3,401,600
470,100 3,387,071 3,752,004
W estern Pacific.. June .
615,020 524,256 5,708,126 6,251,137
Denver & Salt Lake 3d wk Aug 44,600 41,899 280.091 271,499
D etroit Tol & Iront June .
132,249
D etroit & Mackinac 3d wk Aug 20,658 129,396 1.767.580 1,513,953
24,317
D et & Tol Shoro L . June _
109,543 93,621 153,574 166,657
Dul & Iron Range. _ July _
862,399 812,254 1,471,160 1,544,330
812,254
Duluth So Sh & Atl 3d wk Aug 75,144 64,541 862,399 482,773
525.065
Elgin Joliot & East- July .
882,467 800,348 882,467 800,348
El Paso & Sou West July .
748,842 740,159 748,842 740,159
Erio ........................... July ..
5,673,128 5,419,581 5,673,128 5,419,581
Florida E ast C oast. July
362,787 291,866 362.787 291,866
Fonda Johns & Glov July .
85.873 90,236
90,236
85,873
Georgia R ailroad.. Juno .
Grand Trunk P a c .. 2d wk Aug 184,513 238,157 2,791,590 3,327,444
57,585 70.607 331,408 498,133
Grand T runk Syst. 3d wk Aug 1,052,483 1,096,476 7,548,614 7,996,026
Grand Trunk Ry 2d wk Aug 791,633 865,579 5,191,873 5,664,798
Grand T rk W est. 2d wk Aug 147,492 149,891 932,816 909,102
Det Gr H & Milw 2d wk
65,250 53,201 368.155 325,228
G reat N orth System July . Aug 5,598,154 6,840,446 5,598,154 6,840,446
Gulf & Ship Island- July .
140,022 149,680 140,022 149,680
July .
Hocking Valley___
543,136 451,414 543,136 451,414
Illinois Contral___ July .
4.878,826 5,396,122 4,878.826 5,396,122
Intornat & G rt Nor July .
659,699 738,936 659,699 738,936
July
Kanawha & M ich.. July ..
277,545 279,392 277,545 279,392
ICansas City South.
831,356 945,266 831,356 945.266
Lehigh Valley------- July _
3,733,762 3,582,081 3,733,762 3,582,081
Lehigh & Hud River July .
154,095 138,602 154,095 138,602
Lehigh & Now Eng. July _
320,002 233,342 320,002 233,342
Louisiana & Arkan. July _
133,018 152,151 133,018 152,151
Louisiana Ry & Nav June ..
170,010 165,395
1,971,718
sLouisville & Nashv 3d wk (Vug 1,039,910 1,076,550 2,023.698 8,060,098
7,591,809
Macon & Birm ’ham Juno ..
6,631
9,376 128,154 156,297
July .
Maino Central
996,96411,014,868 996,964 1,014,868
M aryland & Penna. July ..
36,4821 40,342
40.342
36,482
M idland Valley___ July ..
Mineral Range___ 3d wk Aug 125,267 116,266 125,267 116.266
19,469 15,851 152,709 129,468
M inn & St L ouis.. 1 3d wk Aug 202,480 238,878 1,358,416 1,411,118
Iowa C entral__ /
M inn St P & S S M . 3d wk Aug 584,613 572,036 3.931,159 4,039,535
Mississippi Contral. June .
68,781 80,450 849,991 1,027,096
u Mo Kan & Texas. 3d wk Aug 580,954 633.880
^Missouri Pacific.. 3d wk Aug 1,106,000 1,204,000 4,273,379 4.561,771
8,115,624 8,788,624
Nashv C hatt & St L July .
Novada-Cal-Orcgon 3d wk Aug 942,303 1,071,780 942,303 1,071,780
7,943
8,731
66,285
60,383
13862472 13029 498 13,862,472 13,029,498
e Now York Central July ..
Boston & Albany. July ..
1,535,298 1,470,180 1,535,298 1,470,180
nLake Erio & w . July ..
489,378 507,055 489,378 507,955
Michigan Central July ..
3,049,542 2,838.342 3,049,542 2,838,342
ClevoO O & StLl
Peoria & E ast/ July ..
3,163,458 3,147,147 3,163,458 3,147,147
Cincinnati North. July ..
139,018 130,220 139,018 130,220
P itts & Lake Erie July ..
1,655,433 1,50,3,661 1,655,433 1,503,661
NY C h ic* St L. July ..
964,788 920,657 964,788 920,657
Tol & Ohio C ent. July ..
402,967 316,407 402,967 316,407
Tot all lines above July ..
25262354 23864 067 25,262,354 23,864,067
Latest Gross Earnings.
ROADS.
Week or
Month.
Year.
July 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
$
S
$
$
Now Orl Great N or. July ...
N O Mobilo& Chic. J u l y _____ 140,970 155,509 140,970 155,069
139.596 181,592 139,596 181,592
N Y N H & H a rtf.. J u n e _____ 6,327,988 5,845,367 65,379,264 67,452,592
N Y Ont & W estern July ...
961,572 992,561 961.572 992,561
N Y Susq & W est.. July ...
289,632
Norfolk Southern.. J u l y _____ 317,790 289,632 317,790 365,729
332,445 365,729 332,445
Norfolk & W estern.
e
N orthern Pacific__ J u n y _____ 4,330,286 3,744,204 42.987,044 44,650,309
J u l .......... 5.349,784 5,792,063 5,349,784 5,792,063
Northwestern Pac.
Pacific Coast Co__ J u n e _____ 353,865 363,540 3,568,701 3.745.805
597,220 528.662 6,284,493 7,063,650
zPonnsylvania R R .. J u n e _____ 16755645 16068588 16,755,645 16,068,588
July ...
B alt Ches& A tl.. July ...
153,760 174,763 153,760 174,763
Cumberland Vail July ...
244,587 240,254 244,587 240,254
Long Island____ July ... 1,553,353 1,519,806 1,553,353 1.519.806
M aryl’d Del & Va July ...
106,120 112,105 106,120 112,105
N Y Phila & Norf July ...
481,464 442,620 481,464 442,620
Phil B alt & Wash July ... 1,904,687 1,852,017 1,904,687 1,852,017
W Jersey & Seash July ...
895,105 831,305 895,105 831,305
Pennsylvania Co __ July .. . 5,640,024 5,198,494 5,640,024 5,198,494
Grand Rap & Ind July .. .
454,957 489,579 454,957 489,579
P itts C O & St L . July . . . 3,390,186 3,476,210 3,390,186 3,476,210
Vandalia .
July . . .
921,2551 956,463 921,255 956,463
Total lines—
E ast P itts & Erie. July
22652533 21811583 22,652,533 21,811,583
W est P itts & Erie July
10544483 10253051 10,544,483 10,253,051
All E ast & W est. July
33197016 32064 734 33.197,016 32,064,734
Pore M arquette__ June
1,453,976 1,284,992 18,028,210 16,915,198
Reading Co—
Phila & Reading. J u l y
Coal & Iron C o .. J u l y .......... 4,083,198 3,821,800 4,083,198 3,821,800
Total both c o s.. u l _____ 1,817,280; 1,822,951 1,817,280 1.822,951
Rich Fred & Potom J u n y _____ 5,900,478 5,644,751 5,900,478 5,644,751
J e _____
Rio Grande June__ J u n e .......... 275,325 284,687 2,907,830 2,978,393
Rio Grande S o u th .. 3d wk Aug 71,027 73,980 1,001,292 1,012,649
9,845 12,305
75,484
77,553
Rock Island L ines.. J u n e ___ 5,654,182 6,303,982 70,936,660 68,675.841
Rutland
J u l y ___ 313,757 306,908 313,7571 306,908
St Jos & Grand Isl. J u l y .......... 116,155 196,108 116,155 196,108
St L Brownsv & M . J u l y _____ 183,306 199,577 183,3061 199,577
8t L Iron M t & Sou J u n e _____ 2,213,180 2,532,859 29,883,630 33,289,717
St Louis & San Fran J u n e _____
St Louis Southwest. 3d wk Aug 3,406,804 3.411,450 42,966,816 44.915,891
198,000
San Ped L A & S L. July ......... 1,083.462 207,000 1,500,000 1,589,000
878,791 1,083,462 878,791
Seaboard Air Line. . J u n e _____ 1.628,736 l,953,23«r 21,280,463 25,420,503
Southern Pacific__ J u l y ____ 12963204 11632920 12,963.204 11.632,920
Southorn R ailw ay.. 3d wk Aug 1,174,440 1,312,224 8,781,957 9,612.463
Mobile & O h io ... 3d wk Aug 200,443
1,497,398
C in N O & T P a c . 3d wk Aug 167,595 229,537 1,273,349 1,800,141
Ala Great South. 3d wk Aug 88,059 192,455 659,117 1,403,451
97,034
684,129
Georgia So& Fla. 2d
Aug 34,962 42,985 262,525 303,222
Spok Port & Seattle J u nwk_____ 375,460 422,784 4,416,689 4,977,137
e
Tenn Ala & Georgia 3d wk Aug
1,680
1,783
12,648
12,544
Tennessee Central . J u y
129,874 154,153 129,874 154,153
Texas & Pacific___ 3d lwk_____ 305.573 325.860 2,369,710 2,443.948
Aug
Tidewater & W est.
8,786
7,541
8,786
7,541
Toledo Peor & West July ____ 24,743
Aug
170,150 187,873
Toledo St L & West 3d wk Aug 108,528 26.959 708,274 708,497
3d nwk_____
99,600
Trinity & Brazos V. J e
49,586 140.071 980,591 2.302,679
Union Pacific Syst. J u l y _____ 7.846,866 7.559,237 7,846.866 7,559.237
u
V irginian_________ July
588,616 469,511 588;616 469,511
Virginia & So W est. J u ly ..
146,209 169,302 146,209 169,302
W abash__________ J u l y .......... 2,422,483 2,649,453 2,422.483 2,649,453
W estern M aryland. 4th wk Aug 295,679 237,182 1,730,833 1.475,558
Wheel & Lake E rie. July
561,805 531,094 561,805 531,094
Wrightsvillo & Tenn June
14,158 17,869
Yazoo & Miss Vall.jJuly
900.789 853,191 271,368 352,118
900,789 853,191
Various Fiscal Years.
Buffalo & Susquehanna R R ___
Delaware & Hudson__________ Jan
E rie _________________________ Jan
Now York Central . e .................... Jan
Boston & Albany___________ Jan
Lake Erie & W estern.n____ Jan
Michigan C e n tra l__________ Jan
Cleve Cine Chic <fe St L ouis.. Jan
Cincinnati N orthern________ Jan
Pittsburgh & Lake E rie____ Jan
Now York Chicago & St Louis Jan
Toledo & Ohio Central______ Jan
Total all lines____________
N Y Susquehanna & W estern.. Jan
sPennsyl vania
_______ Jan
Baltimore Chesap & Atlantic Jan
Cumberland Valley.............. Jan
Long Isla n d ....... ..................... Jan
Jan
M aryland Delaw & Virginia Jan
N Y Philadelphia & Norfolk Jan
Phila Baltimore & W ashing’n Jan
W est Jersey & Seashore__ Jan
Pennsylvania
_______ Jan
Grand Rapids & Indiana
Jan
Pitts Cine Chic & St Louis. ' Jan
V a n d a lia.._______________ Jan
Total lines—E ast Pitts & Erie Jan
— W estPitts & Erie Jan
—All Lines E & W .
Rio Grande Junction________ Jan
Dec
R u tla n d __________________ Jan
R a ilr o a d
C om pany
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
Current
Year.
Period.
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
July 31 790,590
June 30 10,781,299
July 31
July 31 35,287,168
July 31 89,415,454
9,654,805
July 31 3,255,518
July 31 19,607,596
July 31
July 31 20,205.718
846,497
July 31 8,693,377
July 31 6,646,494
July 31 2.575,030
July 31 160800529
July 31 2,320,820
July 31 104914649
July 31 640,518
July 31 1,624,788
July 31
July 31 7,606,353
484,795
July 31 2,347,713
July 31 11.621,304
July 31
July 31 3,673.326
July 31 30,856,246
July 31 2.921,488
July 31 21,829,796
July 31 6,078,253
July 31 135414 264
July 31 62,562,461
June 30 197976725
462,775
July 31 1,947.102
A G G R E G A T E S O F G R O S S E A R N I N G S — W e e k ly a n d M o n t h l y .
•Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
•Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
Mileage.
Cur. Yr. Prev. Yr.
*
$
week June (36 roads)___ 10,970,091 11,920,704
8.20
241,093
week Juno (36 roads)___ 11,166.951 12,105,012 —9*50,613 7.75 October------- 244.917 242.849 269.325.262 298,066.118 —28,740,856 11.96
—938,061
N ovem ber..246.497
—32,646.340 9.64
week Juno (31 roads)___ 13,993,250 15,334,395 -1,341,136 8.71 December ..246,807 243,242 240.235,841 272.882.181 —25.686,901 9.94
weok July (36 roads)___ 10.555.138 11.710,679 -1,155.541 9.87 January-------246.959 243.559 232.598,369 258.285,270 — 16,598,551 7 .0 i
220.282,196 236,880,747
weok July (34 roads)___
ru ry ...246,186
week July (35 roads)___ 10,852,144 12,068,210 -1,216,066 10.08 F eabrc ha........... 246,848 242,837 210,860,681 212,163,967 — 1,303,286 0.6l
243.598
weok July (37 roads)___ 11,060,669 12,259,162 -1,198,493 9.77 M p ril..............247,701 245,170 238,157,881 253,352,099 —15,194,218 5.99
17,072,024
2.37,696,378 241,090,842
1.4i
weok Aug (36 roads)___ 11,601,061 18,470,398 -1,398,374 7.61 M a y ................247.747 245.207 244,692,738 243,367,953 —3,394,464 0.54
12,567,332 —966,271 7.90 A
weok Aug (37 roads)___ 11,965.891 12,618,877 —652,986 5.17 Ju n e ------------240,219 235,828 248,849,716 247,535,879 +1,324,785 0.53
+ 1,313,837
weok Aug (36 roads)___ 12,220,564 12,778,103 — 557,539 4.62 J u ly ............... 89,704 88.140 64.741,032 72,024.637 —7,283,605 10.16 Does not include earnings of Colorado Springs & Cripple Creek District Ry. e Includes the Lake Shore & Mich So the Chicago Inrl t »n
Dunk rk a dannd Ian rnrul r Pitts, malm rnfmom r> rnfns.Qufo r i * ___~..
^ ^ h e latter OI
r
,
7 New’ York R Jy *•WIO latter °of
7
which hmriLr Allegheny Valley & bpq nnf, the New York¥& O ttaw a, the St. Lawrence & Adirondack *M d . the Ottawa St. x
2d
3d
4ih
1st
2d
3d
4th
1st
2d
3d
..
%
^
^
« racmc. s includes Louisville
Atlantic and the Frankfort & Cincinnati
a Includes tho
Central and the Wichita Falls Lines
v Includes not only operating revenues, but also all other receipts, z Includes St
Iron Mountain &
Southern. * Includes the Northern Central beginning July f 1914
• We no longer include the Mexican roadsIn a n y o fo u rto ta ls.
Mounta,n *
Louis
[Vol. 101
T H E C H R O N IC L E
766
Latest Gross Earnings by Weeks.—
I n th e ta b le w h ic h
fo llo w s w e su m u p s e p a ra te ly th e e a rn in g s f o r th o t h ir d w e e k
o f A u g u s t . T h e ta b le c o ve rs 36 ro a d s a n d s h o w s 4 .6 2 %
decrease in th o a g g re g a te u n d e r th o sam e w e e k la s t y e a r.
T h ird
w eek
o f A u g u s t.
Alabama Great Southern----Ann Arbor________________
Buffalo Rochester & Pittsburgh
Canadian N orthern----------------Canadian Pacific-------------------Chesapeake & Ohio----------------Chicago & Alton-------------------Chicago Great W estern---------Chicago Ind & Louisville-------Cine New Orl & Texas Pacific..
Colorado & Southern------------Denver & Rio Grando------------Denver & Salt Lake---------------D etroit & M ackinac--------------D uluth South Shore & A tl----- ;
Grand Trunk of Canada............
Grand Trunk W estern------D etroit Gr Hav& M ilw-----Canada Atlantic..............—
Louisville & Nashville------------Mineral Range----------------------Minneapolis & St Louis--------Iowa C entral-------------------M inneapolisSt Paul & S S M —
Missouri Kansas & Texas-------Missouri Pacific--------------------Mobile & Ohio______________
Nevada-California-Oregon----Rio Grande Southern------------St Louis South western---------Southern Railway___________
Tennessee Alabama & Georgia
Texas & Pacific--------------------Toledo Peoria & W estern------Toledo St Louis & W estern-----W estern M aryland----------------Total (36 ro a d s)..............
N et decreaso (4.62% )---------
1914.
1915.
S
$
97,034
88,059
47,863
45,605
226,170 249,349
286,500 307,600
1,956,000 2,154,000
904,411 813,881
332,405 312,982
314,465 351,016
146,303 144,760
167,595 192,455
284,083 269,321
506,400 470,100
41,899
44,600
24,317
20,658
64,541
75,144
1,052,483 1,096,476
In crea se.
$
_____
90,530
19,423
1,543
14,762
36,300
2,701
10,603
D ecrease.
8,975
2,258
23,179
21.100
198,000
36,551
24,860
3,659
43,993
------- G r o s s
C u rren t
Y ear.
------- -------N e t
E a r n in g s
P re v io u s
Y ear.
C u rren t
Y ear.
------
E a r n in g s
P r e v io u s
Y ear.
$
'
S
Pennsylvania —
.)—
$
$
1,376,892
Pennsylvania C o.a__ July 5,640,024 5,198,494 1,958,903 5,344,644
Jan 1 to July 31______30,856,246 31,460,111 6,572,129
Grand Rap & In d .a .-Ju ly 454,957 489,579 105,959 118,510
Jan 1 to July 31______ 2,921,488 3,028,248 421,626 353,563
P itts Cin Chic & St L aJuly 3,390,186 3.476,210 801,298 878,209
Jan 1 to July 31............21,829,796 22,643,190 3,882,475 3,835,671
V a n d a lia .a _________July 921,255 956,463 197,712 181,856
Jan 1 to July 31______ 6,078.253 6,154,775 922,130 789,614
Total E ast P & E .a ..Ju ly 2 2 ,652,533 21,811,583 6,720,792 5,336.632
Jan 1 to July 31.......... 135.414,264 138489,366 26,659,528 24,114.520
Total West P & E -a.-Ju ly lO ,544,483 10,253,051 3,076,385 2,555,510
Jan 1 to July 31______62.562,461 64,207,481 11,886,964 10,424,846
Total all lines a ____ July33,197,016 32,064,734 9,797,177 7,892,142
Jan 1 to July 31.......... 197,976,725 202696,847 38,546,492 34,539,367
4,083,198 3,821,800 1,436,421 1,127,601
Coal & Iron C o .b ------July 1,817,280 1.822,951 def71,337 def91,060
Total both co s.b ------July 5,900,478 5,644,751 1,365,084 1.036.541
562,783 554,838
Reading C om pany.b-July
1.927,867 1,591,379
Total all c o s.b .......... .July
313,757 306,908
94,258
65,436
R utland, b ------------------- July 1,947,102 1,986,958 525,567 363,527
Southern Railway—
Mobile & O hio.b----- July 896,356 1,098,606 205,254 260,748
766,776 831,499
Cin N O & Tex l’ac b-July 402,147 413,616 247,083 221,022
Alabama G rt S ou.b--July 186,498 217,251 123,731 100,908
43,175
46,922
Georgia Sou & F la .b .Ju ly
1,472,559 1,473,201 400,957 323,233
3,115
7,541
1,267
8,786
Tidewater & W estern.b. July
469,511 257,963 163,463
Virginian, a ----------------- July 588,616 2,649,453 503,660 739,804
2,422,483
W estern M aryland.b— July 833,177 712.429 282,200 190,926
(TRIAL COM PANIES
R oad s.
RR
(C o n
36,640
1,076,550
3,618
15,851
36,398
238,878 —
572,036 12,577 52,926
633,880
98,000
1,204,000
29,094
229,537
788
8,731
2,460
12,305
9,000
207,000
137,784
1,312,224
103
l ,783
------------20,287
325,860
2,216
26,95.)
8,928
99,600
$
$
$
$
175,315 29,747
11,814
3,785
12,778,103 230,732 788,271 Abington & Rockland Elec
2,149
13,468
Light & Power a ____ July 85.417
557,539
17,501
76,687
14,604
Jan 1 to July 31--------92,148
43,416
21,467
Adiron El Pow Corp a .-Ju ly 106,297
Net Earnings Monthly to Latest Dates.— T h o ta b le Blackstone Val G & E a-July 714,413 710,269 288,185 238.610
51,957
33,751
123,100 101,579
833,312 752,940 329,970 268,662
fo llo w in g sh o w s th o g ro ss a n d n o t e a rn in g s o f S T E A M
13,485
36,552
10,685
4 1,425
Ed El 111 (Brockton) a .-Ju ly 307.692 269,493 111,130
ra ilro a d s a n d in d u s tria l co m p a n ie s re p o rte d th is w e e k :
87.670
17,783
42,357
--------------------------- Fall River Gas Wks a .-Ju ly
14,377
45,416 286,751 101,946
61,217
Jan 1 to July 31--------- 293,610 216,936 170,648
148,346
r 244,137 1,526,075 1,157,021 991,472
Gt West Pow Co Syst a-July 1,643,140
!$
$
Jan to
31--------Atch Top & Santa Fo.b_JuIyl0,422,342 9,609,243 j3 ,835,266 j3 ,333,452 Haverhill1Gas July ------- July • 20,746
18,717
6,009
5,674
Lt a
38,438
34.462
143.838 139.075
A tlantic Coast L in e .a..Ju ly 2,177,387 2,538,140 237,553 316,391
10,472
23,318
307,966 153,901 126,546 Houghton Co El Lt a — July 24,305
9,353
Dangor & A roostook...June 329,529 3,795,412 1,407,013 1,383,503
77,669
77,135
July 1 to June 30--------- 3,747,973
Jan 1 to July 31......... - 183,324 176,162
12,291
6,258
2,668
Boston & M aino.a____ July 4,099,236 4,242,092 1,080,433 671,050 Huntington Dov & Gas aJuly• 20,416
84,392
63,140
28,331
Canadian Pacific.a___ July 7,895,375 10,481,972 2,800,403 3,778,446
Jan 1 to July 31--------- 138,594
34,634
13,317
11,113
40,446
Central of G eorgia.b— July 987,827 1,166,371 C249.945 C310.324 Lowell Elec L t Corp a .-Ju ly • 278,340 262,857
98,148
95,341
Jan 1 to July
Central of New Jersey.b. July 2,782,615 2,724,602 1,020,930 1,123,928 M t W hitney Pow &31--------- • 64,341
63,305
39,284
34,856
E l.July
Chesapeake & O h io .b .-Ju ly 3,642,5/7 3,264,098 1,257,603 935,019
31--------- 751,602 667,769 444,137 331,348
Chicago & A lton.a......... July 1,188,358 1,279,437 /206.358 /294.917 MissAug 1 to July---------July ■ 139,828 133,479 111,110 105,114
River Pow a
571,614 178,021 167,446
952,392 910,701 755,850 737.620
Chic Ind & L o u isv .b ...Ju n e 553,409 6,944,005 1,881,644 1,759,277
July 1 to Juno 30--------- 6,559,665
44,561
22,794
40,458
22,388
274,678 374,591 155,010 222,042
Chic Milw & St P aul-b-July 8,219,281 7,824,986 3,258,960 2,779,071
Jan 1 to July 31.
938,738 253,291 224,488 Southern Calif E dison..July- 417,590 407,572 228,934 228,472
C ine flam & D a y to n .b .J u ly 920,751
2,718,077 2,734,120 1,465,191 1,341,973
Jan 1 to July 31Cuba Railroad...................July 420,090 382,544 210,081 161,582
Del Lack & W est.b ___ Juiy 3,387,071 3,752,004 1,094,184 1,312,222
a Net earnings hero given £11*0 bCIOFO QeuUCungtaxes.
aro after d f e t i n g CJ.XCS.
K Mnfhi»rft U1VOI1
94,879
61,455
D uluth So Sh & A tl-b .-Ju ly 308,483 293,357
r
tho m onth
El Paso & South w est.b. July 748,843 740,159 285,833 293,719 19*15 to L tM te a rnfor taxes and uncollectible revonue for last year. of July
”ngswore 8198,247, against $257,926
1.953,742 1,257,933
Kr i0 a
___ July 5,673,128 5,419,581 8,290,342 7,032,545
f AfterAllowfng for miscellaneous charges and credits to income for tho
J a n 'l Vo'June 30_____ 35,287,168 33,863,098
m onth of July 1915, total net earnings were 8126,846, gaainst $244,774 last
Hocking V alley.b---------July 543,136 451,414 225,065 108,486 ye?F nr Tillv taxes and uncollectible revenues amounted to $485,907,
53,157 def53,468 against $ 4 o f.9 8 lX 1914; after deducting which, net for July 1915 was
Internal & G rt N or.b_.July 659,699 738,936
Loulsvillo & N ash v .b -.Ju ly 4,485,843 4,803,643 1,369,264 1,255,053
*for miscellaneous charges to income for tho month
Maino C en tral.b ---------July 996,964 1,014,868 298,904 295,584 ^^s^Afetr^alkwing1 earnings were $200,436. against $184,065 last year. of
25,433
25,925 July 1915 .to ta l net
78,271
Mineral R ango.b---------July 89,332
M inn & St L ouis.a......... July 792,675 784,748 *223,028 S197.506
Interest Charges and Surplus.
Nashv C hatt & St L .b .-Ju ly 942,303 1,071,780 225,473 233,886
Ac.—• —
.—
New York C entral.b July 13,862,472 13,029,498 5,089,119 3,675,302
.... --------------Jan 1 to July 31______89.415,454 86.181.800 27,877.560 19.387.717
$
3
$
$
429,233
Boston & A lb an y .b ..Ju ly 1,535,298 1,470,180 545,640 2,126,814
Jan 1 to July 31______ 9,654,805 9,528,629 2,910,117 2,126.814
119,832 108,119 152,360 *34,078
1,379,071 1,348,506 1226,490 *205,731
151,783
Lake Erie & W e st.b ..Ju ly 489,378 507,955 113,979 610,686
July 1 to Juno 30--------- 849,731 894,792 *301,207*defl61,326
Ja n T to July 31______ 3,255,518 3,193,217 697,870
805,455 Boston of Now Jersoy.-July
Michigan C e n tra l.b ..Ju ly 3,049,542 2,838,342 1,007,030 4,258,533 Central & Maino_______ July 699,425 677,723 321,505 446,205
Jan 1 to July 31______ 19,607,596 19,100.630 5.061,186
788,970 *493,167 *156,291
855,546
C C C & S tL o u ls .b ..J u ly 3,163,458 3,147,147 878,383 2,044,887 Chesapeako & Ohio----- July 785.520
70,375 137,812
91.207
Cuba R R ................
July 72,269
Jan 1 to July 31______20,205,718 19,730,992 4,462,792
96,006
94,881
*5,355 *def31,371
37,278 D uluth So Sh & A tl----- July
Cincinnati N orth.b._July 139,018
130,220 34,620
26,171 Hocking Valloy-------------July 119,107 120,273 *70,673 *def30,612
Jan 1 to July 31_____846,497 767,820 151,439
619,671
13,556 *12,771 *12,684
Plttsb & Lake E rio .b .Ju ly 1,655,433 1,503,661 890,696 3,289,788 Mineral Rango________ July 12,741
Jan 1 to July 31______ 8,693,377 9,499,238 3,725,283
123,763 125,299
& W est—
240,583 N Y Ontario companies) July 1,235,917 1,240,667 258,504 236,567
N Y Chic & St L -b._July 964,788
920,657 236,466
691,950 350,713
July
Jan 1 to July 31_____ - 6,646,494 6,483,559 1,204,436 840,142 Reading (all
15,047
IN D USTRIAL COM PANIES.
Tol & Ohio C entral.b. July 402,967
316,407 114,830
87,811
Jan 1 to July 31______ 2,475,030 2,372,356 404,892
—
Ac.—
.—
Total all lines b ..........July25,262,354 23,864,067 8,910,743 6,829,899
Jan 1 to July 31_____ .160800,529 156858.24146,495.575 32,672.549
S
N Y Ontario & W est.a.July 961,572
992,561 382,267 361,866
N Y Susci & Western a July 317,790
289,632 119,867 62,778 Abington & Rockland Elec
195
500
1,649
3,591
J a n l to July 31 . . . . . . 2,320,820 2,275,698 750,820 666,542
Light & Power______July
2,952
3,138
11,466
14,549
Jan 1 to July 31--------N orthern P acific.b___ July 5,349,784 5,792,063 1,795,350 2,056,83/
20,993
20,863
604
22,423
Pennsylvania RR a __ July 16,755,645 16,068,588 4,730,291 3,560,883 Adiron El Pow C o rp ..-Ju ly 147.878 146,975 140,307
91,634
Jan 1 to July 31. — -104.914,649 107855.136 20,704,629 18.418,343
18,982
18,115
15,636
32,975
Blackstone Val G & E .-Ju ly 135,079 124,469 194,891 144,131
B alt Chesto&July 31............ 640,518
«b76,107 rn’I? ‘o
7r 'T/y7
Jan 1 A t.a ----- July
50,459 62,681
8,266
2,419
11,174
2,311
Cumberland Valley a July 244,587
240,254 81,257 63,555 Ed El 1111(B rockton)...July 18,778
17,494
92,352
70,176
Jan to July 3 l--------Jan l to July 31-- — - 1.624,788 1,948,715 506,996 636,932
1,128
13,249
17,734
49
Fall River Gas W ks----- July
Long Island a ..........July 1,553,353 1,519,806 667,415 659.638
5,281
55,936
90,860
11,086
Jan 1 to July 3 1 .------Jan 1 to July 3 1 ------ 7,606,353 7.537,655 1,772,944 1,724,765
106,192 100,973 *81,740 *66,042
Gt W est Pow Co S yst.-July 736,874 694,600 *539,457 *426,067
M arylandtoDel & Va a July 484,795
Jan 1 July 31______
504,480 27,37o 34,047
6,004
5,668
6
Lt
N Y Phlla & N orf-a-.Ju ly 481,464
442,620 163,647 153,223 Haverhill1Gas July............July
25,182
37,780
568
9,280
Jan to
31--------Jan 1 to July 31_____- 2,347,713 2,235,681 470,380 392.933
7,036
5,910
3,443
3,436
Phila Balt & W ash.a-July 1.904,687 1,852,017 445.993 311,778 Houghton1 Co El L t----- July
53,594
53,027
24,108
Jan to July 31--------- 24,075
Jan 1 to July 31............ 11,621,304 11,670,943 l,7b5,566 1,555,513
390
9,091
2,278
3,200
Dev &
West Jersey & Seash a July 895,105
831,305 570,624 311,141 Huntington to July G as.July
18,668
64,884
9,663
Jan 1
31--------- 19,508
Jan 1 to July 31............ 3,673,326 3,547,635 455,886 447,870
R oad s.
1,039,910
19,469
202,480
584,613
580,954
1,106,000
200,443
7,943
9,845
198,000
1,174,440
1,680
305,573
24,743
108,528
205,062
12,220,564
G ross E a r n in g s
C u rren t
P r e v io u s
Y ear.
Y ear.
G ro ss E a r n in g s
C u rren t
P r e v io u s
Y ear.
Y ear
C o m p a n ie s .
C u rren t
Y ear.
P r e v io u s
Y e a r ..
N e t E a r n in g s
C u rren t
P r e v io u s
Y ear.
Y ear.
r
R oad s.
C o m p a n ie s .
— I n t ., R e n ta ls ,
C u rren t
P r e v io u s
Y ear.
Y ear.
B a t. o f N e t E a r n s
C u rren t
P r e v io u s
Y ear.
Y ear.
I n t ., R e n ta ls ,
P r e v io u s
C u rren t
Y ear.
Y ear.
■ D a l. o f N e t E a r n s
C u rren t
P r e v io u s
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Y ear.
Sept . 4 1915.1
THE CHRONICLE
.— — D al.
C o m p a n ie s .
—I n t . , R en ta ls . & c
C u rren t
P r e v io u s
Y ear.
Y ea r.
$
8
.—
o f N et E a rn s
C u rr e n t
Y ear.
Y ear.
9
9
N am e of
H oa d .
767
L a te s t G r o s s E a r n in g s .
j C u rren t
| Y ear.
to la test d a te .
P r e v io u s
Lowell Elec Lt Oorp — .July
230
Y ea r.
13,317
10,883
Jan 1 to July 31..
132
1,709
98,016
93,632
M t Whitney Pow & El. July 13,490
12,385
25,794
22,471 (/Georgia Ry & Power J u ly .......... 513,818 515,191
Aug 1 to July 31..
152,325 132,675 291,812 199,673 Grand Rapids Ry Co July ____ 105,596 115.756
Mississippi Hiv P ow ... July 108,077
89,800
3,033
15,314 Harrisburg Railways Juno _.
88,369 76,684
Jan 1 to July 31..
753,946 594,872
1,904 142,748 Havana El Ry, L &. P
(Railway Dept) . Wk Aug 29 50.378
Sierra Pacific E l______ July
7,363
7,518 £15,807 £15,246 Honolulu It T & Land J u l y ____ 49,531
Jan 1 to July 31..
53,266
52,963 £104,376 £171.711 Houghton Co Tr Co. July ____ 26,177
Southern Gal Edison.. .July 87,318
76,667 £165,747 £173,415
427,914
Jan 1 to July 31..
583,853 529,787 £952,430 £866,226 b Hudson & M anhat. July
Illinois Traction___ July
861.295
Interboro Rap Tran. M a y _____ 2901,773
x After allowing for other Income received.
Jacksonville Trac Co J u ly ____ 50,098
Keokuk Electric. J u l y _____ 18,687
EXPRESS COMPANIES.
Key West Electric__ J u ly .......... 9,323
■M onth o f M a y — • -----J u ly 1 to M a y 31—
Lake Shore Elec Ry J u ly _____ 136,446
1915.
1914.
Valley Transit
1914-15. 1913-14. Lehigh Aug & Waterv J u ly ____ 190,563
A d a m s E x p r e s s C o .—
$
Lewist
$
S
$
____ 75,376
Total from transportation.. 3,092,137 2,635,551 31,443,347 30,510,076 Long Island Electrlc. July y _____ 22.839
M
Express privileges—Dr____ 1,462,863 1,372.393 15,670,229 16,011,610 Louisvilio Railway J u aly .......... 244,231
Milw El Ry & Lt Co' J u ly ___ 447,692
Revenue from transports. 1,629,273
Oper. other than transports. 46,165 1,263,157 15,773,117 14,498,465 Milw Lt, lit & Tr Co J u ly _____ 166,927
Nashville Ry & Light J u ly ___ 141,901
32,801 459,002 335,615 N Y City Interboro..
M a y _____ 62,244
Total operating revenues. 1,675,439
N Y & Long
Operating oxpenses------------ 1,463,598 1,295,958 16,232,120 14,834,081 N Y & North Island.. M a y _____ 39,643
Shore..
1,354,975 16,558,991 15,359,356 N Y & Queens Co__ M a y _____ 15,413
Net operating revenue___
New York Railways. M a y _____ 127,162,
M _____
Uncollectible rov. from trans. 211,840 def59,016 def326,870 def525,274 N Y & Stamford Ry. J u a y _____ 1138.652
687
5,558
............ N Y Westchest & Hos n e
Express taxes...................... ..
13,733
i l ‘426 182,522 180,825 Northampton Trac’n. M a y _____ 35.2881
43.0001
Jun o___
15,054
Operating incomo------------ 197,419 loss70,443 loss514,952 loss706,100 Nor Ohio Trac & Lt J u l y ____ 371.736
North Texas Electric J u ly ____ 151,850
-M o n th o f M a y --------- J u ly 1 to M a y 31—
Northw Pennsylv Ry J u n e ____ 31.127
. .
1915.
.......
1914.
1914-15. 1913-14. Ocean Electric" (L I) M a y _____
A m e r i c a n E x p r e s s C o .—
8
10,752
•S
s
s
Ju
Total from transportation.. 4,274,145 3,497,550 42,472,971 38,088,587 Paducah Tr & Lt Co. J u ly ____ 23,196
Ponsacola Electric Co
y .........
Express privileges—Dr_____2,419,067 1,730,687 21,327,319 19,089,563 l’hila Rapid Transit J u ll y ____ 21,941
Port (Ore) Ry.LAPCo J u ly ____ 1939,905
xiuvunuu iroin transport n.
Operations from transportS. 2,125,077 1,766,862 21,145,651 18,999,024 Puget Sound Tr,L&P J u ly _____ 467,946
244,000 171,720 2,088,674 1,983.299 Portland (Me) ItR. Juno......... 115,100
2,369,078 1,938,583 23,234,326 20,982,323 Oltepubllc Ry & L t.. J u ly ......... 592.737
Rhode Island
M a y ____ 404.577
2,039,133 1,888,776 22,539,592 21,232,199 Richmond Lt CoRRl M a y ____ 250,908
&
32,963
LtH&PCo. July___
Net operating revenue___ 329,945
49,807 694,733 —249,875 St JosR y El Lt & Tr J u ly ____ 101,463
Santiago
Uncollectible rov. from trans.
413
2,615
207 Savannah Electric Co J u ly ____ 40,300
Express taxes_____________
49,480
30,952 378,541 344,234 Second Avenue (Rec) May _
67.2S5
Operating Income.
Southern Boulevard. M a y _____ 76,617
280.051
is saa
Staten Isl M idland.. M a y _____ 20.233
28.766
------ M o n t h o f M a y ------• — J u ly 1 to M a y 31— Tampa Electric C o.. J u ly _____ 78,979
1915.
1914.
1915.
1914.
Third Avenue______ M a y ____ 325,135
C a n a d ia n E x p r e s s C o .—
S
s
.$
|
Toronto Street R y .. J u ly ......... 449,108
Total from transportation
Express privileges—Dr_____ 273,231 271,973 2,844,241 2,910,153 Twin City Rap Tran. 3d awk___ _ 182,396
127,623 126,930 1,417,936 1,380,318 Union RyCo of NYC M y Aug 247,902
Virginia Ry <fc Power. J u ly .......... 448.857
Revenue from transports.
Oper. other than transporS 145,608 145,043 1,426,304 1,529,835 Wash Halt &Electric. J u aly _____ 64,984
5,125
10,802
55,119 102,864 Westchester Annap. M y ____ 50.128
e_____ 22.451
Total operating rovenues. 150.733 155,846 1,481,424 1,632,699 Westchester St RR J u n y
Operating expenses............... 127,533 130,933 1,411,289 1,530,443 Yonkers Railroad__ J u al y _____ 67,465
York Railways___ M ____ 72,536
Youngstown ft Ohio' J u
Not operating rovonuo___
24,913
70,135 102,256 Youngstown & South J u lly ____ 24,407
y .......... 16.851
Uncollectiblorov. from trans. 23,199
___________
6
95
Express taxes_____________
4,000
3,000
4 4 ,0 0 0
31,700
b Represents Income from all sources,
c These figures are for consoll
Operating Income.
19,193
21.913
26,040
70,556 donman°™Pany‘ ^ Earnin«s now given in milreis. fif Includes constituent
c
Mo
a y ----------- J u ly 1 to M a y 31—
1915.n t h o f M1914.
nK
1915.
1914.
Electric Railway Net Earnings.—The following table
S o u th e r n E x p r e s s C o .—
$
8
$
$
Total from transportation__ 1,273,385 1,331,122 12,964,423 14,465,480 gives the returns of ELECTRIC railway gross and net
Express privileges—Dr.......... 664,328 683,408 6,701,404 7,430,335 earnings reported this week:
G ross E a r n in g s —
609,056 647.714 6,263,019 7,035,145
— e t E a r n in g s N
C u rr e n t
P r e v io u s
25,130
26,957 277.985 305,029
C u rren t
P r e v io u s
R oad s.
Y ear.
a
Total operating revenues 634,187 674,672 6,541,004 7,340,175 Bangor Ry & E lec .a .. .July 68,146 Y e8 r .
526,435 549,342 5,787,900 6,328,856
67,805
Jan 1 to July 31--------- 439,584
m-u
isvcilUU__ 107,751 125,329 753,103 1,011,318 Baton Rouge E lec.a. _.July 16,016 436,491
14,742
Uncollectiblorov. from trans
66
Jan 1 to July 31--------- 105,297 101,892
107
594
Express taxes..........................
14,147
15,247 160,035 166,149 Brockton & P lym .a___ July 15,346
15,694
July 31_____
63,340
66,484
93,537 110,081 592,473 845,040 CapeJan 1 toElectric.a.July 31,320
Breton
31,467
Jan 1 to July 31--------- 186,917 198,789
— M ? ? th o f
---------: i u lv 1 10
3 i—
19*5'
19*4 '
1914-15. 1913-14. Cent Miss Val El prop.a. July
W e lls , F a r g o & C o .—
25,075
Aug 1 to July 31______
294,427
3,476,102 2,548,093 34,966 740 28 678 514
1,778.131 1.347,656 17:819:945 14,429.451 Chattanooga Ry & Lt.a.July
92,696
Jan 1 to July 31--------- 599,233 644,810
ivovunuu iruin tranopuii it.
4 4 653
45,282
Oper. other than transports 1,697,970 1,200,437 17,074,794 14,249,063 Clevo Painesv & East, a-July 224,392
68.692
59,121 660,966 607,162
Jan 1 to July 31_____
232.351
Total operating revenues. 1,766,663 1,259,559 17,735,760 14.856,226 Cleve Southw & C ol.b. .July 113 040 117,667
Operating expenses_______ 1,501,777 1,181,013 16,304,982 13,517,927
Jan 1 to July 31--------- 696i 181 714,512
5 7 365
53,827
264,885
78,545 1.430,778 1,338,298 Columbus (Oa) Elec.a.July 398,658 380,227
Jan 1 to July 31--------559
9,557
(M ich).a.July 305.310 258,356
31,563
35'666 382,579 368,000 Consum Pow July 31--------- 2.126,068 1.938,980
Jan 1 to
43,545 1,038,642 970,298 Colum (O) Ry, P & L .a.Ju ly 239,594 241,965
Operating income................ 232,762
Jan 1 to July 31______ 1,754,967
ELECTRIC RAILWAY AND TRACTION COMPANIES. Cumb Co1(Me)July&31--------- 1,437,311 1.763,707
P L.a.July 262,080 258,004
Jan to
1,395,590
Dallas Electric Corp.a.July 144,101 179,131
L a te s t G ro s s E a r n in g s .
J a n . 1 to la test d a te .
Jan 1 to July 31_____ 1,017,499 1,293,105
N am e of
R oad.
W eek o r
C u rr e n t P r e v io u s
Detroit United Lines.b.July 1,205,881 1,129.955
C u rr e n t
P r e v io u s
Y ear.
Y ear.
M o n th .
Jan 1 to July 31--------- 7,282,569 7,044,772
Y ear.
Y ear.
East St Louis& Sub.a..July 200,599 218,659
Jan 1 to July 31--------- 1,374,586 1,549,551
American Rys Co__ July
485.039 522,625 3,023 ,745 3,161.162
Atlantic Shore R y ... July
E lec.a..July 65,067
44,197 49,184 192
61,065
195,428 Eastern TexasJuly 31--------- 386,587
cAur Elgin & Chic Ry Juno
Jan 1 to
163,746 192,559 885 ,026 975,895
Bangor Ry & Electric July
68,146 67,805 439 ,223 436,491 El Paso Electric.a____ July 77,426 383,162
,584
83,641
Baton Rougo Elec Co July
16,016 14,742 105 ,297 101,892
Jan 1
BoltLRyCorp(NYC)JM ay.......... 66,737 67.092 314 ,057 296,740 Galv-Hous to July 31--------- 548,650 599,244
Electric.a..JuIy 174,093 226,664
Berkshire Street Ry . Juno .
78,532 85,975 427 .173 453,128
Jan 1 to July 31---------1,131,722 1,422,899
Brazilian Trac, L & P Ju n o__ f 6591940 /6 188900 /;'37684 ,110 /36444.188
Brock & Plym St Hy.lJuly
Grand Rapids R y .a ___ July 105,596
15,346 15,694
115,756
63
66,484
Ilklyn Rap Tran Syst'May
Jan 1 to July 31--------- 666,317 736,775
2343,921 2482,243 10,811 .340 10,734,655
Capo Breton Elec Co July
31,320 31,467 186 ,364 198,789 Honolulu R T & Land.b.July 49,531
.917
50,765
Chattanooga Ry & Lt July
July
90,116 92,696 599 ,233 644,810
Jan 1 to July 31--------- 337,550 353,708
CIovo Painesv & East
44,653 45,282 224 ,392 232,351
26,177
Clev Southw & C ol.. July
28,309
113.040 117,667 696 ,181 714,512 Houghton1 Co T rac.a...Ju ly 154,994
Jan to July 31______
Columbus (Ga) El Co July
168,461
57,365 53,827 398
Colum (O) Ry, 1> & L July
239,594 241,965 1,754 ,658 1,763,707 Hudson & Manhattan—
,967 380,227
pCom’w’thP Ry & L. July
(All sources).a----------July 427,914
8.020 ,712 7,954,019
Connecticut Co_____ Ju n o_____ 1182,519 1143.335 3,768 ,434 3,803,065
685,850
Jan 1 to July 31_____
Consum Pow (Mich). J u ly ___ 305,309 738,224 2,126 ,067 1,938,980 Illinois Traction.a_____ July 3,196,537
258,356
861 295
Cumb Co (Mo) 1* & L
,311
Jan 1 to July 31--------- 6,153,485
Dallas Electric C o .. July ____ 262,080 258,004 1,437 ,449 1,395,590
July ____ 144,101 179.131 1.017
1.293,105
Detroit Unitixl Lines July ____ 1205,881 1129,955 7,2821,569 7,044,772 Jacksonville Traction, a. July 50 098
D D E B & Bat (Roc) M a y ___
Jan 1 to July 31--------- 362,808
41,201 44,205 197 .376 212,260
Duluth-Superior Trac July . . .
97,203 121,610 652
18,687
East St Louis & Sub. J u ly ......... 200,599 218,659 1,374 ,263 1,549,551 Keokuk Electric.a______Tuly 131,7C3
to July 31--------.586 751,870
Eastern Texas E lec.. J u ly ......... 65,067 61,065 386 ,587 383,162 Key Jan 1 Electric.a___ July 9,323
West
El Paso Electric C o.. July ____ 77,426 83,641 548 ,650 599,244
Jan 1 to July 31--------- 65,392
42d St M & St N Ave M a y ____ 172,795 170,715 798 ,115 737,674
Galv-IIous Elec C o .. J u ly ____ 174,093 226,664 1,131 ,722 1,422.899 Lako Shoro Elect R y.a.July 136,446
Jan 1 to July 31______ 761.570
W eek or
M o n th .
P r e v io u s
Y ear.
C u rr e n t
Y ear.
THE CHRONICLE
768
----- G ro ss E a r n in g s —
C u rren t
P r e v io u s
------ N e t E a r n in g s ----C u rr e n t
P r e v io u s
[Vol . 101.
Denver & Rio Grande Railroad Co.
The results for the late fiscal year, subject to modification
in the pamphlet report to be issued shortly, aro understood
to be as follows:
.
1914-15. 1913-14.
1914-15. 1913-14.
{Preliminary Statement for Fiscal Year eding June 30 1915.)
R oad s.
$
8
8
$
81,181
89,336
175,676
Lehigh Valley Transit.b.July 190,563 1,866,566 860,847 805,609
Aug 1 to July 31--------- 1,939,185
31,366
30,693
72,565
Lewiston Aug & W at.a. July 75,376 376,485 138,462 104,224
Jan 1 to July 31--------- 406,272
S7,386,498
73,279
57,080
184,081 482,006 497,715 Total oper. r ev ..$21,823,236 $23593,641 Total net income.$7,752,788 85,626,035
Nashville Ry& Light.a.July 166,927 1,300,515
Bond interest___ $5,696,574
Oper. expenses. .14,289,671 16,460,569 Rentals
Jan 1 to July 31--------- 1,226,665
511,157 360,089
351,659 152,033 145,489
Nor Ohio Tr & L t.a-_.July 371,736 2,073,359 807,038 807,554
Hire of
Net revenue___S7,533,565 87,133,072 Renewalequipment 126,327 137,722
Jan 1 to July 31--------- 2,128,388
fund___
83,914 Taxes___________ 1,020,606 1,009,143 Sinking fund____ 137,732 126,167
59,187
188.715
North Texas Electric.a.July 151,850 1,227,499 343,795 526,129 Uncollectibles____
1,352
365 Approp’ns for bet 135,313
Jan 1 to July 31--------- 939,262
80,927
Oper. income..86,511,607 S6,123,564 terments, &c__ 211,045
7,592
8,796
24,250
Paducah Trac & L t.a.-Ju ly 23,196 174,507
59,432 Other income___ 1,241,181 1,262,934 T otal.................86,818,148 S6,330,940
57,259
Jan 1 to July 31--------- 162,452
9,314
8,965
24,405
Pensacola Electric.a— July 21,941 162,877
60,434
59,920 Tot. net income S7,752,788 S7,386,498 Surplus________ 8934,640 SI.055,558
Jan 1 to July 31--------- 144,117
207,460 230,985 —V. 101, p. 370, 212.
467,946 511,005
Portl (Ore) Ry, X. & P.a.July 3,204,301 3,782,604 1,410,140 1,827,780
Jan 1 to July 31-------New Orleans Texas & Mexico RR.
53,811
51,828
115,100 116,551
Portland (Mo) R R .a— July 581,915 584,472 205,946 209,392
{Report of Expert— Earnings for Year 1914-15.)
Jan 1 to July 31--------22,979
25,332
73,027
Savannah E lectric.a— July 67,285 497,021 162,007 167,493
The reorganization plan outlined on a subsequent page is
Jan 1 to July 31--------- 461,115
37,524
83,683
39,044 dated July 20 1915, which says expert Y . van
78,979
Tampa Electric.a-------- July 569,099 563,003 277,657 260,666 accompanied by a report from in substance: den Berg,
Jan 1 to July 31--------Shortly after the formation of your committeo in 1913 you directed mo
a Not earnings hero given are after deducting taxes,
to make an investigation of the earning capacity and an examination of the
b Net earnings here given aro before deducting taxes.
nhvsical condition of St. Louis Brownsville & Mexico Ry., Beaumont Sour
a f & Westem Ry Orange & Northwestern RR and New Orleans Texas
Interest Charges and Surplus.
Mexico RR which lines then constituted what was known as tho “Now
r. My Texas'* submitted to of in St. Louis & San Francisco RR.”
i/S, & c . --------B a l. o f N e t 1E a r n s .— Orloufsreport wasMexico Divisionyou the October 1913. It was then found
P r e v io u s
C u rr e n t
P r e v io u s
C u rr e n t
Y ea r.
Y ear.
t lat as a whole the physical condition of the properties had seriously
Y ear.
Y ea r.
R oad s.
8
8
s
S
S
16,208 t
12,736
17,351
_
Bangor Ry & Electric. .July 17.462 122,076
93.696 i
90,685
Jan i' to July 31___ 124,588
3,408
4,733
2,074
"renorted ' however that there was nothing fundamentally wrong with
Baton Rougo Electric..July
2,170
19,753
26,462
14,704
r 9 ^-the properties comprising the main stem of
ltaw, and I rocomJan 1 to July 31--------- 15,002
1,063
5,704
5,594 i
Brockton & Plymouth.-July
1,185
596 i
7,517
498
7,962
Jan 1 to July 31--------6,407
7,051
5,394 ?
Cano Breton Electric__ July
6,603
Since the receivers took charge, they have, from the proceeds
44,969
24,948
33,151 1
Jan 1 to July 31--------- 46,192
1,814
5,429
6,628 j
Cent Miss Val El Prop. .July
1,897
67,302
30,007
73.430
Aug 1 to July 31--------- 22,048
28,130 def3,679
3,131
Chattanooga Ry & L t..July 30,337
„„„ The receivers have also acquired at an aggregate cost
43,430
Jan 1 to July 31............ 207,706 195,294 def24,178
2 0 consolidated locomotives, 800 30-ton steel underfraino
11,786
12,243 1
11,095
Clove Painesv & E ast..July 11,086
iox cars, 2 0 40-ton 1 0 ,0 0 0 -gal. capacity steel tank cars, 10
19,391
31,568
77,028
Jan 1 to July 31______ 76,810
15 steel und irframe passenger service cars.
17,324
32,721
29,622
Clove Southw & Colum.July 32,697
50,452
Jan 1 to July 3 1 ........... 226,429 225,929 130,206
77
3,202
29,597
Columbus (Ga) Electric.July 28,678
During the oast
35.324 i-illv aggravated year abnormal business depression has prevailed, espe12,143
Jan 1 to July 31............ 201,099 180,625
so far as your properties aro concerned, because tlio
68,661
72,687 107,712 631,947 doxican war has absolutely stopped the interchange of commodities with
Consumers Pow (M ich).July 07,682
779,367
hat coimtryg ?s will as retarded tbe development of the Rio Grande Valley
Jan 1 to July 31--------- 503,496 499,046
47.549 •otton—an im portant resource to your lines surrounded tho -w ith excep
53,059
37,741
Colum (O) Ry, P & L__July 40,232 281,876 418,609 348,274 n South Texas and tho European war has west of H ou stonmarketing of
Jan 1 to July 31______ 273,276
62,351 tionally in sta lla tio n in building and ad verso circumstances, have in sec56,016
63,294
Cumb'd Co (Me) P&L._July 64,819 444,726 140,409 115,175 resulted depressing conditions. Thcso other development through tho turn
Jan 1 to July 31--------- 464,601.
tfon travers^df and banco h ith ^ lumber trade an Important contributory
16,702
32,299
33,650
Dallas Electric Corp____ July ■ 33,397 203,994 153.404 297,502 |
Jan 1 to July 31______ 233,852
181,596 2172,402
Detroit United Linos------July 191,204 1,260,966 2989,780 2170,600
A d v e r s e C o n d itio n s .
2956,177
Jan 1 to July 31______ 1,307,588
.84,468,565
27.103
14,931
01,342
East St Louis & Sub-------July 63,645
96,804 164,171 )
Jan 1 to July 31______ 442,280 386,449
16,654
8,580
22,338
Eastern Texas Electric..July 61,320
8.715
87,140
58,257 105,960
(6703%)V 9 6 J & otfa.'expend (credit),'89,229; tot. (82-47%) 3,675,717
Jan 1 to July 31--------30,773
4,202
4,195
29,217
El Paso Electric-----------July
30,417 217,367 227,622 Di^uct—^Taxes^S 1
Jan 1 to July 31--------- 29,395
hiro"of equipment, 891,067": rentals, * ’
75,788
________________
.
38,441
30.541
Galv-Houston Elec--------July 35,916
Jan 1 to July 31--------- 251,921 259,827 168,997 377,843 ^ $385 554? W e s t on equipment notes, 8106,134: total--------- 697,435
Houston Belt sinking fund----------------- ---------------------- --------—
25,000
13,566
28,882
19,641
Grand Rapids R y............. July 13.933
Balance surplus (before deducting interest on bonds)................ 870,413
94,715
90,530 166,515
Jan 1 to July 31............ 96,460
Because’of the exceptionally adverse business conditions that have pre6,260
12,091
12,806
Honolulu R T & Land.-July
6-602
43,823 293,418 2104,688
Jan 1 to July 3 1 ........... 46,335
5,600
5,828
7,358
Houghton Co Trac . ..Ju ly
5,522
39,007
21,306
20,509
Jan 1 to July 31--------- 38,906
Hudson & Manhattan—
26,776
215,224
40,334
(All sources)...............J u ly 211,207 1,465,912 360,214 432,274 W*Duri°ngf thohfiscalUyear 1912-13 your lines earned gross 85,354,376, or
Jan 1 to July 31--------- 1,480,897
^Starti'ng'at1^the M e x i c a n "border (Brownsville), your properties traverso
12,475
611
7,625 fh« Rin firande Valley, where substantial development continues in
Jacksonville Traction— July 14,597
88,889
4,815
74,714 marked evidence. After leaving the valley, they serve for the greater
Jan 1 to July 31............ 104,413
and
1,814
4,734
5,982 narf a fertile country whero cattle raising, the growing of cotton very
1,841
Keokuk Electric---------- July
28,600
37,159 mnnrtagricultural products show healthy increases. Houston us a valu14,924
Jan 1 to July 31--------- 13,112
mt
center. Your lines tlienco proceed through
1,765 nhinHmhercommercial in east Toxas and thence into tho lumber and rico
2,568
2,559
184
Key West Electric.........July
resources
9.992 n rod iielng sect ions of Louisiana. In their entirety, your properties are
17,734 def 1,887
Jan 1 to July 31--------- 17,786
. i|no Between
Mexican
21,445
37,010 Pu®v5ire; ’ with its direct tho Mississippi River and thebut one, of border;
Lake Shore Elect R y.-July 36,220
35,768
connection, the shortest lino,
tho six
51,749 i th
Jan 1 to July 31--------- 252,497 247,489 def4,327
workab?,; R o u t e s between tho Missouri River and New Orleans ; they aro
61,326 239,707 229,833
„„ ____ ________ .
Lehigh Valley Transit.-July 60,777
Aug 1 to July 31--------- 743,279 724,320 2247,195 2207,488 pracMcally the same distance as tho Southern Pacific between Houston and
15,869 N As ? advised you two years ago the operating revenue of your lines west
15,497
14,744
Lewiston Aug & W at— July 15,949
shniild increase approximately 16% from year to year; and
28,391 def4,267 Jan 1 to July 31--------- 110,071 108,491
31,179 vour H u es e S t of Houston at no far distant period after being put in
42,100
Nashville Ry & Light..July 42,896
14,184
cl passenger
position to control their share
Jan 1 to July 31--------- 283,992 291,297 198,014 206,418
lysical con94.641
50,848 100,228
Nor Ohio Trac & Light.July 51.804
standard as
Jan 1 to July 31--------- 360,270 352,683 446,768 454,871
l have no reason to lower
57.904 thr^tim atee8 °hereinX)vo referred To" and feel they will in duo course bo
26,010
31,372
Northern Texas Elec— July 27,815
r e a liz e d
normal business conditions aro restored and tho property
Jan 1 to July 31............ 191,595 182,833 152,200 343.296 isefflcienS e n pcnUed 011 its merits, independent of inf luonecs from other
tlyo
87
7,505
1,259
Paducah Trac & Light..July
7,537
is usual under
5,976 Llcn.mc wiih conflicting interests. As than they w 11 receiverships, “gen
53,458
3,426
Jan 1 to July 31--------- 53,833
eral
bo after reorganiza
7,162
1,794 tion expense” are considerably higher may
2,192
Pensacola Electric------- July
7,122
^Vitlf the increase in
that
50,316
9,604 ratio of transportation costsrevenue b^reducedsafely be anticipated, tho
9,898
Jan 1 to July 31--------- 50,536
should
and.tho proRcrty can, hi
182,303
23,513
48,682
Portl (Ore) Ry, L & P__July 183,947 1,251,875 120,413 575,905 m y opinionjbe operated at not exceeding 76%. “Rentals'’ also aggreJan 1 to July 31--------- 1,289,727
gate an excessive amount
20,462
31,662
33,349
Portland (Me) R lt------- July 20,166 150,210
59,182 dltlons and competent management, there will bo no difficulty in earning
44,907
Jan 1 to July 31--------- 161,039
22,931
2,401 the f"xeci charges that the plan contemplates. As I understand the plan,
def296
Savannah Electric------- July 23,275 160,011
7,482 it is designed to give to the bondholders who are under existing circumdef359
Jan 1 to July 31--------- 162,366
4,456
33,159
34,588 stancestho real owners of tho property, the full equity in tho property,
Tampa Electric________ July
4,365
32,467 246,931 228,199 after providing for the now money to bo furnished. I approve the plan
Jan 1 to July 31______ 30,726
and believe it should bo acceptable to bondholders— V. 100, p. 1673.
2 After allowing for other income received.
ANNUAL REPORTS
Cuba Railroad Company.
Pres. Sir William Van Ilorno, Aug. 25, wrote insubstanco:
{Report for Fiscal Year ending June 30 1915.)
gross earnings
for tho
Annual Reports.—An index to annual reports of steam d —The842,043, or of tho railway earningsyoar woro 85,206,714
of
The not
of
or 10.4%.
working expenses to
railroads, street railways and miscellaneous companies which . an increase 8256 61847.61% 0.8%. Tho proportion of were 82,727,540, an
have been published during tho preceding month will bo gross earnings' was dividendsasofcompared with 52.16% theonyear boforo.
Two half-yearly
3% have boon declared
tho
given on tho last Saturday of each month. This indox will stock, ono of which was paid on May 1 last and the other operation common
is payable Nov. 1.
—Fourteen
on your
not include roports in the issue of tho “Chroniclo” in which lines at tho end of the last crop, Sugar7 Centrals were in of construct on
and inoro aro
it is published. The latest index will bo found in tho issue . for tho coming crop. These will require largo in process to your rolling
additions
* stock, for which provision has been made.
of Aug. 28. Tho noxt will appear in that of Sept. 25.
increase
N e w R o llin g S to c k .
THE CHRONICLE
S ept. 4 1916.]
769
A cw L i n e . —-Your com pany having boon granted a concession for the
construction under subsidy of a railroad from 1’Iacotas dol Sur to Casilda,
activo construction was at once com m enced, and on A ug. 1 1915 the line
between 1 lacetas and I<om ento, a distance of 27 kilom eters, w as com pleted
and p u t into public service. The remainder o f the lino w ill bo com pleted
w ell w ithin the contract requirem ents.
American Water Works & Electric Co. (Inc.), New York.
(First Annual Report-Year ended June 30 1915.)
On subsequent pages of this issue of the ‘Chronicle” will
[The expenditures on new construction, improvements and additional be lound the report of the company for the fiscal year, ended
equipment year ended Juno 30 1915 aggregated $1,244,998, as follows:
«parrto.usL^IJJ,1 to a.nd (Y" 19®’ P- 473), $346,609: permanent bridges and June dl)1915. The statementPorter, a list of the company’s
i,V^10nti ii'imdad branch, $677,594, and other equipment, ntal ks ol I resident II. Hobart as published includes the re
.
01
varioiisejnUltS roadway’ -579,863; Antilla terminal, $38,995: remainder, principal security holdings, both stocks and bonds, its income
and surplus accounts for the late year and the balance sheets
—•
1914-15.
1913-14.
1912-13.
1911-12. as or June 30 1915 (both for the parent company alone and
P aasse n g e r ---------------------- $1,673,634 $1,722,452 $1,660,224 31,394,324 a so lor that company including its subsidiary water com
M il..........................
123,331
106,768
109,568
119,481 panies;, a list of the directors, voting trustees, officers, &c.,
Express and baggage.!!' 183,650
176,893
169,267
151,291
F reigh t__________________ 2,583,321 2,610,782 2,156,843 1,738,243 ana tne certificate of the chartered accountants by whom the
Car kilom etcrago_111 Z
Z 295,631
70,141
67,313
68,491
52,382
liiro of equipm ent______
204,202
202,796
157,804 accounts and balance sheets were examined. general busi
A ntilla term inals______ I 183,921
.Notwithstanding the depressed condition of
210,029
153,845
92,914
M iscellaneous___________
93,085
66,232
111,006
112,814 ness durng the greater part of tho year the company’s income
Total _
.$5,206,714 $5,164,671 $4,632,040 $3,819,253 account discloses net income for the 12 months after deducting
—■
to -5478,638, while the balance
M ain t. w ay & structures. $548,218
$741,370 $644,915 $478,225 ^ S t StfohifrgeS’ amoVn^ strong showing as to cash and
M ain t. of equipm ent____
351.943
324,354
283,388 sheets make a remarkably
C onducting tr a n sp o rts. _ ,218*958 1,234.009 1,139,608
972,275 ?rqHfvlSS/ J l° re^ ts <j!seI°sed are considered especially
General expenses & taxes 210,981
220,923
186,861
162,902
A ntilla term inals_______ 145,867
m view thA disorganized condition of the pre°
145,504
120,800
103,603
T o ta l---------------------— $2,4797174 $2,693,749 $2,416,538 $2,000,393 fn S i l °after yi’ the Amencau Watermany years a profitL-o which T having conducted for Works & Guarantee
P atio opor. exp. to gross. (47.61)
(52.16)
(52.17)
(52.37)
N ot earnings------------------- $2,727,540 $2,470,922 32,215,502 $1,818,860 tolkgbnlpn?f r n Hhei owners. ih and operation of waterh
P it. on funded debt, & c._ $853,856 a$954,417
$801,222 8758,998 \\oiks plants, finally became involved in financial difficulties
Prof. d ivs. (seo n o t e ) ..(6% )600,000 (9)900,000 (6)600,000 (5)500,000
Com m on dividend s. _ . (6% )600,000 (6)600,000 (4)400,000
through attempting to finance western irrigation projects.
the 1(^organization an
Dai., surp. (see n ote).. $673,684
$16,505 $414,280 $559,862 inton control, headed by Mr.entirely new management came
Porter of Sanderson & Porter
. a Includes extraordinary replacem ents charged o ff and deducted from construction and
of New York Citv’
incom e in addition to the charge for extraordinary replacem ents m ade and embracing (seooperating engineers the best known names
the report) some of
directly to current operation.
■
— In 1913-14 three prof, stock dividends woro charged against in- m tiie country. The
company controls and operates
como account, w hile only two are applicable thereto, it having boon deemed water works companiesnew somo 87 communities serving a
m
advisablo to alter tho accounting so that hereafter all dividends will bo
shown in tho incom e account of tho fiscal year during which such dividends population of 1,200,000. It also controls the West Penn
are declared and not. as in previous reports, in the incom e account of tho traction & Water Power Co. and in the reorganization of the
fiscal year during which such dividends are actu ally paid.
irrigation companies will receive a minority interest in the
30
latter. The liability upon 820,000,000 of irrigation company
1915.
1914.
1915.
1914.
Assets—
$
$
bonds, guaranteed by the old company, was released in the
—
§
Co t road equip.39,823,121 38,877,326 Preferred sto c k ... , §
,
reorganization of the latter corporation in consideration of a
Republic of Cuba
Common sto c k%, ,000,000 10,090,000 cash payment of 81,000,000.—V. 101, p. 372.
0% treas. bonds- 409,600
M. bonds, ...
TheCubaCo.,N.Y. 162,102 545,766 1stdue July 1 1952.12,030,000 12,030,000
Material & supp .. 483,468 570,415 Impr. A equip. 5s,
Texas Company, Houston, Texas.
Cash------------------ 1,058,569 644,313 due May 1 1960. 4,000,000 4,000,000
Cash for bond lnt.
303,950 Trust equip, ctfs.. 1,324,000 860,000
(Report for Fiscal Year ending June 30 1915.)
Agts. & conductors 61,987
25,423 Traffic balances..
1,800
O P E R A T IO N S A N D
G ro s s E a r n in g s
F IS C A L
RESULTS.
O p e r a tin g E x p e n s e s
3 5 .5
170
1
N o te .
GENERAL B ALAN C E SH EET JU N E
3
LiabiUUes
&
1 0 0 0 0 ,0 0 0
10
1 0 0 0 0 ,0 0 0
5
Cos. A individuals 97,433
Traffic balances.. 125,704 140,561
1 1 110 from oth. lines
108,978
Govt, of Cuba___ 143,366 225,324
Guo from Cuba Co
car tru st............
4,628
Ins., Ac., prepaid. 20,955
27,464
Adv. on extraord’y
replacements__
348,C03
T o ta l.................. 42,386,239 41,822,151
IN C O M E A C C O U N T .
Accts.A wages pay 285,911 202,361
,
1914-15.
1913-14.
lnt. on bds. July 1 306,575 300,750
Individuals & cos.
334,077 Op.
Prof. dlv. Aug. 2. 3 o6“665 300.000 T a x eox]
s,.
Com. dlv. Nov. 1. 300,000 300.000
Miscellaneous___
61,681
81,617
“N et earnings” _____ $8,024,692 $7
Profit & loss Burp.x3,776,272 3,413,346
D ed u ct—
S. F . & depr. account___ $ 1 ,338,900 $1,395,321
l’rov. for bad, & c.,acc’ts
171,163
D eb. susp. acct. w rit.off 292,465
T otal.................. 42,3S6,239 41,822,151 Insurance reserve______
(b)
(b“
)
D iv id en d s______________ 3 000,000 2,550,000
c h L g w fo ff.— V.^OO,$p 1 4 7 3 8 romalndor of extraordinary replacem ents
Per cent of dividend s.
10%
8 'A %
T otal deductions____ $ 4
Manistee & North-Eastern RR.
Balanco to surplus_____ S 3 , ,631,365 $3,635,975
393,327 $4,116,484
(28th Annual Report— Year ended Dec. 31 1914.)
a Includes insurance, b See foot-note (a).
i ^•,< substanco:
Mich., said ?ar1’ Wco-Pros., Troas.& G011. Mgr., Manistee,
in
A dverse business conditions m aterially affected tho com pany’s freight
earnings during tho past year, resulting in a decroaso of
rnvnn»?!£r
5.2% . Operating expenses remained practically unchanged l U r o of
equipm ent account, however, show s a credit balanco of $13 504 as com
o f T l 358 11
balanco ln 1 9 1 2 of *15.664, and a credit b a la n c e d 1913
D uring the first eight m onths passenger rovonuo stead ily increased, while
during tho rem aining four m onths it steadily decreased T his is nxnl-iir! vi
argeiy by tho fact that the markot for fruit and potatoes was below'normal*
T he yield w as plentiful, but the prices such as to discourago shipm ents
On Doc. 31 1914 the potatoos in storage in tho country tributary would
provide m ore agricultural tonnago than the com pany has handled for m any
years. Prices .h ow ever, m ake the shipm ent of tho full crop vory doubtful
Em-ge stocks of lum ber, which ordinarily would have been transported aro
still hold by tho owners aw aiting a return of tho normal m arket.
R E S U L T S F O R Y E A R S E N D I N G D E C . 31.
S ta tistic s —
1914.
1913.
Passengers carried_____
198,668
199,727 1912.
197,054 1911.
203,258
Passengers carried 1 m ile 4,192,115 4,224,363 4,211,264 4,375,578
Roots, per pass, per m ile 2.46 cts.
2.4 cts.
2.4 cts.
2.3 cts.
N o . tons carried_____
641,272
689.906 „„ 735,136
722,614
Tons carried 1 m ile____ 27,146,305 28,057,965 28,683,294 26,373,621
B eets, per ton por m ile. 1.49 cts.
1.55 cts.
1.59 cts.
1.72 cts.
E a r n in g s
$103,139
Freight and sw itch in g !.
404,698
M ail, express, &c______
25,621
T o ta l______________
$533,458
E xp en ses—
M aintonanco of w ay, &c. $74,797
M aint. of equipm ent___
105,209
T raffic expenses_______
14,247
T ransportation_________
202,090
General and taxos______
59,863
T o ta l________________
Operating incom e______ $456,206
$77,252
liiro of equipm ent (Or.)
13,505
T otal incom e_________
$90,757
In te ro st________________
$70,425
liiro of equipm ent_____
M iscellaneous__________
Balance, surplus.
BALANCE
SHEET DEC.
1914. 1913.
s
s
Cost of road_______1 ,715,396 1,706,288
Unoxttngulshcd disc’t
on capital stock , , 1
Equipment................ .474,234 1,471,234
•Stock owned_______ 443,259 414,802
1,750
1,750
Indlvid’ls & corp’ns. 19,806 24,560
Cash A duo fr. agts.
Material A supplies. 22,133 36,209
53,198 57,919
T otal.......................3,729,776 3,715,762
— V. 100, p. 1438.
’
Asse/s—
$101,980
433,979
26,771
$562,730
$84,032
97,889
10,796
201,376
61,016
$455,109
$107,621
1,358
$108,979
$72,094
$101,450
455,979
27,270
$584,699
$88,172
87,026
11,956
207,051
60,800
$455,005
$129,694
31.
$102,225
452,698
27,944
$582,867
$S0,07l
84,622
11,496
207,989
62,202
$446,380
$136,487
$129,694
$71,894
15,654
281
$11,865
$136,487
$74,565
15,816
281
$45,825
1913.
§
Capital stock............ 2,000,000 2,000,000
Funded debt...............1,291,000 1,332,000
Individuals and cor
porations................ 171,233 147,643
Replacements_______________ 60i734
56,017
Income account___ 200,809 180.102
Liabilities
—
T o ta l.......................3,729,776 3,715,762
B A LA N C E SH EET JU N E
1915.
§
♦ Plant account__ 37 ,808,321
Other investments 5 ,880,726
Storehouse supp.. 888,723
Stocks of oil,crude,
refined, A c ___ 15
Uncxpired insur.. ,641,236
256,6S2
Bonds and rntges. 5 906,000
Accts. & bills rec.14 904,161
Cash on hand___ 4, 174,083
Assets—
1914.
§
32,314,911
5,541,017
746,542
15,429,764
279,700
5,906,000
12,689,802
2,563,695
T o ta l...................85,459,932 75,471,431
1912-13.
1911-12.
$25,882,864 814,529,541
12,937,202 10,829,219
. a901,443
267,073
$12,044,219 $3,433,249
$4,843,797
$771,749
287,299
67,969
3S9.649
250,000
1.620,009 1,350,000
6 %
5%
<
$7,001,096 $2,579,367
$5,043,123 $853,882
30.
1915.
1914.
S
S
Capital stock ___ 30 1,000,000 30.000.
000
6 % gold debs___ 15 ,000,000 15.000.
000
6 % serial notes.. 1 ,800,000
2,100,000
Stk. sub. new issue 3 ,787,019
Accts. & bills pay. 7 ,361,355 5,668",557
Provis’n for doubt
ful accts. receiv. 300.000 250.000
Insur. reserve fund 500.000 500.000
Provision for taxes 182,849 147,391
do lnt. on debs 450.000 450.000
do int.on notes 54,000
63,000
S. F. & depr. acct. 11 ,495,408 10,156,508
Surplus.............. . . 1 4 ,529,301 11,135,975
Liabilities—
Total................ 85,459,932 75,471,431
Virginia-Carolina Chemical Co., Richmond, Va.
(Special Report by President, Dated Aug. 28 1915.)
President S. T. Morgan says in substance:
R e s u lts .
Since July 30 1911 general business, largely on account of the
European war, has been unsatisfactory. Became of the European situa
tion the movement of cotton practically ceased and it was not until towards
the end of it impossible for growers to resumption. Prices prevailed
prevailed
which made 1914 that there was a partialaccopt
This resulted in your company being compelled to extend the mafiiriMP«
of the paper of the farmer and tho merchant and, in consequence
of directors deferred the declaration of the quarterly dividends’ordinaGW
paid in January and A pril.. While tho merchant and farmer have hi the
meantimo liquidated a considerable amount of this postponed i ane^ stm
your company had at tho close of tho year (Mav 8 1 1 9 1 5 —
V. 101, p. 367), an unusually largo amount of past-duo paper pa^t of whieh
is secured by cotton and other good and valuable securUiS*. P f h h
The action taken by your company in building suitable cotton storage
warehouses in a great many sections of tho South last fail (V. 9 9 p 677)
was extremely beneficial to our customers, furnishing them faciliteis to
store their cotton at very reasonable and cheap rates, at the saine time aidinK
your company in getting the cotton as collateral to a material extent to the
then existing debts. Wo propose to build additional warehouses during this
fall at such points as may be deemed advisablo. Should we have a reasonnotyhav“ngCgood'collect!™”
Pr*CeS thlS faU* we can se0 110 reas°" f« r
Despite the unusual and difficult conditions prevailing in tho South
c°rapany has been able to make a gratifying and satisfactory report of
earnings and financial condition. The fertilizer sales, while materially
reduced, aro gratifyingly largo in comparison with the total consump**'['} of fertilizers in the<cotton-growing States. The value of the fertilizers
sold was rnoro than 8 6 % of last year. The tonnage percentage is not quite
so largo, owing to tho fact that your company sold largely of proprietary
brands and less of fertilizer materials and supplies, the net profits thereby
boing materially increased. The total consumption of fertilizers used under
cotton this year Is estimated at from 50 to 5 5 % of last year.
O u tlo o k . -The heavy decrease in fertilizer consumption and the shortage
1 acreage planted, must necessarily produce a materially smaller crop than
1
last y ear, but this crop, in our opinion, is being produced at a less cost per
pound than lor the past several years. Tho farmers could not get supp/ies
THE CHRONICLE
77 0
as readily as heretofore, and were forced to economize In every possible
wav thoconsoquenco bein'* tho cotton produced will bo at a minimum cost
and if it can bo marketed satisfactorily, should materialy improve the financFal condition of the South, as it will be largely used in paying present
indebtedness and not expended in extravagancos.
The indications for tho fall fertilizer trade aro very promising. The
merchants and farmers aro buying freely, and tho conditions in the trade
are good AVhat tho outlook will bo for next spring, wo are unable to
prophesy but with fair prices for cotton and tobacco, we can see no reason
for a material decrease in the fertilizer consumption,. as it has b“etl ck;ar y
proven that the cotton and tobacco woll fertilized this y> ar are romaricamy
good, and that that portion of the crop which has gone on with little or no
fertilizers,In view of tho highispricas inferior. for sulphuric acid, your
in many instances, very prevailing
. . . ., v_nr
A c id —
company, since the close o fth e fiscal year has disposed of some of its
surplusid ia r ie s . —The Southernsatisfactory Co. has had a sfttlofactnrv vear
sulphuric acid at vory Cotton Oil pticos.
. ist andw! n tor'
Subs
It was difficult to handle their foreign busirless durling tiu3 fa;
Many of their shipments were held up for a At
most of their foreign contracts were filled. long the same time the business
WaTheClhari^tonCrs t C°‘, Mining & Mfg. Co., which mines all of our phos
phate rock ^ not had a satisfactory year's business. Tho decreased de,ar fnr domestic trade and tho almost absoluto stoppage ot shipments
of\FhosphateTock abroad, have caused tho price of phosphate to materially
de^toe and the mines to work on short time. The'business has, therefore,
b o o n mn at a smaller profit than wo usually derive from that corporation.
When the war is over, indications would point to a larger consumption of
phosphate rock in foreign countries, and a further improvement in our
^Tholsufphu^M hdng & RR. Co., engaged in mining pyrites in Virginia
and G m S , is now working under improved conditions. Owing to the
difficulty in securing an abundance of foreign pyrites, there is more demand
for domestic pyrites, and wo look for improvement in that company for tho
emA n n u I i e S M e m e n t .—Your company is keeping up its Properties1 in the
usual thorough manner, as is evidenced by the expenditure of $1,476,126
for replacements and maintenance, as is shown in the financial statement
(V
101 o 367)- While wo manufactured less goods 111 the fertilizer de
partment than last year and the previous year, tho cost was less, showing
°f^Tlmtwo1d i vMends ^lefen’cii this current yoar wore paid in interest-bearing
serin as Shown^y the a ready market in round figures S36.2SS.059; the
2SJ& which scrip foundstatement, were, at very closo to par. 1 he current
currontijabilities, SI 1,020.020; leaving a working capital, aftor deducting
^ ram toV en r^ ccm /.— 'Your company was organized and began busings in
Sonfc 1805 in a small way, handling about 85,000 tons of fertilizers. 1his
year’s turnover of sales amounted to S62.218.078 as against $60,803,107
lost vear which was at that timo our record year. Since organization tho
ImisJearnings havo amounted to S74,916,455. Prom this, there have been
decocted f!>r repairs and maintenance S15,696,069, interest on bonds and
loans and discounts $14,208 746. leaving as net profits *45,011,641. Prom
these not profits there have been paid dividends on the pief. ot $21,239,644,
and on th i com. of $7,252,313; and charged off other items amounting to
$4J)6;L209, and for contingent fund $876,674, leaving a surplus account
a tSee^com^arathm*figures for fiscal years ending May 31 1912 to 1915 In
V. 101, p. 367.
Narragansett Electric Lighting Co., Providence, R. I.
(Report for Fiscal Year ending Dec. 31 1914.)
V.-Pros. Howard O. Sturgos in Fob. 1915 wrote in subst.:
—Tho gross earnings increased $141,410 or 9.25%, w iile the
total sales of curront amounted to 36.477,837 K. W. II., an inereaso
of 13 59% Taking into consideration tho decreased powor rates and tho
general depression duo to tho war the increased income is gratifying.
g a SOeciel effort has boon mado to obtain additional business in all de
partments No loss than 13 isolated plants have boon discontinued and
aro now orieratlong on our service. Tho long hour rate for lighting has en
abled us to secure a "reat deal of now businoss and increase tho consumption
nf existing customers. The total now businoss for tho yoar amounted to
8 1141 If VV an inereaso of 18.7% for tho year. Our total connected
lead on Sbcc —31 e1914, ramountedApril 1 1914, P.
to 76,000 II. there wo issued, .30,000
tock
D b e n tu e s .— On
shares additional capital stock, par valuo $1,500,000, in exchange for tho
outstanding debentures, and on July 1 we issued $1 000,000 new debenCon^acisd—Municipal8 contracts wero entered into with tho Town of
Tehnston for 10 years, the Town of North Providence for 5 yoars, and a
new contract with the Town of Smithfield for 10 yoars, providing for the
Ins'taUation of street lights in tho villages of Esmond, Georgiaville, Still
water and Green villo. In addition to the street lighting in this territory
there will be both commercial lighting and power service.
a c o n t r a c t was made with the City of Providence for curront for an elec
trically driven centrifugal pump, requiring a 1300 II. P. motor capable of
minining 30 000 000The Narragansett Pier Electric Light & Power Co.
gallons of water per day.
P
and Wickford Li'dit & Water Co., havo increased their business in both
gross and not. New street lighting contracts havo boon oxocutod for lights
'UA t k i f t i o n '1a n d '7m//rowml'ii s .—According to our contract with tho City
of Prov denco aeFial linos must be removed from three miles of streets
each year/and this work has progressed satisfactorily sinco tho completion
° f The invention *of ^thonn itrogen* filled tungsten lamp has enabled tho
Increase the candle powor of Incandescent streot lights about
making t h f candle power of the lamps in the City >f Provi lence
nn^r'ix mat v 90 candle power, and in tho suburban districts tho 32
candle ^l^wor Lamps steam & Electric Co. had no 48 candle power businoss
canuio po ver i are being rapidly changed to legal right to do
in the Town of Soekonk, tho Seokonk Electric Co. was able to purchase
their business and property in that town, and arrangements havo boon
made to funiish these customers with curront from our station.
1 A1() voir streot lighting contract was mado with Seekonk for 40 lights.
The growth of the gasbusiness in Warren and Bristol necessitated
the installation^ of an additional holder, capacity 75,000 cubic feet.
Th«mhn tiding of tho turbine room and tho erection of a new coal tower
and bofier house has progressed satisfactorily, and tho new boilers havo been
in use sinco early in tho fall.
I N C O M E A C C O U N T F O R Y E A R S E N D I N G D E C . 31
Cuba Company.
(,Report for Fiscal Year ending June 30 1915.)
Pres. Sir Wm. Van Homo, Mont., Aug. 2G, wrote in subst;
The siirnlus income of tho Cuba RR. Co. for the year onded June 30,
nft-pi* nn'ividinz for its fixed charges and dividends on its pref. stock applicabio to the vear was $ 1 ,273.684. an amount equal to 12.73% on its common
stock all of whiSh )($10c>% for the is in your declared on Prom this surplus
■
ini i,, m 0001000) year were treasury. its common stock,
o f w h i S w a s X M a y 1 and 3% is payable Nov. 1 (see report of Cuba
K Your'nrofite fortho year from tho Jatlbonico Sugar Mill and plantations
wcr-. 81 445 030; from the Jobabo Mill and plantations, $1,550,773, from
the land’department (chiefly from townsitos), $57,188; a total of $3,120,032,
including an additional profit of $67,041 from the crop production of 1913
14 VdTling tho dividends of $600,060 from tho Cuba Hit. Co., and doducting interest and general expenses and dividends on pref. stock tho surnhis income for tho year, applicable to the ordinary stock, was $3,214,622.
P mho hotter prices which have prevailed for the past year have had much
to On wlth th^e favorablo results; on tho other hand, tho production of
su 4? was nearly 12% less than tho year before, owing to frequent inter
ruptions iiy unseasonable rains and to a serious weakening of juices from tho
Sm o cause Practically all of tho sugar and molasses remaining on hand
at bine 30 have now been sold for tho full valuo shown in the balance sheet.
Your directors have felt warranted in paying on the 1st of July from tho
year s1results an interim dividend of 10% on your ordinary stock and in d o
an additional dividend of tho same amount payablo Oct. 1 and anothoFof the ^ m e amount payablo Nov. 1. (V. 100, p. 1917.) The payment
of these dividends will leave in the treasury about $1,500,000, which should
be ample for any needs or contingencies.
I N C O M E A C C O U N T F O R Y E A R E N D I N G J U N E 30.
-1913-14
-1914-15N et.
G ro s s .
N et.
G ro ss.
$2,995,803 $4,443,559 $1,159,082
Sugar, molasses, &c----- $6,634,283
67,041
Produc. profit 1913-14...
----
35,026
67,487 _______ __
57.18S
Land dept.(town lots.&c.) 88,680
T o ta l.............................. $6,722,963 $3,120,032 $4,511,046 $1,194,108
600.060
--------600,060
Div. rec’d on Cuba R li. stock---------. $1,794,168
Total net revenuo . .................. $3,720,092
. $286,250
Interest on deb. bonds, &c................
$240,000
.
43,716
General expenses. .................................
ly ’ia i
.
39,839
General interest..................- .................
t< .
125,185
Preferred dividends (see n o- te------- 0 %)2,400,000
dividends.------- - )...(3
Innnno
_(7%)560,000
Ordinary
Balance surplus_______________ $814,622
-----5739,178
N o t e — Dividends on tho ordinary stock include In 1914-15 the interim
pavmont of 10%, paid on July 1; also 2 payments of 10% each on Oct. 1
anil Nov. 1 next. See text of report above, also news item on a subsequent
page.
G E N E R A L B A L A N C E S H E E T F O R Y E A R E N D I N G J U N E 30.
1914.
1915.
1914.
1915.
5
5
Liabilities—
51,000 Ordinary stock— 8 ,000,000 8,000,000
Assets—
$
CubaRR.prcf.stk.
1,000
,500,000 2,500,000
Preferred
do com.stk. 10,000,000 10,000,000 Debenturestock__2 ,000,000 4,000,000
bond3.
2,748,425
Jatlbonico mill,Ac.*2,733,461 2,944,467 Acets.& wages pay 62,811
37,682
Jababo mill, &c..*3,066,342 782,150 Bills payable____
418,464
Land & town sites *736,132
157,657
24,707 Individuals & cos. 162,102 545,766
24,707
Caban, sawm ill.. 104,198
93,856 Cuba Railroad Co.
Live stock.............
270
270
Material & supp.. 126,798 220,325 Coupons unpresen. 120,000 120,000
4,232 Int. on deb. bonds
4,232
Office furniture-.. 52,170
42,528 Def’d payment on
Casltas BranchRy.
■
1,222
land (not due)..
Cash on hand----- 1,462,096 315,835 Ordinary divs___ 800,000 560,000
Cash for bond Int. 151,834 120,270 Pref. div. Aug. 1.. 87,500
87,500
188,998
Individuals * cos.
Replanting rcs’ves 89,000
6 ,655
Advance paym’ts. 38,274
Timber e tc .------- 2,772,428 1,921,508 Profit and loss__y5 ,865,427 3,504,805
Sugar & molasses. 108,783 171,065
Exp’s (new crop).
Com. div. Cubur
RR., duo Nov. 1 300,000 300,000
oai
[Vol. 101.
Deductions (Con.)— 1914.
1914.
1913.
Gross(aIl sources) -$ l,670,654 $ 1494,554 Other Interest, <fcc_____ 535,458
Operating expense 954,77a ssz.zsi Dividends (S%)...........480,000
Depr. of plant,&e. 160,266 159,988 | Balance, surplus.........$14,157
52,500
Debenturo Interest 20,000
BALAN C E SHEET DEC.
1914.
$
Property and plant.7 ,148,185
Securities owned.. 379,229
Cash In office and 99,456
deposited In banks 201,814
Notes & accts. rec.. _.
Materials & supplies 222,23o
Due from sub. cos.. 25,879
Prepaid interest, &c. 45,494
Total...................... 8,122,292
1913.
S
6,109,479
360,22J
33,399
197,459
385,270
174,889
74,405
7,335,190
31.
1913.
52,883
300,000
$38,902
1914.
1913.
5
5
Capital stock_____6,000,000 4,500,000
Debenture certlfs...1,000,000 1,500,000
Notes it accts. pay’le 432,062 956,980
Due subsidiary cos.. 263,333
Acer. int. & taxes... 22,338 25,337
Div. payablo Jan. 2. 120,000
Insurance reserve__ 35,949 90,000
35,154
Surplus---------------- 248,010 227,719
Liabilities.—
T otal..................... 8,122,292 7,335,190
r, . nf r>v,7»rln Islan tho ow • ’ -ansmission into agreements withor about
.iii,,; Tniv* 1*1913 i company entered Co., by which, on tho city
net i 101 5 it is expected tho romp my u 111 begin delivering hydro- dectrie
in Providence. At tho same time, in consideration of lower rates for
power *the city reduced tho special tax payable by the company from 3%
i f h , or ,,f tho gross earnings till July 1 1917, and for such further
nnrmd as its exclusive rights shall continue.
Pe*Tho franchise granted to the Narragansott Eloctrlc Lighting Co. Aug. 13
1019 extends Lorn July 1 1912 to July 1 1922; and is exclusive till Juno 30
1017 and for a further period not oxceoding 5 years until either party gives
W.1months’ notice of termination of tho same. This franchise, like tho
franeiHsn of the li. I. Power Transmission Co., limits the average annual
rate dividend of the grantee to not t.no sfnru- nr\Q j per annum; and all
1rtlu of u.*’
..f off/ rww« annum nn exceeding 8%
’
r»P corvlpp Tho rranciuso Bivca V V LU1J- oxxyj MKUV ly i-iiii
IAJ
I/HC
Sanaett C o ’s fixtures for outdoor lighting on or after July 1 1922 with option
ro take over under lease space, wires, &c.. in main conduits. Tho Trans
m ission Co lias no right, wo aro informed, to erect any poles in tho city
of Providence but Its power will be distributed to largo power users in
Providence by tho Narragansott Co., which will, in general, act as tho
agents in this regard for the Transmission Company.
agThe Rhode Island Transmission Co. is building a high-voltago transmis
sion system from tho IUiodc-Island-Massachusctts lino to Providence, with
slit, station at that city, and has contracted to purchase a large amount of
ew trieitv from the plants of tho Connecticut River Power Co. and Now
Fn^ian i PowFr Co. \seo V. 98, p. 1997; V. 99, p. 1914; V. 100, p. 970,
nJt q1791 fo r uso in Providence, and by tho Bristol County Gas & Electric
rv, and also it is understood, by tho Blackstone Gas & Electric Co. See
aiso’caDtion of tho Rhode Island Transmission Co. on a following page.
a 'PlmLreenient between tho Narragansett Electric Light Co. and tho R. I.
Power Transmission Co* is datod July 1 1913, and may bo terminated by
cithw o-irty on or aftor July 1 1942. By its terms the Narragansett Co.
Will w hen called upon, sell its excoss current to tho Transmission Co. (for
firlv 8 vears at 6 mil s per k. w. li.) and will purchase from the latter
hvdro-eTectric power on tho following basis for first eight years:
mi "Resale hydro-electricity, i. e., power to supply customers (other
than railroad and street railway co.) who uso for motors and mechanical
an^heating apparatus of a rate capacity of .500 elec. h. p. over 750,000 h. p.
hours v e a X
Consideration, a sum equal to tho full amount charged to
such customers for electric power, ivhethor hydro or steam generated, less
iM / „„'(i icss also a rebate of 6 mills por k. w. li. for any of tho amount so
rennirer not furnished by tho Transmission Co.
r ihi in addition to tho above, such additional “surplus hydro-electricity’
as the Transmission Co. can supply up to 50% of tho output of tho Narravansett Co for uso in Providence, exclusive of "resalo hydro-electricity,
and’ after one year of service under this agreement as much more than said
5 (1<V as tho company can uso economically.
Consideration in this case,
a ii/0miiis nor k w li. Eor subsequent porlods of soven years the rates aro
to be fixed by agreement,; if necessary, by arbitration. Ed.]—V. 100, p. 810.
American Hide & Leather Co., New York.
(16th Annual Report— Year ending June 30 1915.)
President Theodore S . Haight says in substance:
R e s u l t s __Our operations resulted in a profit of $1,888,588, which, after
charging replacements, renewals and repairs, roservo for bad and doubtful
debts, interest and tho usual sinking fund appropriations, is reduced to a
—Tho^bonds^in tho hands of tho public at Juno 30 1915 amounted
tn «t 81 i) nno having boon reduced by the acquisition for the sinking fund
nf 8150 000 (the usual appropriation) and $202,000 purchased out ofaccretInns to the fund; tho cost of these $352,000 bonds was $357,975. There
are now $3 700 000 bonds hold for the sinking fund, together with cash and
accrued Interest; $75,038, making a total of $3,781,038 in tho fund. The
loss account in respect
sinking
Total .................21,687,110 19,879,368 T otal................. 21,687,110 19,879,366 charge to profit andinterest on the bonds in of thofund, hasfund appropria
tion together with
this
been $365,638.
usual this, conjunction with
v After deducting onlv tho 10% interim dividend on tho ordinary stock and ’ as is considered in taking tho place of tho outlay on replacements and
as
any specific provision for depr n.
($800,000) paid July 1 1915. Seo abovo. * Valued at cost.— V.100.p.l917. repairs
THE CHRONICLE
Sept . 4 1915.]
A d d it i o n s to C ost o f P r o p e r l y . —Additions, improvements, Ac., amounted
to $55,103, loss sales of land, machinery, &c., $7,822; net increaso, $47,281.
N e t C u rr e n t A s s e t s . —The total current assets Juno 30 1915 amounted to
$11,821,585, bolus a decrease of $310,017; current liabilities were $1,670,
971, a decrease of $1,223,310; net current assets over current liabilities,
$10,150,015, being $5,331,015 more than the total par value of bonds out
standing, leaving in addition the entiro plant and good-will standing against
the capital stocks .
The finished loathcr has been taken at tho prices which provailod Juno 30
1914. If the usual conservative market prices woro applied, tho inventory
would show an increase of $238,000. Urnlor present business conditions
tho former valuation is considered advisablo.
IN C O M E A C C O U N T
OF C O M P A N Y A N D
1913-14.
$17,759,076
$12,187,667
3,264,645
754.180
529,103
$10,735,595
$1,023,481
41,202
$1,004,683
D ed u ct—
R enlace’ts, renew. A rep.. $173,937 $183,290
17,195
Had debts and reservo...
18,825
Interest on loans, less in
74,404
87,332
terest oarnod________
511,500
x Int. on 1st M. bonds. 511,500
153,155
Cost of 150 bonds for s.f. 149,948
Total deductions___ $928,014 $957,478
Balance, surp. for year.. $959,974 $107,205
x Includes intorest on bonds in sinking fund.
1914-15.
$19,092,483
E xp en ses—
.$11,481,192
> 4,383,750
. 824,574
D iscounts_______
General and selling exp_. 514,379
.$17,203,895
. $1,888,588
Add miscellan’s income.
IT S
S U B S ID IA R IE S .
1912-13.
$19,074,072
$13,241,245
3,676,261
700,477
507,217
$18,185,200
$1,488,872
5,600
$1,494,472
$214,844
12,741
120,410
511,500
153,460
$1,018,955
$475,517
1911-12.
$17,581,364
$11,785,814
3,255,202
731.038
478,948
$10,251,052
$1,330,302
1,087
$1,331,369
$184,834
23,392
39,762
511,500
149,031
$908,549
$422,820
B A L A N C E S H E E T OF C O M P A N Y A N D S U B S ID IA R Y COS. J U N E
1915.
1914.
$
$
Assets—
nCost of proper’s .27 ,120 680 27,073,398
Sinking fund____ 1)75,038 67,376
Supplies________ 9 ,433,403 9,029,441
Hills & accts. rcc.cl ,500,853 1,806,025
Sundries,claims, Ac. 3,400 0,471
Insur. unoxplred &
91,644
prepaid Interest 80,641
Bonds of Am. II. A
L. purch. (co3t) 83,823 130,275
Cash....................... 659,466 468,347
T o ta l...............39,017,30-1 39,272,977
30.
1994.
$
8
Liabilities—
Preferred shares.. 13 ,000,000 13,000,000
Common shares.. 11 ,500,000 11,500,000
1st M. 6% bonds.dl, 819.000 d5,171,000
Interest accrued.. 170,500 170,500
Bills payable____ 750.000 1,500,000
Foreign exchange. 483,378 973,283
Trade accounts__ 180,381 170,470
80,028
Acer, taxes, Ac__ 86,712
Sink, fund 1st M. 3 ,781,038 3,421,376
Surplus________ 4 ,246,294 3,286,320
Total..................39,017,304 39,272,977
1915.
a Cost of properties includes 4,517 shares proforrod and 2,259 shares
common stock of American Hide & Loathor Co. held in trust.
b Includes only cash and accrued interest, tho par valuo of bonds in sink
ing fund ($3,706,000 in 1915, against $3,354,000 in 1914) not being treated
as an assot— Seo foot-note d.
c After deducting reserves of $157,053 for doubtful dobts and discounts
in 1915, $152,833 in 1914.
,
d After deducting $475,000 bonds in treasury yearly and in 1915 $3,706,
000 bonds in sinking fund, against $3,354,000 bonds in 1914—Seo foot
note b.—V. 101, p. 372.
American Agricultural Chemical Company, New York.
(Report for Fiscal Year ending June 30 1915.)
771
American Public Utilities Co., Grand Rapids, Mich.
(Report for Fiscal Year ending June 30 1915.)
The directors report in substance:
F i n a n c i a l . —In comparison with 1914 tho gross earnings increased from
$2,319,955 to $2,932,070; net earnings from $980,879 to $1,313,831. and
expense's decreased from $51,486 to $38,101. The net income for la l5 was
$1,301,059, against $974,097 in 1914. The fixed charges increased
from $599,309 to $952,109. These increases in earnings and also in tho
fixod charges are due to the acquisition and financing of the properties of
tho Chippewa Valley Ry., Lt. A Power Co. (merged into WisconsinMinnesota Lt. A Power Co.) and to the largo expenditures, approximately
$1,500,000, made by tho Merchants’ lleat A Lt. Co. and by the WisconsinMinnesota Lt. A Power Co. for extensions and additions.
Tho net earnings available for dividends on the stock of this company
decreased slightly, attributable to tho fact that the fixod charges included
intorest on investments, which did not become remunerative until late in
the fiscal year, notably the $1,070,255 in Merchants’ Heat A Light Co.
of Indianapolis, tho revenue from which did not begin to accrue until April 1
1915, and the 8488,730 in the properties of Wisconsin-Minnesota Light A
Power Co., accruals from a portion of which have just begun. Returns
from the major part of these investments are now being realized and will
appear in enhanced earning power for tho present fiscal year. The period
of depression, country-wide, made it prudent to seek to conserve the
volume of business already aggregated, rather than to make any expensive
attempts to securo new business in additional communities.
Our subsidiary, the Wisconsin-Minnesota Light A Power Co., is now
engaged in the preliminaries of tho construction of a most important hydro
electric producing station on tho Chippewa River in Wisconsin, thereby
developing the potential values acquired in tho past and making ready to
profit by its contract with the Consumers’ Power Co. at St. Paul. While
this now investment will itself become remunerative immediately upon
its completion in 1917, it will also render remunerative tho investment
already made in tho water-power resources.
M e r c h a n t s ’ I lc a t & L ig h t C o ., I n d i a n a p o l i s . — Despite tho enormous
amount of construction required by tho contract for municipal lighting,
every item of the same was completed 15 days before tho date fixed. Vexa
tious litigation respecting this contract has been decided in our favor.
Notwithstanding diminished industrial activity, tho commercial business
lias shown substantial growth both in gross and net earnings,. Since
April 1 some revonuo has been derived from tho city lighting contract and
from the other business on tho new lines.
A now sub-station is being constructed with a capacity of 3,000 h.p
incidental to tho taking over of the heating and lighting business of tho
Hotel Claypool and considerable additions to tho business in the down
town district. A now turbo-generator set, of a capacity of 6,500 lc.w.,
is also being added.
Tho Indiana P. U. Commission has recontly rendered a decision fixing a
scale of rates for electric light and power supply in Indianapolis. Tho
decision is not unfavorable to the company’s revenue.
Extensions called for tho expenditure of $1,076,254 during tho period,
but while tho incomo from this large investment was available for only a
fow months of the year, there was an increase of approximately $100,000
in gross incomo and $46,000 in net earnings. (Compare V. 100, p. 1441;
V. 99, p. 52, 472.)
U ta h G as A Cake C o ., S alt L a k e C i t y . —The earnings have not been in
creased, owing to local industrial conditions. A recent renewal, however, of
mining activities promises prosperity to tho community. The price for gas
for lighting has been reduced to that heretofore charged for fuel supply.
This change is expected to cause a considerable increaso in sales anil has
already extinguished the unnecessary charges involved in a double meter
system. (Seo also V. 100, p. 907.)
J a c k s o n (.M is s .) L ig h t A T r a c tio n C o . —Tho Capitol Light A Power Co.,
a competitor, has retired from business owing to unsatisfactory revenue,
and a substantial increase of business has therefore accrued to our electric
lighting department. A movement to establish a municipal lighting plant
was defeated by voto of the city. The electric department has shown a
substantial increase in revenue and tho gas department has hold its own
despite tho adverse financial conditions. The street railway income has
been unfavorably affected by a “jitney" sorvice, a problem yet to bo dealt
with. (Compare V . 98, p. 1244; V. 94, p. 1506.)
V a lp a r a is o ( I n d .) L ig h tin g C o . —A new street-lighting contract has been
entered into with the municipality upon favorablo terms. Additions in
clude a now holder of 100,000 cu. ft. capacity.
E lk h a rt ( I n d .) G as A F u e l C o . —Tho income has been satisfactory.
A l b i o n ( M i c h . ) G a s L igh t C o . —The income has been well maintained.
H o lla n d ( M i c h . ) C ity G a s C o . —Tho unfavorable conditions previously
indicated have been partially eliminated and the company shows some in
creased production and revenue due to extension made to Iceland last year.
Boise. ( I d a .) G as L ig h t A C o k e C o . —The business has been fairly satis
factory and some extensions have been made.
W is c o n s in -M in n e s o t a L ig h t A P o w e r C o .— The potential water-power ca
pacity controlled is now 100,000 h.p. and tho developed capacity is 14,000
h.p. The immediately prospective developments will have a further
capacity of 40,000 h.p.
A profitable contract has been concluded by wldch tho Consumers’
l’ownr Co. of St. Paul purchases for its own requirements and the Minneapo
lis General Electric Co., a largo amount of electric energy for 30 years,
beginning with a stated amount in 1917 and increasing each year until
1921, when the maximum will be reached. The sale of power in the St.
Paul and Minneapolis markets will thus havo been achieved earlier than
was anticipated. This contract will call for the expenditure by the Wisconsin-Minnesota Light A Power Co. of approximately $2,500,000 in
now works and developments.
During the year tho directors authorized tho expenditure of about
$500,000 for transmission lines and other additions. The earnings from
this large expenditure did not accrue to the company during tho entiro
period under review. Notwithstanding this tho gross incomo has grown
from $1,000,330 to $1,082,939 and tho net oarnings have increased ap
proximately $68,000. Tho entire common stock issue of the corporation
is owned by your company. (Compare V. 98, p. 1995; V. 99, p. 54, 010,
900, 1453. 1758; V. 100. p. 047. 1919.)
At La Crosse, Wis., tho company has been operating! two steam plants
which are now being consolidated in a high-class fireproof structure to bo
equipped with boilers of 3,500 h.p. capacity and 2,500 lc.w. turbo generator
capacity, involving a total expenditure of $150,000. Tho heating system
is being enlarged at a cost of $50,000. The gas plant has been increased
in production capacity 16 2-3%. A favorable public lighting contract
has been concluded.
At Eau Claire, Wis., tho rate for gas supply has been voluntarily and sub
stantially reduced with favorable results, and at Chippewa Falls, Wis.,
tho rato has been reduced 20 cts. per 1,000 ft. At Lake City, Minn., a
municipal lighting contract was taken on. The Lake City-Wabasha
transmission lino was extended to Frontenac, Minn., where tho company
has installed a local distribution system. At Wabasha a contract has been
made for pumping municipal water supply. Tho electric load at Red Wing,
Minn., has been doubled by supplying a large flouring mill, an extensivo
malting plant and lesser users.
A 10-mile extension from Ellsworth supplies power to a largo flouring
mill at Hastings, Minn., and servos the River Falls Power Co., which
furnishes local service at Prescott and Hastings, Minn., and the interurban
railway line from St. Paul to Hastings. An experimental service for operat
ing signals for Chicago Milwaukee A St. Paul Ry., has become permanent.
During the fiscal year approximately 90 miles of new high-tension
transmission lines havo been erected, that from Eau Claire providing
servico for Augusta, Fairchild, Humbird, Alma Center and Neillsvillo,
Wis.; that from Chippewa Falls serving Cadott and Boyd, Wis.; and in
creased capacity has been afforded tho transmission lino from Cedar Falls
dam to Red Wing, Wabasha and Lake City, M inn., by increasing tho
pressure carried from 33,000 to 06,000 volts.
EARNINGS, FOR YEAR ENDING JUNE 30.
T roasuror T h o s. A . D o o A u g . 27 w roto:
Notwithstanding the disturbed conditions brought about by the war in
Europe, tho result of the year’s business has been satisfactory and augurs
well for the future.
After deducting all operating charges, office and selling expensos, intorest
on bonds and notes, and after charging off $890,394 for depreciation of
plants and mines, and deducting $82i,488 for freight, losses and contingen
cies, there remained a net_profit for the year of $3,075,145. From this
amount there have been paid four quarterly dividends of 1 1 4 % on tho pref.
stock, amounting to $1,054,170, and four quarterly dividends of 1% on
the common stock, amounting to $737,230, making an aggregate amount
of $2,391,412, leaving a balanco of $1,283,733 carried to surplus account.
I N C O M E A C C O U N T Y E A R S E N D I N G J U N E 30.
P r o f its f r o m —
1914-15. 1913-14.
1912-13. 1911-12.
Incomo (incl. profits of
$
$
$
$
subsidiary cos.)____ xO,090,115 x5,280,151 X3,571.353 x3,381,635
Other sources_________
129,000
92,227
86,036
379,826
Total incomo________ 0,225,121 5,372,378 3,057,389 3,701,461
Loss reserve for fr’t, Ac.
821,488
893,380
553,431
626,000
Reservo for fire Insur’co_
------------------------50,000
Interest on mtgo. bonds 488,025
502,908
511,232
531,210
do debenture bonds. 350,009
109,575
----------------Factory, min. rep.Adep. 890,394
800,794 Seo foot-noto “ x"
T otal............................. 2,549,976 2.300,003 1,004,603 1,207,276
Profits___________
3,075,145 3,005,715 2,592,720 2,554,185
0% on preferred stock.. 1,054,170 1,053,258 1,032,087 1,209,303
Common dividends...(7% )737,230 (4)738,399 (4)733,232 (2)353,220
Surplus........................ 1,283,733
669,058
226,807 991,602
x After deducting "operating charges" and in 1913-14, 1912-13 and
1911-12 ropairs and renewals, which are shown separately and deducted
below in later years.
B A L A N C E S H E E T J U N E 30.
A ssets—
1915.
1914.
1913.
Land, buildings and machinery____ $14,770,713 $14,319,790 $13,420,573
Lighters, tugs, tools, Ac____________ 2,709,823 2,448,495 1,927,304
Other investments________
4,616,194 4,102,192 3,487,363
Mining properties---------------------------- 17,190,004 10,975,471 16,778,122
Brands, patents, good-will, Ac--------- 4,193,114 4,141,900 4,128,354
Sinking fund (amt. unexpended)----1,579
1,572
2,857
Accounts receivable------------------------ 15,444,629 17,571,377 14,904,449
Hills receivable------------------------------ 8,795,493 6,544,934 5,231,488
Merchandise and supplies...................... 9,009,951 9,104,158 8,870,680
Unoxpired insurance, taxes, Ac------- 241,000
232,432
191,503
Guar, acc’ts receiv., new constr., ex
pends, chargeable to future op.,Ac. 965,913
770,488 343,427
Cash in bank and in transit---------------- 2,109,000 1,274,651 1,419,308
Total assets....................................... .$80,054,679 $77,487,460 $70,771,428
Liabilities—
Stock, common........... ............ .............$18,430,900 $18,330,900 $18,330,900
[Earnings, etc., of Sub. Co’s with Int. and pref. dlv. of Am. Public Utilities.]
Stock, preferred___________________ 27,558,200 27,112,700 27,112,700
Acc'ts payablo, accrued int. A taxes. 1,700,757 1,871,410 1,024,458
1914-15. 1913-14.
1914-15. 1913-14.
Notes payablo----------------------------4,835,081 3,213,800 4,825,000 Gross earnings.. ..$2,932,070 $2,319,595 Net Income_____ $1,301,659 $974,696
First mtgo. convert, gold bonds____ 9,428,000 9,800,()()() 10,163,000 Operating expenses 1,618,239 1,338,716 Interest on—
Underlying sec. $862,300 $554,659
Debenture bonds__________________ 7,500,000 7,000,000
______
Reserve for fire insurance__________ 445,0331
Net earnings.. .$1,313,831 $980,879 Collat. tr. bondsi 34,667
44,650
11,183
45,303
do do property depreciation__ 137,100) 1,659,683 1,491,461 Other Income__ - 25,930
Miscellaneous___ 43,958
do do renewals and contlng’s .. 230,301]
Profit and loss, surplus_____________ 9,776,701 8,492,907 7,823,909 Gross income. .$1,339,761 $1,026,182 Pref. dlvs. (6% ).. 234,840 234,840
51,486
Expenses______ . 38,101
Total deduc’ns. $1,186,948 $834,149
Total liabilities....................................$80,054,679 $77,487,400 $70,771,428
—V. 100, p. 1513.
Net Income__ .$1, 01,659 $974,696 Balance, surplus.. $114,711 $140,547
772
Assets—
Stocks owned_____ 7
Bonds owned...........
Bds. dep. as collat..
Treasury stock____
Treasury bonds___
Discount on securities
Furniture A flxtures.
Cash * acc’ts recelv.
Undistributed sur
plus, sub. cos----Miscellaneous_____
THE CHRONICLE
BALANCE SHEET JUNE 30.
1914.
1915.
1915.
Liabilities—
S
S
S
oqo
Preferred stock____ 3 914.000
55435 }6,968,091 Common stock____ 2 ,995,000
720,500)
Bonds____________ 690.000
8,925 44,395 Secured gold notes.. 600.000
207,000 Accrued bond, &c.,
124468 83,731 Interest ________ 23,500
5,058 Accounts and bills
5,111
517,995 808,904 payable................. 427,273
Insurance reserve__ 2,358
320,016 380,594 Surplus................... .. 400,671
17,517 20,489
1914.
S
3,914,000
2,995,000
917,000
...........
13,224
298,162
380,876
Total........ .......... 9,052,802 8,518,262 Total....................9,052,802 8,518,262
The company (managed by Kelsey, Brewer & Co.) acquired control of the follow
ing: Utah Gas A Coke Co., Salt Lake City (V. 100, p. 907); Boise Gas Light A Coke
Co., Boise, Idaho (V. 93, p. 1536); Jackson Light & Traction Co., Jackson, Miss.
(V. 98, p. 1244); Elkhart Gas & Fuel Co., Elkhart, Ind. (V. 78, p. 231); Valparaiso
Lighting Co., Valparaiso, Ind. (V. 95, p. 499); Holland City Gas Co., Holland and
Zeeland, Mich. (V. 95, p. 1405); Albion Gas Light Co., Albion, Mich. (V.86,p. 170):
Merchants’ Heat & Light Co., Indianapolis (V. 100, p. 1441); Wlsconsin-Mlnncsota
in Minnesota and Wisconsin, Light & Power Co. (V. 100, p. 1919, 647).—V. 100,
p. 1920.
General Petroleum Co., San Francisco.
(Statement for Half-Year ended June 30 1915.)
President John Barneson Aug. 13 wrote in substance:
In so far as returns aro available, I submit comparative profit and loss
account for the six months ending, respectively, Dec. 31 1914 and Juno 30
1915, with balance sheets of Dec. 31 1914 and Juno 30 1915.
Due to the dccreaso in price of light oil particularly, the net profit from
sales of oil at the wells Is materially decreased; the net profit for marketing
sales increased. Returns from our marine department are incomplete and
wo have not included earnings from ships. There is a special earning from
dividend of the Trumblo Refining Co., duo to salo of rights of the Trumblo
Co., for which your company received a considerable dividend and Which
materially accounts for tho profit shown in operations for tlio six months
ending Juno 30 1915. It is anticipated, however, that with tho next six
months’ earnings thero will bo full returns from tho operation of our ships,
which will maintain tho improvement noted over tho last six months of year.’
The properties are in good condition physically; wells are in good shapo
and production is being fairly well maintained.
I N C O M E A C C O U N T F O R 6 M O S . E N D . J U N E 30 ’15 A N D D E C . 31 ’14.
— 6 Atos. Englng —
—6 Mos. Ending—
J'ne 3 ’15. Dec.31’14.
J’ne30’15.
Profit sales at wells. S315.532 S395.433 Bal. for fixed chges. $707,740 Dec.31’14.
$302,141
Prof, marketing sales 58,628 29,306 Deduct: Inc. guar, to
Miscellaneous........... 9,383 14,899 toG .P . Lino C o.. *$7,525
Dlv. (Trumble Rcfg.
Bond, Ac., Int___ x410,999
Co. stock)______ 471,153
Total profits, &c._ $854,697 $439,638 Balance for de-\ $289,216
Deduct: Admin.exp. $66,422 $89,709 predation, Ac__/ surplus.
Taxes___________ 35,755 33,323
Sundry Int., Ac
44,780 14,465
S94.597
421,119
$213,575
deficit.
♦ After deducting for tho 6 mos. end. Juno 30 1915 $159,684 proportion
of profits of General Pipo Lino Co. accruing to this company against $145,958
for 6 mos. ending Dec. 31 1914. x After deducting $15,000 interest earned
on G. 1*. Lino Co. bonds owned by G. P. Co. against $30,000 for tho 0 mos.
ending Dec. 31 1915, and also after deducting for 6 mos. ending Juno 30
1915 $24,967 interest earned on account against A. Weir ($933,333.)
BALANCE SHEET.
J’ne 30 115. Dec. 31 ’14.
J’ne 30 ’15. Dec. 31 ’14. Liabilities—
$
$
Assets—
$
Capital stock___ 30,068 700 36,087,400
$
Stocks of con
Funded debt___ M5.333, 000 15,345,300
trolled, Ac., cos. 1,189, 611 1,210,361 Capital surplus__ 4,704, 607 4,721,772
Gen. Pipe Line Co.
Def. pay. on lands 60,
27,143
bonds________ 425 000 425,000 Notes payable___ 126, 554
588
Oil Ids,Ac., prop-49,414 962 49,330,565 Acc’ts payable__ 56, 900 295,666
136,074
Prop, of admin, to
Audited vouchers. 92, 280 125,427
Dec. 31 1913... 329 492 329,492 Audited pay-roll3.
20,199
,080
Dev. A equipment 6,212 523 6,013,631 Acer, bd., Ac.,Int. 1,480,537 1,032,871
Adv. to contr. cos. 303 585 279,058 Other accr’d Int..
6,895
136
Casing A supplies. 206 617 205,325 Am. Gasoline Co.
Oilinstor.(atcost) 1,166 440 1,146,265 (payable In oil). 345,930 437, S46
5,710 West. Ocean Syn
Notes receivable..
5 275
2,261 dicate. Ltd___
I. O. P. A. certfs..
1 544
5,,205
5,205
Acc’ts receivable. 398 ,351 400,992 London drafts___ 2,082,220 2,0S2,220
Andrew Weir___ 958 300 933,333 Gen. Pipe Lino Co.
Cash....................... 123 ,780
14,001 cut rent account 625 501 441,424
17,635 Gen.P.L.Co.guar. al 17 22S a109,703
Prep’d tax. A Ins.
6 550
Suspense acc’ts__ C752 ,590 036,096 Trumble Itef. Co.
5 766
45,962
Deficit_________
Disct., Ac. (Lon
65, 783 350,691
79,035
don drafts)___
Andrew Weir A Co.
current account 359 90S 216,706
3,741
Miscellaneous___
1 066
Total................. 61,128,450 60,576,417 Total.............61,128,450 60.576.417
a Less General Petroleum share, b Includes Juno 30 1915 Gen. Petrol.
1st M. 6s (V. 101, p. 697), $12,380,300; convertible 6% notes, $2,868,000;
Esporanza Consolidated Oil Co. bonds, $78,000, and Delawaro Union Oil
Co. bonds, $6,700.—V. 101, p. 697.
United States Glass Co., Pittsburgh, Pa.
(24th Annual Report— Year ending June 30 1915.)
Pros. Marion G. Bryco, Pittsburgh, Aug. 18, wrote:
Commencing Jan. 1 1914, as stated in the last annual report, tho de
pressed business conditions made it unwise to operate tho factories to full
capacity. Following that six months of depression came tho European
war, and from tho middle of July until Jan. 1 1915 your company experi
enced tho worst depression in its history, with consequent loss. After
Jan. 1 1915 conditions revived gradually, the last quarter showing quite an
improvement and a profit—practically all of tho loss being in the first half
of the fiscal year.
On April 10 tho Gas City factory was closed down entirely and the
business taken caro of by the Pittsburgh plants. Indications are that wo
shall rosume operations at this factory about Sept. 15.
As per instructions of the stockholders, $50,000 of bonds in tho treasury
were cancoled. Wo are convinced that profitable operation is dependent
only upon tho return of normal business conditions.
RESULTS FOR FISCAL YEAR END ING JU N E 30.
1013-14.
Profit for year_______ 1914-15. $161,5S9 1912-13. 1911-12. $114,717
$77,498 $90,062 1910-11.
Deduct— Renewals,Ac. Not
25,997
15,361 25,116
Carrying Gl. Ld. Co. reported
13,252
Dividends (4%)_____ ______
128,000
Bal., sur. or deficit.
S.$150,418 S.$38,249 S.$74,701 D .$38,399
BALANCE SHEET JU N E 30.
1915.
1914.
1915.
1914.
Resources—
Liabilities—
$
$
Property, wks., A c..2,414,365 2,426,311 Capital stock...........3 200,000
Net Invest. Glass- .
port Land Co___ 761,273 735,230
Inventories............... 566,304 669,110
Bills A accts. recelv. 428,050 421,298
Cash..............
63,626 75,781
Invest, securities__ 21,623 20,693
T otal..................... 4,255,241 4,348,423
-V. 99, p. 607.
Accounts payable__
Bills payable______
Bonds outstanding-.
Surplus.....................
141,510
285,000
389,200
239,531
3,200,000
152,457
260,000
389,200
3461,766
T otal..................... 4,255,241 4,348,423
[Vol. 101.
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Alaska Northern Ry.—First Payment by Government.—•
Tho first payment on account of tho purchaso prico of tho
road (8504,198) was made by tho Department 'of tho In
terior, it is stated, last weok. Tho remainder is to bo paid
July 1 191G. Compare V. 100, p. 1347.
Algoma Central & Hudson Bay Ry.—Deposit of Bonds.
—The bondholders’ committee is requesting deposits of the
$10,080,000 1st M. 5s of 1910 with the Bank of Montreal,
Montreal or London, on or before Sept. 30 1915.—V. 100,
p . 810, 732.
Bangor &Operating NRR.—Earnings.—
Aroostook et
Fiscal
Ollier
Interest, Balance,
Year.
Revenue.
Earnings.
Income.
Taxes, &c. for Div.
1914-15----------$3,747,973 $1,402,254 $203,307 $1,379,071 $226,490
1913-14______ 3,795,412 1,382,186 172,051 1,348,506 205,730
— V. 101, p. 287.
.
Boston & Maine RR.—Over 97% of Noteholders Agree to
Extension.—The executive committee on Aug. 31 formally
declared operative the plan announced Aug. 20 (V. 101, p.
013, 693) for a further extension of the company’s notes.
Pres. Iluestis then said: 2 1915 to tho amount of over 97%, having
Holders of notes due Sept.
already signified their assent to tho extension to March 2 1916, and thero
being good reason to expect that others will assent, tho company has de
cided to make the extension in accordance with the terms of the circular
dated Aug. 19 1915.
Noteholders aro, therefore, requested, in accordance with tho terms of
their assent, to forward their notes to the Old Colony Trust Co., 17 Court
St., Boston, or to its N. Y. agent, J. I’. Morgan A Co., so that tho exten
sion may bo stamped upon them. The notes will then bo properly roturned
by registered mail, together with six months interest to March 2 1916,
and at the same time those who liavo elected to talco part payment in Maine
Railways Co. notes will recoive the same as agreed.
The officers of tho company aro gratified with tho cordial responses of tho
noteholders to their appeal.
Reorganization.—“Boston News Bureau” Sept. 2 said:
The so-called reorganization committee of tho B. A M. leased lines held
another meeting in Boston yesterday, at which tho legislative outlook was
discussed. Governor Spaulding tells tho “ Boston News Bureau” that ho
desires moro information relativo to the reorganization before he takes a
position for or against convening tho New Hampshire Legislature in extra
session to enact tho proposed "enabling” bill in that State. Tho text of
this bill and tho terms ot the reorganization to be sought under it continuo
to be well guarded from publicity. Approval of tho Now Hampshire legis
lative campaign, additional to that recently given by the Boston A Lowell’s
board, has been voted by the Lowell A Andover’s and the Fitchburg’s
directors. Preferred stockholders of tho Fitchburg will bo paid the regular
quarterly dividend of l\i% under its lease on Oct. 1. Comparo V. 101,
p. 693. 613.
Brooklyn Rapid Transit Co.—Atlantic Ave. Line.—The
company on Aug. 24 finally came to an agreement with rep
resentatives of the city over tho terms of a franchise for a lino
on Atlantic Avenue.
The main point at issue was tho terms of the tax clause. According to
tho agreement, tho B. R. '1’. may construct and operato a two-track road
from Flatbush Avo. to Shepherd Avo., East Now York, about fivo miles.
A connection will be mado with the existing B. R. T. tracks at about At
lantic and Fifth avenues. This will givo direct connection with downtown
Brooklyn, and by transfer to all parts of tho borough. Under the same
agreement on the tax clauses, the franchises for the proposed Now Eighth
Avo., Fresh Pond Road and Metropolitan Avo. lines arc to bo granted.
Tho now Eighth Avo. lino is to run from 39tli St. to Bay Ridge Avo. to a
connection with tho existing B. R. T. tracks at that point.— V. 101, p. 447.
Buffalo & Susquehanna Ry.—Sale Postponed— Time for
Assent to Plan Extended.—The foreclosure salo has been ad
journed to Sept. 13. See committee’s adv. on another page.
Digest of Statem ent by Bondholders’ Committee, William Salom on,
Chairman, New York, Aug. 10.
Approximately $2,900,000 of tho 1st M. 4)^s have agreed to tho plan of
liquidation dated July 15 1915. No depositors have withdrawn. Specific
assent of tho bondholders is required, however, and tho committoo cannot
act so long as any substantial amount of tho bonds remain unstamped.
Unless bondholders will givo the plan practically unanimous support, it
must bo abandoned, and tho property sold without protection, in which caso
tho realization of any dividend upon tho bonds will be problematical. As
stated in circular of July 20 1915, tho committoo boliovos that if it is per
mitted, through tho co-operation of substantially all tho bondholders, to
acquire tho proporty and consummate tho tentative agrooment it has alroady
mado for the re-sale of a part thereof, a substantial dividend ovor and abovo
all costs and oxpensos will ultimately bo realized for tho bondholders.
Tho period within which holders of certificates of deposit and holders of
undcposited bonds may assent as aforesaid, has boon oxtendod to and
including Sopt. 15- As it may bo impracticable further to postpono tho
foreclosure salo, all bondholders should respond as promptly as possible.
Depositors who do not become parties to the plan of liquidation must pay
toward tho expenses of tho committoo $10 per $1,000 bond. [It
is understood that if tho assents recoivcd from tho bondholders
warrant, tho lino between Buffalo and Wellsvillo, 86 miles, will bo trans
ferred to traction interests represented by VV. R. I’ago, President of
tho Western New York A Pennsylvania Traction Co. Seo p. 85 of “Electric
Ry. Section.”] Soo also V. 101, p. 46, 287, 369.
Canadian Northern Pacific Ry.—Operation.—
Canadian Northern Ry.—Completion of Line.—Sir
William Mackenzie, Gen. Mgr. Ilanna and others reached
Vancouver, B. C., on a through trip over the company’s lines
fromWilliam stated that a speed of 40 miles an hour was easily maintained
Toronto.
Sir
See Canadian Northern Ry. below.—V. 101, p. 46.
over the grades of tho Yellowhead pass, where tho lino for a dlstanco of 50
miles parallels tho Grand Trunk Pacific. Striking south, tho routo crosses
tho Albreda summit and, following tho 'I’hompson River, loads to Kamloops.
From Kamloops tho new lino parallels tho Canadian Pacific, being on tho
opposite ledgo from tho older line through tho Fraser Canyon. Tho now
lino will, it is stated, commence operations next month with a daily service.
Tho heaviest grade is 4-10th of 1%, and over It tho company expects to
bring a largo part of the Alberta wheat crop for shipment via Vancouver to
England. Tho distance from Toronto to Port Arthur, 872 miles, covering
in part tho nowest section of tho lino, through tho clay belt of Northern
Ontario, was, it is said, mado in 18>4 hours, or an averago speed of 47 miles.
— V. 101, p. 527, 46.
Chicago River & Indiana RR.—Bonds Offered.—Hornblower & Weeks are placing at 97 Yi , to not 5.32%, the ontiro
outstanding 8765,000 1st M. 5s, due Oct. 1 1925. Guaran
teed, principal and interest, by endorsomont by tho Chicago
Junction Rys. & Union Stock Yards Co. Donom. 81,000 c*.
Trusteo, Merchants Loan & Trust Co., Chicago. Freo from
normal Federal income tax.
THE CHRONICLE
Sept . 4 1915.1
D ata from P res. A. E. R aw so n , C hicago , J u ly 28 1915.
O r g a n i z a t i o n . — Incorporated In Illinois In 1901 by interests closely iden
tified w ith tho Chicago Junction R ys. & Union Stock Y ards Co. A ctual
operations began in 1908. On M arch 1 1911 a m ajority of the capital stock
outstanding, $300,000, w as acquired by Chicago Junction liy s . & Union
Stock Yards Co. Sinco that tim e tho latter com pany has advanced to tho
K B . Co. S76.r»,000 for construction and developm ent, t iking these bonds.
C a p i t a l S t o c k . — A u th .. $1,000,000; outstanding, $500,000, p ayin g 6 % p .a .
P r o p e r t y . — " I ho property, which has cost $1,36.5,290, includes: (a) Roa(l
11H nules in length, all in tho city o f Chicago, being tho only outlet) of tho
Chicago Junction liy s. & Union Stock Yards Co. to tho Chicago Iiiver and
thus to tho Groat Lakes. (b\ 70 odd acres of additional ground valued at
$5,000 per aero, partly leased to another line on valuation basis of $20,000
per aero, (c) U nion boat house, 1,000x100 ft., w ith dock platform s accom
m odating 1 0 largo boats and 500 cars.
, Standard construction, 80 and 85-lb. rails. Equipm ent: 7 largo sw itch
ing locom otives, 90 gondola cars, 7 box cars, 9 caboose cars and l work car.
B y traffic agreem ents w ith tho A tch. Top. & Santa Fo, Indian Harbor
B elt, P. C. C. & St. L. and Union Stock Yard & Transit C o., running from
20 to 97 years, has tho use of 25)-{ m iles additional trackago, reaching im
portant m anufacturing territory, inch tho Kenwood m anufacturing district.
. T h e s e B o n d s . — Total au tli., $2,000,000; outstanding, $765,000. A ddi
tional bonds m ay bo issued (a) Up to $1,250,000 for Cash cost of additions
and im provem ents; ( b ) up to $ 2 ,0 0 0 , 0 0 0 (total auth.) for two-thirds of
cost of additions and im provem ents, provided additional capital stock bo
issued for cash (or property approved by tho trustee as equivalent to cash)
to provide tho balance. Additional bonds can bo issued only when annual
not earnings, including tho bonds proposed, aro twice interest charges.
„
R e c o r d . —-May 9 1913, 8 % upon tho $359,000 stock; in 1915,
6 % (3% Jan. 22 and 3% July 1 ) on $500,000 stock.
_
,
E a r n i n g s f o r Y e a r e n d i n g J u h e 30 1915.
Gross incom o_______________$548,1411Pond interest, & c___________ $39,013
N et, after rents and taxes. _ 9 6 , 7 1 7 1 Balance, surplus____________ 57,701
The earnings are derived from tho sw itching charges paid to it by tho
Eastern and Western trunk lines entering C hicago, tho Great Lake boat
lines and industries located on its rails.
N u m b e r o f C a rs H a n d le d A n n u a lly , S h o w in g I n c r e a s e .
1911.
1912.
1913.
1914.
1915.
190,000
208,000
284,000
320,000
325,000
B a l a n c e S h e e t J u n e 30 1915 { T o t a l E a c h S i d e ,
$1,581,441).
C ost of road, equipm ent,
C apital stock -----------------------$500,000
& c______________________$1,365,296 First m tgo. 5% bonds____ 765,000
Cash and current a s se ts.. 200,596 Current liab ilities__________ 71,528
Unadjusted debits (partly
U nadjusted item s..................... 84.780
e stim a te d )____________
15,549 Surplus........................
130,133
D ividends paid ____________ 30,000
C a p i t a l i z a t i o n o f G u a r a n t o r C o m p a n y . — Prof, stock, $6,500,000, paying
6 %; com . stock, $6,500,000, paying 9%; direct and contingent debt, in
cluding this issue of $765,000 guaranteed bonds and $2,327,000 1st M guar.
4s of Chicago Junction ItR . aggregating $20,095,000. For each of tho past
five years tho not earnings of tho guarantor have been in excess of $ l 400 0 0 0 .
— v . 101, p. 527.
773
Gordon, President of Baltim ore Trust C o., Chairman; Sum m erfield Bald
win Sr., W . K ennedy Cromwell and Philip L. Poo, asks for a deposit o f
the defaulted notes w ith the Baltim ore Trust C o., as depositary. T he
notes are protected by a deposit of 3500,000 of the 1st M . bonds o f E ast
C hicago R y. C o., indorsed by G ary & Interurban. Soo p. 45 of “E lec. R y.
Section , and com pare V. 100, p. 305, 397, 642, 733.
I n t e r b o r o u g h R a p i d T r a n s i t C o . — Transfer o f Cars.—
The P . S. Commission on Aug. 31 by a voto of 3 to 2 granted
permission to the company to transfer from the subway to the
Second and Third Ave. elevated lines the 478 cars that were
ordered m Jan. last to be replaced in tho subway by steel cars.
fh®, cars al!0. wooden but copper-sheathed and aro urgently required as
the third-tracking of tho elevated roads i n nearing com pletion. Tho M an
hattan R y. is to take over tho cars at $2,800 a piece, or a total of $1,338,400.
in o acquisition o f the com posite cars as part of the elevated equipm ent
was approved under the follow ing conditions: 1. T he 478 car bodies w ith
o!!\Ii?i-^?oK(.,ln^ere t elevated a l 1 be m at w ith respect
th e cars th a t
snail b eta k en over 5for c,!arK? s.! loperationade dates set by th etoC hief Engineer.
5 % Quarterly— A q u a r t e r ly d iv id e n d o f 5 % has b e e n de
c la re d o n th e 835,000,000 s to c k , p a ya b le O c t. 1 to h o ld e rs
ot re c o rd S e p t. 22.
t,.iK 1,V°i„COtn1pany,has b een rea m tjy paying at tho 2 0 % yearly rato, but d is
t
2)4% regular w ith “extras” m aking up tho 20% . It
611 47
t lat tko stock ls now on a regular basis of 5% quar.— V. 101, p .
Jackson (Miss.) Light & Traction Co .— Status.—
Kansas City Northwestern RR.— B ndholders> Com
See report Amor. Public U tilities Co. above.— V. 98, p. 1244.
mittee.— T h e c o m m itte e n a m e d b e lo w u rg e s p ro m p t d e
p o s it o f th e 1st M . 5 % b o n d s , series A , w it li F i r s t T r u s t &
S a v in g s B a n k o f C h ic a g o as d e p o s ita ry . A c irc u la r d a te d a t
C h ic a g o , S e p t. 1, s a ys in su b sta n ce :
W hile in tho main tho readjustm ent plan of tho M issouri P acific Svstem
seem s to deal fairly w itli other classes of security, it does not. in our opinion
give adequate recognition to our ($1,024,000) Series "A” bonds, w hich,
though a first lien at only $6,500 per m ile on 160 m iles of road betw een
K ansas C ity, K an., and Virginia, N ob ., aro offered preferred stock in tho
new com pany. W e have been asked to try for a m ore satisfactory settle
m ent. Sinco Series “ B ” bonds .secured by the sam e m ortgage, aro in tho
possession and control of tho M issouri Pacific, it is essential that concerted
action be taken once enforce tho
Series
bonds.
Cincinnatihas applied to the U .— Equipment ission for perm ission ney and itteo:esEat. ile K . to oisot, w ith WrightsDof Mayne,“Am”ings, E&. F . SwinNorthern R Ohio l \ U. C om m T rusts.—
Com m
m
B
Chairman; . . C um
Jam B Forgan Jr.,
inston, P
Strawn Shaw as
T ho com pany
to issuo $.>0 0 , 0 0 0 equipm ent trust certificates in connection with tho pur counsol and Jam es P . F eeley as Secretary, 53 W est M onroe S t., C hicago.
— V. 101, p. 614.
chase of 500 now box cars.— V . 100, p. 1509, 811.
Cuba Company.—
Kansas City Railway
Dividends— Annual Report .—
&
Light Co.— Distribution
of
A dividend of 10% lias boon declared on the $8,000,000 com m on stock, Equities
Stockholders. T o
rs c o m m
o
payable Oct. 1 to holders of record A ug. 31, also 10% payable N ov. 1 to w h ic h G e torg e M . R o y n o — s ,h P re s to c k h oold eth o’ C o n tin itteta l o f
o
ld
s id e n t f
en
&
holders of record Sept. 30. An interim paym ent of 10% was mado July 1.
On Ju ly 1 and N ov. 1 1914 3 J4 % eacii was paid. Soo “A nnual R oports.”— C o m m e rc ia l B a n k o f C h ic a g o , is C h a irm a n , n o w lia s u n d e r
V . 100, p. 1917.
p re p a ra tio n a p la n f o r th o d is trib u tio n o f e q u itie s a m o n g
Delaware & Hudson Co.— Convertible Debentures—
Earn
ings. —
A c irc u la r has been issu ed to u c h in g th o p riv ilo g o ,
w h ic h , s u b je c t to th o a p p ro v a l o f th o sh a ro h o ld o rs a t th e ir
m o o tin g o n S o p t.
a n d s u b jo c t also to th o co n so n t o f th o
P . S . C o m m is s io n , w ill bo g iv e n to th o h o ld e rs o f th o s to c k
o f th o c o m p a n y to su b scrib o a t p a r& i n t . , o n o r b o fo ro O c t . 6,
fo r
c o n v o rtib lo b o n d s in a m o u n ts e q u iv a le n t to
o f t h e ir ro s p o c tivo h o ld in g s o f th o s to c k as ro g isto re d
a t closo o f business S o p t.
T h o c irc u la r s a ys in s u b s t.:
30,
$14,451,000
34%
9 1915.
,. D e s c r i p t i o n .— Tho entire issue has been underw ritten, tho underwriters
[Kuhn, Loeb & Co. and f irst N at. Bank.— Ed.] agreeing to take so m any
of tho bonds as aro not subscribed for by tho stockholders.
Tho bonds referred to will be 5% 20-year convertible gold bonds of an
authorized issue not exceeding 814,451,000, dated Oct. 1 1915 and to maturo O ct. 1 1935; interest payable A . & o . Both principal and intorost will
bo payable in U. S. gold com of the present standard of weight and fineness
w ithout deduction for any tax, or Governm ental chargo (other than Fed
eral incomo tax) which tho com pany m ay be required to pay thereon or to
retain thorofrom under any present or future law of tho U. S. of A . or of any
Stato, county, m unicipality or othor taxing authority thoroin. D enom ina
tions, $500 and 31,000 (c* & r*).
The bonds will bo dated Oct. 1 1915, convertible (oxcopt as hereinafter
provided) at option of holdors at any tim e after Oct. I 1917, and on or be
fore Oct. 1 1927, into paid-up shares of capital stock at the rato of $1,500
principal am ount of bonds for ten shares of stock (with an adjustm ent of
interest and dividend). The entire issuo, but not a part thereof, m ay be
called for redem ption by tho com pany on O ct. 1 1922. or on any sem i-annual
interest day thereafter, on 90 days’ notico, at 105% of tho face value thereof
and accrued interest, but if so called during the conversion period tho bonds
m ay bo converted up to 30 days prior to tho redem ption dato named in any
such notico. [Tho sharoholdors will at their mooting on Sept. 30 voto on
consenting to the use for such conversion of any of the $6,9S6,500 unissued
stock authorized by (ho shareholders Fob. 19 1906, and also $3,000,000
stock authorized by them on M ar. 7 1904.]
S u b s c r i p t i o n B i g h t s . — Subscription warrants w ill bo issued as soon as
possible aft or the closing of tho books on Sopt. 9 1915, entitling tho holder
to subscribo for am ounts of $509 or m ultiples thereof. Fractional warrants,
if surrendered on or before Oct. 4 1915 to tho Treasurer, 32 N assau S t.’
N . Y ., with othor fractional warrants aggregating $500, will lie exchanged
for a $500 subscription warrant. Tho com pany will not soil or purcliaso
fractions.
T he price of subscription to each $1,000 bond, payablo in N ow York
funds, In installm ents, is as follows: At tiino of subscription on or boforo
Oct. 6 1915, $250; on or boforo Jan. 12 1916, $760 70. Thoso paym ents
include adjustm ent of accrued interest. Subscriptions m ay bo paid in full
at tho tim e of m aking tho subscription on or boforo Oct. 6 1915, in which
case tho am ount payable will bo $1,000 70 per $1,000 bond, which also in
cludes adjustm ent of accrued interest.
E a r n i n g s A v a i l a b l e f o r I n t e r e s t o n N e w D e b e n t u r e s . — Tho annual intorost
chargos for tho now 5% 2 0 -year convertible gold bonds will bo $722 559
During tho nine yoars 1906 to 1914, both inclusive,tho net corporat’o in
com e of tho com pany, after paym ent of all chargos othor than tho intorost
on tho outstanding Ten-Year Convertible Bonds [dated Juno 15 1906 and
duo Juno 15 19161, which will be refunded by tho now bonds, has averaged
$5,992,970 04, and during tho 12 m onths ended Juno 30 1915 tho am ount
w as $6,308,703, or more than 8 tim os tho am ount required to pay tho in
torost on tho new bonds. D ividends have been paid from 1826 to dato with
tho exception of threo periods, aggregating 1 2 years, nam elv, 1829 to 1831
1834 to 1838 and 1877 to 1889. Including tho dividend declared for the
current year, tho dividend rate has been 9% for nine consoeutivo y e a r s___
th o s to c k h o ld e rs , a n d f o r th o s e p a ra tio n o f th o r a ilw a y a n d
lig h t p ro p e rtie s , as re q u ire d b y th o p la n p re p a re d b y Ju d g e
H o o k , a n d w ill w it h in a s h o rt tim o m a il to each d e p o s ito r a n d
s to c k h o ld e r a c o p y o f th is p la n . C o m p a re V . 101, p . 689,614.
&
Sale.—
Mississippi Hill City Western Ry.—
Judge M orris in tho Federal Court oil A ug. 27 ordered tho sale of tho road
at auction at St. Paul, M inn. Tho com pany ow ns from H ill C ity to M iss
issippi J et., 17.5 m iles, and has trackage over tho G reat N orthern R y. beR iver, 7.6 m iles. There are outstanding
330.000 1st gold 5s, $30,000 2d gold 8 s and $15,000 2d gold 6 s, all due O ct. 1
Missouri Pacific Ry.
— Defaidt Sept. 1— Depositaries Pre
pared to Advance Am ount o f Unpaid Interest.— T h o re c e iv e r
h a v in g a n n o u n c e d t h a t p a y m e n t c a n n o t be m ad o o f th o in
te re s t duo S e p t. 1 1915 u p o n th o 814,375,000 t ru s t 5 % b o n d s
du o J a n . 1 1917, th o 837,255,000 4 0 -ye a r 4 % G o ld L o a n b o n d s
o f 1905 a n d th o 829,806,000 5 % F i r s t a n d R e fu n d in g M o r t
g ag e 5 0 -yo a r g o ld b o n d s o f th o M is s o u ri P a c ific R y . C o .,
a n n o u n c e m e n t is m ad o b y K u h n , L o o b & C o ., re a d ju s tm e n t
m a n a g e rs o n b e h a lf o f th e b o n d h o ld e rs ’ c o m m itte e s f o r th e
issues in q u e s tio n , th a t th e re s p e c tive d e p o sita rie s a n d s u b d o p o sita rio s fo r su c h b o n d s u n d e r th o p la n o f re a d ju s tm e n t
w ill, if dosirod b y d e p o s itin g b o n d h o ld e rs , a d va n c e to th e m
u p o n t h o ir b o n d s , a t th o tim e o f d e p o sit th e re o f, o r u p o n p re
s e n ta tio n o f th o ir c e rtific a te s o f d o p o sit, th o a m o u n t
such in to ro s t. C o m p a ro V . 101, p . 130, 288, 449, 615.
of
Receivor Hush recently obtained permission from tho Court to pay the
interest due Juno 1 on tho unextendod secured gold notes (about S I.500,000
of principal) duo Juno 1 and said paym ent was m ade at tho Union Trust
Co. N . Y ., beginning Sopt. 2. Interest due Sept. 1 on SSOG.OOO Verdigris
V alloy Independence Sc W estern 5s w as paid at m aturity Sept. 1 at Hankers
l rust C o., N . Y . Tho m aturing installm ents of principal and interest
on tho sovoral issues of M issouri P acific and Iron M ountain equipm ent issues
were also paid prom ptly Sopt. 1.
Protective Committee for Two Issu es .— H o ld e rs o f th o co m
p a n y ’s 814,375,000 t r u s t 5 % b o n d s duo J a n . 1 1917 a n d
89.636.000 F i r s t C o lla te ra l M o rtg a g e 5 % b o n d s d u o A u g . 1
1920, a ro n o tifie d b y a d v . o n a n o th e r page o f th o fo rm a tio n
o f a p ro te c tiv e c o m m itte e f o r these b o n d s. T h o c o m m itte o ,
in re q u e s tin g th o d o p o sit o f th o b o n d s w it h th o C o lu m b ia
T r u s t C o ., 60 B ro a d w a y , N . Y . , as d e p o s ita ry , s a ys in s u b s t.:
Tho com pany has boon placed in the hands of receivers, as authorized
by the plan of readjustm ent, dated Ju ly 1 1915, which plan neither m akes
provision for tho paym ent of tho above bonds at m aturity nor for their
extension, but on tho contrary for their exchange par for par into a security
in our opinion of inferior lien. Announcem ent also has been m ade that the
interest duo Sopt. 1 1915 on tho Trust 5% bonds w ill not bo paid. T he
undersigned, therefore, as owners or representing owners of a largo am ount
of both series of said bonds, have agreed to act as a protective com m ittoe.
Bondholders aro requested to deposit their bonds in negotiable form and
V. 101, p. 694.
carrying coupons maturing subsequent to Aug. 1 1915 attached, with tho
Denver Laramie nowNorthwestern placo in DSale Sept. 30.— C olum bia Trust CBoston, Ywill ity, as depositary. Brownreceiving and Cfor
& advertised to tako RR.— enver on Sent. 30 Philadelphia and o., N . . C act for tho depositary in Brothers & o.,
T he foreclosure sale is
warding bonds. C ertificates of deposit will be issued and application
— V. 100, p. 2166.
bo mado to
them
N ew York Stock
judg
m ent of
com m
im
ediate concerted
Denver & Rio Grande RR.—Income Interest.—The regu willtaken tho the listittee, itonisthe perative that im mExchange. In theaction
bo
by
bondholders for their own protection.
lar semi-annual dividend of 3j^% has been declared on tho Tho com m ittee will arrange to advance to depositing bondholders the
am ount of interest duo Sept. I 1915 upon tho Trust 5 % bonds of 1917
incomo bonds, payablo Oct. 1.—V. 101, p. 370, 212.
at
of
deposit for
Everett (Wash.) Ry.,C Lt.” D epartm ent.— V. 101. p. 527. — duotho tim1o 1916, ping. the upon presentation bo 5% bonds tofof1920 interest
& Water Co.—City Bonds. appropriate of doposit orSimilar actionM ortgago certificateso the in caso
stam
will
taken as
See “E verett” in “ Stato and ity
Feb.
upon
C ollateral
that intorost should not bo paid.
Gary & Intorurban RR.—Default.—Committee.—
Protective
m ittee- Moreau D elano. Brown
& C Chair-,
T he com pany defaulted on tho interest and principal of the $350,000 man; Willard comKing, President Columbia Trust CBrothersJames o..im pson,
V.
o.,an d
T
6% notes, duo Sopt. 1. A protective com m ittee, consisting of Douglas II.
2 d V .-Pres. of M utual Lifo Ins. C o., all o f N e w York; Asa S . W ing, Pros-
774
THE CHRONICLE
[Vol. 101.
T rea tm en t o f E x is tin g B o n d s.
dent P r o v id e d Lift! & Trust Co. of P h ila., and L. Edm und Zachor, T reas
(1)
of a 81,000 bond (whether 5%
443%
urer Travelers’ Insurance C o. of Hartford, w ith M orrell W. Gainos as Sec bond) T o each assenting holderfor $200 of First Lien Gold Bonds or above
who subscribes and pays
as
retary, 59 W all S t., and C adw alader, W ickcrsharn & T aft as counsel.
provided: First Lien Gold Bonds, Series A , $200; 5% N on-C um ulativo
Dutch Committees.— A t th e re q u e s t o f m a n y in v e s tm e n t Incom o Bonds, Series A , $500, and stock, $500.
(2)
or 443%
h ouses a n d in d iv id u a ls in H o lla n d , re p re s e n tin g a la rg e bond) T o each assenting holder of a $1,000 bond (whether 5% provided:
who does not subscribe for First Lien Gold Bonds, as above
a m o u n t o f b o n d s , c o m m itte e s h a v e be e n a p p o in te d f o r th e 5% N on-C um ulative Incom o Bonds, Series A , $400, and stock, $250.
p ro te c tio n o f th e D u tc h in te re s ts in th e c o m p a n y ’s 4 % g o ld
$5,870,000 C a s h f r o m S a l e o f S c r i e s A B o n d s a t p a r .
b o n d s o f 1905 a n d th e F i r s t & R e fu n d in g M t g e . 5 % c o n v e rt i To paym ent of receivers’ certificates and interest (approxim ately)$2,928,000
T o paym ent of estim ated preferential claim s and receivers’ in
b le b o n d s as fo llo w s :
376,000
debtedness (as of M ay 30 1915)---------------------------------------------C ash commission to syndicate---------------------------------------------------146,750
C o m m i t t e e f o r 5% F i r s t & R e f . M . T i o n d s o f 1909, D u e 1959.— M essrs. W . M
of
J. van Luttervelcl (Chairm an), L. R. G ratam a.G . W . A. van Laor, J. C zn., E xpensesand foreclosure and reorganization, including compen
sation
expenses of depositary ami com m ittee, services of
N . Lovcnkam p, F. P. M uysken, Dr. Y . A. Schuller tot Peursum , and J. J.
experts, taxes on creation of new securities, & c., estim ated—
350,000
Vierhout, w hile J. D . Santilhano, Am sterdam , w ill act as Secretary.
For purposes of the N ew Railroad C om pany, to provido funds
C o m m i t t e e f o r 4% G o l d ( C o l l a t e r a l ) B o n d s o f 1905, D u e M a r c h 1 1945.—
for paym ent of interest on $6,000,000 First Lien Gold Bonds,
D r. II. M . Roelofsz (Chairm an), Dr. L. II. J. F. van Bevervoorden to t
Series A, and equipm ent tru st paym ents, for period of two
Oldem eulo, D . Lutom irskl, M . M iklers, C. Van Oldenborgh, D . W . H .
years, any am ount payable in cash on acquisition of proper
l ’atyn , J. D . Schoon, w hile Dr. G. H ym ans, Am sterdam , is Secretary.
ties and for working cap ital------•-----------------------------2,069,250
Committee for Bonds of Kansas Northwestern RR .—
The claims against the St. Louis & San Francisco R R . Co. for any de
ficiency after the application of tho proceeds of the foreclosure sale of the
See that com pany ab ove.— V . 101, p. 615, 419.
covered by
upon such
as tho com ittee m ay determ ine, and tho proceeds turned
Muskegon (Mich.) Traction & Ltg. Co.— Application. properties terms Railroadthe mmortgago m ,ay „bo enforced or compromised
C
_
T he com pany on A ug. 30 applied to the M ich. R R . Com m ission for per overo tton gthe rN ew— The entireom pany. stock of the _Tew R ailroad Com pany
V
i
T u s t.
issue of
N
m ission to increase its authorized capital stock from $700,000, consisting m ay bo deposited for not exceeding 5 years w ith the members of the com
of $600,000 com m on and $ 1 0 0 , 0 0 0 preferred, to $ 1 , 0 0 0 . 0 0 0 .
m ittee or such persons as the com m ittee m ay select as voting trustees,
and
National Railways of Mexico.— Annual M eeting.— A w ith power by m ajority vote or w ritten consent, of w ith tho approval by
consent of the holders
n e w c a ll fo r th e a d jo u rn e d a n n u a l m e e tin g o f 1914 is a n affirm ative vote or w ritten trust certificates, to sell, not less than two-thirds
of the outstanding voting
exchange or otherwise
dispose of said stock en bloc for tho pro rata benefit of the holders of tho vot
n o u n c e d f o r O c t. 6 in M e x ic o C i t y .
certificates representing the sam e,
N o report of tho financial condition of the com pany has been subm itted ing trust tho voting trustees m ay determ ine. at such price and upon such
by tho board to tho stockholders since 1913. Several m eetings havo been termnsd eas r i n g S y n d i a t e
U
r
boon formed under
called, but tho unsettled conditions in M exico havo alw ays interfered. agem ent wofi tthe Columc bia. — A syndicate has G uaranty 1 rust C o. tho Nm an.
Trust Co. and the
. »
Thcro will bo subm itted at tho m eoting reports for tho fiscal years ending to underwrite the purchase of said $5,870,000 of First Lien GoldofBonds.
Juno 30 1914 and 1915 and balanco sheets. Tho stockholders w ill also bo This syndicate will receive a cash com m ission of 243% .on the face value of
asked to elect 2 1 directors, and, if necessary, to authorize tho issue of certain the bonds underwritten, and the managers of said syndicate w .ll in addition
prior lion and m ortgago bonds for corporate purposes.— V. 100, p . 2010.
receive an am ount equal to 1 % of tho face am ount of tho bonds under
New nnual R eports” on a & Mexico RR.— Report of Expert.— w ritten, togethern withi o $325,000 i tine estocko tofe tho Nowu r Railroade rCs om pany.
Orleans Texas precoding page.
R e o r g a iz a t n C o m m
t
— N
ic
to S e c
ity H o ld
.
Soo “A
Further deposits will be received at tho Colum bia Trust C o., depositary,
Plan Dated A u g . 25 1915.— T h o re o rg a n iz a tio n c o m m itte e on or before Oct. 2. D issenting depositors m ay withdraw w ithin tho sarno
period on paym ent
$ 1 , 0 0 0 bond
com pensation of com m ittee
h as a d o p te d a n d n o w a n n o u n ce s a p la n o f re o rg a n iz a tio n and $11 per bond of $ 6 50 per indebtedness.forIf not so withdrawing they
towards its
d a te d A u g . 25, w h ic h w e s u m m a rize as fo llo w s :
will lie held to havo assented to tho plan.
n o , n, Q
Holders of certificates of deposit under deposit agreem ent of M ay 28 l» io ,
A reorganization w ithout further delay is of vital im portance to bond
the
subscribe to the
o the
holders for the reason that tho .$2,928,000 N ew Orleans Texas & M exico or under tlielrplan, who desire tofor the First Lienextent of 2 0 %of f the face
deposited
Gold
new
receiver's certificates, w ill becom e due w ith interest on Oct. 15 1915, and value of provided for by bonds and thereby secure thoBonds accruing
pany
the plan
m ust then bo provided for, and because, wo beliovo, substantial econom ies comreason of such subscription, m ust, on or beforo Sept. 24benefitssurrender
by
1915,
of operation, as well as an increase in business, can be effected by tho their certificates of deposit to tho depositary and receive in lieu thereof new
term ination of tho receivership. The date of publication of tho reorganiza certificates of deposit.
,
tion plan of tho St. Louis & San Francisco R R . Co. now under preparation,
F ore
n H o
e r s . — Any holder resident
unassonting unde
is uncertain, but such plan, wo learn, w ill not contem plate tho retention positedi g bondsl dpayable in Franco in Frenchinm France of shall not have pre
who
of the N ew Orleans Texas & M exico R R . as a part of tho Frisco System . sented his bonds for tho collection of the pro oney share of tho procoods or
rata
Tho claim s against the St. Louis & San Francisco R R . Co. for tho balanco
foreclosure
entitled at
tim prior
1918, or
duo upon the bonds over and above the proceeds of tho foreclosure salo thocase tho war sale, will boprior (o July any1917,e w ithin to July l after the
in
shall
one
should be enforced or adjusted b.v com prom ise. (Seo also “Annual R e oud of tho war, upon cease of his bonds 1with all coupons otyear 1 1913
deposit
Sept.
ports" above for report o f expert Y . van den Berg.)
and since attached, at tiio Colum bia Trust C o., to receive 5% Non-Cum u
S e c u r itie s E n title d to S h a r e in P la n — N e w O il. T e x a s &
N r x . D w . 1st M .
lative Incom e Bonds, Series A , of said com pany to tho faco am ount of 40 ^
B o n d s o f S t . L o u i s & S a n F r a n . R R . C o . i n D e f a u l t s i n c e M a r c h 1913.
of tiie faco value of tho bonds so surrendered and stock of said C om pany
5% bonds (includ ing.$454.000held by S t. L. & San Fr. R R . C o.)$23,582,000 to the par valuo of 25% of the face value of said bonds so surrendered.
414% bonds (payable only In France in French m oney) — — — 5,010,000
—
.........5tvcr fAhmrmrm Klnrlmn.n Hlltttv
In order to discharge contract obligations to tho St. Louis Union Trust
C o. for tho acquisition of a branch lino known as tho A ustwell-V ictoria
branch, said trust com pany or its assigns will be recognized as entitled to Georgo E. W arren as Secy., 60 Broadw ay, N . V ■ C ity. V. 109, p. 1673.
all the rights under this plan of a holder of $766,236 of such bonds. The
holders of tho stock of the N ew Orleans T exas & M exico R R . and of its
New Orleans & Northeastern RR.— Extension of Bonds
notes, all or substantially all of which are owned by the St. Louis & San
Francisco R R . and of its unsecured floating debt not entitled to preferen at 5 % .— H o ld e rs o f th o $1,320,000 p r io r lio n 6 % b o n d s
tial paym ent, w ill not participate in the plan.
th is c o m p a n y a n d also o f th e $1,323,000 p r io r lio n 6 % b o n d s
N e w C o m p a n y . — The N ew Railroad C om pany, to bo known probably as
the Now Orleans & Gulf Coast R R ., will bo organized in Louisiana orsom o o f th o (a llie d ) V ic k s b u r g S h re v e p . & P a c ific R I l . , b o th issues
other State and will acquire (a) tho stock-, and bonds of the three allied
te d O t. 20 1885, a n d
ue
1 1915,
n
h
Texas Com panies and all other property subject to the m ortgage, dated d ao co m pca nie s w ill e xte n d dh e irNboovn.d s so t h a a relio o tifie d tm a t
t
t t y s h a ll a
M ay 17 1910 securing the bonds, which shall bo acquired by the com m itteo th
through foreclosure, except such of tho properties located in Louisiana as
No
in re
th
to o f 5 p
n
m ay bo transferred to a new Louisiana com pany [to bo known as Louisiana tuare b lo va. t 1 1940, weitohr a gten c s t oaf tth eec ram p a n y % N e r Ya.n C u tm ,,
th e o ffic
e y
o
in .
i y
& Texas R R . Co. or other name] or ono of tho other controlled com panies p ya
or otherwise disposed of as hereinafter provided. (6 ) either the stock s e m i-a n n u a lly , o n M a y 1 a n d N o v . 1 in each y e a r . T h e p re s e n t
and tho bonds, if anv, of the N ew Louisiana Com pany or else tho direct f ir s t m o rtg a g o lie n o f said b o n d s w ill re m a in u n im p a ire d ,a n d
title to the lines of railway located in tho State of Louisiana, in case no new
p rin c ip a l a n d in t e re s tw ill bo p a y a b lo in g o ld c o in o f th o p re s
Louisiana sub-C om pany be organized.
C a p ita liz a tio n a n d B o n d e d D e b t o f th e N e w R a ilr o a d C o m p a n y .
e n t s ta n d a rd o f w e ig h t a n d fin e ne ss. P a y m e n t o f th o n o r
F i r s t L i e n G o l d B o n d s . — Series A , 6 %, duo Oct. 1 1925 but calla______
bio at 105 and int. Interest sem i-annual..................— $6,000,000 m a l F e d e ra l in co m o t a x , as n o w c o n s titu te d , is a ssu m e d .
T otal authorized, $15,000,000. Interest rate, not exceed
T h o e xte n s io n p riv ile g e a p p lio s o n ly to th o h o ld e rs o f su c h
ing 6 % per annum , as m ay be determ ined at tim e of issue.
b o n d s , w h o sh a ll d e p o sit th o sam e w it h J . P . M o rg a n & C o .,
Secured oy mortgago or deed of trust covering all tho stocks
23 W a ll S t., N . Y . , o n o r b o foro O c t. 1 1915. A t th o tim o o f
(and tho bonds if any) of tho new Louisiana com pany, the
stocks and bonds of the Texas com panies, and all securities
d e p o sit th o N o v . 1 c o u p o n , f o r 7 m o . in te re s t,w ill bo ca she d .
and property acquired or to be acquired by the new Railroad
U pon such deposit, tem porary receipts w ill bo issued, exchangeable for
Com pany by m eans of any of said First Lien Gold Bonds
bonds, w ith tho extension supplem ent and new coupon sheets attached, for
or tho proceeds thereof, and such other property as the com
a principal am ount equal to the principal am ount of tho bonds deposited.
m ittee m ay determ ine.
On or before O ct. 31 1915 J. 1*. M organ & C o. w ill buy, at par and ln t.,
Tho bonds m ay bo issued in separate scries, m aturing on
the bonds of holders who do not desire to avail thom selves of tho above
the sam e or on different dates, but none of them shall mature
privilege of extension. On and after N ov . I 1915, such bonds w ill bo
prior to Oct. 1 1925, and any series m ay bo m ade redeemable
purchased at par, ex coupon.— V . 100, p. 309.
in whole or in part at tim es, on notice, and at premiums as
m ay bo determ ined at tim e of issue. Issuablo as follows:
New York Railways.— Income Interest.— T h e d ire c to rs
Series A , presently under tho plan, $6,000,000; remaining
$ 9 ,0 0 0 , 0 0 0 reserved for future use under restrictions on ac
m e t o n S e p t. 1 b u t to o k n o a c tio n o n th o in te re s t o n th o 5 %
count of Im provem ents, extensions and additions.
in co m o a d ju s tm e n t b o n d s fo r tho s ix m o n th s e n d in g .Juno 30,
5% N o n - C i i m u l a l i v e I n c o m e B o n d s . — Scries A , m aturing Oct. 1
1935, but callable at par and interest------------------------------ 15,000,000; re fe rrin g tho m a tte r to a b o a rd o f a rb it ra tio n u n d e r tho te rm s
Lim ited to $25,000,000 secured by a trust indenture. To
o f th o m o rtg a g o .
bear non-cum ulativo interest payablo sem i-annually at rate of
5 % per annum , but payable only when and as authorized by
On April 1 1915 1.769% w as paid for tho six m onths ending D ec 31 1914,
the board of directors. If the N ew Iiailroad Com pany shall
and in Oct. 1914 1.288% . Compare V. 100, p. 734 ,1079, 134.— V . 101, p.
secure by m ortgago or deed of trust upon any of the proper
370.
ties covered by the First Lien Gold Bonds, any indebtedness
Pennsylvania RR.— Listed.— T h o N e w Y o r k S to c k E x
represented by bonds or notes, in excess of $15,000,000 (tho
authorized am ount of said First Lien Gold Bonds) said In
ch a n g e has lis te d $49,000,000 4 y z % co n so lid a te d m tg e . b o n d s
com e Bonds shall bo entitled to share in such security on a
issue o f 1915, d u e A u g . 1 1960, o n e xc h a n g e fo r o u ts ta n d in g
parity with any such indebtedness created in excess of $15,
000.000. Of the Incom e Bonds, $15,000,000 Series A,
te m p o ra ry re c e ip ts .
shall bo presently issued as hereinafter provided, and tho
P u r p o s e s f o r W h i c h P r o c e e d s ( T o t a l , $49,243,094) A r e t o B e A p p l i e d .
rem aining $ 1 0 ,0 0 0 , 0 0 0 will bo reserved for future use.
P ay balance of convertible 343% bonds due Oct. 1 1915----------$24,689,869
S t o c k . — T otal authorized issue, $25,000,000; $10,000,000 re
served for future use. N ow issuablo______________________ 15,000,000 A m ounts due on Lurch. M oney M . on property N . W. corner 440,000
17tli and Filbert streets, Philadelphia-------------------------- --------D is p o s itio n
o f N ew
S e c u r itie s .
Equipm ent trust obligations m aturing during 1915----------------- 5,907,000
First Lien 6 % Gold Bonds, Series A , m aturing $6,000,000:
S ixm os, noto dated N ov. 11 1914, held by Kuhn, L o eb & C o .. 5,000,000
T o bo sold for cash at par___________________________________ $5,870,000
ater trust certifs., 81,000,000: equipm ent, $7,500,000; con
To be issued w ithout restriction for purposes of N ew C o----130,000 W struction and real estate, $4,706,225; total--------------------------- 13,206,225
[Depositing bondholders assenting to this plan m ay sub
Com pare V. 100, p . il6 9 , 475, 399.— V. 101, p. 695, 371.
scribe for said bonds at par and interest to tho extent of 2 0 %
of the face value of their deposited bonds. A ny of said $5,
Philadelphia Rapid Transit Co.— Construction Con
870,000 bonds not so subscribed for will bo disposed of to an
tracts.— T h o D ir e c t o r o f C i t y T r a n s it o n A u g . 18 a w a rd e d
underwriting syndicate as below stated.]
_
5% N on-C um ulativo Incom e Bonds, Series A . $15,000,000:
tw c
ts fo
g in
wor
To assenting bondholders to extent of 40% of deposited bonds 11,740,000 a n o thoen traacn k fo rrd beele van in g lin e s.k o n tho B ro a d. S t. s u b w a y
d
Fr
te d
.
To assonting bondholders (or underwriting syndicate) who
T he awards were m ade after tho dism issal of injunction proceedings
subscribe for First Lien bonds as ab ove, an am ount equal
brought by a taxpayer to tie up the city transit project. Tho subw ay con
to 50% of bonds so subscribed for------------- -----------------------tract for
Hall section was
to tho K
Stato Con
T o be held in tho treasury of tho com pany__________________
325,000 struction tho C ity 81,700,000. The awarded contract, eystone is for pillar
Co. for
elevated
which
Capital stock, $15,000,000, applicable as follows:
To assenting bondholders an am ount equal to 25% of de__ foundations, went to Jam es D . D orney for $142,590. In lacli case tho
the low est bidder.
posited bonds................................... ........................................... .............. $7,337,500 award was toinvited until Aug. 16 for tho construction of concroto colum n
Bids were
T o assenting bondholders (or underwriting syndicate) who
foundations and piers for about 26,000 ft. of elevated railw ay on Front Ht.,
subscribe for First Lien bonds as above provided, an
am ount equal to 125% of bonds so subscribed for--------------- 7,337,500 K ensington A ve. and Frankford A vc., known as Contract 501.— V. 101,
For reorganization purposes---------------------------------------------------325,000 p. 366, 132.
Sept 4 ?91=>.)
THE CHRONICLE
Rates.
1.
I.
— Coal Rale Postponed to Dec. — T h e S. C o m m e rc e
C o m m is s io n on S e p t. 3 d e fe rre d fro m O c t. 1 to D e c . 1 th e
e ffe c tiv e d a te o f th e re d u c tio n s in ra te s o n a n th ra c ite coal
fro m p o in ts in P e n n s y lv a n ia to tid e w a te r p o rts a n d in t e rio r
p o in ts o n th e lin es o f th e in itia l a n th ra c ite c a rrie rs . C o m
p a re V . 101, p . 497, 499.
T his action of tho Com mission was taken upon application of th e carriers
In order to perm it them to adju st coal traffic charges in conform ity w ith Iho
Com mission s decision. It was pointed out l>y the roads th a t it would bo
Impossible tor traffic m anagers to rearrange tho freight lists by O ct. I , owing
to tho im m ense am ount of work involved.— V. 101, p. 528.
St. Joseph South Bend & Southern RR.—
Extra D iv .—
775
D i g e s t o f C i r c u l a r S i g n e d b y C h a i r m a n D a n u i e l 11. E l y , N . Y . , S e p t . 3The purpose of the com m ittee is to secure a m odification of tho present
assessm ent plan calling for 5300 a bond, or to insist upon a sale of tho properfcy, particularly the coal lands and m ines. These coal properties alone
should realize betw een 57,000,000 and 88,000.000 in cash above the first
m ortgage tacreon. This would suffice to cut the assessm ent to 850 per
bond and enable th e com pany to hold its other properties, nam ely 85
m iles of rai road, Pittsburgh real estate, SI .500.000 rolling stock and 51K %
of the stock ot the W heeling & Lake Erie R R ., either for further sale or
continued operation. The proposed deposit agreem ent w ill provide that
N Y . 'Y.'Y sa'es or contracts involving financial responsibilities in excess
ol 51,000, m ay be undertaken by tho com m ittee on ly when authorized by
vote of a m ajority in interest of the depositors. First assessm ent 51 per
bond l ‘t ( 4o» assessm ents only on like authorization in w riting.— V . 1 0 1 ,
further 44.
P» ^
A n extra di\ idend of y, of 1 % has been declared on tho 8500,000 common
r P a c if
. — Defaidt.
n y fa ile d to
stock in addition to the usual sem i-annual distribution of 1%. both payable p a W e s t esenm i-a n n uic l R yu p o n d u e S —p T h o ocno m p a $49,925,000
y tho
a co
e t. 1
th e
Sept. 15 to holders of record Sept. 10. In 1905 and 1907 and M arch and
dept. 1909 and S ept. 1911 and 1913 sim ilar extra paym ents were m ado. 1st M . 5 % b o n d s. A s th e c o m p a n y also d e fa u lte d o n
— V. 97. p. 597.
ce
St. Lawrence & Adirondack Ry.— Lease Approved .— M a r c ha g1 th e s ixp m o n th s ’ pee rio d o f gf rath e a llo w e db u n d e r ath e
e
e
8
t
Shareholders voted Sept. I to approvo the leaso of tho road to tho Now m o rtgd e p ohas d xw ire d .th e OKv rerc h 0c% mom itte e I s(E Mu.itao n d sT h u vo
been
site
it h
o
q
b le r s t
Y ork C entral UR. Co. for 21 years.— V. 101. p. 450.
St. Louis & San Francisco RR.
— Separate Reorganization
fo r N ew Orleans Texas & M exico Division Bonds .—
Sso New Orleans Texas & M exico Ry. above.
Syndicate to Underwrite and Advance $45 a Share.— A
h a n k in g s y n d ic a te h as, it is s ta te d , been fo rm e d to u n d e r
w r it e a n d a d va n c e $45 a sha re o f th e assessm ent o f $50 a
sh a re to bo le v ie d o n s to c k h o ld e rs u n d e r tho p la n o f re
o rg a n iza tio n w h ic h has been a gre e d u p o n b u t has n o t y e t
been f o r m a lly a n n o u n c e d .
C o ., N . Y . , d e p o s ita ry ). T h e t ru s t c o m p a n y , as tru s te e
u n d e r th e m o rtg a g e , re c e n tly b ro u g h t s u it to fo re clo se th o
sam e. C o m p a re V . 100, p . 1674.— V . 101, p . 616, 317.
W is c o n s in - M in n e s o t a L i g h t & P o w e r C o — Status —
Seo roport Amer. Public U tilities Co. ab ove.— V. 100, p. 1919.
INDU5TRIAL, GAS AND MISCELLANEOUS.
Aetna ExplosivesofCo., New York .—o.,Stock Sold.— &
A syndicate consisting John Burnham A- C W hite Weld
C o
and
T his will leave only 55 a .share to bo paid by tho stockholders a t this
and int. 51
tim o. Tho syndicate will accept as security for tho m oney advanced B ayne, Mine & C o., have ^sold at 125 authorized .000 .0 00 additional com m on
com m on stock outstanding.
the now bonds to bo issued under tho reorganization.— V. 101, p. 289, 211.
St. Tammany & New Orleans Railways & Ferry Co.—
Alabama Traction Light & Power Co.—C o u p o n s __
T ho line, 14 miles in length, in St. T am m any Parish, L a., extending from
M andovillc, L a., which has been operated by m otor cars, is, it is stated, C o u p o n s p a y a b le S e p t. 1 1915 o n th e 1st M . 5s a re b e in g
now operated by electricity, having been converted a t a cost of about p a id in L o n d o n a t P a r r ’s B a n k , L t d . , a n d in M o n tr e a l a n d
580,000.
N e w Y o rk at R o ya l B a n k of Canada.
Lake Terminal Ry.
S a lt
— Mortgage.— T h o c o m p a n y has
Coupons for tho interest duo Sept. 1 1914 and M arch 1 1915, paym ent of
file d a m o rtg a g e to th o In te rn a tio n a l T r u s t C o ., D e n v o r , as which was deferred by tho bondholders, should be retained by them for tho
tru s te e , to secure a n issue o f $1,000,000 b o n d s. See S a lt present. (V. 99, p. 1053).— V. 101, p. 283.
L a k e & U t a h R R . ite m , V . 100, p . 230.
Further Circular.—
C hairm an W ilberforcc Sully has issued a further circular dated Sept. 1,
T h ird
Dividend Prospects.—
touching tlio efficiency o f the existing m anagem ent and the inadvisability
T h e r e p o rt fo r th e fis ca l y e a r e n d in g J u n e 30 w a s issued th is of any such change in the sam e as is sought by the Taylor proxy com m ittee.
w e e k , s h o w in g tho re s u lts o f o p e ra tio n s s u b s ta n tia lly as Sec V. 101, p. 529, 372, 215.
First M . Bonds Called.
g iv e n m th e p r e lim in a r y s ta te m e n t, V . 101, p . 208. R e g a rd
I’en ($10,000)
in g d iv id e n d p ro sp e c ts, P re s id e n t P . W . W h itr id g e co n clu d e s m ent on Oct. 1 at5% 1st M . 30-year gold bondsCdated . Oct. 1 1902 for pay
105 and int. at Equitable Tr. o., N Y .— V. 100, p. 814.
h is re m a rk s as fo llo w s :
Divideds .—
Avenuo Ry., New York—
In m y last report I said th a t dividends should only bo paid when tho
money is in tho bank w ith which to pay thorn and there is no im m ediate
prior claim upon it. I think th a t tills condition will bo met w ithin a
reasonable timo, and I hope and expect th a t if there be no m aterial decrease
in net earnings it will therefore be possible to declare and pay a dividend
w ithin tho next tw elve m onths.— V. 101, p. 214, 208.
Vicksburg Shrevoport
Pacific Ry.
&
— Extension of
$1,323,000 Prior Lien 6s at 5 % Till N ov. 1 1940.—
Soo Now Orleans & N orthoastern R R . abovo.— V. 99, p. 1667.
Wabash-Pitt3burgh Terminal Ry—
American Malt Corporation.—
American Tube & Stamping Co.—
Associated Oil Co., Cal.—
,($20,069,000 of which is boen declared on th e $40,000,000 Ccapita! stock
A Si?? nru?
,ha.s owned by tho Southern Pacific o.), payable
O ct. 15, also a special dividend of 1% out of surplus earnings, payable at
the sam e tim e. T his compares with 1 K % in Apr. 1915 and Apr. & 6 ct. ’ 14.
P r e v io u s D iv id e n d R e c o r d (P e r C e n t ) .
1905.
1906.
1907.
1908 to 1912.
1913-14.
1915.
— V . 100, p ^ T W . 1H %
NOn°'
3 yearly
A pr., IK
Calumet & Arizona Mining Co.—Dividend Increased .—
. A quar. d iv . o f 81 a share has been declared on tho S 6,173,850 stock
(par 810). payable Sept. 20 to holders of record Sept. 4, com paring w ith
$27,900,000
50 cts. quartorly from D ec. 1914 to Juno 1915. N o distribution w as mado
th o w it h d r a w a l o f 1st M . b o n d s re p re s e n te d b y c e rtific a te s in Sept. 1914. l o Juno 1914 81 25 w as paid quarterly for a tim e.
The directors of tlio Superior & Pittsburgh Copper C o., m ost of whoso
stock is ow ned, havo declared a dividend of 38 cts. per share (par 810)
payablo Sept. 30 to holders of record Sept. 4. The last quarterly dividond
was 2 0 cts. a share.
,
,
--------s u b je c t to th e
D
id e n
R eco
( D o lla
per S har .
p la n o f re o rg a n iz a tio n ( V . 100, p . 2087; V . 101, p . 44, 48, 1903. 1904. 1905. i v1906.d 1907. r d1908-11. r s1912. 1913.e ) 1914.
1915
214) a p p ro x im a te ly $27,900,000 o f b o n d s o u t o f a to ta l issue 52J)0 56.50 58.50513.OOS'G.OO 84 yrly. §1.25 $5.00 83 .00 50c., 50c., 51. _
Reorganization—
1st M . Bonds Remain on Deposit — T h e tim e fo r
o f $30,236,000.
A bout 8500.000 of 2d M . bonds have been deposited under tho plan
I lie tim o lor deposits and for tho paym ent of the first installm ent of tho
am ounts payable under the plan expired S ep t. 1 , but deposits aro still
being recoived w ithout formal extension of tim e.
Touching the objections raised to tho plan by certain of tho bondholders
(seo below ), a m em ber of the reorganization com m ittee says: “The pur
pose of tiio reorganization is to vost in the bondholders the title to their
property. T his involves paying tho receivers' certificates, redeeming tho
coal lands and paying claim s that aro prior to tlio bonds. T hat is tho pur
pose of d ie 8300 assessm ent. W hen title has been acquired it will be timo
enough to determ ine the question of w hat is to bo done witli the property
It will require a very iargo am ount to redeem the coal property and S3 100 0 0 0 to pay tho receivers’ certificates.
How do these gentlem en expect
to sci! off the property until they havo found tho m oney to acquire it? ”
To Have Direct Connection with Penna. RR.— O n A u g . 24
tho C o u r t a t P itt s b u r g li a u th o riz e d re c e iv e r I I . F . B a k e r
to e n te r in to a c o n tra c t w it h th e P e n n s y lv a n ia R R . fo r tho
c o n s tru c tio n o f a c o n n e c tin g tra c k b e tw e e n th e tw o ro a d s ,
to be k n o w n as th e B rid g o v illo c o n n e c tio n . T h e re o rg a n i
z a tio n c o m m itte e s a ys in sub sta nce:
Calumet
Hecla Mining Co.
&
— Dividends.— A d iv id e n d
o f $15 p e r sh a re (6 0 % ) has been d e c la re d , p a ya b le S e p t. 25
to h o ld e rs o f re c o rd S e p t. 4, b e in g th e sam e a m o u n t as in J u n e
la s t, c o m p a rin g w it h $5 (2 0 % ) in M a r c h 1915. N o p a y m e n t
w a s m a d e in S e p t, o r D e c . 1914. V . 99, p . 676, 1751.
P a r t i a l D i v i d e n d R e c o r d — S t o c k N o w 52,500.000 i n $25 S h a r e s , 512 P a i d i n .
Y e a r ------1 ’06. ’07. ’08. ’09. ’10. ’l l . T 2. ’13.
1914.
1915.
1>0.rr 100,
0 26
168 128 2 0 . 2 0 , 0 . 0 2 0 , 60. 60,
— V. sl™™J i).2 82169.0 8 0 1 0 8 1 1 6
C a n a d ia n C e r e a l & M i l l i n g C o .— Reorganization
T he bondholders havo voted to reorganize, the new conm anv to stair t w ith
....... .. ........... ....... being 8605,000 bonds out— .......... ...
liie unprofitable properties will lie sold and the proceeds used
working pany and Tho appointm ent of control theand officers.
capital. the com m ittee will din-dors reorganiza
tion ot tho new com
1 he assets of tho new com pany will lie as follows: Surplus liquid assets as
estim ated
after discharging all debts prior to
This marks a long stop forward in tlio rehabilitation of tho term inal properties, by receiver, good-w 11, $405,000: total. $605,000.bonds, 8200,000:
T
ontreal
properties, affording a direct outlet ovor the lines of the Pennsylvania Irust C o., brands and distribute the new securities to holders he M deposit
i oronto, will
who
system and perm itting a direct interchange of traffic w ith that com pany. their bonds.— V. 101, p. 290.
1 'iie Term inal Co. is thus enabled to roach a territory extending from tho
C a r L i g h t i n g & P o w e r C o ., N . Y.—Purchase.— T h e fo l
A tlantic seaboard to th e M iddle W est over the lines of the Pennsylvania
that has for a num ber of years been closed to it. Construction of tho con- lo w in g p u b lis h e d s ta te m e n t sta n d s a p p ro v e d :
purchase by tho Car Lighting & Power Co. of the plant at Bayonne, N . J.
of tho Crane M otor Car Co. for the use of the C lothel C o., a subsidiary
am
for entry into
that has been closed sinco tho break between the Goulds and the P enn is largoove by tho Isaac L. Rice interests plant put the Cwar order business on
a
scale. The facilities of tho new
lothel Co. in position
sylvania interests.
to bid w ithout hesitancy on G overnm ent contracts for refrigeration devices
Independent Committees.— A P h ila d e lp h ia c o m m itte e w h ic h lor warship magazines and sim ilar work on which it specializes.
Work o f
Equipm ent C o., another
o b je c ts to th e h e a v y assessm ent o n tho b o n d s a n d desires subsidiary, the C onsolidated R ailw ay Electric & of the Electro-D vnam ics
will still lie turned out at the plant
liq u id a tio n a n d d is trib u tio n o f proceeds, is c a llin g f o r de Co. , which is a subsidiary of the Electric Boat Co. [Mr. Rice sold recently
im portant part of his holdings in the Boat om
netting
p o s it o f 1st M . b o n d s a n d c e rtfs . o f d e p o sit a t th e G ir a r d an is said, over $1,000,000. Tho Crane M otorCCar pany, which mthereon,
it
C o.,
anufac
T r u s t C o ., P h ila d e lp h ia .
tures the Sim plex car, has transferred its operations to N ew Brunswick,
Philadelphia com m ittee: Charles Fearon, G . T . Townsend and M atthew N . J.]— V. 101, p. 215.
'r
a
^
"
000
" A cirC h a lm e r s M o t o r C o ., D e t r o i t . — Bal. Sheet June 30.—
tearon
1915.
1914.
1915.
1914.
i satisfy
Assets—
$
$
L ia b ilitie s —
.$
$
.machinery
Preferred stock-------1.186,500
to apply for delay in the foreclosure suit has been gra n ted ’upon “request! BuildingsAc.............-2,215,831 2,113,278 Common stock..........5,000,000 1,319,300
land,
5,000,000
D ata furnished by tho Pittsburgli D ept, of Assessors shows the 1 9 1 4 assess Good will__________
1
l Merch. accounts--. 437,283 560,860
m ent against tlio W abash-Pittsburgh Term inal Co. to have been- Lands Stocks other cos___
,
52.542,310, and buildings, 5942,480, which is supposed to include the Sales branch______ 280,165 527,600 Accrued accounts.. .. 250,000 32,278
120,962 30,962 Notes payable......... . 51,398
property covered by tho 1 st M . 4 s.
| Cash on hand, Ac .1,173,135 1,039,491 Depos. deal, contrac. 90,326 93,409
I Notes A accts. recclv.1,019,005 939,704 Deferred accounts.. 22,571 52,794
A m e e tin g o f 1st M . b o n d h o ld e rs a n d c e rtific a te h o ld e rs
Inventories.................3,327,302
w ill be h eld a t tho o ffice o f D a n ie l B . E l y , 25 B ro a d S t., N . Y . , iI Prepaid expenses-.. 27,863 3,473,163 Surplus........................1,010,422 941,230
23,760 Com. A pf. divs. res. 145,764 148,088
S e p t. 8, to r a t if y tho a p p o in tm e n t o f a p ro te c tiv e c o m m itte e
T o ta l........... ...........8.194,264 8,147,959 T o ta l.......................8,194,264 8,147,959
a n d also th o te rm s o f a d o p o sit a g re e m e n t. See a c iv t.
— V. 99. p. 673.
THE CHRONICLE
776
Cedars Rapids Mfg. & Power Co., Montreal.—Large
Contract.—
T h e fo llo w in g is c o n firm o d :
The com pany has just concludod arrangem ents for the sale of an addi
tional 10,000 h . p. delivery to com m ence In Peb. 1910. T he com pany is
now selling about 83,000 h . p . A part from business that m ay dovelop in
the interval, the com pany w ill, therefore, havo 93,000 h. p . of a total
capacity of 1 0 0 , 0 0 0 h . p. under contract for delivery In she m onths tim o.
— V. 1 0 1 , p. 616.
[Vol. 101.
will be opposed on tho ground that the interest on the m ortgage could have
been provided. The exam ination of the officers and directors by the
receiver appointed in N ew Jersey subsequent to the voluntary receivership,
w ill com m ence A ug. 30 1915.
,
Protective com m ittee for prof, stock: Roger F . Sturgis, Boston: Charles
H . W iltsie, Rochester: M cD ougall H aw kes and Charles K . Beckm an,
N ew York, and Thom as J . C arm ody, H olyoke, w ith Lloyd C .G riscom as
counsel, and as depositary a Boston trust com pany (to bo announced) and
its N ew York correspondent. Compare plan, & c., V. 1 0 1 ,p. 5 3 1,61 7,62 0
Kansas Natural Gas Co.—Increase Authorized .—
Chicago Junction Rys. & Union Stock Yards Co.— Judge F lannelly in tho M ontgom ery C ounty
D istrict Court on
See Chicago R iver& In d . R R .u n d er "K R ” ab ove.— V . 1 0 0,p. 1747,1261. A ug. 28 granted tho application of tho receivers (K an.) allowed to increase
to bo
the
gas 30 cents
1,000 cu.
Driggs-Seabury Ordnanceassociated ewwithDirector, & c.—Steel w as price of natural localtocom pany inper ansas C ityft. Tho franchise w hich
C o .-N
granted to tho
K
provided for 25-ct. gas
Jam es \V. Rawlo, for m any years
th e Bethlehem
u til 1917
30-ct. gas thereafter.
C o. and at present V ice-President of the J. G . Brill C o ., has been elected until 1912, 27-ct. gasthenreceivers andobtain gas from now fields to m ake the
T he Court ordered
to
a director or the Driggs-Seabury C o.
up-Stato supply equal to that of last wintor, w hich in K ansas C ity w as far
T he interests now in control decline to affirm or deny the truth of the re from adequate. Tho receivers w ill begin at once tho construction of a
port that the com pany has concluded negotiations to tak e over the H all fur
nace of the R epublic Iron & Steel C o. and the N orth W orks of the Carnegie
Steel C o. for use in the m anufacture of war m unitions, for which large con
tractsEhave been abtained. the N ew York capitalists now ,in control, of the Com m ission refused tho petition and fixed 28 cts. as a fair rate. Judge
.
A . Borie, who heads
F lannelly partly adopted the C om m ission’s ruling, saying that the Com
Driggs-Seabury concern, declined either to affirm or deny the likelihood of m ission had mado its recom m endation on tho theory that 25 cts. w as
tho tw o p lants passing into control of the new corporation.
,, chargod now in K ansas C ity , w hen, in roality, local consumers aro paying
T he $3 000,000 com m on stock has been listed on the N ew York Curb. 27 cts.— V . 101, P- 451, 373.
— V . 101, p . 693, 616.
Merchants’ Heat & Light Co., Ind.— Status —
Firestone Tire & Rubber Co.—Extra Dividend.—
See report Amer. P ublic U tilities Co. abovo. V. 100, p. 1441.
A n extra dividend of 4% has been declared on the 83,000,000 common
stock, payable Oct. 15, m aking w ith the four regular paym ents of 3% , 16%
Mexican Light ontreal
& Power Co —Receivership.— .
for the year. N et profits after charges and dividends aro reported as
Press reports
$ 4 343,000, an increase of $2,800,000.
There w as carried to surplus son as receiver from aMrosult of announco tho appointm ent of G .inT MClark
as
oxico.
$3,853,000. Pres. Firestone says that the com pany has not accepted any — V . 100, p. 144, 559, 1262. th e upsot condition of affairs
orders for the nations at war.— V. 99, p. 894.
General Water Supply Co., Camden, N. J.—N o Sale.—
Grand Rapids (Mich.) Gas Light Co.—Application.—
See Collingwood, N . J ., in “State and C ity” D ep t.— V . 101, p. 530.
stock.— V .
, p. 1261.
Greenhut Co. (Dept. Stores), N. Y.— Reorganized
10 0
Co.
The com pany was incorporated in N ow York on Sept. 2 w ith $10,000,000
authorized stock (of which $7,625,000 to bo ou tstan d in g), as successor, per
plan V 100, p. 2170, V . 101, p. 216, of tho J. B . Greenhut C o., whose
assets wero purchased at bankruptcy salo on A ug. 17 last by tho reorganiza
tion com m lttoo (V. 101, p . 617). A decree confirm ing the salo was m ado
by tho U . S. D istrict Court on A ug. 30.— Y . 101, p . 617.
Guantanamo Sugar Co.—
Depreciation in A ll Years .—
Naumkeag Steam Cotton Co., Salem, Mass.—N ew Stock.
T h e s h a re h o ld e rs w ill v o te S e p t. 15 o n in c re a s in g th e s to c k
fro m $1,500,000 to $2,250,000.
D i g e s t o f C i r c u l a r S i g n e d b y T r e a s u r e r N . G . S i m o n d s , S a l e m , S e p t . 1.
It will bo remembered th at our plant w as totally destroyed in tho great
firo or Juno 25 1914. Tho now plant, of m ost approved reinforced con
crete construction, is now approaching com pletion. A t the tim e of the fire
the m ills were insured to cover the loss of buildings, m achinery and stock,
besides which tliero was "uso and occupancy” insurance to cover loss of
production. D ividends have been regularly paid during tho period of re
construction from the am ount received for this last insurance.
For tho loss of th e plant som e $2,700,000 w as received from tho insurance
com panies. This a m o u n t, however, is hardly adequate to rebuild w ith
modern fire-proof construction and up-to-dato m achinery, and also pay for
the additional real estate acquired; accordingly, the directors advise an
^ IM h o in c r e a se d authorized, tho stockholders will bo entitled to subscribe
For tho sake of accuracy, it should bo noted that in tho com parative Incomo account for four years past, published in the “ Chroniclo tw o woeks
since (p. 610), tho item “depreciation of m ills, & c.,” show n as a soparato
charge in tho last tw o years, w as in tho tw o earlier years du ly provided for,
but w as included under the heading “Producing and m anufacturing ex stock will bo issued as of Jan. 1 1916, w ith 6 % interest on all paym ents
penses, &c." Tho aforesaid item am ounted to $170,650 and $177,600 in mado N ov 1 1915 to d ate of issue. [Blako Bros. & C o. aro dealing in the
1914-15 and 1913-14, respectively. T he incom e account and balance sheet rights, quoted Sept. 1 at 34 to 36.J Compare V. 100, p. 1347, 313.
of tho G uantanam o Sugar C o., show ing a not profit for tho year of $1,043,
New England Company.— Sale of Hydro-Electric Power
516, w ith tho remarks of President W m . E . G lyn, w as in V . 101, p. 623.
Listed on Curb.— T h e N e w Y o r k C u r b M a r k e t A s s o c ia tio n
. h a s lis te d th e c o m p a n y ’s c a p ita l s to c k .
Lawrence Turnure & C o. are the transfer agents and ih e G uaranty T rust
C o. is the registrar.— V . 101, p. 023 610: V. 100, p . 2013,
Gulf States Steel Co.—
C h a s . H*
Jo n e s & C o ., 20 B ro a d S t., N e w Y o r k , w h o a re d e a lin g in th e
s to c k h a v e issu ed a c irc u la r re g a rd in g , s a y in g in p a rt:
Dealing in
Stock.—
T h is com pany, w hich w as form ed as a reorganization of tho Southern
Iron & Stool C o., B irm ingham , A la. (per plan in V. 97, p . 1119), owns
(a) plant at A labam a C ity, near Gadsdon, A la., blast furnaces, open-hearth
steel plant, bloom ing m ill, rod m ill, m erchant m ill, w ire m ills, laboratory,
warehouse and m achine shop. (6 ) A ltoona coal m ine, situated about 15
m iles from A labam a C ity, A la., com prising 3,0 00 acres, of which 960 acres
is good stoam coal, (c) Virginia coal m ine and coko ovens, located about
16 m iles from
coking coal andBirm ingham , A la., consisting of 2,760 acres of first-class
over 300 coko ovens.
Its red ore iron m ines at Shannon, about 6 m iles from Birm ingham , A la.,
com prise about 1,600 acres of first-class self-fluxing oro. T his proporty,
w hich is located in tho best part of tho Birm ingham district, is in course
of developm ent, and it is expected that it w ill, in tho near future, not only
supp ly all the needs of the com pany, but will enable thorn to markot oro
at a profitable figure. Tho ore proporty is subject to a m ortgage of $289,000
outstanding In the form of coupon bonds of $ 1 , 0 0 0 denom ination, known as
the S e l f F l u x i n g O r e A I r o n C o . 1st M . 6 s, dated Jan. 1 1913, duo Jan. 1
1943' interest payable J. & J. at tho Birm ingham Trust & Savings C o.,
Birm ingham , A la., trustee. These bonds aro subject to call at 105 and
int on any interest date upon 30 days’ notice. Sinking fund 5 cents per
ton of 2 240 lbs. of oro m ined from property covered by this m ortgage, but
not less’ than $900 por m onth, com m encing Oct. 15 1915. [These are tho
only outstanding bonds on any of the G u lfStates Steel C o. properties.— E d .1
T he outstanding capital stock of the G ulf States Steol C o. consists of
7% cum ulative first pref., $1,260,000, 6 % non-cum ulativo 2d prof., $3,107,
069 and com m on stock, $3,284,308. Par value of all shares is $100, and
all stock , except directors’ qualifying shares, is held in a voting trust until
D ec. 1 1918. T he first pref. has preference for assets over 2d prof, and com
m on, and is callable as a whole at 110 on Jan. 2 1918 or any Jan. 2 there
after. Second pref. stock has preference for assets over common; is. not
subject to call, but is convertible Into com m on at the op tion of the holder.
[The firm quotes tho com m on stock at 10 to 15 2d prof, at 20 to 28 and 1st
pref. a t 55 to 65-1 See also annual report in V. 101, p. 128.
International Mercantile Marine Co.—
Plan Favored .—
O tto T . Bannard, w ho returned Sept. 2 from Europe, whither he had
gone in the interest of tho holders of tho 44$ % bonds, is quoted as saying
that th e English and D utch bondholders are pleased w ith the plan and that
it has been accepted by tho foreign bondholders’ com m ittees.
Tho assessm ent of $2 50 on the stock, it is stated , w as included in the
plan to overcom o possible legal com plications under a decision recently
handed down in a W estern railroad caso.
. . .
Of tho 4>$% bonds, about 90% have been deposited, and of tho 5%
bonds about 65% .
M in ority Shareholders’ Committee.— N ew Plan Proposed .—
A m inority stockholders' com m ittee has been form ed, consisting of former
Congressm an Honry S. D o Forest (owning, it is said, about 6,0 00 shares),
and P . M . W helan of John M uir & C o., m embers of N . Y . Stock Exchango,
w ith Loucks & Alexander, 120 Broadw ay, as counsel. T his com m ittee,
it is understood, is preparing a plan of reorganization.— V . 101, p. 617
International Paper Co .— Bonds
Called .—
International Steam Pump Co.—
Protective Committee for
fo r use in Providence Expected to Begin on or About Oct. 1.—
See R hode Island Power Transm ission C o. below and N arragansott E lec
tric Lighting C o. under “A nnual R eports abovo. V. 100, p. 2172, 984.
New Process Gear Co., Syracuse, N. Y.— Acquisition.
Tho com pany, which m anufactures rawhide and m etal gears has, as
rmftvi hnimv aenutred from tho R em ington Typew riter C o. its M onarch
Ty^w T lter^plant .a d jo in in g tho present property T h e m ain building of
the M onarch plant is 5 stories high, of brick and slow-burning m ill con
stru ct™ w ith ^
of 480 ft. on N . Franklin S t., and extends back
3 5 0 ft
to Onondaga Crook. Tho carrying capacity of tho floors is to bo
increased by stool reinforcem ent from 200 to 300 and 350 lbs. por square foot,
to provide for heavier m aterial and m achinery. I ho M onarch plant w ill
after alterations be used by tho Now Procoss Corporation as tho job gear
and spur and transm ission gear dopartmont and tho prosont plant w ill bo
devoted exclusively to tho m anufacture of autom obile differentials. Tho
Now Process C oro, intends to have ovor 1,090 em ployees at work beforo
spring, at which timo tho additional 5-story building now bolng erected
on property purchased rocontly w ill bo complotod and com pletely equipped.
T he com pany w as incorporated in Now York in 1912. Stock authorized,
$3,000,000;'3 outstanding, P$ l,700,000; par $100. N o bonds. P resident.
T . W . Meachom; Secretary and Treasurer, J. T. G . M eachom .
Northern Cal. Power Co., Consolidated.—Earnings.
G ross
N et
O th er
B o n d ,A c ., A d ju s t.
B a l.,
E n d i n a __
E arn s.
E a rn s.
In c o m e . In te r e s t.
A c.
S u rp.
fi m os end June 30 ’ 15 -$ 3 5 8 ,100 $190,614 $1,366 $182,490 $5,959 $3,531
Y m r end D ec 3 1 ’14-- 771.187 423,728 7,654 363,999 9,956 57)427
Sinking fund appropriations for 6 m os. ending June 30 1915 am ounted to
S 6 8 710 S55 000 on Series A debentures and $13,710 on Northern C alifornia
Power d o 1st 5s. A s tho incom e was not sufficient to pay these am ounts,
the necessary funds had to be contributed by stockholders.— V • 1 0 0 ,p. 1262*
P e r io d
Northwestern Electric Co., Portland, Ore.—
G ross
O v e r .E x p .
N et
B ond
Earnings.
B a la n c e .
30 Y e a r
E a r n in g s .
A T axes.
E a r n in g s .
In te r e s t.
S u r p lu s .
1914-15
.$546,254 $228,405 $317,849 $180,000 $137\849
— V. 100, p. 2090.
June
Ohio State Telephone Co., Columbus, O.—
B a l a n c e S h e e t a s o f d u n e 30 1915 ( T o t a l E a c h S i d e , $25,002,161).
Com m on stock — ...........$5,205,875
P lant andE q u ip m en t-1-$21,470,990 referred sto c k . .-------------- 4,972,225
notion _
___1
Construction_charges since
Q. Underlying bonds---------- 8,407,100
July 23 1914__________
Securities ow ned------------ . *>0/ . J i t Bonds, Series B ------------- 5,000,000
Current
244,942
C a s h ____________________ i . 027.558 Taxes, in liabilities---------t., & c., accrued
156,750
A ccounts receivable, & c.
u o .o A O
contingent
117,056
M aterial and supplios—
342,605 R es’vo forepreciation, acc.
&c.
307,379
429,805 D o D
Sinking funds----------------11,867
39,541 D o Insur. & casualty
Deferred deb. it e m s -----S urplus...................
578,966
For earnings of the com pany seo V . 101, p. 532. V. 101, p. 532.
Pittsburgh (Pa.) Water Heater Co.—Favorable Decision.
Tho U . S. Circuit C ourt of Appoals for the Third C ircuit, overruling tho
lower Federal C ourt, has sustained the validity of Shook patent N o. 993,723,
owned by tho com pany, and stated to bo infringed by tho Belor W at or
Heater C o. T he decision, it is stated , confers upon tho Pittsburgh C om
pany the exclusive right to m anufacture a w ater hoator having "a positive
acting single gas valve operating under dual control of therm ostat and wator
valve as described In the p a ten t.”
Republic Iron & Steel Co.—Listed .—
Fifteen bonds issued under trust deed of St. M aurice Lumber Co. dated
T he N ow York Stock Exchango has listed $6,139,000 10-30-year 5%
Oct. 24 1907, havo been drawn for paym ent by lot at par and accrued inter sinking fund m tgo. bonds, duo 1940. m aking the total am ount listed
est at the N ew York Trust Co. on Sept. 21.— V. 100, p. 729.
$19,869,000. Com pare V. 100, P- 1353, 1442.— V. 101, p. 619, 284.
Pref. Stock.—
H a w k e s & H o p p in , a tto rn e y s , 32 N a s s a u S t.
N . Y . , a n n o u n ce d o n A u g . 28 th e fo rm a tio n o f th e p re f. s to c k
c o m m itte e n a m e d b e lo w a n d in p a rt s a y in sub sta nce :
Appraisals of the property indicate that there is a present equity value
to pref. stockholders or over $60 per share, exclusive of goodwill. The
reorganization plan announced im poses onerous conditions on tho pref. stock.
Tho purposes also for which tho $3,639,063 of new cash Is to bo used are
not set forth in detail. Pref. stockholders are not properly represented on
tho proposed voting trust.
Steps will bo taken to rem ove the receivers appointed under tho volun
tary act of the former m anagem ent, and tho com m ittee w ill bo asked to
apply to the now Federal Trade Com m ission for the exam ination of acts
of the directors preceding the receivership. T he foreclosure proceedings
Rhode Island Power Transmission Co.—Nearly Com
pleted.— T h e c o m p a n y is n o w o re c tin g its s u b -s ta tio n in P a w
tu c k e t, a n d e xp e c ts to m a k o d e livo rio s o f p o w e r o n o r a b o u t
O c t. 1 to th e N a rra g a n s e tt E le c t r ic L ig h t in g C o . o f P r o v i
dence. Seo “ A n n u a l R e p o r ts ” o n a p re c e d in g page.
T he com pany is capitalized for $10,000, fully paid in, and no bonds. T he
stock is all owned by tho Now England C om pany (V. 100, p. 2172, 984).
which is tho owning and controlling com pany for all tho gonoratlng and
transforming com panies of tho C onnecticut Rivor Power C o.-N ow England
Powor C o. system . T he com pany has no chartor In Rhode Island, but is
incorporated, it is understood, under a special A ct of tho M ass. Legislature.
There is no rivalry botwoon tho Transm ission Co. and tho N arragansett C o.,
as tho scope of operations of each Is clearly definod in tho agreem ent.
Sept . 4 1915.]
THE CHRONICLE
777
(M .) R u m e l y C o m p a n y , L a P o r t e , I n d .— Plan Dated
Farmers’ Notes.— A rrangem ents have boen m ade w hereby
26.— T h e p la n f o r th e re o rg a n iz a tio n o f M . R u m o ly ^oId^?7thn^?H y W1 acq uire approxim ately $3,500,000 of farm ers’ notes
fhiancburh Of if C°/oP.?ny w ith ?Ption of re-purchase in connection w ith the
C o m p a n y a n d R u m o ly P ro d u c ts C o ., w h ic h has boon a p
and -^s H inff.nncm914fISOaSf9.n a l/ equirom ents' To effect issue approxip ro v e d b y th e n o te h o ld e rs ’ c o m m itte e a n d th o s to c k h o ld e rs ’ m atelv thn f^?.” si<l eratIon therefor, tho new com pany willtbis acquisition
c o m m itte o , a c tin g u n d e r d o p o sit a g re e m e n ts o f M a y 25 1915 $ L 540,000;Com m on
debentures’ $96’000: p ref’ stock*
a n d F e b . 1 1915 a n d a sse n te d to b y h o ld e rs o f fa rm o rs ’ a n ^ o v ^ t h ^ i D ' ? a rn ey & C o ., as s y n d ic a te m an agers, h a v e
fo rm e d a s y n d ic a te t o u n d erw rite th o cash ren o te s, has be e n a d o p te d b y th o jo in t re o rg a n iz a tio n co m a u rem entsh fhM= an d
narU cW ation
Pr<?vlf
,. again
em barrassm
m itte e a n d is o u tlin e d b e lo w . See also a d v .o n a n o th e r page. p a rticip a tio n o f a n y sto c klqo^ld e r s o fst e c o m p a n y . en t th ro u g h th o n o n
h
th
Aug.
Introductory Statem
ent.
Since tho appointm ent of a receiver on Jan . 19 1915, tho several com m it
tees have boon actively engaged In tho consideration of tho problem s prosented by th e receivership and they aro now unanim ously of the opinion
m a t tuo best interests of those whom they represent w ill be served by a
prom pt reorganization and tho continuance of the business. Tho com
m ittees have co-operatod w ith the recoivor, Finley P . M ount, inovoryw ay
possible to m aintain the business. A thorough exam ination of tho propertios and business has been m ado by Stephen 13. Flem ing, a m anufacturer
or wide oxporionce, and the books and accounts have boen exam ined by
Prico, W aterhouse & Co. Tho following plan of reorganization is basod
upon tho Inform ation thus obtained. Tho statem ents contained in tho nlan
have boon compiled from sources beliovcd to be reliablo and accurato but
certain of them are necessarily approxim ate.
Outstanding Secur. and Indebt, as of Dale of Receivership, Total $35,792 375
(Including dobts of sub. cos.. but not their cap. stock or intor-co. d eb ts). '
C apital stock— referred, $9,*50,000; com mon, $11,779,900. -$21,529 noo
Convertible 6% I gold notes............
7n non 900
Commission 6% gold notes---------------- -----------------------------------435 800
Four-yoar 6% gold n o to s ..................................111111111"...........
184 780
Agents commission certificates, inch accrued Interest ................." l 195 ono
114 (517
Purchaso nionoy lions.............. ......................................
C urrent liabilities: Notos payable morchandfso, $43,388"t"rado
’
Recounts, $301,819: interost accruod, $247,353; taxes, $102 708; royalties accruod, $82,107; pay-rolls, &c., $64,003' bal902 269
anco duo on sprinkler contract, $60,830; t o ta l ...........................
C ontingent claim s for dof iciency on farm ers’ notos con tracts, e st. 1,500 !000
R
eorganization P D
lan ated Aug. 26 1913.
Requirements.— P articipating stockholders will bo roquired to con
trib u te $17 por share of prosent prof, stock and $9 por sharo of prosont
rn/U|I^ uSt0CHf-in °,rdorrepurchase “ sum of notes and to ith which to pay
receivers certificates, to rai;so th farm ors $2,718,600 w provide purchase
prico of properties acquired which m ay be payablo in cash on or after renrfaU ZaH011, fKu adjustm ents incidental to reorganization, general rezatlon obligations and oxponsos, including com pensations, allow
ances, counsol feos, underw riting commissions, services of experts, taxos
and issue of new securities, and miscellaneous 1
and also to provide working capital for tho new com pany requirem ents,
rnayv C
a dotormino, Pi lnni ' ,will rl11 be, organized by such S tate as tho or through
,h,?nrm m T and - i^ acquire, oitlior In direct ownership com m ittee
m
stock ownership, tho m anufacturing p lants, inventories, good-will and
other property now owned or controlled by the M . R um ely C om pany
roducts Co. after receiver’s sales or otherwise, w ith such
r
xr nS 'T
[Receiver Finley P . M ount, it iscom,nitteo m willinbo President.] determ ine.
announced, ay its discretion
/, \
n e a n .( Assumed by the New Company.
}
. (V „ ™
afi 6 % &inkt/} a Fund Gold Debentures, interost payable
fn v iinterosti »dato. So longc as tho debentures aro outstanding, no other
any X « K t « RodQ0nlab all. or In p art by lot, a t 10234 and in t. on
•“ g® ®f,.<lebonturos shall bo p ut out and no m ortgage, other th an purchaso
monoy liens, shall be placed upon any of the proportios, but this provision
shall not provent tho now com pany from pledging its roceivablos in connec
tion w ith seasonable borrowings for the operation of its business If
howover, tho floating dobt shall a t any tim e exceed tho authorized pririeinai
am ount of tho issue of debentures, plus tho difference between such am ount
so authorized and tlio am ount of dobenturos a t such tim e outstanding tho
debentures m ay be declared im m ediately duo and payaDlo by the trustee
of tho debenture agreem ent unless tho now com pany shall w ithin 30 days
swuritV'of^h^debont^rM.0 trUSte° “
° & m°rt8a*e of lts
If any of tho plants acquired a t organization shall be sold whilo tho deben
tures are outstanding, then undor any such m tge. there shall also be pledged
bilis and notes recoivablo (farm ers’ notes) o f the new com pany equal m
value to tho procoods of any such sale, unloss the proceeds of such sale shall
havo been applied to the redem ption of debentures or in additions oltonsions and bottorm onts or in tho acquisition of additional plants’ to be
subjected to tho Hon of such m ortgago. Sinking fund for the Redemption
and cancellation of debentures a t 10234 and in t., if not purchasaW o foR
or annum thereafter. Now com pany for rnrM H m t,; i,,
and $200,000 per bGlow th ?£ pricP ’ *100,000 per annumm;iv first fWo years
tenders to sinking fund. N one of those debentures shall L is s u ^ £xrep”
for the purposes of tho plan A uthorized issue (whorcof $3^50 000 are
applicable as shown in tablo bolow )______________________ _ $3 500 000
(2) Preferred stock entitlod in preference to common stock '(a) To divi
dends of 6% por annum and no m ore, cum ulative from Jan 1 io io Vhi
In caso of dissolution or liquidation to par and cum ulative dividends un
paid. Redoemablo a t option of com pany a t any tim e on paym ent of inscy
and accum ulated dividends. New com pany m ay purchase and hold oref
stock. A uthorized issue, in $100 shares (seo table bolow )____$12,500,000
(3) Common stock, au th ., in $100 shares (soe below)
Si.3 75n non
R oth classes of stock will havo equal voting rights.
’ u,uuu
vtj ± outi/ituntoo yjj i j , tot/it
uuvr
em a in s
n d is tu rb ed
(4) Indebtedness of present companies whichuunder planrremainsuundisturbed
providos
t.hn hniHoro
Tho plan provides for no distribution of new securities to tho holders of
j j iu u
m ortgago debts and purchase m oney liens, in tho am ount of $125,000
which will bo loft undisturbed, nor does ir provido for distribution of socurities to several thousand local agents in tho field holding com mission
certificates w hich, by their term s, becomo payablo on ly as tho notos givon
in respect of tho salo for which tho com m ission aroso aro paid in full Tim
com m ittoo considered it of vital im portance to tho continuation of the
business that this contingent liab ility should be assum ed by the new c o . °
S u m m a r y o f C a p i t a l I s s u e s , D e b t s a n d F i x e d C h a r g e s ( R e d u c t i o n $427,235 p . a . )
—
O ld C o .
b le w C o m n a n u
o .u .rr " d ^
Preferred stock-----------------9,750,000 12,500 000 (authorlzedl
Com mon stock--------- notes contracts
(authorized)
Claim s undor farmers ------------------------ 11,799,900 13,750,000 v orizea)
(estim ated ).................................................. 1,500,000 N one
T otal
............................................... $34.450,405$29,875,000
T otal annual fixed charges----------------- $637,235 $210,000
A dditional intorost charges duo to
financing through soasonal loans,
discounts or sales of farmors’ notos,
under agroom ents of guaranty and
re-purchase............................................ over $600,000
$50,000 (ou tsideest.)
Tho capital liabilities of tho now com pany above includes securities to bn
ssued in tho acquisition of approxim ately $3,500,000 of S e r s ’ notM
Tho agentscom pany w ill certificates referred to abovo.whatovor asiao irom
asido from
the now com m ission havo no contingent liab ility
—------------- P r e 3 e n t S e c u r i t i e s . & c ---------------D i s t r l b u l l o n o f N e t g S e c u r ( t t e s ____
C la s s .
A m o u n t.
Convertible 6 % gold notes.. 10 ,000,000
Commission 6 % gold notes. 435,800
Four-year 0 % gold n otes...
184,780
Contingent claim on farmers’
notes .{contracts, estimated 1,500,000
Lom bard S t., London, and A dolph Boissevain & Co A m sterdam
26 B r o a f S t ,r ^
Y ? C i t T m ° n St° Ck: D e p 0 s lta r y ’
New
Y o r k T ^ u st c “ .' -
Ail holders’of prosent certificates of doposit who fail to w ithdraw on
on or beforo Sept. 30 1915 will be bound by tho p lan .__V. 101, p . 698.
Sears, Roebuck & Co.— Total S a le s .— — 1914
1915— 8
1915—A u g u s t — 1914
- V 9310181p. 452’151’404
In crea se.
M os.
16’92% S67’327’233
In crea se
*60 379.533 11 51%
Self-Fluxing Ore & Iron Co.—Bonds.—
Shawinigan Water & Power Co., Mont.— New Stock.—
Seo G ulf States Steel Co. above.
a t mprl s h a ;h ai M186 of tho *1-237,500 com subscribed. T he offered
u-v„pa tq &cw 5eholders thra trecord was entirely mon stock recently B ritish
m
y ,,? Gp1 : iwhlch had prohibited English shareholders to participate
t
!m‘w , or of d^f?,rit]ns granted them tho to Ju ne 30 1916 at$ 1 5 p e r share
now 1Cnr ?,f deferring ’ th e subscriptions exceptional privilege of0subscribing,
ThfTfnMv *b ? /ig h t to subscribe to^oniy about 1,500 shares was so deferred.
292° 218J "Pa,d aha1^138 are Quoted in M ontreal a t about $118.— V. 101, p .
South Porto Rico Sugar Co.—2% E x tra .—
An extra dividend of 2% has been declared along w ith the regular quarm3 d o \ ? S « “ “ “ s i o’-
v
?
ha v“ beei1
Splitdorf Electric Co.—Slock In crease, & c.—
°n
w r
ck m
S .o On Otn$4,500,000. ^e edo<yatortifica eofin re seofsto fro
J O .O ]iP n 4 ^n
O to « h
S T s 3 gce C b lo . c a
e e rrin n o. te w
Streets ingofficers haveOeenelec.—: F. J. Reichm nn. Pres.; F. A .
Company.— bfficers ted
T e fo w
h llo
a
V
M
arston V re a dT
, ice-P s. n reas.; R b J M S c.—V. 101, p. 619.
o ert . ills, e
Submarine Boat Corporation,^-^N ew
President, & c .
—
H ry It. C rso h s r sig e a V res. of th H n v N B n
en
a
a e n d s ice-P
e a o er at. a k
in o e to a t th P sid n y of th S b a e B a C . o O 1
rd r ccep e re e c
o u m rin o t orp n ct.
H w d v to h e tirea tio to th a irs of th S b a e C rn
o ill o o is n
tten n
e ffa
e u m rin o
A n e en wr re e tlym d it is rep rte , fo th p rc a by th
rra g m ts o e c n
a e,
o d r e u h se
e
C in G v m t of a la e n m e of su m rin s, th first o e to
h ese o ern en
rg u b r
b a e o
rd r
co e 100, a a a e g co of a o t $750,000 ea .—V
vr
t n v ra e st b u
ch .101, p 532, 452.
.
Swift
Co., Chicago.—
&
D ividend In creased. — A q u a r
t e r l y d iv id e n d o f 2 % ( N o . 116) has been d e c la re d o n th e
$75,000,000 s to c k , p a ya b le O c t. 1 to h o ld e rs o f re c o rd S e p t.
10. T h i s co m p a re s w it h l % % q u a rt e rly f o r m a n y y e a rs .
„ ___
1
§5?to1?94’
- v . iof" K S ; 292.
Previous Dividend Record (Per Cent).
1895 to J ly 1898.
u
Oct.’98 to July’15.
6% yearly-
7% yearly-
Tennessee Copper Co.— Statu s.—
of o e r into 3,000,0001 e r oors,d. c p c resth b a sedto a k ue
n n rr,°? A m n o6% b n,te th o ro ee d to muin of ta issu
t
S n i n ^ / ^p d o n e d e e k g n e p
,
sid
^ ^ ^ U a^up .lresId r ^ W i,geca ital*th b isc ss b ooeta of
^ H *ro> o en rkn dP ed to d d toth cd v rtib
rid ^ t r « eclin e o u e n eils le
ns
ed
‘if fh
c
w r o e fo a fo th m n fa re of e a rd rs r cid r e a u ctu
x
{n g rd to e c n a va o l bontioo e o comq o a cky “I
v ,
in re a til th re e f d',,h n Jlstqe tab n of .thH Ispuy’s sto sa in
t d a ce in ue o k d e anted s : g
sin e ly d p c te th fa th t T n o e C p er sto , w ich I h v
c re e re a
e ct a e n sse o p
ck h
ae
of^ ecu l^
lssu 1 b ln m d afo tb ll
e’ 3 e « a u o a
Torrington Co., Boston, Mass.—Favorable D ecision .—
V -C a ce r B c & a T to , N J o A g. 27 d n d th a p
ice h n llo a k s t ren n .
n u
e ie e p lica
tio of a m o sto k o e of th su sid ry S litd rf E ctrica C fo
n
in rity c h ld r
e b ia p o le
l o. r
atem o ryin etio , p n in tria of th c seu o th m
p ra jim n e d g l
e a p n e erits, top v n
re e t
th issu n e of $1,000,000 a d n l c p l sto of th S litd C to
e ac
d itio a a ita ck
e p orf o.
p rc a th S m r (S C E c a C
u h so e u te . .) le tric l o
T ? p rc a w s c n n d to b 98% of th sto of th S litd rf C
*1 u h se a o se te
y
e ck
e p o o.
T e S litd rf C lia a c p l of $3,500,000 a d h s b ilt u a la e
h p o o. s a ita
n a u p
rg
b sin ss Inth m n fa tu of h h n n m g e s u dina to o iles,
u e
e a u c re ig -te sio a n to se
u mb
a ro la e a d th la st ty e of m c in g n m n fa tu d by th U S.
e p n s n e te p
a h o u s a u c re
e .
G v rn en T e S m r C o n th p ten o th m g eto a dh s
o e m t. h u te o. w s e a ts n e a n n a
b e re e in ro a s fro th S litd rf C T e d c rs of th S lit
e n c iv g y ltie m o p o o. h ire to
e p
d rf C d c e to a q ire th p te t rig ts fo th ir o n co p n a d
o o. e id d
cu
e a n h r e w ma y n
o e e n g tia n fo th t p rp se V. 99, p. 893.
p n d e o tio s r a u o .—
U. S. Industrial Alcohol Co.—New
,
Su b sid iary & c
—
T e C rtis B D
h u
ay istille C asu sid ryof th U S In u l A
ry o.,
b ia
e . . d stria lco
h l C h s, it is re o d b g n th e c n of a d n tu d a o o d
o o., a
p rte , e u e re tio
e a re lc h l istlllcry o C r is B lo e B ltim re h rb r, to co a o t $1,000,000.
n u
ay, w r a o a o
st b u
p d td ^ is- RIs sald to h v a d ily ca a of 100,000 to 120,000
,!P ‘s Ie
.
ae a
p city
g llo s of d n tu d a h l, a o g th in l c p city w p b b
a n
e a re lco o lth u h e itia a a
ill ro a ly
^ D e b e n t u r e s .^ P r e f . S to ck .
C o m . S to ck .
b n t o e h lf th t, a o n It w s r c n r p rte th t a th re lt
o o v r a a m u t.
a e e tly e o d a s e su
rg a r e s ll
o em a y la ts e o o in ig t n ay.
x3C 30o",000 85- 8 ,500*000 4 0 - 4 one nnn of la o w r o d r a of th o p n ’s p n wr w rk gn h a dd
x3- 13,074 85- 370 430 40174
o k .—V^lO
l*p0218° re a d r of 1915 a d fo th y a 1 6
mln e
n r e e r 91
x3- 5,544 85- lS O jm 4073 9 h^bren b o ed
10
Other crcd. & purp. of plan. ------------ . . -
ltepurch. of about *3,500,000
farmers’ notes (see below)
Prof, stock (It paying $17 per
H o ld e^ Cofn 9 « a f a« ^ inr? rder 10■Participate in the Reorganization.
iNJ
Gold N m es aUn" h a J „ 6%f C onvertible Gold N otes and 6% Commission
n o t e b 0w iw m n r ,nn 1 already deposited such notes, m ust deposit their
U SM ort K C
m aturing M arch 1 1915 and subsequently, w ith
than 75^ rtof th ^
’ depos‘tary , on or beforo Sept. 30 1915. [More
Holders of
11 is announced, has been deposited.]
catas ofT eno ir nf t w w 2 m^ on, So?ck ° 4 the M ' R um ely C o. and of certifim ent o fd e !n o - ’f 'wVi.h 9^/? ’ m YqrH T ru ?t their issuod under of stock or certiflcatos date Feb V o
ust deposifc C o" certificates tho deposit agreepositary,d on°or b e Z ^ p Z
a t th ° NtW Y° rk T ru st C o” de*
on Tth est w R m s ^ m o v id ^ n °nsi of depositaim s sam e w ith the U . S.pany m ust
& ru ^ CA
P>a;> 9nd c.l the against either com M ortgage
IloUlers
of V ' °sit T w ith one of its agents nam ed C o.,
donositarv of certR K SK i of, d °PCitX- of tho U. S. M ortgage & T ru stbelow,
certificates of dennsh d °PqsR a ^ ee m e n t of M ay 25 1915, m ay present their
asso n tm ay bo S t h e r e o n dopositary undor the p la n ’ in order th a t their
F latten , Chairm an; M orti-
.................. -
3- 45,000 85- 1,275 000 40 -
20,654 . . .
658 499 -
8
"
96,000 . . . 1,540,000
'
’ ™ "
ra.vio
onn nnn
* SO
356 7
456,789
725 000
/ a >,uuu
Utah Gas & Coke Co., Salt Lake City.—Statu s.—
Virginia-Carolina Chemicalvo beenNew d directors Reporteed
Co.—electeDirectors to succ—
t ® ?' ^ ,°I1 wa d S II. M
l
*
5 3^a p .
s
iller h
a
Bee rep rt A er. P b U
o m u lic tilities C ab v
o. o e.—V 100, p 907.
.
.
old sharo).............................
so- 4 ,»/&,uou —V’ lOlp
a d K n K- M aren S o “A n a R o
n en eth
cL . e n u l ep rts.”
Com. stock (if paying $ 9 per 9,750,000 ..- y l ,744,737 . . - .
u- 4 875 000
old share)..............................11,770,900 ..- y l ,115,091
____
25- 2 944 975
L isted. — T h e N e w Y o r k S to c k E x c h a n g e has lis te d $5,000,
Total..................................................................... 3,350,000 12,500,000 13,750,000 000 1 0 -year 6 % s in k in g fu n d c o n v e rtib le d e b e n tu re s due 1924
( V . 99, p . 54, 204).— V . 100, p . 367.
x Representing unpaid Interest to March 1 1915.
y Being in effect issuable at 95% for cash contribution named.
F other Investm N s see p 781.
or
ent ew
age
[Vol. 101.
THE CHRONICLE
778
Im p a r ts an d
A M E R IC A N
W A T E R
^ o tn m z u x s *
W O R K S & E L E C T R IC
(IN C O R P O R A T E D )
C O M P A N Y
F I R S T A N N U A L R E P O R T — F O R T H E Y E A R E N D I N G J U N E 30 1915.
T h i s o xc lia n g e h as also p re p a re d th o w a y f o r re a d ju s tm e n t
o f th e fin a n c e s o f th o s u b s id ia ry co m p a n ie s so t h a t th o neces
s a r y b e tte rm e n ts a n d e xte n s io n s ca n bo a d e q u a te ly p ro v id o d
fo r , to a c c o m m o d a te th o g ro w t h o f th o c o m m u n itie s s o rve d .
T h o B o a rd o f D iro c to rs p re s e n ts th e fo llo w in g ro p o rt o f th o
I n c o n s id e rin g th o e ffe c t o f th is e xc h a n g o u p o n th o fu tu ro
o p e ra tio n s o f y o u r c o m p a n y fo r th e fisca l y e a r e n d in g J u n e 30 e a rn in g s o f y o u r C o m p a n y , it w ill be a p p re c ia te d t h a t, w h ile
th e n e t e a rn in g s w ill in cre a se m o ro th a n th o a d d itio n a l in t e r
1915.
C om pany's proportion of not earnings of subsidiary com panies
est o n th o b o n d s issued to m a k o th e e xc h a n g o , th o ra tio o f
(exclusive of W est Penn T raction C o .)-------------------------------- $646,012 60 e a rn in g s to th o in to re s t ch a rg e s w ill n o t bo as g re a t as is
Incom e from bonds and preferred stocks ow ned, intorest on
bank balances, &c___________________________________________ 4 4 8 , t>4 s h o w n a b o ve .
N ew York, August 17th,
1915.
To the Stockholders o f the Am erican W ater W orks
C o., In c .:
Electric
T otal Gross Incom o______________________ _____ --•____ r- rr $994,475 3 5
Exponsos and Taxes— Loss proportion contributed by subsid
iary com panies for expenses of adm inistration and included
in the operating expenses of such com panies..........................—
4 8 ,353 59
N ot Earnings__________________________________________________ $946,131 74
D e d u c tio n s :
IUCoUaterai Trust 20-year 5% B on d s----------- $399,660 13
C ollateral Trust N otes, secured by capital
stocks o f Butlor and Warren W ater Com
12,000 00
pantos_______________________________
24,982 99
Balances due subsidiary com panies—
Bank loans of defaulting coal and power com Oxtu l Uvl u y IM/iUl’)
• •
o in
C o. in aecordanco with plan of reorganization .50,840 4.1
T otal D eductions---------------------------------------------------------N et Incom o___________________________________________________
SU R PL U S A C C O U N T .
N ot Incom o, April 27 1914 to Juno 30 1014
— .......................
N et Incom o for year ended Juno 30 191o, as ab ove.......................
T otal C rod lts.............................- ........................- ................... - - - - D oduct special funds to be sot aside under term s of supple
m ental m ortgage as follows:
„ „ „„„ „„
T o Special Surplus F und---------------------------- $o00,000 00
Saving in interest through oxehango of
U nited W ater & Light Co. n otes-------------19,45o 26
T otal D eb its.....................- ...........................................................
Credit Balanco remaining Juno 30 1915-----------------------------------
W A TER -W O R K S O P E R A T IO N S.
T h i s C o m p a n y c o n tro ls a n d oporades w a to r w o rk s co m
pa n ie s in som o e ig h ty -s e v e n c o m m u n itie s , s e rv in g a p o p u la
tio n o f o v e r o no m illio n tw o h u n d re d th o u s a n d . A t theso
w a te r-w o rk s p la n ts th o ro a ro in s ta lle d r o la y a n d d u p lic a tin g
p u m p in g e q u ip m e n t, w it h filte r in g a p p a ra tu s a n d s to ra g e
fa c ilitie s a d o q u a to to in s u ro a n a m p lo w a to r s u p p ly lo r th o
d is tric ts s o rvo d . T h e p la n ts a ro o p e ra te d a n d m a in ta in e d
u n d e r th o d ire c tio n o f a c e n tra l o rg a n iz a tio n co m p o se d ot
e xp e rts in t h e ir re s p e c tive lin e s , w h ic h secures th o b e s t possi
b le ro s u lts a t a n in c o n sid e ra b le oxpen so w h e n c o m p a re d w it h
w h a t su ch s e rvic o w o u ld co st in d o p o n d o n tly o p e ra te d co m
467,483 55 p a n ie s. L a b o ra to rie s a ro m a in ta in e d a t in d iv id u a l p la n ts ,
r in
n
lo tio n s ,
e
a lyso
ma
u rly
$478,638 19 o f a ll c eo traal to r c a u p p lie dw hthres a n s u rin s a ro a to rd e h rotg islath e
o
th w
s
,
u in
g a w
t a
h o st o b ta in a b le in th o lo c a lit y a n d is b o th c h o m ic a lly a n d
.
.
S89.969 '5£ b a c to rio lo g ic a lly safo f o r d o m e stic u so .
478,638 19
I n a d d itio n to fre q u o n t lo c a l in s p e c tio n s, e x a m in a tio n s ot
$568,607 75 th o pro m ise s o f e v e r y w a te r u so r b y special in s p e c to rs a ro
m a d o a t re g u la r p e rio d s , in n o caso a t lo n g o r th a n t w o -y e a r
in t e rv a ls , th u s a s s u rin g g o o d s o rvic o as w e ll as th o a c c u ra c y
o f th o C o m p a n y ’s re c o rd s .
519,455 26
$49,152 49
ST A B IL IT Y OF E A R N IN G S .
T h o s ta b ility o f th e e a rn in g s o f w a te r w o rk s p la n ts u n d e r
v a r y in g c o n d itio n s o f bu sin ess is illu s tra te d m a s tr ik in g
m a n n e r b y th o fo llo w in g s ta te m e n t s h o w in g tlio m creaso ot
W i t h th e e xc e p tio n o f m in o r a m o u n ts a c tu a lly re c e ive d as g ro ss e a rn in g s o f y o u r w a te r p ro p e rtie s fo r to n fis ca l y e a rs
d iv id e n d s o n p re fe rre d s to c k o f som e o f th o W o s t P e n n rl fa c o n d in g A p r il 30 1915, c o m p a riso n s a t J u n o 30 f o r th o e a rlie r
tio n C o m p a n ie s , th o a b o ve fig u re s do n o t in c lu d o a n y e a rn y e a rs a ro n o t a v a ila b le . T h i s s ta te m e n t is p a r tic u la rly in
in g s fro m tlio so c o m p a n ie s, as such e a rn in g s a re n o t im m e te re s tin g w h e n c o m p a re d w it h tho se o f o th e r classes o f p u b lic
d ia t e ly a v a ila b le f o r th o A m e ric a n W a t o r W o ' k s & E le c u t i l i t y c o rp o ra tio n s , w h ic h h a v e in m a n y cases re c o n tly s u f
t ric C o ., tho cash e q u iv a le n t h a v in g Doan u se d fo r c o n s tru c
tio n p u rp o sa s. H a d th o A m e ric a n W a t e r W o r k s & E le c t r ic fe re d se rio u s re d u c tio n s in I inc coame e .D e c r e a s e
In crea se
n re s
C o .’s p ro p o rtio n o f these e a rn in g s b e e n in c lu d e d , tho n e t
D u e to
D u e to
D u e to
N a tu ra l
T o ta l
G ross
P la n ts
P la n ts
e a rn in g s o f y o u r C o m p a n y w o u ld h a v 3 boon in cre a se d som e
G ro w th .
In crea se.
E a r n in g s . P u rch a sed .
S o ld .
$232,000 a n d w o u ld h a v e beon a p p ro x im a te ly $1,178,121 74. Y e a r
$333,786 $333,786
1906’--------$2,629,975
1007
2,847,391 . . $41,412
1 9 0 8
3 ,0 1 4 ,0 3 0
1909
2,976,231 :: $92", 965
A t t e n t io n is d ire c te d to th o ch a rg e o f $519,455 2G a g a in s t
1910 ...........- ...................... 3,222.736 83,599
S u rp iu s A c c o u n t, w h ic h w a s m a d a f o r th e fo llo w in g rea son s: 1911 .................................... 3,545,558
22,549
T h o U n ito d W a t o r & L i g h t C o ., a s u b s id ia ry c o m p a n y , 1912 .....................- ............ 3,695,478
1
................
3,800,443 7,672 15,391
h a d o u ts ta n d in g $7,970,500 C o lla te ra l T r u s t 6 % N o te s m a 1 9 1 3
914
.........................4,118,095
t u r in g s o ria lly a n d s e cu re d b y $9,973,000 b o n d s o f su b sid i 1915 .................................... 4,203,319
a r y w a te r co m p a n ie s. I n th e la tte r p a rt o f 1914, h o ld e rs o f
* D ecrease.
_ .
SP E C IA L SU R PL U S.
som o o f th o U n it e d W a t e r & L ig h t C o . n otos, re q u e ste d tho
A m e ric a n W a t e r W o r k s & E le c t r ic C o . to e xc h a n g e th e ir
n o te s, p a r f o r p a r, fo r th o 5 % C o lla te ra l T r u s t B o n d s o f th e
A m e ric a n W a t o r W o r k s & E le c t r ic C o . T h i s th o la tte r
c o m p a n y a gre e d to d o , p ro v id e d a t least s e v e n ty p e r ce n t o f
th e n o to h o id e rs w o re w illin g to m a k e th o o xe h a n go , a n d th a t
co n so n t to su ch o xe h a n go c o u ld bo o b ta in e d fro m tho B o n d
h o ld e rs ’ F in a n c e C o m m itte e o f th o A m e ric a n W a t e r W o r k s
& E lo c t ric C o . T h o F in a n c e C o m m itte e m a d e a c a re fu l
in v e s tig a tio n o f th e e n tiro s u b je c t a n d co n se n te d to th o e x
c h a n g e , c o n d itio n a l, a m o n g o th e r th in g s , t h a t
.
(а ) T h e s a v in g s o f 1 % p o r a n n u m in in te re s t re s u ltin g
fro m th o o xe h a n go s h o u ld bo in vo s te d in s u b s id ia ry p la n t
a d d itio n s , b o tte rm o iits , & c ., a fte r a ll exponses in c u rre d b y
th e c o m p a n y in c o n n e c tio n w ith th o e xc h a n g e h a d been re
im b u rs e d . O r , such a m o u n ts co u ld bo used fo r th e re d e m p
tio n o f A m o ric a n W a t e r W o r k s & E le c t r ic C o . C o lla te ra l
T r u s t B ond s.
.
(б) T h a t th e re s h o u ld be cre a te d o u t o f e a rn in g s a S pecial
S u rp lu s F u n d o f $1,250,000, fo r th o p u rp o se o f a ssistin g in
fin a n c in g th e c o n s tru c tio n re q u ire m e n ts o f th e s u b s id ia ry
w a te r co m p a n ie s. T h o r o w a s to be set asido f o r th is p u rp o se
$500,000 f o r th o fo u rte e n m o n th s e n d in g J u n o 30 1915, a n d
$250,000 f o r each fis c a l y e a r th e re a fte r u n t il th o to ta l o f
$1,250,000 is re a c h e d .
.
T h o D ir e c t o r s o f th is C o m p a n y a cce p te d theso re q u ire
m e n ts a n d th e p la n fo r e xc h a n g e w a s d e c la re d o p e ra tiv e
M a r c h 27 1915. A t th e p re s e n t tim e o v e r 9 8 % o f th o n o te s
h a v o b e e n e xc h a n g e d .
T h i s e xc h a n g e is o f im p o rta n c e to y o u r C o m p a n y , as it
s u b s titu te s lo n g te rm se cu ritie s fo r s h o rt te rm n o te s m a tu rin g
s e ria lly , a n d w h ic h , u n d e r th o fin a n c ia l c o n d itio n s p re v a il
in g d u rin g th e p a s t y e a r, m ig h t h a v e p ro v e d a sou rco o f w e a k
ness a n d p o ssib le e m b a rra s s m e n t.
.
217,416
166,645
*37,805
246,505
322,822
149,920
104,965
317,652
85,224
258,828
166,645
55,160
246,505
239,223
172,469
120,356
309,980
85,224
_ .
I t w ill bo o b s e rve d t h a t w h ile th o e a rn in g s f o r th o fisca
y o a r o n d in g A p r il 30 1915 do n o t s h o w as la rg o a n in cro aso as
p re v io u s y o a rs , t h e y do s h o w a n in cro aso e vo n u n d e r th o v e r y
u n fa v o ra b le g o n o ra l bu sin ess c o n d itio n s w h ic h p re v a ile d
d u rin g th o p a st y e a r.
W EST P E N N T R A C T IO N CO.
D u o to th o busin oss d e p re ssio n in th o P itt s b u r g h d is tric t
d u rin g th o p a s t y e a r, th e e a rn in g s o f th e W o s t I qn n p ro p e r
tie s w e re n o t as la rg o as h a d beon a n tic ip a te d . I n a d d itio n
to th is , th o N o t In c o m e w a s a d v e rs e ly a ffe c te d b y th o in te r
e st ch a rg e s o n th e n o w m o n o y p ro v id e d fo r a la rg o a m o u n t
o f c o n s tru c tio n w o rk , th o b e n e fits o f w h ic h w e ro re fle c te d m
th o e a rn in g s to o n ly a lim ite d o x te n t.
T h o re c e n t s ta te m e n ts , h o w e v e r, s h o w d ecido d im p ro v e
m e n t, a n d w it h th o r e t u rn o f n o rm a l c o n d itio n s it is o xp o cte d
t h a t la i’go a n d in c re a s in g e a rn in g s w ill a ccru e to y o u r C o m
p a n y fro m its h o ld in g s o f th o se cu ritie s o f th o W e s t P e n n
C o m p a n ie s.
M A IN T E N A N C E A N D R E P L A C E M E N T S.
W h ile th o p h y s ic a l c o n d itio n o f th o p ro p e rtie s h as beon
f u lly m a in ta in e d d u rin g th o p a s t y e a r, n o a d d itio n a l re s e rve s ,
h a v o be e n cre a te d fo r d e fe rre d m a in te n a n c e , o xco p t m th o
S ta te s w h o re th e la w s re q u ire su ch p ro v is io n s . T h o m o th o d
fo llo w e d in th o p a st w a s to c h a rg e ro p la co m o n ts m o p e ra tin g
o xpenses in th o ye a rs in w h ic h su c h ro p la co m o n ts w o ro m a d o ,
w it h th o re s u lt o f a p p re c ia b ly a ffe c tin g th o n e t o a rn in g s ot
th o in d iv id u a l co m p a nie s f o r su c h y e a r, b u t n o t a ffe c tin g th e
g e n e ra l re s u lts o f th o c o m b in e d co m p a n ie s. T h o p o lic y ot
y o u r C o m p a n y w ill bo to g ra d u a lly clia n g o th is m o th o d b y
s e ttin g u p re p la c e m e n t re s e rve s to ta k e ca ro o f d o fo rro d m a in
te n a n c e , th e ro b y p ro d u c in g m o ro u n ifo rm fin a n c ia l ro s u lts m
th o o p e ra tio n o f th o in d iv id u a l co m p a n ie s.
Sept .
4 1915.]
T H E C H R O N IC L E
CONSTRUCTION REQUIREMENTS.
W a t e r co m p a n ie s m u s t a t a ll tim e s bo p re p a re d to fu rn is h
a p u re a n d a d e q u a te s u p p ly o f w a te r to a ll th o re s id e n ts in th e
d is tric ts s e rve d , a n d also a n a b u n d a n t q u a n t it y a t su ita b le
p ro ssu ro f o r firo -fig h tin g p u rp o se s. T h e s e o b lig a tio n s o f
w a to r co m p a n ie s co m p e l th e m to e x to n d t h e ir d is trib u tin g
s ys to m s, e n la rg o t h e ir p u m p in g a n d filte r in g p la n ts , a n d if
n o c o ssa ry, a d d to th o ir w a te r s u p p ly w it h th o g ro w t h o f th e
c o m m u n itie s , o r in co m p lia n c e w it h th o o rd e rs o f th o m u n ic i
p a l a u th o ritie s , e n t ire ly irre s p e c tiv e o f fin a n c ia l co n d itio n s
o r th o im m e d ia te a b ilit y o f th o co m p a n ie s to raise th e neces
s a r y fu n d s . F a ilu ro to c o m p ly w it h thoso o b lig a tio n s ro n d d o rs a w a te r c o m p a n y lia b lo to s u its a n d a tta c k s u p o n its
fra n c h is e s, a n d it is th o ro fo ro o f p r im a r y im p o rta n c e t h a t such
co m p a n ie s s h o u ld a t a ll tim e s bo in a fin a n c ia l c o n d itio n to
m a k e th o e xp e n d itu re s fo r th e n e c o s s a ry e xte n s io n s a n d b e t
te rm e n ts . F r o m M a y 1 1914 to J u n o 30 1915 th e a m o u n t
o xp o n d e d fo r th is p u rp o se b y y o u r w a te r w o rk s co m p a nie s
w a s $958,971, a n d th o cash th e re fo r w a s o b ta in e d p a r t ly
fro m o a rn in g s a n d p a r t l y a d va n c e d b y y o u r C o m p a n y fro m
its w o rk in g c a p ita l. T h i s w a s n e c e ss a ry o n a c c o u n t o f th o
p re v a ilin g fin a n c ia l c o n d itio n s , a n d also because m o s t o f th e
p la n ts h a d closed fir s t a n d second m o rtg a g e s, le a v in g a v a il
a b le f o r salo o n ly seco nd o r t h ird m o rtg a g o b o n d s , w h ic h
c o u ld n o t bo disposed o f a t ju s tifia b le p ric e s. P la n s a ro u n
d e r c o n s id e ra tio n fo r th o ro v is io n o f th o fin a n c ia l s tru c tu re
o f the se w a to r w o rk s co m p a n ie s, w h ic h w ill p ro v id o fir s t
m o rtg a g o b o n d s, th o salo o f w h ic h w ill p ro v id o m o s t o f th o
ca sh ro q u ire d fo r o xto n sio n s a n d b e tte rm e n ts .
LAND COMPANIES.
T h o A m o ric a n W a t o r W o r k s & G u a ra n te e C o . (o ld c o m
p a n y ) h a d g u a ra n te e d o v e r T w e n t y M illio n D o lla rs o f b o n d s
w h ic h h a d been issuod b y v a rio u s la n d a n d irr ig a tio n c o m
p a n ie s. T h o P la n o f R e o rg a n iz a tio n p ro v id e d fo r th o reloaso
o f su c h g u a ra n te e s u p o n p a y m e n t o f O n o M illio n D o lla rs b y
y o u r (th o n o w ) C o m p a n y , th o s u rre n d e r to su c h co m p a n ie s
o f th o ir u n se cu re d in d o b to d n o ss to th o “ o ld c o m p a n y ’’ a g g re
g a tin g so vo ra l m illio n d o lla rs a n d th o p a y m e n t o f b a n k lo a n s
w h o re th o p a p e r h a d boon o n d o rse d b y th o “ o ld c o m p a n y .”
U n d e r th o to rm s o f th o P la n , y o u r C o m p a n y is to re c e ive
4 9 % o f th o e q u itio s in th o liq u id a tio n o f su c h p ro p o rtio s a fte r
p a y m o n t o f th o b o n d e d d e b ts. T h e s e p ro p e rtie s a ro th o
T w i n F a lls N o r t h S ido L a n d & W a t o r C o ., Id a h o .
T w i n F a lls S a lm o n l t i v o r L a n d & W a t o r C o ., Id a h o .
T w i n F a lls O a k lo y L a n d & W a t e r C o ., Id a h o .
S a c ra m e n to V a lle y Ir r ig a t io n C o ., C a lifo rn ia .
T h o p ro so n t in d ic a tio n s a ro t h a t th o A m o ric a n W a t e r
W o r k s & E lo c t ric C o . w ill u lt im a te ly re c e ive a v e r y c o n sid e r
a b le a m o u n t o f ca sh fro m th o liq u id a tio n o f these p ro p e rtie s .
CALIFORNIA LAND.
P a r t l y as re s u lt o f tho a b o ve tra n s a tio n s a n d p a r t ly th ro u g h
th o fo re c lo s u re o f th o C a lifo rn ia -Id a h o C o . b o n d s , th o A m e r i
ca n W a t o r W o r k s & E lo c t ric C o . w ill re c e ivo t it lo to o v o r
t h irt y - t h ro o th o u s a n d a cres o f la n d s itu a te d in th o S a c ra
m e n to V a h o y , C a lifo rn ia , fre e a n d cle a r o f a ll in d o b to d no ss
e xc o p t $250,800 p u rch a s o m o n o y m o rtg a g e s o n a s m a ll p o r
tio n o f th o tra c t.
O f th is p r o p o r t y som o tw o lv o th o u s a n d a cres a ro su ita b lo
f o r ra is in g f r u it , som o te n th o u s a n d a cres f o r fa rm in g , a n d tho
b a la n co fo r ric e c u ltu re , g ra z in g , o tc .
O u t o f th is to ta l la n d , tw o lv o h u n d re d a cres h a v o boon sot
o u t in f r u i t tre e s, w h ic h s h o u ld b o g in b e a rin g in th o fa ll o f
1910. T h o acres p la n to d o f th o v a rio u s va rio tio s a ro as fo l
lo w s :
Oranges.
Figs____
Almonds
Olivos ._
A pples..
Grapes..
Lemons .
355 'A acros.
5
40
800
1,205 M “
I n le r p la n t c d in A b o v e A c r e s .
Almonds________________________________________
250 acros.
Fears___________________________________________
116 “
366 “
C r o p s P la n te d S e p a ra te ly o r I n t c r p la n te d .
C orn__________________________________________________ 560 acros.
Popcorn_______________________________________________ 20 “
Alfalfa....... ............................................................................ ............ . 500 “
B oan s_________________________________________________ 24 “
Potatoes_______________________________________________ 30 “
Vegetables__ ______ ____________________________________
6 “
1,140 "
T h i s la n d also c o n ta in s a v o r y la rg o n u r s e r y , th o s to c k
th e re in b o in g a va ila b le fo r g o n e ra l salo to o th e rs a n d fo r p la n t
in g fu r t h e r acreago w h e n th o p ro so n t o rc h a rd s a ro in c o m m e r
cia l b e a rin g .
P o n d in g th o tim e th is p ro p o rty bocom os s e lf-s u p p o rtin g ,
th o cash sup p lie d fo r d e ve lo p m e n t p u rp o se s is c a rrie d as a n
a d v a n c o o n tho b o o k s of y o u r C o m p a n y a n d n o in co m o o r
oxponso in c o n n e ctio n w it h th o p r o p e rt y is o ntoro d in to th is
y e a r ’s s ta te m e n t o f th o In c o m o A c c o u n t o f th o A m e ric a n
W a t o r W o r k s & E lo c t ric C o .
CAPITAL STOCK.
T h o c a p ita l s to ck o f th o A m e ric a n W a t o r W o r k s & E lo c
t r ic C o . is d iv id o d in to th re e classos, a ll h a v in g o q u al v o tin g
p o w e r: F i r s t P re fe rre d $5,000,000, P a rt ic ip a t in g P re fe rre d
$10,000,000 a n d C o m m o n $7,000,000. A l l classes o f s to c k
a re v e s te d in a v o tin g t ru s t fo r fiv o yo a rs fro m A p r il 27 1914.
T h o F i r s t P re fe rre d s to c k is red oom ab lo a t 110% o f p a r
a n d has p r io r it y o v o r th o o th e r sto ck s in p a y m o n t o f d i v i
779
dends a n d d is trib u tio n o f assets. I t is e n title d to c u m u la tiv e
d iv id e n d s fro m A p r il 27 1914 a t ra te o f 7 % p e r a n n u m .
T h e P a rt ic ip a t in g P re fe rre d s to c k is e n title d to p re fe re n ce
o v o r the C o m m o n s to c k o n d is trib u tio n o f assets a n d to n o n i c u m u la tiv e a n n u a l d iv id e n d s to th o a m o u n t o f 6 % p e r
' a n n u m . A f t e r d iv id e n d s h a v e been d e cla re d u p o n th o P a r
, tic ip a tin g P re fe rre d s to c k f o r th o c u rre n t y e a r u p to 6 % , th o
C o m m o n s to c k w ill be e n titlo d to d iv id e n d s fo r th o sam e y e a r
u p to 6 % . A f t e r 6 % has been p a id o n each class o f s to c k fo r
a g iv e n y e a r, b o th th e P a rt ic ip a t in g P re fe rre d a n d th e C o m
m o n s to c k w ill bo e n title d to sh a re a t th e sam o ra te in a n y
fu r t h e r d iv id e n d d e c la re d fo r su c h y e a r.
FUNDED DEBT.
T h e a m o u n t o f b o n d s o f y o u r C o m p a n y o u ts ta n d in g o n
J u n o 30 1915 w a s $17,755,000. O f th is a m o u n t, $720,300
: w e re in th o T r e a s u r y o f th o C o m p a n y , $7,926,600 w e re
' issued b e tw e e n A p r il 1 1915 a n d J u n o 30 1915, in e xc h a n g e
; fo r b o n d s a n d n o te s o f th e U n it e d W a t e r & L i g h t C o . (p r e v i
o u s ly m e n tio n e d ) a n d $2,969,700 w e re lo a n e d to s u b s id ia ry
co m pa nies to bo used as c o lla te ra l to t h e ir b a n k lo a ns u n d e r
th e P la n o f R e o rg a n iz a tio n . T h is P la n p ro v id e d t h a t th e
b a n k s h o ld in g p ro m is s o ry n o te s o f th e s u b s id ia ry co m p a n ie s,
w h ic h h a d been o n d o rse d b y th o A m e ric a n W a t e r W o i’ks &
G u a ra n te e C o . (o ld c o m p a n y ) w e re e n title d to re c e iv e as
c o lla te ra l to suen n o te s, b o n d s o f th o A m e ric a n W a t e r W o r k s
& E le c t r ic C o . a t 8 3 % o f t h o ir p a r v a lu e , p ro v id e d , th e lo a n s
w o re o xte n d e d to be p a ya b lo 1 0 % F e b r u a r y 1 1916 a n d
2 2 )^ % a n n u a lly th e re a fte r.
T h o d e d u c tio n fro m In c o m o A c c o u n t o f $30,840 43 fo r
in te re s t on lo a ns o f “ d e fa u ltin g c o m p a n ie s,” re p re s e n ts in
te re s t on th o b a n k lo a ns o f c e rta in o f th e p o w e r a n d coal
co m pa nies fo r w h o se a c c o u n t i t w a s n e c e ssa ry to p ledge
b o n d s to c o n fo rm to th o P la n o f R e o rg a n iz a tio n , b u t w h o w e re
u n a b le to m e e t th e in te re s t ch a rg e s o n t h e ir lo a n s. T h e
in te re s t o n a ll o f th o b a n k lo a n s o f th e o th e r s u b s id ia ry co m
panies has been d e d u cte d fro m th e e a rn in g s o f such co m p a nie s
b e fo re th e e a rn in g s h a v o been c a rrie d to th o b o o k s o f th e
A m e ric a n W a t e r W o r k s & E le c t r ic C o .
COLLATERAL TRUST NOTES.
T h o $200,000 C o lla te ra l T r u s t N o to s a ro secu red b y th e
c a p ita l s to c k o f th o
Butler Wator C o .....................................................$100,600 par value.
Warren Water Co__________________________ 100,000 “ “
T h o s e n o te s m a tu re J u l y 1 1917 a n d w e re issu ed a t th o
in s ta n co o f th o A m e ric a n W a t e r W o r k s & G u a ra n te e C o . (o ld
c o m p a n y ) a n d a re n o t a n o b lig a tio n o f th o A m e ric a n W a t e r
W o r k s & E lo c t ric C o ., b u t a ro o n to re d as a lia b ilit y in th o B a l
a nco S he e t, as th o c a p ita l s to c k s s e c u rin g th o n o te s a re th e
p ro p o rty o f th is C o m p a n y .
DIVIDENDS.
T h o d iv id e n d s u p o n th o F i r s t P re fe rre d s to c k o f y o u r
C o m p a n y a c c ru e d fro m A p r il 27 1914, b u t th o d is tu rb e d
fin a n c ia l c o n d itio n o f bu sin ess g e n e ra lly , th o in a b ilit y to sell
s e cu ritie s o f th e w a te r w o rk s co m p a n ie s d u rin g th o p a st
y e a r in o rd e r to re im b u rs e y o u r C o m p a n y f o r its a d va n c e s
to th o W a t e r C o m p a n ie s a n d th o im p o rta n c e o f k e e p in g th o
C o m p a n y in a s tro n g ca sh p o s itio n u n d e r e x is tin g c irc u m
sta n ces, caused th e D ire c to rs to p o s tp o n e th o d e c la ra tio n o f
d ivid e n d s u n t il su ch tim e as it seem ed p ru d o n t to d ra w u p o n
th o ca sh reso urce s o f th e C o m p a n y f o r t h a t p u rp o se . W h ile
th o s to c k h o ld e rs u n q u e s tio n a b ly de sire d iv id e n d s , th o p re s e r
v a tio n o f th o p ro p e rtie s s e c u rin g t h e ir p rin c ip a l is o f fir s t
im p o rta n c e , a n d th e c o n s e rv a tiv e a ttitu d e o f th o D ire c to rs
s h o u ld c o m m e n d its e lf to a ll in te re s te d in th o success a n d
fu tu re o f th o C o m p a n y .
STATISTICS.
S om o id ea o f th o m a g n itu d e o f th o bu sin ess c o n tro lle d b y
y o u r C o m p a n y ca n bo g a in e d fro m th o fo llo w in g fig u re s , a n d
th o s ta te m e n t o f c o m m u n itie s s e rve d o n th e fin a l pago o f
P a m p h lo t R o p o rt.
IForArs P r o p e r tie s :
Estimated Population Served___________________
1,242,125
Number of Consumers_________________________
181,943
Milos of Pipe_____________________________ ____
2,667
Number of Cities and Communities Served. # __
87
D a i l y Nominal Filter Capacity____ ___________
149.730.000
D a il y Nominal Distributive Pumping Capacity..
363.300.000
Total amount of water supplied for year________ 38,251,652,058
T h e W est P e n n P r o p e r tie s :
Miles of Road Owned_________________________
317.04
Allies of Power Lines:
25.000 Volt Transmission Lines—
Polos Milos__________________________
396.56
25.000 Wire Transmission Lines—
Volt Milos__________________________
552.71
Number of Cities and Communities Served______
170
Number of Consumers_______________________
23,345
Kilowatt Hour Output________________________ 154,973,930
CONCLUSION.
W a te r
gallons
gallons
gallons
miles
miles
miles
T h o C o m p a n y has a n u m b e r o f a p p a re n tly va lu a b lo e q u i
tio s in process o f a d ju s tm e n t, t h a t a re n o t p ro d u c in g ro vo n u o
a t th o p re s e n t tim o , a n d s tro n g e ffo rts a ro b o in g m a d o to
co n so rvo th o rn f o r th e b e n e fit o f y o u r C o m p a n y .
T h o so u n d va lu e s o f th e p ro p e rtie s o w n e d , th e s ta b ility o f
w a te r w o rk s e a rn in g s , to g e th e r w it h c o n s e rv a tiv e m e th o d s ,
s h o u ld in tim o g re a t ly e n h a n ce th o v a lu e o f th o s e cu ritie s
of yo u r C om pany.
R e s p e c tfu lly s u b m itte d ,
H . H O B A R T P O R TER ,
President.
780
[Vol. 101.
T H E C H R O N IC L E
O ffice
of PRICE, WATERHOUSE & CO.,
54 William Street, Now York.
26 1915.
W o h a v e a u d ite d th e a c c o u n ts o f th o A m e ric a n W a t e r
W o r k s & E le c t r ic C o m p a n y a n d o f its s u b s id ia ry w a te r
c o m p a n ie s, th o c o m p a n y ’s p ro p o rtio n o f w h o s e u n d is trib u te d
in c o m e is in c lu d e d in its in co m e a c c o u n t, f o r th o p e rio d fro m
A p r i l 27 1914 to J u n e 30 1915.
N o a m o u n t is in c lu d e d in th e in c o m e a c c o u n t o f th e c o m
p a n y in re s p e c t o f th o u n d is trib u te d e a rn in g s o f th o W e s t
P e n n T r a c t i o n & W a t e r P o w e r s ys te m o r o f th o o p e ra tio n s
o f th e la n d , co a l, p o w e r a n d irr ig a tio n co m p a n ie s, a n d th o
a c c o u n ts o f the se co m p a n ie s h a v o n o t been a u d ite d b y u s.
W o c e r t if y t h a t, in o u r o p in io n , th o a n n e xe d ba la n co sheet
o f th e A m e ric a n W a t e r W o r k s & E le c t r ic C o m p a n y a n d th e
c o n so lid a te d ba la n co sheet o f th o A m e ric a n W a t e r W o r k s
& E le c t r ic C o m p a n y a n d its s u b s id ia ry w a te r co m p a n ie s,
s u b je c t to th o e x p la n a tio n re g a rd in g d e p re c ia tio n a n d de
fe rre d m a in te n a n c e c o n ta in e d in th e P re s id e n t’s r e p o rt,
c o r re c t ly set f o r t h th o tru o fin a n c ia l p o s itio n a t J u n o 30 1915
o f t h a t c o m p a n y as a se p a ra te c o m p a n y a n d o f th o co m
b in e d co m p a n ie s, r e s p e c tiv e ly , a n d th o in c o m e a c c o u n t,
a p p e a rin g o n pa g e th re o o f th e P re s id e n t’s r e p o rt, is a c o r
re c t s ta te m e n t o f th o re s u lts o f th e o p e ra tio n s f o r th e y e a r
e n d in g J u n e 30 1915.
August
PRICE, WATERHOUSE & CO.
AMERICAN WATER WORKS & ELECTRIC CO., IN C.,
BALANCE SHEET JUNE 30 1915.
ASSETS.
Cost of Sccuritios Owned—including $720,300 American
Water Works & Elec. Co. Treasury Bonds and the par
value of $2,969,700 bonds loaned to Subsidiary and Allied
Companies.........................- ............................................................ $39,829,543 24
Advances Account of California Properties______________
220,184 09
Furniture, Fixtures, &c_________________________________
2,046 51
Deferred Items to bo Amortized_________________________
147,282 40
Cash—Current Checking Accounts__________ $680,889 93
With Fiscal Agents_______________________
71,902 50
Hold by Trustee for California Idaho Bonds. 51,827 68
Notes Receivable___________________________ $804,620 11
12,511 00
Accounts Receivable_______________________ 132,028 56
Accrued Interest Receivable________________ 168,789 02— 1,117,948 69
Duo from Subsidiary Companies____________ $774,026 13
Loss Reserves— ..............
350,370 89— 423,655 24
Total A sso ts........................ ................................................$41,741,260 17
L I A l i i L I T I E S.
Capital:
First Proferrrod Stock____________________ $5,000,000 00
Participating Preferred Stock_______
10,000,000 00
Common stock___________________________ 7,000,000 00
--------------------$22,000,000 00
Funded Debt:
20 Year Collateral Trust 5% Bonds:
In Treasury of Company______________ 720,300 00
Loaned to Subsidiary and Allied Compa
nies . __________ ____________________ _
Held by Public, or by Trustee pending 2,969,700 00
delivery_____________________________ 14,065,000 00
------------------- 17,755,000 00
Collateral Trust Notes—Taken over inReorganization____
200,000 00
Accounts Payable___________________________ $55,872 39
71,902 50
Matured Interest Payablo___________________
Accrued Interest Payablo___________________ 188,780 85
Accrued Taxes______________________________
5,869 23— 322,424 97
Duo to Subsidiary Companies—Current Accts___________
494,654 34
Balances duo to Subsidiary Companies upon return of bonds
loaned to such Companies_____________________________ 420,028 37
Special Surplus........................................
500,000 00
Surplus....................................
49,152 49
Total Liabilities_______________________________________$41,741,260 17
S tock s o f W a te r S u p p ly C o m p a n ie s —
O w n ed .
i
Arkansaw Water Co________Littlo Rock, Ark___ $500,000
Belleville Water Supply Co..Bollovillo, 111______ 750,000
Birmingham Water Works Co. Birmingham, Ala__ 1,500,000
Butler Water C o ,__________ Butler, I’a-------------100,000
Chartiers Valley Water Co._SouthPittsburgh,Pa. 901,400
City WaterCo.ofChattanooga Chattanooga, Tenn. 1,500,000
City Water Co. of East St.
Louis & Granito City____ East St. Louis, 111.. 4,000,000
City of New Castle Water Co.New Castle, Pa___
600,000
City Water Co_____________ Marinetto, AVis____ 200,000
City Water Works Co_____ Merrill, Wis_______
125,000
Clinton Water Works Co___ Clinton, Iowa______
125,000
Connellsvillo Water Co_____ Connollsville, Pa___ 250,000
Guyandotte Water Works Co.Guyandotte, W. Va.
50,000
Huntington Water Co______ Huntington, W. Va.
95,000
Joplin Water Works Co____ Joplin, M o________
800,000
Keokuk Water Works Co___ Keokuk, Iowa_____
600,000
Kokomo Water Works Co__ Kokomo, Ind______
125,000
Louisiana Water Co________Louisiana, M o-------- 150,000
Mingo Junction Water Co__ Mingo Jet., Ohio___
45,000
MonongahelaValloyWaterCo.Elizabeth, Pa______ 223,000
M t. Vernon Water Works Co.Mt. Vernon, Ind__
59,950
Muncle Water Works Co___ Muncie, Ind_______
95,000
Portsmouth, Berkloy & Suf
folk Water Co___________Portsmouth, Va____
500,000
Racino Water Co___________Racino, Wis_______
400,000
St. Joseph Water Co________St. Joseph, M o_____ 3,250,000
Shrevoport Water Works Co.Shrovoport, La____
250,000
So.PittsburghWaterCo.,Pfd .So. Pittsburgh, Pa .
26,200
“
“
“ “ Com. “
“
“ . 1,803,800
Warren Water Co__________ Warren, Pa________ . 100,000
100,000
Wollsvillo Water Co...............Wellsville, N. Y ____.
33,000
50,000
Wichita Water Co__________Wichita, Kans_____ . 2,000,000 2,000,000
$21,157,350 $22,480,000
S tock s o f E le c tr ic a n d O th er C o m p a n ie s —
American Const. & Securities Co_________
. $1,000,000 $1,000,000
M t. Vernon Elec. Light & Power Co_______
.
5,000
5,000
Missouri Sewerago Co____________________
.
5,000
5,000
United Water & Light Co________________
. 500,000
500.000
Wellsvillo Elec. Light, Iloat & Powor Co__
20,000
20,000
West Penn Railways Co., P fd ____________
. 102,850 2,750,000
Wost Penn Traction Co., “ ____________
. 178,900 1,625,000
“ “
"
“ Common________
West Penn Traction & Water Power Co., P fd __.- 3,000,000 6,500,000
94,800 3,500,000
i 11,344,000 17,500,000
$16,250,550 $33,405,000
T h o a b o v e lis t doos n o t ln e lu d o th o C o m p a n y ’s e q a it y in
th o C a lifo rn ia la n d o r in th o Id a h o ir r ig a tio n co m p a n ie s.
BONDS OW NED.
P a r V a lu e .
Arkansaw Water C o -----------------------------------------------------------$63,000
Birmingham Water Works C o-----------------------------i 15,500
Butler Water Company___________________________
4,000
6,000
Belleville Water Supply C o_______________________
City Water C o., Chattanooga---------------------------------------- " "
19,000
City Water Co. of East St. Louis & Granite C ity______” 1
201,500
City o f Now Castlo Water C o------------------------------------- H Z '"
~ 1,000
Clinton Water Works C o_____________________________ '
3 000
2,000
City Water Co., Merrill------------------------------------------------ N i l
Connellsvillo Water C o------------------------------------------------------1
2 000
Elizaboth Water C o--------------------------------------L000
Gt. Shoshone & Twin Falls Water Powor Co. Collateral Notes
24 500
Huntington Water C o--------------------------------------------------------6,000
Joplin Water Works C o------------------------------------------------------7,400
Kokomo Water Works C o---------------------------------------------------6,000
Keokuk Water Works C o---------------------------------------------------75,000
Merchants Coal C o-------------------------------------------------------------197,000
Muncie Water Works C o-----------------------------------------------------4,500
Portsmouth, Borkley & Suffolk Water C o----------------------------3,000
Portsmouth Suburban Water C o-----------------------------------------68,000
Senato Hotel C o----------------------------------------------------------------23,200
Shrevoport Water Works C o------------------------------------------------24,000
St. Joseph Water C o----------------------------------------------------------10,000
Soutliorn Idaho Water Power C o-----------------------------------------400,000
Unitod Water & Light Co. n o to s ------------------------------------------ *7,790,100
*230,000
“
.........................b o n d s .................. ............. ............... ..
Warren Water C o__________________________________________
2,000
Wichita Water C o__________________________________________
21,000
West Penn Traction Co. Hydro Elec. Purchaso Notes...............
126,000
West Penn Traction Co. Series B Notes-------------------------------1,477,000
$10,912,700
* T h o to ta l U n it e d W a t o r & L i g h t C o . b o n d s a n d n o te s
o u ts ta n d in g a re , B o n d s $939,000 a n d N o te s $7,976,500,
w h ic h a ro se cu re d b y th o fo llo w in g b o n d s:
P a r V a lu e .
Arkansaw Water C o_________________________________________ $1,038,000
Birmingham Water Works C o_______________________________
1,860,500
Bellovillo Water Supply C o-------------------------------------------------156,000
Butler Water C o ______________
199,500
Clinton Water Works C o______________
177,000
City Water Co. of Chattanooga-----------------------------------------666,000
Connellsville Water C o--------------------------------------------------------34,000
City Water Co. of East St. Louis & Granito C ity____________
409,000
Guyandotto Water Works C o______________________________
25,000
Huntington Water C o----------------------------------------------------------160,000
Joplin Water Works C o------------------------------------------------------295,500
Keokuk Water AVorks C o---------------------------------------------------350,000
Kokomo Water AVorks C o---------------------------------------------------353,000
Louisiana AVater C o-----------------------------------------------------------80,000
130,500
Muncie Water AVorks C o---------------------------------City AVater C o., Marinetto-------------------------------------------------365,000
M t. Vernon AVater AVorks C o----------------------------------------------139,000
M t. Vernon Electric Light & Power C o-------------------------------63,000
180,000
City AVater AVorks Co., Merrill--------------------------------------------City of New Castle AVater C o----------------------------------------------238,000
Portsmouth Suburban AVater C o-------------------------------- ■
______
645,000
St. Joseph AVater C o________________________________________ 1,217,000
Shreveport Water AV'orks C o------------------------------------------------534,000
Wichita AVater Co------------934,000
AVellsville AVater Co________________________________________
75,000
AVarren Water C o__________________________________________
68,000
United AVater & Light Co. bonds-----------------------------------------514,000
$10,912,000
CONSOLIDATED BALANCE SHEET AMERICAN AVATER AVORKS
& ELECTRIC CO. AND SUBSIDIARY WATER COM
PANIES, JUNE 30 1915.
ASSETS.
Cost of Property and Securities Owned—including $720,300
American Water \\rorks & Elec. Treasury Bonds and tho
par value of $2,969,700 bonds loaned to Subsidiary and
Allied Companies_____________________________________ $65,490,765 30
Advances Account of California Properties
Furniture and Fixtures---------------------------------------------------- 220,184 09
2,646 51
Deferred Items to be Amortized--------------------------------------Cash—Current Checking Accounts................... $824,639 80 270,004 48
With Fiscal Agents----------------------------------- 243,940 00
Held by Trustee for California-Idaho Bonds. 51,827 68
$1,120,407 48
Notos Receivable______________________ - 12,51100
Accounts Receivable__________________
.
835,380 76
Accrued Interest Receivable------------------- - 36,967 74
City AVarrants on Hand_______________
- 43,542 81
Materials and Supplies on Hand________ - 195,631 40
Accrued Water Charges_______________
Interest and Insurance Paid in Advance. - 29,282 8702
.
5,505
2,279,229 08
Total A ssets......... ............................................................... ........$68,262 829 46
L IA B IL IT IE S .
Capital:
American AVater Works & Electric Co.:
First Preferred Stock____ $5,000,000 00
Participating Prof. Stock. _ 10,000,000 00
Common Stock__________ 7,000,000 00
-$22,000,000 00
Subsidiary AVater Companies’ Stocks in
Possession of Public:
Preferred Stocks_______ $223,800 00
Common Stocks_______ 1,098,850 00 1,322,650 00
Total Stocks in Possession of Public-------------------- $23,322,650 00
Funded Debt:
American AVater AVorks & Electric Co. 20•
Year Collateral Trust Bonds__________$17,755,000 00
Subsidiary Water Companies’ Bonds in
Possession of Public___________________ 23,149,500 00
Total B on d s......................................................................... 40,904.500 00
Collateral Trust Notes:
Taken over in Reorganization___________ $200,000 00
Notes of Subsidiary Companies in Pos
session of Public______________________
180,400 00
Total In Possession of Public______________________ 386,400 00
Purchase Money Mortgage______________________________
2,950 00
Bank Loans of Subsidiary AVater Companies:
Due Feb. 1 1916 to 1920, inclusive, and
secured by Bonds of American Water
AVorks !■ Electric Co.................
$1,350,572 68
Other Loans____________________________
81,900 00
Consumers’ Deposits____________________________________ 1,432,472 68
Accounts Payable and Accrued Taxes______ $300,190 94 178,106 28
Matured Interest Payablo________________
243,940 00
Accrued Interest Payablo__________________ 514,353 71
AVater Rents Paid in Advance_____________
49,273 28
Interost Received in Advance______________
1,417 80
Reserves, Including Undistributed Surplus of Subsidiary 1.109,175 73
Companies applicable to outside Stockholders___ ______
377,422 28
Special Surplus_________________________________________
600,000 00
Surplus of American Water AVorks & Electric Co_________
49,152 49
Total Liabilities............................................................................$68,262,829 46
Sept . 4 1915.]
T H E C H R O N IC LE
American Water Works & Electric Company
(Incorporated)
DIRECTORS.
Terms Expire March 20, 1916.
WILLIAM NELSON CROMWELL, Now York, sonior partner legal firm
of Sullivan & Cromwell.
Pittsburgh, I’a., President, Colonial Stool Co.
SAMUEL INSULL, Chicago, 111., President of the Commonwoalth-Edison
Co.
II. J.otdoBolssevain M EIJER, Amsterdam, Holland, partnor in banking firm
LANOY Pros.
II. HOBART PORTER, New York, President of Company.
Terms Expire March 20 1917.
II. C. IIUFFER, Jr., Now York, representing Swiss security holders.
C1IAS. II. M. Payson & Co.
II. PAYSON, Portland, Maine, senior partner of the bankingfirm
of
STUART II. PATTERSON, New York, Vice-President and Treasurer of
Company.
CIIAS. . SCOTT, London,
English
GUY E R.___________f t „York,Eng., representing Board ofsecurltv holders.
E. TRIPP, New _
Chairman of the
the Wostinghouse
Electric Xr 'A f Ur Co.
& Mfg.
ROBERT WETIIERILL, Chester, Pa., of the manufacturing firm of
Robert Wethcrdl & Co.
Terms Expire March 20, 1918.
JAMES D. MORTIMER, New York, President of the North American Co.
HENRY II. PIERCE, Now York, partner in legal firm of Sullivan &
Cromwell.
HENRY RUSSELL PLATT, Chicago, Ills., partnor of legal firm of Mayer,
Moyor, Austrian & Platt.
THEODORE REVILLON, Paris, Franco, representing French security
holders.
WM. B. SCHILLER, Pittsburgh, Pa., President of the National Tube Co.
ANDREW V. STOUT, New York, partner in brokerage firm of Dominick
& Dominick.
EXECUTIVE COMMITTEE.
SAMUEL INSULL
JAMES D. MORTIMER
HENRY II. PIERCE
II. HOBART PORTER
GUY E. TRIPP
BONDHOLDERS’ FINANCE COrttMITTEE.
LOUIS C. KRAUTIIOFF
GEORGE O. MAY
GUY E. TRIPP
STOCKHOLDERS’ ADVISORY COMMITTEE.
CHARLES F. BROOICER
EDM UND C. CONVERSE
VOTING TRUSTEES
fm w }JN ?r.Gf ,^ 9 ^
WM. NELSON CROMWELL
HOWLAND DAVIS VERSE
ANDREW SQUIRE
ALBERT II. WIGGIN
OFFICERS.
H .HO BART PORTE R, President.
BAR 1 II. PATTERSON, Vice-Prest. & Treasurer.
J. II. PURDY. Assistant to l’rcsident.
HARRY E. TOWLE, Secretary.
WM. K. DUNBAR, Asst. Secretary.
In charge of water works operations.
A. M. LYNN
GEO. E. IIOFFMASTER
COUNSEL
SULLIVAN & CROMWELL.
TRANSFER AGENT.
BANKERS TRUST CO., 16 Wall St., N . Y. City.
REGISTRAR.
GUARANTY TRUST CO. of N. Y ., 140 Broadway, N . Y. City.
W a s h in g t o n - O r e g o n C o r p ., V a n c o u v e r , W a s h .— Sale.
!)<:c,n indefinitely postponed ponding, it is said,
the settlement of franchise rights on county roads.—-V. 100, |. 1924, 1759.
>
W e s t in g h o u s e E l e c t r i c & M fg . C o .— Distribution to De
positing Bondholders— Alternate Offer of 1 12 % in Cash for N ew
fractional Bond Certificates .— A n a d v . o n a n o th o r pago sa ys;
781
5Tlie f& a w n x e r a a t
C l:
^ x x a e s .
COMMERCIAL EPITOME
,
,
_
Friday N ight, Sept. 3 1915.
i I he fe e lin g in A m e ric a n bu sin e ss g ro w s m o re c h e e rfu l.
T h o in te rn a tio n a l p o litic a l s itu a tio n is m u c h b e tte r. B a n k
c le a rin g s a re e x p a n d in g , in d u s tria l o p e ra tio n s a re b ro a d e n
in g , a n d w a r o rd e rs a re s till v e r y la rg e . T h e r e is a s h a rp
d e m a n d f o r la b o r a n d w a ge s in som e cases a re h ig h e r.
F a ilu re s a re fe w e r. M e rc h a n ts h o p e th a t ra te s f o r s te rlin g
e xc h a n g e w ill soon be s ta b ilize d b y a la rg o lo a n h e re a n d
in th e m e a n w h ile a re g ra tifie d to see a n o t e w o r th y r e c o v e ry
“ Om th e re c e n t ra te o f 4.50. W h e a t e x p o rts f o r th e w e e k
or (>,800,000 b a le s, a re th e la rg e s t in a n y w e e k f o r th re e
m o n th s p a s t. T h e g ra in cro p s p ro m is e to be e n o rm o u s
mi 1pSon-ie P°ssi b il it y o f a b illio n -b u s h e l y ie ld o f w h e a t,
i h e fo re ig n d e m a n d f o r steel has been a c tiv e a n d p ric e s a re
s tro n g , w it h a ris in g te n d e n c y . T h e lu m b e r tra d e is im
p r o v in g . Sales o f co a l a re s o m e w h a t la rg e r. E v e n th e
je w e lr y tra d e sh o w s som e im p ro v e m e n t. W o o le n a n d
w o rs te d m ills h a v e n o t been so b u s y f o r y e a rs p a s t. D r y
g oo d s sell m o re r e a d ily . E u ro p e a n g o v e rn m e n ts a re g iv in g
o u t la rg o c o n tra c ts f o r a r m y o v e rc o a tin g s . R e t a il tra d e
iicis in cre a se d . T h o s c a rc ity or d y e s tu ffs s till h a m p e rs
te x tilo in te re s ts it is tru e , a n d in k m a n u fa c tu re rs a re n o w
b e g in n in g to co m p la in o f th e sam e t h in g , b u t it is h o p e d t h a t
som e w a y m a y y e t be fo u n d o f o b ta in in g s u p p lie s fro m
E u ro p e , e v e n fro m G e rm a n y . I n th e N o rt h w e s t th e fe e lin g
is e s p e c ia lly c h e e rfu l, c o in c id e n t w it h th o ra is in g o f a h ig h
re c o rd s p rin g -w h e a t c ro p a n d tra d e in g e n e ra l is im p ro v in g
w h ic h is also re p o rte d o f th e C e n t ra l W e s t. T h o S o u th
sh o w s less n e rvo u sn e s s o v e r th e m a rk e tin g o f its c o tto n .
U n th e o th e r h a n d , m e rc h a n ts a re n a t u r a lly co n ce rn e d a b o u t
th o lo w ra te s p re v a le n t f o r fo re ig n e xc h a n g e as s o m e th in g
m c n a n c m g to th e fo re ig n tra d e . C o n c e iv a b ly , E u ro p e a n
b u y in g o f o u r g ra in , c o tto n , c o p p e r, & c ., m ig h t be re d u c e d
it s o m e th in g is n o t d o n e e ffe c tu a lly to c h e c k th e re c e n t
d e c lin in g te n d e n c y o f fo re ig n e xc h a n g e . T h e c o tto n c ro p
seem s lik e ly to be m u c h s m a lle r th a n th e la s t o ne , b u t tho
e x p o rt o u tle t is c u rta ile d th ro u g h th e b lo c k a d e o f th e co m
m e rc e o f G e rm a n y a n d A u s t r ia . B u t d e sp ite a ll d ra w b a c k s ,
th o tre n d is to w a rd s c o n s e rv a tiv e im p ro v e m e n t in A m e ric a n
tra d e .
STOCKS OF M ERCHANDISE IN NEW YORK.
r,
, S e p t. 1 T5.
1 T5.
Coffee, frazil...................... ...................bags.870,992 A u g .919,682 S e p t. 1 T5.
Coffee, 9aYa ..............
m ats. 75,083
79,892 978,823
29,231
Coffee, Other------------ ------------------- bags.527,444 472,780
------265,704
--------------------------------------- barrels. 129,525 120,496
37,694
rw fnn................................
No-123.400
16,300 69,504
t .................... ......................... -bales.227,427
Y
220,829 78,901
Manila H em p.------------balos. 1,200
518
325
winnrRcmp— ........................................-bales. 31,400
7,925
2,340
* lour....... ......................
barrels. 29.700
54,300
26,700
L A R D q u ie t; p rim e W e s te rn 8 .5 0 c., re fin e d to th e C o n ti
n e n t 9 .10c., S o u th A m e ric a 9 .3 0c., B r a z il 10.30c. F u tu re s
a d va n c e d a n d th e n rece d e d u n d e r p re ssu re o f h e a v y se llin g ,
o n ly to r a l ly a g a in . T o - d a y p ric e s w e re irre g u la r a t one
tim e d e c lin in g a n d th e n r a lly in g s lig h t ly .
DAILY CLOSING PRICES OF LARD FUTURES IN
S a t.
A fo n .
T u °S .
tV fd
September dclivery.cts_8.02 8.05 8.12)4 8.05
October delivery-----------8.15 8.1714 8.25 8 1714
.771 8.85 8.62)1
wiiC bo H Vlu 1> ;ui' saicl no'v bonds tho depositing bondholders, who will January delivery---------- 8.80 2 0 @8$2 1 , c le a r $ 2 0 @ $ 2 2 .
will|°i!Vltdistributed pro rata among nok subscribed for by tho stockholders
P O R K q u ie t; m ess $
rvT 1nn° p. 1678, v cl^ (?lclcrs,136) ihas resultedr in tho purchaso by said Bonds
(.v .100, n°ri
V. 101, p. & ubscrib? f° tho now Convertible stock
holders o f all new bonds offered, excepting $457,000 thereof. In accord-
bonds at tho
sw es
bondsof deposit o?0Jfepos?tii^bo^^oldere?\pon° su rra^ e^ o/theh^ certin*
a
wniacoS
*
catas
at tho Office of the depositary(Guaranty Trust C o", N Y J
will bo entitled to reccivo for each deposited bond:
Cash ($967 32 bonds at 105% and interest)
®r 0 2 4
Fractional certificate exchangeable for now Convertible "Sink- ’
ing Fund 5% Gold Bonds, when issued................................
96
32 68
Tho amount of fractional certificates to bo distributed being so small tho
company has determined for tho convenience o f tho depositing bondholders
to make an alternative offer to pay cash at 112% and interest for tho frac
tional certificates distributable as above recited. Such certificates will be
purchased at said prico if tenderod at the office of tho Treasurer o f the Com
pany, 165 Broadway, N. Y. City, on or before Oct. 10 1915, after which
dato no cortlficatos will bo so purchased.— V. 101, p. 619, 375.
W o l v e r in e C o p p e r M i n in g C o — Dividend Increased .—
. A semi-annual dividend o f $5 a share has boon declared, payable Oct 1
hn
mo0" font. 8. In April 1915 $4 was paid and in Oct. 1914 $2
it
aud April 1914 no distribution was made. Tho stock con-
C H IC A G O .
T h u rt
F ri
8 10 8 12
8 22 8 2 2
8.65 8.70
B e e f, m ess
$18 5 0 @ $ 1 9 , p a c k e t $ 1 7 @ $ 1 8 , e x t ra In d ia m ess $ 2 9 @ $3 0 .
C u t m e ats q u ie t; p ic k le d h a m s , 10 to 20 lb s ., 1 2 I4 @ 1 3 i^ c .;
p ic k le d bellies 1 2 @ 1 4 ^ c . B u t t e r , c re a m e ry 2 l k @ , 2 7 c ’
C h e e se , S ta te l l @ 1 4 c . E g g s , 1 9 @ 2 9 c.
C O F F E E q u ie t; N o . 7 R io 6 M c .; N o . 4 S a n to s 8 % @ 9 c .;
f a ir to g oo d C u c u ta 9 ^ @ 1 0 c . F u tu r e s d e c lin e d , p a r t ly
o w in g to a d ro p in e xc h a n g e . C o s t a n d fre ig h t p rice s lia v o
fa lle n . T h e v a lo riz a tio n p la n th u s f a r has n o t w o rk e d v e r y
w e ll. T h e r e is to be a n issue o f 350,000 co n to s o f B r a z ilia n
p a p e r e q u a l to $80,000,000. P ric e s receded a t once o n th is
a n n o u n c e m e n t, p a r t ly o w in g to tra d e s e llin g . A ls o e xc h a n g e
d ro p p e d to 12d. T h o w e a th e r in B r a z il, to o , has g e n e ra lly
been f a ir a n d w a rm . T o - d a y p ric e s a d va n c e d o n sm a ll
tra n s a c tio n s .
8 eptembercts 6 .0 0 @ 0 .0 2 January _cts6.19@ 6 20 April------cts 6.33@6.34
06 February__ 6.23@6.24
divfdend0 reco«lla[rporS Sharov ° f W“ Ch $13 haS b<30n paltl i,K Previous October......... 6.05@66 .1 1 March______6.28@6.29 M a y ............. 6.38@6.39
November 6 .10®
Ju n e---------- 6.4.3 @6.44
Y r .'98. ’99. '00-'02. ’03. ’05. ’0 6 . ’07. ’08. ’09. TO. ’l l . '12. T3. T 4 . T5 December 6.14 @6.15
July................6.47@6.48
—V 1 0 L p .5 3 4 y '
11 17 17 * 10 10 10 9 19 6 2 9
S U G A R f ir m e r b u t q u ie t; c e n trifu g a l, 96 degrees te s t,
CURRENT NOTICE.
n T 1,10 E ' I5n,gbt C o > 716 Title Insurance Building, Los Angeles,
Cal., are offering by advertisement onanothor pago $400,000 municipal taxexempt gold bonds at a prico to return the purchaser 511 %. Descriptive
circulars upon application.
v
Tr- 5 !u“ <
.
ff’
* Co.- announce a change In their corporate name to
• Ir’ Cutt,er * Co., and will, as heretofore, continue to handle a high grade
Ch1cagoa nis° n° ° mUnlClpal securltlos with offices in the RookeryBldg.,
TT~7A' Isclin * Co., 36 Wall Street, announced on tho 1st inst. that Louis
II. Ingraham formerly of Past & Flagg, had become associated with them
as manager of their domestic bond department.
—Frederick Lownhaupt, statistician and financial writer, has bccoino
Sheldo
Uh Ul? Co. of this city.
Sheldon,^ Morgan & iavcstalent department of tho Stock Exchange houso of
—W. O. Bowman & Co. have opened an office at 52 Broadway. Mr Bow
man was formerly with Bigelow & Co. of 25 Pine St., this city.
Tftvinf & Co.,' ? ^ fy has St. admitted to partnership in tho firm of Kean,
J 5 Nassau beea
laylor
4 .77c.; m olasses 4 c.; g ra n u la te d , 5 .5 0 @ 5 .6 0 c . F u tu r e s
lia v o g e n e ra lly been q u ie t a n d lo w e r. T h o re c e ip ts in C u b a
a re s till lib e ra l. F o r th e w e e k th e y w e re 17,500 to n s a g a in s t
11.000 in th o sam e w e e k la s t y e a r. T h e sto cks a t a ll p o rts
a re 384,500 ton s a g a in s t 230,500 in 1914. F ra n c e b o u g h t
5.000 to n s o f re fin e d . T o t a l p u rch a se s b y E u r o p e sinco tho
b e g in n in g o f th e w a r h a v e been , it is e s tim a te d , som e 325 000
to n s , w o r t h o v e r $32,000,000— m o n e y t h a t in p e a ce fu l tim e s
w o u ld h a v e gone to F ra n c e , G e rm a n y a n d o th e r c o u n trie s
p ro d u c in g b e e t-ro o t s u g a r. T o - d a y p rice s w e re irre g u la r,
b e in g 2 p o in ts lo w e r to 8 p o in ts h ig h e r. S u g a r fu tu re s closed
as fo llo w s :
8eptombercts3.54@3.60
>3.08j
3.08(33.09
October____ 3.49 @3.50 January _cts3.07<< >3.08 April____cts 3.10@3.12
M a y ..............
November „_3.32@3.33 February__ 3.07(
Ju n e...............3.11 @3.12
December T • @3.17 March______3.070 >3.08 !ju ly............... 3.12@3.14
3.16 . .
~ TTO
.
• ,
: L m s e e d q u ie t; c i t y ra w , A m e ric a n seed, 5 4 @ 5 5 c .;
c i t y b o ile d , A m e ric a n seed, 5 5 @ 5 6 c .; C a lc u tta , 75c. L a r d
p rim e , 8 5 @ 8 8 c . C o c o a n u t, C o c h in , 1 0 V , @ 1 1 14c., C e v lo n ’
9 M @ 9 % c . C o r n , 5 .5 6 @ 5 .75c. P a lm , L a g o s , G]/2 @ 7 e . C o d ’
T H E C H R O N IC L E
782
[VOL.
101.
1910.
1911.
1913.
1912.
— 1915.
1914.
15 414 21,996 106,371 170,244 76,012 77,838
Galveston —
349
984
6,312
906
7,325
966
TexasCity,&c.
1,162
3,712
4,193
9 608
1,127
1,986
New Orleans732
3,598
597
684
2,345 14,165
918
Mobile______ 25.543
6,230 25,464
7,316 46,625
Savannah __
2,400 ,
264
50
Brunswick__
1,865
590 " 2,583 " '3 5 5
1,111
708
Charleston ,&c
29
690
506
784
414 ______
W ilmington..
287
154
1,238
617
807
N orfolk_____ 12,673
394
183
393
N ’port N.,&c.
95
889
58 "''280
588
769
All others___
Total this wk. 72.493 33,430 153.476 121.123 133,910 95,064
Pennsylvania dark $1 60 Corning_________SI 06 Somerset, 32 d e g ..$1 03
163^219 67,689 404,0741 344,612 468,232 294,632
Second sand_______ 1 60 Wooster_________1 20 Ragland_________ 65c
T iona....................... I 60 North Lima............08c. Illinois, above 30 99c. Since Aug. 1.
dugreoa_________
Cabell......................... 1 20 South Lima______93c Kansas and Okla
m o e x p u n s 1 U1 lUU vvuun. uuuin^ uxx&o uvuum g xumvtaa
ioimu
Mercer black------- 1 20 Indiana_________83c
homa __________ 75c. o f 33,960 ba le s, o f w h ic h 13,469 w e re to G re a t B r it a in ,
New Castle............1 20 Princeton________94c.
d o m e s tic , 4 3 @ 4 4 c . C o tto n s e e d , w in t e r , 6 .5 0 % 7 .5 0 c ., s u m
m e r w h it e , 5 .9 0 @ 6 .7 5 c . S p irits o f tu rp e n tin e , 3 9 H c .
S tra in e d ro s in , c o m m o n to g o o d , $3 25.
P E T R O L E U M a c tiv e a n d f ir m ; re fin e d in b a rre ls , 7 .5 0 @
8 .5 0 c., b u lk , 4 @ 5 c ., cases 9 .7 5 @ 1 0 .7 5 c. N a p h t h a , 73 to 76
d egrees, in 106-gallon d ru m s , 2 4 H e .; d ru m s , $8.50 e x tra .
G a s o lin e , 86 degrees, 25c.; 74 to 76 degrees, 2 4 @ 2 6 c .; 68 to
70 d egrees, 2 1 @ 2 3 c . T h e r e is lit tle d e ve lo p m e n t w o r k in
th e E a s t e r n fie ld , p o s s ib ly because o p e ra to rs a re a w a itin g
b e tte r p ric e s.
R e c e ip ts a l
T O B A C C O has been in m o d e ra te d e m a n d , m o s t ly fo r 508 to F ra n c o a n d 19,983 to th e re s t o f th o C o n tin e n t.
b in d e r. C o o l w e a th e r a n d h e a v y ra in s h a v e ca u sed d a m E x p o r t s f o r th e w e e k a n d sin ce A u g . 1 1914 a re as fo l
age in W is c o n s in , a n d it is sa id th a t th e y ie ld in t h a t S ta te lo w s :
a t le a st w ill be s m a ll. C o m p la in ts o f ra in a n d lo w te m
F rom A u g . 1 1914 to Sept. 3 1915.
W eek ending Sept. 3 1915.
Exported to—
p e ra tu re s h a v o also co m e fro m C o n n e c tic u t a n d M a s s a
Exported to —
Exports
c h u s e tts . F r o s t s in N o r t h e r n N e w Y o r k h a v e also b e e n re
Conti
Great
Conti
Great
from —
nent.
p o rte d . T h e c ig a r tra d e is m o re a c tiv e in N o w Y o r k a n d
F rance.
Total. Britain .
nent.
B ritain. France
P h ila d e lp h ia , a n d p a rts o f th e W e s t, a n d th is , it is b e lie ve d ,
16,919
,330
5,327 13,411
Galveston.. 5,327
a u g u rs w e ll f o r fu tu re business in to b a c co .
,579
1,289
1,289 2,579 1,290
Texas City. 1,290
163
163
Port Arthur
C O P P E R a fte r b e in g fir m e r, w e a k e n e d ; L a k e , 1 8 ^ @ 1 9 c ., NewOrlcans 5,060
,539
14,829 1,760 26,950
7,434
2 ,374
187
187
e le c tr o ly t ic , 1 7 % @ 1 8 c . A re c e n t b ig d e clin e in s te rlin g e x Mobile___
,039
1,039
Pensacola..
ch a n g e h u r ts e x p o r t tra d e . L o n d o n has b een f ir m e r, h o w Savannah..
,255
432 " 2 ,058 9,76f
4',600 4,600
6,726
,720
e v e r. T i n h e re o n th e s p o t 3 3 % c ., h a v in g rece d e d a fte r Wilmington
,749
9,672 3,412 ' 6",660 36,677
7 ,372
la s t w e e k ’s a d va n c e . T i n fu tu re s h a v e be e n m o re a c tiv e New York. 1,792
468
429
39
15 4,657
15
Boston___
,657
a n d L o n d o n has b een fir m e r o f la te . L e a d h e re , 4 .8 2 ^ c . Baltimore..
"'ZOO
200
‘200 200
o n th e s p o t a fte r to u c h in g 4.90c. w it h a b e tte r de Phllndcl’n.5,024
,624
901 901
San Fran..
,171
7,171
m a n d f ro m m u n itio n m a k e rs . S p e lte r w a s 17c. b u t la te r Seattle___
,536
6,530
3",232 3,232
d ro p p e d to 15c. o w in g to in cre a se d o ffe rin g s b y sp e cu la to rs . Tacoma__
I n ste e l, n e w w a r b u sin e ss is v e r y la rg e , e s p e c ia lly in b a rs
Total___ 13,469 508 19,983 33,960 40,059 10,478 118,286 168,823
a n d w iro . P ric e s o n b a rs , p la te s a n d shapes a re f ir m e r a n d
14,736 22,373
9,796 9,796 7,632
E a s te rn s tr u c t u r a l m ills q u o te a n d g e t $1 a to n m o re th a n th e
N ote .—New York exports since Aug. 1 Include 766 bales Peruvian and 21 West
P itt s b u r g h basis o f 1.35c. A t th e W e s t 1.30 ce n ts f o r p late s
_
is s till q u o te d , b u t som e le a d in g p la te m ills o f P itt s b u r g h Indian to Liverpool.
I n a d d itio n to a b o ve e x p o rts , o u r te le g ra m s to -n ig h t also
a re n e a rly tw o m o n th s b e h in d o rd e rs . G a lv a n iz e d sheets
a n d g a lv a n iz e d w ir e p ro d u c ts a re s tro n g e r, o w in g to th e rise g iv o u s th e fo llo w in g a m o u n ts o f c o tto n o n sh ip b a rd , nob
in sp e lte r; a n d w iro p ro d u c ts a d va n c e d $2 a to n , b u t th is cle a re d , a t th o p o rts n a m e d . W e a d d s im ila r fig u re s fo r
ch e cks b u sin e ss. N o . 28 g a lv a n iz e d sheets $3 60 to $3 75. N e w Y o r k .
P ig iro n is h ig h e r in th e E a s t a n d v e r y f ir m a t th e W e s t , b u t
O n S h ip b o a r d , N o t C le a r e d f o r —
s p e c u la to rs a re b e g in n in g to sell. B a r iro n has b e e n in
C a o st L e a v in g
O th er
G er
G reat
g o o d d e m a n d a t 1.30c., P itt s b u r g h .
S tock .
T o ta l.
B r ita in . F r a n c e . m a n y . F o r e ig n w is e .
COTTON
Friday Night, Sept. 3 1915.
T H E M O V E M E N T O F T H E C R O P , as in d ic a te d b y o u r
te le g ra m s fro m th e S o u th to - n ig h t, is g iv e n b e lo w . F o r th e
w e e k e n d in g th is e v e n in g th e to ta l re c e ip ts h a v e re a ch e d
72,493 b a le s, a g a in s t 24,070 bales la s t w e e k a n d 28,735
bales th e p re v io u s w e e k , m a k in g th e to ta l re c e ip ts since
A u g . 1 1915 163,219 ba le s, a g a in s t 67,689 bales f o r th e
sam e p e rio d o f 1914, s h o w in g a n in cre a se since A u g . 1 1915
o f 95,530 b a le s.
_________________
____
S e p t. 3 at —
1.142
New Orleans.- 7,364 6 ,500
G alveston-----Savannah ----Charleston----Too
Mobilo_______ "'57
Norfolk--------Now York----- f .2 0 0 '2 0 0
Other ports—
100
Total 1915-- ” 9/763 6,700
838
Total 1914.- 1,225 4,130
Total 1913-- 10,680 5,121 31,890
20,780
2,559
5",666
l ,300
29,639
4,192
10,545
180 2 2 ,1 0 2
1 ,0 0 0 17,423
1,500 1.500
'157
620
'620
5,200
2.500
3,300 49,502
13,305 23,690
8,174 66,418
92,498
94,215
69,138
40,280
11,654
38,274
219,512
60.295
625,866
208,454
131,234
s p e c u la tio n 111 c o itu u im lu i m e u c u v u i; xxao
m um
a c tiv e , a n d in th e m a in a t h ig h e r p ric e s. O c to b e r re c e n tly
to u c h e d 10.02, th e h ig h e s t p ric e f o r m a n y m o n th s p a s t.
T h is w a s d u e to b a d c ro p re p o rts , e xp e c ta tio n s o f a b u llis h
G o v e rn m e n t c ro p s ta te m e n t o n A u g u s t 3 0 th a n d a la rg o
T h u rs.
F ri.
T o ta l.
W ed .
T u es.
M on.
S a t.
in crea se o f s p e c u la tio n o n th e b u y in g sid e, p a r t ly fo r a c c o u n t,
613 3,501 3,793 15,414 i t w a s u n d e rs to o d , o f th o W a ld o rf- A s t o r ia p a r t y . T h e y
1,632
Gal vocton
*5,875
6,170 a re sup posed to h a v e c o ve re d a n d ta k e n th e lo n g side.
City
4,070 2 ,1 0 0
142
142
658 1,274 9,608 W a ll S tre e t a n d th e W e s t h a v e a lso b o u g h t. I ho specula
537
Now Orleans----- *3,451 1,126 2,562
597 tio n has e xp a n d e d . R u m o rs w e re c u rre n t, to o , t h a t th e
184
12
265
94
6
36
Mobilo_________
A llie d G o v e rn m e n ts w e re in th e m a rk e t f o r 400,OUU bales.
200
200
Jacksonville, &CSavannah______ " 3",208 ~ 3,596 5,451 ~ 3,483 ' 4,461 5,350 25,543 C o ld , w e t w e a th e r p re v a ile d fo r a tim e in th e S o u th w e s t,
50 w it h te m p e ra tu re s in th e fo rtie s in T e x a s a n d O k l a h o m a 60
Brunswick____
273 1 ,1 1 1
180
141
354
84
79
Charleston____
414
8
82
19
26
236
43
W ilm ington----43
in som se ctio ns— a
50
degrees m
747 12,673 42 oto ia , degreess ip p i, Teon n e s se o , A lanbda m a to no5 L o u is ia n a .
374
397
918
757
Norfolk________ *9,480
M is s is
a d
183 G e rg
183
N port News, &c.
New York______
141 T h e g is t o f th e c ro p re p o rts , o ffic ia l a n d p r iv a t e , w a s th a t
141
247 d ro u g h t, fo llo w e d b y e xcessive ra in s , h a d caused sh e d d in g
247
Baltimore______
d u rin g A u g u s t a n d lo w e re d th e c o n d itio n a b o u t 6 % .
Philn.rinlnhia
h
ov
m n pu t
in 75.3
g st 2
Totals this week 22,172 5,589 14,355 7,709 10,206 12,462 72,493 T( J uel y G 2 5 e rn d aeta )t 78 t lai s t ayte 69.2, a g ain s t1913, o n A uin u 1912
th
a r, 68.2
74.8
73.2 in 1911 a n d a te n -y e a r a ve ra g e o f 72.8, so th a t th e la te s t
* Including corrections made In August.
V a rio u s
TUG IOU OW ing SHOWS UUO wuun. a W i a i
uiiu 1/wi/uii c o n d itio n is 3 .6 % b e lo w th e a ve ra g e f o r te n y e a rs .
sin ce A u g . 1 1915 a n d th e s to c k s to - n ig h t, co m p a re d w it h p riv a te re p o rts w e re in s u b s ta n tia l a c c o rd w it h these fig u re s ,
som e b e in g e ve n m o re e m p h a tic as to d e te rio ra tio n . B u ll
la s t y e a r:
sp e c u la tio n s u d d e n ly b ro a d e n e d a n d s w e p t p rice s u p w a rd .
T h e flu c tu a tio n s w e re th e w id e s t a n d m o s t e xc ite d seen fo r
S to ck .
1914.
1915.
m o n th s p a s t. T h e s h o rt in te re s t tu rn e d o u t to be la rg e r th a n
R e c e ip ts to
S in c e A u g
T h is
S in c e A u g
T h is
S ep t. 3.
it w a s g e n e ra lly sup posed to b e . A g o o d m a n y W a ll S tre e t
1914.
W eek .
1 1915. W e e k . 1 1914- 1915.
tra d e rs a n d som e b ig u p to w n o p e ra to rs b o u g h t n o t o n ly
Galveston______ 15,414 39,590 21,996 37,725 111.638 43,789 because o f th e a d ve rse c ro p re p o rts , b u t also a lt e r h a y in g
1,146 15,424
2,286 m ad e m o n e y in “ w a r s to c k s ,” w h e a t, ccc., th e y d e te rm in e d
508
6,170
Texas City-------- 6,170
654
398
1,532
398
550
142
Aran. Pass, &c_. 9,608 32,848 1,127
6,726 114,600 48,969 to b u y c o tto n because t h e y co n sid e re d it th e cheap est
New Orleans___
11,811
946 ______ ______ th in g o n th e lis t. A ls o E u ro p e , N e w O rle a n s , th e S o u th
2,189
684
2,085
597
M obile------------.
963
Pensacola---------375
63 g e n e ra lly a n d C h ic a g o b o u g h t. M u c h w a s said a b o u t
301
Jacksonville, &c. " " 2 6 6 46,570 ’ " i o 6
9,819 70,638 13,838 a b o u t b u y in g b y G e rm a n h ouses. T h e y c e r ta in ly b o u g h t
6,230
Savannah______ 25,543
_
504
600
50
Brunswick_____ 1 ,111
1.314 40,280
1.590 fre e ly fo r a tim e . I t w a s said th a t G e rm a n y w o u ld be
2,175 '70S
Charleston-------7,563
323 33,227
5,975
414
Wilmington____
t
ric a n
th o
17
2,511 38.894 13,599 a p in tothb u y oAum ery a n dc o tto n e ve nr e t u rung h lco m p e lle dA tod sto ro
Norfolk________ 12,673 23.297 " '6393
is c n t
a w a it th e
o peaco.
n th is
4,091 224,712 87.968 it
319
183
N ’port Nows, &c.
50
Now York_____
tto
g
p
ills
3,327 because c olik e ntoishrevoa rd e de as ch e ac o a n dn G o rmaannd m g a inw to u ld
9,667
1,016
141 " '7 1 9 "•'496
B oston________
a
som ch e ap
tto o n h
a
s the
2.044
2,156 n a t u r a lly
1,199
1,055
173
247
Baltimore______
1,275 d a y w h e n th o y ca n resu m o business w it h fo re ig n c o u n trie s .
1,275
2
50
Philadelphia___
y ca b le fro
t
n
ou
p
Totals________ 72,493 163.219 33,430 67.689 675,368 230,144 O n e s to ra p o u n dd fo r m B e r lin w a s th ait G eurm abeyd w liveld d a y
15 ce n ts
1,000,000 bales if co ld
e
re a t
G e rm a n p o rts — a n im p o s s ib ility , o f co u rse , b u t a s tra w s lio w I n o rd e r t h a t co m p a riso n m a y b e m a d e w it h o th e r y e a rs ,
in t , it is sup po sed , G e rm a n y ’s n a tu ra l eagerness to g e t A m e rw o g iv e b e lo w th e to ta ls a t le a d in g p o rts f o r s ix seasons:
Se p t .
t h e c h r o n ic l e
1 9 1 5 .]
4
c o tt?n ;
o S u r s d a T o f 20W hP? t SalGn in ? sin g l° d a y < for in sta n ce
nnn
rim
r is e n .
T &
f l K
b a ll S>, 1 o re ig n e xc h a n g e has la t t e r ly
i he w e a th e r, th o u g h cle a re r o f la to , has c o n tin u e d too
h a v e 0cVeasedU s t o ? t th e
0 n th o o th ^r ^ n d , th e ra in s
a re lig h t a n d f i S w " 0 la?ge a t h o m e a n d a b ro a d > e xp o rts
Jh a n le h h a s b ^ r f 1^ t0 C0V.tln ? e 80 /o r som c tim e , fo re ig n e x
ra th e ? m n rn
d e m o ra lize d a n d f in a lly th e S o u th sho w s
exchane-e t d] s?^s ltlo n t(> h ed ge h e re . T h e d ro p in s te rlin g
e ffe c t S T o
a t ° j 6 v 1110! k a d a d is tin c tly de p re ssin g
o f a s h a rn f« n y ; P T - eS d e c lin e d a n d th e n a d va n c e d in sp ite
i? s t e r l S S i
n
L lV e i?,°o1 c o -in c id e n t w it h a m a rk e d ris e
to bo t f i r f 0 10 n ;
^i.A l l 0 ’ tw o t r °Pleal S torm s w e re said
L ive rn o n ^ W ^ ii^ Q ? 04!1 tho, e a s te rn a n d th e w e s te rn b elts.
b S S
’i
S S e t , n d th e W a ld o rf- A s t o r ia in te re s ts
a
h o lid a v lim n ^ o t f tb o . ci? se a re a c tio n o c c u rre d o n p re exchane-esq w M o l,0n mfc u be ,N e w Y o r k a n d N e w O rle a n s
w e ll ? o n
W ? b e 9 0sed t o m o rro w (S a tu rd a y ) as
u n l n n l ni M o 1 d a y , S e p te m b e r 6 th , L a b o r D a y . M id d lin g
n
u p la n d s closed a t 9 .8 5 0n th e s p o t, s h o w in g a n a d v a n c f
f o r th e w e e k o f 20 p o in ts .
N e w Y o r k ™ J p ? t a t i°n f o r m id d lin g u p la n d c o tto n in th e
. y o ih m a rk e t each d a y f o r th o p a s t w e e k has boen:
.........*sfs Ts s
F ri.
9.85
N E W Y O R K Q U O T A T I O N S F O R 32 Y E A R S .
Q Y h o 0 Q u o ta tio n s f o r m id d lin g u p la n d a t N o w Y o r k o n
i^opt. 6 t o r each o f th o p a st 32 yo a rs h a v e be e n as fo llo w s 1907.C...........13.55 1899.c ____ 6.25
i l i 1! : 0- - — 9 “ 1 9 0 6 -........... 9.80 1898............... 5.75 1891 .c ----------8.62
1913------------13.30
1912------------11.50
m i l ................11.70
1910........... 15.00
1909................12.85
1 9 0 8 . . . . . . . 9.30
1905.............. 10.95
1904------------11.10
1903------------12.50
1902----------- 9.12
1901------------- 8.62
1900----------- 9.62
1890................11.00
1889________11.50
1888.1...........10.88
1887------------10.00
188b..................9.19
1885............. .10.12
1884------------10.88
1897----------- 7.62
1896............... 8.50
1895............ 8.25
}§94.................6.88
1893..................7.88
1892----------- 7.06
M A R K E T A N D SALES A T N E W
YO R K .
F u tu r e s
Spot Market
Closed.
Market
Closed.
Spot.
September 3—
{jt I .lvannArtl
1o 1r,
- Ayldt
.
1
J'
A
Contr'ct
Stock a t M anchester--------1 " " :
71,000 67,000
-1,332,000 953.000
- * 1,000 *29,000
- *16,000 *230,000
. 224,000 235.000
- 7,000
4,000
■ 47,000 *20,000
- 155,000 *20,000
• *1,000 *30,000
T otal C ontinental stocks_____ 452,000 568,000
‘
Ol/Ubiva____
In d ia cotton afloat for E urope " 1,784,000 1,521,000
63,000
A mer. cotton afloat for EuropeZI 137,576 143.000
' 31,000 28,462
15,000
104.000 *88,000
608.000 660.000
675,368
Stock in U. S. interior tow ns____ 406,713 230,144
U. S. oxports to-day____________
6,076 125,619
l ^ n - 0,
1913.
525,000
5,000
25,000
555,000
17.000
96.000
66.000
3.000
13.000
5.000
17.000
217,000
772.000
99.000
216,156
42.000
67.000
527.000
197,652
124,197
Movement to Sept.
Toicns.
Receipts.
|
3 1915.
Ship Stocks
ments. Sept.
Week.
3.
1912.
568,000
6,000
644.000
10,000
190.000
87.000
2,000
15.000
14.000
6,000
324,000
968.000
72.000
182,397
26.000
34.000
447.000
305,696
8,012 118,234
2,068
m
.
2 5 8 9 .7 3 3
m
,
1 4 7 2 ,2 2 5
tiS o T itS S !1.: ..............; ............. 2 *7 .0 0 0 281.000
5,000
M anchester s to c k ... ...................... ji^X X
19.000
C ontinental stock . . .
i^'x x jl *128,000
Ind ia afloat for E u r o p e ................ c o n i!'
E gy p t, Brazil, & c., aflo a t............ 31 non 143.000
15.000
*88.000
660.000
« ISS S sr h S l” !!” !
xSiSi
T innevelly, Good, L iverpool.
* E stim ated.
J S S
5 52d
8.75d.
8.75d.
5.60d.
5.55d.
Receipts.
Week. | Season.
Week. |
Ala., Eufaula.. 1,179 1,578, 6021 5,196 751
Montgomery 2,756 5,684 2,794 51.5S3 2,558
Selma.............
Ark., H elena.. 1,456] 2,46l| 1,119, 20,692 2,301
8l| 650
33
9
Little R ock.. . 3
833 527 6,458
3
Ga., Albany__ 1,842| 4,1411 1,697 8,247 1,075
A thens.
200, 1,230 525! 6,342
40
Atlanta.
171 1,680 -754| 4,567
1
A ugusta____ 5,018 10,015! 3,769, 64,718 4,946
C olum bus__
639 1,614 105, 24,501 1,320
Macon .
969 1,634
3,770
Rom e______
417 1,284 1,077| 3,274 268
775
16
La., Shreveport 1,181 2,687 2,470 25,257
84
Mias.,Columbus 103
103
91
Greenville__
133
280 368 2,464
50 3,985
Greenwood .1
67
167
3,16J
M eridian__ I
195
407 "437 10,110
N atchez____
260
334
2,817
Vicksburg__
152
179
4,251
Yazoo C ity ..
75
75 207 3,059
73
Mo., St. Louis.
N . C., Raleigh. 1,481 8,961 1,917 11,730 500
14
320
25
60
O.
, Cincinnati. 4,847 1,226 14.583
853
Okla., Hugo__
S.C., Greenw’d 147
14 5,125
Tenn.,Memphis 1,401 ' ” l47 5,173 59,141
Nashville___
36 7.4S6
143
14S
Tex., Brenham 500 1,350 ----- 1,800 592
366
Clarksville__
300
Dallas______ l",082 1,423 1,692 'l2 9
Honey Grove.
200
H ouston..
35",479 90,194 33,488 58_,8lii 25,566
Paris.............
Season.
1914.
Ship Stocks
ments. Sept.
Week.
4.
986
5,841
3,190
906
221
4,840
2,114
2,939
55
1,020
113
695
6.466
11,164
1.467
1,952
346
336
167
2,646
124
3,340
91
187
13
551
100
3,473
195
1,446
89
1,063
31
603
81
1,142
4,636
13,987
3
8I
4,973i
11,862
24
*567
2,799
14,685
975|
l",303
30(
300
1
329
2001 . . . .
200
61,320 24,031 33,599
22
500
500
500
Total, 33 towns! 57.862! 151,3531 61,258 406.713112^481" 95,3701 34.8151125,619
fa s t'y e a ? h a V e ^
1,059
3,813
3,050
39
15’814 baleS m o r° th a n t l £ Z 7 w e e k
S I N C E RA U C D1 M O V E M E N T F O R T H E W E E K A N D
o v e rla n d m o v i t T o r T l ^
u p fro m te le g ra p h ic re p o rts F r i d a y n ig h t. T h e f o s u l t s f o f th e
w e e k a n d sin ce A u g . 1 in th e la s t tw o y e a rs S
£
r tlie
1915-------Since
Aug. 1.
- 1,917
15,075
Via C airo.
2,407
- ^ 851
Via Rock
- * 123
1.146
V ia Cincinnati"
- 202
2.678
- 487
3,569
- 5,012 27,873
.................... 8,595 52,748
Deduct Shipments—
& N T ..B o ston , & c. . .. 388
1,776
. 1,014
2.162
. 3,479
8,954
T otal to bo deducted_________ 4,881
4,881
12,892
Leaving to tal not o verlan d *.__ 3,714 39,856
3,714
.
lo u a nada.
Sept. 3—
Shipped—
Week.
Week.
691
508
'223
59
346
298
2,125
669
24
1,043
~ L 736
389
1914-------Since
Aug. 1.
15,774
2,136
1,570
450
2,792
• 649
23,371
2,315
4,313
13,264
19,892
3,479
S S S S S a S S S
la n d e x h ib its a n in cre a se o v e r a y e a r a go o f 36,377 bales.
191 Since
1914~Since
Augl.
Receipts a t ports to Sept. 3 . . .
72 493 Aug. 1. Week.
163,219 33,430 67,689
N ot overland to Sept. 3 .
" A 714
39,856
389
3 479
In Sight and Spinners'
Takings.
Week.
Southern consum ption to S e p tY i" 65i000
141 7no
T otal m arketed______ _____
Interior stocks in excess_____I ! ! ! ! *3,396
315,000 54,000
518,075 87,819
a39,249 7,233
270,000
341,168
5,480
478,826 --------97,790 18,337
♦ Decrease during week, a Less th an Aug. 1.
346!648
52,199
t0talS ° f Amt’rlcan and other descriptions'aro m follows® T oU linn s U t g SepdtUt . g weok— W7.811
65 5 «
-*2 4 .0 0 0 N orthern spinnors’ takings to Sept. 3 25,913
C ontinental stock----------------------- *365.000 *340000
A m erican afloat for E urope! 1111 137,576 *428,’-?62 2 m ’l?6
Movement to September 4
a b o y e to ta ls s h o w t h a t th e in t e rio r s to ck s h a v e de
d u rin g th o w e e k 3,396 bales a n d a re to - n ig h t 281 A
bales m o re th a n a t th e sam e tim e la s t y e a r
T h e r^ e in ts A t
T H E V I S I B L E S U P P L Y O F C O T T O N to - n ig h t, as m ad e
u p b y ca blo a n d te le g ra p h , is as fo llo w s . F o ro ig n sto cks
as w o ll as th o a flo a t, a ro th is w e e k ’s ro tu rn s , a n d c o n s e q u e n tly
a ll fo re ig n fig u re s a re b ro u g h t d o w n to T h u r s d a y e v e n in g
B u t to m a k e th o to ta l th e c o m p le te fig u ro s f o r to-nie-h t
( F r id a y ) , w e a d d th e ite m o f e x p o rts fro m th o U n it e d S ta le s
in c lu d in g m i t th e e x p o rts o f F r i d a y o n ly
s ta te s ,
I g S a S a s S 0! : : .......... “ » - u « j j b o
th e ^ r o c e S S J N T R R I 0 R T O W N S th e m o v e m e n t— t h a t is,
¥ T e e k S -n ?° A u g - 1. th e s h ip m e n ts f o r
1
th o • 5c k ^ to - n ig h t, a n d th e sam e ite m s f o r th e
t
t a i f below d S P °n 0 d °f th e p re v io u s y e a r — is set o u t in deS S S P Z /S
creased
SALES.
Total.
S atu rday ___
20
M o n d a y ___ Steady10 p p ts. eadv E trong.
320
320
Q uiet
ts d c ...! S asy . .
T u e sd a y __ uiet
100
100
525
100
W ednesday. Q ulet 10 pts addevc____ S teady.
625
“
10 pts
- .I I Firm . .
35
T hursday . uiet 10 p ts a d v ___ S teady.
900
935
F rid a y _____ u iet______
200
200
S teady.
48
48
T o ta l____
928 1,300 2,228
____________________________ ___________________
A m
783
T l l ° L iv e r p o o l m a rk e t, m o re v o e r, has been
㤠2,g 00
293.000
182,397
M o v e m e n t in to s ig h t in p re v io u s y e a rs :
305,696
118,234
2,068 1912~~"iept' 6 -----------230,040
1 ,0 8 9 , 0 1 7
1911—
8---------------------- 1S4.818
q ;
-------------------------- 68?.'989
1,377,395 1011— Sept. « ............ __ -2 0 3 ,2 2 3 {g ifzIS S .,* ' q8............................ -N E W O RLEANS C O N TR A C T M A R K FT
171,000 144.000
5,000
6,000
10,000 18,000
43.000 31.000
99.000 72.000
42.000 26.000
67.000 34,000
Saturday, Monday, Tuesday,
527,000 447,000
Aug. 28. Aug. 30. Aug. 31. Wed’day. Thursd’y, Friday,
Sept. 1. Sept. 2. Sept. 3,*
, J ™ f » October—
395
R ange_______ 9.48-.66 9.47.77
9.54-.80 9.49-.79 9.55-.71
Closing____ ! 9.65-.66 9.47.48
9.58—59 9.67-.68 9.58-.59
December—
Range_______ 9.79-.94 9.72.04
9.82-.08 9.79-.08 9.90-05
Closing_____! 9.93-.94 9.73—
74
m -55d. 10 3-16d. January—
9.86-.87 9.98-.99 9.93-.94
8.60d. lO.OOd.
R ange___
9.97-.08 9.87.O L I 9.97-.26 9.93—23 10.07—23
17
„ 6M d.
6H d.
H
C lo s in g ...:! ' 10.07-08 9.87D.88 . 10-01-02 10.15—16 10.10-.il
AY
6 9-16d. 6 3-16d. March—
R ange_______
10.11—39
10.21—51 10.19—46 10.34-.45
closin g __ : : : 10.19—31 10.10-11
10.30—31
May —
10.23—25 10.36—38 10.33-.34
R ange______ 10.52 — 10.45-.62
10.53-.63 10.42-.63 — _
„ C lo sn g ............. 10.51—53 10.31—33
10.44—46 10.57-.59 10.53-.55
Tone—
S p o t.................. Steady. Steady. Steady. Q uiet.
-w j
Steady. QuietT
O p tio n s_____ Firm . B ly st y.
Steady. Steady. /Steady.
II
T H E C H R O N IC L E
784
_
F U T U R E S . — T h e h ig h e s t, lo w e s t a n d c lo s in g p rice s a t
_ < rt i 1 __V\n/\n HO f a HAWQ'
2.
T h u r s d 'y ,
S a tu r d a y , M o n d a y , T u e s d a y , W e d 'd a y ,
S e p t.
S e p t.
Aug.
\ug.
Aug.
31.
30.
28.
1.
3.
F r id a y ,
S e p t.
W eek.
[Vol. 101.
Eldorado, A r k .— D r y a ll th e w e e k . A v e r a g e th e rm o m e te r
69, h ig h e s t 86, lo w e s t 51.
.
Little Rock, A r k — W e h a v e h a d r a in o n one d a y .d u r in g th e
w e e k , to th o e x te n t o f e ig h t h u n d re d th s o f a n in c h , m e
th e rm o m e te r has a ve ra g e d 68, ra n g in g fro m 54 to 81.
Alexandria, L a .— N o r a in th e p a s t w e e k .
T h e th e rm o m e
t e r h a s ra n g e d fro m 57 to 91, a v e ra g in g 74.
N ew Orleans, La.— D r y a ll th e w e e k . A v e ra g e th e rm o m e
t e r 79. h ig h e s t 92, a n d lo w e s t 66.
Shrevevort, L a .— W e h a v e h a d n o r a in th e p a s t w e e k . T h e
th e rm o m e te r h a s a ve ra g e d 73, th e h ig h e s t b e m g 87 a n d th e
lo w e s t 59.
Columbus, M is s .— W o h a v e h a d n o r a in d u rin g th e w e e k .
T h o th e rm o m e te r has a ve ra g e d 70, ra n g in g fr° m 55 t o 8 5 .
Vicksburg, M i s s .— 'This w e e k ’s r a in fa ll has been s e v e n ty f iv e h u n d re d th s o f a n in c h , o n o ne d a y . A v e ra g e t h e r
m o m e te r 72, h ig h e s t 85 a n d lo w e s t 5b.
.
Decatur A la — T h e r e h a s b e e n r a in o n tw o d a y s d u rin g
.r, uroob- Vh« m i n f i l l b e in e t h i r t y - f i v e h u n d re d th s o f a n in c h .
T to T & S S S A
th e h ig h e s t b e in g 80 a n d
—•
Range------- 9.73 — 9.50 — 9.70 — 9.60 — 9.69 — 9.68 —
Closing----O cto b er—
9.66-.08
Range.......... 9.75 .90 9.66 .02 9.67 .88 9.71 .98 9.67 .92 9.71-.90
Closing----- 9.90 — 9.66 .67 9.85 .86 9.74 .75 9.82 .83 9.80-.81
N ovem ber—
____ _______ 10.03 —
Range.......... 10.00 — 9.76 — 9.95 — 9.84 — 9.92 — 9.90 — —
Closing----D ecem ber—
9.98-.20 10.06 .07 9.99-.26 10.14-.15 9.96-.30
.30
Range.......... 10.07 .20 9.96- 10.18 — 10.03-.29 10.15 .16 10.07-.25
.97
Closing------ 10.19-.20 9.96J an u ary—
.45 10.20-.21 10.29-.30 10.28-.29
10.18 .34 10.10- 10.10-.34 10.17-.42 10.13-.41 10.25-.38 10.10-.45
Range.......... 10.33-.34 10.10- 10.30-.31
.il
Closing----F ebru a ry—
Range------- 10.43 — 10.20 — 10.40 — 10.30 — 10.39 — 10.38 —
Closing----M a rch —
.70
10.42-.58 10.36- 10.40-.60 10.43-.70 10.39-.64 10.48-.60 10.36-.70
Range
.37
Closing----- 10.58-.59 10.36- 10.57-.58 10.46-.47 10.50-.51 10.53-.54
A p ril—
Range------- 10.68 — 10.46 — 10.67 — 10.56 — 10.60 — 10.63 —
Closing----t h M S ‘ I E ; . - H o t d a y s a n d co o l n ig h ts w it h n o m o is tu re
M ay—
10.58-.92 in c lin e th e p la n t to sh e d . T h e r e is n o t m u c h c o m p la in t
Range------ 10.63-.78 10.5S-.92 10.61-.80 10.65-.90 10.62-.85 10.74-.80
10.79-.80 10.68-.70 10.73-.74 10.76-.77
Closing----- 10.78-.79 10.58-.59
as y e t , h o w e v e r, a n d g ra d e is g o o d . T h e r e h a s be e n n o ra m
June —
th e p a s t w e e k . T h e th e rm o m e te r h a s a v e ra g e d 78.9,
Range-----10.76 — 10.81 — 10.83 —
Closing--- 10.88 — 10.68 — 10.89 —
July—
10.87-.91 10.81-.15
r y all the week. The thermometer
Range___ 10.98-.0C 10.8S-.15 10.97 - 10.81-.0S 10.82-.0C 10.92-.9' —
10.78-.8C 10.99 — 10.84-.8C 10.89-.91
Closing-. .
—
—
A u g u st—
________ —
h a ? h S ' “o w f d a y ? o f th e w e e k ,
’n
Range----—
10.90 - 10.95 — 10.97 —
th e r a in fa ll b e in g f iv e h u n d re d th s o f a n in c h . A v e ra g o
C losing... I ---------- —
S ep tem b er
his’
M A R K E T S r — B e lo w a re th o c lo s in g q u o ta tio n s o f m id d lin g
c o tto n a t S o u th e rn a n d o th e r p rin c ip a l c o tto n m a rk e ts f o r
e ach d a y o f th e w e e k .
_______________________
C lo s in g Q u o ta tio n s f o r M id d li n g C otton o n
W e e k en d in g
S e p t.
S a tu rd a y .
3.
G alveston------- 9.50
Now Orleans... 9.25
M obile................ 8.82
Savannah ------- SVs
Charleston------ 9.25
N orfolk---------- 9
Baltim ore......... 10.10
Philadelphia — 8.75
Augusta---------- 9.25
Memphis______ 9 %
St. Louis______ 9.55
Houston ........... 8.88
Little Rock-----
M onday.
9.50
9.25
9.00
9
"5 "25
9M
10.00
8.75
9.25
ys
9
9 .3 5
8.88
T u e s d a y . W e d ’ d a y . T h u r sd 'y .
9.50
9.38
9.00
9
*9K
10.10
8.75
9.25
9&
9.50
9.00
9.50
9.31
9.00
9 ya
9
9.38
9 Vs
10.00
9.00
9.25
9 'A
9.40
9.00
9.50
9.44
9.00
9a
9
9.25
0%
10.10
8.88
9.25
9 y»
9.50
9.00
F r id a y .
9.50
9 44
9.13
9H
9
9.38
9%
10.10
9.00
9.25
9H
9.50
9.00
W E A T H E R R E P O R T S r> Y
a u v iw D
us b y te le g ra p h th is e v e n in g fro m th e S o u th d e n o te t h a t th e
w e a th e r h a s b e e n m o re fa v o ra b le as a ru le d u rin g th e w e e k ,
'
1 s b e e n lo w e r. F r o m T e x a s , h o w e v e r,
th e re a re ^ m p t a in t s o f u n fe v o ra b le c o n d itio n s a n d th e need
fa
s u n s h in y
o f 'sunshiny w e a th e r. T h o m o v e m e n t o f th e n e w c ro p to
e
m n rk fit is o n a v e r y m o d e ra te scale.
,
, ,.
.
Galvesfon, T e x . - W e a t h e r c o n d itio n s th ro u g h o u t th e w e e k
h a v e c o n tin u e d u n fa v o ra b le , co m b in e d lo w te m p e ra tu re s a n d
r a i n v w e a th e r h a v in g re ta rd e d g ro w t h a n d d e te rio ra tio n is
re p o rte d fro m som e se ctio n s. D r y , s u n s h in y w e a th e r w o u ld
beP o f v a s t b e n e fit to g ro w in g cro p s . W e h a v e h a d r a in o n
tw o d a ys d u rin g th e w e e k , th e ra in fa ll b e m g e ig h te e n h u n
d re d th s o f a n in c h . A v e ra g e th e rm o m e te r 78, h ig h e s t 88,
th e rm o m e te r 72, h ig h e s t 83, lo w e s t 60.
. , , «.
M ad ison, Fla .— 'Tho w e e k ’s r a in fa ll h a s b een e ig h ty - f iv e
h u n d re d th s o f a n in c h o n tw o d a y s . T h e th e ra io m e te r has
a v e ra g e d 78, th e h ig h e s t b e in g 95 a n d th e lo w e s t 69.
.
Tallahassee, F l a — W o h a v e h a d r a in o n tw o d a ys d u rin g
th e w e e k , to th e e x te n t o f one in c h a n d te n h u n d re d th s .
T h e th e rm o m e te r has a ve ra g e d 77, ra n g in g fro m
t° 9b.
A lbany, Ga — R a in h a s fa lle n o n tw o d a y s d u rin g th e w e e k ,
e r a in fa ll b e in g s ixte e n h u n d re d th s o f a n in c h , m e
e rm o m e te r has ra n g e d fro m 64 to 99, a v e ra g in g 82.
Athens, Ga .— T h is w e e k ’s r a in fa ll h a s be e n to n h u n d re d th s
o f a n in c h , o n tw o d a y s . A v e ra g e th e rm o m e te r 70, h ig h e s t
^ fatvarmahl Ga .—
T h e w e e k ’s r a in fa ll h a s b e e n one in c h a n d
e ig h ty -th re e h u n d re d th s , o n fo u r d a y s . T h e th e rm o m e te r
has a ve ra g e d 80, th e h ig h e s t b e in g 95 a n d th e lo w e s t 63
Charleston, S. C — T h e r e h as b e e n r a m o n f o m d a y s o f th e
w e e k , th e p re c ip ita tio n re a c h in g one in c h a n d s ix t y - t w o
h u n d re d th s . T h e th e rm o m e te r h a s a ve ra g e d 78, ra n g in g
l°T h tn h am , Tex.— T h e r e has be e n r a in o n tw o d a ys th e p a st
w e e k , th e r a in fa ll re a c h in g one in c h a n d e ig h ty -e ig h t h u n
d re d th s . T h e th e rm o m e te r h a s a ve ra g e d 75, ra n g in g fro m
&°C u ero °'T ex.— R a in h a s fa lle n o n tw o d a y s d u rin g th e w e e k ,
th e r a in fa ll b e in g one in c h .
T h e th e rm o m e te r has ra n g e d
no r a in d u rin g .the w e e k
T h o th e rm o m e te r has a ve ra g e d 69, th e h ig h e s t b e in g 88 a nd
^°C h era w ° I . 2 C .— T h e r e has be e n r a in o n fiv o d a y s o f th e
w e e k , th e r a in fa ll re a c h in g f o r t y - f i v e h u n ^ e d t h s o f a n in c h .
T h e th e rm o m e te r has
* “Spartanburg, S. C .— T h e w e e k ’s ra in fa ll has b een f ift y - o n e
h u n d re d th s o f a n in c h , o n th re e d a y s . A v e ra g e th e re m o m e te r
72. h ig h e s t 86, lo w e s t 57.
,
.
- .
Charlotte, N . C.— ' h e r e has be e n ra in o n th re e d a ys d u rin g
T
th e w e e k , th e ra in fa ll b e in g t h irt y - n in e h u n d re d th s o f a n in c h .
T h e th e rm o m e te r has a ve ra g e d 68, th e h ig h e s t b e in g 82 a n d
th e lo w e s t 55.
,
,
.
„.
,
.
Goldsboro, N . C.— T h e r e has be e n r a in on f iv e d a y s th e
p a s t w e e k , th e r a in fa ll re a c h in g one in c h a n d t h irt y - o n e
h u n d re d th s . T h e th e rm o m e te r has a ve ra g e d 75, ra n g in g
W e h a v e h a d r a in o n th re e d a ys o f th e p a st
w e e k , th o r a in fa ll b e in g tw o in ch e s a n d e ig h te e n h u n d re d th s .
T h e th e rm o m e te r has ra n g e d fro m 60 to 83, a v e ra g in g 71.
Dyersburg, Tenn — I t has ra in e d o n one d a y d u r in g th e
w e e k , th o ra in fa ll b e in g one in c h a n d t h i r t y - f i v e h u n d re d th s .
A v e ra g e th e rm o m e te r 65, h ig h e s t 79 a n d lo w e s t 50.
M em p h is, Tenn . - W o h a v e h a d ra m o n tw o d a y s o f th e
p a s t w e e k , th o ra in fa ll b e in g tw e n ty -o n e h u n ^ e d t h s o f a n
in c h . T h o th e rm o m e te r has a ve ra g e d 69, th e h ig h e s t bem g
^ W e ld o n ?N . C —
th]lu Z srille^ 0
Tex .—
I t h a s been d r y a ll th e w e e k . T h e th e r
a ve ra g e d 72, ra n g in g fro m 5b to a s.
D r y a ll th e w e e k . A v e ra g e th e rm o m e te r
83 m t a n ^ T e r m .— n w v o has be e n r a in o n tw o d a ys th e p a s t
w e e k , th e ra in fa ll re a c h in g tw o in ch e s a n d f o r t y - n in e h u n
d re d th s . T h o th e rm o m e te r h as a ve ra g e d 65, ra n g in g fro m
^ L o n g v ie w , Tex.— D r y a lU h e w e e k .
T h e th e rm o m e te r has 50 to 79.
a ve ra g o 74,’ th e h ig h e s t b e in g 90 a n d th e lo w e s t 58.
Nacogdoches,
- R a i n h a s fa lle n o n o n e d a y d u rin g th e
W O R L D ’S S U P P L Y A N D T A K I N G S O F C O T T O N .
w e e k , th e r a in fa ll b e in g tw o h u n d re d th s o f a n in c h . T h e
1914.
th e rm o m e te r has ra n g e d fro m 56 to 84, a v e ra g in g 70.
1915.
C otton Takings.
Palestine, T ex .— T h is w e e k ’s r a in fa ll has be e n one in c h a n d
Week and Season.
S eason .
W eek .
S eason .
W eek .
e le ve n h u n d re d th s , o n tw o d a y s . A v e ra g e th e rm o m e te r 72,
m o m e te r
h as
Lam pasas, T e x —
W & , » t/l8n(onio! ‘S
58 to 92.
C— W o h a v e h a d r a in ° n o n e ^ y d m m g
Tavlor T ex .— W e n a v e naci ra m o n tw u uc*vo
-—
w eek^ th e p re c ip ita tio n re a c h in g one in c h a n d n in e ty - tw o
h u n d re d th s . M in im u m th e rm o m e te r 58.
Weatherford, Tex .— D r y a ll th e w e e k . A v e ra g e th e rm o m
e te r 68, h ig h e s t 84, lo w e s t 52.
Ardm ore, Okla — T h e w e e k ’s r a in fa ll Has b een s ix t y - t w o
h u n d re d th s o f a n in c h , o n <me d a y . T h e th e ra io m e te r has
a ve ra g e d 69, th e h ig h e s t b e in g 88 a n d th e lo w e s t 50.
Tulsa, Okla .— R a in has fa lle n o n o ne d a y d u rin g th e w e e k ,
th e ra in fa ll b e in g s ix t y - th re e h u n d re d th s o f a n in c h . I he
th e rm o m e te r has ra n g e d fro m 48 to 84, a v e ra g in g 66.
Visible supply Aug. 2 8 ---.......... 3,890.549
Visiblo supply Aug. —— 5 -.
American in sight to1-Sopt. 3 — 137*811
Bombay receipts to Sept. 2 -._ - 612.000
Other India ship ts to Sept. 2 .. 62,000
6500
Aloxandria receipts to Sept. 1- 61,000
Other supply to Sept. 1*--------Total supply............................. 4,043,860
D ed u t—
Visiblo csupply Sept. „ -.............. 3,815.733
3
Total takings to Sopt. 3a............ 228,127
Of which Am erican................ 207.627
Of which o th er......................... 20,500
and 239,239 bales American.
b
2,876,701
4,633,210 * 95*652 3,170,816
340,648
478,826
38.000
4,000
65.000
2 1 .0 0 0
18.000
300
3,000 ■ '2*666
27,000
1 2 ,0 0 0
5,210,036 2,977.753 3,609,764
3,815,733 2,811,225 2,811,225
1.394.303 166,528 798,539
1.112.303 85,528 554.239
282,000 81,000 244,300
Estimated.
Sept .
4 1915.]
IN D IA
THE CHRONICLE
C O TTO N
M O VEM EN T.
1915.
A u g . 12.
R e ceip ts a t -
W eek.
13,000
1. W e e k .
23,000 10,000
F o r th e W e e k .
fr o m
—
Bombay—
1915___
1914-.,1913.. . .
Calcutta—
1915___
1 9 1 4 ...'
1913___
Madras—
1915___
1914___
1913___ ;
All others—
1915___
1914___
1 9 1 3 ....
Total all—
1915___
1914___
1913___
G reat
B rita in
C o n tin en t
Japan
& C h in a
S H I P P I N G N E W S . — S h ip m e n ts in d e ta il:
1914.
S in c e
Aug.
1913.
S in ce
Aug.
1.
20,000
W eek.
T o ta l.
C o n tin en t.
S in c e
Aug.
1.
16,000
6,000
S in ce A u g u s t
G rea t
B r ita in .
1.
Japan
& C h in a .
T o ta l
.
16,000 16,000
16,000 16,000
1,00C 2,000 3,000
4,000 15,001 19,000
. . . . 11,000 20,000 31,000
1,000 34,000 39,000 74,000
1,000
1,000
1,000
11,000
1,000
1,000
___ 1,000
1,000 2,000
1,000
1,000
----- —
.... —
............ ............ ............ ............
—
............
1,000 3,000 2,000 6,000) 2,000
3,000 4,000 9,000
1,000 6,000
12,000
7,000
1,000 11,000
1,000 10,000 1,000 12,000 3,000 22,000
5,000 30,000
1,000 4,000 18,000 23,000
1,000 7,000 2,000 10,000
l.oool 22,0001 21,000 44,000
2,000
1,000
4,000
4,000
16,000
57,000
785
20,000 26,000
15,000 32,000
45,000 106,000
N E W Y O R K — To Liverpool—Aug. 27—C ym ric, 80 u p la n d ,^167 b a l e s .
P e ru v ia n ...S e p t. 2—O loughton, 1,545............................................
T o H avre— Aug. 31— H arrovian, 508................... ........................... 1.792
T o R otterdam —Aug. 31— New A m sterdam , 723______________ 580
723
l o Copenhagen— Aug. 31— California, 1,306..................................... 1,306
,1 (950__ _____________t. G eorge, 1 ,1 2 2 ...S ep t. 1— Palerm o,
"A ug- 30— S
T o N aples—Sept. 1— P alerm o,'3551 _ 11111111111111Z11111111 3,072
* o jla d iv o sto c k —Aug. 27—-City of B om bay, 1,140; Inverclyda, 300
1,971
G A LVESTO N —To Liverpool— S ept7 2— bVanian’ 2_, 19711 1 1 1 1 IIIII 2,197
y A°a
28— M aria 30—O ranian, 1,290............ ......... 3,130
di L arrinaga, 3,130...........
T EX A S C IT Y —To Liverpool—Aug.
1,290
28— C ity of T am pico, 1,289_______ _________ 1,289
N EW O RLEA N S—To Liverpool—Aug. 30— B enefactor, 5,060.......... 5,060
To Oporto— Aug. 28— B ark orredijk, 1,800
1,800
T o R otterdam —Aug. 28— G P orto, 2 0 0 .. ____ . . . . .
To Barcelona— Sept. 2—Condo W ilfredo, 134........... . . I . . I I I I 200
134
a .•.rTST^rr?3Hc(>^ Auf;- 27—C ity of M exico, 240-..................................... 240
5 ° R otterdam —Aug. 27— Callisto, 4,600...................... 4,600
15
1Vr1 , T^r^rT,0, X ?rrn,?,uth —Aug• 30— Prince Georgo, 15..................... ..
R otterdam —Aug. 27— V ondyck, 200............ 200
8AN n RAN CISCO — To Jap an —A ug. 21— N ippon M aru, 401_____ 401
'TA oow Ci llnS r - Jap an21— Nippon Tacom a500____________________1
500
TACOM A — To £ ug- —Aug. 27— M. aru, M aru, 1 ,2 0 2 ..-S ept.
M erionethshire, 1,880_____
.
3,082
To C hina— Sept. 1— M erionethshire ’,'156111111111111111112
150
T otal----------------------------------------------------------------------------------- 33,960
T H E A G R I C U L T U R A L D E P A R T M E N T ’S A U G U S T
R E P O R T . — T h e fo llo w in g s ta te m e n t, s h o w in g th o c o n d itio n
o f c o tto n o n A u g . 25, w a s issu ed b y th e D e p a rtm e n t o f A g r i
c u ltu re A u g . 30:
The Crop R eporting Board of the Bureau of Crop E stim ates of the U nited
States D epartm ent of A griculture estim ates, from tho reports o f the cor
respondents and agents of tho Bureau, that the condition o f the cotton
A le x a n d r ia , E g y p t.
1915.
1914.
1913.
crop on A ug. 25 was 69.2% of a norm al, as com pared w ith 75.3% on Julv 25
A u g u s t 11.
1915, 78 on A ug. 25 1914, 68.2 on A ug. 25 1913 and 72.8 the average on
R e c e i p t s (cantars)—
---- A u g u s t 25
3,849
This wook_______________
1,000
300
i g . 25
J u ly 2 5
T e n -y ea r
Sinco A ug. 1-----------------4,500
1,200
1,100
S t a t e —•
1915.
1914.
1915.
1913.
A verage.
._85
79
86
80
8i
..7 6
78
82
78
76
T h is
S in c e
T h is
S in c e
T h is
S in c e
.-71
72
77
77
75
E x p o r t s (balos)—
W e e k . A u g . 1.
W e e k . A u g . l.
W e e k . A u g . 1.
..6 9
76
81
76
76
..7 0
78
83
81
78
T o L iv orp oo l___________ 5.076 5.076
3.000
..6 5
71
77
72
T o M a n ch o stor_________ 4.076 4.076
74
3'500
..6 9
76
75
69
72
T o C ontinent and In d ia. 1,173 1,500
..6 5
75
66
67
65
T o A m e r ic a ____________ 3,324 3,324 '500 3,000 2'250 13",750
700
1.000
.67
76
79
64
70
..7 2
80
75
72
T otal exports___________ 13,649 13.976
74
500 7.200 2,250 17,750
-82
85
76
80
81
.81
83
72
72
81
M A N C H E S T E R M A R K E T . — O u r r e p o rt re c e iv e d b y
71
69
80
45
72
ca b le to - n ig h t fro m M a n c h e s te r sta tes th a t th e re is m o ro in
.9 3
96
98
96
*97
q u ir y fro m In d ia . C h in a o ffe rs a ro so lo w as to bo u n w o rk a
.69 .2
75.3
78.0
68.2
72.8
b le , b u t p ro sp e c ts o n th e w h o le a re fa v o ra b le . W o g iv e
A L E X A N D R IA R E C E IP T S A N D S H IP M E N T S .
p ric e s fo r to -d a y b e lo w a n d le a ve tho se fo r p re v io u s w e e ks
o f th is a n d la s t y e a r f o r co m p a riso n .
BREADSTUFFS
Friday N ight, Sept. 3 1915.
F lo u r has been s o m e w h a t b e tte r d e m a n d a s fa r as n e w f lo u r
is c o n c e rn e d , th o u g h th e a c tu a l sales as a ru le h a v e re v e a le d
S h ir tC o t 'n
S h ir tC o t’ n
n o g re a t a c t iv i t y h ero . N o rt h w e s te r n m ills a re said to h a v e
32 S C o p
in g s , com m on
M id .
32* C o p
M id .
in g s , com m on
T w is t.
to f i n e s t .
U p l ’s
T w is t.
to f i n e s t .
U p l’s
sold h e a v ily fo r s h ip m e n t fro m th e la s t h a lf o f S e p te m b e r u p
to D e c e m b e r. T h e r e is a f a ir d e m a n d fro m peo ple w h o w a n t
d. 9 d.
July d.
8. (1.
d.
d. s. d.
s. d. d.
16 SH ® 8 M 6 3 @7 6 5.15 10
7.35 e a r ly d e live rie s a n d som e m ills a ro n o t in c lin e d to sell fo r
@ 11 6 2
1
23 HU @ HU 6 3 (-47 6 5.13 9 15-1644 10^g 6 2 U ® 1 1101 U 7.38 a n y e a rlie r d e liv e r y th a n th e f ir s t h a lf o f O c to b e r. K a n s a s
30 8 5- 16 @ HU 0 3 @ 7 6 5.31 9 11-16® 10^ 6 D*@@ 10 U 6.66
10
Aug.
s tra ig h ts h a v e been v e r y s p a rin g ly o ffe re d o n th e s p o t.
6 8U @ o u 5 9 @7 3 5.53
No quo tations
6.50 V
n
e rs
in
u
e
13 HU @ 9U 6 0 @7 6 5.43
No quo tattons
6.50 loo rky fmra loyw b u yp ric ea re dsutill to calin eedx t to obrd y g in g w rly ,aas cth e y.
o
o
er
s,
e
n
ra
in a r y h e t ro p
20 HU @ HU 6 6 @7 9 5.42
No quo tations.
6.20
9 0 0 @7 9 5.63
27 HU @
No quo tations
6.20 Y o t som o e x p o rt d e m a n d has p re v a ile d a n d sales a re re p o rte d
Sept
3 8% @ 9J4 6 9 @8 0 5.78
No quo tations.
6.90 o f 100,000 b a rre ls a t th e sea b o a rd . N o rt h w e s te r n m ills
lia v o la t t e r ly h a d a b e tte r bu sin ess. T h e to ta l o u t p u t la s t
L I V E R P O O L . — S ales, s to c k s , & c ., fo r p a s t w e o k :
w e e k a t M in n e a p o lis , D u lu t h a n d M ilw a u k e e w a s 304,885
A u g . 13.
A u g . 20.
A u g . 27.
S e p t . 3.
ba
Sales of tho w eek.................................. 44,000 45,000
48,000
______ rre ls , a g a in s t 281,885 la s t w e e k a n d 501,410 la s t y e a r.
M in
Of which speculators t o o k _____
3,300
1,700
3,700
________n e a p o lis m ille rs p re d ic t a la rg e in cre a se in bu sin ess
Of which oxportors took _______
2,100
2,400
1,000
________ g th e n e x t th re e o r fo u r m o n th s .
du
Sales, A m erican--------------------------- 35,000 35.000
40,000
______ rin
W h e a t d e c lin e d , o w in g to m u c h m o re fa v o ra b le w e a th e r,
A ctual export...................................
13,000
7,000
7,000
8,000
F orw a rd ed ..........................................
69,000 67,000
75,000 67,000 th o d e m o ra lize d ra te s fo r s te rlin g e xc h a n g e , n a t u r a lly m ili
T otal stock .....................
..1 ,3 4 8 ,0 0 0 1,305,000 1,252,000 1,190,000 t a tin g a g a in s t e x p o rt bu sin ess, a n d f in a lly h e a v y liq u id a tio n .
O f which Am erican..................... .1 ,0 9 7 ,0 0 0 1,0 5 4 ,0 0 0 998 ,000 943 ,000
T o t a l im p orts o f tho w eek---------17,000
3 1 ,0 0 0
3 0 ,0 0 0
13,000 P re m iu m s a t M in n e a p o lis b ro k e 10 to 15 ce n ts e a rly in th e
Of which Amorican___________
5,0 0 0
2 2 ,0 0 0
10,000
3,000 w e e k , w it h o ffe rin g s la s t M o n d a y o f 25 ca rs. T h e r e w a s a
A m ount afloa t................
9 0 ,0 0 0
6 5 ,0 0 0
5 5 ,000
Of which Am orican___________ 5 4 ,000
2 3 ,0 0 0
2 2 ,0 0 0
_______
r u m o r th a t C a n a d a m ig h t ta k e th o d u t y o ff w h e a t, b u t it
T h o to n o o f th e L iv e r p o o l m a rk e t fo r sp o ts a n d fu tu re s c o u ld n o t bo c o n firm e d . A b o u t 150,000 bushels o f C a n a d ia n
each d a y o f th o p a st w e e k a n d th o d a ily c lo s in g p ric o s o f w h e a t a ro th u s fa r said to bo h ea d ed f o r A m e ric a n m a rk e ts .
s p o t c o tto n lia v o boon as fo llo w s :
T h o s p rin g -w h e a t re c e ip ts , m o re o v e r, a ro in c re a sin g . A n d
th e re seem s som e p o s s ib ility o f a lega l s n a rl a t C h ic a g o g ro w
T u esday.
M onday.
W ed n esd a y. T h u rsd a y.
S a tu r d a y .
S p o t.
F r id a y .
in g o u t o f tho re c e n t d ecision o f th o Illin o is C ir c u it C o u r t th a t
a n a p p ro p ria tio n fo r d e p u ty S ta te g ra in in s p e c to rs ’ salaries
Market, f
Large
Fair
Good
Good
Good
Good
12:15
business business is ille g a l. I t is su rm ise d t h a t th is m a y causo a w h e a t b lo c k F . M.
( demand. demand. demand. demand.
doing.
doing.
ado a t C h ic a g o , fo r if th e d e p u tie s cease to in s p e c t, it is
5.73
5.81
5.68
5.94
Mid.Upl’ds
5.91
fe a re d t h a t it m a y p ro v e o u t o f th o q u e s tio n to h a n d le th e re 5.78
e ip ts th e re .
H e d g in g sales h a v e been a
fe a tu re
12,000
10,000
10,000
15.000
20,000
8,000
2,500
1,000
500
2,500
Spcc.&oxp.
7,500
o f th o tra d in g a t M in n e a p o lis .
“ S p re a d s” b e tw e e n
2,000
C h ic a g o a n d M in n e a p o lis a re said to a m o u n t to 7,000,000
Quiet,
Firm,
Quiet,
F u tu res.
Steady,
Quiet,
Market 1 gen. 1 to 2 11©12 pts. 4@ 5 U pts. 8® 10 pts. Mpt.dcc.to 1 U Quiet,
@2 pts. b u sh e ls, C h ic a g o h o ld in g th e “ lo n g ” e n d . P ro s p e c ts o f
opened / pts. adv. advance. decline. advance. U Pt. adv. advance. s o m e th in g lik e a b illio n -b u s h e l c ro p in th is c o u n t ry , lo o k
Steady, Barely st’y Irrcg., 5 to m a n y , m o ro a n d m o re p ro m is in g . “ B e a r ” o p e ra to rs
Market, f Steady at *IVly st’dy Quiet,
U
2 U
pts. dec. to
U
d U
4 . M. 1 5K@6M 3@8K pts. 1pts.@dec. 7® 15 pts. 2pts.@ dec. 3 U Pts. adv. h a v e been b o ld e r. M e a n tim e , th o L iv e r p o o l m a rk e t has
V
pts. adv. advance.
advance.
been depressed, p a r t ly o w in g to slackness in d e m a n d ,
U i . AVI.
p a r t ly to in cre a se d o ffe rin g s o f E n g lis h w h e a t, as w e ll as
T h o p rico s o f fu tu re s a t L iv e r p o o l fo r each d a y a ro g iv e n tho w e a k n e ss in A m e ric a n a n d C a n a d ia n m a rk e ts . L i v e r
b e lo w . P ric o s a ro o n th o basis o f u p la n d , g o o d o rd in a r y po o l peoplo b e lie ve t h a t a rriv a ls o f E n g lis h w h e a t w ill, fo r
clau so, — nloss o th e rw is e s ta te d .
th o tim e b e in g , s u ffice to s u p p ly th e d e m a n d th e re . M e a n
tim e o th e r E u o p re a n w h e a t is re a c h in g m a rk e t c e n te rs a n d ,
Aug. 28
T u esd a y . W e d ’d a y .
S a tu r d a y .
M onday.
T h u rsd a y.
F r id a y .
o n th o w h o le , E u ro p e a n p rice s, fo r th o m o m e n t a t
to
Sept. 3. 12 Y x 12 *
12* 6 12* 4 12* 4 12* 4 12* 4
le a st, h a v e been d e c lin in g .
O n e tro u b le is th a t
p .m .
p .m .
p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m .
E u ro p e a n w h e a t, th is y e a r, seem s to bo o f in fe rio r q u a l
d.
d.
d.
d.
d.
tl.
d.
d.
d.
d.
d.
d.
it y .
I n F ra n c o s p e cu la to rs aro a fra id to b u y fe a rin g
August . .
5 5 7 U 0 0 U 66
B u t p ric e s r a l
S ep t_____
61 U 61 U 82 76 U 79 7 2 U 66 0 7 U G o v e rn m e n t re g u la tio n o f th e p ric e .
O ct.-N ov.
5 m u 764* 71
69 U 69 U 87 82 U 85 78 U 74 75 U lie d n o w a n d th e n , a n d th e re a re n o t w a n tin g those w h o t h in k
Jan.-F ob 5 79 89 83 U 81 U 82 95 92 93 88 84 86 U t h a t soo n er o r la te r a re a l a d va n c e w ill o c c u r u n d e r tho
M ar.-Apr.
5 8 G U 96 90 U 88 88 98 U 97 97 92 U
U
M ay-June m i 5 93 02 96 U 94 94 02 014* 01 98 90 U 93 u s tim u lu s o f a sh a rp e x p o rt d e m a n d to m a k e g o o d th o loss
96 00
July-A ug.
6 98 07 U 01 99 99 05 06 05 03 U 02 07
in E u ro p e a n cro p s b ro u g h t a b o u t b y th e w a r. E x p o r t
1915.
8 U lb s.
1914.
8 U lb s .
7
86
[Vol. 101
THE CHRONICLE
d e m a n d im p ro v e d la te r in th e w e e k . A f t e r a ll, if E u ro p e
has g o t to h a v e A m e ric a n w h e a t, i t w ill b u y i t re g a rd le ss o f
ra te s o f e xc h a n g e , a n d m a n y b e lie ve t h a t e xc h a n g e ra te s
w ill b e fo re lo n g be s ta b liliz e d in som e w a y . S om e la te
L iv e r p o o l re p o rts s ta te t h a t E n g lis h m ille rs a re a b s o rb in g
w h e a t fre e ly a n d t h a t th e w e a th e r in E n g la n d h a s a g a in
t u rn e d w e t. T h e r o n o w is said to be a s c a rc ity o f w h e a t
in E n g la n d , a n d i t is b e lie ve d t h a t p u rch ase s o f fo re ig n w h e a t
w il l be im p e ra tiv e in th e e a r ly f u tu re . T h e U n it e d K in g
d o m w ill re q u iro a b o u t as m u c h im p o rte d w h e a t as la s t
season, F ra n c e , i t is sa id , a b o u t 80,000,000 b u sh e ls, I t a l y
f u l l y as m u c h as la s t y e a r a n d H o lla n d , S c a n d in a v ia , S w itz e r
la n d , S p a in a n d P o rt u g a l in excess o f th e q u a n t it y im p o rte d
la s t y e a r. R e s e rv e s in a ll th e c o u n trie s m e n tio n e d a re
lig h t , th o u g h n a t iv e y ie ld s a re e n o u g h f o r im m e d ia te
re q u ire m e n ts .
T h e u n e a s y u n d e rc u rre n t is d u e to th e
fa c t th a t u lt im a te ly E u ro p e w ill h a v e to b u y h e a v ily
in fo re ig n m a rk e ts . I n A r g e n t in a th e w e a th e r has been d r y
a n d h ig h e r p ric e s a re lo o k e d f o r , o w in g to th e d ro u g h t a n d a
fe a r o f a n in v a s io n o f lo c u s ts . M e a n w h ile , re s e rve s o f o ld
w h e a t in A r g e n t in a a re v e r y s m a ll. I n E u ro p e a n R u s s ia ,
s in g u la r ly e n o u g h , th e re has been a s h a rp fa ll in te m p e ra tu re
s im ila r to t h a t w h ic h re c e n tly o c c u rre d in th e U n ite d S ta tes,
a n d ra in s a re g e n e ra l o v e r th e C e n tra l a n d S o u th w e s te rn
P ro v in c e s ; m u c h w h e a t is exp o se d a n d in la te d is tric ts h a r
v e s tin g is b e in g im p e d e d . S to ra g e ro o m is th e g re a t p ro b le m
in R u s s ia , f o r w it h lib e ra l re s e rve s m u c h o f th e c ro p w ill n o t
be p r o p e rly h o u se d . Y e t O dessa cables th a t p o r t s to cks on
th e B la c k Sea a re v e r y s m a ll a n d t h a t th e re a re n o in d ic a tio n s
o f a m o v e m e n t to s h ip p in g p o rts . G o v e rn m e n t o ffic ia ls in
th e in t e rio r , i t is s ta te d , a re h o ld in g h e a v y re s e rve s specu
la t iv e ly . T h e y ie ld in I t a l y a n d G re e c e is p o o r, b o th as to
q u a lity a n d q u a n t it y . T h i s is s a id in p r iv a t e re p o rts to be
tru e o f H u n g a r y also. T h e F r e n c h c ro p is d is a p p o in tin g .
R a in s h a v e d o n e h a rm in G e rm a n y . L a te s t R u s s ia n a d
vic e s s ta te th a t c ro p p ro sp e c ts a ro n o t a lto g e th e r fa v o ra b le
as to y ie ld , w h ile th e q u a lit y is in fe rio r a n d th a t p ric e s re
m a in lo w o w in g s o le ly to th e la c k o f a d e q u a te s to ra g e fa
c ilitie s . T o - d a y p ric e s d e c lin e d , o w in g to fa v o ra b le w e a th
e r, peace ta lk a n d liq u id a tio n . E x p o rt e rs b o u g h t 600,000
b u sh e ls o f s p rin g w h e a t to a rr iv e
D A IL Y C LO SIN G P R IC E S OF W H E A T F U T U R E S IN NEW YORK.
S a t. M o n . 1 'u es. W e d . T h u r s . F r i.
N o 2 red - . . . ............. ..............c ts .1 1 4 ^ 112 110>3 112M 116.4 115&
S ep tem b er delivery in elevator____107
1 M 'A
102 « 1 0 5 4 106 4 1 0 4 4
D A IL Y C LO SIN G P R IC E S OF W H E A T F U T U R E S IN CHICAGO.
S a l. M o n . T u e s . W e d . T h u r s . F r i.
S ep tem b er d e liv e ry in e l o v a t o r .c t s . 9 7 4
954 934 964
9 7 4 96
D e ce m b e r d eliv ery in e le v a t o r ------9 5 4
9 3 4 9 2 4 93 4
94 4 92 4
M a y d eliv ery in e le v a to r __________1 0 0 4
9 8 4 9 7 4 9 7 4 98 4 9 6 4
In d ia n c o rn a d v a n c e d e a r ly in th e w e e k , o n fro s ts in N e
b ra s k a , Io w a , M in n e s o ta , K a n s a s a n d W is c o n s in , b u t re a c
te d la te r. T h e K a n s a s S ta te r e p o rt f o r o ne th in g p u t th e
c ro p th e re a t 150,000,000 b u sh e ls as c o n tra s te d w it h 108,
000,000 b u sh e ls la s t y e a r. T h is depressed th e S o u th w e s te rn
m a rk e ts — a fa c t w h ic h re a c te d o n C h ic a g o p ric e s. A ls o
w e a k n e ss in w h e a t h a d a n o tic e a b le e ffe c t. C o m m is s io n
h ou ses h a v e s h o w n a d is p o s itio n to sell o n b u lg e s . T h e
c o u n t r y h a s b e e n o ffe rin g m o re fre e ly . L a t e r re p o rts said
t h a t th e fro s ts h a d done lit tle h a rm a n d th e t a lk in som e q u a r
te rs is t h a t a h ig h re c o rd c ro p is po ssible. A t th e sam e tim e
e x p o rt tra d e is in a b e ya n c e . L iv e r p o o l p ric e s h a v e w e a k
ened u n d o r fre e a rr iv a ls a n d du ln e ss o f tra d e . N o t o n ly has
th e s p o t d e m a n d th e re b e e n p o o r b u t th e R i v e r P la te o ffe rin g s
h a v e be e n la rg e , a n d , as is w e ll k n o w n , th e s to c k a t L i v e r
p o o l is v e r y lib e ra l. Y e t i t re m a in s tru e th a t th e a v a ila b le
s to c k in th e U n it e d S ta te s is o n ly 3,400,000 b u she ls a g a in s t
5 470,000 a y e a r a go a n d 3,770,000 a t th is tim e in 1913, a n d
t h a t p ric e s h a v e h e ld b e tte r th a n m ig h t o th e rw is e h a v e been
th e ca se . T o - d a y p ric e s fe ll, o w in g to g o o d w e a th e r. C o u n
t r y o ffe rin g s a re e xp e c te d to in crea se s h o r t ly . S e p te m b e r
w a s in c lin e d to b e f ir m , b u t w e a k e n e d la te r w it h o th e r m o n th s .
C h ilia n g ra d e s a re m e e tin g w it h a g oo d d e m a n d a t L i v e r
p o o l. A r g e n t in a re p o rts d ro u g h t a n d th e a crea ge re d u c e d .
T o d a y o a ts d e c lin e d in s y m p a th y w it h th e fa ll in w h e a t.
S e p te m b e r r a t h e r re s ists p re s su re as c o n tra c t g ra d e s a re in
s m a ll s u p p ly .
D A ILY C LO SIN G P R IC E S OF OATS IN N EW Y O R K .
Sat.
M on .
.T u e s .
W ed .
T h u rs.
F r i.
S tandards_____________ cts.55@ 60 55@ 60 55@60 55@ 60 55@ 60 nom .
N o. 2 w hito_______________ nom . nom . nom . nom . nom. nom .
D A ILY C LO SIN G P R IC E S O F OATS FU T U R E S IN C H IC A G O .
Sat. M o n . T u e s . W e d . T h u r s . F r i .
Septem ber delivery in elev a to r.cts. 3 6 4 3 5 4 36 4 36 4 365 364
Decem ber delivery in elevator------ 36 3 5 4 3 6 4 3 6 4 3 6 4 3 6 4
M ay delivery in elevator_________ 3 8 4 38
3 8 4 3 8 4 3 8 4 38 4
T h e fo llo w in g a re clo sin g q u o ta tio n s :
G R A IN .
C orn, per bushel—
C ts .
W h ea t, p er bushel— f. o. b.
N o. 2 m ixed_______ f. o. b . ______
N . S p ring , N o . I, new ------ §1 0 5 4
2 yellow ______ c. i. f. 88
N . S p ring . N o . 2 _____ ______ ______ N o. 3 yellow _____________________
R ed w in ter, N o . 2, n ew — 1 1 5 4 N o.
A
H a rd w in ter, N o . 2 ________1 1 5 4 Ryo,rgentina in bags________________
per bushel—
O ats, p e r bushel, now —
C ts.
S ta n d a r d --------------------------- N om . New Y ork.............................. 99
W estern, o. new ______________
N o. 2, w h ite _______________ N om . Barley—M aNltin2, ___________58 @63
g
N o. 3, W h ite _____________
42
FLO U R .
ansas
75
W in ter, low g rades____$4 10@ $4 35 K ansas straights, sack s.$5 25@ $5 40
clears, sacks— 5 00@ 5
W in ter p a te n ts _________
5 75 K
W in ter stra ig h ts______ 5 00 @ 5 25 C ity p ate n ts---------------- 5 — _______
Ryo 5 00
W in ter clears___________ 4
75(«;B H our_____________ 15® 6 00
S pring p a te n ts _________ 5 00@ 6 85 G uckw heat uflour.
Spring stra ig h ts________ 4
90 ("1 rah am 5flo r--------------- 5 65 @ 5 75
00
Spring clears____________ 4
65 ('6
5 00
W E A T H E R B U L L E T IN F O R T H E W E E K E N D IN G
A U G . 3 0 — T h e in flu e n ce s o f w e a th e r o n th e cro p s as s u m
m a riz e d in th e w e a th e r b u lle tin issu ed b y th e D e p a rtm e n t
o f A g r ic u ltu re f o r th e w e e k e n d in g A u g . 30 w e re as fo llo w s :
S p r in g W h e a t .— F air a n d cool w eather in th e E astern sprin g-w h eat S ta te s ■
favored th e m atu rin g of th e crop u n der th e m o st favorable conditions, an d
h arv estin g is nearin g com pletion in all these d istricts. Likowiso in th e
w estern po rtio ns of th e b e lt, tho w eath er, th o u g h generally h o t, w as, nev er
theless, favorable for ripening a t th e hig her elevations an d for h arvesting
an d th rash in g a t the low er. T ho crop h a s n early everyw here been g ath ered
in p rim e condition, a n d tho th rash in g retu rn s ind icate yields above th e
average.r W h e a t .— In th e w inter-w heat b e lt fu rth e r rain s a n d. cool,. cloudy
.
.
.
W in te
w eath er p revented th e w heat still in shock from dryin g, delayed stack in g
an d th rash in g , an d caused som e fu rth e r in ju ry b y sp ro u tin g a n d otherw ise.
T ho soil is in good condition, except too w et in som e localities, an d m u ch
plow ing has been accom plished, an d p rep aratio n for fall seeding is bein g
pushed rap id ly , alth o u g h v ery generally delayed b y con tin u ed rain s a n d
w et condition of tho soil.
C o r n .— C ontinued cool w eather over tiio greater p a rt of th e im p o rta n t
corn-grow ing S tates is greatly delaying tho m atu rin g of th a t crop, an d som e
dam ago h as already occurred from fro st in tho m ore n o rth ern d istricts. A t
th is d a te la st year com w as being c u t in K ansas, w hereas it is now rep orted
as still req uiring several w eeks to m a tu re . O ver tho so u th ern-districts la to
corn generally m ade satisfacto ry progress, an d a good crop seem s assu red,
except locally w here sto rm or dro u g h t h as caused in ju ry .
C o tto n .— Cool w eather over th e m ore n o rth ern d istricts reta rd e d c o tto n
grow th a n d elsowhero tho crop m ad e little favorable progress. In T ex as
w et w eath er caused fu rth e r in ju ry , delayed picking, an d caused som e ro ttin g
of bolls, a n d som ew hat sim ilar conditions prevailed in A rkansas. In tho
so u th ern districts to eastw ard of th e M ississippi tho conditions wero m oro
favorable, anil in O klahom a tho crop is rep orted as lato an d sm all, b u t
fru itin g heavily. R u st an d shedding aro rep o rted from som e sections a n d
boll-w eevil con tinue activ e in T exas.
T h e s ta te m e n t o f th e m o v e m e n t o f b re a d s tu ffs to m a rk e t
in d ic a te d bo o\v a ro p ro p a re d b y us fro m fig u re s co lle cte d b y
th o N e w Y o r k P ro d u c e E x c h a n g e . T h e re c e ip ts a t W e s te rn
la k e a n d r iv o r p o rts f o r tho w e o k e n d in g la s t S a tu rd a y a n d
sinco A u g . 1 fo r each o f th e la s t th re e y e a r ; h a v e been:
R e ceip ts
a t—
F lo u r .
W h ea t.
C orn .
56
908,
b b ls .lM b s . bush. 60 lbs. bush.
B a riev .
O ats.
R ye.
bush. 32 lbs. bushA Slbs. bu. 5616*.
5,268,000 175.000 144.000
Chicago------ 131,000 2.768.000
508.000 448.000 07.000
120,
1.445.000
Minneapolis.
16,000 231.000 127.000
65.000
Duluth_____
17,000 63.000
874.000
144,
35.000
32.000
Milwaukee..
294.000
26,
169.000
Toledo_____
171.000
77.000
51,
"o’,666
Detroit------111.000
1,000
39
45.000
8,000
Cleveland . .
13.000 25.000
461.000
200
865.000
75.000
St. Louis—
39.000 20.000
655.000
146
142.000
33.000
P eoria____
102.000
230
1.352.000
Kansas City
304,000
531
275.000
Omaha. 923,000
Total wk. ’15 285.000 7.238.000 2.401.000 8.764.000 1.729.000 437.000
Same wk. ’.14 448.000 9.743.000 6.184.000 7.565.000 1.461.000 505.000
401.000
Same wk. ’13 389.000 6.865.000 3.338.000 7 608,000
D A IL Y CLO SIN G P R IC E S OF N Oa. [ 2 M IX E D C O R N W INd NEWw YORK. Since Aug. 1
U A 1LI
s
M o n
e
T h
s F H '
878,000
1915.......... 1,111,000 27.986.000 11.988.000 22.701.000 2.381.000 1.331.000
1914.......... 1.642.000 44.314.000 17.650.000 37.337.000 3.962.000 1.429.000
N o 2 vellow _______________c ts . 8 8 4 86
8 6 4 8 6 4 8 8 4 88
1913____ 1.514.000 39.043.000 10.958.000 28.925.000 4.127.000
D A IL Y C LO SIN G P R IC E S OF C O R N F U T U R E S IN CHICAGO..
S a t. M o n . l u e s . W e d . l h u r s . F r i.
T o t a l re c o ip ts o f flo u r a n d g ra in a t th e se a b o a rd p o rts f o r
S e p t e m b e r delivery in elev a to r.cts. 73 4
734 714 714
72 4 72
th e w e o k end ed A u g . 28 1915 fo llo w :
D e c e m b e r delivery in elevator------ b 3 4
634 614 604
60 4 5 8 4
O ats, B a r l e y ,
R ye.
C orn ,
W heat,
F lour,
M a y delivery in elevator ---------------- 6 4 4
6 4 4 6 3 4 62
6 1 4 59
bu sh .
bush.
b u sh ,
bu sh .
bush.
R
e p ts a t—
661*.
O a ts d e c lin e d to a n e w lo w re c o rd o n la rg o re c e ip ts , g o o d Newe cYi ork............ 180,000
26,000 866,000 196,000 5,000
706.000
71.000 45,000
55,000
27.000
c ro p a d vic e s a n d h e a v y liq u id a tio n . H e d g e se llin g w a s Boston-------------373,000
50,666
12*665
41.000 608.000
la rg e . A ls o , th e re h a s been a g o o d deal o f s h o rt s e llin g . Philadelphia-----56.000
29.000
23,000
26.000 1,028,000
Baltimore---------90.000
44.000
802,000
N a t u r a ll y , to o , som e d e p re ssio n in o th e r g ra in has a ffe c te d New Orleans *— 134,000
184,000
o a ts. T h e a v a ila b le s u p p ly in th e U n it e d S ta tes, m o re Newport N ew s..
34*666
2,000
uf.ooo
Mobile ..................
339,000
1,187,000
o v e r, in cre a se d la s t w e e k 4,000,000 b u sh e ls, a g a in s t a n in M ontreal____- —
28,000 ________ _________ _ __________ _______ _ _ _ _ _
crease in th e sam e w e e k la s t y e a r o f 1,642,000 bushels. O n
th e o th e r h a n d , ca sh houses h a v e , a t tim e s, been h e a v y
b u y e rs o f S e p te m b e r a n d D e c e m b e r. A ls o , th e ro h a v e
be e n som e in d ic a tio n s o f a b ig e x p o rt bu sin e ss a t th e sea
b o a rd . I n fa c t, a t th e o p e n in g o f th e w e e k th e e x p o rt sales
w e re p u t a t as h ig h as 2,000,000 b u shels. E le v a t o r p eo ple’s
p u rch a se s o f S e p te m b e r w e re o n a scale t h a t a ttra c te d a tte n
tio n . A ls o , it is a fa c t t h a t th e v is ib le s to c k is s till d e c id e d ly
s m a lle r th a n f o r s e ve ra l ye a rs p a s t. I t is o n ly 4,800,000
b u sh e ls, a g a in s t 25,575,000 b u she ls a y e a r a go a n d 35,350,000
b u sh e ls tw o y e a rs a go . T h e de p re ssio n in o th e r g ra in has
b e e n o ffs e t in la rg e m e a su re b y th e h e a v y b u y in g o f S e p tem
b e r a n d D e c e m b e r b y ca sh in te re s ts . Y e t th e fa c t is b y
n o m ean s lo s t s ig h t o f th a t th e c ro p is v e r y la rg e a n d th a t it
w ill p ro b a b ly re q u ire a fo re ig n d e m a n d to p re v e n t p rice s
fa llin g fu rt h e r . L iv e r p o o l a d vic e s s ta te th a t p ric e s a ro
g e n e ra lly m a in ta in e d , t h a t a rr iv a ls a re lig h t a n d th e co n
s u m p tio n f a ir a n d th a t E u ro p e a n p ro sp e c ts a re less fa v o r
a b le
T h e C o n tin e n t has been b u y in g a t L iv e r p o o l.
Tntnl wepk 1915 449 000 4.572.000 183,000 1,795,000 241,000 40,000
SinceJan. 11915117,051,000 62,831,00040,845,000 97,226,000 7145,000 6583,000
Week 1914
441,000 7,604,000 592,000 1,839,000 31,000 36,000
Since Jan. 1 1915.14,059,000 141567,00016,810,000 26,429,000 8568,000 2433,000
* Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading.
T h e e x p o rts fro m th e s e ve ra l se a b o a rd p o rts f o r th e w e e k
e n d in g A u g . 28 a re s h o w n in th e a n n e xe d s ta te m e n t:
W h ea t,
bu sh .
C orn ,
bu sh .
F lo u r ,
b b ls .
New York ........... 600,349 25,805 52,376
Philadelphia ___ 620,000 ............ 6,000
Baltimore ............. 990,790
980 41,502
New Orleans___ 605,000 44,000 51,000
Newport News . . 184,000
2,000
Galveston_______ 199,000
M obile................... 2,000 34,000 13.000
16.000
M ontreal_______ 744,000
_______ _
Total week___ 4,053,232 104,785 186,723
WMk 1914.....10:354:743 107,394 258.130
E x p o r ts fr o m —
O a ts ,
bu sh .
111,844
140,000
-----10,000
R u e,
b u sh .
B a rley ,
bu sh .
.......... 97,697
..........................
..........................
............................
P ea s,
b u sh .
2,991
_ 16,000 .......... 10,000
_________________________________
277,844 .......... 107,697 2,991
475,102 18,539 109,475 6,930
T h e d e s tin a tio n o f those e x p o rts f o r th e w e e k a n d sin ce
J u l y 1 1915 is as b e lo w :
THE CHRONICLE
S e p t . 4 1 9 1 5 .]
--------- F l o u r - --------------------- W h e a t ------------------------ C o r n -----------S in ce
S in c e
S in c e
W eek.
J u ly 1
W eek.
J u ly 1
W eek.
J u ly 1
E x p o r t s f o r w e e k a n d A u g . 28.
1015. A u g . 28.
1015. A u g . 28.
1015.
s i n c e J u ly 1 to —
b b ls .
b b ls.
bu sh .
b u sh .
bu sh .
bu sh .
United K ingdom ... 08,270 666,703 1,566,880 10,721,865
144,017
Sontinent-------------- 32,527 414,610 2,474,167 12,484,312
1,643,407
Cou. & Cent. Amer. 10,020 235,214
0,900 368,518 78,100 076,870
West Indies---------- 35,610 200,833
2,000
24,800 26,505 538,400
Brit. Nor. Am. Cols. 560
3,181
590
Other Countries___
727 66,017
186
18 6
............
1,663
Total.......................186,723 1,586,558 4,053,232 23,500,681 104,785 3,306,036
• Total 1014...............258,130 1,700,712 10354,743 55,781,000 107,304
770,323
T h o w o rld ’s s h ip m e n ts o f w h e a t a n d c o rn f o r tlio w e o k
e n d in g A u g . 28 1915 a n d sinco J u l y 1 1915 a n d 1914 a re
s h o w n in th o fo llo w in g :________________ ________________
C orn .
W h ea t.
1915.
E x p o r ts .
W eek
Aug.
1914.
S in c e
J u ly
S in c e
J u ly
B u s h e ls .
B u s h e ls .
28.
1.
1914.
1915.
S in ce
J u ly
S in c e
J u ly
B u s h e ls .
B u sh els.
W eek
Aug.
1.
B u s h e ls .
1.
l.
28.
309,000
North Amer* 6.464,000 42,206,000 70.571.000 142,000 2,789,000
1.531.000
216,000 1,206,000 11.922.000
8.185.000
2.304.000
Danube____
Argentina . . 376,000 5,714,000 2.714.000 4,200,666 42,244,000 25,904,000
5.662.000
Australia__
112,000 11,236,000 7.560.000
51,000
578,000
874,000
Oth. countr’s 56,000
T o ta l___ 7,224,000 61,236,000 101,311,000 4,342,000 45,084,000 35,929,00
* North America.—Tho Canadian Government has officially prohibited the Issu
ance of both manifests and exports until after ten days. This Is effective during
the continuance of the war.
B u sh els.
T h e q u a n t it y o f w h e a t a n d c o rn a flo a t fo r E u ro p e o n da tes
m e n tio n e d w a s as fo llo w s :
C orn .
W h ea t.
U n ite d
K in g d o m .
C o n tin e n t.
U n ite d
K in g d o m .
T o ta l.
C o n tin e n t.
T o ta l.
B u s h e ls .
B u sh e ls.
22.346.000
Aug. 28 1915..
18.848.000
22.041.000
Aug. 21 1915..
19.128.000
12.513.000
29.552.000
Aug. 29 1914..
Aug. 30 1913.. 16,440,666 20,672,000 37,112,000 12,019,000 20,698,000 32,717,000
B u s h e ls .
B u sh els.
B u sh els.
B u sh els.
T h o v is ib lo s u p p ly o f g ra in , c o m p ris in g th o s to c k s in
g ra n a r y a t p rin c ip a l p o in ts o f a c c u m u la tio n a t la k o a n d
se a b o a rd p o rts A u g . 28 1915 w a s as fo llo w s :
UNITED STATES GRAIN STOCKS.
A m er. B on d ed
W h ea t. W h ea t.
—
b u sh . bu sh .
New York........................ 698
4
B o sto n ...____________
43 24
Philadelphia__________ 511
Baltimore____________ 600
New Orleans__________ 933 ____
Galveston____________ 870 ____
B uffalo-........................... 269 ____
Toledo...................
184
D etroit............................. 63
Chicago______________ 779
Milwaukee___________
3
D u lu th ______________
45 ____
Newport News________ 147 ____
M inneapolis.................. 302
St. Louis........................... 298
Kansas C ity.................... 242
Peoria................................ 23
Indianapolis..................... 210 -----O m aha______________
97
On L akes____________ 774 -----On Canal and River— ------ -----Total Aug. 28 1915.. 7,091
28
Total Aug. 21 1915._ 8,090
23
Total Aug. 29 1914..31,535
222
Total Aug. 30 1913..44,561
325
CANADIAN
I n T h ou san d s
C a n a d ia n B o n d ed
W h ea t. W h ea t.
b u sh .
—
bu sh .
Montreal_____________ 990
F t. William & Pt.Arthur 338
Other Canadian.............. 1,021
Total Aug. 28 1915.. 2,349
Total Aug. 21 1915-- 2,140
Total Aug. 29 1914.. 5,897
Total Aug. 30 1913.. 2,640
I n T h ou san d s
25 253 .......................
1
2 ......................
72
ISO
38
131
47
42
498
65 ------ -----8 ___ ____ ____
263
64 ......................
57
187
11
47
54
18
328 1,170
38
17
79
7
____
27 ____
14
____ 201 ____
56
15
91
15
76
67
4
57
47
2
21
217
4
304
84 ......................
173
89
4
272 ------ -----75
17 ------ ------ -----2,382 2,924 ____ 328
2,822 2,230 ____ 184
3,923 20,124
27 290
2,612 24,661 474 674
GRAIN STOCKS.
C a n a d ia n
B on d ed
C orn .
O a ts .
O a ts .
bu sh .
b u sh .
bu sh .
-----3 584
....................... 110
......................
123
-----3 817
-----7 1,322
-----95 1,106
-----1 5,687
SUMMARY.
B on d ed
W h e a l. W h ea t.
—
b u sh .
bu sh .
American......................... 7,091
28
Canadian____________ 2,349 -----Total Aug. 28 1915.. 9,440
28
Total Aug. 21 1915.-10,230 23
Total Aug. 29 1914..37,432 222
Total Aug. 30 1913..47,201 325
I n T h ou san d s
A m e r . A m e r . B on d ed A m e r . A m e r . B on d ed
C om .
O a ts .
O a ts .
B y e . B a r le y . B a r le y .
b u s h .b u s h .
bu sh .
b u sh .
bu sh .
b u sh .
18 -----119 ____
------ -----1 ____
------ -----___ ____
9 -----......................
.......................
19 -----10 -----147 -----____ ____
92 -----.......................
.......................
......................
........ ........
6 -----130 ____
------ -----551 ____
185 ___
1,193
7
1,822
41
C a n a d ia n
B on d ed
lly e . B a r le y . B a r le y .
b u sh .
bu sh .
bu sh .
------ . . . .
14 . . . .
....................................................
------ ------ ------ -----.......................
14 ----------- -----77 ----------23
91 ----------28 559 ------
B on d ed
O a ts .
bu sh .
C orn .
bu sh .
O a ts .
bu sh .
2,385
2,829
4,018
2,613
3,141 ___
3,552
21,230
27
30,348 474
2,382 2,924 _____
3 817 ------
B on d ed
B y e . B a r le y . B a r le y .
bu sh .
bu sh .
bu sh .
328
------
551 _____
i4 ------
328 565 ___
184 262 ___
313 1,284
7
702 2,381 41
THE DRY GOODS TRADE
N ew York, Friday Night, Sept. 3 1915.
B u sin e ss in d r y goo ds has im p ro v e d q u ie t ly d u rin g tho
p a st w e e k , p a r tic u la rly in th o c o tto n g oo d s e n d o f th e m a r
k e t. W e a k spo ts w h ic h w e re in o vid e n c e a f o r t n ig h t o r so
a go h a v e e n t ire ly d isa p p e a re d a n d m a n u fa c tu re rs a re b e
g in n in g to see h ig h e r p ric e s fo r th e fu tu re . T h o c le a rin g u p
o f tho in te rn a tio n a l s itu a tio n has d o n e m u c h to re s to re co n
fid e n c e a m o n g tho tim id a n d bu sin ess w h ic h h a d been h e ld u p
p o n d in g th o o u tco m o is n o w c o m in g to h a n d . T h e G o v e r n
m e n t re p o rt o n th e c o n d itio n o f th o c o tto n c ro p as o f A u g . 25
w a s a n o th e r v e r y b u llis h d e ve lo p m e n t o f th e w e e k . A c o n
d itio n o f G 9 .2 % w a s g iv e n , c o m p a re d w it h 7 5 .3 % a m o n th
a go a n d 7 8 .0 % la s t y e a r, w h ic h , a c c o rd in g to s e m i-o ffic ia l
fig u re s , in d ic a te s a c ro p o' o n ly 11,817,000 bales. A c ro p
o f su c h s m a ll p ro p o rtio n s is ta k e n to c o n firm th o b e lie f e x
pressed b y m a n y t h a t c o tto n is a t p re s e n t so ilin g a t v e r y lo w
le v e ls , a n d t h a t m a n u fa c tu re rs w ill bo o b lig e d to p a y h ig h e r
p ric e s f o r r a w m a te ria l as th e season a d va n c e s . Jo b b e rs
re p o rte d g re a te r a c t iv i t y d u rin g th e w e e k b o th in sto ro tra d e
787
a n d t liro u g h th e m a ils . T h e y w e re in re c e ip t o f n u m e ro u s
re q u e s ts f o r p ro m p t s h ip m e n t o f goo ds need ed to f ill im m e
d ia te re q u ire m e n ts , to g e th e r w it h in q u irie s re g a rd in g p ric e s
f o r fu tu re d e live rie s . R o a d salesm en a re s e n d in g in re p o rts
o f im p ro v in g c o n d itio n s fro m m a n y sectio ns o f th e c o u n t r y ,
th is s ta te o f a ffa irs b e in g p a r tic u la rly tru e in th e W e s t a n d
S o u th w e s t, w h e re g o o d c ro p s m a rk e te d a t h ig h p ric e s a re
p ro m o tin g co n fid e n ce . T h e s itu a tio n in c o lo re d g oo d s re
m a in s u n c h a n g e d a n d is lik e ly to c o n tin u e so u n t il som e a r
ra n g e m e n t ca n be m a d e to s u p p ly d y e s fo r m e rly im p o rte d .
T h o w h o le m a rk e t is a ffe c te d b y th e s h o rta g e in c e rta in
c o lo rs , su c h as in d ig o e s a n d b lu e s , su p p lie s o f w h ic h a re
b e in g use d u p r a p id ly . S om e lin es p u t o u t c o lo re d w it h
d o m e stic d ye s a re re p o rte d as h a v in g b e e n q u ite s a tis fa c to ry
as re g a rd s w e a rin g q u a lit y a n d fastness o f c o lo r, b u t these
a re as y e t o n ly in th e e x p e rim e n ta l sta g e . R e t a il tra d e is
im p ro v in g in m o s t se ctio n s, b u t o n ly th e la rg e r re ta ile rs
s h o w a n y d is p o s itio n to o p e ra te a h e a d , a n d th e n o n ly in a
v e r y c o n s e rv a tiv e w a y . E x p o r t s o f c o tto n go o d s, w it h th e
e x c e p tio n o f d u c k , a re p o o r. A fe w h u n d re d ba le s o f
s ta n d a rd sh e e tin g s w e re closed f o r R e d Sea d e liv e r y d u rin g
th o w e e k , b u t in q u irie s fro m t h a t m a rk e t a re to o lo w to m e e t
th e a p p ro v a l o f m a n u fa c tu re rs . N o f u r t h e r a d vic e s h a v e
be e n re c e ive d fro m In d ia o r C h in a . E x p o r t s to S o u th
A m e ric a a n d in s u la r m a rk e ts a re im p ro v in g , w it h th e o u t
lo o k f o r b u ild in g u p tra d e in th is d ire c tio n v e r y b r ig h t.
D O M E S T IC C O T T O N G O O D S .
--------1915-------Since
Week.
Jan. 1.
28—
G reat B ritain ____________ ..........................3,743 54,285
O ther E uropean_________ .......................... 280 15,907
_____________ . . .
4,963
15,758
In d ia ____________________ ..................... 366 35,984
................... 83 12,609
_____________1,459 35,264
1,097
.......................... 79 12,748
.......................... 528
South A m oriea__________ _____________ 837 31 ,248
O ther countries. _______ ........................ 442 56,872
T o ta l_________________ ..................... ..7 ,8 1 7 276,735
Neiv York to Aug.
—•— 1914— —
Since
Week.
Jan. 1.
11
2,700
6
1,889
. . . 49.579
15,093
. . .
9,412
5,963
1,071 30,656
13
353
436 14,719
849 38,093
97 44,999
2,483 213,456
T h o v a lu o o f those N e w Y o r k e x p o rts sinco J a n . 1 has been
$17,289,878 in 1915, a g a in s t $14,972,635 in 1914. _
S ta p lo c o tto n s a re m o re a c tiv e a n d fir m e r. P ric e s h a v e
been s tre n g th e n e d o n b o th b ro w n a n d b le a ch e d goo d s f o r
f o r w a rd d e liv e r y , a n d if d e m a n d c o n tin u e s to in crea se a n d r a w
m a te ria l p ric e s to a d va n c e , h ig h e r le ve ls a ro lo o k e d fo r . I n
q u irie s f o r staples n o w in th e m a rk e t c o v e r re q u ire m e n ts fo r
th o re m a in d e r o f th e y e a r a n d w e ll in to th e f ir s t h a lf o f n e x t
y e a r, b u t m a n u fa c tu re rs a re n o t in c lin e d to fig u re o n co n
tra c ts m u c h b e y o n d th e c u r re n t y e a r. S ta n d a rd sh e e tin g s
a re f ir m ly h e ld , w it h b u y e rs m o re w illin g to m e e t q u o ta tio n s
th a n w a s th e case a w e e k o r te n d a y s a g o , w h e n s lig h t co n
cessions w e re b e in g m a d e to dispose o f s to ck s. A s it is,
sto ck s o f sta p le goods, w h ile n o t sca rce, a re n o t o v e r p le n tifu l,
a n d a n y la rg e b u y in g m o v e m e n t w o u ld im m e d ia te ly e nh a nce
va lu e s . C o lo re d c o tto n goods a re n o w b e in g h e ld u p o n a
m u c h f ir m e r basis. G o o d s in fa s t d a rk co lo rs a re v e r y scarce
a n d a d va n c e s ra n g in g as h ig h as Yi ce n t h a v e been m a d e o n
som o lin es. B o th jo b b e rs a n d c u tte rs -u p a re b e g in n in g to
re a lize th o th re a te n e d s h o rta g e a n d a re c o v e rin g th e ir re
q u ire m e n ts f u r t h e r in a d va n c e . S ta n d a rd lin es o f g in g h a m s
a ro e xp e c te d to be p ric e d w it h in a fe w d a y s a n d jo b b e rs a ro
t a k in g a n a c tiv e in te re s t, as i t is e xp e c te d t h a t s u b s ta n tia l
a d va n c e s w ill bo s h o w n o v e r la s t season’s p ric e s. P r in t
c lo th s h a v e ru le d f ir m d u rin g th e p a st w e e k , w it h tra d e im
p r o v in g . B u y e r s a re b id d in g f o r b o th p r in t c lo th s a n d g r a y
g oo d s a n d th o v o lu m e o f business has s h o w n o cn sid e ra b le
in cre a so . G r a y goo ds, 3 8 -in ch s ta n d a rd , a re q u o te d 4c.
W O O L E N G O O D S .— B u y in g o f fa ll a n d w in t e r goo ds has
be e n m o re a c tiv e a n d is e xp e c te d to im p ro v e as th e w e a th e r
becom es coo e r. I n th e dress goo ds m a rk e t th e d e m a n d
f o r p o p lin s is th e fe a tu re a n d th e p o p u la r-p ric e d lin e s a re
re p o rte d to be c o m p le te ly sold u p , w it h th e re s u lt th a t b u y e rs
a ro t u r n in g t h e ir a tte n tio n to th e h ig h e r-p ric e d go o d s. I n
m o s t cases m a n u fa c tu re rs a re w e ll b o o k e d t liro u g h th e
h e a v y -w e ig h t season a n d c o n s e q u e n tly a re in c o n tro l o f th e
p ric o s itu a tio n . I n it ia l b u y in g fo r s p rin g lia s sla cke n e d in
dress g oo d s, b u t se llin g a g e n ts a n d c o m m is sio n h ouses a ro
n o t p u s h in g fo r bu sin ess. I t is im p o ssib le to s ta te a t p re s
e n t w h a t goo ds w il l be th e m o s t p o p u la r n e x t s p rin g a n d u n t il
th is c a n be d e te rm in e d m a n u fa c tu re rs w ill go s lo w ly . I n
m e n ’s w e a r se llin g a g e n ts e xp re ss s a tis fa c tio n w it h th o v o l
u m e o f b usiness b o o ke d so f a r f o r n e x t s p rin g . C o n tra c ts
closed a re m o s tly o n lo w m e d iu m lin e s , v e r y lit tle h a v in g
be e n done in fin e r fa b ric s .
F O R E I G N D R Y G O O D S .— T h e lin e n tra d e co n tin u e s in
a sta to o f u n s e ttle m e n t -w ith in te re s t c e n te rin g la rg e ly in
p r im a r y m a rk e ts a b ro a d . T h e fe a r o f a B r it is h e m b a rg o
o n o x p o rts o f fla x a n d fla x y a rn s is ca u sin g co n sid e ra b le
a n x ie t y , b u t w h a t w ill a c tu a lly be d o n e c a n n o t be d e fin ite ly
le a rn e d . H o u s e s h a v in g lin e n s to o ffe r a ro d o in g a g o o d
bu sin e ss, b u t sup p lie s in m o s t q u a rte rs a re b e c o m in g v e r y
lo w . R e ta ile rs a re b u y in g s c a tte re d lo ts o f s to c k goo ds
w it h w h ic h to h o ld special sales, b u t c o n sid e r p ric e s aske d
fo r fo r w a rd d e liv e r y to o h ig h . Im p o rte rs sta to t h a t in m a n y
in sta n ce s lin e n s a re b e in g sold o v e r re ta il c o u n te rs a t p ric e s
m u c h lo w e r th a n t h e y c o u ld a ffo rd to , a cce p t o n n e w b u s i
ness. In q u irie s f o r dress goo ds fo r n e x t s p rin g a re q u ite
h e a v y , b u t it is a lm o s t im p o ssib le f o r im p o rte rs to fig u re o n
b usiness t h a t f a r a h e a d . B u rla p s c o n tin u e irre g u la r w it h
tho u n d e rto n e r a t h e r e a s y. L ig h t-w e ig h ts a ro q u o te d 5.75c.
to 5.90c. a n d h e a v y -w e ig h ts a t 7.75c.
788
THE CHRONICLE
*T JD
C IT Y
© to r a tle .
Terms of Subscription— Payable in Advance
F or One Y ear............................................................................................... ............... $10 00
For S ix M onths.................................................................................
0 00
European Subscription (including postage).................................................. 13 00
European Subscription six m onths (including postage)........................” 7 50
A nnual Subscription in London (including postage)............................. * £ 2 1 4 s.
S ix M onths Subscription in London (including postage)___£ 1 l l g
Canadian Subscription (including postago) ................................ ".".II.” ” I$11 50
Subscription includes follow ing Supplements—
B ank and quotation (m onthly) | R ailway and I ndustrial (3 tim es yearly)
K a il w a y E a r n in g s (m on th ly )
E lectric R ailway (3 tim es yearly)
S tate and city (sem i-annually) | B ankers ’ Convention (yearly)
Transient m atter per inch space (14 agate lin e s)....................................
( Tw o M onths
(8 t i m e s )
B . D A N A C O M P A N Y , P u b l is h e r s ,
Front, Pine and Dcpeyster S ts., New Y ork.
N e w s Ite m s.
Canadian Municipal Statistics.— T h e
1915 e d itio n o f
th is b o o k h a s b een p u b lis h e d b y W o o d , G u n d y & C o . o f
T o r o n t o . B y u s in g s m a lle r t y p e th a n la s t y e a r a n d p la c in g
th e s ta tis tic s in m o re concise fo rm th e p u b lis h e rs h a v e been
a b le to in c lu d e a v a s t a m o u n t o f v a lu a b le d a ta in a sm a ll
h a n d s o m e ly b o u n d v o lu m e c o n v e n ie n t f o r p o c k e t use. T h e
b o o k c o n ta in s s ta te m e n ts o f d e b t, v a lu a tio n , p o p u la tio n , & c .,
o f a ll th e P ro v in c e s a n d o v e r fo u r h u n d re d m u n ic ip a litie s .
A n e w a n d im p o rta n t fe a tu re in c lu d e d in th e p re s e n t e d itio n is
a s u m m a ry p re p a re d b y M r . A le x a n d e r B ru c e , K . C . , o f th e
la w r e la tin g to m u n ic ip a l b o rro w in g in th e P ro v in c e s o f
O n ta rio , M a n ito b a , S a s k a tc h e w a n , A lb e r t a a n d B r it is h
C o lu m b ia .
Collingswood, N. J.—Offer of Water Company to Sell
Plant Rejected by Borough.— A t a special m e e tin g h e ld A u g . 27
th e B o ro u g h C o u n c il re je c te d th e o ffe r o f th e G e n e ra l W a t e r
S u p p ly C o . (C o llin g s w o o d W a t e r C o .) to sell its W a te r- s u p p ly
p la n t to th e b o ro u g h f o r $350,000. T h i s a c tio n w a s ta k e n
a ft e r a c o u n t o f th e b a llo t b y m a il, w h ic h sh o w e d 292 vo te s
f a v o r o f th e p la n a n d 512 a g a in s t
in
it.
New York State.—Constitutional Convention Adopts Tax
Article.— T h e C o n s titu tio n a l C o n v e n tio n o n A u g . 31, b y a
v o te o f 109 to 29, a d o p te d th e p ro p o se d n e w a rtic le .on ta x a
tio n . T h o f u ll t e x t o f th e a rtic le as i t w ill go in to th e co n
s titu t io n i f r a tifie d b y th e v o te rs is as fo llo w s :
1. The power of taxation shall never bo surrendered, suspended or
contracted away, except as to the securities of tho State or a civil division
thereof. Hereafter no exemption from taxation shall be granted except
by general laws, and upon the affirmative vote of two-thirds of all tlio
members elected to each IIouso.
2. Taxes shall be imposed by goneral laws and for public purposes only.
The Legislature shall prescribe how taxablo subjects shall bo assessed and
provido for officers to execute laws relating to the assessment and collection
of taxes, any provision of Section 2 of Article X of this Constitution to
the contrary notwithstanding. Tho Legislature shall provide for tho super
vision, review, and equalization of assessments.
3. For the assessment of real property, heretofore locally assessed, tho
Legislature shall establish tax districts, none of which, unless it be a city,
shall embrace more than one county. The assessors therein shall be elected
by the electors of such districts or appointed by such authorities thereof
as shall be designated by law. Tho Legislature may provido that tho
assessment roll of each larger district shall serve for all tho lesser tax dis
tricts within Its boundaries. No such tax district larger than a town
except a city, shall be established, until tho law providing therefor shall
have been adopted by a vote of tho majority of tho peoplo voting thereon in
such proposed district at an olection for which provision shall be made
by law. Tho Legislature may, howovor. provido for the assessment by
State authorities of all tho property of designated classes of public service
corporations.
Legislators' Pay Increased.
— A n o t h e r a m e n d m e n t a d o p te d
b y th e C o n v e n tio n o n A u g . 31 (110 to 39) increases th o sala
rie s o f m e m b e rs o f th e S ena te a n d A s s e m b ly fro m $1,500 to
$2,500, g iv in g th e m in a d d itio n ra ilro a d fa re to a n d fro m
th e ir h o m e s o nce e v e r y w e e k . A t p re s e n t t h e y re c e ivo o n ly
a n a llo w a n c e o f 10 ce n ts a m ile in g o in g to a n d re t u rn in g fro m
th e ir p la ce o f m e e tin g , once in each session.
Proposal to Increase Governor's Salary Adopted by Constitu
tional Convention.— A p ro p o se d a m e n d m e n t in c re a s in g th e
s a la ry o f th o G o v e rn o r a fte r J a n . 1 n e x t fro m $10,000 to
$20,000 a y e a r w a s a d o p te d b y th e C o n s titu tio n a l C o n v e n
tio n o n S e p t. 1. T h e p ro p o s a l to in crea se th e te rm o f th e
G o v e rn o r fro m tw o to fo u r ye a rs a fte r J a n . 1 a n d m a k in g
h im in e lig ib le to succeed h im s e lf w a s de fe a te d b y a v o te o f
45 “ f o r ” to 85 “ a g a in s t.”
— B y a v o te o f
124 to 30 th o C o n v e n tio n o n T h u r s d a y (S e p t. 2) a d o p te d
th o s h o rt b a llo t p ro p o s a l u n d e r w h ic h fo u r S ta te o ffice rs
o n ly w il l re m a in e le c tive — th e G o v e rn o r, L ie u te n a n tG o v e rn o r, C o m p tro lle r a n d A tto rn e y - G e n e ra l. T h o a m e n d
m e n t also g iv e s th o G o v e rn o r th o r ig h t to n a m e th e S ecre
t a r y o f S ta te , S ta te T r e a s u r e r , th e S e c re ta ry o f C h a ritie s ,
T a x C o m m is s io n and- th e C o m m is sio n e rs o f A c c o u n ts ,
H e a lt h a n d A g r ic u ltu re , w it h o u t th e co n se n t o f th o S ena te.
N o m in a tio n s o f a ll o th e r a p p o in tiv e o ffic e rs w ill re q u ire th e
c o n firm a tio n o f th e S e na te .
— A n o t h e r a m e n d m e n t a d o p te d
o n S e p t. 2 w a s th a t g ra n tin g h o m e ru le to citie s . T h e v o te
in th is case w a s 120 to 17. I t is u n d e rs to o d t h a t th is p ro
p osal w a s a d o p te d in p ra c tic a lly th e sam e fo rm in w h ic h
Convention Adopts Short Ballot Proposal.
Home Rule Plan Adopted.
Future Amendments to Constitution.
Olympia, Thurston County, Wash.—Sale of Water
Bonds Annulled by Supreme Court.— U s in g n e w s p a p e r re p o rts ,
20
22 00 w e s ta te d in these c o lu m n s la s t w e e k t h a t th e W a s h in g to n
$4
Three Months (13 times)....................
29 00
Six Months
(26 times).................... . 50 00
Twelve Months (52 times).......................... 87 00
C hicago O ffice —39 South La Salle Street, Telephone Randolph 7396.
L ondon O ffice —Edwards & Smith, 1Drapers’ Gardons, E. c.
Standing Business Cards
W IL L IA M
i t w a s re p o rte d b y th e C itie s C o m m itte e . T h e te rm s o f th e
n e w a m e n d m e n t w e re discussed in th e “ C h ro n ic le ” o f
A u g . 7, page 464.
T h e c o u n t y h o m e ru le a rtic le w a s also passed f in a lly on
S e p t. 2, th e v o te b e in g 128 to 11.
— T h e p ro p o s a l
re p o rte d b y th e C itie s C o m m itte e , w h ic h , i t is sa id , co m p e ls
th e L e g is la tu re to e n a c t la w s to p ro v id e f o r th e issue o f se ria l
b o n d s, in s te a d o f lo n g -te rm s e cu ritie s in fu tu re fin a n c in g
o f m u n ic ip a l im p ro v e m e n ts , w a s passed b y a v o te o f 141
to 0 o n S e p t. 2.
— S till a n o th e r a m e n d
m e n t f in a lly a p p ro v e d b y th e C o n v e n tio n b y a v o te o f
145 to 0 o n S e p t. 2 c o n ce rn s th e m e th o d o f a m e n d in g th e
C o n s titu tio n in th e fu tu re .
Proposal Relating to Serial Bonds for Cities.
PUBLISHED WEEKLY.
Terms of Advertising— Per Inch Space
[Vol. 101.
S u p re m e C o u r t h a d d e c la re d ille g a l th e $90,000 w a te r b o n d s
a w a rd e d to J o h n E . P r ic e & C o . o f S e a ttle . W o n o w h a v e
b e fo re u s a c o p y o f th e o p in io n in th is case ( G . H . U h le r v s .
C i t y o f O ly m p ia ) , a n d i t a p p e a rs t h a t w h a t th e C o u r t h eld
to be ille g a l w a s n o t th e b o n d issue its e lf b u t a n a rra n g e m e n t
u n d e r w h ic h th e c i t y w a s to p a y th o p u rc h a s e rs o f th e b o n d s
a co m m is sio n o f $4,500 to c o v e r th e co st o f th o p re p a ra tio n
o f b o n d s, le g a l exp e n se s, & c.
T h e b o n d s w e re issu ed to p u rch a s o a w a te r-w o rk s p la n t
b y w a y o f c o n d e m n a tio n . T h e y w o re s ty le d as special b o n d s,
“ p a ya b le o n ly o u t o f th e fu n d to b e c re a te d a n d esta b lishe d
f o r th o p a y m e n t o f th e s a m e .” A m o n g o th e r th in g s , i t w a s
p ro v id e d th a t th e co st o f p u rc h a s in g , a d d in g to , m a in ta in in g ,
c o n d u c tin g a n d o p e ra tin g th e w a te r w o rk s s h o u ld be p a id
o u t o f th o g ro ss re v o n u o s re c e ive d fro m th o o p e ra tio n o f th e
p la n t, in c lu d in g a f a ir c h a rg o f o r w a to r usod b y th o c it y . A
t ria l w a s h a d to f i x th e v a lu o o f th e p r o p e rt y . T h o j u r y re
tu rn e d a v e r d ic t o f $88,500 w it h co sts ta x e d a t $376 30.
T h e lim it o f th o b o n d issue w a s fix o d b y o rd in a n c e a t $90,000.
I t is a d m itte d , s a ys th e C o u r t , t h a t in a d d itio n to th e
a m o u n t o f ju d g m e n t a n d co sts th e c i t y has a gre e d w it h th o
p u rch a s e rs o f th e b o n d s to p a y o u t o f th e g e n e ra l fu n d s o f
th o c i t y th o su m o f $4,500 b y w a y o f co m m issio n s a n d co m
p e n s a tio n to c o v e r th o co st o f th o p re p a ra tio n o f th e b o n d s,
le g a l expenses, & c.
A s to th e c o n te n tio n t h a t th o b o n d issue w ill c a r r y th e c it y
b e y o n d its lim it o f in d e b te d n e s s, th e C o u r t s a ys in p a rt:
We think that bonds issued under tho special statute providing for the
acquisition of a public utility where tho ordinance provides that tho cost
shall be paid out of the gross revenues of tho system when acquired is not
a thing to bo considered in estimating tho debt limit of tho city. The charge
is upon those who use tho water and not upon others. Tho revenues to be
received under tho plan proposed are not moneys of tho city. They do not
partake of the character of general funds, nor can the general fund be in
vaded if they are not sufficient. Tho system for collecting revenues and
for tho payment of these special bonds, provided by statute and by the ordi
nance, fs in principle the same as if they were collected to pay street assess
ments.
It has been generally held, and the ruio is. that the debt limitation does
not apply to a debt that is a lien upon specific property and is not chargeable
to tho general fund.
■
T h o f ir s t m a in q u e s tio n in th o case is sta te d in th e o p in io n
to be: H a s th o c i t y fo llo w e d th o p la n p ro p o so d ? O n th is
p o in t th e C o u r t s a ys in p a rt:
Under the Act of 1909 tho city might have proceeded in either one or two
ways. It might have provided for the issuance of general municipal bonds
or warrants, or, as it did, for tho acquisition of the water works and the
creation of a special fund to bo sustained by tho gross revenues of tho water
works system and out of which tho bonds, with interest, are to be redeemed.
Tho statute is tho measuro of tho city’s power in such cases, and the Legis
lature seems to havo been careful to provide for tho avoidance of any con
fusion, either upon the part of tho Council or tho electors affected by tho
proposod plan. The whole Act breathes the spirit of good faith. It says
as plainly as a statute can that if it is tho purpose of tho Council to use
any part of the goneral funds of the city, it shall be so provided.
We are
bound, therefore, to measuro tho subsequent conduct of tho city by tho
limit of its power under tho statuto and as accepted by tho Council when it
passed the preliminary ordinance.
Wo are constrained to hold that tho bond issue cannot bo sustained under
the existing ordinance.
That a city acting under a special statute is bound by tho terms of the
statuto and must submit the plan that it intonds to carry out is too well
settled to require any extended citation of authority, it was so held in
Hansard vs. Green, 54 Wash., 161, and Aylmoro vs. Seattle, 48 Wash., 42.
This being so. it follows that If tho city pursues a plan different from that
voted upon it Is exceeding its authority and its act is void.
Coming to tho case at bar, after tho voters had fixed the amount of the
bond issuo at “$90,000 as near as may be,” which would no doubt havo
sustained a greater issue, tho city by subsequent ordinance forced the aid
of the general fund by limiting tho issue of its special fund bonds to the sum
of $90,000: this is $4,500 more, as wo shall see, than tho purchaser of the
bonds is willing to advance upon the security of tho water system. This
sum is not sufficient to pay tho judgment and moet tho payment of over
$4,000 for expert witness fees and expenses incident to tho trial, and the
$4,500 which tho city has promised to pay tho purchasers of the bonds,
to cover “cost of preparation of bonds, legal expenses, &c.” ; and the cost
of making extensions and necessary repairs. The record discloses tho fact
that the city is proceeding to pay for these added expenses and commissions
out of the general fund of tho city.
Certainly the law does not contemplate such a thing, for it provides in
terms that where tho Council pursues tho second alternative— that is, to
purchase or acquiro a water-works system and pay for it out of the gross
revenues which are to be retained as a fund for the solo purpose of defraying
tho cost of tho system and "additions, betterments or extensions thereto”—
that "such bonds and warrants and tho interest thereon shall bo payable
only out of such special fund or funds.
Wash. Oro. Cor. vs. Chchalis,
76 Wash., 442.
,
Tho ordinance under which this issuo is put forth provides in terms and
tho questions put upon the ballot declared tho purpose of the city to bo to
"condemn and purchase, purchaso, acquiro, add to, maintain, conduct and
operate.” These declarations are comprehensive and inciudo everything
incident to the accomplishment of its purposo. Tho citizens voted a propo
sition to purchase and maintain without resort to tho general fund. They
had no opportunity to say whether they would approve a plan that will ad
mittedly tako of the general funds of tho city from $10,000 to $15,000.
If the manner of payment is an essential part of tho plan, and it cannot
bo doubted under our own decisions and other authorities, it follows that
tho city cannot by a subsequent ordinanco chango tho plan in any of its
essentials without a like voto of tho peoplo. Tho power to initiate is in
the Council, but the authority to act comes from the peoplo in proceedings
of this kind, and tho voters must say that they are willing to financo tho
proposed system by general taxation. Until thoy do tho Council is with
out power to pay for any part of the systom or any of tho incidental expenses
or for the betterment or extension of the plant out of tho general funds.
Sept . 4 1915.]
THE CHRONICLE
T h e n o x t q u e s tio n o f im p o rta n c e is w h e th e r th e C o u n c il
c a n le g a lly p a y th o s u m o f $4,500 to th e p u rch a s e rs o f th o
b o n d s as a c o m m is sio n to c o v e r “ th o co st o f p re p a ra tio n o f
th o b o n d s a n d le g a l o xp e n so s.” I n d e c id in g th is q u e s tio n
th o C o u rt s a ys in p a rt:
Tho statu te provides that bonds shall draw interest at a rato not exceeding
6% • In tho absence of a controlling statu te it has been generally held that
a m unicipality can sell its bonds below par, and that a sale at par allowing
a com m ission for tho sale does not affect the valid ity of the bonds. B u t
such rules do not pertain whero the law provides th at bonds shall not be
sold at less than par.
Turning, then, to tho statu to governing tho present issue, wo find that
the Council is required to issue and sell bonds or warrants in paym ent for
tho public u tility "bearing interest at a rate not exceeding 6% per annum .”
T his lim itation on the power of tho Council is just as prohibitive and if
disobeyed would result in tho sam e ovil as if tho statu to had provided th at
tho bonds should not bo sold for less than par.
In either caso the object of tho law Is to provent speculation in m unicipal
securities and to insure to those who m ust ultim ately pay the bonds, a
dollar In lawful currency for every dollar of obligations issued.
A ny device to defeat these purposes when declared by statu te have been
invariably frowned upon.
In H unt vs. Favvcett, 8 W ash ., 396, tho C ourt, having under considera
tion a statuto providing th at bonds should not bo sold at less than par, said:
“ W hile the contem plated salo in this caso is nom inally a sale at par, it is
in fact a salo at a discount and, therefore, w ithin tho inhibitions of the
statuto.
“ T o sell bonds at their faco value and at tho sam e tim e pay a largo com
m ission to tho purchaser is not to sell at p a r.”
And by the sam e reasoning to issue bonds of tho faco value of 890,000
and pay to tho purchaser tho sum of 84,500 ou t of tho general fund under
the pretenso of m eeting tho incidental oxpensos of tho issue is plainly a
device to pay a greater sum for the uso of tho m oney loaned than the statuto
will perm it.
Thero is another reason for holding tho transaction illegal. It is usurious.
A statu te fixing a m axim um rato of intorest m ay not bo ovaded at will by
an y dovico or contrivance w hich will insure a greater return of interest than
tho law allows.
In this caso It is adm itted th at tho paym ent of tho $4,500 is a com m ission
for a pretended scrvico, "preparation of tho bonds, legal services, & c.” ;
but, as said in tho Edgecom b caso, “ wo will not overlook tho fact that tho
value of tho services of tho respondent in procuring tho contract w as in
considerable. Practically the only service lie could havo rendered w as to
prepare tho applications on blank form s, furnished by tho S tato.” So in
this caso wo will not overlook tho fact that it is tho duty of tho city attorney
to prepare tho bonds, and of the city to print them at a cost w hich it is tho
duty of tho C ouncil to find is a reasonable cost, and were it otherwise that
tho sum paid is grossly disproportionate to the cost of preparation, and with
respect to legal expenses to the buyer and tho city that tho expenses are
no more than the cost of filing a com plaint and demurrer, entering a judg
m ent and printing briefs and taking the opinion of th is Court, which is final
and is rondered w ithout an y direct charge to tho city.
B ut if these reasons bo insufficient, it still rem ains that tho paym ent
m ade cannot be sustained.
If it wero lawful to pay a com m ission, or, to put it as tho city attorney
puts it, to pay for the cost of preparing and printing the bonds, the com m is
sion could not bo paid out of tho general fund. It, as well as the cost of
expert opinion w itnesses, arc incidental to the acquisition of tho water plant
and are chargeable to and "payable only out of such special fund or funds."
Sec. 4, A ct 1909, p. 585.
Tho suggestion that the paym ent ou t of the general fund is in the nature
of an advanco or loan to bo paid back out of tho revenues has no sustaining
reason, either in law or in fact.
Tho special fund and tho acquisition of a water works under the plan
adopted by tho electors, is a thing entirely separate from tho general funds
o f tho city. Tho Legislature has not provided, neither has it given author
ity to tho Council to treat tho general funds as a banking fund to bo loaned,
as it wero, to an independent enterprise, to bo repaid upon tho happening
o f a contingency. N or could tho Council repay its voluntary loan out of
tho earnings of the water plant if its right to do so wero questioned. Under
the ordinance and probably under tho statuto tho earnings or revenues are
a pledge in gross to m eet tho bonds. If the revenues were insufficient to
m eet the one or the other, the paym ent of the bonds m ight bo com pelled
to the ultim ate loss or im poverishm ent of the general fund.
Stronger reasons suggest them selves in this case. Tho paym ents or
loans, whatever th ey m ay co called, arc a present charge upon tliogeneral
tund ann a possible future charge, and will presently, if they have not
already, put the city beyond its constitutional debt lim it. Furthermore,
tho statu te will not bear tho construction that tho city can purchase by
condem nation a water-works system under tho special fund plan and uso
it as a m oney-m alcing venture. T he object of m unicipal ownership is to
givo the citizen the best possible service at tho low est possible price Under
tho ordinance the citizen w ho is taxesd to the extent of his uso o f tho utility
is entitled to all bonefits. W hen the plant is m aintained tho interest paid
and a sinking fund is provided to retire the bonds, the taxpayer— tho water
user— who is prim arily burderned with the task of m eeting the m aintenance
betterm ents, interest and costs of tho system is entitled to the benefit.
If theso things are not true, there can be no virtue in public ownership and
tho object of tho city as revealed by its prelim inary ordinance would not
be a c c o m p l i s h e d . __________
B o n d C a lls and R ed em p tions.
C o lo r a d o .— Bond Call.— N o tic e lia s been g iv e n t h a t th e ro
a ro fu n d s in th e h a n d s o f A llis o n S to c k e r, S ta te T r e a s u r e r , to
red e e m in s u rre c tio n b o n d s, issue 1897, N o s . 45 to GO in c lu s iv e .
In te re s t o n these b o n d s w ill ceaso 90 d a y s fro m A u g . 31.
Bond Call.— T h o fo llo w in g b o n d s a ro
ca llo d fo r p a y m o n t:
Denver, Colo.—
789
t, , TT1„
.
S u r fa c in g B o n d s.
Park H ill H eights Surfacing D ist., Bond N o . 1.
_
„
C u rb in g B o n d s.
South Side Curbing D ist. N o. 2. Bond N o . 42.
[ON JU L Y 31.]
_
S to rm S e w e r B o n d s .
7, Sub. D ist. N o . 2, W ashington Park Storm Sewer D ist. Bonds N os. 4 to
inclusive.
_ .
„
S a n ita r y S e w e r B o n d s .
Sub. D ist. N o . 5, E ast Side Sanitary Sewer D ist. N o . 1. Bond N o . 32.
South Side Special Sanitary Sower D ist. N o . 4. Bond N o . 4.
_ .
Im p ro v em en tB on d s.
E ast D enver Im provem ent D ist. N o . 7, Bond N o . 4.
E ast Side Im provem ent D ist. N o. 9, Bond N o. 1.
Side Im provem ent D ist. N o . 20, Bond N o. 11.
South D enver Im provem ent D ist. N o. 9, Bond N o . 21.
W illiams St. P arkw ay Im provem ent D ist. B onds N o s. 1 to 4, inclusive.
ah T- .
P a v in
A lley P,aving D ist. N o . 24. Bond gN B o n16..
o. d s
E ast D enver P aving D ist. N o . 8, Bonds N os. 21 and 22.
Lincoln S t. P aving D ist. N o. 1, Bonds N os. 41 and 42.
„
...
_ ,
S u r fa c in g B o n d s.
Soventh A ve. P arkw ay Surfacing D ist. Bonds N os. 1 to 5, inclusive.
Spokane, Wash.
— Bond Call.— T h o fo llo w in g sp e cial im
p ro v e m e n t b o n d s h a v e been ca lle d f o r p a y m e n t a t th o C i t y
T r e a s u r e r s o ffice :
[TO B E P A ID O N A U G . 15.]
B o n d s C a lle d
D is t.
ivo . u p t o & I n c l .
N a m e.
N o . u p to & I n c l.
—
D ivision S t ____ . 587
50
784
24
8th A venue_____ . 833
5
6th A venue___
448
37
Lincoln Street___ . 417
48
11
. 720
P ost Street_____ . 435
38
17th A v e n u e .. . 388
33
Sprague A venue. . 326
47
17th A venue____ . 674
23
2nd A venue_____ . 763
51
28th A venue____ . 664
11
6th A venue_____ .1075
2
32nd A venue____ . 742
10
3rd A venue_____ . 437
61
33rd A venuo____ .1015
4
G ra d e—
W a lk —
A dam s Street___ . 599
37
Euclid A v e n u e .. .1010
4
Elm Street______ . 149
18
7th A venue_____ . 435
4
Grand Boulevard . 507
46
Garfield Street. .1073
2
S ew er—
H eroy Street. . - 812
8
A lle y ___________ . 950
4
Jefferson Street. . 834
13
. 7
16
La Crosse A v e ... 909
11
5th W ard.............
15
N o. B ryant Street 487
12
N th A venue____ . 952
8
[TO BE P A ID SE P T . 1.]
D i s t . B o n d s ca lle d u p
D i s t . B o n d s c a lle d u p
N am e—
N o.
to a n d in c l.
N a m e—
N o.
to a n d in c l.
P a v in g —
G r a d e — {C o n .)
H am ilton S t___ 811
143
Sum m it B lv d _____ 166
80
Pacific A ve______ 21
47
16th A vo................. 586
21
Rockwood B lv d _. 899
80
13th A vo_________ 49
61
Sprague A ve____161
97
24th A ve..................... 531
10
6th A vo________ 453
34
W a lk —
G ra d e—
Everett A vo______1621
f*
E verett A ve___1020
6
Howard S t.
6
.1017
Grove A ve_____ 41
18
W a lk —
Ivory S t________ 628
11
M ain A ve______ . 570
5
S ew er—
M ission A ve____ . 890
49
4 th W ard............. . 4
143
M arietta A vo___ .1012
2
13th A v o . _____ . 699
6
[TO BE P A ID SE P T . 15.]
D i s t . B o n d s C a lle d
D i s t . B o n d s C a lle d
P a v in g —
N o . u p to & in c l.
G r a d e ( C o n c l .)- - N o . u v t o A i n c l
Arthur Street___ . 728
33
15th A venue____ . 591
9
4th A v e n u e .__ 790
27
40th A venue____ . 982
4
9th A venue_____ . 184
48
Garland A venuo. . 604
43
3rd A venuo_____ . 560
28
Jefferson Street. . 607
61
G ra d e—
Latawah S tr e e t.. - 639
8
Ash Street______ .1018
5
19th A vonuo____ . 546
22
Bernard S tr e e t.. . 416
39
36th A venuo____ . 642
20
F alls Street_____ . 446
15
S ew er—
18th A venue____ . 650
27
D is t.
N a m e.
P a r in g
B o n d P r o p o s a l s a n d N e g o t i a t i o n s this week
have been as follows:
AL BAN Y , Linn County, Ore.— B O N D S A L E . — On A ug. 25 the $8,000
5% gold sewer bonds wero awarded to H enry Teal of Portland for $8,055,
equal to 100.687— V . 101, p. 543. Thero were fiv e other bidders.
A L B A N Y CO U N TY (P. O. Albany), N. Y . — B O N D S A L E . — On Sept. 1
the $350,000 4 f i % 28-yr. average reg. court-house-im pt. bonds were
awarded to the N ew York State N at. Bank of A lbany at par and in t.—
V . 101, p.634. There wero no other bidders.
. ■
AM ARILLO, Potter County, Tex.— B O N D E L E C T I O N . — An election
will bo held Sept.. 8 to subm it to a vote the question of issuing $40,000
paving and $10,000 sewer bonds.
AM BOY, Lee County, 111.— B O N D S V O T E D . — A t an election held
A ug. 24 the question of issuing water-works bonds carried by a vo te of
202 to 14.
ANGLETON D R AINAGE D ISTRICT (P. O. Angleton), Tex.— B O
N D
— T he $80,000 drainage bonds voted D ec. 19 1914 havo been awarded
to E . J. H odges o f Angleton at 90 and int.— V . 100, p. 154.
ANTELOPE C O U N TY SCHOOL D IS T R IC T NO. 6 (P. O. Clearwa
ter), N eb. — B O N D S A L E . — On A ug. 15 tho $13,500 6% 11-year aver,
registered building bonds were awarded to the Stato of N ebraska on a 5%
basis— V . 101, p. 543. Other bids were:
O. H . C offin, C hicago...........-$ 13 ,8011J. C. W acliob, O m aha____ $13,500 00
Keeler B ros., D enver------------ 13,5501 H .C .Speer& SonsC o.,C hic. 13,500 00
Bolger, M ossor & W illam an,
E lston, Clifford & C o.,
C h ic a g o ....................... .............. 13,525 C hicago______ _____ 13,409 55
S a n ita r y S ew er B o n d s .
U . S. Trust C o., O m aha.- 13,162 50
No*ai4 ° f SUl>
N o ‘ 9 ’ Kast Sldo Saultary Sower Dint. N o . 1, Bond
ASBU R Y PARK, Monmouth County, N. J.— B O N D S A L E .— The
Sinking Fund C om m ission has purchased at par an issue of $58,000 4J4%
Bounds” N os ’
3 8 ^ °' " r°St anc* ®outk Side Sanitary Sower D ist., 30-year refunding water bonds. D enom . $1,000. D ate July 1 1915.
f, £4- ^
BoVi'd *Wo^ 9
*',*S* ^ °* W est and South Sido Sanitary Sower D ist., Int. J. & J. D ue July 1 1945.
”
CO U N
Bcmd^No^ 6
^ cs*i and South Sido Sanitary Sower D ist., OnAUGLAIZE $13,000TY (P. O. W apakoneta), O hio.— B O N DA S A L E . —
A ug. 27 the
5% coup, bridge bonds were awarded to . E . Aub
& Co. of C incinnati for S13.230 (101.769) and in t.— V . 101, p. 634 Other
.
±
, ,
I
pr
bids were:
Arlington I’ark .Im provemment o v e ist., t Bondd s N o 42
D m en B on .
Breed, E lliott & Harrison,
. k ., C
Capitol Hill Im provem ent D ist. N o . 6, Bond N o 42
C incinnati_____________ $13,222 30 Bright.-G ermumBm ings inc.$13,156 10
H oehler, C
&
D avies-Bertram C o., Cin. 13,222 22 Prudden, T oledo______ 13,153 40
J. C. M ayer & C o., C in e .- 13,198 65 Seasongood& M ayer, Cin. 13,153 00
Prov. S. B . & T . C o., C in . 13,171 60
T illotson & W olcott C o___ 13,171 21 Spitzer, Rorick& C o., T ol. 13,131 00
“
HS
AU G U STA, G a. — B O N D O F F E R I N G .— Proposals will bo received until
N orth Sido Im provem ent D ist. N o. 11, Bond N o . 24.
O ct. 6 by W m . Lyon M artin, Clerk of Council, it is stated, for $250,000
N orth Sido Im provem ent D lst. N o. 14, Bond N o. 6.
4 ' A % 30-year coupon flood-protection bonds. These bonds are part of
N orth Sklo Im provem ent D ist. N o. 18, Bond N o. 16.
an issue of $750,000 voted Juno 1, $500,000 of which has already been dis
posed of.
v
„ Tj
Shermans St. Im provem ent D ist. N o. 1, Bonds N os. 24 and 25.
South Broadway Im provem ent D lst. N o. 2, Bond N o. 130.
AYD
County, No.
— B O N
O F F E R I N G .—
South D enver Im provem ent D ist. N o. 4, Bonds N os. 63 to 66, inclusive. will bo EN , Pittuntil Sept. 15 forCaro.$25,000D sowerage-system Proposals
received
tho
, $15,000
South Denver Im provem ent D ist. N o. 6, Bond N o. 17.
electric-liglit-cxt. and $10,000 water-works-ext. 5% bonds authorized by
South D enver Im provem ent D ist. N o. 11, Bonds N os. 11 and 12.
vo te of 101 to 67 at an election held A ug. 20. D ate Jan. 1 1915. Int.
.„ „ .
P a v in
sem i-annually. D ue $2,500 yrly. from 1926 to 1945 incl.
,<
A1 ey P aving __lst. N o . 6. Bond gN B o n8. s .
D
o. d
BAR TO W , Polk County, Fla. — D E S C R I P T I O N O F B O N D S .— The
A lley Paving D ist. N o . 26, Bond N o. 7.
$75,000 5% 30-yr. street-im pt. bonds awarded on July 2 to A . B. Leach &
Broadway Paving D ist. N o. 3, Bond N o. 52.
Co. of N ew York at 95 are in the denom . of S I,000 and dated July 1 1915.
E ast D enver Paving D lst. N o . 8, Bonds N os. 9 to 20, inclusive.
In t. J. & J.
[ON JU N E 30.]
S ew er B on d s.
Sub D lst. N o . 6, C apitol Hill Storm Sewer D lst. N o . 1 Bond N o 13
Sub D lst. N o. 2, N orth D enver Storm Sower D Ist. N o .’ 1 Bond N o i t
Sub D lst. N o. 3, N orth Denver Storm Sower D lst. N o. l ’ Bond N o' iV
South Capitol Hill Storm Sower D Ist., Bond N o. 65.
’
’ '
Sub. D lst. N o. 2, W ashington Park Storm Sewer D ist. Bond N o 3
17SlinclusS
ivoNO’ 3 ’ W ashIngton Park Storm Sower D ist., Bonds N o . 9 to
S to rm
S A L E .
79 0
THE CHRONICLE
[Vol. 101.
C H EC O TA H , M cIn to sh C o u n ty , O k la.— B O N D S A L E . — T his city
B EA C O N , D u tc h e s s C o u n ty , N . Y .— B O N D S A L E . — On Sept. 1 the
$12 000 4 1 4 % , 1-12-yr. serial paving bonds were awarded to II. A. Kahier has disposed of an issuo of $20,000 6% city-hall-bldg, bonds.
C H IN O O K , B la in e C o u n ty , M o n t.— B O N D O F F E R I N G — B . F .
& C o. o f N . Y . at 100.176— a basis of about 4.47% .— V . 101, p . 543.
O 'N
will offer
a.
2 an
G e ^ I b G fb b o n s ^ C o ., N . Y . 1 0 0.061Farson, Son & C o., N . Y _ _ . 100.017 issuoeal, M ayor, 6% w ater for sale atDpublic. auction at 10 (1) m . O ct. D ato
of $8,200
bonds. enom (8) $1,000,
$200.
D enom . $1,000. D ate Sept. 1 1915. In t. M .& S . D uo .$1,000 yearly.
July 1 1914. Principal and sem i-annual int. (J. & J.) at tho N ational Bank
BEA U M O N T, J e ffe r so n C o u n ty , T exa3.— B O N D O F F E R I N G . —
Sealed bids will be received until 10 a. m . O ct. 5 by J. G. Sutton, C ity of Com m erce, N ew York. D uo July 1 1934, redeomablo at the pleasuro
Secretary for the $100,000 wharf and dock, .$85,000 street-im provem ent of said tow n after July 1 1924. A t said public auction the bidders w ill bo
and repair and $30,000 sew er-extension 5% 20-40-year (opt.) bonds voted required to deposit w ith the M ayor a certified check payablo to his order
M ay 2 5 — V . 100, p. 1945. D enom . $1,000. D ate July l 1915. Princi
pal and sem i-annual interest (J- & J.) payable at the C ity Treasurer’s office for an am ount equal to the par value of tho bonds bid for.
or at th e N ational C ity Bank of N ew Y ork, at the op tion of holder. Certi
T h e o ff i c i a l n o tic e o f th is b o n d o ffe r in g w ill b e fo u n d a m o n g th e a d v e r tis e
fied or cashier’s check on som o bank of Beaum ont for 2% of par vaiuo m e n t s e l s e w h e r e i n t h i s D e p a r t m e n t .
required. T he legality of th e bonds has been approved by the A ttorneyC IEN EG A SC H O O L D IST R IC T , L os A n gelos C o u n ty , C alif.—
G eneral’s D epartm ent of T exas, also W ood & Oakley of C hicago, whoso
D E L E
T O N .—
to a vote
opinion as to tho valid ity of said bonds will bo delivered to tho purchaser. B O Nquestion Cof Iissuing An election will be held Sept. 7 to subm it equipm ent
tho
$40,000 5 lA % site-purchase, building and
E ach bid m ust be m ade on blank forms furnished b y tho city.
D enom .
B E L L A IR E , B e lm o n t C o u n ty , O h io .— B O N D S A L E . — On A ug. 31 bonds. years incl.$1,000. In t. sem i-annual. D uo $1,000 yearly from
to 40
the $16 500 5% 5 1 4 - y r . average m otor-fire-truck-purchasc bonds were
CLAREM O RE, R o g ers C o u n ty , O k la.— B O N D SA LE.— On A ug. 23
aw arded, dispatches “sta te, to Breed, E lliott & Harrison of C incinnati at
tho $15 000 6% park bonds were awarded to C . Edgar llon n old for $15,035
100.75— a basis of about 4-845% .— V. 101, p. 543.
BELM O N T, M id d lesex C o u n ty , M ass.— B O N D O F F E R I N G . — Royal — equal to 100.233— V . 101, p. 711.
C LA R K C O U N T Y (P. O. J e ffe r so n v ille ), In d .— B O N D O F F E R I N G .—
T Brodrick, Tow n Treasurer, will receive bids until 10 a. m . Sept. 9 for
$10 000 4% 1014-year average coup, sewer bonds. D enom . $500. D ate B ids will be received until 10 a. m . Sept. 9 by John R . S cott, C ounty
lu lv 1 1915. Prin. and sem i-ann. in t.— J. & J.— payablo at Beacon Trust Treasurer, for $19,500 4)4 % 6 1 4 -year average Jno. C . Bower et al highway
C o* B oston. D ue $500 yearly on July 1 from 1916 to 1935 incl. Tho Old bonds in Oregon T ow nship. D enom . $975. D ato Aug. 2 1915. Int.
C olony Trust Co. of Boston will certify as to the genuineness of theso bonds M . & N . D uo $975 each six m onths from M ay 15 1917 to N ov . 15 1926 incl.
and will further certify that the legality of theso bonds has been approved
C LA Y TO N , K e n t C o u n ty , D ol.— B O N D S A L E . — On A ug. 25 an issue
by R opes G ray, Boyden & Perkins of B oston, a copy of whoso opinion will
«
4% 0 - 3
disposal-plant
accom pany tho bonds w hen delivered, w ithout charge to tho purchaser. w a s 9afi nnne d to 1local5 -vear optional w ater, sewer and101 to 101.25. bonds
w a rd
investors at prices ranging from
Other
T hese bonds aro exem pt from taxation in M assachusetts. '
B E X L E Y (P. O. C o lu m b u s), F ra n k lin C o u n ty , O h io .— B O N D S A L E . J o in w fc a r r o w — 101 for $4,000.
— On A ug. 26 tho $124,000 5% coup, street-im pt. assess, bonds were ^ e n ^ WT f o ^ ^ 0 0 ?T (ffSr $500an°d 1 0 ’f or $1,000. D ato Sept. 1 1915.
2
awarded to the Ohio N at. Bank of C olum bus for $124,711 75 (100.573) and
at M . & S. at C layton Banlc, C layton.
Int.—-V. 101, p .5 4 3 . There were no other bidders. D uo Oct. 1 1925.
C o ty ,
B L A IN E C O U N T Y (P. O. H a ile y ), Id a h o .— B O N D O F F E R I N G . — n v CT INTT O N SC H O O L wT O W N SH IP , L a p orte a. mu. nSept.In d .— B O N D
P E R
N G __Proposals
ill bo received until 10
11 and from
D ispatches state that W . F. Horne, Co. Clerk, will receive sealed bids until
C . Loom
1 p. m . Sept. 14 for $13,000 6% 10-19-yr. ser. refunding bonds. Cert, d fv thereafter until so ld , by Justin D enom . is, T w p.DTrustee, for $16,080
5% coupon school-hoq.se ten d s.
$670.
a te Sept. 11 1915.
check for 5% required.
D uo in
12
B LO O M IN G TO N , M onroe C o u n ty , I n d . — B O N D S A L E . — On Aug. 31 Tn? sem i-annually. required.not moro than thisyears. Certified check for
bonds
for
of
tho $10,000 5% 10-year city-hall bonds wero awarded, reports state, to tho 5% ofSept. 5 bidabove dato. V.Tho dato 544. offering liasboen changed
to
j>.
Fletcher-Am erican N at. Bank of Indianapolis at 103-555 and in t., a basis fromO O LID G E T h o m as C o u n ty101, a.— B O N D S V O T E D . — Reports stato
C
, G
of about 4.55% . V . 101, p . 543.
nn issuo of $15,000 public-school-bldg.,
B L O U N T C O U N T Y (P. O. M aryville), T e n n .— B O N D S V O T E D . — Tho tric.] ight-plant-ext. bonds was authorized at water-worlcs-system and elec
a recent election.
proposition to issuo the $300,000 5% pike-road bonds carried at tho elec
C O R N W ALL, O range C o u n ty , N . Y . — B O N D S A L E . — 'The twoi issues
tion held A ug. 21.— V . 101, p. 466
of 5% bonds, aggregating $56,000, offered on Juno 1, wero disposed of on
B O O N E C O U N T Y (P. O. L e b a n o n ), In d .— B O N D S A W A R D E D I N ill'll rlav as follows: (V . 100, p. 1769).
P A R T . — R eports stato that of the two issues of 4>4% 5K -yr. average
oeii non
refunding bonds to 4.7g5%.
highw ay bonds aggregating 39,130 offered on A ug. 31 tho $7,800 issue was $ou,uuu i 5 -vr 2Q_ a basis of aboutIsaac W . Sherrill Co. of Poughkeepsie
awarded to the M erchants N at. Bank of M uncic for $7,812 75 (100.163)
r, nnn $ i <-vr averago fire-dopt. equip, bonds to D ouglas Fenw ick & C o.
and int.— a basis of about 4.47% .— V. 101, p. 710. Tho $1,330 Hill road
’ of N . Y . at 100.10— a basis of 4.969% .
bonds also offered on A ug. 31, did not sell.
C
ro v id en ce C
ty R . I.— B
E
B O ST O N , M ass.— B O N D O F F E R I N G . — According to reports, bids tln-r R A N STO N atP hand relative o u ntho, offering onO N D O F Fof R I N G . — F u rdetails aro
to
7 tho
will bo received until 12 m . Sept. 15 by Chas. H . Slattery, C ity T reas., for coupon1 w ith privilege of registration, bonds.— V . Sept. p. 711. follow ing
101,
$1,750,000 4K % rapid transit and $1,750,000 4% serial bonds.
i
bridge bonds.
15
B O ST W IC K D R A IN A G E D IST R IC T (P. O. B o stw ic k ), P u tn a m 850*000 4l 4V%% nighw ay and bonds m aturing D ue Sept.1935.1925.
94 000
school-house
Sept. 15
C o u n ty , F la .— B O N D E L E C T I O N .— An election will be held Sept. 7 to
Bids for these bonds will bo received until 4 p. m . on th at day (Sept. 7)
vo te on tho question of issuing $25,000 6% coupon land-drainage and re hv Wm M L e e C ity Treasurer. D enom . $1,000. D ate Sept. 15 1915.
clam ation bonds. D enom . $1,000. Int. sem i-ann. D uo $5,000 in 10 and Principal and sem i-annual interest— M . & S.— payablo in gold at tho First
15 yrs., $6,000 in 20 yrs. and $9,000 in 25 yrs. after date of issuance.
N at Bank of Boston or at tho Rhode Island H ospital Trust C o. in Provi
eT
at.
B R A D F O R D SC H O O L D IS T R IC T (P. O. B rad ford ), F ra n k lin d e n c "andh S e bonds w ill be certified as to genuineness by the First Nlm
be approim d^y^toroy^ThorntU
C o u n ty , Io w a .— B O N D E L E C T I O N . — A ccording to reports an election has B a n k er & th eleg ality of these bonds willot whoso opinion win d o lurnisutu,
D odge of Boston", a copy
been called for Sept. 6 to vote on tho queostion of issuing $10,000 school-site Palm
and building bonds.
B R A T E N A H L (P. O. C lev ela n d ), C u y a h o g a C o u n ty , O h io .— 1>Uct ? a W FD R ty? Im lL-B O NHD O L LC IT YOn Aug C raw ford svillo), M 814gomery C o u n D SV IL E SC O S A E — (P. O. 28 the $32 500 4% o n t
B O N D S A W A R D E D I N P A R T . — Of the threo issues of 5% bonds, aggre
tho 1<letcher-American
gating $139 918, offered ,b u t not sold on M ay 1, $100,000 was awarded to v o w •Lvr-rn®(>school-building bonds were awarded to p . 634. School Board
" a t nank of lndhinapolis at par and int.— V. 101,
H a v d e n M iller & C o. of Cleveland on M ay 7 as follows: $60,000 for
pay $450 for attorney’s fees, printing. &c. There were tw o other bid$60 485 equal to 100.806, and $40,000 for $40,385, equal to 100.962.—
rs: J F W ild & C o. and M iller & C o., both of Indianapolis.
V . i0 0 , p. 1187.
r > * v C N T Y SPEC IA T
SC H O
D
S, F la .—
B R A W L E Y SC H O O L D IS T R IC T , Im p erial C o u n ty , C a lif.— B O N D nzaiv/)nO F F EORU N G .— ProposalsLwill A X received O L or IST R IC T m . Sept. 7
I
be
on beforo 12
S A L E . — On A ug. 16 the $14,000 6% 1134-year aver, site-purchaso ,bldg.
and equip, bonds wero awarded to Sw eet, C ausey, Foster & Co. of D enver bv It F Hall Secy. Board of Public Instruction (P. O. M iam i) for tho
for $14 218 (101.557) and in t.— V. 101, p. 466. Tho H anchett Bond C o. follow ing 6% building bonds: D uo $1,000 yearly Aug. 1 from 1920 to
$25,000 Palm D istrict bonds.
o f Chicago bid $14,217 and int.
BR A Z O S C O U N T Y (P. O. B ry a n ), T ex.— B O N D S A L E . — On A ug. 14
_,
the $400,000 5% 20-40-year (opt.) road bonds offered on June 2 wero 12,000
awarded, it is stated , at par and int. to E. D . Sclium akcr of th e Colonial
” Principal
interest payable tho
Trust C o. of Hillsboro, representing an Eastern firm . Owing to a typo- n llD"nto A*?,J.^^ icj! 5 N ’ew York. and sem i-annualon an incorporatedatbank
“flank of
Certified
eranhical error the am ount of these bonds w as reported in last week's f.Yp'err of bonds bid for, required. B ids m check on blank forms which,
ust bo
“ C hronicle,” page 710, as $40,000.
with other inform ation, will bo furinshed by tho Secretary. Bonds will bo
B R IST O L C O U N T Y (P. O. T a u n to n ), M ass.— B O N D S A L E . — On d elivered on O ct 1 in M iam i or N ew York, at the purchaser's option.
Au" 31 th e $20,000 4% 10 ' A -year average coupon tax-freo refunding bonds
n a V T flN O h io — B N D L E C T I O N R O P O S E D According
were awarded to Geo. A . Fcrnakl & Co. of Boston at 102.06 and in t., a newsnaner reports, bond OIssuesE aggregatingP$1,053,000,. — ill bo subm to local
w
itted to
basis of about 3.76% .— V . 101, p. 710. Other biddors were:
voters at th fall
N W I (arris & C o., B o sto n . 101.10 IM errill, Oldham & C o., B os. 100.689 theDFFIANCE eCO U election for their approval or rejection. O F F E R I N G .—
N TY (P. O. Defiance), Ohio.— B O N D
Bi'odgett---------------- - ______ 101.088 W. L. Raym ond & C o., B os.100.67
& C o ., B oston
B lo d g e
wlli lie
Sept. 7 by Roger D aoust, ounty A
Jackson & C urtis, B o sto n ...1 0 1 .0 1 R . L. D ay & C o., B oston___100.569 niHa .1 8 000 received until 12 m . ditcli bonds. A uth. Sees.C6489 anduditor,
fnr 8
6% 3-year averago
6492,
C ropley,M cG araglc& C o..B osl00.994 Adam s & C o., B oston----------100.43
n an
Code fcjenom. $1,000. D ato Sept. 15 1915. Prin. and sem i-ann.
E .M . Farnsw orth & C o., B os. 100.92
in?11’ vr
S __payablo at C ounty Treasury. Due $8,000 March 1 1916
B R O AD W ATER CO U N T Y SCHOOL D ISTR ICT NO. 15 (P. O. Tos
a n d * i n 000 on M arch 1 1917, 1918, 1919 and 1920. Certified check for
ton ), M ont.— B O N D O F F E R I N G . — Proposals will bo received until 12 m
8i nnn n’n a local bank,
Auditor, roquired. Bonds to
Sept. 9 by M rs. Laura A. Holker, Clerk Board of Trustees, for $3,000 6% bo delivered on Sept. 25. payablo to C ountyaccrued interest. Blank bonds
Purchaser to
20-year gold coupon building im provem ent bonds. D enom . $100. Int will be furnished by tho county. Bids payust bo unconditional.
m
sem i-anim al. Certified check for $300, payablo to tho Clerk, required
xirN T O N Denton C o u n ty , Tex.— B O N D S A L E . On A ug. 28 tho
T his district has no indebtedness. A ssessed vaiuo 1912, $338,400.
8 7 4 nnn si-hool-bldg. and $10,000 street and sidew alk-im pt. 5% 10-40-yr.
CABOT SCHOOL D ISTR ICT (P. O. Cabot), Lonoke County, Ark
(opt ) bonds wero awarded, reports stato, to H . M . N oel & Co. of St.
— B O N D S O F F E R E D B Y B A N K E R S . — II. C. Speer & Sons Co. of Chicago
par
aro offering to investors $20,000 6% coupon (with priv. of reg. as to prin.; LouisNat F R and int. OV. D 101, Fp. R711. . — Proposals will bo
nF
Colo.—
N
E
I
school bonds. D enom . $500. D ate July 1 1915. Prin. and sem i-ann. int o ,77 ,, V8,7,7?’ 8 bv tho BPublic OUFtilities NCGom m ission, composed received until
(F. & A .) payable at L ittle R ock. D uo $1,000 yrly. Aug. 1 from 1920 to Fidiows and Armour C . Anderson, for tho $8,000,000 4 14% of A. Lincoln
30-year gold
1929, inct., and $2,000 yrly. A ug. 1 from 1930 to 1934. incl. Total debt
IT? ™ nominal-water bonds (V. 99, p. 283). D enom .. Series 1 (2.000),
$20,000. A ssess, v a l., $413,048; value of taxable property, $1,000,000.
8 1 nm S eries*2 (1 600), $500, and Series 3 (7.000), Si 000.
D ato Jan. 1
C A L IF O R N IA.— B O N D S T O B E O F F E R E D N E X T M O N T H . — Reports
of tlio above Commission or tho
stato th at Friend 4V. R ichardson, Stato Treasurer, announced that tho salo fAV t ofT,q' t .4 j B at thoNoffice at option of tho legal lioldor. at Bidsbanking
lVmisn Kountzo ros., . Y .,
of $1 800,000 4 1 4 % U niversity of California building-construction bonds subm itted for entire issue, for blocks of $500,000, for any portion m ay bo
of such
probably will be held about tho last of October.
bonds not less than $50,000, or for any portion of such ponds.— V . 101, p .
CARROLL CO U N T Y (P. O. D e lp h i), Ind .— B O N D S V O T E D . — Re 542.
ports state that at a recent election tho proposition to issuo $50,000 road
DIAMOND HILL SCHOOL D I3T R IC T (P. O. Fort W orth), Texas.—
m provem ent bonds carried by a vote of 923 to 154.
n n * i n < v n T f D __Local papers stato that at a recent election tho question
CENTER POINT CONSOLIDATED SCHOOL DISTR ICT, Noxubee of id lin g $35;000 building bonds was authorized.
County, Miss.— B O N D O F F E R I N G . — Sealed bids will be received on or
T u la re
before 2 p. m . Sept. 6 by Jno. A. T yson, Clerk 1U1. of Supers. (P. O. M a C oDTNUBA aGRAM M AR VSCH O O. L D IS T R IC T (P. O. D in u b a), $13,000
u ty C l__ B O S O T
the
con), for $2,500 6% coupon tax-freo building and equipm ent bonds. D e bid" n bonds carried, NitD is statedE, Dby— a'Tho questiontoof issuing election held
vote of 178 36 at tho
nom . $100. D ate A ug. 10 1915. Int. F . & A. D ue $200 yrly. A ug. 10
. 101. P- 467.
from 1916 to 1920 in c., $300 yrly. A ug. 10 from 1921 to 1925 incl. N o Aug.’ 19.— VF ER R Y, Westchester County, N. Y .— P A V I N G L O A N
DOBBS
deposit required. T his district has no indebtedness. N o sinking fund.
CENTER TO W N SH IP (P. O. Lisbon), Columbiana County, Ohio.—• F I F C T I O N __ N e w s p a p e r re p o rts sta to th a t an e lection w ill be h eld Sept. 8
to vote on an expenditure of $180,000 for paving streets.
B O N D S A L E . — On Sept. 1 tho $9,500 5% 514-year average road improve
EAST FO RK IR R IG A T IO N DISTR ICT (P. O. Hood River), Ore.—
m ent bonds wero awarded to Iloehler, Cum m ings & Prudden of Toledo for
$9,507 50 (100.077) and int.— V . 101, p. 466. Otis & C o. of Cleveland B O N D E L E C T I O N . — An election will bo held Sept. 7, It is stated , to voto
on tho question of issuing $50,000 irrigation system bonds.
and the People's State Bank of Lisbon each bid par.
EAST ORANGE, Essex County, N. J.— B O N D S A L E . — On Aug. 23
CENTERVILLE, Twiner County, So. Dak.— B O N D O F F E R I N G .
Proposals will bo received until Sept. 7 by Soren C hristensen, C ity Auditor the $125 000 414% 1614-year averago coupon (with priv. of reg.) watorfor $27,000 5% sewer bonds voted July 16—-V. 101, p. 388. Int. semi-ann distributing-systein bonds w ere awarded to R . M . Grant & C o. of N . Y .
D ue $7,000 Sept. 1 1920, 1925 and 1930 and $6,000 Sept. 1 1935. Bonds to at 100.427 and in t.. a basis of about 4.46% .— V . 101, p. 635.
be delivered and paid for w ithin 20 days after tlm o of award. An uncoil
EAST ROCHESTER, Monroe County, N.
.— B N D S A E —
dltional certified check on a Centervillo bank for 20% of am ount of bid An® go threo issues of bonds, aggregating $38,700,Y were Oawarded Lto .II. On.
A
required.
Kahier & Co. of N . Y . at 100.26 for 4.70s. Other bidders were:
R a te.
CHAMBERLIN C IT Y INDEPENDENT SCHOOL DISTR ICT (P. O.
4.70s
Chamberlin), Brule County, So. Dak. — B O N D S A L E . — On Juno 1 tho K nauth, N achod & K uhne, N ow Y ork..........................................100.116
$18,000 5% high-school-bldg, bonds due Aug. 1 1935 were awarded to Powell Farson, Son & C o., N ew Y o r k ....................... - .............................100.268 4.75s
Garard & C o . of Chicago for $18,233, equal to 101.294.— V . 100, p. 1769.
Spitzer’. Rorick & C o., Now Y o r k ...............................................1 0 0 .0 6 4 4.75s
Geo B. Gibbons & C o., N ow Y ork----------- -------------------------100.10 4.80s
CHATHAM C O U N TY (P. O. Pittsboro), No. Caro.— B O N D S A L E . —
T h e $20,000 5% 30-yr. Haw R iver T w p. road bonds offered on M ay 3 have L Denom . $500 and $1,000. D ato Sept. 1 1915. In t. M . & S. Duo
beginning 1916.
been purchased by N . F . Tecr, contractor, of D urham .— V. 100, p. 1109.
S ept . 4 1915.1_____________________ THE
791
CHRONICLE
Rcpor?ffKtoT?t” a t^ !!V e M n te ?c cU o fi% o ^ !io s tI^ iB fT s?iU n ^ O ^ O (rw a t'o r I a n o i n t ’ 0 ilU ^ i “
^
h
, 1 Plrst N at. Bank o f ltcrklm er fo r 59,025 (100.277
*0
works-plant and a o w e r a e o - . y a t e m . ^ S ^
S
i t
*«• ™ » '
„ „„„
C E N T R O , Im p eria l C o u n t y , C a lif.—
Pro■A -K a h le r & C o ., N ew Y o r k ____" I I I ” " " " " ........................... SQfil
_ _
8900
posals will lie received until 7:30 p. m . Sept. 8 b y L. N orthcott, C ity Clerk
® - G ibbons & C o ., N ew Y o r k _______
int1 semi annual $2Cert°i f.vn6 E V^O-ycar scriai sowerage-systemy bonds.’ HeddmS' t n , P at? ^ V 1 1915 ‘ Int- A - &
S
<>• at First Nat.'Bank?
int. semi annual.
V S S tf & £?
5
ROND OFFERING.—
fmm 1017 m tmol*°d , m N. Y. exchange.
<T
Certified check for 1% required
.—BOND
Due SI,000 yearly on July 1
E L K H A R T C O U N T Y ( p . O. G o s h e n ) I n d
W F — On
T
M 5'
'
112*200 ^ v e r e 'a w S r t ° t n ¥ % hw ^ S ar I??p™^e? 1®ilt bonds, aggregating voteI(? T )L| n^?i,P A R K i .(P ’
D ? lla s > T e x a s.—
>
.— B y a
(100 293) and hw
v * } S ,J WHd & C o. o f Indianapolis for $82,441 ™ n ,”
9 tbe question o f issuing the 810,000 bonds to install the ornaUJr
a „ ln t' V • 101' P- 711. There were four other bidders.
v in i l?ho ,s/ stem carried, reports state, at tlio election held A ug. 21.—
A
T/T
...Jil l. . I *
» P* olO .
E L K O , E lk o C o u n tv . K s r ---
BONDS VOTED
TinATT'l r% T
T?J?T?T>
?>°™T,Y ,(,Fv °-
OFFFRTNC
M o u n ta in H om e), I d a h o .-B O lY D
r i ? W hT hi? ? ? ! 8 : vII> be received until Sept. 20 (Opened Sept. 21)
linrifk nf nnt / o J i i l 0
„u?Ly A uditor, for the $35,000 COUrt-nOUSC-OUlUling
bond < at n r inYPiwUni,
5
\uu ,lV‘ »
tllu 'I 0 0 ,UUU court-house-building
>
o f 087
>
nV\ro;s t' These bonds were authorized b y vote
err/ •
10 yearn from dtte
Cn hC‘ d Aug‘ 1G’
I £«»« *°'db^ldtafKiKwrttedSraIS
£ lSL*Fa/ M
5!S8 at 101.204 and interest.— Y . 101 p 712-'
“
cotj 919 00
YUm
al / v , San F rancisco________________ ’
oauTr liillUlSCO___________
£9*5 o n no
V f taat s C o ., Los Angeles..................
.......................... ok’ i w ->0
Duc om>t(’n,h 7early beginning | &D,# . &
H^ “ do£ p « « M a t : B a n k . San F r a n c ^ S " : : " ” "
i f l l f f 50
SC7NDFDVIIrmi’ i Rr ck ,C ounty, Wise .— BOND ELECTION RE~ BFyttf’*WittOT^*Co’’ ^San^Franel0? ----- H H I I I I " " "............... 25,’129 00
" ! " " 25,043 00
tlio n iiesHn n "7 > T i, ! Ct&n o !1101 was t 0 have been held A ug. 31 to v o te o n
„
& C o ’ San F rancisco........................... ........
the present
V l m 8 ^ ? / 2,0™ 5% Park-im pt. b on d sw a s called o ff for
H U N T S V IL L E , R a n d o lp h C o u n ty , M o __ BOND FIFCTTON
An
t
e
a
. v ’ 101> p ’ 711’
Th0 quostlon ” iay bo ™ bm ,ttod to a vote
!
»
«
!
to ^
™
r.O A K .-p „
sim nivICtmIIn°Iia inio one f to t h «,Si.dt, n Dasin f ° obtain a municipal water
a
supp!y.
1 he $ 1 , 1 0 0 ,0 0 0 issue will bo known as utility bonds, with which
to finance the purchase, or condem nation and purchase, o f the plant o f the
E verett W ater C o., owned b y the Everett B y ., Light & W ater C o
v . 1 U1 , p. 545.
FAYETTE
A ug. 31 tho $4 1
awarded to tho ]
and int., a basis oi aoout 4 .ut>%. v . u n , p . 5 4 5 . o th e r biddors'were-'
Farmers & M erc. Trust C o ., Connersvillo . .
s n T os oo
Breed, Elliott < Harrison. Indianapolis
fe
’ 11(7 93
^ i ’ o 7 c on
Gavin L. Payne & C o.. Indianapolis........... I "
J* P- W ild & C o ., Indianapolis____________
^n’n -r ell
G.
C . Shipp & C o., Indianapolis_____ I ...................
............ 1 n ’ 7 eo on
M oyer-K iser Bank, Indianapolis_________________
Iin’vnJa rlS
F IT C H B U R G , W o rce s te r C o u n ty , M a s s __
s a r /’
n
ROND
J
A u g . 25. .
loan
T r - C " ' ' " W t l1 ” 5 Ierahanta’ N a t ^ i n ’ k S . T S l ' f n i 0 ' " " 1 *° th0
'
^ J A C K S O N SC H O O L T O W N S H IP (P.
C ------ t y , In d .— BOND’-------oun
2 6 ^ 0 $5 000 4 j S 9
SA LE^—On Aug.
r i a s d t o t boa at 7 s s ^ ed10tf
jp
* °» -
M erchants’ N a tion a l' Bank M u n cio. l*!l 1 1 " " " .......................... $ 4 0 0 3 3 5
4 001 50
ini
WUd & G o., Indianapolis______________________________
I1letcher-A m encan N ational Bank, Indianapofis___________ ~” 4^001 25
ROND SALE.
J E R S E Y C IT Y , H u d s o n C o u n ty , N. J.—
— On Sent. 1
the tw o issues o f 4 'A% gold coupon, with privilege o f registration, tax-free
w
‘^uad|ng Imnds, aggregating S072,000, were awarded to Bemiek, Hodges &
nn*
G^ nd
101. P- 636. Other bids were:
Equitable Trustti n., N . Y . 100.680 Qeo. B . G ibbons & C o .,N .Y . 100.51
Knmiahln T riK C o isr v
m e non
Harris, Forbes & C o ., N . Y
100.648 Bond & G oodw in, N . Y _____ 100.314
A . B. Leach & Syndicate____100.579 Sidney S p itz e r* C o ., n I y " 100.309
n e e " N ; Y .-- - - - 100.57 M ercantile T r. C o .7Jer. Cy’.*i0O
l'or $60,000 maturing from 1916 to 1921 inclusive
*
,*E^3 H S
d
works°uml 0
1
e?cc?H(?-?i|ht-?xt. ‘lbonds5 ’00° m ° itgage> m unicipal gas-plant and $3504)00
ELECTION
u w a w ' e d ^ J u ly ')”
w i , ? « f ^ U? ? 10 ,C ol} nty.’ N e b .— fiOND
— An election
S w vr (op t.) 1 ;,7 t0 naving lioniis at, or not this city shall issue $50,000
™
o-20-yr. l n M coupon deu}d0 ,'vheIher net nvi-ni.riiuw
H?
qulred.
Bonded debt, excluding " this""issue ^^24*000’ wienHn^.O
SJi’
I N . W . Halsey & C o ., C hic. 151
’042 0 0 1A*
$2,400.
Assess, v a l. 1915, $462.7631^ Tlw t
o
w
n
^
°
tis * C o ’ C le v e la n d ... 15,038 0 0 / t . J.
and c o s t ^ b 'a n k bonds. These bonds were offered without s t i c k s on MfL ^ J r ? I?nN ° T LIDATEn .S C H O O L
tA
4
]°
Cr^eiK1'M o n t .
-B O X n ^ F p ^ m a
- P ^ T . ki^ iT iGU be5
G IL A C O U N T Y (P. O. G lo b e ), A riz .—
at^an*o!ection
1^
1™!!. ^
^
RO N D ^vnrm
° , W1” ^
th.-u^lm ^dfvU on'bcld^.T ^/rf^iU ydhl^A ^^V ^^'^
*WOr o f tho (!ucstlc"
$15,000 city-hospital-purchase bonds
’
G R A N IT E SC H O O L D I S T R I C T (P.
s -s s s s -
o.
S a lt L a k e)
U tah
® s s s ,* ^ s s i‘
^
018 50
,017 00
r.e
15’° ° 2 00
15,000 50
L a ce y ),
1^009
ated,‘ anTs’s’ue o f^ 'i6 * ()0 o t % '
ment bonds. D enom . $500.
L A U R E L , C ed ar C o u n ty , N e b
.— T he Question o f
ssulng $12,000 m unicipal electric-light-plant bonds carried, it is stated
at an election held A ug. 29.
’
.—BONDS VOTED
Tn„.,i
•5° ° ' 000 r« ad-«>nstruction S
$
^
A u b T g T C hi’ 1 "
-Connell, M t . V ern.
D I S T R i c T (P. O.
c
f f i
o f f“ uing
-R O N D
I < t in ifm ? Ei ^ C? /> i/SSeX C o u n t 7 > Mass.— BOND SALE — On
about
f
.
A ug. 27 tho
T ^ o s m n ' ^ ' i e n 1 1 S<jh,° ° ‘ bonds 7 er®
^ '
O t h e f b i d d e ^ ? ^ * - m t’~ a baSiS ° f
Bedford), Ind. ROND SALE—
AugA 2 1^h(N 89E,lnn° m N, - Y (P - ° ^
—
On
t o ^ M 4 D i n r i m w n ? road bonds were awarded to Stephen Fountain
SSy0T w * 5 . <lV n l J.r t4 y . ' _ V ' I0 0 ’ »• I M i .
received 2 O w bi? m ? ! *and ... tv T \ ‘ 101 ’ p ’ 546’ T w o other bids wero
In
G R A N T C O U N T Y (P. O. E lb o w L a k e), M in n __ROIVD
p n .
.
Kalm an & C o. o f St. Paul were awarded on July 1 tw o issues o f
on
r(T ortc<1 as $2,500 in last week’s
year (serial) dltnll honrto nmnmml 1n(k «Qn OOO T
. . OI O f)-20- 1
__
K t .r .T ? '* * j) d ‘ tch bondSl aggregatIng $39,000, at par. D en om ?& ;0 0 (L
/n
Uil« ^ ™
LEESBURG, Lake County, Fla.— ROND ELECTION Tho nn«itinn
statwi' on SopG°l iS0'ver_system bonds, will be submitted to a vote, it is
LINCOLN, Lancaster County, Nob.— ROND OFFERING — Proposals
.—ROND SAIF
G R E EN E C O U N T Y (P. O. C a tsk ill), N. Y
— n „ gn„t 1
tho $17,500 4% 24M -ycar average coup, highway-im pt. bonds were awarded
94.2 5°
°**S a* Par and in t‘ V ‘ 101’ p ’ 468’ Clinton I I T h r o w n bid
— RONDS VOTED
G-ROVE, D ela w a re C o u n ty , O k la
__At
r ,v m t
election the question o f issuing electric-light bonds carried ren<wts^tam°nt
G R U N D Y C F N T E R IN D E PE N D E N T SC H O O L D IS T R IC T
O ruzubr C e n te r), G r u n d y C o u n ty , I o w a
— n.i a ™ 97
the $ 8 ,1 ,0 0 0 high and grade-school-bldg, bonds were awarded to^HaVrls
Trust & ga v . Bank o f Chicago for $86,675 (101.97) for 5 s — V 101 n 3 SO
D enom . $1 000. D ate Sept. 1 1915. In t. M . & S. D u e scrlalivP
fnr on
yrs., subject to call $25,000 after 1925.
U° serial*y for 20
H A L L ID A Y SC H O O L D IS T R IC T (P. O. H a llid a v ) D n n n
.
(P n
.—ROND SALF
2SriSi?tt taK d. I.f
M
3 £ ft)Ho°vbig?w)upon f i o M ’ S°Pt’ 10 by The° ’ » ’ « erg’
C lW ?
$48,000 refunding bonds at not exceeding 4 H % int. Date March 1 1915.
?ncl.:redeernable afterU
March?? ^ 5 March 1 froia W25 to 1934
50,000 park-extension bonds at not exceeding 4H % . Date Sept. 1 1915.
after l c p t % yi 925 SeP*’ 1 fr° m 191(5 to 1935 incL: redeemable
17,970 Paving District N o. 284 special .assessment bonds at not exceeding
4 rrom ! » l l K - , » 2 5 ll,)i. ' « •
l>»o 51.797 yrly.
sSt!
}y °
«hain
t
°/l boncJs
for required. T otal (general and assess.) 1labilities
including those bonds, $1,660,881 41. N o floatin" debt
Total sinldnsr
fund, $82 449 77. Assess, val $10,415,873: S l u L ( e s i . ) , $65^00 000®
? / fJS.i?L^ir? lIla^ states that this city has never defaulted in the paym ent
d e ^ io n held Au°gn i l l8SUlng 36’ ’000 b id g ° b o n fc | ° f p ™
,al
f aU Jion& previously ia s^ d l
r>
andJPt^
I n i p r o S t hmfds w "e aw^rde^jointiy^o tho8Firet*Nat$1^M
’mSante
V O TE D -
712*’ ^ ^ ^ a u p h i n l D < ^ s B aT r u s ^ C o ? o?H ?w Isbim g ^bld^par ib Y $ 10 000 I sltkinlo^?ssue°$2o'0M (bridO bon< ) ’
geL
£
T h o p ro p o M a r c h '1^1035 $600 .and $1,000. D ato Sopt. 1 19151 I n t ? M . & l ! ° ’ Due I at an d ic t io n h d d °A u g ?t2 L b ° ndS rCCCiVOd a favorabI° vote, it is stated!
793
[Vol. 101.
THE CHRONICLE
LYTLE INDEPENDENT SCHOOL DISTRICT (P. O. Lytle), Atas
cosa County, Tex .— BONDS VOTED . — B y a vote o f 66 to 17 the question
o f issuing $12,000 5% 20-40-yr. (op t.) building and equipment bonds carried
at an election held A u g. 21.
McDOWELL COUNTY (P. O. Welsh), W . V a .— BOND SALE.— The
$165,000 5 % 20-30-yr. (op t.) coupon taxable B ig Creek D istrict road-im pt.
bonds offered on M a y 1 have been awarded to Sam. G . W alker & C o. (con
tractors).— V . 100, p . 1376.
MADISON COUNTY DRAINAGE DISTRICT NO. 3, Tenn.—P U R
MILWAUKIE, Clackamas County, Ore.— BONDS VOTED . — B y a voto
o f 168 to 42 the question o f issuing the $25,000 water-works-system bonds
carried, it is stated, at the election held A ug. 21.— V . 101, p. 391.
MINNEAPOLIS, Minn .— BOND OFFERING.— A ttention is called to
the official advertisement elsewhere in this departm ent o f the offering on
Sept. 8 o f $82,591 1 0H -yoar aver, coupon tax-freo special street-im pt.
bonds at not exceeding 5% Interest. F or details and terms o f offering see
V . 1 0 1 ,P- 714.
CH ASER OF B O N D S. — T he
MONTGOMERY COUNTY (P. O. Dayton), Ohio .— BOND
SA L E —
purchaser o f the $75,000 6 % drainage bonds
awarded on M arch 29 at par less a commission was H . O . Speer & Sons C o .
o f C hicago.— V . 101, p . 636. D enom . $500. D ate D ec. 1 1914. Int.
ann. in D ecem ber.
On A ug. 26 tho $15,000 5 % 4 H -yea r averago coup, taxable emergency
briri so bonds were awarded to the D ayton Savings & Trust C o. o f D ayton
Other bidders were:
„
, , ,,
« i o c r -7 0 K
Fletcher-Am erican National B ank, Indianapolis-------------------------512,857 25
J. F . W ild & C om pany, In d ia n a p o lis ............................... - ...............4 o « A i
Breed, E lliott & Harrison, Indianapolis............- ................. ...............
M eyer-K iscr Bank, Indianapolis. -------- ---------- ---------- - .............on
E . M . C am pbell’s Son & C o ., Indianapolis--------------- ----------------}£.767 00
Jacob Burger J r., Jasper--------------------------------------------------------------- i 2 , / 2 t> uu
MADRID, St. Lawrence County, N. Y .— BOND OFFERING.— Bids
will be received until 1 p. m . Sept. 14 b y E . B . W atson Tow n Clerk for
$22 000 11-yr. average M adrid W ater D istrict bonds at not exceeding 4H %
int. D enom . 32 for $500, 16 for $375. D ate Oct. 1 1915. Int. A
D u e $1,375 yrly. on A pril 1 from 1919 to 1934 incl. Cert, check for $500,
payable to Addison E key, T ow n Supervisor, required. Bonds to be de
livered and paid for on or before O ct. 1. Purchaser to pay accrued int.
These bonds were offered w ithout success on A ug. 23.— V . 101, p . 713.
missioners will receive bids until 12 m . Sept. 21 for $30,000 5% inter°hbthway-im provem ent N o . 1674 bonds. Denom . 24 for $1,000,
S for $ 7 5 0
D ate d a y o f sale. Prin. and semi-ann. int.— M . & S.— pay
able a t o f f ice o f C ounty Treasurer. Duo $3,750 yearly on Sept. 21, from
m i7 ^ n 1924 incl
C ertified check for $1,500, payable to H ugo Schneider.
C ounty A uditor, required. Bids must bo unconditional.
B ID S R E J E C T E D — AW bids received for the $250,000 6 % 20-year
Sarasota-Venico District road and bridge bonds offered on A ug. 16 were
rejected. A ccording to reports, the bonds will be re-advertised.
u r w y i n M SCHOOL DISTRICT NO. 15 (P. O. Manning), ClarendonECoifnty, So. Caro .— BOND S A L E .— T his district has disposed o f
MAPLETON INDEPENDENT SCHOOL DISTRICT NO. 105 (P. O.
MapletoS), Blue Earth County, Minn .— BON DS V O T E D .— By a vote
ING
BntactaSSt........ --,-*15.1M 99)T^^W ^t O._
o.
2
m a DISON SCHOOL TOWNSHIP, Dubois County, Ind .— BOND
31 the
,7 0
D avies.
1^163
Cleveland
SA L ES.— On A ug. M iller $ 1 2 C o. 0 4 H % 5 1-3-yr. averageicoup. bldg, bonds spifcZer, Bertram C o .. Cin. 15,161 001| P ro v .S .B .& T r .C o .,C in _ 15,079 50
awarded to
&
o f Indianapolis for $12,861— equal to
IioriCk & C o .,T o l .
00
101.110— a basis o f about 4 .2 6 % .— V . 101, p . 546.
b o n d OFFERING. — W alter II. Aszling, Clerk Board o f C ounty C om
An
.£ 6 .
o f 72 to 64 tho question o f issuing to the State o f M innesota $9,000 4%
building im pt. bonds carried at the election held Aug. 15.— V . 101, p . 546.
MAPLE HILL CONSOLIDATED SCHOOL DISTRICT (P. O. Maple
Hill) Emmet County, Iowa .— BOND ELE CTIO N .— A n election will bo
held Sept. 11, it is stated, to decide whether or not this district shall issue
$22,000 building bonds.
MARATHON, Buena Vista County, Iowa .— BOND
E LE CTIO N .—
the
During September an election will be held, according to reports, for tho
purpose o f having the voters decide whether or not they are in favor o f
Issuing $12,000 m unicipal electric-light-plant bonds
___-______ ____ ^
______ i , T„,1
unvn
.— On
A ug. 27 the $2,300 4 H % 5 H -y r. averago road-im pt. bonds were awarded
to the Fletcher American N at. Bank o f Indianapolis at par and int.— V . 101,
p . 636.
MARION COUNTY (P. O. Indianapolis), Ind.—BOND a ATre
SALE
MARION COUNTY COMMON SCHOOL DISTRICT NO. 7 (P. O.
.—BONDS VOTED.—'
rnimtv
MT
OLIVE SCHOOL DISTRICT (P. O. Mt. Olive), Macoupin
P n iiritv 111— BONDS V O TED . — A ccording to local newspaper reports
the proposition to issue $20,000 building bonds carried by a vote o f 261 to
60 at the election held A ug. 23.
N E W A R K 14 J — T E M P O R A R Y L O A N . — On A ug. 30 a streot-paving
r.7 «a n n n n 0 m aturing in six m onths, was awarded, it is stated, to
Salom on Bros & H u t z lc r a n d G oldm an, Sachs & C o ., both o f N . Y „
at 2.95% interest.
$3,500 school’ bonds.
,
S e c .----- - aver, road bonds
Vin'nP o f C om m erco, N ow Y ork. D uo $1,000 yearly on July 1. C ert.
for *50o"required. T h o legality o f tho bonds will bo approved b y
Storev ThorndikS Palm er & D od ge o f B oston. The offering o f these
b o n d ?w a s reported in last week’s “ C hronicle,” pago 711, under the head
of
Countv, N o. Caro.
Edgecombe
NORTH ADAMS, Berkshire County, Mass .— BOND
SA L E .— On
„ nr, ,77,, « in n 000* 4 % 1OH-year averago cou p, high-school bonds wero
Au « - T r o r n h l o w e r * W eeks o f Boston at 100.86 and int., a basis o f
9 9 o V — V .1 0 1 . p . 714.
Other bids wero:
_ ro„
about 3.9U /p v ,0 0 711 Til n<l
t. Hr, Tlncf-nri
199.K«9
N ° W ■Harris
B oston . 100.76 Blodgett & C o ., B oston _____ 100.589
R L D a y & C o ., B oston------ 100.689 Curtis & Sanger, B oston___ 100.51
C ropley, M cG araglo & C o .,
M errill, Oldham & C o ” 100 679
B o s t o n ......... .................
100.372
Blake ^Bros & Co." B o sto n . . 100.67 P . M . Chandler & C o ., B o st. 100.33
N O R T H PLAINFIELD (P. O. Plainfield), N. J .— BOND S A L E .—On
trot.
ScO f
Jefferson), T oxa 3
T he question o f issuing $28,000
, N O
T , O'K n n n w 21 H-year average coup, with priv. of reg. collectingbldg, bonds carried, it is stated, at an election held A u g. 17.
Aug. 27 the $35,000 5% 21H y ™ d d t£ tho Plainfield Trust Co. of PlainMARLBORO, M id d lesex County, Mass.—
On A ug. 30 ffek^ a^T o 1 A l 1a n d ^ n t!^ ^ b a s ls o f about 4 . 8 9 % - V . 101. p. 637. Other
tho tw o issues o f 4% cou p, tax-freo bonds aggregating $60,000 were awarded
to Adam s & C o. o f B oston at 101.17 and int.— V . 101, p . 713. Other bids were:
$36 4H) 50] S ta teT r. C o .. P la in field ..$35,724 00
J .S
R M
®
So L u d w ig * c r a n e .N . Y . . . 35,714 00
bids were:
.
Jackson & Curtis, B oston — ----------- E stabrook & C o ., B o s to n .-.1 0 0 .6 1
100.888
iin rrjc F o rb e s & C o .»N A . o 5 i7 o l ool
R . L . D ay & C o .. B o s t o n ... 100.849 Blake Bros. & C o ., B o s to n ..100.56
vn D T T T PT ATTE Lincoln County, Neb .— BOND E LE C T IO N .— An
M errill, Oldham & C o ., B os.100.769 Curtis & Sanger,_Boston____ 100.448
NORTH PLA. 1
,u *
,
n,,’ t,h(. nuestions of issuing $16,909
‘
N . W . Harris & C o ., B oston . 100.67 Blodgiet & C m , B o s t o n . : : : : 100.367 „ , ” t ion will bo held Sept. 14 to vote on the questions o f issuing $16,000
«12 000 park-sfte-purchase 5% bonds.
E . M ,. Farnsworth & C o ____ 100.365
P C ro ph; j^! m cG aragl e C o . / o iPBoston bid 100.733 for $20,000 and 100.652 I
,nn —
Chenango County, N. Y
On A ug. 2
for $40,000.
$10S ’ 48npavT ng^bond^tril !S a h °]er & C o. o f N . Y . at 103.71. D ate
I°K
MARSHALL, Logan County, Okla.—
— On A ug. 23 the
< 1 0 000 water and $5,000 electric-light 6% 25-yr. bonds were awarded to
12
1 260 00 pavVng bonds to G eo. Ruckteshler o f N orw ich at 103.05. Date
G . I. Gilbert o f Oklahoma C ity at 95.— V . 101, p . 636. D enom . $500.
D ate A ug. 1 1915. In t. F . & A .
1 600 00 steam eM epair bonds to G eo. Ruckteshler o f N orwich at 103.06.
MARYSVILLE, Yuba County, Cal.—
— B y a v o te
o f 709 to 162 the question o f issuing $18,000 sewer-system-extension bond
415 68 Hrmhose^iionds to F . M . Fowlston o f N orw ich at par. D ate
carried! reports state, at the election held A ug. 24.— V . 101, p. 311.
MAUMEE, Lucas County, Ohio.—
— On A ug. 25 tho
D enom . $500 a U b a k in c e . Int. F. & A . D u o in 1925.
ckr non
20-year water-works-construction and equipm ent bonds were
n w E N f O SCHOOL DISTRICT NO. 33 (P. O. Orenco), Washington
awarded to Sidney Spitzcr & C o . o f Toledo for $56,067 (100.119) and int.,
„
Dr o
— Fred. Glenn C o. was awarded on M a y 1
a ^ a sis o f about 4 99 % — V . 101. p . 3 91 . There were no other bidders.
P w lnn o ’ n f / ' l 0 - 20 -year (opt.) building bonds at par. Denom . $500.
MAYWOOD, C ook County, Ills.—
— On A ug. 26 tho Date M a y 1 1915. Interest M . & N .
< fi nno .1
59
9-year average gold cou p, street-im provem ent bonds wero
nR T E A N S C O U N T Y (P. O. Albion), N. Y
.— On
awarded to the Continental & C om m ercial Trust & Savings Bank o f Chi
.
q,
*R7 935 4H % 5-year average registered highway improvem ent
cago at par and int.— V . 101, p . 636.
There wero seven othor bidders. K
awarded to A . B . Leach & C o. o f Now York for $68,328 34
MEDFORD, Mass.—
— On A u g. 31 the loan o f a w . 5 i r a n d 1 n t .- - a basis o f about 4.37% .— V . 101, p . 547. Other bid?
50 000 maturing M a y 15 1916 was awarded to Loring, Tolm an & Tupper
o f B oston at 3.27% discount.— V . 101, p. 713. Other bids were:
t e i - v h h ? :Trust C o ., N ew Y o r k .................................................. ........ $68,165 98
Salomon Bros. & Hutzlcr. Now Y o r k . .3 .3 0 % discount plus $ l premium
Blake B ros. & C o ., B oston...................................................... 3.30% d scount
Ar Kwnrhas & C o ., N ow Y o r k _______________________________ 68,153 07
Curtis & Sanger, B oston....................................... .................3.50% d scount
Farmers1* M echanics Savings Bank, L ockp ort-------------------------- 67,935 00
C ropley, M cG araglo & C o ----------------------------------------------------3.58% discount
n i r r n u Polk County, Neb.—
B y a voto o f 131
— On Sept. 3 an issue o f $46,000 4 % cou p, tax-free Han f,,?.-V im miestion o f issuing $2,000 5% 2-5-year (opt.) coupon park bonds
cock A vo. school bonds wsa awarded, reports state, to Hornblower & W eeks rarrfed at an election held A ug. 3 1 . Date “ date o f Issuance.” Int. ann.
o f B oston at 101.04. D enom . 10 for $600, 40 for $1,000. Date Juno 1
R A riE T C COUNTY (P. O. South Bend), Wash.—
1915. Prin. and semi-ann. int. (J. & D .) payablo at N at. Shawmut Bank,
XV Trask Secretary o f Diking Commissioners, will receive bids until
B oston. Duo $3,000 yearly on Juno 1 from 1916 to 1925 in c l.,a n d $1,600 3 p m Sept. 11, it is stated, for $60,000 7 % annual 10-year serial im proveyearly on Juno 1 from 1926 to 1935 incl.
BOND SALE.—
&
.-BOND S A L E .-
BOND SALE.
BONDS VOTED.
BOND SALE.
r,%
—BOND SALE.
BOND SALE.
V, %
.—BOND SALE
TEMPORARY LOAN.
BONDS VOTED.—
BOND SALE.
BOND OFFERING.
fr
MEEKER COUNTY (P. O. Litchfield), Minn.— PRICE PAID FOR
BONDS.— T he price paid for thoo.$40,000 Paul,ditch bonds awarded on .A ug.
5%
12 to the Northwestern Trust C o f St.
was 101.75— V . 101, p 713.
In t. semi-ann.
Ml
D ue $4,000 yearly July 1 from 1917 to 1926 incl.
raeREW°ARGYL, Northampton County, Pa .—BONDS
AUTHORIZED-
'run fvm ncil has authorized tho issuanco o f $15,000 fire-alarm -system '
installation bonds, it is reported.
o-/0
until
coupon refunding bonds, utcis are requested at v r / o . 'i / r / * ™ '
interest. D enom . $1,000. Principal and semi-ann int. (J. & JO Payable
637.
in M em phis, or in Now Y ork C ity , at tho option o f the holder. Due: $40,
000 o f said bonds to mature July 1 1925; $40,000 to mature July 1 1926 and
$40 000 to maturo each and every year thereafter until all said bonds aro
paid- provided, however, that tho number o f said bonds maturing on July 1 R99r at the election held A ug. 18— V . 101, p . 471. Int. semi-annual.
C ert, check
1949 will be affected b y premium bid, as no m ore bonds will bo issued or C W W iecking, Clerk B oard o f C ounty Commissioners.
sold than will bo required, together with the premium bid at the rate o f in fo r 5% required.
■
terest chosen to produce the sum o f $986,000. N o option o f prior redemp
b o o t C L IN T O N , Ottawa County, Ohio.— BOND S A L E .— On Aug.
tion Is reserved with said bonds. Cert, check for 1% o f bonds bid for,
‘ .t ;
r,nn 5 % 2-11-year serial coup. Depot St. Impt. bonds wore
ihn $.3,500 D av
C oladf C ilP'• UOp°-t
payablo to tho “ C ity o f M em phis, required. T ho bonds will be delivered , En * X ff t o the 5 H % es-Bcrtram C o. o f Cincinnati for $3,583 (102.371) and
vv,
— ------------------------ and paid for in M em phis, or at any bank in Now Y ork C ity , as the pur- awarded to tne
- ..............
„ . Other bids wore:
chaser m ay elect. T h e legality o f these bonds has been approved b y Dillon, tat.— V . 1 UI, P- o Bank & Trust C o ., Cincinnati________________$3,573 50
b,,
^
^
win 1,0 fiirnishpri Provident Savings
'A
u
r,e
11.
man o f Chicago were awarded an issu oof $35,000 5% 20-year site-purchase
- & -Wolcott C o ., Cleveland...................................................... -Lh-m i o
and bldg bonds on June 8 for $35,400, equal to 101.142— a basis o f about o t ls & C o , C leveland---------------------- ----------- -------------------------------- 3.520 00
4 9 1 % . D enom . $500. Date July 1 1915. In t. ann. on July 1. Duo 2 “ d E jn0tt & Harrison, Cincinnati--------------- --------------------------- 3,508
July 1 1935.
P O R T E R C O U N T Y (P. O.
Valparaiso), Ind.—
T he
MIAMI COUNTY (P. O. Peru), Ind.—
Aaron
Zook C ounty Treasurer, will roceive bids until 10 a. m . Sept. 8 for $4,120
a
roun Fred. Green et al. road-im provem ent bonds in Jackson T w n
In t. M . & N . D ue beginning M a y 15 1916.
MIDLAND, Beaver County, Pa
— T he $15,000 5%
19-vear average tax-free bonds offered on M a y 3 were awarded on that day
r. ... . . ° 5
- _ _ DUlphnmrli
_
1AO OO nml Inf o hooia
\zo/'
1
C ci
Ot^ W ^i.„ 0 S E D 10A
&
® r\ pp
$ 0
BOND SALE.—'
BOND OFFERING.—
00 bo
.—BOND SALE.
ni-
E i s '& g h
is contem plating the issuance o f I
•
ted.
----------------------- H ^ S l V
7o
Sept . 4 1915.]
THE CHRONICLE
Calif
DISTRICT, Los Angeles County,
S f in M 5W
n
— Proposals will be received until 2 p. in
A ngelos! fo /s iM 'o o O ^ / c / e& ° ™ Cl° ,'ClerK B ° ard o f Supers. (P . O. Los
CMWer's c h S k for 3 £
of® h n L s 'T f i
l
from 1946 t0
f B T S ^ y ^ p S 'U k ^
»ncl.
Cert, or
W tH L S T B
1 th0 question o f issuing $30,000 building bonds.
Oil Am?
ot! i BE^ o. \
^
os
Angeles County, Calif.— BOND
^V %
?
S A L K .—
struct ion h o n d T J E * 1’000
m unicipal-pleasure-and-flshlng-picr-conA i-e lo s fnr l i o I T ? - 7a M no^'nn!6 is , tated. to W m . II. Staats C o ., Los
;
s
SI 7 )0 0 ’ «Kor ?!,2i4,i r L U 02.609) and int.— V . 100, p . 1021. D enom s.
793
BIDS
R O A N O K E , R o a n o k e C o u n t y , V a.—
.— Tho following are tho
other bids received for the $150,000 43^% 30-year coupon public-build in*?
f o T f s o 4 8 8 d 5 0 nonV\ n 26 40 tbc C iteen l’
’ lf
P olger, ’M osscr (l ° °W illama J?asls o f about 4.481% (V . 1 0 . L p .n 5 ) :
’
B o J e ^ M n i ? . & ^ £ L an,
am
C liic a g o ___________________ 07 9 -» H .M .bleton & C o ., B altim ore.95.879
R
Grant & C o ., N ew
E . II. Rollins & Sons, N . Y _ I l 9 o !7 9 8 Provident Savings Bank York 95.818
& T r.
Seasongood & M ayer, C ine___96.673
C o ., Cincinnati____________ 95.52
W eil, lio tli & C o ., C incinnati-96.29 Breed, Elliott & H arrison,C in. 9 4 .4 5
tan otes^ ciaT ecP sen t Y7 ~ tn ° r m
sE-~ ° ? S ept’ 1 tho 520.000 over-duo
Bros. & Hutzler, N . Y . C ity , interest | . 4 0 % - V . I o i !
Jitor
Bond & G oodw in, N ew Y ork C itv
Farmers Loan & Trust C o ., N ew Y ork C it v .................... S1 50
H ibbard, Palmer & K albflcisch . _ J- . _ . 1 1111Z111' 4 % %
/V<f™rnW’
-—
1955 Inclusive d So° 0, Dat° Ju y 1 1915‘ Duo serlally from 1910 t0
®ED RIVER, Atchafalaya and Bayou Boeuf Levee District, La.—
OFFERING.
r
Attention is called to the official advertisement elsewnero in this Departm ent o f the offering on Sept. 10 o f $250,000 5% 50-year
coupon loveo bonds. For details and terms o f offering see V . 101, p. 715.
m e bonded indebtedness o f this district is, exclusive o f this issue, $500,000,
one-half o f which matures in 1950 and the other half in 1953. Tho levee
assessment for. this district for the year 1914 was as follows:
1 U mills on an assessed valuation o f $10,299,160.............................$102,991 60
IdS 4>0r acro 4ax on 648,626.60 acres______________________
32,431 33
$60 per mile on main lines o f railroads in district_____________
3,196 60
$1,000.
D ato M a y 1 1915
In H l
&
Par a“ d
SAS 5 i . - C H f s ^ t . Tl<t ^ h r c o ^ u S 0o f ? c / i ^ a C o u n t y - O h io .— BOND
/
(
m ent bonds, aggregatin'' 339 9 in i 'i m ™ L t 4^ year a v!?t’age road-im proveawarded to tho f i r f t N a t i o n a l B ? n{ ? n r T i V ^ n* ed from S40-340) were
T h e bids were as follows'
k ° f East L lverpool.— V . 101, p. 471.
$
§138 029 53
.—BOND OFFER-
77W'E D t? IV E I^ C O U N T Y (P. O. C la rk sv ille), T e x a s
Proposals (sealed or verbal) will be received until 2:30 p. m. Sept. 28
!?J,,r.C0' M ondson, Chairman lid . o f R oad C om m rs., for $100,000 5% roadnr?ho^‘o.o0nCTT xr 4c^2',n ' 5500. D a te A ug. 2 1915. Int. semi-ann. in
V
oxciuinge on N . Y ., C hicago or St. Louis at tho cou n ty’s costs, at the option
or the holder, or m ay bo paid at Clarksville, if holder desires. Cert, check
(or cash) for $500 required.
R E D W O O D CITY, San Mateo County, Calif.—
— It is
i
' R - Staats C o. o f Los Angeles has been awarded tho
$7,500 5 l
A fire-apparatus-purchase bonds voted Juno 29— V . 101 n 232
D en om . $500. D uo serially from 1916 to 1930 inclusive.
'
IS L A N D , State of.—
On A ug. 30 tho $458,000
n l ° „ 5.0 "yo.a r gold co u p ’ i " 'i(41 P r i v .o f reg., tax-freo Charitable Institution
&an b ° nd? ,wcro awarded to tho Industrial Trust C o. o f Providence at
we?e™ and nt" a baSiS ° f ab0Ut 3 -875% — v - 101, p. 637. Other bidders
B lodget & C o ., M errill, Oldham & C o. and R . L . D a y & C o
BOND SALE.
%
BOND SALE.—
D enom -
K*-—BONDS VOTED.—
T h e ^ r o p o s R i o n ° t o ^ S ^ 00°nn nameSitOWn)’
stated, at an election lid d SAug’.° 2 1 . r0ad’ C0nStrUCtI0n bonds carricd, it is
* M
$11,076 00
11,020 00
11,010 00
....
11,035" 00
§§
- - - - -
SS
tlonSi. W ° f ,lool“ or’ Cummings & P m d d S ' i l O ttoS
<1S
Blake Bros. & C o ., Boston*.. 100.81
R . L . D ay & C o ., B oston___100.69
P ?r!? 0 l &qC o ' ’ B oston --------- 100.578
p v t / m Sa,! ? or'o B oston ------100.495
1 •M . Chandler & C o ., B ost. 100.451
1
X w n ’ T o 'M '
T
DIOS
£y
Harris & C o ., Boston 100.43
M errill, Oldham & C o ., B ost-100.279
C rop iey, M cG aragle & C o .,
B o s t o n ___________________ 100.214
be re ceiv e? un t i f f i n . Oct
1
®
'
-------------------------------Estabrook & C o ., B oston____
Edga,r J. Lowonstein (for $10,000)11111.....................
in i 9 ^
W ilson, Slado & C o. (for $50,000)................
---------100 875
R IC E C O U N T Y (P. O. F a r ib a u lt), M in n .— B O N D S
__
authorized, it is stated, the issuance
— ZZZZZZZZZZZZZ'"
AUTHORIZED
M arcos or Austin or H anover N at. B a n k .N . Y ° Bonded d ebt inch tlmso
N E W LOANS
N E W LOANS.
$26,000
$250,000
C IT Y OF POLSON,
Flathead County, Montana
N E W LOANS.
$ 8 ,2 0 0
6% 50-YEAR LEVEE BONDS.
6% WATER BONDS
WATER SUPPLY (6%) BONDS
Sealed bids will bo recoived by tho undersigned
State o f M on tana, 1
at his office in tho Roberts Building, Alexandria,
C ounty o f F lathead,)
C ity o f Poison.
J
& mS r d , < K ' 2 O ’C L O C K P. M. ON SEPr
I EMBER 10, 1915, for tho purchase o f all or anv
Pursuant to tho authority o f Ordinance N o . 105 part o f an issue o f 5 % coupon Leveo Bonds o f
o f the C ity o f Poison, o f tho C ounty o f Flathead, tho Reel River, Atchafalaya and Bayou B oeuf
State o f M ontana, passed and approved August Levee District, o f Louisiana, tho amount o f which
2nd, A . D ., 1915, authorizing and directing tho issuo is $250,000.
advertisement and sale o f certain bonds o f said
Dated August 2nd, 1915. Interest payable
city, namoly
semi-annually on the 2nd o f February and August
Water bonds o f tho C ity o f Poison, o f tho ot each year, and principal and intorost payabio
C ounty o f Flathead, State o f M ontana, to an at tho office o f tlio Stato Treasurer at Baton
am ount aggregating tho principal sum o f $26, Rouge Louisiana. Denominations $1,000 each
0 0 0 .0 0 , comprised o f twenty-six bonds numbered M aturing August 2nd, 1965.
I ho legality o f bonds examined b y Mossrs
consecutively from one to twenty-six, both num
bers Inclusive, o f tho denomination o f $1,000.00 Caldwell, M asslich & R eed, o f Now Y ork C ity,
each, and all dated July 1st, A . D . 1915, abso whose opinion approving tho validity o f tho bonds
lutely duo and payable July 1st, 1935, but re payable principal and interest from taxes as
authorized in and limited b y tho constitution
deemable at the option o f tho city as follows:
and laws o f tho Stato o f Louisiana, will bo fur
Five Thousand Dollars ($5,000.00) o f said nisnod to tho purchaser without charge.
bonds numbored from one to fivo, both numbers
All bids must bo on blank forms which, toincluslvo, on and after tho first day o f July, 1919- gothcr with additional information, will bofurhive Thousand Dollars ($5,000.00) o f said bonds m sbed by tho undersigned or said attorneys. All
numbored from six to ten, both numbers inclusive, bids must bo accompanied by a certified check
on and after the first day o f July, 1923: Fivo upon a solvent bank or trust com pany, payable
Thousand Dollars ($5,000.00) o f said bonds to E . G Richard, Prosidcnt, for 2 % o f tho par
1
numbered from elovon to fifteen, both numbers value o f bonds bid for.
Inclusive, on and aftor tho first day o f July, 1927:
Tho right to reject any and all bids is roservod
H O W A R D B . G IS T ,
Five Thousand Dollars ($5,000.00) o f said bonds
numbored from sixteen to twenty, both numbers
Sccrotary Board o f Commissioners for
Inclusive, on and after tho first (lay o f July 1931:
Red River, A tchafalaya, and
and Six Thousand Dollars ($6,000.00) o f said
,
Bayou B oeuf Loveo District.
bonds numbered from twonty-ono to twenty-six,
Alexandria, Louisiana, A ug. 15, 1915.
both numbers inclusive, on and after tho first
day o f July, 1934;
Boaring interest from their dato until paid at the
rate or six per contuin per annum, payabio semi
annually on tho last days o f January and July,
respectively, in each year, both principal and in
terest thorcon payabio at tho office o f tho C ity
Treasurer o f the C ity o f Poison, Stato o f M ontana,
or, at the option o f tho holder, at tho National
Bank o f Comm erco in the C ity and State o f New
Y ork, U. S. A .
P U B L IC N O T IC E IS H E R E B Y G IV E N that
tho bonds aforesaid will, at tho office o f tho under^ n o d CMerk. in said city, on M O N D AY , to-wit:
T H E TH IR TE E N TH D A Y O P SEPTE M B E R.
A . D. 1915, at tho hour o f 10 o ’clock A . M ., at
ublic auction, bo sold to tho bidder offering tho
Ighost price therofor.
.
Red River, Atchafalaya and TH E TOWN OF CHINOOK,
Bayou Boeuf Levee District
B LA IN E C O UN TY, MONTANA
$ 1 0 0 ,0 0 0
SCHOOL D IS TR IC T
City of St. Joseph, Mich.,
BONDS.
m.
School District o f tho C ity o f St. Joseph
bondsSfnr a!lthorizcd the sale o f $ 1 0 0 ,0 0 0 scliooi
? . ° ™ ^ cc tho erection o f high scliooi building
a t a » ejection held August 16th.
sealed bids on bonds to bo received up to and
SP TF
i0ckrxP i VI >
F
A t said public auction the successful bidder will n-!l-PI L ^M iirn C . D ., ’ 1915. tho 18114 H A Y Oat
UER A
All bids to bo
bo required to deposit with tho undersigned Clerk
accrued Interest from dato o f bond to
a»c 9£t fle<jc h e c k payabio to his order in tho sum
, d,ell,Yory and . ust state gross amount o f
m
o f I wo Thousand ($2,000.00) Dollars, which
check shall bo hold b y the C ity and forfeited to tirM i. . i i S g. Premium and lowest rate o f in
i 4V ?° filed with secretary and must
it should tho purchaser fail to take up and pay
q,t!^ii,<
fConl? an .e< by certified check payabio to
for said bonds when presented to him.
Secretary for two per cent o f par value o f bond;
B y order o f the Council o f tho C ity o f Poison, successful bids will bo furnished free o f cost with
M in in g E n gin eers a n d G e o lo g is ts
tho legal opinion o f Charles B . W ood o f Chicago,
04 Y,e■nS'0 llntiy ,of’ Flathead, Stato o f M ontana, Illinois, as to the validity o f tho bonds.
R ight
mado this 2nd day o f August. A . D . 1915.
is reserved to reject any and all bids.
8
Board o f Education,
J. W . C L A R K , M ayor.
St. Josexih, M lcliigan.
Attest H . S. H A N S O N , C ity Clerk.
B y G . K . P I X L E Y , Secretary.
D rexei B ld g .
P H IL A D E L P H IA
E
htT u?
S T A T E OF M O N T A N A ,)
C O U N T Y OF B L A IN E , SS.
T O W N OF C H IN O O K .)
„r ViUrs,V
,ant t ° the authority o f Ordinance N o. 128
®f tlio T ow n o f Chinook, o f Blaine C ounty, M oiltana, passed and approved August 30, A . D . 1915.
s-iln'nf
,an, directing tho advertisement and
d
sale o f certain bonds o f said town, nam ely:
s i i m o f V p ln l 1 Y ,b°nds aggregating the principal
r
( $ ™ 2 0 0 ) . ht Thousand T w o Hundred Dollars
Said issue o f bonds shall bo numbered consecu
tively from 1 to 9, both Inclusive Nt>s 1 to 8
“ f the denomination o f $ 1 ,0 0 0 each, and
S
.N o; 9
the denomination o f $ 2 0 0 , all dated
July 1, A . D . 1914, duo July 1, A . D . 1 9 3 4 re
deemable at tho pleasuro o f said town after
July 1, A . D . 1924, bearing interest from their
date until paid at tho rato o f six ( 6 ) per centum
per annum, payabio semi-annually on tho first
days o f January and July, respectively, in each
year both principal thereof and interest thereon
payabio at tho National Bank o f Comm erce
m tho C ity and Stato o f Now Y ork, U. S. A .
P U B L IC NOTXCE IS H E R E B Y G IV E N that
said bonds aforesaid will, at tho office o f tho under
signed M ayor, at the town hall, in said town, on
Saturday, to wit, the 2ND D A Y O F O C T O B E R ,
A. I). 1915, at the hour o f 10 o ’clock a.
, at
public auction, bo sold to tho biddor offering the
highest price therefor.
A t said public auction only tho bids o f such o f
tnoso who liavo deposited with tho undersigned
M ayor a certified chock payabio to his order for
an amount equal to tho par value o f the bonds bid
for will bo considered. Tho chocks o f all unsuc
cessful bidders will lie returned forthwith, whereas
ta0, check o f tho successful bidder, or bidders,
shall bo held b y the town and forfeited to it should
the purchaser fail to take up and pay for said
bonds when presented to him.
Said bonds aforesaid will bo available for deliv
ery at the time o f their sale, nam oly, tho day,
dato and hour aforesaid.
B y order o f the Council o f the T ow n o f C hinook,
o f Blaine C ounty, M ontana, made this 30th day
o f August, A . D . 1915.
(Seal) B . F . O ’N E A L , M ayor.
A ttest:
C IIA S . F . E A S B E Y , Clerk.
MINING ENGINEERS
H. M . C H A N C E &, C O .
COAL AND MINERAL PROPERTIES
Exam
ined, M
anaged, Appraised
[Vol. 101.
THE CHRONICLE
794
bonds, $76,500. Floating debt, $8,200. Sinking: fun d . $15,585. Assess,
val. 1915, $2,771,000. C ity tax rate (per $1,000), $11.oO.
SANTA ANA, Coleman County, Tex.—
This city has
disposed o f an issuo o f $6,000 sewer bonds.
BOND SALE.—
SAUK CENTER INDEPENDENT SCHOOL DISTRICT (P, O.
Sauk Center), Stearns County, Minn.— BOND ELECTION.—A n elec
tion will be held Sept. 9 to voto on tho question o f issuing to the State o f
M innesota $50,000 5% building and equipment bonds.
SEYMOUR, Jackson County, Ind.—
— On Sept. 1 tho
<51() 000 4 % 4-year averago street-im provem ent bonds wero awarded to
J. F . Tun ley o f Seymour at 100.86— a basis o f about 4 .2 6 5 % .— V . 101,
BOND SALE.
'A
In d ia n a T ru s tC o ., IncUanap_. 100.701E .M .C a m p bellS on & O o.,In d .. 100.45
Dreed, E lliott & Harrison, Ind. 100.601Seym our N at. Bank, Seymour.100.30
IM eycr-Kiser Bank, Indianap, 100-07
SOMERVILLE, Middlesex County, Mass.—
.—
Bids will be received until 1 1 a . m. Sept. 9 b y Jas. S. Pike, C ity Treasurer,
for $3,8 000 4 % 10-year averago coup, (m ay be registered as to principal)
pubhe-building bonds. D enom . $1,000. Date July 1 1915. Prin. and
semi-ann int.— J. & J.— payablo at N at. Security Bank, B oston, or at
office o f C ity Treasurer. D ue $2,000 yearly on July 1 from 1916 to 1934
incl
These bonds will bo certified as to genuineness b y the Old C olony
Trust C o. and their validity will bo approved by Storey, Thorndlko, Palmer
& D odge o f B oston, whoso opinion will be furnished purchaser without
charge. Theso bonds are tax-free in Massachusetts.
BOND OFFERING
SOUTH FORK SCHOOL DISTRICT (P. O. South Fork), Cambria
County, Pa.— BOND SALE.— -Local investors purchased at par and int.
on M a y 4 tho $15,000 4
— V . 100, p. 1529.
'A %
30-year serial bldg, bonds offered on that day
SOUTH FULTON (P. O. Fulton), Lauderdale County, Tenn.—
BOND ELECTION.
— An election will bo held Sept. 4 to vote on the ques
tions o f issuing $6,000 bridgo and street and $5,000 water 6% 20-year bonds.
SPRINGFIELD TOWNSHIP (P. O. Holland), Lucas County, Ohio.
BOND ELECTION.
__
— An election will bo held Sept. 7, it is stated, to
submit to a voto the question o f issuing $34,000 building and im provem ent
BOND ELECTION.—
' °SUMTER, Sumter County, So. Caro.—
An
election will bo hold Sept. 7 to voto on tho question o f issuing $225,000
5 % 20-year street-im provem ent bonds.
SYLVANIA, Lucas County, Ohio.—
— On Aug. 30 the
$22 000 5K> % 25-yr. cou p, w ater-w orks-systfm -constr. bonds were awarded
reports state, to Spitzer, R orick & C o. o f T oledo at 103.92, it is stated.
— V . 101, p- 716.
TARRYTOWN, Westchester County, N. Y.—
— On
A ug 31 tho $10 000 7J4-yr. averago fire-dept. bonds wero awarded to the
W estchester C ounty Savings Bank o f Tarrytow n at par for 4 ^ s .— V. 101,
p. 716.
T ho other bids wero:
BOND SALE.
bonds. D enom . $500. D ate Sept. 6 1915. In t. annuaUy. Cert check
for $100, payable to tho D ist. Clerk, required. N o bonded d eb t, flo a tin g
debt, $200. Assessed valuation, $140,000
T O L E D O , O h io .—
— On Aug. 30 an issuo o f $131,0 0 0 '4 K %
10-vr. street-im pt. bonds was awarded, it is said, to Sidney Spitzer & b o .
o f T oled o for $131,057 (100.043) and int.— a basis o f about 4 .4 9 5 % .
D enom . $1,000.
T R O Y , N . Y .—
— On Sept. 2 $200,000 5% certificates o f
indebtedness or revenue bonds were awarded to Bond & G oodw in. D enom .
$25,000. D a te Sept. 2 1915.
U N IO N C IT Y , R a n d o lp h C o u n ty , I n d .—
— On A ug. 31
tiie $7 500 4
6 -year averago funding bonds were awarded to Breed,
E lliott’ & Harrison o f Cincinnati at 101.30 and interest— a basis o f about
4 .2 6 5 % , it is reported.— V. 101, p. 716.
V E N T U R A C O U N T Y (P. O. V e n t u r a ), C a l.—
— Tho
proposition to issue the $1,000,000 5% road bonds carried at the election
held A ug. 24.— V. 101. p . 393. T ho sem i-official voto was 4,473 to 472.
V O L U S IA C O U N T Y (P. O. Do L a n d ), F la .—
__ W o are advised that an election will probably be held in New
Smyrna District to voto on the proposition to issuo $250,000 road bonds.
W A R R I C K C O U N T Y (P. O. B o o n v ille ), I n d .—
.—
Bids will be received until 10 a. m. Sept. 10 b y W m . II. Butler, C ounty
Treasurer, for tho $13,97 0 88 5 % 5M -year average coupon Hom er E
T otten et al drainage bonds.— V . 101, p . 717. D enom . $517 44. Date
A ug 15 1915. Hit. M . & N . at office o f C ounty Treasurer. Duo $517 44
yearly on N o v . 15 from 1916 to 1924 inclusive.
W A Y C R O S S . W are C o u n t y , G a .—
.— Reports state
that an election will be held Sept. 11 to vote on tho question o f issuing
$35,000 school-building bonds.
W E L L E S L E Y , N o r fo lk C o u n ty , M ass.—
— Bids
will bo received until 12 m . Sept. 7 b y Fred O. Johnson, row n t reasurer,
for $20,000 4 % 1 0 K -y e a r average coupon water loan act o f 1913 bonds.
Denom : $1,000. D ate Sept. I 1915. Principal and semi-annual interest—
M . & S .—p ayablo at Boston Safe D eposit & D u st C o ., Boston. Due
$1,000 yearly on Sept. 1 from 1916 to 1935 inclusive,
t hese bonds will be
certified as to genuineness b y the First N ational Bank o f B ostonanti-their
legality will be approved b y Ropes, G ray, B oyden & 1 erklns, whose opinion
will bo furnished the purchaser. Bonds to be delivered to purchaser on
Sept. 8 at abovo First N at. Bank. Thoso bonds are exempt from taxation in
Massachusetts.
W E L L E S L E Y , N o rfo lk C o u n ty , M ass.—
On
A u ". 27 a loan o f $30,000 maturing O ct. 24 1915 was negotiated with R . b .
D ay & C o . o f Boston at 2.45% discount. Other bids wero:
BOND SALE.
BOND SALE.
BOND SALE.
14% 'A
BONDS VOTED.
BOND ELECTION PRO
POSED
BOND OFFERING
BOND ELECTION
BOND OFFERING.
TEMPORARY LOAN.—
Discount
B ond & Goodw in, B oston----------------------------------- - .................................. £.8 0 %
Loring, Tolm an & Tupper, B oston...........................- .............................. ($
C ropley, M cG araglo & C o ., B oston............................................................. Z nho?
............—
S.
&
.,
Interest.
Interest. \ Farson, Son & C o ., N . Y --------4.65% F . W EM oseley E EC oR EB oston.................... ..............................- O. W e n aZ.JJ/o),
NATCH
C L A M A T IO N D IS T R IC T (P.
tc h e e
John J. H art, A lbany
- - - - 4 .6 0 %
W a s h .— BOND ELECTION PROPOSED.- -According to reports, an elec
W in. It. C om pton C o ., N - Y -.4 .6 0 % G . B . Gibbons & C o ., N . Y _ --4 .7 0 %
BOND SALE.
II. A . Kahler & C o ., N . Y ------ 4.b0%
W . H . C ook , N . Y -------- ---------4.65%
Jas. U . M a goffin , N . Y ----------5.00%
TETON COUNTY SCHOOL DISTRICT NO. 17 (P. O. Bole), Mont.
OFFERING
__ bond
.— Proposals will bo received until 2 p. m . Sept. 6 by
D . W . Brunday, D ist. Clerk, for $2,500 6% 15-20-yr. (op t.) coupon building
tion will probably bo held Sept. 11 to submit to a vote the question o f issuing
about $500,000 irrigation-system -impt. bonds.
W E S T M IN S T E R D R A IN A G E D IS T R IC T (P . O. S a n ta A n a ), C al.—
— R eports state that an election will be held Sept. 10
to vote on tho question o f issuing $25,000 drainage-system-constr. bonds.
BOND ELECTION.
N EW LOANS.
MISCELLANEOUS.
$82,591.00
CITY OF MINNEAPOLIS
S e c u r itie s C o r p o r a tio n G e n e ra l
1338
C h e s tn u t
S t .,
P h ila d e lp h ia
111 B r o a d w a y , N e w Y o r k
A u th orized C ap ital
$10,000,000 00
Issued
$5,021,875 00
Deals and invests in public service securities
P articipates in security underw ritings
F inances public service enterprises
P. M. C H A N D L E R , P resid en t
W . H. S H A R P , V ice-P res id en t
G . W . R O B E R T S O N , V ice-P res id e n t
J. C. T R IM B L E , S e c’y & T rea su rer
DIRECTORS
C A L D W E L L H A R D Y , N o rfo lk , Va.
A L E X A N D E R J . H E M PH ILL, N ew Y o r k
H O W A R D A . LO E B , P h ila d e lp h ia
S. Z . M IT C H E L L , N ew Y ork
F E R G U S R E ID , N o rfo lk , V a.
G E O . W . R O B E R T S O N , S h a m ok in , Pa.
F. W . R O E B L IN G , J r., T r e n to n , N. J .
W . H. S H A R P , P h ila d e lp h ia
J . G . W H IT E , N ew Y o rk
P. M. C H A N D L E R , P h ila d e lp h ia
F. T . C H A N D L E R , P h ila d e lp h ia
P A R M E L Y W . H E R R IC K , C le v e la n d , O
$25,0 00 OKTIBBEHA COUNTY, MISS., Supervisors District No. 1,
SPECIAL STREET
IMPROVEMENT BONDS
Sealed bids will bo received b y tho Com m ittee
on W ays and Means o f tho C ity Council o f tho
C ity o f M inneapolis, M innesota, at tho office o f
the undersigned, W E D N E S D A Y , SEPTE M B E R
8T H , 1915, at 2:45 o ’clock p. m ., for tho wholo
or any part o f $82,591 00 Special Street Im prove
m ent Bonds, o f which there aro twenty separate
issues, part o f which are dated August 2, 1915, to
becom o duo and payable substantially onetwentieth on August 1, 1916, and ono-twentieth
each and every year thereafter to and including
August 1, 1935: and tho remaining issues are dated
September 1, 1915, to becom o duo and payablo
substantially one-twentietli on September 1,
1916, and one-twentieth each and every year
thereafter to and Including September 1, 1935.
N o bids will bo entertained for tho abovo bonds
for a sum less than tho par value o f tho same and
accrued interest to date o f delivery and rato o f
interest must bo bid b y the purchaser and must
not bo in excess o f Five (5 % ) Per Cent per annum,
payablo annually or semi-annually.
Tho right to reject any or all bids Is hereby
reserved.
A certified check for T w o (2 % ) Per Cent o f
tho par value o f tho bonds bid for, m ado to O. A
Uloom quist, C ity Treasurer, must accom pany
each bid.
Circular containing full particulars will bo
mailed upon application.
DAN C. BROW N,
C ity Comptroller,
M inneapolis, Minnesota.
WE OW N AN D O FFE R S U B JE C T T O P R IO R SALE
5 Y i% ROAD BONDS
Dated F eb. 1 1915.
Duo Serially 1925 to 1934 inclusive.
‘
' ’ Semi-annual intorost payable February 1st & August 1st.
Principal and Interest payablo at tho Cliaso N ational Bank, N ew Y ork.
Denominations $500.
•
F IN A N C IA L S T A T E M E N T .
_______ ___
A 8 S (S ^ <
VM™eTaxa'b*e"Prop ert'y," 1914111111I I I I I I I I I I I I I .............................- 1.602,840 00
T otal D ebt (including this t a s u e ) ^ - . ^ - . ^ ^ - - ^ - ...................................
150.000 00
Legality A p p rov a l by D illon, Thom son & C lay, Now York C ity.
E xem pt from Federal In com e T a x.
P R IC E 101 AND IN T E R E ST .
•
BOND DEPARTM ENT
H IB E R N IA B A N K & T R U S T C O .
N EW O R L E A N S
S
c h m id t
T
a l l a t in
Members of the
New York Stock Exchange
111 Broadway
New York
IM P O R T A N T
E V E N TS
Every Saturday we publish a
letter reviewing events of the week
and their bearing on the market.
Sent on
requ
est
Sept . 4 1915.]
THE CHRONICLE
.—BOND SALE.—
DEBENTURE SALE.—
WEST POINT, Troup County, Ga
On A ug. 2
$10,000 5% 20-yr. auditorium bonds were awarded to First N at. Hank o f
W est Point at 101.50. D enom . $500. D ate O ct. 1 1914. Int. A . & O.
WEST POINT, Clay County, Mis3.—
— T he $10,000 5%
bonds mentioned in V. 100, p. 250, have been purchased b y tho city.
OAKVILLE, Ont.—
On A ug. 26 an issue o f
$30,000 5 % 20-ann. installment local-im pt. pavement debentures was
awarded to the Imperial Bank o f Canada at 94.33— a basis o f about 4 .7 3 % .
Other bidders were:
W o o d , G undy & C o ., T o r ____94.27 A . E . Ames & C o ., T o r o n t o -.92.09
W . L . M cK innon & C o ., T or.9 3 .5 6 M acneill & Young, T o ro n to .-9 2 .0 5
It. C . M atthews
C o ., T o r 93.03 W . A . M cK enzie & C o ., T o r ..90.853
Brent, N oxon & C o ., T o r o n to .92.386 A . II. M artens & C o ., T o r___90.69
Dom inion Sec. C orp ., T o r .92.18 Goldm an & C o ., T o ro n to____90.30
C . II. Burgess & C o ., T o ro n to .92.18
BOND SALE.
&
WHITMAN COUNTY SCHOOL DISTRICT NO. 183, Wash.—
BONDbonds wero awarded totho $1,500 10-15-yr. op t. building for 5'As.—
SALE.— On A ug. 24 tho State o f Washington at par and equip
ment
V . 101, p. 155. There wero no biddors.
Int. annually in O ctober.
D enom . $500.
D ate O ct. 1 1915.
P E T R O L E A , O n t.—
wero R ejected 10 ^V^’ lOl
WILLIFORD SCHOOL DISTRICT (P. O. Williford), Sharp County,
.—BONDS OFFERED BY BANKERS.
C.
A rk
— II.
Speer & Sons C o ., o f
Chicago is offering to investors $11,000 6 % coupon, (with privilege o f regis
tration as to principal) school bonds. D enom . $500. D ate Juno 1 1915.
I rincipal and semi-annual int. (J. & D .) payable at C hicago. Duo $500
yrly. Juno 1 from 1919 to 1940 incl. T otal debt, $11,000. Assess, va l.
1914, $173,560; value o f taxable property, $750,000.
BIDS REJECTED.— R eports
state that all bids
debentures offered on A ug. 23
Pp^OKA, Alta.—DEBENTURE SALE.— Reports
„
debentures
state that M acneill
ro ro n to have Purchased an issue o f $1,500 7 % 10-installment
'
„ WINDSOR FIRE DISTRICT (P. O. Windsor), Hartford County,
Conn.— BOND SALE.— On A ug. 28 tho tw o issues o f AX % gold coupon
A
uRES VOTED
iss u in g so 2^nnnE
:
nn
.— T he questions o f
issuin0 $22,000 and $6,500 land purchase debentures carried, it is stated,
at an election held July 16.
(with privilege o f registration) bonds, aggregating $185,000, were awarded
to Parkinson & Burr o f Boston for $187,421 78 (101.309) and interest.—
V . 101, p . 550. T he Travellers Insurance C o. bid $185,720 77.
DEBENTURES VOTED
G f P S £ E’ B - ° —
.— 'The proposi
n g ™ /iS«U S i ? 01?. w, t?,r~ ?rk;i' 545.000 electric-light, $15,000 street,n
a
',v<
tion held A ug 14 clty ‘ *la debentures carried, reports state, at the elec-
DEBENTURES VOTED.—
C an ad a , its P ro v in c e s and M u n ic ip a litie s .
BELL PLAINS, Alta.— DEBENTURE SALE.— M acneill & Y oung o f
n t ^ N.n,E .iR P ? E^ T ’ B ’ C ;—
It is stated that
ti^es carried tl0n th° questlons o f issuing $10,500 and $4,500 road deben-
Toronto have, according to reports, been awarded an issue o f $1,200 7 %
10-installmcnt debentures.
COBALT,
— Proposals will bo re
ceived until Sept. 14 by Ii. L . O ’Gorm an, Town Treas., for tho $30,000
6 % 1-3-yr. serial general iinpt. debentures voted A ug. 3.— V . 101, p. 551.
l ’ rln. and int. payable on Dec. 31 1916, 1917 and 1918. Total net deben
ture debt, including this issue, $87,000.
.—DEBENTURE SALE.
Ont.—DEBENTURE OFFERING.
_ A n * 5 ™ ? fo< P P L M U N IC IP A L IT Y , Q u e
H
A Ion trea l'a tth iA d ^ forties on Ju^e 8t.UrCS WaS awarded t0 A ’ Richard o f
tii.W.ii U/J 10.111?ED
O n t°— D E B 7 ^ v r L W ° HA D r / / o ^ y r n IP
° W a ls in Sham C en tre)
on A i
i
-— N ewspaper reports state that
debentures. th Council authorized the issuance o f $2,000 scliool-bldg.
COQUITLAM DISTRICT MUNICIPALITY (P. O. Maillardville),
B. C.— DEBENTURE OFFERING.—A. Haliburton, Clerk, is offering fo
sale an issue o f $10,000 6 % 10-year debentures.
795
the
Ont.—DEBEN
11, it is stated, to vote
?nn v
^
£iVJ P E
SALE.— W e
have just learned that
EAST WHITBY TOWNSHIP (P. O. Columbus),
TURE ELECTION.
GALT, Ont.— DEBENTURES OFFERED OVER COUNTER.— It is
stated that this city is offering for sale over tho counter an issue o f $9,000
— An election will bo held Sept.
on tho question o f issuing $15,000 bridge debentures.
debentures.
.—DEBENTURES AUTHORIZED—According
TEMPORARY LOAN.
DEBENTURE SALE.
DEBENTURES AUTHORIZED.
HALBRITE, Sa3k
to
reports, tho lssuanco o f $6,000 school debentures was authorized on A ug. 3.
HULL, Quo.—
— It is stated that this city has
negotiated a loan o f $10,000 with tho La Banquo Provinciaie.
—-The abovo bank has been awarded at 92. it is
reported, $116,000 and $98,000 city debentures.
LISTOWEL, Ont.—
— It is stated
that an issue o f $12,000 hydro-eiectric-distributing-plant and water-workssystem debentures was authorized on A ug. 21.
MEAFORD, Ont.—
— A ccording to news
paper reports, the question o f issuing $11,000 street and water-system -impt.
debentures failed to carry at a recent election.
DEBENTURES DEFEATED.
u n U ? l2 ^ m ^ ? p t0<? ^ r ^ ^ e p C ^r<^^fre?r'ejm ?tol)*by"T*^L "ch u rch ^ C h a frV a’? 0 1 p 7 1 9 m'y B ° a rd ’ for th0 fo " ° 'v W
locai-hnpt. b o n d f $3,750,774 10 debentures dated July 1 1915 and maturing July 1 1925.
155,185 13 debentures dated July 1 1915 and maturing July 1 1920
D enom . $1,000. Payaoie in gold at tho Bank o f T oron to T o r o n t o ‘ or
at tho Canadian Bank o f Com m erce, N . Y .C ity , at option o f holder
Delivery to bo about Sept. 15. Int. payable J. & J
P
or n olaerV IC T O R IA , B. C
— A ccording to re
debentures
1S
tlio issuance o f approxim ately $600,000
TX%
— DEBENTURES PROPOSED
DEBENI URES AUTHORIZED.
W H IT B Y , O n t.— Tho T ow n Council
XaA " ,1 , authorized the issuance o f $3,000 sewer, $4,500 sidewalk and
’’’
$8,000 electnc-lignt-system debentures, it is stated.
Y O R K T O W N S H IP , O n t
.— A ccording to local
newspaper reports, the Imperial Bank has been awarded an issue o f $19 333
local im provem ent debentures.
’
.—DEBENTURE SALE
MISCELLANEOUS.
We Buy and Sell
H IG H
MISCELLANEOUS
Weekly List
of
Current Bond Offerings
GRADE
M U N IC IP A L
and
C O R P O R A T IO N ISSU E S
w ill b e m a ile d
o f th e
u p on
re q u est
.
A. B. Leach & Co
S o u th and M iddle W e s t
I n v e s t m e n t S e cu ritie s
149 Broadway, N York
ew
BOND D E PA RTM EN T
PHILADELPHIA
BUFFALO
105 So- La Salle St., Chicago
BOSTON
BALTIMORE
LONDON
M
ississippi Valley Trust C
o.
Capital, Surplus and Profits over
$8,000,000
S T , LO U IS
M E L L O N N A T IO N A L B A N K
P IT T S B U R G H
S T A T E M E N T O F C O N D I T I O N A T T H E C L O S E O F B U S I N E S S J U N E 23, 191 5
RESOURCES
NOW READY
Hand-Book of Securities
Issu ed S em i-A n n u a lly
Besides comprehensive tables o f stock and bond
prices, the H and-B ook contains in small compass a
vast amount o f inform ation concerning tho various
railroads whoso securities are dealt in on tho lead
ing Stock Exchanges. It shows their earnings,
dividends, & c., for a series o f years, their present
fixed charges, and also tho amounts o f tho different
issues o f bonds outstanding, tlioir rates o f inter
est, & c. T ho data furnished will enable tho In
vestor readily to determine tho m e rits io f each
particular security.
T ho tables include some o f tho leading industrial
companies.
Banks, Bankers, Investm ent Dealers and others
will bo supplied with desired number o f copies,
having their business cards lettered in^gilt upon
tho outsido covers at special rates.
P rice o f sin g le c o p ie s ____________________ $1.00
T o s u b scr ib e rs o f th o C h r o n ic le _________ .75
W illia m B . D an a C om pany
138 F R O N T S T R E E T , N EW Y O R K .
Loans and Investment Securities__________ $47,524,885 33
Overdrafts________________ _______
34 02
Due from Banks----------- IIIIIIIIIIIIIIIIII"! 11,371,049 36
Cash----------------------------------------------------- 5,219,429 84
...
$64,115,398 55'
LIABILITIES
Capital .
.
.
---------------------------------- $6,000,000 00
Surplus and Undivided Profits____________ 2,869,563 85
Reserved for Depreciation, &c_____________
237,777 43
Circulating Notes------------------------------------ 3,500,000 00
Deposits---------------51,508,057 27
____________ _____________ __
$64,115,398 55
Acts as
Executor,
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent.
CAPITAL and SURPLUS, $10,000,000
Interest allow
ed
on deposits.
E. B. M
orris, President.
G ir a r d
T ru st C om pany
P H IL A D E L P H IA
Chartered 1836
[Vol. 101
THE CHRONICLE
796
^Financial
fin a n c ia l
ATLANTIC MUTUAL INSURANCE COMPANY
. ____
New York, January
The Trustees, in conformity with the. Charter of the December, submit the following statement of U326th, 1915.tht
affairs
, .business has .been31si of Company, 1914.inland transportation insurance. on
.
Thesuch risks from the 1st January, 1914, marine and December, 1914.............. — 5.026,461 19
Company’s
confined to to the 31st
Premiums on
_.
Premiums on Policies not marked oil 1st January, 1914_________________________________
654,783 26
B
randell K
enraore
Co.
&
Total Premiums....................................................... ................ ..... .............................. ................... 5,681,244 45
A CCOUNTANTS
Premiums marked oil from January 1st, 1914, to December 31st, 1914_____________ _______ 4,687,279 32
Interest on the Investments ol the Company received during the year 330,262 43
Interest on Deposits In Banks and Trust Companies, etc__________ 42,065 85
Rent received less Taxes and Expenses__________________________ 141,088,74
A
i
513,417 02
Losses paid during the year................................................................................... 2,2 3 2 69
5 ,3 4
less: Salvages____________________ 242,315 69
Re-insurances............................ 372,200 31
■ ’
■
Returns o l Premiums____ ________ ______________________ ____________ _____
Expenses, Including officers’ salaries and clerks’ compensation, stationery, ad
vertisements,etc...................... ..................................................................... .
614,516 00
1,638,808 69
138,873 43
562,724 57
A dividend o f Interest of Six per cent on the outstanding certificates of profits will be paid to the
Holders thereof, or their legal representatives, on and after Tuesday the second of February next.
The outstanding certificates of the Issue of 1909 will be redeemed and paid to the holders thereof, or
their legal representatives, on and after Tuesday the second of February next, from which date all
interest thereon will cease. The certificates to be produced at the time of payment, and canceled.
A dividend of Forty per cent Is declared on the earned premiums of the Company for the year ending
31st December, 1914, which are entitled to participate In dividend, for which, upon application, certificates
Will be Issued on and after Tuesday the fourth of May next.
By order o f the Board,
G . STANTON FLOYD-JONES, Secretary.
EDMUND L. BAYL1ES,
JOHN N . BEACH,
NICHOLAS BIDDLE,
ERNEST C. BLISS,
JAMES BROWN*
JOHN CLAFLIN, _
GEORGE C. CLARK*
CLEVELAND H. DODGE*
CORNELIUS E LD E RT,
RICH A RD II. EW ART,
PH ILIP A S. FRANKLIN*
H ERBER1 L . GRIGGS*
TRUSTEES.
‘
ASSETS.
ANSON W . HARD,
CHARLES M . PRATT,
SAMUEL T . HUBBARD,
DALLAS B. PRATT.
THOMAS H. HUBBARD,
ANTON A . RAVEN,
LEWIS CASS LEDYARD.
JOHN J. R IKER,
WILLIAM H . LEFFERTS,
DOUGLAS ROBINSON,
CHARLES D . LEVERICH,
WILLIAM JAY SCHIEFFELINi
GEORGE H. MACY,
SAMUEL SLOAN,
NICHOLAS F. PALMER,
WILLIAM SLOANE,
HENRY PARISH,
LOUIS STERN,
ADOLF PAVENSTEDT,
WILLIAM A. STREET.
CHARLES A . PEABODV,
GEORGE E. TURNURE,
JAMES H . POST,
.
RICHARD II. WILLIAMS.
A . A. RAVEN,
CORNELIUS ELDERT,
W ALTER WOOD PARSONS,
CHARLES E . FA Y, 3d
President. Vice-President.
2d Vice-President,
Vice-President.
LIABILITIES. •
Estimated Losses, and Losses Unset
United States and State of New York
2,162,711 00
tled In process of Adjustment__ _
Bonds . . . __________ ______ ______
670,000 00
993,965 13
New York City, New York Trust
Premiums on Unterminated Risks_
_
Companies and Bank Stocks_ _
_
1,783,700 00 Certificates of Profits and Interest
277,510 45
Stocks and Bonds of Railroads______ 2,723,912 00
U npaid...........................
...
104,976 64
Other Securities-----------------------------357,095 00 Return Premiums U n p a i d . ... .... . .
47,993 70
Special Deposits In Banks and Trust
Reserve for Taxes____ __________. . .
209,323 59
Companies _____________ ________
600,000 00 Re-Insurance Premiums.......... ...... . . .
Real Estate cor. Wall and William
Claims not Settled, Including Com
122,813 07
pensation,etc ...........
...
Streets and Exchange Place, con
4,299,426 04 Certificates of Profits Ordered Re
taining offices___________________
deemed, Withheld for Unpaid Pre
Real Estate on Staten Island (held
miums___________ _______________
22,556 64
under provisions of Chapter 481,
1,264 40
75.000 00 Income Tax Withheld at the S ourceLaws of 1887)..................................
941,068 28 Certificates of Profits Outstanding... 6.986,620 00
Premium Notes____ ____. . . . . . . . . .
775,688 06
Bills Receivable____________________
Cash In hands of European Bankers
to pay losses under policies payable
149,249 82
In foreign countries______________
1,756,535 26
Cash In Bank________. . . . . —. . . . . .
70.000 00
L o a n s................................................ ..
u d i t o r s
I nalysts
We especially invite corres
pondence from private or
corporate financial interests
contemplating the under
writing or financing of com
m
ercial enterprises in the
Latin-American countries.
Turks Head Bldg., Providence, R.l.
ENGINEERS■
H. M. Byllesby & Co,
Incorporated
NEW YORK
CHICAQO
TACOMA
Trinity Bldg. Cont. & Comm. Washington
Bank Bldg.
Purchase, Finance, Construct and
Operate Electric Light, Gas, Street
Railway and Water Power Prop
erties.
Examinations and Reports
10,929,734 62
14,101,674 46
Thus leaving a balance o f________________ __________________. . . . . . . . . . . . . . . . . . . . . ___- 3,171,939 84
Accrued Interest on the 31st day of December, 1914, amounted to_______ . . . ___ . . . ___ _
36,725 45
Rents due and accrued on the 31st day of December, 1914, amounted to_________ ______
28,122 35
Re-Insurance due or accrued, in companies authorized In New York, on the 31st day of
December, 1914, amounted to______________________________________________ _ 158,649 70
Unexpired re-insurance premiums on the 31st day of December, 1914, amounted to............
33,421 71
Note: The Insurance Department has estimated the value of the Real Estate corner Wall and
William Streets and Exchange Place In excess of the Book Value given above a t... 450,573 96
And the property at Staten Island In excess of the Book Value, at...................... .
63,700 00
The Insurance Department’s valuation of Stocks, Bonds and other Securities exceeds the
Company’s valuation by__________ . . . ___ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,439,952 10
On the basis ol these Increased valuations the balance would be............................ ..................... 5,383,085 11
T h e U n io n T ru s t C om pany o f New Y o rk has two well-equipped
Branches for its uptown business— the 38th Street Branch in the
heart of the busy Fifth Avenue shopping district, and the Plaza
Branch at Fifth Avenue and 60th Street, just opposite the entrance
to Central Park.
Utility Securities Bought and Sold
THE
J - G W H I T E C O M P A N IE S
Financiers
Enginee rs
Operators
Purchasers
Contractors
M
anagers
/U K
of Public Utility and Industrial
Properties
R E P O R T S — V A L U A T IO N S — E S T I M ATES
T h e fa cilities o f all th e offices o f th e Com pany are offered to
43 EXCHANGE PLACE, NEW YORK
depositors of either Branch or of the Main Office at 80 Broadway.
LONDON
S A N F R A N C IS C O
C H IC A C O
T h e U n io n T ru st Safe D eposit C om p an y, entirely owned by the
Union Trust Company, conducts modern safe deposit vaults at
both Branches.
Alfred E . Forstall
Charles D . R obison
FORSTALL AND ROBISON
E N G IN E E RS
R lM o is T r a s t& S a v a itg s B a n K
C H IC A G O
Investigations and Appraisals o f Gas and
Electric Properties for Owners or Financial
Institutions.
84 W illia m S t.,
Capital, Surplus and Undivided Profits
■
N EW Y O R K C I T Y
$15,700,000
Alex. O. Humphreys
P a y * In terest o n T im e
D e p o s its , C u r r e n t a n d R e s e rv e
A o o o u n ta .
change.
H a s o n h a n d a t a ll t im e s a v a r i e t y o f e x
oeU en t S e c u r itie s .
D e a l s in F o r e i g n E x T r a n s a c t s a G e n e r a l T r u s t B u s in e s s .
B u y s a n d s e lls
HUMPH REYS& MILLER, Inc,
E N G IN E E R S
G o v e r n m e n t, M u n ic ip a l a n d
C o r p o r a t io n
B onds
Alten S. Miller
Power— Light— Gas
166 BROADWAY
NEW YORK
@FedFRASER