Full text of Commercial and Financial Chronicle : August 12, 1916, Vol. 103, No. 2668

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

finatirml

TV

ontmenriH
IN C L U D IN G
Electric Railway Section
State and City Section

Railway & Industrial Section
Bankers’ Convention Section

Bank & Quotation Section
Railway Earnings Section

N O . 2668

S A T U R D A Y , A U G U ST 12 1916

VO L. 103

5pje

^
h
xo.e

PUBLISHED WEEKLY.

Week ending Aug. 5.
Clearings at—
1916.

1915.
S
297,473,428
29,167,150
28,070,285
33,023,369
14,924,180
9,433,269
0,602,600
5,421,109
2,806,244
4,328,713
1,306,477
2,332,402
1,211,487
1,170,432
1,859,000
1,340,967
506,900
645,331
752,861
827,928
744,920
759,341
1,442,964
749,964
550,000
485,624
378,984
500,000
672,500
484,300
391,990
294,019
68,633
448,727,380

Inc. or
Dec.

1914.

1913.

%
+ 3 0 .3
+ 41.0
+ 70.1
+ 27.3
+ 16.8
+ 8.4
+ 66.7
+ 40.3
+ 35.7
+ 16.4
+ 39.0
+ 9.5
+ 30.2
+ 26.1
+ 87.7
+ 33.6
+ 46.0
— 1.8
+ 47.2
+ 25.0
+ 9.8
+ 16.9
+ 87.5
+ 12.0
+ 31.8
+ 10.8
+ 12.4
+ 24.0
~—0.0
+ 31.2
— 14.5
+ 27.5
— 1.2
+ 30.6

$
285,563,561
22,622,400
23,675,036
30,755,732
14,670,659
8,280,472
6,589,300
5,725,725
3,325,846
3,869,095
1,390,024
2,134,236
1,168,179
1,368,632
1,501,000
1,454,562
519,298
604,860
722,437
765,435
941,223
702,335
1,493,033
557,210
505,599
463,638
408,721
520,731
552,832
547,577
323,378
390,169
61,691
423,984,626

$
287,796,669
22,292,050
21,702,827
33,122,240
14,044,682
8,533,445
6,642,300
5,096,014
3,622,051
3,954,505
1,269,238
2,460,757
1,122,242
1,196,864
1,889,000
1,639,690
606,167
555,443
780,905
618,620
806,220
694,941
1,225,000
586,703
725,000
430,384
408,585
494,631
483,398
541,709
396,700
274,832
45,000
426,058,920
46,266,962
20,351,764
11,798,664
10,724,863
4,006,333
5,382,364
2,403,028
3,525,674
2,230,888
2,347,276
846,503
853,871
912,714
773,804
303,806
280,000

Transient matter per inch space (U ngate
||
.
„ , ) Three Months (13 times).......................... 29 00
Standing Business Cards • six Months
(2 0 times)......................... 60 00
(. Twelve Months (52 times)..........................
00
P hicaoo Office—39 South La Salle Street, Telephone Randolph7396.
^London Office—^Edwards & Smith, 1 Drapers’ Gardens, E. C.
W I L L I A M B . D A N A C O M P A N Y , P u b lish ers,
F ron t, F in e an d D ep ey stor S ts., N ow Y o r k .

Springfield, 111-Fort W a y n e -----Akron
.............
You ngstow n____
D ecatu r------------L exington______
R o ck fo rd . _____
Bloom ington. . .
Q u in cy .................
Springfield, Ohio
C a n t o n ________
South Bend_____
Jackson ................
M a n sfie ld ______
O w e n sb o ro _____
Lima ....................
L ansing................

CLEARING-HOUSE RETURNS.

A d rian .................
T o t. M id.W est

$
386,651,465
28,298,950
47,759,771
42,049,169
17,438,504
10,226,316
11,003,200
7,603,680
3,817,098
5,040,227
1,816,257
2,553,988
1,557,263
1,475,275
3,489,000
1,791,065
740,503
633,796
1,107,670
1,034,068
817,186
887,042
2,705,993
749,964
725,000
538,033
425,892
620,000
672,495
635,403
335,146
375,000
67,816
585,952,271

Portland —
..
Spokane............. ..
Salt Lake C it y ..
T a co m a ________
Oakland________
Sacramento_____
San D iego______
Pasadena_______
S to c k to n _______
F resn o_________
San Jose________
N orth Y a k im a..
R e n o ___________
Long B each_____
Total P a cific ..

65,685,689
24,678,009
12,926,632
10,793,256
4,285,614
8,761,051
1,941,065
4,137,047
2,217,095
1,908,280
887,012
1,292,276
893,088
765,461
390,826
308,599
625,101
142,496,101

53,000,098 + 23.9
19,000,000 + 29.8
10,971,337 + 17.8
9,300,861 + 16.1
3,334,655 + 2 8 .5
6,240,318 + 40.4
1,683,137 + 15.3
3,648,528 + 13.4
1,906,840 + 16.3
2,220,932 — 14.0
+ 4 .9
845,603
870,717 + 48.5
808,088 + 10.5
— 7.2
825,000
294,904 + 3 2 .6
— 5.8
327,558
520,527 + 2 0 .1
115,799,109 + 2 3 .1

48,164,618
21,206,741
11,123,510
9,508,175
3,457,718
5,345,057
1,995,617
3,484,370
1,902,487
2,024,493
954,522
962,254
950,266
813,142
275,000
266,759
730,533
113,225,262

113,008,514

89,087,013
23,825,117
23,600,000
13,200,000
11,678,473
8,877,879
6,136,402
3,867,783
5,208,687
5,292,736
3,276,706
1,875,179
1,447,672
1,607,737
1,586,735
1,300,000
1,331,128
560,255
689,976
600,094
881,749
586,723
689,411
206,607,455

65,074,019 + 36.9
17,288,352 + 37.8
15,835,847 + 45.2
+ 5.2
12,541,719
9,013,312 + 2 9 .6
6,176,324 + 4 3 .7
5,050,132 + 21.5
2,878,566 + 3 4 .4
3,830,230 + 36.0
2,448,593 + 116.1
2,057,587 + 59.2
1,531,683 + 22.5
— 1.3
1,466,454
1.419.901 + 13.2
+ 8.4
1,463!274
1,070,316 + 21.3
1.108,184 + 20.1
394,447 + 42.1
— 1.4
699,494
359,748 + 67.0
555,322 + 58.7
193,437 + 203.3
455,882 + 51.3
152,912,817 + 35.1

55,991,212
22,030,382
15,519,344
11,239,441
9,869,122
5,216,608
5,476,457
2,92.3,008
4,050,597
3,665,777
2,315,190
1,512,184
1,982,4231
1,806,445
1,241,834
1,000,658
1,132,275
619,395
782,434
598,329
519,607
298,196
446,625
150,237,541

56,801,971
20,155,978
18,707,962
9,057,322
10,674,327
8,247,738
4,960,218
3,208,045
4,031,000
3,640,634
2,113,354
1,968,917
1,670,035
1,615,119
1,838,408
440,879
1,150,502
790,388
948,559
533,355
339,412
250,000
462,716
153,605,839

+ 27.2
+ 3 5 .2
+ 13.3
+ 12.0
— 21.8
+ 78.1
+ 11.2
+ 21.5
+ 4 3 .9
+ 55.9
+ 56.1
+ 24.1
— 7.5
— 11.6
+ 1.6
+ 9.9
+ 73.0
+ 42.3
+ 35.1
+ 9.2
+ 36.2
+ 73.4
— 13.4
+ 3.5
+ 154.4
+ 180.4
+ 35.6
+ 61.5

68,931,263
14,639,060
11,829,633
6,940,586
2,483,292
7,547,272
6,253,069
5,812,407
10,539,455
5,024,606
3,083,651
3,666,610
2,498,552
1,928,634
2,901,066
1,585,729
1,797,400
1,045,497
1,166,600
2,100,638
1,376,208
3,110,462
1,434,971
252,806
319,583
1,534,431
660,904

70,333,605
14,062,170
12,004,282
7,300,480
3,072,000
7,062,507
6,241,020
5,633,068
0,851,930
6,018,854
3,598,232
3,794,145
2,827,077
2,338,240
2,850,000
1,535,738
1,502,910
1,264,751
1,270,000
2,063,412
1,149,468
2,025,817
1,760,074
242,021
372,528
1,382,321
710,848

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Term s of Advertising— Per Inch Space

The following table, made up b y telegraph, & c., indicates that the total bank
clearings of all tlio clearing houses of the United States for the week ending to-day
have been $3,950,563,156, against $4,792,152,749 last week and $3,146,116,071
the corresponding week last year.
Clearings— Returns by Telegraph.
Week ending Aug. 12.

P er
C e n t.

1916.

1915.

Now Orleans---------------------------------------

S I,877,390,447
127,257,793
171,576,170
30,063,955
308,611,025
82,930,583
18,039.022

$1,563,879,281
114,181,534
126,074,085
23,239,769
239,057,861
60,020,327
16,750,4G2

+ 2 0 .0
+ 11.4
+ 36.1
+ 55.2
+ 29.1
+ 38.2
+ 7.7

Other Titles, 5 days...................................

$2,621,868,995
600,274,918

$2,143,203,319
500,002,004

+ 22.3
+ 32.0

All ultlCSi 1 B

—-

S3.282,143,913
608,419,243

$2,643,205,323
502,910,748

+ 24.9
+ 32.9

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

S3,950,563,156

$3,146,116,071 i + 2 5 .0

Now Y o r k ____________________________

T h e fu ll dotal Is fo r th e w eek c o v e r e d b y th e a b o v e w ill b o g iv e n n o x t
S a tu rd a y . W e ca n n o t fu rn ish th em t o -d a y , clea rin gs be in g m a d e up b y th e
clea rin g hou ses at n o o n o n S a tu rd a y , and h e n co in th o a b o v o th e last d a y
o f th o w eek lias t o b o ill a ll cases estimated, as w o g o t o press Friday n igh t.

Wo present below detailed figures for the week ending with Saturday
noon, Aug. 5, for four years:
______________________________

.Kansas C ity-----Minneapolis . .
O m aha_________
St. Paul...............

Sioux C ity---------W ich ita ------------L in c o ln ........... ..

Week ending Aug. 5.
Clearings at—

Inc. or
Dec.

1916.
New Y ork --------- 2 ,992,807 876 2 ,148,530,3S7
233,709 080 157,813,350
Philadelphia-----47,748,521
60,887 629
Pittsburgh...........
35,192,445
49,072 326
B a ltim ore---------13,539,023
14,935, 370
B u ff a lo ------------5,500,000
5,000
Albany................ 7,472,327
8,661 486
W a sh in gton -----5.239.769
5,571 167
Rochester ...........
3,703,990
3,147 503
Scran ton ............ 3,199,297
4,647 265
S yracu so............ 1,985,743
2,296 032
R eading...............
2,182,810
2,879 977
W ilm ington-------1,648,222
1,875 045
W ilkes-B a rre___
2,066,881
2,400 ,000
W heeling_______
1.872.770
2,041 ,790
T renton________
829,492
1,044 ,796
Y o r k ....................
1,214,665
1,559 ,643
E r i e ____________
1,351,307
1,523 757
L a n caster---------0.80,397
800
G recnsburg.........
695,100
972 900
B ingh am ton-----561,704
625 ,000
A lto o n a ................
789,504
,322
1,116
C h ester________
396,025
423 085
M o n tc la ir ______

000

000

Total Middle. 3,397,998,835 2,444,213,741
B oston _______
P rov id en ce___
H a r tfo r d .........
New H aven___
P o r tla n d .........
Springfield —
W orcester-----Fall River...........
Now Bedford . . .
L o w e ll----H o ly o k e ...
Bangor___

192,531,912
8,228,700
0i517,831
4,386,006
2,800,000
3,771,891
3,635,018
1,250,692
1,135,094
912,332
1,093,900
600,000

151,998,111
7,458,600
8,061,789
3,717,847
2,39S,578
2,829,194
2,790,892
1,018,831
985,506
759,960
871,205
415,992

%
+ 39.3
+ 48.1
+ 27.5
+ 39.4
+ 10.3
— 9.1
+ 15.9
+ 6.3
— 14.9
+ 45.3
+ 15.7
+ 31.9
+ 13.8
+ 16.1
+ 9.0
+ 2 5 .9
+ 28.4
+ 12.7
+ 17.0
+ 39.9
+ 11.3
+ 41.4
+ 0.8

1913.

5

$

,248,437,123 1,493,613,783
140,810,824
143,130,442
49,927,713
50,560,845
52,617,957
34,426,920
14,027,231
13,030,002
6,492,558
6,069,375
7,723,068
7,189,330
4,885,810
4,449,484
3,436,349
3,308,002
3,270,691
2,904,702
1,620,177
1,494,580
2,015,621
2,227,770
1,818,807
1,582,201
1,914,820
2,228,528
1,792,009
1,682,425
838,180
862,774
1,203,708
1,015,912
1,500,468
1,385,915
585,827
1,056,637
684,900
785,300
559,123
538,458
670,956
799,529
386,599
380,592

+ 39.0 1,547,281,779 1,775,335,575
+ 26.7
+ 10.3
+ 18.1
+ 18.0
+ 16.8
+ 33.3
+ 30.3
+ 22.8
+ 15.2
+ 46.6
+ 25.5
+ 4 4 .3

137.775,336
6,395,700
5,878,838
3,619,179
2,143,612
2,462,155
2,401,665
1,286,400
824,189
882,415
739,411
436,451

128,268,165
6,674,500
4,957,801
3,026,747
2,183,455
2,576,243
2,401,810
968,376
979,581
447,070
617,801
443,001

153,003,610
183,216,505 + 25.5 164,845,357
N ote.— For Canadian clearings see "Com m ercial and Miscellaneous N ews.”
T o t. Now Eng.

229,865,182




Davenport -----Cedar Rapids__
W aterloo_______
F a rgo---------------H elena_________
P u e b lo.................
Colorado Springs
F r e m o n t_______
Aberdeen_______
H a stin g s_______
B illin g s________
T o t. oth. West
St. Louis......... ..
Now Orleans____
L o u lsv lllo______
H o u s t o n _______
G alveston ______
R ichm ond .........
Fort W orth_____
M em phis_______
A tla n ta ________
N ashville_______
Savannah _____
N o r fo lk ------------Birm ingham ____
K n o x v ille ______
O klahom a______
M o b ile......... ........
C h a rle sto n .........
A u s tin ..................
Vicksburg ______
T u ls a ........... ........
M u sk o ge e ...........

03,408,432
20,445,211
15,862,579
7,002,163
3,935,583
15,183,230
8,598,922
5,247,596
14,579,485
5,798,804
4,704,846
4,231,120
2,329,968
1,928,192
2,489,896
1,901,262
4,044,5,84
1,419,136
1,281,878
2,028,056
1,573,017
3,581,402
1,800,000
210,048
813,278
3,568,411
876,706
391,100

73.405.29S
15,125,725
14,005,529
6,250,000
5,034,638
8,524,928
7,728,662
4,319,021
10.134,383
5,491,101
3,013,480
3,409,787
2,528,495
2,180,676
2,449,648
1,729,976
2,329,972
997,484
948,569
1,857,073
1,155,679
2,065,428
2,077,895
202,960
319,970
1,272,803
046,567
242,100

Total Southern 229,232,905 179.447,847
Total all-------- 4,792,152,749 3,524,317,399
Outside N . Y 17799,344,873 1,375,787,012

+ 2 7 .7
170.524.385, 172,885,359
+ 36.0 2,570,198,980 2 7 9 4 7931,464
+ 3 0 .9 1,321,761,857 1730^8677173

THE FINANCIAL SITUATION.
The surface-car strikes in this city have been defi­
nitely adjusted and on a subsequent page we comment
on certain phases of the settlement. While excite­
ment was running high, a good deal of nonsensical
talk was indulged in by some of the parties to the
controversy, as usually happens on such occasions,
and this may be dismissed as trivial and of little
consequence. One apparently serious statement,
however, of an official nature made in connection
with the strike has not received the attention it
deserves. We have reference to the utterances of
Frank Lord, Deputy Commissioner of Police, made
in an address last Sunday afternoon to the striking
street-car employees in Lyceum Hall in East 86th
Street.
The successful operation of cars in a large city at
a time of strike is mainly a matter of proper police
protection. In this instance, the Police Department
had put two policemen on each car and Deputy
Commissioner Lord, in the address referred to,
undertook to explain the motives that influenced the
Department in taking such action. Up to this point,
what Mr. Lord said was not open to criticism. But
the Deputy Commissioner went further and de­
clared that the striking employees would be entirely
within their rights if they boarded cars and en­
deavored peaceably to persuade the crew to quit
their jobs.
Mr. Lord, according to the accounts of his speech
published in the daily papers Monday morning,
stated that the police would not interfere if this were
done, and that the strikers would be allowed to hop
on and hop off cars for that purpose so long as they
did not resort to violence. The New York “ Times,”
in its account of his speech, quotes the Deputy Police
Commissioner as saying :
<fThe police are not on the cars to prevent members
of the union from boarding cars. You have just
as much right to ride on these cars as anybody, and
there is nothing to prevent you from asking motormen and conductors to join your organization. The
policemen on these cars are not there to hinder you
from endeavoring peacefully to carry on your work.
They are there merely to see that there is no trouble,
that passengers are protected, and that those who
want to work may do so without molestation.”
Aside from the farcical nature of attempting to run
cars in this way, it seems to us that the Police De­
partment in thus officially proclaiming the rights of
striking car employees, has laid down a monstrous
doctrine. The pronouncement, it seems to us,
should not go unchallenged, lest in strikes elsewhere
it be cited as a good precedent.
We all know that “ peaceable” persuasion under
such conditions would be the equivalent of intimida­
tion, even with the police looking on, but we wish
to deny most emphatically that strikers have any
moral or legal right to enter the cars, even peaceably,
for the purpose of arguing with those running the
cars or for the purpose of even talking with the motorman or conductor.
The cars are not the property of the strikers, and
the latter have no business on them if they have
quit the service of the company. What is more, the
company, as the actual owner of the cars, is entitled
to have trespassers kept off the property, especially
trespassers with evil design.
The only legitimate way in which the strikers
could travel on the cars would bo as passengers, and



then they would have to be real passengers, traveling
in perfect good faith as such.
It must also be borne in mind that when a crew
enters the service of the company the relation of
employee and of employer is established between
them, and the employee, no less than the employer,
is bound to live up to its terms. In a word, when a
car crew undertakes to run a car they thereby engage
in the service of the company, and their time, for
the time being, belongs to their employer, and no
outsider has the slightest vestige of a right to break
in and prevent the employee from giving, and the
employer from receiving, the full service for which ho
has contracted and is legally bound to pay.
The situation of the trolley employee in this
regard is no different from the employee of a factory.
It has never been contended, to our knowledge,that
in the case of a strike at a factory plant the strikers
have the right to enter the plant at will, nor that they
could or should be allowed unrestricted access to the
plant or building, or any access at all during work
hours. The mere suggestion of such a thing would
excite mirth and ridicule.
The same rule applies in the case of a car crew
and there is additional reason for adhering to the
rule in that instance, in the fact that running an
electric car is risky business. Distracting the atten­
tion of the crew involves, with absolute certainty,
jeopardy to the lives of the passengers, the only
parties who have any business on the car aside from
the crew.
Thus the doctrine announced by the Deputy
Police Commissioner, apparently with no objection
from his superiors, is utterly untenable and per­
nicious, and absolutely nothing can be said in de­
fense of or in justification of it.
This should not pass unnoticed, even in exciting
times like the present. A high police official should
know better than to give utterance to such loose
notions of right and wrong, and if he does not, he
should be promptly called to account.
The grain crops of the country appear to have been
very unfavorably affected by the unpropitious
weather of July and plant diseases and insects, ac­
cording to the official report on condition for Aug. 1,
issued on Tuesday last, which confirms in fullest
measure the information on the subject that had been
furnished by private investigators. A further de­
cline in the winter wheat outlook and a decided drop
in the spring wheat promise, presaging a very much
smaller crop than last year, is the prognostication
made by the Crop Reporting Board of the Depart­
ment of Agriculture with regard to the situation on
Aug. 1, and a shortage as compared with a year ago
is also indicated in the case of corn, oats and some of
the smaller grains. In other words, the outlook for
the cereal crops of the United States is at this time,
according to the investigation of the Department,
less satisfactory than for several years past, the indi­
cated yield of the five principal grains (wheat, corn,
oats, barley and rye) being only 4,942 million bush­
els, against 5,893 millions in 1915, and being, more­
over, the smallest aggregate since 1913.
For corn the average condition on Aug. 1 is stated
by the Department as 75.3, this being a decline of
6.7 points from July 1 and contrasting with 79.5 at
the same time a year ago, and a ten-year average
of 79.7. The situation in man}' of the large produc­
ing States is much less satisfactory than in 1915, the

exception being Iowa, where a condition of 84 is re­
ported, against 72 a year ago. This year the retro­
gression in Nebraska, Illinois, Ohio, Missouri, Texas,
Kansas and Oklahoma ranges all the way from
4 points in the first named to 28 and 31 points,
respectively, in the last two. On the basis of the
average condition Aug. 1 the indicated yield per acre
as officially promulgated is 25.6 bushels, fore­
shadowing a total crop of 2,777 million bushels, as
against 28.2 bushels per acre and an aggregate of
3,055 million bushels, the final result for 1915 and
3,125 million bushels (the high record) in 1912.
Winter wheat on Aug. 1 was considered to have
been even less promising than a month earlier, the
estimated yield per acre being reduced from 14.8
bushels to 13.8 bushels, and giving an aggregate
product of only 454,706,000 bushels, a total 200
million bushels less than in 1915 and 230 millions
below the high record of 1914.
Spring wheat deteriorated very decidedly during
July, the Department stating the drop as 25.6
points, and at the same time the condition of the
crop on Aug. 1 (63.4) is 30 points lower than at that
date last year and compares with a ten-year average
of 79.3. The condition of the grain, moreover, is
actually the lowest since 1900. The indicated yield
per acre is given as only 11.2 bushels, against 16.9
bushels, the final for 1915, and figuring out a crop
of but 199 million bushels, the smallest, with one ex­
ception (1911), since 1900 and contrasting with 356
millions last year. For winter and spring wheat
combined the current official outlook is for a yield of
only 654 million bushels, or no less than 357 million
bushels under the high record total of last year and
exceeded in all but five of the preceding fourteen years.
A further deterioration in oats is to be noted in
July and the condition as now reported (81.5) con­
trasts Avith 91.6 in 1915 and a ten-year average of
80.3. A yield of 31.4 bushels per acre is estimated
as the outcome of the season, which on the area under
cultivation Avould give a crop of 1,274 million bush­
els, against 1,540 millions last year (the high record)
and 1,418 millions in 1912. Harley and rye, too,
now promise smaller crops than a year ago and the
same is true of hay, Avhile in such an important food
crop as potatoes only a nominal increase over 1915
is forecasted.
The commercial failures statement for the United
States for July 1916 is simply another one in the
sequence of very favorable exhibits that have been
a feature of the insolvency situation the current
calendar year, and reflect the excellent mercantile
and industrial status of the country. This latest
statement, moreover, is the most satisfactory in very
many months, showing, as it does, a smaller number
of delinquents than in July of any year since 1913,
and of any monthly period since June 1914, while
for a total of liabilities of lesser magnitude we must
go back to November 1910. Large failures (those
covering indebtedness of 8100,000 or over), too,
were not a feature during the period, having num­
bered only 12 and giving in all an aggregate of
82,247,456, against 17 lor 85,290,151 last yearand
29 for 88,589,014 in 1914. As regards the elapsed
portion of 1916 (January 1 to July 31, inclusive),
the aggregate of the liabilities is below the average
of recent years and actually the smallest since 1911,
notwithstanding constant accessions to the number
in business and consequent tendency toward greater
mercantile mortality.



The total of liabilities in all commercial and in­
dustrial lines in July 1916 reached, according to
Messrs. R . G. D un & C o ., 811,647,499, representing
1,207 defaults, this contrasting Avith 818,934,903
and 1,739 in the preceding year, 820,377,148 and
1,411 in 1914, and 820,325,705 and 1,169 in 1913.
In each of the various divisions into Avhicli the fail­
ures are segregated, the favorable nature of the
current shoAving is clearly apparent. Eight of the
fifteen branches in the manufacturing division ex­
hibit smaller liabilities than a year ago, no failures
whatever being recorded in Avoolens, & c., and chem­
icals and drugs; and lumber, carpenters,&c., showing
a decline of over 1 million dollars. In the trading
group ten lines report debts loAver than in July last
year, Avith the reductions very pronounced in liquors
and tobacco, groceries, meats, & c., general stores
and hotels and restaurants, and the decrease for the
Avhole division over 3j/£ million dollars. Among
brokers and transporters, also, the exhibit is much
more satisfactory, the liabilities at 81,466,797 being
over 2 millions beloAv 1915.
The shoAAring for the seven months is, of course,
decidedly better than a year ago. In fact, the num­
ber forced to the Avail in the period in 1916 is only
10,702, against no less than 14,479 in 1915 and in
the matter of indebtedness the contrast is betAveen
8122,888,920 and 8207,522,438. In both 1914 and
1913 the number of defaults Avas smaller than noAv,
but liabilities reached 8205,476,878 and 8153,234,766,
respectively, the largeness of the first total being due
to the Claflin insolvencies. The liabilities in manu­
facturing lines for the seven months this year reach
842,884,047, against 875,761,498 in 1915 and 869,­
051,235 in 1914, the contrast in trading branches is
betAveen 862,318,267 and 8107,141,930 and 8110,­
599,066, and in the brokers, & c., class 817,686,606,
compares Avith 824,619,010 and 825,826,577.
For the Dominion of Canada, likeAvise, the com­
mercial failures exhibit for July is very encouraging.
Briefly, there Avere 113 disasters during the month in
1916, involving 82,515,098, these contrasting with
210 and 83,265,802 the previous year and 234 and
81,843,851 in 1914. For the seven months the
aggregate debts in the manufacturing division Avere
86,387,508, against 89,854,011 in 1915; traders con­
fessed 88,612,958 of liabilities, against 812,838,392,
and brokers, agents, & c., 83,383,573, against 83,­
995,014, making the total of all 818,384,039 in 1916
and representing 1,144 insolvents, against 826,­
687,417 and 1,660 in 1915.

David Lloyd George, the British Secretary for
War, made a statement in the House of Commons
on Tuesday to the effect that “ information of national
importance obtained from the censorship had been
communicated to the Government department it con­
cerns. ” The statement Avas criticised as carrying the
implication that the censorship Avas being used to
further private interests. It Avas soon seen, however,
that it Avas not open to any such interpretation. Lord
Robert Cecil, in an intervieAV Avith the correspondent
of a N cav York paper denied, when questioned
yesterday concerning Lloyd George’s statement, that
private use Avas being made of information de­
rived from the censor. “ The communication of
information to the Government department,” he
said, “ does not mean that it is communicated to
private persons for furthering their commercial
interests. The censorship is used to defeat the

designs of our enemies and for no other object.
It never in a single instance has been used to
assist British competition with peaceful neutral
commerce. We ask for details of any case where
neutrals suspect there is a leakage of information
from censors to private persons. Up to the present
no such case has ever been brought to our notice,
though grave charges have been made for the purpose
of the German propaganda. We absolutely repudi­
ate such charges."
•
The British Foreign Office has made public a letter
of Viscount Grey, Secretary for Foreign Affairs, to
Irwin B. Laughlin, Charge d’Affaires of the American
Embassy, requesting that Ambassador Gerard in
Berlin convey to the German Government the British
Government’s desire to enter a most formal protest
against the execution of Captain Fryatt of the
British steamship Brussels. This execution, says
Viscount Grey’s letter, the British Government “ can
only describe as the judicial murder of a British
subject held a prisoner of war by the German Gov­
ernment under conditions in direct violation of the
law of nations and the usages of war.’’ The letter
concludes by asking Ambassador Gerard to request
the German Foreign Office to provide full particulars
of the whole proceeding. In a reply in the House of
Lords on Wednesday to a suggestion by Baron Beresford that the Government, in reprisal for the execu­
tion, should confiscate all German property in the
United Kingdom and intern all Germans, the Mar­
quis of Lansdowne, Minister without portfolio, said
that the Baron’s suggestion was very different from
some which had been heard, “ that we should imitate
the cruelty and persecution to which the Germans
have resorted, which would be unworthy of this
country and would be easily outdistanced by our
enemies.’ ’ But even such a policy as that suggested
by Baron Beresford must be resorted to, the Minister
continued, with the utmost care and circumspection.
There were many difficult commercial problems in­
volved and it was necessary to make certain more
harm than good would not be done. The Govern­
ment was conferring with the highest commercial
and banking authorities, but the speaker was unable
to say at the present time what course would be
taken.
Bearing upon the plan of campaign in the concerted
drive of the Entente Powers an interview with Lord
Derby, received by cable, is significant. Regarding
the Allies’ offensive on the West front he said: “ I
want to impress upon America that it is useless to
contrast the extent of the ground gained with the
casualties we have suffered. Even though in a big
fight we might gain only twenty yards of ground, it
would be possibly of the utmost use to the Allied
cause generally. We are making Germany maintain
her forces on the Western front to a maximum level.
While we are doing that the Russians and the Italians
are given an opportunity for free movement. More­
over, we are killing Germans all the time. What­
ever our losses, theirs must be terrible. The German
generals’ statement to American interviewers that
they are able to regain ground lost in the West is
utter nonsense. But if they want to counter-attack,
pray let them do it. It doubles our opportunity of
killing them. We want them to keep fighting.’ ’
It has been the Italians’ turn to make a successful
drive in the war this week. After capturing the im­



portant city of Gorizia, which is considered the key
to the even more important port of Trieste, the
Italians have continued to throw their forces across
the Isonzo River and have fought their way to the
east of Gorizia. In addition, southwest of that city
they have taken strong Austrian intrenchments near
Monte San Michele and Monte San Martino and
also have occupied the town of Boschini, giving them
a freer hand for their operations in the region of the
Boderdo Plexo and southward toward the Monfalcone
sector. Vienna in admitting the loss of Gorizia ex­
plains that the evacuation follows the repulse of new
Italian attacks on the Boderdo plateau and that the
straightening of the Austrian lines made necessary
by the operation was carried out without molestation
from the Italians.
To unfavorable weather is attributed the compara­
tive quiet on the Western military front. At Ver­
dun artillery duels still are in progress. There have
been somewhat heavy bombardments north of the
Somme and in the Thiaumont sector near Verdun.
The latest report is that Thiaumont, which has
changed hands so frequently, is in the possession of
the Germans. An attempted German advance
against the British lines south of Martinpwich was
checked by the fire of trench mortars and machine
guns. Fierce fighting is still going on between the
Turks and Russians on the Mush-Bitlis front in
Turkish Armenia.
In Galicia, in the sectors of Stanislau and Hallich,
the Russians have succeeded in driving their forces
farther westward in their endeavor to capture the
central portion of the railroad running from Kolomea
to Lemberg. Passing across the MonasterzyskaNiznioff Railway, they have forded the Zlota Lipa
River southeast of Hallich and south of Stanislau
have captured the town of Kryplin on the StanislauNadworna Railroad. The Berlin official statements
declare that along the front of Archduke Charles
Francis in Galicia, southweat of Welesniow and south
of the Dniester, new positions have been occupied by
the Teutonic Allies in accordance with previously
arranged plans. The communication states further
that Russian attacks along the Strumen and Stokhod
rivers were repulsed with heavy losses to the Rus­
sians. Another big battle has started near Brody in
Northern Galicia.
The next important drive in the war is expected
from Saloniki. In fact, an attack by Anglo-French
forces on the Bulgarians at Doiran, forty miles north­
west of Saloniki, is reported in a Havas dispatch from
Saloniki. The Allies occupied the Doiran railway
station and a neighboring hill. The attack was pre­
ceded by a vigorous bombardment. At other points
along the front artillery fighting continues, with
patrol engagements along the Serbian border.
All cable correspondents agree that the week has
been an exceptionally dull one on the London Stock
Exchange. Like New York, the British centre was
made uncomfortable by a protracted wave of heat
which limited the attendance in financial circles.
In addition, there has been evidence this year of a
greater disposition in the English financial district
to indulge in holidays, the Exchange itself, as well
as other of the important exchanges throughout the
United Kingdom, being closed every Saturday in
August. This is not a definite decision on the part
of the Stock Exchange Committee. It is subject to
reversal should important developments of any

character render such action desirable. The steady pro­
gress of the allied armies has produced a feeling of con­
fidence and, in turn, has sustained the general price
level; but it has not to any appreciable extent encour­
aged speculation. Advantage has been taken of the
Russian military advance to sell a large block of Rus­
sian three months bills at 5 % % . Some disappointment
has been evident in the home rail market as a result
of the failure of the large companies to announce an
increase in the semi-annual dividends, distributions
of which are now in progress. While the regular
dividends have been paid, there has been noticeable
a complete absence of the usual re-investment de­
mand which suggests that owners are inclined to
seek investments that grab a larger return. Num­
erous indications are available manifesting active
preparations for a business revival throughout the
United Kingdom and presumably throughout the
British Empire as soon as hostilities show signs of
ending. One of the most significant of these is the
large number of new companies that are being regis­
tered comprising as a rule manufacturing rather than
trading concerns. At the moment, however, general
business of a mercantile character is extremely back­
ward. Beginning next Monday the London Stock
Exchange official lists will quote double prices, in­
stead of the single figures that have heretofore been
quoted. This last change removes the final re­
striction against an absolutely free market. In the
long run the change may be expected to result in an
improvement in the general interest in the market
but conditions are so completely dull at the moment
that no general expectation of immediate influence ex­
ists. Shipping shares have again been a feature of
the London Stock Exchange, though there still
remains a complete absence of confirmation of recent
reports of far reaching steamship combinations. The
Government of New South Wales is offering £2,500,­
000 in 434% bonds, redeemable in four to six years.
No result of the subscription has as yet been cabled.
British trade, especially in exports, continues to
improve, the returns for July published by the British
Board of Trade indicating exports for the month of
£46,323,057, which compares with £34,721,511 for
the corresponding month in 1915.- Meanwhile the
importations showed an expansion of a round million
pounds. The chief increases in exports were in cot­
tons, which accountedfor £1,750,000 of the improve­
ment; wool, which showed an increase of £1,640,000,
while the advance in iron and steel exports was
£1,631,000. The actual volume of the exports of
cotton goods was substantially lower than a year ago,
the increased value being due, of course, to the higher
costs of cotton and of the higher price of the finished
goods. The exports of cotton goods from the United
Kingdom to all countries amounted to 470,996,000
yards, against 538,617,000 yards in 1915, the chief
reductions being to India, China and France. To
India the exports were 172,025,000 yards, against
247,588,000 yards in 1915; to China the yardage was
32.746.000, against 43,103,000, and to France
9.804.000, against 18,337,000. In the exports to
the United States there was a slight gain to 4,765,000
yards from 3,861,000. Of woolens the exports to
the United States for the month aggregated 422,000
yards, against 452,000 yards in’July of 1915. Worst­
eds to the United States totaled 686,000 yards,
against 1,706,000 yards, and worsted yarns were
only 9,000 lbs., while a year ago the amount was



97,000 lbs. The totals of imports and exports into
the United Kingdom for July and for the seven
months of the calendar year ending with July are
here given:
---------------Ju ly--------------- ------ Jan. 1 to July 31-----1916
1915
1916
1915
Imports.....................£76.772,471 £75,723,767 £550,973.637 £504,408,029
E xports.................... 46,323,057 34,721,511 288,130,938 218,344,399
Excess o f Imports. £30,449,414 £41,002,256

£262.842,699 £286,063,630

One London correspondent cables that bankers
are watching the gold position and discussing what
limits should be placed on the total of Treasury bills.
There is nothing as yet to suggest any definite date
for the new long-term war loan which sooner or later
must be issued. The proposed British borrowing in
New York on mobilized American securities is merely
designed to keep the sterling exchange under control
and is not designed as an element in the larger ques­
tion of war finance. Latest reports, which we be­
lieve are authentic, so far as negotiations have yet
been carried, suggest a $250,000,000 issue in New
York, to be secured by a considerable variety of
collateral, including New York Stock Exchange se­
curities, Canadian securities and those of other neu­
tral countries. The loan to American investors,
which will be on similar lines to the recent French
transaction, will, it is understood, be issued at 99,
bear 5% and have a maturity of two or three years.
As to gold, a new Defense of the Realm law forbids
under penalties any person to melt or to use other­
wise than as currency any gold coin. The money
situation in London is showing improvement, there
being ample supplies, to quote one correspondent,
“ when the funds are not wanted.”
On the Paris Bourse transactions have been very
moderate this week. French Bank and Suez Canal
shares have been firm. French and Russian mining
stocks are at a premium and French national bonds
are well maintained. It is stated that in order to
discourage speculative operation the Bank of France
is supplying sterling at 28.1234, which compares
with an open rate of 28.17. It is announced that
mobilized taxpayers will be allowed to delay the
declaration of excess war profits until three months
after the end of hostilities. Yves Guyot, cabling to
the “ Tribune” from Paris, states that when the call
was made for the hoarders of gold to turn their stocks
into the national treasury it was believed that 250,­
000,000 francs at the outside would be received,
while, in fact, to date more than 1,400,000,000 francs
have been handed over to the Bank of France by the
people. The old 3 % Rentes, which had fallen to 60,
are now over 64, while the new 5 % loan, issued at
8734, is now quoted around 90 on the Paris Bourse
and several points higher in London. Finally, the
direct taxes are producing much better results than
expected, while the exports for the first half of 1916
increased more than 40% over the same period
last year.
Official bank rates at the leading European centres
continue to be quoted at 5 % in Paris, Vienna and
Copenhagen; 534% in Italy, Sweden and Portugal;
6% in London and Russia and 4 34% in Switzerland,
Holland, Spain and Norway. In London the private
bank rate is still at 524@ 524% for sixty and ninetyday bills. Cables from Berlin still give 424% as the
private bank rate at that centre. No reports have
been received by cable of open market rates at other

European centres, so far as we have been able to
learn. M oney on call in London remains at 4 % % .
The Bank of England for the first time in several
weeks registered an increase in its gold item, namely,
£1,666,373. Note circulation decreased £511,000;
thus the total reserve was expanded £2,177,000. The
proportion of reserve to liabilities advanced to 27.05%
against 26.86% last week and 22.71% a year ago.
Public deposits were increased £3,615,000 and other
deposits £3,472,000. Government securities remain
without change. Loans (other securities) registered
a gain of £4,985,000. The Bank’s holdings of gold
aggregate £56,550,807, which compares with £65,­
738,047 in 1915 and £33,014,629 the year preceding.
Reserves total £38,853,000 against £51,724,667 last
year and £15,530,389 in 1914. Loans now stand at
£80,643,000, compared with £148,135,566 a year ago
and £70,786,586 the year preceding. The Bank
reports as of Aug. 5 the amount of currency notes
outstanding as £117,844,408 against £115,806,289
a week ago. The amount of gold held for the re­
demption of such notes remains at £28,500,000.
Our special correspondent is no longer able to give
the details of the gold movement into and out of the
Bank for the Bank week, inasmuch as the Bank has
discontinued giving the details.
BANK

OF

Circulation------------Public deposits____
Other deposits_____
G ov ’t securities-----Other securities-----Reserve notes & coin
Coin and bullion—
Proportion o l reserve
to liabilities.........
Bank rate..................

E N G L A N D 'S

C O M P A R A T IV E

STATE M EN T.

1916.
1915.
Aug. 11.
Aug. 9.
£
£
36,146,000 32,463,380
54,625,000 142,604,347
88,990,000 85,075,819
42,187,000 45,915,039
80,643,000 148,135,566
38,853,000 51,724,667
56,550,807 65,738,047

1914.
Aug. 12.
£
35,934,240
7,889,491
83,326,113
23,041,152
70,786,586
15,530,389
33,014,629

1913.
Aug. 13.
£
29,574,940
9,341,113
42,210,189
12,456,539
27,240,566
29,944,759
41,069,699

1912.
Aug. 14.
£
29,512,965
16,552,231
43,263,123
13,982,472
34,141,958
29,815,227
40,878,192

22.71%
5%

17.02%
5%

58.07%
4H %

49.82%
3%

27%
6%

The Bank of France this week registered a further
increase in its gold holdings of 5,154,000 francs.
The silver item decreased 601,000 francs. Notes in
circulation again recorded the large increase of 133,­
192,000 francs, although general deposits declined
28.968.000 francs. Bills discounted likewise de­
creased 39,529,000 francs. Treasury deposits were
increased 60,003,000 francs, while the Bank’s ad­
vances decreased 2,905,000 francs. The Bank’s gold
holdings now stand at 4,798,346,000 francs (including
the balance held abroad, which, according to latest
advices, amounted to 271,055,668 francs). A year
ago the amount was 4,322,274,367 francs and in 1914
4.141.350.000 francs. Silver on hand aggregates
338.461.000 francs, compared with 367,846,308
francs in 1915 and 625,325,000 francs the year pre­
vious. Note circulation is 16,329,922,000 francs,
against 12,825,802,665 francs in 1915 and 6,683,­
175,000 francs in 1914. General deposits total
2.129.355.000 francs, which compares with 2,365,­
486,012 francs in 1915 and 947,575,000 francs the
preceding year. Bills discounted amount to 427,­
209,000 francs, against 269,726,613 francs in 1915.
Advances aggregate 1,182,490,000 francs, against
588,265,694 francs last year. In 1914 bills dis­
counted and advances together totaled 3,202,975,000
francs. Treasury deposits are 137,504,000 francs.
A year ago the total was 89,890,634 francs and in
1914 382,575,000 francs. The figures here given for
1914 are those for the week ending July 30, the Bank
having discontinued the publication of weekly returns
in 1914 with the outbreak of the war.




The statement of the Imperial Bank of Germany,
issued Aug. 7, shows the following changes: Total
coin and bullion holdings decreased 1,435,000 marks;
gold increased 170,000 marks; Treasury notes de­
creased 44,751,000 marks; notes of other banks in­
creased 3,398,000 marks; bills discounted decreased
18,635,000 marks; advances decreased 576,000
marks; investments increased 25,250,000 marks;
other securities increased 8,935,000 marks; notes in
circulation decreased 43,250,000 marks; deposits in­
creased 43,776,000 marks; and other liabilities de­
creased 28,340,000 marks. Total gold holdings on
Aug. 7 were 2,467,953,000 marks, which compares
with 2,402,690,000 marks a year ago and 1,477,558,­
000 marks in 1914. Note circulation totals 6,980,­
681,000 marks, against 5,457,490,000 marks in 1915
and 3,897,203,000 marks in 1914.
In local money circles the fear of any substantial
strain this year seems to have ended. Lenders for
fixed maturities have named further concessions this
week in their asking rates, and the banks and other
buyers of commercial paper have made correspond­
ing reductions in their discounts. No new demands
of importance have come on the capital market.
Gold to the amount of $14,000,000 was received at
the Assay Office from Canada and has aided in pro­
ducing the easier feeling to which we have referred.
An additional sum of $106,000 gold was exported to
Spain. A total of $3,000,000 gold reached Balti­
more from the west coast of Africa on the steamer
Susquehanna, and is understood to have been re­
shipped to Canada. This rather confirms recent
reports that a part of the Canadian supply is of
African origin. The impression still prevails that
the British Treasury may be depended upon to
use its best efforts to keep rates down to a reason­
able basis in New York for the sake, as we have
already stated in the “ Chronicle,” of maintaining
by this means a better grasp on the sterling ex­
change situation. The season is now at its peak
for crop accommodation, but funds appear to be
ample in the interior for the drift of currency still
favors New York. The smallness of the wheat crop
is likely to have a curtailing influence on the volume
of currency required for its distribution.
The weekly statement of New York Clearing;
House banks and trust companies, which was issued
last Saturday, showed an expansion of $33,891,000
in the loan item. Net demand deposits were de­
creased $14,751,000. Net time deposits registered
the large increase of $53,699,000. Reserves in “ own
vaults” again increased $5,624,000, to $434,565,­
000, of which 366,175,000 is specie. A year ago
the total in own vaults was $445,288,000, including
$370,851,000 in specie. Reserves in Federal Re­
serve Banks declined $2,464,000 to $163,561,000,
against $130,924,000 in 1915. Reserves in other
depositories decreased $2,206,000, to $50,514,000,
compared with $29,230,000 last year. Note circula­
tion totals $31,251,000, a decrease of $196,000.
Aggregate reserves were expanded $954,000, to $648,­
640,000, against $605,442,000 at this time a year
ago. The reserve required showed a loss of $2,111,­
470, and surplus reserves recorded a further slight
gain of $3,065,470, thus bringing the total of excess,
reserves to $112,311,7S0, which compares with $166,­
058,340 the preceding year. The bank statement
is given in more complete form on a subsequent page*
of this issue.

Referring to money rates in detail, loans on call
have covered a range of 2 @ 2 )4 % , against 2 @ 2 )^ %
the week previous. On Monday the high and ruling
quotation was 2 )4 % and the low 2 % . Tuesday the
maximum was advanced to 2 )4 % , which also proved
the basis for renewals and the low was 2% . On
Wednesday the range continued at 2 @ 2 )4 % , with
2% the ruling figure. Thursday the high was again
2 )4 % , although the low went to 2 )4 % and renewals
to 2 )4 % .
On Friday 2 )4 @ 2 )4 % was the range
and 2 )4 % the ruling quotation. For fixed maturi­
ties a still easier tendency has become evident and
there were declines in almost all periods. Sixty-day
money was still quoted at 2 % @ 3 % , but ninety days
moved down to 3 @ 3 )4 % , against 3 )4 @ 3 )4 % , four
months to 3 )4@ 3)4% > against 3 )4 @ 3 )4 % > five
nonths to 3 )4@ 3)4% > against 3M @ 4 % and six
months to 3)4 % , against 3)4 @ 4 % . A year ago
sixty-day funds were quoted at 2 )4 % , ninety days
at 2 )4 % , four months at 3 % , five months at
3 @ 3 )4 % and six months at 3 )4 @ 3 )4 % - la com­
mercial paper the trend was also towards increased
ease, sixty and ninety days’ endorsed bills receivable
and six months’ names of choice character now being
quoted at 3 )4 % , against 3 )4 @ 4 % , and other names
less well known at 4 @ 4 )4 % , against 4 )4 @ 4 )4 % a
week ago. Business in both money and commercial
paper was very quiet and the volume of transactions
continues limited. Banks’ and bankers’ accep­
tances are quoted as follows:
------------------- Spot Delivery------------------Ninety
Sixty
Thirty
Days.
Days.
Days.
Eligible member banks....................2 9-10@ 2 7-10 2 A & 2 A
2A © 2A
Eligible non-member bills............. 2 11-16@2 9-16 2 A © 2 'A
2A © 2%
Non-ellglble b ills ..............................
3©2%
3@ 2M
3@ 2 'A

Delivery
within
30 Days.
2J 4 @ 2 A
3@ 2A
3 'A @ 3

The rate of the Federal Reserve Bank of Boston
for trade acceptances maturing in from 1 to 10 days
has been increased from 3 to 3 )4 % . A 3 )4 % rate
for trade acceptances running from 1 to 10 days has
also been established for the Minneapolis Federal
Reserve Bank.

Live-Stock Paper—
91 (lays to 0 months maturity 5

5

iA

5

6

5

5

i'A

Trade Acceptances—
3<A 3 A —
1 to 30 days m aturity-------- 3 14 3 'A 3 'A 3
31 to 00
"
"
-------- 3 'A 3 A 3 'A 3 'A 3 H 3)4 —
3<A 3'A . . .
01 to 90
11
“
_____ 3'A 3 ‘A 3 'A 4

O PE N

M ARKET

D IS C O U N T A N D P U RC H ASE
R E S E R V E B A N K S.

3
3'A
4
i'A

5

4)4 5 A

3
3'A 4
3
3A 4
3'A 3 A 4

3 'A 3
3'A 3
3 A 3'A

Commodity Paper—
1 to 30 days m aturity......... 3 'A ___ 3 'A __ 3'A 3'A __ 3
3 'A 3 A ___ 3
31 to 00
“
“
-------- 3 A ___ 314
3 A __ 3 'A 3'A ___ 3
01 to 90
“
"
-------- 3 A
... ...
01 days to 0 months maturity
—
—

_

_

i'A ___
4
i'A 4
4
i'A 4
i'A i'A 4

San Francisco.

3
4
4
4

Kansas City.

3'A
4
i'A
i'A

Dallas.

4
4
4

«0
■§

| M inneapolis.

Chicago.

3 'A
A
4
4 'A 4
i'A 4

Richmond.

Atlanta.

3 'A
4
4
4

| Cleveland.

3
4
4
4

New York.

| Philadelphia.

Commercial Paper—
1 to 10 days m aturity......... 3
11 to 30
“
“
_____ 3 'A
31 to 00
“
“
_____ 4
01 to 90
"
"
......... 4

CLASS
OP
REDISCOUNTS.

j Boston.

J

J

F E D E R A L R E S E R V E B A N K D ISC O U N T R A T E S .

3A 4
3A 4
3 ‘A 4

R A T E S OF

3
3
3

3A
4
4A

FE D E R A L

Bankers' Acceptances.— Authorized discount rate lor all Federal Reserve banks
minimum, 2 % ; maximum, 4 % .
Trade Acceptances.— Bills with maturities of 90 days or less, purchased In open
market without member bank endorsement, b y New Orleans branch of Atlanta
Federal Reserve Bank; 3 A to 4 % .
Commercial Paper.— Bills purchased In open market by Dallas Federal Reserve
Bank; 3 to 5 % .
Bills of Exchange.— Bills purchased In open market by Atlanta Federal Reserve
Bank; 3 A to 6 )4 % .
Bills With or Without Member Bank Endorsement.— Bills with maturities of 90 days
or less purchased In open market by St. Louis Federal Reserve Bank; 2 to 4 % .

In the sterling exchange situation there is little
that is really new to report. Exports are keeping
up without signs of a culmination of the active move­
ment and there appears excellent basis for the belief
that the Entente countries still are continuing their



active purchases of certain munition supplies, especi­
ally shell steel and copper. Some very large sales
of both these articles have been reported this week.
There has been no intimation of the date for the
offering of a new loan that is supposed to be under
negotiation in which securities mobilized by the
British Treasury will ,be the collateral. Gold to the
amount of $14,000,000 has been received at the local
Assay Office this week and there have also been
several large consignments to New York of securi­
ties, presumably from the British Treasury. There
has, apparently, been very little, if any, selling of
securities on the New York Stock Exchange for
account of the British Treasury. The sterling ex­
change market, in a word, continues in the arbitrary
position it has occupied for many months, receiving
support in the form of purchases of cable transfers
whenever any substantial indication of weakness
develops.
Compared with Friday of last week, sterling ex­
change on Saturday reflected the usual dulncss
which has been so marked a feature of late, and rates
were not quotably changed from 4 75)4(®4 75 13-16
for demand, 4 76)4@ 4 76 7-16 for cable transfers
and 4 71 9-16@4 71)4 for sixty days. M onday’s
market was a quiet though steady one, with quota­
tions maintained at previous levels; demand ruled
at 4 75)4, cable transfers at 4 76 7-16 and sixty days
at 4 71)4- The receipt of another large consignment
of gold, as well as over $5,000,000 in securities from
Canada, exercised a sustaining influence on Tuesday,
although demand rates were not advanced from
4 75)4 for demand, 4 76 7-16 for cable transfers and
4 71)4 for sixty days. On Wednesday inactivity
was again manifest and quotations remained pegged,
with demand at 4 75)4, cable transfers at 4 76 7-16
and sixty days at 4 71)4- Anticipations of an in­
crease in the supply of bills against shipments of
grain and cotton caused some weakness on Thurs­
day and quotations were a shade easier; demand
declined fractionally to 4 75 11-16@4 75)4 and
sixty days to 4 71 9-16@4 71)4; cable transfers were
unchanged at 4 76 7-16. On Friday the market
ruled rather firmer, with demand at 4 75)4@
4 75 11-16, cable transfers at 4 76 7-16, and sixty
days at 4 71)4- Closing quotations were 4 71)4
for sixty days, 4 75 11-16 for demand and 4 76 7-16
for cable transfers. Commercial sight finished at
4 75)4, sixty days at 4 70)4 and ninety da}rs at
4 68)4@ 4 68)4, documents for payment closed at
4 70)4@ 4 71 and cotton and grain for pajunent at
4 75)4In the Continental exchanges this week inactivity
proved the ruling market factor. So far as the
belligerent nations were concerned, despite the
gigantic scale upon which military movements are
being conducted, operations in exchange are ex­
tremely limited. Reichsmarks continued to show
evidence of consistent banking support and were
relatively firm. Lire, in contrast with the wide and
sudden fluctuations of the previous week, were dull
but closed about steady. Francs ruled steady and
still without essential change. Rubles Avere very
quiet throughout, at previous levels. The sterling
check rate on Paris declined from 28.15 to 28.17.
In New York sight bills on the French centre closed
at 5 91)4 and cables at 5 91)4, compared with
5 91)4 and 5 90)4 a week ago. Demand bills on
Berlin finished at 72 13-16 and cables at 72 15-16,

against 71 13-16 and 71 % Friday last. Kronen, as
usual, moved in sympathy with exchange on Berlin,
closing at 12.35, comparing with 12.35 the previous
week. Lire finished at 6 4734 for bankers’ sight
and 6 46% for cables, against 6 47 and 6 4634 at
the close on last Friday. Rubles closed at 30.40,
which also was the close a week ago.
The neutral exchanges also experienced a dull and
uneventful week. Trading was light and rates fluc­
tuated within narrow limits. Scandinavian ex­
change has ruled steady and practically unchanged
throughout. Guilders were barely steady. Bank­
ers’ sight on Amsterdam closed at 41 5-16 plus 1-16,
against 41% ; cables at 41 7-16 less 1-16, against
41 7-16; commercial sight at 41 3-16, against
41 3-16, and commercial sixty days at 41% , against
4 1% a week ago. Swiss exchange finished at 5 29%
for bankers’ sight and 5 28% for cables, which com­
pares with 5 29% and 5 28% Friday last. Greek
exchange continues to be quoted at 5 17% for sight
bills. Copenhagen checks closed at 28.55, against
28.50. Checks on Norway finished at 28.70, against
28.65, and checks on Sweden closed at 28.75, com­
paring with 28.70 a week ago. Spanish pesetas
continue easy and finished at 20.18, against 20.12.
The New York Clearing House banks, in their op­
erations with interior banking institutions, have
gained 85,209,000 net in cash as a result of the cur­
rency movements for the week ending Aug. 11.
Their receipts from the interior have aggregated
$10,393,000, while the shipments have reached
$5,184,000. Adding the Sub-Treasury and Federal
Reserve operations and the gold imports, which to­
gether occasioned a gain of $5,528,000, the combined
result of the flow of money into and out of the New
York banks for the week appears to have been a gain
of $10,737,000, as follows:
Week ending Aug. 11.

Sub-Treas. oper. and gold Im ports..
T o t a l ____________________________

Into
Banks.

Out o f
Banks.

Net Change in
Bank Holdings.

510,393,000
29,283,000

5 5 .184.000 Gain 55,209,000
23.755.000 Gain 5,528,000

539,670,000

S28.939.000 Gain 510,737,000

The following table indicates the amount of bullion
in the principal European banks:
August 10 1916.

August 12 1915.

Banks of
Cold.
E n gla n d.France a . .
Germany
Russia * . .
Aus-Hun.c
S p a in ____
Italy ____
N ethcrl'ds
N at.B ol h
Swttz-land
Sweden . .
Denmark
N orway

Silver.

Total.

Gold.

|

Silver.

Total.

£
£
£
£
£
£
56,550,807 65,738,047
56,550,807
65,738,047
178,091,840 13",538,400 191,630,240 172,890,960 14,713,840 187.604,800
1.500.000 124,897,650 120,134,500 2,280,100 122,414,600
123,397,650
154,102,000 7.526.000 161,628,000 157,860,000 5.387.000 163,247,000
51.578.000 12.140.000 63.718.000 51.578.000 12.140.000 63.718.000
43.653.000 30.612.000 74.265.000 28.158.000 29.493.000 57.651.000
39.664.000 3.885.000 43.549.000 45.766.000 4.702.000 50.468.000
898,700 49,362,700 31.121.000
48.464.000
191,400 31,312,400
15.380.000
600,000 15.980.000 15.380.000
600,000 15.980.000
10,949,100
9,605,400
10,949,100 9,605,400
9.218.000 6.299.000
9.218.000
6.299.000
8.421.000
316,000 6.266.000
224,000 8.645.000 5.950.000
6.326.000
6.326.000 3.603.000
3,603,000

Tod. week. 745,795,397 70,924,100 816,719,497 714,083,907 69,823,340 783,907,247
Prey, week 746,470,5J1 70,902,44(7 817,372,954 706,174,025 70,173,460 770,347,485
a Gold holding* of the Bank o f France this year are exclusive of £13.842,000
held abroad.
* The gold holdings of the Bank of Russia for both years In the above statement
havo been revised b y eliminating the so-called gold balanco held abroad,
c July 30 1914 In both years, h Aug. 6 1914 In both years.

A MUCH NEEDED HISTORICAL LESSON.
Nothing could be more timely than the story of
“ Rochambeau and the French in America,” told
from unpublished documents in his recent volume*
by M . Jusserand, the French Ambassador to the
United States. Worse even than the terrific loss of
life and the incredible horrors that will forever
stigmatize the present war, is the persistent incite­
ment to national hatred which has characterized it.
*"WUh Americans of Past and Present Days” I. J. Jusserand.— Charles
Scribner’s Sons, 1910..




Nationwide prayers invoking the vengeance of God
on an enemy, Hymns of Hate, organized efforts to
arouse a “ Holy War” among millions of Moham­
medans, have gone far to create a temper among
all the combatants which makes it very difficult
to forecast any conditions for a permanent peace.
Then it is that a cultured gentleman of a most
gentle and gracious personality, who happens to be
also the official representative of that one of the
great warring nations whose sufferings have been the
worst, and is by virtue of his long service the dean
of all the embassies in Washington, sits down to
tell the story of the spirit in which his own country
began, carried through and ended a war with her
hereditary enemy, Great Britain, a century and more
ago.
The American Revolution was dragging on its
weary length. The cause seemed almost hopeless.
The army was so reduced by hardships that their
rags and poverty excited the surprise and pity of
their new allies. France, which had recently lost
Canada to the English, was moved to come to the
help of the Colonies. Nothing would have been
more natural than for France to seize the opportunity
to strike her old enemy and recoup her losses; the
wonder of the tale is that that motive does not
appear. From first to last there is not the least
trace of it. t It was a day of new and large ideas.
The principles enunciated in the Declaration of
American Independence had taken firm hold on the
mind of Europe, notably on that of France. As the
story o£ the war spread France found herself ardently
pro-American, but not anti-English. She was eager
to have a part in carrying into effect the newly
formulated principles of human liberty. Turgot, the
great French statesman, said the Americans must
be free, not only for their own sake, but for the sake
of humanity. “ It is impossible not to form wishes
for that people to reach the utmost prosperity it is
capable of. That people is the hope of mankind.”
The result was that when France decided to send
the help so pressingly needed by America, and
almost any compensation might have been asked,
and various advantages were offered, all were at
once declined. Congress was to be free to accede
to England, and to the rest of the world whatever
commercial privilege she might accord to France.
This was a situation so unique that the leading
Americans, even Washington himself, could hardly
believe its sincerity.
A mass of testimony is now available showing
that from every side public opinion in France pressed
the royal Government to declare itself in favor of
republican liberty. There was not a word of revenge
to be taken on an enemy, and not yet a thought of
a revolution in France. Ministers hesitated on
account of the greatness of the risk, “ but they were,
little by little, carried away by the torrent.” The
consequence was that when the fleet set sail from
Brest the ships were packed to their limit with the
flower of Franco from veterans of the Seven Years
War like Rochambeau the commander, and his men
of the Auvergne, to the hardy sailors of Britany.
Not another man could be taken aboard; the horses
of the cavalry and of the officers had to be left
tWhon victorious Franco was actually offered Canada for a separate
settlement she replied “ that whenover the two crowns should come to
treat. His M ost Christian Majesty would show how much the engagements
ho might enter into wero to bo relied on, by his exact obsorvanco of thoso
ho already had with his presont allies.” Quoted as “ a sentenco which I
much liked,” by Franklin in a letter to John Adams, April 13 1782.

behind to make room; and the crowd of applicants affection deep and ancient prejudices was reserved
left on the dock could not be appeased.
for you. . . W e view with regret the departure
The story of that army of 5,000 men after landing of troops which have so conducted, so endeared, and
is not less unique. They reached land in Rhode so distinguished themselves, and we pray that the
Island after a long and rough voyage. Many laurels they have gathered before Yorktown may
hundreds of them were ill with scurvy. They were never fade, and that victory, to whatever quarter
forbidden by Rochambeau’s orders “ to take a bit of the globe they direct their arms, may follow their
of wood, a sheaf of straw, any kind of vegetables, standard.”
except amicably and in paying.”
When some In­
With the fact before him that “ the three nations
dians who had been allies of the French in Canada who had met in arms at Yorktown, the three whose
came to visit them they could not believe their ancestors had known a ‘Hundred Years’ War’
eyes when they saw apple trees loaded with ripe have now known a hundred years’ peace,” M .
apples hanging untouched over their camp. The Jusserand is certainly justified in leaving it to the
Americans held their inherited English traditions world to judge whether or not the France he so fitly
about the French and were also uncertain at first in represents retains the spirit and the temper of the
their welcome. They arrived July 11 1780. They past, and in cherishing the unspoken confidence
found New York strongly held by the English, while that that spirit, when the time comes, can yet redeem
their service was to be most needed far to the South. the world.
In time they marched the whole distance, crossing
the Hudson with Washington’s army and joining
CANADA FUNDING ITS WAR INDEBTEDNESS
in the siege of Yorktown with the aid of the French
TO GREAT BRITAIN.
fleet in October of 1781. The surrender of Corn­
(From An Ottawa Correspondent.)
wallis quickly followed. Then appeared the note­
Ottawa, Canada, August 6 1916.
worthy scenes which proved the attitude and temper
of the French.
A transaction of the greatest importance to Domin­
No trace of a triumphant bearing toward a van­ ion and Imperial war finance has been concluded
quished enemy appeared in anything they did or between the Minister of Finance and the British
said. The Frenchmen had come a long way over Treasury. For a period after the outbreak of the
both strange seas and land at no small risk and cost war, the Canadian Government borrowed the greater
to themselves. Their fleet had distanced the part of its war expenditure from the Imperial Govern­
powerful English rescuing fleet at the Capes by but ment. Subsequently, by reason of improvement
eight days. “ The English,” writes Abbe Robin, in the revenues of the Dominion and the successful
the French chaplain, “ laid down their arms at the flotations of its loans on this side of the Atlantic,
place selected. Care was taken not to admit sight­ the Dominion became able to finance its war expendi­
seers, so as to diminish their humiliation.” Rocham- ture in Canada and also to assist the British Govern­
beau, learning that Lord Cornwallis was without ment in financing its purchases through the Imperial
money, lent him all he wanted. Cornwallis realized Munitions Board.
that the French had fought for a cause dear to their
For over a year now, the Dominion Finance De­
hearts and in his final report wrote: “ The kindness partment has borrowed from the Imperial Treasury
and attention that has been shown us by the French only the amount represented by our expenditures
officers . . . their delicate sensibility of our in Great Britain and at the front. All advances so
situation, their generous and pressing offers of far received from the British Government have
money, both public and private, to any amount, has entered in the books of the Dominion as temporary
really gone beyond what I can possibly describe.”
borrowings. Under the arrangement which is now
The feeling in France completely corresponded. being made the Dominion Government will pay
It was expressed by the pastoral letter of thanks­ off from time to time its temporary indebtedness to
giving sent out by the Primate of Lorraine in which the British Government by the issue to the Imperial
he rejoices that “ the blood of our allies and of our Treasury of Dominion bonds bearing the same rate
generous compatriots has been spared, and why of interest and having the same maturities as the
should we not note with satisfaction that tho forces issues of the Imperial Government from the pro­
of our enemies have been considerably weakened, ceeds of which the advances have been made.
their efforts baffled, the fruits of their immense
The amount of the bonds will be calculated having
expense lost, without our having caused rivers of regard to the issue price of the Imperial securities.
their blood to be spilt, without our having filled In a word, the Dominion Government will without
their country with unfortunate widows and moth­ any flotation expenses fund its temporary indebted­
ers?” For this, as well as for victory, thanks must ness by the sale of its bonds to the Imperial Treasury
be offered. One of France’s most authoritative bearing interest at the favorable rate of which the
publicists of the day wrote “ It will be England’s Imperial Government has been able to borrow in
glory to have created peoples worthy of throwing the London market since the outbreak of the war.
off her yoke, even though she must endure the The Dominion Government bonds will be payable
reproach of having forced them to independence by in dollars and all necessary adjustments of exchange
forgetfulness of her own maxims.”
will be made. On the whole, the exchange has been
General Washington was so much impressed by most favorable to the Dominion.
the spirit of the French that he kept up intimate
The first transaction will involve the extinguishing
correspondence with Rochambeau until his death; of over one hundred millions of temporary indebted­
and innumerable addresses expressing fervent grati­ ness of the Dominion by the issue to the British
tude were sent from the legislatures of various States. Treasury of three and one-half per cent and four
The Maryland Assembly wrote: “ T o preserve in and one-half per cent bonds maturing in 1928 and
troops far removed from their own country the 1945. These Dominion bonds will not be sold but
strictest discipline and to convert into esteem and will furnish the basis of Imperial banking credits



in United States and Canada, from which payments
will be made on this side of the Atlantic.
The arrangement thus greatly assists the British
Government in its financing of the purchases of
munitions and supplies for which dollar credits are
necessary. The plan embodies the proposal made
by the Minister of Finance to Lord Reading and
the Representatives of the British Treasury when
in New York last fall, arranging the $500,000,000
Anglo-French loan. The Minister had in view the
purpose of clearing up by the issue of permanent
securities the floating indebtedness of the Dominion
and at the same time providing the Imperial Govern­
ment with the best of collateral for bank advances.
The Dominion securities will of course be sold, but
will continue to be owned by the Imperial Govern­
ment.

RELAXING RESTRICTIONS AGAINST COMBI­
NATION FOR BENEFIT OF EXPORT TRADE.
The bill already mentioned as in preparation for
the benevolent afterthought of helping exports by
relaxing, on their exclusive account, somewhat of the
statutory counterblasts against combination gen­
erally, comes to mind again by having a favorable
report ordered for it in the House Judiciary Com­
mittee. The bill exempts from the Sherman Act
of 1890 “ an association entered into for the sole pur­
pose of engaging in export trade and actually en­
gaged in such trade, or an agreement made or act
done in the course of export trade by such associa­
tion, provided such association, agreement or act
is not in restraint of trade within the United States.”
The proviso here seems entirely verbiage, for any
agreement or action which is not in restraint of trade
must of needs lie without the reach of a law that
expressly aims to prevent just that restraint and so
states in its title. Yet perhaps we should recognize
a distinction just at this point, since two sections of
that law of 1890 penalize any combination or attempt
to restrain or monopolize any part of either inter­
state trade “ or with foreign nations.” So, then, this
new bill would allow monopoly or restraint in export
trading, provided trade at home is not affected
thereby.
Section 3 of this new bill proposes to lift, on behalf
of exports, the gate in section 7 of the Clayton law
as to one corporation controlling or owning another,
with a proviso that the exemption is valid “ unless
the effect of such acquisition or ownership may be
to restrain trade or substantially lessen competition
within the United States in articles of the kind ex­
ported by the association whose stock is acquired
or controlled,” this being inserted to appease the
anti-trust rage. Yet the natural effect of large
exports of some article might be to raise its price
here and cause a restraint or reducing of competition.
Who is to decide the effect, and how, is left unpro­
vided for; it is intrinsically absurd, also, to enact
that a certain course in business, a course naturally
harmless, shall be held lawful unless its effect proves
injurious. That is, men may proceed to arrange and
act on certain lines, at their risk that somebody may
afterwards declare the effect to have been bad and
the proceeding therefore be adjudged, because of its
effects, to have been illegal from the beginning. It
is true that such absurdity is not wholly new now, for
section 7 of the Clayton law seems to condition the
lawfulness of corporations owning corporations upon
the subsequent effect of such ownership.



As already pointed out, this new bill offers another
sop to the anti-trust fury by declaring that the Trade
Commission law of 1914 shall apply to unfairness in
export trading “ even though the acts constituting
such unfair methods are done without the territorial
jurisdiction of the United States.” That is, even in
the export trade which the Administration is at the
moment bent upon encouraging, if anything unfair
is done on the high seas or within a foreign jurisdic­
tion, it shall be punished when the guilty ones come
back. A careful proviso, since nobody can be pun­
ished until he is caught; and although it used to be
held that the jurisdiction of a country stopped at
its boundaries so many things are changed nowadays
that we need not be over-scrupulous about such
points.
Section 1 of this new bill discloses another peculi­
arity. It defines the words “ export trade” as used
in the bill to be solely trade in goods exported or
in course of export to a foreign nation, but adds
that those words shall not be deemed to include “ the
production or manufacture within the United States
or any territory thereof of such goods, wares or
merchandise, or any act in the course of such pro­
duction or manufacture.” So a ban is to be lifted
in furtherance of exports, but all existing bans and
impediments in the statutes are to rest with un­
diminished weight upon all production of the things
for exporting and upon all acts or processes for making
those things. Comment upon this inconsistency
need not be at length; but is it not somewhat like
facilitating the departure of a ship laden with goods
for export by loosening one end from the dock and
keeping the other end fast? Still, this also is not
unprecedented.
The thing illustrates once more what we are
tempted to call statutory tomfooling with business.
A long course of interference and impediment­
making, under the name of regulation and in defer­
ence to a public feeling the depth and permanence
of which it is not necessary for this occasion to con­
sider, is followed by attempts to qualify, lighten and
release. An Administration which has outdone
any of its predecessors in the activity and presump­
tion of its efforts to fix business (especially corpora­
tions) according to what it conjectured the people
wanted, is now trying to please the people by un­
tying somewhat where it has been tying up. This
is a campaign year. The Administration is in the
campaign all over, and it makes rather sorry work
of trying to face in both ways, that it may please
everybody.
______

THE LOCAL TRACTION SETTLEMENT.
The local traction trouble has been once more
settled. The only reason why it may not properly
be treated as a closed incident and forgotten is the
remaining question whether this is more than the
latest of settlements. A treaty, or something which
may pass for one, has been drawn up and signed;
order and superficial good-fellowship have returned;
the cars are running as usual; each side claims a
triumph, and the chief party in interest (the public)
is satisfied with once more escaping a great un­
pleasantness. The real question, because the con­
tinuing one, is whether anything substantial has been
settled, and what that is.
Article 1 of the treaty sets forth that “ the em­
ployees have the legal and moral right to organize.”
This has not been disputed, because it is a natural

right; any statutory or other attempt to abridge it
would be as futile as trying to move the pyramids
with the bare hands. In the remainder of the
article the company gives a pledge not to interfere
with this organizing right “ either by intimidation,
coercion, or discharge, nor shall employees under­

take to interfere with other employees in their exercising
of their rights to decline to organize, either by intimida­
tion or coercion.”
In Article 2 the company agrees to treat with “ a
committee of the employees” upon any and all
questions arising; the men’s committee may choose
their own spokesmen or advisers, with which action
the company will not interfere in any way; but if the
committee “ shall select to represent it the officers
or other representatives of any particular organiza­
tion their appearance on behalf of the committee
shall not be deemed to be a recognition on the part
of the company of the organizations of which they
arc the officers or representatives.”
Article 3 provides that “ the question of wages and
working conditions between the employees and the
company shall be taken up by and through a com­
mittee of the employees with the officials of the
company” on a date to be chosen and not later than
the 20th of this month. Further, the committee
and the company promise “ to attempt to reach” a
satisfactory settlement on all questions of wages
and working conditions, and where this attempt
fails they are to go to three arbitrators chosen in the
time-honored manner, one by each party and the
third by the other two. Action so reached is de­
clared to be final and binding, and this is to be the
method in case of disputes which may arise here­
after.
Article 4 merely declares, as something “ the com­
pany wants clearly understood, in the interest of
the public, that the direction and control of employees

in all matters looking to efficiency in the service remains
with the company and is not to be the subject of con­
ference or arbitration,” but whether any particular
matter falls within this declaration is to be subject
to the arbitration as provided.
Now Article 1 is merely words, except in. its final
clause, which goes squarely against the closed shop;
men may come or refuse to come into the union,
and in this entire treaty there is not a word implying
even the “ preferential” employment of union men.
Yet the closed shop is the final and necessary stand
of unionism as that has become, for the open shop
is free and therefore independent. These outsiders
came here for the express and avowed purpose of
applying the closed shop, and in that they have
failed. Collective bargaining and arranging are
agreed to, but they were already available; if the
men want to ask advice of some fellow from Detroit,
or elsewhere, or want him for their spokesman, that
is agreed to> but this is not to be construed as an
official “ recognition” of the outsiders by the com­
pany. On its face, this is a concession obtained
from the company and is the nearest to a triumph
for the intervenors; but if the promised efforts for
a permanent smoothness of relations go on success­
fully the men will bo unlikely to desire any outside
spokesman or counsellor. For the rest, the under­
taking for future arbitration, we know how arbitra­
tion has worked as to wages and working conditions;
there is no guaranty yet that the future will not
stir up trouble, but, altogether, the men who came
here to breed insurrection unless the intended central



control of public utilities were attained without it,
have failed, at least for the present.
The chief lesson, we must again point out, is for
that indifferent yet easily stirred party in the case,
the public. The union managers are shrewd in
holding public utilities their best field, for any hint
of impending trouble there sets going a vest number
of people who dread inconvenience far more than
they care about permanent policies. Any menace
of transportation brings an appeal to local officials
(if the case is local) or to Federal officials if it is
more general, and the effort is to get any arrange­
ment fixed which may fend off the present trouble;
that accomplished, there are congratulations all
around, and the public take no thought of whether
anything real has been accomplished.

TREASURY FINANCES FOR THE FISCAL YEAR.
In other years we have always made it a practice
to present a review of Government debt and finances
for the fiscal year with the appearance of the Gov­
ernment revenue and debt statements soon after
the close of the year. For 1916 this has not been
possible up to the present time, owing to the revision
inaugurated the 1st of last October (and continued
since then) in the daily and monthly statements of
the Government, and the delay that the change
involves in getting out the monthly returns, in which
are included the various adjustments found necessary
under the new system of presenting the accounts.
Thus the “ Financial Statement of the United States
Government,” which is the new form of what was
formerly the monthly Public Debt Statement, did
not come to hand on this occasion for June 30 until
Saturday of last week (August 5). The return
appears to have been mailed from Washington
August 4 and reached us the next morning.
When the new system of accounting was inaugu­
rated last October attention was chiefly directed to
two main changes, the effect of which was greatly to
swell the amount of the available cash balance.
There are other changes, however, which, though
of smaller importance, have the effect of rendering
study of the accounts more difficult than before
and which disturb somewhat the comparisons with
previous years.
As far as the two main changes are concerned, they
consist (1) of the elimination from current liabilities
of the amount deposited by national banks for the
retirement of national bank notes but not yet paid
out for that purpose, and (2) in the exclusion from
the liabilities side of the general fund of the item of
“ disbursing officers’ balances.” In making the first
change the Secretary of the Treasury had warrant
of law for what he was doing, Congress having dis­
tinctly provided under the Act of July 14 1890 (as
shown in our issue of Nov. 20 1915) that such de­
posits should be treated, not as a current liability,
but as part of the public debt. As regards the
elimination from the current liability side of the
account of disbursing officers’ balances, the Secretary
was able to adduce plausible and convincing reasons
for the change. It was pointed out that these dis­
bursing officers’ balances consist of amounts placed
by the Secretary of the Treasury to the credit of dis­
bursing officers, and the money in many instances
is not spent for months and sometimes not at all,
being returned to the Secretary’s account. Whether
or not one viewed the action with approval, the

integrity of the step taken was not open to question,
since the Treasury has continued to report the
amount of the balances, ancl if one chose it was
possible to figure the balance in the old way by de­
ducting the item.
Our own view is that so far as the disbursing
officers’ balances consist merely of amounts placed
to the credit of disbursing officers and against which
no checks or warrants are outstanding, it would ap­
pear to be sound practice to disregard them, on the
theory that the liability has not yet actually accrued
and no demand on the Government against the same
could therefore be made. On the other hand, to
the extent that warrants and checks have actually
been issued, they should be treated as a liability of
the Government and available cash balance corre­
spondingly reduced. The basis for this theory is the
same as that which controls the action of the business
men in marking down his available balance the
moment he draws a check or a series of checks against
the same. This is substantially the practice now
followed by the Treasury Department in the ad­
justments that are carried into the monthly state­
ment in the reconciliation that is made with the
daily statement. In a letter to us in discussing that
phase of the question and published in our issue of
N ov. 27 last, Assistant Secretary of the Treasury
Malburn admitted that, “ so far as checks issued by
disbursing officers were not taken into account in
the daily statement, an opportunity for criticism
would be offered” ; but there seemed to him “ no
advantage in deducting checks drawn by disbursing
officers unless there is also added the amount of
funds held by collecting officers but not yet de­
posited.”
Nevertheless, judging from the adjustments made
in the June 30 1916 statement just to hand, after
over a month’s delay, the effect of the taking into
the account of outstanding checks and warrants is
to reduce by a substantial amount the available
balance, even though allowance be made for off­
setting items. The balance held by the Treasurer
of the United States as per the daily Treasury
statement for June 30 1916 was §236,879,591.
From this, there is now deducted §953,645 for “ net
excess of payments over receipts in June reports
subsequently received,” making the “ revised bal­
ance” §235,925,946. As against this latter there
are then entered on the other side of the account
the following: treasury warrants §2,309,295; ma­
tured coupons §579,920; interest checks §329,697,
and disbursing officers’ checks §13,843,128; leaving
the actual available balance §218,863,995.
This last is a large balance and shows a flourish­
ing condition of the Treasury. That conclusion
would have to be expressed, even on the old basis
of stating the accounts, for, given the balance re­
ported in the daily Treasury statements of §236,­
879,591, and deducting the whole of the §59,027,603
then standing to the credit of disbursing officers
according to the old method of treating the accounts,
there would even then remain a balance of over
§177,000,000. In a statement given to the press
immediately after the close of the fiscal year Secre­
tary M cAdoo asserted that this was the largest
balance in the general fund of the Government since
1908.
This favorable state of the Treasury is due to the
fact that for the fiscal year Government revenues
considerably exceeded the disbursements. That is



the exact opposite of the experience in the pro­
ceeding fiscal year, when there was a heavy deficit.
Just what the amount of excess for the twelve
months was it is impossible to state, owing to the
confusion caused by the other changes made in the
accounts. The daily Treasury statement for June 30
reported the excess of ordinary receipts over or­
dinary disbursements for 1915-16 at §61,112,813,
against a deficit of §42,867,797 in the preceding
year caused by ordinary disbursements exceeding
ordinary receipts in that amount. This is on the
basis of the exclusion of the Panama Canal opera­
tions, which were responsible for payments of
§18,629,571, while the tolls, &c., received were only
§2,554,576, leaving a deficit of over §16,000,000,
which, if deducted from the §61,112,813 surplus of
ordinary receipts over ordinary disbursements, would
leave a net excess of only §45,000,000. In the pre­
vious fiscal year the receipts from Panama Canal
tolls, &c., were §4,119,407 and the expenditures
§25,821,654, leaving a deficiency of §21,702,247,
which when added to the §42,867,797 deficiency
of ordinary disbursements over ordinary receipts,
brought the deficiency for that year up to over
§64,000,000. These figures are supposed to be on
the basis of actual cash receipts and disbursements,
but the expenses are all lumped together in a single
item, and no details are furnished, so that it is im­
possible to know how the different branches of the
expenditures compare. In the monthly debt or
financial statement there is a detailed exhibit of
the expenditures under the different heads, but here
the figures are on the basis, not of cash payments,
but of “ pay warrants drawn (net.)” This yields
entirely different totals from those reached in the
other case. On the basis of warrants drawn the
total of disbursements (not counting those o n
account of the Panama Canal) was §723,508,519
in 1915-16, against §733,234,730 in 1914-15. On the
basis of checks and warrants actually paid, the com­
parison was §716,367,674, against §734,411,580.
If the disbursements on the basis of warrants
drawn constitute true material for comparison and
study (and as already stated, this is the only state­
ment that undertakes to show the details of the
expenses) then the revenues ought also to be shown
in revised form, so as to include amounts in transit
and the funds held by collecting officers but not
yet deposited when the daily statement was issued.
No such revised or adjusted statement, however,
of receipts is furnished, and hence it is absolutely
impossible now to give a combined statement show­
ing in detailed form the leading items of both the
revenues and disbursements. In this situation we
can only say that on the cash basis used in the
daily statement the revenues were §777,480,488 in
1915-16, against §691,543,783 in 1914-15. The gain
was almost entirely in the income tax and in the
ordinary internal revenue. The customs receipts
were but slightly larger, being §211,866,222, against
§209,268,107, both amounts being the lowest since
1899.
According to the “ Financial Statement” just
issued, the net public debt of the United States on
June 30 1916 was §1,006,281,572. On June 30 1915,
according to the old form of the “ Public Debt State­
ment,” the net debt was §1,089,848,006. The
apparent reduction for the twelve months is 83)^
million dollars, which is much larger than the excess
of receipts over disbursements, as noted above.

This, however, does not allow for the change in the
method of computing the results. Available cash
in the Treasury is deducted in both instances, but
on June 30 1915 this cash was diminished by the
whole amount of the disbursing officers’ balances,
while on June 30 1916 it was diminished by only a
portion of the amount. On the old basis of com­
puting the figures the net debt June 30 1916 would
be $1,047,293,579, as against $1,089,848,006 on
June 30 1915, a decrease for the twelve months of
somewhat over 42)^ million dollars.

THE LEHIGH VALLEY RAILROAD REPORT.
The Lehigh Valley R R . is the first of the large
companies to submit its annual report for the fiscal
year ending June 30. The year was a prosperous
one for the railroads of the United States by reason
of the wonderful activity of trade that began to
develop about September or October last, and whose
origin is found in the great war that is now devas­
tating so large a part of the world. In the Lehigh
Valley case, however, there were offsetting disad­
vantages. In other words, the year, as far as this
company is concerned, was not without its draw­
backs. It was, nevertheless, a very good year,
even though the Lehigh Valley was not able to
realize such extraordinary benefits from the pre­
vailing favorable conditions as the railroads gener­
ally.
In the first place it is found that though total gross
revenues, as compared with the year preceding, in­
creased $4,85.6,607, in the revenue from the coal
freight there was actually a small decrease, namely
$384,656. The report explains the decrease as
being due to the reduced revenue received from the
transportation of anthracite coal because of the lower
rates ordered by the Inter-State Commerce Commis­
sion, effective April 1 1916, and a decreased tonnage
of that commodity as a result of the unsettled labor
situation in the anthracite region during negotiations
for a new contract between the miners and the
operating coal companies.
The Lehigh Valley is one of the largest of the
anthracite carriers, but the efforts of the manage­
ment have been directed towards the development
also of the merchandise traffic, and it is a noteworthy
circumstance that with the great increase in the
revenue from the merchandise freight secured in the
year under review, the total of this merchandise
freight revenue actually exceeded by $1,500,000 the
revenue from the coal freight. In the previous fiscal
year the company had derived $19,195,755 from the
coal freight and $16,005,501 from the merchandise
freight. In the year under review the revenue from
the coal freight was $18,811,099 and that from the
merchandise freight $20,363,250.
In speaking of the coal freight it should be under­
stood that this means anthracite coal and bituminous
coal combined. The management have been gradu­
ally enlarging the bituminous tonnage, and in the
late year there was a growth in the tonnage of bi­
tuminous coal and coke from 2,292,411 tons to
3,503,877 tons (reflecting the presence of manufac­
turing activity of which the company was quick to
take advantage), while the anthracite traffic fell
from 14,602,519 to 13,914,456 tons, owing to the
causes already enumerated.
Another drawback in the late year was the freight
congestion that developed in New York Harbor
because of the inability of the steamship lines to



handle the unusual volume of export freight con­
signed to the belligerent countries of Europe. The
cost to the Lehigh Valley is reflectedJn the fact that
a debit balance of $1,040,297 accrued against the
company for “ hire of equipment.” In^the previous
year this debit balance was only $68,808, and in the
year preceding there was a credit balance in amount
of $325,440. President E. B. Thomas points out
that this heavy charge for “ hire of equipment” arose
entirely out of the condition which confronted prac­
tically all those railroads terminating at the Eastern
seaboard which were called upon to deliver to the
European-bound vessels the vastly increased exports
due to the war abroad. Harbor facilities generally,
he states, had not been built to take care of such a
volume of traffic as resulted. The consequence was
that there was a large accumulation of the cars of
other railroads, particularly those from Western
points, and under the general railroad rules the com­
pany had to pay a per diem charge to these other
companies for their equipment. This congestion, it
is asserted, also added very materially to the expense
of handling freight without any corresponding in­
crease in revenue. Then, too, the rise in the prices
of all material and supplies required in railroad
operation added considerably to operating costs, a
condition which still exists.
However, the company was able, as already stated,
to enlarge operating revenue in amount of $4,856,607j
As against this there was an augmentation in operat­
ing expenses of $3,145,590, but this still left a gain
in net earnings of $1,711,017, or over 13%. Of the
increase in expenses, $1,157,137 was in maintenance
of equipment and $1,707,926 was in the transporta­
tion expenses. It is evident that advantage was
taken of the growth in earnings to make liberal out­
lays to defray the cost of work that would not have
been undertaken except for the satisfactory character
of the revenue returns, and the report says that “ very
substantial charges to expenses have been made for
the condemnation of old locomotives too light for
economical operation and for the remodeling of such
engines as were still serviceable but not of the proper
degree of efficiency.” To this is added the further
statement that “ the expense for maintenance of way
and structures has likewise increased, the earnings
for the year having permitted a liberal policy in this
respect also.”
Under the present management a broad policy has
been pursued from the first in making improvements
and providing additional facilities for the efficient
and economical handling of traffic. This policy is
still being adhered to with great fidelity, and future
needs are being prepared for well in advance. Presi­
dent Thomas states that with the outlook encourag­
ing for a continuation of a large volume of traffic,
heavy expenditures for additional facilities were
authorized during the year. In another part of the
report it is noted that $10,642,896 was expended
during the year for the improvement and develop­
ment of existing properties and for the acquisition of
new property. Another significant remark in the
report, indicative of the progressive methods being
pursued, is the statement that “ with the work that
has been done and the work now under way, your
company will have within the next few months prac­
tically no freight equipment that is not either all­
steel or steel underframe.”
Under such methods growing efficiency of opera­
tions is the natural result. With an increase of

12.47% in the number of tons of freight moved one
mile, the increase in freight-train mileage was only
5.13% .
This means that the average train-load was
raised still further. In the case of the revenue ton­
nage the average load was increased from 597 tons
to 639 tons, and in the case of total tonnage (includ­
ing company freight) from 619 tons to 661 tons.
These are high averages and they indicate a great
advance as compared with the earlier years. No
direct comparisons with these earlier years is possible
since statistics are now compiled on a different basis,
the Inter-State Commerce Commission having with
July 1 1914 ordered material changes in the accounts.
Still, as indicating in a general way the progress that
has been made, we may note that in the report for
1910 President Thomas directed attention to the in­
crease in the average train-load of revenue freight
from 485 tons in the year 1903 to 542 tons in 1910.
If the comparison be extended further back, the im­
provement effected is found to have been even more
noteworthy, for in 1898 the average train-load was
only 384 tons, and this apparently included company
freight.
Under the increase in net income the surplus re­
maining on the operations of the year over and above
fixed charges amounts to $7,666,440, as against only
$6,322,445 in the previous fiscal year. As the call
for the 10% dividends which are being paid is $6,­
'060,800 per annum, the balance remaining in 1914-15
was very small, but that for 1915-16 is of substantial
proportions. The company pursues very conserva­
tive book-keeping methods, and in 1916 a further
reduction was made in the book value of the capital
stock of Coxe Brothers&Co., Inc., $1,000,000 having
been charged off on that account in profit and loss.
A like reduction was made in the book valu e of this
property in each of the eight preceding years, and
altogether $9,000,000 has now been charged off.
During the year $11,697,000 general consoli­
dated 4)^s were issued. Of these bonds $1,000,000
were placed in the treasury and $10,697,000 were
sold. It is pointed out in the report that since 1910,
when the $20,166,900 of new stock was sold to the
shareholders at par, the only other new capital obli­
gation created has been the sale in December 1913
of $10,000,000 of the same issue of general consoli­
dated 4)/2S, the proceeds of that sale having been
$9,000,000. Altogether, counting both the new
stock and the new bonds issued, $39,703,445 new
funds have been provided since 1910. On the other
hand, the new capital expenditures in the same period
have been no less than $56,511,528. The company,
however, is in an easy condition as far as current
cash resources are concerned. The balance sheet for
.Tune 30 shows that aggregate current liabilities then
were only $8,845,634, while current assets (including
$3,371,895 of materials and supplies) aggregated no
less than $22,197,363, of which $15,126,595 was in
shape of actual cash.

RAILROAD GROSS EARNINGS FOR THE FIRST
HALF OF 1916.
It is an extraordinarily favorable statement of
railroad gross earnings that we are able to present
to-day for the first half of the current calendar year.
Indeed the record in this respect stands as unique,
the improvement over the corresponding half year
of 1915 being of such exceptional dimensions. In
magnitude of gain the record for this year has never



been equaled, while for ratio of improvement it
would be necessary to go b a ck . several decades to
the period following the resumption of specie pay­
ments on January 1 1879 (when as a result of that
step the country’s industries became completely re­
juvenated and development proceeded by leaps and
bounds) to find larger percentages of increase.
Our compilations are very elaborate, covering
492 roads operating in 1916, 249,444 miles of line,
being all but a trifling percentage of the entire rail­
road mileage of the country, and it appears from
these tabulations— which are presented in detail
at the end of this article— that these roads earned
in gross fully $324,219,430 more in the first six
months of 1916 than in the first six months of 1915.
It is unnecessary to dwell upon the importance or
the significance of such a gain in earnings as 324
million dollars— the figures speak for themselves.
To be entirely precise, the steam railroads of
the United States earned $1,705,541,433 gross in
the first six months of 1916, against only $1,381,­
322,003 in the first half of 1915, both being ob­
viously aggregates of huge magnitude, indicative of
the size and importance of the country’s rail trans­
portation system and the success of our efforts to
cover the same in the gathering of these statistics.
The ratio of improvement works out 23.48%, which
is the same as saying that the gross revenues for
1916 were considerably over one-fifth and nearly
one-quarter larger than in the first six months of
last year.
The showing is a truly wonderful one and the
result was a foregone conclusion from the first.
Month by month the increases have been piling up,
each month confirming the experience of previous
months and swelling still further the accumulating
total of gain. During 1916 industrial activity in
the United States has been on a prodigious and un­
precedented scale, and that fact was bound to be
reflected in the revenue returns of the railroads. We
are dealing to-day only with the gross revenues of
the roads, it being too early as yet to have complete
returns of expenses and net earnings, but it is pos­
sible to say with entire confidence that the gains in
net earnings, when the returns are compiled some
weeks hence, will also be of very substantial propor­
tions. The stimulus to trade activity has come from
the execution of war orders and from the literally
insatiable demands of the belligerent countries of
Europe for supplies of all kinds— food, clothing and
practically everything else— the United States being
in effect the only country capable of meeting Euro­
pean needs in that respect. All this made not only
for a large volume of export business, but for even
larger gains in export values since for the great
majority of things the United States was in position
to name its own prices. Aggregate export values as
a result have reached simply stupendous figures.
The situation is one that has had few if any parallels
either in the history of this or of any other country.
The United States had a still further advantage
in the fact that last season’s agricultural harvests
were more than ordinarily plenteous.
The cot­
ton crop of the South was on a greatly reduced
scale, partly by design, diminished acreage having
been planted to count as an offset to the superabun­
dant yield of the previous season, and the grain
harvests in certain portions of the Southwest fell
below those of the previous season, but with these
exceptions the agricultural outturn of 1915 was un­

usually satisfactory. In short, practically every­
thing combined to swell the freight traffic of the
railroads and with trade active in every direction
and business generally prosperous the passenger
traffic likewise increased.
It is also to be borne in mind, however, in judging
of the magnitude of the gain— which in the public
mind is sure to attract more attention than anything
else— that comparison is not with normal earnings
last year but with totals considerably below the
normal. The first six months of 1915, while showing
a gradual but slow recovery in business, were not
a period of active trade or of large railroad revenues.
On the contrary they were a period of declining
revenues and the loss experienced was the more
noteworthy inasmuch as it followed a loss also in
the first six months of 1914 which was decidedly a
period of shrinking trade. It follows, therefore,
that in no small measure this year’s gain represents
what was lost in the years immediately preceding.
For the first half of 1915 our compilations registered a
decrease of $41,423,035. For the first six months of
1914 the record was yet poorer, the loss then aggre­
gating $84,601,109. We may go a step further and
assert that as a matter of fact there was little per­
manent growth in railroad revenues in the first six
months even of the years immediately preceding;
1913, with its increase of $136,097,376, recorded
a fairly satisfactory addition to gross earnings, but
this addition was less significant than it otherwise
would have been, inasmuch as it followed only a
moderate increase in 1912 and an actual loss in 1911.
For the first six months of 1912 our compilation
registered an increase of no more than $51,012,535,
or 3.99% . In the first half of 1911, as stated, there
was an actual falling off in gross earnings, the amount
of the loss reaching $26,557,747, or 2.03%
The situation then appears to be that after a long
period of poor and indifferent, or only fair, results
the railroads in 1916 at last again came into their
own, and at one bound, under the stimulus of the
European war demand for all of the country’s
goods and products, retrieved themselves.
Continuing the comparisons into the past, it is
necessary to go back beyond 1911 to get really satis­
factory results arid really striking ratios of improve­
ment. In 1910, when trade activity was in full
swing, the addition to the gross revenues reached no
less than $173,044,812, or 14.85%, while in 1909,
when there was a recovery following the tremendous
shrinkage that occurred after the panic of 1907, the
increase was $122,730,709, or 11.86%. On the other
hand, in 1908 the loss, according to our tabulations,
was $197,085,791, or 16.65%; but the figures related
to only 202,172 miles of road, and we estimated that
the total falling off must have reached $235,000,000.
Prior to 1908 the country was in the full flush of
prosperity and the trend was almost uninterruptedly
upward for a full decade. The table we now insert
gives the comparisons for the first six months of each
year back to 1897.
Year
Given.

I Ti­
Year
Preced. er'se.

Year.

Miles.

M iles.

1897 ........
1898 ........
1899 ____
1900 ........
1901........
1902 ........
1903 ........
1901........
1905 ........
1906 ........
1907 ____
1908 ........
1909 ........
1910........
1911........
1912........
1913........
1914........
1915........

%

Year
Given.

Year
Preceding.

$

S

Increase
or
Decrease.
S

%

158,295 157,463 0.52 473.0.84,924 475,293,350 — 2,208,426 0.46
158,775 157,702 0.68 530,375,776 477,035,482 + 59,340,294 12.44
161,166 159,865 0.81 556,326,364 623,231,211 + 33,095,153 6.32
166,704 162,190 2.79 643,342,643 565,393,511 + 77,049,132 13.78
175,371 171,257 2.40 704,538,792 642,321,514 + 62,217,278 9.69
179,065 176,459 1.47 749,023,005 701,688,284 + 47,334,721 6.74
173.655 169,747 2.36 847,034,318 745,087,476 + 101,910,842 13.68
177,673 173,495 2.41 794,929,168 810,131,9.83 — 15,202.815 1.87
185,912 183,320 1.41 910,027,258 846,375,228 + 63,652,030 7.52
196,571 194,005 1.32 1.049,355,572 922,696,020 + 120,059,552 13.72
200,352 197,715 1.52 1,185,196,030 1,050,957,676 + 134,238,354 12.77
202,172 200,083 1.01 987,005,757 1,1.84,091,548 — 197,085,791 10.05
230,022 227,369 1.12 1,157,508,747 1,034,778,038 + 122,730,709 11.86
235,462 231,104 1.88 1,33.8,344.300 1,165,299,494 + 173,044,812 14.85
235,293 229,824 2.25 1,281,282,115 1,310,839,862 — 26,557,747 2.03
230,020 236,285 1.16 1.329,686,550 1,278,074,015 + 51,012.535 3.99
243,701 240,522 1.32 1,470,556,1 13 1,334,458,737 + 130,097,376 10.16
247,619j245,656 0.79 1,379,095,321 1,403,096,430 — 84,601,109 5.78
248,159 246,338 0.74 1,388,472.003 1,429,895,038 — 41,423,035 2.90
1 9 1 6 .......... 249,444 248,124 0.53 1,705,541,433 1,381,322,0)3 + 32 4,219 430 2'.48
N o te .— Neither the earnings of tne Mexican nor Canadian roads nor tho mining
operations of the anthracite coal roads are Included In this table.




RECEIPTS OF FLOUR AND GRAIN AT SEABOARD JAN. 1 TO JUNE 30.
R eceliis of—
1916.
1915.
1914.
1913.
1912.
8,466,135
Flour.......... bbls 13,771,000 13,652,000 10,500,000 11,006,000
W heat___ bush 200,448,000 135,441,000
Corn
.................. 30,374,000 38,509,000
O ats_______ _____ 95,051,000 81,848,000
Barley .................... 16,162,000
5,893,000
Rye........................... 7,417,000
6,272,000

68,077,000
13,288,000
13,961,000
7,067,000
1,980,000

81,077,000 51,480,813
40.9S6.000 23,881.663
27,675,000 23,679,682
13,226,000 3,626,790
1,838,000
282,062

Total grain____ 349,452,000 267,965,000 104,373,000 164,802,000 105,951,010

Earnings.

Mileage.
Jan. 1
to
June 30.

All the different statistics and trade indices tell the
same story of a growing volume of traffic under
which the splendid record of revenues now displayed
has been achieved. The iron and steel trade, as is
well known, was active beyond all others and the
situation in that respect is well illustrated by the
fact that the United States Steel Corporation, on
January 1 1916, reported unfilled orders on the
books of its subsidiary corporations of 7,806,220
tons, and on June 30 1910, of 9,640,458 tons, as
against only 3,836,613 tons and 4,678,196 tons, re­
spectively, on January 1 1915 and June 30 1915. The
shipments of Lake Superior iron ore for the season
to July 1, in 1916, reached 19,615,567 tons, as against
only 11,521,283 tons in the same period of 1915, and
but 9,624,116 tons in the same period of 1914. This
ore moves from the upper lake ports to the lower
lake ports, whence it is carried by rail to the furnaces.
The tonnage of freight passing through Sault Ste.
Marie Canal was also considerably larger. For the
period to July 1 the shipments were 27,469,307 tons
in 1916, against 17,144,134 tons in 1915.
Coal shipments over the railroads were of course
everywhere on a greatly increased scale. The remark
is not true as regards the anthracite trade, where
the shipments in the first six months of 1916 were
but little larger than in the first six months of 1915,
the comparison being between 33,421,665 tons and
32,328,991 tons. The statement, however, applies
with much force to the shipments of bituminous coal
and of coke. A few illustrations will suffice. Over
the eastern lines of the Pennsylvania Railroad 24,­
269,137 tons of bituminous coal were shipped this
year, against^20,261,777 tons in the^six months of
last year, and of coke 7,357,793 tons, against 4,99^,j
919 tons. The Baltimore & Ohio had bituminous
shipments of 16,549,164 tons, against 13,902,641
tons, and coke shipments of 2,236,237 tons, against
1,627,001 tons. The Norfolk & Western carried
18,194,699 tons of coal and coke, against 13,205,447
tons,
and
the Chesapeake & Ohio carried
13,632,410 tons of bituminous, against 10,118,199
tons.
The grain movement ran much in excess of that of
previous years both in the West and at the seaboard.
At the seaboard the receipts of wheat, corn, oats,
barley and rye aggregated 349,452,000 bushels in
1916, against 267,965,000 bushels in 1915 and 104,­
373,000 bushels in 1914, as per the following:

At the Western primary markets there was a
large gain in the case of all the leading cereals but with
wheat contributing an especially large increase, the
receipts of that cereal for the 25 weeks to June 24
having been 171,556,000 bushels, as against 103,­
267,000 bushels in the same weeks of 1915 and 84,­
315,000 bushels in the corresponding weeks of 1914.
Combining wheat, corn, oats, barley and rye, the
aggregate grain receipts for the 25 weeks this year
were 473,102,000 bushels, against 353,134,000 bushels
in 1915 and 318,810,000 bushels in 1914. The de­
tails of the Western grain movement in our usual
form are set out in the following:

W E S T E R N G R A IN R E C E IP T S .

Jan. 1 to
June 24.

F lo u r .
( b b l s .)

W h e a t.
( b u s h .)

C o rn .
( b u s h .)

1916___ 4,787,000
1915___ 4,230,000

37,776,000
23,714,000

50,554,000
47,092,000

640,000
1,010,000

2,637,000
2,130,000

5,560,000
9,458,000

17,138,000
11,997,000

1916___ 2,198,000
1915___ 1,722,000

15,763,000
8,885,000

10,777,000
11,301,000

7,265,000
9.327.000

627,000
591.000

423,000
116.000

2,469,000
1,992,000

2,279,000
2,507,000

1,362,000
2.438.000

7.000

26,000
55.000

O a ts .
( b u s h .)

C h ic a g o —

M ilic a u k e e —

1916___
1915___

T o le d o —

1916___
1915___

P a rle y .
( b u s h .)

Rye
( b u s h .)

66.892,000 15,984,000 2,188,000
51,221,000 9,813,000 1,589,000
8,520,000 1,244,000
6,355,000 1,359,000

D e t r o it —

1916___
1915___

160,000
187,000

1,169,000
971,000

2,512,000
1,701,000

2,034,000
1.654.000

1916___
1915___

378,000
492,000

276,000
473,000

2,378,000
2,380,000

2,004,000
1,973,000

16,000
17.000

21,000
15.000

1,325,000
1,394,000

2,326,000
2,119,000

19,845,000
7,564,000

4,741,000
4,520,000

1,506,000
1.006.000

290,000
98.000

13,466,000
9,485,000

54,000
1,819,000

977,000
2,071,000

1,840,000
1,322,000

425,000
285,000

54,678,000
34.945,000

3,617,000
8,786,000

25,718,000
14,388,000

15,461,000
11,438,000

1,754,000
2.900.000

15,278,000
4,165,000

13,353,000
12,983,000

3,995,000
3,894,000

C le v e la n d —

P e o r ia —

1916___
1915___
Duluth—

1916___
1915___

M inneapolls

1916___
1915.........................

K an sas

City—

1916___
1915___

16.33S,000 15,598,000 1,898,000
7,003,000 9,329,000 1,283,000

has added $21,723,869. Including all roads owned
and controlled which make monthly returns the
Pennsylvania’s gain is increased to $46,851,534, and
that of the New York Central system to $41,643,­
094. The Union Pacific has an increase of $12,764,­
761, the Baltimore & Ohio of $10,951,013, the South­
ern Pacific of $10,226,322, the Atchison of $10,218,­
079, and so we might go on naming one large system
after another as distinguished for important gains.
In the following we furnish a summary of all changes
for the separate roads for amounts in excess of $500,­
000, whether increases or decreases. It is needless
to say that there are no decreases for this sum and
as a matter of fact, out of the whole 492 roads making
returns there are only 10 roads having losses of
any kind.

O m aha—

1916___
1915___

P R IN C IP A L C H A N G E S IN G R O S S E A R N IN G S J A N . 1 TO JU N E 30.
Tn rrrn sv’ s

Total o f All—
1910 ------ 9,488,000 171,556,000 120,390,000 124,550,000 44,091,000 6,515,000
1915------ 9,035,000 103,207,000 117,029,000 99,598,000 28,440,000 4,800,000

The live stock movementjat the West appears also
to have been much heavier than in the preceding
year. Of sheep the receipts at 16 leading points
were, 5,576,560 head in the six months of 1916, against
5,412,787 head in 1915; of hogs 18,869,362, against
16,616,936 and of cattle 4,993,183, against 4,199,­
396, making the total for the three combined 29,439,­
105 head, against 26,229,119. '
The cotton movement in the South of course
underwent considerable shrinkage. The gross ship­
ments overland for the six months of 1916 were
1,308,994 bales, against 1,245,811 bales in 1915,
785,908 bales in 1914, 757,916 bales in 1913 and
1,050,320 bales in 1912, but it is to the receipts at
the Southern ports we must look for the true measure
of the falling off. In the six months of 1916 these
Southern port receipts were only 2,800,697 bales,
against 5,605,173 bales in 1915 and 3,365,164 bales
in 1914. In the table we now insert, we show the
port receipts for each of the last six years.
R E C E IP T S OF C O TT O N A T SO U T H E R N PO RTS FR O M JA N . I TO JU N E 30
■----------------------------------- Since January 1------ ----------------------------Ports—
1910.
1915. 1914.
1913.
1912.
1911.
G alveston------bales.
975,05S 2,013,802 1,228,673 918,855 1,237,441
607,510
Texas C ity, A c ......... 176,173
390,449 217,909
202,871
328,912 250 888
New Orleans.............. 507,515 1,164,757
828,560
463,002
779,215 596 0S5
M o b ile --------- ---------88,311
70,117
129,510
08,853
148,448
58,145
Pensacola, A c ............
48,075
85,550
54,885
41,072
178,838
86,394
S a v a n n a h .................. 359,3S0
912,561
422,287
287,724
802,881 298,202
Brunswick.....................
80,400 154,700
67,900
43,929
101,095
53,280
Charleston....................
63,617 182,330
41,137
49,132
113,013
37,442
G eorgetow n...............
101
1,857
______
110
589
738
W ilm ington...................
78,110 104,300
69,971
47,540
1S9,681
74,834
N o r f o l k ..................... 314,490
371,079
200,720
159,770
279,791 115,189
N ewport News, & c ..
49,419
81,671
97,540
59,195
26,521
1,140
T o t a l ....... .............. 2,800,697 5,605,173 3,365,164 2,402,659 4,247,705 2,265,913

The improvement in earnings extended to all the
different months of the year, the gains being large
in both amount and ratio in each and every month.
Weather conditions— barring local exceptions, such
as a heavy fall of snow in the Cascade Mountains in
January— had little influence in affecting results,
the winter having been a mild one, the same as in
1915. We annex here a summary of the monthly
totals:
•M O N T H L Y S U M M A R IE S.
191G.
1915.
1915.
$
S
246,838 267,043,635 220,203,595
244,809 267,579,814 209,573,963
246.548 296,830,406 238,098,843
245,773 288,453,700 237,512,648
247,189 308,029,096 244,580,685
201,001 266,086,396 221,840,738

■----- M ileage ------1916.
January
................ 247,620
February ................ 245,541
M a r c h .......................... 247,363
April.............................. 246,615
M ay ....................... .248,006
June ......................... 202,809

----- I n c . or D ec . ----J
%
+46,840,010 21.27
+58,005,851 27 68
+58,731,563 20.47
+50,941,052 21.45
+63,448,411 25.94
+ 44,245,658 19.94

As far as the separate roads are concerned the
character of the returns is the same as the character
of the general result; that is to say, the gains come
from all sections o f the country and all classes of roads,
and are in the great majority of cases of very large
extent. Thus the Pennsylvania on the lines directly
operated, east and west, has added $39,807,639,
to its total of last year and the New York Central



In crea ses.

Pennsylvania (3 )........... c$39 ,807,039 El Paso A Southwestern S I .689,601
New York Central_____ 621,723,869
Chicago A East Illinois.
1,603,489
Union Pacific (3 )______
12,764,761 Buffalo R och A P ittsb.
1,570,986
Baltimore & O h io_____
10,951,013 Duluth M issabe A N o r.
1,560,455
Southern Pacific (1 0)_ 10,226,322 Chicago A A lto n _____
1 , 472,673
A tch T op A Santa Fe(-l) 10,218,079 Chicago St 1‘ M A O ___
1 ,321,949
Great N orthern_______
8,931,073 Florida East C oast____
1,271,290
Northern Pacific______
8,771,991 Cin N ow Orl A T ex I’ac
1 ,206,467
Chicago M ilw & St Paul
8,598,433 Virginian----------------------1,138,368
C hic Burl A Q uincy____ « 7 ,746,469 Bessemer A Lake E rie. .
1 ,137,756
N orfolk & W estern____
7,636,336 N ashv C hatt A St Louis
1,130,845
Chicago & North W e st.
7,482,587 V andalia-------- -------------1,060,373
Erie (2 )________________
6,499,510 Grand Trunk W estern.
1,044,060
Louisv ille & N a sh v ilio ..
6,233,039 W estern M arylan d ____
1,041,769
N Y N H & H a rtfo rd ..
6,205,068 Colorado A Southern(3)
909,525
Southern R ailw ay_____
6,186,950 St Louis Southwest (2 ).
949,426
Philadelphia A Reading « 5 ,740,011 Chicago Great Western
917,600
M ichigan Central_____
5,343,928 W estern P a cific______
896,385
Illinois Central_________
5,273.263 San Pedro L A A S L__
884,900
Clev Cine Cliic A St L .
5,113,915 Union (P a ).......................
883,014
W abash________________
4,017,569 Chicago Ind A L o u ls v ..
731,710
Chesapeake A O hio____
4,658,170 Y azoo A M iss V a lle y ..
715,038
Delaware Lack A W est.
4,549,008 Lake Erie A W e ste rn ..
701,707
Pittsburgh A Lako Erio
4,439,088 H ocking Valley_______
697,208
Missouri P acific_______
a4,078,388 T oledo A Ohio C entral.
681,567
Boston A M aine
4,371,511 Indiana Harbor B elt___
678,418
M lnneap St P A S S M .
3,996,865 M ob ile A O h io_________
670,676
St Louis A San F r (4 )._
3,887.376 Texas A P a cific-----------660,610
Chic R ock Isl A I’a c ___ 03,342,533 Long Island___________
654,340
Central o f New Jersey. . 02,944,561 N Y Phila A N o r fo lk ..
609,750
Elgin Joliet A E astern ..
2,803,343 Alabama Great S o u t h ..
599,934
•Lehigh Valley__________
576,537
2,732,420 M aine C entral_________
A tlantic Coast Lino____
561,479
2,508,148 West Jersey A Seashore
Phi la Balt A W ash____
2,369,732 Carolina C linch A Ohio
556,484
B oston A A lbany______
2,243,395 Canadian Pac in M aine
538,242
W heeling A Lake E rio. .
2,220,635 Duluth A Iron R a n g e ..
526,351
Delaware A Hudson___
2,189,305 Kansas C ity S ou th ern ..
507,461
Pore M arquette_______
2,002,135 T oledo St Louis A W est
504,645
N Y Chicago A St Louis
1,842,234
Seaboard A ir L ine_____
1,816,599
Representing 102 roads
Denver A R io G rande. _
1,743,527
In our com p ila tion .f3 01 ,07 4 ,787
N o te .
Figures in parenthesis after name o f road indicate number o f lines
companies for which separato returns are given in our com pilation.
a Figures aro for fivo months only,
b These figures cover merely the
operations o f the N ew Y ork Central itself. Including the various auxiliary
and controlled roads, like the M ichigan Central, the “ Big F o u r ,” the
“ N ickel P late,” A c ., the whole going to form the N ew York Central
S y s te m , the result" is a gain o f 841,643,094.
c This is the result for the Pennsylvania R R ., together with tho Penn­
sylvania C o m p a n y and tho Pittsburgh Cincinnati Chicago A St. Louis, tho
Pennsylvania R lt . reporting 823,485,188 increase, tho Pennsylvania C o m ­
p a n y 810,397,988 gain and tho P. C . C . A St. L. $5,924,463 gain.
In­
cluding all lines owned and controlled which make m onthly returns to tho
Inter-State Comm erce Commission, tho result is a gain o f $46,851,534.

We now adcl our full detailed statement for the
six months, embracing all roads for which it has been
possible to procure or make up the figures for that
period.
GROSS E A R N IN G S F R O M

Name o f Road.

Alabama A Vicksburg.
Ala Great Southern__
Ann Arbor____ ______
Arizona A New Mexico
AtchT ASFe(4rds.).C
Atlanta Birm & Atlan.
Atlanta & West Point.
Atlantic A St Lawrence
Atlantic Coast Line__
Atlantic City ..............
Baltimore A Ohio........
B A O Chic TermRR
Bangor A Aroostook..
Beau S Lako A W est..
Bessemer A Lake Erie.
Belt Ry of Chicago__
Bingham A Garfield..
Birmingham Southern.
Boston A Maine_____
Buffalo A Susq RR____
Buffalo A Susq Ry____
Buffalo Roch A Pittsb.
Can Pac Ry In Maine.
Caro Clinch A Ohio__
Central New England.
Central of New Jersey c
Central of Georgia___
Central Vermont........
Charleston A West Car
Chesapeake A O h io...
Chicago A Alton..........
Chicago A East Illinois
Chic A North W est.c..
Chicago Burl A Quincy
Chic Det A Can GT Jet
Chicago Great Western
Chicago Ind A Loulsv.
Chicago Junction____

1916.

s

848,45£
2,930,70S
1,350,592
403,525
66,782.014
1,470.50C
695,710
y960,678
19,037,124
j/780,455
55,628,377
921,626
2,081,749
316,946
4,570,864
1,494,656
1/893,034
538,630
26,441,124
1/686,037
V106,337
5,993,007
1,310,998
1,593,077
2,394,840
V15,190,788
6,088,207
1/1,826,942
979,726
24,002,722
8,171,978
8,109,385
46,289,620
1/41,810,901
1/498,415
7,452,869
3,883,958
1,195,972

JA N U A R Y

1915.

1 TO

JU N E 30.

Increase ( + )
or
Decrease (— ).

Mileage.
1916. ) 1915.

$
S
700,452
+ 148,007
143
143
2,330,834
+ 599,934
309
301)
1,095,871
+ 254,721
294
294
850,321
+ 53,207
112
109
50,504,535 + 10,218,079 11.270 11,136
1,278,829
+ 191,671
640
638
680,552
+ 115,158
93
93
1/078,992
+ 281,686
167
167
10,528,970
+ 2,508,148
4,706 4,699
+ 101,199
170
1/685,256
170
44,677,364 + 10,951,013 4,535 4,510
+ 187,974
79
733,652
80
2,054,062
+ 27,687
632
632
204,999
+ 51,947
119
119
3,433,108
+ 1,137,756
205
205
1,490,574
+ 4,082
31
24
1/592,645
+ 300,389
27
27
346,750
+ 191,880
43
43
22,069,613
+ 4,371,511
2,302 2,302
1/565,113
+ 120,924
253
253
1/91,215
+ 15,122
91
91
4,422,021
586
+ 1,570,980
580
772,756
+ 538,242
234
233
+ 556,489
1,036,588
283
248
+ 220,822
2,168,018
301
304
+ 2,944,501
1/12,246,227
680
677
5,774,804
+ 313,463
1,924
1,924
+ 312,447
411
1/1,514,495
411
870,696
+ 109,030
341
341
19,944,552
+ 4,058,170 2,386 2,372
6,099,005
+ 1,472,973
1,052
1,052
6,505,896
+ 1,603,489
1,136
1,136
38,807,041
8,108 8,108
+ 7,482,585
1/34,070,432
+ 7,740,469
9,369 9,370
1/385,899
+ 112,516
60
60
0,535,269
1 ,496
+ 917,600
1,427
3,152,248
+ 731,710
622
622
989,388
+ 206,584
13
24

N a m e o f Road.

1915.

S
S
Chicago M ilw A S t P-\
51,243,739
42,645,306
Chic Milw A PugSd/
Chlo Rock Isl Sc Pacific #29,267,362 #25,924,826
Chic Rock Isl & Gulf
1,500,486
1.314.58C
866,241
Chic Peoria A St Louis
722,62/'
9,568,241
8,246,292
Chic St Paul Minn A O
#1,0.83,595
Chic Terre Haute & S E
#861,001
4,694,739
Cine Ham & D ayton..
4,555,551
6,866,024
Cine N O & Tex P a c..
4,659,557
554,471
Coal & C o k e ...
471,15-1
7,351,634
Colo & South (3 roads)
6,442,109
#439,656
Colorado A Wyoming.
#268,694
074,145
Colorado Midland----653,899
#351,570
Copper Range..
#281,015
362,669
Cumberland Sc Penn..
399,627
12.970.603
Delaware & Hudson..
10,781,291
24,929,327
Delaw Lack A Western
20,380,319
11,335,227
9,591,700
Denver & Rio Grande.
3,517,289
2,620,904
Westem Pacific___
810,371
691,612
Denver Sc Salt Lako.. .
920,648
733,809
Detroit A Tol Sh Line.
606,422
517,806
Detroit Sc Mackinac. .
1,630,125
Det Gr Hav Sc MIIw..
1,275,230
#282,388
Detroit Terminal
#178,466
#928,641
#588,641
Detroit Toledo Sc Iront
Duluth & Iron Range.
2,620,095
2,093,744
Duluth Mlssabe Sc N o r
4,659,797
3,06)9,342
Duluth Winn Sc P a c..
1,002,005
639,191
Duluth So Sh Sc Atl__
1,735,841
1,436,84!
Elgin Joliet A Eastern.
7,095,296
4,291,95!
El Paso Southwestern.
5.697.847
4,008,246
Erie (2 roads)_____ c.
36,113,550
29,614,046
Florida East C oast...
4,675,148
3,403,856
Fonda Johns & G lov ..
482,460
414,816
Ft Smith & Western..
363,075
261,215
Galveston Wharf
707,796
819,456
Georgia ..............
1.278.71C
1,519,028
Georgia Sc Florida___
1/305,591
#256,335
t/215,482
Georgia Fla Sc Alabama
#197,312
1,023,566
1.232.561
Georgia South Sc F la ..
248,244
Grand Canyon.
257,247
3,550,277
4,594,337
Grand Trunk Western.
35,784,300
26,853,227
' Great Northern--------#313,152
1/344,671
Green Bay Sc Western.
#662,866
1/835,179
Gulf Sc Ship Island----#2,128,421
t/2,825,629
Hocking Valley.
29,487,718
34.760.981
Illinols Central.
1/283,970
#215,066
Illinois Southern
4.587.561
4,260,169
Internet Sc Great Nor.
#1,037,516
#962,752
Kan City Mcx AOrlent
4,747,319
5,254,780
Kansas City Southern.
y383,659
#346,070
Kansas City Term----278,633
101,605
Lako Superior Sc Ishp.
285,668
213,860
Lako Terminal.
1,015,067
911,640
Lehigh Sc Hudson RIv.
23,141,354
20,408,934
Lehigh Valley..............
1,482,509
1,277,806
Lehigh & New E n g ...
777,695
835,305
Louisiana Sc Arkansas.
975,795
1,024,201
Louisiana Ry A N a v..
30.994,776
Loulsvlllo Sc Nashville.
24,761,737
835,631
Lou Isv Hend & St L ..
066,223
y244,311
Manistee Sc N o E ast..
#214,659
6,016,566
Mai no Central_______
5440,029
Midland V alley..........
943.715
632,568
Mineral R a n ge..........
522,568
450,648
M St P Sc S S M(2 rds)
16.335.603
12,338,738
Minn & Internat’l___
467,073
428,946
Mlnncap A St Louis..
5,197,385
4,795,082
Mississippi Central__
401,191
361,948
Miss River Sc Bonne T
439,284
344,729
Missouri & No Arkan.
575,442
537,985
Mo Kansas & Texas..
15,728,590
15,096,545
#470,124
Missouri Okla Sc Gulf.
y589,367
Missouri Pacific (2 rds) y26,504,310 #22,425,922
6,012,062
5,341,386
Mobile Sc Ohio.
387,555
698,987
Monongahcla Connect.
266,500
188,571
M ontour____________
294,592
218,647
Munising Marti A S E.
5,271,632
6,402,477
Nashvlllo Chatt Sc St L
y345,462
#326,276
Now Jersey A N Y ___
1,005,120
Nevada Northern____
678,169
455.716
Newburg Sc Sou Shore.
300,031
1,902,698
Now Orl Sc Northeast.
1,727,918
1,050,789
Now Orl Mobile Sc Chic
852,947
y699,203
New Orl Texas & Mex.
#575,918
#812,451
New Orl Groat North.
#643,037
97,682,858
Now York Ccntral-c.75,958,989
10,362,902
Boston Sc Albany.c.
8,119,507
110,548
Chic ICal & Saginaw
97,718
895,209
Clno Northern.c----707,479
22,156,175
Clov CIn Ch Sc St L.c
17,042,200
37,891
32,345
Detroit & Charlevoix
2,260,388
1,581,970
Indiana Harbor Belt
1,823,113
1,325,818
Kanawha Sc M lch.c.
2,760,140
3.467.847
Lako Erie Sc W est.c.
16,558,053
21.901.981
Mlchlgan Central.c.
7,037,944
11,477,032
Plttsb Sc Lako Erlo.e
2,072,004
2,753,631
Toledo * Ohio Cent c
#123,613
yl48,511
Zanesville Sc Western
5,681,706
7,523,940
N Y O h io* St Louis..
32,283,909
N Y N H A Hartford..
38,489,037
3,987,310
N Y Ontario A Western
4,149,808
N Y Susa A Western. c
2,003,030
2,188,910
Norfolk A Southern__
1,912,038
2,368,615
21,505,722
Norfolk A W estern...
29,142,058
Northern Alabama___
329,622
245,515
Northern P acific____
36,363,999
27,592,005
Northwestern Pacific..
1,521,572
1,933,381
Pennsylvania—Lines E ast of Plttsbu >h—
Pennsylvania R R .lc 111,644,193
88,159,005
Northern Cent./
85,077
28,797
Balt A Sparrows Pt.
460,262
486,758
BaltChesA Atlan.c.
250,399
140,438
Cornwall A Lebanon
1,778,951
Cumberland Valley .c
1,391,988
6,707,340
Long Island . c --------6,053,000
364,697
378,674
Maryland Del A Va.c
Monongahcla--------1,033,614
602,709
N Y Phlla A N orf.c.
2,476,000
1,866,250
Penn Terminal........
252,274
233,069
Phlla Balt A Wash.c
12,086.349
9,716,617
Susq Blooms A Berw
145,854
48,773
Union R R of B alt..
946,749
709,320
W Jersey A Seasli.c.
3,339,695
2,778,221
h—
Lines West of Pittsburg
105.699
Central Indiana----91,370
Cine Lebanon A Nor
403,893
307,166
2,767,607
Grand Rap A Ind.c.
2,406,531
Pennsylvania C o . c . .
35,614,209
25,216,221
Pitts Char A Yough.
244,728
146,085
Pitts CIn Ch A St L.c
24,364,073
18,439,610
Tol Peoria A W est..
576,759
541,534
Vandalla.c-------------6,217,371
5,156,998
Wayncsb A Wash—
58,254
53,377
Peoria A Pekin Union.
y457,649
#397,904
Pero Marquette..........
10,679,636
8,677,501
Perklomen....................
y319,700
#240,232
1/999,441
Pitts Shaw A Northern
#720,432
PhlladelphlaA Reading y24,638,817 #18,898,806
y732,016
Port Reading.
#636,218




Increase (+ )
or
Decrease (— )

Mileage.
1916.

1915.

S
+8,598,433

10,210

10,076

+3,342,533
+ 185,900
+ 143.61:
+ 1,321,94!
+222,594
+ 139,181
+ 1,206,467
+83,317
+ 909,525
+ 170,962
+20,246
+ 70,555
— 36,955
+2,189,305
+4,549,008
+ 1,743,527
+ 896,3S5
+ 118.75C
+ 186.83G
+ 88,622
+354,895
+ 103,922
+ 339,998
+ 526,351
+ 1,560,455
+362,814
+ 298,998
+ 2,803,343
+ 1,689,601
+ 6,499,510
+ 1,271,290
+ 67,642
+ 101,860
— 111,654
+240,318
+ 49,256
+ 18,170
+ 208,993
— 9,093
+ 1,044,060
+ 8,931,073
+ 31,519
+ 172,319
+ 697,208
+5,273,263
+ 68,904
+ 327,392
+74,764
+ 507,161
+ 37,589
+ 177,028
.
+71,808
+ 103,427
+2,732,420
+204,703
— 57,610
— 48,406
+ 6,233,039
+ 169,408
+29,652
+ 576,537
+ 311,147
+ 71,920
+ 3,996,865
+38,127
+402,303
+39,243
+ 94,555
+ 37,457
+32,045
+ 119,243
+4,078,388
+ 670,676
+311,432
+ 77,929
+ 75,945
+ 1,130,845
+ 19,186
+326,951
+ 155,685
+ 174,780
+ 197,842
+ 123,285
+ 169,414
+21,723,869
+ 2,243,395
+ 12,830
+ 187,730
+ 5,113,915
— 5,546
+ 678,418
+ 497,295
+ 701,707
+ 5,343,928
+ 4,439,088
+681,567
+ 24,898
+ 1,842,234
+ 6,205,068
+ 162,498
+ 185,880
+ 456,577
+ 7,636,330
+ 84,107
+ 8,771,994
+ 411,809

7,559
477
255
1,753
373
622
337
197
1,812
43
338
13G
62
886
955
2,577
941
255
81
393
191
20
441
277
411
187
628
800
1,027
2,256
745
88
254
13
307
348
193
395
64
347
8,102
253
308
350
4,767
137
1,160
738
837
20
35
11
97
1,444
296
279
351
5,038
200
190
1,220
385
120
4,229
196
1,646
104
64
365
3,865
334
7,485
1,122
6
52
138
1,231
48
165
13
204
402
286
285
5,700
393
45
245
2,384
43
110
176
900
1,803
224
435
90
670
2,005
668
140
908
2,086
113
0,509
507

7,852
477
255
1,753
374
1,003
337
197
1,798
53
338
140
64
881
959
2,585
941
255
79
400
191
20
441
273
370
185
626
777
1,027
2,256
745
88
221
13
307
350
193
395
64
347
8,077
253
308
351
4,767
137
1,160
738
827
20
35
11
97
1,442
296
279
351
5,034
200
190
1,219
380
120
4,104
196
1,646
164
71
365
3,865
334
7,283
1,122
6
51
138
1,231
48
165
13
204
403
286
285
5,653
393
45
245
2,381
110
176
900
1,800
224
435
90
569
2,005
568
140
900
2,044
113
0,503
401

+ 23,485,188

4,541

4,512

+56,280
— 20,496
+ 109,961
+ 380,963
+ 654,340
— 13,977
+ 430,905
+ 609,750
+ 19,205
+ 2,369,732
+ 97,081
+ 177,429
+ 561,474

5
87
26
163
397
82
108
112
5
717
42
8
358

5
87
26
163
397
82
75
112
5
717
42
8
356

+ 14,329
+96,727
+301.076
+ 10,397,988
+ 98,643
+ 5,924,403
+35,225
+ 1,060,373
+ 4,877
+ 59,745
+ 2,002,135
+ 79,408
+ 279,009
+ 5,740,011
+ 95,798

127
76
575
1,758
22
1,489
248
917
28
19
2,249
42
294
1,120
21

127
75
575
1,758
22
1,479
248
010
28
18
2,286
42
294
1,120
21

N a m e o f Road.

Quincy Om A K an City
R ay A Gila Valley____
Richm ond Fred A P o t.
R io Grande Southern.
R utland..........................
St Joseph A Grand Isl.
St L A San Fr (4 rds).
St Louis Browns A M ex
St L M erch B A Term .
St Louis Sw. (2 rds) c
San Ant Uvalde A G . .
San Ant A Aran Pass.
San Pcd Los Ang A S L
Seaboard Air Line____
South Buffalo________
Southern R y ....... ..........
Southern R y In M is s ..
Southern Pac (10 rds) c
Spokane Port A Seattle
Spokane International.
Staten Isl Rap Tran s. .
Sullivan C ounty...........
Tennessee Central____
Term Assn o f St L ____
Texas A P a cific..........
Texas M idland_______
Tonopah A Goldfields.
Toledo St L A Western
Trinity A Brazos V ail.
Ulster A Delaware____
Union Pacific (3 rd s).c
Union RR (P a )______
Union Stk Yds (Omaha)
Vicks Shrev A Pacific.
Vlrginia A Southw____
Virginian_____ ________
W abash........... ..............
Wabash Pitts Term__
Washington Southern.
West Side Belt---------Wheeling A Lake E rie.
Western M aryland____
Western R y of A la____
W llkcs-Barrc A E a s t..
Wlnston-Salem S’b 'd . .
Y azoo A Miss V a lle y ..
249 minor roads...........

1916.
S
#340,152!
290,306
#1,590,500'
256,657
1,958,852
948,583
24,364,847
1,243,452
1,179,506
5,943,669
#248,445
1,567,910
5,709,707
13,042,908
489,151
35,620,884
518,802
72,596,916
#1,835,168
#291,462
626,965
#254,778
803,370
1,653,754
9,070,685
260,428
332,301
2,848,733
408,187
#340,001
50,696,976
2,598,345
276,150
801,324
#802,932
4,016,485
17.824,015
578,141
#772,233
315,506
4,780,873
5,525,030
647,286
#325,995
358,765
6,499,690
23,605,511

In crea se ( + )

1915.

M ile a g e .

D ecrea se (— ).. 1916. | 1915.

S
S
#315,571
+ 24,581
267
268
231,601
+ 58,7057
7
#1,284,773
+ 305,727
88
88
254,112
+ 2,5 45.
180
180
1,633,346
+325,506
468
468
656,858
+ 291,725
258
258
20,477,471
+ 3,887.376
5,244
5,242
1,143,302
+ 100,150
548
548
878,874
+ 300,632
9
9
4,994,243
+ 949,426
1,753
1,753
#204,539
+ 4 3 ,9 0 6
316
316
1,632,193
— 64,283
724
724
4,824,807
+ 884,900
1,154
1,132
11,226,309
+ 1,816,599
3,449
3,447
262,604
+ 226,547
36
36
29,433,934
+ 6,186,950
7,027
7,022
425,215
+ 9 3,587
281
281
62,370,594 + 10,226,322 10,964 10,586
#1,499,018
+ 336,150
556
555
#273,082
+ 18(380
164
163
589,033
+ 37,932
11
11
#199,939
+ 54,839
26
26
714,673
+ 88,697
294
294
1,303,003
+ 350,751
37
37
1,944
8,410,075
+ 660,610
1,944
228,511
+ 31,917
125
125
339,238
— 6,937
110
110
2,344,088
+504,645
451
451
+ 14,712
393,475
358
315
+ 1,422
#338,579
129
129
37,932,215 + 12,764,761
7,935
7,807
+ 883,614
1,714,731
32
31
+ 39,087
237,063
34
34
+ 160,801
640,523
171
171
+ 115,467
#687,465
225
240
2,878,117
+ 1,138,368
505
504
13,806,446
+ 4,017,569 2,519 2,519
335,060
+243,081
63
63
#550,537
+ 221,696
36
36
144,761
+ 170,745
23
23
2,560.238
+ 2,220,635
512
512
4,483,261
+ 1,041,769
689
661
619,147
+ 28,139
133
133
#297,392
+ 28,603
92
92
221,478
+ 137,287
94
94
5,784,652
+ 715,03.8
1,382
1,382
19,450,638
+4,154,873 13,314 13,045

Grand total (492 rds) 1.705,541,433 1,381,322,003 +324,219,430 249,444 248,124
N et Increase 2 3 .4 8 % ).

y These figures are for live months only In both years,
c These figures are furnished by the company.

INCONSISTENCY OF POSTMASTER IN ORDERING
COLLECTION ON NON-MEMBER B AN KS FREE
A N D CHARGING FOR M ONEY ORDERS.
Citizens Bank & Trust Co.,
Athens, Ala., Aug. 4 1916.
The Commercial and Financial Chronicle, New York, N . Y .
Gentlemen: Postmaster-General Burleson has withdrawn

for tho time being his order directing the postmasters in
rural communities to collect checks on non-member banks
in the same localities as that of the post-offices and remit
for them without charge, but it seems his intention is to
issue the same instructions a little later.
Is it not rather inconsistent for a postmaster to be com­
pelled to charge fees (exchange) for post office money orders
to the local patrons of his office and at the same time render
a like but more laborious service for the patrons of the city
post offices free of charge?
I suppose few, if any, country banks have ever charged
as much as thirty cents for remitting $100 00, but that is
tho regular fee for a post office money order of $100 00.
This fee is not for “ interest” on the money, by the way,
the kind of charge authorized and justified by the Federal
Rosorvo Board in its definition of “par” collections in the
July “Bulletin” as quoted on page 369 in your issue of the
29th ult., but just the same sort of charge as the country
banks make for exchange.
The only difference between a money" ‘order issued by
the post office and a draft on New York, say, is if tho draft
is not paid on presentation, the country bank may be closed,
but tho holder of a post office money order has no alternative
but to continue to hold tho money order until the post office
“ takes in” money enough to pay the orders issued against
it. It is not an infrequent happening for the postmaster
in a rural community to send the holder of a money order
to tho local bank to get his money, because the money to
pay the order is not on hand in the post office.
All of the above is true of the express company money
orders.
Would it not be more consistent and compatible with the
functions of a Government institution, such as a post office,
for Mr. Burleson to issue an order compelling the postmasters
in rural communities to carry at all times a supply of adhesive
documentary and proprietary revenue war tax stamps for
salo to the people who must have same in order to obey the
laws of the Government, rather than compel, through custom,
the country banks to carry such stamps to be sold in most
cases without profit, but on the contrary at a loss of interest
on the money kept tied up in such stamps?

You quote Caldwell Hardy of the Federal Reserve Bank
of Richmond as saying that many country banks are with­
out justification for existence. This is most assuredly true
of many post offices and it is passing strange that our Govern­
ment should so neglect its own, while trying to put the
houses of others in order.
Very truly,
W m . S. P e e b l e s , Presid ent.
With his letter our correspondent enclosed the following
blank form, showing the scale of fees charged by the Post
Office Department, for the issuance of postal money orders.

called upon to perform a new task, like the banks o f issue in practically
all the other countries, which have had to enter a fresh sphere o f action.
This was also the roason w hy the Bank has opened highly as teemed re­
lations with the Swedish State Bank and with the Federal Reservo Board
In Am erica, m ore especially with the Federal Reserve Dank in New York.
The number o f banks o f issue in foreign countries with which tho Bank
has com e into direct connection, owing to the war, is therefore again in ­
creased b y two.
W e shall first give a m om ent’s attention to international affairs.
R A T E S OF E X C H A N G E A T A M S T E R D A M O N V A R IO U S D A T E S
OF T H E F IN A N C IA L Y E A R .

Fees for Money Orders drawn on Domestic Form.
Payable in tho United States (which includes Guam , Hawaii, Porto R ico
and T utuila. Sam oa); or payable in Berm uda, British Guiana, British
H onduras, C anada, Canal Zone (Isthmus o f Panam a), C uba. N ew found­
land. at tho United States Postal A gency at Shanghai (C hina), in the
Philippine Islands, or tho follow ing islands In tho W est Indies: Antigua,
Bahamas, B arbados, D om inica, Grenada, Jam aica, M artinique, M on tser­
rat. N evis, St. K itts, St. Lucia, St. Vincent, Trinidad and T ob a go, and
Virgin Islands.
F or orders Prom $ 0.01 to $ 2 .5 0 _________________ 3cents.
From $ 2.51 to $ 5.00_________________ 5 cents.
From S 5.01 to $ 10.00_________________8 cents.
From S10.01 to $ 2 0.00_________lO cents.
From $20.01 to $ 3 0.00------------------------ 12cents.
From $30.01 to $ 4 0.00_______________ 15cents.
From $40.01 to $ 50.00________________18cents.
From $50.01 to $ 60.00_______________ 20 cents.
From $60.01 to $ 7 5.00............................ 25 cents.
From $75.01 to $100.00................ 30 cents.

Pounds sterling------- 12.10%
__
Premium________
D iscount________
Francs____________ 48 '
Discount________
M a rk s____________ 59'. 26'
Discount________
U. S. dollars_______ 2 A 8 H
Premium________
Discount________
Austrian crowns___ 50'41
___
D iscount________
Scandinavian crowns.60.67
__
Premium________
D iscount________
R u b le s _______________ 1.2S~
—
Discount________

M e m o r a n d a o f I s s u i n g P o s tm a s te r :

Note.— T ho m aximum amount for which a singlo M on oy Order m ay bo
issued is $100. W hen a larger sum is to be sent additional Orders must be
obtained. A n y numbor o f Orders m ay be drawn on any M on ey Order
o ffico on any one day.
Applications must bo preserved at the o ffice o f issue for three years
from date o f issue.
T H E N E T H E R L A N D S B A N K I N 1915-1916.
Wo are in receipt of the annual report of the Bank of The
Netherlands, covering the fiscal year ended March 31 1916,
and quote from the remarks of its President, Dr. G. Vissering, as follows:
T no 102nd financial year o f The Netherlands Bank was entirely dom in­
ated b y the constant state o f war with which a large portion o f the civilized
world is still oppressed. The number o f countries involved in the hostilities
was even larger, for Italy chose the side o f the Allies in M ay 1915, and
Portugal follow ed her example in M arch 1916, while the war expanded
further into the Balkans when Bulgaria joined tho Central Powers in
O ctober 1915. A gain, the friendly relations between the United States
o f America and Germ any threatened every now and then to bo ruptured.
T h e sphero o f war consequently grew ever larger, the efforts o f the bel­
ligerent States constantly grew m ore and m ore tremendous, in the field
both o f arms and o f finance. It was tnerefore inevitable that this country
must needs increasingly experience the influence o f tho war, and that the
bank o f issue, one o f tho mirrors o f the econom ic life o f a cou ntry, would
certainly reflect it.
This influence was felt in various ways. It is an incontrovertible fact
that a portion o f the inhabitants o f this country have profited financially
to a considerable degree b y the prevailing state o f war, to such an extent
evon that there was every reason to take steps to lovy a special tax on the
so-called w ar-profits. W e observe a similar phenomenon in m any other
countries, including some o f tno belligerents. One m ust, how ever, be
careful not to draw too hasty conclusions as to the profits m ade b y a m inor­
ity , in contrast with which a large m ajority o f the population have really
suffered owing to the war. All individuals, for instance, with fixed
salaries or other fixed form o f incom e, found their expenses increasing very
considerably, for various o f tho first necessities o f lifo rose from 50 to 2 0 0 % ,
o r even m ore above the normal prices. T he expenditure incurred b y the
Governm ent for the maintenance o f our neutrality imposes uniieard-of
burdens upon tho Treasury, which must naturally be transferred to the
public b y moans o f new taxes. A n entirely new system o f taxation was
consequently devised b y the Governm ent, m ainly to meet expenditure in
connection with the war raging beyond our frontiers. Against a greatly
Increased a ctivity on the one hand, wo find a decline and even a standstill
lu business on the other; the brick industry, inland navigation and the
port works are, for instance, passing through adverse tim es. W o may
consider it a privilege that the scourge o f war had not directly visited tho
country, but nevertheless the K ingdom o f the Netherlands and a large
m ajority o f its citizens experience in a serious degree the disadvantages
o f war conditions. Fortunately, this is being gradually realized abroad,
for at a given m om ent foreign opinion threatened, under the Impression
o f irresponsible and incorrect inform ation through the newspaper press,
t o turn against us, even to such an extent that our political and econom ic
relations with foreign countries seemed to bo adversely affected. T he
Netherlands has, how ever, highly appreciated the fact that distinguished
foreigners from various countries have taken the trouble to com o and m ake
a personal investigation in this country; there could have been ho better
means o f refuting the incorrect and frequently unfair opinions o f us. It
was thenfou nd that Holland had assumed thotask o f m aintaining] amicable
relations with all her neighbors, but above all o f preserving intaco her
neutrality and independence, and that tho great m ajority o f her in­
habitants, before all things, wanted to be N eth erland er and that if needs
be, they would sacrifice everything to remain so. Parallel with this, our
cou ntry continued to offer a calm refuge amidst strlfo, so that hospitality
could be afforded to the liberty o f thought and speech from other coun­
tries, and to refugees In the literal sense o f the word.
T he activities o f T he Netherlands Bank also experienced in a strong
degree the influence o f this extraordinary position o f the Netnerlands
amidst the belligerents; never in its history has tho Bank been called upon
to co-operato to such an extent in international questions. The inter­
vention o f tho Bank in these affairs was m ainly appealed to in connection
with the great fluctuations In the rates o f exchange to other countries,and
also partly because the Bank, as central bank for the whole cou ntry, was




P a r ity A p r i l I
o f ex c h . 1915.
A m t.

A m t.

12.17
0.58%

H ig h e s t
fo r year.
D a te
A p ril

_

•
47.75 April
0.25%
51.97 1$ July
12.29% _
2.53 H April
1.91% ■ _ _
i
38"85* 'April
22.93% ; __
64.05 April

A m t.

12.20
0.83%
_ _
47.80
0.42%
52.221$
11.87%
2.531$
1.91%
____
39.15
22.34%
68.55
2.82%

L ow est
fo r year.
D a le .

Jan.

_
_

Jan.

Jan.

_

Jan.
__
__
Jan.

_
_
_

Jan.

3'. 93%
1.06 H April 1.061$ Jan.
16.99% . . . 16.80% . . .

A m t.

10.391$
._..
14.09%
37.471$
21.93%
39.75
32.92%
2.181$

31
1916.

M ar.

A m t.

11.171$

7.62%
39.21 %
18.31%
41.68%
29.65%
2.341$
_
12.16% 5.83%
26.10 28.85
48.22% 42.77%
61.05 67.65
__ 1-47%
8.43%
74"
65 H
48.63% 42.19%

The appreciation o f foreign values in relation to the D utch guildor has
not on tho whole led to special measures being taken b y the Bank. The
tem porary appreciation o f the £ sterling was o f short duration and was not
o f sufficient im portance to require us to take steps. It is obvious that the
theoretical parities ruling before tho war can no longer bo accepted as
valid; the cost o f insurance repeatedly ran up to 3 % and oven 4 % , and tho
freights were m uch higher, so that under these circumstances tho rise In
the rate o f exchange on London did not b y far roach tho gold parity at the
level o f the altered cost o f transport o f gold. W hen the rise in the dollar
rate had reached the figure o f 2.5.3 % , wo shipped a few consignments o f
gold , after having obtained tho license o f the Governm ent. This dollaraglo lasted but a short space o f tim e, however. The Scandinavian crown
rose on several occasions to a premium .above our guilder, but It was o f too
small an im portance to load to the export o f gold. It was only in the
present financial year that the agio on Sweden ran up to such a high figure
(f75.29 per 100 crowns) that wo felt called upon to check the rise in this
currency and, when desired and if possiblo, to send gold to Sweden.
T he depreciation o f foreign values in relation to tho Netherlands guildor
has, on the other hand, given us far m oro work. Our servicos in this
direction have been m ainly o f tw o kinds:
1. T he depreciation threatened, owing to the accom panying apprecia­
tion o f the foreign currency and the rise in prices which it caused, to impede
in a serious degree the sale o f products o f D utch and D utch East Indian
origin, so that certain branches o f trade and Industry ran tho risk o f being
stopped unless som e means was devised to neutralize tho rise in pricos
created b y tho difference in the rate o f exchange; in such cases wo afforded
our assistance in granting draft credits or advances in account current
against security, with the intention o f postponing as m uch as possible tho
liquidation o f such credits or advances to a timo when tho rates o f oxchange
on foreign countries should have once m ore roturned to normal figures.
W e were able to afford help successfully In various directions. The re­
lation of the U. S. dollar to the guilder is particularly interesting from this
point of view. W hen America, as usual, again purchased tobacco for a
large sum o f m oney on the D utch market, sho was not prepared to pay an
agio on the guilder. Numerous proposals were m ade to deposit gold in
America for our account, but there were several reasons why we could not
accept them. Tho shipment o f gold from America was subject to great
difficulties, chiefly because gold was looked upon as contraband, a cir­
cumstance which exposed tho vessels carrying gold to m any Irksome and
lengthy formalities; hence tho shipowners objected to carrying gold ,
besides the fa ct that such transport was m ost expensive owing to tho high
Insurance premiums. A practical solution to all theso difficulties was then
found for a portion o f those payments b y having confirm ed draft credits
opened with D utch bankers in guilders. T he Bank was then found pre­
pared to discount these drafts on presentation, provided they woro o f pure
com m ercial origin, based on theso sales o f tobacco, a measure which ren­
dered theso bills a coveted Investment for privato discount.
2. Our support in another direction was o f oven greater im portance.
T he balances o f the claims o f our countrym en upon foreign countries,
arising from the sale o f goods, securities, or from coupons and dividends
falling due on foreign bonds, continued to increase In numbor and value.
W hen the great fall o f the £ sterling and tho U. S. dollar unexpectedly
occurred, the funds o f m any concerns and individuals woro theroby tied
up to a grave extent because they cou ld not suffer the heavy loss caused
b y the rate. It Is true that consignments o f gold then reached H olland
from various countries, but for a largo part o f theso outstanding balances
it was either not possible, or n ot desirable, to import gold from abroad.
I f was, o f course, not feasible for The Netherlands Bank to take up all
these balances from the market and thereby attem pt to support the rates
o f exchange, for this would have required the Bank to support equally
the international arbitrage in those currencies, which would have greatly
exceeded its power, quite apart from the many and grave objections which
would ensue for the Bank from such, practically futile, attom pts. It was
somewhat different, how ever, to select a few, specifically D u tch, Interests
from this maelstrom and to take special measures on their behalf. It
was undeniably a D utch interest that tho dividends on American securities
in tho possession o f D utch holders should not bo paid at too low rates
and that banks and factories, tho diam ond and flower bulb trades, and
m any others should again have their funds in foreign currencies placed at
their disposal for the continuation o f their affairs. W e thoreforo an­
nounced that we were prepared to take up a certain number o f those dollar
balances, dating prior to the depreciation o f the currency and o f undoubted
Netherlands origin, and also certain moneys in America which were avail­
able for the paym ent o f dividends on American shares boing undoubted
Netherlands property, at a price considerably above the rate o f oxchange
quoted at the tim e o f purchase, provided that the countervalue were
deposited in gold in our name with tho partlos appointed b y us. A m ple
use was m ade o f this opportunity to realize.
W e should also have been glad to have assisted in making a similar
arrangement for coupons and for securities sold to America, both , o f course,
to be exclusively D utch property, but there were still too great difficulties
to be surmounted before arriving at a satisfactory arrangoinont.
W e also announced that we were prepared to consider tho realization
o f balances in other currencies, although In a different form , but the arrange­
ments had not yet reached com pletion at the close o f tho financial year
under review.

These arrangements necessarily exercised a great influence on the state
The circulation o f silver coin has again caused us much trouble during
o f our gold stocks and on the issue of our bank notes. A country whose tho past year. The demand for silver steadily continued. Silver must
currency is at such a high agio over and abovo those o f neighboring States, serve as a medium of exchange or circulation and has its role to fulfill by
naturally attracts gold. It is true that in other countries, with the excep­ passing from hand to hand; tho mint policy of The Netherlands during tho
tion o f America, the export of gold had been prohibited (though not legally last forty y ears renders it inadvisable to coin a larger sum of silver than
prohibited in England it was virtually so in practice.) Nevertheless, the would be necessary for circulation purposes, plus a certain reserve for ex­
depreciation of a country’s currency creates such urgent demands for
pansion. Tho public has, however, since the commencement of the crisis
payments on the basis of normal rates of exchange that gold must needs, exhibited a great preference to hoarding silver coin, more or less in the
in spite o f the prohibition, come across the frontier unless arrangements manner observed among the Indian peoples. There is, however, between
can otherwise bo made to counter the evil of depreciation. Hence the these groups of peoples the great difference that the Orientals hoard silver
exceptions made permitting of the export of gold to Tho Netherlands have as a form of laying aside capital, while silver, since the great decline in
been numerous. It is certainly remarkable that the export of gold took price, has no longer served for this purpose in the West. In the West,
place quote regularly and practically without difficulty from those coun­ this hoarding is exclusively due to a temporary inclination which in German
tries which had proclaimed a general prohibition o f the export of gold is so well reproduced in tue word “ Angstbedarf,” in other words, as soon
while nearly all shipments to The Netherlands o f gold from America, tho as the cause o f this hoarding, viz: tne fear o f war or crisis, is removed, the
country which had not prohibited the export, wero exooscd to serious silver coin will again be released in large quantities and will immediately
obstructions.
produce an excess in tho circulation. Now, as The Netherlands for many
Tho Netherlands Bank has also had to change its line o f action some­ years after 1875 nas suffered from an excess o f silver in circulation, it will
what under tho present circumstances with regard to the acceptance of be readily understood that the Government wishes to bo extremely careful in
gold. As a matter of fact tho Bank is not bound by any legal or statutory coming silver beyond the actual requirements. In practice it is, under the
regulation to purchase gold; it has, howover, voluntarily assumed tho task present circumstances, exceedingly difficult to determine the extent of the
of purchasing all the gold that was offered to the Bank for sale in connec­ real necessity. Owing to tho passion of the public to retain its silver
tion with the position o f the international rates o f oxchango, and, provided money, this kind of coin loses precisely tho quality it most requires for this
it was offered in a form acceptable to tho Bank, at the fixed price of fl648 country, i.e., that of acting as a medium of exchange, because it no longer
per kilo fine by weight, at Amsterdam, and also all foreign coined gold circulates from hand to hand on account of being held back in this fashion.
at a figure corresponding with this price. The Bank has maintained this If tho Government were to mint large amounts o f fresh coin, the new issues
standpoint during tho war, with tho reservation, however, that it was of silver would most probably also be retained by the public, unless the
no longer prepared to take over gold to an unlimited amount. The exceed­ amount coined were so large that one would perforce fall into the other
ingly abnormal state o f affairs produced by the war created fresh attrac­ extreme of creating a quantity of silver coin far too large for normal cir­
tions to foreign countries to finance gold via The Netherlands when cumstances; such a fresh abundance o f silver coin would, however in the
occasion offered, tho proceeds of which would again benefit foreign coun­ end mean a serious loss to the State, particularly in view o f the present
tries. Tho Netherlands Bank would in this manner, to a certain extent, high price of silver, and would, moreover, produce another great dis­
havo become a tool in the hands o f foreign arbitrage agents in transactions advantage to the community in general, in that the gold stock of The
for which tho Bank would not directly havo rendered its assistance, if it Netherlands Bank would be supplanted exactly to the total excess o f silver
had been asked to do so. Hence, tho Bank has mado tho reservation, which would eventually prove to exist. It is therefore most desirable
during tho past year, that the causes and the objects o f such gold consign­ that careful consideration should be given to the question as to how far
. ments should first be clearly and fully explained before tho Bank would be one must follow tho advice— often superficial— of the public to continue
prepared to purchase, and whenever the Bank considered that there was minting more silver. Without any export o f significance having taken
insufficient ground for such purchase, it refused to do so. In particular place to the East or West Indies, the public has, since July 1 9 1 4 already
the Bank has dec ined several offers to deposit gold abroad for its account;
if, however, in such cases a national interest was at stake, the Bank was taken up close on f 35.000,000—in silver. Wo have recommended the
always prepared to reconsider means of attaining settlements, and to try Government to go a little further in coining silver, but it will be wise if this
and reach the desired object by a different method if necessary. On increase again proves to be insufficient, owing to continued hoarding of
various occasions bill transactions were thereupon substituted for gold silver by the public, once more to resort to a medium of circulation which
shipments. Nevertheless, the Bank has accepted largo amounts of gold does not present such great attractions for hoarding, which will, therefore,
from abroad in cases in which it considered that Dutch interests would continue to perform its role o f circulating medium, and which can be with­
thereby bo promoted. Needless to say, tho price for such purchases drawn without loss or difficulty as soon as the need for it has ceased.
abroad was at a considerably lower figure with a view to tho eventual cost Under the circumstances the Government was practically obliged, over
and above the new minting referred to, to make a further issue o f silver
of transport and insurance.
Owing to all these several causes tho gold stock o f the Bank has risen bonds, and as there was decidedly a demand for one-guilder pieces, a new
silver
bonds o f f I will again be provisionally issued.
to figures never previously seen. The Bank’s return which on the 31st o f
In refutation of a widespread delusion among the public we may here
March 1915, showed a gold stock of f 288,798,581, had on the 31st of March
1916 risen to f 517,193,952— notwithstanding tho fact that besides this state, in spite of repetition, that it is not Tne Netherlands Bank, but tho
stock certain deposits o f gold abroad are included among the items “ cor­ Government, which has the right to coin silver or to issue silver bonds.
If, therefore, the Netherlands Bank Is in possession o f insufficient silver
respondents abroad.”
Theso imports of gold brought about a very considerable expansion of coin or bonds, it is absolutely powerless In itself, without the initiative
o f the Government, to enlarge its stock o f this circulating medium.
the money market which expressed itself in various ways, sucli as a largo
Certain voices were heard here and there urging that The Netherlands
amount o f cash in hands of the bankers, very low rates of private discount
Bank should bring gold into circulation. Such an action would have been
and also, temporarily, the low rate for monthly loans on tho exchange.
a mistake. Gold has to a far greater degree the quality o f being sought
It is a fact worthy o f note that later on the last mentioned rato broke away after by the public in order to hoard it. It is very probable that large
from this low quotation when, owing to other causes, the offer of monthly
sums in bank notes are at present being hoarded. The bank notes are
loans sensibly decreased; hence for some time a privato discount rato of
covered by a percentage of gold never formerly seen, so that the Issue o f
2 % was ruling side by side with a rate for monthly loans o f over 4 % .
Tho easiness o f tho market was also exhibited in the returns of the gold as security against the notes would be quite superfluous. Assuming
Bank, for the items "bank notes in circulation" and "current accounts” that the Bank were to Issue a large amount o f gold coin, it would be held
ran up to sums previously unheard of; the creditors’ account repeatedly back instead o f the notes, and would, therefore, certainly not render
exceeded tho figure of flOO,000,000— and the issue o f bank notes showed service as circulating medium. Now, as the countries round about us.
a fresh record every time. During the entire financial year this account contrary to their former custom, have begun to collect and store their gold,'
has shown a fairly constant riso. On March 31st 1915 it was f 472,428,385 tho free issue o f gold in The Netherlands would, moreover, for this very
— on March 31st 1916 it had reached the figure of f 618,304,57oAand at reason, bo imprudent. The Bank could then not avoid paying out gold
the timo o f writing this report It had increased to such an extent that on for other purposes than for international payments, the regulation o f which
tho 2nd o f M ay 1916 it had reached the figure o f f 689,361,745__which is it keeps in its own hands, and this would enfeeble the gold position o f the
country. Under the present circumstances, wo cannot by any means
about 0 0 million florins higher than somewhat more than a month w n
in tho last week o f March.
B * lend our aid to bringing about such a position.
Wo have thought fit to write off a further depreciation on our claims in
Notwithstanding the decrease of our investments and the most extra­
ordinary increase of funds at our disposal, wo deemed it wise to reduce our foreign values, not because we are In any anxiety as to the settlement o f
official rate o f discount on one occasion only, which was on tho 1st of July those items, but because wo consider it to be a sound financial principle
1915, when we reduced the discount rato from 5 and 5)4% to 4 )£ and 5% , to include, at present, assets in the balance sheet at a price at which, in
case o f need, they could be sold immediately.
and tho loan rate from 5% to 4 )4 % , whilo the rate of interest for short
Credit Operations.
loans and advances on security in account current remained at tho same
During the last ten years the average amount o f operating capital was
figuro, viz. 5 )4 % . A nearer approach has thus again been mado to the
as
follows:
former usual difference o f 1)4% . We made no other chango in the rates
because wo would thereby have also brought about undesirable transactions
and havo induced the transfer o f positions to this country from abroad,
transactions against which we had to bo constantly on our guard, and which
in tho end would only havo meant disappointments and trouble for this
155.511.152
1910-1911.........................
country. Moreover, wo, together with tho Swiss National Bank, quoted
tho lowest rates of all banks o f issue of western centres, whilo in tho East
1911' 1912.............................- ......................................... 160,882.452
only the rato of the Java Bank, which had remained constant at 3 U %
19}2']9}2...........- ........................................................... 166,619.447
since August 1909, stood lower than ours.
0
1913- 1914....................................................
173,001,176
1914- 1915......................
266,373.218
Tho rato standard o f tho various banks o f Issue Is at present as follows:
19151916........
187,566,067
Netherlands______
■4)4% since July 1 1 9 1 5
At an average figure of f 187,566,067 the operating capital during the
E ngland................
•5%
“ Aug.
8 1914
past year was f 78,807,151 lower than tho average sum of the preceding
Franco___________
5%
“ Aug. 20 1914
financial year.
G erm any.............
.5%
“ Dec. 23 1914
Tho average sums advanced to the State were as follows:
Austria-Hungary. _
■5%
" April 10 1915
During tho financial year.................... ..... 1911-1912 f 3,880,249
I t a ly ____________
■534%
N ov. 9 1 Q14
Denmark 1________
“
“ .............- ........... 1912-1913
4,084,246
■5%
“ July 1 0 1 9 1 5
Norway__________
“
"
1913-191411.806,781
.5%
“ M ay 1 5 1 9 1 5
Sweden__________
“
“
1914-1915
10,574,573
■5)4% " Jan.
5 i9 i5
Switzerland______
“
“
1915-191610,202,950
■4)4% " Jan.
2 1915
Money Rates.
Russia___________
6%
" July 27 1914
N etherlands-Indies
Tho Bank rate only changed once during the past financial year.
•3)4% “ Aug
1 19 0 9
Rale
for—
April 1
July 1
In tho Bank’s previous annual roport wo enumerated the several measure"
Discounting :
1915.
1915.
to which tho Bank lent Its assistance, taken witli a viow to controlling thr
B ills ........................................................
4 )4 %
crisis. During tho past financial year wo have continued to assist in the
Promissory notes___________________
5%
application o f theso measures, as far as thero was occasion to do so
Wr
Loans on :
may more particularly mention here that towards tho end of tho financial
Home stocks_____________________
4 )4 %
year we again announced that wo wero prepared to take over monthly loans
Foreign Stocks_____________________
5%
(prolongations) from tho market at tho terms which had been published
Goods____________ _________ _______
4)4%
on previous occasions, if tho borrower had not, after duo nolico been able
Specie______________________________
4)4%
to obtain a fresh loan on tho market. In tho beginning o f tho new flnancia
Short loans___________________________
5)4%
year a moderate use was mado of our offer, for tho offer itself hael apparent! j
Advances on Account Currents________
-5 )4 %
5)4%
already exercised a quieting influence on tho market.
The average rate during the last five years was as follows:




IS] I::::::::::::::::::;;;:;::;;:;;;;;;;; 5S3SJS

order to roap tho profit made from tho collection chargo, and in many
instances such depositors havo also profitod by tho days required for tho
checks in transit, so that a system has been built up which brought profit
to tho country banks and to their depositors frequently at tho oxponso o f .
tho city banks whixh havo accoptod out-of-town items at par and havo
mado a loss of interest and oxchango pending collection.
It has boon estimated that the banks of Baltimore lose $100,000 por
annum on out-of-town items. Wo havo always claimed that ovoryono
should bo troated aliko and that all depositors should bo compelled to pay
a fixed and fair rate of oxchango on out-of-town itoms.
♦Before N ov. 1st 1% , after N ov. 1st 5 % .
Tho banks of Baltimore havo an extraordinary rule which provides that
out-of-town itoms may bo taken at par from depositors who havo boon
P r o f it s m a d e f r o m A p r i l 1 1915 to M a r c h 31 1916.
clionts of tho individual banks since tho rule was adopted many years ago.
Interest on discounted paper__________________________ f3,515,940.72
But if a depositor changes his account to another bankho loses this privilogo
“
“ foreign bills________________________________
634,565.75
and has to pay oxchango. It will bo seen that a depositor is not a freo
“
“ loans______ _________ __________ . . . . . . ____ - 4,224,625.86
stocks___________________________________
384,241.62
agent but is penalized if ho moves his account. This is not tho worst of
“ “
•• “ advances on current accounts__________________
674,701.8336 it. All now accounts oponed since tho adoption of this rulo must pay ox­
Various commissions___________________________________
974,369.5936 chango. It will bo realized that this rulo has deterred now corporations
and now individual businoss men from opening bank accounts in Balti­
Amount received in excess of what was expected on unpaid
discounted bills______________________________________
271,394.9636 more. has drivon thorn to other citlos, and has contributed to tho result
of tho small aggregate doposits of tho Baltlmoro banks as compared with
Profit on bullion_______________________________________
40,199.45
other largo cities.
f 10,720,039.7936
As an illustration of tho injustice of tho Baltimore bank rulo referred
From which is to be deducted:
to, two of tho members of our firm were members of another banking firm
Bxpenses______________________________ /2 , 106,435.2336
in this city for twonty-fivo years, and during that tlmo kopt an account with
Loss written off the rates of exchange of
tho Citizens National Bank, having all out-of-town items received at par.
our claims in foreign currency_________
849,850.89
Upon tho formation of our present firm, although still keeping our account
Written off bank premises and furniture..
425,582.4536 ... 00, oro _
with
tho Citizens National Bank, wo aro charged exchange on all out-of­
——....
fo,381iobo.58
town itoms simply bocauso of a chango in tho firm name. Sovoral attompts
Total profits________________________________________ f7,338,171.2136 havo boon mado to modify this rulo, but tho banks and trust companies
From which has been laid aside on behalf o f the share­
havo not boon able to agroo on tho question and the rulo still stands.
holders 336% on f 20,000,000.............................................
700,000.00
Tho banks of Baltlmoro havo adopted tho plan of consolidation of in­
dividual banks and oach time with tho result of a decrease in capital and
f 6 ,638,171.2136 honco in resources. Tho theory is that tho smaller tho capital and tho
Of which remainder 3% is paid to the management and
largor tho deposits, tho better it is for profits. As a promises this may bo
199,145.14
the board of commissaries____________________________
correct, but as a conclusion tho question is, can tho doposits bo increased
f6 .439.026.0736 if capital is constantly boing reduced?

1911-12.
B ills.......................................3.56%
Promissory notes_________ 4.06%
Home stocks_____________ 3.72%
Foreign stocks___________ 4.22%
G o o d s ......................... ........3.56%
Specie..................................... 1%
Short loans...........................4.72%
Advances on current accts. 4.72%

1912-13. 1913-14. 1914-15. 1915-10.
4%
4.65%
4.55%
4.62%
4.50%
5.15%
5.05%
5.12%
4.50%
4.73%
4.74%
4.62%
5%
5.23%
5.24%
5.12%
4%
4.66%
4.74%
4.62%
1%
1%
*
4.62%
5.50%
5.73%
5.41%
5.50%
5.50%
5.73%
5.41%
5.50%

Of the surplus:
Two-thirds to the State, viz. f 4,292,684.05 and one-third
to the shareholders___________________________________ f2 ,146,342.0236
T o which is added the undistributed profit of tho provious
financial year______________________________
16,148.23
Income tax on dividend to shareholders during 1915-16—

f2 ,162,490.2536
178,220.00

Balance placed at the disposal of tho general meeting-------

f 1,984,270.2536

After deducting 336% which has been laid aside on behalf of tho share­
holders thero still remains f 1,984,270.2536 for distribution.
If the entire sum. as far as it can bo dlvidod into guilders per share, bo
employed by you to Increase tho dividend then tho amount will bo f 99
over and above tho 336%. or a total of f 134 per share.
THE N ETHERLAN DS BA N K .
B a la n c e S h eet M a r c h 31 1916.
Assets—
f88.068.838.1736
Home bills_____________ . . . . . ______________________
3,751,613.00
Foreign bills_________________________________________
57,452,650.00
Loan account____________________ ___________________
26,399,581.65
Advances on current accounts________________________
Cash in hand/Specie_________________ f74,735,902.595
\Cash securities_________
118,881.845 } 74,854,784.44
Bullion______________________________________________ 446,745,967.16
Investment in stocks/C apital________ f3,885,970.75
\Reserve fund_________________ 5,108,932.625
} 8,994,903.3736
1,400,000.00
Bank premises and furniture________ ,___
106,955.18
Interest on stocks____________ _________
331,441.29
“ “ loan s_______________________
111,673.93
•* “ advances on current accounts.
63,862.67
Commission account_______________. . . .
Correspondents abroad________________
46,778.179.0436
f755,060,449.9136
Liabilities—
Capital_______________________________________________ f20,000,000.00
5,155,090.9336
Reserve fund_________________________________________
Bank notes in circulation______________________________ 618,304,570.00
3,568,821.0136
Bank assignations___________ _____________________ ___
Current accounts--------------------------------------------'----------- 104,879,730.0936
395,006.7836
Interest on homo bills------------------------------------------------29,697.83
“ “ foreign bills_______________________________
1 ,000.00
Expenses____________________________________________
742,263.00
Dividend up to tho ordinary 336% — _ . . f 700,000.001
Unclaimed dividends__________________ 42,263.00/
Balance of profits placed at tho disposal o f tho goneral
1,984.270.2536
meeting ____________________________________________
f755,060,449.9136

HOW BALTIMORE FARES UNDER RESERVE ACT A N D
N E W COLLECTION SYSTEM.

In the weekly circular of Nolson, Cook & Co., of Baltimore,
for last Saturday (August 5), wo find a discussion of tho dis­
advantages under which Baltimore is put by tho new col­
lection system just inaugurated and tho fact that Baltimore
was not named as the home of a Federal Reserve Bank. In
view of what this firm says, Baltimore would appear to
have just cause for complaint. Wo quote as follows:
Tho Federal Roservo banks have put in operation a plan for tho so-called
par collection of checks. We say “ so-called par collection” because in
fact tho checks aro not to bo collected at par but charges aro to bo mado
which will bo considered sufficient to cover oxpensos.
Heretofore the collection of checks and drafts was controlled by tho banks
situated at collection points, and thoy charged what amount thoy saw fit
and generally as much as tho holders of such itoms would stand. Country
banks liavo generally mado some mutually advantageous arrangement
with city banks, but a considorablo portion of their profits havo boon de­
rived from oxchango charges, and thoso banks promiso to havo thoir profits
cut into thorugh tho now system of “ par collection,” and aro naturally
dissatisfied.
Country banks havo oncouragcd thoir depositors to remit thoir chocks on
local banks Instead of obtaining oxchango on central-point districts in




B a ltim o r e N o L o n g e r P a r P o i n t — N e w Y o r k
C h arge.

C l e a r in g

H ou se N ow M akes

Wo cannot soo that tho now chock-collecting plan is going to holp us in
any rospoct. Indeed, our collection of checks troublo Is intensified by a
rocont ruling of tho Now York Cloaring-IIouso. Horotoforo. Baltimore
items havo beon “ par” at Now York; now all Now York Cioaring-IIouso
banks aro roquirod to chargo $1 00 por $1,000 on Baltimore itoms. Horo­
toforo wo instructed our New York correspondents by wiro to draw on us
and thoy havo always dono so, depositing thoir draft on thoir homo bank
without chargo. In tho futuro wo will havo to romit in advanco with
loss of intorost or pay $ 1 00 per $ 1 ,0 0 0 .
Hero again wo havo an illustration of tho groat injustice inflicted upon
Baltlmoro by the selection of Richmond as tho roservo bank point of this
district. Richmond itoms aro par at New York, whilo Baltimore items
aro at a discount.
Tho spirit if not tho letter of tho law was violatod in tho selection of
Richmond as tho homo of a roservo bank, as tho law under which tho selec­
tion of roservo bank points is mado, provides that " t h e d is tr ic ts s h a ll be
a p p o r t i o n e d w ith d u e r e g a r d to th e c o n v e n ie n c e a n d c u s to m a r y c o u r s e o f b u s i­
n e s s ."
Tho commercial and financial claims of Richmond as compared

with thoso of Baltlmoro as a homo for tho Fodoral Roservo bank aro too
absurd to bo discussed. Nevertheless, Richmond was givon tho roservo
bank and Maryland was tacked on to this district, thus actually rovorsing
tho customary courso of finance and tho convonlonco of trado and comraorco.
Ropoatcd efforts havo beon made to havo this great error and most unjust
action roversed. but without avail, and thero does not appear any hopo
of reliof unless, indeed, it bo in a chango of tho Fedoral Administration.

EFFORTS TO M A K E BALTIMORE A PAR CITY.

A movement to make Baltimore a par point for cash col­
lections has been instituted by members of tho Baltimore
Clearing House Association. In furtherance of tlieso efforts
a meeting of the Clearing House was hold on tho 2d inst.,
at which there was a discussion of the recent action of tho
Now York Clearing House in revising its exchange charges.
It is pointed out that Baltimore is seriously affected by tho
revised rules, and as a result of tho concern created thereby
a special committee was appointed to go to Now York for
tho purpose of endeavoring to secure a modification of tho
rules. Tho committee, it is understood, was unablo to ac­
complish its object, and henco it was decided by tho members
of tho Baltimore Clearing House Association to appeal to tho
Federal Reserve Bank of Richmond to make Baltimore a
par point for all checks and cash items tliroughout tho United
States. Tho committee named to carry out thoso plans of
the Association is composed of C. C. Homer Jr., President
of tho Second National Bank and President of tho Clearing
House Association; Albert D. Graham, Vico-Prosidont and
Cashier of tho Citizens’ National Bank, and C. E. Rioman,
President of tho Western National Bank. Tho action of tho
Federal Reserve Board in making Baltimore a two-day col­
lection point is responsible, it is stated, for tho adoption of tho
charges by tho New York Clearing IIouso. Previously, it is
said, it was optional as to whether or not tho chargo should be
mado. In tho case of items available two days aftor receipt,
tho charge fixed by the New York Clearing IIouso is not less
than 1-40 of 1% . According to tho “Baltimore Sun,” if only
institutions which are mombers of the Federal Roservo sys­
tem had to bo considered, tho problem of making Baltimore
a par city would bo a comparatively easy mattor, but a num­
ber of State banks which aro not identified with tho Fedoral
system must bo taken into account in any movo which is
mado.

the matter are furnished in the “ Rederal Reserve Bulletin”
for August, from which we quote as follows:

W . P . G . H A R D IN G B E C O M E S GOVERNOR OF F E D E R A L
RESERVE BOARD.

Aggregate earnings of tho Fedoral Reserve banks for the six months
ending June 30 1916 wero $1,824,436, while total current expenses for the
same period wero $1,019,926 20. Tho latter figure Includes, besides the
expenses of operation. $836,519 08, also tho cost of Federal Reserve notes
issued by tho banks. $26,941 59. the expense o f exchanging Federal Reserve
notes between banks and of shipping unfit notes to Washington for destruc­
tion, $2,078 13, tho cost, including taxes, of Federal Reserve bank notes
issued by the banks, $2,698 24. and the amortization and depreciation
charges aggregating $151,689 16 for tho six-month period.
Total earnings for tho first six months oxceed by $804,509 80 aggregate
current oxpenses for tho poriod, the oxcess earnings being at tho yearly
rato of about 2.9% on an aggregate paid-in capital of $54,854,000, reported
as at close of business on Juno 30 1916. On page 373 of this number are
given the rates of tho excess earnings of each bank for the six months ending
Juno 30. also the rates separately for each of the months of M ay and June
of the present year.
Combined earnings for tho second quarter of the present year were 40%
in excess of like figures for the first quarter, whilo excess earnings for the
second quartor wore more than doublo those reported for the first quarter
o f the present year.
Of tho total earnings for the six months, 26.3% , compared with 34 2%
for the first three months of the present year, was from bills discounted for
member banks; 24.7% , as against 19.6%, from United States bonds and
notes; 23.4%, as against 20.2%, from bills bought in tho open market- and
19.6%, as against 20.5% , from municipal warrants. Tho remainder
about 6 % , represents commissions earned on acceptances and warrants
bought for other Federal Reservo banks, profits from exchange operations
also from the sale of Unitod Statos bonds and notos, &c.
Tho largest relative increase as compared with the earnings for the first
quartor of tho year is shown in tho earnings from United States bonds
and
notes, while tho largost relative decrease is shown in the earnings from
R E H E A R I N G OF W I S C O N S I N B A N K E R S O N T R A N S F E R
discounts. The most recent change in the sources of the banks' earnings
TO C H I C A G O R E S E R V E D I S T R I C T .
may bo soon from tho percentages of tho soveral classes of earnings for the
A rehearing on tho potition of banks in Southeastern Wis­ month o f Juno, which wore as follows: 30.5% from bills bought in open
markot,
29.2% from United States bonds and notos. 20.1% from bills
consin for their transfer from the Minneapolis to tho Chicago
discounted, and 14% from municipal warrants.
Fedoral Reserve District was accorded representatives of the
orZ hOS? ? CrCentageS vary by banks and groups of banks. Thus, over
banks concerned by the Fedoral Reserve Board on the 8th s o /0 or tho combined six-month earnings of the three Southern banks
camo
from bills discounted, as against less than 3 % in tho case of tho three
inst. Several months ago tho Board, after considering the
-astern banks, and about 25% in tho case o f tho four banks in tho Middle
petition, decided there was then no necessity for any change and
North West. Nearly 60% of the total earnings of tho Boston Bank
Upon the presentation, however,, of now facts to tho Board and over 45% o f tho earnings of the New York Bank wero from bills
bought
in tho open market. On the other hand, the Southern banks report
it was voted on July 26 to reopen the petition. Following
only about 4% , and the four Wostorn banks about 17%. of their total
the rehearing of oral argument on the 8th, tho Board took earnings
from this class of transactions.
the petition under advisement. Applications of banks in
Next to New York, Cleveland reports the largest earnings from municipal
the northern peninsular of Michigan, which desired to inter­ warrants theso earnings constituting over 40% of tho bank's total oamings
for the six months, as against 37% in tho case of tho New York Bank.
vene in tho petition, wero also considered by the Board on Jew , r , 'J 0St0rn and tho San Francisco banks derived between 3 5 and
45%
of thoir total earnings from Unitod States Government securities
Tuosday. Tho Wisconsin Bankers’ Association in annual
of tho combined earnings of the three Eastern banks only about 15%
convention on the 8th adopted resolutions expressing its while
proceeded from this source.
appreciation of tho Board’s action in further considering tho
Of tho total expenses of operation for tho six months, over 28% went as
matter.
compensation to bank officers and over 25% as salaries to tho clerical staff
of the banks, those percentages remaining fairly constant from month to
month. Tho total amounts paid during the six months by tho banks for
A M E R IC A N TRU ST & S A V IN G S B A N K , B IR M IN G H A M ,
the support of tho Federal Reserve Board wero $109,973 20, or over 13%
of the total expenses o f operation o f the banks. Rent constituted about
JO IN S F E D E R A L S Y S T E M .
operating expenses, other items of importance, in tho order
Following the action of tho Corn Exchange Bank of New . . . ,
or their volume, being postage, printing and stationery, and directors’ foes
York, tho American Trust & Savings Bank of Birmingham,
Tho total current exponses are exclusive of $47,358 92, expended in the
Ala., lias become a membor of tho Federal Reserve System! purchase during tho present year o f additional furniture and equipment
The First National Bank and the Traders’ National Bank Chicago and New York reporting the largost figures; and of $77 063 56
paid for tho printing and shipping of Federal Reserve notes. Over 40%
of Birmingham aro the only other institutions in that city of this expenditure Is reported by tho New York Fedoral Reserve Bank.

W . P. G. Harding was mado Governor of tho Federal
Reserve Board by President Wilson on tho 10th inst., and
Paul M . Warburg was named as Vice-Governor. As
Governor, Mr. Harding succeeds Charles S. Hamlin, while
Mr. Warburg as Vice-Governor replaces Frederic A. Delano
Tho President’s action in making tho changes in tho offices of
Governor and Vice-Governor is due to his desire to follow
the courso instituted in the case of the Inter-State Commerce
Commission and the Federal Trade Commission, where the
rotary system of office has been adopted. Mr. Hamlin
who was originally appointed a member of the Reserve
Board for a term of two years, has been re-appointed for
the full term of ten years with the expiration of his original
term.
Mr. Warburg was originally appointed for four
years, Mr. Delano for six years, Mr. Harding for eight
years, and A. C. Miller, the fifth member of tho Board,
for ten years. All the appointments of tho members of
tho Board are eventually for ten years, the terms expiring
at two year intervals. Messrs. Harding and Warburg, aro
to serve as Governor and Vice-Governor respectively for
one year.

which are members of tho System. In referring to the reasons
which actuated the move, so far as his institution is con­ C H I C A G O C L E A R I N G H O U S E A S S O C I A T I O N R E V I S E S
cerned, W . W . Crawford, President of tho American Trust &
CO LLECTIO N CHARGES.
Savings Bank, quoted the statement made by Waltor E
The schedule of charges on out-of-town items was amended
Frow, President of the Corn Exchange Bank, announcing its by the Chicago Clearing House Association on Aug. 2 to
decision to enter the system, and stated that ho could not conform to the new Federal Reserve Collection system
improvo on what Mr. Frow had said, viz.:
The new schedule, wo learn from the “ Chicago Herald,’’pro!
Whatever feeling o f disapproval and distrust o f the system wo mav
have had, It lias been put aside In tho 1arger view that tho Fedoral Itesorvo vides for a charge of three cents per item, and in addition a
Systoin has coino to stay, and It becomes a duty not to oppose It but to deferred interest charge of 25 cents per 81,000 on two-day
co-operate to its improvement.
points; 50 cents per 81,000 on four-day points, and SI per
l „ ^ l n ; . ^ . b<;UoVO•
,!usl b 0 (lono by a
membership, and our motive 81,000 on eight-day points. On all items under 850 there is
a straight charge of 5 cents. The schedule, as amended,
. M r'
" sa, d Mr. Crawford, “ has expressed ray idea
became effective on the 3d inst. The “ Herald” says*
ra concrete form .» Mr. Crawford was further quoted in
In establishing tho new Federal System tho Federal Reserve banks do
not undertake to absorb tho necessary expense of operation, nor do they
tho Birmingham “Age-Herald" of July 13 as saying:
Both M r. Harding and Mr. Kottig have talked to me at length in recent
months about the splendid work tho Federal Reserve Bank has doim 5
was o f the belief at the outset that it would bo a success. I have alw'tvs
had great confidence in Mr. Harding's splendid ability as a banker and ?
was eminently satisfied when such a strong financier and m in nr k„ .
1
ability as Mr. Kottig was mado a director ofth o Atlanta Ba^k
Natura l

s r r iiS :
p n n e w e and ofroclivo
and wo aro now a mombor o f this groat system

* «*ss£i
admission.

undertake to eliminate tho time consumed in tho collection o f checks.
Therefore, the schedule o f charges, as adopted by tno Clearing House
Association, provides for a per item handling cost, plus a charge to cover
tho time necessary to convert the items into available funds, this time being
determined by tho schedule o f tho Federal Reservo Bank of Chicago.
Chicago banks availing themselves of tho new system aro able to make
a substantial reduction in tho charges to depositors, tho average reduction
probably being around 25% .
E A R N IN G S

OF

IN D IV ID U A L

H A L F -Y E A R

Fedora, Uceorvo Hank «
camo over personally and examined our bauk
T
Pleased that all three highly endorsed our application

AND

RESERVE

D IV ID E N D S

BANKS

THUS

FOR

FAR.

* ,K T
Olrtson.
7 mUCh

Elsewhere we give the total earnings and expenses of the
Federal Reserve banks for the six months to June 30, as
announced in the August number of the “Federal Reserve
Bulletin.” The rates of tho earnings of each bank for the
E A R N IN G S A N D E X P E N S E S OF F E D E R A L R F W R W
half-year in excess of expenses, and the rates separately for
H A N K S FOR H A L F - Y E A R
S
each of the months of May and June of the present year
Aggregate mruiugc of 81,824,436, and total current are likewise furnished in the “Bulletin,” and we publish
expenses of 31,019,926, are reported for tho Federal Reserve below what is has t o say both with respect thereto and to
banks for the six months ending June 30 1916. Tho oxcess dividend declarations:
earnings of 8804,510 aro at the rato of 2.9% on an aggroeato
All the Federal Reserve banks are now showing earnings in excess of
paid-in capital of 854,854,000. These and other faots in expenses, as will be seen by the annexed table showing the rates of earnings



over expenses in tho months o f M ay and June and for tho six months

ending June 30 1916. From this.statement it will appear that In the month
of M ay two banks earned over 6 % on their paid-in capital; three banks
earned over 5% but less than 6 % ; three banks earned over 4% but less
than 5% ; two banks earned over 3% but less than 4 % ; two banks earned
2 % or less.
For the month of Juno the showing is as follows: Two banks earned over
6 % , two banks earned over 5% , two banks earned over 4 % , three banks
earned over 3 % , two banks earned over 2 % , one bank earned less than 2 % .
For the six months period it will be noted that threo of tho banks earned
over 5 % while three more earned In excess of half of their dividends.
R a te

of

E a r n in g s

( P e r C e n t) o n C a p ita l.
M ag

June

S ix M o s .
e n d in g
J u n e 30

1916.
1916.
1916.
4 .1 %
5 .1 %
B o s t o n _______________________________________ 5 .2 %
2
.4 %
3
.6
%
4
.2
%
______________________
N ew Y o r k _______ __
2 .9 %
4 .2 %
P h ila d e lp h ia _________________________________ 4 .5 %
3 .8 %
2 .1 %
3 .4 %
C leveland____________________________________
5 .3 %
5 .5 %
5 .7 %
R ichm ond . ________________________________
3 .9 %
4
.0
%
4
.4
%
A tlanta----------------------- ---------------------------------3 .5 %
2 .4 %
C hicago ______________________________________ 5 .2 %
def.0.7
1-6%
0 .5 %
St. L o u i s _______________ ___________________
2 .0 %
3
.3
%
3
.1
%
M inneapolis__________________________________
5 .1 %
7 .1 %
Kansas C ity __________________________________ 7 .3 %
5 .3 %
6 .7 %
D allas________________________________________ 6 .1 %
0
.7 %
2
.9
%
San F rancisco_____________ __________________ 2 .0 %
T he prospects]for£earnings inlthe next few m onths are very good .
* D ividends have been declared b y Federal Reserve banks as follows: If,
F e d e r a l R eserv e B a n k o f —

P e r io d cov e r ed ,
N o o . 1914 to — R a le .

A m o u n t.

December 1915 Dec. 31 1915 5%
1%
do
April 1916
6%
do
June 1916
Mar. 31 1915 6 %
do
January 1916 June 30 1915 6 %
do
July 1916
6%

$151,939
30,387
129,198
76,155
65,522
66,706

D a te
D e c la r e d .

F e d e r a l R eserv e
B ank.

Do

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

Kansas C ity_________

FARM

69
65
00
83
74
95

LOAN BOARD ORGANIZES— HEARINGS
TO BEGIN AUGUST 31.

The organization of the new Farm Loan Board, created
under tho Rural Credits Act, was perfected on the 7th inst.
As already noted, tho Board is composed of four members,
viz, Charles E. Lobdell, of Great Bend, Kan.; George W .
Norris, of Philadelphia; W . S. A. Smith, of Sioux City,
Iowa, and Herbert Quick, of Berkeley Springs, W . Va.
Secretary of the Treasury William G. McAdoo is Chair­
man ex-officio of the Board. On tho 7tli inst., Mr. Norris
was named by President Wilson as executive head of the
Board, and on the samo date he and tho three members
serving with him took tho oath of office. At the samo time,
W . W . Flannagan, of Montclair, N. J., was chosen Secre­
tary of the Board. After tho Board had been sworn in,
Secretary McAdoo addressed the members as follows:
G en tle m en o f th e F e d e r a l F a rm L o a n B o a r d :- 1 congratulate you heartily
upon tho opportunity the President has given you to render a servico of
inestimable value to tho farmers of this country by establishing the Federal
land banks and tho general system o f rural credits, provided for by tho Act
of Congress approved July 17 1916.
It is a statement o f an old and recognized truth to say that tho farming
industry is tho very basis o f tho life and prosperity of tho nation, and this
statement is more particularly true in the United States, becauso of its
agricultural development, which, although great, can bo made vastly
greater if our farmers are provided with tho long time credits at low rates
of interest which are so essential to the further development of tho farming
industry. Thero is no inducement to greater farm development unless
it can bo made profitable, and it cannot bo made profitable unless tho
necessary capital is available always to farmers upon reasonable terms.
It is amazing that since tho establishment o f our Government until
this time, a period of 127 years, absolutely nothing has been done by way
of legislation to assure abundant farm credits on reasonable terms to our
farmers. On the contrary, they have been the preferred sufferers from
a scarcity of money for farm development and agricultural purposes, and
have been, as a class, particularly oppressed by high, and oftentimes ex­
tortionate, rates of interest and shadowed constantly by tho fear of mort­
gage foreclosures.
The Farm Loan Act, or Rural Credits Bill, which it is your privilege
to administer, will emancipate the farmer from tho disadvantages ho has
so long endured. It will, when fully established, unquestionably provide
an abundance of credits, available at all times to farmers in all parts of
the country upon long term mortgages at low rates of interest, with a pro­
vision for repayment of the principal in easy annual installments. In
fact, under the new system, tho farmer ought to bo able to pay the interest
on his mortgage and tho principal of his debt through annual installments
which will be less then the straight interest charges ho lias been paying on
his mortgage under tho old system.
This is an act o f long delayed justice. We must see to it that those
who aro entitled to its benefits get them with tho least possible delay. The
establishment of this rural credits system means, not only more profitable
farming, but a lifo of greater comfort and prosperity for tho farmer; it
means destruction of the nightmare of foreclosure and loss of property
for the farmer; it means security and independence, thrift and self-respect
for tho farmer.
It will reattract to tho farms vast numbers of our people who have been
unable to engage in agriculture becauso it lias been impossible to secure
monoy on farm obligations. It means for all tho people o f tho country
unlimited benefits, becauso they will prosper in direct proportion to the
prosperity and strength of the farming industry of the country.
I am proud to be associated with you in this great pieco of constructive
work and assure you of my cordial co-operation in tho inspiring tasks
that lie ahead of us.

On the 8th inst., tentative plans wero made for hearings
by the Farm Loan Board throughout tho country, for tho
purpose of obtaining information relative to dividing tho
Unitedj,States_Jnto^twelve land districts, and locating in



each a Federal land bank. Theso plans provide for a first
hearing, probably at Portland, Mo., on the 21st inst. From
New England tho Board will go West over a northern route
and down the Pacific Coast through California. The trip
East will be made through tho central section of tho country.
The Board will spend several weeks in Washington after
this trip is concluded, and may hold hearings thero to listen
to views of farmers from Maryland, Virginia, Delaware,
Pennsylvania and nearby States. A second trip to cover
tho South will be undertaken in the fall, and tho Board
will then return to Washington to make its decisions. Forty
cities have either applied or been recommended for banks,
theso cities being as follows:
Ala.—-Birmingham and Montgomery
Cai.— Stockton and Sacramento
Colo.— Denver
Fla.—-Tampa and Jacksonville
Ga.— Macon and Columbus
Iowa.— Orange City and Sioux City
Kansas—-Topeka
La.— New Orleans
Maryland.— Baltimore
M ich.— Benton Harbor
Minn.— Minneapolis, St. Paid and
Orooltston
Mississippi.— Columbus
M o.— Springfield and St. Joseph

Neb.—Omaha atm i.tncoiu
No. Caro.-—Charlotte
No. Dak.— Bismarck
Ohio.— Columbus
Okla.— Oklahoma City.

O r e g o n .— l ’ o r t l a n d
S o . D a k . — -A b e r d e e n & S io u x F a lls
T e n n .— M e m p h is , N a s h v ille , K n o x v illo

Texas.— Dallas, Fort Worth, Hous­
ton. Waco.
Washington.— Spokane
Wis.— Madison and Wausau

An outline of the law is given as follows in dispatches
from Washington this week:
The new system has many points of resemblance to the Federal Reserve
system, but in many essential features it is entirely different. In no
way will tho banks created under it do commercial banking.
Tho banks will not, except in special cases, loan direct to farmers, but
through the agency of National Farm Loan Associations, which may be
organized to any number in a land bank district by any 10 owners or pros­
pective owners of farm land who desire to securo loans on farm property.
Applications for charter for theso associations must go to tho Farm Loan
Board and may bo refused by it. No association will bo chattered unless
it is shown that signing members desiro loans totaling at least §20,000. In
applying for membership in an association a farmer must tako 5 % of the
faco value of tho desired loan in stock of tho association.
Applications for loans aro to bo passed upon by a loan committeo of
the farm loan association. Loans will bo mado on first mortgages or
farm property and tho value of tho land will bo the main consideration.
The land will be subject to inspection by an appraiser of tho Farm Loan
Board. Loans will be mado only for purchaso of land, for its improvement
or for purchaso of live-stock, equipment, fertilizers, or to provklo buildings
on a farm or to liquidate indebtedness, existing when tho first association
is formed in the county where land is located. No loan will bo mado of
more than $10,000 nor less than $100. Interest will not bo charged greater
than 6 % . The loan itself will be reduced through an amortization plan
providing for reduction by annual or semi-annual payments on tho principal.
No mortgago shall run for more than 40 years nor loss than fivo, and thero
aro tho necessary provisions in the law for satisfaction of overduo interest
or amortization payments.
Tho money to be loaned will como through tho Federal land banks,
passed to the hands of the national farm loan associations and to tho farmer.
Tho Act provides that when a Federal land bank has loaned $50,000 to
farmers it may issue a corresponding amount of farm loan bonds, and
that tho total that may bo issued by any one bank on a minimum capital
of .$750,000 is to bo 20 times that capital. This would givo each bank
$15,000,000 and tho wholo system $180,000,000 to loan on first mortgages.
Farm loan bonds aro to be mado attractive by payment of not more than
5% interest and a provision that they shall bo oxompt from Federal or
Stato or Municipal taxation. They aro mado legal investments for trust
funds. They aro not to be obligations of tho United States, but will have
behind them tho first mortgages on farm lands. Those mortgages also
aro exempt from taxation.
In case local conditions do not favor organization of farm loan associa­
tions land banks may bo authorized by tho Farm Loan Board to make
loans to farmers through agents it approves, such as banks, trust or mort­
gago companies, anil the law permits establishment of joint land banks
to lend directly to borrowers on first mortgages of farm lands. These
banks will bo under supervision of tho Farm Loan Board, but will not bo
assisted by Federal land bank funds as will loan associations. The stock
banks, howover, which aro to bo capitalized at not loss than $250,000
each, also may issuo farm loan bonds, exempt from taxation anil based
on first mortgago securities, to tho extent of 15 times their capital stock.
Theso banks aro subject to tho samo provision of the law as loan associa­
tions, in respect to interest rates, amortization, &c.
In tho beginning tho Federal land banks will bo governed by directors
appointed by tho Farm Loan Board, but after subscriptions from loan
associations to any Federal land bank’s capital stock reach $100,000. an
clcctivo system will become effective, with three directors chosen by tho
Board and six by the loan associations. The Board will approve compensa­
tion paid directors and officers of theso banks. Tho loan associations
will bo directed by unpaid officers, except a Secretary and Treasurer,
or Secretary-Treasurer.
Banks and loan associations will ba subject to tho customary examina­
tion by persons appointed by the Farm Loan Board, and the law provides
penalties for infringements of its provisions or counterfeiting oi farm
loan bonds.

GROWTH OF UNITED STATES NOT IN
RATIO THAN FOOD SUPPLY.

GREATER

According to tho Committeo on Statistics and Standards
of tho Chamber of Commorco of tho United States, con­
clusions that tho growth of population in this country is
in greater ratio than tho supply of food products, aro un­
tenable. This committeo, of which A. W . Douglas, of
St. Louis, is chairman, does not boliovo tho time is fast
approaching when tho United States will no longer bo a
self-contained nation as regards material sustonanco. From
tho production of tho loading coroals and tubors, according
to tho committee, during tho last fifty years, it is claimed,
that while tho population increased about 200% during
that period, tho production of wheat increased 500%,

corn 270%, oats 475%, barley 2000%, Irish potatoes 250%
and rico over 3000%. “ The usual argument that wo are
becoming a food-importing country is based on the state­
ment that our exports of food stuffs are decreasing, while
imports aro increasing,” the committee goes on, “ In
the case of wheat, the greatest of all cereals used directly
for human food, tho exports vary decidedly from year to
year, being affected by a great number of contributing
causes, but exports havo shown an appreciable increaso
during the past five years, while tho imports always havo
been and still continue a negligible quantity.
The falling off in exports of corn is ascribed to tho numer­
ous now uses found for it at home in ways often not directly
as human food. The past two years show a large increase
proportionately in imports, principally from Argentina.
These imports were actually in small volumo com­
pared with tho production of any surplus-growing corn
State, and had small relation to the question of food. They
woro largely the result of decreased domestic production,
owing to drought in the two years in question, and conse­
quent high prices.
Tho case of rico is cited. Rice, it is statod, is peculiarly
a plant of tropical and sub-tropical countries, and conse­
quently can bo raised only in a comparatively small portion
of tho United States. Yet while both importations and
exportations have increased in about equal proportion,
production has outstripped them both, thus indicating
that tho largely increased domand is being mot by domestic
production even more than foreign importation. A very
definite proof of surplus production of agricultural products
boyond our needs, according to tho roport, is tho fact that
each year wo carry from tho former harvest into the suc­
ceeding harvest from 20 to 25% of tho yiold of the principal
cereals.
“ Wo do not grow coffeo, tea, and cocoa in this country,
and because of tho lack principally of suitablo climate it
is a question whether wo over will do so save in a limited
way,” is one of tho deductions. “ Consequently, our im­
portation of such articles is entirely a question of taste
and our extensivo use of them is an ovidenco of our ability
to gratify this taste and not a matter of necessity. In
case of stress wo could well get along without them, as
was generally done in tho South during the Civil War,
which is a very different proposition from not raising onough
whoat for our own use and trying to got along without
that. Tho statement that our agricultural oxports during
tho last quarter of a century have shown a decreasing per­
centage of our total oxports has not in reality any more to
do with tho case than havo the flowers that bloom in tho
Spring.”
Cano sugar is pointed to as a most romarkablo exhibit.
It is largely a tropical and sub-tropical product and con­
sequently can be grown only in a limited area in tho United
States. Likewise tho production of sugar in this country
has always been complicated by tho matter of tariff. Yet
despito these facts, according to tho report, domestic pro­
duction increased about 1600% against about 1000% in
imports. Meanwhile, oxports from this country havo
increased ovor 2000%. Thoro is scarcoly an agricultural
food product, oither primary or secondary, tho production
of which has not outstripped tho growth of population in
tho last fifteon years, it is claimed, and “ tho real problom
is not to seek neoded supplies abroad, but to find an ade­
quate and satisfactory market for tho constantly increasing
domestic output.”
It is stated, that tho number of cattlo in tho country
has been slowly increasing sinco 1912 and that tho causes
of this aro still in active operation. A chart indicates
that tho decline in the number of hogs was but temporary
as thoro aro now more hogs in tho country, it is assorted,
than ovor before. Furthermore, tho committee declares
that conditions wero never more favorablo for an increase
of hogs.
“ A detailed study of tho actual facts involved warrants
the conclusion,” the committee says finally, “ that tho
problom of imports of foodstuffs into tho United Statos
need not give us serious concern either now or in the near
__________________ _
future.”
GAINS A N D LOSSES IN THE FOREIGN TRADE.

Further evidence of tho extent to which tho European
war has contributed to the unwonted development of tho
export trado of tho United States is furnished in tho figures
of oxports and imports for June and tho twelve months ending
with Juno, mado public by tho Bureau of Foreign and




Domestic Commerce of tho Department of Commerce on
the 10th inst. To the United Kingdom the exports for the
month the current year amounted to $165,751,621, against
$88,181,045 the previous year, while to France for the same
periods the exports totaled $75,222,834 and $43,107,426,
respectively. For the twelve months ending June 30 1916
the exports to Great Britain reached the stupendous total of
$1,518,046,263, as compared with $911,794,954 in the cor­
responding period for 1915. The effect of Great Britain’s
blockade against Germany is witnessed in the practical
suspension of exports to that country, these shipments in
June of this year having been only $5,466, and for the twelve
months to June 30 1916 but $288,851. Below we give the
detailed figures of imports and exports for the separate coun­
tries for the month and the ten months as compiled by the
Bureau:
-----------M o n t h o f J u n e --------------- 12 M o n t h s e n d e d w it h J u n e 1916.

Im p o r ts fro m —

1915.

1916.

1915.

G r a n d D iv is io n s —
S
E u r o p e ........... - ......................... - 6 7 ,3 0 3 ,8 9 6
N o r t h A m e r i c a .................... - 6 9 .2 8 0 ,5 4 2

S
4 4 ,6 1 3 ,9 2 3
5 0 ,0 6 1 ,8 8 5

S

S

6 1 6 ,2 5 2 ,7 4 9
5 9 1 ,8 9 5 ,5 4 3

6 1 4 ,3 5 4 ,6 4 5
4 7 3 ,0 7 9 ,7 9 6

S o u t h A m e r i c a ........................ 4 2 ,7 5 3 ,9 1 9
A s i a ........ ......................................- 5 5 ,4 4 2 ,4 6 3

2 6 ,2 1 0 ,3 8 9
2 6 ,7 1 5 ,1 9 5

3 9 1 ,5 6 2 ,0 1 8
4 3 7 ,1 8 1 ,4 6 4

2 6 1 ,4 8 9 ,5 6 3
2 4 7 ,7 7 0 ,1 0 3

5 ,5 1 6 ,4 2 9

9 6 ,2 2 5 ,9 9 1

5 2 ,5 2 2 ,5 5 2

4 ,5 7 7 ,3 1 9

6 4 ,7 6 5 ,7 4 5

2 4 ,9 5 3 ,0 8 1

1 5 7 ,6 9 5 ,1 4 0 2 ,1 9 7 ,8 8 3 ,5 1 0

1 ,6 7 4 , 1 6 9 , 7 4 0

O c e a n ia _ .....................................

6 ,6 5 5 ,8 6 8

A f r i c a ...............................................

4 ,3 5 8 ,7 5 0

T o t a l ............................... - ............ 2 4 5 ,7 9 5 ,4 3 8

Principal Countries—
Austria-Hungary..............
Belgium..............................
France................................
Germany............................
Italy....................................
Netherlands.......................
N orw ay..............................
Russia in Europe.............
Spain ................................
Sweden................................
Switzerland.......................
United Kingdom................
Canada................................
Mexico................................
Cuba....................................
Argentina............................
Brazil..................................
Chile....................................
C h in a .................................
British East Indies............
J a p a n ................................
Australia and New Zealand
Philippine Islands............
Egypt..................................

E xports to —

42,328
152,454
10,125,890
800,315
6,578,733
7,368,061
399,446
342,519
3,295,837
1,174,291
2,373,290
32,749,650
18,869,819
9,039,144
33,378,078
11,411,972
11,804,196
10,016,235
8,114,493
23.023.946
15,875,860
3,581,205
2,845,480
906,416

226,233
51,717
5,350,919
1,827,889
5,388,992
2,610,206
462,871
148,189
1,761,462
845,269
1,373,679
23,134,111
14,862,880
8,326,238
22,136,394
7,639,905
8,605,678
3,961,090
4,166,276
12,005,769
7,505,792
3,060,935
2,222,211
1,517,666

1,431,570
9,794,418
1,478,579
10,222,860
102,077,620
77,158,740
13,945,743
91,372,710
57,432,436
54,973,726
38,534,509
32,518,890
6,851,714
10,668,864
3,613,956
2,512,381
27,864,130
18,027,492
11,846,881
11,661,337
21,775,413
19,335,483
308,443,223 256,351,675
204,018,227 159,571,712
97,676,544
77,612,691
228,977,567 185.706.901
112,512,420
73,776,258
132,663,984
99,178,728
64,154,859
27,689,780
71,655,045
40,156,139
177,423,346
87,177,237
147,644,228
98,882,638
64,553,441
27,244,039
28,232,249
24,020,169
33,254,943
17,371,992

------ M onth o f June ----------- 12 M o s . ended with J u n e —
1916.
1915.
1916.
1915.
S
S
S
$

Grand divisions—
Europe................................ 312,661,127 181,487,096 2,999,183,429 1,971,434,687
North America.................. 75,045,538 46,637,985 732,890,028 477,075,721
South America.................. 20,792,445 13,744,090 180,356,555
99,323.957
A s ia .................................... 42,196,442
13,643,403 278,470,228 114,470,493
Oceania.............................. 7,727,451
9,534,777
99,241,555
77,764.725
Africa.................................. 6,361,315
3,495,065
43,517,070
28,519,751
T o t a l ....................................... 4 6 4 ,7 8 4 ,3 1 8 2 6 8 ,5 4 7 ,4 1 6 4 ,3 3 3 ,6 5 8 ,8 6 5 2 ,7 6 8 , 5 8 9 , 3 4 0

Principal countries—
A ustria-H un gary______ __
________
B e lg iu m ................................ 3,110,720
D enm ark............................... 4,212,730
F r a n ce ................................... 75,222,834
G erm a n y...............................
5,466
G r e e c e ................................... 1,496,314
I t a ly ....................................... 25,669,750
Netherlands.......................... 9,642,248
N o r w a y ................................. 5,328,019
Russia In Europe................ 8,141,562
Spain ..................................... 6,779,180
Sweden................................... 3,449,149
United K ingdom .................. 165,751,621
Canada................................... 51,069,831
Central A m erica................. 3,270,788
M e x ico ................................... 3,584,429
C uba....................................... 11,957,283
A rg e n tin a ............................. 7,523,871
B ra z il..................................... 5,172,714
Chile....................................... 2,766,165
C h in a .................................... 3,468,887
British East Indies.............. 2,342,749
J a p a n .................................... 9,932,147
Russia in Asia...................... 23,925,348
Australia and New Zealand 5,560,300
Philippine Islands................ 2,063,713
British A fr ic a ...................... 4,091,636

_________
152,929
1,583,746
21,848,638
4,338,687
55,662,411
43,107,426
630,672,504
1,767
288,851
935,035
4,333.292
15,182,873
270,489,922
7,651,762
99,232.930
1,197,216
53,678,126
13,914,312
183,259,605
2,024,397
52,771,652
2,019,448
51,939,182
88,181,045 1,518,046,263
29,561,783 466,884.415
3,212,455
41,752,081
3,904,174
48,308,542
6,935,267
127,040,067
5,250,300
65,993,611
3,213,078
41,202,277
1,686,598
24,289,652
1,879,800
25,120,896
1,649,491
24,696.035
4,510,360
75,098,188
3,598,365
130,255,759
6,828,948
74,464,108
2,630,979
23,426,009
2,372,160
28,340,948

1,238,669
20,662,315
79,824,478
369,397,170
28,863,354
3,499,975
184,819,688
143,267,019
39,074,701
37,474,380
38,112,969
78,273,818
911.794,954
300,686,812
33,585,728
34,164,447
75,530,382
32,549,606
25,629,555
11,377,181
16,402,475
15,980,734
41,517,780
23,353,151
51,986,649
24,755.320
18,271,085

THINKS CONDITIONS REGARDING COTTON SPECULATI0N HAVE CHANGED.
(From tho Weekly Circular of Herrmann & W olf, Now Orleans.)
Tho Cotton Futures Act and tho financial resources of the South have
vastly changed the basic influences which finally direct the course of the
future market. They have practically eliminated organized speculation.
With tho passing of organized speculation has passed also, the importance
of the technical position. At one time this position dominated every other
factor. Tho marked trend however, towards keeping all commitments
within rational bounds in recent years, has definitely minimized the im­
portance of any interest that may be in the market, one way or the other.
This has been revoaled in a notable way, by the steady decrease in the
violence of readjustment under those new conditions.

During tho old regime the future market was for the m ost part, indepen­
dent o f and dom inated tho spot market. This position has been com pletely
reversed. The spot market is now sharply individualistic. It is not only
independent o f. but tho initiative which ultimately directs tho course o f
future prices, resides in the attitude o f tho spot holder. Tho result has
been to greatly increaso tho danger o f buying premiums, or o f selling dis­
counts. C otton is no longer a burden. N o m ore so practically, at tho
beginning than it is at tho ending o f the m ovem ent o f the crop.
These are the new and vital changes which have com e with tho com ing
o f the new order o f things. T hey are based upon a change in the laws and
in econom ic conditions, and are therefore, epoch-m aking. Tho effect has
been to vastly increase tho dependability and value o f tho econom ic service
rendered the cotton trade b y the system o f future trading, and tho effect
has also been, to greatly increase the courage and confidence o f the spot
m arket. These conditions are destined to vastly influence cotton affairs
for m any years to com e.
T he new school o f traders recognize these changes in all their calcula­
tions. T he old school does not. The form er cares m uch about funda­
mental conditions, the latter about technical positions. The one, realizing
the potentiality o f the spot m arket, is reluctant to either sell discounts or
buy premiums, the other is prone, especially to sell discounts upon the
orthodox assumption that the weight o f cotton will bo a burden upon tho
m arket. One has prospered greatly in recent years, tho other has not.
This is tho logical result o f one being under the spell o f a new vision, and
o f the other, being under the influence o f ancient creeds and outworn
theories.
_________________________________

RECENT FLUCTUATIONS IN
BONDS.

U.

S.

GOVERNMENT

The letter of C. F. Childs & Co., of Chicago, (specialists
in U. S. Government bonds) for August 5, reviews as follows
the course of tho Government bond market since the 1st
of April:
Since April 1st, when the price level o f U . S. Bonds registered their
highest quotations during the current year, there has resulted an averago
price declino to date o f fu lly 1% in tho case o f the 2s, 3s, and 4s, as con­
trasted with an averago advance in price o f about l ' A % in the caso o f tho
Philippine, Hawaiian and Porto Rican bonds during the samo period o f
tim e. T he m ost conspicuous decline has been noted in tho N ew Conver­
sion 3s. Whereas, sales o f these bonds wero reported at 1033^ early in
A pril, round amounts aro now offered for sale at 101 H . with a few recent
sales recorded at 101
W ithin the past 15 days, the general tone o f the Governm ent bond
market has been conspicuously im proved, during which short space o f
tim e prices havo m oved upward about
% . This advance is undoubtedly
accounted for b y the desiro to acquire bonds on tho part o f national banks
in tho interior and western sections o f tho country for circulation purposos,
in anticipation o f the seasonal and periodical demand for early fall cropm oving funds. In fa ct, the current floating supply o f free bonds Is suf­
ficiently limited to cause even a further upward m ovem ent in prices in
the event the dem and for bonds should continue to develop.
There appears to bo nothing on tho financial or political horizon to
stim ulate a liquidation o f bonds on the part o f tho present holders and no
new issue is likely to bo offered for salo, at least, until well after tho Presi­
dential election.

CENSUS BUREAU'S S U M M A R Y OF MANUFACTURES
IN THE UNITED STATES.

A preliminary statement of the general results of the
Census of manufactures for the United States has been
issued by Director Sam. L. Rogers of the Bureau of the
Census, Department of Commerce. It consists of a sum­
mary comparing the figures for 1909 and 1914, by totals,
prepared under the direction of Mr. William M . Steuart,
chief statistician for manufactures.
The figures aro preliminary and subject to such chango
and correction as may be found necessary from a further
examination of the original reports.
The reports were taken for tho calendar year ending
Dec. 31 1914, wherever tho system of bookkeeping permitted
figures for that period to be secured, but when tho fiscal
year of an establishment differed from the calendar year
a report was obtained for the operations of that establish­
ment for its fiscal year falling most largely within tho calendar
year 1914. The statement is as follows:
T ho census o f 1914, Iiko that o f 1909 with reference to manufactures,
excluded the hand trades, the building trades, and the neighborhood
industries, and took account only o f establishments conducted under tho
fa c to r y system .
In tho last census, also, as in that for 1909, statistics
were not collected for establishments having products for the census year
valued at less than $500, except that reports were takon for establishments
idle during a portion o f tho census year, or which began operation during
that year, and whose products for such reason wero valued at less than $500.
The word “ establishm ent" as used in tho census report, m ay mean moro
than one m ill or plant, provided they are owned or controlled and operated
b y a single individual, partnership, corporation, or other owner or oper­
ator, and are located in the same town or city .
P e r c e n ta g e s o f I n c r e a s e .

T he population o f the United States at the consus o f 1910 was 91 ,972,266.
and it is estimated that it was 98,781,000 on July 1 1914.
T ho sum mary shows Increases at the consus o f 1914, as com pared with
that for 1909, for all items except proprietors and firm members, for which
a slight decrease is shown.
In the order o f their im portance, from a percentage standpoint, the
increases for the several items rank as follows: Salaries, 3 7 .2 % ; capital,
2 3 .7 % ; salariod em ployees. 2 2 % ; primary horsepower, 2 0 .7 % ; wages, 19% ;
materials, 18.3% ; value o f products, 17.3 % ; value added by manufacture,
15.8 % : wage earners, 6 .4 % ; and number o f establishments. 2 .7 % .
C a p ita l I n v e s te d .

T he capital invested, as reported in 1914. was $22,790,880,000. a gain
o f $4,362,610,000, or 2 3.7 % over $18,428,270,000 in 1909. Tho averago
capital per establishment was approxim ately $83,000 in 1914 and $69,000 in
1909. In this connection it should bo stated that the Inquiry contained in
the census schedule calls for the total amount o f capital, both owned and
borrow ed. Invested in the business, but excludes tho value o f rented prop­




erty, plant, or equipment which was em ployed in tho conduct o f manu­
facturing enterprises. In the final bulletins and reports tho rental paid
for such property will be shown separately.
C o st o f M a t e r i a l s .

T ho cost o f materials used was $14,368,089,000 in 1914. as against
$12,142,791,000 in 1909, an increase o f $2,225,298,000. or 1 8.3 % . Tho
average cost o f materials per establishment was approxim ately $52,000 in
1914 and $45,000 in 1909. In addition to tho com ponent materials wnich
enter into tho products o f the establishment for the census year there are
included lho cost o f fuel, m ill supplies, and rent o f power and heat.
The
cost o f materials, however, does not include unused materials and supplies
bought either for speculation or for use during a subsequent period.
T he census inquiry does not include amounts paid for miscellaneous
expenses, such as rent o f offices, royalties, insurance, ordinary repairs,
advertising, traveling expenses, or allowance for depreciation.
V a lu e o f P r o d u c ts .

T he value o f products was $24,246,323,000 in 1914 and $20,672,052,000
in 1909, the increaso being $ 3,5/4,271,000, or 1 7 .3 % . The averago per
establishment was approxim ately $88,000 in 1914 and $77,000 in 1909.
T he value o f products represents their selling value or prico at tho plants
as actually turned out b y the factories during tho census year and does
not necessarily have any relation to the amount o f sales for that year.
T ho values under this head also include amounts received for work done
on materials furnished b y others.
V a lu e A d d e d b y M a n u f a c t u r e .

T he value added b y manufacture represents tho difference between tho
cost o f materials used and the value o f the products m anufactured from
them. T he value added by m anufacture was $9,878,234,000 in 1914 and
$8,529,261,000 in 1909. the increase being $1,348,973,000, or 1 5.8 % .
T ho value added b y m anufacture form ed 40.7 % o f the total value o f
products In 1914 and 41.3 % in 1909.
S a la r ie s a n d

W ages.

T ho salaries ana wages amounted to $5,367,249,000 in 1914 and to $ 4 ,­
365,613,000 in 1909, tho increaso being $1,001,636,000, or 2 2 .9 % .
T ho number o f salaried employees was 964,217 in 1914, as com pared
with 790,267 in 1909, making an increaso o f 173,950, or 2 2 % .
T ho average number o f wage earners was 7,036,337 in 1914 and 6,615,046
in 1909, tho increaso being 421,291, or 6 .4 % .
T ho maximum number o f wage earners (7,242,752) for 1914 were em­
ployed during M arch, while the maximum number (7.006,853) for 1909
wore em ployed during N ovem ber. T ho minimum number o f wage earners
(6,640,284) reported for 1914 were em ployed during Decem ber and tho
minimum number (6.210,063) for 1909 wero em ployed during January.
S u m m a r y f o r th e U n ite d S ta tes.

A com parative sum mary for the United States for 1909 and 1914 follows:
% of
in crea se

-------------------C e n s u s -------------------19091909.
1914.
1914.*
275,793
268,491
2.7
8,265,426
7,678,578
7.6
264,872
273.265 — 3.1
22.0
790.267
964,217

N um ber o f establishments---------Persons engaged in manufactures.
Proprietors and firm m em bers.
Salaried em ployees----------------W age earners (average number
em ployed during tho y e a r ) ..
7,036,337
W age earners, b y months:
7,075,682
January....... ..............................
7.141.594
February___________________
7,242,752
M a rch _____________ ______
7.217,320
April .
________________ - 7,148,650
M a y ________________________
7,100,368
June......... ................. ..............
7.018,867
J u ly ________________________
7,020.682
A u g u s t _____________________
/,086,804
S e p te m b e r______ __________
7,006,342
O ctob er____ _______________
6,736,699
N ovem ber____________ ______
6,640,284
D ecem b er.................................
Primary horsep ow er................... ..
22,537,129
C a p ita l____________ _____________$22,790,880,000
Services_____ ___ _____ __________
5.36V ,249,000
Salaries_______________________
1,287,917,000
4,079,332,000
W a g e s ....... ....................................
M a te ria ls ............................... ..........
Value o f products_______________ 24,246,323,000
Valuo added by manufacture (value
o f products less cost o f m ater’ls) 9,878,234,000
*A

6,615,046

6.4

6.210.063
6,297,627
6,423,517
6,437,633
6,457,279
6,517,469
6,486,676
6,656.933
6,898,765
6,997.090
7,006,853
6,990,652
18,675,376
$18,428,270,000
4,365,613,000
938,575,000
3,427,038,000
12,142.791,000
20,672,052,000

____
____
____
____
____
____
____
____
____
____
____
____
20.7
23.7
22.9
37.2
19.0
18.3
17.3

8,529,261,000

15.8

minus sign (— ) denotes dccreaso.

TRAINMEN'S

DEM ANDS REFERRED
MEDIATION BOARD.

TO FEDERAL

Tho controversy which has developed as a result of tho
demands of tho trainmen on all the railroads of tho country
for an eight-hour day and time-and-a-half for overtimo was
placed in the hands of the United States Board of Mediation
and Conciliation for adjustment this week. Tho move­
ment to this end was initiated by tho committee representing
tho railroads, after the results of the canvass of tho trainmen
on the question of empowering the leaders to declare a striko
to enforce the demands of the men had been made known.
This vote, it will be recalled, was taken with the refusal of
the railroads to accede to the proposals of tho trainmen, the
railroads’ stand having terminated on June 15, the con­
ferences in tho matter which had been in progress between
tho National Conference Committee of Railways and tho
representatives of tho Brotherhoods. In announcing, on
Tuesday of this week, that the voto taken had shown that
94% of the 400,000 men in tho four brotherhoods were in
favor of a strike in the event that their demands were not
granted, A. B. Garretson, Chairman of the Union Conference
Committee and President of tho Order of Railway Conductors
blandly informed the railroad representatives that tho next
move was up to them. The vote of the men was announced

as follows by Mr. Garretson at Tuesday’s conference, par­
ticipated in by the representatives of the railroads and
trainmen:
Brotherhood o f L ocom otive Engineers: Southeastern D istrict, 98.72%
in favor o f the strike: W estern D istrict, 9 0.35:% Eastern D istrict, 9 4 .5 4 % .
Brotherhood o f Locom otive Firemen and Enginemcn: 9 8 .1 0 % .
Brotherhood o f Railway Trainm en, 9 7 % .
Order o f R ailway C onductors: Southern D istrict, 9 3 .4 % : W estern Dis­
trict, 8 4 .3 % ; Eastern D istrict, 8 4 .8 % : General O ffices, 8 5 % .

With the request for details of the vote by roads, made by
Elisha Lee, Chairman of the Committee, representing the
railroads, Mr. Garretson stated that this would be given if
the railroad committee, on its part, would announce the
results of the canvass made by the railroads. Mr. Lee,
however, indicated that he could not supply the information
inasmuch as this vote had been taken by the individual
roads and not by the committee. With reference to the
vote taken by the unions Mr. Garretson sai.d:
Y ou know the vote, and it is now up to you as to what you will d o with it.
Y ou know the attitude o f the rank and filo, whether they are satisfied with
the representations m ade to you on this subject. It is up to you to decide
whether or n ot in the face o f the records there is any desire on your part to
proceed toward a settlem ent. The men want a shorter da y, and not a
higher wage. I f there is any disposition on the part o f the conference
com m ittee to d o what has never been done, to make a proposition, we are
ready to consider it. I f you have no desire to deviate in any way from the
attitude you have hitherto assumed, it is for you to decide. W e realize
the responsibility placed on you as you undoubtedly realize the respon­
sibility placed on us in this situation.

In replying Chairman Lee said:
I am not going to reply directly to you now as to whether wo have a
proposition. W e are going to consult with the com m ittee first, and if wo
have a proposition to offer it will undoubtedly develop during our meeting.
W o realize that this is a serious m atter, and we desire to consider it m ost
carefully. W e m ust discuss the ballot you have presented and determine
what courso to follow.

The developments leading to the submission of the matter
to tho Federal Mediation and Conciliation Board were wit­
nessed on Wednesday, when at a further conference between
the representatives of tho trainmen and the roads, a state­
ment on behalf of the latter was presented in which it was set
out that there was little probability of the differences being
harmonized except through the Board, and the trainmen were
asked to join with the roads in an application to invoke tho
Board’s services. The trainmen, through Chairman Garri­
son, declined to be a party with the roads in the request,
but later in the day, after receiving notification from the
Board that the roads had sought its aid in effecting a settle­
ment of the differences Mr. Garretson issued a statement
reporting that the unions had signified their acceptance of
the mediators’ proffer of friendly services “ provided it was
promptly exercised.” We give below tho statement read
to tho union leaders by Chairman Lee of tho Railroad Com­
mittee indicating that the Mediation Board would be im­
portuned to work out a settlement:
T he N ational Conference Com m ittee o f Railways has again given m ost
.careful consideration to tho matters in controversy between ua and to all
that has been said in our various conferences which began on Juno 1. W e
have also considered tho serious situation presented b y tho result o f tho striko
vote o f em ployees and the grave responsibilities which rest on both parties
to the conference to exhaust every honorable means to avoid the public in­
jury which must inevitably result should you decide to exeroiso tho power
which the strike vote has placed in your hands.
A fter such consideration It is our judgm ent that tho proposals which tho
men have supported b y their vote involve such extraordinary changes in
operating methods and such radical revisions in established bases o f com ­
pensation as to make it apparent that there is little probability o f our being
able to harmonize our differences o f opinion unless this result can be
brought about through tho Federal Board o f M ediation and Conciliation,
which was created to assist the parties in just such circumstances as now
confront us.
.
Tho National Conference Comm ittee o f tho railways is as sincerely anx­
ious as your com m ittee can be to reach some amicable adjustment o f tho
matters involved in tho present controversy, but wo are convinced that in
tho end we shall have to invoko tho friendly offices o f tho Federal Board o f
M ediation. T he unbroken experience o f tho last ten years sustains us in
this viow. During that period in practically no largo concerted m ove­
ment has a conference com m ittee o f managers and a com m ittco o f your
representatives over been able to reacli a final and com plete adjustment
o f tho matters in controversy between them until after they had invoked
the provisions o f the Federal mediation law. It seems to us that all tho
considerations that have existed in former controversies to prevent a settle­
ment being reached by direct negotiations aro present In an accentuated
form in this case.
It is not open to question that whatever wo can d o b y direct negotiations
wo can also d o just as quickly and as effectively through m ediation, and
experience has demonstrated that a com m on ground could be reached
through the mediators in cases where tho parties have been w holly unable
to reach such com m on ground through direct negotiations.
A ccordingly, we propose that you join with us in an application to the
United States Board o f M ediation and Conciliation and invoko its services
for tho purpose o f bringing about an amicable adjustment o f tho contro­
versy.

The following was the answer made to the above by Mr.
Garretson:
I d o not believe that a better purpose could bo served b y doing business
through an intermediary than can be done b y the parties directly interested
when in touch with each other. I havo personally arrived at a settlement
o f as largo a concerted m ovem ent as has prior to this time occurred without
tho intervention o f an intermediary and without invoking thoso powers,
although they were then in existence. Possibly as tho outgrowth o f that
experience, it has seemed to me that if they aro impelled by an actual deslro
to arrive at a solution, the real parties to tho negotiations can arrive at a




better understanding, at the close o f which there is no need to g o to a third
party for understandings o f the conclusions that have been arrived at.
Therefore m y attitude toward your proposal is this: Just as precisely in
a former instance o f this character when tho President o f one o f the proper­
ties here represented m ade exactly the same proposition, I said to you
that tho appeal for m ediation does not need our concurrence. Under the
law as it stands either party can make the request therefor. W hen that
follow s, the mediators themselves will bring the m atter to the opposing
side and the opposing sido will make their answer to the mediators.
W e decline to join you in the request for m ediation.

This reply of the trainmen brought an adjournment of the
conference, following which Chairman Elisha Lee approached
the Mediation Board, the members of which, namely, Judge
William L. Chambers, G. W . W . Hanger and Judge Martin
A. Knapp, had assembled at the Hotel Manhattan, this city
to await the outcome of the deliberations on the trainmen’s
demands. Following the presentation of the overtures, the
roads to the Board, and Mr. Hanger’s advices to the unions
of the appeal of the roads, Mr. Garretson issued the following
statement:
The Federal Board o f M ediation and C onciliation has notified us that it
has received the request o f the M anagers’ C onference C om m ittee to exer­
cise its friendly offices in an effort to bring about an am icable settlement o f
the questions that exist between the Conference C om m ittee o f the managers
and ourselves. Our answer was to the effect that we would accept the
m ediators’ proffer o f their friendly offices provided it was p rom p tly exer­
cised.

With regard to the question as to whether their acceptance
of mediation suspended the power to call a strike, Mr. Gar­
retson is quoted as saying:
There is a difference between the pow er and the right to strike. B oth
still exist, however. As a m atter o f com m on decency we are w aiving this
power pending the outcom e o f m ediation. It is m erely a question o f playing
fair.

No time was lost in getting the mediation proceedings un­
der way. Before the close of the day— Wednesday— the
Federal mediators and the managers were closeted in secret
session. The railroad managers in presenting their case to
the mediators were assisted by three experts on rates and
wages, J. W . Higgins, Executive Secretary of the Association
of Western Railroads; J. G. Walber, Secretary of the Bureau
of Information of the Eastern Railroads, and Dr. Charles
P. Neill, Manager of the Bureau of Information of the South­
eastern Railroads, and former U. S. Commissioner of Labor.
After the conference, Chairman Chambers said:
W e were in session from 3:30 p . m . until 6:30 p . m . T he railroad repre­
sentatives told us how far they were prepared to go and m ade their side o f
the argument plain
Our deliberations aro o f a confidential nature, for all know that nothing
which passes before this board will be divulged. O f course we d o not know'
how this situation is going to conclude until wo m eet the representatives o
the union men to-m orrow at 10 o ’clock at the B roadw ay Central H otel,
or perhaps at the Engineering Societies Building.
After to-m orrow we will havo a better perception o f the differences re­
sponsible for the trouble. W e m ade no suggestions or recom m endations
to-day. It is a little too early for that. It was really an inform al talk
from one to another. I f this situation goes to arbitration the public wil
be let in on it, b ut n ot until then.

On Thursday the Mediation Board conferred with the
labor leaders. The latter, it is understood, made it plain
that they would insist on their original demands, and that
they would not consent to the arbitration of the questions in
dispute. The railroads, too, are apparently unyielding in
their position. The mediators, since their conference with
the labor men on Thursday, have held several conferences
with the railroad representatives; a further meeting with
the labor heads was to have been held yesterday, but as a
result of the request that the second meeting be deferred for
twenty-four hours, presented to the trainmen’s representa­
tive by Mr. Hanger, the union delegates agreed to a post­
ponement of their meeting with the board until 10 a. m.
to-day (Saturday).
With regard to reports that a visit of Secretary of Labor
Wilson to New York, this week, had been made with a view
to study the situation incident to the trainmen’s demands
and reporting thereon, it was pointed out that the matter
was not one within his jurisdiction, but was instead in the
province of the Federal Board of Mediation and Concilia­
tion.
Supplementing his remarks last week relative to the pur­
pose of all the unions of the country to stand behind the
trainmen in their present movement, Samuel Gompers,
President of the American Federation of Labor, addressed
a communication to the four Brotherhoods on the 8th inst.,
in which he said:
During our recent meeting, which was held the week beginning July 24,
the Executive Council directed that fraternal greetings from them should
be sent to the officers o f the railway brotherhoods and through them to
the great rank and file o f the railway organizations, and that we express
to all, hearty com m endation and indorsement o f your m ovem ent for tho
inauguration o f the eight-hour day for all those em ployed in the railway
train service.
It is our m ost earnest hope that the railway companies m ay be induced
to take a broad-minded and humanitarian view o f your dem and. W hen

tho railway com panies understand the fu ll meaning o f tho eight-hour day
and realize tho material, m oral, and social advantage that will inevitably
result from its establishment, they cannot refuso to concede to tho workers
tho boon o f tho eight-hour day— and concede without imposing upon the
workers tho necessity o f cessation from work in order to establish your
dem and.
B ut, regardless o f whether your purposo is secured b y tho voluntary
agreement o f tho railway com panies, or whether it is necessary for the
railway men to strike to obtain this just and necessary protection, tho
Am erican Federation o f Labor pledges to tho brotherhoods its support
and sym pathy in the effort to accom plish that which is fundam ental for
tho protection and betterm ent o f tho railway men.

At the time when tho conferences between the representa­
tives of tho trainmen and the roads were brought to a close
in June it was made plain that the former would not consider
any proposals for the arbitration of the differences. This
week, in explaining why the Brotherhoods are opposed to
arbitration, W . S. Carter, President of the Brotherhood of
Railway Enginemen and Firemen, was quoted in the “ Times”
as saying:
A rbitration is a gam bling gam o, oven when tho dice are not loaded.
R ailw ay employees havo lost faith in tho justice o f arbitration boards.
T h e y bcliovo arbitration is as ficklo as chance. Long beforo gambling
with dice was prohibited b y law, it was not considered profitable to go
against loaded dice. Polite people would havo nothing to d o with such
m ethods.
N ow , com ing dow n to the issuo to-day: Can you call to mind a single in­
stance in which the workers at any trado havo secured tho eight-hour day
through arbitration? The mino workers were forced to inconvenience tho
public for m any m onths b y a great strike beforo they won tho eight-hour
d a y. T ho printers, bricklayers, carpenters and all tho rest o f them got
tho eight-hour day through long and repeated strikes, but thoy d o not now
regrot tho inconvenienco.
I f tho railroads m ay judge o f tho future b y experiences o f tho past, thoy
perhaps feel safo in wanting to submit the present eight-hour question to
an arbitration board. T ho railroads already havo tho co-operation o f all
tho chambers o f com m erce and other em ployers’ associations in thoir pro­
posal that railway employees bo forced to submit thoir eight-hour proposal
to arbitration.
I d o not want to projudico what tho mediators aro now doing. T hoy
havo m y best wishes, but I am telling you how tho workers feel about it.
Railroad employees onco thought that an arbitration decision depended
alm ost entirely on tho ovidenco thoy wero able to present. In an engineers'
arbitration they found tho neutral arbitrator to bo a rotired railroad attor­
ney— afflicted with old age, bad digestion and acuto projudico to such an
extent that ho did not attem pt to conceal his antipathy to tho engineers.
T h o railroads' representative in this arbitration was so much fairer than the
noutral arbitrator that ho conceded m ore than tho so-called neutral arbi­
trator wanted to give. In tho last arbitration o f Western engineers, fire­
m en and hostlers, tho board was dom inated b y a man who was directly
■concerned in tho result o f tho award. Aside from m any millions o f railroad
holdings, m uch o f which would bo affected b y tho award, he was a director
■of a trust com pany that owned ono block o f $12,500,000 first mortgago
.bonds o f ono party to tho arbitration.
B u t let us prosumo that there is an arbitration o f this present eight-hour
dem and and that overy effort is mado to appoint noutrals entirely free o f
prejudices. In such an event it is but tossing pennies to decide tho ques­
tion. I f the President o f tho American Federation o f Labor is selected as a
neutral arbitrator, he will, with perfect sincerity, award tho eight-hour
d a y. I f a president, director or attorney o f some great em ploying cor­
poration is appointed ho will deny the eight-hour day. I f some ono is
appointed who presumably has no mental bias, it will m erely be betting
on tho red against tho black.
W h y has none suggested that tho matter bo settled b y “ pulling straws,”
and relievo everybody o f tho bother?

T ho 148 railroads o f this country aro controlled b y 65 directors, thoy in
turn aro under the dom inance o f 16 banks and these 16 banks aro in tho
hands o f threo W all Street interests. These m en, constituting perhaps a
directing group o f twelvo, aro all located in ono short block in W ail Stroot.
These mon aro dictating tho manner o f living o f 400,000 employees o f tho
railroads, and thereby to a certain extent influence tho lives o f 7,000,000
persons dependent upon these railroad men.
These mon havo a right to an eight-hour day. T hoy havo tho right to de­
cent living, to spend a reasonable part o f their lives with their families. In
spite o f tho fact that there is a law against working a man on a railroad
any more than sixteen hours a day, the records o f tho Intcr-Stato Comm erco
Commission show that there were 69,000 violations o f this law last year.
That men worked from twenty to thirty hours is usual, as shown by tho
records, and it is not unusual for them to havo worked as much as forty
and fifty hours at a stretch.
I spent tw enty-fivo years o f m y life in a locom otive cab and I know tho
conditions as they exist. T o keep men on tho deck o f a locom otive for too
long hours isn’t safo. These men aro wrecks at 45. I know this because
I havo seon millions o f dollars o f the organizations’ m oney pass through m y
hands in ono year to help tho men whoso lives havo been dwarfed to fill the
coffers o f tho railroads.
Y o u hear tho railroads cry in their publicity campaign that to grant our
demands it will cost them $100,000,000. That amount o f m onoy will bo
saved in tho lives o f men killed and property wrecked if the mon aro given
decent hours.

Dudley Field Malone, Collector of the Port of Now York,
was also one of those who addressed the meeting, and in
taking sides with the trainmen, he is quoted to the following
effect in tho “ Times:”
The possibility o f a strike which would tie up the railroads o f this country
and in which at least 500,000 men would participate, would bo o f vital
menace and concern to the entire public. T ho railroads, with millions
o f dollars for publicity, have published their arguments to convince tho
public. T ho leaders o f tho brotherhoods exhibit great wisdom in holding
meetings like this that the grievances o f the workers m ay bo subjected to
public opinion.
I f tho self-seeking advice o f the dem agogue or tho reactionary econom ic
views o f tho smug and self-satisfied am ong tho operators o f tho railroads,
aro perm itted to take leadership in this great con troversy, tho monaco o f a
bitter strugglo will bo imminent. And it will bo well for tho railroads o f
this cou ntry to realize that any stupid lack o f econom ic vision on thoir
part in handling this problem will d o moro to aid the agitation for tho
G overnm ent ownership o f railroads than tho advocates themselves o f
G overnm ent ownership could accom plish.
N either tho American people nor tho Governm ent aro o f a disposition
to bait, harass, or persecute the railroads o f tho cou ntry. T ho presont
Governm ent at W ashington, chiefly through tho influonco o f President
W ilson, obtained for them the 5 % rate increase, and accurate figures show
that tho railroads aro in tho m idst o f unprecedented prosperity.

As to the railroads’ contention that tho present prosperity
is due to the war and that a depression will bo witnessed
with its conclusion, Mr. Malone said:
Statistics o f the P ort o f N ow Y ork d o not show that prosperity Is duo to
tho war. M ost o f tho m unitions shipped to Europo go through our port
hero and figures show that last year only tw o-fifths o f tho exports could bo
used for war purposes. T he other three-fifths wero com posed o f co m ­
m odities shipped to neutral countries. T hose who will tako tho troublo
to investigate the question at issue will find it is not only a fight for m oro
wages, b u t, what is m ore, a battle for decent living conditions.
Railroad men work under a peculiar hazard and sacrifice o f tim e, and
tho railroads should be made to pay extra for it.

A movement to secure legislative action which would
prevent the interruption of service by tho railroads tlirough
the threatened strike has been undertaken by Robert T .
Frazer of Nashville, who is employed in tho valuation de­
partment of the Nashville Chattanooga & St. Louis RR.
Mr. Frazer has prepared a petition to Congress, which is
said to have been signed by 8,000 employees of Eastorn lines,
in which he sets forth that 20% of tho employees repre­
senting tho brotherhoods should not be allowed to throw
the 80% out of work, and calls upon Congress to avort tho
threatened trouble. His petition is as follows:

Announcement that it had been agreed by the representa­
tives of tho Switchmen’s Union of North America and twelvo
railroads affected by tho demands of the switchmen to arbi­
trate their differences was made by G. W . W . Hanger of
tho United States Board of Mediation and Conciliation on
tho 7th inst. This is a controversy wholly separate and dis­
tinct from that with the trainmen. Mr. Hanger came to
W o, tho undersigned citizens o f tho State o f --------------- and among thoso
New York on tho 4th inst. with a view to bringing about a
tho moro than 80% o f tho employees o f tho railways o f our Stato
settlement of the matter in response to an appeal to tho Board comprising
and country, being confronted with tho possibility o f an entire paralyzation
for the services of a mediator, signed by Horaco Baker of o f tho railways o f tho country b y tho proposed general striko o f tho four
tho Conference Committee of Railways and S. E. Heberling orders o f trainmen, a group o f less than 20% o f tho entire number o f rail­
employees, and tho consequent curtailment o f income o f us, tho m oro
for tho Switchmen’s Union. The appeal was made after tho way
than 8 0 % , to whom such curtailment would bo ruinous, and fully realizing
failure of two weeks’ private conferences to adjust tho differ­ that under this great Governm ent, where tho ruling doctrine is "th o greatest
ences. The men demand an increase in wages and time and- good for tho greatest num ber,” wo, tho largo m ajority, moro than 80% o f tho
people to bo directly injured b y such destructive mothods o f tho few who
a-half for overtime, but their demands, as just stated, aro happen
to bo placed In a position whero thoy can uso them , have a clear and
entirely independent of those of the Brotherhood trainmen. dofinito right to be protected (tho general public and all other Industries
seriously
endangered also having that right), d o earnestly petition you ,
Mr. Hanger on the 7th stated that the switchmen’s demands
our Senators and Representatives, individually, and as tho Congress o f tho
would bo submitted to a committee of six, two from each side nation, and pray that somo definito legislative action bo taken wheroby
and two to be chosen in accordance with tho provisions of tho tho vast m ajority o f tho peoplo o f tho country shall bo protected from a de­
Newlands Act. About 8,000 switchmen employed on the structive interruption o f inter-State conim orco duo to w holly selfish action
o f a small group o f mon, and that all differences which m ay ariso botwcon
following railroads are involved in tho matter: New York railway and em ployee shall bo settled b y proper arbitration.
In this way you would recognize tho fundam ental principle o f tho R epub­
Central, Delawaro Lackawanna & Western, Lehigh Valley,
Rock Island, Michigan Central, Chicago Great Western, lic, that no small group o f men ought to bo permitted directly or indirectly
to conspiro to an end calculated to benefit thorn only and directly or indi­
Baltimore & Ohio, Chicago Terminal, Queen & Crescent, rectly work wrong and loss upon tho great m ajority.
Bessemer & Lake Erie, Cincinnati Chicago & I1.astern Illi­
nois, Peoria Terminal and the Minneapolis St. Louis & Sault
REVENUE BILL AM E N D E D TO PERMIT DEDUCTIONS
Ste. Mario line.
FOR INTERST ON MORTGAGE INDEBTEDNESS.

A statement which comes from the Advisory Council of
At a mass meeting last Sunday night, held under tho
auspices of tho trainmen’s unions, W . S. Stone, President of Real Estate Interests, this city, says:
P roperty owners and real estate corporations will bo gratified to know
the Brotherhood of Locomotive Engineers, made tho adthat tho IIouso o f Representatives amended tho Rovonue Bill so as to permit
sertion that 148 railroads of the country are controlled by deductions for interest on mortgago indebtedness in estimating tho amount
65 directors which in turn are dominated by sixteen banks. duo under tho income tax law. Since tho first incomo tax law was passed
in 1909 thero has been considerable confusion as to whothor tho interest
His remarks are quoted in the “ Sun” as follows:



p a id on real estate m ortgages could be deducted as an exponso o f doing
business. In determining exactly what incom e tax must be paid the
Governm ent, tho law provides that any business expenses m ay bo deducted
before tho not incom e is decided upon as a basis o f taxation. W hile
M r. W lckersham was Attorney-Genoral tho law was construed so as to
perm it a taxation for m ortgage interest. W hen M r. M cR eyn old s suc­
ceeded M r. Wlckersham tho new ruling was put into effect whereby a
deduction was only allowed on m ortgage indebtedness which did not
am ount to m ore than the capital stock o f real estate corporations. This
naturally resulted in an unjust discrimination, for a corporate dealer In
grain or other com m odities was allowed to deduct the entire interest which
ho paid on indebtedness, secured b y a pledgo o f tho entire com m odity in
which he dealt. There was certainly no good reason why the same privi­
lege should not have been accorded to another corporate m erchant, who
happens to deal in real estate equities. In fa ct, in the case o f Andersen vs.
42 B roadw ay C o. the U. S. Supremo C ourt said: “ It m ay well be that
m ortgage interest m ay, under special circum stances, bo treated as among
tho ordinary and necessary expenses or as included am ong the charges
required to bo made as a condition to tho continued use or possession o f
p rop erty.”
T h o new Rovenuo B ill, as first introduced in tho House o f Representa­
tives, provided that the only deductions for interest on indebtedness should
bo in tho case o f indebtedness secured b y personal p roperty. This naturally
would not have perm itted any reduction for interest on indebtedness se­
cured b y real property. Tho A dvisory Council o f Real Estate Interests,
through a special com m ittee consisting o f M essrs. W alter Lindner
George T . M ortim er, Robert E . Simon and John M . Stoddard made
every effort to have the law changed, with tho result that tho following
proviso was included in tho law under deductions, section 12, para­
graph 3:
“ In tho case o f a corporation, joint-stock com pany or association, or
insurance com pany, organized in the United States, such not income shall
bo ascertained by deducting from tho gross amount o f its incomo received
within tho year from all sources tho amount o f Interest paid within the yoar
on its indebtedness, w holly secured b y property collateral, tatigioio or
intangible, tho subject o f salo or hypothecation in tho ordinary busin&ss o f
such corporation, joint-stock com pany or association as a dealer o n l y In
the property constituting such collateral, or in loaning the funds thereby
procured, the total interest paid by such corporation, com nany or asso­
ciation within tho year on any such indebtedness m ay be deducted as a
part o f its expenses o f doing business, but interest on such indebtedness
shall on ly be deductible on an amount of such indebtedness not in excess
o f tho actual value o f such p e r s o n a l proporty collateral.
This is a distinct concession for real ostate Interests, inasmuch as neither
the law o f 1909 or the revised laws o f 1909, 1911 and 1913 particularly
specified that deduction for m ortgage indebtedness on real estate would
bo allowod. The bill is now boforo the Senate for its consideration, and
tho special com m ittco o f the Advisory Council has requested that tho proviso
m entioned above be clarified so as to rem ove all possible d oubt as to its
purport b y rem oving tho word o n ly after dealer and tho w ord p e r s o n a l
boforo tho words p r o p e r ty c o lla te r a l.
Tho A dvisory Council has likewise joined with tho National T ax Asso­
ciation, with regard to certain changos relative to collections at the source
b y corporations and other m inor changes.

SENATE

PASSES

C H IL D

LABOR

BIL L.

The so-called Child Labor bill, intended to prohibit the
shipment of child-labor products in inter-State commerce,
was passed by the Senate on the 8th inst. by a vote of 52 to
12. Of the twelve votes against the bill, ten were cast by
Democrats and two by Republicans, the latter were Senators
Penrose and Oliver, both of Pennsylvania, while the dissent­
ing Democrats were Senators Bankhead, Alabama; Bryan
and Fletcher, Florida; Hardwick and Hoke Smith, Georgia;
Overman and Simmons, North Carolina; Tillman and
Smith, South Carolina, and Williams, Mississippi. Eleven
Southern Democrats voted in favor of the bill, viz.: Senators
Swanson and Martin, Virginia; Underwood, Alabama;
Vardaman, Mississippi; James and Beckham, Kentucky;
Ransdell, Louisiana; Robinson, Arkansas, and Shields,
Tennessee; Culberton and Sheppard, Texas. Following tho
passage of the bill by the House on Fob. 2, the Democratic
caucus of tho Senate decided to postpone consideration of the
measure until next December. In response, however, to
President Wilson’s demand that the bill be taken up and
passed at this session, the Senate Democrats in caucus on
July 25 agreed to pass the measure at this session. Oppo­
sition to the measuro had come chiefly from Southern cotton
mill owners, and the group of Southern Democrats who voted
against it had fought it in caucus, and maintained their
opposition during the Senate debate on tho ground that the
regulation proposed is unconstitutional and would interfere
with the rights of the State. In accordance with the de­
cision reached in the caucus of July 25, Senator Robinson of
Arkansas reported the bill from tho Senate Committee on
Inter-State Commerce on tho 3d inst., and moved that the
Senato proceed with its consideration. On behalf of the
Committee, Senator Robinson told his Southern colleagues
in the Senate that there was a strong sentiment in favor of it
in their States and read extracts from newspapers in North
and South Carolina, Alabama, Georgia, Virginia and Louisi­
ana favoring child-labor legislation.
Answering contentions that the proposed Act would effect
a Constitutional transgression of the rights of the States,
tho Arkansas Senator declared that under a decision of tho
Supremo Court the power of Congress to regulate commerce
is complete and absolute, except as limited by the Con­
stitution itself; that the only limitation is tho Fifth Amend­
ment, which provides that “ no person shall be deprived of



life, liberty or property without due process of law;” that the
Fourteenth Amendment imposes the same limitation on the
States as that imposed by the Fifth Amendment on the
Federal Government; and that, “ if the States in the exercise
of the police power can suppress the evils of child labor,
Congress, through its power to regulate commerce, can pro­
mote the same end by denying the channels of commerce to
persons and enterprises in the interest of the public health,
morals and safety.” The bill reported to the Senate was
in the nature of a substitute for the House bill. In pointing
out the differences between the two, Senator Robinson said:
W hile the House bill seeks to exclude from inter-State com m erce th e
products o f mines, quarries, canneries, workshops, factories and other
manufacturing establishments into which child labor proscribed and
deemed objectionable b y both bills has entered, the Senate bill forbids,
the shipment in inter-State com m erce o f the products o f any mine, q uarry,
cannery, workshop, fa ctory or other m anufacturing establishm ent if,
within 30 days prior to the rem oval o f such products from such mine,
quarry, cannery, workshop or other m anufacturing establishment, child
labor, proscribed b y the bill, has been em ployed in the producing estab­
lishment..
T o express the distinction in another w ay, the House bill stigm atizes
the particular product into which proscribed child labor has entered. W hile
the Senate bill stigm atizes tho product o f the plant em ploying child labor.
T ho House bill relates only to inter-State com m erce, while the Senate
substitute extends tho prohibition to shipments in foreign com m erce as well.
The Senate substitute relieves all dealers outside the State o f production
or m anufacture from any liability whatever. It perm its dealers within
tho State o f production or m anufacture to provide themselves w ith guar­
anties, and if they d o so in good faith they are immune from any liab ility
to prosecution. I f the guarantee is false the m anufacturer or producer
issuing it is liable to the penalties.

The standards as to ages at which children may properly
be worked and the penalties in both bills are the same.
To summarize the pending provisions reported by the Sen­
ate Committee on Inter-State Commerce:
Producers, manufacturers or dealers are forbidden b y section 1 o f the
A ct to ship or attem pt to ship In inter-State com m erce the products o f a
mine or quarry in w hich children under the age o f 16 years have been em­
ployed within 30 days prior to the rem oval o f such products from the m ine
or quarry: as to canneries, workshops and factories the same prohibition
applies if, within 30 days prior to the rem oval, children under 14 years o f
age have been em ployed or children between 14 and 16 have been em ployed
for m oro than eight hours in any one day or for m ore than six days in any
one week.

Several amendments to the bill were defeated when the
bill was under consideration for passage by the Senate on
the 8th. The only amendment adopted would extend the
bill’s provisions to bar all products of establishments em­
ploying children from inter-State commerce. The House
measure was directed only against those on Avhich child labor
actually had been employed. The bill does not become
effective until one year after its enactment. An amendment
to extend the time to two years was offered by Senator Over­
man, but was defeated by a vote of 42 to 14. Amendments
to make the prohibition carried in the bill apply only to
children under 14 who could not read or write, and to make
it applicable to children on farms were also defeated. The
intention of Senator Borah to offer an amendment attaching
the immigration bill as a rider to the child-labor bill was
abandoned. Last week, as noted elsewhere, the Democratic
Senators, in voting to postpone action on the immigration
bill until the next session of Congress, pledged themselves
to vote down any attempt to attach the bill as a rider to the
child-labor bill. In calling attention in the Senate on July 21
(during a discussion on the Naval Appropriation bill) to
President Wilson’s belief, expressed in his book on “ Consti­
tutional Government in the United States,” that child-labor
legislation was unconstitutional, Senator Borah quoted
from the President’s book the following:
Its [tho Federal Governm ent) power is " t o regulate com m orce between
the States,” and the attem pts now being m ade during every session o f
Congress to carry the im plications o f that power beyond the u tm ost
boundaries o f reasonable and honest Inference show that the only lim its
likely to be observed b y politicians are those set b y the good sense and
conservative temper o f the country.
The proposed Federal C onstitution with regard to the regulation o f child
labor affords a striking exam ple. I f the power to regulate com m erce b e ­
tween the States can be stretched to Include the regulation o f labor in mills
and factories it can be m ade to embrace every particular o f the industrial
organization and action o f the country. T he only lim itations Congress
would observe should the Supreme C ourt assent to such obviously absurd
extravagances o f interpretation would be the lim itations o f opinion and
o f circumstances.

A bill similar to the present child-labor legislation was
passed by the House in February 1915, but failed in the Sen­
ate at that session of Congress.
SENATE A N D
ON

H OUSE ACCEPT CONFERENCE
ARM Y

A P P R O P R IA T IO N

REPORT

B IL L.

The Army Appropriation Bill, as agreed on in conference,
was approved by the Senate on tho 8th inst. and by the
House on the 9th inst. The bill in its final form calls for an
appropriation of $267,596,530. Under the bill which had
passed the House on June 26, the appropriations aggregated
$182,303,356, while the bill which passed the Senate on

July 27 called for an expenditure of $313,970,447. The bill
was sent to conference on July 29. The conference report
was adopted by tho Senate without a record vote; in the
House it was agreed to by a vote of 81 to 9. One of the
stumbling blocks during the consideration of tho bill in con­
ference was the Ilay amendment to the revised articles of
war exempting from the military criminal code officers and
enlisted men on the retired list. Following the acceptance
of this amendment by the conferees, Secretary Baker urged
that they reconsider their action; while the disposition of the
amendment served to hold up the report, it was finally turned
in with the retention of the provision. Among the larger
appropriations in the bill are the following: For aviation, in­
cluding a site for an aviation station, $13,281,666; pay of
officers of the line, $10,000,000; transportation, $23,000,000;
clothing, $20,280,000; subsistence, $20,000,000; ordnance
stores and ammunition, $10,000,000, of which $5,000,000
shall be expended for purchase of munitions and the remain­
der to be used for manufacturing; ordnance stores and sup­
plies, $9,500,000; armed motor cars, $500,000; field artillery
and ammunition for the National Guard, $20,000,000; for
automatic machine rifles, $12,000,000. The bill also con­
tains a $2,000,000 appropriation for the relief of dependent
families of the National Guardsmen and the regular soldiers
who are doing duty on the Mexican border. The Reed
amendment appropriating $14,000,000 for increased pay of
the regular army and National Guardsmen while on the
border, was stricken out of tho bill. The bill also appropri­
ates $2,000,000 for training camps, which is a reduction from
$4,300,000 in the Senate bill. The Senate provision giving
the President authority to take over any system of transpor­
tation in time of war is retained. The bill makes it possible
to enlist boys in the regular army under tho age of 21, with­
out their parents’ consent or over their parents’ protest.

This reduces the net losses to $712,518 15, and gives a total o f net premiums
in hand July 31, or net profits to the Treasury, o f $2,192,348 67.
T ho Bureau has been operated with a very small force, its total expenses
to dato being only $32,932 47, including salaries and all other operating
expenses.
A t present the Bureau has at risk a total o f $12,325,198, and during tho
last threo m onths has covered over $16,037,444 o f insurance at a premium
o f $263,841 95.
T ho Bureau expires by limitation o f law on Sept. 2 1916, and will go out
o f business o f writing war risk insurance on that dato unless Congress
oxtend its life. T he President m ay extend tho Bureau for one year to
close up its operations and to adjust losses, but not to continue tho business
o f writing insurance.
,
T ho Bureau is serving a great purpose to tho business o f tho country,
and Secretary M cA d o o to-day expressed tho hope that tho Congress would
extend Its lifo to the close o f the European war.

DEATH OF A. B. STICKNEY.

Alpheus B. Stickney, founder of the Chicago Great West­
ern RR., died at his homo in St. Paul, Minn., on the 9th inst.
after an illness of four weeks. He was 76 years old.
Mr. Stickney was a native of Maine, but in tho early
sixties located in the Northwest, where he at first engaged in
the practice of law. In 1869, however, he turned his atten­
tion to railroad affairs. After serving as Vice-President,
General Manager and Chief Counsel of the St. Paul Still­
water & Taylor Falls Ry., he superintended the construction
of the St. Paul, Minneapolis & Manitoba RR. From 1880
to, 1881 he was General Superintendent of the Canadian
Pacific RR., and in 1882 became Vice-President of the Min­
neapolis & St. Louis RR. Two years later he started work
on the construction of the Minnesota & Northwestern RR.,
out of which the Great Western developed. Mr. Stickney
directed tho affairs of that road as President until its consoli­
dation with the Chicago St. Paul & Kansas City, when ho
was mado President of tho latter. In 1892 he became Chair­
man of the Board of Directors, and in that capacity brought
about its reorganization as the Chicago Great Western Ry.
Ho also subsequently served as receiver of tho road. Owing
to ill-health ho rotired from official connection with it in
DEMOCRATIC SENATORS DEFER ACTION ON
1908. Mr. Stickney was also tho founder of tho St. Paul
I MMI GRATI ON BILL.
Action on the Immigration Bill has been deferred until the Union Stockyards Co.
next session of Congress, as the result of the adoption of a
resolution by the Democratic members of the Senate, in WAR REVENUE BILL— CHARGES M A D E BY DEMO­
CRATIC MEMBERS OF SENATE FINANCE
caucus, on July 31, by a vote of 38 to 0, binding all its
COMMITTEE.
members to vote to this end. Tho caucus also, by a vote of
32 to 7, pledged the majority to defeat any attempt to attach
The so-called war revenue bill was completed by tho Demo­
the Immigration Bill as a rider to the Child Labor Bill. In cratic members of tho Senate Finance Committee yesterday,
the Senate earlier in the day a motion to take up the Immigra­ and was ready for submission to tho Democratic caucus of
tion Bill, offered by Senator Poindexter, was defeated by a the Senate last night. The bill which is designed to raise
vote of 35 to 17, all the Democrats registering their opposition. in the neighborhood of $200,000,000, passed tho House on
July 10. A number of changes have been mado in it by
tho Democratic members of the Senato Finance Committee
BILL EXTENDING WAR RISK INSURANCE BUREAU during tho past week. On the 5th inst. the members de­
ANOTHER YEAR PASSED BY CONGRESS.
cided to apply tho income tax rato of 2% to incomes of
The provisions of the War Risk Insurance Act, which single persons in excess of $2,000, and in tho case of husband
became a law on Sept. 2 1914, and which would have expired and wife to incomes in excess of $3,000. Tho minimum at
by limitation on Sept. 2 next, are extended for another year present is $3,000 for unmarried persons and $4,000 for mar­
in a bill passed by the House on July 29 and by the Senate ried persons. A sur-tax of 13% on incomes exceeding $1,­
on Aug. 5. Tho Act was an emergency Act, designed to 000,000 was also fixed by tho committee; incomes of this
provide temporary means of insuring American ships and size had been taxed 10% under the House bill, that rato in
cargoes against loss or damago during tho European war. tho House bill being applicable to all incomes in excess of
The bill amending the Act reads as follows:
$500,000. On the 7th inst., material changes in tho in­
B e it e n a c te d , & c .. That Section 9 o f an A ct establishing a Bureau o f War
Risk Insurance, approved Sept. 2 1914, bo, and it is hereby, amended so heritance tax provision were recommended by the Demo­
as to requiro the suspension o f tho operation o f tho A ct within three years crats of the Committee.
The proposed higher taxes on
from the date said A ct was approved.
big inheritances would increase tho estimated rovenuo from
Sec. 2. That all moneys received from premiums and from salvage shall
that section of tho bill alone from $54,000,000 to $72,000,­
bo covered into the Treasury to tho credit o f tho appropriation mado for
the paym ent o f losses, and bo available for tho purposss thereof.
000 annually. Retaining tho House bill taxes of 1% on
The extension of the Act until tho end of tho war was estates over $50,000 graduated up to 5% on thoso in excess
urged, as noted in these columns July 29, by tho Philadephia of $450,000, the Committee added schedules of 6% on net
Bourse and other leading commercial organizations of Phila­ estates in excess of $1,000,000; 7% on $2,000,000 to $3,000,
delphia. According to a statement dealing with a summary 000; 8 % on $3,000,000 to $4,000,000; 9 % on $4,000,000
of the business of the War Risk Insurance Bureau, given out to $5,000,000, and 10% on estates in excess of $5,000,000.
by Secretary of the Treasury McAdoo on July 31, profits of
Supplementing tho House munitions tax section including
more than $2,000,000 have already been realized through the the copper tax, the Democratic members of tho Committeo
operation of the Bureau.- The following is Mr. McAdoo’s adopted a provision whereby every corporation manufac­
statement:
turing gunpowder or other explosives and all munitions
Secretary M cA d oo to-day made public a summary o f tho operations o f tho of war and articles going to mako up munitions, includ­
Bureau o f War Risk Insurance which, with a profit o f moro than $2,000,000
to tho Federal Governm ent in less than two years, has boon o f incalculable ing motor boats and submersibles, shall pay for each
benefit to the business o f tho country, affording war risk Insurance where it taxable year a tax of 10% upon net profit accrued from the
was unobtainable from other sources, or obtainable at high and prohibitive sale of such goods manufactured in tho United States.
This
rates, and greatly influencing war risk insurance rates generally to a
would apply to the munitions sold to tho United States
reasonable and equitable basis.
From Sept. 2 1914, the dato o f its establishment, to July 31 1915, tho Government as well as foreign Governments.
An amend­
Bureau issued 1,539 policies covering a total amount o f $138,392,389 on
ment was adopted whereby the munitions tax would cease
American cargoes and ships carrying non-contraband goods all over tho
to be operative at tho end of one year after the close of tho
world.
The gross premiums received for this insurance amounted to $2,904,­ war, and would be effective from Jan. 1 1916.
866 82, against which the known losses to date amount to but $771,329 57.
On tho 9th inst., it was decided by tho Democratic mem­
O f these losses $58,811 42 have been received in salvage from tho cotton
o f the steamer Evelyn, sunk by a mine in tho Nortli Sea early n 1915. bers of the Committee to restore some of tho stamp taxo




which are dropped under tho House bill. Among the
taxes which it is proposed to retain aro tho following:
A tax o f 2 cents per $100 face value on bonds, debentures, certificates
o f indebtedness, &c.
A tax o f 1 cent on express and freight receipts o f m ore than 5 cents
In value.
A tax o f 1 cent on all telegraph and telephono messages on which tho
charge is 15 cents or more.
A tax o f 50 cents on custom house entries on values varying from $100
to $500 and a $1 tax on values over $500.
T he tax on steamship passage tickets to foreign countries o f $1 when
the passage charge does not exceed $30, $3 where it is m ore than $30 and
not more than $60. and $5 where charge is over $60.
The tax o f 50 cents on conveyances exceeding m oro than $100 but not
more than $500, and 50 cents additional for each additional $500 in value
or fraction thereof.

The Senate committeomon adotped the tax on Pullman
tickets, but increased it from one cent to two cents. In
addition to taxing pool and billiard tables in bowling alleys
and other public places the bill would also tax such tables in
private residences.
The Committee on the 10th inst. determined to make the
tax on cigarettes 8 cents per thousand; in the present law
it is relatively but 3 cents. Tho present law graduates the
tax, making it $12 for manufacturers of cigarettes whose
output does not exceed 1,000,000 cigarettes annually, up
to $2,496 on manufacturers whoso annual sales exceed 100,­
000,000 cigarettes.
The Committee also agreed on the 10th, to an amendment
authorizing the President to take retaliatory action against
nations which prohibit the importation of any article the
product of tho soil or industry of tho United States and not
injurious to health or morals. The President would be em­
powered to prohibit importation into tho United States of
similar articles from offending countries, or other articles
in case none of similar character wero imported. Another
amendment agreed to would admit all dyestuffs and coal
tar medicinal derivatives free of duty during the European
war, and would postpone operation of tho proposed tariff
on such commodities until the close of the war, or such time
as their general importation shall bo renewed.
WARNING TO TREASURY OFFICIALS AGAINST
UNDUE POLITICAL ACTI VI TY.

A warning tc officials in tho Treasury Department against
undue political activity has been issued by Secretary of
the Treasury McAdoo. The edict is in tho form of a circu­
lar issued under date of July 27, and mado public on the 3rd
inst. It calls attention to the fact that Presidential ap­
pointees are forbiddon by Statute to use their official authority
or influence to coerce the political action of any person or
body, to make any contribution for a political object to
any other officer of tho United States, to solicit or receive
contributions for political purposes or to discriminate among
their employees or applicants for political reasons, &c. The
circular in full follows:
(T . D . 36591.)
.
P E R M IS S IB L E P O L IT IC A L A C T I V I T Y OP P R E S ID E N T IA L
A P P O IN T E E S .
[Circular N o. 61.)
T r e a s u r y D e p a r tm e n t , J u ly 27 1916.
T o a ll o f fi c e r s in th e T r e a s u r y D e p a r tm e n t h o ld in g a n y P r e s id e n tia l a p p o i n t ­
m e n t.

Presidential appointees arc forbiddon b y statute to use their official
authority or influence to coerce tho political action o f any person or b od y,
to make any contribution for a political ob je c t to any other officer o f the
U nited States, or to solicit or recoivo contributions for political purposes or
to discriminate am ong their em ployees or applicants for political reason.
Otherwise a Presidential appointee will bo allowed to take such a part
in political campaigns as is taken b y any private citizen, except that he
will not bo permitted—
1. T o hold a position as a member or officer o f any political com m ittee
that solicits funds.
2. T o display such obtrusive partisanship as to cause public scandal.
3. T o attem pt to manipulate party primaries or conventions.
4. T o use his position to bring about his selection as a delegate to co n ­
ventions.
5. T o act as chairman o f a political convention.
6. T o assume the active conduct o f a political cam paign.
7. T o use his position to Interfere with an election or to affect the result
thereof.
8. T o neglect Ills public duties.
It is not intended that Governm ent servico shall curtail or interfere with
the exercise o f a person's civic rights and duties as a citizon.
W . G . M cA D O O , S e c r e ta ry o f th e T r e a s u r y .

INCOME TAX COMPROMISES M I N I M U M PENALTY
FOR 1915 REDUCED.

Notice to Collectors of Internal ltovenuo that the Treas­
ury Department had modified its ruling with respect to
offers in compromise of tho specific ponalty for delinquency
in filing income tax returns for tho year 1915, was issued
on July 24. Under Treasury Ruling 2311, promulgated
March 23, it was made known that offers in compromise
of $20 from corporations and $20 from individuals or with­
holding agents would bo accepted in compromise in tho case



of delinquent returns for 1915; the new order of the Treasury
Department fixes the amount at $5 for individuals and
withholding agents, and $10 for corporations— the same as
applied for the year 1914. The new ruling is as follows:
TREASURY DEPARTM EN T.
Office o f Commissioner o f Internal Revenue
W a s h i n g t o n , D . C . , J u ly 2 4 1916.
T o C ollectors o f Internal Revenue:
Referring to M im . 1353 a n d T . D . 2311. you are advised that after further
consideration, the T reasury Departm ent has decided to accept offers in
com prom ise o f the specific penalty for delinquency in filing incom e tax
returns for the year 1915 in minimum amounts, a's follow s: $5 for individuals
and withholding agents and $10 for corporations.
W ith respect to offers now ponding, adjustm ent will be m ade on th e
above bases and authority will be given in the notices o f acceptance fo r
the furnishing o f Form 627, on which to m ake claim for the excess
deposited.
T.
D . 2311 and M im . 1353, are m odified accordingly in so far as t h e
amounts to be accepted for 1915 delinquencies are concerned, but other­
wise remain in full force and effect.
D A V ID A . G A T E S , A c t i n g C o m m i s s i o n e r o f I n t e r n a l R e v e n u e .
A p proved :
W . G . M cA D O O , S e c r e ta ry o f th e T r e a s u r y .

PHILADELPHIA JOINT COMMI TTEE ASKS N E W LANDS COMMITTEE TO SIT I N PHILADELPHIA.

The Philadelphia Joint Committee on the Reasonable
Regulation of Railroads, which consists of the leading com­
mercial organizations of Philadelphia and is conducting a
national campaign for a more simplified and centralized
system of railroad regulation, with unqualified Federal
regulation as the basic principle, has asked Senator Newlands, of Nevada, Chairman of the Congressional Commit­
tee, to investigate the railroad legislation and regulation
problem, and that his committee sit in Philadelphia some
time this year. The Philadelphia Bourse, which was the
organizer of the joint body, and which is advocating through­
out the country a specific reform program, has offered to
the investigators the use of its building for hearings. The
request was telegraphed to Senator Newlands by Malcolm
Lloyd, Jr., an attorney and director of the Board of Trade,
who is Chairman of the Joint Committee. It is the desire
of the officials of the committee to lay before the Congres­
sional committee the findings of its nine months’ preliminary
survey into the necessity for reform in the field of regulation,
upon which the committee has based its crusade for ex­
clusively Federal regulation. For the past five months,
through the Philadelphia Bourse, which is in charge of the
publicity feature, the Joint Committee has been arousing
active discussion of its propaganda among commercial bodios,
manufacturing and shipping companies, economists and
railroad officials and attorneys. It is now securing en$
dorsements and discussions from all parts of the country,
which, according to its officials, will enable it to go before
the investigating committee with a plan that is supported
generally and by experts rather than by merely local
organizations.
The Philadelphia Bourse independently will argue before
the Congressional Committee, the merits of its specific
remedial program, which in brief includes abolition of State
regulation, Federal incorporation for railroads and a re­
organization of the Inter-State Commerce Commission into
district Courts with an appellate body sitting at Washing­
ton. Each freight territorial district, according to the
Bourse plan, would have a district Court, presided over
by a president judge, a jurist and six associate judges, three
being business men and three being railroad experts. The
president judges of each district Court would constitute a
Supreme Inter-State Commerce Court at Washington, to
decide appeals in principle. This plan has been laid by
the Bourse, before commercial organizations and others
interested in the problem throughout the country and has
received many endorsements. The Federal incorporation
feature, apparently meets with unanimous agreement.
I NQUI RY INTO CAUSES OF HIGH COST OF PAPER.

As part of the exhaustive inquiry which is being made by
the Federal Trade Commission into the present famine prices
prevailing for print paper, a hearing was opened on the 1st
inst. at Washington, during which it was alleged by publish­
ers that the price of news print paper had been forced up to
an unheard-of figure by a combination of manufacturers.
Representatives of the manufacturers denied this. Among
those present were representatives of the American News­
paper Publishers’ Association, the National Editorial
Association, the New Jersey Publishers’ Association, the
Pennsylvania State Editorial Association, the Pennsyl­
vania Publishers’ Association and the Newspaper Manufac-

turers’ Association. F. P. Glass, Vice-President of the firstnamed association, stated at the hearing that the American
Newspaper Association is preparing a “war chest” with which
to combat the manufacturers, and is also compiling data, the
purpose of which is to prove that the manufacturers have
combined to force the price of paper up. General prices on
contracts, he said, have risen 25 to 35% , and if more paper
than provided for in the contract is desired, the publishers
are forced to pay prices from 50 to 100% higher. Mr. Glass
asserted that certain mills are manufacturing paper at less
expense than ever before. “ The situation facing the news­
papers to-day,” Mr. Glass declared, “ is very threatening.
We find many evidences on the part of manufacturers of con­
certed action. We are trying to gather facts substantiating
evidences of collusion and conspiracy. We have not the
legal evidence to-day. We are morally certain it exists.
We expect to have the proof within sixty days and possibly
sooner.”
In defense of the manufacturers, P. T. Dodge, President
of the International Paper Co., said that a big factor in the
increased price of paper is the enormous increase in demand,
which he estimated rose 20% in the past year. The manu­
facturers, he asserted, are not making a fair return on their
capital, and therefore no new mills have been built in the
country during the year. His company, he said, had had
to refuse orders from abroad for nearly 300,000 tons of paper
in the last three months.
The Trade Commission’s report on its investigation of
news print prices, it was announced on tho 10th inst., will
bo published not later than October 1, regardless of whether
Congress is still in session. Probably a brief extract will
be given out two weeks beforehand summarizing the findings.
Tho major question in deciding whether thero has been
collusion among the manufacturers to boost prices unduly
is said to be whether the increased demand for paper has
been entirely disproportionate to the increased production.
None of tho substitutes for pulp recently suggested is com­
mercially feasible, according to officials of the various
bureaus interested. Cotton stalks, most frequently men­
tioned, it is said, would be prohibitively expensive to collect.
In the meanwhile vigorous action is being taken by the
publishers to economize in paper. At a meeting of publish­
ers of New York dailies on the 1st inst., action was taken,
according to the “Journal of Commerce” of this city, pro­
viding for a decrease in their morning, evening and Sunday
.-Editions which will amount to 121 pages a week. Action was
•also taken looking to the elimination of the return of unsold
.copies. It is thought probable that many of the smaller
papers throughout the country will be forced to raise the
price of their copies.
In Philadelphia the shortago in paper has resulted in an
agreement among the newspaper publishers of the city to
curtail the size of the newspapers. The agreement stipulates
that
A ll da ily , evening and Sunday newspapers will im m ediately reduce tho
size o f their issues to tho extent o f a total in excess o f eighty pages weekly.
T hat, beginning September 1 next, the accepting from wholesale pur­
chasers o f unsold copies o f all m orning, evening and Sunday newspapers
will bo discontinued.

The newspapers which are parties to the agreement are
the “ Evening Ledger,” “Public Ledger,” “ The Evening
Bulletin,” “ The Evening Telegraph,” “ The North Ameri­
can,” “Tho Philadelphia Inquirer,” “ The Record,” and
“ The Press.”
On the 10th inst. the White House made public a letter
addressed to President Wilson by David F. Houston, Secre­
tary of Agriculture, indicating what had been done by the
Forest Service toward relieving the situation with respect
to tho shortage in newsprint paper. In this letter Secretary
Houston states that experts of the Foreign Service aro in­
clined to believe that the present conditions may be tem­
porary.

The D. L. Ward Co. of Philadelphia, through its Presi­
dent, George W . Ward, furnishes an interesting commentary
on the paper situation. This, as printed in the Philadelphia
“ Ledger,” we reproduce as follows:
In answer to such questions as, W hat are tho causes for tho present high
prices o f paper? W hen do you think prices will decline? which I am being
constantly asked as a distributor o f paper and as often asking m yself as a
buyer o f tho same com m od ity, I submit a few facts that stand out as the
im portant causes o f tho j>resent situation.
A large proportion o f bleached and unbleached sulphite and ground w ood
pulp that we use in the m anufacture o f paper has com e from Europe. The
amount from the Central Empires has been entirely stopped, while the
pulp from N orw ay and Sweden has materially decreased. W hat wo are
receiving is costing double its form er value, due to the present cost o f coal,
labor, ocean freight rates and steamship insurance.
F ifty per cent o f our supply o f rags comes from Europe.
D yes, chemicals, felts, paper m achinery and, in fact, every other article
which goes into the m anufacture o f paper, have increased anywhere from
twice to ten times the price paid one year ago.
Eabor has increased from 25 to 5 0 % , due to the fact that virtually all
mills havo replaced tho tw o-tour system with tho three, requiring three
sets o f workmen instead o f tw o. In m any localities the present scale o f
wages that munition factories have set has had to be com peted with.
Tho dem and for paper has increased 3 0 % . In m y opinion, one-half o f
this increase is actual consum ption, which will continue as long as wo have
the present prosperity. The other is speculative buying b y all types o f
paper consumers. This, duo to tho present high prices, will naturally
discontinue. This will result to the advantage o f both seller and buyer.
T he above answ'ers tho first question, to the best o f m y ability, as to
what causes the present high prices o f paper. As to when prices will de­
cline, if you believe the above inform ation I am sure that you will agree
that they will fall only after the end o f tho present European war. It will
then take some tim e for prices to adjust themselves, because Europe’s pulp
supply is greatly dependent upon the supply o f logs from Russia, and no
trees have been cut In tho last year. It will, therefore, bo six m onths to a
year before thero will bo any steady relief in sight. It is quite unlikely that
tho paper mills will ever be able to go back to tho tw o-tour, or twelve-hour
day in regard to labor. It is for this reason that I doubt that we shall ever
see tho form er abnorm ally low prices.
In connection with tho statement M r. W ard has given out com parative
figures on the American im portations o f sulphite as follows:

Tens. I

Tons.

.................. . .................4 5 8 ,1 5 0
1012 ............................................ 351,000 1014
1 0 1 3 _____ _________________ 373,466! 1915 .............................................394,321
These figures are contrasted with the figures for 1910 to dato:
Ton s. |

J a n u a ry ...................................... 28,8301 A p ril______________ _________
F e b ru a ry ___________________ 31,0721 M a y . ..........................................
M a r c h ....... ......................
15,0911

SECRETARY LANE A N D JUSTICE BRAN DEIS
SERVE ON M E X I C A N COMMISSION.

T on s.

0,270
3,982

TO

The names of two of those who havo been chosen by Presi­
dent Wilson to constitute tho American mem hors of tho
joint commission which will undertake the settlement of tho
Mexican border difficulties was mado known on tho 9th inst.
They aro Franklin K. Lane, Secretary of tho Interior, and
Louis D. Brandeis, Supreme Court Justice. Formal an­
nouncement of the Commissioners’ appointment, it is stated,
will be made as soon as the third member’s acceptance lias
been received. The name's of the three Mexican members
of the Commission were given in these columns last week.
Acting Secretary of State Polk announced on tho 9th tho
acceptance of the commission plan after Eliseo Arredondo,
Mexican Ambassador-Designate, had givon positive assur­
ances that his Government was not desirous of limiting tho
scope of tho proposed discussion in any way, but, on tho con­
trary, was in complete accord with the views of tho Washing­
ton Government in that regard. Withdrawal of Ameri­
can troops from Mexico, negotiation of a protocol covering
future border operations and investigation of tho interests
behind border raids first were outlined by General Carranza
for discussion by tho Commissioners, and when tho United
States suggested a wider latitude General Carranza, in tho
note received by the State Department on tho 4th inst., indi­
cated that he desired tho threo specific questions named taken
up “ preferably.” Somo question arose among tho State
Department officials as to tho exact translation of the Spanish
word “ preferoncialmente,” which had been translated as
“ preferably.” Mr. Arredondo is said to have assured Mr.
Polk that the language meant merely that the Commission
should first endeavor to formulato l’ecommendations on
the three specific points before proceeding to other matters.

Marsden G. Scott, President of the International Typo­ THE MUNI TI ONS EXPLOSION I N N E W YORK BAY.
An action to restrain tho Jersoy City Commission from
graphical Union, which is to consider tho advance in paper
prices at its meeting in Baltimore next week, holds the print interfering with tho Delaware Lackawanna & Western IIR.
paper manufacturers responsible for the unprecedented in accepting munitions at its piers was begun in tho U. S.
District Court of New Jersey at Trenton on tho 8th inst.
advances. The New York “ Times” quotes him as saying:
Tho newspaper publishers aro being sandbagged.
T ho print paper by the Canadian Car & Foundry Co., Ltd.
On the 10th
manufacturers aro inflating their prices to an unreasonable figure, and are
inst. tho Court, through Judge Rellstab, granted a tem­
making capital out o f tho European war. Thero is no reason on earth
Tho suit grows out
why paper should not bo plentiful. It is a fact that bleach is scarce, but porary injunction in the matter.
tho bleach for newspaper print is being mado hero Inexpensively.
of the explosion at Black Tom Island, which occurred
I
havo received hundreds o f letters from publishers on this subject and
on July 30. The action of the Jersoy City authorities in
havo investigated it thoroughly. Tho manufacturers aro w illfully and
compelling the railroad to unload a car of explosives shipped
deliberately raising their prices sim ply because they aro avaricious.
by the Canadian company from Kingsland, N. J., is th



basis for the court action. The proceedings were directed
against the five City Commissioners of Jersey City. Under
a contract with the Russian Government the munition fac­
tory is obliged to deliver daily 750,000 partly loaded shrapnel
and high explosive shells at Gravesend Bay during August.
The contract is for SI3,000,000, and provides a penalty
of 1% for every week’s delay in delivery. Over $7,000,000
of the contract has been completed and the company has
been held up in shipments by the Jersey City officials since
the explosion. The complaint charged that there is no
New Jersey statute to prohibit the shipments and that the
rulings of the Inter-State Commerce Commission legalize
such shipments. Investments of the company are in Canada,
New York, Pennsylvania, Now Jersey, Ohio, Michigan,
Vermont, Illinois, Massachusetts, Wisconsin and Kentucky,
and unless relief is granted the company’s investments, it is
claimed, will sustain losses. The suit will act as a test case
for the other railroads. Munitions under Jersoy City’s ban,
which tho company ships, are steel shells, cartridge cases,
black powder, trinitrotoluol, unfinished shrapnel, high
explosive shells and ammunition for cannon. In granting
the temporary injunction Judge Rellstab held that there
cannot be two sources with power to regulate the same
thing. Ho declared that control of inter-Stato commerce
is vested exclusively with the Federal Government through
its agent, tho Inter-State Commerce Commission, and that
if tho municipality has any grievance it may bo taken to the
Inter-Stato Commission. He does not hold by his decision
that the police powers are entirely abrogated by the vested
powers, but says that tho Commissioners of Jersey City
acted beyond their authority in stopping shipments from
without the State. John Milton, Corporation Counsel for
Jersey City, argued that, admitting the illegality of the
Commissioners’ action, the plaintiff had no standing in
court, not having asked permission of tho Jersey City author­
ities to ship munitions into tho territory. Action will be
taken by the Court on Tuesday next on an application of the
Central RR. of Now Jersey for a similar restraining order.
An effort on behalf of the Central Railroad of New Jersey
on tho 8th inst. to secure a modification of the embargo of
the Jersey City Commissioners against explosives was not
only unavailing, but resulted in tho adoption by tho Com­
missioners, at tho instance of Frank Hague, Commissioner
of Public Safety, of a resolution sustaining the ono adopted
last week, authorizing Mr. Ilaguo to “ use all tho means in
his power and at his command” to provont the storage and
shipment of high explosives within tho city limits. In
addition to tho Jersoy City embargo tho Board of Aldermen
of New Brunswick on the 4th inst. passed resolutions pro­
hibiting the storage of explosives in that city.
Tho report of the investigation into the explosion made
under the direction of the Inter-Stato Commerce Com­
mission was received from J. P. Tumulty, Secretary to
President Wilson by Mr. Hague, Commissioner of Public
Safety of New Jersey, on tho 4th inst. As- was stated in
a brief reference to the report last week, it sets out that the
explosion was not duo to tho violation of any law governing
the packing and transportation of munitions, and it attributes
the explosion to a fire on tho docks. It also states that tho
Commission, under tho present law, has apparently no
power to prohibit the railroads from using their tracks for
tho delivery of explosives. Tho letter, embodying tho
report, is as follows:
The
Mu

d ear M r .

C o m m is s io n e r :

W h i te H o u s e , A u g u s t

4 1916.

An investigation of the ruins on Black Tom Island made
by James W . McCarthy, Assistant County Prosecutor and
County Detective William Charlock, is said to have resulted
in the conclusion that the fire did not start on any barge
lying at the Lehigh Valley piers, but in a train of empty
freight cars, and from tho latter was communicated to cars
laden with munitions. It is reported that the Bureau of
Explosives had at first laid the origin of the fire to the barge
of the Johnson Lighterage & Towing Co., known as Johnson
No. 24. In refuting this Theodore B. Johnson, President
of the company, declared on the 4th inst. that the barge was
not at Black Tom on the night of the explosion.
The arrest in Jersey City of Erling Iverson and Axel
Larsen, Norwegians, was announced on the 9th, the two
being held, it is stated, on suspicion of having knowledge of
the cause of the fire which resulted in the Black Tom ex­
plosion. They were said to have been cleared on Thursday,
Deputy Commissioner of Safety, Norton, having been con­
vinced of their innocence in the matter.
A fire in the vicinity of the Black Tom explosion occurred
on the 6th inst. when twenty-five freight cars in the Clare­
mont yards of the Lehigh Valley Ry. were destroyed. The
flames, it is stated, started in a merchandise car, and reached
cars containing nitric acid, causing several explosions and
resulting in damage estimated at from $150,000 to $200,000.
The yards are about a half mile from Black Tom Island.
FRENCH IMPORT RESTRICTIONS.

The Bureau of Foreign and Domestic Commerce, through
its publication, “ Commerce Reports,” of July 25 made
public the following cablegram from the American ConsulGeneral at Paris, dated July 21, and dealing with the latest
French import decree:
A decree o f July 18, prom ulgated on July 21, prohibits im portation into
France and Algeria o f tho following products, referred to b y tariff numbers
as shown in T a riff Series N o. 25, Custom s T a riff o f France, issued b y the
Bureau o f Foreign and D om estic Com m erce:
W ood s, com m on, o f certain dimensions, in logs, squared or sawed, even
if impregnated or chem ically treated (128); paving blocks (129); splints
(131); hoop w ood and prepared poles (132); perches, polo and staffs, rough,
o f certain dimensions (133); resinous woods in logs o f specified length
(135bis); charcoal and charred boon (136); fine or tropical woods even if
impregnated or chem ically treated (138); platinum , crude, in lumps, ingots,
bars, dust, or scrap, also drawn, rolled, or spun (ex200); aluminum (ex203);
certain foundry and forge pig iron and spiegel iron as described (205); ferro
alloys (205bis); also ferro aluminum containing 10% and less than 20%
aluminum; wrought iron and steel, crude, in ingots (206); iron or steel,
rolled or forged, fine steel for tools, and special steels (207, 207bis, 207ter,
207quat, 207quin); iron or steel rods for wire and nails (208); certain hoop
iron or steel (209, 209bis); sheets o f iron or steel as described (210); sheets
o f nickel steel, cut or not (210bis); hot rolled bands, “ large plates” (210ter);
iron coated with tin , copper, lead, or zinc (211); iron or steel wire, whether
tinned, coated with copper or zin c, galvanized, or whitened or not (212);
rails o f iron, com m on steel or special steel (213); wheels, tires and wheel
centres for railway and tramway cars and locom otives (214); straight axles
for railways and tramways and axles not specified, o f iron or steel (215)
crank axles for locom otives, o f iron or steel (216); axles for autom obiles,
o f iron or steel (217): waste and scrap iron for resmelting (219); cables o f
iron and steel (561); barbed fencing wire (561bis); cem ent copper, copper
cast in lum ps, grain, ingots, or anodes; copper alloyed with zinc, tin, alumi­
num or manganese, cast in lumps, crude, ingots, or plates (including alumi­
num bronze containing not m ore than 20% alum inum ); copper rolled or
hammered in bars or plates and copper wire polished or not other than gilded
silvered, or nickled, also copper filings and scrap (ex221); lead in crude
lumps, pigs, bars, or slabs; lead alloyed with antim ony, in lumps; lead ham­
mered or rolled, also filings and scrap (ex222); tin in lum ps, pigs, bars, or
slabs alloyed with antim ony; tin , pure or alloyed, hammered or drawn into
wire o f any dimensions or in sheets (ex223); zin c, except ore (ex224); nickel,
not including ore (ex225); native m ercury (226); antim ony, sulphurated,
smelted, metallic or regulus (ex227); ores not specified elsewhere in the tariff
(233).
These prohibitions d o not apply to merchandise shipped or warehoused
before July 21 or to goods for G overnm ent account. T he M inister o f W ar
m ay allow exceptions to tho decree.

In response to various communieations which liavo reached us sinco tho
explosion in Hudson C ounty tho President directed an investigation at
tho hands o f tho Inter-Stato Comm erco Comm ission, and to-d ay received
TIIE REPORTS CONCERNING ACCEPTANCE OF LUSI­
tho following report, signed by tho Secretary o f tho Comm ission:
I
would advise that immediately upon receipt by tho Commission o f
TA NIA PROPOSAL.
notice o f this accident wo dispatched ono o f our inspectors to Jllack T om
The report on the 9th inst. that the United States had
Island for the purpose o f obtaining first-hand information in regard to the
accident and its cause, in order that tho Comm ission might dotermino
whether or not tho A ct o f M arch 1 1909, effectivo Jan. 1 1910, and regu­ asked for and received permission from Germany to publish
lations o f tho Commission promulgated therounder governing tho packing as a formal document the last note in the Lusitania case
o f explosives and other dangerous articles when offered for Inter-Stato
shipment and tho handling o f same while in possession o f carriers subject which was submitted by Count von Bernstorff nearly six
to tho A ct, had been violated in any respect, and if so, to dotermino upon
months ago, is termed an “ inadvertence” in later dispatches
tho appropriate action it should take in tho premises.
Our investigation thus far discloses no evidence that tho law or tho
The reports of the 9th were to the effect
regulations o f the Commission governing tho packing and safe transporta­ from Washington.
tion o f explosives were violated. Furthermore, from tho best Information that the intention of the State Department to publish the
obtainable, tho explosion was caused b y firo on tho docks, which was
known to have been burning for approxim ately two hours before tho first communication in question was believed to indicate its
explosion occurred, 'therefore, on tho facts before us, it would appear
On the 10th, both Secretary Lansing and Mr.
that under tho present law and regulations tho Commission lias no power acceptance.
to prohibit tho railroads from using their public delivery tracks for the Polk declared the request was in no wise an indication that
delivery o f explosives or other dangerous articlos that aro packed and
shipped in accordance with tho provisions o f tho A ct and tho C om m ission’s the United States was about to accept Germany’s longregulations promulgated thereunder. Tlio Stato or m unicipality, in tho
oxerciso o f its police powers governing the safety and health o f its people, pending representations as satisfactory, that the status of
may have tho right to prescribe limits within which such com m odities
m ay bo handled and limits within which they shall not bo handled; but the entire negotiations still was informal, and that none of
as to this, you will appreciate that it would bo inappropriate for tho C om ­ the correspondence was of a nature for publication at this
mission to express an opinion.
Sincerely yours,
time. The case it is said, is regarded as still unsettled,
J.
P. TU M U LTY,
because of developments in submarine warfare and the
Secretary to tho President.




attitudo of the European belligerents on the subject of
armed merchantmen which arose last February at the moment
the Lusitania negotiations appeared to be on the point of
a satisfactory conclusion. According to State Department
officials what really happened was this:
A subordinate official who assembles the diplom atic correspondence
periodically com piled and published as a white book wrote the German
E m bassy a letter, which A cting Secretary Polk admitted was signed either
b y him self or b y Secretary Lansing, for permission to publish one o f the
Lusitania notes submitted b y the German Ambassador on Dec. 4. The
Em bassy replied giving its assent, with tho suggestion that the last note,
dated Feb. 16, be published at the same time. This suggestion was not
answered. The situation now is in a condition which does not warrant
publication o f any o f the correspondence. The Embassy was not informed
o f the changed plan, and word was sent to Berlin that tho note would bo
m ade public here.
When inform ation was received hero o f the request to the Embassy and
its reply, German Embassy officials were questioned, and they led in­
quirers to believe thoy considered tho proceedings as indication o f the im ­
pending acceptance o f the latest German proposals.

SIN KIN G OF I T A L IA N M A IL SS. LETIMBRO.

o f Ilis M a jesty's Proclam ations declaring articles to be contraband o f war
during the present hostilities.
N othing herein shall affect the validity o f anything done under the
Orders-in-Council hereby withdrawn; any cause or proceeding com m enced
in any prize court before the making o f this order m ay, if the Court thinks
just, be hoard and decided under the provisions o f the Orders hereby with­
drawn so far as they were in force at the date when such cause or proceeding
was com m enced or would have been applicable in such cause or proceeding
if this Order had not been m ade.
This Order m ay be cited as the M aritim e Rights Order-in-Council, 1916,
and the Lords Commissioners o f His M a jesty’s Treasury, the Lords C om ­
missioners o f the A dm iralty and each o f Ilis M a jesty’s Principal Secretaries
o f State, the President o f the P robate, D ivorce and A dm iralty Division or
the High C ourt o f Justice, all other Judges or Ilis M a jesty's Prize C ourts,
and all Governors, O fficers and Authorities whom it m ay concern are to
give the necessary directions herein as to them m ay respectively appertain.
A L M E R IC F IT Z R O Y .

On July 14 a note was addressed to neutral Governments
by the British Foreign Office, explaining the reasons which
prompted tho abandonment of the Declaration of London.
The noto explains that the Allies adopted tho Declaration
of London at the beginning of the war because, in their
anxiety to conform to international law they believed the
Declaration provided a suitable digest of principles and a
compendium of working rules. It says further:

News of the sinking in the Mediterranean of the Italian
mail steamer Lotimbro by a submarine, was received at
London on the 4th inst. by way of a Reuter dispatch. The
These rulos did not necessarily possess the forco o f law, but seemed in
Lotimbro carried a crew of 57, and her passengers numbered
113. Twenty-eight survivors were reported in the dispatch main lines to present a statement o f rights and duties o f belligerents based
on experience in previous naval wars. B ut, as tho struggle proceeded, it
to have arrived at Malta. The State Department immedi­ developed beyond all previous conceptions, owing to the m anifold scientific
ately directed the American consuls at Malta and in Italy improvem ents in warfare, and produced conditions altogether different
to previous naval wars. It then becamo clear that the attem pt made in
to investigate the attack. With the receipt of advices on times
o f peace, b y tho Declaration o f London, to determine the principles
the 8th that no Americans were on board, it was stated that o f law and their application failed to produce a satisfactory result.
T he Allied Governm ents, forced to recognize the situation thus created,
the incident, so far as the United States Government is
therefore decided thoy must confine themselves sim ply to applying the
concerned, was closed. A semi-official account of the sink­ historic
and adm itted rules o f the law o f nations.
ing of the steamer received at Amsterdam, Holland, yester­
day from. Vienna, states that the Italians fired on the sub­
marine with two guns and that there were troops on board. AUSTRIA REQUESTS DETAILS ON PETROLITE CASE.
The Austrian Government, through Ambassador Penfield,
The statement says:
according to advices from
After the submarine had fired a warning shot at a distance o f 8,000 at Vienna, on July 21,
metres, the vessel opened fire from two guns at tho stern, and attem pted
Washington, forwarded to tho Stato Department a request
to escape b y zigzagging. The submarine pursued the steam ship, replying
for more details with regard to the American complaints con­
to the firo without hitting the vessel, which had shown no flag.
Later boats were lowered from the steamer. After ascertaining that no cerning the attack on the Standard Oil tank steamer Petrolite
one remained on board the steamship was sunk by tho submarine.
by an Austrian submarine last December. The United
Approaching the lx>ats, the submarine ascertained that o f thirty persons
in one boat, twenty were in khaki, which confirm ed the suspicion o f tho States, it will be remembered, demanded an apology, punish­
submarine com m ander that he had before him a vessel with troops aboard.
ment of the submarine officer and reparation for the damage
caused by the submarine’s attack. As indicated in our issue
of March 25 last, affidavits from the crew of the Petrolite
ABANDONMENT OF DECLARATION OF LONDON.
We referred July 15 (page 207) to the abandonment by claimed that tho vessel was stopped in the Mediterranean
Great Britain and France of tho Declaration of London as near Alexandria by an Austrian submarine which fired upon
affecting rights at sea. The following is tho full text of the her and wounded a man in the engine-room. The submarine
Ordor-in-Council withdrawing the Declaration, as printed commander, it is alleged, asked for food, and the Petrolite’s
commander refused. Thereupon, the Austrian commandor
in “ The Canada Gazette” at Ottawa, July 14:
sent a boarding party on the American vessel and held one
W hereas, By an Order-in-Council dated tho 20th day o f August 1914,
His M ajesty was pleased to declare that during the present hostilities tho member of her crew as a hostage while tlio required amount
provisions o f tho Declaration o f London should, subject to certain additions of the Petrolito’s supplies were confiscated.
The Austrian
and m odifications therein specified, be adopted and put in force by His
commander is quoted as having contended that he did not
M a je sty ’s G overnm ent; and
force the Petrolite’s captain to give supplies, but they were
W hereas, Tho said Declaration was adopted as aforem entioned in com ­
m on with His M a jesty ’s Allies; and
given voluntarily and remuneration refused. The sub­
Whereas, It has been necessary for Ills M ajesty and for his Allies from
tim o to time to issue further enactm ents m odifying the application o f tho marine, he said, continued to fire on tho Petrolite after tho
warning shot because tho steamer, in changing her course
articles o f the said Declaration; and
Whereas, Orders-in-Council for this purpose havo been issued b y His gavo the appearance of seeking to ram the submersible.
Ho
M a jesty on the 29th day o f O ctober 1914, tho 20th day o f October 1916 and
further claimed that he mistook tho Petrolite for an enemy
the 30th day o f M arch 1916; and
Whereas, Tho issue o f these successive Orders-in-Council m ay havo vessel sailing under false colors.
given rise to some doubt as to tho intention o f His M a jesty as also to that
o f his Allies to act in strict accordance with tho nations, and it is, therefore,
expedient to withdraw the said Orders so far as they aro now in force;
N ow , Therefore, 11is M ajesty b y and witii tho advico o f his Privy
Council is pleased to order, and it is hereby ordered, that the Declaration
o f London, Order-in-Council N o. 2, 1914, and all Orders subsequent
thereto amending the said Order, are hereby withdrawn and Ilis M a jesty is
pleased to declare b y and with the advice o f his P rivy C ouncil, and it is
hereby declared that it is and always has been his intention as it is and
has been that o f his Allies to exercise their belligerent rights at sea in strict
accordance with the law o f nations; and
Whereas, On account o f the changed conditions o f com m erce and tho
diversity o f practice doubts might ariso in certain m atters as to tho rules
which His M ajesty and his Allies regard as being in conform ity with tho law
o f nations and it is expedient to deal with such m attorsspecially;
It is hereby ordered that the following provisions shall bo observed:
(«) T he hostile destination required for the condem nation o f contraband
articles shall bo presumed to exist until the contrary is shown if the goods
are consigned to or for an enemy authority or an agent o f tho enem y stato
or to or for a person in territory belonging to or occupied b y tho enemy or
to or for a person who during the present hostilities has forwarded contra­
band goods to an enemy authority or an agent o f the enem y stato or to
or for a person in territory belonging to or occupied by the enemy or if tho
goods are consigned to order or if tho ship’s papers d o not show who is
the real consignee o f the goods.
( b ) T he principle o f continuous voyage o f ultimate destination shall bo
applicable both in cases o f contraband and o f blockade.
(c) A neutral vessel carrying contraband with papers indicating a
neutral destination which, notwithstanding the destination shown on tho
papers, proceeds to an enemy p ort, shall bo liable to capture and condem ­
nation if she is encountered before tho end o f her next voyage.
( <1) Vessels carrying contraband shall be liable to capture and condem ­
nation if the contraband reckoned either by value, weight, volum e or freight
forms m ore than half tho cargo, and it is hereby further ordered as follow s'
N othing herein shall be deemed to affect the Order-in-Council o f tho
11th M arch 1915 for restricting further tho com m erce o f the enemy or any




FIFTH LIST OF AM ERICAN SECURITIES SUBJECT TO
SPECIAL BRITISH INCOME T A X.

A fifth list of American securities which the British Gov­
ernment is prepared to purchase, and which unless purchased
by or loaned to tho Treasury will be subject to the special
income tax of 2 shillings, was made public under dato of
July 26 by tho American Dollar Securities Committeo.
The previous lists have appeared in the “ Chronicle” in tho
following issues, respectively: Juno 24, July 8, July 15 and
Aug. 5. We annex the fifth list herewith. The figures in
parenthesis, we may ropeat, are used by the British Treasury
to designate tho various securities. Alabama Great Southern R R . (785) 1st M ortgago 5 % , 1927.
American Cities C o. (786) C oll. Trust Bonds 5 % -6 % , 1919.
American Light & Traction C o. (787) 6 % Cum . Preferred.
American Steamship C o. (788) 1st M ortgage 5 % , 1920.
American Sugar Refining C o. (789) Com m on.
American T ob a cco C o. (790) Com m on.
Beech Creek Coal & Coke C o. (791) 1st M ortgage 5 % , 1911.
Birmingham Terminal C o. (792) 1st M ortgage 4 % , 1957.
Boston & A lbany R R . (793) Guaranteed shares.
Brooklyn C ity R R . (794) 1st Cons. M ort. 5 % , 1941.
Brooklyn Queens C ounty & Suburban R R . (795) 1st Cons. M ort. 5 % ,
1941; (796) 1st M ortgago 5 % , 1941.
Buffalo Rochester & Pittsburgh R y. (797) Equipm ent M ort. 4>j % bonds.
B u ffa lo & Susquehanna R R . C orp. (798) 1st M ort. 4 % , 1963.
California Gas & Electric Corp. (799) Gen. M ort. & C oll. Trust 5 % . 1933.
Carolina Clinclifield & Ohio R y. (800) 10-year Gold Coupon Notes 5 % ,
19,19.
.

Central Illinois Public Service C o. (801) 1st & Refunding 5 % , 1952.
Chesapeake & Ohio R I l. (802) 5-yoar Secured N otes 5 % , 1919.
Cnlcago Gas Light & C oko C o. (803) 1st M ortgage 5 % , 1937.
Chicago Great Western R lt. (81) 1st M ortgago 4 % , 1959.
Chicago Junction Rys. & Union Stock Yards C o. (804) M ort. & C oll.
Trust Refg. 5 % , 1940.
Chicago Railways (805) Cons. M ort. 5 % , 1927, Series “ A ” ; (806) Cons.
M ort. 5 % , 1927. Series “ C .”
Chicago St. Louis & Pittsburgh R R . (807) Cons. M ortgago 5 % . 1932.
Cincinnati Hamilton & D ayton R y. (808) 1st & R efund. M ort. 4 % , 1959
(G td. b y I). & O . R R .); (809) 2d M ortgago 4 A % , 1937.
Cincinnati Sandusky & Cleveland R R . (810) Cons. 1st M o r t .5 % , 1928
C ity Electric C o. (811) 1st M ort. 5 % , 1937.
Cleveland Cincinnati Chicago & St. Louis R y. (812) Preferred.
C olorado Springs & Cripple Creek District R y. (813) 1st M ore. 5 % , 1930.
Consolidated Gas Elec. Light & Power C o. o f Balt. (814) Com m on.
Consolidated Water C o. o f Utica (815) 1st M ort. 5 % , 1930.
Consumers’ Gas C o. (816) 1st M ortgago 5 % , 1936.
Crucible Steel C o. c f America (817) 7 % Cum . Preferred.
Denver & R io Grande R R . (818) 1st & Refunding M ort. 5 % , 1955.
D etroit C ity Gas C o. (819) 5 % Prior Lien M o r t., 1923.
Detroit & M ackinac R y. (820) 5 % N on-C um . Preferred.
Eastern R y. o f M innesota (821) Northern D iv . 1st M ort. 4 % , 1948.
Erie R R . (822) General M ortgago Convertible 4 % , 1953, Series "13.”
Federal Light & T raction C o. (823) 1st M ortgago 5 % , 1942.
Gas & E lectric C o. o f Bergen C ounty (824) C ons. M ort. 5 % , 1949.
General Chemical C o. (825) 6 % Cum . Preferred.
General M otors C o. (826) 7% C um . Preferred.
Georgia & A labam a R y . (827) 1st M ort. Cons. 5 % , 1945.
Georgia E lectric Light C o. (828) 1st M ortgago 5 % , 1930.
Georgia Pacific R y. (829) 1st M ortgago 6 % , 1922.
Georgia R R . & Banking C o. (830) Refunding Debentures 4 % , 1947.
Great Falls Power C o. (M ontana) (831) 1st M ortgage 5 % , 1940.
Harlem River & Port Chester R R . (832) 1st M ortgago 4 % . 1954.
Hartford Street R y . C o. (833) 1st M ortgago 4 % , 1930.
Havana C ity (834) 1st 6 % , 1939: (835) 2d 6 % Bonds.
H ocking Valley R y . (836) Equipm ent N otes.
Housatonic R R . (837) C ons. 5 % , 1937.
Houston East & W est Texas R y. (838) 1st M ortgage 5 % , 1933.
Hudson & M anhattan R R . (839) 1st Lion & Refunding M ort. 5 % , 1957.
Illinois Central R R . (840) 433% Equipment Trust Certificates.
Illinois Central R R . (841) Springfield D iv. 1st M ortgago 3 > 3 % , 1951.
Illinois Northern Utilities C o. (842) 1st & Refunding 5 % 1957.
International M ercantile Marino C o. (843) M ort. & C oll. T r. 4 33% , 1922.
International Navigation C o. (844) 1st M ortgago 5 % , 1929.
International N ickel C o. (845) Preferred.
International Papor C o. (846) 1st Cons. M ort. 6 % , 1918.
Joliet & Chicago R It. (847) 7 % Guaranteed Stock.
Joplin Union D epot C o. (848) 1st M ortgage 4 3 3 % . 1940.
Kansas C ity Southern R y . (138) 1st M ortgage 3 % , 1950.
Ifayser (Julius) & C o. (849) 7 % Cum . 1st Preferred.
Kings C ounty Electric Light & Power C o. (850) C on v. D eb. 6 % , 1922.
Lacledo Gas Light C o. (851) 1st M ortgago 5 % , 1919.
Laclede Ga Light C o. (852) Refunding & Ext. M ort. 5 % , 1934.
Lehigh Coal & N avigation C o. (853) C om m on.
Lehigh & Hudson River R R . (854) General M o rt. Guar. 5 % , 1920.
Lehigh & New Y ork R R . (855) 1st M ortgago 4 % , 1945.
Lehigh Valley Coal Sales C o. (856) Capital Stock.
Long Island R R . C o. (857) Ferry 1st M ort. 4 33% . 1922.
Los Angeles R y. C orp. (858) 1st & Refunding M ort. 5 % , 1940.
Louisville Cincinnati & Lexington R y. (859) General M ort. 4 33% . 1931.
Louisville Gas & Electric C o. (860) 1st & Refunding M ort. 6 % , 1918.
Louisville & Joffersonville Bridge C o. (861) 1st M ortgago 4 % , 1945.
Louisville & N ashville R It. (802) Equipm ent Trust C tfs. 5 % , 1910-23.
Louisville & N ashville Terminal C o. (803) 1st M ortgage 4 % , 1952.
M a ck a y Companies (864) 4 % Preferred; (865) C om m on.
M ichigan Air Line R R . (866) 1st M ortgage 4 % , 1940.
M ilwaukee Lalco Shoro & Wostern R y . (867) (Ashland D iv .) 1st M ort.
6 % , 1925.
M ilwaukee & Northern R R . (868) 1st M . (Extended) 4 3 3 % , 1934;
(869) Cons. (Extended) 4 3 3 % . 1934.
M inneapolis & Pacific R y. (870) 1st M ortgago 4 % , 1936.
M inneapolis St. Paul & Sault Sto. M ario and C ent. T erm . R y. C o. (871)
1st M ortgago Chicago Term . 4 % , 1941.
M inneapolis St. Paul & Sault Sto. M ario R y. (872) 4 % Leased Line Stock
Certificates.
M inneapolis Street R y . and St. Paul C ity R y. (873) Joint C onsd. 5 % ,
1928.
M inneapolis Union R y. (874) 1st M ortgago 6 % , 1922.
M ississippi Central R R . (875) 1st M ortgago S. F. 5 % , 1949.
M ob ilo & Birmingham R R . (876) 1st M ortgage 4 % , 1945.
M ob ile & Ohio R R . (877) St. Louis D iv. M o r t. 5 % , 1927.
M oline Plow C o. (878) 1st 7% Cum . Proforrod.
M ontana Central R y. (879) 1st M ort. 5 % , 1937; (880) 1st M o rt. 6 % , 1937
M ontana Power C o. (881) 7% Cum . Preferred.
M orris & C o. (882) 1st M ortgago S. F. 4 ' A % , 1939.
M utual Terminal C o. o f B uffalo (883) 1st M ortgago 4 % , 1924.
Nassau Electric R It. (884) 1st M ortgago Consolidated 4 % , 1951.
National Enameling & Stamping C o. (885) R ofdg. 1st M . 5 % , 1929.
Naugatuck R R . (886) 1st M ortgago 4 % , 1954.
N ew England N avigation C o. (887) Collateral C oupon N otes, 6 % , 1917.
Now England R R . ( 888) Consolidated M ort. 4 % , 1945; (889) C onsoli­
dated M ort. 5 % , 1945.
N ow England Telephone & Telegraph C o. (890) 3 % Debentures, 1932.
New Orleans C ity & Lake R R . (891) 1st M ortgage 5 % , 1943.
N ow Orleans & North Eastern R R . (892) Pr. L. M . Extended 5 % , 1940.
N ew Orleans R y. & Light C o. (893) General M ort. 4 ' A V c , 193,5.

New York & Erie RR. (894) 1st Extension M ort.

4

%,

19 4 7.

Now York & Erie R R . (895) 2d Extension M . 5 % , 1919; (890) 3d Exten­
sion M . 4 H % . 1923; (897) 4th Extension M . 5 % , 1920; (898) 5th Extension
M . 4 % . 1928.
N ow York & Greenwood Lake R y. (899) Prior Lion 5 % , 1946.
New York & Harlem R R . (900) Guaranteed Stock.
New York & Now England R R . (901) Boston T erm . 1st M . 4 % , 1939.
New York & Now Jersey Telephone C o. (902) General M . S F. 5 % , 1920.
Now York & Northern R y. (903) 1st M ort. 5 % , 1927.
N orfolk & Southern R R . (904) 1st M ortgago 5 % , 1941.
Northern Railway o f California (905) 1st Cons. M . 5 % , 1938.
Northern Central R y. (900) Capital Stock.
Northorn Electric C o. (907) 1st M ortgago 5 % , 1939.
Northern Pacific R y. (39) General Lion Railway and Land Grant M o rt­
gago 3 % . 2047.
Northorn Pacific Terminal C o. o f Oregon (908) 1st M ortgago 6 % 1933
Old C olony R It. (909) 4 % . 1924; (910) 4 % , 1925; (911) 4 % , 1938.
Pacific Coast C o. (912) 1st M . 5 % , 1946; (913) 1st N on-C um . 5 % Prof.




P acific Gas & E lec. C o. (914) 1st 6 % P rcf.; (915) 2d 6 % Pref. (Original
Preferred).
P acific Telephone & Telegraph (916) 6 % Cum . Preferred.
Paterson & Passaic Gas & E lectric C o. (917) 1st Cons. M . 5% , 1949.
Pennsylvania R lt. (918) General Freight E quip. Trust 4 % , C ertificates,
Pennsylvania & M ahoning Valley R y . (919) 1st & R efdg. 5 % . 1922.
Pennsylvania and M aryland Steel C o . (920) Joint M . Cons. 6 % , 1925.
Pennsylvania W ater & Power C o . (921) 1st M o rt. 5 % , 1940.
Pensacola & A tlantic R y . (922) 1st M o rt. S. F. 6 % , 1921.
P eoria& Pekin Union R y. (923) IsfcM . 6 % , 1921; (924) 2d M . 4 3 3 % , ’21.
Phila. Balt. & W ash. R R . (925) 1st C ons. M ortgage 4 % , 1943.
• Philadelphia C o. (926) Cons. M . & C oll. Trust 5 % . 1951.
Philadelphia & Reading R R . (927) M ortgage 5 % , 1933.
Pittsburgh Junction R R . (928) 1st M ortgage 6 % , 1922.
Pittsburgh Steel C o . (929) 7 % Cum . Preferred.
Pittsburgh Virginia & Charleston R y . (930) 1st M o rt. 4 % , 1943.
Pittsburgh Youngstown & A shtabula R y . (931) Preferred.
Portland Term inal C o. (932) 1st M ortgage 4 % , 1961.
Puget Sound Power C o. (933) 1st M ortgago Guar. 5 % , 1933.
Pullman C o. (934) Capital Stock.
Railway Steel Spring C o. (935) (Inter-Ocean Plant) 1st M . 5 % , 1931;
(936) (Latrobo Plant) 1st Purchase M ortgage 5 % , 1921.
Rensselaer & Saratoga R It. (937) Guaranteed 8 % Capital S tock.
Richm ond & D anville R R . (938) Debentures 5 % , 1927.
R ichm ond-W ashington C o. (939) Guaranteed C oll. T r. M . 4 % . 1943.
R io Grande W estern R y . (940) 1st Cons. M . 4 % , 1949.
Rochester & Pittsburgh Coal & Iron C o. (941) H elvetia P roperty Pur­
chase M on ey M ortgage 5 % , 1946.
Rochester Railway' (942) 1st Consolidated 5 % , 1930.
St. Joseph R ailw ay. Light, H eat & Power C o. (943) 1st M . 5 % . 1937.
St. Louis & Cairo R R . (944) 1st M ortgage 4 % , 1931.
St. Louis Peoria & N orth Western R y . (945) 1st M . Guaranteed 5 % , 1948.
St. Louis Southern R R . (946) 1st M ortgage 4 % , 1931.
St. Louis South Western R y. (947) 1st C ons. M ortgage 4 % . 1932.
San Antonio & Aransas Pass R y. (94S) 1st M ort. Guar. 4 % . 1943.
Santa Fo Prescott & Phoenix R R . (949) 1st M ortgage 5 % , 1942.
Seaboard A ir Lino R y. (950) Adjustm ent M ortgago 5 % . 1949; (153)
Refunding M ortgago 4 % , 1959.
Seaboard & Roanoke R R . (951) 1st M ortgage 5 % , 1926.
Shamokin Sunbury & Lewisburg R R . (952) 1st M ortgage 4 % , 1925.
(953) 2nd M ortgage 6 % , 1925.
Silver Springs Ocala & G u lf R R . & Land Grant (954) 1st M . 4 % , 1918.
Springfield R y. & Light C o. (955) 1st Lien 5 % S. F ., 1920.
Standard Gas Light C o. o f New Y ork (956) 1st M ortgage 5 % . 1930.
Standard M illing C o. (957) 1st M . 5 % , 1930; (958) preferred.
Syracuse Lighting C o. (959) 1st M ortgago 5 % , 1951.
Texas & Now Orleans R R . (960) Cons. M ortgage 5 % , 1943.
T w en ty-T hird St. R y . (961) Im provt. & R efdg. M ortgage 5 % . 1962.
Tw in C ity Rapid Transit C o. (962) C om m on.
United Fruit C o. (963) C om m on.
■
United States Smelting, Refining & M ining C o. (964) 7 % Cum . Pref.
(965) C om m on.
Utah Copper C o. (966) Capital Stock.
Utah Light & Power C o. (967) C ons. M ortgage 4 % , 1930.
Utah & Northern R y . (968) C ons. 1st M . 5 % , 1926; (969) 1st E xt. M .
4 % , 1933.
Utah Securities Corporation (970) 10-Year G old N otes 6 % . 1922.
Utica E lectric Light & Power C o. (971) 1st M ortgago 5 % . 1950.
Utica Gas & Electric C o. (972) Refunding & Extension M tge. 5 % . 1957.
Virginia-Carolina Chemical C o. (973) 8 % Cum . Preferred.
Virginia & South W estern R y . (974) 1st C ons. M . 5 % , 1958; (975) I s t M .
5 % , 2003.
W abash R R . (976) 2nd M ortgage 5 % . 1939.
W ashington Central R y . (977) 1st M ortgago 4 % , 1948.
W estchester Lighting C o. (978) 1st M ortgage 5 % , 1950W estern Transit C o . (979) 3H .% B onds, 1923.
W ost Penn Traction C o. (980) 6 % Secured N otes, 1917.
W oym an-B ruton C o . (981) 7 % N on-C um . Preferred.
W ichita Union Terminal R y. (982) 1st M o r tg a g e 4 \ i % , 1941.
W ilkes-Barre & Eastern R R . (983) 1st M ortgago 5 % , 1942.
W orcester & C onnecticut Eastern R y . (984) 1st M tge. S. F ., 4 A % , 1943.
T H E A M E R IC A N D O L L A R S E C U R IT IE S C O M M IT T E E ,
N A T IO N A L D E B T O F F IC E ,
19 Old Jewry, L ondon, E . C .
26th July 1916.

PRESIDENT WILSON CONSIDERING TRIP ABROAD
FOR TARIFF COMMISSION.

Indications that he has had in mind the advisability of
having the proposed Tariff Commission, which is to be
created under the pending Rainey Bill, make a trip abroad
for the purpose of studying at first hand the effect of the
war on industrial and trade relations between the United
States and other countries are conveyed in a letter addressed
by President Wilson to Samuel M . Hastings, President of
the Illinois Manufacturers’ Association. The communica­
tion was written in response to a letter received from Mr.
Hastings setting forth the recommendation of the directors
of the Illinois Manufacturers’ Association that a commission
of from twelve to twenty Americans be appointed for the
purpose of visiting the capitals and commercial organiza­
tions of all nations for the purpose of fostering closer rela­
tions with them. In addressing Mr. Hastings the Presi­
dent said;
T h e W h i le H o u s e , W a s h in g to n , J u ly

28 1916.

M y D e a r M r . H a s ti n g s :

It was with real interest and appreciation that I received your suggestion
for the appointm ent o f a commission to visit the belligerent nations for the
purpose o f studying the means whereby closer econom ic relations m ight be
brought about between the United States and Europe. The general idea
underlying your suggestion had for a long tim e been m uch in m y thoughts.
W hether this Is the opportune m oment to act upon it, how ever, is open to
serious question.
Let me say that, when the circumstances Justify it, I shall take advantage
o f that provision o f the Rainey bill under which tho President is authorized
to direct an examination or investigation b y the T a riff Comm ission o f trade
relations between the United States and foreign countries, including the

conditions, causes and effects o f the com petition o f foreign industries
w ith those o f the United States.
A fter all, what we are Interested in is to ascertain all the facts surrounding
our econom ic life and to disconnect a fundam ental think like the fiscal policy
o f the Governm ent with regard to duties on im ports from party politics.
“We shall strive to d o this through the instrumentality o f a perm anent, n on­
partisan com m ission com posed o f able and experienced m en, so that when
the facts are once obtained, the handling o f our tariff question m ay no
longer bo m ade the football o f politics. It ought to be possible b y such
m eans to make the question o f duties merely a question o f progress and d e­
velopm ent, a question o f adapting means to ends, to facilitating and
helping business and em ploying to the utm ost the resources o f the country
in a vast developm ent o f our business and enterprise.
Through the Federal Trade Comm ission, which substitutes the milder
processes o f helpful counsel for the harsh process o f the law, we already
have, for the first tim e, a com pilation o f the trust laws o f the w orld, to ­
gether with a com plete analysis o f the manner in which foreign G overn­
m ents encourage their business enterprises and associations. A com m ittee
o f the H ouse o f Representatives now has under discussion a bill to perm it
co-operation am ong American manufacturers and business men exclusively
fo r export trade, so that American enterprise m ay be able to meet m ore suc­
cessfully the organized com petition with which they are face to face in
international m arkets. In addition to the inform ation gathered and sys­
tem atized b y the Federal Trade Comm ission bearing upon foreign and d o ­
m estic com m erce, our consular representatives and com m ercial attaches
abroad have kept us well supplied with inform ation relative to the changing
business conditions and tho new financial processes which are proceeding
w ith unusual rapidity; but it will be the privilege and function o f the T a riff
Com m ission to obtain and collate in an even m ore system atic w ay the
inform ation which is desired as a basis for our future action.
W e have not been accustom ed to the large world o f international busi­
ness, but it is evident that we must get acquainted with it im m ediately.
A m erica is already establishing new industries. Some o f theso, like tho
d yestu ff industry, for exam ple, are old and well established In Europe and
have been for generations. The study o f such industries, their wages,
and their general organization with reference to econom y and efficiency o f
operation, cannot fail to be helpful to the business men o f tho United States
and to the people in general.
M a y I not add an expression o f m y sincere appreciation o f the evidence
you and you r colleagues have given o f a willingness to co-operate in all such
enterprises ?
Sincerely yours,
W O O D R O W W IL S O N .
M r . S a m u el M . H a s t i n g s , P r e s id e n t I l l i n o i s M a n u f a c t u r e r s ’ A s s o c i a t i o n ,
C h ic a g o , I I I .

The following is Mr, Hastings’ letter to the President:
T h e directors o f the Illinois M anufacturers’ A ssociation, in regular
m onthly m eeting, respectfully m ake the following presentation and recom ­
m endation:
T h o ch aotic condition existing In the social, business and econom ic life
o f Europe has profoundly impressed every American citizen, especially
thoso In the business w orld, with a keener sense o f their responsibilities
and brotherhood with the citizens o f other countries and with the necessi­
ties o f m aintaining such friendly relations among nations as will stand
the test o f any hostile contingency.
In our judgm ent, future strife and misunderstanding m ay bo avoided in
a large measure through social and industrial con tact. Our country,
fortunately, is now at peace with the w orld, and we conceive it our d u ty to
take advantage o f this situation and cultivate the m ost friendly relations
with the other nations. W e therefore respectfully recom m end that yo u ,
as President o f the United States, use you r influence to securo the a p p oin t­
m ent o f a com m ission o f from twelve to twenty Americans for tho purposo
o f visiting the capitals .and com m ercial organizations o f all nations. W e
believe that this commission should imm ediately visit M ex ico, China and
Japan for the purpose o f fostering closer relations with the people o f those
countries, and we believe that an era o f good-w ill, mutual regard and a better
understanding cannot fail to result from the visit o f such a commission from
the United States.

A REPORT ON SOUTH A M ER IC AN TARIFFS.

The publication of a report on the South American tariff
systems is announced in a letter from Secretary Redfield to
Secretary McAdoo. Tho report is issued by the Bureau
of Foreign and Domestic Commerce of the Department of
Commerce,and is said to be much more than a mere reprint
of tariff schedules. It is concerned chiefly with the actual
application of the tariff laws and the spirit in which they are
administered, and is aimed to clear up many of the difficul­
ties that have in the past beset American exporters. Secre­
tary Redfield’s letter announcing the report follows:
M g D ea r M r

S e c r e ta ry :

Knowing you r lively interest in all Pan-American financial questions
and your unceasing efforts to bring about greater uniform ity, I hasten to
sond you a cop y o f a new report on the tariff systems o f South Amorican
countries. So far as I am aware, it is the first attem pt to treat the subject
in so thorough a manner.
T he A m erican public realizes at least in part the Intricacy o f South
American tariffs, criticises the numerous surtaxes, and resents the frequent
heavy fines im posed. B ut it is not generally known that surtaxes are Just
as severely criticised b y South American writers, that the fines aro severe
partly because the m oderate force o f trained inspectors necessitates m uch
reliance on the exactness o f the im porter’s declaration, and that the com ­
plexity o f the system s is due largely to the financial dependence o f the
countries on custom s revenue to meet varying national expenditures.
Prepared prim arily for tho use o f exporters, the now report gives full in­
form ation regarding South American tariffs and customs m ethods, describ.
ing under each country the system in force and contrasting in the intro­
duction corresponding features o f the various systems. B ut it goes m uch
farther. Variations in practice aro explained as well as n oted, and under­
lying causes aro m ade clear. The report was not superficially prepared.
It was written, after personal investigation and years o f study, b y Dr. Frank
R . R utter, Assistant Chief o f tho Bureau o f Foreign and D om estic C om ­
merce and form erly C hief o f the Division o f Foreign Tariffs o f that Bureau
M r. R utter was particularly fortunato in obtaining a cloar insight into
the tariff sentiment in South Am erica. Ills discussion o f tho less pleasing
features is frank, but at tho same tim e sym pathetic and b y no means so
severe as the criticism s cited from m any official reports o f tho South
American Governments.




Throughout the report the trend o f tariff p olicy is shown. N otw ith ­
standing wide diversity in form , underlying similarities o f tariff systems
and administration appear upon careful analysis. There is a marked ten­
dency toward the simple tariff o f specific duties. Since 1910 Peru, C olom ­
bia and Chile have adopted such tariffs. T he cumbrous ad valorem
tariff based on official valuations is still in form in four countries, but in
three o f theso countries a straight specific tariff has been recomm ondod
or is now being drafted. Surtaxes, whilo perhaps unavoidable for the
present, are being sim plified and reduced. Custom s procedure is gradu­
ally becom ing m ore uniform as the different countries aro studying m ore
closely the methods o f their neighbors.
M u ch remains to be done. T he extreme diversity o f custom s practice
and inadequate knowledge o f the requirements aro am ong the greatest
obstacles to South American trade. I trust that the report just published,
b y its elaborate portrayal o f present conditions, o f their causes and o f cur­
rent tendencies, will aid you and your associates o f the International High
Comm ission in your fruitful efforts to bring about simpler and m ore uniform
tariff laws and custom s procedure in all Am erican countries.
Very truly yours,
W IL L IA M C . R E D F IE L D .

The new report is entitled “ Tariff Systems of South
American Countries,” Tariff Series No. 34, and is now on sale
at 25 cents a copy by the Superintendent of Documents
Washington, and by the District Offices of the Bureau of
Foreign and Domestic Commerce.
DEFICIT I N N E W YORK CITY'S PENSION FUNDS.

The actuarial report on all of the nine individual pension
funds of the city was presented on July 23 to the Mayor’s
Commission on Pensions by Henry Bruere, ex-City Chamber­
lain, and now Vice-Chairman and Secretary of the Commis­
sion. The report, which is the work of a committee ap­
pointed by former Mayor Gaynor and retained by Mayor
Mitchell, alleges that there will be a deficit in the operation
of the various pension funds for employees of $202,775,568,
unless there is a complete reorganization of the funds. In
transmitting the report, which contains 422 pages, Mr.
Bruere writes the Mayor as follows:
T he present liability o f the existing pension funds, on tho basis o f existing
laws and past experience, for present and prospective pensions aggregates
the stupendous total o f $215,520,413. Against this charge there aro funds
in hand aggregating $3,849,653 and prospective receipts from the contri­
butions o f em ployees where such contributions are required o f $8,895,192,
leaving a d eficit o f $202,775.568 to bo m et by the city in the way o f indirect
contribution and out o f appropriation from tax levy funds.

It is estimated by the committee that present pensions for
city employees cost more than $5,000,000 a year, of which,
it is said, the city pays $4,450,000. The report points out
that past pensions to city employees have cost in the neigh­
borhood of $57,000,000, about $49,500,000 being paid by the
city. The city employs 79,906 persons covered by pension
provisions, receiving salaries amounting to $99,206,430 a
year. After explaining certain inequities which exist in the
various city pension funds, the report states:
B y the expenditure o f an immense amount o f labor the forces which deter­
mine pension costs in the different branches o f tho service have been
m easured, and the measurements are applicable to tho service for a good
m any years to com e. T he pension provisions m ay be continued as they
are, with new sources o f incom e, or they m ay be changed; but whatever
the plans proposed, tho rates o f action o f tho fundamental forces that
determ ine the cost are now know n and are contained in the basic tables
o f tho present report. These tables aro to tho pension fund what tho
standard m ortality tables aro to Insurance com panies.

No attempt has been made in the report to fix the blame
for existing conditions, but the report furnishes for the first
time data needed to reorganize the pension funds on a sound
basis. The commission later will lay before the city officials
and the employees a plan covering all city pensions. Mr.
Bruere says the report is singular in that it does not contain
a line of criticism of any city official or employee. Confer­
ences will be held, at which all employees will bo asked to
present their views on the pension problem.
The members of the Pension Commission are: George W .
Perkins, Chairman; Henry Bruere, Vice-Chairman and
Secretary; Frank H. Bethell, John A.. Bolles, Ragnal C.
Bolling, John H. Boschen, William H. Chorosh, Albert Do
Roode, Frank L. Dowling, August Ferrand, Joseph Haag,
Louis H. Hahlo, Arthur Williams, S. Herbert Wolfeand Mrs.
F. H. Cothren.
“ The Insurance Observer” of this city, in its issuo for
Aug. 1, makes the following pertinent observation on the
subject matter of the above:
P E N SIO N S A N D A D E F IC IT .
E very experiment and every expedient demonstrate that there is no
substitute for life insurance, nothing that is "ju st as g o o d ,” nothing that
can take its place. And b y life insurance we mean tho real thing— perma­
nent level premium insurance, not a com bination o f charity and brotherly
love, a mixturo o f sociability and business.
T hey have been having an awful time in the city o f Now Y ork with an
nsurance substitute schomo, or rather with several such schemes. For
some years tho city has boon m onkoying with pensions and from timo to
tim e pension funds have been startod until now thero aro nlno o f them, all
in operation, and nono o f them In good working order.
T ey are listed and described In the public prints as follow s: T he T e a ch '
ere’ P nsl
Fund, now unable to pay toachers w ho havo already retired

tho Health Departm ent Fund, soon to bo in the same condition; and the
following others which also need reorganization: tho Police, tho Firemen,
tho Grady Fund Clerks, the Grady Fund laborers, the G rady Fund M e­
chanics, tho Street Cleaners, and tho Supreme Court employees. All these
nino systems o f drainage upon taxpayers’ funds threaten tho bankruptcy
o f tho world metropolis.
There are 79,906 persons now drawing pay to the aggregate amount o f
$99,206,430 a year, who are covered b y these pension funds. Over $57,­
000,000 o f pensions have been paid to city employees. M ore than $49,500,­
000 came out o f tho pockets o f tho taxpayers. M ore than $5,000,000 a
year is now being paid for pensions to city employees and tho city is paying
m oro than $4,450,000 o f the amount.
It probably does not fall within tho duty o f an insurance paper to discuss
tho iniquity o f this robbery o f taxpayers to provide easy m onoy for thousands
o f men and women who, while they were in the em ploy o f the city, were paid
far moro than they were worth. Let a mere protest against tho shameless
debauch bo registered hero. •
But the life insurance side is well within our right to discuss. Pensions
are a substitute for life insurance, the cost o f which in whole or in part is
usually thrust upon people having absolutely no interest in tho matter
and as certainly no moral responsibility.
Tho city authorities have been investigating tho probable cost o f theso
pension funds and the report o f the M a y or’s Commission on Pensions must
bo rather startling to any one who is not inform ed on life insurance princi­
ples. Tho report to the M a yor says:
Tho present liability o f the existing pension funds, on the basis o f exist­
ing laws and past experience, for present and prospective pensions aggre­
gates tho stupendous total o f $215,520,413. Against this charge there are
funds in hand aggregating $3,849,653 and prospective receipts from the
contribution o f employees where such contributions are required o f $8,895,­
192, leaving a d eficit o f $202,775,568 to be m et b y the city in the way o f
indirect contribution and out o f appropriation from tax levy funds.
T o any lifo insurance man the m atter is clear enough and it m ay be
summarized as follows:
Pensions to be p a id ___________________________________________ $215,520,413
Assets in hand_____________________________________ $3,849,653
Future contributions o f em ployees________________ 8,895,192
Total assets_________________________________________________

12,744,845

Balance to be raised b y taxpayers------------------------------------------ $202,775,568
Assume that all the assets in hand, $3,849,653, were obtained from the
em ployees, tho m atter resolves itself into this: for less than $13,000,000
paid by tho city employees the city agrees to pay over $215,000,000. That
m ay bo cheap insurance for tho em ployees, but it is costly insurance for
tho city . It is just such stunts as that the assessment concerns have been
trying to d o, but not having a rich and foolish old Father K nickerbocker
to foot tho bill, they went broke, as oven the C ity o f New Y ork m ay if it
does not stop this blood-letting business.

GROWTH OF POSTAL SAVINGS DEPOSITS.

Tho Post Office is sending out a statement saying that all
Juno records for postal savings deposits were eclipsed in that
month this year when a not gain of over $3,800,000 was rolled
up, quadrupling tho not increase for Juno 1915. Tho gains
woro general, it is stated, throughout tho country, notably
in tho smaller industrial centres. Postmasters attributo tho
increase to tho country-wido prosperity of wage-earners and
to tho postal savings legislation of May 18 last, which re­
moved tho limit on deposits of 8100 a month and increased
the amount that may be accepted from a depositor to 81,000.
Tho following are given as tho largest gains for Juno:
N ow Y ork, N . Y . .
Brooklyn, N . Y _ .
Dotroit, M ich -----Chicago, 111______
Boston, M a s s ____
Pittsburgh, Pa —
B utte, M o n t-------Cloveland, O h io..
B uffalo, N . Y ___
M ilwaukeo, W is ..
Philadelphia, P a ..
Portland, O r o ___
Newark, N . J ----St. Louis, M o ___
Bisbeo, A riz______
Kansas C ity, M o.
San A ntonio, Tex.

$528,912
. 262,205
. 167,252
. 123,042
. 91,069
. 88,304
. 76,171
. 74,754
. 52,946
. 48,497
. 47,088
. 46,448
. 40,337
. 39,139
. 32,229
. 32,012
. 28,551

Los Angeles, C al.
Leadvllle, C o l____
San Francisco, Cal
Bridgeport, C onn.
Pueblo, C ol_______
Jersey C ity, N . J .
A kron, O h io______
Colum bus, O h io ..
'l’acom a, W ash___
T oledo O h io_____
Erio, 1’ a ______ .___
G ary, I n d ..^ _____
San D iego, C al___
M cK eesp ort, P a ..
Uniontown, P a ___
W aterbury, C on n .

$28,406
27,876
27,724
26,900
24,014
•23,550
23,082
22,766
22,430
20,772
19,552
19,509
18,631
17,439
17,437
17,213

On Juno 30 7,701 Post Offices, it seems, woro accepting
doposits in tho United States, Alaska, Porto Rico and
Hawaii. All but 854 of tho depository offices woro of tho
Presidential grado. Tho number of depositors approxi­
mated 003,000 with 886,000,000 standing to their crodit.
Of this sum, 873,000,000, or over four-fifths, woro accumu­
lated at tho 448 offices having deposits of 820,000 and ovor,
and ovor two-thirds of all tho doposits wero in tho 78 offices
having moro than 8100,000 on deposit. Eight offices havo
passed tho million-dollar mark— Now York, Brooklyn
Chicago, Boston, Detroit, Pittsburgh, San Francisco and
Portland, Oro., and those eight offices hold approximately
42% of all deposits.
Of tho Post Offices having 8100,000 on deposit, five
showed a gain of over 100% in tho past fiscal year, namely,
Uniontown, Pa., deposits increased from 820,312 on Juno 30
1915 to 8114,886 on Juno 30 1916, again of 888,574, or 337%.
Waterbury, Conn., doposits increased from 829,403 to 8108,­
847, a gain of 879,444, or 270%. Bridgeport, Conn., de­
posits increased from 8169,015 to 8392,840, a gain of 8223,­
825, or 132%. Wilmington, Del., doposits increased from
869,611 to 8154,495, a gain of 888,884, or 122%. Pueblo,
Col., doposits increased from 8128,930 to 8269,986, a gain
o f 8141,056, or 109%.



GROWTH OF N E W YORK STATE TRUST COMPANIES.

According to a statement made public July 23 by State
Superintendent of Banks Eugene Lamb Richards, giving
the condition of the trust companies of New York State as
of June 30 last, the date of the call issued by the New York
State Banking Department, in comparison with that as of
March 17, the date of the last previous call, these institu­
tions continue to show striking increases in deposits and
resources. Statistics compiled by Superintendent Richards
show that the deposits increased during the past three months
from 82,228,481,280 to 82,271,416,180, a gain of nearly
843,000,000, while from Dec. 24 1914 to June 30 1916 the
increase in deposits totals 8834,385,196. During the past
three months the resources increased from 82,605,112,751
to 82,626,857,605, a gain of 821,744,854, while the increase
from the end of 1914 to the present time totals 8886,259,168.
From March to June the amount of “acceptances” shows a
decrease of 811,246,154.
The following statement gives the condition of the trust
companies as of June 30 and March 17 of this year:
N o t e .—

87 companies reported Juno 30; 82 reported on M a rch 17.

RESOU RCES.
J u n e 30.
Stock and bond investments, viz.:
Public securities--------------- ------------------- $161,003,385
Other securities------------------- .
432,326,655
Real estato ow ned.
______
____ __
43,295,774
M ortgages ow ned---------------------------- ---------91,197,597
Loans and discounts secured b y bond and
m ortgage, deed or other real estate col­
lateral _________________ ________________
16,509,077
Loans and discounts secured by other col­
____________
_____
_.
lateral ____
939,016,576
Loans, discounts and bills purchased not
secured b y collateral______ _____ ____
328,051,725
O verdrafts_____________ __________
____
306,742
D uo from trust companies, banks and bank­
ers___________________________________
262,515,690
Specie_________________
_______________
150,177,106
United States legal-tender notes and notes
o f national banks . ___________________
11,975,434
Federal Reserve n otes_____ _____________ _
928,561
Cash items, v iz.: Bills and checks for next
d a y’s clearings; other cash item s______
66,565,994
Custom ers' liability on acceptances____
53,453,722
Other a s s e t s ._____
. _________________
69,533,530
.
A dd for cents___________ __ _________
37
T otal- . ..................................... ............ .. . $2.626,857.605
L IA B IL IT IE S .
$90,450,000
C a p i t a l . .......................... .......... ...................
Surplus (including all undivided profits on
market value stocks and bonds)_______
187,620,920
Preferred deposits:
D uo N ow Y ork State savings banks____
75,886,978
D uo N ew Y ork State savings and loan as­
sociations, credit unions and land bank
590,590
D uo as executor, administrator, guar­
dian, receiver, trustee, com m ittee or
d e p o sita ry ....................................
137,722,319
Deposits b y State o f New Y o r k _______
13,434,700
Deposits b y Superintendent o f Banks o f
State o f N ew Y o rk ___________________
1,645,854
Other deposits secured b y a pledge o f
a ss e ts _______________________:_________
8,092,194
15,533,994
Doposits otherwise preferred___________
D uo depositors, not preferred_____________ 1,769,628,042
D uo trust companies, banks and b an k ers..
248,881,509
Bills payable______________________________
161,500
Rediscounts_______________________________
94,695
Acceptances o f drafts payablo at a future
dato or authorized b y commercial letters
o f credit________________________________
55,767,114
Other liabilities......... ...........
21,347,159
Add for cents. ...................
37
T otal............................................ .................$2,626,857,605
T otal deposits................................................ ..$ 2 ,2 7 1 ,4 1 6,18 0

M arch

17.

$154,972,060
433,945,679
42,901,305
86,291,203

13,725,517
919,336,452
317,405,693
208,998
308,781,908
155,868,071
14,936,982
954,487
41,667,068
66,993,332
47,123,956
40
$2,605,112,751
$89,600,000
185,129,592
73.276,075
572,682

97,017,965
15,015,014
1,548,747
7,514,368
5,681,349
1.784,417,356
243,437,724
81,500
13,674

67,013,262
34,793,403
40
$2,605,112,751
$2,228,481,280

C A N A D IA N R A IL W A Y COMMISSIONERS GRANT
RATE ADVANCES.

Canada lias been grappling with the question of advancing
railroad rates the same as has tho United States, and its
“ Eastern Freight Rate Case,” after being before the Board of
Railway Commissioners for two years, has just been decided.
Tho problem, as far as the railroads are concerned, has been
like that in tho United States— expenses having risen with
no way to offset the rise except by better rates. According
to tho “Journal of Commerce” of Montreal, a ilat increase
of 5% in Eastern freight rates was asked for by the Canadian
railways. Although this increase has not been granted, ad­
vances varying from one to six cents per hundred pounds
have been allowed, it is stated. These are in what are
known as class tariffs, which are of general application. Be­
sides these, there are numerous commodity rates, each of
which has been dealt with on its own merits. The applica­
tion of the railways with respect to some of the commodity
items has been declined, and in many instances less has been
granted than asked for. In fixing the new rates the Grand

Trunk Railway lias been taken as a basis. The increases
made are justified on the fact of the increases in Grand
Trunk expenses and having regard to traffic of normal years.
Our Canadian contemporary furnishes an outlino of the
findings of the Railway Board as follows:
S U M M A R Y OF T IIE F IN D IN G .
T h e officia l summary is as follows:
It was not until M a y 11th o f this year that the increases in grain and
grain products rates were withdrawn by the railways, after negotiations
resulting from the Board being impressed b y the effect o f the short mileage
o f the N ational Transcontinental, and com petitive conditions between
that line and the Canadian N orthern, north o f the Ottawa. This affects
a large item .
Operating expenses have increased generally. W hile from 1899 to 1911
train m ile earnings increased 8 9 % , the cost o f service per train mile in­
creased 112% , notwithstanding economies attributable to increased lo co ­
m otive pow er, lower grades, better loading and increased traffic. In the
period , 1910 to 1914, earnings increased 10.6% ; expenses, 17.7 % . In
1915 earnings increased 5 .3 % ; expenses, 12.4% .
Railway ties cost 38% m ore in 1914 than in 1907; in 1915 they were
45% higher.
T he cost o f fuel to operate 100 miles was 30% higher In 1914 and 1915
than in 1907. T h e average cost o f fuel increased 21.8% in the period
1909 to 1914.
Salaries and wages represent three-fifths o f the total railway expenses
T his item has increased rapidly. T he wage bill o f the Grand Trunk alone
increased in the period 1909 to 1914 by 5 2 % , and for 1915 the increase
was 50.
T h e increase in labor cost is m ainly due to increases in wages, as there
have been economies in the number o f men em ployed per 100 miles o f track.
Decreases in wages are not a feasiblo means o f econom izing. T h e wages
on the Grand Trunk have increased by 4 .3 % since the hearing.
T he Canadian P acific divisions in Eastern Canada are the A tlantic,
Eastern, Ontario and Lake Superior. T h e A tlantic Division is operated
at a loss. There is but little local traffic on the Lake Superior Division.
T h e Canadian P a cific and Grand Trunk are both engaged in business in
the Eastern and Ontario divisions, and hero the freight business o f the
Canadian P acific gives only 20% o f Its total freight revenue, and represents
only three-fifths o f the business done b y the Grand Trunk.
T h e Grand Trunk was built to m eet the needs o f Eastern Canada. It
runs into all the large producing centres; it has a well-established and
well-worked-up business. In Eastern Canada it does the largest business
and obtains the greatest earnings.
It is fair to accept for prim ary consideration the actual results o f the
Grand T ru nk’s earnings as a basis o f rates.
T h e rates cannot be based on the total capital cost o f the Grand Trunk
as carried on the com p a n y’s books, which would represent a cost o f 8131,000
per m ile.
T h e new lines o f the Canadian Pacific from Glentay to Agincourt and
from T oron to to Sudbury cost, respectively. $71,000 and $56,000 per mile.
T h is includes nothing for terminals. T he Intercolonial cost, including
equipm ent and term inal, $75,000 per mile.
T h e H ydro-E lectric Comm ission lias recently m ado an estimate that 138
miles between T oron to and London would cost $100,000 per m ile, including
terminals and equipm ent.
T he net earnings per m ile o f line o f the Grand Trunk at their highest in
1913 amounted to S3,500 per mile. In 1914 they were $3,059, and in 1915
$2,477.
T h e financial relations o f the Grand Trunk to the Grand Trunk Pacific,
as well as to its United States lines, are analyzed, and it is ruled that
outside investments cannot be considered as bearing on the reasonableness
o f freight rates.
Econom ical financing o f the Grand Trunk has been rendered extremely
difficu lt, if not impossible. Appropriations o f all kinds have been post­
poned. On Dec. 31 1915 over 4,000 cars were held for repairs, notwith.
standing the lighter traffic o f the year.
ON A B ASIS OF C O ST.
In order to keep the equipm ent in proper shape, it will bo necessary to
obtain 1,249 new freight cars at an expenditure o f $2,238,000. Normal
track renewals would require 431 miles; fo r the period 1913 to 1915, in­
clusive, the track renewals were only 45% o f this standard; and for the
year ,1915 the renewals fell to 67 miles. T h e renewal work on bridges and
culverts during 1915 is $20,000 below the average yearly expenditure o f the
period 1906 to 1915.
T he economies so m ade cannot continue indefinitely without great loss
and inconvenience to the public.
In the W estern rate case the G overnm ent experts com puted that 6%
should be allowed so as to provide 4 % for interest charges and 2% for
surplus.
M on ey is now m ore expensive. Taking the cost o f the G lantay-A gincourt line and adding $10,000 per mile o f equipm ent, the net earnings
would have to be $4,800. If the T oronto-S udbury lino is taken as a
basis, net earnings per m ile would have to bo $4,001; while if the Inter­
colonial is taken they would have to bo $4,500.
Aside entirely from the terminal expenses, the Grand Trunk net earnings
n the best year are far short o f these figures.
T he proposed increases on fruits are postponed until they can be con­
sidered along with proposed increases in icing and salt for refrigeration,
which are now under suspension.
T he Western rates case points out tho difference between conditions
between Eastern and Western Canada, and, notwithstanding material
reductions, the general schedule in the West is higher. T he Railway A ct
requires, and the general public interest o f tho country dem ands, that, if
practicable, Eastern rates should bo advanced so that the different schedules
m ay m ore nearly approach a parity.
T H E J U S T IF IC A T IO N .
T he effect o f now com peting lines, tho Canadian N orthern, recently
constructed. Is not considered in striking a reasonable basis. T ho Increases
m ade are justifiable entirely on tho mere fact o f tho increases in Grand
Trunk expenses, and having regard to traffic o f normal years.
Besides the class tariffs o f general application, meaning tho rato scales
used everywhere in connection with tho freight classification, tho applica­
tion o f the railway com panies com prise over 150 exceptional rates, lower
than tho class rates, applicable to various com m odities.
T o quote the judgm ent— “ N o flat increase o f five, ten or other percentage
could be applied sim ply to augment railway revenue. Each rato o f notice
has to be considered, having regard to its reasonableness for tho service
perform ed."
As each o f these items has thus beon separately dealt with on its merits, it
is impossible within the limits o f a press notice to give any clear synopsis
o f the B oard’s conclusions. A selection o f two or three com m odities, by
way o f illustration, would con vey no true conception o f tho general result




and m ight prove misleading. T h e shippers interested in tiio several lines
o f trade represented in tho application will arrive at their own conclusions
from a study o f this section o f tho judgm ent. T ho application with respect
to som e o f the com m odity items has been declined and in numerous in­
stances less has been granted than asked for b y tho railway com panies.
RE T H E CLASS T A R IF F S .
T ho findings regarding the class tariffs, m ay, how ever, briefly bo sum­
marized. In the territory bounded on the west b y , but not including,
F ort A rthur, and by tho Georgian Bay, Lake Huron and D etroit R iver,
and on the east by Quebec and M egantic, also between C . F. It. stations in
N ow Brunswick, the class rates, provided they aro now lower than tho
standard or maximum mileago tariff, m ay be increased by tw o cents in
tho first and one cent in tho fifth classes, tho rates for tho other class to
be properly proportioned in accordance with the standardized scale. An
exception is made o f the lines o f tho Canadian Facific and Canadian
N orthern between Farry Sound and Sudbury, otherwise no increases are
allow ed.
Because o f the com paratively lower level o f tho rates to tho M aritim e
Frovinces, great increases aro perm itted. Between points in the Frovinces
o f N ew Brunswick and N ova Scotia and points west o f Quebec, Levis and
M egantic as far as M ontreal and Valloyfield, and north o f tho Ottawa
R iver, the first class will bo advanced four cents.
T he other classes in
proportion.
Between the same maritim e sections and points west o f M ontreal tho
carriers aro authorized to increase their rates by six conts for the first class
and three cents for the fifth , tho remaining rates fitting in from tho stand­
ardized scale.
Hero, again, an exception is m ado o f the lino o f the C . F . R . in tho
St. John R iver Valley, where the rates, instead o f being advanced, will
bo lowered by the com pany so as not to exceed tho St. John rates, this
relief being due to the opening o f the N ational Transcontinental south o f
Edm undston, N . B .
i
N OT FOR G O V E R N M E N T ROADS
A s the Governm ent railways aro not subject to tho jurisdiction o f tho
Board, tho Intercolonial and N ational Transcontinental management is,
o f course, free to fix its own rates. N evertheless, the judgm ent provides
that the through rates o f the Grand T runk, Canadian Facific and other
independent companies in Quebec and O ntario, to Intercolonial points cast
o f St. John, to Halifax and Sydney, aro to preserve tho same differences, if
any, over the St. John rates as at present.
IN C R E A S E S ON C O M M O D IT IE S .
C om m odity rates havo been Increased on iron and steel articles b y onehalf cent per 100 pounds on all rates not over 15 cents per 100 pounds, one
cent on rates between 15 and 25 cents, and 1A conts on rates over 25 cents.
Fig iron, billets, wire rods, rails and crop ends bear a rato increase o f about
5 % . Cem ent increases one-half cent per 100 pounds on all rates under
15 cents. On crushed stone, sand and gravel there Is a general increaso o f
about five cents per ton. On lumber there is one-half cent o f an advance
on all rates under 15 cents and one cent on all rates over 15 cents for dis­
tances over 16 miles, with an exception covering districts affected b y the
Ottawa rate.
On paper there is an advance o f ono to two cents on less than carload
m ovem ents. On carload shipments tho com m odity rates advance threefifths o f a cent to districts west o f Quebec, Levis and M egantic, and three
cents per 100 pounds to districts in N ew Brunswick, N ova Scotia and
Quebec east o f Levis.
H ay reverts from tho com m odity to tho tariff rates. Increases on tho
rates on cattle, sheep and hogs are approxim ately ono cent for distances
from 31 to 40 miles, and one and one-half cents for 46 to 50 miles, and two
cents for distances over 50 miles.
There is a 10% increase in coal rates, with a maximum o f 10 cents per
ton, subject to certain exceptions, which reduce som e rates. An advance
o f five and ten cents per ton has beon allowed on coke.
C om m odity rates havo been abolished on leather so as to restore it to
the fourth and fifth class rates.
On canned goods there is a uniform increase o f 1 'A conts to Quebec points
and one to four cents to St. John. On cheese there is an advance o f two
conts per 100 pounds to M ontreal.

THE LARGE COAL PRODUCTION OF THE
STATES IN 1915.

UNITED

According to C. E. Lesher of tho United States Geological
Survey, the production of bituminous coal and anthracite
in the United States in 1915 amounted to 531,019,487 short
tons, valued at $680,091,180, an increaso, compared with
1914, of 18,094,010 tons, or 3.5% , in quantity, and of
$5,200,543, or 0.8% , in value. Of this total output, 442,­
024,420 short tons, valued at $502,037,088, was bituminous
coal and lignite, and 88,995,001 tons, valued at $184,053,498,
was Pennsylvania anthracite. Pennsylvania, with an out­
put of 157,955,137 tons of bituminous coal and 88,995,001
short tons of anthracite, ranks first among tho coal-producing
States. West Virginia, with a production of 77,184,009
tons; Illinois, with 58,829,570 tons; Ohio, with 22,434,091
tons, and Kentucky, with 21,301,074 tons, follow in order
of production. Thirty States and the Territory of Alaska
contributed to the total, of which number 13 States and
Alaska had increased production, and 17 had decreased
production, compared with 1914. To produco this coal,
734,008 men wore employed for an average of 209 days.
RAILROADS CONSUME ONE-QUARTER TIIE YEARLY
COAL OUTPUT.

According to the U. S. Geological Survoy, tho railroads
of the United States used 128,200,000 not tons of coal in
1915, or 24% of tho total output. The bituminous mines
furnished 122,000,000 tons, or 28% of thoir production, and
the Pennsylvania anthracite region 0,200,000 tons, or 7%
of its production. These figures aro compiled by C. E.
Leslior, of the United States Geological Survey. The roads
in tho Eastern district, defined by tho Inter-State Com

merco Commission as that portion ot the United States
lying north of the Potomac and Ohio rivers and east of
Chicago, Peoria and St. Louis, used 50,500,000 tons of
bituminous coal and 0,200,000 tons of anthracite, a total
of 02,700,000 tons. The roads of tho Southern district,
that territory south of the Potomac and Ohio rivers and
east of the Mississippi, used 22,000,000 tons of bituminous
coal, and the Western roads consumed 43,500,000 tons.
AJ E W

YORK

STATE

MORTGAGE

LAW

R E C O R D IN G

TAX

AMENDED.

During the 1910 session of the Legislature two important
changes were made in tho mortgage recording tax law, and
which affects also the secured debt tax, relating to mort­
gages and bonds secured by real property both within and
without the State. The New York Tax Reform Association
has recently issued a circular explaining tho new law as
follows:
Chapter 335, Laws o f 1916 (amending Sec. 260 o f the T ax L a w ), provides
that the m ortgagor or m ortgagee o f any m ortgage which covers property
within and without the State m ay waive an apportionm ent and pay the
recording tax upon the fu ll amount o f such m ortgage, which paym ent
exempts both the m ortgage and any bonds secured thereby. It aiso pro­
vides that where an opportionm ent has been m ade and the recording tax
paid on the proportion o f the value represented by property within the
State (which paym ent exempts a similar proportion o f tho value o f bonds
secured by the m ortgage), the owner o f any bonds secured by such mortgage
m ay pay to the recording officer where such m ortgage is first recorded a
tax equal to an apportioned part o f the bond representing tho value Of
property outside the State, and thereby obtain exem ption on such rem ain­
ing portion. Thus, the bond will bo ontiroly exempt from the personal
property tax.
T ho secured debt tax, as amonded last year and re-onacted this year
by Chapter 261, makes taxable as a secured d ebt tho portion o f a bond
or mortgage which represents real property outsldo o f the State, and upon
which heretofore there was no way o f paying the recording tax. T he amend­
ment o f Section 260 above described being approved after the secured
debt tax law, would seem to supersede it in this respect.
Chapter 337, Laws o f 1916, amends Section 264 in relation to an optionar
tax on prior advanced m ortgages. It applies to mortgages recorded priol
to July 1st 1906 (the date when the mortgage recording tax went into effect)
and bonds secured thereby. W hen first enacted this section was intended
to enable the holder o f any such bond to present it to tho recording officer
in the county where tho mortgage was first recorded and pay a tax on the
whole amount at the rate o f one-half o f one per cent, thus putting such bonds
on a parity with those issued subsequent to tho recording tax law as regards
exemption from the personal property tax. A ruling o f the A ttorneyGeneral held that such bonds cou ld only bo exem pted from the personal
property tax to the extent that tho m ortgage covered real property within
the State. The amendment this year makes it clear that the whole amount
o f such bonds shall be taxed under this section, and when the recording tax
is paid they becom e exempt from tho personal property tax.
Section 263 was amended by striking out the provision perm itting a refund
o f tho tax where a m ortgage is discharged without any advancem ent having
been m ade thereunder (Chapter 336.)

The full text of the secured debt tax law mentioned above
was given in our editorial columns of April 22, page 1498.
. Below we print the full text of tho new mortgage recording
tax law Acts approved April 27 1916.
The portions
added we givo in italics and those eliminated we put in
brackets:
A N A C T to amend the tax law, in relation to tho determ ination and
apportionment o f m ortgage taxes and repealing section tw o hundred
and sixty thereof.
T h e P e o p l e o f the S ta le o f N e w
d o en a c t a s f o llo w s :

Y o r k , r e p r e s e n te d in S e n a te a n d A s s e m b ly ,

Section 1. Section tw o hundred and sixty o f chapter sixty-tw o o f the
laws o f nineteen hundred and nine, entitled An act in relation to taxation,
constituting chapter sixty o f tho consolidated law s,” is hereby repealed.
Sec. 2. Such chapter is hereby amended by adding thereto a now
section, to be section two hundred and sixty, to read as follows:
Sec. 260- D e t e r m in a tio n a n d a p p o r tio n m e n t o f th e s ta te ta x c o m m i s s io n .
W h e n the r e a l p r o p e r ty c o v e r ed by a m o r ty a g e is situ a te d i n m o r e th a n o n e
ta x d is tr ic t, the sta te ta x c o m m i s s io n s h a ll d ed u ct f r o m th e r e la tiv e a s s e s s m e n ts
o f s u c h r e a l p r o p e r t y in th e r e s p e c tiv e ta x d is tr ic ts co v e r ed by s u c h m o r ty a g e a n y
p r i o r e x is tin g m o rtg a g e lie n s a n d s h a ll th en a p p o r t i o n the ta x p a id o n su c h m o r t­
y a g e b e tw een the r e s p e c tiv e ta x d is tr ic ts u p o n the b a s is o f th e r e la tiv e a s s e s s ­
m e n ts o f su ch rea l p r o p e r ty a s th e s a m e a p p e a r o n th e la st a s s e s s m e n t-r o lls
le s s the d e d u c tio n , i f a n y .
I f , h o w e v er , th e w h o le o r a n y p a r t o f th e p r o p e r ty
cov e r ed by su c h m o rtg a g e is n o t a s s e s s e d u p o n th e la st a s s e s s m e n t-r o ll o r r o lls
o f th e ta x d is tr ic t o r d is tr ic ts i n w h ic h it i s s itu a te d , o r i s s o a s s e s s e d , a s a
p a r t o f a la rg er tr a c t, that th e a s s e s s e d v a lu e c a n n o t be d e te r m in e d , o r i f i m ­
p r o v e m e n ts h a v e b e e n m a d e to s u c h a n e x ten t a s m a te r ia lly to c h a n g e th e v a lu e
o f the p r o p e r t y s o a s s e s s e d , the la x c o m m i s s io n m a y r e q u ire th e lo c a l a s s e s s o r s
i n th e r e sp ec tiv e ta x d is tr ic ts , o r th e m o r tg a g o r , o r m o r tg a g e e , to f u r n i s h s w o r n
a p p r a is a ls o f the p r o p e r t y i n ea ch ta x d i s tr ic t, a n d u p o n s u c h a p p r a i s a l s sh a ll
d e te r m in e th e a p p o r t io n m e n t.
I f su c h m o r tg a g e c o v e r s r e a l p r o p e r t y i n tw o
o r m o r e c o u n t ie s , the ta x c o m m is s io n s h a ll d e te r m in e th e p r o p o r t io n o f the
ta x w h ich sh a ll be p a id b y th e r e c o r d in g o f f i c e r w h o h a s r e ce iv e d th e s a m e to
th e r e c o r d in g o ffi c e r s o f th e o th er c o u n t ie s i n w h ic h a r e s itu a te d th e ta x d is tr ic ts
en title d to sh a re t h e r e in .
W h e n a n y r e c o r d in g o f f i c e r s h a ll p a y a n y p o r tio n
o f a ta x to the r e co r d in g o f f i c e r o f a n o th e r c o u n t y , h e s h a ll f o n c a r d w ith su ch
ta x a d e s c r ip tio n s u f fi c ie n t to i d e n t ify th e m o r tg a g e o n w h ich th e ta x h a s b een
p a i d , a n d th e r e co r d in g o f f i c e r r e c e iv in g s u c h ta x sh a ll n o t e o n th e m a r g in o f
th e r e co r d o f su ch m o r tg a g e th e f a c t o f s u c h p a y m e n t , a ttested by h i s s ig n a tu r e .
T h e ta x c o m m is s io n s h a ll m a k e a n o r d e r o f d e te r m in a tio n a n d a p p o r tio n m e n t
i n r e s p e c t to ea ch su c h m o rtg a g e a n d f i l e a c e r t i fi e d c o p y t h e r e o f w ith th e r e ­
c o r d in g o f f i c e r o f ea ch c o u n ty i n w h ic h a p a r t o f th e m o rtg a g ed r e a l p r o p e r ty
i s s itu a te d .
W h e n th e r ea l p r o p e r t y co v e r ed b y a m o r tg a g e i s p a r tly w it h in th e sta te
a n d p a r tly w ith o u t th e sta te it s h a ll be th e d u ty o f th e ta x c o m m is s io n to d eter­
m in e w h a t p o r t io n o f th e m o r tg a g e o r o f a d v a n c em e n ts th e r e o n s h a ll b e ta xa b le
u n d e r th is a r tic le .
S u ch d e te r m in a tio n s h a ll b e m a d e i n th e f o ll o w i n g m a n n e r :
F i r s t:
D e te r m in e th e r e s p e c tiv e v a lu e s o f th e p r o p e r ty w ith in a n d w ith o u t
th e s la te , a n d d ed u ct th e r efr o m th e a m o u n t o f a n y p r i o r e x is t in g m o r tg a g e




l ie n s , e x c e p tin g su c h lie n s a s a r e to b e r e p la c e d by th e a d v a n c em e n ts u n d er
c o n s id e r a tio n .
S e c o n d : F i n d th e r a tio th a t th e n e t v a lu e o f th e m o r tg a g e d
p r o p e r t y w ith in th e s ta te b e a r s to the n e t v a lu e o f th e e n t ir e m o r tg a g e d p r o p e r t y .
T h ir d : M a k e th e d e te r m in a tio n o f th e p o r t io n o f th e m o r tg a g e o r o f th e a d ­
v a n c e m e n ts th e r eo n w h ic h sh a ll b e ta x a b le u n d e r th is a r tic le b y a p p l y i n g the
r a tio s o f o u n d .
I f a m o r tg a g e c o v e r in g p r o p e r t y p a r tly w ith in a n d p a r tly
w ith o u t th e s ta te i s p r e s e n te d f o r r e c o r d b e fo r e s u c h d e te r m in a tio n h a s b een
m a d e , o r at th e tim e w h e n a n a d v a n c e is m a d e o n a c o r p o r a te tr u st m o r tg a g e ,
o r o n a p r i o r a d v a n ce m o r tg a g e th e r e m a y b e p r e s e n te d to th e r e c o r d ­
in g o f f i c e r a s ta te m e n t i n d u p lic a t e v e r ifie d by th e m o r tg a g o r o r a n
o f f i c e r o r d u ly a u th o r iz ed a g e n t o f th e m o r tg a g o r , i n w h ic h s h a ll be
s p e c if i e d th e n et v a lu e o f th e p r o p e r t y w it h in th e sta te a n d th e n e t v a lu e
o f the p r o p e r t y w ith o u t th e s ta le c o v e r ed
by s u c h m o r tg a g e .
O ne o f
s u c h sta te m e n ts sh a ll b e f i l e d b y th e r e c o r d in g o f f i c e r a n d th e o th er s h a ll be
f o r th w ith tr a n s m itted b y h im to th e s ta te ta x c o m m i s s io n .
T h e ta x p a y a b le
u n d er th is a r tic le b e fo re th e d e te r m in a tio n b y th e ta x c o m m i s s io n s h a ll be
c o m p u te d u p o n su c h p o r t io n o f th e p r i n c i p a l in d e b te d n e s s s e c u r e d b y the
m o r tg a g e , o r o f the s u m a d v a n ced t h e r e o n , a s th e n e t v a lu e o f th e m o rtg a g ed
p r o p e r ly w ith in the s ta le b ea rs to th e n e t v a lu e o f the e n t ir e m o rtg a g ed p r o p e r t y
a s s et f o r t h i n su c h s ta te m e n t.
T h e ta x c o m m i s s io n sh a ll o n r e c e i p t o f th e
sta te m e n t f r o m th e r e c o r d in g o f fi c e r a n d o n n o t le s s th a n te n d a y s ' n o tic e
serv ed p e r s o n a lly o r by m a il u p o n th e m o r tg a g o r , th e m o r tg a g e e a n d th e s ta te
c o m p tr o lle r , p r o c e e d to m a k e th e r e q u ire d d e t e r m in a t io n .
I n d e te r m in in g
th e s e p a r a te v a lu e s o f th e p r o p e r t y w ith in a n d w ith o u t th e s ta te th e ta x c o m -t
m is s io n s h a ll c o n s id e r o n ly th e ta n g ib le p r o p e r t y , r e a l a n d p e r s o n a l , e z e e p
th a t lea s e s o f r e a l p r o p e r t y s h a ll b e d e e m ed ta n g ib le p r o p e r t y .
F o r th e p u r p o s e
o f d e te r m in in g su c h v a lu e s th e ta x c o m m i s s io n m a y r e q u ir e the m o r tg a g o r
o r m o r tg a g e e to f u r n is h b y a ffid a v it o r v e r if i e d r e p o r t s u c h i n fo r m a t i o n o r
d a ta a s it m a y d eem n e c e s s a r y , a n d m a y r e q u ir e a n d ta k e th e t e s tim o n y o f th e
m o r tg a g o r , m o r tg a g e e o r a n y o th er p e r s o n .
A c e r t ifie d c o p y o f th e o r d e r o f
d e te r m in a tio n a n d a p p o r t io n m e n t sh a ll b e d e liv e r e d p e r s o n a lly o r b y m a i l to
th e m o r tg a g o r , th e m o r tg a g e e a n d th e s ta te c o m p t r o lle r , a n d a n y ta x u n d e r s u ch
d e te r m in a tio n w h ich h a s n o t b e e n p a i d s h a ll b e p a i d w ith in te n d a y s a f t e r s e r v ic e
o f s u c h c e r t i fi e d c o p y i f , h o w e v e r , th e ta x p a id a t th e t im e o f f i l i n g th e s ta te m e n t
h e r e in b e fo r e s p e c if i e d w ith th e r e c o r d in g o f f i c e r is in e x c e s s o f th e ta x d e ter­
m in e d to b e p a y a b le , th e c e r t i fi c a t e o f d e te r m in a tio n a n d a p p o r t io n m e n t s h a ll
d ir ec t the r e c o r d in g o f f i c e r to r e fu n d to th e p e r s o n p a y i n g s u c h ta x th e a m o u n t
o f su ch e z e e s s p r o v id e d th a t n o r e fu n d s h a ll b e m a d e o f a n y ta x e s p a i d p u r ­
s u a n t to a p r e v i o u s d e te r m in a tio n .
T h e m o r tg a g o r o r m o r tg a g e e o f a n y m o r tg a g e w h ic h c o v e r s p r o p e r t y w ith in
a n d w ith o u t th e S ta te m a y w a iv e th e d e te r m in a tio n p r o v id e d f o r i n th is s e c tio n
a n d p a y th e ta x u p o n th e f u l l a m o u n t o f s u c h m o r tg a g e o r o f a n y a d v a n c e m e n t
th e r e o n , a n d t h e r e a fte r th e w h o le a m o u n t o f s u c h m o r tg a g e o r a d v a n c em e n t
s h a ll be e x e m p t f r o m t a x a tio n u n d e r th e p r o v i s io n s o f S e c tio n tw o h u n d r e d a n d
f i f t y - o n e o f th is A r t i c l e .
T h e ta x c o m m i s s io n s h a ll a d o p t r u le s to g o v e r n th e p r o c e d u r e a n d th e m a n n e r
o f ta k in g e v id e n c e i n a ll m a tte r s p r o v id e d f o r by th is S e c tio n a n d m a y r e q u ire
v e r ifie d s ta te m e n ts to b e fu r n is h e d e ith e r b y b o a r d s o f a s s e s s o r s , r e c o r d in g o f fi c e r s
o r oth er p e r s o n s h a v in g k n o w led g e i n r e la tio n to su c h m a tte r s .
F a il u r e o n the
p a r t o f a n y p e r s o n o r o f f i c e r to f u r n i s h a sta te m e n t o r o th e r d a ta w h e n req u ired
s o to d o p u r s u a n t to the p r o v i s io n s o f th is S e c tio n s h a ll r e n d e r su c h p e r s o n o r
o f f i c e r lia b le to a p e n a lty o f o n e h u n d r ed d o lla rs , to b e re co v er e d b y th e A t t o r n e y G en er a l i n a n a c tio n b rou g h t i n th e n a m e o f th e p e o p l e o f th e S ta te o f N e w Y o r k .
I n m a k in g d e te r m in a tio n a n d a p p o r t io n m e n t u n d er th is S e c tio n th e T a x
C o m m is s io n sh a ll c o n s id e r a ll a d v a n c em e n ts m a d e u p o n a m o r tg a g e a fte r
J u ly f i r s t , n in e t e e n h u n d r ed a n d s i x , i n th e a g g r e g a te , w h ic h a g g r e g a te sh a ll be
o b ta in e d by a d d in g a ll a d v a n c em e n ts m a d e a ft e r J u ly f i r s t , n i n e t e e n h u n d r ed
a n d s ix , to the last a d v a n c em e n t a n d th e to ta l s h a ll b e trea te d a s a w h o le m o r tg a g e ,
c o n s id e r in g th e s ta tu s o f th e p r o p e r t y a s o f th e tim e th e la st a d v a n c em e n t is
m ade.
I n a ll c a s e s u n d er th is s e c tio n in w h ic h it sh a ll a p p e a r that th e p r i o r
i n c u m b r a n c e s e x c e e d th e a s s e s s e d o r a p p r a i s e d v a lu e o f th e p r o p e r t y i n o n e o r
m o r e ta x d is tr ic ts th e C o m m is s io n m a y , b y a p r o c e s s o f e q u a liz a tio n o r o th e r ­
w is e , e s ta b lis h a b a s is o f a p p o r t io n m e n t th a t w ill be e q u ita b le a n d f a i r .
I n a n y c a s e w h e re a d e te r m in a tio n h a s b e e n m a d e p u r s u a n t to th is S e c tio n
in r e s p e c t to a m o r tg a g e o r a d v a n c em e n ts u p o n a m o r tg a g e c o v e r in g p r o p e r ty
w ith in a n d w ith o u t th e S ta te a n d th e ta x h a s b een p a i d u p o n a p o r t io n o f the
in d e b te d n e s s s e cu re d b y s u c h m o r tg a g e p u r s u a n t to su c h d e te r m in a tio n , the
m o r tg a g o r o r m o r tg a g e e o r th e o w n e r o f a n y b o n d s s e c u r e d by su c h m o rtg a g e
m a y f i l e w ith th e r e c o r d in g o f f i c e r w h e re s u c h m o r tg a g e i s f i r s t r e co r d e d a
v e r ifie d s ta te m e n t i n f o r m a n d s u b s ta n c e a s p r o v id e d f o r in S e c tio n tw o h u n d r ed
a n d s ix t y - fo u r o f th is A r t i c l e , w h ic h sta te m e n t s h a ll a ls o s p e c if y th e p o r t io n
o f th e in d e b te d n e s s s e c u r e d b y su c h m o r tg a g e o r b o n d s u p o n w h ic h th e ta x h a s
b een p a i d , a n d th e r e u p o n th e r e c o r d in g o f f i c e r sh a ll c o lle c t th e ta x u p o n th e
r e m a in in g p o r t io n o f s u c h m o r tg a g e o r b o n d s, a n d a ll o f th e p r o v i s io n s o f s a id
S e c tio n tw o h u n d r e d a n d s ix t y - fo u r in r e s p e c t to th e in d o r s e m e n t o f the p a y m e n t
o f th e ta x a n d n o ta tio n o n th e m a r g in o f th e r e c o r d o f th e m o r tg a g e sh a ll be
a p p lic a b le to ta x e s p a id u p o n s u c h r e m a in in g p o r t io n , a n d th e r e a fte r th e w h o le
a m o u n t o f s u c h m o r tg a g e , a d v a n c em e n t o r b o n d s sh a ll b e e x e m p t f r o m ta x a tio n
u n d er th e p r o v is io n s o f S e c tio n tw o h u n d r e d a n d f i f t y - o n e o f th is A r t i c l e .

Sec. 3.

This A ct shall take effect im m ediately.

A N A C T to amend the tax law, in relation to an optional tax on prior
advanced m ortgages.
T h e P e o p le o f th e S ta te o f N e w
d o en a ct a s f o llo w s :

Y o r k , r e p r e s e n te d i n S e n a te a n d A s s e m b l y ,

Section 1. Section tw o hundred and sixty-four o f chapter six ty -tw o of
the laws o f nineteen hundred and nine, entitled “ An act in relation to
taxation, constituting chapter sixty o f tho consolidated law s,” as amended
b y chapter six hundred and one o f tho laws o f nineteen hundred and ten,
is hereby amended to read as follow s:
Section 264. Tax on prior advance m ortgages. W henever any part o f
the amount o f the principal indebtedness which is or under any contingency
m ay be secured by a m ortgage recorded prior to July first, nineteen hundred
and six, is advanced after July first, nineteen hundred and six, the tax
prescribed b y section tw o hundred and fifty-three o f this article is hereby
imposed on the am ount o f principal indebtedness so advanced, which tax
shall bo payable at the same tim e and in the same manner as taxes im ­
posed by section tw o hundred and fifty-nine o f this article, and all the
provisions o f section tw o hundred and fifty-nine in relation to the tim e
and manner o f paying such tax, the filing o f statements in relation to the
time and amount o f such advances, and penalties for failure t o file the
same shall apply to advances made under this section and tho paym ent o f
a tax thereon, except that if the m ortgagor is not a corporation, such
statements shall be filed b y tho owner o f tho m ortgage, w ho, for failure to
do so, shall be subject to the penalties prescribed b y such section. In
case said mortgage was given to secure tho paym ent o f a series o f bonds,
tho m ortgagor m ay, at the tim e o f paying such tax, present to tho recording
officer, tho bonds representing the portion o f the principal indebtedness
secured by said m ortgage upon which tho tax is to bo paid, and also file
with said recording officer a statem ent verified b y the m ortgagor or an
officer or duly authorized agent or attorney o f tho m ortgagor specifying
that said bonds, so presented, are the bonds representing that portion o f
the principal indebtedness secured b y said m ortgage upon which tho tax

Is to bo paid and that said bonds are secured b y a mortgage recorded in
said office stating the dato o f said m ortgago and the liber and page o f the
record o f tho same. It shall bo tho duty o f such recording officer to in­
dorse upon each o f said bonds, so presented to him , a statement signed by
him to tho effect that tho tax imposed b y this articlo on that portion o f
tho principal indebtedness secured b y said m ortgago represented by said
bonds has been paid, and said statement shall bo conclusive p roof o f such
paym ent. N otw ithstanding tho oxcoption contained in section tw o hundred
and fifty-four, tho record owner o f any m ortgago [r e c o r d e r ] r e c o r d e d prior
to July first, nineteen hundred and six, other than a corporate trust m ort­
gage, m ay filo in the office o f tho recording officer whero such m ortgage
is first recorded a statement in form and substance as required b y section
tw o hundred and fifty-four o f this article, except that it shall specify and
state tho am ount o f all advancem ents m ade thereon prior to said date,
giving tho date and am ount o f each advancem ent and tho am ount o f such
prior advancements remaining unpaid, and thereby elect that tho same be
taxed under this articlo; and any m ortgagor or m ortgagee under a cor­
porate trust m ortgago given to secure a series o f bonds or tho owners o f
any such bond or bonds secured thereby m ay file in tho offico o f tho re­
cording officer whero such mortgage is first recorded a statement in form
and substanco as required b y section tw o hundred and fifty -fou r o f this
article, except that is shall specify the [s e r i e l] s e r i a l num ber, tho dato
and amount o f each bond and otherwise sufficiently describe tho same to
identify it as being secured by such m ortgago, and thereby elect that such
bond or bonds bo taxed under this article, a n d s u c h b o n d o r b o n d s sh a ll be
ta x e d u p o n th e w h o le a m o u n t t h e r e o f n o tw ith s ta n d in g th e p r o v i s io n s o f s e c tio n
tw o h u n d r ed a n d s ix t y o f th is a r tic le .
A tax shall thereupon, in tho caso

o f mortgages other than corporate trust m ortgages, bo com puted, levied
and collected upon the am ount o f tho principal d ebt or obligation repre­
sented b y said unpaid prior advancem ents at tho tim o o f filing such state­
m ent, or, in the caso o f a corporate trust m ortgago, upon tho am ount o f
tho bond or bonds specified in tho statement filed, at tho rato prescribed
b y section two hundred and fifty-threo o f this articlo. Said bonds repre­
senting prior advancem ents under corporate trust m ortgages and taxed
as horein providod m ay bo presented to tho recording officer, whoso duty
It is to collect said tax, for indorsement and ho shall thereupon indorsQ
upon each o f said bonds a statement attestod b y his signature o f tho p a y .
ment o f tho tax as provided in this section in respect to bonds representing
subsequent advancem ents and tho record owner o f any other m ortgage
taxed upon prior advancem ents as herein provided m ay present said m ort­
gago to the recording officer and thereupon such officer shall note upon tho
same tho filing o f tho statement and tho am ount o f tho tax paid attested
b y his signature. In all such cases tho recording officor shall noto on tho
margin o f tho record o f such m ortgage tho filing o f such statem ent and tho
am ount o f tho tax paid and in caso o f bonds secured b y corporate trust
mortgages the serial number o f each such bond. T ho words " b o n d " and
•bonds” as used in this section shall be deemed to ombraco all notes or other
evidences o f indebtedness secured b y mortgages taxablo under this section.
In caso o f any m ortgage taxablo under this section tho portion o f tho in­
debtedness secured thereby upon which tho tax imposed b y this section is
paid and such portion only, shall bo oxom pt from taxation under the pro­
visions o f Section tw o hundred and fifty -0110 o f this articlo. W henever the
tax imposed by Section tw o hundred and sixty-four o f this articlo as said
section existed prior to M a y thirteenth, nineteen hundred and sovon has
been paid with respect to any m ortgago, no additional tax shall accrue on
such m ortgage under this section as hereby enacted and such m ortgago and
tho debt or obligation secured thcroby, shall continue to bo entitled to tho
exemptions and immunities conferred b y this articlo and all o f tho pro­
visions o f this articlo shall romain applicable to such m ortgago. All taxes
im posed b y or which becamo duo, payablo or collectible on or before tho
thirtieth day o f Juno, nineteon hundrod and six, pursuant to Chapter
seven hundred and twenty-nine o f tho laws o f nineteon hundred and five,
and all taxes which under section two hundred and fifty-eight o f this chapter
became duo and payable on the thirtieth day o f July, nineteon hundred and
six, and all other taxes, if any, which were imposed b y chapter sovon hun­
dred and twenty-nine o f the laws o f ninoteon hundrod and fivo on any m ort­
gage recorded prior to tho first day o f July, ninoteon hundred and six, in
respect to any period ending on or before tho first day o f July, nineteen
hundred and six, shall bo imposed, becom e duo, bo payablo and collectible
and shall be paid over and distributed in the same manner, and with tho
samo force and effect as if this articlo had not been enacted; and for the
purpose o f collecting, paying over, distributing and enforcing any such
taxes. Chapter seven hundred and twonty-nino o f tho laws o f ninoteon
hundred and fivo shall be deemed to bo in forco, and tho lien for such taxes
shall attach and such taxes shall bo loviod and collected as p rovided in
Chapter sovon hundred and twenty-nino o f tho laws o f ninotoon hundred
and fivo, anything herein contained to tho contrary notwithstanding.
Sec. 2. This A ct shall take effect imm ediately.
A N A C T to amend the tax law, in relation to refund o f m ortgago tax.
T h e P e o p l e o f the S la te o f N e w
d o e n a c t a s fo ll o w s :

Y o r k , r e p r e s e n te d in S e n a te a n d A s s e m b l y ,

Section 1. Soction two hundred and sixty-three o f chapter sixty-tw o o f
tho laws o f nineteen hundred and nine, entitled “ A n act in relation to
taxation, constituting chapter sixty o f the consolidated law s,” as amended
b y chapter three hundred and ninety-eight o f tho laws o f nineteen hundred
and fourteen and chapter four hundred and forty-seven o f tho laws o f
nineteen hundred and fifteen, is heroby amended to read as follows:
Section 263. Supervisory power o f [s ta t e board o f ] tax c o m m is s io n e r s ]
a n d [ s t a t e ] com ptroller.
Tho [s t a t e board o f ] tax com m ission­
e r s ] shall havo general supervisory power over all recording officers in
respect o f tho duties im posed b y this article and they m ay rnako such
rules and regulations for the governm ent o f the recording officers in respect
t o the matters provided for in this article as they m ay deem proper, pro­
vided that such rules and regulations shall not bo inconsistent with this
or any other statute. W henever a duly verified application for a refund
o f m ortgage taxes, erroneously collected by a recording officer, is made
to tho [s t a t e board o f ] tax c o m m is s io n e r s ] it shall be tho d u ty o f such
[ b o a r d ] c o m m is s io n to determine the amount that has been erroneously
collected and [ t h e said board s h a ll] make an order directing such record­
ing officer to refund tho amount so determined from m ortgage tax m oneys
in his hands, or which shall com e to his hands, to tho party entitled to
receive it and charge such am ount back to tho tax district that m ay havo
been credited with tho same. [ A n y tax paid under this articlo through
Inadvertence or otherwise upon the recording o f a m ortgago which shall
have been discharged without any advancem ent having been actually
m ado or secured thereunder, shall bo deem ed to havo been erroneously
collected, provided the state board o f tax commissioners shall determine
such facts after verified application m ado as hereinbeforo provided, within
ninety days after such d isch a rg e.] I f any recording officer shall havo
collected and paid over to tho treasurer o f any cou nty, a tax paid upon a
m ortgage which under tho provisions o f section tw o hundred and sixty
o f this chapter is to bo .apportioned b y tho [s t a t o board o f ] tax com m is­
s i o n e r s ] between several counties before such apportionm ent has been




m ade, or if any recording officer shall have paid ovor to such treasurer
m ore m oney than required on account o f m ortgago taxes such recording
officer shall m ako a report to tho [s ta t e board o f ] tax c o m m is s io n [e rs ]
in the form o f a verified statement o f facts and said [ b o a r d ] c o m m i s s io n
shall determine the m ethod o f adjustm ent and issue its order accordingly.
T ho [ s t a t o ] com ptroller shall have general supervisory powor over al
county treasurers [ a n d tho chamberlain o f tho city o f New Y o r k ] in
respect to tho duties imposed upon them by this article, and m ay mako
such ruios and regulations, not inconsistent with this or any other statute,
for tho governm ent o f said cou nty treasurers [ a n d ch am b erla in ] as he
deems [n ecessary and a p p rop ria te] p r o p e r to secure a duo accounting for
all taxes and m oneys collected or received pursuant to any provision o f
this article. A ll recording officers and county treasurers [ a n d the cham ber­
lain o f tho city o f New Y o r k ] , shall furnish such bond, conditioned for
tho faithful and diligent discharge o f the duties required o f them respec­
tively b y this articlo, to tho people o f the state, within such tim o, with
such sureties and in such penal amount, not exceeding tw onty-fivo thousand
dollars, as tho [ s t a t e ] com ptroller m ay prescribe. T ho provisions o f
this section shall cover all transactions subsequent to July first, nineteen
hundred and fivo.
Section 2. This act shall take effect imm ediately.
SECRETARY

M cAD O O

ON

C O IN

REASONS

FOR

C H A N G IN G

D E SIG N S.

Tho dimes, quarters and half-dollars of new design were
put in circulation in Washington on July 1.
An­
nouncement of the proposed change was made in our issue
of June 3. On tho same date Secretary McAdoo, in tho fol­
lowing letter, answered an inquiry by tho “Public Ledger”
as to the reasons for the changing of tho designs:
T o th e E d ito r o f P u b lic L ed g er:

Sir— Replying to your inquiry relative to tho now designs for tho subsidi­
ary coins, I beg to submit tho following:
Section 3510, as amended by tho A ct o f Sept. 26 1890, provides that “ T h o
Director o f tho M in t shall havo power, with tho approval o f tho Sccrotary
o f tho Treasury, to cause new designs o f m odels o f authorized em blems or
do vices'to bo prepared and adopted in tho samo manner as when now coins
or devices aro authorized. Ilut no change in tho design or dio o f any
coin shall bo made oftener than once in 25 years from and including tho year
o f tho first adoption o f the design, m odel, dio or hub for tho samo co in .”
T ho existing designs o f tho half dollar, quarter dollar and dim e have
been used for tw onty-fivo years, and l believed that m ore artistic designs
could bo obtained and would bo appreciated by the public generally. I
believe tho designs that havo been accepted will justify making the change.
T ho law specifically prohibits the reproduction o f tho images o f coins In
publications other than numismatic and historical journals, but I am now
considering perm itting the publication o f part o f tho design if it can bo done
without broach o f tho law.
Sincerely,
W . G . M cA D O O , S e c r e ta r y .
T r e a s u r y D e p a r tm e n t , W a s h in g t o n , J u n e 3 1916.
NEED

OF

A C TIVE

STATE

D E PO SIT AR Y

IN

C A L IF O R N IA .

An interesting discourse on “ Stato Deposits” was given
by Friend William Richardson, Treasurer of tho Stato of
California, at the annual convention of tho California Bank­
ers’ Association in May.
Mr. Richardson dealt not alono
with the depositary regulations of his own Stato, but other
States as well, and in pointing out the necessity for a change
in tho California laws so as to provido for activo Stato de­
posits, he alluded to tho conduct of California’s financial
business as “a great Stato bank, doing a business of ovor 70
million dollars annually, which cannot draw a draft or issuo
a cashier’s chock or its equivalent.” A part of what Mr.
Richardson had to say is printed below:
T ho depositing of public funds is a subject o f intorest to all bankers.
It has been a serious problem for legislators and State officials. Tho pres­
ent deposit laws in this and other States havo been tho result o f legal ovo(ution. M on ey was kept form erly either in tho public vault or deposited
in banks without interest. T he national Governm ent still follows the plan
o f depositing without charging interest, but not on account o f prejudice
transmitted from tiro ancient anil M iddle Ages.
In m any cases vaults were found unsafe and bettor vault equipm ent
expensive for struggling counties and cities, henco it was thought safer to
deposit in banks. Then legislation was enacted preventing deposits
except special deposits. Later deposits woro permitted at interest.
Stato funds were kept in tho vaults in this Stato until 1907. T ho first
deposit law was enacted in 1905, but tho Stato Treasurer thought a con sti­
tutional amendment necessary and refused to deposit under its provisions.
Such an amendment was adoptod in 1906, and tho first deposit was m ade on
July 9 1907 to tho California N ational Bank o f Sacramento, am ounting to
$20,000. Since then tho number o f depositories has steadily grow n until
now thero aro 251 banks holding deposits. T he banks represent 45 co u n ­
ties, 146 cities and towns and 190 com m unities. T he result has been to
keep down cash accumulations in tho Stato treasury and b y depositing
m oney in banks at a low rato o f interest, to help ease the financial situation!
T ho nino to ten millions which tho Stato keeps on deposit In tho banks is
of material aid to the peoplo, and tho withdrawing o f this amount and plac­
ing it in gold in tho Stato treasury would bo a sorious m atter.
T he State o f California is, in legal theory, on a gold basis. Under tho
ruling o f the Attorney-General, national bank notes and m ost form s o f
currency cannot bo accepted. As a m atter o f fa ct, tho great volum e o f
Stato business is transacted with tho use o f but little gold . In tho year
ending the first o f this m onth, $38,578,679 50 was rocoivcd b y tho Stato
Treasurer and $35,496,133 62 was paid out. This groat volum e o f business,
ovor seventy-four million dollars, was transacted with about 4 % gold . If
tho Treasurer desired to bo technical, ho might dem and of tho 20,000 persons
who pay franchise taxes that thoy pay in actual gold ovor tho counter at
tho offico o f tho Treasurer in Sacramento. Ho might forco a like number
who pay license taxes and nearly 200,000 who pay autom obile and inotorcyclo taxes to pay gold. O f the 20,000 corporations which havo paid fran­
chise taxes this year, all but three havo paid in certified checks, cashier's
checks, drafts or other exchange without tho cost to tho Stato or the tax­
payers o f a cent o f exchange. T he threo exceptions m entioned were cor­
porations which can transport gold without cost and thoy paid only a part

o f their tax in gold. A ll o f the thousands o f corporations paying license tax
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
and the 200,000 paying m otor vehicle tax paid In exchange. This business­
like m ethod o f handling payments has been m ade possible b y a broad b ut
Thirty shares of bank stock were sold at the Stock Ex­
conservative position on the part o f the State and tho co-operation o f banks
change this week and none at auction. No trust company
and clearing houses, which have handled this groat volum e o f exchange
w ithout a cent o f cost to tho State or to the taxpayer. State Treasurer
stocks were sold.
Green, in his annual report in 1898, said that tho “ transportation o f m oney
S h a r es . B A N K — N e w Y o r k .
L o w . H ig h . C lo s e .
L a s t p r e v io u s s a le .
to and from the Capitol cost $15,000 per annum in a conservative estim ate.’ ’ 30 N at. Bank o f C om m erce_____ 170
171
171
July 1916— 170
T he receipts that year were seven and a half million dollars, or one-fifth
the present volum o o f business. T ho express companies aro not reaping
Dan K. Drake, President of the bond house of Perrin,
the harvest they wero in former days.
State deposits wero first m ade b y State Treasurer W illiam s, and his wise
Drake & Riley of Los Angeles, Calif., was recently named
and liberal policy in the panic o f 1907 was o f great benefit. H o deposited
as a member of the board of governors of the Investment
over three million dollars in tho banks and helped m aterially to relieve tho
Bankers’ Association of America.
situation.
In investing m oney to draw interest, tho first thing to be considered Is
tho security, and the second tho rate o f interest. Financiers in all tim es
Percy A. Rockefeller was elected a director of the National
havo recognized that safety should be the first consideration.
City Bank of NeAV York on the 8th inst. He takes the place
T he legislative policy in this State has boon extrem ely con servative and
of Henry C. Frick, resigned. Mr. Rockefeller’s father,
this conservatism has resulted in very strict laws, dem anding ample security
for every deposit. This security m ust bo United States, State, cou n ty,
William Rockefeller, is also a member of the National City’s
municipal, school or irrigation district bonds. T he result has been that the board.
Stato has never lost a dollar on a deposit, but the rates havo been low .
W hile Ohio gets from 3 to 4 H % on Stato deposits, and M issouri averages
Theodore H. Banks was elected a Vice-President of the
3 .7 9 % , California is now receiving from 2 lA to 3 % . T ho average rate now
received b y the Stato Is greater than every boforo in its history, and this American Exchange National Bank of this city at a meeting
notwithstanding the great world war and tho large am ount o f m oney in
of the directors on Tuesday. Mr. Banks has been identified
the banks. T h e banks can well afford to p ay these rates, as now all d e ­
posits aro practically term deposits, and there is but rem ote possibility o f a with, the banking interests of the city for thirty-three years,
call for m any m onths. M a n y o f the present deposits have been in e ffe ct and for twenty-one years was a member of the firm of Harvey
for four or fiv e years.
Fisk & Sons, from which firm he retired last fall. He will
Tho better tho security the lower the rato is a principle o f banking, and
take up the duties of his new post about the middle of Sep­
ho who gets a high rate must take the hazard. California takes no hazard.
The security for all deposits Is amplo and tho rato is accordingly not as high
tember.
as in some other States, whero indem nity security is accepted instead o
public bonds.
f
The Guaranty Trust Co., of this city, plans to open a
Tho distinction between such bonds as Stato bonds, cou nty bonds and
branch office at 25 E. 60th Street; it has made application
indem nity bonds issued by surety and other companies must bo clearly
noted. E xcept when quoting statutes, I have referred to surety bonds as
to the State Banking Department for permission to establish
indem nity security so as to avoid confusion.
the proposed branch.
Missouri permits the successful bidder to put up notes on first m ortgage
on real estate at one-half valuo, as well as bonds. R hode Island had on de­
The New York agency of the Bank of Nova Scotia an­
posit last year less than $5,000. C olorado will not deposit at less than 3 % .
Oregon requires public bonds as security and will accept indem nity secur­
nounces its removal to 52 Wall Street.
ity. In Tennessee a bank m ay becom e a State depository on filing an in ­
dem nity bond. Three failures are recorded b y the Treasurer last year, but
On Aug. 1 Justice Benedict in the Supreme Court of Kings
collections aro being m ade. M aine receives 2>£% on daily deposits and
$220,000 is in savings banks on term at 4 % . Georgia reports the falling County signed a formal order directing the payment of a
o ff o f S20.000.000 in individual bank deposits on account o f tho war. Utah
5 % dividend (to which reference was made in our issue of
has deposits in only fourteen banks and at 2 % .
July 29), amounting to 8182,151, to depositors of the defunct
Several States havo two kinds o f deposits— one term or inactive, and the
Union Bank of Brooklyn and the sale of its real estate,
other active. T ho term or inactivo deposits are not disturbed except in
case o f actual necessity, while the active deposits are used as checking ac
securities and other collateral of that institution. The order
counts b y tho Treasurer in tho paym ent o f State claims.
provides that the real estate holdings shall be sold not later
Ohio, from tho investigation I have m ade, appears to have the m ost
than Dec. 7. It also directs the Superintendent of Banks to
com plete and efficient laws on Stato deposits. B oth active and inactive
deposits aro perm itted and United States, State, cou nty, township, schoo
immediately bring foreclosure suits on all mortgages now held
district, road district or m unicipal bond or surety com pany bonds aro ac­
by the bank on which there have been defaults in the pay­
cepted. T h e acceptance o f surety com pany indem nity accounts for tho
Superintendent Rich­
rato o f interest received, going as high as 4 ' A % and not less than 3% for ment of interest, principal or taxes.
inactive deposits and 2 % for active deposits. Oregon has both active and
ards is given leave to apply for extensions of time to sell
inactive deposits and accepts surety bonds. New York accepts indem nity
real estate or securities if adequate reasons are shown.
surety. M ichigan accepts what the statute calls "g o o d and sufficient
security.” Pennsylvania accepts " a good and sufficient bond in double th e
John Lawrence Marcellus, President of the Dime Savings
am ount o f tho contem plated deposit.” A ctive depositories aro selected
at Harrisburg, Pittsburgh and Philadelphia and the Treasurer checks
Bank of Brooklyn, died on Wednesday night after an illness
against them . In Nebraska all deposits aro in effect active and the Treas­
of nearly four months.
urer m ay check against them . State and other such bonds aro required
as security, but indem nity security and m ortgages on real estate for 40%
are accepted.
The Southampton National Bank of Southampton, Long
In Illinois the Treasurer deposits in such banks “ as in his opinion are se­ Island, has increased its capital from $50,000 to $100,000,
cure and which will pay the highest rate o f interest.” N othing is said
The capital was enlarged through the
about security. In W ashington depositories must file' “ a good and suffi­ effective Aug. 1.
declaration of a stock dividend of 100%. This is the second­
cient bond o r collateral security, or bonds o f the United States, or o f any
cou nty or school d istrict.”
time since its establishment in 1888 that the bank has raised
Tho need for active deposits in this State is, I beliovo, obvious. T h e
Treasurer cannot issue exchange. Hero is a great Stato bank doing a busi­ its capital in this way, the amount having likewise been in­
creased from $25,000 to $50,000 by means of a special 100%
ness o f over seventy million dollars annually which cannot draw a draft
or issue a cashier’s check or its equivalent. All warrants presented must dividend. More than $82,000 has been distributed by the
bo paid in cash or in exchange temporarily on hand, which has been received
bank since its organization through its regular dividend
in paym ent o f taxes.
L ook how m uch simpler it would be if the Treasurer could draw on the declarations.
a ctivo bank depositories, clear his receipts through them , and thus d o busi­
ness in a better way. T ho advantage o f tho active deposit system would
The Morris Plan Co. of Buffalo, N . Y ., which was re­
bo that practically every dollar could bo on deposit and but a minimum
am ount in tho Stato vault. M ichigan carries less than one-seventh o f one cently granted a charter, opened for business on Aug. 1, with
per cent in coin in the vaults. California is now carrying over four millions a paid-in capital of $200,000.
Elliott C. McDougal is
in gold. If this amount was deposited, even at a nominal rato o f interest, President; Myron S. Hall, Vice-President, and Norman P.
it would be better. A t tho present tim o tho Stato em ploys four watchmen
to guard tho State vault. E very hour o f the tw enty-four they guard tho Clement, Secretary and Treasurer.
State’s great metal wealth. A t night, in addition to tho watchman inside
there is a m an in the Capitol corridor and a policeman on tho grounds.’
The directors of the Federal Trust Co. of Boston, Mass.,
Such protection is necessary and effective. W hile tho Stato vault is sturdily
have elected Albion F. Bemis of Brookline, Mass., as
built, still the best protection any vault can havo is watchmen. T he State
Secretary and Actuary of the company to succeed David
has the added protection o f metal m oney tho bulk o f which makes it d iffi
cult to rem ove.
Bates, deceased. John H. Johnson of the Buick-Boston
W ith active depositories against which the Treasurer could draw, there
would be so little m oney in the vault that numerous watchmen would be Co. of Boston, Mass., has been elected a director of the
unnecessary and a largo expenso would bo eliminated, as well as a hazard institution.
in a great measuro rem oved.
In 1912 an attem pt was m ade to amend tho deposit-A ct, but tho propo­
G.
Howe Wiggin, President of the Rockland National
sition was m ix o l up with forty-seven others and defeated. In 1915 an
Bank of Rockland, Maine, died on the 2nd inst.
amendment was proposed to the constitution to permit a change o f the do
posit A ct, but it was defeated along with all tho other propositions submit­
Albert S. Marks of J. T. Thorn & Co. has been elected
ted. These defeats should not discourage those who favor im provem ent
in tho present m ethod regarding public deposits. A plan for active deposi­ President of the State Bank of Philadelphia.
He takes the
tories should 1x5 formulated and the law amended. T h e Stato should have
place of David Netter, who succeeded Herman Loeb in the
inactivo depositories as at present, and also a ctivo depositories, against
Dr.
which the Treasurer could issue State exchange. A ctive depositories Presidency following Mr. Loeb’s resignation in July.
should bp located at San Francisco, Los Angeles, Sacramento, Fresno and Julius Love has been made Vice-President of the institution.
such other points as m ay appear necessary.
It has a capital
I
hope this convention o f representative financiers will consider thisThe bank began business last November.
problem and assist in a plan to give California tho best deposit A ct o f any of $50,000.
Stato in this great Union.




Stockholders of the Washington Trust Co., of Pittsburgh,
Pa., are to meet on Oct. 12 to vote on the question of in­
creasing the capital from $400,000 to $500,000.

E N G L IS H

F IN A N C IA L

M A R K E T S — PER

CABLE.

Tho daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows tho past week:
London,
W eek ending A u g .

11.

Aug.
Sat.

5. A u g . 7. A u g . 8. A u g . 9. A u g . 10. A u g . 11.
M on.

Tue.t.

W ed.

Thurs.

F rl.

317-10 31 *$
3115-1631*$
31*$
At a meeting of tho newly organized board of directors Sliver, p eroz____________ (I. 31 >4
Consols, 24$ per cents................ . .
58*$
58*$
58*$
59
59*$
of the Cleveland National Bank of Cleveland, Ohio, on British 4*$ per cents......................
95*$
95*$
95*$
90
96*$
French Rentes (In Paris) _.fr. 04.00
61.00
64.00
63.90
63.80
63.70
the 4th inst., Thomas E. Monks, Secretary of the Guardian French
War Loan, 5% (In
P aris).......... ............. - - f r ...........
89.75
89.75
89.75
89.75
89.75
Savings & Trust Co., Cleveland, was elected President of the
The price of silver in New York on the same days has been:
Cleveland National to fill the position relinquished by F. W .
Silver In N. Y ., per o z -.cts . 66*$
65*$
66*$
66J$
66*$
66*$
Wardwell. Mr. Wardwell continues with the institution as
Vice-President, succeeding S. H. Tolies, resigned. H. P.
T R E A SU R Y C A SH A N D CURRENT L IA B IL IT IE S .
McIntosh, President of the Guardian Savings & Trust, has
Tho cash holdings of the Government as the items stood
been chosen Chairman of the board of directors of the Cleve­ June 30 are set out in tho following. Tho figures aro taken
land National. On July 24th the directorate of the latter entirely from the daily statement of the U. S. Treasury for
was increased from eleven to twenty-five members. Those June 30.
CURRENT ASSETS AND LIABILITIES.
elected at that time are: II. P. McIntosh, the new President;
GOLD.
Liabilities—
S
Assets —
S
J. A. House, Vice-President of the Guardian Savings &
Gold coin........................ 999,514,273 80 Gold certificates out­
Trust Co.; F. F. Prentiss, First Vice-President of the Cleve­ Gold million............ .
standing........ ............. 1,565,879,9S9 00
801,254,011 14
Gold reserve............ ..... 152,979,025 63
land Life Insurance Co.; S. M . Bond of the Boot & McBride
Available gold In general
fund_______________
81,909 270 31
Co.; Christian Girl, President of the Perfection Spring Co.;
S. II. Robbins, President of the Moore Steamship Co.
T o ta l..........................1,800,768,284 94
T o ta l.......................... 1,800,768,284 94
M ole .— Reserved against 8346,681,016 of U S. notes and 82,098,262 of Treasury
George S. Case, Vice-President of the Lamson & Sessions Co.; notes
of 1890 outstand'ng. Tieasury notes are also secured by silver dollars In the
E. G. Tillotson, President and Treasurer of the Tillotson & Treasury.
SILVER DOLLARS.
Wolcott Co.; H. G. Robinson, President of the James G.
L i a b i l it i e s Stiver
dollars..................
501,922,045
00 S ilv er ctfs. outstanding. 490,786,334 00
Hinde Realty Co.; Ralph L. Fuller, Vice-President of the
Treasury notes of 1890
2,098,262 00
outstanding_________
Harshaw, Fuller & Goodwin Co., and President of the
Available silver dollars
Cleveland Chamber of Commerce and Charles Eisenman,
9,037,449 00
In general fund_____
director of the Guardian Savings & Trust Co. At the
501,922,045 00
501.922,045 00
T o t a l..
July 24 meeting tho stockholders of the Cleveland National
GENERAL FUND.
Liabilities—
Assets —
took action toward increasing its capital from $500,000 to Avail,
81,909,270 31 Treasurer’s checks out­
gold (see above).
2,646,577 44
standing............ .........
$1,500,000. With regard to the new stock the Cleveland Available sliver dollars
9,037,449 00 Deposits of Government
(See a b o v o )..........
“ Plain Dealer” , of the 10th inst. says:
4,789,347 00
officers:
United States notes___
Stockholders o f the Guardian Savings & Trust C o., are being offered
stock o f the Cleveland National Hank at $140 a share. The new capitaliza­
tion o f the Cleveland National is $1,500,000: tho Guardian has acquired
5,000 shares or one-third and offers these to its own stockholders, a quarter
share o f Cleveland N ational for each sharo o f Guardian hold, though
Guardian holders m ay receive more than their mathematical allotm ent.
It is the intention to allot tho remaining 10,000 Cleveland National
shares at 140, to people who will co-operate in a business way with tho
national institution, and the savings bank shareholders are requested to
suggest individuals or firms that would bo likely thus to co-operate. Guar­
dian stockholders are furnished subscription blanks and aro given through
August 20 to subscribe, paym ent terms to bo fixed later but probably in
four equal m onthly installments beginning September 1.

The Meyer-Kiser Bank, Indianapolis, Ind., recently
moved into its new home, on East Washington St. The new
building, which is four stories high, and cost approximately
$70,000, is one of the most beautiful bank structures in
Indiana, combining every possible attraction and convenience
that go to make up business efficiency and perfect comfort to
patrons and employees. Incidental to the opening of the
new building the following were promoted to Vice-Presiden­
cies in the institution: Walter C. Johnson, J. J. Kiser, Ferd
Meyer and Miss Grace Jackson. Miss Jackson, who has
been with the bank for sixteen years, had heretofore been
Cashier, and is probably the only woman Vice-President of a
bank in the country. William A. Brennan has been promo­
ted to tho post of Cashier. On July 1 the thirty-two em­
ployees of the bank received half a month’s salary in com­
memoration of the now epoch about to begin with the bank.

2,795,6)5 00
Post Office Dept----Federal Reserve notes..
Board of trustees,
33,63b 00
Fed. Reserve bank notes
Postal Savings Sys­
24,084,896 50
National bank notes__
tem (5% reservo)..
30,410 46
Cert, checks on banks..
Comptroller of the
17,382,273 39
Subsidiary silver coin ..
Currency, agent for
947.506 15
Minor coin___________
creditors of Insol­
Silver bullion (available
vent banks______
6,041,098 12
for subsidiary coinage)
Postmasters, clerks of
Unclassified (unsorted
courts, A c________
309,813 83
currency, A c.)--------Deposits for:
Deposits In Federal
Redemption of Fed­
Reserve banks______ 111,475,569 22
eral Reserve notes
Deposits In national
(5% fund)..............
banks:
Redemption of Fed­
To credit of Treasurer
61,467,079 33
eral Reserve bank
United States........
notes (5% fund)__
To credit of other
5,593,527 02
Redemption of na­
Governm’t officers.
tional bank notes
Deposits In Philippine
(5% fund)..............
treasury:
Retirement of addi­
To credit of Treas­
tional
circulating
3,049,570 55
urer, United States
notes. Act May 30
To credit of other
1,717,774 76
1908........................
Governm’t officers.
Exchanges of cur­
rency, coin, A c___

17.383,479 09

3,757,655 20

1,617,833 44
14,980,370 74

10,570,005 36
447,350 00
25,217,751 30

6,290,285 00
10,873,922 17
93,785,229 74

b

T o t a l...... ...................

330,664,820 64

Net balance, Including
859,027,602 94 to cred­
it of dlsburs’g officers 236,879,590 90
T o ta l..........................

330,064,820 04

All reports from Treasury offices received before 11 a. m. aro proved on the same
day. All reports from depositary banks are proved on tho day of receipt or tho day
following.
b Tho balanco stated Is the amount available to pay Treasury warrants, disbursing
officers’ checks and matured public debt obligations. Included in such obligations
Is 851,422,740 of outstanding national bank notes that have been assumed by the
United States on deposit of lawful money for their retirement (see Act of July 14
1890), which by law is part of tho public debt of the United States and Is Included
In the public debt statement. Prior to July 1 1913 tho amount of this fund was
Included as a part of the public debt and not as a liability in tho general fund. On
July 1 1913 tho form of tho daily statement was changed and tho retirement fund was
removed from the general fund balance and set up as a general fund liability. The
Act of July 14 1890 provides, however, that this fund shall bo Included as a part of
tho public debt. Tho above statement restores It to the balance and makes It a
part of tho public debt as required by law.

The Stock Yards Savings Bank of Chicago, 111., has in­
creased its capital from $250,000 to $300,000, effective
Aug. 8. The capital was enlarged through the declaration
F I N A N C I A L S T A T E M E N T O F U . S. J U N E 30 1910.
of a stock dividend of 20%. So far this year regular divi­
( Form erly I s s u e d as “ Statement o f the Public D e b t .” )
dends at the rate of 10% per annum and 4 % extra have been
Tho following statements of tho public debt and Treasury
declared.
cash holdings of tho United States aro as officially issued as
of Juno 30 1910. This statement was not issued at Washing­
The June 30 statement, of the London City & Midland ton until Friday, Aug. 4, reaching us Saturday, tho 5th.
Bank, Ltd., is at hand. We are accustomed in this country This oxplains our failure to publish it on an earlier date.
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
to consider our large banks and trust companies as “ big”
Settlement warrants,
held by the
institutions and certainly there are many banks and trust Balance
coupons and checks
Treasurer of the United
outstanding:
States
as
per
dally
companies in both New York and Chicago, of very consider­
Treasury warrants___ 82,309,205 14
Treasury statement for
Matured coupons___
579,919 44
June 30 1916............ .8236,879,590 90
able size. But tho British institutions surpass anything
Interest checks.......... .
329,697 41
Deduct—Net excels of
Disbursing o ffice rs ’
known in the United States. Thus the balance sheet of
payments over receipts
checks...................... 13,843,128 26
In Juno reports sub­
the London City & Midland Bank, records totals of £173,sequently received---953,645 22 Balance............................ 218,863,995 43
879,689,equal in dollars, (at the conventional rate of $5 00 Rovlsed balance________8235,925,945 68
8235.925.945 68
to the £), to over $869,000,000. Tho cash in hand and at
PUBLIC DEBT BEARING NO INTEREST.
(Payable on presentation.)
.
Bank of England aggregates £38,888,013, the money at
required to be reissued when redeemed:
____
call and at short notice to £8,570,085, tho advances on Obligations
United States notes_____________________________________________ 8346,681,01600
Less gold reserve_____________________________________________ 152,979,02563
current accounts, loans on security, &c., to £65,159,660,
Excess of notes over reserve.-------------------------------------------------- 8193,701,99037
while the investments in war loans and other British Govern­
Obligations that will be retired on presentation:
ment securities reach £33,437,707. Current, deposit and
Old demand notes______________________________________________
53,15250
National bank notes assumed by the United States on deposit of
other accounts aggregate no less than £157,539,255. Tho
lawful money for their retirement------- --------- ........................... 51,506,237 50
Fractional currency----------6,848,496 90
capital paid in is £4,780,792 and the reserve fund £4,000,000.




T o ta l......................................................................................................8252,109,87727

DEBT ON WHICH INTEREST HAS CEASED SINCE M ATU RITY.
(Payable on presentation.)
Funded loan of 1891, continued at 2% , called for redemption May 18
1900; Interest ceased Aug. 18 1900------------------------------------------84,000 00
Funded loan of 1891, matured Sept. 2 1891_______________________
22,950.00
13,050 00
Loan of 1004, matured Feb. 2 1904--------------------------------------------Funded loan of 1907, matured July 2 1907----------------------------------519,650 00
Refunding certificates, matured July 1 1907.................................... ..
12,060 00
Old debt matured at various dates prior to Jan. 1 1861 and other
Items of debt matured at various dates subsequent to Jan. 1 1861.
901,390 26
T o ta l........................................... ......... ......... - ..................... ......... $1,473,100 26
INTEREST-BEARING DEBT.
(Payable on or after specified future dates.)
Interest
A m oun t
----------Outstanding June 30 1916-----T itle o f L oan —
Payable
I ssu ed .
R egistered.
C ou pon.
Total.
S
S
$
$
2s, Consols of 1930............ Q.-J. a640,250,150 633,485,850 2,773,700 636,259,550
3s. Loan of 1908-18........... Q.-F. 6198,792,660 47,350,240 16,595,220 63,945,460
4s, Loan of 1925 ...............Q.-F. el62,315,400 101,318,000 17,171,900 118,489,900
Panama Canal Loan:
2s, Series 1906 ..............Q.-F. d54.631.980 54,446,640
10,340 54,456,980
2s. Scries 1908 ............-Q.-F. e30,000,000 29,650,620
224,380 29,875,000
3s. Scries 1911.............. Q.-M. 50,000,000 41,303.400 8,696,600 50,000.000
3s, Conversion Bonds......... Q.-J.
5,900,600
423,600 5.477.000
5,900,600
4,390,000
3s, One-yr. Treas. N otcs.-Q.-J.
410,000 3.980.000
4,390,000
2K s, Postal Sav. Bonds—
1st to 9th series............. T.-J.
7,307,100
6,547,340
759,760
7,307,100
938,000
858,060
79,940
1916-36 (10th series) --J.-J.
938,000
Aggregate of lnt.-bearlng debt 1,160,525,890 915,793,750 55,768,840 971,562,590
a Of this amount $5,600,600 have been converted Into Conversion Bonds and
$4,390,000 Into One-Year Treasury Notes.
ft Of this original amount Issued $132,449,900 have been refunded Into the 2%
consols of 1930, and 32.396,800 have been purchased for the sinking fund and
canceled, and $500 have otherwise been purchased and canceled.
c Of this original amount Issued $43,825,500 have been purchased for the sinking
fund and canceled.
d Of this original amount Issued $175,000 have been converted Into Conversion
Bonds.
e O l this original amount Issued $125,000 havo been converted Into Conversion
Bonds.
N ET DEBT.
GROSS DEBT.
Debt bearing no Interest.$252,109,877 27 Gross debt (opposite).$1,225,145,567 53
Deduct— Balance avail­
Debt on which Interest
able to pay maturing
has ceased....................
1,473,100 26
obllg’ns (see above).
218,863,995 43
Interest-bearing debt— 971,502,590 00
Aggregate............... SI,225,145,567 53

Net debt....................$1,006,281.572 10

TREASURY CURRENCY HOLDINGS.— The following
compilation, also made up from the daily Government state­
ments, shows the currency holdings of the Treasury at the
beginning of business on the first of April, May, June and
July, 1916:
A p r . 11916. M a g 11916. June 1 1916 July 1 1916.
H oldings in Sub-T reasuries —
$
$
$
$
Net gold coin and bullion............ 215,303,167 222,566,597 219,304,536 234,888,296
Net silver coin and bullion_____
9,420,586 18,570,909 16,066,005 15,078,547
Net United States Treas. notes.. 5,932,762
6,208,593
6,510,734
4,789,347
Net national bank notes.............. 22,817,467 22,482,540 23,273,766 24,084,897
Net Federal Reserve notes.......... 2,504,770
3,140,545
2,618,765 *2,795.605
Net Federal Reserve bank notes. ________
33,630
Net subsidiary silver.................... 1.330,907 20,214,874 18 .868*932 17,382,273
Minor coin, 4 c ............................... 21,373,508
1,338,884
1,077,161
1,287,731

.228,633,167 294,520,942 288,319,899x300.340.326
.152,979,023 152,079,023 152,979,023 152,979,026
.135,704,144 141,541,919 135,340,876 147,361,300
. 37,791,650 39,609,850 46,626,432 111,475,569

Cash In national banks—
To credit Treasurer of l
. 32,606,194
To credit disbursing officers... 5,601,590

32,561,365
5,503,764

33,708,170
5,515,501

61,467,079
5,593,527

. 38,207,784
. 4,999.372

38,065,129
5,826.330

39,223,671
4,963,552

67,060,606
4,767,345

. 16,702,850 225,043.228 226,154,531 330,664,820
.291,778,769 95,414,979 92,597,210 93,785,229
.124.924,081 129,628,248 133,557,321 236,879,591
♦Chiefly disbursing officers' balances, x Includes July 1, $6,041,098 12
silver bullion and $1,287,730 44 minor coin,&c.. not Included In statement “ St ock
of Money.”
______________________

vious warnings that it may be difficult to supply the winter
demand.” Below we give the shipments by the various
carriers for July 1916 and 1915 and for the seven months
ending July 31:
----------- July ---------------- Jan . 1 to
Road—
1916.
1915.
1916.
Philadelphia & Reading--------------tons. 999,736
839,554 7.322,734
Lehigh Valley---------------------------- --------1,026,053 1,024,611 6,856,612
Central Railroad of New Jersey......... 631,935 597,992 4,079,520
Delaware Lackawanna & Western___ 844,684 542,775 5,951,642
Delaware & H udson.................... ......... 601,087 697,803 4,161.061
Pennsylvania------------------------------------- 440,521 369.550 3.509,952
Erie............................. .......... ................. 618,917 660,010 4,632,580
New York Ontario & Western.............. 163,590 201,910 1,143,438
Lehigh & New England.......... ............... *106,355
169,460 *1,197,004

31—
1915.
6,252,825
7,324,459
4,396,841
5,111,383
4,501,595
3,339,504
4,407,092
1,195,810
903,147

July

Total_______________- ....................... 5,432.878 5,103.665 38,854.543 37,432,656
* After deducting tonnage reported by both the Central RR. of N. J. and the
Lehigh & New England RR., amounting to 80,601 tons In July 1916 and 182,826
tons to r the two months ending July 31.

(Summerctal a u

is cel lauccms Qzms

*NICARAOT
RECEIPTS.— 'W el^p«ad"a
statement showing the Nicaraguan customs receipts for
five months of 1916, compared with 1915:
1916.
$72,515,87
60,248 23
88,103 62

1915.
$45,064 68
59,460 45
67,607 88

Total first quarter............................ $220,867 72

$172,133 01

+$48,734 71

$68,627 96
81,187 68

+$19,430 51
+6.206 80

January............................................... February...............................................
M arch...................................................

April.......................................................
M a y ------------- ------------------------------

$88,058 11
87,394 48

(— ).
+$27,451 19
+787 78
+20,495 74

D ecrease

Breadstuffs Figures brought from page 596.— The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
R eceipts at—

Chicago_____
Minneapolis .
Duluth_____
Milwaukee . .
Toledo______
Detroit..........
Cleveland__
St. Louis___
P eoria..........
Kansas City.
Omaha........ .

F leu r.

W heat.

|

Corn.

| Barley.

O ats.

|

Rye.

ftftfs.l96/fts. bush. 60 lbs. bush. 56 lbs. bush. 32 ffts. 6uift.48/6s. bush.bM bs.
139,000i, 1,737,000 2,338,000 3,461,000! 432,006i|
58,000
2,666,000
119.000
836,000; 408,0001
32,000
1 1,012,000
18,000
98.000
220,0001
* 61.00C1;
96.000
45,000
22,000
593.000' 204,000
480.000
57.000
85.000 ..............
54.000
32,000
7,0001
130,000j .
16,0001
28,000
32.000
60,000
4,000
2,000
71.000l 1,847,000
242.000
768.000
2,000
21,000
126.000
40.000
660.000
7,000
290.000
46,000
2.957.000
174.000
132.000 ________
2.240.000
345 000
161.000

Total wk. ’ 16
Same wk. '15
Same wk. ’ 14

334.000 13.170.000
273.000 4,790,000
378.000 13.640.000

3.933.000 6,798.000, 1,316,000
3.053.000 2,258,000! 444,000
2.742.000 11,396,000
511,000

160,000
52,000
244,000

Since Aug. 1—
1916_____
1915_____
1914_____

334.000 13,170,000
273.000 4,790,000
378.000'! 13,640,000

3.933.000 6.798.000 1,316,000
3.053.000 2.258.0001 444,000
2.742.000 11,396,0001 511,000

160,000
52,000
244.000

Total receipts of flour and grain at the seaboard ports for
the week ended Aug. 5 1916 follow:
R eceipts at —

| H’ heat.

F lou r.

[

Corn.

| Bushels. \ Bushels. 1
New York —.
129,000 2,566,000
347.000
Portland, Me.
181,000
Philadelphia . ’ ’ 57,000
755.000
269.000
Baltimore__
63.000
749.000
621.000
8,000
N ’port Ncws.
Mobile........ .
14.000
" ‘ *3*6*666
New Orleans*
139.000
42.000
679,666
Galveston__
892,000
Montreal----- ‘ *9l".666 I 1,488,000
612.000
Boston..........
36.000
482,000;
70,000
Barrels.

Oats.

Barley.

Bushels.

Bushels.

448,000,
351,000
262,000!
1,086,000!
1,089,000!
12,000
38,000(

R ye.

1 Bushels.
439,000| 1,000,000
________
1,000
65,000
52,000
________
—
..............

TRADE AND TRAFFIC MOVEMENTS.
1,115,000; "19*6,666
UNFILLED ORDERS OF STEEL CORPORATION.—
103,000j
17,000
The United States Steel Corporation ort Thursday, Aug. 10,
wk. ’ 16; 440,000 7,792,000 2,094,00b' 4,504,000
718,000
53,000
issued its regular monthly statement showing the unfilled Total
Since Jan.1’ 16: 16,073,000236,506,000, 40,125,000' 115,329.000,19,243,000 7,834,000
orders on the books of the subsidiary corporations at the
1915..J
343,000; 4,814,000
616,000 1,677,000
141,000
9,000
close of July. From this statement it appears that the Week
Since Jan. 1’ 15 15,780,000149,120,000 .41,628,000 93,217,090 6,563,000 6,473,000
aggregate of unfilled orders on July 31 was 9,593,592 tons,
* Receipts do not Include grain passing through New Orleans for foreign ports
a decrease of 46,866 tons from last month, when the amount on through bills of lading.
of outstanding orders was 9,640,458 tons.
The exports from the several seaboard ports for the week
In the following we give the comparisons with the previous ending_Aug._5 are shown in the annexed statement:
months:
Tons.

July 31 1916...9.59.3,592
June 30 1916...9,640.458
May 31 1916.-.9.937,798
April 30 1916...9,829,551
Mar. 31 1916...9,331,001
Feb. 29 1916...8,568,966
Jan. 31 1916...7,922,767
Dec. 31 1915— .7,806,220
Nov. 30 1915.-7,189,489
Oct. 31 1915— 6,165,452
Sept. 30 1915— 5,317,618
Aug. 31 1916...4,908,455
July 31 1015— 4,928,640
June 30 1915...4,678,196
May 31 1915—.4.264,598
Apr. 30 1915...4,162,244
Mar. 31 1 9 1 5 .4 .2 5 5 .7 4 9
Feb. 28 1915___4,345,371
Jan. 31 1915.-4,248.571
Deo. 31 1914...3,836.643
Nov. 30 1914 —.3,324,592
Oct. 31 1914...3,461,097
Sept. 30 1914 —.3,787,667
Aug. 31 1914.-4,213.331

July
June
May
Apr.
Mar.
Feb.
Jan.
Deo.
Nov.
Oct.
Sept.
Aug.
July
June
May
Apr.
Mar.
Feb.
Jan.
Deo.
Nov.
Oct.
Sept.
Aug.
July

31
30
31
30
31
28
31
31
30
31
30
31
31
30
31
30
31
28
31
31
30
31
30
31
31

Tons

Tons

1914...4,158,589 June 30 1912...6.807.346
1914 —.4,032.857 May 31 1912—.6,750.983
1914.-3.998,160 Apr. 30 1912...6,664,885
1914 —.4.277.068 Mar. 31 1912—.6.304,841
1914...4,653,825 Fob. 29 1912.-5.454.201
1914—.6,020,440 Jan. 31 1912.-5,379,721
1914...4.613,680 Deo. 31 1911 —.5.084,705
1913 —.4,282,108 Nov. 30 1911...4,141,958
1913—.4,396,347 Oct. 31 1911...3,694,327
1913...4,513,767 Sept. 30 1911...3.611,315
1913...5.003,785 Aug. 31 1911 —.3.695.985
1913— 6,223,468 July 31 1911...3,584.088
1913— 6,399,356 June 30 1911...3,361,087
1913—.6,807,317 May 31 1911— 3.113.154
1913...6,324,322 April 30 1911.-3,218,700
1913—.6,978,762 Mar. 31 1911 — 3,447.301
1913— 7,468.956 Feb- 28 1911...3,400.643
_ _
1913__ 7.650,714'Jan. 31 1911 —.3,110,919
1913 —.7,827,368 Deo. 31 1910— 2.074.7f0
1912...7,932,164 Nov. 30 1910...2,760,413
1912...7.852,383 Oct. 31 1910—.2,871,949
1912__ 7,694,381 Sept. 30 1910—.3,158,106
1912...6,551,507.Aug. 31 1910...3,637,128
1912...6,163,375 July 31 1910— .3.970.931
1912...5,957,0791

Exports from —

W heat.
bushels.

C orn.
bushels.

New York------------ 1,846,000
181,000
Portland, M e------Boston.................... 551.000
Philadelphia..........
925.000
Baltimore------------ 463.000
Newport News----Mobile...... ......... .
New Orleans-------202,000
Galveston ______
216,000
Montreal------------- 1,330,000

F lou r. \ Oats,
barrels, bushels.

Rye. |Barley. < P eas,
bushels. bushels, bushels.

506.000 82,000

711,000
1 351,000
18*8*666 * *6*666 j 349,000 - ........
26,000 7.000
556.000 63.000 1.558.000 17,000
8.000 1.089.000
36,666 14.000 , 12,000
91,000 28.000
2,000 ..........
143,000 55,000
66,000

......

98,000 28,000
*6*9*666! - - - - - 13,000 _____
...........i ...........
63,000 ..........
25 000
67,000!______

Total week------- 5,714,000 1,546,000 263,000 4,138,000 17,000!335,000! 28,000
Week 1915............ 1.559,639 434,559 135.748 1.164.133 8,800 114,800 1.351

The destination of these exports for the week and since
July 1 1916 is as below:_____________________
F lou r.
Exports fo r W eek
and Since
July 1 to —

W eek
A u g . 5.

1916.

Since
July 1

1916.

W heat.
W eek
Aug. 5

1916.

C om .

Since
July 1

1916.

W eek
Aug. 5

1916.

Since
July 1

1916.

Bushels.
Barrels. Barrels.
Bushels.
Bushels.
Bushels.
The figures prior to July 31 1910 were issued quarterly
Kingdom.
420.000 2.775.000 13.059.000 911.000 3.540.000
62
only. These, extending back to 1901, were given in the United
Continent_______ 150,000
996.000 2.929.000 20.192.000 498.000 1.779.000
So. & Cent. Amer. 18,000
109.000
10,000
Chronicle” of March 13 1915, page 876.
29,000
37.000
272.000
177.000
West Indies____ 31,000
3,000
98.000
390.000
ANTHRACITE COAL PRODUCTION.— The shipments Brlt.No.Am.Cols. 1,000
1,000
1,000
Other
Countries..
20,000
1,000
2,000
3,000
of anthracite coal for the month of July 1916, as roported to
the Anthracite Bureau of Informatior at Wilkes-Barre,
Total................ 263,000 1,723,000 5,714,000 33,283,000 1.546,000 5,985,000
aggregated 5,432,878 tons, an increaso of 329,213 tons ovor Total 1915_____ 225,536 1,459,944 5,203,587 27,569,201 1,164,397 4,439,190
the corresponding month last year, but a decrease of 204,097
The world’s shipments of wheat and corn for the week
tons as compared with June 1916. This decreaso, the ending Aug. 5 1916 and since July 1 1916 and 1915 are
Bureau says in summing up its roport, “lends force to pre­ shown in the following:




W heat.

1916.

E xp orts.

W eek
A u g . 5.

Corn.

|

Since
July 1.

1915.
Since
July 1.

1916.
W eek
A u g . 5.

1915.

1 Since
| July 1.

Since
July 1.

Bushels.
Bushels. | Bushels.
Bushels. \ Bushels.
NorthAmer* 8,261,000: 47,335,000 17,140,000 1,283,000 6,011,000
281,000
________116,OoO
312,000 ________

Argentina . . 1.512.000
Australia__
712,000
In d ia _____ 1.112.000
72,000
Oth. countr’s

8,037,000
3,416,000
1,664,000
474,000

Bushels.

1,359,000

2.480.000 3,690,000 12,310,000 25,891,000
184.000
7.864.000
568.000
2 4 7 ,6 6 o | 1,115,000
451,000

T o ta l___ 11,669,000 61,042,000: 28,548,000 5,220,000! 19,717,000 27,701,000
* North America.—The Canadian Government has officially prohibited the
Issuance of both manifests and exports until after ten days. This Is effective
during the continuance of the war.

The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Corn.
United.
K in gd om .

Aug. 5
July 29
Aug. 7
Aug. 8

Total.

United
K in gd om .

Bushels.

Bushels.

Continent.

49.928.000
48.536.000
23.464.000
33.176.000

1016..
1910-.
1915..
1914..

.
Continent.

Total.

Bushels.

Bushels.

17.425.000
10.397.000
23.273.000
16.924.000

DIVIDENDS.
The following shows all the dividends announced for the
future by largo or important corporations:
D iv id en d s an nou nce d this week are printed i n italics.
Per
Cent.

N a m e o f Com pany.

Railroads (Steam).
Alabama Great Southern, pref___________
Preferred (extra)...................................
Atch. Top. & S. Fo, com. (qu.) (No. 45).
Baltimore & Ohio, common....... ...............
Preferred___________________________
Boston ifc Albany (q u a r.) ------------------------Buffalo Rochester A Pittsb., com. & pref.
Chestnut Ilill (q u a r .). -------------------- --------

Chicago Milwaukee & St. Paul................
Preferred....................................... ..............
Chicago & N orth W estern, com m on (quar.)
Preferred ( q u a r . ) . . --------- ------------ --------

Cleveland & Pittsb. reg. guar. (quar.)..
Special guar, betterment stock (quar.).
Cripple Crk. Cent., com. (qu.) (No. 27).
Preferred (quar.) (No. 43) ..... ................
Cuba R R ., common ____________________
D elaw are & Bound Brook (q u a r.) _______
Great N orthern ( q u a r . ) . . ............................ ..

Illinois Central (No. 1 2 3 ) ..........................
Maine Central, preferred (quar.)_______
Norfolk & Western, common (quar.) ____
Preferred (quar.)..................................
N orth Pennsylvania (q u a r .) ........................
Pennsylvania RR. (quar.)_____________
P h ila. Germantown & N orristow n (q u a r.). .

Pittsburgh & Lako Erie, extra................
Reading Company, first pref. (quar.)..
Southern P a cific (quar.) (N o . 40)_______
U nion P a cific, com m on (q u a r.) __________
P r e fe r r e d ___________________________
Street and Electric Railways. •
American Railways, pref. (quar.)_____
Boston Elevated Ry. (quar.)___ ____Brazilian Trac.. Lt. A Power, ord. (qu.)
Cent. Arkansas Ry. it L t., p f.(q u .) (N o . 14)
Central M is s . Vail. Elec. P ro p ., p f. (quar.)

W hen
Payable.

Books Closed.
D ays In clu sive.

3
1
IX
2X
2
2
3
75c.
2X
3)4

Aug. 28 Holders of reo
Aug. 28 Holders of rec
Sept. 1 Holders of reo
Sept. 1 Holders of rec
Sept. 1 Holders of rec
Sept. 30 Holders of rec
Aug. 15 Holders of rec,
Sept. 5 Aug. 20 to
Sept. 1 Aug. 15 to
Sept. 1 Aug. 15 to
Oct. 2 Holders of rec
IX
2
Oct. 2 Holders of rec
87X c. Sept. 1 Holders of rec,
50c. Sept. 1 Holders of rec.
I X Sept. 1 Holders of rec.
1
Sept. I' Holders of rec,
3
Nov. 1 Holders of rec.
2
Aug. 21 Aug. 12 to
Nov. 1 Sept. 23 to
IX
2X Sept. 1 Holders of rec.
1H Sept. 1 Holders of rec.
Sept. 19 Holders of rec,
IX
Aug. 19 Holders of rec.
1
$1 Aug. 25 Aug. 10 to
75c. Aug. 31 Holders of rec,
81.50 Sept. 5 Aug. 20 to
310 Aug. 15 Holders of rec.
1
Sept. 14 Holders of rec.
i x Oct. 2 Holders of rec.
2
Oct. 2 Holders of rec.
2
Oct. 2 Holders of rec.
Aug.
Aug.
Sept.
Sept.
IX
IX Sept.
X Sept.
f2
Sept.
X Sept.
1
Aug.
Sept.
IX
Aug.
X
IX Aug.
IX Aug.
$1.25 Sept.
2 X Aug.
Sept.
IX
l '4 Sept.
hi
Aug.
hi
Sept.
IX

IX
1

15 Holders of reo. July 31a
15 Holders of rec. Aug. 4
1 Holders of rec. July 31
1 Holders of rec. Aug. 15a
1 Holders of rec. Aug. 16a
1 Holders of rec. Aug. 15
1 Holders of rec. Aug. 15
1 Holders of rec. Aug. 15
15 Aug. 1 to Aug. 15
1 Holders of rec. Aug. 16a
15 Holders of rec. July 31a
15 Holders of rec. July 31
15 Holders of rec. July 31
1 Holders of rec. Aug. 10a
15 Holders of rec. Aug. 7a
1
Aug. 16
1
Aug. 16
15 Holders of rec. Aug. 1
15 Holders of rec. Sept. 1

Cities Service, common (monthly)_____
Common (payable In common stock)..
Preferred (monthly)..............................
Connecticut Ry. & Ltg., com. & pf. (qu.)
Detroit United Ry. (quar.)......................
Illinois Traction, common (quar.)_____
Pacific Gas& El., 1st pref. (qu.) (No. 8).
Original preferred (quar.) (No. 42)____
Philadelphia Co., 5% preferred.................
Tampa Electric Co. (qu.) (No. 47) ______
W ashington (D . C .) Ry. it E l., com . (q u .)
Preferred (quar.) ________ ___________
West Penn Traction, preferred (extra)...
Pref. (on account accum. dividends)..
Trust Companies.
Lawyers' Title it Trust (quar.) (N o . 72) —
Oct. 2 Sept. 16 to
IX
People’s (Brooklyn) (quar.) ___________
3X Oct. 2 Holders of reo.
Miscellaneous
A d am s Express (q u a r.) ............ .................. $1.50 Sept. 1 Holders of rec.
A ja x Rubber, I n c . (q u a r.) .................. ..........
$ 1.25 Sept. 15 Holders of rec.
American Bank Note, common (quar.)..
59c Aug. 15 Holders of rec.
American Brass (quar.) ............................ .
I X Aug. 15 Holders of rec.
3 X Aug. 15 Holders of rec.
American Cotton Oil, common (quar.) __
I
Sept. 1 Holders of rec.
American Cyanamld, pref..........................
6
Dec. 1 Holders of rec.
A m erica n E xpress (q u a r.) ......... .................
81.50 Oct. 2 Holders of rec.
Ame.\ Graphophono, pref. (qu.)vNo. 73).
Aug. 15 Holders of rec.
IX
American Hide A Leather, pref. .............
Sept. 1 Holders of rec.
5
1
Am. La Franco Fire Eng., Inc.,com.(qu.)
Aug. 15 Holders of rec.
A m er. Power it Light, com . (qu.) (N o . 15)
Sept. 1 Holders of rec.
1
Amer. Radiator, common (quar.) _______
4
Sept. 30 Sept. 22 to
Preferred (quar.) ____________________ _
Aug. 15 Aug. 8 to
IX
American Shipbuilding, p r e f ___________
3 X Aug. 15 Holders of rec.
Amer. Smelt. A Refg., com. (quar.)_____
Sept. 15 Aug. 26 to
1
Common (extra). _____ _________ _____
X Sept. 15 Aug. 26 to
Preferred (q u a r.).. ..................................
Sept. 1 Aug. 12 to
IX
Amer. Soda Fountain (quar.) ___________
I X Aug. 15 Aug. 1 to
A m er. Sugar R efg., com . (qu.) (N o . 100)-Oct. 2 Holders of rec.
IX
Preferred (quar.) (N o . 99) _____________
Oct. 2 Holders of rec.
IX
Amer. Tobacco, common (quar.) _______
Sept. 1 Holders of rec.
5
Anaconda Copper Mining (quar.).............
Aug. 28 Holders of rec.
$2
A tlantic R efin in g .......................... . .
Sept. 15 Holders of rec.
5
Atlas Pow der, com . (q u a r.) _________
Sept. 10 Sept. 1 to
2
Extra __ . ______ _________
3
S ept.10 Sept. 1 to
Barnett Oil it Gas (extra ) ..............................
3c. Sept. 1 Aug. 21 to
Bond A Mtge. Guarantee (quar.) ...........
4
Aug. 15 Holders of rec.
Borden's Condensed Milk, com. (No. 42)
4
Aug. 15 Aug. 2 to
Buckeye Pipe Line (q u a r .) ...........
82 Sept. 15 Holders of rec.
Burns Brothers, com (quar.) (No. 12)..
I X Aug. 15 Holders of rec.
Butterlck Company (quar.)____________
Sept. 1 Holders of rec.
X
Cambria Steel (quar.)_____________
IX Aug. 15 Holders of rec.
Canada Cement, pref. (quar.) (No. 2 6)..
IX Aug. 16 Aug. 1 to
Canada Foundries A Forg., com. (quar.)
3
Aug. 15 Holders of rec.
Common (extra)....... ............. ...............
Aug. 15 Holders of rec.
3
Preferred (quar.) ..... ..................... ..........
I X Aug. 15 Holders of reo.
Caney River Gas (quar.)..................
62X c. Aug. 21 Aug. 10 to
Cerro de Pasco C opper (quar.) (N o . 3 ) __
81 Sept. 1 Holders of rec.
Citizens’ Gas (Indianapolis) (No. 1 4 ) ____ 5
Sept. 27 S ept.12 to

_




.

July 22a
July 22a
July 3la
July 24a
July 24a
Aug. 31a
Aug.
Sept. 4
Oct. 1
Oct. 1
Sept. 1
Sept. 1
Aug. 10a
Aug. 10a
Aug. 15a
Aug. 15a
June 15a
Aug. 20
Oct. 13
Aug. 7a
Aug. 15a
Aug. 31a
July 31a
Aug. 18
Aug. la
Sept. 4
July 31
Aug 29a
Aug. 31a
Sept. 1
Sept. 1

Oct. 2
Sept. 30
Aug. 15a
Aug. 31
Aug. la
July 31a
July 31a
Aug. 15a
Aug. 1
Aug. 31a
Aug. la
Aug. 17a
Aug. 10a
Aug. 22
Sept. 30
Aug. 15
July 31
Aug. 31
Aug. 31
Aug. 20
Aug. 15
Sept, la
Sept, la
Aug. 15a
July 22a
Aug. 19
Sept. 10
Sept. 10
Aug. 31
Aug. 8a
Aug. 15
Aug. 25
Aug. la
Aug. 15a
July 31a
Aug. 10
July 31
July 31
July 31
Aug. 21
Aug. 18
Sept. 27

N a m e o f Com pany.

Per
Cent.

W hen
Payable.

Books Closed.
D a ys In clu sive.

Miscellaneous (Concluded).
Colorado Fuel & Iron, preferred...
630
Aug. 15 Holders of rec. July 26a
Consolidated Gas (quar.)................
I X Sept. 15 Holders of rec. Aug. 9a
Consum ers' C o., p referred ________
3X Aug. 20 Holders of rec, Aug. 10
Continental Oil (gu a r .)____________
3
Sept. 16 Aug. 27 to Sept. 16
Continental Paper Bag, pt.(qu.) (No.64)
IX Aug. 15 Holders of rec. Aug. 8
Cosden & Co. (qua r .).......... ...........
10c. AUg. 26 Holders of rec. Aug. 16
E x t r a ______________ _________
25c. Aug. 26 Holders of rec. Aug. 16
Crescent P ip e L ine (q u a r.) ________
to Sept. 15
75c. Sept. 15 Aug. 23
Deere & Co., pref. (quar.)_______
IX Sept. 1 Holders or rec. Aug. 15a
Diamond Match (quar.)_________
IX Sept. 15 Holders of rce. Aug. 31a
Dominion Bridge, Ltd. (quar.)___
2
Aug. 15 Holders of rec. July 31
Extra................ ...........................
Aug. 15 Holders of rec. July 31
3
Eastern Steel, 1st pref. (quar.)___
IX Sept. 15 Holders of rec. Sept. 1
First pref. (on account accrued dlvs.). 621
Sept. 15 Holders of rec. Sept. 1
Eastman Kodak, common (extra).
10
Aug. 15 Holders of rec. July 22a
Fajado Sugar, extra____________
Sept. 1 Holders of rec. July 15
5
General Asphalt, pref. (quar.) (No. 3 7 )..
IX Sept. 1 Holders of rec. Aug. 12a
General Chemical, common (quar.)
IX Sept. 1 Holders of rec. Aug. 21a
General D evelopm ent (q u a r.) ______
IX Sept. 1 Holders of rec. Aug. 18a
G eneral Electric (q u a r.) ............ .......
2
Oct. 14 Holders of rec. Sept. 16
Goodrich (B. F.) Co., common (quar.)..
1
Aug. 15 Holders of rec. Aug. 4a
Goodrich (B. F.) Co., common (quar.)
1
Nov. 15 Holders of rec. Nov. 3a
Preferred (quar.)_________________
IX Oct. 2 Holders of rec. Sept. 21a
Greene Cananea Copper (quar.)..........
2
Aug. 28 Holders of rec. Aug. 11a
H arbtson -W alker R efract., com . (q u a r .).
IX Sept. 1 Holders of rec. Aug. 21
Com m on (extra ) ________________ ___
2
Sept. 1 Holders of rec. Aug. 21
Hart, Shaffner* Marx, Inc., com. (quar.)
1
Sept. 1 Holders of rec. Aug. 19
Hercules Powder, preferred (quar.)____
IX Aug. 15 Aug. 6 to Aug. 15
Homestake Mining (monthly) (No. 503). 65c. Aug. 25 Holders of rec. Aug. 21a
Illum. & Power Sec. Corp., prer. (q u .)..
IX Aug. 15 Holders of rec. July 31
Independent Brew ing, P ittsb., p ref. ( q u . ) . .
IX Aug. 31 Holders of rec. Aug. 19
Indiana Pipe Line (quar.)________
S2
Aug 15 Holders of rec July 22
Inland Steel (quar.)____________
2
Sept. 1 Holders of rec. Aug. 10
Int. Harvester of N.J., pref.(qu.)(No.27).
Sept. 1 Holders of rec. Aug. 10a
ix
Int. Harvester Corp., p,-ef.(quar.)(No.l4).
IX Sept. 1 Holders of rec. Aug. 10a
Intern ational N ickel, com m on (quar.)
81.50 Sept. 1 Holders of rec. Aug. 16
Jefferson & Clearfield Coal & Iron, pref..
2X Aug. 15 Holders of rec. Aug. 9a
Jewell Tea, preferred (q u a r.) _____
IX Oct. 1 Holders of rec. Sept. 20
Kerr Lake Mining (quar.) (No. 44)_____
25c. Sept. 15 Holders of rec. Sept, la
Kings County El. L. & Pow. (qu.)(No.66)
2
Sept. 1 Holders of rec. Aug. 21
Lanston Monotype Machine (quar.).
IX Aug. 31 Holders of rec. Aug. 21
Lee Rubber & Tire Corp. (quar.)___
50c. Sept. 1 Holders of rce. Aug. 15a
Extra___________________________
25c. Sept. 1 Holders of rec. Aug. 15a
Lehigh Coal & Navigation (quar.)__
Aug. 31 Holders of rec. July 31a
81
Liggett & Myers Tobacco, com. (quar.)..
3
Sept. 1 Holders of rec. Aug 15a
Lindsay Light, com m on (q u a r.) __________
3
Aug. 31 Holders of rec. Aug. 17a
Com m on (extra ) ______________________
2
Aug. 31 Holders of rec. Aug. 17a
Preferred (q u a r.) ____________________
IX Aug. 31 Holders of rec. Aug. 17a
Lit Brothers C orp _______________________ 50c. Aug. 19 Aug. 12
to
Aug. 20
M anhattan Shirt, com m on (q u a r.) ________
1
Sept. 1 Holders of rcc. Aug. 21
May Department Stores, com. (quar.)..
X Sept. 1 Holders of rec. Aug. 15
Miami Copper Co. (quar.) (No. 16)____
81.50 Wug. 15 Holders of rec. Aug. la
Middle West Utilities, pref. (quar.)____
IX Sept. 1 Holders of rec. Aug. 15
Midwest Oil, pref____________________
62c Aug. 20 Holders of rec. Aug. 1
Mobile Electric, pref. (quar.)__________
IX Aug. 15 Holders of rec. July 31
M o lin e Plow , 1st pref. (q u a r.) .............. .....
IX Sept. 1 Holders bf rec. Aug. 18a
Montreal L. II. & Pow., (qu.) (No. 61)..
2 X Aug. 15 Holders of rec. July 31
N ationa l Biscuit, com . (qu.) (N o . 73)____
Oct. 14 Holders of rec. Sept. 28a
ix
Preferred (quar.) (N o . 74)...... ...............
IX Aug. 31 Holders of rcc. Aug. 17a
National Carbon, pref. (quar.)................
IX Aug. 15 Holders of rec. Aug. 5a
National Cloak & Suit, preferred (quar.)
IX Sept. 1 Holders of rec. Aug. 19a
National Lead, common (quar.)________
I
Sept. 30 Holders of rec. Sept. 8a
Preferred (quar.)....................................
IX Sept. 15 Holders of rec. Aug. 25a
National Refining, common (quar.)____
IX Aug. 15 Holders of rec. Aug. la
Common e xtra ..___________________
IX Aug. 15 Holders of rcc. Aug. la
National Steel Car, Ltd., pref. (quar.)..
IX Oct. 16 Oct. 1 to Oct. 14
New York Transportation........................ 25c. Sept. 1 Holders of rec. Aug. 15a
N iles-B em enl-P ond, com . (qu.) (N o . 57) . .
2 X Sept. 20 Sept. 7 to Sept. 20
Preferred (quar.) (N o . 68)____________
IX Aug. 15 Aug. 10 to Aug. 15
North American Co. (quar.)___________
IX Oct. 2 Holders of rec. Sept. 15
Ohio Cities Gas, common (quar.)_______ 02Xc. Sept. 1 Holders of rec. Aug. 15
Common (payablo In common stock).. /5
Dec. 1 Holders of rcc. Nov. 15
Ontario Steel Products, pref. (quar.)___
IX Aug. 15 Holders of rec. July 26
Penmans, Limited, common (quar.)___
Aug. 15 Holders of rec. Aug. 5
1
People's Gas Light & Coke (quar.)_____
IX Aug. 25 Holders of rec. Aug. la
Philadelphia Electric (q u a r.) ____________ 39X c. Sept. 15 Holders of rec. Aug. 21
Pittsburgh Steel, pref. (quar.)........ .........
IX Sept. 1 Holders of rec. Aug. 14a
Pitts. T erm . W hse. <fc Tran sf. (m o n th ly ).. 25c. Aug. 15 Holders of rcc. Aug. 8
Porto R tcan -A m er. Tobacco (q u a r.) _____
4
Sept. 7 Aug. 16 to Sept. 7
Pratt it W hitney, p ref. (q u a r.) ........ .........
i x Au^. 15 Aug. 10 to Aug. 15
Pressed Steel Car, common (No. 24)___
1
Sept. 6 Holders of rec. Aug. 16a
Preferred (quar.) (No. 70)....................
IX Aug. 23 Holders of rec. Aug. 2a
Procter & Gamble, common (quar.)........
Aug. 15
3
to Aug 15
5
Common (payablo in stock)__________ /4
Aug. 15
Aug 16
3
to
Pullman Company (quar.) (No. 198)___
Aug. 15 Holders of rec. July 31a
2
Pure Oil, common (quar.)_____________
6
to Aug. 31
30c. Sept. 1
Common (extra)........ ..........................
Aug. 31
10c. Sept. 1 Aug. 16 to
Quaker Oats, preferred (quar.)_________
IX Aug. 31 Holders of reo. Aug. la
Quaker Oats, com m on (q u a r.) ___________
2X Oct. 16 Holders of rec. Oct. 2
Com m on (payable in com m on stock ) ___
10
Sept. 30 Holders of rec. Sept. 1
Preferred ( q u a r . ) . . ........ ........... .............
IX Nov. 29 Holders of rec. Nov. 1
2
Reading Stockholders’ Assn., com. & pref.
Aug. 15
Savoy Oil (monthly)__________________
60. Aug. 25 Holders of rec. Aug. 15
Extra............ ................... ....... ...............
5c. Aug. 25 Holders of rec. Aug. 15
Sears, Roebuck & Co., common (quar.)..
I X Aug. 15 Holders of rec. July 31a
Silversmiths C o., p ref. (q u a r.) .......... .........
IX Aug. 15 Holders of rcc. Aug. 8
Southern California Edison, com. (quar.)
IX Aug. 15 Holders of rec. July 31
Southern Pipe Lino (quar.)......................
Sept. 1 Holders of rec. Aug. 15
0
Aug. 15 Holders of rec. Aug. 5a
Standard Milling, common (No. 5 )..........
6
Aug. 15 Holders of rec. Aug. 5a
Preferred (No. 27)...............................
1
■s of rec. Aug. 15
Standard Oil (California) (quar.) (No. 31)
2X Sept. 15
Standard OH (Indiana) (quar.)_________
Aug. 31
3
8 to Aug. 31
Standard Oil (K a n sa s), (q u a r.) __________
3
Sept. 15 Holders of rec. Aug. 31
E x t r a ______________________________
2
Sept. 15 Holders of rec. Aug. 31
Standard Oil of N. Y. (quar.)__________
2
Sept. 15 Holders of rec. Aug. 25a
Scudebakcr Corporation, common (quar.)
2X Sopt. 1 Holders of rec. Aug. 21a
Preferred (quar.)............ .......................
IX Sept. 1 Holders of rec. Aug. 21a
Underwood Typewriter, common (quar.)
1
Oct. 2 Holders of rcc. Sept. 20a
Preferred (quar.)___________________
I X Oct. 2 Holders of reo. Sept. 20a
Unexcelled M fg __ ________ ____________
35c. Sept. 1 Holders of rcc. Aug. 20
United Cigar Stores, com. (qu.) (No. 15)
IX Aug. 15 Holders of rec. July 28a
U nited Cigar Stores, p r e f. (qu.) (N o . 16)..
IX Sept. 15 Holders of rec. Aug. 31a
United D ru g, 2nd p ref. (qu.) (N o . 2 )____
IX Sept. 1 Holders of rec. Aug. 15
U. S. Envelope, com. & pref............. .....
3X Sept. 1 Holders of rec. Aug. 15
U . S. G ypsum , p ref. (q u a r.) .............. .......
I X Sept. 30 Holders of rec. Sept. 20
United States Steamship_______________
10c Sept. 1 Holders of rec. Aug. 18
U. 9. Steel Corporation, common (quar.)
Sept. 11
I X Sept. 29 Sept. 2 to
Common (extra)___________________
Sept. 29
1
2 to Sept. 11
Preferred (quar.).......... ........... .............
Aug. 10
IX Aug. 30 Aug. 1 to
Western States Gas A El., com. (No. 1 )..
Aug. 15 Holders of rec. July 31
X
West Penn Power, pref. (quar.) (No. 2 ) ..
I X Aug. 15 Holders of rec. Aug. 1
Wheeling Mould A Foundry............ .......
2
Aug. 25 Holders of rec. Aug. 15
White (J. G.) A Co., prof, (qu.) (No. 53)
IX Sept. 1 Holders of rec. Aug. 21a
Wnlte (J.G.)Engineering,pf.(qu.) (No. 14)IX Sept. 1 Holders of rec. Aug. 21a
Whito (J. G.) Manag't, pf. (qu.) (No. 14)
Aug. 18a
IX Sopt. 1
Wlllys Overland, com. (payablo In com­
mon sto ck ).............. ........... ............. ..... 65
Sept. 15a
Oct. 2
W ilm ington G as, preferred ______________
3
Sept. 1 Holders of rec, Aug. 18
Woolworth (F. W.) Co., common (quar.)
2
Sept. 1 Holders of rec, Aug. 10a
a Transfer books not closed for this dividend, b Less British Income tax. d Cor­
rection. e Payable in stock. / Payable In common stock, g Payable In scrip.
On account of accumulated dividends, k Declared 10%. payable In common
stock 5% as above and 5% April 2 1917 to holders of record March 15 1917.
h

Canadian Bank Clearings.— The clearings for the week
ending Aug. 5 at Canadian citios, in comparison with the
same week in 1910, shows an increase in the aggregate of
62.7%.

By Messrs. Barnes & Lofland, Philadelphia:

W eek ending A u g . 5.
Clearings at —

1916.

Canada —
M o n tr e a l................... —
Toronto________________
W in n ip eg---------------------V a n cou ver. ---------------Calgary................... ..........
O tta w a ------- --------------Q u e b e c ------------------------Victoria....................... —
H a lifa x ------------------------St. John------- ------------Regina-------------- -----------L on d on ..............................
Saskatoon---------------------M oose J a w ------------------------Brandon — ............... —
Lethbridge — ............... ..
B ran tford----------- -------- Fort W illiam__________
New Westminster--------M edicine H at__________
Peterborough___________
Sherbrooke........................
B e r lin ---------------------------

1915.

$
S
79,849,570 44,949,238
46,184,056 34,559,443
43,423,018 17,665,230
6,485,701
5,396,297
4,054,265
2,221,443
4,764,477
3,562,676
3,678,930
3,445,071
1,795,231
1,557,530
3,788,692
3,105,595
1,972,380
2,015,014
2,518,764
2,183,224
1,891,802
1,680,384
2,418,548
1,640,676
1,942,400
1,697,378
1,212,895
679,464
524,000
940,818
635,548
464,766
525,000
351,054
509,903
486,631
323,164
628,150
311,189
248,567
324,839
158,623
459,924
590,828
470,371 N ot Include
503,752 N ot Include

Stocks.
$ per sh.
10 American Public Utilities, p ref.. 7314
50 J. B. Stetson, p r e f............ ....... 154
65 Interstate Rys., pref., $10 each. 9
5 Robt. Morris Trust C o________65
18 Corn Exch. Nat. Bank___ 325-325A
2 First Nat. Bank, Philadelphia..200
8 Southwark National Bank____ 147)4
12 West End Trust C o___________ 166)4
45 Mutual Trust Co., $50 each___ 30
10 Germantown Passenger lty . 103-10314
37 Philadelphia Warehouse C o___ 120
10 Washlngton-Vlrginia B y., pref. 62 14
Shares.

I n c . or
D ec.

1914.

%

$

+ 77.0 49,755,005
+ 3 3 .6 33,864,450
+ 145.8 25,405,527
+ 20.2
9,028,745
+ 82.5 4,392,042
+ 33.7 4,401,175
+ 07.6
3,719,504
+ 15.1
2,657,788
+ 22.0
3,126,649
— 2.1
3,286,524
2,465,379
+ 15.3
+ 12.0
1,818,203
+ 47.4
1,791,380
+ 14.4
1,778,497
+ 78.5
1,055,469
+ 80.5
809,671
+ 3 6 .8
489,106
+ 49.6
415,745
+ 17.0
496,595
+ 94.4
902,842
+ 25.4
399,082
+ 104.4
386,776
+ 28.5
553,657
d in tot al
d In tot al

1913.

S

51,344,791
34,344,640
26,041,399
11,419,203
5,003,117
3,640,457
3,590,457
3,414,818
3,839,465
4,284,498
2,262,820
1,756,077
2,209,225
1,647,528
1,297,736
1,035,610
608,346
477,019
648,813
936,372
505,101
522,354

Total Canada............. .. 210,513,073 129,375,458

+ 62.7 1153,000,417 159,862,391

FOREIGN TRADE OF NEW
STATEMENT.— See page 571.

YORK— MONTHLY

Stocks.
S per sh .
Evan Taylor, Inc., pref. 4
shares common stock bonus 100
26 Horn & Hardart Co., N .Y ., pref.100

Shares.

8 H.

Bonds.

P er cent.

S1,200 Springf.Wat.Co.5s'26..88)4-8814
SI.000 Ocean City (N. J.) Yacht
Club 1st 5s____________
85
$300 Wildwood-Del.Bay Short Line
RR. 1st 5s, 1940_____
55
S1,300 East Broad Top R R. & Coal
2d Income 4s, 1958...................... 30

Imports and Exports for the Week.— The following are
the reported imports of merchandise at New York for the
week ending Aug. 5 and since the first week of January:
FOREIGN IMPORTS AT NEW YORK.
1916.

F or W eek.

For the w e e k ..........
Previously reported

S21.792.527
776,129,306

Total 31 weeks . .

$797,921,833

1915.

1914.

$20,128,379
562,304,998

1913.

$15,817,093
603,664,702

$17,516,674
564,436,651

S582,433,377| S619,481,795

$581,953,325

EXPORTS FROM NEW YO RK .
1916.
For the w e e k _____
Previously reported

Auction Sales.— Among other securities, tho following,
woro recently sold
at auction in Now York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, Now York:

$56,445,769
1,551,381,569

•

1915.

1914.

$29,158,310
780,139,150

j

S12.071.056
520,107,683,

1913.
$13,515,717
531.077,081

Total 31 weeks . . $1,607,827,3381 S809,297,46o| $532,178,7391 $544,592,798

not u su ally dealt in at the Stock Exchange,

Shares.

Slocks.

Shares.

Per cent.

Slocks.

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
IPee* ending A u g . 5.

Per cent.

7 First Nat. Bank, Jersey City.325)4
190 Amer. Internat. Corp.,coin.,
40% paid.............. ..$37 per sh.
50 Am. Nat. Bk., Newark,N.J.100W

20 Amer. Telegraphono Co
$10 each_______ _____
14 Hollis Court Realty, p ref.. >310
$100 Hollis Court Realty Os,19171 lot
25 N. Y. Teachers Plant’n.pf.J
20 Sioux City Stk. Yds., com .$10 lot
35 United Motors (Deb. Inc.),
pref., $10 each_____ $110 lot
231 2-3 La Zacualpa-Hldalgo Rub­
ber Co., $5 each_______ $50
1 German Colonial Co. In South
Africa, 1,000 marks par.- S5
1 The Illinois Pipe Line CO--.S150

Ilonds.

By Mossrs. Francis Honshaw & Co., Boston:

Stocks.
$ per sh
1 Dwight Mfg., $500 par---------- 1120
28 Arlington M ills.................. 101-104)4
1 Chicopee Manufacturing, pref-- 97
2 Nashua & Lowell R R ------------- 180

Stocks.
$ per sh.
10 Plymouth Cordage____________ 191
0 Waltham Watch, common____ 15 A
6 Boston Storago Warehouse____ 113)4
Shares.

W eek .

Stocks.
$ per sh.
10 Harvard Trust Co., Cambrldge.185
6 York Manufacturing________ -..110
10 Esmond Mills, preferred_______ 100
1 Lancaster Mills_______________ 8(5
8 Lawrence Manufacturing_____ 105 A
10 Ludlow Mfg. Associates---------- 13014

$5,777,937

S32.350

100,000

26,961,941
702,000
8,757,759
7,976,801

Since
J an . 1.

$34,066 $26,770,321
14,840
...........
290,869
55,468

9,625,715
1,847,194
6,259,323
1,514,024

Total 1916............ ......................... $132,350 $50,176,438 $380,403 $46,031,417
Total 1915............................. .......
10 7,434,188 1,800,798 29,166,841
Total 1 9 1 4 ....................... ........... 18,941,250 126,457,349
200,062
5,614,043
Silver.
Great Britain ........................ .........
$639,573 $28,169,860
$13,685
38,060
40,600
6,631
543

Stocks.
« „/>r
Manomet Mills..........
115 x
Library Bureau, pref., Series A 1100
Heywood Bros.*Wakefield,com. 122)7
Amer. Voting Mach. Co., $1 ea. 35c.
Arlington Mills___
100A
Everett Mills.......... ................... 133

Shares.

25
15
3
52
10
5

W eek .

Germany ...... ........... ......... ......... .

By Messrs. It. L. Day & Co., Boston:
Shares.

Im p orts.

Since
Jan . 1.

Per Cent.

$3,000 Ohio Copper Co. 1st conv.
Os, 1917, Sept. 1913 coupon on_. 10
$5,000 So’ western Pow. & I.t. 1st 5s,
1943.......... ............. ...................... 85
$35,000 Newbury Cordage Co.|
1st Os.........................................>$15,000
250 sh. Newbury Cord., p ref..!
400 sh. Newbury Cordage, com .)

Shares.

E xp orts.

Gold.

Total 1916________________ ____
Total 1915.................. .............. . _
Total 1914___________ _____ ____

854,297
29,467
1,219,729
10,300

$678,116 $30,324,253
858,798 24,457,438
80,681 25,144.749

$160
14,201
9,694

92,625
5,809,818
3,500,290
894,429

$24,055 $10,317,478
42,520 5,195,692
33,271
5,368,982

Of the above exports for the week In 1916, $132,350 were American gold coin.

The Federal Reserve Banks.— Following is the weekly statement issued by the Federal Reserve Board on Aug. 5:
The statement indicates a slight gain in aggregate gold reserves and a decrease o f 4.5 millions in the com bined total reserves o f t h e banks*
Total earning assets or the system are about 1.5 millions less than the week before, largely the result o f decreased amounts o f acceptances on hand*
__ _______
____________ _______ ases in
j— ----- --* uuuiai u fs c i vo uatiKx into lavurauie uaicmcus during the report week.
aJi ^c r e as e for the week o f 2.8 m illioas, the present total o f 30.4 millions being tho largest weekly figure since
J*« „
"O ston shows an increase o f 2.1 millions in its holdings o f discounted paper, R ichm ond and M inneapolis like­
wise reporting suostanuai gains under this head. Aggregate holdings o f agricultural and live-stock paper maturing after 90 days (six m onths paper)
stand now at over three millions, or less than 10% o f the total discounts on hand, as against 11% the tveek before.
Acceptances on iiancl show a decrease o f about 4 m illion dollars, all the banks except New York and Atlanta reporting smaller holdings than
kiiio f\

nf t

i

m

.

'

in circulation. Federal Reserve agents report a total
and 815,993,000 o f paper. T he banks show a total
000 on notes issued to them b y the Agents.

The figures of tho consolidated statement for the system as a whole are given in the following table, and in addition
we present tho results for each of tho eight preeoding weeks, thus furnishing a useful comparison. In the second table we
show tho resources and liabilities separately for each of tho twelve Federal Reserve banks. The statement of Federal Reserve
Agents’ Accounts (tho third table following) gives details regarding the transactions in Federal Reserve notes between the
Comptroller and tho Roserve Agonts and between the lattor and the Federal Reserve banks.
C o m b in e d R e s o u r c e s a n d L ia b il it ie s o f t h e F e d e r a l R e s e r v e B a n k s a t t h e C lo se o f B u s in e s s A u g . 4 1 9 1 6 .
Aug.

4 1916. Julg 28 1916.1July 21 1916. July 14 1916. July 7 1916 + June 30 1916 June 23 1916 June 16 1916 June 9 1916.

RESOURCES.

1
$256,437,000 $259,931,000 $262,049,000
$262,038,000 $265,643,000 f262.062.000
106,811,000 102.911,000 99,561,000 118,631,000 123,611.000
106+01,000
Gold redemption fund with U. S. Treasurer..
1,970,000
1,915,000
2.011.000
1,918,000;
1.931.000
1+893)00
1,894,000
l!833!o00
Total gold reserve____________
$365,163,000
$376,758,000 $373,638,000 f367.996.000
Legal tender notes, silver, A c____
11,699,000
10,279,000 ' 36,902,000
14,026,000
Total reserve...............................
$376,862,000
5% redemption fundag’st F. R. bk notes
45oioOO
450,000
450i000
450,000
450!000
450>000
450i000
450,000

1 +031000

450,000

Bills discounted and bought—
Maturities
Maturities
Maturities
Maturities

from 11 to 30 days________
from 31 to 60 days__________
from 61 to 90 days__________
over 90 days_______________ *

$15,271,000 $17,308,000
23.863.000
19.421.000
42.566.000 40.019.000
25.228.000 30.493.000
3,006,000
3,807,000

26.740.000
36.302.000
30.121.000
3,993,000

$10,613,000
25.755.000
35.441.000
28.730.000
4,559,000

$7,970,000 $11,451,000
20,688.000 16.539.000
32.002.000 28.492.000
27.090.000 30.614.000
5,187.000
4,423.000

12.918.000
31.680.000
25.836.000
4,818,000

18.551.000
28.727.000
21.434.000
4,613.000

21,061,000
24.310.000
18.890.000
4,052,000

T otal..................................................... $109,934,000 $111,048,000 $114,319,000 $105,098,000 $92,173,000 $92,283,000 $89,703,000 $85,375,000 $78,343,000
•Acceptances (Included In above)________
Investments: U. S. bonds................ ..........
One-year U. S. Treasury notes..
Municipal warrants..............

$79,519,000 $83,454,000 $85,382,000 $81,130,000 $70,148,000 $71,095,000
7|925J)00
27,375,000

7!925|()00
27,220,000

$52,589,000
7+90 !000
4,546,000
27,723,000 27,424.000

+54eiooo

25.236.000

4+90 JX)0
22,671,000

$64,948,000 $58+88,000
' 4+90|000
21,632,000

4+90|000
22,067,000

4+90|000
23,095,000

TotAl earning assets--------------- -------------- $193,271,000 $194,849,000 $198,978,000 $189,657,000 $174,544,000 $172,083,000 $168,400,000 $164,507,000 $157,819,000




Aug.
RESO U RCES (C oncluded).
Brought forw ard (total reserve & carn’g

4 1916. July 28 1916. July 21 1910. July 14 1916. July 7 1916.f June 30 1916 June 23 1916 June 16 1916 June 9 1916.

assets) 5570,583,000 5570,648,000 5576,771,000 5590,589,000 5598,750,000 $576,739,000 $556,514,000 $546,565,000 $536,952,000

Federal Reserve notes—Net........ .....................
Due from Federal Reserve banks— Net..........
All other resources........ ............. .........................

$20,426,000 520,308,000 $20,014,000 $20,760,000 524,111,060 $23,182,000 $23,013,000 $24,419,000 $23,923,000
11,982,000 20,056,000 20,273,000 20,414,000
19,947,000
12,620,000
19,287,000 21,365,000
17,750,000
4,750,000
8,244,000
4,411,000
5,514,000
3,979,000
4,622,000
4,387,000
5,166,000
5,538,000

Total resources................ ......... ........... 5615,367.000 5615,090,000 $613,523,000 $639,649,000 5647.113,000 5624.957,000 5603,201,000 t597,897,000 $583,791,000
L IA B IL IT IE S .

Capital paid In..................................................... S55,148,000 $55,206,000 $55,183,000 $55,170,000 554,858.000 $54,854,000 $54,863,000 $54,864,000 $54,863,000
Government deposits..........................................
56,607,000 50,542,000 54,277.000 97.470.000 114,460,000 101,152,000 64,499,000 55,751,000 51,578,000
Member bank deposits— Net.............................. 490,625,000 491,266,000 492,000,000 474.942,000 465,840,006 457,503,000 472.613,000 f477,293,000 467,780,000
9,992,000
Federal Reserve notes— Net________________
11,029,000
9,440,000
7,593,000
10, 122,000 10, 120,000 10.098.0.10
8,003,000
9.228,000
1,692,000
1,692,000
1,720,060
1,721,000
1,721,000
Federal Reservo bank notes In circulation___
1,730,000
1,726,000
1,692,000
1,723,000
266,000
242,000
287,000
All other liabilities...............................................
25i ,000
237,000
247,000
262,000
275,000
260,000
Total liabilities...................................... S615.367.000 5615,090,000 5613,523,000 $639,619,000 5647,113,000 $624,957,000 $603,201,000 t597,897,000 $583,791,000
Oold reserve ag’st net dep. & note liabilities (a)
Cash reserve ag'st net dep. & note liabilities (a)
Cash reserve against net deposit liabilities after
setting aside 40% gold reserve against aggregato net liabilities on F. It. notes In
circulation ( a ) ______________________________
(a )

Less Items In transit between Federal Reservo banks, v i z ..........................................

67.7%
70.0%

06.9%
09.9%

66.8%
69.3%

69.4%
71.2%

67.9%
74.3%

68.8%
73.8%

70.9%
73.0%

70.8%
73.4%

70.8%
74.4%

70.6%

70.5%

69.9%

71.8%

75.0%

74.4%

74.2%

74.0%

74.9%

S19,947,000 512,620,000 $11,982,000 $20,056,000 $20,273,000 $20,414,000 $19,287,000 $21,365,000 $17,750,000

Federal Reserve Notes —

Issued to the banks_____________________ 5175,551,000 5174,023,000 5175,219.000 SI 79,358,000 5179,783,000 $176,168,000 5176,955,000 $179,802,000 $179,471,000
In hands of banks______________________
22,764,000 21,433,000 21,181,000 21,779,000 25.098,000 23,924,000 23,917,000 25,343,000 25,392,000

In circulation.............. ................................. 5152,787,000 5152,590,000 $154,038,000 5157,579.000 5154,685,000 5 152,244.000 $ 153,038,000 $ 154,459,000 $154,079,000
Gold and lawful money with Agent................ . 5162,184,000 5162,770,000 5163,932,000 5108,241,000 $168,806,000 5165,986.000 S106,823.000 $170,875,000 $170,409,000
Carried to net assets...........................................
20,426,000 20,308,000
20,014.000 20,760,000 24.113,000 23,182,000 23,013,000 24,419,000 23,923,000
Carried to net liabilities____ _____ __________
11,029,000
10, 122,000 10, 120,000 10,098,000
9,992.000
7,593,000
9,440,000
9,228,000
8,003.000
Federal Reserve N otes (A gents' A ccounts )—

Received from the Comptroller.................. 5298,520,000 5298.520,000 $297,540,000 5297.540,000 $295,510,000 $295,540,000 $295,540,000 $293,740,000 $293,740,000
Returned to the Comptroller......................
62,778,000 61,066,000 59,510,000 55,101,000 54.286,000 63,336.000 51,549,000 49,897,000 49,249,000
Amount chargeable to Agent.............. 5235,742,000 5237,454,000 5238.030.000 $242,439,000 $241,254,000 $242,204,000 $243,991,000 $243,843,000 $244,491,000
In hands of Agent.......................................
60,191,000 63,431,000
62,811,000 63,081.000 61.471.000 66,036,000 67,036,000 64,041,000 65,020,000
Issued to Federal Reserve banks____ 5175,551,000 5174,023,000 5175,219.000 5179.35.8,000 $179,783,000 $176,168,000 $176,955.0005179,802,000 $179,471,000

IIow Secured —

By gold coin and certificates......................

5112,006,000 5110,406,000

By commercial paper__________________
Credit balances In gold redemption fund..
Credit balances with Federal Reserve B’d.

13,367,000
11,208,000
38,970,000

5109.167.000 $112,617,000 $112,447,000 $113,597,000 S113,357,000 $114,817,000 $114,717,000

11,247,000
11,830,000
40,540,000

11,287,000
12,415,000
42,350,000

11,117,000
12,974,000
42,650,000

10,977,000
13,379,000
42,980,000

10.182,000
9,809,000
42,580,000

10,132,000
10,186,001]
43,280,000

8,927,000
10,358,000
45,700,000

9,002,000
10,732,000
44.960.000

T o ta l............................ ..... ................... S175.551.000 5174,023,000 5175,219,000 5179,358,000 $179,783,000 $170,168,000 $176,955,000 $179,802,000 $179,471,000
Commercial paper delivered to F. R . Agent..

515,993,000 513,267,000 $12,877,000 $13,441,000 $11,305,000 $11,204,000 510.578.0001 $10,766,000 $10,645,000

•Including bankers’ and trade acceptances bought In the open market,

t Amended figures.

WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUG.
Boston.

N ew Y ork. P h lladel'a. Cleveland. Richmond.

A tlanta.

Chicago.

St. L ou is.

M tn n ea p . K a n . City.

D a lla s.

San F r a n !

4 1916.
Total.

s
;
s
$
$
$
5
S
5
$
$
1 $
1
5
*
Gold coin & ctfs. in vault 9.497.000 144,237,000 10.592.000 13.883.000 5,188,000 5.241.000 37.503.000 4,441,000 6.187.000 4,341,000 5.336.000 9,991,000 256,437,000
Gold settlement fund__ 8.089.000 13,620,000 14.107.000 11.871.000 11,741,000 2.374.000 14.759.000 5,272.000 4.604.000 12,270,000 3.880.000 4,224,000106,811,000
Gold redemption fund..
5,000
250,000
50,000
142,000
30,000
441,000
48,000
253,000
10,000 1,915,000
435,000
200,000
51,000
RESO U RCES.

Total gold reserve___ 17,591,000158,107,00024,749,000 25,802,000 17,370,000 8.050.000 52,462,000 9,764,000 10,821,00016,753,000 9,461,00014.225,090 305,163,000
Legal-ten.notes ,sll v . ,&c.
171,000 4,334,000j 510,000 1,097,000
425,000
68,000
792,000
21,000 11,699,000
224,000 1.212.000 1,701,000 1,144,000
Total reserve________ 17,762,000 162,441,000 25,259,000 26,899,000 17,594,000 9,262,000 54,163,000 10,908,000 11,246,000 16,821,000 10,261,000 14,246.000 376,862,000
5% redemp. fund—F.R.
50,000
400.000
450,000
Bills:
518,000 30.415.000
540,000
573,000
271,000 6,188,000 3.084.000 3.498.000
Discounted--Members 4,439,000
932,000 1.833.000 2,087,000 6,452,000
7,300,000 79.519.000
599,000 1.522.000 5.131.000 4,764,000 2.481.000
323.000
Bought In open m kt.. 10,683,000 29,270,000 10,720,000 6,726,000
Total bills on hand__ 15,122,000 29,810,000 11,293,000 6,997,000 6,787,000 4,600,000 8,629,000 5,696,000 4,314,000 2,410,000 6,452,000 7,818,000109,934,000
Investments: U. S. bds. 3.043.000
One-yr. U.S. Tr. notes
250,000
Municipal warrants.. 2.079.000

2,383,000 3.058.000 5.609.000 1,272,000 1,508,000 9.633.000 2.754.000 3.475.000 9,647,000 2,581,000 3.074.000 48,037,000
818,000
2,282,000
800,000
526,000
570,000
684.000
350,000
616.000
529,000
500,000 7,925,000
7,353,000 2.527.000 4.723.000
336.000
5,000 4.294.000 1.742.000 1.059.000
424.000 ________ 2.233.000 27,375,000

Total earning assets.. 21,094,000 41,828,000 17,696,000 18,129,000 9,079,000 6,645,000 22,556,000 10,762,000 9,198,000 13,097,000 9.562,000 13,625,000 193,271,000
Fed. Res'vc notes—Net
824.000 13,259,000
Due from other Federal
Reserve Banks—Net. 3,542,000 4,840,000
272.000
194,000
All other resources____

506.000

319.000

1.275.000 1.241.000 1.583.000

166.000

789.000
320.000

538,000 3.475.000 2.940.000 1.358.000
209,000
102,000
514,000
105,000 1,163,000

.............. j .......... ._! 1.409,000 20,426,000
842.000
242.000

416,000 l,704,f00 19,947,000
931,000
193 000 4,411,000

Total resources_____ 4.3,494,000 222,573,000 43,627,000 46,456,000 26,778,000 17,603,000 81,983,000 26,060,000 23,486,000 31,402,000 21,220,COO31,177,000 615,367,000
L IA B IL IT IE S .

3.359.000 2.495.000 6.674.000 2.792 ..WO 2,580,000 3,000,000 2,688,000 3.921.000 55.148.000
3.241.000 3.797.000 6.208.000 3,781,000
907,0u0 1,861,000 2,166,000 3.241.000 56.607.000
15,879,000 10,632,000 69,101,000 19,487,000 19,999,uOO23,355,000 11,655,000 24,015,000 490,625,000
4.145.000
678,000
1.494.000 4,712,000
11.029.000
1.692.000
1,692,000
55.000
6,000 .......... ...
99.000
266,000
Total liabilities.......... 43,494,000 222,573,000 43,627,000 40,456,000 26,778,000 17,608,000 81,983,000 26,060,uO0 23,486,000 31,402,000 21,220, OuO.31,177,000615,367,000
Federal Reserve N otes —
Issued to banks_____ 10,390,000 68,041,000! 7,833,000 9,566,000 9,169,000 13,7.14,000 3,378,000 6.348.000 12,754,000 10,939,000 13,849,000 9,580,000 175,551,000
In hands of banks___
319,000
416,000
475,000 1,322,000 1,275,000 1.241.000 1,583,000
824,000 13.209.00o; 800.000
125,000 1,409,OuO 22,704,000

Capital paid In.............. 4.886.000 11,571,00., 5.216.000 5.966.000
Government deposits__ 3.781.000 19,214,000 6.436.000 1.975.000
Member bk deposits-Net 34,728,000 191,788,000 31,471,000 38,515,000
Fed. Res’ve notes— Net.
F.R.bank notes In circ'n
Due to F.R.banks— Net
442,000
99,000
62,000

F.R. notes In circulation 9,566,000 54,772,000 7,327,000 0.247,000 8,694,000 12,382,000 2,103,000 5,107,000 11,171,000 10,523,000 13,724,000
Gold and lawful money
with agen t................ 10,390,000 68,011,000 7,833,000 9,566,000 4.549.000 11,704,000 3,378,000 6.348.000112.754.000 9.029.000 9,012,000;
. . . . _ _______
Carried to net assets___
824,000 13,269,000
506,000
319,000
_______ 1,275,000 1.241.000
1,583,000
Carried to net liabilities.
1.494.000 4,712,000
678,000 _______
4.145.000

8,171,000 152,787.000
9,589,000 102,184,000
1,409,000 20,420,000
_______ 11,029,090

u Items In transit, I. e., total amounts due from less total amounts due to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS’ ACCOUNTS AUG. 4 1916.
Boston.

N ew Y o rk. P h lla d el'a . Cleveland. Richmond.

Atlanta.

Chicago.

St. L ou is.

M ln n ea p . K a n . City.

D allas.

San Fran.

Total.

Federal Reserve Notes—
S
S
S
i
S
$
%
%
$
s
5
S
*
*
Rec’d from Comptrolr 20,380,000 121,240,000 15,480,000 15,160,000 17,000,000 20,400,000 9.380.000 9.600.000 19,000,000 13,980,000 23,5S0,000 13,320,000 298,520,000
940,000 62,778,000
Returned to Comptrol 4,170,000 37,399,000 3,927,000 2,094,000 4,431,000 2,600,000 1. 121.000 1.490.000
416,000 1,238,000| 2,952,000
Chargeable to Agent__ 16,210,000! 83,841,000 11,553,000 13,066,000 12,569,000 17,800,000 8.259.000

8, 110,000 18,584,000 12.742,000 20,628,000 12,380,000235,742,000

In hands of F.R.Agent 5,820,000| 15,800,000 3,720,000 3,500,000 3,400,000 4,096,000 4.881.000 1,762,000 5,830.000| 1,803,000 6,779,000 2,800,000] 60,191,000
Issued to F. R. bank. 10,390,000] 68,041,000 7,833.000 9,566,000 9,169,000 13.704,000 3,378,000 6,348,000 12,754,000|l0,939,000 13,849,000 9,580,000]l75,551,000
Held by F. It. Agent—
Gold coin & certfs___ 9,700,000 62,316,000 4.090.000 9,020,000
1,000.000
2.850.000 10,720,000 4.270.000 8,010,000 ..............1112,006,000
Credit balances692.000
In gold redemption f'd
459,000
330,000 11,208,000
690,000 5,725,000
383,000
701,090
348,000
684,000
546,000
319,000
298,000
With F. R. Board___
280.000 9,250,000 38,970,000
3.360.000
4.209.000 10,000,000 3.080,000 3.150.000 1,350,000 4.300.000
Notes secured by com­
mercial paper_______
1.910.000 4,837,000 ............ .! 13,367.000
4.620.000 2,000,000
T o t a l...................... 10,390,000! 68,041,000] 7,833,000] 9,566,000 9,169,000 13,704,000 3,378,00b 0,348,000 12,754,000 10,9.39.000 13,849,000 9,580,00o] 175,551,000
Amount of comm'l paper
delivered to F.R.Ag't .............. 1 ...............1 ________ 1 ...............1 5,619,000 2,006,000 .............. 1 ........... .
.............. 1 1,916,000 0,452,000 .............. 1 15.993,000




Statement of New York City Clearing House Banks and Trust Companies.— The following detailed statement
shows the condition of the New York City Clearing Houso members for the week ending Aug. 5. The figures for the sep­
arate banks are the averages of the daily results. In the ease of the totals, actual figures at end of the week are also given.
In order to furnish a comparison, we havo inserted the totals of actual condition for each of the three groups and also the
grand aggregates for tho three preceding weeks.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
Week Ending
Aug. 5 1116.
(00? omiUcd .)

C apital.

N et
P rofits.

/Nat.IVks Juno 30)
(StateB'ks June 30 /

L oa ns.
D iscou n ts,
Investm 'ts,

Cold.

Legal
Tenders.

Average.

A v erage.

S
32,808,0
28,847,6
115,967,6
357,353,6
36,338,6
11,952,6
2,617,6
80,806,6
216,315,6
62,943,6
109,417,6
27,156,6
10,400,6
86,165,6
30,962,6
134,743,6
2,359,6
17,625,6
150,923,0
71,111,0
10,204,9
185,490,6
19,117,0
0,449,6
5,416,0
38,744,0
49,401,0
8,6.32,0
12,441,0
9,937,0
20,276,0

S
1,781,0
■ 537.0
1,587,0
G38,0
11,341,0 6.003.0
64,165,0 13,335,0
1,760,0
549.0
1,1.37,0
107.0
68,0
37.0
6,625,0
1.731.0
19,636,0 4.990.0
3.044,0
1.441.0
20,508,0
1.807.0
1,140,0
158.0
945,0
331.0
5,894,0
1.019.0
1,414,0
1.195.0
7,579,0
1.082.0
142,0
32.0
1,006,0
181.0
14,272,0
916.0
1.650.0
5,050,0
71.0
283,0
15,109,0 7.064.0
1.026.0
1,374,0
101.0
934,0
108,0
149.0
889.0
2,132,0
453.0
2,937,0
200.0
500,0
319.0
358,0
3.37,0
198.0
1,675,0
155.0

Average

ctC.

Members o f Federal
S
Reserve Bank.
$
Bank of N. Y., N.B.A
2,000,0
4,896,!]
Merchants’ Nat. Bank 2,090,0
2,356,3
Mech. A Metals N at-. 6,000,0
9,314,9
National City Bank__ 25,000,0 a40,809,£
3,000,0 8,193,9
Chemical Nat. Bank__
Atlantic National Bank 1,000,0
792 ,C
Nat. Butchers' A Drov
300,0
90,4
Amor. Exch. Nat Bank 5,000,0
5,193,3
National Bank of Com. 25,000,0 18,279,9
Cnathara A Phenlx Nat
3,500,0
2,025,7
Hanover National Bank 3,000,0 15,772,8
Citizens' Central N at.. 2,550,0
2,519,8
Market A Fulton N at..
1,000,0 2,017,8
Corn Exchange Bank.. 3,500,0
6,991,2
Importers' A Traders'..
1,500,0 7,614,6
National Park Bank__
5,000,0 15,535,3
East River Nat. Bank.
250,0
73.4
Second National Bank
1,000,0
3,357,9
First National Bank__ 10,000,0 23,562,7
Irving National Bank.. 4,000,0, .3,898,0
500.0
1,059,9
5,000,0 10,45,3,5
Lincoln National Bank.
1,000,0
1,908,2
Garfield National Ban!
1,000,0
1,275,6
Fifth National Bank..
250,0
417,9
Seaboard Nat. Bank..
1.090,0
2.8SS.2
Liberty National Bank
1,000,0
3,443,2
Coal A Iron Nat. Bank
1,000,0
758,1
1.000,0
1,088,6
Union Exchange Nat.
1,000,0
1,1.30,1
Nassau Nat. Bank___
1,500,0
937,6
Broadway Trust C o__

N a t .B ank .N at .Bank
Federal
N otes
N otes
Reserve
[N ot
[Reserve
fo r State Counted
N otes
Institu­
as
[N ot
R eserve]. Reserve],
tio n s].
Average

A v erage.

A v erage.

A verage.

S

3

S

S
792.0
1.014.0
5.583.0
4.894.0
1.414.0
268.0
73,0
2.063.0
1.842.0
2.159.0
1.868.0
1,206,0
524.0
4.399.0
347.0
5.805.0
156.0
398.0
1.772.0
3.057.0
549.0
2.986.0
50.8.0
468.0
336.0
2.595.0
2.830.0

2,0

18,0
56.0
99.0
65.0
13.0
4.0
6S ,0

"317.6
13.0
37.0

6 .0

74.0
90.0
183.0
30.0
8,0
8 8 .0

A v era ge. A verage.

S

1,0
8,0
22,0

630,0
’ " 97,6
18,0
3.0
144,0
25,0
8.0

88.0

390.0
62,0
59.0
7.0
35.0
108.0

AddU 'al
D ep osits
with
Legal
D ep o si­
ta ries.

Reserve
with
Legal
D ep o si­
taries.

49,0
25,0
27.0
14.0
196,0
39.0
6 6 .0

6,0

37,0

2 ,211,0

$

2.029.0
9.169.0
34.766.0
2.536.0
1.055.0
179.0
7.911.0
19.096.0
4.742.0
10.424.0
2.125.0
797.0
7.059.0 2,400,0
2.163.0
10.315.0
189.0
1.079.0
10.428.0
5.774.0
749.0
15.956.0
1.732.0
839.0
393.0
3.652.0
4.323.0
590.0

N et
D em and
D ep osits.
A verage.

S
28.937.0
27.830.0
125.628.0
397.685.0
31.567.0
12.594.0
2.213.0
77.429.0
220.027.0
62.424.0
125.165.0
24.228.0
9.919.0
97.827.0
27.012.0
134.052.0
2.380.0
14.594.0
140.635.0
78.009.0
10 , 22 ,0 ,0

197.735.0
20.316.0
9.302.0
5.420.0
44.221.0
51.964.0
8.465.0
12.181.0
9.508.0
21.168.0

T im e
D ep osits.

N ation a l
Bank
C ircula­
tio n .

Average.
S

A v erage.
$

.Vet

1.519.0

2.412.0
8.987.0
"366',6
7.030.0
671.0
5.222.0
1.575.0

125,0
445,0!
13,227,0!
11,0
192,Oj

775.0
1.840.0
4.936.0
1,799,0'
450.0
50.0
49.0
4.789.0
155.0
1.773.0
130.0
1.018.0
159.0

51.0
3.546.0
50.0
697.0
4.731.0
640.0
198.0
450.0
894.0
395.0
247.0
70.0
500.0
412.0
398.0
50.0

455.0
474.0
529.0

18,0
16,0
23.0
30.0
38.0

118.850,0 198.634.8 1,955,974,0 194,882,0 49,356,0 51,575,0

2,045,0

1,444,0 165,492,0 2,400,0 2,030,655,0 47,898,0: 31,252,0

1.947.0
2.487.0
2.158.0
1.692.0

1.394.0
1.047.0
1.648.0
1.411.0

Aug. 5
July 29
July 22
July 15

1,951,123,0
1.947,049.0
1,935,654.0
.......... 1,848,225,0

199,911,0
185,612,0
186,991,0
169,452,0

211 .0

54.500.0
59.922.0
60.703.0
59.361.0

7,0

1 .0 2 0 .0

675.0
1,516,0

22,0

3,405,6
215,0'
28,0
50,0
481,0

163.561.0 2,400,0:2,037,544,0 46.979.0 31.251.0
166.025.0 2,400,0|2,028,854,0 49.096.0 31.447.0
165.073.0 2,400,0 2,013,778,0 47.514.0 31.489.0
152.965.0
1,906,515,0 43.369.0 31.513.0

State Banks.
N ot M em bers o f
Federal Reserve Bank.

Bank of Manhattan Co.
Bank of America_____
Greenwich Bank..........
Pacific Bank__________
People’s Bank________
Metropolitan Bank___
Bowery Bank................
Gcrman-Amerlcan Bank
Fifth Avenue Bank___
German Exchango Bank
Germania Bank............
Bank of Metropolis___
West Side Bank...........
N. Y. Produce Ex. Bk.
State Bank.............. .....

2,050,0
1,500,0
500,0
500,0
200,0
2,000,0
250,0
750,0
100,9
200,0
200,0
1,000,0
200,0
1,000,0
1,500,0

4,999,1
6,211,6
1,189,9
1,005,7
445,9
1,976,8
804,4
790,5
2,187,3
827,6
1,064,5
2,130,4
566,5
1,067,8
676,4

40,056,0
30,235,0
11,44.3,0
0,040,0
2,555,0
15,042,0
4,167,0
6.191,0
17,252,0
4,875,0
6,505,0
14,303,0
4,579,0
15,235,0
23,298,0

Totals, avgo. for week. 11,950,0 25,944,4
Totals,
Totals,
Totals,
Totals,

actual
actual
actual
actual

condition
condition
condition
condition

Aug.
July 29
July 22
July "

5,828,0
.3,172,0
1.145,0
491,0
182,0
1,099,0
350,0
095,0
2,199,0
40.8,0
642,0
781.0
268,0
1,716,0
1,953,0

1.283.0
1.174.0
247.0
501.0

1.404.0
1.098.0
368.0
82,0
111.0
811,0
47.0
182,0
977.0

86,0

720.0
43.0
219.0
524.0
48.0
90.0
389.0
167.0
340.0
649.0

80,0
79.0

14,0

138.0
474.0
129.0
312.0
487.0

117.0
3.0
47.0
25.0
9.0
16.0
74.0
70.0
42.0
32.0
84.0
162.0

88.0

571,0

2.748.0
" 969,0

201,0
2,0
21 ,0

157.6

169,0

225.0
216.0

’ 57,6

20,0

216,0
250.0
816.0
278,0
1.087.0
1.424.0

8,086,0 2,824,0

202,376,0 20,929,0

6,480,0

0,708,0

1,041,0

57,0

200.522.0 20,860,0
202.766.0 21.103.0
201.279.0 20.695.0
285.490.0 26.057.0

0,274,0
0,748,0
9.747.0
11.470,0

7.685.0
5.458.0
5.595.0
9.596.0

1.133.0

47.0 7.849.0
55.0 8.234.0
49.0 8.017.0
69.0 12,756,0

37.604.0
1,826,0
217.961.0 14.775.0
62.322.0 3.961.0
28.916.0
2.106.0
43.178.0
2.301.0
361.201.0 29.117.0
10.070.0
652.0
27.580.0
1.571.0
83.848.0
5.595.0
21.367.0
1.670.0
72.601.0
4.959.0
19.119.0
1.352.0
12.950.0
865.0
60.159.0 3.466.0

320.0
3.867.0
*40,0
13.0
333.0
880.0
55.0
362.0
445.0
118.0
1.256.0
245.0
119.0
2.207.0

532.0
2.123.0
228.0
83.0
144.0
3.069.0
81.0
85,0
471.0
267.0
574.0
217.0
238.0
1.030.0

1 . 101.0

1.132.0
1.807.0

677,0
7,0
1,276,0
67,0

44.439.0
28.003.0
12.258.0
6.043.0
2.617.0
13.641.0
3.750.0
6.302.0
18.350.0
4.493.0
6.454.0
13.594.0
4.631.0
16.839.0
25.846.0

800,0
’ ' 30,6

207,260,0|

852,0

205.680.0
207.469.0
211.180.0
308,106.0

856.0
851.0
851.0
851.0

Trust Companies.
N ot M em bers ot
Federal Ueserre Bank.

1.500.0 3.991.0
Brooklyn Trust Co___
Bankers' Trust C o____ 10 ,000,0 15,498,8
2 , 000,0
U. S. Mtgo. A Trust Co
4.278.2
Astor Trust C o ..........
1.250.0
1,712,5
Title Guar. A Trust Co. 5.000. 0 12.227.2
Guaranty Trust Co___ 20 , 000,0 31.073,7
Fidelity Trust C o ..
1 .0 0 0 .0
1.210.3
Lawyers' Title A Trust. 4.000.
0
5.472.0
2 . 000 .
0
8.097.3
Columbia Trust Co___
1,660,2
1 , 0 0 0,0
People’s Trust C o ..
11.372.3
New York Trust C o__
3.000.
0
1 .000 .0
1.301.3
Franklin Trust C o ..
525,4
1,000,0
Lincoln Trust C o........
Metropolitan Trust Co. 2 ,000,0 6.424.3

Totals, avgo. for week. 54,750,0 104,844,5 1,058,906,0 74,225,0
Totals,
Totals,
Totals,
Totals,

actual
actual
actual
actual

condition
condition
condition
condition

Aug. 5
July 29
July 22
July 15

1.071.177.0
1.039.116.0
1.015.022.0
1.055.118.0

73.787.0
75.700.0
78.704.0
81.109.0

1.454.0
6.943.0
2.158.0
1.135.0
13,0 1.439.0
16,476,0
402.0
1.023.0
21,0
113,0 3.336.0
15.0 1.058.0
33.0 3.111.0
3.0
793.0
635.0
11.0
7.0 2.719.0
29.0

20,0

20.0

6,0

131.0
16,0
116.0
167.0
33.0
13.0
142.0
67.0
19.0
40.0
70.0
349.0

1.455.0
29,502,0
4.674.0
626,0
1.299.0
1.684.0
436.0
700.0
1.981.0
717,6
6.361.0
812.0
350,0
1.585.0

10 ,260,0

9,142,0

1,436,0

271,0 42,682.0 52,182,0

10,1111,0
6.370.0
8.959.0
7.075.0

9.360.0
7.282.0
6.458.0
4.200.0

1.455.0
1.305.0
1.461.0
1.556.0

304.0
264.0
253.0
264.0

Grand Aggregate, avge. 185,550,0 329,423,7 3,217,256,0 290,036,0 66,096,0 67,425,0
Comparison prov. week
+ 29,602,0; +5,860,0 -2,052,0 —5,351,0
Grand Aggregate,actual condition lug. 5:3,222,822,0 294,564.0 65,802,0 71,611,0
Comparison prev. week
.......... +33,891,0 +120890 — 5,596,0 — 1,051,0
Grand Aggregate actual condition July 29|3,188,931,01282,475,0 71.398.0 72.662.0
Grand Aggregate actual condition July 22|3.184,946.0|286,390 0 06.488.0 72.756.0
Grand Aggregate actual condition July 15^,188,833,0 276,618,0 68.440.0 73.157.0
a

262,0

29.086.0
138.872.0
43.169.0
22.681.0
28.785.0
329.526.0
S,063,0
20.465.0
66.713.0
21.144.0
62.408.0
15.852.0
12.701.0
54.375.0

7.726.0
77.500.0
18.981.0
6,.823,0]
979,0!
3S,178,0,
983.0
1.105.0
17.211.0
707.0
5.783.0
3.604.01

666.0

6,378,0

853,S40,0 186.624.0;

42.665.0 47,894,0 867.993.01191.125.0
44.486.0132.758.0 889,645,0!135,314,0
899,790,0!l3«,898,0i
44.572.0
23,678,0
135,874,0
45,459,0,17,805,0 912.322.0

121,0

2,045,0
— 593,0

1,772,0 216,260,0157,406,0 3,091,755,0 235,374,0
+ 257,0 — 337,01 +23920 — 30,438,0; +51599.0;

2,588,0
+ 182,0

1,947,0
— 540,0

1,745,0 214,075,0 52,725.0 3,111,217,0 238,960,0 31,251,0
+ 379,0 — 4.670,0 +14368 — 14,751,01+53699 0 — 196,0

2.406.0
2.596.0
3.363.0

2.487.0
2.158.0
1.692.0

1.366.0 218,745,0|.3S,357,0 3.125,968,0 185,261,0; 31,447,0
1.950.0 217,692,0 28,506,0 3.124,718.0 185,263.0 31,489,0
1.744.0 211,180,0 23,668,0,3,126,943.0 180,094.0 31,513,0

2,477,0
—

Includes capital sot aside for Foreign Branches. 83,000,000.

Averages.
Cash Reserve ! Reserve in
in Vault. \Depositaries

Total
Reserve.

a Reserve
Required.

Actual Figures.
Surplus
Reserve.

I n c . or D ec. \
from
Cash Reserve Reserve fn !
PreviouslV eek in Vault. D ep ositaries

Total
Reserve.

b

Reserve
Required.

Surplus
Reserve.

In c. or D ee.
from
PreviouslV eek

$
1
S
Members Federal
S
$
s
1
s
s
1
$
1!
s
3
s
3
Reservo Bank___ 295,813,000 165,492.000 461.305.000 367,912,800 9.3,392,200 — 4,810,990 303,958,000 163,561,000 467,519,000 369,106,870 98,412,130 — 3,778,350
State Banks*............ 35,158,000] 8,0.86,000 4.3,244,000 .37,306,800 5,937,200
+183,420; 35,95.8,000 7,849,000 43,807,000 .37,022,400 6,784,600 + 1,425,020
Trust Companies*.. 95,003,000 42,682,000 137.745.000 128,076,000 9,669,000 +0,925,800 94.649,000 42,665,000137,314,000 130,198,950 7,115,050 + 5,418.800
Total Aug
I ^ , '2 « f’n 2 no!«'in 2’2 n ^ i i ’2,j4'000'r,33'29fl'000 108,998,400 + 2,298,230 434.565,000214.075,000648,640,0095.36,328,220 112,311.7.80 +3.065,470
Total July 29........ i'i^Z2bI;n!Jo!n',,4oI;,.«„.1^'298'0C0537-'597-830i10«.700,i70 + 2.837.430 428.941,000218.745.000647.686.000,538,439.690109,246,310 + 1. 160,950
Total July 22........
’x12’X29 " 3? '743>OHOS35.8s°.260il03 ,8fl2,740 +29,364,270 428,230,000 217,692,000 645.922,000,537,836,640 108.0S5.360 +12,975,890
Total July 15........ 402,243.000 211.852,000 614.095,000 539.596.5301 74,498,470 +10,392,1.30 421.578,000 211,180,000 632.758,000 537.648,530 95,109,470 +41.563.410
* Not members of Federal Reserve Bank,
a This Is tho resorvo rouulred on Net Demand Deposits In tho caso of State Banks nnd Trust Companies, but In the case of Members of the Federal Reserve Banks
Includes also tho amount of reserve rcaulred on Net Time Deposits, which was as follows: Aug. 5, $2,394,900; July 29. $2,401,250: July 22. $2,367,250; July 15.$2.151.450.
I> This Is tho reserve required on Net Demand Deposits In the caso of State Banks and Trust Companies, but In the case of Members of tho F<da'Jl Reserve Bank
Includes also tho amount of reserve required on Net Time Deposits,which was as follows: Aug. 5, $2,348,950; July 29, $2,454,800; July 22, $2,375,700; Juiy 15, $2,168,450




In addition to the roturns of “ State banks and trust com­
The State Banking Department reports weokly figures,
showing the condition of Stato banks and trust companies panies in New York City not in the C learing H o u s e ,” furnished
in New York City not in the Clearing H o u s e , 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
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
in the whole State, The figures are compiled so as to distin­
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by Stale Banking D ep artm ent.) D ifferen ces from
guish botween the results for New York City (Greater New
Au gust 5'.
precious w eek.
Loans and Investments_________________
$709,378,600
Dec. $6,905,300 York) and those for the rest of tho Stato, as por tho following:
174,600
G o ld ........................................................................... 59,933,300
Dec.
For definitions and rules undor which tho various itoms
Currency and bank notes_______________________
8,764,100
344,100
Dec.
Total deposits____ . _____ _______ _____ _______ _ 867,037,100
Inc. 1,093,500 are made up, see “ Chronicle,” V. 98, p. 1661,
Deposits, eliminating amounts due from reservo
The provisions of the law governing tho reserve require­
depositaries and from other banks and trust com­
panies In New York City, and excnangcs_______ 748,956,700
Doc. 5.309.800
Reserve on deposits.................
185,807,100
Inc. 5.476.800 ments of State banking institutions woro published in the
Percentage of reserve, 26.8%.
“ Chronicle” March 28 1914 (V. 98, p. 968). Tho regula­
RESERVE.
tions relating to calculating tho amount of deposits and what
------- Stale Banks ------—— Trust C om panies —
Cash In vaults....................................$11,671,700 10.50%
$57,025,700
9.80%
deductions
are permitted in tho computation of tho rosorves
99,309,800 17.06%
Deposits In banks and trust cos__ _ 17,799,900 16.01%
were given in tho “ Chronicle” April 4 1914 (V. 98, p. 1045).
T o ta l............................................. $29,471,600

26.51%

$156,335,500

26.86%

The averages of the New York City Clearing House banks
and trust companies, com bined with those for the Stato banks
and trust companies in Greator Now York City outsido of the
Clearing House, compare as follows for a serios of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
W e om it ciphers In all these fig u res.

W eek ended —

May
May
May
June
June
June
Juno
July
July
July
July
July
Aug.

13.........
20.........
27.........
3........
10........
17........
24........
1........
8 ........
15........
22........
29........
5........

Loans and
Investm ents

D em and
D ep osits.

Sp ecie.

S
4.072,139,2
4,104,967,9
4,124,653,8
4,118,082,4
4,087,787,7
4,048,776,6
4,025,626,8
4,017,526,4
4,011,831,8
3,956,132,5
3,901,908,7
3,903,877,9
3,920,03 4,6

$
4,077,522,7
4,126,508,7
4,135,726,9
4,093,553,9
4,056,239,2
4,025,988,4
4,026,435,3
4,024,927,0
3,966,993,0
3,906,760,1
3,871,422,7
3,876,459,5
3,840,711,7

S
429,750.4
430,267,8
418,247,5
409,491,2
399,818,3
412,492,1
431,258,6
440,874,8
407,219,3
405,666,1
413,668,2
417,059,9
417,394,3

Other
M on ey.

Total
E n tire
M o n ey
Reserve on
H old in g s. D ep osits.

S
82,000,6
81.014.9
75,338,8
73,519,3
70,180,8
79,319,3
83,456,1
79,417,4
62,520,9
66,617,8
79,582,4
79,857,2
77,337,1

$
511,751,0
511,282,7
493,586,3
483,010,5
475,999,1
491,811,4
514,714.7
520,292,2
469,740,2
472,283,9
493,250,6
496,917,1
494,731,4

3
872,048,5
884,881,4
862,337,4
851,290,6
810,609,3
824,041,3
816,890,0
850,228,8
786,127,9
779,462,3
812,531,2
824,628,3
828,101,3

STATE BANKS AND TRUST COMPANIES.
W eek ended A u g .

T rust C os.
Slate Banks
Trust C os.
Slate Banks
outside o f
outside o f
in
In
Oreater N . Y . Greater N . Y . G reater N . Y . Greater N . Y .

5.

$
75,550,000

40,083,500

173.239,300

14,654,000

14,381,600

381,385,900 1,667,215,900
— 1,831,909 + 12,616,709

160,901,500
+ 249,900

239,696,100
— 18,400

Surplus ni of Juno 30___
Loans and Investments.Chango from last week.

S
14,900,000

S
23,450,000

Capital as of June 30___

S
11,783,000

Cnaugo from last week.

37,310,600
— 2,834,500

131,629,900
— 3,721,400

Currency and bank notes.
Change from last week.

20,217,500
+ 1,114,909

22,903,300
+ 6,351,90)

Deposits.................... .......
Change from last week.

492,200,209 1,985,391,700
+ 4,242,300 + 81,213,0J0

172,775,300
+ 214,109

255,066,000
+ 1,057,800

Roservo on deposits____
Chango from last week.

103,189,300 363,956,900
— 858,300 +31,120,800

31,060,000
+ 419,300

35,950,100
+ 1,321,800

24%
21.8%

21.2%
20.8%

17.6%
17.0%

P. c. of reserve to deposits
Percentage last week..
+ luoreaso over last week.

25.3%
25.3%

.......... - ................
___ _ ___ __
.......... ..................

— Decreaso from last week.

Non-Member Banks and Trust Companies.— Following is the report made to tho Cloaring-Houso by cloaring non­
member institutions which are not included in the “ Clearing-House return” on tho preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
CLEARING
NON -MEMBERS . Capital.
Week Ending
A u g 5. 1916.

N et
P rofits.

'Nat. bka. June 30l
LState bka. Juno 30J

Members o f
Fed’l Reserve Bank
Battery Park Nat__
First Nat., Brooklyn
Nat. City, Brooklyn
First Nat., Jera. City
Hudson Co. N ., J.CFlret Nat., Hoboken
Second Nat., Hobok.

L oa n s,
D iscou n ts,
Invest­
m ents, A c .
A v era ge.

S
$
189,
200,000
679,
300.000
588,
300.000
400.000 1,266,
755,
250.000
628,
220.000
291,
125,000

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

S
5.875.000
5.125.000
5.524.000
4.836.000
4.585.000
6.016.000
4,777,000

N at .Bank N at .Bank
N otes [Re­ N otes[N ot Federal
serve fo r
Reserve
Counted
Slate I n ­
N otes [N ot
as
Reserve]
stitutions] Reserve],

Legal
■Tenders.
A v erage.

A v erage.

A v erage.

Average.

A v erage.

S
596.000
156.000
169.000
214.000
135.000
169.000
61,000

S
70.000
43.000
64.000
352,000
14.000
9,000
40.000

S
78.000
95.000
119,000

8 8.0 00

15,000
4.000

4,397,800 36,738,000 1,500,000

592,000

571,000

141,000

2.158.000
8.473.000
7.910.000
1.370.000
2.614.000
0,455,000
4.099.000
6.120.000
17,870,000
4,406,000

9,000
148.000
29.000
23.000
13.000
48.000
27.000
85.000
160.000
45.000

57.000
449.000
353.000
37.000
50.000
151.000

S

3.000

69.000
34.000

S

8.000

5.000
9.000

86,000

5.000
5.000

9.000
16,000

88.000

A verage.

1.000

2.000

Reserve
with
Legal
D ep os­
ita ries.
Average.

Additional
D ep osits
N et
with Legal
D em and
D epos­
D ep osits.
ita ries.

N et
T im e
D ep osits.

N ation a l
Bank
Circu­
la tion .

Average.

A v erage.

A v erage.

A verage.

S
S
S
$
6.443.000
162,000
606,000
71,000
198.000 4.701.000
5SS, 1)00
91,000 5.530.000
658.000
533.000 3.148.000 4.448.000
452.000 1.151.000 3.763.000
638.000 2.694.000 3.034.000
424.000
387.000 2.541.000 2.112.000
305.000

$

194.000
296.000
118.000
393.000
193.000
217.000
98,000

27,000 3,566,000 5,673,000 30,120,000 5,379,00011,509.000

State Banks.
N ot M em b ers o f the
Federal Reserve Bank.

410,700
851,400
655.900
184.300
116.300
474.900
243,500
584,600
807.900
189,100

Bank of Wash. H’ts. 100,000
Colonlal Bank__ ___ 400.000
300.000
Columbia Bank___
200.000
Fidelity Bank........ International Bank. 500.000
200.000
Mutual Bank_____
200,000
New Netherland___
100,000
Yorkvllle Bank____
Mechanics’ , Bklyn.. 1,600,000
North Side, Bklyn.. 200,000

118,000
507.000
559.000
97,000
253.000
627.000
234.000
447.000
766.000
245.000

T o ta l___________ 3,800,000 4,518,600 61.475,000 3,853,000

120.000

31.000
41.000
89.000
39.000
29.000
82.000

224.000
725.000
92.000

2 01 ,00 0

81,000

587,000 2,258,000

529,000

81,000

20,000

81,000

64.000
31.000

101,000

95,000

17,000

102,000
128,
444,
534.000
509.000
346,
45,
76,000
170.000
451,
399
135,090
5,000 239.000
398.000
297,
1,127,000 2,140,
379
261.000

12,000

17,000 3,551,000

690.000
905.000
485.000
267.000
387.000
582.000
998.000
628.000
779.000
251.000

85,000
350.000
299.000

’ oY.ooo
410.000

4,629,000 62,975,000

1,238,000

Trust Companies.
N ot M em bers o f the
Federal Reserve Bank.

HamlltonTrust.Bkln.
Mechanics’ .Bayonne

500.000 1,103,500 8.332.000
297,600 4.967.000
200.000

516,000
80,000

13,299,000

596,000

700,000

Total .

Grand aggregate___ 6,295,000
Comparison ,prev.wk
Excess reserve. $521,850
Grand aggr’te July29 6,295,000
Grand aggr’te July22j6,295,000
Grand aggr’ te July 15 6.295,009
Grand aggr’ tcJuly 8 5,795,000
Grand aggr’te July 1 5,795,000

20,000

65,000
85,000

10,317,500 111512000'5,949,000
+ 896,000 —102,000
Decrease
10.317.500 110616000 6,051,000
10.317.500 111614000 6,236,000
10.459.700 112418 000|6,002,000
10.459.700 109294000 5,784,000
10,355,400 108132 000'5.833,000

1,261,000 2,930,000 621,000
— 20,000 — 14,000 — 77,000
1,284,000
1.256.000
1.350.000
1.248.000
1.302.000

2,974,000
2.909.000
3.225.000
3.089.000
3.079.000

222 ,00 0

— 9,000

26,000

2,000

310.000 1,186,000 6.209.000 1.416.000
605,000 2.220.000 2.688.000
111.000

28,000

421,000 1,791,000 8,429,000 4.101,000

72,000 7,538,000 12,093,000, 101524000 10.721.000 1.509.000
— 1,000 -217,000 + 1078000 +272,000! + 123,000 — 6,000

701.000
806.000
790.000
746.000
656.000

7.755.000
7.747.000
7.781.000
7.654.000
7.607.000

11,015,000' 101252000 10.598.000
11.261.000 103 142 000 10.477.000
9,929,000 104218000, 10.421.000
12.785.000 100227000, 10.313.000
11.236.000 98,631.000' 10.220.000

17515.000
1.513.000
1.509.000
1.510.000
1.524.000

Philadelphia Banks.— Summary of weokly totals of
Boston Clearing-House Banks.— We givo bolow a sum­
Clearing House banks and trust companies of Philadelphia:
mary showing the totals for all tho items in tho Boston Clear­
W e om it two ciphers (00) in all these fig u res.
ing-House weokly statement for a serios of wooks:
L oa ns,
D lsc'ls A
Invest'ts.

D ue
fro m
Banks.

D ep osits.
Bank.

Indlvld'l.\

Total.

Reserve
H eld .

Excess
Reserve.

$
$
1
$
$
Aug. 5.
S
S
S
Nat. banks. 358,017,0 63,282,0 157,890,0 286,822,0 444,712,0 73.285.0 18,362,0
Trust co s .. 151,044,0 5,490,0 3,694,0 138,468,0! 142,162,0 24.505.0 4,337,0
Total . . .
July 2 9 ...
" 2 2 ...
"
1 5 ...
••
8 ...
••
1 ...
June 2 4 . ..
“
1 7 ...
•’ 1 0 ...
**
3 ...

509,061,0
509,024,0
510,676,0
518,482.0
514,281,0
512,795,0
512,551,0
513,741.0
513,163,0
508,838.0

68.772.0
71.446.0
75.318.0
75.386.0
72.545.0
73.492.0
73.502.0
75.222.0
73.043.0
75.246.0

161.584.0
163.326.0
165.127.0
167.766.0
168.696.0
166.564.0
169.800.0
171.591.0
170.649.0
171.263.0

425,290,o|586,874,0
424.040.0 587,972,0
427,642,0|592,769,0
440.822.0 608,588,0
441.662.0 610,358,0
437,448,0,604,012,0
433.292.0 603,092,0
441.244.0 612,835,0
440.361.0 611,010,0
450.711.01621.974.0

97.790.0
98.288.0
96.702.0
99.465.0
106.726.0
99.902.0
105.718.0
109.285.0
110.875.0
117.690.0

22.699.0
23.175.0
21.662.0
22.538.0
29.435.0
23.811.0
28.820.0
31.581.0
32.936.0
39.307.0

N o te .— National bank note circulation Aug. 5, $9,435,000; Exchanges for Clear­
ing House (Included In "Bank Deposits” ), banks, $15,276,000; trust companies,
$2,215,000; total, $17,491,000. Capital and surplus at latest dates; banks, $64,­
175.600; trust companies, $11,295,200; total, $105,470,800.




BOSTON CLEARING HOUSE MEMBERS.
5
1916.

Aug.

Circulation------------- ----------Loans, dlsc’ts & Investments.
Individual deposits, incl.U.S.
Due to banks_____________ _
Time deposits.... ...................
Exchanges for Clear. House.
Due from other banks.,----Cash reserve...... ......... ......
Reserve In Fed. Rcs’ve Banks
Reserve with other banks —
Reserve excess In bank........ ..
Excess with Reserve Agent..
Excess wltn Fed. Res’ve B’k.

$6,455,000
422.502.000
325.056.000
122.836.000
25.609.000
16.235.000
36.773.000
23.620.000
21.053.000
33.150.000
478,000
17.722.000
1,768,000

Change from
previous week.

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

$56,000
236,000
2,175,000
109,000
6,268,000
2,873,000
1,360,090
1,260,000
1,435,000
4.024,000
1,259,000
4,024,000
1,435,000

29
1910.

July

$6,399,000
422,266,000
322.881.000
122.727.000
31.877.000
13.362.000
35.413.000
24.880.000
22.488.000
37.174.000
1.737.000
21.740.000
3.203.000

22
1910.

July

$6,383,000
424.230.000
326.902.000
126.130.000
32.362.000
14.441.000
38.785.000
25.730.000
23,992,900
35.189.000
2.267.000
19.549.000
4.442.000

Imports and Exports for the Week.— Soo third page
preceding.

fSfcmluers*
Wall Street, Friday Night, Aug. 11 1916.

For to-day's prices of all the issues and for week’s range, see
third page following.

Railroad and Miscellaneous Stocks.— Business in the
stock market during the early part of the week was small. On
Monday only 118,829 shares were traded in, the smallest
number on any day since the week ending Jan. 2 1915, which,
it will be remembered, followed the period when the Ex­
change had been closed for more than 5 months. Under
such conditions prices naturally drooped, but on Tuesday
there was a substantial recovery in both volume of business
and prices, a movement which continued until some time
on Thursday, when the highest prices of the week were
recorded. Reading led this movement and showed a gain
of nearly 9 points, Union Pacific was 3 points higher and all
the railway list was strong. Benefits were not limited to
this group, however, many of the speculative industrial
stocks selling from 2 to 4 points higher than on Monday.
Among the exceptional features Industrial Alcohol sold
up to 113, a gain of 7 points, Am. Locomotive was 5% points
higher and Consolidated Gas, ex-dividend, was nearty as
much.
To-day’s market has been decidedly irregular on a volume
of business considerably smaller than on the two previous
days. General Motors made a sensational advance of 50
points and closes 75 points higher than last week. American
Locomotive was unusually active, on its annual report now
made public, without much change in price.
For daily volume of business see page 570.
The following sales havo occurred this week of shares not
represented in our detailed list on the pages which follow:

The Money Market and Financial Situation.— Among
tho important matters attracting attention this week in
Wall Street tho averted or delayed railway strikes, both
local and national, and tho Government crop report have
been prominent. The latter, which was much more un­
favorable than had been expected, had a drastic effect upon
the grain markets, causing an advance of 10 or 11 cents in
the price of wheat. This estimato of spring wheat is for
a crop 25% smaller than that of a month earlier, or about
200,000,000 bushels, which is almost exactly four-sevenths of
last year’s harvest. This is, however, not as serious a
matter as the figures indicate, inasmuch as the prices now
ruling will give tho producers an amount well up to tho
10-year average from that source and, while the grain­
carrying railroads will miss tho usual transportation, tho
export movement will scarcely feel its loss— that is, if tho
recent proportion of manufactured goods continues to figure
in the export trade of the country.
Tho threatened strike of railway employees was a matter
of more vital importance and that it is held in abeyance with
a hopo of satisfactory adjustment is a relief to all business
interests. When the moral and ethical, as well as tho politi­
cal and economic, phases of tho whole labor problem are
STOCKS.
Sales
Range f o r W eek .
R ange sin ce Jan . 1.
better comprehended wo shall doubtless havo cause for
W eek ending A u g . 11.
fo r
Week.\
Low est.
H igh est.
L ow est. I H igh est.
further rojoicing
P ar. Shares S per share.
S p er share. $ per share S p er share.
Reports of railway earnings continue surprisingly good and,
Acme Tea tern ctfs--100
200 51 % Aug 7 51% Aug 10 51 % Aug 52% July
although the Steel Corporation’s statement of ordors booked Ajax Hubber________ 50: 2001
65 Aug 9 61
63% Aug
Aug 66
July
Brake Shoe & Fy 100
180106% Aug
106% Aug 9 100
Apr 106% Aug
in July show a decrease of about 47,000 tons, this has not AmPreferred
ctfa____ 100
100195 Aug
195 Aug 9 165
Feb
P"M 98
July
Am
Tclcg
&
Cable..
_
100
170
62% Aug 5 60% July 69% Apr
02 A Aug
prevented an advance of $2 per ton in tho price of several
Am Writ Pap, pref. .100 4,200 25% Aug
28% Aug 9 11
Jan 29% July
kinds of finished products, notably nails, barb wire, Assets Realization,.100 200 4 Aug
4 Aug 8 3
Jan
Mar 8
Associated Oil.......... 100
300 67% Aug
67% Aug 10 62
Jan
Jan 77
structural and plate steel.
Batopllas Mining___ 20
300 1% Aug
1% Aug 11
1% June 3% Jan
Jan
In banking circles interest has centred in tho progress Bklyn Union G as...100 300 130 Aug 131 Aug 11 126 Apr 132
Brown Shoe............... 100
200 58% Aug 11 58% Aug 11 50% Jan 60% M ay
made with the long-talked-of British loan with American Brown Shoe, pref--.100 100 98 Aug 5 98 Aug 5 95% Jan 102 May
Buff Roch & Pitts__ 100
14 97% Aug 5 97% Aug
July
92
May 100
securities as collateral, in the receipt of 14,000,000 gold from Burns
Bros_________ 100
Jan
110 67 Aug 7 67 Aug
Aug 87
66 J
Butterlck................ 100
Jan
Aprj 31
28
450 28% Aug 11 29 Aug
Canada, tho Bank of England’s report showing a gain of Canada
Feb; 59
Southern__ 100
25j 58 Aug 5 58% Aug
May
57
<fc Pitts___ 50
79
60' 81% Aug
81% Aug
May! 81 % Aug
$8,000,000 in its gold holdings and an increase in its reserve Cleveland
Cluett, Peabody, pf.100
200 110 Aug 10 111% Aug
Jan
108
June 112
Comp-Tab-Uecord’K 100
160) 42 Aug 5 42 Aug
to 27%.
40% July 52% Jan
300[ 32 Aug 9 32 Aug
Cripple Crk Cent__ 100
32
Augi 32
Aug
nnvtnn
I)nw .L uI xt, r»f
1PA
ion row
pi iuu
100 95% Aug 11 95% Aug 11 95% June 96% Juno
Foreign Exchange.— The market for sterling exchange nay
Deere & Co, pref___ 100
200; 91 % Aug 9 92 Aug 11 89 May 98% Feb
has ruled about steady but quiet and without other out­ Detroit
Edison____ 100
50137% Aug 5 139% Aug 11 131
Mar 141% Jan
standing feature. The Continental exchanges also were Detroit United____ 100 900118 Aug 7 119% Aug 9 0
Jan! 119% Aug
260 5% Aug 10 5% Aug 10 4% Mar 6% May
Duluth SS&Atl___ 100
featureless.
Elec Stor Battery, _. 100 1,100' 66% Aug 8 68 Y% Aug 10 58
Apr 68% Aug

T o -d a y ’s (Friday’s) actual rates for sterling exchange were 4 7 1 1 4 ©
4 71% for sixty days, 4 75% (<04 75 11-1(1 for checks and 4 76 7-16 for cables.
Comm ercial on banks, sight, 4 7 5 % (« 4 75% ; sixty days, 4 7 0 % @ 4 <0%;
ninety days, 4 68% (-< 4 6 8 % , and docum ents for payment (sixty days),
4 70% @ 4 7 1. C otton for paym ent, 4 7 5 % , and grain for paym ent, 4 7 5 % .
There were no rates posted for sterling by prominent bankers this week.
T o -d a y ’s (F riday’s) actual rates for Paris bankers’ francs were nominal
for long and 5 92% for short. Germany bankers’ marks wero 72 3-16 for
sight, nominal for long and nominal for short. Amsterdam bankers'
guilders wero 41 3-16 for short.
Exchange at Paris on London, 28.17 f r .; week’s rango, 28.15 fr liitdi
and 28.17 fr. low.
Exchango at lleriin on London, not quotable.
The rango for foreign excliango for the week follows:
C h eck s.
S terlin g A c t u a l —
S ix ty D a y s .
Cables.
High for tho week___ 4 71 %
4 75 13-16
4 76 7-16
4 75%
L ow for tho week—
4 71 9-16
4 76%
I 'a ris B a n k ers' F r a n c s —
5 91
High for tho week___ _________
5 90%
5 91%
Low for the week___ _________
5 91%
G er m a n y B a n k ers' M a r k s —
72 3-16
High for tho week___ _________
72 5-16
71 13-16
Low for tho w eek..... ..............71%
A m s te r d a m B a n k e r s' G u ild e r s —
41%
High for tho week___ _________
41 7-16
41 5-16 + 1-16
L ow for tho week___ _________
41 7-16— 1-16
Domestic Exchange.— Chicago, 10c. per 81,000 discount. Boston par
St. Louis, 15c. per 81.000 discount bid and 10c. discount a s k e d .’ San
Francisco, 15c. per 81,000 premium. M ontreal, 81 25 per 81,000 premium
M inneapolis, 30c. per 81.000 premium. Cincinnati, par. New Orleans'
sight, 50c. por $ 1,000 discount, and brokers’ , 50c. prem ium

Gulf States Steel ctfs 100
1st pref ctfs_____ 100
2d pref ctfs_______ 100
Int Nickel pref v t c , 100
Iowa Central___
100
Kings Co El L & P. ,100
Laclede Gas________ 100
Mackay Companies. 100
Preferred________ 100
Manhattan Shirt___ loo'
May Dept Stores___ 100
Natl Cloak & Suit . . 100
N Y C h ic* St Louis. 100
2d preferred_____ 100
N Y Lack A W est.. . 100
Nor Ohio Trac & Lt.100
l’ ltts Steel, pref........ 100
Tobac Products, pref 100
Underwood T ’writer 100
Preferred ...............100
U S Reduc & Rcfg__ 100
Preferred.......... .. 100
Virginia Iron C & C.loO
Wells, Fargo Exp— 100
West’house A Brake, .50
Worth'ton PAM vtc, 100
Preferred A v t c .-lO O

73%
380! 72% Aug
93%
100 93% Aug
82
500: 80 Aug
106
200106 Aug
2%
100 2% Aug
355127 Aug
127
200105 Aug
105%
300; 81% Aug
82
100 67% Aug 11 67%
400 66 Aug 7 67
300 60 Aug 7 60
200 75 Aug 10 75
20o! 33% Aug 81 35
100 61 Aug 11 61
33115 Aug 8115
200 90% Aug 8; 90%
500 99% Aug 8 100
100102 Aug 10 102
500 98% Aug 11 101
100 118 Aug10 118
200 1% Aug 11 1%
200 1 Aug 11 1
200 44 Aug 8 44
150127 Aug 11 127%
321 139% Aug 8 141%
35 25 Aug 11 25
13 97 Aug 111 97

Aug 8 71
Aug 9 87
Aug 10 72
Aug 8 105
Aug 7 2
Aug 9 126%
Aug 8 103%
Aug 10 78
Aug 111 65%
Aug 9, 55
Aug 8 50%
Aug 10 71
Aug 11 33
Aug 11 50
Aug 8 115
Aug 9 70
Aug 10 93%
Aug 10 99
Aug 11 97%
Aug 10 110
Aug 11
1
Aug 11
%
Aug 8 41
Aug 11 123%
Aug 10 139
Aug 11 25
Aug 11 95

May 90%
May 101%
May 90
Aug 111%
July! 6
May 131
Mar 107%
Apr "*
Jan
Feb 67%
Jan 68%
May 81%
Apr 45
Apr 67
Aug 116
Feb 90%
Feb 100 %
July 109%
July 106
Jan 118
June 3%
Aug 4
July 62%
May 135
Feb; 141%
July! 27%
July 97%

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

Outside Market.— The “curb” market was very quiet
this week. Business was dull and price changes with one or
two exceptions insignificant. Motor stocks, led by Chevro­
State and Railroad Bonds.— Sales of Stato bonds at the let Motor, show the widest prices changes. Chevrolet Motor
Board aro limited to $5,000 N. Y. Canal 4s, 1960, at 105% after an early advance from 189 % to 195 dropped to 187,
then ran up to 209 and to-day jumped to 220, closing at 217.
and $1,000 N. Y. Canal 4s, 1961, at 105%.
Tho market for railway and industrial bonds has been rela­ United Motor gained over 5% points to 67%, reacting finally
to 66%. Stutz Motor sold up from 63% to 66. Stromberg
tively active and Steady. Higher and lower quotations as Carburetor moved up from 41% to 44% and finished to-day
compared with last week’s closing aro about equally divided, at 43%. Tobacco Products com. was active in the closing
and of a li^t of 25 active issues 4 are unchanged. Fluctua­ days of the week and advanced from 44% to 47%, with the
tions liavo generally been narrow, especially in the railway final figure to-day 46%. Midvale Steel & Ord. with fair
activity moved up about 2 points to 62%, easing off finally
list.
to 61%. Driggs-Seabury Ord. advanced a point to 99, sank
Somo of tho industrial bonds covered a wider range. Con­ to 91, but recovered finally to 96. Standard Oil stocks were
solidated Gas 6s, in sympathy with tho shares, advanced without special feature. Illinois Pipe Line sold up some 7
nearly 2 points, and Inter. Merc. Mar. 4%s and Central points to 165. Ohio Oil opened the week at 230, dropped to
Leather 5s aro substantially higher. N. Y. Cent. deb. 6s, 218, moved upwards thereafter and rested finally at 225.
Southern Pacifies, Rock Island deb. 5s and Southern Ry. Other oil stocks show only slight changes. A heavy business
was recorded in Omar Oil & Gas, the price advancing from
gen. 4s were, of the railway group, notably strong.
70c. to 84c., with the close to-day at 81c. United Verde
Sales under the rule for s-20-f aggregated $106,000, par Extension was active in the mining list, and from 28% rose
value, as against $97,000 last week and $37,000 tho week to 32%, but reacted and closed to-day at 31%. In bonds,
Int. Merc. Marine 6s, w. i., were conspicuously active,
before.
fluctuating between 96 and 97, tho close to-day being at
United States Bonds.— Sales of Government bonds at 96%. Missouri Pacific 4s, w.i., were also active and lost 2
tho Board include $2,000 4s coup, at 111, $3,000 3s reg. at points to 64%, but sold back to 66. A complete record of
100%, $1,000 2s coup, at 99% and $1,000 2s reg. at 99. I “curb” transactions for the week will be found on page 570.



562

New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
OCCUPYING TW O PAGES.
For record o f sales during the week o f stocks usually Inactive, see preceding page.

H IG H A N D L O W S A L E P R IC E S — PER S H A R E , N O T P E R C E N T .
Saturday
Aug. 5

M on d a y
Aug. 7

Tuesday
Aug. 8

W ednesday
Aug. 9

Thursday
A u g . 10

F riday
A u g . 11

Sales for
the
W eek

Shares.

c-i’o r ’ K'e
NEW YORK STOCK
EXCHANGE

PER S H A R E
Range Since J a n . 1
On basis o f 100-share lots
Low est

H ighest

PER S H A R E
Range fo r Previous
Y ea r 1915
Lowest

H ighest

$ per share S per share
$ per share
Railroads
Par $ per share
26,350 Atch Topeka & Santa Fe._100 100*4 Apr 22 108% Jan 4
92*2 Feb 111*4 N ov
1,900 Do
96 Jan 102% N ov
prof_____________ 100 98% July 6 102 Feb 24
200 Atlantic Coast Line R R __ 100 106*2 Apr 19 117% Junel3 98 M ar 116 N ov
96 Dec
20,073 Baltimore A Ohio________ 100 82% Apr 24 96 Jan 4
63% Feb
79>4Nov
1,592
67 Feb
73 Aug 9 80 Jan 15
Do
pref............. ......... 100
1,500 Brooklyn Rapid Transit.. 100 83*2 Apr 22 88% June 6
83*4 Aug 93 Apr
7,300 Canadian Pacific________100 *162% Mar 1 183% Jan 3 138 July 194 N ov
Sep 325 Jan
Central of New Jersey___ 100 290 Jan 3 §310 M ayl 8 §250
64*4 N ov
5,000 Chesapeake A Ohio______100
58 Apr 24 67%Juno 8
35% July
200 Chicago Great Western__ 100 11% Apr 24 15% Jan 3 10% Jan 17% Nov
900 Do
25*2 May 41%N0V
prof........................100 33 Apr 24 39% Jan 4
6,800 Chicago Milw & St Paul.. 100 91 Apr 22 102% Jan 3
77% July 101% Dec
200 Do pref_____________ 100 127*2 Mar30 136*8 Jan 5 120% Sep 135 Dec
150 Chicago A Northwestern. .100 124% Mar30 134% Jan 3 118*2 July 135% N ov
Do pref...............
100 §165 Apr 13 175 Jan 11 163 July §180 N ov
10*2July 3838 Apr
7,500 Chicago Rock Isl A Pac__ 100
15% Apr 22 24% June21
Chic St Paul Minn & Om.-lOO 116 Julyl3 123 May 15 §114 Apr 123 N ov
Do pref........................100 131% Apr 12 136 Jan 27 124 Sep 135 Dec
Oct
Jan 52
Clov Cin Chic <fe St Louis.. 100 38 Apr 27 59*2June 8 §21
77 Oct
Do pref_____________ 100 70 Feb 2 86 June14
53*8 Feb
38*2 N ov
24 Mar
Colorado A Southern_____ 100 24% Apr 24 36*2 Junel3
45 Jan 60 N ov
Do
1st pref_________ 100 46 Apr 1 60 June 9
57% JunelO
35
Sop 52 N ov
40 M arl3
Do
2d prof. _______100
165 Delawaro A Hudson______100 149*8 Apr 20 155% May23 138*2 Aug 154% N ov
100 Delaware Lack A W estern..50 216 M arls 237 Juno 9 199% Jan 238 N ov
4
Jan
16*2 Nov
8% Mar30 16*4 Junel3
Denver A Rio Grande___ 100
3.100 Do pref_____________ 100 15 M ar 8 37% Julyl9
6*2 Jan 29% Nov
24,800 Erie.....................................100
19% Feb 45% N ov
32 Apr 22 43% Jan 3
59*2
N ov
3.100 Do
32*4 Feb
48 Apr 22 59% Jan
1st prof________ 100
54*4 Dec
27 Feb
Do
2d pref_________ 100 41 Apr 22 54% Jan
6,600 Great Northern pref______100 116% Aug 8 127*2 Jan
112% Jan 128% N ov
Oct
3,600
25*4 Jan 54
Iron Ore properties..No par 33% June26 50% Jan
2,100 Illinois Central__________100
99 July 113 Apr
99% Apr 17 109*2 Jan
4,900 Interbor Con Corp, vtc N o par
18% July 25% N ov
15% Feb 15 21*8 Jan
82 N ov
300 Do
70 July
71 Feb 15 77% Jan
pref_____ _______ 100
1,400 Kansas City Southern___ 100 23*8 Apr 28 32*4 Jan
20% Feb 35*8 N ov
200 Do pref_____________ 100 58*4 Apr 20 64% Jan
54% Feb 65*2 N ov
16% Deo
5 Jan
1,200 Lake Erie A Western____ 100
10 May 2 22% JulylO
41*2 Deo
400 Do
19 May
32 Apr 20 45 Juno21
pref_______ _____ 100
04% Feb 83*4 Nov
5,000 Lehigh Valley____________ 50 74% Jan 31 85 May31
300 Long Island___________ ___50
15 Jan 27% Oct
20 Jan 31 41*2 Junel2
300 Louisville A Nashville___ 100 121% Mar 1 135*2 Junel3 104*2 July 130*2 Nov
Manhattan Elevated.___ 100 128 Apr 28 131%Jan 28 125 June 132 Dec
100 Minneapolis A St Louis__ 100
4 Mar 1 15% Jan 4
8 Sep 19% Feb
Sep 49 Feb
24
Do
pref_____________ 100 14% July 3 33% Jan 6
Minn St Paul & S S M ------ 100 116*4 Apr 24 129 Junol5 106 Jan 126*2 Nov
Do
pref_____________ 100 135 Jan 13 137 Jan 15 123 Juno 136 Deo
15% Apr
4_ Sep
3% Apr 25
7*4Jan 13
Missouri Kansas A Texas. 100
10*8 Sep 40 Apr
10 Apr 3
16*2 Jan 4
Do
pref_____ _______ 100
134 July 18*4 Apr
6,600 Missouri Pacific................ 100
3*2Apr 22
7*2July 6
7*2 Nov
3 Dec
0,200
3*2Apr 22
7% July 6
Trust co rtfs of deposit___
14*2 Aug 28*2 Oct
Nat Rys of Mex, 1st pref.. 100 23*2 Jan 21 24 Feb 18
934 Oct
434 July
300 Do 2d prof................ ..100
5% July29
9*i Jan 12
12,800 N Y Central A Hud River. 100 100% Apr 22 111% Jan 19
81% Mar 110*2 Dec
Oct
5,007 N Y N H & Hartford........ 100
43 Feb 89
57 Apr 26 77% Jan 10
1,300 N Y Ontario A Western__ 100
21% Jan 35 Apr
26 May 5 31 Jan 3
8,800 Norfolk & Western_______100 114 Mat 1 137%June 7
99*2 Jan 122% Dec
80*2 Sep 90 June
84% Feb 25 89*8 May22
Do adjustment pref__ 100
5,920 Northern Pacific_________100 109% Apr 24 118%Jan 4
99*8 Feb 11838 Dec
16,100 Pennsylvania........ ............. .50
55*4 May 5 59% Jan 4 5 1% Feb 61*2 Nov
200 Pitts Cln Chic & St Louis.. 100 78 Feb 17 88 June 5 65 May 86 Nov
90 June 98*2 June
Do pref_____________ 100 88 Jan 26 98%Jan 13
248,300 Reading_________________ 50
85% Nov
75%Jan 31 110% May23
09-38 May
45 June
300
41%
Feb
19
46
Feb
29
40% Sep
1st preferred___________ 50
44 Apr
400 2d preferred____________ 50
40 Fob
41*4 Feb 21 52 May 19
800 St Louis A San Fran new (w 1).
15*2 May 13 17% Juno28
Do preferred (when Iss)..
11 Sep 23 Nov
16 May 4 20%Juno 9
St Louis Southwestern----- 100
20 *15 20
20
20
20
20
100 Do pref______________100 40 May 9 46*2 June 9 29 Sep 45*2 Dec
40
43*2
41*2
43*2 40
44*2
44*2 *39
11*8 July 20*4 Nov
18%Jan 13
16
*15
15% 16*4 16% 16*2 *16' 16% 1,200 Seaboard Air Line________ 100 14 Apr 22
*15*4 16
30*4 July 43*4 Nov
700 Do pref_____________ 100 34*8 Apr 24 42 Jan 13
3734 38*4 ♦37
38
*36
*36
38
*36
38
38
91*4 Apr 22 101*8 Jan 4
81*4 Feb 104*8 Dec
*9738 9778 97% 97-% 97% 97*2 97% 98*2 98*2 98% 98*8 98% 9,200 Southern Pacific Co_____ 100
24% 15,900 Southern Railway________ 100 18 Apr 24 25 July 3
12*2 July 26 Nov
24% 24
24
*2234 23
24
22% 23
23% 23*4 23
65 Nov
1,100
42 July
68 68*2 *67*2 68
Do pref_____________ 100 56 Apr 24 71 June 9
67
68
67*i 67% 68
08
*67
*67
200
113
4
11
%
8*2 July 17% Apr
12
6
%
Feb
14
13%
Junc21
*11*4
Texas
A
Pacific...................100
*11 12
*11
12
115s 11% *11*4 113,
1.300 Third Avenue (New York) 100 59%Jan 31 68*2June22
35
Jan 64*2 Oct
63% 64
65
62
62
63
64*i 64*4 64*2 64*4 *64
63
200 Twin City Rapid Transit..100 94 Mar 24 99 Juno 8 90 July 100 Apr
*96 <2 98*2 *96*2 93*2 *96*2 98*2 *96*2 98*2 97*2 97*2 *97*2 98*2
139*2 141
139 139% 61,000 Union Pacific........ ..............100 129% Apr 22 143% May23 115% Jan 141*2 Nov
138*2 138% 138*2 138% 138% 139*4 138*4 141
84*8 Nov
1,400 Do pref______________100 *81*2 Mar 1 84 Jan 28 z79 Mar
*8214 8234 82% 82% *82*| 82% 82*2 82% 82*2 82-34 ♦82*4 82%
600 United Railways Invest__ 100
9*
8% 8%
*8
8 Jan 27*2 Oct
7% May 9 2 1*4Jan 4
*93s 10%
9*3 9*
8% 9
■9*2 11
1,500 Do pref______________100 18 June23 39% Jan 3
20
18
18
21*4 Mar 4734 Oct
*13
*20 22 *20 23
20 22
18*2 20
17% Nov
*13% 14
800 W abash...............................100 13% July 14 17 Jan 3
12% Oct
14
*1314 1334 13% 13% ♦13*4 1334 13*4 13*4 It
43% Oct 49*4 Nov
49% 50% 9,250 Do pref A ___________ 100 41% Mar 1 52*2 July 3
4934 4934 49*4 49% 50
50% 50
50% 50*2 51
32% Nov
25*2 Oct
27% 27% 27% 27*4 27*4 6.300 Do pref B do________100 25 Apr 22 32% Jan 15
27
*26*2 27
26»4 26% 2634 27
9*4 Jan 35*2 Oct
*28*2 29*2 2,750 Western Maryland_______ 100 24% Feb 28 34%Mar27
27*4 28% 23*4 29
27
27
27
27
*27*4 28
100 Do pref______________100 40 Mar 7 51 Junel3 25 Jan 50% Oct
47
*42
45
45
*42
45
45
*4412 45
*42
*42*2 45
6*4 Nov
% July
6 July 10
♦3% 4%
Wheeling A Lako Erlo___ 100
2% Jan 20
5
*3*2 4*2 *3*2 4*2 *3-2 4*2 *3*2 4*2 *4
100 Do 1st preferred______100 10*4Apr 27 18*2 July 5
1934 Nov
2 Aug
*12 13 * 11% 14 *11*3 13 * 11*2 13 ♦13*2 16*2 14 14
100 Do 2d preferred_____ 100 3*4Jan 18 7% July 5
8*8 Nov
% Aug
*4*2 6
*4*2 5*:
*4
5
*4*2 5
5
*4*2 5
1,100 Wisconsin Central........ ..100
45 Nov
33 Apr 19 56% July 20
28 July
52*2 49
53
*50
51
51*2 49
*50*8 52
*51*4
Industrial & Miscellaneous
500 Advance Rumely________ 100 15 Apr 27 21% Apr 29
*15
16
15*2
15*2 *15
15*4 15*4 *15*4 15-34 15*8 15*i *15
*33
35
*33
35
31% July2S 43 Apr 28
Do pref_____________ 100
*31*4 35
*31*| 35
*31*2 35
*31*2 35
’
5,666
21*4 Dec 40*2 Apr
17%
IS
17*4
16 Aug 5 26*2 Jan 7
17%
17*2
Alaska Gold Mines............. .10
10 16% 16*4 16*2 16% 17
17*4
1,700 Alaska Juneau Gold Mln’g.10
9% Dec
13*2 Nov
7% Junel7
10*4Jan 7
7% 7%
*73i
8
8
8
8
8
7*4 8
7% 7%
5,200 Allls-Chalraers Mfg v t C..100
7% Jan 49*2 Oct
19 July 19 33% Mar 14
* 20*2 21*2 *20% 22
21*2 22% 22*2 22% 22*2 23% 2,100
* 20*2 21*2
33
Feb
85%
Dec
76*2
70%
July
18
81*2
May
16
75*2
Do
preferred
v
t
c
___
100
*74
74*4 *74
75*4
75*2
74*i
74*4 74*4 74*2 75
48
Jan 74*2 Nov
75% Aug 11
73
72*2 74*1 74
74*2 73% 75*2 5,400 Amer Arglcultural Chem.,100 63 Apr 22
73% 72
72% *71
73
100
Do pref_____________ 100 96 Mar 23 100% Aug 4
90 Mar 101% Nov
*9934 101 *9934 101 *9934 101 *993i 101 *99% 101 100% 100%
88*4 89 22,700 American Beet Sugar____ 100 61%Feb 1 96% July 6 33% Jan 72% Dec
85*4 86% 85*4 86*2 86*4 87% 87% 89*2 88 90
Do pref______________100 93 Apr 24 102 Junc22
*93 100
83 Feb 95 Nov
♦98 100
*96
99
*96
99
*97% 100
*97% 100
25 Feb 68*2 Oct
*54*2
55
55% 55*4 50% 56% 57*2 50% 57% 22,600 American Can___________ 100 50*4 June27 65% Mar 16
*54
55
600 Do pref.........................100 108% July 13 113% Jan 26
91*2 Jan 113*2 Nov
*109* 110*2 '109 110*2 *109*2 HO* 110*i 110*2 110*2 111*8 111*2 111%
Oct
40 Fob 98
58*2 59% 5834 58% 8.900 American Car & Foundry. 100 52 July 8 78 Jan 3
58*2 59
59
57*4 57*4 573i 58*8 58
400 Do pref....................... .100 115% Aug 9 119*2 Mar 11 111*2 May 118 Aug
*115 116% 116 116 *115 116
115% 115% *115 115*2 117 117
1,500 American Coal Products.. 100 130 July 11 175%Jan 19
82
Jan 170*2 July
*140 144 '140 14334 143 143
143 143*4 143*4 145*4 145 145
Sep
Jan 120
Do pref................
100 115 Jan 20 118 July26 §105
*117*2 118*2 ‘ 117*2 118*2 *117*2 118*2 ‘ 117*2 118*2 *117*2 ___ *117*2
Oct
39
Ian 64
53% 53*2 ’ “ 266 American Cotton OH____ 100
50*2 Apr 22 57*2 Jan 17
*52% 54
54
54
*51
53*2 *51*2 53
*52*2 54
100
91 June 102*4 Nov
101 101
Do pref______ _______ 100 98 Jan 6 102 Mar 15
*9834 102
*98*2 102
*98 102
*98% 102
*98*2 102
14% Oct
4% Feb
1,550 American Hide A Leather. 100
8% Juno 3 12 Jan 3
*10 1034 10 10
10*i 10*4 10% 1034 10*8 10*4 * 10*2
19% Jan 59*2 Oct
57*2 8.700 Do p r e f .................... .100 45 Mar 1 57*2 Aug 11
54*4 54*4 54*4 5 4*3 54*4 56*2 56*2 57*4 56*i 57*2 57
20% Jan 35 Apr
25 Jan 20 31% Feb 19
27
27
27% 27% 27*2 27% 28% 28*4 28*2 2,200 American Ice Securities__ 100
27*4 27*3 27
250 American Linseed________ 100 17*4 July 14 25% Jan 26
7>j Jan 31% Oct
*18
19*4 *18*2 19*4 *18*1 19*4 §19*4 19*4 19*4 19*2 *18*2 20
500 Do pref__________
24
Jan 50*2 Oct
46
100 38*4 Mar 1 53*i Apr 25
*4334 46
*4334 45*2 ♦4334 46
45*2 46*4 *45
*44
46
7434 Oct
19 Mar
58 July 14 83% Mar 14
73% 67,900 American Locomotive___ 100
*0734 68*2 68
6834 68*4 69% 69% 71*2 71% 73% 72
1.700 Do p r e f ............ ..........100 99*2July 13 101% Apr 3
75 Mar 105 Nov
102*4 102*4 102*2 102% 103 103*
102*2 101*4 102
101 % 102
*101
13% Oct
600
10
Apr
7
3%
Apr
*7%
5*2
Juno
3
American Malt Corp____ 100
8
8*2
8
8% 8
7
7-’4 734
8*2 *7
8*4
400 Do pref......................... 100 x3l%Jan 14 40*i Aug 8
21% May 37% Dec
40
40
*39
41
40
40
*39*2 41
40% 40*4 *38*4 41
100 Amer Smelters Sec pref B.100
81*2 July 13 88 May 25
78
Jan 883S May
85
85
*84
84
86 *84 86
86 *S4 86 *84 86
400 Do pref Ser A stamped.. 91% July 11 96*2 Junol4
86 Oct 92 Dec
*93
92% 93
93*
*92*2 93*2 *923i 93*2 93*2 93*2 *92% 93*2
Jan 108% Dec
8.900 Amer Smelting & Refining. 100 88% Apr 22 113% Jan 4
56
94% 95% 94% 95
92*2 92*
93
93
92*2 93% 93% 95
Jan 113 Nov
210
Do prof_____ _______ 100 109*4 Apr 22 114% Feb 3 100
111
111 §111 111 •111 112 *111*4 112*2 113 113 *110 112
American Snuff.............
100 130 Mar 23 149*2 Juno 8 144 Jan 165 Apr
*136 145 *136 145 *136 145 *136 145 *136 145 *136 145
Jan 110% Nov
Do pref_____ _______ 100 106% Mar 22 110 Jan 27 103
*103 103 *103 103 *103 108 *103 108 *103 108 *103 108
24% Mar 74% Oct
1,500 Am Steel Foundry_______ 100 44 Apr 24 61*4 Jan 4
51% 51%
51% 51*2 51*2 51% 52
51
50% 51
*49*2 51
110 110*2 109*2 109*2 1,800 American Sugar Refining.. 100 105*2 Apr 22 116*2 Jan 8 99*2 Feb 119% Nov
109 109% 109% 110
*103 110 *108 110
200
119 May25 109 Feb 119*2 Nov
119 119
Do pref........................100 115% May
119 119 *116 120
*116 119 *116 120 *117 119
131*8 June 16 116 Jan 130*4 Nov
130*8 130% 130*4 130% 2,085 Amer Telephone A Teleg.-lOO 126*4 Feb
129*3 129*2 129*2 129*2 129% 129% 12934 130
900 American Tobacco_______ 100 188 Feb 16 225 Aug 11 195*2 Dec 252*2 Apr
22134 22134 220*2 220*2 222 222 *220 225
223% 223% 225 225
103*4 Jan 111 Nov
210
108*2 Fob
Do
pref
(new)________
100
105*4
Apr
24
‘
108
109
108*2
108%
*108
109
§107*2
107*2
108*4 108*4
*107*4 108*4
50
Oct
900 Am Woolen of Mass_____ 100
46 Nov
42 Jan 11 55*4 Mar 14
44*4 44% 44%
44
*42
44
43% 43% 44
42*2 42*2 *42
533
95 Deo 98*4 Nov
Do pref______________100 92 Jan 10 102 Mar 10
96
95*2 95*2 95*2 95*2
*94*2 95*t *94*2 95*2 ♦94*2 95*2 *95
2,400
97%
Apr
10
71%
Dec
32
33
29%
July
10
67*4
Dec
33%
Am
Zinc
Lead
A
S________
25
32
32
33
32*2
31
32*2
31% 31*2 31%
400 Do pref______________ 25 59*2July U
71*2 JunelO
*62
6 4*2 64*
67
64% 64% *62 61% 61 61 *62 65
77 Apr 22 92% Feb 14 c24% Feb 91% Nov
81% 33,59 4 Anaconda C op pery______ 50
79
79*4 79% 793| 79*4 80*2 80*4 81*2 81*8 81% 81
64 64*2 61*4 66% 66 60% 06 60% 7,700 Atl Gulf A W I SS Lino ctfs 100 56 July 12 66% Aug
*61
64 64
65
800 Do pref certfs........ ..... 100
61 July 12 65*2 July 20
64
04%
63% 64*4 *62*2 64% *63
*62
64
61
♦62*2 64
§ Less than 100 shares, a Ex-dlv. and rights. 6 Now stock,
c Par 125 por share. « First Installmen1
• Bid and asked prices: no sales on this day. t Ex-rlghts.
paid, x Ex-dividend, s Full paid.

$ per share S per share $ per share S per share $ per share $ per share
102 1023s 101% 103 102% 103*4 102% 103%
101% 102
102 102
99
99
99
99
99
99
99
99
99
99
*98% 99
114 114
110*2 114 *112*2 114
* 110i4 112*2 112*2 112*2 * 110*2 l i t
84% 8434 84*2 8478 8434 8478 8434 86*4 86*8 8634 85% 86%
74
73% 73-34 73% 74
*73
7434 §7312 73*2 73% 733s 73
84% 85
84*2 84%
85
85
84
84
83% 84
*84*2 85
176 176
175*4 177
175% 175% 1753s 17534 175*4 1765s 175*2 177
*290 350 *290 350 *290 350
290 350 *290 350 *290 350
61
61*8 62% 61
60
*59% 60'4 60
60*i 60*4 6034 62
*12-34 13
12*2 123t *1234 13
*12
13
*12
13
*11
13
*3412 36% *35
36>2 *34*2 36*4 35% 36*2 36-34 3634 36% 36%
96*4
94>2 9434 *91*2 9134 943s 95*4 94*2 96% 96% 97*4 96
130 130 *129 130
*12812 12912 1283s 130 ♦1285s 130 *128% 130
§128 128
*125 129 *125 130
125 130
126*4 126-34
170 175
170 175
170 175
*105 175
165 175
19%
19
17% 183s I 8I4 IS78 18*2 18*4 18*4 19% 19% 20
115 120
*115 118
115 118 *115 120 *115 120
115 118
133 145
133 145
*133 145
133 145
133 145 *133 145
53*2
4978 4978 *45
51*2 *46Tt 53*2 53*2 53*2 *52% 53*2 *52
82*2
82% *81
*80
82*2 *80
821s *8078 82*2 *80*2 82*2 *80
32
*31
*30
33
32
32
31
*30
32
*30
*30
*30
*56
56
56
58*2 *55*2 58*2
*55*2 58
*55*2 57
*5512 56
*50
55
*50
55
*50
55
55
55
*50
55
*50
*50
*151 152 §151 151*2 *151 152
151% 151*8 *151 153 *151 153
*226 230 *227 230
230 230 *227 237 *229 237 *229 231
*13
15
13
15
*12 15 *12 15 *12 15 *12 15
34
34
3 434 33% 35
34
*33
*33
31*2 34*4 34*2 34
35-3s 35*8 36-34 36% 37% 36% 37
35
34% 3438 35
35
5234 54
*5134 5212 52*2 52*2 52*2 53
53*2 53*2
53% 54
*42
46
46
*42
46
46
*43
*42
*43
46
116*4 117
116% 117% 11734 11834 118% 118*2
*11678 11714 117 117
35*4 36% 35*4 35*2
36
*3414 35
34*2 35*8 3 4*2 34-5s 35
102 102*2 101% 102*2 101*2 101%
*10212 10334 100*2 102*2 102 102
16*2 16%
16% 16*4 17*4
16*4 16
16
16*8 16
16*8 16
*73
75
*74
75
7334 74
74
*71
*73
74
7412 *71
25% 24% 24%
2434 25*4 25
25
2412 24>2 *24
25*4 *24
60
*59
59*2 60
*58
60
60
*587s 60
587s 5878 *53
20 20 *20 20% 2034 21*8 20% 21*4 21 21*4 21 21
4334 4334 4334 *40*2 44
43
*401a 43
*40*2 44
43*2 *41
78%
7934 78
77
77*i
77*2 77*2 77*4 79*4 79
7714 77
3534 35*4 *34
36
37
33>2 33l2 35*2 35*2 35*2 35*2 *34
*126 128
1265s 12778 129*2 129*2 *127% 130 *128 130
126*2 130
128 130
12834 130
*128 130 ♦128 130 *123 130 *128 130
5*2
5% *5%
*434 534 5
*434 534 *5
5*2 *5
5
20 *16 20 *16 20 *16 20 *16 20 *16 20
*15
123 123% 124 124 *120 124
*121
124 §124 121
*130 136
131 130
3*4 3*4 ♦3*2 4*4
*3*2 4*4 *3*4 4*4 *3*i
4*,
*3*4 4%
*103s 12
*10 123s *10 12% *10 12% *10 12 *10 12
4-34 434
4*2 4*2
4% 4%
4*2 4%
4*4 4%
4*4 434
4*2 4%
4*2 4%
4*2
438 458
4
4
4*2
4*2 4
2334
*5% 7%
5=8 5%
104 104*2
*103 104
103*4 103*4 103*8 1035s 103*2 105% 104 105
60% 59*8 59*8
60
57U 57*4 57*2 58*2 58*2 53*4 58*4 00
26% 26%
27
27
26*2 26*2 26*2 26*2 26% 26% 26% 27
*128 12834 12834 12834 128-34 1283| 129*4 13034 131 132*4 129*2 130*4
*85
86%
*85
8634 *85 SO-Ts *85 86% *85 86%
11078 1107s 110*2 110*2 110*2 HI'S 110% 111*2 111 % 111*2 111 111*4
5534 5578 5578 5578 55% 55% 55% 56*4 5534 56% 55% 55%
*78
82
*78
82
82
*78
81
81
82
'78
81
*78
95*2
95*2 *94
95*2 *93
*93
95*2 *93
95% ♦94
95*2 *93
94
9434 101*2 99*4 102% 99% 103
94*8 94
94*8 9 4*4 95
43*2 44
*43
44
*42*2 44
*4212 41
*42*2 44
*42*2 44
*44*2 46*2
*45
47
*44
45
44*8 44% 4434 46
*44*4 45
16
16
*16
17
16
16*4 16*4 16*4 16*4 16




New York Stock Record— Concluded— Page 2
For record o f sales during the week o f stocks usually inactive, see second page preceding.
H IG H A N D L O W S A L E P R IC E S — PER S H A R E , N O T P E R C E N T .
Saturday
A uq. 5

M on d ay
A ug. 7

Tuesday
Aug. 8

W ednesday
Aug. 9

Thursday
A u g . 10

Friday
A u g . 11

Salesfor
the
W eek
Shares.

c r n r ir c
NEW YORK STOCK
EXCHANGE

$ per share $ per share $ per share 5 per share S per share $ per share
Industrlal&M lsc.(Con.) Par
72(2 74% 72% 74% 24,106 Baldwin Locomotive___ .106
70% 71% 71*8 71% 70% 72% 71% 73
100
♦104 105% *104 105% *101 105% *104 105% *104 105% *104 105*2
430 430 *400 440 *400 434 *400 440
430 430 “ 430 443
700 Bethlehem Steel________ .100
1C Do prel............ ......... -106
*125 140 §126 120 *125 140 *125 135 *120 140 *125 140
64% 64% 06% 66% 06% 66
04
651.1 64
*64*4 07
60% 8,006 Butte & Superior Copper. ..16
*18% 20% *17% 19% 18
90C California Petroleum, vtc .100
*181* 19% * 18% 20
18%
19% 19%
45
40
*44% 40
45% 45% 40
47
Do p re f.................... .106
45
45
1.40C
47
48
55
55% 55*2 5534 55% 55% 7.60C Central Leather.............. .106
*5414 54% 54% 54% 54% 55
110% I ll's ♦111 112
111% 111% * m
112 ♦111 112
*110l« 111
35C Do p r e f ............... . .106
102% 102% 103*2 IO3I2 § 104 104
106
102 102
105 105
105 107
1.55C
20
20 20
20
20
*1978 20
20% 20
20%
19% 20% 4^600 Chile Copper........ ........... -.2 5
48% 48% 48
48% 48% 48% 48% 48% 4.30C Chino Copper........ ......... . . 5
*47i4 47% 47% 48
43
43% 43% 43% 43% 43% 44% 44% 45% 44% 44% 8.30C Colorado Fuel <5c Iron----- .106
43
136% 139% 139% 141% *138% 139% 138% 141
130 130
139(2 140% 19.65C Consolidated Gas (N Y ). .100
94
*94
94
94
96
94
96
96
90
97
1,70( Continental Can.............. .106
97% 99%
*100 110 *100 110% *100 III) *100 110 *106% 110% ♦lOfWi 111)1.
1(KI
14
13% 13% 13% 13% 13% 14
*13
13% 14
13% 14
4,300 Com Products Refining.. .100
90
*85
90
90 % *87
90% 90% 90% *87
90% 90
40(
Do pref____________ .106
90
67*4 07% 07% 68% 68
69% 72% 70
68% 68% 71
71% 39,IOC Crucible Steel of America .100
♦110 117
116% 110% 115% 110
115% 110 *116 110% *110 116%
80C
Do pref.................. . .106
54U 55% 54% 55% 55% 56% 50
57% 56% 57% 55*4 56-^8 31.15C
94% 94%' 94% 94
94
94% 94
94% 94% 94 li
100
94*2 9478 3,543
♦200 225
225 225 *200 230 *200 230
228 228 *200 230
300 Cuban-American Sugar.. .100
*100 110 *100 110 *100 110 *100 110 *100 110 *100 110
100
43?s 43% *43% 44% 43% 44% 44% 45% 45% 46% 45% 46
8,300 Distillers’ Securities Corp .100
♦251* 25% 25% 25% 25% 25% 25% 20
25% 25% 26
1,10C Dome Mines, L t d ______ ..1C
26
*13
18
*13
18
*13
*13
18
18
*13
18
*13
Federal Mining <fc Smelt.. . 10c
18
*35
38% *35
38% *35
38% *35
38% *35
38%
100
38% *35
*300 315 *300 315 ♦300 315 *300 315 *300 315
100 General Chemical............ .100
305 305
*11312 n o *113% 110 * 1131* 115 *114 110 *114 n o *114 110
100
107*4 168*4 *167 169% 169 169% 109 169% 169% 170% 169(2 169% 3,400 General Electric.............. .100
*480 524 *480 524 *480 524 ♦5(8) 524
1,290 General Motors_________ . 10c
525 530
550 580
♦11212 118
114% 115
114% 115
115 115 §114 114(2 115% H9% 4,020 Do pref...................... .IOC
70
70% 70% 70-% 71
71% 71% 72% 72% 73% 71% 72% 9,500 Goodrich Co (B F ).......... . 10c
300 Do pref_____ ______ -IOC
114 114
♦11312 114
114 114 *113% 114 * 113«2 114 *113% 114
200 Granby Cons M S & P __ -IOC
*80
83% 83%
81
81
81
*80
*80% 81
*80
81
81
*44% 44% 1,900 Greene Cananea Copper. .106
*40
47
*40
46% 47
40(2 46% 40% 47
47
48% 49% 49% 49% 49% 49% 15,800 Inspiration Cons Copper. -.2 0
48>g 48% 48% 48% 48% 49
Internat Agricul Corp__ .100
* 1211 13
*12
14
*12% 14
*10
14
*12% 14
*12% 14
100 Do pref____________ .100
*40
45
45
*40
45
*40
45
*40
*40
44
41
41
100 Intern Harvester of N J .. .100
114 114
*113 115 ♦113 115 *113% 115 *113(2 115 *113(2 115
150
Do pref.......... ........... .100
511812 U 8I2 *118% 119 *118 119 *118% 119 *110% 119 *118(2 118(2
28% 27% 28(2 72,800 Int Merc Marino ctfs of d ep ..
26% 26% 27% 27*2 28% 27
20
20% 20
95% 158,300 Do pref ctfs of dep__
88*2 89% 88% 88% 88% 93% 93% 95% 93% 90% 94
44% 44% 8,900 Intern Nickel (The) v t c . ..2 5
44% 44% 43% 45
44% 44% 44% 44% 44% 45
16% 16(2 24,230 International Paper........ .100
14*2 14% 1412 15% 15% 10% 15% 10% 10% 10%
74
74% 9,630
74
75
Do pref...................... .100
60% 00% 66% 08% 68% 72% 72% 75
83
83%
82
83
83
425 Jewel Tea, Inc.................. 100
*80
83
§83 83
*81
*80
83
109 109 *107 110
100
♦100 110 ♦100 110 *105 110 *100 110
100
*70
71% 70% 71
71
71% 71
70
1,200
•70
71% 70
71%
..2 5
97% *90
97% *90
97
♦96
97% *90
97% *96
*90
97%
00
45% 45% 45% 40% 46% 40% 46% 47% 47% 48% 47% 48
32,950
*09U 71% *09% 71% 70% 71% 70% 72% 71% 72% 7K2 71% 4,000 Lackawanna Steel............ .100
*42
44
*42
44
44
42% 44% 45
40% 44% 44% 1,900
*43
268% 269% *260 209% 268 208 ♦265 274
•204 207 *264 275
300 Liggett & Myers Tobacco .100
•120 125 ♦120 125 *120 125 *120 125 *120 125 *121 123
100
♦15% 18% *15% 18% *15% 18% *15% 18% *15% 18% *15% 18%
Loose-Wiles Blsc tr co ctfs .100
*82
85
*82
♦82
85
85
*82
85
*82
85
*82
85
100

PER S H A R E
Range Since Jan . 1
On basis o f 100-share lots
Lowest

H ighest

PER SH A R E
R ange f o r Previous
Y ea r 1915
Low est

H ighest

$ per share
$ per share $ per share
S per share
05% July 14 118% Jan 3
26% Mar 154% Oct
114
Sep
110 May24
Oct
415 Jan 11 550 Mar 14
46*4 Jan 600
Oct
120 July 21 145 Jan 6
91
Jan 184
60% July 11 105% Mar 9
56(2 Aug 79%June
15 June27 42*8 Jan 3
8 July 38% Dec
40 Junc2£
80% Jan 3
30 July 81 Dec
49 Apr 22 57% July 6
32% Feb 61% Nov
108%Jan 3 112% June28 100% Jan 110% Nov
88% Apr 24
19% July 14 25*8 Jan 5
23% Dec 26% Nov
46% July 11 60 Feb 19
3234 Jan 57% Nov
38(8 Apr 22 53 Jan 4
21*4 Jan 66(2 Sep
130% Mar 1 14434 Jan 8 113*4 Jan 150% Oct
75% Jan 31 104% May25
Oct
40% Jan 127
106 Feb 1 112 May 11
109% Dec
13% Aug 8 25*4 Jan 25
8 Jan 21% Oct
85 June26 101%Jan 14
65
Jan 96*4 Dec
52% Jan 12 9912 Mar 16
18% May 109% Sep
108% Jan 11 119% Junel6
84 May 112% Sep
93 July 14
152 Jan 5 245 Mar 28
104% Feb 1
41 July 10 54% Apr 29
23 Feb 23 29% Feb 8
12% July 13 35 Jan 7
35% Apr 24
§265 Jan 5 350 'M a r 18
116 Jan 27
'159 Apr 22 178% Jan 17
405 Apr 24 580 Aug 11
108 July 14 120%May 2
67% Jan 31
80 Aur 10
110% Feb 1 11634 Mar 16
80 July 12 99 Feb 10
34 June2C
53*8 Mar 9
42% Apr 22 52 July 6
12 July 13 297g Jan 5
38% July 14 74 Jan 5
108% Jan 7 II 934June 7
114 Feb 29 120 July 19
13% Feb 15 29% May 1
61% Mar 1 IOO34June 5
42 Mar 1 5 6 % Jan 17
9% Mar 1 16% Aug 10
42% Feb 1 75 Aug 9
67 Mar 9
104 July 6 113 Apr 4
66 July 18 76% Mar 20
9712 Mar 14

38 Jan 177 Dec
Sep
93 Mar 110
50% Oct
5*2 Mar
$16 June 30% Dec
8 Mar 60 June
65 June
165 Jan 360 Oct
106 Mar oll6(* Nov
138 Mar 185% Oct
82
Jan 558 Dec
90% Jan 136 Dec
24% Jan 80% Oct
95 Jan 114% Oct
91 June
79% Apr
52*8 Dec
37
Oct
16% Jan 47% Oct
5*2 Mar 29*4 Nov
71*4 Dec
8 Mar
90 May 114 June
110 July 120 Nov
18 Dec 20(2 Dec
77% Dec
55*2 Nov
17984 Dec 223(2 Oct
12% Dec
8 Jan
33 Feb 50*4 Dec

64 May 5 86 Jan 6
28 Jan 94*4 Sep
41 July 13
240 Apr 14 272 " July24 207 Jan 260 Dec
118 Mar3C 122 Mar 3 11334 Jan 120 Dec
Jan
15 Mar 3 21 Jan 18
16 " Feb 31
78 MarlO
9U2 Jan 13
80 Feb 105% Jan
50 Mar 3
67 Oct
*230 239 *230 239 *230 239 *230 239 *230 239 *230 239
189 Nov
Lorlllard Co (P ).............. 100 179% Jan 19 239 "July 19
*117% 120 *117%
*11738 120 *1173}} 120
100 115% Jan 6 120*8 Apr 10 112 Sep 118 Jan
77
78
77
Oct
77% 78
79% 79% 82% 80% 82% 80% 82% 43,200 Maxwell Motor Inc tr ctfs .100 57% Mar 3 8934 MaylO
15% Jan 92
*85% SO
•851* 80
80
Do 1st pref stk tr ctfs .100 78 Apr 22 93 Jan 3
43% Jan 103*4 Dec
206
80
*85% 88
85% 85%
*85*2 87
*54% 50% *54% 50
800 Do 2d pref stk tr ctfs .100 42% Mar 2 60% June 6
*54
18 Jan 68(2 Oct
57
50
56
54% 55% 55% 56
95% 90% 90% 90% 96% 97% 97
51
Jan 124% Dec
99
98
99% 97% 98'2 19,300 Mexican Petroleum........ .100 88%June28 129% Jan 3
500 Do p r e f................ . .100 89% June28 105^8 Jan 3
♦90
90% 90
67
Jan 104% Dec
90
*89
90% 90%
90% 90
90
90
90
33 Aug 3 39(8 Apr 3
17% Jan 36% Dec
33% 33% 33% 33% 33% 33% 33% 34
341s 34% 34% 34% 4,800 Miami Copper............. . . . . 5
000 Montana Power.............. .100 68% Mar 1 93% July 20
42
Jan 79*4 Dec
*90% 92
*91% 92
*90% 92
9U2 91% 9K2 92% 9K2 91'2
* 112lj
100
100 National Biscuit________ .100 118% Aug 11 125% Mar20 116 Apr 132
Jan
118% 118%
*118% 121% *119 120~ *118% 120 *118(2 120" *118(2 120
Do pref____________ .100 124 June30 129% Mayl2 119 May 127% Dec
♦124 128 *124 128 *124 128 •124 128 ♦124 127% *124 128
23
1,600 Nat Enam’g <fc Stamp’g. _ .100
23% 23% 23
19% Apr 22 2934Jan 5
23
22
22% *21% 23
23
23'8 24
9% Jan 36% Oct
*92
96
*92
90
*92% 90
Do pref.......... ..........
90
92 Jan 19 97% Feb 18
*92
79 Apr 97 Dec
*92
90
04
04
64*2 65
1,600 National Lead..........
63% 63% *03% 64
63% 03% *62% 04
.100 60% Apr 22 73% Jan 19
44 Jan 70*4 May
113% 113%
100 Do pref____
*113 114 *112% 114 *112% 113 *113 114 *112% 114
112 Feb 9 116 MaylO
115 Nov
17% 17%
17
17% 17% 17% 5,225 Nevada Consol Copper.. . . . 5
17%
17% *17
1134 Feb
17 Nov
15
Jan
31
17% 17% 17
18%
May24
12934 131
129% 135% 6,100 New York Air Brake___ 100 118 July 14 153%Jan 15
127% 130
*124 128% *120 130 *125% 129
56% Feb 164*4 Sep
08
67
67
*65% 68
*65*2 08
*05
♦05% 68
♦0512
200 North American C o____ 100 65% Apr 26 75 Jan 3
08
64 Jan 81 Apr
6% 7*2
7
63i 7
7
<
7%
7
7
4,000
0*4 7%
12% Dec
6 July 20
11%Jan 7
2 Feb
.100
20% 20% 20% 21
22
*19
*19% 22
20% 20(2 *19l2 21%
600
38 Aug
11%Jan 3 29% Mar 2
.. . 5
102 102 101% 101% 101% 101% *101% 102
*101% 102 *101% 102
300 People’s G L & C (Chic). .100 100% May 5 111%Jan 3 106*2 Dec 123% Apr
40
40
ay
40
*39
*39% 40% 39% 39%
40*2 *39
600 Philadelphia Co (Plttsb). ..50
38 Junel5 40 Jan 17
35*2 Apr 49 Sep
*20 27 *20 28 ♦26 27% *20 28 *20 28 *20 28
15% Jan 42% Oct
Pittsburgh Coal.............. 100 22% Apr 24 3634 Jan 17
*100 102 *100 102 *100 102 *100 102 *100 103 *100 102
114
Oct
100 100 Mar 8 111% Jan 13
48
48% 48% 49% 49% 50
♦ 47 48 *47% 48
49% 49% 2,800 Pressed Steel C a r .......... 100 42% July 14 65*8 Jan 4
25 Mar 78% Oct
*99 100
*99 100
*9S% 100
*98% 100
*99 100
86 Mar 106
Oct
99% 99%
150 Do p re f...... ............... 100 97 July 18 104% Jan 4
—
—
___ ___ *130 132
*130 130% *130 132’
*129 132
Public Scrv Corp of N J .. 100 114 Jan 31 132 MaylO 100% Aug 120 Dec
101 161
161 161
100 160
101 101
♦159% 101
101% 163% 2,900 Pullman Company______ 100 159% MaylO 171*4 Jan 17 150*8 Mar 170% Oct
*2% 3% ___
*2% 3%
2% 2% *2% 3% *212 3*4
2% Mar 22
6% Jan 19
5*4 Nov
(4 Mar
100 Quicksilver Mining.......... 100
*4% 5% *4i2 5% *4(2 5%
*4%
*4%
100
3% May25
44 44*2 44% 46% 45 45% 5,975 Railway Steel Spring___ 100 32 Apr 22 47% Junel2
43% 43% 43% 44
43
43
19 ' Mar
54
Oct
*97
99
99
97% 97% ♦ 97
99
983,( 98%
*97
*97% 99
87 Mar 102 Nov
300 Do pref........... ......... 100 95% Mar 9 100 Jan 4
22% 23
23% 23% 23% 23% 24
23
22% 22% 22% 23
14,905 Ray Consolidated Copper .10 20 June23 26 Feb 21
15% Jan 27% Nov
47%
48
47%
46%
47% 47% 4,800 Republic Iron & Steel___ 100 42 June26 55%Jan 3
46% 40% 46% 46%
*45% 47
19 Feb 57% Dec
*109% 111 *110 110% *110 111% 110% 110% 111 111 *no% 111%
500 Do pref.......... ........... 100 106%June26 112 Mar 14
72
Jan 112% Dec
199% 199% *197% 200
199% 200
*198% 199% 199 199 *197% 200
1,200 Scars, Roebuck & Co___ 100 168% Mar 1 202 July29 8131*4 Mar 209(2 Feb
*121% 127% *121% 127% *121% 127% *121% 127% 120 120 *121% 127%
100 Do prof.............. ....... 100 125 June28 127% Mar 3 121*8 Jan 126 Dec
27
27
26
*25% 27
*27
26% 2/
*25% 20% 20
271 |
.10 24 July 11
800
45
42% 43
*41
*40
44% 44(2 ___ ___
45
44% 44%
24 Jan 6678 Dec
400 Sloss-Slieffleld Steel & Ir. 100 37 July 14 63% Jan 3
184 184 *180 185
*177 185 *175 185 *180 185 *180 190
40 Feb 164 Dec
100 South Porto Rico Sugar.. 100 146 Jan 29 240 JunelO
114 114 *111 117 *111 117 *111 115 *112 118
*114 118
89% Feb 110 Oct
100 Do pref------------------ 100 106 Feb 2 120 June 6
*91
*90% 90
90
*91
96
*90% 100
*90(2 90
*92
100 80 MarlO 103% May25
43% Feb 96 Dec
94
*80
*80
89
*80
89
89
89
*80
89
*80
*86
66 Feb 85 Nov
100 85% Mar 1 94 ’ Mayl7
89
123% 125% 124% 125% 125 120% 125% 129% 127% 129
35% Jan 195 Oct
128 129% 51,800 Studebaker Corp (The). . 100 120% July 13 167 Jan 3
K)9l4 109% 109 109 * 109 111
*109 111 *109 111 *109 111
91
Jan 119% Oct
200 Vo p r e f................ . 100 109 Apr 27 114 Mar 14
20
24% 24% 24% 25% 25*4 25% 25*2 25% 25
25% Feb 70
Sep
25
5,200 Tennessee Copper.............. .25 22% July26 66%Jan 5
191%
190% 193
190(2 192% 191 192% 3,300 Texas Company (The)___ 100 177>4 Junc27 235%Jan 3 120 May 237 Dec
191 191 *189 191
73.t
8
7-8
7*8 778
8
8%
4% Jan
8% Mar 17
9% Dec
11,250 Union Bag & Paper_____ 100
7% 7%
8
4>4 May 9
8
45
451.1 44% 45% 44 44% 2,000 Do pref........................ 100 28 Jan 27 47 Aug 4 22% July 31% Dec
40% 40% 45% 46*2 45
48
52
52
47*2 47*2 *40
52
52
*48
42 Jan 66*4 Oct
*45
500 United Cigar Mfrs______ 100 47%Aug 9 64 Mar 20
49
*100% .
*105 110 *100 n o *100 — * 100*4 —
110 Oct
108 M a rl! 111 May 11
IO234 105% 101% 104 *1001.
99% 99% 100 100% 100% 102
69 Dec 6IOI2 Oct
102l2 103% 15,950 United Cigar Stores_____ 100 59 Feb 9 105*4 Aug 9
120 ‘ 11 •
120 *115 120 *115 120
120
100 Do pref.............. .....
100 611% Feb 10 120 Aug 9 611% Oct 612% Nov
100%
101
102 100 161%
159% 159% *158% 101%
161
7,600 United Fruit__________ 100 136(8 Jan 31 169% June 8 139 Nov 163 Nov
19% 19% 19% 20 % 100
*19% iy*2
*18% 20
8 Jan 31% Oct
19% 19% 2,900 U S Cast I Pipe & Fdy__ 100 15'sJan 31 26% Mar 14
54
54
*53
*53
55
♦53
55
*53
*53
54
32% Mar 55*2 Nov
*53
54
48% Feb 5 5434 July31
100%
107%
107%
1 n% 110 113 107% 110% 23,100 U S Industrial Alcohol__ 100
100 100% 100 106*2
15 Jan 131*4 Dec
97 July 13 170% Apr 6
100
104 *100 101 *100 104
*100 104 § 10312 103*2
70 Jan 107 Nov
501
100 99(2July 11 114 Jan 13
53% 541.1 54
*53% 54% 53,2 54
54
50
*53
44 July 74*4 Apr
5412
100 47% Mar 1 58*2 Jan 3
109 109
108% 108% 109% 100%
*109% 110 *108% 109 *108%
106% Feb 5 112 Apr 4 101% Feb 110 Apr
400
100
08
07% 07%
69% 69(2 70(2 69% 70
07% *07
♦00
36.800 U a Smnlt.lnff Ref Ar \ I
62% June27 80*4 June 9
51% *50
50 June20 53% Apr 11
100
*49% 50% *49% 50% ♦493i 50*4 50% 50% *50
50%
86% 88% 87% 88% 87% 881
80% 80% 86% 80% 80*8 8 /
1
79% Mar 1 89 Jan 3
38 Feb 89(2 Dec
1
100
118% 118% 118% 118% 118 118% 118% 118*2 118% 118% 118% 118% 3.299: Do pref........ .....
Oct
100 115 May 3 118% Aug 10 1 102 Feb 117
78
78
78%
79
78*2
78% 79
7734 77% 78
10,200 Utah C op per.................. .10 74% July 14 8634 Feb 19
48% Jan 81*4 Dec
17
17
17% ♦17
*10% 17%
17% 17% *17
17% 171.1
16% June 9 20% Feb 3
40% 40% 40% 40% 40%
39*4 39% 39% 39% 39% 39% 40
15 Jan 52
Oct
1.425 Vlrglnla-Carollna Chem
100 36 Apr 24 51 Jan 17
*109 111
110 110 *109
♦107 112
109 109 *107 112
80 Jan 113% Dec
200
100 108 Apr 22 112 Jan 3
92% 92% 93% 93% 93*2 93% 93% 94
94
94% 94(2 94%
57 Jan 90 Nov
1,400 Western Union Teleeranh 100 87 Mar 1 96% May26
57
57% 57*4 58% 58
5634 57
50% 57
59
58% 58*4 18,900 Westlnghouse Elec & M fg. .50 52% July 14 71% Mar 15
32 Feb 74% Oct
75
75
*68
*68
75
*68
70
*08
*68
70
*08
Oct
AO 70 Apr 19 79 Mar 15
78
58'2 Mar 85
53% 52 54®4 52% 53% 52% 54%
51% 52% 51l.j 52% 51
25nl99%Jan 31 (J325 June 5 nS7 Feb' n268 Nov
53,500
104%
101
101
10*
j♦104
104
♦103% 104% *103% 105
104% 104%
102 Mar 2 117 June 5
300
137 137 X135*4 130 *135 136%
135% 135% ♦135 136% i ;jo»2 io8
90% Jan 120(2 Dec
100! 118 Jan 5 139% Mayl2
124*2 *123*2 124(2 *123% 124% *12312 124% •
*123% 125 1*123 125 1
1 Do pref........................ 100! 123 June29 125% June 6 115 Jan| 124 Aug
• Hid and asked prices: no sales on this day. g Less than 100 shares. t Ex-rights. a Ex-dlv. and rights. 6 New stock, c Par $25 per share. * Ex-stock dividend
x Ex-dlvldeml. n Par $100 per share.




New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
P rice
Friday
A u g . 11.

W eek's
Range or
Last Sale

R ange
Since
Jan . 1

Bid
A sk Low
H igh N o .
Chic Burl & Q (C on .)—
15
103%
Iowa Dlv sink fund 5s___ 1919 A - O 103 Salo 103
99*4------ 99*4 July’ 16 —
Sinking fund 4s______ 1919 A -O
Joint bonds. See Great North
2
98% 9S34 98%
98%
Nebraska Extension 4s__ 1927 M -N
98 July’ 16
M -N
9934
M- S 93% Sale 93%
93% 15
2
25
23
23
Chic * E III ref & Imp 4s g . . 1955 J - J 23
21% 25
20 June’ 16
A - O 108 ____ 107% Aug ’ 16
2
85
General consol 1st 5s........ 1937 M- N 85 Sale 85
82 May’ 16 —
Registered...... ............. 1937 M- N ------ 85
85% June’ 16 —
U S Mtg & Tr Co ctfs of dep _ _ _ _ ____ 85
____ 85%
85 Juno’ 16
97*4 Feb T3
F -A
20 ____ 22% May’ 16 ___
Chic & Ind C Ry 1st 5 s.. . 1936 j - j
697# 40
Chic Great West 1st 4s____ 1959 M- S 69% Salo 69*2
Chic Ind & Loulsv— Ref 63.1947 J - J 113 115 115 June’ 1,6 —
101 Juuo’ 16 —
Refunding gold 5s______ 1947 J - J 10O .
J “ J 82 94
J “ J 70 . _
89 May’ 16
Chic Ind & Sou 50-yr 4s___ 1956 J - J 88% 89
97% Apr T6 ___
Chic L S A East 1st 4Ms___ 1969 J -D ____ 96%
Chicago Milwaukee & St Paul—
X*
89%
Sale
89%
90% 21
Gen’ l gold 4s Series A__ el9S9 J - J
Q- J
92% Fel) TO
3
933,
93% 94% 933,
Permanent 4s___________ 1925 J -D
14
92 Salo 92
92
Gen & ref Ser A 4Ms___ a2014 A -O
107% 43
Gen ref conv ser B 5s___ a2014 F - A 10634 107% 107
79 Aug TO —
Gen’ l gold 3Ms Ser B___ el989 J - J 78% 80
9
101%
General 4Ms Ser C ......... el989 J - J 101 101% 101
9
90%
25-year deben 4s.............. 1934 J - J 90i.i Salo 90%
121
101
Convertible 4Ms.............. 1932 J -D 100% Salo 100%
Chic & L Sup Dlv g 5s___ 1921 J - J 103 ____ 103 July’ 10 —
Chic & Mo Itlv Dlv 53 . . . 1926 J - J 105 ____ 104% Aug TO —
103% 10
Chic A P W 1st g 5s____ 1921 J - J 103 Sale 102%
1
91%
C M A Puget Sd 1st gu 4s. 1949 J - J 90% 91% 91%
Dubuque Dlv 1st s f 6 s .. . 1920 J - J 106% 108 106% July’ 16 —

__

La Crosse A D 1st 5s____ 1919
Wls A Minn Dlv g 5s____ 1921
Wls Vail Dlv 1st 6s_____ 1920
Mil A No 1st ext 4 Ms___ 1934
Cons extended 4Ms___ 1934
Chic A Nor WestExt 4sl8S6-1926
Registered .......... 1886-1926
General gold 3Ms............ 1987
General 4s..........................1987
Stamped 4s....................1987
General 5s stamped_____ 1987
Sinking fund 6s____ 1879-1929
Registered .......... 1879-1929
Sinking fund 5s........ 1879-1929
Registered ______1879-1929
Debenture 5s...... ............. 1921
Registered___________ 1933
From Elk A Mo V 1st 6 s.. 1933

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

Mil LS A West 1st g 6 s .I I 1921 M- S
Ext A imp s f gold 5s__ 1929 f - a
Mich Dlv 1st gold 6s__ 1921 J - J
Mil Spar A N W 1st gu 4s. 1947 M- S
St L Peo A N W 1st gu 5s. 1948 J - J
Chicago Rock Isl A Pac 6 s.. 1917 J - J
Registered................ ..1917 J - J
Ry general gold Is______ 1988 J - J
J - J
Refunding gold 4s............ 1934 A - O
30-year debenture 5s........ 1932 J - J
M -N
R I Ark A Louis 1st 4 M s --1934 M- S
Bur C R A N — 1st g 5 s ... 1934 A -O

99*4 . .
90 _ _ _
------ 65
67% 67%
117% 118
91 ____
100 101%
117 ____
117 ____
104% 105%
1 04 % .. .
68
80
Chic A West Ind gcng6s.?1932 Q -M 106% 10634
77
Consol 50-year 4s............ 1952 .1 - J 76
Cln II A I) 2d gold 4Ms___ 1937 J - J 91 ____
____ 80
75‘8 - .
40 ____
Choc Okla A G gen g 5s..ol919 J - J

A -O
F -A
J -D
J -D
M- S
M -N
J - J
St P A S City 1st g 6s___ 1919 A -O
M- S

Clove Cln C A St L gen 4 s.. 1993
20-yr deb 4 Ms__________1931
Gen 5s Series B................1993
Cairo IJiv 1st gold 4s____ 1939
Cln W A M Dlv 1st g 4 s.. 1991
St L Dlv 1st coll tr g 4s__ 1990

79'% 80
85% Sale
98 lot
83% 85%
75% 76%
80*4 81%

M- S 80% ____
J - J 80% 84
M -N 105% 105*4
O - F 92% ____
Q - F 90% ____
Cin B & Cl con 1st g 5s
1923 J - J 102 ____
C C C A I gen con g 6s__ 1934 j - j 116%____
86 ____

Spr A Col Dlv 1st g 4s___ 1940
W W Val Dlv 1st g 4s___ 1940
C I St L A C consol 6s__ 1920
1st gold 4s....................*1936

Peo A East 1st con 4s___ 1940
Income 4s..................... 1990
Cleve Short L 1st gu 4M8...1961
Col Midland 1st g Is........ ..1947
Colorado A Sou 1st g 4s___ 1929
Refund A Ext 4Ms_____ 1935
Ft W A Den C 1st g 6 s.-.1921
Cuba RR 1st 50-yr 5s g ___ 1952
Del’Lack A Western—

99*4 Apr T6 ___
07 July*l.r>
64 ’ Aug T6 —
1
68
68
4
117%
117%
87*4 Feb T7 . . . .
2
102
102
117% May TO
104%

97*4 100
96
98
92
21%
20
104
75
82
75
74

9434
25%
22
107%
86%
82
8538
85

21
24
69
74
111% 115

100 101
89
91%
97% 973,
89%
92%
93%
91%
106
78
100%
90%

94
92%
95%
94%
110
81%
104
93%

103
104%
102
89%
106%

103%
105%
104%
91%
107*8

100 10334

98% 99*4
55"
65
117%
87*4
101%
117%

65
71
11878
87*4
103
H8%
105*8

107 Aug TO ___ 108 107’%
75% July’ 16 . . . . 75% 81%
86% Jan TO —
86% 86%
86% Junc’ 12
25 July’ 16
88 Mar’ 11
94*8 Deo T4
05 July’ 14
107% Dec ’02
3
79%
79%
5
85%
85%
100% Juno’ 10 ___
8538 July 16 ___
753.i
753.J
1
81 July’ 16 . . . .
82% Mar’ 14
86% June’ 10 ___
84*4 Jan T8 . . . .
105 Juno’ 10 . . . .
92%
92%
2
88% May’ 15
102% Mar’ 16
110% Juno’ 16 . . . .
94 July’08

77%
83%
99%
82
75%
79
85
84*4
105
91%

81
90%

100%
87
77%
84%

86%
84*4
10534
92%

102% 102%
116% 118%

__
__

63
77
76% July’ 16
A -O ____ 76
30
37
38
36% July’ 16 __ _ 23
Apr
09*4 100% 100% Aug TO
9934101%
A -O
io. 7
16%
7% 13
13
13
J - J
2
6
15*4
9% 10
10
10
2 90
93%
91 Salo 91
91
F -A
5 82% 87%
833,
82% 83% 83*8
M -N
J -D 10434 104% 105% July’ 16 . . . . 105 106%
87
95
A -O
94
94
j - j ____ 96% 94 Feb T6 . . . .

o Due Oct.

p

Due Nov.

86%
3 106*8
102*4
98

__

tf Duo Deo .

87
109%
104
98%

104% 104%
s

•4

* Due Aug.

H ig h

102% 103%
0938 99%

i 104

104%

.1 - D 863, 86% 87 July’ 16
106%
J > J 106%____ 106%
Construction 5s______ 1923 F - A 102*4 103% 1023, Aug TO
97% 98% 08% July’ 16
Term A Improve 4s___ 1923 M -N
80 ____ l()2ia Feb ’03
Del A Hud 1st Pa Dlv 7 s . . . 1917 M- S 103 ____ 104% Apr TO
104% Fob TO
M- S

ft Due July.

Low

101% 102% 102*4 Fob TO ___ 102% 1023,
1 103 105
103 104% 103
103
107 ____ 107 July’ 16 —
106% 107%
101% 102% 101% Juno’ 10 . . . . 101% 101%
101%____ 101*4 Juno’ 16 —
101 101*4
94% 97
95*4 July’ 16 . . . . 95% 97%
94% ____ 97 Apr T6 . . . . 97
97
80% 80% 80%
51 80
80%
84
------ 80% 78% Jan T4
94% Salo 94 ‘
94% 14 93*8 95%
------ 9334 93*4 July’ 16 —
93*8 96
112% 11234 112% Aug TO . . . . 112% 116*4
111 .
112% Jan T6 . . . . 112% 112%
109 .
109% Apr T6 ___ 109% 109%
10134 ____ 1043,
10434
3 101% 104*4
104
103% Apr T6 ___ 103% 104
102 103 101%
1 101% 103%
101%
101 Deo *1*2
101 104% 104 Aug TO
103% 105
------ 103% 104% Juno’ lO __ _ 104% 104%
120%____ 121 Juno’ 16 . . . . 121 121
so ____ 90% Sep ’09
80 ____
107 108 108 July’ 16 ___ 108 109
106 ____ 106
7 106 107%
106
lll^a Deo *16
1103i ____ 112% Feb T6 ___ 112% 112%
92% 9234 92%
1 91
92%
94
*6**2 _. . 1073a May’ 14
105% 107 105*2
2 105% 109
100*2
102*2 Deo *15
4 101% io 2%
101% Sale 101%
101%
____ 102% 101% July’ 16 —
10138 102
104 83
83 Salo 83
84
87
83
84%
83
83% 83 June’ 10
72% 96 633, 751a
72 Sale 713,
62% Sale 00%
63% 167 41% 06%
3 95
97% Salo 97%
971,
97%
56% 59
65%
58 Aug TO ___ 54
99% 100
99% July’ 16 ___ 973, 100
9934____ 100% Mar’ 14

Keok A Des Moines 1st 5s 1923
St Paul A K C Sh L 1st 4 Ms ’41
Chic St P M A O con 6s___ 1930
Cons 6s reduced to 3MS--1930
Debenture 5s...... ............. 1930
Ch St P A Minn 1st g 6 s.. 1918

J - J
J - J
J - J
J -D
J - J
J -D
J - J
J - J
M- N

Range
Since
Jan . 1

|




W eek's
R ange or
Last Sale

P rice
Friday
A u g . 11.

—
O

Bid
A sk Low
H igh N o . Low H igh
U. S. Government.
1 99
99
99%
U S 2s consol registered___dl930 Q - J 99 ____ 99
1 99% 100
99%
U S 2s consol coupon_____<21930 Q - J 99 ____ 99%
3 9934 1023.t
100%
U S 3 s registered ________ *1918 Q - F lOO'-i____ 100%
U 3 3s coupon___________ *1918 Q - F 101%____ 100 July’ 16 ___ 100 102%
10934 lll*s
1103.1 July’ 10
U S 4s registered__________ 1925 Q - F
2 n o 112%
U S 4s coupon.......................1925
U S Pan Canal 10-30-yr 2s.*1936
97 July’ 15
U S Pan Canal 10-30-yr 2 s.. 1938 Q -N
1021*5 Jillv’ 16
101% 103%
U S Panama Canal 3s g ___ 1961
100 Feb *15
U S Philippine Island 48.1914-34 Q - F 100 ~
Foreign Government
98% 800 98
98 Sale 98
98%
Amer Foreign Secur 5s (w I ).*19
95% 1728 93% 96%
95% Sale 95%
Anglo-French 5-yr 5s Exter loan. A -O
29 8934 953s
92
93
915s
92
Argentine— Internal 5s of 1909..
3
72 ~
72
Chinese (Hukuang R y)—5s of ’ ll
5 96l.| 1003i
99%
99% 98%
Cuba—External debt 5s of 1904- M- S 98
1 94% 97
96%
Exter dt 5s of ’ 14 ser A ___1949 F - A 960 Sale 96%
855s . . . 86 July TO ___ 81% 87
External loan 4Ms_______ 1949 F - A
101 98% 100%
100
99 <8 Salo 993|
Dominion of Canada g 5s w 1 1921 A -O
9934
<J«J7S 116
Do
do
1926
100
100*2 184
Do
do
1931
25 82% 86%
86
Japanese Govt— £ loan 4Ms. 1925 F -A t 8534 8614 85%
6 78% 86
86
Second series 4Ms............. 1925 J - J t 8512 Sale 85%
81% 94 73
8 Hi Sale 80%
84%
Do do “ German stamp” .
69l2 70 July’ 10
63
72%
Sterling loan 4s............. ..1931 J - J t 69
; 47
50
45
60
Mexico— Exter loan £ 5s of 1899
39
27% Juno’ 16 __ . 27% 50
Gold debt 4s of 1 9 0 4 ..... 1954 J - D 32
Prov of Alberta—deb 4M3--1924 F - A t - .............- 95% Jan T5
11 74
80
80% 79%
Tokyo City— 5s loan of 1912___ M- S t 79
80%
tT h ese are prices on the basis o f S5t o i
State and City Securities.
8 101 103
103
Y City—4Ms..................... I960 M - S 102% Sale 10238
43 101 103
103
4Ms Corporate stock_____ 1964 IY1- S 102?8 103 103
1 106% 108%
107%
4Ms Corporate stock_____ 1965 J -D 107% Sale 107%
8 105% 198%
107%
4 Ms Corporate stock_____ 1963 M- S 107i2 Sale 107%
100% 13 97% 100%
4% Corporate stock_____ 1959 M -N lOOi.i Sale 100%
100'% 14 98 100%
4% Corporate stock_____ 1958 M- N 100% 100% 100%
4% Corporate stock......... 1957 M -N IOOI4 lOON 100% July'16 __ - 97% 101
4% Corporate stock_____ 1956
2 1053t 108
1073s
New 4Ms.......... - ............. 1957 M- N 107% Sale 10738
100% July’ le ___ 100% 100%
New 4Ms_______________1917 M- N ♦------ 101
5 103 108
107%
4M% Corporate stock__ 1957 M -N 107% Salo 1073s
100% Juno’ 16 ___ 100% 100%
4M% Assessment bonds.. 1917 M -N
90% 91
90% July'16 ___ 883S 93
3M% Corporate stock__ 1954 M -N
N Y State—4s....................... 1961 M- S 102 ____ 105 July’ 16 ___ 102% 105’>8
Canal Improvement 4s__ 1961 J - J *105% ____ 105 July’ 16 ___ 102 105%
Canal Improvement 4s__ 1962 J - J 104*4 ____ 102% Jan '16 __ _ 102% 102%
1
1051.1
105%
105
Canal Improvement 4s__ 1960
113 115%
Canal Improvement 4 Ms. 1961 J - J 114% 115% 115% Juno' 16
Canal Improvement 4MS.1965 J - J 109% 109% 10758 July’ 16 ___ 106l2 10914
Highway Improv’ t 4MS..1963 M- S 114%____ 115% July’ 16 ___ 112% 115%
___
109%
July’
16
107 10934
Highway Improv’t 4Ms._1965 M- S 104 109%
85% 85 A u g ’ 16 ___ 8434 883S
Virginia funded debt 2-3s___1991 J - J 85
51
52
6s deferred Brown Bros ctfs__
50% 58%
Railroad
2 63
65
65*2
Ann Arbor 1st g 4s________ 211995 Q - J 65% 68
68%
108
92% Sale
Atch Top & S Fe gen g 4s__ 1995
92 “ July’ 16
Registered...................
1995 A -O
83
85
83% July’ 16 ___ 83% 88
Adjustment gold 4s........ 211995 Nov
81
85% 86% Jan TO ___ 84% 86%
Registered__________ 2il995 Nov
83^2 833« 83*?
835s 11
Stamped ...................... *1995
1
103
10234 103*2 103
Conv gold 4s.... ..................1955
103% 39 101*4 107*4
Conv 4s Issue of 1910_____ 1960 J -D 10234 103% 101%
7 100% 10I34
101%
10-year 5s.....................
1917 J -D 101 101% 101%
____ 90
96 July’ 16
East Okla Dlv 1st g 4s___ 1928
85
85 July’16 _ _ 85 ' 8 9 "
Rocky Mtn Dlv 1st 4s___ 1965 J - J 84
89% 90 July’ 16
8934 92
Trans Con Short L 1st 4s. 1958 J - J 89
9634 July’ 16
Cal-Arl< 1st & ref 4Ms‘‘A” 1962
102% 3 102% 104%
S Fe Pres & Ph 1st g 5s__ 1942 M- S 102% 104% 102%
13
Atl Coast L 1st gold 4s___ *1952
3 89% 9234
89% 89% 89%
89%
Gen unified 4Ms............... 1964 J -D
Ala Mid 1st gu gold 5s___ 1928 M- N 106% 106% 106% Juno’ 16 ___ 106% 107%
Bruns & VV 1st gu gold 4s. 1938 J - J 92% 94% 94% May’ 16 . . . . 93*4 95
Charles & Sav 1st gold 7s. 1936 i - J 133% 135 129% Aug T5
4 84% 87%
84
84% 84%
84%
L & N coll gold 4s_______ ol952 M -N
Sav F & W 1st gold 6s___ 1934 A -O 118%____ 119% July’16 . . . . 119% *122
1st gold 5s........ .............1934 A -O 105is____ 105 July 15
99% 100
99% Feb T6 ___ 99% 99%
Sll Sp Oca & G gu g 4s___ 1918 j - j
92% 74 92i,i 93%
92% 9234 9234
Balt & Ohio prior 3Ms____ 1925 j - j
92 ____
Registered.............
*1925
90%
9038 88
1st 50-year gold 4s_____ *1948 A -O
89% 91%
Registered__________ *1948 Q - J ____ 89% 90 June’ 16
9438
9478 121
10-yr conv 4Ms................. 1933
100% 129 99% 1013i
Refund & gen 5s Series A . 1995 J -D 100% Sale 100%
112 Jan '12
Pitts June 1st gold 6s___ 1922 J - J
9134 91
1 91
91
92
P June & M Dlv 1st g 3Ms 1925 M- N 91
P L E & V V V a Sys ref 4 s.. 1941 M- N 8534 86% 87 Aug TO . . . . 86% 90
90% 22 90
92%
Southw Dlv 1st gold 3MS.1925 J - J 90 Sale 90
Cent Ohio R 1st c g 4MS..1930 M- S 100%____ 100 Apr T3 . . . .
107%____ 10738 Aug ’ ll)
I07*a 1077s
Cl Lor & W con 1st g 5s__ 1933
___
101
June’
16
101 ’ 101~
Monon River 1st gu g 5 s..1919 F -A
107 July’16
106*3 - 10612 1073^
Ohio River RR 1st g 5s__ 1936
General gold 5 s............ 1937
Pitts Clev & Tol 1st g 6s. . 1922 A -O 106%____ 113% Feb '12
Pitts & West 1st g 4s........ 1917 J - J 99% ____ 99% Apr TO . . . . 99% 99%
Stat Isl Ry 1st gu g 4 M s.-1943 J -D ____ __ _ 91 Juno’ 12 ___
108% 100 10834 July’ 16
Buffalo R & P gen g 5s........ 1937
101% 102% 102*8 July’ 16
Consol 4Ms.......................1957
90*8____
All & West 1st g 4s gu___ 1998
101 ’
Clear & Mah 1st gu g 5 s.. 1943
Roch & Pitts 1st gold 6s. .1921
tOQSg I6934 110 July’ 16
Consol 1st g 6s________ 1922
102*2 29 101% 10434
102 Sale 101*2
Canada Sou cons gu A 5s__ 1962
106' h Apr ’ 14
Registered...................1962
94% 96% 94% Aug T6 ___
92
95%
Car Clinch & Ohio 1st 30-yr 5s ’38 J -D
Central of Ga 1st gold 5s__ pl945 F - A 107%____ 1073» July’ 16 . . . . 107% 103
3 100 102
100%
Consol gold 5s__________ 1945 M- N 100% 101% 100%
84%
____
.
.
.
.
84% May’ 16
83% 84%
Chatt Dlv pur money g 4s 1951 J -D
Mac & Nor Dlv 1st g 5 s.. 1946 J - J 103 ____ 101*4 May’ 16 ___ I013i 1013i
Mid Ga & Atl Dlv 5s........ 1947 J - J 10) ____ 100% Mar l. ___
I02*i 102*j
Mobile Dlv 1st g 5s______1946 J - J 103 ____ 102% Jan 'in
_ 94 97
93% 96
94 Aug T8
Cen RR & B of Ga col g 5s. . 1937 M -N
24 116 118%
116
Cent of N J gen’l gold 5s___ 1987 J - J 115% 116 116
Registered __________ *1987 Q - J 114 116 116 July’ 16 . . . . 115% 117%
Am Dock & Imp gu 5s___ 1921 J - J 103% 104 103% July’ 16 ___ 103% 103*4
Leh & HudRlvgen gu g 5s. 1920 J - J
100% Jan '13
N Y & Long Br gen g 4 s.. 1941 M- S
4 80
80% 80%
80%
83
Cent Vermont 1st gu g 4s..el920 O - F 80
9533 2 94*2 98
94*2 95*4 953s
Chesa <fe O fund & Impt 5s. .1929
105*4 10578
1st consol gold 5s............... 1939
Registered___________ 1939 M -N 102 104% 104% June’ 16 ___ 103 104%
27 89*8 93%
90
General gold 4Ms_______ 1992 M- S 89% Salo 893s
Registered..................... 1992 M- S *____ 89% 90% Feb T6 __ _ 90% 91
62 84% 89
84% Sale 84%
85
20-year convertible 4MS..1930 F -A
933.1 331 93% 95
30-year conv secured 5s. .1946 A - O 93% Sale 93%
84
85
83% May’ 16
83% 85
Big Sandy 1st 4s........ ...... 1944 J -D
Coal River Ry 1st gu 4s. . 1945 J -I) ____ 83% 83 Mar’ 10 ___ 83
84*4
97
90*4 Feb TO ___ 96*4 9634
Craig Valley 1st g 5s____ 1940 J - J 94
84% Jon '13
Potts Creek Br 1st 4s___ 1946 J - J
_
_
_
86% July’ 16
R * A Dlv 1st con g 4s__ 1989 J - J 86% 88
84% 88
80% 83
81% Juuo'16 ____ 81% 83%
2d consol gold 4s.......... 1989 J - J
Greenbrier Ry 1st gu g 4s. 1940 M- N 88 ____
113% Feb T5
Warm Springs V 1st g 5 s.. 1941 M - S
1 57
60%
Chic * Alton RR ref g 3s__ 1949 A - O 60% Salo 60%
60%
25 43
50
50% 50
60
Railway 1st Hen 3Ms........ 1950 J - J
5012
t
9973 _
Chic B & Q Denver Dlv 4 s.. 1922
84% July’ 16
84
87
Illinois Dlv 3Ms................. 1949 J - J 83% 84
2 93% 96*8
Illinois Dlv 4s.....................1949 J - J 93% Sale 9378
9378
Registered...............
1949 J - J
97% Deo 15
* No price Friday; latest this week. d Due April. « Due May. 0 Due June.

BONDS
N. Y . STOCK EXCHANGE.
Week Ending August 11.

Bonds
Sold

BONDS
N . Y . STOCK EXCHANGE
Week Ending August 11.

Interest
\ Period

1909 the Exchange method o j quoting bonds w as changed, and prices are now all— " and in terest"— except f o r incom e and defaulted bonds.
Bonds
Sold

I n J an .

Interest
P eriod

564

Option sa !o

BONDS
N . Y . STOCK EXCHANGE
Week Ending August 11.

i i

P rice
F riday
A u g . 11

W eek's
Range or
Last Sale

Range
S ince
Jan . 1

Delaware A Hudson (Coru )—
Bill
A sk Low
H igh
1st lien equip g 4>Ss______1922 J - J IOOI2 101 ig 10034 July’ 10
!)734
98i 1
96
98
1st A ret 4s........................ 1943 M -N
20-year conv 5s_________ 1935 A - O 10434 105*8 105
105
Alb A Susq conv 3}^s____ 1946 A - O 857g Sale 857*
86
11238 July’ 16
Renss & Saratoga 1st 7s..1921 M -N 11218
"
Denv A It Gr 1st con g 4 s..1936 J - J 78 Salo 78
78*4
8II4 8412 84>2 Aug ’ 16
Consol gold 4 K s...............1936 J - J
80*4 83l4 83 A u g '16
Improvement gold 5s----- 1928 J -D
68Is Salo 68'g 69
1st A refunding 5s.......... .1955 F - A
87% Aug ’ 16
Rio Gr June 1st gu g 5 s ..1939 J - O 87*2 95
6II2 Apr ’ l l
Rio Gr Sou 1st gold 4s— 1940 J - J
Guaranteed__________ 1940 J - J 34
35 June’ 16
73
Rio Gr West 1st g 4s........ 1939 J - J
75
7412
75
64
63 July’ 16
Mtgc & coll trust 4s A .. 1949 A - O 62
90 Apr T4
Utah Cent 1st gu g 4s.al917 A - O 94 —
Des Moines Un Ity 1st g 5s. 1917 M - N
100 M ar’ 15
Det A Mack— 1st Hen g 4s..1995 J -D
77
90 Jan T 6
85
75
Gold 4s.......................... ..1995 J -D
80
75 July’ 16
Det Rlv Tun—Ter Tun 4^81961 M -N
91
89l2 921* 90*4
Dul Mlssabe A Nor gen 5 s.. 1941 J - J 103U
104 Apr ’ 16
10134
Dul A Iron Range 1st 5s___ 1937 A - O 101*4 10212 10134
1937 A -O
Registered ______
106 Mar’08
Dul So Shore A Atl g 5s___ 1937 J - J
93 A u g ’ 16
91*4 93
Elgin Joliet & East 1st g 5 s.1941 M -N 102
103U May'16
Erie 1st consol gold 7s........ 1920 M - S 108*8 10878 108i2 10Si2
N Y & Erie 1st ext g 4s__ 1947 M -N
96
961* Aug '16
2d ext gold 5s........ ........ 1919 M - S 102
10Hg June’ 16
3d ext gold 4^3.............1923 M - S 100
98>g Juno'15
4th ext gold 5 s...............1920 A -O IOU2
102 June’ 16
92
5th ext gold 4s........ ..... 1928 J -D
94 N ov’ 15
N Y L E A W 1st g fd 7s-.1920 M- S IO8I4 109 10834 June’ 16
Erie 1st con g 4s prior____ 1996 J - J 83ig Salo 83 ig
83i2
Registered.............
1996 J - J
84
80 Oot '15
1st consol gen lien g 4 s ...1996 J - J 7312 7378 73>2
73?g
Registered..................... 1996 J - J 71
72*2 Juno’ 16
Penn coll trust gold 4s___ 1951 F - A
89 Salo 89
89
70 Salo 69*4
50-year conv 4s Series A .. 1953 A -O
70
do
Series B .......... 1953 A -O
70*1 7H.i 70
71
847*
84*4 Sale 84
Gen conv 4s Series D ____ 1952 A -O
C h ic* Erie 1st gold 5 s ...1982 M -N 106 10678 106 Aug '16
Feb '15
101
Clev A Mahon Vail g 5 s.. 1938 ■* - J 103*8
12234
123 July’ 16
Long Dock consol g 0s__ 1935 A -O
Coal A RR 1st cur gu 6s .. 1922 M -N 101 104 102 Mar’ 10
106 May’ 16
Dock A Imp 1st ext 5s__ 1943 J - J 105'4 —
1031* Aug ’ 12
N Y A Green L gu g 5s__ 1946 M -N
99 May’ 16
97
N Y Susq & W 1st ref 5s.. 1937 J - J —
lOOl* Dec ’06
2d gold 4 ^ s ..................1937 F - A
General gold 5s______ 1940 F - A *77 " "78 ' 78 July’ 16
Terminal 1st gold 5s........ 1943 M -N 1051*
10512 May’ 16
104
Mid of N J 1st ext 5s____ 1940 A -O
11112 May’ 12
78
84
83 July 16
Wllk A Eas 1st gu g 5s__ 1942 J -D
40 106 May’ 12
Ev & Ind 1st con gu g 6s___ 1926 J - J
96 July T 6
Evansv & T H 1st cons 6s .. 1921 J - J 97
53
1st general gold 5s............ 1942 A - O
63 May’ 16
Mt Vernon 1st gold 6s___ 1923 A -O
108 N ov’ l l
Sull Co Branch 1st g 5s__ 1930 A -O
95 June' 12
Florida E Coast 1st 4>$s...l959 J -D
9 112 92>2 91I2
9U 2
Fort St U D Co 1st g 4^ 3. . 1941 J - J
92 Aug ’ 10
Ft W & Rio Gr 1st g 4s........ 1928 J * J
6612 701* 67
68i2
Great Northern—
C B 4 Q coll trust 4s........ 1921 J - J
97*4 Sale 975s 9778
Registered h .................. 1921 Q - J
9778 97*2 July 16
1st & ref
Series A ...1961 J - J 99*i 100
997*
lOOtt
Registered.....................1961 J - J
96 June’ 16
St Paul M A Man 4s........ 1933 J - J
95*4 *9612 06*2
96*2
1st consol gold 6s.......... 1933 J - J 120 120/8 120U 120*4
Registered.................1933 J - J
11934
119*4
Reduced to gold 4 ^ s . 1933 J * J 102 1025s 102*2
102*8
Registered.............1933 J - J
1021* M ay’ 16
Mont ext 1st gold 4 s.-.1937 J -D
95*8 96*1 96 Aug ’ 16
961* Mar’ 16
Registered........ ........ 1937 J -19
851* N ov’ 15
Pacific ext guar 4s £...1940 J - J 85*8
93 June’ 16
E Minn Nor Div 1st g 4s. 1948 A -O
92*8
109*8 Juno’ 16
Minn Union 1st g 6s........ 1922 J - J 1081*
----122*4
Mont C 1st gu g 6s.......... 1937 J - J 122*4
136U May’06
Registered_________ 1937 J - J
July T 6
1st guar gold 5s........ 1937 J - J 109*8 10912
Registered_______ 1937 J - J
.
Will & S F 1st gold 5s._ 1938 J -D 109*i_ IIH 4
77l2 75 Jan ’ 16
Green Bay A W deb ctfs "A ” ___ Feb
70
77*2
12<4 12
Debenture c tfs ’’B” __________ Feb
IDs
12
ll's 1214
841*8787
Gulf & S I 1st ref & t g 5 s ..61952 J - J 84>a
84's July’ 10
Registered_____________ 61952 J - J
90>2
Hocking Val 1st cons g 4H s. 1999 J * J00>2
91*491*4
9012
90's
Registered.......... ............ 1999 J - J _________ 97*4 Jan ’ 14
Col & II V 1st ext g 4 s . . . 1948 A - O 88 ____ 88
88
Col A Tol 1st ext 4s........ 1955 F - A 87i*
871*__—
___ 87 Aug ’ 16
Houston B elt*T erm 1st 5s. 1937 J - J _________ 941* Feb ’ 15
9712 . . . . 97 June’ 16
Illinois Central 1st gold 4 s ..1951 J - J 97>a____
Registered........................ 1951 J - J ____ _____ 92 Aug 15
84*i
1st gold 3 ^ s .......................1951 J * J84'4
85*8534
j 85**
85*g
____ 83 N ov’ 15
82l2 ------Registered.....................1951 J - J 8212
84
84
90
84** F o b ’ 16
Extended 1st gold 3>$s__ 1951 A -O
Registered.....................1951 A -O
1st gold 3s sterling_______ 1951 M- S _________ 80 J’ly ’09
Registered........ ........... 1951 M- S
88 88l2 87*4
Coll trust gold 4s........ ...1 95 2 A -O
88
Registered....................1952 A -O
95U Sep ’ 12
1st refunding 4s.... ......... .1955 M - N
89 Salo 88*4
89
Purchased lines 3>$s........ 1952 J - J
80*i 8D8 June’ 16
L N O & Texas gold 4 s.. . 1953 M- N 85*8 Sale 85*8
85*8
Registered .....................1953 M- N
84 May’ 14
Cairo Bridge gold 4s........ 1950 J - D
89 —
901* June’ 18
Litchfield Dlv 1st g 3s___ 1951 J - J
74 Feb ’ 14
Loulsv IJIv A Term g 3Hs 1953 J - J
80
78*4 July’ 16
Registered..................... 1953 J
- - 83 Aug T2
Middle Dlv reg 5s............. 1921 F - A
102 June’ 16
Omaha Div 1st gold 3s. ..1951 F - A eois 7212 70 Aug TO
St Louis Dlv A Term g 3s. 1951 J - J —
76
681* Sep ’ 16
Gold 3Ms.......................1951 J - J
811* Jan
Registered_________ 1951 J - J 79
80 Juno’16
Sprlngf Dlv 1st g 3M s---195l J - J 79
811* 78*4 Jan ’ 16
Western lines 1st g 4s___ 1951 F - A
881* —
90>2 M ay'18
Registered___________ 1951 F - A
Bcllev * Car 1st 6s.......... 1923 J -D
Carb A Shaw 1st gold 4 s.. 1932 M - S 86
941* J’ly ’ 12
Chic St L & N O gold 5s-_ 1951 J - D 107 ____1
Registered___________ 1951 J -D 105 ____
Feb ’ l l
Gold 3^3.......................1951 J -D
90 Oct ’09
Registered.................1951 J -D
Joint 1st ref 5s Series A . 1963 J - D ioo« 8101 * 01
101
Memph Dlv 1st g 4s__ 1951 J - D
90
867s Deo '15
Registered.................1951 J - D ____ 8712 .
St Louis Sou 1st gu g 4S..1931 M- S 90
931* 98 J'ly '08
Ind 111 A Iowa 1st g 4s........ 1950 J - J
89 Ig 90
9D8 Apr '16
Int & Great Nor 1st g 6s----- 1919 M - N
95 is 99
95 July’ 16
James Frank A Clear 1st 4s. 1959 J -D
9078 Sale 9078
9078
Kansas City Sou 1st gold 3s. 1950 A -O
06*4 6712 66*4 67*2
Registered_____________ 1950 A -O
63 Oot '00
Ref & Impt 5s............ Apr 1950 J - J 8OI2 90i2 89l2
891*
Kansas City Term 1st 4 s ... 1960 J - J 88 Sale 87*4
88
Lako Erie A West 1st g 5 s.. 1937 J - J 9812 98U
9812
2d gold 5s.....................1941 J - J 8212 84
82 June’ 16
North Ohio 1st guar g 5s.. 1945 A - O 70 ____ 98 M ar'14
Leh Vail N Y 1st gu g 4>4s.. 1940 J - J 100i2 Snio’ 1001*
100i2
Registered........................1940 J - J ____ 100*8 1001* May’ 16
Lehigh Vail (Pa) cons g 4 s ..2003 M -N
901s 91
91 Aug T 6
General cons 4}$s_____2003 M -N
99*4 Sale 99'4
99*4 16




__

__

__

a D ue Jan.

Low

BONDS
N . Y. STOCK EXCHANGE.
Week Ending August 11

H igh

100*8102
Leh V Term Ry 1st gu g 5S..1941 A - O
96U 99*s
Registered______________ 1941 A - O
105 108
Leh Val Coal Co 1st gu g 5s. 1933 J - J
85U 88
Registered.............. ......... 1933 J - J
1123$ 113
1st Int reduced to 4s........ 1933 J - J
76
7912 Leh A N Y 1st guar g 4s___ 1945 M- S
83
80
Registered.......... ............. 1945 M- S
78*4 85
Long laid 1st cons gold 5 s..61931 Q - J
551* 73
1st consol gold 4s............ 51931 Q - J
875s 88
General gold 4s.................. 1938 J -D
Ferry gold 4J4s................ 1922 M- S
35
35U
Gold 4s...................... ....... 1932 J -D
74
781*
Unified gold 4s........ ......... 1949 M- S
62
66*2
Debenture gold 5s_______1934 J -D
Guar refunding gold 4 s...1949 M- S
Registered.......... ........... 1949 M- S
90
90
N Y B & M B 1st con g 5s. 1935 A - O
75
85
N Y & R B 1st gold 5 s ... 1927 M- S
90*4 94
Nor Sh B 1st con g gu 5s.ol932 Q - J
104 104
Louisiana & Ark 1st g 5s___ 1927 M - S
101*4 103U Loulsv A Nashv gen 6s........ 1930 J -D
Gold 5s.............................. 1937 M -N
93
951*
Unified gold 4s.................. 1940 J - J
103 104
Registered............ ......... 1940 J - J
Collateral trust gold 5s__ 1931 M - N
IO8I2 111*8
E H & Nash 1st g 6s____ 1919 J - D
9612 9612
L CIn A Lex gold 4)^3...1931 M- N
1017* IO214
N O & M 1st gold 6s____ 1930 J - J
102 102*8
2d gold 6s...... ............... 1930 J - J
Paducah A Mem Dlv 4 s.. 1946 F - A
St Louis Dlv 1st gold 6 s..1921 M- S
108*4 111
2d gold 3s...................... 1980 M- S
83's 861*
Atl Knox A Cin Dlv 4 s ... 1955 M -N
731* 77
Atl Knox A Nor 1st g 5 s.. 1946 J - D
721* 761*
Hender Bdge 1st s f g 6 s.. 1931 M- S
88*4 90
Kentucky Central gold Is. 1987 J - J
69l4 721*
Lex & East 1st 50-yr 5s gu.1965 A -O
70
84
L & N A M & M 1st g 4>4s 1945 M- S
84
88l2
L A N-South M Joint 4s. . 1952 J - J
Registered_____ _____ 51952 Q - J
105*4 1071*
N Fla A S 1st gu g 5s___ 1937 F - A
N A C Bdge gen gu g4J^s_1945 J - J
12H* 123U
Pensac A Atl 1st gu g 6 s.. 1921 F - A
102 102
S A N Ala cons gu g 5s__ 1936 F
102*8 106
Gen cons gu 50-year 5s. 1963 A -O
L A Jeff Bdge Co gu g 4s__ 1945 M - S
981* 99
Manila RR—Sou lines 4s
1936 M -N
72
81
Mex Internat 1st cons g 4s 1977 M - S
105<* 105*2
Stamped guaranteed........ 1977 M - S
Midland Term— 1st s f g 5s 1925 J - D
827a g o
Minn A St L 1st gold 7 s ... 1927 J -D
Pacific Ext 1st gold 6s___ 1921 A -O
90
96*8
1st consol gold 5s........
1934 M- N
63
63
1st A refunding gold 4s. 1949 M - S
Ref A ext 50-yr 5s Ser A .. 1962 Q - F
Des M A Ft D 1st gu 4S..1935 J - J
9U 2 937s
Iowa Central 1st gold 5 s.. 1938 J -D
Refunding gold 4s........ 1951 M- S
OU4 69
M StPASSM con g 4s Int gu. 1938 J - J
1st Chic Term s f 4s........ 1941 M- N
97*8 99
M S S A A 1st g 4s Int gu.1926 J - J
97*2 98*4 Mississippi Central 1st 5 s ... 1949 J - J
99 100*2 Mo Kan A Tex 1st gold 4s 1990 J -D
2d gold 4s________
gl990 F - A
1st ext gold 5s..........
1944 M - N
96
97*8
1st A refunding 4s___
2004 M- S
120<4 122
11934 12D*
1936 J - J
Gen sinking fund 4J$s
101*8 103*4
St Louis Div 1st ref g 4s 2001 A AO
1021 * 1021 *
Dali A Waco 1st gu g 5s 1940 M- N
9512 9714
Kan City A Pac 1st g 4s 1990 F - A
901* 96l2
K 4 E 1st gu g 5s___ 1942 A - O
M K AOkla 1st guar 5 s . .1942 M -N
93
93
** K T of T l3t « u 8 5s. 1942 M- S
1091* 109*8
Sher Sh A So 1st gu g 5 s .. 1942 J - D
12234 123
Texas AOkla 1st gu g 5 s.. 1943 M - S
Missouri Pac 1st cons g 6s. . 1920 M - N
10914 110*4
Trust gold 5s stamped__ a!917 M- S
Registered.................... al917 M
11078 11078
1st collateral gold 5s__ 1920 F
74
76
Registered________
1920 F
11
14U
40-year gold loan 4s........ 1945 M -S
84's 88'*
1st A ref conv 5s............ 1959 M - S
3d 7s extended at 4 % ____1938 M- N
Boonv St L A S 1st 5s gu.1951 F - A
90U 96
Cent Br Ry 1st gu g 4 s . . . 1919 F - A
Cent Br U P 1st g 4s.........1948 J -D
87
88
Leroy A C V A L 1st g 5 s.. 1926 J - J
86 87
Pac R of Mo 1st ext g 4 s.. 1938 F - A
2d extended gold 5s___ 1938 J - J
961* 97*8
S tL I r M A S gen con g 5s.1931 A - O
Gen con stamp gu g 5 s.. 1931 A - O
83
85*4
Unified A ref gold 4 s ... 1929 J - J
Registered____ _____ 1929 J - J
84*4 86*3
Rlv A G Dlv 1st g 4 s ...1933 M -N
Verdi V I A W 1st g 5 s ... 1926 M- S
Mob A Ohio new gold 6s___ 1927 J - D
1st extension gold 6s___ 61927 Q - J
88 9H*
General gold 4s.................. 1938 M - S
Montgomery Dlv 1st g 58.1947 F - A
87*4 9U*
St Louis Dlv 5 s ................. 1927 J -D
81
83
St L A Cairo guar g 4s___ 1931 J - J
85U 87U
Nashv Chatt A St L 1st 5s. 1928 A -O
Jasper Branch 1st g 6s___ 1923 J - J
90
921*
McM M W A A 1 1st 6 s ...1917 J - J
T A P Branch 1st 6s____ 1917 J - J
78*4 *81*4
Nat Rys of Mex prlien 4HS.1957 J - J
Guaranteed general 4s___ 1977 A - O
IOU4 102
Nat of Mex prior Hen 4 H s .. 1926 J - J
70
71
1st consol 4s.......................1951 A - O
81>s 81<8 N O Mob A Chic 1st ref 5 s.. 1960 J - J
New Orleans Term 1st 4 s . .. 1953 J - J
80
80
78*4 78*4 N Y Cent RR conv deb 6S..1935 M -N
Consol 4s Series A ............. 1998 F
89
90*2
Ref A imp 4Ms ’’A’ ’ .........2013 A -O
N Y Central A H R g 3>$8.-1997 J - J
Registered........ ............. 1997 J - j
Debenture gold 4s_______ 1934 M -N
1071* 109
Registered....................... 1934 m - n
Lake Shore coll g 3 ^ 3 --.1 9 9 8 F - A
Registered....................... 1993 F - A
Mich Cent coll gold 3>$s. 1998 F - A
100 103<8
Registered....................... 1998 F - A
Battle Cr A Stur 1st gu 3s. 1989 J - D
Beech Creek 1st gu g 4 s.. 1936 J - J
Registered................... 1939 J - J
90
921*
2d guar gold 5s............ 1936 J - J
95
981*
Registered............
1936 J - J
90*8 921*
Beech Cr Ext 1st g 3 H s ..61951 A -O
66*4 71
Cart A Ad ls tg u g 4 s ........ 1981 J - D
GouvAOswe 1st gug 5 s.. 1942 J -D
89*s 94
Moh A Mai 1st gu g 4s__ 1991 M - S
85*4 89>*
N J June R guar 1st 4s__ 1986 F - A
96*4 100
N Y A Harlem g 3>$s___ 2000 M -N
75
831*
N Y A Northern 1st g 5s. 1923 A -O
N Y A Pu 1st cons gu g 4s 1993 A - O
100*8 103
Pine Creek reg guar 6s___ 1932 J - D
1001* 102
R W A O con 1st ext 5s. .*1922 A - O
891* 92<4
R W A O T R 1st gu g 5s. .1918 M -N
99U 101U

6 D uo Feb.

& D u e A p r il,

e Due M ay.

0 D u e June,

W eek 's
Range or
Last Sale

P rice
F riday
A u g . 11
Bid

A sk Low

H igh

111*4 - 111*4 July'16
ll li * June’ 16
IIU 4 - 104U 10514 10514 July’ 16
105 Oct '13
92
89'4 July’ 16
June'16
9414 June’ 16
88 June'16
99*8 Apr '16
99U Oct ’06
82*4 84U 841* July’ 16
94
971* 961* July’16
87
86>2 88 87
95 Jan ’ l l
102U 10412 1031* Mar’ 16
102l2 1031* 103 Apr ’ 16
98 101
9978 July’ 16
91
96*8 97i2 July’ 16
112 114i8 112 Aug '16
109
110
110t8
93i2 Sale 9312
94
94 June'14
10334 1041* 104l2 Aug T 6
107*8
107*8 Deo ’ 16
IOH2
IOH 4
IO U 4
1131* 114*8 114 July’ 16
107
1097* M ay’ 15
_____
89*8 88*2 July’ 16
106 107*8 108 Apr ’ 16
61
63i4 63*4 June’ 16
857g 87
86*8 Aug T 6
107i2
111 Jan '13
106
106U June’ 16
*88*4
88*4 88*4
IOU4
IOU4 IO H 4
101 July’ 16
99*8
77
80
78
78
95 Feb ’05
105*4 107 1071* July 16
97*8
97*8 May’ 16
107i2 109L 108U M ay’ 16
107U
108ls July’ 16
_____ 1017* 102
July’ 16
___
8018 8Ua Apr ’ 16
—
79
77 Mar’ 10
79 N ov’ 10
101 Oct ’09
115 115 Mar’ 16
103 104 103 Aug T 6
82*s 89
89 Aug ’ 16
59
60
60
61
59
63
60
60
60 Feb ’ 15
86l2 89 87 Aug '16
55
57*8 57*8
57i2
91*2 9178 91l2 Aug T6
97U June’ 12
97lg
9714 July’ 16
9212 9312 92i2 July’ 16
74*8 75
745g Aug 16
46
48
4618
46>8
43
45 July’ 16
59
62
62
62
42l4 43
42i4
42U
37
38
37
37
99*4 Deo ’ 13
68
72 July’16
83*4 84
83l2
83l2
66 Sale 66
66
67>2 Sale 67l4
6712
50i2 55
50's July’ 16
5514 57*4 55 July’ 16
101*4 102 >8 101*4 July’ 16
94i2 98
9614 July’ 16
82 Oot ’ 15
91
93i2 92*8
92*8
1057* . . .
94 - .
89
85
—
99

106

_

47 Sale
47l2 55
81
82

47
48*4
4812
4812
82 M ay’16
100 Feb ’ 13
66U
64*4 July’16
62
70"
77i2 Dec ’ 13
110 Mar’05
89
8912 Aug ’ 16
100*8
100l2 July’ 16
101 101*8 101
101*8
102 J’ly ’ 14
80
81
80
8012
8078 Oct ’ 12
75i2 76
75
75's
76 ____ 87 Sep ’ 15
112 11378 11212 July’ 16
____ 11U2 109 Feb ’ 16
75 ____ 75's July’ 16
981* 101 102 Feb ’ 16
90
95
89 Deo ’ 16
87 ____ 881* Apr ’ 16
106*4 107 1071*
10718
107*4____ llOU Mar’ 16
1001s____ 100*4 July’ 16
100'8____ 113 J’ly ’04
30
50
30 Aug T 6
*30
33<2 35 Aug T 6
967* Feb ’ 13
30 Aug '15
40 May’ 15
68 70 69 July’ 16
1121* Sale IIU 4 112i2
8258 Sale 82is
82*8
9212
92*8 921* 923*
8212 Sale 82is
8234
81
8212 8178
817s
90 <4Sale 901*
90*8
90 June’ 16
75 Sale 74i2
75
*73U____ 73U July’ 16
77
77
75*4 77
73
77
77 Apr ’ 16
63 ____
94*4 95l2 95 July’ 16
92l2 95
99 M ay’ l l
101 104U 104 May' 16

88 89
104 ____
9212 ____

88

June’ 16

94 Mar’ 16
89i4 Feb ’ 16
____ 85 June'15
____ 105>* Mar’ 16

83
106
88
88
88
118*8____ 113 May’ 15
103i2 104 103l2
103i2
102
104 June’ 10

Range
Since
J an . 1

11

L ow

H igh

110 112>8
IID 2 1111*
IOU4 1G6<8
89>4 90

10478 106*8
94U 94U
86 90
99U 99*4
841* 86
96l2 97
87
90U
10U* 103)2
1021* 103
9978 102
88 971*
111*4 113
108*8 H 01*
931* 96
104

105U

100*4 102

114

1161*

881*
107
61
85*4

90>8
IO8I4
64
90

106U
87*4
100
9978
771*

107
89's
1017s
101
82

106
97**
1081*
10514
1017*
80<8

107U
97*8
108*8
108l8
103U
82i2

116
103
881*
62*4
50

115
103U
90
641*
64

861* 9018
6H2 60
9H4 9378
971*
90
701*
40

99
927a
787s
501*
52>s
62
48
46

60
74
50
48
501*
49

72
891*
67
73
501*
63

100

102

89U 96 U
831* 92*8
391* 52
40
51*i,
82
82
60

64*4

89
92
100 100*4
99*4 1021*
741*

8D*

68

7518

112
108
75
102

115
109
761*
102

881* 88*4
103*4 1071*
llO U llO U

100*4 I01i2
30
35

30
35

69
1107a
821*
92*8
817*
81
90>8
90
74
7314
75
76

70
1177s

8678

95*8
83*8
82*8
93U
90
79*4
78
80*4
77*4

941* 961*
104

104

88

88

94
94
89U 89U

__

1051* 1051*
88
9H*

__

103*s 1041*

h D u e J u ly ,

t Due A ug.

0 D u e O c t.

Week Ending August 11.

P rice
Friday
A u g . 11.

II

N Y Cent 4 H R B U (Con.)—

Rutland 1st con g 4%s___1941
Og & L Cham 1st gu 4s gl948
Uut-Canada 1st gu g 4s. 1949
St Lawr & Adlr 1st g 5s___1990
2d gold Os..................... -1990
Utica & Blk Rlv gu g 4s___1922
Lake Shore gold 312s_____ 1997
Registered..................... 1997
Debenture gold 4s_____ 1928
25-year gold 4s________ 1931
Registered................. 1931
Ka A & G R 1st gu c 5s___1938
Mahon C’l RR 1st 5s_____ 1934
Pitts & L Erie 2d g 5s---al928
Pitts McK & Y 1st gu Os--1932

Bid

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

W eek's
Range or
Last Sale

A sk Low

80
8512
6 8U ____
67 ____
96 ____
____ 120
9734____
84>4 8412
93i2 ____
95-18 Sale
94% Sale

106U - A -O 103 104
J “ J 115i2 ____
113i2 ____
101
.
Michigan Central 5s........ 1931 M- S 106U Sale
Registered___________1931 Q-IY1 *1053*
9014 - . . .
4s_______ _______ ___

H igh

onds
Sold

BONDS

N. Y . STOCK EXCHANGE

Range
Since
Jan. 1

N o . Low

8134 Deo *15
69 Aug ’ 16 ___
92 June’09
100 Oct T5
119*2 Mar’ 12 ___
97*2 July'16 ___
1
84*8
843g
833g JulyT 6 ___
8
95*8
95%
93*4
94*2 23
945a Feb T6
104*2 Dec T5
103 July’ 16 ___
130*8 Jan '09
123*4 M a r'12

H igh

69

69

97*2
83%
83
94%
9334
94

97*2
86
83*4
96
95*4
94%

102

104

2Bid
Peoria & Pekin Un 1st g 6s. .1921
2d gold 4Ms___________ 61921
Pero Marquette— Ref 4s__ .1955
.1955
Chic & West Mich 5s___ .1921
F lin t* P M gold 6 s ... .1920
1st consol gold 5s------- .1939
Pt Huron DIv 1st g 5s. .1939
Sag Tus & H 1st gu g 4s. .1931
Philippine Ry 1st 30-yr s f 4s 1937
.1940
.1943
.1997
Registered................ . .1997
Jersey Central coll g 4 s.. .1951
Atlantic City guar 4s g_. .1951
1947
St Louis & San Fran (reorg Cot—
.1950
.1950
.1955
.1960
St Louis & San Fran gen 6s .1931
General gold 5s______ .1931
St L & S F RR cons g 4s. .1996
General 15-20-yr 5s__ .1927

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

-

J

- J

j

fa
cq

Range
Since
Jan . 1

N o . Low

H igh

Nov'16
87
Mar'10
„ . 14
Apr '16
20*4 24
20*4 20% 4 14
85% ------ 85 June’ 10
83
101 ____ 104 June’16 ___ 101
74
75 ------ 75% Apr T 6 —
____ 68
68 July’ 16

87
14
20*4
85
105
76

A sk Low

H igh

102
87
14

____ 50
50 Apr T 6
106* >. . . 105 Dec ’ 16
113*4 N ov’ l l
9478 95% 95
95% 66
____ 95*4 94*4 June’ 10
2
90
96
96% 96
93 ____
65*2------ 6878 July’ 16 — -

68% Sale

84*2 847s
- j
81*4 Sale
- j
53 Sale
July
J - J 110% -----J - J 102 102*4
76% -----J - J
M -N ____ 69
71 Salo
. . . 08%
92% ____
Southw DIv 1st g 5s__ .1947 A - O
Refunding gold 4s___ .1951 J - J ____ 81%
Registered.............. .1951 J ~ J
78 ____
72*4 Sale
K C Ft S & M cons g 6s. .1928 M -N 109*2 110
75*4 Sale
K C Ft S & M Ry ref g 4s .1936 A -O
89% ____
K C & M R & B 1st gu 5s .1929 A - O
76% 76*2
St L S W.lst g 4s bond ctfs. .1989 M- N
62 %
2d g 4s Income bond ctfs.pl989 J - J 62
61*2 Sale
Consol gold 4s................ .1932 J -D
1st terml & unit 5s.......... .1952 J - J 62*2 Sale
Gray’s Pt Ter 1st gu g 5s. .1947 J - D 100 ____
S A & A Pass 1st gu g 4s__ .1943 J - J 6678Salo
S F & N P lstsk fd g 5 s ___ .1919 J - J 1017*____
79*4 80*4
.1950 A -O
79*4 80*4
.1950 A - O
64*2 Sale
Adjustment 5s................ 01949 F - A
67
67%
. 1959 A - O
Atl Blrm 30-yr 1st g 4s. £1933 M- S ____ 84
.1949 J - J 88*4____
Fla Cent & Pen 1st g 5 s,. .1918 J - J 100% ____
.1930 J - J 101% -----. 1943 J - J ____ 102*2
Ga & Ala Ry 1st con 5 s.. 01945 J - J 102 103%
.1929 J - J 10l7g 102*4
.1926 J - J 102 ____
j

j

Wee*'s
Range or
Last Sale

68%
84 78

50

51

93*4 96%
92*4 95
94% 97*4
59

687g

68%

79 68% 71%
3 847g 88
85
85
80%
81% 65 74
141 39
55*2
52*4
53
110% Aug '16 ___ 109 110*4
102 July’ 16 ___ 1007g 103*4
___
78 May’ 10
68*2 78
71% July'16 __ 45*4 72%
727g
71
71% 200 40
2
67
67
43% 70
93
93 Juno’ 16 ___ 89
67*4 82
77*2 Aug T 6 —
80*4 M ar’ l l
79*2 July’ 16 ___ 62% 82
72*4
7234 30 61% 75%
109*2 July’ 16 ___ 109% 1107a
8 75 78
75*2
70
90 Juno’ 16
90
90
12 76 80
70
76%
64*2 Juno'10 ___
62
64%
11 61 65%
61%
02
5 60
62*2
63
70
98*4 Jan T4
27 627g 70%
60*2
67
1 101% 1017g
1017g
1017g
80*2 July'16 ___
80
84*2
4 79% 83%
79%
79 %
10 64 70
64
647g
5 67
72
67
07*4
847S 87*4
8478 July 16 ___
88 June’ 16 —
88 88
99*4 Sep T5
101 Deo T5
102*2 102*2 5 102*2 103%
103% July’16
103 103%
102 July’ 16 . . . . 102 103
09*4 Aug '15

84 Sale 84
84% 59
Gold 4s (Cent Pac co ll).. *1949 J -D
90 Feb '14
Registered .................. *1949 J - D ____ 84
87*2 187 86*4 89%
£*1929 M- S 87*2 Salo 86%
104% 171 102*2 10778
.1934 J -D 1037* Sale 103*8
25 87% 91
88
877g Sale 87%
Cent Pac 1st ref gu g 4s. .1949 F - A
86% 89
Registered.................. .1949 F - A *____ 87*2 86*4 July’ 16 ___
3 84% 91
90
'90
89*4
91
J
D
Mort guar gold 3 H s.. *1929
2 84 88%
84%
84*2
Through St L 1st gu 4s .1954 A -O ____ 85
G H & S A M & P 1st 5s- .1931 M -N 102 104*2 102 May’ 16 - - - - 102 102
100% 100*4
Gila V G & N 1st gu g 5s. .1924 M -N ------ 102% 1(10% Jan T 6
102 May'16
101 102%
IIOUS E & W T 1st g 5s. .1933 M -N ____ 102
101% Apr TO ___ 101% 153%
1st guar 5s r e d .......... .1933 IY1- N ____ 101
H & T C 1st g 5s in tgu .. .1937 J —J 106 ____ 106% June'16 ___ 106 100%
96 ____ 96 July'16 —
94*4 96
Gen gold 4s lnt guar.. .1921 A - O
109% N ov’ 15
Waco & N W div 1st g 6s '30 M -N
A & N W 1st gu g 5s----- .1941 J - J 100 101*4 103 N ov’ 16
Louisiana West 1st 6s . . . .1921 J - J 105 ____ 109 June’ 14
104*2 104%
Morgan’s La & T 1st 7s. .1918 A - O ____ 105% 104*4 July’ 16
105 105
105 Jan T 6
1st gold 6s . .................. .1920 j - j
No of Cal guar g 5s........ .1938 A - O 106*4 109*2 105 Oct T5
.
.
.
.
101
102%
100
101
%
101
July'16
j
j
Ore & Cal 1st guar g 5s. .1927
So Pac of Cal—Gu g 5s.. .1937 M- N 108*4____ 101*2 N o v ’ 13
94% July’ 16 ___ 94% 97
So Pac Coast 1st gu 4s g- .1937 J - J 94*8 90
83*2 Sale 83*2
83*4 12 82*2 86
San Fran Terml 1st 4 s.. .1950 A - O
90 Apr T4
Tex & N O con gold 5s. .1943 J - J 92% 94
90*2 75 89% 91
90*4 8978
So Pac RR 1st ref 4s___ .1955 J - J 90
101% 64 100 103%
Southern— 1st cons g 5 s.. . .1994 J - J 101 Salo 101
1 100% 100*4
100*4
. 1994 J - J 100% 102% 100*4
123 69
72 Salo 70*4
72
73%
Develop * gen 4s Ser A .. .1956 A - O
78
75
77*4 7578 July'16 ___ 75
Mob & Ohio coll tr g -Is.. .1938 M- S
___ 100 104
Mem Div 1st g 4H s-5s.. .1996 J - J ____ 100*2 100 July'16 ___
80
80% 81 June’ 16
80*2 84*2
St Louis div 1st g 4s----- .1951 J - J
102% 103%
Ala Cen 1st g 6s _ ........... .1918 J - J 102*8 10278 103% Juno’ 16
08*2 99
Ala Gt Sou 1st cons A 5s .1943 J - D ____ 99% 98% May’ 16 ___
94% 96
Atl & Char A L 1st A 4Ms 1944 J - J ____ 9434 94% May’ 16
101% 24 101 103%
1st 30-yr 5s ser B .. . 1944 J- J 10078 103 101
80
82
81% 85%
81% July’ 16
A tl* Danv 1st g 4s----- . 1948 J - J
81% Mar’ 10 —
79*2 81*2
2d 4s.......................... .1948 J - J
Atl & Yad 1st g guar 4s. .1949 A - O 75% 75*2 75*4 Deo T4
E T Va & Ga Div g 5 s.. .1930 J - J 104%____ 104% Apr TO ___ 103% 104*2
105% 106*4
Con 1st gold 5s.......... .1956 M- N 105%____ 105*8 July’ 16
99% 101%
997a Aug ’ 16
E Ten reor lien g 5s___ .1938 M- S 99% 100
58 July’ 16 __ _ 57
60
Ga Midland 1st 3s_____ .1946 A - O ____ 60
1067g____
107 July’ 16
107 107%
Ga Pac Ry 1st g 6s........ .1922 J - J
.1925 J — J 108 ____ 108*4 July’16 ___ 108 110%
Mob & Bir prior Hen g 58.1945 J - J 102*4____ 105% N ov’ 12
70 ____ 71*4 May’ 16
71% 71%
.1945 J - J
Rich & Dan deb 5s stmpd .1927 A - O 103*4 104*4 104% July’16 . . . . 103% 104%
73 Sep ’ 12
Rich & Meek 1st gu 4s. .1948 M- N
1C0% 102
So Car & Ga 1st g 5s__ .191C M -N 100% 101% 100*4 July'16
102 102*2
Virginia Mid ser D 4-5s. ..1921 M - S 102 ____ 102*2 Juno’ lC
102 102
Series E 5s.................... .1926 M- S 103%____ 102 Mar’10 —
Series F 5 s.................. ..1931 M- S 104*4____ 104 Mar’ 13 ____
102% 106*2
General 5s.................. .1936 M -N 106 ____ 106 July’ 16
Va & So’w’n 1st gu 5s ..200S J - .1 105 ____ 105 May’ K ___ 102% 105
l 89*2 90%
90*s
1st cons 50-year 5s. ..1958 A - O ____ 90*2 90*8
94*2 94%
94*2 June’ 16
W O & W 1st cy gu 4 s .. ..1924 F - A ____ 94
93
93
90
91*4 93 Jan ’ H
Spokane Internat 1st g 5s. ..1955 J - J
99*2 Aug '16
98*2 100*2
Ter A of St L 1st g 4>$s— --193C A -O ____ 102
2
105
105
105
108
103*2
108*2
F
A
1st con gold 5s____ 1894-194-1
85*2 July’ K
84% 88
Gen refund s f g 4s........ . 195J J “J ____ 85
100% 20 99% 101%
St L M Bridge Ter gu g 5a. 1930 A - O 100% Sale 100%
5 95
98%
96%
96*2
..200* J -D ____ 07
35
45
_?2000 M a r 36% 45 40 Aug '16
90
90
90 Jan T(
..1931 J - J ____ 88
W Min W & N W 1st gu 5s 1930 F - A ____ 95 106% Nov'04
103 105*4
Tol & O C 1st g 5s---------- ..1935 J - J i03*4 105 105 A u g 'I f
101 102%
____ 102% 101% May’ K
. 1935 A - O
93
94
94 May’ K
General gold 5s............... ..1935 J -D ____ 90
82% 84%
83
83*4 82*4 July’ 16
..199* A - O
98%
Aug
'I
f
97
99
90
97%
j
j
..1921
50
61
51 Juno’ lf
53% 55
Tol P A W 1st gold 4s____ ..1917 j - j
78*2 83
80% 80*4 81 July’ io
Tol St L & W pr Hen g 3HS.1925 j - j
6 54
60
55*4
55*.
55*4 56
50-year gold 4s.................. __195( A - O
18% Mar’ ll
20
23
18% 18%
Coll tr 4s g Ser A _______ ..19 1 ’ F - A
83 Apr ’ K
83
80
87
Tor Ham A Buff 1st g 4s. .61946 J - ti 84
100*
'4 99*2 101*8
Ulster A Del 1st con g 5s. ..192) J -D 100 Sale 100
74 M ar’ 15
1st refund g 4s.............. ..1952 A - O
97
128 95% 98%
Union Pacific 1st g 4s----- ..194! J - J 06% Salo 96%
96 ------ 96 July’ K
95
97%
..194! J - J
93% Sale 93*4
93*f
44 92*8 94*4
..1927 J - J
91 89% 91%
897g
90%
1st A ref 4s.................... .(72008 M- 8 89*2 90
91% 93
9178 93
9178 Aug ’ 1( —
Ore RR A Nav con g 4s-.1946 J -D
g Due June. A Due July. * Due Aug. 0 Due Oct. p Due Nov. 1 Due Dee.

__
__
__

__
__
__

__

00
00

6 Duo Feb. eDueMay.

Price
Friday

|A u g . 11.

00




asked, a Due Jan.

si

**

4 106*4 106*4
106*4
160*4
105 July’ 16
105 105
98 Apt ’ 12
87 Feb T4
90 June’08
J L & S 1st gold 3>is__ 1951 M- S
4 82*2 85
82*2
82*2
IY1-N 8212 86
86 88I2 86*4 July'16 . . . . 8OI4 90*2
A -O
91*2 Aug TO ___ 91*2 95*2
A -O
9Ha 92
A - O ------ 917g 93«4 Apr T 6 . . . . 93*4 9334
8434
80
M -N ____ 7934 80 Aug '06
897g 93
90*2 Aug '16
West Shore 1st 4s guar.
2 87*4 90
873s
87
87U 873a
j - j
M -N 100% ____ 100*2 June’ 10 . . . . 100*2 102
9934 100%
J - J 9 9U ____ 9934 JulyT 6 —
Equlp trust 4>$s._lE
5 97*2 100*8
9734 98l4 98*2
98*4
N Y Connect 1st gu 4 Ms *
N Y N H & Hartford—
80*2 Mar’ 16 - . . . 80*s 81*4
M- S 79U 81
73
73 Feb ’ l l
73
M- S
Non-conv deben 3>$s__
1 697i 72
71
71
A -O ------ 72
Non-conv deben 3'/ts __
J - J ____ 7912 79*4 July’16 . . . . 79*4 81%
6 78% 82
78% Sale 78*8
78*8
M -N
70 A u g '16 . . . . 68% 73
J - J 68 70
112*8 20 11178 116
J - J 112 Sale 112
79
____ 7912 9H2 Jan ‘ 12
Non-conv deben 4s__
J - J ____ 7912 79*2 Apr TO
79*4 79*2
A -O
Non-conv deben 4s___
____ 80
Non-conv deben 4s___
____
9012____ 91*2 May’ 18
M -N
91*2 93
F - A 1.89*2------ 99*2 June'12
1 80 83
80*2
80*2
J - J ____ 83
M- S
M -N 1063s____ 105*2 May‘ 15
91*4____ 87 J’ly T4
M -N
90*8____ 88 Aug T3
A -O
73% 74 Aug TO __ _ 73
82
J - J 73
M -N 100*4____ 107 Aug ‘09
A -O
Boston Terminal 1st 43lOO^ 99*2 Mar‘ 12
8 69*2 70
69
70
69*2
69*2
M -N
99*8 Deo T4
835s Feb T4
M- S
....
J - J 86 ____
84
M- S 76 k.79% 80 July TO . . . . 80
92*j June'12
M- S
79
J -D ____ 79*g 79 Apr T 6 ___ 76
5 78
78
80*2 78
80
F - A 76
98 July’ 16 . . . . 97
98 101
99*4
M -N
M -A 119 120 1193s July'16 . . . . 119*2 120
F -A 120 12134 121*8 July'16 . . . . 120*2 122
2 A - O 120 . . . 120*2 July'16 . . . . 1191* 120*2
925g gale 92*2
9278 33 91*2 94
5 A- O
♦92*2 93*2 93*4 Deo T 6
89% 89% July’ 16 . . . . 88*4 91
J - J 89
124 July'16 - - - - 113% 133
J -D ____ 135
131*4 June’ 16 . . . . 114 135*2
M- S ____ 135
132*4 July’ 16 . . . . 115*2 137*2
M- S ____ 133
8838 6 88 90*4
1 J - D 883g 89 88*4
J - J 104 ____ 103*2 Jan T 6 - - - - 103% 103*2
9134 93
91*4
913l
1 9U2 94
M -N
913.i 107 91*2 94*4
913s Salo 9158
Q- J
93*2
Q - J ____ 913| 91*4 Juno’ ltl . . . . 91
60
160 65*8 07
657s Sale 655s
IQ -F
Q - F 65*4 66*4 6558 Juno'16 . . . . 63*2 65*4
J - D 91*2____ 91*2 July’ 16 . . . . 91% 91*2
100*2 Jan '16
100*2 100*2
M- S
1 F - A 1093s 1107s 109*4 July’ 16 ____ 109% 110%
109*2 Oct '15
Q- A
1 F - F 107 ____ 107 Mar’ 16
107
io 7
A -O 101 _____ 100*8 July’ 16 . . . . 100% 101%
90%
90
J -D ♦ 88 ____ 90*8 Mar’ ll! . . . .
85
87% 90*2 Feb TC
90
90%
Q -M
Wash Cent 1st gold 4s__
J - J 111 112i2 111*8 July’ 16 . . . . 111 111%
84
88
82
83*2 84 Aug '16 ___
J - J
96*2 July’16
93 100
96
99
J -D
99*8 99*2 99*2 Aug '16 ___ 98*4 99%
M -N
M- S 103 ____ 103's July'16 ____ 102% 103%
98%
2 98*4 99*2
98
98% 98-%
} M-N
14 98*2 100
99 Salo 99
99's
M-N
IO-D4 79 104*2 106%
3 F - A 10434 Sale 104*2
101*2 63 100*4 1027g
J - D 101*2 Salo 101*4
M- S 96% 965s 96*8 July’ 16 - - - - 92*2 97
96
90
F - A 94*2____ 98 Jan 'll!
98% 98%
M- N 98*2____ 983g July’ 16 ___
102 Jan ’03
s - j
9.3
99*8 100
1 M- S 993s____ 100 June’ 16
Pennsylvania Co—
J - J 1005s Sale 100*8 1007g 20 100% 102*2
101 101*8
1 J - J 100 IOU4 101 May’ lC
85 _____ 86*2 Jan TC . . . . 86*2 88*2
7 M- S
84
88*4 85*4 Juno’ ll
85
85*4
l F -A
100*8 Jan TC
99*4 100*8
6 M- N
84*8_____ 86*8 July 16
2J - D
86*8 86%
85%
84*8 88*4 85*8 Mar’ lC
85
tJ - D
Guar3Ma trust ctfs D . _
94*2 95%
1 A - O 94*2 98*2 95*4 Aug T6
92 ____ 92 July 1C
92
92
2 M-N
1 90*4 90%
91
CIn Leb & Nor gu 4s g_.
2 M - N 91 ____ 91
1 99 9934
99
98*2____ 99
5 M-N
C1 & Mar 1st gu g 4 ^ s .„
104*8 105*2
2 J - J 10234 104'a 105 Apr TC
1023.1 ____ 104 Deo T5
8658 _____ 91*4 Feb '12
863g____
90*8 Oct T2
8 M -N
89*2 89*2
0 F - A 865s _____ 89*2 July'16
90
90
0 J - J 88 ____ 90 July’ 16
88 _
90*8 J’ly T2
99% _____ 98*2 Feb T 6
95*2 987g
J - J
923s____ 93 May’ 14
3 M- S
7 M- N 1043g____ 109 May TO
99*2____ 98*2 Oct T5
u - J
99*2____ 98*4 June’ ls
94 Apr T 6
93
98
2 M- S
93*2 94
0 A -O 1013! Salo 101*4
101*
1 101% 102%
101% 102%
2 A -O 100*4 IOU4 102% May’ ll
2 M- N 101 _____ 97*4 July’ 16
5 M- N 941S _____ 94*4 May’ lfl
94*4 95*2
92
92
9 F - A 93*2------ 92 Feb TC
92*8____ 95*4 Jan T4
92%
Aug
‘
16
7 M-N
93*4____
3 F - A 100*4 1017« 101*2 Aug ’ If
101% 102%
Series I cons gu 4>4s.
2 A - 0 107*2____ 104 N ov’ 16

BONDS
N. Y. STOCK EXCHANGE
Week Ending August 11.

BONOS
N . Y. STOCK EXCHANGE
Week Ending August 11.

15

P rice
Friday
A u g . 11.

W eek 's
R ange or
L ast Sale

H igh
Bid
A sk L ow
Union Pacific (Con )—
Ore Short Lino 1st g Os— 1922 F - A 10734 ----- 107% Aug ’ 16
106
1st consol g 5s________ 1946 J - J 106 107 106
91%
Guar refund 4s________ 1929 J - D 91% Sale 91
102 Mar’ 10
Utah & Nor gold 5s___ 1920 J - J
90 Apr '16
1st extended 4s______ 1933 J - J 91 100
90%
Vandalia cons g 4s Ser A ___ 1955 F - A 91 ____ 90%
91 ____ 91 June'16
Consol 4s Series B........ ..1957 M -N
42*2 Aug '15
Vera Crui Ac P 1st gu 4J48--1934 J - J ------ 87
98% Sale 98
98%
Virginian 1st 5s Scries A ------ 1962 M -N
103*;
Wabash 1st gold 5s-------------1939 M -N ____ 103*2 103*8
99
98*2 98% 98%
2d gold 5s---------------------- 1939 F - A
90 Juno* 12
Debenture Series B.......... 1939 J - J 80 110
1st lieu equip s fd g 5s----- 1921 M- S 96*2____ 100 M ay'16
65 Deo *15
1st lien 50-yr g term 4s— 1954 J - J 69*2 ._
Det & Ch Ext 1st g 5s----- 1941 J - J 105 ____ 105 July’ 16
80 Aug ’ 12
Dos Moln Dlv 1st g 4s----- 1939 J - J
74*; 72 Apr '16
Om Div 1st { 3 Hs----------- 1941 A -O
69
86
80
86 June’ 16
Tol Ac Ch Dlv 1st g 4s____ 1941 M- 8
3
Wab Pitts Term 1st g 4s___ 1954 J -D
3 July’ 16
2%
Ceut and Old Col Tr Co certs. _
2% July’ 16
2*2
T* 3
Columbia Tr Co certfs---------1% Mar’ 16
1
Col Tr ctfs for Ceut T r ctfs___
3
3 July’ 16
2d gold 4s............ .............. 1954 J -D
% June’ 16
1,
Trust Co certfs------- ----------*4 July’ 16
84%
Wash Tcrml Istgu
____ 1945 F - A
84*2 Apr ’ 16
1st 40-yr guar 4s________ 1945 F - A
93
05*2 91*2 Aug ’ 15
West Maryland 1st g 4s____ 1952 A - O 71% 72
71%
72
West N Y Ac Pa 1st g 5s____ 1937 J - J 104*8 104*2 104*8 July’ 16
Gen gold 4 s .._.........
1913 A .O
84
84 ____ 84
Income 5s______ _____ .#1943 Nov
37
20 Deo ’ 15
Wheeling & L E 1st g 5s___ 1926 A -O 100 100*8 100 July’ 16
Wheel Div 1st gold 5s___ 1928 J - J 97 9714 97
97
Exten & Impt gold 5s___ 1930 F - A
957g 97 , 97 Mar’ 10
HR 1st consol 4s............... 1949 M- S 71*2 74i4 73 Aug ’ 16
20-year equip s f 5s........... 1922 J - J 72*2____ 90 Apr *14
Winston-Salem S B 1st 4 s .. . 1960 J - J 86
88
85 July’ 16
Wis Cent 50-yr 1st gen 4 s .. _ 1949 J - J 85*2 Sale 85
85%
Sup Ac Dul div Ac term 1st 4s ’36 M -N
85
8534 85%
85%
Street Railway
Brooklyn Rapid Tran g 5s. .1945 A -O 100% Sale 100*2 100%
1st refund couv gold 4s__ 2002 J - J ____ 80*2 80*a July’ 16
6-year secured notes 5s__ 1918 J - J 100% Sale 100*8 100%
102% July’ 16
Bk City 1st con 5s. .1916-1941 J - J 102
Bk Q Co & S con gu g 5 s .. 1941 M-N ____ 94*8 94 July’ 16
101 May’ 13
Bklyn Q Co Ac S 1st 5s___ 1941 J - J
101%
Bklyn Un El 1st g 4-5S...1950 F - A 101*8 Sale 100*4
Stamped guar 4-5s_____ 1950 F - A 100*4___ 100% July* 16
83*2
Kings County El 1st g 4s. 1949 F - A
83*4 83*2 83%
83 *4 83*2 83 July’ 16
Stamped guar Is........ .1949 F - A
73
Nassau Elec guar gold 4s. 1951 J - J 73
74*4 73
96% 97
90%
97
Chicago Rys 1st 5s............ .1927 F - A
Conn Ity Ac List & ref g 4^31951 J - J 101*8------ 101 July’ 16
Stamped guar 4 ^ s ......... .1951 J - J 101*8____ 96*4 June’ 14
Det United 1st cons g 4^3.-1932 J - J 80 Sale 80
80%
84 Jan ’ 14
Ft Smith Lt Ac Tr 1st g 5 s .. . 1936 M- S
9234
92%
Havana Elec consol g 5s___ 1952 F - A
93*2 95
Hud Ac Manhat 5s Ser A . . . . 1957 F A
70
70*2 70*4
70*2
Adjust income 5s-------------1957
27*8 Sale 27%
27*2
N Y & Jersey 1st 5s........ .. 1932 F - A ____ 100*2 100*2 July’ 16
Intcrboro-Mctrop coll 4 ^ s . 1956 A -O
73% Sale 73*4
73%
In terboro Rap Tran 1st 5 s .. 1966 J - J 98 Salo 97 7g
98
Manhat Ry (N Y) cons g 4s_1990 A -O
89
89*2 88%
89*2
Stamped tax-exempt........ 1990 A -O
89% Sale 89*2
90
Metropolitan Street Ry—
Bway Ac 7th Av 1st c g 5s. 1943 J - D 100 100% 100 June’ 10
Col Ac 9th Av 1st gu g 5s. . 1993 M- S ____ 99*2 100 July’ 16
Lex Av Ac P F Istgu g5s._ 1993 M- 8
99*2 100 100
100
Met W S El (Chic) lstg 4s. .1938 F - A
30 Mar’ 14
Mllw Elec Ry Ac Lt cons g 5s 1926 F - A 101*2____ 10134 101%
Refunding Ac exten 4 ^ 3 .. 1931 J J ____ 93*2 92% Feb ’ 16
Mlnneap St 1st cons g 5 s ... 1919 J - J 100% 101 101
101
Montreal Tram 1st Ac ref 5s. 1941 J - J 91 ____ 92 July’ 16
83% Aug ’ 16
85
New Orl Ry Ac Lt gen 4 H S --1935 J - J 81
99
N Y Munlclp Ry 1st s f 5s A 1966 J - J 99 ____ 99
74
75*2
N Y Rys 1st It E Ac ref 4 s .. .1942 J - J 75% 76
58*2
68% Sale 57%
30-year adj Inc 5s_____ al942 A -O
83
July*
10
82
84%
N Y State Rys 1st cons 4 ^*Js. 1962 M- N
91*a July'10
Portland Ry 1 s t * ref5s___ 1930 M-N ____ 92
78% July’ 16
Portld Ry Lt & P 1st ref 5s. 1942 F - A ____ 77
100 May* 15
Portland Gen Elec 1st 5s. 1935 J - J
St Jos Ry, L. It «fc P 1st g 58.1937 M- N 95^4------ 90 May’ 16
St Paul City Cab cons g 5s. .1937 J - J
100 Sep ’ 15
Third Ave 1st ref 4s............ 1960 J - J 81*2 81% 81%
81%
Adj Inc 5s_____________ a 1960 A -O
79*4 Salo. 78*8
79%
Third Avo Ry 1st g 5s.......... 1937 J - J 105 107 107*2 June* 16
98% 98% 0S».
Tri-City Ry & Lt 1st s f 5 s.. 1923 A -O
983.1
Undergr of London 4 ^ 8 ____ 1933 J - J
95*j July’ 14
Income 6s______________ 1948
69
80
69 Jan '10
Union Elev (Chic) lstg 5 s..1949 A -O
84 Oct '08
United Rys Inv 5s Pitts lss.1926 M -N ____ *80
70 A u g’ 16
61 Sale 60
United Rys St L 1st g 4s___ 1934 J
01
St Louis Transit gu 5s___ 1924 A
____ 65
55 Apr ’ 16
United It Its San Fr s f 4 s .-1 9 2 7
32*2 Sale 32*2
30*2
88
88
Va Ity Ac Pow 1st Ac ref 5s. .1934
88
Gas and Electric Light
Atlanta G LC o 1st g 5s........ 1947 J -D 103% ____ 103 Sep *15
Bklyn Un Gas 1st cons g 5s. 1945 M -N 100*4 106*2 106*4 Aug ’ 16
64 June’ 13
Buffalo City Gas 1st g 5 s ... 1947 A -O 1____ 62
97 Feb *15
Columbus Gas 1st gold 5s. .1932 J - J
Consol Gas conv deb 6s___ 1920 Q - F 123*4 Sale, 121%
123*2
Detroit City Gas gold 5s__ 1923 J - J 101% 101% 101 %
101 %
Detroit Gas Co cons 1st g 5s 1918 F - A 100
97% Nov ’ 15
Detroit Edison 1st coll tr 5s. 1933 J - J 103 103*2 103%
103*2
1st Ac ref 5s ser A ............ A1940 M- S 101*4 101*2 101*4 Aug '16
Eq G L N Y 1st cons g 5s. .1932 M- S
100% May’ 15
Gas Ac Elec Berg Co c g 6s. -1949 J -D io o *
100 Feb *13
Hudson Co Gas 1st g 5s___ 1949 M -N 102% 103% 10334 June’16
Kan City (Mo) Gas 1st g 5s. 192 A -O
91 Jan ’ 16
1043 ,
105 ____ 10434
Kings Co El L Ac P g 5s------ 1937 A
Purchase money 6s______ 1997 A -O 116 117 117 A u g’ io
Convertible deb 6s--------- 1925 M- S 120 128 126 Mar’ 16
Ed El 111 Bkn 1st con x 4s. 1939 J - J 1--------- 8 8 % 88 A u g ’ 16
Lac Gas L of St L 1st g 5s..el919 Q - F 101*2 102 101%
101*
Ref and ext 1st g 6s--------- 1934 A -O 102*2 Sale 102*2
102*2
Milwaukee Gas L 1st 4s____1927 M -N
02
93 Juno'10
Newark Con Gas g 6s______ 1948 J - D 104 ____ 103% Mar’10
D 104 Sale 104
N Y G E L II Ac P g 5s___ 1948
10 4 %
Purchase money g 4s___ 1949
A 84
85
84%
84%
Ed El II 1st cons g 5s___ 1995
J 108% 109% 108%
108%
NY&Q El L Ac P 1st con g 5s 1930
A 10034 ____ 10034 Aug ’ 10
N Y * Rich Gas 1st g 5s___ 1921 M -N
92% July’09
Pacific G Ac El Co Cal G Ac E
Corp unifying & ref 5s— 1937 M -N
08% Sale 98
98*4
Pac Pow & Lt 1st Ac ref 20-yr
A ------ 96
5s Internat Serlos_______-1930
92 July* 10
Pat Ac Passaic G Ac El 5s----- 1949 M - S 1 01 % ____ 99% Oot ’ 15
Peop Gas Ac C 1st cons g 6 s.. 1943 A -O ------ 115
115*2 May’ 16
Refunding gold 5s............ 1947 M- S 100% 101 100% Aug ’ 16
Registered. . . . . . _____ 1947 M -S ------ 99%
99 Sep ’ 13
ChG-L«fcCoko Istg u g53.1937 J - J 102% . . . 100% Aug ’ 16
Con G Co of Chi lstgug5s 1936 J -D 101 . . . 101*8 May’ 16
Ind NatGas<fcO1130-yr5s 1936 M-N ------- 87% 87 June’ 10
Mu Fuel Gas Istgu g 5 s.. 1947 M-N 100 100% 100% Mar’ 16
Philadelphia Co conv 5s___ 1919 F - A
95 ____ 98% Aug ’ 16
Conv deben gold 5s..........1922 M -N
88
90
88 Aug ’ 16
Stand Gas Ac El conv s f 6s. .1926 J -D
99% 100
99%
99%
Syracuse Lighting 1st g 5 s.. 1951 J -D 100% ____ 100% July’ 16
Syracuse Light A Power 5 s.. 1954 J - J 84 ____ 85*i June’ 12
Trenton G Ac El 1st g 5s----- 1949 M- S 101%____ 101% June* 14




__

__

Range
Since
J an . 1
Low

H igh

107% 109
106 107%
91
94

BONDS
N . Y. STOCK EXCHANGE
Week Ending August 11.

P rice
Friday
A u g . 11.

W eek 's
R ange or
Last Sale
Low

H igh

Range
Since
Jan. 1
L ow

H igh

Union Elec Lt Ac P ls t g 5 s .. 1932 M - S
100% J u ly’ 16
100 % 101 %
Refunding Ac extension 5s. 1933 M -N ____ 93% 89 Mar’ 15
Utah Power & Lt 1st 5s___ 1944 F - A
93% Sale 93%
‘9334 ~ 9 (T
94
102 102
Utica Elec Lt Ac P 1st g 5 s.. 1950 J - J 100 101*j 102U Mar’ 15
90
95
Utica Gas Ac Elec ref 5s........ 1957 J - J
Aug T6
9034 91
Westchester Ltg gold 5s___ 1950 J - D 104% 105*4 105*4 105*
104% 105%
91
91*2
Miscellaneous
Adams Ex coll tr g 4s.......... 1948 M -S
82% 83% 82%
30 82
83
85%
97*4 99
Alaska Gold M deb 6s A ___ 1925 M -S
99 Sale 99
4 98 117
99
gg
103 105
Conv deb 6s series B ____ 1926 M - 8
98 105
98 Aug 16
I 100
Armour Ac Co 1st real est 4 Hs ’ 39 J - D ’ 93% Sale 93%
93% *34 93% 95
Braden Cop M coll tr s f 6s. 1931 F -A
21 98*2 99%
98*2 98% 99
99
96% 100
2 86% 89
Bush Terminal 1st 4s.......... 1952 A - O
87% 88*4 88 %
88 %
Consol 5s............................ 1955 J - J
87
88% 87%
1 86% 92
87*2
103 105
2 86
Bldgs 5s guar tax ex........ 1960 A - O
87
87% 87%
91
87%
19 99% 100
Chic UnStat’ n Istgu 4 ^ 8 A 1963 J - J 99% 100
99%
100
73
72
Chile Copper 10-yr conv 7s. 1923 M -N 123% Sale 123
151 123 135%
124
87
82
83*2 83
Computing Tab-Rec s f 6 s.. 1941 J - J 83
6 81 86
83
36 101% 109%
1% 4»4 Granby Cons M S A P con 6s A ’28 M -N 104*i 104% 104%
105
3%
1
5 103 109
Stamped............................. 1928 M -N 105 105*2 105
105
1
3*2 Great Falls Pow 1st 8 f 5 s.. 1940 M- N 100% 100% 100% July 16
99% 101%
107
"33 95 107
3% Int Mercan Marine 4 >$s___ 1922 A -O *106 108 106%
1
107% 3368 95% 107%
Certificates of deposit........... ............ 107% Sale 106%
%
10 91% 107%
107%
Int Navigation 1st s f 5s___ 1929 F - A 106 107% 107%
%
17 95% 98%
97%
83% 84% Montana Power 1st 5s A . . . 1943 J - J 97*2 Sale 97*2
92% 92% 92% July’ 16
92% 93
M orris* Co l s t s f 4 ^ s ___ 1939 J - J
71
75
83 Apr ’ 14
Mtge Bond (N Y) 4s ser 2 .. 1966 A -O
103% 105
94 June’ 16
94
94%
10-20-yr 5s series 3..........1932 J - J
81% 84% N Y Dock 50-yr 1st g 4 s .. . 1951 F - A 71% 73% 74 July’ 16
73
75*i
Niagara Falls Power 1st 5s. 1932 J - J 101% 104% 102% June’ 16
10034 102%
98 102
R e f * gen 6s. .................. al932 A - O
98
99*4 Niag Lock Ac O Pow 1st 5s. .1954 M - N 89 ____ 92% Feb ’ 16
92% 92%
97
97
92% 92% 92%
92%
Ontario Power N F 1st 5s_.1943 F - A
92
95*i
68
74*4 Ontario Transmission 5s____ 1945 M -N
86
90
90 July’ 16
86
90*|
Pub Serv Corp N J gen 5 s.. 1959 A - O 92 Sale 91%
8934 93%
92
84*2 87*2 Tennessee Cop 1st conv 6s. .1925 M- N 91
91*2 91%
92
88 125
84
8734 Wash Water Power 1st 5 s.. 1939 J - J
103% Jan ’ 14
85
90% Manufacturing & Industrial
IO214 102% 102%
Am Ag Chem 1st c 5s.......... 1928 A -O
102%
101% 103
100*2 10334
Conv deben 5s...... ........... 1924 F - a
97 Sale 96%
97%
96% 99%
95
97
78% 81
Am Cot Oil debenture 5s__ 1931 M -N
95%
95*2
95% 97%
100 101*8 Am H id e* L ls t s f g 6 s___ 1919 M -S
104 104*2 104
104
103% 104%
87 Sale 87
100*2 102 %
Amer Ice Secur deb g 6s___ 1925 A - O
87
85
88%
91
91
Am Smelt Securities s f 6 s.. 1926 F - A 107% Sale 107%
10734
106% 118
98i4 Sale 97%
Am Thread 1st coll tr 4s___ 1919 J - J
98*4
97% 98%
100 102
Am Tobacco 40-year g 6 s.. . 1944 A - O 118%____ 118%
118%
118 119
100% 102*8
Registered.......................... 1944 A -O
121% May’ 14
82% ____ 82*2
82*2 86*2
Gold 4s.............................. 1951 F
82*2
82*2 85%
82% 86*2
Registered.......................1951 F - A
98 June’ 14
73
76% Am Writ Paper 1st s f 5 s ... 1919 J - J *81*” Sale' 80
81
65% 81
9534 9834 Ualdw Loco Works 1st 5 s ... 1940 M -N 103 105 104% Apr *10
104% 105
99*2 101
Beth Steel 1st ext s f 5s____1926 J - J 104% Sale 104%
104%
102% 104*2
1st Ac ref 5s guar A ........... 1942 M -N 100*2 Sale 100%
100*2
99% 103%
74*g 83% Cent Leather 20-year g 5 s.. 1925 A - O 102 Sale 101%
102%
100% 102**
Consol Tobacco g 4s............ 1951 F - A
9734 Jan ’ 15
87
94
Corn Prod Ref s i g 5s.........1931 M -N '98% 99
99% May’ 16
99 100 %
69*2 75*4
96*4 96% 96*2
1st 25-year s f 5s............ 1934 M -N
96*
95% 991*
26*2 31*4 Cuban-Am Sugar coll tr 6S..1918 A -O 101% 102 101%
lOlsj
101% 103
100*2 102 Distil Sec Cor conv 1st g 5s. 1927 A -O 74 74% 73% 75
09% 78
72% 76*2 E I du Pont Powder 4 ^ s . ..1936 J -D 101 102 101 A u g ’ 16
101 107%
97% 99% General Baking 1st 25-yr 6s. 1936 J
____ 90% 85 Mar’ 10
85
85
88% 93
82
82% 8234 July’ 16
Gen Electric deb g 3 ^ s ____1942 f - a
78
83%
104
Debenture 5s___________ 1952 M- S 104 Sale 104
89*2 93*4
103*8 105%
III Steel deb 4>*s................... 1940 A -O
90% 90*2 90%
90%
89*2 92%
93*4 IOOI4 Indiana Steel 1st 5s________ 1952 M -N 102% 102 % 101%
102%
101% 103%
99% 100% Ingersol 1-Rand 1st 5s........... 1935 J - J
100 Oct’ 13
75
76
9934 101
Int Agricul Corp 1st 20-yr 5s 1932 M -N
75 A u g '16
75
79
Int Paper Co 1st con g 6 s ...1918 F - A 101% 102 10134 101%
101% 102 %
101 102*2
Consol conv s f g 5s.......... 1935 J - J
91 Sale 91
91
15 81
92%
Int St Pump 1st 8 f 5s____ 1929 M - S
71 June’ 16
71
78%
6 4 % ___
Certfs of {deposit .
100% 101
64 A u g ’ 16
64
79%
92
05
Lackaw Steel 1st g 5s........... 1923 A -O
99% Sale 99%
9934
97% 100%
86
80
92% 91%
1st cons 5s Series A ......... 1950 M- S 92
92
90
97%
99
99
Liggett Ac Myers Tobac 7s. .1944 A -O 124 Sale. 124
124*2
124
127
73% 79
5s----------------1951 - A 101 101% 100%
102%
100% 130
55
03% Lorlllard Co (P)" 78111111711914 F
A -O 124 124% 124*2
124%
122% 127
83
88*2
1951 F - A 101% Sale 100%
6s ______________ ___
101%
100% 102%
91
94% Mexican Petrol Ltdcon" 6s A_1921 A -O 108% 115 108% Aug ’ 16
100% 128
78*2 80
1st lien * ref 6s series C..1921 A -O 108 Sale 108
109%
105 126**
Nat Enam Ac Stpg 1st 5 s . .. 1929 J -D
97*2 98
98
98
96*3 99
95
96
Nat Starch 20-yr deb 5s____1930 J - J 35% ____ 85% Aug ’ 16
85** 88*2
National Tube 1st 5s........... 1952 M -N 101% Sale 100% 101%
99% 1013s
81
83% N Y Air Brake 1st conv 6s-.1928 M -N 102 102% 102
102
101 105%
77% 84% Railway Steel Spring—
100 108
Latrobe Plant 1st s f 5s__1921 J - J 100% ______ 100% July’ 16
99*4 100%
98% 100%
Intcrocean P 1st s f 5s...1931 A - O 96% 98
97
97
94*i 98
Repub I Ac S 10-30-yr 5s s f . 1940 A - O 97% Sale 97%
98
95% 99%
68
69
Standard Milling 1st 5s____1930 M -N ____ 99
99
99%
95% 100
The Texas Co conv deb Gs._ 1931 J J 104*2 Sale 104%
104 100
104*2
67
84%
85%
Union Bag Ac Paper 1st 5 s.. 1930 J - J
85
85
80% 85
59%
Stamped------------------------ 1930 J - J 84% ____ 82% M ay’ 16
82% 82*4
59% U S R ealty* I conv deb g 5s 1924 J - J 70 Sale 69%
65
70
68 73
20
4634 U S Red & Refg 1st g 6s____ 1931 J - J 14
30
15 Aug T6
10% 15
88
92
U S Rubber 10-yr col t r 6 s .. 1918 J - D 102 Sale 102
102
101% 103%
U S Smelt Ref & M conv 6s. 1926 F - A 110 111 109*2
111
109 116%
U S Steel Corp— Icoup____dl963 M -N 104% Sale 104%
105*4
103% 106%
105 107
S f 10-60-yr 5 s/reg.........dl9G3 M-N
105
105
103% 106%
Va-CarChem 1st I 5 -y r5 s ... 1923 J - D _97% Safe* 97%
97%
9634 99%
Conv deb 6 s................... el924 A - O 100*8 100% 100%
100-%
100% 103%
120 126% West Electric 1st 5s D e c ... 1922 J - J 102*2 Sale 102%
102*2
101% 103%
101 102% Weatingh’se E 4 M conv 5s. 1931 J -J 112% 118 116
117%
112 141%
10-year coll tr notes 5s___1917 A - O 100% 101 101
101
100% 101%
Coal & Iron
102«4 104%
100*4 10134 Buff Ac Susq Iron s t 5s.........1932 J -D
96
97
96% July’ 16
96% 96*2
Debenture 5s............ ..... a 1926 M- S
91
95
96 June‘ 16
90
96%
Col F & I Co gen s f 5s___ 1943 F - A
94% 95
95% Aug '16
92*4 95%
103 103% Col Indus 1st * coll 5s gu. _ .1934 F - A
74% 76
76
76
74*s 77%
91
91
Cons Ind Coal Me 1st 5s__ 1935 J -D
18 ____ 73 Mar’ 14
104 105
Cons Coal of Md lst*ref 5s. 1950 J - D 89
91% 91 July’ 16
90
93
114% 118% Continental Coal 1st g 5s__ 1952 F - A
35 ____ 993g Feb ’ 14
120 128
Gr RIv Coal & C 1st g 6s../il919 A - O ____ 95
9434 Mar’10
94% 94%
88
88 % K a n & H C * C 1st s f g 5s_. 1951 J - J
35 . . .
99 July 15
100% 102
Pocah Con Collier 1st s f 5s. 1957 J - J 91% 93
92% July’ 16
89
94
100% 102*2 St L Rock Mt * P 58 stmpd. 1955 J - J
87 June’ 16
83*2 87
84
88*2
01*4 93% Tcnn Coal gen 5s................... 1951 J - J 10034 10134 102 June’ 16
101*2 103%
103% 103%
Blrm Dlv 1st consol 6s__ 1917 J - J _____ 100% 100*4 June’ 16
100% 102
103 105*2
Tenn Dlv 1st g 6s.......... al917 A -O
100% June’ 16
100% 102
84
87
Cah C M Co 1st gu 6s___ 1922 J - D 100 108 101 Deo ’ 14
108 109
Victor Fuel 1st 8 f 5s_______ 1953 J - J ____ 87% 73 Apr ’ 14
80
85
100% 101*4 Va Iron Coal&Coke 1st g 5s. 1949 M -S
86 June’ 16
86
90%
Telegraph & Telephone
Am Telep & Tel coll tr 4 s.. . 1929 J
91*2 Sale 91%
91%
90% 92*2
07% 100
Convertible 4s...... ............ 1936 M
100 ____ 101*2
101%
100 102%
20-yr convertible 4
1933 M -S 109 110 108*2
109%
105% 109%
92
03*2 Cent Dlst Tel 1st 30-yr 5 s..1943 J - D 102% 103*4 103% Aug ’ 16
101% 103%
Commercial Cable 1st g 4 s ..2397 Q- J ____ 75
73 July’ 16
73
73
114% 115%
Registered........................ 2397 Q - J
71 May’ 16
71
71
100% 102*8
Cumb T * T 1st * ^en 5s__ 1937 J - J 100 Sale 99%
100%
99% 100%
Keystone Telephone 1st 5s._ 1935 J - J ___ 100
98 Apr '10
98
98
100% 102%
Metropol Tel & Tel 1st s f 5s 1918 M -N 10034 100% 101% June’ 16
101% 101%
101 101% Mich State Telep 1st 5s___ 1924 F - A
99% 100% 100*8
100%
99*2 101
87
87
N Y * N J Telephone 5s g.1920 M -N 101*4____ 10034 June’ 16
10034 10034
100% 100% N Y Telep 1st & gen s f 4 H 8 .1939 M-N 97% Sale 97%
98
97% 99%
396*4 98% Pac Tel * Tel 1st 5s............ 1937 J - J 100*2 Sale 100%
99% 101%
100*2
88
93% South Bell T e l* T ls t s f 53.1941 J J 101% Sale 100%
101%
99% 101%
98% 102% West Union coll tr cur 5 s . ..1938 J - J 100% 101 100*8
100
1017a
100*8
99% 100%
Fd and real est g 4 Hs___ 1950 M -N
94% 95% 94%
94% 96%
95
Mut Un Tel gu ext 5s___ 1941 M -N
9 9 % ____ 101% Apr *16
101% 101%
N or thwest Tel gu 4 H 3 g--1934 J - J
93% 94*8 95 Mar’ 10
95
95

SHARE
Saturday
A u g .. 5.

P R IC E S — N O T

\ M on d a y
A u g . 7.

PER

T uesday
A u g . 8.

*101*8
*98*4
*181
♦74
*12712
*44
*200
♦
*
*4
*45
*
*108

IO2J *101*4 0214
99U *98*1 99U
81
182
181
74
74
76
1261? 27
4412 42*i 44
*200
4
4
39
39
*4
5
5
47
47
*45
154
154 *
108 108

*75l2
*128
*8712
*100
8
39
58

78l2 *7512
*128
*8712
ldbV *100
7
8
39l2 3913
58
571.1

1021.1
*98*4
180
74
*126
4212
*200
*4
*45
*108

CENTUM

I W ednesday
| A u g . 9.

1
102U ♦102*1
99*1 *98*4
180 *___
74
74
26*2 126
44
44
*200
4 *
39 *
5
4*3
*45
47
54 +
*108
*
75i2
*129
*8712
,00i2 ♦100

78'2 *75l2
*129
*871?
100U *100
8 1.1 8*1
8U
40
40ti 40'2
571? ♦581.1 5 8 * i

8*1

55
7512

.0012
8*2

*74
75
100*8 100*1
*1*8
1*4
*12
13
* 1091? 110*2
11712 1181a
12912 130
44
*43
95*t 95*1
741?
*73
98
64*4 64*t 66*4
64
64*8 63*8 64'2 64
64?g
64
64
63l2 64
6312 63*4 63
23
231? 23*8 23's 22*4 23
23
23
*9l8 10
10
*9
9'4
9M *812
239 239
239 239
239 239
*237 239
*167 16712 168 168'8 169*4 169*1 169 169*4
*101
101 101 *102
*100
80
80
80*4 80*4
*80
80*8 80
81
8013 81
8012 8012 81
81
81
81
*161 I 6U2 161 161*4 160 160 *159 161
.95 .95
*
17
17 *
17 *
17
*
39
39 *
39 *
39 *
*25
*25
*25
*25
*50
*50
*50
*50
128 128*2 128 128*i
128 12812 12712 128
1v>
154 155
153
i61l2 161*2 162 162
15912 15912 ♦160
161? *16
16*2
*16*4 1612 16*2 10*2 *16
13912 142
139 139
139 139
138 139
45
45U
43E 43*4 44
4414 44*1 45
30
311?
*30>? 3H2 *30*2
31*2 3H2 *2912
*1
*1
1*4
Hi
114 *1
1*1 *1
160 161*i 161*i 162*i
160 160
159>2 160
54
54
54
54 U
54
54
53*4 54
30
30
30
30
30
30
30
30
88*2
86*8 86*8 *8612 86*1 86*4 86*1 87
118*8 118*8 *118 118*2 *118's 118*8 ♦118*1 118*4
7*4 8
77S 8
7*8 7*8
*7*8 8
73*4 *72
100
100
1*4 *1*8
*12
13
109 *109
1171? 118
129l3 129*8
42
*42l2
951.1 95
74i2 *73

74
101
1*4
13
109*4
118
129*4
44
95U
741?

*7212 74
10014 100*1
*1*8
1*4
*12
13
109*4 109*1
1171? 117*2
129*8 129*4
43
43
95
95*i
74
74

_

*25» 312
*9314 94
16
16*8
*1
1'2
60
60
31IS 3H.1
*62
63l2
8I2
*8'i
* h 2 1*8
*6412 66
68
681?
535 540
*14*4 15
*471.1 47*1
57*8 57*1
*2
2'2
11*4 11*4
7
*6'2
81
81
47
*46
*1012 11
*2
3
*44
45
*88
89
26
26
4*2 4 %
*3<s 31,1
*11
1H2
*1
11
*2
*212
80*4

*17

*412
*11

*6*4

2012

212
11

21o
3

*25g 312 *2*2 3'?
94
94*s 9418 95
17*8
161? 16*8 17
1'?
1'2
1'2
1*2
60
59
59*4 60
32
3H.i 31*1 32
*63
6412
*631?
8*8 8*8
8*1 8*1
1*8
* ll2 1*8
1*8
64*4
641? 0412 64
68*8 69 U
68*2 69
534 540 *530 535
*15
16
*1514 17
*48
*47*i 48
48*2
57
58
57*4 58U
*2
2>2
212 *2
11*1 11*4 11*4 12
7
7
*6*2 7*i
81
81
81
81
*46
47
*4612 47
101? 1012 *1012 11
*2
3
*2
3
45
*44
45
45*2
90
*88
89
*88
*26
28
27>2 28
4*2 412 *41? 4*8
312 3*2 *3*1 3*8
11 111? *10*4 11
*n2
11
*2
*2 1 2

*112
11
2 '?

7

*6 1 2
21

2<2
11
21?

*2i2 312
94*4 95
17
17
1'2
*1*1
60
OH4
3212 33*i
6412 65
8*8 8 %
1*2 1%.
65
65*4
69
69*4
530 535
17
*15
♦4812 49
58>2 597s
*2
21?
12
12*2
7
7
81
82*i
46*4 47
It
1U2
*2
4
*44
4512
90
*88
28
28<2
*41* 4*8
3*8 3*8
111? 1U2
*314 3U
1*4
1*4
11

n *i

♦212
3
3
*2*4 3
2*4 2*
83
80*
81
831? 8412 8412 8 6 « 2
1712
*1718 17*8
17>2 *17
17*2 *17
5
5
*4*1 51,1 *4<2 5
5

7
21

6*4
201?

1*4
1*4
* 1 '8
H4 *1> 8
*u2 2
*n2
*63
63
63
80
79*1
*79
13
13
*1212
81
81
*8012
*2213
23
*22*2
69's 69l8 70
*1*1
2
*1*4
*7*i
7*4 7*
*25*4 261 *26
4
*312 4
13*8
*12*4 13*
41.
4
*4
35
35
35
*4*1
4*4 4*4
.32
.30
.30
67
67
6712
50l8 50*8 50l8
*3*4 4
3*8
13ij
*13
131.1
78
*77l.i 7 7 *
*7*1
8
7*8
*2*4 314 *2*i
5
5
*414
47
48*4 48'.
1*4
*1*8
*1*8
*1*4

21?
11
212

21
1*1

1*4
2

1*4
*l's
1*8

7
21
1*
1*1

1*8

12
7

21
3

i*t

*n2

12

7
2h 2
2
114
2

64
64<2 65
80
82*.|
81
14*.
14
14
82
81
8414
23
23
*22*4
231
70
71*2
70la 71
1*8 2
*1*8 2
8
8
*7*4 8
8
2612 *25*i 26* *2613 27
4
*4*8 4*8
47s 4*8
13*8 13*2 14
14*s 15
4
3*8
*3*8 3 %
4V«
391j
35
37
351? 35
5
5
*4>2 514
5
*.30
.31
.33
.31
.31
OS's 69*4
671? 6 7 1 2 6 8
5012 5012 501? 501i 501?
4
4
4
3*8 4
13
13*2
13*i 13*i
131i
78* *78'4 78*
78
78
8
7*4 8's
7*4 8
3
Sit
*2*4 3*
3
47g
478 5*2
4*8 *4*i
4612 48
47
47
47
1*8 1*8
1*2
1*4 * 1

64
80
13*2
81
23
701?
2

64
80
14
81

Friday
A u g 11.

STOCKS
BOSTON STOCK
EXCHANGE

Sales
o f the
W eek
Shares

16 I
129 Aug 16 ................c
Do
pref.
88 Ju!y’ 16
100 Aug’ 16 ______1
1,397 r
8
81? *7
8
41*2 43i2 40*4 4112 1,095 Do pref stamped........ -.100
356 I
59
60
61
60*8
8
Last Sale
Last Sale
Last Sale

1

Aug 16 ..........1
. 101
Do
Last Sale 82*4 June'16
Last Sale 115 July’ 16 ..........
56
88
56
56
56
62
72
72
72
72
Last Sale

25

1

75
74
7412 75
100>8 10018 *100 100*8
*112 1*4
1‘2 1*8
Last Sale 12 July 16
no
110*2 110 110*2
118'2 11812 118 119
130 130*4 130's 130*8
___ *4312 44*4
95*| 95*2 95*4 95*»
74
74
___ —

pref.
pref__________
M i s c e ll a n e o u s

393
pref.
195 Do
348 .mer Pneum
Do pref.
99
170 D o pref.
2,158
15
232 Do pref.
13 moskcag m
Do pref.
6678 16,282
65l2 66*4 66
265 Do pref.
64
6412 63ls 63*4
717
22*2 22*4 22*4 22*4
45
343
239 239
238 238

43

102 M ar 2
99 Jan 5
180 Aug 8
6512 Apr 24
126 Aug 9
35 Jan 28
200 Aug 4
4l2Feb 29
39 Mayl9
4 MarlS
42 Feb 28
154 Jllly26
102>2Apr 26
150 Jan 5
May 2
Jan 3
Jan 10
Juncl5
Julyl4
May 2
May 5
. . Jan 3
148*i July22
20 May 1
130 Apr 26
817* M ar l
115 Apr 25
56 Aug 11
69 Julyl3
64

.100

. 50
. 50

Apr 24

9512 Mar23
li 2July 8
11*4July 8
106 Apr 22
11412 Mar 1
1261* Jan 31
42 Aug 5
92 Jan 11
66 Jan 3
98 July24
27 Jan 14
42 Jan 15
teS's Apr 28
9U Aug 7

100
100
100
100
100
10
100
100
100
100
100
100
100
10
100

159U Apr 22
95 June 8
79*i Julyl7
80 May 3
155 May 4
.90 Aug 3
15 Jan 18
43 Apr 5
23*? J ulyl 8
50 Jan 24
127*2 Aug 4
102*8 Jan 11
158*2 Apr 28
15 Feb 3
125 Feb 5
35 Jan 14
28 Jan 14
.90 Mar28
136i2Jan 31
50 June23
28*2 Jan 3
79*i Mar 1
115*4 Feb 5
7*2July20

51
76
176 Do prof.
60
100
Last Sale 16 June’ 16 ...........
Do pref.
Last Sale 43 Aprll’ 16
Aug’ 16 ..........
Last Sale 26
14
*50
51*8 51*8
287
129 129*1
128 129
20
35
___ 162 162
4
254
139 140 *139 140
25
47*4 47*4 2,921
45*4 47
25
187 Do prof.
31
31
31'4 31*2
25
July’ 16
Last Sale l
100
1,211
___ ___ 160 161
25
1,736
54
54*8
54*4
53*8
177 Do pref_____ _________ 2525
30
30
30
30
100
1,987 r 8 Steel Corporate
8778 88's
87*4 88
100
71 Do pref............ .
118*4 118*4 •__ ___
5
7*8 7*4 1,400
7*4 7*8
Mining
25
1*4Feb 17
Last Sale 212 July’ 16
25 91 Aug 1
1,140
96'?
95
9612 *95
10 16 Aug 5
17*4 18
17*8 17*4 1,445
25
*4May 3
300
*1U
1*2
1*2 *1*4
529 Allouez_________________ 2525 58 Julyl7
627s 63
61*4 63
25 29i2 Ju lyll
2,025
321.4 33l2 32<2 33
25 60 J ulyll
334 Do pref.
64
641? 63*2 64'4
5
7*s July‘29
8*4 8 % 1,230
8% 8%
10 1*2 AUg 2
1,195
Butte-Balaklava
Copper..
10
1*8
1%
1*8
1*1
575 Butto & Sup Cop (L td ).. '10 C0i2JulylO
66'? 661?
66*2 67
10 66 Junc28
1,169 Calumet & Arizona_______ 10
69*2 70*4 69*? 70'?
92 Calumet & Hecla_________ 25 515 J u ly ll
530 530
525 530
14 Julyl7
50 Centennial_______________ 25
*15
16
17
17
170 Chino Copper___________ 5 46 J ulyll
48*4 49
*48*8 49
.100 54*2Julyl 1
5978 60
59*4 60'? 3,074 Copper Range Cons C o . . .100
2 Julyl3
Daly-West............................ 20
20
Last Sale 211 July 16
10 11*2Julyl2
12*8 12*4 12*2 12*4 1,730 East Butto Copper M in____10
550 Franklin___ _____
6 June23
8
25
8
7*4 8
100 79 J u lyll
555 Granby Consolidated_____100
84
84
8U2 83
100 34*i Junc26
—
40 Greene Cananca.......... .......100
47*4 47*t —
25
10*2June28
200 Hancock Consolidated_____25
*11*2 12
*1112 12
25
20 Indiana Mining............ — 25
2 JulylO
2*2 212 *2*3 31|
1 44*2Mar30
50
46
Island
Creek
C
oal..
46
45
45
1 88 Jan 29
10 Do pref............
88<2 88*2 *88*4 8912
380 Isle Royale Copper________ 25 25 Julyl3
28
27
♦26*4 28
3*2Mar 4
175 Kerr Lake.............
5
*4*2 4*8
4*8 4*8
2*4Feb 11
790 Keweenaw Copper________ 25
3*4 31?
3*2 3*2
9U J u lyll
295 Lake Copper C o__________ 25
11*4 11*1
11*4 12
3*4July 15
10 La Salle Copper___________ 25
55
1*2Aug 3
1 1 0 Mason Valley Mine-------------2
2
2
2
1,230 Mass Consol_____________ 25 10 Julyl3
1U2 1 1 * 2 11*8
11*8
2 July 5
25 Mayflower_______________ 25
3
3
♦21?
*212
li 2Jan 5
25
975 Michigan--------------------------25
3
3
3
3*8
743 Mohawk_________________ 25 77*2J u lyll
87*2
87
88
8 6 '2
218 Nevada Consolidated________55 15 Jan 28
*17U 17*4 17*i 17*i
25
4*1 Julyl 4
375 New Arcadian Copper_____25
5*4 5*4
5*4 5*4
5
9 JulylO
5
6 Mar 1
525
*6*4 7*4 *6*4 7*4
15 20 Julyl.'!
22
1,533
21*4 2 2
21*2
*11.»
25
.50 Juno 2
695
__ _ __ 1*4
1*8July 15
. 25
100
___ ___
1*2
**4
25
195
1*4Ju lyll
1?8
178
1*4
1*4
. 25 60 J u ly ll
65
215
*64
65
65
25
70 J u ly ll
81
576
84
81
83
10 11*2 Mar 7
1412 14*4 14*2 14*2 1,345
25 81 Julyl2
400
85
85*4 84*8 84*8
20*t Junc22
2 1 0 Ray Consolidated Copper.. 10
231? 23*4 *2.312 24
685 St Mary’s Mineral Land. . 25 61*2Jan 31
71
7H2 71
71*8
1*4July‘28
180 Santa Fe Gold <fc Copper. . 10
1?8
1*4 178 *1*4
10 7 Julyl.!
8
1,075
8
8
8
. 10 2 1*4J u lyll
L a st Sale 26
July’ 16
4 Aug -I
- 25
340
47s 47|
47s 5
. 25 121? July 15
265
___ ___ *14*4 15
1*2Jan IS
.
1
C
632
4
3
*
4
3*4
591
. 25 35 Aug 5
39
39*4 39*4 *38
4*4Julyl2
245
. 25
4*4 5
4*4 5
.15 Jan 2f
. 1
.33 .33 3,800 Tuolumne Copper___
*.33
.35
. 50 54'8Jan S
3,580 U S Smelt. Refln & Ml
69i2 70*a 69*2 70
. 5C 49 Feb 1
50
50*a 50*4 50 <2 1,314 D o pref................
. 5 3 Feb 11
1,935
4
4 >a
3*8 4
. 5 12*2Jan 15
13
13
300
13
13*4
. 10 75 Junc27
170
79
79
7813 79
6*2J u lyl 8
8
1,285
8
8
8's
2*4Jan 3
. 25
___ __ _
3
3*
250
3*4 Mar2i
. 25
4*2 4 >2
365
47s 5*4
274
. 25 40'2 Aug !
49
48
48'2 48*2
138 Aug 9
480
25
1*8
1*8
1*8
1*2

102
___
8012
161

102
___
81
161

102
80*2
81
___

102
80*2
81
___

Range fo r Previous
Y ear 1915
H ighest

H ighest

__

Bid and asked prices, a Ei-dlvldend and rights. 0 Ex-atock dividend, e Assessment paid,




Range Since Jan. 1

5l
0314
Do pref.
Last Sale 99 July 16
99*4
32
___ —
180 180
81
54
75
74
74
74
74*2
95 I
27
126'2 126*2 ___ —
1,221 I
44
44
44
44*8 44
Last Sale 200 Aug 16 _____ ]
Last Sale 1*2 May'16 .......... ]
4'
Do
prcf.
Last Sale 39 May’ 16
39
35 I os ton & Wo
4*2 4>2 ___ ___
4*2
Do pref.
Last Sale 15 Aug 16
47
Last Sale 154 July’ 16 _________c
54
92 Do pref
___ 107 108*8 108*8 108*8

44
41
5812 60
104
148*2
149
149 *
148'4 1481.1 *
28
*25
28
*25
*25
28
*25
28
*1381.1 139 ♦138U 139 *13812 138*8 140 140
115
*112 114 *112 114 *112 114 *
5612 *56 ___
56
57
56<2 5612 *56
*72 —
♦72 —
72
—
7212 *72
*7212
100
*1*8
*12
109
1171?
129l.t
42
95
*7212

P R IC E S .

Thursday
A u g 10.

103 Jan 3
IOH4M ar 9
198 Feb 16
88*2Jan 19
145 Feb 11
52 Feb 14
23512 May29
5 Jan 8
40l2 Feb 29
5>2Jan 5
4518 JulylS
154 July26
110 Julyl4
162 Feb 19
87 Feb 14
129 Aug 1
90 May25
102 Jan 17
8*2Aug 9
44 Aug 9
77*4Jan 3
105 Feb 14
157 Feb 26
30 Jan 3
1427* May23
83U Jan 3
125 Mar 1
6712Jan 19
86 Feb 25

92*4 Feb
97 Jan
170 Mar
73 June
109 Feb
20 Feb
225 Jan
5 Dec
40 Sep
5 N ov
39 Jan
157 Feb
IOU2July
140 Feb
51 Feb
114 Apr
84 Aug
92 Mar
478 June
33 July
43 Feb
89 Oct
140 Aug
15 £Inr
IIOI2Jan
79*4 Mar
105 Feb
61 May
80 July

75 Aug 10
101 Aug 7
314 Apr 12
16 May 4
11612 Jan 8
119 A u g ll
131 Mar29
55 M arl4
1015* M a rl!
75 Junel3
lOlli Feb 10
68*1 JunelO
65 July 6
257* July20
13*8 Jan 19
250 Mar 7
178 Jan 17
102 Feb 24
80i2Jan 5
89 Feb 14
172 Jan 19
2UJan 15
19 Apr 10
44 Feb 8
30 Jan 7
58 Jan 7
110 M arl7
160 May 5
171 Jan 17
16*2 May23
143 July28
58 Junel3
32 Mar 2
2 Feb 23
168i»Junc 8
63*2 May 12
30>2 Junel4
8878Jan 3
119*? July 8
13 Jan 3

48 Jan
87>2 Mar
1*4 Mar
13 Dec
100 Feb
109 Feb
116 Jan
IOI2Apr
77 Feb
50's Jan
9712 May
4 Feb
978 Mar

109*8 Nov
IOU2Nov
198 Jan
96 Jan
13812 Oct
37>2 Oct
240 Juno
10 Mar
56 Mar
9 Sep
47 July
160 Sep
110 Apr
165 Jan
76 N ov
120 Feb
88 M ar
IO312N0V
10 Sep
56 Jan
87*i Oct
98 Apr
157 Apr
30 N ov
141*8 N ov
817* Oct
125 Apr
72>2 Jan
93i2 Feb
73*4 N ov
10H2 N

ov

412Oct
19*2 Jan
II 912N 0V
119 Dec
13012 Nov
5714 Oct
9 9 l2 0 c t

07
101
36
49

Apr
Feb
N ov
N ov

8*2Dec
230 May
138*i Feb
96*2 Aug
78 Apr
84 N ov
154 Feb
*4Apr
10 June
35 Feb
20 Apr
25 July
zl27*4 Juno

1314 Apr
260 Jan
18412 Oct
104 Mar
94 Aug
9212Jan
200 Jan
3 Sep
10*8 Deo
4612 Jan
30 N ov
55 Dec
143 Jan

150 Feb
15 Sep
104*4 Jan
28 Mar
26 Mar
.95 Jan
110 Feb
48 Aug
28 Mar
38 Feb
102*4Jan
10*8 Dec

170 Oct
I 8I4Jan
128 N ov
3612 Deo
30U Sep
134Apr
163 N ov
05 May
30 Aug
8912Dec
m u oct
14*8 Nov

478 Apr
4 Jan
5*8 Apr 11
92i2 Dec 103 Aug
106 MarlO
40*4 Apr
211? Dec
26i2 Jan 7
434Apr
.45 Feb
2 Apr 7
66 Dec
35*2Jan
74l2Feb 21
72I4N 0V
16*4 Jan
97*8 Apr 10
75*2 Apr 8
9*2 Apr
3*i Jan
10 Feb 14
4*4Apr
2 Jan
5*2Feb 6
80 Juno
35*i Jan
105*4 Mar 9
51*2 Feb
78*4 Apr
75U May20
586 Feb 14 350 Jnn 630 Apr
25 Apr
15 Jan
19 Jan 6
327s Jan
57 N ov
60 Feb 19
65 Deo
6.8*4May 19 30 Jan
l 7s Jan
5*4Apr
378 Mar 17
lO ^ D e o
8*2Jan
16*4Jan 3
14U Apr
412 Feb
10*4Jan 3
9412 Apr
58 Jan
98*4 Fob 10
23*4 Feb
52*8 Deo
52*2 Mar 9
2U2Apr
11 Jnn
19*2 Jan 4
10t2 Apr
2*4Jan
6 Jan 3
52 Aug
41 Mar
51*4Apr It
85*2 Jan
Oils Apr
92 May23
34 Apr
171? Jan
31*4 Jan 6
3 Aug
5i* Apr
5*8 May 3
412Apr
1*2Aug
8 Apr 6
5*2Jan
197s Deo
19*2 Feb 10
3*8 Jan
9 Apr
5*4Jan 3
1 Mar
4U Jan 4
5 Deo
15 Feb 23
3 Jan
17 Apr
5 Feb 10
8 Apr
3 Aug
4 Apr 6
3 Apr
.60 Mar
98 Deo
46*i Jan
103*2 MarlO
17 Apr
11*8 Feb
18*8 May25
14l.i Juno
412 Feb
10*4Jan 4
1312 AUg
4 July
24*4 Jan 19
87s Nov
5's Aug
8*2May 1
387* Apr
22>4Jan
32 Jan 3
1 Jan
4'8 Apr
41? Jan 3
312Apr
.50 Mar
27s Apr 6
2*i Nov
7is Apr
4 Jan 3
64 Deo
38*2 Mar
73*t Mar 11
9312Apr
101*2 M arl l 64 Jan
12 Jan
16 Apr 11
19*8 Aug
95 Apr
50 Jan
98*4 May 16
27*8 N ov
26 Feb 14
15*4 Jan
6512 Deo
80 June 9
28 Jan
5 Oct
1 Mar
378 Jan 8
11*2 Apr
12t? Feb 14
4 Jan
38 N ov
18*i Jan
40*8 Feb 14
7*i July
5*i Nov
8*? Jan 4
41*2 Apr
2212Jan
28*2 Jan 3
4>2 Apr
l Mar
5*8 May 15
25 Jan
58*8 Aug
56*1 Jan 14
15'2*4Ct
2*8 Feb
12*4Jan 3
.63 Apr
.20 Jan
.60 May31
20 Feb
54 Deo
80*8 Juno 9
28 Jnn
63*4 Apr 11
6OI2Deo
5*8 Juno
2 Jan
5*8 Apr 10
16*8 Juno
9*i Feb
15*4 Feb 11
81*4 Deo
86*4 Feb 21 48*4Jan
l l l l M arl3
4>2 Apr
478 Feb 14
1 Feb
5is May
7i2May.ll
1*4Jan
70 Apr
32 Jnn
67*2 Feb 10
2U Apr
2*4Feb 14
.50 Mar

ft Ex-rights, e Unstampod. * 2s paid, to Half-paid.

A i G. 1 2 1 9 1 0 .]

Outside Stock Exchanges

B on d s—

Boston Bond Record.— Transactions in bonds at Bos­
ton Stock Exchange Aug. 5 to Aug. 11, both inclusivo:
Friday
W eek's Range
Last
o f Prices
Sale
H igh .
P rice. L ow .

B o n d s —•
A m A g r lc C h o m 5 s —

1924
9 1 34
923 4
S I 34

A t c h l ’ o p A S F I s . . .1 9 9 5
A tlG & W I S S 1 .5 8 . .1 9 5 9
D o m i n i o n C o a l 1 st o s . 101 0
G t N o r - C B * Q Is .1 9 2 1
M i s s l t l v c r P o w e r 5 s . . 1951
N E T e le p h o n e 5 s -------193 2
N e w R i v e r 5 s ----------------1 9 3 4
P o n d C r e e k C on i 6 s . .1 9 2 3
S w if t & C o 1st 5 s ------- 194 4
U n it e d F r u it 4 3 4 s ------- 1 9 2 5
U S S m e lt R * M c o n v 0 s .
U S S t e e l C o r p 5 s ------- 1903
W e s t e r n T e l & T e l 5 s . 1 93 2

7734

.... .
111
100

973 4
913 4
923 4
813 4
101J4
94
1 0 4 34
973 4
7734
10134
75
95
10034
9 73 4
1 10
10534
1 00

973 4
9134
923 4
8134
10134
94
10434
973 4
7734
1 0154
75
953 4
lo ()3 4
973 4
111
1 0 5 )4
1 0 0 )4

Sales
fo r
W eek .

Range sin ce Jan. 1.
H igh .

L ow .

S I ,000
17,00,1
7 ,0 0 0
2 0 ,5 0 0
2 :1,000
1 ,0 0 0
2 ,0 0 0
2 ,0 0 0
2 ,0 0 0
1 ,0 0 0
5 ,0 0 0
5 ,0 0 0
9 ,0 0 0
3 ,0 0 0
2 8 ,5 0 0
3 ,0 0 0
3 0 ,0 0 0

9 03 4
9 03 4
9 23 4
74
10034
9 33 4
1 0434
9 73 4
77
10134
75
87
9 83 4
97
109 34
1 0 4 )4
99

J u ly
Jam
Aug
Jan
M ay
F eb
Aug
J u ly 1
J u ly
Jan
Jan
F eb
Jan
Jan
Apr
Apr
Jan

99
93
9 53 4
843 4
102
9 03 4
10434
99
81
104
75
9 63 4
10034
9 73 4
115
1 05 V i

10134

M ar
Apr
F eb
M ay
Aug
F eb
Jan
F eb
Jan
M ay
Jan
M ay
June
Apr
June
Aug
June

Chicago Stock Exchange.— Complete record of transac­
tions at Chicago Stock Exchango from Aug. 5 to Aug. 11,both
inclusivo, compiled from the official sales lists, is as follows:

S tock s—

P a r,

Sales
Friday
fa r
Last I F c r i ’ s Range
W eek
o f P rices.
Sale
H igh . Shares.
P rice. Low .

American Radiator----- 100
Amcr Shipbuilding----- 100
473 4
Preferred__________ 100
Booth Fisheries, com .. 100 39
Preferred__________ 100 8 0
Chicago Kiev Ity coin........
Preferred .................. —
Cldc Pneumatic T o o l..100 0 73 4
Chic Rys part ett "1” ........
Chic Rys part ctf "2 ” ------Chic Rys part ctf " 3 " ........
Chicago Title & Trust. 100 2 4 3
Commonwealth-Edlson.lOO
92
Deere & Co., pref........ 100
Diamond Match.......... 100 114
Illinois Brick................. 100 82
233 4
Lindsay Light....................
Preferred........................
National Carbon.......... 100
Preferred----------------100
Pacific Gas A Elec Co.100
Peoples Gas Lt & Coke. 100 10134
Pub Serv of No 111,com.100
Preferred ............ — 100 102
Quaker Oats Co.......... 100
Preferred...... ...........100
Sears-Roebuck, com .. 100 2 0 0
Preferred................... 100
Stcwart-Warner Sp comlOO i0 3 3 4
Swift & C o .................... 100 140
Union Carbide Co____ 100 1 9734
18
United Paper Bd, com .ioo
Preferred__________ 100
Ward.Montg & Co.pref.100 1 15
Bonds—
Armour A Co 4)4s— 1939
Chicago City lty 5s. .1927
Chicago Rys 5s.......... 1927
Cldc Rys Os.scries "A ”
6 63 4
Cldc ltys 4s .scries “ IV
Chicago Telephone 58.1923
Coramonw Edison 5s. 1913 10234
Morris A Co 4)4s------ 1939
Ogden Gas 5s-------------1945 9 0
Pub Serv Co 1st ref g 5s '50 953 4
Sulzberger A Sons 1st 6s'41
Swift A Co 1st g 5 s.. - 1944 10034

392
4354
9 03 4
3834
80
734
30
073 4
72
1534
2 34
240
141
913 4
114
82
2 33 4
1 1 )4
175
122
5 73 4
10134
114
10134
335
111
199
124
10134
13754
1 85
1734
64
1 14
933 4
983 4
9 6 )4
8 0 )4
66
10154
10134
923 4
90
9 53 4
995 4
1 0034

393
49
903 4
39
803 4
734
30
673 4
72
1534
234
240
142
92
115
83
25
1134
1 75
122
583 4
102
1 14
102
345
111
201
125
10334
141
19834
1834
083 4
1 15

Range

sin ce

35

933 4 $ 1 4 ,0 0 0
3 ,0 0 0
99
3 ,0 0 0
9734
1 ,0 0 0
8 03 4
5 ,0 0 0
605 4
3 ,0 0 0
10154
10234 3 1 ,0 0 0
3 ,0 0 0
9 2 54
96
6 ,0 0 0
1 5 ,0 0 0
955 4
5 ,0 0 0
9934
1 6 ,0 0 0
1 0054

1

Jan.
H igh .

L ow .

Jan
Jan
Jan
Jan
307
Jan
00
432
M ay
5
111
Apr
14
25
0.3 H M a r
1 07
Apr
20
70
Apr
13
25
10
2 ) 4 J u ly
Apr
1 30 220
128 1 3 9 )4 J u n e
89
251
M ay
2 7 9 1 02
M ar
104
Jan
7 0 34
3 ,2 4 7
Jan
6 )4
1 50
9 34 M a r
10 1 07
J u ly
64
1 2 0 34 Ecb
1 30
0 7 34 A u g
113 100
M ay
1 07
25
Jan
61
Apr
100
Jan
133 3 0 9
Jan
15 107
1 ,2 6 0 1 69 34 M a r
Aug
124
28
8 2 34 A p r
2 ,2 0 5
Jan
1 ,0 0 0
1 2 6 )4
Feb
170
1 ,3 1 8
1 ,5 7 2
133$ J u n o
51 )4 J u n e
255
1 50 11234 J u n e
40
2 ,1 9 3

385
33
7 5 34
25

9334
Jan
9834
Apr
90
M ay
8634 A u g
6 53 4 J u ly
1 0134
Apr
1 01 34 J u ly
8934
Jan
9534
Jan
94
Jan
9934
Apr
9834
Jan

400
49

Jan
Aug

9134 Mar

July
July
M ay
Jan
72
M ar
79
Jan
80
Jan
1 8 )4
40
82

10

1 )4

Apr

24934 July
14034 M a r
E cb
98
Aug
115
Jan
8 33 4
Aug
25
1114 A u g
F eb
1 85
July
1 23
Apr
*6634
Jan
11234
F eb
11534
F eb
104
Jan
303

111

*202
127
10834
14334
19834
1834
0 83 4

110

Juno
July
F eb

Juno
July
Aug
Aug
Aug
F eb

9434
F eb
100
F eb
9834
F eb
9 2 34 F e b
75
Jan
1 02 34
F eb
102 34 J a n
9 9 3 4 J u ly
9 73 4 M a r
9 53 4 A u g
9934 J u n e
10034 M a y

x e x -d iv id e n d .

Pittsburgh Stock Exchange.— Tho comploto record of
transactions at tho Pittsburgh Stock Exchange from Aug. 5
to Aug. 11, both inclusivo, compiled from tho official sales
lists, is givon below. Prices for stocks aro all dollars per
sharo, not por cent. For bonds tho quotations aro per cent
of par value.

Stocks —

100
Am W ind Glass M ach. 100

10
60

100
Amer W ind Glass pref. 100
Columbia Gas A E le c .. 100

.50
.50
Harb-W alkcr Refrac. 100
100
Independent Brewing. .50
.50
La Belle Iron W ork s.. 100
100
M frs' Light A- H e a t ... .50
Nat Fireproofing com . .50
P referred............... .. .50
Ohio Fuel OH------------- ..1
nido Fuel Supply------- .25
Oklahoma Natural Gas. 100
Pittsburgh B rew ing.. .50
.50
100
Pittsburgh oil A Gas 100
Pittsburgh Plate Glass 100
Pure Oil com m on. . . .
Ross M ining A Milling -.1
San Toy M ining------- __1
Union Natural G a s ...
Union Switch A Signal .56
U S Glass------------------ 106
U S Steel Corp c om . _ 106
.56
W Penn T r A W P com .100




C e n t D i s t T e l e p 5 s . . .1 9 4 3
C o l u m G a s A E l e c 5 s . 1 92 7
I n d e p e n d e n t B r e w 6 s . 195 5
L a B e lle I r o n W k s 5 s . 1 94 0
P it t s b u r g h B r e w in g 0 s 194 9
P Itts b C o a l d e b 5 s . .
1931
W e s t P e n n R y s 5 s ------- 1931

21
334
28
99)4
434
22
54
53

—

7
1634
45

—
25
2734
—
______
1334
______
15a.
155
______
33

______
______
5834

.....

10
59)4
12234
107
2054
3%
28
05
108
4

16
oo)4
123
107
21)4
3
28
100

103
4)4
22
64
12934
54
734
17 11
15
45 j 4
73

21
53
129)4
52J4
7
1634
14)4
45
73
5Vt
034
23
25
27 1j 271*
6)4
034
120
120
18
18)4
14c. 17c.
15c.
10c.
155
155
115
116
3034 33
863a 88 34
111
14314
60)4 58)4
71
71
2034 2034

10
1,910
100
10
1.495
235
210

627
1,483
320
499
100
804
650
320
155
290
12
595
300
25
50
105
2,505
1,650
400
255
65
1,430
no
371
505

Range sin ce Jan. I.
L ow .

15
3434
12234
100
14)4
3
28
71 'i
100
2)4
15 H
49
123
49)4
0)4
1534
14)4
38
70
■1H

1 0 14

23'4
!$
115
*17)4
5c.
l ie .
141)4
109
25 yi
80 34
133 34
5334
III 70
20
17

6

H igh .

June
Jan

17)4 Jan
04)4 M ay

Feb
M ar
July
Aug
Jan

Aug
107
22)4 Aug
M ar
5
Jan
35
Aug
100

M ar
Mar
June

4)4 Aug
22
Aug
55)4 Apr

Apr
July
July
Aug
Feb
Jan
M ar
Feb
Apr
M ar
Jan
M ay
Apr
June
Apr
M ay
June
Jan
Apr
July
Apr
Jan

54
12
24)4
19
47)4
75
0)4
23)4
30)4
9)4
120
21)4
30c.
25c.
155
126
34)4

Aug
Jan
Jan
Jan

June
July
Jan
Aug
Jan
Apr
M ay
M ar
Apr
Jan
Aug
Jan
Jan
88 34 Aug
June
145
71 34 M ar
79)4
21
Aug

1 0334

75

1 0 3 )4 1 0 3 )4
80
80
5 8 )4
5 8 )4
9 9 )4
74
75
98
98
1 0034 1 0 0 )4

Sales
fo r
W eek .
S 5 .0 0 0
500
3 ,0 0 0
5 ,0 0 0
3 ,0 0 0
500
1 ,0 0 0

Range sin ce Jan . 1 .
H igh .

L ow .
1 0 1 )4
SO
49
9 9 )4
64
9 6 )4
1 00

Jan
F eb
M ar
Aug
M ar
M ay
Jan

1 0 3 )4
81
60
9 9 )4
75
9 8 )4
1 0 0 )4

M ar
Apr
Jan
Aug
Aug
Jan
Apr

Baltimore Stock Exchange.— Complete record of the
transactions at tho Baltimore Stock Exchango from Aug. 5
to Aug. 11, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks aro all dollars per
sharo, not per cent. For bonds the quotations aro per cent
of par value.

S tock s—

Sales
Friday
fo r
Last TFecA's Range
W eek
o f Prices
Sale
H igh . Shares.
P a r . P rice. L ow .

A r u n d e l S a n d A G r a v e l 1 00

C o s d e n G a s ________________ 5
P r e f e r r e d ............................ 5
I la v ls o n C h e m ic a l. . N o p a r
H o u s to n OH tru st c t f s .1 0 0
P r e fe r r e d t r u s t c t f s . . 1 0 0
I n d u s t r ia l B u i ld in g _________
M o n o n V a il T r a c p r e f - 100
M t V W o o d b M i ll s v t r 100
P r e fe r r e d v t r _______ 100
O k la h o m a P ro d A R e f — 5
P e n n s y l W a t A P o w e r . 100
S a p u l p a R e f i n i n g _________ 5
U n it e d R y A E l e c _______ 5 0
B on d s—

12734
973 4
114
11334
98
1 4 )4
1 1 )4
4 )4
4 0 )4
15

1134
5 2 )4
6

.....

B a l t S p a r P A C 4 3 4 s . 195 3
C h a t t a n o o g a E l e c 5 s . 191 9
C h i c a g o R y 1st 5 s ------- 1927
C o n s o l G a s g e n 4 3 4 s .. 1954
C o n s G a s E L A P 4 3 4 s .'3 5
C o n s o l C o a l r e f 5 s ____ 1950
C o s d e n O il A G a s 6 s _______
E l k h o r n C o a l C o r p 6 s . 192 5
G e o r g ia A A l a c o n s 5 s . 194 5
G - B - S B r e w in g 1 st 4 s . 1951
M d E l e c R y 1 st 5 s . . . 1931
M e r c h A M in e rs T ra n s 0 s .
M t V - W o o d b n o t e s 0s 1918
N o r f A P o r t s T r a c 5 s . 1930
P e n n s y W A P 5 s ------- 1 94 0
U n it e d R y A E 4 s ____ 1949
F u n d i n g 5 s ................ . 1 9 3 6
S m a l l _____________ 193 6

1 0234
9 6 )4
102
9 2 )4
9 83 4
1 0 3 )4
9 93 4

8 23 4
8 6 )4

37
3 7 )4
413 4
4134
1 2 2 )4 1 2 7 )4
97
9 7 )4
114
113
1 1 3 )4 1 13 34
98
97
1434
1334
1034
1134
5
4 )4
3 73 4
4 4 34
1 5 )4
1 3 )4
00
00
8 5 ) 4 , 8 5 34
74
74
1134
1134
52
53
86
86
0
0
7 0 )4
703 4
9 34
934
27
2 6 )4

35
40
672
205
109
287
50
8 ,9 3 1
7 ,0 1 5
2 ,5 3 7
5 ,2 9 9
1 ,2 7 0
5
5
10
63
ISO
33
10
125
170
237

79
97
1 00 34
9 9 )4
97
93
8 7 )4
91
103
1 03
9 7 34
1 02
25
9 2 )4
983 4
10334
9 9 )4
80
1 00
91
8 23 4
0 1 )4
8 6 34
8 6 )4

S I ,000
2 ,0 0 0
3 ,0 0 0
1 ,0 0 0
4 ,0 0 0
1 .0 0 0
8 ,0 0 0
i ,000
8 ,0 0 0
9 9 ,0 0 0
1 2 ,0 0 0
1 ,0 0 0
1 2 ,0 0 0
2 ,0 0 0
1 ,0 0 0
8 ,0 0 0
1 4 ,0 0 0
1 ,0 0 0
3 ,0 0 0
8 ,0 0 0
3 6 ,0 0 0
8 ,0 0 0
1 ,0 0 0
200

79
97
100 34
9 9 )4
9 6 )4
93
8 73 4
91
103
1 0 1 )4
9 6 )4
102
25
9 2 )4
9834
1 03 34
9 9 )4
80
100
91
8 2 )4
6 1 )4
8 63 4
8 0 )4

R ange sin ce Jan . 1.
L ow .

H ig h .

3 53 4 A u g
41
J u ly
Jan
63
Jan
8 2 )4
M ar
107
June
107
96
F eb
1334 A u g
Apr
6
Apr
4 )4
3 7 )4 A u g
1 3 )4 A u g
J u ly
57
Apr
85
74
Aug
M ar
10
June
49
86
J u ly
6
M ar
72
M ar
Jan
9
Jan
2534

42
4 4 )4
129
1 00
1 1 6 )4
1 1 5 )4
1 03
2634
1 8 )4
6 )4
7 1 )4
2 33 4
68
8 53 4
75
1 6 )4
55
no
8 )4
78
1 6 )4
29

Jan
Jan
Apr
Aug
M ay
M ay
J u ly
J u ly
Apr
Aug
Aug
Aug
Apr
Jan
Jan
Jan
M ar
Jan
Jan
Jan
J u ly
June
Jan
M ay

80
9 8 )4

M ar

9 9 )4
9 95 4
9 4 )4
9 0 )4
93
105
120
9834
1 04
25
93
99
1 03 34
9 9 )4
86
100
9 2 )4
85
64
8 7 )4
8 7 )4

Aug
F eb
Jan
Jan
Jan
Jan
June
Jan
Apr
M ay
M ar
M ar
June
Apr
J u ly
Aug
Apr
Jan
M ay
F eb
Feb

7 6 )4
9 5 )4
9 93 4
9 9 )4
90
9234
87
91
103
1 0 1 )4
9 6 )4
102
2 03 4
91
9 6 )4
101
98
8 13 4
103
90
82
0 0 )4
843 4
8 3 )4

F eb
Jan
June
June
June
J u ly
Jan
June
June
June
Jan
Jan
Jan
Aug
M ar
Jan
M ay
June
J u ly
F eb
F eb

Philadelphia Stock Exchange.— Tho complete record
of transactions at tho Philadelphia Stock Exchange from
Aug. 5 to Aug. 11, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks aro all
dollars per share, not per cent. For bonds the quotations
are per cent of par value.

S to ck s—

Sales
Friday
fo r
W eek's Range
Last
W eek
o f P rices.
Sale
H igh . Shares.
P a r. P rice. L ow .

Friday
W eek ’s Range
Last
o f P rices.
Sale.
P rice. Low .
H igh .

Sales
Friday
fo r
Last W eek 's Range
W eek
o f Prices.
Sale
H igh . Shares.
P ar. P rice. L ow .

A m e r ic a n G a s o f N J . . 1 0 0
A m e r ic a n M i l l i n g ----------- 10
A m e r ic a n R y s , p r e f . . . 100
B u f f A S u s if C o r p v t c . 1 0 0
C a m b r ia I r o n ..................... 50
4 5 )4
C a m b r ia S t e e l ........ ............ 50
68
E l e c S t o r a g e B a t t e r y . .1 0 0
G e n e r a l A s p h a lt , p r e f . . 100 * 7 0 3 4
I n s u r a n c e C o o f N A — 10 _______
K e y s t o n e T e l e p h o n e — 50 _______
L a k e S u p e r io r C o r p — 100
1 0 )4
L e h ig h N a v i g a t i o n ........... 5 0
L e h ig h V a l l e y ..................... 5 0
7 8 )4
L e h ig h V a l T r a n s i t , p r e f 50
P e n n s y lv a n ia — ................ 50
5 5 )4
P h ila d e lp h ia C o ( P i t t s ) —
40
P r e f (c u m u la t iv e 6 ', ; ) 5 0
P h ila E l e c t r i c _________ 2 2 ) 4
2 8 )4
P h il a R a p i d T r a n s i t —
V o t i n g tr u s t r e c t s ------- 5 0
1 9 )4
79
P h il a d e lp h ia T r a c t i o n . . 5 0
1 0 2 )4
R e a d i n g ---------------- -------------5 0
4 )4
T o n o - B c l m o n t D c v e l ------- 1
T o n o p a h M i n i n g ............... 1
5 )4
44
U n io n T r a c t i o n ----------------50
88
U n it e d G a s I m p t ----------- 50
W a r w ic k I r o n A S t e e l . . 10
W e s t J c r A S e a S h o r e ___ 5 0
W m C r a m p A S o n s ____ 100
Y o r k R a i l w a y s ...................5 0
B o n d $—
A m c r G a s A E l e c 5 s . .2 0 0 7

50
7234

.....
94

953 4
A n g l o - F r e n c h lo a n 5 s ______
E d is o n E l e c s t k t r c t f 5s ' 4 6 .............
E l e c A P e o p l e s t r c t f s 4 s ' 4 5 ------------

Range sin ce
L ow .

J an .

1

H ig h .

6
4
15
54
90
145
7
6 ,2 3 3
1 85
1 IS
300
2 ,2 1 5
52
218
1
1 ,4 9 7

119
6
9 33 4
38
54
44
7 0 )4
5 8 )4
6 9 )4
25
13
8 )4
74
743 4
38
5 5 )4

J u ly
J u ly
F eb
Jan
J u ly
Jan
Jan
Apr
M ay
Jan
M ar
Jan
M ay
Jan
Jan
M ay

123
F eb
8
Jan
100
M ar
55
June
6 2 34 J a n
47
F eb
90
M ay
69
Aug
7334 M a r
27
Jan
15
M ar
1 2 )4
Feb
7 9 )4
Jan
85
M ay
4 4 )4 M a r
5 9 )4
Jan

70
977

3 9 )4
27

J u ly
M ar

45
Apr
2 9 )4 J u n e

1834 203 4
79
7 8 )4
1 0 2 )4
95
4 ) 4 4 7 -1 0
534
534
443 4
43
8 73 4 8 8
8 63 4 8 8 ) 4
9 )4
934
50
493 4
75
7 2 )4
14
14

5 ,4 1 9
121
1 ,3 0 9
2 ,0 1 0
1 ,2 9 6
536
280
1 3 ,3 8 0
75
80
1 27
1 00

17
75
7 5 )4
4
534
413 4
8 7 )4
7 9 )4
9 )4
49
70
8 34

M ay
M ay
Jan
M ar
Aug
Jan
M ay
M ar
Aug
M ay
M ar
F eb

94
9 4 )4
9 5 )4
1 08
80
S2
1 00
1 0 2 )4
57
3 3 )4
11034
9034
993 4

8 5 ,1 0 0
2 ,7 0 0
5 ,0 0 0
1 1 ,5 0 0
1 0 ,0 0 0
1 ,3 0 0
3 ,0 0 0
5 ,0 0 0
1 ,0 0 0
7 ,0 0 0
1 ,0 0 0
1 ,0 0 0
3 2 ,0 0 0

1 20
1 20
6
6
9 83 4
983 4
50
50
60
56
4 5 3 4 453 4
82
82
69
6 53 4
70
703 4
2 53 4
2 53 4
14
1434
11
1 0 )4
753 4
7 4 )4
7 9 )4
7 7 )4
4 23 4
4 2 34
563 4
553 4
3934
2834

9 33 4
94
9 53 4
1 08
80
80
1 06
1 0 2 )4
57
33
1 10 34
9 0 )4
993 4

40
29

E q u l t 111 G a s L t 5 s . - . 1928 _____
H a r w o o d E l e c t r i c 0 s . .1 9 4 2
I n t e r -S t a t e R y s c o l l 4 s 1913
L a k e S u p e r io r C o r p 5 s 1921
L e h ig h V a ll e y c o n s 0 s . 1923
G e n c o n s o l 4 s _______ 200.1
9 03 4
G e n c o n s o l 4 14 s ------- 2 0 0 3
L e h ig h V a ll e y T r a n s i t —
R e f A im p t 5 s ----------1 96 0
j 9 13 4 9 1 ) 4
P e n n s y lv a n ia R R —
1 0 1 1 4 1 0 1 )4 1 0134
G e n e r a l 4 '4 s ----------- 1005
1 0 4 )4 1 0 4 )4
C o n s o l 4 3 4 s . --------- 1900 ! 1 0 4 )4
99
99
P W A B c t f s 4 s ____ 1921 1..........

3 ,0 0 0
3 ,0 0 0
1 ,0 0 0
1 ,0 0 0

Jan
8 9 )4
Jan
8 9 )4
Jan
9 5 )4
M ar
105
7 9 )4 M a y
Apr
70
1 0 5 )4 M a y
Jan
101
57
M ay
Jan
203 4
Jan
1 1034
9 0 ) 4 J u ly
9 93 4 A u g
9 1 )4 J u n e
1 0 0 )4
10434
99

Jan
J u ly
Jan

2 1 )4
7 9 34
1 1 0 )4
5 7 -1 6
7
4 5 )4
9 2 34
8 8 )4
1 1 )4
51
87
1 6 )4

Jan
Jan
M ay
M ay
Jan
M ay
Jan
Jan
June
Jan
Jan
June

94
J u ly
9 4 34 A u g
9534 J u n e
1 08
Aug
8 1 )4
F eb
83
Jan
1 06 3 4
Jan
1 03
Jan
58
Jan
39
June
1 1 0 3 4 J u ly
94
F eb
103 H
F eb
93
1 03
1 0 6 )4
9934

F eb
F eb
F eb
F eb

Bonds {C oncludes )—•

Friday
Last W eek 's Range
Sale
o f P rices
P rice. L ow .
H igh .

Peoples Pass tr ctfs 4s 1943 83
Philadelphia Co 1st 5s 1949 101
Phlla Elec tr ctfs 5s.-.1948 104%
do
small........ 1948
Trust ctfs 4s.......... 1950
84%
do
small........ 1950
84 X
Phlla & Reading—
2d extended 5s____ 1933
Reading gen 4s.......... 1997
United Rys gold tr ctf 4s’49
United Rys Invest 5s. 1926 60 X
Welsbach Co 5s_____ 1930
oox

83
101
104%
104%
84%
84%

Sales
fo r
W eek .

L ow .

H ig h .

83
1,000 82 May 83% Jan
101
1,000 100% Mar 101% Feb
104% 34,000 103% Jan 105
Jan
104%
1,400 103
Jan 105
June
84% 3'.,000 81% May
85
July
84%
2,700 82
May
85
July

110% 110%
95
95%
72
72
69
69%
99% 99%

1,000 110% Aug 110% Aug
14,000 93% May
96% Jan
3,000 72
Aug
75% Jan
3,000 68% June 74
Apr
1,000 94% Jan 99% Aug

Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DA ILY, W EEKLY AND YEARLY.
W eek ending
A u gu st 11 1916.

Friday
Sales
Last W eek's Range
fo r
Sale
o f P rices
W eek
H ig h . Shares.

R ange sin ce J an . 1.

Stocks— (Continued ) P a r . P rice. Low .
United Motors. r_ _ (no par)
United Profit Sharing___ 1
US Light & Heat Corp.rlO
U S Steamship................ io
United Zinc Smelt (no par)
Wab Pitts Term R y .r .w 1
Preferred.r.w i ..............
White Motor.................. 50
World Film v t c........ ..... 5
Zinc Concentrating, r
10

06 X
X
OK
52 K
X

4%

Former Standard Oil
Subsidiaries
Eureka Pipe Line........ 100
Illinois Pipe Line___ 100
Ohio OH.......................... 25 225
Pralrlo Oil & Gas___ 100
366
Prairie Pipe Line.......... 100 223
Southern Pipe Line___ 100 zl94
South Penn Oil.......... 100
330
Standard Oil (C a lif)... 100
Union Tank Line........ 100
82

62
X
2X
5X
5X
18X

67 X
33,500
13-16 2 ,1 0 0
2X
2,975
1,100
OX
475
OK
18X

49
51 K

49
52 X

X
3K

K

206
158X
218
359
220
zl94
330
259
82

4%

206
165
230
366
223
202

330
265
82

100

30
4,900
3,100
4,000

Range sin ce J an .
L ow .

60 X
X
2X

4

5X
17 X

46

40X

%

3K

1 206
140 155
401 189
57 359
106 205
36 190
10 325
167 z234
16 80

Aug
May
July
Apr
July
Feb
Jan
Jan
July
Aug

Aug
June
Jan
Aug
Apr
July
Mar
Apr
Mar

1.

H ig h .

94
June
2 1-16 Jan
4X
Jan
7 X Juno
8 X June
21
May
52
May
60
June
3
Jan
Apr
ox

225
190
260
439
236
226
384
384
86

Apr
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan

Other Oil Stocks
Alberta Petrol.r (prosp’ct)
V . S.
57c
56c
57c
5,150 60c June 68c July
Shares. | P a r Value.
Barnett Oil & G a s .r.. ..1
Bonds.
3
2K
7.900
2X
Jan
2X
4 X May
Cosden & C o .r........ ....... 5 14 X
3.900
14
K
1
3
K
1 3 X Aug
27
June
Saturday. . .
48,767 S4,177,700
Cosden Oil & Gas.r........ 5 U K
$605,000
8307,000
10K
11K 12,200
O X Apr
1 8 X June
Monday___
118,829
10,373,950
Preferred_________ ."5
1,288,000
845.000
1.900
3 X July
4X
O
X
Feb
Tuesday___
248,516 23,015,600
Federal O il.r__________Is
2.708.500
494.500
7-16 15-16 19,400
X
Feb
I K Mar
Wednesday.
579,030 51,668,625
Houston Oil com .r___ 100
3.191.000
498.000
12 X 15
600 12 * Aug 23
Jan
Thursday...
555,756 47,101.900
Kenova
O
il........
.............
1
2.902.000
622.500
7-16
7-16 12.300
July
K
93c June
Friday........
333,068 27,226,800
2.200.500
615.000
75c 78c
82,000 Keystone Oil of N Y ____ 1 78c
5.400 73 0 July 78 c Aug
Metropolitan Petroleum.5
10
12
10
870
Aug 25
May
T o ta l...................... 1,883,966 8163,564,575 812,895,000 83,382,000
41o
45c 23.300 40o Apr 85c
82,000 Midwest Oil com .r______1
Feb
Preferred, r ........ ......... 1
83c 85c
2.500 75o Apr 1 1-16 Mar
Muskogee
Refining.r____
1
3%
8,300
2%
3%
Feb 3 9-16 Juno
Sales at
IK
W eek ending A u g . 11.
Jan. 1 to A u g . 11.
N Y-Oklahoma O il.r____ 1 1 1-16
1 1 1-16 6,800 7 0c June 1 8-16 Aug
N ew York Stock
Oklahoma Oil com .r____ 1 8% c
8c
10c
7c
13.000
Mar 21o June
E xchange.
1916.
1915.
1916.
1915.
Oklahoma Prod <fc Refg. 5
6%
5%
6% 15.100
O K Aug
8 X Juno
Omar OH & Gas.............. 1
81c
70o
84c
82,660
54c
July
84o Aug
Stocks-7-N o. shares...
1,883,966
4,755,209
95,192,632
84,722,348
87
89
1,375 80
July 102
May
Par valuo_________ $163,564,575 $434,982,975 $8,295,096,240 $7,296,412,370 Pan-Am Pet & Tr pf.r.100 88%
Pennsylvania
Gasoline..
.
1
100
%
%
%
X Aug
Bank shares, par____
I X Juno
$3,000
$3,100
$171,500
$134,800 Sapulpa Refining c o m .r .5
9%
9%
8%
8,100
8 % Aug
Bonds.
10 X
Feb
Sinclair OH & Ref.r(no par)
37%
36
37%
1.400 35 X Aug 50
Government b on d s...
May
S2.000
$25,000
$644,450
$648,000 Tex Mex Petroleum , r . . l
86c
84o 87c 32,659 69o July 87o Aug
State, mun. ,&c., bonds.
3,382,000
242,000
159.214.500
13,970,000 United Western Oil.r___ 1
1
1
1% 20.300 64c Mar
R R . and mlsc. bonds..
2 X June
12,895,000 16,660,500
473.229.500
468,716,700 Victoria O il.r................... 1 1 1-16
1 1 1-16 8.500
1
Mar
2X
Jan
Wayland OI1 & Gas c o m ..5
3%
2.500
3%
3%
Aug
3
X
Total bonds.
O
K Feb
$16,279,000 $16,927,500
$633,088,450
$483,334,700
Mining Stocks
Adanac Silver M in e s.r..i ..........
2,60 j 55c Apt 1 15-16 July
%
1%
D A ILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
Alaska-Brlt Col Metals r . l
58c
57c
58c
1.400 55c Apr 1.02
May
Alaska Westover C o p p .r.l
X 11-16 26,200
K
BALTIMORE EXCHANGES.
K July
70c. July
Arizona Copperfields.r..l
IK
33,920 35o July
I K 13-16
I K Aug
Atlanta M ines.r............... 1 10c
9c 10%c
15,200
9c Aug 23% c Jan
Big Ledge Copper Co___ 1
2K
B oston.
21.000 1 7-16 Feb
2X
3
P hiladelphia.
3
Aug
B altim ore.
Bingham Mines________ 10
W eek ending
500
OX
OK
O X Aug
1 5 X May
B o o th .r........ ................... 1 13c
A u g . 111916.
13c
13c
Shares. \BondSales. Shares. \Bond Sales. Shares. Bond Sales.
3,800 13o Aug 44o
Jan
Boston & Montana D e v ..5 13-16 13-16 15-16 9.000 60c Mar
2 K June
Buffalo Mines, Ltd.......... 1
Saturday________
1
1
3,988
700
36.000
X
Feb
2,198
89,000
2,613
I K May
$44,500
M o n d a y ...._____
Butte Copper & Zinc v t c 5
4%
7,858
3.500
12.000
2,641
4X
4K
4 X Juno
40,200
4,992
1 2 X Mar
24,200 Butte
Tuesday_________
A N Y Copper___ 1
11,145
4.200
31.000
2X
1 K July
2X
3,870
IX
48,700
10,363
4 X Mar
34.000 Calaveras
Copper.r
Wednesday______
26,085
5
2,650
44.000
16,644
5K
2K
Jan
5X
32,800
5,465
5 K June
31,500
Caledonia
Mining_______
1
Thursday________
26,027
56c
0
7c
53c
64.000
43.000
53c
Aug
10,101
31,300
4,468
1 5-32 Apr
72.000 Canada Copper_________ 5
Friday__________
13,655
4.300 1 3-10 Mar
36.000
I K 1 7-16
IK
4,248
32,100
2,166
2 X May
35.000 Cash Boy____ _________ 1
4c
5c 21.000
4c
3 X o Feb
9%cMay
T o ta l................
de Pasco Cop (no par)
35
88,758 $172,000
400 32 X July 42 X Feb
35X
39,702 $194,100
30,067 $241,200 Cerro
Consol Arlz Smelt_______ 5
IK
7.200
IK
IX
I X July
2
Jan
Consolidated-Homestead. r
X
5.200
X
K July
X Aug
Consol Nevada-Utah___ 3
5-16 5-16
1.000
X
Jan
K Mar
New York “ Curb” Market.—Below we give a record of Crystal
Copper_________ 1
1 1 3-16
1,000
X July
I X July
the transactions in the outside security market from Aug. 5 Dundee Arizona C o p .i ..l
1,570
I X June
IX
IK
2 X May
Emma Copper, r............... 1 59c
59o 42,950 1 7 X o Jan 70o Mar
50c
to Aug. 11, both inclusive. It covers aU the sales for the Emma
Leasing.r
15c 20c 21,750
20c
15c Aug 20c Aug
week ending Friday afternoon.
Florence Silver, r ______
73o 76c
4,950 70o July
76o Aug
Goldfield Cons’d Mines. 10 81o
80c 84c
10,600 75c Apr 1 3-10 Jan
Goldfield Merger.r__
1 80
8c
8c
'V
11,000
Sales
7c Aug 21e
Jan
W eek ending A u g . I I .
hast W eek ’s Rangit
Gold Hill Mining............ 5
15c
15o
fo r
800 13c Apr 30o
Range sin ce J an . 1.
Jan
Sale
Green Monster Mining, r 1
o f Prices
1
W eek
16.500
1
IX
IK
Aug
I K Aug
Stocks—
Par
Hargraves Mining............
. L ow .
H igh . Shares.
4
4
1,000
4
L ow .
I
H ig h .
Aug
4
Aug
Hecla Mining................ 25c 415-16
4 K 5 1-16 4,722
3H Jan *5% June
Aetna E xplos.r.._(no par)
i
9% 10%I 18,550
8 >4 July
69c 75c 37,150 600 July 82o July
25
Feb Inspiration Needles Cop <1 73c
Amer-Brltlsh Mfg, com.100
23
23
12c 13c
100
15
Aug 43
2,750 10c Mar 31o Apr
Jan Internat Mlnes.r_______ 1
Amer Writ Paper com r 100
4
4
200
2
Mar
17-16
IX
1
2,450
Jan
4
July Iron Blossom.r............ 10c
2X
Apr
Brit-Amer Tob ord’y __ £1
18% 18%
200
16
Jan 19
I X July
May Jerome Verde C op per.!..) 1 9-16 1 7-16 1 9-16 16.500
2 X May
Ordinary bearer.........£1
18% 19
1,200
15% May
3,210
IK
IX
I K June
19% May Jerome Victor E x t .r . ! . ..l
IX
2
June
Butler Chemical.r______5
Jim
Butlor.r............
........
1
4
4
700
2% Mar
89c
88c
90c
7.300 81o July 1 3-16 Jan
7% Apr
Canada Steel . r _____ _
_
54% 54%
55c
56c
75c 54,200 65o Aug
400
40
Feb 64
May Jumbo Extension_______1
I X May
Can Car * Fdy. pref r 100
74
74
lie 12%c 10,800 8% o July 22c
49
74
Feb 101
Jan Kewanus r ..........................
Jan
Canadian Natural Gas__ 1
Louisiana
Consolidated
10c
1
17c 20c
6.300 12o May 21o July
1%
1,200
1
July
2% Jan
Car Ltg * Power.r___ 25
______ 10%o
10c
11c
i
3% 4% 7,050
18,000 10c Aug 41o Mar
3% Aug
7% Apr Marsh Mining.
Charcoal Iron ol Am___ 10
57c 61c
5%
6%
3.10U
3.500 38o Mar 72o May
5 X Aug
8% May McKlnley-Darragh-Sav. . 1 60c
Preferred___________ 10
6%
46c
58c 128,200 42o Aug 680 Aug
2,700
i
OK
5% June
6% Aug Mich Gold Min A Mill.
Chevrolet Motor.......... 100
3X
187 220
10,110 115
Jan 278
2X
6,895
3X
8 May
2 K Aug
June Mojave Tungsten.r........ 2
Curtiss Aerop & M (no par)
26
25
1
120 25
July 60
Apr
1,820
IX
X
IK
Jan Monitor 811L A ZM A M 1
2 X May
Driggs-Seabury Ord.-.IOO
1
91
99
96c
1,105 91
Aug 155
1
3.100 64o June
Jan Montana Goia M lnes.r.. 1
1
Aug
Emerson Motors I n c .r .. 10
Mother Lode.r.................1 30c
S
4
4%
5,300
3% June
29o 39%c 62,000 20o
Jan 43o Apr
U K Aug
Emerson Phonograph___ 5
49c
{
9
49c 43,000 34o June 49o Aug
* 10%
8% July
1,891
46c
14% Jan Newray Mines, L t d .r . ..l
Essex Motor T ruck.r. 100
- 75
15
75
July 77
1,745 15
Aug
100 68
July N Y A Honduras RosarlolO 15 X
10X
17X June
Flemlsb-Lynn Phonog r ..5
Niplssing Mines...............5
7X
I Ki
2
4,025
7X
IK
9,800
I K Aug
ex 18c
7 K June
O X Feb
8 K May
Gaston, Williams & WigOatman Arlz C ent.r____ 1 18c
18c
1,000 15c July 41c
Apr
more, In c.r___ (no par)
X
80o 87c
.
41
41
4,400 70c July 2 3-16 Apr
100 37 K July w7 O K Apr Oatman Big Jim.......... 10c
Grant Motor Car Corp.10
62c
63o
> *7%
8%
1,200
2,800 50o May 680 Apr
14 June Oatman Lexington.!____ 1 63c
7
Apr
Hall Switch & Signal.r. 100
Rex
Consolidated
r____
1
1
9
K
c
22c
10c
12
i
7
2,300
30,450 10c Aug 39o /'May
5
Aug 21% Jan
Preferred.................. 100
58c
. 23
63c
25
210 23
6,900 65o Jan 78o May
Aug 43
Feb Rochester Mines Co.......... 1 62c
Hartman Corporation 100
47o 47o
• 71% 72
200 6814 July w 7 0 X Jan Round Mountain.r_____ 1
100
46o July 78o May
-Haskell & BarkCar(no par)
San
Toy
Mining................
1
15c
34% 36
14c
15o
2,900 33 K July 54 K Jan
4,700 14o June 26c
Jan
Hendee Mfg com .r___ 100
Short Creek Zinc A L . r . . 1
2
2
• 31% 31%
200 23
IX
June 33
3.500
July
2
Aug
\ X Aug
Holly Sugar, com . (no par)
Sliver
Pick
Cons’d
.
r
____1
■ 44% 44%
11c
12c
Apr 55
25 41
7.500
3c
June
Feb
140 Apr
Preferred................ .100
95
95%
130 93% June 98
I X 13-16
5.000
Apr Standard Silver-Lead_1 1 3-16
1
July
2
Jan
Hupp Motor Car Corp_.10
i
6%
6%
7-32
600
1.000
5 - 32 June
6 K Aug
11% June Stewart Mining_________ 1
X
Jan
K
Intercontinental Rubb.100
: 13
13%
31c
50c 80,650 31o Aug 95o
300
10 June
16% Jan Success M ining.r_______ 1 32c
Feb
Internat Motor, com r.100
•
3%
3%
100
•61o Mar 81o May
3% Aug 25
Jan
Joplin Ore & spelter r.o .5
1 4%
35c 48c
4%
606
4%
10,460 o35c. Aug o55c. Aug Tononah Belmont.r
4
June
O X May
Kapo Manufacturing___ 5
6
5
6
1,950 3 15-16 Jan
2,600
5%
4% May
6 K June Tonopah Extension____ 1
7 X May
Kathodlon Bronze p re f..5
18% 22
5%
800
5%
2,700
14
Aug 33
O K Aug
Jan Tonopah Mining________1 " '5 %
7
X May
Kelsey Wheel, p r e f.r ..100
5-16 5-16
100 100
100 6 700 100
161JuneApr
July 101K July Tri-Bulllon S & D ............ 5
Lake Torpedo Boat r__ 10
3%
8%
3%
3%
380
8%
750
35* July
6% July
13% Jan United Eastern_________ 1
4 X May
Lynn Phonograph r____ 1
7c
7c
7o
3
16,500
2%
1,500
4o Aug
2 X Aug
12 X May U S Continental.r_____ 1
18c Mar
Manhattan Transit___ 20
30
33% 20,700
1%
1 June
1% 10,200
O X Jan
2K
Jan United Verde Exten.r.50c 31%
35 X June
Marconi Wlrel Tel of Am.5
Unity Gold Mines........ .. 5
3%
3%
3%
2,600
3%
1,100
3%
3
Apr
IX
Apr
4
H Jan
3 K July
Maxim Munitions.r___ 10
83o
80c
4%
5
8,450 68c Mar
1,100
4
Mar
13
Jan West End Consolidated.. 1 80c
I X June
Metropolitan Motors.rlOO
2
2
2
2%
3
200 * 1 K May
1,625
2 % Aug
3
2
Jan
Aug White Knob Cop pref__ 10
Midvale Steel <&O rd.r..50
60% 62%
61%
3%
5%
5%
9,900 57
3,435
Apr 77 K Jan White Oaks Mines Cons r 5
3 X Aug
10 X May
Missouri Pacific w. 1........
22%
22
22%
42
43
42%
2,550 21K Aug 23 % July Yukon-Alaska Tr r(no par)
1,095 39
Feb 45
Feb
Preferred w. 1................
49% 50
200 49 K Aug 50K July Yuscaran Consol.r.......... 5
IX
1,700
1%
IX
X July
I X May
Mitchell M o t.r.ir (no par)
64
Bonds—
64
64
10 64
Aug 68
July
Peerless Truck & Motor.50 22% *20% 22%
102
102
1,250 20% May 32
$5,000 10 1 X Aug 125
Jan Cosden & Co conv 6s w 1’26
June
Poole Eng & Mach r__ 100
94
Int
Merc
Mar
conv
6s
w
1.
98
96%
95%
97
60 90
1200000 94 x July 103% June
Feb 150
Jan
Pullman VentilatorCorp r5
2%
Midvale St & Ord 5s rI936
2%
94% 95
2%
05
July 100
3,465
16,000 94
2 K June
F’eb
2
K
July
Preferred r............ ........ 5
64% 66% 266,000 04 X Aug 68
5%
5%
66
5%
2,490
6 K July
6
July Missouri Pacific 4s w 1___
Aug
Rlker & Heg (Corp fo r )..5
5
Russian Govt
r w I ..
innu 47,000 100
5
5
100% xyjyj
July 1 0 0 X June
1,900
4 K Mar
O X Feb
St Joseph I.ead.r.......... 10
15% 16%
15%
97
1.30J 14
97% 28,000 07 X Aug 99 X May
July
17 % Mar Sinclair OH & Ref 6s.r 1926 97
Saxon Motor C a r .r ... 100 72
68
72
99
09% 11,000 00
635 60
Apr 87
Aug 100
June Sulzberger&SonsOs. r . 19411 99%
Mar
Springfield Body p ref..100
110% 116%
20 101
Apr 122X June
Stromberg Carburetor.r(f) *43%
♦Odd lots, f No par valuo. ! Listed as a prospect. I Listed on the Stock Ex­
41% 44% 15,700 41 K Aug 44 X July
Stutz Motor of Am.(no par)
66
63% 66
4,660 63% June 60 . Aug change this week, where additional transactions will bo found, m New stock, par
Submarine B oat..(no par)
33 %
32% 34
1,900 31% July 43 X Jan
Tobacco Prod c o m .r .. 100 46%
44% 47% 15,270 29 K Jan 61 X Mar value $12 50. n Old stock, par value 525. r Unlisted, s Ex-100% stock dividend.
t 340 paid, u 2 0 % paid,
v 10% paid, o Now stock, to When Issued, z ExTriangle Film v t c .......... 5
2%
2%
30U
2
Juno
6K
Jan
dlvldend. y Ex-rights. 2 Ex-stock dividend.




R ailroad,
H e .,
Bon ds.

State, M u n
<& Foreign
Bonds.

FOREIGN TRADE OF NEW YORK— MONTHLY
STATEMENT.— In addition to the other tables given in
this department, mado up from weekly returns, we give the
following figures for the full months, also issued by our
New York Custom House.
Custom s R eceipts
at N ew Y ork .

M erchandise M ovem ent a t N ew Y ork.
E xp orts.

Im p orts.

M on th .

July.........
August__
September
October. .
November
December
January..
February.
March —
A p ril----M ay........
Juno.........

1915-16.

1914-15.

$
75,812,949
76.266,845
85,617.505
77,121,468
97,606,815
94,197,777
99.988.117
103.084.535
116,198.589
115,290.462
115,104,918
143,086,378

S

1915-16.

1914-15.

1915-16.

%
$
84,561.785 157,080,631 59,218,303
03,804,412 144,117,486 33,559,424
76,118,541 106,608,127 61,895,606
77,153,765 173,667,700 88.199.144
73,767,970 192,992,355 86,762,617
66,021,283 191,268,097 98,394,025
70,992,107 175,656,877 104,025,265
71.016,866 224.934,940 113,203,172
90,473,231 229,412,858 129,845,743
92,252,029 180,671,441 139,410,642
76,341,381 253,765,247 135,623,599
87,890,671 243,448,500 144,888,856

1915-10.

S

11,112.048
10,873,044
11,030,703
12,035,880
13,708,875
11,924,418
11,608,270
14.019,504
14,970,425
12,404.695
13,902,170
13,321,203

%
15,914,374
12,803,080
12,143,093
11,022,405
12,420,479
10,977.254
12,028,863
10,888.401
13,782.945
10,784,887
11,258,671
11,910,018

Total . . 1199436358 930,394,041 2339624259:1195027050 150,971,235 146,546,596

Imports and exports of gold and silver for the 12 months:
Silver— N ew Y ork .

Oold M ovem en t at N ew Y ork.
E xp orts.

Im p orts.

M onth.

1915-16.
July.........
A ugu st...
September
October . .
November
December
January..
February.
M arch__
A p r il----M ay------June.........

1914-15.

1915-16.

1914-15.

%
%
S
S
732,964 2.064.670 32,732,361
5,301,292
949,341
973,114 1.032.670
2.281,541
766.499
905,196 1,817.500
8,992,572
244,037
712,573 2,824,000
28,000,374
190,398
49,836,918 1,946,760 1,127,370
4,100
36,371,277 1.072.523 3.054,228
639,000
13,025.093 2,082.618 0,220.132
996,300
4,258,059 1,531,031 10,589,971
873,400
2.368,344 3.377.102 4,532,820
754,808
4,328,407 3,590.774 0.443,234
1.598,288 12.531.054 4.976.677 1,196,820
2,790,174 1,201,397 0,726,705 2,779,190

Im p o rts.

E xp orts.

1916-10.

1918-10.

S
1,768,120
2,718,817
1.681.174
2,340.388
2,169.700
1.730.080
749.381
1,431,404
1.019,163
1.231.080
1,240,112
1,831,629

*
2,694,349
2,824,995
3,104,607
4,560,514
4,433,062
6,535,810
4,130,010
3.818,210
3,450.204
4,387,911
6,026,236
4,241,499

Total — 159,152,339 30,660,100 51,409,9771 42,120,8541 20,411,056 49,188,073

CURRENT NOTICE.
__ jj .

. W hitney & Sons o f 17 Broad S !., this city announco that
Goorgo D. Baker has becom e associated with them as nlanagor o f the
bond department.
__ Aldon It. Little announces his resignation as Vico-Prosldont o f tho
Ittlo & Hays Invostmont C o. o f St. Louis and tho organization o f Alden
II. Llttlo & C o., doalers in municipal bonds.
Schmidt & Gallatin, members o f tho N ow Y ork Stock E xchango, 111
B roadw ay, this city , are prepared to deal in Chaso N ational Bank stock
and rights. Inquiries Invited. Tolophono 3260 K ector.
— K ean, Taylor & C o. o f this city and Chicago and Bioren & C o. o f
Philadelphia are join tly advertising and offering in this Issue o f tho “ Chroniclo” 3500,000 Morris & Essex Itlt. C o. first and refunding inortgago 3 'A %
gold bonds duo 2000. Guaranteed, principal and interest, b y tho D . L . &
W H R . C o. Legal savings bank and trustee investment in N . Y ., N . J .,
C onn., H. I. and other States. Prico 863^ and interest. D escriptive
circular upon request.
.
n

New York City Banks and Trust Companies
Dunks.
N ew York

America* —
Amor Exch.
Atlantlo-----Battery Park
Bowery * —
Bronx Boro*
Bronx N a t..

Chemical —
CltizcnsCcnt
C ity.
Columbia* .
Commerce..
Corn Exch*
Cosmopol'n'
East River..
Fidelity*—.
Fifth Avo*.
F lfth.........
First............
Garfield — .

375
375
200

Imp & Trad
Irving -----Liberty ----Lincoln ----

535
227
185
170

525
220
180
155
390
200
175
135
100
650
395
175
438
185
450
300
tl70
320
100
75
155
4300
250
080
185
130

Banks.
Manhattan *
Mark & Fult
Mech & Met
Merchants’ .
Metropolis*.
Metropol’ n *
Mutual-----New Noth*.
New YorkCo
New Y ork ..
Pacific*-----

A sk

Bid

145
110
660

325
1171
325
165
4800
275
1000
200
140
400
400

•Banks marked i
Exchango this weok.

Brooklyn

Coney Isl’d*
First_______
Flatbusli —
Greenpoint Hillside *—Homestead *
Mechanics*.
Montauk*—
Nassau........
Natlon’ICity
North Side*.
People’s ------

300
65U
500
192
360
t

220

Pcoplo’s * __
Prod Exch*.
Public *___
Seaboard___
Second_____
Sherman. —
Stato *____
23d Ward*.
Union Exch.
Unit States*
Wash H’ts*.
Westch Av*
West Side* .
Yorkvllle*—

125
402
180
445
195

275
040
365
490
185
775
325

Bid

300
240
268
187
285
175
325
215
___
375
275
450

New stock.

215
415
395
125
115
100
138
500
225
ICO
380
475
130
255
150
155
100
___
130
85
200
268
170
130
v

Ask

310
250
273
___
300
180
__ _
225
725
385
__ _
400
235
198

Trust Co's.

Bid

A sk

440
403
145
t 745
570
110
290
460
1500
200
280
417
150
130
108
420

450
470
150
755
580

N ew Y ork

Astor...........
Bankers T r.
B’way Trust
ContralTrust
Columbia . .
Commercial.
Empire____
Equitable Tr
FarmjL & Tr
Fidelity____
Fulton.........
Guaranty Tr
Hudson-----Law T it* Tr
LincolnTrust
430
Metropolitan
420
135 Mut'l (WestChester). .
125
135 N Y Life Ins
145
& T rust..
__ _ N Y T rust..
___ Tltlo Gu&Tr
175 Transatlan ’c
410
Union Trust
550
US Mtg&Tr
UnltedStatcs
140 Westchester.
270
165
Brooklyn
165
115
Brooklyn Tr
90
Franklin. . .
140 Hamilton__
110
Kings C o ...
207
Manufact’rs
275
Citizens..
185 People’s ___
110 Queens C o ..

310
407
210
422
135
117
427

125
975
595
370
380
385
1005
130

1000
605
380
155
390
395
1020
140

520
255
265
030

265
275
050

145
282
70

150
292
80

Ex-rlghts.

New York City Realty and Surety Companies
Bid

70
Alliance R’ty
Amcr Surety 150
200
Bond & M G
Casualty Co
City Invcst’g 18
60
Preferred.

Ask

80
105
272
21
08




Bid

LnwycrsMtg 158
Mtg B ond.. 110
Nat Surety. 282
N Y Tltlo &
MtgO___
88

A sk

104
114
287
03

Bid

Realty Assoc
(Brooklyn)
93
U S Casualty 195
US TitleG&I
60
Wes & Bronx
Tltlo & MG 165

A sk

Quotations for Sundry Securities
All bond prices are “ and Interest" except where marked “ f” .
Standard Oil Stocks P e r s i a n
P a r B*4
Ae*
15
Anglo-Amer Oil new----- £1 *1412
Atlantic Refining-----------100 695 700
Bornc-Scrymser Co------- 100 345 355
94
Buckeye Pipe Line C o— 50 *91
Chesebrough M fg new— 100 350 360
75
Colonial Oil...... ................100 65
Continental Oil------------ 100 318 323
43
Crescent Pipe Line Co----- 50 *40
97
Cumberland Pipe L ine.. 100 94
Eureka Pipe Lino C o----- 100 205 210
Galena-Signal Oil com . . . 100 158 161
Preferred____________ 100. 135 110
Illinois Pipe Line.............100 163 167
93
Indiana Pipe Line Co----- 50 *90
Internet Petroleum---------£1
‘ S1* 10
15
National Transit C o ..12.50 *14
New York Transit Co— 100 195 200
Northern Pipe Line C o .. 100; 95 100
Ohio Oil C o.......... ............. 25 *224 226
59
Penn-Mcx Fuel Co-----------25 *56
1U2
Pierce Oil Corp__________ 25 *11
Prairie Oil & Gas.............100 365 370
Prairie Pipe Line............ 100. 220 [223
Solar Refining_________ 100 275 285
Southern Pipe Lino C o ..1002193 197
South Penn Oil_________ 100 330 340
Southwest Pa Pipe Lines. 100 105 110
Standard Oil (California) 100 265 267
Standard Oil (Indiana)-.100 620 625
Standard Oil (Kansas)..100 440 450
Standard Oil (Kentucky) 100 425 435
Standard Oil (Nebraska). 100 370 390
Standard Oil of New Jer. 100 516 518
Standard Oil of New Y ’rklOO 203 205
Standard Oil (Ohio).........1001 380 390
Swan & Finch__________ 100 100 105
83
Union Tank Line Co___ 100 81
Vacuum Oil____________ 100 265 270
40
Washington Oil_________ 10 *35
Bonds.
Pierce Oil Corp con

P er cent.

6s. 1924

80

Ordnance Stocks — P er S h a n .
Aetna Explosives pref__ 100 60
10
Amer & British M fg........ 100
Preferred____ _____ ..100 50
Atlas Powder common..100 180
Preferred............ ..........100 98
Babcock & Wilcox______100 123
Bliss (E W) Co com m on..50 *550
Preferred........................50 *75
Canada Fdys & ForgingslOO 180
Canadian Car & Fdry__ 100 40
Preferred.......... ............ 100 !65
Canadian Explosives comlOO 320
Preferred____ _______ 100 100
Carbon Steel common__ 100 66
1st preferred.................100 83
2d preferred_________ 100 64
Colt’s Patent Fire Arms
M fg...............................100 800
Crocker-Wheeler Co com. 100 92
Drlggs-Seabury Ord CorplOO 93
duPont (E I) de Nemours
278
St Co, common______100
Debenture stock___ 100 100
Electric Boat__________ 100 333
Preferred____________ 100 333
Hercules Powder com__ 100 314
Preferred.......................100 112
Hopkins & Alien Arm s.. 100 10
Preferred____________ 100 40
International Arms_____ 25 *14
Lake Torpedo Boat com ..10 *8
Midvale Steel* Ordnance 50 *61
Nlles-Bement-Pond com. 100 165
Preferred____________ iooxl05
Scovill M fg......................100 560
Submarine Boat__ (no par.) •33
Winchester Repeat Arms 100 1250

62

Par BUt.

A sk.

118 123
98i2 99J2
83
78
*18t2 19l2
*1812 19l2
300 850
100 150
170 175
99 101
255 265
505 515
121 125
46U 47
150 160
105 n o

Short Term Notes. Per Cent
Am Cot Oil 5s 1917.. . M&N
Amer Locom 5s, July T7.J-J
Am T & T 4t$s 1918---------Anaconda Copper 5s T7 M-S
Canadian Pac 6s 1924. M&S2
Chic Elev Ry 5s 1916----- J-J
Chic & West Ind 5s '17.M&S
Erie RR 5Ms 1917----- A-O
General Rubber 5s 1918 J&D
Hocking Valley 5s 1917.M-N
Int Ilarv 5s Feb 15 T8.F-A
K C R y a 5Ms 1918___ J&J
Morgan&Wrlght 5s Dec.1.18
New Eng Nav 6s 1917.M-N
N Y N II & 11 4Hs May 1917
Penn Co 4j*s 1921..J&D15
Pub Ser Corp N J 5s T9 M&S
Rem Ams U.M.C.5sT9F*A
Southern R y 5s 1917..M-S2
United Fruit 5s 1918.. M-N
UtahSecurCorp 6s'22 M-S 15
Winches RepArms5sT8M&S
New York City Notes—
6s Sept 1916______________
6s Sept 1 1917...................... .
Canadian Govt. Notes—
5s Aug 1 1917_________F&A

iooi2 100*4
1001210078
100 1001s
100*4T01
10112101*4
90 94
995sl 9978
lOOVsTOHs
IOOI4 I1 OOI2
loots KXFs
101*8 101*4

100141100*8
99=8 9978
99121 99*4

99?8 100
100>2 100*4
9978T00i4
90 | 94 .
100*8 1008s
10034 101
94 94*4
98lg 98i2
100

IOOI4

102<s 102*8
100*4 101

20

60
185
101

126
570
85
200

50
75
[400
110

70
87
67

825
97
282
104
334
334
319
116
20

60
18
9
62
175
110

575
34
1500

R R. Equipments — PerCt Basis

Bid.

Baltimore & Ohio 4>$8—
Buff Roch & Pittsburgh 4 Ms
Equipment 4s________
Canadian Pacific 4hJs__
Caro Clinch! & Ohio 5 8 Central of Georgia 5s___
Equipment 4J^s_____
Chicago & Alton 4s____
Chicago & Eastern HI 5s___
Equipment 4H s_____
Chic Ind & Louisv 4H s—
Chic St L & N O 5s..........
Chicago & N W 4!$s----Chicago R I & Pac 4>$s—
Colorado & Southern 5s___
Erie 5s________________
Equipment 4H s_____
Equipment 4s________
Hocking Valley 4s_____
Equipment 5s________
Illinois Central 5s_______
Equipment 4H s______
Kanawha & Michigan 4>$8—
Louisville & Nashville 5 s..
Minn St P & S S M 4 ^ 8 —
Missouri Kansas & Texas 5s.
Missouri Pacific 5s________
Mobile & Ohio 5s_________
Equipment 4H8-----------New York Central Lines 5s.
Equipment 4K s________
N Y Ontario & West 4>$s—Norfolk & Western 4>$s___
Equipment 4s............ .....
Pennsylvania R R 4>$s___
Equipment 4s........ .........
St Louis Iron Mt & Sou 5a.
St Louis & San Francisco 5s.
Seaboard Air Line 5s___
Equipment 44is..........
Southern Pacific Co 4)^8__
Southern Railway 444s____
Toledo & Ohio Central 4s__

T ob a cco Stocks — Per Sha re.
American Cigar common 100
Preferred____________ 100
Amer Machine & F d ry.. 100
Britlsh-Amer Tobac ord —£lj
Ordinary, bearer_____ £l|
Conley Foil.............
100
Johnson Tin Foil A Met. 100
MacAndrews & Forbes. .100
Preferred____________ 100
Porto Rlcan-Amcr T ob—100
Reynolds (R J) Tobacco. 100
Preferred____________ 100j
Tobacco Products co m .. 100
Young ( J S) C o...............loo!
Preferred____________ 100

4.45
4.60;
4.60
4.65
4.95
4.70
4.70
5.30,
5.80
5.80
4.95
4.55
4.40
5.35
4.85
4.70
4.70
4.70
4.65'
4.65
4.40
4.40
4.75
4.40
4.60
6.75
5.60
4.75
4.75
4.60
4.60
4.60
4.40
4.40
4.37,
4.37
5.30
5.75
4.75
4.75
4.40
4.75
4.90

A sk.

4.25
4.35
4.35
4.40
4.50
4.40
4.40
4.75
5.35
5.35
4.50
4.30
4.20
4.80
4.50
4.37
4.37
4.37
4.37
4.37
4.20
4.20
4.40
4.20
4.30
5.00
5 00
4.50
4.50
4.38
4.38
4.35
4.20
4.20
4.15
4.15
4.50
5.00
4.40
4.40
4.20
4.40
4.50

Public Utilities—
Am Gas & Elec com_____ 50 *146 148
Preferred_____________ 50 *49i2 60>i
Am Lt & Trac common. . 100 377 380
Preferred____________ 100 109 111
Amer Power & Lt com__ 100 69i2 71
Preferred____________ 100 84 85
43
Amer Public Utilities comlOO 41
Preferred____________ 100 74 76
Cities Service Co com__ 100 280 284
Preferred..
100 85
86
Com’w’lth Pow Ry & L . . 100 64
65
86
Preferred____________ 100| 84
Dayton Pow & Lt pref__ 100 95i2 961S
102
Elec Bond & Share pref..100
12
Federal Light & Traction 100
47
Preferred____________ 100
91
Great West Pow 5s 1946 .J&J
Indiana Lighting Co----- 100
79*
4s 1958
F-A
8714
North'n States Pow com. 100
97
Preferred...............
100
961i
1st & ref 5s 1941___ A&O
5812
Pacific Gas & Elec com. .100
90
1st preferred_________ 100,
40
Republic Ry 4 Light___ 100
77
Preferred____________ 100
92*4
8outh Calif Edison co m .. 100
10612
Preferred____________ 100
100
Southwest Pow & L pref. 100
16
Standard Gas & El (Del). 50
Preferred____________ 50
40*2
11
Tennessee Ry L & P comlOO
48
Preferred____________ 100
18
United Gas & Eleo C orp.100
76
1st preferred_________ 100
19
2d preferred_________ 100
51­
United Lt & Rys c o m ...100
75
1st preferred_________ 100
21
Western Power common. 100
71

Industrial
and Miscellaneous
American Brass...............100
American Chicle com___ 100
Preferred____________ 100
Am Craphophone com ..100
Preferred____________ 100
American Hardware___ 100
Amer Typefounders com. 100
Preferred.......................100
Borden's Cond Milk com. 100
Preferred____________ 100
Celluloid Company____ 100
Havana Tobacco Co___ 100
Preferred____________ 100
1st g 5s June 1 1922.-J-D
Intercontlnen Rub com. .100
IntcMiat Banking Co----- 100
International Salt---------100
1st g 5s 1951.............A-O
International Silver pref. 100
Lehigh Valley Coal Sales. 50
Otis Elevator com---------100
Preferred____________ 100
Remington Typewriter—
Common____________ 100
1st preferred_________ 100'
2d preferred_________ 100
Royal Baking Powd com. 100
Preferred____________ 100

276 278
52
54
73l2 76
165 168
165 168
•131 134
41
43
94
97
114 115
10712 10812
185 190
1
2
2
3>l
/48t2 53
13
14
160 163
38
39
/74
76l2
97
99
*85
90
_
60
87 "90
14
13
73 76
39
37
143 ____
100l2 102

98
210
60
175

Per share. 6 Basis. d Purchaser also pays accrued dividend.
/ Flat price. nNomlnal. xEx-dl vidend. v Ex-rights.

e New Stock

|m rcstweut a w l ^lailvaad |iitcXIxgcwcc.
RAILROAD

GROSS

EARNINGS.

The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
oan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns o f the electric railw ays are brought together separately on a subsequent page.
ROADS.

Latest Gross Earnings.
Week or
Month.

Current
Year.

Previous
Year.

July 1 to Latest Date.
ROADS.

Current
Year.

Ala N O & T ex P a c N O & N or E ast- J u l y .......... 316,098 293,154
Ala & V icksburg. July
143,225 124,037
Vicks Shrev & P . J u l y _____
130,122 121,097
A nn A rb or_________ 4th wkJuly
77,377
61,490
Atch T op & S F e___ June______ 11934400 9,951,793
Atlanta Birm & A tl 4th wkJuly
74,398
68,421
Atlanta & West P t. J u n e _____
107,2981
93,566
A tlantic Coast Line J u n e _____ 2,7S1,529 2,327,261
Chariest & W Car June
158,410 122,185
Lou Hend & St L J u n e _____
138.5801 124,813
({Baltimore & O h lo. June
10345418 8,662,956
B & O C h T e r R K June
174,6531 137,433
Bangor & A roostook M a y _____
341,868| 279,205
Bessemer & L Erio. June ____ 1,370,350 1,220,960
Birmingham South- J u n o _____
89,2171
58,409
B oston & M a in e ___ J u n o _____ 4,692,208 4,035,833
B u ff Koch & P lctsb. 1st wk Aug 238,621
Buffalo & Susa R K . M a y _____
118,569
Canadian N or S.vst. 1st wk Aug 868,000
Canadian P a c ific .. 1st wk Aug 2,985,000
Central o f Georgia . June
959,545
Cent o f New Jersey M ay
3,107,169
Cent N ew E ngland. June ____
464,281
Central Verm ont . . M a y _____
377,863
Ches & Ohio Linos. 1st wk Aug 835,455
Chicago & A lton ___ J u n e _____ 1,471.378
C hic Burl & Quincy M a y _____ 8,596,915 6,957,421
b Chicago & East 111 J u n e _____ 1,319,058 1,042,007
c C hic Great W est. 4th wkJuly 376,646! 307,442
Cine Ind & L ou isv. 1st wk Aug
160,063; 138,847
C hic M ilw & St P-1 J u n e _____ 9,163,745^7,810,870
Chic MU & Pug Sf
dChic & N orth W est J u n e _____ 8,535,562 7,247,727
C hic Peor & St L ___ J u n e _____
143,3531 113,340
C hic R ock Isl & Pac M a y ......... 5,975,043 5,138,200
Chic R I & G u lf.. June
236,669, 19+486
dChic St P M & Om A p ril......... 1,697,600.1.322,875
C hic Terre II & S E M a y _____
181,469 151,454
Cin Ham & D ayton J u n e _____
943,359' ---------C olorado M id lan d . J u n e _____
121,281
e Colorado & S ou th . 4th wkJuly
406,950
Cornwall
______ J u n e _____
24,184
Cornwall &Lebanon J u n e _____
48,042
C uba R a ilr o a d ____ J u n e _____
604,112
Delaware & Hudson J u n e _____ 2,231,606 L ___
Del Lack & W e s t .. J u n e _____ 4,413.932 3,838,912
D on v & Rio Grande 1st wk Aug 493.800
W estern P a c ific .. J u n o _____ 672,340
D enver & Salt Lake 4th wkJuly
59,000
D etroit T ol & Iront J u n e _____
193,005
D etroit & M ackinac 4th wkJuly
31,093
D et & T ol Shore L . J u n e _____
116,570
D ul & Iron R a n g e .. J u n e _____ 1,042.942
D ul Sou Shoro & A tl 4th wkJuly 107,836
Duluth W inn & Pac J u n e _____
134,535
Elgin Joliet & E ast. J u n e _____ 1,182,637
E l Paso & Sou W est J u n e _____ 1.025,990
E r i e ........................... J u n e ......... 6,538,593
72,936,228 60,830,748
Florida East C oast. J u n e _____
565 106
Fonda Johns & G lov June
82,781
Georgia R a ilroa d .. June
213,966
Grand Trunk P a c .. 3d wk July 102,356
Grand Trunk S yst. 4th wkJuly 1,810;713
Grand Trunk R y . 3d wk July I 889,567
Grand T rk W est. 3d wk July 185,491
D et Gr H & M ilw 3d wk July!
65,128
Great N orth System J u l y ......... 7,588,446
G u lf Sc Ship Island. May
175,912
H ocking V aliev____ M a y .........
750,599
Illinois Contral____ J u l y ......... 5,452,653
Internal & Grt N or Juno
692,004
Kansas C ity South. J u n e _____
911,145
Lehigh & Hud R lv . J u n o _____
193,252
Lehigh & New E n g. J u n o _____
247,650
Lehigh V alley_____ Juno
4,228,743 3,634,848 47,382,569
Louisiana & A rkan. J u n e _____
139,816 132,9331 1,699,976
Louisiana Ry &Nav June
163,810 170,010 2,180,030
/ Louisville & Nash 4th wkJuly 1,697,960
Maine Central_____ J u n o _____ 1,106,184

Maryland & Penna. J u n e _____
36,934
Midland Valley____ J u n o _____
164,305
Mineral Itango___ 4th wkJuly
27,489
Minnoap & St Louis 1st wk Aug 209,433
Minn St P & S S M 4th wkJuly 953,205
Mississippi Contral. J u n o ..........
66,811
(7 M o Kan & Texas. 1st wk Aug 650,027
h Missouri P acific.. M a y _____ 5,670,217
Nashv Chatt & St L J u n o _____ 1,003,100
N evada- Cal-Oregon 3d wk July
9,397
1 New York Central J u n e _____ 17308066 13985038 189364492
Boston & Albany. J u n e _____ 1,879,655 1,537,845 19,939,261
n Lake Erie & W . J u n e _____
605,483 485,455! 6,941,353
Michigan Central J u n e _____ 3,896,759 3,118.283 41,884.591
Cleve C C & St L J u n e _____ 3,845,511 2,985,253 43,478,000
Cincinnati North. J u n e _____
161,534 127,113 1,816,369
Pitts & Lake Erie J u n e _____ 1,909,402 1,513,339 22,635,157
Tol & Ohio Cent. J u n e _____ 507,250 424,589 5,403,918
Kanawha & Mich J u n e _____
322,642 264,969 3,636,399
Tot all lines above J u n e _____ 30436302 21441 784 335099 540
New Ori Great N or. M a y _____
171.975 136,885' 1,688.470

Latest Gross Earnings.
Week or
Month.

July 1 to Latest Date

Current
Year.

Previous
Year.

*

%

Cxirrcnt
Year.

Previous
Year.

173,605 129,377 2,039,134 1,771,473
N O Mobile & Chic. J u n o ---N Y Chic & St Louis J u n o ..... 1,186,569 1,058,908 14.378,614 11,413,775
N Y ”N II
& H a r t"f.. J u n e .......... 7,080,328 6,327,98876,311,653,65,379,264
.............
N Y Ont & Western J u n e ------- 1 726.018 714.877 8,942.252 8.920,946
N Y Susq & W e s t .. J u n o ......... 306,386
330,956 4,292,914 3,909,058
N orfolk S ou th ern .. J u n o .........i 416.212 322,596 4,591,923 3,875,875
N orfolk & W estern. J u n o _____ 4,987,885 4,330,286 57,304,586 42,987.043
N orthern P a cific___ 4th wkJuly 1,998,000 1,785,000 6,619,000 5,350,000
N orthwestern P a c. J u n e .........; 454,992
353,865 4,319,598 3,568,701
P aclfic Coast C o ___ M a y ------- ! 630,312
484,084 6,691.988 5,687.273
P Pennsylvania l i f t . J u n o .........'19384193 16121567 220113357 183671205
Balt Ches & A tl. J u n o .........I 109,935
103,251 1,127,926 1,235,660
Cum berland Vail J u n o .........I 274,212
260,366 3,478,177 2,910,577
Long Island_____ J u n o .........;1,408,469 1.345,346 14,208,119 13.318.082
M a ry’d Del & Va J u n o .........
75,815
75,611
890,178
935,585
N Y Phlla & N orf J u n o ------- 1 506,569
427,805 4,764,735 3,816,459
Phil Balt * Wash J u n o ......... 2,143,142 1,794,132 23,680,868 20,255,253
W Jersey A Seash J u n o .........I 646,515
593,201 6,503,958 6,534,490
Pennsylvania Co___ J u n o ......... 6,812.720 5,347,169 71,255,664 53,652,931
Grand Rap & Ind J u n o .........| 480,753
428,387 5,632,005 5.315,746
Pitts C C oe St L J u n o ......... 4,116,924 3,328,398 47,370,151 38,412,029
Vandalia .
J u n o ......... 1,041,300, 871,944 12,486,643 10,972,885
T otal lines—
I
i
East Pitts & Erie J u n o ------- 24909786 212S5459 280794618 237161305
AVest Pitts & Erie J u n o ......... 12604274 10109183 138499534 109881959
All East & W est. J u n o .........,37514 061 31394 642419294 155 347043 264
Pero M arquette___ lth wkJuly, 574,305 530,484 1,780,292 1,552,603

Reading Co—
Phlla & R eading. May1 ......... '4,919,975 4,081,702 53,081,526 43,404,762
Coal & Iron C o . . M a y ......... '2,747,181 2.297,003 33,755,473 28,123,887
T otal both cos___ M a y _____ 7,667,156 6,378,705 86,836,999 71.528,649
R ich Fred & Potom May
340.778 293.015 3.012,349 2.632.505
R io Grande J u n e .. May
82,033
69,757.
912,105
933,265
R io Grande S outh. 4th wkJuly
12,078
15,553
43,139
46,230
R u tla n d___________ J u n e _____ 329,621 303,198 3,875,098 3,479,389
St Jos & Grand Isl. J u n e _____
172,019 116,732 1,840,900 1.507,314
St L Brownsv & M . J u n o _____
213,281 185,945 2,606,446 2,292,561
St L Iron M tn Sc So M a y ......... 2,930.572 2,313,415 30,059,21a 27,670,450
St Louis & San Fran J u n o _____ 4,136,632 3,407,204 48,403,390 42,974,573
St Louis Southwest. 1st wk Aug 248,000 205,000 1,329,000 1,107,000
San Ped L A & S L . J u n o _____ 1,082,144 918,710 11,244.355 9,497,896
Seaboard A ir L in o .. J u n e _____ 1,89(),601 1,679,385 24,494.789 21,781,316
Southern P acific___ J u n e _____ 13567 669 11963614 152694228 129865675
Southern R a ilw a y .. 4th wkJuly 1,440,951 1,785,506 5,383,604 5,299,557
M o b ile * O h io___ 4th wkJuly 332,826 297,332
920,781
896,356
Cin N O * T ex P 4th wkJuly 318,894 263,622
904,928
766,776
A la Great South. 4th wkJuly 153,274 141,725
440,732
402,147
Georgia So & Fla 4th wkJuly
57,605
58,560
187,164
186,498
Virginia & Sou AV J u n o _____
167,614 136,540 1.959.705 1,799,301
Spok Port & Seattle M a y ........
412,578 314.870 4.512.770 4,041,228
T enn Ala & Georgia 4 th wkJuly
3,455
2,825
8,868 ,
7,209
Tennessee C entral. J u n o _____
140,052 118,310 1,619,238 1,481,404
T e x a s * P acific____ 1st wk Aug 347,227 325,952 1,935,321 1,798,511
T oled o Peor & West J u n e _____
93.142 1.215.220 1.175.251
99.451
T oled o St L & W est 4th wkJuly 118,029 106,812
464,152
396,568
T rin ity & Brazos V . J u n e _____
60,592
49,586
912,801
980,592
Union Pacific S yst. J u n e _____ 9,350,061 7,327,009 104717005 86,958,295
_
V irginian__________ J u n e_____
682,556 488,464 7,706,390 6,033,865
AVabash .................... J u n o _____ 2,992.060 2,320,510 34,704,885 29,082,787
AVestern M arylan d. 1st wk Aug 222,800 202,017 1,157,143 1,035,194
AVestern R y o f A la . J u n o _____
98,936
98,274 1.3C8.758 1,252,293
AVheel & Lake E rie. J u n e _____
958,234 592,919 9,184,516 5,428,069
Y a zoo & M iss V ail. J u l y ......... 1.107,081 900,789 1,107,081
900,789

Various Fiscal Years.
B uffalo & Susquehanna R R ____
Delaware & H udson__________
E r ie ...................................................
N ew York C e n tra l.j___________
B oston & A lb a n y____________
Lake Erie & W estern . n _____
M ichigan Central___________
C lovo Cin Chic & St L ouis___
Cincinnati N orthern________
Pittsburgh Sc Lake Erie_____
T oled o Sc Ohio Central______
Kanawha & M ichigan______
Total all l i n e s ____________
N ow York Chicago Sc St L o u is ..
N Y Susquehanna Sc W estern ..
p Pennsylvania R a ilr o a d _______
Baltimore Chesap Sc Atlantic
Cum berland Valley__________
Long Island_________________
M aryland Delaw Sc Virginia.
N Y Philadelphia & N orfolk.
Phila Baltimore Sc Washing'n
AVest Jersey Sc Seashore_____
Pennsylvania C o m p a n y ------------Grand Rapids Sc Indiana____
Pitts Cine C hic Sc St L o u is ..
Vandalia_____________________
T otal lines— East P it t s * Erie
— AVest P it ts * Erie
— All lines E & W .
R io Grande J unction....................
R u t la n d ......... ................................

Period.
Jan 1 to
Jan 1 to
Jan 1 to
Jan 1 to
Jan I to
Jan 1 to
Jan 1 to
Jan 1 to
Jan 1 to
Jan 1 to
Jan 1 to
Jan 1 to
1 to
Jan 1 to
Jan 1 to
Jan 1 to
Jan 1 to
Jan 1 to
Jan 1 to
Jan 1 to
Jan 1 to
Jan 1 to
Jan 1 to
Jan 1 to
Jan 1 to
Jan 1 to
Jan 1 to
Jan 1 to
Jan 1 to
Jan l to
Dec 1 to
l to

May
Juno
June
Juno
Juno
June
June
June
June
June
June
June
June
June
June
June
June
Juno
June
Juno
Juno
June
J utie
June
June
June
June
J uno
June
June
May
Juno

Current
Year.

Previous
Year.

31 $686,038 $565,113
30'12,970,603 10.781,297
30 30,113.550 29.614,040
30 97,682,858 75.958,989
30 10,362,902 8.119,507
30 3,467,847| 2,766,140
30 21,901.981 10,558,053
30 22,150,175 17,042,260

111644 193 88.159,005
160,262
486.758
1,778,951 1,391,988
6.707,340 6,053,000
364,697
378.674
2,476,000 1,866,250
30 12,086,349 9.716,617
30 3,339,695 2,778,221
30 35,614,209 25,216,221
30 2,767.607 2,466,531
30 24,364.073 18,439,010
30 6,217,371 5,156,998
30 140757 533 112271791
30 69,847,517 52,017,978
30 210605049 164289 769
311 436,322
391,747
30 1.958,850 1,633,344

AGGREGATES OF GROSS EARNINGS— Weakly and Monthly.
Current
Year.

Previous
Year.

Increase or
Decrease.

Current
Year.

Increase or
Previous
Year.
Decrease.
%
Mileage.
Cur. Yr. Prev. Yr
$
$
3d week M ay (35 roads)___
12,245,804 9,664,045 + 2.581 .759 26.72 Septem ber..245.132 243.463 294.241.340 276.458.199 + 17,783,141 6 43
4th week May (34 roads)___ 20.536.118 14,750.366 +5,785 ,752 39.23 O ctober____ 218.072 247.009 311,179.375 274.091.434
1st week June (33 roads)___ 13.927,110 11,169.493 +2.757 617 24.69 N ovem ber..246.910 245.858 306.7.33.317 240,422.695 +37,087,941 13.67
+66.310.622
2d week June (33 roads)___ 14,103.619 11,107.717 +2.995 ,9,J2 26.97
December ..248,437 247.673 295.202,018 2.32,763.070 +62,438,948 27.68
26.82
3d week June (.32 roads)___
12,6-13,273 10.080.728 +2,562 .545 25.42 January____ 247.620 246.838 267.043.635 220.203,595 +46.840,040
21.27
4th week June (37 roads)___ 19.765.119 15,600.468 +4,155 651126.64
February___ 245.541 244,809 267.579.814 209.573,963 +58,005,851 27.68
1st week July (38 roads)___ 14,089,190 11.316.239 +2,772 ,951 24.54 M arch .......... 247.363 246.518
238.098.843 + 58.731,563 20.4y
2d week July (36 roads)___ 14.903,388 11.775,212 + 3,128 .146126.48 April ......... 246.615 245.773 296.8.30.406
288.453.700
237.512.648 +50.941,052 21.4s
3d week July (35 roads)___ 14.551,530 11,557,175 +2,994 355,25.91
M a y ............ 218,008 247,189
244,580,685 +63,448,411 25.9,i
4th week July (35 roads)___ 20.837,695 17.635,279 + 3.202 416' 18.16 •Tune.............302.899 201,091 308,029,093
266.086.396 '1,840.738 +44.245,658 10.9*
4
Bora In
Wheeling R
y.
t> includes
Includes r.
Evansville
Torre tlauto.
Includes Mason p ity
, A. ,,,,
, 5 V,
.1 *
ivy.
a
vans vine *
Lorre
c luclt
& Fort Dodge
and the Wisconsin Minnesota & I aciflc. d Includes not only operating revenue, but also all other receipts.
e Does not Include earnings o f Colo”
w^h?tPri?Kn 'Si i ? r
f>
a1, 14/ ’ / f n c l u ?®3 Louisville* Atlantic and the Frankfort & Ciuelnnati. g Includes the Texas Central and the
Wichita Falls lines, h Includes the St. Louts Iron Mountain * Southern. ) Includes tho Lake Shore & Michigan S o u th o rn Rv Chicago Indiana *
Weekly Summaries.

%

Monthly Summaries.

$

iSSJyffiiSiXS



- Mud“

N” ,u”™ow° kr- »

Latest Gross Earnings by Weeks.— In the tablo which
follows we sum up separately the earnings for the forth week
of July. The table covers 35 roads and shows 18.16% in­
crease in tho aggregate over the same week last year.
1915.

1910.

F o u r th w ee k o f J u ly .

ELECTRIC RAILWAY AND TRACTION COMPANIES.
L a te s t G ro s s E a r n in g s .
N am e of
R oad.

W eek or
M o n th .

C u rren t
Y ear.

P r e v io u s
Y ea r.

Jan.

1 to la tes t d a te .

C u rr e n t
Y ear.

P r e v io u s
Y ear.

In crea se. D ecrea se.

s
S
S
$
Atlantic Shore R y ___June
28,423
147,829
145 921
28,455
cAur Elgin A Chic R y M ay
174,518 105,033
721,477
768 ,987
Bangor R y A Electric M ay
63,989
310,469
319 ,127
60,920
17,551
Baton Rouge Elec C o June
89,280
102 ,240
15,409
licit L R y C o rp (N Y C ) M ay
70.817
322 ,411
313,057
66,737
84,466
Berkshire Street R y . M ay
348,641
77,502
375 ,307
/6961000 /6591940 /39950 ,000 /37684.110
Brazilian T rac L A P . June
10,734
Brock & Plym St R y . June
47,993
10,420
51 .667
2571,180 2343,921 11,588 ,614 10,711,364
Bklyn Rap Tran Syst M ay
30.940
C ape Breton Elec C o June
155.597
27,832
180 ,0S3
102,680
Chattanooga R y & Lt Juno
509,117
87,840
604 ,126
43,528
Clevo Paincsv A East June
189,938
40,751
210 ,616
115,026 108,341
Clove Southw A C o l. June
583,142
637 ,045
67,953
Colum bus (Ga) El C o June
341.293
56,286
402 ,831
280,350 244,059 1,709 ,255 1,515,373
Colum (O) R y . P A L Juno
1322.295 1115,495 8,087 ,833 6,838,194
g C om ’w ’th P ,R y A L June
800,058! 087,528 3,678 ,610 3,082,584
955 C onnecticut C o _____ M a y
364,335! 298,691 2,258 ,898 1,820,759
Consum Pow (M ich ). June
223,429 204.545 1,056 .329
1,810,713 1,537,141
Cum b C o (M e) P & L M ay
956,572
273,572
146.621 133,277
Dallas Electric C o rp . June
946 ,046
873,400
1370,849 1106,372 7,531 ,238 6,076.688
Detroit United Lines June
44,221
41,201
1,097,900 1,540,538
D D E B A B att(R ec) M a y
204 ,504
157,422
197.376
Duluth-Superior T rac June
113,004
88.C96
30,623
27,489
651 ,691
3,134
555.060
244,082 193,293 1,409 ,783 1.173,987
East St Louis & Sub. June
68,127
210,198
Eastern Texas E le c .. June
58,5.84
389 ,066
207,008
9,190
321,519
84.029
953,205
(7El Paso Eloctrlc C o . M ay
757,340
71.624
452 .748
398.293
195,865
178,804 172,795
42d St M A St N Ave M ay
808 .504
1,027,997
873,800
154,197
798,116
544,820 511,138 3,425 .425 3,157,834
(7Georgia R y & P ow . Juno
35,494
332,820
297,332
June
G
a
lv-llou
s
Elec
C
o
.
.
158.0S1
165,029
1,998,000 1,785,000 213,000
924 .933
957.628
Grand Rapids Ry Co June
108,702
92,411
560,721
639 .739
43,821
530,484
574,305
97.588
76,684
456,453
546 .634
3,475 Harrisburg Railways. .1uno
15,553
12,078
Havana El R y, L & P June
470,935 448,170 2,893 ,997 2,751,375
301,000
50',660
357,000
54,976
344', 555 Honolulu It T & Land June
49,369
321 ,750
1,440,951 1,785,500
288,996
Houghton C o T r C o . June
26.656
24,589
630
156 578
2,825
3,455
128,817
b Hudson & M an lia t. M ay
502,544 402,250 •2,484, 255 2.324.164
35,458
519,744
484,286
Illinois T ra ction ____ June
933,019 847,124 5,854,,150 5,292,191
11,217
118,029
100,812
Interboro Rap T ran. M ay
3231.008 2904.773 16,100,,717 14,473,595
00,080
206,957
327,037
Jacksonville T rac C o June
50,081
50,516
316,.320
312,707
Keokuk E lectric____ June
19,705
T otal (3 5 r o a d s ) . . . ................ 20,837,095 17,035,279 3,554,535 352,119
18.957
117..701
113.016
Key W est E le c tr ic .. June
9,370
9.259
N et increase (1 8 .1 0 % )_________ _________ _________<3,202,410
56,,673
56.069
Lake Shore Elec R y . M ay
130,172 114,031
583,,317
505,339
For tho month of July the roturns of 43 roads show as Lehigh Valley Transit June
206,616 167.643 1,166,,959
927,263
Lewist Aug & W aterv M ay
65,703
61.014
284,,764
263,450
follows:
Long Island E lectric. M ay
22,074
22,839
86 ..252
86,974
Louisville R ailw ay. _ June
264,179 249,537 1.522,.146 1,457,739
In crea se.
1916.
1915.
M o n t h o f J u ly .
%
M ilw El R y & L t C o . June
547,897 454,789 3,433,,455 2,925,750
M ilw L t l i t & T r C o . June
160,906 123,653
678,383
822,.605
S
§
S
Nashville R y & Light June
190,109 165,511 1,154.,629 1,047,006
Gross earnings (43 road s)......... 79,780,382 64,977,732 + 14,802,650 22.78
N Y C ity In te rb o ro .. M ay
66.278
62,244
282,011
305 ,316
N Y A Long Isla n d .. M ay
37,942
39.643
156 .669
160,918
It will bo seen that thoro is a gain on tho roads reporting N Y & N orth S h o re .. M a y
15,214
15,413
62 ,922
62,138
N Y A Queens C o ___ M ay
136,677 127,162
529.704
577 ,098
in tho amount of $14,802,650, or 22.78%.
New Y ork R ailw ays. M ay
1192,036 1138.652 5,597 .572 5.454.164
Not Earnings Monthly to Latest Dates.— Tho tablo N Y A Stamford R y . M ay
125.987
33,099
32.228
131 ,654
Y State Railw ays. June
710.322 607.504 4,119 .254 3.549.237
following shows tho gross and not earnings with charges and N
N Y Westchest A Bos M ay
184.391
48.450
43.000
211 .301
surplus of STEAM railroads and industrial companios re­ N ortham pton T r a c .. June
81.659
97 .611
16,319
15,054
438,872 331,977 2,379 .500 1,756,652
N or Ohio T rac A L t. June
ported this weok:
787,412
149,400 134,484
North Texas Electric June
900 .153
------- G ross E a r n in g s ---------- N e t E a r n in g s ------- Ocean Electric (L I ). M a y
10,564
10,752
33,868
34 641
C u rr e n t
P r e v io u s
C u rr e n t
P r e v io u s
24,203
Paducah T r A Lt C o . M ay
127. 383
21,927
117,486
R oad s.
Y ea r.
Y ear.
Y ear.
Y ear.
24,321
21,511
Pensacola Electric C o June
141, 382
122,176
s
s
$
8
2312,969 1996,639 13,422 369 11,898,4S1
Phlla Rapid Transit. June
Chicago & A lt o n .a ------ June 1,471,378 1,208,638
„ „ .......
5473,222
5371,584
Phila A Western R y . .Tune
45,420
40,234
241 ,275
214,215
July 1 to Juno 3 0 ............10,325,288 14,245,024 s 4 ,155,736 s2 ,063,192
I’ort(O re)R y ,L A P C o June
473,604 474,569 2,681 .976 2,736,353
g Puget Sd T r, L A P May
Denver A R io Grande—
044,798 618.304 3,212 .051 3.101.330
(7 Republic R y A L t . . June
321.024 246.691 1,933 .919 1,456.919
Western P a c ific .b ...J u n o 072,340
615,020
277,117 232,402
R hode Island C o ____ M ay
July 1 to Juno 3 0 ______ 7,406,004 5,708,120 2,078,112 1,288,190
493.297 404.577 2,228 .505 1.880,368
Richm ond Lt A R R . M a y
34,314
32,963
138,736
147 ,022
Lehigh V a llo y .b ............. Juno 4,228,743
3,634,848 1,289.404 1,114,870
St Jos R y, L If A PCo July
110,725 101,463
724,126
778 ,863
July 1 to Juno 3 0............47,382,509 42,525,902 14,289,592 12,578,574
Santiago Elec Lt A T r May
40.403
189.376
43,540
221 .845
Pero M a rq u e tte .a ......... Juno 1,781,363
1,453,976
392,207
229,441
Savannah E lectric Co June
68,111
63,750
393,831
389 .154
July 1 to Juno 3 0 ______ 21,210.053 18,028,210 6,045,026 4,070,632
Second Avenue (R ec) M a y
79,548
76.617
331 .750
329,565
(762,031
T oled o St L & W e s t .a ..J u n e
496,575
403,040 crl92,49l
Southern Boulevard M ay
20,143
20,233
88,708
92 ,060
(7888,922
July 1 to Juno 3 0 ______ 5,043,305 4,030,059 (71,811,404
Staten Isl’d M idland M ay
108,769
28,553
2S.766
115 ,503
W heel & Lako E rie .b _ .J u n e 958,234
592,919
400,288
213,134
Tam pa Electric C o . . June
490,123
73.3S0
77.004
484 ,299
Juiy 1 to Juno 3 0 ______ 9,184,516 5,428,089 3,603,076 1,388,329
Third Avenue.
M ay
348,111 325.135 1,688 ,054 1,555,073
Other
Total
Gross
N et
Charges
Twin C ity R ap T rani 3d wk July 193,267 175,5.34 5,603 ,120 5,137,033
Ilalance,
In com e.
Ea rn ings. Earnings.
In com e.
& Taxes.
Union Ry C o o f NY< M ay
274,516 247,902 1.176 .302 1,079.814
Surplus.
S
S
S
S
Virginia R y A Power June
S
484.208 430,201 2,859, 191 2,476,916
S
Chesapeake & Ohio—
Wash Balt A A nnap. June
419, 811
392.060
68,619
64,984
68,007 1,707,031
June ’ 10 4,221,824 1,639,027
Westchester E lectric. M a y
220 703
220,709
50,128
50,236
846,751
860,283
’ 15 3,630,151 1,191,563
-38,439 1,156,124
22,961
95i 654
22.644
93,895
785,499
370,625 Westchester St R R . . M a y
12 mos ’ 16 48,239,012 10,449,833
191,989 16,641,822 9,762,606 6,879,216 g West Penn T rac Co June
514,013 418,137 2,957, 010 2,387.662
’ 15 39,404,037 11,997,025
203,452 12,111,076 9,447,539 2,063,537 Yonkers R ailroad___ M a y
72,122
317, 589
67,465
293.296
75,523
Dul So Sh <4; AtlYork Railways______ June
61,037
380.900
469. 987
105,677
4,858
342,832
29.418
Juno "16
110,535
23,374
158, 441
138.936
113,837
flef.3,302 Youngstown A Ohio June
5,201
71,414
09,213
294,792
16,390
T5
98,021 clef24,207 Youngstown A South M a y ____
14.261
74. 753
63.961
58,678 1,083,322 1,223,642 dot 140,320
12 mos TO 3,500,792 1,024,044
577,529 1,131,013 de’557,084
530,702
40,767
To 2,938,597
ft Represents Income from all sources, c These figures are for consoli­
[Inoral Range—
dated com pany. / Earnings now given In milreis. g Includes constituent
24,246
481
16,440
23,705
Juno T6
93,198
7,8C0 companies.
22,011
15.200
762
21,249
83,188
T5
6,745
200,954
180,270
253,332
7,122
12 mos TO 1,073,472
74,684
151,095
245,045
238,840
0,199
847,405
T5
Electric Railway Net Earnings.— Tho following table
93,950
Fixed
N e t , after
Gross
Other
Gross
Iialance,
gives tho returns of ELECTRIC railway gross and net

Alabam a Groat Southern______
A nn A rb o r_____________________
A tlanta Birmingham A Atlantic
B uffalo Rochester & Pittsburgh
Canadian N orthern____________
Canadian P acific______________
Chesapeake & O h io------------------C hicago Great W estern-----------C hicago Ind A Louisville---------Cine N ew Orl & Texas P a cific. .
C olorado A Southern--------------D enver A R io G rande_________
D enver A Salt Lako___________
D etroit & M a ckinac___________
D uluth South Shoro & Atlantic
Georgia Southern & Florida---Grand Trunk o f C anada.......... '
Grand Trunk W estern_____
D etroit Gr lia v A M ilw ____
C anada A tlantic.................... .
Louisville A N ashville_________
M ineral R ange_________________
M inneapolis A St Louis_______ 1
Iowa C entral_______________ /
M inneapolis St Paul & S S M ._
M issouri Kansas A T exas_____
M obile A O h io_________________
N orthern Pacific_______________
Poro M arquette________________
R io Grando S ou th ern .................
St Louis Southwestern_________
Southern R ailw ay_____________
Tennessee Alabam a A Georgia.
Texas & P acific________________
T oled o St Louis A W estern____
W estern M arylan d ____________

E arnings.

S
; bonis Southwestern—
959,429
Juno TO
813,0(12
T5
12 mos TO 12,224,449
T5 10,027,801

$
$
153,274
141,725
77,377
01,490
74,398
68,421
445,590
325,605
1,207,300
634,900
3,800,000 2,470,000
1,405,470 1,388,829
376,646
307,442
212,975
191,177
318,894
203,022
400,950
383,297
085,700
628,400
59,000
52,020
31,093
28,055
107,830
102,925
57,005
58,560

11,549
15,887
5.977
119,985
572,400
,324,000
10,041
69,204
21,798
55,272
23,653
57,300
6,374
3,038
4,911

Taxes, A c .

In com e.

In com e.

Charges.

S

S

S

S

106,033
156,207
3,215,254
1,082,741

126,805
82,290
1,279,033
1.22G.423

292,833
238,497
4,491,887
2.909.104

$

S urplus.

8

264,205
28,033
263,450 dcf24,953
3,227,432 1,267,455
3.100.157 del280.993

I N D UST R IA L OOMPANIES.
------- G ross E a r n in g s —— N e t E a r n in g s ------C om p a n ic s .

C u rr e n t
Y ear.

C u rr e n t

$

Appalachian Pow er____Juno
05,020
July l to Juno 3 0 ______
725,103
N ow Eng Tel & T e l .b . .June 1,750,024
Jan I to Juno 3 0 _______10,103,131
W estern U n io n .b ______ June 5,044,447
Jan 1 to Juno 30............28 632,022 23,820,182
N e t , a fte r
T a xes.

— 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.

R o a d s.

British Columbia Elcct.June
July 1 to Juno 30______

P r e v io u s
Y ear

$
25,859
253,570
408,088
2,662,380
1 277 307
7,126,560
I ia la n ce ,
S u r p lu s .

§
S
S
S
122,509
___July TO
60,136
27,453
32,082
114,204
T5
55,564
26,940
28,624
840.742
7 mos TO
419.508
192,170
227,338
784,825
T5
394,779
185,605
209,174
84,625
34,746
ce.Ju no T6
13,209
21,537
72,350
31,581
T6
12,869
18,712
12 mos TO 1,004,692
444,225
156,236
287,989
880.574
T5
365,216
151,254
213,902
s hero given are a f er deducting taxe:s.
jj Not earnings horn given aro before deducting taxes.
g A fter allowing for miscellaneous charges to incom e for tho m onth o f
Juno 1910, total not earnings were §107,094, against §31,502 last year and
for tho period from July 1 to June 30 wore §1,410,430 this year, against
§500,062.
„
,
„
,
s A fter allowing for miscellaneous charges to income for tho m onth o f
Juno 1910, balance available for interest was §438,117, against .§289 428
last year, and for tho period from July 1 to June 30 was §3,529,025 this
year, against §1,928,586.




earnings with charges and surplus reported this week:

’ 16
’ 15
6 mos TO
T5

C u rr e n t

$
56,399
853,783

§
529,078
6,602,626

§
498,092
7,036,506

G ross.
E a r n in g s .

F i x e d C h gs.
N et
E a r n in g s . & T a x e s .

S
June

------ N e t E a r n in g s -------

54,976
49,369
321,750
288,996
G ro s s
E a r n in g s .

S

?
25,593
20,765
142,658
114,400
N e t a fte r
T a xes.

5

Havana Electric R y L t A P ow
—
w—
291,429
June T 6
476,935
265,508
448,170
T5
6 mos T 6 2,893,997 1,774,477
T 5 2,751,375 1,626,114
M ilw Electric R y A L t—
547.897
117,380
June T 6
454,750
112,830
T5
960,628
6 m os T 6 3,433,455
775,532
T 5 2,925,750
M ilw L t l i t A T ra ct—
160,906
June T 6
41,433
123,653
T5
41,916
6 mos T 6
822,605
231,704
678,383
T5
200,560
St Jos R y ,L ,H A P ..J u ly TO
110,725
48,009
T5
101,463
42,422
7 mos TO
778,863
351.540
724,126
325.759
x A fter allowing for other incom e received.

S
7,769
6,288
42,807
37,732
F ix e d
C h a r g e s.

S

P r e v io u s

$
3,778
1,312,352
I ia la n c e ,
S u r p lu s

§
17,824
14,477
x 106,342
282,615
I ia la n c e ,
S u r p lu s .

s

135,418
2166,863
109,405
2165,998
761,365 21,079,774
655,977 21,019,644
65,675
67,234
397,570
407,910

258,765
247,934
2593,704
2381,145

57,356
55,996
341,349
336,763
20,833
20.S33
145.831
145,831

229,146
231,109
2160,736
2134,036
27,179
21,539
205,708
179,29

ANNUAL REPORTS
Annual Reports.— An index to annua reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will bo
given on tho last Saturday of each month. This index will
not include reports in tho issuo of the “ Chronicle” in which
it is published. The latest index will bo found in the issuo
of July 29. Tho next will appear in that of Aug. 26.
Lehigh Valley Railroad.
30 1916.)
On subsequent pages will be found tho remarks of President
E. B. Thomas at length, and also tho profit and loss account
for the late year and tho balance sheet of Juno 30 1916.
(Report f o r F isca l Y ea r en ding J u n e

O P E R A T IO N S .

1914-15.
1915-16.
1913-14.
A verago miles operated______________
1,444
1,444
1,440
Oper. revenue per m ile_____________
$32,820
$29,460
$29,285
N et earnings per m ile______________
$9,898
$8,714
$8,390
N o . passengers carried_______________ 6,745,086
5,206,972
5,729,042
N o . passengers carried one m ile____228,272,582 215,666.868 265,337.930
33.84
A v . distance each pass, carr’d (miles)
41.42
46.31
A vgo. revenue per passenger per m ile. 1.884 cts.
1.875 cts.
1.807 cts.
Passonger train m ileage_____________
4,2.58,978
4,224,187
4,395,359
Passenger revenue per train m ile____ 100.97 cts.
95.73 cts. 109.10 cts.
A vge. N o. passengers in each t r a in ..
44.02
42.95
60.37
N o . tons carried (revenue fr e ig h t).. 33,125,185 30,268,701 29,773,280
T ons one mile (revenue freigh t)____ 5,990,465,278 5326328,902 5186200,566
Freight, & c., train m ileage__________ 9,381,833
8,924,348 *8,336,572
A vge. rev. per ton per mile (rev. fgt.) 0.654 cts.
0.657 cts.
0.661 cts.
Freight train earns, (rev.) per tr. milo.
$4.18
$4.09
$3.94
A v . N o. tons in each train (rev. f g t .) .
638.52
596.83
622.10
* Includes freight-train mileago only.
O P E R A T I N G R E V E N U E S , E X P E N S E S , &C, , J U N E 30 Y E A R S
R ev e n u e f r o m O p e r a tio n s —•
1915-16.
1914-15.
1913-14.
C oal freight revenue_________________ .$18,811,099 $19,195,756 $18,528,246
M erchandise freight revenue_______ 20,363,251 16,005,501
15,541,886
Passenger re v o n u o __________________
4,300,183
4,043,799
4,795,148
M ail revenue________________________
104,215
195,125
195,053
Express revenuo_____________________
673,962
449,623
443,972
2,231,882
Other transportation revenuo_______
2,022,231
2,063,650
Miscellaneous revenue_______________
807,978
602,692
613,927

T otal operating revenuo__________ $47,382,570 S42.525.962 $42,170,647
O p e ra tin g E x p e n s e s —
M aintenance o f way and structures._ $4,657,854
$4,483,925 $4,674,725
8,207,491 7,669,793
Maintenance o f equipm ent__________ 9,364,629
T ra ffic oxpen ses________
996,249
959,830
1,040,594
Transportation expenses____________ 17,090,114
15,382,187 15,804,059
General expen ses....................................
984,132
913,955
898,734

A d d it i o n s , etc.— Tho sum o f $274,544 was expended for additions and
betterm ents. An underground electric haulage system was installed at
W illiam A . colliery and tho alterations to Packer N o. 4 colliery and tho
concentration o f the underground pum ping at that point havo been com ­
pleted. Developm ent work preparatory to mining coal from tho Broadwell lands is now under w ay, tho prospecting done on that property having
indicated that thero is sufficient coal there to justify the same.
T ho provings on tho bituminous coal land at Snow Shoo, Centro C ounty
P a ., aro progressing favorably. T he introduction o f electric power for
hauling, pum ping and the coal cutting machines, (which was recently com ­
pleted, will make it possible to produce an increased tonnage with m uch
greater efficiency.
T ho operations at P rospect colliery were seriously
handicapped in D ec. 1915 as a result o f an extensive cave-in at tho aban­
doned workings o f tho Hillman C olliery, which carried with it the bod o f M ill
Creek. On D ec. 7 1915 wo leased the coal under tho Pettebono property,
which contains abt. 470 acres, between M a ltb y and W estm oreland collieries.
S tate T a x e s . — T he R oney A ct, under which a special tax o f 2 f i % o f the
value o f coal mined was levied b y tho Stato o f Pennsylvania, has been
declared unconstitutional and the m oney collected from customers for this
tax either has been refunded or is in process o f adjustm ent. A new law,
known as tho Dawson A ct. requiring the paym ent o f a similar tax, bccam o
effective June 1 1915, and it is expected that the constitutionality o f this law
will also be tested in tho courts.
F u n d e d D e b t, A c.— N o now capital obligations wero issued during tho
year. T ho funded debt was reduced b y the purchase and cancellation
through the sinking fund o f $204,000 Delano Land C o. 1st INI. 5s. Pay­
ments amounting to $114,282 were made to the sinking funds o f tho various
mortgages on tho com p a n y’s property.
B a la n ce S h e e t. — T he increaso in property and plant is due m ainly to tho
purchase o f additional property, including tho land on which tho Calumet
Coal Storage plant. So. C hicago, is located, and to improvements to existing
property. Current assets aro $4,301,002 in excess o f current liabilities.
P R O F IT A N D

LOSS A C C O U N T FOR

1915-16.
T otal surp. begin, ye a r. $5,108,015
N et incom e lor yea r__ $1,094,922
Im pts. Jan. I 1909 to
June 30 ’ 12 originally
deducted from incoma
______

T otal incom e................ ....................... $14,200,943 $12,814,015 $13,440,150
D ed u ct—

$3,459,738
2,142,589
208,614
513,311
108,270
59,048
10,630
6,050,170

$3,308,428
2,212,420
210,322
514,085
101,131
37,104
10,630
6,050,170

T otal deductions__________________ $12, 595,302 $12,552,370 $12,444,290
Balance, surplus_____________________$1, 605.641
$261,645
$995,860
B A L A N C E S H E E T J U N E 30.
1916.
1910.
1915.
1915.
S
L iabilities—
S
S
S
Road & cquipra't 7t ,863,105 71,391,920 Common stock ..6 0 ,501,700 60,501,700
S tocks.............
46 ,082,987 47,241,645 Preferred stock .
106,300
106,300
Bonds .................. 32 ,745,926 26,849,926 Funded d e b t ___ 85 031,669 75,767,669
N o t e s .....................3 ,190,086
353,750 Traffic, Ac., bals
457,921
89,829
Advances________
200,175
229,510 Accts. and wages 4 ,595,330 3,218,038
MIsc. investments 601,148
306,839 Matured hit., Ac
427,156
408.184
Mlsc. pliys. prop 2 ,030,271 4,770,574 Other work, llabll
644,302
476.185
Cash................... ..15, ,120,595 9,177,789 Mlsc. accounts . .
239,173
202,048
Agents & conduc 1 ,694,305
615,746
984,744 Unmatured int - .
558,569
350,806
Traffic, Ac., bals
355,981
133,082 Unmatured rents
Material & supp.. 3 ,371,895 2,906,008 Accrued dividends 1,515,200 1,515,200
Mlsc. accounts . . 1 ,784,200 2,993,995 Taxes accrued___
450,787
503,367
Acc.lnt.,rcn is,Ac.
220,301
404,228 lief. cred. Items.. 1,568,280 1,862,692
Prepaid Ins., A c .. 1 ,625,006
140,396 Other unadj. accts. 1.554,077
Oth.dcf.deb.Items 1 ,536,525 1,321,493 Profit and loss.. x23 ,961,863 23,692,717
A ssets —

T o ta l.............. 182,072,890169.205.899

T o ta l.............. 182,072,890109,205,899

x A fter adding $132,344 profit on liquidation o f stock o f Tem plo Tron Co|
and Philadelphia Grain Elevator C o ., and deducting $1,000,000 for reduc­
tion o f book value o f capital stock o f Coxo Bros. A C o ., In c., $246,078
readjustment account transfer o f real estate, $179,194 discount an d oxpenso
on general consolidated mtgo. bonds sold, $13,408 for property abandoned
and $30,157 miscellaneous debits.— V. 103, p. 489.

Lehigh Valley Coal Company.
(Report f o r F iscal Y ea r en din g J u n e 30 1916.)
F. M . Chase, Vice-Prosidont and Genoral Manager, Phila­
delphia, Aug. 4, wrote in substance:
R e s u l t s — Our total not incom e from all sources, after deducting charges
fo r royalties, sinking funds, depreciation o f tho property and interest on
tho funded debt, amounted to $1,094,922. an increase o f $72,107. While
tho results generally m ay bo considered satisfactory, tho net revenues have
nevertheless been somewhat curtailed b y unusual labor conditions and
tho very substantial increases in the prices o f all materials and supplies,
particularly powder and steel.
P r o d u c t io n . — T he production o f anthracite coal from the lands owned
and leased, including that mined b y tenants, was 8,103,187 gross tons,
an increase o f 14,286 tons. Tho percentage o f sizes above pea p rod u cej
b y tho mining operations o f the com pany was 6 5 .6 0 % , an increase o f 0 .1 9 % .
T he bituminous coal mined from the Snow Shoe lands, located in Centre
C ounty, P a ., amounted to 261,004 gross tons, an increase o f 2,799 tons.
W a g e s , & c . — N egotiations for a new wage agreement were conducted
between the miners and the producing com panies extending over a period
o f about six weeks, during which tim e the miners generally remained at
w ork. The m atter was finally concluded b y granting tho men an eighthour working d ay and a substantial increase in wages, the agreement to
run for a period o f four years from April 1 1916.




30.
1912-13.
$3,486,637
1,471,275

JU N E

1913-14.
$3,714,239
564,859

1.407,917

T o t a l ________________$6,202,937 $5,248,500 $4,279,098 $6,365,829
D ed u ct—
D eprec’n o f im pts., Jan.
1 '09 to Juno 30 1912............ $2,566,240
A ppr'ns for insur. fu n d .
______
50,000
M iscell. adjustm ents___
$73,359
$53,413
$35,349
$208,051
A djust.of Pa.State taxes.
67,126
T o t a l .............................
$208,051
T otal surp. end. yea r. $5,994,886

$140,485
$5,108,015

$53,413
$4,225,085

GENERAL B ALAN C E SH EET JU N E

1916.
1915.
S
S
Property A plant 25,943,880 24,969,597
200,000
Securities owned
200,000
Sink. fd. with trus. 2,600,387 2,570,394
Advances for coal­
mining rights.. 4,378,969 4,465,730
133,465
Insurance fund-144,532
T otal operating expenses...................$33,092,078 $29,947,388 $30,087,905 Cash____________ 4,491,004 4,178,949
Per cent operating expenses to rovouuo
(69.84)
(70.42)
(77.35) Mat'ls. A supplies. 407,756
321,830
N et operating revenue........................... $14,289,592 $12,578,574 $12,082,742 Notes receivable..
4,000
4,000
Taxes accrued________________________
1,706,093
1,691,989
1,659,281
Duo from Indlv’ls
U ncollectiblo railway re v en u o _______
8,785
14,782
_____and companies 1,889,102 1,700,744
Suspended A de­
ferred assets..
422,812
238,175
Operating incom e................ . .............$12,574,714 $10,871,803 $10,423,461
O th er I n c o m e —
T
o
ta
l..............
40,482,443
38,782,883
$325,440 — V . 101, p . 415.
ITire o f equipment— balance_____ d e b .$1,040,297 d ob .$68,808
Joint facilities— r e n t s . . . .......................
254,531
325,579
402,958
D ividends on stocks_________
903,313
712,999
1,241,034
Buffalo Rochester &
Interest on bonds............................
431,190
428,027
423,060
M iscellaneou s____ ________
1,077,492
544,414
624,197
(Report f o r F isca l Y ea r

Interest on funded d ob t....... ............... $3,500,437
Kents for lease o f other roads_______
2,142,589
212,625
Joint facilities— rents......... ...................
M iscellaneous r e n ts ...............
536,032
100,527
M iscellaneous tax accruals__________
M iscellaneous deductions___________
42,293
Preferred dividends (1 0 % )............
10,630
C om m on dividends (1 0 % )--------------6,050,170

Y E A R S E N D IN G

1914-15.
$4,225,685
$1,022,815

Assets —

$2,651,590
$3,714,239

30.
1910.

L ia bilities—

1915.

S

$

Capital stock___ 1 ,965,000 1,965,000
Funded debt___ 19 , 688,000 19,892,000
Audited vouchers
630,072
570,862
Wages due A unpd 570,756
517,705
Due lndlv’ls A cos.
108,153
45,855
Royalties on coal
mined, due lessors 30,106
40,602
Int. on fd. dt. due. 298,700
303,800
Def. real est. payts. 500,000
600,000
Miscellaneous . . 1,404,554 1,354,513
Dcpr A oth res’ve 9 ,292,216 8,384,531
Profit, A loss___ 5 ,994,886 5,108,015
T o ta l.............. 40,482,443 38,782,883

Pittsburgh'Railway.
30 1916.)
Tho remarks of President William ^T. Noonan aro given
at length on subsequent pages.
O P E R A T IO N S A N D

en ding J une

F IS C A L R E SU LT S.

1913-14.
1912-13.
1915-16.
1914-15.
R oad operated Juno 3 0 .
586
586
586
576
E q u ip m e n t —
L oco m o tiv e s___________
317
292
323
306
Passenger cars_________
103
120
133
140
17,543
17,284
Freight cars____________
17,467
17,503
308
Service cars____________
289
305
308
O p e r a tio n s —
1,871,322
2,059,683
2,023,620
Passengers carried_____
1,897,948
Pass, carried 1 m ilo____ 51,546,863 50,415,391 55,632,097 54,573,203
R ate per pass, per m ile. 2.221 cts.
2.186 cts.
2.129 cts.
2.066 cts.
Tons bitum . coal carried 8,905,421
7,107,857
8,176,430
7,980,204
Tons o f coko carried____
485,436
362,403
393,358
593,447
T otal tons (all frt.) car’d 14,133,868 10,928,035 12,295,049 12,490,608
A v. distance haul 1 to n m .
158.2
153.8
161.0
163.4
Freight (tons) 1 m ilo___2236342,672 1681022,418 1980012,951 2040358,520
R ate per ton per m ilo___ 0.464 cts.
0.477 cts.
0.462 cts.
0.461 cts.
IN C O M E A C C O U N T FOR Y E A R E N D IN G J U N E

30.

O p e ra tin g R ev e n u es —■
1915-16.
Passenger_____________________________ $1,144,892
F reight______________________________ 10,381,647
M ail, express and miscellaneous____
317,190
127,290
In cid e n ta l___________________________

1914-15.
$1,101,981
8.022,690
289,003
66.262

T otal operating rovenuos........$11,971,019
O p e r a tin g E x p e n s e s —
Maintenance o f way and stru ctu res.. $1,652,890
Maintenance o f e q u ip m e n t..... 2,753,623
T ra ffic expenses.....................................
142,839
Transportation expenses______
3,819,911
Miscellaneous operations______
15,282
General expenses_______________
264,244

$9,479,936 $10,734,691
81,267,254
2.135,354
111,767
3,144,598
14,658
231,621

$1,447,953
2,216,194
150,553
3,880,160
27,054
243,202

T otal operating expenses___________ $8,648,790
N et operating revenue________________ $3,322,229
Taxes accrued_______________________
250,000
U ncollectibles_______________________
128

$6,935,252
$2,544,684
230,000
596

$7,965,117
$2,769,574
234,000
............

Operating Incom o__________________ $3,072,101
Rents— hire o f equipm ent___________
757,070
Rents— join t facilities_______________
151,388
Dividends on stocks ow n ed__________
12,485
Interest on securod loans and a c c t s ..
57,010
M iscellaneou s_______________________
38,146

$2,314,087
446,058
156,281
12,485
71,973
31,849

$2,535,574
561,079
165,011
12,485
66,382
15,267

T otal net incom o..................................$4,088,200

$3,032,733

$3,355,798

1913-14.
$1,184,417
9,153,942
292,291
104,041

D ed u ct—

Rents accrued for Ioaso o f other roads
$373,500
$373,500
$373,500
Rents— Joint facilities...........................
314,087
289,917
298,005
Rents— m iscella n eou s_______________
18,006
17,606
10,884
Interest accrued on funded d e b t_____
1,412,177
1,437,578
1,311,387
Other interest, A c __________________
6,293
1,412
1,237
Appropriation for ponslon, A c ., fund
22,923
21,509
16,433
New equipm ent______________________
127,394
65,414
74,104
Retirem ent o f equipment bonds_____
521.000
45,797
274.247
Dividends on prof, stock (6 % )............
360,000
360,000
360,000
Dividends on com m on stock ------------(4% )420 ,0 0 0(4 % )4 20 ,00 0 (6% )6 3 0 ,0 00
Total deductions__________________ $3,575,380
Balance, surplus____________________
$512,820

$3,032,733

$3,355,798

B A L A N C E S H E E T J U N E 30w
1910.
1915.
1910.
S
8
Liabilities —
S
Road and cqulp’t_51 ,770,451 51,173,594 Common stock
10 ,500,000
Improvements on
Preferred stock
0 ,000,000
545,105 Mortgage b on d s..19 ,709,000
leased property.
407,008
303,108 Equip, tr. oblig’ns 9 ,184,000
303,108
Stocks, aflll. co s ..
295.000
295.000 Loans A bills pay.
Ronds do _.
9,000
195.000 Traffic, Ac., bals.
Advances do . .
192.000
143,541
3,907 Audited accounts
580
Other Investments
SInk’g fund equip­
and wages____
792,220
188,837
85,007 Matured lnt. unpd.
ment agreem’ts.
83.845
00,802 Unmatured Inter­
1,710
Mlsccl. phys. prop.
228,792
511,773
Cash____________
est and rents__
353,179
Demand loans, Ac. 908,734 1,181,235 Miscellaneous___
9,989
98,890
99,704 Accrued taxes___
Special deposits..
108,050
3,737
5,757 Provident funds..
Loans A bills ree..
224,320
172,281
183,900 Other deferred
Traffic, Ac., bal..
242,799
170,137
Agents A conduct.
credit Items___
14.845
899,071 Prem.on fund.debt
Materials A supp. 1 333,072
153,727
Rents, Int., Ac.,rec
72,077
75,758 Insur.,Ac., res’ves. 300,192
Miscellaneous----841,839
701,495 Operating reserves 311,591
Tension, and Insur­
Depreciation____ a2, ,897,311
ance fund.......... x 157,323
37,985 Oth. unadj. accts.
45,945
Unadjusted accts
477,083
579,853 Add’ns to propertyb3, 104,229
Sinking fd. res’ves
188,837
Profit and loss___ 3 965,754
Assets —

1915.
$
10,500,000
6 , 000,000

19,709,009
9,810,000
9,600
64,803
708,097
83,202
371,485
8,125
80,020

207,200
21,465
101,050
283,975
0,613
2,503,702
298,095
b2,559,07G
85,005
3,420,985

T ota l................ 58,100,176 56,892,0501 T o ta l.................58,100,176 50,892,050
a Accrued depreciation includes in 1916 on road, $187,864, and on eauin
nient, $2,486,842, against $150,800 and $2,149,524, respectively in 1915
and also in 1916 o f equipment leased property, viz.: Allegheny A Western
R y ., $193,164; on Clearfield A M ahoning R y ., $23,045, and on M ahoning
Vailey ltIt., $6,896, against $176,045, $21,046 and $6,287, respectively,
in 1914. b includes in 1916 additions to property through incom e and
surplus for equipm ent, $597,056, and equipment trust obligations, retired
$2,507,173, against $571,971 and $1,987,694, respectively, in 1915. x In
eludes in 1916 fire insurance fund, $300,192 and pension fund, $224,320
less lluffaloR ochester & Pittsburgh R y. obligations, S368.000.— V.103,p406

R E S U L T S F O R Y E A R E N D I N G J U N E 30.
„ ...
1915-16.
1914-15.
1913-14.
Freight revenue............................... ........ $ 31,963,489 $27,042,767 $27,912,397
15,028,316
15,256,610 15,851,615
Passenger r e v e n u e ...................
Other tra ffic revenue________________ 3,621,174
3,208.953
3,126.7X1
Incidental revenue____________________ 1,462,44.8 1,164,717
1,269,402

Total operating revenue___________ $52,075,427 $46,673,f 48 $48,160,284
M aintenance o f w a y__________________ $5,984,667
$7,195,081 $6,700,913
M aintenance o f equipm ent__________ 6,586,158
6,695,420
7,835,145
Transportation expenses____________ 21,984,582
20,393,861 22,6,83,783
Other operating expenses____________
1,642,551
1,625,409
1,630,377
Total operating expenses_________ $36,197,958 $35,909 771 $38,856,218
N et operating revenue______________ 815,877,409 $10 763 277 $9,304,666
1,988,892
1,984 167
Taxes, A c ..................................................
2,059,016
Operating incom e............................... S13.888.577 $8,779 109 $7,215,050
Other incom e________________________
1,117,496 ~1,204’ 473
l,906.59.r
Gross in co m e ............ ..........................$15,006,073 $9,983 583 $9,151,645
Hire o f freight equip., debit b a la n c o .. $2,07-1,248 $1 too 325 $1,584,773
8,860,134
9 J 2 i 720
R ents, interest and sinking fun d_____
9,611,614
Balanco, surplus o f d oficit______stir.$1,065,691 d e f .$334 402df$2,044,742

— V. 103, p. 320, 238.

Philadelphia & Western (Electric) Railway.
(Re-port f o r F iscal Y ea r en ding J u n e 30 191G.)
Pros. Thomas Nowhall, Phila., July 31, wroto in substanco:
A d d it i o n s a n d B e tte rm e n ts , A c . — There was charged to tnis account d u r
ing the fiscal year $14,482. which was all paid for out o f current cash re
sources, but is a proper basis for tho issue o f additional bonds.
Additional signal and car storage facilities at 69th St. Terminal Tor tho
C o w eroT n st-d l«rlntalned
conn<vLion with tho Lehigh Valley Transit
R es u lts .
M aintenance aggregated 18H % o f our grass receipts, or 40%
o f our operating expenses, so that tho low operating ratio was not attained
at the expense o f the property.
D e K a l b R ea lty Co.— This com pany sold one tract o f 17 acros, and m ost
o f tho proceeds wero paid to the Philadelphia & Western R y. and credited
against tho advances made to tho roal cstato com pany in 1910 and 1911
IN C O M E A C C O U N T FOR

Y E A R S E N D IN G

JU N E

30.
1912-13.
2,248,086
12.7 ets.
1.082,568
26.4 ets.
15.9 ets.

S ta tistic s —
Passengers carried_____
Receipts per passenger.
Passenger car m ilea ge..
Earns, per pass, car mile
E xp. per rev. car m ile ..

1915-16.
3,370,468
13.7 ct«.
1,376,691
33.5 ets.
16.75 ets.

1914-15.
2,931,693
13.7 ets.
1.275,707
31.4 ets.
16.2 ets.

1913-14.
2,625.217
13.4 ets.
1,223,928
28.6 ets.
16.7 ets.

Passenger . . --------------Freight, express, A c ------

$162,161
29,321

$401,672
21,134

$350,531
21,326

$285,893
11,168

T otal oper. revenues.
M a ln t. o f way A s t r u c ..
M a in t. o f equipm ent___
Transportation expenses
Power plant operations.
T ra ffic A gen 4 expenses

$191,488
$55,770
37,181
65,824
55,565
20,479

$422,806
$47,785
33,490
60,600
49,416
18,749

$371,857
$41,919
42,919
57,532
49,979
16.028

$297,061
$31,939
30,249
53,901
45,635
12,973

T otal operating e x p ..
N et earnings....................
B ond, A c ., interest____
Taxes_____________ —
Hire o f equipm ent_____
♦Pref. divs. (2 1 4 % )------

$234,819
$256,669
$131,500
18,000
849
50,000

$210,010
$212,766
$137,130
9,300
909

$208,377
$163,480
$136,940
11,100
1,065

$174,697
$122,361
$112,617
10,459
1,023

Balance, sur. or d ef..su r.$ 56 ,32 0 sur.$65,427 su r.$ 14,375

d e f .$ i ,735




T o ta l.................... 9,314,379 9,245,762
T o ta l.................... 9,314,379 9,245,762
x Stocks o f sub. co s., $25,000, Include: Norristow n Transit C o . (one h a lf),
$12,000; Interborough E lectric Light A Power C o. (all). $3,000; D e Kalb
R ealty C o. (all), $10,060. y A fter deducting sundry adjustments 82,140,
but before deducting dividend o f 1 lA % paid on July 15 1916.— V . 103, p.494

Missouri Kansas & Texas Ry.
{P r elim in a r y Statement f o r F isca l Y ea r en d in g J u n e 30 1916.)
------- M o n t h o f J u n eY e a r e n d . J u n e 30—
1916.
1915.
1916.
1915.
Average m iles_____
..
3.865
„ „ 3.865
3,865
3.865
Gross earnings____
. . $2,644,047 $2,379,131 $32,485,508 $32,898,759
Operating exp. A taxes
2.310,240
2,020,752 27,444,513 24.295,463
Operating incom e____
$333,807
$358,379 $5,040,995 $8,603,296
Deductions (net)______
$ 1,202
$77,281
$329,286
$647,846
Interest on bonds______
544,218
548,669
6,585,127
6,480,465
Balance, sur. or d ef.d ef.$ 2 1 1,61 3 d ef.$ 2 67 ,5 7 1 d f$l,8 7 3 ,4 i7 sr$ l,4 74 ,9 8 5
For com parative figures for four years ending Juno 30 see V . 101. d .
1799.— V . 103, p. 321, 239.

Albany Southern (Electric) RR.
(6th Annual Report— Year ended June 30 1916.)

President William Loeb Jr., says in substance:

Boston & Maine Railroad.
(P relim in a ry Statem ent f o r F iscal Y ea r en d in g J uno 30 1910.)
In explanation of tho incroaso in not results aftor charges
for tho yoar from a deficit of $334,402 to a surplus of $4,005,
091, President Hustis says:
The results o f operation have been abnorm al, both as to incrcaso in revo
nues ami as to decrease in maintenance expenses. The gain in gross was
made almost entirely in tho last 10 m onths, and fixed charges were more
than earned during each m onth o f tho fiscal year for the first tim e in the
history o f the com pany.
W ith an increase o f 11.1% in miles run b y locom otives', there was an in
crease o f only 7 .8 % in transportation expenses. T he decreaso in mainte­
nance o f way and structures expense is due to the unusual shortage o f labor
which interfered with the program for tie and rail renewals. It was the in
tention to have practically all the new ties and rail in tho track by June 30
but duo to unusual conditions, something less than one-half o f the work
remains to bo done and will bo finished during tho present calendar year
T he decrease is further explained b y tho fa ct that last year’s expenses in
eluded a large part o f tw o years’ renewals.
The reduction in maintenance o f equipment expense is duo almost en­
tirely to the smaller charges to freight- train car repairs. The strengt hening
o f these cars b y the application o f steel under-frames lias had som e effect
in reducing the cost o f current repairs. Besides, the number o f Boston A
M aine cars is growing less through the retirements o f old cars on which it is
not profitable to make further repairs, and which have not yet been replaced
b y tho purchase o f new equipm ent. A dditions and renewals o f equipment
tion° ^een
as far as possible, awaiting tho outcom e o f reorganize

B A L A N C E S H E E T J U N E 30.
1916.
1915.
1916.
1915.
S
S
Liabilities —
S
s
Road A equipment..8,514,230 8,496,303 Preferred stock____ 2,000,000 2,000,000
1st M. 5s In treasury 370,000 370.000 Common stock____ 4,000,000 4,000,000
Stocks of sub. cos__ x25,000
x25,000 1st M. 5% b o n d s ...3,000,000 3,000,000
Materials A supplies 52,122
37,990 Int. A taxes accrued.
82,821
78,631
Cash________
197,800 147,316 Miscellaneous______
62,263
62,015
Discount on bonds.. 105,000
105.000 Extraord. renewals. ______
15,000
Miscellaneous_____
50,228
64,153 Profit and loss........ . yl69,295
90,116
Assets —

R e s u lts . — Tho gross operating revenue o f all departments increased 4 .3 % ,
and the operating expenses including taxes and sinking fund increased 2 .8 % .
"laying a net revenue o f $144,649, an increase o f 8 .3 % . A fter deducting
595.217 interest on bonds, rentals and reserves, tho net corporate income
for the year was $51,779, an increase o f 15.1% . Retirements and replace­
m ents and other surplus adjustments amounted to $32,430.
R a ilr o a d D e p t.- —A bou t Jan. 1 1916, tra ffic com m enced to increase with
tne result that the gross operating revenue o f this department for the entire
year was $32 3 ,7 3 /, against $325,445 for the year 1914-15. T he past winter
was unusually severo and frequently our cars wero unable to reach their
terminals on account o f the heavy snow.
A l b a n y F r e ig h t, A c . — T ho com pany now has a spur track into its own
property adjoining tho A lbany Bridge in A lbany, b y which fast freight
and express m atter m ay bo carried into that city and transferred, if neces­
sary, to the Delaware A Hudson R R . A freight house at this point to
cost about $7,840. A portion o f this freight house not now necessary for
our use, has been leased for five years at $640 per year.
C ity I m p r o v e m e n t s . — T ho congestion which heretofore existed on the
water front in Albany has now been entirely eliminated. It is estimated
ooaL n A A C
nonl,) , t^ cost o f theso im provem ents to tho city itself will be
aJ.pOO’OOO, affording a m ost ornamental as well as useful water-front.
1 his is or particular interest to the com pany because its real estate and
linage adjoin the im provem ent and its cars operate along the reconstructed
waterfront.
11 a y e s . — T he three-year agreement with tho com p a n y’s conductors,
m otorm en and other em ployees expired on Feb. 28 1916. Various in­
creases in wages amounting to about $4,000 per annum and a new agreement
for three years was made.
F i r e L o s s , A c . — O ct. 1915, our property at Electric Park valued at $11,­
607 was destroyed b y fire. Tho insurance recovered amounted to $7,008.
This fire and other adjustments for park property retired or abandoned
have necessitated writing o ff $8,183 from surplus account.
N e w C o n s tr u c tio n . — The amount spent on this account was $36,387,
o f which $16,284 was for increasing tho capacity o f the A lbany Bridge
floor.
E le c tr ic D e p t . — The gross operating revenue was increased $22,524 or
17.4 % , in spite o f a reduction o f about 16% in the rates for com m ercial
lighting in Rensselaer and Hudson.
The installation o f the new 2500 k. w. steam turbine and other im prove­
ments at the Stuyvesant Falls power plant were com pleted. Because o f
tho increasing demand for power serious consideration is being given to
the question o f erecting a steam power plant on the Hudson River to be
supplem ented by tho generation o f water iiower only at tho Stuyvesant
halls plant. At Ronsselaer a now 1,000 k . w. sub-station lias been prac­
tically com pleted.
TI
y ?ar contract has been m ade with the Chatham Electric Light,
Heat & I ower C o ., for the supply o f practically all o f that com pany’s
requirements and a transmission line is now under construction from Valatio
to Chatham , 9 miles . Delivery o f the initial load o f about 300 k. w. should
lie com m enced within tho next few weeks. T ho com pany has also ex­
tended its transmission lines to serve power and lighting customers at
Brainard and N ew Lebanon and also a number o f brick yards on the Hudson
River at Newton H ook.
T otal construction expenditures in this department. $110,094, principally
(a) new turbo generator at power plant, $52,488: (b) sub-station equipm ent,
$12,774; (c) distribution lines, $15,986, Ac.
D e p r e c i a t io n . — Depreciation is now being provided for in accordance
with tho ruling o f the I’ . S. Commission; 2 .6 % on value o f railroad property,
1.3% on value o f electric property and 2 % on gas property. T he total
amount now being set asido to cover maintenance and depreciation is
$97,365.
S in k in g Fund.— The first m ortgage sinking fund becomes operative on
M arch 1 191/, calling for $22,500 per year for tho first five vears and in­
creasing thereafter. Comm encing witli M arch 1 1916, the operating
expenses Include the accrual o f one-twelfth o f tho amount named.
N e w O ffic e s ,
ahn lease o f tho old quarters having expirod, the com pany
has opened a now office and waiting-room in the city o f Hudson.
S T A T I S T I C S F O R Y E A R S E N D I N G J U N E 30.
(Railroad D ep t.)
1915-16.
1914-15.
(E lectric D e p t.)— 1915-16.
1914-15.
Passengers carried--1,475,423 1,452,739 N o. o l custom ers-.
2,405
2,087
Rev. per pass, car m. $0,268
S0.260 ConnecJoad (k .w .).
3,995
3,543
Tons (fght.) carried64,809
60,962 K . w. hrs. generat’dl0,422,180 8,414,092
Power used k.w .h r.4,221,886 4,566,818 R ev.perk.w .hr.solcl 2.60 ets. 3.41 ets.
. E xp.perk.w .hr.sold 1.09 ets. 1.70 Cts.
I N C O M E A C C O U N T Y E A R E N D E D J U N D 30.
G ro ss O p era tin g R ev e n u e —
1915-16.
1914-15.
1913-14.
1912-13.
S325.115 $339,294 $335,924
129,729
121,569
117,092
44,491
42,970
41,942
3,110
3,215
2,308

.. 376,667
..$146,996
Other interest.
..
Balance, surplus________

9,256

.. $51,779

$502,775
366,083

$507,048
381,972

S497.266
335,197

$136,692
$65,100
3,918
13,445
9,256

$125,076
S65.100
1,062
22,688
9,256

$162,069
$65,100
18
20,371
11,550

$44,973
$26,970
$65,030
B A L A N C E S H E E T AS O F J U N E 30.
1916.
1915.
1916.
1915.
A ssets —
$
S
Liabilities —
S
S
Property investment4,685.578 4,591,450 Common stock........ 1,375,000 1.375.000
92,850 Preferred stock........ 2,029,000 2.029.000
Real est. Invest........
95,850
Cash.................... .
63,696
45,318 1st M. 5s due 1939.-1,500,000 1.500.000
Accounts receivable.
47,717
31,203 Notes payable..........................
75,000
Treasury bonds___
198,000 Accounts payable.. .
49,176
25,730
Miscellaneous..........
867
5,028 Accrued Interest A c.
63,404
60,061
Materials A supplies.
65,361
42,243 Reserves..................
55,074
50,453
Prepaid accounts Ac.
7,340
6,833 Suspense accounts.. ______
112
Unamort. debt, A c .. 186,339
164,177 Surplus....................
81,095
61,747
C O M P A R A T IV E

T o t a l.................... 5,152,749 5,177,103
— V. 101, p. 1010.

Packard Motor Car Co., Detroit, Mich.
American Locomotive Co., New York.
{Specia l Report C overing 9- Y r . Period S ep t. 1 ’09 to A u g . 31 ’16)
30 1916.)
Comptroller F. R. Robinson, Detroit, July 1 1916, say3
Sylvanus L. Schoonmaker, Chairman of the Board, wrote
in substance:
on Aug. 11 in substance:
{15th A n n u a l Report— Y ea r ended J u n e

30 ( I n c l . M o n t r e a l L o c o m o tiv e s ).
1914-15.
1913-14.
1912-13.
$9,303,298 $29,987,438 $54,868,175
9,405,216 26,375,871 46,815,156
1,040,684
1,049,316
1,226,535

The figures for the fiscal yoar 1915-16 contain a conservative estim ate
covering the last quarter o f tho yoar; and aftor paying regular preferred and
com m on cash dividends and deducting the 10% com m on stock dividend
distributed Feb. 1 1916, and tho 5 0% com m on stock dividend to bo dis­
tributed A ug. 1 1916, the balance in surplus account at the end o f the year
will undoubtedly exceed $6,376,344, as shown bolow:
C A P IT A L

N et earnings.............$ 1 1 ,0 7 0 ,4 3 4 a$l,142,602
In t. on bonds o f constit.
cos., coupon notes,&c.
301,005
349,378
Available for d lv _____ $10,769,429 a $ l ,491,980
D iv. on prof. stk. (7 % ) . 1,750,000
1,750,000

$2,562,251

$6,826,484

486,124

641,178

$2,076,127
1,750,000

$6,185,306
1,750,000

Hal., sur. or def--.sur.$9,019,429df$3,241,9S 0 sr.$326,127sr.$4,435,306
Extraordinary additions
............
600,000
______
and betterment fu n d . 3,000,000
B a l a n c e ....... .......... sur.$6,019,429df$3,241,980sur.$326,127sr.$3,835,306
a Denotes a Loss.
B A L A N C E S H E E T J U N E 30.
'
1916.
1915.
1915.
1916.
Liabilities —
8
8
A ssets —
$
$
Cost of property-.48,530,258 52,209,638 Common stock__ 25,000,000 25,000,000
Securities owned-.
705,750
748,499 Preferred stock...25,000,000 25,000,000
Cash and cash as­
Bonds constit. cos.*1,932,000 *1,032,000
sets---------------yl0,351,071 15,209,479 Gold coupon notes 2,722,000 3,606,000
Ace'ts receivable zll,769,379 Z6,160,137 Acc'ts payable..qll,018,725 14,156,918
Bills receivable-. - 900,307 1,646,567 Accrued Interest..
94,530
26,480
Mat'l A supplies.- 5,899,020 2,440,714 Unclaimed Int.,Ac.
6,860
1,815
40,145 Prcf .dlv .pay .July
Accrued Interest-.
1,704
437,500
437,500
Contract w ork -.. 6,698,488 1,738,651 Res’ve loss liquid./Sec “ b” 1
269,232
auto business..! below /
964,858
Locomotives, A c.
141,725
_____
1,005,307
Doprec. res've.Ac.
Sundry deferred
61,135 Res.for add’ns.Ac. 3,035,563
239,641
72,311
charges..........
Endorsements.........................
148,031
Notes discounted
148,031 Res. for U. S. Inc.
(per contra).......
..........
A Can.war tax.cl.857,175
..........
Profit and loss. ,.bl3 ,9 6 5 ,089 8,293,678
C O N S O L ID A T E D

T o ta l................ 85,070,043 80,872,228

T o ta l................ 85,070,043 80,872,228

* Bonds o f constituent companies in 1916 include $132,090 Richm ond
L ocom otivo & M achino W orks and $1,500,000 Locom otivo & M achine
C o. o f M ontreal, Ltd. b A ftor adding $453,325 unexpondod balance for
loss in liquidation o f auto business, now restored to surplus, and deducting
$800,742 estimated property loss due to retirement and eventual disposition
o f Rogers and Manchester plants, c Also includes restoration o f plants,
&c. q Includes advances applying on uncom pleted portion o f contracts,
y Includes in 1916 cash in bank, including unexpended advances received
on contracts, $10,345,808, and bank deposits for unclaimed interest,
$5,263. z Includes advances mado on contracts.
N o t e .— 'The abovo balance shoot does not Include tho contingent liability
on outstanding equipment notes, amounting to $56,025, discounted.—
V . 103, p. 495, 408.

Sinclair Oil & Refining Corporation.
30 1916.)
The first report in full official form will bo found in tho adv.
department on another page, including tho following data:
{F irst Report— T w o M o n th s en ding J u n e

I N C O M E A C C O U N T . F O R M A Y A N D J U N E 1916.
Gross incom o o f sub. co.s. boforo depreciation o f property_________$1,795,421
Interest on first-lien 10-year 6 % convertible gold bond3_________
161,210

C O N S O L ID A T E D

N et incom o accruing to corporation for period______ _____ ___ $1,634,211
N o t e .— Tho abovo statement doo3 not Includo oarnlngs o f certain sub­
sidiary companies which have not been a u d ltol, estimated at $150,000.
C O N S O L I D A T E D B A L A N C E S H E E T A S A T J U N E 30 1916.
A s s e t s ( T o ta l $55,500,713)—
Real estato, oil and gas leases, oil wells and equipm ent, pipo
lines, rofinorlos and Investments in othor cos. at appraised
values M ay 1 1916, and additions since____________________ $48,638,235
Inventories crudo oil and products, $3,193,773; notos and ac­
counts receivable, acceptances, & c., $1,901,941; cash,
$1,091,431............. ................................................. .......... .................
6,195,149
D ue from affiliated com panies________________________________
235,999
Deferred assets________ _____ _______________ _____ _____ _____ _
381,329
L i a b ilitie s ( T o ta l $55,590,713)—
Capital stock: Auth. (without par value), 1,000,000 shares;
issued, 883,637 sliaros; less deposited with Central Trust Co.
for oxchange for 10-year bonds, 363,637 shares; in hands o f
public, 520,000 shares; value o f eq u ity_____________ ________.$34,565,200
First lien 10-yoar convertible 6% bonds au th ., $20,000,000; iss'd 16,000,000
N otes and accounts payablo, $3,079,431; accruod bond Int.
and taxos, $221,871.................................................. - .......... - ..........
3,301,302
Surplus net earnings as per consolidated incom o a cc't a b ov o. . 1,631,211
See bond offering in V. 102, p. 2081, 1902, 1815.— V. 103, p. 213, 65.




IS S U E D — N E T
P r e f . S tock .

ASSETS.
T o ta l.

N et A ssets.

$5,000,000 $10,000,000 $10,766,848
5.000.
000 10,000,000 12,819,799
5.000.
000 10,000.000 14,079,742
5.000.
000 10,000,000 12,523,433
5.000.
000 10,000,000 14,538,001
5.000.
000 12,065,300 15,414,355
5.000.
000 12.065,300 17,8.33,874
8.000.
000 19,656,930 26,003,274
E A R N I N G S F O R Y E A R S E N D I N G S E P T . 1 ( Y E A R S 1909 T O 1915-16).
Total
N et
— Com . D ios. Paid —• P ref. D io s. Balance,
Surplus
In Stock, in Cash. 7% in Cash, d Surplus.
A u g . 31 Y ear: E a rn ing s.
..................................
$760,847
S e p t.1 1909..
52,612,774 111IIIII / S298".572 \ 5261,250 52,052,952 2,819,V99
19091910_______
l

(8 % )

1.609,943 ...............................
1911_______
2,068,649 ...............................
1912_______
2,364,568 ............
...........
1913_______
1,161,054/52,000,000! ..........
1914_______
! (40%) /
2,769,519 ...............................
1915_______
6,050,000/ 4,591,630! / 395,600
1910a______
! (60%) / ! (7%)

191019111912191319141915-

/

350.000 1,259,943 4,079,742
350.000 1,718,649 b2,523,433
350.000 2,014,508 4,538,000
350.000 (1,188,946! 3,349,055
\ deficit /
350.000 2,419,519 5,708,574
455.000
607,770 c6,376,34 4

Totals........ $18,636,507 $6,591,630 S694.172 52,406,250 58,884,455

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

a Nine months actual, three months estimated, b Aftor writing down rights,
privileges, Ac., from 53,274,959 to SI. c After deducting depreciation, aggregat­
ing for these seven years more than 59,000,000. d Inserted by Editor.— V. 102, p.
2259, 2172.

Cleveland & Sandusky Brewing Co.
31 1915.)

{Report f o r Fisca l Y ea r en d in g D e c .
IN C O M E A C C O U N T FOR C A L E N D A R

R E S U L T S FOR Y E A R S E N D . J U N E

1915-16.
Gross earnings_________ $59,316,016
M fg .,m a in t.& a d m .e x p . 46,483,900
D e p r e cia tio n ..................
1,761,682

STOCK

C a p ita liz a tio n —
C o m . S tock.
Sept. 1 1909.................... $5,000,000
19091910
5,000,000
19101911 .
5,000,000
1912_
5,000,000
191119121913 ............. 5,000,000
19131914 ............. 7,065,300
1915.
7,065,300
191419151916 ............. 11,656,930

.

R e s u lts .— The profits available for dividends were $10,769,429. After
the paym ent o f the 7 % dividend o f $1,750,000 on the preferred stock, there
was created out o f tho remaining surplus o f $9,019,429 a reserve fund o f
$3,000,000 to provide for additions and botterments to tho property
leaving a balance o f $6,019,429, which has been added to tho accumulated
surplus o f the com pany.
In arriving at tho p rofit o f $10,769,429 there has been deducted from
earnings the sum o f $1,761,682 for depreciation on all classos o f property.
There has also been charged against tho profits for tho year the entire cost
o f all new equipment o f every description purchased for use on munitions
work, together with the cost o f alterations o f plants in connection with such
work. In addition to the foregoing a sufficient amount has been set aside
from this year's earnings to provide for the cost o f eventually restoring the
tw o plants now making munitions to the best conditions for locom otive
work when it is resumed at such plants.
T he net profits for tho year, o f $10,769,429, exceeded b y $4,411,222, or
6 9 % , the profits o f the best previous year o f the com pany, which was in
1906-07, when $6,358,207 was earned. Tho good showing was due to the
successful execution o f tho com pany's munitions orders.
F i n a n c i a l S ta tu s .— T he financial condition o f tho com pany is better than
at any timo in its history. On July 1 1916 thero was paid $1,386,000 o f
gold notes o f series “ J ” maturing on that date, leaving a balance o f all out­
standing gold notes o f $1,336,000 maturing July 1 1917. This shows a re­
duction o f $8,734,000 sinco 1912, when tho notes and loans payablo were
$10,100,000. T ho net working capital o f the com pany on June 30 1916
was $21,482,079, which is ample for tho needs o f the com pany to carry
on its regular locom otivo business.
Tho unused balance o f $453,325 remaining in the reserve for liquidation
o f tho autom obile business after providing for all accounts has been restored
to tho accumulated surplus o f the com pany.
The R ogers plant at Paterson, N . J ., and the M anchester plant at M an­
chester, N . II.. having been retired from the service o f tho com pany, are
in process o f being dismantled. T he b ook value o f these antiquated plants
has been written down in the cost o f property account to an am ount which
it is conservatively estimated will be realized from the sale o f these proper­
ties and the estimated b ook loss involved, $800,742, charged against the
accumulated surplus.
O rd er s .— T he amount o f unfilled locom otive orders on the books on
Juno 30 1916 was $19,376,532, as com pared with $5,838,235 on Juno 30
1915. Practically all o f tho munitions orders which were on hand at the
beginning o f the yoar have been com pleted and shipped. T ho unfilled
m unitions orders on the books on Juno 30 1916, together with tho munitions
orders taken since, am ount to $41,642,905.

YEARS.

1913.
$1,200,280
64,695
33,875

1912.
$729,627
59,111
30,166

T otal earnings______
$998,029 $1,032,021 $1,298,850
$158,823
$240,425
$180,375
179,049
Bad debts & doprec’n . .
178,041
166,214
50,000
Extra deprec’n, & c____
35,116
B ond interest__________
' 371", 189
380,264
373,556
50,000
50,000
Sinking fu n d___________
50,000
Preferred dividends------ (3 % )7 5 ,0 6 0 (5 % ) 100,080 (3% )75.060

$818,904
$157,475
176,409

Earnings from breweries
Incom e from c o ’s p rop ’s
Interest a ccou n t_______

Balance, surplus_____

1915.
$877,514
65,615
54,900

$155,191

BALAN CE SH EET JA N
Jan. 1 '10 Jan. 2 '15

Assets —
5
$
Plant, flxt., good­
will, A c_______ 10,954,564 11,047,547
Saloon and other
properties____
847,247
868,590
Sinking fund bonds
and ca sh _____ 1,918,332 1,666,162
Cash on hand, A c.
155,464
133,776
LoansAaccts. rec. 1,792,221 1,630,895
Mdse. Inventory..
349,958
393,115
Deferred exp., A c.
18,330
17,435

1914.
$924,745
56,618
60,657

383,162
50,000

$54,803
$405,654
$51, 858
1 1916 A N D J A N . 2 1915.
Jan. 1 '10. J an . 2 '15.
$
L iabilities—
8
Preferred stock.. . 2,502,000 2,502 ,000
Common stock.. . 2,386,500 2,386 ,500
1st M. bonds, due
1948.............
5,930,000 5,933 ,000
Underlying bonds.
380,000
390 ,000
Land contract----10 .000
4,400
5,000
138 ,400
Notes of co. (see.)
Accounts payable55,617
62 ,055
Pref. dlv. payable
Jan. 15..............
25,020
26 ,461
25,120
Accrued accounts.
Sink, fund reserve. 1,918,332 1,666 ,162
Working capital-- 2,136,628 2,136 ,628
512 ,315
Profit and lo s s ...
667,506

T o ta l................ 16,036,122 15,763,520
T o ta l................. 10,036,122 15,703,520
N o t e .— The com pany is contingently llablo as endorser on notes socured
b y m ortgago discounted in tho am ount o f $5,790.— V. 102, p. 2169.

Calgary Power Company, Limited.
Report— -Y ea r ending D e c . 31 1915.)
Pres. Richard B. Bennett, Montreal, says in part:
{6th

Annual

T he gross earnings amounted to $289,613, an increase o f $58,427; and
not earnings, aftor deducting all operating and othor expenses chargeable
against revenue, amounted to $237,159, an increaso o f $56,952 over 1914.
Interest charges am ounting to $156,966 were deducted, leaving $80,193,
w hich amount has boon transferred to surplus account. In connection
w ith the interest charges, it will bo noted that the item o f other interest is
higher than during tho previous year, although tho item o f bills payable,
am ounting to 340.746, has been paid o ff, and accounts payablo reduced
from $31,240 to $11,794. T ho Increaso in this interest charge aroso in
connection with tho settlement o f a disputed account for m achinery for tho
Kananaskis plant.
During the early part o f tho year an arrangement was made with tho c ity
o f Calgary, by which your com pany supplies the city with all o f its power
requirements, instoad o f only a part thereof, as previously. As a condition
o f this arrangement, tho com pany pays tho stand-by charges o f the c ity ’s
steam plant. Consequently, a new item o f operating exponso apr.oars,
am ounting to $11,574. T ho operating expenses o f the liydro-clectric
system were reduced from $48,758 in 1914 to $39,153 in 1915. The sum o f
$158,049 has boon takon from surplus account to provide for depreciation,
organization expenses, discount on bonds, &c.
Tho directors have not considered tho payment o f a dlvldom l, nor do thoy
propose to do so until the floating indebtedness o f tho co. is fully paid.
1915.
Gross earnings______ ___________ $289,213
M iscellaneous___________________
400

1914.
$231,186
------------

1913.
$230,807
9,309

31.
1912.
$191,816
500

Total earnings........... .................$289,613
Operating, S e c., expenses_______
52,451

$231,186
50,979

$210,116
52,053

$192,346
40,639

N et earnings....... ..................... ..$2 3 7 ,1 59 $180,207 $183,060
Interest charges.................... .......... 153,968
155,479
100,031

$151,707
89,757

IN C O M E A C C O U N T FOR

Y E A R S E N D IN G

Balance, su rp lu s.........................$89,193
BALANCE

$21,723

SH EET DECEM BER

DECEM BER

$33,023

$81,950

31.

1915.
1914.
1913.
1914.
Liabilities —
S
S
A ssets —
8
S
Property account...5,000,498 5,119,163 Capital s to c k .......... 1,850,000 1,850,000
Investments______
10,000
10,000 1st M. 5% b o n d s ...2,999,813 2,999,813
90,500
90,561
Cash..........................
6,732
4,327 Bank loan................
11,794
31,240
Stores on hand____
15,992
13,461 Accounts payablo...
40,746
Accounts receivable.
32,097
43,541 Bills payable...................... ..
11,400
27,772
Deferred charges__
714
23 Roservcs, A c............
Surplus...............
*102,520
180,383
T o ta l.................... 5,060,033 5,220,515

T o ta l....................5,000.033 5,220,515

♦ A fter deducting $158,050 organization expenses, discount on bon d s,
depreciation, & c., written o ff.— v . 101, p. 127.

National Steel Car Co., Ltd., Hamilton, Ont.
30 1915.)
Pres. John M . Gibson, April 1, wrote in substance:
( Third A n n u a l Report— Y ea r en din g N o v .

R e s u lts .— TIio not profits, after sotting asiclo $127,500 for depreciation,
wero $‘146,719. The depreciation charge includes a special appropriation
on account o f cost valuo o f m achine tools and equipm ent purchased for
m aking amm unition. There was expended out o f earnings $103,652 for
the maintenance o f the works.
O rd er s .— Certain orders for the British and French Governm ents having
been successfully fabricated to tho entire satisfaction o f the two govern­
m ents, there lias been a large repeat order received for similar work.
T w o large orders for foreign railway cars are in process in tho works, tho
first o f which is practically com pleted. Special equipm ent has been in­
stalled which permits o f com plete fabrication o f these cars entirely within
our own works, instead o f subletting parts, which has been necessary in
other com petitive plants.
Tho dom estic business has not been neglected and a number o f first-class
coaches o f all-steel and w ood construction, and all-steel sleepers, have beei)
built.
Although we have only been in operation for three years, almost every
typo o f railway car has boon successfully built including passenger and
freight as well as electric cars, con tractors’ dum p cars and logging cars.
Orders on our books D ec. 31 1916 am ounted to about $10,000,000.
IN C O M E A C C O U N T FOR

Y E A R S E N D IN G

N et earnings------------Repairs and r e n e w a l s ..____________
D epreciation,'plant, & c_____________

1914-15.
$737,871
$163,652
127,500

BALANCE

SHEET NOVEM BER

30.

1914.
1915
$
$
Real est., buildings,
7% cum. non-asscss
able prof, stock.. 1,500,000 1,500,000
patent rights. &c_3,734,918 3,392,028
Raw * mtd. inat’ls-. 1,211,803 308,497 Ordinary stock____ 2,000,000 2 , 000,000
Acets. & bills rccelv. 1S2.517
65,325 Accts.&bllls pay,Ac 947,983 215,451
41,278
Prep. Ins., taxes, A c. 21,740
4,550 Deprcc’n reserve__ 100,5001
30,2871
Caflli........ ............. .
12,230
G.514 biv. adjust, reservo.
SO,785
Surplus___________ 527,505
1915.

s

1914.

s

T o ta l............ ....... 5,100,274 3,837,514
— V. 102, p. 1440, 1253.

L iabilities —

T ota l.................... 5,100,274 3,837.514

Canadian Cottons, Ltd., Montreal.
31 191G.)
President Clias. R. Ilosmer says in substance:
(Sixth A n n u a l Report— Y ea r en ding M a r c h

S a le s , etc.— Tho additional equipment installed during the past throo or
four yoars placed the com pany in a position to avail itsolf o f tho increased
demand that has arisen for its products. Sales for tho year am ounted to
$5,540,215, against $3,321,161 for 1914-15.
D y e s t u f f s .'—1
T his situation lias, throughout tho yoar, boon tho cause o f
constant anxiety, but sufficient quantities havo boon obtained, from timo
to timo, to enable your mills to run to their full capacity.
E a r n in g s .— After making adoquate allowance for depreciation, tho m anu­
facturing profits and rentals amount to $716,549, against $573,878 for
1914-15. After deducting bond interest, preferred dividend and 810,000
carried to reserve for bad dobts, there remains at tho credit o f profit and loss
account $277,159 (against $133,938 for 1914-15), which, added to the bal­
ance M ar. 31 1915, $1,103,164. makes $1,380,322 as o f M a r. 31 1916.
B a la n ce S h ee t .— Substantial reduction has been made in loans from tho
com pany’s bankers and to increase tho com pany's liquid assets.
P R O F IT A N D

LO SS A C C O U N T FOR

T otal p r o f i t s ......................................
B ond interest ( 5 % ) _________________
Preferred dividends (6 % )___________
Rosorvo for bad debts_______________

M A R . 31.
1914-15.
1913-14.
$3,321,161 $3,500,476
$369,412
$411 104
204,466
191,839

Y E A R S E N D IN G

1915-16.
S ales.............................................................. $5,540,215
N ot p rofits----------------------------------------$515,114
Rentals M t . llo y Sp. mill & c______
201,435
$716,549
$209,700
219,690
10,090

$573,878
$210,250
219,690
10,000

$602,943
$ 210,000

219,690
10,000

$277,159

Balanco, surplus.

$133,938
$163,253
31.
1916.
1915.
Liabilities —
s
8
Preferred s to c k ... 3,661,500 3.601.500
Common s to c k ... 2,715,500 2.715.500
b o n d s .....................4,811,000 4,875,000
Bank advances__
476,302 x 1,667,443
Open accounts . . .
415,677
225,715
Accrued interest A
April dividends.
107,423
107,423
Bills payable____
98,436
75,330
R e s . fo r b a d d e b ts
5 0 ,9 7 4
53,070
Suiplus................ 1,380,322 1,103,164

B A L A N C E S U E 'E T M A R C H

1916.
1915.
Assets —
S
S
Mills, prop., plant,
water pow., Ac. 10,789,295 10,770,007
Stocks In other
cos. & advances,
lncl. discount on
bonds................
318,800
403,800
Bonds for liability 017,000
670,000
Cash......................
44,071
13,169
Bills and accounts
receivable*___
731,288
741,458
Inventories_____ 1,222,681 1,885,711

T o t a l . .............. 13,723,134 14,484 145
T o ta l................ 13,723,134 14,484,145
* On not cash basis, x Includes In 1915 bank advancos, $1,271,145,
and bank advances on bonds, $396,299.— V. 103, p. 63.

California Wino Association.
Y ea r en ding D e c . 31 1915.
Pres.B.R.Kittredge,San Fran., Fob.24 191G,wroto in part:
(Report f o r Fiscal

T he depression in our business has been the m ost sovero In its history
T ho falling o ff in tho volume o f business from 191 I has been 3 9%
Your
larger com petitors have met with a similar falling o ff in trade m ost of
them reporting a greater percentage o f loss than that which is h'ert in re­
ported to you. However a general revival in all business Is now being
felt, and sales for N ov. and Dec. 1915 havo boon satisfactory. T his might

to o people ui uuo oi,»vv ............... :
ui uisupprove tw o con ­
stitutional amendments, one o f which, if a pproved, would com pletely
confiscate your business, while tho other would practically confiscate
it as to California.
T he question is frequently asked what would bo left for tho com m on
stockholder In case o f forced liquidat ion. If we assume that stocks o f wines
on hand could bo sold at net inventory values, and that outstanding ac­
counts could bo collected to tho extent o f 90 cents on tho dollar, and assume
further that vineyards and wineries are (save $75 an acre for bare'land)
a com plete loss, no com pensation being received from tho State for the con ­
demned property, then the com m on stock still havo a substantial value
With curtailment o f production and curtailm ent o f expenses wo have
boon able to reduce tho floating debt $929,243 and its bonded debt $‘’ 35 000
during the year.
. .
,
With the recont developments in the condition o f foreign com m erce our
wines have com e in for attention and the prospect o f business with European
countries is better than it ever has been. An annual sale o f what would
bo merely a few d ays’ supply to a cou ntry like France would mean great
prosperity to the vineyards o f California, and we believo that the business
o f your com pany is in a condition to becom e decid xlly profitable, whenever
ttio time arrives when its existence is not m ore or loss threatened from year
to year by elections or legislation. T he prohibition question is again to
bo voted on and your directors feel that it is in tho nature o f persecution
to again threaten the existence of your business when tho people o f tho Stato
have so recontly expressed themselves so decidedly on this question
Tho profits for tile year 1915 have been sufficient to provide in advanco
for tho usual dividends on tho pref. stock, leaving a small margin o f $47 496
to the credit o f com m on stock.
.
Our offices havo been m oved to tho Grape Growers’ Bldg, at Pine and
B attery streets.




1914.
5532,056

1913.
$610,089

1912.
5290,071

Balance_____________ _____
Pref. dividends ( 6 % ) ................
Common dividends ( 3 H % ) -----

$133,072
S85.576

$532,056
5S5.576
178,282

$610,089
$85,576

$290,071
585,576

$268,198

$524,513

5204,495

$47,496

Balance, surplus____________
C O N S O L ID A T E D

BALANCE

1915.
A ssets —
S
Plant & property. 7,326,239
Stocks of other cos. 600,944
Sink. fd. bond pur­
chase and cash.
16,709
Cash____________
458,563
Accts. & notes rec. 2,359,838
Wines and supplies 6,353,735
Prepaid expenses.
73,696
Items in transit
and suspense__
19,949

(I N C L . S U B . C O 'S ).
1915.
1914.
Liabilities —
S
S
Preferred stock__ 1,426,260 1,426,260
Common stock__ 4,754,200 4,754,200
5% bonds............. *1,233,000 *1,367,000
6% bonds_______ a2,799,000 a2,900,000
Notes payable____ 2,396,255 3,080,541
708,512
953,468
Accounts payable.
Deprec'n reserve. 1,145,383 1,042,134
Res.sur.ofsub.cos. 8S7.956
926,196
Pref. div. 1915-16.
85,576
85,576
C. W . A, surplus- 1,773,531 1,726,035

SH EET

1914.
S

7,245,998
585,988
36,194
577,863
2,781,845
7,089,584
41,154
Cr. 97,217

DEC.

31

T o ta l................ 17,209,674 18,261,410
30.
1912-13.
♦After deducting an'iount in sinking fund, a A fter deducting am ount in
$243,228 treasury and sinking fun d.— V. 102, p. 888.
$86,074
_____

Balance, surplus or d eficit_______ sur.8446,719 dcf.$76,369sur.$157,154

Assets —

1915.
5350,8451
217,773/

T o ta l................ 17,209,674 18,261,410

NOVEM BER

1913-14.
loss$6,680
$36,689
33,000

R E S U L T S F R O M O P E R A T IO N .

Net p rofits.......... ......................
Bond Interest, &c_____________

Canton Company of Baltimora.
31 1916.)
President W . B. Brooks on Juno 8 wrote in substance:
(R eport f o r F isca l Y ea r en d in g M a y

During the fiscal year there havo been two dividends declared from the
incom e, namely July 1 and D ec. 31 1915, each $2 per share. There are
now outstanding 22,163 shares o f stock.
The past yoar has been a very active one both in the sales o f property,
in improvements being constructed and new im nrovcm ents under way.
During tho year the com pany issued $1,500,000 5 % debenture bonds
to provide for additional property and im provem ents. (V . 102 p. 1348,
1252.) Some o f the land desired has been purchased and im provem ents
started. Several o f the enterprises heretofore established on Canton havo
acquired additional property and are making im provem ents thereon for
the enlargement o f their business. T ho building for Boyer A C o. has been
com pleted and the machinery is now being installed. The W aterm an
building has been leased, the new concern established therein being the
E lectrolytic Zinc Co.
During the year two new .storago houses havo been constructed. W e
havo also started tho construction o f a new pier for the purpose o f handling
bulk cargoes. It is proposed to further com plete our waterfront b y tho
erection o f new bulkheads with slips o f amplo width to accom m odate the
largest ocean-going ships.
A number o f extensions o f the railroad havo been necessary through the
year reaching industries that aro already developed, and new ones in
process o f construction.
R E C E IP T S A N D
In co m e fro m —

E X P E N D IT U R E S — Y E A R S

1915-16.
Ground rents ..................
$50,051
Farm and lot rents_____
15,444
W harf rents____________
66,283
House r e n ts ................
2,202
W harfage, w ’houso, A c .
51,738
In terest.................
17,284
Sand, gravel, A c -----------739
Sundry exp., re fu n d e d ..
6,372
Sale o f com pany’s bonds 1,462,500
Perm ’t impts. refunded3,840
Sales o f real estate_____
267,290
Sales o f annuities______
21,289
T otal in c o m e ..............S I,965,033
D e d u c tio n s —
Permanent im pt. acct.
new bldgs., grading,
real estate p a rch ., A c .
$533,398
R oads, streets & sewers.
2,984
Sundry exp. and repairs
3,795
Salaries, office exp., & c.
58,800
Stato, city & county tax
45,928
Dividends ( 4 % ) -----------88,652
Bills receivable_________
______

1914-15.
S18.422
13,532
63,408
1,932
27,472
24,660
504
6,166
______
1,478
108,975
2,915
S299.464

$377,2S6
654
3,846
54,087
47,766
88,652
______

E N D IN G

31.
1912-13.
S19.782
15,418
51.436
1,519
6,964
18,670
1,259
3,865
______
1,272
149,061
7,527

M A Y

1913-14.
$49,194
13,015
56,467
1,832
9,309
20,872
680
5,398
______
---------699,464
2,219
$859,050

S370.512
336
2,044
39,411
19,108
88,652
______

S306.773

S246.101
1,354
6.735
29,675
27,634
88,652
29,238

■ T otal deductions____
$733,556
$572,291
$520,063
$429,389
Balanco for year_____sur.$ 1,231,477 d e f.$272,827 sur.$338,987 d e f. $ 122,616
In bank at end o f year $1,365,222
— V . 102, p. 1348, 1252.

S133.745

S406.572

$67,585

GEN ERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Atlanta & Charlotte Air Line Ry.— L isted — Balance
Sheet. — The New York Stock Exchange has listed the S7,000,000 1st M . 30-year 5% bonds, Series “ B ,” due 1944, offered
early in the year (V. 102, p. 11G2), making the total listed:
Series “A ,” $5,500,000; Series “ B ,” S10,500,000.
B a la n ce S h eet a s o f M a y 31 1916 (.T otal ea ch s id e , S18,517,340).
R oad and equipm ent------$9,321,452 Capital stock ____________ $1,700,000
Balance cash deposit from
1st M . bonds, Ser. A & B . 16,000.000
sale o f $10,500,000 b d s. 9,043,390 ' For construction w ork___
446,092
C oupon accou nt--------------1,970 Int. and divs. unpaid____
10,080
Dividend accou nt-----------8,110 ! Interest accrued__________
321,875
Investm ’t in affiliated co s .
1 IOrganization expensos___
1,041
142,4171Profit and loss___________
38,251
Suspense— R e n t _________
— V. 103, p. 406.

Atlantic Coast Line RR.— E x ten sion — C ontract.—
A contract has been awarded tor the building o f an extension o f the
ITaincs C ity branch from Sebring, Fla., south via Venus, Palmdale and Hall
C ity to Im mokalee, 80 miles, with a branch to M oorehaven, 20 miles.
The com pany expects to develop a traffic in citrus fruit, vegetables and
lum ber.— V . 102, p . 1346.
Boise RR.— Foreclosure S u it .—
Germantown Trust C o ., I’hila., P a., on Aug. 3 brought suit in the U . S.
District Court at Phila. for the foreclosure o f the m ortgage .securing an
issue o f $389,000 1st M . 5 % bonds, and for the appointm ent o f a receiver.
Int. on bonds lias been in default since and incl. June 1 1915.— V. 95, p. 480.
Boston & Maine RR.— P r op ositio n f r o m Concord tfc
M on trea l and Connecticut River R R s. — The proposition sub­
mitted by these roads to the directors of the Boston & Maine
RR., as of Aug. 2, says in substance:
R ecen t P r o p o s i t io n . — T he com m ittees o f directors o f Concord & M ontreal
R R . C o. and Connecticut River R R . C o. recently submitted to you an
amended draft o f proposed reorganization plan o f Boston & M aine, which
em bodied changes essential, in opinion o f directors o f tho two com panies,
to Interests o f their stockholders. N o action having yet been taken by
your board upon this amended draft, these com m ittees now subm it a
different proposition which they believo will be acceptable to directors and
stockholders o f their respective companies and o f greater advantage to
Boston A M aine and all other interests concerned.
N e w P r o p o s i t i o n .— This proposition is that tho existing leases o f C oncord
A M ontreal and Connecticut River roads be continued in force except that

future annual dividends o f C oncord & M ontreal shall be at rate o f 6 % upon
Its stock instead o f 7 % , and future annual dividends o f C onnecticut R iver
at a rate correspondingly lower than the 10% now stipulated in its lease.
In the case o f C onnecticut R iver road , therejwill also be certain details
affecting present lease which will have to be arranged, but they are o f such
character, it is believed, as to offer no obstacle to this proposition.
A d v a n ta g e s o f th is A r r a n g e m e n t f o r A l l P a r lie s C o n ce r n e d .

1. It can probably be carried out without aid o f a new corporation
through existin g'B oston & M aino, which will render it unnecessary to
consider any question o f refunding present debt o f B oston & M aine b y
replacing present securities, in whole or in part, with a new issue bearing
probably higher interest.
2. Necessary enabling legislation in N ow Hampshire, if any, will be
m uch sim plified and therefore m ore readily obtained.
3. T ho reduced rentals will increase B oston & M aine net about $130,000
a year— to that extent benefiting all Boston & M aine stocks, pref. and com .
B oth M assachusetts and M aino enactments assume that reorganization
m ay bo effected b y consolidation o f B oston & M aino and its loased lines,
b y m odifications o f existing leases, or b y a mixture o f both methods.
T he present schem e o f Joint Reorganization C om m ittee makes tho
same assumption, counting as it does upon adhesion to the present plan o f
Fitchburg and B oston & Lowell, while leaving the N orthern Connecticut
& Passumpsic to continue under present leasos.
Thus, for reorganization purposes, there is, as between com plete merger
with Boston & M aino or reasonable changes o f existing leases, liberty o f
choice on part o f B oston & M aine and leased lines.
R e la tio n o f th is P r o p o s i t io n to R e o r g a n iz a tio n P la n a n d O th er R o a d s .

I f Fitchburg and Boston & Lowell, for example, are, as seems takon
for granted, com m itted to idea o f a partnership in the business o f Boston
& M aine because they believe their net incom e will thereby bo maintained
at present rate, they will naturally coasent to a consolidation with B. & M .
I f C oncord & M ontreal and C onnecticut R iver, m aking security instead
o f p rofit their controlling consideration, prefer present lease contracts with
a lessened revenue to chance o f a higher revenue afforded b y partnership
in B oston & M a in e’s business, they are entirely within their right in a d ­
hering to thoir contracts.
N or can exercise o f that right b y the last-named roads bo com plained
o f as interfering with execution o f reorganization plan. Indeed, the plan,
which had assent o f the Fitchburg and Lowell before it was launched, pro­
ceeds upon assumption o f its successful working if two roads on ly are
consolidated with Boston & M aino. In B oston & M aine directors’ letter
to stockholders o f F eb. 11 occurs this language: “ T he consolidation o f those
three lines alone (B oston & M aine, B oston & Lowell and the Fitchburg)
b y changing the rentals o f Boston & Lowell stock and Fitchburg stock
into contingent liabilities as they becom e preferred stocks and by substi­
tuting a preferred stock for the floating d eb t, would reduce tho capital
obligations on which there are fixed charges approxim ately $40,000,000
and add $40,000,000 to the financial foundation in tho form o f stock, there­
b y reducing tho fixed charges b y approxim ately $2,600,000.”
I f these statements and forecasts aro reliable, adoption o f the proposition
now suggested on behalf o f C oncord & M ontreal ana Connecticut River
will "m ako assurance doubly sure.” It will do so by reducing annual fixed
charges o f the system b y approxim ately $130,000, preventing any dis­
ruption o f tho system , rendering unnecessary any receivership or any
new corporation.
I n t im a t i o n A s to O m ittin g T h e s e R o a d s . — In conclusion, we observe with
regret the Intimation that reorganization contem plated m ay proceed with
the roads o f the tw o com panies wo represent left out. Such a proceeding
would not be a reorganization o f the system , but Its destruction. T w o
suggestions occur to us— one that the three States which havo com bined
to create the system must concur in dissolving it; tho other that, however
fu lly authorized, no assent to dissolution involving release o f Boston &
M aine from its obligations under contracts o f lease would be given b y tho
leasea lines or their stockholders. [Signed b y President o f each com pany.]
[The Boston & M aine directors and Federal trustees aro understood to
have rejected these propositions o f tho leased lines, but it is supposed further
negotiations will ensuo.]
P relim in a ry Statem ent. — See “ Reports” above.— V. 103, p.
238, 320.
•?
’ -4--.
. <,
Bu?falo LockportT S T Rochester R y f ^ D e f a i i l t f ^ This com pany has defaulted on the paym ent o f the semi-annual interest
due A ug. 1 on Its $2,799,000 1st M . 5 % bonds. Tho m ortgage provides
six m onths’ grace before foreclosure proceedings.— V . 92, p. 321. • fcsj

Canadian Northern Ry.— E q u ip m en t T ru sts. — Wm. A
Read & Co., N . Y ., and tho Dominion Securities Corp.,
Toronto, have purchased equipment trust 5% gold certifi­
cates, series L 1, 1916, issued under the Phila. plan. Dated
Aug. 1 1916. Due §66,000 semi-annually F. & A., from
Aug. 11917 to Feb. 1 1926, incl., and $62,000 on Aug. 1 1926.
Total authorized issUo, $1,250 ,0 0 0 .__'*“<■ •»»».*■«> »>■•: •, .
T he issuo covers equipment costing*"$14577,298, on which tho com pany
makes an initial cash paym ent o f over 2 5 % . Tho equipment is as follows:
750 box cars, 6 steel tank cars, 50 cabooses, 10 steam and 6 oloctric loco­
m otives, 5 second class steel coaches, 1 rotary plow , and 3 snow plows.
— V. 103, p. 320, 238.
U
. . - . .
. U4

tio n o f r e a d ju s tin g t h e r a te o f fa r e , a s p r o v id e d in th e 5 0 -y e a r
fr a n c h is e a g r e e m e n t,
th is

h e a r in g

rep ort b y

th e

began

f o llo w in g

at

C o lu m b u s

sta te m e n ts

th e c ity ’s e x p e rt, W a r d

on

w ere

J u ly

20.

For

p repared ,

B a ld w in , o n

th e v a lu e

th e
of

th e p r o p e r ty c o m p r is in g 1 6 v o lu m e s a n d 4 1 2 9 p a g e s .
(1 )

Year—

Passengers Carried & Earnings as Reported by E . Biggs, City’s Expert.
N o. of
Earnings per Pass.
Net
Passengers.
Gross.
Net.
Income.

1 9 0 1 ...............................................6 5 ,4 3 2 ,2 3 1
4 .4 5 c
1 .7 7 c
$ 1 ,1 5 8 ,9 2 9
7 9 ,6 9 4 .8 2 5
6 .0 8 c
2 .0 6 c
1 ,6 3 7 ,0 4 1
1 9 0 5 .............
1 9 1 0 .............................................
9 8 ,6 5 5 ,4 4 4
5 .1 0 c
1 .9 2 c
1 .8 9 9 ,2 2 1
1 9 1 1 ......................................
1 0 1 ,6 0 7 ,1 3 9
5 .0 5 c
1 .8 7 c
1 ,8 9 8 ,3 6 5
1 9 1 2 .............................................
1 0 4 ,8 3 1 ,2 3 7
5 .0 5 c
1 .8 4 c
1 ,9 2 6 .0 0 5
1 9 1 3 _________
1 0 2 ,9 9 4 ,4 5 5
5 .0 6 c
1 .6 9 c
1 ,7 4 1 ,4 0 6
1 9 1 4 .........................
1 0 5 ,5 9 8 ,3 9 2
5 .0 3 c
1 .7 6 c
1 ,8 5 2 ,9 2 3
1 9 1 5 ________________________
1 0 6 ,1 1 0 ,5 9 3
5 .0 1 c
1 .8 2 c
1 ,9 2 9 ,7 1 7
T o t a l 15 y r s ., ’01 to ’ 1 5 - . 1 ,3 4 7 ,3 0 5 ,0 3 9
...................................
$ 2 5 ,2 3 3 ,8 0 9
(2 ) Valuation as of April 1 1 9 1 4 (Including Cincinnati Street Railway).

Co’s. Estimate Util. Comm. City's Expert
( Pres’tVal.)

(Incl.Franchise). ( Tentative.)
G r a d in g , tr a c k s, brid ges an d in c lin e s. $ 5 ,6 7 0 ,2 7 7
$ 5 , 7 4 8 ,4 5 5
P a v i n g . ______ __________
5 9 5 ,5 5 4
6 0 5 ,3 1 2
1 ,5 7 5 ,9 8 4
1 ,4 7 6 ,6 4 4
E le c tric a l d istr ib u tio n .................................
R o llin g s t o c k _________________
3 ,8 8 6 ,1 1 8
3 ,6 1 5 ,1 7 5
P o w e r p la n t & s u b -sta tio n e q u ip ’ t . .
1 ,9 1 2 ,3 1 8
1 ,9 8 4 ,3 8 1
S h o p e q u ip m e n t..........................
1 7 2 ,8 5 9
1 6 6 ,0 9 4
B u ild in g s ________________________
1 ,7 4 4 ,2 4 6
1 ,6 1 1 ,0 1 8
F u r n itu r e ..........................................
4 9 ,2 6 4 *
4 4 ,9 4 0
S to re s an d t o o ls ______________
6 2 8 ,5 0 3
6 1 3 ,9 2 5
F r o n ta g o c o n so n ts.......................
6 0 9 ,6 0 9
1 1 7 ,4 8 6
R e a l e s t a t e _______ ____________
7 8 3 ,1 7 9
6 3 0 ,6 9 9
P r o fits o f gen eral c o n tr a c to r __________
_________ _
9 8 9 ,5 2 9
C o n tr ib u tio n s im p o se d b y ord in an ce s
1 9 2 ,8 7 6
8 5 ,2 3 6
A d m in is tr a tio n _________________
5 3 3 ,5 5 0
4 5 2 ,0 5 0
F ir e in su r an ce, p r o p e r ty d a m a g e , ex­
pense incorrect p la n s ________________
_________ _
6 4 9 ,5 7 0
T a x e s d u ring c o n stru ctio n .......................
2 8 8 ,0 0 0
5 3 4 ,2 2 5
I n t . , d isco u n t an d hidd en c o s ts ______
3 ,8 1 2 ,4 8 1
2 ,2 5 2 ,7 7 6
H o r se c a rs, d u m m y lin e , in lin e p la n e
a n d c a b le l i n e s . . . ______ ______________
4 ,7 8 1 ,0 4 6
2 ,0 0 0 ,0 0 0
T r a c k an d p a v in g d e str o y e d , 1 9 0 1 -1 3
7 5 7 ,2 6 9
7 1 2 ,8 7 8
R e r o u tin g c a r s ____________________________
1 9 ,2 6 2
1 9 ,2 6 2
C o s t p a v in g la id in c i t y , & c ___________ 2 , 1 4 8 , 9 1 4
___________
F ran ch ise v a lu e .................................................
5 ,6 7 5 ,2 3 6
___________
In co rp o ra tio n fe e s_______________________
___________
2 4 ,3 1 0

$ 3 ,6 3 4 ,9 1 1
9 ,9 4 2
1 ,3 0 1 ,0 7 5
3 ,0 8 1 ,8 6 6
1 ,5 1 1 ,8 3 9
1 0 9 ,7 5 9
1 ,3 1 0 ,4 8 6
3 9 ,4 1 1
3 8 0 ,1 0 4
___________
3 1 3 ,2 2 6
___________
___________
2 3 5 ,0 0 0
___________
___________
...................
•
....................
___________
______
___________
3 1 ,8 2 4
9 ,8 4 1

T o t a l ................................................................... $ 3 5 ,8 3 7 ,0 4 5 $ 2 4 ,3 3 3 ,9 4 7 $ 1 1 ,9 6 9 ,2 8 5
O n F e b . 21 1901 th e properties an d franchises o f tho C in c in n a ti S treo
R y . C o . w ere tak o n ov e r u n der lease b y th e C in c in n a ti T r a c tio n C o .t
w hoso $ 2 , 0 0 0 ,0 0 0 c a p ita l sto c k is all (oxcopt 11 shares) ow n ed b y th e O h io
T r a c tio n C o . (See p . 31 o f “ E le c tric R a ilw a y ” S e c tio n ).
A t th e tim o o f tho
tran sfer u n der lease th e va lu e o f tho p ro p erties a n d fran ch ises o f th o C in ­
cin n a ti S treet R y . C o ., as show n b y its b o o k s, w as $ 1 9 ,1 7 2 ,3 6 4 , less th e
su rp lu s cred ited to th o C in cin n a ti T r a c tio n C o ., $ 7 0 3 ,5 2 3 , le a v in g th o v a lu o
o f tn e leased p ro p o rty $ 1 8 ,4 6 8 ,8 4 1 .
T h e b oo k s sh o w t h a t tho a m o u n t s p e n t
in a d d itio n s an d b e tterm en ts up to D e c . 31 1 9 1 5 w as $ 1 0 ,0 0 0 ,7 3 0 .
From
th is is d e d u cted $ 5 9 9 ,1 6 7 , d e p reciation o f rollin g s to c k , loavlu g $ 9 ,4 0 1 ,5 6 3 .
A d d e d to th is th e not valu e s o f properties an d franchises o f th o C in c in n a ti
S treet R y . C o ., $ 1 8 ,4 6 8 ,8 4 1 , m ak e s th e co n so lid a ted b o o k va lu e s o f b o th
co m p a n ies $ 2 7 ,8 7 0 ,4 0 -1 .— V . 1 0 2 , p . 1 6 2 5 .
C l e v e l a n d & P i t t s b u r g h R R . — L is tin g . —
A p p lic a tio n has been m a d e to tho N . Y . S to c k E x e h a n g o for a u th o r ity to
ist a n ad d itio n a l $ 3 5 1 ,1 0 0 special b e tte rm e n t s t o c k .— V . 1 0 3 , p . 2 3 9 .

Concord & Montreal RR . — R eorganization O ffe r .—
See B oston & M aine R R .— V . 100. p . 308.
Connecticut River RR .— Reorganization O ffe r .—
See Boston & M aine R R . above.— V . 103, p . 239, 238, 320.
Escanaba (Mich.) Traction Co.— E a r n in g s .—
1915— R ev ised S ta te m en t— P r e s e n t I n t . C h a r g e
Revenuo from operation___$124,7851T otal net incom e------------------$69,734
Opor. oxp., taxes & dep rec. 65,982 Int. on $570,000 1st M . 5 s. 28,500

E a r n in g s f o r C a le n d a r Y e a r

N et ea rn in g s.................... $58 ,8 0 3 1 B a la n c e ----------------------------- $41,234
T o ta l net incom e here Includes $10,931 non-oper. Incom e.— V .103,p.406.

Glendale & Montrose Ry.— Change in O w n ersh ip .—
Tho capital stock o f this com pany has been .acquired b y tho Groat W est­
ern Im provem ent C o. o f San Francisco from J. Frank W alters o f L os
Angeles and the bonds (auth. issuo $75,000) are to bo retired. T he capital
stock, now $25,000 authorized, will later be increased. T h o road is op­
erated from Eagle R ock C ity to Glendalo, 3.5 m iles, and from Glendale
through M ontrose to La Crescenta, 6.2 m . Tho now officers aro: Pres.
W illiam G . Ilenshaw; V .-P res., John Troauor; Sec. & T roas.. W . J. B ohon.

Chicago Elevated Ry.—

Minnesota .Transfer^ Railway.— B ond s— Further D a ta .—
Wm. A. Read & Co. havo offerod at 102 and int. tho 1st
trustees of the $14,000,000 5 % Secured Notes on Aug. 7 M . 5 % sinking fund gold bonds dated Aug. 1 1916 and due
declared the extension plan operative, saying:
Aug. 1 1946, but redeemable as a whole or in part by lot,
Tire plan for extension o f tho two-year notes o f tho Chicago E levated also callable for sinking fund by lot, at 102 ^ and int. on
Railways, maturing July 1 1916, for a period o f threo years, has been de­
Northwestern Trust
clared effective by tho trustees, an overwhelm ing percentage o f note holders any interest date after Aug. 1 1921.
having deposited their notes under the plan. Owing to the extraordinary Co., St. Paul, trustee.
Denom. 81,000 c * &r *
w helm ing

Percentage

of

E x ten sion P lan Operative— Over­
N o te s A s s e n t— M er g e r P la n . — The

advantages offered to note holders to accept the extension it is confidently
expected that note holders who have not y ot assented will fin d it to their ad­
vantage to do so. N o provision lias been m ade for paym ent o f such notes.
Deposited notes stamped as “ extended,” and with 6 % coupons at­
tached, will bo returned to depositors on or about Sept. 1, with checks co v ­
ering $15 for each note deposiled. Tho notes aro secured b y doposit o f
practically all o f tho stocks o f tho Northwestern Elevated, Soutli Side Ele­
vated and M etropolitan W est Side Eiovated railroads. A bou t 7 5% o f tho
notes is owned b y the National C ity Bank o f N ow Y ork , which financed tho
merger o f the overhoad roads.
It is expected that before tho oxplration o f the three-year extension
period a consolidation o f all tho surface and elevated lines will be brought
about, thus enabling the companies to effect a comprehensive plan o f finan­
cing, including the paym ent o f the extended notes issue. See plan,
V . 103, p . 320.
f/4

' Chicago Rock Isl^nd^&- jPacific”Ry.— E xten sion o f Col­
6% collateral trust gold notes of 81,000
each, due Aug. 16 1916, aro being extended to Feb. 16 1917
through Wm. A. Read & Co., 28 Nassau St., N. Y . Auth­
orized and outstanding, $7,500,000. Normal Federal income
tax paid by the company if exemption is not claimed by the
bondholder.
lateral N o te s . — The

t» These notes, originally issued in 1914 as tho direct obligation o f the com ­
pany are now , under the terms o f the agreement o f extension, assumed b y
the receiver o f the com p any. T h ey are specifically secured b y pledgo with
tho Bankers Trust C o ., as trustee, o f tho following collateral:
$9,989,000 First & Refunding 4 % B onds o f the com pany.
1.780.000 First 4 H % bonds o f St. Paul & Kansas C ity Short Lino R R .,
guaranteed b y com pany.
1.965.000 First 4 M % bonds o f R ock Island A rk. & L a. R R . C o ., guar­
anteed b y com pany.
$13,7344)00 T otal, with a present market value o f over $9,500,000 or m ore
than 25% in'excess o f th e p ar v alue o f these N otes.— V. 103, p. 6 0 ,1 44 ,4 9 3 .
Cincinnati Street Tfty.— Valuation and E a r n in g s .—
r See Cincinnati T raction C o. above.— V . 1 0 2 , p. 1625.
"
’ '
i Cincinnati (67).Traction Co.— E arn in gs — V a lu a tio n .—

The hearing before the Ohio P. U. Commission on the ques­



D ig est o f L e tte r fro m V .-P res. H . A. K e n n e d y , M in n e a p o lis, A u g . 1 ’ 16.
B o n d s .— A direct first m ortgage lien upon all proporty now owned or
hereafter acquired. Authorized issuo $3,500,000. Part o f tho proceeds
o f the $2,105,000 bonds now sold havo boon used for refunding $2,053,000
bonds maturing Aug. 1 1916. Tho remaining bonds can only bo issued for
permanent additions and extensions. Soml-annual sinking fund % o f 1 %
o f tho bonds outstanding from time to tim o, boginning Fob. 1 1917, plus
interest on bonds rotired to purchase bonds at the market up to F eb. 1 1922,
and on that dato and subsequent interest dates to purchaso bonds at not
exceeding 102M and int.; otherwiso to call thorn at that price b y lot.
This should rotiro approxim ately two-thirds o f tho total issue by m aturity.
Paym ents o f both sinking fund and intorost aro to bo made equally b y each
o f tho nlno proprietary railroads. Interest F. & A. in N . Y . a n d St. Paul
P r o p e r t y .— Tho com pany owns and operates one o f th o m ost Important
freight transfer systems in tho United States, com prising railw ay tracks
and transfer facilities over winch are handlod practically tho entire intorchango business between all railroads entering tho Tw in C ities. T h e real
estate and improvem ents have been recently appraisod by oxperts at
$4,565,586, or twice tho bonds outstanding. Situated in tho heart o f tho
industrial sections o f M inneapolis and St. Paul, those properties and
facilities cannot bo duplicated, and they aro indisponsablo to tho industrial
life o f the Tw in Cities, as well as to all o f tho railroads entering them.
Tito com pany owns about 660 acres o f land improved witli warehouses,
freight houses, & c., trackage, noarly all within tho city limits o f M inneapolis
and St. Paul; also 21 locom otives. Tho transfer yards, occu p yin g 210 acres
in tho heart o f the Industrial district, aro traversed by 102 miles o f main
and industrial railroad tracks, laid with rails averaging 75 lbs. A t the
north end aro tho main rights-of-way o f tho Great Northern and Northern
P acific railways and at tho south end tho Chicago M ilwaukee & St. Paul
R y ., affording a strong strategic position. The remaining 450 acres com ­
prise right-of-w ay and trackage sites along tho com pany’s 10-inilo “ Belt
L in o,” and other lines radiating to important industrial points.
Coincident with the industrial growth, there lias boon an incroaso in tho
values o f property surrouuding tho Transfer which is conservatively esti­
mated at from 200% to 300% during tho past six years.
O w n e r s h ip . — All o f the capital stock is owned in oqual amounts b y nlno
proprietary com panies, whoso 38,496 miles o f railway aro tributary to tho
property, v iz.:
___
„ .
Great Northern R y. C o .,
Minneapolis & St. Louis R I i. C o .,
Northern Pacific R y . C o ..
[Chicago & Groat Wostern R R . C o .,
M inn. St. Paul Sc S. S. M . R y . C o ., IChicago R ock Isl. & Pacific R y . C o.
Chic. St. Paul Minn. & Om. R y. C o.,|O hic. Burl. & Quincy R R . C o.
C hic. M il. & St. Paul R y . C o .,
|

T r ib u ta r y I n d u s t r ie s . — There are 125 Important industries having side­
track facilities directly connected with tho com pany's lines and afford
a large part o f its business. Their diversity is indicated b y this partial list:
Central Warehouse C o ., W illys-Overland C o ., Griggs, C oopor & C o .,
American Can C o., W aldorf Box Board C o ., American Linseed C o. Inter­
national Harvester C o ., Brooks Brothers, C offin Box & Lum ber Co.
Albort-Dickinson C o ., Northern Insulating C o ., Bluo Lim estone C o .’
Linde Air Products C o ., Page & Hill, Northern Llnseod Oil C o and
Valentino-Clark & C o.
During tho past year tho tracks o f tho com pany wero extended to the site
o f tho Minneapolis Industries A ssn., a tract o f 210 acres, upon which sidings
and spur tracks havo been laid out with a special viow o f affording conven­
ient traffic facilities.
I n te r c h a n g e T r a f f ic . — For tho yoar ended Juno 1 1916 tho com pany
handled 790,373 cars, as against 651,431 cars for tho year ended Juno 1
1915, an increase o f 2 1 % . The amount o f tonnage handled in tho year
ended Juno 1 1916 was 11,330,420, as against 8,171,391 tons in 1915 * A t
tho present time tho com pany is handling an averago o f about 2 500 cars a
day, 10% o f which represents business originating from adjacont industries
T e r r it o r y . — Sinco 1901 tho com bined population o f tho tw o cities lias in­
creased from about 350,000 to m oro than 600,000 and tho yoarlv bank Wear­
ing* from 8886,434,230 to 32,003,560,332 in 1916. There aro m o r e than
1800 factories located in tho two citios.
[All the above bonds havo boon sold. A number o f M inneapolis and
St. Paul banks and trust com panies wero interested with W in A Bead &
C o. in this offering.— See V . 103, p. 493.

Missouri Kansas & Texas Ry.— A n n u a l E a r n in g s .—
Sco “ Annual R eports” on a preceding page.
N otice to H old ers o f 100-Y e a r Second M ortg a g e B o n d s .—
Tho committee of holders of theso bonds, Edwin G. Merrill,
Chairman, gives notico by advertisement on another pago
that tho time for tho deposit of these bonds will expire
on Aug. 15. Of this $20,000,000 issuo, a majority aro re­
ported as held abroad; of tho remainder, over 50% aro now
deposited with tho Union Trust Co. of New York, as de­
positary. In London deposits aro received at tho branch
offico of tho Farmers’ Loan & Trust Co., as agont for the
Union Trust Co.— V. 103, p. 321, 239.
Missouri Pacific Ry.— Syndicate O versubscribed.— Appli­
cations for participation in tho syndicate formed by Kuhn,
Loeb & Co., for tho purpose of underwriting tho $46,000,000
cash requirements of tho reorganization plan, aro understood
to aggregate approximately $76,000,000, making it neces­
sary to reduce allotments to about 60% of tho sums applied
for.— V. 103, p. 406, 321, 239.
Muscatine Burlington & Southern RR.— N e w N a m e .—
Soo M uscatino N orth & South R y. below.

Muscatine North & South Ry.— N e w N a m e .—
This com pany on Aug. 2 changed its name to the M uscatino Burlington
& Southern R R .— V . 100, p . 398.
New York New Haven & Hartford RR.— A n n u a l State­
Elliott has just sont to
tho directors his report for tho fiscal year ended Juno 30 1916
Every property in which tho Now Haven is interested shows
tho largest gain in not earnings in its history, except tho
Now York Ontario & Western, tho Hartford & Now York
Transportation Co. and tho Rhodo Island Co. The com­
pany has, moreover, paid off $6,140,180 of its floating dobt
and spent $4,352,153 for improvements and equipment, a
total of $10,492,334, or approximately 6% on tho outstand­
ing capital stock.
m ent — N eed s o f P r o p er ly . — President

S ta te m e n t G iv in g th e C o n d itio n s a n d N ecessities o f th e P ro p e rty .
F i n a n c i a l R e q u ir e m e n ts .— All earnings aro being put back into the road in
order to bring it up o t tho necessities o f tho business requirements o f Now
E ngland. It will bo necessary to oxpend, within the next fiv o or ten years,
from $20,000,000 to .$.'10,000,000 in order to equp tho road with tho neces­
sary facilities, m otive power, yards, terminals, station im provom onts, &c
to moot the growing requirements o f Now England. T h o floating d ebt o f
tho com pany is $45,000,000, including $20,000,000 three-year collateral
gold notes o f tho Now England N avigation C o. maturing M a y 1 1917 •
T he Now Ilaven will continue to suffer serious disadvantage because of
tho lack o f adequate m otive powor and terminal facilities until tho noco<«arv
funds with which to correct these drawbacks can bo obtained
y
R o llin g S tock , A c .— The management ordered last fall 83 new ’locom otivos

a week. W ith tills new m otive power in full operation greater service can
bo given. All told , it is estimated that within the last tw o years it was
necessary to condem n approxim ately 266 engines, 66 on (lie New Haven
and 200 on the Central Now England. M ost o f tho yard terminals also
wero laid out when tho com pany was doing 50% loss business than it Is
to-day; and it is a prime essential that they be improved.
C o n g e stio n C a u s a l by B u s in e s s B o o m .—-The great business boom in
N ow England started about a year ago. Tho New Haven then had many
idlo engines and m any Idle freight cars. Even as late as Aug. 1 1915, had
200 engines in apple-pie order, with nothing to d o. Then this wonderful
business started. Within a m onth or tw o tho N ew Haven was swamped
with business. I resident Elliott teleg ra ph ed to every railroad executive
each o f Chicago and I dtsburgh in an effort to lease additional locom otives.
H o also telegraphed to the Canadian P acific, and as a result ho was ablo
to obtain only 23 additional engines.
■ A t one time there were 55.000 loaded freight cars on tho N ow H aven’s
lines and from 10,000 to 1.1,000 on other lines waiting to com e into New
England over the New Haven's tracks. N ot on ly w^as the Now H ^ e n
swamped with business, but m ost New England manufacturers found them­
selves in tho same predicament. M any manufacturers were without ade­
quate storage copacity and their inability to prom ptly unload cars together
with the New Haven's lack o f adequato m otive and terminal facilities led
to the serious congestion on tho Now Haven's lines, causing the road heavy
financial loss through demurrage charges. Tho N ew Ilaven was trvim Jtn
d o a gallon o f business with a quart o f facilities.
‘
J " 1
Tlie congested conditions at the present time aro somewhat hotter— not
m uch. T ho Now Ilaven lias on its linos to-day 45,000 loaded freight cars
its com plete capacity, and on other lines waiting to com e in are r non
additional loaded cam. I his state o f affairs cannot lie very m uch im p rove d

tory is probably 830 , 000 , 000 , m ore likely $50,000,000............
.
,vt. aro
......
I believe
wo
to Increase our businc.s. in tho period from 1903 to 1914 the transporta­
tion output o f the N ow Haven increased between 40 and 4 4 % , and it L
going to increase in the next ten or twelve years an additional 30% to 4 0%
All transportation agencies must bo ablo to increaso their facilities
/0 ‘
A d v a n c e in C ost o f M a t e r i a l s a n d L a b o r .— T he Now Haven like ail other
railroads in tho country, has boon com pelled to pay from 100% to 7

number o f railway em ployees; they now receive 28% o f the’ total railway
pay-rolls.— V . 103, p . 321.

New York Railways.— Strike E n d s .— Tho strike of tho
car men, which began on tho Yonkers Street RR. on July 22



and was extended on July 30 to the Third Avenue Railway,
and later, Aug. 4, to the New York Railways and all other
local surface railways in Greater New York, except the
Brooklyn lines, was formally declared off by all parties on
Monday night, following an agreement between the com­
panies and men, reached mainly through the efforts of Mayor
Mitchel and Oscar S. Straus, Chairman of the P. S. Comm.
,
,
, B a s is o f S ettle m e n t.
1 • T he omployees to have the right to organize, but not tho right to
Interfere with other employees who decline to organize.
2- T he com pany to treat with a com m ittee o f tho em ployees upon any
and all questions that m ay arise between them .
3. T ho question o f wages and working conditions to be taken up through
a com m ittee o f the employees with the officials o f the com pany not later
than A ug. 20 1916; and if they fail to reach an agreement, the m atters at
issuo to be subm itted to a board o f arbitrators com posed o f three dis­
interested persons, one selected b y tho officials o f the com pany one b y the
com m ittee representing tho em ployees, and theso tw o arbitrators to select
tho third. B oth sides to be given full opportunity to present all evidence
and argument and the award o f tho m ajority o f the arb itra tors in writing
to bo final and binding.
A ll future disputes to be similarly arbitrated in caso o f failure to agree.
4. In tho interest o f public 6afety and public service, the com pany to
havo tho direction and control o f employees in all matters looking to effici­
ency in tho service without conference or arbitration, but if a dispute
should ariso as to whether a particular case falls within tho above class,
that question shall be subject to conference and arbitration.
T his agreem ent to be underwritten b y his H onor, M a yor M itch el, and
b y tho H on. Oscar S. Straus, Chairman o f the Public Service Comm ission
for tho First District.
[The m otorm en and conductors demanded (a) on the electric linos 30 cents
au. “ our, for
first year in service, and 33 cents an hour thereafter;
r ! * / \ 0 storaK° battery lines 28 cents for first yoar and 30 cents there­
after; tc) on horse car lines 25 cents for first year and 28 cents thereafter.

Inasmuch as Mayor Mitchel and Oscar S. Straus, Chair­
man of tho Public Service Commission, were chiefly respon­
sible for tho settlement, the New York Railways Co. takes
the position in which it is understood the other companies
concur, that tho city and not the company shall assume
tho expense.
n

...

.D ig e s t o f Statem ent by President Shonts.

l o s i t i o n o f C o m p a n y . — Some questions have boon raised as to the meaning
o f tw o paragraphs in tho statement announcing tho settlement o f the striko
Those paragraphs were:
. “ i t should also be understood that tho agreement arrived at m ay involve
increased financial burdens upon this com pany. T he com pany is not yet
able to pay the full interest on its bonds, although twice in the past year it
has increased tho wages o f its men.
“ W o have accordingly asked tho co-operation o f tho M a yor and Public
service Commission in assisting us to meet such increased expenses as m ay
bo duo to carrying out tho agreement now arrived a t.”
lh o M ayor and tho Chairman o f the Public Service Comm ission wero
very insistent upon tho point that tho interests o f tho public o f N ow Y ork
demanded immediate settlement o f the controversy. But wo recognized
very clearly that settlement upon the terms they proposed would probably
involve increased financial burden upon this com pany.
°. D iv id e n d s P a id .— The N ew Y ork Railways has outstanding approxi­
m ately $18,000,000 4 % bonds and approxim ately $30,000,000 5% income
bonds. Under the terms o f tho mortgago the com pany must pay out all
o f its net earnings after necessary working reserves, in the form o f interest
on these 5 % Income bonds. Yet in no year sinco tho reorganization o f tho
N ew York Railways has it paid or earned full interest on such bonds. N o
dividends whatever aro paid on tho com pany’s stock. T ho property, as a
matter o f fact, has never yet yielded a fair interest on its conservative bond
issuo.
W e felt it only fair, therefore, to bring tho financial aspects o f the situa­
tion immediately to tho attention o f theso officers representing tho public.
I f wages aro to bo Increased som ebody must pay the bill, and that fact
ought to bo candidly considered when tho obligation is being incurrod.
.. 1 his was the policy followed in settling the English striko in 1911 when
tho British Governm ent agreed that whatever burdens upon tho railroad
companies should be due to increased wages growing out o f that settlement
should be considered a justification for increased ratos.
R a te o f F a r e L i m it e d .— N o matter what increases in wages or other ex­
penses tho street railroad m ust m eet, tho public must bo carried any dis­
tance for five cents.
Though the com pany is absolutely limitod to charging a five-cent fare,
tho purchasing power o f that nickel is constantly decreasing. T he price o f
nearly everything wo buy is going up. N or does tho street railroad corapany actually receive a five-cent faro for every passenger carried. Tho
N ow Y ork Railways, for instance, in 1915 carried 251,000,000 passengers
who paid full faro and 109,000,000 passengers who traveled on free transfers.
T ho result was that our actual receipts per passenger, instead o f being 5
cents per trip, wero actually a uttle under 3 lA cents per trip.
It being impossible to incroi ■the five-cent fare, ono possible other way
b y which tho com pany can meet increased financial burdens is through
relaxation b y tho city o f some o f tho burdens it imposes upon tho railroad
com pany.
P a y m e n ts T o o r F o r th e C i t y .— W o havo to pay out, for instance, every
year, approxim ately $400,000 to .$500,000 for paving the streets inside and
alongside our tracks. That is required o f us b y tho city.
W o aro also requ red to rem ove the snow on tho streets whero our tracks
run. That expense averages over $100,000 a year, and is required o f us
b y tho city.
W o also p ay tho city as license for running our cars approxim ately S20
a year.
Our taxes amount to m oro than $1,000,000 a yoar. That Ls required o f
us b y tho public.
_
If, therefore, public officials, in their capacity as representing tho broad
interests and convenience o f the public, place upon us additional burdens,
wo d o not think it is asking too m uch to request the co-operation o f these
ofiicials in assisting us to meet the increased expense incident to carrying
out the strike settlement, which, in the public interest, they urged us to
a ccept.— V . 103, p. 494.

Ohio Traction Co.— Valuations and E a r n in g s .—
See Cincinnati T raction C o. a bov e.— V . 102, p . 437.
Philadelphia Rapid Transit Co.— Strike P la n F a ils . —
T he attem pt to fom ent a strike for higher wages and com plete union
recognition, utterly failed.— V. 103, p. 401. 494.
Quebec Railway Light Heat & Power Co.— Contract
“ Canadian
Financial Post,” Toronto, Aug. 5, said in substance:
Signed f o r Sale o f Quebec & Sa guenay, A c . — Tho

Tlie signing o f the contract with the Governm ent has encouraged som e
a ctivity in Quebec stocks at slight advances. It is reported that some
part or the purchase price m ay be paid in at once. T he deal was made in
accordance with the legislation passed last year and was duly ratified b y
tho Cabinet on W ednesday last. Tlie Exchequer C ourt will now settle the
exact prico to bo paid for the road. In addition to the Quebec & Saguenay,
there is included in the purchase the Lotbiniero & M egantic R y . B oth
aro largely controlled by the Quebec R y ., Light, H eat & Power C o.
T ho am ount payable to the Quebec R y . L t. H t. & Power C o . will be
paid b y tho Governm ent assuming the bond issue outstanding o f .$2,500,000
and paying tho interest and bonds when they becom e duo. T ho balance
o f tho purchase price, if any, will be paid in cash. There is S373.000 o f
tho bonds hold b y the Quebec com pany and those will be paid for at par
b y the Governm ent when tho purchase is com pleted. See V .102, p.2255.
T ho lines o f railways are to bo operated b y tho companies until actual
possession, and tho com panies must render accounting to the G overnm ent
from Juno 30 until possession is taken. T ho Quebec com pany agrees to
furnish tho power necessary to operate tho Quebec M ontm orency & Charle­
v o ix R y ., which is the electrical portion o f the Quebec & Saguenay now
being operated b y the Quebec com pany.— V . 102, p. 2255.
Railroad Labor Situation.— Vote fo r S trik e. —
Seo editorial columns on a preceding pago.

San Francisco-Oakland Term. Rys.— 9 M o s . E a rn in g s.
The operating revenuo for the nine m onths ending Mo,rch 31 1916 was
$3,341,576; net, after taxes, $ 837,2/8; other incom e, $47,878; gross incom o
$8S5,156; charges, $755,739; and balance, surp ., $129,417.— V .102,p.2343.
Savannah & Atlanta Ry.— N o te s O ffered . — William
Morris Imbrio & Co. are offering at 9 9 ^ , to yield 6 lA%,
$500,000 one-j^ear 6% 1st M . gold notes, dated July 15 1916
and due July 15 1917. Interest J. & J. 15. Trustee, Frank­
lin Trust Co., N. Y . The road is operated by the Savannah
& Northwestern Ry. under a traffic agreement that “guaran­
tees the interest on these bonds as a prior operating charge.”
A circular says:
Savannah & Atlanta R y . Is tho link connecting the Georgia R R . and tlio
Savannah & Northwestern R y . Its com pletion makes a direct ami by
28 miles tho shortest route botweon A tlanta and Savannah, tw o o f the great­
est com m ercial centres o f the South. It extends 35 miles through very rich
and highly developed country.
Over this lino tho Georgia R R . gets its only direct ontrance to Savannah
and tiro Savannah & Northwestern its only diroct entrance to Atlanta, and
at Wrens it furnishes tho Savannah & Northwestern with an entrance to
Augusta over tho Augusta Southern. The Georgia R R . is leased join tly
b y the A tlantic Coast kino and Louisville & Nastivillo, and taps the traffic
bound to tho seaboard from tho Ohio and Mississippi valleys. T ho Savan­
nah & Atlanta is an absolutely necessary link for direct .shipment over tho
Georgia R R . to tho coast.
Theso notes are secured b y an absolute direct 1st M . on tho property o f
tho com pany at tho rate o f only $14,300 per m ile. T ho notes are addition­
a lly secured by a deposit under tho m ortgage o f all the capital stock o f tho
P ort W entworth Term inal Corporation which controls tho tidewater
terminals o f tho Savannah & Nothwostern R y. at Savannah, and which
owns about 2,000 acres o f land appraised at $700,000.
The road is operated by tho Savannah & N orthwestern R y . under a
tra ffic agreement that guarantees tho interest on these bonds as a prior
operating charge. Jiecause o f tho unique position o f the road on which
these notes have a 1st M . lien, and tho security behind them , both as to
principal and interest, we recom m end them for Investment.— V. 102, p. 34(5.

Savannah & Northwestern Ry.— T ra ffic
See Savannah & A tlanta R y. a b ov o.— V . 102, p. 346.

G u a ra n ty. —

Southern Railway.— B onds L isted . — Tho New York Stock
Exchange has listed $3,030,000 additional First Consol. Mtge.
5 % bonds which were sold somo months ago (V. 102, p. 801),
making tho total amount listed $71,809,000.
These $3,030,000 bonds were issued to replaco (a) $154,000 Richm ond &
Danvillo R R . C o. C oasol. M tge. 6 % bonds o f 1874, due Jan. 1 191.5: (b)
$1,925,000 Columbia & Greenville R R . 1st M . 6 % bonds o f 1881, duo Jan. i
1916: (c) $951,000 Virginia M idland R y . C o. Serial M . 6 % bonds o f 1881,
duo M arch 1 1916.
T ho balanco sheet o f M a y 31 1916 shows loans and bills payable o f
$5,455,000.— V. 103, p. 490.

Sunbury & Susquehanna Ry.— Sale O rdered.—
Judge Cummings in the C ounty C ourt at Sunbury, P a ., on Aug. 10
ordered this com pany’s property sold as a wholo.— V . 102, p. 252.
Syracuse & South Bay Electric RR.— M o d ifie d P la n . —
Tho reorganization committee in circular dated at Syracuse,
N . Y ., July 28 1916, say in brief:
T he properties covered b y tho $550,000 1st M . bonds o f tho Syracuso
& South Ray E lectric R R . C o. and Syracuse W atertown & Sr. Lawrence
R iver H R. C o. are now being advertised for sale under foreclosure. Allen
& Peck, Inc., Engineers, estimate the not incom e o f the com bined proper­
ties applicable to capital, for tho year ending June 30 1917. at $19,000, being
about tho same as the incom e for the year ending June 30 1914. T hey also
recomm end that considerable expenditures be m ade im m ediately in renew­
ing poles and ties and surfacing track. Tho property o f the Oneida Lake
Term inal C o. at South Ray. upon which the railroad terminal is located,
should, we believe, be acquired. A lso, provision must be m ade for the ex­
penses o f tlie foreclosure, tin' distributive share o f the few bonds not de­
posited with the com m ittee, tho expenses o f the com m ittee, & c. It being
im practicable to raise the $50,000 cash needed for theso purposes upon the
new securities as heretofore proposed, a m odification o f tho plan (V . 100.
p. 2011) appears im perative so as to permit the issue o f not to exceed $50,000
o f First Lien Secured notes.
T he estim ates earnings m ake it advisable to reduce the proposed bond is­
sue from $375,000 to $205,000, with a corresponding increase in new first
pref. stock. T he actual earnings under tho receivership do not warrant
the paym ent o f interest on the bond issue as originally proposed from July 1
1915, and wo believe that interest on tho new bond issue as now proposed
should accruo from O ct. 1 1916. For tho purpose o f ensuring a continuity
o f management and control, we have inserted in the proposed amendments
a provision for a 5 year voting trust and the new stocks will be delivered
in tho form o f voting trust certificates.
M o d ific a tio n s o f Plan o f R e o r g a n iz a tio n d a ted J u ly 28 1915.
P r o p o s e d C a p it a l i z a ti o n , S u b je c t to M o d i fi c a t io n bp N . Y . P u b . S e r e . C o m m .
First Lien N otes, interest rate not to exceed 6 % , a first lien on all
prosont or future property (seo abov e). N ot ov er_____________ $50,000
Sinking Fund M tgo. 5% bonds (authorized issue not to exceed
$600,000). A m ortgage Hen subordinate to the First Lien
N otes on all present and future properties. T o bear interest
from O ct. 1 i 0 !6 and to mature in not m ore than 30 years.
Sinking fund annually 60% o f tho net corporate incom e for the
revious year, as now defined by the N ew York l‘ . 8. Com m .
tedeemable at a premium. T o be issued fas to $205,000] in
reorganization on account o f the existing bonds, and the re­
mainder to bo reserved for issue at not less than 90% o f their
faco value to pay for additions or betterments costing not less
than $100 for every $80 o f bonds issued against such additions
and betterm ents________________________________________________ 205,000
F i r s t P r e fer r e d S tock , 6 % non cum ulative, and preferred both as
to divs. and assets. Par $100 a share. Authorized issuo lim ­
ited to $500,000; outstanding, not ov er_________________________ 425,000
S e c o n d P r e fe r r e d S to ck , 6 % non cum ulative, and preferred over
com m on as to divs. and assets. Par value $100. Authorized
issue limited to $500,000; outstanding, not ov er________________ 420,000
Com m on stock, par value 8100 a share, authorized issuo limited
to $200,000. Outstanding, not to exceed_____ __________________150,600

P

T r e a tm e n t o f E x is tin g S e c u r itie s A m o u n ts in D o lla r s S u p p lie d b y E d .] .
F irst Proposed —
------------------------- W ill be Exchanged fo r --------------------------Each 81,000 o f
5 % Bonds.
1st P ref. Slock. 2d P ref. Stock. Com m on Stock.

South Ray bonds........ 50%-S275,000 40%-S220,000 ____________ _____ ______
Watertown bonds___ 4 0% - 80,000 27H % -55,000 ____________ ____________
All other debts................... ......... ................................ Ib0%-.$420,000x ______ ______
South Bay pref. stk................................................................................ 50%-S150,000
N ow Proposed —•
South Bay bonds........ 30%-S165,000 f.0%-330,000 .................................................
Watertown bonds___ 2 0% - 40,000 47JS %-95,000 . ........... ....... ............................
All other debts........ ..................................................... 100% . S420.000x................... ...
South Bay pref. s to c k ................................................ _ . .......... ....... 50%-$150,00i>

x Not to exceed this amount.
Holders o f existing com m on stock o f the two companies are to receive
nothing under the plan.
Voting trust certificates are to bo issued in placo o f tho new stock, pur­
suant to a five-year voting trust agreem ent; Arthur W . Loasby, William
N ottingham and Ferdinand W . Roebling Jr. will bo voting trustees.
Iu caso tho P. S. Comm ission shall require a reduction o f tho amount o f
stock, bonds or other indebtedness provided for under this plan, such re­
duction shall, if possible, bo mado in tho amount o f tho new com m on stock
and tho amount thereof to lie received b y holders o f existing South Bay
pref. stock shall bo reduced accordingly. In caso tho reduction required
shall bo such as to eliminate the proposed new com m on stock, the holders
o f tho existing South Ray pref. stock shall receive nothing under tho plan
and tho new second pref. stock shall be called com m on stock. In case tho
reduction is such as to reduce the amount o f tho second pref. stock (there­




upon to ho called com m on stock) below tho amount proposed, then tho
am ount o f such 2d prof, stock to bo roceivcd b y tho holders o f other indebt­
edness shall be reduced accordingly. In caso tho reduction shall bo such
as to eliminate the new 2d pref. stock as well as tho proposed new com m on
stock, then the holders o f such other indebtedness shall rccoivo nothing.
In caso tho Comm ission shall require still other reductions, the now stock,
bonds and other indebtedness to bo issued, and tho distribution thereof,
shall bo such as the Comm ission shall approve, and as nearly as possible
in accordance with tho plan, but so that before any distribution is m ado to
tiio holders o f existing other indebtedness the holders o f tho existing bonds
o f tho two companies shall receive stock and bonds o f tho aggregate faco
valuo o f those which they would receive under the plan. O f tho remaining
stock approved b y tho Com m ission, the holders o f existing other indebted­
ness o f both com panies shall, before any distribution is mado to tho holders
o f existing South R ay pref. stock, receive, if possible, an amount equal in
face valuo to the amount o f stock which they would havo received under the
plan.
C om m ittee: Ferdinand AV. R oebling Jr., AVilliani N ottingham and
W ilbert L . Sm ith.— V . 103, p. 494.

Third Avenue Ry., New York.— Strike E n d s .—•
Seo N ew Y ork Railways a b ov e.— V . 103, p . 494.
United Railroads of San Francisco.— D ep o sits o f 4 %
of tho 4 % bonds aro asked to doposit
theso securities Avitli tho Union Trust Co. of San Francisco
or Avith its agents, tho Guaranty Trust Co. and Equitable
Trust Co. of N. Y ., preparatory to a readjustment.
B o n d s .— Holders

D ig est o f S ta te m e n t b v R e a d ju s tm e n t C o m m itte e , San F r .. A u g .1915.
A t tho request o f m any owners o f th e 4 % bonds, the undersigned have con­
sented to act as a com m ittee for the purpose o f bringing about a readjust­
m ent o f tho debt or a reorganization o f the affairs o f that com pany in such
manner as m ay, with due regard to rexpcctlvo rights, best protect tho
interests o f all concerned. Y ou aro doubtless familiar with the continued
decreaso o f the market price o f theso bonds, but tho necessity for imm ediato
action m ay not bo known to all. On O ct. 15 1916 $1,800,000 o f tho 6 %
bonds o f M arket Street C able R y . C o. becom e payable, and on D ec. 31 1916
$400,000 o f tho bonds o f tho Ferries & C liff House R y. must lie paid. T ho
m aturity o f botli o f these issues has been postponed from time to tim e, but
cannot bo extended further. In the case o f tho M arket Street C able R y .
6 % bonds, the statute o f limitations will bo a liar to a foreclosure suit on
and after Jan. 1 1917 and therefore the holders o f thoso bonds will surely
com m ence proceedings before that date unless paym ent be m ado.
In addition to this $2,200,000 and interest thereon, there will becom e duo
on O ct. 1 1916 six m onths' interest on your 4 % bonds, which interest
amounts to $470,480. It is absolutely im possible for the com pany to moot
theso paym ents from its earnings, and on account o f existing conditions
and the market price o f its bonds, it cannot raise the necessary m oney by
tho issuance and sale o f new obligations. T ho bonds which aro about to
mature are a first lien upon tho properties. It is therefore evident that a
reorganization is im perative ana must bo imm ediate.
$49,159,000 o f B o n d ed a n d O th er F ix e d I n d e b te d n e s s o f the C o . a n d C o n s lit. C o s .
M arket Street Cable R y . C o . 6s, payable O ct. 15 1916...............-$1,800,000
400,000
Ferries & (Miff House R y . C o ., payable Dec. 31 1916___________
Omnibus Cablo G o ., payable A pril 2 1918______________________ 2,000,000
Sutter Street R y . C o ., payable M a y 1 1918___________________ 1,000,000
M arket Street R y. C o. 5s, payable Sept. 1 1924_____________ 7,098,000
San Francisco E lectric C o ., payable Jan. 1 1932________________
329,000
Gough Street R It. C o ., payable M a y 1 1932__________________
45,000
E quipm ent obligations__________________________________________
280,000
T otal underlying bonds_______________________________________ $12,952,000
United Railroads 4 % b o n d s . . . .......................
-.2 3 ,5 1 2 ,0 0 0
Unsecured notes_________________________________________________ 3.005,000
T he com m ittee has not yet fully determined upon a plan o f reorganization.
It will look into the situation and endeavor to effect a readjustm ent o f the
debt or reorganization in such a way as will do justicn to tho present holders
o f the bonds and securities, and at tho same tim e place tho com pany on a
sound financial basis. As soon as a plan is finally decided upon, copies o f
It wfil bo subm itted to tho bondholders and presented to tho California
R R . Comm ission for approval. It will bo evident to all that prom pt and
im m ediato action is necessary. T he com m ittee also desires to know as
soon as possible to what extent it will have tho support o f tho bondholders
in carrying through, and what bondholders will becom e parties to, such plan
as m ay be determined upon by it, subject to approval o f R R . Com m ission.
Should any depositor lie dissatisfied with the plan after its announcem ent,
he m ay within 30 days thereafter withdraw his bonds from deposit b y p ay­
ing not exceeding $1 for each 31,000 bond, to cover Ills share o f incidental
expenses incurred by the com m ittee up to that time.
Unless such am ount o f tho bonds shall havo been deposited b y Sept. 15
1916 as to justify the belief that a fair plan o f reorganization can he consum ­
m ated. it is probable that the interest on the 4 % bonds will not bo paid b y
the United Railroads, in view o f the fact that the principal o f its underlying
bonds becom es payable so soon thereafter.
.
All interest, if any, collected b y tho depository on tho deposited bonds
will tie prom ptly paid over to the depositors or tliolr assigns.
(Committee': Frank IL Anderson, Chairman; W illiam IT. C rocker,
Herbert Flelshhacker, I. AV. Heilman Jr., John D . M c K e e .]— V . 103, p.407.

Wheeling & Lake Rrie RR.— Sale P o stp on ed .— There
being no bidders at the foreclosure sale on Aug. 9, Special
Master EdAvinDrake ordered the sale indefinitely postponed.
A . B . Stewart, attorney for the Central Trust C o ., N . Y ., bondholders’
trusteo, is quoted as saying that a new order o f salo would not bo asked till
som o reorganization plan had been agreed upon.— V. 103, p. 240.

Youngstown Southern (Electric) Ry.— S a le .—•
This property will bo sold at public auction on Sept. 2. T h e property is
ppralsed at $975,009. Seo V. 102, p . i988.
INDUSTRIAL AND MISCELLANEOUS.
Advance-Rumely Co., La Porte, Ind.— D irector .—
Lucius T cter, President o f tho Chicago Savings Bank & Trust C o ., has
been elected a director o f this com pany.— V. 102, p. 2344.

Aetna Explosives Co.— N e w D irector .—
Bradley AV. Palmer o f Boston has been elected a director to succeed
Josiah H oward o f E m poria, Pa.— V. 103, p. 408.
American Ammunition Co.— I n q u ir y .—
Seo "R esu lt o f Canadian Inquiry” in last week’s “ C hroniclo,” page 460.
American International Corp.— In sta llm en t C alled .—
T he com pany has called for paym ent an installment o f $10 per share on
tho capital stock, payable at tho N ational C ity Bank, N . Y ., on A ug. 10.
— V . 103, p. 210.
American Pneumatic Service Co.— 6 M o s . E a r n in g s.6 M o s . to J ’ n e 30— 1916.
1915
6 A f o s .t o J ’ n e 30— 1916.
1915.
M ail tube c o s ____$182,764 $179,630 G on’l & ongino
oxp on sos______ $35,404 $18,140
Tho Lamson C o . . 68,681
16,830
48,193
Other incom o____
4,030
5,567 Int. & sink, fu n d - 48,745
N ot earnings— $171.326 $135,086
T otal In co m e ..$255,476 $202,029
Orders for six months increased $257,000 over last year.— \r. 103, p. 240.

American Woolen Co., Boston.— M i l l s .— Tho folloAving
is an official list of tho mills:

(1) A yer'M ills. Lawrence, M ass. (2) Washington M ills and AVood Wors­
ted M ills. Lawrence. M ass.; N at. & P rov. M ills, Providence, R. I.; Saranac
M ills, Blackstone, M ass.; Arms M ills, Skowhegan, M o .; Fulton M ills,
Fulton, N . A'.: Arden M ills, Fitchburg, M ass.; Champlain M ills, W inooski,
V t.; B eoliM ills, AV. Fitchburg, M ass.; AVavorly 'Mills, Pittsfield, M e .; G lobe
M ills, Utica. N . Y .; Valley M ills, Providence, R . I.; Riverside M ills,
Olnoyville, It. I.; Assabet M ills, M aynard, M ass.; Sawyer M ills, D over,
N . H.; Pioneer M ills, Pittsfield, M o .; Bay State M ills, Lowell, M ass.;
Foxcroft M ills, F oxcroft, M o .; Reaver lirook M ills, Lowell, M ass.; Vassalboro M ills. N. Vassalboro, M o .; Rovaiston M ills, So. Royalston, M ass.;
Puritan M ills, Plym outh, M ass.; Anderson M ills, Skowhegan, M o ,; Indian

Sprint; M ills, M adison, M o.; Kennebec M ills, Fairfield, M e .; Ounegan
M ills, Old T ow n , M o .; M anton M ills, M anton, 11. 1.; Anchor M ills, llarrisvllle, U. 1.; Burlington M ills, W inooski, V t.; Forest M ills, B ridgton, M e .;
Chase M ills, W ebster, M ass.; Itochdalo M ills, Kochdale, M ass.; Brown
M ills, D over, M o.; Hartland M ills, H artland, M e.; Kay M ills, Franklin,
M ass.; Ilecla M ills, Uxbridge, M ass.; W eybosset M ills, 1’rovldenco, It. 1.;
B altic M ills, E nfield, N . 11.; Newport M ills, N ew port, M e .; M oosup M ills,
MoOsup, C onn.; Oakland M ills, Oakland, M e .; Lebanon M ills and M ascom a
M ills, Lebanon, N . 1£.; Prospect M ills, Lawrence, M a ss.; Bradford M ills,
Louisville, K y .— V. 102, o. 1542.

Arizona Copper Co., Ltd.— E a r n s, f o r 6 M o s . to M a r . 31.
Gross incom e...........................£158,613 IDebon. interest (n ot)..............£30,642
N et earnings........................... £129,1951 For redemp. o f debentures. 40,265
Other incom e...........................
7 ,9 8 0 1Preference dividends______
12,265
T o t a l ....................................£137,1751
— V . 100, p. 644.

Balance, surplus................. £54,002

Atlas Powder Co. (Wilmington, Del.).— Extra Dividend.
An extra dividend o f 3 % has been declared on the com m on stock, in ad d i­
tion to the regular quarterly distribution o f 2 % , both payable Sept. 10 to
holders o f record A ug. 31. The same am ount was paid tnree m onths ago.
Extra payments on the com m on stock since the inauguration o f dividends
have been as follows:
June 10 1915; 1 H % 8ept. 10 1915; 3 '/>% D ec. 10
1915 and 3 % M a r. and Juno 10 1916.— V . 102, p. 1899.

Braden Copper Co.— Monthly Production (in pounds).—
1016— J u ly —-1915.
D e c r e a s e . I U H O -J a n to J u l y - 1 0 1 5 .
In crea se
$2,760,000
82,890,000
S130,0001 $25,870,000 818,128,000 $7,742 000
T he production for July was about 60% o f normal.— V. 103, p. 140, 63.

Breitung Hematite Mining Co., Ltd., Cleveland.—
Guaranteed Bonds.—

T h e T illo ts o n , W o l c o t t C o . , C le v e ­
la n d , r e c e n tly p u rc h a se d a n d h a v e o ffe re d a t p a r a n d in t.
p ra c tic a lly th e e n tire a u th o r iz e d issue o f $ 7 0 0 ,0 0 0 1 st M . 0 %
L e a s e h o ld S in k in g F u n d serial g o ld b o n d s d a te d J a n . 1 1 9 1 0 .
A circu lar sh o w s:
Duo $100,000 yearly each Jan. 1 from 1920 to 1926, both inclusive, but
redeemable at 101 and in t., all or part, on any interest date in reverse
order o f m aturity on 5 weeks’ notfeo. Coupon bonds o f $500, 81,000.
Interest J. & J. Principal and interest, payable at First Trust & Savings
C o ., Cleveland, trustee. Guaranty Trust C o. o f N . Y ., Continental & C om ­
mercial N at. Bank o f Chicago, are guaranteed unconditionally by Breitung
& C o ., L td ., o f M arquette, M ich ., and N . Y . City.
A first mortgago on 20-year leasehold estates on over 175 acres, estimated
to contain at least 8,000,000 tons o f iron ore, valued at 88,000,000 after
paying all mining cost; also on underground developm ent and a now mining
plant com pleted during last two years at cost o f over $300,000. Through
the endorsement o f Breitung & C o., L td ., 95% o f the fee owners guarantee
this mortgago. Theso foo owners also own 95% o f the feo o f over 1,200
acres o f high-grade iron oro properties surrounding this property. The feo
owners agree to defer, if necessary, all ground rents, royalties and other
paym ents until tho retirement o f this issue, virtually tying the bonds to the
foe. Annual earnings should exceed $400,000, or ten times the annual bond
interest. Properties estimated to continue at this rato 20 to 30 years.
Sinking fund estimated over $100,000 annually.
The issue was originally brought out by Breitung & C o., L td. N . Y . City.

Data from Letter of Gen. Mgr. E. N. Breitung, Jan. 31 1916.

A partnership association incorporated in M ichigan; capital stock, $1,­
000 000. Property located in heart o f Ncgauneo Basin, in tho C ity o f
Neg’aunoo M ich ., 13 miles from M arquette on Lako Superior, consists o f
approxim ately 175 acres, acquired under 20-year leases. The stockholders
have already spent over $300,000 to develop their mines and com ploto their
equipm ent. A t least ten million tons o f merchantable oro should bo re­
covered, and probably much m ore, a large part being high-grade Bessemer.
These bonds (total authorized $700,000) are tho com pany’s only debt, and
thoy provide tho funds for further improvements and d evelop m en t,'& c.
Sinking fund to meet maturing obligations, 35 cents per ton o f ore mined
and shipped for first six years and 30 cents for last four years, any deficit
to meet tho maturing obligations being guaranteed by Breitung & C o ., Ltd.
T he product is handled by E. N . Breitung & C o ., oro sales agents, Cleveland.

F eb ru a ry.

M arch .

A p ril.

M ay.

J u n e.

J u ly .

A u g u s t.

5,750
6,800
8,000
9,000
9,625
10,250
11,500
Bulletin N o. 2, giving the income account for 4 'A m onths ended D ec. 31
1915 and tho balance sheet o f that date, was in V. 102, p. 972.
T ho cash position o f the com pany as o f M ar. 1 1916, covering cash and
transit items, is $5,377,OSO.j— V. 102, p. 1628, 1026.

Chile Copper Co.—
Jan u ary.

P roduction o f C op p er in P o u n d s .—

F eb ru a ry.

M arch .

A p ril.

M ay.

J u n e.

1 9 1 6 -.( lb s .)2 ,066,782 3,144,480 3,536,796 3,702,327 3,664,000 3,610,000
Up to the end o f August 1915 $13,000,000 had been spent for construc­
tion and equipment; outstanding stock is $95,000,000 and convertible
10-year 7 % bonds $15,000,000. Floating debt in August 1915 was a b o u t
$5,000,000.

Chino Copper Co.— E a r n in g s .— 3 & G mos. end. June 30:
1916.
1915.
(3 M o s . E n d in g J u n e 30)
Gross p r o d u c tio n ...lb s .
18,099,182 18,455,502
M illing and p rofit______ S3,136,278
$1,937,951
M isc. incom e, rents, & c.
85,690
68,597

1916.
1915.
E n d in g J u n e 30)
34,366,632 30,1,88,010
$ 5 ,8 0 i ,694 $2,773,144
165,260
124,042

(6 M o s .

T otal net profits..........$3,221,969 $2,006,548 $5,968,954 $2,897,186
D ividends p a id ................ 1,957,455
652,455
3,044,930
1,087,425
N et s u r p lu s ................$1,264,514 $1,354,093
$2,924,024 $1,809,761
T he above earnings are com puted upon the basis o f 27.49 cents and
26.566 cents for copper in the quarters ending June 30 and M arch 31 1916,
respectively, and 17.54 and 14.37 cents for the respective quarters in 1914.
— V. 103, p. 323.

Cincinnati Gas & Electric Co.— L is tin g .—
This com pany has applied to the N . Y . v tock Exchange for authority to
list $4,500,000 1st M . 5 % bonds duo April 1 1956.— V . 102, p . 1542.
Cleveland (O.) Electric Illuminating Co.— E a r n in g s .—
June 30
Y ear—

G ro ss

O p e r .E x p .

N et

I n t . , die.

D cp re-

B a l. f o r

E a r n in g s .
<& T a x e s . E a r n in g s . C h a r g e s, c ia li o n . C o m . D i e s .
1915-16.$4,649,339 S2.506.377 $2,142,961 $4.32,134 $564,933 $1,145,894
1 914-15. 4,281,273 2,202,470 2.0V8.S03 426,198 428,128 1,230,477
“ Interest, & c ., charges" include interest charges, preferred dividends
paid during the year and amortization o f bond discount.— V. 100, p. 400.

Davison Chem. Co., Balt.— E a rn s, f o r 6 M o s . to J une 30.
T he manufacturing profits including recovered materials for tho 6 months
onding June 30 1916 were $287,425. A dding $58,233 for cancellation o f
contracts and $34,179 for interest and discount received, makes a total net
profit o f $379,837.— V . 103, p. 1813, 1252.
Dominion Park Co., Ltd.— B onds C alled .—
T he series B debenture bonds due Aug. 15 will bo paid on that day at the
head office o f the Bank o f M ontreal, Canada.— V . 83, p. 495.
Dominion Steel Corporation.— N o v a Scotia Coal S h ip ­
“ Maritime Mining Record” reports for this g o ’ s
subsidiary, the Dominion Coal Co., and other organizations:
m e n ts .— 'The

N o r a S c o tia C o a l S h ip m e n ts —
1915.
D om inion C oal C o ____________ 465,0S9
Dom inion Coal C o. (Springhill) 26,528
N ova Scotia S. & C . C o _______
67,536
A cadia Coal C o ________________ 25,699
Intercolonial Coal C o __________
14,848
Inverness Ity. & Coal C o ______
18,967

1916.
391,238
20,942
48.780
29,225
9,508
20,930

------- S ix M o n t h s ---------1915.
1916.
1,641,410 1,772.303
165,425
150,048
219.966
257,547
124,345
172,702
73,874
53,406
103.966
138,212

T otal ton s...................... .......... 618,767
— V. 102, p. 2250. 2170.

520,633

2,328,986

2,544,218

Elgin Motor Car Corn., Chicago.—

Stock In c r e a s e .—
This com pany on Aug. 7 filed a certificate at D over, D el., increasing its
capital stock from $1,000,000 to $3,500,000.

Federal Signal Co.— A g re em en t .—
Data from Report of C. B. Dunster, Mining Engineer, Jan. 31 1916.
See Union Switch & Signal C o . below .— V . 89. p. 996.
T ho property is in tw o groups, ono-quarter o f a mile apart, and operated
as two separate mines. N o. 1 mine, operated in a small way for many
Fisher Body Corporation (of N. Y .)— M e r g e r . — P ref.
years, producing a very high grade Bessemer, now has thoroughly modern
equipment and a largo shaft, and will produco a largo tonnage o f tills same Stock O ffered .— Ilallgarten & Co. and Eugene Meyer Jr. &
high grado o f ore as well as a much larger tonnage o f good grade non-Bessomer ores. N o. 2 mine adjoins the M ary Charlotte mine (under tho same C o . have contrasted to purchase §5,000,000 7% cumulative
management) and operates through the M ary Charlotte shaft at a cost preferred stock (par value 8100) and part of the common
probably as low as any mine on tho range. It has been a steady producer stock issuo of 200,000 shares of no par value.
Preferred
o f non-Bessemer ores since 1906. During developm ent a little over
1.000. 000 tons o f ore have been shipped from these mines. Tho principal stock is redeemable at S120 per share, plus accrued dividends
ores produced dried at 212 degrees, show: Iron, 54.34 to 6 2.3 4% ; p hos., and is preferred as to assets and dividends.
Dividends Q.-F.
.031 to .093; silica, 7.95 to 17.70.A reserve tonnage o f about 3,350,000
beginning Nov. 1st 191G. Annual sinking fund.
tons is either developed or drilled.
C a p ita liz a tio n . — (N o mortgage or funded debt outstanding).
California Petroleum Corp., Los Angeles.— Earnings.— Pref. stock, par $100; a u tli., $ 6 ,COO,000; to bo presently issued $5,000,000
Com m on stock, no par value; auth. and to be presently Lss..2 00,000 shares
Q m o s .lo J 'n e S O G ro ss
N e t , a fte r
D ep rc c ia M is c c lD ie s .
B a la n ce
D igest o f S ta te m e n t by Pres. F. J. F ish er, D e tro it, A u g. 7 1916
( J u n e e s t .). le a r n in g s . I n t . . & c .
tim , & c.
la n eo u s.
P a id .
S u r p lu s '
O r g a n iz a tio n . — This corporation, about to bo organized in N . Y . State,
1 9 1 6 _______ $902,225 $580,592 N op rov ision $ 14 ,0i8 $246,860 $319 714
1 9 1 5 ______ N ot stated 518,787
$156,730
16,206 _
3768^1 will take over, either directly or through stock ownership, tho business and
properties o f our three com panies, organized in the years shown, viz.: tho
— V. 102, p. 986, 970.
'
Fisher B ody C o. (1908) and the Fisher Closed B ody C o. (1911), both o f
Central
O
il Foundry
X
-V
)Uliui jr Co.—
KJU.
Combined
y jyju
G iMos.
iiv o .
u
Earnings
u i H C U g S.-D etroit, and the Fisher B ody C o. o f Canada, Ltd. (1912), o f W alkorville,
T ho net earnings,
car '
after
“
sinking
W ri
*funds, "depreciation
,“ il
and’ charges, o f this Out. W e have a capacity o f 370.000 bodies per annum and are the largest
,nd Its subsidiary, the Central Iron & Coal C o., for tne 0 m os. manufacturers o f automobile bodies in the world.
com pany and
10 30
ending Juno
" 1916 wero $252,216.— V . 102, p. 1985, 1^38.
G roivth o f P r o p e r ly , B u s in e s s , V ic .—
F lo o r S p a c e .
E m p lo y e e s . B u s in e s s .
In 1909, first full oper. year, wo h a d ..
30,000 sq. ft.
200
$385 000
Cerro de Pasco Copper Corporation.— Dividends, &c.— In
1915 we had.................. ....................... 1,327,000 sq. ft. 6,000 10,000,000
T he usual quarterly dividend o f $1 a share has been declared on tho
W e maintain no selling organization as the demand has always exceeded
1.000. 000 shares o f stock, payable Sept. I to holders o f record Aug. 18 1916 our capacity. W e manufacture an important percentage, and in.some cases
T ho production o f copper in July 1916 amounted to 6,350,000 lbs., the
all, o f the bodies used on the following makes o f automobiles: Ford Cadil­
largest output In any one m onth in tho history o f tho co .— V. 102, p. (Jio.
lac, Buick, M axw ell. Chalmers, Hudson and Chandler. N ew business
offered us by other autom obile manufacturers will be taken on as soon as
Chalmers Motor Co., Detroit.— B al. Sheet J u n e 3 0 . __ •
our additional plants, now under construction, are com pleted. W e are
1916.
1911
ablo to sell bodies profitably at a price equal to or below the cost o f p ro­
1915.
A ssets—
S
$
duction o f the individual autom obile manufacturer.
B ldgs., m ach’y.
Tne present managers, who have built up the business, havo contracted
land. &c_____ 3,184,278 2,215,831
to serve in their present capacities for a long period o f tim e, and will retain
G o o d -w ill______
1
, 1
a controlling interest in the com m on stock.
Stocks other cos. 409,741 280,165
N e w C a p ita l.— At incorporation thero will be paid into the treasury addi­
Sales branches-. 120,962
120,962
tional cash capital o f $ 2,000,000 to provide for further developm ent o f tho
Cash on hand,& c 564,747 1,173,13.) D op. deal, contr.
business. T he com pany will nave no mortgage or funded debt.
Notes & acc. roc.2,873,383 1,049,005 Deferred accts
A s s e t s . — The appended financial statement shows net assets, after intro­
In v e n to rie s ____5,860,947 3,327,302 C o n tin .,& c.,re s . 136,783
145 764 duction o f new capital, o f SO,862,718. Including the profits from Juno 30,
Prepaid expenses
37,481
27,863 Surplus-------------2,066,674 1.010 [422
which will be left in the business, tne net assets at incorporation will exceed
$7,000,000. N o valuation has been placed on our good-w ill. Our patents,
T o t a l ............13,051,539 8.194.264
Total ............ 13,051,539 8,194,264 o f great value to our business, yielding us a considerable revenue from
-V . 102, p. 610.
licensees, are conservatively valued at S250.000.
E a r n in g s . — Our net operating profits for the three years ending Feb. 29
Chevrolet Motor Co., N. Y .— S ta tu s — -Pres. Wm. C. 1916, as certified to by I’rice. Waterhouse & C o ., have been as follows;
1913-14,
$369,321; 1914-15, $576,945; 1915-16, $1,390,952; after deducting
Durant in “ Bulletin No. 3 ,” dated Aug. 1 1916, says in subst • in each case
ample provision for depreciation and all expenses except inter­
On Aug. 1 1916 there was In tho treasury in excess o f $25,000,000 in cash
est on indebtedness to be retired by tho introduction o f new capital. T he
and securities. This amount docs not include any o f tho assets ronre- profits o f last year represent about four times the annual dividend on tho
sonted by plants, real estate, machinery, material, contracts, patents
pref. stock to bo presently issued.
good-w ill, &c. Tho investment securities owned are m ost c o n s e r v a tiv e ly
Our sales and profits for the first four months o f the current year (M arch
valued. Tho dividends from these investments, added to tho operating
to June) have both been m ore than double tho 1915 figuros. In these
earnings, will make a most gratifying snowing and bid fa ir to equal the four m onths, usually the smallest o f the year, our earnings wero $ 743,211.
official forecasts which havo been mado.
W o estimate our 1916 volume at $20,000,000, or double 1915, as our present
custom ers havo already engaged that amount o f business for tne current
year. W o havo now in operation three now plants with a tot il floor space
o f 510,000 sq. ft., acquired during tne fiscal year 1915-16, the full effect o f
and tlioso directing tho affairs o f this vast business feel deeply their resoon
which will not be felt until this year.
sibility and are steadfastly and earnestly co-operating along conservative
O u tlo o k . — Our business has great possibilities o f growth.
W e can now
and constructive lines. .Sensational notices to the effect that a price
handle less than half the orders we are receiving for closed bodies, and are
cutting war is imminent among m otor car manufacturers are confusing
adding to this department tw o plants with 306.000 sq. ft. o f floor space.
misleading and unfounded. ”
*’
Our Canadian business also has a big future ahead o f it. Other channels for
Bulletin N o. 1 dated Feb. 15 gave the following schedule o f proposed expansion are offered by the enlargement o f our hardware and fittings
production o f cars per month for tho succeeding seven months o f 1910
department and also o f our service department, for repainting, re-up­
T his schedule, wo are inform ed, has been approxim ately carried out.
’ holstering, &c.



P r c f . S to c k . —-Preferred as to assets and also as to dividends at rate o f
7 % p . a ., cum ulative. Entitled to a premium o f $20 per share upon any
voluntary liquidation, or if called for redem ption upon 60 days' notico.
Annual sinking fund, beginning in Aug. 1917, at least 15% o f the net earn­
ings for the last preceding fiscal year, after paym ent o f dividends on tho
pref. stock, but not less than $250,000 yearly, for purchaso or redemption
o f at least 5 % o f the aggregate am ount o f such pref. stock which shall havo
been issued, whether or not outstanding. Consent o f 75% o f tho outstand­
ing pref. stock is necessary to (a) tho creation o f any m ortgage or lien,
except purchase-m oney lion on property hereafter acquired, (b) any |in­
crease fn the authorized pref. stock. E xcept as abovo and as required by
law, tho pref. stock will havo no voting power, unless (1) tw o quarterly
dividends payable thereon are in default, or (2) tho com pany shall fail to
m aintain tho sinking fun d, but in either o f said contingencies will havo full
voting power to the exclusion o f tho com m on stock until default is rem oved.
N o dividend on the com m on stock unless and until the com pany shall havo,
after tho paym ent o f such dividend, accum ulated surplus earnings o f at
least $1,000,000 exclusive o f amount for purchaso or redem ption o f pref. stk.
A pplication will be m ade to list tho shares on the N . Y . Stock Exchange.
B a l. S h eet o f N e w C o r p ., P r e p a r e d bp C h a r te r e d A c c o u n t a n ts , a s a t .June 30’ 1G.
(G iving effect to the acquisition o f assets and application o f new capital.)
Properties, less depr’n, as appraised— Pref. stock, 7 % cu m ____ $5,000,000
Land and buildings____ $2,195,584 Balance, represented by
M ach.patterns & equip. 1,415,945
200,000 shares o f com .
P a t e n t s . . . ______ ________
250,000
stock o f no par value___ 1,862,718
M dse, and materials_____ 2,635,580 M erchandise debts______ 1.075,710
A ccts. and notes receivable 1,075,974 A cer, pay-rolls, taxes, &c_
248,311
C a s h ..............................
588,544
(T otal each sido, $8,186,745.)
Deferred charges_________
25,118
(Tho bankers named havo contracted to purchaso tho $5,000,000 prof,
stock and part o f tho com m on shares.]

Garland Steamship Corporation.— B o n d s.— T h o G u a r ­
a n t y T r u s t C o . o f N . Y . , th o m o r tg a g e tr u s te e , is o ffe r in g
a t 9 9 % , 9 9 a n d 9 8 a n d in t . fo r th o su cc essiv e series, F ir s t
M t g e . 5 % S erial b o n d s .
T o t a l a u t h ., $ 1 ,5 0 0 ,0 0 0 .
D a te d
J u ly 1 1 9 1 6 a n d duo $ 5 0 0 ,0 0 0 Series A J u ly 1 1 9 1 7 ; $ 5 0 0 ,0 0 0
S eries B J u ly 1 1 9 1 8 , a n d $ 5 0 0 ,0 0 0 Series C J u ly 1 1 9 1 9 ,
b u t c a lla b le a s a w h o le on a n y in te re st d a te a t lO i a n d in t.
o n th re e w e e k s’ n o tic e .
D e n o m . $ 1 ,0 0 0 ( c ) .
In t. J. & J.
D ata from Pres. ( i . G . A llen , 200 8th A ve., New Y o r k , J u ly 19 1916.
Incorporated in N . Y . State in M arch 1916. Authorized and outstand­
ing capital stock, $1,000,090 preferred and $900,000 com m on, all o f which
has been subscribed and paid for in cash at par. Formed to own steam­
ships and engago in the ocean freight transportation business.
Has
acquired a fleet o f steamships, with an aggregate deadweight tonnago in
excess o f 35,000 tons, with which it is carrying on a regular freight service
at present operating botween Baltim ore and English ports and botween
T acom a and Shanghai.
Already has profitable freight contracts, having almost a year yet to run,
covering a largo percontago o f tho capacity o f its vessels; and business con­
nections which insure further large tonnage for an indofinito period. It
is estimated that up to July l 1917 tho date o f m aturity o f Scries A bonds,
the net earnings will be considerably in excess o f principal o f that series.
N orlina, 7,230; total tonnago, 33,805, representing an actual cash in­
vestm ent o f over $4,500,000, with insurance to cover same. All tho vessels
aro under American registry and havo a rating o f 100 A -l at Lloyds, British
or Am erican, except ono vessel, with tho same rating under tho French
Veritas. A ll o f tho vessels were when acquired in good condition, with
som e minor exceptions, and all sinco acquisition havo been com pletely
overhauled where necessary.

General Electric Co.— Tungsten L a m p Patent S itu a tio n .—
T h o c o m p a n y m a k e s th o fo llo w in g a n n o u n c e m e n t:
T h e Just & lianam an patent N o . 1,018,502, issued on Feb. 27 1912 to
the General Electric C o ., has been sustained b y tho Federal D istrict C ourt
fo r the Southern D istrict o f N . Y ., and b y the Circuit C ourt o f A ppeals
for tho 2d Circuit, as broadly covering tho Tungsten filam ent incandescent
lamp. T ho General E lectric C o. desires to notify all persons not now li­
censed under such patent, who are m aking, using or selling Tungsten fila­
m ent incandescent lamps, that such patent will be strictly enforced agianst
them .— V . 102, p. 2345.
General Railway Signal Co. —A g re em en t .—
Seo Union Switch & Signal C o. beiow .- -V . 102, p. 1716.
... Goldfield Consolidated Mines Co.— M o n th ly
Jan.

F eb.

M arch.

A p ril.

o f a n a u th o r iz e d $ 1 0 ,0 0 0 ,0 0 0 issu a b lo so le ly fo r th is p u r­
p o s e ), it is p r o p o s e d t o p a y o f f a ll e x c e p t $ 4 0 ,0 0 0 ,0 0 0 o f th o
fu n d e d d e b t .
T h is w ill b e a c c o m p lis h e d b y g iv in g th o p re s­
e n t b o n d h o ld e r s o f b o t h issu es 5 7 % in n e w 2 5 -y o a r F ir s t
M o r t g a g o & C o lla te r a l T r u s t 6 % S in k in g F u n d g o ld b o n d s
a n d ca sh fo r th e r e m a in d e r o f th e ir p rin c ip a l a n d ca sh also
fo r th e fu ll a m o u n t o f th e ir a c c ru e d a n d u n p a id in te r e st to
O c t . 1 1916, a s fo llo w s :
E a ch
A m ount
I n te r e s t to ------- W il l b e E xc h a n g e d a t P a r f o r ------ .
$1,000 o f - O u ts ta n d in g . O ct. 1 1916.
N e w B on d s.
C a sh .
5 % b o n d s ..$17,632,000 $1,910,075 $ 57 0 -$ l0 050,240 $538 33-$9,491,835
4 B % bonds 52,594,000 5,916,825 5 7 0 - 29,978,580 542 50-28,532,245
T otal ...$ 7 0 ,2 2 6 ,0 0 0 $7,826,900

Say $40,000,000

$38,024,080

D e s c r ii ) li o n o f N e w S e c u r itie s .
F ir s t M o r tg a g e & C o lla ter a l T r u s t S in k in g F u n d g old b on d s

to bo datod on or
about Oct. 1 1916 and duo O ct. 1 1941, but subject to prior redem ption
on any interest dato at 110 and Int. on 4 weeks’ notice. Principal and
semi-annual interest to bo paid without deduction for any taxes which
tho com pany m ay bo required to pay except in so far as such paym ent
(without deduction) m ay bo unlawful under tho U. S. incom o tax law.
Sinking fund not less than $400,000 per annum beginning in 1917, and
proportionately m oro if m oro than $40,000,000 bonds are issued. T otal
auth., $50,000,000.
Present issue, bearing 6 % int., to b o .$40,000,000
Itemaining $10,000,000 reserved for future use under restric­
tions to m eet not over 85% o f the cost o f additional ships,
equipment, & c., and for improvements and betterments o f
tho property. Interest rate not to oxceed 6 % and callable
at not over 110 and interest__________________ $10,000,000
S e r ia l 6 % S e cu red G old N o te s to be dated on or about Oct. 1 1916, to bo pay­
able in substantially equal amounts on each O ct. 1 beginning In 1917 and
ending in 1921. Principal and semi-annual interest to bo paid without
deduction for arty tax except in so far as such payment (without deduction)
m ay bo unlawful under U. S. incom o tax law. T o bo secured, subject
only to tho aforesaid bond issuo, on all property covcred’by that mortgago.
T otal authorized, $10,000,000, issuablo only for tho purpose o f providing
tho cash required b y tho plan. T otal am ount expected to bo issued
not to e x c e e d ...-------- --------------------------------------- ---------------------$3,000,000
T h o d ire ctors w ill bo six te e n in n u m b o r , in throo c la sse s.
T ho plan is brought out just about ono year sinco tho form ation o f tho
com m itteo representing tho preferred stock. It is interesting to note that
when this com m ittee was form ed and published its notico by stating that
it would prevent the foreclosure o f tho mortgages and would tako stops to
seo that tho stockholders’ interests wero protected and tho properties o f
tho M arino C om pany retained for their benefit, that its prom iso has now
been fulfilled. Com pare V. 102, p. 2345, 2170, 2080.

International Nickel Co.— Common Dividend.—
A quarterly dividend o f 6% ($1.50) lias been declared on tho $41,834 600
com m on stock, payablo Sept. 1 to holders o f record A ug. 16.
C o m m o n S tock D iv i d e n d R ec o r d .

P e rc o n t. Par S 25 fD ec. 1912.
— V . 102, p. 20721
2

1910.
10Y

1914.
10

17Y

1915.
& 10% stk.

1916.
5, 8 ,6 ,-

Johnson & Johnson, New Brunswick, N. J.— Stock.— ■
T he com pany informs us that in 1914 tho capital stock was increased from
$3,250,000 to $4,900,000, tho present am ount. There aro no bonds au­
thorized or issued.— V . 103, p . 497.
Kennecott Copper Corp., N. Y . — Production in lbs.—
1910.
Jan.
Feb.
M ar.
April.
M ay.
June.
July.
Lbs...10,000,000 9,750,000 10,150,000 10,500,000 10,500,000 10,500,000 10,750,000
— V . 103, p . 148.
(S. H.) Kress & Co.— July 1916 Sales.—
. T he sales from Jan. 1 to July 31 1916 amounted to $7 543 548 an in­
crease o f $1,445,510, or 2 3.7 % over tho 7 m os. ondlng July 3 1 1 9 1 5 .—
V . 103, p. 64.
Lake Superior Corporation.— Death of President.—
Thom as J. Drum m ond, President o f this com pany, died at Castino
M o ., on A ug. 6.— V . 102, p . 1814.

(P.) Lorillard Co.— New Director.—
It. L. H enry has boon elected a director, Increasing tho board from nine
to ten members.— V. 102, p. 1055.

E a rn in g s.

M ay.

J u n e.

Magma Copper Co.— Monthly Earnings.—

29 000
$40,458

Q u a r te r s e n d . J u n e 3 0’ 16. M ar.31’ 161 Q u a r te r s e n d . J u n e 30’ 16. Afar.31’ 10
C opp. produc.lbs.2,232,936 2,043,784 Operating profit, .$305,025 $270,201
Cost o f copp., lb.
10.47
9.13 |A v . m onthly profit. 101,675
90,067

Gulf States Steel Co.— M o n th ly E a r n in g s. —
1916— J u ly ( N e t ) — 1915. I n c r e a s e . I 1916— 7 M o s . ( N e t ) — 1915.
In c.
$202,013
$46,973
$155,070 ($1.143,433
$268,149
$875,284
T ho abovo net denotes net incom o after interest, reserves, depreciation
and taxes.— V. 103, p. 242.

A quarterly dividend o f 1% has beon declared on the $5,000,000 com m on
stock, payable Sept. I to holders o f record A ug. 21. Quarterly payments
o f '/i o f 1 % havo been mado on this stock sinco Juno 1915.— V. 102, p. 151.

Ore mined (tons). 31,000 30,080
N o t .................... -_$o9,C61 $60,315

— V. 102, p. 1439.

30,000
$54,127

30,400
S60.000

32,400
$52,500

Hall Switch & Signal Co.— A g re em en t. —•
See Union Switch & Signal C o. below .— V . 101, p . 1373.
Harbison-Walker Refractories Co.— Extra D iv . on C om .
An extra dividend o f 2 % along with tho regular quarterly I Y % has been
declared on tho com m on stock, payable Sopt. 1 to holder's o f record A ug. 21.
— V. 103, p. 64.
Independent Breweries Co., St. Louis.— D iv id e n d .—
A dividend o f 3 % has been declared on tho 1st pref. stock, payable 1%
A ug. 15 I 9 l« , 1% N ov . 15 1916 and 1% Feb. 15 1917, to holders o f record
A ug. 10 1016, N ov . 10 1916 and Fob. 10 1917, respectively.— V . 101, p .1555.
Interborough Electric Co.— B on d s C alled.—
T h e entire issue o f 1st M . and C oll. Trust 5% gold bonds has been called
for paym ent on O ct. 1 a t 105 at Com m onwealth Trust C o ., Pittsburgh,
trustee. T ho com pany lias been merged in tho W est Penn Power C o.
International Arms & Fuze Co.— In gu dr y .—•
See "ltesu lt o f Canadian Inquiry” in last week’s ‘ ‘C hronicle,” page 460.
— V . 103, p. 324.

International Mercantile Marino Co .— Readjustm ent
plan of readjustment prepared by
the preferred stock committee, J. N . Wallace, Chairman, and
tho common stock committeo, John W . Platten, Chairman,
and adopted by tho committee representing the 1st M . Sink­
ing Fund 5% gold bonds and tho 4 % % Mortgage & Collateral
Trust gold bonds, has been filed with tho depositaries and
will bo made public to-day. Seo adv. on another pago.
Tho plan does not iuvolvo foreclosure and it leaves en­
tirely undisturbed tho oxisting common stock, and also tho
existing preferred stock with its 82% of accrued and unpaid
dividends (as of Aug. 1 1916). Tho quostion of paying or
funding these accumulated dividends is left to tho future
action of tho directors. Tho bonds or obligations of tho sub­
sidiary companies will also remain undisturbed.
Tho company has at present outstanding $70,226,000 of
5 % and 4J^% bonds and tho unpaid interest thereon to
Oct. 1 1916 will aggregate $7,827,000. With tho cash al­
ready on hand and tho proceeds of a small amount of now
Serial 6% Secured gold notes (probably not over $3,000,000
w ithout F oreclosu re .— Tho




Manhattan Shirt Co., N. Y .— Dig. on Com. Increased.—

Massachusetts Gas Cos.-

-C om bin ed N et E a rn in g s A v a il -

able for Dividends.—
E a r n in g s o f C o n tr o lle d C o m p a n ie s .
- J u n e -------—• -1 2 M o s . e n d . J u n e

E a r n in g s o f S u b s id ia r y C o s . —■

1916.
N ew England Gas & C oko C o ___$67,671
Boston Consolidated Gas C o ___ 143,138
East Boston Gas C o . .................
4,023
Citizens’ Gas Light C o . . ..............
2,694
N ew ton & W atertown Gas C o . .
2,138
N ew England Coal & C oko C o . . 70,989
Federal Coal & C oko C o _______
1,846
B oston T ow b oa t C o ____________
6,320
T o t a l _____

191,r
$49,579
128,525
7,295
3,980
6,765
46,987
10,559
539

1915-10.
$793,306
1,458,460
59,763
36,640
80,911
306,139
73,388
51,768

30—
1914-15.
$616,633
1,431,771
66,413
42,597
60,162
301,453
109,330
48,208

................ r- ..........$304,825 $254,229 $2,860,381 $2,676,573
I n c r e a s e i n G as O u tp u t.

B oston Consolidated G as______
4.49%
4.00%
East Boston Gas________________ 9.23%
*0 .68%
Quincy C o. o f Q uincy___________ 14.25%
10.07%
N ew ton & W atertow n___________ 16.14%
7.60%
* Denotes a decrease.—V . 103, p . 148.

*0.34%
8 .0 2 %
12.46%
8.45%

1.06%
2.24%
1.33%
5 .40%

Maxwell Motor Co., New York.— D iv id e n d .—
T ho dividend mentioned in tho "C h ron icle” last week, pago 497, was
recomm ended b y tho financo com m itteo and has not as yet been declared.
T he directors will meot noxt Tuesday to consider tho recomm endation o f
tho com m ittee.— V. 103, p . 497.
Mt. Vernon-Woodberry Mills, Inc.— 6 M o n t h s ’ E a r n in g s.
S i x M o n t h s to J u n e 30 1916.
N ot p ro fit................ .................$551,523
*" '
D ep reciation .................... ...$ 1 0 0 ,0 0 0
Other incom o______________
30,475 I n te re s t.................................... 77,553
Keservcd for loss account o f
Gross incom o____________ $581,998
tornado damago at T a ll’sco 15,000
Insurance, taxes, & c_______
48,370
E x p . o f tenant p ro p . (not) . _ 20,342
N et incom o______ _______$320,734
— V . 102, p . 1721.
(J. W.) Murray Mfg. Co., Detroit.— Stock D iv id e n d .—
A stock dividend o f 100% has beon declared, increasing tho capital stock
from $200,000 to $400,000. A further $100,000 stock, making tho total
issuo $500,000, it is reported, has beon subscribed for by tho stockholders
to doublo tho capacity o f tho plant. T ho officers o f tho com pany started
threo years ago to m anufacture autom obilo parts, are: J. w . M urray
Bros, and Gon. M g r.; Louis G . Schwarz, V .-I’rcs.; J. It. M urray, Scc.-Treas.
; New Mexico-Colorado Coal & Mining Co.— F oreclosure.
Tho Equitable Trust C o ., trustee, recently brought suit in tho N . Y
Supremo C ourt to foreclose tho $750,000 second collateral m ortgago o f 1911'
$59,800 interest being in default.— V . 95, p . 753.
8

Nevada Consolidated Copper Co.

— 3 m o s . e n d . J u n e 30—
101(5.
1915.
Gross p rod u ction ___lb s . 24,001,021
15,10(5,020
T otal Incom e____________ $4,853,945 $1,3(54,004
D eprec’n Stoptoe p lan t.
185,0S0
145,764
Ore extinguishment____
100,355
84,545
D iv id e n d s _____________
1,400,503
749,70(5

-M o n t h ly

-6

E a r n s .—
30—
1015.
25,922,600
$2,0(58.828
246,037
141,0(50
1,249,660

m os. en d . J u n e

1016.
43,251,205
$7,635,756
327,440
192,853
2,490,321

Balance, surplus-------- $3,059,917
$383,088 $4,616,142
$432 062
T ho above earnings are com puted upon the basis o f 27.23 cents and
23.4 cents for tho quarters ending Juno 30 and M arch 31 1016, against
17.006 cents and 14.646 cents for tho respective quarters In 1915 — V.
103, p. 325.

New York Air Brake Co.— W a r O rders , & c .—
The report that this com pany will participate in tho recent shell order
to the extent o f a $ 10,000,000 or $ 2( ,000,000 contract is neither confirm ed
nor denied, but it is believed to be correct.
'Pho “ Wall Street Journal” on July 28 said in substance:
“ Tho com pany is splendidly equipped to m ake tho 9.2-inch shells and in
August will havo practically finished its sholl work and be in position to
start tho production o f large-sized shells.
“ B y the end o f this m onth N ow Y ork Air Brako will have a cash balance
o f approxim ately $ 6,000,000, eoual to $60 per share on tho $10 000 000
stock. P rofits for the six m onths to Juno 30 were between $40 and $45
per share. If a duplicate shell order is taken it m ay m ean that the full
12 months to D ec. 31 next will produco net earnings o f over $75 per share.
It is understood that regular lines o f dom estic work are earning between
10% and 12% for tho shares.” C om pare fuse order, V . l() 3, p. 493.
Niles-Bement-Pond Co.— D ivid en d

In c re a s ed .—
l
\

'

also declared payable A ug. 15 to holders o f record Aug.'O.— V . 102, p. 797.

Northampton (Mass.) Electric Lighting Co.— Contract
This com pany has awarded to tho .1. G . W hite Engineering C orp ., N . Y .,
a contract for tho construction and installation o f a substation at N ortham p­
ton, M a ss., o f 5,000 k .v .a . capacity, 13,000 volts to 2,300 volts alternating
current, and tho erection o f a double circuit heavy copper transmission line
between N ortham pton and East H am pton.— V. 85, p . 44
Northern Calif. Power Co., Consolidated. -E a r n in g s.
S ix M o s . to
J u n e 30—

G ro s s
le a r n in g s .

1916__________ $498,677
1 9 1 5 - - - ..........- 358,100
— V . 102, p. 1432, 804.

N et
le a r n in g s .

$241,814
190,977

B on d , & c ..
I n te r e s t.

R es . f o r
D ep o sit.

$17(5,624
181,413

$14,623
5,748

Jia la n ce,
S u r p lu s .

$50,567
3,815

O’Gara Coal Co.— E x ten sion o f T im e .—
T he bondholders’ protective com m itteo, representing over 88% o f tho
1st M . bonds, has extended the tim ofor the deposit o f bonds to A ug. 26 1916.
— V. 103, p. 325.
Old Dominion Co. of Maine.— M o n th ly P roduc. in L b s .—
1916— J u ly — 1915.
I n c r e a s e .!
1916— J a n . to J u ly — 1915.
In c.
3,852,000 3,199,000
653,000 [23,706,000 14,631,000
9,075,000
— V. 102, p . 2172, 1064.
Pittsburgh Oil & Gas Co.— Three M o n th s ' E a r n in g s .—
Trie total earnings for tho 3 m onths ended Juno 30 1910 wero $108,388:
operating expenses, §59,223; and net earnings, §49,165.— V . 99, p . 1456.
Quaker Oats Co., Chicago.— Stock D iv id e n d . —
A special dividend o f 10% has been declared on tho $7,500,000 com m on
stock, payable in com m on stock to holders o f record Sept. 1 . Certificates
will bo issued Sept. 30. Tho regular quarterly dividends o f 2 ' A % on com . and
1 Vi % on pref. were also declared, tho former payable Oet. 16 to holders
o f record Oct. 2 and tho latter N o v . 29 to holders o f record N o v . 1.__
V . 102, p. 1631.
Realty Syndicate Co., Oakland, Cal.— S ta tu s.— Tho
privilogo of applying “ B” bonds to thoir full faco valuo in
paymont for lands finally expired on July 10.
L e tte r s o f C. P. /Vlurdock, V ic c -P r c s ., t o C e r t ific a t e a n d “ B ” B o n d ­
h o ld e rs May 6 a n d J u n e 20 1916.
(.M a g 6.) For the past 22 m onths wo havo given our “ II” bondholders
tho privilege o f exchanging their bonds for land. This has resulted in
our receiving bonds in full paym ont tor land instead o f cash, and has made
tho financing o f the com pany, for its cash requirements, exceedingly d iffi­
cult. It will bo impossible to extend this privilege indefinitely, and there­
fore on and after July 10 1916 “ B ” bonds and certificates will be accepted
for real estate only up to 50% o f tho salo price o f tno real (state; tho other
50% must bo paid in cash by tho bondholders, or b y deed o f trust on tho
property purchased; payments to be m ade m onthly.
(J u n e 20.) There is at the present tim e ahead o f your bonds $535 900
series “ A ” bonds which mature M a y 1 1917, in addition to m ortgage indebt­
edness o f $2,254,682. For your p rotection, how ever, tho “ 11” bonds wero
placed on an equality with the " A ” bonds to tho extent o f perm itting each
class o f bonds to exchange for land at our original list prico $ for S
A t tho tim e theso “ A ” bonds wero issued it was expected that our cash
collections would be sufficient to cnablo us to meet them at m aturity
We
havo been disappointed, however, in this regard and unless conditions
m aterially im prove in tho noxt ten m onths it will bo necessary for us to
default iu tho paym ent oi tho abovo $535,900 or arrango som o refundin''
schem e in connection with tho issue.
In case we are unablo to handle this situation on M a y 1 1917, it is possible
that the “ A ” bondholders will foreclose on their security and tho security
o f the “ B " bondholders will bo lost. This contingency is a possibility
and we feel that wo should call your attention to it before definitely closing
our offer to exchange for real estate. There will be no extension o f the time
within which exchanges m ay bo made for roal estate for tho full purchase
price after July 10 1916.
D ig est o f S ta te m e n t b y B o n d h o ld e r s ’ C om m ., D ec. 61914 (N o t 1915)
Tho present plan for securing tho creditors o f the (old) R ealty Syndicate
was inaugurated last February (1914). (V . 98, p . 767.) A t that tim e the
adm itted debts aggregated S7,871,(i7l, viz.:
Claims secured, wholly or partly, b y mortgages or liens on real
property belonging to tho syndicate, or by prom issory notes
secured by such claim s, including bonds issued and secured b y
$1 953 032
tho Syndicate Building in Oakland, C al__________________
’ ’ ---- ---------- ’ ’
.......................... *■'--------------------------- o f ’
’
T raction C o . or San Francisco Oakland & San Joso C onsoli­
dated B y .) , and other stocks and bonds
.............. 1 ,635,697
Claims wholly unsecured and evidenced b y Syndicate bs or
other certificates_____________________________________________ 3,982,692
Other unsecured claim s---------------------- -----------------------------------------300,000
A t tho same tnno tho assets were valued at $13,117,415.
R eal property in counties o f A lam eda, Contra C osta and M a ­
dera. C al., and rights and equities therein------------- -------------- --56,80 0 ,0 0 0
Prom issory notes, bills receivable and evidences o f d ebt secured
b y mortgagos or liens on, or deeds o f trust o f, roal p rop erty. _ 1,400,000
Borax Consolidated, L td ., 7,400 shares at $8 50------------------------62,900
T he P acific Coast Borax C o ., 4,090 shares at S85.................... 348,415
P a cific Coast Borax C o ., 4.715 shares at S170...................... ..........
801,550
San Franclsco-Oakland rerm lnal Hallways (or Oakland T ra c­
tion C o. or San Francisco Oakland & San Jose Consolidated
B y .) , 71,851 class “ A ” preferred shares_______________________ 2,592,550
Other stocks and bonds, Including shares o f Tw elfth St. R ealty
C o ., Idora Park C o. and East B ay R ealty C o ________________
200 000
Bills and accounts receivablo (faco amount)
__________
OOo’onn
M iscellaneous assets_______________________ ” 1 1 1 1 1 1 1 ..________
12i000
In arriving at theso values all o f tho Inform ation thou obtainable was
m ade use of. It was assumed that the real estate would bo disposed or
without sacrifice. T he shares m tho San Franclsco-Oakland Terminal
Railways wero valued on too basis o f the con tract o f purchase then, but
not now , in force with G . G . M oore o f L ondon. A t tho present tlm o it is
Impossible to place a roliablo valuo upon this stock, as Its valuo depends
-...................Ln<- ivi n -\r

n/tnAnm icnn/1 in 1 in i n f mm I.. 4.1

.

Borax companies havo proved to havo beon about right.




« ...

, *

..

W hile the assets o f the R ealty Syndicate greatly exceeded its liabilities,
they could not be readily converted into cash. T he larger part com prised
thousands o f tracts, parcels and lots o f land m ostly situated in Alam eda
C ounty, C al. T he creditors were extrem ely numerous and scattered, and
com prised, am ong others, m ore than 2,600 certificate holders whose claims
were wholly unsecured. M o st o f the claims were then due and im m ediately
enforceable. In case o f bankruptcy the assets would have been sacrificed.
On Feb. 26 1914, after m any plans had been considered, the R ealty

the R ealty
Syndicate transferred .all o f its lands and mortgages and its equities in the
pledged collateral and other property above referred to, in exchange for
90,000 shares o f fully paid capital stock, being its entire outstanding stock
except seven shares held b y its seven directors (V . 98, p. 767; V . 99, p. 752) .
All o f this stock so received in exchange for the properties o f the Syndicate
was thereupon pledged with the M ercantile Trust G o. o f San Francisco as
trustee for (he purpose o f securing S2.250.000 o f C la s s A b o n d s and S4 750 000 o f C la s s B b o n d s , which the Itealty Syndicate authorized to be issued
to its creditors in exchange for their claim s. T h e C la s s A b o n d s were
secured b y a lien on the stock o f the new com pany prior to the lien o f tho
C la s s B b o n d s .
T he Class A bonds are issued only to those creditors o f the
R ealty Syndicate who hold prom issory notes secured b y snares o f stock
o f otner corporations, and these bonds are issued in exchange not oniy for
such notes but also for the securities pertaining thereto. In no case are the
bonds issued for m ore than the amount o f the note, and if the agreed value
o f the collateial does not equal the amount o f the claim the creditor receives
Class A bonds only for the valuo o f his security and Class B bonds for the
balance o f his debt. All o f tho collateral thus surrendered to the trust
com pany In exchange for such bonds is held as additional security, prim arily
for Class A bonds and, secondarily, for Class B bonds.
T he C la s s B bonds are Issuable to tho unsecured creditors in exchange for
their certificates and other evidences o f debt at tho par value thereof
T hey are secured b y all o f the shares o f stock o f R ealty Syndicate C o *
subject to the prior lien o f the Class A bonds ( V .9 9 , p . 1134).
T he number of Class A bonds which will be issued will bo m uch less than
originally authorized. During the last few months the Borax companies
I
I 1 __ __^ 1 i .....___________ __ ___ .
secured
Indebtedness in the amount o f over $700,000, and this” debt will be still
furter reduced when the transactions are com plete. T o the extent that
these creditors have been paid there has been a corresponding reduction
in the am ount o f Class A bonds to be issued, and a corresponding im prove­
m ent in the condition o f the Class B bonds.
M a n y of tho creditors who hold railway stock and other collateral as
security for their claims, and who are entitled to exchange their claims and
collateral for Class A bonds, have n ot yet exercised their rights in this
respect. M ost o f the unsecured creditors have exchanged for Class B
Wnile the security back o f the bonds should be sufficient to take earn o f
them, yet the principal security consists o f a vast amount o f real (-state
owing to the severe financial stringency aggravated b y the terrible
con flict now raging in E urope, land sales have been very m uch slower than
was expected. T he utm ost efforts have been m ade in the past to uav
interest to the creditors upon their certificates or bonds, but as this interest
amounts on the debts o f the unsecured creditors alone to about $240 non
,a
h:« becom e absolutely necessary to discontinue tho paym ent o f
i i S
o°.n f b c Class B bonds until m oney conditions im prove and the
R ealty Syndicate C o. Is able to sell m ore o f its properties
M a n y o f the creditors have, from tim e to tim e, asked to exchange their
fo r
for lands, o f tf.l e R ealty Syndicate C o. which it has
listed tor sale, and m any such exchanges have been m ade. A ny bond­
holder desiring to effect such an exchange should apply to the R ealty
Syndicate C o ., Syndicate B ld g., 1440 B roadw ay, Oakland, C al.
y
It has been concluded that somo lim it o f tim e should be fixed for the
issuance o f Class A and Class B bonds in exchange for claims against the
R ealty Syndicate, and steps are now being taken to stop tho lssuanco o f
bonds after Jan. 15 1915 in exchange for claims.
C om m ittee: Frank B . Anderson, Chairman; John S. D rum , S ecreta ry
M ortim er Fleishhacker, C. O. G . M iller and W . 4V. Garthwaite. San
Francisco. On Juno 27 there wore stated to bo outstanding: “ A ” bonds*
$535 ,900; “ B ” bonds, nearly $2,000,000; (o f which on July 10 somo $1,600.000 wore reportod as still unexchanged for land); notes, $400 000 and
2JSirn^Si??id e b t’ $2,225,000. This last item , it is understood, includes a
8900.000 loan obtained last Decem ber on Oakland property. M ercantile
I r . C o . o f San Fran., trustee. Com pare V . 99, p . 752, 898, 1134.

Ray Consol. Copper Co . — E a r n s . — 3&6mos.to Juno 30­
— 3 m o s . e n d . J u n e 30---------6 m o s . e n d . J u n e 30__
„
,
.
,
1916.
1915.
1916.
1915
Gross p r o d u c tio n ...lb s . 18,667,664 14,524,380 34,469,232 28 987 593
N et p r o f i t s . . ------------S3,226,749 $1,367,736 So,418,342 S 2;i45:495
Miscellaneous incom e
115,793
fi voi
o
™n
™
w • .Jf'Zsif
9,399
29,747
13,759
T otal Incom e...................$3,242,542
B ond interest................................ ........
788,589
D iv id e n d s ........................

$1,377,135
S36.249
547,035

$5,448,089 $2,159,254
Vrn sua
1,577,891
Ilk o S s

N et surplus.
$2,453,952
$793,851 $3,870,198 $1,535,390
I he earnings for the Juno 30 quarter are com puted on the basis o f 28 067
cents per lb. tor copper, against 24.598 cents for the quarter ending M a r. 31

Shattuck Arizona Copper Co., Inc., N. Y . —
J u ly a n d 7 M o s . —

C o p p er (lb s :). L ea d ( lb s .) .

July 1916----------------------- 1,397,445
7 m os. to July 31 1 9 1 6 .. 10,277,009
V . 102, p . 442.

174,091
1,847,937

P roduction

S ilv e r ( o z . ) .

22,525
182,570
,

G old ( o z . ) ’.

314 91
‘> 899 81
-.a J J -a i

Simmons Company, Kenosha, Wis.— Successor C o .—
In accordance with a plan o f enlargement, this com pany was incorporated
In Delaware on Jan. 5 1916 b y tho old predecessor Interests to take over tho
Simmons M fg . C o ., bed manufacturers. T ho authorized canital stock (a
S!
V L ™
lativo prcfelTod stock and $7,000,000 com m on st<x:k?
o f which $5,300,000 com m on was issued forthw ith, tho preferred being then
held in tho treasury to provide tor future developm ents. T he com pany
plans
tho establishment o f Tbranches
at Cleveland,
Indianapolis
and
Atlanta
n » (ll/l fT ex f rtf ex1 /\P Ol (f 1) f
11
si
n . VX
mm V—
.
•
*

_

Vail.

See predecessor com p any, V . 92, p . 960

Simmons Manufacturing Co.— R ein corp ora tion .—

Seo Simmons C o. above.— V . 92, p. 960.

Standard Oil (Kansas).— Extra D iv id e n d .—
A n extra dividend o f 2 % along with the regular quarterly 3 % has been
declared on tho $2,000,000 stock, payable Sept. 15 to holders o f record
A ug. 31. Previous dividends were
Y ear—
1912.
1913.
1914. 1915.
1916.
Regular ( % ) ------------ 3
12
0
12
3, 3, — , —
Extra ( % ) ---------------- 2
28 and 100 stock.
.
-------- --------— V . 102, p. 1254.
Stromberg Carburetor Co. of America, Inc.— S ta tu s .—
Allan A. Ryan & Oo. of 55 ^Vall St., who financed this new
company, roport in printed circular of Aug. 5, on basis of
official statomonts and roport by accountants, in substance:
O r g a n iz a tio n .— Authorized Issue o f stock, 50,000 shares o f no nominal'
or par value, all issued, fully paid and non assessable. Guaranty Trust
C o . o f N . Y ., transfer agent, and Chase N a t. Bank, N . Y . registrar
Incorporated July 21 1916 for the purpose, among other things, o f acquiring
tho stock and properties o f an Illinois corporation known as Stromberg
M o to r Devices C o. T his purpose has been accom plished and the Strornberg Carburetor C o . o f Am erica, In c., now owns all the capital stock o f
the Illinois corporation.
T ho Illinois corporation has its factory and principal place o f business In
Chicago and maintains branches in Now Y o rk , B oston, D etroit, Indianap­
olis and M inneapolis. It was organized in 1907 and took Its present name
"Strom berg M o to r D evices C o .,” in 1908. Although the charter o f tho
Illinois com pany is quite broad and enables it to engage in activities in
many lines in the autom obile business, it has practically confined its work
up to tho present tim e to m anufacturing and selling carburetors and mani­
folds used on gasoline m otor vehicles.

T h e form ation o f the N ew Y ork corporation enables the Illinois corpo­
ration to acquire tne needed means through loans to it on favorable terms
from the New York corporation. The new corporation, owning all o f the
stock o f the Illinois corporation, will receive all the dividends that m ay be
paid upon such stock. It will be able to finance the Illinois corporation
w ithout incurring any obligations because its own capital stock was all
issued for cash, and after acquiring for cash the stock o f the Illinois cor­
poration, there remained in its treasury sufficient cash to m eet all the re­
quirements o f the Illinois corporation.
O p e r a tio n s . — T h e output o f the Illinois corporation has greatly increased
since 1910. In 1910 it produced 44,719 carburetors and in 1915 its pro­
duction o f carburetors was 1 2 8 ,0 8 . For the iirst five m onths o f 1916 its
carburetor production was 83,794. In addition to this, on June 30 1916
the corporation had on hanu unfilled contracts for 86,914 carburetors.
All o f the departments ot tho Illinois corporation are running at full capac­
ity , and since the fall o f 1915 som e o f them have been com pelled to run
at full capacity both day and night.
T ho capital o f the Illinois corporation has only been 850,000, but in
1915 its net profits were 8147,703 and for the five m onths ending M a y 31
1916 its net profits were 8107,707.
The present neeil o f the Illinois corporation is increased means to enable
it properly to handle its present great volum e o f business and adequately
p rovide for the increase in its business that, seems clearly indicated. N one
o f the officers o f the N ew Y ork Corporation— Stromberg Carburetor C o.
o f A m erica, In c.— receive any salaries, and its running, expenses will be
nom inal.
Directors o f N ew Y ork corporation are: Charles \V. Stiger, C hicago. 111.,
President; Allan A . R yan, N . Y ., Vice Pres.; George II. Saylor o f Chase
N a t. Bank o f N . Y . C ity; Harry C . Stutz, President o f Stutz M o to r Car
C o ., Indianapolis; Frederick E . Gunnison o f tho Lawyers T itle & Trust
C o ., N . Y .; W illiam L . O 'N eill and Charles A . Brown, C hicago.
[Incorporated in N ow Y ork , July 21 1916. Officers: Pres., Charles W .
Stiger; S ec., Kenneth R . Howard; Treas., George H . Saylor.]— V .103,p .417.

Stutz Motor Car Co. of America, Inc.— S tatus.— In a
printed statement prepared for tho shareholders Allan A.
Ryan & Co., N . Y ., who financed the new company, give
substantially the following data based on tho report of Ernst
& Ernst, chartered accountants:

Utah Copper Co.— E a r n in g s. — 3 & 6 mos. end. June 30:
— 3 M o s . e n d . J u n e 30---------6 M o s . e n d . J u n e 30—
1915.
1916.
1915.
1916.
Gross p r o d u c tio n -..lb s . 48,384,929 40,799,825 84,949,462 67,215,820
N et profits____________ S8,675,433
83,680,248 814,861,847 85,371,976
M iscellaneous__________
132,509
36,862
200,675
53,372
N evada Cons, dividends
750,375
375,187
1,250,625
625,312
B ing. & Gar. Ity. d i v s ..
400,000
320,000
725,000
529,053
T otal net p ro fit______ 89,958,317
D ividends p a id _________ 4,873,470

84,412,298 $17,038,147
1,624,490
8,934,695

$6,579,714
2,842,858

N et surplus....... ...........$5,084,847 $2,787,808 $8,103,452 83.736,856
T h e above earnings aro com puted upon the basis o f about 26.758 cents
and 26.131 cents for copper in the quarters ending June 30 and M arch 31
1916, respectively, and 16.984 and 14.93 cents for the respective quarters
in 1915.— V. 103, p . 330.

Valvoline Oil Co. (of N. J.), N. Y .— B a l.

Sheet J u ly 1.—
1916.
1915.
1916.
1915.
L
i
a
b
i
l
it
i
e
s
—•
$
8
A ssets— '
$
8
Real es t . & m ach. 1,094,428 1,046,007 Capital s t o c k .-.1 ,7 9 3 ,2 0 0 1,789,200
630,128
M e r c h a n d is e ... 889,871
717,506 Funded d e b t . . . 067,512
17,370
15,845
Floating e q u ip ..
41,678
48,662 A ccts. p a y a b le ..
251,264
46,906
42,626 Floating debt . . 241,265
A uto trucks____
C ash & a ccts. re c. 1,020, 146 1,009,863 Surplus_________ 1,459,126 1,185,471
Stock o f oth. c o s .1,082,444 1.016,244
T o t a l _______ 4,175,473 3,880,908
— V . 79, p. 504.

T o t a l _______ 4,175,473 3,SS0.90S

West Penn Power Co.— B on d s

Called .—
Tnterhnrnuorh E lectric C o. a bov e.— V. 102, p . 20S2.
Wolverine Copper Mining Co.— Report Y r . en d . J une

F is c a l
Y ear—

T o ta l
R e c e ip ts .

N et
E a r n in g s ,

N o te C o n s t r u c t ., <Sic.

D iv s . on
S tic k .

30:

B a la n ce ,
S u r .o r D e f.

1 0 1 5 -1 6 _____ $1,369,286
$735,218
______
$600,090
sur.$75,2l8
1914-15 ..........
929,193
318,201
______
360,000
def. 41,799
1 9 1 3 -1 4 _____
484,061
95,353
$14,278
______
sur. 81,075
During tho year ending June 30 1916 there were produced 6.511,492 lbs.
o f refined copper, against 7,250,866 in 1914-15; total cost in 1915-16, 9.43c.
per lb .— V . 102, p. 891.
(F. W.) Woolworth G o — E a r n in g s .—
In crea se.
1916
J u lg — -1915.
In crea se. I
1916—7 m o s . —-1015
$6,521,831
$5,873,038
$648,7961843,734,048 $38,058,402 $5,675,616
— V . 103, p. 249.
Wright Company (Aeroplanes), Dayton.— M e r g e r .—•
See W right-M artin Aircraft C orporation below .— V. 101, p. 1276.

Incorporated in N . Y . State [on June 22 1916] with authorized capital,
stock consisting oi 75,000 shares o f no par value, all o f which has been
Issued and is outstanding, anil has taken over the entire capital stock o f
the Stutz M otor Car C o. o f Indiana, manufacturers o f famous Stutz auto­
m obile. T he latter com pany owns its plant in Indianapolis free from
m ortgage. Harry C . Stutz, the President o f tnls corporation, has been
the President and General M anager o f tho Indiana com pany since its
organization. H e will continue to be tho head o f both com panies. The
Indiana com pany was organized in 1911 with a capital o f 850,000. In
N ovem ber 1912 a stock dividend o f 100% was declared out o f surplus prof­
its, making tne total outstanding capital stock 8100,000. Since N o v . 1912
Wright-Martin Aircraft Corporation.— M e r g e r . — An­
8700,000 in cash h,as been paid in divs. upon this 81(10,000 capital stock.
All o f the dividends declared on the stock o f the Indiana com pany will nouncement was made on Tuesday of tho proposed merger
be paid to the new corporation and will be available for distribution as
dividends upon tho stock o f the new corporation. The new corporation under this title of tho Wright Company of Dayton, 0 .
has no liabilities, other than current bills, its officers will draw no salaries
(V. 101, p. 1276), and the Glenn L. Martin Co. of Los
anil its running exponses are negligible.
Angeles. The consolidated company will bo organized under
O p e r a tio n s . — T he output o f tho Indiana com pany has increased from
year to year. In 1912 its total output was 266 cars, in 1915 it was 1,079 the laws of N. Y . Stato with §5,000,000 7 % cumulative
cars ana for the period o f 5 Yi months ending about Juno 15 o f this year
it amounts to 874 cars. A t the present rato o f output and average p rofit convertible preferred stock, and 500,000 shares of common
the officers o f the Indiana com pany believe that tho business for 1916 ■will stock witli no par value.
The $5,000,000 pref. stock is to
yield a net profit o f at least 8750,000, which will bo available for distribution be sold for cash, none of it being used in the acquisition of
as dividends.
Directors (and officers) o f new corporation: Harry C . Stutz, Indianapolis, any of tho properties.
The stock of the Wright Company
Tnd., (’ resident and Gen. M g r.; Allan A . R yan. N . Y ., Vice I’ res.; George and the Glenn L. Martin Co. will be paid for entirely in
H . Saylor o f Chaso N a t. Bank, N . Y ., Treas.; Kenneth R . Howard of
Allan A . R yan & G o., N . Y ., Sec.; Stoughton A . Fletcher, I’ res. Fletcher common stock of the Wright-Martin Aircraft Corporation.
American N at. Bank, In d ., and Henry F. Cam pbell, V .-I’ res. Stutz M o to r
The merger is in the hands o f a com m it fee com posed o f N . Bruce M a c
Car C o ., Indianapolis; R obert E . M a yp olo, Chicago.
K elvie, F. W . Allen, F. B. Adam s, Harvey D . Gibson and C. S. Jennison.
Guaranty Trust C o ., transfer agent; Chase N a t. Bank, registrar.—
Edward M . Hagar, President o f the Wright C o ., will bo I’rasidont o f the
V . 103, p. 149, 499.
now concern. Glenn L. M artin and C. S. Jennison will be Vice-Presidents.
Tho announcement o f the plans o f the com pany have, it is stated, been
Tobacco Products Corporation.— A p p lic a tio n to L is t . —• delayed,
owing to the unwillingness o f the men associated with it to make
T his com pany has applied to the N . Y . Stock Exchange for authority public their intentions until ready to supply both planes and m otors o f the
to list 816,000,000 com m on stock.— V . 102, p . 1161.
highest type. In their judgm ent this tim o has arrived.
pref. stock is being underwritten at par ($100 per share) with a bonus
Union Natural Gas Corporation, Pittsburgh, Pa.— in The
com m on stock.
S e m i-A n n u a l Statem ent. —-The company for itself and its D ig e st o f le tte r b y P res.P .M .H agar o f t h e W rig h t C o., d a te d A u g .5 1916
le n n L . M a r t i n Co.— Tho first o f our problems was to got in a position
affiliated cos,, reports as follows (inter-cos. accts. eliminated): to Gm
anufacture aeroplanes equal in quality and security to tho m ost
C o n s o lid a te d S ta te m en t o f I n c o m e f o r S ix M o n t h s e n d in g J u n e 30.
m odern o f the thousands which are in daily use abroad. T o this enil wo
1916.
191:
1916.
1915.
have just com pleted a contract for the acquisition o f all the capital stock
Gas sold................ $3,219,943*S2,S21,648 Net earnings____ S2,300,752 $1,650,432
o f the Glenn L. M artin C o ., tho manufacturer o f the best and safest aero­
Oil so ld _________
443,700
124,790 Interest on funded
planes, In m y judgm ent, in this country; and tho builders o f aeroplanes
and current debt $169,791
Miscellaneous___
10,558
2,806
$186,612 and hydro-aeroplanes which have been largely used b y U. 8. A rm y officers.
500,000
500 ,00 0
Divs., int., &c—
365,049
300,190 Dividends (5 % )..
M r. M artin, as Vico-President o f the new concern, will give his entire
5,891
60,344 time to it, and will be in cliargo o f the aeroplane department.
Sundry adjustm’ta
Gross earnings.$4,039,250 $3,249,435
S im p le x A u to m o b ile C o .— T he engine is tho essential part o f an aeroplano
Gas purchased.. . aS843,22G $713,433
and to manufacture its own m otor the Wright C o. acquired control, by
Op. exp., rent.,&c. 748,9181
885,570
a m ajority o f the stock, or the Simplex A utom obile C o ., long builders o f
Balance, surp..Sl,625,070 $903,476 one o f the bast automobiles In this country. It has also entered Into a
Taxes........ ...........
146,355/
_ sold,. 832,521.
„
a Includes for 6 m os. in 1916, gas contract to purchase all the remaining stock, having heretofore been tho
* Includes electricity
purchased from Reserve C o ., 8657,315, and from others, 8185,911.
owner o f 16,940 shares o f Simplex pref. stock out o f a total o f 18,750 and
3,930 shares o f com m on stock out o f a total o f 10,000 sharas.
C o n so lid a te d B a la n c e S h eet J u n e 30.
On the com pletion o f new construction work, including the erection o f its
1916.
1915.
1916.
1915.
own aluminum and iron foundry, the Simplex plant will bo in condition
A ssets —
Liabilities—
S
S
$
$
to produce the highest grado o f automobiles and aviation m otors in this
Investment____ x20,037,758 20,180,169 Capital stock ___ .10,000,000 10 , 000,000 country. Tho capacity o f tho Simplex plant with this work com pleted
Warehouse mat'I.
393,732
265,646 Notes payable___
502,194 will be over ton times its output in 1915, namely over $1,000,000 a m onth,
289,649
Cash......................
685,176
662,477 Accounts payable.. 695,433
594,618 which compares with lass than that amount for tho entire yoar 1915.
Cash in escrow__
199,284
80,009 Tho Simplex Com pany is at present designing a smaller chassis o f the tow n164,723 Matured bils., &c..
9,640
Accts. & notes rcc.
861,916
779,358 Bonds— Union__ y3,791,000 4,500,000 car typ o which wo expect will lie ready to market early next yoar. On the
Prep, rent, Ins.,&c.
89,138
77,511
do affll.cos__ . z771,000
943,800 largo Simplex car we are com pletely sold for the balanco o f this yoar.
Cash to pay bonds
Contingent earns.. 199,648
108,460
H is p a n o -S u iz a M o t o r .— The W right Com pany also acquired the exclusive
and coupons__
9,640
80,009 Reserves_______ .
2,356
rights for the United States to manufacture the Hispano-Suiza m otor,
Surplus................. 6,417,918 5,420,812 adopted to-ilay as a standard by the French and Russian Governments.
W o are under contract to furnish theso Governm ents 450 o f these m otors,
T o ta l............ ..22,176,644 22,209,893
T o ta l_________ 22,176,644 22,209,893
tho first o f which will be shipped this m onth. T he trial o f tho first m otor
x After deducting depreciation am ounting to 84,191,578.
was unusually satisfactory. Tho m anufacture o f this m otor has involved
Bonds retired since Jan. 1 1916, 8561,300.
Bonds aro shown above as very large expenditures on tho plant o f the Simplex C o. T ho Hispanoo f Juno 30 1916, less amounts in tho treasury, namely, Union N at. Gas Suiza aviation m otors aro extremely light per horse powor and have given
C orp ., 81,341,000; affiliated cos., 8248,000.— V . 102, p . 1248.
excellent results under tests and at the front. T hey weigh only 363 pounds
150 li. p. T he French Governm ent has placed orders for as
Union Switch & Signal Co.— A g reem en t — E a r n in g s .— and develop
as 1,200 o f these m otors at ono timo.
This com pany, the General Railway Signal C o ., tho Federal Signal C o. m any
A p p l i c a t i o n o f N e w M o n e y .-— T o enable the W right C om pany to nurand tho Hall Sw'itch & Signal C o. have entered into a cross-licensing agree­ cnaso the Glenn I.. M artin C o. and greatly increase the aeroplane
m ent under the several patents, applications for patents and inventions capacity, to acquire tho remaining stock o f the Simplex A utom obilo C o .,
owned by them respectively, copies o f which agreement have been filed to com plete its own and its subsidiaries’ construction work and discharge
with tho Departm ent o f Justico and the Federal Trade Comm ission. The loans made on account thereof, and to furnish the requisite working capital
purpose o f the agreement is to end all patent litigation between the several will requiro about 84,000,000 dividend approxim ately as follows: for fixed
com panies and to put each in a position to make the safost and m ost effective assets, $1,800,000; working capital, 82,200,000.
types o f signaling and interlocking systems and apparatus.
E s tim a te d A n n u a l P r o f it s W ith th e N e w C o n s tr u c tio n W o r k C o m p le ted .
T he com pany, it Is learned, practically earned its dividend for tho entire
year during tho first six m onths. In June shipments were at the rate o f 1,000 aviation m otors at $1,500 profit each----------------------------- $1,500,000
400 aeroplanes at $2.000------------- ------------------------------ - - ..............., 800,000
810,000,000 per annum.— V. 102, p. 1433.
500 large cars and 800 small cars at an average o f $800---------- 1,040,000
United Cigar Stores of Canada.— E a r n in g s .—
T o t a l .........................................................................................................$3,340,000
The total inconio from all sources o f the holding com pany for the year
In the above astimato I have allowed a lower selling price for tho aviation
ending M a y 31 1916 was 852,290, out o f which was paid 837,769 7 % pref. m otor than our recent sale to the U. S. Governm ent at $6,000 each and
divs. Tho gross sales o f the operating com pany for tho year ending tho number o f m otors in the estimato is far below our final output.A ppro­
April 30 1916 w e r e -8881,968, against $553,32i for 1914-15, an increase
priations for aeronautics for the U. S. arm y militia and navy for tho
o f 5 9 % . The holding com pany has a substantial interest in a chain o f current year will bo approxim ately $18,000,000 which is 14 times tlio
drug stores, gross sales o f that department being 8438,643, an increase o f amount appropriated the previous year. This is about tho proportion
831,945. T he nolding com pany has lately acquired ownership o f all the o f increase in all other neutral nations. The sportsman o f to-day realizes
stock o f two large cigar manufacturing companies em ploying 400 persons. that flying is m ost wonderful recreation. Already aeroplanos havo d e­
T he capacity o f tho plants has been increased 9 0 % .— V. 102, p . 257.
veloped to the stage where they aro carrying useful loads up to tlireo tons
at eighty miles per hour for sixteen hours and covering distances up to
United Fruit Co.— N e w T rea su rer .—
1,280 miles without landing— a feat deemed impossible a few years ago.
Asst. Treas. John W . Dam on has been elected Treasurer.— Y . 102, p.1816.
D i r e c to r s .— Tho present board o f directors o f the Wright Com pany con ­
sists o f tho following: F. W . Allen. Fred W . Adam s, llonry M . Crano,
United Fuel Gas Co.— L is tin g .—•
T . L. Chailbourno Jr., Harvey D . Gibson. D avid M . G oodrich, Edward M .
A pplication has been made to the N . Y . Stock Exchange for authority Hagar, C . 8. Jennison, Henry Lockhart J r., T . Frank M anvillo, S. F.
to list 87,987,500 I s t M . 6 % b on d sd u e 1936 (V .102,p .1816).— V.103,p.417. P ryor, H enry It. Sutpnen and Harry Payne W hitney.




Imparts unii 2$otnmmts<
LEHIGH VALLEY RAILROAD COMPANY
SIXTY-SECOND ANNUAL REPORT— FOR THE FISCAL YEAR ENDED JUNE 30 1916.
P hiladelphia, A u g u s t 1 1916.
To the Stockholders o f the Lehigh Valley Railroad C o m p a n y:

The Board of Directors herewith submit tho annual report
of tho business and condition of your Company for tho fiscal
yoar ended Juno 30 1916.
MILEAGE.
Tho first track mileage owned or controlled and operated
by the Lehigh Valley Railroad Company, tho main line of
which is double track, extending from Jersey City, N. J.,
to Buffalo and Suspension Bridgo, N. Y ., is as follows:
Lehigh Valley Railroad C om pany____________________________
Controlled by ownership o f entire capital stock ____
Controlled by ownership o f m ajority o f capital stock and lease " "
Operated under lease______________________________________________ '
T otal mllcago operated (owned or con trolled )____
Trackago rights over railroads owned by other com panies___I I I I I

A f i lc s .

310.71
938 28
115.37
27.63

1 397 99
‘ 45^82

T otal first track m ileage_________________________________________ 1,443.81

In addition to tho abovo thero aro 596.47 miles, or 41.31
per cont, of second track, 99.51 miles of third track, 44.84
miles of fourth track and 1,270.19 miles of yard tracks and
sidings, a total of 3,454.82 miles of track in operation at the
close of tho yoar. A dotailed statement of track miloago is
shown on pages 47 to 49 [pamphlet report]. The average
number of miles of railway oporatod for tho yoar was 1,443.69,
upon which tho mileage statistics in cortain tables submitted
in this report aro based.
Tho total increase of 57.49 track miles compared with tho
preceding year is duo almost entirely to tho construction of
additional yard tracks and sidings to take care of increased
business.
OPERATING REVENUES AND EXPENSES.
Tho following statement sets fortli tho total revonuos and
exponses and net revonue from operation for tho fiscal year,
compared with similar figuros for tho fiscal year 1915. The
comploto incomo account appears on page 24 [pamphlet
report.]
O P E R A T IN G R E V E N U E S .
1916.

191
$

I tier e a s e ( + ) o r
D e c r e a s e (— ).

The entire freight traffic amounted to 33,125,185 tons, an
increase of 2,856,484 tons, or 9.44 per cent.
The number of tons carried one mile was 5,990,465,278,
an mcreaso of 664,136,376 ton miles, or 12.47 per cent.
The average haul was 180.84 miles, an increase of 4.87
miles, or 2.77 per cent.
The average revenuo per ton was 118.262 cents, as com­
pared with 116.296 cents last year, an increase of 1.966 cents,
or 1.69 per cent.
Company’s freight, not included in the above, amounted
to 3,223,604 tons, an increase of 149,944 tons, or 4.88%.
Tho total freight train mileage was 9,381,833 miles, an
increase of 457,485 miles, or 5.13 per cent.
The revenue received per freight train mile was $4 18, an
incroaso of $0 24, or 6.09 per cent.
The average trainload of revenuo freight was 638.52 tons,
an increase of 41.69 tons, or 6.99 per cent. Including Com­
pany’s freight, tho average trainload was 660.87 tons, an
increase of 42.02 tons, or 6.79 per cent.
PASSEN G ER.

Tho earnings received from passenger traffic amounted to
$4,300,182 81, an increase of $256,383 81, or 6.34 per cent,
compared with tho preceding year.
Tho total number of passengers carried was 6,745,086, an
increase of 1,538,114, or 29.54 per cent.
Tho number of passengers carried one mile increased 12 605,714, or 5.84 per cont.
0 The average distance traveled by each passenger was
33.84 miles, a decreaso of 7.58 miles, or 18.30 per cont
Tho average revenuo per passenger was 63.753 cents a
decrease of 13.908 cents, or 17.91 por cent.
Tho average revenuo per passenger per mile was 1 884
cents, an increase of .009 cent, or .48 per cent.
Passenger train mileago was 4,258,978, an increase of
34,791 miles, or .82 per cent, as compared with an increase
in this revenue of 6.34 per cent.
The average revenue from passengers per passenger train
mile was 100.97 cents, an increase of 5.24 cents, or 5.47%.
M A IL .

The sum of $194,214 71 was received from the Federal
Government for tho transportation of United States mail
a decreaso of $910 10.

Coal freight - - - - - - .................... 18,811.099 51 .19,195,755
................ 50
-3 8 -1 ,6 5 5 99
M erchandise freight..............-.2 0 ,3 6 3 ,2 5 0 65 16,005,501 45 + 4,3 57 ,7 4 9 20
Passenger.........................
4,300,182 81 4,043,799 00
+256,383 81
EXPRESS.
M a i l . . ..............................
194,214 71
195,124 81
— 91010
Impress----------------------------------673,962 09
449,622 82
+ 224,339 27
'ho revenue from this class of business amounted to $673 Other transportation_________ 2,231,881 61 2,022,230 85
+ 209,050 76 962 09, an increase of $224,339 27.
"
’
I n c id e n ta l...................................
807,978 10
613,927 59
+ 194,050 51
O T H E R T R A N S P O R T A T IO N .
T otal operating revenues...4 7 .3 8 2 ,5 6 9 48 42.525.902 02 + 4,850,007 46
O P E R A T IN G E X P E N S E S .
The earnings derived from transportation other than shown
In crea se ( + ) or
under tho preceding headings wore $2,231,881 61 an in­
1916.
1915.
D e c r e a s e (— ).
crease of $209,650 76.
$
$
S
M aintenance o f way and struc­
I N C ID E N T A L .
tures............................... .......... 4,657,854 14 4,483,924 72
+ 1 7 3 029 49
Maintenance o f equipm ent
9,361,628 69 8.207.491 18 4-1 I«i7 i q 7 isi
, I^
en ^ 1rr,evenue amounted to $807,978 10, an increase
T ra ffic expenses--------------------996.249 39
959 830 08
+ 3 6 410 81
Transportation expenses...........17,090,113 07 15,382,186 83 +1^707 026 84 ot $194,050 51.
General expenses.....................
984,131 72
913,954 73
+ 7 0 170 99
OPERATING EXPENSES.
T otal operating e x p e n s e s ...33,092,977 61 29,947,387 54 + 3 145’ 590 07
M A IN T E N A N C E O F W A Y A N D S T R U C T U R E S .
N ot Operating R evenue............. 14,289,591 87 12,578,574 48 + 1/71L017 39
The sum of $4,657,854 14 was expended for the mainte­
R atio o f operating expenses to
nance of way and structures, an increase of $173,929 42 or
operating revenues................
69.84%
70.42%
_ 58%

OPERATING REVENUES.
C O A L F R E IG H T .

Tho rovoiiuo derived from tho transportation of coal and
coke amounted to $18,811,099 51, a decreaso of $384,655 99,
or 2.00 per cent, as compared with the preceding twolvo
months This decreaso is duo to tho reduced reveuuo rocoivod from transportation of anthracite coal bocauso of tho
lower rates ordered by tho Inter-State Commerco Commis­
sion, effective April 1 1916, and a decreased tonnago of that
commodity as a result of tho unsettled labor situation in tho
anthracite region during negotiations for a new contract

The coal and coke transported, excludi^g^tlirCompapy’s
supply coal, was 17,418,333 tons, an increase of 523,403 tons
or 3.10 per cont.
’
This class of tonnage was 52.58 per cont of tho total ton­
nage hauled during tho year, a decrease of 3 24 ner cont
M E R C H A N D IS E F R E IG H T

The transportation of merchandise freight produced a
rovenue of $20,363,2o0 bo, an mcreaso of $4,357,749 20 or
27.23 por cont, as compared with tho preceding year ’
The revenue derived from the transportation of merchan­
dise freight was 42 98 per cent of the total operating reve­
nues, an increase of 5.34 per cent.
1 / 7 0 0 E °ron ? g 0 m 0VC-d ’ excluding Company’s material, was
io,7U6,852 tons, an increase of 17.45 por cent
gen eral

f r e ig h t

.

3.88 per cent, as compared with tho preceding year
’
During the year sixteen steel bridges and thirteen concretesteel bridges, replacing light iron or wooden bridges were
constructed One new iron and one new wooden brido-o
were placed under new sidings to industrial plants and one
iron bridge was built replacing a pipe culvert. One iron
and six wooden bridges were replaced by pipe culverts and
seven iron bridges were strengthened. Seven wooden
bridges were replaced by ballasted floor creosoted timber
bndges and two wooden bridges were abandoned and open­
ings tilled. One wooden bridge was replaced by a reinforced
concrete box culvert and one new wooden lift bridge with
pilo trestle approach was built in connection with additional
yard facilities.
ul2 ' n 7. tons ^ 1,2 ^ pounJd r“ L i ’608 tons of 110-pound rail,
10,311 tons of 100-pound rail and 11 tons of 90-pound rail
together with necessary frogs, switches, etc., were placed
in the track.
1
1,040,219 tie plates and 151,969 anti-rail creepers were
used.
x
1,079,157 cross ties, 2,360,231 feet B. M . switch ties
1 nor oSq
bridge ties and lumber amounting to
4,096,998 feet B. M . were used.
663,683 of the cross ties, 1,700,293 feet B. M . of switch
ties and 1,309,457 feet B. M . of bridge ties were treated
with creosote.
96,i20 c u b i c y a r d s o f c r u s h e d s t o n e w e r e u s e d i n b a l l a s t i n g
tr a c * - o «

’ •,

7

,e t o f d r a ln

til0

w e r e P la c e d

in

th e

road bed .

746.30 miles of copper and 238.15 miles of iron wire were
used in extending and renewing tho telephone, telegraph
and signal wires on the system.
M A IN T E N A N C E O F E Q U IP M E N T .

months.




Tho expenditures for the maintenance of eouioment
amounted to $9,364,628 69, an increase of $1,157,137 5 1 ,

or 14.10 per cent, as compared with the preceding twelve
months. Included therein is a charge of $1,446,123 02 for
the depreciation of equipment, as required by the accounting
rules of the Inter-State Commerce Commission.
Twenty-eight worn-out locomotives, one passenger car,
one express car, one fruit car, 1,551 freight equipment cars
and 161 road service cars were condemned and either sold
or destroyed during the year and their value written off the
books by appropriate charges through operating expenses.
Five passenger cars, fourteen express cars, two fruit cars,
two combined passenger and baggage cars and two cafe
cars were converted into workmen’s cars. 193 produce
cars were converted into ice cars. Three locomotive tenders
were converted into water cars and together with 101 freight
equipment cars were transferred to road service.
Thirty-two locomotives have been equipped with addi­
tional air pumps and eighty-nine with bull’s-eye lubricators,
to meet the requirements of the Inter-State Commerce
Commission.
In addition to the above, thirty-one locomotives were
equipped with brick arches and stokers, thirteen with brick
arches only and twenty-six with straight air.
Seventy-one locomotives had new fire boxes applied, one
hundred and thirty-four locomotives were equipped with
new cylinders and seventy-one locomotives had new boilers
applied.
321 passenger equipment cars wore painted and varnished
and eleven equipped with electric lighting apparatus. Two
dining cars were equipped with steel underframes.
Steel underframes were applied to 535 wooden froight and
coal cars, making a total of 15,193 cars so equipped during
the last eight years. Five 8-wheel cabooses were equipped
with steel underframes. 2,982 wooden freight cars were
equipped with metal draft arms. 4,970 freight equipment
cars and 117 road service cars were equipped with safety
appliances to conform to the requirements of the Inter-State
Commerce Commission.
The total number of locomotives on hand at tho close of
tho year was 971, with a tractive power of 32,344,767
pounds. The total number of freight equipment cars was
43,836, with a capacity of 1,647,955 tons.
T R A F F IC E X P E N S E S .

The expenditures under this heading amounted to $996,­
249 39, an increase of $36,419 31, as compared with the proceding twelve months.
T R A N S P O R T A T IO N E X P E N S E S .

The cost of conducting transportation was $17,090,113 67,
an increase of $1,707,926 84, or 11.10 per cent, as compared
with the preceding year.
The ratio of transportation expenses to total operating
revenues was 36.07 per cent, a decrease of .10 per cent, as
compared with the preceding year.
G EN ERAL EXPEN SES.

This class of expenses amounted to $984,131 72, or 2.08
per cent of tho total operating revenues.
TAXES.

The taxes accrued on your property, capital and business
during the year amounted to $1,806,620 29, an increase
of $6,361 13 over the preceding year.
ADDITIONS AND BETTERMENTS.
The sum of $10,642,896 12 was expended during the year
for the improvement and development of existing property
and for the acquisition of new property, which amount has
been charged to the appropriate Capital Accounts, as re­
quired by the Inter-State Commorco Commission. A clas­
sified statement of these expenditures appears on pago 44
[pamphlet report]. Specific mention is mado of tho more
important, expenditures, viz.:
The new equipment purchased and added to tho property
during the year is as follows: Twenty-five freight loco­
motives, twenty switching locomotives, nino passenger
locomotives, seven locomotive tenders, twenty steel under­
frame milk cars, four steel flat cars, twenty-five steel under­
frame 8-wheel cabooses, one service flat car, seven locomo­
tive cranes, one motor inspection car and two workmen’s
cars. A portion of this equipment is covered by Equipment
Trust, Series O, referred to in full under the heading
“ Financial.”
In addition to the foregoing, orders have been placed for
thirty-six Pacific type passenger locomotives, fifty-fivo
freight locomotives, sixteen locomotive tenders, fifteon
hundred 80,000-pound capacity box cars equipped with steel
underframes and steel ends, twenty-five steel underframo
8-wheel cabooses, two all-steel dining cars and two loco­
motive cranes.
During the past fiscal year sixty-five Consolidation type
froight locomotives and ten 10-wheel freight locomotives
wero rebuilt and equipped with superheaters, now cylinders
and Walschaert valve gears, which increases their efficiency
and reduces the fuel consumption.
The new passenger station and train sheds at Buffalo,
mentioned in the previous annual report, aro nearing com­
pletion and will be placed in sorvico about October 1 1916.
The freight terminal and yard were completed and put in
operation in December 1915.
The new ore pier at Constable Hook is well advanced and
will be ready for the installation of machinery in September
and for service early in tho year 1917. Pier 8, North River,
Now York, has been completed and put in service. The sub­




structure for Pier 44, East River, has been completed and
contracts awarded for all other work in connection with a
two-story pier and bulkhead shed. These facilities will be
ready for service early this fall.
Tho modern steel and concrote coal-handling plant at
Tifft Farm, Buffalo, for handling coal from cars to boats,
referred to in the last annual report, was completed and
placed in service since tho close of tho fiscal year.
Work is under Avay in connection with the construction
of a new engine terminal at Manchester, consisting of a 30stall fireproof engine house with a 100-foot electrically op­
erated turntable, together with machine shop and power
plant. At Suspension Bridge a new 15-stall fireproof
engine house with a 100-foot electrically operated turntable
and necessary shop and power buildings is under construc­
tion. These improvements will greatly facilitate tho making
of minor repairs to locomotives and tho prompt handling
of tho same. The new 50-stall fireproof ongino house at
Sayro was completed and put in service during tho past winter.
To permit the use of heavier power, the necessary work
of strengthening forty-two bridges between Sayre and Man­
chester is now in progress, and in connection therewith six­
teen passing sidings on the Seneca Division are boing ex­
tended for a total distance of 9.73 miles.
293,779 feet, or 55.64 miles, of Company’s sidings, and
19,219 feet, or 3.64 miles, of industrial sidings, were con­
structed during the year.
Owing to the unprecedented movemont of eastbound
traffic last fall and winter and the consequent congestion,
it was necessary to onlargo tho yards at Claremont, Oak
Island, Perth Amboy, South Plainfield, Florenco, South
Bethlehem and Manchester to the oxtont of a total increased
car capacity of 3,467 cars.
Tho improvement of tho wator supply system at Lohighton
and Packerton, referred to in last year’s report, has been
completed. The water softening plants at Stafford, Max­
wells and Rochester Junction have been romodelod and re­
built, tho improvements at tho last mentioned point including
a new 500,000-gallon reservoir. Steel tanks with capacities
of 50,000 and 70,000 gallons, respectively, were orected at
Perth Amboy and Stafford. A 30,000-gallon concrete
reservoir was built at Stevenson.
Automatic disc signals between Penn Haven Junction and
Wilkes-Barre, a distance of 48.09 miles, wore replaced with
automatic signals of the two-position, lowor-quadrant typo.
Automatic signals of tho three-position, uppor-quadrant
typo were installed botween Lodi and Pittsburgh and Lehigh
Junction, a distance of 71.07 miles, replacing signals of the
two-position, lower-quadrant typo. Similar signals wero
installed botween Ashmoro and Joddo Tunnel, a distance of
1.54 miles. All automatic signals of tho threo-position,
upper-quadrant type installed during the year Avere equippod
with electric lights. Similar installations wero also made on
the automatic signals botween Conway and Fairviow, a
distance of 11.35 miles, and on the Mountain Cut-off be­
tween Gracedale and Pittston Junction, a distance of 20.39
miles. An all-electric interlocking plant, together with tho
necessary outlying automatic signals, was erected at Ash­
more, protecting the junctions of the Highland and Hays
Crook Branches, with the main lino of tho Mahanoy and
Hazleton Division. An electro-mechanical interlocking
plant was installed at Port Reading Junction, replacing a
mechanical plant. Extensive improvements wore mado to
the interlocking plants at Union Street, Allontown, Lohigh­
ton, Gracedale and Van Etten Junction.
Visible and audible crossing signals wore placed at Dryden,
Shed’s Corners, Hinman, Beebe’s Crossing, Victor and Lost
Creek. Visible crossing signals wero installed at Berwick
and Northumberland Streets,White Havon, and South and
Spring Streets, Groton.
A now trunk telephone lino was orected between South
Bethlehem and Sayre, a distance of 182.40 miles, to relievo
congestion on the old line and to form part of a through lino
to Buffalo, to bo erected later. In addition to this, new
telegraph and telephone lines wero erected for a distance of
1.75 miles on the New Jorsey and Lehigh Division: 1.25 miles
on tho Mahanoy and Hazleton Division; .90 mile on tho
Wyoming Division, and .25 mile on tho Buffalo Division.
Telegraph and telephone polo lines wero rebuilt for a distance
of 2.60 miles on the New Jersey and Lohigh Division; 1.50
miles on the Mahanoy and Hazleton Division; 64.95 miles
on the Wyoming Division; 2 miles on tho Soneca Division;
3 miles on the Auburn Division, and 6 miles on the Buffalo
Division. Poles were reset for a distance of .50 mile on tho
New Jersey and Lohigh Division; 9.60 miles on tho Mahanoy
and Hazleton Division; 28.50 miles on tho Wyoming Divi­
sion, and 48.70 miles on tho Auburn Division.
FINANCIAL.
To make adequate provision for acquiring additional
terminal lands and facilities, tho purchaso of oquipinont and
other contemplated expenditures for improvements to tho
property, your Company issued under its Gonoral Consoli­
dated Mortgage, datod September 30 1903, $11,697,000
Four and One-half Per Cent Gold Bonds, maturing May 1
2003. Of these bonds $1,000,000 wore placed in tho troasury
and $10,697,000 were sold, tho proceeds of which oithor have
been or will bo used for tho abovo purposes.
The only new capital obligations incurrod by your Com­
pany since the increase in tho captial stock in 1910 (at which
timo 403,338 shares wero sold to tho stockholders at par,

Material and Supplies on hand at the close of the year
amounted to $3,371,895 07, an increase of $465,887 44.
This increase is principally due to the accumulation of large
stocks of locomotive supply coal last winter, in anticipation
of a possible suspension of mining in the bituminous regions
pending negotiations for a new agreement between the coal
operators and their employees. This coal is now being used
and the stock on hand will be reduced to normal within the
Securities held by public, r e tire d -.-.........- ............. ............... $20,114,537 6 6
Now construction and additions and betterments chargeable
next few months.
. . .
to Capital Accounts o f Lehigh Valley Railroad and subCurrent Assets are $13,351,729 16 above Current Liabilities.
sidlary companies_________________________________________ 19,977,15215
Rolling stock and floating equipment------- ---------16,419,838 27
Four quarterly dividends of two and one-half per cent
Total July 1 1910 to Juno 30 1916 inclusive.................
$56,511,528 08 each on the preferred and common capital stocks of the Com­
Proceeds of increase in capital stock in 1910--$20,166,900 00
pany were declared and paid during the year.
Proceeds of sale o f $20,697,000 General Con­
solidated Mortgage 4H % Bonds as follows:
Tho cash and security balances of the Company for the
$10,000,000 sold December 1913 $9,000,000
year havo been verified by certified public accountants and
10 697 000 sold April 1916 ----10,536,545
---------------$19,536.545 00
a copy of their certificate as to the correctness of the same
---------------------- 39,703,44500 is given on page 19 [pamphlet report].

producing funds of $20,166,900), are the $10,000,000 General
Consolidated Mortgage Bonds sold in 1913, and the $10,­
697,000 of similar bonds sold during the past year. Since
July 1 1910 capital expenditures (referred to in the annual
reports) have been made for the retirement of securities in
possession of the public, acquisition of now property and im­
provements to existing property, as follows:

Excess of capital expenditures over proceeds o f sale of capital
obligations------------------------------------------- ------------------- $ 16,808,083 08

GENERAL REMARKS.
The revenues of your Company for the year under review
are the greatest in its history and show a substantial increase
over the preceding year. A large portion of the increased
earnings have been devoted to a very liberal expenditure for
the maintenance of property, particularly in the case of
equipment. Your Company has for years pm-sued the
policy of discarding its old wooden freight cars as fast as
Interest
Description—
Rate.
Maturity.
Amount. they reached a condition to require heavy repairs and has
Collateral Trust Bonds_____________ 4%
Feb. and Aug.
$1,000,000
condemned a great many of the same during the year. On
September
400,000
Equipment Trust, Series I, C ertfs.. 4%
Equipment Trust, Series J, C ertfs..43^% Mar. and Sept.
500,000 such equipment of this type as is still serviceable, heavy ex­
Equipment Trust, Series K,
C ertfs.. 4%
Mar. and Sept.300,000
penditures have been made for steel underframes, a practice
Equipment Trust, Series L,
C ertfs..4>£%
April and Oct.400,000
Equipment Trust, Series M ,
C ertfs..4J4%
March
200,000 which has been pursued aggressively in the past and to a
greater extent during the year just closed, as the demand
T o ta l________________________ ____________________________ $2,800,000
for equipment increased. With the work that has been
The Lehigli-Buffalo Terminal Railway Corporation, done and the work now under way, your Company will
under authority of the Public Service Commission of New have within the next few months practically no freight equip­
York State, issued to your Company $50,000 of its capital ment that is not either all-steel or steel underframe. Very
stock and $3,740,000 Fifty-Year Five Per Cent Debenture substantial charges to expenses have also been made for the
Bonds to repay advances made for the construction of the condemnation of old locomotives too light for economical
new freight and passenger terminals at Buffalo, which are operation and for the remodeling of such engines as were
now nearing completion. These debenture bonds will re­
main in your treasury until permanent financing can be ar­ still serviceable but not of the proper degree of efficiency.
The expense for maintenance of way and structures has like­
ranged by the Terminal Company.
A now company has been incorporated, known as the wise increased, the earnings for the year having permitted
Lehigh Valley Harbor Terminal Railway Company, to take of a liberal policy in this respect also.
With the improvement in general business and the encour­
title to such real estate as may be purchased for the purpose
of providing additional terminal facilities at the Jersey City aging outlook for a continuation of the heavy volume of
and as well that your Company may be in a position
water front and to make such expenditures in connection traffic,
to handle the increased business as efficiently as possible,
with these facilities as may be authorized from time to time. heavy expenditures for additional facilities have been auth­
That corporation has issued to your Company $100,000 of orized during the year. These improvements have either
its capital stock and also its notes, bearing intorest at the been completed (as set forth under the heading “Additions
rate of five per cent per annum, aggregating $2,976,336 05 and Betterments” ) or are now under way. The more im­
on account of advances already made. The notes havo been portant are extensive terminal developments, the purchase
placed in the treasury pending further provision for the of additional rolling stock and floating equipment, the more
financing of this project.
#
rapid replacement of various bridges with stronger structures
An Equipment Trust, designated Series O, was created thereby permitting the use of the heaviest type of power and
during the year under which will bo issued $3,000,000 Four greater trainloads, extensions of tracks and sidings, and the
and Ono-lialf Per Cent Certificates, maturing in annual in­ construction of additional roundhouses with facilities for
stallments of $500,000 September 1st of each year, the final making prompt repairs to locomotives.
maturity being September 1 1922. These certificates will
It will be noted that the item “ Hire of Equipment” for
be a lion upon forty freight locomotives, fifteen switching
year shows a debit balance of $1,040,296 86. This s
locomotivos and fifteen hundred box cars, now under con­ the
duo entirely to the unusual conditions which confronted
tract with the builders. A portion of this equipment has practically all those railroads terminating at the Eastern
been delivered and upon receipt of the remainder the certifi­ seaboard which were called upon to deliver to the Europeancates will be issued and placed in the treasury.
bound vessels the vastly increased exports due to the war
An additional Equipment Trust, to be known as Series R, abroad. Harbor facilities generally had not been built
has also been authorized. This trust will cover an issuo of to take care of such a volume of traffic as resulted. Emer­
$2,400,000 Four and one-half Per Cent Certificates, maturing gency measures at increased expense were necessary to re­
in somi-annual installments of $200,000 March 1st and Sep­ lievo the congested conditions, which at one time were very
tember 1st of each year, the last installment falling due serious. This resulted in a large accumulation of the cars
September 1 1922. Under this arrangement the Company of other railroads, particularly those from Western points,
will acquire seventy locomotives of the latest design. Forty the lading of which, destined to foreign-going steamships,
of theso, known as the Santa Fe, or 2-10-2, typo, will be used your Company was unable to unload with any degree of
exclusively in freight service and thirty, of the Pacific type, promptness. Under the general railroad rules, per diem is
although primarily for use in fast freight service, will bo so paid to other companies for their equipment while on the
oquippod as to make them available for passenger service lines of your Company and vice versa. This unusual con­
also. This equipment is now undor contract and will be dition, which existed practically throughout the year and
delivered in the near future at which time the certificates which your Company was powerless to prevent, caused the
will bo issued and placed in tho treasury.
large debit for rental of equipment above mentioned. This
Tho advances made by tho Lehigh Valley Railroad Com­ congestion also added very materially to the expense of hand­
pany to subsidiary companies, of which it owns tho ontiro ling
freight, without any corresponding increase in revenue.
capital stock, wero reimbursed by issues of Fifty-Year Five Then, too, the demand for raw products used largely in the
Per Cent Gold Debenture Bonds, as follows:
manufacture of commodities going abroad, caused increases
Tho Lehigh Valley Railway C om p an y ...
.............................. $1,100,000
Lehigh Valley Railroad Company o f New Jersey_______ _____
585.000 in the prices of all materials and supplies required in railroad
Pennsylvania & New York Canal & Railroad Company_______
445,000 operation and added considerably to the cost of operation,
These securities havo been deposited with tho Trustee, a condition which still exists.
as required by the terms of the General Consolidated
Tho Inter-State Commerce Commission ordered a substan­
Mortgage.
.
tial reduction in tho rates for the transportation of anthracite
There have also been received and placed in the Com­ coal, effective April 1 1916, which has caused a corresponding
pany’s treasury $60,000 Wyoming Valley Water Supply reduction in the revenues derived from the movement of
Company First Mortgago Fivo Per Cent Bonds in repayment that commodity. This investigation was ordered by the
of advances made to that company for capital expenditures. Commission upon its own initiative and was under review
The book value of the capital stock of Coxe Brothers & for over three years.
The Inter-State Commerce Commission notified your Com­
Company, Incorporated, has been reduced by the sum of
$1,000,000 and Profit and Loss charged with that amount, pany that the Federal valuation of your property would be
as has been the practice in preceding years.
made as of July 1 1917. The field and office work prepara­
There has been a further reduction in the par value of the tory to making a detailed inventory is well under way,
capital stock of tho Temple Iron Company, resulting from thirty-three men being engaged in the preparation of the
tho liquidation of tho anthracite business of that company, necessary data. The cost to your Company of this work
mention of which was made in last year’s annual report. since July 1 1913, the date the revised classification issued
Thoro has also been a reduction in tho par value of tho by the Commission provided for the separation of this class
capital stock of the Philadelphia Grain Elevator Company. of expense, amounts to $132,429 25.

It will be observed from the foregoing that to the close of
the past fiscal year there has been expended by your Company
$16,808,083 08 in excess of the amount realized by the in­
crease in capital stock and the sale of bonds, which has been
provided out of the Company’s current cash resources.
The following obligations of your Company matured and
were retired during the year:




Six new covered barges, one gasoline derrick barge and one
motor boat were received during the year and added to the
floating equipment of the Lehigh Valley Transportation
Company, the entire capital stock of which is owned by your
Company. In addition to the foregoing, orders have been
placed for one steel tug, one steel steam lighter, four 90-foot
wooden barges, one 120-foot wooden barge, three steel 8-car
floats and four steel 12-car floats. One wooden sea-going
barge, fully covered by insurance, was lost at sea. Two
car floats, one tug, one grain boat and nine coal barges,
which, on account of age and small capacity, became un­
desirable for further service, were condemned and sold. The
floating equipment used by your Company and its affiliated
companies is shown in detail on page 46 [pamphlet report].
Although the decision of the Inter-State Commerce Com­
mission, referred to in the last annual report, prohibited the
Lehigh Valley Transportation Company from operating
after Decomber 1 1915 its six vessels on the Great Lakes,
used for the transportation of freight between Buffalo and
points west, they are being operated during the present
season of navigation through an injunction obtained from
the courts. This matter is still in litigation, as final deter­
mination has not yet been reached.
The operation, of the Lehigh & New York Railroad, which
property is leased and operated by your Company under an
agreement made in 1895, has resulted in a loss of $223,061 75
for the year.
Sixty-one new industries were located on the system during
the year, of which fifty-one have direct track connections
with your Company’s lines.
The total payments direct to labor for the year amounted
to $19,256,182 78, or 58.19 per cent of the total operating
expenses, the same having been distributed among an aver­
age of 23,815 employees.
The contribution made by your Company to its Employees’
Relief Fund amounted to $54,815 00. This fund was started
in 1878 and with one exception is the oldest relief fund in the
United States. Since its establishment and up to the close
of the year ended June30 1916, the payments made by ithavo
amounted to $2,169,702 29. Of this the employees subscribed
one-half, while your Company contributed the other portion.
Mr. Samuel T . Bodine of Philadelphia was elected a Direc­
tor to fill the vacancy caused by the resignation of Mr.
Abram Nesbitt.
Acknowledgment is made of the faithful and efficient
services rendered by the employees of your Company during
the year.
E. B. THOMAS, President.
GENERAL BALANCE

Dr.

SH EET JUNE

30 1916.

ASSETS.
.

T
,
$ 8 1 ,3 0 0 ,9 4 5 63
L e ss reserve for accru ed d ep reciation _____
9 ,4 3 7 ,8 4 0 57

Investm ent in M iscellaneous Physical Property___________ ^ 2 .0 3 0 .2 7 0 66
Investm ents in A ffiliated Companies—
Stocks................................
$46,082,986 52 .............. ..........
B on d s....... .............
32,745,926 00 ______________
N o t e s ........................._ ...................................... 3,190,086 05 .....................__

200,474 65

8 2 ,2 1 9 ,4 7 3 2 2

Other Investments—

Stocks..................................................................

$259,86900

B°.nds. r — - ................................. - .....................
M iscellaneou s______________

34,000 00
307,279 00
6 0 1 ,1 4 8 0 0

Current Assets—
C a s h - - , - - - ................................................................$15,126,594 94

Net balance receivable from agents and

• con d u ctors.....................................................
M iscellaneous accounts receivable_______
M aterial and supplies................................
Interest and dividends receivable______ __
Other current assets__________________

Other Income—
'
Joint facility rent income
254,530 78
Dividend income
903,312 76
Income from funded securities 431,190 01
Miscellaneous income____
1.077,492 47
Total other in com e..
2,666,526 02

325,579 07
712.99S 77
428,027 08
544,414 27

1,594,305 37
1,522,844 62
3,371,895 07
220,361 17
261,361 85

— 71,048
+ 190,313
+ 3,162
+533,078

29
99
93
20

2,011,019 19
+655,506 83
Total income________________ 15,241,239 8 8 12,882,822 46 +2,358,417 42
Deductions from Income—
Hire of equipment— Debit bal. 1,040,296 8 6
68,807 74
+971,489
12
Interost on funded debt______ 3,500,436 65 3,459,738 48
1 an OQQ 1 <7
-r4Utoyo
1/
Rent for leased roads
2,142,589 24 2,142,589 24
Joint facility rents__
1
A
A
|
1
Q
d
212,625 23
208,613 37
t 4 ,U1 I 00
Miscellaneous rents.
536,031 56
513,310 98
+22,720 58
Miscellaneous tax accruals__
100,527 65
108,269 83
— 7,742 18
Miscellaneous deductions___
42,292 78
59,047 8 6
— 16,755 08
Total deductions from income 7 ,5 7 4 ,7 9 9 9 7 6,560,377 50 + 1,014,422 47
Net income______
7,666,439 91 6,322,444 96 + 1,343,994 95
PROFIT AND LOSS ACCOUNT FOR TIIE YEAR ENDED
JUNE 30 1916.
Balance July 1 1915_______________________

$23 692^*71 (i

N et incom e for year ended Juno 30 1916________ _____ 7,666

Profit from liquidation of stock of Temple iron Co. and

439 91

Philadelphia Grain Elevator C o ______

88

132.344 00

Reduction of book value of capital stock of
Goxe Brothers & Co., Inc---------------------- $1,000,000 00
.......................
Readjustment account transfer of real estate
246.078 30 .
Discount and expense on General Consoli­
dated Mortgage Bonds sold_________
1 7 9 1 9 4 OO
Property abandoned___________
13 408 24 ------------------M iscellaneous adjustm ents..................

I n v e s tm e n t in R o a d an d E q u i p m e n t I n v e stm e n t in r o a d .................................................$ 2 4 ,7 1 3 ,3 3 9 8 5
In v e s tm e n t in e q u ip m e n t . . . .............. ............. 5 6 ,5 8 7 ,6 0 5 7 8

Advances....................._........... ...................

Increase ( + ) or
1916.
•1915.
Decrease. (— ).
Operating Revenues—
$
$
Coal freight revenue. _
.18,811,099 51 19,195,755 50 — 384,655 99
Merchandise freight revenue 20,363,250 65 16,005,501 45 +4,357,749
20
Passenger revenue.
4,300,182 81 4,043,799 00
+256,383 81
Mail revenue__
194,214 71
195,124 81
— 910 10
Express revenue..
1 on z oon 0 7
673,962 09
449,622 82
t ^4,«3JVI 27
Other transportation revenue 2,231,881 61 2,022,230 85
+209,650 76
Incidental revenuo
807,978 10
613,927 59
+ 194,050 51
Total operating revenues__ 47,382,569 48 42,525,962 02 +4,856,607 46
Operating Expenses—
Maintenance of way and struc
tures_________________ _
4,657,854 14 4,483,924 72
+ 173,929 42
Maintenance of equipment. I i 9,364,628 69 8,207,491
18 + 1,157,137 51
Traffic expenses___
1 oc jin 91
QKQ 00
QQu
fl ntt
996,249 39
you,
uo
t o o ,419 31
Transportation expenses____ 17,090,113 67 15,382,186 83 + 1,707,926
84
General expenses_______
984,131 72
913.954 73
+70,176 99
Total operating expenses__ 33,092,977 61 29,947,387 54 +3,145,590 Or
Ratio of operating expenses to
operating revenues...............
69.84%
70.42%
— .58%
Net operating revenue
14.289.591 87 12,578,574
48 + 1,711,017 39
Railway tax accruals________ 1,706,092 64 1.691,989 33
+ 14,103 31
Uncollectible railway rovenues
8,785 37
14,781 88
— 5,996 51
Total tax accruals, etc.
1,714,878 01 1,706,771 21
+8,106 80
Operating Income.
12,574,713 8 6 10,871,803 27 + 1.702,910 59

30 157 32

Dividends:
2 J3 % on preferred stock,
paid Oct. 9 1915.......... ..
$2,657 50
2
Y<i% on common stock,
„,P ;dd Oct. 9 1 9 1 5 -.............1,512,542 50
2y&% on preferred stock,
2,657 50
paid Jan. 8 1916-------------2 A % on common stock,
paid Jan. 8 19 16..............1,512,542 50
2
lA % on preferred stock,
paid April 8 1916-----------2,657 50
234 % on common stock,
paid April 8 1916------------ 1,512,542 50
2 A % on preferred stock,
due July 3 1916...................
2,657 50
2'A% on common stock,
due July 8 1916..................1,512,542 50
„ .
_
„ „ _________________________ 6.060,800 0 0
Balance June 30 1916..................................... 23,961,862 93

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

•

....................._
______ ______

$31,491,500 79 $31,491,500 79'
Balanco brought forward July 1 1916_______ _____________$23,961,862 93STATEMENT OF FUNDED DEBT JUNE 30 1916.

2f

D eferred A s s e ts ............................
U n a d ju ste d D e b its — .............................................. .....................................
R e n ts an d insurance p re m iu m s p a id In
ad v a n ce ........................... ............................... ..
$ 1 4 6 .7 2 7 5 2
O th er u n a d ju ste d d e b its......................................
1 ,4 7 8 ,2 7 8 23

536 52 4 52
l ,5 3 b ,5 2 4 5 -

Interest.
D a te
0/
M a tu rity.

Rate.

Pay agle.

A ccrued dur’y
the Y ear.

P rin cip a l.

75

T o ta l A s s e ts ................................. ................................................. ................. $ 1 8 2 ,0 7 2 ,8 9 0 23

Cr.

LIABILITIES.

C a p ita l S to c k —
1 ,2 1 0 ,0 3 4 shares c o m m o n s to c k , p ar 5 0 . . $ 6 0 , 5 0 1 , 7 0 0 0 0
2 ,1 2 6 shares preferred s to c k , p a r $ 5 0
1 0 6 ,3 0 0 00
$ 6 0 ,6 0 8 ,0 0 0

Funded D e b t—
M o r tg a g e b o n d s -----------------------------------$ 8 9 ,3 3 6 ,0 0 0 0 0
C o llatera l tru st b o n d s ................................................... 1 0 ,0 0 0 ,0 0 0 0 0
E q u ip m e n t tru st o b lig a tio n s.....................................
4 ,4 0 0 ,0 0 0 00
M o r tg a g e on real e s ta te ......... ...............................
1 ,6 6 9 18
t
...
,
$ 1 0 3 ,7 3 7 ,6 6 9 18
L e ss secu rities h e ld in treasu ry o f th e C o . 1 8 ,7 0 6 000 00
--------—
C u rren t Liab ilities-—
T r a ffic an d car-serv ice b alan ces p a y a b le . .
$ 4 5 7 ,9 2 1 3 9
A u d ite d acc ou n ts a n d w ages p a y a b le _____
4 ,5 9 5 .3 2 9 6 6
M iscella n eo u s acc ou n ts p a y a b le ______ __ .
2 3 9 ,1 7 2 8 6
In te r e st m atu re d u n p a id ................................... ..
4 0 3 ,3 6 5 0 0
6 ,7 9 1 0 0
D iv id e n d s m atu re d u n p a id ...................... ..........
F u n d ed d e b t m atu re d u n p a id ...........................
1 7 ,0 0 0 0 0
U n m a tu re d d ivid e n d s d e cla red _______ __ .
1 ,5 1 5 2 0 0 0 0
U n m a tu r e d in terest acc ru ed ..............................
6 1 5 ,7 4 5 9 7
U n m a tu re d ren ts a cc ru ed __________ ________
3 5 0 ,8 0 6 0 1
O th er cu rrent lia b ilitie s______________________
6 4 4 ,3 0 1 97

D eferred L ia b ilitie s_______________ __ _ w
U n a d ju ste d C red its—
T a x lia b ility .........
........................................ .
O th er u n ad ju sted c re d its........................... ..........
P r o fit a n d L o s s _________________

.

00

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

_______

8 5 .0 3 1 ,6 6 9 18

June&Dcc.

$200,000 00

$5,000,000 00-

6% June* Dec.
6%
6%

042,000 00

15,700,000 00'

Coupon.. SI,669,000 Dec. 1 1923
!3 4 'A %
Reglst’d 3,093,000
4>*%
Annuity 2,538,000 Perpetual
328,500 00
4A %
General Consolidated
14% May&Nov. 1.065,560 00
Mortgage Bonds . .
-3 \-l A %
551,621 50
Collat. Trust Bonds
$500,000
y
0 4% Feb.AAug. 369,530 00
Equipment Trust,
$250,000
Scries J,
Certlticatcs___
,
7 4 « % Mar.&Sep.
43,125 00
Mtge. on Real Estate
100 15

7,300,000 00­
26,639,000 0020,697.O0O 00
8,944,000 00
750,000 00
1,669 18

1 Tota|l .............. $3,500,436 65
Total amount of Funded Debt outstanding
Amount of Funded Debt In the Treasury of the Company, viz.:
General Consolidated Mortgage 4% Bonds........ ...................
General Consolidated Mortgage 4 'A % Bonds .........................
Collateral Trust 4% Bonds.............. ....... ............................ .........
8 ,8 4 5 ,6 3 3 86
1 ,5 6 8 ,2 8 0 0 4

$ 503 ,3 6 7 2 0
1 , 554 ,0 7 7 0 2
2 ,0 5 7 ,4 4 4 22
2 3 ,9 6 1 ,8 6 2 9 3

T o ta l L ia b ilitie s.......................................................................................... $ 1 8 2 ,0 7 2 ,8 9 0 23




Lehigh Valley UR. Co
1st Mtge. Bonds . .
Consol. Mtge. Bonds
Coupon -.51,319,000
!3
Reglst'd 4.319,000
Annuity 10,062,000 Perpetual
CO

1 ,6 2 5 ,0 0 5

S3

1

D escrip tion .

Equipment Trust, Series I , 4 %

Certificates maturing $400,666

annually to September 1 1916............ ................ ......................
Equipment Trust, Scries K. 4% Certificates maturing $150,666
semi-annually to September 1 1 9 1 7 __________
Equipment Trust, Series L, 4 A % Certificates maturing $200,000
semi-annually to October 1 1919.... .............
Equipment Trust, Series M , 4 'A % Certificates maturing $200,­
000 annually to March 1 1923........
Total Funded Debt, per balance sheet........ .........................

$85,031,669 18­
S13,000,000 00
1 , 000,000 00

1.056.000 oa«
400.000 00
450.000 00
1.400.000 00
1.400.000 00
$103,737,669 18

BUFFALO, ROCHESTER & PITTSBURGH RAILWAY COMPANY
T H IR T Y -F IR S T

ANNUAL

REPORT—

FOR

T h e D ir e c to rs o f th e B u f f a lo , R o c h e s te r a n d P itts b u r g h
R a ilw a y C o m p a n y s u b m it to th e S to c k h o ld e r s th e fo llo w in g
r e p o r t for th e y e a r e n d in g Ju n o 3 0 1 9 1 0 :

ROAD OPERATED.
1916.
Allies.
Trackage rights.................. ........... ........ -------

1915. Increase.
Allies.
Allies.
367.06
___
89.90
____
129.52
____

.129.52

Total length of road operated.
Second track___ _____ ______ . .
Sidings__________________ _______
Total miles of tracks, all steel rail
m,
,

------- 1,172.95
-----

586.48
208.33
372.71

5.43

L167.52

5" 43

T h e re w as n o c h a n g e in th e m ile a g e o f r o a d o p e ra te d
tr a c k s w ere in cre a se d b y 5 .4 3 m ile s o f n e w s i d i n g s .' ’

The

INCOM E.

Si=

W

S

Operating Income:

i 9 i 6.

Net revenue....................... $3,322,229

Uncoflectibie VeUenYas: 11111

21

S

1915.

$2,544,683

25° ’^ 7 94

23° ’^

_ $ 2 5 0 ,127 94

it W k t t
F; Decreased— ^

E N D IN G

JUNE

30

1910.

T h e im p o r ta n t e x p e n d itu re s e m b r a c o th e fo llo w in g c o m ­
p le te d ite m s :
L a n d fo r th e n ew sto ra g e w a re h o u se in R o c h e s te r , N . Y .
. D o c k a t B u ffa lo C r e e k , N . Y . , a n d e q u ip m e n t w ith
fa c ilitie s fo r h a n d lin g p ig iron a n d p u lp w o o d .
M o d e r n fa c ilitie s fo r fire p r o te c tio n a t th e E a s t S a la ­
m a n c a , N . Y . , a n d D u B o i s , P a . , s h o p p la n ts .
P a s s in g sid in g s, y a r d a n d in d u stria l tr a c k s , as b u sin e ss
dem anded.
. A m o n g th e im p o r ta n t w o rk s till in p ro gre ss m a y b e m e n ­
tio n e d th e fo llo w in g , referred to in la s t y e a r ’ s re p o r t:
S u b w a y , S a x to n S tr e e t, R o c h e s te r , N . Y .
S tr e n g th e n in g o f ste e l b r id g e s.
R e p la c in g o f tim b e r b r id g e s, tr e stle s a n d c u lv e r ts in p e r­
m a n en t fo rm .
A ls o th e g e n e ra l im p r o v e m e n t o f th e ro a d w ith sto n e b a lla s t
a n d h e a v ie r ty p o o f ra il.

45

~ +$777,545 76

COST OF EQUIPM ENT.

§?

____ — 468 33
___+19,531 67
+ $758,014 09
— 450 48
+ $ 7 5 7 5 6 3 61
+297.903 4 9

E x p e n d itu r e s w ere m a d e fo r a d d itio n s to ro llin g s to c k as
fo llo w s :

$230,596 27

Total operating in com e...$3,072,101 27 $2,314,537 66 ’
Non-operating income--------- 1,016,098 72
718,195 2 3

+ 20,000 00

99 ‘ 3'032J32 89 **<**** i»

als, etc--------------------------- 2,124,062 8 8
Net income.................
$1,964,137 11
Appropriations:
Pension and Fire Insurance
$22,923 35
„ Funds.-----------

YEAR

2.120,013 33
+4,049 55
$912,719 56 +$1,051,417 55
+ $1,414 88
+ 637 482 51
-$538,597 39

Spocial appropriations______ 048,393 60

Total appropriations......... $67 L 3 10 95
Surplus available for divi­
dends ................................. .$1,292,820 16
Return on capital stock.........
7.84%

+3512,820 16
+3.11%

T axes advanced 8 .7 %
to 8 2 5 0 ,0 0 0 0 0 , duo to h ig h er
asse ssm e n ts o n real e sta to a n d in cre ase d ta x e s o n N o t
In co m e.
T h e increase o f 8 2 9 7 ,9 0 3 4 9 in N o n -o p e r a tin g I n c o m e is
a ttr ib u ta b le to th e fa v o r a b le b a la n c e in H ire o f E o u i n m e n t a c c o u n t.
1 1
A sp ecial a p p ro p r ia tio n o f 8 0 4 8 ,3 9 3 6 0 w a s m a d e fro m
N o t In co m e.
° f tin s a m o u n t $ 1 2 5 ,0 0 0 0 0 w as p aid in to
th e S in k in g F u n d s u n d e r E q u ip m e n t A g r e e m e n ts S eries
V
’
lu c ^ d m g $ 2 ,3 9 3 6 0 a c cru ed in te re st is
nXn nn e to r tlle P u rch ase o f now ro llin g sto c k ; $ 2 1 0 ,­
.,
0 0 re p re se n ts th e c o st o f E q u ip m e n t B o n d s Series D ,
a n d r p aid o ff d u rin g th e y e a r , less o n e -h a lf o f th e p rin cip a l
re fu n d e d b y 4 1 4 % C o n s o lid a te d M o r t g a g e B o n d s ; $ 1 8 0 ,­
0 0 0 0 0 co v e rs th e a m o u n t p a id in to th e S in k in g F u n d to
re tire b o n d s u n d e r E q u ip m e n t A g r e e m e n t Series G ; an d
$ 1 2 5 ,0 0 0 0 0 is th e p rin c ip a l o f Series I I b o n d s p a id o ff
d u rin g th e y e a r .

DIVIDEN DS.
Dividends in cash were paid on:
1016
im r
Preferred Stock-------------------------$6,000,000 6% -$360 000 0%-Vkin ooo
Common Stock------------10.500.000 4 4 , 2 0 , 0 0 0 l l - WO.OOO
Total.........................................$10,500,000

c *i
i
c i .t r .
•--$“ 8 0 ,0 0 0
$ 7 8 0 ,0 0 0
S in ce th e close o f th o fisca l y e a r , y o u r B o a r d o f D ir e c to r
s
h as declared s e m i-a n n u a l d iv id e n d s o f th re e per c e n t
on
th o preferred sto c k a n d threo p er c e n t, o n the '
1
com m on
s to c k , p a y a b le A u g u s t 15 1 9 1 0 .

CAPITAL STOCK.
T h e r e h a s b e e n no ch a n g e d u rin g th o y e a r in th is account.
I ho to ta l o u tsta n d in g C a p ita l S to c k o f th o C o m p a n y a m o u n ts
to $ 1 0 ,5 0 0 ,0 0 0 , a n d co n sists o f $ 0 ,0 0 0 ,0 0 0 p referred s to c k
a n d o f $ 1 0 ,5 0 0 ,0 0 0 c o m m o n s to c k .

FUNDED DEBT.

Two locomotive crane hoists
Five cabooses built at Company’s SfaopsIIIIIIIIZIIZIIIIIII
S' fn •i''ht °c 1 rsm°~S
on nineteen hundred and eighty-four
Stcarsid° sta'f0s aRPiied on"thirteen "hu'ndred and"twelve freight
Sundry other betterments, including re-classification or transfer
of twenty passenger cars one hundred and nine freight cars
and two work equipment cars..

M m -t A ^ e 0rn t r?Qn7WiH1!n
$ 2 0 4 ,0 0 0

P™ vij i(?.ns o f

th o C o n so lid a te d
to, tho C o m p a n y

o f tho C o m p a n y m a k e a to ta l o f $ 1 ,0 0 4 * 0 0 0 h e V i n V s e r v e ! ^

COST OF ROAD.
p*

C a p ita l a c c o u n t h as b een c h a rg e d d u rin g tho y e a r w ith
$ 5 7 3 ,9 9 3 4 3 fo r in v e stm e n t in ro ad as fo llo w s:
Land for storage warehouse, Rochester, N . Y ____
$05,934 70
jjtner land for transportation purposes__________
51,988 20
‘r
y.’ |Nax ! '>n St., Rochester, N. Y ------------15 371 X9
StoincmSlIa s t f *lt_ ° _ ’ a 11^’ fro*s
fa s t e n in g s ...::::;::::;
§§
im proving bridges and a a f v e r t s : : : : : : : : : : : : : : : : ....................

2 1 .309150

D o c k , B u ffa lo C r e e k , N . Y _ _ _ .........................................

uo

SShop"
i smachinery------S [
::::::::
1.'. IN “OK. r...........
‘ "
.................

kin'voo
i S 1no

l'jro protection facilities, East Salamanca, N . Y .

Yard extensions, sidings, e t c ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ;
T o ta l______________




—"

§
l l ’ n s 779
71

173 305 73
' ''

$573,993 43

123,943 38
18,522 20
141489 03

$305,103 52
T h e r e w a s c re d ite d fo r e q u ip m e n t s o ld , tran sfe rre d
or d e s tr o y e d , th e fo llo w in g b o o k v a lu e s , a p a rt
o f w h ic h , less s a lv a g e , w as ch a rg e d to O p e ra tin g
E x p e n s e s , a n d th e b a la n c e , re p re se n tin g th e d e ­
p re c ia tio n since J u n e 3 0 1 9 0 7 , c h a rg e d to A c ­
cru ed D e p r e c ia tio n a c c o u n t:

Six locomotives............................................................. $41,950 6 6
Twenty-nine passenger-train cars___________ YY~ 85^2!2 09
One hundred and twenty-two freight-train cars__ I 90435 81
Sixty-four work equipment cars____ _____________ . 58,638 00
282,236 47
Making a net increase o f______________________ _________ $22,867 05
T h e to ta l tr a e tiv o p ow er o f e n gin e s a g g r e g a te s 1 1 ,4 9 3 ,5 3 6
p o u n d s , a d ecrease o f 1 3 3 ,9 9 9 p o u n d s fr o m la s t y e a r .
T h e a v e ra g o tr a c tiv e p ow er o f e a ch e n g in e in cre ase d 2 5 8
p o u n d s , b e in g 3 6 ,2 5 7 p o u n d s , a s a g a in s t 3 5 ,9 9 9 p o u n d s la s t
year.
T h o to ta l ca rr y in g c a p a c ity o f ca rs in fre ig h t se rv ice n o w
a m o u n ts to 7 5 0 ,8 4 7 n e t to n s , a d ecrease o f 6 S 4 to n s fr o m la s t
year.
T h e a v e r a g e ca rr y in g c a p a c ity o r e ffic ie n c y o f e a c h fre ig h t
c a r in creased .0 6 to n , b e in g 4 3 .2 5 to n s , as a g a in s t 4 3 .1 9 to n s
la st y e a r .
O f th o cars in p asse n ge r s e rv ic e , 4 4 . 6 6 % are o f a ll-s te e l
c o n s tr u c tio n , a n d in th o fre ig h t se rv ice S 9 % o f th e ears are
n o w a ll-s te e l or are e q u ip p e d w ith ste e l u n d e r fra m e s .

PASSENGER REVENUES.
T h o gross p a sse n g e r re v en u e a m o u n te d to $ 1 ,1 4 4 ,8 9 2 OS
an increase o f 3 . 8 9 % , or $ 4 2 ,9 1 1 5 8 .
T h e a v e ra g e ra te re ce iv ed p er p asse n g e r p er m ile increased
.0 3 5 c e n t, b e in g 2 .2 2 1 c e n ts , as c o m p a re d w ith 2 .1 8 6 c e n ts a
year ago.
T h e a v e r a g e d ista n c e each p assen go r w a s carried in creased
.2 2 m ile , b e in g 2 7 .1 6 m ile s , a g a in s t 2 6 .9 4 m ile s la s t y e a r .

Passengers carried in 1910...........
Passengers carried in 1915.............. ....................Y Y

1 897 94 s
L87L322

An Increase of 1.42%, or.................................... ..........................
Passengers carried one mile in 1910______________ 51,546,803
Passengers carried one mile in 1915______________ 50,415,391
A ls o , th o secon d a n n u a l in s ta llm e n t o f $ 1 2 5 0 0 0 Q«r ioc
I I b o n d s w as re tire d , as p ro v id e d fo r in th e m ^ e o m e u t
T h e re su lt is a d ecrease o f $ 7 1 2 ,0 0 0 in th o b o n d e d d e b t
o f th o C o m p a n y o u tsta n d in g o n J u n o 3 0 1 91 0 o f w hich
$ 0 2 6 ,0 0 0 w a s h e ld b y th e p u b lic a n d $ 8 0 ,0 0 0 b’y th o E ire
In su ra n c e a n d P en sio n F u n d s .
y

$17,525 30
3,023 61

An increaso of 2.24% , o r ................................................... ..7 7

20,620

1,131,472

FREIGHT REVENUES.
T h e a v e r a g e ra te re ce iv ed p er to n p er m ilo d ecreased .1 3
m ill, be in g 4 .0 4 m ills a s co m p a re d w ith 4 .7 7 m ills la s t y e a r .
T h e a v e r a g e d ista n c e e a ch to n w as h a u le d in creased 4 .4 0
m ile s , b e in g 1 5 8 .2 3 m ile s , a g a in s t 1 5 3 .8 3 m ile s a y e a r a g o .
T h e re v e n u e to n n a g e m o v e d w as th e la rg e st in th e h is to ry
o f th o C o m p a n y , a ll o f th e ge n e ra l c o m m o d itie s sh o w in g in ­
crea ses, as fo llo w s :

1916.
8 905 421
485,436
696.755
4 2 6 727
3,619,529

1915.
7,107,857
362,403
417,178
258,461
2.782,136

Total...................... ..................... 14,133,863

10.928,035

_ tJ. .
,
Hituminous coal_______
Ooko-----------------Iron ore .........
l’ lg and bloom iron______
Other freight...............

An Increase of 29.34%, or______________________________
Tons moved one milo in 1916_______
Tons moved one mile In 1915...... ..........Y Y

In crea se.

1,797.564
123,033
279,577
168.266
837,393

3.205.S33

2 236 342 672
1,681,022,418

An increase of 33.03%, or.....................................................

555,320,254

T h e re su lt fo r th e y e a r is a g a in o f 2 9 . 4 0 % , or $ 2 ,3 5 8 ,9 5 6 9 0
in g ross fre ig h t r e v e n u e .

EXPENSES.
O p e r a tin g E x p e n se s in cre ase d $ 1 ,7 1 3 ,5 3 7 2 4 , or 2 4 . 7 1 % ,
in w h ic h e a c h p r im a r y e x p e n se a c c o u n t p a r tic ip a te d , as fo l­
lo w s :

Per Cent.
Increase.
30.43
Maintenance o f way------------------------------------------ - $385,636 43
28.95
Maintenance o f equipment________ ______ ______ 618,2b9 01
.76
T raffic_____________ _____ ______ _____ ___________
1,072 67
21.48
Transportation................................ . ......... ................
675,313 33
4.25
Miscellaneous operations________________________
„ 623 32
14.08
General............. ..................... .......................................
32,622 48
T otal......... ............................................. - ................. $1,713,537 24

24.71

T h is in cre a se is d u e p rin c ip a lly to th e la rg e r v o lu m e o f
tr a ffic , n e c e ssita tin g p r o p o r tio n a te o u t la y s in a ll d e p a r t­
m e n ts.
#
T h e e x p e n se s w ere fu rth e r in cre ase d b y th e a d v a n c e s m a d e
in w a g e s o f e m p lo y e e s , th e h ig h er c o s t o f m a te r ia ls , a n d , in
c o n tin u a tio n o f th e p o lic y in a u g u r a te d se v e ra l y e a r s a g o o f
s tr e n g th e n in g c e rta in classes o f e q u ip m e n t, b y e x tr a o rd in a r y
e x p e n d itu re s fo r re b u ild in g fre ig h t cars w ith ste e l u n d e r­
fr a m e s a n d b o lste r s a n d e q u ip p in g th e m w ith h e a v y d r a ft g e a r.
T h e a m o u n t ch a rg ed th is y e a r fo r d e p re c ia tio n w a s $ 4 7 4 ,­
0 8 7 3 6 , a n in crease o f $ 4 9 ,0 5 4 8 5 o v e r th e p re c e d in g y e a r .
T h e o p e r a tin g r a tio d ec re a se d . 9 1 % , b e in g 7 2 . 2 5 % ,
a g a in s t 7 3 . 1 6 % la s t y e a r .
T h e p e r c e n ta g e o f e a c h g r o u p o f o p e ra tin g e x p en se s to o p e r­
a t in g : e v e n u e s fo r th e p a s t fiv e y e a r s is a s fo llo w s :

1916.
Maintenance o f way________ 13.81
Maintenance o f equipment ..2 3.00
Traffic......... .............................. 1.19
Transportation.................. — 31.91
Miscellaneous operations_________ .13
General_____ _____
2.21
T otal......................

72.25

1915.
13.37
22.53
1.50
33.17
.15
2.44

1914.
13.49
20.65
1.40
36.15
.25
2.26

1913.
14.23
19.74
1.30
32.71

1912.
12.52
18.94
1.26
32.88

2.05

2.14

73.16

74.20

70.03

67.74

T h e a v e r a g o c o st p er to n p er m ile is 3 .2 8 m ills , b e in g .0 7
m ill m o r e th a n la s t y e a r .
,
T h e a v e r a g e n u m b e r o f re v e n u e to n s ca rried o n e m ile p er
r e v e n u e fre ig h t tra in m ile , e x c lu d in g th e m ile a g e o f h e lp in g
e n g in e s, in cre ase d 7 8 .4 5 t o n s , b e in g 7 8 5 .6 1 t o n s , a g a in s t
7 0 7 .1 6 to n s a y e a r a g o .
.
.
T h e a v e r a g e n u m b e r o f re v e n u e to n s ca rried o n e m ile p er
r e v e n u e fre ig h t e n gin e m ile , in c lu d in g th e m ile a g e o f h e lp in g
e n g in e s , in cre ase d 2 5 t o n s , b e in g 5 0 2 , a g a in s t 4 7 7 a y e a r a g o .
T h e a v e r a g e s fo r th e p a s t te n y e a r s are as fo llo w s :

Train Load.
543
530
597
638
635
647
710
694
707
786

Year.
1907..
1908..
1909..
1910..
1911..
1912..
1913..
1914..
1915..
1916..

Engine Load.
435
371
400
420
430
439
462
454
477
502

T h o a v e r a g e n u m b e r o f re v e n u e p asse n ge rs ca rried on e
m ile p er re v e n u e p a sse n g e r tra in m ile is 3 8 , b e in g 1 m o re th a n
la s t y e a r .
_
.
T h e n o n -r e v e n u e tr a ffic , n o t in clu d e d in a n y o f th e o th e r
fig u re s o f th is r e p o r t, is a s fo llo w s :

Number
Number
Number
Number

of
of
of
of

*
*
1916.
1915.
340,607
275,504
passengers— ...................- ......... ..........
passengers carried one mile-------------- 13,811,7o5
I I ,522,375
tons_________________________________
1,155,202
867,023
tons carried one mile------------------------106,701,505 83,299,093
EIRE INSURANCE FUND.

T h e a sse ts o f th is fu n d w ere in creased $ 1 6 ,2 1 6 9 6 d u rin g th e
y e a r , a n d n o w a m o u n t to $ 3 0 0 ,1 9 2 4 6 in in te r e st-b e a r in g
se cu ritie s a n d c a sh .

PENSION FUND.
T h e a sse ts o f th is f u n d , cre a te d J u ly 1 1 9 0 3 , w ere in cre ase d
$ 1 7 ,1 2 0 7 9 d u rin g th e y e a r , a n d n o w a m o u n t to $ 2 2 4 ,3 2 0 4 1
in in te r e st-b e a r in g secu rities a n d c a sh .
T h e r e w ere s ix ty -fiv e pen sion e rs u p o n th e ro ll o n J u n e 3 0
1 9 1 6 , a n e t in crease o f fo u r d u rin g th e y e a r .

GENERAL REM ARKS.
T h e O n ta r io C a r F e r r y C o m p a n y , L im it e d , p a id a d iv id e n d
o f 5 % fo r th e y e a r e n d in g D e c e m b e r 3 1 1 9 1 5 .
T h o su m o f
$ 1 2 ,4 8 5 0 0 re c e iv e d o n th e $ 2 4 9 ,7 0 0 0 0 o f th is C o m p a n y ’s
s to c k w a s cre d ite d to N o n -o p e r a tin g In c o m o A c c o u n t .
T h e se c o n d b o a t , referred to in la s t y e a r ’ s r e p o r t, w a s d e ­
liv e re d a n d p la c e d in service O c to b e r 1 1 9 1 5 .
I ts c o s t ,
a m o u n tin g to $ 4 5 7 ,7 1 8 5 8 , w a s m e t fr o m th e a v a ila b le fu n d s
o f th o F e r r y C o m p a n y a n d th e p ro ce ed s o f $ 2 2 5 ,0 0 0 0 0 sh o rt­
te r m 6 % n o te s .
U n d e r d a te o f A u g u s t 3 0 1 9 1 5 th e D ir e c to r o f V a lu a t io n o f
th e I n te r -S t a to C o m m e r c e C o m m is s io n se rv e d n o tic e th a t
th e v a lu a tio n o f th is C o m p a n y ’ s p r o p e r ty a n d su b sid ia ry
a n d lea sed lin es w o u ld b e m a d e as o f J u ly 1 1 9 1 7 , a n d in
co n se q u e n c e forces h a v e b e e n e n g a g e d in th e p re lim in a ry
w o rk re q u ire d b y th e C o m m is s io n , in creasin g th o v a lu a tio n
e x p en se a c c o r d in g ly .
T h e a m o u n t e x p e n d e d to d a te fo r th is
w o rk h a s re a ch e d $ 2 1 ,1 3 2 8 3 .
I n a c c o r d a n c e w ith th e te rm s o f th e A g r e e m e n t w ith th e
E rie R a ilr o a d C o m p a n y , d a te d M a y 1 1 9 0 7 , tr a c k a g e rig h ts
fo r a fu r th e r p eriod o f te n y e a r s w ere g r a n te d o v e r y o u r line
fr o m C la r io n J u n c tio n , P a . , to E le a n o r a J u n c tio n , P a . , a
d is ta n c e o f 4 9 .9 3 m ile s .
T h e a c k n o w le d g m e n ts o f th e B o a r d are re n e w e d to th e
o ffic e rs a n d e m p lo y e e s fo r th e ir fa ith fu l a n d e ffic ie n t se rv ice s.
B y ord er o f th o B o a r d .
W I L L I A M T . N O O N A N , President.
R o c h e s t e r , N . Y . , J u ly 3 1 1 9 1 6 .




liH' ©mmurmal jinxes.
COMMERCIAL EPITOME
Friday Night, Axigust 11 1 9 1 6 .
D e s p it e s o m e d ra w b a c k s su c h a s less fa v o r a b lo crop
r e p o r ts a n d s o m e u n c e r ta in ty a s t o th e u ltim a te o u tc o m e
o f th e d iffe re n ce s b e tw e e n th e ra ilro a d s a n d th e ir e m p lo y e e s
a s to w a g e s , tr a d e is u n u s u a lly g o o d fo r th is tim e o f th e
year.
T h e c o n s u m p tio n o f raw m a te ria ls a n d m a n u fa c ­
tu r e d a rtic le s th is s u m m e r h a s b e e n n o tic e a b ly la r g e , e v e n
th o u g h th e ru sh o f b u y in g h a s u n d o u b te d ly a b a t e d .
T h ere
is a r e v iv a l o f la r g e fo re ig n b u y in g o f ste e l a n d th e re a re s a id
to b e s o m e in d ic a tio n s o f a n a w a k e n in g d e m a n d fro m th e
h o m e tr a d e .
A ls o c o p p e r is in b e tte r d e m a n d fro m E u r o p e
a t fir m p ric e s .
D r y g o o d s a re in b risk d e m a n d a n d f ir m .
B o o t s a n d s h o e s a n d le a th e r a re in g o o d d e m a n d , th b la tte r
fo r o x p o r t.
W h e a t h a s a d v a n c e d b y le a p s a n d b o u n d s a n d
c o r n , o a ts a n d c o tto n h a v e a lso ris e n .
T h e G overn m en t
re p o r t co n fir m e d th e d a m a g e to th e sp rin g -w h e a t crop b y
r u s t.
C o r n a n d o a ts h a v e su ffe re d to so m e e x te n t fr o m h o t ,
d r y w e a th e r, a n d in s o m e p a r ts o f th e co rn b e lt , tr a d e h a s
slo w e d d o w n a little a w a itin g th e o u tc o m e o f th e c r o p .
In
th e s o u th e a s t, w h ere flo o d s r e c e n tly p r e v a ile d , th ere is a lso
a ce rtain d isin clin a tio n to tr a d e v e r y h e a v ily fo r th e tim e
b e in g .
R e ta ile rs in s o m e p a r ts o f th e c o u n tr y a re d isp o se d
to p ro ce ed ra th e r c a u tio u s ly , w ith p rices a t th e ir p re se n t
le v e ls .
P ig iron p rices are d ep re sse d .
T h e prico o f sk illed
la b o r co n tin u e s to rise.
E a s te r n tra d e is h u r t m o re or loss
b y th e e p id e m ic o f in fa n tile p a r a ly s is .
U n fille d ord ers fo r
s o m e k in d s o f ste e l h a v e d e c re a se d .
Y e t ge n e ra l tr a d e is ,
o n th e w h o le , con sid ered to b e in g o o d s h a p e .
L A R D firm e r; p rim e W e s t e r n , 1 4 c .; re fin e d to th e C o n ­
tin e n t, 1 4 .3 5 c .; S o u th A m e r ic a , 1 4 .6 0 c .; B r a z il, 1 5 .6 0 c .
F u tu r e s a c tiv e a n d a d v a n c e d w ith h o g s h ig h e r, a n d s h o rts
a n d c o m m is s io n h ou ses b u y in g .
E x p o r ts o f la rd a n d m e a ts
are m u c h larger th a n th o s e o f la s t y e a r .
L e a d in g p a c k in g
in terests h a v e b e e n la r g e b u y e r s .
T h e q u a lity o f th o h o g s
arriv in g is c o m p la in e d o f a n d th is f a c t h a s m o re th a n o ffs e t
lib e ra l r e c e ip ts .
P o r k , in a fe w d a y s , a d v a n c e d a t C h ic a g o
$ 1 5 0 an d th is h a d so m o e ffe c t o n la r d .
T o - d a y p rices d e ­
c lin e d , a fte r a n e a r ly a d v a n c e .

DAILY CLOSING PRICES
Sat.
September deli very, cts. 12.95
October delivery.......... 12.97
December delivery___ 12.67

OF LARD FUTURES IN CHICAGO.
Mon.
Tucs.
Wed.
Tliurs.
Fri.
12.90
13.12
13.20
13-55
12.95
13.12
13.20
13-57
13-47
12.65
12.90
12.95
13.10
12.85

P O R K in g o o d d e m a n d a n d v e r y fir m ; it a d v a n c e d sh a r p ly
a t C h ic a g o ; m e s s , $ 2 8 2 5 @ $ 2 8 7 5 ; cle a r , $ 2 5 5 0 @ $ 2 7 5 0 .
B e e f , m e s s , $ 1 8 @ $ 1 8 5 0 ; e x tr a In d ia m e s s , $ 3 0 @ $ 3 1 . # C u t
m e a ts fir m ; p ick le d h a m s , 1 0 to 2 0 l b s ., 1 6 H @ 1 7 c . ; p ick le d
b e llie s , 1 5 > £ @ 1 6 c .
B u tte r , cream ery, 2 5 @ 3 2 J ^ c .
C h eese,
S ta t e , 1 3 @ 1 7 c .
E g g s , fr e s h , 1 8 @ 3 3 c .
C O F F E E in r a th e r b e tt e r d e m a n d ; N o . 7 R i o , 9 J ^ o .;
N o . 4 S a n t o s , 1 0 Yi @ 1 0 . ; fa ir to g o o d C u c u t a , 11 Vs@
n % c . F u tu r e s a d v a n c e d in re sp o n se to a rise in B r a z il.
T r a d o in te r e s ts h a v e b e e n c o v e r in g .
C o tto n E xchange
h o u se s h a v e b e e n b u y in g .
P r im a r y re ce ip ts h a v o d ecre ase d
a n d s o m e r e p o r t a b e tto r s p o t d e m a n d .
C rop m ovem en t of
R io a n d S a n t o s , 1 ,8 4 9 ,0 0 0 b a g s , a g a in s t 2 ,1 8 4 ,0 0 0 fo r th e
s a m e tim e la s t y e a r a n d 1 ,4 8 2 ,0 0 0 in 1 9 1 4 .
T h e r e is s o m e
re d u c tio n o f c r o p e s tim a te s .
T o - d a y fu tu r e s c lo se d 3 to 5
p o in ts easier w ith to ta l sa le s o f 7 0 ,2 5 0 b a g s .
P ric es fo llo w :

July___ cts - 9.10@9.12 November cts8.72(
A ugust_____ 8.61@8.63 December__ 8.7 5(
S o p t ............. 8.65@8.66 January___ 8.80<L GntAboi*
8 RKhnR 70

M a rch .. cts_8.89@8.92
A pril.......... r8.95@8.97
May ........ 9.00©9.02

S U G A R la t te r ly q u ie t a n d easier a fte r a n ea rlie r a d v a n c e ;
c e n tr ifu g a l, 9 6 -d e g r e e s t e s t , 5 .9 5 c .; la te r , 5 .7 7 c .; m o la s s e s
8 9 -d e g r e e s t e s t , 5 .1 8 c .; la t e r , 5 c .; g r a n u la te d , 7 . 1 5 @ 7 . 3 5 c . ;
la te r , 7 .2 5 c .
F u tu r e s lo w e r , o w in g to th e w e a k n e ss m ra w
o n th e s p o t , a d is a p p o in tin g d e m a n d fo r re fin e d a n d liq u i­
d a tio n .
T h e c o u n tr y s h o w s n o d is p o s itio n to b u y g ra n u la te d
fre e ly a t p re se n t p ric e s .
O n th e o th e r h a n d , so m o p r o m in e n t
in te re sts h a v o a t tim e s b o u g h t S e p te m b e r ra th e r f r e e ly .
T h o tr o u b le is th a t s h o r ts a n d le a d in g o p e ra to r s h a v e g iv o n
th o o n ly s u p p o r t .
T h e w e a th e r in C u b a a n d L o u is ia n a h a s
b e e n g e n e ra lly fa v o r a b le .
A tla n t ic p o r ts re c e iv e d 6 4 ,5 1 9
t o n s , a g a in s t 5 1 ,4 7 7 la s t w e e k , a n d 4 3 ,2 9 1 in 1 9 1 5 ; m e ltin g s ,
5 5 ,0 0 0 to n s , a g a in s t 5 7 ,0 0 0 la s t w e e k , a n d 6 1 ,0 0 0 in 1 9 1 5 ;
to ta l s to c k , 2 9 1 ,0 3 9 t o n s , a g a in s t 2 5 6 ,5 2 0 in th o p ro v io u s
w e e k , a n d 3 5 1 ,5 2 0 in 1 9 1 5 .
T o - d a y fu tu r e s c lo se d 11 to 2 2
p o in ts lo w e r w ith sale s o f 9 ,8 0 0 t o n s .
Q u o ta tio n s fo llo w :

A u gu st..cts.4.5004.56
Sept . _Y --. 14.55@4.56
October_____4.54@4.55
November._ 4.40@4.42

Decomber_cts4.25@4.30
January........3.97©4.02
Fobruary----- 3.7o©3.80
Marclx-------- 3.78@3.82

April . . . c ts .3.83@3.87
M a y ............. 3.90@3.91
J u n o _______ 3.93@3.95
July________ 3.95@3.98

O I L S .— L in seed fir m ; C i t y , r a w , A m e r ic a n s e e d , 7 0 @ 7 1 c . ;
C i t y , b o ile d , A m e r ic a n s e e d , 7 0 @ 7 1 c . ; C a lc u t t a , $ 1 .
L ard,
p rim e , $ 1 0 5 @ $ 1 1 0 .
C o c o a n u t, C o c h in , 1 3 3 ^ @ 1 4 c . ; C e y ­
lo n , 1 3 @ 1 3 M c C o rn , 7 .1 6 @ 7 .2 0 c .
P a lm , L a g o s , 1 0 @
l O ^ c . C o d , d o m e s tic , 5 8 @ 6 0 c . C o tto n s e e d , w in te r, 9 .5 0 c .;
s u m m e r w h ite , 9 .5 0 c .
S p irits o f tu r p e n tin e , 4 5 @ 4 5 ^ 0 .
S tra in e d r o s in , c o m m o n to g o o d , $ 6 1 5 .
P E T R O L E U M in m o d e r a te d e m a n d ; r e fin e d , in b a rr e ls,
$ 8 9 5 @ $ 9 9 5 ; b u lk , $ 5 2 5 ® 6 2 5 ; c a s e s , $ 1 1 5 0 @ $ 1 2 5 0 .
N a p h t h a , 7 3 to 7 6 -d e g r e e s , in 1 0 0 -g a llo n d ru m s a n d o v e r ,
403^c.
G a s o lin e , g a s m a c h in e , s te e l, 3 7 c .; 7 3 to 7 6 -d e g r e e s ,
steel a n d w o o d , 3 2 © 3 5 c . ; 6 8 to 7 0 -d e g r e e s , 2 9 ® 3 2 c .
G aso­
lin e ra th e r w e a k e r.
In N e w J e r s e y , th e prico has b e e n c u t
to 2 1 c . to g a ra g e s .
C r u d e p e tro le u m h as fu rth e r d e c lin e d ,

o w in g to th e v e r y largo p r o d u c tio n .

T lio fo llo w in g ta b le o f

------- 1016------- ------- 19 15------- ------- 19 14-----N o iv .

H ig h .

H ig h .

Low .

L ow .

H ig h .

..$2 35
35 $2 60 $2 25 SI 35 $2 50 $1 45
Pennsylvania----------------------------$2
2 12 1 78 91c. 2 07 1 05
.. } 1
C ab ell________________ _________
§787
2 10 175 97c. 2 00 102
M ercer black and Now C a s tle .._ 1 85
.. 1 81585
2 10 1 75 83c. 2 00 85c.
C o r n in g ................ .........................
85c.
80c.
1 63
_ i1 70
1 95
1 35
S o m e r se t______________________
<o
T h e fo llo w in g is th e u su a l list o f q u o ta tio n s :
Pennsylvania dark $2 35 N orth Lim a________$1 48 Illinois, above 30
degrees________ $1 52
C abell------------------- 1 §7 South Lim a________ 1 48
M ercer black------ - 1 85 I n d ia n a .........................138 Kansas and Okla­
N ow Castle......... - 1 85 Princeton____________ 152 homa _________ 1 15
Somerset, 32 d eg— 1 7 0 C addo La, lig h t .. 1 15
C o rn in g --------------- 1 8 5
W ooster__________ 1 80 R aglan d __________ 70c.
T O B A C C O h as b e e n r a th e r q u ie t b u t s t e a d y .
In W is ­
co n sin p a ck e rs are b u y in g th e p re sen t crop a t 1 5 c .
In C o n n ,
le a f h a s so ld in so m e ca ses a t 2 0 c .
N e w Y o r k , W is c o n s in
a n d O h io need r a in , a n d th e c ro p o u t lo o k thero m ig h t be
b e tte r th a n it is.
I n N e w E n g la n d , V ir g in ia , K e n t u c k y
a n d T e n n e sse o it is p r o m isin g .
I t is la te in P e n n s y lv a n ia
a n d is b e lo w th e a v e r a g e in O h io .
E v e r y b o d y th in k s th e
o u tlo o k fo r b u sin e ss is g o o d th is y e a r , a lull a t th is tim e
m e a n in g n o th in g .
C O P P E R v e r y s te a d y w ith a b e tte r d e m a n d .
L a rg e
sales to R u s s ia , i. e ., 5 ,0 0 0 to n s fo r N o v . to D e c . are re p o r te d ,
a n d 5 ,0 0 0 to n s m o re aro lik e ly to bo s o ld , also to R u s s ia .
I t is s a id , h o w e v e r , th a t th e E n te n te P ow ers are r e a lly in th e
m a r k e t fo r so m e th in g lik e 3 0 0 ,0 0 0 ,0 0 0 to 4 0 0 ,0 0 0 ,0 0 0 lb s .
E n g la n d , R u s s ia , I t a ly a n d F r a n c e , it is s ta te d , all w a n t large
to n n a g e s, e sp e c ia lly E n g la n d a n d R u s s ia .
T in a c tiv e an d
a fte r so m e d eclin e b e ca m o firm e r o n th e s p o t a t 3 8 Ho.
L o n d o n a n d S in g a p o re h a v e a d v a n c e d .
A r r iv a ls , 1 ,9 3 7
to n s ; a f lo a t , 3 ,0 3 5 to n s.
S p e lte r q u ie t a n d low er o n tlio sp o t
at 8 ^ c .
L a s t W e d n e s d a y 2 5 to n s o f p ru n e W e s t e r n w as
s o ld fr o m th e ro stru m o f tlio E x c h a n g e here u n d e r th o rule
at 8c.
L e a d d u ll a n d lo w er o n th o s p o t a t 5 .9 5 c .
London
h as la tte r ly a d v a n c e d .
E a r ly in th e w ee k the W e s t b o u g h t
hero to a fa ir e x te n t.
P ig iron ra th o r w e a k ; N o . 2 N o r th e r n
$ 1 9 5 0 @ $ 1 9 7 5 , N o . 2 S o u th e rn $ 1 4 @ $ 1 4 5 0 , B ir m in g h a m .
D o m e s tic d e m a n d is fa ir .
S o m o b u y in g or in q u iry b y H o l ­
la n d , S w e d en a n d S w itz e r la n d .
S o u th e rn fu rn a ce s are u n ­
d ersellin g N o r t h e r n .
In tho C e n tr a l W e s t there is a s o m e ­
w h a t b e tte r d e m a n d .
S te e l is in p e rsiste n t d e m a n d fr o m
E u r o p e , a n d a lso d o m e stic co n su m e rs .arc ra th e r m o re d is ­
p ose d to p u rc h a se .
T h e y see h o w h e a v ily E u ro p e is b u y in g .
E u r o p e w a n ts e n o rm o u s to n n a g e s o f sh e lls, fo rg in g s a n d shell
steel fo r d e liv e r y b y J u ly 1 9 1 7 .
P rices are firm a n d p o s s ib ly
te n d in g u p w a r d .
W ir e n ails a n d b a rb w ire a d v a n c e d $ 2 a
to n .
M o s t ste e l p la te m ills are said to b e sold u p to th e en d
o f 1 9 1 6 a n d prices h a v e la t e ly a d v a n c e d $ 2 a to n w ith a s im i­
la r a d v a n c e in ste e l b a rs a n d $ 1 in b illo ts

1

Friday Night, Aug. 11 1 9 1 6 .
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 ou r
te le g ra m s from th o S o u th t o -n ig h t, is g iv e n b e lo w .
I o r th e
w e e k e n d in g th is e v o n in g th o to ta l recoip ts h a v o re a ch e d
6 1 ,0 8 7 b a le s, a g a in st 5 4 ,1 5 4 balos la s t w e e k a n d 3 9 ,4 2 9
ba ios th o p re v io u s w ee k , m a k in g th e to ta l re c e ip ts sinco
A u g . 1 1 9 1 6 8 8 ,3 2 1 b a lo s , a g a in st 3 7 ,9 2 1
b a lo s fo r
th o
sa m e p e rio d o f 1 9 1 5 , sh o w in g a n in cre ase sinco A u g . 1 1 9 1 6
o f 5 0 ,4 0 0 b a le s .
___________
*
M on.

S a t.

Aransas Pass, &c.
P en sa cola ---------Jacksonville, & c.
B ru n sw ick -------C h a rleston -------W ilm in g to n -----N ’port News, &c.

T u es.

3,114

1,523
308

2*. 154
2,025

5*728

1,222

2*154

1*179

1*668

5
923
967

‘ *54
845
511

324

36

T h u r s.

F r i.

T o ta l.

1,609

2,666

1*743
637

*598
506

234
974
1.634

16,452
2,850
234
12,720
6,332

1*214

1*301

2,507

__

....

*200
—

*120

*175
178

47

51

26

11,590'

9.918

13,5331

8 ,179l

1,500
1,814
4,656
4,573
137
295

19
406

—
—

8*,437

*971
1.500
1,554
1,395
510
137

*729
745

699
1,132

65
708

B altim ore---------Philadelphia-----Totals this w eek.

W ed .

3,970

2,586
2,850

5,867

406
26

12,000l 61.087

T h o fo llo w in g sh o w s w e o k ’s to ta l r e c e ip ts, t o ta l since
A u g . 1 1 9 1 6 a n d sto c k s to -n ig h t , c o m p a r e d w ith la s t y e a r :
1916.
R e c e ip ts to
A u g . 11.

Galveston----------Texas C ity — - - N ew Orleans’____
M o b i l o ..................
Pensacola----------Jacksonville, & c.

T h is
W e ek .

16,452
2,850
234
12,720
6,332
—

S in c e A u g

1 1916.
23,205
2,850
234
20,038
10,022
—

1915.
T h is
W eek .

9,251

S tock .

S in c e A u g

1 1915.
16,759

—

3,952
117
—

7,087
885
—

1915.

66,788
754
50
115,931
16,376

105,789
13,193
654
129,85(1
12,254
_______

—

1,027
62,034
3,500
22,205
52,404
26,188

58,271
40(1
42,576
38,003
44,725

565
132
2

83 966
10 237
2 392
850

234,217
13,605
1,961
1,878

37,921

464,702

697,379

*1*1*999
4,000
1,874
5,918
6,053
137
345
1 086
534
26

3*032
100
107
1,114
2,440
—

*4*456
350
397
3,325
3,963
- _____

B o s t o n _____ ____
B altim ore_______
P h ila d elp h ia ____

8*437
1,500
1,814
4,656
4,573
137
295
655
406
26

545
97
2

T ota ls-------------

61 087

88 321

20,757

N o r f o l k . ______
N ’port News. &c_

1916.

___

In ordor th a t co m p a riso n m a y b o m a d o w ith o th o r y o a r s ,
w o g iv e th o to ta ls a t loa d in g p o r ts fo r six se a so n s:




1911.

16.452
3,084
12.720
6,332
8,437
1,500
1,814
4,656
4.573
137
1,382

9,251

2,700

19,541

18,110

35,547

’ 3*952
117
3,032
100
107
1,114
2,440

*2*514
4
256

"*1*032
32
1,582

*1*083
131
1,417

*2*561
17
2,281

392
1
1,749

4
802

1
26
8

644

50
49
876
1,573
175

456

412

356

T otal this wk.

61,087

20,757

8,197

24,785

21,959

38,537

Sinco A ug. 1-

88,321

37,921

14,088

43,306

33,181

64,378

S a v a n n a h ___
B runswick___
Charleston___
W ilm in g to n ..
N o r fo lk -------N ’port N .,& c.
All others____

m e e x p o r ts io r tnu w een e u u m ^
o v c u m s ita v u
o f 1 0 2 ,1 5 4 b a le s , o f w h ich 3 1 ,9 9 0 w ere to G r e a t B r ita in ,
1 4 ,0 4 9 to F r a n c e a n d 5 6 ,1 1 5 to o th e r d e s tin a tio n s .
Ex­
p o r ts fo r th e w e e k a n d sin ce A u g . 1 1 9 1 6 are a s fo llo w s :
W eek ending A u g . 11
Exported to —
Exports
fro m —

Great
Britain. France

Other.

400
11,768

5,155

G a lv e s t o n ..
T exa s C ity .
N e w O rle a n s
M o b i l e _____
P e n s a c o la ..
Savannah. .
W llm ln g t ’ n.
N o r fo lk —
N ew Y ork .
B o s t o n ------P h lla d e l 'l a .
San F r a n ..
S e a t t l e -------

7,500
4,968

1916.

Total.

5,555
11,768
4,200 11,700
4,968

F rom A u g .
Great
B ritain .

5,155
7,500
4,968
5,298
1,455

1 1916 to A u g .
Exported to—

400
11,768

Total . . .

31,990 14,049 56,115 102,154

39,711

18,468

7,758 27,967 46,329
151 1,308

15,187
1,837

,758'

Total 1915. 10,604
1,157
Total 1914

Toted.

50j

9,505
11,768
11,700
4,968
5,298
9,510
10,063
6,347
28,887
1,857

*4 TOO

'T .io o

4,200
8,055
10,063

Tacoma —

5,247
8,281
1,807

11 1916.

Fran ce.

8,055 9,510
10,063 10,063
350 5,597
11,780 19,152
1,807
367
4,100 4,100
2,538 2,538
15,029 15,029

1,455
5,247
5,491
1,807
367

6,300

1,100

14,306

" 4,939

” 4",939
108,942

37,127
2,131

60,072
3,968

In a d d itio n to a b o v e e x p o r ts , o u r te le g ra m s t o -n ig h t a lso
g iv e u s th e fo llo w in g a m o u n ts o f c o tto n on s h ip b o a r d , n o t
c le a r e d , a t th e p o r ts n a m e d .
W o a d d s im ila r fig u re s fo r
N ow Y ork.
O n S h ip b o a r d , N o t C lea red f o r —

A ug.

11 a t —

Now O rleans..
G a lv e s to n ____
Savannah -----Charleston —
N o r fo lk ______
N ew Y o rk -----Other ports—
T otal 1 91 6 ..
T otal 1915-.
T otal 1 9 1 4 ..

COTTON

1912.

1913.

1914.

1915.

1916.

R e c e ip ts a t —

G a lv e s to n ___
Texas City.& c
N ew Orleans -

G rea t
B r ita in . F r a n c e .

4,732
7,128

2,623

8*848
1*666
2,000

2*666

23,708
8,246
5,322

4,623
6,128
124

G er­
m any.

ill:

O ther
C o n t't.

13,226
18,355
500

4*666
1,000
'io o
6,361

37,081
28,546
2,526

C o a st­
w is e .

L e a v in g
S tock .

T o ta l.

281
7,250
1,000

20,862
32,733
1,500

350

8,848
350
7.000
3.000

95,069
34,055
60,534
22,205
7,528
25,838
76,966
68,214

8,881 74,293
5,361 48,381
15,086 29.419

390,409
648,998
198,897

_

S p e c u la tio n in c o tto n fo r fu tu r e d e liv e r y h as b een ra th e r
m o r e a c tiv e th a n re c e n tly a n d p rices h a v e a d v a n c e d to a
n e w h ig h le v e l o n th is m o v e m e n t.
O n e re a s o n fo r th is w as
h o t , d r y w e a th e r in th e W e s t e r n b e lt.
A n o th e r w a s c o n ­
tin u o u s ra in s in th e E a s te r n G u lf a n d A tla n t ic S t a t e s .
B e s id e s , th e re h a v e b een p e rsiste n t re p o r ts o f d a m a g e to th e
c ro p e a s t o f th e M is s is s ip p i b y g r a s s , w ee d s a n d s h e d d in g ,
to g o th e r w ith a s p r e a d , it w as s a id , o f th e b o ll w e e v il. B u lls
h a v o b e e n a rg u in g th a t th e p re se n t o u t lo o k p o in ts to a s m a ll
c r o p u n le ss v e r y e x tr a o rd in a r y d e v e lo p m e n ts o c c u r to re d ee m
th e s itu a tio n . ' A t th e s a m e tim e , th e y in s is t th a t th e crop
w ill n o t b o la rg e e n o u g h to m e e t th e w o r ld ’s r e q u ir e m e n ts ,
w h ic h th e y p u t a t f u lly 1 5 ,0 0 0 ,0 0 0 b a le s , a n d e v e n m o re
th a n th a t if p ea ce s h o u ld b e b r o u g h t a b o u t d u rin g th e p re sen t
c r o p y e a r ju s t b e g u n .
S o m o o f th e S o u th e r n tra d e rs th in k
th a t e v e n ts in E u r o p e aro sh a p in g to w a rd s a n earlier p ea ce
th a n h a s b e e n g e n e ra lly e x p e c te d .
S tress is s till la id o n th e
la s t G o v e r n m e n t r e p o r t o n th e c o n d itio n o f th e c ro p g iv in g
it as o n ly 7 2 . 3 % .
T h a t w a s a sta g g e r in g b lo w to th e
o p tim is ts .
B u lls
th in k
th e c o n d itio n is e v e n
low er
now
and
a fte r
a lm o s t
u n in te r ru p te d
ra in s
E a st of
th e M is s is s ip p i, sin ce J u ly 2 5 t h , th e real d a te
of
th e
A u g u s t re p o rt a n d o f a lm o s t u n relie ve d d ro u g h t in T e x a s a n d
O k la h o m a .
I t is tru e t h a t , la t te r ly , T e x a s h as h a d r a m ,
b u t th e b e liev ers in m u c h high er p rices in sist th a t it h as n o t
h a d n e a rly e n o u g h , e sp e c ia lly in th e w estern a n d n orth e rn
p a r ts o f th a t S t a t e .
B e sid e s O k la h o m a h as b e e n su ffe rin g
fro m d r o u g h t fo r so m e w ee k s p a s t .
B o ll w e e v il lias increased
in th o c o a s t se ctio n o f T e x a s .
W a ld o r f -A s t o r ia op e ra to rs
h a v e b e e n p ro m in e n t o n th e b u ll side a t th e E x c h a n g e .
T h e y h a v e b id a t tim e s fo r large b lo c k s — 2 0 ,0 0 0 b a le s o f
J a n u a r y , fo r in stan ce — a n d in tim id a tin g th e b o a r d r o o m
a n d W a l l S tr e e t s h o r ts .
B e s id e s , th e W e s t , e sp e cia lly
C h ic a g o , a fte r a su ccessfu l b u ll c a m p a ig n in w h e a t, h as
been
b u y in g
c o tto n
on
th e
ta lk
of
a
sh ort
crop,
a
b ig c o n s u m p tio n , p ossib le p ea ce ere lo n g ,
and
a
s p e c ta c u la r a d v a n c e if
th in gs go r ig h t.
S p o t h ou ses
have
bought
m o d e r a te ly .
M e a n w h ile
sp ot
m a r k e ts
h a v o b e e n risin g r a p id ly w ith fu tu r e s , th o u g h th e M a y
o p tio n fo r th e first tim e sin ce th e b e g in n in g o f th e E u ro p e a n
w a r h as o u tru n “ s p o ts ” o n th e w a y u p w a rd .
T h e a c t iv it y
a n d str e n g th o f c o tto n g o o d s a n d o th e r d r y go o d s n a tu r a lly
e n cou rag ed th e b u lls in c o tto n fu tu r e s .
A t tim e s , t o o , th e
C o n tin e n t h as b een a g o o d b u y e r in L iv e r p o o l.
O n th e oth er
h a n d , a n a d v a n c e o f 1 6 0 p o in ts sin ce J u ly 11 h as s e t so m e
p e o p le th in k in g .
T h e y are d isp ose d to b e lie v e th a t a rise
o f a b o u t $ 8 a b a le d is c o u n ts a g o o d d e a l, p o s s ib ly d isc o u n ts all

th e b u llish fa c to r s in th e s itu a tio n .
B e sid e s there is a lw a y s
th e p o s s ib ilit y o f b e tte r w e a th e r d u rin g th e re st o f A u g u s t
a n d in S e p te m b e r .
T h a t m ig h t g r e a tly in crease th e size
o f th e c r o p .
T e x a s h as h a d so m e b e n e fic ia l ra in s.
T h e re
h as la t te r ly b e e n so m e im p r o v e m e n t e ast o f th e M is s is s ip p i
R iv e r .
T h e n th ere are th o se w h o b e lie v e th a t th e w a r w ill
d ra g on fo r a lo n g tim e to c o m e .
F in a lly , th e te c h n ic a l p o s i­
tio n h as b een m o re or less w e a k e n e d b y th e h e a v y b u y in g
fo r a rise a n d th e w e e d in g o u t o f a large p erce n ta g e o f the
s h o r t in te r e st.
It h as n o t b e e n a r e a lly b r o a d m a r k e t .
As
a ru le th e o u tsid e p u b lic h as h eld a lo o f.
I t d id n o t lik e
th e id ea o f b u llin g c o tto n a t 13 to 13 I ^ c . a n d a p p a r e n tly
lik es s till less th e n o tio n o f b u llin g it a t 1 4 R j to 1 5 c . T o - d a y
p rices w ere irre gu lar a d v a n c in g e a rly a n d d e c lin in g later
o n re p o rst o f ra in s in T e x a s , an d liq u id a tio n b y W a l l S t.
a n d th e W e s t .
S p o t c o tto n close d a t 1 4 .1 0 c . fo r m id d lin g
u p la n d s , sh o w in g an a d v a n c e for th e w ee k o f 2 0 p o in ts.
T h e o ffic ia l q u o ta tio n fo r m id d lin g u p la n d c o tto n in th e
N e w Y o r k m a r k e t e a ch d a y for th e p a s t w e e k h as b e e n :
5 to A u g . 11—
S a t. M on . T u e s . W ed . T h u r s . Fri.
M iddling uplands--------------------- 13.95 14.10 14.40 14.45 14.25 14.10
N E W Y O R K Q U O T A T IO N S F O R 32 Y E A R S .
T h e q u o ta tio n s fo r m id d lin g u p la n d a t N e w Y o r k o n
A u g . 11 fo r e a ch o f th e p a s t 3 2 y e a r s h a v o boon a s fo llo w s :
1 91 6 .c .
1 4 .1 0 1 9 0 8 . C_____ 1 0 .5 5 1 9 0 0 . c ..........1 0 .1 2 1 8 9 2 . c
7 .2 £
1 9 1 5 ..
. 9 .4 5 1 9 0 7 . ............ 1 3 .4 0 1 8 9 9 . ........... 6 . 5 0 1 89 1 . .
8.12
1 9 1 4 ..
.
1 9 0 0 _______ 1 0 .0 0 1 8 9 8
0 0 6 1 89 0
1 2 .0 0 1 9 0 5 _______ 1 0 .7 5 IS9 7 ------------ 8 . 0 0 1 8 8 9 . .
. 1 1 .3 1
1 2 .3 0 1 9 0 4 ......... . . 1 0 .6 5 1 8 9 6 .............. 8 . 0 6 188 8
1 2 .4 0 1 9 0 3 ............. 1 2 .7 5 1 8 9 5 ------------ 7 . 1 9 1 8 8 7 - .
9 .7 5
1 9 1 0 ............. 1 5 .7 0 1 9 0 2 .............. 9 . 0 0 1 8 9 4 . . ......... 6 . 9 4 1 8 8 6 - .
9 .5 0
1 2 .6 0 1 9 0 1 .............. 8 .0 0
1 8 9 3 . ............ 7 .6 9 1 8 8 5 . _
M ARKET

Saturday___
M o n d a y ___
T u e s d a y ___
W ednesday .
Thursday . .
F rid a y_____

AND

SALES A T

NEW

Spot M a rk et
C lo s e d .

F u tu r e s
M a rk et
C lo s e d .

Steady, 5 pts. a d v ._
Steady, 15 pts. a d v .
Steady, 30 pts. a d v .
Steady, 5 pts. a d v ..
Steady, 20 pts. d ec.
Quiet, 20 pts. d e c ..

Very stoady___
Very stea d y___
Steady_________
Barely s te a d y ..
Steady_________
Barely stea d y. .

YORK.
SALES.

S p o t.

T o t a l____

C o n t r ’ct\ T o ta l.

'3 0 0

300

300

300

__
— -

F U T U R E S . — T h e h ig h e s t, lo w e st a n d c lo sin g p rices a t
N o w Y o r k fo r th e p a s t w e e k h a v e b een a s fo llo w s:
Saturday, M on d a y, Tuesday, \Ved’ d a y }’ Th ursd’y, Friday,
A u g . 5. A u g . 7.
A u g . 8. A u g . 9. \Aug. 10 A u g . 11.
Au gust —

Range........
Closing___
September —
Range........
Closing___
October —
Range____
Closing___

—
13.65-.70 —
13.8S-.90 14.04 — 14.21-.23
—
—
—
13.97-.99 14.13-.15 14.30-.32

W eek .

I
-------------T4.00-.13 14.04 — 13.65-. 13
14.22 — 14.00-.02 13.91 __

14.02-.26 13.79*.48
14.03-.04

14.07-.43 14..30-.67 14.42-.72 14.32-.58
14.41-.43 14.58-.59 14.59-.61 14.36-.37
.|
14.15-151 14.38-.77 14.50-.78 14.4O-.08
lt.50-.51 14.66-.68 14.69 .70 14.43-.44

14.22-.4S 14.00-.72
14.22-.23

j

M arch —

1

—■

1

R ange ........ 14.47-.5S 14.40-.80 14.67-.00 14.75-.00 14.71-.91 14.58-.79 14.ifi-.00
Closing ___ 14.C2-.03 ll.78-.80 14.94-.95 14.94-.96 14.G9-.71 14.59-.61

June —

|

R ange ____ —
14.55-.56 14.70 —
Closing ___ 14.C4-.C6 14.79 — 14.95 — 14.95 — 14.70-.72 14.61-.03
Jut/—

R ange ........ —
14.50-.72 14.80-.04 14.S1-.01 14.76-.93 14.71-.85 14.56-.04
Closing____ 14.69-.71 11.85 — 115.00 — 14.98-.00 14.75-.77 14.66 —

N E W O R L E A N S C O N T R A C T M A R K E T . — T h o h ig h ­
e s t , lo w e st a n d c lo sin g q u o ta tio n s fo r le a d in g c o n tr a c ts in th o
N e w O rlea n s c o tto n m a r k e t fo r th o p a s t w eo k h a v o boon a s
fo llo w s :
M o n d a y ) T u es d a y
A u g . 7. I A u g . 8.

W ed ’day
A u g . 9.

T h u r s d ’ y ) F r id a y ,
A u g . 10. A u g . 11.

1
13.C6-.75 13.65 — ' 13.86-. 96 13.91-.13
13.75 — 13.95 — 14.16 — 13.99-.01 j 13.78 — 13.67 —
—

-------------- 1 4 .1 0 -.ll 13.99-.2043.04 —
13.73-. / 0 13.94-.96 14.15-.17 14.09-. 10 13.85 — 13.74 —
13.61-.84 13.68-.03 13.89-.33 14.05-.33 13.94-.20 13.82-.09
13.81-.82 14.02-.03 14.23-.24 14.19-.21 13.97-.98 13.86-.88
13.80-.02 13.88-.23 14.07-.52 14.25-. 53 14.15-.40 14.03-.29
14.01-.02 14.22-.23 14.42-.43 14.39-.41 14.17-. 18 14.08-.09
13.9 -.12 13.98-.34 14.20-.62 14.35-.63 14.24-.51 14.16-.40
14.11-.12 14.32-.33 14.52-.53 14.49-.53 14.27-.28 14.18-.ii)
|
14.12-.31 14.19-.49 14.36-.8l 14.53-.78 14.43-.65 14.34-.55
14.29-. 31 .1449-.50 14.69-.70 14.65-.66 14.44-.45 14.36-.37
|
!
—
14.32-.58 14.50-.98 14.73-. 92 14.05-.73 14.50 —
14.44 — 14.64-.66 14.85-.87 14.81-.85 14.60-.62 14.51 —
1
1
-------------14.60 — 14.80-.82 15.00 — 14.96-. 98 14.74-.80 14.59 —

Rang’e_______
Closing______
M arch —
R ange_______
Closing______
M ay—
R an ge_______
C losing______
J u ly —
R an ge_______
Closing............
T on e—
S p o t _________
Firm
O p tio n s _____ 1 Steady

_____

Steady | Firm
Very st'y Steady




5 7 3 ,0 0 0

6 6 3 ,0 0 0

3 0 6 ,0 0 0

- 1 ,9 7 9 ,4 5 9 2 ,9 6 9 ,0 2 3 1 , 5 6 1 ,4 1 3 1 ,0 6 2 ,6 5 4
H ast I n d i a n , lir a z il, A c .—
Liverpool stock _________________ . 1 2 8 ,0 0 0
2 5 1 ,0 0 0
2 8 3 ,0 0 0
1 9 6 ,0 0 0
London s lo c k __________________ .
3 4 ,0 0 0
4 5 ,0 0 0
5 ,0 0 0
5 ,0 0 0
Manchester stock _______________ .
4 ,0 0 0
1 5 ,0 0 0
2 0 ,0 0 0
1 3 ,0 0 0
Continental stock ______________ . *9 7 ,0 0 0 * 1 1 0 ,0 0 0 * 1 5 0 ,0 0 0
4 3 ,0 0 0
India afloat for Europe_________ 6 2 ,0 0 0
5 9 ,0 0 0
1 5 7 ,0 0 0
1 0 2 ,0 0 0
E gypt, Brazil, & c., a floa t______ .
1 4 ,0 0 0
1 9 ,0 0 0
2 6 ,0 0 0
2 3 ,0 0 0
Stock in Alexandria, E g y p t____ .
2 0 ,0 0 0
7 1 ,0 0 0
1 2 9 .0 0 0
9 5 ,0 0 0
Stock in B om bay, India________ . 6 9 3 ,0 0 0
0 7 2 ,0 0 0
0 8 7 ,0 0 0
6 9 7 ,0 0 0
. 1 .0 5 2 ,0 0 0 1 ,3 1 5 ,0 0 0 1 ,4 3 0 ,0 0 0 1 , 1 3 1 ,0 0 0
. 1 ,9 7 9 .4 5 9 2 ,9 6 9 ,0 2 3 1 ,5 6 1 ,4 1 3 1 ,0 6 2 ,6 5 4

T otal American
---------- „

^rpool____

M iddling Upland, New Y ork ____
E gypt, Good Brown, L iv e rp o o l..
Peruvian, R ough G ood, Liverpool
Broach, Fine, Liverpool__
Tinnovolly, G ood, Liverpool____

♦Estimated.

14.10c.
12.33d.
13.75d.
8.25d.
8.27d.

9.30c.
8.00d.
10.90(1.
5.15(1.
5.27d.

11.90c.
9 . 8 5 (1 .
8 .8 5 (1.
6 >jjd.
o i-i6 d .

8 .9 0 (1.

N om .
5 Y\ d .
ll-1 0 d .

C o n tin e n ta l im p o r ts fo r p a s t w e e k h a v o beon 5 0 ,0 0 0 b a le s .
T h o a b o v o fig u res fo r 1 9 1 0 sh o w a d ecrease fr o m la s t w ee k
- QO o a r .
— „ 1„ —
1 o r o m i 1. .
i*...... . i r v i r
•

Firm
Irregular

AT

THE

IN T E R IO R

M ovem ent to

W eek.

—

l

M ay—

R an ge_______
Closing______
S e p te m b e r —
R ange......... .. _
Closing______
O ctob er —
R ange_______
Closing______
D e c e m b e r —R ange_______
Closing______

4 0 7 ,0 0 0

4 ,2 8 4 .0 2 3 2,991
3 .0 3 1 ,4 5 9 4,284.023
AV A
supply.....................3.U31.459
2 ,9 9 1 ,4 1 3 2 . 1 9 3 ,6 5 4
ut tno above, totals o f American and other descriptions are as follows:
A m erica n —
Liverpool stock ___________
- 5 1 9 ,0 0 0 1 .0 9 7 ,0 0 0
6 2 5 ,0 0 0
4 5 9 .0 0 0
M anchester stock_________
.
2 7 ,0 0 0
6 5 ,0 0 0
4 1 ,0 0 0
2 2 ,0 0 0
*4 6 3 ,0 0 0 * 5 1 3 ,0 0 0
2 6 3 ,0 0 0
- 3 0 5 ,5 2 4
1 9 6 ,0 3 6
6 4 ,5 4 5
4 0 ,3 4 6
1 3 0 ,2 9 8
- 4 6 4 ,7 0 2
2 2 8 ,3 1 6
6 9 7 ,3 7 9
- 3 0 0 ,8 8 2
4 4 6 ,3 6 5
1 2 3 ,1 2 9
1 1 3 ,7 5 1
.
2 2 ,3 5 4
682
4 ,2 4 3

TOW NS

Aug.

Receipts.

—
________ 14.67 —
R ange_____ —
14.07 —
Closing ___ 14.53 — 11.72 — 14.88 — 11.87-.89 14.60 — 14.52 —

A u g u st—

-

4 ,0 0 0
3 4 ,0 0 0
3 6 ,0 0 0
5 8 ,0 0 0

6 9 5 ,0 0 0
1 7 .0 0 0
1 4 1 ,0 0 0
9 8 ,0 0 0
3 ,0 0 0
1 8 ,0 0 0
1 1 ,0 0 0
1 8 .0 0 0

9 7 4 ,0 0 0

*2 9 ,0 0 0
*2 6 5 ,0 0 0
*2 3 / , 0 0 0

T otal European stocks______ - 1 , 1 4 9 ,0 0 0 2 ,0 4 6 ,0 0 0 1 ,6 3 7 ,0 0 0 1 ,0 0 1 ,0 0 0
India cotton afloat for E u rop e.. 0 2 ,0 0 0
1 0 2 , 001 )
5 9 ,0 0 0
1 5 7 ,0 9 0
Amor, cotton afloat for Europe - 3 0 5 ,5 2 1
1 9 6 .0 3 6
4 0 ,3 4 0
6 4 ,5 4 5
E gypt. Brazil,&r\,afloat for Eur'i 0
1 4 ,0 0 0
2 3 ,001 )
2 6 ,0 0 0
1 9 ,0 0 0
Stock in Alexandria. E g y p t____ .
2 0 .0 0 0
1 2 9 ,0 0 0
05,000
7 4 ,0 0 0
Stock in Bom bay. I n d ia .. _
. 6 9 3 .0 0 0
0 7 2 ,0 0 0
6 8 7 ,0 0 0
6 9 7 ,0 0 0
Stock in U. S. ports_____________ . 4 6 4 ,7 0 2
6 9 7 ,3 7 9
2 2 3 ,3 1 6
1 3 0 ,2 9 3
Stock in U. s . interior tow ns____. 3 0 0 .8 8 2
4 4 6 ,3 6 5
1 2 3 ,1 2 9
1 1 3 .7 5 1
U. S. exports to-d ay____________ .
2 2 ,3 5 4
4 ,2 4 3
082

14.30-.58 14.07-.78
14.32-.33

R ange......... 14.21-.4fi 14.30-.67 14.52-.88 14.0t-.90 14.55- .78 14.45-.09 14.21-.90
Closing____ 14.46-.48 14.65-.67 14.82-.83 14.82-.83 14.55-.56 14.45-.47

S a tu rd a y
A u g . 5.

7 4 2 ,0 0 0 1 ,4 7 3 ,0 0 0
* 1 ,0 0 0
* 1 .0 0 0
* 1 .0 0 0
* 4 2 ,0 0 0
2 1 6 ,0 0 0
2 3 ,8 ,0 0 0
1 5 ,0 0 0
9 ,0 0 0
5 2 ,0 0 0
5b,000
1 2 1 ,0 0 0
2 2 6 ,0 0 0
* 1 ,0 0 0
*2 ,0 0 0

th o m o v e m e n t— th a t is,

14.20 — 14.20-.37
14.10-.12

R a n ge_____
Closing____ 14.40-.42 14.5S-.60 14.73 — 14.76-.78 14.5a-.52 14.40-.41

A p rl

Total Groat Britain stock ____ .
Stock at Hamburg_____________ .
.
.
.
Stock at Trieste .
.

14.15-.37;------------- 14.03-.05 14.03-.37
14.31-.33| 14.0S-.10 13.96-.98

13.79-.04 13.83-.22 14.09-.48 14.20-.48 14.11-.3C
14.03-.01 14.19-.22 14.3G-.38 14.37-.39 14.14-.15
14.25 — —
14.37 — - -----------14.28 — 14.45 — 14.40 — 14.22-.24

Range........ —
Closing___ 14.12 —
D ecem ber —
Range____ 14.00-.24
Closing___ 14.24-.25
January —
Range____ 14.07-.3t
Closing___ 14.33-.34
February —

T H E V I S I B L E S U P P L Y O F C O T T O N t o -n ig h t , a s m a d o
u p b y ca b lo a n d te le g ra p h , is a s fo llo w s .
F o r e ig n s to c k s ,
a s w ell a s th e a f lo a t , are th is w e e k ’s r e tu r n s , a n d c o n s e q u e n tly
all fore ig n fig u res a re b r o 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 e to ta l th o c o m p lo to figu res fo r to -n ig h t
( F r id a y ), w e a d d th o ite m o f e x p o r ts fro m th o U n ito d S ta t o s ,
in c lu d in g in it th e e x p o r ts o f F r id a y o n ly .
A ug. 1 1 1916.
1915.
1914.
1913.
Stock at L iv e r p o o l_______ halos.- 6 7 7 .0 9 0 1 ,3 4 3 ,0 0 0
9 0 3 ,0 0 0
6 5 b .0 0 0
Stock at L o n d o n _______________ 3 4 .0 0 0
4 5 ,0 0 0
5 ,0 0 0
5 ,0 0 0
Stock at M anchester___________ .
3 1 ,0 3 0
8 0 ,0 0 0
3 5 .0 0 0
01.000

Stoady 1 Steady

.
.
-

Montgomery
Selma..........
Vrk., Helena. .Little R ock..
Pine Bluff .
Athens
Atlanta
Augusta____
Columbus___
Macon
Romo .

42
721
72

__

1,518
2
93
400
3 ,683
1,141
45
1,458
354
75

Season.
42
824
76
_______ (
1,638
2
90
500
5 ,848
1,689
105
1,473
374
375

—

ll 1916.

Shipm eats.
W eek.

Stocks

M ovem ent to A u g .
R eceipts.

Aug.
11.

5.015
4,020!
2,353 36,388|
242 12,017
20
1,076
5,236
3 ,050
585
3,9 8 6
161
584
800
7,546
8 ,495 30,477
7 ,345 39,487
1,225 11,30f
2.90C
750
2,6 6 2
129
4,65-1
568
2,00C
7 35
2.00C
752
4 ,338
7
1,387
131
323
2,502
3 ,515
7 ,430
1,830
0,255
125
19
1,816 10,811
229
81
2,3 8 9

__

38,7 95

01,136 0 7,0 8 1 3 0 0 ,8 8 2

Slocks

Aug.
W eek.
17
720
240
.. 330
3
204
3f
400
1,365
234
07
147
134

__

— Greenville . .
!
12:
;
r- ___
Greenwood__
125
225
35
Meridian . .
862;
1,120
32
Natchez__
7
1C
7,
Vicksburg__
___ I
20S
■i
Yazoo City . .
_______
—
Mo., St. Louis
2 ,877
4 ,287
1,597
N.
C.,Gr'nsboro
1,735
2 ,335
1,315
Raleigh_____
87
157
75
O . , Cincinnati. 2 ,569
7,509
585
Okla., Ardmore
—
Chickasha___
23
Hugo . .
Oklahoma__
46
46
2 ,0 2 !
~ 39
3
S.C., Greenville
976
976
1,938
7,032
1,600
Greenwood .
___ j ___
050
3,124
Tenn.,Momph!s 3,5 7 0
7,581 51,656
5,987
53 H
Nashville
—
___ j 114 911
___ i ___ '
Tex., Abtleno-.
130
4
Brenham__
39 r
394
375
644
349
Clarksville
—
D a lla s ____
"5 9 3
5 93
418
6,880
Honey Grovo
—
i
Houston
.
14,525
23",506 15,568 18,462
9*905
Paris ____
__
150
San Antonlo.
816
886
238
659| 1,241

__
......

13 1915.

Ship-

2 1,3 50

Season. i W eek.
35
997
432
0
631
4
251
110
899
2 ,3 4 0
285
203
209
1,302
!
12C
67
90
1-1

__

71
893
220
95
1.407
582
239
500
917
4 ,707
3,258
147
150
____ i

~~

3,303:
2,25-1
91
1,530

470
____
257
488
79
244
1,987
1,208
75
1,002

25

41

""5
2,501

7
3,2 0 3

4

_

1,279

—

36
483

14,083
2,5 3 6
3 6,2 06

13.
4,7 1 0
5 2,0 15
2 0 ,0 79
870
7,901
0 ,792
7 ,833
8,1 2 2
5,996
6 5,119
2 0,4 63
4,2 3 8
4 ,0 2 4
3 2 ,5 13
2 ,7 2 9
4 ,0 0 2
3 ,0 6 7
10,861
2,551
4,0 9 8
3,5 2 2
14,781
10,302
107
15,151
549

*688
7 ,0 5 3
4 ,992
5,066 71,5 17
385
12
716
265
1,428

...J

2

“555

1 2 )5 3 7

14,386

...

1.137:

2 ,152

4 1,9 86 440 ,36 5

N o te .— Our Interior Towns Table has been extended by the addition of 8 towns.
Tills has made necessary tho revision of tho Vlslblo Supply Table and a number
of other tables.

T h o a b o v o to ta ls s h o w th a t th o in terior s to c k s h a v o de­
creased d u rin g th o w eo k 2 8 ,2 8 0 b a le s an d aro to -n ig h t 1 4 5 ,4 8 3
b a lo s less th a n a t th o s a m o tim e la st y e a r .
T h o re co ip ts a t
a ll to w n s h a v o boon 1 7 ,4 4 5 b a lo s m o re th a n th o s a m o w ee k
la s t y e a r .

OVERLAND MOVEMENT FOR THE W EEK AND
SINCE AUG. 1.— Wo givo bolow a statement showing the
overland movoment for tho week and since Aug. 1, as made
up from telegraphic reports Friday night. Tho results for the
week and since Aug. 1 in tho last two years aro as follows:
1 9 1 5 --------

Week.

W eek.

Since
A u g . 1.

V ia S t . L o u is .............................
3 .5 1 5
V ia M o u n tls . & c _____________________
649

1 ,9 8 7
447

6 ,0 4 6
898

A u g . 11—

Shipped—

603
L o u is v ille ------------------------------- . _
C in c in n a ti------------------------------- __ 1,000
1 .312
Virgin ia p o in ts ---------------------other rou te s, & c -------------------- . 1 2 ,6 0 2

753
1 ,8 9 0
2 ,1 8 7
1 7 ,9 1 0

18
346
198
1 3 ,4 6 4

166
626
1 .7 9 1
1 6 ,6 4 6

T o ta l gross o v e r la n d _________ . . 1 9 , 8 7 0

v ia
V ia
V ia
V ia

2 0 ,5 2 0

1 6 ,4 6 0

2 6 ,1 7 3

O verlan d to N . Y . , B o s t o n , & c . . .
B etw een interior t o w n s _________ . .
In la n d , & c ., fro m S o u t h _______ . .

1 ,3 8 2
1 ,2 6 8
1 ,9 5 6

1 ,9 0 1
1 ,8 9 2
7 ,4 1 1

644
268
1 ,1 7 8

699
482
2 .4 5 5

T o ta l to bo d e d u c te d _________ . .

4 ,6 0 6

1 1 ,2 9 4

2 ,0 9 0

3 .6 3 6

L e a v in g to ta l not ov e rla n d * ________1 5 ,2 6 4

1 8 ,2 2 6

1 4 ,3 7 0

2 2 ,5 3 7

D ed uct Shipm ents—

* In clu d in g m o v e m e n t b y rail to C a n a d a .

Tho foregoing shows tho weok’s not overland movement
has been 15,264 bales, against 14,370 bales for tho wook last
year, and that for tho season to dato tho aggregate net over­
land exhibits a decroaso from a year ago of 4,311 bales.
-----------1 9 1 6 -----------

I n Sight an d Spinn ers'
Takings.

W eek.

R eceip ts a t p o rts to A u g . 1 1 _______ 6 1 ,0 8 7
N e t o v e r l a n d t o A u g . i l ___________ 1 5 ,2 6 4
S o u t h c r n c o n s u m p t i o n t o A u g .i l . 7 7 ,0 0 0

8 8 ,3 2 1
1 8 ,2 2 6
1 3 1 ,0 0 0

T o ta l m a r k e te d ____________________1
.1 5533,3
,35 1
In terior sto ck s in excess___________.**2288,2
,2 8 6

2 3 7 ,5 4 7
* 5 2 ,8 5 2

1 0 0 ,1 2 7
* 2 0 ,6 3 6

1 8 0 ,4 5 8
1 3 0 ,8 1 2

7 9 ,4 9 1

.1 2 5 ,0 6 5

1 4 9 .6 4 6

1 8 4 .6 9 5

T o ta l in sigh t A u g . 1 1 ___
N o r . sp in n ers’ tak in g s to A u g . 1 1 . 1 7 ,4 2 2
* D ecrease d u rin g w eek ,

--------

Since
A u g . 1.

2 7 ,3 8 2

4 8 ,6 2 9

3 8 ,1 1 7

x Loss th a n A u g . 1 .

Movement into sight in provious years:
Since A u g . \—

Bales.

1 9 1 4 — A u g . 1 4 ................................... 5 8 ,1 6 4 1 9 1 4 — A u g . 1 4 . .
1 9 1 3 — A u g . 1 6 ....................- ............7 8 ,5 1 4 11 9 1 3 — A u g . 1 5 . .
1 9 1 2 — A u g . 1 6 .............................. - .7 6 , 5 7 3 ( 1 9 1 2 — A u g . 1 6 . .

_____1 2 0 ,0 2 9
_____ 1 5 3 ,5 1 6
_____1 7 4 ,7 4 7

W eek— •

Bales. I

QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.— Below aro tho closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of tho week.
Closing Q uotations fo r M id d lin g Colton on —
W e ik ending
A u g . 11.

Saturday. 'M on day. Tuesday. W ed'day. Thursd'y.

1 4 .1 0
1 3 .5 7
1 3 .3 8
13 Vi
i.3 .q
13 'A
1 3 .7 5
13 U
1 4 .2 0
1 3 .3 8
1 3 .5 0
13 9 s
1 4 .2 5
L ittio R o c k _____ 1 3 .6 3

G a lv e sto n . . .
N ow O r le a n s ...
M o b i l o ____ _____
S a v a n n a h ______
C h a r le sto n ______
W ilm in g to n _____
N o r f o l k _________
B a lt i m o r e ______
P h ila d e lp h ia ___
A u gust a _______
M e m p h is ..............

1 4 .2 5
1 3 .5 7
1 3 .5 0
13 %
13 M
13K
1 3 .7 5
13 4s
1 4 .3 5
1 3 .3 8
1 3 .6 2

1 4 .5 0
1 3 .8 2
1 3 .7 5
14
13 'A
13 H
1 4 .0 0
14
1 4 .6 5
1 3 .8 8
1 3 .8 7

13 %

13 H

1 4 .6 5

1 4 .0 0
13 4s
1 4 .7 5

13.63

13.75

1 4 .4 0
1 3 .6 3

1 4 .6 5
1 3 .9 4
1 3 .7 5
14
13 'A
13 'A
1 4 .0 0
14
1 4 .7 0

13.94

1 4 .6 5
1 3 .9 4
1 3 .7 5
14
13 *4
13 'A
1 4 .0 9
14 M
1 4 .5 0
1 3 .8 8
1 4 .0 9
13 4s
1 4 .5 5
1 3 .8 8

F riday.
14 6 5
1 4 .0 0
1 3 .7 5
14
13 M
134s
1 4 .0 0
14 'A
1 4 .3 5
1 3 .9 4
1 4 .0 0
14
1 4 .5 0
1 3 .8 8

WEATHER REPORTS BY TELEGRAPH— Telegraphic
advices to us this evening from tho South denote that tho
weather has been favorable, on tho whole, during tho week,
and improvement in tho crop is noted at some points. Texas
reports cotton in a satisfactory condition but beginning to
suffer from lack of moisture in tho Western portion of the
State. Picking of early plantocl cotton has been hindored
at some points by too frequent rains.
G alveston, T ex . — Good rains havo fallen in tho eastern sec­
tion of Texas, while hardly any precipitation occurred in tho
western half of the State. Cotton is still in a satisfactory
condition, but is beginning to suffer from lack of moisturo
in tho western portion. Picking and gathering of tho early
planted has been hindered by too frequent rains. There has
been rain on six days during tho week, tho rainfall being two
inches and oighty-six hundredths. Tho thermometer has
averaged 82, ranging from 74 to 90.
A b ile n e , T ex . — We havo had no rain during tho week.
Thermometer has ranged from 08 to 96, averaging 82.
B ren h am , T e x .— I t lias rained on four days during tho week,
tho rainfall reaching fifty-five hundredths of an inch. Aver­
age thermometer 83, highest 92 and lowest 74.
C u ero, T e x . — There has been rain on four days during tho
week, the precipitation being ono inch and eighty-six hun­
dredths. Tho thermometer has averaged 83, tho highest
being 94 and the lowest 72.
Fort W o r t h , T ex. —It has rained on ono day during tho week,
tho precipitation being forty-eight hundredths of an inch.
Thermometer has averaged 85, ranging from 74 to 96.
H en rietta , T e x . — We have had rain on ono day during tho
week, tho rainfall reaching forty-four hundredths of an inch.
The thermometer has ranged from 72 to 104, averaging 88.
H u n tsville, T e x . —Wo have had rain on ono day tho past
week, tho rainfall being sixty-two hundredths of an inch.
Average thermometer 83, highest 94, lowest 72.
K c rr v ille, T ex . — There has been rain on threo days during
tho week, the precipitation being eighty-two hundredths of
an inch. Tho thermomotor has averaged 80, tho highest
being 92 and the lowest 68.
L a m p a sa s, T ex . — Thero has been rain on one day during
tho weok, tho rainfall reaching ono inch and sixteen hun­




dredths.
68 to 98.

The thermometer has averaged 83, ranging from
.
L on g view , T ex . — It has rained on one day during the week,
the rainfall reaching forty hundredths of an inch. Tho
thermometer has ranged from 74 to 98, averaging 86.
L u tin g , T e x . — It has rained on two days of the week, tho
rainfall being one inch. Average thermometer 85, highest
96 and lowest 74.
N acogd oches, T ex . — There has been rain on one day of the
week, to tho extent of twenty-eight hundredths of an inch.
The thermometer has averaged 82, highest being 92 and
lowest 72.
P a lestin e, T ex . — Rain has fallen on three days of the week,
the precipitation reaching seventy-six hundredths of an inch.
The thermometer has averaged 82, ranging from 72 to 92.
P a r is, T ex . — Rain has fallen on one day during the week,
the rainfall being eighteen hundredths of an inch. Tho
thermometer has ranged from 72 to 100, averaging 86.
San A n to n io , T ex . — We have had rain on two days during
tho week, tho rainfall reaching eighty hundredths of an inch.
Tho thermometer has ranged from 72 to 92, averaging 82.
T a ylor, T e x . — It has rained on three days during the week,
the rainfall reaching one inch and twelve hundredths. Mini­
mum thermometer 72.
W ea th erfo rd , T ex . — We have had light rain on one day of
the week, the precipitation reaching eighteen hundredths of
an inch. The thermometer has averaged 87, the highest
being 100 and the lowest 74.
A r d m o r e , Okla.— It has rained on one day of the week, the
precipitation reaching one hundredth of an inch. Minimum
thermometer 73, highest 103, average 88.
M a r lo w , OHa.— Dry all the week.
The thermometer has
averaged 85, tho highest being 103 and the lowest 67.
M u sk o g ee , Okla.— There has been no rain during the week.
Tho thermometer has averaged 87, ranging from 73 to 101.
E ld ora d o, A r k . — Thero has been rain on two days the
past week, the rainfall being one inch and forty-eight hun­
dredths. Tho thermometer has ranged from 72 to 97,
averaging 85.
Fort S m ith , A r k . — We havo had rain on one day of the
week, the rainfall being two hundredths of an inch. Mini­
mum thermometer 74, highest 100, average 87.
L ittle Rock, A r k . — Thero has been rain on three days during
the week, tho precipation reaching one inch and seventyeight hundredths. Tho thermometer has averaged 84, the
highest being 95 and tho lowest 73.
A lex a n d ria , L a . — Rain has fallen on four days of the week,
the precipitation reaching two inches and eighty-eight
hundredths. Tho thormomoter has averaged 83, ranging
from 72 to 94.
.
N e w O rlea ns, L a . — We have had rain on five days during
tho week, tho rainfall being two inches and fifty-eight
hundredths. Tho thermometer has ranged from 70 to 91,
averaging 80.
.
Shreveport, L a . — Wo havo had only a trace of ram^tho
past week. Average thermometer 85, highest 96, lowest 74.
C olu m bu s, M i s s . — Wo have had rain on four days of the
week, the precipitation reaching one inch and sixty-eight
hundredths. Tho thermometer has averaged 83, the highest
being 96 and tho lowest 70.
G reenw ood , M i s s . — Wo havo had rain on three days
during the week, tho precipitation reaching fifteen hundredths
of an inch. The thermometer has averaged 84, ranging
from 71 to 97.
Vicksburg, M i s s . — We have had rain on four days during
tho week, the rainfall reaching two inches and seventy-four
hundredths. The thermometer has ranged from 70 to 93,
averaging 81.
.
M o b il e , A l a . —With better weather the crop has improved,
but is opening slowly, rain on four days of the week, three
inches and sixty-nine hundredths. Average thermometer
80, highest 93, lowest 72.
M o n tg o m e r y ,A l a . — There has been rain on three days
during the week, the procipitation reaching seventy-five
hundredths of an inch. Tho thermometer has averaged 81,
the highest being 92 and the lowest 70.
Selm a , A l a . — It has rained on four days of the week, tho
precipitation being two inches and seventy hundredths.
The thermometer has averaged 79.5, ranging from 72 to 88.
M a d i s o n , F la . — Wo have had rain on five days during the
week, the rainfall reaching six inches. The thermometer
has ranged from 72 to 90, averaging 81.*
Tallahassee, F la . — Rain has fallen on five days during the
week, the rainfall reaching one inch and seventy-seven hun­
dredths. Average thermometer 82, highest 93, lowest70.
A lb a n y , G a . — Wo have had rain on two days of the week,
the precipitation reaching twenty-nine hundredths of an inch.
Tho thermometer has averaged 82, the highest bieng 94 and
the lowest 71.
.
A u g u s ta , G a . — There has been rain on three days during
the week, the rainfall reaching forty-four hundredths of an
inch. Thermometer has averaged 82, ranging from 72 to 93.
Savannah, G a . — Rain has fallen on three days of the week,
tho precipitation being one inch and forty-one hundredths.
The thermometer has ranged from 72 to 94, averaging 82.
Charleston, S. C . — Rain-has fallen on one day of tho week,
tho rainfall being seventy-height hundredths^ of an inch.
Average thermometer 85, highest 95, lowest 75.
G reenville, S. C . — There has been rain on two days during
the week, the precipitation being fifty-five hundredths of an

inch. The thermometer has averaged 82, the highest beintr
94 and the lowest 69.
S pa rta n bu rg, 8. C .— There has been rain on one day during
the week, the rainfall reaching thirty hundredths of an inch.
The thermometer has averaged 86, ranging from 70 to 92.
Charlotte, N . C .— The crop is doing fairly well.
Ilain has
fallen on one day during the week, the rainfall reaching ten
hundredths of an inch. Average thermometer 80, highest
91, lowest 70.
. G reensboro, N . C .— There has been rain on three days dur­
ing the week, the precipitation being twenty-nine hundredths
of an inch. The thermometer has averaged 83, the highest
being 95 and the lowest 71.
W e ld o n , N . C .— There has been rain on one day during the
week, the rainfall being one inch and twenty-six hundreths.
The thermometer has averaged 82, ranging from 69 to 95.
D yersb u rg , T erm .— There has been rain on one day during
the week, to the extent of forty hundredths of an inch. The
thermometer has ranged from 71 to 97, averaging 84.
M e m p h i s , T erm .— hirst new bale received Aug. 5 from
Wintervillo, Miss. Graded middling and sold at 40 cents
per lb. The bale is two days later than last year, but thir­
teen days in advance of the average date. It has rained on
two days of the week, the rainfall reaching ono inch and
twenty-one hundredths. The thermometer has ranged from
71 to 94, averaging 83.
COTTON CROP CIRCULAR.— Our Annual Cotton Crop
Review will be ready in circular form about Thursday,
Aug. 24. Parties desiring the circular in quantities, with
their business card printed thereon, should send in their
orders as soon as possiblo to secure early delivery. Publi­
cation of this annual review has been deferred this year to
a somewhat later date (aftor the close of the cotton season)
than has been our usual practice, in order to afford more
time for the investigation of the situation abroad.
WORLD’S SUPPLY AND TAKINGS OP COTTON.
C o tto n T a k in g s .
W eek an d Season.

1 9 1 5 -1 6 .

Week.

..
V isib le s u p p ly A u g . 4 ___
3 ,1 1 4 ,3 2 4
V isib le su p p ly A u g . 1 ___________
A m e ric a n in sig h t to A u g . 1 1 . .
1 2 5 ,0 6 5
B o m b a y receip ts t o A u g . 1 0 ___
5 1 0 ,0 0 0
O th er In d ia sh ip m ’ ts to A u g . 10
6 2 ,0 0 0
A le x a n d r ia receip ts to A u g . 9 . .
6 1 ,0 0 0
O th er s u p p ly to A u g . 9 * ________
6 2 ,0 0 0

2 2 2 .9 3 0
1 7 4 .9 3 0
4 8 ,0 0 0

Week.

Season.

4 .5 8 3 4 8 7
-----------7 9 ,4 9 1
1 3 ,0 0 0
5 .0 0 0
600
4 .0 0 0

4 , 6 6 4 ,4 1 0
1 4 9 ,6 4 6
2 3 ,0 0 0
1 2 ,0 0 0
600
6 ,0 0 0

3 ,4 0 9 ,9 4 6 4 ,6 8 5 ,5 7 8

4 ,8 5 5 ,6 5 6

3 ,0 3 1 ,4 5 9 4 ,2 8 4 ,0 2 3

4 ,2 8 4 ,0 2 3

3 ,1 9 8 ,2 5 1
1 8 4 ,6 9 5
2 0 ,0 0 0
3 .0 0 0
1 .0 0 0
3 ,0 0 0

T o t a l s u p p ly _____________________ 3 ,2 5 4 ,3 8 9
Deduct—
V isib le su p p ly A u g . 1 1 __________ 3 ,0 3 1 ,4 5 9
T o ta l tak in g s to A u g . 1 1 . a _____
O f w hich A m e r ic a n ______
O f w hich oth e r_________

1 9 1 4 -1 5 .

Season.

3 7 8 .4 8 7
2 9 3 .4 8 7
8 5 ,0 0 0

4 0 1 ,5 5 5
2 7 7 ,9 5 5
1 2 3 ,6 0 0

INDIA COTTON MOVEMENT PROM ALL PORTS.

Week.

Since
Aug. 1.

Week.

B o m b a y .................................| 20,000 3,141,000

Great
Britain.

16..
15..
14..

1,000

Madras—

16..
15..
14..

3.000
3.000
3,000j

15,000
16,000
34,000

3.000

17,000

62,000
72,000
132,000

3.000

5,000

58,000

3.000 3.000
3.000 7.000
1.000 17,000

51.000
88.000
71.000

121,000
142,000
617.000

46.000
17.000

16..
2.000
3,000 16,000 21.000
2.000
15..
8,000 23.000 33,000;
1,000 45,000 14.000 60.0001

Exports (b a les)—
To
To
To
To

L iv e r p o o l_______________
M a n c h e s te r ____________
C o n tin e n t an d I n d ia .
A m e r ic a ________________

T o ta l e x p o r ts ....................

©
@
@

13X
1341
13 R,
1344

7
7
7

0
1
1
1

2
2
2

8.04
8.01
7.97
8.15

8%

©

SH
SH

©

SH 6 3
SH 6 3
SH 6 3

©
@

1344 7
1314 7

3

6

8.57 SH
8.54 SH

©
©

@

7

6

©9
©9

(<49
(3)9
@9
(3)9

2
9

©
@
@

8 5-16 @

d.
9
6
844 6

d.
6 @7
6 @7

9

6

3

@7
@7
©7

9H 5
9H 6

9

0

4
3

5.20
5.20

@7

6
6
6

6

5.17
5.15
5.13
5.34

©7

3

@7

6

5.53
5.43

SHIPPING NEWS.— Shipments in detail:
N E W Y O R K — T o L iv e rp o o l— A u g . 8— Q u eb ra, 1 , 1 0 4 . . . A u g . 10— 1 bales'
C e d ric, 2 ,2 9 0 ............................
o on.i
T o M a n c h e ste r — A u g . 5— M o lfo r d H al'C 2 " , 0 9 7 l I I I I Z I ' ' ............
2097
, m° hIa v F°— A u g . 7 — C le m a tis, 3 9 9 : D ip t o n , 1 ,2 3 6 __________
I
1035
’2 4 6
To B ordeaux— A u g . 5 — R o c h a m b e a u , 2 4 6 _______
rl o B ergen — A u g . 5 — B erg o n sfjo rd , 2 5 ..............
.................
25
'I o B arcelon a— A u g . 5 — B a ito , 2 9 7 ..............
....................
097
T o Clonoa— A u g . 5 — G ertie , 8 5 0 . . . A u g . 7 — T a o r m in a , 1 ,7 8 6
„
8— V e ron a, 5 8 . . . A u g . 10— San G io rg io , 4 , 7 0 0 _____ 7 ,3 9 4
r ° N a p le s — A u g . 5 — C r e tlc , 1 ,4 0 0 ________________ _______
1 ,4 0 0
l o V la d iv o sto k — A u g . 5— K a n a g a w a M a r u , 2 , 5 6 4 .........................
2 ,5 6 4
To V e n ezu ela— A u g . 9 — C a ra c a s, 100
100
G A L V E S T O N — T o L ive rp ool— A u g . 8— M e r c h a n t , 5 , 1 5 5 1 1 1 1 1 1 Z I
5 ,1 5 5
l o H a v r e — A u g . 5 — B e n in , 4 0 0 _________________ .
400
T E X A S C I T V — T o H a v r e — A u g . 4 — B e n in , 1 1 ,7 6 8
1 1 ,7 6 8
N E ,' X , 0 ^ L ? A N S — T o L iv e r p o o l— A u g . 3 — M e c h a n ic ia n , 7 , 5 0 0 . . .
7 ,5 0 0
T o G o th e n b u rg — A u g . 11— M e x ic a n o , 2 , 5 0 0 . .
2 500
r o C h ristian ia— A u g . 11 — M o x ic a n o , 2 0 0 . .
200
l o O p orto— A u g . 1 1 — B ark E m ilia , 1 , 1 0 0 . . .
1100
l o G en o a — A u g . 7 — S icilia, 4 0 0 . . .
.
"
’400
M O L J L E — T o L iv e rp o o l— A u g . 4 — M e d ia n , 4 , 9 0 8 . _ I Z I Z Z 1 1 1 Z 1 1 Z 4 ,9 6 8
S A V A N N A H — T o L ive rp ool— A u g . 4 — S p e c ta to r , 1 , 4 5 5 . .
1 45.5
't o G en oa— A u g . 8— Sesostris, 8 , 0 5 5 . _
.s’n 55
N O R t h H « T ° N - T ° G e n o a — A u g .. 10— E d ilio , 1 0 ,0 6 3 1 ZZZZZZZZZ 1?()063
J N O K U O L K — 1 o L iv e rp o o l— A u g . 8 — K e rry R a n g e , 2 ,5 0 0
Aug. 9
— C ro w n , 2 ,7 4 7 .............. ..................................................................
5 247
n q T ' m ^ ottre rd am — A u g . 8— M a s te r d y k , 3 5 0 ----------------------------- ZZZI
350
BOS 1 O N
lo
L iv e rp o o l— A u g . 3 — E t o n ia n ,
2 3 1 . . .A u g .
5—
B a y S ta te , 1 ,1 6 0 _________ ________ _ .
.
1 391
T o M a n c h e ste r — A u g . 4 — N in ia n , 4 1 6 ..............
...............................
’410
P H I L A D E L P H I A — T o M a n c h e ste r — J u ly 2 6 — M a n c h e ste r Post",
3 0 7 - --------------------------------- -----------------------------------------------------367

2,100
2,000
2 ,5 3 8

ro

3 — M a n ila M a r u , 2 , 7 0 0 . . . A u g . 7 — T a y o M a r u , 5 0 ______
T o V la d iv o sto k — J u ly 3 1 — T o sa n M a r u , 2 ,4 3 9 : Ivosoku M a r u
2 , 0 9 9 — A u g . 3 — -M a n ila M a r u , 9 5 9 ___ A u g . 2 — Itsu k u sh im a M a r u , 3 0 0 _____________________________________________________
T o C h in a — A u g . 2 — Itsu k u sh im a M a r u , 7 4 0 _______________I . I I I

8 ,4 9 2

5 797
740

T o t a l - — ......... ............... ................................................................................................. 102,154

LIVERPOOL.— Sales, stocks, &c., for past week:
„ ,

,
Sales o f the w e e k ......... ..............
O f w hich specu lators t o o k ______
O f w hich exp orters t o o k ________
S a les, A m e r ic a n _____________________
A c tu a l o x p o r t____________________ .
F o rw ard ed ......... ........................
T o ta l s t o c k .................................................
O f w hich A m o r ic a n .........................
T o ta l im p orts o f the w e e k ________
O f w hich A m e r ic a n ____________
A m o u n t a f lo a t ______ _______________
O f w h ich A m e r ic a n _____________

July 2 1 .

3 2 ,0 0 0
2 ,0 0 0
1 ,0 0 0
2 6 ,0 0 0
1 0 ,0 0 0
6 7 ,0 0 0
6 3 2 ,0 0 0
5 2 2 ,0 0 0
4 4 ,0 0 0
3 2 ,0 0 0
2 0 7 ,0 0 0
1 74 0 0 0

July 2 8 .

Aug. 4 . Aug
ug. 1 1 .

3 1 ,0 0 0

2 9 .0 0 0

3 5 ,0 0 0

2 7 .0 0 0

2 4 .0 0 0

7 0 .0 0 0
6 1 6 ,0 0 0
5 0 9 .0 0 0

6 3 .0 0 0
6 6 1 ,0 0 0
5 3 0 .0 0 0
8 1 .0 0 0
6 9 ,0 0 0
1 7 0 .0 0 0
1 4 6 .0 0 0

2 7 .0 0 0
3 ,0 0 0
5 7 .0 0 0
6 7 7 .0 0 0
5 4 9 .0 0 0
7 5 .0 0 0
7 1 .0 0 0

1,000
2,000

12.000

66.000

5 1 ,0 0 0
1 9 9 .0 0 0
1 7 8 .0 0 0

1,000

Spot.

Saturday.

8.49

8.69

8.71

8.62

8.54

20.000
11,000

Spec.&oxp.

6,000
1,000

5,000
500

6,000
500

7,000
1,200

6,000
800

258.000
270.000
759.000

1 9 1 3 -1 4 .

802
4 ,6 0 7 ,4 3 5

8 ,3 3 7
6 ,3 4 1 ,2 5 9

1 ,3 0 0
7 , 6 3 6 ,5 5 6

Since
Since
Week. Aug. 1. . Week. Aug. 1.
2 0 8 ,4 8 6
1 4 9 ,4 2 9
2 8 0 ,6 3 2
1 6 4 ,0 6 7

2 1 0 ,6 0 0
2 2 5 ,5 9 8
2 ,6 6 6 4 5 9 ,8 5 5
8 6 ,3 0 3

3 ,5 5 7 8 0 2 ,6 1 4

2 ,0 0 0 9 8 2 ,3 5 6

The statement shows that the receipts for the weok end­
ing July 19 were 802 cantars and tho foroign shipments
were 426 bales.




1244
12 H

d.
d.
8.29 SH
8.16 s h

M ld .U pl’ds

1 9 1 4 -1 5 .

4 2 6 727,227 1

1244
1244
12)^
121J

d. 3. d.
s. d.
1314 7 2 @ 9 4
1314 7 2 @ 9 4

@

D ull.

1 9 1 5 -1 6 .

2 1 3 ,5 8 5 1 1 ,2 5 2
1 3 7 ,2 9 9 ;
*4 2 6 1 8 2 ,5 5 5 ' 1,15 5
1 9 3 ,7 8 8
1 .1 5 0

@

Twist.

Quiet.

108,000 401,0001,766,0002,275,000
170,000 483,000 1,441,0002,104,000
151,000 1,978,000 1,479,0003,608,000

Since
Week. Aug. 1.

d.
1244
12>s

SH
inos. common M id.
to finest.
Up 's

32 s Cop

80,000
91.000
169.000

Receipts (ca n ta rs)—
T h is w e e k ......... ..................
Since A u g . 1 .........................

June
23
30
July
7
14
21
28
Aug.
4
11

ings. common Mid.
to finest.
Up’s

wist.

Tuesday.

ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt.
July 1 9 .

1

Monday.

Total all—

191519141913-14..

a zs cop

1915
is. Shirt- Cot’n

(
1
1

70,000

86,000

sh

The tono of the Liverpool markot for spots and i’ubUxoo
each day of tho past week and tho daily closing prices of
spot cotton liavo been as follows:

Japan
cfc China

1.000 10,000

3,000
16..
1 5 ..
2,000
2,000
1 4 .. 15,000
1,000

All others—

191519141913-

Conti­
nent.

51.000 248,000 1.618.0001.917.000
78.000 325,000 1.323.0001.726.000
72.0001.269.000 1.269.0002.610.000

Calcutta—

191519141913-

3,736,000
Since August 1.

Great Conti- Japan
Britain, nenl. AChina Total.

Bom bay—
1915-16..
2,000 3.000 13.000 18,000
191415..
6.000 20.000 26,000
1913- 14..
26,000 13,000 39,000
191519141913-

Since
Aug. 1.

18,000

For the Week.

Exports
from—

Since
Aug. 1.

1916

5 7 1 ,6 3 3
4 3 5 ,0 3 3
1 3 6 ,6 0 0

* E m b r a c e s receip ts in E u rop o fr o m B r a z il, S m y r n a , W e s t In d ie s, & c .
a 'I m s to ta l em b ra ces th e to ta l estim a te d c o n su m p tio n sin ce A u g , 1 b y
S o u th ern m ills, 1 3 1 ,0 0 0 bales In 1 9 1 6 an d 1 2 0 .0 0 0 bales in 191 5 — ta k in g s n o t
bein g av a ila b le— a n d th e agg regate a m o u n ts ta k e n b y N o r th e r n a n d foreign
sp in n ers, 2 4 7 ,4 8 7 b ales in 1 9 1 6 an d 4 5 1 ,6 3 3 b ales in 1 9 1 5 , o f w hich 1 6 2 ,4 8 7
b ales an d 3 1 5 ,0 3 3 b ales A m e r ic a n ;
b E s tim a te d .

July 20.
Receipts at—■

MANCHESTER M ARKET.— Our report received by
cablo to-night from Manchester states that Manchester
follows Liverpool reluctantly.
Calcutta is conceding the
advanced prices, but China is not. Wo givo prices for to­
day below and leave those for previous weeks of this and
last yoar for comparison:

M arket,
1:30
P. M .

Futures.
M arket
1
opened
/
M arket,
414
P. M .

H O L IDAY.

Quiet.

Irregular, Barely st’y,
5 @ 6 pts.
10 points
advance.
advance.

(
(
1

Wednesday. Thursday.

(Inlet,
5 @ 6 pts.
advanco.

Feverish,
Steady,
Barely sty,
H @ 2 pts. 714 0 8 pts. 2@2>4 pts.
decline.
advance.
advanco.

M oro
demand.

Friday.
Quiet.

Barely st’y,
3 points
decline.

Easy at
10 pts.
decline.

Quiet,
5 @ 7 pts.
decline.

Firm at
3 0 7 pts.
advanco.

The prices of futuros at Liverpool for each day are given
bolow. Prices are on tho basis of upland, good ordinary
clause, unless otherwise statod.
The prices are given in pence and lOOths.
A u g 5.
to
A u g . 11.

A u g u st . .
O c t .- N o v .
J a n .- F o b .
M a r .-A p r .
M a y -J u n o
J u ly -A u g .

Saturday.

Monday.

Tuesday.

Thus: 8 3 7 means 8 3 7-lO O d .
Wed'day. Thursday.

Friday.

12 H 1 >S
in
4 >4
144 4H
144 444
144 444
144 444
p.m. p.m . p.m . p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.
d.

d.

H O L IDAY

8
8
8
8
8
8

d.
37
32
27
27
26 H
2244

d.
45
40
3544
36
35
31

d.

d.

57
5214
5 2 44 4744
49
43 H
4 9 H 44
48
43
4 3 >4 394 4

d.

d.

d.

d.

59
53 H
49 H
50
4!)
444 4

55
50
46
4644
454 4
4144

4 9 44
4 2 44
3 9 Vi
40
39
34

50
434 4
394 4
40
3944
344 4

d.
4244
35
31
1.31
304 4
2544

d.
57
-18 H
4 3 44
434 4
4244
38

AGRICULTURAL DEPARTMENT’S REPORT ON
CEREAL CROPS, &c., TO AUG. 1 — The Agricultural
Department issued on tho 8th inst. its report on tho cereal
crops for tho month of August as follows:

T h e C r o p R e p o rtin g B oard o f th e B u reau o f S ta tistic s o f th e U n ite d S ta te s
D e p a r tm e n t o f A g ric u ltu re estim a te s, fr o m th e rep orts o f th e corresp on d en ts
an d agents o f th e B u reau , as follo w s:
F o r tn e U N I T E D S T A T E S :
----------Condition
-------- Acreage, 1 9 1 6 ——
July 1
-Aug. 1
P. C. of
1 9 1 5 . 10 -yr.Av. 1 9 1 6 .
1916.
Acres.
Crop—
1915.
s '.
7 9 .3
9 3 .4
6 3 .4
1 7 .8 5 1 .0 0 0
Sp rin g w h e a t_______9 1 .8
7 9 .9
5 0 .8 7 1 .0 0 0
A ll w h e a t___________ 8 4 .9
8 2 .0
7 9 .7
7if. 5
1 0 8 ,6 2 0 ,0 0 0
7 5". 3
C o r n _______________ 1 0 0 .3
8 6 .3
8 0 .3
9 1 .6
8 1 .5
4 0 .5 9 9 .0 0 0
O a t s __________________ 9 9 .6
8 7 .9
8
2
.3
9
3
.8
8
0
.0
7
.7
5
7
.0
0
0
B a r le y ______________ 1 0 4 .9
8 7 .0
2 . 7 2 9 .0 0 0
R y e __________________ 9 5 .6
8
8
.7
2
8
7
.8
8
1
9
.0
0
0
B u c k w h e a t-------------1 0 1 .7
8 7 .8
8 2 .1
9 2 .0
8 0 .8
3 .6 3 2 .0 0 0
W h it e p o ta to e s —
9 6 .6
9 0 .4
8 4 .8
8 5 .5
8 5 .9
7 3 6 .0 0 0
S w ee t p o ta to e s — 1 0 2 .4
8 7 .6
7
9
.3
7
9
.7
8
4
.4
1
.3
9
8
.0
0
0
T o b a c c o ___________ 1 0 2 .2
9 0 .3
8 2 .4
9 1 .2
8 4 .0
1 .5 9 1 .0 0 0
F l a x _________________1 1 6 .4
9 2 .7
8 7 .9
9 2 .2
9 0 .0
9 1 0 .0 0 0
R ic o _________________1 1 3 .5
9 3 .4
*
8
4
.9
8
9
.0
9
5
.5
5
2
.5
0
4
.0
0
0
l l a y ( t a m e ) _______1 0 3 .2
7 8 .5
8 1 .1
7 5 .4
7 2 .3
3 5 .9 9 4 .0 0 0
C o t t o n . a ----------------- 1 1 2 .1
8
5 .7
9
0
.1
88.2
9
3
.4
7
6
8
.0
0
0
Su gar b e e ts________ 1 1 5 .7

0

9 .6

- Total Production­

1914.

1915.

c l9 1 6 .

Final.
Bush.

Aver­
age.
Bush.

191 0 ­
1914.

c l9 1 6 .

Crop—
Bush.
1 6 .3
1 6 .2
W in te r w h e a t_______d l 3 . 8
1 2 .5
1 8 .3
Sp rin g w h e a t__________1 1 .2
1 4 .8
1 6 .9
A ll w h e a t____________ 1 2 .9
2 5 .9
2 8 .2
C o r n ____________________2 5 .6
3 0 .5
3 7 .8
O a t s ......... ...................
3 1 .4
2 4 .6
3 2 .0
B a r le y __________________2 5 .1
1 6 .3
1 7 .2
R y e __________________ <115.3
20.6
1 9 .6
B u c k w h e a t ___________ 2 0 .9
9 7 .8
9 5 .5
W h i t e p o ta to e s _____ 1 0 0 .3
9 3 .4
1 0 3 .3
S w eet p o ta to e s ______ 9 6 .5
8 2 3 .4
7 7 5 .1
T o b a c c o , lb s ________ 8 5 5 .8
7 .6
10.1
F l a x __________________
8 .9
3 3 .3
3 6 .1
R i c e ___________________ 3 7 .6
1 .3 4
1.68
H a y , t a m e , to n s_____ 1.61
1 9 2 .1
1 7 0 .3
C o t to n , lb s ___________ 1 7 3 .4
10.8
1 0 .7
S u gar b e e ts, to n s _____ 1 0 .7
—
A p p le s , b b ls ________________
P e a c h e s _____________ ______
C o n d itio n relates to
* E ig h t-y e a r average.
b B a le s,
c In terp reted fr o m c o n d i g n rep o rts,

Aug.
Fore­
cast.

1915.

Final.

Aver­
age.

495
655
<1455
233
199
357
728
1,0 12
654
2 ,7 3 2
3 ,0 5 5
2 ,7 7 7
1 ,1 5 8
1 ,5 4 0
1 ,2 7 4
186
195
237
3 7 .6
4 9 .2
<141.9
1 7 .0
1 5 .8
1 7 .1
361
359
364
5 7 .1
7 4 .3
7 1 .0
992
1 ,0 6 1
1 ,1 9 7
1 8 .7
1 3 .8
1 4 .1
2 4 .4
2 8 .9
3 4 .2
66.2
8 5 .2
8 4 .6
b l4 .3
b l l .2
b l2 .9
5 .3 9
6 .5 1
7 .5 7
66.0
7 1 .6
7 6 .7
____
4 3 .8
4 0 .3 _
6
3 .5
2 5 th o f preceding m o n th
d P r elim in a ry e stim a te .

BREADSTUFFS

shortage of tonnage, stocks are enormous almost everywhere,
and much is piled upon the ground with metal covering which
only partially protects it. A relief from the scarcity of ocean
froights in Australia is not in sight. It follows, it is true, that
Europe need expect only very moderate shipments from Aus­
tralia, so that the scarcity of ocean tonnago really cuts both
ways. At the same time, holders there aro firm, owing to an
unfavorable outlook for the new crop. It is said that the
yield of new wheat in Australia will bo fully 35% less than
that of last year. On Thursday, Aug. 9, prices advanced at
Chicago about 12 cents, owing largely to reports of rust in
Canada as well as in this country. The Canadian crop, it is
now said, will bo only about 200,000,000 bushels, or 131 ,000,­
000 less than last year. Also there is talk, more or less vague
to bo sure, of a possibility of tho United States Government
putting an embargo on American exports of wheat if it
should turn out that supplies are too small to admit of unre­
stricted exports. Two years ago, when wheat was up to
75 a bushel the Department of Justice at Washington
investigated the cause of the advance. If was found
that it was due to the legitimate operation of the law of
supply and demand, rather than to mere speculation.
During tho first season of the war the United
States exported 330,000,000 bushels, and last season
245.000. 000 bushels. As the case now stands, it is
calculated that American wheat is the cheapest in the
world from the standpoint of the European buyer. Ameri­
can wheat can be laid down in Liverpool it is calculated at
about SI 82, Canadian at $1 88, Argentine at SI 95 and
Australia at about S2. So that if left to himself the European
buyer would prefer to purchase in American markets. And
as Europe’s crops are small this buying might reduce the
surplus supply in this country to a low point, causing a
large advance in flour and widespread popular complaints,
if the price of bread should be raised. It is certainly an
interesting situation. Small crops in Europe and America
at the same time and every likelihood of a big European
demand. Prices have advanced at Chicago 42 cents in
about 0 weeks or since June 24. To-day prices advanced
early and then reacted on liquidation, partly by operators
rather nervous over the recent remarkable advance. Ex­
porters, however, have in two days bought, it is stated, fully
2.000. 000 bushels. Frost in Western Canada where 32 de­
grees has been reached at some points had some influence
for a time.

F rid a y N ig h t, A u g . 11 191G.
Flourr lias been firm in sympathy with the rise in wheat and
part because of a fear of a big railroad strike. I hat
might1have shuToTf supplies! from Now York. Dealers aro
not believed to be carrying very large supplies, partly be­
cause they have been skeptical as to the permanence of tlio
rise in wheat and partly because of tho reduction in free
storago time here adopted by tho railroads somo time ago.
At tho samo time tho present demand is not very largo.
And the current call is supplied in many cases byre-sellers
who, not infrequently it is said, quote 50 cents per barrel,
or oven more, below tho prices demanded by mills. It is
believed, however, that stocks held by re-sellers aro now quite
small. Bakers buy cautiously, as they cannot legally raise
tho price of bread, and present prices of flour cut down their
profits very much. Wintor wheat mills aro offering spar­
ingly. Minneapolis is reported to have sold 100,000 barrels
to a foreign Government. Liverpool reports an urgent de­
mand for flour. England will want large quantities in tho
future. Within a few days the tone hero has become much
stronger, owing to tho big rise in wheat, and somo mills have
refused to quote.
.
Wheat, though naturally irregular, in so excited a market,
as that recently seen, has advanced very sharply on porsistent reports of damage to tho spring wheat crop by rust.
The big feature of the week was tho Government report,
which was published after trading hours on Tuesday, Aug. 8,
and caused an advanoo next day of roughly 8 cents. It
puts tho total yield of spring and winter wheat at only
054,000,000 bushels, or 358,000,000 bushols less than last
year, when it was the largest on record, or 1,012,000,000
bushels. If present indications hold good, tho total crop
this year will be tho smallost since 1911, when it was 021,­
338,000 bushels. As far back as 1901 the total was 748,­
400 218 bushels.
The roport just issued puts tho wintor
wheat crop at 455,000,000 bushels, against 489,000,000
a month ago, and a harvested crop of 055,000,000 bushols
last year. The condition of spring wheat is givon as only
03.4, against 89 last month and 93.4 last yeiir. It was this
of course, which produced tho great sensation. The esti
mated yield of spring wheat is cut down to 199,000,000
bushels, against 270,000,000 last month, and 357,000,000 last
year. Not only are rust report*? prevalent at tho West, but
there are increasing reports of damage from Saskatchewan,
Canada. Some reports say that tho actual damago has not
yet been severe, but there aro fears of great damago unless
conditions improve. It is said that the yield of the Dakotas
and Minnesota will bo cut down sevorely, and that much of
tho crop will bo rather poor. The Government report says:
“ Spring wheat quality is not yet definitely known, but tho
blighted condition of much of the crop would indicate con­
siderable shriveled and light weight.” It adds: “ Last year
tho world’s wheat crop was unusually largo. This year’s
crop promises to bo much smaller.” Largo elevator interests
at Chicago have been good buyers. The export demand has
been noticeable. There are reports of large export sales of
both wheat and flour at the seaboard. Minnesota, it is said,
sold 100,000 barrels of flour to a foreign Government, and
somo estimates of the export sales were larger than this. On
tho other hand, many think tho market is altogether too wild
Tho world’s stocks, after all, aro pretty largo and India is sell­
ing more freely. Tho monsoon has burst there at its usual time
and had sufficient moisture for native food crops. Tho weather
inlthe United Kingdom has been favorablo, and tho outlook
for tho wheat crop has improved. In Australia, owing to tho




D A IR Y C L O S IN G P R IC E S O F W H E A T F U T U R E S IN

Sal.

Mon.

Tues.

NEW

YORK.

Wed. Thurs.

Fn.

N o . 2 r e d _________________________ c t s . _____ 14 5 1 4 5 B i 4 5 H 1 5 6 ) 5 1 5 7 ) 4
D A I L Y C L O S I N G P R I C E S O F W H E A T F U T U R E S I N CHICAGO.

Sat.

Mon.

Tues.

Wed. Thurs. Fri.

S e p t, d e livery in e le v a to r _____ c t s .1 3 5
133
1 3 3 )4 1 4 4 ) 4
D e c . d e livery in e le v a to r ____________ 1 3 8 ) 4 1 3 6 )4 137
1 48
M a y d e livery in e le v a to r ____________ 1 4 3 )4 1 4 1 )4 1 4 i ) £ i 5 3

144
1 4 3 )4
1 4 7 )4 1 4 6 )4
1 5 2 )4 1 5 1 )4

Indian corn advanced after some depression in the fore part
of tho week, partly owing to rains and cooler weather in
the largest corn States. The market had becomo heavily
“ long” and was readily susceptible to bearish news of
any kind. Heavy selling followed tho announcement of
good rains in Illinois, Indiana, Iowa, Nebraska, Kansas and
parts of Oklahoma. Cash prices dropped for a time with
predictions of larger receipts and no great demand.
Chicago’s stock increased last week about 500,000 bushels.
On tho other hand, the monthly Government crop^report
was bullish. It put the condition on Aug. 1 at only 75.3%,
against 82% in July and 79.5% a year ago. The yield per
aero is statod as 25.0 bushels, against 28.2 a year ago. The
crop from present percentages is figured as 2,777,000,000
bushols, against 2,800,000,000 last month, 3,055,000,000
harvested last year, 2,072,804,000 in 1914, 2,440,988,000
in 1913, and 3,124,740,000 in the banner year of 1912. In
Southern Iowa according to the Iowa State report, irre­
parable damage has been done by hot dry weather. Not
only was tho monthly Government report bullish but also
tho weokly weather report. To-day prices declined on
beneficial rains and heavy liquidation.
D A IL Y C L O S IN G P R IC E S O F N O .

2M

Sat.

IX E D C O R N IN

Mon.

NEW Y O R K .

Tues. Wed. Thurs. F n .

9 7 )4
9 6 )4
9 7 )4
9 6 )4
9 6 )4
N o . 2 y e llo w ______________________ c t s . 9 6 ) 4
D A I L Y C L O S I N G P R I C E S O F C O R N F U T U R E S I N CHICAGO..

Sat.

S e p t, d e livery in e le v a to r --------c t s . 8 3 ) 4
D e c . d e livery in e le v a to r------------------ 7 1 ) 4
M a y d olivery in e le v a to r ____________ 74^6

Mon.
8 2 )4
70>4

74%

Tues. Wed. Ihurs. F n .
8 3 )4

‘ 0%
74%

85
7 2 /4

<6%

84
7 1 /4

75%

8 3 )4
7 0 /4
<4

Oats declined early in the week, but advanced later.
The receipts, however, have been large. Chicago on one
day had 1,140 cars. The Government report, too,was less
bullish than had been expected, though it is true, it did give
tho condition for Aug. 1 at only 81.5%, against 80.3 a
month ago, and 91.0 last year. This means a crop, from
present appearances, of 1,274,000,000 bushels, against
1,317,000,000 bushels last month, 1,540,000,000 actually
harvested last year, 1,141,000,000 in 1914, 1,121,<08,000 in
1913, and 1,418,000,000 bushels in 1912.
It therefore
looks like a crop that, after all, has been exceeded but twice
in tho history of oats culture in this country. Chicago’s
contract stocks increased last week 714,000 bushels and are
now 1,010,000 bushels, against 5,000 bushels a year ago.
Also, hedging sales have had at times a depressing effect.
On tho other hand, the firmness of other grain has had a
certain effect. Liverpool, too, has reported oats very firm,
with tho statistical position strong. The shipments from
Argentina have been disappointingly small and American
offerings have been snapped up by tho Continent. T'o-day
prices closed lower, partly in sympathy with a decline in com.

D A I L Y C L O S IN G P R IC E S O F O A T S IN N E W Y O R K
■
_ _ Sa l ■
AI o n .
'lues*
W ed.
T hurs.
Fri
S tan d ard s
'“ S h i S 8- 6 ™ *® 51 5
0
50 @ 50 % 50 % © 5 1 50 % @ 5 1
500?,51
N o rmn .
m o
Am
„, .
N o . 2 w h i t e .. N o m .
N om .
N om .
N om
m.
N

0

D A IL Y C L O S IN G P R IC E S O F O A T S F U T U R E S IN

.

.

.

.

Sat.

S e p t, d e liv e ry in e le v a to r ______ c t s . 4 4 %
D e c . d e liv e ry in e le v a to r____________ 4 7 %
M a y d e livery in e le v a to r ____________ 51

M on.
44
47
49%

Tu es.
43 %
46%
49%

C H IC A G O .

................
W ed. Thurs.
44 %
47%
50%

44 %
47%
50%

—ri.
*
F
43%
48%
49%

The following are closing quotations
FLOUR.
W in t e r , low g r a d e s_____ .$5 10
$ 5 55 K a n sa s str a ig h ts, s a c k s .$ 7 10 (3)$7 35
W in te r p a te n ts __________ 7 3 5 ^ 7 60 K a n sa s clears, s a c k s ___ 5 8 5 ® 6 6 0
W in t e r s t r a ig h t s ________ 6 8 5 (a
C it y p a to n ts.........................
9 00
W in t e r clears____________ 6 35 "
...................... 5 8 5 @ 6 2 5
I ty e f l o u r .
S p rin g p a te n ts ....................... 7 70
Uuckwhoat flour____
Sp rin g s tr a ig h ts.................... 7 2 0
Graham flour................. 5 35@" 6 35
Sp rin g c l e a r s .......................
6
60
G R A IN .
W h e a t , per bu shel— f . o . b .—
C o r n , per b u shel—
N . S p rin g. N o . 1 , n e w ___ $1 66
N o . 2 m ix e d _________ f . o . b . N o m .
N. S p rin g, N o . 2 ......................
..
.
N o . 2 y o llo w _________c . i. f .
96%
R e d w in ter. N o . 2 , n ow ___ 1 5 7 %
N o . 2 yollow kiln d rie d ___
95%
H ard w in ter. N o . 2 ________ 1 5 9 %
A r g e n tin a in b a g s___________
O a ts , per b u sh el, now —
c ts.
R y e , per bushol—
S tan d ard — ........................ . 5 0 ® 5 1
N o w Y o r k ................... c . i. f. $1 21
N o. 2,
w h ito _____________
N om .
W e s to r n --------- ---------- c . i. f . $1 21
N o. 3,
w h ito ......................... 4 9 % @ 5 0 M a l t ....................................................
N om .
w h ite _____________ 4 8 % @ 4 9
N o. 4,

s te a d ily in m o st o f O k la h o m a , M is s o u r i, N eb r a sk a an d K a n sa s

W h ile

o f es m a n r «;n<Aa tt{i ^ ! Sh0 VVr f f 1,1 tho la st-n a m e d S ta te s, th e y were gen erally
!vltn in su ff*cient a m o u n t to im p ro v e corn v e r y m a te r ia lly ,
v e r y poor in m o s t sections in tn o fo u r S ta te s m e n Fa st< ~ n J r i V S ™
con d itio n s w ere m o s tly fa v o ra b le for corn in the
i.a ste r n an d N o rth e rn S ta to s, an d th o crop is m ak in g sa tisfa c to r y nrocress
^ t w n
is m atu red as far N o r t h as A rk an sa s an d S o u th Carofinag ^ d
in V e w YE rig!a nd fl ln g wcl1 111 T e n n esse e.
Sw eet corn is m u c h im p rove d
° a J? b ar vestin g w as carried on under fa v o ra b le con ditions and
•lfree/!v/ 0hvC,i),1!,Vi,Uf C<1 n C e n tr a l d istricts.
T h e crop w as u n fa v o ra b ly
tem p eratu re in tn o extrem e N o r th e r n d istricts,
i u i A l i m s . — W hilo p o ta to e s were d a m a g e d b y h igh tem p eratu re and
ennnTrvt t f r m near y a!1 C e n tra l d istricts, an d in th e N o r th e r n p a rt o f th e
n i T ° •gr<;ivlng w,eU
th c irrigated d istricts in C en tral a n d in
u m rriga te d field s in th o R o c k y M o u n t a in d istrict.

THE DRY GOODS TRADE

N e w Y ork , F rid a y N ig h t, A u g . 11 1916.
Dry goods markets have ruled active during the past
week with inquiry for both prompt and forward requirements
increasing. Prices also have been firmly maintained and
advances ranging from one-eighth to a quarter cent per
yard have been named on some lines. The continued
strength of raw material and upward revision of yarn values
have stimulated buying by jobbers and retailers, who now
F o r o t h e r t a b l e s u s u a l l y g iv e n h e r e , s e e p a g e 5 5 5 .
appear to realize that they made a mistake in not entering
The visible supply of grain, comprising the stocks in the market sooner for their supplies. There is a scarcity
granary at principal points of accumulation at lako and of goods in many sections of the country, as manufacturers
seaboard ports Aug. 5
have been unable to catch up with deliveries and are falling
i was as follows:
farther behind. They claim that supplies of spot cotton,
r STO C K S.
Wheat,
Corn.
Oats.
Bye.
Barley.
particularly
the_desirable grades, are difficult to obtain even
United States—
bush.
bush.
bush.
bush.
bush.
at advancing prices, and with manufacturing costs increasing
N ew Y o r k .............................. 1,703,000
474,000 1,188,000
7,000
632,000
B o s t o n . . .................................
238,000
425,000
37,000
17,0(j0
it is not likely that thero will be any lowering of quotations
P h iladelphia...........................
893,000
269,000
261,000
2,000
827.00 tor finished goods. Yarns are decidedly firm with spinners
Baltim ore...........................
1,000,900
316,000
417,000
286,000
79.000
74,000
Newport N ew s......................
booked well ahead, and in many cases they are refusing to
268,000
4,000
New Orleans...............
1,642,00,1
206,000
34,000
19,000
accept additional orders for near-by delivery. Conditions
Galveston................................. 1,482,000
20,000
B uffalo...................................... 1,516,000
surrounding tho market appear to be sound, and thero is
198,000
300,060
8,000
1 0 2 ,6 6 6
T o le d o .........................
862,000
65,000
60,000
4,000
little indication that speculation has been responsible for tho
D etroit......................................
169,000
89,000
35,000
11,000
C h ic a g o ................................... 6,899,000 2,603,000 3,495,000
firmness^ Distribution of goods throughout tho country is
35,000
27.000
M ilw a u k e e .............................
14,0u0
48,000
329,000
3,000
49.000
quite active and with liberal shipments being made for oxport
D ulu th------------„ ----------------- 7,921,000
447,01)0
46,000
342.000
account thero has not been any burdensome accumulation of
M inneapolis........ .................... 7,662,000
4,000
258,000
24,000
147.000
2,155,000
St. Louis...................
140,000
132,000
11,000
stock by retailers, jobbers or manufacturers. Whilo it is
Kansas C ity .................... _•___ 7,519,000
352,000
277,00.)
17,000
felt in somo quarters that the unfavorable outlook for tho
P eoria......................................
37,000
172,000
179,000
Indianapolis.............................
211,000
433,600
201,000
crops and the coming Presidential election might causo con­
O m a h a..................................... 1,651,00.)
206,000
275,OoO
8,000
servatism on tho part of buyers, it is generally expected that
On Lakes....... ..........................
344,000
On Canal and R iver...............
169,000
the expanding export trade will offset any reduction in homo
consumption. Mail orders continue to bo received in good
Total Aug. 51916______ 44,161,000 6,036,000 8,193,000
483,000
Total July 29 1916...............10,880,000 5,167,000 8,537,000
volumo, though manufacturers are not very keen about
350,000
Total Aug. 71915........... 7,376,000 2,629,000
996,000
74,000
250.000
accepting business for future delivery, owing to tho uncer­
2,717,000 10,111.0C0
208.000
971.000
tainties regarding the cost and supply of raw material.
, Note.
„ ....... ........ ...
““
i ,m4,uuu uusuejs at jnow v ork.
IS, .000 Baltimore, 232,000 Philadelphia, 130,000 Boston, 210,000 Duluth, 3 134 001
Tho jobbing trade has been very active with business so
Buffalo; total. 5.355,000 bushels, against 74.000 bushels in 1915. Oats: 1 953 OOf
far during August exceeding expectations. Buying by tho
New York, 499,000 Boston, 6,000 Philadelphia, 97,000 Baltimore, 55 000 Duluth
1.896.000 Buffalo; total, 4,506,000 bushels, against 2,000 in 1915- and barlev
Government for army requirements continues 'and during
206.000 New York, 11,000 Boston, 8,000 Baltimore, 15S.000 Buffalo 9 000 Duluth
the week bids have been opened for one million pairs of hosiery
total, 392,000, against nil In 1915.
as woll as for liberal quantities of other lines of goods.
Canadian—
M o n tre a l......... ........ ...............1,186,0)0
83S.00O 1,218,000
99,000
396,OOf
DOMESTIC COTTON GOODS.— All classes of staple
Ft. William
Pt. A rth u r..10[373 j)00
---------- 6,106,000
cotton goods havo been in active request during tho week,
Other C a n a d ia n .................... S,314,000
............ 0,741,000
and whilo advances havo been named on some lines indica­
Total Aug. 5 1916*.
.19,873,000
838,000 14,065,000
99.000
396,000
tions point to still higher prices. Retailers, as a result of
Total July 29 1916*.
.17,961,000
584,000 12,812,000
44.000
214,000
Total Aug. 7 1915_
. 2,342,000
28,000 2,063,000
2 ,0u0
28,000 improved weather conditions, havo been moving stocks
Total A ug. 8 191 4..
. 9,267,000
8,000 3,047,000
23.000
173,000
freely and aro in tho market for additional supplies. CuttcrsSummary—
Am erican_____________
.14,101,000 6.636.000 8,193,000
483.000 1,495,000 up aro endeavoring to cover future needs and jobbers are
Canadian.........................
.19,873,000
83S.000 14,065,000
99.000
396,000
realizing that they underestimated their fall requirements.
Large contracts aro said to have been placed for brown
Total Aug. 5 1916..
.64,034,000 6.874.000 22,258,000
582.000 1,891,000
Total July 29 1916..
.58,850,000 5.751.000 21,349,000
sheetings by bagging interests, while there is a good inquiry
394.000 1,855,000
Total Aug. 7 1915..
. 9,718,000 2.657.000 3,059,000
76.000
308,000
for spring goods from all oyer the country. With jobbers
Total Aug. 8 1914..
.43,590,000 2.725.000 13,158,000
231.000 1,149,000
anxious to placo orders, prices for cotton underwear havo
* Including Canadian at Buffalo and Duluth.
been advanced. Heavy bleached goods are expected to bo
WEATHER BULLETIN FOR THE W EEK ENDING moved upward in tho near future as demand is improving,
AUG. 7.— The influences of weather on tho crops as sum­ and many classes of spring dress lines that were recently
marized in tho weather bulletin issued by tho Department of opened have been withdrawn from the market. Although
cotton duck has been in less demand the situation romains
Agriculture for the week ending Aug. 7 were as follows:
very firm, as manufacturers aro well sold ahead. Gray goods
T h e w eek w as gen erally favora b le for th o a d v a n c e o f v e g e ta tio n except
t h a t there w as to o m u ch sh ow ery w eath er an d to o little sun shino in som e
hav