Full text of Commercial and Financial Chronicle : August 26, 1916, Vol. 103, No. 2670

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fin a ttr ia l

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1

W
J

IN C L U D IN G
Railway & Industrial Section
Bankers’ Convention Section

Bank & Quotation Section
Railway Earnings Section

Electric Railway Section
State and City Section

S A T U R D A Y , A U G U ST 26 1916

VOL." 103

N O . 2670
W eek ending A u g u st

’g i l t

(g fo x o m c lt.

1916.

PUBLISHED WEEKLY.
T e r m s o f S u b s c r ip t io n — P a y a b le In A d v a n c e
PTor Ono Year ................................................................................................. $10 00
(Tor Six M onths................................................................................................ 6 00
European Subscription (including postage)............................................. 13 00
European Subscription six months (including postage)........................ 7 60
Annual Subscription in Loudon (including postage)............................ St2 1 4s.
Six Months Subscription in London (including postage)......................£ 1 l i e .
Canadian Subscription (including p o s t a g e )........... .................................$11 50

Subscription includes following Supplements—
B ank

I K a iia v a y a n d I n d u s t r ia l (3 tim es yearly)
E l e c t r ic R a i l w a y (3 times yearly)
STATE AND CITY (sem i-a n n u ally) | B a n k e r s ’ C o n v e n t io n (yearly)
a n d Q u o t a t io n (m o n th ly)
R a i l w a y E a r n in g s (m o n th ly )

Terms of Advertising— Per Inch Space
$4
22
29
50
87

Transient matter per incli space (14 agato lin es)..........
( Tw o Months
(8 times).
„
..
„
.
) Three Months (13 tim es).
Standing Business Cards / s ix Months
(26 tim es).
(. T w elve Months (52 times).

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00
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C h ic a g o O f f ic e —39 S ou th L a S allo S tr e e t, T e le p h o n e R a n d o lp h 7396.
L o n d o n O f f ic e —E d w ards «& S m ith , 1 D ia p e r s ’ G a rd en s, E. C. ■

W IL L IA M I). DANA COM PANY, P u b lish e rs ,
F ro n t. P in o an d D c p c y ste r S ts., N ow Y o r k .
Published every Saturday morning by WILLIAM B. DANA COM PANY.
Jacob Seibert Jr., President and Trcas.; George S. Dana and Arnold G. Dana,
Vice-Presidents; Arnold G. Dana, Sec. Addresses of all, Office of the Company.

CLEARING-HOUSE RETURN'S.
Tho following tablo, made up by telegraph, &c., indicates that tlio tota'
bank clearings of all the clearing houses of the United States for tho week
ending to-day have been 34,344,483,091, against $4,313,094,457 last week
and $3,043,905,045 tho corresponding weok last year.
Per
Cent.

Clearings— Returns by Telegraph*
W eek ending A u g . 26.

1916.

1915.

Now Orleans________________________

.$2,153,448,424
123,329,173
170,268,105
28,298,866
318,029,986
78,577,557
21,518,697

$1,511,228,311
94,692,367
122,229,433
23,027,797
232,159,893
55,280,398
13,798,142

+ 42.5
+ 30.2
+ 44.2
+ 22.9
+ 37.0
+ 42.1
+ 56.0

$2,899,470,808
688,808,804

$2,052,410,341
485,941.273

+ 41.3
+ 41.8

$3,588,279,612
750,204,379

52,538,357,614
505,547,431

+ 41.4
+ 49.0

54,344,483,991

$3,043,905,045

+ 42.7

Tho full details for tho week covered by tho abovo will bo given next
Saturday. Wo cannot furnish them to-day, cloarings being made up by tho
clearing houses at noon on Saturday, and hence in tho abovo tho last day
of tho week has to bo In all cases estimated, as wo go to press Friday night.
Wo present below detailed figures for tho week ending with Saturday
' noon, August 19, for four years:
ll'cei ending A u g u st 19.
Clearings at—

1916.
New York..........
Philadelphia___
Pittsburgh........ _
Baltimore........ B u ffa lo..............
Albany. _ ------Washington----Rochester ..........
Scranton______
Syracuse______
Reading-----------Wilmington- -Wilkes-Burro----Wheeling---------Trenton........ —
Y o r k .......... .......
E rie----------------Chester..............
Greensburg------Binghamton----Altoona-----------Lancaster . . . .
Montclair______

1915.

%
5
S
2,522,825,778 2,088,047,605 + 20.8
227,911,566 151,554,692 + 50.4
54,791,273
49,688,602 + 10.3
37,949,744
27,990,383 + 35.0
14,941,264
10,595,198 + 41.0
4,175,000
4,646,941 — 10.1
8,009,057
6,878,021 + 16.4
5,697,017
4,107,167 + 38.7
2,884,028
2,824,270
+ 2.1
3,590,897
2,704,350 + 33.0
1,969,433
1,590,046 + 23.8
2,549,813
l ,801,752 + 41.5
1,741,011
1,886,158 — 7.7
2,523,174
1.860,445 + 35.0
1,981,849
1,806,485
+ 9.7
972,951
876,071 + 11.0
1,423,181
1,071,600 + 32.8
1,220,406
758,368 + 60.9
700,000
574,878 +21.8
755,400
627,000 + 21).4
600,000
498,993 + 20.3
1,592,118
1,270,130 + 24.8
350,448
358,670 — 0.6

Total Middle. 2,901,167,408 2,364,623,969
Boston_________
Providence____
Now Haven
..
Portland............
Springfield____
Worcester........ .
Fall River_____
New Bed ford. . .
H olyoke............

I n c . or
D ec.

101,001,144
9,350,100
0,605,890
4,116,680
2,200,000
3,352,924
3,608,745
1,194,905
1,392,001
1,027,019
840,000
612,335

135,501,344
6,646,500
6,073,698
3,654,258
1,847 100
2,800,000
2,491,825
965,109
941,741
822,381
685,572
388,643

1914.

1913.

S
S
985,193,532 1,483,599,279
131,601,192 147,563,966
52,042,520
49,195,147
29,602,827
32,271,801
10,618,466
10,507,937
5,581,299
5,817,0S3
6,248,868
0,509,913
3,785,759
4,007,602
2,717,952
2,822,692
2,547,770
3,040,320
1,619,619
1,550,607
1,305,298
1,604,940
1,553,286
1,459,515
1,568,831
1,853,005
1,521,553
1,718 360
■786,348
823,359
882,460
1,077,341
614,027
596,736
770,000
813,793
560,400
646,303
532,837
040,331
1,440,811
1,302,781
330,937
348,748

+ 22.7 1,243,426,598 1,759,831,511
+ 19.3 109,921,960
6,518,100
+ 40.7
4,408,311
+ 8.8
3,187,599
+ 12.6
+ 19.1
1,772,691
+ 19.7
2,323,373
+ 44.8
2,333,687
+ 23.2
1,032,811
+ 47.a
928,867
+ 24. a
052,927
+ 22.0
647,081
+ 57.6 |
419,678

130,225,946
6,715,600
3,754 665
2,572 071
1,735 299
2,104 474
2,441 554
899 125
1,029 233
390 189
523 838
413 128

195,962,403 ' 162 818,131 + 20.4 1 134 147.690 1 152,811 122
Tot. Now Eng.
M ott' — por Canadian clearing* sco “ Commercial and Miscellaneous News.”




1915.

Chicago________
Cincinnati_____
Cleveland_____
D e tro it________
Milwaukee____
Indianapolis___
Columbus_____
Toledo________
P eoria___
Grand Rapids__
D a yton ________
Evansville__
Springfield, 111. .
Fort W ayne__
Youngstown___
Lexington .
Akron .
Rockford.
canton .
South Bend..
Springfield, Ohio
Bloomington___
Quincy................
Decatur.......... .
Mansfield_____
Lansing..............
Jackson ..............
Lima . . _______
Danville ............
Jacksonville, 111.
Ann Arbor..........
Adrian_________
Owensboro____
Tot. Mid .West

S
382,973,509
31,906,100
47,690,094
49,138,081
19,092,554
10,936,210
8,640,000
9,845,042
3,900,000
4,033,697
2,789,869
2,108,811
1,427,274
1,530,866
2,331,003
516,578
4,397,000
1,157,000
2,435,977
914,743
910,933
923,912
766,207
618,931
691,804
987,349
650,000
575,000
477,253
299,812
275,000
86,303
351,842
595,378,754

5
289,852,033
24,017,700
28,056,736
30,293,926
14,164,503
8,191,044
5,796,900
6,842,404
3,600,000
3,513,857
1,843,013
1,683,810
1,092,268
1,059,515
1,725,295
5 40,538
2,199,000
835,805
1,899,233
636,362
981,523
728,745
645,982
543,217
490,196
588,078
500,000
513,047
450,409
278,621
229,293
35,071
283,190
434,111,914

San Francisco__
Los Angeles____
Seattle................
Portland_______
Salt Lake C ity ..
Spokane________
Tacoma________
Oakland________
Sacramento____
San Diego_____
Stockton __
San Jose__
Fresno__
Pasadena_______
North Yakima..
R e n o __________
Long Beach____
Total Pacific..

70,434,770
25,384,919
15,122,587
11,726,698
9,127,995
4,895,937
2,298,862
4,150,589
2,835,102
1,942,029
1,392,906
679,093
1,204,055
855,292
437,540
410,113
566,644
153,465,131

Kansas City___
Minneapolis___
Omaha_________
St. Paul________
D enver.......... .
St. Joseph_____
Dos Moinc3____
Sioux City_____
Wichita________
D uluth.......... .
Topeka ________
Lincoln ________
Davenport..........
Cedar Rapids__
Colorado Springs
Fargo--------------Pueblo ________
Frem ont_______
Waterloo.......... .
Helena_________
Aberdeen........ . .
Hastings.......... .
Billings________
Tot .Oth .West.
St. Louis............
New Orleans___
Louisville.......... .
Houston________
Galveston..........
Richmond_____
Atalnta..............
Memphis_______
Nashville______
Fort Worth____
Savannah _____
N orfolk________
Birmingham___
Knoxville______
Chattanooga___
Jacksonville___
Mobile_________
Augusta________
Little Rock........
Charleston..........
Oklahoma_____
M acon_________
Austin_________
Vicksburg..........
Jackson__........ .
Muskogee_____
Tulsa..................
Meridian............

I n c . or
D ec .

19.
1914.

1913.

+ 32.1
+ 32.8
+ 70.0
+ 62.2
+ 34.1
+ 33.5
+ 49.1
+ 43.9
+ 8.3
+ 14.8
+ 51.3
+ 25.2
+ 30.7
+ 44.5
+ 35.1
— 4.4
+ 99.9
+ 38.5
+ 28.2
+ 43.7
— 7.2
+ 26.8
+ 18.8
+ 13.9
+ 41.1
+ 67.9
+ 30.0
+ 12.1
+ 5.1
+ 7.0
+ 19.2
+ 146.1
+ 24.2
+ 37.1

S
267,830,415
24,067,800
20,543,321
25,937,232
15,045,782
8,172,825
5,686,800
5,709,742
3,911,684
3,098,886
1,932,890
1,057,620
960,178
1,253,099
1,250,394
532,972
1,021,000
785,669
1,380,095
590,077
899,946
747,827
741,815
513,416
396,247
531,971
458,497
470,439
419,069
330,230
184,132
37,312
380,067
397.564,816

$
288,196.109
21,744,600
21,838,376
25,400,047
13,403,541
7,474,119
5,974,800
5,359,256
3,145,236
2,824,590
2,343,677
1,094,757
920,000
1,115,110
1,421,614
535,293
2,334,000
862,650
1,225,000
536,911
685,037
539,142
626,477
464,250
478,011
482,415
575,000
411,381
457,512
275,616
151,529
70,524
363,057
413,949,954

54,435,298
19,515,927
12,075,136
8,898,635
6,343,319
3,358,829
1,778,221
3,362,408
1,977,455
1,778,459
901,395
725,000
803,518
737,108
320,225
367,337
485,421
117,863,811

+ 29.4
+ 30.1
+ 25.2
+ 31.8
+ 43.9
+ 45.8
+ 29.2
+ 24.6
+ 43.4
+ 9.3
+ 54.5
— 6.3
+ 49.9
+ 10.0
+ 36.6
+ 11.7
+ 16.7
+ 30.2

41,706,786
21,135,298
12,325,906
9,324,588
4,670,000
3,093,943
2,137,916
3,098,304
2,111,062
1,989,544
870,778
719,001
878,570
665,364
345,959
280,000
545,764
105,904,783

49,117,337
20,113,100
12,123,904
10,083,131
6,326,782
3,684,626
2,608,738
3,444,779
2,777,489
2,244,545
786,244
649,322
895,502
689,451
305,251
275,000
116,125,201

104,890,427
27,827,207
25,492,375
13,859,259
13,840,041
9,871,745
5,234,928
3,730,705
5,378,275
5,674,989
1,683,456
3,197,338
1,612,402
1,686,739
766,133
1,556,622
619,644
606,958
1,883,652
1,599,375
834,652
448,511
654,023
232,949,456

66,923,924
16,244,703
17,690,385
10,691,383
8,623,449
6,674,260
4,756,544
2,846,874
3,915,100
3,267,437
1,595,685
1,905,329
1,151,135
1,325,235
728,904
981,327
346,442
309,862
1,425,344
1,114,351
565,853
203,341
432,459
153,725,326

+ 56.7
+ 71.3
+ 44.0
+ 29.6
+ 60.5
+ 47.9
+ 10.1
+ 31.1
+ 37.4
+ 73.7
+ 5.5
+ 67.8
+ 40.0
+ 27.2
+ 5.2
+ 58.8
+ 78.8
+ 92.7
+ 32.1
+ 43.5
+ 47.5
+ 120.0
+ 51.3
+ 51.5

57,855,149
22,811,453
16,062,432
8,768,138
8.2S5.700
5,730,349
4,510,838
2,814,350
3,408,556
3,759,972
1,640,307
1,783,856
1,353,155
1,465,873
695,561
986,605
596,870
331,850
1.091,944
1,071,232
557,531
222,235
859.176
146,263,132

54,782,698
20,337,776
16,169,439
9,442,191
8,770,139
6,728,351
4,204,790
2,600,409
3,482,147
3,879,748
1,737,349
1,774,423
1,460,899
1,352,077
735,472
352,289
603,433
422,324
1,439,124
1,049,654
314,182
200,000
372.485
142,271,399

94,897,025
20,355,480
15,738,435
7,938,508
4,819,454
16,358,862
14,764,889
5,559,224
6,381,279
7,897,006
4,194,651
3.909,147
2,306,133
1,827,868
2,620,650
2,967,045!
1,140,705
1,455,931
2,340,194
1,315,762
4,635,217
3,636,832
2,000,000
173,250
3S9.574
1,014,879
3,175,885
357,300

64,649,107
13.715.9S4
14,258,038
6,000,000
2,042,848
8,697.063
10,764,509
3,471,111
5,192,893
6,291,730
3,282,188
3,248,393
1,933,481
1,487,718
2,282,609
2,208,098
942,551
937,158
1,866,408
1,204,830
2,361,000
2,134,798
1,084,712
155,286
347,960
695,443
1,360,237
212,600

+ 46.8
+ 48.4
+ 10.4
+ 32.3
+ 135.9
+ 88.1
+ 37.2
+ 60.1
+ 22.9
+ 25.5
+ 27.8
+ 20.4
+ 19.3
+ 22.8
+ 14.5
+ 34.4
+ 21.0
+ 55.3
+ 25.4
+ 9.2
+ 58.2
+ 70.4
+ 84.4
+ 11.6
+ 12.1
+45.9
+ 133.5
+ 68.2

65,371,671
15,555,965
10,714,623
6,748,846
2,007,012
0,732,946
9,635,436
4,751,867
5,370,125
5.245.699
2,947,463
3,287,039
2,436,602
1,866,543
2,437,124
2,397,896
1,000,000
947,421
1,786,599
1,163,595
1.866.700
2,469,473
1,083,251
158,145
335,147
885,317
1,511,270

70,230,320
17,091,839
12,729,811
9,365,472
4,239,000
6.494.525
10,238,128
4,968,089
5,471,762
5.78S.540
3,402,375
3,330,872
2.682.687
1,594,543
2.173.687
2,792,036
1.120.525
1,330,360
1,728,514
1,146,216
1,939,457
2,021,232
1,819,936
169,958
333,428
725,901
1,045,386

%

Total Southern 234,171,245! 162,828,7591 +43.8 161,294,075
Total All........ 4,313.094,457 3.395.971.910 +27.0 2,187,985,727 2,760,413,519
Outside N. Y ___ 1,790*268 A79 1,307,324,305 +30.9 1,202.79371951,276.814,240

THE FINANCIAL SITUATION.
In the prolonged struggle with the railroads in
Washington, several things are plain and should be
driven home upon the public. The first is that “ the
eight-hour day” is only a pretext, pushed forward
as a mask behind which to force another increase in
pay. All talk of men overworked and rarely being
with their families (including the moving story of
the engineer’s child that asked its mother who was
the strange man that sometimes came to the house)
and all talk of “ the eight-hour day to which the
whole economic movement of the time seems to
point,” are met by the fact that there is no such
day in controversy. It is not sought, it is not ex­
pected, it is not resisted; it is a false pretense. If
the men really were seeking eight hours of work for
a pro rata pay, the case would take a different shape
and could be quickly settled.
The second thing is that whatever Mr. Wilson may
have said to the brotherhood men has been private
and confidential; at least, it has been unreported
and unpublished; therefore, it may not unjustly be
assumed to have been soothing assurances to keep
patient a little longer and the mythical “ day” will be
won. On the other hand, while not denying that he
has listened with outward courtesy even if not with
inward attention and understanding, he has directed
himself wholly to the railroad officers. Upon them
he has bent his urgent appeals for peace; for the
public interest; for reconcilement; for compromise;
they alone have been the objects of his solemn warn­
ings, his washing of hands as to responsibility for
consequences, and his veiled hints of what those
serious consequences may be. If this is not a fair
summary of what has been occurring in the White
House, the newspapers have not told it correctly.
If anybody will suppose (by a bold bound of imag­
ination) that the railway officers had grown tired of
playing the game and said it is of no further use and
they would go back and order the suspension of all
movement on their roads, he will have no doubt what
Mr. Wilson would have said, provided he could be­
lieve his visitors serious; he would have laid down
their public duty to them in unmistakable terms,
with plain intimations what would befall them indi­
vidually for their unlawful conspiracy and rebellion.
Has he said one word to the brotherhood men of
their duty? Of their responsibility to the other
four-fifths of all railway employees whom they were
not considering at all? Of the vital concern of the
whole people (including themselves) in transporta­
tion? Of the palpable fact that they were not
merely threatening to stop work in their own persons
but to command several hundred thousands of others
to stop work? If he has even whispered a word of
this nature it has not become public. Yet, notwith­
standing the “ exemption” sneaked into the Clayton
law, this is an attitude of conspiracy, and these men
are conspirators.
Wherefore the bland purring
towards them, and the solemn adjurations to the
railway men to yield something and get together?
We wish again to emphasize that M r. Wilson is
not in the position of a mere arbitrator and referee,
either by joint request or by his own election. He is
President, bound to execute the laws without favor
and conserve the public interest; he is the official
spokesman of the people, the wielder of their just
and concrete power. In siding with these men to
coerce the roads to yield to them once more, he takes



an attitude of feebleness that brings government into
contempt. And shall we presently be told that he
has not only “ kept us out of war” but has “ settled”
the railroad troubles?
Another false pretense is put forward as to the
crux of the contest. Arbitration, we are told, is to
be upheld and preserved for the future; but how and
in what respect is it ? “ The principle of arbitration,”
be it observed, is not assailed by anybody; the thing
objected to is the application of it. Heretofore socalled arbitrators in wage sessions have turned their
backs to one side by assuming the main proposition
disputed and to be proved, that the complaining em­
ployees were entitled to any advance at all; the arbi­
trators have taken the affirmative of this as not open
to discussion and have proceeded to inquire how
great the increase should be; that is, they have vir­
tually declined to hear the railway side. Now the
men seem to realize that arbitration will no longer
serve them, because (as they say) unbiassed persons
can no longer be found.
But, we are told, “ the principle of arbitration” will
probably be preserved, and there will be a fresh in­
vestigation of the whole subject ordered, so that no
such situation can recur. Mr. Wilson has been
talking with leaders in Congress, who are ready to
rush through whatever new legislation he deems
necessary, the substance of the controversy (the
more money demanded) having previously been
yielded. As for assurances that compensatory rate
increases will be granted, these have the value of
words, and of words uttered in a campaign wherein
votes are deemed the sine qua non. Mr. Wilson has
never yet taken a real stand for such increase; he
has only generalized and qualified, and even if he
should dare the campaign hazard of commitment to
such a step he would not surely be able to carry it
through. As for the proposal to add two members
to the Inter-State Commerce Commission, in order
to enable that body to do more work, the lack there
has not been of time and power, but of disposition.
It is in human nature (and is shown by long experi­
ence) that after the consideration for a promise has
been obtained and put beyond withdrawal an un­
palatable promise is not kept, except on compulsion.
Further, while there is some glimpse of encourage­
ment in the evidence that the people are beginning to
take notice that this is one of their own affairs,
anxious inquiries have begun to come from shippers
whether it can be true that the cost of their “ day” to
these men will fall upon freights. This need not be
asked; there is no doubt; the consumer ultimately
pays all expenses.
And when an adjustment has been reached and the
men have got what they went after, having waived
the fraction they did not expect to get at this time,
and the substance has been surrendered, with a
promise to investigate and arrange everything here­
after, and the newspapers are again filled with other
troubles— will this one have been settled ? Yes, until
the next periodic return.
To grant and deliver something, and then take up
(or say we will take up) the question whether it
should have been granted— is this the conduct of
persons who realize the seriousness of things? As
well expect to tie up fire with a cotton string as
that men who have won by sheer brutal insistence
will surrender what they have thus won, or will not
presently come back for more, or that other men will
not try to work the same process.

The plain truth is that we have been teaching
organized workers to be selfishly and stolidly in­
different to everything except their own desires. We
have been dulling their independence and spoiling
them as citizens. We have been creating a privileged
class, and because resistance looked so formidable
that we shrank from it we have retreated, and then
the foe (for such it really is) has advanced to a new
line.
Our cowardice and procrastination and dread of in­
convenience have been piling higher the task before
us, until now our power to make a stand is becoming
a matter of some question. The situation is of our
own making.
That well edited publication, the Journal of the
American Bankers’ Association, in its August issue
has the following to say with reference to some
recent comment of ours: “ It is impossible to
agree with the ‘Commercial & Financial Chronicle’
that funds deposited by the Government with the
Federal Reserve banks are ‘abstracted from the
channels of trade.’ The resources of the Reserve
banks are open to the demands of business. They
can be readily secured by the member banks on
which business makes demands. Government funds
deposited by the Secretary of the Treasury in the
Treasury and Sub-Treasuries are, on the other hand,
withdrawn from the channels of trade.”
Our allusion, which has drawn forth these obser­
vations from our contemporary, was to the sudden
large additions to Government deposits in the
Federal Reserve banks made the latter part of June
and the beginning of July. As we showed in our
issue of July 15, during the last half of June the
Secretary of the Treasury had $101,000,000 of
excess revenue to deal with, owing to the large
income tax collections which came the latter part
of June, and he disposed of the excess revenues by
transferring part of the money to sub-Treasury
vaults and the rest to the temporary keeping of the
Federal Reserve banks. Figures we gave showed
that between June 1 and July 8 $38,878,160 had
been added to the accumulations of gold in Sub­
Treasuries and $68,303,592 to Government de­
posits in the Reserve banks, making $107,181,752
abstracted, as we stated, from the channels of
trade.
The effect of these large withdrawals of funds
from the ordinary banks and its transfer to Treas­
ury vaults and Reserve banks, coming at the time
of the large 1st of July interest and dividend pay­
ments, was to reduce the money holdings of the
New York Clearing House banks and trust com­
panies in the two weeks from June 24 to July 8
from $449,914,000 to $385,855,000, to .diminish the
total reserves of these institutions from $670,197,000
to $597,057,000, and to cut their surplus reserves in
half, so that in these two weeks the amount of the
surplus fell from $109,502,410 to $53,546,000. This
impaired condition of the New York Clearing House
institutions stiffened money rates here and that in
turn induced the Bank of England to advance its
discount rate from 5% to 6%. Thus the disturbance
on this occasion was world-wide.
In this state of things, with facts and figures to
fortify the statement, we expressed the opinion that
the experience of these two weeks went to demonstrate
that it is clearly wrong that huge extra amounts of
Government revenues should be suddenly transferred



to the Reserve banks. In the Reserve banks the
money, we asserted, was about as useful as if locked
up in Government vaults, and we wish to repeat
the statement. It might be, we urged, that so much
of the public moneys as is needful for the ordinary
transaction of the business of the Government should
be kept with the Reserve banks rather than with the
national banks, but everything beyond that should
be kept with the national banks, for it is through these
that the ordinary trade and commerce of the country
is carried on. Tax moneys are taken from com­
merce, and belong to commerce, and they should
never be deprived of their function of serving com­
merce either by being locked up in Treasury vaults or
transferred to the custody of the Reserve banks
which can never be endowed with the functions of
ordinary banks of loan or discount.
To all this our critic interposes the objection that
“the resources of the Reserve banks are open to the
demands of business.” In a certain sense the Reserve
banks a re open to the demands of business. That is,
member banks can go to the Reserve banks and apply
for rediscounts. Here we are confronted, however, by
the fact that the larger institutions are reluctant to
do this, even under the best of circumstances. And
what occasion is there for their departing from
this policy in such a situation as that which arose at
the end of June and for which they were not re­
sponsible, but which was the work of Government
officials.
Take the case of the Federal Reserve
Bank at this centre, at which point the bulk of the
income tax payments are made. At no time in its
existence has this Reserve Bank been able to get
out rediscounts to an aggregate of $1,000,000.
Obviously, too, during the time the Government
was extracting huge sums from the channels of
commerce the member banks were no more in need
of rediscounts than before.
As for the rest, the Reserve banks are poorly
equipped for getting out funds that may come to
them in sudden abundance. They can go into the
open market and make investments, but they are
Reserve institutions and the range of their invest­
ments is necessarily circumscribed and restricted,
so that it is no easy matter to obtain the invest­
ments within their scope and the right assortment of
them.
In the present instance, Government deposits
with the Reserve banks were in a few weeks run
up roughly from $40,000,000 to $115,000,000, and
on a single day (June 30) $34,242,803 was trans­
ferred to the keeping of the Reserve banks. The
latter could not, under such a sudden large acces­
sion of additional funds, undertake the purchase
of any considerable amount of Government bonds
without running up the price on themselves, and
even if they undertook the purchase of municipal
obligations, which are in more abundant supply,
they could not carry out operations on any extensive
scale without bringing about an appreciable ad­
vance in values; moreover the probabilities are
that values would decline again as soon as the
sudden special demand had been satisfied. In this
case, too, the Secretary quickly reduced the de­
posits again, transferring the funds directly to sub­
Treasury vaults. The risk of loss on resale, there­
fore, is considerable. Even commercial acceptances
cannot be readily acquired in sudden large amounts.
Accordingly the process of returning to the member
banks large amounts of cash withdrawn from them

and placed with the Reserve banks cannot be
readily performed.
But it is not necessary to argue the point. A
conclusive test as to whether tax money withdrawn
from trade finds its way back to the ordinary chan­
nels again, if placed with the Federal Reserve banks,
is found in what actually happened on the present
occasion. A study of the statements of the Reserve
banks shows that practically the whole of the extra
Government deposits remained in the vaults of the
Reserve banks in the form of cash until the Secre­
tary of the Treasury concluded to withdraw the
amounts once more. This is true whether we have
reference to the operations of the Federal Reserve
Bank of New York, or to the operations of the twelve
Reserve banks combined.
Take, first, the case of the Federal Reserve Bank
of this district: Here Government deposits were
run up from $15,681,390 June 23 to $40,398,636
July 7. Money holdings in the same two weeks
were increased by almost precisely the same amount
($25,000,000) rising from $168,444,499, to $193,­
460,968.
Rediscounts were only slightly changed,
being $432,760 June 23 and $370,357 July 7, and
the same is true of the acceptances acquired in the
open market, the totals of these standing at $23,­
341,657 June 23 and $23,357,069 July 7. The
investments increased just a trifle, the gains being
in the item of municipal warrants.
By last Saturday Government deposits were down
again to $14,895,023, or roughly $25,500,000 less
than on July 7. Money holdings were reduced in a
closely corresponding amount, standing at $169,­
726,619 Aug. 18, against $193,460,968 July 7, a
reduction of 23% million dollars. In tabular form
the figures are:
.
Federal Reserve Bank o f N e w

Y ork .

B ills D i s G overnm ent

M oney

counted and

In v e sl-

D e p o sils .

H o ld in g s .

Bought.

m en ts.

&

<n»

O

v

C*

nP

'

nP

nt>

June 23______ 15,681,390 168,444,499 23,774,417 9,721,472
July 7 _______40,398,636 193,460,968 23,727,427 11,024,375
Aug. 18______14,895,023 169,726,619 29,945,107 11,778,367

The results are the same if we take the totals for
the twelve Reserve banks combined. In that case
Government deposits were increased from $50,000,­
000 June 2 to $114,460,000 July 7, being an addi­
tion of roughly $64,400,000, while money holdings
in the same period of time increased $63,500,000,
rising from $360,232,000 to $423,756,000.
Thus this year’s experience clearly supports the
conclusion that when large extra Government reve­
nues are transferred to the Reserve banks the effect
is the same as when the money is transferred to Sub­
Treasury vaults. In either case the ordinary banks
lose the use of it for the time being.
It is important that there should be no misunder­
standing on this point, since next year, in June, the
income tax payments will be double their present
scale (the primary rate of tax being by the new
revenue measure fixed at 2% as against the present
rate of 1%), and the Secretary of the Treasury may
then have excess revenues of $200,000,000 to deal
with. If, then, the mistake should be made of
passing this huge sum into Sub-Treasuries or over
to the Reserve banks, to be locked up in either case,
the penalty might be much more severe than that
incurred the present year.
The proper custodians of such surplus revenues
are the ordinary commercial banks, through the



medium of which the tax collections are made. The
money should be left in the channels where it origin­
ates. Only in that way can unnecessary disturbance
with the money market be avoided.
Our cotton crop review for the season of 1915-16,
covering the marketing, distribution and manufac­
ture of the staple, is given in extensive detail on
subsequent pages of this issue, and will, we believe,
be found worthy of careful study and analysis.
These reviews, as we have heretofore remarked,
have been issued continuously by us each year
since the close of the Civil War and are in the main
devoted to the presentation of data relating to
production and manufacture in the United States;
but no other country in which cotton is either raised
or consumed, and from which reliable information
can be obtained, is neglected. Consequently, with
our sources of information perfected and extended
as the years pass, and new features introduced from
time to time, these reports furnish, within the space
devoted thereto, as succinct and comprehensive
a history of the world’s cotton crops as is possible
of presentation at so early a date after the close of the
season. This is especially true, in view of the diffi­
culties that just now have to be surmounted in
obtaining data from abroad.
The salient feature of the current report is that,
notwithstanding the continuation of the unpre­
cedentedly violent war in Europe closing to us
markets (Germany and Austria) that under normal
conditions absorb annually between 2% and 3
million bales of our staple for use in manufacture
and a consequent great contraction if not entire
cessation of operations there, the consumption of the
raw material in the world in 1915-16 showed a
very decided increase over the preceding season and
fell only moderately below the high record set in
1913-14. Consumption of cotton in the United
States, both North and South, was of much greater
magnitude than in 1914-15, Southern consumption
having reached a total of 4,002,446 bales, or 837,550
bales in excess of the season immediately preceding,
and double the aggregate of 1903-04. Northern
sonsumption increased 483,727 bales during the year
and 1% millions in the 12-year period. These
enormous increases for the year reflect, of course,
in greatest measure, the extraordinary demand
upon us arising out of the war itself, but especially
in the phenomenal quantities of linters and low grade
cotton turned into explosives for the account of the
Entente Powers. It is entirely within the bounds
to estimate, in the absence of actual returns which
are not available, that fully 1,000,000 bales were so
consumed in this country alone in the late season.
But the usual or legitimate channels of manufacture
have also been greatly benefited by the war, as is
evidenced by the increase in our exports of cotton
goods during the fiscal year ended June 30 1916,
much of which is to be credited to European war
orders. And it is beyond question that there has
been a better trade in goods for home use with the
imports of cottons restricted.
The commercial crop of the United States for
1915-16, as distinguished from the actual growth
which was about one million bales less, has turned
out to be the smallest since 1910-11. It reached
12,953,450 bales, or over 2 million bales less than
came forward in the previous year. But the finan­
cial return from the latest crop surpasses very largely

that from the yield of 1914-15, as a result of a higher
basis of values, not alone for lint cotton, but forlinters,
for which there has been an urgent demand from
France and Russia for the making of explosives.
The world’s aggregate crops of cotton in 1915-16
were the smallest since 1910-11, due especially, of
course, to the large decrease in yield of the United
States and fell below consumptive requirements
about 2 1-3 millions. Consequently, the previously
existing surplus supply was materially encroached
upon. The spinning capacity of the world’s mills
was augmented to only a slight extent in 1915-16
with the addition most largely in the Southern sec­
tion of the United States. The total of the world’s
spindles, as we compile it, was on July 31, this year,
144,983,215, against 144,516,844 spindles a year
earlier and 144,038,626 spindles in 1914.
Both Houses of the British Parliament adjourned
on Wednesday and will remain in recess until Oct. 10.
Before adjournment a bill was adopted extending
the life of the present Parliament another seven
months. In the closing debates which covered the
various aspects of the war, there was evident a feeling
of confidence, although no attempt was made to
minimize the heavy tasks still to be faced. London
advices assert that the belief in Parliament was
general that a further important stage of the Entente
offensive will have developed in the Near East be­
fore the date for reassembling. The Cabinet Minis­
ters expressed greatest confidence in the constantly
growing economic pressure which is being wielded
against the Central Powers. Regarding food sup­
plies, Captain E. G. Prettyman, Parliamentary
Secretary to the Board of Trade, explained to the
House of Commons that high prices were due to
scarcity of supplies and to the abnormal consump­
tion of food by the millions of men in the field. He
estimated that the latter ate half as much again as
they did in civilian life. While the question of food
supplies is pressing heavily on the civilian population,
the Government, the Secretary said, had seen no
reason to take any new or drastic steps in the direc­
tion of administrative control of either the price or
consumption of food.
Addressing the House on Tuesday, Lloyd George,
Secretary for War, declared that “in the dim dis­
tance we can see the end” of the war. He contrasted
what he termed the extraordinary change in a few
months in the relative positions of the Entente
countries and the Central Powers on all fronts ex­
cept Mesopotamia, where climatic conditions had
kept the British forces quiescent. The criticisms of
the British operations on the Somme front, on the
ground of their failure to break through the German
lines, were, he said, unjustified. The Germans,
having two alternatives, chose that of bringing
troops and guns from Verdun to prevent the British
from breaking through. “That suited our purpose,”
he continued. “It relieved the pressure on Verdun
and prevented the enemy from pouring his forces
into the Russian theatre to support the Austrians
against General Brussiloff’s thrust. The German
account of our losses in the Somme are ludicrously
exaggerated. Our losses, though deplorable, have
been relatively low as compared with those of the
Germans. The French and ourselves have captured
positions on the Somme front whence the course of
the campaign is visible, and I think in the dim dis­
tance we can see the end. France is equipped and



Russia is rapidly becoming equipped. Italy’s equip­
ment has amazed her best friends. Germany has
missed her chance and she knows it.”
On presentation of the motion for the adjournment
of the House, Col. Winston Spencer Churchill,,
formerly First Lord of the Admiralty, initiated a
debate on the conduct of the war. He said there
was no certainty of a speedy ending of the conflict.
German armies were more numerous and better
equipped than ever; but what reserve they had was
another matter. The speaker urged that the country
be organized for a long war and that food supplies
and prices be put on a war basis. He also recom­
mended the chartering of all shipping at admiralty
rates, thus putting an end to the rise in freight,
which he characterized as a national scandal. In­
stead of restricting consumption by the agency of
increased prices, the Government, he believed, should
take control of the distribution of food supplies at
home and overseas.
Regarding reports of peace terms the Premier,
Mr. Asquith, informed the House early in the week
that Germany had shown no disposition toward peace
except on terms dishonorable and humiliating to
some of the Allies. The Premier’s statement was
in answer to assertions by Under Secretary Zimmer­
man of the German Foregin Office, who, in an inter­
view recently declared that it was England that was
blocking peace. Zimmerman’s statement that Eng­
land prevented her Allies from showing a disposition
toward peace is untrue, the Prime Minister said. He
reminded the German Foreign Office official that
Germany had never submitted official terms of
peace. The French Minister of Justice, M. Viviani,
former French Premier, predicted a difficult and
prolonged struggle before the war ends, in an address
before the General Council of the Department of
Creuse on Tuesday. He said, “although victory is
certain it will require hard and prolonged effort to
break Prussian militarism.” In another address the
Minister said, “the French will not submit to the
peace of the German Emperor who boasted he
would force his adversaries to accept peace on bended
knees.”
The week has seen fierce fighting on virtually the
entire battle line of the “Battle of Europe.” The
Allies seem to have made some progress, though at
heavy cost, and the net changes secured by the mili­
tary operations have been comparatively light.
Chief interest of military critics seems to be centred
on the Saloniki front, though what may be regarded
as authentic news is very scarce either as to the plans
or objectives. Press accounts from London declare
that the Bulgarians have advanced along the Struma
Valley and have entrenched themselves at various
points. Berlin declares that further advances have
been made by the Bulgars on the right wing, where
they are facing the Serbians. On the other hand, it
is reported that Germany has ordered the Bulgarians
to discontinue their advance into Greece and to
evacuate the Greek territory they have occupied,
fearing Greece will be drawn into the war. Several
Greek Generals have refused to obey orders to evacu­
ate East Macedonia before the Bulgarian advance.
Instead of retiring, they have prepared to defend the
Eastern Macedonian forts. The Greek Government
is said to have laid this information before Germany,
adding that public indignation over the invasion has
increased to such an extent that the Government no

693

THE CHRONICLE

longer is master of the situation. Upon receipt of
this information, Germany ordered the Bulgarian
withdrawal, it is stated.
In the Somme district the French and English
lines have advanced to within two miles of Combles,
the French having occupied Maurepas, which formed
one of the principal supporting points between the
Somme and the highway from Albert to Bapaume,
and also an important strategic base by reason of its
location on a plateau dominating the region toward
the South. Maurepas has been the centre of fight­
ing for many weeks. The British have again at­
tacked near Thiepval, capturing trenches on a front
of a quarter of a mile and taking many prisoners.
These new attacks may be preliminary to another
general assault, as both British and French troops
have been making extensive preparations for some
important move for several days. For three days
or more their big guns have been shelling the
German positions not only along the Somme front,
but for several miles below the village of Estrees.
The French advance flanks the German positions
on the ridge guarding Combles on the south, bring­
ing the French line almost on a parallel with the
front of Clery, making the capture of the remaining
portion of that village comparatively easy. The
fierce struggle around Fleury in the Verdun sector
continues with unabated violence. Berlin, as well
as London, continues to make claims and counter­
claims in regard to recent fighting in the North Sea.
Berlin admits that the battleship Westfalen was
struck by a torpedo from an English submarine,
but maintains that the damage was slight. The
German Admiralty reiterates its claim that a British
battleship was heavily damaged by a German sub­
marine. This is denied emphatically by the British
Admiralty.
Accounts regarding the fighting on the Eastern
front differ in accordance with their origin. Both
Berlin and Petrograd report the capture of positions
near Jablonitza Pass, where a violent struggle has
been in progress for several days on the crest of the
Carpathians. Berlin claims also the repulse of
Russian attempts to cross the Stokhod. Russian
reports in regard to the situation in the Eastern
front have been meagre. Petrograd insists that
nothing of importance has occurred in that theatre.
But Berlin describes very heavy fighting, both on
the Stokhod and in the passes of the Carpathians.
Grand Duke Nicholas is once again pressing his
offensive in the Caucasus. The Russians have re­
sumed their advance along the entire Asiatic line.
The Turks have evacuated Bitlis.
In the valley of the Vardar, the main highway
through Serbia, violent artillery action is in progress.
It was down this valley that the Teuton-Bulgarian
forces made their victorious advance, and its pos­
session, according to military experts, is vital to
whosoever holds Serbia. There seem to be conclu­
sive indications that Rumania is preparing to take
sides with the Allies. Russia, it is stated, has been
willing to concede the province of Bessarabia, the
population of which is largely Rumanian, in return
for Rumanian co-operation in the war. Bessarabia
has an area of 18,000 square miles and a population
of nearly 2,000,000.

[V o l .

103.

the facts are set out on another page. It is
considered quite probable that the vote may be re­
considered in the near future as the King is working
actively to secure harmony in favor of the treaty.
Secretary Lansing announced the names of the
three members of the International Joint Commis­
sion by means of which the American and Mexican
Governments hope to reach an amicable settlement
of the differences growing out of the presence of
American soldiers in Mexico and bandit raids along
the border. The names appear on a subsequent page.
The first conference will be held in New York next
week. Pressure is being exerted on the President
from various quarters to secure the prompt return
of the National Guard from the Mexican border.

The British Chancellor proposes to proceed in the
case of his accumulations from English holders of
Canadian securities and those of South American and
European neutral countries on the same lines as he
did with Americans in his effort to force deposits by
unwilling holders. That is to say, when necessary
he will impose a supertax of 2 s. to the £ (10%)
upon all incomes derived from them as coming under
the classification of “such securities as the Treasury
is willing to purchase or receive on deposit/’ Such
action seems to bear the interpretation that a rather
complete cleanup has been secured of American se­
curities and that attention is now being diverted to
other forms of British national resources. As to
whether all American securities in the hands of the
Treasury have either been liquidated or deposited as
collateral for loans there seems a considerable differ­
ence of opinion in financial circles on this side. It
hardly is probable that the British officials would
leave themselves bare of American securities when
they are so fully alive to the fact that they must
continue to apply for American funds so long as the
war lasts. The formal offering of the $250,000,000
notes which was made this Aveek is not unlikely to
be repeated later on Avhen further funds are needed in
connection with the purchases of American supplies.
Obviously, the collateral of succeeding loans must
equal that of the one now being distributed or a
higher rate of interest must necessarily be paid. The
collateral of the current issue consists one-third of
United States securities, one-third of Canadian and
the remaining third of those of South American and
neutral European countries. It Avould not be the
part of Avisdom to offer in the future notes secured
entirely by non-American securities. Hence there is
reason to believe that British officials are still holding
a considerable part of our oavh securities in reserve.
In any event it begins to look as though the end of
the actual British liquidation of our stocks and
bonds in the form of direct selling Avero at hand. In
a sense the current $250,000,000 may be considered
to a measurable extent the funding of short-term and
demand loans that had already been arranged Avith
American banks and other lenders. In other Avords,
these loans, it is understood, have been or noAv are
being paid off; the securities thus employed as
collateral becoming available for the neAv issue. I I oav
important a part of the $100,000,000 American col­
lateral these released securities have played it is not
possible to say, but the process of substitution cer­
The proposal to sell the Danish West Indies tainly suggests hoAV American collateral can be pro­
to the United States is meeting with some obstacles. vided in the event of a repetition in the more or less
The vote was taken on Thursday in committee and distant future of the current loan.




Mexican “rails” have been a feature on the London
market this week, prices having advanced there on
the reports that the roads were to be transferred by
the Mexican Government back to the companies.
On Wednesday the price of shares of the Prince
Steamship Line declined from 102 to 82 shillings,
owing to the official announcement that a controlling
interest in the line had been purchased by Furness,
Withy & Co. The effect of the announcement was
that it dispelled hopes that had been entertained that
the purchasers would issue a circular making a
favorable offer to purchase the outstanding shares.
The London Stock Exchange will be closed to-day.
The Stock Exchange Committee is considering the
question of continuing the Saturday holidays during
the month of September. Last week's British reve­
nues amounted to £8,974,000, while the expenditures
totaled £33,509,000. Exchequer and other bonds
were sold to the amount of £5,598,000 and the out­
standing Treasury bills were increased £14,889,000.
On the Paris Bourse the week has been a quiet
one, but prices have been well maintained reflecting
a favoring interpretation of the military situation.
There has been some profit-taking in Russian indus­
trial securities, but French war stocks and copper
stocks, the latter in sympathy with American issues,
have ruled firm. Suez Canal shares are quoted by
latest cable accounts at 5,000 francs against 4,000
francs last April. The French Minister of Finance
has sanctioned a higher scale of stock brokers’ com­
missions to compensate for the decreased volume of
business compared with that ruling before the
war.
Arrangements have been completed for the offer­
ing of the fifth German war loan. A press dispatch
by way of The Hague states that the new issue will
be offered on Sept. 4 and that the interest rate will
be 5%, as in the case of the previous loans. Sub­
scriptions will be received up to Oct. 5 at 98. Count
von Roedern, Secretary of the Interior Treasury, has
a new plan, it is stated, to popularize the loan which
the dispatch declares is being described by canvassers
as “the last war loan.” The fourth war loan was
offered at 983^ last March, as against 99 the pre­
ceding loan. Thus Germany in common with other
belligerents recognizes the necessity of paying a
higher price for its funds as the war proceeds. The
“Tageblatt” newspaper of Berlin is quoted by wire­
less as stating that the favorable crop forecasts are
being borne out fully and that excellent yields of all
cereals are being obtained throughout Germany.
Fodder also is favorable, but the potato crop is
inferior to that of last year owing to the excessive
rains. Sugar production has increased. Germany’s
iron production for the last seven months is 7,600,­
000 tons, as compared with 6,600,000 tons for the
corresponding period in 1915.
Official bank rates at the leading European centres
continue to be quoted at 5% in Paris, Vienna and
Copenhagen; 5>^% in Italy, Sweden and Portugal;
6% in London and Petrograd and 4
in Switzer­
land, Holland, Spain and Norway. In London the
private bank rate has remained at 5 ^ @ 5 % % for
sixty and ninety-day bills. Cables from Berlin still
give 4% % as the private bank rate at that centre.
No reports have been received by cable of open mar­
ket rates at other European centres, so far as we have



been able to learn. Money on call in London is still
quoted at 4% % .
The Bank of England for the first time in several
weeks registered a decline in its gold item, the
amount of the decrease being £266,857. Note cir­
culation was reduced £169,000, and the total reserve
recorded a small loss— £97,000. The proportion of
reserve to liabilities declined to 26.10%, against
27.11% last week and 2 4 ^ % a year ago. Public
deposits were decreased £2,793,000, while other de­
posits showed a gain of £7,889,000. Government
securities remain without change. Loans (other
securities) increased £5,236,000. The Bank’s hold­
ings of gold aggregate £57,146,914, compared with
£67,300,766 in 1915 and £43,473,412 the year pre­
ceding. Reserves now total £40,060,000, against
£53,947,511 a year ago and £26,351,977 in 1914.
Loans amount to £89,048,000, which compares with
£142,137,266 in 1915 and £109,904,670 the previous
year. The bank reports as of Aug. 19 the amount
of currency notes outstanding as £119,718,400,
against £118,696,767 a week ago. The amount of
gold held for the redemption 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, inas­
much as the Bank has discontinued reporting the
details.
B A N K O P E N G L A N D ’S C O M P A R A T IV E S T A T E M E N T .
1914.

1913.

Aug. 2 3 .

1916.

Aug. 2 5 .

Aug. 2 6 .

Aug. 27.

£

1918.
£

£

£

£

2 9 ,248,970
9,986,409
4 4,416,050
12,453,405
27,672,873
3 2 ,361,610
43,160.580

29,193,295
17,233,510
4 5 ,416,619
13,367,655
3 6 ,369,903
30,993,930
41,7 3 7 ,2 2 5

Circulation ............. 3 5.536.000 3 1,803.255 3 5,571,435
Public deposits . . . . 5 1,429,000 134.054,324 2 3 ,886 765
Other deposits............ 101,751,000 8 9,465,037 123,892 659
G ovt, securities------- 42,187,000
45,655,382 29,778,971
Other securities------- 8 9,048,000 142,137,266 109,904,670
Reserve notes & coin 40,060,000 53,947,511 26,351,977
Coin and b u llio n ... 57,146,914 67,300,766 43,473,412
Proportion of reserve
to liabilities............
2 6 .1 0 %
2 4 .1 3 %
1 7 .8 3 %
Bank rate......................
6%
6%
6%

5 9 .4 6 %

4 ^%

1912.
Aug. 2 8 .

4 9 .4 6 %
4%

The Bank of France in its weekly return this time,
shows an increase in its aggregate gold holdings of
5,917,000 francs. From a special cablegram, how­
ever, from our own correspondent, we learn that the
increase follows entirely from an augmentation in
the balance of gold standing to the credit of the
institution abroad. The amount of gold held by the
Bank of France itself has decreased. Since June 8
1916, when for the first time the return showed gold
holdings abroad, the gold total of the French bank has
been made up like that of the Bank of Russia, and
consists of gold both at home and abroad. Cablegrams
to the daily papers show that during the past week
the aggregate of the French bank’s gold holdings,
thus made up, increased 5,917,000 francs. Our own
special cable enlarges upon this information, and
gives us the subdivisions of the total, bringing out
the fact that in the gold holdings abroad there was
an increase of 100,920,000 francs, but in the amount
of gold held by the Bank itself there was a decrease
of 95,003,000 francs. On the two items combined
there is an increase of 5,917,000 francs, just as re­
ported by the daily papers. Stated in another way,
the Bank of France’s balance of gold held abroad was
increased during the week from 371,965,000 francs
to 472,885,000 francs, but gold held in vault fell off
from 4,430,175,000 francs to 4,335,172,000 francs.
The combined holdings at home and abroad in­
creased from 4,802,141,000 francs to 4,808,058,000
francs. A year ago the gold held (all in vault),
amounted to 4,266,319,479 francs and two years ago
to 4,141,350,000 francs. The silver item was in-

creased this week by 835,000 francs. The total of
silver now is 339,326,000 francs, as compared with
366,754,232 francs in 1915 and 625,325,000 francs
in 1914.
Note circulation during the past week reported the
large expansion of 59,645,000 francs, and . general
deposits showed the huge increase of 110,595,000
francs. Bills discounted decreased 25,288,000 francs.
Treasury deposits were increased 16,708,000 francs,
while the Bank’s advances declined 2,733,000 francs.
Note circulation is now 16,376,066,000 francs,
against 12,950,279,450 francs last year and 6,683,­
175,000 francs in 1914. General deposits total
2,240,313,000 francs, compared with 2,473,476,724
francs in 1915 and 947,575,000 francs the year pre­
ceding. Bills discounted amount to 413,838,000
francs, against 275,220,461 francs a year ago, and
advances total 1,180,576,000 francs, against 587,­
284,145 francs in 1915. In 1914 bills discounted
and advances combined aggregated 3,202,975,000
francs. Treasury deposits are 158,515,000 francs;
a year ago the total was 69,067,354 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.

Referring to money rates in detail, loans on call
continued to range at 2@23^%. On Monday the
high was 2 } / 2% with 2
the low and renewal
figure. Tuesday 2 \ i % was the high and ruling
quotation and 2% the minimum. On Wednesday
and Thursday the range was 2@.2J/£% with 2 } 4 %
still the basis for renewals. Friday 2 % % was again
the maximum, while 234% represented the low and
ruling rate. For fixed maturities increased ease
developed as a result of Saturday’s favorable bank
statement and recessions were recorded in some of the
shorter periods. Sixty-day funds were not changed
from 2% @ 3 % , but ninety days declined to 3@3M %
against 3@334% and four months to 3^@ 3}4% >
against 334@3%%- Five and six months, how­
ever, remained at 334@3% %. In commercial paper
operations were restricted. Here also there was an
easier tendency with sixty and ninety days endorsed
bills receivable and six months’ names of choice
character quoted at 33^@,3^4%, against 3^4%, and
names less well known at 4%, against 4@4J4% last
week. Banks’ and Bankers’ acceptances are quoted
as follows:
Delivery
------------------- Spot Delivery—
Sixty
Ninety
Days.
Days.
2X@2X
Eligible member banks......... ___2 9-16 @2 7-10

2$4@214
3@2

Eligible non-member bills---- ___2 11-16@2 9-10
3@2M
Ineligible bills...................... . . . .

within

Thirty
Days.

30 Days.
2 H@ 2 %

214@214
3@214

3@2M
314@3




M ARKET

D IS C O U N T A N D P U R C H A S E
RESERVE BAN KS.

RATES

San Francisco,

Kansas City.

M inneapolis.

j

St. Louis.

Chicago.

j

Atlanta.

| Richmond.

Cleveland.

Philadelphia.

Boston.

OPEN

The weekly statement of New York Clearing
House banks and trust companies, which was issued
on Saturday, made a more favorable showing, being
in contrast with those of the two previous weeks.
The loan item registered a reduction of $13,351,000.
Net demand deposits were increased $18,447,000.
Net time deposits, however, decreased $10,397,000.
Reserves in “ownvaults” again expanded— $13,769,000, to $450,928,000, of which $389,050,000 is
specie. A year ago the total in own vaults was
$478,487,000, including $404,022,000 in specie.
Reserves in Federal Reserve banks this week in­
creased $13,292,000, to $169,081,000, against $138,
647,000 in 1915. Reserves in other depositories
were increased $401,000, to $53,056,000, comparing
with $32,857,000 a year ago. Note circulation totals
$31,222,000, a decline of $126,000. Aggregate
reserves showed the substantial increase of $27,­
462,000, to $673,065,000, against $649,991,000 last
year. The reserve required also increased $2,­
955,920, and surplus reserves gained $24,506,080,
bringing the total of excess reserves to $127,593,220,
which compares with $192,587,820 at this date in
1915. The bank statement is given in more com­
plete form on a subsequent page of this issue.

| New York.

j

No changes are noted in the rates of the Federal
Notwithstanding the offering of the $250,000,000
Reserve
Banks, which remain as follows:
English loan and its prompt oversubscription, the
R E D IS C O U N T R A T E S O F F E D E R A L R E S E R V E B A N K S .
general money situation remains one of distinct ease,
quotations being, in fact, a shade lower than a week
ago for some maturities. It is expected that out-of­
CLASS
OF
REDISCOUNTS.
town subscriptions to the loan will have the effect
1
Q
of drawing funds to New York. The inquiry for time
loans is less active, a fact that it is difficult to recon­
Commercial Paper—•
3
414
314 3
to 10 days maturity........ 3 3 314 314
cile with the admitted activity in general trade and 111 to
4 4 4 4 414 4*' 314
30 “
"
........ 314 4 4 4 4
4 4
4
4
414
4
4
414
4
4
4
414
to 60 "
“
........
industry and the unexampled volume of our foreign 31
4 414
61 to 90 “
"
........ 4 4 4 414 4 4 414 4 414 414
and
trade. There seems comfort to borrowers in the Agricultural
Live-Stock Paper—
5 5 5 6 5 414 514
belief that inasmuch as it is in the interest of the 91 days to 6 months maturity 5 5 414 6 414
Trade Acceptances—
3
British Treasury to maintain a relatively higher 1 to 30 days maturity........ 314 314 314 3 3*4 314 " I 33 314 44 314
314 3
314
314 314
........ 314 3 14 314 314
to 60 *'
“
314 314 4 314 314
market for money in London than in New York, 31
61 to 00 "
“
........ 314 314 3>4 4 314 314
this is an influence that may be depended upon to Commodity Paper—
3 314 4 3 314
314 — 314 314
30 days maturity........ 314
3 314 4 3 4
314 314
remain a continuing factor so long as the war lasts. 311 to
314
to 60 “
“
........ 3>4
3 314 4 3 414
314 314
61 to 90 “
"
........ 314 I I I 314
6
The demand for mercantile paper is comparatively 61 days to 6 months maturity
OF

FEDERAL

Bankers' Acceptances.— Authorized discount rate for all Federal Reserve banks;

ilnlmum, 2%; maximum, 4%.
Trade Acceptances.— Bills with maturities of 00 days or less, purchased In open
mrket without member bank endorsement, by New Orleans branch of Atlanta
'ederal Reserve Bank; ZH to 4%.
™
„
Commercial Paper.— Bills purchased in open market by Dallas Federal Reserve
lank; 3 to 5%.
. , , _
Bills o f Exchange.—Bills purchased in open market by Atlanta I'ederal Reserve
lank; 3H to 51i%.
Bills With or Without Member Bank Endorsement.—Bills with maturities of 00 days
..
nnr nh' i i n niwn ttifirlfot. hv St. Louis Federal Reserve Bank; 2 to 4%.

Sterling exchange continues under the complete
control of the British Treasury and rates are main­
tained. The success of the new $250,000,000 loan
has exerted a favoring influence on sentiment. There
has been an additional importation of $2,500,000 gold
this week from Canada, and the Cunard liner Saxonia
arrived with $25,000,000 securities, which, of course,
is in connection with the collateral for the English
loan. Exports of the precious metal have included
$650,000 to Spain. Brown Brothers & Co. an­
nounce that arrangements have been completed
for a new commercial export credit for $25,000,000
under the auspices of the Bank of France to facili­
tate exports to France of an equivalent amount
of American merchandise. The credit is for a pe­
riod of one year and is to be availed of by ninety-

day drafts. It is secured by collateral held in New
York and is payable in gold in New York at ma­
turity. The credit is guaranteed by the Bank of
France.
Compared with last Friday sterling exchange on
Saturday was quiet but steady, with demand bills
still quoted at 4 75 13-16, cable transfers at 4 76 9-16
and sixty days at 4 71%. Monday's market ex­
hibited a somewhat easier tone, due for the most
part to the pressure of increased commercial bills,
principally cotton and grain; demand ranged at
4 7524@4 75 13-16, cable transfers at 4 76*^@
4 76 9-16 and sixty days at 4 71 11-16@4 7124
Despite the arrival of more gold from Canada, ster­
ling showed a further slight recession as a result of
continued heavy offerings of bills, and quotations
were 4 7524 f°r demand, 4 7634 for cable transfers
and 4 7134@4 71 11-16 for sixty days. On Wednes­
day increased ease developed, although rates were
only fractionally lower; demand bills declined to
4 75 11-16@4 7524; cable transfers to 4 76 7-16 and
sixty days to 4 71 7-16@4 7134- A renewal of
foreign selling of American securities induced a
firmer feeling on Thursday and demand ruled all
day at 4 7524> although cable transfers were not
changed from 4 76 7-16 and sixty days from 4 71 7-16
@ 4 7134- On Friday the market was dull with
demand at 4 7524, cable transfers at 4 76 7-16 and
sixty days at 4 71*4. Closing quotations were
4 76 7-16 for cable transfers, 4 7524 for demand
and 4 7134 for sixty days. Commercial sight fin­
ished at 4 75 9-16, sixty days at 4 7024 and ninety
days at 4 6824; documents for payment at 4 71 and
seven-day grain bills at 4 7424- Cotton and grain
bills closed at 4 75 9-16.
In the Continental exchanges this week the most
striking feature, so far as the belligerents are con­
cerned, has been the firmness towards the latter part
of the week in francs, which was due chiefly to an­
nouncement that final arrangements have been put
through for the establishment of a new French credit
in this market. Reichsmarks were again weak and
gave evidence of a lack of concerted support. Near
the close sight bills broke to 71 9-16— the low­
est point touched for some time—but the final
figure was 71 11-16. Rubles, as a result of the
favorable progress of the Russian armies, showed in­
creased strength, while lire were also firm, but not
quotably changed. Actual transactions continue
light. The sterling check rate on Paris finished at
28.1334, comparing with 28.1434 last week. In
New York sight bills on the French centre closed at
5 9024 and cables at 5 9034, against 5 9034 and 5 90
the week previous. Demand bills on Berlin finished
at 71 11-16 and cables at 7124,which compares with
7234 and 7224 Friday last. Kronen were easier,
closing at 12.32, against 12.40 a week ago. Rubles
finished at 30.85, as compared with 30.60 the pre­
vious close. Lire closed at 6 4834 for bankers' sight
and 6 4734 f°r cables, unchanged from Friday of last
week.
As regards the neutral exchanges, trading was not
active. Scandinavian exchange showed some weak­
ness, while guilders were barely steady. Movements
pro and con were uninteresting and most of the busi­
ness transacted appeared of a speculative character.
Bankers’ sight on Amsterdam closed at 41 5-16 minus
1-16, against 4134 plus 1-16; cables at 4124 minus 1-32,
against 4124 minus 1-16; commercial sight at 41)4@



41 3-16, against 41 3-16, and commercial sixty days at
41 1-16@4134, against 4134 last week. Swiss ex­
change finished at 5 2934 for bankers’ sight and
5 2834 for cables, compared with 5 2934 and 5 2834
a week ago. Greek exchange continues to be quoted
at 5 1734 for sight bills. Copenhagen checks closed
at 28.50, against 28.50. Checks on Norway finished
at 28.65, against 28.65 and checks on Sweden closed
at 28.70, against 28.65 the week preceding. Spanish
pesetas finished at 20.11, which compares with 20.15
at the close on Fr day last.
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained 81,572,000 net in cash as a result of the
currency movements for the week ending August 26.
Their receipts from the interior have aggregated
$8,916,000, while the shipments have reached
$7,344,000. Adding the Sub-^Heasury and Fed­
eral Reserve operations and the gold imports,
which together occasioned a gain of $7,141,000,
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 $8,713,000, as follows:
Week ending Aug. 26.

Into
Banks.

Banks’ Interior m ovem ent______
Sub-Treas. oper. and gold imports___
T o t a l ...................................

Ota oT
Banks.

Net Change in
Bank Holdings.

$8,916,000
25,297,000

$7,344,000 Gain $1,572,000
18,156,000, Gain 7,141,000

$34,213,000

$25,500,000 Gain $8,713,000

The following table indicates the amount of bullion
in the principal European banks:
August 24 1916.

Banks of
Gold.
England. .
F r a n ce s ..
G erm any.
Russia
Aus-Hun.c
Spa in____
Italy_____
N ctherl’ds
N a t.B e l. h
Switz-land
Sweden . .
D enm ark.
N o r w a y ..

Silver.

August 26 1915.
Total.

Gold.

Silver.

|

Total.

£
£
£
£
£
1
£
57,146,914
57,146,914 67,300,766
67,300,766
173,406,881 13,573*040 186,979,921 170,652,760 14,670,160 .185,322,920
123,419,600 1,385,550 124,805,150 120,316,500 2.328.000 '122,644.500
154,601,000 8.207.000 162,808,000 158,532,000 5.387.000 .163,919,000
51.578.000 12.140.000 63.718.000 51.578.000 12.140.000 63.718.000
44.359.000 30.249.000 74.608.000 28.619.000 29.642.000 58.261.000
38.441.000 3.705.000 42.146.000 45.766.000 4.702.000 50.468.000
49.021.000
756,200 49,777.200 31.500.000
199,600 31,699,600
15.380.000
600,000 15.980.000 15.380.000
600,000 15.980.000
10,922,600
10,922,600 9,610,400
9,610.400
9.214.000
9.214.000 6.299.000
................
6.299.000
8.969.000
*2*17*.666 9.186.000 5.946.000
300,000| 6.246.000
6.326.000
6.326.000 3.408.000
3.408.000

T o t. week. 742,784,995 70,832,790813,617,785 714,908,426 69,968,760 784,877,186
Prev.weck 747,131,049 70,647,840 817,778,889 718,596,192 69,892,010788,488,202
a G old holdings o f the Bank o f France this year are exclusive o f £18.915 431
held abroad.

c July 30 1914 In both years,

THE

N E W

h Aug. 6 1914 In both years.

C A M P A IG N

IN

THE

BALKANS.

From the moment when the thoroughly organized
and concerted character of the general Allied offen­
sive became evident, careful observers never doubted
that a forward movement of the troops long massed at
Saloniki was a necessary part of the plan. It was
a logical part of it for the double reason, first, that
the failure of the Allies in the Balkans last year was
the greatest of all blows at their prestige with the
neutral States of Southeastern Europe, and
second, that the opportunity for achievement was
at least as great in this quarter as on most of the
other fronts. Why the movement was delayed so
long after the initiative had been taken on the
French, Russian and Italian fronts, has not been
made wholly clear. This may have been due to neces­
sity for more complete preparation, or to the fact
that a longer period of weather suitable for military
operations was likely to be available in that country.
A plausible view is that the military directors of the
general Allied movement wished to wait until dis­
tinct successes in other campaigns, notably in Galicia,
should have exerted their due influence on opinion
in the Balkan States. The forward movement has,

however, now opened in earnest and under some­
what extraordinary circumstances.
While the Allied commander at Saloniki has been
completing and organizing his army, the task of
watching it and preparing to resist its movement
appears to have been left to the Bulgarians, though,
it would seem, under German leadership. By the
common estimate, the Allies on the Balkan coast
have 600,000 to 700,000 men; the Bulgarians and
Turks combined, half a million. The difference is
not necessarily decisive, since the Allies must attack
opponents who have had ample time to fortify. Both
antagonists have a foothold on Greek territory. The
Allies occupy the port of a Greek province, in virtue
of the original agreement with the pro-Ally Greek
Premier Venizelos. But the Bulgarians have also
crossed the Greek border under the seeming per­
mission of the Greek King and Cabinet, who are
. pro-German.
Such is the almost unprecedented situation in
Greece itself. How the Greek people actually stand
has not been convincingly proved. The elections
of last year occurred when the younger Greeks, the
supporters of Venizelos, were largely mobilized in
the armies on the border. Venizelos openly advised
his adherents against voting at all, and the Athenian
court party won. Another election is now impending,
and in advance of it demobilization has been forced
on Greece by the Allies. The result of the new elec­
tions is, therefore, in curious doubt. On the one
hand, there is possibility of resentment at the Allied
coercion; on the other, resentment at the actual
seizure of Greek towns by the Bulgarians, who were
accepted as enemies of Greece both by the treaty
with Serbia and by the attitude of the two countries
in the second Balkan war. This week’s dispatches
have reported, but somewhat vaguely, actual armed
resistance by Greek troops to the Bulgarians.
The army at Saloniki is remarkably cosmopolitan.
During all the winter occupation it contained British,
French and Serbian soldiers. More recently, some­
thing like 20,000 Italians joined General Sarrails’
forces, and this week re-enforcements from Russia,
whose number the dispatches estimate at 80,000,
have landed at Saloniki and been placed in the army
next the Serbians. Cables from Athens have re­
ported a profound moral effect on the Greek people
by this arrival of Russians for the defense of Serbia—
a duty which by treaty had unquestionably been that
of the Greeks themselves. But all such dispatches
are apt to be colored by the beliefs and prejudices of
their authors.
The task ahead of the Allies at Saloniki is obvious
enough. It is, first, to recapture Serbia from the
German and Bulgarian invaders, and second, to bring
about a demonstration against Bulgaria itself. Sup­
posing success in these two undertakings, the road
for invasion of Austria from the south would be theo­
retically open. But it is very far from a simple task.
The Bulgarians are on the defensive and have proved
in the Balkan war to be good fighters, well com­
manded. They are undoubtedly now officered
largely from the German army. No such precipitate
retreat is at all likely as was made by the Serbians
from their own capital last October and November,
when the Teutonic allies attacked them and the
assistance of England and France came too late.
But aside from the wholly uncertain question as
to the attitude of Greece— even if the elections re­
turn Venizelos to power— the dominant question in



the Balkan problem is once more, as on very many
previous occasions, the question of Rumania.
This nation, facing the Bulgarian border, with 800,­
000 soldiers already mobilized, is still the sphinx
of the Balkan campaign. It has been the general
impression from the first that Rumanian opinion
favored the Allies (indeed, the Rumanians were
almost necessarily opposed to the Bulgarians) but
that they were deterred from action by two power­
ful motives—first, the wish of their Government to
make the two opposing parties in the war bid against
one another, in the territorial concessions promised
as a return for Rumanian aid, and second, unwilling­
ness to commit Rumania at all until convinced which
side was the more likely to win the fight. Recent
details, emerging from the obscurity of the negotia­
tions between Rumania and the belligerents, seem
on their face to indicate at least tentative prepara­
tion to take arms on the side of the Allies. This
impression has, in fact, been created largely by
comments of newspapers in Germany itself, though
also by the shipment of munitions from Russia to
Rumania— which, it is argued, was an inconceiv­
able action if any chance remained for a declaration
of Rumania on the side of Germany. Dispatches
from Berlin, which have this week passed the German
censor, have, with unusual frankness, described
Rumania’s attitude as “ undecided,” with the some­
what remarkable admission, considering all the cir­
cumstances, that “she will probably not give up
her adroit policy of neutrality unless she believes
that the really decisive turn in the war has been
reached.” This is not in the usual style of German
comment on a matter so vital to the interests of
Germany.
The dispatches have undoubtedly indicated that a
crisis may be at hand in the matter of Rumania.
But the entry of Rumania into the war on the side
of the advancing Allies would be an event of the high­
est possible importance; virtually checking the Bul­
garian army in the rear and threatening Bulgaria’s
own territory with invasion at the moment when the
Allies were moving up from the south. It is still too
early to say whether this result is really probable.
Rumanian diplomats have played skilfully with both
sides on many previous critical occasions of the war.
Clearly, however, the very uncertainty of her action
now will keep a good part of the Bulgarian army at
home to watch the frontier and will, therefore, indi­
rectly assist the plans of the Allies at Saloniki.
Such a situation forces the thoughtful mind to re­
flect once more on what sort of territorial readjust­
ment—for spoils, compensation, reward or punish­
ment—is likely to follow the ending of this war.
Another Congress at Vienna, carving up Europe to
suit its own political theories and purposes, is not
probable. But it has grown increasingly difficult,
in face of the attitude of Rumania and other States
than the original belligerents, to feel great confidence
in that disinterested and upright policy regarding
claims and boundaries which was predicted, and for
which the world professed to hope, when the conflict
began. Little has been heard from responsible states­
men as to the probable territorial and political re­
adjustment on return of peace, and what public men
on either side have actually said has been vague,
cautious and non-committal. Yet every European
minister and every intelligent student of modern
history «|knows that the settling of such problems as
those^ofjPoland, Constantinople, Bulgaria and Ser­

bia—not to mention the status of Belgium, of the
Rhine provinces, and of Germany’s oversea colonies
— may introduce a new chapter in the political his­
tory of the period, more complicated, and perhaps
more trying to those who had hoped that the ending
of this war would inaugurate a long era of peace,
than the beginning of the war itself.

W H AT

B U SIN E SS

E D U C A T IO N

IS

R E Q U IR E D

IT ?
For some time great industrial concerns like the
Westinghouse Co., the General Electric Co. and the
American Telephone & Telegraph Co. have been
maintaining schools for the training of possible em­
ployees, driven to it obviously because the supply
was insufficient, or those who came were inade­
quately prepared. To-day great business concerns
like the City Bank of New York and the Interna­
tional Commercial Co. have opened similar schools
or are discussing the need. We do not learn that
any one of them has asked or attempted to define
what exactly is required in the way of educational
preparation either for their schools or for their
employees.
There is abundant evidence that this question is
primary and fundamental. The late General Webb
was asked which, after his long practical experience
in railway management, he regarded as the better
class of men, those who came from the technical
schools, or those from the scientific schools? He
replied the technically trained men are the better
for the first two years, then the scientific men go
ahead of them. The technical men know how to do
the work, but are slow to learn any other way than
theirs, while the scientific men find their feet when
larger problems are to be dealt with. It is well
known that the men which a prominent railway
manager not very long ago brought with him from
the West and put in as division superintendents in a
complicated Eastern system all failed to make good.
They had risen from the ranks as he had, and had
mastered familiar details; they had not the training
or the intelligence necessary for the larger and more
intricate system. In the English army at the front
it is said that the men rebel against serving under a
sergeant who has received a commission. Doubtless
there is a strong social prejudice in their traditions,
but it is also true that a good subordinate officer
often fails badly if called to meet larger responsi­
bilities.
“College men” are beginning to be asked for, but
who has gone so far as to define just what kind of a
college man is wanted, still less to co-operate with
the colleges in producing such men? The City Bank
is moving in this direction but we fail to discover any
indication of a comprehensive plan, or even of any
attempt to define terms. It is not to be expected
that men engaged in great business shall set up and
run successful educational departments, except,
possibly, to meet emergency needs, but it is fair to
ask them to define the qualifications of the men they
chiefly want.
Such schools as they open in their establishments
can at best teach only such technical matters as will
fit the pupils as quickly as possible to be of service,
generally to enter the office. Back of that fitness, if
the young men are to have permanent value and any
assurance of reaching high positions, there should be
a broad foundation of general principles and suffi­
AN D




WHO

SHOULD

F U R N IS H

cient acquirement in cultural lines and in such
accurate knowledge as will fit a man to think cor­
rectly, to have some understanding of the problems
that will arise, and to meet intelligent men. It is
not too much to ask that a college graduate coming
into a business house should know at least two
modern languages sufficiently will to read and write,
if not to speak, them; that he should be well taught in
modern history, expecially its diplomatic relations;
that he should know the fundamentals of economics
and enough of physical geography to know the source
of raw materials, and the nature of foreign markets;
that he should have some understanding of the law
of nations, and enough psychology to understand the
working of the human mind, and that he should be
familiar with good English, and know how to write
and speak it.
All this, whatever else it may teach, any firstclass college, with the aid of the preparatory schools,
can give in its academic courses, especially if the
students appreciate their importance. This the
schools opened in the business houses cannot pos­
sibly do. It would require more time and a far more
extensive and elaborate equipment and staff than
they can command. But they can require this, and
offer special opportunities and compensation for such
young men as will come to them possessing these
acquisitions. It will not be at all necessary that such
men have also technical attainments. Their mental
training will enable them to grasp promptly whatever
in the way of office detail or business routine they
find needed, as they will also quickly add commercial
terms to their knowledge of foreign languages.
The main thing is that there shall be a demand for
young men having this preparation. The desira­
bility of such men was long ago discovered in the
great industrial corporations. Some years ago a
modest graduate of a New England college, without
any social backing, after a year’s special study in
advanced physics and mathematics in Germany,
tried teaching for a year and failed. He secured a
clerkship in one of the Eastern offices of the General
Electric Co. and one day overheard the head trying
to get a needed solution of a problem from the
various older employees. The day before the young
man had received from Germany a volume over
which he had spent the evening. In it was a discus­
sion of that problem. He spoke up and volunteered
to solve it, which he soon did, to the surprise of all.
It was not long bef ore he was advanced to a very re­
sponsible position. He was far too valuable a man
to be used as a clerk. The point to be remembered
is well put in the recent saying of a teacher of nearly
forty years’ experience: “The prizes of this life, in big
things as well as in little, are generally won on a very,
very small margin of superiority, which is chiefly
mental.” To which may be added the statement
that mental discipline, by which is meant power of
concentration, of imagination and of judgment based
on adequate knowledge, is what marks that super­
iority pre-eminently.
The demand will inevitably create the supply.
The reaction upon the colleges will be definite and
wholesome. Students will see, as they do not usu­
ally now, the connection between their studies and
daily life. Even if these courses be only elective
they will be chosen because they open the door to a
career. That that career is in business does not
prevent the studies being “ cultural,” and that in a
ar more real sense than is true of many definitely

prescribed cultural courses which are pursued simply
because they are required for a degree, and are promptly
dropped after graduation. The seriousness of the
study and the immediate appreciation of the result
that appears in certain technical schools like the
Thayer School at Dartmouth, the Stevens Institute
at Hoboken, the Rensselaer in Troy, and the School
of Mines in Columbia would certainly be increased
in the ordinary academic departments of the uni­
versities and in the colleges if they should get this
help from the business men, many of whom are liberal
benefactors of the colleges, and all of whom would be
so greatly benefited themselves if they would seriously
take up this suggestion.
Of course there are some qualities very desirable
in an employee that cannot be taught in any college
curriculum. College men no less than others are
often inconsiderate of the rights of others, are not
prompt, fail to keep their word in business engage­
ments, are unconsciously rude, feel free to criticize
those who have more experience than they have, can­
not be trusted to look after their employer’s interest,
lack regard for the rights of property in little things,
will not stick to a critical task when tempted away,
are not obedient, and do not know that an excuse
never covers failure in performance. Some of this
can perhaps be hammered in at attendance in a de­
partment school, but it all belongs to home training.
It may be that attention by our leading business
men to the educational problem now before them
will have valuable effect upon the teaching of the
home.
_____________________
THE

N E W
THE

O U T C R O P P IN G S
LOCAL

OF

T R A C T IO N

TROUBLE

IN

F IE L D .

The treaty of peace in the local traction contro­
versy was hardly a week old before trouble broke out
afresh, the companies being accused of violating
the terms of the treaty in dismissing a number of
men, particularly 14 motormen and conductors,
after the signing. It is very improbable that the
companies would so soon be guilty of bad faith, for
policy if nothing else would prevent; it is much more
likely that the outside intervenors, who failed to
achieve their purpose of producing an impregnable
organization here on the closed-shop basis, were
more than willing to discover bad faith and make
another effort. At least, they hurried back, putting
out threats that if the strike had to be called it would
involve every, traction line in the city.
The four principal articles of the treaty contain
nothing clearly[applicable to this charge, but article 5
provided that on the acceptance of the whole all the
men should “return to work immediately in the
positions they!occupied prior to the time of going
on strike, without prejudice.” The discharged men
were accused of dishonesty, of drunkenness, of dis­
orderly conduct[and of insubordination; but Organizer
Fitzgerald said “the reason we fought for these men
was because they were the boys who fought for us
when we called the strike; they went out and did
picket duty, . . . and we were determined that
these menfat least should not be sacrificed.” This
indicates that any excess of misdirected zeal during
the trouble endeared these men all the more to the
outside disturbers, who also welcomed opportunity
to demonstrate their power a little further.
Article 4 of the treaty gave notice, in the public
interest, thatj“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 sub­
ject of conference or arbitration,” and it seems that
a proved misconduct in attempting to interfere, by
strikers, with men who were still performing their
duty, falls within “efficiency in the service” ; yet the
same article tagged on a proviso that the question
whether any particular matter falls within the scope
of this declaration might be arbitrated. Accordingly
the company offered to confer about the discharge
of the accused and also to arbitrate about them; but
the outside dictators refused, asserting that the men
were entitled to return “without prejudice” because
of anything they had done. A hasty call went to
Mayor Mitchel and Chairman Straus, and at the
personal request of the former and without waiting
till the latter could arrive, the company promised
to “reinstate in their former positions the men held
and convicted of offenses committed in connection
with the strike” ; discharge of the other 34 accused
of dishonesty, drunkenness and failing to report for
duty are to be referred (according to the Mayor’s
statement) “ to determine whether or not these cases
were in fact discharges for the causes named or for
activities in the strike or in connection with the
union” ; but another proviso added by him is that as
these cases have arisen during or closely following
the strike “they are to be considered in a class by
themselves and not to be taken as precedents in
dealing with similar cases hereafter.” This having
been accomplished, the Mayor returned to his train­
ing camp, having also won a promise from the
Organizer and his counsel that there should be no
attempt at present to interfere with the company
in organizing the men into “a union of its own.” The
great aim, the closed shop, is therefore not wholly
given over yet, notwithstanding the treaty seems to
distinctly provide that neither company nor union
shall interfere in any manner with the declared
natural right of men to come into or stay out of any
union.
It thus appears that the trouble is settled only as
like troubles in the past have been, and that the
attainment of a really just and lasting peace rests
in the attitude taken upon individual rights and the
enforcement of them, even at present cost, rather
than in the verbal terms of pacts which are liable to
soon breed fresh quarrels over interpretations.

O PE R AT IN G

A C H IE V E M E N T S

ROCHESTER

&

ON

BUFFALO

P IT T S B U R G H .

The present expanding revenues of our railroads
are not giving rise to false notions in the minds of
railroad men. In view of the steady rise in wages
and other elements of operating cost, they are recog­
nizing that in the last analysis satisfactory income
yield will depend upon constant attention to operat­
ing details and the further extension and development
of genuine operating economies.
What is being done by even small roads in the way
of promoting operating economy is shown in the case
of that well managed little system, the Buffalo
Rochester & Pittsburgh Railway Co. The company
operates (including 129 miles of trackage rights) only
586 miles of road, and its traffic consists almost en­
tirely of coal and other bulky freights which must be
carried at extremely low rates. Including even the
general merchandise freight, the road realizes less
than half a cent per ton per mile on its entire freight

tonnage, the average for the year ending June 30
1916 having been only 4.64 mills per ton per mile.
The management have recognized, however, from
the first that the way to meet the problem of low rates
was to increase the train-load and add to the volume
of traffic, thereby diminishing the cost per unit of
service. In both particulars they have been mar­
velously successful. What has been accomplished
in the way of extending the train-load constitutes
a record of achievement that is hardly surpassed by
any of the larger and more prominent systems. In
the fiscal year 1907-08 the average number of tons
in the trains was considered high at 530; forl915-16
we find the average up to 786 tons, 79 tons having
been added in the latest year alone. Even this,
however, was not sufficient to overcome the rising
cost of operations, and it cost the road 3.28 mills
in 1915-16 to haul a ton of freight a mile as against
3.21 mills in 1914-15, 3.23 mills in 1913-14 and 3
mills in 1912-13. As recently as 1906-07 the profit
per ton per mile was 2 mills; for 1916, notwithstand­
ing the wonderful growth in operating economy in the
interval, the profit per ton per mite was only 1.36 mills.
The marvelous expansion, however, in the traffic
of the system enables the management to make
satisfactory income results notwithstanding the de­
cline in profit per unit of transportation service.
While in 1906-07 the number of tons of freight
carried was 9,548,796 and the number moved
one mile 1,391,602,709, for 1915-16 the number of
tons was up to 14,133,868 and the number one mile
to 2,236,342,672. As a consequence the 1916 net
earnings were the best in the company’s history.
Yet, as showing what is required of even wide­
awake management, it is interesting to note that
total net earnings for 1916 (owing to the rising cost
of operations, notwithstanding the constant develop­
ment of operating economy) were, after all, only a
trifle larger than three years before in 1912-13. In
other words, the net now is 84,088,200, against
$4,076,708 three years previously. In these same
three years the gross earnings rose from $11,­
958,599 to $12,986,989. The number of tons of
freight carried in the three years increased from
12,490,608 to 14,133,868 tons and the number
one mile from 2,040,358,520 to 2,236,342,672.
The point is that only very little increase in net was
possible in the three years, notwithstanding the
average train load for 1916 was 786 against 710 for
1913 and the average engine load 502 tons against
462 tons.
Constant watchfulness is thus shown to be neces­
sary even on a rising volume of traffic in order to
maintain past records of net. Of course the Buffalo
Rochester & Pittsburgh is a prosperous and a profit­
able road, but only because of the progressive policy
of the management. For the late year the surplus
available for dividends on the year’s operations was
$1,292,820, being 7.84% on the $16,500,000 of com­
mon and preferred stock combined. In the previous
year the surplus was only $780,000, equal to 4.73%
on the outstanding stock, and in 1913-14 it was
$990,000, equal to 6% on the capital stock. These
amounts available, however, were after allowing
$648,393 for special appropriations in 1916 but only
$111,211 in 1915, and $348,351 in 1913-14. Divi­
dends have been 6% on preferred and 4% on com­
mon, but since the close of the fiscal year the semi­
annual dividend on the common stock has been
raised to 3%.



E M I G R A T I O N I N 1915-16.
The fiscal year recently ended (the twelve months
July 1 1915 to June 30 1916, inclusive) witnessed,
as did the like period immediately preceding, and
for obvious reasons, a very decided contraction in
the movement of aliens towards the United States.
In fact the number of those of foreign birth who
reached this country during the period referred to
was even smaller than in 1914-15. Furthermore,
over one-third of the year’s arrivals came across the
border from Canada and found lodgement in great
measure in Western agricultural sections. A feature
of the year’s immigration, also, was an increase in
the influx from Mexico mainly into Texas, a not
unnatural movement, considering the disturbed
situation in the Republic to the south of us. Need­
less to say that with the arrivals so small and the
demand for labor quite urgent, as a result of the
present wave of prosperity, there has been no diffi­
culty in finding employment for those Avho have
come and the same would have been true had the
inflow been larger.
The alien arrivals at the various ports of the
United States in June 1916 totaled 37,296 (made
up of 30,764 immigrants and 6,532 non-immigrants)
this comparing with only 28,499 in 1915, but with
no less than 85,094 in 1914 and 198,457 in 1913.
For the six months ended June 30 the number of
aliens admitted into the country was 197,457,
against 158,350 for the same period of the previous
year and 572,337 and 786,159 respectively in 1914
and 1913.
For the full fiscal year 1915-16 there is a decline
from the preceding twelve months of 67,496, the
comparison being between 366,748 and 434,244,
and contrasted with the 1,403,681 of 1913-14, indi­
cates how very materially the movement has been
affected by the European war. Against the inflow
in the latest year we have to set a much smaller
volume of departures than usual, the emigrant and
non-emigrant efflux aggregating 2140,807, against
384,174 a year ago and 633,805 and 611,924 respec­
tively in the two previous years. It follows, there­
fore, that the net gain in foreign-born population
in 1915-16, although very meagre— 125,941—was
very much in excess of 1914-15 (50,070) but only a
mere fraction as compared with the 769,276 of
1913-14, or the 815,303 of 1912-13.
We have stated above that over one-third of the
immigration in 1915-16 was from Canada and it is
also worthy of note that of the 125,941 net gain in
population no less than 75,609 is found in the move­
ment from and to that country, and 23,286 is to be
credited to Mexico.
The figures, so far as they relate to Europe, call
for very slight comment, the actual net arrivals
from thence having been barely 10,000, against
some 700,000 in 1913-14. From Italy the total
arrivals for the year were but 42,195, against 66,669
a year ago and 323,863 in 1913-14, and this year the
outflow was in excess by 44,217, against a like
result last year of 71,373, and a net inflow of 184,704
two years ago. Polish net arrivals last year were
581; this year we lost net 4,167. Of Russians we
lost net 10,699 in 1914-15 and 795 in 1915-16.
Details as regards other nationalities of Europe are:
German net arrivals of 10,647, against 18,401 a
year ago; Greeks 21,440, against 3,204; English
7,641 and 6,721; Hebrew 15,037 and 24,892; French
IM M IG R A T IO N A N D

16,535 and 4,895; Irish 17,402 and 20,505; Portu­
guese 9,370 and 954; Scotch 8,961 and 9,818; Spanish
6,829 and 526; and Scandinavian 11,521, against
19,995.
Analyzing the statement for the fiscal year by
occupations we find that of ordinary laborers there
was a net loss of 23,248, against a decline of 79,517
a year ago and a gain of nearly 50,000 two years
ago. Of farm laborers, on the other hand, there
was a net inflow of 24,440, against 22,249, and among
the skilled laborers a satisfactory net influx is to be
noted among carpenters, machinists, masons, dress­
makers, seamstresses and tailors.
R A IL R O A D

GROSS

AN D

NET

E A R N IN G S

FOR

JUNE.

Comparisons of railroad earnings, gross and net
alike, still continue very satisfactory, though it is
noticeable that the gains both in the gross and the
net are no longer of the same extreme magnitude
as in the more immediate past. Our compilation to­
day covers the month of June and serves to illustrate
the point referred to. In the gross the increase as
compared with the corresponding month last year
reaches 847,536,779, or 20.01%, and in the net the
addition is 820,943,112, or 27.31%. Certainly no
fault is to be found with such favorable exhibits as
these, and yet, as a matter of fact, we need go back
only a single month to find a record of improvement
vastly more striking in extent. As against the pres­
ent gain of 847,536,779 in gross for June, our state­
ment for the month of May recorded an increase of
no less than 863,448,411, and as against the present
increase in net for June of 820,943,112, the increase
for the month of May amounted to 833,806,935.
June (453 Roads)—
1916.
M iles ot road....................................
226,752
Gross earnings...................................§285,149,746
Operating expenses.......................... 187,512,931
N et earnings...............................§97,636,815

Inc. ( + ) or Dec. (— ).
1915.
Amount.
%
225,803
+949
0.42
$237,612,967 +§47,530,779 20.01
160,919,264 +26,593,667 16.52
§76,693,703 +$20,943,112

27.31

The truth is, the gains in many of the previous
months were really phenomenal in extent and now
apparently are beginning to get more nearly normal.
The revival in business, due to the execution of war
orders, and the great growth in the demand for various
goods and commodities arising out of the same cir­
cumstance, began to be reflected all of a sudden in
the traffic and revenue returns of the railroads the
latter part of last September and the beginning of
October, and has continued almost uninterruptedly
ever since then. There is no evidence, as yet, that
the expansion is nearing its end, and yet it is a fact,
as to-day’s tabulations make plain, that the gains
now, both in gross and in net, are on a somewhat
reduced scale.
It is very easy, in times like these, to give an
exaggerated importance to the gains in earnings that
have been registered by our railroads during the last
nine or ten months. In the first place, the gains do
not represent an absolute amount of new revenue.
Comparison is with poor or indifferent returns in the
years immediately preceding, larger or smaller losses
having been sustained in these years, so that the
present improvement in no small degree represents
merely a recovery of what was previously lost. In
the second place, the capital investments of the rail­
roads are all the time being increased, large outlays
being necessary from year to year in order to provide
additional facilities and additional accommodations
of one kind or another in order to keep pace with



public demands and requirements. It thus happens
that the larger earnings go in part merely to restore
what was previously lost, and in still another part
are needed to take care of the additional interest or
dividend requirements on the enlarged amount of
capital outstanding.
The present June results, when contrasted with
those for preceding years, furnish illustration going
to show how largely the 1916 gains serve merely to
make good the arrested growth or the absolute set­
back of previous years. In June last year, which is
the period with which immediate comparison is being
made, the increase in gross earnings was merely
trifling in amount, being only 81,313,837, or 0.53%.
In the net, then, the showing was much better, re­
duction in expenses having been effected of 810,­
854,146, yielding, therefore, a gain in net of 812,­
167,983. But this reduction in expenses in 1915, as
we pointed out at the time, was the result of forced
economies, expenses having been cut to the bone in
order to avoid further losses in net at a time when
traffic was dwindling and railroad managers had to
resort to desperate measures to maintain net, in
order to avoid a further impairment of their credit.
Going back yet a year further to June 1914, we find
that in that year there were very substantial losses in
both gross and net. The loss in the gross then
amounted to 810,355,877, or 4.30%, and notwith­
standing greater or smaller efforts to reduce expenses
which were crowned with a fair measure of success,
this loss in gross was only partly overcome, and net
earnings also registered a decline— in amount 84,­
678,524, or 6.60%. As a matter of fact, the June
returns were poor or indifferent, even before that.
This was particularly true as far as the net was
concerned, rising expenses having been an adverse
feature for many years at that time. The showing
for June 1913 was not unfavorable in the matter of
the gross earnings, there having been an increase
of 816,873,448, or 6.95%, but unfortunately it was
attended by an augmentation in expenses of 817,­
012,420, or 10.21%, thus actually leaving a small
loss in net—8138,972.
In June 1912 there were moderate gains in both
gross and net, namely 814,579,115 in gross and
84,534,151 in net; but this followed 86,519,626 de­
crease in gross and 84,443,183 decrease in net in
June 1911. Nor was the exhibit for June 1910 en­
tirely satisfactory. The gain in the gross was large
enough, reaching 827,805,640, but only 83,129,346
of this was carried forward as a gain in net. In
June 1909 the comparisons were extremely good, but
that represented merely a recovery, or rather a par­
tial recovery, of the tremendous losses sustained the
year preceding. According to the figures compiled
by the Inter-State Commerce Commission, there was
in June 1909 an increase of 826,309,748 in gross and
an increase of 814,357,535 in net. In June 1908
there were losses of large magnitude, it being the
period following the panic of 1907. Our compilation
at the time showed 826,987,858 decrease in gross and
84,557,091 decrease in net; but this covered only
147,436 miles of road. A somewhat fuller statement,
made up so as to include a considerable body of roads
which had furnished returns of gross but not of net,
covered 178,960 miles, and showed a decrease in
gross earnings at that time of no less than 833,126,­
964, or 18.47%. When giving our final compila­
tions, we estimated that for the entire railroad sys­
tem of the country the loss in gross earnings for the

month of June 1908 must have been $46,000,000
and the loss in net $10,000,000. Prior to 1908 the
course of earnings was steadily upward for a whole
decade, and we had an uninterrupted series of in­
creases, both in the gross and in the net.
In the following we furnish the June comparisons
back to 1897. For 1909, 1910 and 1911 we use the
Inter-State Commerce totals, but for preceding years
we give the results just as registered by our own
tables each year—a portion of the railroad mileage
of the country being always unrepresented in the
totals, owing to the refusal of some of the roads in
those days to furnish monthly figures for publication.
Gross Earninos.
Year
Given.
June.
1 8 0 7 ..
1 8 9 8 ..
1 8 9 9 ..
1 9 0 0 .. .
1 9 0 1 --.
1 9 0 2 ..
1 9 0 3 ..
1 9 0 4 ..
1 9 0 5 ..
1 9 0 0 ..
1 0 0 7 .. .
1 9 0 8 .-.
1 9 0 9 ..

1010..
1911__
1012_

1013__
1 9 1 4 ..
1 9 1 5 ..
1 9 1 0 ..

S

48,680
.
50,274
.
.
55,978
67,883
78,026
.
82,996
.
81,053
.
87,298
.
92,831
.
100,364
132,060
126,818
210,356
.
237.988
.
231,980
243,226
259,703
230,751,
.
248,849,
.
285,149,
.

Net Earnings.

Year
Inc. ( + ) or
Preceding. Decrease(— ).
,044,545
,902,366
,136,823
,652,419
,941,840
,865,429
,435,646
,656,352
,537,809
,242,513
,835,774
806,702
047,216
,182,484
499,885
647,383
830,546
107,727
535,870
612,967

S

Year
Given.

$

+ 1,636 ,447 14 371,918
+ 3,371 ,934 14 943,497
+ 7,841 ,245 17 855,957
+ 7,231 ,228 21 ,843,152
+ 5,084 ,315 26 ,223,611
+ 6,131 ,206 26 ,679,487
+ 10,617 ,531 23 ,988,925
+ 642 ,431 26 ,894,483
+ 8,293 ,758 27 ,567,407
+ 10,122,209 31 ,090,697
+ 17,225 ,040 41 ,021,559
— 26,987 ,858 41 ,818,184
+ 26,309 ,748 74 ,196,190
+ 27,805 ,640 77 ,173,345
—6,519 ,626 72 ,794,069
+ 14,579 ,115 76 ,223,732
+ 16,873 ,448 76 093,045
— 10,355 ,877 66 202,410
+ 1,313 ,837 81 649,636
+ 47,536,,779 97 636,815

Year
Inc. ( + ) or
Preceding. Decrease (— ).
S
13,120,127
14,045,315
14,068,508
19,666,585
23,318,642
25,455,584
22,106,804
24,594,095
26,391,704
27,463,367
36,317,207
46,375,275
59,838,655
74,043,999
77,237,252
71,689,581
76,232,017
70,880,934
69,481,653
76,693,703

$

+ 1,251,791
+898,182
+ 3,787,449
+ 2,176,567
+ 2,904,969
+ 1,223,903
+ 1,882,121
+ 2,300,388
+ 1,175,703
+ 3,627,330
+ 4,704,352
— 4,557,091
+ 14,357,535
+ 3,129,346
— 4,443,183

+ 4,534,151
— 138,972
— 4,678,524
+ 12,167,983
+20,943,112

Note — in 1896 the number of roads Included for the month o f Juno was 121: In
1897 106: In 1898, 116: In 1899, 95; In 1900, 99: In 1901, 94: In 1902, 94; In 1903,
86- in 1904, 80: in 1905, 77: in 1906, 80: in 1907, 84: in 1908 the returns were based
on ’ 147 436 miles of road: In 1909, 234,183: in 1910, 204,596: in 1911, 244,685: in
1912, 235,385: in 1913, 230,074: In 1914, 222,001: in 1915, 240,219: in 1916, 226,752.
W o no longer include the M exican roads or the coal-mining operations o f the anthra­
cite coal roads in our totals.
For 1909, 1910 and 1911 the figures used are those furnished by the Inter-State
Commerce Commission.

As far as the separate roads are concerned, there is
a long and striking list of increases in the gross this
time, the same as in all the immediately preceding
months, but in the net there is a sprinkling of losses
due in large measure to the circumstance that June
is the closing month of the year, when considerable
adjustments of expensesarealwaysmade, in order to
make the footings for the twelve months tally with
the results for the year. These adjustments vary
greatly as between one year and another, yielding
now, maybe, a credit and the next year a debit, and
changes in expenses arising from such causes obvi­
ously possess little significance. The New York
New Haven & Hartford return was largely affected in
this way, and in addition the troop movements in
connection with the mobilization of the United States
army for duty on the Mexican frontier also added to
the expenses of the road. Commencing June 19, the
company was called upon to move the New England
troops to mobilization camps and then to Texas and
other points, thereby greatly deranging its ordinary
traffic movements. This and the widely differing
effects of the adjustments of the expenses in
the two years will explain why the June return of the
company, though recording $752,340 gain in gross,
registers a decrease of $711,710 in net. It is obvious
that June adjustments must also have played a con­
siderable part in affecting the expense accounts of
such companies as the Milwaukee & St. Paul and the
Missouri Pacific. The latter, with $793,318 gain in
gross, has $252,720 loss in net, and the Milwaukee &
St. Paul, with no less than $1,352,876 gain in gross,
falls $823,809 behind in the net.
However, these are merely exceptions to the rule.
Gains among the separate roads are general and in
most cases they are of goodly amounts. The Penn­
sylvania RR. has added $5,216,703 to gross and
$1,354,034 to net on the lines directly operated east
and west of Pittsburgh. Including all lines owned



and controlled, which make monthly returns to the
Inter-State Commerce Commission, the result for
the Pennsylvania.is a gain of $6,123,726 in gross and
of $1,883,655 in net. In June of last year there was
a gain of $1,725,242 in gross and $1,185,751 in net.
In June 1914, however, there was a loss of $2,823,241
in gross with a gain of $205,838 in net. The New
York Central this time has $3,682,143 gain in
gross and $823,853 gain in net. This is only for
the New York Central proper, including the Lake
Shore and other recently merged lines. Adding the
various auxiliary and controlled roads, the whole
going to form the New York Central S y s t e m , the
result is a gain of $6,093,047 in gross and of $1,9$4,546 in net. This follows a gain in gross in June 1915
of $1,388,442 and in net of $2,556,515. In June
1914, however, the record for the New York Central
System was a loss of $2,340,012 in gross and of
$189,571 in net.
There are many other large systems in the different
sections of the country able to show very important
gains in both gross and net, such as the Great North­
ern, the Union Pacific, the Southern Pacific and the
Atchison, &c.,&c. In the following we bring together
all changes for the separate roads for amounts in excess
of $100,000, whether increases or decreases, and in
both gross and net.
P R IN C IP A L

CHANGES

•

IN

G RO SS

E A R N IN G S

IN

In crea ses.

Chicago & East Illinois..
El Paso & Southwestern.
Hocking Valley...............
Missouri Kansas & Texas
Chicago & Alton_______
Duluth & Iron Range__
Cin New Orl & Tex Pac.
Yazoo & Miss Valley__
Seaboard Air Line______
Chic St P Minn & Om._
Denver & Rio Grande..
Buffalo Roch & P ittsb..
934^564 Atlantic & St Lawrence.
90 1 ,3 3 0 Vandalia_______________

P e n n s y lv a n ia ______________ a $ 5 ,2 1 6 ,7 0 3
N e w Y o r k C e n tr a l_______ 6 3 ,6 8 2 ,1 4 3
U n io n P a c ific _____________
2 ,0 2 3 ,0 5 2
1 ,9 8 2 ,6 0 7
A t c h T o p e k a & S a n ta F e
G r e a t N o r th e r n __________
1 ,9 3 9 ,4 5 4
1 ,6 8 2 ,4 6 2
B a ltim o r e & O h io ________
S outhern P a c i f i c ...............
1 ,4 7 4 ,6 2 6
C h ic a g o M iiw & S t P a u l.
1 ,3 5 2 ,8 7 6
N o rth e rn P a c ific _________
1 ,3 2 8 ,8 0 4
C h ic a g o & N o r t h W e s t . .
1 ,3 0 9 ,0 3 4
E r ie
.............
1 ,1 0 1 ,0 8 1
Illin o is C e n tr a l____________
1 ,0 2 4 ,1 1 6

S ou th ern R a ilw a y _______
L o u is v ille & N a s h v i ll e ..
M in n e a p St P & S S M _ _
C le v e C in e C h ic & St L .
M isso u ri P a c if ic ...............
M ic h ig a n

C e n tr a l_______

N Y N e w H a v e n & H a r tf
S t L o u is & San F ra n cisco
D u lu th M is s a b e & N o rth
W a b a s h __________________
N o rfo lk & W e s te rn ______
B o s to n & M a in e ________
L eh igh V a lle y ____________
Chesapeake & O h io --------D ela w a re L a ck & W e s t . .
A tla n tic C o a s t L in e --------C e n tra l o f N e w J e r s e y ..
P ittsb u rg h & L a k e E r ie .
W h e e lin g & L a k e E r i e . .
I’ hila B a lt & W a s h ..........
E lgin J o lie t & E a s t e r n ..
Pero M a r q u e t t e _________

Delaware &

8 72 ,773 N a s h v C h a tt & St L o u is .
86 0 .2 5 8 Florida East Coast------7 93 ,318 San Pedro L A & S L ___
7 7 8 ,4 7 6 V irg in ia n _________________
75 2 .3 4 0 Bessemer & Lake Erie. .
7 29 ,429 Western Maryland_____
6 83 ,140 St Louis Southwestern..
671,551 Mobile & Ohio_________
65 7 ,6 0 0 Texas & Pacific________
656 ,375 Central o f Georgia______
5 93 ,896 Indiana Harbor Belt___
585 ,673 N Y Chicago & St Louis.
5 75 ,020 Lake Erie & W estern ...
45 4 ,2 6 8 Alabama Great Southern
420,081 Kansas City Southern..
3 96 ,063 Grand Trunk W estern..
3 65 ,315 Monongahela C onnect..
3 49 ,010 Northwestern Pacific__
342 ,374
3 27 ,387
R ep rese n tin g 6 7 road s

JU N E.

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

201.0S6

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

H u d so n _____
3 1 7 ,2 9 0
in ou r c o m p il a t i o n ..$ 4 3 , 7 7 2 ,5 2 6
Note-— A ll th e figu res in th e a b o v e aro on th o b asis o f th o returns filed
w ith th e In to r-S ta to C o m m e rc e C o m m issio n .
W h e r e , h o w o v e r, th ese re­
turns d o n o t sh o w tho to ta l for a n y s y s t e m , w e h a v e co m b in ed th o sep arate
roads so as to m a k e th o resu lts co n fo rm as n e arly as p o ssib le to th ose given
in tho sta te m e n ts furn ish ed b y th e co m p a n ies th e m se lv e s.
a T h is is th o resu lt for tho P e n n sy lv a n ia R R . , to g eth er w ith th e P e n n sy l­
v an ia Company and th e P ittsb u r g h C in c in n a ti C h ic a g o & S t. L o u is, th e
P e n n sy lva n ia R R . rep ortin g $ 2 ,9 6 2 ,6 2 6 increase, th o P en n sy lv a n ia Com­
pany $ 1 ,4 6 5 ,5 5 1 gain and th e P . C . C . & S t . L . $ 7 8 8 ,5 2 6 g a in . In clu d in g
a ll lines ow ned an d con trolled w hich m a k e m o n th ly retu rn s t o tho In te r ­
S ta te C o m m e rc e C o m m issio n , th o resu lt is a gain o f $ 6 ,1 2 3 ,7 2 6 .
b T h ose figu res co v er m e r e ly th o o p eration s o f th o N o w Y o rk C en tral
itself.
In clu d in g th o v ariou s au xilia ry an d con trolled r o a d s, liko tho
M ich ig a n C e n tr a l, tho “ B ig F o u r ,” & c ., th e w h ole g o in g to form th e
N ow Y o r k C e n tr a l System, th e resu lt is a gain o f $ 6 ,0 9 3 ,0 4 7 .
P R IN C IP A L C H A N G E S IN N E T E A R N IN G S IN J U N E .
.
Increases.
Increases
$ 2 ,5 0 7 ,8 6 8 P ere M a r q u e t t e _________ _
G rea t N o r th e r n ..............
$ 1 6 6 ,1 2 6
P e n n s y lv a n ia ...............
a 1 ,3 5 4 ,0 3 4 P ittsb u r g h & L a k e E r ie .
1 6 3 ,5 9 3
S outhern P a c if ic ________
1,23 7 ,7 9 0 K a n sa s C it y S o u t h e r n ..
1 6 2 ,5 0 7
Illinois C e n tr a l.....................
1 ,1 5 2 ,2 7 9 D u lu th & Iron R a n g e ___
1 5 9 ,0 1 6
U n ion P a c ific ......... ..............
1 ,1 4 6 ,3 9 2 Y a z o o & M is s V a lle y ___
1 5 2 ,7 3 2
C
in
e
H
a
m
&
D
a
y
t
o
n
___
N e w Y o r k C e n tr a l............
6 8 2 3 ,8 5 3
1 5 2 ,4 3 5
W abash
________________
7 5 5 ,2 1 6 C h icago & A l t o n _________
1 4 2 ,6 4 1
A tc h T o p & S a n ta F e ___
7 4 9 .0 1 0 T o le d o S t L o u is & W e s t .
1 3 2 ,1 1 2
L o u isville & N a s h v i l l e ..
6 9 2 ,5 0 6 C h icago G r e a t W e s t e r n .
1 3 0 ,7 2 4
6 5 1 ,4 0 8 D e n v e r & R io G r a n d e ..
C lo v e C in e C h ic & S t L . .
1 2 6 ,7 1 5
M in n e a p S t l ' & S S M . .
6 3 5 ,1 8 2 A tla n tic & S t L a w r e n c e .
1 2 5 ,1 8 2
5 7 7 ,3 4 0 S an P e d ro L o s A n g & S L
S t L ou is & S a n F rancisco
1 2 0 ,4 2 2
Southern R a ilw a y _______
5 4 8 ,9 7 5 L a k e E r ie & W e s t e r n ___
1 2 0 ,2 3 1
5 3 3 ,9 2 4 C en tral o f G e o r g ia ______
C h icago & N o r t h W e s t . .
1 1 3 ,1 6 8
4 5 8 ,2 0 1 F lorid a E a s t C o a s t ______
D u lu th M is s a b e & N o r th
1 1 1 ,1 3 8
N o r fo lk & W e s t e r n ______
4 4 9 ,0 5 4 W e s te r n M a r y la n d ______
1 1 0 ,6 0 4
4 4 4 ,4 6 3 C h ic a g o S t P a u l M & O .
C h esap eak e & O h io ______
1 0 9 ,1 5 2
4 1 4 ,2 4 2 V irg in ia n ....................................
A tla n tic ( ’ o a st L in o ______
1 0 3 ,3 3 5
3 3 6 ,4 5 4
B o s t o n * M a i n e ...................
D elaw are L a c k & W e s t . .
3 0 8 ,8 4 4
R ep rese n tin g 4 8 roads
3 0 5 ,9 4 4
C h ica g o & E a s t I l li n o is ..
in ou r c o m p ila t io n .. $ 2 0 ,4 2 9 ,2 7 1
E l P aso & S o u th W e s t . .
2 5 3 ,7 1 1
C en tra l o f N e w J e r s e y ..
2 3 9 ,6 4 0
Decreases.
N orth ern P a c ific _________
2 3 5 ,3 3 6 C h ic a g o M ilw & S t P a u l.
$ 8 2 3 ,8 0 9
2 2 5 ,6 2 4 N Y N e w H a v e n & H a r tf
T e x a s & P a c ific __________
7 1 1 ,7 1 0
M ic h ig a n C e n tr a l..............
2 2 2 ,4 7 6 M isso u ri P a c i f i c . . ..............
2 5 2 ,7 2 0
2 0 8 ,7 2 8 D e t G ra n d H a v & M i l w .
E r ie _________________________
1 0 8 .5 9 8
P h ila B a lt & W a s h ______
1 9 7 ,1 9 6
W h e e lin g & L a k e E r i e . .
R ep resen tin g 4 road s
1 8 7 ,1 5 4
L e h igh V a lle y .........................
in our c o m p ila t i o n .. $ 1 ,8 9 6 ,8 3 7
1 7 4 ,5 9 4
a T h is Is th e rosu lt for th e P e n n sy lv a n ia R R . , to g eth er w ith th o P e n n sy l­
v a n ia Company and th e P ittsb u r g h C in c in n a ti C h ic a g o & S t . L o u is , th e

P e n n sy lv a n ia H R . rep ortin g § 7 1 0 ,4 0 3 increase, th e P e n n sy lv a n ia Company
$ 4 2 5 ,2 5 0 gain a n d th e P . C . C . & S t . L . $ 2 1 8 ,3 8 1 g a in .
In clu d in g all lines
ow n e d a n d co n tro lle d w h ich m a k e m o n t h ly retu rn s t o th e I n te r -S ta to
C o m m e r c o C o m m is s io n , th e re su lt is a gain o f $ 1 ,8 8 3 ,6 5 5 .
b T h e s e figu res co v e r m e re ly th e op eration s o f th e N e w Y o r k C e n tra l
it s e lf .
In clu d in g th o variou s a u xiliary an d con trolled road s, lik o th e
M ic h ig a n C e n tr a l, th o “ B ig F o u r ,” & c ., th o w h ole goin g t o fo r m th o
N o w Y o r k C e n tr a l System, th o resu lt is a gain o f $ 1 ,9 7 4 ,5 4 6 .

ting the Federal Reserve Board, upon an aggregate vote of
not less than five, to permit member banks to carry in the
Federal Reserve banks any portion of their reserves now
required to be held in their own vaults. Wo give below
the conference report in full:

When the roads are arranged in groups or geo­
graphical divisions, according to their location, the
general nature of the improvement is again disclosed
in the fact that very marked gains are shown
for all the groups in gross and net alike. In this
latter case, however, there is one exception to the
rule, the New England group registering a small
decrease. This last follows of course as a result of
the loss in net experienced by the New Haven road.
Our summary by groups is as follows:

T h o c o m m itte e o f con ference on th e disagreeing v o te s o f tho tw o H o u ses
o n th o am e n d m e n ts o f th e S e n ate to th e bill ( I I . I t . 1 3 3 9 1 ) to am en d th e
A c t a p p ro v e d D e c . 2 3 1 9 1 3 , k n o w n as th e F ed eral Iteservo A c t , b y a d d in g
a now se c tio n , h a v in g m e t , a fte r fu ll a n d free con ference h a vo agreed to
r e c o m m e n d an d d o reco m m e n d to their resp ective H o u ses as follo w s;
T h a t th e H o u se recedo fro m its d isagr eem en t to th o a m e n d m e n ts o f th e
S e n a te , a n d agree to th e sa m e w ith a n a m e n d m e n t as follo w s: I n lieu o f th e
m a tte r prop osed insert th e follo w in g:
“ T h a t th o A c t en titled ‘ F ed eral R eservo A c t , ’ ap p ro v e d D e c . 2 3 1 9 1 3 ,
b e , an d Is h e r e b y , a m en d ed as follo w s:
“ A t th e en d o f section 11 insert a new clau se as fo llo w s:
“ ‘ (m ) U p o n th o a ffir m a tiv e v o to o f n o t less th a n fiv e o f its m e m b e r s th e
F ed eral R eservo B o a r d sh a ll h a v e p o w e r , fr o m tim e to tim e , b y general
ru lin g , co v erin g all d istricts a lik e , to p e rm it m e m b e r b an k s to carry in tho
F ed eral R eserve b an k s o f their resp ective d istricts a n y p o rtion o f their r e ­
serves n ow required b y section 19 o f this A c t to b e held in their ow n v a u lt s .’
“ T h a t section 13 b e , an d is h e re b y , a m en d ed to read as fo llo w s:
“ ’ A n y Federal R eserve b an k m a y receivo fr o m a n y o f its m e m b e r b a n k s,
an d fr o m th e U n ite d S ta te s, d eposits o f cu rren t fu n d s in la w fu l m o n e y ,
n a tion al b an k n o te s. F ed eral R eserv e n o te s, or c h e ck s, an d d r a fts, p a y a b lo
u p on p re sen tation , an d a ls o , for c o lle c tio n , m a tu r in g bills; or so lely for p u r ­
poses o f exch an g o or o f c o lle ctio n , m a y receive fr o m other Federal R esorvo
ban k s d e p osits o f cu rrent fu n d s in law fu l m o n e y , n a tion al ban k n o te s,
or ch ecks u p on o th e r F ed eral R eserve b a n k s, an d ch ecks an d d r a fts, p a y a ­
blo u p on presen tation w ith in its d istr ic t, an d m a tu rin g bills jja yab lo w ith in
ts d istrict.
’ ’ ‘ U p o n th o indorsem ent o f a n y o f its m e m b e r b a n k s, w h ich sh all b e
d eem ed a w aiver o f d e m a n d , n o tic e , an d p ro te st b y such b an k as to its ow n
in d o rsem en t ex c lu siv ely , a n y Federal R eserv e b a n k m a y d isco u n t n o te s,
d ra fts an d bills o f exchange arising o u t o f actu a l c om m erc ia l tran sa ctio n s:
th a t is, n o te s, d r a fts, an d bills o f exchange issued or draw n for agricu ltu ral,
in d u stria l, or c o m m erc ia l p u rp ose s, or tho proceed s o f w hich h a v e been
u se d , or are to bo u se d , for su ch p u r p o se s, tho F ed eral Iteservo B o a rd to
h a v e th o righ t to d eterm in e or d e fin e th e ch aracter o f tho p a p er th u s eligible
for d isc o u n t, w ith in th e m e a n in g o f this A c t .
N o t h in g In this A c t con tain ed
sh a ll be con stru ed to p ro h ib it su c h n o te s, d r a fts , and bills o f exch an g e,
secu red b y sta p le agricu ltu ral p r o d u c ts, or other g o o d s, w ares, or m er­
ch andise fr o m bein g eligible for such d isco u n t; b u t su ch d efin ition sh all n o t
in clu d e n o te s, d r a fts , or b ills cov erin g m erely in v e stm e n ts or Issued or draw n
for th e pu rpose o f carryin g or trad in g in sto c k s, b o n d s, or oth e r in v e stm e n t
secu rities, excep t bon d s an d n o tes o f tho G o v e r n m e n t o f tho U n ite d S ta te s.
N o t e s , d r a fts , an d bills a d m itte d to d iscou n t under tho term s o f this p a ra­
grap h m u s t h a v e a m a tu r ity a t th o tim e o f d iscou n t o f n o t m oro th an 9 0
d a y s , exclu siv e o f d a y s o f grac e: Provided, T h a t n o te s, d ra fts an d bills draw n
or issued fo r agricu ltu ral pu rposes or based on livo sto ck an d h a v in g a
m a tu r ity n o t exceeding six m o n th s , exclu sive o f d a y s o f grac e, m a y bo dis
cou n ted in an a m o u n t to be lim ite d to a p ercen tage o f tho assets o f th o F e d ­
eral R eserve b a n k , to be ascertain ed an d fixed b y tho Federal R eservo B o a r d .
“ ‘ T h e agg regate o f su ch n o te s, d r a fts, an d bills bearing tho sign atu re
or indorsem ent o f a n y on e b orrow er, w h eth er a p e rson , c o m p a n y , fir m , or
co rp o ra tio n , red iscou n ted for a n y ono b an k sh all a t no tim e exceed 1 0 %
o f tho un im p aired cap ital an d surp lus o f said b a n k ; b u t this restriction shall
n o t a p p ly t o th e d iscou n t o f bills o f exch an g e draw n in g o o d fa ith a ga in st
a c tu a lly existin g va lu e s.
“ ‘ A n y F ed eral Iteservo b a n k m a y d isco u n t accep tan ces o f th o k in d s
herein after d e scrib ed , w h ich h a vo a m a tu r ity a t th o tim e o f d iscou n t o f n o t
m oro th an threo m o n th s ’ s ig h t, exclu sive o f d a y s o f graco, a n d w hich aro
indorsed b y a t least ono m e m b e r b a n k .
“ ‘A n y m e m b e r b an k m a y acc ep t d r a fts or bills o f exchango draw n u p on
it h a v in g n o t m oro th an six m o n th s ’ sigh t to r u n , exclu siv e o f d a y s o f grac o,
w hicn grow o u t o f tran saction s in v o lv in g tho im p o rta tio n or exp ortation o f
goo d s; or w hich grow o u t o f tran sa ctio n s In v o lv in g th e d o m e stic sh ip m e n t o f
goo d s provid ed sh ip p in g d o cu m en ts co n v o y in g or secu ring title aro attach ed
a t tho tim e o f accep tan ce; or w h ich aro secured a t th e tim e o f accep tan ce b y a
w areh ouse receip t or other such d o c u m e n t c o n v e y in g o r securing titlo cover­
ing read ily m a rk eta b le sta p le s. N o m em b er ban k sh a ll a c c e p t, w hother in a
foreign or d o m e stic transaction, for an y on e person, co m p a n y , firm , or corpor­
atio n to an a m o u n t equ al a t a n y tim e in tho agg regate to m ore th a n 1 0 % o f
its p a id -u p an d un im p aired cap ital sto c k and surp lus unless th e ban k is se­
cu red oither b y attach ed d o cu m en ts or b y so m e o th e r actu al secu rity grow in g
o u t o f tho sa m e tran sa ctio n as tho acc ep tan c e a n d no b a n k shall acc ep t
such bills to an a m o u n t equ al a t a n y tinvo in th o agg regate to m o re th an o n oh a lf o f its p a id -u p an d u n im p aired cap ital sto c k an d su rp lu s, excep t b y au ­
th o rity o f th e Federal R eserve B o a r d , un dor such general regu lation s as
said B oard m a y prescribe, b u t not to oxceod th o cap ital sto c k an d surp lus
o f su ch b a n k , a n d such regu lation s shall a p p ly to all b an k s aliko regardless
o f tho a m o u n t o f cap ital sto ck an d su rp lu s.
“ ‘ A n y F ederal R eservo b a n k m a y m a k e ad v a n ce s to its m e m b e r b a n k s
on tholr p ro m issory n o te s for a period n o t exceeding 15 d a y s a t rates to bo
estab lish ed b y su ch Federal R eserve b a n k s, su b jo c t to th o review an d d e ­
te rm in ation o f th o F edoral R eservo B o a r d , p ro v id ed such prom issory n o tes
aro secured b y su ch n o te s, d r a fts, bills o f exc h an g o, or b an k ers’ accep tan ces
as aro eligiblo for red iscou n t or for p u rch ase b y Fedoral Iteservo b an k s un der
th o p ro vision s o f th is A c t , or b y th o d e p osit or p led go o f b o n d s or n o to s o f

S U M M A R Y B Y G RO U PS.
-Gross Earnlngs1915.
In c .( + )or Dec. (— )•
1916.
S
S
S
%
Ju n e —
12,781,912
+ 1,679,661 13.14
14,461,573
G roup 1 (18 roads), N ew England—
Group 2 (74 roads). East & M iddle— 80,425,109 67,768,018 + 12,657,091 18.68
Group 3 (61 roads), M iddle W est------ 37,623,111 30,200,147 + 7,422,964 24.58
Groups 4 & 5 (93 roads), Southern— . 36,269,399 30,411,106 + 5,858,293 19.26
Groups G & 7 (74 roads), N orthw cst--. 59,490,360 47,680,253 + 11,810,107 24.77
Groups 8 & 9 (91 roads), Southw est... 37,152,400 31,924,306 + 5,228,094 16.38
Group 10 (42 roads), Pacific Coast— . 19,727,794 16,847,225 + 2,880,569 17.09
Section or Group—

.285,149,746 237,612,967 + 47,536,779 20.01
-------Mileage--------------------------------Net Earnings1916.
1915.
1916.
1915.
In c .( + )orD ec.(— ).
$

Group N o . 1..................
Group N o. 2 ..................
Group N o. 3 ..................
Groups N os. 4 & 5 ____
Groups N os. 6 & 7____
Groups N os. 8 & 9 ____
Group N o. 10................

7,831
27,852
21,969
42,028
58,979
49,566
18,527

7,832
27,725
22,352
41,917
58,523
49,109
18,345

S

4,779,588
5,054,226
26,549,268 23,449,548
12,424,407 8,959,099
12,676,778 8,787,830
22,134,167 15,602,689
10,560,599 8,216,086
8,512,008 6,624,225

$

%

— 274,638 5.43
+ 3,099,720 13.22
+ 3,465,308 38.68
+ 3,888,948 44.25
+6,531,478 41.86
+2,344,513 28.53
+ 1,887,783 28.50

T o t a l ...........................226,752 225,803 97,636,815 7G,G93,703 +20,943,112 27.31
N O T E .— Group I . Includes all of the New England States.
Group I I . Includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and M aryland, and
the extreme northern portion of W est Virginia.
Group I I I . Includes all of Ohio and Indiana; all o f M ichigan except tho northern
peninsula, and that portion of Now Y ork and Pennsylvania west o f Buffalo and
Pittsburgh.
Groups IV . and V. combined Include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and V II. combined Include tho northern peninsula of M ichigan, all of
M innesota, W isconsin, Iowa and Illinois; all of South Dakota and North D akota
and Missouri north of St. Louis and Kansas City; also all of M ontana, W yom ing
and Nebraska, together with Colorado north o f a lino parallel to the State lino
passing through Denver.
Groups V I I I . and I X . combined Include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City; Colorado south
of Denver, tho wholo of Texas and tho bulk o f Louisiana; and that portion of
N ewjM extco north of a line running from tho northwest corner of tho State through
Santa Fo and east of a line running from Santa Fo to El Paso.
Group X . Includes all of W ashington, Oregon, Idaho, California, N evada, Utah
and Arizona and the western part of New M exico.

CONFEREES

AGREE

TO

B IL L

P R O VID IN G

FOR

C H AN G ES I N FEDERAL RESERVE L A W .

The House and Senate conferees appointed to consider tho
amendments to the Federal Reservo Act, embodied in tho
House bill passed on May 4 and tho omnibus bill passed by
the Senate on July 31 as a substitute for the Houso bill, filed
their report on the 23d inst. The House bill simply permit­
ted national banks with a capital and surplus of $1,000,000
to purchase and hold stock in foreign or domestic corpora­
tions. The Senate bill covered many other important
points, and dealt with the acceptance by member banks of
drafts and bills of exchange, changed completely tho con­
ditions under which Federal Reserve notes may be issued,
as also the reserve against the same, and embodied provisions
regarding loans on farm lands. It also contained a provision
for the establishment of branches by national banks and
carried legislation permitting country banks (national insti­
tutions) to act as agents for any fire, life or insurance com­
pany and as agents for tho negotiation of loans on real estate
located within a radius of one hundred miles. We gave tho
text of the bill as passed by the Senate in our issue of Aug. 5.
The amendments of the Senate have been accepted by tho
House conferees with some slight verbal modifications,
except that the Houso declined to agree to and the Senate
receded from its amendment of Section 1G of tho Federal
Reserve Act which would have explicitly authorized and en­
couraged Federal Reserve banks to issue Federal Reserve
notes based upon gold or gold certificates. The conferees
of tho House declined to agree to the Senate amendment
permitting national banks in cities of more tlian 100,000
inhabitants and having a capital and surplus of $1,000,000
or more to establish branches and the Senate conferees agreed
to recommend that the Senate recedo from this amendment.
The House conferees insisted upon an amendment to Sec­
tional 1 which was accepted by the Senate conferees, permit­



th e U n ited S t a t e s .”
"S e c t io n 5 2 0 2 o f th o R e v ise d S ta tu te s o f tho U n ite d S ta te s is h orob y
am en d ed so as to read as follo w s: ‘ N o n a tion al b an k in g association sh all a t
a n y tim e b e in d e b te d , or in a n y w a y lia b lo, to an a m o u n t oxcoeding th e
a m o u n t o f its ca p ita l sto c k a t su ch tim e a c tu a lly p aid in an d rem ain in g u n ­
d im inished b y losses or o th e rw ise, exc ep t on a cc o u n t o f d e m a n d s o f tho
n a tu re fo llo w in g :
■
“ ‘ F irst. N o t e s o f c ircu lation .
" ‘ S e co n d . M o n e y s de p osited w ith or collected b y th o a ssoc iation .
“ ‘ T h ir d . B ills o f exchango or d ra fts d ra w n a ga in st m o n o y a c tu a lly on
d e p osit to th e cred it o f th e association or du o th ere to .
“ ‘ F o u r th . L iab ilities to tho stock h old ers o f th o a ssoc iation for d ivid e n d s
an d reservo p r o fits.
“ ‘ F ifth . L iab ilities incurred un der th o p ro vision s o f tho Federal R eserve
A c t.
“ ‘ T h e d iscou n t an d red iscou n t a n d tho pu rchaso an d
R esorvo b an k o f a n y bills rece iv ab le an d o f d o m o stic
exc h an g e, an d o f acc ep tan c es, au th orized b y this A c t ,
such restriction s, lim ita tio n s, a n d regu lation s as m a y

sale b y a n y Foderal
an d foreign bills o f
shall bo su b je c t to
bo Im posed b y tho

F ederal R eserve B o a r d .
“ ‘ T h a t in ad d ition to tho p ow ers now v ested b y law in n a tion al ban k in g
association s organized undor th o law s o f th o U n ited S ta te s a n y su ch asso­
ciation located an d d o in g bu sin ess in a n y placo th o p o p u la tio n o f w hich

d o e s n o t o x ce e d 5 ,0 0 0 in h a b ita n ts, as sh ow n b y th e last p r e c e d in g d ecen n ial
cen su s, m a y , u n d e r s u ch rules an d re gu lation s as m a y b o p re s crib e d b y
th e C o m p tr o lle r o f th o C u rr e n c y , a c t as th o a gen t fo r a n y fir e , iifo , o r o th e r
in su ra n ce c o m p a n y au th o riz e d b y th o au th o ritie s o f th o S ta te in w h ic h said
b a n k is lo ca te d t o d o business in said S ta to b y s o lic itin g a n d soilin g insur­
a n ce an d co lle c tin g p rem iu m s o n p o licio s issued b y s u ch c o m p a n y ; a n d m a y
r o c o lv o fo r serv ices s o rendered s u ch foes o r co m m issio n s as m a y b o agreed
u p o n b etw een th o said a sso cia tio n a n d th o in su ran ce c o m p a n y fo r w h ich
it m a y a c t a s a g en t; an d m a y also a c t as th e b r o k e r o r a g e n t fo r o th e rs in
m a k in g o r p rocu rin g loan s on real esta te lo ca te d w ith in 100 m iles o f th o p la ce
in w h ich said ban k m a y b o lo c a te d , r e ce iv in g fo r su ch s e rv ice s a re a son able
fe e o r co m m is s io n : Provided, how ever. T h a t n o su ch b a n k shall in a n y case
g u a ra n tee eith er th o p rin cip a l o r in terest o f a n y s u ch lo a n s o r assu m e o r
gu a ra n tee th o p a y m e n t o f a n y p re m iu m o n in su ran ce p o licie s issu ed th ro u gh
its a g e n c y b y its p rin cip a l: A n d provided fu rth er. T h a t th o b a n k shall n o t
gu a ra n tee th o tru th o f a n y s ta te m e n t m a d o b y an assured in filin g his a p ­
p lic a tio n fo r in su ran ce.
“ ‘ A n y m e m b e r b a n k m a y a c c e p t d ra fts or b ills o f oxclia n g o d ra w n u p o n
it h a v in g n o t m o r o th a n th ree m o n th s ’ sigh t t o ru n , e x clu s iv e o f d a y s o f
g ra co, d ra w n u n d er r e g u la tio n s t o b o p re scrib e d b y th o F e d e ra l Iteserve
B o a rd b y ba n k s o r ba n k e rs in fo re ig n co u n trie s o r d e p e n d e n cie s o r insular
p ossession s o f th o U n ite d S tates fo r th o p u rp ose o f fu rn ish in g d o lla r e xch an g e
as recpiired b y th o usages o f tra d e in th o resp e ctiv e co u n tr ie s , d e p e n d e n cie s ,
o r insular p ossession s. S uch d r a fts o r bills m a y b o a c q u ir e d b y F ed era l
reserve b a n k s in s u ch a m o u n ts a n d s u b je c t t o su ch r e g u la tio n s, re strictio n s,
a n d lim ita tio n s as m a y b o p ro scrib e d b y the F ed eral R e s e r v e B o a rd : Pro­
vided, how ever, T h a t n o m e m b e r b an k shall a c c e p t s u ch d r a fts o r b ills o f
ex ch a n g e referred t o in th is p aragrap h fo r a n y o n e b a n k t o an a m o u n t ex­
c e e d in g in th o a ggregate 1 0 % o f th o p a id -u p a n d u n im p a ire d c a p ita l an d
su rp lu s o f th o a c c e p tin g b a n k unless th o d r a ft o r b ills o f e x ch a n g e is a c c o m ­
p a n ied b y d o c u m e n ts c o n v o y in g o r se cu rin g title o r b y s o m e o th e r a d e q u a te
se c u r ity : Provided fu rth er. T h a t n o m e m b e r b a n k shall a c c e p t s u ch d ra fts
o r b ills in an a m ou n t exce e d in g a t a n y tim e th o a g g re g a te o f o n e -h a lf o f
its p a id -u p an d u n im paired c a p ita l an d s u rp lu s .’
“ T h a t S oction 14 b o , a n d is h e r e b y , am e n d e d b y a d d in g , a fte r th o last
w o rd o f p aragrap h (o ), th o fo llo w in g w o rd s: ‘a n d w ith th o co n s e n t o f tho
F ed era l R e s e r v e B o a rd t o o p e n a n d m ain ta in b a n k in g a c c o u n ts fo r su ch
foreig n c orres p on d en ts o r a g e n c ie s .’
“ T h a t th o secon d p a ra gra p h o f S e ctio n 16 b o , a n d is h o r o b y , a m e n d e d t o
rea d as fo llo w s :
“ ‘A n y F ed oral R e s e r v o b a n k m a y m ak o a p p lic a tio n t o th o lo ca l F ed eral
R e s e r v e A g e n t fo r su ch a m o u n t o f th o Federal R o s c r v o n o te s h e re in b o fo ro
p r o v id e d fo r as it m a y re q u ire . Such a p p lica tio n shall b e a c c o m p a n ie d w ith
a ten d er t o th e loca l F ed eral R e se rv e A g e n t o f co lla te ra l in a m o u n t eq u a l t o
th o su m o f th o F ed era l R e s e rv e n o te s th u s a p p lied fo r an d issu ed pursu an t
t o su ch a p p lic a tio n . T h o co lla te ra l se cu rity th u s o ffe r e d shall b o n o te s,
d r a fts , b ills o f exclian go, o r a cce p ta n ce s r e d isco u n te d u n d e r th e p ro v is io n s
o f S ection 15 o f this A c t , o r bills o f exch an g e e n d orsed b y a m e m b e r b a n k
o f a n y F ed era l R es erv e d is tric t an d pu rch ased u n d or th o p r o v is io n s o f S ec­
tio n 14 o f th is A c t , o r ba n k e rs’ a c c e p ta n c e s pu rch ased u n d or th o p ro v is io n s
o f said S ection 14. T h o F ed era l R e se rv o A g e n t shall e a ch d a y n o t ify the
F ed ora l R e s e r v o B o a rd o f all issues an d w ith d raw als o f F ed era l R e se rv e
n o te s t o a n d b y th o F ed era l R e s e rv e b a n k to w h ic h h e is a c c r e d ite d . T h o
said F ed era l R es erv o B o a rd m a y a t a n y tim e call u p o n a F ed era l R eserve
ban k fo r a d d ition a l s e cu rity t o p r o te c t th e F ed eral R e se rv e n otes issuod t o it.
“ T h a t S ection 24 b e , an d is h e r e b y , am e n d e d t o road as fo llo w s :
“ ‘ S ec. 2 4 . A n y n a tio n a l b a n k in g a sso cia tio n n o t situ a te d in a co n tra l
reservo c it y m a y m a k o lo a n s se cu re d b y Im p ro v e d a n d u n e n cu m b e re d
fa r m la n d situ a te d w ith in Its F ed era l R e s e rv o d is tric t o r w ith in a radiu s
o f 100 m iles o f th e p la ce in w h ich s u ch ban k is lo c a te d . Irre sp e ctive o f
d is tric t lin es, an d m a y also m a k o loa n s secu red b y im p ro v e d a n d u n en ­
cu m b e re d real esta te lo ca te d w ith in 100 m iles o f th o p la c o In w h ich s u ch
b a n k is lo c a te d , irresp e ctiv e o f d is tric t lines; b u t n o lo a n m a d o u p o n th o
s e c u r ity o f su ch fa r m lan d sh all b o m a d o fo r a lo n ge r tim o th a n f iv e y e a r s ,
a n d n o loan m a d o u p o n th o s e cu rity o f such real estate as d istin gu ish ed
fr o m fa r m la n d shall b o m a d o fo r a lon ger tim e th a n o n e y e a r n o r shall
th o a m o u n t o f a n y s u ch lo a n , w h e th e r u p o n su ch fa r m la n d o r u p o n su ch
real e s ta te , ex ceed 5 0 % o f th o a ctu a l v a lu o o f th o p r o p e r t y o ffe r e d as
s e c u r ity . A n y su ch b a n k m a y m a k o s u ch lo a n s , w h o th e r se cu re d b y su ch
fa r m la n d o r s u ch real e sta te , in an a ggregate su m e q u a l t o 2 5 % o f its
c a p ita l a n d su rplu s o r t o o n e -th ird o f its tim o d o p o s its a n d s u ch b a n k s m a y
c o n tin u o h ereafter as h e re to fo re t o r e c e iv o tim o d o p o s its a n d t o p a y in terest
o n th o sam e.
“ ‘ T h o F ed era l R e s e r v e B o a rd shall h a v e p o w e r fr o m tim o t o tim o t o
a d d t o th e list o f citie s in w h ich n a tio n a l ba n k s sh all n o t b o p e r m itte d t o
m a k o loa n s secu red u p o n real esta te In th e m a n n er d e s c r ib e d in th is s e c­
t io n .'
" T h a t S ection 25 b e , a n d Is h e r e b y , am e n d e d t o read as fo llo w s :
“ 'S e c . 2 5 . A n y n a tio n a l b a n k in g a sso cia tio n possessin g a c a p ita l a n d
su rp lu s o f $ 1 ,0 0 0 ,0 0 0 o r m o re m a y file a p p lica tio n w ith th o F ed era l R e s e rv o
B o a r d fo r p erm ission t o exercise, u p o n su ch c o n d itio n s a n d u n d e r s u ch re g u ­
la tio n s as m a y b e p re scrib e d b y th o sa id B o a rd , e ith e r o r b o t h o f th o fo l­
lo w in g pow ers:
" ‘ F irs t. T o establish b ra n ch e s in foreign co u n trie s o r d e p o n d o n clo s o r
in su la r possession s o f th e U n ite d S tates fo r th o fu rth e ra n ce o f th e fo re ig n
c o m m e r c e o f th o U n ite d S ta te s, a n d t o a c t If re q u ire d t o d o s o as fis c a l
a g en ts o f th o U n ited S tates.
*• ‘ S e c o n d . T o Invest an a m o u n t n o t e xceed in g in th o a g g re g a te 1 0 %
o f its p a id -in c a p ita l s t o c k a n d su rp lu s in th o s t o c k o f o n e o r m o r o ba n k s
o r c o r p o r a tio n s ch a rte re d o r In co rp o ra te d u nd or th o law s o f th o U n ite d
S ta te s o r o f a n y S ta te th e r e o f, a n d p r in cip a lly en gag ed In in te rn a tio n a l o r
fo re ig n b a n k in g , o r b a n k in g in a d e p e n d e n c y o r insular possession o f th o
U n ite d S tates eith er d ir e ctly o r th ro u g h th o a g e n c y , o w n e rsh ip , o r c o n t r o l
o f lo ca l in stitu tion s in fo re ig n co u n tr ie s , o r in s u ch d ep e n d e n cie s o r insular
possession s.
“ ‘ S u ch a p p lic a tio n sh all s p e c ify th e n am e a n d ca p ita l o f th o b a n k in g
a ssocia tion filin g It, th o p o w e rs a p p lie d f o r , an d th e p la ce o r p la ce s w h ero th o
b a n k in g o p era tion s p r o p o s e d are t o b o ca rrie d o n . T h o F ed era l R e s e rv e
B o a rd shall h a v o p ow e r t o a p p r o v e o r t o r o je c t su ch a p p lic a tio n in w h o le
o r in p a rt If fo r a n y reason th o g ra n tin g o f su ch a p p lic a tio n is d o o m e d in e x ­
p e d ie n t, a n d shall also h a v o p o w e r fr o m tim e t o tim o t o in croa so o r do cro a so
th o n u m b er o f pla ces w here s u ch b a n k in g o p e ra tio n s m a y b o c a rrie d o n .
“ ‘ E v e r y n a tion a l ba n k in g a sso cia tio n o p e ra tin g fo re ig n b ra n ch e s sh all b o
requ ired t o fu rn ish in fo rm a tio n co n c e r n in g th e c o n d it io n o f su ch b ra n ch e s
t o th o C o m p tr o lle r o f th o C u rre n cy u p o n d e m a n d , an d o v e r y m o m b e r b a n k
in v estin g in th o ca p ita l s t o c k o f ban k s o r c o r p o r a tio n s d e s crib e d u n d o r s u b ­
p a ra gra p h 2 o f th o firs t p aragrap h o f th is s e ctio n shall b o re q u ire d t o fu rn ish
in fo r m a tio n c o n ce rn in g th o c o n d itio n o f such b a n k s o r co r p o r a tio n s t o th o
F ed era l R c s o r v o B o a rd u p o n d e m a n d , an d th o F ed era l R e s c r v o B o a r d
m a y o rd e r sp ecial exa m in a tio n s o f th o said bra n ch e s, b a n k s, o r co r p o r a tio n s
a t su ch tim o o r tim es as it m a y d e e m b e s t.
" ‘ B c fo r o a n y n ation a l b a n k shall b o p e r m itte d t o p u rch a so s t o c k in a n y
su ch c o r p o r a tio n th o said c o r p o r a tio n shall e n te r in to an ag re e m e n t or
u n d erta k in g w ith th e F ed era l R e s e rv o B o a rd t o re strict its o p e ra tio n s o r




c o n d u c t its business in su ch m a n n er o r u n d e r s u ch lim ita tio n s a n d restric­
tio n s as t h e said B o a r d m a y p re scrib e fo r th e p la c e o r p la c e s w h erein s u ch
b u sin ess is t o b e c o n d u c t e d . I f a t a n y tim e th e F ed era l R e s e rv e B o a rd
s h a ll a sce rta in t h a t th e re g u la tio n s p re scrib e d b y it are n o t b e in g c o m p lie d
w it h , said B o a r d is h e r e b y a u th o riz e d a n d e m p o w e re d t o in s titu te a n in ­
v e s tig a tio n o f th e m a tte r a n d t o sen d fo r person s a n d p a p e rs , s u b p o e n a
w itn esses, a n d ad m in iste r o a th s in o r d e r t o s a tis fy its e lf as t o th e fa c tu a l
n a tu re o f th e tra n sa ctio n s re fe rre d t o .
S h o u ld s u ch in v e s tig a tio n jr e su lt in
e sta b lish in g th e fa ilu re o f th e c o r p o r a t io n in q u e s tio n , o r o f th e n a tio n a l
b a n k o r b a n k s w h ich m a y b e s to c k h o ld e r s th e re in , t o c o m p ly w ith th e
r e g u la tio n s la id d o w n b y th e sa id F e d e ra l R e s e r v e B o a r d , s u ch n a tion a l
b a n k s m a y b e requ ired t o d is p o s e o f s t o c k h o ld in g s in th e sa id c o r p o r a t io n
u p o n re a so n a b le n o tice .
“ ‘ E v e r y s u ch n a tio n a l b a n k in g a s s o cia tio n shall c o n d u c t th e a c c o u n ts
o f e a ch fo re ig n b ra n ch in d e p e n d e n tly o f t h e a c c o u n ts o f o th e r fo re ig n
b ra n ch e s establish ed b y it a n d o f its h o m o o f fi c e , a n d shall a t th o en d o f
e a ch fis ca l p e r io d tran sfer t o its gen eral le d g e r th e p r o fit o r loss a c c r u e d a t
e a ch b r a n c h as a separate ite m .
“ ‘A n y d ir e cto r o r o th e r o ffic e r , a g e n t, o r e m p lo y e e o f a n y m e m b e r
b a n k m a y , w ith th e a p p ro v a l o f th e F ed era l R e s e r v e B o a r d , b o a d ir e cto r
o r o th e r o ffic e r , a g e n t, o r e m p lo y e e o f a n y s u ch b a n k o r c o r p o r a t io n a b o v e
m e n tio n e d in th o ca p ita l s t o c k o f w h ich s u ch m e m b e r b a n k shall h a v e
in v e s te d as h e re in b e fo re p r o v id e d , w ith o u t b e in g s u b je c t t o th e p r o v is io n s
o f S e c tio n 8 o f th e A c t a p p ro v e d O c t . 15 1914, e n title d “ A n A c t t o su p p le ­
m e n t existin g law s a g ain st u n la w fu l restra in ts a n d m o n o p o lie s , a n d f o r
o th e r p u r p o s e s .” ’ ”
A m e n d th e title s o as t o re a d : “ A n A c t t o a m e n d ce r ta in s e c tio n s o f th e
A c t e n title d ‘ F ed era l R e s e rv e A c t , ’ a p p ro v e d D e c . 23 1 9 1 3 .”
A n d th o Senate agreed t o th e sam e.
ROBT. L. OW EN.
G . M . H IT C H C O C K ,
K N U TE NELSON.
M a n a gers on the part o f the Senate.
C A R T E R GLASS.
CLAU DE U. STON E,
EDM UND PLATT,
M an agers on the part o f the H o u s e.
STATEM ENT.
T h o m an agers o n th e p a r t o f t h e Senate a t th e c o n fe re n ce o n th o d is a ­
gre e in g v o te s o f th e t w o H o u se s o n th e am en d m en ts o f th o S en a to t o th o
b ill ( I I . It. 13391) t o a m e n d th e A c t a p p ro v e d D e c . 23 1913, k n o w n a s th e
F ed era l R e s e r v o A c t , b y a d d in g a n ew s e c tio n , su b m it th e fo llo w in g w ritte n
sta te m e n t in e x p la n a tio n o f th o a c t io n a greed u p o n b y th e co n fe re n ce c o m ­
m itte e :
T h e a m e n d m e n ts o f th o S en a te t o th o b ill h a v e b e e n a c c e p te d b y th e
H o u se co n fe re e s w ith s o m e s lig h t v e rb a l m o d ific a tio n s , e x c e p t th a t th e
H o u s o d e c lin e d t o agree t o , a n d th e S en a te r e ce d e d fr o m , its a m en d m en t
o f S e c tio n 16 o f th e F e d e ra l R e s e rv e A c t w h ich w o u ld h a v e e x p licitly a u ­
th o r iz e d a n d e n co u ra g e d F ed era l R escrv'o b a n k s t o issue F e d e ra l R es erv e
n o te s b a s e d u p o n g o ld o r g o ld ce r tific a te s .
T h o H o u se co n fe re e s d e clin e d t o agree t o th o S e n a te a m e n d m e n t p r o p o s ­
in g t o p e rm it n a tio n a l b a n k s in citie s o f m o ro th a n 1 0 0 ,0 0 0 in h a b ita n ts ,
a n d possessin g a c a p ita l a n d su rplu s o f $ 1 ,0 0 0 ,0 0 0 o r m o r e , t o establish
b ra n ch e s , a n d th e S en a to co n fe re e s h a v e a greed t o r e c o m m e n d th a t th e
S en a to re ce d e fr o m th is a m e n d m e n t.
T h o H o u s o c o n fe re e s in sisted u p o n an a m e n d m e n t t o S e ctio n 11, w h ic h
w as a c c e p t e d b y th e S en a te co n fe re e s , p e rm ittin g th e F e d e ra l R e s e rv e
B o a r d , u p o n an a ffir m a tiv e v o t e o f n o t less th an fiv e , t o p e rm it m e m b e r
b a n k s t o c a r r y in th o F ed era l R e s e r v e b a n k s a n y p o r tio n o f th eir reserves
n o w re q u ire d t o b o h e ld in th e ir o w n v a u lts.
ROBT. L. OW EN.
G . M . H IT C H C O C K ,
K N U TE NELSON,
M a n a g ers on the part o f the Senate.

$250,000,000.
Tho new $250,000,000 loan to the United Kingdom of
Great Britain and Ireland was offered for public subscrip­
tion this week. The subscription books were opened at the
office of J. P. Morgan & Co. at 10 a. m. on Aug. 23, and the
announcement stated that they would be closed at 10 a. m.
August 28, or earlier, in the discretion of the syndicate
managers. Practically all the notes had been sold at the
oponing of business yesterday and notices were sent to the
members of tho underwriting syndicate that the sub­
scription books would be closed to-day (Saturday) at noon.
Tho right was reserved to reject any and all applications,
and also, in any event, to award a smaller amount than ap­
plied for. Amounts due on allotments will be payable at
the office of J. P. Morgan & Co., in New York funds, to their
ordor, and tho date of payment will bo given in the notices
of allotment. Temporary certificates will be delivered pend­
ing the engraving of the definitive notes. As noted in these
columns last week, the offering consists of two-year 5 % gold
notes, which are direct obligations of the British Govern­
ment. They are dated Sept. 1 1916 and due Sept. 1 1918;
interest will be payable March 1 and Sept. 1. Principal
and interest is payable in United States gold coin, at the of­
fice of J. P. Morgan & Co., without deduction for any British
taxes, present or future. The notes are in denominations of
$1,000, $5,000 and $10,000. They are redeemable at the
option of the Government, in whole or in part, on thirty
days’ notice, as follows: At 101 and accrued interest on any
date prior to Sept. 1 1917; at 100)^ and accrued interest on
Sept. 1 1917, and on any date thereafter prior to maturity.
Tlioy are to be secured by pledge with the Farmers’ Loan &
Trust Co., under a pledge agreement executed by the Gov­
ernment, of securities approved by J. P. Morgan & Co , of
an aggregate value of at least $300,000,000, calculated on
tho basis of prevailing market prices,.sterling securities being
valued in dollars at the pervailing rate of exchange. In anO FFE RIN G OF N E W B R IT IS H L O A N OF

other article we give the list of American securities to the
value of $100,000,000 which will serve as part of the col­
lateral for the loan. The other securities back of the loan
will consist of bonds or other obligations of the Dominion of
Canada, either as maker or guarantor, and stocks, bonds or
other securities of the Canadian Pacific Railway worth $100,­
000,000; and bonds or other obligations of the Governments
(either as maker or guarantor) of Argentina, Chile, Norway,
Sweden, Denmark, Switzerland and Holland, also valued
at $100,000,000.
Pending the arrival and deposit of securities whioh are to
secure the loan, the British Government is to deposit tem­
porarily with the trust company at the time of issue of the
notes either approved New York Stock Exchange collateral
of aggregate value equal to that of the then undelivered se­
curities, or cash equal to five-sixths of such value. All such
temporary collateral is to be exchanged from time to time in
the same relative proportions upon the deposit of the abovementioned securities. The notice also says:
I f th e p le d g e d securities d op re cla to in v a lu e b e ca u se o f ch a n ge in m a rk o t
p r ice or in ra te o f ex ch a n g e, th e G o v e rn m e n t is t o d e p o s it a d d itio n a l secu ri­
ties w ith th e tru st c o m p a n y , t o th o en d th a t th o ag g re g a te v a lu o o f the
p le d g e d secu rities shall equ a l at least 1 2 0 % o f the p rin cip a l a m o u n t o f the
n otes a t t h e tim e u n p a id a n d n o t s ecu red b y d e p o s ite d ca sh .
T h e G o v e rn m e n t is t o roservo th o rig h t fro m tlm o t o tim o t o soil fo r cash
a n y o f th o p le d g e d secu rities, in w h ich e v e n t th e p ro c e e d s o f sale are t o b e
re c e iv e d b y th e tru st c o m p a n y an d a p p lie d t o th e re tire m e n t o f n o te s b y
p u rch a s o , i f ob ta in a b le a t p rices n o t ex ce e d in g th o th en re d e m p tio n p rice ,
an d oth erw ise b y re d e m p tio n b y lo t a t tho re d e m p tio n p rice .
T h e G o v e rn m e n t Is t o reserve th e rig h t also t o m a k e s u b stitu tio n s o f
secu rities, b u t su ch s u b stitu tio n s are n o t t o v a r y th e r e la tiv e a m o u n ts in
v a lu e o f th e a b o v e -in d ic a te d th ree soveral g ro u p s o f s ecu rities a t th e tim e
h e ld b y th e tru st c o m p a n y .
V a lu a tio n s o f secu rities are t o b o a p p ro v e d b y J . P . M o r g a n & C o .
T h is o ffe r in g Is m a d e s u b je c t t o v e r ific a tio n o f th e list o f c o lla te r a l, and
t o th o a p p ro v a l o f th e n ecessary details b y cou n sel.

Tho notes are offered for public subscription at 99 and in­
terest, yielding slightly over 5J^%. They were underwrit­
ten at 98 and accrued interest. The offering is made by:
J . P . M o r g a n & C o ., th o F irst N a tio n a l B a n k , N o w Y o r k C it y ; th o N a ­
tion a l C it y B a n k , N e w Y o r k C it y ; H arris, F o rb e s & C o ., f f m . A . R e a d
& C o ., B r o w n B roth ers & C o .,.L e o , H iggin son & C o ., K id d e r , P e a b o d y &
C o ., J . & \V. S eligm a n &' C o ., th e G u a ra n ty T r u s t C o m p a n y , N o w Y o r k
C it y ; th e B a n k ers T r u s t C o m p a n y , N o w Y o r k C it y ; th e F a rm e rs’ L o a n &
T r u s t C o m p a n y , N o w Y o r k C it y ; th e C e n tra l T r u s t C o m p a n y o f Illin o is,
C h ic a g o , a n d th e U n ion T r u s t C o m p a n y , P itts b u r g h ,
tea .

AS C O L L A T E R A L
$250,000,000.
The list of American securities which are to serve as part
of the collateral for the proposed $250,000,000 loan to the
British Government was made’ public by J. P. Morgan & Co.
on the 21st inst. In addition tojtho American securities,
which are valued at $100,000,000, there'are two other classes
of securities behind the new loan. Of the other securities
pledged as collateral for the loan, the second group consists
of Canadian securities, the major portion of these being
long-term bonds of the Dominion of|Canada, and a small
percentage bonds and stocks of the’ Canadian Pacific Ry. Co.
The third group of securities is made^up^of bonds or other
obligations of the Governments ofArgentina, Chile, Norway,
Sweden, Switzerland, Denmark and Holland. The three
groups of securities have an aggregate value of $300,000,000.
The total number of American securities is 503— 442 bonds
and 61 stocks. The stocks are made up of 37 railroad, 20
industrial and 4 miscellaneous; while the bonds include 323
railroad, 54 industrials and 65 miscellaneous bonds. To a
large extent the securities are simply loaned to the British
Government as security for foreign!loans. The details of
tho new loan were outlined in these columns last week, page
624. Tho underwriting of the notes was concluded last week
and a public offering of the notes at 99 and accrued interest
was made on Wednesday of the present week; the price at
which they were underwritten was 98 and accrued interest.
Particulars of the offering appear elsewhere in to-day’s issue
of our paper. The following is the list of American securities
back of the loan:
A M E R IC A N

SE C U R ITIE S

SER VIN G

FOR N E W B R I T I S H L O A N OF

R a ilroa d Shares—
R a ilroa d Shares (Concluded)—
Pennsylvania R R .
A tch. Topeka A Santa Fe, pref.
Pittsburgh Ft. W ayne A Chicago—
Atlantic Coast Line, com mon.
Original guaranteed stock.
Baltimore A Ohio, common and pref.
Chicago A N or. W est., com . and pref.
Special guaranteed stock.
Reading Com pany, first A second prof.
Chicago M llw. & St. P ., com . and pref.
St. Louis Bridge C o., 1st preferred.
Cleveland & Pittsburgh guar, stock.
Southern Pacific.
D etroit Hillsdale & Southwestern.
Erie A Pittsburgh.
Tunnel Railroad o f St. Louis.
Erie R R . C o ., 1st preferred.
Union Pacific, com mon and preferred.
Great Northern, preferred.
Illinois Central.
In d u stria l Shares.
Leased lines stock.
American Locom otive, preferred.
Lehigh Valley.
American Car A Foundry, preferred.
Louisville A Nashville.
American Sugar Refining, pref. A com .
M inn. St. Paul A S. S. M ., com . Sc pref. American Cotton Oil, common.
Leased lines stock.
American T ob acco, preferred.
M anhattan Railway.
American Smelters Securities, pref. B
M obile A Birmingham, preferred,
Baldwin Locom otive Works, pref.
Morris A Essex, common.
Cluett, Peabody A C o ., preferred.
N ew York Central R R .
Central Leather, preferred.
Norfolk A Western, com . and pref.
Deere A C o ., preferred.
Northern Pacific.
Eastman K odak, preferred.




In d u stria l Shares (Concluded)—
International Harvester C orp., pref.
Ingersoll Rand, preferred.
Lehigh Coal A Navigation.
Liggett A M yers, preferred.
P . Lorillard A C o ., preferred.
M ontgom ery, W ard A C o., preferred.
United Fruit.
Western Union Telegraph.
M iscella n eou s S tock s—
Cities Service, preferred.
Consolidated Gas, Electric Light A Power
o f Baltimore, com mon and preferred.
Consolidated Gas.
R a ilroa d B on ds—
Alabama A Vicksburg cons. 1st M . s. f.
gold 5s, 1921.
Ala. Great Sou. 1st M . ext. gold 5s, 1927.
Gen. M . sterling 5s, 1927.
Alabama M idland 1st M . gold 5s. 1928.
Allegheny Valley gen. M . gold 4s, 1942.
A tch . T op . A S. Fe conv. gold 5s, 1917.
4s, 1955.
4s, 1960.
Callfomla-Arizona lines 1st A ref. M .
gold 4H s, 1962.
AdJ. M . gold 4s, 1995, stam ped.
AdJ. M . gold 4s, 1995, unstamped.
Gen. M . gold 4s, 1995.
Eastern Oklahoma D lv. M . g. 4s, 1928.
Atlantic A Danville 1st M . 4s, 1948.
A tl. Coast Line 1st cons. M . g. 4s, 1952.
Lou. A N ashv. coll. tr. gold 4s, 1952.
Atlanta A Char. Air Line 1st 4)48, 1944.
Baltimore A Ohio pr. lien gold 3)4s, 1925.
C onv. 4)4s, 1933.
1st M . 50-yr. gold 4s, 1948.
Southwestern D lv. 1st g. 3)4s, 1925.
Pitts. Lake Erie A W est Va. System
ref. gold 48, 1941.
PIttsb. June. A Midland D lv . 1st M .
gold 3)4s, 1934.
Beech Creek 1st M . gold 4s, 1936.
2d M . gold 5s. 1936.
Birmingham Term . C o. 1st g. 4s, 1957.
Buff. R och. A Pitts, gen. g. 5s, 1937.
Burlington Cedar Rapids A Northern
cons. 1st M . gold 5s, 1934.
Carolina Clinch. A Ohio 1st g. 5s, 1938.
Elkhorn E xt. 1st 5% gold notes,
M ay 1 1917.
5% 10-yr. gold notes, July 1 1919.
Carthage A Adirondack 1st g. 4s, 1981.
Central of Georgia cons. M . g. 5s, 1945.
Central Pacific cons. M . gold 5s, 1929.
1st ref. M . gold 4s, 1949.
Through Short Line 1st M . gold 4s,
1954.
Central R R . o f N . J. gen. M . g. 5s, 1987.
Ches. A Ohio 1st con. M . g. 5s, 1939.
Gen. M . gold 4H s, 1992.
Con. 20-yr. gold 4)4s, 1930.
5-yr. 5% secured gold notes, June 1 '19.
Gen. fdg. A lmpt. M . gold 5s, 1929.
Craig Valley Branch 1st g. 5s, 1940.
W arm Springs Branch 1st g. 5s, 1941.
Chicago A Erie 1st M . gold 5s, 1982.
Chicago A N . W . gen. M . g . 4s, 1987.
D eb. 58, 1921.
Sinking fund deb. 5s, 1933.
Chicago A Western Indiana cons. M .
gold 4s, 1952.
Chicago Burlington A Quincy—
Illinois D lv. 3 K s , 1949.
Nebraska E xt. M . s. f. 4s, 1927.
Iowa D lv. s. f. 5s, 1919.
Gen. M . 4s, 1958.
Sinking fund 4s, 1921.
Chicago Great Western 1st g. 4s, 1959.
Chicago Ind. A Loulsv. ref. M . 6s, 1947.
Chicago M llw . A Puget Sd. 1st g. 4s, 1049.
Chicago Milwaukee A St. Paul—
Chicago A M o. R lv. D lv. 1st 5s, 1926.
Dubuque D lv. 1st M . s. f. 5s, 1920.
Wisconsin Valley p i v . 1st s. f. 6s, 1920.
Chicago A Lake Superior D lv. 1st M .
gold 5s, 192-1.
Chicago A Pacific Western D lv. 1st M .
gold 5«, 1921.
L a C r o s s A D a v ’p’t D lv . 1st g. 5s, 1919.
Wise. A M inn. D lv. 1st gold 5s, 1921.
Gen. M . gold 4s, 1989.
Gen. M . gold 4)4s, 1989.
G old deb. 4s, 1934.
Conv. gold 4M s, 1932.
Chicago St. Paul A Minneapolis 1st M .
gold 6s, 1918.
Chicago Ropk Island A Pacific 1st A ref.
M . gold 4s, 1934.
Gen. M . gold 4s, 1988.
Chicago St. Louis A New Orleans cons.
M . gold 5s, 1951.
Memphis D lv. 1st M . gold 4s, 1951.
Chic. St. P . M inn. A Om. cons. 6s, 1930.
D eb. gold 5s, 1930.
CIn. Ham . A D ay. 1st A ref. M . gold 4s,
1959 (guaranteed).
Cincinnati Northern 1st M . g. 4s, 1951.
Cleve. A M arietta 1st M . 4)4s, 1935.
Cleve. A PIttsb. gen. M . 4)Ss, 1942.
Series A.
Gen. M . 4 H s, 1942, Series B.
Clev. Cine. Chic. A St. Louis (Cairo Vin­
cennes A Chicago) 1st M . 4s, 1939.
Gen. M . 4s, 1993.
St. Louis D lv. 1st coll. tr. M . 4s, 1990.
4 )4 % gold debentures, 1931.
Cine. W ab. A M ich. D lv. gold 4s, 1991.
Cleve. Columbus Cine. A Indianapolis
gen. cons. M . 6s, 1934.
Cleveland Short Line R y . C o. 1st M .
guaranteed 4)4s, 1961.
Colorado A Southern 1st gold 4s, 1929.
R ef. A ext. M . gold 4)4s, 1935.
5% equip, bonds, Series A , 1916.
5% equip, bonds, Series A , 1917.
Central New Eng. ls t M .g o ld 4 s , 1901.
Cumberland A Penna. 1st gold 5s, 1921.
Clev. Akron A Col. gen. M . g. 5s, 1927.
Central R R . A Banking C o . o f Georgia
50-year coll. tr. 5s. 1937.
D env. A R io Grande Imp. M . g. 5s, 1928.
1st cons. M . gold 4s. 1936.
1st cons. M . gold 4)4s, 1936.
Detroit A M ackinac 1st Hen g. 4s, 1995.
M tge. gold 4s, 1995.
D etroit Grand Haven A Milwaukee 1st
equip. M . 6s, 1918.
D etroit Term . A Tun. 1st g. 4)4s, 1961.
Duluth South Shore A Atl. 1st 5s, 1937.
Delaware A Hudson 1st lien equip. 4)4 %
gold s. f., 1922.
Pennsylvania D lv. 1st 7s, 1917.
East Tenn. Va. A Ga. 1st g. 5s, 1930.
Cons. M . gold 5s, 1956.

R a ilro a d B o n d s (ContinuedI)—
Erie R y . 1st cons. M . gold 7s, 1920.
Erie R R . Pennsylvania coll, g 4s, 1951.
Gen. M . conv. 4s, Ser. A , 1953.
Gen. M . conv. 4s, Ser. B , 1953.
1st cons. g. 4s, 1996, pr. lien.
1st cons. g. 4s, 1996, gen. lien.
3-yr. 5 )4 % coll. tr. notes, April 1
1917.
Florida Central A Peninsular 1st cons. M .
gold 5s, 1943.
Florida East Coast 1st M . g. 4)4s, 1959.
Ft. W orth A D enver City equip, tr. 5s,
Series B , 1916.
Equip, tr. 5s, Series B , 1917.
Gila Valley Globe A N or. 1st g. 5s, 1924
Grand Rapids. A Ind 1st g. 4)4s. 1941.
Hocking Val. 1st cons. M . g. 4)4s. 1999.
Houston A T ex. Cent. 1st M . g. 5s, 1937.
W aco A N . W . D lv. 1st g. 6s, 1930.
Illinois Central 1st M . gold 3)4s, 1951.
1st M . ext. 3 A s , 1951.
1st M . ext. gold 4s, 1951.
1st M . gold 4s, 1952.
1st M . gold 4s, 1953.
1st ref. M . gold 4s, 1955.
Cairo Brldgo gold 4s, 1950.
Lou. D lv . A Term . 1st g. 3)4s, 1953.
Chicago St. Louis A New Orleans joint
5s, 1963, Series A.
Chicago St. Louis A New Orleans Joint
5s, 1963, Series B.
Purchaso Lines 1st M . 3)4s, 1952.
St. Louis D lv . A Term . 1st 3)4s. 1951.
Interborough R ap. Tran. 1st 5s, 1966.
Kansas C ity Southern 1st M . 3s, 1950.
R ef. A Im p. gold 5s, 1950.
K an. City Term . 1st M . gold 4s, 1960.
K entucky Central 1st M . gold 4s, 1987.
Knoxville A Ohio I s t M . g. 0s, 1925.
Kan. City Ft. Scott A Memphis ref. M .
gold 4s, 1930.
Lako Eric A Western 1st M . gold 5s, 1937.
Lake Shore A Michigan Southern—
I s t M . gold 3)4s, 1997.
Debenture gold 4s, 1928.
Debenture gold 4s, 1921.
Lehlgn A New York 1st M . g. 4s, 1945.
Lehigh Valley R y . 1st M . g. 4)4s, 1940.
Lehigh Valley R R . gen. cons. M . g. 4s,
2003.
Long Island cons. M . gold 5s, 1931.
Gen. M . gold 4s, 1938.
R ef. M . gold 4s, 1949.
Debenture gold 4s, 1934.
North Shoro Branch 1st M . 5s, 1932.
Louisville A Nashville—
Gen. M . s. f. gold 6s, 1930.
1st M . trust 5s, 1931.
1st M . trust 50-ycar 5s, 1937.
Unified M . 4s, 1940.
Atlanta K nox. A Cin. D lv. M . 4s,1955.
Now Orleans A M obile D lv. 1st M .
gold 6s, 1930.
I.nke Erie A Western 2d M . 5s, 1941.
M acon Dublin A Savannah 1st 5s, 1947.
M anhattan R y . cons. 4s, 1990.
Maryland A Penna. 1st M . 4s, 1951.
Michigan Central deb. 4s, 1929.
Milwaukee Lake Shore A Western cons.
1st M . 6s, 1921.
Im p. A ext. 5s, 1929.
MInneap. 8. S. M . A Atlantic 1st 4s, 1926.
Minn. A St. Louis Pac. ext. 6s. 1921.
1st cons. M . gold 5s, 1934.
Minneapolis St. Paul A S. S. M . 1st cons.
M . gold 4s, 1938.
2d M . gold 4s, 1949.
M o. Kan. A Texas 1st M . gold 4s, 1990.
M obile A Birmingham prior lien 5s, 1945.
I s t M . 4s, 1945.
M obile A Ohio gen. M . 4s, 1938.
1st M . M ontgom ery D lv. 5s, 1947.
M ohawk A M alone 1st M . 4s, 1991.
Monongahcla River 1st M . 5s, 1919.
Nashv. Chatt. A St. L. 1st cons. 5s, 1928.
Nashv. Florence A Sheffield 1st 5s, 1937.
New Orl. A N . 10. prior lien ext. 5s, 1940.
New Orl. Term . 1st M . 4s, 1953, Ser. A .
Now York A Putnam cons. M . 4s, 1992.
New York Central conv. deb. 6s, 1935.
Cons. M . 4s, Sclres A , 1998.
N . Y . Cent. A nud son Rvler equip, tr.
4)4s, Scries 1907, due 1918.
N . Y . Central Lrnes equip, tr. 4)4s,
Series 1910, duo 1917, 1919, 1920,
1921, 1922, 1923, 1925.
Equip, tr. 4 )4 b, Ser. 1912, duo 1918,
1919, 1923,1924, 1925.
Equip, tr. 4)4s, Ser. 1913, duo 1918,
1919, 1920, 1922. 1923, 1924, 1925,
1927.
Equip, tr. Scries of 1907 5s, 1916.
N . Y . Central A Hudson River—
Boston A Albany equip, tr. 4)48, 1918,
1919, 1925, 1926, 1927.
Equip, tr. deb. 4s, 1942.
Equip, tr. 1st M . 3)4s, 1997.
Equip, tr. deb. 4s, 1934.
Equip, tr. Lake Shoro coll. 3)4s, 1998,
assenting bonds.
Equip, tr. Lako Shoro coll. 3)4s, 1998,
non-assenting bonds.
Equip, tr. M ich. Cent. coll. 3)4s.
N . Y . Chic. A St. L. 1st M . 4s, 1937.
N . Y . Connecting R R . C o. 1st M .
4)4s, 1953.
N . Y . Lake Erie A Western 1st cons. M .
7s, 1920.
Now York New Haven A Hartford—
D eb. 3)4s, 1954.
D eb. 4s, 1955.
C onv. deb. 3)4s, 1956.
C onv. deb. 4s, 1956.
Now York Ontario A Western—
R ef. M . 4s, 1992.
Gen. M . 4s, 1955.
New York Susquehanna A Western 1st
ref. M . 5s, 1937.
Now York Westchester A Boston 1st M .
4)4s, 1946.
Norfolk A Western 10-20-yr. conv. 4s,
1932.
10-25-year con v. 4s, 1932.
10 - 25 -yoar conv. 4)4s, 1938.
Divisional 1st lien A Ron. M . 4s, 1944.
N ow River D lv. 1st M . 6s, 1932.
Gen. M . 6s, 1931.
Improvement A ext. 6s, 1934.
Northern Pacific-Great Northern 'Joint
gold Burlington coll. 4s, 1921.
Northern Paclflo R y . prior lien 4s, 1997.
General Hen 3s, 2047.
St. Paul A Duluth D lv. 4s, 1996.
New York A Erlo 4th M . 5s. 1920.
Newport A Cincinnati Bridge gen. M .
4)4s, 1945.

In d u s tria l B o n d s (Concluded)-—
R a ilroa d B on ds (Concluded) —
Liggett A M yers T ob acco 7s, 1944.
Oregon & California 1st M . 5s. 1927.
5s, 1951.
Oregon R R . A N av. cons. M . 4s, 1946.
Oregon Short Line R y . 1st M . 6s, 1922.. P . Lorillard A C o. 7s, 1944.
Mississippi River Power 1st M . 6s, 1951.
R ef. M . 4s, 1929.
M ontana Power 1st A ref. M . 5s, 1943.
Cons. M . 5s, 1946.
Michigan State Teleph. 1st M . 5s, 1924.
Oregon A Washington R R . A N av.—
Minneapolis General Electric 5s, 1934.
1st A ref. M . 4s, 1961, Series A .
N ew York Gas, Electric Light, H eat A
1st & ref. M . 4s, 1961, Scries B.
Power 1st M . 5s, 1948.
Pennsylvania C o. 1st M . 4 A s , 1921.
Purchase m oney 4s. 1949.
Guaranteed gold deb. 3 A s ctfs., 1916.
Guar. 3 A % gold tr. ctfs., 1942, Ser.C. New York Telephone 1st A gen. M . 4 Ms,
1939.
Guar. 4% gold tr. ctfs., 1944, Ser. D .
Niagara Falls Power 1st M . 5s, 1932.
15-2.5-yr. 4% loan ctfs., 1931.
R ef. A gen. M . 6s, 1932.
Pennsylvania R R . cons. M . 4s, 1943.
New York A Westchester Lighting deb.
Cons. M . 3A a , 1945.
5s, 1954.
Cons. M . 4s, 1948.
Gen. M . 4s, 2004.
Perkiomen R R . Co. 2d series M . 5s, 1918.
Philadelphia & Erie 5s, 1920.
Pacific Light A Power 1st M . 5s, 1942.
Phila. A Reading Imp. M . 4s, 1947.
Pacific Telep. A Teleg. 1st coll. tr. 5s,
1937.
Pittsb. & W est. 1st M . 4s, 1917.
Pittsb. Cincinnati Chicago A St. Louis— Pennsylvania W ater A Power 1st s. f. 5s,
1940.
Cons 4 A s , 1940. Series A.
Cons. 4 A s , 1942, Series B.
Philadelphia C o. convert, deb. 5s, 1919.
Cons. 4 A e , 1942, Series C.
Consol, coll. tr. 5s, 1951.
4s, 1945, Series D .
Southern Bell Telephone A Telegraph 1st
M . 5s, 1941.
1957, Scries G.
Pueblo Union D epot A R R . 1st 6s, 1919. Swift A C o. 1st s. f . 5s, 1944.
Reading C o. and Phila. A Reading Coal United Fruit 5% notes, 1918.
A Iron gen. M . 4s, 1997.
Sink, fund 4 A s , 1923.
.
R io Grande & W est. 1st tr. M . 4s, 1939.
Sink, fund 4 A s , 1925.
Rochester A Pittsburgh 1st M . 6s, 1921. United States Steel 50-yr. 5s, 1951, Ser.B.
Rutland equip. 4 A s , 1916.
10-60-year s. f. 5s, 1963.
St. Lawrence & Adirondack 1st 5s, 1996. United States Rubber coll. tr. 6s, 1918.
2d M . 6s, 1996.
Virglnla-Carolina Chemical 1st M . 5s.
1923.
St. Louis Bridge 1st M . 7s, 1929.
St. Louis Iron M tn. & Southern gen. Western Electric 1st M . 5s, 1922.
cons. ry. A land grant M . 5s, 1931. Western Telep. A T eleg. coll. tr. 5s, 1932.
Unifying A ref. M . 4s, 1939.
Western Union Tcleg. coll. tr. 5s, 1938.
Funding A real estate 4 A s , 1950.
St. Louis M erchants’ Bridge Terminal
1st M . 5s, 1930.
Washington W ater Power 1st ref. M . 5s,
St. Louis Southwestern 1st 4s, 1989.
1939.
St. Louis Terminal, Cupplos Station &
M iscella n eou s B on ds—
Property 1st M . 4 A s , 1917.
American Power A Light 10-yr. 6s, 1921.
St. Paul & Northern Pacific 6s, 1923.
St. Paul Minn. & M an. cons. 4 A s , 1933. Boston Electric Light 1st M . 5s, 1924.
Brooklyn Rapid Transit secured 6%
Cons 4s, 1933.
notes, 1918.
Cons. 6s, 1933.
1st A ref. M . 4s, 2002.
M ontana Ext. 1st M . 4s, 1937.
Brooklyn Union Elevated 1st 5s, 1950.
Pacific Ext. 1st M . 4s, 1940.
St. Paul Union Stock Yards 1st 5s, 1916. Butte Elec. A Power 1st M . 5s, 1951.
San Antonio & Aransas Pass 1st 4s, 1943. B ’way A 7th A v . R R . 1st cons. M . 5s,
1943.
Scioto Valley & New Eng. 1st 4s, 1989.
Brooklyn Rapid Transit 5s, 1945.
Seaboard Air Line 1st M . 4s, 1950.
Atlanta A BIrm. D lv. 1st M . 4s, 1933. Central Georgia Power 1st M . s. f. 5s,
1938.
Adjustment M . 5s, 1949.
South & North Alabama cons. M .5 s,1936. Chicago Railways I s t M . 5s, 1927.
Cincinnati Gas Transportation 1st M .
Southern Pacific conv. 5s, 1934.
5s, 1923.
1st ref. M . 4s, 1955.
C ity of New Y ork revenue 6s, Sept. 1 ’ 17.
Central Pacific stock coll. 4s, 1949.
Corporate stock 4 A s , M ay 1 1957.
San Francisco Terminal 4s, 1950.
Corporate stock N o v. 1 1957.
C on v. 4s, 1929.
Corporate stock 4s, M ay 1 1959.
20-year gold 4 A s , 1929.
Southern Railway 1st & cons. 5s, 1994.
Corporate stock 4 A a , M arch 1 1964.
4 A s , M arch 1 1960.
D ev. & gen. M . 4s, 1956.
4M s, M arch 1 1902.
Memphis D lv. 1st M . 5s, 1996.
4M s, M arch 1 1963.
St. Louis D lv. 1st M . 4s, 1951.
East Tennessee reorg. lien 5s, 1938.
Consolidated Gas, Elec. L t. A Power of
M obile & Ohio trust 4s, 1938.
Baltimore gen. 4 A s , 1935.
Cuban-Amer. Sugar coll. tr. 6s, 1918.
St. Louis A San Fran. 1st M . 6s,'1919.
Savannah Fla. & W est. 1st M . 5s, 1934. Commonwealth Power, R y . A Lt. conv.
6s, 1918.
Term . R R . Assn, of St. Louis 4'As, 1939.
1st cons. M . 5s, 1944.
D etroit United Rys'. 1st cons. 4 A s , 1932.
Duluth Street R y . 1st M . 5s, 1930.
Gen. M . 4s, 1953.
Eastern Power A Light Corp. conv. 5s,
Texas & Pacific 1st M . 5s, 2000.
1918.
Louisiana D lv. Branch Lines 1st M . 5s,
Federal Light A Traction 1st lien s. f.
1931.
5s, 1942.
Toledo & Ohio Central gen. M . 5s, 1935.
Georgia Light A Power A R y s. 1st lien
Western lines 5s, 1935.
5s, 1941.
Toledo Walliondlng Valley & Ohio 4A a ,
Georgia R y . A Elec. 1st cons. 5s, 1932.
1931, Series A.
Interborough M etropolitan coll. tr. 4 A s ,
4 A s , 1933, Series B.
1956.
Toronto Hamilton A Buffalo 1st 4s, 1946.
Kings County Elec. Light A Power pur­
Equip. 4 A s , 1922, Series A.
chase m oney 6s, 1997.
Union Pacific conv. 4s, 1927.
Kentucky Traction A Term . 1st A ref.
1st M . land grant 4s, 1947.
5s, 1951.
1st M . refunding 4s, 2008.
United N . J. R R . A Canal gen. M . 4s, Louisville R y . 1st cons. 5s, 1930.
1944.
Lynn A Boston R y . 1st M . 5s, 1924.
Virginian R y . 1st M . 5s, 1962.
Laclcdo Gas Ligt 1st M . 5s, 1919.
Virginia Midland gen. M . 5s, 1936.
Michigan United R y s. let ref. 5s, 1936,
Virginia A S. W . 1st M . 5s, 2003.
Series A.
Wabash 1st M . 5s, 1939.
1st ref. 5s, 1936, Series B .
2d M . 5s, 1939.
M ortgage Bond C o. of New Y ork 4s,
Washington Central I s t M . 4s, 1948.
1960, Series 2.
W ashington Terminal 1st M . 3 A s , 1945. N ewport News A H am pton R y ., Gas A
W est Shore R R . 1st M . 4s, 2361.
Electric 1st A ref. 5s, 1944.
W est Virginia A Pittsburgh 1st 4s, 1990. New Orleans R y . A Light gen. 4 A s , 1935.
W estern N . Y . A Pcnna. 1st 5s, 1937.
NeW1942k RyS' 1St r°al estat0 rcf- 4s’
Gen. M . 4s, 1943.
Northern Electric, L td ., ls t s . f. 5s, 1939.
Western Pennsylvania 4s, 1928.
Western Maryland 1st cons. M . 4s, 1932. Northwestern Elevated R y . 1st 5s, 1949.
New York State R y s. 1st cons. 4 A s .
Wheeling A Lake Erie 1st M . 5s, 1926.
1952, Series A .
I s t M . 4s, 1949.
Pacific Gas A Elec. gen. A ref. 5s, 1942,
Wheeling D lv. 1st M . 5s, 1928.
Series A.
Ext. A Impt. 5s, 1930.
Portland R y ., Light A Power l3t ref. 5s,
Willman A Sioux Falls 1st M . 5s, 1938.
1942, Series A.
Wisconsin Central 1st gen. M . 4s, 1949.
Superior A Duluth D iv.A T cr.4s, 1936. Portland R y . 1st A rcf. s. f . 5s, 1930.
Washington Ohio A Western 1st M . 4s, Public Service Corp. o f N . J. gen. M .
1924.
5s, 1959.
W inston Salen Southbound 1st M 4s Puget Sound Traction, Light A Power 6s,
1960.
1919.
Rochester Railway M . 5s, 1930.
I n d u s tria l B on ds—
St. Louis Springfield A Peoria R R . 1st
Am cr. T clep. A Tcleg. coll. tr. 4s, 1929
and ref. 5s, 1939.
C onv. 4A a , 1933.
San Joaquin Light A Power Corp. 1st
C onv. 4s, 1930.
and rcf. 6s, 1950.
Amer. Thread 1st M . 4s, 1919.
Seattle Electric cons, and rcf. 5s, 1929.
Arm our A C o. real est. 1st 4 A a , 1939
I s t M . 5s, 1930.
Amer. Agrlc. Chem. conv. deb. 5s 1924
Seattle Everett 1st M . 5s, 1939.
Buffalo Gen. Elcc. 1st M . 5s, 1989
’ Standard Gas A Electric conv. s. f. 6s,
Central Leather 1st lien 5s, 1925.
'
1926.
Consolidation Coal conv. 6s, 1923.
Springlfled R y . A Light 1st lien s. f. 5s,
1st A ref. s .f . 5s,1950.
1920.
Cumberland T elcp. A Teleg. 1st A gen. Third Avenue R R . 1st M . 5s, 1937.
M . 5s, 1937.
T ri-C ity Railway A Light coll. tr. 1st
Chicago Telephone 1st M . 5s, 1923.
lien 5s, 1923.
Edison Electric Illuminating of Brooklyn
1st ref. 5s, 1930.
1st cons. 4s, 1939.
United Light A Railways 1st A ref. 5s,
General Electric deb. 3 A s , 1942.
1932.
D eb. 5s, 1952.
Union Electric Light A Power ref. ext. 5s,
Houston Elcc. 1st M . 5s, 1925.
1933.
Illinois Steel deb. 4 A s , 1940.
Utah Light A Power cons. 5s, 1930.
Indiana Steel 1st M . 5s, 1952.
Prior Lien 5s, 1930.
Lackawanna Steel conv. 5s, 1950.
Virginia R y . A Power 1st A ref. 5s, 1934.
Lehigh Valley Coal 1st M . 5s, 1933.
Washington R y . A El. cons. 4s, 1951.

NEW

FRENCH

C R E D IT G R A N T E D .

Official announcement was made on Aug. 24 by Brown
Bros. & Co. of the completion of negotiations for the exten­
sion of a second commercial credit to France. The new



credit is for $25,000,000 and was arranged for by a group
of New York banks and bankers with ten French banks,
under the auspices of the Bank of France, to facilitate
the export to France of an equivalent amount of American
merchandise.
The new credit runs for one year and is to be availed of
by 90-day sight drafts, with two renewals. The credit, or
loan, is secured by collateral consisting of French Govern­
ment Defense bonds which are held in New York and pay­
ment in gold in New York at maturity is guaranteed by the
Bank of France.
The rate and list of banks associated in the transaction
were not made public. It is reported that among the insti­
tutions interested are the National City Bank, the National
Bank of Commerce, the Guaranty Trust Co., the Bankers
Trust Co. and J. P. Morgan & Co.
The following statement was issued for publication:
M e s s rs . B r o w n B ro th e rs & C o . a n n o u n c e th a t arra n ge m e n ts h a v e b een
c o m p le te d fo r a n e w c o m m e r c ia l e x p o r t c r e d it fo r $ 2 5 ,0 0 0 ,0 0 0 , u n d er th e
a u spices o f th e B a n q u e d o F r a n ce , t o fa c ilita te t h e e x p o r t t o F r a n co o f an
e q u iv a le n t a m o u n t o f A m e r ic a n m e rch a n d ise a n d o th e r co m m o d itie s .
T h o c r e d it is fo r a p e rio d o f o n o y e a r , is t o b o a v a ile d o f b y 9 0 -d a y sigh t
d r a fts , is secu red b y c o lla te r a l h e ld in N e w Y o r k , a n d p a y m e n t in g o ld in
N e w Y o r k a t m a tu r ity is g u a ra n te e d b y th e B a n q u e d o F r a n ce .

A similar credit was made just a year ago, excepting that
last year’s credit was for $20,000,000, and that the new
credit calls for the payment of a higher rate of interest.
The rate paid on the $20,000,000 credit was 4 ^ % plus a
commission of ^ of 1% for each renewal, making the total
cost 5H % The new credit, it is understood, is to be used in liquidating
the old credit, in whole or in part. In view of the fact that
the Bank of France guarantees the payment of the drafts,
it is assumed that the bills drawn will represent purchases
made on behalf of the French Government. The drafts, it
is stated, are eligible for rediscount at the Federal Reserve
banks.
THE

DEVELOPMENT

OF

THE

FEDERAL

RESERVE

SYSTEM.

Under the above caption Theodore Wold, Governor
Federal Reserve Bank of Minneapolis, delivered an address
before the Montana State Bankers’ Association at Miles
City, Montana, August 25 and 26, from which we make
the following extracts:
W o h a v e h o a rd so m e th in g fr o m tim e t o tim e a b o u t criticism o f th e
F od era l R e se rv e A c t , and a b o u t u nrest o n th e p a rt o f th e b a n k s th a t are
m e m b e rs o f th e new s y ste m . T h e re m a y b e s o m e un rest— n o t m o r e p r o b ­
a b ly th a n exists In m a n y o th e r lines o f business— b u t I am n o t w illin g t o
c r e d it it t o an y d e fe c t in th o F ed era l R e se rv e A c t , o r fa ilu re o f th e o p era tin g
m e ch a n ism , as represented b y th e R e s e rv e ba n k s. I cr e d it it Instead t o
th e natu ral fear o f new legislation th a t e v e r y b a n k er h a s, t o th e con s erv a ­
tism o f m en w h o o p e ra te d s u cce s s fu lly u n d er a law th a t fo r f i f t y years
u n d erw en t n o su bstan tial ch a n g e , an d t o th e ca u tio n th a t is b re d in to
ban kers th rou gh th e re s p o n s ib ility o f a ctin g in a re la tio n o f tru st an d c o n ­
fid e n ce t o each o f th eir d e p o sito rs and borro w e rs. D u r in g th e f if t y years
o f th e N a tio n a l B a n k A c t , ce rta in b a n k in g p ra ctice s a cq u ire d a v en era b le
r e s p e cta b ility , and m a n y m e th o d s an d c u s to m s g r a d u a lly a cq u ired th e
fo rc o o f un w ritten la w . W e b e c a m e a c c u s to m e d t o an u n s cie n tific b a n k ­
in g sy ste m , an d th ro u gh h a b it a n d la c k o f co r re c tiv e in flu e n ce s, c a m e t o
regard certa in e vils as m o re o r less o f a necessary b u rd e n . I speak w ith
s y m p a th y fo r ban kers in referrin g t o this ph a se o f o u r fin a n c ia l e xp erien ce,
fo r b an k in g is th e business in w h ich I h a v e s p e n t m y a c tiv e business life .
I w o u ld n o t , h o w e v e r, feel f r o m these years o f p erson al c o n t a c t w ith th e
business, th at I c o u ld d e fe n d th o ba n k in g business as a w h o le fr o m th e
charge th a t in m a n y respects it has be e n u n s c ie n tific , in s o m e resp ects
cru d e , an d in so m e respects th e v ic tim o f p a ra sitic e v ils w h ich h a v e b e c o m e
a part o f it.
O f these ev ils th e la ck o f an a d e q u a te c u rre n cy sy ste m w as th e c h ie f.
S econ d in im p o rta n ce , I sh ou ld ran k th e fa ilu re t o cre a te a s c ie n tific system
o f b a n k in g reserves. H a r d ly less im p o rta n t w as o u r su b stitu tio n o f co u r te s y
arrangem ents fo r th e red iscou n t o f pap er fo r a legalized, o r d e r ly a n d u n iform
system o f r e d is co u n t, su ch as is p r o v id e d und er th o R e se rv e A c t . T h ese
are d e fe c ts w h ich h a v e been cu re d th ro u gh th e cre a tio n o f a c o -o p e ra tiv e
s y ste m , w h ich has p r o v id e d an ela stic c u rre n cy , a legalized sy ste m o f re ­
d is c o u n t, a m u tu al associa tion fo r c o m m o n p r o te c tio n a m o n g b a n k s, and
has ab olish ed th o p y ra m id in g o f reserves in fa v o r o f th e s y s te m u n d er w h ich
ban k reserves are t o b e actu al reserves.
Since th e establishm ent o f th e F ed era l R e se rv e sy ste m o n N o v e m b e r 16.
1914, m em b er ban ks h a v e re ce iv e d large b e n e fits fro m th e re d u ce d reserve
requ irem en t, w h ich be ca m e e ffe c tiv e o n th a t d a te . M o n t a n a has receiv ed
a great a d va n ta ge fro m th e fa c t th a t th e b an k s th a t are lo ca te d in th o
eastern p rtio n o f this b ro a d N in th R e se rv e D is tr ic t are le g a lly p erm itted
t o pu rch ase and h o ld m ortg ages secu red o n fa r m lan ds in this S ta te, thus
crea tin g a w ider m arket fo r th ose securities, an d en a b lin g y o u r farm ers t o
secure fu n d s fo r d e v e lo p m e n t p u rp o se s o n m o re fa v o r a b le term s.
M e m b e r ban ks in M o n ta n a m a y n o w re d isco u n t their agricu ltu ral and
co m m e rcia l pap er at th e F ed era l R e s e rv e B a n k , as n ecessity arises, a t th e
gam e ra te and u p o n th e sam o te rm s as th e largest ban k s in th o R eserve
citios ca n red iscou n t p a p e r o f a sim ilar ch a ra cter an d m a tu r ity . T w e n t y fiv e th ou sa n d d o lla r ban ks o f th is and o th e r S tates are sto ck h o ld ers in
c o m m o n w ith th e m illio n d o lla r b a n k s o f th e great citie s, an d are o n an
a b s o lu te e q u a lity w ith th e larger ban k s o f their r e sp e ctiv e d istricts as t o
th o fa cilitie s th a t are ava ila b le t o th e m , and as t o th e se rvice th a t th e F e d eral R e se rv e B a n k stands w illin g t o exten d.
T h e re are in e v e ry c o u n tr y , in e v e r y c o m m u n ity , In e v e r y p rofession an d
in e v e ry business th ose w h o cre a te an d d o a c o n s tr u c tiv e w o rk in th e w o r ld ,
and th o se w h o tear d o w n and d e s t r o y . T h e re are th o se w h o praise and
th oso w h o fin d fa u lt. T h e re Is th e o p tim is t, an d there is alw a ys th e
pessim ist. T h e b an k in g p rofession Is n o e x ce p tio n t o th e general ru le.
I T h e re w e re m a n y w h o p rop h esied th a t th e n ew ba n k in g system w o u ld n o t

w o r k , a n d th a t it w o u ld n o t a d e q u a te ly m e e t th o c o n d itio n s o b ta in in g in
th e v a riou s p o r tio n s o f this c o u n t r y , w h ich it w as d esign ed t o c u re . T h e re
w ere m a n y w h o th o u g h t it w as an e xp en sive p ie co o f m a ch in e ry , a n d th a t
m e m b e r ba n k s w o u ld b o assessed t o p a y a d e fic ie n c y in th o c o s t o f o p e ra ­
tio n .
U n fo r tu n a te ly fo r th o s e w h o d e a lt in g lo o m y fo re b o d in g s , th o n ow ba n k in g
sy s te m d oes w o rk , an d is d o in g its w o rk w e ll. A s k th o ban k ers in th o
S ou th w h o th rou g h it w ero e n a b le d t o h a n d lo an d c a r r y th oir c o t to n crop s
la st season w h en th o m a rk et fo r c o t to n w as d e m o ra liz e d . A s k th e ban kers
o f Io w a , S o u th D a k o ta a n d Sou th ern M in n e s o ta , w h o th r o u g h its fa c ili­
ties w ero en a b led t o c a rry th eir fa rm e r cu stom ers and t o h e lp th e m t o a v o id
sa c r ificin g th eir liv e s to c k o n a flo o d e d m a rk e t w h en th e co rn c r o p fa iled
la st season . A s k th e ban kers o f M o n ta n a w h o h a v e used th o facilities
o f th o R es erv o B a n k d u rin g th o p a st y e a r. A s k th o businoss m a n .
A sk
th o d e p o s ito r w h o leaves his m o n e y w ith y o u , k n o w in g th a t a r e p e titio n
o f c o n d itio n s d u rin g th o fa ll o f 1907 are n o w im p o s sib le . A s k a n y th in k in g
b a n k er w h o n ow realizes th a t his reserve is n o t n o w m easured b y th o a m o u n t
o f c a s h in his v a u lt an d th a t d u o fro m reservo a g o n ts, b u t in a d d itio n b y
t h o a m ou n t o f c om m ercia l an d agricu ltu ral p a p e r w h ich h o h a s in his p o r t­
fo lio w h ich m eets w ith th e p ro v is io n s o f th o F ed era l R e s e rv e A c t .
T h e now b a n k in g sy stem d o e s w o rk , a n d it is m e e tin g w ith th o v a ry in g
c o n d itio n s th a t p rev a il in th o U n ited S tates w ith a h igh dogreo o f e ffic ie n c y .
I t w ill p a y its w a y , an d its s to ck h o ld e rs w ill re ce iv e th o stip u la te d d iv id e n d s.
F iv e o f th o R eserv e ban k s h a v e a lre a d y p a id a p o r tio n o f th eir a ccu m u la te d
d iv id e n d s , an d d u rin g th e firs t six m o n th s o f this y ear th e system as a
w h o le earned $ 1 ,8 2 4 ,4 3 6 , o f w h ic h th o su rp lu s a v a ila b lo fo r a d iv id o n d
d is trib u tio n am ou n ted t o $ 8 3 4 ,5 1 0 , o r n o t q u ito o n e -h a lf.
T h e b a n k w h ic h I h a v e th o h o n o r t o represen t, has liq u id a te d all o f th o
expenses in cid en t t o its org a n iz a tio n an d p la cin g it in o p e r a tio n , and is
a m ortiz in g its fu rn itu re an d fix tu r o a c c o u n t a t a su bstan tial ra to each
m o n th .
Its presen t earnings are ex tre m e ly s a tisfa c to r y , an d aro su ffic ie n t
t o ju s tify th o h o p o o f b e in g a b le t o d is trib u te a d iv id o n d in J a n u a ry n e x t.
T h o la st p ro v is io n o f th o F ed era l R e se rv o A c t t o b e p u t in o p e ra tio n is
th a t p a rt o f S ection 16 p r o v id in g fo r th o clea ra n ce an d c o lle c tio n o f ch e ck s.
A m o n g th o m in or ev ils o f th o o ld s y s te m , th o cu m b e rso m o and c o m p lic a te d
exch a n g o an d c o lle c t io n sy ste m stan ds fir s t.
I t has h a d a n o n d e scrip t
g r o w th , ta k in g its ch a ra cte r fro m o v e r y ch a n g o an d d e v e lo p m e n t in tho
business, u n til It has b e c o m o s o gn arled an d w a rp e d th a t it is im p o ssib le
fo r a n y m a n t o d o m oro th an s a y th a t w h ilo it fo llo w s goneral lines, it has
been s o tw isted t o su it loca l c o n d itio n s , th a t w h a t p revails in o n o s ection
is o n ly b y a ccid e n t th o sy ste m fo llo w e d b y a n o th e r. W o h a v o in th o sam o
lo ca litie s ban k s th a t p a r a ll ch e ck s an d ban ks th a t ch a rg o exch a n g o . W o
h a v o in B o s to n an d in K an sas C it y th o c o u n tr y clea rin g h o u so sy ste m ,
a n d elsow hero in th o U n ited S tates a n e t-w o rk o f in ter-relation s th a t p er­
fo rm th o sam o s e rv ice . W o h a v o ba n k s th a t co n te n d th a t th o p r o fits
fr o m exch an g o aro a necessary an d im p o rta n t p a rt o f th oir re v e n u o , and
ban k s in th o sam o region th a t disregard s u ch re vo n u o . W o aro c o m p e lle d
t o ad m it th a t w o h a v o d ep a rte d e n tire ly fr o m th o o ld -fa s h io n e d p rin cip le
th a t a m an w h o w ishes t o p a y an a c c o u n t a t a d ista n ce , in lo ca l fu n d s,
sh ou ld also p a y fo r th o s erv ice . T h e se aro ovils w h ich h a v o g ro w n o u t
o f u n restricted c o m p e titio n a n d o u t o f an u tto r la c k o f c o n tr o l o f c h e ck
c o lle c tio n m e th o d s . In this S ta to , I am g la d t o sa y , th o m a jo r it y o f y o u r
b a n k s w ero o n a p a r basis b e fo r o th o new F ed era l R e se rv o c h e c k c o lle c tio n
sy s te m w as a d o p te d .
O n J u ly 15 la s t, th o F ed eral R e s e rv o B a n k p u t in to o p e ra tio n a sy ste m ­
a t ic , s c ie n tific an d d ir e ct system o f c h e ck c o lle c tio n , w h ich has w ith o u t
a d o u b t cau sed m oro discu ssion in b a n k in g circles th an a n y o th e r foatu ro
o f th o A c t . T h o ban kers w h o are o p p o s e d t o it a p p a r e n tly d o n o t realize
th a t th o p r o v is io n g o v e rn in g ch e ck clea rin g an d c o lle c tio n is ju s t as m u ch
th o law as th a t p a rt pertain in g t o reserves o r th o re d isco u n t o f pap er.
M u c h ca r e fu l c on sid era tio n has been g iv e n t o th is q u o stio n d u rin g th o
p a s t eigh teen m o n th s , and th e p la n e v o lv e d , I fir m ly b e lie v e , w ill p r o v o to
b o a s o lu tio n o f this m o s t perp lexin g p r o b le m , b o t h t o ban kers an d t o
business m en . I t is m a n d a to r y in b u t o n o re s p e ct, n a m e ly , th a t e v e ry
m e m b e r b a n k is requ ired t o c o v e r at p ar ch e ck s th a t aro draw n o n it,
receiv ed fr o m th o R es erv e B a n k , b u t n o t u n til th o c h e ck has been presented
an d oxa m in ed , and th ey h a v e h a d o p p o r t u n it y t o v e r ify th o sign atu re and
a scertain w h eth er th ere are fu n d s t o th o cre d it o f th o d ra w er o f tho checic
t o p r o te c t th e m . M e m b e r s aro g iv e n su ffic ie n t tim e in w h ich t o p u t fu n ds
t o their c r e d it t o c o v e r w ith the R e s e rv o B a n k b e fo r o th o a c c o u n t is ch a rg o d .
C o v e r m a y b o m a d e b y s h ip m o n t o f la w fu l m o n e y , b y th o re m itta n ce o f
ch e ck s o n o th e r ban ks in a c c o r d a n c e w ith o u r d eferred cr e d it sch cd u lo , o r
b y d r a ft o n a n y S t. P a u l o r M in n e a p o lis B a n k .
N o m em b er b a n k is requ ired t o son d us item s o r uso theso facilitie s,
b u t a ll m om b er ban ks m u st c o v e r w ith o u t d e d u ctio n a ll ch e ck s re ce iv e d
fr o m us.
M o s t o f th o m om b or ba n k s aro c h e e rfu lly c o -o p e ra tin g w ith us in an
e ffo r t t o w ork o u t this p r o b le m in a s a tisfa c to r y m an n er. T h o S tato
ban k s aro len din g thoir su p p o r t an d in flu e n ce t o th o m o v o m e n t in s u ch a
w a y th a t w o aro n ow ab le t o h a n d lo fo r m em bers w ith o u t e xch an g o ch e ck s
an d d r a fts on 16,000 ban k s in th e U n ited S tates.
I w a n t th o S tato ban kers
o f M o n ta n a an d elsow hero t o k n o w th a t w o th o r o u g h ly ap p re cia te th o
v a lu a b le assistance th ey h a v o g iv e n us in this m a tto r. T h is is n o t a
on e-sid ed p ro p o s itio n b y a n y m oans. A n y a n d all S tato ba n k s m a y now
re ce lv o th o b e n e fit o f theso 16,000 o r m o ro p a r p o in ts th ro u gh a n y m o m b e r
b a n k , and th oso w h o co -o p e ra to h a v o th o p riv ile g e o f fu rn ish in g their
c u stom ers w ith a c h o ck c o lle c tib lo th ro u gh th o F ed era l R e s o rv o ban ks
w ith o u t d o d u ctio n fo r exch an g e.
I said a m om en t a g o th a t S tato ba n k s aro v o lu n ta r ily le n d in g their
su p p o r t t o th o now c h e ck clea rin g an d c o lle c tio n p la n .
I w o n d e r if y o u
k n o w t o w h at ex ten t th o y aro c o -o p e ra tin g .
In th o S tates o f C a lifo rn ia ,
I d a h o , N o v a d a , O regon , U ta h , W a s h in g to n , M a in e , M a ssa ch u se tts,
R h o d o Is la n d , N e w H am psh ire, V e r m o n t, an d th o greater p a rt o f C o n n e c ti­
c u t , o v e r y S tate b an k and trust c o m p a n y is o n tho p ar list o f th o F ederal
R eserve B ank.
In th o rem ain der o f th e U n ited S tates v e r y liberal s u p p o rt
has been receiv ed fro m th o S tato ban k s. T h o R e s o rv o system p ar list,
w h ic h I h a v o referred t o , d o e s n o t list th o n a tio n a l ban ks in d iv id u a lly ,
sin ce a ll th o n ation a l ban ks aro p a rticip a to rs . I t is co n ta in e d in a circu lar
o f 116 pages, p r a c tic a lly all o f w h ich is d o v o te d t o a list o f th o p a rticip a tin g
S ta to ban k s. In this d istrict alo n e , a th ou san d ban ks o th e r th an n ation al,
are v o lu n ta r ily p a rticip a tin g , an d this nu m ber is co n s ta n tly be in g increased
b y th o a c tio n o f b an kors w h o a fte r d u o r e fle ctio n an d co n sid e ra tio n , reach ed
th o co n clu s io n th at in asm u ch as th e y w ill re ce ive p r a c tic a lly equal b o n o fit
w ith tho n ation al ban ks, th e y sh o u ld c o n tr ib u te th oir s u p p o rt.
M e m b e r ban ks aro p erm itte d t o m a k o a ch argo again st th eir cu stom ers
th a t d e p o s it ou tsid e ch eck s and e x p e c t Im m ed iate uso o f th o fu n d s . A fte r
a ll. it is th o m an fo r w h om tho serv ice is p e rfo rm e d w h o is th o o n o th at
sh ou ld boar tho ca s t. I f a M ile s C it y businoss m an a cce p ts in p a y m o n t
o f an a c c o u n t d u o in M ilo s C it y a ch e ck o n M in o t, N o r t h D a k o ta , o r a
c h e ck on a n y oth er ban k o u tsid e o f M ile s C it y , h o oilgh t n o t an d sh ou ld
n o t e x p e ct his loca l b an k t o g iv e him im m e d la to cre d it and uso o f th o fu n d s
w ith o u t a d e q u a to c o m p en s a tio n . IIo w o id d n o t e x p e c t th o b an k t o g iv o
h im cr e d it w ith ou t a n y d e d u ctio n fo r a n o te o f a cu sto m o r d e p o site d fo r
c o lle c tio n and d u o six d a y s h e n co .
W h y then sh o u ld h o n o t co m p o n sa to
th o ban k er fo r h a n d lin g a c h e ck o n an o u tsid o p o in t o n w h ich th o fu n d s




ca n n o t p o s s ib ly b o o b ta in e d fo r six d a y s o r e igh t d a y s ? T h o cases are
p r a c t ic a lly pa ra lle l, an d th o p rin cip le in v o lv e d is th o sam o. N o cu sto m er
sh o u ld uso th o b a n k ’s fu n d s w ith o u t m a k in g a d e q u a to co m p e n s a tio n . I t
is as m u ch again st s o u n d b a n k in g p o lic y fo r a cu sto m e r t o e x p e c t im m e d ia te
u so o f th o p ro ce e d s o f a c h e ck d ra w n o n a b a n k at a d ista n t p o in t as it is
fo r h im t o m a k o u n a u th orized uso o f th o b a n k ’s fu n d s th ro u g h an o v e r ­
d ra ft.
T h o F ed era l R cs e rv o B o a rd said in th o Jun o :‘ B u llo tin ” : “ T h o ro is n o
in te n tio n th a t a m e m b e r ban k shall c o lle c t its c u s to m e r ’s ch e ck s a t a loss
t o its e lf, th a t is t o s a y , w ith o u t s o m o fe e t o c o v e r th o c o s t o f c o lle c t io n .”
In th o J u ly “ B u lle tin ,” th o B o a rd fu rth er says: “ U ndor th o prin ciples
a lre a d y e n u n cia te d , a m o m b e r b an k w ill b o a u th o rize d t o ch argo its cu s­
to m e rs tho a m o u n t p er ite m ch a rged t o it b y th o F ed eral R e s o rv o B a n k fo r
co lle c tin g th oir ch e c k s , s a y 1 H o r 2 ce n ts p er ito m , p lu s an in terest ch a rg o
i f fu n d s aro a d v a n ce d b e fo r o th e y h a v e bo o n c o lle c t e d .”
I t w ill b e o b s e r v e d th a t th o B o a rd n o t o n ly recogn izes th o p rin cip le
th a t I h a v o s ta te d , b u t th a t it go e s o ven fu r th e r in sa yin g th a t th o cu sto m er
t o w h o m fu n d s aro a d v a n c e d , th ro u gh th o p rocess o f im m e d ia te cre d it o n
ch eck s w h ich h o has d e p o s ite d , sh o u ld p a y t o th o b a n k an in terest ch a rgo
p r o p e r an d a d e q u a te fo r th o s e rv ico p e r fo rm e d . T h o ro ca n b o n o qu o stion
o f th o sou n d lo g ic o f su ch a p o s itio n .
I fear th a t in th o co n sid e ra tio n o f s o m e o f tho sm all a n n o y a n c e s th a t aro
b o u n d t o resu lt, o v e n w h en thero ca n b o n o q u e stio n o f th o n e ce ssity fo r
a b e tte r organ ized an d m oro th o ro u g h and e ffic ie n t ba n k in g s o rv ico , th a t
th o a tte n tio n o f th o so in th o b a n k in g p rofession lias boon draw n a w a y fro m
th o bro a d e r co n sid e ra tio n s th a t aro a t sta k e . T h o now sy ste m w as la u n ch ed
a t a critica l an d m o m o n to u s tu rn in g p o in t in th o w o r ld ’s h is to ry .
I t w as
crea ted to h a n d lo a p ro b le m o f n o sm all p ro p o r tio n s .
In ju s tic o t o o u r ­
selves w o o u g h t t o co n sid e r It, n o t fro m th o s ta n d p o in t o f th in gs it has
d o n o th a t w o d o n o t e sp e cia lly lik o , b u t fro m tho s ta n d p o in t o f th o things
it has a cco m p lis h e d th a t aro o f co n so q u e n co n o t a lo n o t o ban k s an d b an k ers,
b u t t o th o U n ited States an d a ll o f Its p e o p le .
N o t th o least s ig n ifica n t o f th o r esu lts o f th o o p e ra tio n o f th o now system
has been th o fa c t th a t n o t o n ly h a v o rates boon m o d e r a te , b u t th a t w ith
th o w ar in E u ro p e , th e y h a v o been r e m a rk a b ly free fro m flu c tu a tio n , an d
th a t c o m m e rcia l business has n ever b e fo ro scon a year o f m o ro fa v o r a b le
rates. T h o v a lu e o f su ch a c o n d itio n is a p p a ren t a t a g la n co , fo r it m ean s
greater s t a b ility an d s e cu rity t o th o business o f th o c o u n t r y , and greater
sa fe ty t o e v e ry business m a n , an d it m eans th e p o s s ib ility o f o xto n d in g an d
d e v e lo p in g c o m m e r c o an d in du stry w ith o u t th o fear o f su dden an d v io le n t
re a ctio n s.
T h e so aro results th a t aro o f th e greatest v a lu o t o th o c o u n tr y as a
w h o le , an d in v o lv e b e n e fits th a t n a tu ra lly ca n n o t b o c o n fin e d t o m om ber
b a n k s in th o F ed era l R e s o rv o s y s te m . I fo ci c o n v in c e d th a t th o S tato
ban ks o f th o c o u n t r y , w h ich are g r e a tly in th o m a jo r ity in n u m b e r, w ill
n o t lo n g feel th a t it is fa ir t o e n jo y a share o f th o b o n o fits w h ich t h e y h a v o
d o n o n o th in g t o cre a te , an d w ill desire t o h a v o e qu a l p a r ticip a tio n w ith
th o m o m b o r ban k s.
T h o p r o b le m o f a d m ittin g S ta to ba n k s t o m em bersh ip p reson ted so m o
d iffic u ltie s becau se o f th o la c k o f u n ifo rm ity o f S tate law s. T h o p ro b lom
has been s o lv e d b y p erm ittin g S ta to ban ks t o enter th o F ed eral R eserve
sy s te m , and retain th eir ch arter po w e rs and S ta to in d o n tity , an d b y a c ­
ce p tin g S ta to ban k e x am in ation s, w h ere th o y co n fo rm t o th o sta n d a rd s
set fo r th o exa m in a tion o f n ation a l ban k s, thus a v o id in g d o u b le exa m in a ­
tio n . T h o regu lation s are v e r y liberal an d v e r y fa ir .
T h e y im p o so n o
un n ecessary re strictio n s. T h o p rocess o f ta k in g m e m b e rsh ip has been
s im p lifie d in th o greatest p osslblo d egree.
In this Federal R e se rv e D is tr ic t
It is n o t c o m m o n ly k n o w n th a t S tate ban ks h a v o b e c o m o m om bors o f th o
Federal R e se rv e sy ste m in n u m bers th a t e qu a l th o en tire a d d itio n s t o
m em bersh ip o f a ll th o o th e r clo v e n R e so rv o B anks th ro u g h th o e n try o f
S tato in stitu tio n s.
In th o o th e r R e s o rv o districts th o p roferon co has been
t o retain th o S ta to id e n tity .
In this d is tric t, all b u t o n o o f th o now m e m ­
bers h a vo fo u n d it desirablo t o firs t n a tio n a lize . T h ir t y -fiv o ban ks h a v o
taken this cou rse, w h ile th o largest and m o s t im p o rta n t S tato b a n k in
M in n e so ta ha3 jo in e d as a S tato ban k .
I w ish t o urge u p o n tho S tato ban kers th a t it is u n fair th a t th o b u rd on
o f m a in tain in g a system o f this ch a ra cte r, co n fe rrin g largo b e n e fits u p on
all ban ks irresp ective o f m em bersh ip , and a ffo r d in g sa fe ty a n d p r o te c tio n
in a degreo th at w as p r e v io u s ly u n k n ow n t o e v e r y kin d o f businoss in this
c o u n tr y , sh o u ld b o bo rn e b y a m in o rity o f th o b a n k s .
I sh o u ld lik o t o
urge u p o n th em th a t it is their p a tr io tic d u t y t o p a rticip a te in th o s y s te m ,
t o e n jo y its b e n e fits , an d t o jo in in passing thoso a d v a n ta g e s a lo n g to th o
c o m m e rcia l, agricu ltu ral an d industrial businoss o f th oir c o m m u n itie s .
T h o ro is n o o n o c o n n e c te d w ith th o ad m in istra tio n o f th o F ed eral R e ­
sorvo system w h o has a n y doslro t o im p air o r lesson th o e ffic ie n c y o f tho
S tato ban k in g s y s to m . A single b a n k in g sy ste m is n o t a prosont h o p o ,
n o r can it c o m o ex ce p t slo w ly and b y d egreo.
W hen it co m e s it w ill b o
b y c o m m o n con sen t an d agreom on t. I d o u b t w h eth er th a t resu lt w ill b o
a cco m p lis h e d th rou gh th o elim in ation o f S tato ban k s.
I th in k it is m u ch
m o ro lik e ly t o c o m o th ro u gh tho v o lu n ta r y m e m b e rsh ip o f S tate b a n k s, and
th ro u gh an increasing d isp o sitio n o f S tato a n d N a tio n a l ban k s t o w o rk sldo
b y side as m em bers o f tho F ed eral R esorvo sy sto m .
W o w ill still h a ve ou r
S tato and o u r N a tio n a l ban k s, an d w o w ill also h a v o a h ig h ly desirable
elem en t th at is la ck in g n o w , an d that is, a c lo s o c o -o p e ra tio n an d a ssocia­
tio n o f th o t w o kinds o f ban ks in a singlo org a n iza tio n .

E L L I O T T C. M c D O U G A L C O N S I D E R S R E S E R V E S Y S T E M
BIG E N O U G H A S I T IS .

That tho Federal Resorvo system is big enough as it is,
and that until it has perfected its own machinery and proven
to tho country at large, that it should bo allowed to monopol­
ize tho entire system of tho country no further extraordinary
attempt should bo made to enlarge it, is tho viow exprososd
in a letter which has boon circulated by Elliott C. McDougal,
President of tho Bank of Buffalo, at Buffalo, N. Y. Mr.
McDougal argues that thero is plenty of room for both tho
Federal and Stato systems. Ono thing which Mr. McDougal’s letter sets out to do, is to correct any fwrong im­
pression which may exist as a result of tho issuanco by the
Federal Reserve Board of a list of banks, (including State
institutions) items upon which will bo received for collection
and credit by Fodoral Resorvo banks. What Mr. McDougal
has to say on this and other mattors is printed below:
W e h a v e re ce ive d a c o p y o f a p a m p h le t Issued b y th o Federal R e so rv o
B o a rd , g iv in g a list o f b a n k s, item s u p o n w h ich w ill bo r e c e iv e d b y F ed eral
R e s e rv e ban k s fo r c o lle c tio n an d cre d it.
In th a t list are th o n am es o f a
large n u m ber o f S tate ban ks. T h is d o c s n o t m ean th a t all such S ta to ban ks
h a v e agreed w ith the Federal R e so rv o ban ks o f thoir districts th a t t h o y

will remit at par for checks on themselves. For instance, the Bank o f
Buffalo is on the 1st. The Bank of Buffalo has not agreed to remit to the
Federal Iteserve banks at par for checks on itself. Buffalo has a number
of national banks which are members of the Federal Reserve system. The
Federal Reserve Bank o f New York can send to such national member
banks checks on all Buffalo banks which are not members, and in this way
collect them at par. To this the Bank o f Buffalo has no objection, as
it stands ready at all times to pay its checks in cash whon presented over Its
own counters. It is, however, essential that the State banks receiving
these lists do not gather a wrong impression to the effect that an unusually
largo number o f State banks have filed their agreements with the Federal
Reserve banks.
Providing the Federal Reserve Board will conduct the Federal Reserve
system without interfering with or attempting to coerce non-member banks,
not one straw should be laid in the way of the success of tho Federal Reserve
system. It is perfectly natural that the rulers o f that system should wish
to build it up to tho greatest possible perfection. It is perfectly natural
that they should wish to embrace in it all o f the banking institutions in this
country. Whether that would be best for the public is an entirely dif­
ferent question.
Until experience has proven the contrary, tho following points appear
to be perfectly clear:
First. That the Federal Reserve system is big enough as It is, and that
until it has perfected its own machinery and proven to tho country at
large that it should be allowed to monopolize tho entire banking system of
the country operating under both State and National laws, no further extra­
ordinary attempt should bo made to enlargo it.
Second. The Federal Reserve system is not a sacred thing. It is not
treason to say so. The entire question is a business proposition pure and
simple. For a State bank to study the operations o f tho Federal Reserve
system, to form its own judgment as to whethor or not it is best for it to
enter, and to discussall such matters o f opinion with the other State banks,
is perfectly proper. For a State bank, or any body o f State banks, to
attempt to interfere with the operations o f tho Federal Reserve system,
except in cases where it clearly invades tho right o f Stato banks, is not
proper.
Third. The public will bo much better served providing every Stato has
its own system, competing with tho Federal Reserve system. Within
reasonable limits such competition will improve both systems. Monopoly
under the Federal Reserve system would bo harmful.
Fourth. By reason o f the widely differing requirements o f the different
localities, our Stato systems, each operating under laws peculiarly applic­
able to tho Stato in which it operates, can bo adjusted to meet local con­
ditions. If there be any principle that is clear it is the principle that banks
simply furnish tho necessary machinery for facilitating tho business of this
country, and tha machinery should bo adjusted to suit business, and not
business adjusted to suit machinery. In elasticity o f adjustment tp busi­
ness needs our State systems are distinctly superior to the Federal Reserve
system.
Fifth. Thero is plenty o f room in this country for both systems. Each
can prosper without injury to tho other. Thero is no good reason wh y
either should endeavor to extinguish the other.
There is one very important matter, which apparently is being rushed
through without proper publicity. Apparently the Federal Reserve Board
and the Administration are endeavoring to hurry through Congress a bill
providing for branch banks, without giving tho banks o! the country an
opportunity for discussion. There may be a difference o f opinion among
bankers on this subject; some may favor branch banks, some may be flatly
opposed to them, but there is practical unanimity o f opinion to the effect
that tho present bill is an entering wedge, the result of which probably
will be eventually to drive out o f existence almost all o f the country banks
In the United States. Even If tho public interests require tills, so radical
a change should not be made in secret. Our roason lor assuming that it is
being done in secret is that apparently all information is either kept from
tho newspapers or they are requested to suppress it, as, so far as the Buffalo
papers are concerned, practically nothing has appeared giving the public
tho information concerning so important a matter, to which it justly is
entitled.
.

WHAT THE ADMINISTRATION HAS DONE FOR THE
FARMER.
T h e p r o g ra m c o m p le te d b y C o n g re ss a n d th e A d m in is tr a ­
tio n in th e in te re sts o f th e fa rm e r is o u tlin e d in a le tte r w h ich
P r e s id e n t W ils o n h a s ad d re sse d to A . F . L e v e r , C h a ir m a n o f
th e C o m m it t e e o n A g r ic u ltu r e o f th e H o u so o f R e p r e s e n ta ­
t iv e s , a n d m a d e p u b lic b y th e D e m o c r a tic N a t io n a l C a m p a ig n

3. Greatly increased provision has been made, through tho enactment
of the Co-operative Agricultural Extension Act, for conveying agricultural
information to farmers and for inducing them to apply it. This piece of
legislation is one of the most significant and far-reaching measures for
the education of adults ever adopted by any Government. It provides for
co-operation between the States and the Federal Government. This is a
highly Important and significant principle. When the Act is in full opera­
tion there will be expended annuaiiy under its terms, from Federal and
State sources alone, a total of over $8,600,000 in the direct education of the
farmer; and this amount is being and will be increasingly supplemented by
contributions from local sources. It will permit the placing in each of the
2,850 rural counties of the nation two larm demonstrators and specialists,
who will assist the demonstrators in the more difficult problems confront­
ing them.
4. Systematic provision for the first time has been made for the solution
of problems In that important half o f agriculture which concerns dis­
tribution— marketing, rural finance and rural organization.
5. Provision was made promptly for the creation of an Office of Markets
and Rural Organization, and the appropriations for this office, including
those for enforcing new laws designed to promote better marketing, have
been increased to $1,200,000. The more difficult problems of marketing
are being investigated and plans are in operation for furnishing assistance
to producers of perishables through a market nows service. A similar
service for live-stock interests will be inaugurated during the year.
6. The problem of securing the uniform grading of staplo crops, o f
regulating dealings apd traffic in them, of developing a better system
of warehouses, and of providing more availab e collateral for farm loans
has been successfully dealt with.
7. Under the Cotton Futures Act standards for cotton have been estab­
lished, the operations o f the futures exchanges have been put under super­
vision, and the sale of cotton has been placed on a firmer basis.
8. The United States Grain Standards Act will secure uniformity in the
grading of grain, enable the farmer to obtain fairer prices for his product,
and afford him an incentive to raise better grades of grain.
9. The United States Warehouse Act will enable the Department of
Agriculture to license bonded warehouses in various States. It will lead
to the development o f better storage facilities for staple crops and will make
possible the issuance of reliable warehouse receipts which will be widely
and easily negotiable.
10. Of no less importance for agriculture and for the national develop­
ment is the Federal Aid Road Act. This measure will conduce to the
establishment ot more effective highway machinery in each State, strongly
influence the development of good road building along right lines, stimulate
larger production and better marketing, promote a fuller and more attrac­
tive rural life, add greatly to the convenience and economic welfare of all
the people and strengthen the national foundations. The Act embodies
sound principles of road legislation and will not only safeguard the expen­
diture ot the funds arising under the Act, but will also result in the more
efficient use of the large additional sums made available by States and
localities.
11. The Federal Reserve Act benefits the farmer, as it does all the other
people of the nation, by guaranteeing better banking, safeguarding the
credit structure o f the country, and preventing panics. It takes particular
note of the special means of the farmer by making larger provisions for loans
through national banks on farm mortgages and by giving farm paper a
maturity period o f six months.
12. It was essential, however, that banking machinery be devised which
would reach intimately into the rural districts, that it should operate on
terms suited to the farmer’s needs, and should be under sympathetic
management. The need was for machinery which would introduce busi­
ness methods into farm finance, bring order out of chaos, reduce tho cost
o f handling farm loans, place upon the market mortgages which would be
a safe investment for private funds, attract into agricultural operations a
fair share of the capital of the nation, and lead to a reduction o f interest.
These needs and these ideals have been met by the enactment of the
Federal Farm I.oan Act.
I am glad to have had an opportunity to take part in the execution of
this large program, which I believe will result in making agriculture more
profitable and country life more comfortable and attractive, and, there­
fore, insure the retention in rural districts of an efficient and contented
population.
Faithfully yours.
WOODROW WILSON.
lion. A . F. Lever, Chairman Committee on Agriculture, House o f
Representatives.
.

QUESTION AS TO AUTHORITY OF FARM LOAN
BANKS TO OPERATE IN KANSAS.
T h o q u e stio n as to w h e th e r th e F e d e r a l F a r m L o a n B a n k s

S u m m in g u p th e re c o rd , th o P re sid e n t m e n ­

ca n d o b u sin e ss in th e S ta t e o f K a n s a s u n d e r th e p e c u lia r

tio n s th o in cre ase d a p p ro p r ia tio n s fo r th e su p p o r t o f a g ri­

w o rd in g o f th e S ta te c o n s titu tio n h a s b e e n ra ise d b y S c o t t

C o m m it t e e .

c u ltu r e , e ffo r ts to fo ste r p ro d u c tio n th ro u g h th e C o -o p e r a t iv e

H o p k in s , P re s id e n t o f th e P r u d e n tia l T r u s t C o . o f T o p e k a .

A g r ic u ltu r a l E x te n s io n A c t ; th e c re a tio n o f th o

O ffic e o f

M r . H o p k in s c o n te n d s th a t th e F a r m L o a n A c t b y e x e m p t­

M a r k e t s a n d R u r a l O r g a n iz a tio n , th e C o t t o n F u tu r e s A c t ,
th e G r a in S ta n d a rd s A c t , th o F e d e ra l W a r e h o u s e A c t , th e
G o o d R o a d s la w a n d th o F e d e ra l R e se r v e a n d F a r m L o a n

in g fr o m F e d e r a l, S ta te a n d m u n ic ip a l ta x a tio n b o n d s b a se d

A c ts.

th e L e g is la tu re sh a ll p r o v id e fo r a “ u n ifo r m ” a n d “ e q u a l”

W e p rin t h is le tte r b e lo w , re v ie w in g th e re co rd in

th e p ro v isio n s o f th e S ta te c o n s tit u tio n , w h ic h s tip u la te s th a t
ra te o f a s s e ssm e n t a n d ta x a tio n .

d e ta il:

The White House,
Washington, August 11 1916.

Mg dear Mr. Lever—
It has given mo much satisfaction to approve to-day the bill making
appropriations for the Department of Agriculture for tho fiscal year ending
Juno 30 1917 and for other purposes, becauso the bill not only makes very
generous provision for tho improvement o f farm production in the nation
and for investigations and demonstrations in the field of marketing of farm
crops and of tho organization of rural life, but also contains three wellconceived measures designed to improve market practices and the storage
and financing o f staplo crops. As tho passage of this bill marks the practi­
cal completion o f an important part of tho program for tho betterment of
rural life, which was mapped out at tho beginning o f tho Administration,
I fool that I cannot let tho occasion pass without conveying to you and to
your associates in both Houses my appreciation o f tho service rendered to
the nation in strengthening Its great agricultural foundations.
The record, legislative as v/ell as administrative, is a remarkable one.
It speaks for itself and needs only to be set forth.
1. Appreciation of the importance o f agriculture has been shown through
greatly and intelligently increased appropriations for its support.
2. Particular pains have been taken to foster production by every prom­
ising means, and careful thought has been given especially to tho matter of
increasing the meat supply of tho nation.




on fa r m m o r tg a g e s , issu e d u n d e r th e A c t , in e ffe c t n u llifie s

H is p o in t is b r o u g h t o u t

in th o fo llo w in g le tte r a d d re sse d to H . M . H a n s o n , S e c re ta ry
o f th e F a r m M o r t g a g e B a n k e r s ’ A s s o c ia tio n o f A m e r ic a :

August 17 1916.
Mr. H. M . Hanson, Secretary Farm Mortgage Bankers’ Association of Amer­
ica, Chicago, III.:
Dear Sir— Can the Congress o f the United States constitutionally pass
any law which in effect nullifies the provisions of a State constitution? <%3l
(а) The Federal Farm Loan Act provides that tho capital stock o f Fed­
eral Land Banks, their surplus mortgages and farm loan bonds and all in­
come derived therefrom are exempt from Federal, State, municipal and local
taxation.
(б) Under the National Farm I.oan Association provision the same ex­
emption applies as to tho Federal Land Banks.
(c)
Under the Joint Stock Land Bank provision (which banks are made
up of private capital, and where private individuals are interested in the
profit derived from said Joint Stock Land Banks) it is provided that the
mortgages executed under the Act and its farm loan bonds, and all income
derived therefrom, are exempt from Federal, State, municipal and local
taxation.
The constitution ot the State of Kansas provides as follows:
Art. 2. Sec. 1. Finance and Taxation:
“ The Legislature shall provide for a uniform and equal rate o f assess­
ment and taxation.” Our Supreme Court decided last year that mort-

gages in this State could not be taxed differently from any other property
under our constitutional provision.
Tho bonds based on farm mortgages under this Federal Act are not is­
sued by Government. State or other political corporations, but are issued
by private individuals, or private corporations.
Our contention is that any organization attempting to put out bonds under
the Federal Farm Loan Act within the State of Kansas can be enjoined,
and that such an attempt to nulify the State constitution is an illegal and
unconstitutional Act.

RICHMOND RESERVE BANK’S ANNOUNCEMENT
CONCERNING DESIGNATION OF BALTIMORE AS
PAR POINT.
The

a r ra n g e m e n ts

fo r

m a k in g

B a lt im o r e

a

par

p o in t ,

D . B a r t l e t t , M ilw a u k e e , a ll e m p lo y e e s o f a n y b a n k in W i s ­
co n sin o v e r 1 5 y e a r s o f a g e m a y b o in c lu d e d in th is p ro p o se d
g r o u p or m a y b e a d d e d to it fr o m

tim e to tim e w ith o u t

m e d ic a l e x a m in a tio n , p r o v id e d s o m e ru le or f o r m u la a p p lie s
to th e e m p lo y e e s o f all b a n k s .
on

te rm s

of

se rv ic e ,

S u c h a fo r m u la m a y b o b a s e d

c o m m e n c in g ,

fo r

in s ta n c e ,

w ith

an

a m o u n t o f $ 5 0 0 a fte r o n e y e a r o f e m p lo y m e n t, a n d in cre ase d
$ 1 0 0 p er y e a r u n til a fix e d a m o u n t , su ch as $ 1 ,0 0 0 or $ 2 ,0 0 0 ,
h a s b e e n a t ta in e d .

The

p ro p o se d c o n tr a c t is said

free fr o m a ll c o n d itio n s .

to

be

T h e a d o p tio n o f th e g e n e ra l g r o u p

p la n b y th e A s s o c ia tio n is u n d e r s to o d to h a v e b e e n p ro p o s e d
o n a c c o u n t o f th e f a c t th a t fe w W is c o n s in b a n k s e m p lo y

re ferre d to in th e se c o lu m n s la s t w e e k , w ere c o m p le te d a t a

1 0 0 e m p lo y e e s — th e m in im u m n u m b e r w h ic h w ill b e a c c e p te d

m e e tin g o f th e B a lt im o r e C le a rin g H o u s e o n th e 1 5 t h i n s t .,

b y th e life in su ran ce c o m p a n ie s u n d e r th o g r o u p p la n .

fo llo w in g th e r e c e ip t o f a d v ic e s fr o m G e o r g e J . S e a y , G o v e r n o r

F ram e,

o f th e R ic h m o n d F e d e ra l R e se r v e B a n k , th a t th e n e ce ssa ry

in d o rsed

a rra n g e m e n ts to th is end h a d b e e n m a d e w ith th e F e d e ra l

o f th e A m e r ic a n B a n k e r s ’ A s s o c ia tio n .

R eserve B a n k of N e w Y o r k .

m o r e b a n k s w h ic h are m e m b e r s o f th e F e d e r a l R e se r v e s y s te m
w ill b e o n a p a r b a sis a n d w ill b e c o lle c te d w ith o u t ch a rg e
T h is d o e s a w a y w ith th e ch a rg e o f t w e n ty -fiv e

c e n ts fo r e a c h $ 1 ,0 0 0 , fix e d b y th e N e w Y o r k C le a rin g H o u s e
fo r th e c o lle c tio n o f ch e ck s o n th e B a lt im o r e b a n k s .
n e w a r ra n g e m e n t w e n t in to im m e d ia te e ffe c t.
in s t .

th e F e d e r a l R e s e r v e

Bank

of

The

O n th e 1 9 th

R ic h m o n d

issu e d

th e

fo llo w in g a n n o u n c e m e n t c o n c e rn in g th e c h a n g e :

FEDERAL RESERVE B A N K OF R ICH M ON D,
Fifth District.
A ugust
To

19 1916.

th e B a n k ? A d d r e s s e d :

By arrangomonts made with this bank, checks on the following-named
banks will herafter bo received by tho Federal Reserve Bank of Richmond
under the general rules o f its collection circular, f o r im m e d ia te cr e d it a n d
a v a ila b ility a t p a r .
B a ltim o r e , M a r y la n d .

First National Bank
National Bank o f Baltimore
Citizens National Bank
National Bank of Commerce
Second National Bank
Farmers & Merchants Nat. Bank
Western National Bank
National Exchange Bank

Old Town National Bank
Drovers & Mechanics National Bank
Merchants-Mechanics Nat. Bank
National Marine Bank
National Union Bank of Maryland
Gorman Bank of Baltimore
German American Bank

R o a n o k e , V i r g in ia .

National Exchange Bank.
In sending items to us for your account, please list in one letter checks
on Richmond banks, including the Federal Reserve Bank of Richmond,
and in a separate letter checks on other Federal Reserve banks, checks
on New York City banks and checks on the above named banks. Do not
include in either o f these letters items available one or more days after
receipt by us.
Member banks and other banks concerned will please take notice that
checks o n m em b er b a n k s i n P itts b u r g h a n d C lev ela n d will hereafter bo avail­
able two days aftor receipt by us, instead o f four days, as specified in our
schedule o f transit items.
Checks on these two cities may be included in tho same letter with
checks on other points available two days after receipt, but should not be
Included in letters containing checks immediately available, or available
in any time other than two days.
FEDERAL RESERVE BAN K OF R ICH M ON D.

WISCONSIN BANKERS DISAPPROVE BRANCH BANK
LEGISLATION—INDORSE GENERAL
INSURANCE PLAN.
R e s o lu tio n s in d ic a tin g o p p o s itio n to th e b ill b e fo re C o n ­
g re ss p e r m ittin g th e e sta b lis h m e n t o f b ra n c h e s b y b a n k s in
th e F e d e r a l R e s e r v e s y s t e m w ere a d o p t e d b y th e W is c o n s in
B a n k e r s ’ A s s o c ia tio n a t its a n n u a l m e e tin g h e ld a t M a d is o n
o n th e 9 t h in s t .

T h e e n a c tm e n t o f th e p ro p o se d le g is la tio n ,

in s te a d o f d e m o c r a tiz in g th e b a n k in g b u sin e ss o f th o c o u n tr y
w o u ld , it is c o n te n d e d , b rin g a b o u t th e d e v e lo p m e n t o f 1 0 0
o r 2 0 0 g r e a t c e n tr a l b a n k s w ith b r a n c h e s, th u s te n d in g to
d e s tr o y

th e

in d e p e n d e n t

of

th e

W au k esh a

N a t io n a l

A . J.

Bank,

w as

a t th e m e e tin g a s a c a n d id a te fo r V ic e -P r e s id e n t

T h e e ffe c t o f th is is , a s p o in te d

o u t in th e B a lt im o r e “ S u n ,” t h a t ch e ck s d ra w n u p o n B a lt i­

o r d is c o u n t.

P re s id e n t

b a n k in g

sy stem .

S.

M .

S m ith

o f J a n e sv ille , P re sid e n t o f th e A s s o c ia tio n , to o k o c ca sio n in

DALLAS RESERVE BANK’S CIRCULAR CONCERNING
PAPER BASED ON COTTON WAREHOUSE RECEIPTS.
A circu lar o n c o m m o d it y lo a n s , a n d in d ic a tin g th e re q u ire ­
m e n ts in c id e n ta l to th e a c c e p ta n c e o f n o te s se cu re d b y c o tto n
w are h o u se r e c e ip ts , h a s

b e e n issu e d

by

R . L . V a n Z a n d t,

G o v e r n o r o f th e F e d e r a l R e s o rv e B a n k o f D a lla s .

In p art

it is g iv e n in th e D a lla s “ N e w s ” as fo llo w s :

Particular attention is directed to tho fact that our commodity rato of
discount (at present 3% on paper maturing within 90 days from date of
discount by us) applies not only to cotton loans, but to all loans which are
specifically secured by approved warehouse receipts covering any readily
marketable commodity of a non-perishable character, such as wheat, oats,
corn, hay, rice, peanuts, cottonseed, &c.
Under the terms of tho Federal Reserve Act wo are not permitted to dis­
count notes secured by commodities when the notes aro made by those
purchasing tho commodity for speculative or investment purposes, but we
fully realize that if our cotton is all thrown on the markot for sale as soon
as it is ginned the price will bo abnormally and unduly depressed, and wo
therefore offer tho facilities of the Federal Reserve Bank ot Dallas to its
member banks in order that they may be ablo to assist their customers
in holding their product and supplying the market with only an amount
which it can readily absorb at a fair price.
The preferential commodity rate, above referred to, will not apply except
on those notes which bear the following endorsement o f the bank, in addition
to its waiver o f demand, notice and protest:
“ The maker of this note is not being charged, on this note, a greater rate
than 6% per annum, either as interest or commission, or both."
Notes secured by warehouse recoipts for commodities should be on a
collateral form giving the right to call for additional security in case of
necessity, and all warehouse receipts must bo endorsed in such manner as
to make them negotiable in our hands.
In order for it to be acceptable to us a warehouse receipt for cotton—
1. Must state on its face that it is a negotiable receipt, and must bear the
duly authorized signature of tho person issuing samo.
2. It must properly identify by number, weight, &c., tho bale of cotton
which it represents.
3. It must provide for the delivery of the cotton only upon the return
o f the receipt properly endorsed by tho person in whoso name it is Issued.
The member bank should satisiy itself as to tho approximate grade of tho
staple and of the fact that no prior lien exists against the cotton pledged,
as this information is valuable and may be called for.
Tho cotton must be insured, preferably In favor of tho lioldor of tho re­
ceipt, as his interest may appear, and proper ovidonco of this insurance
furnished us. This evidence may bo in the form of a certificate from the
discounting bank to that effect, providing said bank has tho insurance
policies in its possession, subject to inspection by a representative of the
Federal Reserve Bank.
Sufficient evidence must be furnished us, in tho form of a certificate,
statement or otherwise, that the cotton is properly protected from weather
damage, and wo must also be satisfied as to tho reliability and financial
responsibility of tho party or parties owning tho warehouse or issuing the
____________________ __________
receipt.

N. W. HALSEY & CO. TAKEN OVER BY NATIONAL
CITY COMPANY.

a n a d d re ss a t th e c o n v e n tio n to g iv e h is v ie w p o in t as to th e

T h e fir m o f N . W . H a ls e y & C o . , on o o f th e la r g e s t an d

u n d e sira b ility o f th e b r a n c h b a n k s y s t e m c o n te m p la te d b y

m o s t im p o r ta n t b o n d h ou ses o f th e c i t y , p a sse d o u t o f e x is t­

th e le g isla tio n .

H e a lso h a d s o m e th in g to s a y re g a rd in g th e

en ce th is w e e k w ith

th e

p u rc h ase o f its b u sin e ss b y

th e

W e q u o te

N a t io n a l C i t y C o ., th e o r g a n iz a tio n w h ic h is a ffilia te d w ith th e

h is referen ces th e r e to a s se t o u t in th e M ilw a u k e e “ E v e n in g

N a tio n a l C i t y B a n k . T h is tr a n s a c tio n h a s b e e n c o u p le d w ith

n e w F a r m L o a n A c t a n d th e F e d e ra l R e se r v e A c t .
W is c o n s in ”

th e tra n sfe r o f th e b o n d d is tr ib u tin g d e p a r tm e n t o f th e N a t io n ­

a s fo llo w s :

A rural credit law is now a part of our banking systom. How it will work
out no ono at this time can say, but it will complicate banking and credit
problems and will mean more expense and red tape supervision and reports.
1 do not like to appear a destructive critic, but it seems to mo this law
is unnecessarily cumbersome and will not aid the situation that it is claimed
demanded it. It is class legislation, pure and simple, and in that rospoct
fundamentally wrong and vicious.
■
Tho ruling o f tho Federal Resorve Board as to par collection of checks
is another matter o f groat importance, especially to the country banker.
Givo it your earnest thought and best judgmont.
There are many things, in my opinion, involvod in tho now Federal
Reserve system not yet fully developed or sufficiently realized by bankers,
which may provo elements of woaknoss rather than strength as time goes
on. I havo not time to go into detail oxcept to say that fiat money and
Government control and centralization do not seem to mo to spell safety
for our independent banking system.
A p ro te st a g a in s t th o F e d e ra l R e se r v e cle a rin g s y s t e m w a s
re g iste re d in a re so lu tio n a d o p te d b y th e b a n k e r s a n d a p la n

a l C it y B a n k to th e N a t io n a l C i t y C o . T h o a g re e m e n t w h ere­
b y th e b u sin e ss o f N . W . H a ls e y is ta k e n o v e r b y th e N a t io n a l
C i t y C o ., w a s ra tifie d b y th e d ire ctors o f th e la t te r , a n d th e
sto c k h o ld e r s o f th e fir m o n T u e s d a y o f th is w e e k , th e 2 2 d .
T h e f ir m ’s d isc o n tin u a n c e gro w s o u t o f th o closin g la s t m o n th
o f th e M u t u a l T r u s t C o . o f O r a n g e , N . J ., w h ic h fo llo w e d th e
d is c o v e ry

th a t

E d w in

II.

H a tc h ,

V ic o -P r e s id e n t

of

th e

tru st c o m p a n y , h a d o b ta in e d a n o v e r -c e r tific a tio n o f h is d e­
p o s it o f $ 3 4 ,0 0 0 to $ 3 4 0 ,0 0 0 .
N . W . H a ls e y & C o .

M r . H a t c h w a s T re a su re r o f

W i t h tho d isclosu res in tho ca se o f th e

tr u s t c o m p a n y , on e o f th e p a rtn e rs in th e H a ls o y fir m w as
q u o te d as s a y in g th a t a fte r a ca re fu l e x a m in a tio n M r . H a t c h ’ s
a c c o u n ts w ith th e b o n d h o u se w ere fo u n d

to

b o “ p e r fe c tly

c o rre c t” ; th a t th e fir m h a d n o b u sin e ss co n n e c tio n w ith th e

to insure u n d e r a b la n k e t p o lic y a ll e m p lo y e e s o f b a n k s w h ich

tr u s t c o m p a n y , b u t h a d h a d co m m e rc ia l tr a n sa c tio n s w ith it

are m e m b e r s o f th e S ta te A s s o c ia tio n w a s a p p r o v e d .

fr o m tim e to t im e , a n d th a t M r . H a tc h w a s n o t in v o lv e d

I t is

s ta te d th a t u n d e r th o p la n as d ra w n u p b y S e c re ta ry G e o r g e




w ith th e firm in a n y w a y .

I t w a s s ta te d th is w e e k th a t w h ile

th o firm w a s e n tir e ly s o lv e n t , it h a s su ffe re d m o r e o r less
e m b a r r a s s m e n t th r o u g h
M u tu a l T ru st.

th o airin g o f th e d iffic u ltie s o f th o

P rio r to th e clo sin g o f th e la t te r th e fir m is

b ill so a s to e x c lu d e fr o m th e b o a r d th e tw o C a b in e t o ffic e rs .
O n th e d a y o f th e p a ssa g e o f th e b ill b y th e

S e n a te ,

v a in

e ffo rts w ere m a d e b y S e n a to r B o r a h to a t ta c h th e lite r a c y

s a id to h a v e n o tifie d a n u m b e r o f in stitu tio n s t h a t th e y c o u ld

clau se

n o t v o u c h fo r th e s a fe ty o f a n y lo a n s m a d e to M r . H a tc h

a fte r th e d e fe a t b y a v o t e o f 3 9 to 2 0 , o f th is m o t io n , th e

p e r s o n a lly .

en tire im m ig r a tio n b ill w a s p ro p o s e d a s a rid e r to th e sh ip

about

I t w as r e p o r te d th a t a t on e tim e th e fir m ow e d

$ 9 ,0 0 0 ,0 0 0 ,

d iv id e d

am ong

six te e n b a n k s , m o s t o f

th is b e in g a m p ly se cu re d b y c o lla te r a l.

I t is sa id th a t a fte r

of

th e im m ig r a tio n

b ill to

th e

sh ip

p u rc h a se

b ill;

bill b y S e n a to r B o r a h , b u t th is p ro p o sa l w a s lo s t b y a v o t e
of 37

to

22.

A c c o r d in g

to

th e

“ J o u rn a l o f C o m m e r c e ” ,

th e H a t c h d isclosu res th e v a rio u s b a n k s b e g a n to tig h te n u p

im p o r ta n t c o m m itte e a m e n d m e n ts ag re e d to b y th e S e n a te ,

o n th e se lo a n s , a n d th e fir m se t o u t to re d u ce th e m b y se llin g

w o u ld

o u t c o lla te ra l w h ere th ere w a s a co n sid era b le e q u ity o v e r

ve sse ls w h ic h are (1 ) e n g a g e d in A m e r ic a n tr a d e ; (2 ) v e sse ls

th o lo a n m a d e a g a in s t i t .

I n th is w a y th o lia b ilitie s w ere

w h ich f ly a b e llig e re n t fla g ;

I t w a s s ta te d th is w e e k t h a t n o n e o f th e

serv ice c o n te m p la te d , a n d

m a te r ia lly lo w e r e d .

b a n k s h a d o c casion t o bo a la rm e d o v e r its a d v a n c e s to th e
f ir m , o w in g to th e lib e ra l p ro te c tio n a ffo rd e d b y th e c o lla te r a l.
A b o u t a m o n th a g o a r ra n g e m e n ts w ere p e r fe c te d fo r c o n ­

p r o h ib it

th e

G overn m en t

e ffic ie n t as w h en n e w .

co rp o r a tio n s

p u rc h a s in g

(3) w h ic h are n o t a d a p te d to th e
(4 ) w h ic h are less th a n 7 5 %

as

A ll o f th e c o m m it te e a m e n d m e n ts

w ere ag reed to w ith o u t a re c o rd v o t e , a n d a n u m b e r o f o th e r
m in o r a m e n d m e n ts w ere in s e r te d .

A n a m e n d m e n t o ffe r e d

tin u in g th e b u sin e ss o f th e v a rio u s o r g a n iz a tio n s o f N . W .
H a ls e y & C o . in th e C o n tra l W e s t e r n S ta te s u n d e r th e n a m e

in to th e r a tin g a n d c o n s tr u c tio n o f v e s s e ls a b r o a d a n d th e

o f H a ls e y , S tu a r t & C o .

m e th o d o f p la c in g in su ran ce th e r e o n .

T h e C h ic a g o , D e t r o i t , M ilw a u k e e

a n d S t . L o u is offic e s w ere a ffe c te d b y th is c h a n g e .

by

S e n a to r J o n e s a n d

a d o p ted ,

re q u e s ts a n

in v e s tig a tio n

T h e con­

S e n a to r C u m m in s p ro p o se d to strik e o u t S e c tio n 11 o f th e

so lid a tio n a rra n ge d th is w e e k co n ce rn s th e B o s t o n , P h ila ­

b ill, w h ic h p ro v id e s fo r th e c r e a tio n o f a G o v e r n m e n t c o rp o r a ­

d e lp h ia ,

C le v e la n d , B a lt im o r e

N . W . H a ls e y & C o .

and

W a s h in g t o n

offic e s

of

T h e H a ls e y fir m in S a n F ra n c is c o is

a n in d e p e n d e n t o r g a n iz a tio n a n d is n o t a ffe c te d , it is u n d er­
s t o o d , b y e ith e r o f th e re c e n t c h a n g e s.

tio n to o p e ra te m e r c h a n t v e s s e ls .
o f 3 9 to 2 0 .

T h is w a s lo s t b y a v o t e

H e fu rth e r p ro p o se d to strik e o u t a p a ra g ra p h

in S e c tio n 1 6 , w h ic h e x e m p ts fr o m th e o p e ra tio n o f th e a n t i­

T h o w o rk in g fo rc e

tr u s t la w s , s te a m s h ip a g re e m e n ts a p p r o v e d b y th e S h ip p in g

o f th e N e w Y o r k o ffic e o f th o f ir m , n u m b e r in g a b o u t tw o
h u n d re d e m p lo y e e s , is ta k e n o v e r b y th o N a t io n a l C i t y C o .

B oard .
T h is w a s d e fe a te d b y a v o t e o f 4 0 to 2 1 .
T h e b ill
a u th o r iz e s th e S h ip p in g B o a r d , e ith e r d ir e c tly or in d ir e c tly ,

T h e office rs o f th o f ir m , w ith th e e x ce p ­

th ro u g h a c o rp o ra tio n or co rp o ra tio n s to b e o r g a n iz e d , to

tio n o f H a r r y R . T o b e y , P r e sid e n t, a n d F re d e r ic k P ie r c o , a

p r a c tic a lly in t a c t .

b u ild , p u rc h a s e , lease o r cr e a te v e s s e ls su ita b le fo r u se in

V ic o -P r e s id e n t, w ill bo id e n tifie d w ith th e N a tio n a l C i t y C o .

ocean

B e s id e s M e s s r s . T o b e y a n d P ie r c e , th e o th e r o ffic ia ls o f th e

p ro h ib it th e a c q u isitio n o f a n y v e sse l a t th e tim e e n g a g e d i n

fir m w ere: S a m u e l H . P o w e ll, A lle n G . H o y t , S . M o n r o o D y e r ,

fore ig n or d o m e s tic c o m m e rc e o f th e U n it e d S t a t e s , unless,

V ic e -P r e s id e n ts ;
H.

R a lp h W .

H a t c h , T re a su r e r.

H a ls e y , S e c r e ta r y , a n d E d w in

C y r u s P ierce a n d H . L . S tu a r t w ere

d ire cto rs a lo n g w ith th e fo re g o in g o ffic e rs.
&

Co.

had

been

in

e xisten c e

six te en

N . W . H a ls e y

years.

T hey

had

sp e c ia lize d in p u b lic u t i lit y , ra ilro a d a n d m u n ic ip a l securi­
tie s.

I t is s ta te d th a t m o re th a n $ 1 0 0 ,0 0 0 ,0 0 0 o f secu rities

o f th a t n a tu re h a d b e e n p la c e d b y th o fir m in th o la s t y e a r .

com m erce.

L im ita tio n s

upon

th e se

p o w ers

w o u ld

it is to b e w ith d ra w n fr o m su ch c o m m e rc e b y th e o w n e r w ith ­
o u t in te n tio n

to re tu rn th e r e to w ith in a re a so n a b le

tim e ;

th e p u rc h a se o f a n y v e s s e l w h ic h is u n d e r re g is try or f l a g
o f a fo re ig n c o u n tr y e n g a g e d in w a r , or a c q u is itio n o f a n y
v e sse l w h ic h w o u ld

n o t b e a v a ila b le fo r o c e a n c o m m e rc e

w ith o u t u n r e a s o n a b le a lte r a tio n s .

The

b ill fu rth e r w o u ld

a u th o riz e th e S h ip p in g B o a r d to org a n ize o n e or m o re c o r ­

T h e N a t io n a l C it y C o . e n te rta in e d th e c o m b in e d o rg a n iz a ­

p o ra tio n s w ith a to ta l c a p ita l s to c k n o t e x c e e d in g $ 5 0 ,0 0 0 ,­

tio n o f m e n a t a d in n er a t th e M c A l p i n H o t e l, th is c i t y , on

0 0 0 , th e G o v e r n m e n t , th r o u g h th e B o a r d , to a u b scrib e fo r

W e d n e s d a y n ig h t, m o re th a n tw o h u n d re d b e in g p re se n t a t

a m a jo r it y o f th e s to c k .

th o ta b le s .

p o w e re d to p u rc h a s e , c o n s tr u c t, e q u ip , le a s e , c h a rte r a n d

P la n s fo r th e d e v e lo p m e n t a n d e x te n sio n o f th e

b u sin e ss w ere th e p rin c ip a l to p ics o f d isc u ssio n .

A m o n g th e

sp ea k e rs o f th e e v e n in g w ere F . A . V a n d e r lip , S a m u e l M c R o b o r t s , A lle n G . H o y t a n d R a lp h H a ls e y .
C . E . M it c h e ll
a c te d a s to a s tm a s te r .

w ere

cast

by

A ll th o v o te s

D e m o c r a t s , w h ile

th e

2 1 n e g a tiv e v o te s w ere tlioso o f R e p u b lic a n S e n a to r s .
b ill p a sse d th e H o u s e o n M a y 2 0 .

S ta t e s .

th e c o m m e rc e o f th e U n ite d

O p e ra tio n o f sh ip s b y th e G o v e r n m e n t co rp o r a tio n s

w o u ld b e lim ite d to a p erio d o f fiv e y e a r s a fte r th e close o f
o

th e E u r o p e a n w a r .

A c t u a l G o v e r n m e n t o p e ra tio n w o u ld
“ un less th e B o a r d

s h a ll b o u n a b le , a fte r a b o n a fid e e ffo r t, to lease th e m o u t .”

T h e A d m in is tr a tio n S h ip P u rc h a se B ill w a s p a sse d b y th e
in fa v o r o f th o b ill

o p e ra te m e r c h a n t ve sse ls in

bo a la s t re s o rt, n o t to b e u n d e r ta k e n

SHIP PURCHASE BILL PASSED BY SENATE.
S o n a te o n th e 1 8 th in s t. b y a v o t e o f 3 8 to 2 1 .

T h e c o rp o ra tio n s w o u ld b e e m ­

The

A

ra d ic a l c h a n g e in A m e r ic a n m e r c h a n t m a rin e p o lic y is

p ro v id e d in a S e n a te a m e n d m e n t p e r m ittin g G o v e r n m e n t a c q u ire d v e s s e ls , w h e th e r fo re ig n or d o m e s tic b u ilt, to e n te r
th e co a s t-w is e trad e o f th e U n it e d S ta t e s .

T h e b ill w o u ld

T h e p u rp o so o f th e b ill,

givo th e p ro p o sed S h ip p in g B o a r d r e g u la to r y a u th o r ity o v e r

as sot o u t in its tit le , is “ to e sta b lish a U n it e d S ta t e s S h ip ­

w a te r carriers o f th e c o u n tr y in in te r -S ta te co m m e rc e w ith

p in g B o a r d fo r th o p u rp oso o f e n c o u r a g in g , d e v e lo p in g a n d

p ow er to re g u la te r a te s , b u t w o u ld e x e m p t fr o m th is re g u la ­

c r e a tin g a n a v a l a u x ilia r y a n d n a v a l reserv e a n d a m e r c h a n t

tio n in lan d w a te r tr a ffic , e x c e p t th a t o n th e G r e a t L a k e s .

m a r in o , to m e e t th o re q u ire m e n ts o f th e c o m m e e r c o f th o

T h o P re sid e n t w o u ld b e a u th o r iz e d to ta k o p o sse ssion fo r

U n it e d S ta te s

w ith

fore ig n c o u n tr ie s;

its territories a n d p o sse ssio n s a n d w ith

to re g u la te carriers b y w a te r e n g a g e d in

th o fo re ig n a n d in to r -S ta to c o m m e rc e o f th e U n it e d S ta t e s ,
a n d fo r o th e r p u r p o s e s .”
T h o bill a p p ro p ria te s $ 5 0 ,0 0 0 ,0 0 0
fo r th o uso o f th o p ro p o se d sh ip p in g b o a r d , th o fu n d s to b e
raisod th r o u g h th o salo o f P a n a m a C a n a l b o n d s .
S everal
im p o r ta n t a m e n d m e n ts to th e b ill w ero ag re e d to ju s t b e fo re

n a v a l p u rp ose s o f a n y v e s s e ls u n d e r th e A c t , w ith re a so n a b le
c o m p e n s a tio n

to

p erson s

d isp o sse sse d .

o th e r m isc e lla n e o u s p ro v isio n s
sh ip p in g re g u la tio n s .

T h ere

m a k in g

m in o r

are

m a n jr

ch a n g e s

in

A n a t t e m p t to secure c o n sid e r a tio n o f th e b ill in th e H o u s e
on

th o

22nd

w as

p re v e n te d

V e r m o n t , a R e p u b lic a n .

by

R e p r e s e n ta tiv e

G reen

of

W h e n R e p r e s e n ta tiv e A le x a n d e r ,

th o fin a l v o to ta k e n in th e S e n a te o n th o 1 8 t h , a m o n g thorn ono

C h a irm a n

b y S e n a to r H o k e S m ith , w h ich w o u ld re d u ce th o s a la r y o f th e
sh ip p in g b o a rd m e m b e rs fr o m $ 1 0 ,0 0 0 to $ 7 ,5 0 0 a y e a r

a n d F ish e rie s, m o v e d to c o n c u r in th e S e n a te a m e n d m e n ts

O th e r a m e n d m e n ts p asse d in clu d e d on e b y S e n a to r F le tc h e r

d eclared th a t if M r . A le x a n d e r p ressed th e q u e s tio n a t th e

w h ich w o u ld a u th o riz e th e P re sid e n t to se ek a d ju s tm e n t o f

p resen t tim e h e w o u ld

fo re ig n

q u o ru m w a s p re s e n t.

d isc rim in a tio n

a g a in st A m e r ic a n

d ip lo m a tic n e g o tia tio n s , a n d
su ch n e g o tia tio n s fa il.

to

sh ip p in g

th ro u g h

ta k o r e ta lia to r y a c tio n if

A n o th e r b y S e n a to r T h o m a s , w o u ld

to

th o

o f th e

s h ip p in g

H o u s e C o m m itt e e o n M e r c h a n t M a r i n e
b ill,

R e p r e s e n ta tiv e
m ake

o b je c te d

and

th e p o in t o f ord er t h a t n o

U n d e r th is th r e a t M r . A le x a n d e r m a d e

no fu rth e r e ffo r t to h a v e
s h ip p in g b ill.

G reen

th e H o u s e ag ree to

th e

S e n a te

W h e n a n o th e r a t t e m p t w as m a d e y e s te r d a y

a u th o r iz e th o T r e a su r y to w ith h o ld cle aran ce fr o m m a s te rs o f

to co n c u r in

ve sse ls w h o d e lib e r a te ly refu se to a c c e p t fre ig h t fr o m A m e r i­

ru led th e m o tio n m a d e b y R e p r e s e n ta tiv e G r e e n e to re fe r

c a n citizen s w ith o u t s a tisfa c to r y re a so n s.

th e sh ip p in g b ill to th e M e r c h a n t M a r i n e C o m m it t e e .

S e n a to r H a r d in g

th e S e n a te a m e n d m e n ts ,

th e S p e a k e r o v e r ­

offe re d a n a m e n d m e n t to e lim in a te v e sse ls o p e ra tin g o n th o
G r e a t L a k e s fr o m

th o ju risd ic tio n o f

th o s h ip p in g b o a rd -

th is m o tio n w as lo st b y a v o to o f 3 6 to 2 4 .

S e n a to r H a r d in g

a lso offe re d a n a m e n d m e n t w h ich w as lik ew iso d e fe a te d
oxcludo fo r e ig n -b u ilt sh ip s fro m th o c o a st w id e tr a d o .

to

Tho

IIo u so b ill p ro v id e d fo r a sh ip p in g b o a r d o f se v e n m e m b e rs
in clu d in g a s e x -o ffic io m e m b e r s , th e S e c re ta ry o f th o N a v y
a n d th e S e c re ta ry o f C o m m e r c e ;




th e S e n a to a m e n d o d tho

AMERICAN MEMBERS OF MEXICAN COMMISSION
NAMED.
T h o n a m e s o f th e th ree A m e r ic a n m e m b e rs o f th e jo in t
c o m m is s io n u p o n w h ich w ill d e v o lv e th e ta s k o f s o lv in g th e
M e x ic a n

b o rd e r d iffic u ltie s w ero a n n o u n c e d

o f S ta te L a n s in g on th e 2 2 n d in s t .
Lane,

S e c re ta ry

of

th e

I n te r io r ;

by

S e c re ta ry

T h e y are F r a n k lin K .
Judge

G eorge

G ray

of

W i lm i n g t o n ,

D e l.

Judge

w as

G ray

and

D r . John

fo r m e r ly

R.

Judge

M o tt
of

of N e w

th e

T h ir d

DEUTSCHLAND’S ARRIVAL IN GERMANY.

Y ork.
F e d e ra l

T h e D e u ts c h la n d , th e firs t su b m a rin e m e r c h a n tm a n a n d

J u d ic ia l C ir c u it , a n d w a s a lso fo r m e r ly a m e m b e r o f th e

th e firs t u n d e r -s e a b o a t to cross th e A t la n t i c , w h ic h le ft

U n it e d S ta te s S e n a to .

a

H o h a s h a d co n sid e r a b le exp erien ce

th is c o u n tr y o n A u g .

1 o n its re tu rn trip fro m B a lt im o r e

o n in te r n a tio n a l b o d ie s a n d sin ce 1 9 0 0 h a s b e e n a m e m b e r

a fte r a s ta y h ere o f m o re th a n a m o n t h , h as re a ch e d G e r m a n y

o f th e In te r n a tio n a l P e r m a n e n t C o u r t o f A r b it r a tio n u n d er

in s a fe ty h a v in g a r riv e d a t th e m o u th o f th e W e s o r R iv e r

th e H a g u e C o n v e n tio n .

D r . M o t t is G e n e ra l S e c re ta ry o f

th e In te r n a tio n a l C o m m it t e e o f th e Y o u n g M e n ’ s C h r istia n
A s s o c ia tio n a n d a u th o r o f n u m e ro u s

re lig io u s

w a s o ffe r e d

C h in a , b y

th e p o s t o f M in is t e r

W i ls o n , b u t d e c lin e d i t .

to

w o rk s .

on A u g . 2 3 .

S in ce th e D e u ts c h la n d le ft h e r p ier a t B a lt i ­

m o re o n th e 1 s t i n s t ., e sco rte d b y th e tu g I liom a s I . l i m -

Ho

m in s a n d a U n it e d S ta te s re v e n u e c u tte r to th e th r e e -m ile

P re sid e n t

lim it , m u c h u n e asin e ss h a d b e e n fe lt b o th in th is c o u n tr y a n d

A s re p o r te d b y u s la s t w e e k , L o u is

in G e r m a n y as to w h e th e r or n o t sh e w o u ld b o su c c e s s fu l

D . B r a n d e is , A s s o c ia te J u stic e o f th e U n it e d S ta t e s S u p re m e

in e v a d in g th e A llie d w a rsh ip s on th e lo o k o u t for h e r.

C o u r t h a d b e e n o r ig in a lly c h o se n b y

te le g ra m re ce iv e d in A m s te r d a m fro m B r e m e n , a s fo rw a rd o d

P re sid e n t W ils o n to

A

se rv e a s ono o f th o A m e r ic a n m e m b e r s o f th e C o m m is s io n ,

b y R e u te r ’ s c o rr e s p o n d e n t, s a y s th o D e u ts c h la n d tr a v e le d

b u t d ec id e d th a t h i3 d u tie s w o u ld n o t p e r m it h im to a c c e p t

4 ,2 0 0 m ile s o n her h o m e w a r d v o y a g e a n d th a t n o d iffic u lt y

th e a p p o in t m e n t.

of

w a s fo u n d in tr a v e r sin g a d ista n c e o f 1 0 0 m ile s u n d er w a te r .

th e C o m m it t e e , as a n n o u n c e d in o u r issu e o f A u g u s t 5 , aro

T h e s a m e r o u te , it is s a id , w a s ta k e n b y th o D e u ts c h la n d

T h o n a m e s o f th o M e x ic a n m e m b e rs

L u is C a b r e r a , Y g n a c io B o n illa s a n d A lb e r to J . P a n i.

A ll

o n b o th h e r v o y a g e s , re tu rn in g to

G erm an y

th r o u g h

th e

th e C o m m issio n e r s lia v o a c c e p te d .
F o llo w in g a co n fe re n ce o n W e d n e s d a y b o tw e e n S ec re ta ry

N o rth Sea.

o f S ta te L a n sin g a n d E lis e o A r r e d o n d o , th o M e x ic a n A m ­

re tu r n , a n d C a p t a in K o e n ig a n d his crow h a v e b e e n fe t e d

T h e r e is , it is s t a t e d , g r e a t re jo ic in g th r o u g h ­

o u t G e r m a n y o v o r th e su ccess o f

th o

D e u tc h la n d s

safo

b a s s a d o r D e s ig n a te , it w a s a n n o u n c e d th a t th o m e e tin g o f

as h e ro es; th o G o r m a n p ress g iv e s lib e ra l p raise to the fa ir

th e C o m m issio n e r s w o u ld ta k o p la c e th e w e e k o f S e p te m b e r 4 .

and

Jam es

L in n

C arran za

R od gers,

G o ve rn m e n t,

A m e r ic a n
f o r m a lly

r e p re se n ta tiv e

m ade

it

know n

n o u tra l

condu ct

of

th o

U n ite d

S ta te s

G o v e rn m e n t.

to

th e

A c c o r d in g to a d is p a tc h re ce iv e d in

to

th e

d a y , th e fo llo w in g te le g ra m h as b een re ce iv e d b y th o ow n ers

A m s te r d a m on I h u r s -

F o r e ig n O ffic e a t M e x ic o C i t y o n th e 2 4 t h i n s t . th a t a p re­

o f th e D o u ts c h la n d fr o m E m p e r o r W i lli a m :

lim in a r y co n fe re n ce o f th e co n fe re e s w ill b e h e ld a t th o H o te l

With sincere pleasure, I havo just received nows of tho safo return of tho
submarine liner Doutschland. I heartily congratulate the owners and
builders of tho vossel and tho bravo seamen undor Koenig’s command.

B iltm o r o in N e w

Y o rk next M o n d a y .

C o n c e r n in g th o issu a n ce o f a decree a ffe c tin g th e sta n d in g
o f fore ig n ers in M e x i c o ,

d isp a tc h e s fro m

M o x ic o C i t y o n

An official decree issued to-day provides that all foreigners who intend to
acquire public lands, mineral lands or water rights, or who seek permission
to explore and exploit oil lands, timber lands or fisheries, must make formal
declaration before the Department ot Foreign Relations that they re­
nounce treaty rights and are to be considered to have only tho same privi­
lege as Mexicans. They are to incur tho same obligations as Mexicans
and to renounce tho right to demand protection of their Governments.
Foreign companies will bo unablo to acquire rights to such properties
until they havo made the same declaration. Not oven a permit for ex­
ploration of lands wid bo issued until this regulation has been complied with.
Titles to such properties and all contracts and public documents referring
to them must contain this clauso or they will bo void.
Any proceedings already entered upon by foreigners with tho Govern­
ment referring to such properties will remain in their present status and will
not bo taken up again until the declaration is made. If this is not dono
within four months, the persons or companies concerned will bo considered
to havo withdrawn their petitions or proceedings, and shall havo no re­
course against this step.
, . .
..
This decree supplements the similar measure promulgated recently
regarding tho formation o f foreign companies. Tho Government lias
ceased to issue permits to explore oil lands pending codification of tho laws
on this subject.
I t w a s s ta to d a t th o sa m e tim e th a t G e n . C a r r a n z a also

m e m b e rs

of

th e

D e u ts c h la n d ’ s

_________ ____ __________________ _

ACTION OF LANDSTHING ON DANISH TREATY.
B y a v o t e o f 3 9 to 7 , th e L a n d s th in g , th e u p p e r H o u s e of
th e D a n is h P a r lia m e n t, s itt in g in c o m m itte e o n A u g . 2 4 ,
a d o p t e d a re s o lu tio n to th e e ffe c t t h a t if th o sale o f th o D a n is h
W o s t In d ie s to th e U n it e d S ta te s c a n n o t bo p o s tp o n e d u n til
a fte r th o w a r , th e q u e s tio n sh a ll b e s e ttle d b y g e n e ra l elec­
tio n s .

T h r e e m e m b e r s refra in ed fr o m v o tin g a n d

w ere a b s e n t .

th irte e n

O n A u g . 1 4 th e F o lk e t h in g ,o r lo w er IIo u so o f

P a r lia m e n t, v o t e d in fa v o r o f th e sale o f th e Is la n d s if a
p le b is c ite fa v o r e d th e s a le .

T h o v o t e in th o lo w e r H o u s o w a s

6 2 to 4 4 , on o m e m b e r b o in g d en ied a v o t e a n d six b e in g
ab sen t.

The

F o lk e t h in g

th e n

to o k

up

th e

q u e s tio n

of

r a tific a tio n o f th o tr e a ty its e lf, p ro v id in g fo r th e salo o f the
I s la n d s .

T h o v o t e w a s th e sa m e as th a t u p o n th o q u e s tio n

o f th e s a le .

D is c u s s io n in th o F o lk e th in g tu rn e d u p o n th o

q u e s tio n a s to w h e th e r th o p le b is c ite , or p o p u la r v o te o n th o

m a d e k n o w n h is in te n tio n sh o r tly to issue a decree e s ta b ­

tr e a t y , o r th o e le c tio n s , or b o th th e e le ctio n s a n d th o p o p u la r

lis h in g a c rite rio n fo r d e te r m in in g w h ic h o f th o p ro p e rtie s

v o t o , sh o u ld ta k o p la c e b e fo ro re a ch in g a d ip lo m a tic se ttle ­

c o n fisc a te d

m e n t o n th o salo .

by

th o

G o v e r n m e n t sh a ll b o ro tu rn ed

to

th e

P re m ie r Z a h lo s ta te d t h a t if e le ctio n s

ow n e rs an d w h ic h sh a ll bo fin a lly ta k e n o v e r b y th e G o v e r n ­

sh o u ld b o n e c e s s a r y th o G o v e r n m e n t w o u ld h a v o to a s k tho

m e n t.

A m e r ic a n

T h e s ta n d a r d , it is s t a t e d , w ill b o b a s e d u p o n th e

v a r y in g d eg rees o f th e p o litic a l o r c im in a l a c tiv ity o f th e
o w n e rs a g a in st th o G o v e r n m e n t .
A c c o r d in g to a n n o u n c e m e n ts fr o m
can

c itiz e n

cannot

re n o u n c e

h is

G overn m en t

if

th e

m a tte r

co u ld

bo p o s tp o n e d

u n til th e n e w ly e le c te d R ig s d a g m e e ts in N o v e m b e r .
T h o L a n d s th in g o n th e 1 2 th in s t. o n m o tio n o f its P re si­

W a s h in g t o n

on

th e

1 8 t h in s t ., th o A d m in is tr a tio n , o n th o th e o r y th a t an A m e r i­
tr e a ty

rig h ts

excep t

by

d e n t , d ec id e d to re s o lv e itse lf in to a c o m m itte e o f th o w h o lo
to co n sid er th o b ill fo r th o ra tific a tio n o f th o sa lo .
O n th o
1 5 th in s t . it a p p o in te d a c o m m itte e o f fifte e n m e m b e rs to

re n o u n c in g h is c itiz e n sh ip , w ill n o t re c o g n iz e th o M e x ic a n

ta k o u p

d ecree m a k in g

c o m m itte e o f th o w h o lo w a s h eld o n th o 1 6 t h , to co n sid er

fu tu r o
by

re n u n c ia tio n

c o m m e rc ia l

th e

S ta t e

of

c o n c e ssio n s.

D e p a rtm e n t,

tr e a ty
No

r ig h ts

th e

in d ic a tio n

how ever,

th a t

b a sis o f

w a s g iv e n

fo r m a l

p ro te s t

w o id d bo m a d e a g a in s t th e decree u n le ss a ca se in p o in t
s h o u ld arise .
A te le g ra m re c e iv e d b y th o W a r D e p a r tm e n t o n th e 2 3 d
V illa is still a liv e a n d in h id in g , b u t th a t h is p re stig e is g e n ­
e r a lly b e lie v e d to bo w a n in g .

T h o d isp a tc h sa id :

M y last report regarding Villa attack on Parral Is now reported to bo
Incorrect. Villa had only small following. lie avoided Parral and places
occupied by Carranza troops. He was making his way south into Durango.
Probably now hiding in mountains.
Until recently Villa has been hiding since being driven to mountains of
southern Chihuahua by our troops last April. His late attempt to obtain
following reported as almost total failuro. Opinion seems general that
'Villa’s prestige is gone and that he can never again become serious factor
in Mexican affairs.
_

PHILIPPINE ISLANDS BILL APPROVED BY HOUSE.
F o llo w in g

th e a c tio n

of

th o S e n a te

a p p r o v e d th o b ill a s re p o rte d fr o m

w h ich

on

Aug.

16

th e H o u s e a n d S e n a te

. co n fe re e s p ro v id in g fo r a g re a te r m e a su re o f se lf-g o v e r n m e n t
fo r th o F ilip in o s , b u t e lim in a tin g S e n a to r C la r k e ’ s a m e n d ­
m e n t g r a n tin g in d e p e n d en c e w ith in fo u r y e a r s ,

tho H o u s e

• o n A u g . 1 8 a d o p te d th e m e a su r o , referred to in la s t w e e k ’ s
issu e

(p a g e 6 3 1 )




by

a

v o te of 3 4

“ fo r”

to 2 9

“ a g a in s t .”

th e m a t t e r .

A

m e e tin g o f th e

L a n d s th in g as a

th o tr e a ty p ro v id in g fo r th e sale o f th e Is la n d s ; 4 7 o f

th o

6 1 m e m b e r s p re sen t p la c e d th e m s e lv e s in f a v o r o f th o ord or
o f tho d a y , s ta tin g t h a t th e sale co u ld n o t bo c o m p le te d b e fo ro
th e

i n s t , fro m B r ig a d ie r -G e n e r a l P er sh in g in d ic a te d th a t G e n e ra l

.

d e c o ra tio n s o n

p e r so n n e l.

th e 1 7 th in s t. s a id :

.

T h e m e ssa g e a lso e xp ressed th o in te n tio n o f th e E m p e r o r
to b e s to w

e le ctio n s

fo r b o t h H o u s e s of P a r lia m e n t h a d boon h o ld .

F iv e m e m b e r s o f th e L a n d s th in g w ere a b s e n t fro m th o m e e t­
in g .

T h o s itu a tio n w a s fu rth e r c o m p lic a te d b y a p ro p o sa l

fr o m P re m ie r Z a b le th a t th e G o v e r n m e n t resign a n d h e lp
in

th o

p a r tie s .
h o ld in g

fo r m a tio n
T h is
of

of

a

p r o p o s a l,

e le ctio n s

as

C a b in e t
if

re p re se n tin g

carried

a d v o c a te d

o u t,
by

th o

w o u ld
th o

v a rio u s

a v o id

th e

C o n s e r v a tiv e s

a n d th e L o f t .
.
K in g C h r is tia n o n th o 1 9 th i n s t ., a p p e a le d to th o P a r lia ­
m e n ta r y lea d ers to a c c e p t h is p ro p o sa l for a c o a litio n C a b i­
n e t , w h ic h w o u ld a v o id a n ele ction a n d h a s te n a c tio n o n th o
salo o f th o W e s t In d ie s to th o U n ite d S t a t e s .
O n th o 1 6 th in s t. re p o r ts fr o m S t . T h o m a s , o n e o f th o
isla n d s in v o lv e d , s ta te d t h a t a p p a r e n tly tho in h a b ita n ts o f
th o Is la n d o f S t . C r o ix w ere in fa v o r o f th o salo o f tho D a n is h
W e s t In d ie s to th o U n it e d S ta te s .
U n o ffic ia l b a llo tin g w as
h old th ere o n th o 1 5 t h in s t ., a n d o f th o v o te s c a s t 5 ,0 0 0
w ere in fa v o r o f th e p ro p o s itio n a n d o n ly 11 a g a in s t it .
p o p u la tio n o f S t . C r o ix Is la n d in 1 9 1 1 w a s 1 8 ,5 9 0 .

Tho

A re so lu ­

tio n w as a d o p te d in th e S t . T h o m a s L e g isla tu re o n th o 2 4 t h
i n s t ., u rgin g u p o n th o D a n is h G o v e r n m e n t th e e x p e d itin g

p ro p o s a l— in v o lv in g th e a d o p tio n o f a n e ig h t-h o u r d a y , th e
a c c e p ta n c e b y th o tra in m e n o f re g u la r p ro r a ta o v e r tim e

o f th o n e g o tia tio n s fo r th e sale o f tho D a n is h W e s t In d ie s to

in lie u o f tim e an d a h a lf fo r o v e r tim e , th e a b a n d o n m e n t

th e U n it e d S ta te s .

b y th e ra ilro a d s o f th e ir d e m a n d s fo r th e s u b m is s io n o f th e

A s in d ic a te d in o u r issue o f A u g . 5 , th o sig n in g o f th e
tr e a ty b e tw e e n D e n m a r k a n d th e U n it e d S ta te s fo r th e sale

c o n tr o v e r s y

to a r b itr a tio n or m e d ia tio n , a n d

th e ir a c q u i­

esce n ce in th e P r e s id e n t’ s su g g e stio n fo r th o a p p o in t m e n t o f

o f th o Isla n d s b y S e c re ta ry o f S ta te L a n s in g a n d th o D a n is h

a F e d e r a l C o m m is s io n to in v e s tig a te th e c o lla te ra l p ro b le m s

M in is te r , C o n s ta n tin B r u n , to o k p la ce o n A u g . 4 .

— a

T h o tr e a ty

d e a d lo c k

in

th o n e g o tia tio n s s e em e d im m in e n t , since

in v o lv in g th o sale o f th o is la n d s , a t $ 2 5 ,0 0 0 ,0 0 0 , is s u b je c t

th o P r e s id e n t, o n h is p a r t, w a s in s is te n t u p o n th e c a rr y in g

to co n fir m a tio n b y tho U n it e d S ta te s S e n a te a n d th o D a n is h

o u t o f h is p r o p o s a l, r a tific a tio n o f w h ich w a s re co rd e d b y

R ig s d a g .

th o re p re s e n ta tiv e s o f th e fo u r b r o th e r h o o d s o n

In v e s tig a tio n o f th e m e a n s b y w h ich a c o n fid e n tia l c o p y
o f tho tr e a ty b e c a m e p u b lic w a s d e m a n d e d in th o S e n a to on

in s t .

To

fo llo w

th e d e v e lo p m e n ts fr o m

ra ilro a d s th ro u g h H a le

day

th e

1 8 th

to d a y ,

th e

H o ld e n , P re s id e n t o f th e C h ic a g o

th e 1 0 th in s t. b y S e n a to r S to n e , C h a ir m a n o f th e F o r e ig n

B u r lin g to n & Q u in c y o n th e 1 9 t h i n s t ., a c tin g a s s p o k e s m a n

R e la tio n s C o m m it t e e .

fo r th o th ir ty -th r e e ra ilro a d o ffic ia ls , sig n ifie d th o te n ta tiv e

A n a b str a c t o f th e tr e a ty p u b lish e d o n t h a t d a y w a s b e ­

re fu sa l o f th e ro a d s to th e p ro p o s itio n in q u e s tio n .

B o th

lie v e d to h a v o b e e n m a d o fr o m on e o f tw e n t y -fiv e n u m b e r e d

P re s id e n t W ils o n a n d M r . H o ld e n issu e d s ta te m e n ts o n th a t

co pies se n t to th o S e n a to on th e 8 th in s t . b y th e S ta t e D e ­

d a y u p h o ld in g th e ir re s p e c tiv e c o n te n tio n s , P re s id e n t W ils o n

p a r tm e n t, w ith a le tte r tr a n sm ittin g a re q u e st o f th o D a n is h

ta k in g th e p u b lic in to

G o v e r n m e n t t h a t th o te rm s o f th o c o n v e n tio n

p o sa l in th o fo llo w in g :

b o w ith h e ld

u n til th o tw o G o v e r n m e n ts ag re e d to p r o m u lg a te thorn.

Tho

D e p a r t m e n t ’ s c o m m u n ic a tio n re a ch e d th o S e n a te in e x e c u tiv e
se ssio n a n d w a s referred to th e F o r e ig n R e la tio n s C o m m it t e e .
S o c ro ta ry o f S ta t e

L a n s in g a p p e a re d b e fo re th o S en a te

F o r e ig n R e la tio n s C o m m itt e o o n th o 1 8 th in s t. to an sw er
q u e stio n s re la tin g

to

th o

tr e a ty .

The

C o m m it t e o , a t its

first m e e tin g to co n sid e r th o tr e a ty , d e c id e d a p erso n a l e x­
p la n a tio n fro m th o S e c re ta ry w o u ld bo n e ce ssa ry to s a tis fy
so m e o f th o m e m b e rs re g a rd in g d e ta ils re la tin g to b u sin ess
co n ce ssio n s in th e isla n d s, a n d to th o p u rc h a se p ric e .
Som o
o f th o S e n a to rs on th o C o m m it t e e , a lth o u g h tlio y fa v o r p u r­
c h a sin g th o isla n d s, b e lie v e d th o $ 2 5 ,0 0 0 ,0 0 0 ask e d b y D e n ­
m a r k is e x o r b ita n t, e sp e c ia lly in v iew o f th o fa c t th a t she
o ffe r e d to sell th e m fo r $ 5 ,0 0 0 ,0 0 0 in 1 9 0 2 .

M r . L a n s in g

arg u e d t h a t th o str a te g ic lo c a tio n o f th o islan d s m a d o it
dosirablo th a t th o y sh o u ld n o t fa ll in to th o p osse ssio n o f a n y
foro ign c o u n tr y , a n d as to th o p ric e , ho said it w a s s im p ly a
m a tte r a s to w h e th e r th o isla n d s w ero w a n te d th a t b a d ly or
n o t.

A s k e d if th o M o n r o e D o c tr in o w o u ld n o t a b s o lu te ly

p r e v e n t th o seizure o f th o isla n d s b y a n y fo re ig n P o w e r or
th e ir tran sfe r to a n y o th e r fore ig n P o w e r , ho re p lied th a t it
m ig h t , b u t c e r ta in ly a title to th o isla n d s, su ch as w o u ld be
a c q u ire d b y th oir p u rc h ase fr o m D e n m a r k , w o u ld s tre n g th e n
th o p o sitio n o f th o U n it e d S ta t e s in d e fe n d in g th o M o n r o e
D o c tr in o .

HAITIAN PROTOCOL SIGNED.
A p ro to c o l a m p lify in g th o H a itia n tr e a ty w ith th o U n it e d
S ta te s b y w h ic h th is G o v e r n m e n t e sta b lish e s a n A m e r ic a n
p olico a n d fin a n c ia l p r o te c to r a te , w as sig n ed a t th o S ta te
D e p a r tm e n t o n A u g . 2 4 , b y S e c re ta ry L a n s in g a n d § o lo n
M on os,

th o H a itia n M in is te r to

th o U n it e d

S ta tes.

The

tr e a ty p ro p e r, w h ich w o g a v o in fu ll in o u r e d ito r ia l c o lu m n s
o n M a r c h 1 8 , w a s ra tifie d b y th o U . S . S e n a to o n F e b . 2 8 .
N ow sp ap er

d isp a tc h e s

s ta to ,

th a t

th o

p r o to c o l

ra tifie d

o n th o 2 4 th in s t . arra n ges th o do tails fo r th o so ttin g u p o f
th o n a tiv e c o n s ta b u la r y u n d e r c o m m a n d o f A m e r ic a n m a rin e
o ffic e r s, a n d w ill m a k o p ossib le th o g r a d u a l w ith d ra w a l o f tho
A m e r ic a n m a rin e fr o m H a it i.
U n d e r th o te rm s o f th o tr e a ty th o H a itia n G o v e r n m e n t
o b lig a te d itse lf w ith o u t d e la y to crea te a n e ffic ie n t c o n s ta b u ­
la r y , c o m p o se d o f n a tiv e s a n d office re d b y A m e r ic a n s a p ­
p o in te d b y th o P re sid e n t o f H a i t i , u p o n n o m in a tio n b y
P re sid e n t o f th o U n it e d S ta t e s .

th e

T h o c o n s ta b u la r y h a s n o t

b e e n o rg a n ize d a n d c o u ld n o t bo orga n ized u n til so m o ag ree­
m e n t o r p ro to c o l r e g a rd in g its fo rm a tio n w a s n e g o tia te d
u n d e r th o tr e a t y .
I t ca lls fo r tho fo rm a tio n o f a n a tiv e
c o n s ta b u la r y o f 2 ,5 0 0 m o n to bo c o m m a n d e d b y 6 8 A m e r ic a n
m a rin e o ffic e rs.
T h e h e a d o f th o co n sta b u la ry
A m e r ic a n M a j o r o f M a r in o s .

w ill bo an

T h e office rs a p p o in te d w ill re ce iv e their re g u la r p a y fro m
th o A m e r ic a n G o v e r n m e n t , a n d in a d d itio n w ill bo p a id $ 2 0 0
to $ 4 0 0 e x tr a a n n u a lly b y th e H a itia n G o v e r n m e n t .

T h orp

w ill bo fivo A m e r ic a n m a rin e co rp s su rgeon s a n d so m o m a rin e
ste w a rd s

and

p h a r m a c ists

assign e d

to

th o

c o n s ta b u la r y ,

w h ic h w ill bo o rg a n ize d a fte r th o m o d e l o f th o P h ilip p in e
C o n s ta b u la r y .
____________________________

SITUATION IN CONTROVERSY~OVER TRAINMEN’S
DEMANDS.
E ffo r ts
b o tw ee n

to
th e

w o rk o u t a n a d ju s tm e n t o f

th e c o n tr o v e r s y

tr a in m e n

havo

and

th o

ra ilro a d s

beon

con­

tin u ed th is w co k in c o n fe re n ce s b o tw eo n P re sid e n t W ils o n
and

th o

tw o

c o n flic tin g

in te r e sts.

W ith

th o

d e c lin a tio n

o f tho ra ilro a d re p re se n ta tiv e s to a sse n t to th o P r e s id e n t’ s




h is c o n fid e n c e c o n c e rn in g h is p ro­

I have recommended tho concession of the eight-hour day— that is, the
substitution of an eight-hour day for tho present ten-hour day in all tho
existing practices and agreements. I mado this recommendation because
I believe the concession right. Tho eight-hour day now, undoubtedly,
has the sanction of the judgment of society in its favor and should be
adopted as a basis for wages, even where the actual work to be done cannot
be completed within eight hours.
Concerning tho adjustments which should bo mado in justice to tho rail­
roads and their stockholders in tho payments and privileges to which their
men are now entitled, (if such adjustments are necessary), there Is a wide
divergence of opinion.
The railroads which havo already adopted tho eight-hour day do not
seem to be at any serious disadvantage in respect to their cost of operation
as compared with the railroads that have retained tho ten-hour day, and
calculations as to the cost of the change must, if made now, bo made with­
out regard to any possiblo administrative economies or readjustments.
Only experience can make It certain what rearrangements would be fair
and equitable cither on behalf of tho men or on behalf of the railroads.
That experience would bo a definito guido to tho Inter-State Commerce
Commission, for example, in determining whether, as a consequence of the
change, it would bo necessary and right to authorize an increase of rates
for tho handling and carriage of freight, (for passenger service is not af­
fected.)
I,
therefore, proposed that the demand for extra pay for overtime made
by tho men and the contingent proposals of the railroad authorities bo post­
poned until facts shall have taken the place of calculations and forecast
with regard to the effects of a change to tho eight-hour day; that, in the
meantimo, while experience was developing the facts, I should seek, and
if need bo, obtain, authority from tho Congress to appoint a small body of
impartial men to observe and thoroughly acquaint themselves with tho re­
sults, with a view to reporting to Congress at the earliest possible time the
facts disclosed by their inquiries, but without recommendation of any kind;
and that it should then be entirely open to either or both parties to the
present controversy to give notice of a termination of tho present agree­
ments, with a view to instituting inquiry into suggested readjustments of
pay or practice.
This seems to me a thoroughly practical and entirely fair program, and
I think that the public has the right to expect its acceptance.
W o a n n e x b e lo w M r . H o ld e n ’ s s ta te m e n t o f th e 1 9 t h in s t .
in w h ic h s u p p o rt o f th e ra ilro a d s o n b e h a lf o f th e p rin c ip le
o f a r b itra tio n w a s u r g e d :

The representatives of tho railroads here present havo given careful con­
sideration to the proposals submitted by you for an adjustment of the critical
conditions confronting us. May wo again express tho grave sense of re­
sponsibility upon our shoulders to discharge, as faithful trustees of the
public interest, the duty to maintain and operate these properties as agencies
efficient at all times, to serve tho continuous public demand for transporta­
tion service, as faithful trustees also to protect, in so far as it is in our
power, tho interests of the owners of these properties committed to our
charge.
In the previous stages of these negotiations tho Conferecne Committee
of Managers has consistently adhered to the policy of arbitration as a
fundamental principle. It Is essentially tho common right of every citizen
of whatever station in life, to bo heard, to have his day in Court; It is
Indeed a substitute for wasteful litigation recognized long since in tho codes
of all civilized countries.
A denial of the right to be heard does not exist under any form of Govern­
ment with which our race has ever been familiar and tho common accept­
ance in international affairs, in the adjustment of public and private rights
under our Federal and State Governments, of the principle of arbitration
as an approved method for the friendly aettlement of the serious conten­
tions of tho parties, has put the right to claim arbitration as a method of
settling such controversies beyond question.
For these reasons we have supported our committee in their continuous
demand and in those important particulars upon which no agreement
could bo reached arbitration should be accorded upon any reasonable basis
that might be adopted.
Tho eight-hour day— I shall not at this timo stop to fully analyze or com­
ment upon tho importance of tho difference between tho eight-hour day as
commonly understood In tho building and manufacturing trades and tho socalled eight-hour basic day demanded in this controversy— the eight-hour
day Is, In our mature judgment, when considered in connection with rail­
road train service, a question upon which honest minds may differ and Is
therefore nocessarily a subject for arbitration. In that manner, the con­
tentions o f the parties may be considered and a fair answer given.
Social questions affecting tho ordinary work day in which for six days
a week a regular daily routine is pursued, are thoso which determine how
long, during each of these periods, tho laborer should work; and while in
somo States oight hours has been adoptod as tho desirablo or compulsory
maximum, this broad land is to-day teeming with the contented and ef­
ficient industry of millions of workers that are working moro than eight
hours a day. The precedent therefore exists; it exists in fact, and tho
right or wrong of It, as we feel, has not yet in this country passed beyond
tho realm of debate.
But these are not our problems. The railroad day is a different thing,
as has been patiently, and I infer, many times explained. Railroad trains

run throughout tho 24-hour period; tho public demands that thoy run on
Sundays and holidays; thoy start at any hour that tho necessities may de­
mand; they cannot stop until a terminal is reached, and many conditions,
stated and accidental, render it impossible to restrict tho hours of railroad
labor to a fixed standard.
In a general movement of some years ago tho present 10-hour basic day
was negotiated and approved by tho representatives o f railroad labor
throughout the country and has continued with some exceptions to tho
present day. These exceptions have boon worked out under local con­
ditions, different often from the general conditions affecting the question.
In several important arbitrations of railroad rates of pay and conditions
of service within recent years, tho last within two years involving 98 rail­
roads serving the entiro territory betweon Chicago and tho Pacific coast,
the 10-hour basic day was incorporated in tho demands o f tho organiza­
tions parties thereto and mado tho basis by them of tho rates and rules
awarded by tho Federal Board.
Ac the present time, in a controversy now ponding over tho identical
questions involvod hero and in which numerous important railroads and
a national organization of switchmen aro parties, an arbitration through
the friendly offices o f tho Federal Board of Mediation has boon agreed to,
wherein tho question of an eight-hour basic day has been submitted as an
arbitrable question.
We stand for the principle of arbitration for tho settlement of industrial
disputes. Arbitration is the ideal toward which public sentiment and legis­
lation of this country havo been steadily tending for the settlement of dis­
putes between employers and employees, particularly in tho case of public
servico corporations, rather than tho strike and tho lockout with attendant
disturbances and paralysis of legislation, both State and national.
So late as 1913 tho Federal law was perfected or improved by amend­
ments framed in conference with somo of tho railroad labor leaders now
refusing to arbitrate, and includes in its scopo all controversies in rail­
road servico.
Wo invoke that principle now and aro willing for tho Inter-State Com­
merce Commission to arbitrate tho wholo question. More than that, wo
aro willing for tho President of the United States to appoint a commission
of disinterested persons to arbitrate all matters in disputo if neither tho
Inter-State Commerco Commission nor tho machinery o f tho Newlands
Act is satisfactory to the labor loaders.
But wo have beon mot with a refusal to arbitrate in any manner; and
aro now asked to surrender tho principle and to add an additional burden
of many millions per annum to tho cost of railroad transportaion in this
country for tho benefit of a class who aro among the most highly paid and
favored workmen in tho world. This is demanded under tho guise of a
plea for an eight-hour day. It is in reality only an indirect plea for an
enormous increase in wages.
Tho intricate and technical naturo of the case and tho complexity of tho
facts make the controversy pre-eminently one for arbitration by an im­
partial tribunal with authority to examino into every fact and reach a
decision fair and just to tho employees, the owners and the public which
ultimately must bear tho burden.
To refuso to arbitrate is an admission of the unreasonableness of tho de­
mand. Moreover tho refusal is by those demanding a vital chango in an
existing status.
For a party to demand a chango of such a status and
accompany the demand with a refusal to arbitrate is in conflict with right
standards of conduct. In this instance, for those demanding a chango to
refuso to submit their demands to arbitration is indefensible.
T o say that such a demand as that now presented for a revolutionary
chango in the arrangements that havo grown up in tho development of tho
railroad business and involving so many complicated facts and relations and
such vast additions to the cost of tho country’s transportation is not arbitra­
ble is to destroy tho principle of arbitration, and if successful would, in our
judgment, tend immediately to discard all of tho legislation, Stato and
National, which has beon enacted in recent years and set tho country back
to tho old days of strikes, lockouts, public disorder and business anarchy
for the settlement o f questions inherent in tho relations of omploycr and
employee.
Tho viow that so important an issue as this may not in conscience bo
honestly debated and, therefore, arbitrated, raises this question above
and boyond the lesser contentions of hours of service, or payment of wages;
it raises it, in gravity, beyond tho social or monetary questions affecting
tho parties before you because it tends to force, by tho great weight of your
spoken word, tho railroads to surrender a right to bo hoard, a right ex­
pressly recognized by tho policy o f tho Federal legislation enacted for tho
purpose of adjusting theso disputes and under tho ban of your disapproval,
expressed before tho bar of public opinion, to accept as indisputable con­
ditions requiring, as wo believe, an enormous sacrifice in efficiency of
service and cost of operation of these properties.
An adjustment in this manner will not stop with this controversy. It
will be repeated in every Industry wherein to-day industrial peace exists
without controversy.
It will, by the forco of this high precedent, place in peril all that has been
accomplished in tho peaceful adjustment of labor controversy by methods
of arbitration, and therefore wo present to you our respectful but earnest
request that you do not lend tho woight o f your greater influence against
this right, which wo claim, to bo heard, but support tho railroads in this
crisis in the effort to maintain this great principle of arbitration.
T h e s ta te m e n t c o n c lu d e d w ith th is a d d itio n :

Mr Holden then explained that in accordance with past custom and tho
requirements o f tho situation, complote authority to conduct negotiations
in behalf of the railroads in the present controversy had been conveyed to
tho conference committee of managers. Ho further explained that the
executives prosent had authority to speak only for tho properties each
represents. It is understood that telegrams wero sent from tho Whito
House to other railroad executives of the country and tho conference ad­
journed pending their arrival.
A t th o close o f th o c o n fe re n ce o n S a tu r d a y la s t , th o 1 9 t h ,
P r e s id e n t W ils o n in th o

fo llo w in g te le g r a m ,

s u m m o n e d to

W a s h in g t o n , a n u m b e r o f a d d itio n a l ra ilro ad P re sid e n ts fro m
th o W e s t :

T h e W h ile H o u s e , A u g . 19 1916.
Discussion o f the matters involved in the threatened railway strike is
still continuing. It is highly important that I should personally confer
with you or some one authorized to represent you at tho earliest possible
moment. Hope you can arrange matters so as to bo able to como to
Washington at once.
WOODROW WILSON.

T h e d a y w a s a lso m a r k e d b y tho issu an ce o f th o fo llo w in g
s ta te m e n t b y A . B . G a r r e ts o n , h e a d o f th o c o n d u c to rs an d
C h a ir m a n o f th o B r o th e r h o o d C o n fe re n c e C o m m itt e e :

The President has mado his statement o f the case, setting forth what ho
believes to be the right solution o f the controversy. Except for his reference
he determination o f the cost to the railroads we go along with him.




W .

G.

L ee,

P re s id e n t

of

th e

B r o th e r h o o d

of

R a ilw a y

T r a in m e n , a ls o g a v e o u t a s ta te m e n t o n b e h a lf o f th o tra in ­
m e n o n th e 1 9 t h i n s t ., in w h ic h ho s a id :

Tho employees accepted— as law-abiding citizens should— tho request
of President Wilson to meet him and present our views. President Wilson,
after a vory carefid investigation, suggested certain terms of settlement
that, in his opinion, should bo accepted by both sides to the controversy.
The employees surrendered a very large part of their demands and signified
their willingness to accept the President’s suggestion. Tho railway com­
panies, after appealing to tho Government, seem about as unwilling to
accept suggestions from tho President of the United States as they havo
been in the past to consider requests from their employees. We are In
Washington as tho invited guests of tho President and shall tako no furthor
action until released by him.
O n S u n d a y th e o n ly f a c to r to d e v e lo p in th o p ro ce ed in g s
w as

th e

p u b lic a tio n

o f co rresp o n d e n ce

b e tw e o n

P re s id e n t

W ils o n an d G e o r g e P o p e , P r e s id e n t o f th o N a t io n a l A s s o c ia ­
tio n o f M a n u fa c t u r e r s , in w h ic h P re s id e n t W ils o n d ec la re d
th a t ho h old fir m ly a r b itr a tio n a s a p rin c ip le , a n d th a t his
p o sitio n in th o p re sen t c o n tr o v e r s y s tr e n g th e n e d ra th e r th a n
w e a k e n e d t h a t p rin c ip le .
H is ex p re ssio n o f v io w in th o
m a tte r w a s g iv e n in re sp o n se to th o fo llo w in g te le g ra m o f
C o l. P o p e :
H a r t f o r d , C o n n ., A u g .

18 1916.

T h e P r e s id e n t, th e W h ite H o u s e : -

On behalf o f thirty-seven hundred manufacturing organizations employ­
ing three million persons, and utterly dependent upon uninterrupted rail­
road servico for their continued operation, I beg to at once express our
deep appreciation of your efforts to prevent the destructive stoppago of
national railroad service, and to specially urge that you will with all tho
power of your great office and personality to assert|and maintain the principle
of arbitration for industrial disputes affecting national intercourse. No
just demand can fear such a test, no unfair demand can or should survive
it. Wo sincerely beliove no man in our history has possessed such an
opportunity to fortify this essentail principle of public security against
futuro attack by employer or employee.
GEORGE POPE, P r e s id e n t.
N a t i o n a l A s s o c i a t i o n o f M a n u fa c t u r e r s .

T h o P r e s id e n t’s re p ly w a s as fo llo w s :

Allow mo to acknowledge tho receipt of your telegram of Aug. 18 and to
say in reply tnat I hold to the principle of arbitration with as clear a convic­
tion and as firm a purposo as any one, but that unfortunately thero is no
means now in existence by which arbitration can be secured. Tho exist­
ing means have been tried and have failed. This situation must nover bo
allowed to ariso again, but it has risen. Some moans must bo found to
prevent its recurrence, but no means can be found off-hand or in a hurry, or
in season to meet the present national emergency.
What I am purposing does not weaken tho principle of arbitration.
It strengthens it, rather. It proposes that notnlng be considered excopt
the eight-hour day, to wiiich tho whole economic movement of tho time
seems to point, and tho immediate creation of an agency for determining
all tho arbitrable elements in this case in the light, not of prediction or fore­
cast, but of established and ascertained facts.
This is the first stago of tho direct road to the discovery of the best per­
manent basis for arbitration when other moans than those now available
aro supplied.
On M onday

P re sid e n t W ils o n fu rth e r p le a d e d w ith

tho

ra ilro a d e x e c u tiv e s to agree to th e a c c e p ta n c e o f h is p la n
in ord er to a v e r t tho im p e n d in g s tr ik e , b u t his e ffo r ts wero
n o m o re su cc essfu l th a n his p re v io u s p r e s e n tm e n ts .

A s ta te ­

m e n t te n d in g to sh o w th a t th o ra ilro a d s w ero still o f tho
o p in io n t h a t th o o n ly so lu tio n o f th o q u e s tio n

in d isp u to

re ste d in a r b itr a tio n , w as issu ed as fo llo w s o n M o n d a y b y
E lis h a L e e , C h a ir m a n o f th o N a t io n a l C o n fe re n c e C o m m itt e e
o f R a ilw a y s :

That tho railroads should grant under threat of a national striko a $50,­
000,000 wago preferment to a small minority of their employees witnout a
hearing before a public tribunal is inconcoviablo in a democracy iiko ours.
All questions at issue— wagos, hours, costs, operating conditions—these
aro submerged by tho greater issue: Shall arbitration bo abandoned in tho
settlement of industrial disputes?
If we aro to throw arbitration into tho scrap heap, whathopo can there bo
in America for industrial peaco in the future ( A nation-wide striko is
unthinkable whon tho railroads aro urging that all matters in disputo be
placet! boforo any tribunal constituted by public authority.
Arbitration is urged by Congress as a final method for settling controver­
sies as to both hours and wages on the railroads. The Newlands law of
1913 was enacted by unanimous request of tho four railroad brotherhoods
and tho representatives of tho railroails, and yet tho leaders who urged this
law now tako tho position that a question of Hours is beyond arbitration.
But wages, not hours, are involved in theso demands. No proposal has
beon made to establish an eight-hour work day. Tho demand is for an
eight-hour pay basis, and this is the interpretation given by tho President
in tho proposal now beforo tho railroads. The employees havo emphatic­
ally mado it known tnat they do not want eight limns work for eight hours
pay— a real eight-hour day.
A simple illustration will suffice to show how tho eight-hour basis of pay
would work out. Take, for example, a freight employee paid five cents
a mile with a day’s guarantee of $5 for 100 miles or ten hours or loss. It
is proposed to mako this guarantee tho same for eight hours or loss. On a
freight run of say only sixty miles in ten hours ho oarns $5 for his time. It
is now proposed that for tins work he bo paid $5 for the first eight hours
and $1 25 for tho other two hours, a total of $6 25— increasing his pay 25%.
If, by reason of traffic delays, ho is held idle on a sidotrack, so that ho
does not complete his trip until tho end of 12 hours, lie now is paid $6 for
his time, no matter how littlo work ho performs. The demand Is to pay
him $7 50 for this 12 hour service.
Meanwhile tho employees would continuo to havo tho same opportuni­
ties as now to mako still larger pay on tho mlleago basis. For example,
tho man on a 5-cents-a-milo rate, making, say, 150 miles in only seven
hours, earns $7 50 for his day’s work.
If after this he is called for a short period of emergency work, say only
two hours, he gets another full day’s guarantee of $5, making $12 50, in
this examplo, for only nino hours servico.

M a n y other sch edule provision s increase th e w ages o f these w ell paid
m en w ith ou t increase in tlieir hours o f service.
It is b ecau se o f those
op p ortu n ities to tak e p a y un der m ile age or arb itrary rules th a t their yearly
earnings are so far b ey on d tlioso o f other w orkers charged w ith no less re­
sponsible du ties.
T h e proposal fro m tne P resid ent now beforo th e railroad s is:
F irst— T o ad op t th e eight hour d a y as “ a basis for w ages, eve n w here the
a ctu a l w ork to be d one c a n n o t bo com p le te d w ith in eight h o u r s ,” to qu ote
the P resid en t's w ords.
S econd— T o increase th e h o u rly rate o f p a y 2 5 % .
T h e resu lt o f the acc ep tan c e o f this proposal w ou ld be:
F irst— A b so lu te ly no ch ange in th e len gth o f th e w o rk d a y .
Second— A n increase in w ages o f m ore th an $ 5 0 ,0 0 0 ,0 0 0 a yea r to ab o u t
fo u r -fifth s o f the train e m p lo y e e s, or less th a n on e-se ven th o f all railroad
em p lo y e e s.
In other w ord s, an u n fair w age preferm ent w ou ld b e gran ted
w ith ou t in vestigation an d un der th rea t o f a nation al str ik e , to on e m an in
seven in th e railroad service.
I f these w age d e m a n d s aro ju s t , in w hole or in p a r t, th en a p u b lic tri­
bu n al, ap pointed b y th e P r esid en t, as w e h a v e u rg ed , w ou ld sp e ed ily so
d eterm in e.
T n e w eigh t o f p u b lic op in ion m u st d ete rm in e this issuo.
W o cannot
believe th a t it is th e ca lm ju d g m e n t o f th e c o u n tr y th a t w e sh ou ld sacrifice
th e prin cip le o f arb itration in indu strial d isp u tes un der a th rea t to tie up
tho com m erce o f th e c o u n try .

In his talk with tho railroad men on Monday, President
Wilson told them that the European war had taught this
country that it could no longer remain isolated and provin­
cial; that by reason of its position in tho affairs of the world
“ wo must bo ready to play our rolo as one of the dominant
influences in world affairs” ; that tho varied business and eco­
nomic interests of tho country, to meet tho exigencies of the
new world conditions, must bo brought together into a har­
monious whole. He likewise told them that tho accommo­
dation and adjustment of these interests were a necessary
part of national defonso— “for our great national resources
could not bo mado available or mobilized in this emergency
as a necessary part of national defense” unless the railroads
aro made serviceable instrumentalities for backing up any
plan of national preparedness. He further said:
I will n o t allow passion to co m e in to m y th ou gh ts in this solem n m a tte r .
W e aro b oth acting as trustees for great Interests.
I a m w illin g to allow
this m a tte r to go to the great A m e ric an ju r y an d let th e m a ssu m e th e re­
sp o n sib ility .
T n e resp on sib ility o f failu re w ill n o t rest w ith m e .
I w ish y ou to consider th e consequences as affectin g th e people o f th e
cities an d cou ntrysides o f a failu re to agree.
T h o co u n try can n ot livo if th e
m ean s o f keeping alivo its v it a lit y aro interfered w ith .
T h o lives an d for­
tun es o f 1 0 0 ,0 0 0 ,0 0 0 m e n , w om en an d little onos— m a n y o f w h om m a y
die— depend up on w h a t m a y b e d o n e in th is r o o m .
I ap p eal to y ou as ono
A m e ric a n citizen to an oth er to a v e rt this d isaster.

increased freight rates for the roads if such increases were
shown to be warranted.
At tho conclusion of Wednesday’s conference of the railroad
presidents and managers President Holden of the Chicago
Burlington & Quincy, issued the following statement indi­
cating that the railroad interests were expediting their work
in effecting a solution of the problem as rapidly as possible:
T h e ra ilw a y execu tives w h o h a v e m e t hero a t th e req u est o f P r esid en t
W ils o n aro proceed in g as r a p id ly as p racticab le w ith their w o rk .
I t m u st
b e u n d e rsto o d , h o w e v e r, th a t th e p rob lem w ith w hich th ese m e n are
wrest lin g is th e m o s t im p o rta n t an d gigan tic ever presented to a n y b o d y o f
m en in th e indu strial h istory o f th e c o u n try .
T h e y ca n n o t, th erefo re, c o n sisten tly w ith their d u t y to their secu rity
h o ld e rs, their e m p loy ees or th e p u b lic , reach a fin a l con clusion regarding
w h a t a ction th e y sh o u ld tak o w ith o u t m u ch discu ssio n , stu d y an d th o u g h t.
T h c so d e lib eration s, p articip a te d in b y p ra c tic a lly 100 m en su d d en ly
called togeth er fr o m all p a rts o f tho U n ite d S ta te s, require tim e .
I f ou r d elib eration s seem to proceed slo w ly it is d u e to th e fa c ts th a t I
h a vo m e n tio n e d .
F o r us to a c t h a stily w ou ld bo a b e tra y a l o f th e great
resp on sib ility w o ow e to a ll th e p a rties con cern ed , an d m o st o f all to th e
p u b lic .

A statement was also issued on the same day by Elisha
Lee, Chairman of the National Conference Committee of
the Railways, in wfiieh he declared that there was no change
in the original estimate as to what the demands of the train­
men would cost the roads:
T h e ro seem s to be so m e qu estion o f tho a cc u racy o f th e estim a te m a d e b y
tho railw ays o f w h at it w ou ld cost to gran t th o d e m a n d s o f tho train e m ­
p lo y e e s, an d I m a k e this sta te m e n t to c la r ify tho p u b lic m in d o f this p h ase
o f th o m a tte r .
T h e r e has been no ch ange in our original e stim a te th a t to g ran t th e d e­
m a n d s w ou ld ad d $ 1 0 0 ,0 0 0 ,0 0 0 a year to op eratin g exp ensos.
O n th e
co n tr a r y , su b seq u en t in vestigation s h avo co n firm ed th o su b sta n tial accu r­
a c y o f th a t e stim a te .
T h o estim a te o f th e m an a gers w as reached b y a
care fu l stu d y o f th e actu al run ning tim e o f trains an d th e hours m a d o
du ring given periods o f tim e .
C o n fu sio n m a y h a v e arisen fr o m th o fa c t
th a t w o h a v o e stim a ted th a t it w ou ld cost m ore th an $ 5 0 ,0 0 0 ,0 0 0 a yea r
to m a k e th o concession w hich P resid ent AVilson h a s proposed th a t w o m a k e .
T h o d ifferen c e b etw een th e estim ates is d u e , o f cou rse, t o th e fa c t th a t th e
P resid ent has proposed th a t w o im m e d ia te ly gran t o n ly a p a rt o f th o
d e m a n d s an d th a t con sid eration o f tho rest o f th e m bo p o stp o n e d .

Objections Avhieh developed on Thursday night at a
meeting of railroad presidents and managers to points in the
tentative plan evolved by the committee of eight presidents
considering Avays to avoid the threatened general strike,
resulted in a further postponement of final action. The con­
On Tuesday, after further discussion with President ference adjourned to meet again yesterday (Friday). A
Wilson, tho railroad executives decided to appoint from statement issued by the railroad executives summed up the
their number a committee of eight to draft a counter pro­ situation as folloAvs:
A t th e in v ita tio n o f P resid ent AA'ilson, M e s s r s . H a lo H o ld e n , Ju d ge R . S .
posal to President Wilson’s plan. This committee was I .o v e t t an d D an iel AVillard w en t to th o AVhito IIou so a t n o on an d h eld a
sh o rt con ference w ith th o P r esid en t.
mado up of:

H a lo H o ld e n , P resid en t o f th e C h ica g o n u rlh ig to n & Q u in c y H U .;
W . W . A tt e r b u r y , V ice -P resid en t o f tho P e n n sy lv a n ia K i t . ; Fa irfax H a r ­
rison , P resid ent o f tho Southern R y .: It- S . L o v o tt, C h a ir m a n o f th o Isxcc u tiv o C o m m itte e o f th o U n ion P a cific I t K .; Is. P . Itip le y , P resid ent o f th o
A tc h iso n T o p e k a & S a n ta Fo Ity .: A lfr e d H . S m ith , P resid ent o f tho N o w
Y o r k C e n tra l It I t .; F r an k T r u m b u ll. C h a irm a n o f tho C h esa p ea k e & O h io
R y .; an d D a n ie l W illa r d , P resid ent o f tho Ila ltlm o ro & O h io R R .

Late Tuesday night, three of tho committeemen, Messrs.
Holden, Lovett and Willard, discussed tho situation with
President Wilson. They were again in conference with tho
President on Wednesday night. On that day thero were
moro encouraging signs than on any preceding day of an
amicable adjustment of the dispute. While neither White
IIouso officials nor tho presidents would discuss tho con­
ference, it was said on authority that tho tlireo executives
wont to tho White House to receivo an answer to tho sug­
gestion tlioy mado to President Wilson that ho givo them
moro specific information as to how tho railroads may get
tho additional rovenuo necessary to tako caro of tho greater
pay rolls that will come with tho oight-hour day. Ono
of tho means for recouping suggested by tho President to
the railroads in his public outline of his position was through
an increase in freight rates. It was pointed out Wednesday
night that lie could not directly ask tho Inter-Stato Com­
merce Commission to grant increases to tho railroads.
Congress, howover, might pass a resolution directing tho
Commission, in view of what it considers an unprecedented
situation, to grant higher rates. Congress also might pass
a resolution directing tho Commission to investigate all
mattors involved in tho presont controversy and the wholo
subject of tho relations of railroads and their employees.
Earlier in the day President Wilson called into conference
with him Senator Nowlands and Representative Adamson,
Chairman respectively of tho Senate and House Committees
on Inter-State Commerce, to discuss legislation affecting
inter-Stato commerce. The President, it is stated, was
assured at the conference that tho bill increasing tho member­
ship of tho Inter-Stato Commerco Commission from seven
to nino would bo pressed for passage at tho current session
of Congress, and it was also reported that tho President
signified his intention to exert his influonco toward securing



A conferonco o f th e railroad exe cu tives w as h eld a t 3 o 'c lo c k an d a new
p h ase o f th e situ ation o f so m e im p o rta n ce w as laid before th e con feren ce
b y tho special c o m m itte e .
A f t e r con sid erab le d iscu ssio n , w ith o u t d e fin ite
a c tio n , an ad jo u rn m e n t w as ta k e n u n til 11 o ’clock to -m o r r o w m o rn in g .
In
th o m e a n tim e th e special c o m m itte o o f th o p resid ents w ill c o n tin u e its
la b o rs.

The special committee’s plan Avould provide for granting an
eight-hour “basic” day to the trainmen, but Avith assurance
that every effort would be made by the Administration to
obtain a freight rate increase to recompense the roads, and
further assurance that Congress Avould be asked to enact
legislation to insure settlement of future labor disputes
through an investigating commission. The entire plan has
not been laid before all the executives and managers, but its
points had been discussed at the various conferences. It
developed after Thursday night’s meeting that objection
had been raised to the freight rate increase feature on at
least tAvo grounds. It Avas argued by some that thero can bo
no assurance of a rate increase because no one could say Avhat
tho Inter-State Commerce Commission might do, and that
some of the most important shippers of the country already
havo made it plain that they aro not in sympathy Avith any
move which may mean a rate increase. It was also pointed
out that, although President Wilson has expressed his belief
that such a rate increase should be granted if tho eight-hour
day be given the employees, no one can tell I i o a v the next
election is coming out and that there can by no possibility
bo an increase before next March or probably later. Atten­
tion Avas called, too, to the fact that the Commission hitherto
has held that it cannot consider wage standards in dealing
Avith proposed rate increases, although legislation by Con­
gress might remove that difficulty. The principal argu­
ments against the idea of a permanent commission for the
prevention or settlement of strikes were that it Avould almost
certainly be fought by labor in Congress, and that, Avhile
President Wilson might be entirely Avilling noAv to back
such legislation, he might not be in a position to do so when it
Avas proposed.
On Friday tho committee of four representing the brother­
hoods notified President Wilson that they Avould not be able

to hold the committee together later than Saturday night.
The President sent for the railroad managers and told them
the situation. They made a counter proposal and conceded
the eight-hour day, but insisted that the pay for the eighthour day be left to arbitration. The brotherhoods consider
this unsatisfactory and President Wilson is to meet the rail­
road people at 10 a. m. to-day (Saturday) and thresh it out.
E. P. Ripley, President of the Atchison Topeka & Santa
Fe, in stating this week (on the 23rd) that “ there would be
no trouble about granting the train service employees an
eight hour day of eight hours,” was quoted as saying:
A g o o d m a n y p eop le h a v e given su p p ort to th e B roth erh ood leaders In
th e b elief th a t th o y are fig h tin g to estab lish th e prin cip le o f tlio e igh t-h ou r
day.
S p eakin g for m y s e lf o n ly , I d o n o t h e sitate to sa y th a t if th o broth er­
ho od s w ou ld in d ica te tn at th ey were w illin g to w ork eigh t hours for a d a y ’s
p a y this con tro v ersy coid d bo settled in tw e n ty m in u te s.
W h a t th e bro th erh o od leaders h a v e said to tho p u b lic is n o t in tu n e w ith
th o d e m a n d s th e y m a d e up on th o m an a gers' c o m m itte e .
T h e y tried to
give th o p u b lic to u n derstan d th a t th e y w ere en d eavorin g to establish eight
h o u rs’ p a y for eight h o u rs’ w o r k , d o n e in less th an th a t tim e — se v e n , six,
f iv e an d as short a period as three hours— w ith tim e an d a h a lf for service
p e rfo rm ed a fte r eight hou rs.
T h e brass tack o f tho situ ation is this: L e t
th e m en d ecla re for an eight hou r d a y o f eight h o u rs’ w ork and I w ill tako
o f f m y h a t an d co a t an d p u t in m y b est licks for their cau se.

reled a b o u t tho ow nership o f a terrier, th a t tho d o g bo tu rn ed ove r b y tho
recognized ow ner to th o c la im a n t, w h o stu b b o rn ly refused arb itration , and
tho c la im a n t’s title to the tail bo m ad o th e su b je c t o f fu tu re arb itration .
T h e railw ays b elieve the eigh t-h ou r d a y as un derstood b y tho em p loy ees
is e x trem e ly u n fair to tho carriers.
T h e y b elieve its ad op tion w ou ld u n ­
d u ly fa v o r a class w h o arc now th e h igh est p aid w orkin g m en in A m e r ic a ,
an d placo an un reason able burden on tho railw a y s, an d an unreasonable
bu rden o f increased rates on th e p u b lic , w hich u ltim a te ly w ould h a vo to
p a y tho b ill.
T h ere can bo no social or econ om ic ju stifica tio n for fixin g a b asis o f w ages
w hich w ou ld en ab le m en in train service to earn a d a y ’s w ago for an ave r­
age o f m u ch less th an eight h o u rs’ w ork .
T h e railw ay em p loy ees k n o w ,
th e ra ilw a y m an a gers k n ow an d tho pu b lic ou gh t to k n o w , th a t th e train
em p loy ees aro ask in g for an en orm ou s increase in w ages in return for a
cou n terfeit e igh t-h ou r d a y .
T h a t th e m en aro now deceivin g tho pu b lic
is c learly sh ow n b y an article w ritten b y M r . V a l F itzp a tr ic k , V ice -P resid en t
o f tho B roth erh ood o f R a ilw a y T r a in m e n in “ T h e R ailro ad T r a in m e n ”
o f J an u ary 1 9 1 6 , as follo w s:
“ I t m a y bo seasonable to sa y th a t there is q u lto a d ifferen ce betw een an
eigh t-h ou r w ork d ay and an eigh t-h ou r basic w ork d ay.
T h o first con tem p lates th a t eight hours shall bo th e m a x im u m w orkin g
tim e , and as a ru le where th o e igh t-h ou r w ork d ay ob tain s th rou gh con tract
relation s betw een em p loy er and em p loy ees it is th e c o n sta n t en d eavo r to
p re ven t w orkin g ove rtim e excep t in cases o f n e cessity .
I t appears th a t
som o o f the m e n in tho train service aro o f th e op inion th a t this is tho pro­
p o sal o f th o o rga n ization s.
H o w e v e r , this is n o t th e case.
T h e seco n d ,
th e eigh t-h ou r basic w ork d ay, c o n tem p la tes th a t eight hours sh all bo tho
b asis for a d a y 's w o rk , and an y tim e in excess th ere of sh all bo paid for as
o v e r tim e ; c o n se q u e n tly , under such a p rovision thero is no lim it to tho
hours w ork e d .
T h o la tter sy ste m is th e one proposed b y tho train service
b ro th erh o od s’ . ”

In seeking to explain the situation as viewed from the
standpoint of the railroads, Julius Kruttschnitt, Chairman
Walker D. Hines, Chairman of the Executive Committee
of the Executive Committee of the Southern Pacific ItR., of the Atchison Topeka & Santa Fo Ry., in criticising tho
issued the following statement, which we take from tho attitude of President Wilson in the present proceedings, said
“Times:”
on Thursday:
T h e p u b lic does n o t u n derstan d sonio o f th e m o st im p ortan t poin ts
in v o lv e d in th e present con troversy ove r railw ay w ages.
T r u e , w e aro
sta n d in g for arb itration In th e interest o f indu strial peaco, an d this is tho
m o st v ita l issue.
B u t this ou g h t n o t t o be allow ed to obscure tho n o less
im p o rta n t fa ct th a t tho railw ays aro a lso ho ld in g ou t again st a proposition
w hich is n o t at all w h at it pu rports to b o, an d th o ad op tion o f w hich w ould
be e x trem e ly u n ju st to railw ay secu rity ow ners, to 8 0 % o f railw ay em p loy eo
an d esp ecially to th e A m e ric an p u b lic .
I t is n o t true th a t th e railw ays aro ho ld in g ou t again st an eigh t-h ou r d a y
in train service.
W h a t thoy w ould sa y if ask ed to gran t a gen uine oighthou r d a y in train service n o b o d y can n ow s a y , b u t, all assertion s to tho
con trary n o tw ith sta n d in g , th o train em p loy ees h a v e n o t d e m a n d e d a d a y
req uirin g eight h o u rs’ w ork; therefore, acc ep tan c e b y us o f P resident
W ils o n ’s pro p ositio n w ould n o t estab lish an e igh t-h ou r d a y .
T h e result
w ou ld bo th a t train m en w ould w ork ju st as m a n y hours as th o y n ow d o ,
b u t w ith m u c h high er cost to the railroad s.
T h e ro are several reasons w h y th o ad op tion o f tho m e n ’s p la n , as in­
dorsed b y P resident W ils o n , w ou ld n o t establish an eigh t-h ou r d a y .
1. T h o m en d o n o t ask th a t w ages bo based e xc lu siv ely on h o u rs, b u t
b o th on m iles and h o u rs.
T h e y d e m a n d th a t eigh t hours or less, 100 m iles
or less, sh a ll bo p aid for as a d a y , as again st th e existing ten hours or less,
100 m ile s or less.
2 . N o th in g un der this spurious p la n w ou ld p re ven t a n y n u m b e r o f
em p loy ees fr o m w orkin g m ore th an eight hou rs.
T h e ir trains h a v e speci­
fied ru n s, and th e nu m ber o f hours em p loy ees aro on d u ty d e p en d s n o w ,
and w ou ld d ep en d h ereafter, on th o tim e required to m a k e their run s.
T h e solo difference b etw een existing an d proposed arran gem en ts w ould
be th a t o v e rtim e w ou ld begin tw o hours earlier, w ith a correspon ding in­
crease in o p eratin g expenses.
3 . N o th in g in th e proposed arra n gem en t requires tho m e n to w ork as
m u c h as eigh t hours for a d a y ’s w age.
In other w ord s, th e r ailw ays w ould
h a v e to p a y a d a y ’s w age in a largo pro p ortion o f cases in w hich th o y w ould
n o t get eight hours w ork .
A ll w ho ran 100 m iles or m oro in less th an eight hours w ould get a d a y ’s
p a y or m oro for less th a n eight h o u rs’ w o rk .
T h o u sa n d s o f trainm en now
w ork less th an eight hours a d a y .
P r a ctic a lly a ll passenger train m en m ako
their runs in less th an eight h o u rs, th e average being o n ly a b o u t six hours.
M a n y m en in freigh t scrvico reg u la rly , an d m a n y others fre q u e n tly , m ako
their runs in less th an eight hou rs.
U n der tho proposed arrangem en t
all these m en w ou ld con tin ue to w ork less th an eight hours for a d a y ’s w age.
T h o com p anies w ould p a y genuino m o n e y for a cou n terfeit d a y , kn ow n to
bo such w hen ten d ered .
4 . In b rief, tho plan o f tho m en con tem p lates th a t a ll m en w h o now w ork
m o re th a n eight hours a d a y sh a ll receivo a d a y ’s p a y for th e fir st eight
h o u rs and o v e rtim e for a ll ad d ition al h o u rs, b u t th at nono o f those w ho now
w ork less th an eight hours sh o u ld bo required to giv e the com p anies a n y a d ­
d ition al servico.
I t is easy to foresco tho resu lt.
I t w ould be th a t, w ith ou t
a n y ch ange in actu al w orking hours, thero w ould b e established in railw ay
train servico a plan w hich w ould result in a d a y ’s w age bein g paid for m u ch
less th a n an average o f eight hou rs’ w ork .
N o train em p loy ee w ould w ork
m o re th a n eight hours for a d a y ’s w age, w hilo thou san d s w ou ld w ork less.
G en u in o p a y for cou nterfeit d a y .
5 . In tho existin g, as w ell as un der tho plan pro p osed , if a n y excess m ilo ago wero m a d e , tho extra m iles w ould h a ve to be p aid for a t tho sam e rato
as tho regular m ile s.
B u t, if less th an 100 m iles wero m a d e in eight hou rs,
th e com p an ies w ou ld h a ve to p a y tho e m p loy ees their fu ll d a y ’s w age,
neverth eless.
O n the other h a n d , if m oro th an eight hours were con sum ed
in run ning 100 m ile s, tho excess hours m u st b e paid for a t a rato 5 0 %
higher th an tho regular rate per hou r.
T h erefo re, th o w age per hour
un der th e cou n terfeit d a y w ou ld bo on e-eigh th o f th e d a y ’s w age instead
o f o n e -te n th , as n o w , an increase in p a y per hour o f 2 5 % an d if, w hile
receivin g th is higher w age per hou r, th e y did n o t run tho fu ll 100 m iles in
eight hou rs, tho com p anies w ould bo com p elled a fte r eight hours to p a y as
as a p e n a lty , an increase o f 5 0 % in the h o u rly rate.
6 . T h o qu estion a t once arises: I f tho w age per hour a fte r eight hours
wero increased f ift y per cent w ould n o t tho m en co v e t and n a tu rally seek
to gain th e higher rato b y rem ainin g m oro than eight hours on d u t y ?
C e r ta in ly .
B ein g in charge o f th e train , w ith am p lo o p p o rtu n ity to d e la y
its m o v e m e n t, th o railw ays w ou ld h a vo to p a y tho m en a prem iu m to
en courage in e fficie n cy .
T h erefore, th e em p lo y e e s’ alleg ed a im to shorten
their w orkin g d a y w ould bo defeated b y a p o w erfu l incen tive offered th em
to len gth en it b y d e lay in g train s: this is stron g evidence o f tho dish on esty
o f tho eigh t-h ou r d a y as proposed .
7 . T h e P resid ent’s p roposition th a t th e r ailw ays gran t th o eigh t-h ou r
d a y d e m a n d e d b y th o em p loyees and th a t their d e m a n d for tim e an d a
h a lf for o v e r tim e , and other qu estion s bo su b m itted to a rb itration , rem ind s
us o f th e se ttlem en t proposed b y a co m m o n friend to tw o m en w h o qu ar­




A s fa r as I a m ab lo to form an e stim ato o f this m a tte r a t tho m o m e n t,
it seem s to m o th a t tho P r esid en t's cou rse in strik in g d o w n th e prin cip le o f
an im p artial hoaring in th u s rew ardin g an u n reason ab le, a n d , th ere fo re, ille ­
gal th rea t to sto p in ter -S t a t e c c m m r c e , in th u s cau sin g th is m a tte r to bo
deck led b y th o groa test p o litical o ffic o in tho c o u n tr y , an d a t tho m o s t
p o litical p e rio d , th ere b y forcin g an im m enso b u rd en o f sa y $ 5 0 ,0 0 0 ,0 0 0 per
year on railroad cred it and tran sp ortation in stru m en talities, for tho b on ofit
o f a fa v o re d class o f railroad la b o r , fr a n k ly d e fia n t o f tho pu b lic in terest,
th re a te n s a groater pe rm an en t in ju ry than th a t resu ltin g fro m th o m u c h t a lk e d -o f an d u n d o u b te d ly gra v o , in ju ry th a t resu lts fro m tho m u ltifo rm
a n d c o n flic tin g regu lation b y th o fo r ty -e ig h t S ta te s.
T h o P r esid en t, w ith ou t a n y hearing, d ecid es th a t it is ju s t to tho railroad s
to incroaso their p a y -ro lls s a y $ 5 0 ,0 0 0 ,0 0 0 per y ea r, b y p a y in g to trainm on
fo r oight hou rs tho present w ages, w h ich , a fte r n u m erou s a rb itra tio n s, h ad
been fix e d for ten h o u rs.
T h o President th u s ta k e s tho resp on sib ility o f
d ecid in g w ith ou t a hearing th a t this incroaso o f $ 5 0 ,0 0 0 ,0 0 0 in op eratin g
exp enses for th o b e n e fit o f th e train m en is ju st not o n ly to tho in vestors in
th o railroad s, b u t also to all oth e r classes o f railroad la b o r , an d to tho tr a v ­
elin g an d sh ip p in g u p b llc , a n d th a t railroad cred it can su c ce ssfu lly sta n d
th is a d d ed bu rden an d th a t th e p u b lic servico w ill not su ffe r th ere b y .
I d o n o t seo th a t th e press has e ffe c tiv e ly p o in te d o u t tho proposterousness o f th is p o sitio n .
I got th e im pression th a t tho p rim a ry o b je c tio n m ado
is to tho im p a irm en t o f tho abst ract principle o f a rb itra tio n .
I t seem s to m e
th a t th e im m e d ia te an d m o st con crete o b je c tio n is to th e increased bu rden
o f $ 5 0 ,0 0 0 ,0 0 0 por yea r b ein g im posed w ith o u t a h earin g b y an im p artial
trib u n a l.
A proposition to reduco rates $ 5 0 ,0 0 0 ,0 0 0 a year w ith o u t a hoar­
in g w ould bo ap p reciated everyw h ere as inexp ressibly u n ju st and d a n ger­
o u s.
T h o satno is truo as to tho proposed increase in w ages.
O no o f tho strik in g features is th a t th e P r e sid e n t’s cou rse e stab lish es tho
p ro p ositio n (or goes far to estab lish it) th a t a t a n y tim e lab or m a y com b in o
to sto p In te r-S ta te com m erco un less h e a v y d e m a n d s bo gran ted w ith ou t a n y
d e cisio n , a fte r hearing b y an im p artial trib u n a l, as to tho reasonablen ess o f
their d e m a n d s, an d in su ch caso tho proper cou rse for th o P r esid en t, in­
ste a d o f insistin g th a t lab or m u st rem o v e tho elem on t o f u n reason ableness
an d illeg a lity b y acq uiescing in an im p artial a rb itra tio n , is to m a k e up his
ow n m in d w ith ou t a hearing as to tho con cessions ho will force tho e m p loy ers
to g iv e to b u y o f f lab or from its illegal course.
A g a in , ono o f tho m o st sta rtlin g th in gs is tho procodent estab lish ed th a t
th o P resid en t m a y properly tak o u n to h im se lf th e d e cision , w ith p ractical
f in a lity an d w ith o u t an y h e arin g, o f th e e x te n t to w hich a d d ition al c o n ces­
sions sh a ll bo m a d o to tho p e o p le .
O f cou rso, it is n o answ er to these th in g s th a t thero m a y bo a hearing
a fte r th e increase is g ra n ted .
N o such hearing can over restore tho sta tu s.
B e sid e s, if th e P resid en t's view as to tho ju stice o f tho $ 5 0 ,0 0 0 ,0 0 0 is correct,
ho h a s n o th in g to fear from an im p artial hearing in a d v a n c e , w hich o f course
cou ld be m a d e retroa ctive.

Jacob M . Dickinson, former Secretary of War, and at
present receiver for tho Rock Island, has also criticized
President Wilson; his strictures aro contained in tho follow­
ing statement issued on Wednesday:
T h o p lain issue is, w hether m en op erating the m ach in ery o f pu blic u td ltles
up on w h ich d e p e n d , not o n ly p ra ctic ally all o f th e business o f a hundred
m illio n p e o p le, b u t their very lives and all tho fu n ction s o f G o v e r n m e n t,
S ta to an d N a t io n , can enforce an ar b itr a r y d e m a n d for increase o f p a y
b y th rea te n in g tho general welfaro o f all tho other p eop le.
I f th e railroad
m a n a g e r s sh o u ld seek to enforce a d e m a n d for a reduction o f p a y b y th re a t­
en in g a gen eral lock o u t th e p e op le as ono w ould overw h elm th em w ith
r ig h te o u s in d ign atio n .
I f tho railroad m anagers yield tho principle o f arb itration will b e ove r­
th r o w n , th e issue w ill be m erely postp on ed and n o t settled and will return
in a g g r a v a te d fo r m ju stified b y con fid ence based u p on success.
I t is a grea te r question than one o f com p en sation to em p loy ees or return
u p o n c a p ita l.
I t is vital to th e life o f th e A m e ric an people and thoy alono
h a v o tho pow er to settle it on a sta b le basis.
T h o l ’ re sid e n t has in terven ed .
S o m o aro sa y in g th a t ho has been tho
arb itrator a n d th a t in this w a y tho principle has been m a in ta in ed .
T h is
con ten tion is m a n ife stly false an d Is m a d e to m isle ad tho pu b lic th o u g h t.
T h o l ’ resident has n o t m a d e and can n ot m a k e such cla im .
T h o em p loy ees
d istin c tly refuse all arb itration o f th e d e m a n d for an e igh t-h ou r d a y .
Tho
railroad m anagers h a v e never m a d e h im an arb itrator.
H o h a s p u b lic ly an noun ced th a t the q u estio n o f an e igh t-h ou r d a y w as
n o t arb itrab le .
I f ho is n o t clearly righ t ho has d e a lt a severe blow to the

prin cip le o f arb itration .
H e bases his conclusions en tirely on a p re m ise
th a t so c ie ty h as determ in ed th a t th e eigh t-h ou r d a y m u s t b e a d o p te d .
T h is prem ise w ill be earn estly an d h o n estly denied b y a large p a r t o f th e
A m e ric a n p e o p le.
C ertain ly so c ie ty h a s n o t d eterm in ed it b y la w .
If
s o . th e law w ou ld se ttle it an d no such q u estio n cou ld arise.
P a rts o f so c ie ty
h a v e d e te rm in ed it b y law for special classes an d sp ecial p la ce s.
T h e fa c t
th a t it h a s n o t been gen erally decreed b y law show s th a t so c ie ty h a s not
d e te rm in e d th e issue.
T h e President has p ro b a b ly gon e b ey on d th e action
o f s o c ie ty .
T h e m o s t th a t can be said for his p rem ise is th a t ho assu m es
i t up on his con ception o f w h at so c ie ty wishes or m a y d o .
H e m a y forecast
corr ectly , b u t a t b est it is a p ro p h e cy.
U p o n th is, b ack ed b y th e p restige
o f his grea t o ffic e , he h as declared th a t tn e m a in q u estio n in c on troversy
is n o t arb itrab le and has p u b lic ly gon e to th e cou n try on tn e issue an d has
told th e railroad m anagers th a t th e resp on sib ility for a strik e u p on th is
q u e stio n w ill rest n o t up on h im b u t up on tn e m .
N o m en were ever su b je cted to greater str a in .
T h e y are n o t seek in g
to ch ango th e present s ta tu s.
T h e y h a v e n o t in itia te d a n y c o n tro v e rsy .
I t is initiated b y th e b est p a id o f tn e railroad o p e ra tiv e s, w h o are in no w a y
su fferin g.
T h e tim e o f a n ation al election has been ch osen .
T h e y are
th reaten in g to force their c laim b y general p a ra ly sis, an d y e t u p on this
s ta te o f fa c ts and th e prem ise th a t so c ie ty has p laced the q u estio n o f an
eigh t-h ou r d a y w ith a ten -h o u r c om p en sation b e y o n d a rb itra tio n these
m en are freed fr o m resp on sib ility fo r a strike on th is issue, an d th e railroad
m anagers are p u t really in th e a ttitu d e o f aggressors.
N o w t h a t th e q u estion o f so c ie ty and th e eig h t-h o u r d a y is so con ­
sp icu o u sly raised and b y su ch h igh a u th o r ity th e p eop le o f this c o u n tr y ,
before this issue is decid ed on th is p rem iso, w ill w a n t to k n o w h o w fa r reach in g it Is.
H a s society d e fin ite ly con fin ed it to certain favore d classes,
or is It b ased on a prin cip le w h ich , if a c c ep ted , w ill exten d it ov e r th e entire
field o f la b o r ?
W i ll it a p p ly to all em p loy ees o f railroads an d other p u b lic u tilitie s?
If
s o , th e c o st m u s t be con sid ered .
Sh all it ap p ly to all m a n u fa ctu rin g
o p e r a tiv e s?
I f s o , how w ill it a ffe c t ou r foreign c o m p e titio n , esp ecially
after this w ar is o v e r ?
D o e s it a p p ly to d o m e stic serva n ts an d fa r m h a n d s?
I f n o t, th en u p on w h at principle is the d ifferen tiation ?
T h e P r e sid e n t’s declaration ch allen ges th e im m ed ia te th o u g h t o f th e
c o u n tr y .
I t s sou n d n ess m u s t b e te sted .
I f tru e, th e p eop le sh o u ld n o t
sh rin k fr o m th e resu lt.
I f n o t tru e, th en it should n o t b e accep ted as a
basis for d e te rm in in g th is great con troversy so p regnan t w ith con sequ ences.

In a statement by tho railway brotherhoods appearing
in their official organ, “ The Eight-Hour Day,” the conten­
tion is made that the railroads are owned by a few large
stockholders. A denial of this statement has come from
various of tho roads; C. H. Markham, President of the
Illinois Central Ry. and a member of the railway executives’
advisory committee, in refuting it on Tuesday, said:
S o m e o f th e new spapers yesterd ay pu blish ed a sta te m e n t issued b y th e
broth erhoods seek in g to show t h a t th e railroad s o f th e U n ite d S tates aro
ow ned b y a few large in vestor s.
T h is is a m ark ed instance o f Inaccurate
gen eralizatio n .
I t is sta te d th a t “ to a v e r y con sid erable e x ten t tho sto c k
o f th e A m e ric a n railroads is ow n ed b y th e railroad s t h e m se lv e s,” an d th e
P en n sy lv a n ia H U . is m en tion ed as th e ow ner o f sto c k in several hu n d red
su b sid ia ry com p an ies an d other railroad s.
T h is is tr u e , an d In th e to ta l o f 6 2 2 ,0 0 0 stock h old ers sh o w n b y th e
rep orts o f th e railw ays to th e In te r -S ta te C o m m e rc e C o m m issio n for 1 914
u n d o u b te d ly there are m a n y d u p licatio n s o f this c o n d itio n , w h ich , h o w e v e r,
d o n o t a ffe c t th e resu lt to a n y g ea t e xten t.
In v e stig a tio n s m a d e b y our c o m m itte e show th a t in th e returns for 1 9 1 5 ,
h o w e v e r, m o s t o f these d u p licatio n s aro show n an d it is p o ssib le to ascer­
tain to w h a t e x ten t railw ay sto c k Is held b y railw ay com p an ies an d b y th e
p u b lic .
'
In 1 915 tho total cap ital sto c k o f $ S ,6 3 8 ,0 0 0 ,0 0 0 w as hold b y 6 2 6 ,1 2 2
stock h old ers, w ith an average h o ld in g o f $ 1 3 ,7 9 6 eac h .
F o r all road s w ith
gross earnings o f ove r $ 1 ,0 0 0 ,0 0 0 th e C o m m issio n has required a rep ort in
each case o f th e nam es and hold in gs o f tho tw e n ty largest stock h old ers,
w hich will include In m o st cases tho in ter-corp orato h o ld in gs.
T h is has m a d e It p ossib le to sop arate tho stock hold in gs o f ra ilw a y co r­
p oration s fro m those o f In d ivid u als.
O f th e 6 0 8 ,3 1 8 stock h olders in road s
o f th is class 6 8 8 are fou n d to be railw ay corp oration s, leavin g 6 0 7 ,6 3 0 , m o s t
o f w h om aro Ind ivid uals w ith an average h old in g o f $ 9 ,8 8 2 par va lu e e a c h .”
W h llo this n u m ber u n d o u b te d ly Includes in d ivid u als w ho ow n sto c k in
m ore than on e r a ilw a y , It also includes brokers w ho hold in ono n a m e sto c k
In a sin gle railw ay for th e acc ou n t o f several d ifferen t in d ivid u als.
In su ch
cases the n u m b e r o f actu al ow ners o f th e sto c k is su b sta n tia lly u n d erstated .
A lso sto c k freq u en tly stan d s in tho n a m e o f an executor or trustee for th e
b e n e fit o f a n u m b er o f in d ivid u als, w hich leads to an other u n d ersta tem en t.
In ste a d o f railw ay sto c k bein g nold b y a co m p a ra tiv ely few persons in
W a ll S tree t, as is o fte n c la im e d , th e b u lk o f such securities arc held b y sm a ll
Investors o u tn u m b er in g th e m em b ers o f th e train service broth ernoods w h o
aro now th rea ten in g to tie u p th e roads b y tw o to on e.

Various organizations throughout the country have im­
portuned President Wilson to urge his influence to uphold
the principle of arbitration in the settlement of the present
controversy. On behalf of the Investment Bankers Associa­
tion, Lewis B. Franklin, tho President, and John E.Blunt,
Chairman of the Railroad Bond Committee, telegraphed
in part:
W o k n ow n oth in g o f tho righ t or w ron g o f th e present c o n tr o v e r sy , b u t
w e d o kn ow th a t tho increased cost m u st c o m e largely o u t o f tho p o c k e ts
o f sm a ll in vestors, and seriou sly endanger tho secu rity o f m illion s o f o u t­
stan d in g b o n d s, an d wo feel th a t th e righ t to gran t or refuse su ch an Increase
in expenses sh o u ld n o t bo determ in ed b y a n y form o f c om p u lsio n su ch as is
now p resent. I f this right can be ad ju d icated b y a rb itration u n der tho sup er­
vision o f tho I n te r -S ta te C o m m e rc e C o m m issio n , a n y increase gran ted will
furn ish a ju s t basis for an increase o f rates th a t w ill b e ju stice to all p a rties,
in clu d in g th e p u b lic.
A s you r E x colle n cy b y this tim e u n d o u b te d ly k n o w s, th e d isp u te Is n o t
o f a red uction in ho u rs, b u t o f a not increase in w ages to a lim ited class o f
em p loy ees n ow rela tiv ely w ell p a id .
T h e se em p loy ees ap p a ren tly h a v e no
Idea o f sh o rten in g their hours o f w ork , b u t o n ly o f a d ju stin g their p a y for
ten hours.’ w ork up on a so-called eigh t-h ou r d a y . C a p ita l for railroad d e ­
velo p m e n t a n d up k eep c a n n o t bo ob ta in ed i f railroad earnings are to bo
d issip ated a t th o instance o f c om b in atio n s o f em p loy ees en forcing their
claim s b y com p u lsio n an d refusing to su b m it to arb itration .
R ig h t, n o t
m ig h t, m u st gov ern in lab or d isp u tes if there is to be a n y sta b ility in ou r
social orga n ization .




CONTROVERSY

OVER

T R A IN M E N ’S D E M A N D S .

The National Surety Company in pointing out that “ it
is time for investors in the United States to realize that they
should organize and co-operate for their own protection,
puts to them the question as to whether they “realize the
odds that are against the presidents of the railroad companies
of the United States now in Washington” , in protecting their
investments? The company in an advertisement adds:
D o y o u realize t h a t to gran t tho d e m a n d s m a d e b y th e la b o r orga n iza­
tion s w ill v e r y g r e a tly red uce th o su rp lu s earn ings o f railroad s in w hich
y o u are in terested , p o ssib ly to a p o in t w hore y o u m a y n o t bo a b le t o g e t
proper returns on th e m o n e y y o u h a v e in v e ste d , un less th e a u th orities in
W a s h in g to n w ill gran t an increase on th e freigh t an d passenger ra te s?
T h is C o m p a n y h as in vested n o arly fiv e m illion d o llars in sto ck s and b o n d s
o f railroad c om p an ies o f th e U n ite d S ta te s an d it is p ro te stin g aga in st a d ­
d ition al b u rden s b ein g p u t u p on th e railroad s in w hich it is fin a n c ia lly in ­
terested u n less th e au th orities a t W a s h in g to n g iv e a d d itio n a l c o m p en sa tio n
to th e railroad s w ith w hich to m e e t th is new situ a tio n .
W o are n o t op p osed
to higher w ages fo r th e m e n — q u ite th e c o n tr a r y , w e are in fa v o r o f prop er
w ages, b u t in tho en d tho railroad s m u st h a v e su ffic ie n t in co m e w ith w h ich
to carry th is ad d ition al b u rd en , an d w e urge ev e ry sto c k h o ld e r an d ev e ry
b on d h old er o f a ll railroad s in th e U n ite d S ta te s to d e m a n d b y telegrap h
im m e d ia te ly fro m his S e n ator an d C o n g re ssm a n t h a t p ro p er p ro te ctio n
b y a rb itra tio n or oth e rw ise, bo g iven to th e railroad in te re sts, w ith o u t im ­
p a irin g a n y p ro te ctio n p ro p erly d u e th e e m p lo y ees w h o are d e m a n d in g
m ore p a y .

SHREVEPORT

RATE

SCHEDULES

DECLARED

UNREASONABLE.

Class rates and commodity rates between Shreveport, La.,
and points in Eastern Texas were pronounced unreasonable
and prejudicial to Shreveport as compared with the class
rates for like distances in Texas, and a readjustment of the
rates is ordered in a voluminous decree of the Inter-State
Commerce Commission made known on the 12th inst. The
decision, which is the latest edict in the celebrated Shreveport
rate case, practically destroys the work of the Texas Rail­
road Commission. On that point the Dallas “ News” says:
I t ap plies th e principles laid d o w n in th e original rep ort so th e y cov er
tho en tire S ta te .
I t d o es a w a y w ith th e d ivision o f th o c o m m o n p o in t
territory m a d e in th o original rep ort an d recognizes th e division th a t has
lon g existed in th e m a k in g o f r a te s, b o th S ta te an d in te r -S ta te .
U n d e r th a t d ivision on th o c o m m o n p o in t territo ry , railroad s file d tariffs
n a m in g rates o f th e m o st lu d icrou s ch aracter y e t in tech n ical com p lian ce
w ith th o term s o f th e order.
T h e T e x a s classification is u n co n d itio n a lly w ip ed o u t b y th e ord er, and
class an d c o m m o d ity d istan c e scales are proscribed to b ec om e effe c tiv e
on or before N o v . 1.
In th o original rep ort th e C o m m issio n ordered th e
railroad s to re m o v e d iscrim in ation , leavin g it to their o p tio n w heth er th e y
w ou ld reduce in te r -S ta te rates or raise S ta te sc a le s.
T h o C o m m issio n in
to -d a y ’s order le ft no such o p tio n .
I t con d em n ed th e c lass an d c o m m o d ity
rates in T e x a s as u n d u ly d iscrim in atory or preju dicial t o S h revep ort, and
said fu rth e r th a t a n y in te r-S ta te rates m ain tain ed b y tho railroads in
T e x a s in excoss o f tho scales m en tion ed in th e rep ort w ou ld bo u n ju st
and u n reason able.
T h a t is a reverse order w a y o f sa y in g t h a t S ta te rates low er than those
scales w ill be an un d u e bu rden u p on in te r -S ta te c om m erc e.

The Commission’s order cancels that of a year ago defining
“Eastern Texas” to points within which the rates from
Shreveport were prescribed, and the new rates will therefore
apply to all points in the State. The order makes a new
basis for rates, graded from 10 to “ over 400” miles, a scale
to be applied on a single line with additional charges where
more than a single road figures in the transportation. The
order requires the carriers to desist from maintaining after
Nov. 1 their present classification provisions “ between points
in Texas” and they are directed to establish by that date
between such points “ the current Western classification”
in effect at the time such traffic moves. The report of the
Commission, presented by Commissioner Hall says in part:
It m a y bo regarded as established b ey o n d a n y p o ssib ility o f d o u b t t h a t
th o p resent relationsh ip o f rates an d tho difference in classification s has
b ee n , an d is n o w , u n d u ly preju dicial to Sh revep ort an d op erates to u n d u ly
restrict th o trad e an d com m erc e o f th a t c ity .
T h o o n ly excuse for th is ap p aren t an d ad m itte d d iscrim in ation aga in st
Sh rovep ort is th o claim o f th o carriers th a t th e in tr a -S ta to rates in T e x a s
aro un der tho con trol o f th e T e x a s R ailro ad C om m ission and th a t th e car­
riers aro pow erless to increase th e m exc ep t b y perm ission o f th a t b o d y .
T h o pow er an d au th ority o f this C om m ission to m a k e su ch an order in a
case o f this kind as m a y bo necessary to rem o v e a n y u n la w fu l discrim in ation
now existin g again st in te r-S ta te t r a ffic h a s been f u lly su stain ed b y th e
S u prem e C o u r t.
I f th o solo issue were w h eth er or n o t th e present a d ju stm e n t o f c lass an d
c o m m o d ity rates betw een S h revep ort an d p o in ts in T e x a s is u n d u ly p re ju ­
dicial to S h re v e p o rt, it w ou ld bo c o m p eten t for u s, if w o fou n d th a t c o m ­
p lain a n ts h a d su stain ed their a llegation , to m a k e an order req uirin g d e fe n d ­
an ts to re m o v e su ch u n d u e preju dice.
In th e absen ce o f oth er require­
m en ts b y F ederal or S ta te au th orities, su ch an order co u ld b e com p lied
w ith b y increasing th e T e x a s rates to th e level o f th e in te r -S ta te r a te s, or b y
reducing th o in te r-S ta te rates to th e in tra -S ta to basis.
S h ou ld th o la tte r altern a tive b e a d o p te d , either v o lu n ta r ily or under
com p u lsio n o f th e S ta te au th orities, tho in tr a -S ta te rates an d regu lation s
w ou ld b e given extra territorial force an d w ou ld b e c o m e th e stand ard for
in te r -S ta te com m erc e.
T h o e ffe c t o f ad o p tin g such a p la n w ou ld n o t sto p
w ith S h revep ort.
A lex an d ria an d M o n r o e , L a ., V ic k sb u rg , M i s s ., and
oth e r p o in ts aro in com p etition w ith Sh revep ort for trad e an d com m erc e
to and fr o m T e x a s a n d , so far as w e are ad v ise d , there is n o m ore reason
for ex ten d in g th o T e x a s rates an d classification to Sh rovep ort th an t o other
p o in ts in L o u isia n a or other S ta tes east o f th e M ississip p i R iv e r .
I t can e asily bo con ceived th a t if carriers, in r e m o v in g u n d u e preju dice
aga in st in te r-S ta te co m m e rc e , w ere b ou n d to follow th o stan d ard s set b y
he S ta te au th o rities, in te r -S ta te ra te s, b ase d in p a rt on th e req uirem ents

o f one S ta te an d in p a rt on th ose o f o th e rs, w o u ld soon bo in inoxtricab lo
an d in tolerab le c o n fu sio n , p ro d u c tiv e o f discord an d ruinous alik o to sh ip ­
pers an d carriers.
T h is tho coram erco clau se un der w hich th e C ongress
h a s created this C o m m issio n an d vested it \wth pow er w as design ed to
p ro v e n t.
B u t th o ob lig a tio n p laced u p on us b y th o law requires us to exerciso our
b est ju d g m e n t u p on th e fa c ts p lace d beforo us a n d , in a caso such as th is,
to prescribe ju s t an d reasonable m a x im u m rates an d enter su ch order as
sh a ll pro ven t or r e m o v e unduo preju dice to in te r -S ta te co m m e rc o , even
th ou gh in so m e instances such action m a y in cid en ta lly a ffe c t th e level o f
in tr a -S ta to rates.
U n d e r th e record, w o are o f opinion an d fin d th a t d e fe n d a n t’s present
class ratos b etw een Slireveport and p o in ts in T e x a s aro an d for tho fu tu re
w ill bo u n d u ly preju dicial to Sh revep ort in so fa r as such rates exceed thoso
c o n tem p o ra n eo u sly ap plied for lik o d istan ces betw een p o in ts in T e x a s ,
except in instances w here th o la tte r h a v o been red uced below th o regular
m ile a g o scale ap p lie d in th a t S ta te on acc ou n t o f w ater c om p etition along
th e G u l f o f M e x ic o or w ater con tigu ou s th ere to .
W o aro fu rth e r o f op inion and fin d th a t d e fe n d a n t’s present carload c o m ­
m o d ity rates on b e e f c a ttle , sto c k c a ttle , horses an d m u le s, ston o (rough) ,
sa n d an d g ra v e l, c o m m o n b rick , firo brick , ju n k , lig n ite, cord w ood an d
ta n b a r k , m ach in ery (gin an d irrigation ), glass fru it jars an d b o ttle s, iron
an d steel articles, p o ta to e s an d tu rn ip s, fr u its, m elon s and veg etab les
e m p t y b arrels, k e g s, b lack strap m o la sses, cotton seed and p ro d u c ts, u n ­
shelled p e a n u ts, flo u r , w h e a t, corn , h a y . agricu ltu ral im p lem en ts (except
ha n d im p le m e n ts), b aggin g an d ties, binder tw in e, can s, cases and p a ils
(t in ), b a sk e ts, ch ocolato (raw m a te r ia ls), d ry g o o d s, w indow g la ss, glass­
w are (ta b le ), horse an d m u le sh o es, oil (refined p e tro le u m ), iron an d steel
p ip e , w rap p in g p a p e r, prin ting p a p e r, tin articles, wiro an d n a ils, door
lo c k s, to o ls, file s an d rasps, betw een Sh revep ort an d p o in ts in T e x a s are
an d for th e fu tu ro w ill bo u n d u ly preju dicial to Sh revep ort in so far as such
rates exceed thoso c on tem p oran eou sly ap plied for tho tran sp ortation o f
th o sa m o c o m m o d ities for lik o d istan ces betw een p o in ts in T e x a s , excep t
hi instances w here th o latter', on acc ou n t o f w ater c o m p e titio n alon g tho
G u l f o f M e x ic o or w aters con tigu ou s th ere to , h a v e been depressed below
th e regu lar rail rates applied for th o tran sp ortation o f tho resp ective c o m ­
m od ities w ith in th o S tato o f T e x a s .

HOW

THE

WAR

HAS

AFFECTED

THE

W O R L D ’S

B U SIN E SS.

How the war has affected business in tho principal belliger­
ent and neutral countries is shown in a report proparod by
the Bureau of Foreign and Domestic Commerco, Depart­
ment of Commerce, for Senator Simmons, Chairman of the
Senate Committee on Finance. The countries covered aro
the United States, Canada, England, France, Germany,
Austria-Hungary, Italy, Russia, Spain, Sweden, Argentina,
Brazil, Australia, British India, British South Africa, Egypt
and Japan. Tho following general conclusions are drawn:
B u sin ess activ itie s were fa ir ly n o rm al in tho variou s cou ntries o f th e
w orld du ring th o tw o years preceding th e ou tb reak o f tho w a r.

In e v e r y c o u n t r y . In clu d in g th o U n ite d S tates, th ere w as a d o c id c d
d o c lin o in business a c tiv ity a fte r J u ly 1914.
T h o period o f business depression follo w in g tho ou tb reak o f tho w ar
la ste d fr o m fou r to six m o n th s in m o st o f th e neutral cou n tries.
In tho
b elligeren t cou ntries tho u p w ard trend did n o t begin u n til tho la st fow
m o n th s in 1 9 1 5 .
T h e re w as a slig h t depression in bu sin ess a c tiv ity in th e U n ite d S tates
in th o la tter part o f 1913 and early in 1 9 1 4 , b u t in tho sprin g an d su m m er
o f 1 9 1 4 there wore signs o f re co v e ry .
T h o ou tb reak o f tho w a r, h o w e ver,
cau sed a decid ed declin e.
T h o U n ite d S ta te s a t th o close o f tho p erio d , A p ril 1 9 1 6 , h ad entered
u p on a period o t business a c tiv ity w h ich has h a d no parallel in th o h istory
o f th o c o u n tr y .

To indicate tho business activities of the various countries
coverod by tho report statistics aro printed showing imports
and exports of merchandise, imports and exports of gold,
receipts of railways, bank clearings, business failures, postal,
telegraph and telephone receipts, building operations, pro­
duction of pig iron and prices of commodities. Complote
figures could not be obtained for all countries, but as the
report stands it is said to contain the most complete and
reliable collection of statistics and diagrams that havo been
issued on the subject under one cover since the war started.
Tho report has been published as Senate Document No. 477
and contains 75 pages.
IN TE R N AL

REVENUE
FO R L A T E

(A N D

IN C O M E

F IS C A L

TAX)

Y IE L D

YEAR.

Supplementing the announcement issued on July 1 by
Secretary of tho Treasury McAdoo, concerning the estimated
Government receipts for the fiscal year ended Juno 30 1916,
a preliminary report of the receipts from internal revenue
taxes was made public by Commissioner of Internal Revonuo
W . II. Osborn on tho 13th inst., theso latest figures revising
tho earlier compilations. According to tho report now avail­
able, tho aggregate receipts from internal rovenuo amounted
to $512,723,287, against $415,681,023 for the fiscal year
ending June 30 1915, an increase of $97,042,264. Tho ordi­
nary receipts, including tho returns under tho so-called
Emergency Revenue Act, aggregated $387,786,035 for 1916;
$84,278,302 was collected under tho emergency revonuo tax
law, while $io collections from tho income tax amounted to
$124,916,315 as compared with $80,201,758 tho previous
year. Tho ineomo tax receipts from corporations were
$56,972,676 and from individuals $67,943,639.
Of tho total amount of internal rovonuo paid into tho Treas­
ury, New York was first with $104,910,489; Illinois second



with $65,287,404, while Pennsylvania contributed $44,817,­
510 of the internal revenuo taxes. In individual ineomo tax
collections New York was far in the lead with more than
$30,252,255; Pennsylvania paid in $6,313,191; Illinois,
$5,166,689; Massachusetts, $4,193,828; New Jersey, $2,928,­
300; Ohio, $2,416,701. In corporation income taxes Now
York paid $14,947,802; Pennsylvania, $6,789,242; Illinois,
$5,579,151; Ohio, $3,627,218.
The Commissioner’s report shows an almost uniform in­
crease in the production of taxable articles. Tho taxes on
distilled spirits increased from $144,000,000 in 1915 to $158,­
000,000 in tho last fiscal year. Tobacco taxes increased by
$8,000,000, moro than half of which was duo to the increased
consumption of cigarettes. The taxes on fermented liquors
increased $9,000,000.
The samo increases aro reflected in
tho special taxes under tho Act of Oct. 22 1914. Tho bank­
ers’ tax increased from $2,828,747 to $4,226,342; tho tax on
theatres from $789,997 to $1,014,911.
F IN A N C IA L H AN D BOO K ON M E X IC O .

brief record of the economic conditions of Moxico in
their relation to tho outside world is furnished in a Financial
Handbook on that country published by tho Mechanics
& Metals National Bank of Now York. Doscribod as a
land of vast opportunity, whoso futuro has not necessarily
been jeopardized by tho revolutionary conditions prevailing
over the past five years, the bank, in an introductory chapter
in the new booklet, maintains that, despite all its boundless
resources and its possibility of development, Mexico’s finan­
cial and industrial hopo lies unequivocally in tho support of
this country.
Instead of itself seeking an opportunity to oxploit the
country, as frequently charged, tho Mechanics & Metals
National Bank indicates that American capital will bo sought
by Mexico presently, for capital is urgently roquirod to re­
store crippled industries, rebuild destroyed railways, and
give employment to the people. “Mexico,” according to
this bank, “ can expect little material help from Europo, which
for a long time to come will havo political and economio
problems of its own to solve—-problems which would seem to
precludo any active participation in tho restoration of
Mexico.” In the booklet aro chapters covering Moxico’s
resources, finances, trade, currency system, banking system,
transportation facilities, mining, petroloum and manufac­
turing industries and agriculture. Tho booklet is being
distributed without charge.
A

C R E D IT IN T E R C H A N G E B U R E A U

TO B E O R G A N I Z E D .

The August number of tho bulletin of tho Now York
Credit Men’s Association contains tho prospectus of the
credit interchange bureau, which tho association is about
to inaugurate. The advisability of organizing and oper­
ating a credit exchange bureau has ongagod tho attention
of the Executive Committee of the Now York Credit Mon’s
Association for some time. A special committee, appointed
in 1913, to investigate tho subject roported that because
of the many different lines of business composing the member­
ship it believed it inexpedient to undertake tho work at
that time. The matter being of such groat importance to
the commercial community and especially to many of tho
members of tho Association, and tho growing sentiment
that the association devise some plan to givo its members
a service of this character, caused President Koolsch to
appoint another special committeo to furthor investigate
and report on the matter. After sovoral months of pains­
taking study and investigation tho committeo reported the
plan as now put out, which was unanimously approved
and adopted by the Executive Committee at its rogular
monthly meeting held Aug. 10 1916. Tho buroau is to be
known as the “ Credit Interchange Buroau of tho Now York
Credit Men’s Association.” Tho control and executive
management of tho bureau is to bo vested in tho Executive
Committee of the New York Credit Mon’s Association,
which committee is to determine, fix and authorize tho
scope of its policies and its operations. Tho buroau is to
be under the general supervision of a committeo consisting
of eight members of tho New York Crodit Men’s Association,
appointed by the President thereof, and tho chairman of
which shall bo a member of tho Executive Committee of tho
New York Credit Men’s Association. Tho committeo is
to bo designated and known as tho “ Credit Interchange
Bureau Committee.”
The bureau is organized for tho purpose of soliciting,
compiling, recording and disseminating information respoct-

ing the financial and credit standing and responsibility of
corporations, firms and individuals engaged in any and all
commercial, industrial or financial enterprises. TIio services
rendered by tho bureau aro available to any and all mem­
bers of the New York Credit Men’s Association, in good
standing, who sign the contract made and provided and
who pay tho proscribed fee in advance. Subscribers must
pay annually in advanco, the sum of fifty dollars ($50) for
which the bureau agrees to furnish tho subscriber one hun­
dred trade reports on inquiry. Additional reports on in­
quiries are to be furnished at the rate of fifty cents (50c.)
each.

1 lio principle of the pending Webb bill authorizing co­
operation by exporters, with adequate safeguards against re­
striction of domestic commerco, is strongly endorsed by the
Council Committee, consisting of:
C h a ir m a n , Joh n
N o w Y o r k C it y .

D.

R y a n , P resident A n a c o n d a C o p p e r M in in g C o ,

J . A . G . C a r so n , P resid ent C arson N a v a l Sioros C o ., S a v a n n a h , G a .
J am es A . F a rrell, P resid ent U n ite d S tates Stee l C o r p o r a tio n , N e w Y o r k
C it y .
H . C . L e w is, M a n a g e r N a tio n a l Paper & T y p e C o ., N o w Y o r k C it y .
W illia m H . R u sso, P resid ent R u sse & B u rgess, I n c ., M e m p h is , T e n n .
i h e o . B . W ilc o x , P o rtla n d Flou ring M ills C o ., P o rtla n d , O re.
R o b e r t I I . P a tc h in , S ecretary N a tio n a l Foreign T r a d e C o u n c il, N e w
Y o r k C it y .

in addition to preventing leagues of foreign buyers from
purchasing American natural products at less than the domes­
Last month tho Post Office announced that all Juno records tic prices and increasing the facilities of manufacturers and
for postal savings deposits had been eclipsed in that month merchants of moderate size for export trade, the Council de­
tho present year, when a net gain of $3,800,000 was revealed, clares that co-operation in exporting will permit the follow­
ing advantages:
quadrupling tho net increase for June 1915. The current
M a in te n a n c e ot h igh ly organized exp ort service a t m in im u m cost to
week it reports that all previous July increases in postal sav­ p a rticip a n ts, e m p lo y m e n t o f A m e ric an a d v a n ta g e s in a d v e rtisin g , technical
ings deposits were exceeded in tho month just passed, a net d e m o n stration an d "f o llo w -u p ” m eth o d s.
Im p r o v e d credit in form ation and fin an c in g o f foroign sales, m o re a d v a n ­
gain of over $3,700,000 having been made, against $342,940 tageou
s tr a ffic con tracts th rou gh greater an d regu lar to n n a g e , superior
in July 1915. All sections of the country contributed to tho facilities for c u sto m s b ro k erag e, w areh ousing, & c .
A ssu m p tio n , b y th o co -o p era tiv e o rg a n iza t.o n s, o f cred it exten sion w hich
increase, tho offices showing the largest gains for July being
m an u factu rers dep en d en t u p on a qu ick tu rn over o f cap ital are u n ab le to
as follows:
p ro vid e.
G R O W T H OF P O S T A L S A V IN G S D E P O S IT S .

Now York, N . Y ____
Brooklyn, N . Y _____
Detroit, M ich______
Chicago, 111________
Boston, Mass______
Pittsburgh, P a ______
Cleveland, Ohio____
Butte, M ont_______
Milwaukee, Wise___
Philadelphia, P a ____
Buffalo, N. Y ............. .
Bridgeport, Conn___
Toledo, Ohio_______
Newark, N. .1___
Portland, Ore______
Tacoma, Wash_____
Akron, Ohio________

. - - $ 5 6 1 , 7 6 6 K ansas C it y , M o ...................
fersoy C it y , N . J ___________
. . . 3 0 5 ,8 8 ?
U. L o u is , M o .......... ...................
___ 1 4 5 ,0 5 '
O isbee, A r iz ...............................
. . . 1 3 4 ,0 3 1
. . . 1 1 0 ,0 5 ?
V tlantic C it y , N . J ...................
...
0 0 ,0 4 7 D u l u t h , M i n n .................................
...
7 5 ,5 1 0 N ew H a v e n , C o n n ___________
...
7 2 ,0 8 7 U n io n to w n , P a _______________
...
0 5 ,5 4 1 P r o v id e n c e , It. I ____________
...
0 1 ,4 0 7 S o a ttlo , W a s h ..........................
...
4 0 ,4 0 2 L o w e ll, M a s s _________________
....
4 8 ,0 0 3 G a r y , I n d _____________________
....
4 5 ,0 0 7 San F ra n cisco , C a l_________
...
4 3 ,0 7 4 E rie , P a ................
..
4 1 ,0 0 0 M c K e e s p o r t , P a _____________
...
4 1 ,0 1 1 I r o n w o o d , M ic h _____________
...
3 4 ,0 9 1

$33,039
S u rvival o f Initial losses, fa ta l to an in d ivid u al c o m p a n y , w h ich are s o m e ­
27,071
24,108 tim e s incurred before A m e ric an goo d s gain a fo o th o ld .
23,740 D iv ision o f foroign business u p on an agreed basis a d a p te d t o th e m u tu a l
22,036 interest o f all p articip an ts fr o m th e stan d p oin t o f su stain e d lab or e m p lo y ­
2 2 ,6 0 2

The statement also says:
O n J u ly 31 7 ,6 8 7 p o st o ffices wore accep tin g deposits in tho U n ited S ta te s,
A la s k a , P o rto Itico and H a w a ii.
T h e n u m b er o f depositors a p p roxim ated
6 1 2 .0 0 0 , w ith $ 8 9 ,7 0 0 ,0 0 0 stan d in g to their c re d it.
O f this s u m , $ 7 6 ,
4 0 0 .0 0 0 , or nearly se v e n -e ig h th s, were acc u m u lated a t th e 4 7 3 offices h a v ­
ing deposits o f $ 2 0 ,0 0 0 an d o v e r , and a b o u t sev o n -to n th s o f all th o de p osits
wero in tho 8 7 offices h a vin g m o re th an $ 1 0 0 ,0 0 9 on d e p o sit.
N in e offices
n o w h a v e over a m illion dollars each o n d e p o sit, P h ilad elp h ia h a v in g passed
th is m ark in J u ly .
T h e se nino o ffice s— N e w Y o r k , B r o o k ly n , C h icago
B o s t o n , D e t r o it, P ittsb u r g h , San F ran cisco, P o rtla n d an d P h ilad elp h ia—
h o ld a b o u t 4 2 % o f all d e p o sits.

N A TIO N A L

F O R E IG N

TRADE

C O U N C IL 'S

IN Q U IR Y

I N T O E F F E C T OF W A R O N A M E R I C A N C O M M E R C E .

Tho Committoo on Co-Oporation in Foreign Trade of the
National Foroign Trade Council which has been investigating
tho offect of tho European war on American oversea commerco
and tho necessity of permitting American exporters the samo
rights to combino that are onjoyed by their competitors, made
public its report on the 13th inst. Analyzing “Fortuitous
Elements in Prosont Foreign Commerce,” it says in part:
In 1913 tho per cap ital foroign trado o f E n g la n d w as $ 1 4 9 , o f G e r m a n y
$ 7 9 , an d o f th e U n ited Statos o n ly $ 4 4 . F o r 191 6 it is estim ated th a t th a t
o f th o U n ited S tates w ill bo $ 6 3 , or $ 5 8 w ith ou t a m m u n itio n and firearm s.
T ills excess o f oxport trado ove r tho n orm al rests largely u p on th o fo llo w ­
ing circu m stan ces:

(а) A b n o rm a l w ar d e m a n d and prices for m u n itio n s, fo o d stu ffs an d raw
m aterials.
(б) E lim in ation o f n orm al E u rop ean com p etition throu gh occu p ation
o f E u ropean factories in m u n ition s prod u ction .
(c) L oss o f lab or th rou gh en listm on t or con scription an d belligeron t
restriction o f norm al e xp ortation .
(cl) C u rtailm e n t o f Inve stm en t o f E u rop e an cap ital in neutral m a r k e ts,
n o rm a lly a stim u lu s to E u rop e an exp ort trad e .
T h e se ab n o rm a l con ditions h a v in g prevailed in th e oxp ort trad o for
n early tw o yoars, m a n y A m e ric an s aro in danger o f relyin g up on th e m as
p erm an en t.
N o groator fa lla c y is possib le th an to n o glccl to e x p e c t, after
th o w ar, th o follo w in g d o velop m on ts:

(а) C essation o f w ar d e m a n d an d prices for m u n itio n s, red uction o f prov ailin g high pricos for exp orted fo o d stu ffs an d raw m aterials b y reason o f
restored E u rop e an c o m p e titio n , norm al tran sp ortation and International
m ovom on t o f raw m aterials.
(б) R esu m p tion o f norm al E u rop e an c om p etition In h o m o and neutral
m ark ets b y reason o f return o f soldiers to Ind ustry and th o liftin g o f m ilita ry
em bargoes from exp ortation .
(c) R enew ed a c tiv ity o f E u ropean exp ort an d im p ort c om b in atio n s w ith
increased G o v ern m en ta l su p p ort and p o ssib ly preferential ta r iff an d n a v ig a ­
tion arrangem en ts un der econom ic alliances.
(if) R en ew al, as rap id ly as business con ditions and n a tio n a l, or even in­
tern ation al, fiscal p o licy w ill p e rm it, o f E u rop e an in v estm en t in neutral
m a r k e ts, th o m o st e ffectiv e m eth od o f creatin g a foreign preference for
m erch and ise o f loading n a tion s.
E u rop ean w ar financo has been m old ed
to pro te ct trad e -w in n in g foreign in vestm en ts; their n ourishm en t w ill not
bo neglected w ith poaco.
A g ain st tho forogoln g ad verse elem en t m u st bo se t tho d e m a n d s o f re­
newed peace a ctiv itie s, return o f con fid en ce, d e m a n d for m aterials for im ­
m ed iate ro-con stru ction o f d e v a sta ted districts an d reviva l o f d e velop m en t
enterprises.
E u ro p e ’s .accustom ed in stru m en t for thoso a ctivities w ill b e co-o p e ra tiv e
e ffo rt beginning w ith cartels and trad e association s o f producers, m a n u fa c ­
turers, exporters and ban kers reinforced b y th o b ac k in g o f tho S ta te , a n d ,
unless tho discussions w ith w hich industrial E u rop o now vib ratos sh all fa il,
su p p lem en ted b y econ om ic allian ces succeeding th e w ar alliances n ow in
force.
C on tin u a tion o f tho prosont con d ition spoils E u rop e an industrial
and gov ern m en ta l co-op eration versu s A m e ric an -com p e lled co m p e titio n .




m e n t, an d a b ility to produ ce a t a price to m e e t foreign c o m p e titio n .

21,488
20,774
10,014
NEW
YORK C I T Y ’S N E W
B U IL D IN G ZONE P L A N .
17,004
17,036
Tho
Board
of
Estimate
and
Apportionment
at its meeting
17,360
17,284
on July 25 adopted the plan of the Commission on Building
16,014
15,943 Districts and Restrictions, appointed in 1914, by passing
15,705

tho Building Zone resolution, a measure which governs the
construction and use of all future buildings. The principal
provisions of tho law are the regulation and limitation of
tho heights and bulk of buildings; the determination of the
area of yards, courts and open spaces, and the restriction
of the location of trades and industries, and location of
buildings designed for specified purposes.
1 ho maximum height at which any future structure can
bo erected is two and one-half times the width of a fronting
streot. This is in a small section of the down-town financial
district. Tho height is figured from a maximum street
width of 100 feet, which means that 250 feet is the limit to
which a building may be put up hereafter.
Outside of tho financial district two times a streot width
is th3 limit of height, meaning that many apartments and
loft buildings like those now uptown will no longer be per­
mitted. In tho residential sections one and one-half times
the streot width is the rule, limiting apartments to eight
or nino stories, while in districts not closely settled, one
timo tho streot width is the maximum, permitting no higher
than, four or five story buildings.
Thero aro areas where construction is governed by the
amount of lot space covered. For instance, in commercial
zones along tho waterfront set aside for factories and ware­
houses, all tho lot space may bo used. In office and loft
sections from 70 to 90% of the ground may be covered above
tho first floor. Residential buildings, apartments may
cover from 50 to 70% of lots, depending on the character
of tho development in tho zone, while a 30% zone permits
tho uso of so little of a lot that such sections, it is said,
will bo used for houses of the villa type only.
A third set of restrictions applies to uses that can be made
of property. What are now residential sections are forever
restricted against business of all kinds oxcept on principal
avenues. Necessary neighborhood shops will bo permitted.
Retail zones like the Fifth Avenue section are closed to
factories, oxcopt such as do light manufacturing of goods for
salo on tho promises. The orection of garages, stables, &c.
will bo permitted no longer in residential, retail or office
districts and heavy manufacturing plants and warehouses
will bo permitted only in waterfront and distant undeveloped
parts.
A great number of permits for buildings which could not
bo erected under the now law, wero filed the last few days
preceding tho Board of Estimates action.

ADVANCES

IN

E X PLO SIVES

AND

EFFECT

ON

AN­

T H R A CIT E M IN IN G .

Tho Anthracite Bureau of Information, Wilkes-Barre,
Pa., recently furnished the following with reference to the
great advanco in prices of explosives and its bearing on
tho production of anthracite:

M u c h h a s b ee n p u b lish ed la te ly regarding th e d iffic u lty o f secu ring
d y e s tu ffs an d th e in gred ien ts used in th o m a n u fa c tu r e in th is c o u n try o f
o th e r sta n d a rd c o m m o d itie s .
B u t it is n o t g en erally k n o w n th a t th is
ap p lie s also to m a te r ia ls used in th o m a n u fa c tu r e o f d y n a m ite , b la c k p o w ­
der an d o th e r b la stin g e x p lo siv e s.
A s a m a tte r o f fa c t , th o price ot m o st o f
th e se m a te r ia ls h as increased en o rm o u sly an d if present w ar con d itio n s
c o n tin u e in E u r o p e for a n y le n g th o f tim o , it is d o u b tfu l if it w ill be p o ssib le
t o o b ta in so m e o f th e m a t a n y p rice .
T h is is p a r tic u la r ly th o caso w ith
g ly c e r in , w h ic h , w ith su lp h u ric acid an d nitric a c id , is used in th e m a n u ­
fa c tu r e o f n itro g ly ce rin , on e o f th o principal exp lo siv e ingredients o f all
h igh e xp lo siv es used in m in es an d qu arries.
G ly cerin is a b y -p r o d u c t in
th o m a n u fa c tu r e o f soap a n d , w hile a con sid erab le q u a n tity o f it is produced
in th is c o u n tr y , m o re th a n h a lf o f th a t used in tho m a n u fa c tu r e o f n itro­
g ly c e r in an d o th e r c o m m o d itie s in th is co u n tr y h a s been sh ip p ed hero
fr o m E u r o p o .
A ll o f th e g lycerin m a d e in E urope, a t th e prosent tim e is
b ein g used th ere in th o m a n u fa c tu r e o f w ar m u n itio n s, or is b ein g stored
fo r th a t p u rp ose in th e fu tu r e .
E n g la n d an d F r a n c e , w h ic h , before tho
o u tb rea k o f th o w a r , w ere th e p rin cip al exp orters to th is c o u n tr y , h a vo
p la ce d em b a rg o es on th o exp ort o f g ly cer in .
D y n a m it e m an u factu rer s b eliev e t h a t b efore long it w ill bo en tirely im ­
p o ssib le t o secu re en ou gh g lycerin to m a k e th o d y n a m ite needed in this
c o u n tr y , an d are exp erim en tin g w ith new oxplosivo m a te ria ls as s u b sti­
tu te s fo r n itro g ly ce rin .
T h o d o m a n d in E u r o p e for n itrate o f so d a , th e
prin cip al Ingredient o f b la c k p o w d e r , is so groat now th a t th o price h a s
m a te r ia lly in creased , alth o u g h th is ad v a n co h a s n o t y e t boon on a par w ith
th e increase in th o price o f d y n a m ite in gre d ien ts.
T h o increase in m a rk et
p rice s, in th e p a st y e a r , o f th o prin cip al m a te ria ls used in th o m a n u fa ctu re
o f d y n a m ito , p e rm issib le exp lo siv es and b la stin g pow d er is a b o u t as follow s;
S u lp h u ric a c id , six tim e s as m u c h ; n itric a c id , tw o an d o n e -h a lf tim e s as
m u c h ; g ly c e r in , fo u r tim e s as m u c h ; n itra te o f a m m o n ia , tw o an d o n e -h a lf
tim e s as m u c h ; sa ltp e tr o , th ree an d o n e -h a lf tim e s as m u c h ; an d n itrato o f
s o d a , o n e -fifth m o r e .
T h is increase in cost o f in gred ien ts h a s n a tu ra lly
resu lted In an increase in th e prico o f all b lastin g e xp lo siv es an d b lastin g
su p p lio s.
T h o prico o f d y n a m ito , p e rm issib le exp lo siv es, b la stin g p o w d er,
b la stin g cap s an d fu so s, b la stin g m a c h in e s, fu se , A c ., has boon raised se v ­
eral tim e s a lre a d y th is y e a r , an d th o present o u tlo o k in d ica te s th a t these
increases w ill con tin u o u n til th e su p p ly an d d e m a n d beconro n orm al aga in .
T h o a d v a n c e in th o price o f 4 0 % d y n a m ito since S e p tem b er 191 5 h a s boon
o v e r 8 0 % an d on th o high er grad es tho a d v a n ce s rango fr o m 1 0 0 % to 1 2 0 % .
D u r in g th is period o f tim e , b lack pow d er sh ow s an increase in cost o f 2 3 % ,
p e rm issib le e x p lo siv e s, over 3 5 % , an d d y n a m ito cap s ove r 2 0 0 % .
N o t w ith s ta n d in g theso increases th o a n th racite op erators h a v o sold
p o w d e r an d b la stin g sup plios to thoir m in ers a t tho sam o prices th a t pre­
v a ile d fo u r yoa rs a go ; an d u n d er tho w ago agreem en t re c e n tly m a d e th e y
h a v o b o u n d th em selv e s to con tin u o these prices for tho en su in g four yoa rs.
I t th erefo re follo w s th a t th e ad v a n co in cost is p a id for b y th e o p erators and
c o n stitu te s a m a te ria l item o f exp ense in ad d ition to th o w age increase.
T h e e ffe c t w ill v a r y a t differen t op eration s accord in g to th o q u a n tity and
ch aracter o f th o exp lo siv es u se d , t h e ave rage a t th o prosent tim e being
a b o u t 3 cen ts per to n o f o u tp u t , or $ 2 , 0 0 0 , COO for th e fie ld a n n u a lly .

establishing houses in New York, London, Paris, Frankfort
and San Francisco. For many years Mr. Seligman’s firm
acted as the fiscal agency of tho United States Navy, and it
also acted for a long period as agent for tho State Depart­
ment. After the deaths of four of the brothers the firms in
this country were separated from tho European houses.
The Chatham & Phenix National Bank, now located at
192 Broadway, is planning to movo to larger quarters in tho
Singer Building, 149 Broadway. The removal of the bank
into its new home will take place around the first of the year.
Max Market has been made a Vice-President of the Chat­
ham & Phenix National Bank in charge of tho branch of
the bank at Bowery and Grand streets.
Judge Augustus N. Hand in tho Federal District Court
last Wednesday signed a decree confirming tho final report
of John W . McKinnon, who has served as agent for the share­
holders of the National Bank of North America of this city
since Dec. 1 1913, and discharging him from further duty.
In April authority was given Mr. McKinnon, as agent for
tho shareholders, to sell tho remaining assets of tho bank,
which failed in 1908, to the North America Liquidation
Co., Inc., for 8504,981. The latter company, as reported
in our issue of April 22, had been formed by tho shareholders’
committee of tho defunct bank. Since, by order of tho
Court, the assets of the bank wero sold to the North America
Liquidation Co., Inc. the decree of last Wednesday directs
Mr. McKinnon to turn over to Alexander Gilchrist Jr.,
Clerk of the District Court, the balanco of 284,000 shares
of the capital stock of the Orinoco Co., Ltd., deposited with
the bank in 1897 for adjustment of claims; to pay to Jacob
J. Demarest, 8162; Ezra Dixon, $810, and $9,652 to tho
North America Liquidation Co., Inc., for distribution
among the remaining shareholders of tho bank.

The Pacific Bank of this city has received permission from
the State Banking Department to establish two new branches
in Manhattan. One of those branches, as announced in
A SSO CIAT IO N .
Cincinnati is making extensive plans to entertain the fifth our issue of last week, is to bo located at Forty-ninth Street
annual convention of the Investment Bankers’ Association and Seventh Avenue, and the other at Fifty-soventh Street
of America, to be held in that city Oct. 1-4, inclusive. Tho and Madison Avenue.
Committee representing tho Cincinnati members of the as­
The New York Agency of the Yokohama Specie Bank, now
sociation, Reamy E. Field, Chairman, with the co-opcration
of the Cincinnati Chamber of Commerce, has prepared a four- located at 55 Wall Street, has taken a long-term lease on a
days’ program which will bo reploto with work and enter­ portion of the fifth floor of the Equitable Building. The
tainment. Leading financial men identified with the invest­ agency expects to occupy the new quarters somo timo in
ment banking business from all parts of the country will be November.

ANNUAL

C O N V E N T I O N OF I N V E S T M E N T B A N K E R S '

in attendance. The Hotel Sinton will be headquarters.
James Talcott, well-known philanthropist and head of the
Tho annual banquot will be held at the Hotel Gibson. Colo­
nel William B. Melish, President of tho Cincinnati Chamber house of James Talcott, Inc., commission merchants and
of Commerce, will bo toastmaster, and Judge Roland C. bankers of this city, died last Tuesday. Mr. Talcott was a
director of the Bank of tho Manhattan Co. and was con­
Baggett of Dayton one of the principal speakers.
nected with many other business enterprises of this city.
Ho was a Vice-President of tho Chamber of Commerce and
BANKING, LEGISLATIVE AND FINANCIAL NEWS. held membership in tho New York Board of Trade & Trans­
Six shares of bank stock wero sold at the Stock Exchange portation. Notable among his gifts to educational insti­
this week and one share of trust company stock was sold at tutions of this country are a library at Northfield Semin­
auction. Five hundred shares of stock of tho Jefferson ary, Northfiold, Mass., a dormitory at Oberlin Collego
Bank, which was merged with the Century Bank in March and a professorship for religious instruction at Barnard
1912, were also sold at auction at 50 cents per share.
Collego, this city.
Shares. B A N K — New York.

*6

Line. High. Close.

N a t . B a n k o f C o m m e r c e _______ 170
T R U S T C O M P A N Y — Brooklyn.
1 F r an k lin T r u s t C o ______________ 2 5 5

Last previous sale.

1 70

170

A u g. 1916—

170

255

255

A u g. 1915—

245

* S o ld a t th e S to c k E x c h a n g o .

James Seligman, pioneer banker and head of the interna­
tional banking house of J. & W . Seligman & Co., died Tues­
day morning from general debility. Ho was in his ninetythird year and had retired from active business twelve years
ago, having since then devoted himself to philanthropic
pursuits. Mr. Seligman had been a member of tho New YorkStock Exchange since 1869, and had served on tho Governing
Committeo for a period of fifteen years, and also at different
periods on tho Exchange Committees on Securities, Finance
and Admissions. He was born in Baiersdorf, Germany, on
April 14 1824, and emigrated to this country in 1839.
The development of the banking business which he and his
seven brothers established grew out of small beginnings,
Mr. Seligman having in earlier years practically started his
business career as a peddler. The brothers, after founding
a wholesale clothing and commission business, turned their
attention at the timo of the Civil W r to banking affarsi,



Patrick A. Valontino, prominent banker and formerly
Vice-President of Armour & Co., died on tho 21st inst.
Mr. Valentino was a director of the National City Bank of
New York and also a member of tho Board of the New York
Susquehanna & Western RR. He was also connected with
the Central Leather Co. as Chairman of its board and with
the United States Realty & Improvement Co. and other
concerns.
On the 16th inst. the Brooklyn Trust Co. electod Frederick
B. Lindsay and Gilbert II. Thirkfield as Assistant Secretar­
ies to fill vacancies.
A special meeting of tho stockholders of tho Washington
Trust Co. of Pittsburgh will be held on Oct. 12 for tho
purpose of acting on tho question of increasing tho authorized
capital of tho company from $400,000 to $500,000.
Tho Central Trust Co. of Pittsburgh, which started busi­
ness in 1903, was closed on Thursday, tho 24th inst., and a
State bank examiner assumed charge. The institution, when

it began business in 1903, was known as the Central Savings
& Trust Co., but later, in 1905, it changed its name to the
Central Trust Co. It had a capital of $150,000, and its
deposits were in the neighborhood of $650,000.
At a special meeting of tho directors of tho Central Savings
& Trust Co., of Akron, O., on the 22d inst., E. R. Held,
former Treasurer, was electod to the Presidency to fill tho
vacancy caused by tho death of Will Cristy, who died on tho
9th inst. Other officers elected at the same meeting were:
Georgo Bunn, heretofore Secretary, to becomo Vice-Presi­
dent, succeeding M . Otis Hower, deceased; and W. J.
Rouf, formerly Assistant Treasurer, to serve as Treasurer.
P. M . Held, who was Assistant Secretary, has been chosen
Secretary. Two new members of the board are P. M . Held
and W. J. Rouf.
Ray Nyemaster, Cashier of the Muscatine State Bank of
Muscatine, la ., has been chosen Vice-President of the German
Savings Bank of Davenport, la., and will assumo his new
duties Oct. 1.
The Security Trust & Savings Bank of Billings, Mont.,
paid-up capital $100,000, has been organized by a group of
Eastern Montana financiers and stockmen and will open
for business in the near future. Tho President of the bank
is W . E. Waldron, formerly Cashier of tho Yellowstone
National Bank of Billings, and President of tho Southern
Group of tho Montana Bankers’ Association. Harry F.
Scott is Vice-President.
The Morris Plan Company of San Francisco has made ap­
plication to the State Commissioner of Corporations for per­
mission to increase its capital from $150,000 to $500,000.
Tho Morris Plan Bank opened for business on May 15.

SIL V E R D O L L A R S.

5

A ssets—

Silver dollars

$

L iabilities—

501,456,673 00 Silver certificates out­
standing_____________ 483,986,699 00
Treasury notes o f 1890
outstanding__________
2,089,047 00,
Available silver dollars
In general fund______
15,380,927 00

Total

501,456,673 00

Total

501,456,673 00

GENERAL FUND.
L iabilities—

Avail, gold (see a b o v e ).
Available silver dollars
(see ab o v e )..................
United States notes____
Federal Reserve n o te s ..
F e d . Reserve bank notes
National bank notes__
Cert, checks on b a n k s..
Subsidiary silver c o in ..
M inor coin............... ......
Silver bullion (available
for subsidiary coinage)
Unclassified
(unsorted
currency, & c .)______
Deposits in Federal
Reserve banks______
Deposits in national
banks :
T o credit of Treasurer
United States_____
T o credit of other
G overnm 't officers.
Deposits In Philippine
treasury:
T o credit of Treasurer
United States_____
T o credit of other
Governm ’ t of fleers.

150,883,755 11
15,380,927
5,336,387
2,939,155
23,270
25,635,837
5,956
16,743,002
771,093

00
00
00
00
31
04
70
66

6,105,422 21
270,575 73
58,422,247 08

33,699,268 18
4,891,041 13

2,619,924 53
2,006,100 41

Treasurer's checks out­
standing_____________
Deposits of Government
officers:
Post Office D epart___
Board of trustees,
Postal Savings Sys­
tem (5% reserve)..
Comptroller o f the
Currency, agent for
creditors of Insol­
vent banks_______
Postmasters, clerks of
courts, & c________
Deposits for:
Redemption of Fed­
eral Reserve notes
(5% fund)________
Redemption of Fed­
eral Reserve bank
notes (5% fu n d )___
Redemption of na­
tional bank notes
(5% fund)________
Retirement of addi­
tional
circulating
notes, A ct M ay 30
1908.................... ..
Exchanges
of
cur­
rency, coin, & c ___

$
1,971,058 82
16,446,983 25
4,066,997 58

1,565,127 95
15,171,231 66

12,526,9001
450,000 00
26,468,389 02

5,653,695 00
9,735,603 40
94,055,987 04

b N et balance, includlng-

876,623,388 86 to cred­
it of dlsburs'g officers. 229,977,976 05
Total

F IN A N C IA L

324,033,963 09

STATEM ENT

Total

OF

U.

324,033,963 09

S.

JULY

31 1916.

{F o rm erly Is s u e d as “ Statem ent o f the P u blic D e b t .” )

Tho following statements of the public debt and Treasury
cash holdings of the United States are as officially issued
The interests identified with the California National Bank as of July 31 1916.
of Sacramento, Calif., will in the near future establish a trust
CASH A V A IL A B L E TO P A Y M A T U R IN G O B L IG A T IO N S .
department, preliminary steps having been taken in that di­ Balance held by the
Settlement w a r r a n t s ,
Treasurer of the United
coupons, and checks
rection. The trust department will be incorporated as part
States as per dally
outstanding:
Treasury statement for
Treasury warrants__ S2,545,601 41
of tho business of the California Savings Bank (capital $100,­
July 31 1916__________S229,977,976 05
M atured coupons___
553,596 54
N et excess of re­
Interest checks______
335,012 22
000), which is operated by the officers of the California Na­ Add—
ceipts over payments
Disbursing o f f i c e r s ’
In July reports subse­
checks-----------11,641,280 32
tional. A capital of $200,000 will bo required for the con­
quently received.........
201,889 65 B a la n c e ............................. 215,104,375 21
duct of the new feature, and tho adoption of tho now branch
Revised balance................8230,179,865 70
$230,179,865 70
of business will also make it necessary, it is stated, to include
PU
B
L
IC
D
E
B
T
B
E
A
R
IN
G
N
O
IN
T
E
R
E
S
T
.
tho word “ trust” in the name of tho savings bank.
Application to incorporate the First Savings Bank of
Eureka, Cal., has recently been made. The institution,
which is to have a capital of $50,000, will be indentified with
tho First National Bank of Eureka.
Willard II. I Tillery, for some years Cashier of tho White
Pass & Yukon Ry., has been elected Vice-President of tho
Bank of Alaska, situated at Skagway, Alaska, which started
business on the 20th of March with a capital stock of $50,000.
It is stated that Mr. Ilillcry’s election to the Vice-Presidency
is a preliminary to tho enlargement of tho bank’s operations.
At a recent meeting of the stockholders an increase in tho
capital was authorized to provide for tho establishment of
at least one additional branch. Besides its Skagway office,
tho institution also has established itself at Wrangell and
Anchorage, Alaska. Mr. Hillery has held other important
posts besides that of Cashier of tho White Pass & Yukon
Ry., for two years ho served as a member of tho City Council
of Skagway and ho is at present the first elective City Clerk.
Tho President of the Bank of Alaska is Andrew Stevenson,
Zohctli S. Freeman is Chairman of tho board of directors.
In tho four months sinco its opening in March to July 20 tho
bar
eports deposits of $260,417.
TREASURY CASH A N D

CURR EN T L IA B IL IT IE S .

Tho cash holdings of tho Government as tho itoms stood
July 31 aro sot out in tho following. Tho figures aro taken
ontiroly from tho daily statement of tho U. S. Troasury for
July 31.
C U R R E N T ASSETS A N D L IA B IL IT IE S .
GOLD.
A ssets—

G old c o in ___
Golil bullion

$

L iabilities—

988,604 437 72 Gold certificates out870,363,602 02
standing_____________i ,555,105,259 00
Gold reserve___________ 152,979,025 63
Available gold in gen­
eral f u n d .................... 150,883,755 11

1,858,968,039 74
Total
Total
1,858,968,039 74
N ote. — Reserved against $346,681,016 of U. S. notes and $2,089,047 of Treasury
notes of 1890 outstanding. Treasury notes are also secured by sliver dollars in
Treasury.




(Payable on presentation.)
Obligations required to be reissued when redeemed:
United States notes............................................. ......................................$346,681,016 00
Less gold reserve_________________ — ------------------------------------- 152,979,025 63

Excess of notes over reserve............. ............................................$193,701,990
Obligations that will be retired on presentation:
Old demand notes_______________________________________________
53,152
National bank notes assumed by the United States on deposit of
lawful money for their retirement____________________________
48,679,783
Fractional currency______________________________________________
6,848,076

37
50
50
90

T o t a l ..................................................................................................... $249,283,003 27
D E B T O N W H IC H

IN T E R E S T HAS C E ASED SIN C E M A T U R IT Y .
(Payable on presentation.)
Funded Loan of 1S91, continued at 2 % , called for redemption M a y l8
1900: Interest ceased Aug. 18 1900....... .................--...........................
S4.000 00
Funded Loan of 1891, matured Sept. 2 1891..........................................
22,950 00
Loan of 1904, matured Feb. 2 1904------------------------------------------------13,050 00
Funded Loan of 1907, matured July 2 1907..........................................
519,100 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
Total

81,472,550 26
IN T E R E S T -B E A R IN G D E B T .
(Payable on or after specified future dates.)
Interest
Payable.

T itle o f L oan—

A m ount
Issu ed .
S

----------- Outstanding July 31 1916------Registered.
C oup on.
Total.
$
$
$

2s, Consols of 1 9 3 0 .............Q .-J. a646,250,150 624,567,150 2,753,700 627,320,850
3s, Loan of 1908-1918____ Q .-F . 6198,792,660 47,351,840 16,593,620 63,945,460
4s, Loan of 1925................... Q .-F . cl62,315,400 101,326,000 17,163,900 118,489,900
Panama Canal Loan:
10,340 53,829,480
2s, Series 1906.................. Q .-F . <154,631,980 53,819,140
206,380 29,867,000
2s, Series 1908................ .Q .-F . e30,000,000 29,660,620
3s, Series 1911_________Q .-M .
50,000,000 41,490,400 8,509,600 50,000,000
1,260,400 9,429,400 10,689,800
3s, Conversion bonds_____ Q.-J.
10,689,800
1,645,000 7,530,000
9,175,000
9,175,000
3s, One-year Treas. n otes.Q .-J.
2!^s, Postal Savings Bonds:
7,427,280
817,820
8,245,100
1st to 10th series________ J.-J.
8,245,100
68,220
838,480
906,700
1916-1936 (11th series)..J .-J .
906,700
Aggregate of Int.-bearingdebt 1,171,006,790 909,386,310 63,082,980 972,469.290
a Of this amount $14,539,300 have been converted into Conversion Bonds and
$4,390,000 into One-Year Treasury Notes.
b Of this original amount issued $132,449,900 have been refunded into the 2%
consols of 1930, and S2,396,800 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 $802,500 have been converted into Conversion
Bonds.
e Of this original amount Issued $133,000 have been converted into Conversion
Bonds.
NET DEBT.
GROSS D E B T .
D ebt bearing no Intcr’ t $249,283,003 27 Gross debt (opposite).81,223,224,843 53
Deduct— Balance avail­
D ebt on which Interest
able to pay maturing
has ceased............... 1,472,550 26
oblig’ns (see a b o v e ).
215,104,375 21
Interest-bearing d e b t .. 972,469,290 00
Aggregate

.$1,223,224,843 53

N et debt.................... $1,008,120,468 32

1 9 1 4 -1 5 .

1 9 1 5 -1 6 .

T akings f o r C onsum ption—

COTTON

M OVEM ENT

AN D

1915-16.

CROP O F

Bales.

Bales.

,2 5 1
N o r t h ................. .....................................- ...................... 3 ,3 3 7 .2
S o u t h __________________________________________. 4 ,0 0 2 ,4 4 6

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

1 9 1 3 -1 4 .

Bales.
2 ,7 2 7 ,0 3 5
3 ,1 2 5 ,1 3 2

5 ,8 5 2 ,1 6 7
6 ,3 9 6 ,4 8 9
T o ta l ta k in g s for co n su m p tio n --------------. 7 ,3 3 9 ,6 9 7
Our statement of the cotton crop of the United States
„
9 ,0 5 4 ,2 4 4
for the year ended July 31 1916 will bo found below. T oEt axpl,orts—
8 ,3 8 2 ,0 1 4
oxcept C a n a d a b y ra il_____________ 6 ,0 6 3 ,3 4 8
1 4 1 ,0 5 5
1 7 8 ,4 1 4
It will be seen that the total crop this year reaches 12,953,­ T o C a n a d a b y r a il__________________________ . 1 9 6 ,0 2 7
9 ,1 9 5 ,2 9 9
8 ,5 6 0 ,4 2 8
. 6 ,2 5 9 ,3 7 5
T o ta l ex p o r ts______ 1 — ........................
450 bales, while the exports are 6,259,375 bales and the spin­
2,112
1 1 ,4 6 5
.
2 ,5 2 2
B u r n t du ring year
ners’ takings are 7,339,697 bales, leaving a stock on hand at
T o ta l d istr ib u te d _________________________ 1 3 ,6 0 1 ,5 9 4 1 4 ,9 5 9 ,0 2 9 1 5 ,0 5 8 ,9 3 1
the ports at the close of,the year of 529,788 bales. The whole D ed uct — S to c k decrease, p lu s c o tto n im ­
6 1 7 4 ,1 3 0
<1108,218
6 4 8 ,1 4 4
p o r te d _______________________________________ .
movement for the twelve months is given in the following
.1
1 2 ,9 5 3 ,4 5 0 1 5 ,0 6 7 ,2 4 7 1 4 ,8 8 4 ,8 0 1
T o ta l c r o p .............................................
pages, with such suggestions and explanations as the peculiar
features of the year appear to require. The first table indi­
a A d d itio n , b D e d u c tio n .
cates the stock at each port July 31 1916 and 1915, the re­
In the above are given the takings for consumption. The
ceipts at the ports for each of the past two years and the ex­ actual consumption for two years has been:
port movement for the past year (1915-16) in detail, and the
---------- 1 9 1 5 -1 6 ----------Bales.
totals for 1914-15 and 1913-14.
N o r th e r n m ills ’ sto c k s A u g . 1 --------------------------- 9 2 6 ,9 7 5
T a k in g s a __________________________________________ 7 ,3 3 9 ,6 9 7
Receipts Y ea r end. Exports Y ea r ending July 31 1916

Porta of
July 31

July 31

1916.

1915.

Great
B ritain.

T exas_____ 2866,405 4621 ,783 1264,1*67
Louisiana.. 1414,215 1810 ,143 640,743
G eorg ia ___ 1193,523 1982 ,934 334,447
166 ,997 81,646
A l a b a m a . . 163,365
115 ,018 56,769
F l o r i d a _____ 117,878
5 ,388
M is s i s s ip p i.
60,792
South Caro. 265,803 406 ,464
N orth Caro. 297,634 366 ,618
Virginia___ 685,360 706 ,897 34,380
New Y ork. a27,650 o30 ,022 139,357
a88,043 92,266
B oston____ a89,281
Baltimore . a57,127 a81 ,727 134,270
a3 ,113 21,973
a2,615
Phlladel’a .
3,296
Portland . .
San F r a n ..
1,605
Los Angeles
Seattle____
T a com a __
Pembina . .
D etroit, Ac

July 31 July 31

256,619
262,945
79,362,

" Y , 666

1916.

Total.

F rance.

,7512042,537
,9421255,630
,540 566,349
. . . . I 81,646
,338] 65,107

,334
,655
850]
,067
,629
,800
32,109
,246
....
193 ,012]
450
289 ,343
170 ,806
5 ,759
<1196 ,027

74,902
46,998
168,180

85,126
170,557
82,228
751,604
102,895
169,179
26,219
3,296
193,012
2,055
289,343
170,806
5,759
196.027

1915.

72,061il28,547
105,803 139,172
67,856 64,222
14,052 12,477
7,286
676
22,014 43,211
56,549 34,903
34,348 47,693
105,375 236,189
11,887 14,112

2,100 1,000
1,125

3,314

<

>29,332
10,889

Totals—
2865,711 928,1152465,5496259,375 529,788
This year 7180,856
736,405
10385,147 3817,399 683,241:4059,7888560,428
Last year
248,310
10525,841 3487,976 1088,5834618,7409195,2991
Prev.year
a These ligures are only the portion ot the receipts at these ports which arrived
b y rail overland from Tennessee, A c. d Shipments by rail to Canada.
N o te. — T he total exports for 1915-16 Include 4,066 bales foreign cotton.

The foregoing shows that the total receipts at the A tla n tic
this year have been 7,180,856 bales,
against 10,385,147 bales last year, and that the exports
have been 6,259,375 bales, against 8,560,428 bales last
season, Great Britain getting out of this crop 2,865,711 bales.
If now we add the shipments from Tennessee and elsewhere
direct to manufacturers, and Southern consumption, we have
the following as the crop statement for the three years:
and G u lf s h ip p in g ports

Y ea r ending July 31.

1915-16.

1914-15.

1913-14.

Receipts at ports....................................... ........ bales.
Shipments from Tennessee, A c., direct to m ills..

7,180,856 10,385,147 10,525,841
1,770,148 1,517,204 1,233,828

M anufactured South, not Included above..............

8,951,004 11,902,351 11,759,669
4,002,446 3,164,896 , 3,125,132

T o t a l c o t t o n c r o p f o r t h e y e a r ........... bales. 12,953,450 15,067,247 14,884,801

The result of these figures is a total crop of 12,953,450
bales (weighing 6,640,472,269 pounds) for the year ended
July 31 1916, against a crop of 15,067,247 bales (weighing
7,771,592,194 pounds) for the year ended July 31 1915.
NORTHERN AND SOUTHERN SPINNERS’ takings
in 1915-16 have been as given below:
T o ta l crop o f th e U n itod S ta te s, as b efore s t a t e d _________ b a l o s .1 2 ,9 5 3 ,4 5 0
S to c k on h a n d a t com m e n c e m e n t o f yea r (A u g . 1 1 9 1 5 )—
A t N o rth e rn p o r ts _______________________
2 6 5 .5 0 4
A t S outhern p o r ts _________________________ 4 7 0 ,9 0 1 —
7 3 6 ,4 0 5
A t N o rth e rn interior m a r k e ts __________
1 6 ,0 8 4 —
7 5 2 ,4 8 9
T o ta l s u p p ly d u ring tho yea r en ding A u g . 1 1 9 1 6 ---------------1 3 ,7 0 5 ,9 3 9
O f th is su p p ly there h a s been exp orted
to foreign p o r ts d u ring tho y e a r ___ a 6 ,0 6 3 .3 4 8
L e ss foreign c o tto n Im ported an d A m e r i­
can c o tto n re tu r n o c l.6 ....................b a le s . 4 4 0 ,2 0 4 — 5 ,6 2 3 ,1 4 4
S en t to C a n a d a direct fro m W e s t _________
1 9 6 ,0 2 7
B u r n t N o r th an d S o u t h .c _________________
2 .5 2 2
S to c k on han d en d o f y ea r (A u g . 1 1 9 1 6 )—
A t N o r th e r n p o r ts ----------------------------------1 4 9 ,8 1 9
A t S ou th ern p o r ts _________________________ 3 7 9 ,9 6 9 — • 5 2 9 ,7 8 8
A t N o r th e r n interior m a r k e ts __________
1 4 ,7 6 1 — 6 ,3 6 6 ,2 4 2
T o ta l tak in g s b y spinners In tho U n ite d S tatos for yoa r en ding
A u g . 1 1 9 1 6 . .............. ....................... .......................................... .........................
T a k e n b y S ou th ern spinners (includ od in a b o v e t o t a l ) __________
T o ta l tak e n b y N o rth e rn sp in n ers_________________________________

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

a N o t in clu d in g C a n a d a b y ra il,

6 In clu d es 2 ,6 3 2 balos o f A m e ric a n c o t­
to n returned an d a b o u t 2 1 8 .6 6 6 ,0 0 0 lb s. foreign , m a in ly E g y p tia n , e q u alin g
4 3 7 ,5 7 2 bales o f A m e ric a n w e ig h ts,
c B u rn t includ es n o t o n ly w h a t has
been th u s d e stro y ed a t th e N o rth e rn and Southern o u tp o r ts, b u t a ls o all
b u rn t on N o r th e r n railroad s an d in N o rth ern factories.

These figures show that the total takings by spinners
North and South dining 1915-16 have reached 7,339,697
bales, of which the Northern mills have taken 3,337,251
bales and the Southern mills have consumed 4,002,446 bales.
Distribution of the above two crops has been as follows:



T o t a l __________________
8 ,2 6 6 ,6 7 2
6 ,9 1 2 ,7 8 5
2 ,8 2 0 ,9 1 4 1
C o n su m p tio n a — N o r t h --------------- 3 ,3 0 4 ,6 4 1 1
S o u th ......... .............4 ,0 0 2 , 4 4 6 / 7 , 3 0 7 , 0 8 7 3 ,1 6 4 ,8 9 6 / 5 , 9 8 5 , 8 1 0
N o rth o rn m iils’ sto c k ond o f y e a r ___________

9 5 9 ,5 8 5

9 2 6 ,9 7 5

a T a k in g s an d con su m p tion in clu d e 2 .6 3 2 balos A m e ric a n co tto n roturncd
an d 4 3 7 ,5 7 2 eq u iv a len t bales foreign c o tto n (E g y p tia n , P e ru v ia n , & c .) in
1 9 1 5 -1 6 an d 3 8 2 ,6 0 1 bales foroign an d retu rn ed A m e ric a n c o tto n In 1 9 1 4 -1 5 .

Consumption in the United States and Europe.
UNITED STATES.— The distinctive feature of the
cotton season lately closed was the very largo, not to say
phenomenal increase in the consumption of tho raw ma­
terial in the United States. Before the end of the season
1914-15 the cotton-manufacturing industry had begun to
feel the stimulus of an increasing demand for goods, this
being especially true at the South, but this was as nothing
to the experience of 1915-16. Activity has been the rule
practically everywhere, with a number of mills at the South
working both day and night and operations quito generally
throughout the country limited merely by the ability to
obtain sufficient labor. Month by month, the amount of
cotton consumed has run far ahead of the previous year and
the close of the season finds the aggregate gain over the
year immediately preceding no less than 1,321,277 bales,
of which 837,550 balos at the South. A fuller realization
of what this increase means will be gained from the state­
ment that it is an amount greater than the total consump­
tion in the United States as late as 1874-75, while the aug­
mentation at the South alone exceeds the volume f the
staple turned into goods in that locality in all years prior
to 1894-95.
Only secondary to the great expansion in the consumption
of the raw material the past year has been the important
gain in exports of cotton manufactures. Wo had evidence
in 1914-15 of the help the war had been to the industry, but
it has remained for 1915-16 to furnish moro positivo proof
thereof. It was expected that the continuation of tho con­
flict would give considerable impetus to cotton manufactur­
ing here and that has been clearly demonstrated. But
expectation was that the greatest measuro of gain would
be disclosed in our shipments of goods to South American
countries— markets with which Germany had built up a
very large trade, but was shut off from by tho blockade of
her coast. It is true that we have recently done a much
larger trade with South America than formerly, but the gains
thus far have not been of a magnitude that existing condi­
tions would seem to have warranted. As regards our trade
in cottons with China, the war has been of no advantage.
On the contrary, we did even less with that country in the
late season than in 1914-15, and shipments wore of insig­
nificant proportions as contrasted with those of most recent
seasons. This outcome, however, can be taken as showing
that Japanese manufacturers have boon ablo to very appre­
ciably extend their business with their Mongolian neighbors.
But in some directions our export trade in cotton goods
in 1915-16 showed marked enlargement. This is true of
Mexico, from which country, due to the existing chaotio
industrial situation inseparable from continuous strife, there
has come a demand for cotton cloths far in oxcess of that of
any former year. To tho West Indies also and to Australia
as well our shipments have largely increased, but by far the
greatest gain in trade has been with tho Entente Powers,
including Canada. Under ordinary conditions our outward
trade in cotton goods with any European country or with
Canada is comparatively light. But, directly on account
of the war, supplies going forward for tho mon in the field
have been of enormous aggregate. For example, the item
of knit goods shows an advanco in valuo from $2,546,822
in 1913-14 to $13,080,445 in 1914-15 and finally $20,861,288
in 1915-16.

The course of prices for cotton in the late season furnishes
a decided contrast with 1914-15. It will easily be recalled
that in the last named season a lower level of value for the
staple was reached than in fully a decade and that tho aver­
age price of middling uplands for the twelve months in the
New York market at 8.97c. was lower than that of any pre­
ceding year back to but not including 1898-99. This unsatis­
factory outcome was, of course, directly ascribable to the
developments in Europe. In 1915-16, on the other hand,
and due in greater or lesser measure to the very much smaller
yield, tho price situation was very satisfactory. It is true
that during all of August 1915 and part of September the
quotation for middling uplands in the New York market
was under 10c., but a considerable advance occurred before
September closed and since then the price has been above
12c. most of tho time and in excess of 13c. at intervals.
Abnormally high freight rates in conjunction with re­
stricted means of transportation have held down exports
of cotton to Europe for ordinary use materially, but there
has been a very large absorption, especially of the lower
grades and of linters for war purposes.
It is moreover to
be noted that the shipments of cotton to those countries
from which it was possible for Germany and Austria-Hun­
gary to obtain supplies, indirectly, havo been very limited
compared with what they were a year earlier. Holland has
received from us only 99,597 bales, against 521,214 bales
in 1914-15, and shipments to Sweden, &c., have been but
95,807 bales, against 799,195 bales. We omit reference to
Itlay for obvious reasons. Fears that there might be great
loss of cotton at sea as a result of the more vigorous sub­
marine campaign which Germany entered upon, has been
proven groundless. Our record shows the loss of only eight
vessels with cotton cai’goes, aggregating 9,445 bales, divided
as follows: Athinai from Now York for Piraeus, 50 bales;
Suevier, New York for Havre, 47; Saxon Prince, New Orleans
for Manchester, 3,031; Louisiana, New Orleans for Havre,
2,449; .Manchester Engineer, Philadelphia for Manchester,
489; Harrovian, New York for Havre, 779; and the Cymric,
Now York for Liverpool, 2,600 bales; including 1,028 bales
Peruvian. One vessel with a cargo greater than all these
combined was torpedoed, but did not sink. Wo refer to the
Huronian from Galveston for Liverpool with 11,104 bales.
Tho loss in 1914-15 through contact with mines or tho
activity of submarines was, according to our investigations,
upwards of 50,000 bales.
As to the manufacturing phase of the question in so far as
it relates to the United States, the outcome, as already in­
timated, has been satisfactory not only in the matter of the
volume of the raw material consumed but in tho financial
returns from operations. In fact we are informed by a
number of manufacturers that operations were carried on
more profitably than in very many years. As to the out­
look for the future, however, a great deal of uncertainty is
manifested. Tho opinion of many seems to be that tho con­
tinuance of the European war means maintained prosperity,
but that with its termination there will be a rapid decline
in activity in cotton manufacturing. This may bo putting
the matter a little too strong but it is quite evident that the
cessation of hostilities will mean a great drop in the orders
from Europe. Prices for most, if not all, classes of goods
have ruled relatively high, on the whole, and the margin of
profit has been good; unquestionably so on the supplies
contracted for by tho Entente Powers, which have been a
very potent factor in the year’s business.
The virtually complete embargo upon shipments from
Germany and Austria it was confidently expected would
bring to us large orders for cotton goods from South America
and it was also calculated that to some extent our trade with
China would bo benefited through contraction of operations
in the mills of Great Britain. This has been moderately
true of South America, but it has been many a year since wo
have done less with China. In passing we would note, how­
ever, that Great Britain’s trade in piece goods thus far in
the current calendar year with the various South American
Republics has in tho aggregate been moro than double that
of 1915 and even in excess of 1914, notwithstanding the war,
while her shipments of piece goods to China for the twelve
months this year exceed the liko period last year by 12%
and aro over 30 times the exports thitherward from the United
States for the full fiscal year 1915-16, a distinctly poor show­
ing for this country in its cotton goods trade with the
Orient.
Thero is one form of cotton manufacture that is not sospecifically roforred to in any statistics relating to consump­
tion, as would enable anyone to form a reliable estimate as



to extent, but it known to account for a very considerable
volume of the staple, more particularly of linters. We refer
to its use in explosives of which enormous quantities have
been made here for the Entente Powers, and for the making
of which m ch cotton has been shipped to France, Russia,
&c., this season. No actual information on the subject is
obtainable from those in a position to give it. The export
schedules of the United States, moreover, only enable us to
reach a partial result, for while the shipments of gunpowder
smokeless) are stated in quantity as well as value, the other
explosive— guncotton— of which a vast quantity is sent out
is not separately stated. Still, although, as intimated above,
no conclusive idea as to the extensive use of cotton in the
manufacture of explosives in this country in 1915-16 can
be arrived at, there is much evidence to indicate that it has
been in excess of 1,000,000 bales. Our exports of powder
alone approximated 200,000.000 lbs. during the fiscal year
ended June 30 1916, and at tho rate of \ lA lbs. of cotton to
1 lb. of smokeless powder, we have 300,000,000 lbs. of the
staple, equal to some 600,000 bales of the current average
net woight. The extensive manufacturing of powder, &c.,
has acted to greatly enhance the value of linters which are
moro serviceable in making explosives than lint cotton, and
much less expensive.
Consumption of the raw material, as already stated, was
much greater than in the previous season in the United
States. At the South the mills working on the coarser
counts of yarns for duck, &c., for which very considerable
orders were placed in this country by the Entente Powers,
were most largely benefitted.
Northern mills, also con­
sumed much more cotton than in 1914-15, the increase being
in greatest measure made up of linters. The increased use
of linters recently in the United States, both at the North
and the South, has, in fact, been notable, all that could readily
be secured having been turned into explosives or low-priced
products. At the South the expansion has been from less
than 100,000 bales in 1913-14 to about 170,000 bales in
1914-15 and about 470,000 bales in 1915-16, while at the
North the progression has been from 209,000 bales to 250,000
bales and 435,000 bales.
Labor troubles of mentionable importance were conspicu­
ous by their absence in the late season. A threatened strike
at Fall River was averted by adjustment of the wage scale.
The difficulty in some sections of the country has been to
secure a sufficient force of competent hands to insure full
operation. Taking the world as a unit, a supply of cotton
from the several producing countries materially less than
that of 1914-15 and smaller than in any season since 1910-11,
was secured, an amount, in fact, insufficient to meet the
year’s consumption requirements, notwithstanding the
decreased use of the staple on account of the war, and the
inability of Germany to make needed importations. Of
.course, supplies left over from the previous season were very
large, but these stocks have now been reduced. Extension
of manufacturing facilities during the year were confined
almost wholly to the South, the augmentation in spindleage
thore having been 238,097 spindles, giving a current total
of 13,256,066 spindles, or about double the number in opera­
tion there as late as 1902-03.
It was known quite early that the 1915-16 crop yield
would fall very much below that of 1914-15. Tho estimate
of the Department of Agriculture, compiled in December,
making the outturn 11,161,000 bales of 500 lbs. gross weight
each (not including linters), substantiated that forecast
and further confirmation came in March when the final
ginning report of the Census Bureau showed a production of
11,059,430 bales, not including linters, this aggregate being
raised to 11,068,173 bales in a later report. It is to be under­
stood, of course, that these results cover the total of cotton
ginned as distinguished from the aggregate we give in this
report, which is the commercial crop— the amount of cotton
and linters marketed between Aug. 1 1915 and July 31 1916.
Proper comparison, moreover, requires that linters (which the
Census Bureau reports do not include, and which for the
crop year aggregated 895,274 bales) must be taken into
account. This done, we have as the Census Bureau aggre­
gate 11,963,447 bales, or a total 990,003 bales less than the
commercial crop as compiled by us. In the previous year
there was an oven greater divergence between the commercial
crop and the Census figures, but on the opposite side of the
account, tho former reaching only 15,067,247 bales and the
latter 16,991,830 bales. The comparatively wide difference
then— almost 2 million bales— was explained by the fact hat
in tho absence of a normal demand for supplies, due to the
situation the war in Europe had brought about, a consider-

able portion of the year’s yield failed to come forward to
the points of counting— that is, did not reach tho ports
or Southern mills, or pass overland to the North; in other
words, was held at plantations or the interior towns. At
the 33 counted interior towns alone the stock July 31 1915
was 325,970 bales greater than on the same date in 1914.
The current season, on the other hand, the divergence
between the two sets of figures is accounted for by tho
coming out of the cotton held back the previous year,
though of the total of 990,093 bales referred to above, only
127,113 bales represents reduction in stocks of the
counted interior towns.
The printing cloth situation at Fall River tho past year
presents no feature calling for extended comment. On
July 31 1915 the ruling quotation for 28-inch G4x64s was
3 ^ c . and the trend of prices thereafter was steadily up­
ward, but in a conservative way. On Sept. 16 there was an
advance to 3kic., a further rise to 3%c. on the 24th, a
marking up of the price to 3 J£c. on Oct. G and to 3 ^ c . on
the 9th of the same month. In the meantime, however,
the raw material had moved upward appreciably— from
9.30c. to 12.50c. for middling uplands in the New York
market. No further change in tho values of printing cloths
was to be noted until after tho turn of tho year. But on
Jan. 3 tho quotation rose to 3%c. and was followed by ad­
vances to 4c. on Feb. 5th, 4J£c. on April 19th and 4J4c. on
April 27, the last named price ruling to tho closo of tho
season.
Production of printing cloth during tho season was merely
limited to tho ability of the mills to secure a sufficient force
of operatives to work tho looms, and as there was a shortage
of hands some curtailment of output resulted. The volume
of cloth turned out, however, was only a little under
normal and seems to liavo fully passed into the channels
of commerce, the stock of goods in first hands on July 31
1916 have been of only nominal amount. Tho financial
returns of tho Fall River mills for the season, furthermore,
while not up to those of a number of preceding years, wero
better than for either 1914-15, or 1913-14. Tho dividends
declared by tho mills making public thoir returns, aggre­
gated $1,369,051, or 4.51% on tho capital invested, against
only $1,091,259, or 3.70% the previous season, $1,286,425,
or 4.36% in 1913-14, and $1,350,150, or 4.60% in 1912-13.
Wo have noted above that tho season was free of any trouble
with labor worth commenting upon, but there wero two
occasions when strikes may be said to havo been imminent
at Fall River. At the close of December tho Textile Council
at that place, basing their action upon advances in wages
that had been accorded in other parts of New England, made
demands for a raise of 10%. This, tho manufacturers
stated, they wero unable to givo but offered an advanco of
5 % , raising tho wage per cut of 4 7 yards of 28-inch 64x64s
to 22.71 cents, which was accopted and wont into effect
Jan. 24. Later on, or more properly speaking, on April 17,
a request for a further advanco of 10%, effective May 1,
was mado and for a time a strike seemed probablo as tho
manufacturers voiced their inability to concodo more than
about 5 j^% , an offer which tho operatives promptly rejected,
and decided to striko May 1 unloss their full domain! was
acceded to. Tho manufacturers, however, receded from
their position on April 27 and by granting the 10% raised the
wage scale to the highest point ever attained in the cotton
manufacturing industry there. As a matter of interest, wo
subjoin a compilation showing tho courso of wages thcro
during tho past thirty-nine calendar years, omitting years
in which no changes were mado:
W age
per Cut.
-1 8 .0 0 c .
,2 1 .7 8 c .
.2 3 .9 6 c .
_ 19.66c.
-2 1 .0 2 c .
/2 2 .7 1 c .
\ 24.98c.
N o te .— T h o re co g n ize d sta n d a rd le n g th o f a 2 8 -in ch . 64 x6 4 , c u t o f p rin t
c lo t h is 4 7 H y a r d s , w ov en in an o rd in a ry 3 2 -in ch lo o m o r loss.
W age
W age
per Cut.
Y ea r.
p er Cut. Y ea r.
1 8 8 8 ______ 19.00c.
1877
........................19.00c.
1878 _____ 1 8.00c. 1892 _____ 119.63c.
( 2 1 .0 0 c.
1 8 8 0 _____ 2 1 .0 0 c .
1893 ............1 8.00c.
1884
_____________18.50c.
1894 ______ 1 6.00c.
1885
_____________16.50c
1886 .......... 1 8 .1 5 c. 11 8 9 5 ______ 1 8.00c.

W age
Y ea r.
p er Cut.
1898 ______ 16.00c.
1899 ____ / IS .00c.
1 19.80c.
1902 ........... 2 1 .7 8 c.
1903 ______ 19.80c.
1904 ______ l ? .3 2 c .

Y ea r.
1905 .
1906 1907 1908 1912 .
1916 -

Supplementing the references already mado to our trade
in cotton manufactures with foreign countries, wo noto that,
due in great measuro to a very important increase in the
shipment of goods to Great Britain and Franco, which wore
made up largely, if not solely, of supplies for tho active par­
ticipants in tho war, a now high record of oxports was es­
tablished in tho fiscal year ended June 30 1916. At tho same
timo the outflow to China dropped below even tho meagre
total of 1914-15 and by comparison with 1904-05 or 1905-06
was almost of nominal proportions. South America, on the
other hand, took from us 91,720,951 yards of cotton cloths
in tho late season, against only 35,776,895 yards in 1914-15



and 41,616,023 yards in 1913-14, and tho shipments to tho
West Indies and Central America woro 167,580,682 yards,
against 114,090,437 yards and 111,395,208 yards. Arabia
made smaller purchases than in tho preceding soason, 20,­
692,413 yards, contrasting with 29,532,109 yards, but takings
by Canada increased largely and the same is true of Mexico
and Australia. In tho aggregate for all countries, tho oxports of goods as stated quantitatively in 1915-16 reached
550,618,898 yards, and in tho previous yoar 396,950,195
yards, there being a gain, consequently, of 39%.
Tho
total value of the cotton goods shipments for 1915-16, how­
ever, records an increase of $40,079,639 over last year, very
heavy takings of knit goods and miscellaneous items, pre­
sumably for the military forces of Great Britain, Franco and
Belgium accounting for most of tho gain.
The spinning capacity of tho cotton mills of tho United
States has been augmented to a moderato oxtent tho past
year. Development, however, has been almost wholly at
tho South. In that section a number of new mills havo
started up and the capacity of older establishments has been
added to. Tin's fact is conclusively established by our rocent investigations, but for roasons givon olsowhoi’o in this
review the increased capacity is not fully reflected in tho
volume of consumption, some of tho now mills or tho addi­
tional spindles in old establishments having been in operation
only a portion of tho season. Our usual statement of
spindles in the United States is as follows:
Spindles—
1915-16.
N o r t t i........ .............................. 1 9 ,0 5 »,0 0 0
S o u t h . . .................................. 1 3 ,2 5 6 ,0 6 6
T o t a l ................................ 3 2 .3 0 6 .0 6 6

1914-15.
1 8 ,9 )0 ,0 0 0
1 3,017,969

1913-14.
18,9 0 0 ,0 0 0
1 2 ,9 4 0 ,2 4 0

1912-13.
1 8 ,8 0 0 ,0 0 0
12,4 1 6 ,5 9 2

3 1 ,9 1 7 .9 6 9

3 1 ,8 4 0 ,2 4 0

3 1 .2 1 6 ,5 9 2

Southern cotton mills, as intimated above, havo shown
vory satisfactory results in 1915-16, again thoroforo sotting
a new high record mark in the capacity of tho establishments
for turning out goods and, by a wido margin, in tho volume
of tho raw material consumed. Operations at tho vory
opening of the season woro active and it was not long boforo
they woi’o increasing and thereafter machinery was
seemingly taxed to its utmost (night as well as day in some
instances) in gotting out the orders in hand, many of which
woro for the account of tho Europoan belligoronts, smoke­
less powder being an important item in tho total. Tho
outcome has been a truly phenomenal augmentation in tho
amount of cotton consumed. Some additions to spindles
aro to be noted, and further extension of tho spinning
capacity of existing plants is projected, a not unnatural offect
of the excellent trade recently experienced. Following tho
plan inaugurated by us some thirty years ago, wo havo
within tho past few weeks secured oxtonsivo and com­
prehensive information bearing upon tho operation and de­
velopment of Southern mills. This, of courso, ontails a
great amount of labor, the moro tabulation of tho returns
consuming very much time; but full compensation for tho
work is found in tho completeness of tho data roceived and
tho spirit in which our inquiries aro mot by tho mill officials.
Tho information givon by each mill covers not only curront
operations, but projected future developments, and is concise,
yet comprehensive. It gives tho numbor of spindles and looms
active or idle during the season, including now mills started
and additions to old plants: also tho actual consumption of
cotton for tho year, stated in bales and pounds, tho averago
count of yarn spun, and full details as to new mills, whother
already Under construction or merely projected, and contem­
plated expansion in oxisting factories— in fact, all tho informa­
tion that is really essential to an intelligent and thoroughgoing
review of the cotton-manufacturing industry of tho South.
Tho returns indicato that in each Southern Stato thoro
has been an increased consumption during 1915-16, with tho
greatest augmentation in tho spinning mills of tho Carolinas and Georgia and a freer uso of cotton by establish­
ments not equipped with oithor spindles or looms— mattress,
&c., makers. North Carolina continues to bo tho loading
Stato in amount of tho raw material usod if not in tho numbor
of spindlos. Tho not rosult for tho season in tho aggregate
for tho Southern States is a gain in consumption of 837,556
bales, or 416,845,343 pounds, leaving tho 1915-16 total
4,002,446 bales, which compares with approximately 3,304,­
611 bales at tho North, or an oxcoss for tho nowor manu­
facturing field of 697,805 bales. Moroovor, tho consump­
tion as given bolow is almost doublo that of 1902-03. It is also
to bo noted that as timo passos tho tondoncy is stoadily
towards tho construction of larger mills. This is provon by
tho fact that in 1905-06 tho avorago numbor of spindlos por
mill was only 13,765, had risen to 15,545 in 1910-11, and in
tho lato soason was 17,615 spindlos. Tho roports at hand

from tho South, when gono over in detail, denote that 7 old
mills, with 37,672 spindles, have ceased operations permanent­
ly, and 5 mills, containing 41,760 spindles, havo started up,
making a net loss of 2 mills and a gain of 4,088 spindles
during the season. The full extension of capacity in 1915­
16, however, is not expressed by that total, for the equip­
ment of old mills was increased to the extent of 234,009
spindles. Tho aggregate net gain for the season was,
therefore, 238,097 spindles. The aggregates of our detailed
returns, arranged by States, are as follows. Establishments
that have been idle all the season and are not likely to re­
sume operations aro excluded from tho compilation.
Number oj

Consumption.

Spindles.

States—

Alice.

Running.

Run.

age
No.
Yam .

Avge.
Welg'l

Pounds.

14
Virginia.
N or. Car. 307
So. Car. 155
Georgia . 138

495,894 14,380
503,894
3,888,97-1 3,823,115 60,010
4,701,04£ 4,691,055 109,835
2,250,827 2,199,321 40,539

21
511,402 489.14
21M 1,075,654 479.05
26
926.9354S5.41
21
805,614 478.60

250,147,694
515,295,176
449.945 930
385,568,333

Alabama
Missis'pi
Louisiana
T e x a s ...
Arkansas
Tennessee
M issouri
Kentucky
Okl'homa

1.072.00C 1,052,132 17,902
137,321 3,546
139,977
1,362
58,564
78,561
120,172 3,328
120,172
160
6,8u0
13.50C
344,183 5,826
346,36i
31,896
730
41,896
1,350
89,128
93,128
5,712
5,712

18«
18
OH
12
9
21
9
14
8

165,946,076
19,561,894
15,061,275
34,60S|371
3,933i560
59,464,813
15,139,653
17,389,402
3.423,501

65
14
4
14
2
28
3
7
1

310,614 487.20
40,116 487.27
31.438 479.08
08,350506.34
7,872 499.68
121,790488.03
30,392 498.11
35,392 491.34
6,847 500.00

Totals—
1915-16 752 13,256,066 13,055,293 258,968

22

4,002,446 483.37; 1,935,485,738

1914-15 754 13,017,969 12,737,498253,202

22

3,104,896479.841,518,640,395

1909-10 731 11,236,430 10,435,083.212,272

20H 2,391,933^473.96|l, 133,678.983

1908-09 727 10,780,308 10,370,333214,716

20M 2,573,524[478.75;i,232,077.174

1907-08 717 10,451,910 9,864,198.205,478

20

1902-03 594

7,039,633 6,714,589153,748

19X 2,049,902'479.85

983,049,984

1897-98 391

3,670,290 3,574,754! 91,829

18H 1,227,939470.041

577.186.1S0

2,234,395|477.65 1.067,010,962

Figures for years prior to 1913-14 cover tho period from Sept. 1 to Aug. 31.
Note.— Much new machinery has been put In operation within the past few
months. Increasing tho number of spindles appreciably without affecting consump­
tion to a material extent. These returns Include consumption of foreign cotton
by the mills and o f llnters In mattress factories, &c.

Further montionable extension of the cotton manufactur­
ing industry in the Southern States in the very near future
is also indicated by our returns, the activity of 1915-16 hav­
ing acted as a stimulus, but as conditions have been abnor­
mal, it is an open question whether expansion may not be
carried on too rapidly. As gathered from our returns,
it is expected that 2 mills, equipped with 23,400 spindles,
will start up during the fall and early winter. Contemplated
additions to old mills, moreover, cover about 433,660 spin­
dles, so that altogether the prospective augmentation in
capacity within tho next twelve months will reach approxi­
mately 457,000 spindles, or a total very much more than
tho addition in 1915-16.
EUROPE.— The close of the second year qf tho great
European war shows the cotton industry of Europe in a very
unsettled condition, but it may be said that so far as Great
Britain is concerned, an improvement has taken place during
the past 12 months, compared with the same period in
1914-15. On the Continent, however, where tho war is
still raging, the position of affairs is most irregular, and all
tho features relate to the extent of tho hostilities. Tho
price of raw cotton has continued on a decidedly high level,
and at tho time of writing there aro few signs of any easier
tendency in values.
As mentioned 12 months ago, the work of the Inter­
national Cotton Federation is still in abeyance, and there
seems to bo a possibility of that organization not renewing
its activities for a long time to come. Tho usual statistics,
therefore, havo not been available.
Great Britain.—Although tho improvement has not
been general, both spinners and manufacturers throughout
Lancashire havo had a more favorable year than in tho
previous 12 months. It must be said, however, that spin­
ning concern have done much better than weaving firms. In
view of all the circumstances of the situation, it is romarkablo
that wo havo been ablo to continue our foreign trade on
such an extensive scale. An outstanding feature of tho
year has been the high cost of production, as, in addition
to tho raw material being dearer than for a very long time
back, all articles used in the mills and sheds cost moro
money than ever known before. In cloth for shipment
abroad, trading has been very irregular, and producers of
fancies and specialties havo done much hotter than makers
of plain goods. With regard to India, buying has not been
important, and many leading makes which are usually in
extensivo demand havo been neglected. Producers of grey
shirtings havo done very badly, and to some extent tho lack



of fresh contracts in such cloths has been put down to the
scarcity of dyes in our dependency. It is understood, how­
ever, that stocks in dealers’ hands abroad are steadily being
reduced, and during the last few weeks an increasing demand
has been experienced. Throughout the year the China
market has been much upset by domestic troubles of one
kind or another, and the conditions in the Far East have
not been at all favorable to trade on a large scale. It is
believed, however, that before very long our customers in
that part of the world will be forced to operate more freely,
as supplies in Shanghai are now very low. Business has been
almost entirely cutoff for many of the Near Eastern markets,
but a healthy demand has come through for Egypt, and
some merchants on the other side have experienced an en­
couraging trade. During the last few months fresh orders
in heavy goods for the purposes of the war have fallen off,
and buyers for our own Government and also for France
and Russia have only been prepared to purchase for com­
paratively early delivery. It has been a year of consider­
able depression in Blackburn, where shirtings and lighter
fabrics are made suitable for India, and many sheds have
been entirely closed down. An improvement has shown
itself in Burnley, owing to the revival of demand for print­
ing cloths. Producers of colored woven goods and satteens
in Nelson and Colne have experienced a fairly encouraging
business. Although, in one way and another, a good deal
of weaving machinery has been standing idle, this state of
affairs has been partly due to the shortage of labor, and there
is still a distinct scarcity of operatives in most districts.
The home trade has done particularly well; the purchasing
power of the general public has never been better. The
following table gives particulars of our foreign trade in yarn
and cloth for the 12 months ending June 30:
E xports—
1915-16.
X,a ™ s .................. p o u n d s . 176 ,826 ,00 0
C lo t h -------------------y a r d s .5 ,130 ,0 0 3 ,0 0 0

191 4-1 5.
1 6 7 ,5 6 2 ,8 0 0
4 ,5 6 0 ,9 0 1 .7 0 0

1913-14.
2 1 7 ,1 8 0 ,7 0 0
6 ,9 5 8 ,9 2 7 ,9 0 0

In the production of yarn the managers of the mills have
been considerably hampered as a result of the scarcity of
workpeople, which has been due to the heavy calls of the
Government for men for the Army. Special consideration
has been given to particular sections of operatives, but it is
understood that, taking tho year as a whole, about 20% of
the machinery has been stopped owing to the shortage of
men. As a result of this lessened production of twist and
weft, producers have been able to secure very remunerative
prices for the output, and most concerns have made sub­
stantial profits. Recently tho demand in coarse counts has
fallen off, but a feature of the year has been the strong
position and paucity of the finer numbers in wefts. The
scarcity of workpeople has been more pronounced in the
Egytian section than in the American department. Our
foreign trade in yarn has continued steady, and although
important outlets are closed for the time being, there has
not been much to complain about as to the general demand
from abroad.
During the second half of 1915 an agitation took place
amongst the operatives in the weaving branch of the industry
for a bonus on wages to meet the increased cost of living.
Although manufacturers were not doing at all well, a bonus
of 5% was granted to come into operation at the beginning
of this year, and to continue for three months after the end
of tho war. In June 1915 the operative spinners were
successful in obtaining a bonus of 5 % as a result of arbitra­
tion by the Government Committee on Production. Early
this year an application was made for a further rise of 10%
and the trade union officials threatened to put the mills on
strike to onforce the demand. Ultimately it was agreed
to allow Sir George Askwith to arbitrate on the question,
and in due course ho granted a rise of 5% in wages.
In view of the high price of American cotton, increased
attention has been given to tho growth of the raw material
in other parts of tho world, and the British Cotton Growing
Association has continued its activities, but it cannot be
said that any marked development has transpired during
the past twelve months. Recently some attempt has been
made to focus Lancashire spinners upon the possibility of
growing a better quality of raw cotton in India, but it is
realized there are many obstacles still to overcome before
Lancashire can depend upon a larger supply of long staple
cotton from our dependency. The spindles in Great Britain
are estimated at 57,000,000. The consumption of American
cotton for the twelve months is estimated at about 3,500,­
000 bales.
European Continent.— Throughout tho year it has been
most difficult to secure reliable reports as to the state of the
cotton industry in Europe, and it is not possible to refer in

any detail to the conditions in the several countries. All
branches have continued to be greatly affected by the war,
and most of the concerns have restricted, their operations to
provide materials for the use of the troops.
It is believed that in Germany supplies of raw cotton have
been largely used up, and undoubtedly many mills have been
forced to come to a standstill owing to stocks of the raw ma­
terial having run out. It is not possible to give any sta­
tistics as to the state of affairs at Bremen. It is understood
that the Government has compelled manufacturers to devote
all their attention to heavy cloths, although it is said that
some of the firms have continued very busy on materials
required for air craft. The spindles are estimated at 11,500,000.
Scarcely any change has taken place in the position of the
industry in France. The chief districts where cotton manu­
facturing has been carried on in the past are still in the hands
of the enemy, and as a result the production has been much
reduced. In some districts, however, considerable activity
has shown itself, but the Government has again had to rely
upon supplios of both yarn and cloth from Great Britain.
The spindles are estimated at 7,000,000.
In some districts of Russia attempts have been made to
put up new factories, and certain makers of textile ma­
chinery in Lancashire have secured fairly substantial con­
tracts. The mills have devoted their energies to goods for
home consumption, and very little alteration in the state of
affairs, can be recorded compared with the previous year.
The spindles are estimated at 9,000,000.
Until the war comes to an end there is no probability of
trade being resumed in Belgium, and according to advices
received most of the factories have been quite at a standstill
during the 12 months.
We have not been able to obtain any reliablo information
as to the conditions in Austria, but it may be taken for
granted that production has been very irregular with a
probability of a scarcity of raw cotton.
In Spain most of the mills have been busy, and in both
spinning and weaving branches employers have done well.
The above reports indicate pretty clearly that most ab­
normal conditions have prevailed throughout Europe during
the past 12 months, and until the war comes to an ond it will
be quite impossible for the industry to resume its normal
activity.

than through imports. No statistics of value can bo secured
from China or Brazil. “ Other Countries” consequently
include exports of cotton from tho United States and Europo
to localities other than thoso specifically mentioned in tho
table; also the cotton burned or lost at sea. Tho compila­
tion apponded, therefore, embraces substantially the ontiro
distribution or consumption (expressed in bales of 500 pounds
net weight each) of the commercial cotton crops of tho world,
and the portion taken by each country.
191.5-16.
D ales.
Countries—
G re a t B r ita in ____________ 4 ,0 0 0 ,0 0 0
C o n t i n e n t ........ ..................... 4 ,5 0 0 ,0 0 0

191 4-1 5.
Bales.
3 ,9 0 0 ,0 0 0
5 ,0 0 0 .0 0 0

1913-14.
Bales.
4 ,3 0 0 ,0 0 0
6 .0 0 0 ,0 0 0

19 1 2 -1 3 .*
Bales.
4 .4 0 0 .0 0 0
6 .0 0 0 ,0 0 0

T o t a l E u r o p o _________ 8 ,5 0 0 ,0 0 0
U n ite d S tates— N o r t h — 3 ,2 3 8 ,7 4 8
S o u th ___ 3 ,8 7 0 ,9 7 1

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

1 0.300,000
2 ,7 0 1 ,4 7 9
2 ,9 7 8 ,5 3 3

10.400,000
2 ,6 8 1 ,8 0 4
2 ,8 4 9 ,5 2 4

T o t a l U n ite d S ta te s___ 7 ,1 0 9 ,7 1 9
E a st In d ie s _______________ 1 ,6 6 0 ,0 0 0
J a p a n _____________________ 1 ,5 4 0 ,0 0 0
2 0 8 ,0 1 0
C a n a d a __________________
19,600
M e x i c o ____________________

5 ,8 0 5 ,6 9 5
1,6 4 8 ,4 6 8
1 ,5 2 6 ,6 7 7
185 ,287
4 4 ,0 0 9

5.6 8 0 ,0 1 2
1 ,680,210
1,521,582
145,978
30,3 9 4

5 ,5 3 1 ,3 2 8
1,642,287
1,351,709
144,693
25,9 9 0

3 ,4 2 7 ,6 4 0
5 3 6 ,0 0 0

3 ,4 0 4 ,4 4 1
6 2 5 ,0 0 0

3 ,3 7 8 ,1 0 4
500 ,0 0 0

3 ,1 0 4 ,6 7 9
448 ,0 0 0

T o t a l w o r ld ____________ 1 9 .5 7 3 ,3 5 9
3 7 6 ,4 1 5
A v era g e w e e k ly _________

1 8 ,7 3 5 ,1 3 6
360 ,291

1 9 .858,176
3 8 1 ,8 8 8

1 9.544,007
3 7 5 ,8 4 6

T o t a l I n d ia , & e ________
O th er C o u n trie s , & c _____

* Y e a r e n d in g A u g . 3 1 .

From the foregoing table it would appear that tho world’s
total consumption for 1915-16 records an ineroaso over tho
aggregate for a year ago of 838,223 balos and is only 284,817
bales less than the result for 1913-14. Furthermore, of the
total consumption given abovo the amount of American
cotton used was in excess of 14,500,000 bales. Tho sources
from which cotton has been drawn in each of tho last five
years aro stated in the subjoined tablo of the world’s com­
mercial crops, in bales of 500 pounds not oach:

Wo are indebtod to a special and well-informed Euro­
pean correspondent for the foregoing review of the spin­
ning industry in Groat Britain and on the Continent in
1915-16, and for tho estimates of consumption in Europe
for tho latest season incorporated in our compilation below.
Taken in conjunction with our remarks on the situation in
the United States, presented further above, it covers quito
fully tho countries of the world that take chief important
rank in cotton manufacturing.
A roviow of tho world’s progress in cotton production and
manufacture would not be complete, however, without somo
reference to other countries that, as timo passes, are becoming
increasingly notable factors in tho industry, although of
lessor inportance as spinners or manufacturers of goods.
Official information is used in tlxose cases so far and for as
late periods as it can bo obtained, and we presont below tho
rosults roached, giving (1) tho cotton consumption of each
manufacturing country for a period of four years, and also
the total annual and average weekly consumption; (2) tho
world’s production of cotton (commercial crops) for tho same
years, and (3) tho spindles in all manufacturing countries
from which reliable information can bo secured as they stand
to-day compared with like results in former years.
India stands next in importance to Europo and tho United
States, according to tho data at hand, and has apparently
increased its consumption of tho raw material this season.
In the absence of any official returns, which will not bo avail­
able for somo little timo yet, as tho Bombay Mill Owners’
Association now makes up its statistics for tho twelve months
ending Aug. 31, we adopt as a close approximation about
2,120,000 bales of 392 lbs. not oach, equaling 1,060,000 balos
of 500 lbs. average. Japan, also, so far as wo can gather
from recent advices, has used more cotton in tho season just
closed, and is now pressing India hard. Its takings from tho
United States and from India as well havo beon greator than
in tho previous season. For Mexico and Canada wo havo
no other recourse except to adopt tho imports into oach coun­
try as a mosauro of consumption; in tho case of tho former no
recent statistics covering home yield or mill operations havo
been obtainable, and Canada has no source of supply other



W O R L D 'S C O M M E R C IA L CR OPS O F C O T T O N .
Countries—
1915-16.
1914-15. 1913-14.
1912-13.* 1911-12.*
(Amount coming forward) Bales.
Bales.
Bales.
Bales.
Bales.
United States..................... 12,633.960 14,766,467 14,494,762
13,943,220 15,683,945
3,468,407 3,107,660
East Indies a ....................... 3,490,000 3,337,000 4,592,149
Egypt
..................
910,000 1,235,487 1,439,802 1,416,352 1,396.474
220,000
240,000
387,947
370,000
341,836
Brazil,~&C-d........................
Total .............................17,253,960 19,578,954 20,914,660 19,197,979 20,529,915
Consumption, 52 w eek s.-19,573,359 18,735,136 19,858,176 19,544,007 18,505,732
Surplus from year’s c r o p .*2,319,399
Visible and Invisible stock:
Sept. 1 beginning year. 8,363,201
Sept. 1 ending year____6,013,802

813,818 1,056,484
7.519,383
8,303.201

6,462,899
7,519,383

*346,028

1.964,183

6,808,927
6,462,899

4,844,744
6,808,927

* Years ending Aug. 31.
,
a Includes India's exports to Europe, America and Japan and mill consumption
In India, Increased or decreased by excess or loss of stock at B om bay.
d Receipts Into Europe from Brazil, Smyrna, Peru, West Indies, See., and Japan
and China cotton used In Japanese mills.
* Deficiency In the year’s new supply.

Tho abovo compilation indicatos, in torso form, tho world’s
supply of cotton (exclusive of that raised in Russia) in oach
of tho five years, the amount consumed and also tho oxtent
to which visible and invisiblo stocks woro augmontod or
diminished. It will be observed that tho India crop shows
an increase over that of 1914-15. A markod falling olf in
tho Egyptian yield is to be notod, as woll as a docroaso in tho
amount secured from miscellaneous sources. But the great­
est decrcaso is in tho yield in tho United Statos, and conse­
quently tho general now supply of cotton has boon less than
current consumption, and the surplus supply, therefore, was
considerably diminished.
Tho augmentation of the spinning capacity of tho mills of
tho world has been comparatively small tho past soason. The
only important addition has beon in tho Southorn part of tho
United Statos, spindles there now numbering over 1 3 mil­
lions, or a gain over last yoar of 238,097 spindles. Our com­
pilation for the world is as follows:
Great B ritain ..

N U M B E R O F SP IN D LE S IN T H E W O R L D .
1913.
1914.
1916.
1915.
. . 57,000,000 57,000,009 50.900.000 56,800,000
. . 43,200,000 43,200,000 43.200.000 43,000,000

1912.
50.750.000
42.500.000

..100,200,000 100,200,000 100,100,000
United States—

Canada.
M exico.

99,800,000

99,250,000

. . 19,050,000
. . 13,256,066

18,900,000
13,017,969

18,900,000
12,940,240

18,800,000
12,410,592

18,700,000
11,970,929

. . 32,306.066
..
6,900,000
. . 2,800,000
..
1,050,000

31,917,969
6,848,741
2,772,982
1,050,000

31,840,240
6,778,895
2,577,342
1,015,000

31,216,592
0,596,862
2,287,204
950,000

30,676,929
6,463,929
2,109.796
900,000

. . 10,750,000
..
965,000
..
762,149

10,671,726
965,000
702,149

10,371,237
965,000
762,149

9,834,126
961,007
702.149

9,593,725
910.000
750.000

Total other.........
1,727,149
1.727,149
1,727,149
1,723,216
1,690,000
Total w orld. _ 111111441983 15 144,516.844 144,038,626 142,573,934 141,210,654

In the above wo uso estimates for Great Britain and tho
Continent that wo believo to bo approximately correct. The
results of tho United Statos are, of courso, our own figures,
and thoso for India aro taken from tho official reports of tho
Bombay Mill Owners’ Association, excopt that tho latost
total is an approximation. Japan’s aggregates aro officially
communicated, China’s figures are compiled from consular
reports, and for Canada and Mexico tho totals aro in part
estimated.

Groat Britain’s trade in cotton goods with foreign coun­ tho yarn trade, but American yarns at least showed a good
tries, as indicated by tho volume of oxports, increased mod­ deal of strength, and the amount of business done was far
erately during the year, mainly as a rosulfrof largor shipments from negligible. Spinners held out very well in the rising
to India and South America. Tho statement of oxports (re­ market, and the smaller production was very much in favor
duced to pounds) by quarters for tho last two seasons is of firm prices. The exports of yarns and goods from Great
Britain for tho month, all reduced to pounds, reached
subjoined. These years end with July 31, and as tho returns 96,300,000 lbs., against only 70,230,000 lbs. in August 1914.
for tho latest month havo just come to hand wo avoid tho ne­ L iverp oo l. — The market for the raw material was without
cessity of estimating any of the figures. Three cip hers are any very definite tendency during the greater part of the
month. Opening at 5.34d., middling uplands had advanced
om itted.
to 5.53d. by the 6th, was down to 5.36d. on the 10th. There­
G R E A T B R I T A I N 'S C O T T O N G O O D S E X P O R T S F O R T W O Y E A R S .
after to the 19th the range was between 5.37d. and 5.48d.,
--------------------1 9 I 5 -1 G ----------------------------------------- 1 9 1 4 -1 5 ------------------- s
the latter on the last named date. From that level there
a Yarns PieceGoods
Total a Yarns Piece Goods Total
( 0 0 0 s omitted.)
Pounds.
Yards.
Pounds. Pounds.
Yards.
Pounds.
was a drop to 5.39d. on the 23rd, but by the 30th the quota­
1 s t q u a r .— A u g . - O c t . . . 4 8 ,3 7 7
1 ,1 9 5 ,9 2 5
2 7 9 ,4 2 9
2 9 ,3 6 9 1 ,0 5 8 ,1 4 4
2 3 4 386'
tion had risen to 5.81d. The close was at 5.73d.
2(1 q u a r .— N o v . - J a n . . . 4 7 ,8 2 2
1 ,1 4 7 ,1 5 9
2 7 1 ,1 1 2
3 8 ,2 9 5
9 3 2 ,1 2 4
2 1 9 ’ l8 3
3(1 q u a r .— F e b . - A p r . . . 4 7 ,8 3 7
1 ,2 4 1 ,6 3 1
2 9 0 ,1 0 0
5 5 ,9 2 2 1 ,0 4 0 ,1 0 3
2 5 7 ,8 0 7
SEPTEMBER.— M a n c h ester. — Aside from the decided
4 t h q u a r .— M a y -J u ly —
5 6 ,5 3 2
1 ,4 7 6 ,6 6 6
3 4 5 ,5 5 5
5 7 ,1 9 2 1 ,4 3 7 ,3 1 7
3 3 4 ,7 5 1
advance in the prices of raw cotton the subject that especially
T o t a l ..................................... 2 0 0 ,5 6 8
5 ,0 6 1 ,3 8 1 1 ,1 8 6 ,1 9 6 1 8 0 ,7 7 8 4 ,4 7 0 ,7 4 8 1 ,0 4 6 ,1 2 7
engaged attention in tho cotton goods market in September
a I n c lu d in g t h r e a d .
was the shortage of labor in both spinning and manufacturing
i ^l5
threatened to become a very serious matter*
The totals in pounds in tho abovo compilation are as com­
puted by us, but are believed to bo approximately correct. although at the samo time it served to give strength to quota^
tions. With recruiting going on steadily operatives were con­
They indicate that tho export movement this season has stantly disappearing and unless their places could be supplied
been ,186,196,000 pounds, or 140,069,000 pounds more by women it was evident that the output of the mills would be
than the total of tho previous season, but somo 430,000,000 considerably reduced. The Harle Syke dispute continued
and the question of a war bonus for weavers generally was
pounds smaller than tho record aggregate of 1912-13.
To complete the year’s history of tho cotton goods trade in still under consideration, the Committee on Production
being still a party to tho negotiations, which evolved the
Groat Britain wo append data as to pricos, tho statement unusual suggestions that the standard rates of wages agreed
covering tho last tlireo years:
upon between tho unions and the employers should be
legalized throughout the industry. The Government
1 9 1 4 -1 5 .
1 9 1 5 -1 6 .
1 9 1 3 -1 4
limitation of exports for China and Siam to particular lists
Shirt­ M id .
of persons or firms created no excitement, as tho lists em­
Shirt­ M id.
Shirt­
Liverpool. Afid .
Up­
Up­ 3 2 -C o p
ings,
ings,
3 2 -C o p
Up­
3 2 -C o p
ings,
braced practically all those to whom goods were likely to be
land
Per
Per
land
Twist.
Twist.
land
Tioist.
Per
consigned. Tho wider prohibition, which would necessitate
Piece. Cotton
Piece. Cotton
Colton
Piece.
certificates or licenses for goods sent to all countries outside
s. d.
d.
d.
tl.
s. d.
d.
d.
d.
s. d.
the British Empire, was still delayed, and it was hoped that
7 .0 0 10*4
7 1*4 6 .2 0
8
9
5 .7 3
8*4
A ug. 3 1 ...
7 8 * 4 5 .3 0
11*4
7 .8 5
11
6 .8 5
S e p t. 3 0 - - 9
154
when it did come it might be less drastic even than the modifi­
8
11
7 .0 3
0 *4 4 .8 0
7 .0 4 1 0 *4
O ct. 3 1 - -8 1 1*4
cation obtained by the Chamber of Commerce. Little fault,
7
7 .2 8
10 1 5 -1 0 8 10*4
3 54 4 .4 1
7 .4 5
N ov. 30—
11*4
4 .5 8
7
7 .1 4
7 .9 2
9 *4
10*4
D e c . 31 — 1 2 *4
8
8*4
it was thought, would bo found with restrictions confined to
8
5 .0 5
7 .0 5
13
7 .8 2
10 3 -1 6 8
J a n . 3 1 ___
7 *4
7 *4
contiguous countries, and especially if China be exempted,
4 .9 4
8
7 .7 1
6
7 .0 7
F eb. 2 9 ...
8 *4
12*4
2*4
10 3 -1 6 8
o*4
7 *4
8
1
5
.5
2
12
9
-1
6
7 .7 7
7
0
7 .2 1
M a r. 3 1 - ..
8 *4
borrue progress had been made with tho formation of import
10*4
8
7 *4
8
1
5 .6 6
9
7 .9 5
7
0
A p r il 3 0 - - .
7 .3 5
12*4
10*4
8
8 *4
trusts in Switzerland and Norway, which might facilitate
8 .5 6
8
8 1 1 -1 6 6 10
7 .7 0
M ay 3 1 --.
13*4
5 *4 5 .1 4
10*4
8 10
8 .1 6
13
8
3
5 .2 2
British exports of yarn and cloth. Cloth sellers were un­
0
June 3 0 ...
9 *4
7 .6 4
8 *4
8 10
10*4
2
8 .1 9 112*4
8
5 .3 4
J u ly 31 —
8 *4
6 1 0*4
0 .6 0 10*4
8. 6
favorably situated during tho month and dealings with
India and China were almost nominal in staples. In the
Wo now add a briof summary by months of tho courso of early part of the month Indian inquiries, particularly those
tho Manchester goods market during tho soason closing with from Calcutta, were promising, but advancing prices checked
July 31 1916, and also of tho Liverpool cotton market in them and shippers for the Indian market later had a very
tho samo form for tho same period. Those summaries have quiet time. China demand, also, was disappointing. Other
been prepared for this occasion with groat caro, and the markets did not show much improvement, though there was
a better demand for South America; Egypt, though ham­
details will, wo think, provo an intorosting and serviceable pered by the dyestuffs scarcity, was generally good, and
record for reference.
thore was still satisfactory* support from France, Northern
AUGUST.— M a n c h ester. — Demand for both yarns and Africa, the home trade, the colonies, and the United States.
cloth was of disappointing volumo in August and as a result Government contracts were still in evidence but, as theretoboth spinners and manufacturers lost ground. Tho increase foro, tho condition of manufacturers varied considerably;
of 5% in wages in tho spinning trade, agreed to in July, somo of them were very badly circumstanced as regards
encouraged weavers to strive for a liko concession, but on orders but limitations of labor wero such that a moderate
August 17 tho employers declined to givo tho war bonus demand might greatly improvo their margin of profit.
asked for, and even said that if tho wages paid in outside Yarns showed a great deal of strength. Exports of yarns
districts were not brought up to tho Association lovel “ by and goods from Great Britain aggregated 97,147,000 lbs.,
your efforts or by legislation” , it would bo necessary to against 72,549,000 lbs. in September 1914. L iverp o o l .—
consider tho question of a reduction. Upon this followed The trend of the market for tho raw material in September
the Harlo Syke strike, which had not been settled at the was quite steadily upward, and higher prices than at any
close of tho month. There seemed to bo no doubt that time since July 1914 were reached. Middling uplands
labor in Lancashire was becoming scarcer. During tho started off at 5.95d., a gain of 21 points over the final
month thero had been a special recruiting appeal through­ Aiigust quotation and moved up to 6.44d. by the 16th,
out tho industry, and it was difficult to oscapo tho conclusion without any important setback. By tho 20th the price
that unless thero was considerable help from the women was down to 6.26d., but the drop was practically recovered
tho production of Lancashire would bo yet further and tho next day and a further rise to 7.04d. secured by the
seriously decreased. On August 22 tho British Government 28th. A decline of 19 points occurred on the 30th, marking
declared cotton absolute contraband, but this did not appear tho close 6.85d.— an advance of 112 points over the final
to bo taken as in any degree increasing the difficulties which for August.
enemies had in obtaining cotton. Tho announcement that
OCTOBER.— M a n ch ester. — The salient feature in the cot­
the Government would bo ready to relievo abnormal de­ ton manufacturing centres in October was the inadequate sup­
pression was more to tho point, and that was generally ply of labor, the boom in recruiting for the army having had a
taken to mean that thoy would buy whenever cotton fell marked effect in reducing the number of operatives available.
below a price agreed upon. August was a very poor month It was realized, of course, that Lancashire towns should be
for manufacturers and tho advancing quotations soared well called upon to furnish their quota, and all that was asked
abovo tho majority of tho offers. India continued unusually was that discretion be used in selecting recruits. To the
dull, and tho trade in staples with Calcutta was reduced oxtont that spinners and weavers could not possibly sell
to a very meagro amount. China also bought vory lightly tlioir peace-time production, the withdrawal of labor up to
Tho shortago in dyes was a formidable disadvantage and a certain point was an advantage, as it had saved many from
its influence far-reaching. Somo of tho smaller Far Eastern ruinous conditions of over-supply and the organization of
markets did a little, but the Turkish and Balkan markots short-timo in very difficult circumstances. But tho dangers
wero out of action. Franco was helpful; as was tho River of depleting the labor supply wero becoming formidable, and
Plato,and tho homo trado did well for tho season of year thoy oven brought a suggestion that the available operatives
Not much new business in Government orders was in evi­ should bo concentrated in particular mills while others wero
dence, but tho old did a good deal to strengthen somo sec­ closed, tho object being, of course, to reduce costs of pro­
tions of manufacture. Tho oxport trado already was under duction. It was expected that caro would lie taken to
formidable handicaps, and was threatened with another. avoid tho dislocations which would follow the recruiting of
Tho Manchester Chamber of Commerco was in negotiation operatives omployed in preparatory processes who could not
with tho Government Avith tho object of limiting certain bo replaced. Tho shortago extonded to tho weaving sec­
proposed restrictions upon exports of cloth. Lancashire tion, though tho difficulties thero were not so acute; nor wore
ready at all times to accept restrictions that were for tho public tho manufacturers strengthened in their trading operations
good, claimed thero should bo on tho part of thoso who to tho samo extent as tho spinners. As to tho wages ques­
impose them a reasonable understanding of tho importance tion, it was hoped there would be no rupture, though the
to tho nation of its export trado and of tho probable effect refusal of tho employers to grant tho 5 % bonus to tho woavers
of any tampering with it. Thero were many complaints of had not been accepted as a settlement. It was indicated



7.10d., middling uplands declined to 6.83d. by the 8th, Avas
up to 7.08d. on tho 15th, and, after daily fluctuations, Avas
quoted at 0.99d. on. the 23d. Thereafter the tendency Avas
upAvard.the advance culminating on the 29thA\dth the quo­
tation 7.55d. The close Avas at 7.45d.
DECEMBER.— M a n c h e ste r. — There Avoro no spocial de­
velopments in tho cotton goods markot in December. At
tho opening of the month an improved demand from China
was in ovidonco, but from tho far East generally the inquiry
was disappointing. Takings by tho homo trade, hoAvovor,
Avoro of fairly satisfactory volumo. Prices Avore woll main­
tained, in sympathy Avith the strongth of cotton. As the
month closed tho tone of tho market improved and moro
demand from India Avas noted. Yarns continued firm
throughout tho month at a high level of values. Tho annual
returns of tho various spinning companies revealed a rathor
better situation than there had scorned to bo reason to an­
ticipate in view of conditions at tho boginning of tho yoar.
The month’s yams and goods exports from Great Britain
Avoro 88,857,000 lbs., against 65,191,000 lbs. in Docomber
1914. L iverp oo l. — A comparatively largo net advanco in
tho valuo of cotton occurred in December after frequent
fluctuations. Middling uplands opened the month at 7.45d.
and after moving up to 7.77d. Avas down to 7.39d. on the
18th. From that level, hoAvovor, tho rise was almost con­
tinuous to the close Avhich Avas at 7.92d., or a gain of 47d.
over the final quotations for Novomber.
JANUARY.— M a n ch ester. — The opening month of the new
year Avitnessed some decline in demand for goods and in
consoquonco the enlistment of operative Avoavers Avas not
moro rapid than the trado could conveniently boar. This
found explanation in part in the great discouragements to
trade in the high pricos of cotton and goods and in the scarcity
and consequent high prices for freights. Speaking rela­
tively, the cotton trado in largo part continued to thrive
under many difficulties, perplexities and menaces, and a year
that Avould at tho best be a very trying one was considorel to
havo startod off fairly avoII. Of oourse.it was in tho nature of
things that at Avar time both supply and domand should docreaso, and tho cotton industry had been saved from disas­
trous dislocations by these decreases. Cloth exports con­
tinued much beloAV normal, and the reduction in buying poAver
Avas by no means confined to belligerents. Tho homo trade,
hoAvever, continued to givo good support to tho markot,
and tho genoral opinion Avas that it Avas Avell up to the avorago in amount and quite as profitable as usual. But home
trade could not make up for the decrease in foreign trade.
NOVEMBER.— M a n c h e ste r. — Labor continued to be the At
the beginning of January there Avas a good doal of buying
main problem confronting the cotton goods trade in Novem­ for India, Calcutta in particular doing a considerable trado,
ber, recruiting having made the situation rather acute. The but toward the closo little Avas dono. China Avas still a vory
idea expressed was that if those classed as in reserved occu­ sluggish buyer, though reports of bettor clearances, low uppations were allowed to enlist without qualification, the country stocks and some improvement in prices wore cur­
cotton manufacturing industry would suffer great incon­ ront; political unrest Avas still blamed for the lack of domand.
venience, its efficient working seeming to demand that re­ Some of the smaller Far Eastorn markots did a little business,
cruits from this class should only bo accepted for tho reserves. and of Near Eastorn onos, Egypt was still favorably men­
It was hoped, however, that the increase of women in the tioned. Frencli domand foil off a little, and South Amonca
spinning mills might go a long way to supply tho shortage. bought sparingly. Both British and French Government
What was wanted at tho moment was assurances from the orders Avoro in the markot and contributed something to
recruiting authorities that indispensable men would not be manufacturers’ strongth. Tho position of manufacturers
accepted unless and until emergency made it absolutely im­ generally was not very stablo. Tho question of labor Avas
perative, it being of vital importance that the exporting in­ bothering many of them, and though tho shortage naturally
dustries of the country be maintained. Another subject tended to strengthen pricos, a good many were confronted
engaging attention was the congestion of goods in transit. Avith tho alternatives of stopping, accepting ruinous prices,
While recognizing the immense difficulties of the railway com­ or making to stock at costs that might novor bo realizocl.
panies, it was asserted that the passage of cotton to the mills, Thoso manufacturers Avho Avoro accustomed to covor their
of yarn to manufacturers and shippers, and of empty skips ordors strictly as they sold Avero undersold by tho manyAvho
and cases back to the spinners, should have to bo maintained had boon buying yarn as tho markot advancod, and a con­
if the industry was to continue working. Tho problem of siderable merchant business had boon done by cloth agonts.
shipping, too, was considered a serious one, exports being Spinners did very avoII, though tho business tailod off toAvards
greatly hampered by the scarcity of vessels. Lack of cotton tho close. Margins improved cousidorably all round. It
gavo somo cause for complaint, but slowness in getting sup­ Avas calculated that the output in tho aggregate Avas somo
plies was attributed more to the tenaciousness of holders, 20 to 25% beloAv tho full capacity of the) mills. Shipments of
notwithstanding the high prices, than to the difficulties of yams and goods from Great Britain Avoro 97,812,000 lbs.,
transit. Early in the month the dispute in the weaving sec­ against 82,947,000 lbs. in January 1915. L iverp oo l. — Tho
tion was ended by the concession of a 5% bonus to be paid market for tho raAV material tonded upAvard during tho early
from tho new year to thirteen weeks after the end of the part of the month, Avith fluctuations frequent and the not
war. In the middle of the month the danger in the dyeing changes in prices from day to day quite important, but
trade was averted, concessions being made to the operatives. toAvard tho close there Avas a decline that carried the quo­
In the cloth trade an irregular and disappointing month was tation 10 points below tho final Docombor price. Middling
experienced. Large sales of the lighter staples wero made for uplands openod at 8.01d., or 9 points highor than the De­
Calcutta and the other markets, but most of them at ex­ cember closo, roso to 8.35d. by tho 6th, dropped to 8.06d. by
tremely low prices, and induced as much by the needs of the 14th, advanced again to 8.28d. by tho 19th, but oased off
manufacturers as by those of buyers. But the Indian in­ and on the 21st the quotation Avas down to 8.09d. From
quiry generally was disappointing. China, in spite of low that lovel there Avas a rally to 8.21d. on tho 22d and then a
stocks and the appreciation of silver, was a poor buyer, but steady drop to the close, Avhich Avas at 7.82d.
France, Egypt, the South Americas, tho United States, the
FEBRUARY.— M a n ch ester. — Although the pricos for cot­
colonies, and the home trade, contributed considerable sup­
port to the industry, and the Government demand for various ton Avero loAver in February than in January, goods continued
cloths used in clothing or equipment Avas of bonefit. Tho to rulo high and this, Avith the accumulating charges, served
scarcity of dyestuffs was a very severe handicap in some to curtail demand for both cloth and yarn. The drain of
departments. Manufacturers could rarely keop all their labor continued and it Avas clear, therefore, that consumption
looms going, but were very reluctant to closo their sheds, as must continuo to decline. Tho tribunals Avoro very chary
those who closed might find themselves without labor Avhen of exemptions, and though thoro Avero some complaints of
they oponed again. There was a large demand for yarn, and, differences of treatment in various towns, it did not appear
though it Avas checked by the stiff advanco late in the month, that tho cotton trado Avas boing let off oasily. Fears that
spinners’ margins shoAved marked improvement during tho the Liverpool supply of cotton Avould not bo equal to the
month. Yarns and goods exports for the month from Groat demands of the trado Avoro allayod and somo slackening in
Britain totaled 84,442,000 lbs., against 71,045,000 lbs. in the buying basis resulted. Tho leading ovonts of tho month
1914. L iv e rp o o l. — The market for tho raAVmaterial displayed included the resignation of thirty out of thirty-three of tho
no definite tendencies until near the closo of the month, Avhen directors of the Manchester Chamber of Commerco as a
there was a fairly well-sustained advance. Opening at result of the defeat of certain resolutions embodying their

that tho operatives might begin a policy of piecemoal strik­
ing, but reports suggested that this might bo avoided, and
it was significant that many of tho cloth quotations allowed
for an advance. Tho strike at Harle Syke continued, but
efforts were being made to bring it to a close. Tho cloth
trade was overshadowed by the political and military news,
and especially by the Balkan developments; these were
not only grave in their general significance but confirmed the
loss of much trade. Reports of an increase in the restric­
tions to trading with European countries were also adverso
developments and the addition of cotton piece goods to the
contraband list was followed by arrangements for licensos,
which, it was hoped, would be obtainable with a minimum of
unnecessary difficulty. The abandonment of tho proposals
for special restrictions on cloth suitablo for aircraft afforded
somo relief, and both the Manchester Chamber of Com­
merce and tho trading community generally wero anxious to
co-operate with tho Government in making the curront
arrangements effectual. The chief trading feature of the
month was a distinct improvement in the demand from
India, and especially from Calcutta. Manufacturers wore
anxious for orders, some of them had cheap cotton, and tho
prices accepted wero consequently low. Business, howovor,
hardly developed as could have been hoped. Trade with
China and other Far Eastorn countries was vory unsatis­
factory, and tho Near East was practically out. Tho homo
trade, though reluctant to pay advances, was a source of
steady demand, and somo considerable lines for the British
Government wero booked. South American markots con­
tinued to improvo, and among the other markets which did
fairly woll wero Java, Egypt, France and the United Statos.
All round demand was far from satisfactory, but in tho cir­
cumstances was quite well maintained. There was a fair
and occasionally largo demand for American yarns, and as
tho supply was restricted they gained in strength during the
month. Exports of yarns and goods in October reached
85,982,000 lbs., against 80,665,000 lbs. for the same period
of 1914. L iv erp o o l. — The market for tho raw material was
rather active most of the month, with fluctuations vory
frequent. The trend of pricos was upward most of tho time
but toward tho close an easier feeling prevailed, reducing
tho net advance to moderate proportions— 19 points.
Middling uplands oponed at 6.97d., an advance of 12 points
over tho final for September, and by the 13th was up to
7.33d. But by the 29th tho quotation was down to 7.02d.
and the final price was 7.04d.




fiscal policy; the declaration of a first dividend on the ordi­ as from tho first settling day following June 17 1915 and to
nary and preference shares of the Manchseter Ship Canal; bo regarded as war wages and recognized as due to and de­
the announcement of heayv profits by the Bradford Dyers’ pendent on the existence of the abnormal conditions then
Association; and indications of hotter days for tho Calico prevailing in consequonce of tho war. The latest applica­
Printers’. February was a poor month for cloth sellers, tion was based on improved margin of profit being socured
and though the output continued to decrease, it had not got by the employers. In trade circles there was no appre­
to tho point at which good profits wore enforced. India was hension as to a strike, and if a crisis resulted it was antici­
very quiet most of the time and not much was expected from pated that the Board of Trade would again intervene. At
that market in the near future. There was some revival of Uio same time the position of affairs was serious, and there
China demand and that market was considered promising. was a good deal of unrest among the workpeople, in vmv
Orders from Singapore. Rangoon, Java, &c., helped a little. of tho cost of living since the beginning of- the war having
South American markets bought moderately, and with gone up nearly 50%, while tho advance in wa^es had only
the United States, certain African markets, the colonies and been 5% . Manufacturers gained no ground during the
the ho le trade, a fair miscellaneous trade was done. month, and sized grey shirtings were still neglected. ° The
1 hose manufacturers who spin and weave had some advan­ cause of this negloct having been the shortage of dyestuffs
tage, for stocks of cheap yarn were pretty well exhausted in the markets to which these goods were to be sent
and spinners generally held prices very stiff. The home trade it brought a strong realization that the trade was dependent
did well and it was reasonably expected that tho chief Eastern upon the dye industry. A slight revival of demand from
markets would soon improve. Spinners did very well, India was in evidence but the political situation in China
though towards tho end of tho month there was some weak­ was assigned as the main cause of that market’s backward­
ening in medium counts. Exports of yarns and goods from ness. Japanese competition was mentioned frequently
Great Britain aggregated 98,982,000 lbs., against 78,101,000 and it was practically agreed that it was formidable if not
lbs. in February 1915. L iverp oo l. — Dealings in the raw ma­ ovenvhelming. In some lines of goods there was moderate
terial in February wore of moderate proportions, with the activity for home trade, European and American markets,
general trend of prices toward a lower level. At tho opening but less was done for Franco and Egypt. Government
of tho month the quotation for middling uplands was 7.74d., orders kept a fair number of manufacturers well under
from which there was a drop to 7.66d. on the 2d inst. and an orders. Yarns and goods oxports for tho month from Great
advance to 8 .lid. by the 14th. Between that date and the Lri^m totaled 93,230,000 lbs., against 94,593,000 lbs. in
close, however, there was a decline of 40 points, the final iJ1°* L iverp oo l. — The market for the raw material was
quotation having been 7.71d.
a narrow one during April, but on the whole tended up­
, ^POhing at 7.70d., middling uplands dropped to
MARCH.— M a n ch ester. — The cotton goods markot was
without special feature in March, the dominant fact being /.o7d. by the 0th, was up to 7.90d. on the 18th, down to
that tho export demand was disappointing and that the high ‘ , . , * ou the 20ta<and then advanced steadily to the close,
charges for dyeing and finishing, packing, freight, insurance, which was at 7.95d.
&e.,
&c., told sovorely against business. Tho increasing lack «of
M A Y . M a n c h e ste r. Some improvement in the demand
freight room hampered exports very much and in conse­ tor cloth was noted in May, but advancing prices served
quence tho outflow to somo of the leading Eastern markets to interfere with the booking of a satisfactory volume of
was months behind. Rumors wero again in circulation of orders. In tact depression was apparent in some sections
German purchases of cotton, and speculations about peace and it became a question with some manufacturers
or a possible extension of tho war had a good deal to do with whether they would not do better to sell their cotton or yarn
fluctuations in price. In the Lancashire industry generally rather than to make piece goods at so serious a loss as offers
some sort of balance between demand and supply continued. for shirtings, particularly, indicated. The trade continued
It could be said, however, that, roughly, where looms were under tho menace of a strike in tho spinning industry,
stopped it vas tor want of orders, and where spindles wero although with many there was a strong belief that trouble
idle it was for want of labor. Considerable relief was felt would bo averted. The application of tho operatives of
early in the month when the Board of Trade intimated that Bn* various sections for a 10% advance was met by an
exemption would be extended to “ muleminders, mule pieeers, oifor of 5 % from tho employers, but with conditions at­
and twiner doublers (all married men and those single men tached tiiat many thought were not likely to be accepted
who were born before 1890),” but it was disconcerting to voluntarily, and tho intervention of the Committee on
learn that they wore not to got off so lightly. The gradual Production was expected. Tho fact that an enormous
reduction of labor was a serious embarrassment, and the majority of the Lancashire spinners and 98% of cardroom
Manchester Home Trade Association published a remarkable men voted favorably on the question of a strike for a 10%
complaint that they were losing their customers in the increase of wages, was taken as showing that there would
drapery trade. A practical settlement of the Harle Syke be little likelihood of tho operatives being willing to give
dispute was reached toward tho close of tho month, the terms way when tho matter was brought to a test. As regards”the
being that tho weaving rates bo 4 % below those in Burnley, cloth business of the month, there was a considerable but
and that tho weavers’ union bo recognized. Late in the not general demand for India. Calcutta shirtings, how­
mouth came notice of an application from tho operative spin­ ever, were neglected. China did some business "early in
ners for an advance of 10%. The India demand Vas negligi­ tho month, but demand fell off decidedly toward the close
ble during the month, and the grey shirting trade was very Some of the smallor Far Eastern markets and one or two
poor. A revival of tho demand from China was noted but of the Near Eastern continued to do fairly, and for South
confined largely to finishing goods. Tho homo trade’ was America, the Continent, the colonios, and the home trado
fairly good and something was done, too, for both tho Brit­ etc., there was a good domand for printed, dyed, fancy’
ish and Fronch Governments. Exports of yarns and goods and finishing goods generally. Government inquiries for
from Great Britain aggregated 97,888,090 lbs., against heavy goods continued a feature of tho trado. There was
85,520,000 lbs. m March 1915. L iverp oo l. — There was no a good business done in yarn, especially in the first half
definite trend to the markot for tho raw material in March of tho month. A development of tho month was the action
although a net advance of (5 points was scored. Fluctua­ of tho Central Executive Committeo of the Employers’
tions generally wero within narrow limits. Middling up­ Parliamentary Association, in drawing attention to what
lands started off at 7.77d., a gain of 0 points over the” final was described as a possible weakness in the Munitions of
February quotation, moved up to 7.87d. by tho 17th and War Acts. Evidence was produced to the effect that while
was down to 7.69d. on tho 25th. By tho 28th tho prico was a concern manufacturing textile goods for military or naval
ui) to 7.82d., and a further rise of 1 point occurred on the purposes was substantially under the same restrictions as
30th, but the market closed tho month at 7.77d., or tho same a controlled establishment” in its relations with its em­
as it oponed.
ployers as regarded the rate of wages paid, no protection
APRIL. M a n ch ester .—•Developments during April in was given to that firm to prevent workmen accepting other
the cotton goods market were in no essential particular dif­ situations, as was tho case with controlled establishments.
ferent from those of the previous month, tho trade having pur­ With a view to remedying this a resolution was adopted
sued a quiet course notwithstanding events of a moro or less urging tho Minister of Munitions to extend the order of
exciting description. While there was no espo ial concern July 14 1915 to ‘‘all establishments wholly or mainly en­
about the supply of cotton it was a fact that tho Liverpool gaged in tho execution of orders or contracts for military
stock was smaller than it should liavo been and tho manufac­ material placed by II. AI. Government or the Allies.”
turing districts had neither cotton enough nor sufficient Tho month’s yarns and goods exports from Great Britain were
labor to meet anything like a normal demand. Tho re­ 118,288,000 lbs., against 112,424,000 lbs. in May 1915.
newal of submarine activity and the shortage of ships L iverp ool.— Tho general trend of values for tho raw material
wero among the formidable handicaps the trado had to in May was toward a much higher lovel. Middling uplands
contend with. 1 lie operatives in the spinning branch of tho oponed tho month at 7.95d., and with scarcely a halting
Lancashire cotton industry made application toward the of tho advance had risen to 8.74d by the 19th. From that
closo of tho month tor an advance in wages of 10% and level there was a more or less rapid decline to the 27th when
later the cardroom operatives. made a move in tho' same tho quotation touched 8.44d, but a recovery of 12 points
direction These requests served to again draw attention in the closing days of tho month gave a final prico of 8.56d
to the arbitration proceedings before tho Government Com­ or 01 points up from the opening.
mittee on Production tho previous June, when ultimately
JUNE.— M a n ch ester. — Tho striking feature of tlio month
a 5% bonus on wages was granted. Owing to tho strained in the cotton goods trado was tho action of the Board of
relations between tho Masters’ Federation and tho trade Trado arbitrator, who effectod at least a temporary settle­
union officials at that time tho Board of Trade intervened ment of the wage dispute with the operatives by awarding,
and it was decided to submit the quostion to tho Committee on tho 13th of the month, an advance of 5 % , with tho proviso
on Production. After ovidenco had beon given by the two that no further change would bo made during 1910, and that
parties before tho Committoo on Production in London the thereafter six weeks’ notice precede any further alterations.
award was announced on July 21 1915 to go into operation Referring to the award, one of tho labor officials stated:



| United States.
Europe.
“ If over there was a time in the history of the trade when an
80
*3
advanco in wages was justified, that time is the present. 5 0 0 -1 6 . bales
T3
c
Total.
5?
B
c
Your officials, seeing that circumstances were exceptionally 0 0 0 somUled J
c
—
*
-c
s
-c
a
favorable to the employers and so unfavorable to the oper­
a
£
3
*5
s
3
£
§
6
6
atives, mado an application for a 10% advance. Ihe etn7 ,4 4 4
1 00
plovers obstinately refused to concede the advanco that was 1 8 8 4 4
6
7
2
41
1
,5
2
7
1
,2
8
6
2
.0
0
4
5
,3
5
0
2
,7
4
0
85. ..
1 20
5 04
3 1 0 1 ,8 2 2
1 ,5 1 2
5 ,6 7 4
asked for, but substituted 5% in placo of the 10%, this be­ 1 8 8 5 82 ,9
6 0
. .2. 2 ,7 7 2
8 ,5 0 5
1 30
509
1 ,0 3 9
301
1 ,5 7 8
2 ,9 1 2 5 ,8 0 7
1 S 8 6 -8 7 . . .
8 ,8 0 1
ing conditional upon your representatives signing a sort or 1 8 8 7 - 8 3 . . . 3:073 3 ,0 3 7 6 ,1 1 0 1 ,6 2 4 4 0 0 2 ,0 2 4
1 40
017
1 50
4 44 2 ,1 4 8
697
1 .7 0 4
resuscitation of the famous ‘Brooklands Agreement. As no
3 ,0 1 0 3 ,2 5 6 0 ,2 7 2
9 ,7 9 5
1 00
7 91
5 0 3 2 ,1 8 5
1 ,6 8 2
3 ,2 2 7 3 ,4 3 2 0 ,6 5 9
settlement was possible, the whole of the points at issuo were
8 ,0 7 0
1 34
1,941
6 07
377
left to the decision of Sir G. Askwith. We are grievously dis­
A v .O y ’ rs 2 ,9 8 6 3 ,0 0 2 5 ,9 8 8 1 ,5 6 4
appointed with his award of only 5% advance, but as it was 1 8 9 0 1
0 ,5 1 1
1
0
0
9
2
4
9
9
2
,3
6
7
5
57
1 ,8 1 0
7 ,0 1 5
3 ,3.8 4
3 .0 3 1
91
1 25 1 0 ,5 0 5
150
agreed to leave the matter entirely in his hands, we must 1 8 9 1 - 9 2 . . . 3 ,1 8 1 3 ,6 1 9 0 ,8 0 0 1 ,9 4 4 6 3 2 2 ,5 7 6 9 1 4
200
195 1 0 ,2 0 1
9
1
8
2
,5
5
1
6
7
9
1
,8
7
2
0
,5
2
7
3
.0
0
1
923 8.0. 8.
loyally and honorably abide by his decision. A lesson can bo 1 8 9 2 1 05 10,5 oU
192
959
6 71 2 ,2 6 4
93 ,2
4 3
. .3. 3 ,8 2 7 7 ,0 6 0 1 ,5 9 3
1 0 0 1 1 ,5 4 3
280
1 ,0 7 4
learned from theso negotiations. You can get nothing from 1 8 9 3 8 0 3 2 ,7 4 3
1 ,9 4 0
3 *25 0 4 ,0 3 0 7 ,2 8 0
120 11 ,OUD
3
6
3
2
,5
7
2
1
,1
0
5
801
1
,7
1
1
3 ,2 7 6 4 A 6 0 7 ,4 3 6
employers if you are not prepared to onforco it. You cannot
1 2 0 1 0 ,8 4 9
depend upon arbitration. If over you aro to improve jour
215
983
7 0 0 2 ,5 1 2
A v .O y ’ rs 3 ,1 9 8 3 ,8 2 1 7 .0 1 9 1 ,8 1 2
1
position you must rely upon yourselves and the strength ot
132 1 1 ,8 8 0
414
9 0 2 2,73.8 1.0 0 1
1 ,7 7 6
3 ,2 2 4 4 ,3 0 8 7 ,5 9 2
your association.” Following this advance, howevei, a 1 8 9 7 - 9 3 .. 3 ,4 3 2 4 ,6 2 8 8 ,0 0 0 1 ,8 0 8 1 ,1 5 4 2 .9 0 2 1,1 4 1
191 1 2 ,8 8 8
534
142 1 4 ,0 1 5
1 ,3 1 4
703
1 ,3 0 9 3 ,5 5 3
3 ,5 1 9 4 ,7 8 4 8 ,3 0 3 2 .2 4 4
voluntary increase of a further 5 % was given to card-room,
157 1 3 .7 7 3
1 ,1 3 9
711
3 .3 3 4 4 ,5 7 0 7 ,9 1 0 2 .3 5 51 1 ,5 0 1 3 ,8 5 0
blowing-room and hard-wasto workers on the last day ot
152 1 3 ,4 10
032
l ,0 0 0
1 ,5 7 7 3 ,7 2 7
3 ,2 6 9 4 ,5 7 0 7 ,8 4 5 2 ,1 5 0
170, 1 1 ,4 1 5
7
2
6
1
,3
8
1
4
,0
3
7
1
,8
3
0
2
,2
0
7
the month, the action being taken to assure uninterrupted
3 ,2 5 3 4 ,8 3 6 8 ,0 8 9
operation of the mills. On tho whole, trade in cotton goods
159 1 3 ,3 9 8
020
A v .O y ’rs 3 ,3 3 9 4 ,6 2 8 7 .9 6 7 2 ,0 8 9 1 ,3 8 9 3 .4 7 8 1 ,1 7 4
was quiet during the month and some firms were keeping
199 1 4 ,4 7 8
507
1 ,3 6 4
1 ,9 0 7 4 ,0 1 5
3 ,1 8 5 5 ,1 4 8 8 ,3 3 3 1 2 ,0 4 8
their looms going chiefly in order to hold their weavers.
176 1 4 ,3 1 0
093
1 ,3 0 8
3 ,0 1 7 5 ,1 4 8 8 .1 0 5 2.001 1 ,9 0 7 3.90S
305
15,012
7
5
5
1
,4
7
4
4.31C
Specialties displayed the most activity, and m spite of dye­
1
2,110
3 ,6 2 0 5 ,1 4 8 8 .7 0 8 : 2.19-1
2 23 10,435
874
1 ,5 8 0
3 ,7 7 4 5 ,2 5 2 9 .0 2 0 2 .4 4 0 2 .2 8 0 4 .7 2 0
stuffs scarcity, largo quantities of printed and dyed goods
907
1 .5 5 2
4,95C
2
,3
7
5
9
.3521
2
.5
7
5
5
,4
0
0
3
^
9
2
102
8 01 |
were turned out. Tho Indian demand was hardly more than 1 9 0 6 -0 7 . . ' 3 ,0 9 0 5 ,7 2 0 9 ,4 1 0 j 2 .0 9 3 ; 2 ,1 3 4 4 ,2 2 7 | 1 ,5 0 1
feeble, and while grey shirtings were severely left alone, the
I
2 2 3 1 5 .0 8 6
7
81
I
1
.4
8
4
4
,3
5
0
2
,1
3
1
j
2
,2
2
5
8
,8
4
2
A v .O y ’ rss 3 ,5 2 9 5 ,3 1 3
demand for dhootios and mull-dhooties ivas disappointing.
1
2 7 8 1 7 ,1 0 4
8 81 ;
2 .4 4 8 2 ,4 6 4 4 ,9 1 2 1 1 ,6 5 3
3 ,7 2 0 5 ,7 2 0 9 .4 4 0
Some improvement was looked for to follow the development
4 4 0 1 6 ,1 8 9
1 ,0 5 5
2 ,2 0 7 4 ,5 3 3 1 ,6 1 7
3 1 7*5 fl.4 6 0 8 .0 3 5 2,201
4 4 8 1 6 ,7 5 0
of the monsoon. China staples were very dull, but follow­
1 .0 S 7
1 ,4 9
3 ,7 7 6 5 ,4 0 0 9 ,2 3 0 2 ,2 3 0 2 ,2 5 5 4 ,4 8 5
5 1 2 18,<500
1 ,3 5 7
5 ,2 1 0 1 .0 0 7
2,021
ing tho settlement of the political difficulties in that country,
4 H 6 0 5 .7 2 0 9 .8 8 0 2,591
1 ,3 5 2 1 6 1 8 1 9 ,5 1 4
1,01C
2,681 2 ,8 4 ? 5 ,5 3
6 ,0 0 0 1 0,4 00
00
revival of trade was anticipated. Speaking of tho market 1912-13 . . . . 44 ,4
1 ,5 2 2 1 6 7 6 1 0 ,8 5 8
5 ,6 8 0 , 1,681
2 ,9 7 9
2 ,7 0 1
6 ,0 0 0 1 0,3 00
:3 0 0
generally, a fair miscellaneous demand was to be noted, with
4 9 7 1 8 ,0 1 2
5.05S j 1 ,59C j 1 ,2 0 9 1
2 ,5 7 2
9 ,6 4 0 1 2 ,4 8 0
s ' 3 ,9 2 2 ; 5 ,7 2 7
Government work a less important feature and the home trade
|
8 5 4 1 8 ,7 3 5
1
,5
2
7
1
1.64S1]
passing through a quiet time. Both American and Egyptian
5
,S
0
f
3
,0
3
7
8 ,9 0 0 2 ,7 6 0
I 3 ,9 0 0 5 ,0 0 0
7 0 3 1 9 ,5 7 3
yarns were, quieter than during May, and deliveries voro 1915-10*...1 4 ,0 0 0 4 ,5 0 0 8 ,5 0 0 3 ,2 3 0 3 ,8 7 1 7 ,1 1 0 1 ,0 0 ( 1 ,5 It
mainly at prices under ruling quotations. The exports ot
* Figures of European consumption for 1914-15 and 1915-10 are subject to cor­
yarns and goods from Great Britain were 118,048,000 lbs., rection.
against 102,947,000 lbs. for the samo month in 1915. Liver­
Another general table which wo have compiled of late years
p o o l. — The market for tho raw material tended downward is needed in connection with tho foregoing to furnish a coinduring June. Opening at 8.47d. for middling uplands, a prohonsivo idea of tho extent and tho expansion of this
drop of 9 points from the May close, the quotation was down industry. It discloses tho world’s cotton supply and the
to 8.16d. on the 17th. From that level thero was a rise to sources of it. Tho special points wo have sought to illus­
8.29d. on the 21st, a drop to 8.22d. on the 22d, and a recov­ trate by tho statements are, first, tho relative contribution
ery to 8.29d. on the 23d. But again the price turned towards to the world’s raw material by tho United States and by
other sources, and, second, to follow its distribution, liea lower level, and stood at 8.16d. at tho close.
ginning with 1896-97, tho figures of visiblo supply include
JULY.— M a n c h e ste r. — July was an unoventful month in Alexandria and Bombay stocks; 1884-85 to 1912-13 aro loi
the cotton goods trade, the market having been quiet and tho year ended Aug. 31; 1913-14 to 1915-16 inclusive for
featureless until towards the close when demand quickened
somewhat. The spinning industry continued to maintain year ended July 31.
W O R L D ’S SU PP LY A N D D IS T R IB U T IO N OF C O TT O N .
its advantage over the weaving section, the published
results of many companies’ for the half-year working, showVisible
Balance of Supply
in0, up very well. Some talk of reduced margins wore
Commercial Crops.
and
End of Year.
Total
Invisible
500-16.
current, but generally profitable results for tho next half­
Actual
Supply
bales.
Consump­
year were felt to bo pretty well assured. As regards tho
United
All
Begin­
| In­
tion.
Total.
States.
Others.
ning of
cloth market, it is to bo noted that for many sorts of finishing
visible. i visible.
Year.
goods tho demand was good throughout the month, but
9 8 4 ,0 0 0 . 3 5 0 .0 0 0
1 8550
ihe big staple lines were rather neglected. China was almost 18845 . ..000 5 ,1 3 0 ,0 0 0 2 .1 0 1 .0 0 0 ; 7,23 7,0 00 7 .4 4 4.0 00 908 .00 0 4 7 3 .0 0 0
1 8343
0 . ..0 00 5 ,9 8 4 ,0 0 0 2 .2 3 4 ,0 0 0 8,21 8,0 00 S. 120,000
consistently dull, and tho various Indian markets did hardly 1885.00 0 4 7 1 .0 0 0
1880-87... 1.44 1.0 00 5 .9 0 0,0 00 2 ,5 7 7.0 00 8,63 7,0 00 8 .5 0 5.0 00 990
1 83
473—0 00 0 ,4 0 0,0 00 2 ,3 0 9,0 00 8 ,7 0 9,0 00 8 .8 9 1.0 00 772 .00 0 5 1 9 .0 0 0
more than a fraction of what is expected ot thorn. 1 no 18874 3 7 .0 0 0
082.000
9
.2
0
7
.0
0
0
1
.201.000
0
.4
0
3
.0
0
0
2
,0
3
2,0
00
9
,0
9
5.0
00
89—
progress of tho monsoon, however, gave hopes, and good 18881 .119.000
0 ,8 2 0 ,0 0 0 2 ,9 3 3 .0 0 0 9 ,7 5 3,0 00 9 .7 9 5 .0 0 0 810,000 2 3 1 .0 0 0
188990__________
buying for India in August was rather anticipated, as the
A verage
6 .1 2 7 ,0 0 0 2 .4 6 1 ,0 0 0 8 .5 9 1 ,0 0 0 8 ,0 7 0 ,0 0 0
6 years.
reports of clearances, of remittances, and of conditions
427 .00 0
generally wore comparatively favorable. China did better 18900 3 ,039,000 11,176.000 10,511,000 1,315,000
8 ,1 3 7 ,0 0io'
,000
1 ,0
9 717. ..
10,505,000 2 ,3 1 0,0 00 508.000
,000 8 ,0 4 0 ,0003 001.000111.041.000
in bleaching goods than in greys, and manufacturers of 1891- 9 2 . .. 1 ,7 4 2 ,000
3 55.000
0 ,4 3 5 ,0 0 0 3 290,0001 9 ,7 3 1,0 00 10,291,000 1,903,000
1S92-93__ 2 ,8 1 8
3 30.000
somo of tho regular staples had a vory bad tiino. Specialty 189310,450,000 10,580,000 1 ,792,000
,000 7 ,1 3 6 ,0 0 0 3 9314.000
2 ,2
94
5 8__________
1
.018,000
78
.00
0
12,018,000
11,543,000-2,185,000
2 .1
2 8 ,000 9 ,0 1 0 ,0002
95__________
makers, however, continued to do pretty well, and tho de­ 18943 ,2
18959 003....000: 6 ,9 1 2 .0 0 0 3 421,000! 10,333.000 11,605,000 1 ,231,000 700.000
mand for printed, dyed and finished goods was very satis­
Average
---rf. . . 7,817,0003,175,000jl0,992,000 10,849,000 ............
6 years
factory. Trade with tho South American markets was
handicapped by black lists and competition from the United 1800-97-. 1 931 000! 8.435.808:3.438.00011.873,808 11.880,332 1,295,030 628,000
States, but nevertheless, gave a good account of itself. 1S97-98-. 1 923 630 10.890.000 3.310.290 14,200,290 12,888,768 1,905,158 1.330.000
3 9241
11,078,000 3.694,934il4,772.934! 14,014 728 2,371.304 1 .028.000
9 . . 158
.
Continental business, too, had to surmount tho barrier of 18983 0999
9.137,000 3,092,897! 12,229,897.13,772,772 '1,071,489 1 .385.000
18990 . .364
.
2’450’489
10,218,000 3,414,454 13,032,454 13,415,910 1,549,027 1.124.000
licenses where it could bo dono at all. There were good 19000. 1 ..
..
’
ton non i aoo rnn 1 I 119 n in 1 I At A OAQ
2|673!027
10.380,380 4.0.33,569 14,413,949 14,414,908 1,300,008 1 .300.000
19010
2
..
reports of such markets as Java, Egypt, East and West
Average
Africa, and always tho colonies and tho home trade. The
0 years. ............... 1 0 ,0 2 3 ,2 0 7 3 ,4 9 8 .3 5 8 13,521,505 13,397,911
yarn trade improved towards the end of the month; yarns
2 0072
19023 .. 0 0 8 1 0 511 0 2 0 4 215,607 14,720,687 14,477,094 1,177,077 1,743.384
2 921 M F 9 841:O71;4:317:07 o ' i 4 .159.341 14,310.158 1.085,237 1.735.007
and goods oxports for tho month from Great Britain totaled 19030 4 ..
2
770
13 420 050 4 ,4 0 4,0 00 17,884,050 15,0 1 1,007 2 ,5 0 1,4 09 2 ,5 4 1,104
109,219,000 lbs., against 118,748,000 lbs. in July 1915. 1904500m052.... 244
033 li : 0 0 2 904 4 :5 6 s:0 2 9 15:571,533 10,435,228 1 ,7 0 2 .4 8 5 2 .1 7 0 ,4 5 3
2 ,2 1 5 .4 9 7 3 ,4 7 7 ,2 2 0
L iverp oo l. — The market for tho raw material was without 19051900-07.. 4 :1 7 8 :9 3 8 1 3 ,3 0 6 ,8 4 6 5,205,837 .18 .51 2 ,0 8 3,1 0,9 98 .89 8 1 .0 0 0 ,1 0 4 3 ,2 5 4 ,9 8 9
5 :6
9 2,7
special feature during July. Tho opening was at a decline 190708.
. 23 1 1,2 57 .53 8,4 .ISO,104 15.443.042 10,281,272
of 13 points from the June final, middling upland ruling Average
. 11.556.072 4 .4 9 2,9 85 16,0 49 ,65 7il5 .68 5 ,8 1 9
0 years
at 8.03d. From that level there was a drop to 7.95d. by
4 ,8
595,0
93 13,496,751 4,489 ,1 0 9 1 7 ,9 8 5 ,9 2 0 1 7 ,1 6 4 ,4 8 7 1 ,8 7 5 ,1 4 0 3 ,8 0 1 ,3 8 0
19080
..
tho 5th, and a recovery to 8.12d. by the 10th. Subsequent 19093 ,3 6 4 ,8 6 7
5 .6
1 706..,5 2 0 10,224,923 5,021 ,0 0 5 1 5 ,2 4 0 ,5 2 8 1 0 ,1 8 8 ,5 6 3 1 ,3 0 7 ,6 2 4 3 ,3 0 7 ,4 9 5
fluctuations were within a comparatively narrow range, 19104,73
2,4 91 1 1 .8 0 4 ,7 4 9 5 ,0 5 7 ,9 8 8 1 0 ,8 0 2 .7 3 7 ,1 6 ,7 5 0 .4 8 4 1 ,5 3 7 ,2 4 9
11--­
4 .8 4 4,7 44 1 5.683,945 4.845 ,9 7 0 2 0 ,5 2 9 .9 1 5 'l 8 , 5 6 5 .7 3 2 2 ,0 9 5 ,4 7 8 4 ,7 1 3 ,4 4 9
1911-12..
with tho tendency downward at first, tho 21st finding the 19125 9 1 9 ,1 9 7 ,9 7 9 1 9 ,5 4 4 ,0 0 7 2 ,0 1 5 ,2 1 1 4 ,4 4 7 ,6 8 8
0 ,8
1 038,9
.. 27 13.943.220 5 ,254 ,7
.8 9 8 2 0 . 9 1 4 , 0 0 0 1 9 ,8 5 8 ,1 7 0 2 .8 7 7 ,3 0 0 4,642,083
quotation down to 7.9Gd. An advanco sot in, that carried 19136 ,4
62
14
..,8 9 9 1 4 ,4 9 4 .7 0 2 0 .4 1 9
Average
the price up to 8.19d. at the close.
.
. . . 1 3 ,2 7 4 ,7 2 5 5 ,1 8 1 .5 6 5 ,1 8 ,4 5 6 ,2 9 0 1 8 ,0 1 1 ,9 0 8 ,
...
6 years
Wo now give a compilation which covers the figures of
7 ,5 1 9 , 3 8 3 1 4 , 7 0 6 , 4 0 7 4 , 8 1 2 , 4 8 n 9 , 5 7 8 , 9 5 4 l S . 7 3 5 ,1 3 q '4 .4 9 f l ,2 8 4 '3 ,8 6 6 ,9 1 7
1 5 ..
consumption in detail for each of tho principal countries 19148,303,201
12.633,9604,020,000 17,253,90010,573,3593,045,4852,998,317
1 6 .embraced in the statement of tho world s annual consump­ 1915T o Illustrate the preceding, take the last Benson, 1915-10. and the results would
tion already presented, and tho total of all. Theso figures
aro not tho takings of tho mills, but the actual consumption, ^Supply— Visible and Invisible stock beginning of year........................ bales. 8,363,201
Total crop during year....... ............................. ......................................
and are in all cases expressed in bales o f 500 p o u n d s.
The
figures in tho table cover the years from 1884-85 to 1915-10,
Total supply— bales of 500 lbs................................................... ? 5 ,617,161
inclusive, and are given in thousands of bales. Tho figures Distribution— Total consumption, A c ..............................................
Leaving visible stock......... ............ .......... .................3,040,48a
for 1913-14 to 1915-16 inclusive, cover the twelvo months
Leaving Invisible stock -------------------------------------- 2,9J8,317________ __
ended July 31; all earlier years aro for tho period Sept. 1
Total visible and Invisible stock at end of year.................... 0,043,802
to Aug. 31.




Overland and Crop Movement.
movement of cotton overland in 1915-16
was not only in excess of 1914-15, notwithstanding a con­
siderable falling off in the sizo of the crop, but exceeded in
fact tho amount marketed in that manner in any season in
our history. This outcomo, howevor, is to bo ascribed wholly
to tho largely increased volume of shipments by rail to the
Pacific Coast for export to Japan and Vladivostok, the
movement to the last-named destination being made up of
supplies of tho staple for uso by Russia in the manufacture
of munitions of war. But tho increased movement is not
confined entirely to this westward movement, tho routes
via St. Louis and Cincinnati showing more or less important
gains. On the other hand, tho volume of cotton passing
ovor tho Illinois Central Rlt. and via Louisville as well as
tho movement via Virginia points shows diminution. To
indicate tho relation tho gross overland bears to tho total
yiold in each of tho last twenty years, we append the following:
Overland .— The

Crop of—

1 9 1 5 - 1 0 ..............
1 9 1 4 - 1 5 ..............
1 9 1 3 - 1 4 _______
1 9 1 2 - 1 3 ________
1 9 1 1 - 1 2 ..............
1 9 1 0 11 ..............
1 9 0 9 10 ..............
19(14 0 9 ..............
1 9 0 7 0 8 ..............
1900 0 7 -----------1 9 0 5 -0 0 ..............
1 9 0 4 -0 5 ..............
1 9 0 3 -0 4 -----------1902 -0 3
1 9 0 1 -0 2 ..............
1900 -0 1 ------1 8 9 9 -0 0 . . . .
1 8 9 8 -9 9 -----------1 8 9 7 -9 8 ..............
1 8 9 6 -9 7 ...............

Total Yield.

Gross
Overland.

Dales.

Bales.

1 2 .9 5 3 ,4 5 0
1 5 ,0 0 7 ,2 4 7
1 4 ,8 8 4 ,801
1 4 .1 2 8 ,9 0 2
1 6 ,0 4 3 ,3 1 6
1 2 ,1 3 2 ,3 3 2
1 0 .6 5 0 .961
1 3 ,8 2 8 .8 4 0
1 1 .5 8 1 ,3 2 9
1 3 .5 5 0 .7 6 0
1 1 ,3 1 9 ,8 6 0
1 3 ,5 5 6 .841
1 0 ,1 2 5 ,1 7 6
1 0 ,7 5 8 ,3 2 6
10,701 ,4 5 3
1 0 ,4 2 5 ,141
9 ,4 3 9 ,5 5 9
1 1 ,2 3 5 ,383
1 1 ,1 8 0 ,9 6 0
8 .7 1 4

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

,011

Of Overland.

Per Cent.
Decrease
Increase
Increase
Decrease
Increase
Increase
Decrease
Increase
Decrease
Increase
Decrease
Increase
Decrease
Increase
Increase
Increase
Decrease
Increase
Increase
Increase

C h a n g e fr o m Ko.-vson o f ’ 9 6 - ’9 7 t o ’ 1 5 -’ 16

Per Cent.

1 4 .0 3

1.02

5 .3 5
1 1 .9 4
3 2 .2 4
1 3 .9 0
2 2 .9 8
1 9 .4 0
1 4 .5 3
2 0 .4 1
1 6.51
3 3 .8 9
6 .0 7
0 .5 3
2 .6 4
1 0 .4 4
1 5 .9 9
0 .4 8
2 8 .3 1

21.66

Increase 4 8 .0 4

Increase
Increase
Increase
Decrease
Increase
Increase
Decrease
Increase
Decrease
Increase
Decrease
Increase
Decrease
Decrease
Decrease
Decrease
Decrease
Increase
Increase
Increase

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

38.07
3 0 .9 6
3 8 .1 1
2 1 .3 5
4 0 .0 7

22.00
1 4 .1 9
5 .4 9
1 .2 8

12.98

7 .8 3
4 7 .9 0
7 .7 2

1 9 1 4 -1 5 .

1 9 1 3 -1 4 .

Bales.

Bales.

Bales.

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

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

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

1 9 1 5 -1 6 .

Amount shipped—
V ia
V ia
V ia
V ia
V ia
V ia
V ia

S t . L o u i s . .............................. ............................ .
M o u n d s , A c ______________________________
U ock I s la n d ----- ---------- ----------------------------L o u i s v i l l e _________________________________
C in c in n a ti-----------------------------------------------V irgin ia p o i n t s . . --------- --------------------------other r o u to s _______________________________

T o ta l gross o v e r la n d ------- ---------- ----------------

Deduct shipments—
O verlan d to N o w Y o r k , B o sto n , A c ----------B etw e en Interior to w n s, A c . . . ----------------G a lv e s to n , in lan d and local m ills --------------N ow O rle an s, inland and local m ills ----------M o b ile , in lan d and local m i l l s ----------------S a v a n n a h , in la n d an d local m ills --------------C h a rle sto n , in lan d and local m ills — . . . .
N o r th C arolin a p o rts, inland A local m ills.
V irgin ia p o rts, in lan d and local m ills --------T o ta l to be d o d u c to d ---------------------------

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

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

1 2 9 ,1 5 3
* 2 0 4 ,1 3 3
1 8 ,1 5 9
1 1 3 ,0 6 5
1 1 ,4 8 9
1 5 .8 1 9
3 ,8 9 3
f 2 ,3 0 1
1 6 ,2 2 9

7 2 9 ,0 0 2

6 2 8 ,9 4 8

5 2 4 ,2 4 1

1 7 6 ,6 7 3
* 2 2 2 ,7 0 4
5 1 ,5 2 3
1 0 6 .5 2 2

12,221

CROP DETAILS— Wo now proceed to givo tho details
of tho entire crop for two years:
L O U IS IA N A .
- ■ - 1 9 1 5 - 1 6 ------------ -

40,947
39,944—

2,866,405

80,891

4,621,783

* Includes 51,523 bales shipped inland for consumption. A c., deducted
in overland movement.
ALABAM A.
----------1915-16---------Exported from Mobile:
To foreign ports.................
81,646
81,361
To coastwise ports*.............
Stock at close of year________
14,052— 177,059
D e d u c t—

1,217
12,477—

13,694

1914-15---------90,289
67,581
12,477— 170,347
1,535
1,815—

163,365

Total movement for year___

3,350
166,997

* Under the head of coastwise shipments from Mobile are inc'uded 7,002
balos shippod inland by rail for consumption, A c .. which, with consumption
(5,219) bales), are deducted In the overland movement.
FLORIDA.
----------1915-16---------Exported from Pensacola, Ac.:*
To foreign ports______
65,107
To coastwiso ports___ a46,161
Stock at close of year_____
7,286— 118,554
D e d u c t—

Received from Mobile, A c.
Stock beginning of year

______
676—■

676

1914-15---------__
81,739
32,957
676— 115,372
30
324—

117,878

Total movement for year___

354
115,018

* Theso figures represent this year, as heretofore, only the shipments
from tho Florida o u tp o r ts . Florida cotton has also gone inland to Savan­
nah, Ac., but we have followed our usual custom of counting that cotton
at tho o u tp o r ts w h er e it f i r s t a p p e a r s .
a 3,704 Dales sent inland by rail deducted in overland.
SOUTH

C A R O L IN A .

------- 1 9 1 5 -1 6 ---------E x p ortod fro m C h a rlesto n :
T o foreign p orts— U p l a n d ..
T o foreign ports— Sea Islan d
T o coa stw ise p o rts—
U p l a n d * .............. .....................
Sea I s la n d * ......................
E x p o r te d coastw ise— •
1 r o m G e o r g e t o w n ______
B u r n t _________________________
S to c k a t close o f year—
U p la n d
_______ ____________
Sea I s la n d ____________________

2 6 0 ,3 5 0
469

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

9 6 .5 7 7
9 6 .5 7 7

926

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

6

R e c e iv e d fr o m S a v a n n a h . .
S to c k b e g in n in g o f year—
U p l a n d .......................
S ea I s la n d _________________

- 1 9 1 4 -1 5 -

8 5 ,0 9 1
35

2 1 ,9 0 7
107—

D educt—

4 3 ,0 4 1
170—

4 0 8 ,2 1 4

692

1,021

4 3 ,0 4 1
170—

4 3 ,2 1 7

1 ,7 5 0

37—

4 0 6 ,4 6 4

2 6 5 ,8 0 3

* In clu d e d in th is ite m are 2 5 ,3 0 6 b a le s, th e a m o u n t tak e n b y local m ills
an d sh ip p ed to Interior, all o f w h ich Is d e d u cted In ov e rla n d .
NORTH

C A R O L IN A .

-------------1 9 1 5 -1 6 ------------E x p o rte d fro m W ilm in g to n :
T o foreign p o r ts_____________
To coastwise p o r ts * _________
Coastwise from Wash’n, A c . _
Stock at close of year__________

1 7 0 .5 5 7
2 8 ,9 7 7
7 6 ,4 5 4
5 6 ,5 4 9 —

3 3 2 ,5 3 7

3 4 .9 0 3 —

3 4 ,9 0 3

-------------1 9 1 4 -1 5 ------------2 0 3 ,2 9 4
4 9 ,9 1 1
8 7 ,5 2 1
3 4 ,9 0 3 —

3 7 5 ,6 2 9

D educt—
S to c k b eg in n in g o f y e a r . . .
T o ta l m o v e m e n t fo r y e a r --------

9 ,0 1 1 —

2 9 7 ,6 3 4

9 ,0 1 1
3 6 6 ,6 1 8

* O f th ese sh ip m e n ts, 1 1 ,3 2 2 b a les, cov erin g sh ip m e n ts in lan d b y ra il
fr o m W ilm in g to n an d local co n su m p tio n , are d e d u cted In o v e rla n d .
V IR G IN IA .

------------ -1 9 1 4 -1 5 ------------

73,553
3 2 ,969
_______
__
105,803— 1,636,582

----------- 1 9 1 5 -1 6 -

5 0 ,049
_______
3 1 ,535
_______
606

8 0 ,1 6 4
6 1 6 ,6 0 9

4 1 ,9 1 8
3 0 ,2 7 6
292
’- 3 9 ,1 7 2 — 1 ,9 3 7 ,6 1 6
4 0 ,2 0 0
41
2 8 ,6 2 0
28
6 ,8 3 1

i ,005
139,172— • 222,367

59
5 1 ,6 9 4 —

T o t a l m o v e m e n t fo r y e a r ____
1,414,215
* In o v e r la n d w o h a v o d e d u cte d th ese tw o Item s.
G E O R G IA .
-1915-16-----------

E x p o rte d rom S a van n ah :
T o foreign p o rts— U p l a n d .. 4 5 1 ,9 3 8
T o foreign p o r ts— S o alslan d
1 .1 8 2
T o coa stw ise p o rts:
U p l a n d * . ..........................
5 6 4 ,3 2 5
Sea Is la n d * ----------- --------------3 4 ,4 8 4
E x p o r te d from B runsw ick:
T o foreign p o r ts ......................... 1 1 3 ,2 2 9
T o coa stw iso p o r ts.................3 6 ,3~7 0
B u r n t __________________________
1 .5 1 9
S to c k a t close o f year—
. U p la n d ________________________
6 5 ,4 5 5
S ea I s la n d --------------------------2 .4 0 1 — 1 ,2 7 0 ,9 0 3
1 3 ,1 5 8

-1 9 1 4 -1 5 -

1 2 7 ,4 7 3

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

2 ,0 6 4
7 3 ,7 9 5

8 1 3 ,6 4 8

1 4 5 ,4 0 4
8 ,5 0 4
4 7 ,6 9 3 —

J2 8 .2 8 8

1 2 ,8 3 0
8 7 ,5 2 1
J7 ,5 3 0 —

6,668

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

6 8 5 .3 6 0

-------------1 9 1 5 - 1 6 -

1 ,2 6 8 .0 9 9
2 ,3 9 4
4 2 2 ,4 2 2
3 2 ,1 3 8

-1 9 1 4 -1 5 5 ,3 2 2

66
5 ,3 8 8

5 ,3 8 8

T o ta l m o v e m e n t fo r y e a r _____

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

T E N N E S S E E , Ac.

6 2 ,0 1 0
2 ,2 1 2 — 2 ,0 0 9 ,3 2 5

7 ,5 9 0
3 ,6 9 2 —

1 1 7 ,8 8 1
7 0 6 .8 9 7

M IS S IS S IP P I.
E x p o rte d from G u lfp o r t:
T o foreign p o r ts _____________
T o coastw ise p o r ts __________
S to c k a t close o f y e a r ________
Deduct—
S to c k a t b eg in n in g o f y e a r __

- 1 9 1 4 -1 5 -

8 2 4 ,7 7 8

* In c lu d e s 6 9 ,6 8 7 bales sh ip p ed to th e in terior.^w h ich , w ith 6 ,6 6 8 b a le s ,
takon fo r m a n u fa c tu re , are d ed u cted In o ve rla n d .

1 ,8 1 0 ,1 4 3

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

T o foreign p o r ts .
T a k e n fo r m a n u fa c tu r e _______
S toc k en d o f y e a r , N o r fo lk ___
Deduct—
l ie c ’d fr o m W ilm in g to n , A c .
R e c 'd fr o m oth e r N o r th C ar.
T o ta l m o v e m e n t fo r y e a r _____

i
2 6 ,3 9 1

T o ta l m o v o m o n t for y e a r ------1 ,1 9 3 ,5 2 3
1 ,9 8 2 ,9 3 4
* T h o a m o u n ts sh ip p ed inland an d takon for c o n su m p tio n ( 4 2 ,6 7 2 balos)
are d ed u cted in o ve rla n d .




Total movement for year___

1 .5 3 8 .1 8 4
1 8 7 ,7 7 4

168,627

6 2 ,0 1 0
2 ,2 1 2 —

26,841
1,081,484
128,547— 4,702,674

E x p o rte d from N o r fo lk :

E x p o rte d fro m N e w O rleans:
T o foreign p o r ts -------------------- 1 ,2 5 5 ,6 3 0

R c c ’d from C h a r le sto n , A c .
S toc k b eg in n in g o f yoar—
U p la n d ............................................
Sea I s la n d _________ ________

69,826
128,547— 188,373

T o t a l m o v e m e n t for y e a r _____

L e a v in g to ta l not o v o r la n d .a ............................ 1 .7 7 0 .1 4 8 1 .5 1 7 ,2 0 4 1 ,2 3 3 .8 2 8

Deduct—

3,465,802

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

a T h is to ta l includ os sh ip m e n ts to C a n a d a b y ra il, w hich d u rin g 1 9 1 5 -1 6
am ou n ted to 1 9 6 ,0 2 7 balos, an d are d e d u cted i n tlio sta te m e n t o f c o n su m p ­
tio n .
b In clu d os F lorid a. * In clu d os foreign c o tto n c on su m ed a t S o u th .

T o co a s tw is o p o r t s _________
T o S ou th ern p o r ts , A c . , b y
r iv er an d rail * ___________
M a n u fa c tu r e d * _______________
B u r n t __________________________
S to c k a t c lose o f y o a r ________
D ed u ct—
R e c e iv e d fr o m M o b ile _____
R e c e iv e d fro m G u l f p o r t ___
R e c e iv e d fr o m G a lv e s 'n .A c .
R e c e iv e d fr o m N e w Y o r k . .
R e c e iv e d fr o m M e x i c o ____
R e c e iv e d fr o m o th e r foreign
p o r ts ----------------------------------S to c k b e g in n in g o f y e a r ___

Received at Galveston, A c.,
from Texas City, A c____
Stock at beginning of year.

Increase 9 4 . 91

With tlieso explanations, nothing further is needed to
mako plain the following statement of the movement over­
land for tho year onding July 31 1916, as compared with

1914-15----------

D ed u c t—

Rec’ts from New Orl., A c ..
Stock beginning of year------

Increase or Decrease.
Of Crop.

TEXAS.
----------1915-16---------Exported from Galveston, Ac.:
To foreign ports (except
M exico). . . . .........
2,034,935
To M exico from Galveston,
Texas City, Ac_____
7,602
To coastwiso ports *_ 940,180
Stock at close of year_______
72,061—3,054,778

-1 9 1 5 -1 6 ------Shipments—
T o m an u factu rer s direct— net
o v e r l a n d _____________________ 1 ,7 7 0 ,1 4 8
T o N e w Y o r k , B o sto n , A c .,
b y r a i l .............................................
1 7 6 ,6 7 3

-1 9 1 4 -1 5 1 ,5 1 7 ,2 0 4
2 0 2 ,9 0 5

T o ta l m ark eted fro m T e n n e s­
see. A c . ................... ................. ..
1 ,9 4 6 ,8 2 1
1 .7 2 0 ,1 0 9
T o ta l p ro d u c t de ta iled in th e foregoin g b y S ta te s fo r th e yea r
ended J u ly 31 1 9 1 6 -------------------------------------------------- ---------------b a le s . 8 ,9 5 1 ,0 0 4
C o n su m e d in th e S o u th , n o t in clu d ed ........................................................ 4 ,0 0 2 ,4 4 6
T o ta l crop o f th e U . S . fo r yea r ended J u ly 3 1 1 9 1 6 ____ b a l e s .1 2 ,9 5 3 ,4 5 0

Below we give the total crop each year since 1883-84. All
years prior to 1913-14 cover the period Sept. 1 to Aug. 31.
The year 1912-13 consequently includes Aug. 1913, which is
also a part of 1913-14, but in no case does any year include
more than a twelve-month period.
.

Bales.
Y ears.
19010 5 1 3.556.841
190 3-0 4............10,123.686
19020 3 1 0,758,326
190 1-0 2............ 10,701,453
1 9 0 0 -0 1 ............10,425.141
18 9 9 -0 0 ........... 9 .4 3 9 ,5 5 9
18 9 8 -9 9 ............11,235.383
189 7-9 8............ 11,180.960
1 89 6-9 7........... 8,714.011
1 89 5-9 6........... 7 .162,473
189-1-95........... 9 .8 9 2 ,7 6 6
_

Y ears.
Bales.
1 9 1 5 -1 6 ______ 12,953.450
1 9 1 4 -1 5 ............15.067,247
1 9 1 3 -1 4 ______ 14,884,801
1 9 1 2 -1 3 ............14,128,902
1 9 1 1 -1 2 ............16,043.316
1 9 1 0 -1 1 ............12.132.332
19 0 9 -1 0 ............10.650,961
19 0 8 -0 9 ............ 13,828,846
1 90 7-0 8............ 11.581,829
19 0 6 -0 7 ............ 13.550,760
1 9 0 5 -0 6 ............11,319,860

Y ears.
1S9.3-91____
189 2-9 3____
1 8 9 1 -9 3 ____
1S 9 0-9 1____
1 8 8 9 -9 0 ____
188 8-8 9____
188 7-8 8...........
1 88 6-8 7...........
1 88 5-8 6...........
188 4-8 5...........
1 88 3-8 4...........

Bales
7.527.211
6.7 1 7 .1 4 2
9 ,0 3 8 ,7 0 7
8 ,6 5 5 .5 1 8
7 .3 1 3 ,7 2 6
6,9 3 5 .0 8 2
7 ,0 1 7 !“ 07
0 .5 1 3 .6 2 3
6 .5 5 0 ,2 1 5
5,669,021
5 .7 1 4 ,0 5 2

Export Movement of Cotton Goods from United States.
We give below a table compiled from the returns of exports
of cotton goods from the United States as reported by the
Bureau of Statistics. These figures are for the last three fis­
cal years and aro presented in a form which enables the reader
to see at a glance the variations from year to year in the
volume of goods sent to the various quarters of the globe. It
will be observed that the 1916 total, reaching §112,053,127,
is more than that for 1915 by §40,079,630 and is §60,585,894
larger than in 1914.
E X P O R T S OF CO TT ON M A N U F A C T U R E S .
Years end- — --------- 1910--------------- — -----------1915— 1914-------------Total value.
Ing June 30
Total value.
Total value.
To—
Yards.
Yards.
Yards.
S
,532,109 1.477,222 17,739,572 1 .0 1 8 ,8 7 6
A r a b i a ___ 2 0 , 692,413
1,011,040
,634,407 2,247,599 29,979,629 1.973,147
Canada . . 55, 477,534 5,755,20 4
Cent. A m . 43, 058,49 4 2,784,903
,938.700 1,817,999 36,015,841 2,217,031
,101,737 5.382,075 74,779.367 5 ,1 2 1 .7 9 2
W Indies. 123 922,183 8,682,191
So. Am er. 91 ,720,951 6,634,314
,770,895 2,208.299 41,610,023 2,794,448
842,510 17 ,047,095 1.194,930 89,150,450 6 ,0 9 6 ,4 0 3
C h i n a _____1 1, 812,018
A a la & O ’ la . 91 905,188 7,019,4 40 115 .349,562 7,660.742 97,011,286 6 .6 6 6 ,8 3 2
Cast Indies 14 880,874 1,104,975 1 4 999,199 1.025,703 11.890,899 1 ,0 6 3 ,7 9 8
All others. 9(5, 542,633(178,108,424 45.590,431(148.958,928 21.470,946(124,514,901
Total ..550,618,898 112053,127 396,950,195 71,973,497 414,300.013 51,407.233
d Includes values of exports of clothing, yarn, waste. A c.

Weight of Bales.
The average weight of bales and the gross weight of the
crop we have made up as follows for this year, and givo last
year for comparison:
Year ending July 31 1910.
Movement
Through.
T e x a s ..................
Louisiana............
A la b a m a ______
Georgia b ...........
South Carolina.
Virginia _______
North Carolina.
Tennessee, & c ..

Number
of Bales.

Weight in
Pounds.

Year ending July 31 1915.

Aver.
Wght.

Number
o f Bales.

2,800.405 1,531,950,152'534.45
1,414,215 737,159,509 521.25
163,.3f)5|
83,858,522 513.32
1,311,401
659.647.817j503.01
205,803
130,975,670 492.00
085,300, 338,507,840 494.00
297,6341 147,924,0981497.00
5,919,207, 3,010,388,5951500.01

Total crop___ 12,953,450;6.640,472,269l512 .04

Weight In
Pounds.

4,621,783 2,409,649 740
1,810,143, 941,455 374
172,385'
89,771 213
2.097,952 1,070,018 ,459
400,404 201,199 ,080
700,8971 346,379 ,530
300.61S1 182,575 ,764
4,885,005 2,470,542 428

l........................... 38,5 7 3 ,4 4 1

534.35
520.10
520.70
510.03
495.00
490.00
498.00
505.74

........................... 3 5 ,3 7 9 .3 5 8
•........................... 3 3 ,8 6 2 .4 0 6
l........................... 3 3 ,5 1 2 .1 1 2
1........................... 3 3 .0 7 9 ,4 2 5

15.067,247 7,771.502,194 515.79

According to .ho foregoing, the averago gross weight per
bales this season was 512.64 lbs. against 515.79 lbs. in 1914-15
or 3.15 lbs. less than last year. Had, therefore, as many
pounds been put into each bale as during the previous
season, tho crop would have aggregated 12,874,372 bales.
The relation of the gross weights this year to previous years
may be seen from tho following comparison:
C rop.

1 9 1 5 -1 6 ............................. ................
1 9 1 4 -1 5 ..............................................
1 9 1 3 -1 4 ..............................................
1 9 1 2 -1 3 ........................... ................
1 9 1 1 -1 2 ..............................................
1 9 1 0 -1 1 ......................................... ..
1 9 0 9 -t o ..............................................
1 9 0 8 -0 9 ..............................................
1 9 0 7 -0 8 _____ ______ ____________
1 9 0 6 -0 7 ..............................................
1 9 0 5 -0 6 ............. ..............................
1 9 0 4 -0 5 ............................................
1 9 0 3 -0 4 ..............................................
1 9 0 2 -0 3 ...................... .................. ..
1 9 0 1 -0 2 ..............................................
1 9 0 0 -0 1 ..............................................
1 8 9 9 -0 0 .................................... .........
1 8 9 8 -9 9 .......... ..................... .............
1 8 9 7 -9 8 ...................... .......................
1 8 9 6 -9 7 ..............................................
1 8 9 5 -9 6 ...................... .......................
1 8 9 4 -9 5 ..................- .........................
1 8 9 3 -9 4 ..............................................
1 8 9 2 -9 3 ...................... .................. ..
1 8 9 1 -9 2 ..............................................
1 8 9 0 -9 1 ________________ _________
1 8 8 9 -9 0 ............... ..............................
1 8 8 8 -8 9 ..................- ................ .........
1 8 8 7 -8 8 ..............................................
1 8 8 6 -8 7 ..............................................
1 8 8 5 -8 6 ........................... - ................
1 8 8 4 -8 5 ................................- ...........
1 8 8 3 -8 4 ............................................
1 8 8 2 -8 3 ..............................................
18.81-82..............................................
1 8 8 0 -8 1 _________________________
1 8 7 9 -8 0 .............................. ..............
1 8 7 8 -7 9 .......... ...................................
1 8 7 7 -7 8 _________________________

N o . o f Bales.

W eight, P ounds.

12,9 5 3 .4 5 9
15,067,247
1 1,884,801
14.128.902
16,043,316
12.132.332
10,650.961
13,828.846
1 .581,829
1 i .550,760
1 .310.860
1 5.556.841
10.123.686
10.758.326
10.701,453
10.425.141
9 .4 3 9 ,5 5 9
11,235,383
11.180,960
8,71 1,011
7 .1 6 2 ,4 7 3
0 ,8 9 2 .7 6 6
7,527,211
6.7 1 7 ,1 4 2
9.0 3 8 .7 0 7
8 .6 5 5 .5 1 8
7 ,3 1 3 ,7 2 6
6 .9 3 5 .0 8 2
7,0 1 7 .7 0 7
6 .5 1 3 .6 2 3
6 .5 5 0 .2 1 5
5,669.021
5 ,7 1 4 ,0 5 2
6 .992,234
5 .4 3 5 .8 4 5
6 .5 8 9 .3 2 9
5 .757.397
5,073.531
4.8 1 1 .2 6 5

6 ,6 4 0 .4 7 2 .2 6 9
7 ,7 7 1 .5 9 2 ,1 9 4
7 .6 6 0 ,4 4 9 .2 4 5
7,327.100.90.5
8 ,2 6 0 .7 5 2 .9 5 3
6 ,2 1 7 ,3 8 2 .1 4 5
5 .4 0 0 .0 0 8 .8 1 8
7 .1 1 5 .7 4 6 .8 6 0
5 .9 0 7 .0 7 0 ,8 9 5
6 .9 8 4 .8 4 2 .6 7 0
5.788,72.8.073
6 .9 9 6 ,7 3 1 .2 3 3
5 .1 4 1 ,4 1 7 ,9 3 8
5 .4 7 1 ,1 4 3 .9 1 7
5 ,4 0 3 ,2 1 0 ,5 1 4
5 ,3 1 9 ,3 1 4 ,4 3 4
4 ,7 5 4 ,6 2 9 ,0 3 8
5 ,7 6 5 ,3 2 0 .3 3 9
5.6 6 7 ,3 7 2 ,0 5 1
4 .3 8 3 ,8 1 9 ,9 7 1
3 .5 9 5 ,7 7 5 .5 3 4
5 .0 1 9 ,4 3 9 ,6 8 7
3 .7 4 8 .4 2 2 .3 5 2
3.3 5 7 .5 8 8 .6 3 1
4 .5 0 8 .3 2 4 ,4 0 5
4 .3 2 6 ,4 0 0 ,0 4 5
3 ,6 2 8 ,5 2 0 ,8 3 4
3 ,4 3 7 .4 0 8 ,4 9 0
3 ,4 0 6 .0 6 8 ,1 6 7
3 .1 6 5.745.081
3.1 7 9 .4 5 6 ,0 9 1
2 ,7 2 7 ,9 6 7 ,3 1 7
2.759.0 4 7 ,9 4 1
3 ,4 3 0 ,5 4 6 ,7 9 4
2 ,5 8 5 ,6 8 6 ,3 7 8
3 ,2 0 1 ,5 4 6 ,7 3 0
2 .7 7 2 .4 4 8 .4 8 0
2 ,4 0 0 ,2 0 5 ,5 2 5
2.3 0 9 .9 0 8 .0 0 7

Average
W eight,
p er bale
512 .64
515 .79
514 .65
518 .59
514.80
512.46
507 .00
514.66
510 .03
515 .46
511 .37
516 .10
507.86
508 .55
504 .90
510 .25
503.69
513.14
506 .88
503.08
502.03
507.38
497.98
499 .85
498 .78
409.81
496 .13
495.66
485 .35
486 .02
485 .40
481.21
482 .86
490 .60
475 .62
485.88
481.55
473.08
480 .15

N o te .— A ll years p r io r t o 1913-14 aro fo r th e p e r io d S e p t. 1 t o A u g . 31.

The New Crop.
Little can bo said of the crop that is now maturing, and
of which a limited quantity has already been marketed that
has not already been made public. Our “Acreago Itoport”
issued on Juno 24, indicated an increase of 12.58% in tho



A rea,
A cres.
’ ........................... 39.6 1 7 .2 7 1
!..........................3 5 ,1 9 0 .4 9 3

Aver.
Wght.

b Including Florida.

Season o f—

planting this spring, giving to cotton a high record area,
and a further falling off in the use of commercial fertilizers
in sections where their freo use has for some time been con­
sidered to bo an essential factor in producing a good crop.
Tho extent of tho decrease is indicated in a statement pre­
pared by the Department of Agriculture which shows that
sales of fertilizers in the various Southern States this season
down to near the closo of Juno were some 7% less than for
tho same period of tho previous year, notwithstanding tho
addition to area, and fully 40% under two years ago. What
effect this has had or will have on productiveness is a problem
yet to be solved.
Tho condition of tho crop on June 25, as officially an­
nounced, was above tho averago for the date given, but tho
prevalence of unfavorable weather in July over much of tho
territory east of tho Mississippi River resulted in material
deterioration. This is reflected in tho report of the De­
partment of Agriculture for July 25, which showed a drop
of 8.8 points in tho general averago of condition, tho per­
centage of 72.3 being, with the exception of 1909, tho lowest
in closo to half a century. Furthermore at that time tho
official prognostication was for a yield of only 173.4 lbs.
per acre and an aggregate crop of 12,910,000 bales, not
including linters.
Since July 25 conditions havo boon
variable according to the weekly weather reports of tho
Department of Agriculture, and on the wholo it would not
appear that tho situation at present differs much, if at all,
from that at tho time of tho latest official monthly report.
The status of the crop seems to be best West of tho Mis­
sissippi River, but dry weather has had some adverse effect
in portions of Texas and Oklahoma. Tho data given below,
considered in conjunction with tho fow remarks above,
should enable each reader to formulate for himsolf somo
idea as to the crop promiso, making duo allowance as the
season progresses for developments as they may occur. Tho
compilation shows at a glanco tho area for a series of years
and tho aggregate yield and product per acre (commercial
crop), as made up by us, and tho condition percentages
July 25 as reported by the Department of Agriculture.

I........................... 2 8 ,8 0 8 .4 1 5
■........................... 3 2 ,3 6 3 ,6 9 0

Com m ercial
C rop,
Bales.
12 953 450
15,067.247
1 4 .609.968
14,128.902
1 6.013,316
12,132,332
10,650,961
13,828.846
11,581.829
13.5 5 0 ,7 6 0
11.310,860
13,556,841

Product
per A c r e , C on dition
Pounds.
July 25
72.3
*173 .4
180
75.3
18.8
76.4
186
79 .6
186
76.5
209
89.1
168
75 .5
153
71 .9
203
8 3 .0
170
7 5 .0
211
8 2 .9
192
7 4 .9
207
9 1 .6

* A g ricu ltu ra l D e p t . J u ly 25 estim a te n o t in clu d in g lin ters.

It is necessary to state in connection with tho foregoing
data, that the yield per aero for 1914-15 and 1915-16 as
figured upon tho C om m ercial C rop s — tho amounts actually
marketed during tho period Aug. 1 to July 31— does not
correctly represent tho truo rosults for tho reasons that a
considerable amount of cotton was hold back in 1914-15 and
somo of it camo forward in tho lato season. Consequently
208 lbs. per acre would be more nearly accurate, than tho
188 lbs. given above for 1914-15 and 167 lbs. moro truly
represent the yield in 1915-16 than 180 lbs.
Sea Island Crop and Consumption.
Wo have continued throughout tho season of 1915-16 tho
compilation of a weokly record of tho Sea Island crop; but
on account of the pressure of other matters upon our columns
havo been unable to publish tho statement. The results as
now given below agreo in all essential particulars with our
running count. It will bo noticed that tho crop of 1915-16
shows a moderately largo increase over that of 1914-15.
F L O R ID A .
R e ce ip ts at S a v a n n a h .b a le s . ____
R e c e ip ts at J a c k s o n v ille ____ 30,367

-1 9 1 5 -1 6 -

T o t a l Sea Isl. c r o p at Florid a

----------- 1 9 1 4 -1 5 ­
8,428
2 7 ,2 5 8

30,367

35.6S 6

G E O R G IA .
R e ce ip ts at S a v a n n a h .b a le s .3 5 ,8 5 5
R e ce ip ts a t I ir u n s w ic k ______ ____
R e ce ip ts at N o r f o lk __________
60')
Sent in terior m ills * ___________ 11.924— 4 8 ,3 7 9
D educt—
R o ce ip ts fro m F lo r id a _______ ____
R e ce ip ts fro m C h a rle sto n ,& c.
436—
436
T o t a l Sea Isl. c ro p o f G e o rg ia

3 3 ,0 5 2
1 2 ,2 6 4 — 45,3 1 6
8 .4 2 8
2 5 8 — 8,6 8 6
47.943

3 6 ,6 3 0

SO U T H C A R O L IN A .
R e ce ip ts a t C h a r le s to n _______ 6,211
R e ce ip ts at S a v a n n a h ________
____ — • 6,211
D educt—
R e ce ip ts fro m S a v a n n a h ____
____
____
T o t a l Sea Isl. c r o p o f S o . C a r.

5,4 8 8
____ — 5,4 8 8

6,211

5.4 8 8

84,521

7 7 ,812

L O U IS IA N A .
R e c e iv e d a t S a v a n n a h _______
T o t a l Sea Isla n d c r o p o f U. S .

____

8

..

* F rom special in vestiga tion s w o fin d th a t Sou th ern m ills h a vo c o n su m e d
18,767 bales o f Sea Island c o t to n this se a so n , o f w h ich 6,8 4 3 bales net woro
re ce iv e d fro m Sav an n ah .

The distribution of tlxo crop has been as follows:
Supply Year Ending
Aug. 1 1 9 1 6 .
Ports of—

Stock
Aug 1
1015.

S ou th C a r o lin a . G e o rg ia ___________
F lo r id a ----------------L o u is ia n a ------------N ow Y o r k ----------V i r g i n ia --------------B a ltim o re ------------B o rd e r p o r t s ------T o t a l-----------------

170

2.212

How
Distributed.

Of which
Exported to—

Total
For'gn
Ex­
Slock Leav’g
Total Aug. 1 fordis- Great Havre, ports.
Net
Crop. supply 1 9 1 6 . trib’n. llrit’n. &c.

0,211 6 ,3 8 1
4 7 ,9 1 3 5 0 ,1 5 5
3 0 ,3 6 7 3 0 ,3 6 7

107 6 ,2 7 4
2 ,4 0 1 4 7 ,7 5 4
3 0 ,3 6 7

35

"6 0

'7 6 6
600

"2 0

'7 8 6
6 00

1*659

1 ,6 5 9

1 ,7 3 9

4 ,3 6 3

101

101

2 ,3 8 2 :8 4 .5 2 1 8 6 ,9 0 3

2 ,5 0 8 8 4 ,3 9 5

35
1 ,1 8 2

1,122

2 ,6 2 4

From the foregoing wo see that the total growth of Sea
Island this year is 84,521 bales, and with the stock at the
boginning of the year (2,382 bales) wo have the following as
the total supply and distribution:
T h is y e a r 's c r o p __________________________________________________________ b a l e s .8 4 .5 2 1
S tock A u g u st 1 1 9 1 5 _____________________________________________________________ 2,382
T o ta l y e a r ’s s u p p ly ___________________________________________________ b a le s .

Distributed as follows—
E x p o rte d to foreign p o r ts___________________________________ b a le s . 4 ,3 0 3
S toc k en d o f y e a r ____________________________________________________ 2 ,5 0 8

86,903
0 -8 7 1

L e a v in g for con su m p tion in U n ite d S ta te s ----------------------------- _-------------- 8 0 ,0 3 2

Wo thus reach the conclusion that our spinners have
taken of Sea Island cotton this year 80,032 bales, or 6,/lJ
bales more than in the previous year.
The following useful tablo shows the crops and movement
Foreign Exports.

Crop.
Flor­
ida.

South
Caro­
lina.

Georgia

ContiGreat
Britain. nent.

Texas

<l-e.

Total
Exports.

4,303
5,846
17,040
13,195
27,483
22,925
29,428
25,808
32,383
20,489
50,108
110,902
39,202
38,402
99,063
70,709
31,320
102,034
54,082
78,621
31,873
86,115
3 1,98S
• The column of "American Consum ption" Includes burnt In the United
-Y
ea
rs
prior
to
1913-14
end
Aug.
31.
N ote.-

1915-16
1914-15
1913-14
1912-13
1911-12
1910-li
1909-10
190S-09
1907-03
19001905-00
19011903-01
1902- 03
1901-02
1900-01

30,307
35,630
34.000
20,730
00,902
35,190
39,201
42,120
11.803
23.411
07
30,378
37,873
05
28,005
27,080
21,323
24,793

47,943
30,630
39,334
39,008
50,824
41,073
42,781
45,1711
30,590

0,211

84,521
77,812
83,857
08.103
122,860
89,001
90,539
102,409
85,191

5,488
10,473
8,375
5,140
13,338
14.497
15,172
12,738
24,053: 8,014
72,8721 13,712
49,090 12,091
39,345
9,359
62,451 12.497
8,700
48,588
8,3691
52,953

2,021
1,711
12,359
8,528
19,007
10,505
21,741
18,241
22,748
15,200
30,034
30,832
24,188
44,354
25,423
20,453

1,739
4,135
5,287
4,007
7,810
0,420
4,084
7,507
9,635
5,289
9,228
7,570
7,132
9,728
6,450
5,535

A rnerlcan
Con­
sump­
tio n *
8 0,032
73,313
77,374
44,862
95,588
02,825
07,562
77,544
50,300
30,101
78,923
02,550
43.578
50,524
43,650
55,422
States.

Prices of Cotton and Cotton Goods.
To completo the record wo subjoin compilations covering
the prices of printing cloths and raw cotton for a series of
years. Wo begin by showing tho highest and lowest quota­
tions for 64 squares 28-inch printing cloths at Fall River in
each of tho last twenty-six seasons— 1890-91 to 1915-16
inclusive. Data for earlier years will bo found in provious
issues of this report.
Jligh.
Cls.

1913-14........ .............
|0 1 1 3 ____________
1 9 1 1 - 1 2 ......................
1 <)10—11 ___________
jono io
_ ________
i6()8—09____________
1():)7 -0 S ...................
1906-07......................

.4.00
.4.06
.4.00
.3.88
.4.25
.3.62
.5.25
.3.81

Low.

Cls

3.25
2.88
3.62
3.75
3.12
3.62
3.62
3.00
3.00
3.38
3.37
2.62
3.00

High. '
Cls.

1902-03___
1901-02______
1900-01...............
1899-00_______ _____
1893-99...............
1897-98............... .........
1896-97_________
*■'
1895-96. .............
1891-95_________
1893-94................... '*
1892-93.....................1 "
1891-92.....................
1 8 9 0 -9 1 ..-.................

Low.
CIS.
3 .0 0
2 .3 7
2 .3 7
2 .7 5
1 .9 4
1 .9 4
2 .4 4
2 .4 4
2 .5 0
2 .6 1

2.87
2.75

2.88
It will bo noted that printing cloths havo averaged higher
than in 1914-15, but tho same is truo of the raw material.
Tho raw material oponed tho season at a lower level than at
tho beginning of any previous cotton year sinco 1902—
only oxcopting 1914 when as a result of tho breaking out
of hostilities in Europe a chaotic situation resulted hero
with prices for cotton varying widely in different localities
and oxtromcly low withal. But tho opening was almost
tho low of the season; later developments caused a material
advance so that on the whole the general basis of values was
very much higher than in 1914-15 and better than the aver­
age for earlier years, although below 1913-14 and 1912-13.
Tho leading factor in the situation was the conviction fostered
by tho decreased planting and tlm restricted uso of fertilizers,
supplemented by tho estimate of tho Department of Agri­
culture, that tho ultimate yield would bo very much loss
than in tho previous season and actually tho smallest sinco
1909-10. It is to be noted,^ too, that tho Department’s
approximation found substantial confirmation in tho Census
Bureau’s final ginning report issued in March, which differed
therefrom in only a negligible amount.
At Now York the opening for middling uplands August 1
was 9.30c. and although the Department of Agriculture’s
report on condition showed more than an average deterior­
ation during July, and a general status of tho crop lower than
for several years previously at even date, tho market did not
respond to that influence to more than a Arery slight extent.
In fact after advancing to 9.45c. on tho 6th tho movement
of prices was alternately up and down to tho 26th when a
modorato advance set in, carrying tho quotation to 9.85c.
on tho 28th; tho close was at 9.75c. The British embargo
upon shipments of cotton to Germany and Austria through
1903-04......................




.4.12

neutral countries was a potent factor then, and to some ex­
tent later on, in holding in check any rising tendency. Sep­
tember, however, witnessed a sharp upward turn, the result
of a further drop in the condition of the crop as officially
reported, a better demand for cotton from Europe and a
comparatively free outflow of tho staple, with the success of
the Anglo-French loan a not unimportant element of strength
in the situation. Opening at 9.75c. middling uplands rose
to 9.85c. on the 3d, fell back to 9.80c. on the 7th and then
moved upward without any material setback until 12.40c.
was reached on the 28th, but eased off to 11.90c. on the 29th
and closed at 12.00c. Prices continue I at a comparatively
high level during October, under the influence of tho Ag­
ricultural report, which indicated a further serious drop
in condition during September and pointed to a yield
(excluding linters), of only about 11 million bales. At first
the tendency was decidedly upward, as from the initial quota­
tion of 11.90c. there was a rise to 12.75c. by the 5th, but
part of the advance was lost immediately, the quotation
dropping to 12.45c. on tho 6th. Between the 7th and the
25th the price fluctuated between 12.30 and 12.65c. but by
the 28th it was down to 11.85c. and improved to 12.25c.
at tho close. During November the market for the raw
material ruled quite steady notwithstanding developments
of a disquieting nature in the international situation as
regards submarine warfare &c., all of which tended toward
a weakening of values, but were virtually ineffective. After
opening at 11.95c. middling uplands declined to 11.60c
by tho 10th but subsequently there was a comparatively
well sustained advance which carried the price to 12.50c.
on the 29th, from which level there was a drop of 10 points
on the 30tn. Decembor witnessed no important price
movement, the Department of Agriculture estimate ap­
parently indicating a yield the smallest since 1909-10
having been pretty well discounted. Middling uplands
opened the month at 12.55c. and was down to 12.35c. on
tho 11th, the day subsequent to tho issuance of the report,
after having been up to 12.75c. on the 7th. The 17th found
tho quotation down to 11.95c. but the close was at 12.40c.
or identical with the final price for November.
The calendar year 1916 opened with middling uplands at
12.40c. from which level there was an advance to 12.60c.
by the 8th. Thereafter, however, tho tendency was quite
steadily downward, the quotation easing off to 11.80c. by
the close. The tendency of prices was towards a_ further
lower level in February. After starting off at 11.95c. there
was a rise to 12.15c. by the 10th but subsequently the market
eased off, dropping to 11.20c. on tho 26th but recovering to
11.35c. at the close. During March there was an upward
turn to values that carried middling uplands above the 12c.
mark again. In fact after opening at 11.45c. the advance
was qwite steady, the quotation rising to 12.15c. by the 29th
but reacting to~ 12.10c. on the 30th and closing the month
at that figure. April was a month of narrow and few fluc­
tuations with the first quotation 12.00c. declining to 11.95c.
(on the 4th) and closing at 12.20c.— the highest. The con­
troversy with Germany over tho method of conducting
submarine warfare was a feature tending toward weakness
but was offset by reports of droughty conditions in Texas
and the favorable situation in the goods market. The
general tendency of tho market for the raw material was
towards a higher level in May, developments in connection
with the conflict abroad and crop advices assisting. Vari­
ous rumors of the comparative imminence of peace first
gave strength to the market and then came Germany’s
reply in the submarine controversy which was viewed as
satisfactory on the whole. In tho meantime there were com­
plaints of cold and wet weather at the South, checking de­
velopment of the plant . Under the influence of these various
factors, middling uplands, which opened tho month at
12.30c. advanced quite steadily until 13.35c. was reached
on tho 18th. The subsequent course of values was downward,
reports of improved weather conditions being mainly respon­
sible, and the close was at 12.80c. Opening June at 12.70c.
there was a further decline of 5 points for middling uplands
on tho 2d which proved to bo the low price of the month.
Crop advices were an influential factor, cold and wet weather
reports stimulating an advance which was assisted by the
Russian successes in the Eastern war zone. 4’he advance
wiis slow at first, but a rise of 25 points on the 20th was fol­
lowed by a further upward move that carried the quotation
to 13.40c. by the 24th. A drop of 30 points occurred on
tho 27th but there was a recovery to 13.15c. on the 29th,
and the month so closed. Tho report of the Department of
Agriculture on acreage and condition, issued July 1, was but
a negligible factor in the spot market. Following its an­
nouncement there was a drop of 25 points which, however,
was fully recovered by tho 8th, the quotation then standing
at 13.15c. By the 10th middling uplands was again down to
12.90c. and fluctuated between that figure and 13.10c.until
the 24th, when an advanco to 13.15c. occurred, followed by
a further rise of 5 points on the 26th. Thereafter there were
no changes of importance to tho close, which was at 13.20c.
The opening price of middling uplands at New York for the
season was 9.30c., the lowest quotation was 9.20c. (Aug. 21,)
tho highest 13.45c. (June 22) and closing 13.20c., with the
average for the twelve months 11.98c. To indicate how the
prices for 1915-16 compare with those for earlier years, wo
havo compiled from our records the following, which shows
tho highest, lowest and average prices of middling uplands in
the Now York market for each soason.

High.
c.
1 9 1 5 -1 6 ... ...1 3 .4 5
1 9 1 4 -1 5 ... ...1 0 .6 0
1 9 1 3 -1 4 ... ...1 4 .5 0
1912- 13___ ...1 3 .4 0
1 9 1 1 -1 2 ...
1 9 1 0 -1 1 ... ...1 9 .7 5
1 9 0 9 -1 0 ... ...1 6 .4 5
1908- 0 9 . . . . ..1 3 .1 5
1 9 0 7 -0 8 ... . ..1 3 .5 5
1 9 0 6 -0 7 ... ...1 3 .5 0
1 9 0 5 -0 6 ... ...1 2 .6 0
1 9 0 4 -0 5 ... . ..1 1 .6 5
1903 0 4 . . . ...1 7 .2 5
1902 0 3 . . . ...1 3 .5 0
1 9 0 1 -0 2 ... . . . 9?8
1 9 0 0 -0 1 ... - .- 1 2

Low.
e.
9.20
7.25
11.90
10.75
9.20
12.30
12.40
9.00
9.90
9.00
9.85
6.85
9.50
8.30
7%
8%.

Average.
c.
11.98
8.97
13.30
12.30
10.83
15.50
15.37
10.42
11.30
11.48
11.20
9.13
12.58
10.26
9% ,
91.1

High.
c.
1899 -00. ......... io n
1898-99 ......... 65s
1897-98 --------81,
1896-97. ......... 8?s
1895-96.
1894-95. _____ 7%
1893-94.
1892-93. ......... 10
1891-92. ......... 8 %
1890-91. ......... 121,
1889-90. _____ 123,
1888-89. --------11%,
1887-88. --------11
1886-87. --------11%,
1885-86. ......... 10>2
1884-85. _____ n n

Low.
c.
on
5%,
5%
7% ,
7% ,
5% ,
0%
7% ,
6%
8
io n
9=8
9>8
8%
93.,

A verage
c.
95,
6% ,
9% ,
7%
8's
6%.
8% ,
73,
9?8
11%,
10%,
10%,
10
93j
10'%.

Movement of Cotton at Interior Ports.
Below we give the total receipts and shipments of cotton
at tho interior ports and the stock on July 31 of each y^ar.
Year ending July 31 1916.
Towns.
Receipts.
Eufaula, Alabam a______
M ontgom ery, A laba m a ..
Selma, Alabam a________
Helena, Arkansas_______
Little R ock , Arkansas___
Albany, G eorgia________
Athens, Georgia................
Atlanta, G eorgia................
Augusta, G eorgia........... ..
Columbus, G eorgia...........
M acon, Georgia ...............
R om o, G eorgia_________
Shreveport, Louisiana__
Columbus, Mississippi___
Greenville, Mississippi__
Greenwood, M ississippi..
Meridian, Mississippi____
N atchez, Mississippi____
Vicksburg, Mississippi__
Y azoo City, M ississippi..
St. Louis, M issouri______
Raleigh, North Carolina.
Cincinnati, O hio________

Shipm’ts.

Stock.

Year ending July 31 1915.
Receipts.

Shlpm'ts. Stock.

17,854
16,660
9,593
25,280
17,582
8,399
127,735
141,067 39,280 207,652
157,955 52,612
56,537
64,393 12,287
137,996
118,486 20,143
53,849
1,102
53,735
62,383
62,596
988
172,634
7,444 206,121
170,863
204,718
9,215
22,151
30,439
450
32,290
24,457
8,738
123,598
124,110
8,250 125,039
119,674
8,762
183,817
153,543 36,522
191,243
186,395
6,248
391,237 410,146 48,557 457,161
399,74S 87,466
77,414
88,093
9,809
98,817
80,364 20,488
44,824
48,067
1,600
33,096
37,883
4,843
64,733
65,488
3,400
67,520
66,575
4,155
120,380
147,311
5,206
164,297
135,656 32,137
20,619
22,938
605
33,657
30,809
2,924
65,204
62,855
2,000
75,050
71,408
4,349
108,427
108,217
3,210
135,074
136,074
3,000
54,557
60,915
4,996
54,315
45,061 11,354
26,841
25,103
22,098
1,387
22,073
3,125
26,953
30,935
403
38,579
34,904
4,385
30,155
31,146
2,900
39,397
36,710
3,891
813,760 821,958
8,939
749,982 747,970 17,137
13,707
13,814
81
14,878
14,710
188
277,540 278,863 14,761
334,062 331,338 16,084
12,615
12,615
10,354
10,354
19,131
20,349
3,774
26,546
22,121
4,992
971,218 988,988 *60,640 1,070,607 1,008,905 78,410
6,684
6,396
673
8,250
7,995
385
20,638
21,309
625
20,143
19,284
1,296
28,501
28,385
282
46,476
46,310
166
98,713
92,110
7,323
126,329
126,148
720
29.0S9
29,112
9
24,470
24,438
32
2,104,163 2,130,452 23,239 3,488,160 3,412,639 49,528
96,958
89
97,258
119,496
119,107
389

Greenwood, South C a ro ..
M em phis, Tennessee____
Nashville, Tennessee____
Brenham, Texas________
Clarksville, Texas.............
Dallas, T e x a s ....................
H oney G rove, Texas____
H ouston, Texas..................
Paris, T exas........................

T H E E N G L IS H GOLD A N D S IL V E R M A R K E T S .

Wo reprint tho following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Aug. 3 1916:
GOLD.

•

In order to a v o id disclosing transfers o f gold b y sea fr o m or to B ritish
possessions in tim o o f w a r, th e B a n k o f E n glan d has ceased to an n ou n ce
d a ily receip ts an d w ith d ra w a ls.
T h e B a n k return t o -d a y sh ow s a d ecrease
in th o g e ld h old in gs a g a in st its n o te issues o f £ 1 ,4 4 2 ,5 6 5 as c o m p a red w ith
th a t of last w eek .
T h e follo w in g O rd o r-in -C o u n cil w as p ro m u lg a te d in th e
L o n d o n “ G a z e tte ” on th o 2 8 th u l t .:
“ A person shall n o t m elt dow n
broak up or use oth erw ise th an as cu rrency an y cu rrent go ld c o in , andi
a n y person a c ts in c o n tra v e n tio n o f th is regu lation lie shall bo g u ilty o f
su m m a r y offen c e aga in st these r e g u la tio n s.”
S IL V E R .
T h e to n e o f th e m a rk e t h a s been ste a d y .
D u rin g tho la st w eek o fferin gs
ro m A m e ric a h a ve sh ru nk a p p r e c ia b ly , a n d as C h in a h a s n o t beon soilin g,
an d su p p lies h a v e n o t beon fo rth co m in g from olsew horo, bu sin ess has n o t
beon a c tiv e .
I t is p o ssib le th a t th e red u ction in A m e r ic a n sales arises fro m
pu rch ases m ad o in N e w Y o r k on a cc o u n t o f tho U r u g u a y a n G o v e r n m e n t.
I t is bcliovod th a t oth e r S o u th A m e r ic a n cou ntries aro n o t in d isp osed to
increase their silv er coin a ge.
B u y e r s, in view o f tho sluggish con d itio n o f
th o m a r k e t, did n o t press un w illin g sellers, a n d tho prico sagg ed a w a y 1-16(1.
d a ily to 3 0 % d . on tho 2 9 th u lt .
O n th o 3 1 s t silver c a m o on offer m ore
freely a t so m e w h a t higher lim its.
O f this fa c t b u yers to o k a d v a n ta g e and
cleared th o m a rk et a t 5 -1 6 d . rise in tho p rice .
N e x t d a y th o q u o ta tio n
oased to 3 0 % d . an d rem ain ed a t th a t figu re y este r d a y .
T o -d a y thoro w as
som o c o m p e titio n for th e m od e rate a m o u n t o ffe rin g , an d th o prico rose
to 3 0 % d .
T h e sto c k in B o m b a y con sists o f 3 ,8 0 0 bars as com p ared w ith
4 ,0 0 0
bars last w eek .
T h o sto c k in S h an gh ai on J u ly 2 9 w as cab le d as
con sistin g o f a b o u t 3 2 ,0 0 0 ,0 0 0 ou nces in syceo and 8 1 (5 ,0 9 0 ,0 0 0 , as com p ared
w ith a b o u t 3 0 ,5 0 0 ,0 0 0 ou nces in syceo a n d 8 1 7 ,0 0 0 ,0 0 0 on J u ly 1 5 .
No
sh ip m e n t w as m a d e fr o m San F rancisco to H o n g K o n g d u ring last w eek .
S tatistic s for tho m o n th o f J u ly aro a p p en d ed :
,
H ig h e st price for c a s h _______________________________________3 1 d .
L o w e st prico for c a s h ________________________________________ 2 8 % d .
A v e r a g e prico for c a s h _______________________________________3 0 d .
Q u o ta tio n s for b a r silver per ou n ce sta n d a rd :
No
Ju y 2 8 . . - . 3 0 5 -1 6 cash !
J u ly 2 9 ____ 3 0 %
“
I q u o ta tio n
fixed
J u ly 3 1 ____ 3 0 9 -1 6
“
}
for
A u g . i ____ 3 0 %
“ I
A u g . 2 ____ 3 0 %
“ \ forw ard
A u g . 3 ____ 3 0 %
"
! d e liv e ry .
A v g o . fo r w e e k .3 0 .5 cash

B a n k rato____________________________6 %
B ar gold per ou n ce s t a n d a r d .7 7 '. 9d .
French gold coin per o u n c e . N o m in a l
U . S . A . gold coin per o u n c e .N o m in a l

T h o q u o ta tio n t o -d a y for cash is % d . a b o v e th a t fixed a w eek a g o .

Total, 33 towns_______ 6,276,378 6,403,491 319,436 8,201,605 7,875,660 446,549
* Including 21,833 bales lintcrs.

In the following we present a statement of the year’s ex­
ports from each port, showing direction shipments have taken.

Wo have also received this week tho circular written under
date of Au". 10 1910:
GOLD.

a
Gal­
veston.
L iverpool__
M anchester.
Belfast_____
G lasgow____
Bordeaux__
La P a lllce..
St. Nazalre.
Rotterdam .
Copenhagen
Christiania .
Gothenburg
Trondhjern .
N arvik .........
Archangel . .
L is b o n _____
Barcelona . .
B a lboa.........
C o r u n n a ___
Santander . .
Ferrol______
C a d iz ...........

New
Orleans.

d
X
Savan­ W il­
Nor­
nah. mington folk.

New
York.

k
Other
Ports.

Total.

983,871
280,296
______

566,007 313,421
24,157 124,224 399,721 2,411,401
10,223 15,128
49,991 21,026
52,696 429,360
24,545
24,545
_
20C
5
2 0C
405
256,619 261,773 79,362 74,902
110,572 3 3 ,10C 816,337
672
6,143 25,612
5,000
37,427
_____
14,362 17,622
32,984
1,00C
4,802 14,374
19,176
21,691
21,691
500
500
5,050
41,929 27,315
850 19,794
4,691
99,629
_.
20 C
9,058
9,258
2,40C
7,060
92
9,552
_____
32,565
23.96C
9,836
66,361
1,721
100
1,821
6,815
0,815
_____
......
2,666
......
2,000
...........
_____ 11,860
1 81
11,941
... ■
.
.
1,050
1,050
52,570
2,355
25,305 24,910
16,034 330,923
196,601
7,663
6L550 49,075
___
......
93
93
_
___
950
950
___
_____
300
300
700 _____
700
191
191
100

247,600
6,285
10,600
P ir a e u s ____

100

166,397 42,475 95,655
1,400
500

199,381
15,987
4,900

.

1,270

12,848

484,700
500
10,184
128,691 158,990

China...........
Vladivostok.
7,602

Argentina . .
Venezuela . .
U ru g u a y ___
P eru _______

______
______
______

A frica......... ..
W est Indies.
Canada ____

______
...........

11,209

40
11,390
1,054
906
10,250

1,050

...........
_____
1

_____
_____

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

.........

_____

.....

40
23,043
431
3,831
54
200

__
.........

1,975
2

.........

.........

762,717
23,672
5,400
10,600
1,270
497,548
10,684
287,681
40
20,042
1,054
946
33,293
431
3,831
54
200

1
1,979
2

209,250

209,250

T o t a l ____ 2,042,537 1,255,030566,349 170,557 82,228 751,604 1390.4706,259,375
a Includes from Port Arthur to Liverpool, 48,337 bales. From Aransas Pass to
H avre, 13,873 bales; to Genoa, 9,722. From Texas City to Liverpool, 179,523
bales; to Havre, 79,510; to Savona, 10,600; to M exico, 7,502. From Corpus
Christl to M exico, 100 bales, d Includes from Brunswick to Liverpool, 101,630
bales; to Manchester, 793: to Havre, 10,806. x Includes from Newport News to
Liverpool, 1,214 bales; to Rotterdam , 850. k “ Other ports” Include from Pensacola
to Liverpool, 56,769 bales; to H avre, 7,000; to Genoa, 1,338. From M obile to
Liverpool, 81,446 bales; to Glasgow, 200. From Charleston to Liverpool, 60,792
bales; to Barcelona, 16,034; to Genoa, 8,300. From Boston to Liverpool, 70,454
bales; to Manchester, 21,812; to Genoa, 1,571; to St. John, & c., 9,058. From
Baltimore to Liverpool, 111,653 bales; to Manchester, 22,617; to H avre, 26,109;
to La Palllcc, 1,000; to Bordeaux, 5,000; to Rotterdam , 2,800. From Philadelphia
to Liverpool, 13,706 bales; to Manchester, 8,267 to Rotterdam , 1,891; to Portugal,
2,355. From Portland to Liverpool, 3.296 bales. From San Francisco to Japan,
179,419 bales; to China, 3,774; to Peru, 200; to Canada, 15; to M exico, 600; to Vladi­
vostok, 9,004.
From Los Angeles to Liverpool. 1,605 bales; to M exico, 450 bales.
From Port Townsend to Japan, 303,520 bales; to China, 6,410; to Canada, 4,150:
to Vladivostok, 146,069, and Petrograd, 81. From Pembina to Vladivostok, 3,998
bales; to Japan, 1,761 bales. From Port H uron, D etroit, & c., to Canada, 196,027
bales. 1 Petrograd.
C r o p a p p o rtio n e d t o S tates an d w ill be fo u n d o n page 769.




T h o go ld h o ld in g a ga in st tho n o te issue o f tho B a n k o f E n g la n d w as
increased b y £ 1 ,6 6 5 ,6 7 5 .
T h o n e t im p ort o f go ld in to In d ia for th e m o n th o f J u ly 1 9 1 6 w as a p ­
p r o x im a te ly £ 1 ,1 2 3 ,7 3 3 .
S IL V E R .
T h o to n e o f th o m ark et h as beon q u ite g o o d .
P rices rose con tin u ou sly
u n til y o sto r d a y , w hen 3 1 1 5 -1 6 , th o high ost figuro for ove r tw o m o n th s,
w as reco rd ed .
A h e a lth y reaction onsued to -d a y to 3 1 % .
In th o earlier
p a rt o f tho period u n d er roviow A m e r ic a w as bu t a poor seller, b u t a t tho
a d van cin g ratos it fed th o m a rk et m oro frooly.
T h o In d ian bazaars w ere d isposed to c o m p ete w ith tho coin age orders
for th e som ow h a t narrow su p p lies, th o u g h all In d ian orders woro n o t for
th o r ise , as som o “ boar” sales e m a n a ted fr o m th a t q u a rte r.
C h in a has
ap p a re n tly p arted w ith as m u ch silv er la to ly as can c o n v e n ie n tly bo sp a re d ,
an d this fa c t w as th o real cau se o f th o a d v a n c e in prico o f ovor a p e n n y .
M i n t pu rchases h a v e been u n d o u b te d ly largo du ring tho w oek , an d som o
relaxation o f pressure on th a t a cc o u n t m a y bo a n ticip a te d u n til su b sta n tial
fresh sup plies aro a v a ila b le for salo.
In sp ite o f tho h e a v y pu rchases ta k in g placo for In d ia n c oin a ge, a docroaso
o f 5 5 lacs in th o In d ian T r e a su r y h o ld in g o f silver rup ees is sh ow n in th e
figures w hich fo llo w .
T h o ju to crop is in course o f boing fin a n c e d .
T h o last three In d ian cu rrency returns received b y cab lo givo d e ta ils
in lacs o f ru p ees, as follo w s:
July 22. July 3 1 . Aug. 7 .
N o t e s in circu la tio n ___________________________________ 7 3 ,9 5
7 5 ,4 7
7 4 ,8 1
R eserve in silver coin an d b u llio n __________________ 2 6 ,5 1
2 8 ,2 0
2 7 ,6 5
G o ld coin an d b u llio n _________________________________1 2 ,4 6
1 2 .2 9
1 2 ,1 8
G o ld in E n g la n d .......................................................................... 1 1 ,9 2
1 1 ,9 2
1 1 ,9 2
T h o sto ck in B o m b a y con sists o f 3 ,6 0 0 bars as com p ared w itii 3 ,8 0 0
bars last w oek .
T h e sto ck in Sh angh ai on A u g . 5 con sisted o f a b o u t 3 2 ,­
5 0 0 ,0 0 0
ouncos in syceo a n d 3 1 6 ,0 0 0 ,0 0 0 , as com p ared w ith a b o u t 3 2 , 0 0 0 , ­
0 0 0 ou nces in syceo an d 8 1 6 ,0 0 0 ,0 0 0 on J u ly 2 9 .
T h o sto c k o f bars in
S h angh ai on J u ly 7 con sisted o f 16, as c om p ared w ith 3 2 4 bars on Juno 2 3 .
N o sh ip m e n t w as m a d e fr o m San F rancisco to H o n g K o n g d u rin g th o
w eek .
Q u o ta tio n s for b a r silv er, per o z . sta n d a r d :
A u g . 4 ______3 0 1 5 -1 6 cash)
No
5 ...........3 1 %
“
quotation
7 .......31 7 -1 6
“
f fixed
8 ___ 3 1 %
“
I
for
9 ___ 31 1 5 -1 6
“
I forw ard
1 0 ______ 31 %
“ j d e liv ery .
A v . for w eek 3 1 .5 1 0

B ank
r a te ______________________
6%
B ar g o ld , per o z . s t a n d a r d ..7 7 s . 9 d .
French gold c o in , per o z ___ N o m in a l
U . S . A . gold c o in , per o z — N o m in a l

T h e q u o ta tio n to -d a y for cash is J£d . a b o v e th a t fixed a w eek a g o .

E N G L IS H

F IN A N C IA L

M A R K E T S — PER C A B LE .

Tho daily closing quotations for securities, &c., at London,
as reported by cable, have beon as follows tho past week:
Aug. 19. Aug. 21.
Sal.
M on.
.d . 31 5-18 31 7-16
____
59%
Consols. 2% per cents----....
96%
British 4(4 per cents------63.70
French Rentes (in Paris), fr. 63.70
French W ar Loan, 5% (in
Paris)..............................- fr. ........................
Lontlon.
Week ending Aug. 25—

Aug. 22.
Tues.
31 9-16
59%
96%
63.65

Aug. 23.
Wed.
31%
59%
96%
63.55

Aug. 24.
Thurs.
31%
59
96 H
63.55

Aug. 25.
Frl.
31 9-16
59%
96%
63.55

89.95

89.95

89.95

89.95

The price of silver in New York on tho samo days has boon:
Silver in N . Y ., per oz. .c t s . 65%

66

66%

66%

66%

06%

$

0

Tho quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:

m m e r c t a l a titliH is c e n a tx e c w s

Breadstuffs Figures brought from page 771.— The
statements below are prepared by us from figures collected by
tbo New York Produce Exchange. The receipts at Western
lako and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
R e c e ip t s a t—

F lo u r .

W h e a t.

C o rn .

O a ts .

Rye.

B a r le y .

60 lb s . b u s h . 56 lb s . b u s h . .32 lb s . b u s h A S l b s . b u s h .S G lb s .
74.000
1,010.000 8.438.000
2,660,000
440.000
33.000
1.027.000
334.000
1,816,000
29,000
17.000
853.000
68,000
194.000
41.000
130.000
643.000
172.000
143.000
30.000
502.000
493.000
48.000
111.000
148.000
3 ,6 6 6
273.000
37.000
32,000
21,009
209.000
1,210,000
566.000
3.000
7,000
392.000
469.000
9.000
124,000
3.204.000
162.000
201.000
250,000
344,000
1.272.000

bbls.W H S lb s. b u s h .

158,000
Minneapolis .
M ilwaukee . .

44,000

Cleveland —
St. Louis____

6,000
6,000
75.000
42.000

Kansas C ity.

331.000 11,978,000
279.000 8.927.000
437.000 9.799.000

Total wk. ‘ If
Same wk. ‘ 15
Same wk. ‘ 14

2.396.000
2.681.000
5,789,000

196.000
283.000
372.000

12,640,000 1.152.000
8,060,000
584,000
8,304,000 1.123.000

Since Aug. 1—
977.000 38.021.000 9.224.000 30.191.000 3.526.000
1916____
1915
826.000 20,748,900 9.587.000 13.9.37.000 1.458.000
1914______ 1,194,000 34.571.000 11,466,000 29.772.000 2.233.000

549.000
441,009
826.000

Total receipts of flour and grain at the seaboard ports for
the weok ended Aug. 19 1910 follow:
R e c e ip t s a t—

New Y o r k .
Portland, Me.
Philadelphia .
B a ltim ore__
N ’port News.
Now Orleans*
G a lv eston __
M ontreal____
B oston...........

Rye.

F lo u r .

W h e a l.

C o rn .

O a ts .

B a r le y .

B a r r e ls .

B u s h e ls .

B u s h e ls .

B u s h e ls .

B u s h e ls .

150,000

3,420,000

298.000

" " 03.666
21,000

" 554,666
040,000
11,000

" 288",666
323.000

5,000
10,000
44.000

819.000
847.000
2,210,000
515.000

* io a ’.ooo
42.000

372,000
48.000

542.000
801.000
188,000
1,126,000
321,000

28,000
62,000

128,000

173,000
20,000

995.000
267.000

B u s h e ls .

4,000
136,000

61.000

1,000
64,000

141,000
548,000
1,192,000 4,368,000
531,000 9,016,000
T o t. week ‘ 16
Since Jan. 1‘ 1C 17,112,000 254,779,000 43,195,000 125,425,000 20,579,000 8,202,000
29,000
717,000
171,000
590,000
442,000 4,056,000
Week 191 5-..
Since Jan. 1‘ 15 16,602,000 158,259,0001 42,662,000 95,451,000 0,904,000 6.543.000

C o rn .

W h e a t.

Aug.
Aug.
Aug.
Aug.

19
12
21
22

U n it e d
K in g d o m .

C o n t in e n t .

T o ta l.

U n ite d
K in g d o m .

B u s h e ls .

B u s h e ls .

B u s h e ls .

B u s h e ls .

C o n t i n e n t .'

1 B u s h e ls .

________
________
................
________

21,361,000
19,440,000
22,041,0o0
13,832,000

47.672.000
48.60.8.000
19.128.000
28.056.000

191 6..
1916..
1915_
191 4..

T o ta l.

B u s h e ls .

GOVERNMENT REVENUE AND EXPENDITURES.
— Through the courtesy of the Secretary of the Treasury, we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for July 1916 and
1915.
July 1916.
R e c e ip ts —
Ordinary—
S
C u s to m s__________________________________ ________ 15,527,680 77
Ordinary Internal revenue.............................................. 32,154,331 06
7,799,750 25
Incom e tax_____ ____________ _____ ________________
6,058,783 76
M iscellaneous__________________________ ___________

July 1915.
S
14,985,642 69
29,254,277 09
8,385,164 99
4,077,905 76

T o t a l ....... ........................................ ........................... 61,540,545 84

56,702,990 53

Panama Canal—
Tolls, A c _____________________ ___ _________________

329,053 84

586,725 16

Public Debt—
Sale o f Postal Savings bonds_______ ___________
Deposits for retirement o f national bank notes
(Act of July 14 1890)_________________________ ,
T o t a l ................................................................... ............

906,700 00

865,500 00

1,012,997 50

1,040,997 50

1,919,697 50

1,906,497 50

Grand total receipts...................................................... 63,789,297 18

59,196,213 19

D isbu rsem en ts—
Ordinary—
Checks and warrants paid (less balances repaid, A c) 65,186,279 70
3,381,871 46
Interest on public debt paid....... ............................. ..

59,583,241 23
3,349,898 14

T o t a l .................. ............................................................. 68,568,151 16

62,9.33,139 37

Panama Canal—
Checks paid (less balances repaid, A c .) ______ _______

1,798,864 03

1,100,274 20

Public Debt—
Bonds, In terest bearing notes and certificates retired.
National bank notes letlred (Act o f July 14 1 8 9 0 )..

970 00
3.846,951 50

1,000 00
582,015 50

3,847,921 50

583,015 50

74,214,936 69

64,616,429 07

Excess of total disbursements over total receipts____ 10,425,639 51

5,420,215 88

T o t a l ________ _________ _________________________

* Receipts do not Include gram passing through New Orleans for foreign ports
on through bills of lading.

STOCK OF MONEY IN THE COUNTRY.— The folTho exports from the several seaboard ports for tho weok lowing table shows the genoral stock of money in the coun­
try, as well as the holdings by the Treasury and the amount
ending Aug. 19 are shown in the annexed statement:
in circulation on the dates given:
E x p o r ts fr o m —

W h e a t.
b u s h e ls .

C o rn .
b u s h e ls .

F lo u r .
b a r r e ls .

P eas.
Rye.
B a r le y ,
b u s h e ls . b u s h e ls . b u s h e ls .

O a ts ,
b u s h e ls .

209,000
503,000 107,000 1,102,000
801,000
20,000 .378,000
77,000
5,000 292.000
172.000
839.000 287,000
335.000
5,000
.321,000
28,000 10,090
3,000
92,000 53.000
7,000
248,000 19.000 2 4 0 ,6 6 6
76,000

5,000

Total w eek......... 5,717,000 1,438,000 225,000 3,981,000 287,000 362,000
178,487 209,036
Week 1915 ...........
74.608 34,286 250,964

5,000
4,078

New Y ork _______

2,586,000

Philadelphia______

198.000
553.000
540.000

N ewport News____

11,000
72,000
501,000

Tho destination of these exports for tho weok and since
July 1 1916 is as below:
W h e a t.

F io u r .
E x p o r ts f o r W eek
a n d S in c e
J u l y 1 to—

C o rn .

W eek
A u g . 19

S ln te
J u ly 1

W eek
A u g . 19

S in c e
J u ly 1

W eek
A u g . 19

1916.

1916.

1910.

1910.

1916.

1916.

B a rr e ls .

B a rr e ls .

B u s h e ls .

B u s h e ls .

B u s h e ls .

B u s h e ls .

96,838
39,406
38,905
49,770
70
381

592,439
1,165,673
182,583
249,898
1,496
22,809

1,938,277
3,754,173
19,028

2,588

5,133,474
2,725,614
338,107
522,480
700
5,894

T o ta l.................. 225,370
T otal 1915........... 209,030

2,214,898
1.399,835

5.716,478! 44.766,814 1,437,900
3,313,355 19,546,449
178,457

8,726,175
3,201,251

United K ingdom .
Continent..............
So. A Cent. Amor.
W est Indies_____
Brit. No.Am.Cols.
Other C ountries..

5,000

16,708,143 1,033,898
28,002,395 276,000
47,943
20,737
3,333
104,677
5 ,6 6 6

S in c e
J u ly 1

Tho world’s shipments of wheat and corn for the week
ending Aug. 19 1916 and since July 1 1916 and 1915 aro
shown in the following:
W h e a t.

1916.

E x p o rts.

C o rn .

1915.

1916.

1915.

W eek
A u g . 19.

S in c e
J u l y 1.

S in c e
J u l y 1.

W eek
A u g . 19.

S in c e
J u l y 1.

S in c e
J u l y 1.

B u s h e ls .

B u s h e ls .

B u s h e ls .

B u s h e ls .

B u s h e ls .

B u s h e ls .

NorthAmer* 0,542,000 61,555,000 20,372,000 1,238,000 8,950,000
1,625,000
730.000
1,534,000
472.000
281,000
D anube____
82b’,666 9.225.000 3,432,666 2",806",666 18,228,666 34,229,666
Argentina . .
410.000 4.976.000
184.000
Australia___
600.000 3.078.000 8.440.000
188,000
822,000
Oth.[countr’s
1.312.000
49,000
630,000
1,368,000
T o t a l ____ 9,302,000 81,190,000 40,212,000 4,093,000 28,827,000 30,484,000
* North America.— Tho Canadian Government has officially prohibited the
Issuanco of both manifests and exports until after ten days. This is effective
during the continuance o f the war.




S to ck o f M o n e y A u g . 1 ‘ 16- ■— M o n e y i n C i r c u l a t i o n -------A u g . 1 ’ 15.
I n . U . S . H e l d I n T r e a s .\ A u g . 1 ’ 16.

Gold coin (Including bullion
In Treasury)------------------ 2
G old certificates b ------------Standard silver dollars____
Silver certificates b _______
Subsidiary silver__________
Treasury notes o f 1890____
United States notes______
Federal Reserve notes-------Fed. Reserve bank n o te s ..
National bank notes----------

S

S

,500.229.564 303,862.781
568,270,900

15,380,927

187,493,358

16.743,003

346,681,016
172,974,850
9,000,000
740,321,196

5,330,387
2,939,155
23,270
25,635,837

$

S

632,159,672
596.561,647
,409,159,259 1,066,236,139
66,814,227
64,400,671
483.986,699
475,926,928
170,750,355
159,177,846
2,089,047
2,237,489
341,344,629
334,163,549
170,035,695
93,212,300
8,976,730
..................
714,685,359
771,788,453

T o ta l................................... 4,524,970,884 369,921,360 4,000,001,672 3,563,705,022
Population of continental United States estimated at 102,574,000. Circulation
per capita, $39.
a This statement of money held In the Treasury as assets o f the Government does
not Include deposits of public money In Federal Reserve banks, and in national
bank depositaries to the credit o f the Treasurer o f the United States, amounting
to S90.421,516 26.
b For redemption o f outstanding certificates and Treasury notes of 1890 an exact
equivalent In amount of the appropriate kinds o f money Is held In the Treasury,
and Is not included In the account of m oney held as assets o f the Government.
N o t e . — On Aug. 1 1916 Federal Reserve banks and Federal Reserve agents held
against Federal Reserve notes $9,101,852 gold coin and bullion and $145,956,000
gold certificates— a total of $155,047,852, against $160,540,000 on July 1 and
$86,595,702 on Aug. 1 1915.

DIVIDENDS.
Tho following shows all the dividends announced for the
future by large or important corporations:
D ivid en d s a nnou nced this week are -printed in ita lics.

Name o f Company.
R a ilro a d s (Steam ).

Per
When
Cent. Payable.

Aug.
3
A lab a m a G re a t S ou th ern , p r e f-----------------Aug.
P referred (e x t r a )_______________________
IX Sept.
A tc h . T o p . A S . F e , c o m . (q u .).(N o . 4 5 ) .
254 Sept.
B a ltim ore A O h io, c o m m o n ---------------------2
Sept.
P re fe r re d ________________________________
Sept.
B o s to n & A lb a n y (q u a r .)...............................
254 Sept.
C anadian P a c ific, c o m . (q u a r .)....................
2
Sept.
P re fe r re d ________________________________
75c. Sept.
C h estn u t H ill (q u a r .).......................................
254 Sept.
C h ica g o M ilw a u kee A S t. P a u l---------------354 Sept.
Preferred ________________________________
C h ica g o & N orth W estern , co m m o n (q u .)
H4 O ct.
2
O ct.
P referred (q u a r .).................................... —
Cin. N . O . A T e x . P a c .. pref. (q u a r .)------154 Sept.
C levela n d & P lttsb . reg. gu ar. ( q u a r . ) . . 8754c. Sept.
Special guar, betterm en t sto c k (q u a r .). 50c. Sept.
C rip ple C r k . C e n t ., c o m . (q u .) (N o . 2 7 ) .
154 Sept.
1
Sept.
P referred (q u a r.) (N o . 43)------- --------3
N ov.
C u b a R R „ c o m m o n ------ --------- -----------------

28 Holders Of reo.
28 Holders of rec.
1 Holders of rec.
1 Holders of rec.
1 Holders of rec.
2
30 Holders of rec.
30 Sept. 2
to
30 Sept. 2
to
5 A ug. 20
to
to
1 Aug. 15
to
1
of rec.
2
of rec.
2
of rec.
1
Of rec.
1
of rec.
1
of rec.
1
of rec.
1
of rec.
1
of rec.
8754c Sept. 9
to
154 N ov. 1
of rec.
254 Sept. 1
of rec.
154 Sept. 1
of rec.
354 O ct. 16
of rec.
1H Sept. 19

1

E r i e A P it t s b u r g h ( g u a r . ) .....................................

G rea t N orth ern (q u a r .)............................. ..
Illinois C en tral (N o . 1 2 3 ).............. .........
M a in e C en tra l, preferred (q u a r .)...............
M i n n . S t . P A S . S . M . . com . & pf. ( N o . 27)
Norfolk & Western, com mon (q u a r .)------

Bookt Closed.
Days Inclusive.
July
July
July
July
July
Aug.
O ct.
O ct.
Sept.
Oct.
O ct.
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
June
Aug.
O ct.
Aug.
Aug.
Sept.
Aug.

22a
22a
31a
24a
24a
31a
4
4
4
1
1
la
la
19a
10a
10a
15a
15a
15a
31a
13
7a
15a
22a
31a

Name o f Company.

Per
When
Cent. Payable

Books Closed.
Days Inclusive.

R a ilroa d s (Steam ) C o n clu d e d .
Pennsylvania R R . (qn ar.).......................
75c. [Aug. 31 Holders of rec. Aug. la
Phila. Germantown & Norristown (quar.) $1.50 Sept.
Aug. 20
to
Sept. 4
Plttsb. Youngs. A Ash., pref. (.guar.)_____
Sept. 1 Holders of rec. Aug. 21a
Reading Com pany, first pref. (quar.)__
Sept. 14 Holders of rec. Aug 29a
Southern Pacific (quar.) (N o. 40)..............
I X O ct. 2 Holders o f rec. Aug. 31a
Union Pacific, com mon (quar.)________
2
Oct. 2 Holders o f rec. Sept la
Preferred............. ........................................
2
Oct. 2 Holders of rec. Sept, la
Wisconsin Central, preferred____________
2
O ct. 2 Holders o f rec. Sept. 9
Street and E lectric Railw ays
Arkansas Val. Ry. L. A
pref. (quar.)__
I X Sept 15 Holders of rec. Aug. 31
Brazilian Trac.. Lt. A Power, ord (qu.)
1
Sept 1 Holders of rec. July 31
C en t.A rk a n sa sR y.A L t.,p f. (qu.) (N o. 14)
I X Sept 1 Holders of rec. Aug. 15a
Central Miss. Vail. Elec. Prop., pf. (qu.)
I X Sept l Holders o f rec. Aug. 16a
Cities Service, com . & pref. (m onthly)__
X Oct. 1 Holders of rec. Sept. 15
Cities Service, com mon (m onthly)______
Sept 1 Holders of rec. Aug. 15
Com m on (payable In common s to c k ).. n
Sept 1 Holders of rec. Aug. 15
Preferred (m onthly).................................
X Sept 1 Holders of rec. Aug. 15
Connecticut Valley Street Ry., preferred____
3
Sept 1 Holders of rec. Aug. 26a
D etroit United R y. (qu ar.)___________
i x Sept 1 Holders of rec. Aug 16a
N orthern Ohio T rac. & Lt., com . (quar.).
I X Sept 15 Holders of rec. Aug. 25a
Northern Texas Elec. C o., com . (q u a r .)..
1
Sept 1 Holders of rec. Aug. 16a
Preferred................................. .................. ..
3
Sept 1 Holders of rcc. Aug. 16a
$1.25 Sept 1 Holders of rcc. Aug. 10a
Philadelphia C o., 5% preferred_________
Rochester R y . A L t., pref. (quar.)______
l X Sept 1 Holders of rec. Aug. 25a
Terre Haute Trac. & Light pref_________
3
Sept 1 Aug. 23 to
Sept. 1
W ashington (D . C .) R y .* EL, com . (qu.)
Aug. 16
I X Sept 1
Preferred (quar.).......................................
Aug. 16
I X Sept 1
West Penn Traction, pref. (on account
accumulated dividends)________
A3
Sept 15 Holders o f rec. Sept. 1
W isconsin-M inn. L. & P ., pref. (quar.).
I X Sept 1 Holders o f rec. Aug. 19a
T r u s t C om pa n ies
Lawyers’ Title & Trust (quar.) (N o. 27)
2
I X O ct. 2 Sept. 16 to Oct.
People's (Brooklyn) (q u a r .) .....................
3X Oct. 2 Holders of rec. Sept. 30
M iscella n eou s
Acme Tea, 1st and second preferred_______
I X Sept i Aug. 26 to Sept. 1
Adams Express (quar.).................... ............ 51.50 Sept i Holders of rec. Aug. 15a
Ajax Rubber, Inc. (qu ar.)..........................
$1.25 Sept 15 Holders of rec. Aug. 31a ,
Al'.ouez M ining (quar.)__________________ S2.5C Oct. 4 Holders of rec. Sept. 13a
American Bank Note, pref. (quar.)_______
I X Oct. 2 Holders of rec. Sept. 15
American C oal...............................................
3
Sept. 1 Holders of rcc. Aug. 31a
E xtra............................................................
2
Sept 1 Holders of rec. Aug. 31a
Special........................................................... 15/
Sept. 1 Holders of rcc. Aug. 31a
American Cotton Oil, com mon (quar.)__
1
Sept. 1 Holders of rec. Aug. 15a
American Cyanamid, pref..........................
6
Doc. 1 Holders of rec. Aug. 1
American Express (qu ar.)______________
$1.50 iOct. 2 Holders of rec. Aug. 31a
American Gas (qu ar.)___________________
2
Sept. 1 Holders of rec. Aug. 16
American Hide * Leather, pref________
5
Sept. 1 Holders o f rec. Aug. 17a
Am er. Pneumatic Service. 1st p r e f ........... 51.75 iSept. 30 Holders of rec. Sept. 9
Second preferred_______ ______ _______ 75c. Sept. 30 Holders o f rec. Sept. 9
Amer. P o w e r * Light, com . (qu.) (N o.IS)
i
Sept. 1 Holders of rec. Aug. 22
Amer Radiator, common (quar.)_______
4
Sept. 30 Sept. 22
to
Sept. 30
Amer. Smelt. & R efg., com . (quar.)_____
1
iSept. 15 Aug. 26
to
Aug. 31
Common (extra)_______ _____ ________
Aug. 31
X Sept. 15 Aug. 26 to
Preferred (qu ar.)_____________________
Sept.
1 Aug. 12 to
IX
Aug. 20
Amer. Sugar R efg., com . (qu.) (N o. 100).
I X Oct. 2 Holders of rcc. Sept, la
Prcforred (quar.) (N o. 9 9 )......................
I X Oct. 2 Holders o f rec. Sept, la
American Sumatra T ob acco, pref_______
3 X Sept. 1 Holders of rcc. Aug. 21
Amer. Telegraph A Cable (quar.)________
I X Sept. 1 Holders of rcc. Aug. 31a
Amer. T ob acco, com mon (quar.)________ ' 5
Sept. 1 Holders of rec. Ailg. 15a
American Window Glass, pref___________
3 X Sept. 1 Holders of rec. Aug. 23
Anaconda Copper Mlnlne (quar.).........
$2
Aug. 28 Holders of rec Julv 22a
Atlantic Gulf A- IV. I . SS. Lines, pf. (qu.).
I X Oct. 2 Holders of rec. Sept. 15a
Atlantic Refining.............................. ............
5
Sept. 15 Holders of rec. Aug. 19
Atlas Powder, common (qu ar.)_________
2
Sept. 10
1 to
Sept. 10
Com m on, e x t r a ________ _____________
3
Sept. 10 Sept. 1 to
Sept. 10
Barnett Oil & Gas (extra)_______________
3c. Sept. 1 Aug. 21
to
Aug. 31
2
Blackslone Val.G. A K .,com . (qu.) (,Vo.16)
Sept. 1 Holders of rcc. Aug. 23a
Borden's Cond. M ilk, pref. (qu.) (No. 59).
I X Sept. 15 “
1
to
Sept. 15
Brttlsh-Amertcan Tobacco, ordinary______ 10
Sept. 30
See note (r)
Brooklyn Union Gas (quar.) (N o. 6 2 )__
I X Oct. 2 Holders of rec. Sept. 14a
$2
Buckeye Pipe Line (quar.)_____________
Sept. 15 Holders of rec. Aug. 25
Butterlck Com pany (quar.)_____________
X Sept. 1 Holders of rec. Aug. 15a
Calumet A Arizona M ining (quar.)______ 52
Sept. 25 Holders of rec. Sept. 8
Calumet A Hecla M ining (quar.)_________ 520
Sept. 22 Holders of rec. Sept. 1
Central Leather, pref. (quar.)_____________
I X Oct. 2 Holders of rcc. Sept. 9
Cerro de Pasco Copper (quar.) (N o. 3 ) . .
51
Sept. 1
‘ " s o f rec. Aug. 18
Chesebrough M fg. (qu ar.)..................
3
Sept. 20
s of rec. Sept. 6
E xtra_______________ ____________
X Sept. 20 Holders of rec. Sept. 6
1
Childs Company, common (quar.)____
Sept. 11
2
to
Sept. 9
Preferred (quar.)......... .......................
I X Sept. 11
2
to
Sept. 9
5
Citizens’ Gas (Indianapolis) (N o. 14)
Sept. 27
2
to
Sept. 27
Connecticut Power, pref. (quar.) (No. 14).
Sept.
1
IX
's of rec. Aug. 23a
Consolidated Gas (q u a r.)................. .
I X Sept. 15
•s of rcc. Aug. 9a
Consol. Gas, K. L. A P., Balt., com. (quar.)
I X Oct. 2 Holders of rec. Sept. 15
3
Preferred .......................... .............. ............
Oct. 2 ' " s of rcc. Sept. 15
3
Sept 16
Continental Oil (quar.).................................
7
to
Sept. 16
Copper Range C o. (quar.) (N o. 3 2 )_____ 51.50 Sept. 15
Extra (N o. 3 3 ) . . . _______ ____________
Sept. 15
51
Cosden A C o. (qu ar.)___________________
10c. Alls. 26
E x tra......... ............................................ ......
25c. Aug. 26
Cosden Oil A Gas, com . (qu ar.)_________ l I Xc. Sept. 20
Common (extra).........................................
5c. Sept. 20
Preferred (quar.)....... ...............................
8Xc . Sept. 1
Crescent Pino Lino (qu ar.)............. ............
75c. Sept 15 Aug. 23
to
Sept. 15
Crucible Steel, pref. (quar.) (N o. 4 7 )____
I X Sept. 30
Preferred (acct. deferred dividends)__ hi X Sept. 30
Cuban-American Sugar, common (quar.).
Oct.
2 X Oct. 2
Com . (extra)............................................... 10
O ct. 2
O ct.
Com . (payable In com mon s tcck )_____ 040
Oct. 2
O ct.
Preferred (quar.)_________ ___________
1X O ct. 2
Deere A C o ., pref. (qu ar.)______________
I X Sept. 1
Diamond M atch (q u a r .).............. ..............
I X Sept. 15
D om e Mines, Ltd. (qu ar.)______________ 50c. Sept. l
Eastern Steel, 1st pref. (q u a r .)................
2X Sept. 15
. 1
First prof, (on account accrued dlvs.). 21
Sept. 15
. 1
Eastman Kodak, common (quar.)________
■2X Oct. 2
. 9a
Preferred (quar.)______________________
I X Jet. 2
. 9a
Fairbanks, M orse A C o., pref. (quar.)__
I X Sept.. l Aug. 20 to Aug 31
Fajado Sugar, extra____________________
5
Sept. I
Federal Mining A Smelting, pref. (qu ar.).
1
Sept. 15
General Asphalt, pref (quar.) (N o. 3 7 ) ..
I X Sept. 1
General Chemical, common (qu ar.;_____
I X Sept. 1
General Chemical, pref. (qu ar.)_________
I X Oct. 2
General Developm ent (qu ar.)___________
I X Sept. 1
General Electric (qu ar.)........... ............ ......
2
Oct. 14 :
Giobe Soap, common (quar.)______ ________
1
Sept. 15
Sept. 15
First, second and special pref. slocks (qu.)
1 >2 Sept. 15
Sept. 15
Goodrich (B . F.) C o., common (q u a r.)..
1
Mov. 15 :
N ov. 3a
Preferred (qu ar.).......................................
1X Oct. 2
G oodyear Tire A Rubber, com . (q u a r .)..
3
Sept. 1
Greene Cananea Copper (quar.)________
2
Aug. 28 :
G ulf States Steel, 1st pref. (quar.)_______
I X Oct. 2 J
Second pref. (quar.)...................... ............
I X STov. 1 1
O ct. 14a
Ilarblson-W alker R efract., com . (quar.).
Aug. 21a
I X Sept. i :
Common (extra).........................................
2
Sept. l i
Ilarrlson Bros. A Co., In c., com. (quar. ) ._
2
Sept. .5 1
Hurt, Sliaffner A M arx. Inc., com . (quar.)
1
Sept. 1 1
H eywood Bros. A Wakefield, p r e f ...........
3
Sept. 1 1
Independent Brewing, Plttsb., pref. (qu.)
to
Aug. 30
I X Vug. 31 ■■
Inland Steel fqu ar.).......................... ..........
2
Sept. 1 1
International Cotton Mills, pref. (quar.).
I X Sept. 1 1
Int. Harvester of N.J., pref. (qu.) (N o.27).
I X Sept. 1 !
Int. Harvester Corp., pref.(quar.)(N o,14).
I X Sept. 1 1
Aug. 10a
International Nickel, common (quar.)__
S1.50 Sept. 1 1
Aug. 16a
Interstate Electric Corp., preferred (quar.).
I X Sept. 1 i
Jewell Tea, preferred (qu ar.)......................
11
1 X Oct.
Kerr Lake Mining (quar.) (N o. 4 4 )...........
25c. Sept. 15 :
Kings County El. L. A Pow. (qu.)(N o.66)
2
Sept. i
Laclede Gas Light, common (quar.)_______
I X Sept. [5 1
Lake o f the Woods Milling, com. (quar.)..
2
Sept. i :
Preferred (quar.).................... .....................
I X Sept. l




Name o f Company.
M iscella n eou s (C o n c lu d e d ).
Lanston M onotype Machine (q u a r .)..
Lee Rubber A Tiro Corp. (quar.).........
E x tra ______________________________
Lehigh Coal A Navigation (quar.)____
Lindsay Light, com mon ( q u a r .)...
Com m on (extra)..............................
Preferred (quar.)............................
Magma Copper (quar.)_____________
Manhattan Shirt, com mon (quar.).
F’Irst preferred ( q u a r .)...
Second preferred (quar.).
Mergenthaler Linotype (quar.)_____
Middle West Utilities, pref. (quar.).
M oline Plow, 1st pref. (quar.)______
Preferred (quar.) (No. 1 6 ).......................
M ontreal Cottons, Ltd., com mon (quar.)
Preferred (q u a r .)..______ ____________
National Biscuit, com . (quar.) (N o. 73)
Preferred (quar.) (N o. 74)..................
National Lead, com mon (quar.).
Preferred (quar.)....... ................
National Sugar Refining (quar.).
National Surety (qu ar.)_______
New York-Oklahoma Oil (No. 1)___
New York Transit (quar.)_______
New York Transportation_______
Nlles-Bement-Pond, com . (qu.) (N o. 57)
North American C o. (qu ar.)_____

Per
When j
Cent. Payable.\

Books Closed.
Days Inclusive.

1
I X Aug. 31 Holders of rec. Aug. 21
50c. Sept.
Holders of rec. Aug. 15a
25c. Sept.
Holders of rec. Aug. 15a
$1
Aug. 3 Holders of rec. July 31a
3
Sept. : Holders of rec. Aug 15a
3
Aug. 3 Holders of rec. Aug. 17a
2
Aug. 3i Holders of rec. Aug. 17a
I X Aug. 31 Holders of rec. Aug. 17a
50c .Sept. 3( Holders of rcc. Sept. 8
1
Sept. 1 Holders of rec. Aug. 21a
2 X O ct. 2 Holders of rec. Sept. 11a
m i x O ct. 2 Holders of rec. Sept. 11a
n I X O ct. 2 Holders of rcc. Sept. 11a
X Sept. 1 Holders of rcc. Aug. 15
2 X Sept. 3t Holders of rec. Sept. 5a
I X Sept. 1 Holders of rec. Aug. 15
I X Sept. 1 Holders of rec. Aug. 18a
1
O ct. 2 Holders of rcc. Sept. 15
I X O ct. 2 Holders of rec. Sept. 15
1
Sept. 15 Holders of roc. Sept. 5
I X Sept. 15 Holders of rec. Sept. 5
I X Sept. 15 Holders of rec. Aug. 31
I X O ct. M Holders of rec. Sept. 28a
I X Aug. 31 Holders of rcc. Aug. 17a
I X Sept. 1 Holders of rec. Aug. 19a
1
Sept. 3C Holders of rec. Sept. 8a
I X Sept. 15 Holders of rec. Aug. 25a
1 to
O ct. 14
I X O ct. 16 O ct.
I X O ct. 2 Holders o f rec. Sept. 9
3
O ct. 2 Holders of rcc. Sept. 20a
2 X Sept. 22 Holders of rcc. Aug. 31a
lc
Sept. 15 Sept. 10
to
Sept. 15
i
Sept. 1 ................. ..
4
O ct. 14 Holders of rec. Sept. 23
25c. Sept. 1 Holders of rec. Aug. 15a
to
Sept. 20
2 X Sept. 2<J Sept. 7
2 Holders of rcc. Sept. 15
IX /le t.
I X Sept. 1 Holders of rec. Aug. 22a
62 X c. .Sept. 1 Holders of rec. Aug. 15
/5
D ec. 1 Holders of rec. N ov. 15
to
Sept. 11
51.25 Sept. 20 Aug. 23
S t.75 S e p t.20 Aug. 23
to
Sept. 11
to
Sept. 15
I X Sept. 15 Sept. 7
I X Sept. 1 Holders of rec. Aug 21a
3 0 X c . Sept. 15 Holders of rec. Aug. 21a
to
Aug. 31
I X Aug. 30 Aug. 22
to
Aug. 31
h X Aug. 30 Aug. 22
I X Sept. I Holders of rec. Aug. 14a
4
Sept. 7 Aug. 16 to
Sept. 7
1
Sept. 6 Holders of rec. Aug. 16a
to
Aug. 31
30c. Sept. 1 Aug. 16
IOC. Sept. 1 Aug. 16
to
Aug. 31
I X Aug. 31 Holders of rec. Aug. la
2 X O ct. 16 Holders of rec. O ct. 2a
10/
Sept. 30 Holders of rec. Sept, la
I X N ov. 29 Holders of rcc. N ov. la
4
Sept. 25 Holders of rcc. Sept. 2a
Sept. 20 Holders of rec. Sept. 2
ix
I X O ct. 2 Holders of rec. Sept. 15a
A4
O ct. 2 Holders of rec. Sept. 15a
5c
Sept. 2 Holders of rec. Aug. 21a
P3X
to
Sept. 2
10c. Sept. 1 Aug. 21
6
Sept. 1 Holders of rec. Aug. 15
5
O ct.
1
Sept. 30 Sopt. 16 to
Sept. 30 Sept. 16
to
O ct.
1
3
I X Sept. 1 Holders of rcc. Aug. 21
3
O ct. 2 Holders of rec. Sept. 15
1
Sept. 15 Holders of rcc. Aug. 31
2 X Sept. 15 Holders of rec. Aug. 15
Aug. 31 Aug. 8
to
Aug. 31
3
Sept. 15 Sept. 1 to
Sept. 15
3
Sept. 15 Sept. 1 to
Sept. 15
2
Sept. 15 Holders of rec. Aug. 18
5
Sept. 15 Holders of rec. Aug. 25a
2
to
Sept. 20
3 X O ct. 2 Sept. 2
2 X Sept. 1 Holders of rec. Aug. 21a
I X Sept. 1 Holders of rec. Aug. 21a
I X Sept. 1 Holders of rcc. Aug. 21
to
Sept. 20
10c. O ct.
1 Sept. 10
5c. O ct.
1 Sept. 10
to
Sept. 20
i
Jet. 2 Holders of rec. Sept. 20a
Jet. 2 Holders of rec. Sept. 20a
IX
35c. Sept. 1 Holders of rcc. Aug. 20
2
Jet. 2 Holders of rec. Sept. 16
e 20o Oct. 2 Holders of rec. Sept. 16
2 X Sept. 25 Holders of rec. Sept. 1
I X Sept. 1 Holders of rec. Aug 24
Sept. 15 Holders of rec. Aug. 31a
IX
I X Sept. 1 Holders of rec. Aug. 15
3 X Sept. 1 Holders of rcc. Aug. 15
to
Sept. 30
I X Sept. 30 Sept. 21
O ct. 15 Holders of rcc. Sept. 30a
IX
10c Sept. 1 Holders of rcc. Aug. 18
to
Sept. 11
I X Sept. 29 Sept. 2
1
to
Sept. 11
Sept. 29 Sept. 2
to
Aug. 10
Aug. 30 Aug. 1
ix
to
Sept. 1
1
Sept. 1 Aug. 24
I X Sept. 1 Holders of rec. Aug. 21a
I X Sept. 1 [folders of rec. Aug. 21a
I X Sept. 1 Holders of rec. Aug. 18a

Ohio Cities Gas, common (quar.).
Com m on (payable In common s t o c k )..
Ohio Oil (quar.).................................
E x tra....... ....................... ................
Pabst Brewing, pref. (qu ar.).........
Pacific Mall SS., pref. (N o. 1)__________
Philadelphia Electric (qu ar.)_____
Pittsburgh Brewing, pref. (quar.).
Preferred (acct. accumulated d lv s .)___
Pittsburgh Steel, pref. (quar.)_________
Porto Rlcan-Am er. T ob acco (quar.)____
Pressed Steel Car, common (N o. 2 4 )____
Pure Oil, common (quar.)..........................
Com m on (e x t r a )..________ __________
Quaker Oats, preferred (quar.)_________
Quaker Oats, common (quar.)___________
Common (payable In common s t o c k )..
Preferred (quar.)_____________________
Quincy M ining (quar.)__________ ________
Railway Steel-Spring, preferred (quar.)____
Republic Iron A Steel, pf. (qu.) (N o. 52 ).
Preferred (on acct. of accum. d iv s .)____
Illkcr A liegem an, Corp. for stock o f ____
Illtz-Carlton Hotel, preferred_____________
Sapulpa Refining, com mon (m onthly).
Southern Pipe Line (quar.)........................
South Penn Oil (quar.)..................................
E x tr a ..........................................................I
Southwestern Power A Light, pref_______
South West Pa. Pipe Lines (quar.)_______
Standard Gas A Electric, pref. (quar.)____
Standard Oil (California) (quar.) (N o. 31)
Standard Oil (Indiana) (quar.)__________
Standard Oil (Kansas) (quar)___________
E x tra _____________________ ___________
Standard OH of N . J. (qu ar.)................. ..
Standard Oil of N. Y . (quar.)....................
Standard OH (Ohio) (qu ar.)_____________
Scudebakcr Corporation, common (quar.)
Preferred (qu ar.)............. .......................
Tennessee Eastern Elec., pref. ( q u a r .)...
Tonopah Extension M ining (quar.)______
E x tr a ________ ______ _________ _____ _
Underwood Typewriter, common (quar.)
Preferred (quar.)......................................
Unexcelled M fg _______ _______ _________
Union Carbide (qu ar.)__ _____ __________
Stock D ividend........................................
Union Tank Lino...................... ............
United Cigar M frs., pref. (quar.)____1.1
United Cigar Stores, pref. (qu.) (N o. 16)
United Drug, 2d pref. (qu.) (N o. 2 ) _____
U. S. Envelope, com . A pref........... ..........
U. S. Gypsum, preferred (quar.)________
H. S. Industrial Alcohol, pref. (quar.)____
United States Steamship..............................
U. S. Steel Corporation, common (quar.)
Common (extra).......................................
Preferred (qu ar.)_________ __________ *
Western Light A Power, pref. (quar.).........
White (J. G .) A C o ., pref. (qu.) (N o. 53)
Wnlte (J.G .)Engineering,pf.(qu.) (No. 14) _
White (J. G .) M anag’ t, pf. (qu.) (N o. 14)
W lllys-Ovcrland, com . (payablo In com ­
mon s t o c k ) _______ ___________________
k5
Wilmington Gas, preferred........................ ..
3
Woolworth (F. W .) C o ., common fquar.)
2
Woolworth (F. IF.) Co., pref. (quar.)____
IX

Oct. 2 Holders of rec.
Sept. 1 Holders of rec.
Sept. 1 Holders of tec.
Oct.
1 Holders of rcc.

Sept.
Aug.
Aug.
Sept.

15a
18
10a
9a

a Transfer books not closed for this dividend, ft Less British Income tax. d C o r ­
rection. « Payable In stock. / Payablo In common stock, g Payable In scrip.
A 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. I On
account o f the liquidation of the com pany’s Jersey City wharf property, m D e­
clared 7% payable In quarterly Installments, n Declared 6% payable In quar­
terly Installments.
o Declared a stock dividend of 4 0 % . payable In two Install­
ments. 20% O ct. 2 1916 and 20% Jan. 2 1917. /; Declared 7 % , payable 3 X %
Sept. 1 1916 and 3 IS % March 1 1917. r Transfers received In order In London
on or before Sept. 11 will be In time to bo passed for payment of dividend to
transferees.

Auction Sales.— Among other securities, the following,
wore recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
not u su a lly dealt in at the Stock E xch a n ge ,

Shares. Stocks.
Per cent.
Bonds.
Per cent.
500 Jefferson Bank of N. Y ..5 0 c . per sh. 512,000 Swiss C onfcd. 5s, 1 9 2 0 ... 98X
7 'A Crestline Land C o ................. 11
l Franklin Trust C o ............. ........ 255

By Messrs. Francis Henshaw & Co., Boston:
Shares. Stocks.
$ per sh.
Bonds.
Per cent.
9 Naumkeag Steam Cotton C o . ,193
52.500.000 St. L. A San Fr.)
4 Great Falls M fg. C o ............. ......200
R R . com . stock tr. cortfs. |
50 Gosnold Mills C o ., pref............. 0 7 X
(C . A E. I. R R . com . stk) |
SI .490,000 S t.L .& S .F .R R ., ) $801,989 51
IC. C. Ft. S. A M em . lty.|
for lot
gu. 4% pf. stk. tr. certfs. |
3100.000 St. L. A San Fran.
R R . gen. lien 5s, 1927___j

A ug.

THE CHRONICLE

26 1916.J

By Messrs. It. L. Day & Co., Boston:
Shares. Stocks.
S per sh.
1 York Manufacturing C o ..........-.1 1 0
3 Merrimack M fg ., pref. e x-d lv-- 85%
15 Esmond Mills, pref____________ 100
1 Nashua & Lowell H R --------------- 178
1 Concord & Portsmouth R R ------- 140
1 Paddock Bldg. Trust--------- 100 & lnt

Shares. Slocks.
$ per sh.
2 Essex C o ., S50 each........... .......... 201X
22 Hotel Trust 'l’ ouralnc__________ 106%
20 South Street T rust_____ _______ 101%
4 Waltham W atch, com m on_____ 17%
1 Union N at. Bank, Low ell______ 1 9 5 'A
15 Sullivan M achinery C o ________ 129

By Messrs. Barnes & Lofland, Philadelphia:
Bonds.
per cent.
Shares. Slocks.
$ per sh.
20 Elkins Park, Inc., S50 each .--S 100 lot $5,000 Amer. Real Est. C o. 6s, 1916 17%
50 Franklin Trust C o., S50 e a c h ... 58%
1.000 Ches. & D el. Canal 1st 4s,’ 16 60
10 Philadelphia City Pass. R y ------149>6
1,500 Sprlngf. W at. C o. 5s, '26.88-89%
1.000 N o. Spring. W at. C o. 5s, ’28 83%
10 D arby (Pa.) Bank, $50 each------65
10,000 Oswego (N . Y .) W ater Wks.
5 Second & Third Sts. Pass. R y ..2 3 5
41 Rights to subscribe H . K . M ulC o. 1st 5s, 1926......... ...80-80%
ford C o. at $50 (par)------------- 10)4
500 SaIem & Pennsg.Tr.lst6s,’35 94

735

C H A R T E R S IS S U E D .
O rigin al o rg a n iz a tio n s :
T h o F irst N a tio n a l B ank o f L a m a n d a P a rk , C a l., c a p i t a l _____ $ 2 5 ,0 0 0
T h o F irst N a tio n a l B a n k o f N o r fo lk , N . Y _______________________
25,0 0 0
$ 5 0 ,0 0 0
C H A R T E R S R E -E X T E N D E D .
T h o C e n tra l N a tio n a l B a n k o f N o n v a lk , C o n n , (u n til c lo s e o f
bu sin ess A u g . 20 193 6), c a p i t a l.____________ ______ _______________ $ 1 0 0 ,0 0 0
C H A N G E OF T IT L E .
T h o N o w F a rle y N a tio n a l B a n k o f M o n t g o m e r y , M o n t g o m e r y .
A la ., t o “ T h o C a p ita l N a tio n a l B a n k o f M o n t g o m e r y ,” c ip it a l.$ 2 0 0 ,0 0 0
IN C R E A S E O F C A P IT A L A P P R O V E D .
T h o F irst N a tio n a l B a n k o f S t. C lo u d , M in n .; ca p ita l increased
fr o m $ 1 0 0 ,0 0 0 t o $ 2 5 0 ,0 0 0 .
In c r e a s e ____________________________$15 0 ,0 0 0

Imports and Exports for the Week.—The following anCanadian Bank Clearings.— The clearings for the week the reported im|>orts of merchandise at New York for the
19 and since the first, week of January:
ending Aug. 19 at Canadian cities, in comparison with the week ending Aug.
F O R E IG N IM P O R T S A T N E W Y O R K .
same week in 1915, shows an increase in the aggregate of
51.7%.________________________________________
For Week.
1916.
1915.
1914.
1913.
For the week_______
Previously reported. i

Week ending August 19.
Clearings at—
1916.
C anada—
M ontreal_______
T o r o n to ________
W innipeg----------Vancouver______
Ottawa.................
Q uebec_________
H alifax..................
H am ilton. ...........
St. John________
( 'algary ...............
L o n d o n ......... ......
V ictoria................
E d m onton______
R egina........... ......
Brandon .............
Saskatoon ______
M ooso Jaw _____
L eth b rid ge_____
B r a n tfo r d ...........

Berlin_____ _____
Total Canada.

1915.

S
S
69,935,003
52,232,179
42,975,8671
33,503,589
41,622,032
14,719,492
5,904,465
5,022,179
4,480,683
3,368,780
4,114,028
3,403,419
2,273,801
2,187,763
4,027,296
3,127,656
1,836,202
1,499,315
4,191,900
2,535,900
1,750,666
1,858,357
1,328,728
1,478.290
1,720,073
4,055,099
1,477,188
2,277,233
384,631
619,090
780,106
1,228,281
031,491
958,730
324,271
670,009
451,972
457,330
•114,699
612,037
219,931
301,506
192,245
352,190
365,202
519,575
582,039 N ot Included
453,275 N ot Included
199,749,730

131,041,731

Inc. or.
Dec. |
% |
+ 33.9
+ 24.3
+ 203.0
+ 17.6,
+ 32.9
+ 20.9
+ 39.3
+ 23.8
+ 22.5
+ 65.3
+ 0.2
+ 11.3
+ 35.8
+ 51*2
+ 01U!
+ 57.4
+ 51.8 !
+ 106.8
+ 1.2
+ 47.8
+ 37.3
+ 83.3
+ 42.2
In total
In total
+ 51.7

1914.

1913.

S
44,988,575
33,916,704
19,634,681
8 , 117,574
3,934,693
3,368,328
2,132,853
2,730.967
1,402,0.87
3,463,026
1,830,440
2,370,998
2,648,561
1,733,140
431,869
879,701
757,003
402,211
489,714
805,149
354,425
438,434
324,455

$
60,184,975
35,794,090
23,040,932
10,770,277
4,141,376
3,011,141
2,090,057
3.032,681
1,431,435
4.301,581
1,766,700
3,130,820
3,555,877
2,080,373
540,279
1,692,634
1,103,079
469,902
511,946
941,207
621,083
631,837

140,158,618

165,510,188

National Banks.— The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
A P P L IC A T IO N S F O R C H A R T E R S .
F o r org a n iz a tion o f n ation a l ban k s:
T h o C itiz e n s ’ N a tio n a l Bank o f O r a n g e , C a l., c a p it a l.......... ............ $ 5 0 ,0 0 0
o f S h e lb y , M o n t ., c a p it a l___
25,0 0 0
T h o First N a tion a l B a n k
T h e First N a tion a l B a n k
o f W o o d la tv n , P a ., c a p it a l__ 100,000
o f W illis v llle , 111., c a p it a l____ 25,0 0 0
T h e First N a tion a l B a n k
(T o su cceed th o F arm ers & C itize n s Bank o f W illis v illo , 111.)

S19,528,654
821,079,832

$20,250,009
596,842,052

$12,162,302
635,093,188

$18,265,132
599,452,233

Total 33 weeks___ ! *840,603,496'

617,092,061

047,855,490

617,717,365

EXPO RTS FROM N E W Y O R K .
i

1916.

1915.

1914.

1913.

For the week_______
$47,791,365,
Previously reported. ! 1,695,370,199;

$29,594,643
841,102,302

S8,477,361
542,901,821

S15.797.498
559,427,649

Total 33 weeks__ $1,743,167,5641

$870,696,945

3551,379,182

$575,225,147

E X P O R T S A N D IM P O R T S O F SP E C IE A T N E W
Exports.

Week ending Aug. 19.
C o ld .

Week.

G erm any________

Total 1916_______
Total 1915..................
Total 1914...........
Silver.
Great Britain____________ ______
France......... ..........
G erm an y__________
W est In d ies..
M exico..............

$200,000

Imports.

Since
Jan. 1.

Week.

S2.500

$5,780,437

522,570
700,000

26,961,941
702,000
9,401,461
10,729,828

S I,225,070 $53,575,667
1 252.000
8.038.188
ls o io o o 127,142,949
1
$894,423 $30,190,069
40,600

33,942
T otal 1916..........................................
Total 1 9 1 5 ......................................
Total 1914........... ..............................

854,297
29,467
1,253,671
10,300

S928.365 $32,378,404
360,725 25,378,837
1,391,062 27,083,638

Since
Jan. 1.

$93 $26,789,880
14,840

.

M exico__________
South Am erica. .
All other countries

YORK.

214,282
70,285
49,288

9,668,464
2,112,766
6,548,498
1,626,065

$333,948 S46,760,513
759,527 30,101,184
121,637
5,882,606
$1,683

$15,368
6,631

................
4,534
360,895
89,522
19,549

98,318
6,261,720
3,894,196
923,304

S476.183 $11,199,537
5,755,979
257,910
5,734,502
237,667

Of the above exports for the week In 1916. $720,000 were American gold coin.

The Federal Reserve Banks.— Following is the weekly statement issued by the Federal Reserve Board on Aug. 19:
T h e s ta tem en t in d ica tes gains o f alm ost 12 m illion d olla rs in th o b a n k s ’ to ta l cash reserves an d o f a b o u t 6 m illio n s in their c o m b in e d g o ld reserves.
E a rn in g assets decreased 2.4 m illion s fo r the w e e k , w h ile ag g re g a te d e p o s its increased a b o u t 12.4 m illio n s.
B o s t o n ’s gain o f 4 .3 m illion s in cas.u reserve is a c c o m p a n ie d b y a deereaso o f 1.5 m illion s in earn in g assets and o f 0 .6 m illio n in th e a m o u n t d u e
fro m o th e r F ederal R eserve ban ks, an d a gain o f 2 .2 m illio n s in t o t il d e p o s its .
N ew Y o r k ’s gain o f 5 .2 m illion s in cash reserve go e s h an d in h an d w ith
an increase o f 12.9 m illion s In d e p o sits an a a ch a n g e o f b a la n ce o f 4 .4 m illio n s d u o t o o tn e r Federal R e se rv e ban ks th e w eek b e fo r e , to a fa v o r a b le b a l­
a n ce o f o v e r 3 m illion s.
l h o larger resorves sh o w n fo r th o P h ila d e lp h ia an d C h ic a g o banks are d u e m a in ly t o transfers th ro u g h tn e g o ld settlem en t
fu n d , p a rtly , also, t o th o liq u id a tio n o f earning assets.
D is cou n ts on h an d d e cre a se d a b o u t 1.7 m illio n d o lla rs, B o s to n re p o rtin g th o largest d ecrease fo r th e w eek . T h e h o ld in gs o f a cce p ta n ce s lik ew ise
sh ow a slig h t decrease, San F ran cisco re p o rtin g tho net liq u id a tio n o f a lm o s t 1 m illion o f this class o f p a p e r. A b o u t 3 5 % o f all b ills, in clu d in g a c c e p ­
ta n ces, o n han d m atu re w ithin 30 uay,s, and n early 4 0 % a fte r 30 b u t w ith in 60 d a y s .
A g ricu ltu ra l and live s to c k p ap er m a tu rin g a fte r 90 d a y s (6 -m o n th
p a p er) to ta le d a b o u t 2 .5 m illio n s, C h ic a g o , M in n e a p o lis and D a lla s r e p o rtin g nearly 8 0 % o f the total h o ld in gs o f 6 -m o n tn pap er.
T ra n sa ction s in G o v e rn m e n t se cu rities aro r e p o rte d b y fo u r banks’ resu ltin g in an increase o f $ 3 2 6 ,0 0 0 in th e a m o u n t o f U . S. b o n d s an d a d ecrease
o f $ 4 6 6,00 0 in th e a m o u n t o f o n e -y e a r T re a su ry n o te s held b y th e ban ks. T h o h o ld in g s o f m u n icip a l w arrants show a s lig h t d ecrease fo r th e w eek .
A g g re g a to earning assets stan d n ow a t $ 1 8 9 ,5 9 6 ,0 0 0 , co n s titu tin g 3 4 4 % o f th o to ta l p a id -in c a p ita l o f th e ban k s, as c o m p a r e d w ith 3 4 8 % sh ow n th e
w eek b efore. O f the to ta l earning assets a cce p ta n ce s rop reson t 4 2 3 % - U . S. b o n d s, 2 4 .8 % ; w a rra n ts, 1 4 .6 % : d is c o u n ts , 1 4 .1 % , an d T r e a s u r y n o te s ,
4 .2 % .
G o v e rn m e n t d ep o sits d eclin ed 3 .5 m illio n s, N o w Y o r k , A tla n ta R ic h m o n d and B o s to n r e p o rtin g c o n sid e ra b le w ith d ra w a ls o f G o v e rn m e n t fu n d s
fo r th e w eek.
N e t ban k d e p o s its Increased 15.9 m illio n s, th e larger in crea se in net d e p o s its at th e N e w Y o r k an d B o s to n ba n k s b e in g o ffs e t t o som e
e x te n t b y net w ith draw als o f b an k d e p o s its fr o m tn e A tla n ta an d s o m o o f th o W e s te rn ban ks.
N o ch a n g e is r e p o rte d in th e a m o u n t o f 1>cderal R e s e rv e ban k n o te s in c ir c u la tio n .
F ed era l R e se rv e agents sh o w a to ta l o f $ 1 7 6 ,6 2 0 ,0 0 0 , n e t, o f
n otes issued to th o ban ks, o r o v e r 1 m illion m ore than tn e w eek b e fo r e .
K ansas C it y and D allas re p o rt the largest increases in F ed eral R e s erv e n otes
Issued, as w ell as in actu al c ircu la tio n . A g ain st the to ta l issued th o agents h old $ 1 6 2 ,0 3 6 ,0 0 0 o f g o ld and $ 1 6 ,5 4 7 ,0 0 0 o f pap er.
T h e ban ks rep ort a
to ta l o f $ 1 5 1 ,4 1 4 ,0 0 0 o f Federal R eserve notes in a ctu a l cir c u la tio n , and aggregate net liab ilities o f $1 2 ,2 9 5 ,0 0 0 o n n otes issu ed t o th em b y tne agen ts.

Tho figures of tho consolidated statement for tho system as a wholo are given in the following table, and in addition
wo present tho results for each of the eight preceding weeks, thus furnishing a useful comparison. In the second table wO
show tho resources and liabilities soparatelj' for eacli of tho twelve Federal Reserve banks. The statement of Federal Reserve
Agents’ Accounts (tho third tablo following) gives dotails regarding the transactions in Federal Reserve notes between the
Comptroller and the Reserve Agents and between the latter 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 p 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 l o s e o f B u s in e s s A u g .

18 1916.

Aug. 18 1916 Aug. 11 1916 Aug. 4 1916. July 28 1916. July 21 1916. July 14 1916. July 7 1916 . t June 30 1916 June 23 1916
RESOURCES.
Gold coin and certificates In vault___
$260,926,000 S258.952.000 $256,437,000 $259,931,000 $262,049,000 $269,602,000 $261,232,000 $262,038,000 $205,643,000
Gold settlement fund__
110,001,000 106,121,000 106,811.000 102,911.000
99,561,000 118,631.000 123,611.000 112.931,000 106.101.000
2.011,000
1,789.000
1.894,000
1,970.000
G old redemption fund with U. S. Treasurer..
1,991,000
1,852,000
1,918,000
1,931.000
1,915,000
Total gold reserve................
Legal tender notes, sliver, A c .........

$372,918,000 $366,925,000' S3 05 , 163,000 $364,760,000 $363,541,000 $390,203.000 $386,854,000 $376,758,000 $373,638,000
36.902.000
27,448,000
10.279.000
14.026,000
16,998,000
16,589,000
13,802.000
11.127,000
11,699,000

Total reserve.......................................
$389,916,000 S378.052.000 $376,862,000 $381,349,000 $377,313,000 $400,482,000 $423,756,000 $404.206.000 *387.664,000
450.000
450.000
450.000
5% redemption fund ag’sl F. n . bk notes
450.000
500,000
450,000
450.000
450.000
500,000
1
Blils discounted and bought—
$7,970,000 $11,451,000 $14,451,000
Maturities within 10 days-----------------------$8,163,000 $12,425,000 $15,271,000 $17,308,000 $17,163,000 $10,613,000
20,688.600
25.755.000
Maturities from 11 to 30 days................ ..
16.539.000
12.918.000
19.421.000
26,740,000
29.267.000
26.310.000
23.863.000
Maturities from 31 to 00 days -----------------35.441.006
32.002.000
28.492.000
31.680.000
40.019.000
36.302.000
42.566.000
41.898.000
42.400.000
Maturities from 61 to 90 d a y s .......... ....
28.730.000
25.836.000
27.090.000
30.614.000
30.493.000
30.121.000
25.388.000
25.228.000
24.584.000
Maturities over 90 days __________________
4,559.000
4,423.000
5.187.000
4,818.000
3,807,000
3.993.0O0
3,000.000
2,950,000
2,480,000
T o t a l ................................................................. S 106,894,000 $108,971,000 $109,934,000 $111,048,000 $114,319,000 $105,098,000

$92,173,000

$92,283,000

*89.703.000

•Acceptances (Included In a bove) ...........................

$80,138,000

SS0,513.000

$79,519,000

$83,454,000

$85,382,000

$81,130,000

$70,148,000

$71,095,000

*68.953,000

Investments: U. 8. bonds ---------------------------------One-year U. 8. Treasury n o te s ..
Municipal warrants........................

$47,029,000
7,885,000
27,788,000

$46,703,000
8,351,000
27,975,000

$48,037,000
7,925,000
27,375,000

$48,656,000
7,925,000
27.220,000

*49,746.000
7.190,00(1
27,723,000

*52.589,000
4,546,000
27.424.000

$52,589,000
4,546.000
25,236.000

$52,939,000
4.190,000
22.671,000

$52,875,000
4,190,000
21.632.01)0

Total earning assets------------------------------------ $189,596,009 $192,000,000 $193,271,000 $194,849,000 $198,978,000 $189,657,000 $174,544,000 *172,083,000 $168,400,000




Aug. 18 1910 Aug. 11 1916 Aug. 4 1916. July 28 1916. July 21 1916. July 14 1916. July 7 1916.f June 30 1916 June 23 1916
RE SO URCES (Concluded).
Brought forward (total reserve & eara’g assets) 5580,012,000 5570,552,000 S570,5S3,000 $576,648,000 $576,771,000 $590,589,000 $598,750,000 $576,739,000 $556,514,000
Federal Reserve notes— N et_____ ____________
D uo from Federal Reserve banks— N e t______
All other resources______________ ______________

S19,887,000
21,068,000
3,226,000

S20,069,000
16,447,000
3,731,000

S20,426,000
19,947,000
4,411,000

$20,308,000
12,620,000
5,514,000

$20,014,000
11,982,000
4,756,000

$20,760,000
20,056,000
8,244,000

524,111,060
20,273,000
3,979,000

$23,182,000
20,414,000
4,622,000

$23,013,000
19,287,000
4,387,000

Total resources______________________ 5624,193,000 5610.799.000 5615,367,000 5615,090,000 $613,523,000 $639,649,000 $647,113,000 $624,957,000 $603,201,000
L IA B IL IT IE S .
Capital paid In..... ............ .......... .......... ............ ......
Government deposits_________________________
M em ber bank deposits— N et_____ ____________
Federal Reserve notes— N et__________________
Federal Reserve bank notes In circulation____
All other liabilities____________________________

$55,110,000
49,717,000
505,090,000
12,295,000
1,691,000
290,000

555,130,000
53,259,000
489,219,000
11,212,000
1,691,000
288,000

$55,148,000
56,607,000
490,625,000
11,029,000
1,692,000
266,000

$55,206,000
56,542,000
491,266,000
10,122,000
1,692,000
262,000

$55,183,000
54,277,000
492,000,000
10,120.000
1,692,000
251,000

$55,176,000
97,476,000
474,942,000
10,098,000
1,720,000
237,000

554,858.000
114,460,000
465,840,006
9,992,000
1,721,000
242,000

$54,854,000
101,152,000
457,503,000
9.440,000
1,721,000
287,000

554,863,000
64,499,000
472,613,000
9,228,000
1,723,000
275,000

Total liabilities......................................... 5624,193,000 5610,799,000 5615,367,000 5615,090,000 $613,523,000 $639,649,000 5647,113,000 $624,957,000 $603,201,000
Gold 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 ag­
gregate net liabilities on F . R . notes In
circulation (a )....... ..........................................
(a) Less Items in transit between Federal Re­
serve banks, viz__________________________

68.3%
■ 71.4%

68.3%
70.4%

67.7%
70.0%

66.9%
69.9%

66.8%
69.3%

69.4%
71.2%

67.9%
74.3%

68.8%
73.8%

70.9%
73.6%

72.1%

71.0%

70.6%

70.5%

69.9%

71.8%

75.0%

74.4%

74.2%

521,068,000

516,447,000

$19,947,000

$12,620,000

$11,982,000

$20,056,000

$20,273,060

$20,414,000

$19,287,000

Federal Reserve N ues—
Issued to the banks......................................... 5176,620,000 5175,602,000 5175,551,000 $174,023,000 $175,219,000 S179.35S.000 5179,783,000 5176,168.000 $170,955,000
In hands o f banks_______________________
22,176,000
22,374,000
22,764,000
21,433.000
21,181,000
21,779,000
25,098,000
23,924,000
23,917,000
In circulation____________________________ 5154,444,000 5153,228,000 5152,787,000 $152,590,000 $154,038,000 5157,579,0o0 $154,685,000 $152,244,000 5153,038,000
Gold and lawful money with Agent_____ _____ 5162,036,000 5162,085,000 5162,184,000 $162,776,000 5163,932,000 $168,241,000 5168.806,000 $165,986,000 $166,823,000
Carried to net assets............. .................................
19,887,000
20,069,000
20,426,000
20,308,000
20,014,000
20,760,000
23,182,000
24,113,000
23.013,000
Carried to net liabilities...................... ...................
12,295,000
11,212,000
11,029,000
10,122,000
10.098.000
9.440,000
10,120,000
9.992.000
9.228,000
Federal Reserve Notes (Agents' Accounts)—
Received from the Com ptroller.................... $309,520,000 5299,520,000 5298,520,000 5298,520,000 5297,540,000 $297,540,000 $295,540,000 $295,540,000 5295,540,000
Returned to the Com ptroller...................... ..
65,126,000
63,977,000| 62,778,000
61,066,000
59.510,000
54,286,000
53.336,000
55,101,000
51,549,000
Am ount chargeable to A g e n t .............. 5235,394,000 5235,543,OOOS235,742,000 $237,454,000 $238,030,000 $242,439,000 $241,254,000 $242,204,000 $243,991,000
In hands of Agent________________________
58,774,000
59,941,000
60,191,000
63,431,000
63,081,000
62,811,000
61,471.000
60,036,000
67,036,000
Issued to Federal Reserve banks......... 5176,620,000 3175,602,000 $175,551,000 $174,023,000 5175.219,000 $179,358,000 $ 179.783.000 $ 176,168,000 $176,955,000'
How Secured—
~
1
'
B y gold coin and certificates........................ 5112,116,000 5112,006,000 $112,000,000 5110,406,000 $109,167,000 $112,017,000 8112,447,000 8113,597,000 $113,357,000
By lawful m oney_________________________
____
1
By commercial paper....................................
14,584,000
13,517,000
13,307,000
11,247,000
11,287,000
10,977,000
11,117,000
10,182.000
10,132,000
Credit balances In gold redemption fu n d ..
10,659,000
11,208,000
11,830,000
12,415,000
11,240,000
12,974,000
13,379.000
9,809,000
10,186,000
Credit balances with Federal Reserve B’d .
40,540,000
38,650,000
39,420,000
38,970,000
42,350,000
42,650,000
42,980.000
42.580,000
43,280,000
T o t a l ........................................................... 5176,620,000 5175,602,000 $175,551,000 $174,023,000 $175,219,000 $179,358,000 $179,783,000 $176,168,000 5176,955,000
Commercial paper delivered to F. R . A g e n t..

516,547,000

$16,152,000

Mncludlng bankers' and trade acceptances bought In the open market,

S15,993,000

$13,267,000

$12,877,000

$13,441,000

$11,305,000

$11,204,000

$10,578,000

t Amended figures.

W E E K L Y ST A TE M E N T OF R E SO U R CE S AN D L IA B IL IT IE S O F EACH O F T H E 12 FEDERAL RE SERVE BAN KS A T CLOSE O F BU SIN ESS A U G
Boston.

|New York. PMladeTa. Cleveland. Richmond.

Atlanta.

Chicago.

St. Louis. Aflnneap. Kan. City.

Dallas.

San Fran.

18 I9!h
Total.

RESOURCES.
5
$
5
5
S
$
5
s
%
$
S
5
S
Gold coin & ctfs. In vault 9,143,000149,096,000 9,764,000 13.966.000 5,029,0:0 5,989,000 36.945.000 5.363.000 6.158.000 4,336,000 6.414.000 9.723.000 260.926.000
G old settlement fund___ 16,506,000 9,965,000 17,479,000 10.013.000 11,606, 0 ­ 1,848,000­15.721.000 4.708.000 3.585.000 10,328,000 3.925.000 4.317.000 110.001.000
G old redemption fu n d ..
5,000
250,000
50,000
31,000
23,000
30,000
410,000
200,000
540,000
133,000
306,000
1,991,000
10,000
Total gold reserve____ 25,654,000-159,311,00027,293,000 24,013,000 17,175,000 8.247.000 52,866,000 10,094,000 9,773,000 14,797,000! 9,645,00014,050,000 372,918,000
Legal-ten.notes ,sll v . ,& c.
287,000 10,414,000
730,000 1,139,000
175,000 1.236.000
629,000 1,103,000
431,000
60,000'
688,000.
40,000 16,998,000
Total reserve________ 25,941,000169,725,000 28,023,000 25,152,000 17,350,000 9,483,000 53,495,000 11,257,000 10,204,000 14,857,000 10,333,000 14,090,000 389,916,000
6% redemp. fund— F .R .
bank n o t e s ................ ..
400.000
100,000
500,000
Bills:
D iscounted—Members
916,000
533,000
427,000
303,000 6,021,000 3.278.000 3.132.000
879,000 1.950.000 1,926,000 6,883,000
508,000 26.756.000
Bought In open m k t .. 10,156,000 29,412,000 10,611,000 6,988,000
725,000 1.521.000 5.026.000 5,340,000 2.913.000
804.000
83,000 6,559,000 80.138.000
Total bills on hand___ 11,072,000 29,945,00011,038,000 7,291,000 6,746,000 4,799,00O 8,158,000 6,219,000 4,863,000 2,730,000( 6,966,000 7,067,000 106,894,000
Investments: U . S. bds. 2.992.000
One-yr. U .S. T r. notes
250,000
M unicipal w arrants.. 2.814.000

2.219.000 2,890,000 5,584,000 1,129,000 1,508,000 9.393.000 2,724,000 3.399.000 9,647,000; 2.581,000 2.963.000 47.029.000
2,282,000!
818,0001
760,000
684.000
526.000 ................: 570,000
350,000
616,000
529,000
500,000 7,885,000
7.276.000 2,550,000 4,755,000
336.000
166.000 4.292.000 1,822,000 1.044.000
399,000 ________ 2.334.000 27.788.000

Total earning assets.. 17,128,000 41,722,000 17,296,c00 18.390,000 8,895,000 6,999,000 21,843,000 11,335,000 9,656,000 13.392,000 10,076,000 12,864,000 189,596,000
Fed. R es've notes— Net
910,000 12,383,000
380,000
415,000
D ue from other Federal
Reserve Banks— N et. 2,255,000 3,043,000, ................ 2,761,000
241,000
92,000
387,000
All other resources.........
84,000

1,288,000 1,266,000 1.737.000
246.000
126.000

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

1.508.000 19,887,000

7,209,000 3,759,000 1.325.000 1,799,000
" 759 ",666
500,000
200,000
78,000
221,000

64,000 2.501.000 «21.068,000
306,000
232,000 3,226,000

Total resources............ 46,318,000227,114,00045,791,00047,105,000 26,617,000 17,241,000^84,335,00027,817,000 23,000,000 30,669,00020,879,000 31,201,000 624,193,000
L IA B IL IT IE S .
Capital paid In________ 4.864.000 11.570.000 5.203.000 5,962,000 3.363.000 2.490.000 6.674.000 2.789.000 2,582,000 3,001,000 2,691,000 3.921.000 55,1 i o , 000
Government deposits__ 3.138.000 14.895.000 6.992.000 1,814,000 3.067.000 2.917.000 4.928.000 4.221.000
954,000. 974,000 2,233,000 3.554.000 49.717.000
M em ber bk deposlts-N et 38,209,000 200,649,000 31,038,000 39,329,000 15,514,000 9.547.000 72,733,000 20,807,000 19,434,000 23,751,000 10,353,000 23,726,000 505,090,000
____
1.252.000 5.602.non
878.000
4.563.000
12.295.000
F .R .bank notes In circ’n
1,691,000
1,691,000
1,402,000
D ue to F.R.banks— Net
2,492,000
7,000
107,000
110,000
66,000
290,000
Total liabilities............ 46,318,000 227,114,000 45,791,000 47,105,000 26,617,000 17,241,000|S4,335,00027,817,000 23,000,000 30,069,00020,879,000 31,201,000024,193,000
Federal Reserve Notes—
Issued to banks______ 10,236,000! 67,270,000 7,462,060 9,605,000 9,0,84,00013.533,000 3.363.000 6,274,000 12,906,000 12,623,000 14,714,000 9,550,000 176,620,000
In hands of banks____
910,000 12,383,000,
380,000
415,000
207,000| 1,122,000 1.288.000 1,266,000 1,737,000
658,000,
302,000, 1,508,000 22,176,000
F .R . notes In circulation 9,326,000 54,887,000 7,082,000 9,190,000 8,877,00012,411,000 2,075,000 5,008,000 11,169,000 11,965,000 14,412,000 8,042,000 154,444,000
Gold and lawful money
with agent___________ 10,236,000: 67,270,000 7,462,000 9,605,000 4.314.00011.533.000 3.363.000 6,274,000 12,906,00010,713,000 8,810,000 9.550.000162.036.000
Carried to net assets____
910,000 12,383,000
380,000
415,000
1.288.000 1,266,000 1.737,000 ________ ! _________ 1.508.000
19,887,000
Carried to net liabilities.
4.563.000
878,000
________
___ ____
.
___ _ 1,252.000 5.602,000 -------------' 12,295.000
a Items In transit, 1. e., total amounts due from less total amounts due to other Federal Reserve banks.
ST ATE M EN T O F FE D E RA L RE SE RVE A G E N T S ’ AC CO U N T S A U G . 18 1916.
Boston.

New Y ork. Phlladel'a. Cleveland. Richmond.

Atlanta.

Chicago.

St. Louis. Mlnneap. Kan. City.

Dallas.

San Fran.

Total.

Federal Reserve Notes—
S
%
S
$
%
*
$
$
$
$
5
5
$
R ec’d from Com ptrolr 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 15,480,000 21,080,000 13,320,000 300,520,000
Returned to Comptrol 4,324,000 38,170,000 4,298,000 2,255,000 4,666,000 2,771,000 1.136.000 1.564.000
970,000 65,126,000
464,000 1,354,000 3,154,000
Chargeable to Agent__ 16.056.000! 83.070.000 11.182.000 12,905,000 12,334,000 17,629,000 8,244,000 8.036.000 18,536,000 14,126,000 20 02fi.000ll2.350.000 235,394,000
In hands of F .R .A gcnt 5,820,00oj 15,800,000 3,720,000 3,300,000 3,250,000 4,096,000 4,881,000 1.762.000 5,630,000 1,503,000 6,212,000 2,800,000 58,774,000
Issued to F. R . bank. 10,236,000| 67,270,000 7,462,000 9,605,000 9,084,000
Held by F. R . Agent—
Gold coin A certfs____ 9,700,000 62,316,000 4.090.000 9,060,000
Credit balances’
314,000
In gold redemption f’d
536,000 4.954,000
482,000
545,000
With F. R . Board____
2.890.000
4,000,000
Notes secured by com4,770,000

13,533,000 3,363,000 6,274,000| 12,906,000 12,623,000 14,714,000 9,550,000 176,620,000
1,000,000

2.850.000 10,920,000 4.270.000 7.940.000

1,533,000
743,000
283,000
274,000
636,000
9.000.
000
3,080,000
3.150.000 1,350,000 5.700.000
2.000.

000

112,146,000

640.000
300,000 11.240.000
230.000 9,250,000 38.650.000

1.910.000 5.904.000

14.584.000

T o t a l _____________ 10,236,000| 67,270,000 7,462,000 9,605,000 9,084,00013,533,000 3,363,000 6,274,000 12,906,000 12,623,000 14,714,000 9,550,000 176,620,000
Amount of com m ’ l paper
delivered to F .R .A g ’ t ................1 .................. 1 ................. ................ 1 0,002,000! 2,006,000 ................ 1 .................1 ................ 1,919,000 0,020,000! ................ 16,547,000




Statement of New York City Clearing House Banks and Trust Companies.— The following detailed statement
shows tho condition of the New York City Clearing House members for the week ending Aug. 19. The figures for the sep­
arate banks are tho averages of the daily results. In the case of the totals, actual figures at end of the week are also given.
In order to furnish a comparison, we have inserted the totals of actual condition for each of the three groups and also the
grand aggregates for the three preceding weeks.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
C L E A R IN G HOUSE
M EM BERS.
W eek E n din g
A u g . 19 1916.

C a p it a l.

N et
P ro fits .

/N a t.B 'k s June 301
IStateB'ks June 30J

( 0 0 s o m it t e d .)

Lo an s,
D is c o u n ts ,
I n v e s t m 't s ,
& c.

C o ld .

Legal
T en d ers.

S ilv e r .

A ve ra g e .

A ve ra g e .

A ve ra g e .

A ve ra g e .

S
32,472,0
28,959,6
116,182,0
358,712,0
36,564,0
11,921.0
2,687,0
79,968,0
218,143,0
61,89.1,0
111,605,0
27,359,0
10,110,0
88,178,0
32,604,0
134,850,0
2,415,0
17,414,0
150,969,0
69,149,0
10,053 ,C
196,226,0
18,493,0
9,696,6
5,333,0
37.742,0
46,919,0
9,093,6
11,819,0
9,870,6
20,188,0

$
1,971.1
1,332,1
11,510,1
74,253,1
1,387,1
1,128,1
76,1
5,211,1
19,442,1
2,950,1
21,499,1
1,030,1
774,1
5,547,1
1,483,1
8,287,1
140,1
1.123.C
16,185,
7,574,1
311,1
18,517,1
1,379,1

s

113,1
2,888,1
2,910,1
609,1
270,1
429,1
1,728,1

823,0
356,0
3,853,0
12,482,0
508,0
194,0
25,0
1,208,0
4,316,0
1,942,0
1,364,0
370,0
281,0
983,0
1,184,0
1,470,0
33,0
177,0
2,329,0
1,156,0
96,0
7,021,0
719,0
115,0
98,0
1,061,0
791,0
170,0
286,0
78,0
176,0

$
637,0
1,384,0
4,095,0
8,742,0
1,399,0
279,0
113,0
2,035,0
1,303,0
1,788,0
1,309,0
1,364,0
1,094,0
3,839,0
555,0
5,667,0
172,0
444,0
3,684,0
3,737,0
632,0
3,175,0
989,0
649,0
340,0
2,035,0
1,756,0
224,0
473,0
470,0
519,0

Totals, avge. for week 118,850,0 198,634,8 1,967,583,0 212,812,1

45,665,0

54,902,0

S
S
2.000.0: 4,896,1
2,356,1
2.000.0
6,000,0: 9,314,9
M ecli. & Metals N a t ..
25.000,0 a40,809,1
8,193,(
3,000,(
792,0
1.000,(
Atlantic National Bank
90. ■:
300,C
5,193,3
5,000,(
25,000,( 18,279,9
2,025,7
3,500,(
3.000,f 15,772, f
2.550,0! 2,519,8
2,017,1
1,000,(
6,991,2
3.500.C
7,614,6
1,500,0
5,000,0 15,535,1
7.3,“!
250,(
3,357,(
1,000,0
10,000,0 23,562,7
3,898,1
4,000,0
N . Y . County Nat. Bk.
5,000.0 10,45315
1,908,2
1,000.0
Bank of N. Y ., N .B .A

250.0
1,000.0
1,000,0
i!o o o ,o
Broadway Trust C o . . .

i!s o o !o

Aug. 19
A ug. 12
Aug. 5
Totals! actual condition July 29

•417,6
2,888,2
3,443,2
758,1
1,068,0
1,130,1
937,6

N a t .B a n k N a t .B a n k
N o te s
N o te s
[R e s e r v e
[N o t
f o r S ta t e
C o u n te d
In s titu ­
as
tio n s ] .
R e s e rv e ].
A ve ra g e .

A v e ra g e .

$

S

F e d e ra l
R e se rve
N o te s
[N o t
R e se rve ] .

R e se rve
w it h
Legal
D e p o s i­
ta r ie s .

A d d i l ‘a l
D e p o s it s
w it h
Legal
D e p o s i­
ta r ie s .

A ve ra g e .

A ve ra g e .

A v e ra g e .

$
3,(
27.C
31,(
65,0 .
41,0
86,0
603,(
51,0
11,0
51,6
3,0
94,0
79,0
6,0
4,0
303,0
151,0
17,0
33,0
36,0
9,0
85,0
______
466,0
19,0
______
112,0
44,0
7,0
35,0
19,0
______
45,C
18,0
42,0
88 ,C
14,C
157,0
. 34i0
67,0
149,0
31,(
62 ,C

N et
D em and
D e p o s its .

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

N a t io n a l
Bank
C irc u la rlio n .

A ve ra g e .

A ve ra g e .

A v e ra g e .

$
$
1,520,6
28,697,(
27,909,0
2.303.C
122,007,0
9,119,1
411,683,0
30,655,0
424,6
12,554,0
2,157,(
72,993,0
7,114,6
217,707,0
911,6
61,614,0
5,111,0
126,540,0
24,787,0
1,575,0
9,873,0
98,267,0
28,879,0
134,501,0
1,916,(
2,374,0
14,818,0
146,367,0
125,1
79,054,0
240,0
10,216,0
21l!938!o 12,955,0
19,553,0
16,6
9,631,0
5,240!0
172,0
43,603,0
47,717,0
3,690,6
9,040,0
215,C
1 1 ,433,0
29,0
9,443,0
43,C
21,355,0
503 !o

$
786,0
1,845,0
4,954,0
1,799,0
450,0
150,0
48,0
4,785,0
155,0
1,770,0
130,0
1,014,0
153,0

30/
60,0

S
2,148,1
2,164,1
8.700.C
34.621.C
2,348,C
1.072.C
152.C
6.314.C
17,004,0
4,740,0
9,669,0
2,236,0
826,0
7,000,0
2,195,0
10,365,0
179,0
1,084,0
10,799,0
6,010,0
767,0
15.902,0
1,432,0
925,0
404,0
5,0
46,C 3,685,0
3,716,0
20,(
630,0
1 ,0 2 1,0
682 ,<J
1.709,0
27,0

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

2,001,0

1,511,0 160,499,0

........... 2,052,605,0

47,981,0

31,234,0

______
______
...........

1.734,0
1,989,C
1.947.C
2.487,0

1,306,0
1.403,0
1,394,0
1,047,0

2.062,625,0
2,056,705,0
2,400,0 2,037,544,0
2.400,0 2,028.854.0

48,160,0
47,610,6
46,979,6
49,096,0

31,222.0
31,348,0
31,251,0
31,447,0

4 H 832 0

800,0

28,298,0
12,021,0
6,476,0

30,0

______
- - -----—
______
—
—
—
______
......... —
______
______
—
______
—

______
______
______

7,0
54 ,c

15,(
22,(
22,0

1,964,047,0
______ 1,978,592,0
______ 1,951,123,0
........... 1,947,049,0

220,293,0
201,473,0
199,911,0
185,612,0

37,672,0
49,929,0
49,487,0
58,280,0

60.738,0
56,299,0
54,560,0
59,922,0

40,830,0
30,370,0
11,359,0
6,772,0
2,610,0
15,468,0
4,147,0
6,001,0
16,608,0
4,968,0
6,369,0
14,532,0
4,530,0
14,777,0
23,012,0

5,858,0
3,232,0
1,008,0
510,0
204,1
1,184,1
368,0
730,0
2,224,0
410,0
669,0
801,0
277,0
1,236,0
1,958,0

2,130,0
1,402,0
211,0
450,0
103,0
877,0
42,0
132,0
561,0
50,0
149,0
433,0

1,071,0
930,0
428,0
86,0
105,0
599,0
50,0
36,0
955,0
70,0
171,0
455,0
100,0
327,0
488,0

119,0
70,0
194,6
136,0
5,6
55,0
27,6
9,0
25.0
69,0
80,0
52,0
30,0,
81,0
163,0

169,081,0
155,789,0
163,561,0
166,025.0

S

_____
______
______
______
______
______
______

...........

51,0
3,557,0
50,0
696,0
4,585,0
640,0
45 o !o
893,0
248,0
70,0
499,0
412,0
397,0
50,0

S t a t e ' B anks.
N o t M em b e rs o f
F e d e r a l R e se r v e B a n k .

Pacific B a n k ...................
M etropolitan Bank____
German-Amorlcan Bank
Fifth Avenue Bank___
German Exchnngo Bank
Bank o f M etropolis____
West Sldo Bank.............
N . Y . Produce Ex. B k .
State Bank....... ..............
Totals, avge. for week.

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

11,950,0 25,944,4

202,353,0 20,669,0

7,881,0

5,871,0

1,115,0

A ug. 19

202,464,0
200,604,0
200,522,0
202,708,0

20,309,0
20,947,0
20,860,0
21,163.0

7,211,0
7,383,0
6,274,0
6,748,0

5,369,0
6,800,0
7.685 0
5,458,0

1.051 O

37,597,0
225,399,0
60,019,0
28,579,0
40,812,0
364,455,0
9,974,0
27.365,0
81,881,0
21,153,0
79,436.0
19,093,0
13,130,0
61,223,0

1,880,0
15,499,0
3,740,0
2,036,0
2,041,0
30,580,0
646,0
1.529,0
5,546,0
1,595,0
4,991,0
1.238,0
92.8, >
3.624,0

311,0
1,394,0
37 !o
19,0
321,0
3,261,0
43,0

526,0
1,272,0
197,0
83,0
138,0
800,0
92,0

319,0
105,0
I ,65916
216,0
84,0
1,406,0

Totals, actual condition July 29
T ru st

3(50,0

i!i» i!o

17,0

541,0
652,0

19,0
227,0
216,0

...........

300,0
338,0
833,0
276,0
1,068,0
1,463,0

681,0
71,0
1,897,0
150,0

58,0

8,361,0

3,392,0

20,6
...........

------ -

2,0

52,0

8,412 0

5 5 ,0

8 ^234 !o

3+ 9 9 j)

13,938,0
3,779,0
5,850,0
17,818.0
4,517\0
6.534,0
13,875.0
4,607,0
15,914,0
25,569,0

_____

_____
26,0

207,660,0

856,0

206,441 0
206,982,0

856,0
856,0

207+69 !o

851 ',0

C om pa nies.

N o t M em b ers ot
F e d e r a l R e se r v e B a n k .

3,991,0
15,498,8
4,278,2
1,712(5
12,227,2
31.073,7
1,210,3
5,472,0
8,097,3
1,060,2
11,372,3
1,301,3
525,4
6,424,3

M etropolitan Trust C o .

1,500,0
10,000,0
2,000,0
1,250,0
5,000,0
20,000.0
1,000,0
4,000,0
2,000,0
1,000,0
3,000,0
1,000,0
1,000,0
2,000,0

Totals, avgo. for week.

54,750,0 104,844,5 1,070,116,0

75,873,0

9.641,0

4,695,0

1,740,0

1,066,201,0
1,066,867,0
1.071,177,0
........... 1,039,116,0

77,833,0
75,014,0
73,787,0
75,700,0

14,404,0
7,379.0
10,041,0
6,370,0

4,508,0
9,066,0
9,366,0
7,282,0

1,540,0
1,701,0
1,455,0
1,305,0

...........

63,187,0 65,468,0
— 545,0 — 5,283,0

2,855,0
— 49,0

A ug. 19' 3,232,712,0.318,435,0 59,287,0 70,615,0 ...2,591,0
............I — 13,351,01+210010 — 5.401,0 — 1,550,0 — 278,0

Brooklyn Trust C o -----U. S. M tge. & Trust Co.
Astor Trust C o ........... ..
Title Guar. & Trust C o .
Guaranty Trust C o -----Fidelity Trust C o .........
Columbia Trust C o ____
Now York Trust C o . . .

Totals, actual condition Aug. 12
Totals, actual condition Aug. 5
Totals, actual condition July 29

Grand Aggregate, avgo. 185,550,0 389,423.7 3,240,052,0 309,354,0
+ 7,112,0 + 1 4736 0
Com parison prev. week
............
...........
Grand Aggregate,actual condition
Comparison prev. week
...........

Grand Aggregate actual condition Aug. 12 3,246,063,0 297,434,0
Grand Aggregate actual,condition A ug. 5 3,222,822,0 294,564,0
Grand Aggregate actuall condition July 29 3,188,931,0j282,475,0

64,691,0
65,802,0
71,398,0

422,0
309,0
139,0
97,0
272'0
215,0

24,0
165!0
17,0
118,0
392,0
35,0
13,0
142,0
89,0
16,0
35,0
50,0
344,0

72,165,0
71,611,0
72,662,0

30,0
19,0

...........

4,6
124,0
24,0
58,0
10,0
8,0
7,0

1,464,0 1,990,0
8,242,0 8,286,0
2,045,0 4,345,0
1,093,0
986,0
1.293,0 3,140,0
16,862,0
920,0
317,0
396,0
1,020,0
319,0
3,218,0 2,1.89,0
1,046.0 1,150,0
3,426,0 4,954,0
793,0
751,0
643,0
461,0
2,802,0 1,698,0

7,516,0
29,278,0
164,833,0 62,820,0
40,906,0 18,536,0
6,928,0
22,068,0
25,867,0
1,079,0
337,240,0 35,658,0
7,935,0
992,0
20,391,0
883,0
64,359,0 16,889,0
20,905,0
689,0
68,404,0
6,889,0
3,297,0
15,856,0
693,0
12,851,0
56,043,0
5,336,0

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

...........

311,0

44,343,0 31,506,0

886,936,0 168,205,0

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

313,0
331,0
304,0
264,0

44,839,0
44!243! o
42,665,0
44,486,0

897,546,0
884,478,0
867,993,0
889,645,0

300,0

2,869,0
2,588,0
2,406,0

8.0

19,0

160,473.0
171,420,0
191,125,0
135,314,0

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

2,001,0
+ 40,0

1,880,0 213,203,9 34,898,0 3,147,201,0 217,042,0
— 4.0 — 1.360,0 -122110 + 24,644,0 — 121770

31,234,0
+ 6.0

F73+0
— 255,0

1,661,0 222,137,0 30.649.0 3,166,612,0 209,489,0
— 125,0j + 136930 — 98630 + 18,447,0 — 103970

31,222,0
— 126,0

1,989,0
1,947,0
2,487,0

1.786.0 208.444.0 40.512.0 3,148,165.0 219,886,0
1.745,0,214,075,0'52,725,0.3,111,217,0 238,960,0
1,366,0j218,745,0j38.357,0j3,125,968.0 185,261,0

31,348,0
31,251,0
31,447,0

27,928,0
37,057,0
47,894,0
32,758,0

a Includes capital aet aside for Foreign Branches, $3.000.000.
..........i

v/r

r u u u iv

t li

Actual Figures.

A vera ges.

Cash Reserve Reserve in
in Vault. Depositaries

Total
Reserve.

a Reserve
Required.

Surplus
Reserve.

Inc. or Dec.
from
Cash Reserve Reserve in
Previous Week in Vault. Depositaries

Total
Reserve.

b Reserve 1 Surplus
Required. | Reserve.

Inc. or D ec.
from
PrevlousWeek

$
%
S
S
1
$
M e m b e rs Federal
$
$
S
$
S
3
S
R es erv e B a n k ____ 313,379,000 160,499,000 473.878.000 371,867,950 102,010,050 +8,497,610 318,703,000 169,081,000 487.784,000 373,680.500 114,103,500 +23,200,900
8,361,000 43,897,000 37,378,800 6,518,200
S ta te B a n ks'*............. .. 35.536.000
— 816,800 33.940.000 8,217.000 42,157,000 37,159,380 4,997,620 — 2,455,620
T ru s t C o m p a n ie s * -. 91.949.000 44,343,000 136.292.000 133,040,400
3,251,600 — 4,204,650 98.285.000 44,839.000 143,124,000' 134,631,900 8,492,100 + 3,760,800
T o t a l A u g . 19.........
T o t a l A u g . 12-------T o t a l A u g . 5 .........
T o t a l July 2 9 .........

L
440.864.000213.203.000 654.067.000 542,287,150 ,111,779,850 + 3,476,160
432.005.000214.563.000 046,568.000538,264,310 108,303,690
— 694,710
426.034.000216.260.000 642.294.000 533,295,600 108,998,400 +2,298,230
427.701.000216.597.000 644.298.000 537,597,830 106,700,170 +2,837.430

450.928.000 222.137.000673.065.000 545,471,780127,593,220 +24,506,080
437.159.000 208.444.000645,603,000542,515,860103,087,140 — 9,224,640
648,640,000:536,328,220 112,311,780 +3.065,470
434.565.000 214.075.000
428.941.000 218,745,000647,686,000538,439,690109,246.310 + 1,160,950

a This Is tho reserve required on Net Demand Deposits In the case o f State Banks and Trust Companies, but In the ease o f Members o f the Federal Reserve Banka
Includes also the amount o f reserve required on Net Tim e Deposits, which was as follows: Aug. 19, S2,399,050: Aug. 12, 52,375,600; Aug. 5, 52,394,900; July 29, 52,401,250.
b This Is the reserve required on Net Demand Deposits In the case o f State Banks and Trust Companies, but In the case o f Members of the Federal Reserve Banks
Includes also tho amount of reserve required on Net Tim e Deposits,which was as follows: Aug. 19, 52,408.000; Aug. 12, $2,380,500; Aug. 5. $2,348,950: July 29, 52,454.800.




The State Banking Department reports weekly figures,
In addition to the returns of “ Stato banks and trust com­
showing the condition of State banks and trust companies panies in New York City not in the C learing H o u s e ," furnished
In New York C ty 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 covoring all tho institutions of this class
8 0 M M A H Y OF S T A T E BA N KS A N D T R U S T C O M P A N IE S IN G R E A T E R
in the whole State. The figures are compiled so as to distin­
N E W Y O R K . N O T IN C L U D E D IN C L E A R IN G HOUSE S T A T E M E N T .
(Figures Furnished bj State Banking Department.) Differences from guish between the results for New York City (Groator Nev.
A u g u s t 19.
p r e c io u s w e e k .
York) and those for the rest of the State, as por tho follow'ng:
Loana and Investments.........................................................$712,178,300 Inc. 85,850,000
........................................................................................ 59,534,500 D ec.
505,900
For definitions and rules under which the various items
Currency and bank notes............................................. __
8,654,700 D ec.
568,000
T otal deposits...................................................... .......... - . 878,018,100 Inc. 4,179,100
aro mado up, see “ Chronicle,” V. 98, p. 1661.
Deposits, eliminating amounts due from reserve
depositaries and from other banks and trust com ­
The provisions of the law governing the reserve require­
panies In New York C ity, and exchanges......... ........ 752,605,100 Inc.
6,609,400
ments of State banking institutions were published in tho
Reserve on deposits...............
192,579,000 D ec. 3,391,100
Percentage of reserve, 27.3% .
“ Chronicle” March 28 1914 (V. 93, p. 90S). The regula­
R E SE R V E .
----------S la te B a n k s ----------tions relating to calculating the amount of deposits and what
------ T r u s t C o m p a n ie s —
Cash in vaults....................................... 811,718,709 10.39%
9.54%
S56,470,500
deductions aro permitted in the computation of tho roserves
D eposits in banks and trust cos____ 18,626,400 16.52%
105,763,400 17.88%
wore givon in the “ Chroniclo” April 4 1914 (V. 98, p. 1045).
T o t a l _____________________
-.830,345,100 28.91%
S162,233,900 27.42%
ST A T E BA N K S A N D T R U S T C O M P A N IE S .

The averages of tho New York City Clearing House banks
and trust companies, com bin ed with those for the State banks
and trust companies in Greater New York City outside of the
( learing House, compare as follows for a sories of weeks past:
C O M B IN E D

RE SU LT S O F BA N KS A N D T R U S T
G REATER NEW YORK.
W e o m it c ip h e r s

W eek en d ed —

M ay
June
June
June
June
July
July
July
July
July
Aug.
Aug.
A ug.

2 7 ___
3 ____
10___
17___
24____
1____
8 ____
15____
22____
29____
5 ____
12____
19____

Loans and
In v e s tm e n ts

4.124,653,8
4.118.082.4
4.087.787.7
4.048.776.6
4.025.620.8
4.017.526.4
4.011.831.8
3.956.132.5
3.901.908.7
13,903,877,9
3.926.634.6
3.939.268.3
3.952.230.3

In

C O M P A N IE S

W eek e n d e d A u g .

S p e c ie .

4.135.726.9
4.093.553.9
4.056.239.2
4.025.988.4
4.026.435.3
4.024.927.0
3.966.998.0
3.906.760.1
3.871.422.7
3.878.459.5
3.840.711.7
3.868.552.7
3.899.806.1

S
418.247.5
409.491.2
399.818.3
1412,492,1
431.258.6
440.874.8
407.219.3
i 405.006,1
; 413,668,2
417.059.9
417.394.3
425.409.4
434.350.5

$
23,450,000

s
75,550,000

40,068,500

173,239,300

14,651,000

14,381,000

383,546,400 1,682.813,500
+ 893,900 + 10,126,700

161,749,300
+ 415,200

241,004,400
+ 578,600

Capital as of June 30____

IN

Surplus a j of Juno 30____

a l l th e s e f i g u r e s .

D em and
D e p o s its .

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

19.

O th e r
M oney.

T o ta l
M oney
H o ld in g s .

E n tir e
R e se rve on
D e p o s its .

S
75,338,8
73,519,3
76,180,8
79,319,3
83,450,1
79,417,4
62,520,9
66,617,8
79,582,4
79.857,2
77,337,1
75,347,5
74,696,7

S
493.586,3
483,010,5
475,999,1
491,811,1
514,714.7
520,292,2
469,740,2
472,283,9
493,250,0
496,917,1
494,731,4
500,756,9
509,053,2

$

Loans and Investm ents..
Chango from last weex.
G o ld .....................................
Cnango from last weetc.

39,169,200
+ 83,500

S
11,783,000

$
14,900,000

133,161,900
+ 1,845,200

Currency and bank notes.
17,733,100
18,922,800
862,337,4
Change from last week.
— 1,013,200 — 4,771,000
851.290.6
810.609.3
176,591,200
D eposits_________________
495,311,500 1,941,559,800
824.041.3
+ 3,124,100
Chango Irom last week.
+ 4,457,200 — 14,710,100
840.890.6
850.228.8
102,858,700 317,192,700
33,223,200
786.127.9
Change from last week. — 1,716,000 — 17,695,000
+ 2,508,000
779.462.3
812.531.2
25.0%
22.0%
P. c. of reserve no deposits
22.7%
824.628.3
Percentage last w e e k ..
25.3%
23.9%
20.7%
828.101.3
842,538,1
846.6
46,0 + Increase over last week. — Decrease from last week.

................ 254,413,300
— 101,200
31,935,700
— 334,300
17.2%
17.3%

.wuiugmuoi uauas auu Aiuau companies.— .following is tne report mane to tue Uloaring il
member institutions which are not included in the “ Clearing House return” on the precoding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
C L E A R IN G
N O N -M E M B E R S . C a p i t a l .
W eek E n d in g
A u g . 19 1916.

N et
P ro fits .

fN at. bka. June 30|
[Stato bks. June 301

M em bers o f

Lo an s,
D is c o u n ts ,
In v e s t­
m e n ts , A c .
A v e ra g e .

P e d ’ l R eserve B a n k

S
200,000
300.000
300.000
400.000
250.000
220.000
125,000

Battery Park N at.
First N at., Brooklyn
N at. City, Brooklyn
First N at., Jers. City
Hudson C o. N ., J .C .
First N at., Hoboken
Second N at., H obok.
T o t a l ......................

S
189.000
679,400
588.000
1.266,500
755,500
628,100
291,300

A v e ra g e .

S

6.254.000
5.203.000
5.589.000
4.856.000
4.816.000
6.013.000
4.791.000

S

N a t .B a n k N a t .B a n k
N o t e s ]R e - N o t e s [ N o t F e d e r a l
R e se r v e
serve fo r
N o te s ] N o t
S ta le I n ­
R e se r v e I
s t it u t io n s ] R i s e r v e ] .

Legal
T en d ers.

S ilv e r .

A ve ra g e .

A ve ra g e .

A vera g e.

%

S

$

673.000
152.000
106.000
218,000
152.000
161.000
66,000

64.000
41.000
64.000
344,000
16.000
12,000
39,000

72.000
101,000
114,000
78.000
71.000
42.000
94.000

4,397.800 37,582,000 1,5S8,000

580,000

572,000

8,000
131.000
40.000
10.000
11,000
45.000
34.000
85.000
153.000
44.000

84.000
405.000
271.000
39.000
51.000
159.000
118.000
232.000
769.000
105.000

18,000
45.000
72.000
12.000
1.000
62,000
45.000
83.000
174,000
15.000

561,000 2,233,000

527,000

A ve ra g e .

$
4.000
8.000
8,000
10,000
96.000
16.000
3,000
145,000

A v e ra g e .

S
9.000
8.000
1,000
3.000
5.000
2.000

R e se rve
w it h
Legal
D ep o s­
it a r ie s .

A d d it i o n a l
D e p o s its
w ith L e g a l
D epos­
ita r ie s .

N et
D em and
D e p o s its .

A vera g e.

A ve ra g e .

A ve ra g e .

$
493.000
599.000
685.000
526.000
469.000
100.000
255,000

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

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

A ve ra g e .

S
6.735.000
281,000
120,000
163.000 4.827.000
71,000 5.635.000
2,740,000 4.381.000
489.000 3.907.000
558.000 2.433.000 3.232.000
376.000 2.558.000 2.128.000
S

S
191.000
296.000
120.000
397.000
196.000
217.000
98,000

5,761,000 1,515,000

28.000 3,427,000

4,397,000 30,476.000

106,000
538.000
503.000
70,000
4.00J
169.000
399.000
' 6.666 234.000
396.000
1,154,000
247.000

52.000
475.000
347.000
267.000
388.000
453,009
22.000
334.000
2,077,000
543.000

29,000 3,816,000

4,898,000 62,608,000

1,216,000

2,000
13,000

309.000
108.000

1,530,000
904,000

6.190.000
2.157.000

1.246.000
2.716.000

15,000

417,000

2,434,000

8,347,000

S ta te Banks.
N o t M e m b e r s o f th e
F e d e ra l R e se rve B a n k .

Bank of Wash. H ’ ts.
100,000
Colonial Bank...........
400.000
Columbia Bank____
300.000
Fidelity Bank______
200.000
International Hank.
500.000
Mutual Bank............ 200.000
New Nctherland____
200,000
Yorkvllle Bank_____
100.000
M echanics’ , B k ly n .. 1,600,000
North Side, B k ly n ..
200.000
T o t a l ...................... 3,800,000

410,700 2,19 4,000
851,400 8.572.000
655.900 7.870.000
184.300 1.207.000
116.300 2.504.000
474.900 6.194.000
243,500 4.034.000
584,600 6.102.000
807.900 17,936,000
189.100 4,229,000

104.000
508.000
598.000
97,000
222.000
592.000
208.000
447.000
790.000
269.000

4,518,600 60,902,000 3,835,000

19,000

189,000
189,000

1.768.000
8.960.000
8.387.000
1.168.0 JO
92,000
2.237.000
6.211.000
330.000
3,917,00!)
295.000
6,602,000
19,240,000
89,000
410,000
4,118,J00

T r u s t C om pa n ies.
N o t M e m b e r s o f th e
F e d e r a l R e se rve B a n k .

HamlltonTrust.Bkln.
M echanics’ .Bayonne
T o t a l ................
Grand aggregate____
Comparison ,prev .wk
Excess reserve.
Grand aggr’ teAug.12
Grand aggr'te Aug. 5
Grand aggr’ te July29
Grand aggr’ te July22
Grand aggr’ te July 15

500.000
200.000

1,103,500 8.109.000
297,600 4.876.000

507,000
78,000

17.000
41.000

700,000

12,985,000

585,000

58,000

18,000
66,000

77.000
40.000
117,000

6.295,000 10,317,500 111469000 6,008,000 1,199,000,2,889,000
+ 723,000 + 19,000 — 10800O — 22,000
8135,320 decrease
6.295.000 10.317.500 ------- ---- ------5,989,000
1,307,000 2,911,000
6.295.000 10.317.500 111512000 5,949,000.1,204,000 2,930,000
6.295.000 10.317.500
6,051,000’ 1,284,000 2,974,000
5.795.000 10.459.700 111614000 6,236.000 1,250,000 2,909,000
5,795 000 10.459.700 112418000 6.062.000 1,350,1)00 3,225,000

334,000
— 31,000
365.000
222.000
231.000
13+000
282.000

3,902,000

72,000 7,660,000 11,729,000
— 1,000 — 148000 — 24.000
73,000,7,808,000
72.000 7,538,000
73.000 7,755.000
76.000 7,747,000
90.000 7,781,000

10,939,000 1,515,000
— 55,000

11,753,000 101875,000 10,994,000 1.515,000
12,093,000 101524000| 10,721,000 1,509,000
11,015,000 101252000 10,598,000 1,515,000
10.477.000; 1,513.000
11,261.000,.103142000
____
9,929,000 104218000 10.421.000 1,509,000

Philadelphia Banks.— Summary of wookly totals of
Boston Clearing-House Banks.—-Wo give bolow a sum­
Clearing House banks and trust companies of Philadelphia:
mary showing the totals for all tho items in tho Boston CloarWe omit two ciphers (00) in all these figures.
ing-House weokly statement for a sorios of weeks:
Loans,
Dlsc'ls A
Invesl'ts.

Due
from
Banks.

S

Deposits.
Bank

Indlvld-l.\

Total.

Held.

Excess
Reserve.

67,332,0 162,809,0 294+94,0^457,003,0' 81,447,0
5,256,0
3,778,0 137,713,0 i 141,491,0, 25,535,0

25,056,0
5,339,0

Total
Aug. 1 2 . . .
’• 5 . . .
July 2 9 . . .
’’ 2 2 . . .
** 1 5 . . .
" 8. . .
“ 1 ...
June 2 4 . . .
’’ 1 7 . . .

72.588.0
06.743.0
68.772.0
71.446.0
75.318.0
75.386.0
72.545.0
73.492.0
73.502.0
75.222.0

30.395.0
29.179.0
22.099.0
23.175.0
21.662.0
22.538.0
29.435.0
23.811.0
28.820.0
31,581,0

166.587.0
161.405.0
161.584.0
163.326.0
165.127.0
167.766.0
168.696.0
166.564.0
169.800.0
171.591.0

431.907.0
427.724.0
425.290.0
424.646.0
427.042.0
440.822.0
441.602.0
437.448.0
433.292.0
441.244.0

598,491,0' 106,982,0
589,129,0 105,238,0
586,874,0 97,790,0
587,972,0; 98,288,0
592,769,0! 96,702,0
608,583,0 99,465,0
610,358,0; 109,726,0
604,012,0; 99,902,0
003,092.0 105,718,0
612,835,0 109,285,0

8

Note.— National barik note clr dilation A ug. 19, $9,418,000: Exchanges for Clearlng House (included In "B ank Deposits” ) , banks, S13.730.66o: trust companies, ,
S I,589,000; total, S15.319.000. Capital and surplus at latest dates; banks, S64,- '
175,600: trust companies, S41.295.200; total, $105,470,800.




19
1910.

Aug.

S

A u g. 19.
S
N at. banks. 359,860,0
Trust c o s .. 150,382,0
510,242,0
508,341,0
509,061,0
509,024,0
510,676,0
518,482,0
514,281,0
512.795,0
512,551,0
513,741,0

BOSTON C L E A R IN G HOUSE M E M B E R S .

Circulation......... .....................
Loans, dlsc’ ts A Investments.
Individual deposits, incl.U.S.
Due to banks......... ..................
Tim e deposits..........................
Exchanges for Clear. House.
Duo from other banks...........
Cash reserve______ _________
Reserve In Fed. Res’ ve Banks
Reserve with other banks__
Reserve excess In bank...........
Excess with Reserve A g e n t..
Excess wltn Fed. R cs’ve U’ k.

56,465,000
418,516,000
329,354,000
126,133,090
24,016,000
11,512,000
38,906,000
24,375,000
24,590,000
39,812,000
1,048,006
24,200,000
5,156,000

12
1910.

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

D ec.
s i i.o o o
Dec.
309,000
Inc. 7,355,000
Inc. 2,256,000
817,000
D ec.
465,000
D ec.
Inc. 2,785,000
682,000
Inc.
Inc. 2,169,000
Inc. 1,954,00
365,000
Inc.
1,742,000
Inc.
Inc.
1,901,000

Imports and Exports for the Wook
preceding.

Aug.

56.476,000
413.825,000
321,999.000
123,877,000
24.833,000
12,007,000
36,121,000
23,693.000
22.427,000
37,85,8,.100
083,000
22,518,000
3,252,000
—

5
1916.

Aug.

56,455,000
422,502,000
325,056,000
122,830,000
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

See third page

ban k ers'

United States Bonds.— Sales of Government bonds at

(& ix z z iU .

W a ll Street, F rida y N ig h t, A u g . 25 1916.
The Money Market and Financial Situation.— No
new factors have developed in the financial situation this
week, but those already existing and which have been
accumulating force for some time past caused increased
activity and rapid irregular fluctuations in security prices.
Of these factors tho crop outlook, foreign trade reports,
industrial activity and tho railway labor situation have
been more or less prominent. Railway stocks advanced
during the early part of the week, perhaps on increasing
probability that a tie-up of the railways will bo averted,
but they declined later, presumably on a more mature
consideration of tho suggested terms of settlement. The
vital question now seems to be who will supply tho capital
required for additional trackago and terminal facilities,
which the railways must have in the near future, to avoid
serious or disastrous blockade of traffic, if the owners thereof
can have no control of either tho incomo or operating ex­
penses of tho companies. Many of those who were most
skeptical when, a few years ago, Mr. .James -J. Hill an­
nounced his estimate of how many hundreds of millions
the railways of the country would bo obliged to spend within
a few years if their equipment and iacihties were to keep
pace with tho increasing traffic, now realize to some extent
the correctness of his figuros and wonder who, in tho
light of current developments at Washington, will supply
th o s e m illio n s .
.
_
T h o v o lu m e o f b u s in e s s a t th o S t o c k E x c h a n g e r e a c h e d
a t o t a l o f 1 ,3 2 0 ,6 9 4 s h a r e s o n T u e s d a y , a n , a m o u n t n o t
e q u a ll e d s in c e t h o s p e c u l a t i v e b o o m in t h o s o - c a l l e d “ m u n i ­
t io n s t o c k s ” la s t O c t o b e r .
S in c e T u e s d a y , h o w o v e r , th o
i n t e r e s t l i a s s u b s i d e d , d a y b y d a y , u n t i l i t is n o w s c a r c e l y
m o r e th a n n o r m a l.
I n v e s t o r s ’ a t t e n t io n h a s c e n t r e d la r g e ly
u p o n th o n e w B r it is h lo a n a n d th e p r a c t ic a l c e r t a in t y t h a t
t h o la r g e a m o u n t o f A m e r ic a n s e c u r it ie s u s e d a s c o lla t e r a l
t h e r e fo r w ill g r e a t l y r e d u c o t h o a m o u n t o f f o r e d w e e k ly in
th is m a r k e t .
T h o la tte r h a s b e e n r e a d ily a b s o r b e d , w it h o u t
in c o n v e n ie n c o , b u t h a s s o m o t im e s b e e n s o la r g e a s t o c a u s e
h e a v in e s s in th e m a r k e t a n d t h u s in t e r fe r e w it h t h o fr e e ,
o r a u t o m a t ic , m o v e m e n t o f p r ic e s w h ic h o t h e r w is e w o u ld
o b ta in .

Foreign Exchange.—Sterling oxchango has ruled quiet
but steady this week, influenced by the successful distribu­
tion of the §250,000,000 English loan. The Continental
exchanges were irregular.
T o -d a y ’s (F r id a y ’s) a ctu a l rat os for sterlin g oxchango wore 4 71 for six ty
d a y s , 4 7 5 % for chocks an d 4 7(5 7 -1 6 for cab le s.
C o m m e rc ia l on b a n k s,
sig h t, 4 7 5 9-1(5; six ty d a y s , 4 7 0 M\ n in e ty d a y s , 4 6 8 5 4 . an d d o cu m en ts
for p a y m e n t (sixty d a y s ) , 4 7 1 .
C o tto n for p a y m e n t, 4 <5 9 - 1 6 , an d grain
for p a y m e n t, 4 7 5 9 -1 6

b a n k ers’ guilders wore 41 L -S 4 ( "4 i .5-10 i<n sm uu .
E x ch an ge a t I’ nris on L o n d o n , 28 . U K f r .; w eek s run go, 2 8 .1 5 5 4 f r . high
and 2 8 .1 4 5 4 fr. low .
E x ch an ge a t lle ilin on L o n d o n , n o t q u o ta b le .
T h e range for foreign exchange for tho w eok fo llo w s:

Sterling A4c tu a l—

dinrlti Dfi/ttiv
Sixlg
ags.

H ig h for tho w e e k —
L o w for tho w e e k ___

4 71 54
4 71 7 -1 6

P a ris Bankers' C ran es—

C'hprlrv
Checks.

4 7 5 1 3 -1 6
4 7 5 1 1 -1 6

High for the week—

..........

5 0054

L o w for tho w eok —

-----------

5 9054

Germ ang Bankers’ M u rk s—
11 lgh for th e w eok ...........................
L o w for tiio w e e k —
....—

A m sterdam Bankers' G uilders—

11igli for th e week —
Low for th o w eek —

----------------

C ables.
4 7 6 9 -1 6
4 7 6 7.-16
5 90
5 90

'A

7254
7 1 9 -1 6
41 % + 1 - 1 6
4 l 54— 1 -16

State and Railroad Bonds.— Sales of Stato bonds at
tho Board this week are limited to $4,000 New York Stato
4%s at 105% and $1,000 New York Canal 4%s at 115.
Sales of railway and industrial bonds havo been consider­
ably loss in volumo than last weok, while prices in a list of
2 0 most active issues havo generally moved to a higher
level. United Railroads of San Francisco 4s advanced from
33% to 34% and Atchison, Topeka & Santa Fe gen. 4s and
International Mercantile Marino col. tr. 4%s etfs. of dep.
moved up fractionally, both, however, falling back at tho
closo. Lackawanna Steel 5s 1950 added 1% points to their
closing price of 92 a week ago. St. Louis & San Francisco
inc. & adj. 6s w. i. advanced 1% and 1 % points respectively.
Continuing tho movement started a week ago, Chicago,
Rock Island & Pacific deb. 5s fell away from 59% to 57%,
the refunding 4s of the samo road declining fractionally.
Tho $250,000,000 2-year 5% gold notes of tho British
Government, offered publicly for the first time on Wednes­
day were practically all sold boforo the close of business on
Thursday, illustrating the financial ability of this country.
Theso bonds were offered at 99, but sales amounting to $4,
000 on Thursday at the “ Curb” , tho first in open market
showed a gain of % a point. Anglo-French 5s, American
Foreign Securities 5s and tho Dominion of Canada issues
furnished the balance of interest in Government issues.
New York City securities wero also in good demand. Sales
on an s-20-f basis indicating presumably, sales on foreign
account, none of which were reported last weok, reached a
total of $26,000.



the Board are limited to $1,000 35 coup, at 100%. F or to­
d a y’ s prices o f all the d ifferen t issu es and f a r the w eek’s range
see third page fo llo w in g .
Railroad and Miscellaneous Stocks.— Despite the un­
settled condition of the railroads, the confidence felt in
Stock Exchange circles of the avoidance of a general strike
was shown by the advance of railway shares during the early
part of the week. Tuesday’s market was noteworthy in
being, as mentioned above, the most active since the week
ending Oct. 30. Prices advanced sharply and sales were
over 1,300,000. The most conspicuous among the railway
issues was Reading with an advance of 3 % points, the close,
however, being 1% points below the high, while Union
Pacific, New York Central and Norfolk & Western gained
more than a point each, falling away, however, slightly at
the close, as did nearly all other securities, probably due to
profit-taking. Among the industrial stocks Steel caused
the most comment. From 91% it advanced steadily to
99% on Wednesday, the final figure being 97. From a list
of 25 most active issues of this group only 8 declined. United
Fruit Co., Willys-Overland and Cuba Cane Sugar showing
net losses for the week of 3 % , 7% and 2% points, respec­
tively, while Maxwell Motors and International Mercantile
Marine pref. lost over a point each. Baldwin Loocmotive
moved up from 76% to 81%, and the high, low and last
prices for American Can, American Locomotive, Crucible
Steel and Lackawanna Steel were 62%-59%-59%, 79%-72-77
79-72 %-77% and 79%-75-77%.
F or daily volum e o f bu sin ess see page 748.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Aug. 25.

Sales
for
W eek.

Range for Week.
Highest.

S per share.
Par. Shares] $ per share.
Aug 23 53 54 Aug 25
Acm e Tea certils____100 1,500 52
Aug 22
20013354 Aug 21 136
Adams Express_____ 100
Aug 21
Aug 21 65
200 65
Ajax R u b b e r ...............50
Aug 23 40
Aug 23
100 40
Amor Bank N ote____ 50
Aug 25
Aug 22 198
Am Br S & F pf ctfs. 100
400 105
Aug 22
Aug 22 128
600126
American Express___ 100
Am Teleg & Cable. .100
6 6354 Aug 19 6354 Aug 19
Am Writ Paper, pref. 100 1,244 2654 Aug 24 2754 Aug 21
Associated O il______ 100 1,580 6854 Aug 21 7254 Aug 24
Brown Shoe.................100 1,1651 60>4 Aug 21 6154 Aug 24
Preferred_________ 100
Aug 19
Aug 19 99
100 99
Brunswick Term inal. 100
Aug 19
100 7
Aug 19 7
Burns Bros................ 100
Aug 25
Aug 251 74
200 72
Case (J I), pref_____100
Aug 21 85
Aug 23
300 84
Cluett,Peabody & ColOO
Aug 25 72
Aug 24
300 71
P referred................ 100
300 109
Aug 25 10954 Aug 22
Aug 24
C om put-Tab-llecor .100
300 4354 Aug 24 44
Aug 24
Aug 24 18
Cons Int-St Call M g . . 10
300 18
Aug 19
Aug 19 90
Deere & C o. pref____100
100| 90
Aug 21
Aug 21 139
D etroit Edison_____ 100
240 139
400 11754 Aug 23 117'-4 Aug 23
D etroit U n ite d _____ 100
Aug 22
Diam ond M atch____100
200 11854 Aug 22 119
Aug 24
Aug 21 10
500 10
Dulutn S S & A, pref.100
Aug 24
Aug 24 75
200 75
Gulf States Steel ctfs.100
Aug 24 9554 Aug 21
200 95
1st preferred ctfs. .100
Aug 23 8554 Aug 23
3001 85
2d preferred c t fs .. l.)0
Aug 25
Aug 25 135
15 135
Homestake M in in g .. 100
Aug 24
Aug 24 79
600 78
Int Ilarv Corp v t c.100:
Preferred v t c ____100
23 10854 Aug 24 10854 Aug 24
Aug 22 130
Aug 22
25 130
Kings C o El Lt & P . .100
M ackay Companies.100 1.710 8354 Aug 19 8754 Aug 25
Preferred_________10C
400 6754 Aug 24 6754 Aug 25
154 Aug 24
Manhattan Beach__ 100
100
154 Aug 24
Aug 22 114
Aug 22
Manhattan Shirt, p f. 100
100 114
M ay Dept Stores__ 100)
700 6054 Aug 25 62)4 Aug 21
Aug 24
Aug 22 81
Morris A Essex______ 50
400 81
Aug 23
Nat Cloak & S u it ... 100
700 7554 Aug 22 76
Aug 24
Aug 22 23
N orfolk Southern__ 100
400 23
Aug 19 65
Aug 21
Pacific Coast.............. 100
600 62
Aug 23 9654 Aug 23
Pac Tel & Tel. p r e f..100
200 96
Aug 21
Aug 21 11
Peoria & Eastern____100
100 11
Pitts Coal ctfs d e p o sit..' 1,800 2754 Aug 21 2854 Aug 22
Preferred ctfs deposit. 2,500 10054 Aug 25 10154 Aug 22
Aug 25 9954 Aug 25
Pitts Steel, pref_____100
300 99
100 2754 Aug 22 2754 Aug 22
Rutland, p r e f ______ 100
Aug 25
200 9554 Aug 22 96
Sloss-Sheff S A I, pf.100'
Aug 24 105
Aug 23
400 101
Tobacco Prod, p r e f.. 100
Aug 21 102
Aug 21
100102
Underw’d Typew rit. 100
U S Express________ 100
775 3054 Aug 24 3154 Aug 21
U S Realty & Im p t.. io o
IOO! 2854 Aug 24 2854 Aug 24
500 154 Aug 21
U S Reduc & Refln.-lOO
154 Aug 21
Aug 22 254 Aug 19
500 2
P referred________ 100
Aug 25 47
Aug 21
300 45
Virginia Iron, C & C . 100
Wells, Fargo Express 100
500 12754 Aug 22 12854 Aug 24
Aug 22
Aug 22 143
120143
W est’h’se Air Brake. .50
Aug 25
W orth’g’n P A M vtc 100 1,800 2654 Aug 19 31
Preferred A v t C ..100
100 9854 Aug 25 9854 Aug 25
Aug 25
Preferred B v t c . . 100 3,000 5354 Aug 19. 60

Range since Jan. 1.
Lowest.

| Highest.

S per share. $ per share.

5154
132 54
61
39 54
165
123
6054
11
62
5054
9554
6
66
84
68
108
4054
18
89
131
70
10254
10
71
87
72
126
6854
104 54
12654
78
6554
154
109
5054
81
71
20
53
9354
8
2554
100 54
9354
25
9154
99
97 54
29 54
25
1
54
41
12354
139
25
95
5254

Aug 5354
M ar 15454
Aug 66
July 41
Feb 198
June 14054
July 6954
Jan 2954
Jan 77
Jan 6154
Jan 102
July 14
Aug 87
Aug 90
Apr 76
June 112
July 5254
Aug 23
M ay 9854
M ar 141 54
Jan 11954
M ar 119
Jan 14
M ay 9054
M ay 10154
M ay 90
Jan 135
M ar 84 54
Apr 109
M ay 131
Apr 91
Jan 6854
M ay
154
Jan 118
Jan 6854
Feb} 8354
M ay 8154
Apr 27
M ay 65
Jan 97 54
M ar 15 54
July 29
Aug 103
Feb 10054
Feb 2754
Apr 101
July 10954
July 106
Aug 4954
June 49
June 3 54
Aug 4
July 6254
M ay 135
Feb 143
July 31
July 98 54
July 60

Aug
Jan
July
July
July
Jan
Apr
July
Jan
Aug
M ay
Jan
Jan
M ay
Jan
Jan
Jan
July
Feb
Jan
Aug
Aug
Jan
June
June
June
Aug
M ay
June
Feb
Feb
June
Aug
M ay
M ay
Apr
Jan
Jan
July
M ay
June
June
Aug
Jan
Aug
Jan
M ar
M ay
Apr
Feb
Jan
Jan
Jan
Jan
Aug
Aug
Aug
Aug

Outside Securities.— Values of securities on the Broad
Street “curb” were irregular. Aetna Explosives fluctuated
between 11% and 14%, while Chevrolet Motors, by far the
most irregular, covered a range of 9 points, closing at 200,
7 points below the high. Driggs-Seabury advanced from
97 to 98, the final figure being 98. From 41, Gaston, Wil­
iams & Wigmore moved up to 45%, closing, however, at
43%. Maxim Munitions and Midvale Steel netted an ad­
vance for the week of 1 and 1 % points, respectively. Spring­
field Body com. and pref. gained 5 and 7 points, but Saxon
i Motors lost from 77 to 73 and Kathodion Bronze pref.,
; Peerless Truck & Motor Corp. and Stutz Motors fell away
! fractionally. Standard Oil issues were fairly active, Prairie
1 Pipe Line fluctuating between 231 and 247 and Standard Oil
{ of California between 265 and 270. The high, low and last
prices for Illinois Pipe Line and Standard Oil of New York
were 181, 167, 177, and 209, 206, 209. The other oil shares
were fairly active, Alberta Petroleum going from 56 to 58
while Cosden & Co. and Midwest Oil gained slightly. Among
the bonds traded in at tho “ curb” were $4,000 of the new
British 5s at 99%, % point above the offering price.
| A complete record of “ curb” transactions for the week
will be found on page 748.

740

New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G T W O PAGES.
F or record o f sales d u r in g th e w eek o f s to ck s u su a lly in a ctiv e , see p re ce d in g page.

I I IQ II A N D LOW SALE PRICES— PER SHARE, NOT PER CENT.
Saturday
Aug. 19

Monday
Aug. 21

Tuesday
Aug. 22

Wednesday
A u g . 23

S per share
1033s 101
99
99
*113
115
86% 86%
73% 73%
*84% 84%
1771.1 1773i
*290 350
61
61%
123| 12%
36% 36%
94% 94%
*120 127
127 127
*170 175
16% 16%
*115 120
*133 145
*50
53
82
*78
30
30
*5512 56%
*50
55
*151
153%
*229 240
*12
15
*31
34
36% 36%
52% 52%
*43
45
11712 118
39
39%
1U134 101*4
16>2 16%
*71
75%
21% 24%
*58
60
*1912 21
*38
42
79
79
*35
36
129% 129%

S per share
103% 103%
98% 99
113% 113%
86
86%
73
73%
84% 84%
176 177%
*290 350
61
62%
*12% 13
*36
37
92% 94%
*125 127
126% 127
*168 170
16% 17%
*115 120
*133 144
*50
53
82%
*78
*29
30
55% 55*2
*50
55
*151
153%
*227 240
*13% 14%
*32
35
36 % 37
52% 53
*43
45
116% 118
39
40%
101 101
16% 16%
*73
75%
24% 24%
*58
60
*19% 21
*38
44
79
79%
*35
38
130 130

3 per share
103% 105%
98% 99
*113% 115
87
89
73
73%
84% 84%
176% 179%
*296 350
61% 63%
12% 13%
37
37%
93
96%
126% 126%
126% 127%
*168 175
16% 18%
*115 120
*135 150
*50% 53
82
*79
30
*29
*55
56
*50
*151 153%
*229 240
14% 14%
33% 34%
37
39%
53% 55
45% 45%
117% 118%
39% 41
101% 102%
16% 16%
*73
75%
25
26
58
58
*19% 21
*38
44
78% 81%
36
36
*129% 131%

3 per share
101% 105%
99
99
115 115
88% 89%
73
74
84% 85
177% 179
*295 350
62% 63%
*12% 13%
37
37
94% 95%
126% 127
127% 127%
170 170
17% 18%
*115
120
*135 150
*51*2 53 %
*80
81
32
*30
*56
59
*50
55
*152
153
*229 240
*13
14%
33% 34
37% 39%
54% 54%
40
46%
118 119
39% 40%
102 102%
17
17%
*74% 74%
25% 26
59% 59%
21
21%
43
43
80% 82%
*36
39
*130 131%

*5
*16
*116
—
*312
*10
*4%
*5
23
*49
103%
*59*2
*27
129
*85
111
55%
*83
*94
103
44
*44*4
*15*2

*5
*16
121%
*130
4%
*10
5
5
23%
49%
103%
59%
26%
12914
*85
110%
5534
*82
*94
103%
44

*5
*16
121
*130
4

5%
20
123
____
4%
11%
5%
5%
23
50
103%
61
27%
129%
86%
111
55%
85
98
103%
44
47
17

5*2
20
122%
136%
4%
11%
5
5%
23%
49%
101%
60
27
130
86%
111
56
86
98
107%
44
4534 46
* 1 5 % 16%

____

____ * ____

*15%
♦37%
98%
23%
68%
11*2
62
*97%
139%
82%
*8%
*18
13%
49*2
27%
30
*44
*4
*12
*4*2
*4 7 %

16%
38%
98%
23%
69
11*2
62%
98%
139%
82%
10
20
13%
50%
27%
30%
46
4*2
16
6
50

*14
*33
15%
*7*2
22?s
*78%
77
•100%
88%
100
58*2
110*2
60%
*116*2
*145
*117*2
62
*99
*10
51
28
22
50
72
*103%
*7
*39*2
*85
93*2
98%
*111
*140
♦103
54%
110%
119
S132*4

15%
34
16%
8
22%
79%
78%
101%
89
100
59%
111
61%
117
147%
119
53%

220

*107
44*2
*96
*32%
84%
70%
65

102
10 %

51
28
22%
50%
72%
105
8
41
87
93*2
99%
113
145
108
54%
110%
119
132%
220
109
44%
98
33%
66%
85%
72%
65%

20
44%
*16
16%
38% 38%
98% 98%
23
23%
67% 68%
11% 11%
62% 62%
*97% 98
139% 140%
82% 82%
*8% 10
*18% 20
13% 13%
49% 49%
27% 27%
*29
30%
*44
47
*4
4%
*12
15
*5
6
*48
50

*14
*32%
16
778
24%
79%
78
*100%
88%
100
59%
111%
61%
*116%
146*8
*117%
52%
*99
10%
50%
28
22%
51
72
101%
*7*2
40
*85
*93
98%
110%
*138
5107
55%
110%
♦117
131%
*219
*106%
44%
98
32%
*65
85%
72
65%

15%
34%
17
7%
24%
80
79%
101%
90%
100
61
111%
63%
117
147%
118%
53%
102
10%
52%
28
23%
51%
76%
105
8%
40
87
93%
99%
112%
145
107
55%
110%
120
132%
221
109
45%
98%
33%
66%
86%
73
65%

4%
4%
23%
49%
103%
60
26%
129%
*85
111
55%
*83
*94
106%
____
46
15%

5%
*5
20
*16
123
122%
136 *131
4
4%
*10
5
5
5
4%
23%
23%
50
49%
106% 106
62
59%
26%
27%
133
131%
86% *85
112
111%
56%
55%
86
82%
*94
98
109% 107%
____ *43
46
46
16% *15%

16

16
44%
16
16
38% 39
98% 99%
23% 24%
68% 69%
11% 11%
63% 64
*97% 98
140 143
82% 82%
*8% 11
20
20
14
14%
49% 51%
28
28%
29% 30%
46% 47%
4%
4%
14
14
5%
6%
♦48% 50
14
*32%
16%
7%
25
80
77%
100%
89%
*98
60%
*111
63%
*116%
♦148
*117%
53
*99
10%
52%
28%
22%
50%
77%
105
*7
*39%
85
*93
99%
111%
*140
*102
55
110%
119
131%
♦217
*107
46%
97%
33

14
34%
16%
■ 7%
26%
80%
78%
100%
90%
101
61%
112%
65
117
152
119
53%
102
10%
53%
29
23
51%
79%
106
8
41
85
93%
100%
111%
145
108
57
110%
119
132
220
109
47%
98
34%
67
85% 86%
69% 72%
65% 06




Thursday
Aug 24

Friday
Aug 25

5 per share S per share
104% 104% 103% 104%
99
99
99
99
*114
115% 114 l i t
87
87%
87% 88
73
73
73
73%
85
85% 85*4
85%
177 177% 177 177%
*295 350 *295 300
61% 62%
61% 62
*12% 13% *12% 13
*36
37
36% 30*4
94% 95
94
95
127
*126% 127 *120
127% 127% 127% 127%
170% 170% *170 175
17% 17%
17% 17%
*115 120 *115 120
*135 150 *135 160
♦51% 53
51 <2 51%
81
*80% 81
81
*30
32
*30
34
*56% 58% *56% 59
*50
55
*50
55
*152 153% *152 153%
*229 240 *229 240
*13
14% *13
15
33
33%
33% 33%
37% 38%
37% 38%
54
54 % 53% 54%
*43
46% *41
46%
117% 117% 117% 118
39
38% 39%
39%
101% 102% 101% 101%
17
17
17%
17%
*74% 75% *74% 75-8
25% 25%
25
25
*58
60
*58% 61
201.1 20%
20
20
*42
44
43
43
80% 82
81% 82%
39
*36
*35
39
129% 130% 129% 129%

5%
*4%
20
*15
122% 122%
136
135
4
3%
12
*10
4%
5
5
4%
23
23%
49% *49%
105%
107
61%
60
27%
28
132% 130%
86% *85
112
111
55%
56%
82%
81%
*94
98
109% 106%
43
44*2
46
46
16% *16

5*2
20
12 2 %

135
3%
12
434
4%
23
49%
106%
60%
27%
132
86%
111%
56%
81%
98
108%
43
46
16%

5%
*15
*121
131%
3%
*1»
4%
4%
22%
49%
105%
59%
*26%
130
*85
110%
55%
*81%
*94
105%
*42%
46
16%

16
34%
17
7%
25%
80%
77%
101%
89%
101
62%
112%
64%
117
149
118%
53
99
10%
52%
28%
22%
50%
79%
106
8
41
85%
94
10 1%
111%
145
108
57
110%
119
132
221
108
47%
98
35%
66
86
87%
69% 72
*64% 66

*14
♦32%
16%
*7%
24
*78
78
101%
88'.i
*97%
60%
*111
62
117
148
*117%
*52%
*100
10%
51%
28
22
*49
76%
105%
7%
*39%
*84
94%
100%
*111%
*141
*100
54
110
*118
1.31%
222
107
47
97%
34%

15%
34%
16%
8
24%
80
78
101%
90%
101
62
112
63%
117
148
118%
53%
102
10%
52%
28l.(
22
50%
78
105%
7%
41
86
91%
101%
112%
145
108
54%
111%
120
131%
223
107
47
97%
35%
65%
8 SI.1
87
71
72%
65% 65%

14
32%
16%
*7%
23%
78%
77%
*100%
89
*97
59%
111%
62
♦117
147

STOCKS
N E W Y O R K ST O C K
EXCHANGE

PER SHARE
Range Since Jan. 1
On basts o f 100-sftare lots
Lowest

R a ilro a d s
Par
Atch Topeka A Santa F e ..l 0 0
Do
pref......... ............ ..1 0 0
Atlantic Coast Lino R R ___100
Baltimore * Ohio________ 100
Do
prof______________ 100
Brooklyn Rapid T ra n sit.. 100
Canadian P a cific________ 100
Central of New Jersey____100
Chesapeake & O hio........... 100
Chicago Great W estern__ 100
Do
pref.......................... 100
Chicago M ilw & St P a u l.. 100
Do
pref...................... ..1 0 0
Chicago & N orthw estern.. 100
Do
pref......... ................100
Chicago R ock I.sl & P a c___100
Chic St Paul M inn & Om.-lOO

200
100
100
100

3 per share
100% Apr 22
98% July 6
106% Apr 19
82% Apr 24
72% Aug IS
83% A pr 22
*162% M a r 1
290 Jan 3
53 Apr 24
11% Apr 24
33 Apr 24
91 Apr 22
126% Aug 17
124%M ar30
}165 Apr 13
15% Apr 22
116 J u ly l3
1313.1 Apr 12
Clev Cln Chic A St L o u is.. 100
38 Apr 27
Do
pref........... ...............100
70 Feb 2
Colorado A Southern......... 100
D o l it pref....... ............ 100

100
2,600
88,500
13,700
400
10,200
25,400
3,800
6,150

Delaware Lack A W e s te rn ..50 216 M a r ts
Donver A Rio Grando____100
8% M ar30
Do
p r e f . . . .................... 100
E r i e ....................................... 100
D o 1st pref___________100
48 Apr 22
D o 2d pref........... ........ 100
41 Apr 22
Great Northern pref______ 100 116% Aug 21
Iron Ore properties...Vo par
33% June26
Illinois Central___________100
99% Apr 17
Interbor Con Corp. vtc N o par
15% Feb 15

1,700
200
800
500
28,700
300
1,600

Kansas City Southern____100
Do
pref..........................100
Lako Ilrle A W estern_____ 100
Do
pref......... .................100
Lehigh Valley...................... .30
Long Island........... .................50
Loulsvlllg A Nashville____100

100
5%
20
123
1,300
200
131%
2,200
3%
12
5,300
4%
5,350
4%
3,600
231.1
1,500
49%
106% 69,450
60% . 9,824
1,900
28
8,250
130%
86%
111% 15,700
32,667
56
200
85
95
108% 401,400
400
44%
1,100
46
600
17

Minneapolis A St L o u is...1 0 0

* ___
20 * ___
20 * __
20
*
44% *
44% *
44%
*15% 16% *15% 16% *15% 16%
39
39% *38
39% *37% 39
99% 100%
99
99%
98% 99%
23% 24
24% 24%
24
24%
69
70
68% 68%
68
68
11% 11% *11% 12%
12% 12%
63
63%
63% 63% *62% 63%
*97
*97% 98
98
*97
98
142% 143% 141% 143% 141 142%
82% 82%
821.1 83% *821.1 82%
9%
9%
*8%
*8%
9%
9%
20
20
19% 20
21
*19
13% 14%
13% 13%
13% 13%
50% 51%
50% 50%
49% 50
27% 28%
27% 27%
27% 27%
29% 29%
29% 30 >s. 29% 294i
*43
*44
48
*44
48
48
4%
5
5%
4*2
5%
5%
16
15
15
*14
15*2 *12
6%
*5 %
6%
6%
*5%
6%
60
*48
50
49% 49% *48
*14
*32%
16%
7%
25
*79
77
*100%
88%
*98
61%
•111
63%
*110%
148%
*117%
52%
99
*10
52%
28
22
50
77%
105%
*7%
*39%
85%
94
99%
111%
*140
*102
56%
110%
118%
131%
219%
108
46%
*97%
34%

Salesfor
the
Week
Shares
14,450
2,700
300
18,650
6,000
2,150
6.S00
9,600
600
900
27,050
700
1,100
200
24,700

100
............
100
900
42,100
21,000
3,000
2,000
1,800
119,300
2,700
200
500
2,200
11,900
6,800
7,300
500
1,400
200
800
300

23% Apr 28
10 M ay 2
32 Apr 20
74%Jan 31
121% M ar 1
4

M ar 1

Lowest

Highest

S per share 3 per share
S per share
108% Jan 4
92% Feb l l l % N o v
102 Feb 24
96
Jan 10218 N o v
98 M a r 116 N o v
117% Junol3
96
D ec
63% Feb
96 Jan 4
79% N o v
80 Jan 15
67
Feb
93
Apr
83% Aug
88% June 6
183%Jan 3
138 July 194 N o r
Jan
Sep 325
§310 M aylS §250
64% N o v
67% June 8
35% July
171s N ov
10% Jan
15% Jan 3
41% N ov
25% M ay
39% Jan ' 4
77% July 101% Dec
102% Jan 3
136% Jan 5 120% Sep 135 D ec
131%Jan 3 118*2 July 135% N o v
163 July §180 N o v
175 Jan 11
38% Apr
10% July
24% June21
Apr 123 N o v
123 M ay 15 §114
135
Deo
52
O ct
59% June s
§21
Jan
77
Oct
86 June14
3812 N o v
24 M ar
36% Junel3
60 N o v
45
Jan
60 June 9
35
Sep
13810 Auic 154% N o v
237 June 9 1 9 9 % Jan 238 N o v
16% N ov
4
Jau
16% JunelS
29% N o v
6% Jan
37% JulylO
45% N o v
19% Feb
43% Jan 3
59% N o v
32% Feb
54% Dec
27
Feb
54% Jan 3
112% Jan 128% N o v
127% Jan 4
54
Oct
25% Jan
50% Jan 3
Apr
99 July 113
109% Jan 3
25% N o v
18% July
21% Jan 3
82 N o v
35% N o v
20% Feb
32t,, Jan 4
65% N o v
54% Feb
6 Us Jan 3
1638 Deo
5
Jan
2 2 % J u ly l9
41% Dec
19 M ay
83% N o v
64% Feb
85 May31
27% Oct
15
Jan
104% July 130% N ov
135% Junel3
132
Dec
19% Feb
8
Sep
49
Feb
106
Jan 120% N ov
Deo
137 Jan 15 123 June 136
15% Apr
4
Sep
7% Jan 13

M inn St Paul A S S M ____100
Do
pref........... ...............100
Missouri Kansas A Texas. 100

116% Apr 24
130 Aug 18
3% Apr 25

Missouri P acific..................100
Trust co otfs of deposit____

3% Apr 22
3% Apr 22

7% July 6
7% July 6

1% July
3
Dec

18% Apr
7% N ov

N Y Central A Hud R iver. 100
N Y N 11 A H artford......... 100
N Y Ontario A W e s te rn ... 100
N orfolk A W estern_______ 100
D o adjustment pref__ 100
Northern Pacific..................100
Pennsylvania______________ 50
Pitts Cln Chic A St L o u is .. 100

100% Apr 22
57 Apr 26
26 M ay 5
114 M at 1
84% Feb 25

111% Jan 19
77% Jan 10
31 Jan 3

81% M ar
43
Feb
21% Jan
991- Jan
80% Sep
99 >s Feb
5 1 % Feb
65 M ay

R e a d in g ................................... 50
1st p re fe rre d ........... ........ 50
2d preferred...................... .50

75% Jan 31
41% Feb 19
41% Feb 21
15% M a yl8

110% D ec
89
Oct
35
Apr
122% Deo
90 Juno
118% Dec
61% N ov
86 N ov
98% June
. 85% N ov
45 June
44
Apr

St Louis Southwestern____100

16

89% M ay22
118%Jan 4

55% M ay 5
78 Feb 17
110% M ay23
46 Feb 29
52 M ay 19
17%Juno28

300
14
200
33%
16%
9,100 Alaska Gold M ines...............10
500 Alaska Juneau Gold M ln 'g.10
8
24% 10,850 Allls-Cnalmers M fg v t C..100
2,700
79%
D o preferred v t c ____100
8,200 Amor Arglcultural C h e m -.lo o
78%
200
101%
Do
pref.......................... 100
89% 25,900 American Beet Sugar_____ 100
200
101
Do
pref______________ IOO
61% 95,600 American Can....................1 0 0
400
111%
Do
pref..........................IOO
63% 31,200 American Car A Foundry. 100
100
118
Do
pref______________ 100
1,300 American Coal P rod u cts.. 100
147%

7% Aug 17
19 July 19
70% July 18
03 Apr 22
96 M ar 23
61% Feb 1
93 Apr 24
50% June27
108% July 13
52 July 8
115% Aug 9
130 July 11

69% M ay
40% Sep
40
Feb
11

M ay 4

Seaboard Air Lino................100
14 Apr 22
18% Jan 13
Do
pref______________ 100
42 Jan 13
Southern Pacific C o........... 100
94% Apr 22 104% Jan 4
Southern Railway________ 100
18 Apr 24
25 July 3
Do
pref________ _____ 100
71 June 9
Texas A Pacific....................100
13% June21
6% Feb 14
Third Avenue (New York) 100
59%Jan 31
68% June22
Twin City Rapid T ra n sit.. 100
91 M ar 24
Union Pacific........................ 100 129% Apr 22 143% Aug 23
Do
p r e f......................... 100 *81% M ar 1
United Railways Invest___100
7% M ay 9
Do
pref....... ...................100
W a b a s h ....... ......................... 100
13% July 14
17 Jan 3
D o pref A ........... .......... 100
41% M ar 1
Do pref B d o . . ........... 100
Western M aryland............. 100
24% Feb 28
34% Mar27
Do
pref........... .............. 100
40 M ar 7
51 Junel3
Wheeling A Lako Erie____100
2% Jan 20
6 July 10
D o 1st preferred........... 100
18% July 5
10% Apr 27
D o 2d preferred........... 100
3% Jan 18
7% July 5
Wisconsin Central........... .100
33 Apr 19
5612 July 20
In d u stria l Sc M iscella n eou s
14 Aug 22

2,300 American Cotton Oil......... 100
53
100
102
Do
prof----------------------100
98 Jan 6
900 American Hide A Leather. 100
10
5,800
51%
Do
pref.......................... 100
45 M ar 1
6,200 American Ice Securities__ 100
29%
25 Jan 20
22
11,600 American Linseed................100
17% July 14
4,700
49%
Do
pref..................... ..1 0 0
38% M ar 1
79% 101,500 American Locom otive____100
58 July 14
2,900
105%
Do
pref.......................... 100
99% July 13
300 American M alt C orp ......... 100
7%
5% June 3
300
39%
Do
p r e f .. ...................... 10 O *31% Jan 14
200 Amer Smelters Sec pref B.100
85
81% July 13
1,200
95%
D o pref Ser A stam ped..
91% July 11
49,100 Amer Smelting A Refining. 100
101
88% Apr 22
112%
600
Do
pref.......................... 100 109% Apr 22
145
130 Mar 23
20
108
Do
pref..........................100 100t2 Mar 22
5.200 Am Steel Foundry............. 100
55
44 Apr 24
3,600 American Sugar R efin in g.. 100 105% Apr 22
110%
400
120
Do
pref...... ........... ........ 100 115% M ay 5
6,350 Amer Telephone A Teleg-.lOO 126% Feb 1
131%
1,900 American T o b a cco......... ..1 0 0
221
188 Fob 10
350
108%
D o pref (new )________ 100 105% Apr 24
8,200 Am Woolen of M ass______ 100
46%
42 Jan 11
1,600
97%
Do
p r e f .. ...................... 100
92 Jan 10
14,150 Am Zinc Lead A S ............... 25
35
29% July 10
200
67
59*2 July 1 1
86% 88% 231.200 Anaconda C op per..................50
77 Apr 22
71% 74
21,075 Atl Gulf A W 1 S3 Line ctfs 100
50 July 12
65% 65%
1,200
D o pref certfs..... .......... 100
61 July 12

53
*99%
10
51%
28
21%
49%
77
105
7'.i
39%
85
95%
*99%
112%
*140
*103
54
109%
*118
131%
*220
*107
45%
97%
33%

Highest

PER SHARE
Range for Previous
Year 1915

26t2 Jan 7
10% Jan 7
33% M ar 14
84% M ay 16
79% Aug 21
10 Us Aug 24
96% July 6
102 June22
65% M ar 16
113%Jan 26
78 Jan 3
119% M ar 11
175% Jan 19

Sep

1 1 % July
30 % July

8114 Feb
1 2 % July
42 July
8% July
35
Jan
90 July
115% Jan
*79 M ar
8
Jan
21% M ar
12% Oct
43% Oct
251- Oct
9% Jan
25
Jan
<2 July
2
Aug
% Aug
28 July

21%
9%
7%
33
48
90
33%
83
25

Dec
Dec
Jan
Feb
Jan
M ar
Jan
Feb
Feb

40

Feb

82

Jan

40%
13%
49%
85%
74%
101%
72%
95
68%
113%
98
118
I7()t2

Apr
N ov
Oct
Deo
N ov
N ov
D oc
N ov
Oct
N ov
Oct
Aug
July

Jan
Mar
Feb
Feb
Jan
Dec
Jan
N ov
Dec
Dec

c24% Feb

91% Nov

39
Ian
91 Juno
4% Feb
19% Jan
20% Jan
7% Jan
24
Jan
19 M ar
75 M ar
3% Apr
21% M ay
78
Jan
86
Oct
56
Jan
100
Jan

110 Jan 27
61% Jan 4
110% Jan 8
119 M ay25
133% Aug 18
225 Aug 11
108% Feb 8
55% M ar 14
102 M arlO
97% Apr 10
7 U -Ju n e16
92% Feb 14

103
24%
99%
109
116
19512
103%
40
95
67*4

Aug 22

N ov
Dec
N ov
N ov
Dec
N ov
N ov
Apr
Oct
Apr
N ov
N ov
Oct
Oct
N ov
N ov
N ov
Oct
Oct
N ov
N ov
N ov
N ov

Oct
N ov
Oct
Oct
Apr
Oct
Oct
7434 Oct
105 N ov
13ts Oct
37% Dee
88% M ay
92
Dec
108% Deo
113 N ov
165
Apr
110% N ov
74% Oct
119% N ov
119% Nov
130% N ov
252% Apr
111 N ov
50
Oct
08% N ov
71% Deo

57% Jan 17
102 M ar 15
12 Jan 3
58% Aug 15
31% Feb 19
25% Jan 26
53% Apr 25
83% Mar 14
106 Aug 22
10 Apr 7
40% Aug 15
88 M ay25
96% J u n e ll
113% Jan 4
114% Feb 3

66

23
45%
20%
43%
104%
26
65
17%
64%
100
141%
8418
27%
47%
17%
49%
32%
35%
50%
6%
19%
Sts
45

64
102%
14%
59%
35
31%
50%

New York Stock Record— Concluded— Page 2
For record o f sales d u r in g t h e w eek o f s to ck s u su a lly In a ctiv e , see s e co n d page p re ce d in g .
m a n a n d l o w s a l e p r ic e s — p e r s h a r e , n o t p e r c e n t .
Saturday
Aug. 19.

Monday
Aug. 21.

Tuesday
Aug. 22.

$ per share $ per share
79
82*8
75*4 78*4
*103 105% 105 105
467% 467% 465 480
*130 140 *125 140
68
67% 68
69*4
*18% 20
19*4 19%
*46
*45
4.8
47%
57% 58%
57
57%
1 1 2 % 1 1 2 % * 1 1 1 % 113%
*103 107
102% 104
20
20
19% 19%
51% 51%
51*8 52
48% 49%
49% 51*2
138% 139
140 140%
98
99
99*8
99%
*107% 1 1 0 % *106% 110%
14% 15*8
15
15%
91% 91%
90*8 91%
73% 77
77
79
117% 118
118 118
57*8 59
57% 59*4
95
95%
95
95%
*235 250 *238 250
110
*100
*100
108 * 100 % 110
45
45*8
45% 47
45*8 46
*25% 26
z25% 25*8 *25
26
___ ___
17% 17% *16
18
—
—
*38
40
*36% 40

Wednesday
Aug. 23.
$ per share
80% 82%
105 105
479% 489*4
*130
140
68
69%
19% 19%
46
46%
57% 5814
112% 113
104% 101%
19% 20
52
53
50% 51%
139
140
99% 100
*107% 1 1 0 %
15
15*8
91% 91%
75% 79
*117% 119
56
57*4
94% 95*8
240 244

Thursday
Aug 24

Friday
Aug 25

S per share S per share
79% 81%
80
82%
105 105
105 105
489 489
482 492
*135 140 *136
140
68 % 69%
67*8 69
17
19
18
18
44
45
43*4 45
57*8 58
57% 57%
113
113
112*4 113%
*103
104% 102
103
20
20%
20
20%
52% 53*4
53% 54
48% 50*8
48% 50%
138 138*4 135% 138%
100 % *97
*97
10 0 %
*107% 1 1 0 % 107% 107%
14*8 15
15
15
91
*90
91%
91
77% 79%
74% 77%
118
118 118
118
54% 57%
54*8 55%
95
95
*94*8 95%
*235 250 *238 248

Salesfor
the
Week
Shares

STO C K S
N E W Y O R K ST O C K
EXCHANGE

PER SHARE
Range Since Jan. 1
On basis o f 100-share lots
Lowest

Highest

PER SHARE
Range for Previous
Year 1915
Lowest

Highest

In dustrlal& M Isc.C C on.) Par 5 per share
$ per share 5 per share
$ per share
70,000 Baldwin L ocom otive_____ 100
65*8 July 14 118*8 Jan 3
26*8 M ar 154i2 Oct
800
Do
pref....................... ..1 0 0 104 June20 110 M ay 24
Sep
92 M ar 114
4,433 Bethlehem Steel__________ 100 415 Jan 11 550 M ar 14
46U Jan 600
Oct
Do
pref_______________100 126 J«ly21 145 Jan 6
Oct
91
Jan 184
14.000 Butte & Superior Copper___10
60% July 11 IO5 I4 M ar 9
79% June
5612 Aug
2,100 California Petroleum, vtc.10 0
15 June27
8 July
38% D ec
42*8 Jan 3
1.900
Do
p r e f.......................... 100
40 June29
30 July
81
D ec
80*s Jan 3
17,400 Central Leather......... ......... 100
49 Apr 22
32*8 Feb
6 II 4 N ov
58 14 Aug 23
800
Do
pref........... ................100 108% Jan 3 113*2 Aug 25 100*8 Jan IIOI2 N ov
2,000 Chandler M otor C ar_____ 100
88% Apr 24 131 June
2,500 Chile C opper______ ______ ..2 5
19*8 July 14
23% Dec
25*8 Jan 5
26*8 N ov
14.000 Cldno C op per_______________5
46% July 11
32*4 Jan
57*8 N ov
60 Feb 19
85,970 Colorado Fuel & Iron......... 100
21*4 Jan
38>8 Apr 22
66*2 Sep
53 Jan 4
9,783 Consolidated Gas (N Y ) ..1 0 0 13012 M ar 1 144*4 Jan 8 113*4 Jan 150V Oct
1,600 Continental Can__________ 100
Oct
75*4 Jan 31 104i2 May25
40% Jan 127
100
Do
pref_________
100 106 Feb 1 112 M ay 11
88 % Jan 10912 D ec
6.900 Corn Products Refining__ 100
I 3 I4 Aug 8
8
Jan
21% O ct
25*4 Jan 25
925
Do
pref............................100
85 June26 101>2 Jan 14
65
Jan
96*4 D ec
140,100 Crucible Steel of A m erica.100
52*4 Jan 12
18% M ay 1097s Sep
99*2 Mar 16
1,200
Do
pref...................... .. 1 0 0 IO8 I4 Jan 11 119*2 Junel6
84 M ay 112i2 Sep
62.000 Cuba Cane Sugar_____ No par
52>4 A ug 3
6318 July 6
2,350
Do
p r e f . . . ...................1 0 0
93 July 14
9534 July 6
300 Cuban-Amerlcan Sugar___100 152 Jan 5 259 Aug 18
Dec
38
Jan 177
D
o
pref_______________
100
*100
101*4 Feb 1 110 June 8
*10 0
110
110
Sep
93 M ar 110
45% 46% 15,700 Distillers' Securities C orp.100
41 July 10
45*4 46*4
50*2 Oct
46% 47*8
512 M ar
54l2Apr 29
3,700 D om e M ines, L td __________ 10
25
24% 25%
25%
23 F’ eb 23
30U D ec
25
116 June
25*8
2912 F’eb 8
100
Federal
M
ining
&
Smelt___100
*15
*14
18
20
60 June
12*8 July 13
8 M ar
*14
18
35 Jan 7
400
Do
pref....... ............... ..1 0 0
*35% 40
10
38
35'8 Apr 24
65 June
20 M ar
39%
z39
57i2Jan 7
General C h e m ic a l.............. 100 5265 Jan 5 350 M a r ls
Oct
165
Jan 360
117
D
o
pref_______________
100
5113 Jan 5 116 Jan 27
116
114% 114%
*114 116 *114
116 *114
106 M ar g 116% N ov
116 *114 116 *114
9,200 General Electric__________ 100 159 Apr 22 178% Jan 17
*168 170
170 171*8 170% 172% 170% 171% 170% 172% 172 172*8
138 M ar 18512 Oct
200 General M otors___________ 100 405 Apr 24 585 Aug 12
D ec
*560 580
82
Jan 558
580 580 *560 580
579 579 *480 579 *551 579
Do
pref.................
100 108 July 14 12412 Aug 21
123
124% 10,700
D ec
122% 124% 120 1 2 2 % 120 % 121*4 12 0 % 123
90% Jan 136
118*4 121
17,600 Goodrich C o (B F )...............100
67*4 Jan 31
72% 74
71% 73
80 Apr 10
8 OI4 Oct
24>2 Jan
72% 731.1 72% 74%
*72% 73
721.| 73 '4
445
Do
pref_______________100 11034 Feb 1 1 16*4 M ar 16
95
Jan 114U Oct
113% 114% *113% 114% *113% 114% *113% 114% *113% 114% 113% 113%
1,800 Granby Cons M S & P ____ 100
80 July 12
88% 88%
88*8
91 June
99 Feb 10
87% 88 % 88
*84
88
88
79 14 Apr
87% 87% *80
8 1100 Greene Cananea C o p p e r .. 100
47
34 June26
48%
46% 48
53*8 M ar 9
52*8 D ec
45
47%
37
Oct
*45% 45*4 *44*4 45*4
45*4 45*4
53% 5G38 55% 56*4 125,700 Inspiration Cons Copper___20
42*8 Apr 22
54
56*4 Aug 25
52
52
47% Oct
51% 52%
52
16*8 Jan
52*8
52*8
400
*10
Internat
Agrlcul
C
orp____100
13
13
12 July 13
13
2978 Jan 5
29*4 N ov
*10
* 12*4 13%
12*4 12 %
5% M ar
15
13
13
700
41% 42%
Do
pref_____ ______
100
*41
45
38% July 14
45
74 Jan 5
8
M ar
71*4 D ec
43% *41
42
43%
43
43
43
900 Intern Harvester o f N J ___100 108% Jan 7 119*4 June 7
117 *114
116
90 M ay 114 June
*114 117*4 114% 115
114 114*4 114*4 115 *115
*118 119 *118
119
Do
p r e f .. ....................... 100 114 Feb 29 120 July 19 110 July 120 N ov
37% 39% 318,300 Int M erc Marine ctfs o f d e p ..
38%
36*8 3S*8
36
13*8 Feb 15
18
Dec
39*4 Aug 21
20'2 D ec
35*4 37%
36% 39*4
37*8 39*4
98 101 258,700
98% 101
D o pref ctfs of dep_______
61*4 M ar 1 104 Aug 21
100% 103% 100 % 102
55>2 N ov
77*2 D ec
99*.i 101*i 100 104
40% 4D2 20,800 Intern Nickel (The) v t c ___25
41*8 41*4
40*4 42
39*8 Aug 22 5 6 % Jan 17 179*4 D ec 223'2 Oct
42%
42
41*4 421.|
39% 42
16% 16%
10 % 16%
5,600 International Paper______ 100
15*4 I 6 I4
9% M ar. 1
16%
16
8
Jan
12% D ec
16*4 Aug 10
16
16%
15% 16%
72%
71%
72%
3,950
72
71
D
o
pref...........................
100
72%
71*8
4212 Feb 1 75 Aug 9
5034 D ec
71*4
33
F'eb
71% 72%
73%
71
88
88
87% 88
1,500 Jewel Tea, In c_____ _______ 100
87% 88
87%
87
67 M ar 9
96 Apr 4
88
80*2 8612 *86
109 *108
*107
no
no
*107 n o
*100
Do
pref........................... 100 104 July 6 113 Apr 4
110
*108 n o
*108
73% 73%
73% 74% 11,400 Kelly-Sprlngfleld T ire......... 25
72% 73 %
72*4 72%
66 July 18
72% 72*4
7678 M ar 20
72
721.1
100
Do
p r e f.......... ..........
00
95*8 July 15
9712 M ar 14
50 % 51
50% 51% 80,300 K ennocott C opper___N o par
49% 50
49% 50%
4412 Aug 2
48*4 49*4
48*i 49
59 Apr 3
77% 7911
77
78
77
78
22,800 Lackawanna Steel................. 100
77% 78%
64 M ay 5
75*8 77
75% 75*4
94*4 Sep
86 Jan 6
28
Jan
45% 45%
45*4 46%
3,950 Lee Rubber & T ire__ N o par
45*4 4 5*8 45*4 47%
45
45*2
41 July 13
*45
46
56>2June 5
274
274
*260
269%
*268
*258
*258
270
162
274
204
*258
&
M
yers
T
o
b
a
cco
.
100
Liggett
264
240 Apr 14 272 July24 207
D ec
Jan 260
121
* 12 1
* 12 1
125 * 12 1
125 §12 1
121
123
11
Do
pref........................... 100 118 M ar 30 122 M ar 3 113*4 Jan 120 D ec
125 §12 1
*121
Loose-W iles Blsc tr co ctfs. 100
15 M ar 3
*16*8 2 0 % *16*4 2 0 % *16*4 2 0 % *16*4 201.1 *16*4 19% *10*4 19
31
Jan
16
Feb
21 Jan 18
*82
*82
*82
*82
85
85
85
*83
85
85
85
*83
D o 1st preferred_______100
78 M ar 16
91>2 Jan 13
86
Feb 105*8 Jan
D o 2d preferred.............100
50 M ar 3
67
Oct
55
Dec
59% June27
100 Lortllard C o (P )................... 100 179U Jan 19 23978 Aug 19
239% 239% *230% 240 *236 239 *230 239 *236 239 *236 239
165*2 J&n 189 N ov
119 1 19 *118
120
100
*117 120 *117 120 *117 120 *117
120
Do
p r e f . . . '. ................... 100 115i2Jan 6 120% Apr 10 112
Jan
Sep 118
83
86%
83% 84
83% 83*4
83% 84% 29,925 Maxwell M otor Inc tr ctfs. 100
83% 85*8
83*4 84%
92
Oct
5714 M ar 3
15% Jan
89*4 M a y l 6
*85
87
85
600
87
8 6 % 8 6 % *85
*,86*4 87
86*4 87
86*4
D o 1st pref stk tr ctfs. 100
78 Apr 22
43% Jan 103*4 D ec
93 Jan 3
56*4 57
2,500
*56% 57
54*i 57
55% 55%
54*4 54*4
55% 56
D o 2d pref stk tr ctfs.100
6 SI2 Oct
42 i4 M ar 2
18
Jan
6078 June 6
100 % 102*4 101*4 103% 101% 103% 1 0 1 % 102*4 10 2 % 104% 60,600 M exican Petroleum ______ 100
1001.8 101
88*s June28 129*8 Jan 3
51
Jan 124i2 D ec
1,200
*90
93% *90% 92%
93 % 93%
91% 91%
91% 92
Do
p r e f .. ....................... 100
91*8 93%
89*2 June28 105*8 Jan 3
67
Jan 10412 D ec
35
35
35%
9,700 M iami C opper_______________5
34% 35
34% 35
35% 35%
36% D ec
34*i 35
35%
33 Aug 3
39% Apr 3
17Q Jan
93% 93% *92% 93% *92
200 M ontana Pow er...................100
*92
93*4 *92
94
93%
7934 Dec
93*4 93%
68 I4 M ar 1
42
Jan
94 Aug 15
* 1 1 2 %.
*112 %
*112 %
* 112 %
♦1 12*2
* 112 %
Dec
Do
pref_______________100 109 Jan 3 116 June23
99
Jan 120
*119 12 0 % *119
12 0 %
Jan
100 National Biscuit__________ 100 1 is*a Aug 11 12514 M ar 20
*118 120 *119
119*4 119 119 *119 12 1
116
Apr 132
125%
*124*8 125% *124 125% *124
125%
*123% 125% *124
Do
pref_______________100 124 June30 129*8 M ayl2
119 M ay 127% D ec
24%
23% 25%
24% 25%
24
24
23
24*8
23
9,400 N at Enam'g & Stam p'g___100
36% Oct
23*8 23*4
19*4 Apr 22
29*4 Jan 3
9% Jan
*93
96
*93
*93
96
96
*93
96
*92
90
*92
96
97
D ec
Do
pref_______________100
92 Jan 19
79
Apr
97 >2 F'eb 18
6 6 % 66*4 *66
6 6 % 67
67
66 % 06%
1,700 National Lead____________ 100
66% 66%
70*4 M ay
65*8 65%
60% Apr 22
44
Jan
737s Jan 19
117% * 1 1 2 % 114
800
115 115
116% 116% *115 118 *115 117% *114
Do
pref.................
100 112 Feb 9 11678 Aug 21
104*4 Jan 115 N ov
19% 19% 23,300 N evada Consol C opper_____ 5
18% 19%
18*8 18%
18*8 18%
18% 18%
18*s 18%
17 N ov
15 Jan 31
11*4 F'eb
195s Aug 25
138 139% 137 138
137 138%
137 140
5,300 New York Air Brake_____ 100 118 J u ly l4 15312 Jan 15
136% 136% 137 139
56i2 Feb 164*4 Sep
____ ____ *66
68
*66
68
68
68
*67
68
200 North American C o ........... 100
*66
68
65*2 Apr 26
81
Apr
64
Jan
75 Jan 3
6
6%
6%
6%
*6
*6 %
7
*6
7
6%
700 Ontario Sliver M ining____100
6*4
6%
6 July20
12*8 D ec
11*8 Jan 7
2
F’eb
2 0 % 29
29
30
25% 27%
26
28% 31
24% 29
20 % 25,400 Pacific M a ll.............................. 5
11*4 Jan 3
38
Aug
31 Aug 21
z 8 % Dec
103
103
102
102
%
10
2
%
103
102 % *10 2
* 1 0 1 % 10 2 % 10 1 %
10 2 %
1,500 People's G L & C (C h ic ).. 100 10018 M ay 5 11178 Jan 3 106% Dec 123% Apr
39% 39%
39*4 39*4
3918 39%
*39
39*4 40
39% 40
1 ,200 Philadelphia C o (Pittab)__ 50
39*4
35 Junel5
46 Jan 17
49
Sep
35*2 Apr
28
28%
28% 28% *27
28
*27
*26
28
29
*28% 29%
700 Pittsburgh C oal__________ 100
22*8 Apr 24
36*4 Jan 17
I.5 I4 Jan
42% Oct
____
____
103%
103 *100
103 103 *100
105 *100
*100
103
2 ,10 0
Do
pref........... ............. .100 100 M ar 8 11 1*4 Jan 13
114
O ct
81*s
Jan
54
55%
54%
53
54*2 55%
53
52% 52*4
54%
53
54 ’ 6,950 Pres?ed Steel C a r .............. 100
4212 July 14
6518 Jan 4
25 M ar
78% Oct
100
100
101
100
100
101
100
*100
102
*99
*100
102
97 July 18 1047sJan 4
500
D o p r e f ........................... 100
Oct
86 M ar 106
132 *130
*129 132 *129 132 *129 132 *129 132 *130
132
Public Serv Corp o f N J ...1 0 0 114 Jan 31 132 M ay 16 100% Aug 120
D ec
167 167% 166 106% 167% 167% 11,043 Pullman Com pany________100 15978 M ay 10 171*4 Jan 17
166*4 168
167 167
164 168
150's M ar 170% Oct
____
3
3
—
*
2
%
3
3
*2*8
3%
*2 %
*2*8
2*8 Mar 22
3%
100 Quicksilver M ining________100
6*4 Jan 19
5*4 N ov
>4 M ar
5%
*4%
*412
*4%
5*8 ____ ____
*4%
*4%
5%
5*8
5%
312 M ay 2 5
Do
p r o f .. ....................... 100
834 Jan 26
*4 M ar
6 % N ov
48% 50
48
49%
48% 50*4
46% 47%
47
48% 50,200 Railway Steel Spring_____ 100
32 Apr 22
54
Oct
19 M ar
50*4 Aug 22
101
100
100 % 100 % 100 % *98
*98 10 1
*98 100
400
95*4 Mar 9 1007s Aug 23
Do
pref....... ....................100
87 M ar 102 N ov
24*4 25%
24% 21*4
24*8 25
25% 26
24% 24*4
24% 24%
41,200 Ray Consolidated C o p p e r .. 10
20 June23
27% N ov
26 F’ eb 21
1514 Jan
54
54%
55%
55
54%
53%
53%
51*4 53%
55
51
79,500 Republic Iron & Steel......... 100
51*8
42 June26
57% D ec
5514 Jan 3
19
F’eb
113*4 114
*112*4 113*4 113% 113% 113% 113% 113% 113% 1 1358 114
2,300
Do
pref........................... 100 10678 June26 114 Aug 24
72
Jan 112% Dec
2 1 0 % 210
2 1 2 % 2 10
2 10
203% 203% 204 208
2 12
209*4 2 12
5,000 Sears, Roebuck & C o ......... 100 I 68 I4 M ar 1 212l2 Aug 23 *131*4 Mar 209% Feb
*125%
127%
*135% 127%
* 1 2 1 % 127% * 1 2 1 % 127% *121% 127%
Do
pref........... ............... 100 125 June28 127*4 M ar 3 121% Jan 126
D ec
30
30*8 30%
*28% 30
28% 28%
28% 29*4
29*8 30*4
30%
5,600 Shattuck Arlz Copper_____ 10
24 July 11
40i4 Feb 14
50
49*4 50
50%
50
50%
47
*47
48%
48% 49*1
49
3,500 Sloss-Sheffleld Steel & Ir.-lO O
37 July 14
66 7$ Dec
24
Jan
6314 Jan 3
184 184 *180 185 *180 185 *180 184 *180
*182
185
184
100 South Porto Itt«o Sugar___100 146 Jan 29 240 JunelO
Dec
40
Feb 164
115 115 *114 118 *114
118 *114
*114 118 *114 118
118
Do
prof......... ................. 100 106 F'eb 2 120 June 6
100
Oct
89*8 Feb 110
*92*92
92
92
92
96
99
*92
90
92
*91
99
86 M ar 10 103l2 M ay25
200 Standard M illing_________ 100
43i 2 Feb
96
Dec
*87% 89
*87% 89
*87% 89
85
*85% 90
8 6 % *85% 90
Do
pref....... ....................100
85 Aug 23
400
94 M a yl7
66
Feb
85 N ov
126 131% 126*8 128% 127 128% 124% 127% 46,350 Studebakcr Corp (T h e)___100 12012 July 13 167 Jan 3
130*4 131% zl29% 131
35*4 Jan 195
Oct
*109 1 1 1 X110*4 110*4 * 10,8 1 1 1
*107
111
*107 1 1 1
no
110
Do
pref_________
100 109 Apr 27 114 M ar 14
300
91
Jan 119% Oct
25% 25*4
25% 25*i
25% 25%
25*8 28%
27% 28% 25,550 Tennessee C opper__________ 25
25*4 28%
22ls July26
66 %Jan 5
25% Feb
70
Sep
193 194% 194 196% 196% 198*i 195*8 197% 194 195*4 193% 196
Texas
Com
pany
(T
h
e
)____100
17714
June27
235ia
Jan
3
120 M ay 237
7,100
D ec
*7
*7
7*4
7%
*7
V%
8%
7%
7%
7%
7%
4% M ay 9
8 '9,100 Union Bag <fe Paper........... 100
8*8 M ar 17
4*8 Jan
9% D ec
41% 4 114
41*8 41*8
42
42*4
43% 40%
41*8 42
48
28 Jan 27
48%
48% Aug 25
22% July
Do
pref...........................100
4,900
31% D ec
47r8 47%
*44
52
52
49
♦44
50
50
50
50is
64 M ar 29
’ 700 United C la ir M frs.......... ..1 0 0
4712 Aug 9
42
Jan
66*4 Oct
*106% ____ ____
*10611 ___./ *106% —
*106%
*106
Do
pref_______________100 108 M ar 14 111 M ay 11 100 June 110
Oct
102 % 1 0 1 *i 102
1 0 1 % 10 1 % 101*4 102*4 102
1 0 1 % 1 0 1 % 10 0 % 101
69 Feb 9 105*4 Aug 9
2,220 United Cigar Stores______ 100
69
Dec 610% Oct
*116% 119*4 *116% 119*1 *116% 119*4 *118
119*4 *116% 1 19*4 *116% 11934
Do
pref........................... 100 6 I D 2 Feb 10 120 Aug 9 511% Oct 612% N ov
165
168%
166%
168
164
165 167%
165% 164 165*4 165 167% 33,720 United F’r u it........................ 100 136is Jan 31 169i2June 8 139 N ov 163 N ov
21
2 Ui
*20
21
22%
20 % 20 %
*20
2 1% 2 1 %
20 % 21
15is Jan 31
4| 100 U S Cast I Pipe <t F’d y ____100
2612 M ar 14
8
Jan
31% Oct
53
*52% 54
54
53% 53*2 *53% 54
53*8
*53
53
53*4
500
54*4 July31
Do
pref..............
100
4812 Feb 5
32U M ar
55% N ov
1
1
2
%
114*8
117%
114*2
114*4 117% 113*8 115% 111*8 1 1 0 % 40,300 U S Industrial A lcohol____100
111*4 112
97 July 13 170i2Apr 6
15
Jan
131*4
D ec
104 *100 10 1 *10 1
*101
101
104 *10 1
104 *10 1
*100
104
99 l 2 J u !y l l 114 Jan 13
Do
pref_________
100
70
Jan 107 N ov
67*s 59
57% 58%
57*8 59%
57% 58%
57% 58%
56
58
47*4 M ar 1
20,300 United States R ubber____ 100
59*8 Aug 16
44 July
74*4 Apr
1
1
0
%
1
10>2
110*2
*1 1 0 % 111
1 1 0 % 11 0 %
110
110*4 110*4 1 1 1
111
1,450
D o 1st preferred______ 100 100'8 Feb 5 11 2 Aug 17 101% Feb 110
Apr
71
7 l 34
70% 70%
71% 73%
73
73%
70% 71
72
73*4 15,300 U S Smelting R ef & M ......... 50
62% June27
80*4 Apr 4
—
*50% 51
50*4 51
*51
*50*8 50% *50*8 50*8 —
51%
50 June20
200
Do
pref________________50
5312 June 9
95
9712
97% 99%
91% 91%
9l*s 95
96*4 98%
97
99% 1002350 United States Steel.............. 100 * 79*4 M ar 1 99*8 Aug 23
38
Feb
89% Dec
117% 118
117% 118
118 118
118 118
118 118
117% 118
Do
pref......... ................. 100 115 M ay 3 118*8 Aug 10 z l0 2
Feb 117
Oct
82% 84%
82*4 83%
81% 82
81*8 82%
83% 84%
83% 84 ">s 33,600 Utah Copper....................... . .1 0
74*4 July 14
86*4
Feb
19
81*4 D ec
4812
Jan
17% 17*8 *17
17
17
17% *16*4 17
*10*4 17%
*16*4 I 7 I4
16'4 June 9
700 Utah Securities v t c ........... 100
20*4 Feb 3
42% 43>2
42
42% 43*4
41% 42*4
*12 % *41
42%
41% 42
36 Apr 24
10,700 Vlrginla-Carolina Chem __ 100
52
Oct
51 Jan 17
15
Jan
*109 n o % *109
111
112
*109 1 1 0 % *109
*110
1 12
*110
112
Do
pref......... ..................100 108 Apr 22 112 Jan 3
80
Jan 113% D ec
90
96
95% 95%
90
*95
96
96
94*4 95%
95%
87 M ar 1 9678 M ay26
Western Union Telegraph. 100
90 N ov
57
Jan
00 % 6 1*2
60% 62
59% 59*8
59*4 60%
60
61
59% G1 <8 43,100 Westlnghouse Elec A M fg ..5 0
52*4 July 14
32
Feb
74% Oct
71*8 M ar 15
*70
*69
79
76
*71
76
70
*70
*68
76
*70
70 Apr 19
D o 1st preferred.............. 50
58% M ar
79 M ar 15
85
Oct
48
46
55%
55% 56%
48%
54% 56
47*8 48%
47% 48
46 Aug 23 n325 June 5 n87
Willys-Overland (T h e )____25
Feb n268 N ov
104
104*4
104%
104*4
105
104*4
104*4
104*4
100
*103*4
105 105
D o pref Sub rects full pd 100 102 M ar 2 117 June 5
136% 137
130 138
130*4 137 *136
*135% 137
137
136*4 137
3,700 W oolworth ( F W ) ..............1 0 0 118 Jan 5 139% M ayl2
90% Jan 120% D ec
125 125 *124% 125% *124% 125%
*123% 125 *123% 125 *123 125
'300
Do
pref..... ...........
100 123 June29 125i2June 6 115
Jan 124 Aug
* Bid and asked prlocs: no sales on this day. <j Less than 100 shares. t Ex-rlghts. a E x-dlv. and rights, b New stock, c Par $25 per share, s Ex-stock dividend.
* Ex-dlvldend. n Par 5100 per share.
3 per share
75*4 76*8
*104 105%
*450 468
*130 140
67% 67*4
*18% 20
46% 46%
56*i 57
* 1 1 1 % 112 %
*103 106
2 0 % 20 %
51
51*8
47*4 48*8
138 138%
*96% 99%
*107% 110%
14*8 14*8
*90
91%
72% 73
118 118
57% 57*4
95
95%
249% 249%




74:2

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

U. S. G overn m en t.
2s consol registered___dl930 Q - J
2s consol coupon_____ dl930 Q - J
3s registered _________A1918 Q - F
3s c o u p o n ____________ k 1918 Q - F
4s registered___________ 1925 Q - F
i s coupon______________1925 Q - F
Pan Canal 10-30-yr 2s_tl936 Q - F
Pan Canal 10-30-yr 2 s .. 1938 Q - N
Panama Canal 3s g ____1901 Q -M
Philippine Island 43.1914-34 Q - F
F oreign G overn m en t
Amer Foreign Scour 5s (w l ) . ’ 1 9 ------Anglo-French 5-yr 5s Extcr loan. A - O
Argentine— Internal 5s of 1909.. M - S
Chinese (Hukuang Ity)— os o f ' l l J - D
Cuba— External debt 5s of 1904. (VI - S
Exter dt 5 s o f ' l l ser A ___1949 F - A
External loan 4 M s_______ 1949 F - A
Dominion of Canada g 5s w 1 1921 A - O
Do
do
1926 A - O
Do
do
1931 A - O
Japanese G ovt— £ loan 4 s . 1925 F - A
Second series 4 Ms_______ 1925 J - J
D o do “ German stamp” ___ - ­
Sterling loan 4s_________ 1931 J - J
M exico— Exter loan £ 5s of 1899 (1 - J
Gold debt 4s of 1901......... 1954 J - D
Prov o f Alberta— deb 4M S--1924 F - A
T ok yo City— 5s loan of 1912____M - S
IThese are prices on the basis o f $oto£
S tate and C ity S ecu rities.
N Y C ity— U 4s....................... 1960 M - 8
■ilia Corporate stock_____1904 M S
4 Ms Corporate stock_____1965 J - D
4M s Corporate stock_____1963 M - 8
4% Corporate stock_____1959 M -N
4% Corporate stock_____1958 M - N
4% Corporate stock_____1957 M -N
4% Corporate stock_____1956 M -N
New 4M s..............................1957 M- N
New 4 Ms..............................1917 M - N
4 M % Corporate stock___1957 M -N
4 M % Assessment b o n d s ..1917 M -N
3 >3% Corporate stock___1954 M -N
N Y State— 4s......................... 1961 M - S
Canal Improvement 4s___1961 J - J
Canal Improvement 4s___1962 J - J
Canal Improvement 4s___1960 J - J
Canal Improvement 4M3-1964 J - J
Canal Improvement 4MS.1965 J - J
Highway Im prov’ t 4M 9--1963 M - S
Highway Im prov’ t 4M 3..19 65 M - S
Virginia funded debt 2-3s___ 1991 J - J
6s deferred Brown Bros ctfs___
R a ilroad
Ann Arbor 1st g 4s_________A1995 Q - J
Atch T o p * S Fe gen g 4s___1995 A - O
R eg istered _____ _________ 1995 A - O
Adjustment gold 4s_____ fil995 N ov
R eg istered ___________ *1995 N ov
S tam ped_____________ /11995 M -N
Conv gold 4s......................... 1955 J - D
Conv 4s Issue of 1910_____ 1960 J - D
10-year 5s..................
1917 J - D
East Okla D iv 1st g 4s____1928 M - S
R ocky M tn Div 1st 4s____1965 J - J
Trans Con Short L 1st 4s. 1958 J - J
C al-A rl■ 1st & ref 4 M s "A ” 1962 IV1- S
5 Fe Pres & Ph 1st g 5s___1942 M - S
Atl Coast L 1st gold 4s____A1952 M - S
Gen unified 4 Ms_________ 1964 J - D
Ala M id 1st gu gold 5s____1928 M -N
Bruns & VV 1st gu gold 4s. 1938 J - J
Charles & Sav 1st gold 7s. 1936 J - J
I. <fc N coll gold 4s_______ 01952 M - N
Sav F & W 1st gold 6s____1934 A - O
1st gold 5s......................... 1934 A - O
Sll Sp Oca & G gu g 4s____1918 J - J
Balt & Ohio prior 3 Ms_____ 1925 J - J
R eg istered ___________ A1925 Q - J
1st 50-year gold 4s______ A1948 A - O
R eg is tered ___________ A1948 Q - J
10-yr conv 4M s...................1933
Refund & gen 5s Series A . 1995 J - D
Pitts June 1st gold 6s____1922 J - J
P June A M Div 1st g 3 M s 1925 M - N
P L E 4 W V a Sys ref 4 s .. 1941 M - N
Southw Div 1st gold 3M3.1925IJ - J
Cent Ohio It 1st c g 4 M s .. 1930 M - S
Cl I.or & W con 1st g 5s. . . 1933 A - O
M onon River 1st gu g 5 s .. 1919 F - A
Ohio River R R 1st g 5 s . . . 1936 J - D
General gold 5s_______ 1937 A - O
Pitts Clev 3c Tol 1st g 6 s .. 1922 A - O
P it t s * West 1st g 4s......... 1917 J - J
Stat Isl R y 1st gu g 4M 9--1943 J - D
Buffalo R * P gen g 5s......... 1937 M - S
Consol 4 M s......................... 1957 M -N
All & West 1st g 4s gu ____1998 A - O
Clear A Mah 1st gu g 5 s .. 1943 J - J
Roch A Pitts 1st gold 6 s .. 1921 F - A
Consol 1st g 6 s ................1922 J - D
Canatla Sou cons gu A 5s___1962 A - O
R eg istered ____________ 1962 A - O
Car Clinch A Ohio 1st 30-yr 5s '38 J - D
Central o f Ga 1st gold 5s___pl945 F - A
Consol gold 5s___________ 1945 M - N
Chatt Div pur money g 4s 1951 J - D
M ac A Nor Div 1st g 5 s .. 1946 J - J
M id Ga A Atl D iv 5s......... 1947 J - J
M obile D iv 1st g 5s........... 1946 J - J
Cen R R A B of Ga col g 5 s .. 1937 M -N
Cent of N J gen’ l gold 5s____1987 J - J
Registered __________ A1987 Q - J
Am Dock A Imp gu 5s____1921 J - J
Leh A HudRivgen gu g 5s. 1920 J - J
N Y A Long Br gen g 4 s .. 1941 M - S
Cent Vermont 1st gu g 4 s ..el9 2 0 Q - F
Chesa A O fund A impt 5s. .1929 J - J
1st consol gold 5s_________ 1939 M -N
R eg istered ____________ 1939 M -N
General gold 4 Ms________1992 M - S
R eg istered ____________ 1992 M - S
20-year convertible 4M 8..1930 F - A
30-year conv secured 5 s .. 1946 A - O
Big Sandy 1st 4s_________ 1944 J - D
Coal River R y 1st gu 4 s .. 1945 J - D
Craig Valley 1st g 5s_____ 1940 J - J
Potts Creek Br 1st 4s____1946 J - J
R A A D iv 1st con g 4s___1989 J - J
2d consol gold 4s........... 1989 J - J
Greenbrier R y 1st gu g 4s. 1940 M - N
Warm Springs V 1st g 5s. .1941 M - S
Chic A Alton R R ref g 3s___1949 A - O
Railway 1st lien 3M 8_____ 1950 J - J
Chic B A Q Denver D iv 4 s . . 1922 F - A
Illinois D iv 3M s................... 1949 J - J
Illinois D iv 4s_____________1949 J - J
R eg istered _____________1949 J - J
U
U
U
U
U
U
U
U
U
U

S
S
S
8
S
S
S
S
S
S




Week's
Range or
Last Sale

Bid
Ask
99 ____
99 ____
1 0 0 % ------100% Sale
109(2____
110 ____
9 8 % ____
9 8 % ____
1 0 1 % ____
100 ____

Low
High
99 Aug T6
99 Aug ’ 16
100(2 Aug TO
100%
100(2
110% July’ 16
110% Aug T6
98% O ct T5
97 July’ 15
102(2 July'16
100 Feb '15

No
____
____
____
1
....
____
____

98% Sale
95*2 sale
92(2 93
t 72
72%
98% 99%
96% Sale
80 ____
99% Sale
99% Sale
99*4 Sale
t 80
89
t 85(2 Sale
80% Sale
I 70
70%
; 47
57
36% 39
J___ _____ _
t 78
78%

65
66
92% Sale
82% 84
81
83%
8334 Sale
104% 105
104% 105
101 % 101%
95% 96
83
85
89
89"2
____ 96%
102% 104
91% 92%
89% 89%
100% 107%
92% 93%
133 135
8334 84
118(2 ____
1 05 % ____
99% 100
9238 Sale
92 ____
90% Salo
8 9 % ____
94% Sale
100(4 Sale
108 109
91 ____
____ 85*4
90
90%
100 % ____
1 0 7 % ------106% 106%
104l2 ____
106% . . .
99*8____
108% 109(2
101% 102%
9 0 % ____
106 . . .
108 ____
109 . . .
101% 102%
___ ____
94% 96%
107*4 Sale
100% Sale
8 4 (2 ____
103 ____
10 ) ____
103 ____
93% 96
115*4 Sale
115 116%
103% 104

11
102%
34
103
108l2 44
23
108%
Aug TO ____
6
100%
6
100 *
Jan TO . . . .
Aug TO —
July'16 —
Aug TO —
June’ 16 . . . 30
92
July 16 —
July'16 . . . .
Jan 16 ____
Aug '16 ___
1
115
July’ 16 —
15
115%
July’ 16 —
Aug TO —
Aug '16 —

65(2 Aug T6 ____
171
92%
93
92 July’ 16 ____
837g July’ 16 ____
86% Jan TO ____
18
83%
833,
10334
10434 . 12
73
10334
105%
3
101
101%
2
95%
96
85 July’ 16
13
89
89
10
96(2
96%
102% Aug TO - - - 15
91%
92%
89% Aug '16 . . . .
106% June’ 10 ____
94% M ay'10 . . . .
129% Aug T5 ____
24
S334
841,
119% July'16 - - - 105 July 15 . . . .
99% Feb TO ____
11
92%
92-%
92 June’ 16 . . . .
72
90%
90%
89% Aug T6 . . . .
94%
94% 151
100%
100% 128
112 Jan '12 - - - 91 Aug TO . . . .
63
85%
86
8
89%
90%
100 Apr '13 . . . .
107*8 Aug TO ---- 101 June'16 . . . .
107 July'16 —
105 July’ 16 . . . .
113% Feb 12 . . . .
99(2 Apr '16
91 June’ 12 ____
1083., July'16 ____
102% July'16 ____
92% M ar'16
103% Feb TO . . . .
1
109%
109%
110 July'16 . . . .
4
102
102
106% Apr T4 . . . .
94 12 Aug TO . . . .
1
1073,
1073,
9
100%
100%
84% M a y ’ 10 . . . .
101*4 M ay'lfl . . . .
100% M ar'15 ____
(02% Jan TO ____
94 Aug TO ____
30
115*4
116%
1
115
115
103(2 July'16 ____

100% Jan '13
79 Aug TO
95*s Aug TO
106%
106(2
104% June'16
89%
90
90% Feb TO
843.,
85
92(2
93
84 A u g '16
83
Mar’ 10
96*4 Feb TO
84*4 Jan T3
87
8734 88
88
80(2 83
8 1 % June’ 16
88 ____
113% Feb T6
59%
59% 60(S 59%
50 Aug T6
48
50
9 9 % ____ 99% Aug TO
84
84
84(2 83%
94(2 9434 94*4 Aug TO
97>2 1
*1fi

90% .
____ 82
9 4 % 95%
1 0 6 % ------____ 104(2
89% Sale
*____ 89>2
84% Sale
93 Salo
____ 85
82
83*4
92
97

Low
99
99%
99*4
100
109*4
110

High
99%
101)
1023,
102%
111%
112%

____ 10 1 % 1 6 3 %
...
•--

98
98% 5009
95%
95% 1022
7
92
93
72% Aug ' l i ____
98% Aug .16 ____
10
96%
96 %
86
Ju lylO ____
42
99*4
100
50
99%
99%
165
99%
100
5
8614
80%
9
85%
85%
429
80%
81
2
70%
70%
50 Aug TO . . . .
1
39
39
95% Jan '15 ____
79 Aug T6 —

102% Salo 102%
103 ____ 103
108% 108(2 108%
108% Sale 108
100% 100% 100%
100% 100% 100%
100% Salo 100%
100 100% 97%
107% 108 10734
____ 101
100%
107% 108 >8 107%
____ 100%
91% 921, 92
102 ____ 105
1 0 5 % ____ 105
1 0 5 % ____ 102%
1 0 5 (i____ 105%
115% 116 115
109% ____ 107%
115% ____ 115%
104 ____ 109%
____ 86
85
62
54
51*4

Range
Since
Jan. 1

93
93%
89*4

69
96%
94%
81%
98%
97%
96*4
82%
78%
73
63
45
27%

98%
90%
95%
78%
100*4
97
87
100(4
101%
102%
86%
86
84%
72%
60
50

74

80%

101
101
100%
105%
97%
98
97%
97%
105*4
100%
103
100%
88%
102%
102
102%
102%
113
100l2
11212
107
8434
50%

103
103
108%
108(2
100(2
100%
101
97%
108
100%
108
1007a
93
105%
105%
102%
106
115%
109*4
115%
10934
88%
58(2

63
68%
92% 95%
91% 93%
83% 88
84% 8 6 I2
831., 88%
i 0034 107%
101*4 107*4
100% I0134
953jj 9812
85
89
89
92
90% 99
102% 104%
91
94%
89% 923.,
100% 107%
9334 95
83*4 87%
119% 3122
99%
92(,
91 %
90%
89%
9412
99%

99%
937g
92%
92%
91%
98%
10134

91
92
85% 90
89*4 92 %
107%
101
106%
105

107%
101
107%
105%

99% 99%
107l2
101%
92%
103%
107%
107*4
101%

no
103
92%
103%
109%
110%
104*4

92
107%
ion
83%
10134

95%
108
84%
101*4

102%
94
115*4
115
103%

1021.,
97
118%
117%
103*4

102

__ _ 79
83
____ 94% 98
2 104*4 107%
____ 103 104%
6 89% 93 %
__
90% 91
14 84% 89
348 92% 95
____ 83% 85
____ 83
84%
____ 96*4 9634
2
____

841* 88
81% 83%

1
____
____
11
____
-- -

57
43
99
83(2
937g

60%
50%
100
87
96%

BON DS
N . Y . ST O C K E X C H A N G E .
Week Ending August 25.
Chic Burl A Q (Con.)-

A- C
A -O
Joint bonds.

M -N
M -N
M- S
M- £
J - J

U S M tg A T r C o ctfs of dep.
A- O
M- N
M- N
_. - Guar Tr C o ctfs of dep.

Chic Ind A Loulsv— R
Refunding gold 5 s ..

Chicago Milwaukee A St Paul-

25-year deben 4s_________ 1934
Convertible 4 M s.................1932
Chic A I. Sup D iv g 5s____ 1921
Chic A M o RIv D iv 5 s . . . 1926
Chic A P W 1st g 5s......... 1921
Fargo A Sou assum g 6 s .. 1924
WIs A Minn D iv g 5s......... 1921
M il A N o 1st ext 4 Ms____1934
Cons extended 4M 9___ 1034

F- A
J - J
M- S
J - J
J - J
J - J
J - J
J - J
J -D
J - J
Q- J
J -D
A -O
F -A
J - J
J - J
J - J
J -D
J - J
J - J
J - J
J - J
J - J
J - J
J - J
J - J
J - J
J -1 )
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
J - J

Sinking fund 5s_____ 1879-1929
Registered _______1879-1929
Debenture 5s____________ 1921
R e g is te re d ....................... 1921
Sinking fund deb 5s........... 1933
R e g is te re d ....................... 1933
Frem Elk A M o V 1st 6 s .. 1933
M a n G B A N W 1st 3M s. 1941
M ilw A S I. 1st gu 3M S-.-1941
M il I S A West 1st g 6s__ 1921 M - S
Ext A Imp s f gold 5s__ 1929 F - A
Ashland D iv 1st g 6s__ 1925 M - S
M ich D iv 3t gold 6s__ 1924 J - J
M il Spar A N W 1st gu 4s. 1947 M - S
Northw Union 1st 7s g __ 1917 M - S
St L Peo A N W 1st gu 5s. 1948 J - J
W inona A St P 1st ext 7s. 1916
Chicago Rock Isl A Pac 6.°.. 1917 J - J
R e g is te re d ______ ______ 1917 J - J
Rv general gold 4s...............19S8 J - J
R e g iste re d .................
19S8 J - J
Refunding gold 4s.............. 1934 A -O
30-year debenture 5s_____ 1932 J - J
Coll trust Series P 4s_____1918 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
C R I F A N W 1st gu 5 s .. 1921 A - O
M A St L 1st gu g 73_____ 1927 J - I )
Choc Okla A G gen g 5 s ..01919 J - J
Consol gold 5s_________ 1952 M -N
K eok A Des M oines 1st 5s 1923 A - O
St Paul A K C S h I, 1st I Ms ’ ! 1 F - A
Chic St P M A O con 6s____1930 J - D
Cons 6s reduced to 3 M s .. 1930 J - D
Debenture 5s......... ............. 1930 M - S
Ch St P A M inn 1st g 6 s . . 1918 M -N
North Wisconsin 1st 6 s . . . 1930 J * J
St P A S City 1st g 6s____1919 A - O
Superior Short L 1st 5s g .ol9 3 0 M - S
Ohio T II A So-east 1st 5 s .. . 1960 J - D
Chic A West Ind gen g 63-^1932 Q -M
Consol 50-year 4s.............. 1952 j - j
Cin II A D 2d gold 4 Ms___ 1937 j - j
1st A refunding 4s________1959
1st guaranteed 4s.................1959 j - j
Cin D A I 1st gu g 5s____1941 IV1 -N
C Find A Ft W 1st gu 4s g 1923
Cin I A W 1st gu g 4s____1953
D a y A M Ic h 1st cons4M 8.1931
Ind D ec A W 1st g 5s......... 1935
1st guar gold 5s......... ..1 9 3 5 j - j
Cleve Cin C A St L gen 4 s .. 1993 J - D
20-yr deb 4M 8.....................1931 J - J
Gen 5s Scries B .................. 1993 J - D
Cairo D iv 1st gold 4s......... 1939 J - J
Cin W A M D iv 1st g 4 s .. 1991 J - J
St L D iv 1st coll tr g 4s__ 1990 M - N
R e g is te re d ____________ 1990 M - N
Spr A Col D iv 1st. g 4s____1940 M - S
W W Val D iv 1st g 4s____1940 J - J
C I S t L A C consol 6s____1920 M -N
1st gold 4s____________ *1936 Q - F
R e g is te r e d _________*1936 Q - F
Cin S A Cl con 1st g 5 s . . . 1923 J - J
C C C A I gen con g 6 s . . . 1934 J - J
Ind B A W 1st pref 4s____1940 A - O
O Ind A W 1st pref 5 s ...d l9 3 8 Q " J
Peo A East 1st con 4s____1940 A - O
Incom e 4s_____________ 1990
Cleve Short I. 1st gu 4M 8---1961 A - O
Col Midland 1st g 4s________1947 J - J
Trust C o certfs of deposit.........
Colorado A Sou 1st g 4s____1929 F - A
Refund A Ext 4M 8_______1935 M -N
Ft W A Den C 1st g 6 s ...1921 J - D
Conn A Pas Rlvs 1st g 43___ 1943 A - O
Cuba R R 1st 50-yr 5s g ____1952 J - J
D el’ I.ack A Western—
M orris A Es 1st gu 3 M s ..2000 J - D
N Y Lack A W 1st 6s____1921 J - J
Construction 5s________1923 F - A
Term A Im prove 4s____1923 M -N
Warren 1st ref gu g 3M 8..2000 F - A
D el A Hud 1st Pa D iv 7 s . . .1917 M - S
R e g iste re d ____________ 1917 M - S
Out.

Price
Friday
Aug. 25.

Bonds
Sold

Price
Friday
Aug. 25.

Interest
Period

BO N DS
N . Y. ST O C K E X C H A N G E
Week Ending August 25.

Bonds
Sold

In Jan. 1909 the Exchange method o] Quoting bonds teas changed, and prices are now all— " and interest"— except for income and defaulted bonds.
Week's
Range or
Last Sale

Range
Since
Jan. 1

High N o Low High
Bid
Ask Low
1 0 2 (2 - - -- 103 A u g 'll! ____ 102% 103%
99% 99%
99*4____ 9934 Aug 'I f
983.1 987g 98%
98%
98 July’ ll
99% June’ 15
03 %
93%
23 A u g '16
24
24
109 ____ 107% Aug '16
____ 85*2 85 A u g '16
82 M ay’ ll
____ 85
85% June’ 16
------- 85
____ 86
85 June'16
97*4 Feb '13
20
22(2 M ay'16
70 Sale
6934
70
113 115 113 Aug TO
____ 101 June’ 16
100
82
94
95% Apr ' l l
70
.
55 Deo TO
8 8 % 89
8 8 % Aug '16
------- 965s 97% Apr '16
99*4____
9312 Sale
24l2 30

90

101(2 102 >2
1 0 1 12 ____

95
96
9 4 % ____
80% 81*,
94 Sale
------- 9334
1U>4 11414
110
____
109 ____
1047s____
104 ____
10214 103
104 104(2
____ 10312
120(2 121

80
80
107

____
...
108
106
....
1 1 H2 ____
11034 ____
89(2 92l2
10 H t .
105% 106
101
____
IOU4 Salo
1 0 1 % 10 2 %
82% 83%
83
83(2
71% Sale
57% Sale
95% 97%
56% 59
99% 100
99*4____

78
40

108
100%
111%
112%
92%
107*8
105

83
71%
57%
97%
58
99%
100%

78

____
107
102*4
97%
84
103
v

103% 105
104(4 104%
12 1

12 1

108
106

109
107%

112 % 112 %

91

94

105

109

0 104
____ 104%
____
. . . . 106
5 75%
—
86%
1

78

78

July’ 14
D ec ’02
7834
85
June’ 16
Aug TO
Aug TO
80*4
M ar’ 14
Juno’ 16
Jan TO
June'16
Aug TO
88(2 M ay'If,
102% Mar'16
116% Juno'10
94 July’08

86%
107%
103%
98%
-----Salo

DUO jNOV

85*4
106%
1023i
98%
102%
103
104(2

78

7 77(2 81
7 83(2 90 '4
____ 99% 100%
....
82
87
____ 75% 77%
4 79
84%
____
____
85
86l2
____ 84% 84%
. . . . 105 105%
____ 91% 92 >2
____
____ 102% 102(2
116% 110%
—
---------------

"63
76% July'10
23
36(2 July'10 __
3 9934
100%
100%
7
13 Aug TO . . . .
10
6
6%
6%
1 90
90%
90%
7 82%
83%
8334
10 104%
101*4
101*4

96(2 ” 94

105*8
104%
_.
107%
81%
86%

M ar’ l l
July’ 14

65
107(2
78
84%
100%
85%
75*1
80*4
82%
80%
84*4
105
92(2

78
7834
85 Sale
97% 99%
84% 85%
76
76%
8034 81%
____
83 ____
80% 84
105% 105*4
9 2 % ------9 0 % ------102 ____
11 6 I4 ____
86 . . .

____

89(2 94
92% 92%
93% 95%
91 % 94%
106 110
78
81%
100% 104
90
93%
100 10334
103 103%
104% 105%
102 104%
891t 91%
106(8 107%
_.
i 02' 102*4
103 105
106% 107%
10 1 % 10 1 %
101
10 1%
951* 97%
97
97
80
84
« ...
93% 95%
93*8 96
1 1 2 % 116%
112 1 , 1 1 2 %
109(2 109%
104 IO434
103% 104
101% 103%

. - - 83
84%
191 63% 75%
203 41% 66%
____ 95
97%
____ 54
65%
____ 97*4 100
—
. . . -- •
....
_.
—
98% 99%
....
. _
____ 55
65
10 65
71
____ 117% 118%
....
87% 87%
. . . . 101% 103
____ 117% 118%

June’ 16
71%
59%
Aug TO
Aug TO
July’ 10
M ar’ 14

99*i Apr TO
9 : % July 1.
64 Aug T6
67
67
117% Aug TO
873| Feb TO
ll)2 Aug TO
117% M ay’ 16
129% M ay 09
104%
104%
104% Aug TO
85 Jan T4
100% Aug TO
70
77
80% Jan TO

Sale
____

75%
34
Sale
13
Sale
90%
833.|
105

96
98
.....
92
94*4
21% 25%
20
24
104 107%
75
86%
82
82
75
853g
74
85

____
____ 21
24
18 69
74
____ 111% 115
____ 100 10 1
____ ___ ____
____
—
88 % 9D2
...
97% 9734

____
____
____
____
18
____
....

July'10
Aug T 6
Dec '16
Feb '16
92%
M a y '14
A uk ’ 10

9 734 10 0

2 10 1 % 102 %
10 1%
10 1%
101 >2 July’ 10 ____ 10 1 % 102
8334 Aug TO ____
83
87

88
65

70 '
32
100%
7%
6%
90%
83
104

50
____
(3
____
____
—
—

7
8934
90
92% Feb '16
8
93%
94
19
92
92%
19
106*4
107%
79 Aug TO —
6
100 %
10 1%
33
90
91
100 %
100 % 114
103 July' 16 —
104% Aug TO —
2
102%
1023.1
30
91%
91%
100% July'10 —
110
June’ 13 . . . .
102 Aug T 6 ____
103 Aug TO —
107 July'10 ____
10 1 7s June’ 16 ____
101*4 June’ 10 —
9534 July’ 10 —
97 Apr T 6 . . . .
7
80%
80%
78(2 JaD '14 . . . .
1
94
94
93*4 July’ 16 —
11234 Aug TO —
112% Jan T 6 . . . .
109% Apr TO —
1043.1 Aug TO —
103% Apr '16 —
101% Aug TO —
101 Dee '12 . . . .
104 Aug TO —
101% June’ 16 . . . .
121 Juno’ 10 ____
90% Sep '09 ____

Sale

93(2 94
923g Sale
1067s Halo
787s 80
101 >2 Sale
------- 90*,
1003s sale
103 ____
105 .
10234 103
9 D 2 Sale
10634 108
no
111
1017g 102 %
103 104(2
107 ____

9 9 34 ____
90 ____
63 ____
____ 68
117 118
91 ____
100 101
117 ____
117 . .
104 105%
104% ____
68
80
1 0 6 (2 ____
76 Sale
91
..

10
—

Feb T6 ~

94

Aug TO
85%
Aug TO
106%
Aug TO
102%
July'16
98
__
Feb '03
103
4 103
104<2
Feb T6 —

1/ DUO

DtJO

TT~
38
101%
16%
15%
93%
87%
190(8
04
87
109(2
10-1
98%
.. 1
104(2
104%

» optiuu sale

P rice
F riday
A u g . 25

W eek's
R ange or
Last Sale

i l
*

.3 S

1*8
§ 5

Bid
A sk L
Delaware A Hudson (Com )—
N o . Low H igh
1st lien equip g 4Mb---------1922 J - J 100% 101
—
100% 102
1st A ref 4s.......... ............. 1943 WI-Ni 9712 Sale
5 96% 99%
97l2
20-year conv 5s_________1935 A - O 105% Sale 105%
11 105 108
86 87% 863.1
Alb A Susq conv 3 Mb----- 194(5 A - O
15 85% 88
Renss A Saratoga 1st 7 s.. 1921 M -N 112%
112% .
___ 112% 113
Denv A It Gr 1st con g 4s. -1936 J * J 78% Sale 78
IS 76
79*2
83 8414 84
2 83
Consol gold 4 Ms........ — 1936 J * J
86
8034 83
Improvement gold 5s----- 1928 J -D
83 i
___
78*4 85
1st A refunding 5s.......... .1955 F - A
6712 Sale 67
58 661j 73
Rio Gr June 1st gu g 5s. _1939 J - D 87*2 95
87% J
___ 87% 88
Rio Gr Sou 1st gold 4s__ 1940 J - J
6H2
..
Guaranteed.................. 1940 J - J
34
35 J
___ 35
35%
Rio Gr West 1st g 4s........ 1939 J - J
73
7434 73*2
1 73% 78%
Mtge A coll trust 4s A .. 1949 A -O
62
64
62 i
02
6G%
Utali Cent 1st gu g 4s.al917 A -O
94 —
90 j
Des Moines Un Ry 1st g 5s. 1917 M- N
100
Det A Mack— 1st lien g 4 s .. 1995 J D "77" "85’ “ 90 J
III "96" "90*
Gold 4s............................1 99 5 J -D
75
80
75 .
75
85
Det Rlv Tun—Ter Tun 4Msl9Gl IYI-N 92*8 Sale 02
8 90*4 94
Dul Mlssabe & Nor gen 5s. _ 1941 J - J 103%
104 j
___ 104 104
A
O
Dul A Iron Range 1st 5s___ 1937
101 102% 10134 1
—
101*4 103%
Registered......................... 1937 A - O
100
Dul So Shore A Atl g 5s___ 1937 J - J '92% Sale 92*2
5 92% 95%
Elgin Joliet A East 1st g 5s. 1941 M -N 102
—
103 104
103*4 r
S 103*4 10,8% 108%
Erie 1st consol gold 7s......... 1920
IS in8-’ » iiO i
N Y A Erie 1st ext g 4s__ 1947 M95% 98
___
90*2 96*2
2d ext gold 5s................ 1919 M102
—
101% 102%
3d ext gold 4Ms............ 1923 M
*100
4th ext gold 5s.............. 1920 A •
101*2 Sale 101*2 1011;
5 101% 102%
5th ext gold 4 s . . . ........ 1928 J
92
94 Nov' IN Y L E A W 1st g fd 7 s.. 1920 M- S 108% 108% 108 A u g ’ 1C —
108 iT T
2 83*8 86%
Erie 1st con g 4s prior___ 1996 i - J 83% 83% 83*2
83*;
80 Oct 1;
J
Registered..................... 1996
84
731;
J 73 Sale 73
21 7 3 ’ *77
1st consol gen lien g 4 s.. . 1996
—
J 71
Registered..................... 1996
72% 76*2
—
A 89
Penn coll trust gold 4s____ 1951
89% 89 i
88% 90
O 69*4 Sale 69*4
50-year conv 4s Series A .. 1953
« 69% 72*2
21
73
74
O
74%
70
84
73
do
Series B ..........1953
95 84
87
O 85% 86% 85 *a
88*2
Gen conv 4s Series D ........ 1952
N 106 106% 100 I
Chic A Erie 1st gold 5 s ... 1982
105*4 107%
____
J
01
1
J 103%
Clev A Mahon Vail g 5 s.. 1938
123 .
121% 123%
Long Dock consol g 6s . . . 1935 A - O 122*4
102 102
Coal A RR 1st cur gu 6s . . 1922 M -N 101 104 102
1 102% 106
106
Dock A Imp 1st ext 5s . . . 1943 J - J 106 —
03*2 >
N Y A Green L gu g 5s___1946 M-N
99 f
97
98*j 99
N Y Susq A W 1st ref 5s. .1937 J - J —
100*4 1
2d gold 4 M s-................. 1937 F - A
77 }
78
72
81
General gold 5s............. 1940 F - A 77
105*2 105*2
Terminal 1st gold 5s-------1943 M-N 105%
111*2 May’ I
Mid of N J 1st ext 5s......... 1940 A -O 104
82
85*4 83 July 1
82% 90
Wllk A Eas 1st gu g 5s — 1942 J -D
40 100 May’ l
Ev A Ind 1st con gu g 6s------1926 J - J
96 July'l
Evansv A T I ! 1st cons 6S..1921 J - i 100 102
90
90*8
63 May’ l . . . . 63
1st general gold 5s........ ..1942 A - O 63 —
63
108 N ov’ U
Mt Vernon 1st gold 6s------ 1923 A -O
95 June’ 12
Bull Co Branch 1st g 5s— 1930 A -O
91% 92% 91*2
” 25 '91% "93%
Florida E Coast 1st 4Ms— 1959 J -D
92 Aug
Fort St U D Co 1st g 4MS--1941 J - J
....
Ft W A Rio Gr 1st g 4s......... 1928 J - J 60% 70% 68*2 Aug ’ 16
61% 69
Great Northern—
J
J
97% Sale 97%
C B A Q coll trust 4s-------- 1921
148 97% 99
Registered h __________ 1921 Q - J 97% Sale 97%
J 97% 98*4
1st A ref 4 Ms Series A — 1961 J - J 99 100 100
99 100%
Registered.......... ......... 1961 J - J
96 J
St Paul M A Man 4s.........1933 J - J 96 '97% 96
i 96
97%
1st consol gold 6s_____ 1933 J - J 119*2 120*4
120% 122
Registered................1933 J - J
119*4 121*2
Reduced to gold 4MS.1933 J - J 102*8 Sale 102%
16
101% 103*4
Registered............ 1933 J - J
102*2 102%
Mont ext 1st gold 4s— 1937 J -D
95% 96
95*2 97%
Registered................1937 J -D
90% 96*2
J
J
Pacific ext guar 4s £ — 1940
“85%
E Minn Nor Dlv 1st g 4s. 1948 A -O
92%
93 “93
Minn Union 1st g 6s........ 1922 J - J 108%
109% 109%
J 122*4
Mont C 1st gu g 6s---------193"
122*4 123
Registered................1937
1st guar gold 5s------- 1937
109*4 110
109% 110*4
Registered............ 1937
Will A S F 1st gold 5s. _ 1938
—
10934 111%
10934110%
Green Bay A W deb ctfs "A ” ___ Feb
70
75
J
—
77*2
74
76
Debenture ctfs "B ”
Feb
11% 12 12 A
11
14%
Gulf A S I 1st ref A t g 5 s ..61952 J - J 84% 87
84% J
—
84*8 88%
Hocking Val 1st cons g 4Ms. 1999 J - J 9o% 91*4 9t)3.i
90*4 96
Registered--------------------1999 J - J
07% Jan T4
Col A II V 1st ext g 4 s.. . 1918 A - O 88 "90 88 Aug T —
87
88
Col A Tol 1st ext 4s........ 1955 F - A 88%
87 Aug T . . . .
80
87
Houston Belt A Term 1st 5s. 1937 J - J 87
94% Feb ’1
Illinois Central 1st gold 4 s.. 1951 J - J 97% —
97*2
97*
2 90*2 97%
Registered........................1951 J 92 Aug 1
84% 85% 8538 Aug T —
1st gold 3 Ma......................1951 J 83
85*4
Registered...................1951 J 83 N ov’ l
83*2 90
Extended 1st gold 3MS---1951 A 84*4 ‘ 86%
Registered.....................195 J A 80 J’ly ’09 . . . .
1st gold 3s sterling............ 1951 MRegistered.....................1951 M88 88%
Coll trust gold 4s.............. 1952 A
88
91%
Registered.................... 1952 A
1st refunding 4s................ 1955 M -N
88 Sale
89
5 8734 91*2
Purchased lines 3Ms____ 1952 J - J
80*4
81
83
L N O A Texas gold 4 s ... 1953 M- N —
85*4
85*4 87*4
Registered___________ 1953 M
Cairo Bridge gold 4s____ 1950 J
89 —
90
92%
Litchfield Dlv 1st g 3s___ 1051
J
74 Fell '
Loulsv Dlv A Term g 3Ms 1953
J —
80
78
34
July'
78*4
81*4
Registered.................... 1953
J
83 a ug '
Middle Dlv reg 5s............. 1921
A 10n
102 June’
101% 102
Omaha Dlv 1st gold 3 s ... 1951
A 66% 72*2 70 Aug '
70
71
St Louis Dlv A Term g 3s. 1951
J —
76
OtJij Hep
Gold 3 Ms........ ............. 1951
J
•81% Jan ’ . . . . 81*8 8l*s
Registered............... .1951
J 79
80 Juno'
. . . . 80
80
Spring! Dlv 1st g 3MH...1951
J
79
81*8 78% Jan 16 —
78*4 78*4
Western lines 1st g 4s___ 1951
A 88*2
90*2 May’ 16
89
90%
Registered ....................1951 F - A
Bcllev A Car 1st 6s..........1923 J -D
Carb A Shaw 1st gold I s.. 1932 M- S *86 ‘
94% J*|> -12
Chic B t L A N O gold 5 s .. 1951 J -D 10634
107% 109
Registered....................1951 J -D 105
114 Feb ’ l l
Gold 3 Mb......................1951 J -D —
83
90 Oct ’09 . . . .
Registered................. 1951 J -D
Joint 1st ref 5s Series A . 1963 J - D 100's 10014
—
100 103*8
Memph Dlv 1st g 4 s . . . 1951 J - D ____ 90
86% u c c ‘ 16
Registered------------- 1951 J - D . . . . 87*2
8t Louis Sou 1st gu g 4 s.. 1931 M- S
93*2 0 8 “ J;jly ’08
-•
Ind III A Iowa 1st g 4s........ 1950 J - J 89*8 90
91% Apr '16
90 "92%
Int A Great Nor 1st g 6s___ 1919 M-N • 95*8 99
95%
95%
1 95
98%
90 Sale 8934
James Frank A Clear 1st 4s. 1959 J -D
90
30 89*4 92*2
Kansas City Sou 1st gold 3s. 1950 A -O
68 Sale 67%
68
23 06*4 71
Registered.........................1950 A -O
63 Oct ’00
Ref A impt 5s............ Apr 1950 J J 90% Sale 90%
90% " i s 89% 94
Kansas City Term 1st 4 s . .. 1960 J - J 87% 88 87%
88
21 85*4 89*8
Lake Erie A West 1st g 5 s.. 1937 J - J 98
98*4 Aug ’ 16 . . . 1 96% 100
2d gold 5s.......................1941 J - J 81
84
82*2
82*9
10 75
83%
North Ohio 1st guar g 5 s.. 1945 A - O 71
98 Mar 14
Leh Vail N Y 1st gu g 4M8-. 1940 J - J 100% 102
------! 100% 103
Registered.........................1940 J - J
. . . J 100*2 102
Lehigh Vail (Pa) cons g 4 s ..2003 M -N ____ 90*2 90*2
90%
2
General cons 4 Mb........ 2003 M -N
99% 99*4 9934 Aug ’ 16 . . . . 89*j 92%
99% 101%
Leh V Term Ry 1st gu g 5 s.. 1941 A -O 111% ____
. . . . n o 112%
Registered...........................1941 A - O 111*4 ____
------1 111% 111%




----------- !

BONDS
Y . STOCK EXCHANGE
Week Ending August 25.

BONDS
N. Y. STOCK EXCHANGE.
Week Ending August 25

P rice
F riday
A u g . 25

5r

Leh Val Coal Co 1st gu g 5s. 1933 J - J
Registered..........................1933 J - J
1st Int reduced to 4s........ 1933 J - J
Leh A N Y 1st guar g 4s___ 1945 M- S
Registered..........................1945 M - S
Long Isld 1st cons gold 5s../>193l Q - J
1st consol gold 4s______ A1931 Q - J
General gold 4s ........ ......... 1938 |J D
Ferry gold 4Mb. . ............ 1922 !M- S
Gold 4 s.............................1932!J -D
Unified gold 4s__________ 1949 M- S
Debenture gold 5s_______ 1931 J D
Guar refunding gold 4 s . .. 1949 M- S
Registered.....................1949 M- S
N Y B A M B 1st con g 5s. 1935 A - O
N Y A R. B 1st gold 5 s ... 1927 M- S
Nor Sh B 1st con g gu 5s. o 1932 Q - J
Louisiana A Ark 1st g 5s___ 1927 M- S
Loulsv A Nashv gen 6s ____ 1930 J -D
Go,<l 5 3 .............................1937 M -N
Unified gold 4 s .._ ............. 1940 J - J
Registered......... ........... 1940 J - J
Collateral trust gold 5 s ... 1931 M - N
E H A Nash 1st g Gs____ 1919 J - D
L Cin A Lex gold 4MS---I931 M- N
N O A M 1st gold 6s____ 1930 J - J
2d gold 63......................1930 J - J
Paducah A Mem Dlv 4 s !. 1946 F - A
St Louis Dlv 1st gold 6s .. 1921 M- S
2d gold 3s____________ 1980 M - S
Atl Knox A Cin Div 4 s ... 1955 M -N
Atl Knox A Nor 1st g 5 s.. 1946 J - D
Hender Edge 1st s f g 6s .. 1931 M- S
Kentucky Central gold 43.1987 J - J
Lex A East 1st 50-yr 5s gu.1965 A -O
L A N A M A M 1st g 4 Ms 1945 M- S
L A N-South M joint 4s .. 1952 J - J
Registered.................. h 1952 Q - J
N Fla A S 1st gu g 5s___ 1937 F - A
N A C Bdge gen gu g 4 Ms. 1945 J - J
Pensac A Atl 1st gu g 6s. .1921 F - A
S A N Ala cons gu g 5 s ... 1936 F - A
Gen cons gu 50-year 5s. 1963 A - O
L A Jeff Bdge Co gu g 4 s.. . 1945 M - S
Manila RR—Sou lines 4 s ... 1936 M -N
Mex Internat 1st cons g 4s .. 1977 M- S
Stamper! guaranteed.........1977 M- S
Midland Term— 1st s f g 5s. 1925 J - D
Minn A St L 1st gold 7s___ 1927 J - D
Pacific Ext 1st gold 6s___ 1921 A - O
1st consol gold 5s.......... .. 1934 M- N
1st A refunding gold 4 s ... 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
Iowa Central 1st gold 5 s.. 1938 J - 1)
Refunding gold 4s.........1951 M- S
M StPASSM con g 4s int gu. 1938 J - J
1st Chic Term s f 4 s ..
1941 M- N
M S S A A 1st g 4s int gu. 1926 J - J
Mississippi Central 1st 5 s ... 1949 J - J
Mo Kan A Tex 1st gold 4 s.. 1990 J - D
2d gold 4s........ ............... 01990 F - A
1st ext gold 5s.................. 1941 M -N
1st A refunding 4s............ 2004 M- S
Gen sinking fund 4 Mb. . . 1936 J - J
St Louis Div 1st ref g 4 s ..2001 A AO
Dali A Waco 1st gu g 5 s.. 1940 M- N
Kan City A Pac 1st « 4 s.. 1990,F - A
Mo K A E 1st gu g 5s___ 1942 A - O
M K A Okla 1st guar 5 s.. 1942 M - N
M K A T of T 1st gu g 53.1942 M- S
Sher Sh A So 1st gu g 5s_. 1942 J - D
Texas A Okla 1st gu g 5 s.. 1943 M- S
Missouri Pacific (reorg Co)
1st A refunding 5s wh las___
General 4s when Issued_____
....... ...
who k os---M- N
Trust gold 5sstamped___al917 M- S
Registered........ ........... a 1917 M- S
1st collateral gold 5s......... 1920 F - A
Registered____ ________1920 F - A
40-year gold loan 4s........... 1945 M- S
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
Cent Br Ry 1st gu g 4 s ... 1919 F - A
Cent Br U P 1st g 4s......... 1948 J -D
Leroy A C V A L 1st g .5s.. 1926 J - J
Pac R of Mo 1st ext g 4s_. 1938 F - A
2d extended gold 5s____1938 J - J
St L Ir M A S gen con g 5s. 1931 A - O
Gen con stamp gu g 5 s.. 1931 A -O
Unified A ref gold 4 s.-.1929 J - J
Registered...................1929 J - J
Rlv A G Div 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_*1927 Q - J
General gold 4s_______ 1938
M
Montgomery Dlv 1st g 5s. 1947 F - A
St Louis Div 5s.......... ........ 1927 J D
St L A Cairo guar g 4s_1931
J - J
Nashv Chatt A St L 1st 5s.1928 A -O
Jasper Branch 1st g 6s___ 1923 J - J
McM M W A AI 1st 6s . . . 1917 J - J
T A P Branch 1st 6s........ 1917 J - J
4at Itys of Mex prllen 4 M 8.1957 J - J
Guaranteed general 4s___ 1977 A - O
4at of Mex prior lien 4M8..1926 J - J
1st consol 4s...... .......... 1951 A - O
4 O Mob A Chic 1st ref 5 s.. 1960 J - J
Jew Orleans Term 1st 4s__ 1953 J - J
M -N
Consol 4s Series A _______ 1998 F
Ref A imp 4 Ms " A " ......... 2013 A
4 Y Central A H R g 3Ms. 1997 J
Registered....................... 1997 J
Debenture gold 4s............ 1934 M
Registered.................... 11934 M
Lake Shore coll g 3M sIIIl998 F
Registered...................... 199$ F
Mich Cent coll gold 3MsIIl998 F
Registered....................... 199s F
Battle Cr A Stur 1st gu 3s. 1989 J - D
Beech Creek 1st gu g 4s. .1936 J - J
R egistered.............
1936 J - J
2d guar gold 5s............... 1936 J - J
Registered.......... ..
1936 J - J
Beech Cr Ext l8tg3M 8. .61951 A -O
Cart A Ad 1st gu g 4s........ 1981 J D
Gouv A Oswe 1st gu g 5s. 1942 J -D
Moh A Mai 1st gu g 4 s ... 1991 M- S
N J June R guar 1st 4 s.. . 1986 F - A
N Y A Harlem g 3 Ms___ 2000 M -N
N Y A Northern 1st g 5s. 1923 A -O
N Y A Pu 1st cons gu g 4s 1993 A - O
Pine Creek reg guar 6s___ 1932 J - D
R W A O con 1st ext 5 s ..61922 A - O
R W A O T R 1at gu sr 5s.. 1918 M -N

Bid

A Si Low

103% 104
92

W eek 's
Range or
Last Sale

____

Range
Since
Jan. 1

H igh

N o . Low

H igh

105% July’ l 6 ____ 104% 106 *8
105 Oct ’ 13
"89% July’"16

89 U 90 ’

105% ____ 106 June’ 16
104% 106%
94 ____ 94% June’ 16
94% 96%
85 ____ 88 June’ 16
86 90
------ 99
99% Apr ’ 16
99*4 99*4
99% Oct ’06
82% "84% 84% July’ 16
'84% *86
94
96
96 A u g ’ 16
96
97
86% Sale 86%
86% 2 86% 90%
95 Jan ’ ll
102% m i 103% Mar’ 16 - 101% 103%
102% 103% 102% Aug ’ 16 . . . 102% 103
98 101 100
10 99% 102
100
91
95% 97% July’ 16 — - I 88 97%
112% 114% 112 Aug *16 - - - 1111% 113
1
% j 10%
108% 10934 1109
109
94%
94% Sale I 9334
39 93% 96
94
94% 94 June’ 14
10334 104% 104 A u g ’ 16 — |IC3% 105%
10734 ____ 107% Der 15
101*2 . . . 101% ion- " 2 ioo *4 102
113*2 114% 114 July’ 16 - . 1 1 4
116%
107 1091.J 109% M ay’ 15
- - - - 89% 88*2 July’ 16
88% *90l8
106 107% 108 Apr ’ 16
107 108%
61*2 63l4 63*% June’ 16
61
64
85% 86*2 86*2
86*2
85*4 90
107%____ 111 Jan *13
106*2____ 106*4 June’ 16
%
------ 88% 88% Aug '16
101*2 Sale 101*2 101*2
100
101%
9 9% ____ 101 July’ 16
%
78
80
78%
78%
95 Feb ’05
105% 106% 107*8 July 16
!106 107%
9 7 % ____ 97% May’ 16
97% 97%
107% 109% 108% May’ 16
108% 108%
1( 6*2____ 108% July’ 16
105% 108*8
101 102 101 Aug TO
101 103%
7934 ____ 81% Apr ’ 16
80*8 82%
------ 79
77 Mar’ 10
79 N ov’ 10 . . .
101 Oci '09
-■
------ 115
115 Mar'l 6 ___ i 15 115
103 104 103 Aug ’ 1 6 ------ 103 103%
85
89
89 Aug '16
88% 90
59
60
4 5234 64%
59%
60
55
57
60 A u g’ 16 _____ 60
64
60 Feb T6
86% 89 8612 Aug '16 . . . . 86% 90%
55 Sale 55
2 61% 60
55
91% Sale 91%
17 91% 98%
91%
85 .
97% June’ 12
____ 97
97
97% 15 97
99
92*2 93*2 92*2 July’ lt _____ 90
92%
74
74*2 74%
7478 33 70% 78%
45*4 46
46 Aug T6 —
4U
50*j
____ 42% 45 July’ l 6 . . . . 45
52%
59
62
62 Aug 16 _____ 51
62
41
42% 42% Aug IG _____ 36
48
37 _
37 Aug TO _____ 37
46
99*4 Dec '13 _____
“ 68"
72 July’ 16 _____ 60
72
____ 84
83% Aug T6 _____ 74
89%
60
65% 66 Aug T6
50
67
70 Sale 70
7 48
70
73
'____ 55
5 50*8 50*2
50*2
50%
50 5734 55
5 49
55
63

108

106 107
87*4 89*8
99 101
1 77*2 82

90 94
64*2 Sale 64%
10134 Sale 101%
99*2 Sale 99%
'92% m i
"49" _5l”
49*2 Sale
81 82
m i " 70"
*52 70

88%
____
10034 101
------

101

’ 8034 n n

7434 Safe'
76 . . .
112 113*2
------ 111%
75
76
99*8____
90
94%
87 ____
105*2 106
10734 ____
100% ____

100*8

30% Sale
*15
70

65% 297 64*2
101*4 42 100
99*2 40 89%
Oct ' 16 _____
92% Aug T6 —
83*b

65*2
102
99%
92%

39 39% 52'
49
50~
i3| 40
49%
50
51%
82 M ay'16 . . . . 82
82
100 *ti 13 - - i
7
07
07
50
67
77% De. T3
110
A! '05
89% Aug *16
89
92
100% July'16 _____I 100 100*4
9 99*4 102%
100*4
101
102 J’ly '14 . . . .
81U
8112 36 74% 81%
80 * Oct '12
74%
75
13 68
75%
87 Sep T5 __
112*2 July’ 16 _____ 112 115
109 Feb ‘ 16 ___ 108 109
75*8 July'16 _____ 75
76%
102 Feb T6
102 102
89 Dec T6
88% Apr Tfl
88*2 88*4
106»j Aug ’ 10 _____ 103*4 1071*
110*4 Alar’ l 6
110% 110*4
100*4 July’ 16 . . . . 100*4 101%
113 J i> 04
4 30
3G%
30*4
30%
35 Aug T 6 ____j 35
35

30
55
70*4 74
112% Sale
82*4 83
92*2 Sale
82% Sale
81
82%
90*4 Sale

30 Aug ’ If _____
40 V » ’ 'lfi . . . .
71 Aug ’ 16
69
71
1117s
112% 314 110% 117%
18 82% 86%
82*4
83
92*2
92*4 137 92% 95%
3 81V, 83%
82%
82%
8178 Aug T 6 —
81
82%
7 89*4 93%
89*4
90*4
90 June'16 . . . . 90
90
74% 74*4 74%
74*2 15 74
79*4
74
74*2 73% July’ 16 . . . .
73% 78
77 Aug 16 . . . . 75
75*4 77
80%
73
77
77 Apr *18 . . .
76
77*4
60
94% 95*2 95 JuIy’ iG m i j 94% 96%
92*2 95
99 May’ ll
102% 104% 104 May’ 16 . . . . 104 104
~88"

105

"o f

....

88

june’ 16

88

—

~94 Mar’ 16 :n j '94
89*. Feb ’ 10 . . . . * 89%
83
85 J im ’ lS
105*4
105*2 Mar'16 _____ 105*2
88 90% 88 Aug '16 . . . . 88
118% 113 May’ 16 __
103% 103% 103% A u g’ 16 _____ 1()3%
102
104 i i i^ 'in — 1—
—

94

1

1

88
94
89%
105*2
91%
104%
—

W eek's
Range or
Last Sale

Range
Since
Jan. 1

Bid

F
Peoria A Pekin Un 1st g Os.. 1921
N
2d gold 4 Ms___________ 61921
J
Pere Marquette— Ref 43____ 1955
J
Refunding guar 4s_______ 1955
D
Chic A West Mich 5s_____ 1921
O
Flint A P M gold 6s___ 1920
N
1st consol gold 5s_____ 1939
O
Pt Huron Div 1st g 5 s.. 1939
A
Sag Tus A H 1st gu g 4s. .1931
j
Philippine Ry 1st 30-yr s f 4s 1937
0
Pitts Sh A L E 1st g 5s........ 1940
j
1st consol gold 5s............... 1943
j
Reading Co gen gold 4s_____ 1997
j
Registered___________ 1997
O
Jersey Central coll g 4s___1951
J
Atlantic City guar 4s g ___1951
j
St Jos A Gr Isl 1st g 4s____ 1947
St Louis A San Fran (reorg Co>—
Prior Lien ser A 4 s............ 1950 J - j
Prior lien ser B 5s________ 1950 J - j
Cum adjust ser A 6s_____ 1955 J - j
Income series A 6s............. 1960 Ji V
St Louis A San Fran gen 6s. 1931 J J
General gold 5s_______ 1931 J J
J
St L A S F RR cons g 4 s .. 1996
N
General 15-20-yr 5s____ 1927
Trust Co ctfs of deposit.,
do
Stamped
O
Southw Dlv 1st g 5s____ 1947
J
Refunding gold 4s_____ 1951
J
Registered................. 1951
Trust Co ctfs of deposit.,
do
Stamped..
N
K C Ft S A M cons g 6s . . 1928
O
K C F tS A M Ry ref g 4s. 1936
O
K C A M R A B 1st gu 58.1929
N
St L S Wilst g 4s bond c t f s ..1989
J
2d g 4s Income bond ctfs.pl989
D
Consol gold 4s_-............... 1932
J
1st terml A unif 5s............. 1952
D
Gray’s Pt Ter 1st gu g 5s. - 1947
J
S A A A Pass 1st gu g 4s____1943
J
S F A N P 1st sk fd g 5s_____1919
O
Seaboard Air Line g 4s_____ 1950
O
Gold 4s stamped________ 1950
A
Adjustment 5s.................ol949
O
Refunding 4s_____ _____ 1959
S
Atl Blrm 30-yr 1st g 4s..el933
J
Car Cent 1st con g 4s_____ 1949
J
Fla Cent A Pen 1st g 5s__ 1918
J
1st land gr ext g 5s_____ 1930
J
Consol gold 5.S-............ 1943
J
Ga A Ala Ry 1st con 5 s ..01945
J
Ga Car A No 1st gu g 5s. . 1929
J
Seab A Roan 1st 5s.____ 1926
Southern Pacific Co—
D
Gold 4s (Cent Pac c o l))..*1949
Registered__________ *1949
s
20-yoar conv 4s_________ 01929
D
20-year conv 5s................. 1934
A
Cent Pac 1st ref gu g 4 s.. 1949
A
Registered___________ 1049
D
Mort guar gold 3Ms..*1929
O
Through St L 1st gu 4s. 1954
N
G 1 I A S A M A P 1st 5 s.. 1931
N
Gila V G A N 1st gu g 5 s..1924
N
Hous E A W T 1st g 5 s.-.1933
N
1st guar 5s red............... 1933
J
H A T C ls tg 5s int g u . . . 1937
O
Gen gold 4s int guar__ 1921
-N
Waco A N W dlv 1st g 6s ’30
J
A A N W 1st gu g 5s......... 1941
J
Louisiana West 1st 6s____ 1921
O
Morgan’s La A T 1st 7 s.. 1918
J
1st gold 6s____________ 1920
O
No of Cal guar g 5s........... 1938
J
Ore A Cal 1st guar g 5 s ... 1927
N
So Pac of Cal— Gu g 5s
1937
J
So Pac Coast 1st gu 4s g..l9 3 7
-O
San Fran Terml 1st 4s__ 1950
J
Tex A N O con gold 5 s ... 1943
J
So Pac RR 1st ref 4s......... 1955
J
Southern— 1st cons g 5s____ 1994
J
Registered___________ 1994
O
Develop A gen 4s Ser A __ 1956
S
Mob A Ohio coll tr g 4s__ 1938
J
Mem Dlv 1st g 4 Ms-5s___1996
J
St Louis dlv 1st g 4s......... 1951
J
Ala Cen 1st g 6s................. 1918
D
Ala Gt Sou 1st cons A 5 s.. 1943
J
Atl A Char A L 1st A 4Ms 1944
J
1st 30-yr 5s ser B____ 1944
J
AtlA Danv 1st g 4s........... 1948
J
2d 4s____ _____ ______ 1918
Atl A Yad 1st g guar 4s___1949 -O
E T Va A Ga Div g 5s____1930 - J
-N
Con 1st gold 5s________ 1956
E Ten rcor lien g 5s........... 1938 - S
Ga Midland 1st 3s............. 1946 -O
Ga Pac Ry 1st g 6s............. 1922 - J
Knox A Ohio 1st g 6s------ 1925 - J
Mob A Blr prior Hen g 53.1945 - J
Mortgage gold 4s........... 1945 - J
Rich A Dan deb 5s gtmpd. 1927 - O
Rich A Meek 1st gu 4s___1948 - N
So Car A Ga 1st g 5s......... 1919 -N
- S
Virginia Mid ser D 4-5S...1921
Series E 5s..................... 1926 - S
Series F 5s____________ 1931 - s
General 5s.......................1936 -N
Va A So’w’n 1st gu 5 s ..2003 - J
1st cons 50-year 5s___1958 - O
W O A W 1st cy gu 4s____ 1924 - A
Spokane Internat 1st g 5s___1955 - J
Ter A of St L 1st g 4Ms--------1939 - O
-A
1st con gold 5s........ 1894-1944
-J
Gen refund s f g 4s............. 1953
St L M Bridge Ter gu g 5s. 1930 - O
Tex A Pac 1st gold 5s...........2000 -D
a
2d gold Inc 5s...................$2000
La Dlv B L ls tg 5 s.......... 1931 - 7
W Min W A N W 1st gu 5sl930 - A
Tol A O C 1st g 5s................. 1935 - J
- O
Mestern Dlv 1st g 5s........ 1935
General gold 5s_________ 1935 -D
Kan A M 1st gu g 4s......... 1990 -C
2d 20-year 5s_________ 1927 - J
Tol P A W 1st gold 4s______ 1917 - .
Tol St I, A W pr lien g 3MS-1925 - J
50-year gold 4s__________ 1950 - C
Coll tr 4s g Ser A............... 1917 - A
Tor Ham A Buff 1st g 4 s..61916 - O
Ulster A Del 1st con g 5s___1928 -E
1st refund g 4s__________ 1952
Union Pacific 1st g 4s______ 1947 Registered..................... 1947
20-year conv 4s_________ 1927 1st A ref 4s____________ 02008
Ore RR A Nav con g 4s. .1946 -E

W eek's
Range or
Last Sale

Ask Low

H igh

Range
Since
Jan . 1

N o . Low

102
87
14

Nov'15
Mar’ 16
Apr '16
20% 21
20%
20% " 2
85% . . .
85 June’ 10 ___
101% ------ 101% Aug 16 ___
75 . .
75*2 Apr T 6 ___
____ 68
68 July’ Jf —

H igh

87
87
14
14
14
20%
83
85
101 105
74
76
---- ------

50
51
49
50 Apr T 6 ___
106%____ 105 Dec T5 ____ ____ _ .
..........
113% N ov’ ll . . _
951* 19 93% 96%
95'% 95% 9473
9234 95
____ 95% 94% June’ 10 ___
30 94% 97%
96
96 Sale 96
93 ____
69
687g
69% ____ 6878 July’ 16
6878 89
84% 42
80
83
54% 04
110% 2
102
102% 7
78 M ay’ 16 ___
13
72
72%
70%
72% 05
68%
69% 33
93 June’ 16 ___
79 Aug ’ 16
80*4 Mar l 1 ___
79 ____ 79% July’ 10
72%
72% ” 29
2
109% Sale 109%
109%
1
75%
75
75% 75%
89 ____ 90 June’ 16 __
4
76
70% 76%
76%
62
62% 64% Juno’ 10 .
20
60% ____ 61
62
28
61% 62% 62%
63
10a . . 9834 Jan T4 . __
66% 67 67 Aug TO ___
1017*------ 1017* Aug TO ___
2
78% Sale 78%
78%
78% 79% 79% Aug TO ___
6478 Sale 64%
047* 59
1
06%
66% 67% 66%
____ 84
84 Aug TO ___
88% ------ 88 Juno’ 16 ___
100% ____ 9934 Sep '15 ___
102 ____ 101 Dec T5
102 103 102% At*{ TO ___
102% 103% 103% July’ 10 ___
3
102
101% 102% 102
102 ____ 99% Aug '15
6878 Sale
S4W Sale
83 Sale
51% Sale
110% ____
1021.1 102%
76% ____
72% Sale
72% Sale
69% Sale
9 2% ____
73
81%

68%
84%
8134
52%
110%

68%
84%
74
39
109
1007*
08%
45%
46
43%
89
67%

71%

88

85
5512

110%

103%
78
72%
727*
70
93
82
... .
02% 82
01% 75%
109% 1107*
75
78
90
90
70
80
02
64%
61
6534
00
70
. - 627* 70%
101% 1017*
78% 84%
79% 83%
04
70
06^2 72
84
87%

88

88

.......... -

102% 103%
103 103%
102 103

3
84l2 84%
84%
84
90 Feb T4
Sale 87%
87% 28a 80% 89%
Sale 103%
104% 237 102% 1077*
45 87% 91
88 Sale 87%
88
86% July TO ___ 86% 89
____ 89
5 84% 91
89'4 90% 89%
89%
85
87
84% Aug TO
84
8034
------ 104% 102 May’ 16 ___ 102 102
____ 102% 160% Jan TO ___ 100% 100%
____ 102
102 May TO ___ 101 102%
____ 101
101% Apr TO ___ 101% 153%
106 ____ 100% June’ 16 ___ 100 106%
94% 96
96 ____ 90 July’ 10 ___
109% N ov’ 15 ___ __ - - - .
Too ____ 103 Nov'16 . „ . . . . . . . . . .
105%
109 Jure'lt ___
____ 105% 104% July TO ___ 104% io t'%
105 105
106 Jan TO
106%____ 105 Oct '16 ___ . - . - - 101 102%
100 10078 101 July'10 —
108 ____ 101% Nov '13
95
90
94% July’ 10 ___ 94% 97
14 82% 80
83% 84
83%
83%
. ....
____ 93
90 Apr '14 ___
70 89% 91
90 .Sale 89%
90
101% Sale 100%
101% 109 100 103%
100% 162% 100% Aug TO ___ 100% 100%
73%
7178 Sale 71%
717* 73 69
78
75
7573 757* July TO ___ 75
95 100% 10!) July 16 ___ 100 104
80
81% 80 Aug TO __ . 80
84%
102% 1027S 103% June’ 10
102% 103%
____ 98% 98% May'10 __ . 98% 99
94% 90
____ 94% 94% May’ 10
10078 Sale 100%
1007* 21 100% 103%
81
82
81% July'10 ___ 81% 85%
79% 81%
____ 82
81*2 Mar'10 ___
74
75% 75% Deo 'l l ___
103% 1»1%
104%____ 104% Apr TO __
2 1053* 1001.1
105%____ 105%
105%
100 101% 9978 Aug TO ___ 99% 101%
57
60
____ 60
58 July’ 10
1007*------ 107 July’ 10
107 107%
5 108 110%
109% sale 109% 109%
102% ____ 10542 V o V I ”
~7l a4 71%
70 ___ 71% May’ 10
103% 104% 104% July’ 10 ___ 103% 1043s
..
....
73 sen '12
i 10034 102
101 101% 101
101
102 102%
102 ____ 102% June’ lf
102 102
103%____ 102 Mar’ 10 —
104%------ 104 Mar’ 1.3
166 ____ 100 July’ 10 ___ 102% 100%
105 ____ 105 May’ 16 ___ 102% 105
89% 90%
87
90
90'* Aug TO ___
9412 94%
____ 94
94% June’ lf
93
93
90
91% 93 Jan ’ ll
____ 102
99% Aug TO ___
98% 100%
1031] 100%
103 106 105 Aug T(
____ 85
85% July'If __ _ 845* 88
99% 101%
100% 101% 100% Aug Tf
98%
____ 97% 96
7 96
97
35
45
30% 40
40 Aug ’ 11
90
90
____ 88
90 Jan 'll
.... ....
.
95 100% N ov’IF
103 105%
1037g 105 105 A u g’ ll
_____ 102% 101% May’ ll ____ 101 102%
W3 94
94 May'll . . . .
____ 90
82s4 84%
S3
83% 82% July’ K
97
99
____ 97% 98% Aug ’ ll
01
51 Juno’ If ____ 50
53% 55
80% 82% 80% Aug 'll ____ 78% 83
10 54 00
55
55 Sale 55
18% Mnr'U .
21
23
18% 18%
86
83 A p r ’ ll ___ 83
84
87
100 Aug ’ 1C
99% 101%
____ 100
. 75
9678 Salo 90%
907
75 95*4 98%
95
97%
90 A u g’ L i ..
93% Sale 93%
13 92% 94%
933
897* sale 897*
90
97 | 89% 91%
91% Sale 91%
917
•1 91% 93

84
____
87%
104%

00
0
0 1<




71 727

Price
Friday
A u g . 25.

00

H igh N o . Low H igh
N Y Cent & H R RR (Con.)—
Bid
A sk Low
85% 8134 Deo ’ 1 5 ----Rutland 1st con g 4128___1941 J - J 80
Og & L Cham 1st gu 4s gl948 J - J 68U ------ 69 Aug ’ 16
92 Juue'Ov
Rut-Canada 1st gu g 43-1949 J - J 67 ---100 Oct '15
St Lawr & Adlr 1st g 53__ 1996 J - J 96 ---1191] Mar’ 12
2d gold 63........ ............. 1996 A - O ------- 120
97% 97%
97M July’ 16
Utica & Blk Rlv gu g 43___1922 J - J 9734 . . .
84*4
83% 86
Lake Shore gold 312s_____ 1997 J - D
8312 8434 8434
83 8 334
Registered___________ 1997 J -D *83*2------ 83% July 16
943g 96
95
95
Debenture gold 4a____ 1928 M - S 95 Sale
9334 95%
94
25-year gold 4s............... 1931 M -N s94 Sale 937g
94
94%
Registered ................1931 M -N ................ 94% Feb ’ 16
Ka A & G R 1st gu c 53...1938 J - J ............... .
104% Dec ’ 15
Mahon C’l RR 1st 5s........ 1934 J - J IO8I2
Pitts A L Erie 2d g 5 s.-.a l9 2 8 A - O 103 104 103 July TO
Pitts M cK A Y 1st gu 6s_. 1932 J - J H 5 % ------ 130% Jan ’09
2d guaranteed 6s______1934 J - J 11312------- 123% Mar'12
McKees & B V 1st g 63.1918 J - J *101 - - ­
i06% Aug T6
106% 106%
Michigan Central 53____ 1931 M- S 106lg . .
105 105
Registered___________ 1931 Q -M 104*2 ------- 105 July’ 16
98 apt T2
4s...................................1940 J - J 90% .
87 leb T4
Registered_________ 1940 J - J
90 June’08
J L A S 1st gold 3HS---1951 M - S
82%
82*2 Sale 82%
82% 85
1st gold 3 Ms____ _____ 1952 M -N
86% 90%
84
8634 86% July’ 16
20-year debenture 4s__ 1929 A - O
91
91
91
95%
93
N Y Chic & St L 1st g I s .. 1937 A - O 91
90*4 Aug T6
9034 9334
9012 - - Registered___________ 1937 A -O
80
8434
Debenture 4s_________ 1931 M -N ____ 7934 80, Aug ’06
90%
87% 93
91 Sale 89%
West Shore 1st 4s guar__ 2361 J - J
88
86% 90
Registered___________ 2361 J - J 88 Sale 87%
100% 102
N Y C Lines eq tr o s .. 1916-22 M- N 100% ___ 100% June’ 10
9934 1003s
Equip trust 4M8--1917-1925 J - J 9914____ 9934 July’ 16
99
97% 100%
N Y Connect 1st gu 4 Ms A..1953 F - A 98% Sale 98%
N Y N H A Hartford—
81
81 ____ 81
80% 81%
Non-conv deben 4s______1947 M- S
73
Feb
11
73
73
Non-conv deben 3 Ms___ 1947 M - S
69% 72
Non-conv deben 3Ms___ 1954 A -O ____ 71i2 71 Aug TO
79%
July’16
81%
____
79i2
79%
Non-conv deben 4s_____ 1955 J - J
78% 82
Non-conv deben 4s_____ 1956 M -N ____ 787g 78% Aug T6
68 69>2 70 Aug T6
6814 73
Conv debenture 3Ms.........1956 J - J
Conv debenture 6s............. 1948 J - J 112U Sale 112% 112% 34 111% 116
79 .
Cons Ry non-conv 4s........ 1930 F - A
Non-conv deben 4s___ 1954 J - J ____ 7912 91% Jan '12
79% 79%
Non-conv deben 4s___ 1955 J - J ____ 79i2 79% Apr '16
Non-conv deben 4s___ 1955 A -O
Non-conv deben 4s___ 1956 J - J ____ 80
91% 93
9012____ 91% May’ 16
Harlem R-Pt Ches 1st 43.1954 M -N
B & N Y Air Line 1st 4s. .1955 F - A 89% ____ 99% June’ 12
80
80
80
83
Cent New Eng 1st gu 4 s ..1961 J - J ____ 83
Hartford St Ry 1st 4s___ 1930 M - S
Housatonlc R cons g 5s__ 1937 M -N 106%____ 105% Muj '15
91i4 ____ 87 J'ly '14
Naugatuck RR 1st 4s___ 1954 M -N
90>g____ 88 Aug’ 13
N Y Prov & Boston 4s___ 1942 A - O
g 73 Aug TO
73
82
NYW'ches&B 1st ser 1 4 M s’46 J - J
N II A Derby cons cy 5S..1918 M -N 100U ____ 07 Aug '09
Boston Terminal 1st 4s__ 1939 A -O
lOOlg
New England cons 5s___ 1945 J
99% MarT2
Consol 4s...................... .1945 J - J
69% Aug TO
68% 70
69% 70
Providence Secur deb 4 s.. 1957 M -N
99% Dee ’ 14
Prov A Springfield 1st 58.1922 J - J
83% Feb T4
Providence Term 1st 4s__ 1956 M- S
W A Con East 1st 4Ms. - -1943 J - J 86
78% 84
76% 7934 78% Aug T6
N Y O A W ref 1st g 4s___ 01992 M- S
92% juue’ 12
Registered S5.000 o n ly ..01992 M - S
76
79lg 79 Apr TO
General 4s...................... ..1955 J -D
78
Norfolk Sou 1st A ref A 5 s.. 1961 F - A
4 97
98
98
97% 98
99%
Norf A Sou 1st gold 5s______1941 M -N
3 118%120
118%
.Norf A West gen gold 6s___ 1931 M - A 119 119% 118%
120% 122
Improvement A ext g 6 s.. 1934 F - A 120 12134 121% July'10
New River 1st gold 6s___ 1932 A -O 120 121 120% Aug T6 ____ 119% 120%
9334
71 91% 94
9234 9334 92%
N A W Ry 1st cons g 4s__ 1996 A -O
93% D ec *16
Registered.................... 1996 A -O
Dlv’ l 1st lien A gen g 4s. 1944 J - J 8834 89% 89% Aug T6 ___ 88% 91
1 113% 133
129
129
10-25-year conv 4s____ 1932 J -D ____ 130
13 1 34 June’ 16 ___ 114 135%
____ 135
10-20-year conv 4s____ 1932 M
5 115% 137%
132
132
10-25-year conv 4Ms__ 1938 M- S ____ 133
883g 8834 88% Aug T6 —
90%
88
Pocah C A C Joint 4s__ 1941 J - D
103% 103%
C C A T 1st guar gold 5 s.. 1922 J - J 104 ____ 103% Jau T6
—
9134
93
9134
Aug
T
6
94
91%
Sclo V A N E 1st gu g 4 s.. 1989 M- N
9134 Sale
915g
91% 167 91% 94%
-Nor Pacific prior lien g 4s__ 1997 Q - J
03%
Registered___________ 1997 Q - J ____ 91% 9134 June’ 16 ____ 91
65% 121 65% 67
General Hen gold 3s____ a2047 Q - F 65% Sale 6538
Registered__________ a2047 Q - F 65% 66% 6533 June’ 16 ____ 63% 053;
91% July’ 16 ---- - 913g 91%
91% . . .
St Paul-Duluth Dlv g 4 s.. 1996 J -D
1 109% 110%
1093(
St P A N P gen gold 6 s ... 1923 F - A 109% 10934 10934
109% Oct 15
Registered certificates.. 1923 Q - A
107 M ar’ 16 ___ 107 107
St Paul A Duluth 1st 5 s.. 1931 F - F 107 . . .
100% 101%
2d 5s........ ........
1917 A -O 101 ____ 100% July’ 16 —
90%
90% M ar’ 16
90
1st consol gold 4s........ .1968 J -D
____
85
873S
90%
Feb
T6
90%
90
Wash Cent 1st gold 4s___ 1948 Q - M
Nor Pac Term Co 1st g 6s__ 1933 J - J 111 112% 111 Aug TO ____ 111 111%
4 83% 88
83%
83%
83% Sale
•Oregon-Wash 1st A ref Is__ 1961 J - J
96% Aug TO ____ 93 100
96
97
Pacific Coast Co lstg 5s___ 1946 J -D
9834
5 98% 98%
Paducah A Ills 1st ? f 412S..1955 J - J 98% 98% 9834
99% Aug '16 ___.
99%
99%
98% 99%
Pennsylvania RR 1st g 4s__ 1923 M -N
Consol gold 5s__________ 1919 M- S 103 ____ 103% July’ 16 ___ 102% 103%
98
98% 98-% Aug TO ___
98% 99%
Consol gold 4s__________ 1943 M-N
9834
98%
3 98% 100
9834 99
Consol gold 4s__________ 1948 M-N
40 10U2 106%
104%
Consol 4 Ms_____________ 1960 F - A 1043g Sale 104%
101% 105 10034 102%
General 4Ms when lssued.1965 J -D 101% Sale 101%
96% 96% 90% Aug TO ____ 92% 97
Allcg Val gen guar g 4s__ 1942 M - S
96
96
D It RRAB’go 1st gu 4s g.1936 F - A 9 4 % ____ 90 Jan TO ___
Phlla Balt A W 1st g 4s. .1943 M- N 98% 99% 98% July’ 10 ____ 98% 98%
102 Jau ’03
Sodus Bay A Sou 1st g 5s.2924 J - J
Sunbury A Lewis 1st g 4s. 1936 J - J 93 ____
99% 100"
U N J Rlt A Can gen 4 s.. 1944 M- S 9934 ____ 9934 Aug TO —
Pennsylvania Co—
100%
50 100% 102%
Guar 1st gold 4Ms_______ 1921 J - J 100% 100% 10034
Registered___________ 1921 J - J 100% 101% 100 Aug TO ___. 100 101%
80% Jan T6 ____ 86% 80%
Guar 3Ms coll trust reg A . 1937 M- S 85 . . .
85%
86% 85% June’ 16 ___.
85
Guar 3Ms coll trust ser B.1911 F - A 84
100% Jan TO ____ 99'% 100%
Trust Co ctfs gu g 3Ms__ 1616 M - N
80% July 16 ____ 86% 86%
84% 87
Guar 3 Ms trust ctfs C ___ 1942 J - D
84% 86% 85% Mar TO ____ 85
85%
Guar3Ms trust ctfs D ___ 1944 J -D
94% 98% 95% Aug TO ____ 94% 95%
Guar 15-25-year gold 4 s.. 1931 A -O
92
9 2 % ____ 92 Aug T6 ___.
92
40-year guar 4s ctfs Ser E . 1952 M -N
9 0 % ____ 91 Aug T 6 ____ 90% 9038
CIn Leb A Nor gu 4s g__ 1942 M- N
99 ____ 99 Aug T6
99%
99
Cl A Mar 1st gu g 4 M s.-.1935 M -N
Cl A P gen gu 4Msser A..1942 J - J 10234 ____ 105 Apr TC .___ 104% 105%
Series B ........ ..................1942 A -O 10234 ____ 104 Deo T5
8 6 % ____ 91% Feb T2
Int reduced to 3M3--1942 A -O
8 6 % ____ 90% Oct T2
Scries C 3 M s.................. 1948 M -N
89% 89%
Series D 3 M s .............. 1950 F - A 8 6 % ____ 89% July’ 16 ___
90
Erie A Pitts gu g 3Ms B ._ 1940 J - J 88 ____ 90 July TO ____ 90
901* J’ly *12
Series C.........................1940 J - J 88
95% 98%
Gr R A I ex 1st gu g 4MS1941 J - J 99 % ____ 98% Feb TO ___
93 M a y’ ll
9 4 % ____
Ohio Connect 1st gu 4s__ 1943 M- S
Pitts Y A Ash 1st cons 53.1927 M- N 10 4 3 3 ____ 109 M ay'10
98% Oct '15
Tol W V A O g u 4M sA ...1 9 31 J - J * 99 %
Series B 4Ms................ 1933 J - J
94 Apr T0
93% 94
93
98
Series C 4s_____________ 1942 M- S
101%
i 101% 102%
101% 10178 101%
P C C A St L gu 4MS A __ 1940 A -O
5 101% 102%
101%
Series B guar_________ 1942 A -O 101% 102% 101%
Series C guar_________ 1942 M- N 101 ____ 97% July’ 15
94% 95%
Series D 4s guar_______ 1945 M- N 9 4 % ____ 9434 M a y ’ lf
92
92
92 Feb ’ H
Series E 3Ms guar g old .1949 F - A 93% 95
9 2 % ____ 95U Jan ’ 1^
Series F guar 4s gold__ 1953 J - D
Series G 4s guar_______ 1957 M- N 9 3 % ____ 92*8 A uk *15
101
7 101 102%
Series I cons gu 4 Ms__ 1963 F - A 1 0 1 ' ____ 101
—
—
C St L A P 1st cons g 5 s..1932 A -O 107 % ____ 104 N ov'15

BONDS
N . Y. STOCK EXCHANGE
Week Ending August 25.

Bonds
Sold

P rice
Friday
A u g . 25.

Period

BONDS
N . Y . STOCK EXCHANGE
Week Ending August 25.

BONDS
N. Y. STOCK EXCHANGE
Wock Ending August 25.

P rice
Friday
A u g . 25.

W eek ’s
Range or
Last Sale

A sk Low
H igh
Union Pacific (C on )—
Bid
Ore Short Line 1st g 6s— 1922 F - A 1077s
10734 Aug '16
1st consol g 5s________1916 J - J 106 107
106 Aug ’ 16
Gunrrefund4s_______ 1929 J -D 92 Sale
91U
92
Utah & Nor gold 5s------1926 J - J
102 M arI6
91 100
1st extended 4s_____ 1933 J - J
90 Apr ’ 16
903i
Vandalla cons g 4s Ser A ------1955 F - A
9034 Aug ’ 16
91 June'16
Consol 4s Series B ............ 1957 M- N
90*4
Vera Crua & P 1st gu 4 M s --1934 J - J
*87 * 42*2 Aug ’ 15
Virginian 1st 5s Series A ----- 1962 M-N
98*8 Sale 98>s
98*2
10334
Wabash 1st gold 5s________1939 M-N 103*2 Salo 103'2
98*2 Sale 98t2
2d gold 5s______________ 1939 F - A
99
80 110
90 June'12
Debenture Series B______1939 J - J
96*2
100 May'16
1st lien caulp s fd g 5s___ 1921 41- S
1st lion 50-yr g term 4s___1954 J - J 69*2
65 Deo T5
105 July’ 16
D et& C h E xt 1st g 58____1911 J - J 105
80 Aug '12
DesM olnD lv 1st g 4s____ 1939 J - J
89
74*8 72 Apr ’ 16
Om Div 1st: 3 Ms_______1911 A -O
80
86 86 June’ 16
ToI& Ch Dlv lstg Is___ 1911 M- S
1*4 2
Wab Pitts Term 1st g 4s___ 1954 J -D
1*2
I '4
2
1
1'? 17*
Centand Old Col Tr Co certs----------Columbia Tr Co certfs________ - ­
1*8 Sale
1*8
1*8
1
3
3 July’ 16
Col Tr ctfs for Cent Tr ctfs_____ .......
2d gold Is..........................1954 J -D
14 Aug ’ 16
U July’ 16
Trust Co ccrtfs____________ _
Wash Terml 1st gu 3Ms____ 1915 F - A 84*8 _____ 843* Aug ’ 16
1st 40-yr guar 4s________ 1915 F - A 93
95*2 9U2 Aug T5
72
West Maryland 1st g 4s___ 1952 A -O
72*2 72l2
72<2
West N Y & Pa 1st g 5s____1937 J - J 104 104*2 lOUs July’ 16
81
84
Gen gold 4s......................... 1913 A -O
84
Income 5s_____________ pl913 Nov
37
37
37
100
Wheeling & I, E 1st g 5s___ 1926 A -O 100 Sale 100
Wheel Dlv 1st gold 5s____ 1928 J - J 97
97*4 97 Aug ’ 16
Extcn & Impt gold 5s____ 1930 F - A *957» 97
97 Mar’ 16
73 Aug ’ 16
R R 1st consol 4s________1949 M- S
71*2 74
....
72*2
90 Apr ’ 14
20-year equip s f 5s.......... 1922 J - J
86 88 85 July’ 16
Winston-Salem S B 1st 4s__ 1960 J - J
85*2
85*2 85*2
Wls Cent 50-yr 1st gen 4s__ 1949 J - J
85*4 86 85U Aug ’ 16
S u p * D u ld lv * term 1st4s’36 M -N
Street Railway
101 101*2 101 Aug T 6
Brooklyn ltapid Tran g 5 s.. 1945 A
80*2 801* July’ 16
1st refund conv gold 43__ 2002 J
6-year secured notes 5s__ 1918 J - J 100*2 Salo 1003* 100l2
102
Bk City 1st con 5 s.. 1916-1941 J - J 102 Sale 102
94*s 94's Aug ’ 16
Bk Q Co * S con gu g 5 s.. 1941 M-N —
101 May’ 13
Bklyn Q Co & S 1st 5s___ 1911 J - J
Bklyn Un El 1st g 4-5S...1950 F - A 100*4 101*4 100*2 101's
Stamped guar 4-5s........ 1950 F - A 100*4 101*4 100*s July’ Hi
83*2 83U Aug TO
Kings County El 1st g 43.1919 F - A 83
83*2 83 July’ 16
83
Stamped guar 4s_____ 1919 E - A
73 Aug TO
74
73
Nassau Elec guar gold 4s. 1951 J - J
97
97
90*4 97
Chicago Hys 1st 5s________1927 F - A
Conn Ry & List A ref g 4 Ms 1951 J - J 101 _____ 01 July’ 10
_____ I0US Aug T
101
Stamped guar 4Ms-------- 1951 J - J
80
Det United 1st cons g 4M s --1932 J - J 79*4 Sale 7934
84 Jan 14
Ft Smith Lt & Tr 1st g 5 s ..-1936 M- S
92*2 94*4 9234 Aug T 6
Havana Elec consol g 5s----- 1952 F - A
7012
70*4 70*2 70is
Hud <fc Manhat 5s Ser A ----- 1957.F A
27>2
27*8 27*2 27U
Adjust Income 5s..............1957!-------100*2 100*2 July’ 10
N Y&Jersey 1st 5s........ .1932 F - A
733(
73*8 Sale 73
Intcrboro-Melrop coll lMs.1956 A
os
Intcrboro Rap Tran 1st 5 s.. 1966[J - .1 98 Sale 977*
89*s 89*4 88I2 89
Manhat Ry (N Y) cons g 4s. 1990 A -O
8934
Stamped tax-exempt........ 1990 A -O
89>4 Sale 8934
Metropolitan Street Ry—
99*4 100 100U Aug TO
Bwav * 7th Av 1st c g 5s. 1913 J
99*2 100 July’ 10
Cot A 9th Av 1st gug 5 s.. 1993 M- S
Lex Av * P F 1st gu g 5s.. 1993 M- S 99*2 101*2 100 Aug TO
30 Mar’ 14
Met W S El (Chic) lstg 4s..l93S|F - A
10134 Aug T 6
Mllw Elec Ry & Lt consg 5s 1926 F - A 101*2
93
923* Feb T 6
Refunding & exten 4 M s.. 1931 J J
Mlnncap St 1st cons g 5s__ 1919 J - J 100*4 _____ 101 Aug TO
92 JulyTO
91
Montreal Tram 1st & re' 53.1911 J - J 91
New Orl Ry & Lt gen 4M S --1935 J - J 833i 84*2 8334 Aug TO
99 Aug TO
N Y Munlclp Ry 1st s f 5s A 1906 J - J 99
751.1
7378 74/g 75
N Y Rys 1st It E A ref 4s__ 1942 J - J
58
5734 58*2 577*
30-.vear adj Inc 5s_____ a 1912 A - O
85'2
N Y State Rys 1st cons 4 Ms. 1902 M- N 83‘s 85‘2 8312
9110 JulyTO
92
Portland Ry 1st .tret 5s----- 1930, M-N
78*2 785* July’ 16
Portld Ry Lt & I’ 1st ref 5s. 1942 F - A —
100 May’ 15
Portland Gen Elec 1st 5s. 1935 J - J
90 May’ 16
St Jos ItV. L, 11* P 1st g 5s. 1937 M- N 95*4
100 Sep T5
St Paul City Cab cons g 5 s.. 1937 J - J 102*8 _ .
81*4 81 >4
81
813
Third Ave 1st ref 4s............ I960 J - J
79*4 Salo 781*
79>2
Adj Inc 5s........................a I960 A -O
Third Ave Ry 1st g 5s.......... 1937 J - J 106*4 107 107i2 Juno’ lb
9834 99*4 99
99i 4
Trl-CIty Ry & Lt 1st s f 5S..1923 A -O
9512 July’14
Undcrgr of London 4 Ms----- 1933 J - J
83
69
69 Jan TO
Incomo Os______________ 1948'-----84 Oot ’08
Union Elov (Chic) 1st g 5 s.. 1949 A - O . . . .
's
o
*
69 Aug TO
United Rys Inv 5s I’ ltts Iss.1920 M -N
00*2 62 61
013(
United Rys St L 1st g 4s----- 1934 J - J
65
55 Apr To
St Louis Transit gu 5s___ 1924 A -O
347* 62
347s Salo 3J3*
United lilts San Fr s f 4 s ... 1927 A -O
87*2 87T Aug TO
Va Ry A Pow 1st & ref 5 s.. 1934 J - J —
G is and Electric Light
I
10378
Son To
Atlanta G LCo 1st g 5s........ 1947 J -D
IO6I4
Bklyn U11 Gas 1st cons g 58.1915 M -N 106*4 Salo
June’ 13
Buffalo City Gas 1st g 5s— 1917 A - O
Feb T5
Columbus Gas 1st gold 5 s.. 1932 J - J
1 1231.1
Consol Gas conv deb 6s ___ 1920 Q - F 122 7s Safe'
Detroit City Gas gold 5s__ 1923 J - J 101'8 101*4
97i2 N ov T5
Detroit Gas Co cons 1st g 5s 1918 F - A 100
Detroit Eillson 1st coll tr 5s. 1933 J - J 103*2 Sale 10314 1037*
1st A ref 5s sor A _______51940 M- S —
101*2 10134 Aug Ti
Eq O L N Y 1st cons g 5 s.. 1932 M - 8
101*2 Alay’ l
100 ”
100 Fob T3
Gas A Elec Berg Co c g 5 s.. 1919 J ‘
102*4 103*4 103*4 June’ 16
Hudson Co Gas 1st g 5s___ 1919 M-N
91 Jan
Kan City (Mo) Gas lstg 5s. 1922 A - O
10434 Aug T 6
Kings Co El L A P g 5s----- 1937; A - O 105
Purchase money 6s_____ 1997 A - O 110 117 110l2 Aug TO
Convertible deb 6s---------1925 M- 3 120 128 120 Mar’10
89
88 Aug TO
E<1 El III Bkn 1st con 4s. 1939 J - J
Lac Gas L of St L 1st g 5s..el919 Q - F 101*2 101*8 10U2 102
102
102
Ref and ext lstg 5s_____ 1931 A - O 102
93
93*8 93
93
Milwaukee Gas L 1st 4s___ 1927 M-N
1033* Mar'16
Newark Con Gas g 5s_____ 1948 J - D 103*2
N Y G E L II A P g 5s___ 1948 J - D 104ig .04*4 10414 104U
84*8 84
84
Purchase money g Is___ 1949 F - A 84
10858 Aug TO
Ed El II 1st cons g 5s___ 1995 J - J 107*2
NYAQ El L A P 1st con g 5s 1930 F - A 100*4 . . . . 100*4 Aug '16
92*2 July’09
N Y A Rich Gas 1st g 5s----- 1921 M -N
Pacific G A El Co Cal G A E
99*i Sale 99*4
99*2 20
Corp unifying A ref 5 s .-.1937 M -N
Pac Pow A Lt 1st A ref 20-yr
96
92 JulyTO
5s Internat Series________ 1930 F- A
99*2 Oot ' 16
Pat A Passaic G A El 5s___ 1919 M- S 101*8
115 Aug TO
PcopG asAG 1st consgO s.. 1913 A - O
Refunding gold 5s_______ 1947 M- S IOU4 101l2 101 Aug TO
Registered____________ 1917 M - S * ____ 993* 99 Hop T3
ChG-LA C oko 1st gug 5s. 1937 J - J! 1027* 103 1007* Aug TO
1011* May ’ 10
Con G Co of Chi 1st gug 5s 1936 J - D *101
897g 87 Juno’ 10
Ind Nat Gas A Oil 30-yr 5s 1936 M-N
Mu Fuel Gas 1st gu g 5 s.. 1947 M -N 100 ____ 1003t Mar’ lo
98*2 Aug TO
Ph'ladclphla Co conv 5s___ 1919 F - A 95
Conv debon gold 5s.......... 1922 M-N
88 90 88 Aug TO
9934
Stand Gas A El conv s f 6s . . 1926 J - D 99*4 Sale 99*4
Syracuse Lighting 1st g 5s. .1951 J -D 100*4 ____ 1005* July’10
Syracuse Light A Power 5 s.. 1954 J - J 84
85*2 JunnT2
Trenton G *• i7! iii ^ iq
into
" '* . lnnp’ 14
101U
a Du* Jan




Range
Since
Jan . 1

Low
1671j
100
91

109
107*2
94

91

91*2

97*4 99
103 105
98 100
96*s 100
103

105

73
72
87
82
1*4
334
1
3*2
1
37*
1
7*
‘4
>8 «4
83*2

4*4

8434

71
75
10334 105

81*2 84*4
37

102

99*4
97
74*4

84*2 87*2
84
87*4
85
905*
100*2 103*4
78l2 81
100 10D*
100*2 102*4
' 94
94*8

100 102
100** 102'*
82*2 80*2
82*2 8OI2
73
7034
95*4 9334
99*2 101

101*8 101*8
74*8 83*2

’ 87 "94
69*2 75*4
26*2 31*4

100*2 102

72*8 76*2
977* 99*2
93
89*2 93*4

88*2

93*4 100*4
99*2 1003s
99*4 101

101 102*2
100*4 101
92
95
86
80
99

99
73*2 79

637*
55
83
88*2
91
94*2
78*2 80
95

90

*81 *
77*4
106
98*4

*8*338
84*4
108
1007*

68

69
*74*'
62
597*
4034
92

105

107

120
101

126*2
102*2

102*4 10438
100*4 101*4

103" "

103*4
91
91
104 105
H 478 118*2
120 128
88
88*4

100*8 102
100'g 102l2
D1*4 93*2

103*8
103
84
108
lOOlj
97*8
92

II

H igh

102 102
90
95
9034 91

67 *
59**
65
30
87

BONDS
N . Y. STOCK EXCHANGE
Week Ending August 25.

103*8
105*2
87
109
101*4

100
93*2

114*8115*2
100*8 102*8

1007g 102*4

101 101*8

87
87
100*8 100*4
*96*4 981*
88 93*2
98*2 1027*
99*4 1005*

Union Elec Lt & P 1st g 5 s .. 1932 M- S
Refunding & extension 5s. 1933 M -N
Utah Power & Lt 1st 5s___ 1944
Utica Elec Lt & P 1st g 5 s.. 1950 J - J
Utica Gas & Elec ref 5s........ 1957 J - J
Westchester Ltg gold 5s___ 1950 J - D
Miscellaneous
Adams Ex coll tr g 4s_____ 1948 M -S
Alaska Gold M deb 6s A ___ 1925 M -S
Conv deb 6s series B ____ 1926 M -S
Arm our* Co 1st real est 4 M s'39 J -D
Braden Cop M coil tr s f 6 s .1931 F -A
Bush Terminal 1st 4s.......... 1952 A - O
Consol 5s...................
1955 J - J
Bldgs 5s guar tax ex____ 1960 A -O
Chic UnStat’ n 1st gu 4 Ms A 1963 J - J
Chile Copper 10-yr conv 7S.1923 M -N
Computing Tab-Rec s f 6s . . 1941 J - J
Granby Cons M S& Peon 6s A '28 M -N
S tam ped........................... 1928 M -N
Great Falls Pow 1st s f 5 s.. 1940 M- N
Int Mercan Marine 4 Ms___ 1922 A -O
Certificates of deposit..............
New 1st & coll tr s f 6s .. 1941 A - O
Int Navigation 1st s f 5s___ 1929 F - A
Montana Power 1st 5s A __ 1943 J - J
Morris & Co 1st s f 4 Ms___ 1939 J - J
Mtge Bond (N Y) 4s ser 2..1966 A -O
10-20-yr 5s series 3......... 1932 J - J
N Y Dock 50-yr 1st g 4s__ 1951 F - A
Niagara Falla Power 1st 5s. 1932 J - J
Ref & gen 6s . . .................al932 A - O
Nlag Lock & O Pow 1st 5s. .1954 M- N
Ontario Power N F 1st 5s. .1943 F - A
Ontario Transmission 5s___ 1945 M -N
Pub Serv Corp N J gen 5 s.. 1959 A - O
Tennessee Cop 1st conv 6s .. 1925 M- N
Wash Water Power 1st 5s. .1939 J - J
Manufacturing & Industrial
Am Ag Chem 1st c 5s.......... 1928 A - O
Conv deben 5s__________ 1921 F - A
Am Cot Oil debenture 5s__ 1931 M-N
Am Hide & L 1st s f g 6s ___ 1919 M- S
Amer Ice Secur deb g 6s ___ 1925 A -O
Am Smelt Securities s f 6s. .1926 F - A
Am Thread 1st coll tr 4s___ 1919 J - J
Am Tobacco 40-year g 6s. 1944 A - O
Gold 4s.............................1951 F - A
Registered....................... 1951 F - A
Am Writ Paper 1st 3 f 5 s ... 1919 J
Baldw Loco Works 1st 5 s...1940 M -N
Beth Steel 1st ext s f 5s___ 1926 J 1st & ref 5s guar A ______1942 M -N
Cent Leather 20-year g 5 s.. 1925 A - O
Consol Tobacco g 4s______ 1951 F - A
Corn Prod Ref s f g 5s........ 1931 M -N
1st 25-year s f 5s______ 1934 M -N
Cuban-Am Sugar coll tr 6s 1918 A -O
Distil Sec Cor conv 1st g 5s. 1927 A -O
E I du Pont Powder 4 Ms. 1936 J -D
General Baking lst25-yr 6s. 1938 J -D
Gen Electric deb g 3 Ms___ 1942 F - A
Debenture 5s__
1*152 M- S
III Steel deb 4 M s ................ 1940 A - O
Indiana Steel 1st 5s
***1952 M -N
Ingcrsoll-ltand 1st 5 s_.I l l ‘ 1935 J
lilt Agrlcul Corp 1st 20-yr 5s 1932 M -N
Int Paper Co 1st. con g 6s . . . 1918 F - A
t FSl18.'!1 oonv 3 f S 5s_____ 1935 J - J
Int St 1 ump 1st s f 5s __ __ 1929 M- S
Ccrtfs of deposit_______
Lackaw Steel 1st g 5 s..IIIIl9 2 3 A -O
1st cons 5s Serlos A ____ 1950 M- S
Liggett & Myers Tobac 7 s.. 1944 A -O
. 03 - ............ - ....................... 1951 F - A
Lorlllard Co (P) 7s............... 1944 A -O
- , 68,...............
1951 F - A
Mexican PetrolLtdcon 6s A 1921 A -O
1st Hen & ref (is series C..1921 A -O
Nat Enam & Stpg 1st 5 s ... 1929 J -D
Nat 4Starch 20-yr deb 5s___ 1930 J - J
National Tube 1st 5s.......... 1952 M -N
N Y Air Brake 1st conv 6s .. 1928 M -N
Railway Steel Spring—
Latrobo Plant 1st s f 5 s.. 1921 J - J
Interoccan P 1st 3 f 5 s ...1931 A -O
Repub I & S 10-30-yr 5s s f . 1940 A -O
Standard Milling 1st 5s___ 1930 M- N
The Texas Co conv deb 6s . _ 1931 J J
Union B a g * Paper 1st 5 s.. 1930 J - J
Stamped.............................1930 J - J
U S Realty .tr I conv deb g 5s 1924 J - J
U S Red * Refg 1st g 6s___ 1931 J - J
U S Rubber 10-yr col tr6 s..l91 8 J - D
U S Smelt Ref A M conv 6 s.1926 F - A
U S Steel Corp— Icoup___ dl963 M -N
S f 10-60-yr 5 s/reg........ dl963 M-N
Va-CarChem lsr 15-yr5s___1923 J - D
Conv deb 6s............... ...e l9 2 4 A - O
West Electric 1st 5s D e c ... 1922 J - J
Westingh’so E A M conv 5s. 1931 J -J
10-year coll tr notes 5s. ..1917 A -O
Coal & Iron
Buff A Susq Iron s f 5s____ 1932 J - D
Debenture 5s.................. 01926 M- S
Col F A I Co gen s f 5s___ 1943 F - A
Col Indus 1st A coll 5s gu .,.1934 F - A
Cons Ind Coal Me 1st 5 s ... 1935 J -D
Cons Coal of Md IstAref 5s. 1950 J - D
Continental Coal 1st g 5 s .. . 1952 F - A
Gr ltiv Coal A C 1st g 6s. .*1919 A - O
Kan A H C A C 1st s f g 5 s.. 1951 J - J
Pocah Con Collier 1st s f 5s. 1957 J - J
St L ltock Mt A P 5s strap*!. 1955 J - J
Tcnn Coal gen 5s................... 1951 J - J
Blrm Dlv 1st consol 6s . . . 1917 J - J
Tenn Dlv 1st g 6s.......... al917 A - O
Call C M Co 1st gu 6s ___ 1922 J - D
Victor Fuel 1st s f 5s_______ 1953 J Va Iron CoalACoke 1st g 5s. 1949 M -S
Telegraph & Telephone
Am Telcp A Tel coll tr 4s__ 1929 J - J
Convertible 4s.......... ........ 1936 M- S
20-yr convertible 4 Ms___ 1933 M -S
Cent Dist Tel 1st 30-yr 5 s.. 1943 J - D
Commercial Cable 1st g 4 s ..2397 Q- J
Registered........................ 2397 C) - J
Cumb T A T I st A "en 5s__ 1937 J - J
Keystone Telephone 1st 5 s.. 1935 J - J
Metropol Tel A Tel 1st s f 5s 1918 M - N
Mich State Telep 1st 5s___ 1921 F - A
N Y A N J Telephone 5s g. 192(1 M -N
N Y Telcp 1st A irensf 4MS-I939 M- N
Pac Tel A Tel 1st 5s............ 1937 J - J
South Bell Tel A T 1st s f 5s. 1941 J J
West Union coll tr cur 5s__ 1938 J - J
Fd and real est e 4 Ms___ 1950 M -N
Mut Un Tel gu ext 5s___ 1941 M -N
Northwest Tel gu 4 M8g - . 1934 J - J

P rice
F riday
A u g . 25.
Bid

W eek's
Range or
Last Sale

A sk Low

------ 101

Range
Since
Jan . 1

H igh

Low

100*4JulyTO

H ig h

100*4 101U

89 Mar’ 15
937s
£
------ 94
100*8___ 102*4 Mar’ 15
98 Aug T5
104*2 1055* 104*8 Aug T 6

93*2 90
104U 105*8

82-----84*4 84
84
------ 95
95
95
94 Sale 94
94
93*2 93*8 93*8
93*8
------ 99
98*8
98*8
88*2 89*4 88*4 Aug T 6
87*2 88*4 873g
86i2 87*2 87
g
9978 Sale 997g
100
123*4 Sale 123*2
124*4
83
84
83
104*4 105*4 105
105
105*4 105*2 105 Aug T 6
IOOI4 100*2 100*4 Aug T 6
108 108*4 108*8
5
108*8
108*4 Sale 108*4 10834 996
97*4 Sale 97*4
977g 746
107*4 Sale 10734
10734
8
97*8 Sale 97*8
71
98
92*4 92*2 92l2
2
92*2
83 Apr T4
94 June’ 16
------71*2
72*2
102*4 June’ 16

83

85*»
117
105
95
99*f
86*2 89
86*8 92
86 91
993g 100
123 135*4
81
86
l01*s 109*4
103 109
99*4 lOllg
95 108*8
95*8 108*4
96*4 98*8
91*4 10734
95*8 98*4
92*4 93

7134
101*8104*2
105*2____
90*2____ 92*8Feb T 6

100*4 102*4

8
87
7*32

92*2 93
90
92 Sale
92*8 Sale

93 Aug T O -----90 July’ 16!___
91
923gi 51
92
92*8! 50
103*2 Jan T4

86

102*8

1025s Sale
975g sale
96
96*4
1037g Sale
87
87*2
10834 Sa|0
98*8 98*2
119*4 120
82*8 85

102*4'

5
07*8 114
12
96
10378
15
104
51
86*2 87
1073t
109*4 55
98*8
98*2 24
118*2 Aug T O ----82*2 82*2
98 June’ 14
*81* *82*2 82*4 82*2
103 105 104*2 Apr Tb
103*8 104*8 104*8 Aug TO
1*0*4 100*2 100*4 I003g
IO214 10212 102
102*2
81
97*4 Jan 15
98*2 99*4 99 Aug T 6
96*4 9638 96*2 Aug T 6
1023g Sale 102*8 102*8
75*2 Sale 74
75*2
101*2 102 101 Aug T 6
------ 96*2 85 Mar’ 16
82
82*2 82*4 JulyTO
104 Sale 104
104*4
91
91*4 90*4 91
103 Sale 102*4 103*4
100 Oct’ 13
75*2 76
75*2 Aug T 6
102 Sale 101*4
102
92
96*2 91 Aug TO
71 June’ 16
*69 '
64 Aug T 6
99 ig Sale 99*8
99*8
93*4 Sale 93*4 94
125 Sale 125
125
97*4
96

ZZZZ

10134 102 102
102*4
124*4 1^5 125
125
101*2 10134 1017g
1017S
110 112 110 Aug T 6
112 Sale 112
112
97*8 98
98 A u g’ 16
85*s____ 85*2 Aug T 6
101 *£ Sale 101*8 101*8

103*4 Sale 10234

103*4

100*8

100*8
Aug T 6
98*2
Aug T 6

100*8 Sale
96*4 98
98*2 Sale
95
99
104 104*8
86 87
85*4____
70
70*8
16
20
102*4 Sale
108 111*2
105 Sale
97*8 Sale

97
98
99
104*4
84*8

97*8

1043S
84*8

97*8
100*4
10234
123
10034

96
91
945g
76*8
18
89
36

97
96*2 July’ 16
95
96 June’ 16
97*2 95*2 Aug T 6
77*8 77
77*4
73 Mar 14
92
92
92
99*8 Feb 14
9434 Mar’ 16
.
95
35 . .. 99 July 15
91*2 92
92*2 July’ 16
87 June’ 16
83*2 87
100*8 102*4 102 June’ 16
____ 1007g 100*4 June’ 16
100*2 June’ 16
iot **2 id s* 101 Dee T4
____ 87*2 73 Apr T4
g 86 June’ 16

80 827
91*4Sale

------ 110T
102*8 103*4
____ 75
------ 73
9978 Sale
____ 100
100*4 1007g
10034 101
101*8 - 9734 Sale
1" 0*4 101
101 Sale
101 ____
95*4 96U
99*8
..
93*4 94i,

91*2
91*8
104 Aug T 6
110*4
110*4
103*8 Aug TO
73 July’ 16
71 May ’10
9978 100*8
98 Apr T 8
101*8 June’ 10

94” '94*2
71*2 75*2

92*8 92*8
92
95*2
86 90*i
8934 93*4
88 125

1017g 103

96*4 99*8
95*2 9734

1033g 104*4
86 88*4
106*4118
977g 985s
118 119
82*2 85*2

'ddi'j 8212
104*2 106
102*2 104*2
9978 103*8
100*4 102*2
99 100*8
9578 99*»
101*2 103
69*8 78
101 107**
86 85
78
83*2
103*8 105*4
89*2 92*4
101*8 103**
75

79

101*8 102*4

81
92*8
71
78*8
64
79*2
97*2 100*8
90
977g
123*2 127
100*4 130
122*8 127
100*4 102*4
106*8 128
106 12612
96*2 99
85*2 88*2
9978 101*8
101 105*2
9934 100*4
94*2 98
9534 9934
9578 100
104 106
80*i 85
82*8 82*4
08
73
10*2 15
lODg 103*2
109 116*8
103*4 105*2
103*8 105*2
96*4 99*8
100 103*4
101*2 103*8
112 141*2
100*4 101*8

82*4 May’ 16
70
70
15 Aug T 6
102*4 102*4
110*2 Aug T 6
105
105*2
104*4 Aug T 6

100*4 Sale 100*4
102*2 Sale 102*2
120*i 123 119
100*2 10034 100*4

82
95
94
93*4
98*2

96*2
90
92*4
74*8

96*2
96*4
95*2
77*4

90

93

94*4 ' 94*4
89" *94”
81
88*2
01*2 103*8
10034 102

100*2 102
86

90*2

90*2 92*2
100 104
10.5*8 112
101*2 103*8
73
73
71
71
37 99*4 100*8
98
98

101*8 101*2
100*4 100*4
99*2 101
100*4 June’ 16
100*4 100*4
97*2 9734
97*2 99*2
101
101*8
99l3 101*8
10034 101
99*8 IOH4
101
101*4
3 100 lOUg
95
95
4 | 94*8 9612
101*4 Apr TO ____‘ 101*4 10U2
95

Mar’ 1 6 ____|l

or

95

SH ARE
Saturday
A u g . 19.

P R IC E S — N O T

M on d ay
A u g . 21.

PE R

CENTUM

i Tuesday \ W ednesday
A u g . 22.
A u g . 23.

PR IC E S .

Thursday
A u g .Z i

Friday
A u g . 25

Sales
o f the
W eek
Shares

STOCKS
BOSTON STOCK
EXCHANGE

Range Since J a n .

1

H ighest

Range f o r Precious
Y ea r 1915
H ighest

_ _

_

Railroads
9234 Fob 10938 N ov
Atch Topeka & Santa Fe.-lOO 102 Mar 2 108 Jan 3
Last Sale 103%Aug’ 16
1031.1 103% 1043.1 105l2 *104% 104%
* K m , 104
97 Jan
101%N ov
100 98% Aug 17 101% M ar 9
10 Do pref...............
*98*4 991.1l 993s 99%
*9878 9 9 U I___
*98% 9914 *98% 99
170
Mar 198 Jan
175
Aug
25
198
Feb
16
Boston
&
Albany________
100
139
177*2
177*2
175
177
179"
179
180
178l2
180
179% 180
173*2
73 June 96 Jan
96 Boston Elevated_________ 100 65*2 Apr 24 88% Jan 19
73*4 73*2 7334
72*2 73*2 73
74
74% 74l2 73i2 74% *73
2 Boston & Lowell_________ 100 124 Aug 22 145 Feb 11 109 Feb 138*2 Oct
125 *___ 125
124 125
*125 126 *125 126
37% Oct
20 Feb
2,857 Boston & Maine_________ 100 35 Jan 28 52 Feb 14
36
37*2 36*2 37
42% 37
39
4234 42% 4234 42% 40
21 Boston & Providence____ 100 200 Aug 4 235*2 May29 225 Jan 240 June
*210
___ 210 210
*210
*210
*210
*210
5 Dec
10 Mar
5 Jan 8
4*2Feb 29
Boston Suburban Elec Cos__
Last Sale 4*2 May’ 16
” 4”
” 4"
” 4"
" "4"
56 Mar
40% Fob 29
40 Sep
39 Mayl9
Do
pref_______________
Last Sale 39 May’ 16
39
39
39
39
5*2Jan 5
5 N ov
*4
9 Sep
4 M a rl 8
Boston & Wore Electric C o s..
Aug’ 16
Last Sale.5
*4*2 5
*4
5
5
*4
39 Jan
47 July
42 Feb 28 45% July 18
Do
pref_______________
*44*2 47
*44l2 47
*44
45
45
45
*44
*_
Chic June Ry & U S Y ...1 0 0 154 July26 154 July26 157 Feb 160 Sep
Last Sale] 154 July’ 16
154
154 *__
154
154
Do p r e f____ ____________ 102% Apr 26 110 Julyl4 101*2 July 110 Apr
Last Sale 10734Aug’ 16
*I6s” 109U • id s ' 109*4 *108" 110 *ios" 110
Connecticut River_______ 100 150 Jan 5 162 Feb 19 140 Feb 165 Jan
Last Sale 150 Aug’ 16
*142 150 *142 150 *140 150 *140 150
51 Feb
76 N ov
Fitchburg pref.....................100 71*2 Aug 23 87 Feb 14
7412 75U 71'2 74*2 *71*2 74
*7512 76
♦7512 76
Georgia Ry & Elec stampdlOO 122 Jan 3 129 Aug 1 114 Apr 120 Feb
*127*4
127i2 127l2 *127%
*127U
*127
84 Aug
88 Mar
Last Sale 88 July’ 16
Do
pref_____________ 100 z86 Jan 10 90 May25
*87*2
*8S12 92
*8812 92
*8712
92 Mar 103% N ov
106 Maine Central___________ 100 z99 June15 102 Jan 17
*100 100!2 *100 10012 *100 100I2 100 100*2 *100 100*2
4% Juno 10 Sep
12 Mass Electric Cos________ 100
5 July 14
8*2Aug 9
*7
7*2
8
712 712 *7
*7
713 7*2
33 July
50 Jan
42
147 Do pref stamped_______ 100 31 May 2 44 Aug 9
41
40*2 40*2 42
42
41
*4012 42% 40i2 421.1 42
8734 Oct
43 Feb
373 N Y II & Hartford............. 100 57 May 5 773., Jan 3
60 60*2
60
60*2
61
0112 60
5918 5912 60
60
60
89 Oct
98 Apr
Last Sale 104 Aug’ 16
Northern Now Hampshire. 100 97 Jan 3 105 Feb 14
*104
*104
*104
•104
145
Old Colony_____________ 100 145 Aug 18 157 Feb 26 140 Aug 157 Apr
145 145
145 145
145 145 *
30 N ov
15 Mar
*25
28
Rutland, pref___________ 100 20 May 1 30 Jan 3
28
*25
28
28
*25"
28
28
Union Pacific____________ 100 130 Apr 26 142% May23 116*2 Jan 141% N ov
*139 139«2 *139% 140'4 141 142*2 142*8 142*2 ►142*4 14234
7934 Mar 81% Oct
Last Sale 82*2 Aug’ 16
Do pref_____________ 100 81% Mar 1 83*4 Jan 3
Last Sale 115 July’ 16
Vermont & Massachusetts. 100 115 Apr 25 125 Mar 1 105 Feb 125 Apr
*109 114 *109 114 *109 114 *109 114
61 May
72% Jan
52 West End Street__________ 50 56 Aug 11 67*2 Jan 19
56
56
56
56
56
56
56*4 56
56
56
*72 ___ "72" 72*4
59 Do
pref............
100 69 Julyl3
86 Feb 25 80 July 93*2 Feb
*72
72
72
♦72l2 75
*7212 . . .
Miscellaneous
48 Jan
73% Nov
539 Amer Agrlcul Chemical___100 64 Apr 24 79*4 Aug 21
78
78
78
78*2
77*2 79*4 77*8 78
76% 7714 78 79 *4
1003.1 100*4
87% Mar 101*2 Nov
187 Do
pref____________ 100 95*2 Mar23 101*2 Aug 23
101 101
101 101*2 10034 101
100l2 101'4 100*2 101
1% Mar
4*2 Oct
160 Amor Pneumatic Service.. 50
3% Apr 12
ll 2July 8
1%
1%
1*2 134 *1*2 134
*134 178 *13.1 1% *134 178
19% Jan
13 Dec
50 Do
pref.. .............
50 113,|July 8 16 May 4
*12
13
12l2 12*2 12*2 1212 *12*4 123,4 *12*4 123.J
156 Amer SugarRefining_____ 100 106 Apr 22 116% Jan 8 100 Feb 119%Nov
110'4 110*2 110 110*2 110 110*2 110*2 110*2 111 111*4 16934 109%
21
Do
pref____________ 100 114% Mar 1 119% Aug 25 109 Feb 119 Dec
118*4 118*2 119 119%
117*2 H8
*118 119
118l2 118*2 118 118
130*2 N ov
131*4 132
131*2 1313.1 131*2 13134 1,284 Amer Telep & Teleg.......... 100 126% Jan 31 133*4 Aug 18 116 Jan
132 132l2 131% 132*4 131*2 132
16% Apr
57*4 Oct
10 American Woolen of Mass.100 42 Aug 5 55 Marl4
47
*46*2 47*2 *45*2 46*2
*4434 4512 *46% 4734 47
♦44
45
99% Oct
77
Feb
92
Jan
11
*973.1
98
101%
Marl4
566
Do
pref______
.100
97*2
98
97*2
98
9734 98*4 97*2 98*4
98
98
67 Apr
66 Jan 3 76 Aug 18 59% Jan
Aug’ 16
Amoskeag manufacturing—
Last Sale 76
*70
72
*72
73
*72
73
*72
73
16 Do pref................ ...........
*99
9934
97*2 May 101 Feb
98 July24 101% Feb 10
99
99
*98
99
*98*4 99
*98
99
4 Feb
36 N ov
703i 7234 72 i2 74
38,427 Atl Gulf & W I S S Lines.. 100 27 Jan 14 74 Aug 25
7014 72l4 713S 7234 69*2 723s 69*4 72
9% Mar 49 N ov
1,127 Do
65*2 66
pref____________ 100 42 Jan 15 66 Aug 24
65*2 66
6578 0534 66
65
65l2 65*2 653,1 65
850 Cuban Port Cement__$15 pd tc8*8Apr 28 25% July20
21 21t2 21% 21%
21*2 22
22
22
22*4 22
*2212 23
8*2Dec
Last Sale 239 Aug’ 16
13*4 Apr
8*2Aug 16 13% Jan 19
East Boston Land________ 10
9
9 ■___
9*2 1___
*8% 9*4 *9
Edison Electric Ilium____ 100 234 Apr 27 250 Mar 7 230 May 260 Jan
235*2 235*2 235 235
236 236
1_____ 237
*
2237
38
237
138%
Feb 184% Oct
178
Jan
17
159*4
Apr
22
General
Electric_________
100
1713i
1713
4
*170
171
170l2 17012 *170 171*4 *171 172
96*2 Aug 104 Mar
McElwaln (W H) 1st pref. 100 95 June 8 102 Fob 24
Last Sale l 6l Aug’ Io
101 102 *101 102
*101 102 *101 102
94 Aug
78 Apr
149 Massachusetts Gas Cos— 100 79% July 17 86*2Jan 5
81*4
*80
81
80*4 80*4 80*4 80*4 80*4 80*4 80*4 80*4 81
84 N ov
92% Jan
138 Do
pref_____________ 100 80 May 3 89 Feb 14
80
82
80% 80*4
82
82
*82
...
82
82
♦82
84
27 Mergenthalcr Linotype__ 100 155 May 4 172 Jan 19 154 Feb 200 Jan
160 160
156 158 *160 . . .
*158 161 *156 161
i
4
Apr
3 Sep
Mexican
Telephone---------10
2
*4
Jan
15
.90
Aug
.95"
Aug’
16
Last
Sale
*.60
1
*.60
1
*.60
1
*.60
1
10 June
1638 Deo
Mississippi River Power.. 100 15 Jan 18 19 Apr 10
Last Sale 16 Juno'16
17
___
17 '___
*___
17
17
*
35 Feb
46% Jan
39
Do pref_____________ 100 39 Apr 21 44 Feb
39 * ___
___
39 1___
*
39
39
39
Last Sale 26" Aug’ 16
New Eng Cotton Yarn___ 100
20 Apr
30 N ov
23*2 Ju lyl 8 30 Jan
*26 . . .
*28 ___ *28 . . .
*28 . . .
25 July
55 Deo
Last Sale 51% Aug’ 16
Do pref_______
100 50 Jan 24 58 Jan
*52
...
...
*52 ------ *52
*52
...
643 New England Telephone.. 100 126 Aug 16 140 M arl7 zl27*4 Juno 143 Jan
127 127
127 127
1263.4 127
127 127
12612 12612 126*4 127
25 Nlpe Bay Company.......... 100 102% Jan 11 160 May 5
153 154 '_____ 154 * ___ 154
156 156
156 156
96 Pullman Company_______ 100 158*2 Apr 28 171 Jan 17 150 Feb 170 Oct
166*2 166*2 *166 168 ■165 167*2 *165*2 . . .
165 167
15 Sep
18*4 Jan
50 Reece Button-Hole________ 10 15 Feb
16
16%May23
16*4 16
16*4 *16
16
*16
16*4 *16
16'4 16*4 16
128 N ov
720
Swift & Co...........................100 125 Feb
149 Aug 23 10434 Jan
148
148
145
149
147
148*2
144*2
1443.1
144*2
146
144 144i2
28 Mar
36% Deo
1,742 Torrlngton________________25 35 Jan 14 58 Junel3
50
50%
50
50
50
50
5034 49*4 50
5034 51
26 Mar
30% Sep
35 Do pref.................
25 28 Jan 14 32 Mar 2
31
31
31
*3012 31*2 *30*2 31*2 30*2 30*2
.95 Jan
l a4Apr
2 Feb 23
.90 Mar28
Last Sale l ' " July'id
Union Copper L & M ______25
1*2 *1
1*2
1*2
*1
l i 2 *1
165% 167% 4,420 United Fruit____________ 100 136*2 Jan 31 168% Aug 21 110 Feb 163 N ov
16634 168*4 165 168*4 164*2 165»4 163*2 166
166 168
1,694 United Shoo Mach Corp_. 25 50 June23 63% Mayl2
48 Aug
65 May
54%
54*2 54
5434 54*2 55
54
54*2 54
54*4 54% 54
30*2 Junel4
28 Mar
30 Aug
265 Do prof_________________25 28*2 Jan
293| 29%
2934 29% 2978 2978 *2934 30
*29% 30
7934 Mar 1 99% Aug 23 38 Feb 89*2 Deo
19,643 U S Steel Corporation___ 100
99*2 96% 98% "97* 99
97*2 98
♦Oils 9138 91*2 9434 95
102*4
Jan
117*4
Oct
104
115%
Feb
Do
pref_____________
100
119*2
July
8
117%
117%
117*2
117*2
117%
118*2
118
118
*118
118*2
*118 118*4
14% N ov
10% Dec
7*2 July20
13 Jan
8
8*4 7% 8*8 5,170 Ventura Consol Oil Fields. 5
8
8*4
76s 734
7% 8*8
73s V s
Mining
4% Apr
4 Jan
1*4 Feb 17
3% 3%
500
5% Apr 11
3%
3% *3
*3*4 3%
3*4 3*4
3*4 3*4 *3
92% Deo 103 Aug
100% 101
101 102
787
91 Aug 1 106 MarlO
*98*s 100
99 100
100*2 100% 100*2 101
40% Apr
705
21*2 Dec
15*2 Aug 18 26% Jan
17
16*4 16% 16% 16*4
16% 17*8 16% 16% 17
15*2 16
4*4 Apr
350
2 Apr
.45 Feb
34 May 3
112
112 1*2
1*1 *1*4
1%
*1*4
1% *1*4
1% *1*4
66 Deo
880 Allouez_________________ 25
68 69% 69 69*2
35% Jan
58 Julyl7
74% Feb 21
66
66
66
66*2 66*4 67*4 67% 68
35
9,160 mer Zinc, Lead & Smelt.
163.1 Jan
35% 34% 35% 34
72% N ov
29% Ju lyll
97% Apr 10
32*2 32% 32*2 33% 32% 34% 34
65% 65*4
1,135 Do pref_____________
60 Ju lyll
75% Apr 8
66 *65 66
64% 64*2 65
64*2 64% 64*2 65
9*2Apr
7% July29
9*4 912 1,820
10 Feb 14
3*4Jan
9
9*4 9*4
9*4 9*4
8% 9*4 9
9 Mi 9*4
4*4Apr
2 Jan
2
1
%
1*2 Aug
1,470
5*2 Feb 5
2
1
%
1
%
*134 1%
1% 1%
1
%
1% 1%
35% Jan
80 June
69
69
69
60% JuIylO 105% Mar 9
2,346
09% 68% 69% 69
67*2 67*2 67% 07% 68
78*4 Apr
51*2 Feb
66 June28 75*4 May20
71*2 72% 71% 72% 71% 72*4 2,077
71
71% 71
71*2 71% 72
515 Julyl4 586 Feb 14 350 Jan 630 Apr
293
555 557*2 560 570
550 559
559 559
545 548
545 560
15 Jan
25 Apr
915
20%
14 Julyl7
20*8 Aug 25
*16
17
16*4 16*4 16% 18*2 18
*16*4 17
*16*4 17
32% Jan
313
60 Feb 19
53% 53*4 53U
46 J u lyll
57 N ov
52
52
52*2 52% 53
*51
51*2 *51*2 52
6,999
54% J u lyll
68*4 May 19
30 Jan
65 Deo
05
63% 63*2 64% 64
64% 65% 04% 65*2 64% 60
63
2 Julyl3
Daly-West.......................... 20
3% Mar 17
5*4Apr
1% Jan
*2
2% *2
2*2 Last Sale 2% Aug 16
*2
2% *2%
23,782 East Butto Copper Min— 10 11% July 12 16*4 Jan 3
15
16
16% Deo
8*2Jan
13% 13*2 15
13% 13
13*4 13
13
13
13
*7%
6 June23
1034Jan 8
14*4 Apr
8
455 Franklin.................. ........... 25
4% Feb
8*8
*734 8
8*4
8
8
*7*2 8
*7% 8
79 J u lyll
720
98% Feb 10
58 Jan
94% Apr
88*2 89 89
87*2 88% 88
87
88 88
88*4 87*2 88
52*8 Deo
365
34% June26 52*2Mar 9
23% Fob
47*2 47% 47*2 48
*45*2 46*2 *45*2 46% *1534 46*8 45% 47
13% 14
19%Jan 4
24*2 Apr
285 Hancock Consolidated___ 25
11 Jan
13
10% June28
13% 13
*13
13% *13
13*4 13% 13% *13
10% Apr
150 Indiana Mining___________ 25
2 July 10
6 Jan 3
2*4 Jan
*3
3*2 3%
3% *3
3*2
*3
3*2
3% 3% *3*4 4
52 Aug
41 Mar
310 Island Creek Coal_________ 1 44*2 Mar30 5434 Apr 11
40% 46*4
47
46% 46*4 46% 47% *46*4 47
*45
47*2 *45
85% Jan
91*8 Apr
7 Do prof_____________
88 Jan 29 92 May23
90
90
90
90
*88 90
*88*2 90
*88*2 90
*88*2 90
31*4 Jan 6
17% Jan
34 Apr
30
29*4 29% 29*2 30*4 1,675 Isle Royale Copper________ 25 25 Julyl3
29
29
28*2 29*2 *28*2 29% 29
53s May 3
3 Aug
5*8 Apr
4% 4 %
150 Kerr Lake_______________
4*4 5
5 3% Mar 4
5
5
*4*4 5
5
4% 4%
8 Apr 6
2% Feb 11
485 Keweenaw Copper------------ 25
1*2 Aug
4*2 Apr
4
4
*3
3*2 3 % 4
334 3%
3% 3*9 *3% 4
9% J u ly ll
19% Feb 10
5*2 Jan
19% Deo
14*4 1,830 Lake Copper Co__________ 25
13% 13
13
13
13*2 13
12*2 12*2 *12% 13*2 13
534Jan 3
3% Julyl5
4*2 4*2
40 La Salle Copper___________ 25
4%
3*8 Jan
9 Apr
4% *4
4*2 *4
*4
4*2 *4
4*4 *4
1*2 Aug 3
4% Jan 4
1 Mar
500 Mason Valley Mine______ 5
5 Doc
*2
2*4
2*4 *2
2*8 2*4 *2*4 2*2
*2
2 Mi
2*8
15 Feb 23
3 Jan
17 Apr
12% 13% 12% 13% 13% 14*4 5,385 Mass Consol_____________ 25 10 Julyl3
12
12% 12*4 12% *12*2 13
95 Mayflower_______________ 25
2 July 5
5 Feb 10
8 Apr
3*2
3 Aug
3*2 3%
3*8 3*2
*3
3*2 *3*4 33,| *3*8 3% *3
4 Apr 6
.60 Mar
3 Apr
805 Michigan____________ - — 25
1*2Jan 5
3*4 3*4
3% 3%
3*2 3*2
3*4 3*2
3*2 3%
3% 3*2
90% 91*4 1,566 Mohawk__________________25 77% Ju lyll 103*2 MarlO
46*4 Jan
98 Deo
90
91% 90*2 91
90% 90*4 91
90
90*2 90
11% Feb
17 Apr
19
19*8 19% 1,056 Nevada Consolidated------- 5 15 Jan 28 19% Aug 25
18*4 18% 18% 18% 18% 18% 18% 18% 18
14*4 June
4% Feb
4% July 14
578 New Arcadian Copper------25
6%
10*4 Jan 4
6
6*2 7*4
6*2 *6
6U
*5*2 6*2 *5*4 Gl2 *6
4 July
13*2 Aug
1,225 New Idrla Quicksilver-----2134Jan 19
9 Julyl9
12% 12*2 12% 12% 13% 12*2 13
12
12
*11*4 12% *12
8% Nov
6 Mar 1
5*8 Aug
*7
60 Nlplsslng Mines-------------- 5
7
7
8*2May 1
*7
7*4
7
7
73s
7%
7*4 ♦7
22*4 Jail
38% Apr
1,935 North Butte_____________ 15 20 Julyl3
32 Jan 3
23*2 23% 24
23
23U 2.3% 23*2 23*4 23% 23*2 23% 23
1
Jan
4%Jan
3
1%
4*8 Apr
2
*
1*4
1%
665
•50Juno
2
North
Lako______________
25
2
*1
2*4
2
2
1%
*2
2*4
.50 Mar
2% Apr 6
3% Apr
150 OJlbway Mining............... 25
1*8 July 15
1%
1% 1*2 *1*2
1% *1*4 2
*1*2 2*4 *1% 2*4
*1*4
2*4 Nov
2
4 Jan 3
2%
170 Old Colony______________ 25
1*4 J u ly ll
7% Apr
23s *2
2*2
2*4 *2
*2
2% *1*4 2*2 *1%
73% Mar 11
38% Mar
64 Deo
70*2 VI *4 3,500 Old Dominion C o_________ 25 60 J u ly ll
71 *4 70*8 71
69% 70% 70*4 71% 70
68% 69
89*4 90
64 Jan
89% 90
93*2 Apr
490 Osceola.......... .................
70 J u ly ll 101*2 M a rll
25
89
90
90
89*4 90
90
89
89
12 Jan
15
15
19% Aug
15
15
823 Pond Creek Coal__________ 10 11%Mar 7 16% Aug 16
15
15% 15
15% 15
15
15*4 15
98*4 M ayl 6
95 Apr
50 Jan
91% 92% 92*2 92% 92% 93 .
578 Q u in cy............. - ................. 25 81 Julyl2
92
92
90
91
90
90
27% N ov
24% 25*8 *25
275 Ray Consolidated Copper. 10 2034 June22 26 Feb 14
15*4 Jan
25% 25*2 25*2
2434 25
*24% 24% *24*2 25
65*2 Deo
740 St Mary’s Mineral Land.. 25 61%Jan 31 80 Juno 9
28 Jan
75*2
74
75% 74% 74% 75
75
75
74% 75
*74*4 75
5 Oct
3% Jan 8
2
2
1*4 July28
1 Mar
1% 2
510
*1% 2
2
2
*1% 2
*1% 2
11*2 Apr
4 Jan
7 Julyl3
12% Feb 14
1,180
8*4 8*2
8*8 8%
8*4 8*4
8*2 8*9
8*4 8*4 *8*4 8%
38
N ov
183.1
Jan
2434
J
u
ly
ll
40%
Feb
14
29% 29% *30*4 30% *30% 30*2 *29% 30*s
1°
*28% 28% *28% 29
7% July
5*4 NOV
4 Aug
8*2Jan 4
7
7
7
7*8
*7
7*8 7*4 1,010
7
7
7
7
7*8
22% Jan
41*2 Apr
12% JulylS
28% Jan 3
10
16%
10
510
16*4 16
*15*4 16*4 16*4 16*4 16*4 16*4 16
1 Mar
4% Apr
1% Jan 13
4
4
5% Mayl5
4
4
1,050 Superior & Boston Copper. 10
4
4%
4 Mi *4
4*8
4
*4
4
25 Jan
58% Aug
45
37*2 41
2,338 Tamarack________________ 25 35 Aug 5 56*4 Jan 14
43
47*2 40*2 41% 41
*39
40*2 39*4 45
2%
Feb
12%
Jan
3
15*2
*4ct
1,264
4*4
July
12
0%
Trinity..................
.........
25
7
6*2
6
6%
6%
0*2
6*2
5% 5*2
5*3 0
.60 May31
.20 Jan
.47 .47 3,000 Tuolumne Copper------------ 1
.63 Apr
.15 Jan 26
.40 .47
.46 ,4f
,5C
.45 .45
.45 .45 *.40
20 Feb
64 Deo
71% 71
9,388 U S Smelt. Refin & M in ... 50 54*s Jan 3 80% June 9
71
73% 72% 73% 72% 74
70*2 70*4 70*4 71
533.1 Apr 11 28 Jan
50*4 50% 61
51
908 Do pref______________ 50 49 Feb
50*2 Dec
51%
50*2 50*2 50*2 50% 50*2 50% 50
5*s Apr 10
2 Jan
4
4
2,495 Utah-Apex Mining_______ 5 3 Hi Feb 11
5% June
4
3% 4
4
3% 4
*3% 4
3% 3%
16% Feb 11
1038 June
14
815 Utah Consolidated_______ 5 12% Jan 15
*1334 14
14
14
14*4 14% 14*2
9*4 Feb
14
14
*13% 14
725 Utah Copper C o__________ 10 75 Junc27 86% Feb 21
48*4 Jan
81*4 Deo
83% 84*4 83% 84% 83% 84.%
*82
82*2 82*4 83
*81% 82
11*2 M arl3
8
8
1,605 Utah Metal & Tunnel____
6% .1illy 18
1
8
7*1 8*8
7% 8
8
8
8
8%
8*4
4% Feb 14
23, Jail
4*2 Apr
4
4
4
4
550 Victoria__________________ 25
1 Feb
*33.1 4
*3 % 4
*3*2 4
*3*2 4
7% May31
6
0
385 Winona __________________ 25
3*4 Mar27
1% Jan
5*8 May
5*4 5*4
6
6
534 6
5% 5*2
5% 5?8
54
67% Feb 10
55
522 Wolverine________________ 25 46*2 Aug
70 Apr
32 Jan
53
53% 53% 54
*52
52*2 52% 52*2 52% 53
23
4
Feb
1
4
2 Apr
1*8
Aug
12
.50
Mar
400
Wyandott________________
25
*1%
1*2
1%
1%
1*2
*1%
1%
1*2
1%
1%
1%
1%
* Bid and asked prices, a Ex-dlvIdend and rights. t> Ex-stock dividend, c Assessment paid, h Ex-rights, e Unstamped, x 2s paid, to Half-paid.




Outside Stock Exchanges
Boston Bond Record.— Transactions in bonds at Bos­
ton Stock Exchange Aug. 19 to Aug. 25, both inclusive:
Friday
Last
W eek’ s Range
Sale
o f P rices
P rice. L ow .
H igh .

Bonds—

Alaska Gold deb 6s B.1926L
Am Agrlc Chera 5 s.-.1924!.
58...................
1928
Am Tel & Tel coll tr 4sl929 9 1 *
Atl G .H V I S S L 5s- - 1959
Chic J une* U S Y 53.1940
4s_________________1940
Gt Nor—C B & Q 48. .1921
Mass Gas 4 * s ............. 1929
Miss Htver Power 5 s.. 1951
N E Telephone 5s----- 1932 101*
Pond Creek Coal Os. .1923
Swift & Co 5s............. 1944
United Fruit 4 * 8 ------ 1925
U S Smelt It & M conv 6s
Western Tel & Tel 5s. 1932 100*

94 ’
97*
102*
91*
82*
101*
86*
98*
97
77*
101*
97
100*
97*
110*
100

Sales
fo r
W eek .

R ange sin ce Jan.

1.

H igh .

L ow .

94 810,000 94
Aug
9 7 * 12,000 9 6 * July
102*
5,000 100* May
9 1 * 25,000 9 0 * Jan
8 3 * 70,000 74
Jan
101*
4,000 100* May
2,000 85
Mar
87
98*
3,000 9 7 * July
97
25,000 9 6 * Mar
77*
5,000 77
July
102
3,000 101* Jan
97
Feb
3,000 87
100* 24,000 9 8 * Jan
Jan
97*
4,000 97
111
26,000 109* Apr
Jan
100* 29,000 99

105
99
103*
93
84*
102
91
99
99*
SI
104
98*
100*
97*
115
101*

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

Chicago Stock Exchange.— Complete record of transac­
tions at Cliicago Stock Exchange from Aug. 19 to Aug. 25,
both inclusive, compiled from the official sales lists, is as
follows:

Stocks-

Sales
Friday
fo r
Last W eek 's Range
W eek
o f Prices
Sale
H igh . Shares.
P a r. P rice. L ow .

American Radiator___ 100
Preferred__________ 1<X)
Amer Shipbuilding----- 100
49*
Booth Fisheries, com .. 100
Preferred__________ 100
Chic City & C Uy—
15
Preferred..............
Chic Pneumatic T o o l..100 73
14 %
Chic Rys part ctf “ 2”
Chicago Title & Trust. 100 246
Com'wealth-Edlson — 100 141
Deere & Co, pref........ -100
Diamond Match---------100 117*
Edmunds & Jones, com 100
Hart Sclif & Marx com. 100 89
Preferred__________ 100
Illinois Brick.................100 87
Lindsay Light................ . ..........
National Carbon.......... 100 185
Pacific Gas & El C o ...100
Pcop Gas L & C ok e...100 102*
Pub Scr of No 111, com .100 112*
Preferred...................100 101*
Quaker Oats Co-----------100 356
Preferred__________ 100
Scare-Itoebuck, c o m ...100 2ii
Preferred__________ 100
Stewart-Wamcr Sp comlOO 111*
Swift & Co.....................100 148*
Union Carbldo Co___ 100
United Paper Bd com. 100 17
Preferred__________ 100
Ward, Montg & Co, prof
Bonds.
Armour A Co 4 * s ___1939 9 3 *
Chicago City Ry 5 s.. 1927
Chicago Rys 5s---------1927
Chic Rys 4s, Series “ B” .
Chlc Ry Ad Inc 4s. .1927 35
Chicago Telepliono 5s. 1923
Commonw-Edlson 58.1943
Ogden Gas 5s...............1945
98*
Paducah & 111 1st g 4 *s'55
Peoples Gas L & Coke—
Refunding gold 5 s.-1947
Swift A Co 1st g 5 s.-.1944 166*
x

3on

390
133* 134
4 9 * 50
43
42
81
80

15
68
14*
244
140*
91
114*
38*
87*
117
82*
23
181*
59
101*
112*
101*
342
110*
202
125
103*
144*
201
16*
65
116*
93*
99
96*
67*
35

15*
73
14*
246
142*
91
119*
38*
89
117
87*
24*
185
59*
102*
113
101*
356
110*

212*

125
111*
149*
204
17*
67
117
93*
99*
97
67*
35

101*
102*

102
102*

101*
100*

101*
100*

96*
98*

96*
98*

17,368
2,548
805
491
41
55

$1,000
28,000

93*
98*

lu

1

Jan.
H igh .

L ow .

15
63*
13
220
139*
89
102
38*
87
114*
76*
6*
167
57*
100
107
100
309
107
169*
124
82*
126*
170
13*
51*
112*

568
428
90
74
41
6
1,057
50
435
150
1,381
420
27
125
294
20
21
248
4
3,426

sin ce

Range

10 385
5 132
95 33
252 25
196 66

Jan
Jan 400
Aug 136* Feb
Aug
Jan 50
Jan 4 2 * Aug
July
Jan 82
July
Mar
Apr
Apr
Juno
May
Mar
Aug
Aug
Jan
Jan
Jan
July
Aug
May
Jan
Apr
Jan
Jan
Mar
Aug
Apr
Jan
Feb
Juno
June
June

20
79
18*
249*
146*
98
119*
38*
89
117
87*
25
185
*66*
112*
115*
104
363
111
212*
127
111*
149*
207
18*
69
117*

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

Jan 9 4 * Feb
Apr 100
Feb
May
9 8 * Feb
July 75
Jan
Juno 3 8 *
Apr 102*
July 102*
Jan 9 7 *
9 8 * Aug 9 9 * July

10,000 96
1,000 6 5 *
1,000 3 3 *
11,000 101 *
22,000 101 *
1,000 9 5 *
5,000

14,000 100* July 102* Jan
35,500 9 8 * Jan 100* May

Ex-dlvldcnd.

Pittsburgh Stock Exchange.— The complote record of
transactions at tho Pittsburgh Stock Exchange from Aug. 19
to Aug. 25, both inclusive, compiled from tho official sales
lists, is givon below. Prices for stocks aro all dollars per
share, not per cont. For bonds the quotations aro por cent
of par value.

Stocks-

Sales
Friday
fo r
Last W eek's Range
W eek
o f Prices
Sale
Shares.
L
ow
.
H
igh
.
P
rice.
P a r.

Amer Wind Glass MachlOO
Preferred__________ 100
Columbia Gas & E lec.. 100
Consolidated Ice com— 50
Preferred___________ 50
Crucible Steel pref----- 100
Ilarb-Walker Refract-. 100
Independent Brewing..-50
Preferred___________ 50
La Belle Iron W orks..100
Preferred__________ 100
Mfrs Light A Ilcat........ 50
Nat Fireproofing c o m ..50
Preferred___________ 50
Ohio Fuel Oil.......... ..........1
Ohio Fuel Supply______ 25
Pittsburgh Brewing----- 60
Preferred___________ 50
PIttsb Oil A Gas.......... 100
Pittsburgh Plato Glass. 100
Puro Oil common.............5
River Side West Oil----- 25
Ross Mining A M illing...1
San Toy Mining...............1
Union Natural Gas----- 100
Union Switch A Signal..50
U S Glass.......................100
U S Steel Corp com___100
Wcst’liouso Air Brakc..50
Wcst’houso Elec A Mfg.50
West Penn Tr A W P,pf 100
Bonds—
Cent Dlst Tclcp 6 s ...1913
Columbia Gas A Elec 5s '27
Ind Browing 0s.......... 19.r
PIttsb Brewing 0s___ 1949
PIttsb Coal deb 5s. .1931
West Penn Rys 5s__ 1931




62*
123
21*

4
58
133*
53*
7*
16*
14*
45

119*
20*

37*
98
149
60
65

73

60*
123
21*
3*
25
118
101
4
21
54*
133
53*
7*
16*
14
44*
6
23
7
119
19
12
15C
140
156
114*
33
97*
142
59*
65

62*
125
22*
3*
27
118
104
4
21
60
133*
53*
V*
17
14*
45*
6
23*
7
119*
20*
12
15c
15c
156
116
39*
99
150
61*
65

102* 102*
83
83
59* 59*
73
75
98* 98*
100 100

1,710
560
6,980
150
119
45
75
175
50
4,200
160
601
275
520
115
427
125
450
20
45
4,542
195
700
200
35
292
2,345
200
2,751
660
10

Kange sin ce Jan .
L ow .

34*
122*
14 *
3
25
109*
71*
2*
lo *
123
‘4 9 *
6*
15*
14
38
4*
10*
0*
115
^17*
12
5c
14c
141*
109
25*
80*
133*
63*
44

Baltimore Stock Exchange.— Complete record of the
transactions at the Baltimore Stock Exchange from Aug. 19
to Aug. 25, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.

1.

H igh .

Jan 6 4 * May
July 155
Apr
Mar 2 2 * Aug
July
5
Mar
Aug 35
Jan
Jan 118
Aug
Jan 104
Aug
Mar
4 * Aug
Mar 22
Aug
60
Aug
JS £ 133* Aug
Apr 54
Aug
July
12
Jan
July 2 4 * Jan
Aug
19
Jan
Feb 4 7 * June
Mar
0 * Aug
Feb 25
Aug
Mar
9 * Apr
Jan 120 • May
May 2 1 * Mar
Mar
14 May
Apr 30o
Apr
June 25c
Jan
Apr 156
Aug
May 126
Jan
June 3 9 * Aug
Jan 99
Aug
Apr 150
Aug
July 7 1 * Mar
Jan 65
Aug

$4,000 101* Jan 103*
2,000 80
Feb 83
2,000 49
Mar 62
2,000 04
Mar 75
2,000 9 6 * May 9 8 *
1,000 100
Jan 100*

Mar
Aug
Aug
Aug
Jan
Apr

Stocks-

Sales
Friday
fo r
W eek's Range
Last
W eek
Sale
o f P rices
P a r. P rice. L ow .
H igh . Shares.

Alabama C o ........... ...... 100
Second preferred___ 100
Atl Coast Lino (Conn). 100
Balt Electric pref______50
Baltimore Tube_______ 100
Preferred__________ 100
Chalmers Oil & Gas pref.5
Consol Gas, E L & Pow 100
Preferred__________ 100
Consolidation Coal___ 100
Cosden & C o___________ 5
Cosden G as......................5
Preferred____________ 5
Davison Chemlcal_.no par
Houston Oil trust ctfs. .100
Preferred trust ctfs. .100
Mt V-Woodb Mills v t rlOO
Preferred v t r.......... 100
Northern Central_____ 50
Pennsylv Water & Pow. 100
Sapulpa Refining_______ 5
United Ry & Electric__ 50
Wayland Oil & Gas_____ 5
Bonds.
Alabama Coal & Iron 5s__
Balt Elec stamped 53.1947
Canton Co 5s____________
Chari & w Car 1st 5s. 1946
Consol Gas gen 4 * s ..l9 5 4
Cons G, E I, & P 4*8.1935
Cosden Oil & Gas 6s_____
EJkhom Fuel 5s______1918
Small bonds___________
Fairmont Coal 5s___ 1931
Ga Car & Nor 1st 5s. .1929
IIous Oil dlv ctfs.. 1923-25
Mary’d Elec Ry 1st 5s 1931
Minn St & StPC Joint5s ’28
M tV -W oob notes 6 s.1918
N O Mob & Ch 1st 5s. 1960
Norf & Ports Trac 5s. 1936
Penn Wat & Pow 5s. .1940
United Ry & Elec 4 s .. 1949
Income 4s................. 1949
Funding 5s............... 1936
do
small___ 1936

19
30*

13*
11*
4*
36*
57
12
52*
9*

100*

100*
"9 7 "'

100
50*

19
30*
114
42*
127
99
3*
113
116
97
13*
10*
4*
3 5^
14*
57
12
52*
86

77

914

27*
3*

79
99
100*
101*
93
87
100
99*
99*
96*
102*
80
98*
101
100
50*
85*
91
82*
61*
86*
86*

19
30*
114
43
131*
99
3*
113*
116*
97
14*
11*
4*
38
14*
57
12
52*
86*
77*
27*
4

Range sin ce J an .
L ow .

1.

H ig h .

Apr 20
Jan
100 15
Apr 38
100 30
Jan
Jan
60 n o * May 119
July 4 4 * Jan
. 35 41
Jan 131* Aug
2,358 63
124 8 2 * Jan 100
June
4
Mar
200
3 * May
172 107
Mar 116* June
Aug
133 107
June 117
10 96
Jan
Feb 103
9,999
1 3 * Aug 2 6 * June
1,140
6
Apr
1 8 * June
3,586
6 * June
4 * Apr
2,656 3 5 * Aug 7 1 * Jan
110
1 3 * Aug 2 3 * Jan
100 57
Jan
July 68
35
10
Mar
1 6 * Jan
120 49
May
June 55
37 86
Jan
July 90
480 72
Mar 78
July
9
Jan
1 6 * Feb
575 2 5 * Jan 29
F’eb
195
3 * Aug
9 * Feb

79 $10,000 7 6 * Jan 80
May
99*
8,000 99
Aug 100
Feb
3,000 9 9 * Apr 100* June
100*
101*
3,000 101* Aug 103* Apr
93
2,000 9 2 * May
9 4 * Jan
15,000 8 6 * Aug1 9 0 * Jan
87
102 271,000 100
Aug 120
June
3,000
9
9
*
100
Aug 100* Feb
500 9 9 * Aug 100* Mar
99*
3,000 9 3 * June 9 9 * May
97
8,000 102
Aug 103* Jan
102*
1,000 79
Apr 8 2 * May
80
2,000 9 6 * Jan 99
98*
Mar
Aug 102* May
5,000 101
101*
Mar 100
2,000 98
Aug
100
Apr 5 2 * Jan
2,000 49
50*
July
85*
5,000 8 1 * Jan 86
Jan 9 2 * Apr
91
8,000 90
July 85
Jan
12,000 82
83
May
62
27,000 6 0 * June 64
86*
1,000 8 4 * Jan 8 7 * Feb
86*
600 8 3 * May 8 7 * Feb

Philadelphia Stock Exchange.— The complete record
of transactions at the Philadelphia Stock Exchange from
Aug. 19 to Aug. 25, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks are all
dollars por share, not per cent. For bonds the quotations
aro per cent of par value.

Stocks—

Friday
Sales
fo r
Last W eek 's Range
Sale
W eek
o f Prices
P ar. P rice. L ow .
H ig h . Shares

American Gas of N J..100
American Milling_____ 10
American Rys pref___ 100
Baldwin Locom otive.. 100
Buff & Susq Corp v t c . 100
Preferred v t c______100
Cambria Iro n _________ 50
Camprla Steel_________ 50
Elec Storago Battery. .100
General Asphalt.......... 100
Preferred ...................100
Harrison Bros Co pref. 100
Insuranco Co of N A __ 10
J G Brill C o . . . ........... .100
Lake Superior Corp__ 100
Lehigh Navigation____ 50
Lehigh Valley_________ 50
Mlnehlll 4 S H . . ...........50
Pennsyl Salt M fg.......... 50
Pennsylvania...... .......... -50
Philadelphia Co (Pitts).50
Philadelphia Electric.2 2 *
Phil Rap Tr vot tr rects.50
Philadelphia T raction..50
Reading______________ 50
1st preferred...............50
Tono-Belmont Devel___ 1
Tonopah Mining________ 1
Union Traction________ 50
United Cos of N J........ 100
United Gas Im p t.......... 50
U S Steel Corporation. 100
Warwick Iron & Steel__ 10
Western N Y & Pa____ 50
Westmoreland Coal___ 50
Wm Cramp & Sons___ 100
York Railways pref___ 50
Bonds—
Am Gas&El 5s small. .2007
Baldwin Locom 1st 5s.1940
Elec & Pcop tr ctfs 4s. 1945
Keystone Telcp 1st 58.1935
Lake Super Corp 6 s.. 1924
do
small.......... 1924
L ch C & N cons 4 * s . . 1954
Lch Val cons 4 * s ____1923
General consol 4 s ..2003
General consol 4*s.2003
Lch Val Transit 1st 5s.1935
Ref & impt 5s........ 1960
Penn R R general 4*8.1965
Consol 4 * s ............. 1960
Phlla Elcc tr ctfs 5 s.. 1948
do
small___ 1948
Trust certlfs 4s___ 1950
do
small___ 1950
P & R Terminal 5s . . .1941
Reading general 4s— 1997
Unit Rys gold tr ctf 4s. 1949
United Rys Invest 5s. 1926
West N Y & Pa 1st 5s. 1937
General 4s________ 1943
York Railways 1st 5s. 1937
x

Ex-dividend.

120
6
0
97
98
76
82*
48* 48*
56
56
45* 45*
82
82
67
67*
32
32
6 9* 69*
95
95
2 5 * 26
36
39
II
11*
75* 75*
7 8 * 82
57
57
99 100
55* 56*
40
40
128* 2 8 *
19* 20*
79
79
105 109*
44* 44*
4*
4*
5 9-16 5 *
4 4 * 45
224 224
. 8 7 * 89
91* 99*
9*
9*
14
14
71* 71*
7 5 * 82
37* 37*
120

97
82*
48*

67*
"6 9 *
26
38*
11
75*
81*
100
55*
40
28*
19*
79
106
4*
45
221
89
97*
9*

90*
99*

104*
"8 4 *

70

94
104*
79*
98
34*
35
101
101
90
99*
103 *
91
101*
104*
104*
104*
84*
84*
111*
95*
71*
70
104
83
95

Range sin ce
L ow .

1

Jan .
H ig h .

Feb
39 119
July 123
6
July
8
Jan
20
63 9 3 * Feb 100
Mar
July 115* Feb
360 69
100 38
Jan 55 June
July 6 2 * Jan
60 54
1 44
Jan 47
Feb
10 7 0 * Jan 90 May
1,357 5 8 * Apr 69
Aug
100 32
May 38
Mar
50 6 9 * Aug 7 3 * Mar
10 94 June 95 June
153 25
Jan 27
Jan
845 34
Apr 4 8 * Jan
7,777
8 * Jan
1 2 * Feb
46 74
May
7 9 * Jan
903 7 4 * Jan 85
May
6 56
Feb 5 8 * June
65 97
July 102* Feb
1,463 5 5 * May
5 9 * Jan
105 3 8 * July 4 5 * Jan
173 27
Mar 2 9 * June
6,175
17 May 2 1 * Jan
65 75
May
7 9 * Jan
4,718 7 5 * Jan 110* May
5 4 2 * May 4 5 * Feb
4
Mar 5 7-16 May
1,120
120
5 * Aug
7
Jan
590 4 1 * Jan 4 5 * May
18 2 2 2 * July 2 2 7 * June
877 8 7 * May 9 2 * Jan
36,669 7 9 * Mar 9 9 * Aug
9 * Aug
25
1 1 * June
5 10
Mar 2 0 * June
7 6 5 * Apr 72
Aug
2,870 70
Mar 87
Jan
43 3 4 * Jan 39
Mar

S900 8 9 * Jan 9 4 *
94
2,000 104
May 106
104*
11,000 7 9 * May
80
81*
6,000 96
Jan 100
98
16,000 2 0 * Jan 39
36
500 2 7 * Feb 35
35
5.000 101
101
Aug 103*
101
1.000 101
Aug 101*
9 0 * 14.000 90
Aug 94
9 9 * 11.000 9 9 * Aug 103*
103*
1,000 103* Mar 104
91
2,000 91
Aug 93
101*
1,000 100* Jan 103
104* 15.000 T04* July 106*
105
44,800 103* Jan 105
104*
4,200 103
Jan 105
85
101,900 8 1 * May
85
84*
May 85
4,100 82
111*
1,000 110* Jan 113
95*
6,000 9 3 * May 9 6 *
71*
1,000 7 1 * Aug 7 5 *
7 0 * 13.000 6 S * June 74
Aug 109
104
1,000 104
1,000 8 1 * Jan 8 5 *
83
2,000 9 2 * Jan 9 6 *
95

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

Friday
Sales
Last Weet’s Range
fo r
Sale
o f Prices
W eek
P a r. P rice. L ow .
H igh . Shares.

Volume of Business at Stock Exchanges

Former Standard Oil
Subsidiaries
Anglo-American Oil___ £1

TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
D A ILY, W EEKLY AND YEARLY.
W eek ending
A u gust 25 1916.

Par Value.

229,339 $19,747,400
76,104,300
863,831
1,320,694 120,132,900
1,094,535 94,729,250
751,756 59,868,550
793,589 68,831,150

S aturday..................
Monday......................
T uesd ay........ ..........
Wednesday_________
Thursday__________
Friday........................

State, M u n .
& Foreign
B onds.

R ailroad,
& c ..
Bonds.

Stocks.
Shares.

Illinois Pipe Lino.......... 100
Ohio Oil..........................25
U . S.
Bonds.

—

$876,500
709.500
1,913,000
2,026,1)00
804,000
708.500

$876,500
1.459.500
3.641.000
1.998.000
1.981.000
1.956.500

$ 1,000

5,053,744|$439,413,550! $11,912,500 $7,037,500

T o ta l____________
Sales at

W eek ending A u g .

E xcha nge .

1910.

25.

Jan .

1 to A u g . 25.

1916.

1915.

S1.000

1915.

4,918,041
5,053,744
103,862,683
95,024,539
Stocks— No. shares—
Par value_________ $439,413,550 $421,264,250 $9,046,765,140 $8,183,132,345
$172,100
$1,000
$600
3135,800
Bank shares, par____
B on ds.

$1,000
7,037,500
11,912,500

Government bonds..
Stato, mun., &c., bonds
R R . and mlsc. bonds..
Total bonds_______

$6,000
252,500
14,837,000

$647,450
176,980,500
500,052,000

$667,000
14,428,000
501,322,700

$18,951,000 $15,095,500

$677,679,950

$516,417,700

DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Philadelphia.
W eek endtno
A u g . 25 1916.

Shares. \Bond S a les.\ Shares. ^Bond S a les.\ Shares.

BondSales

Saturday . .
Monday__
Tuesday__
Wednesday
Thursday. .
Friday___

12,658
21,022
33,322
•11,592
44,159
48,852

$38,000
16,000'
40,000;
76,000!
61,000;
20,000,

1,521
11,953
23,570
17,472
10,736
12,180

$16,800
39,000
35,100!
68,900!
68,400]
51,700

695
2,482
2,950
8,957
3,278
5,685

$14,000
50,700
80,100
166,500
20,000
60,900

Total . . .

201,605!

$251,000

77,432

$279,900l

24,047

$392,200

N e w Y o r k “ C u r b ” M a r k e t . — Below

wo give a record of
transactions in tho outsido security market from Aug. 19
to Aug. 25, both inclusive. It covers all tho sales for the
week ending Friday aftornoon.
th e

W eek ending A u g .

Stocks—

Friday
Sales
fo r
Last W eek's Range
o f Prices
W eek
Sale
H igh. Shares.
Par. P rice. Low .

25.

1154 1434 101,200
12
500
1254
16,300
150
155
3
60
60
19
100
19
1,200
1954 1934
5
2,205
Butler Chemical.r.......... 5
454
4 36
1,100
1
1
1
Canadian Natural Gas__ 1
440
Carbon Steel c o m .r ... 100
7054 7454
4
4
454 2,250
Car Ltg & Power.r----- 25
4,776
198 207
Chevrolet Motor.......... 100 200
Cramp (Wm) & Sons Ship
100
78
78
<t Engine B ldg.r___ 100
400
20
22 54
Curtiss Aerop & M (no par)
150
38
38 54
Davison Chemical v t c .(t )
38)4
365
95
98
Drlggs-Seabury Ord — 100 98
54 2,500
Electric Gun C orp.r-------1
34
v»
7,000
454
Emerson Motors I n c .r .. 10
354
1,100
10
9
Emerson Phonograph----- 5
6)4
7,310
39
Fisher Body C orp.r__ (t)
3754 *3954
10
125
125
Fisk Tiro____________ 100 125
100
Flemlsh-Lynn Phonog.r.5 _____
134
134
Gaston, Williams & Wig7,400
more, Inc.r. ..(n o par)
43 34 42
4554
700
38
37
Haskell A I5arkCar(no par)
208
46
47
Holly Sugar com ..ln o par)
46)4
96
293
96
95
Preferred__________100
36c 54,150
30c
Imp Carbon Chaser.r . . 1 35c
100
Intercontinental Rubb.100
1454 1454
60c 24,800
55c
60c
Joplin Ore A Spelter.r.o.5
3,400
Kapo Manufacturing___ 5 _____
554
554
19
1,800
18
19
Kathodlon Bronze, pref. .5
300
55
55
Kelsey Wheel, c o m .r .. 100 55
100
70O
100
500
8
Lake Torpedo B oat.r . . 10
854
1,000
1st preferred _r_____ 10
8H
854
834
2,150
154
Manhattan Transit___ 20
I H 1 1-16
1,500
Marconi Wirel Tel of Am 5
3 34
334
354
Maxim Munitions.r __ 10
5 54 654 13,500
500
334
Metropolitan M otors.r. 10 _____
354
Midvale Steel A O rd.r. .50
6254 6454 31,700
66
200
05
65
Mitchell Mot.r.U).(no par)
520
♦62
66
65
Motor Products, r (no par)
5,400
Peerless Truck A M otor.50 24 34 2454 2654
94
10
94
Poole Eng A M ach.r .. 100
5,100
PullmanVentIlatorCorp.r.5
354
3)6
254
3,650
6
6)4
6)6
Preferred _r--------------- 5
2,250
454
Riker A Heg (Corp fo r )..5 _____
454
3,900
St Joseph Lead.r........ .10
1536
1554 16
73
78 54 1.475
Saxon Motor C ar.r__ 100
675
Scripps-Booth. r. . (no par)
5134
5054 5134
200
24)4
24 54 26
Seab’d St A Manganese (t)
1,300
Smith ATerry Transp pf 10
934
954
9)6
so
88
1,685
Springfield Body Corp. 100 85
165
119 123
3,800
43 %
Stromberg Carburetor.r(t)
4354 4554
2,800
65
6654
Stutz Motor of Am(no par)
5,400
35
3454 3534
Submarine B oat..(no par)
7,850
Tobacco Prod co m .r .. 100 46 36 4534 4854
15-16
1
. .950
Unicorn Film Service----- 1 ___ _
63
6554 15,000
United M otors.r.(no par)
63)6
1,000
54
54
United Profit Sharing. I
%
3 34
2 54 334 17,150
U S Light A Heat Corp r 10
6
1,900
6
U S Steamship___ __ 10
554
1,400
1834 1954
Wab-Pltts Term R y .r .w 1 1854
60
49
49
Preferred, r.w 1 ______
54
5354 54 54 5,800
White M otor........ ......... 50
34 3,700
54
54
World Film v t c . . ........ .5
4
4 >4 8,100
Zinc Concentrating.r__ 10
454

Aetna Explos.r— (no par)
Amer Druggist Synd r._10
Am Int Corp $50 pd— 100
Atlantic S te e l------------ 100
Brit-Amer Tob ord’y __ £1

Rights.
VVlllys-Overlanri, co m .r ..
Preferred . r ................ .

12 36

51)4
60

1

54




1

.54

154 29,000
400
154

Range sin ce Jan.
L ow .

I.

H igh .

7
1134
»12)4
55
16
1534
234
34
55
334
115

July 25
June
1434
Jan 155
Jan 6234
Jan
19
May
1934
Mar
734
Aug
234
Feb 80
Aug
734
Jan 278

Feb
Jan
Aug
June
May
Aug
Apr
Jan
Mar
Apr
Juno

73
25
38
91

Feb 87
July 60
Aug 75
Aug 155
Aug
134
June
534
July
1434
Aug *3934
Mar 168
Aug
734

Jan
Jan
Apr
Jan
Mar
Aug
Jan
Aug
June
Juno

34
334
8 34
3734
100
134

3734 July iz-7034 Apr
5434 Jan
3334 July
41
Apr 55
Juno
Apr
9334 June 98
25c Aug 30c Aug
10
June
1634 Jan
o35o Aug o60c Aug
6>3 Juno
434 May
14
Aug 33
Jan
Aug *6334 July
55
100
July 1013a July
634 July
1334 Jan
14 J4 Jan
834 July
1 June
234 Jan
Apr
3
434 Jan
Mar
Jan
4
13
234 Aug
334 Aug
Apr 7734 Jan
57
04
Aug
68
July
♦62
Aug 87
June
32
Jan
2034 May
90
Feb 150
Jan
234 June
3)4 Aug
6)4 Aug
534 July
6)4 Feb
434 Mar
14
July
17)4 Mar
Apr 87
60
June
Aug
50
54
July
26
Aug
2434 Aug
934 Aug
934 Aug
Apr 88
51
Aug
101
Apr 123
Aug
4134 Aug1 4534 Aug
Aug
5334 June 67
3134 July
4334 Jan
2934 Jan 5134 Mar
90c Aug
134 July
Juno
6034 Aug 94
34 May 2 1-10 Jan
234 July
434 Jan
4
Apr
7)4 Juno
May
1734 Feb 21
52
46
Jan
May
Juno
4634 Jan 60
3
Jan
34 July
334 Aug
63-4 Apr
1

34 Aug
Aug

134 Aug
134 Aug

Prairie Oil & Gas_____ 100

177

15
91
168
22G
12 H
385 ’
231
109
265
516
205

15
91
181
230
*12M
396 '
247
109
270
520
209

S. W. Pa. Pipe Lines.. 100
Standard Oil (C a lif)... 100 270
Standard Oil of N J ...1 0 0
Standard Oil of N. Y..100 209
Other Oil Stocks
Alberta Petrol _r (prosp’ct)
58c
57c
58c
Barnett Oil & Gas.r. ...1
3
2)4
2)4
Cosden & C o .r .... ........... 5
13
13)4
1334
Cosden Oil & G as.r____ 5
11
1134
1134
P referred.r__________5
4)4
4)4
4#
Federal O ll.r............ ....... 5 1 3-16
1 l 3-10
General Itcf & Prod.r.w 1.
34
34
34
Internat Petroleum.r..£1
1034
9 34 1034
Kenova Oil..................... 1
34
34
34
Keystone Oil of N Y ___ 1
78c
75c
Metropolitan Petroleum. 5
14)4
12)4 15)4
Midwest Oil com .r_____ 1
39c
42c
38c
Midwest Ucflning.r___ 50
61
63
61
Muskogeo Rellnlng.r___ 1
334
334
N Y-Oklahoma O ll.r___ 1
134 1 5-16
1)4
Oklahoma Oil com .r. ..1
lie
12c
7c
6
Oklahoma Prod & R efg..5
6)4
634
Omar Oil & G a s ........... 1
70c
60c
95c
Pan-Am Pet & Tr pf. r. ICO
8934 90 34
Sapulpa Refining........ r.5
934 10
934
9 3(
9H
Sinclair Oil & Gas r(no par)
38 34 38
39)4
93c
96c
Tex-Mex Petroleum .r.. . 1 95c
1 l 5-16
United Western O i l .r .- .l
134
Vacuum Gas&O.Ltd r . f . l
35c
3dC 38c
1 l 1-16
Victoria O l l .r .......... ..... 1 1 1-16
4
Wayland Oil & Gas c o m ..5
3)4
3)4
54c
54c
Wayside Oil & Refg____ 1
Mining Stocks
50c
55c
Alaska-Brit Col Metals r 1 50c
Alaska Westovcr C o p .r.l
34
34
34
Arizona Copperfields.r.. 1
2)4
2)4
2)4
10c
lie
Atlanta Mines.r_______ 1 1034c
4
Big Ledgo Copper Co___ l
3)4
3)4
10)4 10)4
12) 4c 14c
79c
Boston & Montana Dev. .5
34
34
Butto Copper & Zinc v t c 5
5)4
5)4
5)4
2
Butte A N Y Copper___ 1
1)4
2)4
5
Calaveras Copper.r____ 5
SH
534
60c
60c
68c
Caledonia Mining........ ..1
Canada Copper........ ....... 5 1 9-16 1 9-16
1)4
4c
4c
4)4c
Gash Boy.... .....................1
37
37
Cerro de Pasco Cop (no par)
36
8C
Comstock Tunnel.r........ 2
8e
8)4c
Consol Arlz Smelt........... 5
134 1 7-16
2
Consol Copper Mines___ 5
234
234
Consolidated-Homestead. r 7-16 7-16 7-16
1 1 1-16
Crystal Copper_________1 1 1-16
Dundee Arizona C o p p .f.l
1)4
1)4
134
50c
69c
55c
Emma Copper, r............ .1
First National Copper__ 5 ______
4)4
4)4
86c
84c
Goldfield Cons’d Mines. 10 80c
15c
14c
Goldf Red Llon.r.(prosp’t)
36c
35c
37c
Goldstone M ln.r (prosp’ t)
1)4 2 5-16
Green Monster M ining.r. 1 1 15-16
Ilecla M ining.............. 25c 5 1-16 t 15-16 h>8
Howe Sound.................. 1
4)4
4 34
4)4
54c
75c
InspirationNcedlesCoprf 1 74c
13c
13c
International M ines.r.. 1
1 9-16 1 11-16
Jerome Verde Copper. 1..1
134
134 1 7-16
Jerome Victor E xte n .r.f.l
134
1)4
87c
85c
82c
Jim Butler, r. .......... ..... 1
50c
60c
57c
Jumbo Extension............ 1
411 4 15-16
K ew anus.r.....................
1034c 10)4c 11c
3)4
3)4
La Rose Cons Mines___ 5
34 9-16 11-16
16
Magma Copper--------------5
14)4 16)4
lie
10c
1 1 3-16
Marysville Gold Mining. 1 1 3-16
59c
60c
McKlnley-Darragh-Sav.. 1 60c
70c
67c
63c
Mich Gold Min & M ill.r..
2
Mines Co of Amer........ 10
2)4
234
3
Mojave Tungsten.r........ 2
*3)4
334
Monitor Sll L & Z M A M 1
234
134 2)4
Montana Consolidated, r.
Vs
34
34
95c
96c
99c
Montana Gold M in e s.r..l
Mother Lode.r. ............1 34 )4c 3034c 35c
50c
55c
Newray Mines, L td.r . 1 55c
15
N. Y.AHonduras Rosario.10
16)4
1634
7
7
Nlptsslng Mines.............. 5
7)4
1
85c
66c
65c
Oatman Lexington.f----- 1
19c
15c
12c
Old Emma Leaslng.r------23c
23c
23c
Peterson Lake--------------- 1
Pittsburgh Jerome, r------- 1 9-16
1)4
134
3)4
3)4
isc
17)4c 19c
Rex Consolidated.r........ 1
59c
58c
60c
Rochester Mines........ — 1
45c 45c
Round Mountain.r........ 1 ___
13 He 14c
Short Creek Zinc A Lead.r 1
1)4
1)4
12c 18)4c
14c
Silver Pick Consol _r........ 1
Standard Silver Lead----- 1
134 1 1-16 1 3-16
33c
30c
36c
61c
59c
4 4 3-16
Tonopah Belmont.r........ 1
434
Tonopah Extension____ 1
534 5 11-16 5)4
5)4
534
Trl Bullion S A D ---------5
34
34
34
United Eastern................ 1
334 334 3 13-16
9c
8c
U S Continental Mines.r 1 834c
United Verdo Exten.r.50c 33 34 31)4 35)4
3)4
Unity Gold Mines---------- 5
3)4
79c
77c
West-End Consolidated..5
11c
11c
Wettlaufer Silver.. . . . . . 1 lie
2
White Knob Copper,pf. 10
1)4
634
White Oaks Mines Cons.r.5
5)4
634
44
42
Yukon-Alaska Tr.r(no par)
4234
234
2)4
Yuscaran Consol . r .......... 5
1)4
134
134

Range sin ce Jan.
L ow .

200 *14)4
2 90
228 155
57 189
12
218
40 359
215 205
i 106
81 z234
65 495
115 200
6,100
2,850
4,200
5,000
600
16,500
3,200
3,850
1,100
820
6,800
36,000
605
150
8,600
135,000
4,000
140,070
2,400
2,050
400
2,500
33,900
32,500
15,Jlt
4,200
1,800
1,000

50c
2 36
13
6 36
3)6
)6
)6
9)1
36
73c
10
38c
53

1.

H ig h .

July
18
Jan
l 1l
June 190
Feb
2(30
Julyl 17M Feb
4.39
247
F'cb
Apr 118
Apr 384
Jan
Apr 548
Jan
Mar 228
Jan

June 58c
Jan
4)6
Aug 27
Apr
18)6
July
6)4
Feb
1)6
Aug
)6
June
1334
Aug
93c
July 80c
Aug 25
Aug 85c
Feb 70
Feb 3 9-16
m
70c June
7c Mar 21c
5)6 Aug
8)4
54c July 95c
80
July 102
8)6 Aug
16)6
9'4
14)6
35)f Aug 50
69c July 95c
54 c Mar
2)4
30c Aug 55c
1
Mar
2)6
3 )6 Aug
9)6
52c Aug 54c

July
May
Juno
Juno
Feb
Mar
Aug
Jan
Juno
Aug
May
Feb
May
Juno
Aug
Juno
Juno
Aug
May
Fob
May
Aug
Juno
Apr
Jan
Feb
Aug

1,760 45c Aug 1.02
May
9,400
70c July
)6 July
32,820 35c July
2 36 Aug
19,900
9c Aug 23)4o Jan
4 1,400 1 7-10 Feb
Aug
4
300
1534
9)4
5,100
12c
44c
12,500 50c Mar
2)6 Juno
5,200
12)4 Mar
4)6 June
900
1)6 July
4)6 Mar
4,150
2)6 Jan
5)6 Juno
28,850 53c Aug 1 5-32 Apr
1,700 l 3-16 Mar
2)4 May
10,000
3)4c Feb
9)4 cMay
500 32)6 July 42)4 Feb
Jan
1,800
7c
17c
Apr
I2.O00
2
Jan
July
2,400
3)6 May
1)4 Feb
Aug
July
8,COO
34
2,400
)6 July
1)6 July
4,450
1)6 June
236 May
36,870
17 34c Jan 70c Mar
200
3
July
8)6 Jan
7,400 75c
Apr
1 3-16 Jan
1,000
7c
21c
5,000
15c Aug
lie
Aug
5,800 35c Aug
37c Aug
1
30,000
Aug
2)4 Aug
6,150
*5)4 Juno
3)6 Jan
Jan
8
1,000
4)6 June
70,450 50c July 82c July
Apr
5,000
10c Mar 31c
1,000
1
Jan
2)4 Apr
93,000
2)6 May
1)6 July
2
600
Juno
1)6 Juno
4,750 81c July
1 3-16 Jan
40,750 50c Aug
136 Jan
200
4
Feb
*5)4
8,000
Jan
8 )4 c July 22c
3 )f
100
3)6
1 May
2,000
9-16 Mar
July
5,400
13
19)6 May
12,500 10c Aug 41c Mar
Aug 1 3-16 Aug
10,725
1
1,300 38c Mar 72c May
42,480 42c Aug
70c Aug
000
2
Aug
4
Jan
2,035
8
May
2)6 Aug
38,750
36 Apr
2)4 May
ICO
36 July
1)6 Mar
Aug
2,300 64o June
1
Jan 43c Apr.
74,300 20c
65,500 34c June 55c Aug
15
Aug
5,625
17)6 Juno
1,900
6)6 Feb
8)6 May
3,000 70c July 2 3-16
1,505 50c May
68c
Apr
53,900 12c Aug 22c Aug
4,500 23o Mar 39c
Jan
3,000 85c July
1)6 Aug
2,000
2H
5H
31,400 10c' Aug 39c May
Jan 78c May
8,000 55c
78c May
600 45c Aug
Jan
26c
5,000 13)4c
Aug
2
1,600
1)6 Aug
18He Aug
Feb
38,500
3c
2
Jan
July
1
3,150
Feb
35,000 30c Aug 95c
5,000 5Io Mar 81c May
4
June
1,050
534 May
4,140 3 15-16 Jan
736 May
600
7 36 May
5)4 Aug
500
Apr
1
36 Aug
625
3)6 July
4)6 May
4c Aug
21,500
18o Mar
25,280
6)6 Jan 35)6 Aug
14,700
3)6 Aug
134 Apr
1,700 68c Mar
136 Juno
1,000
11c July 23o Juno
2
Jan
300
*1)6 May
1634 May
3,000
3)6 Aug
Fob
Feb 45
600 39
2)6 Jan
300
236 Mar
1)6 May
1,700
)6 July

Aug 09 34 Aug
99
99)4
99)4 $1,800 99
Mm
25
50
Mar
10,000
48
48
Consol Arlz Smelt 5 s.. 1939
Juno
99.4 Aug 125
Cosden A Co conv 6s.rwt 2e 100)4
99)4 10134 106,000
July 100
Feb
95)4
Midvale St A Ord 5s.r.l936
95)4 95)4 19,000 94
July ioo)4 June
Russian Gov t 6 34s . r. w 1.. 100 34 100)4 100)4 141,000 100
Aug 9934 May
20,000 96
96
96
Sinclair Oil A Ref 6s. r. 1926
Mar
40,000 99
Atig 100
Sulzberger A Sons 6s.r.l941 ' ______ 100 100
♦Odd lots, t No par value. 1 Listed as a prospect. I Listed on tho Stock Ex­
change this week, where additional transactions will bo found, m Now stock, par
value $12 50. n Old stock, par value $25. o New stock, r Unlisted. sEx-100%
stock dividend. I $50 paid, o $10 paid, tv When Issued, x Ex-dlvldend. y Ex­
rights. z Ex-stock dividend.

C U R R E N T N O T IC E .

Q u o ta tio n s for S u n d r y S e c u r itie s

__ K . B . W ils o n , w h o is w ell k n ow n to ban k ers th ro u g h o u t th e U n ited
S t a t e s , th ro u g h his m a n a g e m e n t o f th o ad vertisin g o f th o A m e ric a n B a n k ­
ers’ A sso c ia tio n T r a v e le r s' C h eq u es an d o f th o B a n k e rs T r u s t C o . o f N o w
Y o r k , h a s rosignod as a d vertisin g m a n a g e r fo r t h a t c o m p a n y an d on
S e p t . 1 w ill opon an o ffic e in th o B a n k e rs T r u s t C o . b u ild in g a t 14 W a ll
S t . , as an ad vertisin g a g e n t, un der th o n a m e o f E d w in B ird W ils o n , I n c .
M r . W ils o n w ill con tin u o to h a n d le th e ad vertisin g o f th o B a n k e rs T r u st
C o . an d th e “ A . B . A . ” C h e q u e s, an d to c o -o p era te in m a n a g in g tho a d ­
v ertisin g o f th o L ib e r ty N a tio n a l B a n k o f N o w Y o r k . I n c om in g in to con tact
w ith m a n y th ou san d s o f b an k ers th ro u g h o u t th o U n ite d S ta te s in assisting
th e m w ith thoir local a d v ertisin g o f “ A . B . A . ” C h e q u e s, M r . W ils o n has
c o m o to th e con clu sion t h a t th ere is a gen eral desire o n th e p a rt o f bankers
o f this co u n try t o o b ta in in te llig e n t assistan ce in c on n ection w ith thoir
a d v e rtisin g p la n s , p a rtic u la rly in resp ect t o tho p re p aration o f c op y for
new sp aper a d v e r tise m e n ts, b o o k le ts an d le tte r s.
O no o f th e interesting
fea tu re s o f th e new a g e n c y 's service w ill bo th o su p p ly in g o f a c om p le te
p la n , in clu d in g a ll n ocessary c o p y , fo r now spapor ad vertisin g and cir­
cu la r iz in g , to b a n k s w hich d o n o t feel ju stifie d in m a in ta in in g an ad ver­
tisin g d e p a rtm e n t o f thoir o w n .
I n th is w a y it is c laim od oven sm a ll ban ks
w ill bo in a p o sition t o o b ta in as h ig h -cla ss a d v ertisin g service as is a t tho
c o m m a n d o f th e largest In stitu tio n s.
Sinco 1 9 0 9 M r . W ils o n has boon
m a n a g in g th o p u b lic ity an d ad vertisin g for tho B an k e rs T r u s t C o . and tho
“ A . B . A . ” C h e q u e s.
F o r six yea rs p reviou s to en terin g t h a t c o m p a n y ’s
e m p lo y ho w as en gaged in sim ilar w ork for th o R ea l E s t a t o T r u s t C o . o f
P ittsb u r g h .
— S p itze r, R o rick & C o . an noun ce th e rem o v a l o f their N o w Y o r k office
t o th o E q u ita b le B u ild in g , w here th ey h a v e leased th o n o rth east w ing o f
t h e 1 5th flo o r .
T h e h o m o o ffice o f this fir m , w hich is ono o f the oldest
m u n ic ip a l b on d houses in th e U n ite d S ta te s, is in T o le d o , O h io.
In 1898
t h e E a ste r n o ffic e w as m o v e d fro m B o sto n to N o . 2 0 N a ssa u Stree t, and
f o r tn e p a st ton years lias been lo c a te d a t N o . 5 N a ssa u S tree t.
John
R o b o r t B r a n d o n , tho M a n a g e r , h as been con n ected w ith th o N o w Y o r k
o ffic e sinco Us r e m o v a l fr o m B o s to n .
__ K e n n e th D . S tee re, for tw o yoars m an a ger o f th o b o n d d e p a rtm e n t
o f Joh n B u rn h a m & C o ., an d M e s s r s . J . A . F r an coo u r, F . W . H ix so n ,
T . L . F in d lo y an d R . E . G w a th m e y , w h o h a v o been a ssoc iated w ith h im in
t h a t d e p a r tm e n t, aro lea v in g th a t fir m as o f A u g . 15 an d w ill on gago in
th o in v e stm e n t ban k in g bu sin ess u n der tho fir m n a m o o f Stooro & C o ., a t
R o o m 1 0 2 7 , T h o R o o k e r y B u ild in g . N o fo r m a l an n ou n cem en t o f th is fa c t
h a s y e t boon m a d o . as tho now fir m is in process o f org a n iza tio n .
__ T h e con trollin g interest in tho b on d h ouse o f I I . P . T a y lo r & C o ., o f
N o w Y o r k , P it t s burgh and B u ffa lo , h a s been pu rchased b y a sy n d ica te
co m p o se d o f tho larger ow ners, an d I I . P . T a y lo r has resigned as P resid ent
an d director.
It. S . S u y d a m an d S a m u el A . G ilm o r e h a v o b een ad ded to
th e board o f directors o f I I . P . T a y lo r & C o ., th e bu sin ess o f w hich w ill be
carried o n , for tho presen t, under tho o ld n a m e .
__ A n d rew M ills J r. w ill rem ain as m an ager o f th e b o n d d e p a r tm e n t o f
t h e N a tio n a l C it y B a n k in ch argo o f th e b a n k ’s in v e stm e n ts in secu rities.
T h o d istrib u tin g en d o f th a t d e p a r tm e n t, as n o te d olsow hero in t o -d a y 's
issue o f our p a p er, h a s b een tak e n ov e r b y tho N a t io n a l C it y C o ., and
hereafter will h a v e qu arters o n th e th ird flo o r o f th e N a tio n a l C it y B a n k
B u ild in g , 5 5 W a ll S tree t.
— T h o G u a r a n ty T r u s t C o . o f N e w Y o r k h as ju st issued tw o b o o k le ts —
" T h e T r a n sfer T a x L a w o f th o S ta te o f N o w Y o r k ” an d “ T h e Secured
D e b t s T a x L a w an d M o r tg a g e T a x L a w o f th e S ta te o f N e w Y o r k . ”
T h e se
b o o k le ts giv e tho c om p le to te x t o f th e la w s, togeth er w ith r ece n t am e n d ­
m e n ts , an d also a sh o rt exp la n ation o f th e im p o rta n t fea tu re s o f eac h .
__ S am u el I I . P ow ell has been a p p oin ted m an a ger o f tho b u y in g d e p art­
m e n t o f W illia m 1‘ . B on b righ t & C o .. I n c ., 14 W a ll S tr e e t, N e w Y o r k , to
t a k e e ffe c t S ep tem b er 1st.
F o r ten years M r . P o w e ll h a d b een associated
w ith N . W . I la ls e y & C o . in a sim ilar c a p a c ity .

N e w Y o r k C ity B a n k s a n d T r u s t C o m p a n ie s
As*
Bid
Banks.
Banks.
Bid
Lincoln____ 325
N ew Y ork
535
Manhattan * 300
America* — 525
220
227
Mark A Fult 240
Amer Exch.
185
Mcch A Mot 268
Atlantic----- 180
170
Merchants’ . 189
Battery Park 155
. . . . Metropolis*. 290
Bowery *__ 390
___ Metropol’n * 175
Bronx Boro* 200
Mutual____ 325
Bronx N a t.. 175
New Neth*. 215
145
BryantPark* 135
110 Now YorkCo ___
Butch A Dr. 100
New Y ork .. 375
605
Chase.......... 585
238 Pacific *----- 275
232
Rights
455
Park............
230
VjIIUuOt JL11CU 225
Peoplo’s * . . . 220
125
Chelsea Ex*
Prod Exch*. ___
402
Chemical__ 39*5”
180 Public ♦___ 217
CltlzcnsCent 175
447 Seaboard___ 415
C ity............. 412
195 Second......... 395
Coal A Iron. 185
Sherman . . . 125
Colonial*__ 450
325" State *........ 113
Columbia* . 300
___ 23d Ward*. 100
Comm crco.. tl70
325
Corn Exch*. 320
Union Exch. 135
___ Unit States* 600
Cosmopol’n* 100
___ Wash H’ts*. 225
75
East River. .
165 Westch Av* 160
F id elity *... 155
Fifth Ave*— 4300 4800 West Side* . 380
275
Yorkvllle*.. 475
F ifth........... 250
Brooklyn
First............ 980 1000
200 Coney Isl’d* 130
Garfield___ 185
140 First_______ 255
Germ-Amcr* 130
. . . . Flatbush___ 150
German Ex* 375
400
Greonpolnt . 155
Germania *. 375
. . . . Hillside *__ 100
Gotham----- 200
300
Homestead * ___
Greenwich*. 275
Mechanics*. 130
650
640
Hanover —
___ M ontauk*..
85
Harriman. . 365
500 ! Nassau........ 200
Imp A Trad. 485
Natlon’ICIty 266
192
Irv in g ____ 187
Liberty------ 775
------- North Sldo*. 170

A sk

Trust Co’s.

360
310
250
273
___
__ _
180 "
___
225
725
385
___
470
235

N ew York

People’s ----Astor...........
Bankers T r.
B’way Trust
CentralTrust
Columbia. .
Commercial.
Empire____
Equitable Tr
Farm L A Tr
Fidelity____
Fulton____
Guaranty Tr
198 Hudson____
. . . . Law Tit A Tr
430
LlncolnTrust
420 Metropolitan
135 Mut'l (West­
chester) . .
118
135 N Y Life Ins
143
A Trust..
___ N Y Trust..
Title GuATr
175 ’ Transatlan 'c
Union Trust
410
550 US MtgATr
UnftedStates
140 Westchester.
270
165
Brooklyn
165 Brooklyn Tr
115
Franklin___
90 H am ilton...
140 Kings C o ...
110 Manufacture
207
Citizens..
275
People's___
185
Queens C o ..

Bid

Ask

130
440
462
145
<745
570
110
290
462
1575
200
280
418
150
130
108
420

140
450
467
150
755
680
310
467
1625
210

125

___

975
695
380
38*0”
385
1005
130

1000
605
380
155
390
395
1020
140

520
t255
265
630

275
650

145
282
70

150
292
80

422"

___
135
117
427

___

• Banks marked with a (*) aro State banks.
t Sale at auction or at Stock
Exchange this week.
t New stock.
y Ex-rights.

N e w Y o r k C ity R e a lt y a n d S u r e ty C o m p a n ie s
Bid

Alllanco R’ty 70
Amer Surety 150
Bond A M G 270
Casualty Co .. ...
City Invest’g 18
60
Preferred..




Ask

80
165
276
___
21
68

Bid

LawyereMtg 1 158
Mtg B ond.. 110
Nat Surety. 282
N Y Title A
M tg o ___
88

A sk

104
114
285
05

I
Bid
'Realty Assoc
1 (Brooklyn)
03
U S Casualty 195
US TltlcGAI
50
:Wes A Bronx
1 Title A MG 165

Ask

All bond prices are “ and Interest” except where marked “ f
Standard Oil Stocks P e rSlart'
Par Bid, |A s i
Anglo-Amer Oil new___ £1 *14*4 15>4
Atlantic Refining............. 100 710 |720
Bome-Scrymser C o____ 100 370 380
91
Buckeye Pipe Line C o . . . 50*x91
Chesebrough Mfg new__ 100 400 425
Colonial OIL.....................100 65 | 75
Continental O il- .- ........ 100 300 '370
Crescent Pipe Line Co___ 50 *40 | 42
Cumberland Pipe Line..100 94 I 97
Eureka Pipe Line C o___ 100 215 220
Galena-Signal Oil com ...10 0 160 162
Preferred.......................100 137 142
Illinois Pipe Line............. 100 177 180
Indiana Pipe Line Co___ 50 *92
95
Internat Petroleum.......... £1 *10'2 11
National Transit C o . . 12.50 *13
14
New York Transit C o . . .100 205 210
Northern Pipe Line C o. .100 93
98
Ohio Oil C o .......................25*226 228
Penn-Mex Fuel Co............ 25 *56 I 58
Pierce Oil C o rp ................25 *11*4 12i4
Prairie Oil & Gas.............100 390 1395
Prairie Pipe Line_______ 100 242 '245
Solar Refining................100 275 '285
Southern Pipe Line C o .. 100 195 200
South Penn Oil.................100 343 347
Southwest Pa Pipe Lines. 100 105 110
Standard OH (California) 100 268 270
Standard Oil (Indiana).. 100 620 625
Standard OH (Kansas).. 100 450 460
Standard OH (Kentucky) 100 425 430
Standard OH (Nebraska). 100 380 390
Standard Oil of New Jer.100 519 521
Standard Oil of New Y ’rklOO 207 209
Standard Oil (Ohio)........ 100 395 405
Swan A Finch____ _____ 100 100 105
Union Tank Line Co___ 100 85
86
Vacuum O i l .. ..................100 280 283
Washington OH.......... ...... 10 *35 40
Bonds.
p e r c e n t.
Pierce Oil Corp conv 6s. 1924 80

82

Ordnance Stocks — Per s/w r«.
Aetna Explosives pref__ ioo! 60
Amcr & British Mfg___ loo' 12
Preferred.......................loo' 35
Atlas Powder common..100, 175
Preferred.................... ioo 98
Babcock & Wilcox.......... 100 123
Bliss (E W) Co common. .50 *590
Prelerred........................ 50 *75
Canada Fdys & ForglngslOOxlSO
Preferred....................100. 90
Canadian Car & F d ry ... 100 45
Preferred.......................100 70
Canadian Explosives comlOO 400
Preferred_______
100 100
Carbon Steel common. . . 100 68
1st preferred.......... ...... 100 83
2d preferred.................100 64
Colt's Patent Fire Arms
M fg............................ .100! 815
Crocker-Wheeler Co com .100 95
Drlggs-Scabury Ord CorplOO 93
duPont (E I) de Nemours
|
A Co, common.......... 100; 290
Debenture stock___ 100 190
Electric Boat...................100, 350
Preferred...................... 100 350
Hercules Powder com ...100 325
Preferred....................1 0 0 112
Hopkins & Allen Arm s.. 100 19
Preferred...................... 100 40
International Arms.......... 25 *16
I.ake Torpedo Boat com ..1 0
*8
Midvale Steel A Ordnance 50 *64
NIIes-Bement-Pond com. 100 160
Preferred.......... .......... 100,a 105
Scovlll M fg...................... 100 580
Submarine B o a t...(n o par.) *35
Winchester Repeat Arms 100 1250

65
18
55
178
101
125
610
85
200
100
50
75
480
no
71
87
69
830
100
98
296
104
360
360
330
116
20
50
20
9
65
170
110
590
36
1500

R R. Equipments — PerCt Basis

B id. A i k .

Baltimore & Ohio 4 Ms........
Buff Roch A Pittsburgh 4J4:
Equipment 4s....................
Canadian Pacific 4Hs..........
Caro Clinch! A Ohio 5s___
Central of Georgia 5s..........
Equipment 4)$s..............
Chicago A Alton 4 s...........
Chicago A Eastern 111 5 s ...
Equipment 4H s..............
Chlo Ind A Loulsv 4)4s___
Chic St L A N O 58..............
Chicago A N W 4H s..........
Chicago R I A Pac 4H s........
Colorado A Southern 5s___
Erie 6s____ _____ ______
Equipment 4 K s..........
Equipment 4 s ............
Hocking Valley 4s..........
Equipment 5s..............
Illinois Central 5s............
Equipment 4Hs.......... .
Kanawha A Michigan 4)^8..
Louisville A Nashville 5s___
Minn St P A S S M 4 ^ 8 ___
Missouri Kansas A Texas 6s
Missouri PaciricSs..............
Mobile A Ohio 5s................
Equipment 4 K «................
New York Central Lines 5s..
Equipment 4>$s................
N Y Ontario A West 4 K « --Norfolk A Western 4J4s___
Equipment 4s....................
Pennsylvania RR 4H s........
Equipment 4s....................
St Louis Iron Mt A Sou 5 s.St Louis A San Francisco 5s.
Seaboard Air Line 5s___
Equipment 4K s................
Southern Pacific Co 4 H s.—
Southern Railway 4Hs........
Toledo A Ohio Central 4 s.. .

4.40 4.25
4.60 4.35
4.60; 4.35
4.60, 4.35
4.85 4.45
4.70, 4.35
4.70 4.35
5.25 4.75
6.70; 5.20
5.70, 5.20
4.95 4.45
4.60, 4.35
4.3S 4.20
5.25 5.00
4.75 4.50
4.75' 4.38
4.75 4.38
4.75 4.38
4.65 4.38
4.65 4.38
4.40 4.20
4.40 4.20
4.75 4.40
4.40 4.20
4.60 4.25
6.70! 5.00
6.65 5 00
4.75 4.45
4.75 4.45
4.60 4.38
4.60 4.38
4 60 4.38
4.40 4.20
4.40 4.20
4.38 4.15
4.38 4.15
6 30 4.85
6.75 4.90
4.75 4.40
4.75 4.40
4.40 4.20,
4 75 4.40
4.90 4.50

T obacco Stocks — P er S h a re.
Par\ Bid

American Cigar commonlOO
Preferred....................... 100
Amer Machine A F d ry .. 100i
Brltlsh-Amer Tobac ord-.£l|
Ordinary, bearer_____ £11
Conley F o il............... ...1 00 ,
Johnson Tin Foil A M et. 100
MacAndrews A Forbes.. 100,
Preferred.......................100
Porto Rlcan-Amer T o b .. 100,
Reynolds (R J) Tobacco. 100
Preferred...................... lOOj
Tobacco Products co m .. 100,
Young ( J S) Co............... 100.
Preferred____________ 100,

A tl.

118 123
9812 991*
78 83
*1812 1912
*19>4 19*4
300 350
100 160
172 176
99 101
250 ;260
520 540
121 125
46 46*2
150 160
105 110

Short Term Notes. P erC en t.
Am Cot Oil 5s 1917...M A N 1005*'l007*
Amer Locom 5s, July'17.J-J 10034 101's
Am T A T 4Hs 1918............ 100 1001*
Anaconda Copper 58 T7 M-S 100*4 101
Canadian Pac 6s 1924. MAS2I 101** 101**
Chic Elev Ry 5s 1916___ J - J ! ____ I 95
Chic A West Ind 5 s'17.MAS 99**' 99?*
Erie R R 5Ms 1917___ A-0| ll'O^ilOU*
General Rubber 5s 1918 JAD lOOty 1008s
Hocking Valley 5s 1917.M-N 100*4 101
Int Harv 5s Feb 15 '18.F-A lOlSg'lOlSs
K C Rys 5Hs 1918___ JAJ lOOVHXty
MorganAWright 5s D ec.1.18 99*4 100
New Eng Nav 6s 1917.M-N 995s1 997*
N Y N H A H 4Hs May 1917 99*4 100
Penn Co 4Ks 1921..JAD15 100<2 100*4
Pub Ser Corp N J 5s T9 MAS 100 11003*
Rem Ams U.M.C.5s’ 19FAA 871s1 89
Southern Ry Ss 1917.-M-S2 1003*100*4
United Fruit 5s 1918.. M-N 10034!io i
,UtahSecurCorp 6s’22 M-S 15 94 >2 95
1Winches RepArms5sT8M&S 97 971*
| New York City Note
100 100U
,6s Sept 1916.................. .
1021* 1021*
'6s Sept 1 1917................
Canadian Govt. Notes—
5s Aug 1 1917................ FAA 1005* 1007*

Public Utilities—
Am Gas A Elec com_____ 60 *149 150
50
Preferred........................50! *49
Am Lt A Trac common. . 100 380 383
Preferred____________ 100 110 111
71
Amer Power A Lt com. . . 100! 70
Preferred..................... 1001 84 85
44
Amer Public UtlUtles comlOO 41
75
Preferred.....................100' 72
Cities Service Co com__ 100 285 290
Preferred..
100! 87 88
Com'w’lth Pow Ry A L ..100 62 64
Preferred...... ............... 100i 84 86
Dayton Pow A Lt pref...100, 9512 961*
Flee Bond A Share pref.. 100, 99 101
12
Federal Light A TractlonlOO, 10
1(III A (i 47
Preferred.......................100
90
'Great West Pow 5s 1946.JAJ
'Indiana Lighting Co----- 100,
79
! 4s 1958
F-A|
North'n States Pow com .100 86 88
Preferred.....................100 96 9612
1st A ref 5s 1941----- AAO, 95l2 9612
Pacific Gas A Elec co m .. 100, 58 59
1st preferred...... ..........100,
Republic Ry A Light----- 100, 371* 39
Preferred.............
100, 731* 75
South Calif Edison co m .. 100, 90
92
Preferred.............. ....... 100, 105 107
Southwest Pow A L pref. 100 971*100
Standard Gas A El (Del). 50 *15
16
Preferred...... ............... 50! *391* 401*
Tennessee Ry L A P comlOO IOI2 11
Preferred.......................100 5u 51
United Gas A Elec Corp. 100 14
17
1st preferred.................100 72
75
2d preferred.................100, 15
18
United Lt A Rys c o m ... 100 49
51
1st preferred............. 100 74
76
Western Power common. 100, 1912! 21
Preferred.......................100 6912 71

Industrial
and Miscellaneous
American Brass------------ 100x280 286
55
American Chicle com----- 100 54
Preferred.....................100 7312 76
Am Oraphophone 00m .. 100 174 176
Preferred..................... 100 171 173
American Hardware----- 100 131 134
43
Amer Typefounders com .100, 41
97
Preferred.......... - ..........100 94
Borden's Cond Milk com. 100 111 113
Preferred.......................100 107 109
Celluloid Company........ 100 186 190
2
Havana Tobacco Co___ 100
1
Preferred____________ 100
2
3
1st g 5s June 1 1922..J-D| /48i2 63
Intercontlnen Rub co m .. 100 1312 15
Internat Banking C o___ 100 160 163
International Salt_____ 100 42
1st g 5s 1951.............A-O /75 ‘ 7 7 '
International Sliver pref.100 97
99
Lehigh Valley Coal Sales. 50
90
Otis Elevator com_____ 100
71
92
Preferred.......................100
Remington Typewriter—
I
Common.......................100,
14
76
1st preferred_________ 100,
39
2d preferred.................100
Royal Baking Powd com. IOO: 148 156
Preferred.......................100, 100 102

98
210
60
176

* Per share. 6 Basis, d Purchaser also pays accrued dividend.
/F la t price. nNomlnal. xEx-dlvldend. V Ex-rights.

e

New S tock .

\ n m s im m t

ami gUilwatl

% n U llx Q m u .

R A I L R O A D
G R O S S
E A R N I N G S .
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns 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. T he retu rn s o f the electric ra ilw a ys are brought together sepa ra tely on a subsequent p a ge.
Latest Gross Earnings.

ROADS.

Week or
Month.

Currtnt
Year.

J u ly 1

Previous
Year.

to Latest Date.

Current
Year.

Previous
Year.

A la N O & T ex P a c $
$
N O & N or E a st. J u l y _____
2 9 3 ,1 5 4
3 1 6 ,0 9 8
3 1 6 ,0 9 8
2 9 3 ,1 5 4
A la & V icksburg. J u l y _____
1 4 3 ,2 2 5
1 4 3 ,2 2 5
1 2 4 ,0 3 7
1 2 4 ,0 3 7
1 3 0 ,1 2 2
V icks Shrov & P . J u l y _____
1 3 0 ,1 2 2
1 2 1 ,0 9 7
1 2 1 .0 9 7
2 8 4 ,9 0 4
A nn A rb or_________1st wk Aug
4 5 ,3 3 4
5 2 ,5 0 5
2 3 7 ,4 9 1
A tch T o p & S F e___June_______ 1 1 9 3 4 4 0 0 9 ,9 5 1 ,7 9 3 1 3 3 7 6 2 3 9 2 1 1 7 6 6 5 5 8 7
A tlanta Birm & A tl 2d w k A ug
3 7 0 ,5 6 5
3 3 1 ,3 9 7
5 8 ,0 4 7
4 8 ,3 8 8
Atlanta & W est P t . J u n e _____
1 0 7 ,2 9 8
9 3 ,5 6 6 1 ,3 6 7 ,2 8 5 1 ,1 8 5 ,3 3 7
A tlantic C oast Line J u n e _____ 2 ,7 8 1 ,5 2 9 2 ,3 2 7 ,2 6 1 3 4 ,4 4 5 ,1 1 0 3 1 ,5 3 6 ,4 7 5
Chariest & W Car J u n e _____
1 5 8 ,4 1 0
1 2 2 ,1 8 5 1 ,8 8 5 .6 2 4 1 ,7 6 5 ,6 3 6
L ou H end & St L J u n e _____
1 2 4 ,8 1 3 1 ,6 1 7 ,2 4 4 1 ,3 9 7 ,1 9 0
1 3 8 ,5 8 0
aBaltlm ore & O h io. J u n e _____ 1 0 3 4 5 4 1 8 8 ,6 6 2 ,9 5 6 1 1 1 6 6 8 6 8 0 9 1 ,8 1 5 ,7 9 7
B & O C h T e r B it J u n e ..........
1 7 4 ,6 5 3
1 3 7 ,4 3 3 1 ,7 9 6 ,5 0 2 1 ,5 5 5 ,2 9 9
Bangor & A roostook M a y _____
3 4 1 ,8 6 8
2 7 9 ,2 0 5 3 ,4 5 1 ,9 1 9 3 ,4 1 8 .4 4 4
Bessemer & L E rie. J u n e _____ 1 ,3 7 0 ,3 5 0 1 ,2 2 0 ,9 6 0 1 1 ,0 1 4 ,1 5 1 : 8 ,6 6 5 ,5 4 8
Birmingham S outh. J u n e _____
9 9 2 ,5 9 2
7 9 6 ,4 9 8
8 9 ,2 1 7
5 8 ,4 0 9
B oston & M a in e___J u n e ______ 4 ,6 9 2 ,2 0 8 4 ,0 3 5 ,8 3 3 5 2 ,0 7 5 ,4 2 7 4 6 ,6 7 3 ,0 4 8
B u ff Koch & P ittsb . 3d wk Aug 2 6 8 ,5 8 6
2 2 5 ,0 4 0 1 ,9 5 7 ,5 4 0 1 ,6 8 4 ,4 9 5
B uffalo & Susq R R . J u n e _____
1 3 7 ,0 8 7
1 0 9 ,4 1 1 1 ,6 8 1 ,4 6 3 1 ,4 4 4 ,8 9 8
Canadian N or S yst. 3d wk Aug 8 4 6 ,3 0 0 4 6 5 ,4 0 0 6 ,3 9 0 ,0 0 0 3 ,2 9 3 ,2 0 0
Canadian P a c ific .. 3d wk Aug 2 ,8 6 0 ,0 0 0 1 ,9 5 6 ,0 0 0 2 0 ,5 8 3 ,0 0 0 1 3 ,0 0 5 ,0 0 0
Central or G eorgia. J u n e _____
9 5 9 ,5 4 5
8 2 6 ,8 0 3 1 2 ,5 6 7 ,6 1 8 1 2 ,1 0 8 ,1 8 7
Cent o f N ew Jersey M a y _____ 3 ,1 0 7 ,1 6 9 2 ,7 2 2 ,8 8 9 3 3 ,2 4 9 .8 3 2 2 9 ,1 1 6 .5 5 3
C ent N ew E ngland. J u n e _____
4 6 4 ,2 8 1
3 7 3 ,0 0 0 4 ,8 7 0 ,9 3 3 4 ,0 5 5 ,0 4 5
Central V e rm o n t.. J u n e _____
3 6 4 ,9 7 3
3 9 6 ,9 1 3 4 ,2 7 0 ,6 8 5 3 ,8 9 9 ,6 5 9
Ches & Ohio Lines. 3d w k Aug
9 4 6 ,8 1 4
9 2 0 ,6 5 2 6 ,5 3 6 .9 7 9 6 ,2 1 0 ,7 7 4
Chicago & A lton ___J u n e ______ 1 ,4 7 1 ,3 7 8 1 ,2 0 8 ,6 3 8 1 6 ,3 2 5 ,2 8 8 1 4 ,2 4 5 .6 2 4
C hic Burl & Quincy M a y _____ 8 ,5 9 6 ,9 1 5 6 ,9 5 7 .4 2 1 9 4 ,0 7 5 .7 7 8 8 3 ,8 6 4 ,6 4 9
b Chicago & East 111 J u n e .......... 1 ,3 1 9 ,0 5 8 1 ,0 4 2 ,0 0 7 1 6 ,6 9 8 ,4 0 4 1 4 ,1 0 0 ,7 7 2
c C hic Great W e s t .. 2d wk Aug
2 8 9 ,4 0 3 1 ,8 8 3 ,9 4 2 , 1 ,6 7 6 ,4 2 2
3 5 9 ,8 7 8
C hic Ind & L ou isv. 3d wk Aug
9 9 3 ,3 0 4
1 7 6 ,0 5 7
1 4 6 ,4 8 6 1 ,1 8 7 ,6 5 8 ;
C hic M ilw & St P . l J u n e _____ 9 ,1 6 3 ,7 4 5 7 ,8 1 0 ,8 7 0 1 0 5 6 4 6 4 8 4 9 1 ,4 3 5 ,3 7 5
C hic M il& P ug Sf
dChic & N orth West J u n e _____ 8 ,5 3 5 ,5 6 2 7 ,2 4 7 ,7 2 7 9 4 ,1 3 0 ,5 9 8 8 3 ,5 7 9 ,6 7 5
C hic Peor & St L ___J u n e ______
1 4 3 ,3 5 3
1 1 3 ,3 4 0 1 ,7 5 2 ,8 0 0 1 ,5 9 7 ,9 0 9
C hic R ock Isl & Pac M a y _____ 5 ,9 7 5 ,0 4 3 5. ,1 3 8 ,2 0 0 6 6 ,2 0 2 ,6 2 4 6 2 .5 7 3 .5 2 1
Chic It I & G u lf .. J u n e ..........
2 3 6 ,6 6 9
1 9 1 ,4 8 6 3 ,1 5 1 ,0 5 3 2 ,9 0 0 ,4 4 4
dC hic St P M & Om J u n e _____ 1 ,6 7 6 ,4 5 2 1 ,4 6 5 ,1 5 6 1 9 ,9 7 9 ,1 4 2 1 8 ,1 9 6 ,8 4 2
C hic Terre II & S E M a y _____
1 5 1 ,4 5 4 2 ,3 2 5 ,7 2 5 i 2 ,0 2 5 ,5 2 3
1 8 1 ,4 6 9
Oin Ham & D ayton J u n o _____
9 2 0 ,3 5 4 1 0 ,5 6 1 ,7 4 9 1 9 ,7 2 5 ,9 7 2
9 4 3 ,3 5 9
C olorado M id lan d . J u n e _____
110,210 1 ,5 1 6 ,7 5 8 1 ,6 9 9 ,3 1 0
1 2 1 ,2 8 1
e C olorado & South- 2d wk Aug
3 0 1 ,1 9 3
2 8 9 ,6 3 8 1 ,8 2 2 ,6 6 5 1 ,6 6 9 ,6 5 5
C o rn w a ll__________ J u n e ______
1 2 8 ,1 8 9
2 2 0 ,7 2 5
2 4 ,1 8 4
1 0 ,3 5 8
Cornwall &Lebanon J u n o _____
2 9 6 ,6 5 6
4 8 ,0 4 2
4 7 0 ,9 2 5
2 6 ,2 0 4
C uba R a ilr o a d ____ J u n e ______
6 0 4 ,1 1 2
4 5 7 ,5 7 1 6 ,8 1 5 .6 9 7 5 ,2 0 6 ,7 1 4
Delaware & Hudson J u n e _____ 2 ,2 3 1 .6 0 6 1 9 1 4 ,3 1 6 :2 5 .9 2 2 ,6 7 1 2 2 ,7 0 1 ,9 4 2
D el Lack & W e s t .. J u n o _____ 4 ,4 1 3 .9 3 2 3 ,8 3 8 ,9 1 2 4 9 ,3 3 5 ,7 3 9 4 3 ,0 4 4 .7 0 5
D en v & R io Grande 3d wk Aug 5 3 6 ,6 0 0 5 0 6 ,4 0 0 3 ,6 1 0 ,6 0 0 3 ,4 4 3 ,9 0 0
Western P a c ific .. J u n e _____
6 7 2 ,3 4 0
6 1 5 ,0 2 0 7 ,4 6 6 ,0 0 4 5 ,7 0 8 ,1 2 6
D enver & Salt Lake 4th wkJuly
5 9 ,0 0 0
1 5 9 ,1 7 0
1 7 8 ,3 0 9
5 2 ,6 2 6
D etroit T ol & Iront J u n o _____
1 9 3 ,0 0 5
1 3 2 ,2 4 9 2 ,2 1 2 ,2 6 5 1 ,7 6 7 .5 7 9
D etroit & M acklnaci2d wk Aug
1 3 2 ,9 1 6
2 0 ,9 3 3
2 2 ,7 9 7
1 4 8 ,6 9 9
D et & T ol Shore L . J u n e _____
1 1 6 ,5 7 0
1 0 9 ,5 4 3 1 ,7 0 6 .5 1 8 1 ,4 7 1 ,1 6 0
D ul & Iron R a n g e .. J u n e _____ 1 ,0 4 2 ,9 4 2
8 0 2 ,3 4 3 6 ,4 9 3 ,2 8 3 4 ,8 2 4 ,6 0 5
D u l Sou Shore & A tl;2 d wk Aug
7 4 ,4 7 6
4 4 9 ,9 2 1
4 7 9 ,2 2 3
7 2 ,0 8 6
D uluth W inn & Pac J u n e _____
1 3 4 ,5 3 5
1 0 3 ,4 4 8 1 ,6 9 2 ,7 2 0 1 ,2 8 5 ,5 4 8
Elgin Joliet & E ast. J u n o _____ 1 ,1 8 2 ,6 3 7
8 4 0 .2 6 3 1 3 ,3 5 3 .4 5 7 8 ,5 4 1 ,3 5 5
E l Paso & Sou W est J u n e _____ 1 ,0 2 5 .9 9 0 7 5 2 ,0 0 0 1 0 ,6 7 1 ,6 2 7 7 ,7 8 8 ,7 3 6
E r i e -----------------------J u n e ______ 6 ,5 3 8 .5 9 3 5 ,4 3 7 ,5 1 2 7 2 ,9 3 6 .2 2 8 6 0 ,8 3 0 ,7 4 8
Florida East C o a s t. J u n e _____
5 6 5 ,1 0 6
4 0 1 ,1 0 9 7 ,2 0 4 ,4 8 2 5 ,5 1 3 ,4 7 7
Fonda Johns & G lov J u l y _____
9 7 ,1 3 8
8 5 ,8 7 3
9 7 ,1 3 8
8 5 ,8 7 3
Georgia R a ilro a d .. J u n e .......... 2 1 3 ,9 6 6
1 8 4 ,5 1 3 3 0 9 7 ,8 6 5 2 ,7 9 1 ,5 8 0
Grand Trunk P a c .. 1st wk Aug
7 0 ,3 6 9
4 9 7 ,1 5 5
5 2 ,4 7 5
3 3 5 ,4 7 1
Grand Trunk S yst. 3d wk Aug 1 ,3 0 4 ,8 4 8 1 ,0 5 2 ,4 8 3 9 ,1 1 5 ,5 7 4 7 ,5 4 8 ,6 1 4
Grand Trunk R y 1st wk Aug 9 9 3 ,1 9 9
7 8 7 ,4 8 7 5 ,1 9 0 ,0 0 9 4 ,4 0 0 ,2 1 1
Grand T rk W est. 1st wk Aug
7 8 5 ,3 1 6
1 9 9 ,8 9 4
1 4 9 ,3 9 4 1 ,0 3 1 ,1 2 1
D et Or II & M ilw 1st wk Aug
6 3 ,1 0 1
5 6 ,7 2 1
3 0 5 ,8 2 3
3 5 2 ,2 0 5
Great N orth System J u l y _____ 7 ,5 8 8 ,4 4 6 5 ,8 5 8 ,1 2 4 7 ,5 8 8 ,4 4 6 5 ,8 5 8 ,1 2 4
G u lf & Ship Island- June
1 5 0 ,6 8 6
1 3 4 ,0 3 4 1 ,9 6 4 ,1 7 7 1 ,6 3 3 ,0 0 6
7 8 5 ,9 5 2
H ocking Valley____ June
5 1 3 ,0 8 1 7 ,4 1 1 ,5 2 6 6 ,1 8 1 ,1 5 3
Illinois C entral____ J u l y ______ 5 ,4 5 2 ,6 5 3 4 ,8 7 8 ,8 2 6 5 ,4 5 2 ,6 5 3 4 .8 7 8 ,8 2 6
6 1 6 ,8 4 3 9 ,4 2 0 ,2 9 1 9 ,0 8 3 .6 2 6
6 9 2 ,0 0 4
Internat & G rt N or J u n e _____
9 4 7 ,5 8 1
8 3 1 ,3 5 6
8 3 1 .3 5 6
Kansas C ity S ou th . July _____
9 4 7 ,5 8 1
1 6 2 .6 1 2 2 ,1 0 9 ,8 5 7 1 ,8 1 6 ,5 8 5
Lehigh & llu d R iv . J u n e _____
1 9 3 ,2 5 2
Lehigh & N ow E n g . J u n e _____
2 7 6 ,2 2 3 3 ,2 7 8 ,9 6 8 2 ,6 4 0 ,6 6 2
2 4 7 ,6 5 0
Lehigh V alley_____ J u l y ______ 4 ,3 0 7 ,4 9 7 3 ,7 3 3 ,7 6 1 4 ,3 0 7 ,4 9 7 3 ,7 3 3 ,7 6 1
Louisiana & A rkan. J u n e _____
1 3 9 ,8 1 6
1 3 2 ,9 3 3 1 ,6 9 9 ,9 7 6
1 ,7 2 3 ,6 7 7
Louisiana R y & N av J u n e _____
1 7 0 ,0 1 0 2 ,1 8 0 ,0 3 0 2 ,0 2 3 ,6 9 8
1 6 3 ,8 1 0
f Louisville & N ash. 2d wk Aug 1 ,2 7 6 ,6 1 0 1 ,0 6 0 ,4 0 5 7 ,6 2 1 ,6 8 0 6 ,5 8 0 ,2 3 8
M aine C entral_____ J u n o ______ 1 ,1 0 6 ,1 8 4 1 ,0 2 6 ,6 6 2 1 2 ,0 0 1 ,6 7 3 4 1 ,3 5 0 ,4 2 3
M aryland & P enn a. J u n e _____
3 7 ,6 0 3
4 7 5 ,6 5 3 1
3 6 ,9 3 4
5 1 1 ,6 7 5
M idland V alloy____ J u n e ______
1 6 4 ,3 0 5
1 1 2 ,8 5 6 1 ,8 6 2 ,6 0 8 1 ,3 9 2 ,7 3 9
M ineral R an go____ 2d wk Aug
1 3 2 ,1 4 8 :
1 3 3 ,2 4 0
2 2 ,4 1 3
2 3 ,0 7 3
M inneap & St Louis 2d wk Aug 2 4 1 ,4 3 9
1 9 5 ,4 8 5 1,28.'
33,0771 1 ,1 6 0 ,3 1 4
M inn St P & S S M .,2 d wk Aug 6 8 0 ,7 3 5
5 4 6 ,2 6 6 4 ,3 8 4 ,6 2 0 3 ,3 4 6 ,5 4 6
Mississippi C entral. [J u n e _____
7 7 1 ,4 2 7
6 4 ,1 4 9
8 1 2 ,6 9 6
6 6 ,8 1 1
4 ,3 2 3 .7 0 3
g M o Kan & T exa s. 3d wk Aug
6 9 9 ,5 9 3
5_____
9 8 ,9 6 I7 5,108,398 ________
h Missouri P a cific. J J u n e _____ 5 ,3 4 8 ,5 3 6 4 ,5 5 5 ,2 1 6 6 4 ,3 7 2 ,3 0 2 5 8 ,2 0 9 ,3 0 6
N ashv Chatt & St L 'J u n e _____ 1 ,0 0 3 ,1 0 0
8 3 7 ,3 2 4 1 2 ,6 7 0 ,6 8 8 1 0 ,9 3 6 ,5 3 3
N evada-Cal-O regon 1st wk Aug
9,8411
8,207|
4 8 ,6 7 3
4 7 ,0 8 5
1 New York Central J' u n e ----------! 1 7 3 0 8 0 6 6 1 3 9 8 5 0 3 8 11 8 9 3 6 4 4 9 2 1 5 4 4 6 8 4 8 5
B oston & A lbany. J u n e ............1 1 ,8 7 9 ,6 5 5 1 ,5 3 7 ,8 4 5 1 9 ,9 3 9 ,2 0 1 1 1 6 ,5 5 2 ,5 0 0
4 8 5 .4 5 5 : 6 ,9 4 1 ,3 5 3 ; 5 ,6 8 3 ,6 4 7
n Lake Erie & W . J u n e ............I 6 0 5 ,4 8 3
M ichigan Central J u n o ............'3 .8 9 6 ,7 5 9 3 ,1 1 8 ,2 8 3 4 1 ,8 8 4 ,5 9 1 3 3 ,7 6 0 ,7 3 2
Cleve C C & St L J u n o ______ 3 ,8 4 5 ,5 1 1 2 ,9 8 5 ,2 5 3 4 3 ,4 7 8 ,0 0 0 3 5 ,8 2 4 ,1 0 5
Cincinnati N orth. June
1 6 1 ,5 3 4 ' 1 2 7 ,1 1 3 1 .8 1 6 ,3 6 9 1 1 ,5 4 1 ,3 5 1
Pitts & Lake Erie J u n e -------- 1 ,9 0 9 .4 0 2 1 ,5 1 3 ,3 3 9 2 2 ,6 3 5 ,1 5 7 1 4 ,6 3 9 ,7 3 2
T ol & Ohio C en t. Juno
5 0 7 ,2 5 0
4 2 4 ,5 8 9 5 , 4 0 3 ,9 1 8 ! 4 ,9 4 6 .7 3 8
Kanawha & M ich J u n e _____
3 2 2 ,6 4 2 ' 2 6 4 ,9 6 9 3 ,6 3 6 ,3 9 9 1 2 ,9 1 1 ,4 1 5
T ot all lines above June
3 0 4 3 6 3 0 2 24441 784 3 3 5 0 9 9 5 4 0 2 7 0 3 2 8 7 0 5
N ew Orl G reat N o r. M a y ............i 1 7 1 ,9 7 5
1 3 6 ,8 8 5 1 .6 8 8 .4 7 0 ' 1 .4 6 0 ,5 5 8

Latest Gross Earnings.
ROADS.

to Latest Date.

Current
Year.

$

$

Previous
Year.

Current
Year.

J u n e _____
J u n e _____
J u n e _____
J u n e _____
J u n e _____
J u n e _____
J u n o _____
3d wk A ug
J u n e _____
M a y _____
J u n e _____
June . . . __
J u n e _____
J u n e _____
J u n e _____
J u n e _____
J u n o _____
J u n e _____
J u n e _____
J u n e _____
J u n e _____
J u n e _____

1 7 3 ,6 0 5
1 ,1 8 6 ,5 6 9
7 ,0 8 0 ,3 2 8
7 2 6 ,0 1 8
3 0 6 ,3 8 6
4 1 6 .2 1 2
4 ,9 8 7 ,8 8 5
1 ,6 4 3 ,0 0 0
4 5 4 ,9 9 2
6 3 0 ,3 1 2
1 9 3 8 4 193
1 0 9 ,9 3 5
2 7 4 .2 1 2
1 ,4 0 8 ,4 6 9
7 5 ,8 1 5
5 0 6 ,5 6 9
2 ,1 4 3 ,1 4 2
6 4 6 ,5 1 5
0 ,8 1 2 ,7 2 0
4 8 0 ,7 5 3
4 .1 1 6 ,9 2 4
1 ,0 4 1 ,3 0 0

M ay . . .
M a y __
M ay . . .
June . . .
M a y ___
2d wk Aug
J u n e _____
J u n e _____
J u n e _____
J u n e _____
J u n e _____
3d w k Aug
J u n e _____
J u n e _____
J u l y _____
2d wk Aug
2d wk Aug
2d wk Aug
2d wk A ug
2d wk Aug
June . . .
J u n e __
2d wk Aug
June . . .
3d wk Aug
J u ly ____
2d wk A ug
J u n e __
J u n e __
J u n o ___
July . . .
2d wk Aug
J u n e __
July . . .
J u l y __

4 ,9 1 9 ,9 7 5 4 .0 8 1 ,7 0 2 53 ,0 8 1 ,5 2 6 4 3 4 0 4 .7 6 2
2 ,7 4 7 ,1 8 1 2 ,2 9 7 ,0 0 3 3 3 ,7 5 5 ,4 7 3 2 8 1 2 3 ,8 8 7
7 ,6 6 7 .1 5 6 6 ,3 7 8 ,7 0 5 8 6 ,8 3 6 ,9 9 9 71 5 2 8 ,6 4 9
3 1 3 ,3 6 9
2 7 5 ,3 2 5 3 ,3 2 5 ,7 1 9 2 ,9 0 7 ,8 3 0
9 3 3 ,2 0 5
6 9 ,7 5 7
9 1 2 ,1 0 5
8 2 ,0 3 3
6 5 ,0 3 9
6 5 .2 9 9
9 ,3 0 9
1 0 ,4 3 8
,8 7 5 ,0 9 8 3 4 7 9 ,3 8 9
3 2 9 ,621 1 3 0 3 ,1 9 8
1 1 6 ,7 3 2
,8 4 0 ,9 0 0 1 5 0 7 ,3 1 4
1 7 2 ,0 1 9
1 8 5 ,9 4 5
,6 0 6 ,4 4 6 2 2 9 2 ,5 6 1
2 1 3 ,2 8 1
2 ,7 2 4 ,0 3 6 2 ,2 1 3 ,1 8 0 3 2 ,7 8 3 ,2 4 5 2 9 ,8 8 3 ,6 2 9
4 ,1 3 6 ,6 3 2 3 ,4 0 7 .2 0 4 4 8 ,4 0 3 ,3 9 0 42 ,9 7 4 ,5 7 3
2 5 4 ,0 0 0 .
1 9 4 .0 0 0 1 ,8 2 4 ,0 0 0 1 5 0 0 ,0 0 0
1 ,0 8 2 ,1 4 4
9 1 8 ,7 1 0 11 ,2 4 4 ,3 5 5 9 ,4 9 7 ,8 9 8
1 ,8 9 0 .6 0 1 1 ,6 7 9 ,3 8 5 24 ,4 9 4 ,7 8 9 21 ,7 8 1 ,3 1 6
1 4 2 5 5 7 8 8 1 2 9 6 3 2 0 4 14 ,2 5 5 ,7 8 8 12 ,9 6 3 ,2 0 4
1 ,4 0 9 ,6 1 9 1 ,2 2 5 ,9 4 2 8 ,1 2 1 ,9 7 4 7 ,7 5 7 ,5 2 7
,3 5 6 ,9 2 7 1 ,3 0 0 ,7 3 7
1 9 9 ,6 3 7 ,
2 2 2 ,0 3 9
,3 2 8 ,4 0 2 1 ,1 0 5 ,5 7 2
1 6 3 ,7 8 0
2 1 5 ,8 2 7
5 7 3 ,9 9 1
8 3 ,9 1 0
1 0 2 .1 6 8
641,0071
2 6 6 ,3 4 0
2 6 0 ,3 2 4
3 6 ,9 1 3 !
3 8 ,8 0 0
1 3 6 ,5 1 0
,9 5 9 ,7 0 5 1 ,7 9 9 ,3 0 1
1 6 7 ,6 1 4
,9 7 3 ,0 3 7 4 .4 1 6 ,6 8 9
3 7 5 ,4 6 0
4 6 0 ,2 6 7
1 0 ,6 8 1
1 ,7 1 5
1 5 ,0 1 0
4 ,1 6 3
,6 1 9 ,2 3 8 1 1 ,4 8 1 ,4 0 4
1 1 8 ,3 1 0
1 4 0 ,0 5 2
3 1 1 .4 2 2
,6 5 4 ,7 2 9 2 ,4 2 5 ,9 4 5
3 6 6 ,5 0 8
9 5 ,2 2 6
9 2 ,0 2 6
9 2 ,0 2 6
9 5 ,2 2 6
6 0 8 ,2 5 3
6 9 5 ,0 3 8 ,
1 1 1 ,2 8 4
1 2 5 ,9 5 1
4 9 ,5 8 6
9 1 2 ,8 0 1 „ 9 8 0 ,5 9 2
6 0 ,5 9 2
9 ,3 5 0 ,0 6 1 7 ,3 2 7 ,0 0 9 10 4 7 1 7 0 0 5 8 6 ,9 5 8 ,2 9 5
6 8 2 ,5 5 0
4 8 8 ,4 6 4 7 ,7 0 6 ,3 9 0 6 ,0 3 3 .8 6 5
3 ,0 2 4 ,9 2 0 2 ,4 2 2 ,4 8 3 3 ,0 2 4 ,9 2 0 2 ,4 2 2 ,4 8 3
,3 7 4 ,0 8 5 1 ,2 3 7 ,2 1 1
2 0 2 ,0 1 7
2 1 6 ,9 4 2
9 8 ,2 7 4 1 ,3 0 8 ,7 5 8 1 ,2 5 2 ,2 9 3
9 8 ,9 3 6
9 3 8 ,9 2 4
5 6 1 ,8 0 5
5 6 1 ,8 0 5
9 3 8 ,9 2 4
9 0 0 ,7 8 9
,1 0 7 ,0 8 1
9 0 0 ,7 8 9
1 ,1 0 7 ,0 8 1

$
N O M o b i l e * C h ic.
N Y C hic & St Louis
N Y N II & H a r t f..
N Y Ont & Western
N Y Susq & W o s t ..
N orfolk S ou th ern ..
N orfolk & W estern.
Northern P acific___
N orthwestern P a c.
P acific Coast C o ___
p Pennsylvania R R .
Balt Ches & A tl.
Cum berland Vail.
Long Island_____
M a ry ’d Del & Va
N Y Piilla & N orf
Phil Balt * Wash
W Jersey Sc Seash
Pennsylvania C o___
Grand Rap & Ind
Pitts C O & St L .
V a n d a lia _______
T otal lines—
East Pitts & Erie
W est Pitts & Erie
All East & W est.
Pere M arquette___
Reading Co—
Phlla & R eading.
Cpal & Iron C o . .
Total both cos___
R ich Fred & Potom
R io Grande J u n c ..
R io Grande S o u t h ..
R utland___________
St Jos & Grand Isl.
St L Brownsv & M .
St L Iron M tn & So
St Louis & San Fran
St Louis Southwest.
San Ped L A & S L .
Seaboard A ir L in e ..
Southern P acific___
Southern R a ilw a y ..
M obile & O hio___
C in N O & T e x P .
Ala Great S outh.
Georgia So & F la.
Virginia & Sou W
Spok P ort & Seattle
Tenn Ala & Georgia
Tennessee C entral.
Texas & P acific____
T oledo Peor & West
T oledo St L & W est
T rinity & Brazos V .
Union Pacific S yst.
V irglnlan__________
W a b a s h ....................
W estern M arylan d.
Western R y o f A la .
W heel & Lake E rie.
Y a zoo & Miss V ail.

J u ly 1

Previous
Yiar.

Week or
Month.

'

I

$

1 2 9 ,3 7 7 2 , 0 3 9 , 1 3 4 1 1 ,7 7 1 ,4 7 3
1 .0 5 8 ,9 0 8 1 4 ,3 7 8 ,6 1 4 1 1 ,4 1 3 ,7 7 5
6 ,3 2 7 ,9 8 8 7 6 ,3 1 1 .6 5 3 6 5 ,3 7 9 ,2 6 4
7 1 4 .8 7 7 1 8 ,9 4 2 .2 5 2 , 8 ,9 2 6 .9 4 0
3 3 0 . 9 5 6 1 4 ,2 9 2 ,9 1 4 3 ,9 0 9 ,0 5 8
3 2 2 ,5 9 6 4 ,5 9 1 ,9 2 3 3 ,8 7 5 ,8 7 5
4 ,3 3 0 ,2 8 6 5 7 ,3 0 4 ,5 8 6 4 2 ,9 8 7 ,0 4 3
1 ,3 5 6 ,0 0 0 1 1 ,4 6 9 ,0 0 0 9 ,4 0 6 ,0 0 0
3 5 3 ,8 6 5 4 ,3 1 9 ,5 9 8 3 ,5 6 8 ,7 0 1
4 8 4 .0 8 4 6 ,6 9 1 ,9 8 8 5 ,6 8 7 ,2 7 3
16421567 220113357 183671205
1 0 3 ,2 5 1
1 ,1 2 7 ,9 2 6 1 ,2 3 5 ,6 0 0
2 6 0 ,3 6 6 3 ,4 7 8 ,1 7 7 2 ,9 1 0 ,5 7 7
1 ,3 4 5 ,3 4 6 1 4 ,2 0 8 ,1 1 9 1 3 .3 1 8 ,0 8 2
7 5 ,6111
8 9 0 ,1 7 8 :
9 3 5 ,5 8 5
4 2 7 ,8 0 5 4 ,7 6 4 ,7 3 5 3 ,8 1 6 ,4 5 9
1 ,7 9 4 ,1 3 2 2 3 ,6 8 0 ,8 6 8 2 0 ,2 5 5 ,2 5 3
5 9 3 ,2 0 1 6 ,5 0 3 .9 5 8 0 .5 3 4 ,4 9 0
5 ,3 4 7 ,1 6 9 7 1 ,2 5 5 ,0 6 4 5 3 ,6 5 2 ,9 3 1
4 2 8 ,3 8 7 5 ,6 3 2 ,0 0 5 5 ,3 1 5 ,7 4 8
3 ,3 2 8 ,3 9 8 4 7 ,3 7 0 ,1 5 1 3 8 ,4 1 2 ,0 2 9
8 7 1 ,9 4 4 ,1 2 ,4 8 6 ,6 4 3 1 0 ,9 7 2 ,8 8 5

i
J u n e _____ 2 4 9 0 9 7 8 6 2 1 2 8 5 4 5 9 2 8 0 7 9 4 6 1 8 2 3 7 1 6 1 3 0 5
J u n e _____ 1 2 6 0 4 2 7 4 1 0 1 0 9 183 1 3 8 4 9 9 5 3 4 1 0 9 8 8 1 9 5 9
J u n e _____ 3 7 5 1 4 0 6 1 3 1 3 9 4 6 4 2 4 1 9 2 9 4 155 3 4 7 0 4 3 2 6 4
2d wk A ug 4 1 5 ,5 9 3 3 8 0 ,5 5 2 , 2 ,5 9 8 ,0 2 6 2 ,2 9 5 ,6 6 9

Period.

Various Fisc al Years.
B uffalo & Susquehanna R R ____ Jan
Delaware & H udson___________ Jan
E r ie ____________________________ Jan
New York C entral . j ______
Boston & A lb a n y .......... .......... Jan
Jan
Lake Erie & W estorn.n.
Jan
M ichigan C entral______
Cleve Cin Chic & St L ouis___ Jan
Cincinnati N orthern___
.Jan
Pittsburgh & Lake Erio_____ Jan
T oledo & Ohio Central______ Jan
Kanawha & M ichigan______ Jan
Total all lines ___________ Jan
Now York Chicago & St L o u is .. Jan
N Y Susquehanna Sc W estern .. Jan
p Pennsylvania R a ilr o a d _______ Jan
Baltimore Chesap & Atlantic Jan
Jan
Cumberland V alley____
Jan
Long Island____________
M aryland Delaw & V irginia. J an
N Y Philadelphia & N orfolk . Jan
Phlla Baltimore & W ashing’n Jan
Wast Jersey & Seashore
Jan
Pennsylvania C o m p a n y ______
Jan
Grand Rapids & Indiana____ Jan
Pitts Cine Chic & St L o u is .. Jan
V a n d a lia ._____ ________
Jan
T otal lines— East Pitts & Erie Jan
— W ost Pitts & Erie Jan
— All lines E & W . Jan
R io Grande J unction______
D ec
R u t la n d ...................... ................... Jan
Jan

1
1
1
1
1
1
1
1
1
1
1
1
1
1
I
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1

1

to Juno
to Ju ne
to Ju ne
to Juno
to June
to Juno
to Juno
to June
to June
to June
to Juno
to June
to June
to Juno
to Juno
to June
to June
to June
to Juno
to June
to June
to Ju ne
to Ju ne
to June
to Juno
to Juno
to June
to Juno
to Ju ne
to Ju ne
to M a y
to Ju ne

Current
Year.

---------- --------- $ 8 2 3 ,1 2 5
30
30
30
30
30
3 0 3 ,4 6 7 ,8 4 7
30
30
8 9 5 .2 0 9
30
3 9 1 1 ,4 7 7 .0 3 2
3 0 2 ,7 5 3 ,8 3 1
1
,8
2 3 ,1 1 3
30
30
3 0 7 ,5 2 3 ,9 3 8
3 0 2 ,1 8 8 ,9 1 0
30
30
4 6 0 ,2 6 2
3 0 1 ,7 7 8 ,9 5 1 1
3 0 6 ,7 0 7 ,3 4 0 ,
3 6 4 ,6 9 7 ;
30
3 0 2 ,4 7 6 ,0 0 0
3 0 1 2 ,0 8 6 ,3 4 9
3 0 3 ,3 3 9 ,6 9 5
3 0 3 5 ,6 1 4 ,2 0 9
3 0 2 .7 6 7 ,6 0 7
3 0 2 4 ,3 6 4 ,0 7 3
3 0 6 .2 1 7 ,3 7 1
30
30
30
31
4 3 6 ,3 2 2
3 0 1 ,9 5 8 ,8 5 0

Previous
Year.
$ 6 7 4 ,5 2 4

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

3 9 1 ,7 4 7
1 ,6 3 3 ,3 4 4

AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
*
1 st
2d
3d
4 th
1st
2d
3d
4 th
1st
2d

Weekly Summaries.

w eek
w eek
w eek
w eek
w eek
w oek
w eek
w eek
w eek
w eek

June
J u ne
J u ne
Ju no
J u ly
J u ly
J u ly
J u ly
Aug
Aug

(3 3
(3 3
(3 2
(3 7
(3 6
(3 6
(3 5
(3 5
(3 5
(3.8

r o a d s )____
r o a d s )_____
r o a d s )_____
r o a d s ) _____
r o a d s )_____
r o a d s )_____
r o a d s)_____
r o a d s )_____
r o a d s )_____
r o a d s )_____

Current
Year.
$
1 3 .9 2 7 ,1 1 0
1 4 ,1 0 3 ,6 1 9
1 2 ,6 4 3 ,2 7 3
1 9 ,7 6 5 ,1 1 9
1 4 ,0 8 9 ,1 9 0
1 4 ,9 0 3 ,3 8 .8
1 4 ,5 5 1 ,5 3 0
2 0 ,8 3 7 ,6 9 5
1 5 ,1 5 t ,9 9 3
1 5 .6 9 8 .4 8 t

Previous
Year.
$
1 1 ,1 6 9 .4 9 3
1 1 ,1 0 7 .7 1 7
1 0 ,0 8 0 ,7 2 8
1 5 ,6 0 0 ,4 6 8
1 1 ,3 1 6 ,2 3 9
1 1 .7 7 5 ,2 4 2
1 1 ,5 5 7 ,1 7 5
1 7 ,6 3 5 ,2 7 9
1 2 ,2 0 1 ,0 5 1
1 2 .4 1 5 .7 3 0

Increase or
Decrease.

%

$
+ 2 .7 5 7 ,6 1 7 2 4 .0 9
+ 2 ,9 9 5 ,9 0 2 2 6 .9 7
+ 2 ,5 6 2 ,5 4 5 2 5 .4 2
+ 4 ,1 5 5 ,6 5 1 ,2 6 .6 4
+ 2 ,7 7 2 ,9 5 1 ',24.54
+ 3 ,1 2 8 ,1 4 6 2 6 .4 8
+ 2 ,9 9 4 ,3 5 5 2 5 .9 1
+ 3 ,2 0 2 ,4 1 6 1 8 .1 6
+ 2 ,9 5 0 ,9 4 2 2 4 .1 9
+ 3 .2 8 2 .7 5 1 2 6 .4 4

Monthly Summaries.
Mileage.

Current
Year.

Previous
Year.

Increase or
Decrease.

%

Cur. Yr. Prev. YrJ

O c t o b e r _____2 4 8 ,0 7 2
N o v e m b e r ..2 4 6 , 9 1 0
D ecem ber ..2 4 8 ,4 3 7
J a n u a r y ______2 4 7 ,6 2 0
F e b r u a r y .. . 2 4 5 , 5 4 1
M a r c h ............. 2 4 7 ,3 6 3
A p r i l ................2 4 6 ,6 1 5
M a y ...................2 4 8 ,0 0 0
J u n o __________2 2 6 ,7 5 2
J u l y _________ 9 2 .6 1 1

$
I
$
$
2 4 7 ,0 0 9 3 1 1 ,1 7 9 ,3 7 5 2 7 4 ,0 9 1 ,4 3 4 1 + 3 7 , 0 8 7 , 9 4 1 1 3 .5 7
2 4 5 ,8 5 8 3 0 6 ,7 3 3 ,3 1 7 2 4 0 ,4 2 2 ,6 9 5 + 6 6 , 3 1 0 . 6 2 2 2 7 .5 8
2 4 7 ,6 7 3 2 9 5 ,2 0 2 ,0 1 8 2 3 2 ,7 6 3 ,0 7 0
+ 0 2 , 4 3 8 , 9 4 8 2 6 .8 2
2 4 6 .8 3 8 2 6 7 ,0 4 3 ,6 3 5 2 2 0 ,2 0 3 ,5 9 5 + 4 6 , 8 4 0 , 0 4 0 2 1 .2 7
2 4 4 ,8 0 9 2 6 7 ,5 7 9 ,8 1 4 2 0 9 ,5 7 3 ,9 0 3 + 5 8 , 0 0 5 , 8 5 1 2 7 .0 8
2 4 6 ,5 4 8 2 9 6 ,8 3 0 ,4 0 6 2 3 8 .0 9 8 ,8 4 3
+ 5 8 , 7 3 1 , 5 6 3 2 0 .4 7
2 4 5 ,7 7 3 2 8 8 ,4 5 3 ,7 0 0 2 3 7 ,5 1 2 ,6 4 8 + 5 0 , 9 4 1 , 0 5 2 2 1 .4 5
2 4 7 ,1 8 9 3 0 8 .0 2 9 ,0 9 6 2 4 4 ,5 8 0 ,6 8 5
+ 6 3 ,4 4 8 , 4 1 1 2 5 .9 4
2 2 5 ,8 0 3 2 8 5 ,1 4 9 ,7 4 6 2 3 7 ,6 1 2 ,9 6 7 : + 4 7 , 5 3 6 . 7 7 9 2 0 .0 1
9 0 ,8 3 7 7 9 ,8 8 8 ,2 9 1 6 5 ,0 8 2 ,2 3 3
+ 1 4 , 8 0 6 , 0 5 8 2 2 .7 0

a In clu d es C le v e la n d L orain & W h ee lin g R y . b In clu d es E v a n sv ille & T e rre H a u t e , c In clu d es M a s o n C it y & F o rt D o d g o an d th e W isc o n sin
M in n e s o ta & P a c ific ,
d In clu d es n o t o n ly op era tin g r eve n u e, b u t also all oth e r receip ts, e D o e s n o t includo oarn lngs o f C olo rad o Sp rings Sc C rip p le
C reek D is tr ic t R y . / I n c l u d e s L o u isv ille & A tla n tic an d th e F r an k for t & C in c in n a ti,
g In clu d es tho T e x a s C en tral an d tho W ic h ita Falls lin os, h I n ­
clud es th e S t . L o u is Iron M o u n ta in & S o u th ern , j In clu d es tho L a k e Sh ore & M ic h ig a n Southorn R y . , C h ic a g o In d ia n a & S ou th ern R R . an d D u n k ir k
A lle g h e n y V a lle y & P ittsb u r g h R R .
n In clu d es tho N o r th e r n O h io R R . p In clu d es th e N o r th e r n C e n tr a l. * W e n o longer Includo tho M e x ic a n r o a d s
n a n y o f ou r to t a ls .




Latest Gross Earnings by Weeks.— I n th o ta b le w h ich
fo llo w s w e su m u p se p a ra te ly th o e a rn in g s fo r th e se con d
w e e k o f A u g u s t . T h e ta b le c o v e rs 3 3 ro a d s a n d sh o w s 2 6 . 4 4 %
incroaso in th o a g g re g a te o v e r tho sa m o w e e k la s t y e a r .
1916.

S econ d W eek o f A u g u s t.

Alabam a Groat S o u th e rn ..;
A tlanta BIrm & A tlantic—
B uffalo Rochester & Pittsburgh
Canadian N orthern------------Canadian P acific----------------Chesapeake & O h io------------Chicago Groat W estern-----Chicago Ind & Louisville___
Cine Now Orl & Texas P a c ific ..
C olorado & Southern--------------Denver & Kio Grande_________
D etroit & M a ckinac___________
Duluth South Shore & A tl____
Georgia Southern & Florida___
Grand Trunk o f C anada______ '
Grand Trunk W ostern_____
D etroit Grand H av & M ilw .
Canada A tla n t ic ___________
Louisville & N ashville_________
M ineral R an ge-----------------------M inneapolis & St Louts______
Iow a Central_______________
M inneapolis St Paul & S S M .
Missouri Kansas & Texas_____
M obile & Ohio ________________
N orthern P acific____________ ”
Pero M arquette________________
R io Granao Southern__________
St Louis Southwestern_________
Southern R ailw ay_____________
Tonnessee Alabama & Georgia.
Texas & P a cific________________
T oledo St Louis & W estern____
W ostern M arylan d____________
T otal (33 r o a d s ) ..................
N et incroaso (2 6 .4 4 % )______

1915.

I n crea se. D ecrea se.

102,168
58,047
292,334
841,500
2,943,000
883,883
359,878
168,641
215,827
301,193
621,700
22,797
74,476
38,800

83,910
18,258
48,388
9,659
225,040
67,294
427,600 413,900
1,815,000 1,128,000
878,525
5,358
289,403
70,475
139,831
28,810
163,780
52,047
289,638
11.555
18,800
502,900
1,864
20,933
2,390
72,086
1,887
36,913

1.236,989

1,004,412

232,577

1,276,610
23,073
241,439

1,060,405
22,413
195,485

216,205
660
45,954

680,735
692,746
222,039
1,724,000
415,593
10,438
241,000
1,409,619
4,163
352,900
125,951
216,942

546.266
603,334
199,637
1,344,000
380,552
9,309
199,000
1,225,942
1,715
316,012
111,284
202,017

134,469
89,412
22,402
380,000
35,041
1,129
42,000
183,677
2,448
36,888
14,667
14,925

15,698,481 12,415,730 3,282,751

Net Earnings Monthly to Latest Dates.— I n our “ R ail­
w a y E a r n in g s " Section or S u p p lem en t, which a ccom p a n ies
to -d a y 's iss u e o f the “ C h r o n i c l e w e give the J u n e fig u r e s o f
ea rn in gs o f all steam railroads which m ake it a practice to is s u e
m on th ly returns or are required to do so by the In ter-S ta te
C om m erce C o m m is sio n .
The reader is referred to that S u p p le­
m ent f o r f u ll details regarding the J une results f o r all the
separate c om p a n ies.
I n th o fo llo w in g w o g iv o a ll s ta te m e n ts th a t h a v e c o m e
in th o p re son t w e e k c o v e rin g a la te r or a d iffe re n t p eriod
fr o m th a t to w h ic h th o issu e o f th o “ R a ilw a y E a r n in g s ”
S e c tio n is d o v o te d .
W o also a d d th o re tu rn s o f th o in d u s ­
tria l c o m p a n ie s re co ive d th is w e e k .
------- G ro s s E a r n in g s —
------- N e t E a r n in g s C u rren t
Y ear.

R oads.

Kansas C ity S o u th .b .J u ly
Lehigh Valloy b ________July
Southern P a c ific .a _____July
W a b a s h .a _______________ruly
W heoling & Lako E rio.J u ly
Gross
Ea rn ings.
s

P r e v io u s
Y ear.

C u rren t
YYeeaarr. .

$
$
947,581
831,356
4.307,497 3,733,761
14,255,788 12,963,204
3,024,920 2,422,483
938,924
561,805

N et
E a rn ings.

Other
In com e.

S

Fonda Jolmst & Glovers—
July ’ 1(5
97,138
50,678
42,844
’ 15
85,873
Ulster & Delaware—
April 1 to
72,162
Juiie3OT0 257,488
28,856
’15
275,388
IN D U S T R IA L

Total
In com e.

S

$
8,063
7,742

58,741
50,586

8
413,485
1,371,047
5,048,216
1,016,342
366,523
Charges
& T axes.

$
37,172
36,003

P r e v io u s
Y ear.

305,344
1,167,342
4,592,536
503,660
175,279
Balance,
Surplus.
S

21,569
14,583

19,647
91,809
67,351
24,458
16,842
45,698
50,418
dc!4,720
C O M P A N IE S .
i r o s s E a r n in g s —•
— - - — N e t E a r n in g s ■------

C u rr e n t
Y ea r.

C o m p a n ie s .

S
Alabama Power C o .a .-J u ly
120,973
Jan 1 to July 3 1 ............
811,115
Boll Tolophono o f P a .b .J u ly 1,046,873
Jan 1 to July 31________7,211,948
Central Union T olep .b -J u n o
746,572
Jan 1 to June 3 0 _______ 4,310,056
Hudson N av C o .b ..........July
309,991
Jan 1 to July 31............
747,182
Louisvillo Gas & E lect.Ju ly
166,685
Aug 1 to July 3 1 ______ 2,375,149
M ichigan State Tel b ..J u n e
615.719
Jan 1 to June 3 0 ______ 3,559,419
N orthern States P ow .Ju ly 434,362
Aug 1 to July 31............ 5,678,067

P r e v io u s
Y ear.

S
86,014
557,804
922,605
6,417.188
653,575
3,817,136
244,790
633,698
159,763
2,144,270
537,844
3,114,126
369,903
4,807,594

G ro s s
E a r n in g s .

Pino B lu ff C o ......... July ’ 16
7 mos TO
T5
Gross
Ea rn ings.

$
21,538
20,815
151,892
142,944

N et, after
T axes, A c .

Other
In com e.

C u rren t
Y ear.

P r e v io u s
Y ear.

L a te s t G ro s s E a r n in g s .
N am e o f
R oad.

W eek or
M o n th .

A tlantic Shore R y ___ J u ly ______
cAur Elgin & C hic R y J u n e _____
Bangor R y & Electric J u n e _____
Baton R ouge E lec Co J u n e _____
B c ltL R y C o r p (N Y C ) M a y _____
Berkshire Street R y . J u n o _____
Brazilian T rac L & P . J u n e _____
Brock & Plym St R y . J u n o _____
Bkiyn Rap Tran Syst M a y _____
Capo Breton Elec C o J u n o _____
Chattanooga R y & Lt J u n e _____
Cleve Painesv & East J u n e _____
Cleve Southw & C o l. J u n e _____
Colum bus (Ga) El C o J u n o _____
Colum (O) R y , P & L J u n e _____
g C om w ’th P , R y & L J u l y _____
C onnecticut C o _____ J u n o _____
Consum Pow (M ich ). J u l y ..........
Cum b C o (M o) P & L J u n e _____
Dallas E lectric C o rp . J u n e _____
D etroit United Linos J u n e _____
D D E B & B att(R ec) M a y _____
Duluth-Superior Trac J u n e _____
East St Louis & S u b . J u n e _____
Eastern Texas E le c .. J u n e _____
pEl Paso Electric C o . M a y _____
42d St M & St N A ve M a y _____
G alv-IIous Elec C o . J u n e _____
g Georgia R y & Pow J u ly ______
Grand Rapids R y C o J u n o _____
Harrisburg Railways. J u n o _____
Havana El R y , L & P J u n e _____
Honolulu R T & Land J u n e _____
Houghton C o T r C o . J u n e _____
b Hudson & M a n h at. M a y _____
Illinois T ra ction ____ J u n e _____
Intorboro R ap T ra n . M a y _____
Jacksonville T rac C o J u n o _____
Keokuk E lectric____ J u n e _____
K ey W est E le c tr ic .. J u n e _____
Lake Shore Elec R y . M a y _____
Lohigh Valley Transit J u n e _____
Lowist Aug & W aterv J u n e _____
Long Island E lectric. M a y _____
Louisville R a ilw a y .. J u n e _____
M ilw El R y & L t C o . J u n e _____
M ilw L t H t & T r C o . J u n o _____
Nashville R y & Light J u n e _____
N e w p N & II R y G & E J u n e _____
N Y C ity In te rb o ro .. M a y ____
N Y & Long Isla n d .. M a y _____
N Y & N orth S h o re .. M a y _____
N Y & Queens C o ___ M a y _____
N ew Y ork Railw ays. M a y _____
N Y & Stam ford R y . J u n e _____
N Y State R ailw ays. J u ly ............
N Y W estchest & Bos J u n e _____
N ortham pton T r a c .. J u n e _____
N or Ohio T rac & L t. J u n e _____
N orth Texas Electric J u n e _____
Ocean Electric (L I ) . M a y _____
(/Paducah T r & L t Co J u n o _____
Pensacola Electric Co J u n o _____
Phila Rapid Transit July .
Phlla fc W estern R y . J u n o _____
Port(Ore) Rv ,L & PCo J u n o _____
g Puget Sd T r, L & P J u n e _____
o R epublic R y & L t . . J u l y _____
R hode Island C o ____ J u n e _____
Richm ond Lt & R R . M a y _____
St Jos R y , L II & PCo J u l y _____
Santiago Elec Lt & T r M a y .........
Savannah Electric Co J u n e _____
Second Avenue (R ec) M a y _____
Southern B oulevard. M a y _____
Staten Isl’d Midland M a y _____
Tam pa Electric C o . . J u n e _____
Third A venue______ M a y _____
T w in C ity Rap T ra n . 1st wk A u g
Union R y C o o f N Y C M a y _____
Virginia R y & P ow er. J u ly ______
W ash Balt & A n n a p . July _____
Westchester E lectric. M a y _____
Westchester St R R . . J u n e _____
g West Penn T rac C o J u n e _____
Yonkers R ailroad___ M a y _____
York R ailw ays______ J u ly ______
Youngstown & O h io. J u n o _____
M a y _____

C u rr e n t
Y ear.

$
44,761
177,845
64,368
17,551
70,817
82,913
/6961000
10,734
2571,180
30,946
102.680
43,528
115,026
67,953
280,350
1379,381
816,941
363,294
242,379
146,621
1370.849
44,221
113,004
244,082
68,127
84,029
178,864
158,081
552,718
108,702
97.588
476,935
54,976
26.656
502,544
933,019
3231,008
50,081
19.705
9,370
130,172
206.616
72,030
22,074
264,179
547,897
160,906
190,109
91.596
66,278
37,942
15,214
136,677
1192.036
36,597
713,037
44,887
16.319
438,872
149,460
10,564
24,201
24,321
2214,928
45,420
473,664
632,891
326,707
500.107
34,314
110,725
43.540
68,111
79,548
20,143
28,553
73,380
348,111
191.766
274,516
497,406
70.977
50,236
22,880
514,013
72,122
79,516
29.418
16.390

Jan.

P r e v io u s
Y ea r.

S
44,197
163,746
60,90S
15.409
66,737
78,532
/659194C
10,420
2343,921
27,832
87,846
40.751
108,341
56,286
244,059
1182,519
685,850
305,310
218,658
133.277
1106,372
41,201
88,096
193,293
58,584
71,624
172,795
165.029
513,818
92,411
76.684
448,170
49.369
24.589
462,256
847,124
2904,773
50,516
18.957
9.259
114,031
167.643
67.446
22,839
249,537
454,789
123,653
165.511
79,184
62.244
39,643
15,413
127,162
1138.652
35,288
614,755
40,370
15,054
331,977
134,484
10,752
21,770
21,511
1939,905
40,234
474.569
592.737
250,907
415,752
32,963
101,463
40,463
63,750
76,617
20,233
28,766
77,004
325,135
173,336
247,902
448,857
71,966
50,128
22,451
418,137
67,465
72.536
23,374
14,261

1 to la tes t d a le .

C u rren t
Y ear.

8
190,682
946,832
383,495
102,240
322,411
458,220
/39950.000
51,667
11,588,614
180,083
604,126
210.616
637.045
402,831
1.709.255
9,467,214
4,495,551
2,622,192
1,298,708
946.046
7,531,238
204.504
651,691
1,409,783
389,066
452,748
808.504
924,933
3,978,143
639,739
546.634
2,893,997
321.750
156,578
2.484.255
5,854,150
16,100,717
316,320
117,701
56,673
583.317
1,166.959
356,794
86.252
1,522,146
3.433,455
822,605
1,154.629
476,923
305,316
156,669
62,922
577,098
5,597.572
168,251
4,832,292
256,188
97.611
2,379,500
906.153
34,641
151,584
141,382
15,637,297
241,27"
2,681,97
3,844,945
2,260,626
2,728,612
147,022
778,863
221.845
389.154
331.750
92,060
115.503
484,299
1,688,054
6,082.017
1.176.362
3.356.597
491,789
220,703
118,534
2.957.040
317,589
549.503
158,444
74,753

P r e v io u s
Y ear.

S
192.026
885,223
371,437
89,280
313,057
427,173
/37684.110
47.993
10,711,364
155,597
509,117
189,938
583,142
341.293
1.515.373
8,020,713
3,768,434
2,126,069
1,175,230
873.400
6,076,688
197.376
555,060
1.173,987
321,519
398.293
798,116
957,628
3.671.652
560,721
456,453
2,751.375
288.996
128,817
2.324.164
5.292,191
14,473,595
312,707
113.010
56,069
505,339
927.263
330,896
86,974
1,457,739
2.925,750
678,383
1,047,006
408,600
282.011
160,918
62,138
529.704
5.454.164
161,275
4,163,993
224,761
81.659
1.756.652
787,412
33,868
139,256
122,176
13,838,386
214,215
2,736,353
3,694,067
1,707,826
2,296,120
138,736
724,126
189.376
393,831
329,565
88,708
108,769
490,120
1.555,073
5,571,369
1,079,814
2.925,773
464.026
220,709
116,346
2.387.662
293,296
453,436
138,936
63,961

S
■
8
72,920
50,624
498,376
340,114
311,090
296,660
2,149,941 2,093,672
198,444
151,222
1.173,975
888,380
186,151
110,903
b Represents Income from ail sources,
c These figures are for consoli­
209,414
101,140 dated com pany. / Earnings now given in milrois. g Includes constituent
89,460
84,333 com panies.
1,408,873 1,155,490
136,667
147,010
E l e c t r i c R a i l w a y N e t E a r n i n g s .— T h o fo llo w in g ta b le
836,316
842,859
230,448
191,889 ! g iv e s th e re tu rn s o f E L E C T R I C ra ilw a y g ross a n d n e t
3,170.736 2,661,255 e arn in gs w ith ch a rg es a n d su rp lu s re p o rte d th is w e e k :
N e t , a ft e r
E ix c d
B a la n c e ,
----- G ro s s E a r n in g s ----- N e t E a r n in g s T a xes.

1 ,3 2 6
8,053
71,073
56,908
Gross
In com e.

C h a rges.

S
3,947
3,927
28,148
27,324

Fixed
Charges.

S u r p lu s .
$

5,379
4,126
42,925
29,584
Balance
Surplus.

S
S
S
S
S
S
Great Western Pow Syst—
July TO
309,310
198,300
29,082
227,448
140,300
87,082
T5
241,137
170,018
17,284
187,932
100,192
81,740
7 mos TO 2,119,157 1,303,501
233,035 1,597,130
961,008
630,128
•15 1,043,110 1,157,021
119,309 1.270,330
736,874
539,456
Southern Cal Edison—
229,008
5,034
235,302
July TO
400,734
84,097
151,205
’ 15
417,590
228,934
24,131
253,065
87,318
105,747
87,375 1,047,018
7 mos TO 2,880,020 1,560,243
593,104 1,054,514
T5 2,718,077 1,465,191
71,092 1,536,283
583,853
952,430
„ N ot earnings hero given aro .after deducting taxes,
b N ot earnings hero given are before deducting taxes.
E X P R E S S C O M P A N IE S .
----- M o n t h o f A p r i l ----J u ly l to A p r i l 30—
1916.
191 f
1916.
1915.
C a n a d ia n E x p r e s s C o .—
$
$
8
T otal from transportation—
329,662
262,250 3.172,105 2,571,009
Expross privileges— D r-------163,410
123,579 1.633,361 1,290,313
Rovonuo from transport’ ll.
166,251
138,670 1,538,743
I ,280,696
Operations otlior than transp.
15,533
5,559
63,850
49,994
Total operating revenues.
181,785
144,230 1.602,594 1,330,690
Operating cxponscs________
154,840
121,014 1.363,472 1,283,755
N et operating rovonuo____
26,944
22,315
239,121
46,935
Uncollectiblo rev. from trails.
2
11
455
Express taxos--------------------4,200
4,000
42,000
40,000
Operating incom o_________
22,742
18,304
196,666
6,846




ELECTRIC RAILWAY AND TRACTION COMPANIES.

C u rren t
Y ear.

R oads.

$
Arkansas Val R y L & P .July
102,893
A ug 1 to July 3 1 ______
1,225,795
Georgia R y & P o w e r.a -J u ly
552,718
Jan 1 to July 3 1 ______ 3.978,143
Philadelphia C o —
Natural Gas D e p t___July
508,177
Apr 1 to July 3 1 ______ 2,643,144
Oil D epartm ent_____ July
27,392
Apr 1 to July 31______
106,850
E lec Lt & P ow D e p t ..J u ly
543,789
2.103,453
1,173,789
4,573,776
G ross
E a r n in g s .

Phila R ap T ra n __ .J u ly T 6
T5

$
2,214,428
1,939,905
G ro s s
E a r n in g s .

T w in C ity R ap T r.J u ly
7 m os
Y ork R ailw ays____July
8 m os

$
T6
880,859
15
793,497
T 6 5,890,275
’ 15 5,398,033
TO
79.516
T5
72,536
T6
632,119
’ 15
523,736

P r e v io u s
Y ear.

C u rren t
Y ear.

P r e v io u s
Y ear.

•s
93,038
1,155.446
513,818
3,671,652

S
45.812
541,152
242,655
1,746.236

$
39,497
476,786
216,842
1.516,375

437,874
2,184,499
15,584
52,790
414,960
1,684.365
1.061,553
4,153,298

196,792
1,493,723
21,482
80,676
245.104
958,945
362,397
1,561,551

164,855
1,110,275
8,903
29,941
194,654
805,467
377,070
1,501.397

F ix e d
C h a r g e s.

B a la n ce ,
S u r p lu s .

N e t , a fte r
T a x es .

$
993,454
844.211
N et
E a r n in g s .

8
360,703
296,377
2,227,495
1,865,897
39,651
34,825
333,493
243,655

$
815,268
816,596
F i x e d C h g s.
& T a xes.

S
145,046
144,651
998,433
986,132
25,860
24,691
206,846
182,553

a N ot earnings here given are after deducting taxes.

S
178,186
27,615
B a la n c e ,
S u r p lu s .

S
215,657
151,726
1,229,062
879,765
13,791
10,134
126,647
61,102

ANNUAL REPORTS
Annual, &c., Reports.— The following is an indox to all
annual, &c., reports of steam railroads, street railways
and miscellaneous companies which have been published
since July 22.
This index, which is given monthly, does not include
reports in to-day’s “Chroniclo.”
Railroads —
Page.
Atlanta Birmingham & Atlantic Ry.
(special) _ . ........................................ 405
Boston A Maine HR. (prelim.)____ 575
Buffalo Rochester & Pittsburgh___ 574
Buffalo & Susquehanna R R. Corp.
(6 months)______________________ 664
Canadian Pacific Ry (preliminary). 660
Central New England R y . (prelim.). 662
Chicago Great Western R R. (prelim.)661
Chicago St. Paul Minneapolis &
Omaha R y. (preliminary)...............662
Cuba R R. Co............ ..... See this Issue
International Ry. of Buffalo(3 mos.) 666
Lehigh Valley R R ........... ....................574
Missouri Kansas A Tcxsg R y ..----- 575
Missouri Pacific Ry (preliminary)-. 662
N. Y. N. H. A Hartford (ipecUDOSI, 579
NewYorkOnt. A West, (prelim ) — 662
Seaboard Air Line Ry (proltm.)------490
Southern Railway (preliminary)----- 490
Union Pacific RR. (prelim )
489
Electric Railways —
Albany Southern Elec. R R -------------- 575
Bay Stato Street R y. (3 mos.)........... 406
Brooklyn Rapid Transit____________ 401
Cincinnati (O.) Trac. Co. (special).. 578
Columbus (O.) R y., P ow er* Lt. C o. 490
Commonwealth Power, Ry A Lt— 490
International Traction Co., Buffalo. 490
Jackson (Miss.) Light & Trac. Co.
(figures) ............................................666
Manila Elec. RR. & Ltg. Corp----- 491
Montreal Tramways Co-------------------490
Philadelphia Rapid Transit Co........ 401
Phlla. & West. (Elec.) R y___ 575, 494
Public Service Corp. of New Jersey. 407
Tennessee R y., Lt. A Pow Co.(spec.)666
Virginia Ry. & Power Co___________ 407
Youngstown & Ohio River El R R .. 494
Industrials —
Aetna Explosives Co., Inc., N Y — 408
Alaska Packers’ Assn., San Fran.. . . 663
Amer. Bank Note Co., N . Y . (6 mos.) 662
Amer. Hide A Leather (3 mos.)----- 408
Amer. Light & Traction___________ 495
American Locomotive Co., N. Y __ 576
Amer. Malting Co. of N. Y. (9 mos.) 495
Amer. Pneumatic Service Co. (6 mos.)580
Amer. Steel Foundries (3 mos.)------- 495
American Thread Co______________ 402
Arizona Copper Co., Ltd. (6 m os.).. 581
Associated Oil Co. of Calif. (6 m os.). 495
Butte & Superior Mining C o., Ltd.
(3 and 6 mos.)___________________667
Calgary Power Co., Ltd____________ 576
California Petroleum Corp., Los An­
geles (6 mas.)____________________580
California Wine Association________ 577
Canadian Car & Foundry Co...............495
Canadian Cottons. Ltd., Montreal.. 577
Canton Co! of Baltimore___________ 577
Central Coal * Coko Co., Kan. City 404
Central Leather Co. (6 mos.)______408
Chalmers Motor Co., Detroit.......... 581
Charcoal Iron Co. of Amer.(3 m os.). 496
Chino Copper Co. (6 mos.)-------------- 581
Citizens’ Gas Co. of Indianapolis— 403
City Investing Co. of New York----- 403
Cleveland (O.) Elec. Ilium. Co------581

I n d u s t r i a l s ( C o n c lu d e d ) —

Page.

Cleveland & Sandusky Brewing C o .. 576
Cluett, Peabody & Co., Inc., Troy,
N. Y. (6 m o s .)................................ 403
Computing - Tabulating - Recording
Co. (6 m os.)..........................
496
Consol. Gas El. Lt. & Pow. Co. of
Baltimore (see this Issue) (3 m os.).409
Consol. Interstate Callahan Mining
Co. (3 mos.)...... ............................... 496
Corn Products Refining Co. (6 mos.) 409
Cumberland Telep. & Telegraph C o. 403
General Chemical Co.,N .Y . (3 mos.) 410
Hartman Corp., Chicago (6 m os.).. 496
Hercules Powder Co. (6 mos.)_____ 663
Illinois Northern Utilities C o________ 405
Inspiration Consol. Copper Co____ 403
International Nickel Co., N. Y ____ 403
International Textbook Co_________ 492
Kellogg Switchboard & Supply C o .. 497
Keystone Telephone Co. of Phlla__ 405
Lehigh Valley Coal C o_____________ 574
Manufacturers’ Lt. & Ht. Co., Pitts­
burgh (6 mos.)..............................- 497
Maple Leaf Milling Co., Ltd., T o r .. 405
Massachusetts Gas Companies........ 582
Merchants’ Heat A Light Co., Indpls. 497
Michigan Sugar Co__________
411
Mount Vernon-Woodberry Mills,
Inc. (6 mos.)__________ _______ - 582
National Grocer Co., Detroit,Mich. 662
National Steel Car Co., Ltd...............577
Nevada Consol. Cop. Co. (3 m os.).. 583
New Jersey Zinc Co. (3 mos.).......... 498
North Butte Mining Co.......................405
Northern California Power Co., Con­
solidated (6 m onths).......................583
Northern State Power Co.....................411
Northwestern Elec. Co., Portland,
Ore. (brief)______________________ 498
Oklahoma Natural Gas Co., Plttsb.. 498
Ontario Steel Products C o...................498
Owens Bottle Machlno Co., Toledo. 669
Packard Motor Car Co. (special)----- 576
Pine BIuff,Ark.,Co.(12 mos.,7 mos.) 669
Porto Rico-Amerlcnn Tobacco C o .. 492
Price Bros. A Co., Ltd. (15 m os.).. 411
Pyrene Mfg. Co.................................... 498
Ray Consol. Copper Co. (3 A 6 mos.) 583
Sinclair Oil A Refg. Corp. (2 m as.).. 576
Standard Cast Iron Pipe A Fdy. C o. 499
Standard Gas A Elec. Co. (special), 670
Sterling Gum Co., Inc., New Y ork.. 491
Stewart-Warner Speedometer Corp. 417
Taylor-Wharton Iron A Steel C o----- 404
Thomas Iron Co., Easton, Pa.......... 663
Tobacco Products Corp., Va---------664
Toronto Paper Mfg. C o------------------- 663
Union Natural Gas Corp. (6 m os.).. 584
United Cigar Mfrs.’ Co.,N .Y .(6 mos.)49l
United Fuel GasCo. ofW.Va.(6mos.) 417
U. S. Industrial Alcohol C o-------------- 417
United States Steel Corp. (3 A 6 mos.)402
Utah Copper Co. (3 A 6 mos.)........ - 584
Valvollne Oil Co. (of N .J .) (N. Y .). 584
Vlrginla-Carolina Chemical Co------- 491
Warren Brothers Co., Boston........ . 499
Western Canada Power Co., Ltd— 663
Western Grocer C o_______________ 662
Wolverine Copper Mining Co______584

New York New Haven & Hartford Railroad.
( Balance Sheet Ju n e 30 1916 f ile d in M a ssa c h u setts .)
In connection with tho preliminary statement regarding the results for
th o late fiscal year published In last week’s issue o f tho “ C hronicle,” tho
follow ing balance sheet filed with tho M ass. P. S. Comm ission is o f interest.
As bearing on the results for tho year, an officer o f the com pany writes:
"D u rin g the fiscal year thero was included in maintenance $1,060,270 47,
which m onoy has not been oxponded becauso o f tho Inability o f tho com pany
to obtain labor and material. It has been doetdod, with tho permission o f
tho Inter-Stato Com m erce Comm ission, to carry this am ount forward to
tho next fiscal year as a rosorvo to be used whon tho m aintenance oxpondltures aro actually m ade.
, ,
“ A balanco o f $150,402 account o f insurance has also boon carried ovor
to tho noxt fiscal year so that tho actual balanco after all charges for tho
fiscal year ended Juno 30 1916 was $5,532,431, an lncreaso o f $3,224,459,
as com pared with actual figures for tho previous yea r.”
B A L A N C E S H E E T J U N E 30.
1916.
1915.
1916.
1915.
Liabilities—
S
$
Assets —
S
S
Road and equip.197.662,403 195,505,844 Capital stock ...157,117,900157,117,900
Imp. leased prop. 4,169,540 3,990,421 Prem. on capital
stock s o ld ........ 19,282,888 19,282,888
_______
495
Sinking funds___
Mortgage bonds.)
[58,388,000
Invest, in bldgs.)
Debentures........ )215000312( 155892100
atG. C.TermI-|
n a l.N .Y .........I
6,001,794 Due affll. cos.,|
non-negotlablo j
1 807,536
Investments— 1222324409
162453518 Equip. A personal
Stocks.
property leased. 9,477,069 9,477,069
18,785,696
Bonds ............ |
38,515,650 Traffic, Ac., bals. 4,257,639 4,430,009
N o te s ............ I
1,642,672 Accts. A wages__ 4,181,116 3,741,730
Unpledged adv-.J
Mlsc. phys. prop. 5,356,944 5,357,415 Loans A bills pay.25,007,000 30,139,000
f 1,967,266
Material A supp.. 6,811,461 5,582,699 Matured Int., Ac.)
286,233
3,133,060 MIscell. accts__ ) 5,095,241 <
A g tS .A c o n d u c ___5,411,821
448,664 Acer. Int. A rents J
1 2,937,573
698,332
Acc. int., dlv., A c.
192,000
205,543
211,876 Accrued taxes___
Trafflc, Ac., bals.)
600,000
697,608
Mlsc ell. accts__ ) 4,791,825 4,258,270 Pcrs’l Injury res..
4,694 Other unadj. accts. 2,140,314 1,968,228
Loans A bills rec. j
Cash...................... 5,042,265 3,786,643 Acer, depreciation 5,490,954 3,742,865
_______
Special deposits.. 2,126,457 2,113,401 Operating reserves 1,216,674
108,703 Thames IUvcr de­
Prepaid Ins., A c.)
_______
599,310
preciation acct.
480,000
Suspenso acct__ ) 3,708,372)
155,313
128,241
{ 2,469,064 Def. crcd. Items..
Oth.unadJ. accts.)
Profit and loss___ 8,430,489 3,733,034
T o ta l.............. 458,103,836 454,909,890
— V . 103, p. 666, 661.

T o ta l________458,103,830 454,909,896

Cuba Company.
(Report f o r F iscal Y ea r en ding Ju n e 30 1916.)
Pres. George H. Whigham, N. Y ., Aug. 11, wroto in subst:
R e s u lts .— The surplus incom o o f tho Cuba R R . for the year, after pro­
viding for its fixed charges and dividends on its prof, stock, was $1,945,415.
From this surplus cash dividends amounting to 6 % for tho yoar wero d e­
clared on its com m on stock, o f which 3 % was paid M a y 1 and 3 % payablo
N o v . 1. In addition a stock dividend was paid on Jan. 3 1016 out o f
accrued surplus and another on Juno 30 1916. All o f the com m on stock
o f Cuba R R . Is in your treasury. [Seo separato report o f Cuba R R . below.]
Tho profits for the year from tho Jatibonico sugar mill and plantations
wero $1,659,389: from the Jobabo mill and plantations, $1,481,394; from




tho land department (chiefly from town sites), $55,841. A dding to theso
tho dividends o f $720,060 from tho C uba R R . and also miscellaneous
interest received amounting to $35,747, and deducting bond interest, gen­
eral expenses and dividends on prof, stock, tho surplus incom o applicable
to tho ordinary stock was $3,467,283. T ho high prices which nave provailed for tho past year havo had much to d o with theso favorablo results,
but tho output o f your two mills was below expectations owing to the sovero
drought which existed throughout tho island during tho grinding season.
All o f tho sugar and molasses on hand havo now boon sold, except 31,000
bags o f sugar which stand in tho accounts at tho prevailing market price.
P la n t I m p r o v e m e n ts . — I’ Ians havo boon prepared for tho developm ent
o f your properties In tho R io C auto district, and a considerable aroa o f land
has boon cleared and planted in cano, but on account o f the high prices
prevailing for m achinery, it has not been deemed advisablo to proceed
im m ediately with the erection o f a sugar mill in this locality.
D iv i d e n d s .— An Interim dividend o f 10% was paid on July 1 from tho
year’s results on your ordinary stock, and a further dividend o f 10% has
been declared payablo O ct. 2 1916, and another o f 10% payablo N o v . I
1916. T ho paym ont o f these dividends will leavo in tho treasury am ple
funds for any needs or contingencies.
I N C O M E A C C O U N T F O R Y E A R S E N D I N G J U N E 30.
— ---------1915-16------------- -------------1914-15------------G ross.

N et.

G ro s s .

N et.

Sugar, molasses. & c____ $6,895,405 $3,140,784 $0,634,283
Produc. p rofit 1913-14 . .
_________
_________
_________
Land d opt.(tow n lots,Ac.)
88,500
55,841
88,680

$2,995,803
67,041
57,188

$0,722,963

$3,120,032
600,060

T o t a l ........................... $6,983,965
D lv . r e e d on Cuba R It. stock _____
Miscellaneous Interest_____________

$3,190,625
720,060
35,747

T otal not revenuo________________
Interest on deb. bonds, A c _________

$3,952,432
$240,000

General expen.s4)s___________________
Preferred dividends________________

70,149
175,OOl)

General Interest________________

$3,720,092
$240,000
13,139
77,331
175,000
(1 0% ) 800,000

_______

Ordinary dividends___________x(3O%)2,400,000

Balance, surplus...................... ........ $1,067,283
$2,414,622
x Dividends on tho ordinary stock include In 1915-16 dividends o f 1 0 % ,
paid Oct. 1, N o v . 1 1915 and July 1 1916.
G E N E R A L B A L A N C E S H E E T FOR Y E A R E N D IN G J U N E

1916.
1916.
1915.
C
5
Liabilities —
8
Cuba R R .pref .stk.
1,000
1,000 Ordinary stock__ 8,000,000
do
com. stk.10,000,000 10,000,000 Preferred stock__ 2,500,000
Jatibonico mill,Ac.*2,750,506 *2,733,461 Debenture bonds. 4,000,000
Japabo mill, A c . . *3.675,921 *3,066,342 Accts. and wages
payablo............
488,292
Van Horne plant.
*93,675
*736,132 Cuba RR. C o___
______
Land A town sites *407,387
24,707 Coupons duo but
Caban, sawmill__
17,933
104,198
not presented..
3,780
Live stock_______
119,695
126,798 Int. on dob. bonds
Material A supp..
220,922
due July 1 1926.
120,000
4,232
4,232
Office furniture__
52,170 Ordinary dividends
52,170
CasttasBranchRy.
July 1................
800,000
Cash on hand___ 2,365,150 1,462,096
Prof. dlv. Aug. 1 ..
87,500
324,925
The Cuba R R ___
151,831 Replanting of cano
155,796
Individuals A cos.
6,055
fields reserves..
129,458
Advanco paym’ts.
_____
38,274 Profit and loss__ y6,925,570
Timber, A c..........
9,347
Sugar A molasses.z2,349,129 2,772,428
106,783
Exp’s (now crop).
140,812
Com. dlv. Cuba
300,000
R R., duo Nov. 1 360,000
A

30.
1915.
$
8,000,000
2,500,000
4,000,000
62,811
162,102
270
120,000
800,000
87,500
89,000
5,865,427

T o ta l...... ......... 23,054,599 21,687,110
T o ta l.................23,054,599 21,687.110
y A fter deducting $7,139 adjustments relating to prior periods, z All
but 31,000 bags sugar sinco sold. * Valued at cost.— V. 103, p. 665.

Cuba Railroad Company.
30 1910.)
Pres. George H. Whigha , Aug. 11, wroto in substance:
(Report f o r Fisca l Y ea r en ding J u n e

R e s u lts .— T ho gross earnings o f tho railroad for tho year woro $6,815,697,
while tho not earnings woro $3,517,027. T ho proportion o f working ex­
penses to gross oarnings was 4 3.4 0% .
During the past yoar tho general dovolopm ont in C uba lias boon very
m arked, expeciaily in tho territory served by this railroad.
Sugar mills
on your linos is constantly increasing, thoro being six under construction
for tho com ing crop, while tho capacity o f many o f tho existing mills is
being largely incroased. This will nocossltato largo additions to your
rolling stock and gonoral facilities, for which provision has boon made.
P u r c h a s e o f R R . P r o p e r l y — G old N o t e s .— On D oc. 9 1915, wo authorized
tho purchase o f tho ownership o f tho Cam aguoy & Nuovitas R R ., carrying
with it a concession for tho construction, under subsidy, o f a railroad from
Cam aguoy to Santa Cruz del Sur, a distance o f 93 X
A kilometers.
In order
to flnanco this purehaso you also authorized tho Issuance and salo by tho
C uba R R . C o. o f $3,000,000 o f 3 year 5 % gold notos. T ho purchase was
d uly com pioted and tho ownership o f tho railroad was takon over as at
N o v . 15 1915. Preparations wero imm ediately mado to com m onco building
tho Santa Cruz lino, while tho Cam aguoy & Nuovitas R R . lias proparod
plans and com m onced construction on tho extension o f Its railroad to a
new deepwater terminus on tho Bay o f Nuovitas.
T ho not oarnings o f tho Camaguoy A Nuovitas R R . from N o v . 15 1915,
to Juno 30 1916, wero $163,362. All o f tho stock o f this com pany is owned
b y tho Cuba R R . and is pledged as socurity for tho 3-yoar notos o f tho
C uba R R .
Progress has boon mado on tho construction o f tho railroad from Placotas
dol Sur to Casilda, and it is confidently expected that this lino will bo
,
. ,
,
com pleted early in 1917.
_____
D iv id e n d s .— 'Two half voarly cash dividends o f 3 % havo boon doclarod
on the com m on stock, one o f which was paid on M ay l, and tho othor is
payablo on N ov. 1 1916. In addition, wo havo paid tw o dividends in
com m on stock out o f aceruod surplus. Jan. 3 and Juno 30 1916 respectively.
[Those dividends payablo in stock woro 20% or $2,000,000 on $10,000,000
com m on stock Jan. 3 1916, and 25% or $3,000,000 payablo on $12,000.­
000 com m on stock June 30.— Ed.)
O P E R A T IO N S A N D F IS C A L R E S U L T S .
G ro s s E a r n in g s —
1915-16.
P a ssen g er_____________ $2,1 3 1,958
“
129,590
M ail
Express and baggago__
252,668
F reight______________ __ 3,442,490
89,274
Car kilometerago______
434,009
Iliro o f equipm ent_____
Antilla terminals______
203,732
131,976
M iscellaneous__________

1914-15.
$1,673,634
123,331
183.650
2,583,321
70,141
295,631
183,921
93,085

1913-14.
$1,722,452
106,768
176,893
2,610,782
67,313
204,202
210,029
66,232

1912-13.
$1,660,224
109,568
169,267
2,156,843
68,491
202,796
153,845
111,006

T o t a l ......... .................. $6,815,697
O p e ra tin g E x p e n s e s —
M aint. way A structures
$656,971
M aint. o f equipm ent___
606,193
C onducting transport’n . 1,569,883
General oxpensos A taxes
233,106
232,517
A ntilla terminals______

$5,206,714

$5,164,671

$4,632,040

$548,218
355,170
1,218,958
210,961
145,867

$741,370
351,943
1,234,009
220,923
145,504

$644,915
324,354
1,139,608
186,861
120,800

T o t a l ................................$3,298,670
R atio oper. exp. to gross
(48.40)
N et oarnings____________ $3,517,027
Other Incom o__________
6,633

$2,479,174
(47.61)
$2,727,540

$2,693,749
(52.16)
$2,470,922

$2,416,538
(52.17)
$2,215,502

Gross in com o......................$3,523,659
Int. on funded debt, A c .
$978,244
Pref. d i v s . . . ................... (0% )600,000
Com m on d iv id e n d s ...(8 % )7 2 0 ,0 0 0

$2,727,540
$853,856
(6)600.000
(6)600,000

$2,470,922
n$954,417
(0)900,000
(6)600,000

$2,215,502
$801,222
(6)600,000
(4)400,000

B al., surp. (see n o t o ) . . . $1,225,415
$673,684
$16,505
$414,280
N o t e .— In 1915-16 tho com pany paid com m on dividend in com m on stock
amounting to $5,000,000 out o f profit and loss, $2,000,000 paid Jan 3 1916
and $3,000,000 Juno 30 1916. increasing tho com m on as per balanco shoot
from $10,000,000 to $15,000,000.

30.
1910.
Liabilities —
S
19« 6’
1915'
10,000,000
Cost road &cqulp-43,5f6,453 39,823,121 Preferred stock
Common stock
15,000,000
Republic ol Cuba
6% treas. bonds
44,800
409,6J0 1st M. bonds, 5% ,
duo J u ly! 1952.12,030,000
Tho Cuba C o___
______
102,102
Impr. & equip. 5s,
Mar. & Ind. Co.
due May 1 1960 4,000,000
of Cuba stock.. »215,805 ..............
3-year 5% secured
Camaguey & Nue.
n otes_________ 3,000,000
R U .stk. pledged 2,692,700
...........
Material «fc supp.. 1,058,610
483,468 Trust equip, ctfs. 1,943,000
Cash...................... 1,691,572 1,058,569 Traffic balances..
179,220
Agta. & conductors
155,950
61,987 Accts.* wages pay 691,053
Cos. A Individuals
82,663
97,433 Int. on bds. July 1 345,825
Traffic balances..
186,390
125,704 Tho Cuba C o___
324,924
300,000
Govt, of Cuba__
205,046
143,300 Pref. dlv. Aug. 1.
Advance payments
100,931
20,955 Com. dtv. Nov. 1.
360,000
Miscellaneous___
79,000
Profit & loss surp.xl,697,902
GENERAL BALAN CE SH EET JU N E

A. el

T o ta l................ 49,950,926 42,386,239

BALAN CE SHEET JU N E

1915.
S
10,000,000
10,000,000
12,030,000
4,000,000
1,324,000
1,800
285,911
306,575
300.000
300.000
01,681
3,776.272

T o ta l................ 49,950,926 42,386,239

* Cuban C om pany form ed to take over tho floating equipm ent o f tho
uba R R . in order to perfect titles o f same.
x A fter deducting $1,696,21(3 subsidy adjustm ents.— V . 103, p. 493.

San Francisco-Oakland Terminal Railways.
(Results f o r F iscal Y ea rs en din g J u n e 30 1916.)
IN C O M E A C C O U N T FOR Y E A R S E N D IN G J U N E

1914-15.
$4,353,891
2,280,258
652,394
251,882

238,884

N et earnings______________________ $1,089,771
60,413
Ml^celkmoous incom e________________

$1,169,357
62,665

$1,387,936
89,222

Gross incom o______________________ $1,150,184
Bond and other interest_____________ $1,082,317
3,153
Other fixed chargos__________________

$1,232,022
$ 1 , 101,112
2,524

$1,477,158
$1,057,927
10,608

1913-14.
$4,562,113
2,250,240
685.053

B a la n c o __________________________
charged to capital a ssets..

$64,714
66,009

$128,386
78,053

$408,624
236,328

T otal.................... ..................................
R os’vo for advances to Oakl. Tor. C o.

$130,723
83,991

$206,439
1)247,039

$644,952

Balance, surplus or d eficit_______ sur.$46,732 def.$40.600sur.$644,952
♦Included In theso amounts in 1915-16 are direct exposition ferry earn­
ings, $111,553; exponses, $65,392. Loss to jitnoy com petition 1915-16
estimated at $320,000, with no corresponding docreaso in opor. oxponses.
a Consist principally o f valuation and othor expenses incurred during
previous years, carried by formor management In susponse, now charged
against incom e, in accordance with I. C . C . regulations.
b Includes advances inado during previous years; am ount applicable
to this period, $96,367.
See item on a subsequent page under “ Gonoral Investm ent N ow s.”
— V. 103, p. 580.

Maritime Coal, Railway & Power Co., Ltd.
(Report f o r F iscal Y ea r en ding F eb. 29 1916.)
Pres. William Hanson on April 29 roported in substance:
R e s u lts . — Tho not profits, after providing for all administration and gon­
oral chargos, bad debts, depreciation on mining rights, & c., amounted to
$136,193, an incroaso o f $24,9S2 over 1914-15. Out o f this amount there
has been paid interest on bonds, $97,40 7: transferred to tho sinkbig fund
reserve account, $4,710; discount on securities account, writton o ff, $8,841,
and $13,534 credited to depreciation and renewal ro.scrvo account, leaving
$11,701 credit to profit and loss account, which now stands at $65,356.
Additional bonds wore issued to tho am ount o f $44,500 and $5,500 o f bonds
woro redeemed by means o f tho sinking fund and canceled.
C o a l D e p a r tm e n t . — During the first half o f the year demand for coal was
light and prices generally were poor, but during tho latter half o f tho year
conditions improvod considerably. Liko m ost o f the coal com panies, how ­
ever, wo have suffered and are now suffering considerably through shortago
o f labor consequent upon the war, no loss than ono-thlrd o f our minors hav­
ing already enlisted for ovorsoas sorvico. T he necessary developm ent work
has boon kept up during tho year and there Is coal now opened up at tho
present rate o f output, for at loast two years to com e.
P R O F IT

AN D

LOSS

ACCOUNT.

Y e a r e n d in g —
F e b . 29 '16. F e b . 28 T 5 . F e b . 28 '14. F e b 28 T3
N ot p rofits......... .............
$136,193
$122,473
$116,960
$100 361
D lsct., & c., written o f f .
$8,841
$7,870
$7,101
$9 553
D epreciation___________
13,534
6,416
6,047
(3091
M iscellaneous__________
______
9,846
12,617
14 326
Bond interest__________
97,407
93,602
75,120
56 045
Sinking fu n d ___________
4,710
3,842
4,289
3)999

Balance, surplus_____

$11,701

B A L A N C E SH EE T FEB.

$897

$11,726

$10,347

29 1916 A N D F E B . 28 1915.

F eb .29'16 Feb.2S'15.

Assets —
$
S
Property *.................3,455,670 3,416,951
Investments (cost)..
56,500 56,500
Book debts.............. 163,941
132,075
Stocks at stores___
9,930
9,423
Mining supplies----22,936
18,809
Coal on hand--------16,061
10,432
Cash..........................
52,198
26,838
Uncxpired lnsuranco
3,780
4 803
Dlsc’ t on securities-159,137 149,526

7’e6.29T6.7’e5.28’ 15.
L iabilities —
S
$
Common stock........ 2,000,000 2,000,000
Preferred stock____
27,500
16,500
First mtgo. bonds__ 1,634,000 1,595,000
Accounts payable__
27,732
25,832
Accr’d bond Interest 41,452
30,608
Depreciation reservo 63,784
38,949
Othor reserves--------47,607
36,800
Sinking fund............
32,723
28,014
Surplus....................
65,356
53,654

T o ta l.......... ........ 3,940,154 3,825,357
T o ta l.................... 3,940,154 3,825,357
Property includes mining rights, developm ent, oloctric -power plant,
roa lesta to. maritime railway and equipment. There is also a contingent
liability on bills discounted, $32,181.— V . 102, p. 21G6.

Buffalo Lockport & Rochester Ry.
30 1910.)
In connection with tho default on tho 1st M . bonds, tho
following statement has been given out. Seo also nows item.
(Statem ent o f E a rn in g s f o r Fiscal Y ea r en ding Ju n e

30.
1915-16. 1914-15. 1913-14. 1912-13. 1911-12.
Gross earnings__________
$436,134 $416,102 $393,354 $410,072
Operating expenses______ .$232,581 $254,028 $380,054 $288,958 $246,436
T a xes____________________ . 19,200
16,600
18.250
18,550
15,000
$147,395
$85,846­ $148,636
Othor Incom o____________819
668
950
974
2,668
Gross incom o__________ $148,214 $166,174 $118,748 $86,820 $151,304
Int. on funded d eb t______ .$149,956 $137,500 $1.37,500 $137,500 $137,500
3,160
Other lilt, accruod----------- .
10,600
7,000
4,500
910
Track & torm. rentals, &c.. 39,297
39,182
28,739
23,053
24.870
I N C O M E A C C O U N T FOR F IS C A L Y E A R S E N D E D J U N E

N ot corporate d eficit—




$44,199

$21,103

$54,491

$78,233

1916.
1915.
$
8
Capital s to ck
4 .000,000 4 .000,000
Funded d e b t
2 ,999,000 2 .750,000
A ccrd . taxes, &c.
69,554
68,926
L ’ns & notes pay.
35,000)
A c c ’ts p a ya b le. .
196.340
18,500
Miscellaneous
23,093
Casualties, & c._
5,195
31,079
C orporate s u r p .l .090,422 1 ,180,050

T o t a l ------------8,266,021 8,201,140
— V . 103, p . 578.

T o t a l _______ 8,266,021 8,201,140

Fixed cap ita l___ 8
M iscell. in v e s t ..
M a t’ls & suppl’s
C ash ___________
Special d ep osits.
A c c ’ts receivable
P repaym ents___

Consolidated Gas, Elec. Lt.

L i a b i l it i e s —

Power Co. of Baltimore.
30 1916.)
On subsequent pages will be found the remarks of Presi­
dent Herbert A. Wagner, in addition to the income account
for tho year ending June 30 1916, and the consolidated bal­
ance sheet as of June 30 1916. The company recently cele­
brated the 100th anniversary of the establishment of its
business, tho city of Baltimore having been the first munici­
pality in tho Union to have the use of illuminating gas.
&

(R eport f o r Fisca l Y ea r en ding J u n e

C o m p a ra tiv e S ta tem en t I n d i c a t in g th e D e v e lo p m e n t o f th e B u s in e s s — Y e a r s
E n d in g J u n e 30 1911, 1915 a n d 1916.

30.

1915-16.
Gross operating rovonuo____________ *$4,417,848
Operating and general oxponsos_____ *2,295,273
M aintenance (incl. ros’ vo for doprec.)
*719,726
a48,085
T ax o s _______________________________
264,992

A d d — Int.

30.

1916.
1915.
$
$
179,32318,149,064
4,350/
18,017
19,006
3,051
6,092
20,7151
10,130
7,768/
32,797
16,848

A s s e t s —-

$11,976

,
1915-16.
1914-15.
1910-11.
43,527
38,419
17,608
Electric custom ers........................
Electric sales In k. w. hours____ 183,475,608
126,933,209
54,892,372
Gas sales in cubic feet___________ 4,504,573,000 4,199,790,500 3,140,663,170
Gas custom ers.......................
126.550
121,866
101,888
Gas ranges in u s e . . . ....................
111,600
102,874
67,595
AVater heaters in u s e . . ..............
29,534
25,712
15,852
I N C O M E A C C O U N T Y E A R S E N D I N G J U N E 30.
1915-16.
1914-15.
1913-14.
1912-13.
$
S
S
$
Incom e from gas_______
3,459,871
3,374,916
3,250,202
3,260,956
Incom e from electricity. 3,881,666
3,301,200
3,073.938
2,801,995
Other incom e__________
90,232
113.286
76.756
52,022
T otal gross incom e___ 7,431,769
6,789,402
6,400.896
6,114,973
Oper. expenses & taxes. 3,848,076 a 3 ,576,583
3.333,821
2,963,180
N et earnings_________ 3,583,693
3.212.819
3,067,075
3,151,793
In t. on funded debt, &c_ 1,580,058
1,640,361
1.567,690
1.476,768
Surplus for dlvs., & c. 2.003,635
1,572,458
1,499.385
1,675,025
Preferred dividend (6 % )
246,225
262.848
310,326
365,357
C om m on dividend____ (7% )885,578
(7)801,781
(6 )5 8 1 ,2 3 6 (5 ^ )4 4 5 ,3 1 6
R es’ve for contingencies
134,542
47,829
Reservo for depreciation,
am ortization, & c____
550,000
460,000
460,000
460,000
90,000
Charged o ff to bond disc’t
Special reserve_________
______
125)666
3'o6"666
T otal deductions-----1.906,346
1.572,458
1,476.562
1,570,672
N et s u r p l u s ...................
b97,289
N one
22,823
104,353
a D oes not include now business and extraordinary expenses, amounting
to $125,000, cnarged to “ special reserve for now business cam paign and
extraordinary expenses.”
b On a strictly com parative operating basis, without applying the "special
reserve” credits to operations referred to in the note f,a , " the “ su rp lu s"
would show an Increase o f $489,003 and “ net surplus” an incroaso o f $222,­
289.
C O N S O L I D A T E D B A L A N C E S H E E T J U N E 30.
1910.
1915.
1916.
1915.
Assets —
Liabilities —
$
s
S
$
Property, plant,
Common stock...14.385.734 11,472,334
franchises, A c .. 44,624,002 44,070,027 Preferred s to c k ... 4,103,754 4,103,754
Investments........ 2,813,909 2,220,154 Funded debt----- *27,859,423 31,258,995
Unfinished plant
Notes payable___
887,500
250,000
Investment___
566,257
164,542 Unpaid wages (not
due) ................ ..
Cash on hand. In
18,629
23,416
Accounts payable.
bank and with
323,064
206,825
921,715 1,708,471 Accr’d bd. Int.,Ac.
fiscal agents__
513,985
557,502
Depre’n ,&c. .res’ve 962,058
Acc’ts A notes re­
609,625
ceivable_______ 1,134,485 1,216,500 Sund. accruals,Ac.
181,967
463,836
839,708 Divs. pay. July 1.
Mat’ls & supplies.
827,194
246,467
200,766
50,179
Res’ve for contlng.
Sink. fd. invested.
50,179
200,000
47,829
Uninvested___
294,301 Mlsc. def. Items..
187,875
206,996
162,277 Surplus................ 1,421,570 1,324,281
Miscellaneous___
354",285
T o t a l ............... 51,292,026 50 726 159
T o t a l .............. 51,292,026 50,726,169
* Funded d ebt includes: Consol. M . 5 % Gas bonds, duo July 1 1939, $3 400,000; gen. M . 4 H % Gas bonds, due Apr. 1 1954, $6,100,000; gou. M .
4 44% G . & E. bonds, due Fob. 14 1935, $10,831,000; United E. L & P
C o. i ) 4 % bonds, duo M a y 1 1929, $4,428,000; C onsol. M . 5 % dob. stock,
series ,#A ." $3,100,423.— V . 103, p. 409.

American Hide

Leather Co., New York.
30 1916.)
Pres. Theodore S. Haight, Aug. 18, says in substance:
&

(P relim in a ry Report f o r F isca l Y ea r en ding J u n e

B u s in e s s . — T he volum e o f business for the year exceeded b y over S4,500,000 that o f 1914-15, while tho general and selling expense decreased
$24,000. T ho net profits over all charges, approxim ately $1,613(000,
wore the largest In the com p any’s history.
P r o p e r t ie s S o ld . — T ho com pany has sold to Howes Brothers C o . and tho
Michigan Panning & Extract C o . all o f Its sole leather plants located
respectively at Munising and M anistee, M ich ., and M errill, W is., for
$500,000 In cash, payable in installments tho last o f which will bo payable
on April 1 1917. It has sold to tho same purchasers at cost for cash, its
hides and solo loather .as delivered, also the tanning materials and supplies
connected with said plants for cash payable in installments, the proceeds
o f which sale will am ount to about $1,500,000, so that the total cash which
the com pany will receive from this transaction will ho about $ 2,000,000.
As tho com pany is prim arily engaged In tho businoss o f m anufacturing
upper loather, the directors for several years have doom ed it desirable to
dispose o f its solo loather plants. T ho $200,000 received up to June 30
1916 on account o f tho purchase price o f tho sole leather plants has been
paid to tile Equitablo Trust C o. o f N . Y ., tho trustee o f the com p a n y’s
1st m ortgage and invested by it, as such trustee, in the com pany's bonds.
T he balance o f $300,000, as and when received, will be paid to the trustee
o f mtgo. and will be similarly invested in accordance with terms o f m tgo.
T ho m oneys derived from the sale o f hides, sole leather, A c ., under tho
contract, amounting to about $1,500,000, will, as and when received,
becom e part o f tho com pany’s gonoral funds in the same manner as if said
hides, leather, A c ., had been sold in the usual course o f business.
S in k in g F u n d . — T ho operations o f this fund under tho first m ortgage have
boon along tho usual linos required theroby, bringing the principal o f the
amount o f bonds in said fund up to $4,080,000, being an increase o f $ 374,000.
In order to moot its further immediate sinking fund and other requirements
tho com pany has acquired b y purchase, as opportunity offered, $407,000
additional bonds. T he sinking fund requirements on Sept. 1 next will
amount alone to about $270,000 o f bonds.
D iv i d e n d s . — On July 25 a 5 % cash dividend was declared upon the p ref.
stock, payablo on Sept. 1.
In declaring and fixing tho rate o f this d iv i­
dend the directors carefully considered the rights o f tho p ref. stock ­
holders to a distribution o f a portion o f the accumulated profits and de­
termined that a larger dividend could not wisely bo declared in view o f
tho additional working capital requirements o f tho com pany at this tim e
duo to tho extrem ely high prices o f all materials entering into the carrying
on o f its business.
T ho management notes that the pref. stockholders havo been asked for
contributions and proxies b y a so-called “ Preferred Stockholders’ Protec­
tive C om m ittee,” and has no hesitation in advising stockholders that no
adoquato occasion exists for tho form ation o f such a com m ittee and that in

tho opinion o f tho management its activities aro against the interests o f the
com pany and o f tho stockholders. (V . 102, p . 346.)
IN C O M E

ACCOUNT

OF C O M P A N Y

AN D

IT S

S U B S ID IA R IE S .

1915-16.
Trading p rofits_________$2,764,906
A dd m iscellan’s in com e.
23,355

1914-15.
$1,888,588

1913-14.
$1,023,481
41,202

1912-13.
$1,488,872
5,600

T o t a l ............................. $2,788,261
D ed u ct—
$203,989
R eplece’ts, renow .Sc rep.
Bad debts and reserv e..
24,000
R es. for possible deprec’n
in values o f raw s tock ,
& c., on hand_________
250,000
Interest on loans, less in­
terest earned_________
______
x Int. on 1st M . b on d s. .
511,500
Cost o f 150 bonds for s. f.
155,781

$1,888,588

$1,064,683

$1,494,472

$173,937
18,825

$188,296
17,195

$214,844
12.741

74,404
511,500
149,948

87,332
511,500
153,155

126,410
511,500
153,460

$928,614
T otal deductions____ $1,145,269
$959,974
Balance, surp. for y ea r. $1,642,992
B v Includes interest on bonds in sinking fund.

$957,478
$107,205

$1,018,955
$475,517
30.
1915.
S
13,000,000
11,500,000
4,819,000
170,500
750,000
483,378
180,381
86,712
3,781,038
4,246,294

G o o d w ill, & c . , W r itte n o f f .— Tho asset item o f brands, trado-marks,
patents, good-w ill, & c., which stood on tho books o f tho com pany at $ 4 ,­
193,113, has been reduced to tho nominal figuro o f $1 and tno reduction
has beon charged against the surplus account, leaving this item on June
30 1916, $8,638,388. While your directors believe that tho good -w ill,
representing, as it does, a clientele o f nearly 50,000 local agonts and the
brands and trade-marks, dating back sixty years in som o instances, aro
valuable assets and actually worth to tho businoss as m uch as or m oro than
tho amount at which they have beon carried on the books, y o t, in their
opinion, tho com pany can well afford to chargo them o ff and thus eliminate
from its assets anything that can be considered intangible.
I N C O M E A C C O U N T Y E A R S E N D I N G J U N E 30.
1912-13.
1913-14.
1914-15.
1915-16.
P r o f it s f r o m —
icom e (lncl. prof
.* $7,947,506 $6,096,115 $5,280,151 $3,571,353
subsidiary cos.)
86,036
.
227,322
129,006
92,227
Other sources____

B A L A N C E S H E E T O F C O M P A N Y A N D S U B S ID IA R Y COS. J U N E

1916.
1916.
1915.
Liabilities —
$
aCost of proper’s .26,650,386 27,120,680 Preferred shares..13,000,000
bS2,225
b75,038 Common shares..11,500,000
Sinking fund........
Supplies................ *9,505,179 9,433,403 1st M . 6% bonds.d3,848,000
170,500
Bills & accts. rec. .c 2 ,265,854 1,560,853 Interest accrued..
Sundries,claims,&c
5,120
3,400 Bills payable.
Foreign exchange. 847,699
Insur. unexpired A
156,444
prepaid Interest.
99,645
8j ,641 Trade accounts__
Acer, taxes, &c__
130,139
Bonds of Am. H. A
______
83,823 Sink, fund 1st M . 4,138,776
L. purch. (cost).
Cash....................... fl,072,435
659,466 Surplus_________ 5,889,286

T o ta l................ 39,680,845 39,017,304
T o ta l.................39,680,845 39,017.304
a C ost o f properties includes 4,517 shares preferred and 2,259 shares
com m on stock o f American Hide & Loather C o. held in trust.
b Includes only cash and accrued interest, tho par valuo o f bonds in sink­
ing fund ($4,080,000 in 1916, against $3,706,000 in 1915) not being treated
as an asset— See foot-noto d .
* After deducting $250,000 roservo for possible depreciation in valuos
o f raw stock and tanning materials on hand.
c A fter deducting rosorves o f $171,479 for doubtful dobts and discounts
in 1916, $157,053 in 1915.
d A fter deducting $475,000 bonds in treasury yoarly and in 1916 $4,­
080,000 bonds in sinking fund (son foot-n oto b) $190,000 hold by trustees
as invosted proceeds o f released property sold and $407,000 in treasury in
anticipation o f im m ediate sinking fund and other requirements,
f Before declaration o f dividend.
N o t e . — The balance sheet as o f Juno 30 1916 is an unadjusted balanco
sheet.— V . 103, p . 494, 408.

$8,174,828
$858,801
468,331
415,061
987,107

$6,225,121
$821,488
488,025
350,069
890,394

$5,372,378
$893,386
502,908
109,575
800,794

$3,657,389
$553,431
511,232

. $2,729,301
. $5,445,527
. 1,653,492
.
737,236

$2,549,976
$3,675,145
1,654,176
737,236

$2,306,663
$3,065,715
1,658,258
738,399

$1,064,663
$2,592,726
1,632,687
733,232

Loss reserve for fr ’t, &c..
Interest on m tgo. bonds .
d o debenture bonds .
.

C om . divs. (4 % ).

(x)

$226,807
$669,058
.y$ 3 ,054,799 $1,283,733
x After deducting “ operating charges’ and in 1913-14 and 1912-13 re­
pairs and renewals, which are shown separately and doducted below in
later years.
y Tho total accumulated surplus, June 30 1916, aftor deducting $4,193,­
112 brands, trade-marks, patents, good-w ill, & c., written o ff, was $8,­
638,388.
B A L A N C E S H E E T J U N E 30 ( I N C L U D I N G S U B . C O S ).
A ssets—
1916.
1915.
1914.
Land, buildings and m achinery_____ $14,949,537 $14,776,713 $14,319,790
E quip. & floating property__________ 2,907,207
2,709,823
2,448,495
Other investments__________________
4,898,198
4,616,194
4,102,192
M ining properties__________________ 18,065,840 17,190,004 16,975,471
Brands, patents, good-w ill, & c______
1
4,193,114
4,141,900
Sinking fund (am t. unexpended)____
210
1,579
1 ,5 7 2
Accounts receivable_________________ 13,138,081
15,444,629 17,571,377
Bills receivable______________________ 8,079,630
8,795,493
6,544,934
9,009,951
9,104,158
M erchandise and supplies___________ 8,989,831
Unexpired insurance, taxes, & c______
242,683
241,606
232,432
Guar, a cc'ts reeeiv., new con str., ex__
pends, chargoablo to future o p ., &c. 1,566,565
965,913
770,488
Cash in bank and in transit__________ 2,652,520
2,109,660
1,274,651

T otal assots_______________________ $75 490,303 $80,054,679 $77,487,460
L ia b ilitie s —■
S tock, com m on ______________________ $18 ,430 ,900 $18,430,900 $18,330,900
Stock, preferred______________________ 27 ,558 ,200 27,558,200 27,112,700
Distillers Securities Corporation, New York.
1,871,410
1,706,757
Accounts payablo, accrued taxes & c . 2 ,047 756
3,213,800
4,835,081
106 ,540
N otes payablo_______________________
(14th A n n u a l Re-port— Y ea r ended June 30 1916.)
9,806,000
9.428.000
First mtge. convert, gold bonds_________ 9069 000
Secretary T. H. Wentworth, Aug. 11, wrote in substance: Debenture bonds___________________ 8 ,500 ,000 7.500.000 7,000,000
T he present management took chargo o f tho com pany's business and a f­ Reserve for fire insurance___________
819,040
1,659,683
300 ,348
d o d o property depreciation—
fairs in O ctober 1913. A com parison shows:
314 ,110
d o d o ronewais anu con ting’s ---C ost o f
In terest
N et
T o ta l
N e t Q u ic k
T o ta l
d
o
d
o
d
oubt,
accts
&
con
tin
g
's.
525
,060
A d m in .
C h g e s. P r o f it .
L i a b ilit ie s .
A ssets.
S u r p lu s .
P rofit and loss, surplus------------------------- *8 ,638 ,388
9,776,701
8,492,967
19121 3..$ 3 10 ,1 2 8 $729,834 $359,567 $10,880,349 $10,178,707 $3,906,678
19131 4 .- 175,596
684,459 701,864
10,477,106 4,240.558T otal liabilities.................... .............. $75,490,303 $80,054,679 $77,487,460
19141 5 .99,003
331,101 1,430,873
11,882,758 5,648,300
* See foot-n oto y a bovo.— V . 102, p. 1348.
19151 6 ..
____________
6,553 3,327,095
12,925,435 8,490,846
T ho surplus lias increased over 100% in the last tw o years, and this re­
sult has been attained notwithstanding $2,000,000 o f tho outstanding bonds
woro purchased and canceled during tho year ending June 30 1916.
T ho com pany has practically no floating d ebt and on June 30 1916 had
$2,203,198 cash on hand. It has $12,925,435 o f not q u ick assots, all o f
which are good . A largo part o f those assets, consisting o f morchandiso,
has beon inventoried at cast, but has a greater market valuo.
T ho board recommends that the fiscal year should bo changed so as to
correspond with the calendar year, and that tho dato o f the annual m eeting
o f stockholders be changed to tho third W ednesday in M arch.
I N C O M E A C C O U N T F O R Y E A R S E N D I N G J U N E 30.
1915-16.
1914-15.
1913-14.
1912-13.
Gross profits (all sources) $4,806,755 $3,143,843 $3,032,209 $3,046,165
D ed u ct—
$729,834
$331,101
$684,459
In t. on notes and loans.
$6,553
187,317
155,068
139,774
T a xes............................
141,846
133,084
R e n t a ls ________________
42,321
61,396
69,286
93,301
225,446
205,039
96,933
In s u ra n c e ______________
247.995
307,693
195,473
A dditions and m aint___
231,771
99,003
310,128
175,596
C ost o f adm inistration. .
168,127
T o t a l .............................
$687,551
N et earnings_____________$4,119,204
Interest on bonds______
$792,110
D lb id e n d s ................... (1 ^ % )4 8 4 ,5 4 8

$920,049
$2,223,794
$792,922
X23.131

$1,537,443 $1,893,502
$1,494,766 $1,152,663
$792,902
$793,096
x3 5 ,1 3 1 (l% )3 5 3 ,1 6 9

T otal int. and d i v s . . . $1,276,658
$816,053
$828,033 $1,146,265
Balance, surplus..............$2,842,546 $1,407,741
$666,733
$6,398
x Includes in 1914-15 and 1913-14 only dividends paid on unconverted
stocks o f constituent com panies.
C O N S O L I D A T E D B A L A N C E S H E E T J U N E 30.
1915.
1916.
1916.
1915.
$
$
Liabilities —
Property account.43,452,620 43,628,512 Capital stock—
Dtst. Sec. Corp.31,435,681 30,843,481
Investment..........
618,960 1,553,957
Constituent cos. 1,991,013 3,192,153
American Spirits
Mfg. sink, fund
..
806 Bonded debt........ 13,726,141 15,565,236
131.006 Real estato mtges.
Insurance fu n d ...
..
93.000
(sub. cos.)____
93,000
Accounts and bills
95.000
--------receiv’le (good). 5,793,438 5,032,828 Bills payable------479,043
Trade acc’ts, A c ..
646,702
Mdse., mat’ ls and
205,585
181,172
supplies at cost. 5,137,713 5,613,261 Accrued bond Int.
7,885
2,290
331,334 Unpaid dividends.
Cash...................... 2,203,198
Dlv. pay. July ’16 467,895
162,021
Reserves........ .....
171,189
Surplus_________ 8,490,846 5,648,300
T o ta l.............. c57,205,928c56,291,704
T ota l...............c57.205,928c56,291,704
c Totals differ from those in the com pany’s report. T ho curront trade
accounts, accrued bond in t., loans from associated cos. and bills payablo
aro shown above under liabilities; in tho report they aro deducted from cu r­
rent assets and om itted under liabilities.— V . 103, p. 64.

American Agricultural Chemical Company, New York.
(Report f o r Fiscal Y ea r en ding June 30 1916.)
President Peter B. Bradley, Aug. 22, wrote in substance:
R e s u lts .— A fter deducting all operating charges, offico and selling ex­
penses, interest on bonds and notes, and aftor charging o ff $987,107 for
depreciation o f plants and mines, and deducting $858,801 for freights,
losses and contingencies, there remained a net profit o f $5,445,527. From
this amount tiiere have been paid four quarterly dividends o f 1 % % each
on tho pref. stock, aggregating $1,653,492, and four quarterly divfdonds o f
1% each on the com m on stock, aggregating $737,236, making a total o f
$2,390,728. leaving a balance o f $3,0o4,799 carried to tho surplus account.
This gratifying result o f tho com pany’s operations for tho year was par­
tially due to certain abnormal conditions which favorably affected the
demand and pricos o f some products o f tho com pany and wont far toward
minimizing tho adverse results o f the very unfavorable weather conditions
which prevailed over a wido area o f tho country during the past spring.
B o n d s S o ld .—-Since July 1 1915, the com pany has sold $1,000,000 or its
5 % convertible debenture bonds, the proceeds o f which, togethor with excollent com m ercial collections, enabled tho com pany to roduco its floating
d eb t to a nominal figure.




Columbia Gas & Electric Company.
( F in a n cia l Statem ent f e r Six M o n th s en ding J u n e 30 1916.)
C O N S O L I D A T E D I N C O M E A C C T . F O R 6 M O S . E N D E D J U N E 30.
(Including the Colum bia Gas & E lec. C o. and tho Union Gas & Elec. C o .)
------------ G ro ss E a r n in g s ------------ - — O p e r . E x p e n s e s & T a x es —
1916.
In crea se. I n c ., % .
1916.
In crea se. I n c ., %
G a s . . . ......... $2,576,013 + $180,464
+ 7 .5 $1,215,310 +$103,847
+ 9 .3
—le c tr‘ ic ____ 1,410,355
-------------+ 168,318 + 1 3 .5
549,826
+ 5 2 ,17 0 + 1 0 .5
E
+ 37,278 + 5 .4
467,114
— 7,148 — 1.5
R ailw a y-----720,644
+ 1,253 + 6 .0
14,485
— 66 — 0.4
W a t e r _____
22,091
T o t a l ____$4,729,103 + $387,312
+ 8 .9 $2,246,735 +$148,803
+ 7 .1
lOKi
TtiCYPn^t* Tnr %
N et operating earnings.........................
$2,482,367 +$238,509 + 1 0 .6
Other incom e_______________________________ a244,401
+ 1 5 ,51 4 -------Gross incom e_______________________________ $2,726,768 +$254,023 + 1 0 .2
Rental deductions________________________ 1,685,410
+4,6.34
+ 0 .2
Accrued int. on 1st M . 5s o f C ol. Gas & E L .
266,167
+ 5 ,2 8 3
+ 2 .0
Acer. int. on 5 % gold debs, o f C ol. G . & E C o .
65,412
+ 3 ,7 5 0
+ 6 .0
Other accrued int. o f C ol. Gas & E l. C o ____
13,926
— 5,664 — 28.9
Balance, su rp lu s__________________________ n$695,853 +$246,021 + 5 4 .7
a Included in “ other incom e” are dividends on tho com p any’s holdings o f
United Fuel Gas C o . stock, but this com p any’s proportion o f tho undistrib­
uted earnings o f tho United Fuel Gas C o ., amounting for tho six m onths’
period to approxim ately $332,000, are not so included.
T he gross earnings for the m onth o f July 1916 were $588,207, an increase
o f 1 9.4 % , and tho total net incom e, $330,073, an increaso o f 29.6 % over
July 1 91 5 — V. 102, p. 1720, 1354.

Texas Company, Houston, Tjxas.
30 1916.)

(R eport f o r F isca l Y ea r en ding J u n e
IN C O M E A C C O U N T .

1915-16.
1914-15.
1913-14.
1912-13.
Gross e a rn in g s..............$37,708,382 $26,391,745 $25,924,405 $25,882,804
Oper. expenses & c____\a21.961.649 al8,367.053 al8.17 1 .9 4 6f 12,937,202
T a x e s .............................. /
\
901,443
"N o t oarnings” ............ $15,740,733 $8,024,692
D e d u c t —■
$1,338,900
S. F. & dopr. accou nt_______________ 1,647,315
292,465
P rov.for b ad ,& c., a cc’ts.
200,557
Insurance reserve______
(b)
3,000,000
D ividends_____________
3,350,000
10%
Per cent o f divid end s.
10%

$7,752,459 $12,044,219
$1,395,321
171,163
(b )
2,550,000
8>*%

$4,843,797
287,299
250,000
1,620,000
6%

T otal deductions______ $5,197,871 $4,631,365 $4,116,484 $7,001,096
Balance to surplus______ $10,548,862 $3,393,327 $3,635,975 $5,043,123
a Includes insurance, b See foot-note (a ).
B A L A N C E S H E E T J U N E 30
1916.
1915.
1916.
1915.
L iabilities—
$
S
Assets —
$
S
Plant account*__ 46,857,435 37,808,321 Capital stock___ 37.000,000 30,000,000
Other Investments 2,051,760 5,880,726 6% gold debs___ 15,700.000 15,000,000
Storehouse supp.. 1,538,617
888,723 6% serial notes__ 1,500,000 1,800,000
Stk. sub. now lssuo 0,716,390 3,787,019
Stocks of oil, crude,
refined, A c___ 29,993,611 15,611,236 Accts. A bills pay.13,291,197 7,361,355
Unexplrcd Insur..
239,319
256,682 Provis’n for doub300.000
300.000
ful accts. recelv.
Bonds and mtges. 8,298,407 5,906,000
Insur. reservo fund 500.000
500.000
Bills & accts. rec. 15.187,370]
182,849
Adv. to sub. co s .. 3,716,007)14,904,161 Provision for taxes 350,873
450.000
do int. on debs, 471.000
Contract advances 557,738)
do int. on notes
45,000
54,000
Cash on hand___ 5,661,081 4,174,083
S. V. A depr. acct. 13,142,723 11,495,408
Surplus.............. 25,078,163 14,529,301
T o ta l.............. 114,101,346 85,459,932
T o ta l............... 114,101,348 85,459,932
* Investments in real ostato, loasos, rights o f w ay, plpo linos, tankage,
refineries, ships, cars, terminals, distributing stations, natural gas wells
and equipm ent.— V . 103, p. 150.

Indian Refining Co., Inc., New York.
30 1916.)
Pres. Theo. L. Pomeroy, N . Y ., Aug. 25, says in subst.:
(Report f o r the Six M o n th s en ding J u n e

R e s u l t s .— The earnings for the past six months, after deducting all inter­
st charges, depreciation and amortization and setting up the usual rosorvo,
amounted to §948,452, against a loss o f §85,676 for tho six months in 1915.
The prosont indications are for a materially better showing for the last six
months of this year.
Adequate provision has boon made for a supply o f crude oil for a consid­
erable time to corno, and if tho prosont rate o f earnings continues tho direc­
tors look forward to a reduction in tho debts o f the company to a safe
amount and tho resumption o f dividends in tho not too distant future.
During the six months there lias been a not reduction in tho capital lia­
bilities o f $146,200, with an increase in tho net current assots of $1,063,481.
There has boon an incroaso in sinking fund of $114,241 and a further ex­
penditure on the properties of $144,417, which latter amount is moro than
offset by tho proceeds of tho sale o f the Meroaux, La., plant, which tho
Freoport & Tampico Fuel Oil Corp. has purchased for $150,000.
During tho six months thero has been charged o ff a proportion of tho
bond issuance and financing expense amounting to $42,029; also $86,625
for depreciation, and the gonoral roserve has been incroasod by $277,903.
P r o f i t s , & c . , f o r S ix M o n t h s e n d in g J u n e 30 1916.
Reduction in capital liabilities: Bonds retired, $206,200; loss
additional bonds sold, $130,000
- ................
$76,200
70,000
Car trust notos retired: Sorios “ A ,” $50,000; sor. " B ” $20,000-Increase in net current assets________________________________ 1,063,481
36,670
Financing exp. to bo amort., $16,661; in def. charges, $20,009-Increase in sinking funds____________________________________
114,241

T o t a l _________________________ ______ ___________ ___________________ $1 ,3 6 0 ,5 9 2

Less: Proceeds saio Meroaux plant, $150,000; and deduct addi­
tions to other proporty, $144,417; balanco-----------------------------

$5,583

“ N o t o a r n s .” a fte r in t. ch a rge s b u t n o t d e p r o c ., & c. (see b e l o w ) . 1,355,009
B o n d issu an ce an d fin a n c in g expense a m o rtize d an d ch a rg e d o f f
»’2o r

Rosorvo for depreciation on properties-----------------------------------

A d d it io n t o gen eral r e s e r v e ________________________________________

z 7 7 ,J u o

Net amount credited to deficit account for tho six m onths.. $948,452
Tho sale of Havolino products continues to show a satisfactory increase,
tho salos for this period being about 50% greator than the same period
last year. Tho material improvement in the selling prices of our products
in tho last few months of 1915 continued during tho tirst half of tho current
year, and the result is shown in the substantial balanco remaining from the
operations for this period as compared with previous year.
P R O F I T A N D L O S S A C C O U N T F O R 6 M O N T H S E N D I N G J U N E 30.
1916.
1915.
Net income for 6 months, after deducting all int. chgs.$l,355,009 $333,987
D e d u c t — Amortization o f bond issuance & c.. e x p e n s e
42,029 47,597
Reserve depreciation physical properties, $86,625,
add’n to gen'l res’ve, $277,9 0 3 (all for 1J 1 6 )--_ --364,528 351,202
Add’l loss on sale of Georgetown.Refinery, $14,934, in
final settlement o f foreign acc ts, $5,930 (all for 1915) ------- 20,864
Balance, for 6 months ending June 30--------------- C r . $948,452 d e b $ 8 5 ,676
B A L A N C E S H E E T J U N E 30 (I n c l u d i n g S u b . C o s . ) .

C O N S O L ID A T E D

1916.
A ssets —

Capital assets-----In v. oils, & c.(cost)
Accts.roc.,less res.
N otes receivable-Cash_____________
Richard Levering
n o t e s __________
Invest, in oth .cos.
M iscellaneous____
Insur. fund assets.
Sink, fund assets.
Organ., & c., e x p ..
Profit & loss deficit

T otal

S

1915.

S

5,300,017
1,601,838
1,588,567
5,584
332,698

5,346,246
890,963
919,374
33,998
333,964

432,178
48,000
74,107
19,865
177,945
490,537
1,737,870

432,178
51,000
63,920
13,979
101,988
571,325
2,723,439

____11,809,206 11,482,375

1916.
L iab ilities—
$
Com m on stock___ 3,000,000
Preferred s t o c k .. . 3,000,000
1st M . bonds o u t. 1,473,000
2d mtge. n o t e s ... 1,167,000
Car trust......... ..........................
Purch.-money M .
4,000
A cc’ts payable-. .
632,428
Loans payablo—
850,000
Notes payable-----216,523
Int. accrued, & c._
46,287
Unclaimed d l v s -.7,468
Insur. fund r e s ...
19,865
Reserve against ex­
haustion o f oil
deposits, & c— 1,392,235

1915.
$
3.000.
3.000.
1,883,000
1,184,600
150,000
366,759
800,000
138,997
60,457
1,333
13,979
883,250

T o t a l --------------- 11,809,206 11,482,375

See also an official statement published on a subsequent page of this issue.
— V. 103, p. 496.

United Motors Corporation, New York.
(O fficial Statem ent o f J u ly 15 1916.)
This recent amalgamation, with N . Y . offices in Aeolian
Building, 29 W . 42d St., has issued a 60-pago quarto prospec­
tus embracing numerous photographs, and saying in subst.*

J a c k so n , K in g , K is s e l, L o z ie r , A la x w e ll, M itc h e ll-L e w is , M o o n , N a t io n a l,
O a k la n d , O ld s, P a ck a rd , P a ig e -D e tr o it, P a te rso n , P a th fin d e r C o . , R e g a l
C a r C o ., R e o C a r C o ., S a x o n , S c r ip p s-B o o th C o ., F . B . S tea rn s C o . , V e lie ,
W illy s -O v e r la n d C o . (2) 17 m o to r truck co m p a n ie s, su c h as B u ic k , C h ic a g o
P n e u m a tic ,T o o l, C o m m e r c e , F e d e ra l, G e n e ra l, G r a m m , In te r n a tio n a l H a r ­
v e ste r, J e ffe r y , K e lly -S p r in g fie ld , K isse l, L ip p a r d -S te w a r t, R e o , R e p u b lic ,
S ign al an d S ta n d a rd . (3) 12 axle an d transm ission co m p a n ie s. (4) 2 4 fa r m
tractor co m p a n ie s, n o ta b ly , A d v a n c e -llu m e ly , A v e r y , J . I . C a se , E m e r so n B ra n tin g h a m , M o lin e P lo w .
T h e com p an ies using H y a t t roller bearin gs
in v ariou s indu strial a p p lic ation s in clu d e, w ith o th e rs, several subsidiaries
o f tho U . S . Steel C o r p ., A m e ric a n C a r & F o u n d r y C o ., B a ld w in L o c o ­
m o tiv e W o r k s , D u P o n t P ow d er C o ., Fireston o T ir e & R u b b e r C o ., G e n ­
eral E le c tr ic C o ., G o o d rich R u b b e r C o ., G o o d y e a r T ir e & R u b b e r C o .,
In g e r so ll-R a n d C o ., O tis E le v a to r C o ., R a ilw a y Stee l Sp rin g C o ., R e p u b lic
Iro n & Stee l C o ., U . S . T ir e C o ., W e s te r n E le c tr ic C o ., W in c h e ste r R e ­
p e atin g A r m s C o .
A ls o 15 m in in g in d u strie s, n o t a b ly , U . S . S m eltin g &
R e fin in g C o .; 12 m in e car com p an ies- 2 9 co m p a n ies u sin g H y a t t roller bear­
ings in lin e sh a ft e q u ip m e n t, a m o n g th e m A m e r ic a n C a n C o ., n u m erou s
a u to m o b ilo m a n u fa ctu re r s. G r a n d T r u n k R y . C o ., In tern a tio n a l H a r ­
v ester C o ., P e n n sy lv a n ia Steel C o ., P h ila . & R e a d in g R y . , D u P o n t P o w d er
C o ., E a stm a n K o d a k C o ., U n ited Sh oe M a c h in e r y C o . .W isc o n sin M o t o r C o .
T h o N e w D e p a r t u r e M f g . p la n t com p rises 51 b u ild in gs in th ree g ro u p s.
T h e largest is a t B r isto l, C o n n ., w here b a ll bearin gs are m a d 6 , on e a t E a st
B r isto l, w here th e b e lls an d b icy c le accessories are m a n u fa c tu r e d , an d th e
third a t H a r tfo r d , C o n n ., d e v o te d t o th e m a k in g o f b a ll bearin gs in th e
sm aller sizes.
T h o to ta l flo o r sp a c o o ccu p ied in th e three p la n ts is 7 2 2 ,8 0 9
s q . f t . , w hich is e q u iv a le n t to n e arly 14 acre s, o r a single sto r y b u ild in g
4 0 feet w ide an d n e arly
m ile s in le n g th .
T h e N e w D ep a rtu re fa cto ries g iv e e m p lo y m e n t to 2 ,5 4 8 m e n an d w o m e n .
T h o d a ily p ro d u ction d u rin g M a y , w hilo n o t th e h igh est d a ily a v e ra g e ,
w as as fo llo w s: 1 4 ,8 0 0 b ea rin gs, 1 ,8 0 0 coa ste r b ra k e h u b s, 1 ,5 0 0 ,0 0 0 b a lls .
P resen t in d ication s are th a t th o d a ily p ro d u c tio n o f bearin gs a y ea r hence
w ill bo m ore th a n d o u b le th e p resen t d a ily q u a n t it y .
B ecau se o f th e im ­
p o rta n ce o f D e tr o it in th e a u to m o b ile in d u s tr y , th o N e w D e p a rtu re c o m ­
p a n y estab lish ed a sales an d en gin eering bran ch o f f ic e in th a t c ity in 1 9 1 1 .
I t also h a s a bra n ch a t F r eep or t, C o p e n h a g e n , D e n m a r k , for th e c on tin en t
o f E u r o p e , w ith o ffic e s also in L o n d o n an d P aris.
N o w D e p a r tu r e b all
bearin gs are used in au to m o b ile s in fr o n t a x le s, rear a x le s, transm issions
fa n s, m a g n e to s, speed gov ern ors, ig n ition tim e rs an d d istrib u to rs, in m o to r
tru ck c lu tch es an d ja c k sh a fts.
A m o n g their o th e r uses aro tro lley car
a xle jo u rn a ls, fa r m tr a c to r s, in d u strial tra cto rs, gaso lin e a n d electric loco­
m o tiv e s , aeroplan e m o to r s, m o to r c y c le p ow er p la n ts , lin e sh a ftin g p u m p s
p u lle y s , m ach in o to o ls , & c .
(T h e co m p a n y fu rn ish es a list o f 118 m o to r
an d oth er lead in g com p an ies to w h o m 9 0 % o f tho o u tp u t is s o ld .
A com ­
p le te list, it Ls s ta te d , w ou ld in clu d e m oro th a n 1 ,5 0 0 n a m o s.)
P e r lm a n D e m o u n ta b le R im s.— T h o idea o f th o d e m o u n ta b le rim ca m e to
L o u is I I . P e rlm a n , a N e w Y o r k e r , in 1 9 0 0 .
H e c o n tin u ed fu rth e r d e v e lo p ­
m e n t w o r k , an d In M a y an d Ju ne 190 6 he file d his ap p lic a tio n for p a te n t
w h ich w as gran ted on F o b . 4 1 9 1 3 .
T h o p a te n t cov ered a d e v ic e fo r t e n ­
sion in g a d e m o u n ta b le rim on a w heel an d a t th o sa m e tim e p re v en tin g th e
w heel an d rim fr o m ru stin g to g e th e r. • A fte r 2 } 4 y e a rs o f legal proceed in gs
th e U . 8 . D istr ic t C o u r t fo r tho S o . D is t . o f N . Y . h e ld t h a t th is p a te n t
w as basic an d ele m e n ta ry .
O n F o b . 15 1 9 1 6 th o U . S . C o u r t o f A p p e a ls
th o high est cou rt to w hich p a te n t eases m a y b e carried , a ffir m e d th e v e rd ic t
o f tho low er cou rt ( V . 1 0 2 , p . 1 9 0 1 ).
T h e secret o f A ir . P e rlm a n 's con trol
o f th e in ven tio n o f th e d e m o u n ta b le rim is th e w ed g e w hich a tta c h e s th e
rim socu rely to th e w heel an d overcom es th e irregu larities in th e r im s.
O n A la rc h 15 1 9 1 6 th e P e rlm a n R im C orp or ation w a s fo r m e d .
T h e p la n t
o f tho Jack son R im C o . a t J ac k son , M i c h ., a g o in g c on cern , w as p u rchased
an d m a n u fa ctu rin g w as b eg u n im m e d ia te ly .
B u t , as m oro th a n 8 0 % o f
th o au to m o b ile s b ein g m an u factu red w ere e q u ip p ed w ith rim s o f t h a t char­
a000
c te r , it w as decid ed to m ore th an d o u b le th o c a p a c ity o f tho Jackson p la n t.
T
h e fa c to r y as n o w c o n stitu ted com p rises 18 b u ild in gs o f steel an d con crete
000
c o n stru ctio n , so m e o f th e s a w -to o th ty p e .
T h o fa c to r y cov ers f i v e acres.
T h o b u ild in gs h a v e a to ta l flo o r area o f 1 3 9 ,4 2 0 s q . f t .
T h e ave rage d a ily
p ro d u c tion o f th e fa c to r y for th o p a st six ty d a y s h as beon 2 ,0 0 0 sets o f rim s
or 1 0 ,0 0 0 in d ivid u al rim s.
B y A u g . 15 th is p ro d u c tion w ill b e increased
to 4 ,0 0 0 sets per d a y an d b y O c t . 1 to 5 ,0 0 0 se ts per d a y .
A ll th e
m ach in es in tho fa c to r y are run b y electric m o to r s.
E v e r y a u to m o b ile m anu facturer* u sing d e m o u n ta b le rim s is a user o f th e
P e rlm a n c o n stru ctio n , th e list in clu d in g, w ith o th e r s, A lle n , A n d e r so n ,
B risc o e , C h a lm e r s, C h e v r o le t, D o d g e , G r a m m , H a y n e s , H a y e s , J ac k son ,
J e ffe r y , K e lly -S p r in g fie ld , K isse l, L o zie r, A lltcholl-L ew L s, A lo o n , O a k la n d ,
P a c k a r d , P a th fin d e r , R e g a l, R e o , S a x o n , S im p le x , S tea rn s, W i ll y s -O v ., & c .
T h o Rcm y E lectric C o. in 1 904 m o v e d in to a larger b u ild in g an d e ffo r t
w as cen tred up on th o m a k in g o f m a gn otos fo r a u to m o b ile s.
In 1911 a
gro u p o f In d ia n a p o lis businass m e n p u rchased th e R e m y E lec tric C o . as
a g oin g con cern , an d th e enterprise th ereafter d e v e lo p e d b y leaps an d
b o u n d s.
T h e p resent d a ily o u tp u t o f tho R e m y p la n t a t A n d e r so n , I n d ..
is 9 5 0 ign ition sy s te m s , com p osed o f ign ition d istrib u tors an d m a g n e to s
4 0 0 gen erators an d 3 5 0 sta r tin g m o to r s .
P r o v id in g p resen t con d itio n s
rem ain u n ch an ged , th is p ro d u ction w ill increase 3 0 % w ith in six m o n th s .
T h is y e a r's p ro d u ction w ill reach th o h igh m ark o f 4 1 0 ,0 0 0 ign ition sy ste m s
and 1 2 5 ,0 0 0 startin g an d lig h tin g o u tfit s .
T h e p la n t Ls com p osed o f 2 9
bu ild in gs w ith a com b in ed flo o r sp a ce o f 1 6 9 ,0 0 0 s q . f t . cov erin g 4 % acres.
T h e c o m p a n y a t present has eigh t branches located a t N e w Y o r k , B o s to n ,
A t la n t a , M in n e a p o lis, K a n sa s C it y , C h ic a g o , L o s A n g e le s an d San F r a n ­
cisco.
T h e r e are also 16 service sta tio n s op erated b y p r iv a te con cern s w ith
R e m y m ech an ics in ch arge, a n d 15 p a rts sta tio n s.

-Anti-friction bearings starting, lighting and ignition systems R e s u m e a s t o P r o p e r t i e s . P r o d u c t i o n , A c . , o f U n i t e d M o t o r s C o r p . , L td.
and demountable rims are established necessities for an up-to-dato autom b e r o f b u ild in g s, 1 1 0 , fo r th e m o st p a rt fa c to r y b u ild in gs o f th e m o st
mobilo. In order for the car to run properly, there must be a power to m oNdue rn
reinforced steel an d con crete ty p e .
A m a jo r ity o f th e m w ere
crank the ongino, sparks to fire tho cylinders and light for it to make its con stru cted
u rin g th o p a st th ree y e a rs.
T h e y r an ge fr o m sin g le -sto r y
way in tho dark, lhoro must bo anti-friction boarings wherever there is foun dries to dstru
ctu res 9 and 10 stories in h e ig h t.
T h e flo o r sp a ce o f th e
a turning part. Orders already placed assure tho equipment of about f iv e factories is equ al to 5 6 .3 acres o f la n d . N u m b e r o f e m p lo y e e s, 1 4 ,0 0 0 .
1.500.000 cars with at least one of tho parts mado by the companies com­ T o ta l horse-p ow er used d a ily , 1 3 ,6 8 0 . N o . o f m a n u fa c tu r in g com p an ies
prising the United Motors Corporation. A groat majority of those now se
rv e d , 1 0 ,3 1 8 .
E v e r y m o to r car in use is eq u ip p ed w ith on e or m ore
cars will have throo or four of these products and many will have all of thorn
rod u cts o f th e U n ite d A lo to r s C o r p o r a tio n .
N o . o f sales an d service
Tho Dayton Engineering Laboratories Co., Hyatt Roller Bearing Co '
ran ch es, 5 0 . V a lu e o f real e sta te , b ld g s. & m a c h in e ry e q u ip ., $ 1 4 ,0 0 0 ,0 0 0 .
The Now Departure Mfg. Co., 1 erlman Rim Corporation and Remy Elec­
N u m b e r o f A s s e m b l e d P a r t s P r o d u c e d A n n u a l l y , 2 8 , 3 2 0 ,0 0 0 .
tric Co., tho constituent concerns, have devoted yoars to tho invention
perfection and manufacture of thoso necessities. Tho management o f tho A n ti-fr ic tio n b ea rin gs____ 1 9 , 5 0 0 , 0 0 0 1Ig n itio n sy s te m s o n ly ______
4 3 5 ,0 0 0
United Motors Corporation Ls directed by tho active executives of tiieso C o a ste r b ra k e h u b s ..............
5 4 0 ,0 0 0 1 D e m o u n ta b le r i m s . _ ............ 7 ,5 0 0 ,0 0 0
five companies, and the control of its policies is vested in the samo men S ta r t'g , ltg .& lg n itio n s y s .
3 4 5 ,0 0 0 ]
who have mado their products so successful. Although associated, each
A m o n g th e com p an ies u sing R e m y p ro d u c ts are A b b o t t -D e t r o i t , A p p e r company is to continue under tho samo independent direction as in tho past. s o n . A u b u r n A u to m o b ile C o ., B riscoo M o t o r C a r C o ., C h a lm e r s, C h a se ,
Tno United Motors Corporation, with its ample resources, will bring
e n b y , D r ig g s-S e a b u r y , E n g e r , G r a n t , H a y n e s , K isse l, O a k la n d , P a ig e about a groator efficiency in production and should ultimately effect D
e t r o it, P eerless, R e o . M . R u m e lo y & C o ., S a x o n , S c r ip p s-B o o th C o .,
marked economies. Tho dominant position of our products is assured SDtea
S tu d e b a k e r, S t u tz , S u n , V e lio, S terlin g E n g in e C o ., an d 18 or
largely by tho control of practically ovory basic patent. In tho few in­ m ororn s,
foreign con cern s.
O ffic e r s .— P resid en t, A lfr e d P . Sloan J r .;
stances whoro basic patonts are not fully controlled wo operate under V ico -P resid
& T reasu re r, D e W i t t P a g e ; C h a ir­
advantageous liconsoo agreomonts. All our products are patented and m a n F in an ocen t,CEo .mAm. itDt ee ee d, s:L S. e cretary
a u fm a n .
D ire cto rs— E . A . D e e d s ,
many or the individual parts are protected independently as well as tho P r ost. D a y t o n E n gin eerin g L a b oGra. toKr ies
a y t o n , O .; S . A . F le tc h e r ,
processes involved in their manufacture. Several millions of dollars havo P r est. R e m y E le c tric C o ., A n d e r so n , I n d .:CLo. .,G D
. K a u f m a n , P r e st. C h a th a m
boon expondod establishing these products with the American public
h on lx N a t . B a n k , N . Y . ; D e W i t t P a g o , P r est. N e w D e p a r tu r e M f g .
The D elco System of olectric cranking, lighting and ignition for auto- & P
., BrLstol, C o n n .: A lfr e d P . Sloan J r ., P r e st. H y a t t R o lle r B earin g C o .,
mobilos—manufactured by tho Dayton Engineering Laboratories Co — C o w
a r k , N . J .; and John T . S m ith N . Y .
is on this date (July 15) standard equipment on nearly 500,000 motor cars. N o[T
e c o m p a n y is a N e w Y o r k corp oration w h ich o n M a y 2 2 1 9 1 6 increased
Tho Dolco Systom was installed last year on 142,500 automobiles. Orders its auhth
orized an d ou tsta n d in g cap ital sto c k fr o m 1 ,2 0 0 shares to 1 ,2 0 0 .0 0 0
have been received so far this year for approximately 200,000, and there is sh a res, all
n o p ar v a lu e , v i z .: 5 ,0 0 0 sh a res. Class B , h a v in g fu ll v o tin g
evory possibility of this boing increased by 50.000 boforo tho end o f tho p o w e r, a n dw1ith
9 5 ,0 0 0 shares o f Class A w ith n o v o t in g p o w e r.
A sy n d ic a te
soason. I ho plant located at Dayton comprises sovon groat buildings with w h ich w as fo,1rm
ed b y D o m in ic k & D o m in ic k o f N . Y . an d w as largely
a total o f 484,b97 sq. ft. o f floor spaco, equivalent to nearly II acres
rsu b scr ib ed , pu rchased 3 9 0 ,0 0 0 shares o f C la ss A , th e su b scrip tio n price
Tho working schedule of tho plants for May 1916 was 800 comploto Delco ove
Systems daily and tlio schedule for Juno callod for closo to 1,200 systems b ein g $ 6 2 a sh a re. T h e r e are no b on d s or m o r tg a g e , now o r o ld , a u th o rized
each day., Iho employees number 2.500. Among tho automobile com­ o r o u tsta n d in g .] C o m p a r e V . 1 0 2 , p . 1 8 6 , 1 9 0 2 , 1 9 9 8 .
panies using the Delco systom are tho Apporson, Buick, Cadillac Cole
Dodgo, Enger, Fairbanks, Gonoral Motors Truck C o., Hudson, Jackson,
United Paperboard Co., Chicago.
Moon, Northway, Oakland, Olds, Packard, tho Pathfinder Co. Scripps
Stovons-Duryoa C o ., Studebaker and Winton.
(3d A n n u a l Report— Y ea r ended M a y 27 1916.)
Tho Ilgatt Roller B e a r in g plant comprises 21 buildings with 900,000 sq. ft.
President Sidney Mitchell says in substance:
o f floor space. The works are located at Harrison (Nowark), N. J., eight
R e s u l t s . — C o n d itio n s in tho p u lp an d paper in d u str y c o n tin u ed u n fa v o r ­
miles from N. Y . City, in® Hyatt company employs 5,000 persons and
its dally production s 40,000 comploto roller boarings. It is anticipated, a b le d u rin g th e fir st nine m o n th s o f th a t p e rio d , d u e p rin c ip a lly to large
when tho new additions are completed, that tills will bo raised to over im p o rta tio n s o f foreign p u lp w hich forced us t o sh u t d o w n our p u lp m ills a
50.000 sots daily within six months. Moro than 7 500 000 Hvatt bearings p o rtion o f tho tim e , w hen w e were a b le to b u y S c a n d in a v ia n p u lp a t prices
wore supplied for 1916 automobiles and tho A s p e c t fa that
low er th a n th e c o st o f production a t our m ills .
L a te r o n , th e increased
10.000,000 bearings will be required for the 1917 production
Tim direct c o st o f m a n u fa c tu r e o f these p rod u cts a b road on a c c o u n t o f th e in a b ility
servico branches have boon established in Atlanta, Boston, Chicago, o f th e S c an d in avian s to ob tain su ffic ie n t coa l an d c h e m ic a ls, Includ ing
Detroit, Los Angelos Minneapolis. Now York San Francisco, Soattieami h e a v y freigh t ch arges, required th e m to a d v a n c e p rice s, c o n se q u e n tly im ­
London, England. A Hyatt warehouse in London also carries a largo stock p o rts d ecreased an d since then w e h a v o beon a b le t o o p e ra te ou r p u lp m ills
of boarings for tho English and continental trade. Of approximately ono to goo d a d v a n ta g e .
.
million cars built this yoar, Hyatt boarings are a part of more than 925 000
T h e in sta lla tio n o f a d d ition al m ach in ery an d o th e r im p r o v e m e n ts m a d e
A list of companies using Hyatt roller bearings includes (l) ,|Q automo- a t th e m ills d u ring th e yea r h a ve fu rth e r increased th eir e ffic ie n c y , an d th e
bilo companies, notably, Apporson, Briscoo, Buick, Cadillac, Case Chal­ ave rage d a ily c ap acity o f ou r p a p erb o ard m ills d u rin g th e la st three m o n th s
w as 1 1 % higher th an th e preceding y e a r .
mers, Chandler, Chevrolet, Colo, Ford, Grant, Hudson, Hupp, Interstate
^ G e n er a l.




g

B a n d s . — Underlying bonds have been reduced $26,000.
The remaining
bonds outstanding aro secured by mortgages on three of your properties as
follows:
B on d s—

R a te .

S ec u r e d by —

'

D u e.

A m ou n t.

Somerset & Kennebec C o ..6 % Maine mills________________1919 $234,000
Thompson Pulp & Pa. C o .6% Thomson, N. Y ., mills---------1921 200,000
Traders’ Paper C o________ 6% Lockport, N. Y . , mills_____ 1919 48,000
T otal.................................................... ..............................- ..............$482,000
All the other plants aro free and clear of encumbrances.
T r e a s u r y S to c k .— Tho treasury holds preferred stock of $368,600, leaving
$1,731,400 outstanding, and common stock $2,813,300, leaving $9,186,700
outstanding.
M i l l S o ld .— Tho mill at Muncie, Ind., idlo for many yoars, has boon sold.
The directors have authorized tho improvement and operation of the other
idle mill at Yorktown, Ind.
E a r n in g s . — The last quarter of tho year brought an oxcellont demand for
paperboard at profitable prices. Earnings wore very much hotter, in­
creasing each succeeding month, and aggrogated an amount of over $200,­
000 without deduction for depreciation. Tho demand for paperboard sinco
the close of the fiscal year has been maintained, and indications for earnings
at this level aro encouraging.
In order to secure necossary banking credit to enable us to carry sufficient
raw materials at the mills and buy supplies when markot conditions favored
such purchases in volumo, we considered it advisable to liquidate bills paya­
ble and provide for important improvements before paying dividends.
Owing to tho rosults which have been obtained, your directors feol that
tho payment of a rogular full quarterly dividend on tho preferred stock may
bo declared at an early date, with ovory indication that tho payment of
preferred dividends may bo continued oven during tho periods during which
low prices and keen competition prevail.
IN C O M E A C C O U N T OF T H E U N IT E D P A P E R B O A R D CO.
M a y 2 7 ’ 16. M a y 2 9 ’ 1 5 . M a y 3 0 ’ 14.
Y e a r s e n d in g —
($ 3 8 1 ,3 0 0
$ 5 0 8 ,4 0 6
1
{ $ 1 4 2 ,2 3 5
r
$ 3 3 8 ,7 1 4
$ 1 6 3 ,5 0 1
l
4 3 ,3 4 8
4 0 ,3 0 0
I
.
4 6 ,8 6 3
5 1 ,9 8 1
4 4 ,7 7 0

Gross earnings________________
Repairs and replacements_____
Taxes and insurance__________
Administration expenses______
O th er in com e .

.
.

$ 2 9 1 ,8 5 1
3 ,5 1 3

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

$ 2 5 9 ,8 3 5
7 ,5 2 3

In te re st ch a r g e s.
D e p r e c ia tio n _____

.
.
.

$ 2 9 5 ,3 6 4
$ 3 5 ,6 3 9
1 0 0 ,0 0 0

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

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

$ 1 5 9 ,7 2 5

$ 2 2 ,4 5 7

$ 1 4 1 ,5 8 9

B ala n co for tho y e a r __________________
U N IT E D

P A P ER B O A R D

CO. B A L A N C E S H E E T .

M a y 2 T l C > . M a y 29T5.

M a y 2 T l G . M a y 29’ 15.

L ia b ilit ie s —
S
S
j\.GCCtC
§
§
2,100,000
Plants,equip.,A c.xl3,768,266 13,786,714 Preferred stock_ 2,100,000
102,236 Com m on stock_1 2,000,000
12,000,000
110,320
Cash.
471,065 Bills payable_____
171,567
311,072
BUls & accts. r c c ..
431,956
386,955 Accounts payable.
166,434
150,708
M dse. & supplies.
501,875
14,019 Rcs.foraccr.lnt.,& c. 69,067
37,642
11,663
Deferred charges.
323,771
164,046
3,761
2,479 S u rp lu s..............
Suspended assets.

T o t a l .................. 14,830,840 14,763,468

T o t a l ...................14,830,840 14,763,468

x In clu d es M a y 27 191 6 real osta to , p la n ts, m ach in ery and personal
p r o p e r ty , $ 1 1 ,0 5 0 ,4 8 8 , an d treasu ry secu rities con sistin g o f 3 ,6 8 6 shares
preferred s to c k , $ 3 6 8 ,6 0 0 ; 2 8 ,1 3 3 shares o f c o m m o n s to c k , $ 2 ,8 1 3 ,3 0 0 , an d
su n d ry othor secu rities, $ 1 7 ,8 7 8 : to ta l, $ 1 4 ,2 5 0 ,2 6 6 . less su n d ry b on d s and
m o rtg a g e s (n o t lia b ilities o f th is c o m p a n y ), $ 4 8 2 ,0 0 0 : b alan ce as a b o v e ,
$ 1 3 ,7 6 8 ,2 6 6 — V . 1 0 1 , p . 9 2 1 .

Atlantic Steel Co. (of Del.), Atlanta, Ga.
7 M o n th s en d in g J u ly 31 1916.)

( Statem ent o f E a rn in g s f o r

G ross oarnings fr o m op eration s for 7 m o s . endod J u ly 31 1 9 1 6 ___ $ 4 3 7 ,7 9 7
R eserv e for in terest, $ 3 8 ,0 0 0 ; reserve for r e p la cem en ts, $ 4 5 , 0 0 0 . .
8 3 ,0 0 0
B ala n co ap p licab le to preferred d iv id e n d s___________________________ $ 3 5 4 ,7 9 7
D e d u c t— D iv id e n d a t 7 % on $ 7 5 0 ,0 0 0 p re f. s to c k for 7 m o s . poriod
3 0 ,6 2 5
B a la n c o for co m m o n d iv id e n d s________________________________________ $ 3 2 4 ,1 7 2
D iv id e n d s are bein g p aid on th e c o m m o n sto c k a t th e an n u al ra te o f 6 % .
B A L A N C E S H E E T J U L Y 31 1916 A N D D E C . 9 1915.
J u ly 3 V lQ D ec . 9 ’ 15
J u ly M 'H S D e c .9 T 5 .
L ia bilities
$
$
A s se ts— •
$
$
7 5 0 ,0 0 0
P la n t & equ ip t . 2 ,3 1 2 ,6 2 0 2 ,3 1 2 ,6 2 0 P referred s t o c k . 7 5 0 ,0 0 0
6 8 ,8 5 3 C o m m o n s t o c k . 1 ,0 0 0 ,0 0 0 1 ,0 0 0 ,0 0 0
G a s h ..........................
5 5 ,0 6 9
1 8 5 ,8 6 2 B o n d s . ...................1 ,0 0 0 ,0 0 0 1 ,0 0 0 ,0 0 0
B ills & a c c ts.r e c . 2 9 6 , 8 t l
100,0001 136 ,340
I n v e n t o r i e s _____ 6 7 2 ,0 0 0
3 4 8 ,0 4 5 B ills p a y a b lo - . .
A c c o u n ts p a y ’l o . 1 2 3 ,5 7 2 /
C o n stru c tio n in
R e se rve s, & c ___ 119 ,517
2 9 ,0 4 0
p r o g r e s s --------6 4 ,8 7 1
S u r p lu s _________
3 1 0 ,7 6 5 __________
M iscella n eo u s . .
2 ,4 5 3

T o t a l .................. 3 ,4 0 3 ,8 5 4 2 ,9 1 5 ,3 8 0
T o t a l .................. 3 ,4 0 3 ,8 5 4 2 ,9 1 5 ,3 8 0
R o b e r t G re g g , o f A tla n ta , is T reasu rer o f tho c o m p a n y , an d J a m e s Im brle,
o f W m . M o r ris Im b rie C o . , N . Y . , is a d ir e c t o r .— v . 102, p . 1 2 5 1 ,6 9 .

Ontario Steel Products Co., Ltd.
30 1916.)
Pros. W . Wallace Jones, Gananoque, Aug. 8, wrote:
( T hird A n n u a l Report— Y ea r en d in g J u n e

IVar Orders.— In s o m e o f o u r fa c to r ie s w ar ord ers h e lp o d s o m o w lia t to
o ffs e t th o d ecrease in tho regular d e m a n d , b u t o u r sh ip m e n ts o f w ar p r o d u c ts
a m o u n te d t o s lig h tly less th an 7 % o f o u r to ta l b ille d sales.
D ivid en d s.— D u rin g th o y oar w o h a v e d e cla re d th ree d iv id e n d s o n th o
p r e f. shares o f 1 % e a ch , and h a v e ju s t r e c e n tly d e cla re d a fu rth o r d lv id o n d
o n th o p re f. sharos o f 1M % , p a y a b le o n A u g . 15, th e r e b y le a v in g arrears
a ccu m u la te d o n p re f. s to c k at 7 Vi % ■ In vie w o f tho still u n settled d o m e s tic
and in tern ation a l c o n d itio n s , an d th o fa c t th a t all o u r fa cto rie s aro n o t y e t
e m p lo y o d t o c a p a c it y , y o u r d ire cto rs h a v o n o t soon tholr w a y to w a rd s ta k in g
a n y a c tio n in regard t o these arrears a t th o p re se n t tim e .
Balance Sheet.— T h o net q u ic k assets o v e r liab ilities, a fte r p a y m e n t o f b o n d
in terest an d sin k in g fu n d d u e J u ly 3 , an d a fte r m a k in g p r o v is io n fo r d iv i­
d e n d p a y a b lo A u g . 15, a m o u n t t o a p p ro x im a te ly $ 4 5 0 ,0 0 0 .

IN COM E ACCOUNT FOR YEAR ENDING JU N E 30.
1915-16.
N e t, a fte r d e p r e c ia tio n , & c _____________ $ 1 5 2 ,0 1 9
B o n d in te re s t____________________________
$ 3 6 ,0 0 0
P referred d iv id e n d .................................. (4 M % ) 4 3 ,1 2 5
B a la n c e , su rp lu s_______________________
C O N S O L ID A T E D

1916.
A s se ts —

—

T h e m a rk e t price o f cru de oil for tho first nine m o n th s o f the yea r 191 5
w as v e r y lo w , b u t d u rin g th o la st three m o n th s o f tho year th e prico o f
cru do oil recovered ra p id ly , w ith th e resu lt th a t o u t o f tho $ 1 7 8 ,7 7 0 earned
d u rin g th o en tire yoa r $ 1 2 6 ,5 6 1 w as earned in th e la st three m o n th s.
D u r­
ing J an u ary an d F eb ru ary th o price o f crudo oil has fu rth or a d v a n c e d , w ith
th e resu lt o f larger m o n th ly oarnings for our c o m p a n y .
In F e b . 1 9 1 5 , be­
cau se o f tho low prico o f crudo oil, it w as decid ed to d iscon tin u e tho p a y m o n t
o f d iv id e n d s on tho p re f. sh a res, an d to a p p ly a ll tho oarnings to tho p a y ­
m e n t o f th o c o m p a n y ’s in d e b ted n ess.
A c c o u n ts p a y a b le a m o u n tin g to $ 1 3 8 ,8 5 9 an d a b a la n ce d u e on 5 -y o a r
6 % sin k in g fu n d notes o f $ 3 0 0 ,0 0 0 w ere p aid du ring 1 9 1 5 .
B ills p a yab lo
wero red uced $ 2 4 ,0 0 0 , tho rem ain in g balan co o f $ 7 8 ,0 0 0 bein g duo in an nual
in sta llm e n ts cov erin g a period o f throe yoa rs.
O ur pu rpose in retiring our
in d e b ted n ess h a v in g been a cc o m p lish e d , in d ica tion s aro th a t d iv id e n d s on
th o preferred issuo sh o u ld bo resu m ed a t an oarly d a te .
T h is c o m p a n y ow n s 1 2 0 acres o f lan d in tho oast h a lf o f soction 2 5 , w hich
is p a te n te d , su b jo c t to a rosorvation b y th o original p a te n teo o f o n e-e igh th
o f th o p ro d u c tion .
It h o ld s a lease on 5 6 0 acres o f p a te n te d la n d , kn ow n
as tho W y o m in g C o n tra l A sso c ia tio n la n d .
It also h a s a lease on 2 4 0 acros
o f lan d In soction 3 6 , k n ow n as th e sch ool soction , b elon gin g to W y o m in g .
In E d i t i o n to tho properties ab o v o n a m e d , tho c o m p a n y ow n s a b o u t 1 ,2 0 0
acres o f located lan d d istrib u ted in 4 0 -a c r o tracts th ro u g h o u t th e fie ld ,
su b je c t to certain rosorvation and ch arges in b e h a lf o f those fr o m w h o m tho
p ro p orty w as a cq u irod .
A ll o f tho a b o v o p ro p erty bein g in th e S a lt C reek
oil fie ld , W y o m in g .
Sinco transferrin g its refineries an d loasing its p ip e line to th o M id w e s t
R e fin in g C o . on M a r c h 1 1 9 1 4 th o c o m p a n y has boon en gaged sololy iu th e
bu sin ess o f producin g o il, w hich it sells to tho M id w e s t R e fin in g C o . under
a 2 0 -y e a r co n tr a c t, b y th e torm s o f w hich th o prico o f crudo oil is de te rm in ed
b y tho m a rk o t for refin ed p ro d u c ts.

Jan.
A p r il
J u ly
O ct.

1
1
1
1

to
to
to
to

M ar.
Ju no
S e p t.
D ec.

A C C O U N T FOR Y E A R S E N D IN G D E C .
— R e su lts f o r C a len d a r Y e a r 1915—
E xoen se.
G ro s s.
N e t.
$ 3 1 ,2 9 0
$ 1 6 4 ,3 6 3
$ 1 3 3 ,0 7 3
31 1 9 1 5 ------1 3 0 ,8 3 2
1 4 ,6 2 8
3 0 1 9 1 5 _____
1 4 5 ,4 6 0
6,201
2 1 2 ,9 9 1
3 0 1 9 1 5 ------2 1 9 ,2 8 3
1 2 6 ,5 6 1
2 9 1 ,3 5 8
1 6 4 ,7 9 7
31 1 9 1 5 -------

31.
1914.
N e t.
$ 4 4 9 ,5 5 3

$ 6 4 1 ,6 9 4
T o ta l for y o a r _______________ $ 8 2 0 ,4 6 4
N e t earn ings fro m op e ra tio n s_________________________
R o v en u o fr o m othor sou rces____________________________

---------------$ 1 7 8 ,7 7 0
6 ,1 4 4

---------------$ 4 4 9 ,5 5 3
----------------

E a rn in g s from a ll so u rce s________________________________
A d d — C a sh p aid in to sin k in g fu n d b y M id w e s t R o fin in g C o . in accord an ce w ith c o n tr a c t____________

$ 1 8 4 ,9 1 4

$ 4 4 9 ,5 5 3

9 6 ,6 3 3

----------------

D ep rec ia tion on sto ck s o f oth e r c o m p a n ie s .
D iv id e n d o n preferred s t o c k _________________

..
..

$ 2 8 1 ,5 4 8
2 0 ,0 0 0
4 0 ,0 0 0

$44 .9 ,5 5 3
3 3 8 ,6 7 8
2 6 0 ,0 0 0

N o t u n d ivid ed p ro fit pa ssed to su r p lu s____________s u r $ 2 2 1 ,5 4 8 d o f$ 1 9 9 ,1 2 5
A d d p re viou s su rp lu s b ro u gh t fo rw a rd _
2 3 0 ,2 8 7
1 ,3 5 3 ,0 0 1
T o t a l ______________________________________________________
C a sh in v e stm e n t in th a t p a rt o f th e c o m p a n y ’s
p ro p erty w hich w as transferred to th e M id w e s t
R e fin in g C o _____________________________________________
T o ta l su rp lu s as o f D e c . 31 as per b a l. sheot below

1 5 1 ,8 3 5 $ 1 ,1 5 8 ,8 7 6

$ 4 5 1 ,8 3 5




S

Com m on s tock _____ 750,000
Preferred stock_____ 750,000
Funded d e b t----------- 600,000
Bills & acc’ ts pay’lo.
93,087
Bond Int. duo July 2
18,000
D eprec’n, A c., res’ vo
57,307
S u rp lu s........................ 123,077

1915.
S
750.000
750.000
600.000
55,237
18,000
27,856
50,183

T o t a l ...................... 2,391,471 2,251,276

V. 1 0 3 , p . 4 9 8 .

Electric Properties Corporation and
Westinghouse, Church, Kerr & Company.
(Report f o r F iscal Y ea r en ding D e c . 31 1915.) .
IN C O M E A C C O U N T FOR Y E A R E N D E D D E C . 31.
1915.
1914.
In c o m e fro m op eration s, in t ., d iv s ., co m m issio n s, & c ___ $ 7 8 5 ,8 0 2 $ 6 0 5 ,3 6 8
3 6 3 ,5 9 4
D e d u c t — O p cr. e x p . o f W . , C ., K . & C o ., a d m . & g e n .e x p . 3 4 5 ,3 6 0

C O N S O L ID A T E D

N e t incom o for calen dar y e a r s_______________ ____________ $ 4 4 0 ,4 4 2 $ 3 0 1 ,7 7 4
D e d u c t— B o n d in t. on 5 -y r . 6 % red eem ab le go ld b o n d s . . $ 2 4 ,0 0 0
$ 2 4 ,0 0 0
P r e f. d iv s . E l. P r o p . C o r p . f o r y r . en d . S e p t. 3 0 1 9 1 5 - - 2 3 5 ,2 1 2 * 1 9 6 ,0 1 0
B a la n c e , su rp lu s______________________________________________ $ 1 8 1 ,2 3 0
$ 8 1 ,7 6 4
A d ju s tm e n t on pu rchase o f co rp o ra tio n ’s p re f. sto c k an d
bon ds to bo retired , & c ___________________________________ 2 2 3 ,9 6 0 ----------------$ 8 1 ,7 6 4
B ala n co carried to b alan ce sh e e t_______________________ $ 4 0 5 ,1 9 0
* D e n o te s pref. d iv s . paid fr o m N o v . 1 191 3 to S e p t. 3 0 1 9 1 4 .
Preferred d ivid e n d s for the q u arter endod D o c . 31 191 5 w ere doclarcd
F e b . 2 9 1 9 1 6 , p a y a b lo M a r c h 10 1 9 1 6 .
C O N S O L ID A T E D
A s se ts —

BALANCE

1915.

1914.

$

S

Stocks and b o n d s ___1,794,128
Invcstm ’ t In n o te s .. 599,844
N otes A acc’ ts rccelv.2,496,8’28
Salary, funds, A c . . .
38,743
Cash.........................
208,558
Office furniture, A c .
20,595
G ood will W . C. IC.
A C o ......... ............. .2,000,000
D lsc’t on securities.. 1,905,740

S H E E T D E C . 31

1915.

1915.

1914.
$
Preferred stock____x3,273,800 3,920,200
Com m on stock......... 4,000,000 4,000,000
5-yr. 6% red. bond s. 385,700
400,000
Notes payable______ 385,125
Sundry creditors____ 584,120 " 324,649
8,000
20,347
Accrued bond Int___
70,155
S u rp lu s_____________ y475,345
L ia b ilit ie s —

2,333,563
507,500
1,246,576
20,272
625,578
23,775

S

2,000,000
1,965,740

T o t a l ........... - ____ 9,124,437 8,723.004

T o t a l .......................9*124,437 8,723,004

x Includ es preferred sto c k 6 % e m u la tiv e au th orized , $ 4 ,0 0 0 ,0 0 0 ; o u t­
sta n d in g , $ 3 ,9 2 0 ,2 0 0 ; less, $ 6 4 6 ,4 0 0 hold in treasu ry; b a la n ce, as a b o v o ,
$ 3 ,2 7 3 ,8 0 0 .
y A fte r cred iting $ 2 2 3 ,9 6 0 a d ju stm e n t o n nu rchaso o f cor­
p o r a tio n ’s preferred sto c k an d bon ds to bo rotirod, & c .— V . 1 0 3 , p . 4 9 6 .

(The) Tuckett Tobacco Co., Ltd., Hamilton, Ont.
(Fourth A n n u a l Report— Y ea r en d in g M a r c h 31 1916.)
Pres. Harry B. Witton, Hamilton, May 5, wroto in subst.:
T h e a c c o m p a n y in g s ta te m e n t o f tho y e a r ’s bu sin ess sh ow s a net p r o fit
o f $ 1 5 0 ,9 9 1 , ou t o f w hich q u a rte rly d ivid e n d s on th o preferred sto ck a t th e
rate o f 7 % per a n n u m h avo been p a id , a m o u n tin g in the agg regate to $ 1 4 0 ,­
000.
T h o p ro fits h a v e boon m a te r ia lly a ffe c te d b y en hanced cost o f all
su p p lies and tho absonco o f so m a n y m on fr o m C a n a d a for sorvico a t tho
fr o n t.
A d e q u a te provision has been m a d e for a ll losses kn ow n or a n tic i­
p a te d an d p a rticu la rly a n y arising fr o m recent legislation In tho w estern
p ro vin ces.
IN C O M E

ACCOUNT

FOR

Y E A R S E N D IN G M A R C H 31.
1 9 1 5 -1 6 .
1 9 1 4 -1 5 .
1 9 1 3 -1 4 .
$ 1 5 0 ,9 9 1
$ 1 4 2 ,7 9 5
$ 2 1 4 ,3 2 5
1 4 0 ,0 0 0
1 4 0 ,0 0 0
1 4 0 ,0 0 0

9 2 S .5 8 9

B a la n c o , su r p lu s_________________________

T o t a l .................. $6,568,470 $0,771,146

$ 1 7 ,9 3 7

30.

1916.

$ 2 3 0 ,2 8 7

1914.
L ia b ilit ie s —
1915.
1914.
1915.
Real est. A leases.$5,249,985 $5,249,985 Common stock___$4,000,000 $1,000,000
Preferred s t o c k ... 2,000,000 2,000,000
Construe. A prop,
lnv. In field, & c. 1,036,492 1,000,000 Five-year 6% sink­
42,831
ing fund n o te s ..
............
300,000
25,783
Cash_____ ________
112,571 N otes payablo____
78,000
102,000
Cash sinking fund
135,469
79,878 Accounts payable.
38,635
138,859
N otes A accts. rcc.
451,835
230,287
29,987
151,627 S u rp lu s..................
Crude oil In ven ..
Stocks, A c., of
90,754
134,254
other companies

1913-14.
$ 1 0 6 ,4 3 7
$ 3 6 ,0 0 0
(7 )8 5 2 ,5 0 0

$ 3 3 ,2 4 6
JU N E

L ia b ilit ie s —

S

N o t p r o fit s ................................... .......................
P referred d ivid e n d s ( 7 % ) .........................

B A L A N C E S H E E T D E C . 31.

SHEET

1915.

$

Real est.,plant, pow.
rights A good-wlll.1,804,835 1,792,459
Cash...................
69,224
26,247
Bills & accts. recelv.
182,912 115,115
305,520
Inventories________
309,849
9,682
Securities----------------21,845
2,253
Deferred item s_____
2,807

( Report f o r F iscal Y ea r en ding D e c . 31 1915.)
Pres. L. L. Aitken, Denver, Feb. 25, says in substance:

IN C O M E

$ 7 2 ,8 9 4

BALANCE

T o t a l ...................... 2,391,471 2,251,277

Midwest Oil Company.

1914-15.
$ 7 6 ,7 4 6
$ 3 6 ,0 0 0
(1 )$ 7 ,5 0 0

$ 1 0 ,9 9 1

$ 2 ,7 9 5

$ 7 4 ,3 2 5

B A L A N C E S H E E T M A R C H 31

1916.
1915.
Assets—
S
$
Cost of real es t.,A c. *2,998,899*2,964,450
Sundry Investments.
27,995
46,515
Cash............................. 267,611
150,302
Bills A accts. recelv. 269,716
261,761
In v e n to r ie s................1,221,587 1,347,842
______
725
Unoxpired Insurance.

1910.
1915.
$
L ia b ilit ie s —
$
Preferred sto ck ------- 2,000,000 2 ,000,000
Com m on stock --------2,500,000 2,500,000
Bills A acc’ ts pay’lo .
17,188
15,559
Unpaid d iv id e n d s ...
3,606
2,074
Prof. dlv. pay.Apr.15
35,000
35,000
S u rp lu s...................... 229,953
218,062

Total ......................4,785,808 4,771,595

T o t a l .......................4,785,808 4,771,595

* In clu d es cost o f roal o stato, b u ild in gs, p la n t an d m ach in ery (Includin g
factories a t H a m ilto n . M o n tr e a l an d L o n d o n ), an d trad e m a r k s , g o o d ­
w ill, A c . — V . 1 0 3 , p . 6 7 0 .

St. Joseph Lead Co., New York and Bonne Terre, Mo.
(.Report f o r F iscal Y ea r en din g D e c . 31 1915.)
Prosidont Clinton H. Crane, Feb. 21, says in substance:
R esu lts.— T h e cu rta ilm e n t o f o u t p u t b e g u n in th e fo u r th q u a rte r o f th e
y e a r 1914 w as co n tin u e d u n til th e m id d le o f M a r c h , 1915, w hen a g r o w in g
d e m a n d fo r y o u r c o m p a n y ’s p r o d u c t o n a b le d us to resu m e fu ll p r o d u c t io n .
T h o c o m b in e d net In co m e o f th is c o m p a n y an d its a ffilia te d c o m p a n ie s fo r
t h o yea r en din g D e c. 31 1915 w as $ 2 ,8 5 3 ,8 0 4 .
D iv id e n d s a m o u n tin g t o
$854 980 w ero p a id fro m in c o m e d u rin g 1915. T h o a v e r a g e p r ic e r e c e iv e d
fo r lead a t E ast S t. L o u is fo r 1915 w as $90 a t o n a g a in st $74 fo r 1914.
T h e o u t p u t o f p ig load a t th o sm e lte r fo r 1915 w as 8 4 ,3 5 6 to n s a g a in st
77FhiancicR.— T h e m o r tg a g o o n th o p r o p e r t y o f t h o D o o R u n L e a d C o .,
w h ich foil d u e M a r c h 1 1915, w as e x te n d e d b y a th r e e -y e a r lo a n a t 6 %
w ith th o F a rm ers’ L oa n A T r u s t C o . , th e m o r tg a g e b e in g k e p t a liv e a n d
now n otes issued w h ich w ere e n d orsed b y th e S t. J o s e p h L e a d C o . T h e s e
now n otes loss com m is s io n s an d all oxpen ses n e tte d th o c o m p a n y 98.
O n Jan . 19 1915 th o S t. J o se p h L ea d C o . so ld t o W h it e , W e ld A C o . and
S m ith M o o r e & C o . $ 5 0 0 ,0 0 0 a d d itio n a l o f its g o ld n o te s at 94 a n d in te re st,
th e p ro ce e d s b e in g used t o re tire th o o u ts ta n d in g loan o f th e S t.F r a n c o is
C o u n t y U R ., w h ich b a d b e e n g u a ra n te e d b y th o M is s is s ip p i R iv e r A B o n n e
T e r r e l t y ., and to fin a n c e th o p u rch a se o f an a d d itio n a l a m o u n t o f D o e R u n
L o a d C o . s to c k .
In O c t . th o M is s is s ip p i R iv e r & B o n n e T e r r e R y . c a lle d
a n d p a id its o u ts ta n d in g e q u ip m e n t n o te s , an d o n D e c . 31 1915 th o S t.
J os ep h L ea d C o . ca lle d a n d p a id th o o u ts ta n d in g g o ld n o te s.
(V . 101, p .
1890.) T h o re d u c tio n o f th o in d e b te d n e ss o f th o S t. J o s e p h L e a d C o . a n d
its a ffilia te d com p a n ie s d u rin g th o y e a r 1915 a m o u n ts t o $ 2 ,4 2 8 ,3 1 3 .
M iscella n eou s.— T h o sm elter has b e e n run t o th o lim it o f its c a p a c it y
sln co Ju n o. T h o d e silv e riz in g p la n t, w h ic h w as fin is h e d in th e early p a r t
o f th o y ea r, w as fin a lly p u t in t o o p e r a tio n in D e c e m b e r . T h e c o m p a n y is
n o w In a p o s itio n t o fu rn ish c o r ro d in g lead as w ell as its o r d in a r y p r o d u c t.
S in co 1914 o u r c o m p a n y has a c q u ir e d b y p u rch a s o 97 shares o f th e D o e
R u n L o a d C o . ’s s t o c k .
CONSOLIDATED INCOM E ACCOUNT FOR TIIE YEAR EN D ED APRIL 30
1915 ( AFTER E L IM IN A T IN G INTER-CO. D IV ID E N D S , &C.).
St. Joseph
Doe Run M o. Rlv. <fcBon Terre St. Franc.
Total {aft.
Lead Co.
B .T .R y . F.& C .C o. Co.R R .
Eltm.)
Lead Co.
$299,967 $29,008 $16,625 $2,317,040
N ot from oper. $961,394 $1,010,044
99,045
144,377
2,498
110,646
Other incom e.
169,219
T o t. not in c .$1,130,614
Incom o charges
644,658
D ivid en d s____ x352,321

$1,109,089
354,210
................

$444,344
150,058
............

$31,506
7,201
............

$16,625 $2,427,686
13,958
880,410
............
y352,533

Bal.,- surplus $133,635
Total surplus
D ec .31 1915 32,543,627

$754,879

$294,286

$24,305

$2,667

$1,194,743

$6,005,043

$519,551 $359,770

$3,638

$9,416,629

Canadian Converters Co., Ltd.
(10/A A n n u a l R eport— Y ea r en ding A p r i l 30 1916.)
President Jas. R. Gordon wrote in substance:
R esult.— T h o tra d in g p r o fits sh o w an im p ro v e m e n t an d a m o u n t t o
$ 1 4 0 ,2 2 3 . A fte r p a y in g b o n d in terest an d m a k in g p r o v is io n fo r reserve fo r
d e p r e c ia tio n an d ba d d e b ts th o b a la n ce a t th e c r e d it o f p r o fit an d loss
a c c o u n t stan ds a t $17 5 ,1 2 9 .
C on solid ation .— D u rin g th e y ear a fu r th e r co n s o lid a tio n o f th e p lan ts
o p e r a te d b y th o c o m p a n y w as e ffe c t e d , th e r e b y r e d u cin g th e o p e ra tin g
expen ses. T h e en tiro p r o d u c tio n o f th e c o m p a n y is n o w be in g tu rned o u t
a t th e p la n ts o f th o S ta n d a rd Sh irt M fg . C o ., L t d ., an d J o h n P . B la c k &
C o ., L td .
C O M B IN E D I N C O M E A C C O U N T Y E A R E N D E D A P R I L 30.
„
„
_
1915-16.
1914-15.
1913-14.
191 2-1 3.
P r o fits o f s u b . c o m p a n ie s $ 1 4 0 ,2 2 3
$ 4 1 ,6 2 9
$12 1 ,4 5 5
$ 1 3 0 ,4 8 5
$ 2 3 ,9 4 0
$ 2 4 ,4 6 5
$ 2 5 ,3 6 5
$ 2 6 ,2 6 5
B ? n d in te re st------------------D i v i d e n d s . . . ................
( 3 % )5 2 ,0 0 5 ( 4 % )6 9 ,3 4 0 (4 % )6 9 ,3 4 0
B a la n ce , su r. o r d c f .s u r . $ 1 1 6,28 3

d e f.$ 3 4 ,8 4 1 s u r .$ 2 6 ,7 5 0 su r.$ 3 4 .8 8 0
C O M B IN E D B A L A N C E S H E E T A P R IL 30.
1916.
1915.
1916.
1915.
Assets—
$
S
Liabilities—
$
S
Property a c c o u n t ,
Capital stock........... 1,733,500 1,733,500
good-will, A c _____ 1,884,189 1,897,072 Bonded debt..............a399,000 a399,000
Inventories________ 601,069
613,577 Accounts p a y a b le ...
60,172
18,626
Accounts receivable. 241,214
167,979 Dividends p a y a b le ..
______
8,667
Cash.......................
13,735
24,045 Bills payable................................
64,816
11,316
Insurance prepaid-.
11,993 Int. A wages accrued
20,735
19,227
Bills receivable.........
10,060
28,161 Bank loans and a d v . 255,000
296.700
Reserve for deprec’n 118,047
116,324
Profit and loss______ bl75,129
b85,967
T o t a l ...................... 2.761,582 2,742,827

G E N E R A L IN V E S T M E N T N E W S

x Including $149,325 paid from previous surplus,

RAILROADS, INCLUDING ELECTRIC
Boise Valley Traction Co.— C on trol .—

y Includes $219,294 paid from previous surplus.
ST. JOSEPH LEAD CO. B A L A N C E SHEETS AP R IL 30.
1914.
1915.
1915.
1914.
Liabilities—
$
$
Assets—
S
$
L a n d ..............
6,732,542 6 ,725,342 Capital s t o c k ____ 14,094,050 14,722,520
Bldgs. & equlpm 't 4,004,509 3 ,763,678 6% note duo Jan. 1
1 9 1 8 . . . .............. 2,239,000 2,500,000
Investm ents_____ 9,684,793 10 ,523,705
260,000 M . U. A B. T . lty .
6% notes (par)__
225,000
loan duo O ct. 1
Cash In sk. fd. for
1931 at 5 % ____ 2,415,934 2,418,568
redemption
of
Farm. & M in. T r.
6% notes...........
250,943
C o. In llquld’n . .
51,964
W orking, A c., as­
732,260 N otes payable____
347,024
sets____________
172,495
753,505
413,181 Accounts, wages,
395,599
Cash........................
A c ., payable___
291,284
103,965
149,278
Accts. receivable.
253,344
Accrued accounts.
65,534
5,974
D uo from affiliated
13,185 Duo affiliated cos.
476,020
618,476
com panies.........
36,856
446,582 Res. for depr., &c.
223,956
363,365
Deferred accounts
379,637
Profit and loss------ 2,543,627 2,434,195
T o t a l ................... 22,776,728
T o t a l ..................22,776,728 23,169,217
BALANCE SHEETS OF SU BSID IAR Y CO M PANIES AP R IL
M iss. Riser &
Bonne Terre
Bonne Terre Ry.
Farm & Cattle Co. — Doe Run
1915.
1914.
1915.
1914.
1915.
Assets__
$
$
$
$
$
Property and plant— 3,592,855 3,775,826 786,139 781,740 14,509,283
In v estm en ts________ 2,428,121
2,430,755
"
18,310
------------ ---------Treasury stock, A c — ----------4,339
Working assets--------- ---------- 39,602
36,386
151,265
Cash................- ............
59,431
35,552 13,749 13,693
53,705
Accounts receivable..
35,866
124,265 8,700
7,390
8,413
M a t’lS, supplies, A c . .
49,936
49,100 ______
Store dept, (net)......... - ............
........... .. ............
Duo from affll. cos—
46,768
40,774
7,423
.609,382
Accrued Interest.........
31,250
10,456 10,811
Deferred accounts------ 107,530
97,408 ______
10,103

23,169,217
30.
Lead Co.—
1914.
$
14,486,682
18,070
5,056
136,619
80,683
7,857
376,645
64,280

T o t a l ........................ 6,351,757 6,523,362 899,775 846,632 15,264,800 15,175,892
Liabilities—
Capital stock............... 3,000,000 3,000,000 500,000 500 000 6,578,300 6,578,300
Funded d c o t ............... 2,665,100 2,783,500 .............................
986,000 1,291,000
Notes payable...............................
358,099]
Traffic, & c., balances. 37,474
33,169)
31,893 7,812152,683
129,755
“
17,390
19.188J
Accts. & int. payable.
36,923
24,977 ............................
Accrued liabilities, A c.
75,719
..............
3,658
1,981 1.239,477 1,414,345
D uo to affiliated c o s ..
St.Jos.L .C o.prop.acct.
.............. 19,454
3,264
303,297
216,358
Reserve ................. —
-----------304,429 344,770 333,575 6,005,043 5,546,134
Surplus______________ 519,551
T o t a l ...........................6,351,757 6,523,362 899,775 846,632 15,264,800 15,175,892
— V . 100, p. 890, 804.

F. N. Burt Company, Ltd., Toronto.
Report— Y ea r en din g D ec. 31 1915.)
Prosidont S. J. Mooro wroto as follows:
(7th A n n u a l

T h o p ro fits o f $ 2 2 2 ,2 6 7 aro tho largest In th o c o m p a n y ’s h isto r y .
A l­
thou gh tho c o m p a n y s business for tho first h a lf o f th o yea r 191 5 w as con ­
sid era b ly below n o rm a l, th o later m o n th s o f th e year wero exceed in gly
sa tisfa c to r y , and tho yea r closed w ith a n u n u su a lly largo v o lu m e o f un filled
ord ers.
T h o transfer o f $ 4 5 ,0 0 0 to r e a lty an d p la n t reserve a cc o u n t in ­
creases th a t accou n t to $ 1 7 5 ,0 0 0 .

INCOME ACCOUNT FOR YEARS ENDING DEC. 3 1 .
19151914.
1913.
1912
P r o f i t s ....................- ................
$ 2 2 2 ,2 6 7
$ 2 1 2 ,3 9 3
$ 2 1 7 ,3 0 2
$ 1 8 9 431
Preferred d iv s. ( 7 % ) —
$ 1 3 8 ,2 6 4
$ 1 3 8 ,2 6 4
$ 1 3 0 ,5 1 6
$ 1 0 1 ,2 9 4
C o m m o n d ivid en d s
( 4 % ) 3 0 ,0 0 0 ( 5 % ) 3 7 ,5 0 0 ( 7 % ) 4 5 ,0 0 0 ( 7 % ) 4 5 ,0 0 0

Auditors’ & directors fees

............................. __

U nderw riters c o m m n .
R ea l an d p lan t r e s e r v e ..

-----4 5 ,0 0 0

T o t a l d ed u ction s
B a la n co , su rp lu s—

Assets—
Real estate, build­
ings, patents,good­
will A lnvcstmonts2
Stock in trade, A c_ .
Accounts and bills
receivable - .........Cash..............- ......... -

102, p .

1348.




3i026 v /0/ 3 ,0 0 0

..........................
2 5 ,0 0 0

1 3 ,6 2 5
2 5 ,0 0 0

$21 3 ,2 6 4
$ 2 0 5 ,7 6 4
$209 542
-$18 7,91 9
-$ 9 ,0 0 3
$ 6 ,6 2 9
$7 .760
$ 1 ,512
B A L A N C E S H E E T D E C . 31.
1915.
1914.
1914.
1915.
Liabilities—
•S
S
Preferred stock ......... 1 ,975,200 1,975.200
Com m on s tock _____ 750.000
750.000
494,463 2,457,804 Mortgages p a ya b lo..
29,000
27,000
471,133
477,299 A cc’ ts A bills pay’lo. 260,964
224,618
Prcf. dlv. pay. Jan. 3
34,566
34,566
318,488
278,906 Com . dlv. pay .Jan. 3
7,500
7,500
107,413
89,139 Real A plant roservo 175.000
130.000
S u rp lu s...................... 161,267
152,264

T o t a l ......................3,391,497 3,303,148
-V .

3 0 ,0 0 0

T o t a l ...................... 3,391,497 3,303,148

T o t a l ...................... 2,761,582 2,742,827

a B o n d s a u th orized an d issu ed , $ 7 5 0 ,0 0 0 : less a m o u n t relea sed fr o m
e scro w an d ca n c e le d , $ 6 0 ,0 0 0 ; p le d g e d as co lla te ra l s e c u r ity , $ 2 7 6 ,0 0 0 ;
released fro m e scro w an d h e ld b y c o m p a n y , $ 1 5 ,0 0 0 ; b a la n c e , $ 3 9 9 ,0 0 0 .
O f th o b o n d s, $20 0 ,0 0 0 w ere o n A p ril 30 1916 h e ld in e scrow t o red eem
a lik e a m o u n t o f S tand ard Shirt M fg . C o . , L t d ., b o n d s o u ts ta n d in g .
b A fte r d e d u ctin g $ 9 ,6 2 0 a cco u n ts wTitten o f f an d $ 1 7 ,5 0 0 d e p re c. res’ v e .
N o te .— T h e c o m p a n y h a d o n A p ril 30 1916 a c o n tin g e n t lia b ility fo r bills
re ce iv a b le u nd er d is c o u n t a m o u n tin g t o $ 8 2 ,0 3 6 .— V . 102, p . 2169.

ROADS.

See I d a h o P o w e r C o . u n d e r “ I n d u s tria ls ” b e lo w .— V . 101, p . 6 1 3 .

Boston & Maine RR.— A p p lic a tio n f o r R eceiver.— The
Intercontinental Rubber Co. of New Jersey, as holder of a
note for §51,000, filed a bill in equity in the U. S. District
Court at Boston on Aug. 22 asking for the appointment of a
receiver for the property. This action, it is understood, was
taken with the approval of the directors of the Boston &
Maine, who after a long meeting, having decided they had
“reached the end of their rope,” issued the following state­
ment, through President J. H. Hustis:
In th e o p in io n o f th o d ire cto rs o f th o B o s to n & M a in e R R . , it is in ex­
p e d ie n t t o a tte m p t a fu r th e r renew al o f th e ($ 1 3 ,0 0 0 ,0 0 0 ) n o te s fa llin g d u e
A u g . 3 1 . A c r e d ito r ’s p e titio n fo r a re c e iv e r has been file d in th e U . S.
D is tr ic t C o u rt a n d in d u e tim e th e B o s to n A M a in e w ill file its an sw er
th e re to .
|Tho answ er, g iv in g th e assent o f th e ro a d t o th e r eceiv ersh ip ,
w as file d on A u g . 2 3 .— E d .I
S u b s t a n c e o f I n t e r v ie w w it h P r e s . H u s t is R e p o r t e d b y “ B o s t o n
P o s t ” o f A u g . 22.
T h e R e o rg a n iz a tio n C o m m itte e has n o new p la n t o o ffe r , th e leased lines
h a v e n o t s u b m itte d a n y n ew p r o p o s itio n , w e h a v e r e c e iv e d n o assurances
th a t th o h o te h o ld e rs w o u ld co n s e n t t o a n o th e r e xten sion o f th e n otes nor
th a t th e ban kers w o u ld r e c o m m e n d it a ga in .
I t is m y p erson al op in io n
th a t th e n otes w ill n o t b e e x te n d e d a g a in .
I see n o h o p e fo r a n y th in g
b u t a receiversh ip. T h is is n o b lu f f n o r th reat.
I am n o t su rprised th a t th o leased lines in terests rega rd it as a b lu ff,
fo r th e n otes h a v e been e x te n d e d again an d a ga in , 11 tim e s a lrea d y I think
it is, an d it is o n ly natural th a t th e y sh o u ld e x p e c t a n o th e r exten sion .
B u t it is n o t m e re ly a m a tte r o f e x te n d in g th e n o te s.
T h e B o s to n &
M a in e ca n n o t g o o n fo ro v e r w ith its p resen t u n sou n d fin a n cia l s tru ctu re,
n or w ith its p h y sica l c o n d itio n as it is t o -d a y .
W h y p o s tp o n e th e e v il d a y ?
T h e o ffe r o f ce rta in leased lines t o a c c e p t a re d u c tio n in their fix e d rentals
an d their p ro p o s itio n th a t th e y b e g iv e n fir s t p re fe re n ce in th e s to c k o f the
new co r p o r a tio n w ere b o th im p ra ctic a b le . T h e fo rm e r w o u ld n o t red u ce
the annual fix e d charges o f th e sy s te m m o re th an $40 0 ,0 0 0 a v ea r, and
w o u ld fail to g iv e th e B o s to n & M a in e th e n ecessary c r e d it. A n d it w ou ld
bo im p ossible t o secu re u n d erm -iters if tho firs t p re fe re n ce s t o c k p la n w ere
a cce p te d .
R e g a rd in g th e earnings o f th o sy s te m fo r th e p a s t ye a r [a m ou n tin g to
$ 4,065,691 after fix e d charges, “ a d d itio n s an d renew als o f e q u ip m e n t” h a v in g
been deferred as far as p o ssib le , p o n d in g r e o r g a n iz a t io n /’ V . 103, p . 575 ],
it sh o u ld be rem em b ered th a t th e business o f th e last 12 m o n th s has been
e x ce p tio n a l. T h e B o s to n & M a in e co u ld n o t m a in ta in s u ch earnings In
o rd in a r y years unless It is re h a b ilita te d to h a n d le business w ith e c o n o m y
an d e x p e d itio n . U nder its presen t p h y sica l c o n d it io n th e s y s te m ca n n o t
h a n d le its v o lu m e o f business e c o n o m ic a lly .
I t has been v a rio u s ly esti­
m a te d th a t fro m $1 5 ,0 0 0 ,0 0 0 t o $ 3 0 ,0 0 0 ,0 0 0 is n eed ed fo r im p ro v e m e n ts on
th o sy s te m .
I sh ou ld sa y th at $ 1 0 ,0 0 0 ,0 0 0 c o u ld b e e xp en d ed t o g o o d
a d v a n ta g e in th e n ext three years.
R e o rg a n iz a tio n and c o -o r d in a tio n are w h a t is n e e d e d . In th e p a s t ten
years th e o p e ra tin g reven u e o f th o B o s to n & A lb a n y R R . has in crea sed
71% .
In the sam e p eriod th o o p e ra tin g re v e n u e o f th e B o s to n & M a in e
has increased 3 2 % . C o -o r d in a tio n an d p ro p e r fa cilitie s d id it fo r the
B o s to n & A lb a n y . T h e y w ill d o it fo r th o B o s to n A M a in e .
D ig e s t o f S t a t e m e n t b y W m . H . M c C l i n t o c k , P r e s , o f C o n n . R i v e r R R
A railro a d w h ich has earned a lm o st 1 0 % u p o n its s t o c k a fte r th e p a y m e n t
o f all its fix e d ch arges, in clu d in g th e ren tals o f th ese v e r y leased lin es, w ith
$ 8 ,0 0 0 ,0 0 0 o f cash in its tre a su ry, h a v in g a flo a tin g in d e b te d n ess n o larger
than th a t o f th e B o sto n & M a in e R R ., c a n n o t fo r a n y le g itim a te reason
seek a p p o in tm e n t o f a receiver.
Plan o f M a y 1916.— S om o tim e tin s y e a r a c o m m it t e e w as fo rm e d c o n ­
sistin g o f represen tatives o f th e B o s to n & M a in e , th e F itc h b u r g and th e
B o s to n A L ow ell railroads, w h ich t o o k t o its e lf th e n am e o f " T h e J o in t
R e o rg a n iz a tio n C o m m itte o o f th o B o s to n & M a in e R R . S y s t e m .”
The
c o m m itte e so c o n s titu te d fo rm u la te d an d in F e b ru a ry last p esen ted a
lan o f reorgan ization w h ich w as fo u n d u n s a tis fa cto r y
( V . 102, p .
11). In M a y th e y e v o lv e d a se c o n d d o c u m e n t a “ P la n fo r reorgan iza­
tio n o f th e B o sto n A M a in e R R . sy s te m in w h o le o r in p a r t ." (V . 102,
p . 198 6). T h is plan w as ra d ic a lly d iffe r e n t fr o m th e p la n w h ich had
fo rm e rly been p re p a re d , and it w a s co n s id e r e d a t le n gth b y a co m m itte e
o f th e b o a r d o f d ire cto rs o f th e C o n n e c tic u t R iv e r R R . an d also b y a c o m ­
m itte e o f th e d ire cto rs o f th e C o n c o r d & M o n tr e a l R R .
S u b sta n tia lly th e
sam e o b je c tio n s w ere raised b y e a ch t o th e p la n as d r a fte d . T h e se c o m ­
m itte e s th en su ggested a m e n d m e n ts t o th o o rig in a l d r a ft, w h ich w ere su b ­
m itte d t o their r e s p e ctiv e b o a r d s o f d ire cto rs an d b y th e m a p p ro v e d .
T h e b a sic idea o f th e R e o r g a n iz a tio n C o m m it te e 's plan w as th a t th o
leased lines sh ou ld sell th e ir r e s p e c tiv e p ro p e rtie s a n a fra n ch ises t o th e
B o s to n A M a in e R R ., o r t o a now c o r p o r a tio n , as m ig h t b o d eem ed b e s t,
an d th a t th e s to ck h o ld e rs o f th e leased linos sh ou ld surren der th eir h old in g s,
share fo r share, fo r s to c k o f th e new c o r p o r a tio n , w h ich w as t o b e design ated
as p re f. s to ck and t o b e e n title d t o th e sam e ra te o f d iv id e n d s as th e shares
su rren dered.
T h is s to c k w as t o b e e n title d t o re ce iv e d iv id e n d s b e fo r e a n y d iv id e n d s
w ere t o b e p aid u p o n a n y o th e r s t o c k , w ith im p o rta n t e x c e p tio n s .
The
d iv id e n d s w ere n o t t o b e cu m u la tiv e u n til a fte r th e e x p ira tion o f th ree
years fro m th e o rig in a l issu e. T h e a m o u n t o u ts ta n d in g c o u ld b e in crea sed

?

a t a n y tim e b y a v o t e o f tw o -th ird s o f th e p r e f. a n d c o m m o n s to c k o f th e
new c o r p o r a tio n . N o p referen ce as t o assets in liq u id a tio n w as g iv e n b y
th e p la n t o th is new p r e f. s t o c k .
.................
......
T h e e x c e p tio n s w ere th a t th e H a m p d e n R R . C o ., in a d d itio n t o $ 1 ,4 0 0 ,­
0 0 0 2d p r e f. s t o c k w a s also t o r e c e iv e o n a c c o u n t o f its cla im s $ 1 ,6 6 0 ,0 0 0
1st p r o f, s t o c k ca llin g fo r 5 % d iv id e n d s , a n d th a t $ 1 7 ,0 6 2 ,0 0 0 o f th is 1st
p r e f. s to c k ca llin g fo r 6 % d iv id e n d s w as t o b o issu ed t o s to c k h o ld e r s o f th e
B o s t o n & M a in e R R ., w h o s h o u ld p a y th e assessm ent c a lle d fo r b y th o plan
o r t o th e u n d erw riters w h o u n d e rto o k t o p a y th e a ssessm en t, i f th e s to c k ­
h old ers d id n o t .
,
, _ ■_
O bjection s.— T h e c o m m itte e o f th o C o n c o r d & M o n tr e a l an d th o C o n n e c ti­
c u t R iv e r ra ilroa d s s p e c ia lly o b je c t e d t o th e in clu sion o f th e H a m p d o n R R .
C o . as a p a r ticip a to r in a n y o f th e 1st p r e f. s t o c k o f th e new c o r p o r a tio n ,
a n d also t o th o in clu s io n o f t h e $ 1 7 ,0 6 2 ,0 0 0 a b o v e referred t o in su ch
p referred issu e.
...
,
_
. ^
F o r all p r a c tic a l p u rp o s e s t h o h o ld e r o f s t o c k in t h e C o n n e c tic u t R iv o r
a n d C o n c o r d & M o n t r e a l ra ilroa d s sta n d s in t h e sam e p o s itio n to w a rd th e
B o s t o n & M a in e as th e h o ld e r o f o n e o f its b o n d s o r n o te s . T h e re is ju s t
as m u c h reason t o ask th e h old ers o f n o te s a n d b o n d s o f th e B o s t o n & M a in e
R R . t o a c c e p t its 1st p r e f. s to c k as t o m a k e th a t re q u e st o f th e h o ld e rs o f
lea sed lin e s t o c k .
. .
,
_
^
T h e y h a v e , h o w e v e r , m a d e a p r o p o s itio n t o th e B o s t o n & M a in e U K .
t h a t th e ex istin g leases s h o u ld b e co n tin u e d in f o r c e , d iv id e n d rates bein g
r e d u c e d , in th o case o f th o C o n c o r d & M o n t r e a l fr o m 7 t o 6 % , a n d in
cor re s p o n d in g p r o p o r t io n in th e case o f th e C o n n e c tic u t R iv e r R R .
lh e
d ir e cto r s o f th e B o s t o n & M a in e o n A u g . 7 r e je c te d th is p r o p o s itio n .
S ta te m e n t b y C o n ra d W . C r o o k e r , J u n io r C o u n s e l fo r t h e B o s to n
M in o r i t y S t o c k h o l d e r s ’ A s s o c i a t i o n .
W e sh all fig h t a n y su ch p e t itio n fr o m th e d r o p o f th o h a t t o th o last
d it c h . T h e ro is n o e x cu s e fo r th e d ir e c to r s ’ refu sal t o m a k e s o m e e ffo r t
t o s ecu re a ren ew al o f c r e d it. T h e a p p lic a tio n fo r a re ce iv e rsh ip and a
re ce iv e rs h ip are t w o q u ite d iffe r e n t th in g s, a n d th e p ro ce e d in g s w ill g iv e
us a s p le n d id o p p o r t u n it y t o presen t o u r case.
A l l e g a t i o n s , & c . , Q u o t e d b y D a ily P a p e r s f r o m R e c e i v e r s h i p P e t i t i o n .
T h e c o m p a n y ’s c r e d it is s o p o o r th a t it c a n n o t issue b o n d s a t a rea son a b le
p r ic e , a n d it is u n a b le t o rafso m o n e y o n s h o r t-te r m n o te s. T h e r o a d is
n o w in d e b te d o n s u ch n otes t o a m o u n t o f $ 1 3 ,3 0 6 ,0 6 0 , o f w h ich $ 1 3 ,1 0 0 ,5 6 0
fa ll d u e A u g . 31 1916, w h ile th e re m a in d e r fe ll d u o M a r c h 2 , Ju n e 2 an d
J u ly 17. O n A u g . 31 p a y m e n t w ill be d e m a n d e d also o n . n o te s o f th e
V e r m o n t V a lley R R . C o ., a m o u n tin g t o $ 2 ,3 0 0 ,0 0 0 , en d o rse d b y th e
B o s t o n & M a in e . F o llo w in g th e exten sion s o f th e B o s to n & M a in e n o te s ,
su its w ere b r o u g h t b y o v e r 50 n o n -e x te n d in g n o te h o ld e rs, an d m o ro than
$ 1 ,5 0 0 ,0 0 0 w as as a resu lt p a id in ju d g m e n ts . S h o u ld th e re m a in in g n o te s
g o u n p a id , it w ill ca u se g re a t loss t o th e b o n d h o ld e rs w h oso b o n d s are n o t
d u e fo r y ea rs t o c o m e an d w h ose o n ly r e m e d y is a r e ce iv e rsh ip .
T h e ro are also ou ts ta n d in g $ 2 ,0 0 0 ,0 0 0 n otes o f th e C o n n e c tic u t R iv e r
R R . w h ich th a t r o a d cla im s w ere g iv e n fo r th o te m p o r a r y a c c o m m o d a tio n
o f th o B o s to n & M a in e .
B o s to n & M a in e , h o w e v e r , is n o t a p a r t y as an
en dorser o r g u a ra n to r o f these n o te s a n d d o e s n o t a d m it th e c la im o f th e
C o n n e c tic u t R iv e r r e g a rd in g th e m .
T h e re ce iv e rs h ip is necessary t o en a b le th o c o m p a n y t o b o r r o w o u ts id e
o f its existin g lia b ilities. T h e d e p r e c ia tio n in th o m a rk e t p r ice o f the
s to c k p r o h ib its th o r o a d fr o m se cu rin g fu rth e r fu n d s fr o m in crea sed share,
c a p it a l on a c c o u n t o f th e M a ssa ch u se tts law s m a k in g it necessary t o issue
n ew s to c k a t par.
T h e c o m p a n y has to t a l q u ic k assets o f $ 1 0 ,4 9 7 ,6 4 7 , o f w h ich $ 8 ,1 0 7 ,7 1 7
Is in cash an d $ 2 ,3 8 9 ,9 3 0 In n ote s, s to c k s a n d b o n d s (as b e lo w s h o w n ), b u t
d u r in g th o n ext f iv e y ears $ 1 0 ,0 0 0 ,0 0 0 w ill b e necessary fo r Im p ro ve m e n ts
th r o u g h o u t th e s y s te m an d a m u ch larger su m c o u ld be u sed . In a d d itio n ,
th ero are co n tr a c tu a l o b lig a tio n s a m o u n tin g t o $ 5 ,3 9 1 ,0 0 0 m a tu rin g o n or
b e fo r e Jan . 1 1917, f o r im p ro v e m e n ts alre a d y m a d e . A lth o u g h th ere w as
a su rplu s o f $ 1 ,0 6 5 ,6 9 1 fr o m th e o p e ra tio n s o f th e last fisca l y e a r , th o ro a d
w as n o t a b le t o p a y its fix e d ch a rge o f th e tw o p re c e d in g yea rs o u t o f
in c o m e a n d w as o b lig e d t o m e e t this ch a rge t o th e e x te n t o f $ 2 ,5 0 0 ,0 0 0
o u t o f ca p ita l assets.
In terest an d c o m m issio n s o n B o s to n & M a in e notes
p a id in a d v a n c e o f Ju n e 30 in th e p a s t fis c a l y e a r a m o u n te d t o $ 8 4 4 ,4 9 7 .
T h e r o a d h o ld s 5 ,6 1 9 shares o f B o s to n & L o w e ll v a lu e d a t $73 0,47 0;
3 ,3 3 5 shares o f C o n c o r d & M o n t r e a l, v a lu e d a t $ 3 0 0 ,1 5 0 ; 5 % fiv e -y e a r
g o ld n otes M a in e R a ilw a y s C o . v a lu e d a t $ 1 2 4 ,3 1 0 ; n o te s o f F itc h b u r g R R . ,
$ 7 5 0 ,0 0 0 ; a n d n otes o f C o n n . R iv e r R R . , $ 4 8 5 ,0 0 0 , a to ta l o f $ 2 ,3 8 9 ,9 3 0 .
F o r m o r e th an a y e a r all th e real e sta te o f th e B o s to n & M a in e in M a ssa ­
c h u s e tts has been u n d er a tta c h m e n t fo r $ 4 ,0 0 0 ,0 0 0 in a s u it b ro u g h t
aga in st it b y th o H a m p d e n R R . C o . fo r a lleg ed d a m a ge s u n d er a bre a ch
o f lease.
,
,
,
P o w e r t o Issue r e c e iv e r s ’ c e rtifica te s is r e q u e ste d ; also an o rd e r t o tho
d e fe n d a n t t o sell th e p r o p e r ty t o s a tisfy its o b lig a tio n s .— V . 103, p . 664.

Buffalo Lockport & Rochester (Electric) Railway.—
in D e fa u lt. — This company, operating 58 miles of
interurban railway between Rochester ancl Lockport,
defaulted Aug. 1 on tho payment of interest due then on the
82,799,000 of First Mortage bonds outstanding. A circular
signed by President C. Loomis Allen and the Secretary and
Treasurer, W . W . Foster, says in part:
(Compare “ Annual
Reports.” ):
A g a in

A s o f J a n . 1 1911 th o c o m p a n y resu m ed o p e r a tio n o f its p ro p e rtie s a t th e
c lo s e o f a p e r io d o f o p e r a tio n b y a r e c e iv e r , p u rsu a n t t o a re a d ju stm e n t or
th e c a p ita liz a tio n o f th e c o m p a n y m a d e w ith o u t fo re clo s u re (V . 9 1 , p. 1710;
V . 9 2 , p . 3 2 1 ). P r io r t o th is rea d ju stm e n t th o a m o u n t o f th e first m o rtg a g o
b o n d s o u ts ta n d in g w as $ 3 ,4 0 0 ,0 0 0 . I n th o re a d ju s tm e n t th o h o ld e rs o f
$ 6 5 0 ,0 0 0 o f th o b o n d s d e p o s ite d th e m w ith th e N a tio n a l T r u s t C o ., L t d .,
T o r o n t o , a n d relie v e d th e c o m p a n y fr o m th e fu rth e r p a y m e n t o f interest
o n these b o n d s, th u s r e d u cin g th e a m o u n t o f in terest bearing fir s t m o rtg a g e
b o n d s t o $ 2 ,7 5 0 ,0 0 0 .
Y e t th e earn in gs a p p lic a b le t o b o n d in te re st h a v o n o t
sin ce th e a b o v e -m e n tio n e d receive rsh ip been s u ffic ie n t t o p a y th o interest
o n th o $ 2 ,7 5 0 ,0 0 0 o f b o n d s , th e sta te m e n ts o f th e c o m p a n y fo r th o last riv e
yea rs h a v in g s h ow n d e fic it s as fo llo w s :
Y ea r end. J un e 3 0 191 2.
1913.
1914.
,.1 9 1 5 .
191 6.
D e f i c i t .................... .$ 1 1 ,9 7 6
$7 8 ,2 3 3
$54 ,491
$ 2 1 ,1 0 8
$ 4 4 ,1 9 9
I n s p ito o f these d e fic it s th o c o m p a n y c o n tin u e d t o p a y in te re st o n th e
$ 2 ,7 5 0 ,0 0 0 o f b o n d s , raisin g th e fu n d s re q u ire d fo r th is p u rp o s e , in a d d itio n
t o th e c o m p a n y ’s e a r n in g s , b y loa n s fr o m th o s to c k h o ld e r s a n d o th ers.
O n A u g . 1 1915 th e c o m p a n y h a d a large a m o u n t o f a c c o u n ts p a y a b le o u t ­
sta n d in g , as w oll as a largo a m o u n t o f s h o r t tim e n o te s , a n d Its c r e d it w as
su ch as t o m a k o it v e r y d iff ic u lt t o o p e r a te th e p r o p e r ty e c o n o m ic a lly .
I n th e h o p e t h a t t h e ea rn in gs w o u ld im p r o v e d u rin g th o n e x t fe w years
th e d ir e cto r s , a b o u t A u g . 1 1915, a u th o riz e d an issue o f $ 2 0 0 ,0 0 0 6 %
2 n d M . b o n d s , th e p r o c e e d s t o b e a p p lie d in p a y in g o f f th e a c c o u n ts p a y a b le ,
disch a rg in g th e sh o r t-tim o p a p er a n d re -e sta b lish in g th o c r e d it o f th e c o m ­
p a n y . A ll o f th ese b o n d s w ere tak en b y s to c k h o ld e r s a t p a r, a lth o u g h
th e 1st M . b o n d s w ere th en sellin g in th e m a rk e t a t fa r b e lo w p a r , a n d th e
p r o c e e d s a p p lied fo r th e p u rp ose s a b o v e m e n tio n e d .
D u rin g th e last y e a r th o u tm o s t e c o n o m ic s in m a n a g e m e n t h a v e been
e ffe c t e d , a n d in th o o p in io n o f th e o ffic e r s n o fu rth e r re d u c tio n in o p e ra tin g
expen ses c o u ld b e m a d e w ith o u t in ju ry t o th e p h y s ic a l p r o p e r t y . T h e gross
earn in gs o f th o c o m p a n y , h o w e v e r , d id n o t increase as it w as h o p e d th e y
m ig h t, b u t o n th e c o n t r a r y , d u rin g th o y e a r e n d e d Ju n e 30 1916 th e e a rn ^During0tho p a s t y e a r th e c o m p a n y w as fa c e d w ith th e n e ce ssity o f m a k in g
c a p ita l ex p en d itu res; $ 4 9 ,0 0 0 1st M . b o n d s , w h ich h a d be e n p la ce d in
escrow p u rsu a n t t o t h e a b o v e -m e n tio n e d r e ca p ita liz a tio n , w ero issued fo r
th is p u r p o s e , thus b rin g in g th e t o ta l fir s t m o r tg a g o in te re st-b e a rin g b o n d s
u p t o $ 2 ,7 9 9 ,0 0 0 .
,
,
I n view o f th o co n tin u e d a n n u al d e fic its o f t h e c o m p a n y a n d th o d e crca so
in gross earn in gs, th e d ir e cto r s c a m e t o th e c o n c lu d io n th a t th e y w ero n o t
ju s tifie d in a tte m p tin g t o b o r r o w fu n d s fo r th e p a y m e n t o f b o n d Interest,
a n d a c c o r d in g ly th e A u g . 1 1916 d e fa u lt in b o n d in terest o c c u r re d .
I n th e o p in io n o f t h e o ffic e r s th o fa llin g o f f In gross earn in gs is d u e t o
t w o cau ses: fir s t , th o general business dep ression a n d , s e c o n d , th o uso o f
th e p r iv a te a u to m o b ile . A fte r th e gross earnings fo r th o n e x t q u a rte r
are a s certa in ed , th e d ir e cto r s w ill h a v e a fu rth e r co m m u n ic a tio n t o m a k e .
(S ee also “ A n n u a l R e p o r t s ” o n a p re ce d in g p a g e .)— V . 103, p . 578 .

Canadian Pacific Ry.— “ Special

I n c o m e ”— D iv id e n d s .—

I n a d d itio n t o th o sta te m e n t o f earnings fo r t h e r a ilw a y p r o p e rtie s p u b ­
lish ed la st w eek , t h o c o m p a n y r e p o r ts its In co m e fr o m o th e r so u rce s as
sh ow n b e lo w . O u t o f th is o th e r in c o m e is p a id a regular ox tra d iv id e n d
o f 3 % o n th e c o m m o n s t o c k , w h ich is a d d itio n a l t o th e 7 % p a id fr o m ra il­
w a y earn in gs, m a k in g a t o ta l o f 1 0 % f o r t h e y e a r .




Special Income Account for Years ending June 3 0 .
1 9 1 5 -1 6 .
S p ecial in c o m e ......................* $ 9 ,9 4 0 ,9 5 5
E x tr a c o m . d lv s . ( 3 % ) - - 7 ,8 0 0 ,0 0 0

1 9 1 4 -1 5 .
$ 1 0 ,9 6 9 ,3 3 2
7 ,8 0 0 ,0 0 0

1 9 1 3 -1 4 .
$ 8 ,5 8 7 ,8 7 0
7 ,3 5 0 ,0 0 0

1 9 1 2 -1 3 .
$ 6 ,5 9 8 ,1 5 1
5 ,8 5 0 , 0 0 0

S u r p l u s ................................ $ 2 ,1 4 0 , 9 5 5
P r e v io u s su rp lu s..................... 6 ,2 6 6 ,1 4 4

$ 3 ,1 6 9 ,3 3 2
3 ,0 9 6 ,8 1 2

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

$ 7 4 8 ,1 5 1
1 ,1 1 0 ,7 9 0

T o t a l s u r .sp e c . in c o m e $ 8 ,4 0 7 ,0 9 9

$ 6 ,2 6 6 ,1 4 4

$ 3 ,0 9 6 ,8 1 2

$ 1 , 8 5 8 ,9 4 1

* A f t e r m a k in g allow an ce fo r c o n tin g e n t reserves.— V . 1 0 3 , p . 6 6 0 .

Chicago Burlington & Quincy RR.— B ond s

Called . —

O n e h u n d red a n d s e v e n ty -n in e ($ 1 79,000) 4 % b o n d s d a to d F o b . 1 1882,
h a v e b e e n c a lle d fo r p a y m e n t a t p ar a n d in t. o n S e p t. I a t N o w E n g la n d
T r u s t C o ., B o s t o n .— V. 103, p . 4 9 3 , 3 2 0 .

Chicago Rock Island & Pacific Ry.— Status o f P la n .—
Below are given (1) a statement published in the New York
“ Times” of Aug. 23, and (2) an authorized statement pre­
senting the matter from a different viewpoint:
Statement from " N . Y . T im es ” o f A u g . 2 3 , Subject to Q u alification as Belrno •
T h e J o in t R e o r g a n iz a tio n C o m m itte e o f R o c k Isla n d s to c k h o ld e r s a n d
d e b e n tu re b o n d h o ld e rs has b e e n n o tifie d b y b an k ers th a t it m a y as w e
s u sp e n d its la b o rs u n til th e ra ilro a d la b o r s itu a tio n clea rs.
F o r w eeks th e
c o m m itte e h a d been w o rk in g o n a pla n agreed u p o n in its general o u tlin e s
a n d h a v in g th e c o n tin g e n t s a n c tio n o f S p e y e r & C o . a n d l la y d o n . S to n e &
C o ., w h o p r o p o s e d t o u n d erw rite a now issue o f $ 3 0 ,0 0 0 ,0 0 0 p re fe rre d s t o c k .
T h o re o rga n iza tio n pla n p r o v id e d fo r an assessm ent o f $ 40 a sh a re o n th e
$ 7 5 ,0 0 0 ,0 0 0 s to c k o u ts ta n d in g . S to ck h o ld e rs p a y in g th e assessm en t w ero
t o r e c e iv e new preferred s t o c k , do lla r fo r d o lla r. T h e b an k ers w e ro t o ta k e
th e s t o c k o n w h ich p resen t sto ck h o ld e rs d e fa u lte d .
W ith th e p r o s p e c t o f an e ig h t-h o u r d a y a n d e x p e c ta tio n o f h e a v y a d d i­
tio n a l o u t la y fo r o p e r a tio n , th e ban kers th o u g h t a gre a t m a n y s to c k h o ld e r s
w o u ld re fu se t o p a y th e assessm ent. T h e R e o r g a n iz a tio n C o m m it te e has
a c c o r d in g ly d e c id e d t o d o n o th in g u n til th o w a g e aw ards are m a d e a n d it
c a n b o estim a te d ju s t h o w m u ch th e increased p a y w ill c o s t th e r o a d .
A u th oritative Statement Pu t Out W ednesday A fte rn o o n (A u g . 2 3 ).
T h o r e p o r t th a t S p e y e r & C o . an d H a y d e n , S to n o & C o . h a v o s e rv e d n o ­
t ic e th a t th e y w ill w ith d ra w as u nd erw riters o f th e R o c k Isla n d re o rga n iza ­
t io n p la n is o ffic ia lly d e n ie d . T h e re h a v e b een n o ch an ges in th o s itu a tio n .
T h o P r o sse r -S p e y e r -H a y d e n reorganization p lan h a s received a ch eck b y
th o decision o f J u d ge G eiger o f C h ica g o allow in g tho P e a b o d y c o m m itte e
fo r th e r a ilw a y ’s R e fu n d in g b o n d s to filo a foreclosu re bill.
T h is d o es n o t
im p ly , h o w e ver, t h a t th e p lan h a s been a b a n d o n e d , an d It Is a n tic ip a te d
th a t th e reorgan ization c o m m itte e w ill o p p o se th e P e a b o d y c o m m it t e e if a
foreclosu re bill is file d .

A r e p o r t th a t S p ey er & C o . a n d H a y d e n , S to n e & C o . w o u ld w ith d ra w
fr o m th e ir p ro m is o to u n d erw rite th e re o rg a n iz a tio n p la n w as d e n ie d t o -d a y .
B a n k e rs in d ir e ct t o u c h w ith th o re o rg a n iz a tio n plans s ta te d th a t n o m e e t­
in g h a d b een h e ld s in ce th o G eiger de cisio n had b een h a n d e d d o w n , and th a t
n eith er o f t h o p r o p o s e d u n d erw ritin g firm s h ad sh o w n a n y d is p o s itio n t o
w ith d ra w fro m their s ta n d . A ll p lan s w ill n e cessarily a w a it th o a c tio n o f
th e P e a b o d y co m m itte e .
I t is n o t lik e ly th a t a n y u n d e rw ritte n p la n w ill b e
p u t o u t w h ile a fo re clo s u re bill is p on d in g.
O n e o f th e b an k ers a llied w ith th e P ro s s e r-S p e y e r-H a y d e n in te re sts,
w h e n ask ed w heth er th e G e iger d e cisio n w o u ld u p se t presen t p la n s , sa id
th a t it m ig h t h a v e t h a t re su lt, b u t th a t there h ad b e e n a b s o lu te ly n o in d i­
c a t io n o f a w ith d raw al o f th o p la n . T h o G e iger d e c is io n , h o p o in t e d o u t ,
m e r e ly g a v e th e P e a b o d y c o m m itte e a rig h t t o file a fo re clo s u re b ill. T h e
o p p o n e n ts o f th e P e a b o d y c o m m itte e , h e s a id , w o u ld h a v o th eir d a y in
c o u r t w h en th e bill w as a rgu e d . A s t o p la n , c o m p a r e V . 103, p . 665 .

Chicago Utilities Co.— T erm s o f S a le. — Tho “ Electrical
World” of N. Y. for Aug. 19 says in substance:
T h o o rd e r o f th e S ta to P u b lic U tilities C o m m issio n o f Illin o is in th e sale
o f t h o C h ic a g o T u n n e l C o . t o th o C h ic a g o T e le p h o n e C o . has ju s t c o m e t o
h a n d . T h o te rm s a p p ro v e d b y th o C o m m issio n are as fo llo w s :
1. T h o t o t a l p rico t o b o p a id fo r th e p r o p e r ty sh all n o t ex ce e d $ 5 ,5 3 6 ,1 9 2 ,
o f w h ich s u m n o t o v e r $ 3 ,2 3 6 ,1 9 2 shall b o p a id b y C h ic a g o T e lo p h o n o C o .
2 . T h o p r o p o r ty d e scrib e d w h ich is n o t usablo b y th o C h ic a g o T e le p h o n e
C o . as p a rt o f its s y s te m shall b e rosok l an d tran sferred b y th o C h ic a g o
T e lo p h o n o C o . t o A m e rica n T e le p h o n o & T e le g r a p h C o . fo r $ 7 0 4 ,1 3 4 ca sh .
3 . T h o C h ic a g o T o lo p h o n o C o . shall n o t ch a rg e t o Its c a p ita l a c c o u n t b y
reason o f said p u rch a so a n y a m o u n t ex ce e d in g $ 1 ,5 3 2 ,0 5 8 w h ich has boon
fo u n d t o b e th o v a lu e o f th o p r o p e r ty t o b e a c q u ir e d w h ich is u sa b lo b y th o
C h ic a g o T e le p h o n o C o ., in c lu d in g th o tu n n e l rig h ts t o b o a c q u ir e d , w h ich
are v a lu e d a t $ 4 3 8 ,6 3 9 .
„ ,
4 . D u r in g th o life o f tu n n e l rig h ts, w h ich te rm in a te F o b . 19 1929,
th o sa id su m o f $4 3 8 ,6 3 9 , represen tin g th o v a lu e o f said tu n n o l r ig h ts, sh all
b o w h o lly a m o rtiz e d b y th o C h ic a g o T e le p h o n o C o . b y m a k in g e q u a l ann ual
ch a rge s t o o p e ra tin g expen ses.
„
,
5. A n y sum p a id b y C h ic a g o T e lo p h o n o C o . o n a c c o u n t o f th o p u rch a so
o f th o usablo p r o p o r t y in excess o f $ 1 ,5 3 2 ,0 5 8 , a n d th e fu r th e r su m o f $ 7 0 4 ,­
134, re p re se n tin g th o p r o p e r ty t o b e re s o ld , sh all b e ch a rg e d t o Its c o r p o r ­
a te s u rp lu s a c c o u n t a n d sh all n o t b e c a p ita liz e d .
6 . w h a t o v o r su m is p a id b y th e A m e rica n T e lo p h o n & T o le g ra p li C o . o n
a c c o u n t o f said p u rch aso shall b o c o n tr ib u te d o n ly o u t o f its su rp lu s fu n d s
oth e rw ise a v a ila b le fo r d iv id e n d p u rp o se s, an d sh all b o ch a rg e d t o its c o r ­
p o r a te su rp lu s a c c o u n t an d shall n o t b o ca p ita liz e d n o r ch a rg e d t o o r c o l­
le cte d fro m th o C h ic a g o T e lo p h o n o C o .
.
______
7 . T h o C h ic a g o T u n n o l C o . sh all p a y th o C it y o f C h ic a g o th o su m o f $ 5 0 0 ,­
000 , b o in g th o c o m p e n s a tio n re q u ire d fo r th o p rlv iio g o a n d co n s e n t c o n fe rr e d
b y its o rd in a n ce o f M a r c h 11 1916.
8 . T h o C h ic a g o T u n n e l C o . an d tho C h icago T e lep h on o C o . sh a ll accop t
th o said ord in ance o f M a r c h 11 1916.

9 . U p o n said a cq u is itio n th e C h ic a g o T e le p h o n e C o ., w ill g ra n t t o tho
In terven in g in d e p e n d e n t te le p h o n e c o m p a n ie s , o v e r th o linos an d th ro u g h
th o e x ch an g es o f th o C h ic a g o T e lo p h o n o C o . , a ll th o fa c ilitie s fo r c o n n e c ­
t io n w ith C h ic a g o p a tro n s w h ich said in d o p o n d o n t c o m p a n ie s n o w h a v o ,
eith e r d ir e ctly o r in d ire c tly , o v e r th e lin os an d th ro u g h th e oxch a n g o s o f
said C h ic a g o T u n n e l C o . T h o q u e s tio n o f p h y s ic a l c o n n e c tio n b e tw e e n
th o C h ic a g o T e le p h o n e C o . an d th o iu d e p o n d e n t to lo p h o n o co m p a n ie s ,
a n d t h o term s u p o n w h ich su ch p h y s ica l c o n n e c tio n a m y b o m a d e a n d th e
c a s t t h e r e o f d iv id e d , unless th o c o m p a n ie s roa ch an agroem on t th o re o n ,
a r e m a tte rs w h ich th o C o m m issio n reserves fo r fu tu r o d e te rm in a tio n in a n y
p r o c e e d in g w h ich m a y b o b r o u g h t fo r th a t p u rp o s e u n d or th o s t a t u t e .—
V . 101, p . 369 .

Concord & Montreal RR . —

Reorganization S ta tus .—

S ee B o s to n & M a in o R R . — V l 103, p . 578.

Connecticut River RR . —

R eorganization Status .—

See B o s to n & M a in o R I t . a b o v e .— V . 103, p . 5 7 8 , 3 2 0 .

Cuba Railroad. —

N o te I s s u e .—

See an n u al rep ort on a p re viou s p a g e .— V . 1 0 3 , p . 4 9 3 .

Evansville & Indianapolis Ry .—

Certificates —

T h e F ed era l C o u rt a t In d ia n a p o lis r e c e n tly au th o riz e d R e c o iv c r \Vm . P .
K a p p o s t o issuo $60 0 ,0 0 0 c e r tific a te s fo r a gen eral reh ab lita tio n o f th o r o a d .
T h o p r o c e e d s o f th o sale are t o b e u sed as fo llo w s : R o llin g s t o c k , $ 2 3 2 ,5 5 0 »
tio s , $ 2 7 ,6 7 5 ; ra ils , $ 3 5 ,0 0 0 ; re a lig n m e n t, $ 6 0 ,2 2 5 ; b rid g e s , $ 5 9 ,5 0 0 ; b a lla s t,
$ 2 1 ,0 0 0 ; te rm in al fa c ilitie s , $1 2 2 ,0 0 0 ; m isce lla n e o u s, $ 4 2 ,0 5 0 .— V . 102, p .
2 07 7.

Fonda Johnstown & Gloversville RR.— R ep o rt .—
Jun e 30
Gross
Y ea rs— E a rn s.
1915-16 ..$ 9 5 4 ,0 1 1
1914-15 . . 8 7 4 ,7 6 2
— V . 101, p . 688.

N et after
Taxes.
$41 3,34 1
3 6 2 ,0 0 8

Other
In terest, P r e f-D iv .
Balan ce,
In co m e. R en ts, A c .
(6 % ).
S u r- ° f i Jf {
$ 3 0 ,5 5 9 $ 39 0,03 7 $ 3 0 ,0 0 0 s tir.$ 2 3 ,8 6 4
3 1 ,8 0 4 3 8 0 ,5 4 9
3 0 ,0 0 0 d o f. 16,738

Guantanamo & Western R R . — N e w C ontrol .— Cuban
banking interests, it is announced, have purchased control.
— V. 101, p. 1367.
Grand Trunk Railway Co. of Canada. — Sale o f Collateral
N o t e s .— Blair & Co. havo offered, at 98 'A and int., to yiold
5.8% , 82,000,000 5% Two-Year Collateral Gold Notes.
Dated Aug. 1 1916 and due Aug. 1 1918.

D ig e s t o f S t a t e m e n t b y F r a n k S c o t t , V . - P . & T r e a s . , M o n t . , A u g . 3 ’ 1 6 .
These N o te s .— D a te d A u g . 1 1916, d u o A u g . 1 1918. P rin cip a l an d inter­
est (F . & A .) p a y a b le in U . S. g o ld c o in in N o w Y o r k an d M o n t r e a l, w ith o u t
d e d u ctio n fo r a n y ta x e s, assessm ents o r g o v e r n m e n ta l ch a rg e s o f the
D o m in io n o f C a n a d a o r th o U . S. A ., o x c o p t a n y U . S. F ed era l in c o m e tax.
C o u p o n in fo r m . D e n o m . S I ,000 . A m o u n t a u th o r iz e d , $ 2 ,0 0 0 ,0 0 0 .
T h e se n btes aro th e d ir o ct o b lig a tio n o f th e c o m p a n y an d are s p e c ific a lly
s ecu red b y th o p lo d g o w ith th o B a n kers T r u s t C o ., N . Y . , tru ste o , o f
£67 0 ,8 9 0 (a p p r o x im a te ly $ 3 ,2 6 5 ,0 0 0 ) p ar V a lu e G ra n d T r u n k I ly . C o . o f
C a n a d a 4 % C o n s o lid a te d D e b e n tu r e S to c k , w h ich is an a m o u n t 2 0 % , m ar­
k e t v a lu e , in excess o f th o p ar v a lu e o f this lo a n . T h e r a ilw a y c o m p a n y
agrees t o m ain tain th is co lla te r a l in an a m o u n t a t least 1 0 % , m a rk e t valu o,
in oxcoss o f th o p a r v a lu o o f this lo a n .
D eben ture Stock (C o lla te r a l fo r N o t e s ) .— T h is d e b e n tu re s t o c k is p a rt o f a
t o ta l issuo o f $ 1 8 0 ,7 2 0 ,0 4 1 , fro m tim o t o tim e au th o riz e d b y A c t s o f th o
P a rlia m en t o f C a n a d a , $ 1 1 9 ,8 3 9 ,0 1 4 w h e r e o f is in th o h an ds o f th o p u b lic ,
$ 3 7 ,4 5 8 ,7 3 3 is p lod g ed as c o lla te ra l s e cu rity fo r ce rta in issues o f pro m isso ry
n otes o f th o c o m p a n y , $ 1 3 ,3 2 6 ,7 5 8 is sot aside fo r ce rta in s p e c ifie d p u rp oses,
a n d $ 1 0 ,0 9 5 ,5 3 5 (w h ich a m o u n t in clu d e s th o s to c k w h ich is t o b o p led ged
as s e c u r ity fo r th o n otes) is h e ld in th e treasu ry o f th o c o m p a n y w ith o u t
lim ita tio n as t o pu rp oses o f issu o. T h o d e b e n tu re s t o c k is a fir s t ch arge
u p o n th e p r o p e r t y o f th e c o m p a n y , s u b je c t t o co rta in p rior lio n s, in clu d in g
th o 5 % d e b e n tu re s t o c k , agg re g a tin g a b o u t $ 5 4 ,0 0 0 ,0 0 0 .
F o r th o fu r th e r s o c u r ity o f th o 4 % d e b e n tu re s to c k there aro h e ld and
k e p t a liv e , as i f p le d g e d w ith a tru steo fo r th o b e n e fit o f th o 4 % d e b e n tu re
sto ck h o ld e rs $76 ,0 4 8 ,4 4 1 secu rities o f th o G ra n d T r u n k C o ., co m p a n ie s
co n s o lid a te d w ith th e G ra n d T r u n k C o ., a n d c o n tr o lle d co m p a n ie s . U ntil
d e fa u lt in th e p a y m e n t o f in terest o n th o 4 % d e b e n tu re s t o c k , h o w e v e r , tho
rov on u e d eriv ed fr o m su ch secu rities co n s titu te s a p a rt o f th o gon ora l roven u e
o f th o c o m p a n y . T h e se secu rities co n sist in p a rt o f secu rities ranking
e q u a lly w ith o r su p erior t o th e secu rities, in c lu d in g th o 5 % de b e n tu re
s t o c k , w h ich co n s titu te a ch arge prior to th a t o f tho 4 % d e b e n tu re s t o c k .
A ll o f th o s ecu rities c o n s titu tin g a ch a rge p rio r t o th o ch a rg e o f th o 4 %
d eb en tu re s t o c k o u ts ta n d in g in th o h an ds o f th o p u b lic m a y b o acq u ire d
b y th e issue o f 4 % d e b e n tu re s t o c k , an d w h en s o a cq u ire d m u st b o k ep t
a liv e fo r th o s e c u r ity o f th o 4 % d e b e n tu re s t o c k . T h o c o m p a n y has n o
p o w e r t o issuo a n y d e b e n tu re s to c k in a d d itio n t o th o a m o u n t a lrea d y
a u th oriz ed b y s ta tu te w ith o u t express a u th o r ity fro m th e P a rlia m e n t o f tho
D o m in io n o f C a n a d a . T h o in terest on th e d e b e n tu re s to c k has been p aid
r e g u la rly w h en d u o sin ce th o c r e a tio n o f th o first issuo o f 5 % de b e n tu re
s to c k in 1874, o r fo r a c o n tin u o u s p e rio d o f 42 years.
G rand Trunk R y .— -Tills is th e o ld e s t r a ilw a y system in C a n a d a (in co r­
p o r a te d in 1 8 5 2 ). It runs (sco m ap s on pages 54 a n d 55 o f “ R a ilw a y and
In d u stria l S e c tio n ” ) th ro u g h th o m o s t p o p u lo u s p a rt o f K astern C a n ada
a n d roaches e v e r y tow n o f im p o rta n ce in O n ta rio an d Q u e b e c, in clu d in g
Q u e b e c , M o n t r e a l, O tta w a and T o r o n t o . In a d d itio n , th ro u g h its su bsid i­
a r y com p a n ies in th o U n ited S ta tes, it is o p e ra te d as o n e s y s te m betw een
P o r tla n d , M o ,, an d C h ic a g o , a n d re ach es d ir e ct, B u ffa lo , N ia g a ra F a lls,
D o tr o it , B a ttle C r e e k , M ilw a u k e e , T o le d o and in te rm e d ia te p o in ts . T h o
to ta l m ilea ge is 4 ,7 7 8 m iles, o f w h ich 1,065 m iles aro d o u b lo tr a c k e d .
A s a resu lt o f th o se ttle d and p ro sp e ro u s n atu ro o f th o te r rito r y traversed
b y th o G ra n d T r u n k a n d its im p o rta n t c o n n e c tio n s , it has a t a ll tim es a
s te a d y v o lu in o o f t r a ffic , a n d is n o t s u b je c t t o o x trom o flu c tu a tio n s w ith
v a r y in g tra d o c o n d itio n s , as is th o ca se w ith ro a d s d e p e n d in g fo r their
reven u e u p o n certa in classes o f t r a ffic .
C om pany's Outstanding C a p. Stock, D eb . Stock and Bonds, Jun e 30 1916.
L oan Capital ($ 1 8 ,2 0 4 ,6 9 2 )—
$ 1 ,8 1 5 ,2 6 7
S ocon d E q u ip m e n t M o r tg a g e b o n d s ____ ______ _______ i ...........
7 0 7,57
T h ir d P referen ce b o n d s , N o rth e r n R y ______________________
W e llin g to n , G r e y & B ru ce b o n d s ____________
_
3 1 5 ’ 360
F irst M o r tg a g e b o n d s. C . A . R y _____________
If, 000 092
G roa t W estern 5> *s. $48 7; M id la n d R y . C o n s o ls $973 a n d
’
’

Northern Pacific Ry.—

D eath o f C h a irm a n .—

W illia m I*. C lo u g h , C h airm an o f th e b o a r d o f d ir e cto r s o f th e r a ilw a y ,
d ie d A u g . 17 in N e w Y o r k .— V . 103, p . 666 .

Ohio Traction Co.— M a tu r in g N o te s .— The $200,000 6%
notes due Sept. 1 1916 will be paid off at maturity on Sept. 1
at office of Penna. Co. for Insurances on Lives & Granting
Annuities, Philadelphia.— Y . 103, p. 579.
Pere Marquette RR.— E a rn in g s f o r J u n e 30 Y e a r s .—
J u n e 30 Y ears—
1 9 )5 -1 6 .
1914-15.
1913-14.
1912-13.
F re ig h t r e v e n u e .............. $ 1 5 ,0 9 8 ,2 5 6 $ 1 2 ,5 6 2 ,5 2 3 S l l .4 3 5 ,1 2 6 * 1 1 .9 4 1 ,8 8 7
P a ssen ger r o v e n u e --------- 4 ,1 2 9 ,0 1 8
3 ,9 3 8 ,0 8 6
3 ,9 1 2 ,0 9 3
4 ,0 0 7 ,6 5 1
M isce lla n e o u s, r e v e n u e .. 1 ,9 8 2 ,7 7 9
1 ,5 2 7 ,6 0 1
1 ,5 6 7 ,8 8 5
2 ,0 5 8 ,1 7 9
G ro ss o a rn in g s -----------* 2 1 .2 1 0 ,0 5 3 $ 1 8 ,0 2 8 ,2 1 0 $ 1 6 ,9 1 5 ,1 9 8 $ 1 8 ,0 0 7 ,7 1 7
M a in te n a n c e o f w a y . . . $ 2 ,0 0 7 ,1 7 2 $ 2 , 0 0 0 ,2 8 2 $ 2 ,9 9 6 ,1 1 8 $ 2 ,9 4 4 ,5 1 7
M a in te n a n c e o f e q u ip t .
4 ,2 6 8 ,0 5 8
--------------3 ,4 9 2 ,9 7 3
2 ,9 8 7 ,1 5 6
6* ,4—
8 7 ,9—
63
T r a f fic
_______________
3 8 1 ,3 1 1
3 7 9 ,1 2 5
40 0 .3 4 7
4 1 1 .9 1 0
T r a n sp o r ta tio n __________
7 ,3 3 8 ,1 0 5
7 ,0 2 2 ,7 4 1
7 ,1 4 6 ,8 2 7
7 ,5 9 6 ,6 7 5
M isc e lla n e o u s o p e r ., & c .
4 3 ,4 1 8
4 8 ,0 3 4
98 5 ,1 8 7
6 3 ,3 4 4
G e n e r a l___________________
49 2 ,3 6 1
5 0 0 ,S59
478 ,163 ,
T a x e s ______ •_______________
62 6 ,2 7 5
5 1 1 ,7 1 5
64 3 ,1 6 8
55 5 ,2 4 2
E x p e n se s an d ta x o s . .$ 1 5 , 1 5 6 , 7 0 0 $ 1 3 ,9 5 5 ,7 2 9 $ 1 8 ,6 7 7 ,3 4 2 $ 1 5 ,0 1 9 ,2 7 6
N e t e a r n i n g s . . . --------------$ 6 ,0 5 3 ,3 5 3
$ 4 ,0 7 2 ,4 8 1 d f .$ 1 7 0 2 .1 4 5 s r .$ 2 9 8 8 ;4 4 1

Philadelphia Rapid Transit Co.— L is tin g . —
T h e P h ilad elp h ia S to c k E x c h a n g e h as a u th orized th o listin g o f $1 8 8 0 0 0 0
ad d ition al exten d ed v o tin g tru st c e r tific a te s, m a k in g th o to ta l o f th ese
o u tsta n d in g , $ 1 8 ,8 4 7 ,5 0 0 .— V . 1 0 3 , p . 5 7 9 , 4 9 4 .

Public Service Corporation of New Jersey.— E a r n in g s.
— The monthly statement of earnings for July and tho 7 mos.
ending July 31 compares with the same periods in 1915:
G ross increase in to ta l b u sin ess_____________________________ $ 3 8 3 [795 $ 2 1 7 7 *0 97
P e rcen tag e o f increase______________________________ _ .
1 2 .4 %
13 2 %
B a la n ce a v a ila b le (after p a y m e n t o f op eratin g exp en ses,
fixed ch a r g e s, sin k in g fu n d req u irem en ts, & c .) for
a m o r tiz a tio n , d ivid e n d s an d su rp lu s, w a s __________ . $ 4 3 8 , 4 2 2 $ 2 9 7 2 1 9 0
In crease in surp lus a v a ila b le fo r d iv id e n d s_______________$ 9 0 ,1 7 3
$700 337
See m a p in r‘E le c tric R y . S e c tio n ,” p a g e 8 0 . — V . 1 0 3 , p . 4 0 7 , 3 2 1 .

Railroad Labor Situation.— N eg otia tio n s.—

.

See ed itorial colu m n s on a preceding p a g e .— V . 1 0 3 , p . 6 6 6 .

St. Louis-San Francisco Ry. — N e w C o m p a n y. — This
now company was incorporated in Missouri on Aug. 24 with
$450,000,000 of authorized capital stock, $200,000,000 being
prof, and $250,000,000 common, as successor of the old St.
Louis & San Francisco, whose properties were recently fore­
closed per plan in V. 102, p. 896, 1061. Judge Sanborn will
come to St. Louis on Aug. 29 to confirm the sale of the
property.— V. 103, p. 407, 321.
soctional bonds, $1,947; total___ _____ _________
3 407
St. Louis & San Francisco RR.— Sale o f Collateral .—
D eben ture Stock ($155,373,808)—
Tho collateral securing the issue of $2,250,000 2-year 5%
4 % N orth orn R y
...........$ 1 ,4 9 9 ,9 8 0 1 5 % G ro a t W e s t e r n ...........$ 1 3 ,2 5 2 ,3 2 3
5 % G ra n d T ru n k ------------2 0 ,7 8 2 ,4 9 2 | 4 % G ra n d T r u n k ..............119 ,8 3 9 ,0 1 4
Secured Gold Notes was bid in at public auction in Boston
Share C apital ($241,237,589)—
on Aug. 23 for the reorganization committee for $801,989.
4 % g u a ra n teed s t o c k ._ _ $ 6 0 ,8 33 ,333 I T h ir d p re fo ro n co s t o c k . _ $ 3 4 , 8 8 4 ,5.35
— V. 103, p. 407, 321.
F irst p referen ce s t o c k . . . 16 ,6 4 4 .0 0 0 O rd in a ry s t o c k ....................116,563 ,05 3
S ocon d p re fe re n ce s t o c k . 12,312,6671
San Francisco-Oakland Terminal Rys.— C ity P la n . —
Canadian Governm ent D eb en tu res__________________________________ $ 1 5 ,1 4 2 ,6 3 3
E a rn ings f o r C alendar Y ea rs—
1914.
1915.
G ross ea rn in g s............................. ................ ..........................$ 4 1 ,8 3 7 ,6 0 3 $ 4 0 ,3 5 7 ,7 4 8
N e t , a fte r expon sa s__________________________ _______ $ 1 0 ,1 3 1 ,8 7 6 $ 1 0 ,4 8 5 ,9 7 8
In teres t o n D e b e n tu r e s to c k an d a ll fix e d charges
a fto r d e d u ctin g th e re fro m in t . o n a c q . b d s . , & c . _
8 ,0 6 2 ,9 8 0 8 ,0 0 0 ,6 5 0
S u r p lu s ..................................... .................................................... $ 2 ,0 6 8 ,8 9 6
$ 2 ,4 8 5 ,3 2 8
D u r in g th e p a st 15 yoars tho G ran d T r u n k R y . C o . h a s p a id o u t in d iv i­
d e n d s ovor $ 5 0 ,0 0 0 ,0 0 0 in oxcoss o f a ll interest ch arges, an d th e d iv id e n d s
con tin u o u sly p a id d u ring th a t period h a v e averaged $ 3 ,3 7 8 ,5 4 0 per a n n u m .
T h o p h ysical con d itio n o f tho G ran d T r u n k R a ilw a y S y ste m is e x c e lle n t,
an d its fu tu re p ro sp ects were never brigh tor th an a t th o p re sen t tim o .
T h o proceeds o f th e present issue are to p ro vid e ad d ition al term in al fa cili­
tie s, an d w ill incroaso th o earn ing c a p a c ity o f tho c o m p a n y
In this le tte r th o variou s sterlin g a m o u n ts aro sta te d in d o lla rs usimr th e
exchange rato o f 4 8 6 .6 6 .— V . 1 0 3 , p . 1 0 3 , 6 6 6 .
' u sln g tn o

Homriuiu Rapid Transit & Land Co.— Stock

In c r e a s e .—

T h o shareholders rocontly a u th orized an in croa so in can ltal
tv,,,,,
$ 1 ,2 5 0 ,0 0 0 to $ 1 ,6 0 0 ,0 0 0 . _ T h is new s to c k , it is s a id , to g eth er ?vUh 4 2 5
shares o f treasu ry s to c k , is to bo Issued to th o s to c k h o ld e r s.— V . 1 0 2 , p .1 3 5 0 .

Idaho Railway, Light & Power Co.— M e r g e r . __
S e e Id a h o P o w e r C o . u n d er “ In d u str ia ls” b e lo w .— V . 1 0 1 , p . 8 4 6 :

Los Angeles & Salt Lake RR.— N e w

N a m e .—

Seo S an P e d r o L o s A n ge le s & S a lt L a k e R R . b e lo w .

Mexican Northern Ry.— Death

o f P resid en t .—

Itob ort S . T o w no o f N . Y . , P resid en t an d T reasu rer o f th is R a il W av and
th o P o to si & R io V erde R y . , d ie d on A u g . 3 . — V . 9 6 , p . 1 3 6 5 .

National Securities Corporation.— M e r g e r . —
S e e Id a h o P o w e r C o . u n d er “ In d u stria ls” b e lo w .— V . 1 0 1 , p . 8 4 6 .

New York New Haven & Hartford RR .— P r elim in a ry
tho preliminary financial state­
ment for tho late fiscal year, cited last week (p. 660) tho fol­
lowing important paragraphs aro added:
R eport— F urther D a ta . — To

D u r in g th o fiscal y e a r there w as in clu d ed In m a in ten a n ce $ 1 ,0 6 6 2 7 0 4 7
w h ich m o n e y h as n o t been exp en d ed because o f tho in a b ility o f th o c o m n a n v
to o b ta in lab or an d m a te r ia l.
I t has been d e cid e d , w ith th o p e rm issio n o f
th e In to r -S ta to C o m ^ r c o C o m m issio n , to carry th is a m o u n t forw ard to th e
Sro a c tu a lly m a d e

t 0 bo used w hon th e m ain te n a n c e exp en d itu res

A b a la n c o o f $ 1 5 0 ,4 8 3 5 8 a cc o u n t o f iasuranco has also boon carried ov e r
t o tho n ext fisca l y ea r so th a t th e a c tu a l b alan ce aftor a ll ch arges fo r th e
fisc a l y ea r en d ed Ju no 3 0 1 9 1 6 w as $ 5 ,5 3 2 ,4 3 1 , an incroaso o f $ 3 2 2 4 4 3 9
as com p ared w ith actu al figu res fo r th e p re viou s y e a r .
Seo “ A n n u a l R e p o r ts
on a p reced in g pa go.

D ollar B o n d s.— Kissel,
9 5 ^ 8 and mt., to yield

Kinnicutt & Co. are offering at
about 5 % , debenture 4 % gold
bonds of $1,000 each, due April 1 1922. Int. payable A & O
at office of J. P. Morgan & Co.

T h o so b o n d s h a v o boon Issued in e x ch a n g e fo r th o ••A.or f>i
E u rop ea n loa n o f 1907” o f th o " N o w H a v e ™ p a r fo r nar
a m o u n t o f b o n d s s o issu able is lim ite d t o $27 o s ', n n m rnP t
tu ), to ta l
$ 1 2 ,2 2 5 ,0 0 0 h a v e been s o issu ed. In a d d i t i o n t o b o i n f d i r e c P e t o ^ H ^ s
o f th e ‘ 'N o w I la v o n ” ..C o m p a n y , t h o s e ..b o n d !

S e e “ S ta te a n d C i t y ” D e p a r tm e n t o n a n o th er p a g e .— V . 1 0 3 , p . 5 8 0 .

San Pedro Los Angeles & Salt Lake RR.— N e w N a m e .—
The stockholders on Aug. 16 unanimously voted to change
the name of this road to the Los Angeles & Salt Lake RR.
This change of name is due to tho fact that San Pedro has
been made a part of the city of Los Angeles and has, it is
said, no other significance. The proposition for the con­
struction of an extension from Peco to Santa Ana, Cal., in­
stead of from Bixby was also ratified.— V. 101, p. 1372.
Sheboygan Ry. & Electric Co.— S ecurities.—
T h e W isc o n sin R R . C o m m issio n h as au th orized tho c o m p a n y to issue
$ 1 ,5 5 0 ,0 0 0 b o n d s, $ 2 0 0 ,0 0 0 c o m m o n stock an d * 3 5 0 ,0 0 0 p re f. s to c k .
The
p ro ceed s, it is sa id , will be used to refinan ce tho p ro p erty an d for a d d ition s
an d exten sio n s.
T h e bon d s are bein g h a n d led b y th e W isco n sin T r u st C o .
o f M ilw a u k e e , W i s .
T h e p ro p erty w as roco n tly pu rch a sed b y K e ls e y .
B row er & C o . o f G ra n d R a p id s .— V . 9 3 , p . 1 7 2 7 .

United Gas & Electric Corporation (of Conn.), N. Y.
City.— E a rn in g s S u bsidia ry C o m p a n ies. —
----------------- Month of June---------------------- 12 Mos. end. June 3 0 —
1916.
1915.
Increase.
1 9 1 5 -1 6 .
1 9 1 4 -1 5 .
G ross e a r n in g s ..$ 1 ,1 9 9 ,0 9 6 $ 1 ,0 6 1 ,6 8 7 $ 1 3 7 ,4 0 9 * 1 4 ,3 6 3 ,6 8 5 $ 1 3 ,1 9 1 ,7 9 1
O p eratin g e x p . . $ 7 0 7 ,7 7 :1 ,
| $ 7 ,9 9 5 .7 9 8 \
F ixed ch arges . .
2 9 1 ,2 5 4 /
8 9 5 ,1 4 4
103,8811
, 3 4 8 / 1 0 ,9 6 4 ,2 2 0

B a la n ce , s u r p .

$20 0,07 1




$3 3 ,5 2 8

S 2 .9 0 6 .5 3 9

$2,22 7 ,5 7 1

United Light & Rys. Co.— Results f o r J u ly 31 Y e a r s .—
operations of sub. cos. and other sources:

E a r n in g s. — From
July 31 Yrs. 1 9 1 5 -1 6 -

1914-15.
July 31 Yrs. 191 5-1 6.
1914-15.
G ro ss in c o m e .$ 1 ,8 3 9 ,2 6 5 $ 1 ,5 2 5 ,7 2 2 A m o r t iz a tio n .
$ 5 ,0 1 5
$ 1 2 ,9 1 2
$ 1 1 7,87 0 P re f. d i v s . * . .
59 1 .7 8 4
$ 5 3 1 ,2 2 3
E x p e n s e s ------- $ 13 9,66 3
I n t . c h a r g e s ..
5 5 3 ,8 1 0
4 82 ,064 B a la n ce , s u rp . $ 5 4 8 ,9 9 3
$38 1 ,6 5 3
* In c lu d e s in 1915-16 $59 1 ,7 8 4 p a id o n 1st p r e f. aga in st $ 4 7 3 ,2 3 4 p a id on
I t s p r e f. a n d $ 5 7 ,9 8 9 o n 2d p r e f. s to c k in 1914-15.

Combined earnings, including subsidiary companies:
July 31 Yrs. 1915-16.
1914-15. I July 3 1 Yrs. 191 5-1 6.
1914-15.
G ross e a r n s ._ S 6 ,69 2 ,6 1 5 $ 6 ,1 5 4 ,3 0 2 C h a r g e s ______$ 1 ,3 9 7 ,8 3 6 $ 1 ,3 5 0 ,3 6 0
N o t , a fte r t a x .$ 2 ,6 7 0 ,1 4 3 * 2 ,3 8 5 ,2 7 4 1B alanco, s u r p . $ l , 2 72 ,307 $ 1 ,0 3 4 ,9 1 4
— V . 103, p . 321 .

Wabash Pittsburgh Terminal Ry.— Reorganization —
properties offered at foreclosure sale having
been struck off to bidders in the interest of tho reorganization
plan of June 25 1915 (V. 101, p. 48, 44; V. 102, p. 252), it
is intended as soon as practicable aftor the confirmation of
tho sale and the delivery of deeds for the property purchased
F in a l C a ll. — The

p a yab lo w ith o u t d e d u ction for a n y ta x or taxes w hich & o raUread^ co m n a n v
its successors or assigns m a y bo required to p a y or retain th ere fr om undeil
a n y p resen t or fu tu r e law o f th o U n itod S tatos o f A m e ric a or o f a n v S ta te
c o u n ty or m u n ic ip a lity th erein .*'— V . 1 0 3 , p . 6 6 1 , 579V
y Htat0

$ 16 6,54 3

Operating Properties of the Company Included in the Above Statement.

B lo o m in g to n , 111.— U n io n G a s & E le c tr ic C o . (g a s ).
B u ffa lo N . Y . — In tern a t. T r a c . C o . o f N . J . (street ra ilw a y s ).
C o lo r a d o S p rin gs, C o lo .— T h e C o lo . S p g s. L t . , H t. & P o w e r C o . — (gas,
e le ctr ic ity a n d s team h e a t).
E lm ira , N . Y . — E lm ira W a te r , L ig h t & R R . (e le c ., street railw a y s & g a s ).
H a rris b u rg , P a .— H arrisbu rg L ig h t & P o w e r C o . (e le c tr ic ity ).
L a n ca ste r, P a .— C o n e s to g a T r a c tio n C o . (street ra ilw a y s ).
d o T h o L a n ca ste r G as L t . & F u el C o . (gas) E d sio n E le c. C o . (e le c tr ic ’ y ) .
L e a v e n w o rth , K a n .— (T h e ) L e a v e n w o rth L ., II. & P . C o . (gas & e le ctr ic ’ y ) .
L o c k p o r t , N . Y . — L o c k p o r t L ., II. & P . C o . (gas, e le ctr ic ity & ste a m h e a t ) .
N o w O rlean s, L a .— C o n su m e rs’ E l. L t . & P o w e r C o . (e le c t r ic it y ).
R ic h m o n d , I n d .— (T h e ) R ic h m o n d L ig h t, H e a t & P o w e r C o . (g a s ).
T e rre H a u te , I n d .— C itizen s G as & F u el C o . (g a s).
W ilk e s -B a rr e , P a .— (T h e ) W ilk e s-B a rre C o . (gas, e le c. & ste a m h e a t ).
— V . 103, p . 235.

to put the new company into possession, and thereafter to
distribute the new securities to holders of certificates of de­
posit who havo complied with all requirements of the plan.
The reorganization committee, J. N. Wallace, Chairman,
desires that the fullest opportunity bo given all holders of
first mortgage bonds to participate alike in the benefits of
the plan, and accordingly gives the following notice (See
adv):
(1) H o ld e r s o f ce r tific a te s o f d e p o s it fo r firs t m o r tg a g e b o n d s issued
u n d er o r s u b je c t t o th e p la n , in re sp e ct o f w h ich n o p a y m e n t has been
h e r e to fo r e m a d e u n d er th e p la n , w ill b o p e r m itte d t o m ak e p a y m e n t o f
S310 fo r each $ 1 ,0 0 0 b on d represen ted th e re b y u n til th e d o s o o f business o n
S ep t. 6 1916. T h e p e n a lty o f $10 per each $ 1 ,0 0 0 o f b o n d s is in to n d cd to
rep resen t in terest o n th e p a y m e n ts requ ired u n d er th e pla n .
(2) H old ers o f u n d ep osite d firs t m o rtg a g e b o n d s m a y d e p o s it th e sam e
u n d er th e p la n , rec e iv in g ce r tific a te s o f d e p o s it th e re fo r u n til th e c lo s e o f
business o n S ep t. 6 1916, b u t o n ly u p o n m a k in g p a y m e n t a t th e tim e o f
su ch d e p o s it o f $310 fo r each $ 1 ,0 0 0 o f fir s t 'm o r t g a g e b o n d s.
(3) T h e h olders o f th e few p a r t-p a id ce r tific a te s o f d e p o s it m a y , u n til th e
c los e o f business o n S ep t. 6 1 9 l6 , m ak o p a y m e n t o f s u ch u n p a id in stallm en ts,
b u t o n ly u p o n p a y m e n t o f a p e n a lty o f $2 50 in re sp e ct o f each $ 1 ,0 0 0 o f
b o n d s represen ted b y su ch ce r tific a te s o f d e p o s it.
(4) U n der the arran gem en ts m a d e w ith th o u n d e rw ritin g s y n d ic a te , it
w ill b e im p ossib le o n a n y term s t o re ce iv e fu rth e r d e p o sits o f 1st M . b o n d s
o r t o p e rm it h old ers o f c t fs . o f d e p o s it t o m a k e p a y m o n ts a fte r S o p t. 6.
A ll p a v m e n ts an d d e p o s its m u st be m a d o t o an d w ith C o n tra l T r u s t C o .
o f N ow Y o r k , th o d e p o s ita r y , 54 W a ll S t ., N . Y . C it y . S e e a ls o a d v . p a g e s
— V . 103, p . 666 .

INDUSTRIAL AND MISCELLANEOUS.
Acme Tea Co., Inc., Phila.— In itia l D ividends.-—•
I n itia l d iv id e n d s o f l H % h a v e been d e cla re d on th o $ 2 ,7 5 0 ,0 0 0 1st a n d
$ 5 0 0 ,0 0 0 2 d p r e f. s to c k s , b o th p a y a b le S o p t. 1 t o h o ld e rs o f r e co rd A u g . 25.
— V . 103, p . 4 0 8 , 240 .

American Coal Co. of Allegheny County (N. J.).—
A n extra d iv id e n d o f 2 % , o u t o f th e p r o fits fo r th e six m o n th s en din g
Ju n e 30 1916, an d a special d iv id e n d o f 1 5 % o n a c c o u n t o f tho liq u id a tio n
o f the c o m p a n y ’s Jersey C it y w h a rf p r o p e r ty , a lo n g w ith th o regular se m i­
a n n u al d iv id e n d o f 3 % , has been d e cla re d o n th o $ 1 ,5 0 0 ,0 0 0 s t o c k , all p a y ­
a b le S ep t. 1 t o h olders o f re co rd A u g . 3 1 .
In M a r c h an extra d iv id e n d o f
2 % w as also p a id .— V . 102, p . 887.

American Telep. & Teleg. Co.— -Term s

o f P u rch ase. —■

See C h ic a g o U tilities C o . u n d e r “ R a ilr o a d s ,” a b o v e .— V . 102 , p . 2 1 6 8 .

American Vanadium Co., Pittsburgh, Pa.— N e w C o m ­
reports state that this $700,000 corporation,
organized in 1906, to control the Peruvian deposits of
vanadium (now largely used in making high graclo steel rails)
is to be succeeded by a new company, capitalized at $5,­
0 0 0 ,0 0 0 pref. and $6,000,000 common stock.
p a n y .— Press

H arrison W illia m s o f N e w Y o r k is said t o b e s y n d ic a te m a n a g e r. Jas. J.
F la n n e ry o f P itts b u r g h , presen t P resid en t, w ill b e c o m e C h a irm a n an d
J . J . R e p lo g lo , n o w V Ico -P re s . a n d G e n . M a n . o f Sales, w ill b o P re sid e n t.

Atlantic Gulf & West Indies SS. Co.— D iv.

I n c ., E tc .—

A d iv id e n d o f 1 % % has be e n d e cla re d o n th e $ 1 4 ,9 7 9 ,9 0 0 p re f. s t o c k ,
p a y a b le O c t . 2 t o h old ers o f re co rd S e p t. 15. O f this d iv id e n d yx % *s fo r
th e A p ril 1 an d yx % fo r tho J u ly 1 d iv id e n d s , thus p la cin g th o s t o c k o n a
5 % basis, as o n ly 1 % w as p a id o n th e tw o p re v io u s qu a rte rly d a te s .—
T h o c o m p a n y has r e c o n tly so ld fo r a b o u t $ 1 ,1 8 0 ,0 0 0 t w o o f th o B runs­
w ic k SS. C o . b o a ts an d w ith th o p r o c e e d s h as a cq u ire d a c o n tr o llin g in te r­
est in th o M e x ica n N a v ig a tio n C o . , w h ich has a fle o t o f nin e vessels, c a r r y ­
in g fre ig h t an d passongors b etw een N o w O rlean s, V e ra C ru z a n d o th e r
M e x ic a n p o r t s .— V . 103, p . 146. 139.

Canada Bread Co., Toronto.— E a r n in g s. —
J u n e 30
M fg .
Y ea r—
P rofits.
1 9 1 5 - 1 6 - ..$ 2 2 3 ,7 7 2
1 9 1 4 - 1 5 - . - 2 8 7 ,1 9 3
— V . 101, p . 613 .

Other
In com e.
$ 1 0 ,5 7 9
11,530

Bond
In terest.
$71 ,821
7 2 ,2 3 5

D ep reP f. D iv .
c ia tio n .A c . ( 7 % . )
$ 6 2 ,5 0 0
$ 8 7 ,5 0 0
6 0 ,0 0 0
87,5 0 0

B alance ,
Su rplus.
$ 1 2 ,5 3 0
7 8 ,9 8 8

H aw a iian P in e a p p lo C o ., L t d ., an d B a lfo u r, G u th rie Sc C o .
It is said
th o sharos o f A la s k a P a ck o rs a n d C a lifo rn ia F ru it w ill b o ex ch a n g e d fo r
n o w c o m m o n s t o c k o n basis o f 10 shares o f present s t o c k fo r 7 shares o f
n ow c o m m o n ra te d as w o rth $35 o a c h . O f th o now s t o c k , p art w ill b o p rof,
s t o c k , p r o b a b ly w ith rig h t o f co n v e r s io n in to co m m o n at 65 w ith in 15 y e a rs .
W illia m S a lo m o n & C o . aro said t o b o in terested in th o pla n .

Great Shoshone & Twin Falls Wat. Pow. Co.— M e r g e r .
S ee Id a h o P o w e r C o . b e lo w .— V . 102, p . 255 , 157.

Hudson’s Bay Co.— D ivid en d

R esu m ed .—

L o n d o n a d v ic e s sta te th a t th o c o m p a n y has d e cla re d 2 0 % o n o rd in a ry
shares fo r th o y e a r t o M a y 3 1 , 5 % b e in g in ro sp e ct o f r e ce ip ts o f th o lan d
d e p a rtm e n t, on w h ich in c o m e ta x is n o t p a y a b le , an d 15% in r e sp e ct o f
p r o f it o f tra d e , th e la tte r b e in g p a y a b le less ta x . N o d iv id e n d w as p aid last
y e a r .— V . 103, p . 66S.

Hudson Navigation Co.— E a r n s,

f o r 7 M o n th s to J u ly

31.

7 M o . to July 3 1 — 1916.
1915. 17 M o . to July 31— 1916.
1915.
G ross e a r n in g s ,- . $ 7 4 7 , 181 $ 6 3 3 ,6 9 8 1N e t earn in gs - .- $ 2 0 9 ,4 1 3 $1 0 1 ,1 4 0
E x p e n s e s .................. 5 3 7 ,7 6 7 532,5581
T h o net earnings fo r J u ly 1916 w ere $ 1 8 6 ,1 5 0 , a g ain st $ 1 1 0 ,9 9 2 fo r J u ly
1915, an increaso o f $ 7 5 ,1 5 8 , or 6 9 % . — V . 102, p . 1350, 889 .

Idaho-Oregon Light & Power Co.— M e r g e r . —
S ee I d a h o P o w e r C o . b e lo w .— V . 101, p . 207 5.

Idaho Power Co.— C o n so lid a tion . — Tho following pub­
lished statement while premature, is understood to bo ap­
proximately correct. No official statement will bo ready for
several months.
T h e h y d r o -e le c tr ic a n d s te a m g e n e ra tin g p ro p e rtie s in S o u th e rn an d
W e s te rn I d a h o , w ith th eir tran sm ission an d d is trib u tin g sy ste m s a n d s o m o
allie d e le ctr ic railw ays w h ic h w o re tak en o v e r b y G eneral E le c t r ic in terests
a y e a r a g o an d fin a n c e d th r o u g h th o N o rth e r n S e cu rities C o r p o r a t io n , h a v e
b e o n c o n s o lid a te d u n d e r th o n a m e o f th o I d a h o P o w e r C o . w ith a c a p it a li­
z a tio n o f $ 1 7 ,0 0 0 ,0 0 0 .
T h o E le c tr ic In v e stm e n t C o r p ., w h ic h w as o rg a n iz e d t o assist in t h o c o n ­
s o lid a tio n , w ill b o d is s o lv e d . T h o B o is e V a llo y T r a c t io n C o . , o rg a n iz e d to
t a k o o v e r th o e le ctr ic ra ilw a y lin os, w ill rem ain in e x iste n ce , b u t all Its
s t o c k w ill bo h e ld b y th e I d a h o P o w e r C o . T h e e le ctr ic g e n e ra tin g p la n ts
a n d tran sm ission an d d is trib u tin g s y ste m s o f th e new c o m p a n y o x to n d fro m
B la c k fo o t in th o east t o H u n tin g to n , O re ., o n th o w e st, a n d , w ith th o e x ­
c e p t io n o f th o G o v e rn m e n t p o w e r p la n ts a t B u rio y an d R u b o r t, in c lu d o a ll
th o ge n e ra tin g p la n ts in th a t t e r rito r y .
T h e n ow c o m p a n y is o rg a n iz e d u n d e r th e law s o f M a in e , b u t 12 o f its 16
d ir e cto r s aro resid en ts o f I d a h o . C o m p a n ie s m erged in to th o I d a h o P o w e r
C o . in clu d o th o Id a h o -O re g o n L ig h t Sc P ow er C o ., th o Id a h o R a ilw a y ,
L ig h t & P ow er C o . , th o I d a h o P o w e r & L ig h t C o . , th o G re a t S h o s h o n o &
T w in F a lls W a te r P o w e r C o . , th o S ou th ern Id a h o W a te r P o w e r C o ., th o
J e ro m o W a te r -W o r k s C o ., t o g e th e r w ith a n u m b e r o f p ro p e rtie s c o n tr o lle d
b y th ose c o r p o r a tio n s . T h o n o w c o m p a n y w ill o p e r a te in o v o r y c it y a n d
t o w n in th o g re a t S n a ko R iv e r V a llo y w ith th o e x c e p tio n o f th e t w o s u p ­
p lie d w ith G o v e rn m e n t p o w e r .
T h o c o m p a n y n o w has 3 0 ,0 0 0 h . p . c a p a c it y a n d o w n s a n u m b e r o f u n d e ­
v e lo p e d sites w h ic h are c a p a b le o f ge n e ra tin g largo a m o u n ts o f p o w e r .
It
o w n s ge n e ra tin g pla n ts a t A m o rica n F a lls, S h osn on o F a lls, lo w e r S a lm on
R iv e r F a lls, M a la d R iv e r , S w an F a lls, O x B o w an d H o rse sh o o B o n d .
It
leases th o p la n t o f th o B o ise P a y e tte L u m b e r C o . a t B a rb e r, th o U n ited
S tates re cla m a tio n s e r v ic o p la n t o n t h o B o is e R iv e r a n d th o T h o u s a n d
S p rin gs P o w e r C o . p la n t in th e H agerm an V a llo y .
F . F . J o h n so n , or B oise, is P re sid e n t, an d W illia m T . W a lla ce , V ic e ­
P re sid e n t a n d G en eral M a n a g e r . G e o rg o E . C la flin a n d D . F . M c G e e , o f
N o w Y o r k , aro also V ice -P re sid e n ts, w ith E . P . S u m m orson a n d A . E . S m ith
o f th o E le c tr ic B o n d Sc Sharo C o ., A ssista n t Secretaries an d A ssista n t
T reasu rers. G . M . D a h l, o f th o E le c tr ic B o n d & Sharo o r g a n iz a tio n , is a
d ir e c to r a n d m e m b e r o f th o e x e c u tiv e c o m m itte e .

Indian Refining Co., N. Y. and Cincinnati.— R ep ort. —
See s e m i-a n n u a l r e p o r t u nd er " R e p o r t s " a b o v o .

Sought — O fficia l Statem ent. — Touching tho option
on the stock sought by director Lazard Kahn, of Hamilton,
0 ., through W . E. Hutton & Co., Pres. Theo. L. Pomeroy,
in letter of Aug. 24 1916, says in substance:
O p tion

In an in te rv ie w o n A u g . 15 M r . K a h n is q u o te d as s ta tin g : (1) T h a t i f th o
c o m p a n y had an a d e q u a te o il p r o d u c tio n o f its o w n it co u ld a d d n early
$ 5 ,0 0 0 ,0 0 0 y e a rly to its n e t roven u es; (2) th a t becau se o f n o t o w n in g su ch
p r o d u c tio n , it w as fo rc e d t o a b a n d o n th e refineries a t G e o rg e to w n , K y .,
a n d a t N o w O rleans, e n tailin g a loss o f b etw een $ 2 ,0 0 0 ,0 0 0 and $ 3 ,0 0 0 ,0 0 0 ;
Carpenter Steel Co., Reading, Pa.— O ffic er s .—
(3) th a t a t p resen t it ow e s a b o u t $ 4 ,5 0 0 ,0 0 0 , and th a t he can see n o p ros­
R o b e r t E . Jon n in gs, sin ce retirin g fro m a ll in d u stria l a c tiv itie s , has
p e c ts o f d iv id e n d p a y m e n ts o n tho pref. s t o c k fo r tw o or threo yea rs, and
resign ed as P res id en t, b u t w ill rem ain a d ir e c t o r . T h o fo llo w in g o ffic e r s
n o n e o n th o c o m m o n fo r a v e r y m u ch longer tim o.
aro a n n o u n ce d : P r e s ., W . B . K u n h a rd t; V .- P . Sc G e n . Sales M g r ., F . A .
In re fe re n ce t o th o fo re g o in g sta te m e n ts, I w ish to s a y :
B ig e lo w ; V .- P . & M e ta llu r g is t, J . H . P ark er: T r e a s ,. J . S . P e n d le to n ;
(1) T h o c o m p a n y has at p resen t, th rou gh its o w n p r o d u c tio n and c o n ­
S e c ., W . D . O ’ G o rm a n .— V . 7 9 , p . 246 0.
tra cts w ith in d e p e n d e n t p ro d u ce rs, an a d e q u a to s u p p ly o f c ru d e o il, a m p ly
su ffic ie n t t o insure th e ru n n in g o f its re fin e ry t o fu ll c a p a c ity fo r a c o n ­
Chicago Telephone Co.— T erm s o f P u rch ase. —
sid erable tim o .
Fu rther su pplies are be in g arran ged fo r fro m tim e t o tim o.
Seo C h ic a g o U tilities C o . u n d e r “ R R s . ” a b o v o .— V . 102, p . 2 25 6.
D u rin g th e p a st f iv e yea rs c a p a c ity o f the re fin e ry has been g re a tly in
cre a s e d , b u t d e sp ito this fa c t there has been little tro u b le in k eep in g tip tho
Colorado-Yule Marble Co.— R eceiver.—
s u p p ly o f c ru d e o il. T h e c o m p a n y o n A u g . 15 b ro u g h t in a p r o d u c in g w ell
J u d g e A llen in th o F ed era l D is tr ic t C o u rt at D e n v e r , C o lo ., o n J u ly 18
in th e ce n tro o f a large tra ct lo ca te d a b o u t 10 m iles fro m th o refin ery. T h o
a p p o in t e d P res. J . F . M a n n in g r o ce iv e r o n p o titio n o f N . Y . T r u s t C o .
T h e c o m p a n y w as in c o rp o ra te d in F o b . 14 1905, an d its p r o p e r t y is d e v e lo p m e n t o f these and o th e r leases m a y a d d co n s id e ra b ly to su p p lies.
(2) T h e G e o rg e to w n R e fin e r y w as ab a n d o n e d o v o r fiv e years a go becau se
lo c a te d in G u n n ison C o u n t y , C o lo . A u th o riz e d c a p ita l s to c k $ 3 ,0 0 0 ,0 0 0
th ere w as n o o il p ro d u ce d in th a t te r rito r y , an d re c e n tly th o p la n t w as d e ­
c o m m o n , $ 2 ,0 0 0 ,0 0 0 6 % c u m u la tiv e fir s t p r e f. an d $ 5 ,0 0 0 ,0 0 0 se c o n d p ro f.
m o lish e d . T h is n ecessitated th o ch argin g o f f o n th e b o o k s o f $ 4 5 8 ,4 6 0 .
T h e re is o u ts ta n d in g $ 2 ,9 6 8 ,5 0 0 c o m m o n , $ 1 ,9 7 8 ,5 5 0 firs t p r o f, an d $ 4 ,­
6 7 9 ,8 0 0 se c o n d p rof. T h o ro aro also o u ts ta n d in g $ 4 7 7 ,2 0 0 in o rtg a g o b o n d s, T h e M e re a u x v ille p la n t, at N o w O rleans, w as never o p e ra te d as a refin ery
b y this c o m p a n y ; it w as re ce n tly so ld fo r $ 1 5 0 ,0 0 0 , n ecessitatin g th o
$ 8 0 0 ,0 0 0 F irst R e fu n d in g g o ld 2 0 -y o a r 6s o f F o b . 1 1913 an d $ 1 ,0 6 8 ,1 0 0
w ritin g o f f th o b o o k s o f $17 ,3 7 9 .
s e c o n d r e fu n d in g g o ld 2 0 -y o a r 6s o f M a r . 1 1913.
(3) T h o in debtedn ess o f th e c o m p a n y o n loans an d b o n d s, lass sin k in g
Crew-Levick Co., Phil. (Gas & Oil Prop.).— D irec to rs .— fu n d d e p o s its as o f Ju n e 30 1916, w as $ 3 ,3 1 2 ,0 0 0 , an d n o t $ 4 ,5 0 0 ,0 0 0 , as
s ta te d . T h o cu rren t liab ilities w ero $90 5 ,0 0 0 ; q u ic k assets $ 3 ,6 0 5 ,0 0 0 .
H e n r y U. D o h o r ty , J . C . M c D o w e ll an d F ran k W . F r u o a u ff h a v o been
(4) W ith a c o n tin u a tio n o f earnings a t o r near th o present r a te , tho o f f i ­
e le c te d d ir e cto r s t o s u cce e d O . D . B la k o ly , R . A . W h ilo y a n d G e o rg e W .
cers o f tn o c o m p a n y feel c o n fid e n t o f th e liq u id a tio n th ro u gh th e largo
E lk in s , r e s p e c t iv e ly , fo llo w in g th o tran sfer o f th o c o m p a n y to th o C itie s
sin kin g fu n d s and o th erw ise o f th o en tire a m o u n t o f cu rren t d e b t an d first
S erv ice C o . — V . 103 , p . 4 9 6 , 409 .
an d se co n d m tg o . b o n d s b y D e c . 31 1918. b u t it seem s re a so n a b le t o e x p e ct
th a t p rio r to th o fin a l p a y m e n t o f all o f th e in debtedn ess th o c o m p a n y m a y
Cuban Portland Cement Co.— P rop osed O ffe r. —
be in such a c o m fo r ta b le fin a n cial p o s itio n as t o m ako p o ssib le the p a y m e n t
5^ See I n te rn a tio n a l P o r tla n d C e m e n t C o r p . b e lo w .— V . 102, p . 1062.
o f d iv id e n d s if tho earnings then w arrant. A s o f Ju n o 30 1916 tn oro aro
u n p a id d iv id e n d s o n tne p re f. s to c k a m o u n tin g to 3 5 % . w h ic h m u s t bo
Denver Union Water Co.— P rop osed P u rch ase.—
satisfied b e fo re a n y p a y m e n t can b o m ade on the c o m m o n s to c k .
S ee " S t a t e a n d C i t y ” D e p a r tm e n t o n a n o th e r p a g o .— V . 103, p . 410 .
(5) N e ith o r th o o ffic e r s nor th e b o a r d o f d ire cto rs aro w illin g t o m a k o
a n y d o fin ite re co m m e n d a tio n as t o th o a c c e p ta n c e o r d e c lin a tio n o f M r .
Dominion Bridge Co.— D iv id e n d s. —
K a h n ’s p r o p o s itio n , b u t desire th a t th e s to c k h o ld e r s a c t o n ly a fte r c a refu l
T h o “ M o n e ta r y T im e s ” o f A u g . 1 8 sa y s: ‘ ‘ T h o M o n tr e a l A m m u n itio n C o .
co n s id e ra tio n o f th e fa c ts .
(See also sem i-an n u al r e p o r t u n d o r ‘ ‘ R e p o r ts
5 1 % o f w h oso s t o c k is u n d e rs to o d t o b o o w n e d b y th o c o m p a n y , r e c o n tly
a b o v e .)
________
p a id a 1 00 % d iv id e n d . T h o A m m u n itio n C o . w as r o p o rte d t o h a v o been
a largo b u y e r o f th e D om in io n w ar loan in th o sp rin g , an d a p r o p o r tio n o f
[T
h
o
c
o
m
p
a
n
y
’s
re
fin
e
r
y
at
L a w re n co v illo , 111., has a d a ily c a p a c it y o f
its d iv id e n d d is trib u tio n s has bo o n in th o fo rm o f those b o n d s in ste a d o f
11,000 barrels o f c ru d e o il.
T h e re aro 1,019 ta n k cars a n d 162 d is trib u tin g
ca s h . T h is 1 0 0 % d iv id e n d has been p aid in b o n d s .” — V . 103, p . 410 .
s ta tio n s, in clu d in g b u lk sto ra g e an d s ta tio n at K e a rn e y , N . J. T h o H a v o lino O il C o . is a w e ll-k n o w n su b sid ia ry .
O n A u g . 25 thero w ero o u ts ta n d ­
Electric Investment Corporation.— C on so lid a tion . —
in g $ 1 ,4 7 1 ,0 0 0 1st M . b o n d s and $ 1 ,1 6 7 ,4 0 0 2d M . b o n d s.
S ee Id a h o P o w e r C o . b e lo w .— V . 9 7 , p . 1586.
T h o a foresa id o p t io n a g reem en t p r o v id e s in e ffe c t th a t th o firs t p a rty
w ill soil his s t o c k t o th o s e co n d p a rty [L azard K ahn] at a n y tim o on or b e fore
Enger Motor Car Co.— N e w C o m p a n y. —
N o v . 15 1916 a t $80 fo r each share o f th o c o m m o n a n d $ 10 0, p a y a b le in
T h is c o m p a n y w as in c o rp o ra te d a t C o lu m b u s , O ., o n o r a b o u t A u g . 9 ,
cash fo r th o p referred rc s p o c tiv o ly . I f th o s e co n d p a r ty o lo cts t o exe rcise
w ith $ 4 ,0 0 0 ,0 0 0 ca p ita l s t o c k , o f w h ich $ 1 ,0 0 0 ,0 0 0 is 7 % c u m . c o n v . p r e f.
his o p t io n , h o w ill o ffe r in p a y m e n t in lieu o f ca sh ce rta in w ell k n ow n
a n d $ 3 ,0 0 0 ,0 0 0 c o m m o n . B lo c k Sc P la tt C o . o f C in cin n a ti are fin a n c in g
d iv id e n d p a y in g secu rities h a v in g a m ark et value o f a b o u t 10% m ore than
th e c o m p a n y .
th e cash p rice a b o v o n a m o d .
I f an d w hen he has se cu re d s u ffic ie n t or th o
s to c k an d tru ste o ’s ce r tific a te s t o w arrant him in p u rch asin g the secu rities,
Fisher Body Corporation.— In co rp o ra ted . —
and i f h o then e le cts t o d o s o . then an d in su ch o v e n t, ho w ill b y letter
T h is c o m p a n y w a s in c o rp o ra te d a t A lb a n y o n A u g . 23.
n o tify tho firs t p a r ty o f his e le ctio n t o m ako th e p u rch ase an d will fu rn ish
T h o 7 % c u m . p r e f. s t o c k is be in g o ffe r o d a t $98 p or sharo an d a c c r u e d
a d e scrip tio n o f th e secu rities, w h ich ho w ill o ffe r t o th o fir s t p a r ty in lieu
d iv id e n d s , w ith th o p r iv ileg e o f b u y in g o n e sharo o f c o m m o n s t o c k a t $35
o f th o a fo re sa id cash . H o w ill also c o n v o y th o n am o o f th o c o m p a n y issuing
p e r sh aro w ith o v o r y t w o snares o f p re fe rre d .— V . 103, p . 581 .
s u ch o th o r s ocu ritios, in clu d in g also a sta to m o n t sh o w in g su ch c o m p a n y s
Food Products Merger in California.— N eg o tia tio n s. — assets an d liab ilities, earnings an d d iv id e n d s d u rin g its th ree last fis ca l
rs. T h o seller w ill then bo a llo w e d t o de te rm in e w h ich o ffe r h e w ill
Press advices state that negotiations are in progress for the yea
a c c e p t an d th e seller w ill h a v o 30 d a y s in w h ich t o c o m p le to th o tra n sa ction .]
merger into a $25,000,000 corporation of a number of Cali­ — V . 103, p . 495.

fornia food products companies, notably:
J . K . A r m s b y C o m p a n y , C e n tra l C a n n e rlo s. G r iffin Sc S k o llo y , A lask a
P a ck ers A s s o c ia tio n . C a lifo rn ia F ru it C a n n e rs’ A s s o c ia tio n an d p o s s ib ly th o




International Cotton Mills, Boston.— N o te s— E a rn­
Higginson & Co., offering at par a block of

in g s . — Lee,

th e p resen t $ 4 ,0 0 0 ,0 0 0 5 -y o a r 6 % c 9 u p o n g o ld n o te s o f 1 9 1 3 ,
d u e June 1 1 9 1 8 , ca lla b lo a t 101 & i n t ., r e p o r t:
Profits for tlio three m onths ended M arch 31 1916 were $265,204, or
4.4 times t h e $60,000 noto interest for that period. C om pany has no m ort­
gage debt and agrees not to m ortgago any o f its properties, or to issue, guar­
antee or endorse any bonds, debentures, long-tim e notes or similar securi­
ties (except for additional property) while those notes are outstanding.
Owns directly or controls eight m ills, containing about 177,000 spindles.
M anufactures all grades o f cotton duck. Com paro V . 102, p . 2252.

International Motors Co., N. Y . — Financing.— A fin an ­
cial p la n , it is u n d e r s to o d , is a b o u t to b e is s u e d .
H arvey
A . W illis & C o . , N e w Y o r k , in m a r k e t le tte r o f A u g . 11 s a y :
W o understand that a now plan o f financing recently proposed will proba­
b ly bo accopted. N otes aggregating $2,800,000, with interest, will mature
on N ov. 1. In lieu o f cash these holders will be offered $2,800,000 o f the
now first prof, stock and a bonus o f 5 0% in new com m on stock. T h e com ­
m on stock issue, it is understood, will amount to 30,000 shares o f no par
value.
The present capitalization Is as follows: $3,600,000 7 % cum ulative prof,
stock, on which dividends wore paid until O ct. 31 1912, and $5,628,125 o f
com m on stock. T ho par value o f each issue is $100. It is our information
that the proposed plan will ontitlo tho holdors o f tho pref. stock to roceive
60% in new 2d prof, stock and 10% in tho now com m on stock, while tho
old com m on stockholders aro to receive 10% in new 2d pref. and 10% in
now com m on stock . Furthermore, each class o f holders will have the priv­
ilege o f subscribing at par to an additional issuo o f $1,500,000 o f new 7%
preferred and will also bo given a bonus for oach sharo so subscribed,
amounting to tw o shares o f tho now com m on.
As is generally know n, the m otor truck industry during tho past 15
m onths has enjoyed a degreo o f unparalleled prosperity, for not only have
m any o f the foroign governm ents been m ost generous in supplying tho Aniercan m otor manufacturers with iarge orders in which substantial profits
were realized, but tho American Governm ent has also contributed very
liberally slnco tho tim e tho M exican affairs reached a crisis. It has also
been understood that tho International M otor C o. has received large orders
for tho M ack trucks. (Com pare annual report, V . 102, p. 2251.)
International Nickel Co.— Canadian Matters.— T h e
In te r n a tio n a l N ic k e l C o . o f C a n a d a , L t d . , w a s in c o rp o ra te d
o n J u ly 2 7 u n d e r th e D o m in io n C o m p a n ie s ’ A c t w ith $ 5 ,0 0 0 ,­
0 0 0 o f a u th o r iz e d c a p ita l s to c k , a n d w ill e sta b lish a p la n t in
C a n a d a fo r th o re fin in g o f su ch o f th o c o m p a n y ’s n ick e l as is
n e e d e d b y G r e a t B r ita in a n d h e r fo re ig n p o sse ssio n s .
The
p la n t, it is s a id , w ill c o s t a b o u t $ 2 ,0 0 0 ,0 0 0 a n d b e p aid fo r
o u t o f tr e a su ry f u n d s .
T h o “ M o n e t a r y T im e s ” o f T o r o n t o , A u g . 1 8 , s a id :
Speaking at a political meeting In Toron to this week, lio n . G . Howard
Ferguson, Minister o f hands and M ines, Is reported as saying: “ T ho N ickel
Commission (com prising representatives o f tho Imperial and Ontario
Governments) are dealing witn the nickel question, and we are pretty well
satisfied wo have an unproved and equitable m ethod to meet tho whole
mining situation, with a better tax in tho future. So far as tho nickel
sltoatu
HIM
*
I
- • ■ W| • .......... were retroactive, and wo will get a fair sharo o f the profits "
[An exchange journal says that an official o f tho International N ickel
C o ., when asked if this mqant an additional tax on his com pany said nothat tho war taxes woro m ado retroactive beginning with August 1914 and
that his com pany all tho time has understood this to be tho caso, and that
these taxes havo long since been sot aside.— E ditor “ C hron icle.” ]
With reference to the statement that 25% o f the stock o f tho International
Nickel C o. was in tho hands o f tho Krupps o f Germany, M r. Ferguson said
ho was prepared to show that not 4 % o f the stock o f the International
Nickel Go. was held b y any German or Austrian.
Referring to the discovery in the Province o f a successful commercial
process
for
o f Ontario
ores,
tJ. -P
P—tho,\refining
fliA AT AA
flAm%v%i/iA
lMMM r. Ferguson said that, as a result

P

1 1

who
p a n ie s --------- ---------— _
Inco o f Ontario and rofine our nickel.
Regarding tho talk about an em bargo on nickel, M r. Ferguson declared
the Allies at one tim e In this war were largely dependent on tho munition
factories In tho united States for supplies. The British Em pire undertook
to make contracts with firm s in tho United States, and with reference to
nickel tho British Governm ent practically took charge o f tho operations
o f the International N ickel C o. “ N o t one ton o f nickel,” declared M r.
Ferguson, “ goes out o f the refinery, tho order for which Is not submitted
to the British A dm iralty and approved before it is sent ou t. N ot one
ton o f nickel m atte goes out o f this country except b y license o f the Dom inion
Governm ent, whereby it can bo traced to its ultimato end, where it is
turned out in the form o f m unition supply. T ho D om inion and Provincial
Governm ents to-day know just now m uch nickel tho Deutschland (the
submarine bound for Germany) carried, and just whence it came; we
know it never cam e from tho International N ickel C o .” “ I challenge any
m an to put his finger on ono tittle o f evidence that nickel has been getting
to the enemy through International N ickel channels,” ho concluded.
[Tho Bntish-Am erlcan Nickel C o., ono o f tho “ large com panies," referred
to b y M r. Ferguson (the other being tho International Nickel C o.) was In­
corporated som e time ago, and is abou t to begin tho developm ent o f power
on the W anapitae River near Sudbury for use at their smelter, and the
erection o f a refinery, it is said, will be carried on at the same tim e. The
Sudbury N ickel Refincrios, L td ., was also incorporated on M a y 15 1916
with $5,000,090 stock and office in Ottawa.]— V . 103, p . 582.

International Portland Cement Corp. (of Va., Works
in the Argentine).— Stock Offered.— H a y d e n , S to n e & C o .
w ill reeeivo su b sc rip tio n s, u p to n o o n S e p t . 2 1 9 1 6 , fo r
5 0 .0 0 0 sh are s 7 % e u m . p r e f. sto c k (par $ 5 0 e a c h ) , and
6 0 .0 0 0 sh ares o f c o m m o n sto c k (pa r $ 1 0 e a c h ), o n th e basis
o f 5 shares o f p r e f. (to ta l p ar v a lu e $ 2 5 0 ) an d 6 sh ares o f
c o m m o n (to t a l p ar v a lu e $ 6 0 ) fo r th o su m o f $ 2 5 0 .
The
b a n k e rs in a circu lar s a y in su b sta n c e :
Under tho abovo title wo havo caused to be organized in Virginia a cor(oration to develop and equip a property in tho Argentine containing a
argo deposit o f tho materials necessary for high-grade Portland cem ent.
Tho com pany will at once erect and operate a plant capable o f producing
1,000,000 barrels o f cem ent a year. Capitalization authorized:
$2,500,000 7 % cum . pref. stock in 50,000 shares o f a par value o f $50 each.
$2,000,000 com m on stock in 200,000 shares o f a par value o f $10 each.
The International will own all o f the stock, and any other form o f capital
issues, o f the Com pania Argentina do Cem onto Portland, organized under
Argentine laws. It is estimated that tho deposit so owned contain 16,380,000
tons o f lime rock, o f which 8 0% will be available, sufficient for 70,000,000
barrels ot cem ent, or tor 70 years at proposed rate o f manufacture; 2,000,000
tons o f rock have been quarried and broken on tho ground.
Indicated p rofit, under normal conditions, about $1 30 (gold) per barrel,
while under tho abnormal conditions obtaining to-day this profit would be
increased to approxim ately $3 (gold) per barrel. The total annual prospec­
tive profits, under normal conditions, m ay therefore bo placed at from
$1,300,000 to $1,600,000 (gold). N o Portland cement has ever been m an­
ufactured in tho Argentine R epublic, which comprises 1,153,119 square
miles and has a population o f about 7,500,000.
There will presently bo issued ail o f the authorized pref. stock. O f the
authorized com m on capital stock, $1,000,000, or 100,000 shares, will bo
issued at present in part paym ent for tho capital stock o f tho Compania
Argent na do Cem ento Portland. Tho remaining 100,000 shares may bo
issued in exchange for an equal number o f sharos o f tho Cuban Portland
Cement C o. or otherwise as tho directors m ay determine, it being contem ­
plated that the International directors will, at an early (late, offer the op ­
portunity to exchange tho same for the com m on shares o f tho International
Portland Cement C orporation, share for share.
Galon L. Stone o f Ilayden, Stone & C o. will bo Chairman o f tho board
o f directors; Sheldon B.assett, now President o f Knickerbocker Portland
Cement O o .. will be President and General Manager.

f




Intertype Corporation, N. Y .— Status — Pref. Stock.—
S w a r tw o u t & A p p e n z e lla r , N . Y . , are q u o tin g th is c o m p a n y ’s
sh ares a n d o n A u g . 2 1 o ffe r e d a lim ite d a m o u n t o f th e 8 %
1 st p r e f. ( v . t . c .) a t 1 0 2 .
A circu la r sh o w s :
C a p ita liz a tio n (N o bonds or other fixed obligations)— A u t h . O u ts ta n d in g .
8 % cum ulative 1st prof, stock (callable at 120; sink­
ing fun d: divideuds payable quarterly)_________$1,500,000 $1,000,000
6% 2d pref. stock cum . after July 1 1918 c o n v e r t .. 1,000,000 1,000,000
Com m on stock (no par va lu e)_______________________ 40.000 shs. 20,000 shs.
All o f tho stock is deposited until Jan. 1 1921 under a voting trust agree­
m ent, o f which Edward D . A dam s, M organ J. O ’Brien and M arsden J.
Perry aro tho trustees. A ll issues have fu ll voting pow er. O f the remain­
ing 20,000 shares o f authorized com m on stock, 10,000 aro in the treas­
ury and 10,000 are held for conversion o f 2d pref. stock.
Succeeded in F eb. 1916 to the assets and business o f tho International
T ypesetting M achine C o . after foreclosure sale (per plan in V . 1 0 1 ,p- 1192).
Only the m ortgage bonds and the debts o f tho International were recognized
in the reorganization and they received stocks junior in rank to this 1st pref.
stock. Intertype C orporation has neither bonds nor bills payable. T he
1st cum . 8 % pref. represents the $1,000,000 now m oney and is protected
b y a provision that no m ortgage m ay be issued without the consent o f
75% o f the outstanding 1st pref. T ho balance sheet shows the 1st pref.
stock to be represented b y 186% o f its par in net quick assets, which aggre­
gate $1,931,613 with total debts o f o n ly $64,141. Regular dividends on
this issue havo been paid since incorporation.
The 2d pref. 6 % stock, cum . from July 1 1918 but not callable (repre­
senting tho 1st M . 6 % bonds o f the predecessor co m p a n y ), is convertible at
option o f holder, share for share, into com m on stock, so that in addition
to tho investment feature it has a speculative position which m ay be o f
considerable value. Dividends havo not yet been begun on 2d p ref. stock.
E a r n in g s f r o m I n c o r p o r a t i o n , F e b . 4 1916 to J u n e 30 1916.
P rofits and m iscell. incom e, after deducting cost o f m anufacture,
administration, & c___________________________________________ .$150 985
Deduct— For depreciation o f plant, $31,250, and legal expenses,’
’
& c., $8,603--------------------------------------------------------------------39,853
T w o quarterly dividends o f 2 % each on 1st pref. sto ck ___________
40,000
Balance carried forward on surplus a ccou n t______________________ $71,132
T ho net profits o f $111,133 for fiv o m onths show that earnings are running
at the rate o f m ore than three times the dividend charge on 1st pref. stock.
B a la n c e S h eet J u n e 30 1916 ( T o ta l E a c h S id e , $2,785,273).
C a s h ------------------------------------$375,062
Afiol A ccounts payable________ $35,537
N otes & a cco u n ts.$916,044
1st p ref. d iv . (pay. July 1 ).
20,000
Less reserve____ 70,860 845,184 Reserve for legal and other
M aterials, supplies, & c____ 711,367
contingent expenses______________ 8,603
Prepaid expenses__________
10,597 1st p ref. s to ck --------------------1,000,000
Plant a ccou n t____$824,312
2d p re f., con vertible.............1,000,000
Less depr. res’vo 31,250 793,063 C om m on, no par v a i., o u t .
50,000
P a ten ts___________________
20,000 shares, sa y______ 650,000
Surplus a ccou n t___________
71,132
D i r e c t o r s . — Charles D . Palmer, President; Edward D . A dam s, form er
President N orthern P acific R R . C o ., director American C otton Oil C o .,& c.;
W ellington E .B ull o f Swartwout & Appenzellar; George C . H aigh. V .-P res.,
American Exchange N a t. Bank, N . Y .; Erskine H ew itt, N . Y .; Marsden J.
Perry, Chairman Union Trust C o ., Providence; H enry Ruhlender (recently
o f Speyer & C o .); W illiam Shlllaber, and R ichard H . Swartwout, N . Y .
— V . 102, p. 1350, 526.
Kelsey Wheel Co., Inc.— Successor Co.—
This com pany was incorporated at A lbany on Aug. 23 with $13,000,000
capital stock , o f which $3,000,000 is pref. and $10,000,000 com m on stock.
T he com pany will take over the three properties fully described in V
03, p . 324, 411.

Lake Superior Corp., S. Ste. Marie, Canada.— Earns.
J u n e 30 Y e a r s . 1915-16.
1914-15.
D e d u c 'n s c o n .) 1915-16.
1914-15.
N et earnings
$
$
$
(sub. c o s . ) . ..3 ,5 0 3 ,4 7 1 1,366,210 Sinking fun d, & c. 667,173
134,424
Prev. surp___ def331,765 sur61,931 Reserve, depre­
ciation, & c___ 425,595
54,210
T otal e a r n s ..3,171,706 1,428,141 Int. & divs. paid
to L . S up.C orp. ______
B ond int. (sub­
342,859
sidiary c o s . ) . . 1,513,539 1,166,414
T otal surplus
D isct. & exp. o f
secur. writ, o ff 206,680
62,000
or d eficit. .sur358,718def331,765
T he output o f the chief subsidiary, the Algom a Steel C orporation, in
1915-16 was 258,504 tons o f pig iron, against 212,917 in 1914-15 and 215,466
finished steel against 183,439 tons o f steel rails and m erchant m ill material.
T he period o f funding in connection with b on d and note interest has
practically expired, and it is expected that interest paym ents will be re­
sumed in O ctober. T he notes outstanding, am ounting to $2,432,500, are
duo in M arch 1917, and the directors aro considering their liquidation,
subject to labor conditions. T h e water power o f the com pany was sold
for $1,000,000, which sum is In the hands o f trustees, available for new
construction.
__Another subsidiary, the Algom a Eastern R y ., has secured patents for
700,000 acres o f pulp w ood lands at present very m uch in request. T he
earnings o f this road as well as those o f the A igom a Central, show sub­
stantial Increases.— V . 103. p . 582.

Midvale Steel & Ordnance Co .— Dividend Rumors.—
“ F in a n c ia l A m e r ic a ” o n T h u r s d a y sa id :
A prom inent officer o f the com pany has seated that he had no knowledge
regarding the report in a morning publication that tho directors were t o d e clare a dividend at the annual rate o f 10% at their m eeting on Sept. 6 next.
He also stated that the matter has not yet been discussed, and, while it was
not an impossible developm ent, he was o f the opinion that action would not
bo taken at that time. Earnings are large and some o f tho directors, it
is understood, have maintained that stockholders are entitled to share a
part o f the benefits, and argue that a paym ent o f $5 a share could be m ade
without difficulty.
Other interests close to the com pany say that the dividend question has
not been taken up before, owing to the desire o f M r. C orey to wait until
m ore headway had been m ade on the big British rifle contract, calling for
the m anufacture o f 2,000,000 Enfield guns at a cost o f approxim ately
$60,000,000. T ho Remington plant at E ddystone is now turning the rifles
out at the rate o f 3,000 a day, and increasing the production as rapidly as
possible. Tho M idvale C o . will not be a year old until Oct. 5 .— V. 102, p .
2258.

Midwest Oil Co., Denver.— Dividend.— ( S e e “ R e p o r t s .” )
A dividend o f 2 % has been declared on the pref. stock on account o f ac­
cumulations. payable Sept. 20 to holders o f record Sept. 1.— V . 103, p . 411.
National Transit Co., Oil City, Pa.— Report.—
The net earnings for the six m onths ended June 30 1916 were $536,648.
Deducting from this amount miscellaneous appropriations. $110 leaves
$536,538.
B a la n c e S h eet J u n e 30 1916 a n d D e c . 31 1915
June 30
D ec . 31
June 30
D ec . 31
Assets—
1916.
1915.
Liabilities—
- 1916.
1915.
Pipe line p!ant--.$8,173,054 $8,170,439 Capital stock___ $6,362,500812,727,575
Other Investm’ts. 3,554,473 8,162,507 Current liabilities. 1,237,182
123,988
Cash.
174,246
534,280 Accrued deprec’n
Acc’ts receivable.. 988,689
573,885
pipeline---------- 1,990,173 1,773,502
Deferred assets__
38,018
40,589 Other unadjusted
Unadjusted debits
51,480
17,686
credits-----------438.550
459,304
Corporate surplus. 2,951,555 2,415,017
T o ta l.............. $12.979,960817,499,386
— V . 102, p . 980. 526.

T o ta l.............. $12,979,960$17,499,386

Newton (N. J.) Gas & Electric Co.— Sold.—
This p roperty was bid in for $30,000 at foreclosure sale on A ug. 21 b y
Albert 11. A tterbury, N . Y ., the only bidder. T he am ount due on the
$150,000 m ortgage (H obart Trust C o ., Paterson, N . J ., trustee) is stated
as $155,328 with a further $2,278 due for interest on»overdue interest.
(Albert) Pick & Co., Chicago (Hotel Equipment).—
Earnings.—

P r e s . A lb e r t P ic k in le tte r o f A u g . 1G, ad d ressed
to J o h n B u r n h a m & C o . , C h ic a g o , s a y s in su b sta n c e :

T ho business o f tho six m onths ending July 31 1916 am ounted to $1,858,­
620, an increase o f 31% ovor 1915, and tho total profits woro $141,067, or
m oro than four times tno annual dividends on our prof, stock issue. Tho
first ha lf o f tho year is always the lightest in volu m e, and therefore it is
almost fair to expect a gross business this yoar o f 34,000,000, and profits
not less than 3350,000. T h o dem and for all kinds o f merchandise is very
heavy, with prices ruling strong. It is a far groator problem to got the
goods than to soil them . Compare V . 103, p. 65, 408.

$ 1 0 ,0 0 0 ,0 0 0 , a ll o f it c o m m o n s t o c k .”
P ro x ie s h a v o boon
re ce iv ed b y th o c o m m it te e fo r m o ro th a n 2 0 0 ,0 0 0 sh aros.
A special meeting o f the stockholders will bo hold Sept. 14 1916 for the
purpose o f voting on a join t agreement between tho Union Bag & Paper C o .
and the Uiegel Bag & Paper C o. for tho consolidation o f said corporations,
in accordance with tho plan o f M a y 1 1916 m odified as above statod.
Com pare V. 102, p. 1635, 1816; V. 103, p. 150, 244, 499.

Remington Arms— Union Metallic Cartridge Co.,
Bridgeport, Conn.— Orders— Financing.— P re p a ra to ry to

Fails— Pending Litigation.—

so m e a d d itio n a l fin a n c in g , ch a rtered a c c o u n ta n ts are on g ag ed
in a u d itin g th e c o m p a n y ’ s b o o k s .
“ F in a n c ia l A m e r ic a ”
s a y s in su b sta n c e :
T he com pany lias been handicapped during tho past six or eight m onths
through its inability to secure an adequate amount o f m achinery and prop­
erly trained mon. There has also been som o difficu lty in connection with
tho approval o f work turned out, which has held up deliveries, but this also
has been overcom e. Tho com pany thus far has shipped approxim ately
200.000 rifles, which have m ot all specifications. Tho output is now about
2.000 a day, and this is to bo gradually increased to the figures originally
intended when tho largo volum e o f foreign contracts was taken.
N aturally delays and unexpected developm ents such as thoso outlined
abovo involved tho tying up o f a considerable amount o f working capital,
and, therefore, it has becom o necessary for tho com p a n y, it Is stated, to
provide additional funds tem porarily in ordor that operations m ay bo ex­
panded sufficiently to permit consum m ation o f contracts along the lines
originally specified. Ono contract, said to bo in tho n eig h b orh o o d o f
$25,000,000, has been canceled, but it Is thought will bo renewed, as has
been almost invariably tho case for other com panies when difficulties that
havo delayed deliveries havo boon overcom e. C om paro V . 102, p . 349, 527

Republic Motor Truck Co. (Inc.), New York.— Pref.
Stock.—

G e o r g e H . B u r r & C o . , N . Y . , & c ., are o ffe rin g a t p ar
a n d i n t ., b y a d v e r tis e m e n t o n a n o th e r p a g e , th o $ 7 5 0 ,0 0 0
7 % c u m u la tiv e p r e f. sto c k o f th is n e w c o m p a n y , p a r $ 1 0 0 .
D iv id e n d s Q .- J .
A circu la r s h o w s :.
C a p ita liz a tio n (N o bonded d eb t)—
A u th o r i z e d . P r e s e n tly I s s u a b le .
Preferred s tock ---------------------------------------------31,000,000
3750,000
C om m on s t o c k ................... no par v a lu e .. 62,500 sharos 62,500 shares
D a ta from Treasurer G e o r g e VV. M oore, A lm a, M ich., July 22 1916.
O r g a n iz a tio n . — Tho R opublic M otor Truck C o ., tho largest exclusive
truck manufacturer in tho United States, was organized in July 1913 [in
M ichigan] with an authorized capital o f 350,000. In 1915 tho authorized
capital was increased to $500,000 and two stock dividends declared o f 100%
each. In D ec. 1915, M arch 1916 and Juno 1916 cash dividends o f 10%
wero paid. As o f Juno 30 1916 the com pany had a paid-up capital o f $500,­
000, with surplus and undivided profits o f 3352,220, a total not investment
o f $852,220, and in addition had paid out in dividends $198,717. O f the
above 3852,220, representing present not investment, $269,300 represents
tho only actual cash paid into the businoss since its incoption.
T ho proceeds o f this now pref. stock Issue, $750,000, goes ontiroly into
tho business and after tho introduction o f this capital tho [now] com pany
[to bo incorporated in N . Y . State] will show over $1,600,000 o f tangible
assets (over twico tho prof, stock) with net quick assets o f over 169% of
tho issued pref. stock
T or tho first two yoars we loased tho plant o f tho A lm a M fg . C o ., but in
tho fall o f 1915 wo purchased our presont property consisting o f about 23
acros, which, with the additional construction now under way, to bo com ­
pleted about O ct. 1, will givo us approxim ately 280,000 foot o f floor spaco
and a daily production capacity o f 100 trucks. Our additional investment
necessary to give us this daily capacity will probably not exceed $125,000.
T ho earnings for tho fiscal yoar ending Juno 30 1916 woro $530,594, or
ovor ten times the pref. stock dividend roquiromonts, and for tho succeed
Ing yoar should bo substantially larger.
O u tp u t. — W e proposo bringing out, about O ct. 1 1916, our now intornal
gear-driven H -ton truck at a prico around $700, com pleto, thus com ­
pleting our lino. I rogard 10,000 trucks o f this new model to be a very
conservative estimato o f our sales for tho fiscal yoar ending Juno 30 1917.
W o expect, also, to show a largo increaso in sales o f our prosent existing
m odels. Our truck sales havo boon as follows:
.
6 m o s . 1913. Y e a r 1914. Y e a r 1915. 6 m o . 1916
T ru cks ......................N o .
54
376
1,855
2,789
A m ou n t------------------------$56,605
$383,699 $1,778,007 $2,774,761
Truck shipments for first six m onths o f 1916: Jan., 299; F ob ., 302;
M a rch , 413; April, 600; M a y, 539; Juno, 636; total, 2,789.
On July 1 1916 wo had unfilled orders for 624 trucks. W o havo made no
effort to securo war order business. O f tho 4,837 trucks sold from A ug. 1
1914 to Juno 30 1916 a period o f 23 m onths, representing $4,785,033, only
212 trucks, amounting to $280,900, represent war ordor businoss, either
directly or indirectly.
P r i n c ip a l P r e fe r r e d S tock P r o v i s io n s . — Proforrod as to dividends and assots, and in caso o f dissolution must rocoivo $115 per share and accrued divi­
dends bofore any amount is paid on com m on stock. Beginning with 1918
there is to bo sot aside out o f earnings at least $37,500 per year, or 5% o f
not earnings after pref. dividend paymonts (whichever is tho largor amount)
for tho redemption o f prof, stock at not m oro than $115 por share. No
dividends upon com m on stock until accumulated earnings equal four years’
dividends on tho prof, stock, which amount is to bo maintained. Tim not
quick assets shall at all times bo equal to 100% o f outstanding prof, stock.
N o bonded d ebt can bo created, and tho authorized pref. stock cannot
bo increased while any pref. stock is outstanding, oxcopt by tho consent o f
7 5% o f tho outstanding prof, stock.
A c c o u n t a n t s ’ B a la n ce S h eet o f N e w C o m p a n y J u n e 30 1916.
[After giving effoct to acquisition o f tho assets o f tho old truck co . and
introducing tho now capital to bo provided.]
Current assets— Cash, $529,233; accounts and notes receivable,
$136,936; inventories, $1,038,571; total, $1,704,740; less
liabilities, $432,699; n ot-----------------------------------------$1,272,041
310,898
Capital assets as appraised b y Coats & Burchard_____________
Doferred charges to future operations___________________________
19,280
T otal not assets, exclusive o f good -w ill_______________________ $1,602,220
Preferred stock __________________________________________________
750,000
Balance capital represented by 62,500 shares o f no par valuo. . $852,220
Tho not profits for years onding Juno 30 1913-14 wero $12,321; for 1914-15,
$102,830; for 1915-16, $530,593.
[The com pany was Incorporated under tho present name, with authorized
capital stock as above shown, at A lbany, N . Y ., on A ug. 10 1916.]

Shawmut Steamship Co.— Bonds Called.—
All the $22,500 6 % sinking fund mtge. bonds due A pr. 1 1929 have been
called for paym ent on O ct. 1 at 102>3 and int. at the State Street Trust C o .,
B oston, M ass.— V . 102, p. 1167.
South Penn Oil Co.— Extra Dividend.—
An extra dividend o f 3 % has beon declared on the $12,500,000 stock along
with tho quarterly 5 % , both payable Sept. 30 to holders o f record Sept. 15.
T he same amount was paid in June last.— V . 102, p. 1902.
Southern Idaho Water Power Co.— Merger.—
See Idaho Power C o. a bovo.— V . 99, p . 1533.

Tonopah Extension Mining Co.— Extra Dividend.—
A n extra dividend o f 5 cents (par $1) has been declared along with tho
regular 10 cents on the stock .payable O ct. 1 to holders o f record Sept. 9.
T he same amount was paid in July, when t