Full text of Commercial and Financial Chronicle : September 16, 1916, Vol. 103, No. 2673

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fin a n c ia l

Th?
o tr o n e r r ifl
o cr^ L U D IN G
>av

B ank

6c Q u o t a t i o n

R a ilw a y

E a r n in g s

S e c t io n

R a ilw a y &c I n d u s tr ia l S e c t io n

E le c t r ic R a ilw a y S e c t io n

S e c t io n

B a n k e rs ’ C o n v e n tio n

S ta te

S e c t io n

and

C ity

SATURDAY, SEPTEMBER 16 1916

VOL. 103

NO. 2673
W eek ending Septem ber

Clearings

(P tr m x ic le .
PUBLISHED WEEKLY.

1916.

S

S u b s c r i p t io n i n c l u d e s f o l l o w i n g S u p p l e m e n t s —

B \NK AND QUOTATION (monthly)
HAILWAY E arnings (monthly)
St a t e and c it y (semi-annually)

R ailw a y an d INDUSTRIAL (3 tim es yearly)
E lectric R a il w a y (3 times yearly)
B an kers ’ Convention (yearly)

Terms of Advertising— Per Inch Space
Transient matter per inclispaco (1 4 agate lin e s )...................................... $ 4 2 0
Tw o Months
(s tim es)........................... I 2 0C
Three Months (13 tim es)............................ 29 00
-Standing Business Cards
S ix Months
(2(5 tim es)............................ 50 00
T w elve Months (52 tim es).............................. 87 00
Chicago O ffice —39 South La Sallo Street, Telephone Randolph7396.
London office —E dwards & Smith, 1 Drapers’ Gardens, E. C.

W I L L I A M II. D A N A C O M P A N Y , P u b lis h e r s ,
F ron t, F in e m id D e p cy ste r S ts., N ew Y o r k .
Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr.. President and Trcas.; Georgo S. Dana and Arnold G. Dana,
Vice-Presidents; Arnold G. Dana, See. Addresses of all, Olflce of the Company.
C L E A R IN G H O U S E R E T U R N S .
Tho following tablo, mado up b y tolograph, & c., indicates that tho total
bank clearings o f all tho clearing houses o f tho United States for tho week
ending to-day have boon $4.910,581.537,against $4,079,746,820 last week
and $3,445,344,059 tho corresponding wook last yoar.
Clearings— Returns by T elegraph.
W eek ending Sept. 16.

Total all cities for w eek ..--------------

Per
Cent.

1916.

1915.

$2,527,822,553
150,101,722
201,316,661
30,999,121
331,191,149
91,330,035
25,239,325

$1,616,037,907
119,443.749
134,537,246
23,567,792
275,851,720
08,831,750
18,866,083

+ 56.4
+ 25.7
+ 49.4
+ 31.5
+ 20.1
+32.7
+ 33.8

53,358,000,568
732,473,498

$2,257,136,247
604,213,208

+ 48.8
+ 21.2

$4,090,480,064
820,101,473

$2,861,349,455
583,994,604

+ 43.0
+ 40.4

$4,910,581,537

$3,445,344,059

+ 42.5

Tho full details for tho wook covered b y tho a bove will bo given next
Saturday. Wo cannot furnish them to-day, clearings being made up by tho
clearing housos at noon on Saturday, and honco in tho above tho last day
o f tho week has to bo in all cases estim ated, as we go to pross Friday night.
Wo present below detailed figures for tho wook onding with Saturday
noon, Sept. 9, for four years:
W eek ending Septem ber

9.

Clearings at—

1916.
Now York..........
Philadelphia___
Pittsburgh..........
Baltimore........ B uffalo..............
Albany...... .........
Washington___
Rochester_____
Scranton ............
Syracuso ______
Reading.............
Wilmington........
Wilkes-Barre . . .
Wheeling............
Trenton........ ..
Y o r k ................ .
Erie ....................
Grcensburg........
Altoona-----------Binghamton----Chester..............
Lancaster..........
Montclair..........

1915.

S
$
%
2,453,722,352 1,047,310,486 + 48.9
209,310,530 120,690,407 + 65.2
12,711,728 + 15.2
49,212,148
20,190,240 + 34.9
35,339,445
8,910,298 + 46.6
13,108,317
4,333,114 — 4.6
4,132,202
6,071,635 + 23.9
7,522,760
3,090,545 + 39.0
5,131,941
3,050,018 — 10.9
2,719,649
2,783.201
2,120,248 +30.9
1,723,056
1.490,058 + 15.0
2,147,207
1,663,670 + 29.1
1,583,677
1,352,764 + 17.1
2,598,491
1,625,227 + 59.9
2,000,000
1,876,728
+ 6.1
864,140
789,127
+ 9.5
1,090,009
880,445 + 23.9
577,722 + 21.1
700,000
560,000
470,161 + 17.0
698,900
634,100 + 10.2
1,073,727
820,387 + 30.8
1,060,608
1,300,455 + 22.5
383,549
321,716 + 19.2

Total Middle. 2,800,072,335 1,884,977,885
Boston................
Providence........
Hartford........ .
Now Haven........
Portland............
Springfield........
Worcester..........
Fall ltlvcr..........
New Bedford...
Holyoko..............
Lowell................
Bangor................

I n c . or
D ec.

147,700,040
0,409,100
0,145,428
3,530,094
2,143,272
2,900,013
3,121,341
1,151,380
967,288
748,002
747,684
550,000

109,580,517
5,816,800
5,578,417
3,198,854
1,737,102
2,067,278
1,932,085
887,357
840,661
548,383
054,793
393,856

1914.

1913.

S
S
850,024.692 1,023.922,960
109,702,8921 142,125,884
41,809,180
52,904,563
31,687,760
24,510,715
11,080,957
9,600,641
6,444,699
4,448,485
6,066,116
7,023,627
3,496,890
4,470,077
2,509,098
3,026,694
2,020,138
3,052,714
1,803,517
1,803,275
1,352,638
1,702,034
1,604,291
1,376,533
2,288,802
1,618,061
1,985,346
1,810,323
828.174
788,453
939,037
955.730
598,710
500,000
545,878
602,825
601,100
718,555
549,504
609,121
1,401,438
1,544,740
311,856
397,034

+ 48.5 1,075,184,901 1,901,340,448
+ 34.8
+ 10.2
+ 10.2
+ 10.4
+ 23.1
+ 40.3
+ 61.5
+ 29.8
+ 15.1
+ 36.5
+ 14.3
+39.0

91,840,118
5,453,100
3,531,479
2,701,918
1.716,811
1,979,899
2,035,874
912,141
821.497
621,867
618,084
340,185

138,350,069
7,451,000
4,230,059
3,254,951
2,146,451
2,332,408
2,306,341
1,101,527
1,114,401
644,432
472,936
409,893

Tot. New Eng. 176,114,308 133,242,103 +32.2 112,638,973 163,880,468
N ote. — For Canadian clearings see "Commercial and Miscellaneous News.”




9.

a l-

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
J'or One Year ..................................................................................................9$10
? 00
00
.For Six M onths...................... ■ .................................................................... , 9« 99
00
IKSo
European Subscription (
50
Hnropean SubscriStton six months (including p osta ge,........................ 7 50
£2 148.
14 6.
Annual Subscription In London (Including p < M t^ e ).......................... S/2
11 H.
9tx Months Subscription in London (including postage)......................£ £1
1 118.
50
Canadian Subscription (including postage) ............ .............................. .$11
$11 50

S e c t io n

1915.

I n c . or
D ec .

S pringfield, O —
D e c a t u r -------------M a n s f ie ld _______
J ackson _________
D a n v i l l e ...............
L i m a ____________
L a n s in g .......... .......
J ack son v ille, 111.
O w e n s b o r o _____
A nn A r b o r _______
A d r ia n ___________

3 44 ,01 0,3 66
2 9,9 2 0 ,4 0 0
4 3 ,0 50 ,73 4
3 9 ,9 6 7 ,4 2 6
17,692,233
8 ,3 0 0 ,0 0 0
7 ,6 4 7,9 00
7 ,7 5 7,2 08
4 ,0 0 0,0 00
3,71 3,7 33
2 ,906,258
1,904,630
1,400,000
3,700,000
1,542,571
1,134,483
528,375
836,965
2 ,000,000
986,235
2,275,903
916,818
1,191,894
6 85,326
657,831
730,349
578,366
685,000
700,000
482,786
400.000
230 ,00 0
50,943

S
2 66 ,52 5,5 70
2 2 ,5 5 6 ,1 5 0
23,440,0G 6
24,4 11 ,94 1
1 3,956,723
8 ,1 3 9 ,2 5 5
6 ,0 2 4,9 00
5 ,6 3 3,7 03
3,30 0,0 00
2 ,9 8 4 ,0 7 3
1,804,860
1,629,440
1 ,151,947
1,788,000
1,22 9,1 55
809 ,02 6
540,087
606,968
1 ,256,277
773,488
1,676,431
791,512
691,905
536,081
454,854
484 ,28 4
516,176
490,221
532,701
3 14,808
3 01,019
191,597
36.013

+ 2 4 .4
+ 61.1
+ 16.9
+ 2 1 .5
+ 106.9
+ 2 5 .5
+ 38.S
— 2 .2
+ 3 7 .G
+ 59.2
+ 2 7.5
+ 3 3.8
+ 15.8
+ 72.3
+ 27.8
+ 44.6
+ 50.8
+ 12.0
+ 39.8
+ 3 1 .G
+ 53.4
+ 31.0
+ 19.9
+ 4 2.6

T o t . M id .W est

532 ,57 3,7 37

3 95 ,58 2,2 61

+ 3 4.6

San F ra n cisco ___
L os A n g eles_____
S ea ttle___________
P o r t la n d ________
S pok a n e _________
Salt I.ak c C i t y . T a c o m a _________
O a k la n d _________
S a cra m e n to _____
F r e s n o __________
S tock ton ________
San J o s e . .............P asad en a ________
N o r th Y a k im a -R e n o -------- --------L on g B e a c h _____

52,4 99 ,38 3
18,279,105
14,4 04 ,90 8
11,344,456
4 ,0 2 2,2 74
8 ,7 9 4,2 23
1,805,182
3 ,4 2 2,8 04
2 ,7 7 2,0 62
1,961,546
1 ,207,099
1,404,595
693,879
837,371
570,231
421 ,76 4
466,811

C h ic a g o _________
C in cin n a ti_______
C l e v e l a n d _______
D e t r o i t _________
M i lw a u k e e _____
In d ia n a p o lis ____
C o lu m b u s .............
T o le d o ___________
P e o r i a ....................
G rand R a p id s ___
D a y t o n _________
E v a n sv ille .............
Sprin gfield , 111-A k ron - ________
F ort W a y n e ____
R o c k fo r d ________
L e x in g t o n .......... S outh B e n d _____
Y o u n g s to w n ____
B lo o m in g to n ____

%
+ 2 9 .1
+ 32.3
+ 83.7
+ 63.7
+ 2 6 .8

+ 2.0

+ 2 6 .9

+ 3 7.7
+ 21.2

1914.

1913.

S

$

3 0 4 ,5 2 1 ,7 2 5
2 32 ,6 1 1 ,7 8 0
2 5 ,5 8 6 °*>n
2 0 ,2 0 9 ,8 0 0
2 4 ,5 -* ,„ 17,833,242
2 4 ,9 4 1 ,:
-N ,931 ,22 7
1 5 ,8 2 4 , (
T 2 ,566,472
‘ ’ 7 ,0 5 2,4 36
8,180,1
6 ,6 9 4 ,t
5 ,3 1 8,8 00
4 ,7 6 8.0 01
5 .3 7 0.C . : 1
4 ,130,531
2 ,005,011
2 ,7 5 6 ,0 6 4
3.16 5,4 63
3,070,701
1,63 8,7 90
1,284 • •t
1 ,150,308
1,10 0 ,0 0 0
1,23.: t
1,57 -102
1 ,172,000
1,315,478
1,367 22
834*222
838,771
64!\ 473
641 ,60 6
600,515
643,881
1 ,588,253
1,318,381
789,008
608,955
1 ,650,000
1,38 5,0 79
841 ,67 8
691,883
806,751
1,08 6,6 76
576 ,26 6
4 11,796
524,024
450 ,69 8
558,000
528 ,17 5
445,251
453 .80 8
478,421
463 ,67 4
40.5,342
4 4 4 ,45 5
3 55 ,58 4
226,379
394,241
396,011
161,156
170,195
57,929
41.251
3 47 ,97 8,5 41
4 4 3 ,5 3 9 ,2 5 5

39.5 13 ,94 1 + 32.9
1 4,977,259 + 2 2 .0
10,208,038 + 41.1
9 ,6 8 2,2 24 + 17.2
+ 0 .7
3 ,7 7 1,0 00
5 ,6 1 3,0 38 + 56.7
— 2 .3
1,848,541
2 ,7 5 2,0 74 + 24.3
1,370,443 + 102.3
1,58 7,3 00 + 2 3 .6
699,279 + 72.7
858 ,36 6 + 63.6
596,503 + 16.3
565 ,84 7 + 47.6
440,229 + 30.9
230 ,00 0 + 8 3.4
402 ,50 5 + 16.0

3 8 ,0 58 ,23 9
17,179,962
12,641,023
10,949,675
3 ,7 2 6,6 63
5,02 7,9 04
2 ,5 2 8,2 83
2 ,902,171
1,57 5,2 78
1,87 1,4 56
889,249
787,575
727,565
668,632
444,449
291,711
476,002

4 8 ,9 8 0 ,5 4 7
2 2,2 56 ,36 9
14,586,323
13,416,171
4 ,4 4 7 ,2 2 5
6,20 3,4 39
2 ,6 8 1,5 50
3,21 0,3 01
2,20 5,6 01
2 ,4 8 4 ,1 2 3
1,055,019
974,902
7 50,000
8 83,259
492 ,82 0
322 ,90 8
1 24,950.557

T o t a l P a c ifi c - -

1 24 ,91 3,7 53

9 5,1 1 6 ,5 8 7

+ 3 1 .3

1 00,745,837

K ansas C i t y -----M in n e a p o lis ____
O m a h a ...................
S t. P a u l_________
D e n v e r .................
S t. J osep h _______
D r s M o in e s _____
Sioux C i t y _______
D u lu th __________
W ic h it a .......... .......
L in coln _________
T o p e k a .................
D a v e n p o rt.............
C ed ar R a p id s ___
F a r g o .......... ...........
C o lo ra d o Springs
P u e b lo ....................
F r e m o n t ...............
W a t e r lo o .............
H elen a __________
A b erd een ________
H a s t in g s ________
B i ll in g s _________
T o t . o t h . W est

9 1 ,0 1 4 ,3 5 7
2 5 ,3 95 ,04 5
22,8 30 ,10 1
12,8 33 ,28 0
11,5 81 ,25 0
8 ,4 6 4,7 09
6 ,1 7 1,5 30
3 ,905,931
5,21 6,1 21
5 ,4 7 1,5 43
2 ,4 0 3 ,0 6 7
1,772,912
1 ,706,025
1 ,617,264
1 ,461,024
953,271
478,489
502 ,43 6
1,676,004
1 ,484,374
759,327
437,251
500.000
2 08 ,53 6,5 71

6 3,9 19 ,93 9
2 1 ,8 93 ,91 2
18,841,073
10,621,509
7 ,9 5 6,1 64
6 ,752,301
5 ,3 1 5,3 58
3 ,0 0 2,1 53
4 ,2 6 4 ,3 6 9
3 ,4 1 5 ,3 3 0
1 ,8 4 5,6 79
1,52 3,2 87
1 ,649,700
1,62 0,2 35
1,221,888
6 75,604
361 ,28 8
358,804
1,322,652
1 .024,430
6 77 ,0S9
2 38 ,22 7
400.000
158 ,90 0,9 97

+ 4 2 .4
+ 16.0
+ 21.2
+ 2 0.8
+ 4 5.6
+ 25.4
+ 10.1
+ 30.1
+ 2 2.3
+ 60.2
+ 30.2
+ 16.4
+ 3 .5
— 0 .2
+ 19.6
+ 41.2
+ 3 2 .4
+ 40.1
+ 19.2
+ 44.9
+ 12.1
+ 83.5
+ 2 5 .0
+ 3 2 .5

5 6 ,6 58 ,82 7
57,6 96 ,46 2
30,6 08 ,68 2
2 9 ,1 83 ,48 9
17,033,065
18,1 34 ,41 3
9 ,8 7 9,7 51
8 ,9 0 2 ,8 5 6
8 ,7 0 3,5 39
7 ,9 1 0,6 59
7,44 3,8 84
5 ,1 1 9,4 25
5 ,3 9 0,9 84
4 ,5 4 4,3 19
3 ,3 3 9,3 08
2 ,7 5 8 ,5 0 6
5 ,8 9 5 ,8 6 6
8 ,1 0 4,7 95
3 ,0 8 7,4 13
3 ,4 1 5,6 38
1 ,949,745
2 ,1 3 9 ,7 6 3
1 ,654,218
1,52 3,0 25
1,42 5,0 00
1,21 7,7 85
1,832,821
1,443,271
542,181
1 ,161,299
623,759
707,577
690,526
679,218
418,677
4 2 2 ,73 0
1 ,632.348
1,22 6,3 66
1,292,865
1 ,113,025
411,125
7 68,999
499 ,04 4
2 10,433
446 058
4 0 2 .8 1 1 1
1 6 5 ,16 6,1 70
1 55 ,68 1,2 90

S t. L ou is...............
N ew O rlean s____

83,1 12 ,71 2
2 2 ,3 54 ,13 9

6 6.0 20 ,92 4
14,617,442

+ 2 5.9
+ 52.9

Louisville______
H ouston.......... .
Galveston______
Richmond______
Fort Worth........
Savannah ______
Atlanta________
Nashville---------Memphis_______
Norfolk..............
Birmingham___
Augusta-----------Knoxville--------Jacksonville___
Chattanooga___
Charleston _____
Little Rock____
Mobile........._•___
Oklahoma..........
Macon_________
Austin_________
Vicksburg........ ..
Jackson............ ..
Tulsa..................
Muskogee______
Meridian_______

14,548,087
11,410,442
5,107,743
15,122,152
7,743,597
9,456,893
17,261,048
6,399,059
6,331,511
3,790,751
2,099,165
2,876,214
1,845,942
2,800,000
2,306,826
2,016,741
2,628,283
1,151,126
4,168,247|
5,322,199,
2,800,000
269,835’
478,788
2,751,836
1,004,680
378,100

12,704,092
7,000,000
3,476,769
8,864,146
5,799,054
5,183,142
11,425,609
5,400,157
3,515,633
3,119,396
1,831,953
1,259.896
1,570,437
2,328,400
2,035,236
1,191,517
1,656,628
1,089,421
1,996,118
2,468,295
2,041,603
235,870
343,666
1,385,742
773,289
248,000

+ 14.5
+ 63.0
+ 46.9
+ 71.7
+ 33.5
+ 82.4
+ 51.1
+ 18.5
+ 80.1
+ 21.5
+ 14.6
+ 128.3
+ 17.5
+ 20.3
+ 13.3
+ 80.1
+ 58.7
+ 5.7
+ 108.8
+ 115.6
+ 37.2
+ 14.4
+ 39.3
+ 98.6
+ 30.0
+ 52.5

6 0,6 66 ,74 7,
1 4 ,0 9 4 ,3 3 4 ’

12,434,020
6,686,580;
2,633,977
7,209,46l!
5,911,9371
3,126,046'
9.524,848
5,386,722
4,744,287
2,890,729
2,219,489
1,218,743
1,544,339
2,411,823
1,906,845
1,123,217
1,932,844
925,000
2,001,000
2,422,716
1,907,248
204,819
385,325
1,178,983
599,298

7 8 ,9 28 ,83 7
18,0 86 ,42 6

12,284,495
11,860,302
14,620,000
7,946,960
7,243,758
7,189,604
11,850,357
6,469,533
5,877,613
3,333,881
2,803,393
2,062,868
1,690,123
3,119,361
2,393,760
1,868,524
2,272,021
1,284,647
1,528,119
3,124,136
2,165,229
259,412
428,368
1,088,377
1,009,400

Total Southern' 237,536,116 169,510.435 + 4 0 .X 157,291,377 190,929,202
Total all......... 4,079,746,820 2,837,330,268 + 43 8 1794975137919 2,989,805,100
Outside N . Y . . . 1.626,0247?H 1,190,0197782 + 36.6 1,092,879,227 1,365,882,140

THE CHRONICLE

966
T H E

F I N A N C I A L

S I T U A T I O N .

The revival of speculative buoyancy on the Stock
Exchange is assuming large dimensions. It occurs
in face of unfavorable crop prospects in both the
W est and the South, in face of the action of Congress
in dealing a blow at the railroads by enacting a
compulsory eight-hour day as a basis of compensa­
tion for railway trainmen, and requiring that for a
period of eleven months from the 1st of next January,
the railroads shall not pay these trainmen less for
eight hours’ work than they are now getting for ten
hours’ wotk, and it occurs also, in face of the fact
that Congress in the session which closed last week
enacted much other pernicious legislation and levied
a budget of new taxes which, when added to the
constantly increasing load of State and local taxes,
constitute a fiscal burden which no one a short time
ago could have believed the country would ever be
called upon to endure when not actually engaged in
war.
There can be no doubt that this season’s grain har­
vest will be short, particularly in the case of wheat,
though on the other hand last season’s wheat crop
was of exceptional dimensions and considerable
supplies out of the same have been carried forward
into the present season. Nor can there be any
doubt that the growing cotton crop in the South has
been materially damaged, though here also consid­
erable supplies are left over from previous seasons.
But these, while unfortunate factors in the situation
whose significance and bearing^should not be under­
estimated, are, after all, minor circumstances along­
side the all-controlling fact that the war in Europe
continues and that its continuance is bringing bene­
fits to the United States in a way and to an extent
that almost staggers the senses.
Until a short time ago it was supposed that the
demand upon us for at least munitions and other war
supplies would soon cease. Instead, new orders
have come on a tremendous scale. These new orders
are taxing capacity to the utmost and promise to
keep mill and factory busy for many months to come.
The war has also created a demand for many other
things aside from those classed directly as war sup­
plies. This demand also remains unabated and is
influencing affairs in all directions.
It is the war that is swelling our foreign trade to
extraordinary and unheard-of dimensions; it is the
war that has raised the iron and steel trade to a plane
of prosperity without a precedent even in that branch
of industry, where cycles of prosperity are anything
but uncommon; it is this same great war whose
quickening impulse is felt in every avenue of commerce
and trade.
In the renewed buoyancy on the Stock Exchange
this week the industrial stocks have been unusually
prominent, some of them making sensational ad­
vances. It is perhaps not surprising that these
industrial properties are dazzling the popular imagina­
tion. Under the influence of the war these proper­
ties, taking them as a whole, are making great, even
phenomenal, profits. If these profits had the element
of permanency in them, instead of being entirely
the outgrowth of, and dependent upon, the war,
present prices for the so-called “ war babies” would
have to be regarded as low notwithstanding the great
rise they have already enjoyed.
T he
is t h e

u n c e r t a in
p o s s ib ilit y




e le m e n t,
th a t th e

th e

dan gerou s

w ar m ay

be

e le m e n t,

brou gh t

to

a

[V o l . 103.

sudden termination almost any time. For about a
year speculative enthusiasm has been kept well
under restraint by the fear of just such a possibility.
This possibility not having occurred, speculation has
now burst out afresh and threatens once more to
pass all bounds. The fact is, however, that the
war must of necessity come to an end sooner or
later. Whether sooner, rather than later, no one
knows. For the present the end is not in sight. In
the meantime profits for the industrial companies
keep piling up and a new high level of values is
being founded on the same.
It nevertheless remains true that the war will
terminate some day and with the advent of that
day will come a return to normal conditions in trade
and business, and normal conditions also for the
industrial companies. While, therefore, a new
outcropping of speculation seems natural in the
circumstances, more particularly in the fact that the
huge profits which fifteen or eighteen months ago
were only in prospect, and might never have accrued
had the war terminated in the interval, have been
actually realized. Y et the danger ever present on
the previous upbound must also remain imminent
in the upward movement now under way. Military
operations are now being conducted with a bitterness
and a determination on both sides that does not
promise an early termination of the war. That
much must be admitted. But appearances in cir­
cumstances like these are often deceptive, and it
may be that one side is nearer exhaustion than
generally supposed.
One thing does not seem to be taken sufficiently
into the reckoning. W e mean the possibility of a
really decisive naval engagement. We have often
thought that the end might come in this way rather
than as the outcome of the military operations on
land, especially so long as the two sides remain so
evenly matched. If the German fleet should be de­
stroyed, then the German cause would, indeed, be
hopeless, seeing that the Germans have also lost the
power of offensive on land. In such a contingency
they could not fail to realize that their case was
hopeless and that it was useless to prolong the
struggle any further. On the other hand, if the
unbelievable should occur and the British fleet be
defeated, then the cause of the Entente Powers
would be practically hopeless, inasmuch as it would
thereafter be impossible for Great Britain to con­
tinue to send munitions and troops and general sup­
plies to the Continent on the scale necessary to carry
the war to a successful conclusion.
These observations are pertinent only in so far as
they serve as a reminder that the speculation now in
progress on the Stock Exchange rests, after all, on
an insecure foundation.
As far as the railroad stocks are concerned, these
have been under a cloud because for a long time
every hand seemed to be turned against the carriers,
but now the roads have at last begun to join in the
general prosperity. This week in the general up­
ward swing of prices, the railroad shares have been
carried along with the rest, though establishing only
moderate advance in prices. If it were not for the
labor question which unfortunately for the time
being has been apparently settled against the roads,
there would be a solid basis for a substantial advance
in prices. The railroads have really had a remark­
ably good period during the last twelve months, as
their large gains in gross and net earnings testify,

and were it not for the fear that these gains, substan­
tial though they be, may be consumed by higher wage
payments, the situation of the carriers would be far
from unpromising.
Even as it is there is no warrant for gloomy views,
notwithstanding the roads have fared badly at the
hands of President Wilson. The 4th of March,
when the Presidential term as well as the life of Con­
gress expires, is less than six months off, and this
week’s Maine election is highly suggestive of a possible
change in both. Mr. Hughes has taken a firm stand
in opposition to the policy of Mr. Wilson and that of
Congress, and should he accede to control next
March, and be backed by a Congress in harmony
with his views, he would be in position to revoke
what has already been done and render justice to
the carriers. Even before this the United States
Supreme Court may decide that Congress tran­
scended its powers in attempting to fix the wages of
railroad employees. There would be no doubt at
all on that point except for the recent changes in the
personnel of the Court. At all events, for the pres­
ent the earnings of the roads are good— better than
they have been for years—and there is yet hope that
the labor controversy may, in the way indicated, be
greatly modified for the better. Railroad shares
have been largely neglected in the upward movement
of the last two years, and what is needed is some
event that will command favorable notice for them
and galvanize them into activity. Such an impulse
might come from some large consolidation, such as
was talked about a few years ago with reference to
the constituent properties of the New York Central
system. In the meantime, we may be sure there will
be many dividend resumptions and many dividend
increases.
.
In calculations regarding the money market the
operations of the Federal Reserve Bank have now
to be reckoned with, the same as the operations of
the Sub-Treasury. In our issue of July 15 we
showed that the great drop in money holding and
in surplus reserve which occurred at the beginning
of July (causing an upward spurt in the local money
market, which induced the Bank of England to
raise its rate of discount), was entirely the result
of the transfer of funds to the Sub-Treasury and-the
Federal Reserve banks. Similarly, the large re­
duction in the money holdings and surplus reserves
of the New York Clearing House banks last week
was in considerable part due to the large influx of
funds into the Federal Reserve Bank of this district.
Whereas, on August 26 the money holdings of the
New York Clearing House banks and trust companies
aggregated $456,330,000, on September 2 the amount
was reduced to $441,584,000 and last Saturday
(Sept. 9) was cut to $401,136,000. In the same two
weeks surplus reserves were cut first from $125,­
390,360 to $95,829,140 and then to $69,801,070.
Of course the loans of the Clearing House insti­
tutions were considerably expanded by the opera­
tions in connection with the negotiation of the $250,­
000,000 loan to the United Kingdom of Great
Britain and Ireland and other large foreign loans,
but the fact should not be overlooked that at the
same time exceedingly heavy sums were drawn into
the Federal Reserve Bank of New York. In the
two weeks ending last Friday night, the cash hold­
ings of the Federal Reserve Bank of New York were
increased from $164,509,365 to $184,166,224. This




is an addition roughly of $20,000,000 and the increase
occurred in face of the fact that in the same two weeks
Government deposits with the Reserve Bank were
reduced from $12,877,703 to $8,055,801. This week
the New York Reserve Bank has been a large debtor
at the Clearing House from day to day, indicating
that the money taken from the Clearing House insti­
tutions last week is now being returned to them, and
in addition, these institutions will also have their
reserves replenished by gold imports, but it is im­
portant to recognize that the Reserve Bank in draw­
ing in money or paying out money is playing an im­
portant part in affecting Clearing House results from
week to week.
We wish also again to direct attention to another
feature of the operations of the Federal Reserve
bank of this district. We have reference to the fact
that in this time of the superabundance of gold,
when nearly every incoming vessel brings new sup­
plies of the metal, the Federal Reserve Bank of New
York gets nothing but silver and legal tenders when­
ever large extra payments are made to it. We have
already shown that in the last two weeks the money
holdings of the New York Federal Reserve Bank were
increased from $164,509,365 to $184,166,224. Of
this increase of $19,656,859,only $2,703,755 was in
gold; the rest was in the shape of silver and legal
tenders, the total of which in the two weeks was run
up from $5,624,830 to $22,577,934. In the follow­
ing we show the figures in tabular form:
MONEY

HOLDINGS

OF

N. Y . RESERVE BANK.

Gold C oin

Legal

and Gold

N o te s , Silver

Tender
Grand

C ertificates.

C er tfs., tfee.

Total.

August 25.............$158,884,535 $5,624,830
September 1______ 157,253,405 7,878,296
September 8______ 161,588,290 22,577,934

$164,509,365
165,131,701
184,166,224

This thing is happening over and over again.
On settlement the bank gets nothing but silver and
legal tenders. The only additional gold, apparently,
which comes to the bank is when the member banks
have to increase their reserves with it as a result
of the increase in their deposits. All other pay­
ments to it appear to come in the shape of silver and
legal tenders.
The authorities of the Bank do not appear to
realize that the unfortunate predicament in which
they find themselves is the result of their own fatuous
policy—and on which Congress has put the stamp
of its disapproval—of forcing large amounts of
Federal Reserve notes into circulation. In this
Reserve district $62,063,000 of Reserve notes are
in circulation, all being out against deposits of gold
with the Reserve Agent. Strange as it may seem,
too, in view of the experience of the Reserve Bank
in finding that it gets nothing but silver and legal
tenders on settlement, no less than $6,733,000 of
these notes were pushed into circulation during the
last two weeks, the aggregate out August 25 having
been only $55,330,000, against $62,063,000 Sept. 8.
We may say, too, that the other Federal Reserve
banks are equally zealous in pushing these notes into
circulation. During the last two weeks the total
of the notes in circulation by the twelve Reserve
banks combined has been increased from $156,345,­
000 to $177,781,000; that is, $21,436,000 more of
these notes were in circulation last Friday than two
weeks before .
These Federal Reserve notes are not, and should
not be, legal reserve for the member banks and conse-

quently these^member^banks have no use for them,
paying them out again as fast as received. In being
thus forced into circulation they displace an equal
amount of silver and legal tenders which then reaches
the Federal Reserve Bank, either directly, or through
the member banks. For these member banks silver
and legal tenders are reserve, but the banks have no
liking for them (since they recognize that gold is the
only true reserve), and turn them over at the first
opportunity to the Reserve institution. The latter,
in turn, throws them back at the banks when it has
large debtor balances to settle at the Clearing House,
as has been the case this week.
If the Federal Reserve Bank of New York is thus
flooded with silver and legal tenders at a time when
the country is literally swimming in gold, what may we
expect will happen when the country’s trade balance
is once more reversed and gold flows out of the coun­
try.
Transvaal gold mining operations showed slightly
more satisfactory results in August, the yield of the
metal as announced by cable having been moderately
better than in July, and in excess of preceding months
of the current calendar year back to, but not in­
cluding, March, while setting a new high record for
the particular period covered. The August produc­
tion is stated at 781,150 fine ounces or 25,198 fine
ounces per diem, against 778,763 fine ounces and
25,121 fine ounces, respectively, in 1915, and 711,917
fine ounces and 22,965 fine ounces in 1914. The
eight months yield of 1916 stands at 6,174,104 fine
ounces, or 216,938 fine ounces greater than for the
like interval last year, 642,855 fine ounces more than
in 1914 and 100,122 fine ounces in excess of the
previous record product of 1912. This latter gain,
moreover, is supplemented by augmented output
elsewhere in Africa, and it is consequently hardly to
be doubted that the gold production of the whole
of Africa, for the full year 1916, will exceed by a fair
amount at least that of any earlier 12 months’
period.

those sections in extending plants engaged in war
orders is recalled.
But with the easing up of operations in the United
States as a whole there is not lacking evidence of
marked activity at individual cities. Large gains in
August, in fact, are reported from St. Louis, Kansas
City, Detroit, Minneapolis, Pittsburgh, Indianapolis,
San Francisco, Toledo, Buffalo, Seattle, Albany,
Peoria, Richmond, Dallas, Houston, Fort Worth,
Akron, Dayton, Troy and Nashville and a number
of smaller municipalities. On the other hand,
seemingly important losses at such leading cities as
New York, Chicago, Cincinnati, Milwaukee, Roch­
ester, Bridgeport and Jersey City follow marked
antecedent activity. In all, the 159cities from which
we have returns furnish an aggregate of $70,839,175
for August 1916, against $70,463,858 in 1915, and
compared with 1914 and 1913 satisfactory gains are
recorded. For Greater New York the result falls
well below that of a year ago, $11,400,097 contrast­
ing with $15,620,021, due to important losses in all
boroughs except Richmond. Exclusive of this city
the contemplated outlay under the permits issued
totals $59,439,078 for 1916, against $54,843,837 a
year ago, $53,207,700 for 1914 and $59,003,371 in
1913, with the exhibit most favorable in the Southern
and Pacific Coast groups.
For the eight months this year’s operations in
Greater New York have been much greater than in
1915 or 1914, $179,626,975, comparing with $125,­
177,087 and $105,237,260, the Borough of Man­
hattan being responsible for the gain over last year.
Outside of this city the increase over a year ago is
97 million dollars ($509,510,729 contrasting with
$412,682,047) and for the country as a whole (159
cities) the projected expenditures involved, at $689,­
137,704, is the largest of any year in our history,
comparing with $537,859,134 in 1915 and 666
millions in 1912—the previous high record. Need­
less to say, all the various groups into which our re­
turns are segregated share in the current year’s
gain.
Canadian building returns as a whole still fail to
show any mentionable recovery from the inertia in
the industry that has been a feature of operations
since the breaking out of the European war, although
in a few individual instances some activity recently
is to be reported. For August 44 cities furnish an
aggregate contemplated outlay of $4,426,691, against
$2,343,003 in 1915, and for the eight months the
identical municipalities (29 in the east and 15 in the
west) give a total of $23,535,182, or 2 million dollars
more than last year but over 50 millions less than
in 1914.

Our compilation of building operations for which
contracts were arranged at 159 cities of the United
States in August 1916 indicates a very satisfactory
situation in construction lines notwithstanding a
lesser degree of activity than recently witnessed.
For practically a year past the volume of work for
which permits have been issued from month to
month has been largely in excess of the corresponding
period of the preceding year with which it compared,
the augmentation being strikingly heavy in July.
In that instance, however, the result was due to an
Military operations have continued active on all
exceptional cause— the imminence of a change in the
building regulations of Greater New York placing the battle fronts. The Entente Powers have suf­
restrictions upon the height of structures, which fered no severe reverses. They are apparently pur­
stimulated the filing of plans anterior to its going suing in a systematic way a settled policy of drawing
into effect. Under any or all circumstances it was tighter the steel ring around their adversaries. At
but to be expected that there would be at least a any rate they have retained the offensive in all
temporary let-up in activity, and what more natural directions. No great hope is entertained, however,
than that it should occur as the time approaches that any conclusive results will attend the winding
when construction work in a large part of the country up of the current campaign before both sides are
is apt to meet with hindrances from weather condi­ forced to settle down to face the rigors of another
tions. It is to be noted that in New England and winter. M. Briand, the French Premier, in an
the Middle West division the work contracted for address before the Chamber of Deputies on Thurs­
in August covered estimated expenditures moderately day warned the Allies that they must not indulge
under last year, but the falling off loses all signifi­ in an excess of optimism. “ It would be harmful”
cance when the magnitude of recent operations in : he said, “should we diminish our activity in the con-




viction that victory can no longer escape us. Let of Germany until Greece is free of invaders. Fierce
us cooly face the truth. The enemy still is powerful. fighting has been in progress in Turkish Armenia for
He will defend himself desperately to the end. He a week and still continues in the region of Ognott, with
can be crushed only by repeated blows.” The Pre­ the tide of battle still going in favor of the Russians,
mier concluded with an allusion to the peace to according to Petrograd. In Persia the Russians
which he said a continuance of the present effort have occupied the town of Bana, near Sakkiz. Of­
would lead. Thus, he declared would come “peace ficial reports state that the Russians have been able
by victory, a sound and durable peace guaranteed to break through the Austrian lines southeast of
against any return of violence by appropriate inter­ Lemberg and have captured Halicz.
national action.” The Premier also expressed con­
fidence that the Balkan operations would prove
The situation in Greece shows virtually no im­
successful and that the action of the Allies will be provement. The British Legation in Athens on
developed in all ways necessary to dissipate the Wednesday informed the American Minister to
Oreintal dream of the Central Powers.”
Greece that the Greeks had surrendered to the Bul­
On the Western front the village of Combles, in garians the last of the forts defending the seaport
the Somme region of France, will, it is expected, be Kavala. Many Americans are said to be in danger,
captured by the Entente forces in a few days. This as also is the property of American tobacco com­
will mark another forward step of importance in panies to an estimated value of $2,000,000. King
that particular campaign. The British are firmly Constantine, unable to select a Premier acceptable
established in the Leuze wood, less than a mile from to the Allies, will, it is expected, be compelled to
the western outskirts of the village, and the French finally turn to former Premier Venizelos, who is,
east of it have driven their wedge in farther, cap­ as is well known, openly opposed to the continuance
turing the prize Le Priez farm, through which runs of Greek neutrality. Dispatches from London state
the road to Rancourt. It is reported that the village that although Greece is still willing to intervene in
of Flers, a mile and one-half northwest of Ginchy, the war, great internal discord exists, heightened
has been captured by the British, who are sweeping by what a prominent Greek official calls the im­
eastward toward the village of Morval, about two patience of Entente interests to await the end of
miles directly north of Combles. The greater part legitimate discussion of details. The present Premier
of the Bouleaux wood, a mile northwest of Combles, Zaimis was expected to bring negotiations to a
has already been captured by Gen. Haig's men. successful issue when the Ententes interfered in
Along the Peronne-Bethune road to the north and Greece, avowedly for the purpose of restoring
south of Bouchavesnes the Germans, according to order.
advices from Paris, have' vainly attacked newly won
French positions in the hope of regaining their trans­
Our State Department has received formal assur­
port line to the north. All these efforts have been ances from both Japan and Russia that the new
without success, the French having maintained their Russo-Japanese treaty does not repeal or affect the
gains. The situation elsewhere in France and Bel­ treaties of 1907 and 1910 in which those nations
gium seems to be without important net change.
pledged themselves to maintain both the integrity
As to Rumania, the German and Bulgarian of China and the open door in China. The assur­
troops are continuing their advance in the Do- ances were given to American Ambassadors Guthrie
brudja sector. Two Rumanian fortresses, Tutra- at Tokio and Francis at Petrograd, in response to
kan and Silistra, have fallen to the invaders, but inquiries. The State Department officials permit­
across the mountains in Transylvania the Ru­ ted it to be known that the statements received from our
manians have attacked west and east of Hermann- ambassadors were entirely satisfactory and that in­
stadt, although the Vienna War Office claims they quiries regarding the new treaty, over which they
were repulsed. In the Carpathians, Russians have have been considerably perturbed, probably would
continued their attacks upon the Teuton forces at not be pressed further.
Smotrec, Ludova and Capul, storming positions after
heavy preparatory bombardments. Vienna also re­
The financial markets in London have been well
ports that these efforts were checked with very heavy maintained as a whole, but have not been active
losses. In Macedonia activity is being displayed this week. The English Treasury has found it
by both sides, though it is difficult to conclude which necessary to issue a warning against speculation to
has been the more successful. The Serbs in the Lake brokers who are making time commitments or enter­
Ostrovo region are reported by Paris to have made ing into options. Brokers, however, are complaining
active progress against the Bulgarians. Berlin and that most of this business is being conducted by un­
Sofia report bombardments in this vicinity but men­ recognized traders not members of the Exchange,
tion gains for neither side. In the Doiran region the who are taking advantage of the situation to appeal
British have taken a Teutonic position north of the for patronage to persons of small means, such as
town of Mucukovo, while on the Italian Bulgarian munitions-workers, who are making good money and
front the Italians are reported to have been severely have surplus funds for investment. A good under­
checked. The Bulgars and Germans are said to have tone in the general market has been produced by the
advanced into the Greek seaport of Kavala on the news that at the recent conference at Calais between
Aegean Sea, which early in the week was reported the representatives of the British and French and
to have been abandoned by them. The Fourth other allied Governments an arrangement was com­
Greek Army Corps, which was in garrison at Salon- pleted whereby France and Russia as well as Italy
iki, surrendered when the forts were occupied. It are to loan gold to England, for the purpose of ren­
will be sent to Germany to be interned. Berlin dering their “collective financial position still more
states that the troops will be transported to Germany solid,” according to a statement of M. Alexander
with their entire arms and equipment, but they will Ribot, the French Minister of Finance. The Minis­
be regarded as neutrals and will enjoy the hospitality ter’s statement as cabled from Paris follows:



“The confidence of Frenchmen in the future is 1£80,000,000 of London Stock Exchange loans that
absolute. The strongest proof of this is the loan we were open at the beginning of the war and the huge
raised last year, which furnished us with a capital of amount of bills discounted by the Bank of England
15,000,000,000 francs, ($3,000,000,000,) and still have nearly all been liquidated.
stands three points above the issuing price.
British home railroad securities have been de­
“The point which is occupying our serious attention pressed by the seriousness of the railroad labor situa­
at the present moment is how to devise ways and
means to pay for our purchases abroad and to insure tion. The railroad employees throughout the United
greater latitude on the American market in the matter Kingdom are demanding an increase in wages of
of trade. We are endeavoring to enlarge the basis 10 shillings a week. At a meeting of 3,000 of these
of our commercial credit, which is somewhat ham­ workers at Cardiff on Sunday a resolution was
pered by the methods in practice in the United States.
adopted threatening that unless the demand for the
“In this matter we hope shortly to secure a definite increase is conceded by Sept. 16 all railway work will
improvement. I may mention that a very satis­ be stopped in South Wales at midnight on Sept. 17.
factory arrangement was arrived at during the last
meeting I had at Calais with Premier Asquith and The resolution stated also that the advance in wages
must date from July 1 and that the Government
Mr. McKenna, on Aug. 24.
“England is anxious to strengthen her gold reserve shall give a definite guarantee that in the future
in order to maintain her gold standard and enlarge it will control the supply of food and will regulate
the scope of her credit in the United States, ihe prices. This resolution was carried without a dis­
Bank of France has even at this stage of the struggle senting voice.
a gold reserve exceeding 4,000,000,000 francs, ($800,­
000,000). We were, therefore, in a position to
The new French loan, as we already have noted, is
promise England a considerable sum out of our expected to be issued early in October. It will carry
abundance. Russia also promised a certain amount
of gold and Italy likewise, in proportion to her 5%, the same figure as the last loan. No limit will
capacity.
. be placed upon the amount of subscription. Holders
“Thus the Allies are, if I may say so, pooling their of National Defense short and long term bonds will
gold in order to render their collective financial be allowed to exchange them for the new bonds.
position still more solid. We are placing this gold The imminence of this new issue has been the source
at the disposal of the British Treasury as a loan, and of moderate liquidation on the Paris Bourse that has
the Treasury will open credit in pounds sterling in given a softer tone to the entire market. In view
our favor in London. The arrangement, as you see, of the prospective gold shipments to London, sterling
cuts both ways and is altogether in the common
interest of the Allies. The gold ‘loaned’ by us will exchange in Paris has declined to below 28 francs.
return to the coffers of the Bank of France after The last loan, which was issued at 87)4, now is
quoted at 90. It is announced that a new Russian
the war.”
Some selling has taken place in London in antici internal loan is probable in a short time. Negotia­
pation of the formal offering of the new French loan, tions for a new French credit of $15,000,000— the
though the date of the issue has not as yet been fifth order of this kind since the war started—have
stated. The money situation in the British centre been completed in New York. It has been arranged
has ruled active, owing to the heavy purchases of by Bonbright & Co., of Paris, who are working in
Treasury bills which have turned funds over to conjunction with the Bankers Trust Co. and William
Government account. The revenue of the United P. Bonbright & Co. of New York. As in the instan­
Kingdom for last week was £5,518,000 and the ex ces of former similar transactions, French banks will
penditure £26,998,000. Outstanding Treasury bills draw their drafts against the credit in dollars.
were increased by £25,084,000, while the sale of These will be accepted and discounted by American
Exchequer bonds, &c., were £4,406,000. Another banks at a rate of approximately 6)4%- Provision
block of three months’ Russian credit bills was will be made for several installments and renewals,
placed in London at 5 % % , and Russian securities making the duration of the credit one year. The
new transaction brings the total advances on accep­
in that market were firm as a result of the reported
success of a Russian loan in Japan. Some cable tances made to the French Government through the
Bonbright interests up to $45,000,000. The same
correspondents early in the week intimated a possi
bility of a reduction in the Bank of England rate on amount has been provided by Brown Brothers & Co.,
Thursday. These intimations, however, proved to and associates, in two credits, the first amounting to
be without foundation, since no change was made in $20,000,000 and the second, announced Aug. 24 last,
to $25,000,000. The Brown Brothers credits are
the minimum discount on Thursday. Rumors,
secured by foreign bonds deposited here and run for
more or less vague, have been received by cable
one year, to be drawn against with ninety-day sight
suggesting that a reduction in the Bank rate will be
necessary before a new long term war loan can be drafts.
successfully offered. It is pointed out, however,
It is reported that much closer relations have been
that there is slight likelihood of an English loan being
established between the Hamburg-American and the
offered until the new French transaction has been
North German Lloyd steamship lines with a view to
completed. The latter is not expected to be presented
the extension of German trade after peace. Each
until the early part of October. It is reported that
company is reorganizing its directorate with the desire
the British Government is negotiating as an endorser
of strengthening its financial backing. Each new
for Russia with the Japanese Government for a loan
board will, it is stated, include coal and electric
of $200,000,000 for the purpose of enabling the Czar’s
interests of prominence. Arthur von Guinner, Man­
Government to meet the heavy expenditures for
aging Director of the Deutsche Bank, will, it is re­
war supplies she has been incurring in Japan. A
ported, be given a position on the board of the IlamR6yal proclamation was published on Saturday last
burg-American line. The bank already is repre­
ordering all British subjects having claims against
sented on the board of the North German Lloyd
enemy persons or governments to submit full details
Co. by Paul Mankiewitz. It also has been reported
at once. It is stated on excellent authority that



that German shipowners have organized a strong
association to which the support of the Government
has been extended.
Advices from Berlin still report large subscriptions
to the fifth war loan. Archbishop Dalbor of the
Archdiocese of Gnezen-Posen has instructed the
clergy to invest as much as possible from the funds of
their churches in the new issue. The German output
of pig iron during August was 1,145,000 tons, as
against 1,134,000 tons during July.
Official bank rates at the leading European centres
remain at 5% in Paris, Vienna and Copenhagen;
5j/£% in Italy, Sweden and Portugal; 6% in London
and Petrograd, and 4Y z % in Switzerland, Holland,
Spain and Norway. In London the private bank
rate continues to be quoted at $ ^ @ 5 % % for sixty
and ninety-day bills. Cables from Berlin report
4J^% as the private bank rate at that centre. No
reports have been received by cable of open market
rates at other European centres, as far as we have
been able to discover. Money on call in London is
quoted at 4 Y i % The Bank of England’s return this week shows
another loss in its gold item—of £645,850. Note
circulation was reduced £143,000, while the total
reserve decreased £503,000. The proportion of
reserve to liabilities declined to 23.80%, against
23.86% a week ago and 23.92% last year. Public
deposits increased £6,928,000, while other deposits
decreased £8,710,000. Government securities were
not changed. Loans (other securities) showed a
contraction of £1,279,000. The Bank’s holdings
of gold now stand at £54,695,953, against £63,737,837
a year ago, and £48,720,492 in 1914. Reserves
aggregate £37,025,000, compared with £50,672,492
in 1915 and £32,547,762 the year preceding. Loans
total £94,460,000, against £144,954,906 last year
and £113,792,525 in 1914. The Bank reports as
of Sept. 9, the amount of currency notes outstand­
ing as £120,306,198, against £119,528,924 last week.
The amount of gold held for the redemption of such
notes remains at £28,500,000. Our special corres­
pondent is no longer able to give the details of the
gold movement into and out of the Bank for the
Bank week, inasmuch as the Bank has discontinued
reporting the details.

week and now amounts to 340,502,000 francs, as
compared with 364,620,597 francs last year and 625,­
325,000 francs the year preceding. Note circulation
increased 3,797,000 francs and general deposits 24,­
144,000 francs. Bills discounted show a loss of
6.513.000 francs, while Treasury deposits increased
35.601.000 francs, although the Bank’s advances de­
clined 1,600,000 francs. Note circulation is now
16.602.659.000 francs, comparing with 13,267,024,­
950 francs last year and 6,683,175,000 francs the
year previous. General deposits amount to 2,146,­
358,000 francs, against 2,541,299,000 francs and
947.575.000 francs one and two years ago, respec­
tively. Bills discounted total 381,305,000 francs,
compared with 246,202,000 francs a year ago and
advances amount to 1,171,957,000 francs, against
587.849.000 francs in 1915. In 1914 bills discounted
and advances combined aggregated 3,202,975,000
francs. Treasury deposits are 206,938,000 francs.
Last year they amounted to 75,870,226 francs and
in 1914 to 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 with the outbreak of the war.
The statement of the Imperial Bank of Germany
as of Sept. 7 shows the following changes: Total
coin and bullion decreased 845,000 marks, gold
increased 663,000 marks. Treasury notes increased
40.247.000 marks, notes of other banks increased
5.121.000 marks, bills discounted increased 64,­
735,000 marks, advances decreased 2,149,000 marks.
Investments decreased 13,396,000 marks, other
securities increased 11,085,000 marks, notes in cir­
culation increased 57,581,000 marks, deposits in­
creased 42,367,000 marks, other liabilities increased
4.850.000 marks. Total gold holdings 2,469,698,000
marks, against 2,413,833,000 marks one year ago
and in 1914, 1,580,148,000 marks.

The local money situation remains one of unusual
ease, which is not to be wondered at, in view of the
steady importation of gold from Canada. There
is much discussion among banking interests as to
the object of the overwhelming influx of the precious
metal at a time when our supplies of gold are so
large that there is virtually no desire in banking
circles for increased amounts of the metal and at a
B A N K OK 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 .
time, too, when the British Treasury, which is the
1916.
1915.
1914.
1913.
1912.
Sept. 15.
Sept. 13.
Sept. 16.
Sept. 17.
consignor of the gold, has available at this centre
Sept. 18.
£
£
£
£
practically the entire amount of the proceeds of the
Circulation................ 36,122,000 31.515,345 34,622,730 28,690,340 28,547,975
Publlo deposits____ 59,147,000 121,574,686 18,643,497
9,e29,267 15,884,550
recent §250,000,000 two-year note issues. There
Other deposits......... 96,383,000 90,168,083 135,042,671 42,630,190 46,355,339
G overn’ t securities. 42,187,000 34,418,357 25,669,025 12,453,405 13,367,655
are some bankers who are inclined to look at the
Other securities____ 94,460,000 144,954,906 113,792,525 26,308,517 35,597,638
importations as having a particular bearing on the
Reserve notes & coin 37,025.000 50,672,492 32,547,702 31,761,420 31,534,400
Coin and bullion___ 54,695,053 63,737,837 48,720,492 42,007,766 41,032,435
English financial situation and especially as a pre­
Proportion o f reservo
to liabilities_____
23.75%
liminary
for a reduction in money rates in London
23.92%
21.18%
50.64%
60.75%
Bank r a te .................
6%
5%
5%
4%
4M %
for the purpose of creating a favoring atmosphere for
the announcement of a new long-term war loan.
The Bank of France this week registered a further This is a subject that we discuss at greater length in
increase in its gold holdings of 4,280,000 francs. our remarks on sterling exchange in a subsequent
As was the case last week, the gain was in the amount paragraph. Rates for early maturities are about
of gold held by the Bank itscit, which increased from \ i % higher than a week ago. But the later dates
4,243,545,800 francs to 4,247,825,675 francs, the remain without quotable change. A slightly im­
balance held abroad, according to the cablegram of proved demand has arisen for commercial paper.
our special correspondent, still remaining unchanged
Last Saturday’s bank statement of New York
at 573,773,875 francs. The total holdings at home Clearing House members, which will be found in
and abroad aggregate 4,821,599,550 francs. Last more complete detail later on in this issue, was
year the amount held (all in vault) was 4,437,558,542 hardly more favorable than those issued for the two
francs, and in 1914 4,141,350,000 francs. The silver preceding weeks, inasmuch as loans registered an­
item showed an increase of 781,000 francs for the I other expansion of §13,265,000. Net demand de


Commercial Paper.— Bills purchased in open market by Dallas Federal Reserve

Federal Reserve Bank; 3 H to 4%.




Dallas.

j San Francisco, j

St. Louis.
|

Kansas City.

Chicago.
|

Atlanta.

Richmond.

Philadelphia.

Boston.

posits were decreased $19,888,000 and net time de­ Bank; 3 to 5%.
Bills of Exchange.—Bills purchased in open market by Atlanta Federal Reserve
posits $158,000. Reserves in “own vaults” declined Bank;
.............. ..
3 X to 5 ) 4 %.
Bills With or Without Member Bank Endorsement.—Bills with maturities ot 00 days
$40,448,000 to $401,136,000, of which $345,253,000
or less purchased In open market by 8t. Louis Federal Reserve Bank; 2 to 4%.
is specie. Last year the amount in own vaults was
$522,157,000, including $447,806,000 in specie. Re­
Notwithstanding the continued active importation
serves in Federal Reserve banks increased this week
of gold, rates for sterling exchange have remained
$9,464,000 to $171,050,000, compared with $139,­
pegged on an arbitrary basis and the entire position
594,000 a year ago. Reserves in other depositories
may be fairly described as a nominal one. The
also increased $1,422,000 to $54,619,000, against
imports of the precious metal into New York for
$29,736,000 in 1915. Note circulation was decreased
the week show a total of $17,500,000, bringing the
$427,000. The aggregate reserve showed a decline
amount of the current movement, which began in
of $29,562,000 to $626,805,000, which compares with
May, up to $219,000,000. Besides, some $75,000,­
$691,487,000 the previous year. Reserve require­
000 have been received at Philadelphia, $10,000,000
ments decreased $3,533,930, and the surplus reserve
of that sum having arrived on Wednesday, owing to
suffered a loss of $26,028,070. This brought the
the inability of the New York Assay Office to handle
total ofjexcess reserves to $69,801,070— the smallest
additional metal at the present time. Some are
total held for some time, and contrasting with an
inclined to think that the large inbound movement
excess of $224,122,990 recorded at this time last year.
represents skillful preparation for a strain on
Referring specifically to money rates, call loans
sterling exchange to follow an easing in money rates
ranged at 2 % @ 3 % , the same as last week. On
in London and the contemporaneous reduction in
each day of the week, Monday, Tuesday, Wednes­
Threadneedle Street discount rate. Advices from
day and Thursday, the rate did not vary from 3%
London predict that the time is not far distant when
high, and also for renewals, and the low 2% % , but
the British Chancellor will consider it the part of
on Friday 2% % was the low figure. Time money
wisdom to adopt some more permanent form of war
has shown a hardening tendency in the earlier
finance than is contained in the short-term borrow­
dates as a result of the unfavorable interpretation
ings on Treasury bills, Exchequer bonds, &c. This
of Saturday’s bank statement, and quotations
new issue is expected to take the form of a twentyhave been marked up to 3 @ 3 % % for sixty days,
year war loan. Whether it will be necessary to
against 2 % @ 3 % ; 3 % @ 3 % % f°r ninety days,
pay more than 4 % % remains to be seen. In any
against 3@ 3% % , and 3 % @ 3 % % for four months,
event, it will be necessary to reduce materially the
against 3 % @ 3 % % . Five and six months were
Bank of England rate below the current 6% basis.
not changed from 3 % @ 3 % % . A. Year aS°
It hardly seems probable that the new British loan
day bills were quoted at 2% % , ninety days at
will be offered until the French issue is well out of
2 % % , four months at 3%, and five and six months
the way. The latter is not expected to be offered
at 3 @ 3 % % . Mercantile paper operations continued
until the first week in October. Obviously, if there
to be restricted by a lack of offerings, and quotations
should be a substantial reduction in rates for accom­
ruled the same as at the close of the previous week,
modation in London without a corresponding reduc­
with sixty and ninety days’ bills receivable and six
tion in New York the tendency of funds would be to
months’ names of choice character at 3% @ 3 %%•
come back across the Atlantic and a new crisis in
Names not so well known still require 4% . Banks'
the sterling exchange situation would not unlikely
and bankers’ acceptances are quoted as follows:
Substantially the same relative difference
Delivery ensue.
-Spot Deliverywithin
Thirty
Sixty
Ninety
between New York and London must, therefore,
30 Days
Days.
Days.
Days.
prevail and the plan of the British Treasury mani­
3 ®2H
3X ® 2V » 3 X @ 2 X
3% @ 2 %
Eligible member banks-----------2
X
@
2
X
3
X@2X
2
^
@
2
M
Eligible non-member bills______ 2 U-16@2 9-16
festly is to sufficiently fortify the local money situa­
3X®3
3@2X
3®2X
Ineligible bills.............................
3@2X
tion to encourage rates here join with London in
Discount rates on 15 day paper were approvec
the latter’s prospective decline. It is understood
this week by the Federal Reserve Board as follows:
that London banks are competing quite actively for
In the case of the Cleveland and the Atlanta Federal
American funds, some paying as high as 5%, in their
Reserve Banks 3% % ; Richmond and Minneapolis
desire to accumulate large deposits. Individuals
Federal Reserve Banks 4%.
here, too, have been large lenders at the attractive
REDISCOUNT RATES OF FEDERAL RESERVE BANKS.
rates that are current at the British centre.
Compared with last Friday, sterling exchange on
a
CLASS
1
Saturday
was not quotably changed from 4 75% for
OF
i
i
REDISCOUNTS.
demand, 4 76 7-16 for cable transfers and 4 71% for
c
s
5
sixty days. Monday’s dealings proved without
G
*
special significance; the arrival of another consign­
Commercial Paper—
3
4 34
3X 3
3 3 3X 3X
1 to 10 days maturity.
ment of gold exercised a steadying influence and
4
4
"
4
4
334
4
434
4
4
4
4
3>4
11 to 30 "
"
434 4 4
4 4 4 4H 4 4 4 4 4
31 to 60 “
“
4 4 4 4H 4 4 4 X 4 434 434 4 434 quotations continued unchanged with demand at
61 to 90 "
“
Agricultural and
475%, cable transfers at 4 76 7-16 and sixty days
Live-Stock Paper—
5 6 4 « 5 4 X 5 6 5 6 5 434 534
at 4 71%. On Tuesday rates again remained un­
Trade Acceptances—
3 334 4 334 3
changed. On Wednesday not even the receipt of an
3X 3X
1 to 30 days maturity.
3 X 3M 3 X 3
3
____
4
3 334
334
3 X 3M 3 X 3M 3H 3 X
31 to 60 *•
“
4
334
334
334
334
4
3
X
3M
3
X
3H
additional $10,000,000 of gold from Canada served
3K
81 to 90 "
“
Commodity Paper—
to move sterling quotations from their present rut,
3 334 4 3 334
3X 3X
3X
. 3H
1 to 30 days maturity.
334 4 3 4
3 X ___ 3H 3 X ____ 3
3X
31 to 60 "
“
and demand bills were still quoted at 4 75%, cable
. 3 X . . . 3 X . . . 3M 3 X - - - 3 334 4 3 434
61 to 90 "
“
5
transfers at 4 76 7-16 and sixty days at 4 71%. A
OPEN MARKET DISCOUNT AND PURCHASE RATES OF FEDERAL quiet, firm tone prevailed on Thursday, with trading
RESERVE BANKS.
dull and lifeless, and, as usual, not a ripple in sterling
Bankers’ Acceptances.— Authorized discount rate for all Federal Reserve banks
minimum, 2%: maximum, 4%.
rates,
which remained pegged at the same figures.
Trade Acceptances.— Bills with maturities of 90 days or less, purchased In open
market without member bank endorsement, by New Orleans branch of Atlanta On Friday the market ruled slightly higher for cable

transfers, but otherwise there was no change from banks for the week appears to have been a gain of
the ruling figures. Closing quotations were 4 71% 848,826,000, as follows:
for sixty days, 4 75% for demand and 4 76 7-16@
Week ending Sept. 15.
Into
Out o f
Net Change in
4 76% for cable transfers. Commercial sight fin­
Banks.
Banks.
Bank Holdings.
ished at 4 75 9-16, sixty days at 4 70%, and ninety Banks Interior movement
$9,016,000
$6,121,000 Gain $2,895,000
Sub-Treas. & F. It. oper. * gold Imp'ts
64,271,000
18,340,000 Gain 45,931,000
days at 4 68%; documents for payment (sixty days)
T o t a l ......... ...................
Gain $48,826,000
closed at 4 71 and seven-day grain bills at 4 74%.
The following table indicates the amount of bullion
Cotton and grain for payment finished at 4 75 9-16.
in the principal European banks:
The Continental exchanges continued to show a
Sept. 14 1916.
Sept. 16 1915.
Banks o f
considerable degree of activity. Francs furnished
Gold.
Sllcer.
| Total.
| Gold.
Silter. | Total.
the week’s outstanding feature, advancing at one
£
£
£
£
£
£
E n gla n d .. 54,695,953
54,695,953 63,737,837
a n ce a .. 169,913.027 13,531,120 183,444,147 177,502,360 14,584,848 63,737,837
time to as high as 5 85% for sight. This improve­ GF rerm
192.087,208
an y. 123,484,950
1,188,250 124,673,200 120,710,150 2,150,250
* . . 154.930,000 8.303.000 163,233,000 158.579,000 4.093.000 122,860,400
ment was held to be a result of the arrangement en­ ARussia
u s-llu n.c 51.578.000 12.140.000 63.718.000 51.578.000 12.140.000 162,672,000
p a in ____ 46.017.000 30.324.000 76.341.000 29.355.000 29.480.000 63.718.000
tered into at the recent conference in Paris with a SItaly.........
58.835.000
38.110.000
3.703.000 41.813.000 45.811.000 4.670.000 50.481.000
N
48.739.000
621,700 49,360,700 31.644.000
view to maintaining the exchanges between London N aetheil'ds
157,500
31,801,500
t.B cl.h 15.3.80.000
600,000 15.980.000 15.380.000
600,000 15.980.000
11,195,800
11,195,800 9,624,900
9,624,900
and Paris at a given level; while the further progress Swltz-land
Sweden . .
9.210.000
9.210.000 6.299.000
6.299.000
ark.
8.969.000
217,000 9.186.000 5.946.000
309,000 6.255.000
of the French troops also exercised a strengthening ND enm
o r w a y ..
6.327.000
6.327.000 3.434.000
3.434.000
influence. German exchange again ruled weak and T o t. week. 738.549,730 70,628,070 809,177,800719,601.247 68,184,598 787,785,845
Prev. week 738.801,535' 70.798,430 809,599,965 720,360,011
/zu ,30U ,un 68,233,640 788,593,651
788.593.651
additional declines were recorded in the initial opera­ --------------------------tions, although later in the week there was a partial :?dGa°broad!dln83 ° f the Bank ° f France thls year »re exclusive of £22,950,955
rally and banking support induced fractional ad­ hY July;^ o 'Cl 9 i 4<\ b^he t\mlnaBl1^ Hie 80Hcidledg<ddl l^dM ce held abroad
c July 30 1914 In both years, h A ug. 6 1914 In both years.
vances. Rubles suffered a setback. On Wednesday
the price broke to 31.50, which contrasts sharply with
M A I N E E LE CTIO N A N D
P R E S ID E N T IA L
the rate of 34.50 reached a week or so ago. Fairly
C A M P A IG N .
liberal offerings coming on a dull market almost to­
A tradition which has long held sway in Presiden­
tally devoid of buyers was held responsible for the
tial years the drawing of inferences from State elec­
downward movement. Lire also experienced a more
tions in the early autumn as to electoral results for
or less natural reaction from the high point of the
the whole country in November— has been somewhat
previous week. Kronen shared in the weakness of
vigorously revived this week. The Maine election
reichsmarks. Demand bills on Berlin finished at 70
last Monday, for Governor, Senators and Represen­
and cables at 70 1-16, against 69% and 69 5-16 a
tatives, had been a matter of the keenest political
week ago. Kronen closed at 12 03, comparing with
interest in advance. I he State had been canvassed
12.05 last Friday. The sterling check rate on Paris
by the best stump speakers of both parties. The
finished at 27.90, against 28.00% the week pre­
actual returns have been studied closely, with a view
ceding. In New York sight bills on the French cen­
to their indication regarding the national vote.
tre closed at 5 86 and cables at 5 85%, which com­
Maine is practically the last State left to serve this
pares with 5 88% and 5 87% at the close on Friday
purpose. The “October elections” in Ohio and In­
last. Rubles finished at 32.25, as against 32.90 a
diana, which as far back as the Civil War used to re­
week ago. Lire closed at 6 45 for bankers’ sight and
assure or discourage party leaders in the national
6 44% for cables. The week previous the close was
contest, were abolished many years ago. The Ver­
6 42% and 6 41%, respectively.
mont State election continued to be held in the first
In the neutral exchanges increased firmness was
week of September up to the Presidential election of
evident, so far as Scandinavian exchange is concerned.
Guilders, however, still ruled weak. . Trading was 1912; but that symptomatic event is also now abol­
ished. All of those States at present hold their
not active. Bankers’ sight on Amsterdam finished
State elections on the same day as the national vote.
at 40% plus 1-16, against 40 13-16; cables at 40 13-16
I he fact that Maine alone remains added particu­
@40% minus 1-16, against 40%; commercial sight at
lar interest to this week’s results. Yet Maine has
40 11-10@40% (unchanged), and commercial sixty
failed during many past years to be an accurate and
days at 40 9-16 (unchanged). Swiss exchange closed
trustworthy barometer of national results. Its case
at 5 33 for bankers’ sight and 5 32% for cables,
has not been that of Vermont, whose prophetic
against 5 31j/2 and 5 31 last week. Greek exchange
powers sometimes appeared to have something of the
(which must still be classed nominally as neutral)
occult in them. Since the foundation of the Re­
continued to be quoted at 5 15% for sight bills.
publican pai ty, a Republican plurality of more than
Copenhagen checks finished at 27.85, compared with
25,000 in the Vermont September elections had in27.20. Checks on Norway closed at 28.70, against
vai iably signified Republican success in the whole
28.05, and checks on Sweden finished at 28.75, which
country in November, whereas a Republican plurality
compares with 28.10 last Friday. Spanish pesetas
less than that figure meant Democratic national vic­
closed at 20.14. A week ago the close was 20.15.
tory. To this singular rule there had been only two
exceptions in half a century—those of 1876 and 1864,
The Newr York Clearing House banks, in their
when the Vermont September election indicated
operations with interior banking institutions, have
Democratic success, yet when a Republican Presi­
gained 82,895,000 net in cash as a result of the cur­
dent was inauguarted the next March. Yet those
rency movements for the week ending Sept. 15.
were exceptions which proved the rule; for 1876 was
1 heir lcccipts from the interior have aggregated 89 a disputed election, in which most people now believe
016,000, while the shipments have reached 86,121 that the Democrats really won, and in 1864 the State
000. Adding the Sub-Treasury and Federal Reserve
vote of Vermont was cast when even Lincoln believed
bank operations and the gold imports, which together
that he would not be re-elected, and in a year when
occasioned a gain of 845,931,000, the combined result
the national result was probably determined by mili­
of the flow of money into and out of the New York
tary successes after September.



publican Party. In fact, the point occasionally made
by Republican statisticians, that Wilson’s total vote
in the whole United States in 1912 fell 100,000 or
more below Bryan’s vote of 1908— this notwithstand­
ing the four years’ increase in population—itself dis­
proves the assertion. The bare comparison of last
“ O , h a v e y o u hoard th e now s fr o m M a in e ?
H o w she w e n t, h e ll-b e n t, for G o v e rn o r K e n t ,
Monday’s votes with those in November 1912 might
A n d T ip p e c a n o e an d T y le r , t o o . "
seem to indicate that, since the Republican vote has
But this was in 1840; since then, Maine has in
increased 76% and the Democratic 24%, that was the
point of fact been an extremely erractic political
ratio in which the Progressive Party of 1912 drew on
indicator. In the “Republican year” 1880, the State
one or the other party in that year. Imagining that
went for a Democratic fusion ticket. In 1884 it
to have been the ratio in which the Progressive vote
gave Blaine a very large September majority, yet
of that year drew on the two older parties in the
he was defeated in November. In 1908, the year
country as a whole, this year’s return of the Progres­
of Taft’s heavy majority in the national election,
sives to their older affiliations would leave the Re­
Maine gave a September plurality of only 7,653 to
publican Party next November more than half a
the Republican candidate for Governor. Even in
million votes below the Democratic Party’s poll.
1912, the year of Wilson’s victory, the Republican
But few serious political observers will draw that
plurality in the September vote was 3,300— though
conclusion. Even as regards the Maine election, the
it should be observed that no Progressive candidate
fact that the total vote cast by all parties this week
ran that year for Governor.
was at least 146,000 as compared with 129,600 in
Maine’s Republican plurality of something over
November 1912 renders any such calculation inad­
13.000 this week is greater than its September
missible.
plurality of 1908, but barely one-half the 26,800
On the whole, inferences drawn by politicians have
Republican plurality of September, 1904, or the
been chiefly based on the fact that redistribution
34,300 of 1900. But the larger interest among
of the Progressive vote has left Maine with perhaps
political statisticians was directed to the probable
slightly more than the average Republican plurality.
showing as to redistribution of the Progressive vote,
Exactly how much this means as a forecast remains
which had so much to do with results in elections
to be seen; but it has obviously encouraged the
of 1912 and 1914. The September total vote of
Republicans and discouraged the Democrats. In
1912 is not a fair test in this regard, since no Pro­
two other respects the result is politically interesting.
gressive candidates ran for State offices. But at
Mr. Hughes’s vigorous denunciation of President
the Presidential election that year, Wilson received
Wilson’s surrender to the railroad labor unions, and
51,113 votes in Maine; Taft, 26,545; and Roose­
velt, 48,493. In other words, Wilson stood in a of his forcing Congress to yield to hold-up demands,
plurality of 24,568 as against the Republicans alone was deprecated by the Republican managers as
likely to have a bad effect on the vote in Maine.
(Taft), but in a minority of 23,925 as against the
Of this there is no sign. In the second place, such
Republican and Progressive vote combined. If the
return of Republican success as has occurred in
Progressive votes of 1912 had been altogether drawn
Maine this week could in no respect have been due
from the Republican party, and if all were to return
to the professional German-American agitation.
this year, obviously Mr. Wilson’s outlook would be
Out of 110,000 foreign-born citizens in Maine by
discouraging. But that is the very question at issue.
the Census of 1910, and 135,000 of foreign parentage
Monday’s results, so far as compiled, show the
— only a portion of whom were voters there was
Republican vote to be practically 80,000; which is
the slightest imaginable proportion of Germans.
5.000 more than the Republican and Progressive vote
Therefore, the Maine result has in no respect fore­
combined in the Presidential election of 1912, and
shadowed the political effect of the alleged attitude
53,500 more than the vote of the Republican Party
of a pro-German vote against Wilson and in favor
alone, that year. The Democratic vote of last
Monday increased 15,400 over the party’s Presi­ of Hughes.
Beyond this, it is difficult to draw inferences;
dential vote of 1912. The Democratic vote also in­
except that the tendency in Maine, and perhaps
creased 4,500 over its vote in the Governorship elec­
elsewhere, is for the Republican Party to resume its
tions of two years ago, and the Republican vote was
2,800 above the combined Republican and Progres­ former pluralities in the States which for many
sive poll of 1914. These are somewhat bewildering years supported Republican candidates. Appar­
results, especially in view of the unexpectedly, and ently, the belief in this, which had visibly decreased
as yet unaccountably, large increase in the total after Mr. Hughes’s somewhat uninspiring Western
poll over the State’s Presidential vote of 1912. How speeches, has increased again since Wilson’s action
much of this increase was due to increase in popula­ on the railway union’s threat and Hughes’s denun­
tion, how much to the drawing out of a stay-at-home ciation of it. The Wall Street betting odds, which
have always had a curious way of indicating cor­
vote of previous years, and how much to redistribu­
tion of the Progressive vote between the Republicans rectly the trend of things in national campaigns,
appear to confirm the existence of this belief. Yet,
and Democrats, it is impossible to say. That the
after all, the campaign is hardly more than in its
total vote of Monday should have exceeded the
beginning, and Maine is a highly uncertain indicator.
Presidential vote of 1912 by 26,000 is a fact which
confuses all inferences; not less so, when it means that
IG N O R IN G T H E C O N S U M E R A N D
IN V E ST O R .
the combined increase of Republican and Democratic
In
all
the
continual
struggles
for
the
sharing
of the
votes over the total Presidential vote of 1912 is much
good
things
of
this
life,
including
therein
the
assumed
more than the total Progressive vote of that year.
It was never possible to admit, as has occasionally boon of comparative comfort and ease, it has been
been alleged, that the entire Progressive vote of four remarked that the consumer is the forgotten man,
years ago, even in Maine, was drawn from the Re­ for whom nobody seems to care and about whom few

Maine has no such record to appeal to. It is true,
the qualities of the State in this regard have been
chronicled in a famous campaign song, familiar to
political history of the past generation. School boys
used to read of the old political slogan:




do any thinking. He is everybody, and a proverb and he calls on individual holders to remember and
tells us that everybody’s concern is nobody’s. All use their voting strength in a protective capacity as
waste, carelessness, selfishness and blundering, either investors. All talk about the good sense and the
in legislation or in action otherwise, find their way to sense of justice in the American people seems to him
this universal and uncared-for person, and seat them­ vague. The politicians care for nothing except the
selves upon his neck. He feels the weight, anc number of votes to be gained or lost, and he thinks
grumbles at it, but does not understand whence it if security holders imagine the cost of the “surrender”
comes, and is apt to clamor blindly for more meddling is to be laid on the public at large they will find them­
legislation to cure what that same legislation has selves mistaken, “as the farmers and shippers and
wrought. The practical difficulty is that in all the uplifters in general will oppose any raise of rates, at
selfish grabbing (of which we had one striking instance least until the railroads are almost bankrupt.” But
last month) the thing grabbed for is near and looks if a permanent organization is once started, with
large, while the ultimate effect on the grabber in his branches in each State, and with a salaried head to
role of consumer is dim in the distance.
stay in Washington “ and keep tab on our cowardly
The consumer is unorganized and therefore power­ lawmakers,” he thinks there will be no more sur­
less. There is another very multitudinous and mis­ rendering.
.
treated person (using that word very generically)
This suggestion of getting together by investors
who is also unorganized: the investor.
is not now made for the first time, just as it has been
The “Big 4” contention that the railways, and not said several times in the last two years that business
the public, own the railways is so plainly a mere men as such ought to organize for self-defense. There
trifling with language that it is unworthy of any are difficulties, and it seems questionable whether
attention. The wide distribution of railway owner­ enough cohesion and initiative to be of any real
ship, indirectly as well as directly, has been often service could be obtained; yet it is not surely im­
pointed out by the “ Chronicle,” and reproduction of possible, and the occasion for some awakening and
many detailed figures is unnecessary, yet a few may stirring is very clear. At least, it seems too plain
be given. The Chicago Bureau of Railway News to need urging that managers of savings banks and
and Statistics reports that in 1915 19,457 banks life insurance companies owe some duty, beyond a
held about 1,265 millions in railway securities, one- passive waiting upon events, to the owners of the
third of their total investments in bonds of any de­ savings which have been committed to their care.
scription. The savings banks in this State have
nearly 15% of their resources in railroad bonds. T H E C R U X O F T H E L O C A L T R A C T I O N T R O U B L E .
Nearly six years ago President Ide of the Home Life
The local traction trouble is still not ready for
of this city told the Inter-State Commerce Com­ dismissal as a current topic, because the disturber
mission that his own company had 37.5% of its from the outside has been clinging to the hope of
assets in railroads, and as nearly as he could learn the retrieving something from his evident defeat. Early
life companies operating in this State held one- in the week he was aggressive in speech. There was
eighth of the entire railway bond issues in the country. to be a sympathetic strike among many trades, which
He said then that whatever affects the roads un­ might involve 400,000 or more workers and would
favorably must hit the 20 million policyholders and seriously plague the city. Mr. Gompers was brought
“it is not necessary to reduce railroads to a condition here to help save the day, but after attending a meet­
of bankruptcy before the value of the underlying ing lie issued a cautious statement of sympathy and
securities is affected.” He is so much impressed of promise of support, yet declined to commit the
with this that he printed his remarks, with some other American Federation of Labor to such a folly, thus
matter upon it, in 1913, and has now reprinted showing again that he possesses shrewdness. The
them.
subway was to be fought (said the outsider) by
It may be said without qualification that there is cutting off its fuel through sympathetic action of the
hardly a corporation of any kind (including educa­ longshoremen and others who handle coal at this
tional, philanthropic, or whatever else) which is not port; it was also to be hit by coaxing off the men in
more or less founded on railroad securities, if it has its powerhouse.
any investments. Beyond direct ownership, there
The subway and elevated lines have not been
is no thrifty person who is not at least indirectly seriously disturbed, and the grip of the strike on the
concerned through his depository of savings; what surface lines has been loosening, although there has
the corporation and the private person stand on is been enough to cause much inconvenience.
itself standing largely on the railroads. The “Big
It has been made still plainer that the struggle is
4” boasted that they were well prepared for a siege, not over the right to organize, but over the control of
for they had 15 millions put by; if that was true, it organizing, and that the entire trouble continues, as
would be interesting to know where it was kept, and it began, merely one of outside interference. Mr.
whether these men had considered their own relation­ Fitzgerald says he is standing for liberty, and that the
ship, as savers and investors, to the roads which they Interborough’s “master and servant” agreement
threatened to starve into submission.
means slavery. He protests that the men were
Now Mr. Robert L. Chamberlain of Englewood, coerced or deceived into signing, and that they did
formerly an officer of the Investment Bankers’ not know the purport of the contract; but there is
Association, proposes a specific movement for organ­ no evidence that they did not act voluntarily, and
izing an Investors’ Union, and lie suggests that those if they did not understand what they were doing they
who have sold railway securities to the public and are incapable of understanding, which is an impolite
the corporation heads who have put the public’s suggestion on his part. He tells them they have
savings into them are the proper parties to lead in tied themselves up for two years and in that term of
such a movement. He thinks the Adamson law subjection cannot strike if they would; so he im­
might be more appropriately put to test by such an plores them to strike now and upset the whole, since
organization than by the railway officers directly, the company refuses to cancel the pact. He is con


cerned lest the city become involved in financial loss
because the Interborough is wasting money in fight­
ing himself. Having coaxed or frightened off some
of the men, he tells the Public Service Commission
that the lines are violating the “full crew” law by
sending out trains undermanned, at a hazard to the
public safety. With admirable assurance, and
backed by Mr. Gompers, he appeals to the public to
aid labor by boycotting these recusant lines; they
might buy automobiles or walk, and it is an implied
suggestion that thus the danger of being hit by a
brick or a bottle will be less.
Fitzgerald is fighting, he says, for the right to
organize, meaning (what he is not frank enough to
say) the power to compel men to oragnize under a
central outside control, at present in his hands.
Obviously, the right to organize means the right to
select one’s organization, and the Interborough men
have selected theirs, to be local and their own. To
Mayor Mitchel and Chairman Straus the company re­
plies that of its total 11,800 men 10,306 (seveneighths) have signed an agreement and it cannot
arbitrate its right to enter into agreement with them
nor its own good faith in so doing. The N. Y. Rail­
ways Company replies that it cannot arbitrate “the
causeless desertion” by its employees who struck
while their differences were in course of adjustment
under the treaty of Aug. 6; both companies also say
that further conferences with men who break their
agreements “ would get us nowhere” and they will
have nothing more to do with the Amalgamated
Association of Street and Electric Railway Employees
but “they will continue their unabated efforts,
against all opposition, to maintain the service which
it is their public duty to afford.”
This is a very clearly-drawn issue, and there have
not been, at any time, any differences between com­
panies and employees which could not and should
not have been settled between themselves; the whole
trouble arose in the coming of outsiders, avowedly
to organize and control the entire traction system of
the metropolis. An agreement has been made to
refer all future differences to arbitration, but there
is nothing at present to arbitrate, unless some minor
matters which are not making any difficulty. The
right to organize and to contract is not arbitrable;
concede that it is, and we should have to submit
everything to arbitration, including the right to
arbitrate.
The good intentions of the Mayor and the Public
Service Commission may be admitted, but they
would be much better employed in sustaining the
companies in keeping their pledge to maintain the
service. The public interest does require uninter­
rupted traffic, but attempts to attain this by patching
and compromising and surrendering to organized
disturbance (especially when that comes from the
outside) are the wrong way of going about it. Let
us not have any of the Washington abandonment of
rights for all time in order to escape present incon­
venience and conciliate the labor vote repeated
here.
There could not be a better means of reaching a
permanent modus vivendi between companies and
employees than a voluntary contract for a term of
years; that method means industrial peace, and for
that very reason is hated and fought by the wellpaid agitators who could not hold their pleasant jobs
unless there were periodical outbreaks. If it be true,
as asserted, that neither company nor men cares about



the public interest and convenience, then let the
public care for that itself. The way to keep organ­
ized labor within the lines of peace and decency is to
meet it squarely and beat it, when it dares an
attack like this, not to bow before it and surrender
to it, rather than endure a temporary inconveni­
ence.
T H E D E N V E R & RIO G R A N D E

REPORT.

After two years of falling traffic and revenues, the
Denver & Rio Grande in the year under review
encountered favorable conditions once more, and the
results are reflected in a noteworthy way in the
annual report now before us. With growing pros­
perity in general trade, and with the mineral industry
of Colorado once more in a state of activity, the
Denver & Rio Grande had an opportunity to show
its capacity for enlarged public service with con­
comitant development of revenues, and the oppor­
tunity was availed of to the utmost. From the in­
come accounts for the year it is apparent that the
road was in the right state of preparedness for dealing
advantageously with just such a situation. In the
two years preceding the management had shown
how it could cope with a period of adversity.
In
the twelve months ending June 30 1916, on the
other hand, it demonstrated that previous planning
and efforts had put the property in position to reap
the benefits flowing from the advent of good times
and an increased demand for railroad transportation
facilities.
As compared with the twelve months preceding,
there was a marked expansion in the traffic and
gross revenues of the system, the total of the latter
having advanced to the largest figure in the history
of the company. The gain in gross for the twelve
months was 83,066,848, or 14.05%. But that is
not the most noteworthy feature in the year’s record.
Other roads are distinguished by equally, if not more
striking, expansion in gross revenues. What at­
tracts particular attention in the Denver & Rio
Grande case is that the extra volume of traffic (the
traffic statistics show that the freight traffic increased
25% as measured either by the number of tons of
revenue freight actually handled, or the number of
tons of revenue freight carried one mile, the increase
in the one case having been 25.10% and in the other
24.97%), was moved with very little addition to
expenses, leaving the greater portion of the
gain in gross to count also as a gain in net. With
$3,066,848 gain in gross revenues, the increase in
operating expenses was only 8449,739, to which was
added 870,855 increase in taxes and 8155 increase in
a minor item, leaving a gain in net of 82,546,098 or
over 39%. Such results are evidence that the heavy
outlays made in recent years for the express pur­
pose of promoting operating efficiency have borne
fruit.
The late year’s progress, however, does not, by
itself alone, furnish a full measure of what has been
accomplished in that respect. The truth is, the
progress has been cumulative and continuous, and
the achievements of the late year assume additional
significance when considered in connection with the
antecedent achievements in the same direction. We
have already indicated that the twelve months pre­
ceding were a period of depression and falling reve­
nues. That statement applies as far as traffic and
gross revenues are concerned. In the matter of net

earnings, though, the falling off was more than the ability to increase the earnings of the trains
offset by growing economies of operation. Even in per mile run, in face of a decline in freight rates. In
the year before that, great strides forward had been the late year the rate realized per ton per mile was only
made in operating efficiency. The figures for the 1.092 cents, against 1.186 cents in 1915, 1.201 cents
last four years, when considered together, tell an in­ in 1914 and 1.194 cents in 1913. Nevertheless, on
teresting story in that regard. It is not possible to account of the development of the train-load, a
make direct comparison of revenues and expenditures wonderful increase has been established in the train
for these four fiscal years, owing to changes in the earnings per mile. In the late year the freight train
classification of both revenues and expenses pre­ revenue per train mile was actually in excess of five
scribed by the Inter-State Commerce Commission. dollars, being in exact figures $5.15919. This com­
As indicating, however, the nature of the results, we pares with $4.54 per train mile in 1915; $4.05 per
may note (as we did in our review for the previous mile run in 1914; $3.64 in 1913 and no more than
fiscal year) that in 1913-14, on the old basis of $3.19 in 1912. From this great advance in revenues
accounting, there was a decrease of $1,285,913 in per unit of traffic, we gain an idea of what has been
gross operating revenue with a decrease of only accomplished in the way of bringing operations to a
$266,591 in the net revenue, while in 1914-15 there more profitable basis.
was, on the new basis of accounting, a further loss in
Of course, these operating achievements would not
gross of $1,770,405, but attended by a reduction in have been possible except for the additions and im­
expenses of $2,170,898, thus producing an actual provements in recent years to road and equipment,
gain in net for that year of $400,493, the figures in in part through new capital outlay, but in part also
both cases being stated without deducting the taxes through the appropriation of surplus earnings. In
which, as in the case of other roads, have been view of what has been accomplished through these
steadily increasing. The improvement in 1915-16 outlays, it is gratifying to learn that the late year’s
comes after this marked improvement in the years surplus earnings are to be employed in the further
immediately preceding. The further increase in net extension of the road’s facilities. Certain remarks
in 1915-16 on this basis—that is, with the taxes in the report make it plain that the management is
eliminated— is $2,617,109, the increase of $3,066,848 committed to such a policy .
in gross revenues having been attended by an aug­
In the immediate past of course surplus earnings
mentation in expenses of only $449,739.
available for improvements and additions have been
In the transportation expenses, which furnish the rather limited, but in the late year, under the great
true basis of operating efficiency, the increase in increase in net earnings, the balance above fixed
expenses in the year under review was no more than charges for the twelve months was $3,816,088,
$209,612, or but 3.33%. It is pointed out in the this comparing with only $1,418,730 in 1914-15,
report, in incidental reference to the subject, that giving an increase of over 168%. Of this balance
cost of conducting transportation in the late year of $3,816,088, no less than $2,300,000 has been set
formed only 26.12% of the gross operating revenues, aside in a trust to purchase new equipment and $287,­
as against 28.83% in the previous fiscal year, and 398 has been contributed to the renewal fund and the
comparing with an average ratio for the five previous sinking fund under the first and refunding mortgage,
years of 32.22%. Bearing in mind that the freight making $2,587,398 together. Even then, $1,228,­
traffic in the late year, as already pointed out, in­ 690 of surplus income remained to be carried to the
creased 25%, the increase of only 3.33% in cost credit of profit and loss.
of conducting transportation throws a flood of
The report points out that during the last four
light on the way operating efficiency has been years about 2,500 freight cars and 35 locomotives
advanced.
were retired from service on account of age and in­
How the achievement was effected become^ mani­ efficiency. To partly replace the equipment retired,
fest when we turn to the transportation statistics the Board of Directors have authorized contracts
and find that the large addition to traffic was handled for modern heavy freight locomotives and freight
with scarcely any increase in freight-train mileage. cars of steel construction (all standard gauge), aggre­
In 1915-16 the freight trains ran 3,549,849 miles in gating in cost about $2,300,000 and the trust fund
moving 1,853,712,201 tons of freight one mile out of current revenues just mentioned will
(company freight included), and in 1914-15 they ran pay for this equipment as and when deliveries are
3,501,537 miles in moving 1,515,472,157 tons one made.
mile. This means that on top of the great increase
During the year the funded debt was decreased
in the lading of the trains in the years preceding $510,000 by the purchase in the open market of $360,­
there was an even more striking increase in the late 000 of Denver & Rio Grande 1st. and refunding 5s
year.
for the sinking fund, and the redemption and cancella­
In 1913 the train-load of revenue freight was raised tion of $150,000 equipment trust bonds. Cash on
from 264 tons to 305 tons; in 1914 it was brought up to hand during the twelve months increased from $2,­
337 tons and in 1915 to 383 tons, while now for 1916 692,625 to $4,220,769.
there has been a jump to 472 tons. Including com­
The relations between the Denver & Rio Grande
pany freight the average lading of the trains is now and the Western Pacific, on behalf of which latter the
over 522 tons, as against 433 tons in 1915, 390 tons company made such heavy sacrifices, still remain
in 1914, 345 tons in 1913 and only 299 tons in 1912. unsettled, but as the Western Pacific was sold under
In four years, therefore, the average train-load has foreclosure on June 28 1916 the hope is expressed
been raised about 75%.
that by negotiations later on, mutually advantageous
Obviously, by adding to the train-load and dimin­ readjustment of financial relationship between West­
ishing the train-mileage it is possible for a train crew ern Pacific interests and the Denver & Rio Grande
to handle a much greater volume of traffic without will be established. It is also pointed out that the
adding to the number of employees, thus in a measure revenues of the Western Pacific have considerably
offsetting the rise in wages. Another advantage is improved.



M E E T IN G

OF T H E A M E R IC A N

BANKERS’

A S S O C IA T IO N .

The coming session of the A. B. A. should be one
of the most important and influential ever held by
this body. Conditional elements forecast this.
The meeting is to be held in the centre of the con­
tinent. A two-hundred-and-fifty-mile radius meas­
ures a magic circle around Kansas City, ©ne of the
richest productive areas in the world, certainly the
richest in the United States. Kansas City, therefore,
has an almost certain future in growth and is repre­
sentative of the city and country life of the Mississippi
Valley. It is not invidious to say that in this valley
is to be found the typical American citizen, as a
product of the mingled streams of Cavalier and
Puritan, and as a product of the concentering activi­
ties of transcontinental trade.
Already the renown of the hospitality of the wel­
coming city runs in advance. So that as far as
“atmosphere” is concerned the meeting is ideally
placed for an untrammeled expression of the aims and
interests of our bankers in their relation to the spirit
of the times and the masses of the people.
It happens, auspiciously we think, that the coming
meeting will be presided over by a President chosen
from the Central Pacific Coast, assisted by a Secre­
tary from the City of New York—while the centre of
population will be just east of the Mississippi River.
The perennial harvests of an inexhaustible region
will have been gathered. If we have real prosperity
at the present time it will be evidenced by the
judgment of the people of this section. And if we
have a foreign policy it should engage the approval,
or the reverse, of the perhaps calmer feeling of this
interior empire, which must ever be the potential
strength of the Republic.
At the same time all sections will come together,
with consequent interchange of views, at a common
centre. Because of these things, and because nat­
urally a greater number of country bankers will
attend than usual, representing the typical country
bank under its most normal development, banking
expression should become typical of banking needs.
The meeting will be held for the first time after
what may be termed the first complete operation of
the Federal Reserve Act. All the insistent questions
of this revolutionary change in our banking practice
may be discussed with a full voice. New York City
will send its usual contingent, while nearby Chicago
and St. Louis may be expected to have an even greater
proportionate representation. Then it will be noted
that, traveling to the northwest and west from the
place of meeting, the small bank, principally under
State control, with capital below the national mini­
mum of $25,000, grows enormously in numbers. So
that no place could have been chosen where the local
and national needs of commerce are more in evidence,
where banking conditions find more complete ex­
pression, and where opinions of the Federal Reserve
Law in its relation to the bank, country and city,
and to commercial exchange and business needs, can
be more collectively obtained. Great good should
obtain from interchange of views under such aus­
pices.
A glance at the program discloses eminent speakers
from remote sections of the country, but we are
inclined to the view that from the meeting’s open
forum must come its true expression of judgment
that at this time this should be full and free.



It may well be asked whether the Association is not
tending in the direction of creating too many sep­
arate sections. Naturally the mere machinery of
such a large working body must be divided up in
order that progress may be made. But unity out of
diversity is the trend of the administrative helpful­
ness of banking law, is the special mission of the
Federal Reserve Act, and members of this Associa­
tion, we feel, should come together as nearly as
possible as representative units of commercial bank­
ing, regardless of whether they be under State or
national law. Only thus can there be a full and fair
test by interested experts of the operation of this new
Reserve Act.
Perhaps we can convey our idea in another way.
A bank, large or small, must exist and function under
local conditions, needs and wants. It is formed by
them, out of them, to some extent fosters and
molds them. This is the reason for our system of
independent banks which we are unwilling to surren­
der for any other. But a bank which is solely pro­
vincial is not progressive. To unify in a banking
system these independent integers, what should the
individual bank be asked to surrender? A determi­
nation of this will solve the problem of the parclearance plan but recently inaugurated and solve
it correctly.
Take, for example, the hundred-year-old New York
bank, budded upon a hundred years of New York
commerce, a commerce supplying the needs of a
developing interior continent. Certainly, in the face
of this accomplished interior development, with Chi­
cago and St. Louis on the map, the New York bank
must lose relatively in its deposits from the interior,
and gain more than it loses by its deposits drawn
from a world-trade that touches all the continents.
Whether it will or not, it must meet these new con­
ditions, and this we believe is the theory on which
regional banks under the Federal Reserve Act have
been established, and upon which complete par clear­
ance will have to be predicated. It follows that if
there should be a violation of this principle by the
administration of the law by the Federal Reserve
Board, for instance by the concentration of gold
outside normal banking influences, New York banks
would suffer, and a tendency created which would be
antagonistic to a natural unity.
Coming together untrammeled by provincial in­
fluences the public discussions and the resultant con­
clusions of all our bankers at this coming meeting
should guide the way. Tremendous commercial
needs impend. A new banking “system” is under­
going the test of initial operation. We are in the
midst of a campaign. Let entertainment wait upon
the “regular order,” and let there be full and free
discussion, as we doubt not there will be, of these
grave questions of the hour.
R A I L R O A D GROSS E A R N I N G S FOR A U G U S T .

Returns of railroad gross earnings continue of the
same favorable character as heretofore. Trade
everywhere throughout the country is large and
active. Passenger travel is on the increase. In the
West the grain movement to market is of exceptional
proportions by reason of the stimulus afforded by
high prices, and even the cotton movement in the
South is running ahead of last year notwithstanding
impaired crop prospects.
According to our early compilation for the month
of August, which we present further below, 44 roads,

operating 92,655 miles of line (including the Canadian
Pacific, the Canadian Northern and the Grand Trunk
of Canada) earned $85,956,786 in August 1916,
against only $69,264,008' in August 1915, the in­
crease, therefore, being $16,692,778, or over 24% .
With only one exception, namely the Toledo Peoria
& Western, which has fallen slightly behind, every
one of the roads participates in the improvement.
The gains come from all sections of the country
and from all classes of roads, and not a few of them
are of large proportion. Without any attempt to
enumerate any of them, we give the following tabular
statement showing all the increases down to $30,000.
P R IN C IP A L C H A N G E S IN G R O S S E A R N IN G S IN A U G U ST .
In crea ses.

Canadian Pacific_________ $4,466,000
Great N orthern__________ 1.751.494
Canadian N orthern______ 1,701,600
Grand Trunk (4 roads) __ 1.164.495
914,823
Southern R ailw ay_______
885,659
Louisville & Nashville____
881,000
Northorn P acific________
859,937
Illinois Central___________
538,681
M inneap St Paul & S S M
484,521
Missouri Kansas & Texas.
284,608
Buffalo Rochester & Pitts
259,673
L’oro M arquette__________
256,000
St Louis Southwestern---250,610
Chesapeake & Ohio---------Chicago Great W estern ..
222,104
203,164
Cine New Orl & T ex P a c.
196,932
Yazoo & M iss Valley_____
170,428
Texas & P acific__________
a

Western M arylan d______
Chicago Ind & Louisville.
Denver & R io G rando____
Minnoap & St Louis____I
M obile & O hio__________I
Colorado & S ou th ern .III
Alabama Great Southern.
Grand Trunk P acific____
Atlanta Birin & A tla n tic. .
Ann A rb or_______________
Toledo St Louis & Western
Now Orl & Northeastern.
Duluth So Sli & A tla n tic._

In crea ses.

$143,959
131,740
128,100
a 124,908
102,341
95,490
77,832
a62,737
53,941
51,317
49,203
39,670
38,405

Representing 35 roads
in our com p ila tion ..$16,591,072

These figures are for throo weeks only.

As qualifying the significance of the present strik­
ing improvement in results, it is almost needless to
say that comparison is with poor results in the years
immediately preceding. In both 1915 and 1914 our
early compilation for August showed losses, while in
1913 there was only a trivial increase. To be more
specific, in August 1915 our early statement regis­
tered a decrease of $3,890,962, or 5.32% , and this
followed a decrease of $4,955,479, or 6.37% , in
August 1914, while in August 1913 the gain was no
more than $71,670, or less than one-tenth of 1% . In
the years before that, however, comparison was with
fairly good earnings. Thus, in August 1912, our
early statement registered an increase of $6,276,721,
or 8.79% , the roads included being substantially the
same as those now represented. In August 1911,
likewise, the showing was not unfavorable, our early
statement then showing $2,225,398 gain, or a little
over 3% . In prior years, with the exception of the
great contraction in 1908, the record of earnings in
August was one of accumulating gains.. In August
1910 our preliminary compilation showed an addi­
tion of $5,600,104, or 9.90% . In 1909, also, there
was a gain, this being $6,102,600, or 11.77%.
These two, though, only a little more than sufficed
to make good the $10,691,980 loss experienced in
1908. Preceding 1908 there were increases in each
and every year back to 1896, as will appear from
the following summary of the monthly totals drawn
from our early compilations each year.
Mileage.

(i / oj s Ear nulls

A u g u st.

Year
Given.
Year.

189(5___
1897___
1898___
1899___
1900___
1901___
1902 ___
1903___
1901___
1905___
190(5___
1907___
1908___
1909___
1910___
1911___
1912___
1913___
1911___
1915___
1910___

Hoads M iles.

120
118
121
112
105
90
70
70
07
50
08
(57
52
49
4(5
50
47
40
47
45
41

89,991
93,108
94,185
95,798
90,370
99,951
90,102
98,120
83,100
81,055
92,788
93,083
82,513
78,484
81,879
89,799
89,091
90,217
92,13(5
89,582
02,655




Year
In Preced. cr'se.
M iles.

89,225
91,025
93,792
94,771
93,157
97,750
88,(520
9(5,047
81,248
79,192
90,455
92,898
81,201
77,217
78,874
87,984
88,135
88,201
90,579
83,017
90,709

%

0.82
1.02
0.42
1.08
3.45
2.25
1.07
2.16
2.35
2.20
2.58
0.84
1.54
1.05
3.81
2.07
1.77
2.29
1.72
1.74
2.03

Year
Given.

Year
Preceding.

Increase + 1
or Decrease — ).

S

S
40,010,144
38,520,399
44,440,940
48,325,100
53,731,004
57,439,471
50,213,712
00,411,009
57,494,231
55,955,430
70,099,249
79,029,051
70,341,817
51,851,211
50,405,033
09,057,009
71,301,092
77,903,039
78,015,832
73,122,210
09,201,003

s
— 1,20.8,019 33)2
+ 4.003.943 12 62
+ 2.185.908! 4 02
+ 0,425,994 13.29
+3,412,172 6.35
+ 7,710,243 13.43
+ 2,674,190 4.75
+ 0,093,998 9.17
+ 1,951,29,8 3.39
+ 2,904,051 5.19
+ 9,245,499 13.19
+ 7,348,139 9.30
— 10,091,980 15.20
+ 0,102,000 11.77
+ 5,000,104 9.90
+ 2,225,398 3.22
+ 0,270,721 8.79
+ 71,070 0.09
— 4,955,479 6.37
— 3.890,902 5.32
+ 10,692,778 24.12

38,801,525
43,190,342
40,032,848
54,751,100
57,143,170
05,155,714
5.8,887,908
72,505,007
59,4 45,529
58,859,481
79,344,748
80,377,191)
59,049,837
57,953,811
02,005,137
71,282,407
77,038,413
77,975,309
73,090,353
09,231,248
85,950,780

Gross E a rn ings.

M ilea g e.

Aug. 31.

1890___
1897___
1898----1.899___
1900___
1901___
1902___
1903___
1904___
1905___
1900___
1907----1908___
1909___
1910___
1911___
1912___
1913___
1914___
1915___
1910___

• Year
iGlven.

Year
In Preced cr’se.

Roads M iles.

116
111
121
110
105
92
76
70
67
55
60
67
51
49
45
50
47
40
47
45
44

8.8,742
92,379
94,185
95,484
90,370
96,056
90,102
98,126
83,160
80,798
92,507
93,683
82,091
78,484
81,421
89,799
89,691
90,217
92,136
89,582
92,655

M iles.

88,000
90,89(!
93,792
9 4,455
93,157
93,855
88,620
96,047
81,248
78,935
90,174
92,89.8
80,891
77,217
78,432
87,984
88,135
88,201
90,579
8.8,047
90,769

Year
Given.

Year
Preceding.

Increase ( + )
or Decrease (— ).

%
S
$
S
%
0.83 287,248,002 272,090,995 + 14,551,007 5.33
1.62 298,2.38,929 291,932,827 + 6,306,102 2.10
0.42 337,083,518 304,008,624 + 33,674,894 11.07
1.08 378,241,705 348,511,473 +29,730,292 8.53
3.45 417.335,014 371,773,610 + 45,561,404 12.25
2.34 417,198,174 370,720,858 + 40,471,316 10.74
1.07 429,306,197 397,306,062 + 32,060.135 8.07
2.10 530,023,082 475,299,310 + 61,324,342 12.90
2.35 419,174,339 423,955,840 — 4,781,501 1.12
2.26 421,704,129 393,742,045 + 28,021,484 7.12
2.59 575,472,092 498,726,455 + 76,746,237 15.39
0.84 630,734,004 575,891,850 + 60,842,814 10.57
1.48 422,122,512 507,168,353 — 85,045,841 16.78
1.65 409,593,132 367,711,841 + 41,881,291 11.40
3.81,' 452,534,443 391,216,049 + 61,317,794 15.68
2.00 511,926,101 504,172,509 + 7,753,652 1.54
1.77 549,470,400 509,252,603 + 40,217,803 7.91
2.29 590,383,040 544,877,396 + 45,505,644 8.32
1.72 553,417,40,8 589,445,391 —36,027.983 0.13
1.74 498,442,897 541,162,662 —42,719,765 7.82
2.08 015,232,909 491,241,069 + 123991840 25.24

N o te .— Neither the earnings of the Mexican roads nor the mining operations of the
anthracite coal roads are Included In this table.

The AVestern grain movement furnishes a striking
contrast with that of a year ago. Not only are the
high prices prevailing inducing farmers to rush their
supplies to market, but comparison is with a period
in 1915 when the new crops were late in moving, in
part because of wet weather. For the five weeks
ending Sept. 2, the present year, the receipts of
wheat at the Western primary markets reached
59,032,000 bushels, as against only 36,805,000 bush­
els in the same five weeks of 1915, while the receipts
of oats were 54,416,000 bushels, against 33,172,000
bushels. Adding corn, barley and rye, the aggre­
gate receipts of the five cereals for the five weeks
the present year are found to have been 137,460,000
bushels, as against only 89,784,000 bushels in the
same period of 1915. The Western grain movement
in our usual form is shown in the following summary:
WESTERN FLOUR AND GRAIN RECEIPTS.
Five weeks
end.Sept.2.
Chicago —
1916___
1915___

F lou r.
(.Mis.)

W heat.
(bush.)

C orn.
(bush.)

Oats.
(bush.)

Barley.
(bush.)

R ye.
(bush.)

777,000
677,000

11,527,000
14,641,000

7,332,000
6,910,000

33,996,000
20,822,000

2,446,000
853,000

415,000
553,000

213,000
148,000

489,000
231,000

781,000
900,000

3,472,000
2,594,000

1,132,000
559,000

172,000
145,000

389,000
340,000

6,067,000
4,364,000

1,225,000
1,082,000

3,092,000
2,301,000

39,000
33,000

96,000
86,000

2,214,000
787,000

232,000
266,000

1,657,000
849,000

31,000
30,000

404,000
308,000

222,000
233,000

697,000
621,000

53,000
61,000

158,000
239,000

193,000
264,000

964,000
552,000

4,000
1,000

7,000
4,000

199,000
174,000

582,000
830,000

2,700,000
1,321,000

1,857,000
2,360,000

124,000
119,000

42,000
50,000

352,000
222,000

966,000
714,000

130,000
344,000

2,383,000
1,738,000

319,000
312,000

M ilw a u k ee—

1916___
1915___
St. L ou is —
1916___
1915___
Toledo —
1916___
1915___
D etroit —
1916___
1915___
Cleveland —
1916___
1915___
P eoria —
1916___
1915___
D uluth —
1916___
1915___

4,142,000
630,000

M in n ea p olis

1916___
1915___

..........

10,490,000
6,946,000

361,000
444,000

5,309,000
1,522,000

14,954,000
6,538,000

1,288,000
1,023,000

901,000
494,000

7,405,000
1,291,000

1,343,000
1,853,000

2,119,000
835,000

59,032,000
36,805,000

15,737,000
14,296,000

54,416,000
33,172,000

K a n sa s City-

1916___
1915___
O yiaha —

1916___
1915___
Total o f A ll—

1916___ 1,662,000
1915___ 1,430.000

7,094,000 1,181,000
4,017,000 1,494,000

In the case of the cotton movement in the South,
August is the opening month of the crop year, and
the receipts are not as a rule heavy, but the present
year large supplies were left over from the previous
crop and the high prices prevailing for the staple are
serving to draw out these supplies. This will explain
why at the Southern outports the receipts of cotton
for August 1916 reached 328,201 bales as against
only 131,454 bales in 1915, and no more than 48,262
bales in 1914.
The shipments overland were 63,519
bales in August 1916 against 45,025 bales in August
1915 and 22,225 bales in August 1914.

RECEIPTS OF COTTON AT SOUTHERN PORTS IN AUGUST AND FROM
JANUARY 1 TO AUGUST 31 1916, 1915 AND 1911.
August.

1916.

1915.

1914.

1916.

1915.

1914.

T otal________ _________ 328,201 131,454 48,262 3,348,738 5,874,251 3,498,599

To complete our analysis, we annex the following
six-year comparisons of the earnings of leading roads
arranged in groups.
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
1916.

1915.

1914.

Canadian Pac.
ChicGr West.*
Dul So Sh A Atl
Great Nortn’n.
Minn A St L.a
M StP A S S M
Northern Pac.

*
12,880,000
1,443.199
362,692
7,914,121
6951,738
2,974,228
6,958,000

S
8.414.000
1,221,095
324,287
6,162,627
822,665
2,435,547
6.077.000

S
9,917,764
1,309,309
301,087
6,916,656
904,698
2,374.087
6,075,933

| 1913.

1912.

S
11,434,459
1,316,699
365,045
7,114,069
818,207
2,539,020
6,221,481

| 1911.

S
12,251,716
1,239,869
313,881
6,876,076
822,549
2,404,807
6,035,548

s

10,421,904
1,144,321
304,602
6,000,950
692,405
2,136,619
5,523,737

T o ta l.......... 33,483,978 25,457,221 27,799,534 29,808,980 29,944,446 20,224,538
* Includes Mason City A Fort Dodge and the Wisconsin Minnesota A Pacific.
a Includes Iowa Central.
b Fourth week not yet reported; taken same as last year.

1916.
Denver & Salt L a k e ..
Detroit & M a ck in a c..
Duluth So Sh & A t l ..
Georgia Sou & F la___
Grand Trunk o f Can
Grand T rk W e s t ..
D et Gr H av & M il
Canada A tla n tic ..
Grand Trunk P a cific.
Great N orthern______
Illinois C entral______
Louisville & N a s h v ..
M ineral R an go______
M inneap & St L ouis. 1
Iowa C entral_____ /
M inn St P & S S M ._
M o Kan & T e x a s .a ..
M obile & O h io______
N ovada-C al-O regon. .
N orthern P acific_____
Pere M arquetto_____
R io Grando Southern.
St Louis Southwestern
Southern R ailw ay____
Tenn Ala A G eorgia. .
Texas & P a cific______
T oled o Peor & W e s t ..
T oledo St L & W e s t ..
W estern M arylan d___
Y a zoo & Miss V alley.
N et increase (24.12% )
a
b

N a m e o f R oa d .

1916.

Buff Roch A P.
Chle Ind A Lou
Grand Trunk.'
Grand TrkW)
D Gr II A M |
Canada Atl. J
Illinois Cent.c.
PercMarquette
Tol Peo A Wes
Tol St L A W .
West Maryl'd.

1915.

S
1,281,214
762,785

1914.

S
996,606
631,045

1912.

1913.

1911.

S
S
s
1,040,682 1,087,337 1,047,435
636,102
650,737
631,591

5,750,370 4,585,881

S
866.779
616,293

4,853,740 5,154,213 4,966,415 4,502,674

6,389,780 5,529,843 5,845,350 5,697,122 5,586,528 5,551,555
1,889,091 1,629,418 1,624,690 1,512,302 1,572,372 1,516,401
101,505
110,618
116,976
123,581
120,003
117,692
493,669
444,466
410,997
426,503
370,815
375,797
1,050,633
906,674
763,128
751,143
668,643
637,861

T o ta l.......... 17,719,053 14,834,551 15,291,665 15,402,938 14,963,802 14,185,052
c Includes earnings of Indianapolis Southern.
EARNINGS OF SOUTHERN GROUP.
A u gu st.

Ala Grt South.
Ala N O A T P
N O A Nor E
Ala A Vicks..
Vicks Shr A P
Ches A Ohlo.c.
CIn N O A T P
Louis A Nash.6
Mobile A Ohio.
Southern R y ..
Yazoo A M Val

•

1916.

1915.

S
475,628

S
397,796

1

1914.

1913.

1912.

1911.

S
465,394

S
451,283

$
418,240

S
364,144

333,322
293,652
317,245
355,910
147,536
127,507
138,626
152,953
145,165
118,909
135,767
153,084
4,224,208 3,973,598 3,519,057 3,313,572
983,020
779,856
828,787
852,415
5,514,030 4,628,371 4,705,215 5,112,065
999,419
897,078 1,034,442 1,069,808
6,312,532 5,397,709 5,688,044 5,757,180
1,193,186
996,254
925,111
890,380

318,390
280,743
151,265
131,065
144,087
116,746
3,214,299 3,019,132
832,707
804,189
4,892,953 4,593,083
1,008,002
897,201
5,641,370 5,265,620
758,829
810,490

T o ta l_____ 20,328,046 17,610,730 17,757,688 18,108,656 17,380,142 16,282,413
b
c

Includes the Louisville A Atlantic and the Frankfort A Cincinnati.
Includes Chesapeake A Ohio of Indiana.
EARNINGS OF SOUTHWESTERN GROUP.
A u gu st.

1916.

S
Colo A South. 1,353,057
Dcnv A Rio Gr 2,354,400
M o Kan A T .a 3,137,863
St Louis So W . 1,117,000
Texas A P a c.. 1,593,108
T o ta l..........
a

1915.

1914.

1913.

1912.

1911.

$
1,257,567
2,226,300
2,653,342
861,000
1,422,680

$
1,190,511
2,089,857
2,699,334
953,967
1,448,540

S
1,371,634
2.305.175
2,903,540
1.122.176
1,506,809

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

5
1,296,137
2,188,086
2,381,034
934,720
1,304,160

9,555,428 8,420,889 8,382,209 9,269,334 8,560,172 8,104,137

Includes Texas Central In all the years and Wichita Falls line from Nov. 1 1912.

We now add our detailed statement for the month
of August, comprising all the roads from which it
has been possible to procure returns for that period
up to the present time. In a second table we fur­
nish comparative figures for the same roads for the
period since Jan. 1.
GROSS E A R N IN G S A N D M IL E A G E

IN A U G U ST .

G ro s s E a r n in g s .
N a m e o f R oad.

1916.
A labam a Great S o u ..
Ala N O A Tex Pac—
N ew Orl & N or E__
Ala & V icksburg___
Vicks Shrov & P a c.
..
Ann A rb or______
Atlanta Birm A A t l ..
B uffalo Roch & Pittsb
Canadian N o rth ern ..
Canadian Pacific . .
Chesapeako A O h io ..
Chicago Grt W estern.
Chicago Ind A Louisv
Cine N O A Tex P a c ..
C olorado A Southern.
Denver A Rio Grando

1915.

$
475,628

$
397,796

333,322
147,536
145,165
252,918
273,167
1,281,214
3,6,84,900
12.880,000
4,224,208
1,443,199
762,785
983,020
1,353,057
2,354,400

293.652
127,507
118,909
201,601
219,226
996,606
1.983,600
8,414,000
3,973,598
1,221,095
631,045
779,856
1,257,567
2,226.300




M ile a g e .

I n c . ( + ) or
D e c . (— )

1916.

1915,

%

+ 77,832

309

M ile a g e .

309

+ 39,670
203
203
+ 20,029
142
142
+ 26,256
171
171
+ 51,317
293
293
+ 53,941
640
638
+ 284,608
586
586
+ 1,701,300 9,296 7,761
+ 4,466,000 12,993 12,921
+ 250,610 2,385 2,374
+222,104 1,496 1,429
+ 131,740
622
622
+ 203,164
337
337
+ 95,490 1,812 1,798
+ 128,100 2,576 2,576

In c. (
D ec.

1915.

+ ) or
(— )

1916.

1915.

8
193,700
109,726
362,692
181,679

S
188,848
88,106
324,287
164,950

S
+ 4,852
+ 21,620
+ 38,405
+ 16,729

255
392
627
395

255
400
626
395

5,750,376

4,585,881

+ 1,164,495

4,533

4,533

6228,758
7,914,121
6,389,780
5,514,030
96,359

6166,021
6,162,627
5,529,843
4,628,371
90,344

+ 62,737
+ 1,751,494
+859,937
+885,659
+ 6,015

916
916
8,102 8,077
4,767 4,767
5,037 5,037
120
119

6695,853
2,974,228
3,137,863
999,419
42,977
6,958,000
1,889,091
49,808
1,1 17,000
6,312,532
12,174
1,593,108
101,505
493,669
1,050,633
1,193,186

6570,945
2,435,547
2.653,342
897,078
36,346
6,077,000
1,629,418
45,838
861 ,000
5,397,709
7,457
1,422,680
110,618
444,466
906,674
996,254

+ 124,908
+ 538,681
+484,521
+ 102,341
+ 6,6 31
+ 881,000
+259,673
+ 3,970
+ 256,000
+ 914,823
+ 4.717
+ 170,428
— 9,113
+ 49,203
+ 143,959
+ 196,932

1,646
4,228
3,865
1,122
272
6,504
2,248
180
1,753
7,026
95
1,944
247
450
688
1,382

1,646
4,103
3,865
1,122
272
6,466
2,285
180
1,743
7,022
97
1,943
247
450
661
1,382

69,264.008 + 16,692,778 92,655 90,769

85,956,786

Includes Texas Central in both years.
These figures aro for three weeks only.
GROSS E A R N IN G S F R O M J A N U A R Y 1 TO A U G U ST 31.

EARNINGS OF M IDDLE AND M IDDLE WESTERN GROUP.
A u gu st.

IN A U G U S T .

N a m e o f R oad.

Galveston.................. bales. 122.347 31,683 27,930 1,160,366 2,102,577 1,291,637
Texas City, A c _____________
3,925 4,478
638 180,475 402,768 218,607
New Orleans_____________ 51,387 30,379 6,162 681,916 1,226,079 852,768
Mobile _____________ ____ 25,086
1,624
545 123,025
78,988 131,060
Pensacola, A c____________
1,064
143
275
57,409
57,790
88,410
Savannah........... ......... ....... 66,651 33.276 5,494 456,385 905,385 436,204
__
Brunswick................. .......
10,500
550
101,132 155,250
67,900
Charleston...... ........... .........
5,687
1,368
842
78,077 185,957
42,621
101
1,857
Wilmington........ ............. .
9,289
6,638
635
93,687 172,615
70,658
Norfolk............................ ..
27,314 21,258 2,043 360,874 412,552 219,163
5,872
Newport News, A c..............
136 3,698
55,291
81,807 110,185

A u g u st.

M IL E A G E

G ro s s E a r n in g s .

1.

Since January

Ports.

GROSS E A R N IN G S A N D

1915.

1916.
$
3,854,406

Alabama Great S ou th ern ..
Ala N O A Texas P acific—
New Orleans & N E ____
2,597,585
Alabama & V ick sb u rg..
1,154,058
Vicks Slirov & P a c ific ..
1,089,655
Ann A rbor________________
1,847,536
Atlanta Birm A A tla n tic..
1,990,172
Buffalo Iloch & Pittsburgh
8,379,747
Canadian N orthern_______ 23,592,500
Canadian P acific__________ 88,139.161
Chesapeake & O hio_______ 32,799,084
Chicago Great W estern__
10,203.134
Chic Ind & Louisville_____
5,302,315
Cine N ow Orl & T ex P a c ..
7,755,512
Colorado & Southern_____
9,977,214
Denver & R io G rande____ 15,828,178
Denver & Salt L ako______
1,188,927
D etroit & M ackinac______
815,054
Duluth So Sh & A tla n tic..
2,444,140
Georgia Southern & Fla___
1,602,147
Grand Trunk o f Canada. .
Grand Trunk W estern.
38,347,544
D et Gr H av & M ilw ___
Canada A tlantic______
Grand Trunk P acific_____ 52,994.750
Great N orthern.................... 51,408,360
Illinois C e n tra l..................... 46,993,253
Louisville & Nashvillo____ 41,669,384
Mineral R a n g e .......... ..........
712,034
M inneap & St Louis_____1 66,725,733
Iowa C entral_________ I
M inn St P A S S M ______ 21,901,703
Missouri Kansas & T exa s.a 21,993,765
M obile & Ohio.......................
7,935,193
N eva d a -C a l-O regon ______
223,256
Northern P acific.................. 50,228,862
I’ero M a rq u e tto ................... 14,367,063
R io Grando Southern_____
352,397
St Louis Southwestern____
8,154,266
Southern R a ilw a y ............... 47,414,889
Tenn Ala & Georgia............
81,991
Texas A Pacific.................... 12,271.571
T oled o Peoria A W e stern ..
773,489
Toledo St Louis A W cstorn
3,826,391
Western M a ry la n d .............
7,544,872
Y azoo A Miss V alley.........
8,751.558

In crea se.

•S
3,130,776

D ecrea se.

%

723,690

27,560,726
8,885.162
4,336,702
6,206,187
8,808,070
13,854,574
1,034,000
703,595
2,069,613
1,375,015

242,164
185,820
194,348
357,907
261,264
1,999,723
9,257,200
28,902,703
5,238,358
1.317.972
965,613
1,549,325
1,169,144
1,973,604
154,927
111,459
374,527
227,132

32,258,572

6.088.972

2,355,421
968,238
895,307
1,489,629
1,728,908
0,380,024
14,335,300

59,236,458

51,800,817 1,193,933
38,873,978 12,534,382
39,896,387 7,096,866
33,875,950 7,793,434
630,323
81,711
56,158,702
567,031
16.862,121 5,039,582
20,867.091
1,126.674
7,134,820
800,373
230,769
____ 7,513
39,018,562 11.210,300
11,859,523 2,507,540
345,386
7,011
6,756,869
1,397,397
40,131,198 7,283,691
46,874
35,117
11,305,315
966,256
744,179
29,310
3,185,121
641,270
6,223,112
1,321.760
7,681.695
1,069,863

T otal (44 road s)................ 615,232,909 491,241,069 123,999,353
N et increase (2 5 .2 4 % )...................................................... . 123,991,840
a Includes tho Texas Central in both yoars.
b These figures are down to tho end o f tho third week only.

7,513

PRESENT

THE

SPE CU LA TIV E
S U S P IC IO N

TEN D E N C IES
THEY

AND

AROUSE.

Orange, N . J ., Sept.

14 1910.

To the Editor o f the Financial Chronicle.
Sir :— I wonder if you can appreciate tho appoaranco, to
an investor in railroad securities, of tho present daily trans­
actions on tho Stock Exchange. Thero seem to bo vast
whirling motions among groups of securities, mostly of
recent manufacture and, occasionally, tho notation of great
and startling price increases. Among those greator whirl­
pools are seen circles of lesser height but of equal revolution.
Meanwhile tho standard railroad securities whose values
aro supposed to be fixed by tho samo Exchange, seem to
have but little to do with the business at all.
It is a mystery to mo why the matter of the manufacture
of steel plates, or of automobiles, both well enough of their
kind, should be the causo of this lashing maelstrom of
excitement.
Whose money is creating this vast manipulation? I hope
none of mine. And, as a last question, how am I to consider
the judgment of those fixing the value of thoso new securities
when they come to pass upon mine?
Respectfully,
J o seph D

rexel

H

o lm es.

FURTHER PROPOSED CREDIT TO FRANCE.
The

fo llo w in g

an n ouncem ent

c o n ce rn in g

a

in g th e ir s t a m p , p r o v id e d , h o w e v e r , t h a t n o c o m m is s io n w ill

p ro sp e c tiv e

c o m m e rc ia l cred it to F ra n c o w as issued o n th e 1 4 th in s t.
It Is understood that Messrs. Bonbrlght & C o. o f Paris, In conjunction
with the Bankers Trust Com pany and W illiam I*. Bonbrlght & C o. o f New
Y ork, aro negotiating for a now commercial credit to France. It is.assumed
that tho credit will take a form similar to that o f the two S I5,000,000credits
already negotiated b y tho same group o f bankers, through drafts drawn
In dollars by French banks, to bo accepted and discounted b y American
banks at a rate which will probably approach 6 Vi % , and that provision will
bo made for several Installments and for renewals, so that tho duration of
tho credit will be ono year. If tho proceeds o f tho drafts arc used for the
purchase of American products exported to France, they would bo available
for rediscount at tho Federal Itoservo banks. Tho form er credits had tho
sanction and guarantee o f tho French Republic, through deposit o f its one
year gold notes payable In N ew Y ork and similar security Is anticipated,
and It Is reported that tho French Minister o f Finance lias already approved
tho negotiations now pending.

b e a llo w e d in re sp e c t o f th e a m o u n t o f a n y
for b y th e su rre n d e r o f b o n d s issu e d
p ro sp e c tu s o f N o v . 2 2 1 9 1 5 .

c o n ce rn in g

tho now

$ 1 0 0 ,0 0 0 ,0 0 0

5%

gold

As

a g a in s t

in terest on th eso

p u b lic

on

T u esday

th o

12th .

The

b o n d s w ill bo p a id s e m i-a n n u a lly o n A p r il

1 , a n d O c t. 1 , a n d th o y w ill m a tu re O c t . 1 1 9 3 1 .

S u b scrip ­

tio n s lists w ill close on or b efo ro S e p t . 2 3 a n d th o issue prico
is 9 7 3 4 , p a y a b le as fo llo w s:

1 0 % o n a p p lic a t io n , 3 0 %

O c t.

1 6 1 9 1 6 , 3 0 % N o v . 15 1 9 1 6 a n d 2 7 3 4 % D e c . 1 5 1 9 1 6 .
T h o to ta l a llo tm e n t o f b o n d s w ill b e lim ite d to $ 1 0 0 ,0 0 0 ,0 0 0
exclu siv e o f th e a m o u n t (if a n y ) p a id fo r

by

o f b o n d s as tho e q u iv a le n t o f ca sh

th e

W a r L o a n p ro sp e c tu s o f N o v . 2 2

under
1915.

th o

surrender

te rm s o f

Tho

th e

in s ta llm e n ts

m a y bo p aid in fu ll o n O c t . 1 6 1 9 1 6 , o r o n a n y in sta llm e n t d ue
d a to th e r e a fte r , u n d e r d isc o u n t a t th o ra te o f 4 %
A ll p a y m e n ts aro to bo m a d o to a
c r e d it o f th e M in is te r o f F in a n c e .
s ta llm e n t w h en

ch a rtered
F a ilu r e to

duo w ill re n d e r p re v io u s

to fo rfe itu re an d tho a llo tm e n t to

p er a n n u m .

bank

fo r

pay

p a y m e n ts

c a n c e lla tio n .

the

a n y in ­
liab le

S u b scrip ­

tio n s, a c c o m p a n ie d b y a d e p o sit o f 1 0 % o f th o a m o u n t s u b ­

STATEMENT OF IDLE CARS.
a n e t ca r surplus o f a p p r o x im a te ly

A m e r ic a n

R a ilw a y

A s s o c ia tio n , re v e a ls

1 4 ,2 8 1 cars o n th e 1 s t in s t .
th e cu rre n t m o n th

a m o u n te d

S e p te m b e r

p u b lic

1,

is th e

th is

c o m p a rin g
new

issuo p ro v isio n a l r e c e ip ts .

C o n so lid a te d I le v e n u o F u n d .

F orm s

ch a rg o

of

s h o rta g e

of

w ith

4 9 ,7 5 3

A u gu st

1.

The

th e A s s o c ia tio n ,

m ade

w eek.

Statistical Statement N o . 20
T H E A M E R IC A N R A IL W A Y A S S O C IA T IO N .
N e w Y o r k , S e p te m b e r II 1916.
T he Com m ittee on Relations between Railroads presents herewith
Statistical Statement N o. 20, giving a summary o f freight car surpluses
and shortages for Sept. 1 1916, with com parisons.
43,541
(Sept. 1 1916..........
T otal Surpluses] A ug. 1 1916________________________ 49,753
(Sept. 1 1915...............
..1 9 1 ,3 0 9
Tho surplus for A ug. 1 1916 Includes figures reported since the issue o f
Statistical Statement N o. 19.
Tho total surplus shows a general decrease since the report for August 1st.
(Sept. 1 1916..................................... .. . 57.822
T otal Shortages] Aug. 1 1916________________________ 39,991
(Sept. 1 1915....... ................................ - 6.300
Tho shortage for A ug. 1 1916 Includes figures reported since the issue
o f Statistical Statement N o. 19.
T he Increaso in the car shortage is general in all classes o f equipm ent
throughout the cou ntry, with tho exception o f N ow England.
The figures b y classes o f cars follow:
C la s s e s —
S u r p lu s e s .
S h o rta g es.
B,o x ........................................................................ 19,907
34,529
H a t ...................................................................... 2,609
2,481
C oal and G on dola_________________________ 7,079
17,900
M iscellaneous_____________________________ 13,946
2,912

J.

43,541
E . F A IR B A N K S ,

57,822

G en er a l S ecr e ta ry .

T h is

loa n is a u th o r iz e d u n d e r A c t o f th o P a r lia m e n t o f C a n a d a ,
a n d b o th p rin c ip a l a n d in te re st w ill bo a

net

to 5 7 ,8 2 2 , a s c o m p a re d w ith

s ta te m e n t o f

A n y b ra n c h in C a n a d a o f a n y ch a rtered b a n k w ill

receivo su b sc rip tio n s a n d

a

T h e to ta l sh o rta g e th e first o f

3 9 ,9 9 1 on A u g u s t 1 , w h ile a to ta l su rp lu s o f 4 3 ,5 4 1 is re p o r te d

sc r ib e d , m u s t be fo rw a rd ed th rou g h th o m e d iu m o f a c h a r te re d
bank.

1 0 ,0 0 0

cars o n A u g u s t 1 , th e S e p te m b e r s ta te m e n t, issu e d b y th o

D o m in io n o f C a n a d a w a r lo a n , referred to in th e se c o lu m n s
la st w e e k , w ere m a d o

fo r m s w h ich h a v e n o t b e e n

p rin ted b y th e K i n g ’ s P rin te r .

on

P a r tic u la rs

p aid
Loan

N o c o m m is s io n w ill b e a llo w e d

in re s p e c t o f a p p lic a tio n s o n

fo llo w in g

N E W DOMINION OF CANADA WAR LOAN.

a llo t m e n t

u n d er th e W a r

upon

th o

a p p lic a tio n

m ay

EFFECT OF EUROPEAN ECONOMIC ALLIANCES UPON
U. S. COMMERCE.

b e o b ta in e d fr o m a n y b ra ch in C a n a d a o f a n y ch a rtered b a n k

T h o p ro b a b le e ffe c t o f E u r o p e a n e c o n o m ic a llian ces u p o n
U n it e d S ta te s c o m m e rc e is th e s u b je c t o f a re p o r t m a d e

a n d a t th o offic e o f a n y A s s is ta n t R e c e iv e r G e n e ra l in C a n a d a .

p u b lic

S u b sc rip tio n s m u s t bo fo r o v e n h u n d re d s o f d o lla r s.

C o u n c il.

In case

o f p a rtia l a llo tm e n ts th o su rp lu s d e p o sit w ill bo ap p lied
to w a rd s p a y m e n t o f th o a m o u n t duo o n th o O c to b e r in sta ll­
m e n t.

S crip

c e r tific a te s ,

b earer in a c co rd a n ce w ith

n o n -n e g o tia b lo
th e ch o ico o f

or

th o

p a y a b le

to

a p p lic a n t

fo r

registered or b earer b o n d s , w ill be issu e d , a fte r a llo t m e n t, in
ox ch an go

fo r

th o

p ro v isio n a l

r e c e ip ts.

ce rtifica tes h a v e b een p a id in

fu ll

and

W hen

th o

paym ent

scrip

e n d o rsed

th e reo n b y th o b a n k re c e iv in g tho m o n o y , th e y m a y bo e x­
ch a n g e d for b o n d s , w h en p r e p a re d , w ith c o u p o n s a t ta c h e d ,
p a y a b le to b earer or re g iste re d as to

p rin c ip a l, or fo r fu lly

reg istered b o n d s , w h e n p re p a re d , w ith o u t c o u p o n s , in a c ­
co rd an c e w ith

th o a p p lic a tio n .

D e liv e r y o f scrip ce rtifi­

c a te s a n d o f b o n d s w ill bo m a d o th ro u g h th o c h a rtered b a n k s .
T h o issuo w ill b o e x o m p t fr o m ta x e s— in c lu d in g a n y incom o
ta x — im p o se d

in

p u rsu a n ce

P a r lia m e n t o f C a n a d a .

of

Tho

le g isla tio n

b o n d s w ith

e n a c te d

by

tho

c o u p o n s w ill bo

issued in d e n o m in a tio n s o f $ 1 0 0 , $ 5 0 0 , $ 1 ,0 0 0 .

F u lly regis­

tered b o n d s w ith o u t c o u p o n s w ill bo issu ed in d e n o m in a tio n s
o f $ 1 ,0 0 0 , $ 5 ,0 0 0 or a n y a u th o r iz e d m u ltip lo o f $ 5 ,0 0 0 .
b o n d s w ill bo p a id

a t m a tu r ity a t p ar

M in is te r o f F in a n c e a n d R e c e iv e r
th o offico o f th o A s s is ta n t R e c e iv e r

at

th o

G e n e ra l a t

Tho

o ffico o f tho
O t t a w a , or a t

G e n e ra l a t H a lif a x ,

S t.

J o h n , C h a r lo t te to w n , M o n t r e a l, T o r o n t o ,W i n n i p e g ,R e g i n a ,
C a la r y , or

V ic to r ia .

Tho

in te re st o n

th o f u lly

registered

b o n d s w ill bo p a id b y c h e q u e , w h ich w ill bo r e m itte d b y p o st.
In te r e s t on b o n d s w ith c o u p o n s w ill bo p a id o n surrender o f
cou p on s.

B o t h c h e q u e s a n d c o u p o n s w ill bo p a y a b le free o f

ox ch a n go a t a n y b r a n c h in C a n a d a o f

a n y c h a rte re d

S u b je c t to th o p a y m e n t o f tw e n ty -fiv o c e n ts

fo r

bank.

e a ch

now

b o n d issu e d , h o ld e rs o f fu lly re g iste re d b o n d s w ith o u t co u p o n
w ill h a v o th e rig h t to c o n v e r t in to b o n d s o f th e d e n o m in a tio n s
o f $ 1 ,0 0 0 w ith c o u p o n s , a n d h old e rs o f b o n d s w ith
w ill h av o th e r ig h t to c o n v e r t in to fu lly re g iste re d

coupons

th e
A

9 th

in s t.

by

th e

N a t io n a l

F o r e ig n

T rad e

s ta te m e n t d e a lin g w ith th e r e p o r t p o in ts o u t

t h a t w h ile th e r e ta lia to r y le g is la tio n e n a c te d a t W a s h in g t o n
w as

d ire c te d

c h ie fly

a g a in s t

th e

p olicie s

of

b e llig e re n ts

d u rin g w a r , th e p o s t-b e llu m in te n tio n s w ere th e s u b je c t o f
th e

in v e s tig a tio n

by

th e

C o u n c il,

w h ich

is

co m p osed

of

f ift y n a tio n a lly p r o m in e n t m e r c h a n ts , m a n u fa c tu r e r s , f a r m ­
e rs, ra ilro a d a n d s te a m s h ip m e n a n d b a n k e rs a s s o c ia te d fo r
th e e c o n o m ic in v e s tig a tio n s o f p ro b le m s arisin g in fore ig n
tr a d e .

Jam es A .

F a r r e ll, P r e s id e n t o f th e U n it e d

S te e l C o r p o r a tio n , is C h a ir m a n o f th o C o u n c il.

S ta te s

T h e re p o rt

says:
W hile some authorities contend that tho com m ercial preferences Implied
in the Paris resolutions o f the Entente Allies aro impractical and will flatten
under pressure o f tho dependence o f European nations upon each other,
including their enemies, tho present fact is that tw o econom ic alliances have
already been created, for the war abrogated tho m ost-favorod-nation rela­
tion between the Powers now enemies. T he Paris resolutions declare the
Allies agree that the benefit o f the m ost-favored-nation treatment will not
bo granted enem y Powers during a number o f years. H ow far will “ war
after war” ob ta in ?
Investigation reveals that the United States in tho last normal year before
the war, 1913, sent 7 7.61% o f its exports to the belligerent countries and
derived 7 2.8 3% o f its im ports from them . Therefore any sweeping change
o f tariff, navigation or financial p olicy o f either group o f allies m ay seriously
a ffect the prosperity o f the United States in which foreign trade Is a vital
element.
T ho foreign trade o f the United States for a century has increased in a
world o f relaxing trade restrictions. I f tho members o f either the Allied
or the Central E conom ic Alliance seek b y differential tariffs to prefer
each other and their respective colonies, a discrimination against the
products o f tho U nited States will autom atically be created. I f special
shipping arrangements are carried so far as artificially to create lower freight
rates for allied than for neutral com m erce, the parity o f ocean freight
charges to and from American ports as com pared with to and from Euro­
pean ports, which has been one cause o f toleration o f American dependence
upon foreign carriers, will be disturbed. W hatever m ay be the result o f
tho Paris resolutions, m anufacturing enterprise in tho allied countries
looks forward to preferential advantages in those countries which have
shared the burdens o f war.
A s k in g w h e th e r e ith e r th e E n te n te or th e C e n tr a l E c o ­

of

n o m ic A llia n c e , p a r tic u la rly if th e U n it e d K in g d o m a d o p ts

tim e on

e ith e r a ro v e n u e or p ro te c tiv e t a r iff, w ill c o n tin u e to a c co rd

bonds

a u th o r iz e d d e n o m in a tio n s w ith o u t c o u p o n s a t a n y

on

tho

m o s t-fa v o r e d -n a tio n tr e a tm e n t to th e U n ite d S ta te s or w ill

O t ta w a .

d e m a n d e x c lu siv e co n ce ssio n s u n d e r th e A m e r ic a n ta riff as

A p p lic a tio n w ill bo m a d o in d u e co u rse fo r th o listin g o f tho

th o price o f fa v o r a b le a d m is s io n o f A m e r ic a n p ro d u c ts to

a p p lic a tio n to tho M in is te r o f F in a n c e .
loa n w ill bo k e p t a t th o

D e p a r tm e n t

Tho
of

books

F in a n c e ,

of

issuo o n tho M o n tr e a l a n d T o r o n t o S to c k E x c h a n g e s . R e c o g ­

th eir m a r k e ts , th e re p o r t s a y s : “ A p p r e c ia tio n o f th e n e c e ssity

nized b o n d a n d sto c k b rok ers w ill bo allo w e d a c o m m issio n o f

o f r e ta lia to r y w e a p o n s if th o g r e a t in d u stria l n a tio n s sh o u ld

U o f 1 % o n a llo tm e n ts m a d e in re sp e c t o f a p p lic a tio n s b ear­

e m b a r k u p o n a p o lic y o f trad e p referen ce a n d d isc rim in a tio n s




is in d ic a te d in

re c e n t

A m e r ic a n

le g isla tio n .

The

p re sen t

w ith

$ 6 6 0 ,2 7 9 ,4 4 0

la s t

year.

To

F ra n c e

th e

e x p o r ts

in

U n it e d S ta te s ta riff is d esc rib e d as b a rren o f resou rces for

J u ly 1 9 1 6 a m o u n te d to $ 8 0 ,9 1 8 ,2 5 2 , a g a in s t $ 4 2 ,6 3 8 ,1 4 7 in

c o n ce ssion s or r e ta lia t io n .”
T h e re p o r t c o n tin u e s:
M ore treaty-m aking will be in progress in the fivo years after tho decla­
ration o f peace than in any similar period o f the w orld’s history. The m ostfavored-nation relation which European Governm ents have perm itted
the United States to enjoy despite frequent American tariff changes and tho
extension o f American tariff preferences to Cuba and to the colonies acquired
from Spain, m ay not escape jeopardy. M any treaties between the United
States and European Governm ents are ancient, with obsolete phraseology.
E ven with no European disposition to discriminate, certain changes will bo
inevitable. This renders highly important tho United States treaty-making
pow er. Tho State Departm ent now lacks, but should imm ediately provide,
skilled resources for tho stu dy o f the entire treaty situation. Tho education
o f Am erican public opinion to treaty legislation is im perative. Their par­
liam entary system gives European Governm ents a superior efficiency in
treaty-m aking as com pared with the United States. The history o f com ­
mercial treaties is marked b y frequent Senatorial disregard o f recom ­
m endations o f the State D epartm ent. T ho necessity o f a two-tliirds
Senate vote for ratification requires that treaties hereafter be so drawn as to
com m and goneral approval, a difficult task which can bo accomplished
only b y the m ost careful consultation o f public opinion prior to negotiation,
the m ost skilful handling o f the American case in tho diplom atic exchanges
and convincing presentation o f tho facts in orderj.to„com mand sontimont
in favor o f ratification and maintenance o f the treaty obligation after­
ward .
D is c u ssin g th e p le d g e o f th e E n te n te A llie s a t th e Ju n o

J u ly

P a r is E c o n o m ic C o n fe re n c e to e ffe c t sp e c ia l£ a g re e m e n ts fo r
th e in terch a n g e o f ra w m a te ria ls a n d to c o n se rv e th e ir use
to th o A llie s b e fo re a ll o th e r c o u n tr ie s , th o re p o rt s a y s :
T he self-sufficiency o f tho allied group is the logicallgoal o f this agree­
ment precisely as British Im perial self-sufficiency was tho goal o f the
Chamberlain policy. Leaving aside tho problem o f whether tho United
K ingdom will consent to a tax on food the question is whether such a policy
adopted by all tho allied group would deprive the United States o f any o f its
present outlet for foodstuffs or raw materials. Tho united colonial and
Russian production o f foodstuffs and raw materials was not equal to the
ante-bellum necessities o f tho Allies. W ould a preference stimulate pro
duction to the point o f self-sufficiency? I f tho Allies wero obligod still to
depond upon their own raw materials adm itted to tho consuming allied
countries at a lower tariff rate than those o f neutral or enemy origin, would
not tho price find a com m on level?
I n a h isto ric a l sk e tc h o f th o d e v e lo p m e n t o f E u ro p e a n
c o m m e rc ia l p o lic y th o re p o rt s a y s :

“ T h e re so lu tio n s a d o p te d

a t P a ris re p re se n t a co n scio u s re tu rn

to

m e rc a n tile id eas

o f earlier ce n tu rie s in a n e x tr e m e f o r m , m a d e p ossib le o n ly
b y th o fee lin g aro u se d b y th o w a r .

*

*

*

T o -d a y the

p e o p le o f b o th b e llig e r e n t g r o u p s aro c o n v in c e d th a t their ow n
p re stig e a n d im p o r ta n c e aro th re a te n e d b y th o c o m m e rc ia l
A t t e n t i o n is c a lle d to

th e allie d p o lic y b y d ire ct s u b sid y to fo re ig n trad e a n d its
p o ssib le e ffe c t u p o n A m e r ic a n o v e rse a e n te rp rise , a n d tho
re p o r t sets o u t :
T he recovery o f a portion o f the American gold reserve which supports
an unprecedented structure o f dom estic and foreign credit is essential to
the restoration o f European prosperity after tho war and this would logically
seem to bo ono effect o f tho econom ic alliances now being devised and the
plans being laid for m ore intensive com petition which will bring back tho
trade which b y the curtailm ent o f European production and com petition,
has given American merchandise a greater access to European markets
and a larger share o f neutral markets. A violent reversal o f the flow o f
gold would rudely disturb tho structure o f dom estic bank credits reared
upon it. Tho prim ary safeguard must bo a stim ulation o f exports o f tho
merchandise required in peace to tako tho place o f tho abnormal domand
for munitions and abnorm al export o f other articles. A diminution o f our
present inflated export trado is inevitable, but tho danger is that European
co-operation and trado preferences m ay bo carried so far as artificially to
restrain American foreign trade and carry it below our normal equity in
world com m erce.
A n e la b o r a te a n a ly sis o f th o c o m m e rc ia l in terd e p en d e n ce
o f th o U n it e d S ta te s a n d th e b e llig e re n ts, a c c o m p a n y in g tho
r e p o r t, sh ow s th a t o f 2 1 3 c o m m o d itie s o f a n im p o r t v a lu o o f
m o re th a n a m illio n d ollars in 1 9 1 3 ,

121 w ore p rin c ip a lly

im p o r te d fr o m n a tio n s o f th e A llie s in c lu d in g c o lo n ie s, w hile
o n ly 4 9 c a m e p rin c ip a lly fr o m

th e C o n tr a l P o w e r s.

T h is

A llie d su p e rio rity re su lte d fr o m th e e x te n siv e im p o r ta tio n s
fr o m

B r itish

c o lo n ie s.

Tho

U n it e d

K in g d o m

ap p e a rs 4 6

tim e s a m o n g th e co u n tries o f p rin c ip a l su p p ly a n d G e r m a n y
4 5 tim e s .
th a n

O f 1 3 6 c o m m o d itie s o f a n e x p o r t v a lu e o f m o re

tw o m illio n

d ollars

in

1913,

m em bers

th e

se v e n

in th e sa m e p e rio d o f
figu res

m o n th s

of

1916

to ta le d $ 4 7 2 ,2 8 5 ,0 8 1 , c o m p a r e d
of

im p o r ts

and

1915.

B e lo w

e x p o rts

th e

e x p o r ts

to

w ith $ 3 0 4 ,1 2 8 ,7 2 0

w e g iv e th o d e ta ile d

fo r th o

se p a ra te co u n tries

fo r th e m o n th a n d se v e n m o n th s as c o m p ile d b y th e B u r e a u
of

F o r e ig n

and

D o m e s tic

C om m erce

of

th o

D e p a r tm e n t

of C om m erce:
-------- M o n t h o f J u ly --------- ----- 7 M o n t h s e n d ed J u l y ----1915.
1915.
1916.
1916.
$
S
$
S
313,247,179
388,798,538
44,229,415 38,578,238
308,292,778
403,246,099
59,797,375 47,281,316
177,168,203
255,153,433
29,830,873 21,125,472
301,378,698
152,579,084
25,355,687
42,497,845
68,565,016
36,222,622
7,268,023
3,725,585
21,544,692
50,677,790
2,641,845
3,636,001

I m p o r ts f r o m :
G ra n d D iv i s io n s —

E u r o p e ___— - N orth A m erica____
South A m erica_____
A s ia ____ - ___—
Oceania_____ _____
A f r i c a _____________

T o t a l_______ ____ 182,722,938 143,244,737 1,467,819,574 1,009.054,558
P r i n c ip a l C ou n tries-

A ustria-H ungary___
B e lg iu m ____ _____
France_____________
G e r m a n y __________
I t a l y _____ - _____
N etherlands_____ N orw a y____________
Russia in E uropo___
Spain_____
Sweden - __________
S w itzerla n d _______
United K in gd om ___
C a n a d a ......................
M e x i c o ____________
C u b a _______________
A rgen tina_______ .
Brazil ____________
C h ile _______________
C h i n a ___________ British East Indies.
Japan --------------------Australia and New
Zealand_________
Philippine Isla n d s ..
E g y p t ........................

38,048
228,020
7,472,056
407.933
4,M 2,087
2,565,928
344,386
342,722
2,350,827
1,242,466
1,522,261
21,553,130
19,509,508
6,375,256
24.758,466
7,557,261
5,435,864
7,946,662
6,614,053
17,722,543
12,249,472

75,132
11,176
5,315,185
681,638
3,492,406
2,199,804
600,205
141,056
2,175,629
971,403
1,354,544
20,383,051
14,739,602
9,439,036
19,037,349
5,667,132
5,607,497
4,566,229
4,376,577
10,194,681
9,409,549

496,208
764,049
65,771,164
4,813,452
38,724,073
25,846,937
3,571,538
1,854,679
18,781,398
7,090,183
12,737,738
194,519,365
116,700,282
61,268,295
175,914,509
74,763,582
72,951,950
50,728,364
48,860,401
125,472,778
94,858,775

4,427,107
1,695,066
39,455,431
36,094,699
31,801,721
15,440,148
3,957,792
472,249
9,434,192
6,345,918
10,694,945
143,201,770
85.506.359
50,207,524
138,763,971
55.038,677
60,558,904
20,477.115
27,805,383
59,918,876
52,689,788

1,216,869
2,278,291
541,069

3,973,607
2,944,289
1,717,929

49,485,662
17,144,617
24,968,322

22,733,443
12,437.979
13,749,432

C o m m e r c ia l

p o w e r an d p o litic a l p o w e r a g a in g o h an d in h a n d .

p re d o m in a n c e o f th e ir o p p o n e n t s .”

1 9 1 5 ; fo r

F ra n c e

of

tho allied

E x p o rts to :
G ra n d D iv i s io n s —
E u r o p e _____ _______ 313,194,352 180,070,714 2,020,441,297 1,461.565,308
284,022.081
482,749,621
N orth Am erica_____ 73,291,448 48,646.824
73,117,935
117,970,099
South A m erica_____ 21,168,786 12,544,496
79,978,561
220,345,205
A sia ________________ 24,484,119 12,858,052
52,728.638
68,465,156
9,621,234 11,629,549
O ceania_______ ____
18,804,684
26,249,994
2,719,067
3,732.528
A frica .
_________

T o t a l____________ 445,472,467 268,468,702 2,926,221,372 1,970,277,207
P r in c ip a l C o u n tries

Austria-H ungary___
1,806,996
B e lg iu m ___________
3,185,224
D e n m a rk _____ ____
80,918,252
Franco_____________
1,053,821
G e r m a n y _____ ____
G r e e ce ........................ 1,261,735
I t a l y ----------------------7.317,543
N etherlands_______
N orw ay______ ______ 4,700,624
Russia in E uropo___ 36,818,863
S pain_______________ 3,136,711
Sweden ____________
2,103,983
United K ingdom ___ 152,742,105
C a n a d a ____________ 50,087,367
Central A m e r ic a ___ 3,488,885
3,069,330
M o x i c o _______ ____
C u b a _______________ 12,793,839
A rgen tin a __________ 7,898,484
B r a z il......................... 4,220,625
C h ilo _______________ 3,493,724
C h in a ___________
2,224,846
British East Indies. 2,677,028
Japan _____________
7,394,937
9.537.457
Russia in A s i a _____
Australia and New
Zealand__________ 8,305,410
Philippine Isla n d s .. 1,211,547
2,536,508
British A frica ______

36,636
12,566,506
49,326,129
304,128,720
11,649,767
16,902,731
134.639,573
101,957,438
26,221,696
48,926,565
26,000,107
57,445,267
660,279,440
174,422,195
20,509,631
21,577,500
40,333,984
26.566,429
17.022,029
8,461,779
1 1,808,189
11,525,030
25,588,626
19,880,827

68.385
16,642
12,097,530
735,523
30,866,756
3,800,009
472,285,081
42,038,147
1,118,233
96,348
20,863,456
1,511,252
137,542,339
13,853,651
60,960,653
4,574,172
35,732,550
2,636,626
124,661,904
18,548,175
2,884,390 ■ 33,320,618
23,047,992
3,208,897
84,123,364 1,048,520,721
316,853,796
29,494,175
25,244,541
3,805,364
38,039,573
3,863,024
82,410,096
8,010,790
42,862,347
4,755,212
26,382,803
2,188,253
16,457.484
1,971,557
16,763,313
2,038,717
15,391,709
2,647,901
57,537,202
4,812,640
1,385,931
114.089,162
8,918,091
2,602,326
1,974,699

35.273.362
10,822,429
12.904,084

45,034,269
12,513,276
17,154,535

g r o u p w ere p rin c ip a l b u y e r s 1 0 3 tim e s , th e C o n tra l P o w ers
1 4 tim e s an d n e u tra ls 1 9 tim e s .

C a n a d a a lo n e o f th e A llie s

a p p e a rs 4 8 tim e s a n d th e U n it e d K in g d o m 4 7 .

T h is is th o

P H IL IP P IN E

The

re p o rt in clu d e s

e x te n siv e

q u o ta tio n s

fr o m

E u ro p e a n

GOVERNMENT
R A ILR O AD

first tim e , it is s t a t e d , su ch a n a n a ly sis h as b e e n a t te m p te d .

T h e salo o f th o M a n ila

PURCHASES

M A N IL A

COMPANY.

R a ilr o a d C o .

to th e P h ilip p in e

e c o n o m ists a n d s ta te s m e n a n d a u n iq u e s tu d y o f th e c o m m e r ­

G o v e r n m e n t w a s ra tifie d o n S e p t. 8 b y G o v e r n o r -G e n e r a l

cia l trea tie s a b r o g a te d

H a rris o n a n d P re s id e n t H ig g in s o f th o ra ilro a d .

and

th e

ta riff s y s te m s in terru p te d

T h o fin al

c o n tr a c t o f tra n s fe r, w h ic h it is s ta te d , w as a u th o r iz e d b y

b y w ar.

th e L e g isla tu re in F e b r u a r y , p ro v id e s t h a t th o G o v e r n m e n t
G AIN S A N D

LOSSES

IN

THE

FO R E IG N

TRADE.

T h e fea tu re o f th e fore ig n trad e s ta te m e n t for tho m o n th
o f J u ly
this

an d

th e se v e n

m o n th s e n d in g J u ly ,

m a d o p u b lic

w eek , is th e stu p e n d o u s a m o u n t o f e x p o r ts to G r e a t

w ill re ce iv e a ll th e o u ts ta n d in g c a p ita l s to c k o f tho c o m p a n y
fo r $ 4 ,0 0 0 ,0 0 0 .

T h o M a n ila R a ilr o a d

o f a p p r o x im a te ly 5 5 0

C o . h as a tra c k a g e

m ile s , e x te n d in g in threo d ire ction s

fr o m M a n i la , a n d is the o n ly ra ilro a d o n tho Is la n d o f L u z o n .

F o r th o m o n th o f J u ly th is y e a r tho

I t is a d e v e lo p m e n t o f th e o ld M a n ila - D a g u p a n R o a d , an d

e x p o r ts to th e U n it e d K in g d o m to ta le d $ 1 5 2 ,7 4 2 ,1 0 5 , a g a in st

is said b y In s u la r B u r e a u officia ls to bo ca p a b le o f d e v e lo p ­

$ 8 4 ,1 2 3 ,3 6 4 in th e sa m e m o n th la s t y e a r , w h ile for th e se ve n

m e n t in to a n im p o r ta n t s y s t e m .

m o n th s this y e a r th e y rea ch ed $ 1 ,0 4 8 ,5 2 0 , 7 2 1 , as co m p a re d

D e p a r t m e n t ” on a s u b se q u e n t p ag e w ill b e

B r ita in an d F r a n c e .




In ou r “ S ta to an d C it y
fo u n d

fu ll p a r -

tic u la rs
la r

c o n c e rn in g

A ffa ir s

at

th e

o fferin g

W a s h in g to n

of

by

th e

B ureau

$ 4 ,0 0 0 ,0 0 0

4%

of

In s u ­

1 0 -3 0 -y e a r

(o p tio n a l) g o ld reg istered b o n d s to b e u se d fo r th e a b o v e p u r­
c h a se .

P ro p o sa ls

fo r

th ese

bonds

w ill

be

re c e iv e d

u n til

2 p . m . O c t. 3 .
SU G G E ST IO N

T H A T E IG H T -H O U R L A W

M A Y

M AKE

I T I L L E G A L TO G I V E F U L L D A Y ' S P A Y F O R L E S S
THAN

EIG H T HOURS

WORK.

S a m u e l P . D u n n o f C h ic a g o , w h o a c te d in a n a d v is o r y
c a p a c it y to th e ra ilro a d p re sid en ts in th e n e g o tia tio n s w h ic h
p re c e d e d th e p assa go o f th e A d a m s o n la w , su g g e ste d in a
sp ee ch a t M a c k in a w C i t y , M i c h ., o n th e 1 3 th i n s t ., th a t th e
e ig h t-h o u r la w m a y p ro v e a b o o m e ra n g to th e b r o th e r h o o d s .
H e a sse r te d th a t th e la w fixe s a n e ig h t-h o u r p a y d a y a n d n o t
an

e ig h t-h o u r w o rk

day.

M r.

D u n n ’ s re m a rk s w ere a d ­

d re ssed to d e le g a te s to th e c o n v e n tio n o f th o R a ilw a y S ig n a l
A s s o c ia tio n .
H e w a s q u o te d a s sa y in g :
This law does not lim it the number o f hours that railway employees m ay
work In a da y. It merely limits the number o f hours that the railway m ay
require them to work before It pays them a d a y’s wage. In other words.
It fixes an eight-hour pay day. and not an eight-hour work day.
It Is certain that under this law. If it should be upheld, tho railways would
have to pay a d a y’s wage for eight hour’s work, but It Is not equally obvious
that tho law prohibits them from paying any employee in the train service a
d a y’s wage before ho has done at least eight hours’ w ork. It says eight
hours, no m ore no less, shall bo tho standard. It would appear, therefore,
that under this provision, If-tho railways should pay any cm ployoo a d a y ’s
wago for loss than eight hours’ w ork, they would violate tho law and subject
themselves to Its pains and penalties.

for tho year, after paying taxes, hire o f equipment and rentals, was about
$1,000,000,000, or only abou t seventeen times tho reputed p rofit o f the
Ford M o to r Car C o. alone for the same period, and tho $1,000,000,000 re­
ferred to was not over 6% return on the actual value o f approxim ately
225,f 00 miles o f road involved: that is to say, the $1,000,000,000 was tho
amount available for Interest on debt, dividends on stock, additions and
betterments and reserves.
As you are a student o f econom ic affairs, you doubtless know that the
railroads o f tho United States have the lowest capitalization per mile o f any
civilized country In the world. Y ou must know also that our railroads. In
addition, pay tho highest wages known to railroad labor the world over,
and render service for the smallest com pensation recorded b y any country.
N ow , I am sure you will earn the further gratitude o f one hundred million
people If you will show how "th e roads" could doublo their profits. Bear
In mind that practically all o f the expenses o f a railroad are made up o f
labor and material. IIow would you save a billion dollars? Out o f which
Items would you take it?
The proposition o f the railroads was that all these questions be arbitrated
boforo somo impartial tribunal, and the facts established as a basis for judg­
ment and action. T hey m ade no proposals to " tie up tho cou n try,” or
“ to bring untold suffering to millions o f people.” Such proposals c a m e
only from tho heads o f four highly organized bodies o f railroad employees,
representing the best-paid labor in the world and aggregating less than
one-fifth o f tho total number em ployed in railroad service. As these men
wero asking for m ore than their share, “ tho voice raised b y the G od o f
G reed,” to quote your words again, must have been In their behalf.
It Is just such Ignorance o f the facts about the railroad situation as dis­
played in your published statement that make Imperative and obvious the
need o f public investigation and public knowledge before speech or action
In these matters.
H O W A R D E L L IO T T O N COST OF E IG H T -H O U R D A Y
NEW

TO

HAVEN.

I n in d ic a tin g th e c o s t o f th e e ig h t-h o u r ra ilro ad

d a y in

th e case o f th e tr a in m e n e m p lo y e d o n th e N e w H a v e n s te a m
ro a d s d u rin g 1 9 1 5 , H o w a r d E ll i o t t , P re s id e n t o f th e N e w

FRANK

T R U M B U L L ' S O P E N L E T T E R TO H E N R Y F O R D

C O N CE R N IN G

R E A L O W N E R S OF R A IL R O A D S .

A n o p e n le tte r d e n y in g th e s ta te m e n t o f H e n r y F o r d o f

Y o r k N e w H a v e n & H a r tfo r d R R . , r e c e n tly p o in te d o u t th a t
it w o u ld h a v e m e a n t a n in crease o f $ 1 ,9 5 9 ,5 4 9 in th e p a y o f
6 ,9 6 7 m e n , w ith n o c h a n g e in th e n u m b e r o f h o u rs w o rk e d or

D e t r o it th a t “ th e real p o w er b a c k o f th e ra ilro ad s is lo c a te d

service p e r fo r m e d .

in a n d a ro u n d W a l l S t r e e t ,” h a s b e e n ad d re sse d to M r . F o rd

se em s to h a v e g o n e fa r b e y o n d th e q u e s tio n in d is p u te

b y F r a n k T r u m b u ll, C h a ir m a n o f tho R a ilw a y E x e c u tiv e s ’

tw e en a p a r t o f th e ra ilw a y e m p lo y e e s a n d th e ra ilro a d s , a n d

A d v is o r y

C o m m it t e e .

M r.

T r u m b u ll in ta k in g exce p tio n

to M r . F o r d ’s a sse rtion s p o in ts o u t th a t th e “ rea l ow n ers o f

H e a ls o a sse rte d th a t th e p re se n t issue

h a s b r o u g h t th e p o in ts a t issue to

be­

(1 ) th e q u e s tio n a s to

w h e th e r o r g a n ize d la b o r w ith o u t a n y c h e c k or re s tr a in t b y

th e ra ilro ad s are so m e 6 0 7 ,6 3 0 in d ivid u a l s to c k h o ld e r s , o x -

la w sh all h a v e th e r ig h t to fo rc e its d ecision s u p o n th e p u b lic ,

c lu d in g r a ilw a y co rp o ra tio n s a n d d u p lic a te h o ld in g s .”

H e a lso

re g ard le ss o f th e w elfa re o f th e p u b lic ; a n d (2 ) w h e th e r or­

sots o u t so m o p e rtin e n t fa c ts in th e issue b e tw e e n th o train ­

g a n iz e d la b o r sh a ll se ttle d isp u te s in w h ic h it is in te r e ste d b y

m e n a n d th e ir e m p lo y e r s .

fo r c e , o r u se th e p e a c e fu l m e th o d s o f c o u rts a n d a r b itra tio n

W e p r in t M r . T r u m b u ll’ s le tte r

h e re w ith :
M y attention has boon called to a published Interview with you , under
date o f Sept. 2, In rogard to the recent railroad wago controversy, and as It
has not been contradicted, I am making this answer public. Y our conspicu­
ous position gives you a wide audience and erroneous statements published
in your name are, therefore, all tho m oro dangerous and harmful and should
n ot go unchallenged.
Y ou say that “ the real power back o f them [tho railroads] Is located In
and around W all S treet.” This Is an Inaccurate and threadbare generaliza­
tion, frequently heard and quickly dlsproven b y tho facts.
T ho real owners o ' our railroads aro somo 607,630 Individual stockholders,
excluding railway corporations and duplicate holdings. W hen allowance
Is m ado fo r tho fact that somo o f these Individual holders aro brokers,
holding In ono name for several different owners, and that trustees or
executors similarly hold for numerous others, It can be readily seen that
tho total aforem entioned is an understatement.
M oreover, If wo add to the aggregate o f stockholders all those who v ir­
tually own railroad bonds— insurance policy holders and savings bank d e­
positors, o f whom there aro 30,000,000 o f tho former and 11,000,000 o f tho
latter class, whoso premiums and deposits, join tly, aro secured b y an aggre­
gate ownership o f railroad bonds totaling $2,300,000,000— It is apparent
that the ownership o f Am erica’s railroads Is not only w idely, but d em o­
cratically diffused, instead o f being concentrated in the hands o f a few In­
dividuals In "W a ll Street.”
Broadly speaking, the bankers are sim ply m iddlemen, w ho buy railroad
securities and sell them to tho public. Y ou refer to tho railroad presidents
as "messenger boys for W all Street.” I think you cannot cite a slnglo In­
stance o f direction, either oral or written, from any W all Street banker
to any railroad president In connection with the discussion o f tho so-called
eight-hour m ovom ont In the last few months but, If you can, will you d o so?
You say: "T h e railroads evidently aro determined to get from tho Amer­
ican public a still greater share o f their earnings through freight rates,
and that Is what thoy aro playing fo r ." If you believe and can provo this
statem ent, you owe a duty to yourself and to the nation to com e forward
with your proofs Immediately. But sinco you use the word "evid e n tly,” I
approhend you will not attem pt to substantiate what you must reallzo Is
not true, and which Is calculated to work both Injury and Injustice to the
railroads.
Tho railroads woro not playing a game. The wage question was not o f
'their seeking. T hey did nothing cither to lnstlgago or preclpltato It. Thoy
wero, on tho other hand, unwillingly and Irresistibly com pelled to join issuo
with the employees. In an endeavor to maintain right and justice. T hoy
took a determined stand for dem ocracy and Its essential principles against
class government and tho rulo o f might: and their attitude has boon ap­
proved very generally b y press and public. M on o f Intelligence certainly
see In their conduct a fitting sonso or tho obligation o f trusteeship reposing
In them for tholr owners, their other employees, and for the public at
largo, and a conscientious adherence to principle.
Y ou further say:
“ I f tho roads wero run m oro to serve tho public, run m oro b y tho men who
roally have to operate them, run as railroad properties and not as mere in­
struments o f financial juggling, we could have lower rates, better service,
higher wages, and still leave a p rofit for overy dollar legitim ately invested.
The roads could make doublo tho profits at present rato o f faros and pay alt
Increases o f wages dem anded.”
In using tho word “ roads.” I assume you moan all o f tho roads o f tho
country, but perhaps you will list tho roads which aro now being used “ as
moro Instruments o f financial Juggling." The gross earnings o f the roads
o f Class 1 (excluding tho smaller lines) for tho fiscal year ended Juno 30
1 9 1 6 w e « a b o u t $ 3 ,4 0 0 ,0 0 0 ,0 0 0 . T h e p r o f i t f r o m t h e o p e r a t i o n o f t h o s e roads




tr ib u n a ls

in u se in a ll o th e r d is p u te s in th is c o u n tr y .

We

q u o to b e lo w h is s ta te m e n t o n th e a b o v e p o in ts :
T ho issuo is not ono o f hours but o f wages. T ho men d o not say they
will work eight hours and no m ore. Somo now work less than eight hours
and some work m oro than eight hours.
T hey demanded that what they now receive for ten hours or less be paid
for work o f eight hours or less, and for overtim e 5 0% m oro per hour.On
tills basis 6,967 men in the engine, train and yard service o f the N ew Haven
steam roads would have received in 1915 $10,180,655 instead o f $8,221,106,
or an Increase o f $1,959,549, or nearly 2 4 % , with no change in the number
o f hours worked or service perform ed.
T ho President o f the United States suggested that tho eight-hour wage
day be adopted and that overtim e bo at tho hourly rato for the eight hours,
an increaso o f 25% in overtim e. On this basis the increase would have
been $1,179,932, or nearly 1 5% . W hatever the increase m ay bo, it de­
creases the ability o f the com pany to add to the transportation facilities of
N ew England.
I have from tho tim e this question began to bo discussed seriously felt
.that it ought not to be settled without giving tho public, the real party in
Interest, tim e to understand it, and an opportunity to express its opinion
before the Congress— or an Impartial tribunal created by tho President or
b y Congress.
It would seem to be easy for railroad owners and managers to increase
wages if every tim e they did so freight and passenger rates could be increased
and tho burden transferred to tho public who pay the bills— but the public
ought to have a voice in the adoption o f such policy .
There Is also tho question o f the amount o f transportation to be produced.
There is not enough being furnished for tho present and future needs o f th e
country, and in m y judgm ent the plan suggested will reduce tho ability o f
the railroads to furnish the transportation needed b y the American p eop le,
and the public aro necessarily and vitally interested.
I havo therefore felt that I ow ed a d u ty to the people o f New England—
as well as to tho owners o f the property and to all o f tho em ployees— to use
such influence as I possessed to havo the subject settled only by arbitration
and after the public understood it and had registered its will.
I recognize that organized labor is one o f tho great forces o f modern in­
dustrial life. But just as organized capital has had to subordinate its co n ­
duct to the will o f tho people, so must organized labor recognize tho rights
o f 100,000,000 people in this country.
Tho prosent issuo seems to have gone far beyond tho questions in dispute
between a part o f the railway employees and the railroads.
T ho Issues are.
1. Shall organized labor, without any check or restraint b y law, have
tho right to force its decisions upon the public regardless o f the welfare
o f the public ?
2. Shall organized lanor settle disputes in which it is Interested by force,
or use the peaceful methods o f courts ana arbitration tribunals, in use in all
other disputes in this country?
These two great questions should be settled, not b y the leaders o f the labor
organizations, not b y the presidents o f the railroads, but calmly and without
excitement b y the whole people, through Congress or through som e instru­
m entality created b y Congress.
A s President o f tho New Y ork N ew Haven & H artford Railroad C om pany
I havo tried to look at this m atter as seemed to me for the ultimate best
interests o f the property, o f all the em ployees, o f the owners and o f the pub­
lic to bo served, not only to-day but for years to com e, and I have, therefore,
stood for arbitration.
As a citizen o f New England I have tried to act as m y conscience dictated,
and after suggestion and consultation with all classes o f people— employers,
shippers, owners o f the securities and members o f Congress.

W hen tho chief executive o f the nation and tho highest law-making
representatives o f the peoplo are, b y threats o f any b od y o f workers, pre­
vented from discharging their duty to all, and are coerced in their legisla­
tive action without proper deliberation or investigation o f tho merits o f tho
question at issue, wo m ay well pause to consider tho serious situation with
I I . N . P O P E , O F F A R M E R S ’ U N I O N , O N C O N G R E S S which wo aro confronted.
T he excessivo demands o f the men for an eight-hour day with pay tho
A N D T R A I N M E N ’S D E M A N D S .
same as they aro now receiving for ten hours’ work, and paym ent for an
T h e a c tio n o f C o n g re ss in m e e tin g th o d e m a n d s o f th e la b o r hour and a half o f service for overy extra hour, were patiently and thorough­
lea d ers a n d its failu re to co p o w ith th o c o tto n situ a tio n in ly canvassed b y tho managers, and it was demonstrated beyond a doubt
that a com pliance with them in tho increased expenditures would work
th e crisis o f tw o y e a rs a g o , h as b e e n criticised in a sta te m e n t bankruptcy and ruin to the railroad properties throughout tho country.
N otw ithstanding this, how ever, tho railroads wero willing to submit tho
issu e d a t F o r t W o r t h , T e x ., o n th e 3 d in s t . b y I I . N . P o p e ,
P re s id e n t o f th o A ss o c ia tio n o f F a r m e r s ’ U n io n P re sid e n ts, question to arbitration in the hope, o f course, that they would bo permitted
to increase their rates if the demands o f tho men were allowed.
w h ic h w o q u o te b e lo w :
Y o u aro fam iliar with the result; tho trainmen would not consent to
T ho people o f this nation have, during tho past week, passed through arbitration and called a strike. T o avert the great loss and suffering threat­
tho m ost humiliating experience this Governm ent has over endured. A
ened b y this course, Congress, on the recomm endation o f tho President,
few labor union leaders have stood at tho portals o f Congress dem anding without deliberation or investigation o f the consequences to the carriers,
that the Governm ent give them a ransom or they would wreck society.
rushed through hastily a special A ct making eight hours’ work with ten
T his nation, instead o f meeting the situation bravely, has delivered tho hours’ pay the legal basis for the men operating trains.
goods in fear and trembling.
M anufacturers and shippers throughout tho country protested m ost
Our American Congress has stood within tho shadow o f the Goddess of strongly against an adjustm ent o f this question, that would place a burden
Justico and voted an increase in wages to 400,000 trainmen who are tho
upon them o f increased rates, and under the circumstances tho railroads
highest paid laborers in tho w orld, and never at any time m entioned the
recom m ended that there bo an investigation b y some governmental au­
350,000 trackm en who are, perhaps, the poorest paid workmen in the thority o f all the facts in tho case and the action to bo later taken bo
w orld, and who m ust subsist almost w holly upon the crum bs that the measured b y tho ascertained facts.
trainmen leavo upon tho table.
T ho railroad eight-hour da y, owing to the peculiar and variable conditions
W hen cotton was selling for 6 cents per pound two years ago and poverty governing, is unlike the eight-hour d ay in tho industrial world. Tho
stalked over the Southland, causing a greater financial loss to the Southern railroad day is only a basis for com puting p ay and overtim e, and b y tho
plowm en than tho freeing o f tho slaves. Congress confessed inability to copo oxistent and necessary m ethods o f train operations, it is impracticable to
with tho situation and stepped asido, letting this awful burden fall upon
uso eight hours as the length o f daily servico. T ho length o f daily service is
the backs o f the tillers o f the soil. The organized plowm en pleaded with subject to variable conditions beyond tho control o f tho management.
Congress for relief, but we were told that it would not bo constitutional for
T he managers made a careful and painstaking examination o f tho entiro
the Governm ent to undertake to fix tho price o f cotton or to advance question and reached a clear understanding o f its magnitude and tho
m oney on cotton in storage and that Congress was a slow -m oving b o d y serious consequences to tho railroads and to tho public involved. T hey
and could not m eet emergencies.
reached the conclusion that as trustees for the public served b y tho lines
O n th e 6 th i n s t ., a t th e a n n u a l m e e tin g o f th e A sso c ia tio n and for the other em ployees, which constitute 8 0 % o f the forces interested
in tho wago fund, as trustees also for tho millions o f peoplo who have in­
o f S ta t e F a r m e r s ’ U n io n P re sid e n ts a t N e w O r le a n s, th o sta n d vested their capital and savings in the properties, who through savings
banks and insurance com panies, aro vitally Interested to tho extent o f
o f P re sid e n t P o p o in o p p o sin g th e e ig h t-h o u r ra ilro a d la w
hundreds o f m illions o f dollars in the integrity and solvency o f tho rail­
w a s e n d o rse d .
roads, they could not in justico to thorn and to their own conscience sur­
I n fu rth e r ex p re ssin g h is v ie w s re g a rd in g th o ra ilro a d leg is­ render tho principle involved.
la tio n o n th e 9 t h i n s t ., M r . P o p e sa id :
D e m a n d s T erm e d U n r e a s o n a b le .
The farmers stand for a fair wage to both labor and capital engaged in
handling tho products o f the soil from the time they leave tho hands o f tho
N o stablo settlement o f such a momentous question could be reached
farmer until they reach the ultimato consum er. This applies not only to wero tho railroads to acquiesce in tho unreasonable demands o f tho train­
transportation but to all industries engaged In serving tho agricultural in­ men, as thero m ight be a recurrence o f them at a futuro time with all o f
terests o f this nation. W o favor an eight-hour working d ay for all those tho threatened disastrous consequences.
who labor, with as largo a com pensation as business conditions justify.
T ho eight-hour day with overtim e, as dem anded, has been estimated to
F or m y part, I question tho wisdom o f Congress fixing wages o f labor cost tho railroads 8100,000.000, but if they yielded to tho demand from
em ployed b y private enterprises. I doubt if It Is in tho interest o f cither this small percentage o f their employees they would in all likelihood have
labor, capital or tho people to m ake tho wago schedule o f railroad employees a like demand made upon them b y tho others, and the increased cost would
a political issue.
probably reach nearly S300.000.000 per year. This sum would approxim ate
But bo that as it m ay, wo have passed that legislative m ilo post and 4 % on the capital stock o f all the railroads in tho United States.
organized labor now stands com m itted to Governm ent regulation o f wages
Such an am ount could not bo made up by an increase in rates without
and Congress has thrust upon the peoplo o f this nation a new responsibility.
a determined opposition on tho part or manufacturers, shippers and con ­
Since tho peoplo aro to fix wages, at least o f railway em ployees, every sumers, and wo know that their hostile influence in tho past has operated
citizen should diligontly study tho subject.
to prevont m uch-needed increases.
In m y opinion, tho next session o f Congress should readjust wages o f all
T ho striko has been averted for tho time being b y tho action o f C on ­
railroad employees from railroad president to section laborer, giving all a gress, but as tho country m ay be menaced at any time b y a similar crisis,
squaro deal and fixing a schedule o f pay based upon business justico and legislation should be enacted that will forever mako it practically impossible
human rights.
for tho n ation’s welfaro to bo jeopardized in any such manner.
T ho threat o f force mado by tho brotherhood chiefs, and their refusal to
submit their demands to an impartial board o f arbitration, stamp their
B . F . B U S H S E E S D E S T R U C T I O N A N D A N A R C H Y I F judgm ont and sense o f fairness as unsound and o f a character which de­
mands that tho nation must take positive stops to protoct itself in tho
P R IN C IP L E OF A R B I T R A T I O N I S N O T U P H E L D .
futuro from like action liable to arise.
I greatly deplore the situation from tho standpoint o f a citizen, o f a rail­
T k d fa r-re a c h in g c o n se q u e n c e s o f th o s itu a tio n d e v e lo p e d
road executive and as ono who has always uphold tho rights and prom oted
b y th e c o m p lia n c e o f C o n g re ss w ith th e d e m a n d s o f la b o r in
the interests o f labor in every rcasonablo and consistent manner.
I
th e e n a c tm e n t o f th o e ig h t-h o u r ra ilro ad la w , w ero p o r tra y e d
believe that tho cause o f labor has been very much hurt am ong tho con­
siderate
and
thinking
public
by
this
despotic
action
o
f
tho
leaders
o
f
tho
b y B . F . B u s h , re c e iv e r o f th o M is s o u r i P a c ific R R . , b e fo re
brotherhood.
th e S t . L o u is R a ilw a y C lu b o n th o 8 th in s t.
M r . B u s h , in
W hon the chiefs o f these organizations, whoso members aro tho highestc a u tio n in g a g a in st th o sw ee p in g asido o f th o p rin c ip le o f paid railroad em ployees, present an ultimatum that if their terms aro not
accepted,
they will prostrato and striko down all Industry and com m er­
a r b it r a t io n , fo r w h ic h th e ra ilro a d s h a d c o n te n d e d , p o in te d
cial activities, throw millions o f other workers out o f em ploym ent, and
o u t th a t “ if th is p rin c ip le is n o t h e ld s te a d fa s t a n d a llo w e d to bring privation and suffering upon tho whole people, it behoovos those who
g o v e r n in th o s e ttle m e n t o f d iffe re n ce s t h a t m a y arise aro responsible for the laws anti governm ent o f our country to tako notlco
b e tw e e n la b o r a n d th o se w h o p ro v id o th o m e a n s fo r its and provide efficient safeguards.
T ho railroad managers went so far as to offer to keep tho time o f all
e m p lo y m e n t , th e n d e stru c tio n a n d a n a r c h y , w ith its a tte n d ­ men represented in tho m ovem ent upon an eight-hour basis, and b y separ­
ate
account with each man m onthly maintain a record o f tho pay received
a n t h o r ro rs, aro lia b le t o ru n r io t in th o in d u stria l an d
and what it would amount to on tho eight-hour day basis, tho difference
c o m m e r c ia l a ffa irs o f ou r c o u n tr y .
“ T h o th r e a t o f f o r c e ,”
to bo paid tho men if so decided b y a com m ission o f investigation to bo
sa id M r . B u s h , “ m a d e b y th o b r o th e r h o o d c h ie fs, a n d their appointed b y tho President.
W hilo insisting upon tho principle o f arbitration as tho only proper
re fu sa l to s u b m it th e ir d e m a n d s to a n im p a r tia l b o a r d o f
m ethod o f Bottling labor disputes, tho railroads gavo tho employees every
a r b itr a tio n , s ta m p th e ir ju d g m e n t a n d sen se o f fairn ess as
possiblo consideration in that respect b y offering to arbitrate through tho
u n so u n d a n d o f a c h a ra cte r w h ich d e m a n d s th a t th o n a tio n
Inter-Stato Com m erco Comm ission, under tho Nowlands A ct, or by a
com m ission to bo selected b y President W ilson.
m u s t ta k e p o s itiv e ste p s to p r o te c t itse lf in th o fu tu ro fro m
All o f theso offers wero rejected and tho eight-hour day on basis o f tenlik e a c t io n li a b lo t o a r is o .”
W h i le th e c o s t to th o ra ilro a d s o f
hour pay was rigidly insisted upon.
th o e ig h t-h o u r d a y , w ith o v e r tim e , h a s b e e n e s tim a te d a t
Considering the conditions which confronted them and the gravo respon­
$ 1 0 0 ,0 0 0 ,0 0 0 , a c c o r d in g to M r . B u s h , if th e ro a d s y ie ld e d to sibility to their owners, their employees and the business interests o f tho
country which rested upon them, tho managers decided to face tho situation
th e d e m a n d fr o m th is s m a ll p e rc e n ta g e o f th e ir e m p lo y e e s and not yield their contention for arbitration, bolieving that tho futuro
th e y w o u ld in a ll lik e lih o o d h a v e a lik e d e m a n d m a d e u p o n stabilizing o f conditions depended upon such action, and by pursuing that
th e m b y th e o th e r s , a n d tho in creased c o s t w o u ld p r o b a b ly course they would have tho support and confidence o f tho public.
T ho peoplo o f this country should appreciate tho firm stand taken b y
re a ch n e a r ly $ 3 0 0 ,0 0 0 ,0 0 0 p er y e a r .
B e lo w aro h is re m a rk s tho railroads in upholding tho principlo o f arbitration. I f this principlo is
not
held steadfast and allowed to govern in tho sottloment o f differences
in d e ta il:
Y ou all know something o f the controversy between the railroads and tho that m ay arise between labor and thoso who provido tho means for its
trainmen which has recently engaged tho attention o f tho country. Y ou em ploym ent, then destruction and anarchy, with their attendant horrors,
also know how tho question was temporarily disposed o f b y tho President are liable to run riot in the industrial and com m ercial affairs o f our country
This contention o f tho brotherhood is a very gravo matter and. as citi­
and b y Congress under duress o f a striko that it was feared would be a
zens, wo cannot shirk tho responsibility o f helping to crystalllzo measures
national catastrophe.
W hon tho best paid and m ost favored class o f employees o f our railroads which will safeguard from internal strife the futuro o f our country.
T ho possibilities o f danger from this cause aro so imminent and fartako such an arbitrary stand as that taken b y tho four brotherhoods o f tho
trainmen, and tho entire country is threatened with privation and diro reaching that Governm ental action should bo prom ptly taken to protect
disaster if their unreasonable demands aro not com plied with. It does not our country from such crises, to the end that wo m ay always havo our
affairs administered by law and not by forco.
rom lse well for tho ultimato outcom e o f the labor cause.

A strike is a terrible thing to contem plate, and I hope it will not occur,
and that Congress, representing all the people, will in its wisdom find some
solution just to all.




BILL AM EN D IN G FEDERAL RESERVE ACT BECOMES
A L AW .
T h e bill a m e n d in g th e F e d e ra l R e se r v e A c t , as a g re e d to
in con fe re n ce an d a d o p te d b y th e S e n a te o n A u g . 2 0 a n d th e
H o u s e o n A u g . 2 9 , w as sig n ed b y P re sid e n t W ils o n o n th e
7 th in s t.

T h e co n feren ce re p o rt w a s p rin te d in o u r issue

of A u g . 2 0.

T h e b ill m a k e s essen tial ch a n g e s in th o F e d ­

eral R e se r v e A c t .
th e

A n a m e n d m e n t to S e c tio n 11 e m p o w e r s

F e d e ra l R e se r v e

B oard ,

upon an

a ffir m a tiv e

v o te

of

n o t less th a n fiv e o f its m e m b e r s , to p e r m it m e m b e r b a n k s
to ca rry in th e F e d e ra l R e se r v e b a n k s a n y p o r tio n o f their
reserves n o w req u ired to b e h eld in their o w n v a u lt s .

The

n ew leg isla tio n b ro a d e n s th e p ro v isio n s g o v e r n in g th e a c ­
c e p ta n c e b y m e m b e r b a n k s o f p a p e r fo r d is c o u n t.

In c lu d e d

in th e n e w le g isla tio n is a p aragrap h p e r m ittin g F e d e ra l R e ­
se rv e b a n k s to m a k e a d v a n c e s to m e m b e r b a n k s on th eir
p ro m isso r y n o te s fo r a p eriod n o t e x ce e d in g fifte e n d a y s a t
ra te s to b e e sta b lish e d b y su ch R e se r v e b a n k s , s u b je c t to th e
a p p ro v a l o f th e R e se r v e B o a r d .

T h e R e se r v e A c t is a lso

a m e n d e d so as to p e r m it n a tio n a l b a n k s d o in g b u sin e ss in a
lo c a lity h a v in g a p o p u la tio n o f n o t e x c e e d in g 5 ,0 0 0 to a c t as
a g e n ts fo r a n y fire , life or

o th e r

in su ra n ce

c o m p a n y an d

a s a g e n ts fo r the n eg o tia tio n o f lo a n s o n real e sta te lo c a te d
w ith in a ra d iu s o f 1 0 0 m ile s.
A

v e r y im p o r ta n t ch a n g e is th a t m a d e in S e c tio n 1 0 o f tho

R e s e r v o A c t ,w h ic h d ea ls w ith th o r ig h t to issue R e se r v e n o t e s .
S e c tio n 1 6 h as b een a m e n d e d so a s to a llo w F e d e ra l R e se rv o
b a n k s to tu rn o v e r to F e d e ra l R e s e r v e a g e n ts as c o lla te r a l
fo r F e d e ra l R e se r v e n o te s , in a d d itio n to p a p er re d isc o u n te d
u n d e r S e c tio n 13 o f th o la w , “ b ills o f e x ch a n g e in d orsed b y a
m e m b e r b a n k o f a n y F e d e ra l R e se r v e D is t r ic t a n d p u rc h a se d
u n d e r th o p ro v isio n s o f S e c tio n 1 4 o f th is A c t , o r b a n k e r s ’
a c c e p ta n c e s p u rc h ase d u n d e r th o p ro v isio n s o f sa id S e c tio n
1 4 .”

I t d ese rv e s to bo s ta te d th a t S e c tio n 14 is th e s e c tio n

d e a lin g w ith
b an k s.

A

th e o p e n

m a r k e t o p e ra tio n s o f

tho

R eserve

fu rth e r a m e n d m e n t to S e c tio n 1 6 , w h ic h w o u ld

h a v o a u th o r iz e d an d e n cou rag ed F e d e ra l R e s e r v o b a n k s to
issu e F e d o ra l R e se r v e n o te s b a se d u p o n g o ld or g o ld c e r t ifi­
ca te s w as d ro p p e d in c o n fe re n ce .

T h e a m e n d m e n ts to th o

A c t also p ro v id e n ew m e a su re s fo r th e fu rth e r a n c e o f th o
fore ig n c o m m e rc e o f th e U n it e d S ta t e s th r o u g h th e e s ta b lis h ­
m e n t o f fore ig n b r a n c h e s, b y n a tio n a l b a n k s h a v in g a c a p ita l
a n d su rp lu s o f S I ,0 0 0 ,0 0 0 o r m o r e .

T h e p ro p o sa l to p e r m i t

n a tio n a l b a n k s in cities o f 1 0 0 ,0 0 0 in h a b ita n ts a n d h a v in g a
c a p ita l a n d su rplu s o f o v e r $ 1 ,0 0 0 ,0 0 0 to e sta b lish d o m e s tic
b ra n ch es w as strick e n o u t in c o n fe re n c e .
B e lo w w o g iv e
th o a m e n d m e n ts a s e n a c te d in t o la w .
(In tho following, changes from the old law are shown In Italic type
T hat part o f tho okl law which has been eliminated is printed in black-faced
type and enclosed in black-faccd brackets ( ] ) .

[ A n y F ed era l R eserve b a n k m ay d is c o u n t a c c e p t a n c e s w h ic h a re
based o n t h e im p o r ta tio n o r e x p o r ta t io n o f g o o d s , a n d w h ic h h a v e
a m a tu r ity a t th e tim e o f d is c o u n t o f n o t m ore t h a n th re e m o n t h s ,
a n d in d o rs e d b y a t le a st o n e m em b er b a n k . T h e a m o u n t o f a c c e p ­
ta n ce s so d is c o u n t e d s h a ll a t n o tim e e xceed o n e -h a lf t h e p a id u p a n d
u n im p a ire d ca p ita l s to c k a n d s u r p lu s o f t h e b a n k fo r w h ic h t h e re­
d is c o u n t s a re m ade, e x c e p t b y a u t h o r it y o f t h e F ed era l R eserv e
B o a rd , u n d e r s u ch g e n e ra l r e g u la tio n s as said B o a rd m ay p re s c r ib e ,
b u t n o t t o exceed th e ca p ita l s to c k a n d s u r p lu s o f s u c h b a n k . ]
‘T ho aggregate o f such notes,
and bills bearing the signature or
Indorsement o f any one
person, com pany, firm or cor­
poration rediscounted for any one bank shall at no tim e exceed ’ten per
centum o f tho unimpaired capital and surplus o f said bank; but this restric­
tion shall not apply to the discount o f bills o f exchange drawn in good
faith against actually existing values.

drafts,
borrower, whether a

“Any Federal Reserve bank may discount acceptances of the kinds herein­
after described, whichhave a maturity at the time of discount of not more than
three months' sight, exclusive of days of grace, and which are indorsed by at
least one member bank.
" A n y m em ber bank m ay accept drafts or bills o f exchange drawn upon
it [ a n d g r o w in g o u t o f tr a n s a c tio n s in v o lv in g t h e im p o r ta t io n o r
e x p o r ta tio n o f g o o d s ] having not m ore than six m onths’ sight to run

exclusive of days of grace, whichgrowout of transactions involving the impor'
lotion or exportation of goods or which growout of transactions involving the
domestic shipment of goods providedshipping documents conveyingor securing
title are attached at the time of acceptance or which are secured at the time of
acceptance byawarehouse receipt or other suchdocument conveyingor securing
titlecoveringreadilymarketablestaples. No memberbankshall accept, whether
in aforeign or domestic transaction, for any one person, company, firm, or
corporation to an amount equal at any time in the aggregate to more than ten
per centumof ils paid-up and unimpaired capital stock and surplus unless
the bankis securedeither byattacheddocuments or bysome other actual security
growing out of the same transaction as the acceptance and [ b u t ] no bank
shall accept such bills to an am ount equal at any tim e in the aggregate
sm-nin'0 t,la” ° ” c~ha,f o f its Paid-up and unimpaired capital stock and
geueralVeCS L n y
° f th° Fcderal K cscrvo B <>ard. under such
t il
K i 1
,
Sa d Board m ay prescribe, but not to exceed the ca p i­
tal stock and surplus o f such bank, and such regulations shall annlv tr. ill
banks alike regardless o f the am ount o f c a p i t a ^ T n ^ s u r X

Any federal Reserve bankmay make advances to ils member banks on their
f°r « Veriodnot exceedingfifteen days at rates toTelZSSr
by such f ederal Reserve banks, subject to the reviewand determination of the
1 ederal R
eserve Board, provided such promissory notes are secured by such
notes, drafts, bills of exchange, or bankers' acceptances as arc eligible for re
Z °Z

m
! r r ChaSe b y F c d e r a l n c s m e b a n k s
th e p r o v i s io n s
! , ’a 0 r b v t l! ? deJ ,o sU o r P le d g e o f b o n d s o r n o te s o f th e U n ite d S ta les.

th is

im ‘SC.CU,°n 5202 0f tho Bevlsed Statutes of the United States is hereby
any t?meSbeafn ? e h ^ f “ f? UoWS: N° national banking association shall at
™
b M ' ° r !n any Way liable‘ t0 an amount exceeding tho
nndtnTlr i f
St0ck at such tfmo actually paid in and remaining
nature "Slowing:
" ° therwise’ eXCept oa account o f demands of the
“ First. Notes of circulation.
fiM Ci°r,Kl7 ^ ° neyS
with or collected b y the association.
. i i , , ' BiIIs o f exchange or drafts drawn against m oney actually on
deposit to tho credit o f the association, or due thereto
and reserve Z o t l Z ™

t0

St0ckhoIders o f the association for dividends

‘ ‘Fifth Liabili ties incurred under the provisions o f the Federal Reserve A ct
TTnirn**1?. d is c o u n t a n d rediscount a n d th e p u r c h a s e a n d s a le b y any Federal
exchange, and
Z d e r l T R ^ Z Z T ' 10^ '

by S U S .

s h t lf^ b S

to

and regu,ations M m ay be imposed b y the

7 hat in addition to the pow
ersnowvested bylawin national bankinnn**nr4
locateda
andZng
Zsine.Z
^
°l ce
^theUpopu
nUedlation
^ ofaw
nhyich
sud
ch
ss°cia
ti<m
nddolngbusmess inany pla
oesan
ot exceed
DOMESTIC ACCEPTANCES, AND OTHER MATTERS.
five thousand inhabitants, as shoicn by the last preceding decZnZcZsZs
An A ct to amend certain sections o f tho A ct entitled “ Federal Roso,.v »
UChrUCSandreoulations as may be prescribedbythe Comptroller
A ct, approved D oc. 23 19X3.
re s e rv e Z thAn ^ S
authofiZie
Z
V
,he auZ
lheaQenof
lt th
fore a
b'A- ^ other insurance com
pan
l ie it e n a cted b y th e Seriate a n d H o u s e o f R ep r e s e n ta tiv e s o f th e U n ite d ^tmn*
a
u
th
orised
b
y
th
thorities
Sn
tavtefirein w
hich said bank is located to
dyo
o f A m e r i c a i n C o n g r e s s a s s e m b le d .
M a te s
business m said State, by soliciting end selling insurance and collecting
•That tho A ct entltlod ‘Federal Reserve A c t ,’ approved D e c 23 1012
premiums on policies issued by such company and may receive for services so
be, and is hereby, amended as follows:
' 2d ^ 1 3 , rendered such fees or com
missions as may be agreed upon between the said
A t the end o f section 11 insert a now clause as follow sassociation andthe insurance companyfor which it may act as agent andmay
(m) U p o n th e a ffir m a tiv e v o te o f n o t les s th a n f i v e o f its m e m b er *
aso act as the broker or agent for others in making or procuring loans on
F e d e r a l R eserv e H oa rd sh a ll h a v e p o w e r f r o m tim e to lim e , b y g e n e r a l r u lin a s
real estate located within one hundred miles of th place in which said bank
c o v e r in g a l l d is tr ic ts a lik e , to p e r m it m e m b er b a n k s to e a r n in th e n ! ,
may be located, receiving for such services a reasonable fee or commissionR e s e r v e b a n k s o f th e ir r e s p e c tiv e d is tr ic ts a n y p o r t io n o f th e ir r e t c J ^ ™
nrZr
v T r ’ That n° S
UChbank sh a l1 in any case guarantee either the
r e q u ire d b y s e c tio n 19 o f th is A c t to b e h e ld in th e ir o w n v a u lts
now
nfnn Pa ^ in tere3.1 of any such loans or assume or guarantee the payment
That Section 13 be, and is hereby, amended to read as follows- “ A nv
AndnllZZ
™m
su
™
nceP
olicies ^ued throughits agencybyitsprincipal:
Federal Roservo bank m ay receivo from any o f its member banks and from
/ ovl<*€^ furlhcr*That the bankshall not (guarantee the truthof anv statetho United States, deposits o f current funds in lawful m oney, national w t
ment made by an assured infiling his applicationfor insurance
not<w. Federal Reservo notes, or checks, and drafts [ u p o n s o lv e n t m e m b e r hnrZ m e™ b c r 6a„n* may accept drafts or bills of exchange draw
n upon i t
b a n k s j , payabio upon presentation, a n d a l s o , f o r c o ll e c ti o n , m a lu r in n h ilt- having not m
ore than three months' sight to run, exclusive of days of grace
or solely for p u r p o s e s o f exchange o r o f c o lle c tio n [ p u r p o s e s , ! m ay receive draw
n under regulation to be prescribed by the Federal Reserve Boardby banks
from other Federal Reserve banks deposits o f current funds in lawful
XJtiuZZf
, f,°reT countries or ^pendencies or insular possessions of the
m oney national bank notes, or checks [ a n d d r a f t s ] upon [ s o l v e n t mem
united States
for the purpose of furnishing dollar exchange as required bit the
b e r o r ] other Federal Reserve banks, and c h eck s a n d d r a fts nav.m ,,
ectirecowries, dependencies, or insular possessions,
uon
aM
m a lu rtn i¥ZhYfZade lVhe resP
buch drafts or bills may be acquiredby Federal Reserve banks in suchamounts
and subject to such regulations, restrictions and limitations as may be pre­
scribed by the Federal Reserve Board: Provided, however. That ZZZbZbaZk
o w n i n d o r s e m e n t e x c lu s iv e ly any Federal Resorv >y, su^h ban k > a s 10 i ls
a,i, oGCT
° r bW s °f eXChanoe
this paZgrZph for
notes, drafts, and bills o f exchan^e artsing m u
dteC0U” tt
Zid Z , aHamTnt etxce,edin° in the aggregate ten per centumof the
transactions; that is, notes, drafts, and bills o f exchnm™ i a *:om mcrcial
r Zn 0 / exchange C
Gpnadnsu
ats
ccep
tin
g bagnkorun
lessrin
thge
for agricultural, industrial, or com m ercial purposes', or U
rn p r o ce e d s 'o f drift
tut. nrbl
isap
accom
iedrplu
bysd°f
ocuth
mcen
con
veyin
secu
which havo been used, or are to be used, for such purposes the F 7
. hnLZZ, some°thc: adequate security: Provided, further. That no m
ember
k shall accept such drafts or bills in an amount exceeding at any tim
Reserve Board to havo tho right to determine or define t h o character ^
pairedcapital andsurpluspaper thus eligible for discount, within tho meaning o f this A ct
tv
° the aggregate of one-half of its paid-up and unim
1

'0

in tills A ct contained shall bo construed to prohibit such notes ii, * “ ,
bills o f exchange, secured by staple agricultural products or m ho
’ T *
wares, or merchandise from being eligible for such discount- i „ , t
,KOO< s ‘
nition shall not include notes, drafts, or bills cov erin g m erely
d o fior issued or drawn for the purpose o f carrying or trading in stn .1 cstn,onts
or other Investment securities, except bonds and n o * e s $
ment o f tho United States. N otes, drafts, and bills adm itted to Z T Z
under the terms o f this paragraph must havo a m aturity at tho t h n T 'f
discount o f not m ore than ninety days [ . ] , e x c lu s iv e o f d a y s o f g r a c e
P r o v id e d , 1 hat notes, drafts, and bills drawn or issued for a gricultu re
purposes or based on live stock and having a m aturity not
«
'
m o n t h s e x c lu s iv e o f d a y s o f g r a c e , m ay be discounted in an a m o u ^ to he
lim ited to a percentage o f tho [ c a p i t a l ] a s s e ts o f tho Federal R o!
bank, to bo ascertained and fixed b y the Federal Reserve Board




That subsection (e) o f Section 14 be, and Is hereby, amended to read
as 101lows:
“ (e) to cstablishjaccounts with'othcr Federal Rcservo banks fo r exchange
Purposes, and with tho consent o f tho Federal Reserve Board to open and
maintain [ b a n k i n g ] accounts in foreign countries, appoint correspond­
ents, and establish agencies in such countries wheresoever it m ay doom
best for tho purpose o f purchasing, selling, and collecting bills o f exchange
and to buy. and sc... with or without its endorsement, th ro u gh su ck co rre s:
pondents. or agencies, bills o f exchange, arising out o f actual com m ercial
transactions which have not m ore than ninety days to run.
and which bear the signature o f tw o or m ore responsible
parties

exclusive ot
days of grace,
andwiththe consent of theFederal Reserve Boardtoopenandmaintain
banking accounts for suchforeign correspondents or agenc-cs "
T hat the second paragraph o f Section 16 bo amended, and is hereby
amended to read as follows:
*’

“ A ny Federal Reserve bank m ay m ake application to the local Fedora
Reserve agent for such am ount o f the Federal Resorvo notes herein­
before provided for as It m ay require. Such application shall be accom ­
panied with a tender to tho local Federal Reservo agent o f collateral in
am ount equal to the sum o f tho Federal Reservo notes thus applied for and
issued pursuant to such application. The collateral security thus offered
shall be notes, [ a n d ] d r a f t s , bills o f e x c h a n g e ,o r a c c e p ta n c e s [ a c c e p t e d fo r
r e - d i s c o u n t ] r e d is c o u n te d under tho provisions o f Section 13 o f this A ct,
o r b ills o f e x c h a n g e in d o r s e d b y a m e m b er b a n k o f a n y F e d e r a l R eserv e d is c lr ic
a n d p u r c h a s e d u n d e r the p r o v i s io n s o f S e c tio n 14 o f th is A c t , o r b a n k ers a c ­
c e p t a n c e s p u r c h a s e d u n d e r th e p r o v i s io n s o f s a id S e c tio n 14, [ a n d ]
Tho

Federal Reserve agent shall each day n otify the Federal Reservo Board
o f all issues and withdrawals o f Federal Rcservo notes to and b y the Federal
Reservo bank to which he is accredited. T ho said Federal R cservo Board
m ay at any tim e call upon a Federal Reserve bank for additional security
to protect the Federal Reservo notes issued to i t .”

" E v e r y s u c h n a t io n a l b a n k in g a s s o c ia tio n s h a ll c o n d u c t th e a c c o u n ts o f
ea ch f o r e i g n b ra n c h i n d e p e n d e n tly o f th e a c c o u n ts o f o th er f o r e i g n b r a n ch es
esta b lis h e d by it a n d o f its h o m e o f f i c e , a n d sh a ll a t th e e n d o f ea ch f i s c a l
p e r io d tr a n s fe r to its g e n e r a l led g er th e p r o f it o r lo ss a c c r u e d a t ea ch b ra n ch
a s a s e p a r a te ite m .
" A n y d ir e c to r o r o th er o f f i c 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 ban k
m a y , w ith th e a p p r o v a l o f th e F e d e r a l R eserv e H oa rd , be a d i r e c to r o r oth er
o f f i c e r , a g e n t, o r e m p lo y e e o f a n y s u c h b a n k o r c o r p o r a t io n a b ov e m e n tio n e d
i n th e c a p i t a l s to ck o f w h ic h su c h m e m b er b a n k sh a ll h a v e in v e s te d a s h e r e in ­
b e fo r e p r o v id e d , w ith o u t b e in g s u b je c t to th e p r o v i s io n s o f S e c tio n 8 o f th e A c t
a p p r o v e d O ctob er 15th 1914, en title d ‘ A n A c t to s u p p le m e n t e x is tin g la w s
a g a in s t u n la w fu l r e s tr a in ts a n d m o n o p o l ie s , a n d f o r o th e r p u r p o s e s .' ”

L O A N S ON R E A L E S T A T E .
T hat Section 24 be, and is hereby, amended to read as follows:
L O A N S ON F A R M L A N D S A N D O T H E R R E A L E S T A T E .
“ Sec. 24. A n y national banking association not situated In a central re­
serve city m ay m ake loans, secured b y im proved and unencumbered farm
land situated within its Federal Reserve district o r w ith in a r a d iu s o f o n e h u n ­
d r e d m ile s o f th e p la c e in w h ic h su c h b a n k is lo ca te d , i r r e s p e c tiv e o f d is tr ic t lin e s ,
a n d m a y a ls o m a k e lo a n s s e c u r e d b y im p r o v e d a n d u n e n c u m b e r e d r e a l esta te
lo ca ted w it h in o n e h u n d r ed m ile s o f th e p l a c e i n w h ic h s u c h b a n k i s lo ca ted ,
i r r e s p e c tiv e o f d is tr ic t lin e s but no [ s u c h ] loan m a d e u p o n the s e c u r ity o f
s u c h f a r m la n d shall be m ade for a longer tlm o than five years, a n d n o lo a n
m a d e u p o n th e s e c u r ity o f su c h r e a l e s ta te a s d is tin g u is h e d f r o m f a r m la n d sh a ll
b e m a d e f o r a lo n g e r tim e th a n o n e y e a r nor [ f o r a n ] s h a ll the am ount o f
a n y s u c h l o a n , w h e th e r u p o n s u c h f a r m la n d o r u p o n s u c h r e a l e s ta te , [ e x c e e d ­
i n g ] e x c ee d fifty per centum o f tho actual value o f the property offered as
security. A ny such bank m ay m ake such loans, w h eth er s e cu re d b y su ch
f a r m la n d o r s u c h r e a l e s ta te , in an aggregate sum equal to tw enty-fivo

per centum o f its capital and surplus or to one-third o f its tim e deposits
and such banks m ay continue hereafter as heretofore to receivo tim e d e ­
posits and to p ay interest on tho same.
“ T he Federal Reserve Board shall have power from tim e to tim e to add
to tho list o f cities in which national banks shall not bo perm itted to make
loans secured upon real estate in tho manner described in this section .”
B A N K IN G

C O R P O R A T IO N S A U T H O R IZ E D T O D O F O R E IG N
B A N K IN G B U SIN E SS.
T hat Section 25 be. and is hereby, amended to read as follows:
“ Sec. 25. A n y national banking association possessing a capital and
surplus o f $1,000,000 or m ore m ay file application with tho Federal Reserve
Board f o r p e r m is s i o n to e x e r c i s e , upon such conditions and under such regu­
lations as m ay be prescribed by the said B oard, [ f o r th e p u rp o s e o f s e c u r ­
in g a u t h o r it y t o e s ta b lis h b r a n c h e s in fo r e ig n c o u n t r ie s o r d e p e n ­
d e n c ie s o f t h e U n ite d S ta tes fo r th e fu r th e r a n c e o f t h e fo r e ig n c o m ­
m erce o f t h e U n ited S ta te s, a n d t o a c t , if r e q u ire d to d o s o, as fisc a l
a g e n ts o f t h e U n ited S ta te s. S u ch a p p lic a t io n s h a ll s p e c ify , in
a d d it io n to th e nam e a n d c a p ita l o f t h e b a n k in g a s s o c ia tio n filin g it,
t h e p la c e o r p la ces w h ere th e b a n k in g o p e r a t io n s p ro p o s e d o re to
b e ca rr ie d o n , a n d t h e a m o u n t o f c a p ita l set a sid e fo r t h e c o n d u c t
o f its fo r e ig n b u s in e ss . T h e F ed eral R eserv e B oa rd s h a ll h ave
p o w e r t o a p p ro v e o r t o r e je c t s u ch a p p lic a t io n , if, in its ju d g m e n t,
t h e a m o u n t o f c a p ita l p ro p o s e d to b e set a sid e fo r t h e c o n d u c t o f
fo r e ig n b u s in e s s is in a d e q u a te , o r if fo r o t h e r re a s o n s th e g r a n tin g
o f s u c h a p p lic a t io n is d eem ed i n e x p e d i e n t .] e ith e r o r both o f th e fo llo w ­

FEDERAL RESERVE BULLETIN ON OPERATION
THE CLEARING PLAN.

A ta b le sh o w in g th e r e su lts o f th o o p e ra tio n o f th o F e d e ra l
R e s e r v e in te r -d is tr ic t c o lle c tio n s y s to m fo r th o firs t m o n th ,
fr o m J u ly 1 5 to A u g . 1 5 , is fu rn ish e d in a n a rtic le d ea lin g
w ith th e s u b je c t p u b lish e d in th o S e p te m b e r n u m b e r o f tho
“ F e d e ra l R e s e r v e B u l l e t i n .”
m o n th

w as

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

th o

average

h a n d le d d a ily a m o u n tin g to 1 3 3 ,1 1 3 .

num ber

of

ite m s

W e ta k o tho fo llo w ­

in g fr o m th e “ B u lle t in ” in th e m a tte r :
O P E R A T IO N OF T H E C L E A R IN G P L A N .
Clearing and collection o f checks under tho plan recomm ended b y tho
•Federal Reserve Board m ay bo said to bo satisfactorily Inaugurated, though
it is but fair to state that m any little adjustments and improvements re­
main to bo m ade, some o f which will require several months o f patient work
to fully accom plish. T he plan had on Aug. 15 been in effect only one m onth,
henco it is only possible to give figures which show what had been dono b y
tho twelve Federal Reservo banks in tho first few weeks.
During the first thirty-day period tho average am ount o f daily clearings
for the twelvo banks was $59,301,695, with tho averago number o f items
133,113. Federal Reserve banks can collect at par from 7,624 member
banks and 7,032 State banks, a total o f 14,656 banks. There is given
below a table showing briefly the operations o f tho twelvo banks.

[ “ E very n a t io n a l b a n k in g a s s o c ia tio n w h ic h sh a ll receiv e a u t h o r ­
i t y to e s ta b lis h fo r e ig n b r a n c h e s s h a ll b e r e q u ire d a t all tim es t o fu r ­
n is h in fo r m a tio n c o n c e r n in g t h e c o n d it io n o f s u c h b r a n c h e s t o th o
C o m p tro lle r o f th e C u r r e n c y u p o n d e m a n d , a n d th e F ed era l R eserve
B o a rd m ay o rd e r s p e c ia l e x a m in a tio n s o f t h e said fo r e ig n b ra n ch e s
a t s u c h tim e o r tim es as it m ay d eem b e s t. E very s u c h n a t io n a l
b a n k in g a s s o c ia tio n s h a ll c o n d u c t t h e a c c o u n t s o f e a ch fo r e ig n
b r a n c h in d e p e n d e n t ly o f t h e a c c o u n t s o f o t h e r fo r e ig n b r a n c h e s
e s ta b lis h e d b y it a n d o f its h om e o ffi c e , a n d s h a ll a t t h e en d o f e a ch
fis c a l p e rio d tra n s fe r to its g en era l led g er t h e p r o fit o r loss a c c r u in g
a t e a ch b r a n c h as a s e p a ra te i t e m . ]
"F ir s t.
T o esta b lish b r a n c h e s i n f o r e i g n c o u n t r ie s o r d e p e n d e n c ie s o r
i n s u la r p o s s e s s i o n s o f th e U n ite d S ta tes f o r th e fu r th e r a n c e o f th e f o r e i g n
c o m m e r c e o f th e U n ite d S ta tes, a n d to a ct i f r e q u ire d to d o s o a s f i s c a l a g e n ts
o f the U n ite d S ta tes.
" S e c o n d . T o in v est a n a m o u n t n ot e x c e e d in g in th e a g g r e g a te ten p e r c e n tu m
o f its p a i d - in c a p it a l stock a n d s u r p l u s i n th e s to ck o f o n e o r m o r e b a n k s o r
c o r p o r a t io n s ch a r te re d o r in c o r p o r a te d u n d e r th e la w s o f th e U n ite d S tates
o r o f a n y S tate th e r e o f, a n d p r i n c ip a ll y en g a g e d i n in te r n a tio n a l o r f o r e i g 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 i n s u la r p o s s e s s i o n o f th e U n ite d S ta tes,
e ith e r d ir ec tly o r th rou g h th e a g e n c y , o w n e r s h ip , o r c o n tr o l o f lo c a l in s titu tio n s
i n f o r e i g n c o u n t r ie s , o r in s u c h d e p e n d e n c ie s o r i n s u la r p o s s e s s i o n s .
" S u c h a p p l i c a ti o n sh a ll s p e c i f y th e n a m e a n d c a p it a l o f th e b a n k in g a s s o ­
c ia ti o n f i l i n g i t, th e p o w e r s a p p l i e d f o r , a n d th e p la c e o r p la c e s w h e re the
b a n k in g o p e r a t io n s p r o p o s e d a r e to b e c a r r ie d o n .
T h e F e d e r a l R es e r v e H oard
s h a ll h a v e p o w e r to a p p r o v e o r to r e je c t su c h a p p l i c a ti o n i n w h o le o r i n p a r t
i f f o r a n y r e a s o n th e g r a n tin g o f s u c h a p p l i c a ti o n i s d e e m ed in e x p e d ie n t ,
a n d s h a ll a ls o h a v e p o w e r f r o m tim e to tim e to i n c r e a s e o r d e c r e a s e th e n u m b e r
o f p la c e s w h e r e su c h b a n k in g o p e r a t io n s m a y b e c a r r ie d o n .
" E v e r y n a tio n a l b a n k in g a s s o c ia tio n o p e r a t in g f o r e i g n b r a n c h e s s h a ll b e
r e q u ire d to f u r n i s h in fo r m a t i o n c o n c e r n in g th e c o n d itio n o f s u c h b r a n ch es
to the C o m p tr o lle r o f th e C u r r e n c y u p o n d e m a n d , a n d ev ery m e m b er ban k
in v e s tin g i n th e c a p it a l s to ck o f b a n k s o r c o r p o r a t io n s d e s c rib e d u n d e r s u b ­
p a r a g r a p h 2 o f th e f i r s t p a r a g r a p h o f th is s e c tio n sh a ll b e r e q u ire d to f u r n is h
i n fo r m a t i o n c o n c e r n in g the c o n d itio n o f s u c h b a n k s o r c o r p o r a t io n s to the
F e d e r a l R es e r v e B o a rd u p o n d e m a n d , a n d th e F e d e r a l R eserv e B o a rd m a y o r d er
s p e c ia l e x a m in a tio n s o f th e s a id b r a n c h e s , b a n k s , o r c o r p o r a t io n s a t s u c h tim e
o r tim e s a s it m a y d e e m b est.
" B e f o r e a n y n a tio n a l b a n k sh a ll b e p e r m itte d to p u r c h a s e s to ck i n a n y su ch
c o r p o r a t io n th e s a id c o r p o r a tio n s h a ll e n te r in to a n a g r e e m en t o r u n d er ta k in g
w ith th e F e d e r a l R eserv e B o a rd to r e str ict its o p e r a t io n s o r c o n d u c t its b u s in e s s
i n s u c h m a n n e r o r u n d e r s u c h lim ita tio n s a n d r e s tr ic tio n s a s th e s a id B oa rd
m a y p r e s c r ib e f o r the p la c e o r p la c e s w h e r e in s u c h b u s in e s s i s to b e c o n d u c te d .
I f at a n y tim e th e F e d e r a l R es e r v e B o a rd s h a ll a s c e r ta in th a t th e r e g u la tio n s
p r e s c r ib e d b y it a r e n ot b e in g c o m p lie d w it h , s a id B o a rd is h e r e b y a u th o r iz ed a n d
e m p o w e r e d to 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 to s e n d f o r p e r s o n s
a n d p a p e r s , s u b p o e n a w it n e s s e s , a n d a d m in is te r o a th s , i n o r d e r to s a tis fy
i t s e l f a s to th e a c tu a l n a tu r e o f th e t r a n s a c tio n s r e fe r r e d to .
S h o u ld su c h
in v e s tig a tio n r e su lt in e s ta b lis h in g th e f a i l u r e o f th e c o r p o r a t io n i n q u e s tio n
j o f th e n a t io n a l b a n k o r b a n k s w h ic h m a y b e sto ck h o ld er s th e r e in , to c o m p ly
111 <r e g u la tio n s la id d o w n b y th e s a id F e d e r a l R eserv e B o a rd , s u c h n a tio n a l
l'.m a y be r eq u ired to d i s p o s e o f s to ck h o ld in g s i n th e s a id c o r p o r a t io n u p o n




T h o a v e ra g e a m o u n t o f d a ily

clearin gs fo r th e tw e lv e F e d e ra l R c s e rv o b a n k s d u rin g tho

in g pow ers:

s o n a b lc n o t ic e .

OF

O p e ra tio n s o f the F e d e r a l R eserv e I n t e r - D is t r ic t C o lle ctio n
1916 to A u g . 15 1916.

Bank.

A v era g e
num ber
o f ite m s
h a n d led
d a ily .

B oston _______________________
Now Y o r k ___________ ____ __
P h ila d e lp h ia .. _____________
Cleveland _ . ________________
R ich m o n d ___________________
Atlanta ____________________
C h ica g o ______________________
St. L ouis____________________
M in n e a p o lis_________________
Kansas C ity _________________
D allas, d _____________________
San Francisco________________

28,906
24,230
17,123
9,799
9,897
7,347
11,970
5.474
64,500
6,923
5,470
1.474

T o t a l ______________________

133,113

A v era g e
am ount o f
d a ilu c le a r in g .

S y s te m , J u ly

15

S tate
M em ­
ban ks,
b er
r e m it­
ban ks
ta n ce
in the
d i s tr i c t. at p a r .

00
00
00
00
00
00
00
83
11
00
00
00

402
624
629
758
519
391
991
469
748
940
634
519

a24l
27
135
470
294
462
1,348
734
1,000
1,328
241
752

$59,301,695 94

7,624

7,032

$7,333,007
14,705,303
8,651,377
3,804,794
3,632,248
1,681,462
8,077,696
2,451,748
c3 ,550,744
3,680.374
1,143,942
589,000

A ll Stato banks in district.
Approxim ately.
c Includes $2,635,913 83, representing clearings between Minneapolis
and St. Paul banks handled through clearing house.
d Figures from July 6, inauguration o f systom.
There was general discussion o f questions which havo arisen in tho first
m onth’s operation o f tho plan at a conference o f Governors held In Boston
during tho week o f A ug. 21.
I t has been necessary for tho banks to em ploy a considerable number o f
additional clerks in connection with tho clearing, and in some cases there
has been difficulty in finding a sufficient number o f experienced employees.
Additional work has also been imposed upon tho tollers through tho receipt
o f shipments o f m oney and all dopartnionts o f tho banks havo been partakers
in tho extra burden o f work.
In tho Boston district all Stato banks to tho number o f 241 remit at par.
Fifteen national banks and fifteen trust companies in Fairfield C ounty,
C onn., which is now a part o f tho New Y ork district, remit also to tho
Federal Reserve Bank o f Boston at par.
A t tho Philadelphia Federal Reserve Bank tho total number o f items
cleared during tho last fifteen days o f July was 32,504 and their amount
was $55,399,443. During tho noxt fifteen days, from Aug. 1 to Aug. 15*
tho number o f items cleared was 76,827 and tho am ount o f tho clearing
$111,430,394.
The volum e o f the clearing at tho Clovclatul Federal Rcservo Bank on
A ug. 15 was $3,942,441.
Some large C hicago banks having correspondents and connections
throughout tho cou ntry havo preferred not to avail themselves o f the
facilities o f the Chicago Federal Reserve B ank, sending to that bank only
a small percentage o f thoir items. A t tho samo time Chicago member
banks report that banks in m any cities which havo heretofore been oxchango
points are now willing to remit at par for checks sont to thorn. O f tho items
handled b y tho Chicago Bank during tho firt m onth o f tho operation o f tho
clearing plan approxim ately 4 0% were on banks in tho district outside tho
city o f Chicago, 25% on Chicago banks, 5% on other Federal Rosorve
cities, and 3 0% on other districts outsido Federal R cservo cities.
In explanation o f tho figures for tho Federal Resorvo Bank o f St. Louis
it m ay bo stated that m any o f tho m ember banks in that district aro changing
their m ethods o f handling checks slow ly and attem pting to dotormino
whether it Is cheaper to handle them direct, through tho Federal Resorvo
Bank, or through tho country clearing houses operated in St. Louis and
a
b

juuuisvhu;.

T ho Kansas C ity Federal Reserve Bank did not handle Stato bank items
except in a very insignificant amount until after tho distribution o f tho par
listjon Aug. 15. Since that tlmo tho Stato bank Items havo greatly incroasod
in number and total amount.
Items from small country banks show a gradual but noticoablo incroaso
at tho Federal Reservo Bank o f Dallas.
A t San Francisco tho Federal Reservo Bank has undertaken tho collec­
tion o f checks from non-mem ber banks upon substantially tho samo basis
as from m ember banks. Sovon-oighths o f tho non-mom bor banks upon
which tho bank has had checks havo consented to remit without deduction
for exchange.

SUBURBAN BANKS I N COOK COUNTY , ILL., PROTEST
AGAINST CLEARING HOUSE CHARGES.
A

p ro te st a g a in s t th o n e w ru le o f th o C h ic a g o C le a rin g

H o u s e A s s o c ia tio n , u n d e r w h ich m e m b e r b a n k s are re q u ire d
to

c h a rg e

fo r c o lle c tin g ch e ck s d ra w n o n b a n k s

in C o o k

C o u n t y o u tsid e o f C h ic a g o , h as been lo d g e d w ith th o A s s o ­
c ia tio n b y th e b a n k s a ffe c te d .

F o r ty -n in e o f th e su b u r b a n

b a n k s , it is s ta te d , h a v e p e titio n e d th o C le a rin g H o u s e for
a re c o n sid e ra tio n

o f its a c tio n .

The

sc h e d u le

o f ch a rg es

e s ta b lish e d b y th o C le a rin g H o u s e , a c c o r d in g to th o C h ic a g o
“ T r ib u n e ,” is 5 ce n ts a n ite m on ch e ck s o f $ 5 0 o r le s s , a n d
on m o ro th a n $ 5 0 , 3 c e n ts , p lu s 2 5 c e n ts e a ch o n tw o -d a y
ite m s , 5 0 ce n ts o n f o u r -d a y ite m s , a n d $ 1 o n e ig h t -d a y ite m s .
T h e su b u r b a n b a n k s in sist these c h a rg e s, w h ic h are e n tir e ly
n e w , are d isc r im in a to r y a n d w ill re su lt in d riv in g s o m e o f
th e ir b u sin e ss to b a n k s in sid e tho circle .

A s u b -c o m m itte e

o f th e C le a rin g H o u s e is co n sid erin g th e p r o te s t.
J.

M . A p p e l, V ic e -P r e s id e n t o f th e F ir s t N a t io n a l B a n k

T o establish foreign branch banks and agencies, to placo at tho disposal
o f our exporters American financial facilities instead o f com pelling them
to depend on British, German and French, to give the necessary Information
o f foreign credits, and to assist our exporters and Importers to finance
their transactions— all this is the province o f the American banker. T hat
Is his part in tho organization o f American business so as to hold and
extend our foreign trade. It is not merely a du ty. It is an opportunity.
It means m ore business and m oro profits for our banks. For example,
British and German foreign trade banks are well paid for carrying the
credits o f Latin American merchants and importers. British banks
annually earn some commission or make some p rofit on every dollar o f the
nine billion dollars’ worth o f International bills drawn on London.
This Is not merely the opportunity o f the bankers o f the coast cities.
Inland bankers have their foreign trade opportunities, and you have yours
right hero In Ohio. In Cleveland, Cincinnati, Colum bus, T oledo, D ayton ,
Springfield, Akron, Youngstown, Niles, Canton, Newark, M arlon, Shelby,
Mansfield, Hamilton and other Ohio cities overseas trade is growing
rapidly and export shipments aro mado constantly. Furthermore, Ohio
merchants and manufacturers Import millions o f dollars worth o f com ­
modities every year. I presume that Akron alone buys one-fourth o f all
tho crude rubber o f the world. All these transactions Involve the services
o f bankers. In short, gentlemen, foreign trade banking business that
you ought to handle passes your doors every day on its w ay to N ew Y ork
or London. This war has thrown the spot light on the opportunity; the
has opened the door; It Is now up to you.
oGovernment
f

W i lm e t t e , 111., a s sp o k e sm a n , h as a d d re sse d th o fo llo w in g
s ta te m e n t to th e c o m m itte e :
Sixty-tw o banks aro operating in C ook C ounty outsldo o f tho Chicago
boundaries, of which only eight aro members o f your Association. I am
told they have deposits o f approxim ately S30.C00.000. It is estimated
that they have on deposit in Chicago banks to-d ay no less than $5.000,000.
Although outside o f tho present city boundary lino, these banks, like every
other enterprise or industry In Cook C ounty, aro a part and parcel o f Greater
Chicago. In view o f this, It is quite natural that checks drawn on those
banks should pass current In Chicago. This precedent, established over
ton years ago, has grown Into a custom and the patrons o f those banks have
been educated to It.

RICHMOND RESERVE B A N K ’ S PLANS FOR INSUR­
ANCE OF CURRENCY SHIPMENTS.
T h e F e d e ra l R e s e r v e B a n k o f R ic h m o n d m a k e s th e f o l­
lo w in g a n n o u n c e m e n t c o n ce rn in g a r ra n g e m e n ts w h e r e b y cu r­
re n c y m a y b e s e n t to it b y a n y b a n k or b a n k e r in th e d is­
tr ic t b y re g iste re d m a il insured u n d e r th e R e s e r v e B a n k ’ s
p olicie s a t th e sa m e ra te th e la tte r p a y s fo r o u tg o in g s h ip ­
m ent :
F E D E R A L R E S E R V E B A N K OF R IC H M O N D .
S u b je c t:

I n s u r a n c e o f C u r r e n c y S h ip m e n ts .
S e p t. 7

E N HURLEY ON “ THE BANKER A N D OUR BUSINESS
PROBLEMS.”

Tho importance of an adequate system of cost accounting
to business men was pointed out anew by Edward N . Hurley,
Chairman of tho Federal Trado Commission, at tho annual
meeting of tho Ohio Bankers’ Association at Columbus, on
tho 13th inst. Mr. Hurloy also directed his hearers to tho
necessity of looking ahead to tho future conditions which
wo must proparo to meet. “ Almost before we know it,”
ho said, “ wo will find a now Europe competing against us
with war-sharpened brains and war-hardened muscles, not
only in our foreign markets but also right hero at homo.
If our industries aro not to bo caught slow of mind and
flabby of muscle wo must improvo our business organization,
must increase our manufacturing and merchandising effi­
ciency and must keep pace with every stop in Europe’s
industrial progress.” In part, ho further said.
In considering our position after tho war, I wish to talk ch iefly about
what wo must d o hero at home, but I cannot talk to you on this subject
without first referring briefly to what wo must d o In our foreign business.
N ext to England wo have tho greatest foreign trado oi any nation in tho
world
Our exports and imports reach billions o f dollars in valuo. Gentle­
men wo must keep and expand that great trade. It moans tho full tldo
o f prosperity for our factories and farms. It means tho best com forts
and conveniences o f modern civilization for tho families and homes o f this
country. B ut, If wo aro to keep that trado and make it grow as a healthy
business should grow, wo must have the organization and tho facilities
needed. Tho government is alive to this fact. Through tho Shipping
Hill it is striving to improvo our merchant marine. Tho W ebb-Oulberson
bill, which has passed tho House, and which I hope will pass the Sonato
in December, will legalizo co-operative Joint oxporting agencies b y American
manufacturers and producers, oven among com petitors, and will enable
Americans to com poto on more nearly equal terms with the powerful
combinations o f foreign manufacturers that play so largo a part In Inter­
national com m crco. Through the Federal Reserve A ct and tho amendment
thereto that has just been made law, American banks can now deal In
foreign drafts and acceptances and can co-operate with each other to
engage In foreign trade banking. Thus, tho Governm ent Is doing Its
part now tho business men o f this country must do their part, and gcntlomen, you must do yours.
,
.
One o f the m ost significant factors In foreign trade Is the banker. As
tho wonderful foreign trado o f Great Britain dovelopod, British banks
established branches and agencies all over the world. British foreign
trade banks do business, for example, not only all over South America,
tho Orient, tho East Indies and all along tho coast o f A frica, but far Inland
as well. There aro branches o f British banks 300 miles up the Niger,
800 milt's up tho Zam bezi, and 1,000 miles up tho NUo. W hen Germany
began her "d riv e” for foreign trade sho established her own banks in
South America, A frica, tho Orient, and tho Levant. Sho understood the
necessity o f having her own banks In foreign markets If her Importers and
exporters were to finance their shipments as they wished, wero to have tho
credit inform ation needed, and wero to extend tho credits required.
So far as tho United States is concerned wo aro almost w ithout foreign
trade banks o f our own. Only one bank has gono into this business on
any extensive scalo and It has only begun. Tho total capital and reserves
o f tho 57 British overseas banks exceed $500,000,000. E xcluding tho
Hank o f England, these 57 banks havo a greater total capital and surplus
than tho 50 dom estic banks o f tho United K ingdom , with their 8,000
branches. On tho other hand, although our dom estic banks, loan and
trust companies havo a capital and surplus o f $3,400,000,000, which equals
that o f all tho dom estic banks o f ail the rest o f the world com bined, tho
capital and surplus represented In our oversea banking Is less than $7,­
000,000. And that condition oxlsts in tho faco o f tho fact that our foreign
trado Is tho socond greatest In tho world, Is valued in billions o f dollars
and calls for tremendous banking and financial transactions ovory day.
This means that wo aro perm itting our commercial rivals to do our forolgn
banking for us and to obtain tho profits and com m ercial advantages that
naturally result.




1910.

T o th e C a s h ie r o f th e M e m b e r B a n k A d d r e s s e d :

T his bank has m ado arrangements b y which currency m ay be sent to us
by any bank or banker in this district b y registered mail insured under our
own policies at tho same rates which we ourselves pay on outgoing shipm ents,
which rates we believe to be lower than those you now have or are able to
obtain.
All that is necessary to render the insurance binding from the tim e o f d e­
livery o f tho package to tho Post O ffice is to register the package, addressed
to this bank, and send us b y m all on the same d a y, under separate cover,
advice o f shipm ent, stating tho am ount and requesting us to insure under
our policies. N o writing should appear on the package indicating its
contents.
*
Upon receipt o f this notification o f shipment we will charge to your
account the insurance premium and advise you o f tho am ount.
W hen currency shipments aro m ade, under tho terms o f our collection
circular N o . 45, to p a y checks, in whole or in part, sent you by us, or sent
to you for our account, if you will n otify us to that effect we will assume
tiio insurance prem ium and reimburse you for the amount o f the postage
and registration fee.
Inasmuch as tho cost o f currency shipments in denom inations o f $5 and
abovo b y registered mail insured is less than when sent by express, we will
thank you to make all such sihpments to us in paym ent o f chocks b y
registeredimail,.inithe manner above described and we will take care o f the
insurance.
W hen making shipments o f currency the follow ing rules, for your own
p rotection , should be observed whenever practicable:
1st. H avo tho currency counted when possible by tw o responsible
em ployees o f the bank.
2d. H ave the currency put up in one or m oro packages and sealed b y or
in tho presence o f tho same persons who counted it. In every case request
should bo made that a return card, showing delivery o f the package, be
furnished b y the Post O ffice authorities.
3d. N o tify us im m ediately b y letter under separate cover that the ship­
m ent has been m ado, stating approxim ately the tim e when sent and the
am ount and,kind o f m oney contained in the package or packages.
A ll currency should be carefully assorted both as to kinds and denom i­
nations, and only lawful m oney fit for circulation or Federal Reserve notes
should bo sent to us.
R espectfully,
G E O . J. S E A Y , G o v ero r.

PA Y M E N T OF FEES TO NATIONAL B AN K DIRECTORS.
A

s ta to m e n t in w h ich it is s h o w n th a t a b o u t h a lf th e

n a tio n a l b a n k s th r o u g h o u t th e U n it e d S ta t e s p a y n o fee s to
th oir d ire ctors w a s issued u n d e r d a te o f th e 8 th

in s t. b y

C o m p tr o lle r o f th e C u r re n c y J o h n S k e lto n W i lli a m s .

We

a p p e n d h e re w ith his a n n o u n c e m e n t c o n ce rn in g th e r e su lts
o f his c a n v a s s in th e m a tte r :
T he Com ptroller o f tho Currency mado public to-day the follow ing
statement regarding tho fees paid b y national banks to their directors, as
shown by the reports on this subject to the C om ptroller’s o ffice in the
year 1915.
T he figures given include reports from about 7,500 out o f 7,600 national
banks. A bou t one-half o f these national banks (principally tho country
banks) advise that they pay no fees to directors. Reports from tho other
half, or, say, 3,708 banks, show the following fees paid each director per
meeting attended:
Banks paying directors’ feesZof less than ono dollar (all being country
34
b an k s)______________________________________________________________
One dollar but less than tw o ----------------------------------------------------------------- 681
T w o dollars to three d o l la r s ....... •- - - ............................................................ 1,179
Threo dollars but less than five dollars....................................................... 402
997
F ive d o lla r s ------------------------ ■— - - — - —
51
M oro than five dollars but less than ten
268
Ton dollars----------------------------------------------96
Over ten dollars---------------------------------------3,708
There were only 43 banks in the reserve and central reserve cities which
reported paying their directors less than $5 per m eeting, and o f the 96
banks paying m oro than $10 per m ooting, 18 were located In central reserve
cities, 8 in other rcservo cities, and 70 were country ban ks.

THE FEDERAL RESERVE ACT A N D

THE FARMER.

I n an sw e r to a n in q u iry as to w h a t th e F e d e ra l R e se r v e A c t
h a d d o n e for th e fa r m e r , th e fo llo w in g le t te r , p rin te d in th e
S e p te m b e r issue o f th e “ F e d e ra l R e s e r v e B u l l e t i n ,” w a s se n t
o u t b y a n offic e r o f th e F e d e ra l R e se r v e B o a r d :
One o f tho prime objects o f the Federal Reserve A ct was to standardize
and stabilize interest and discount rates. Under our old system certain
classes o f borrowers, with m ore readily available collateral, received tho
benefit o f more ample credit facilities than did others, besides being favored
at all times with preferential rates. Furthermore, discount rates in this
country were subject to greater fluctuations than was the case in other
countries o f equal com m ercial im portance.
T ho needs o f the farmer for financial accom m odation m ay be classified
under three heads:
1. l i e requires long-tim e loans when ho wishes to acquiro additional lands
or when he desires to make permanent improvem ents on land that he
already owns.
2. H o requires credit, extending over a period o f several months, at those
seasons o f the year when his crops are being planted. The ordinary com ­
mercial credit running from 30 to 90 days is not sufficient, for ho cannot
ordinarily repay his loans until his crops aro marketed: therefore he needs
credit extending over a period o f six m onths. Under tho operation o f our
old system , ho found him self unable to obtain an adequate credit for this
length o f time, or else he was obliged to pay a higher rate o f interest than
that current for loans m aturing within 90 days.
3. As the great staple crops o f this country (such as cotton , corn, wheat,
and tobacco) reach their m aturity and are ready for market within a
period o f a few weeks o f each other, there always resulted a very large
seasonal demand for m oney during crop-m oving periods, with a corresponding
scarcity o f funds, high interest rates, and a natural depression o f prices,
owing to heavy selling pressure on tho market. Com paratively few
farmers havo been sufficiently independent financially to onablo them to
exercise any judgm ent as to when they should sell their products, and thoy
have been obliged to dum p their holdings upon an overburdened market,
thus giving tho purchaser (in m ost cases tho middleman) all tho advantage.
T he rule has been that as soon as tho pressure is relieved, prices advanced
so that tho ultimate consumer received no benefit, while the profits went
to tho middlemen and speculators.
T ho farmers o f the cou ntry, as well as those who are engaged in com ­
mercial and manufacturing pursuits, havo been benefited b y tho stabili­
zation o f interest rates on a lower basis, which has unquestionably been
brought about b y the operation o f the Federal Reserve system . In addi­
tion to this, tho Federal Reserve A ct has specifically provided for tho
betterm ent o f tho farmers’ condition b y making it possiblo for them to
securo banking accom m odations on equal terms with other classes o f bor­
rowers, in order to relievo the necessities arising under any one o f tho three
heads a bovo enumerated.
Section 24 o f tho Federal Reserve A ct provides:
‘ ‘A ny national banking association not situated in a central reserve city
m ay make loans secured b y improved and unencumbered farm land, situ­
ated within its Federal Reserve district, but no such loan shall be made for a
longer time than five years, nor for an am ount exceeding 50% o f tho
actual valuo o f the property offered as security. A ny such bank m ay m ake
such loans in an aggregate sum equal to 25% o f its capital and surplus or to
one-third o f its tim e deposits and such banks m ay continue hereafter as
heretofore to receive time deposits and to pay interest on tho sam e.”
In this connection, tho Federal Reserve B oard’s R egulation I, Scries o f
1915, is cited as fully carrying into effect the provisions o f this section. It
has never been contended, how ever, that Section 24 o f the Federal Reserve
A ct would meet all the requirements o f farmers for long-tim e loans; but ade­
quate provision has been made under the Federal Farm Loan A ct whereby
the Farm Loan Board w ill, within a short tim e, establish a system o f farm
loan banks in tho United States, which banks will be empowered to make
loans extending over long periods o f time.
Section 13 o f the Federal Reserve A ct provides:
‘ ‘ Upon the indorsement o f any o f its member banks, * * * any
Federal Reservo Bank m ay discount notes, drafts and bills o f exchange
arising out o f actual commercial transactions; that is, notes, drafts and bills
o f exchango issued or drawn for a g r ic u ltu r a l, industrial or commercial
purposes, or tho proceeds o f which havo been used, or aro to be used, for
such purposes * * *. N othing in this A ct contained shall bo construed
to prohibit such notes, drafts and bills o f exchango, s e c u r e d by s ta p le a g r i­
c u ltu r a l p r o d u c ts , or other goods, wares or merchandise, from being eligible
for such discount; but such definition shall not include notes, drafts or bills
covering merely investments or Issued or drawn for the purposo o f carrying
or trading in stocks, bonds, or other investment securities, oxcept bonds and
notes o f tho Governm ent o f tho United States. N otes, drafts and bills
adm itted to discount under tho terms o f this paragraph must have a ma­
turity at the time o f discount o f not m oro than ninoty days: P r o v id e d , T h at
n o te s , d r a fts a n d b ills d ra w n o r i s s u e d f o r a g r ic u ltu r a l p u r p o s e s o r b a sed o n
lir e s to ck a n d h a v in g a m a tu r ity n o t e x c ee d in g s ix m o n th s m a y b e d is co u n ted
in a n a m o u n t to be lim ite d to a p e r c e n ta g e o f the c a p it a l o f the F e d e r a l R eserv e
b a n k , to be a s c e r ta in e d a n d f i x e d b y th e F e d e r a l R eserv e B o a r d .”
(Tho italics

aro tho Reserve B oard’s.)
Tho Federal Reserve Board has ruled that, as this section limits the total
o f six m onths’ paper under discount at any one tim e b y a Federal Reservo
bank to ‘ ‘a percentage o f tho capital o f tho Federal Reserve ban k,” the total
o f such loans must not exceed 99% o f a Federal Reservo Bank's capital. It
has extended this limit to all Federal Reserve banks requesting it, and it has
also held (under advice o f counsel) that tho term “ cap ita l,” as applied to
Federal Reserve banks, does not mean tho paid-up capital, but that it refers
to the subscribed capital. Hence the 9 9% lim itation m ay bo construed b y
■ tho Board, if necessary, as applying to tho subscribed capital, which would
give, therefore, any Federal Reservo bank tho power to rediscount six
m onths’ paper to the extent o f 198% o f its paid-up capital, tho paid-up
capital being 50% o f tho subscribed capital. As tho paid-up capital o f
all Federal Reserve banks is approxim ately 855,000,000, it follows that their
capacity for rediscounting six m onths’ agricultural paper amounts to m ore
than 8100,000.000.
This section o f the A ct makes eligible for rediscount b y a Federal Reserve
bank tho notes that tho farmers have been in tho habit o f giving to provide
for their needs under heading 2, supra, and its application has already
resulted in m oro adequate credit and lower interest rates, tho rediscount
rates on six m onths’ agricultural paper having ranged, in tho various
districts, from 4 M to 5 % . Attention is called in this connection to the
B oard’s regulation C , Series o f 1915.
T ho efficacy o f tho Federal Reservo A ct in providing for farmers’ needs
under heading 3, supra, was tested thoroughly and proved beyond question
during the crop-m oving season o f 1915. In the latter part o f August 1915
tho Secretary o f tho Treasury announced his purposo to deposit Government
funds in largo amounts with Federal Reservo banks in order to aid them to
carry out the p olicy, which had been recomm ended b y tho Board, o f en­
couraging the orderly m ovem ent o f crops in their respective districts.
Only three o f tho Federal Reserve banks indicated a desire for such deposits,
und a total o f only 815,000,000 (85,000,000 in each o f the three districts




o f R ichm ond, Atlanta and Dallas) was deposited. On Sept. 3 1915 the
Federal Reserve Board issued Regulation Q, which regulation gives full
force and effect to Section 13 o f the Federal Reservo A ct. It provides for
preferential rates for com m odity paper and defines such paper as “ a note,
draft or bill o f exchange secured b y warehouse terminal receipts, or shipping
docum ents covering approved and readily m arketable, non-perishable
staples properly insured.” D iscount rates o f 3 % per annum were estab­
lished in all tho districts m ost directly concerned in tho m ovem ent o f
crops, and, in order to bo sure that tho producers might receive tho benefit
o f this low rate, tho regulation provided that tho rate should apply only in
those cases where tho borrower whoso paper was offered for rediscount b y
tho m em ber bank had been charged on tho paper offered a rate o f interest
or discount, including commission, o f not m ore than 6 % per annum.
As a result o f the steps taken b y the Secretary o f the Treasury, and tho
Federal Reservo Board, the abundant crops o f 1915 wero marketed, not only
without tho usual seasonal disturbance in m oney rates, but actually at
rates lower than had hitherto been known, and in tho caso o f one o f tho great
staplo crops o f tho country, cotton, these measures resulted in conserving
to the producers values amounting to m any millions o f dollars, which
doubtless would otherwise havo gone to middlemen and speculators. Tho
outbreak o f war in Europe in tho midsummer o f 1914 found the cottonproducing States about to market a crop which turned out to be nearly
16,000,090 bales. The export market was paralyzed, and tho close o f tho
co tto n year (July 31 1915) found tho world with a surplus o f American
cotton o f nearly 5,000,000 bales, with another crop o f about 12,000,090
bales soon to be m arketed. T o com plicate the situation further, tho bel­
ligerent powers blockading the coasts o f Europe announced their intention
to declaro cotton an absolute contraband o f war. A panicky feeling
existed throughout tho cotton belt; predictions were made freely o f cruin
blin g prices and o f com m ercial disaster, yet prices o f cotton, which at tho
opening o f tho cotton year (Aug. 1 1915) ranged around 8 cents a pound,
instead o f declining, advanced steadily, going abovo 10 cents on Sept. 15
and abovo 12 Vi cents on O ct. 20, so that tho producers o f this great staplo
wero enabled by reason o f tho facilities placed within their reacli b y tho
Federal Reservo banks to market their crops in a gradual and orderly
manner, and to obtain tho full benefit o f fair prices for tho fruits o f their
toil.
T his outlino o f tho course o f cotton prices in 1915 is mentioned sim ply
as exhibiting a striking examplo o f the efficacy o f tho Federal Reserve A ct
in protecting producers, and at other times and under other conditions it
will bo just as effective in the caso o f any other agricultural product as it
was in the matter o f cotton.
There is no feature o f tho Federal Reserve A ct which is m oro easily un­
derstood, nor which should bo m oro highly appreciated b y the public, than
tho relief it affords in crop-m oving seasons. Beforo tho passage o f tho
Federal Reserve A ct the annual stringency in the m oney market and tho
high rates that prevailed during such periods always caused hoavy loss to
tho farmers o f tho country, and did not confer any corresponding bonofit
upon tho consumers. Such conditions invited speculation and enabled
middlemen to reap profits from tho labor o f others. T he annual recurrence
o f these tight m oney periods wero also a monaco to tho entire financial and
com m ercial fabric o f this country, and while, in tho absence o f other co m ­
plications, the banks o f the country wero usually able to moot the domands
in some fashion without permanent derangement o f tho credit structure,
still on tw o m emorable occasions at least (to wit, 1873 and 1907) other
com plications arose simultaneously with the crop-m oving stringency, and
tho result was com plete breakdown, financial panic, and disaster, from
which it took tho country years to recover.

INVESTIGATION
OF ALLEGED LOBBY OPPOSING
PROVISION AGAINST C AN A D IA N FISHERIES.
W e g iv e b e lo w th o te x t o f tho re s o lu tio n a d o p te d b y th e
S e n a te ju s t b e fo ro

its

a d jo u r n m e n t o n th o

8 th ca llin g for

a n in v e stig a tio n in to th e a c tiv itie s o f a n a lle g e d foroign lo b b y
o p p o s in g

tho C h a m b e r la in p ro v isio n in tho W a r

R oven u o

B ill a im e d a t C a n a d ia n fisheries in tho P a c ific N o r t h w e s t.
A s in d ic a te d in th e se c o lu m n s la s t w e e k , th o p ro v isio n w as
str u c k o u t d u rin g th e con fe re n ce o n th o b ill.

T h o re so lu ­

tio n , w h ic h w as s u b m itte d b y S e n a to r C u r tis , is as fo llo w s:
W h e r e a s , It lias been charged upon tho floor o f tho Senato o f tho United
States that a foreign Governm ent had m aintained a lob by in tho city o f
W ashington during this session o f Congress; and
W h e r e a s , It has been charged upon tho floor o f tho Senato that such a
lob by so m aintained did influence certain legislation and caused to bo
stricken from tho revenuo measuro a certain provision prohibiting tho ad­
mission o f fresh and frozen halibut or salmon from tho N orth Pacific Ocean
or its tributary waters into tho United States through any foroign cou ntry,
oxcept when tho same shall bo in bond In an American port; therefore, bo it
R es o lv e d , T h a t tho L ob b y Com m ittee o f tho U nited States Senate bo, and
it is hereby, authorized and directed to investigate such charges and report
tho result to tho Senate at tho opening o f tho next session o f Congress or as
soon thereafter as practicable.

PROVISIONS OF SHIP REGISTRY BILL FURTHER
SUSPENDED.
A n ord er e x te n d in g tho tim e d u rin g w h ich th o d o m e stic
la w s re la tin g to th e s u r v e y , in sp e ctio n an d m e a s u r e m e n t o f
ve sse ls sh all n o t bo a p p lie d

to fore ig n ve sse ls ta k in g o u t

A m e r ic a n re g istry u n d e r th e S h ip R e g is tr y A c t o f A u g u s t 18
1 9 1 4 w a s sig n ed b y P re sid e n t W ils o n o n th o 1st in s t.

W ith

th e e n a c tm e n t o f tho la w th e se p ro v isio n s w ero s u sp e n d e d for
tw o y e a r s ; th e n ew ord er su sp en d e d th e p ro v isio n s fo r a n o th e r
year.

I t lik ew ise fu rth e r su sp en d s th e p ro v isio n s o f th o law

p re scrib in g th a t th e w a tc h officers o f ve sse ls o f th e U n ite d
S ta te s reg iste re d fo r fore ig n trad e sh all bo eitizon s o f th o
U n it e d S ta t e s .
W e g iv o th e ord er b e lo w :
In pursuanco o f the authority conferred upon tho President o f tho United
States b y Section 2 of the A ct approved A ug. 18 1914, entitled “ An A ct to
provide for the admission o f foreign-built ships to American registry for
the foreign trade, and for other purposes,” it is hereby ordeio 1
1. That tho provisions o f tho law prescribing that the watch officers o f
vessels o f tho United States registered for foroign trado shall bo citizens c t
tho United States are hereby suspended so far and for such length o f time
as is herein provided, nam ely: A ll watch officers now em ployed on foreignbuilt ships which havo been admitted to United States registry undor said

LORD ROBERT CECIL ON BLACKLIST A N D RETALIA­
TORY MEASURES OF THE UNITED STATES.
In d iscu ssin g on S e p t . 8

th e p ossib le e ffe c t o f th e n ew

re ta lia to ry le g isla tio n o f the U n it e d S ta te s , L o r d R o b e r t C e c il,
G r e a t B r ita in ’ s M in is te r o f W a r T r a d e , s ta te d t h a t “ it is
n o t lik e ly th a t G r e a t B r ita in w ill ch a n ge her b la c k lis t p o lic y
a t th e re q u e st o f th e U n ite d S t a t e s .”

To

th e A s s o c ia te d

P ress L o r d R o b e r t said th a t a re p ly to tho b la c k lis t p ro te s t
m a d e b y th o U n it e d S ta te s m ig h t bo e x p e c te d s o o n .
He
d ec lin ed to en ter in to the d eta ils o f tho c o n te n ts o f th e re p lv
b e y o n d th e sta te m e n t th a t th e p rin c ip le e m b o d ie d in B r itis h
le g isla tio n

fo rb id d in g

tra d in g

w ith

an

enem y

c o u n tr y

is

n o t lik e ly to be su rren dered in a n y m e a s u r e .
In a g en era l
d efen se o f B r itish c o m m e rc ia l a c ts L o rd R o b e r t sa id :
The ideas expressed b y some o f your newspapers that Groat Britain is
adopting a deliberate policy with which to Injure American trade is tho
purest m oonshine, since outside o f our own dominions our trado with the
United States is tho m ost im portant. Of courso, natural trade rivalry
exists, but no responsible statesman in this country would dream o f pro­
posing an insane measure designed to Injure American com m erco.
Any Impression that the blacklist is merely an entering wedgo for a trado
warfare after tho war m ay bo dismissed at onco. I assuro you tho blacklist
is purely a war measure, and I cannot Insist too st ongly that tho Govern­
ment Is taking every precaution to guaranteo its enforcement so as to
causo as llttlo hardship as possible to Innocent traders.
W o believe our trade measures aro proving efficacious, although It is
difficult to give any figures Indicating tho extent o f the harm done to our
enemies, but X might point out that tho m ark Is still declining In valuo.
I t w as p o in te d o u t to L o rd R o b e r t th a t th e b e lief p re va iled
th a t

tho sh ip m e n t o f co n sig n m e n ts

o f firm s

tr a d in g w ith

b la c k liste d firm s m ig h t b e re fu sed fr o m A m e r ic a n to oth er

1 9 1 / , s u b je c t to th e r ig h t o f th e T re a su i’y to re tu rn th e m to
h old ers a n y
n o tic e .

tim e a fte r M a r c h

31

1 9 1 9 * o n th re e m o n t h s ’

U n d e r th e orig in a l m o b iliz a tio n p la n

(S c h e m e A ) ,

secu rities w ere a c c e p te d o n d e p o s it fo r tw o y e a r s .

I t w as

stip u la te d th a t th e h o ld e rs o f A m e r ic a n se c u ritie s, w h o d e ­
p o site d th e m u n d e r th e firs t s c h e m e , m ig h t tran sfe r to th e
n e w sch e m e

b y g iv in g n o tic e b e fo re

S ep t.

14.

The

con ­

sid era tio n for th e lo a n re m a in s a s f o r m e r ly , n a m e ly , a h a lf
p er c e n t a b o v e th e in te re st a n d d iv id e n d s p a id o n th e se cu ri­
tie s.
p la n :

B e lo w is th e s u p p le m e n ta r y lis t u n d e r th e S c h e m e B

F IR S T S U P P L E M E N T A R Y L IS T
Oi Securities tnat will bo accepted on loan b y the Treasury under the terms
Oi Scheme 11. hurther Supplementary Lists o f Securities m ay be issued
from tim e to time.
T he prices set against the respective securities are the “ deposit values” o f
such securities as defined in Paragraph (6) o f the Scheme.
D ep o sit

D e s c r ip tio n —
V a lu e .
Amsterdam C ity 3 % bonds_________________________________________ 9 0 Js'
Argentine Governm ent 3 % % External bonds (1889)_______________ s L
Argentine G overnm ent 4 % Loan (1898)................ _ ............ ............ 72%
Argentine Governm ent 4 % Bonds (1S99)............................... ................. 72%
Argentine Governm ent 4 % Bonds (1900). Laws 337S and 3783____ 72 %
Argentine Governm ent 4 % Bonds (1900), Laws 3378 and 3885____ 72%
71%
Argentine Governm ent 4% Bonds (ISOS)................................................
Argentine Governm ent 4 % Loan (1 91 0 )..... ............................................. 71%
Argentine Governm ent 5 % Loan (1 88 4 ).......................................
94%
Argentine Governm ent 5 % Treasury Convers on Bonds (1887)____ 89%
Argentine G overnm ent Port o f Buenos Aires 5 % D e b s . . . ................ 89%
Argentine Governm ent 5 % Internal G old L oan (1909)
89%
Argentine G overnm ent 5 % Internal G old Loan (1910)....................... 80%
Argentine G overnm ent P ort o f tho C apitol (Buenos Aires) 5 % Bonds 85%
Argentine G overnm ent 5 % Irrigation Bonds (1st Series)_______
84%
A tlantic & N orth-W est Railway C o. (leased to Canadian P acific
^ R ailw ay C o .) 5 % Guaranteed 1st M tge. Bonds, 1937___________
98%
Calgary & E dm onton R ailw ay C o. 4 % Consolidated Debenture
^ Stocx (Guaranteed b y Canadian P acific R ailw ay C o .) __________ 80%
Canadian N orthern Alberta Railway C o. 3 % % Debenture Stock
(Guaranteed b y Dom inion Governm ent), 1900__________________
71%
Canadian N orthern R ailw ay C o. 1st M tge. 3 % Debenture Stock
(Guaranteed b y D om inion G overnm ent), 1953__________________
63
Canadian N o:thorn Railway C o. 3 % % Debenture Stock (Guaran­
teed b y Dom inion G overnm ent), 1958................ .......................
72 %
Chilian G overnm ent 4 % % Loan (1885)..........
84%
Chilian Governm ent 4 % % Loan (1 88 7 )____ _________ _____________ s i %
Chilian G overnm ent 4 % % G old Loan (1889)............ ...................80%
Chilian G overnm ent 4 % % Bonds (1893)___________ ______________
77%
Chilian Governm ent 4 % % Loan (1 8 9 5 )............ ...................... ............. 81%
Chilian Governm ent 4 % % C oqu lm bo Railway B o n d s ._____ _______ 74%
Chilian Governm ent 4 % % Bonds (Law o f Sept. 91910)___________ 75%
Chilian Governm ent 5 %
Loan (1892)_
86%
Loan (1905)_
83%
Chilian Governm ent 5 %
Chilian Governm ent 5 %
Annuities, Series
A . ________
8 4%
Chilian Governm ent 5 %
Annuities, Series
B __
82%
Annuities, Series
C ....................................... 81 %
Chilian Governm ent 5 %
Chilian Northern Railway C o. 5 % 1st M tge. Debentures (Guaran­
teed b y Chilian G overnm ent)____________________________
89 %
Christiania C ity 4 % Loan (1900).........................g5 ^
Christiania C ity 4 % Loan (1912)............................ .......... ” ”
83%
Christiania C ity 4 % % Loan (1914)................................. 96%
Copenhagen C ity 3 % % Loan (1887).......................................... .......... ’ .
83%
Copenhagen C ity 3 % % Loan (1898).........................................................
70%
Copenhagen C ity 4 % Loan (1901)............................................................I 90%
Danish Governm ent 3 % G old Loan (1894)............................................
63%
Dom inion A tlantic Railway C o. (leased to Canadian P acific Railway
C o .) 4% 1st Debenture Stock, 1944_____________________________ 78%
Dom inion Atlantic Railway C o. (leased to Canadian P acific Railway
C o .) 4 % 2d Debenture S tock, 1956______________________________
78%
Norwegian Governm ent 3 % Conversion Loan (1886)..........................
68 %
Norwegian Governm ent 3 % % Conversion Loan (1894).............. 76%
Ontario & Quebec R ailw ay C o. (leased to Canadian P acific Railway
C o.) 5 % Permanent Debenture S tock____________________________ 99%
Stockholm C ity 4 % % Loan (1913), London Issu o________________ 96%
Swedish Government 3 % Loan (1888)____________________ _________
65%
Swedish Governm ent 3 % Conversion Loan (1894)________________ 61 %
N ational D ebt O ffice. 19 Old Jewry. E . C ., A ug. 24 1916.

_

n e u tra l p o rts th rou g h th e fea r o f n o t g e ttin g c o a l.
L o rd
R o b e r t rep lied :
liio fear Is ungrounded, as we have no deslro to Interfere, nor does tho
law contem plate any interference with legitimate trade. W o aro taking
precautions to prevent an unjustified extension o f tho blacklist.
L o r d R o b e r t e xp ressed th o o p in io n th a t n o t o n ly th e p u r­

th e re to p ro v id o fo r th e tra n sfe r o f secu ritie s to th e T r e a s u r y
for a p eriod to e xp ire a t th o en d o f fiv e y e a r s fr o m M a r c h 3 1

_

A ct who heretofore have declared tlieir intention to becom e citizens o f the
United States and watch officers on such ships who, within six m onths from
this date sh ill declare their intention to becom o such citizens shall be en­
titled to s ;rvo on foreign-built ships so registered until the tim e shall have
expired within which they m ay becom e such citizens under their declara­
tion, and shall bo eligible for prom otion upon any foreign-built ship so regis­
tered.
2. That the provisions o f lav/ requiring survoy, inspection and measure­
ment, by officers o f tho United States, o f foreign-built ships adm itted to
United States registry under said A ct aro hereby suspended so far and for
such length o f tim e as is herein provided, nam ely: T h e said provisions shall
not apply to any such foreign-built ship during the period o f one yoar from
this date, provided the Secretary o f Comm erco is satisfied in the case o f any
such ship that the ship is safe and seaworthy and that proper effort is being
made to com ply with tho said provisions.

p ose o f tho b la c k lis t, b u t also tho real d esig n o f th o P a ris
E c o n o m ic C o n fe re n c e , w a s m isu n d e rsto o d in th o U n ite d
S ta t e s , s a y in g o n th is p o in t:
.
Tho real purpose o f the Paris Conference was to arrive at somo plan by
which to prevent any resumption or extension o f tho politico-com m ercial
system prevailing before tho war In tho first place, and, in tho second, to
deviso means for accom plishing both for ourselves and our allies tho enor­
mous task o f reconstruction. W o fully realize that such a plan must involvo
readjustments o f existing treaties, which, with their favored nations
clauses, now stand in tho way. However, it must bo remembered that
with tho exception o f this cou n tiy, which lias no tariff wail, all countries
havo constantly evaded and violated tho famous nations cause.
In c o n c lu sio n , L o r d R o b e r t said th a t tho a d o p tio n o f tho
p la n o u tlin e d a t tho P aris
w orldw ido sc ie n tific ta r iff.

C o n fe re n c e

m ig h t re su lt

in

a

A n n o u n c e m e n t o f tho re m o v a l o f tho fo llo w in g A m e r ic a n s
fr o m G r e a t B r ita in ’s b la c k list w as m a d e in th e L o n d o n “ O ffi­
cia l G a z e t t e ” o f th e 8 th in s t .:

E le c tr o B le a c h in g G a s C o . of

N o w Y o r k an d N ia g a r a F a lls ; R ic h a rd N e u h a u s , o f th o E le c ­
tro B le a c h in g G a s C o . , a n d G r a v o n lio r st & C o . , o f 9 0 W a ll
S tr e e t, N e w Y o r k .

U. S. ON STATUS OF SUBMARINES.
A c c o rd in g to W a s h in g to n d isp a tc h e s o f th e 5 th i n s t ., a

ADDITIONS TO GREAT BRITAIN’S SCHEME B LIST
OF MOBILIZED SECURITIES.
I ho B r itis h

I r e a s u i’y a n n o u n c e d u n d e r d a to o f A u g . 2 4

r e p ly to th e p ro p o sa l o f th o A llie s th a t n e u tra l G o v e r n m e n ts
a c c o p t th e p rin c ip le th a t all su b m a rin e s are v e sse ls o f w a r
has been
S ta tes.

fo rw a rd e d

to

th o

allie d

P ow ers b y

th e

U n it e d

I t is u n d e r s to o d th a t th e c o m m u n ic a tio n h o ld s to

tho first su p p le m e n ta r y list o f se cu ritie s w h ich w ill bo ac c e p ­

th e p rin c ip le th a t th e ch a ra cte ristics o f e a c h in d iv id u a l s u b ­

ted o n lo a n b y it u n d e r tho te rm s o f S c h e m e B .

m a rin e m u s t g o v e rn th e c a s e .

T h e list

w h ich th o la te s t a n n o u n c e m e n t su p p le m e n ts w a s p u b lish e d

a d v ic e s h a v o b e e n re ce iv ed

in ou r issue o f S e p t. 2 .

ana

c e rta in
h a v in g

n e u tra l
been

S c h e m e B co m p rise s C a n a d ia n an d

govern m en t

u sed

to

se c u ritie s,

d istin g u ish

th o

th a t

d esig n a tio n

se cu ritie s

fr o m

th e

S p a in h a d

fo rb id d e n

I t a p p e a rs , h o w e v e r, th a t

s a y in g

m a rin e s o n th e g r o u n d th a t th e y
fro m w ar c r a ft.

th a t

N o r w a y , S w e d en

th e ir h a rb o rs to

m erch an t su b ­

w ere “ in d is tin g u ish a b le ”

T h e m e m o r a n d u m fr o m th o A llie s w as se n t

A m e r ic a n se cu ritie s m o b iliz e d b y th o B r itis h G o v e r n m e n t .

to all n e u tra l P o w e r s .

S o m o o f th o secu rities in clu d e d in S ch o m o B are to serv o as

said a lso to bo in th e fo r m o f a m e m o r a n d u m a n d n o t a fo r­

p a r t o f its c o lla te ra l b e h in d th o $ 2 5 0 ,0 0 0 ,0 0 0

m a l n o te .

lo a n

to tho

T h o r e p ly fr o m th e U n it e d S ta te s is

C o p ie s w ere se n t to each o f th e a llie d P o w e r s .

U n ite d K in g d o m a n d G r e a t B r ita in r e c e n tly a rra n g e d fo r in

T o tho co n te n tio n in th o m e m o r a n d u m o f th e A llie s t h a t it

tho

is d iffic u lt, if n o t im p o s s ib le , fo r w a rsh ip s to d istin g u ish b e ­

U n it e d

S ta t e s .

Wo

p u b lish e d

la s t

w eek

a list o f th o secu rities o f A r g e n tin e , C h ili a n d
aro to fo rm p a r t o f th is c o lla te ra l.

(p a g o

893)

Canada w h ich

A s n o te d in o u r issuo of

S e p t . 2 , w h on w o g a v o th o o rigin al list o f secu rities a c c e p ta b le
to th o T r e a s u r y u n d e r S c h e m e B , tho re g u la tio n s w ith re sp ec t




tw e en a r m e d a n d

m e r c h a n t s u b m a rin e s , th e r e p ly o f th e

U n it e d S ta te s is u n d e r s to o d to p o in t o u t th a t it is e q u a lly
d iffic u lt to d istin g u ish b e tw e e n sa ilin g
w h ich m a y h a v e m a s k e d b a tte r ie s .

m e rc h a n t

v e s s e ls ,

R U M A N IA POSTPONES P A Y M E N T OF STATE LOANS
HELD BY AUSTRIANS A N D GERMANS.

Japanese police in towns where Japanese reside and tho appointm ent o f
Japanese advisers to tho Chineso police and tho appointm ent o f Japaneso
m ilitary instructors in addition to tho usual indemnities and apologies.
U n d e r th e R o o t -T a k a h ir a a g r e e m e n t, J a p a n a n d th e U n it e d

T e le g r a p h ic a d v ic e s w ere re c e iv e d a t th e S ta te D e p a r tm e n t

S ta te s a g a in p le d g e d th e in te g r ity o f C h in a a n d a g re e d to

a t W a s h in g t o n o n th e 9 t h in s t . fr o m th e A m e r ic a n C h a rg e a t

k e e p e a ch o th e r in fo r m e d a s to a n y s te p s w h ich m ig h t ch a n g e

P a r is q u o tin g a c o m m u n ic a tio n fr o m th e R u m a n ia n G o v e r n ­

th e s ta tu s q u o .

m e n t co n c e rn in g th e p o s tp o n e m e n t o f p a y m e n t o n a ll b o n d s

th e p re s e n t d e m a n d s d o n o t th r e a te n th o s ta tu s q u o , a n d

or S ta t e lo a n s w h ic h are in th e p osse ssio n o f G e r m a n s or
A u s tr o -H u n g a r ia n s .

T h e c o m m u n ic a tio n w a s p u b lish e d in

th e N e w Y o r k “ T im e s ” as fo llo w s :
Rum ania having declared war upon Austria-Hungary, the German
Governm ent has declared that it considers itself likewise in a state of war
with Rum ania. A s a result o f this declaration, the R oyal Governm ent Is
Informed that tho Rumanian property In Germany has been placed under
sequestration, in view o f tho measure and to guarantee tho interests o f the
Rum anian State and those o f her subjects, the Rumanian Governm ent
has taken measures dictated b y their circumstances in so far as German and
Austro-Hungarian property in Rum ania is concerned, with tho same
o b ject. The Rumanian Governm ent must postpono paym ent on all bonds
or coupons o f the various State loans in tho possession o f Austro-Hungarian
or German bearers, also shares or bonds o f every description with their
coupons or dividends.
In consoquenco tho Rumanian Governm ent brings to the attention o f the
allied and neutral Governm ents, as well as to their subjects, that it will
only recognizo them as holders or owners o f such bonds and will allow
paym ent on the same only in cases where they will prove b y deeds and
vouchers in due form that they wero holders o f tho bonds before tho 14-27
August 1910, corroborated as regards said securities b y the proof o f actual
paym ent o f the late coupons or dividends before the 14-27 August 1910.
Similar measures will bo taken concerning all other bonds or commercial
drafts
E M IL E C O S T IN E S C O ,

Minister of Finance.

JAPAN DENIES THAT ITS DEM AN DS ON CHINA I N ­
FRINGE THE LATTER'S SOVEREIGNTY.
A d v ic e s t o

th e e ffe c t th a t n o th in g in J a p a n ’ s d e m a n d s

u p o n C h in a in c id e n t to th e cla sh b e tw e e n C h in e se a n d J a p a n ­
ese tr o o p s a t C h e n g -C h ia t u n o n A u g . 1 3 , w h e n 5 0 C h in e se
a n d 1 7 J a p a n e se w ere k ille d or w o u n d e d , in frin g ed th e s o v e r­
e ig n ty o f C h in a , or im p a ire d th e R o o t -T a k a h ir a a g r e e m e n t,
w ere re c e iv e d b y ca b le a t th o S ta te D e p a r t m e n t , W a s h in g ­
t o n , o n th e 1 2 t h in s t . fr o m A m b a s s a d o r G u th r ie a t T o k io .
T h o la t te r ’ s r e p o r t is b a se d o n in fo r m a tio n re c e iv e d fr o m th e
J a p a n e se

F o r e ig n

M in is t e r .

Tho

dem ands

in

q u e s tio n ,

a c c o r d in g to d isp a tc h e s fr o m P e k in g o n th e 3 d , w ere p re­
se n te d

to

th e

C h in e se

F o r e ig n

O ffic e

by

B a ro n G on su k o

H a y a s h i , th e J a p a n e se M in is te r to C h in a , in fu rth e ra n c e o f
a s e ttle m e n t o f th e e n c o u n te r.

T h e y e m b r a c e d , it w a s re­

p o r te d :
First__Dismissal o f tho Chlneso officers in command o f tho troops.
Socond— T ho withdrawal o f Chinese troops from tho district in which tho
troublo arose.
Third— Indem nification o f the families o f tho Japanese killed.
Fourth— Tho granting to Japan o f police rights in inner M ongolia.
O n th o 4 t h re p o r ts fr o m W a s h in g t o n s ta te d th a t se cre t d e­

c o n s e q u e n tly it w a s n o t n e ce ssa ry th a t th e U n it e d S ta t e s
b o a d v is e d in a d v a n c e .

JAPAN AN D RUSSIA'S ASSURANCES TO U. S. CON­
CERNING OPEN DOOR POLICY I N CHINA.
A n n ou n cem en t w as m ade b y

a r e su lt o f th e c la s h .
in g to n v ie w e d

th o S ta te

D e p a r tm e n t a t

W a s h in g t o n o n th e 1 4 th in s t . th a t b o th J a p a n a n d R u s sia
h a v e g iv e n fo r m a l assu ran ce to th e U n it e d S ta te s th a t th e
r e c e n tly sig n ed R u s s o -J a p a n e s e T r e a t y o f A llia n c e d oe s n o t
re p ea l or m o d ify th e trea tie s o f 1 9 0 7 a n d

1 9 1 0 , in w h ic h

R u s s ia a n d J a p a n p le d g e d th e m s e lv e s to m a in ta in th e “ op e n
d o o r ” p o lic y in C h in a .

T h e S ta t e D e p a r tm e n t in a s ta te ­

m e n t issu ed o n T h u r s d a y sa id :
T h o Departm ent o f State received last ovening a telegram from tho
American Ambassador at T ok io com m unicating in part tho text o f tho
reply o f tho Japanese Foreign Office to the request o f tho American G overn­
m ent for information touching the recently signed Russo-Japanese co n ­
vention. This request was transmitted through Ambassador Guthrio on
A ug. 16 last. An oral response was m ade at that tim e, reaffirming adher­
ence to the “ open d oor” p olicy, but tho Japanoso Governm ent has now
m ost courteously added in a noto to tho Ambassador, dated Sept. 13, the
following assurance:
“ T he Im perial Governm ent desires to assure the American Governm ent
that the now convention is in no sense designed to repeal or m odify tho pro­
visions o f Article 2 o f the convention concluded between Japan and Russia
on July 31 1907, nor have the Imperial Governm ent entertained for a
m om ent any intention to depart from tho p olicy to which thoy have
avow edly com m itted themselves respecting tho maintenance o f tho inde­
pendence and territorial integrity o f China as well as tho principle o f equal
opportunity for tho trade o f all nations in that country.
f‘On tho contrary, thoy are as strongly convinced as ever o f the usefulness
o f that policy in the interest o f the goneral peace and stability in tho Far
E ast, which they have always very near their hearts.
“ T ho Minister for Foreign Affairs o f tho Imperial Russian Governm ent In
like manner assured tho American Ambassador, in response to his inquiry,
that his Governm ent had not withdrawn from tho conventions o f 19J7 and
1910 but would maintain unimpaired tho provisions o f thoso agreements
notwithstanding tho fact that no m ention o f them was niado in the con ven­
tion o f 1916.”
T h e trea tie s o f 1 9 0 7 an d 1 9 1 0 b e tw e e n J a p a n a n d R u s s ia
a ffirm e d

C h in a ’ s

te rrito ria l

in te g rity

and

th e

op e n

d oo r

p o lic y .
A r tic le 2 o f th e 1 9 0 7 tr e a ty , w h ic h w a s re a ffirm e d
w ith s lig h tly d iffe re n t w o rd in g in th o 1 9 1 0 c o n v e n tio n , re a d s :
T he two high contracting parties recognizo the independence and terri­
torial Integrity o f tho empiro o f China and the principle o f equal opportunity
in whatever concerns com m erce and industries o f all nations in that em pire,
and engage to sustain and defend the maintenance o f tho status quo and
respect for this principle b y all the specific means within their reach.

GERMANY'S

m a n d s , in a d d itio n to th o se p u b lish e d in th e P e k in g d is­
p a tc h e s o f th e 3 d , w ere b e in g p re ssed o n C h in a b y J a p a n as

T h e J a p a n ese p o s itio n , it is s ta te d , is th a t

A

INVENTORY OF FOREIGN
HOLDINGS.

SECURITY

w ireless fr o m B e rlin o n A u g u s t 2 5 to S a y v illo s ta te d

th a t th e G e r m a n F e d e ra l C o u n c il h a s issu ed a n ord er fo r th e

I t w a s a d d e d th a t th e o ffic ia ls a t W a s h ­

ta k in g o f a ge n e ra l in v e n to r y o f fo re ig n secu rities h e ld b y

th e d e v e lo p m e n t w ith a n x ie t y , fe a rin g a n ­

G e r m a n s a n d d e p o site d in G e r m a n y or in fore ig n c o u n tr ie s .

o th e r C h in a -J a p a n e so crisis w h ic h m ig h t in v o lv e th e in ter­

I t w a s s ta te d b y

e sts o f th e U n it e d S ta t e s .

m e a su re s w o u ld bo ta k e n to m a k o tho in v e n to r y as a c c u r a te

I t w a s fu rth e r said th a t th e C h e n g -

th e

O v orsea s N e w s A g e n c y th a t sp ec ial

C h ia tu n in c id e n t, tr iv ia l in its e lf, b u t c o m in g on to p o f tho

as

stra in e d re la tio n s e v e r since J a p a n to o k o v o r K ia c h o w fro m

The

G e r m a n y , w a s b e in g c lo se ly w a tc h e d b y th o A d m in is tr a tio n .

G e r m a n cu rre n cy a n d fo re ig n tra d e in terests in m in d .

p o s s ib le ,

fo r

in v e n to r y

th e g u id a n c e
w as

re p o r te d

of
to

th e
liav o

G o rm a n
been

a u th o r itie s .

d ire cted

w ith

I n m a k in g k n o w n th e a d v ic e s re c e iv e d fr o m A m b a s s a d o r
G u th rio o n th o

1 2 t h , th e S ta te D e p a r tm e n t re v e a le d tho

fa c t th a t th e A m b a s s a d o r h a d b e e n in stru c te d to a d v iso tho
F o r e ig n O ffic e th a t th e r e p o r t o f th o d e m a n d s p u b lish e d in
th e U n it e d S ta te s “ h a d g r e a tly d istu r b e d th e A m e r ic a n G o v ­
e r n m e n t, w h ic h tr u ste d t h a t it w a s n o t t r u e .”

T h e fo llo w ­

in g is th e a n n o u n c e m e n t m a d e b y th e S ta te D e p a r tm e n t:
Tho Dopartmonb on Sopt. 6 instructed tho American Ambassador at
T ok io to call tho attention o f tho Japanoso Foreign O ffico to tho report p u b ;
lished in Amorican nowspapors o f cortaln demands m ado upon China by
Japan In consoquenco o f a disturbance o f th ep oa ce at Chong-Chiatun, In­
volvin g Chlneso and Japanoso troops. Tho Ambassador was instructed to
ask for a statemont o f tho facts and to inform tho Foroign O ffico that tho roport o f tho demands m ado had^groatly disturbed tho American Governm ent,
which trusted that it was not true.
T o-d a y (Sopt. 12) a messago had been received from tho Embassy at
T o k io saying that tho Japaneso M inister for Foreign Affairs had replied
to his inquirios that somo o f tho items roportod as included in Japan’s de­
mands wore approxim ately truo, but that others wero colored by a mixture
o f untruth and exaggeration.
H o stated that there was nothing in tho demands Infringing tho sover­
eignty o f China and nothing impairing tho R oot-Takahira agroomout.
Tho clash at Cheng-Chiatun boing botweon military forces, was o f a sorious character, and, therefore, in order to provent a rocurronco o f such trou­
ble, Japan was requesting, in addition to proper apologies and monetary
com pensation, that Japanoso officers should bo reappointed as instructors
in the cadet school (probably at M ukdon) and suggesting that tho Chinoso
Government should ask for tho appointm ont o f Japanese advisors to be
stationed with Chinese garrisons in South M anchuria and Eastern M on ­
golia, and that as an extension o f its oxtra territorial rights, tho Japanese
Governm ent should bo perm itted to station Japaneso policemen in towns
whero there aro largo Japanose settlements.
T ho American M lnistor at Pokingtroports m oro briefly very nearly to tho
same effect: that tho Japanoso Government has domandod tho stationing o f




GERMANY'S EXPLANATION OF A T TAC K
STEAMER OWEGO.

ON

A n a t ta c k o n th e A m e r ic a n s te a m e r O w c g o o n A u g . 3 b y
a G e r m a n su b m a rin e h a s b e e n th e s u b je c t o f c o rresp on d e n ce
b e tw e e n

th o S ta te

D e p a r tm e n t

G erm an G o v e rn m e n t.

at

W a s h in g to n

and

th e

In a n o te re ce iv ed a t th o S ta to D e ­

p a r tm e n t o n A u g . 3 1 fr o m th e G e r m a n G o v e r n m e n t e x p la ­
n a tio n is g iv e n b y G e r m a n y o f th o a t t a c k .

T h o n o t e , w h ich

w a s d e liv e re d to A m b a s s a d o r G e ra rd o n A u g . 2 7 , a d m its
th a t e le v e n sh o ts w ero fire d a t th e O w e g o , b u t c o n te n d s th a t
th e first sh o t w a s fired as a w a rn in g s h o t a n d th e o th e rs w ere
n e ce ssa ry to b rin g th e v e sse l to a s to p fo r v is it a n d se a rc h .
F in a lly , a c c o rd in g to th e G e r m a n n o t e , tho firs t o ffic e r o f
th e O w e g o c a m e a b o a r d th o su b m a rin e a n d s ta te d th a t tho
s u b m a rin e h a d n o t b e e n n o tic e d b y th o C a p ta in u n til a fte r
th e sh o t w a s fire d acro ss th o s te a m e r ’ s b o w .
G e r a r d ’ s c a b le g ra m

tr a n s m ittin g

th e

G erm an

A m bassad or
n o to

re a d s

a s fo llo w s :
A m e r i c a n E m b a ss u , B e r lin , A u g - 27 1916.
Foreign O ffice, in noto dated A ug. 26, which was received to-d ay, replies
as follows in regard to American steamer Owego:
“ A s established b y tho A dm iralty S ta ff o f the Imperial N a vy, a Gorman
submarine at 2:40 in tho afternoon on A ug. 3, with very clear woathcr and
sm ooth sea, sighted a slow-going steamer o f an old typ e and stood b y.
A t a distance o f 6,000 meters (about 3.72 miles) tho submarino m ado tho
steamer a signal to stop and gavo tw o warning shots. As nothing happened
on tho steamer, whoso flag was not rocognizablo, but which nevertheless
continued to proceed on Its w ay, tlireo further warning shots wero fired,

“ As tho steam er noither m ado an ‘ U nderstood’ signal nor stood b y,
firo was opened on It. A fter six shots (eleven shots in all) it hoisted Ameri­
can flag on tho forestay and stopped. Tho distanco was now 2,000 meters.
Tho submarine signaled, ‘Send im m ediately b oat with tho papers.’ to
which tho captain o f the steamer answered b y hoisting his designation sig­
nal, but did nothing m ore.
W hen, after a further seventeen m inutes, no preparations were m ade to
launch a b oat, tho com m ander o f the submarine fired a shot across tho
stoamer s b ow . After ton minutes tho first officer cam e on board tho sub­
marine and statod that the Captain had not observed tho submarine until
then. Tiro Im perial Governm ent cannot give any credence to this ovasive
excuse, sinco tho note o f A ug. 18 mentions ton shots fired at the stoamer,
from which it is undeniably clear that tho warning shots were heard b y tho
Captain o f the O w cgo, but that no attention was paid to them .
“ Under theso circum stances, tho Im perial Governm ent finds itself under
tho necessity o f emphasizing tho fact that, while tho conduct o f tho com ­
mander o f tho submarine was in every respect correct, the behavior o f the
steamer Ow cgo was not in accordance with tho rules o f international law.
T he Captain would therefore have had only him self to blam e had his con­
d uct brought abou t unpleasant results.
“ G E R A R D .”
W i t h th o a r riv a l o f th o O w e go a t N e w Y o r k o n th e 8 t h
in s t . fr o m R o t t e r d a m its c a p ta in , E . W . B a r lo w , e x p la in e d
th a t th o firin g occu rred d u rin g a th ic k h a z e ; ho to o k o c ca sio n
to exp ress h is s a tisfa c tio n th a t th e c o m m a n d e r o f th o s u b ­
m a rin e d id n o t in te n d to h it th o v e s s e l, b u t fired w a rn in g
s h o ts fo r th e p u rp o se o f sto p p in g th e ste a m e r a n d e x a m in in g
h e r p a p e r s.
C a p t . B a r lo w in g iv in g h is v e r sio n o f th o a t­
ta c k is q u o te d as s a y in g :
W o were o ff tho French coast at tho tim e in a thick hazo, and had an
American flag tw enty-tw o foot long flying at tho stern. In addition, there
were tw o American flags painted on tho sido, with tho ship’s name and
" U . S. A ." I was in the cabin at dinner on A ug. 3 when tho first mate
cam e and inform ed mo that there was som e vessel firing close b y . W hen I
got on dock I could hear the sound o f rapid small-gun firing on tho star­
board quarter, b ut could distinguish nothing on account o f tho hazo.
I counted twelvo shots, one o f which passed near tho stern o f our ship,
and I stopped tho engines im m ediately. Presently a submarine appeared
on tho surfaco and tho com m ander ordered mo to com o on board with m y
papors. When I got alongside in m y boat he said to m o, in good English,
“ Captain, you ought to bo m ore careful; this is war tim e."
I ropliod: “ You ought to be careful; did you not soom y flag at the stern ?”
IIo said ho had signaled m o to stop , and fired becauso I took no notice, and
I asked him how I could sco his signals when I could not mako out his
boat In the hazo. .
I am satisfied he did not intend to hit m y ship and I havo no com plaint
to m ake.
■
T h o first in tim a tio n th a t th o A d m in is tr a tio n a t W a s h in g ­
to n h a d ta k e n co g n iza n ce o f th e O w e g o in c id e n t c a m e fr o m
W a s h in g to n o n A u g . 2 2 , w h e n a d isp a tc h fr o m B e r lin w as
m a d o p u b lic , a s fo llo w s:
Concerning tho American note in tho case o f the stoamer Owego, said
to have been fired upon b y a submarine, tho statement was m ade this
m orning that tho German naval authorities havo received no inform ation
o f any sort in this connection, tho American note being tho first intimation
hero concerning tho m atter. E fforts are being m ado b y tho authorities
to clear up tho case.
T h e O w e g o saile d f r o m N e w Y o r k J u ly 1 9 fo r R o t t e r d a m ,
a r riv in g th e re A u g . 1 3 .
T h e O w e g o is a v e sse l o f 2 ,6 1 2
to n s .

a fo r m a l s ta te m e n t issu e d o n th o 1 1 t h b y S e c re ta ry o f th e
In te rio r L a n e :
T ho d ata presented b y tho M exican Commissioners indicates that tho
Governm ent roads aro now being operated with a large degree o f regularity
and that tho roads owned b y p rivate com panies are being turned over to
theso com panies, the on ly exceptions at the present time being a line in
tho Federal district, one in the State o f H idalgo and the United Railways
o f Y ucatan.
rl h o
d a ta

su m m a ry
su p p lie d

C o n c e rn in g th e a rra n g e m e n t (referred to in ou r issue o f
A u g . 1 9 ) m a d o b y th o B r itish G o v e r n m e n t w ith th o N e th e r ­
la n d s O v e rse a s T r u s t , to a llo w th o free tr a n sm issio n o f A m e r i­
c a n secu rities b e tw e e n H o lla n d a n d th e U n it e d S ta te s w ith ­
o u t in te r fe re n c e , E r w in W . T h o m p s o n , A m e r ic a n C o m m e r ­
cial A t t a c h e a t T h e H a g u e , N e th e r la n d s , a d v is e d th e F o r ­
eign T r a d o B u r e a u o f th e P h ila d e lp h ia C h a m b e r o f C o m ­
m e rc e o n A u g . 2 8 th a t th o a r ra n g e m e n ts p r o v id e d t h a t:
All docum ents intended for transmission arc to be presented to a com ­
m ittee o f prom inent Amsterdam bankers, and if in their judgm ent there are
no interests in tho transaction Inimical to tho Allied Powers, the com m ittee
will transmit tho docum ents under tho seal o f the Netherlands Oversoas
T rust, along with tho m anifest list o f said docum ents, and a co p y o f this
list will bo filed with tho British consor whenever m all is detained. Pack­
ages bearing this seal will bo allowed free transmission under tho guarantees
arranged.

c o n d itio n s

th e

in

M e x ic a n

M e x ic o

p re p a re d

C o m m is s io n e r s ,

fr o m

S e c re ta ry

L a n e p o in te d o u t w a s n o t to b e ta k e n a s th e o ffic ia l fin d in g
o f th e c o n fe re n c e , b u t ra th e r in th e n a tu re o f a b rie f b y th e
M e x ic a n C o m m is s io n e r s .

T h is s ta te m e n t, w h ic h d e a lt n o t

o n ly w ith th e ra ilro a d o p e ra tio n s o f th e G o v e r n m e n t , b u t
a lso w ith its fin a n c e s , w a s a s fo llo w s :
Tho American Commissioners expressed tho desire that they be in­
form ed to the fullest extent possible as to the true conditions existing in
M exico. The M exican Commissioners gladly agreed to furnish all the
inform ation possible regarding matters that would directly or indirectly
enlighten them as to tho present control o f tho M exican Governm ent over
tho country. M r. Pani, who is also D irector General o f tho railway lines
o f M e x ico , in a statement says tho Carranza Governm ent at tho time
when V illa was at tho height o f his power, controlled less than 2,000 miles
out o f tho 13,000 miles o f railways in operation in the whole cou ntry. When
tho Carranza Governm ent was recognized in O ctober 1915. tho mileage
under Carranza’s control had increased to about 10,000 miles, and m uch
effort was being expended to tho repair o f tho system , in order to make it
available for regular operation.
A t tho presont m om ent the Carranza Governm ent is in control and is
operating tho entire 8,000 miles o f tho Governm ent lines, as well as oper­
ating about 2,000 miles belonging to private companies; in addition tho
do fa cto Governm ent has turned over tho M exican Railway and the South­
ern P acific systems to their respective owners, in short, about 12,000 out
o f a total o f 13.000 miles are to-day in operation either directly by tho
Governm ent or prjvate companies.
In January 1915 tho total incom e o f the governm ent lines was 647,000
pesos, paper currency. A t tho tim e tho Carranza Governm ent was In
Vera Cruz and Villa and Zapata were in control o f M ex ico C ity , the
m onthly incom e had advanced to 3,000,000 pesos, paper currency, in
O ctober 1915, the date o f recognition o f tho Carranza Governm ent. Since
then the m onthly incom o has steadily increased until in August 1916, it
reached 25,000,000 pesos, paper currency. T he total tonnage o f freight
at present is virtually tho samo as in 1912. A ll this has been accom plished
in spite o f a shortage o f rolling stock and engines.
W hile in O ctober 1915 at the tim e o f recognition, there was a m onthly
deficit o f from 2,000,000 to 3,000,000 pesos in the operation o f the lines
under the im m ediate con trol o f the Carranza Governm ent, at the present
m om ent tho receipts are sufficient to m eet operating expenses, and there
is a surplus, which is devoted to the repair o f tho lines. In August 1916,
tho incom o from the Governm ent lines was virtually the same as the
incom e during the years 1911 and 1913.
I n a d d itio n to its in q u iry in to d a ta sh o w in g th e e x te n t
o f th o m ilit a r y c o n tr o l e xercised b y G e n e ra l C a r r a n z a , it
w as a n n o u n c e d th a t th e C o m m is s io n w a s re v ie w in g th e
d ecrees issu e d b y G e n e ra l C a r r a n z a b e a rin g o n fo re ig n -o w n e d
p ro p e rty.

T h e S ta te D e p a r t m e n t , it is s a id , h a s re ce iv e d

m a n y c o m p la in ts a g a in s t th e se a s c o n fis c a to r y .
b e in g

a r ra n g e d

and

stu d ie d

p re p a ra to ry

to

T h e y aro

ge n e ra l

d is­

cu ssio n o f th e ir in te n t a n d e ffe c t b y th e J o in t C o m m is s io n .
P re s id e n t

CONSIGNMENTS OF SECURITIES TO NETHERLANDS
OVERSEAS TRUST.

of

by

W i ls o n ,

w ho

w as

c a lle d

to

N ew

London

on

a c c o u n t o f th e serious illn ess th ere o f h is siste r, M r s . H o w e ,
re ce iv e d th e M e x ic a n m e m b e r s o f th e C o m m is s io n o n b o a rd
th e M a y f lo w e r o n T u e s d a y , a n d w ith in fifte e n m in u te s a fte r
th eir b rie f ca ll u p o n h im , th e P re s id e n t re tu rn e d th e ir v is it
a n d la te r c o n v e rse d in fo r m a lly w ith th e six C o m m is s io n e r s .
T a k in g u p th e s u b je c t o f th o M e x ic a n re v o lu tio n th e P re si­
d e n t s ta te d th a t ho w a s m o re fa m ilia r w ith th e fu n d a m e n ta l
p rin cip les o f th e

s tru g g le fo r free g o v e r n m e n t in M e x ic o

th a n h is hearers p erh a p s re a liz e d .

H o assu re d th e m o f his

d e e p s y m p a t h y w ith th o se a im s , a d d in g th a t r ig h t-th in k in g
m e n a ll o v e r th e w o rld m u s t s y m p a th iz e w ith su ch h igh
a s p ir a tio n s .

D u r in g

th e

c a te d h is c o m p re h en sio n

c o n v e rs a tio n

th e

P re sid e n t in d i­

o f th e g r e a t p r o b le m s , p o litic a l,

e c o n o m ic a n d so c ia l, w h ic h M e x ic o is fa c in g a n d he n o te d
th a t
and

th e re g en e ra tio n

o f M e x ic o

m u s t c o m e fr o m

w ith in

th a t d e v e lo p m e n t m u s t b e p a rallel in a ll three lin e s.

M r . C a b r e r a , in r e p ly in g , a llu d e d to th e U n it e d S ta te s as

A M E R IC A N -M E X IC A N COMMISSION — RAILROAD
OPERATIONS A N D FINANCES OF MEXICO.
W ith

th o r e su m p tio n

of

th e

sessions o f

tho A m e r ic a n -

M o x ic a n J o in t C o m m is s io n a t N e w L o n d o n , C o n n ., o n th e

lea d er o f th e m o v e m e n t fo r free g o v e r n m e n t a n d a s th e tu to r
to w h o m M e x ic o m u s t lo o k in str iv in g fo r th e ty p e o f g o v e rn ­
m e n t its p e o p le s o u g h t.

M u c h had been

done,

he

s a id ,

b u t m u c h a lso re m a in e d to b e a c c o m p lis h e d be fo re th e a im s
o f th o r e v o lu tio n s c o u ld b e a c h ie v e d .

1 1 th i n s t ., fo llo w in g a n a d jo u r n m e n t ta k e n o n th o 8 t h , th e

T u e s d a y m o r n in g ’s session o f th e C o m m is s io n w a s d e v o te d

b o rd er s itu a tio n w a s te m p o r a r ily se t a sid e , th o C o m m is s io n

to th o s tu d y o f th e s ta te m e n t o f M r . C a b re ra o n th e p re sen t

d o v o tin g

co n tro l

c o n d itio n o f M e x i c o , in te n d e d to s h o w th e s ta b ility o f th e

exorcisod b y th e do f a c to G o v e r n m e n t , th e in fo r m a tio n b ein g

itse lf

to

d e te r m in in g

th o

e x te n t

of

th e

C a rra n z a G o v e r n m e n t , a n d its p o w e r to d ea l w ith in tern al

su p p lie d b y th o M e x ic a n c o n fe re e s.

disorders

I t w a s sta to d in fo r m a lly

and

to

p r o te c t

liv e s

and

p r o p e r ty .

A fte r

th e

th a t u p o n th e sh o w in g m a d o b y th e C a rra n z a G o v e r n m e n t

session th e C o m m is s io n g a v e o u t a s u m m a r y o f th e s ta te ­

re ste d th o p o ssib ility th a t th o A d m in is tr a tio n a t W a s h in g to n

m e n t in w h ic h th e h is to ry o f th e C a rra n z a r e v o lu tio n w as

w o u ld ro v o k o its w a rn in g to A m e r ic a n s to s ta y o u t o f M e x ic o

tra c ed fr o m its b e g in n in g u n til it c o n tro lle d th e c o a s t lines

a n d w o u ld c n c ou rago th eir re tu rn to thoir p ro p e rtie s th e re.

a n d th e g r e a te r p a r t o f th e in terior o f th e re p u b lic .
The
s ta te m e n t c o n tin u e d :
W ith this control once secured, General Carranza imm ediately addressed
him self to the problem o f organizing civil governm ent in the States under
his control. H is purpose has been to accustom the people as soon as
possible to the orderly procedure o f civil rule and to lim it to as great an

It

w as ox p la in od th a t th o q u e stio n o f tr a n sp o r ta tio n w as

v ita l to a n y r e su m p tio n o f in d u str y in M e x ic o a n d to sh ow
p re sen t

c o n d itio n s

th o

M e x ic a n

C o m m issio n e r s

p re sen te d

figu res fr o m w h ic h th o fo llo w in g c o n clu sio n w a s d ra w n in




extent as possible tho m ore arbitrary m ethods o f m ilitary governm ent.
A t tho present m om ent civil Governors havo been installed in ten States
and in the territory o f lower C alifornia. T h o States possessing such clvd
organizations are: Sonora. C oahuila, N cu v o Leon, Tam aulipas, Sinaloa,
H id algo, Vera C ruz, State o f M ex ico, M ex ico C ity (Federal D istrict),
M orelos, T erritory o f Low er C alifornia.
M r. Cabrera further outlined tho plan which General Carranza has in
m ind for tho speedy civ il reorganization o f tho cou ntry. He is o f tho
opinion that certain basic social and econom ic reforms should be carried
through as preliminary to tho revision o f tho present C onstitution. As
soon as conditions perm it a constitutional convention will bo called for
this purposo. Im m ediately after the revision o f tho C onstitution lias been
effected provision will bo m ade for elections within tho several States o f
tho U nion, and this will bo followed b y tho Presidential elections.
W ith this program , it is tho hope o f tho Carranza Governm ent to establish
tho country on a civ il basis, which will assure to tho M exican citizens not
m erely a wider measure o f liberty, but guarantee to him an equality o f
opportunity in the industrial life o f tho cou ntry, which ho has not hithorto
enjoyed.
O n W e d n e s d a y , th e 1 3 t h , su g g e stio n s as to w h a t m e th o d s
sh a ll b e e m p lo y e d to e sta b lish p ea ce o n th e M e x ic a n b o rd er
w ere s u b m itte d to M a j o r G e n e ra l T a s k e r I I . B lis s b y th o
A m e r ic a n m e m b e r s o f th e A m e r ic a n -M e x ic a n

J o in t

m is s io n .

on

r a n g in g

The

o ffic e r ’ s

fro m

th e

o p in io n s

w ith d r a w a l

w ere
of

so u g h t

A m e r ic a n

Com ­

s u b je c ts

tr o o p s

fro m

M e x ic o to th e p o s s ib ility o f c r e a tin g a n in te r n a tio n a l p olice
to g u a rd th o b o r d e r .

N o c o n c lu sio n , lio w o v e r , w a s r e a c h e d .

T h e j o in t c o m m is s io n o n W e d n e s d a y d e a lt w h o lly w ith
q u e s tio n s ra ise d b y ta x a tio n decrees issu e d b y G e n e ra l
C a r r a n z a w h ic h a ffe c t A m e r ic a n -c o n tr o lle d m in in g p ro p e rtie s
in

M e x ic o .

Tho

M e x ic a n

C o m m issio n e r s

e x p la in e d

in

d e ta il th o p u rp o se s o f th e d e c re e s, in sistin g th a t th e y w ere
d e sig n e d to p r o m o te th e m in in g in d u s tr y , n o t to d riv e o u t
A m e r ic a n c a p ita l a n d c o n fisc a te its h o ld in g s.
issu e d o n th e

A s ta te m e n t

1 3 t h said th a t th e c o m p la in ts o f A m e r ic a n

m in in g in te r e sts in M e x ic o h a d le d to th o p re sen t in v e s t i­
g a tio n .

In e x p la in in g th o d ecrees c o m p la in e d o f th e M e x ic a n

C o m m is sio n e r s p o in te d

o u t,

th o

s ta te m e n t

a sse r te d ,

th a t

o n e o f th e m a in p u rp o se s w h ic h th e C a rra n z a G o v e r n m e n t
h a d in v ie w w a s to p r e v e n t sp e c u la tiv e a n d u n p r o d u c tiv e
m o n o p o liz a tio n

o f m in in g

la n d s

by

in d iv id u a ls

and

com ­

p a n ie s .
.
A n o th e r series o f c o m p la in ts h a d to d o w ith th e a t t e m p t
of

th o

C arran za

G overn m en t

to

com p el

m e r c h a n ts

and

c o rp o r a tio n s to a c c e p t p a p e r c u rre n c y a t a ra te fa r in e xcess
o f its cu rre n t v a lu e .

T h o a t te n tio n of th o M e x ic a n C o m ­

m issio n e rs w a s d ire cted to in sta n c e s in w h ic h m ilit a r y c o m ­
m a n d e r s h a d , th r o u g h d e c re e s, th r e a te n e d w ith d e a th a n y
p erso n s w h o re fu se d

to a c c e p t p a p e r c u rre n c y a t its

p ar

A c c o r d in g to ro p orts fr o m M e x ic o C i t y o n th o 8 t h in s t .
a d ecree p u b lis h e d b y th e C a rra n z a G o v e r n m e n t o n th a t d a te
fo rb id s th o G o v e rn o rs in th e v a rio u s S ta te s o f M o x ic o

to

issuo decrees a ffe c tin g th o n a tu ra l reso u rces o f th o c o u n tr y ,
in clu d in g b a n k in g , fo r e s ts , fish erie s, m in e s a n d p u b lic la n d s ,
or th e ir a d m in is tr a tio n .
I t w a s also s ta te d th a t a ll law s a n d d ecrees w h ich h a d
b e e n d ic ta te d b y G o v e r n o r s h e re to fo re aro n u llifie d .

As a

re su lt o f th e n ow ord er tho resources o f M o x ic o aro p la ce d
e x c lu siv e ly u n d e r F e d e ra l ju ris d ic tio n .
It

w as

re p o rte d

y e s te r d a y

th a t

G e n e ra l

C arran za

h as

issu ed a decree w h ich p a v e s th e w a y fo r re p la cin g th o p re sen t
de fa c to G o v e r n m e n t w ith a solid c o n s titu tio n a l G o v e r n m e n t .
A re v isio n o f se v e ra l o f th o m o s t im p o r ta n t artic le s o f th e
P la n o f G u a d a lu p e , d ra w n o n D e c . 1 2 1 9 1 4 , is o n e o f tho
p la n s o u tlin e d b y C a r r a n z a .

T h o d ecreo, it is s t a t e d , also

p ro v id e s t h a t e a ch S ta te a n d T e r r ito r y sh all e le ct a D e p u t y
to C o n g re s s a n d a llo w s a s u b -D o p u t y fo r e v e r y 7 0 ,0 0 0 in ­
h a b ita n ts .

S ta te s h a v in g p o p u la tio n b e y o n d 7 0 ,0 0 0 w ill bo

allow e d

an

A n o th e r

d o c u m e n t w h ic h

e x tra

D e p u ty

fo r

every

w ill c a ll for

a d d itio n a l

2 0 ,0 0 0 .

th o m e m b e rs

of a

n a tio n a l C o n g re s s is a ls o , it is s a id , to b e issu e d b y G o n era l
C a rra n za.

T h o e le ctio n w ill ta k e p la co o n O c t . 15 a n d th e

first session o f C o n g re ss w ill be o n N o v . 2 0 .
R e p o r ts h a v o it
th a t th o decrees w ill m a k o it p o sitiv e th a t th o se w h o o p p o s e d
th o c o n s titu tio n a l G o v e r n m e n t w ith a r m s c a n n o t h o ld o ffic e .
T h e re fo r m e d c o n s titu tio n w ill be tu rn e d o v e r to C o n g re s s
b y C a rra n z a w ith in s tru c tio n to m a k e it c o n fo rm w ith th o
p la n s o f th e C o n s titu tio n a l p a r t y .

A f t e r th o c o n s titu tio n

h a s b e e n a d o p t e d , C a r r a n z a w ill c a ll for th o e le ction o f a
P r e s id e n t.
T h e N o w Y o r k “ S u n ” o f th e 9 th in s t. p rin te d th o fo llo w in g
u n d er

a

W a s h in g to n

head,

co n ce rn in g

a

n ow

oil

d ecreo

p r o m u lg a te d o n th e 4 t h in s t .:
Secretary Lansing has been inform ed that tho M inistry o f 1<Inance o f
tho do facto Governm ent o f M oxico has prom ulgated a decreo under date
o f Sept. 4, which appears to require that companies engaged In tho p io duction o f crude oil in M ox ico register in tho tax bureau o f that M inistry
before Sopt. 1.5 and that such registration bo effected b y only authorized
representatives o f such com panies. Failure to com ply renders delinquents
liablo to a fine o f 1,100 pesos M exican gold. In tho caso o f com panies
which havo not yet produced oil they must register within fifteen days
o f the first production.
,
. . ..
, „ . _ ,
T ho decreo is regarded as another m ove on tho part o f tho do tacto G o v­
ernment o f M exico to get taxation down to a scientific basis and to mako
Americans sco how scientifically it can bo dono.
T h e p resonco in N o w Y o r k o n th e 9 th in s t. o f L u is C a b r e r a ,
C h a ir m a n

of

th o

M e x ic a n

d e le g a tio n

of

th o

A m e r ic a n -

v a lu e a n d fo r a sim ila r o ffe n se h a d also th r e a te n e d m e rc h a n ts

M e x ic a n

w ith

M e x ic a n

m e m b e r o f tho C o m m is s io n , a n d p a rtic u la rly th o ap p e a ra n co

C o m m is sio n e r s p o in te d o u t t h a t in so v a s t a c o u n t iy it w as

o f th o la t te r , in th e fin a n c ia l d is tr ic t, re s u lte d in tho cro p p in g

th e

c o n fisc a tio n

of

th e ir

h u m a n ly im p o ssib le to g u a r d

p r o p e r ty .

a g a in st

The

a ll p o ssib le a b u s e s ,

J o in t

C o m m is s io n ,

and

A lb e r to

J.

P a n i,

u p o f n e w ru m o rs c o n ce rn in g p ossib lo lo a n s .

a lso

a

S on o r P a n i,

b u t th e y la id e m p h a sis o n th o f a c t th a t w h ile su ch e x tre m o

h o w e v e r , w h o is D ir e c to r G e n e ra l o f th o N a t io n a l R a ilw a y s

d ecrees h a d b e e n issu e d b y su b o rd in a te m ilit a r y c o m m a n d e r s ,

o f M e x ic o , s ta te d t h a t his v is it to W a l l S troot h a d boon

th o n a tio n a l G o v e r n m e n t h a s c o n s ta n tly u rge d m o d e r a tio n

m e re ly fo r th o p u rp ose o f d iscu ssin g v a rio u s m a tte r s c o n ­

o n th e S ta t e G o v e r n o r s , a n d th a t th e y h a d n o re co rd o f a

cern in g th o r o a d w ith ce rta in in terests id e n tifie d w ith

sin g le in sta n c e in w h ic h a n y o f th e se e xtre m o p en a ltie s h a d

IIo

b e e n in flic te d .
C o n c e r n in g th o

w e h a d n o ta lk a t a ll c o n ce rn in g lo a n s .”

T h u rsd ay,

th o

d e lib e r a tio n s

1 4 th

i n s t .,

th e

of

th e

fo llo w in g

. .
C o m m is s io n
s ta te m e n t

sa id :

“W e

m e re ly

d iscu sse d

co n d itio n s

it .

o f ou r ro llin g

s to c k , co al su p p lie s a n d o th e r to p ics o f ra ilro a d b u sin o ss;
on
w as

is s u e d :
.
..
T ho session was d evoted to an Informal Interchange o f views on tho
enforcement o f law In M exico and on tho guarantees to personal and
property rights, tho M exican Commissioners presented a clear picture o f
tho purposes o f the Carranza G overnm ent, with reference to the reform
o f tho civil and crim inal codes, and tho codes o f procedure, lh o y ex­
plained tho fact that under tho D iaz regime the judicial procedure was so
cum bersom o and expensive, and tho judiciary so corrupt, that It was Im­
possible for a p oor m an to obtain justice.
T ho purposo o f tho Carranza G overnm ent Is so to sim plify procedure
that the courts o f justlco will bo open to all and that tho personnel o f the
judiciary will bo so carefully selected that corruption and bribery will bo
com pletely eliminated. As soon as tho plank for tho revision o f tho C on­
stitution has been carried out, through a constitutional convention, .
thoroughgoing reform o f tho national codes will bo undertaken. In order
to mako these codes conform to the new standards o f justlco and equity
to bo Incorporated In tho Constitution.
T ho M exican Commissioners emphasized tho fa ct that tho Carranza
Governm ent has no Intention o f weakening tho guarantees to civil rights
although tho present abnorma condition o f tho country has made It
necessary to suspend the constitutional guarantee In various sections ot
tho republic. In short, tho purposo which tho Carranza Governm ent has
In m ind is to make not only tho system o f law, but the administration o f
justice, conform to modern standards and to incorporate tho principle of
equality o f opportunity In ovory department o f national life.

JUDGE

HOUGH

SUCCEEDS

JUDGE

LACOMBE.

J u d g e C h a rle s M . H o u g h , w h o w a s n o m in a te d o n A u g . 1 5
b y P re sid e n t W ils o n as U n ite d S ta te s C ir c u it J u d g o fo r th o
S e c o n d J u d icial C ir c u it, su cc ee d in g J u d go E . Ilo n r y L a c o m b o ,
re sig n e d , w a s sw orn in to o ffice o n th e 5 t h in s t .
p re sen t a p p o in tm e n t J u d g e

H ough

had

B o fo ro his

sorvod a s U n it e d

S ta te s D is tr ic t J u d g e fo r th o S o u th e r n D is t r ic t o f N o w Y o r k ,
in w h ic h o ffic e ho is su cc ee d ed b y M a r t in T . M a n t o n o f N o w
Y ork.

T h o la t te r ’s a p p o in tm e n t w a s also m a d o b y P ro s i-

d o n t W ils o n o n A u g . 1 5 a n d ho w as sw orn in o n th o 7 t h in s t .

CAMPAIGN FOR A SHORTER D A Y A T MINES.
T h o p ro p o se d in s titu tio n o f a c a m p a ig n b y

th o U n it e d

M in e W o r k e r s o f A m e r ic a fo r a n a tio n a l sh orto r w o rk in g
day,

e ith e r for se v e n

or fo r e ig h t h o u rs, fr o m

“ bank

to

b a n k ” — th a t is , fr o m th e tim e th e m e n e n te r a m in e u n til
th e y

e m e rg e — w as

ann ounced

at

G reat

F a lls ,

M o n t .,

by

J o h n P . W h i t e o f In d ia n a p o lis , I n te r n a tio n a l P r e s id e n t, a t a
m e e tin g o f re p re se n ta tiv e s o f D is t r ic t N o . 2 7 , w h ic h c o m ­

On

th e

11th

in s t .

G e n e ra l

P e r sh in g ,

c o m m a n d in g

th e

A m e r ic a n e x p e d itio n a r y fo rc e in M e x ic o , forw ard ed to tho

p rises M o n t a n a .

I t is s ta te d th a t a c a m p a ig n o f e d u c a tio n

w ill bo sta rte d a b o u t th e first o f th o y e a r a n d tho ch a n go w ill

W a r D e p a r tm e n t th o fo llo w in g te le g ra m s ta tin g th a t ho h a d

bo d e m a n d e d a t th e e x p ira tio n o f th o tw o -y e a r a g re e m e n ts

b e e n u n a b le to c o n fir m re c e n t ru m o rs o f V i lla ’ s a c t iv it y :
Reports regarding V illa’s m ovem ent north continuously recolvctl through
E l Faso authorities. So far these reports cannot bo confw m cd here, al­
though every possible sourco o f inform ation is being used. v^.aj 'ro^s M^
Han I.orenzo from El Valle reached Santa Clara Canon about thirty miles
on Chihuahua road, but could hear nothing o f Villa or o f anX *V ° P
o f Villastas. People had he~"d rumors o f \ lllastas at Satovo, but nothiug
o f any action north o f th r
.

re c e n tly c o n s u m m a te d o r in p ro cess o f c o n s u m m a tio n .




Tho

in cre asin g u se o f m a ch in e d rills in c o a l m in in g , w h ic h la rg e ly
increases th o p ro d u c tio n p er m a n , a n d th o th re a te n e d re ­
d u c tio n o f fo rc es w ill b o th o g r o u n d u p o n w h ich th is d o m a n d
w ill b o b a s e d .

THE INCOME A N D CORPORATION T A X PROVISIONS
OF THE WAR REVENUE ACT.
W o g iv o b e lo w th o te x t o f th e in c o m o a n d c o rp o r a tio n
ta x la w , w h ich fo r m s p a r t o f th o o m n ib u s ro v e n u o b ill sig n e d
b y P re sid e n t W ils o n o n tho 8 t h in s t.
A s w o h a v e a lr e a d y
in d ic a te d , tho n ew la w increases fr o m 1 % to 2 % th o a m o u n t
o f n o r m a l in co m o ta x le v ie d a g a in st b o th c o rp o r a tio n s a n d
in d iv id u a ls;
v id u a ls

at

tho e x e m p tio n
$ 3 ,0 0 0

fo r

co n tin u e s

u n m a rrie d

in

th o ca so

p erson s

and

o f in d i­

$ 4 ,0 0 0

fo r

h u sb a n d a n d w ifo , th is la tte r e x e m p tio n a lso b e in g m a d e to
a p p ly “ if th o p erson m a k in g th o re tu rn bo a h e a d o f a f a m i l y .”
A re cla ssific a tio n a n d
su r ta x

gradual

increases

a g a in st in d iv id u a ls ; u n d e r

v io u s ly s to o d

th is su r ta x a m o u n te d

$ 2 0 ,0 0 0 to $ 5 0 ,0 0 0 ; 2 %
000; 3 %

th o
to

o n in co m e s o f o v e r $ 7 5 ,0 0 0

o v e r $ 2 5 0 ,0 0 0

m ado

as

1%

it

in

th e

had

p re ­

o n in c o m e s o f

o n in co m e s o f o v e r $ 5 0 ,0 0 0 to $ 7 5 ,­

in c o m e s o f o v e r $ 1 0 0 ,0 0 0
$ 5 0 0 ,0 0 0 .

aro

la w

to $ 1 0 0 ,0 0 0 ; 4 %

to $ 2 5 0 ,0 0 0 ; 5 %

to $ 5 0 0 ,0 0 0 a n d 6 %

on

o n in c o m e s o f

o n in c o m e s e x ce e d in g

T h o n ow la w im p ose s su rta x e s as fo llo w s :

1% on amount b y which the net incom e exceeds $20,000 and does not
exceed $40,000: 2 % $40,000 to $60,000; 3 % , $60,000 to $80,000; 4 % ,
$80,000 to $100,000; 5 % , $100,000 to $150,000; 6 % , $150,000 to $200,000;
7 % , $200,000 to $250,000; 8 % , $250,000 to $300,000; 9 % , $300,000 to
$500,000; 10% , $500,000 to $1,000,000; 11% , $1,000,000 to $1,500,000;
1 2 % , $1,500,000 to $2,000,000 and 13% on tho am ount b y which tho not
incom o exceeds $2,000,000.
T h o la w fixes J u n o 15 as tho d a to w hon a ll ta xe s sh all
be duo an d p a y a b le , in ste a d o f J u n e 3 0 (th o d a te in th e o ld
law ) th is c h a n g e , it is s ta te d , b e in g m a d o in o rd er th a t tho
re tu rn s m a y bo o f uso fo r th e G o v e r n m e n t re co rd s o f tho
fiscal y e a r in w h ich th e y aro re ce iv o d .
T h o n ew law also c o n ta in s a p ro v isio n to th o e ffe c t th a t
“ a n in d iv id u a l k e e p in g a c c o u n ts u p o n a n y b a sis o th e r th a n
th a t o f a c tu a l re ce ip ts a n d d isb u r se m e n ts, u n le ss su ch oth er
ba sis d oes n o t c le a rly re fle c t h is in c o m e , m a y , s u b je c t to
r e g u la tio n s m a d o b y tho C o m m issio n e r o f In to rn a l R e v e n u e ,
w ith tho a p p ro v a l o f th o S e c re ta ry o f tho T r e a s u r y , m a k e
his re tu rn u p on tho ba sis u p o n w h ich h is a c c o u n ts aro k e p t,
in w h ich caso th e ta x sh all be c o m p u te d u p o n h is in co m e
as so r e tu r n e d .”
T h o n ew la w stip u la te s th a t th e p ro v isio n re q u irin g th e
2%

n o r m a l ta x o f in d iv id u a ls to bo d e d u c te d a n d w ith h e ld

a t th o sou rce sh all n o t bo c o n stru e d to req u iro th o w ith ­
h o ld in g o f su ch larger ta x u n til J a n . 1 1 9 1 7 , th e

o ld

la w

a n d its ta x o f 1 % g o v e r n in g in th o m e a n t im e .
F o r th o p u rp oso o f th o a d d itio n a l t a x , in d iv id u a ls aro
n o w re q u ire d to in clu d o in th e ir retu rn s d iv id e n d s re ce iv ed
fr o m s to c k s .
F o r th o p u rp oso o f n o rm a l ta x o n ly , th e
in co m o e m b r a c e d in a p erson a l retu rn sh all bo c re d ite d w ith
th o a m o u n t ro co ivcd as d iv id e n d s u p o n th e s to c k or fro m
th o n ot earn in gs o f a n y c o rp o r a tio n , jo in t s to c k c o m p a n y
or

a sso c ia tio n ,

tr u ste o ,

p u rp oso o f tho s u r ta x ,
bo d e d u c t e d .

or

in su ran ce

h o w e v e r,

su ch

com pany.

For

th e

d iv id e n d s m a y

not

In d iv id u a ls aro no lo n g er s u b je c t to ta x o n p ro fits w hilo
n o t a llo w e d to d e d u c t lo sse s, th e n ow la w p ro v id in g th a t
in

tra n sa ctio n s e n te re d in to fo r p r o fit , b u t n o t co n n e c te d

w ith

his

business

or

tr a d e ,

th o

losse s

a c tu a lly

su sta in e d

th e re in , d u rin g tho y e a r to a n a m o u n t n o t e x ce e d in g tho
p ro fits

arisin g

d e d u c t e d .”

th e re fro m

Tho

T reasu ry

in

th o

U n it e d

r e g u la tio n s

S ta t e s ,

fo r

th o

m ay

be

p ro -ra tin g

b y m o n th s o f increases or decreases in tho v a lu e o f p ro p e rty
a c q u ire d b efo re M a r . 1 1 9 1 3 , aro sot asido b y th o n e w la w ,

Additional Tax on in c o m e s ov er $20,000.
(b)
In addition to the Incomo tax Imposed b y subdivision (a) o f this
section (herein referred to as tho normal tax) there shall bo levied, assessed,
collected, and paid upon tho total not Incomo o f every individual, or. In tho
case o f a nonresident alien, tho total net Incomo received from all sources
■within tho United States, an additional Income tax (herein referred to as
tho additional tax) o f one per centum per annum upon tho amount by
which such total net Incomo exceeds $20,000 and does not exceed $40,000.
tw o per centum per annum upon tho am ount b y which such total net incom o
exceeds $40,000 and does not exceed $60,000, three per centum per annum
upon the amount b y which such total net Income exceeds $60,000 and does
not exceed $80,000, four per centum per annum upon tho am ount b y which
such total net Income exceeds $80,000 and does not exceed $100,000, fiv e
per centum per annum upon the am ount b y which such total net Income
exceeds $100,000 and does not exceed $150,000, six per centum per annum
upon the amount b y which such total net incom e exceeds $150,000 and
does not exceed $20,000, seven per centum per annum upon the amount b y
which such total net Income exceeds $200,000 and does not exceed $250,000,
eight per centum per annum upon the amount b y which such total net
Incom e exceeds $250,000 and does not exceed $300,000, nine per centum per
annum upon tho amount b y w hich such total net Income exceeds $300,000
and does not exceed $500,000, ten per centum per annum upon the amount
b y which such total net incom o exceeds$5G0,000 and does not exceed $ 1 ,­
000,000, eleven per centum per annum upon the am ount b y which such
total net Income exceeds $1,000,000 and docs not exceed $1,500,000, twelve
per centum per annum upon the amount b y which such total net Income
exceeds $1,500,000 and does not exceed $2,000,000, and thirteen per centum
per annum upon the amount b y w hich such total net Income exceeds
$2,000,000.
For the purpose o f tho additional tax there shall be Included as Income
tho incom o derived from dividends on the capital stock or from the net
earnings o f any corporation, joint-stock com pany or association, or Insurance
com pany, except that In tho case o f nonresident aliens such incom e derived
from sources without the United States shall not be Included.
All tho provisions o f this title relating to the normal tax on Individuals,
so far as they aro applicable and are not Inconsistent with this subdivision
and section three, shall apply to the Im position, levy , assessment, and
collection o f the additional tax imposed under this subdivision.
(c)
The foregoing normal and additional tax rates shall a pply to the
entire net incom e, except as hereinafter provided, received b y every taxable
person In tho calendar year nineteen hundreed and sixteen and In each
calendar year thereafter.
Income Defined.
Sec. 2. (a) T h a t, subject only to such exemptions and deductions as a r e
hereinafter allow ed, tho net Incomo o f a taxable person shall Include gains,
profits, and Income derived from salaries, wages, or com pensation for
personal service o f whatever kind and In whatever form paid, o f from pro­
fessions, vocations, businesses, trade, com m erce, or sales, or dealings in
property, whether real or personal, growing ou t o f the ownership or uso
o f or Interest In real or personal property, also from interest, rent, d ividends,
securities, or the transaction o f any business carried on for agin or profit,
or gains or profits and Income derived from any source whatever: Provided,
That the term “ dividends” as used in this title shall bo held to mean any
distribution mado or ordered to be mado by a corporation, join t-stock
com pany, association, or Insurance com pany, out o f its earnings or profits
accrued since M arch first, nineteen hundred and thirteen, and payable
to Its shareholders, whether In cash or In stock o f the corporation, jo in tstock com pany, association, or Insurance com pany, which stock dividend
shall bo considered incom o, to the amount o f Its cash value.
(b) Incom o received b y estates o f deceased persons during the period
o f administration or settlement o f the estato, shall be subject to tho normal
and additional tax and taxed to their estates, and also such incom e o f
estates or any kind o f property hold in trust including such incom e accum u­
lated in trust for the benefit o f unborn or unascertained persons, or persons
with contingent interest and incom o held for future distribution under the
terms o f tho will or trust shall bo likowise taxed, the tax in each Instance,
except when the incom e is returned for tho purposo o f the tax b y the
beneficiary, to bo assessed to tho executor, administrator, or trustee, as
the caso m ay bo; Provided, T hat where tho incom e is to be distributed
annually or regularly between existing heirs or legatees or beneficiaries,
tho rate o f tax and m ethod o f com puting the same shall be based In each
caso upon tho amount o f the individual share to be distributed.
Such trustees, executors, administrators, and other fiduciaries aro
hereby indemnified against the claims or demands o f every beneficiary
for all payments o f taxes which they shall bo required to m ake under tho
provisions o f this title, and they shall have credit for the amount o f such
paym onts against the beneficiary or principal in any accounting which
they make as such trustee or other fiduciaries.
(c) For the purposo o f ascertaining tho gain derived from tho sale or
other disposition o f p roperty, real, personal, or m ixed, acquired before
M arch first, nineteen hundred and thirteen, the fair market price or value
o f such property as o f M arch first, nineteen hundred and thirteen, shall
bo tho basis for determ ining tho am ount o f such gain derived.

w h ich p ro v id e s th a t “ th o fa ir m a r k e t price or v a lu o o f such

Additional Tax Includes Undistributed Profits.

p r o p e r ty a s o f M a r . 1 1 9 1 3 sh all bo th o b a sis fo r d eterm in in g

Sec. 3. For the purpose o f tho additional tax, the taxable incom e o f
any individual shall include tho sharo to which ho would bo entitled o f the
gains and profits, if divided or distributed, whether divided or distributed
or not, o f all corporations, join t-stock com panies or associations, or insur­
ance companies, how over created or organized, form ed or fraudulently
availed o f for tho purpose o f preventing tho im position o f such tax through
tho medium o f perm itting such gains and profits to accumulate instead o f
being divided or distributed; and tho fact that any such corporation,
joint-stock com pany, or association, or insurance com pany, is a mere
holding com pany, or that tho gains and profits aro perm itted to accumulate
beyond tho reasonable needs o f tho business, shall bo prima facie evidence
o f a fraudulent purposo to escapo such tax; but tho fact that the gains and
profits aro In any caso perm itted to accumulate and becom o surplus shall
not bo construed as evidence o f a purposo to escapo tho said tax in such
caso unloss the Secretary o f tho Treasury shall certify that in Ills opinion
such accumulation Is unreasonable for the purposes o f tho business. W hen
requested b y the Comm issioner o f Internal Rovenuo, or any district co l­
lector o f internal revenue, such corporation, joint-stock com pany or asso­
ciation, or insurance com pany shall forward to him a correct statement
o f such gains and profits and tho names and addresses o f tho individuals
or shareholders who would bo entitled to tho samo if divided or distributed.

th o a m o u n t o f su ch g a in d eriv e d or loss s u s ta in e d .”
F e d e ra l lan d b a n k s an d N a t io n a l F a r m L o a n a sso cia tio n s
c r e a te d u n d e r th e R u r a l C r e d its A c t a p p ro v o d J u ly 1 7 , are
e x e m p t fro m ta x a tio n u n d er th o co rp o r a tio n ta x la w ; jo in t
s to c k la n d b a n k s aro e x e m p t as to in co m o d orive d fro m
b o n d s or d e b en tu re s o f o th e r jo in t s to c k la n d b a n k s or a n y
F e d e ra l la n d b a n k b e lo n g in g to su ch jo in t s to c k la n d b a n k .
The

fo llo w in g

is

tho

c o m p le to

te x t

of

la w a ffe c tin g in d iv id u a ls a n d c o r p o r a tio n s.
h o w e v e r , in m a n y ca ses aro o u r o w n .

th o

in c o m o

ta x

T h e h e a d in g s ,

TITLE I.—INCOME TAX
P A R T I — ON IN D IV ID U A L S

Normal Tax of 2% .
See. 1. (a) That there shall bo levied, assessed, collected, and paid
annually upon tho entlro not Incomo received In tho preceding calendar
year from all sources by every individual, a citizen or resident o f tho United
States, a tax or two per centum upon such Incomo; and a like tax shall bo
lovlod, assessed, collected, and paid annually upon tho entlro not Incomo
received In tho preceding calendar year from all sources within tho United
States by every Individual, a nonresident alien , Including Interest on bonds
notes, or other Interest-bearing obligations o f residents, corporate or other­
wise.




Income Exempt from Law.
Soc. 4. T ho following Incomo shall be exem pt from tho provisions o f this
title:
T ho proceeds o f life insurance policies paid to individual beneficiaries
upon tho death o f tho insured; the am ount received b y the insured, as a
return o f premium or premiums paid b y him under life insurance, endow­
m ent, or annuity contracts, either during tho term or at tho m aturity o f

tho term m entioned in the contract or upon tho surrender o f the con tract;
the value o f property acquired b y gift, bequest, deviso, or descent (but
the incom e from such property shall be included as incom o); interest
upon the obligations o f a State or any political subdivision thereof or upon
the obligations o f tho United States or its possessions or securities issued
under tho provisions o f tho Federal Farm Loan A ct o f July seventeenth,
nineteen hundred and sixteon; tho com pensation o f tho presont President
o f tho United States during tho term for which he has boon elected, and tho
judges o f tho Supremo and inforior courts o f tho United States now in offico,
and the com pensation o f all officers and em ployees o f a Stato; or any political
subdivision thereof, except whon such com pensation is paid b y the Unitod
States G overnm ent.
D e d u c ti o n s A l l o w e d to I n d iv id u a ls .

Sec. 5. That in com puting net incom o in tho caso o f a citizon or resident
o f tho U nited States—
(a) F or tho purpose o f tho tax thero shall bo allowed as deductions—
First. T ho necessary expenses actually paid in carrying on any business
or trade, not including personal, living, or fam ily expenses;
Second. A ll interest paid within tho year on his indebtedness;
T hird. Taxes paid within tho year imposed b y tho authority o f tho
United States, or its Territories, or possessions, or any foreign country
or under tho authority o f any Stato, cou n ty, school district, or municipality,
or other taxing subdivision o f any Stato, not including those assossod
against local benefits;
F ourth. Losses actually sustained during the year, incurred in his
business or trado, or arising from fires, storm s, shipwreck, or other casualty,
and from theft, when such losses aro not com pensated for by insurance
or otherwise: P r o v id e d , That for tho purpose o f ascertaining tho loss sus­
tained from tho salo or other disposition o f p roperty, real, personal, or
m ixed, acquired boforo M arch first, nineteen hundred and thirteen, tho
fair m arket price or value o f such property as o f M arch first, nineteen
hundred and thirteen, shall bo tho basis for determining tho amount o f such
loss sustained;
F ifth . In transactions entered into for profit but not connected with
his business or trado, tho losses actually sustained therein during the year
to an am ount not exceeding tho profits arising thorefrom;
Sixth. D obts duo to tho taxpayer actually ascertained to bo worthless
and charged o ff within the year;
Seventh. A reasonable allowance for tho exhaustion, woar and toar o f
property arising out o f its uso or em ploym ent in tho business or trade;
E ighth, (a) In tho caso o f oil and gas wells a reasonable allowance
for actual reduction in flow and production to bo ascertained not b y the
flush flow , but b y the settled production or regular flow ; (b) in tho caso
o f mines a reasonable allowance for depletion thereof not to exceed tho
market value in tho mine o f the product thereof, which has been mined
and sold during tho year for which tho roturn and com putation aro m ade,
such reasonable allowance to bo made in tho caso o f both (a) and (b) under
rules and regulations to be proscribed b y tho Secretary o f the Treasury:
P r o v id e d , That when tho allowances authorized in (a) and (b) shall equal tho
capital originally invested, or in caso o f purchase m ado prior to M arch first,
nineteen hundred and thirteen, the fair markot valuo as o f that date, no
further allowance shall be m ado. N o deduction shall bo allowed for any
am ount paid out for new buildings, permanent im provem ents, or better­
m ents, mado to increase tho valuo o f any property or estato, and no deduc­
tion shall bo m ado for any am ount o f oxponso o f restoring property or making
good tho exhaustion thereof for which an allowance is or has boon m ade
C r e d its A l l o w e d .

(b) For tho purpose o f tho normal tax only, tho incom o ombraced in a
personal return shall bo credited with tho .amount received as dividends
upon tho stock or from tho not oarnings o f any corporation, joint-stock
com pany or association, trustee, or Insurance com pany, which is taxable
upon its net incom e as hereinafter provided;
(c) A like credit shall bo allowed as to tho amount o f incom o, tho normal
tax upon which has boon paid or withheld for paym ent at tho source o f tho
incom o under tho provisions o f this titlo.
N o n -R e s id e n t A l i e n s . — H o w N e t I n c o m e is C o m p u te d .

Sec. 0. That in com puting not incom o in tho caso o f a non-resident alien—
(a) F or tho purposo o f tho tax there shall bo allowed as deductions—
First. Tho necessary expenses actually paid in carrying on any business
or trado conducted b y him within tho United States, not including personal,
living, or fam ily expenses;
Second. Tho proportion o f all interest paid within tho year b y such
person on his indebtedness which tho gross amount o f his incom o for tho
year derived from sources within tho United States boars to (ho gross
' am ount o f his incom e for tho year derived from all sources within and
without tho Unitod States, but this deduction shall bo allowed only if
such person includes in tho return required b y Section eight all tho inform ­
ation necessary for its calculation;
T hird. Taxes paid within the year imposed b y tho authority o f tho
United States, or its Territories, or possessions, or under tho authoiity o f
any Stato, cou n ty, school district, or m unicipality, or other taxing sub­
division o f any State, paid within tho United States, not including thoso
assessed against local benefits;
Fourth. Losses actually sustained during tho year, Incurred in business
or trado conducted b y him within tho United States, and losses o f property
within tho United States arising from fires, storms, shipwreck, or other
casualty, and from theft, when such losses aro not com pensated for by
insurance or otherwise: P r o v id e d , That for tho purposo o f ascertaining
the am ount o f such loss or losses sustained in trade, or speculative transac­
tions not in trade, from tho same or any kind o f property acquired before
M arch first, nineteen hundred and thirteen, the fair market price or value
o f such property as o f M arch first, nineteen hundred and thirteen, shall
b ) tho basis for determ ining the am ount o f such loss or losses sustained;
F ifth. In transactions entered into for profit but not connected with
his business or trade, tho losses actually sustained therein during tho year
to an amount not exceeding tho profits arising thorefrom, In tho United
States;
Sixth. D ebts arising in tho courso o f business or trado conducted by
him within the United States duo to the taxpayer actually ascertained to
be worthless and charged o ff within tho year;
Soventh. A reasonable allowance for tho exhaustion, wear and tear of
property within the United States arising out o f its uso or em ploym ent
in tho business or trado; (a) in tho caso o f oil and gas wells a reasonable
allowance for actual reduction In flow and production to be ascertained not
b y tho flu sh flow, but b y tho settled production or regular flow ; (b) in tho
case o f mines a reasonable allowance for depletion thereof, not to exceed
the market value in the mine o f tho product thereof which has been mined
and sold during tho year for which the return and com putation aro m ado,
such reasrn b o allowance to bo made In tho case o f both (a) and (blunder
rules and rogulaticn: to bo prescribed b y tho Secretary o f tho Treasury;
P rov id ed , That when tho
iowanco authorized in (a) and (b) shall equal the
capital originally invested or in caso o f purchase mado prior to M arch first




ninoteen hundred and thirteen, tho fair markot valuo as o f that dato, no
further allowance shall bo m ado. N o deduction shall bo allowed for any
am ount paid out for new buildings, permanent im provem ents or botterm ents, mado to increase tho value o f any property or ostate, and no deduc­
tion shall 1)0 mado for any amount o f oxpenso o f restoring property or m ak­
ing good tho exhaustion thereof for which an allowance Is or has been m ade.
(b) There shall also bo allowed the credits specified b y subdivisions
(b) and (c) o f section five.
P e r s o n a l E x e m p tio n .

Sec. 7. (a) That for tho purposo o f tho normal tax only, there shall bo
allow'ed as an exemption in tho nature o f a deduction from the amount of
the net Income o f each o f said persons, ascertained as provided heroin, tho
sum o f S3,000, plus S I ,000 additional if tho person making the roturn bo a
head o f a fam ily, or a married man with a wife living with him , or plus tho
sum o f S I,000 additional if the person making tho roturn be a married w o­
man with a husband living with her; but in no event shall this additional
exemption o f S i,000 bo deducted b y b oth a husband and wife:
P r o v id e d ,
That only one deduction o f S I,000 shall be m ade from tho aggregate Incomo
o f both husband and wife when living togother: P rov id ed , f u r th e r . That
guardians or trustees shall bo allowed to mako tills porsonal exemption
as to incom e derived from tho property o f which such guardian or trustco
has charge In favor o f each ward or cestui quo trust: P rov id ed f u r th e r .
That in no event shall a ward or cestui quo trust bo allowed a greater per­
sonal exem ption than $3,000, or, if married, $4,000, as provided in this
paragraph, from the amount o f net Income recolved from all sources. Thero
shall also bo allowed an exem ption from tho am ount o f tho net incom e o f
estates o f decoasod porsons during the period o f administration or settle­
m ent, and o f trust or other estates the Incomo o f which is not distributed
annually or regularly under tho provisions o f paragraph ( b ) , section tw o ,
tho sum ol $3,COO, including such deductions as aro allowed under section
live.
(b) A nonresident alien individual m ay receive the benoflt o f tho ex­
em ption provided for in this section only b y filing or causing to bo filed with
tho collector o f internal revenue a truo and accurate roturn o f Ills total in­
com e, received from all sources, corporate or otherwise, in tho Unitod States,
in tho manner prescribed b y this title; and in case o f his failure to filo such
return the collector shall collect tho tax on such incom o, and all property
belonging to such nonresident allon Individual shall bo llablo to distraint
for tho tax.
W h e n R etu r n s A r c to B e M a d e .

Sec. 8. (a) The tax shall bo com putod upon tho not Income as thus
ascertained o f each person subject thereto, rccolvod in each precoding calen­
dar year ending December thirty-first.
(b) On or beforo tho first day o f M arch, nineteon hundred and seven­
teen; and the first day o f M arch in each year tiiereaftor, a truo and accurato
return under oath shall be m ado by each person o f lawful ago, cxcopt as
hereinafter provided, having a net Incomo of 33,000 or over for tho taxable
year to the collector o f Internal rovenue for tho district in which such person
has his legal residence or principal place of business, or if thero bo no logal
residence or place o f business In the United Statos, then with tho collector
o f Internal rovenue at Baltimore, M aryland, In such form as tho Com m is­
sioner o f Internal Revenue, with the approval o f tho Secrotary o f tho Treas­
ury, shall prescribe, setting forth specifically the gross amount o f incom e
from all separate sources, and from the total thereof deducting the aggre­
gate item s o f allowances herein authorized: P r o v id e d , That the C om m is­
sioner o f Internal Rovenuo shail have authority to grant a reasonable ex­
tension o f tim e, in meritorious cases, for filing returns o f incom o b y persons
residing or traveling abroad who aro required to m ake and filo returns o f
Incomo and who aro unable to flic said returns on or boforo M arch first o f
each year: P rov id ed f u r th e r . That tho aforesaid return m ay bo made b y an
agent when b y reason o f illness, absence, or nonresidence tho porson lia­
ble for said return Is unable to mako and render tho samo, tho agent assum­
ing tho responsibility o f making tho return and incurring penalties provided
for erroneous, false, or fraudulent roturn.
(c) Guardians, trustees, executors, administrators, receivers, con­
servators, and all persons, corporations, or associations acting in any
fiduciary capacity, shall make and render a return o f the Income o f tho
person, trust, or estate for whom or which they act, and bo subject to all
tho provisions o f this title which apply to Individuals. Such fiduciary
shall mako oath that ho has sufficient knowledge o f tho affairs o f such
person, trust, or estato to enable him to mako such roturn and that tho same
is, to tho best o f his knowledge and belief, truo and correct, and bo subject
to all tho provisions o f this titlo which apply to individuals: P rov id ed ,
That a return mado b y one o f tw o or moro join t fiduciaries filed in the
district whero such fiduciary resides, under such regulations as tho Secretary
o f tho Treasury m ay prescribe, shall bo a sufficient com pliance with tho
requirements o f this paragraph.
T a x to b e

W ith h eld a t S o u rc e .

(d) All persons, firm s, com panies, co-partnorshlps, corporations, jo in tstock com panies, or associations, and insurance com panies, except as here­
inafter provided, in whatover capacity acting, having tho control, receipt,
disposal, or paym ent o f fixed or determinable annual or periodical gains,
profits, and Incomo o f another individual subject to tax, shall in behalf o f
such person deduct and withhold from tho paym ent an am ount equivalent
to tho normal tax upon tho same and make and render a return, as aforesaid,
but separate and distinct, o f tho portion o f tho incom o o f each person from
which tho normal tax has been thus withheld, and containing also tho name
and address of such person or stating that tho name and address or the address
as tho case m ay bo, aro unknown: P rov id ed , T hat tho provision requiring
tho normal tax o f individuals to bo deducted and withheld at tho source o f
tho Income shall not bo construed to requiro tho withholding o f such tax
according to the two per centum normal tax rato herein prescribed until
on and after January first, ninoteen hundred and seventeen, and tho law
existing at the tim e o f tho passago oC this A ct shall govern tho am ount
withheld or to bo withheld at the sourco until January first, nineteen
hundred and seventeen.
That In either caso mentioned In subdivisions (c) and (d) o f this section
no return o f Incomo not exceeding $3,000 shall bo required, except as In
this titlo provided.
Persons in P a r tn e r s h ip s L ia b le f o r ta x in I n d iv id u a l C a p a c ity .
(e) Persons carrying on business In partnership shall bo llablo for incomo
tax only in their individual capacity, and the share o f the profits o f tho
partnership to which any taxablo partner would bo entitled If tho samo wero
divided, whether divided or otherwise, shall bo returned for taxation and
tho tax paid under the provisions o f this titlo: P ro v id ed , That from tho not
distributive Interests on which tho Individual members shall bo llablo for
tax, normal and additional, thero shall bo excluded their proportionate shares
received from Interest on tho obligations o f a Stato or any political or
taxing subdivision thereof, and upon tho obligations o f tho U nited Statos
and Its possessions, and all taxes paid to tho United States or to any posses­
sion thereof, or to any State, cou nty, or taxing subdivision o f a Stato, and

that for the purpose o f com puting tho normal tax there shall bo allowed a
credit, as provided b y section five, subdivision (b ), for their proportionate
share o f tho profits derived from dividends. A nd such partnership, when
requested b y tho Commissioner o f Internal Revenue, or any district collec­
tor, shall render a correct return o f the earnings, profits, and Income o f tho
partnership, except Income exempt under section four o f this A ct, setting
forth the Item o f tho gross lncom o and the deductions and crodlts allowed
b y this title, and tho names and addresses o f tho individuals who would bo
entitled to tho net earnings, profits, and lncom o, If distributed.
(f) In every return shall bo Included tho lncom o derived from dividends
on tho capital stock or from the net earnings o f any corporation, join tstock com pany or association, or Insurance com pany, oxcept that in tho
caso o f nonresident aliens such Income derived from sources without tho
United States shall not bo Included.
(g) An individual keeping accounts upon any basis other than that o f
actual receipts and disbursements, unless such other basis does no clearly
roflect Ills lncom o, m ay, subject to regulations made b y tho Commissioner
o f Internal Revenue, with tho approval o f tho Secretary o f tho Treasury,
malco his return upon tho basis upon which Ills accounts aro kept, In which
case the tax shall be com puted upon Ills lncomo as so returned.
A s s e s s m e n t a n d A d m i n i s tr a t i o n — P a ym en ts', w h e n to b e m a d e.
Sec. 9. (a) That all assessments shall bo mado b y the Commissioner
o f Internal Revenue and all persons shall bo notified o f tho amount for
which they aro respectively llablo on or beforo tho first day o f Juno o f each
successive year, and said amounts shall bo paid on or beforo tho fifteenth
day o f Juno, except In cases o f refusal or neglect to m ake such return and
In cases o f orroneous, false, or fraudulent returns, In which cases tho C om ­
missioner o f Internal Revenue shall, upon tho discovery thereof, at any
tim e within three years after said return is duo, or has been m ado, make
a return upon inform atln obtained as provided for In this title or b y existing
law or require tho necessary corrections to bo m ado, and tho assessment
m ade b y tho Commissioner o f Internal Revenue thereon shall bo paid by
such person or persons Immediately upon notification o f tho amount o f
such assessment; and to any sum or sums duo and unpaid after tho fifteenth
day o f Juno In any year, and for ten days after notice and demand thereof
b y tho collector, (hero shall bo added tho sum o f five per contum on tho
amount o f tax unpaid, and Interest at tho rate o f one per centum per month
upon said tax from the tim e tho same became due, oxccpt from tho estates
o f Insane, deceased, or Insolvent persons.
W ith h o ld in g T a x at S o u rc e .

(b) All persons, firm s, copartnerships, com panies, corporations, join tstock com panies, or associations, and insuranco com panies, in whatever
capacity acting, including lesseos or mortgagors o f real or personal prop­
erty, trustees acting in any trust capacity, executors, administrators, receiv­
ers, conservators, em ployers, and all offlcors and employees o f tho United
States having thocon trol, receipt, cu stody, disposal, or paym ent o f interost,
rent, salaries, wages, prem ium s, annuities, com pensation, remuneration,
em oluments, or other fixed or dctcrm lnablo annual or periodical gains,
profits, and lncom o o f another person, exceeding S3,000 for any taxablo
yoar, other than incom e derived from dividends on capital stock, or from
tho not earnings o f corporations and joint-stock companies or associations,
or insuranco com panies, tho lncom o o f which is taxablo under this tltlo,
who aro required to m ako and render a return in bohalf o f another, as pro­
vided herein, to tho collector o f his, her or its district, are hereby authorized
and required to deduct and withhold from such annual or periodical gains,
p rofits, and incom o such sum as will bo sufficient to p ay tho normal tax
imposed thereon b y this tltlo, and shall pay tho am ount withheld to the
officer o f tho United States Governm ent authorized to receive tho same;
and thoy aro each hereby made personally liable for such tax, and they aro
each horeby indem nified against overy person, corporation, association, or
dem and whatsoever for all payments which thoy shall m ako in pursuance
and b y virtuo o f this title.
P erso n a ! E x e m p tio n — H o w

to l ie O b ta in ed .

In all cases where tho incom o tax o f a person is withhold and dodueted
and paid or to be paid at tho sourco, sucli person shall not rocoivo tho bene­
fit o f tho porsonal exem ption allowed in section sovon o f this tltlo oxcept by
an application for refund o f tho tax unless lie shall, not lass than thirty days
prior to the day on which tho return o f Ills incom e is duo, filo with tho per­
son who is required to withhold and pay tax for him , a signed notico in writ­
ing claiming tho benefit o f such exem ption, and thereupon no tax shall bo
withheld upon tho am ount o f such exem ption: P r o v id e d , That if any per­
son for tho purpose o f obtaining any allowance or reduction b y virtue o f a
claim for such exem ption, either for him self or for any other person, know ­
ingly makes any falso statement or falso or fraudulent representation, he
shall bo liablo to a penalty o f not exceeding S300.
T a x e s P a id at S o u rc e — H o w I ie n e fit o f D e d u c tio n M a y lie O b ta in ed .

And where tho incom e tax is paid or to bo paid at the sourco, no person
shall bo allowed tho benefit o f any deduction provided for in sections five
or six o f this titlo unless ho shall, not less than thirty days prior to tho day
on which tho return o f ills incom o is duo, oithor (1) file witii the person who
is requirod to withhold and pay tax for him a true and correct return o f his
gains, profits, and incom o from all other sources, and also the deductions
asked for, and tho showing thus mado shall then becom e a part o f tho return
to bo m ado in his bohalf by tho person required to withhold and pay tho
tax, or (2) likewise mako application for deductions to tho collector o f tho
district in which return is made or to bo mado for him : P r o v id e d , That when
any am ount allowable as a deduction is known at tho time o f receipt o f
fixed annual or periodical incom o b y an individual subject to tax, ho may
filo with the person, firm , or corporation making tho paym ent a certificate,
under penalty for false claim , and in such form as shall bo proscribed b y tho
Commissioner o f Internal Revenue, stating the am ount o f such deduction
and making a claim for an allowance o f the same against tho amount o f tax
otherwise required to bo deducted and withheld at the sourco o f the incomo,
and such certificate shall likowlso becom o a part o f tho roturn to bo m ado in
his behalf.
I f such person is absent from tho United States, or is unablo owing to seri­
ous illnoss to mako tho return and application above provided for, tho roturn
and application m ay bo m ado by an agent, ho making oatii that ho lias suf­
ficient knowledge o f tho affairs and property o f his principal to enable him
to m ako a full and com plote roturn, and that the roturn and application made
b y him aro full and com ploto.
(c) T lie amount o f tho normal tax horeinboforo imposed shall bo de­
ducted and withheld from fixed or determinable annual, or periodical gains,
p rofits, and incom o derived from interest upon bonds and m ortgages, or
deeds o f trust or other similar obligations o f corporations, joint-stock com ­
panies, associations, and insurance com panies, whether payable annually
or at shortor or longer periods, although such interest does not amount to
$3,000, subject to tho provisions o f this title requiring the tax to bo withheld
at tho sourco and deducted from annual incomo and returned and paid to
tho G overnm ent.
(d) And likewise the amount o f such tax shall bo deducted and withheld
from coupons, checks, or bills o f exchange for or in paym ent o f interost
upon bonds o f foreign countries and upon foreign mortgages or like obliga­




tions (not payable in the United States), and also from coupons, checks, or
bills o f exchange for or in paym ent o f any dividends upon the stock or in­
terest upon the obligations o f foreign corporations, associations, and in­
surance com panies engaged in business in foreign countries.
And the tax in such cases shall be withheld, d educted, and returned for
and in behalf o f any person subject to tho tax hereinbefore im posed, al­
though such interest or dividends d o not exceed $3,000. b y (1) any banker
or person who shall soil or otherwies realize coupons, checks, or bills o f ex­
change drawn or m ade in paym ent o f any such interest or dividends (not
payablo in the United S tates), and (2) any person who shall obtain paym ent
(not in tho United States) in behalf o f another o f such dividends and inter­
est b y means o f coupons, checks, or bills o f exchange, and also (3) any dealer
in such coupons who shall purchase the same for any such dividends or in­
terost (not payablo in the United States) otherwise than from a banker or
another dealer in such coupons.
(o)
AVhere tho tax is withheld at the source, the benefit o f the exem ption
and tho deductions allowable under this title m ay bo had b y com plying
with the foregoing provisions o f this section.
T h o se U n d e r ta k in g F o r e ig n C o lle c tio n s M u s t O b ta in a L i c e n s e .

(f) A ll persons, firm s, or corporations undertaking as a m atter o f
business or for profit the collection o f foreign paym ents o f such interest
or dividends b y means o f coupons, checks, or bills o f exchange shall obtain
a license from tho Comm issioner o f Internal R evenue, and shall be subject
to such regulations enabling the Governm ent to ascertain and verify
tlie duo withholding and paym ent o f the incom o tax required to be with­
held and paid as the Commissioner o f Internal R evenue, with the approval
o f tlie Secretary o f the Treasury, shall prescribe: and any person who
shall know ingly undertake to collect such paym ents as aforesaid w ithout
having obtained a licenso therefor, or w ithout com plying with such regu­
lations, shall be deemed guilty o f a misdemeanor and for each offense
bo fined in a sum not exceeding $5,000, or imprisoned for a term not
exceeding one yoar, or both , in the discretion o f tho court.
(g) The tax herein imposed upon gains, p rofits, and incom e not falling
under the forogoing and not returned and paid b y virtuo o f the foregoing
shall bo assessed b y personal return under rules and regulations to bo
prescribed b y tlie Commissioner o f Internal Rovenuo and approved b y
tho Secretary o f the Treasury. T he intent and purpose o f this titlo is
that all gains, profits, and incom o o f a taxablo class, as defined b y this
title, shall bo charged and assessed with tho corresponding tax, normal
and additional, prescribed b y this titlo, and said tax shall be paid b y tho
owner o f such incom o. or the proper representative having tho receipt,
cu stody, control, or disposal o f tho sam e. F or tho purpose o f this titlo
ownership or liability shall be determ ined as o f tho year for which a return
is requirod to bo rendered.
T ho provisions o f this titlo relating to the deduction and paym ent o f
tho tax at tho sourco o f incom o shall on ly ap p ly to tho norm al tax herein­
before imposed upon individuals.
P A R T I I .— ON C O R P O R A T IO N S .
T a x o f T w o P e r C e n t.

Sec. 10. That thero shall bo levied, assessed, collected, and paid annu­
a lly upon the total net incom o received in tho preceding calendar yoar
from all sources b y overy corporation, join t-stock com pany or association,
or insuranco com pany, organized in tho United States, no m atter how
created or organized, but not including partnerships, a tax o f two per
centum upon such income; and a like tax shall be levied, assessed, co l­
lected, and paid annually upon the total net incom o received in tho pre­
ceding calendar year from all sources within tlie United States b y every
corporation, joint-stock com pany or association, or insurance com pany
organized, authorized, or existing under the laws o f any foreign cou ntry,
including interest on bonds, notes, or other interest-bearing obligations
o f residents, corporate or otherwise, and including the incom o derived from
dividends on capital stock or from net earnings o f resident corporations,
joint-stock companies or associations, or insuranco com panies whose
not incom o is taxablo under this title: P r o v id e d , That tho term “ dividends”
as used in this title shall be held to mean any distribution m ade or ordered
to bo m ado b y a corporation, join t-stock com pany, association, or insur­
anco com pany, out o f its earnings or profits accrued since M arch first,
nineteen hundred and thirteen, and payablo to its shareholders, whether
in cash or in stock o f tlie corporation, join t-stock com pany, association,
or insuranco com pany, which stock dividend shall bo considered incom e,
to tho amount o f its cash value.
T ho forogoing tax rate shall apply to tho total net incom e received b y
overy taxablo corporation, joint-stock com pany or association, or insur­
ance com pany in the calendar year nineteen hundred and sixteen, and in
each year thereafter, except that if it lias fixed its own fiscal year under
the provisions o f existing law, the foregoing rate shall apply to the pro­
portion o f the total net incom e returned for the fiscal year ending prior
to D ecem ber thirty-first, nineteen hundred and sixteen, which the period
between January first, nineteen hundred and sixteen, and tho end o f such
fiscal year bears to the whole o f such fiscal yoar, and tho rate fixed in
Section II o f the A ct approved O ctober third, nineteen hundred and thir­
teen, entitled “ An A ct to reduce ta riff duties and to provide revenue for
tho Governm ent, and for other purposes," shall apply to the remaining
portion o f tho total not incom e returned for such fiscal yoar.
For the purpose o f ascertaining tho gain derived or loss sustained from
tho sale or other disposition b y a corporation, join t-stock com pany, or
association, or insurance com pany, o f p roperty, real, personal, or m ixed,
acquired beforo M arch first, nineteen hundred and thirteen, tho fair market
prico or value o f such property as o f M arch first, nineteen hundred and
thirteen, shall be tho basis for determining the am ount o f such gain d e­
rived or loss sustained.
O rg a n iz a tio n s

E xem pt

fro m

Tax

on

C o r p o r a tio n s .

Sec. 11. (a) T hat there shall not bo taxed under this tltal any incom e
received by any—
First. Labor, agricultural, or horticultural organization;
Second. M utual savings bank not having a capital stock represented
b y shares;
Third. Fraternal beneficiary society, order, or association, operating
under tho lodge system or for the exclusive benefit o f tho members o f a
fraternity itself operating under the lodge system , and providing for the
paym ent o f life, sick, accident, or other benefits to tho members o f such
society, order, or association or their dependents;
Fourth. Dom estic building and loan associations and co-operative banks
without capital stock, organized and operated for mutual purposes and with­
out profit;
F ifth. Cemetery com pany owned and operated exclusively for the bene­
fit o f its members;
Sixth. Corporation or association organized and operated exclusively
for religious, charitable, scientific, or educational purposes, no part o f the
net lncomo o f which Inures to the benefit o f any private stockholder or in­
dividual;
Seventh. Business league, chamber o f com m erce, or board o f trade,not
organized for profit and no part o f tho net Incom e o f which Inures to the
benefit o f any private stockholder or individual;
_

E ighth. C ivic league or organization not organized for p rofit but oper­
ated exclusively for the prom otion o f social welfare;
N inth. C lub organized and operated exclusively for pleasure, recreation,
and other nonprofItable purposes, no part o f the net Income o f which inures
to the benefit o f any private stockholder or member;
Tenth. Farmers’ or other mutual hall, cyclone, or fire insurance com ­
p any, mutual ditch or Irrigation com pany, mutual or co-operative tele­
phone com pany, or like organization o f a purely local character, the Income
o f which consists solely o f assessments, dues and fees collected from m em ­
bers for the sole purpose o f meeting its expenses;
E leventh. Farmers’ , fruit growers’ , or like association, organized and
operated as a sales agent for the purposo o f marketing the products o f Its
members and turning back to them the proceeds o f sales, less the necessary
selling expenses, on the basis o f the quantity o f produce furnished b y them;
Tw elfth. Corporation or association organized for the exclusive pur­
pose o f holding titlo to property, collecting incom e therefrom , and turning
over the entire am ount thereof, less expenses, to an organization which
itself is exempt from the tax imposed by this title; or
Thirteenth. Federal land banks and national farm -loan associations
as provided In section twenty-six o f the A ct approved July seventeenth,
nineteen hundred and sixteen, entitled “ An A ct to provide capital for agri­
cultural developm ent, to create standard form s o f Investment based upon
farm m ortgage, to equalize rates o f interest upon farm loans, to furnish
a market for United States bonds, to create Governm ent depositaries and
financial agects for the United States, and for other purposes.”
Fourteenth. Joint-stock land banks as to Income derived from bonds
or debentures o f other joint-stock land banks or any Federal land bank be­
longin g to such joint-stock land bank.
(b) There shall not be taxed under this title any Income derived from
any public utility or from the exercise o f any essential governmental fun c­
tion accruing to any State, Territory or the D istrict o f C olum bia, or any
political subdivision of a State or Territory, nor any Income accruing to
the government o f the Philippine Islands or Porto R ico, or o f any political
subdivision o f the Philippine Islands or Porto R ico: Provided, That when­
ever any State, Territory, or the D istrict o f Colum bia, or any political sub­
division o f a State or Territory, has, prior to the passage o f this title, entered
In good faith Into a contract with any person or corporation, the object and
purpose o f which is to acquire, construct, operate, or maintain a public
utility, no tax shall be levied under the provisions of.this title upon the in­
com e derived from the operation o f such public u tility, so far as the paym ent
thereof will Impose a loss or burdon upon such State, T erritory, or tho D is­
trict o f Colum bia, or a political subdivision o f a Stato or Territory; but this
provision is not Intended to confer upon such porson or corporation any fi­
nancial gain or exem ption or to relieve such person or corporation from tho
paym ent o f a tax as provided for In this title upon tho part or portion o f tho
said Income to which such person or corporation shall be entitled under such
contract.
D e d u c t io n s

Allowed.

Sec. 12. (a) In the case o f a corporation, join t-stock com pany or associa­
tion, or Insurance com pany, organized in the United States, such not In­
com e shall bo ascertained b y deducting from the gross amount o f its Income
received within the year from all sources—
First. All tho ordinary and necessary expenses paid within tho year in
the maintenance and operation o f Its business and properties, Including
rentals or other paym ents required to be m ade as a condition to tho con­
tinued uso or possession o f property to which tho corporation has not taken
or Is not taking title, or In which It has no equity;
Second. A ll losses actually sustained and charged o ff within the year
and not com pensated b y Insurance or otherwise, Including a reasonable
allowance for tho exhaustion, wear and tear o f property arising out o f Its
uso or em ploym ent in the business or trade; (a) in tho case o f oil and gas
wells a reasonable allowance for actual reduction In flow and production,
to be ascertained not b y tho flush flow but b y the settled production or
regular flow ; (b) In the case o f mines a reasonable allowance for depletion
thereof not to exceed the market value In the mine o f the product thereof
which has been mined and sold during the year for which the return and
com putation aro m ado, such reasonable allowance to be made In tho case
o f both (a) and (b) under rules and regulations to be prescribed by the
Secretary o f the Treasury: Provided, T h a t when the allowance authorized
In (a) and (b) shall equal the capital originally Invested, or In case o f pur­
chase m ado prior to M arch first, nineteen hundred and thirteen, the fair
market value as o f that date, no further allowance shall bo made; and (c)
in tho case o f insurance companies, tho net addition. If any, required by
law to bo mado w ithin the year to reservo funds and the sums other than
dividends paid within tho year on p olicy and annuity contracts: Provided,
T h a t no deduction shall bo allowed for any amount paid out for now build­
ings, permanent Im provem ents, or betterments mado to Increase tho value
o f any property or estate, and no deduction shall be mado for any amount
o f expense o f restoring property or making good tho exhaustion thereof for
which an allowance Is or has been m ado: Provided further , T hat mutual tire
and m utual employers' liability and mutual workm en’s com pensation and
mutual casualty Insurance companies requiring their members to mako
premium deposits to provide for losses and expenses shall not return as
incom e any portion o f tho premium doposits returned to their policyholders,
but shall return as taxablo Income all incom o rccelvod b y thorn from all
other sources plus such portions o f tho premium deposits as are retained
b y the companies for purposes other than the paym ent o f losses and oxponses
and reinsurance reserves: Provided further, T hat mutual marine insurance
companies shall includo In their return o f gross Income gross premiums
collected and received b y them less amounts paid for reinsurance, but shall
bo entitled to Include In deductions from gross Income amounts ropald to
policyholders on account o f premiums previously1paid b y them and interest
paid upon such amounts between the ascertainment theroof and the p ay­
m ent thereof, and life insurance companies shall not include as Incomo In
any year such portion o f any actual premium received from any Individual
policyholder as shall have been paid back or credited to such Individual
policyholder, or treated as an abatem ent o f premium o f such Individual
policyholder, within such year;
Third. T he am ount o f Interest paid within the year on its indebtedness
to an amount o f such Indebtedness not in excess o f the sum o f (a) the entire
amount o f the paid-up capital stock outstanding at the closo o f tho year,
or, If no capital stock, tho entire amount o f capital em ployed in the business
at tho closo o f the year, and (b) one-half o f its Interest-bearing Indebtedness
then outstanding: Provided, That for the purposo o f this title preferred
capital stock shall not be considered Interest-bearing Indebtedness, and
Interest or dividends paid upon tills stock shall not bo deductible from gross
incom e: Provided further. That in cases wherein shares o f capital stock are
issued without par or nominal value, tho amount o f paid-up capital stock,
within tho meaning o f this section, as represented b y such shares, will be
tho amount o f cash, or its equivalent, paid or transferred to the corporation
as a consideration for such shares: Provided further. That In the caso of
Indebtedness w holly secured b y property collateral, tanglblo or Intangible,
tho subject o f sale or hypothecation In tho ordinary business o f such corpora­
tion, joint-stock com pany or association as a dealer only in the property




constituting such collateral, or in loaning the funds thoreby procured, the
total interest paid b y such corporation, com pany, or association within
the year on any such indebtedness m ay bo deducteod as a part o f its ex­
penses of doing business, but interest on such Indebtedness shall only bo
deductible on an amount o f such indebtedness not In excess o f the
actual value o f such property collateral: Provided further. T h a t In tho case
o f bonds or other indebtedness, which havo been Issued with a guaranty
that the interest payable thereon shall be freo from taxation, no deduction
for the paym ent o f tho tax herein im posed, or any other tax paid pursuant
to such guaranty, shall be allowed; and In tho case o f a bank, banking
association, loan or trust com pany. Interest paid within tho year on d e­
posits or on moneys received for Investment and secured b y intere-st-bearlng
certificates o f Indebtedness Issued by such bank, banking association, loan
or trust com pany;
Fourth. Taxes paid within the year Imposod b y tho authority o f the
United States, or its Territories or possessions, or any foreign country,
or under the authority o f any State, cou nty, school district, or m unicipality,
or other taxing subdivision o f any State, not Including those assossed
against local benefits.
(b) *In the case o f a corporation, join t-stock com pany or association,
or Insurance com pany, organized, authorized, or existing under the laws
o f any foreign country, such net incom o shall bo ascertained b y deducting
from the gross amount o f Its Income received within the year from all
sources within tho United States—
First. All tho ordinary and necessary expenses actually paid within
tho year out o f earnings In the maintenance and operation o f Its •business
and property within the United States, Including rentals or other pay­
ments required to be m ado as a condition to tho continued use or possession
o f property to which tho corporation has not taken or Is not taking title,
or in which It has no equity;
Second. All losses actually sustained within the yoar In business or
trade conducted b y It within the United States and not compensated by
insurance or otherwise. Including a reasonable allowance for tho exhaustion,
wear and tear o f property arising out o f Its uso or em ploym ent In tho
business or trade; and In tho caso (a) o f oil and gas wolls a reasonable
allowance for actual roductlon In flow and production to bo ascertained
not b y tho flush flow , but b y the settled production or rogular flow ; (b) in
the case o f mines a reasonable allowance for depletion thoroof not to
exceed tho market value In tho mlno o f tho product theroof which has boen
m ined and sold during the year for which tho return and com putation
are m ade, such reasonable allowance to be mado In the caso o f both (a)
and (b) under rules and regulations to bo proscribed by tho Secretary o f
the Treasury: Provided, That when the allowance authorized In (a) and (b)
shall equal the capital originally invested, or In case o f purchase made
prior to M arch first, nineteen hundred and thirteen, the fair market
value as o f that date, no further allowance shall be made; and (c) In tho
case o f Insurance com panies, tho net addition, if any, required b y law to
be m ade within the year to reserve funds and tho sums othor than divi­
dends paid within the year on policy and annuity contracts: Provided, That
no deduction shall bo allowed for any amount paid out for now buildings,
permanent Improvements, or bettermonts, m ado to Increase the value o f
any property or estato, and no deduction shall be mado for any amount
o f expense o f restoring property or m aking good tho oxhaustlon thereof
for which an allowance Is or has boen m ado: Provided further, That mutual
fire and mutual em ployers’ liability and mutual workm en’s compensation
and mutual casualty Insurance companies requiring their members to make
premium deposits to provldo for losses and expenses shall not return as
Income any portion o f the premium deposits returned to their policyholders,
but shall return as taxablo Income all Incomo recelvod by thorn from all
other sources plus such portions o f the premium doposits as are retained
b y the companies for purposes othor than the paym ent o f losses and ex­
penses and reinsurance reserves: Provided further. That mutual marine
insurance companies shall Includo in their return o f gross Incomo gross
premiums collected and received b y them less amounts paid for reinsur­
ance, but shall bo entitled to includo in deductions from gross incom e
amounts ropald to pollcyholdors on account o f premiums previously paid
b y them , and Interest paid upon such amounts botween tho ascertainment
thereof and the paym ont thereof, and life Insurance companies shall not
Includo as Incomo In any year such portion o f any actual premium received
from any Individual policyholder as shall havo been paid back or credited
to such individual policyholder, or troated as an abatomont o f premium
o f such Individual policyholder, within such year;
Third. T ho amount of interest paid within tho year on its Indebtedness
to an amount o f such indobtodness not In excess of tho proportion o f tho
sum o f (a) the entire amount o f tho paid-up capital stock outstanding at
the closo o f the year, or. If no capital stock, the entire amount o f tho
capital em ployed In tho business at tho closo o f tho year, and (b) ono-half
o f its Interest-bearing Indebtedness then outstanding, which tho grass
am ount o f Its Incomo for the year from business transacted and capital
invested within tho United States boars to tho gross amount o f its Income
derived from all sources within and without tho United States: Provided,
That In the caso o f bonds or other Indebtedness which havo boon issued
with a guaranty that tho interest payablo thereon shall be freo from tax­
ation , no deduction for tho paym ont o f tho tax herein imposed or any other
tax paid pursuant to such guaranty shall be allowed: and In caso o f a bank,
banking association, loan or trust com pany, or branch theroof, Interest
paid within tho year on doposits by or on monoys rocelvod for Investment
from either citizens or residents or the Unltod States and secured by Interest­
bearing certificates o f Indobtodness issued b y such bank, banking associa­
tion, loan or trust com pany, or branch theroof:
is!
Fourth. Taxes paid within tho year Imposed b y tho authority o f tho
United States, or its Territories, or possessions, or under the authority
o f any State, cou nty, school district, or m unicipality, or othor taxing
subdivision o f any Stato, paid within the United States, not Including
those assessed against local benefits;
(c) In the case o f assessment Insurance com panies, whother dom estic
or foreign, the actual doposlt o f sums with Stato or Territorial officers
pursuant to law, as additions to guarantee or reservo funds shall bo treated
as being payments required b y law to reserve funds.

Corporations May Make Returns for Fiscal Year.
Sec. 13. (a) T ho tax shall be com puted upon the not Income, as thus
ascertained, received within each preceding calendar year ending D ecem ­
ber thirty-first: Provided, That any corporation, joint-stock com pany or
association, or Insurance com pany, subject to this tax, m ay designate the
last day o f any m onth In tho year as tho day o f the closing o f Its fiscal year
and shall be entitled to havo tho tax payablo by it com putod upon tho
basis o f tho net Incomo ascertained as herein provided for tho yoar ending
on tho day so designated in tho year preceding tho date o f assessment
Instead o f upon tho basis o f tho not incom o for tho calendar year preceding
the dato of assessment; and It shall give notlco o f tho day It has thus desig­
nated as tho closing o f Its fiscal year to tho collector o f tho district In which
Its principal business o ffice is located at any tim e not less than thirty
days prior to tho first day o f M arch o f tho year In which Its return would
be filed If made upon tho basis o f tho calendar year;
n£j d
j

(b ) E v e r y c o r p o r a t io n , jo in t -s t o c k c o m p a n y o r a s s o c ia tio n , o r Insurance
c o m p a n y , s u b je c t t o th o ta x herein Im p osed , shall, o n o r b efore th e fir s t
d a y o f M a r c h , n ineteen h u n d red an d se v e n te e n , an d th o fir s t d a y o f M a r c h
in ea ch y ea r th erea fte r, o r . If It has design ated a fis ca l ye a r fo r th o c o m ­
p u ta tio n o f Its ta x , th en w ith in s ix ty d a y s a fte r th o clo se o f s u ch fiscal
yea r en d in g p r io r t o D e ce m b e r t h ir t y -fir s t , n in eteen h u n d re d a n d sixteen ,
an d th o closo o f ea ch su ch fis c a l y e a r th e re a fte r, ren der a tru e a n d accu ra to
return o f Its ann ual n e t In com e In th o m an n er an d fo rm t o bo p roscribed
b y th o C om m ission er o f In tern al R e v e n u e , w ith th e a p p ro v a l o f th o Secro­
ta r y o f th e T r e a s u r y , a n d c o n ta in in g s u ch fa c ts , d a ta , a n d In form a tion
as are a p p ro p ria te an d In th o o p in io n o f th o co m m issio n e r n occssa ry t o
determ in e th o correctn e ss o f th o net In com o retu rn ed an d t o c a r r y o u t tho
provision s o f tills t itle . T h o retu rn shall b o sw orn t o b y th o presid en t,
v ice-p resid en t, o r oth e r p rin cip a l o ffic e r , an d b y th o treasurer o r assistant
treasurer. T h o retu rn shall bo m a d e t o th o c o lle c to r o f th o d is tric t In
w h ich is lo ca te d th o p rin cip a l o ffic e o f th o c o r p o r a tio n , c o m p a n y , o r asso­
c ia tio n , w here are k e p t its b o o k s o f a c c o u n t a n d o th e r d a ta fro m w h ich
tho return Is p rep a red , o r In th o caso o f a fo ro ig n c o r p o r a t io n , c o m p a n y ,
o r a s s o cia tio n , t o th o c o lle c to r o f th o d is tric t in w h ich is lo ca te d Its p rin ­
c ip a l p la ce o f business in th o U n ite d S tates, o r If it h a v e n o p rin cip a l
pla ce o f business, o ffic e , o r a ge n cy In th o U n ited S ta te s, th on t o th o col­
le cto r o f Internal reven u e a t B a ltim o re , M a r y la n d . A ll s u ch returns
shall as re ce iv e d b e tra n sm itte d fo rth w ith b y th o c o lle c to r t o th o C o m ­
m issioner o f Internal R ev en u e;
(c) In cases w herein receivers, trustees In b a n k r u p tc y , o r assignees are
o p e ra tin g th e p ro p e r ty o r business o f c o rp o ra tio n s , jo in t -s t o c k co m p a n ie s ,
o r a s s o c ia tio n s , o r insurance c o m p a n ie s, s u b je c t t o ta x Im posed b y th is title ,
s u ch receivers, trustees, o r assignees shall in ak eretu rn s o f n e t In co m o as and
fo r su ch co rp o ra tio n s , jo in t-s to ck co m p a n ie s o r a s s o cia tio n s , a n d in su r­
a n ce c om p a n ies. In th o sam o m anner an d fo rm as s u ch o rg a n iz a tio n s aro
h ercln b ofore requ ired t o m a k e returns, an d a n y In com o ta x d u o o n the
basis o f s u ch returns m ad o b y receivers, tru stees, o r assignees shall bo
assessed an d co lle c te d In th o sam o m anner as If assessed d ir e c t ly again st
th o organ ization s o f w h oso businesses o r p ro p e rtie s th o y h a v o c u s t o d y and
c o n tro l;
(d) A c o r p o r a tio n , jo in t -s t o c k c o m p a n y o r a s s o cia tio n , o r Insurance
c o m p a n y , k eep in g a cco u n ts u p o n a n y basis o th e r th an th a t o f actu al
receip ts an d disbu rsem en ts, unless s u ch o th e r basis d oes n o t cle a rly re fle ct
its in co m o , m a y , s u b je c t t o regulation s m a d o b y th o C o m m issio n e r o f
In tern al R e v e n u e , w ith th o a p p ro v a l o f th o S e cro ta ry o f th o T re a su ry ,
m a k e Its return u p o n th o basis u p o n w h ic h its a cco u n ts aro k e p t , In w h ich
caso the ta x shall b o co m p u te d u p o n its in c o m o as so returned;
Provisions A p p lica b le to N on-R esident Concerns.

Penalty fo r R efusal or N eg lect to m ake R eturn.
(c) I f a n y o f th o c o r p o r a tio n s , jo in t -s t o c k c o m p a n ie s o r a s s ocia tion s ,
o r in su ran ce c o m p a n ie s a fo re sa id shall re fu se o r n o g le ct t o m a k o a retu rn
a t th o tim e o r tim es h e re in b e fo re s p e c ifie d in e a ch y e a r , o r sh all ren d er a
fa lso o r fra u d u le n t r e tu rn , su ch c o r p o r a t io n , jo in t -s t o c k c o m p a n y o r a s socia ­
tio n , o r in su ran co c o m p a n y sh all b e lia b lo t o a p e n a lty o f n o t e x ceed in g
■510,000: Provided, T h a t th o C o m m is s io n e r o f In te rn a l R e v e n u e shall h a v o
a u th o r ity , in th o case o f eith er c o r p o r a tio n s o r in d iv id u a ls, t o g ra n t a
rea so n a b le e xten sion o f tim e in m e rito rio u s ca se s, as h e m a y d e e m p ro p e r;
(d) T h a t s e c tio n th ir t y -t w o h u n d e rd a n d t w e n ty -fiv e o f th o R e v is e d
S tatu tes o f th e U n ited S tates b o , a n d th o sa m o is h e r e b y , a m e n d e d s o as t o
read as fo llo w s :
“ S oc. 3 22 5. W h e n a se c o n d assessm ent is m a d o in ca se o f a n y lis t, s ta te­
m e n t, o r re tu rn , w h ich in th o o p in io n o f th e c o lle c t o r o r d e p u ty c o lle c t o r
w as falso o r fra u d u le n t, o r c o n ta in e d a n y u n d e rs ta te m e n t o r u n d e rv a lu a tio n ,
n o ta x c o lle c te d u n d er su ch assessm ent sh all b o re c o v e r e d b y a n y suit unless
it Is p r o v e d th a t th o said lust, sta te m e n t, o r retu rn w as n o t false n o r fra u d u ­
len t an d d id n o t c o n ta in a n y u n d e rs ta te m e n t o r u n d e rv a lu a tio n ; b u t th is
s e ctio n sh all n o t a p p ly t o sta te m e n ts o r re tu rn s m a d o o r t o b e m a d o in
g o o d fa ith u n d e r th o law s o f th e U n ite d S tates re g a rd in g a n n u al d e p re cia ­
tio n o f o il o r gas w ells an d m in e s .”
PART

I I I .— G E N E R A L

A D M IN IS T R A T IV E

P R O V IS IO N S .

A d m in istrative P rovision s In co m e Tax Late.
S e c . 15. T h a t th o w o rd “ S ta to ” o r “ U n ite d S t a t e s " w h en u sed in this
title sh all b o co n s tru e d t o in clu d e a n y T e r r ito r y , th e D is tr ic t o f C o lu m b ia ,
P o r t o R ic o , an d th o P h ilip p in e Isla n d s, w hen su ch c o n s tr u c tio n is n ecessa ry
t o c a rry o u t its p r o v is io n s .

In fo rm a tio n M a y N o t Be D ivulged or P rinted.
S o c. 16. T h a t s e ctio n s th ir t y -o n o h u n d re d a n d s ix ty -s e v e n , t h irty -o n e
h u n d re d an d s e v e n t y -t w o , th ir t y -o n o h u n d re d and s e v e n ty -th r e e an d th ir t y o n o h u n d re d an d s e v e n ty -s ix o f th o R o v is o d S ta tu te s o f th e U n ite d S tates
as am e n d e d aro h e r e b y a m e n d e d s o as t o read as fo llo w s :
“ S oc. 3 1 6 7 . I t shall b o u n la w fu l fo r a n y c o lle c t o r , d e p u ty c o lle c t o r ,
a g e n t, c le r k , o r o th o r o ffic e r o r e m p lo y e o o f th o U n ite d S tates t o d iv u lg e
o r t o m a k e k n o w n in a n y m a n n er w h a te v e r n o t p r o v id e d b y law t o a n y
p e rso n th o o p e r a tio n s , s ty lo o f w o rk , o r a p p a ra tu s o f a n y m a n u fa ctu rer
o r p r o d u c e r v is ite d b y him in th e d isch a rg e o f h is o ffic ia l d u tie s , o r th e
a m o u n t o r so u r c e o f in c o m e , p r o fit s , losses, e x p e n d itu re s , o r a n y p a rticu la r
t h e r e o f, set fo rth o r d is clo s e d in a n y in c o m o re tu r n , o r t o p e r m it a n y in c o m e
re tu rn or c o p y th e r e o f o r a n y b o o k c o n ta in in g a n y a b s tr a c t o r p a rticu la rs
th e r e o f t o b o seen o r e x a m in e d b y a n y p erson e x c e p t as p r o v id e d b y la w ;
and it sh all b e u n la w fu l fo r a n y person t o p rin t o r p u b lish in a n y m a n n er
(o)
A ll th o provisio n s o f th is title rela tin g t o th o ta x a u th orized andw h a te v e r n o t p r o v id e d b y law a n y in c o m o retu rn o r a n y p a r t t h e r e o f o r
so u r c e o f in c o m o , p r o fit s , losses, o r exp e n d itu re s ap p e a rin g in a n y in c o m e
requ ired t o b o d e d u cte d an d w ith h o ld an d p a id t o th o o ffic e r o f th o U nited
S tates G o v ern m en t a u th o rize d t o re ce iv e th o sam o fro m tho Incom o o f re tu rn ; a n d a n y o ffe n s e again st th e fo re g o in g p r o v is io n sh all b e a m isd e­
n on residen t alien In d iv id u a ls fro m sou rces w ith in th o U nited States shall
m e a n o r a n d b e p u n ish ed b y a fin e n o t exce e d in g 5 1 ,0 0 0 o r b y im p rison m en t
bo m a d o a p p lic a b le to in co m e s d o rlv o d fro m Interest u p o n b o n d s and
n o t e x ce e d in g o n o y e a r , o r b o t h , a t th o d iscre tio n o f th o c o u r t; an d if th e
m ortg a ges o r deeds o f tru st o r sim ilar o b lig a tio n s o f d o m e s tic o r o th er
o ffe n d e r b o an o ffic e r o r e m p lo y e e o f th o U n ite d S tates h e s h all b e d ism issed
resid en t co r p o r a tio n s , jo in t -s t o c k co m p a n ie s o r a sso cia tio n s, a n d Insurance
fro m o f fi c e o r d is ch a rg e d fro m e m p lo y m e n t.
com p a n ies b y n on -resid e n t alien fir m s , co p a rtn e rsh ip s, co m p a n ie s , c o r ­
Collectors M a y C om pel A p p e a r a n c e .
p o ra tio n s , jo in t -s t o c k co m p a n ie s o r a s s o cia tio n s , a n d Insurance co m p an ies
“ S o c. 3 1 7 2 . E v e r y c o lle c to r sh a ll, fro m tim e t o tim e , ca u s e his d ep u ties
n o t engaged In business o r tra d e w ith in th o U n ite d S tates a n d n o t h a v in g
t o p r o c e e d th ro u g h e v e r y p a rt o f his d is tric t an d in q u ire a fte r an d c o n c e r n ­
a n y o ffic e o r p la ce o f buslnoss therein;
in g a ll person s th erein w h o aro lia b lo t o p a y a n y in te rn a l-re v e n u e ta x , and
(f) L ik ew ise, all th o pro visio n s o f this title re la tin g t o th o ta x a u th orized
a ll person s o w n in g o r h a v in g th e ca ro an d m a n a g e m e n t o f a n y o b je c ts lia b le
an d requ ired t o bo d e d u cte d an d w ith h e ld an d p a id t o th o o ffic e r o f tho
t o p a y a n y ta x , an d t o m a k o a list o f s u ch p erson s an d e n u m erate said o b ­
U n ite d S tates G ov ern m e n t a u th o rize d t o r c co lv o th o sam o fro m th o Incom o
je c t s .
o f n on resid en t alien In dividu als fro m sources w ith in th o U n lto d Statos
“ S e c. 3 17 3. It sh all b o th o d u t y o f a n y p e r s o n , p a rtn e rsh ip , fir m , asso­
shall b o m a d o a p p lica b le t o In co m o d o r lv e d fro m d iv id e n d s u p o n th o
c ia tio n . o r c o r p o r a tio n , m a d o lia b le t o a n y d u t y , sp e cia l ta x, o r o th er ta x
ca p ita l s to c k o r fro m th o n o t earnings o f d o m e s tic o r o th e r resid en t c o r ­
im p osed b y la w , w h en n o t o th e rw ise p r o v id e d fo r , (1) in caso o f a sp ecial
p o ra tio n s , jo in t -s t o c k co m p a n ie s o r a s s o cia tio n s , a n d Insurance c o m ­
ta x , o n o r b e fo r e th e th irty -fir s t d a y o f J u ly in each y e a r , (2) in caso o f in ­
pan ies b y n on roslden t alien co m p a n ie s , c o r p o r a tio n s , jo in t -s t o c k c o m ­
c o m o ta x o n o r b e fo r e th o fir s t d a y o f M a r c h in e a ch y e a r , o r o n o r b e fo r e
pan ies o r a ssocia tion s, an d Insuranco co m p a n ie s n o t en gag ed In business
th o la st d a y o f th o s ix ty -d a y p e rio d n e x t fo llo w in g th o clo s in g d a te o f th e
o r trade w ith in th o U n ite d States an d n o t h a v in g a n y o ffic e o r p la co o f fis c a l y e a r fo r w h ich it m ak es a retu rn o f its in c o m e , a n d (3) in o th e r cases
business therein.
b e fo r e th e d a y o n w h ich th e taxes a c c r u e , t o m a k o a lis t o r r e tu r n , v er ifie d
D ate o f R eturn and P enalties.
b y o a t h , t o th e c o lle c t o r o r a d e p u ty c o lle c t o r o f th e d is tric t w h e re lo c a te d ,
S oc. 14. (a) A ll assessm ents sh all be m a d e a n d th o several c o r p o r a tio n s ,
o f th e a rticle s o r o b je c ts in clu d in g th e a m o u n t o f ann u al in c o m e ch a rg ed
jo in t -s t o c k c o m p a n ie s or a sso cia tio n s, and in su ran co c o m p a n ie s shall bo
w ith a d u t y o r ta x , th e q u a n tity o f g o o d s , w ares, an d m e rch a n d ise , m a d o o r
n o tifie d o f th o a m o u n t fo r w h ic h th o y aro re s p e c tiv e ly lia b lo o n o r b e fo re
so ld an d ch a rg e d w ith a ta x , th o soveral rates an d ag g re g a te a m o u n t,
th o fir s t d a y o f Ju n e o f each su cce ssive y e a r, an d sa id assessm ent sh all bo
a c c o r d in g t o th o fo rm s and regu la tion s t o b e p re scrib e d b y th o C o m m ission er
p a id on o r b e fo r e th o fifte e n th d a y o f Ju n o: Provided, T h a t o v e r y c o r p o r a ­
o f In te rn a l R o v o n u e , w ith th e a p p ro v a l o f th e S e cre ta ry o f th o T r e a s u r y ,
tio n , jo in t -s t o c k c o m p a n y o r a s s o cia tio n , an d in su ran co c o m p a n y , c o m ­
fo r w h ich su c h p e rso n , p a rtn e rsh ip , fir m , a s s o c ia tio n , o r c o r p o r a tio n is
p u tin g ta xes u p o n th o In co m o o f th e fis c a l y e a r w h ic h It m a y d e sig n a te in
liab le: Provided, T h a t i f a n y p erson lia b le t o p a y a n y d u t y o r ta x , o r o w n ­
tho m anner h erein b efo re p r o v id e d , shall p a y th o taxes d u o u nd er Its assess­
in g , p ossessin g, o r h a v in g th o ca ro o r m a n a g e m e n t o f p r o p e r t y , g o o d s ,
m en t w ith in o n e h u n d red an d fiv e d a y s a fte r th o d a to u p o n w h ich it is
w ares, a n d m e rch a n d ise , a rticle o r o b je c ts lia b le t o p a y a n y d u t y , ta x , o r
required t o file its list o r re tu rn o f in c o m o fo r assessm en t; e x c e p t in cases
licen se, shall fa il t o m ak e an d e x h ib it a list o r re tu rn re q u ire d b y la w , b u t
o f refu sal o r n eg lect t o m ak e su ch r e tu rn , an d in cases o f e rro n e o u s, fa lso ,
sh all co n s e n t t o d is clo s e th e p a rticu la rs o f a n y and all th o p r o p e r t y , g o o d s ,
o r fra u d u len t retu rn s, in w h ich cases th o C o m m is s io n e r o f In te rn a l R ev en u e
w ares, an d m e rch a n d ise , article s, an d o b je c ts lia b lo t o p a y a n y d u t y or
sh all, u p o n th o d is c o v e ry th e r e o f, a t a n y tim e w ith in th re e yoars a fte r
ta x , o r a n y business o r o c c u p a tio n lia b le t o p a y a n y ta x as a fo re s a id , th e n ,
said retu rn is d u e , m a k o a return u p o n in fo r m a tio n o b ta in e d as p ro v id e d
an d In th a t ca se , it shall b e th e d u t y o f th e c o lle c t o r o r d e p u ty c o lle c t o r t o
fo r in th is titlo o r b y existin g la w ; a n d th e assessm ent m a d o b y th o C o m ­
m a k e s u ch list o r re tu rn , w h ich , b e in g d is tin c tly r e a d , co n s e n te d t o , an d
m issioner o f In tern a l R o v o n u e th e re o n sh all b o p a id b y s u ch c o r p o r a tio n ,
sign ed an d v e r ifie d b y o a th b y th o p erson s o o w n in g , p ossessin g, o r h a v in g
jo in t -s t o c k c o m p a n y o r a s s o cia tio n , o r Insurance c o m p a n y im m e d ia te ly
th o ca ro an d m a n a ge m e n t as a fo re s a id , m a y b o r e c e iv e d as th e list o f su ch
u p o n n o tific a tio n o f th o a m o u n t o f su ch assessm en t; an d t o a n y sum or
pe rso n : Provided fu rth er. T h a t in caso n o an n u al list o r retu rn has been
su m s d u o an d u n p a id a fte r th o fifto o n tli d a y o f Ju n o In a n y y o a r , o r after
ren d ered b y s u ch person t o th o c o lle c t o r o r d e p u ty c o lle c t o r as requ ired b y
o n o h u n d red an d fiv e d a y s fro m th o d a te o n w h ich th o re tu rn o f In co m e is
la w , a n d th o p e rso n sh all b o a b se n t fro m h is o r her resid en ce o r p la c e o f
req u ired t o bo m ade b y th o ta x p a y e r, and a fte r ton d a y s ’ n o t ic e an d d em an d
business a t th o tim e th o c o lle c t o r o r a d e p u ty c o lle c t o r shall call fo r th e a n ­
t h e r e o f b y th o c o lle c t o r , there shall b o ad d e d th o sum o f fiv e p e r c o n tu m on
n ual list o r re tu rn , it shall b e th e d u t y o f s u ch c o lle c t o r o r d e p u ty c o lle c t o r
th o a m o u n t o f tax u np aid an d Intorest a t th e ra te o f o n o p er ce n tu m per
t o le a v e a t su ch p la c o o f resid en ce o r bu sin ess, w ith so m e o n e o f s u ita b le
m o n th u p o n said tax fro m th o tim e th o sam o b e c o m e s d u e : Provided, T h a t
a g o an d d is c re tio n , if su ch b e presen t, o th e rw ise t o d e p o s it in th e nearest
u p on th e ex a m in a tion o f a n y re tu rn o f in co m o m a d o p u rsu a n t t o this titlo,
p o s t o f fi c e , a n o te o r m e m o ra n d u m add ressed t o s u ch p e rso n , re q u irin g him
th o A c t o f A u g u s t fif t h , nin eteen h u n d red an d n in e, e n title d “ A n A c t to
o r h er t o ren der t o su ch c o lle c t o r o r d e p u ty c o lle c t o r th e list o r retu rn re ­
p r o v ld o r o v on u o, eq u a liz e d u tie s , an d e n co u ra g e th o in d u stries o f tho
q u ire d b y law w ith in ton d a y s fro m th o d a to o f s u ch n o t e o r m e m o ra n d u m ,
U n ltod S tatos, a n d fo r o th e r p u r p o s e s ,” a n d th o A c t o f O c t o b e r th ird ,
v e r ifie d b y o a t h . A n d i f a n y p e rso n , o n b e in g n o tifie d o r re q u ire d as a fo r e ­
nin oteon h u n d red and th irte e n , e n title d “ A n A c t t o r e d u co t a r iff d u tio s and
s a id , sh all refu se o r n eglect t o ren d er such list o r retu rn w ith in th e tim e re­
t o p r o v id e rev en u e fo r th o G o v e rn m e n t, a n d fo r o th e r p u r p o s e s ," if it shall
q u ire d as a fo re s a id , o r w h en ever a n y p erson w h o is re q u ire d t o d e liv e r a
a p p ea r th a t a m ou n ts o f ta x h a v e been p a id in oxcoss o f tlioso p r o p e r ly d u o,
m o n th ly o r o th e r return o f o b je c ts s u b je c t t o ta x fa ils t o d o so a t th e tim e
th o ta x p a y er shall b o p e rm itte d t o p re se n t a cla im fo r re fu n d t h o r e o f n o t­
re q u ir e d , o r de liv e rs a n y retu rn w h ic h , in th e o p in io n o f th o c o lle c t o r , is
w ith sta n d in g th e p rov is io n s o f s e ctio n th ir t y -t w o h u n d r e d a n d tw o n ty e rro n e o u s, fa lse , o r fra u d u le n t, o r c o n ta in s a n y u n d e rv a lu a tio n o r u n d er­
olglit o f th o Itovised S tatu tes;
sta te m e n t. o r refuses t o allow a n y re g u la rly a u th o riz e d G o v e rn m e n t o ffic e r
R eturns o f C o r p o r a t io n s to be Public Records only on o r d e r o f President.
t o oxa m in e th o b o o k s o f su ch p e rs o n , f ir m , o r c o r p o r a t io n , it sh all b e la w fu l
(b ) W h en th o assessm ent sh all b o m a d e , as p r o v id e d in this t itle , tho
fo r th o c o lle c t o r t o s u m m o n su ch p e rs o n , o r a n y o th e r p erson h a v in g p o s ­
retu rn s, to g eth er w ith a n y c o r re c tio n s t h e r e o f w h ich m a y h a v o boon m ado
session , c u s t o d y , o r ca ro o f b o o k s o f a c c o u n t c o n ta in in g entries re la tin g t o
b y th o co m m is s io n e r, shall bo file d in th o o f fic e o f th o C o m m is s io n e r o f
th o business o f su ch p e rso n , o r a n y o th e r person h o m a y d e e m p r o p e r , t o
Intern al R e v e n u e and shall co n s titu te p u b lic r e c o rd s and bo o p e n t o in spec­
a p p e a r b e fo re him an d p r o d u c e s u ch b o o k s a t a tim e an d p la c e n a m ed in
tion as s u ch : Provided, T h a t a n y an d all su c h retu rn s s h a ll b o o p e n to
th o su m m o n s , an d t o g iv o te s tim o n y o r answ er in te rro g a to rie s, u n d er o a t h ,
In sp ection o n ly u p o n th o ord e r o f th o P re s id e n t, u n d e r rules a n d re gu la tio n s
r e sp e ctin g a n y o b je c ts o r in c o m e lia b le t o tax o r th e retu rn s t h e r e o f. T h e
c o lle c t o r m a y s u m m o n a n y p erson resid in g o r fo u n d w ith in th e S ta te o r
t o b e p roscrib ed b y th o S o cre ta ry o f th o T r e a s u r y an d a p p r o v e d b y tho
T e r r ito r y in w h ich his d is tric t lies; an d w hen th o pe rso n in te n d e d t o b e s u m ­
P residen t: Provided fu rth er. T h a t th e pro p e r o ffic e r s o f a n y S ta to im p osin g
m o n e d d o e s n o t resid e an d ca n n o t b o fo u n d w ith in s u ch S ta te o r T e r r ito r y ,
a general In com e ta x m a y , u p o n th o re q u e st o f th o g o v e r n o r t h e r e o f, h a v o
h o m a y en ter a n y c o lle c t io n d is tric t w here su ch p erson m a y b o fo u n d and
access t o said returns o r t o an a b stra ct th e r e o f, sh o w in g th o n a m e a n d in­
c o m o o f ea ch su c h c o r p o r a tio n , jo in t -s t o c k c o m p a n y o r a s s o c ia tio n , or
th ere m a k o th e e x a m in a tio n herein a u th o riz e d . A n d t o th is en d h e m a y
in su ran co c o m p a n y , a t su ch tim es and in su ch m a n n er as th o S e cre ta ry o f
th ere exercise all th o a u th o r ity w h ich h o m ig h t la w fu lly exercise in th o d is ­
trict fo r w h ich h e w as co m m is s io n e d ; Provided. T h a t ‘ p e r s o n .’ as used in
th o T re a s u ry m a y pre scrib e ;




th is s e c tio n , sh all b o c o n s tru e d t o in c lu d e a n y c o r p o r a t io n , jo in t -s t o c k c o m ­
p a n y o r a s s o c ia tio n , o r in su ran ce c o m p a n y w h en s u ch c o n s tr u c tio n is n e ce s­
s a ry t o c a rry o u t its p r o v is io n s .
Collector M a y M a k e R eturn H im s e lf and A d d Penally.
“ S ec. 317 6. I f a n y p e rs o n , c o r p o r a tio n , c o m p a n y , o r a sso cia tio n fails
t o m a k e an d file a roturn o r list at th e tim e p re scrib e d b y la w , o r m ak es,
w illfu lly o r oth e rw is e , a fa lse o r fra u d u le n t return o r lis t, th e c o lle c to r or
d o p u ty c o lle c to r sh all m ake th e return o r list fr o m his o w n k n o w le d g e an d
fro m su ch In form a tion as h o ca n o b ta in th ro u g h te s tim o n y o r o th erw ise.
A n y return o r list s o m ad o a n d s u b s crib e d b y a c o lle c to r o r d e p u ty c o lle c to r
shall b e p rlm a fa c ie g o o d an d s u ffic ie n t fo r all legal pu rp oses.
“ I f the failu re t o fllo a return or list Is d u o t o sick n oss o r a b sen co th e c o l­
le cto r m a y allow su ch fu rth e r tim e , n o t exce e d in g th irty d a y s , fo r m ak in g
a n d filin g th e roturn o r list as he deem s p r o p e r .
“ T h e C om m ission er o f In tern al R e v e n u e shall assess all ta xes, o th e r than
sta m p taxes, as t o w h ich returns o r lists are s o m a d e b y a c o lle c to r o r d e p u ty
c o lle c to r . In case o f a n y fa ilu re t o m ak e an d file a return o r list w ith in the
tim e prescrib ed b y law o r b y th e c o lle c to r , th e C o m m issio n e r o f Internal
U oven u o shall a d d t o th e tax f if t y p e r c e n tu m o f Its a m o u n t e x ce p t th a t,
w hen a return Is v o lu n ta r ily an d w ith o u t n o tico fro m th o c o lle c to r filed
after su ch tim e and It is sh ow n th a t the failure to fllo It w as d u e t o a reasona­
ble cau se an d n o t t o w illful n e g le ct, n o su c h a d d itio n shall b o m a d o t o th o
ta x . In case a false o r fra u d u len t retu rn o r list Is w illfu lly m a d o , th o C o m ­
m issioner o f In tern al R ev en u e shall a d d t o th o ta x o n e h u n d red p e r cen tu m
o f Its a m ou n t.
“ T h e a m ou n t s o a d d ed t o a n y ta x shall b o c o lle c te d at th e sam e tim e
an d In th o sam e m an n er a n d as p a rt o f tho tax unless tho tax has been p a id
b e fo re th e d is c o v e ry o f th o n e g le ct, fa ls ity , o r fra u d . In w h ic h case tho
a m o u n t s o a d d e d shall b e c o lle c te d In tho sa m e m an n er as tho t a x .”
Collectors and

Others M u s t

Fu rn ish

R eceipts.

S ec. 17. T h a t It shall b o th o d u t y o f e v e r y c o lle c t o r o f Internal r o v o n u c,
t o w h om a n y p a y m e n t o f a n y taxes Is m a d o u n d er th o p ro v isio n s o f this tltlo ,
t o g iv e t o tho p erson m ak in g s u ch p a y m e n t a fu ll w ritte n o r p rin te d re c e ip t,
expressing th o a m o u n t p a id an d th e p a rticu la r a c c o u n t fo r w h ich s u ch p a y ­
m en t w as m a d e; an d w h on over s u ch p a y m e n t Is m a d o su ch c o lle c to r shall,
I f recpilred, g iv e a separate re ce ip t fo r each ta x p a id b y a n y d e b to r , o n a c­
c o u n t o f p a y m en ts m ad o t o or to b e m a d o b y h im t o sep arate cre d ito rs In
su ch fo rm th a t s u ch d e b to r c a n co n v e n ie n tly p r o d u c e th o sa m o se p a ra te ly
t o Ills several cred itors in sa tisfa c tio n o f th eir r e s p e ctiv e d em an d s to th o
a m ou n ts s p e c ifie d In such receip ts; an d su ch receip ts shall bo s u ffic ie n t e v ld o n co In fa v o r o f s u ch d e b to r to ju s tify h im In w ith h o ld in g th o a m o u n t
th erein expressed fro m his n ext p a y m e n t t o his cre d ito r; b u t s u ch c re d ito r
m a y , u p o n g iv in g t o his d o b to r a fu ll w ritte n re c e ip t, a ck n o w le d g in g th o p a y ­
m e n t t o him o f w h a tov er su m m a y bo a c tu a lly p a id , an d a c c e p tin g tho
a m o u n t o f ta x p a id as a foresa id (s p e c ify in g th e sam o) as a fu rth er satis­
fa c tio n o f th o d e b t t o th a t a m o u n t, re q u ire th o surren der t o h im o f s u ch
c o lle c t o r ’s re c e ip t.
Penalty f o r Fraudulent R eturns.
S ec. 18. T h a t i f a n y in d iv id u a l Iiablo to m a k o th o return o r p a y th o tax
a foresa id shall refu se o r n eg le ct t o m ak e s u ch retu rn a t th e tim e o r tim es
h erein b efore s p e c ifie d In each y e a r , ho shall b o lia b le t o a p e n a lty o f n o t lass
th an $20 n o r m ore than $ 1 ,0 0 0 . A n y In d iv id u a l o r a n y o f fic e r o f a n y c o r ­
p o r a t io n , jo in t -s t o c k c o m p a n y o r a s s o cia tio n , o r in su ran ce c o m p a n y re­
q u ired b y law t o m a k e, ren d er, sign , o r v e r ify a n y return w h o m akes any
fa lse o r fra u d u len t return o r sta te m e n t w ith Intent t o d e fe a t o r e v a d o the
assessm ent recpilred b y th is tltlo t o b o m a d o shall b o g u ilty o f a m lsdom eanor,
a n d shall be fin e d n o t ex ceed in g $2,0 0 0 o r bo im p riso n e d n o t e xceed in g o n o
y e a r , o r b o t h , in th e d iscretio n o f th o c o u r t , w ith the co sts o f p ro se cu tio n :
Provided, T h a t w h ere a n y ta x h e re to fo re d u o a n d p a y a b lo has boon d u ly
p a id b y th o t a x p a y e r , it shall n o t be r e c o lle cte d fro m a n y person o i co r p o r a ­
tio n req u ired to retain It a t Its so u r c e , n o r shall a n y p e n a lty be Im posed or
c o lle c te d in s u ch cases fro m th o ta x p a y e r, o r su ch p erson o r co r p o r a tio n
w h ose d u t y It w as t o retain It, fo r fa llu ro to return o r p a y th o sa m o, unless
s u ch fa llu ro w as fra u d u len t an d fo r th o p u rp o s o o f o v a d ln g p a y m e n t.
S ec. 19. T h o colle c to r o r d e p u ty c o lle c to r shall req u lro e v e r y return t o be
v e r ifie d b y th o o a th o f th e p a r ty ren derin g It. I f th o c o lle c to r o r d e p u ty
c o lle c t o r h a v e reason t o belie v e th a t th o a m o u n t o f a n y In com e retu rn ed is
u n d ersta ted , ho shall g iv e d u e n o t ic o t o th o p erson m a k in g th o roturn to
s h ow cau se w h y th o a m ou n t o f th o retu rn sh o u ld n o t bo Increased, an d u p on
p r o o f o f th o a m o u n t u n d e rsta te d m a y Increase th o sam o a c c o r d in g ly .
S u ch p erson m a y fu rn ish sw orn te s tim o n y to p r o v o a n y relev a n t fa c ts , a n d .
If d is s a tis fied w ith th o d ecis io n o f th o c o lle c to r , m a y ap p ea l t o th o C om m is­
sion er o f In tern al R ev en u e fo r h is d e cisio n u n d er s u ch rules o f p ro ce d u re as
m a y b o p rescrib ed b y r e g u la tio n .
Courts M a y

C om pel A tten d a n ce,

Production o f Books,

A c.

S ec. 2 0 . T h a t ju r is d ic tio n is h o r e b y c o n fe rre d u p o n th o d is tric t co u rts
o f th o U n ited S tates fo r th o d is tric t w ith in w h ich a n y person su m m o n e d u n ­
d er th is tlt lo t o a p p ea r to te s tify o r t o p r o d u c e b o o k s shall resid e, t o c o m p e l
su c h a tte n d a n ce , p r o d u c tio n o f b o o k s , an d te s tim o n y b y a p p ro p r ia te process.
Com m issioner o f Intern al Revenue to Publish Statistics.
S ec. 2 1 . T h a t th o p rep a ra tio n an d p u b lic a tio n o f s ta tis tic s r e a so n a b ly
a v a ila b le w ith resp ect t o th o o p e r a tio n o f th o ln c o m o ta x law an d co n ta in in g
cla ssifica tion s o f taxpayers a n d o f ln c o m o , th o a m o u n ts a llo w e d as d e d u c ­
tion s an d e x em p tion s , an d a n y o th e r fa c ts d e e m e d p e rtin e n t .and v a lu a b le ,
shall b o m a d o an n u ally b y th o C om m issio n e r o f In tern al R o v e n u o w ith th o
a p p ro v a l o f th o Secretary o f tho T re a s u ry .
Previous Law s Repealed.
S ec. 2 2 . T h a t all a d m in istra tiv e , s p e c ia l, a n d gon eral p ro v is io n s o f la w .
In clu d in g th o law s In rela tion t o th e assessm ent, rem ission , c o lle c tio n , an d
refu n d o f Internal-rovonu e taxes n o t h e r e to fo r e s p e c ific a lly repealed an d n o t
in co n s is te n t w ith the p rov is io n s o f th is t ltlo , aro h o re b y e x te n d e d a n d m ado
a p p lica b le t o all tho p rov is ion s o f th is tllto a n d t o th o ta x heroin im p o s e d .
S ec. 23. T h a t th o p rov isio n s o f th is tltlo shall ex te n d t o P o r t o lt lc o and
th o P h ilip p in e Islands: Provided, T h a t th o a d m in istra tio n o f th o law an d
th o c o lle c tio n o f th o taxes Im posed In P o r t R ic o a n d th o P h ilip p in e Islands
shall b o b y th o a p p rop ria te In ternal-revenu e o ffic e r s o f th o se g o v e rn m e n ts ,
a n d all revenues co lle c te d In P o r to R ic o an d th o P h ilip p in e Isla n ds th ere­
u n d er shall a ccru o In tact to th o gonoral go v e rn m e n ts th o re o f, r e s p e c tiv e ly :
Provided, fu rth er. T h a t tho ju risd ictio n In this title co n fe rre d u p o n th o d istrict
c o u rts o f th o U n ltod S tates shall, so fa r as th e P h lllp p ln o Isla n ds aro c o n ­
cern ed , b o v ested in tho cou rts o f th o fir s t in stan co o f sa id islan ds: A n d
provided fu rth er, T h a t n oth in g In th is title shall b o h e ld t o e xclu d e fr o m th o
c o m p u ta tio n o f th o net ln c o m o tho co m p e n s a tio n p a id a n y o ffic ia l b y th o
g ov ern m en ts o f th o D is tr ic t o f C o lu m b ia , P o r to R ic o , a n d th o P h lllp p ln o
Isla n d s, o r th o p olitica l su b d iv isio n s th ereof.
S ec. 2 4 . T h a t S ection I I o f th o A c t a p p ro v e d O cto b e r th ird , nln eteon
h u n d red an d th irteen , en title d " A n A c t t o ro d u co t a r iff du tie s an d t o
p r o v ld o revon u o fo r th o G o v e rn m e n t, a n d fo r o tlio r p u r p o s e s ,” Is h o ro b y
repoaled, e x co p t as horeln oth erw ise p r o v id e d , a n d o x ce p t th a t It shall rem ain
in fo rc o fo r th o assossm ont an d c o lle c tio n o f all taxes w h ich h a v e a ccru e d
th ereu n d er, an d for th o Im position an d c o lle c tio n o f all p en a lties o r forfeitu res




w h ich h a v e a ccru ed o r m a y a ccru o In rela tion t o a n y o f s u ch ta x e s , a n d
e x c e p t th a t th o u n exp en ded ba la n ce o f a n y a p p ro p r ia tio n h o r o to fo r o m a d e
a n d n o w a vailablo fo r tho a d m in istra tio n o f s u ch s e c tio n o r a n y p r o v is io n
th e r e o f shall bo ava ila b lo fo r th o a d m in istra tio n ot th is tltlo o r t h o co rres­
p o n d in g p ro v is io n th e re o f.
S ec. 25. T h a t in co m o o n w h ic h has beon assossed th o ta x Im posed b y
S e ctio n I I o f th o A c t c n tltlo d “ A n A c t t o re d u ce t a r iff d u tie s an d t o p r o v ld o
roven u o fo r th o G o v e rn m e n t, an d fo r o th o r p u r p o s e s ,” a p p ro v e d O c to b e r
th ird , nin eteen h u n d red a n d th irteen , shall n o t b o co n sid e re d as in c o m o
w ith in th o m oan in g o f this tltlo : Provided, T h a t th is s e c tio n sh all n o t c o n ­
flic t w ith th a t p o r tio n o f se ctio n to n , o f th is tltlo , u u d o r w h ich a ta x p a y o r
has fix e d its o w n fis ca l year.

IN H E R IT A N C E

TAX

P R O V I S I O N S OF- W A R
ACT.

REVENUE
m

A Federal inheritance tax is provided for in the war revenue
bill, this provision of the law being designated as tho Estate
Tax. The law calls for a tax on tho transfer of the net
estate of decedents dying after tho passage of tho Act of
1 % of the amount of such net estates not in excess of .$50,000
2 % where tho net estate exceeds $50,000 and not exceeding
$150,000; 3 % over $150,000 to $250,000; 4 % over $250,000;
to $450,000; 5 % over $450,000 to $1,000,000; G% over
$1,000,000 to $2,000,000; 7 % over $2,000,000 to $3,000,000;
8 % over $3,000,000 to $4,000,000; 0 % over $4,000,000 to
$5,000,000, and 10% of tho amount by which such estate
exceeds $5,000,000. Wo givo in full tho Estato Tax pro­
visions herowith:
T I T L E II.— E S T A T E T A X
Estate lax— M ea n in g o f Term s.
S ee. 20 0 . T h a t w h en u sed In th is tltlo —
T h o term " p e r s o n " in clu d es p a rtn e rsh ip s, c o r p o r a tio n s , a n d a ssocia tion s;
T h o term “ U nited S ta te s” m ean s o n ly th o S tates, th o T e rrito rie s o f
A la sk a a n d H a w a ii, an d the D is t r ic t o f C o lu m b ia ;
T h o te rm “ e x e c u to r ” m ean s th o e x e c u to r o r a d m in is tra to r o f th o d oce d e n t, o r , If there Is n o e x e c u to r o r a d m in is tra to r, a n y p erson w h o takes
possession o f a n y p r o p e r ty o f th o d e ce d o n t and
T h o term " c o lle c t o r ” m ean s th o c o lle c t o r o f Internal roven u e o f th o d is ­
tr ic t in w h ich w as th o d o m icile o f th e d e c e d e n t at th o tim e o f his d e a th , o r .
I f th ere w as n o su ch d o m icile In th o U n ite d S ta te s, then th o c o lle c to r o f th o
d is tric t In w h ich Is s itu a te d th o p a rt o f th o gross estate o f th o d e c e d o n t In
th o U n ite d S tates, o r . If s u ch p a rt o f th o gross estato Is s itu a te d In m ore
th a n o n e d is tric t, th e n th o c o lle c to r o f Internal ro ve n u o a t B a ltim o ro ,
M a r y la n d .
.
S ec. 201 . T h a t a ta x (h erein a fter In this tltlo referrod t o as th o t a x ),
equ a l t o t h o fo llo w in g p e rce n ta ge s o f th o v a lu o o f th o net esta to, t o b o d e ­
te rm in e d as p r o v id e d in s e ctio n t w o hun dred a n d th ree, Is h o ro b y Im posed
u p o n th o transfer o f th o n e t estato o f e v e r y d e ce d o n t (ly in g a fto r th o passage
o f this A c t , w hether a resid en t o r n o n -re sid e n t o f th o U n ite d States:
O no p er c e n tu m o f th o a m o u n t o f s u ch n e t esta to n o t In excess o f $50 ,000
T w o p er ce n tu m o f th o a m o u n t b y w h ic h s u ch not o sta to exceeds $ 5 0 ,­
000 an d d o e s n o t e x ceed $15 0,00 0:
T h re o p er ce n tu m o f th o a m o u n t b y w h ich s u c h n e t estate exceeds 8 1 5 0 ,­
000 and d oes n o t ex ce e d $ 25 0,00 0;
.
F o u r p er ce n tu m o f th o a m o u n t b y w h ich s u ch n e t estate exceeds $ 25 0,­
000 an d d oes n o t ex ce e d $450,000;
F iv e p e r cen tu m o f th o a m o u n t b y w h ich s u ch net estato oxcoeds $ 4 5 0 ,a n d do e s n o t e xceed $ 1 ,000,000;
Six p e r ce n tu m o f th o a m o u n t b y w h ich su ch n et estato exceeds $ 1 ,0 0 0 ,­
000 an d do e s n o t exceed $2,0 0 0 ,0 0 0 ;
S oven p e r c o n tu m o f tho a m o u n t b y w h ich s u ch n et ostato oxceeds $ 2 ,­
000 ,0 0 0 an d do e s n o t e xceed $3 ,0 0 0 ,0 0 0 ;
E ig h t p e r co n tu m o f th o a m o u n t b y w h ich s u ch n e t esta to oxceods $ 3 ,­
000 ,000 an d do e s n o t cx ce o d $ 4 ,000,000 ;
N in o p er ce n tu m o f th o a m o u n t b y w h ich su ch net e sta to ex ce e d s $ 4 ,0 0 0 ,­
000 a n d d o e s n o t exceed $ 5 ,0 0 0 ,0 0 0 ; an d
T e n p e r ce n tu m o f th o a m o u n t b y w h ich s u ch n o t e s ta to exce e d s $ 5 ,0 0 ,­
000 .
Value o f Gross Estate— IIow D eterm in ed .
S e c. 202 . T h a t th o v a lu o o f th o gro ss o sta to o f th o d e c e d e n t sh a ll b e
d ete rm in e d b y In clu d in g th o v a lu e a t th o tim e o f his d e a th o f a ll p r o p e r t y ,
roal o r p e rso n a l, ta n gib lo o r in ta n g ib lo , w h e re v e r situ a te d :
(a) T o th o o x to n t o f th o in terest therein o f th o d e c e d o n t at th e tim o o f
his d e a th w h ich a fte r his d oatli is s u b je c t t o th o p a y m o n t o f th o ch a rges
a g ain st his astato an d th o expen ses o f its a d m in istra tio n a n d is s u b je c t
t o d is trib u tio n as p art o f h is esta to.
(b ) T o th o o x te n t o f a n y in to rcs t th eroin o f w h ich th o d e c o d e n t has at
a n y tim o m a d o a tra n s fe r, o r w ith re sp e ct t o w h ich h o has cre a te d a tr u s t.
In c o n te m p la tio n o f o r in ton d od t o ta k e e ffe c t In p o ssession o r e n jo y m e n t
a t o r a fte r his d e a th , e x c o p t in caso o f a b o n a fk lo salo fo r a fa ir co n s id e r a ­
tio n in m o n e y or m o n e y ’s w o rth . A n y tran sfer o f a m a terial p a r t o f his
p r o p e r t y in th o natu ro o f a fin a l d is p o s itio n o r d is trib u tio n th e r e o f, m a d o
b y th o d e c e d e n t w ith in tw o y e a rs p rio r t o h is d e a th w ith o u t s u ch a co n s id e ra ­
tio n . sh a ll, unless sh o w n t o th o c o n tr a r y , b o d e e m e d to h a v e been m a d o In
co n te m p la tio n o f d o a tli w ith in th o m ean in g o f this title ; an d
(c) T o th o ox te n t o f th o in terest therein h o ld jo in t ly o r as te n a n ts in th o
e n tire ty b y th o d e c e d e n t a n d a n y o th o r p e rs o n , o r d e p o s ite d in ba n k s or
o th e r in stitu tio n s in their jo in t n am es nad p a y a b lo t o eith er o r th o s u r v iv o r ,
o x c e p t su ch p a rt t h e r e o f as m a y b o sh o w n t o lia v o o r ig in a lly b e lo n g e d to
s u ch o th e r person an d n ever t o h a v o b e lo n g e d t o th o d e c e d e n t.
F o r th o p u rp o s o o f th is title s t o c k In a d o m e s tic c o r p o r a tio n o w n e d and
h e ld b y a n o n -re sid e n t d e c e d o n t sh all b o d o o m e d p r o p e r ty w ith in th o U n ited
S ta te s, an d a n y p r o p e r t y o f w h ich th o d e c e d e n t has m a d o a tran sfer or
w ith re sp e ct t o w h ich h o has cre a te d a tr u s t, w ith in th o m ean in g o f s u b ­
d iv isio n (b ) o f this s e c tio n , sh all b o de e m e d t o b o situ a te d in th o U n ited
S ta te s, If s o s itu a te d e ith e r at th o tim o o f th o tran sfer o r th o c re a tio n o f th o
tru st, or a t th o tim o o f th o d e c e d e n t ’s d e a th .
Value o f N et Estate— IIo w D eterm in ed .
S e c. 203 . T h a t fo r th o p u rp o s o o f th o ta x th o v a lu o o f th o n ot astato sh all
b o d e te rm in e d —
(a)
In th o caso o f a r cs ld o n t, b y d e d u ctin g fro m th o v a lu o o f th e gross
estate—
(1)
S uch a m o u n ts fo r fu n eral exp e n se s, a d m in istra tio n exp en ses, cla im s
again st th o esta to, u n p a id m o r tg a g e s , losses Incurred d u rin g th o se ttle m e n t
o f th o esta to arising fro m fir e s , s to r m s , s h ip w re ck , o r o th e r c a s u a lty , an d
fro m t h e ft, w hon s u ch losses aro n o t co m p e n s a te d fo r b y Insurance o r o th e r ­
w ise, s u p p o r t d u rin g th o s e ttle m e n t o f th o astato o f th o s o d e p e n d e n t u p on

S e p t . 16

1 9 1 6 .]

THE CHRONICLE

999

th o d e c e d e n t, an d su ch o th e r ch arges a ga in st th e e s ta te , as are a llo w e d b y
th o law s o f th o ju r is d ic tio n , w h e th e r w ith in o r w ith o u t th o U n ite d S tates,
u n d er w h ich th o e sta te is be in g ad n d n iste re d ; and

p e r s o n a lly lia b le fo r su c h t a x , a n d su c h p r o p e r t y , t o th o e x te n t o f th e
d e c e d e n t ’s in te re s t th erein a t t h o tim o o f su c h tra n s fe r, shall b e s u b je c t
t o a lik o lien e q u a l t o th e a m o u n t o f s u ch ta x . A n y p a r t o f su ch p r o p e r t y
s o ld b y s u ch tra n sfe re e o r tru ste e t o a b o n a f id o p u rch a se r fo r a fa ir c o n ­
E xem ption o f $ 5 0 ,0 0 0 Q ualified as to N on -R esid en ts.
s id e ra tio n in m o n o y o r m o n e y ’s w o rth shall b e d iv e s te d o f th o lien a n d a
(2) A n ex e m p tio n o f $ 5 0 ,0 0 0 ;
lik o lien sh all th e n a t t a c h t o a ll th o p r o p e r t y o f s u ch tran sferee o r tru stee,
(b )
In th o caso o f a n o n -ro s id o n t, b y d e d u c tin g fro m th o v a lu e o f th a t
e x c e p t a n y p a r t s o ld t o a b o n a f id o p u rch a s e r fo r a fa ir c o n s id e r a tio n in
p a r t o f his gross osta to w h ich a t th o tim o o f his d e a th is situ a te d in th e
m o n o y o r m o n e y ’s w o rth .
U n ited S tates th a t p r o p o r tio n o f th o d e d u ctio n s s p e c ifie d in p a ra g ra p h (1)
P en a lly fo r F a lse R eturn, o r N o n c o m p lia n c e .
o f su b d iv is io n (a) o f tid s s o c tio n w h ich th o v a lu o o f s u ch p a r t bears t o th o
v a lu o o f his en tiro g ross o s ta to , w h e ro v e r s itu a te d . B u t n o d e d u ctio n s
S ee. 210 . T h a t w h o e v e r k n o w in g ly m a k e s a n y fa ls e s ta te m e n t in a n y
sh all b o a llow ed in th o ca so o f a n o n -re sid e n t unless th o e x e c u to r in clu d es
n o tico o r ro tu rn re q u ire d t o b o file d b y th is tit le shall b o lia b le t o a p e n a lty
in th o retu rn req u ire d t o b o filctl u n d e r s e c tio n t w o h u n d red an d f iv e th e
o f n o t e x ce e d in g $ 5 ,0 0 0 , o r im p ris o n m e n t n o t e x c e e d in g o n o y e a r , o r b o t h ,
v a lu e a t th o tim o o f his d e a th o f th a t p a r t o f th o g ross e sta te o f th o n o n in th e d is c re tio n o f t h e c o u r t .
rosid on t n o t situ a te d in th o U n ite d S tates.
U h o o v e r fa ils t o c o m p ly w ith a n y d u t y im p o s e d u p o n h im b y s e c tio n
t
w o h u n d re d an d f iv e , o r , h a v in g in h is po sse ssio n o r c o n tr o l a n y r e c o rd ,
D iscou n t on A d van ce P a ym ents— Interest on D eferred Paym ents.
filo , o r p a p e r, co n ta in in g o r s u p p o s e d t o c o n ta in a n y in fo r m a tio n c o n c e r n ­
S ec. 20 4 . T h a t th o ta x sh all b o d u e o n e y e a r a fte r th o d e c e d e n t ’s d e a th .
in g th e e sta te o f th o d e c e d e n t, fa ils t o e x h ib it th o s a m e u p o n re q u e s t t o th o
I f th o ta x is p a id b e fo r o it is d u o a d is c o u n t a t th o ra to o f f iv e p er c e n tu m per
C o m m is s io n e r o f In te rn a l R e v e n u e o r a n y c o lle c t o r o r la w o ffic e r o f th e
a n n u m , c a lcu la te d fro m th o tim o p a y m e n t is m a d o t o th o d a te w h en th o
U n ite d S ta te s, o r his d u ly a u th o r iz e d d e p u t y o r a g e n t, w h o desires t o
ta x is d u o , sh all b o d e d u cte d .
I f th o tax is n o t p aid w ith in n in e ty d a y s
e xam in e th o sa m o in th o p e r fo rm a n ce o f h is d u tie s u n d e r th is t it le , sh all
a fte r it is d u o in terest a t th o rato o f ton p er c e n tu m p e r a n n u m fro m th o tim o
b e lia b le t o a p e n a lt y o f n o t e x c e e d in g S 50 0, t o b e r e c o v e r e d , w ith co s ts
o f th o d e c e d e n t ’s d o a th sh all b o a d d e d as p a r t o f th o ta x , unless b e ca u s e o f
o f su it, in a c iv il a c t io n in th e n a m e o f th e U n ite d S ta te s.
cla im s a g ain st th o c s ta to , n ecessary litig a tio n , o r o th e r u n a v o id a b le d e la y
S e c. 211 . T h a t a ll a d m in is tr a tiv e , s p e c ia l, a n d g e n e ra l p r o v is io n s o f
th o c o lle c t o r fin d s th a t th o ta x c a n n o t bo d e te r m in e d , in w h ich c a so th o
la w , in c lu d in g th o la w s in re la tio n t o th o assessm en t a n d c o lle c t io n o f
in terest s h all bo a t th e r a to o f six p er con turn p e r a n n u m fr o m th o tim e o f tho
ta x e s , n o t h e r e to fo r e s p e c ific a lly re p e a le d are h e r e b y m a d o t o a p p ly t o
d e c e d e n t's d e a th u n til th o cau so o f su ch d e la y is r e m o v e d , a n d th e re a fte r
th is titlo s o fa r a s a p p lic a b le a n d n o t in co n s is te n t w ith its p r o v is io n s .
a t th o ra te o f ton p er c e n tu m p e r a n n u m . L itig a tio n t o d e fe a t th o p a y m e n t
S ee. 21 2 . T h a t th o C o m m is s io n e r o f In te rn a l R e v e n u e , w ith t h o a p ­
o f th o ta x sh all n o t b o d e e m e d necassary litig a tio n .
p r o v a l o f th o S e cre ta ry o f th e T r e a s u r y , sh all m a k o su ch r e g u la tio n s, an d
E xecutor M u s t Give W ritten N o tice to Collector.
p re scrib e a n d r e q u iro th o use o f s u ch b o o k s a n d fo rm s , as h e m a y deem
n ece ssa ry t o c a r r y o u t th e p r o v is io n s o f th is t itlo .
S ec. 205 . T h a t th e e x e c u to r , w ith in t h ir ty d a y s a fte r q u a lify in g as s u ch ,
o r a fto r co m in g in to possession o f a n y p r o p e r ty o f th o d e c e d e n t , w h ich e v e r
o v o n t fir s t o c c u r s , sh a ll g iv o w ritte n n o tice th e r e o f t o th o c o lle c t o r . T h e
ox o c u to r shall also, a t su ch tim es an d in su cli m a n n e r as m a y b o re q u ire d
M U N I T I O N M A N U F A C T U R E R S ' T A X P R O VISIO N S I N
b y th e regu lation s m a d e und or th is title , file w ith th o co lle c t o r a retu rn u nd er
WAR REVENUE ACT.
o a th in d u p lic a te , s o ttin g fo rth (a) th e v a lu o o f th o g ross e sta te o f th o d e ­
c e d e n t a t th o tim o o f his d o a th , o r , in ca so o f a n o n -r e s id e n t, o f t h a t p a rt
Tho munitions tax, which is a featuro of the newly-enacted
o f his gross cs ta to s itu a te d in th o U n ite d S tates; (b ) th o d e d u ctio n s allo w e d
War Revenue Law, provides for a tax of 12]^% upon the
u n d er s o c tio n t w o h u n d re d a n d th roe; (c) th o v a lu e o f th o n e t esta te o f th o
net profits of manufacturers of munitions; the House bill,
d e c e d e n t as d e fin e d in s e c tio n tw o h u n d red an d th ree; an d (d) th o ta x p aid
o r p a y a b le th ereon ; o r su ch p a rt o f su ch in fo r m a tio n as m a y a t th o tim o
in addition to its tax on manufacturers of gun powder and
b o ascerta in a b lo a n d su c h s u p p le m e n ta l d a ta as m a y b o n ecessary t o es­
other
explosives, and on manufacturers of cartridges, pro­
ta blish th o c o r re c t ta x .
R e tu rn shall b o m a d o in a ll casos o f estates s u b je c t
jectiles, &c., also levied a graded tax on gross receipts of
t o th o ta x o r w h ere th o gross osta to a t th o d o a th o f th o d e c e d e n t exceeds
$ 6 0 ,0 0 0 , a n d in th o c aso o f th o o sta to o f o v o r y n o n -re sid e n t a n y p a rt o f w hoso
over §25,000 from copper smelting, refining or alloying.
g ross cs ta to is situ a te d in th o U n ited S ta te s. I f th o e x e c u to r is u n a b le t o
Tho copper tax was eliminated in conference. The provi­
m a k e a c o m p lo to return as t o a n y p a r t o f th o gross osta to o f th o d e c e d e n t,
sions governing the munitions tax stipulate that “ no person
h o sh all in clu d o in his rotu rn a d e s c r ip tio n o f s u ch p a r t an d th o n a m o o f e v e ry
p erson h o ld in g a legal o r b e n e ficia l in terest th e re in , a n d u p o n n o t ic o fro m
shall pay such tax upon net profits received during tho year
th o c o lle c t o r su ch person sh all in Ilko m anner m ak o a retu rn as t o s u ch p a rt
1916 derived f r o m the sale and delivery o f the articles en u m er­
o f th o gross cs ta to . T h o C o m m issio n e r o f In te rn a l R o v e n u o sh all m a k o
a ll assessm ents o f th o ta x u n d er th o a u th o r ity o f e x istin g a d m in is tra tiv e
ated in this section u n d er contracts executed and f u ll y p er­
sp ecial an d general p ro v isio n s o f law re la tin g t o th o assessm ent a n d c o lle c ­
fo r m e d by such person p rior to J a n . 1 1916.”
The term
tio n o f taxes.
C om m issioner o f In tern al R evenue to A ss e s s Taxes i f n o R eturn M a d e .
S ec. 20 6 . T h a t if n o a d m in istra tio n is gra n ted u p o n th o o sta to o f a
d e c e d e n t, o r if n o rotu rn is file d as p r o v id e d in s e c tio n t w o h u n d re d and
f iv e , o r if a rotu rn c o n ta in s a fa lse o r in c o rr e c t s ta te m e n t o f a m aterial
f a c t , th e c o lle c t o r o r d e p u ty c o lle c to r sh a ll m a k o a ro tu rn an d th o C o m ­
m ission er o f In tern a l llo v.cn u o shall assess th o ta x th e re o n .
M eth od o f Paym ent— Penalty f o r D ela y .
S ec. 20 7 . T h a t th o e x o c u to r s h a ll p a y th o ta x t o th o c o lle c t o r o r d e p u ty
c o lle c t o r .
I f fo r a n y re a so n th o a m o u n t o f tiro ta x c a n n o t b o d e te rm in e d ,
th o p a y m e n t o f a su m o f m o n e y s u ffic ie n t, in th o o p in io n o f th o c o lle c t o r ,
t o d isch a rg e th o ta x shall b o d e e m e d p a y m e n t in fu ll o f th o ta x , e x c e p t
as in th is s e c tio n oth e rw ise p r o v id e d . I f th o a m o u n t s o p a id ex ce e d s tho
a m o u n t o f th o tax as fin a lly d e te rm in e d , th o C o m m is s io n e r o f In tern al
R o v e n u o shall refu n d s u ch oxcass t o th o o x e c u to r .
I f tllo a m o u n t o f tho
tax as fin a lly d eterm in e d exce e d s th o a m o u n t s o p a id th o c o m m issio n e r
sh all n o t ify th o e x e c u to r o f th o a m o u n t o f s u ch e x ce ss. F r o m th o tim o
o f s u ch n o t ific a t io n t o th o tim o o f th o fin a l p a y m e n t o f su ch excess p a rt
o f th o ta x , in terest sh all b o ad d e d th e re to a t th o ra to o f te n p e r cen tu m
p e r a n n u m , an d th o a m o u n t o f su ch excoss sh a ll b o a lion u p o n th o e n tiro
gross esta te, o x c o p t s u ch p a rt th e r e o f a s m a y h a v e b o o n s o ld to a b o n a f id o
p u rch aser for a fa ir co n s id e r a tio n in m o n o y o r m o n e y ’s w o rth .
Collector's R eceipt S u fficien t f o r E xecutor.
T h o c o lle c t o r shall g ra n t t o th o p e r s o n p a y in g th o ta x d u p lic a t e r e ce ip ts,
c ith e r o f w h ich shall b o s u ffic ie n t e v id o n c o o f s u ch p a y m e n t , and shall
en title th o o x ocu tor t o b o cr e d ite d an d a llo w e d th o am o u n t th e r e o f b y a n y
c o u r t h a v in g ju r is d ic tio n t o a u d it o r s e ttle his a c c o u n ts .
Court P roceedings in Event o f N on p a ym en t.
See. 208 . T h a t if th o ta x herein im p osed is n o t paid w ith in s ix ty d a y s
a fter it is d u o, th o c o lle c to r sh all, unless th cro is r e a so n a b le ca u so fo r
fu rth er d e la y , c o m m e n co a p p ro p ria te p ro ce e d in g s in a n y c o u r t o f tho
U n ited S ta tes, in th o n am o o f th o U n ited S ta te s, t o s u b je c t th o p ro p e rty
o f th o d e c e d e n t t o b o so ld u n d er th o ju d g m e n t o r d o c r e o o f th o c o u r t.
F r o m th o p roceed s o f s u ch salo th o a m o u n t o f th o ta x , t o g e th e r w ith th o
co s ts an d expenses o f o v e r y d e s crip tio n t o b o a llo w e d b y th o c o u r t , shall
b o fir s t p a id , an d th o ba la n co sh all b o d e p o s ite d a c c o r d in g t o th o order
o f th o c o u r t , t o b o p a id u nd er Its d ir e ctio n to th e porson e n title d th e re to .
I f th o ta x o r a n y p a r t t h e r e o f is p a id b y , o r c o lle c te d o u t o f th a t p art
o f th o c s ta to passing t o o r in th o p o ssession o f , a n y p o rso n o th e r than th o
ox e c u to r in his c a p a c it y as s u ch , s u ch p erson shall b o o n titlc d t o re im b u rse ­
m en t o u t o f a n y p a r t o f th o osta to still u n d istrib u te d o r b y a Just and
cq u ita b lo co n tr ib u tio n b y th o person s w h o se interest in th o e sta te o f th o
d e c e d e n t w o u ld h a v e boon r e d u c e d i f th o tax h ad be e n p a id b e fo ro th e
d is trib u tio n o f th o c s ta to o r w h oso Interest is s u b je c t t o e q u a l or prior
lia b ility for th o p a y m e n t o f ta x e s , d e b ts , o r o th e r ch a rg e s against th o
os ta to , it b ein g th o p u rp o se a n d Intent o f th is title th a t s o far as is p r a c ­
tic a b le an d unless oth erw ise d ir e cte d b y th o w ill o f th o d e c e d e n t th o tax
shall bo p a id o u t o f th e ostato b e fo r o Its d is trib u tio n .
Taxes a L ien f o r Ten Y ea rs.
See. 20 9 . T h a t unless th o tax is so o n e r p a id in fu ll, it sh all b o a lien
fo r ten yea rs u p on th o gross c s ta to o f th o d o c c d o n t , e x c e p t th a t such part
o f th o gross c s ta to as is u sed fo r th o p a y m e n t o f ch a rges a ga in st th o ostato
an d expen ses o f its ad m in istra tio n , allo w e d b y a n y c o u r t h a v in g ju ris ­
d ic tio n t h e r e o f, shall b o d iv e s te d o f s u ch lien.
I f th o d o c e d e n t m akes a transfer o f , o r creates a trust w ith r e sp e ct t o ,
a n y p r o p e r t y in co n te m p la tio n o f o r in te n d e d t o ta k o e ffe c t in possession
o r o n jo y m o n t a t o r a fte r his d o a th (e x c e p t in th o c a so o f a b o n a f id o salo
fo r a fa ir co n s id e ra tio n in m o n o y o r m o n e y 's w o rth ) a n d i f th o ta x in
resp ect th ereto is n o t p aid w h en d u e , th o tran sferee o r tru s tco shall b o




“ taxable year,” according to the law, means the twelve
months ending Dec. 31. The first taxable year shall be the
twelve months ending Dec. 31 1916. The following is the
text of the law regulating tho munitions manufacturer’s tax:
T I T L E III.— M U N IT IO N M A N U F A C T U R E R ’ S T A X

S ec. 300 . T h a t w hen u s e d in th is title —
T h o term “ p e rs o n ” Includes p a rtn e rsh ip s, c o r p o r a tio n s , a n d associa tion s;
T h o te rm “ ta xa b le y e a r ” m ean s th o t w lo v o m o n th s e n d in g D e con m b er
th ir t y -fir s t . T h e fir s t ta x a b le y e a r shall b e th e tw le v e m o n th s en d in g
D e ce m b e r th irty -fir s t, n ineteen h u n d re d a n d sixteen; an d
T h o te rm “ U n ite d S ta te s” m ean s o n ly th e S tates, th e T e rr ito r ie s o f
A la sk a an d H a w a ii, a n d th o D is tr ic t o f C o lu m b ia .

Tax of 1 2 H % on Net Profits.
S ec. 301 . (1) T h a t e v e r y p erson m a n u fa ctu rin g (a) g u n p o w d e r a n d
o th e r e x p lo s iv e s, e x c e p tin g b la s tin g p o w d e r a n d d y n a m ite used fo r in ­
du strial pu rp oses: (b ) c a rtrid g e s, lo a d e d a n d u n lo a d e d , ca p s o r p rim ers,
exclu sive o f th ose used fo r industrial p urposes; (c) p r o je ctile s , sh ells, o r
to rp e d o e s o f a n y k in d , in clu d in g sh rapn el, lo a d e d o r u n lo a d e d , o r fu ses, o r
c o m p le te rou n d s o f am m u n ition ; (d) firearm s o f a n y k in d an d a p p en d a g es,
in clu d in g sm all arm s, ca n n o n , m a ch in e gu n s, rifle s, a n d b a y o n e ts ; (e)
e lectric m o to r b o a ts, su b m a rin e o r su b m erslb lo vessels o r bo a ts; o r (f) a n y
p a r t o f a n y o f th o a rticles m e n tio n e d In ( b ), ( c ) , ( d ), o r (e ); shall p a y fo r
e a ch ta xa b le y e a r , In a d d itio n t o th e In com e ta x Im posed b y T it lo I , an
e xcise ta x o f tw e lv e an d o n e -h a lf p e r c e n tu m u p o n th o en tire net p r o fits
a c tu a lly re ce iv e d o r a ccru e d fo r s a id y e a r f ro m th o salo o r d is p o s ition o f su ch
a rticle s m a n u fa ctu re d w ith in th e U n ite d S tates: Provided, however. T h a t
n o p erson shall p a y s u ch ta x u p o n net p r o fits re ce iv e d d u rin g th e yea r
n ineteen h u n d red a n d sixteen de riv e d fro m th o salo an d d e liv e ry o f th o
a rticle s e n u m erated In th is s e c tio n u n d e r c o n tr a c ts ex e cu te d a n d fu lly
p e rfo rm e d b y s u ch person p rio r to J a n u a ry fir s t, n in eteen h u n d red and
sixteen .

Tax to Cease One Year After TVar.

(2)
T ills s e c tio n shall cease t o b e o f e ffe c t a t th o en d o f o n o y e a r a fter
th o term in ation o f th o presen t E u ro p e a n w a r , w h ich shall b e e v id e n c e d b y
tlio p r o c la m a tio n o f th e P residen t o f th o U n ite d S tates d e cla rin g su c h w ar
to h ave ended.

Methodof ComputingNet Profits.

S e c. 30 2 . T h a t in c o m p u tin g n e t p r o fit s u n d e r th e p ro v is io n s o f th is
tit le , fo r th e p u rp o se o f th e ta x there shall b e a llo w e d as d e d u ctio n s fro m
th o gross a m o u n t re ce iv e d o r a c c r u e d fo r th o ta x a b le y e a r fro m th e sale
o r disp o sitio n o f su ch a rticle s m a n u fa ctu re d w ith in th e U n ite d S ta tes, th o
fo llo w in g item s:
(a) T h e c o s t o f raw m aterials en terin g In to th e m an u factu re;
(b ) R u n n in g expen ses, in clu d in g ren tals, c o s t o f repairs an d m a in ten a n ce,
h e a t, p o w e r , in su ra n ce , m a n a g e m e n t, salaries, an d w ages;
(c) In te re st p a id w ith in th e ta x a b le y e a r o n d e b ts o r loan s c o n tr a c te d
t o m eet th o n eeds o f th o business, a n d th o p ro ce e d s o f w h ich h a v o been
a c tu a lly used t o m e e t s u ch n eeds;
H
(d) T a xes o f all k in d s p a id d u rin g th e ta x a b le y e a r w ith r e s p e ct t o th e
business o r p r o p e r ty r e la tin g t o th e m an u factu re;
(e) L osses a c tu a lly su stain ed w ith in th e ta x a b le y e a r in c o n n e c t io n w ith
th o business o f m a n u fa ctu rin g su ch article s, in c lu d in g losses fro m fir e , flo o d ,
s to r m , o r o t h e r c a s u a lty , a n d n o t co m p e n s a te d fo r b y in su ran ce o r oth er­
w ise; and
(f) A reason able a llo w a n ce a c c o r d in g t o th o c o n d itio n s p e cu lia r t o each
co n ce rn , fo r a m o rtiz a tio n o f th o v alu es o f b u ild in g s a n d m a c h in e r y , a c c o u n t
be in g taken o f th e e x ce p tio n a l d e p r e c ia tio n o f s p e cia l pla n ts.

Sale o f Product at L ess Than F a ir M arket P rice Invites Tax on Gross A m o u n t.
S ec. 30 3 . I f a n y p erson m a n u fa ctu re s a n y a rticle s p e c ifie d In s e c tio n
th reo h u n d red a n d o n e , a n d , d u rin g a n y ta x a b lo y e a r o r p a r t th e r e o f,
w h eth er u n d er a n y a greem en t, a rran gem en t, o r u n d e rsta n d in g , o r oth e rw ise ,
sells o r disp oses o f a n y su c h a r tic le a t less th a n th o fa ir m a rk e t p rice o b ­
ta in a b le th e re fo r, elth or (a) In s u ch m a n n er as d ir e c t ly o r In d ire ctly t o
b e n e fit s u ch p erson o r a n y p orson d ir e c t ly o r in d ire c tly In terested In th o
business o f su c h p o rs o n , o r (b ) w ith in te n t t o ca u se s u ch b e n e fit, th o gross
a m o u n t r e c e iv e d o r a c c r u e d fo r su ch y e a r o r p a r t t h e r e o f fro m th o sale or
d is p o s itio n o f s u c h a r tic le shall be ta k o n t o b e th e a m o u n t w h ich w o u ld
h a v e been r e c e iv e d o r a c c r u e d fro m th o sale o r d is p o s itio n o f s u ch a rticle If
s o ld at th o fa ir m a rk et p r ice .
R eturns D u e M arch 1.
S ec. 30 4 . O n o r b e fo r o th o fir s t d a y o f M a r c h , n in eteen h u n d re d an d
sev e n te e n , a n d th o first d a y o f M a r c h in e a ch y e a r th e re a fte r, a tru e an d a c ­
cu r a te retu rn u n d e r o a t h sh a ll b o m a d e b y each po rso n m a n u fa ctu rin g
a rticles s p e c ifie d in s e c tio n th re o h u n d re d a n d o n e , t o th o co lle c to r o f
Internal reven u e fo r th o d is tric t In w h ich su c h pe rso n has his p r in cip a l o fflc o
o r p la c o o f bu slneee, In s u c h fo rm as th o C o m m is s io n e r o f In tern al R o v o n u e ,
w ith th o a p p ro v a l o f th o S ecreta ry o f th o T re a s u ry , shall p ro scrib e , s e ttin g
fo r t h s p e c ific a lly th o gross a m o u n t o f In co m o r e c e iv e d o r a ccru e d fro m th e
sale o r d is p o s itio n o f th e a rticle s s p e c ifie d In s e c tio n th roe h u n d red and
o n o , a n d fr o m th o to ta l th o r e o f d e d u ctin g th o a ggregate item s o f a llow an ce
a u th o r iz e d In s e c tio n th reo h u n d re d a n d t w o , an d su c h o th e r p a rticu la rs
as t o th e gross receip ts a n d Item s o f a llo w a n ce , as th o C o m m issio n e r o f
In tern a l R e v e n u e , w ith th o a p p ro v a l o f th o S e cre ta ry o f th o T re a s u ry , m a y
req u ire.
Taxes— •W hen D u e.
S ec. 30 5 . A ll s u ch returns sh all b o tr a n s m itte d fo rth w ith b y th o co lle c to r
t o th e C om m ission er o f In tern al R e v e n u e , w h o sh all, as s o o n as p r a ctica b le ,
assess th o tax fo u n d d u e an d n o t ify th o p erson m a k in g s u ch return o f th o
a m o u n t o f ta x fo r w h ich s u ch person is lia b le , an d s u ch p e rso n shall p a y
th o ta x t o th o c o lle c to r o n o r b e fo ro t h ir ty d a y s fro m th o d a te o f s u ch
n o tice .
C on ditions und er w hich C om m issioner m ay A s s e s s T axes.
S ec. 3 0 6 . I f th e S ecreta ry o f th o T r e a s u r y o r th e C o m m is s io n e r o f
In tern a l R o v e n u o shall h a v e reason t o b e d issa tisfie d w ith th o retu rn as
m a d e , o r if n o retu rn is m a d e , th o co m m is s io n e r is a u th o r iz e d t o m ak e
an in v e s tig a tio n a n d t o d e term in e th e a m o u n t o f n o t p r o fit s a n d m a y
assess th o p r o p e r ta x a c c o r d in g ly . H e shall n o t ify th o p o rso n m a k in g ,
o r w h o s h o u ld h a v o m a d e , s u ch retu rn a n d shall p r o c e e d t o c o lle c t tho
ta x in th e sa m o m a n n er as p r o v id e d in th is title , un less th o p e rso n s o n o ti­
fie d shall filo a w ritten req u est fo r a h earin g w ith th o co m m is s io n e r w ith in
th ir t y d a y s a fto r th o d a te o f s u ch n o tice ; a n d o n s u ch h ea rin g th o bu rd e n
o f esta b lish in g t o th o s a tisfa c tio n o f th o c o m m issio n e r th a t th o gross a m o u n t
r e c e iv e d o r a c c r u e d o r th e a m o u n t o f net p r o fits , as d e te rm in e d b y th o
com m is s io n e r , is in c o r r e c t, sh all d o v o lv o u p o n s u ch p o rs o n .
T axes to be A ssessed A g a in st A c tin g A g en t.
S e c . 307 . T h o t a x m a y b e assessed o n a n y pe rso n fo r th o tim e b e in g
o w n in g o r c a r r y in g o n th o bu sin ess, o r o n a n y p o rso n a c tin g as a g e n t fo r
th a t person in c a r r y in g on th o business o r w h ere a busin ess has c e a s jd
o n th o p erson w h o o w n e d o r ca rrie d on th e bu sin ess, o r a c te d as a g o n t in
c a r r y in g on th o bu sin ess im m e d ia te ly b e fo re th o tim e a t w h ich th o business
c ea sed .
C om m issioner M a y E xa m in e Books and R ecords.
S ec. 3 0 8 . F o r th o p u r p o s e ot c a r r y in g o u t th o p r o v is io n s o f th is titlo
th o C o m m is s io n e r o f In tern a l R o v e n u o is a u th o r iz e d , p e rs o n a lly o r b y his
a g e n t, t o exa m in e th o b o o k s , a c c o u n ts , a n d re co rd s o f a n y p e rso n s u b je c t
t o th is ta x
In form a tio n not to be D ivulged.
S ec. 309 . N o p erson e m p lo y e d b y th e U n ite d S tates shall co m m u n ic a to ,
o r a llow t o b o co m m u n ic a te d t o a n y p o rso n n o t le g a lly en title d th e r e to ,
a n y in fo r m a tio n o b ta in e d u n d e r th e p r o v is io n s o f th is t itlo , o r a llo w a n y
su c h p erson t o in s p e c t o r h a v o acce ss t o a n y retu rn fu rn ish ed u n d e r th e
p r o v is io n s o f tills title .
Penalty For F a ilure to C om ply W ith Law .
S ec. 31 0 . W h o o v e r v io la te s a n y o f th o p r o v is io n s o f th is titlo o r th e
reg u la tion s m a d o th ereu n d or, o r w h o k n o w in g ly m ak es fa lse statem en ts
in a n y retu rn , o r refu ses t o g iv e s u ch in fo r m a tio n as m a y b o ca lled fo r , is
g u ilty o f a m isd em ea n or, an d u p o n c o n v ic tio n shall, in a d d itio n t o p a y in g
a n y ta x t o w h ich h o is lia b le, b o fin e d n o t m o re th an 3 1 0 ,0 0 0 , o r im p rison ed
n o t ex ceed in g o n e y e a r , o r b o t h , in th o d is cre tio n o f th o c o u r t.
S ec. 311 . A ll a d m in is tr a tiv e , sp e c ia l, a n d general p r o v is io n s o f law ,
rola tin g t o th o assessm ent an d c o lle c tio n o f ta xes n o t s p e c ific a lly repealed
aro h o r o b y m a d o t o a p p ly t o this titlo s o fa r as a p p lic a b le an d n o t in c o n ­
sisten t w ith its p r o v is io n s .
S ec. 3 1 2 . T h o C o m m is s ion e r o f In te rn a l R o v e n u o , w ith th o a p p ro v a l
o f th o S ecreta ry o f th o T r o a s u r y , shall m a k o all n eco ssa ry re g u la tio n s fo r
c a r r y in g o u t th o p ro v is io n s o f th is titlo , a n d m a y requ ire a n y p e rso n s u b je c t
t o s u ch p r o v is io n s t o fu rn ish h im w ith fu rth e r in fo r m a tio n w h e n e v e r in
h is ju d g m e n t th e sam o is n ecessa ry t o c o lle c t th o ta x p r o v id e d fo r h e re in .

SP E C IA L

TAX

P R O V I S I O N S OP

T IIE

WAR

REVENUE

B IL L — R E P E A L OF S T A M P T A X E S .

Important among tho special tax provisions of tho War
Rovenuo Act is tho new liconso tax of 50 cents “for each
$1,000 of the fair value” of tho capital of corporations,
joint-stock companies or associations. In estimating tho
valuo of the capital, it is required that tho surplus and un­
divided profits be included. It is provided that for tho pur­
pose of the tax an exemption of $99,000 shall bo allowed.
Tho specific tax of $100 imposed upon bankers for each $1,000
of capital (including surplus and undivided profits) is no longer
called for. Tho tax was carried in tho Emergency Rovenuo
Act of Oct. 22 1914. The $30 tax on brokers, also imposed
under tho Emergency Rovonue Law, is continued in tho
now law, as is also the $50 tax on pawnbrokers, $20 tax on
ship brokers, $10 on custom house brokors; it also retains
tho tax on theatres, circuses and other exhibitions, bowling
alleys and billiard rooms. It materially changes tho tax on
tobacco and cigarette manufacturers on and after Jan. 1
next.
The stamp taxes on stock certificates, bonds, notes, pro­
tests, agreements, conveyances, proxies, insurance policies




and other instruments, as well as on porfumorios, cosmetics,
&c., which were called for under tho Emergency Revenue
Law of 1914, are no longer required, tho provisions with re­
gard thereto having been repealed by tho new measure.
Below aro tho provisions of tho new law relating to special
taxes.
S P E C IA L T A X E S .
Special E xcise Tax on C orporations.
S e c. 40 7 . T h a t o n an d a fte r J a n u a r y fir s t , nin eteen h u n d re d an d s e v e n ­
te e n , sp ecial ta xes shall b o , an d h e r e b y are , im p o s e d a n n u a lly , as fo llo w s ,
t h a t is t o sa y;
E v e r y c o r p o r a tio n , jo in t -s t o c k c o m p a n y o r a s s o cia tio n , n o w o r h e re a fte r
o rg a n iz e d in th e U n ite d S tates fo r p r o fit a n d h a v in g a c a p ita l s t o c k r e p re ­
s e n te d b y shares, an d e v e r y in su ran ce c o m p a n y , n o w o r h o ro a fte r o rg a n iz e d
u n d e r th o law s o t th o U n ite d S ta te s, o r a n y S ta te o r T e r r ito r y o f th o U n ite d
S ta te s, shall p a y a n n u a lly a sp ecial e xciso ta x w ith r e sp e ct t o th o c a rry in g
o n o r d o in g business b y s u ch c o r p o r a tio n , jo in t -s t o c k c o m p a n y o r asso­
c ia tio n , o r in su ran ce c o m p a n y , e q u iv a le n t t o 50 ce n ts fo r e a ch 3 1 ,0 0 0 o f
th o fa ir v a lu o o f its c a p ita l s t o c k an d in e s tim a tin g th o v a lu o o f c a p ita l
s t o c k th o su rplu s an d u n d iv id e d p r o fit s shall b o in c lu d e d : Provided, T h a t
in th o ca so o f in su ran ce c o m p a n ie s s u ch d e p o s its a n d reserve fu n d s as th e y
aro r e q u ire d b y law o r c o n t r a c t t o m ain ta in o r h o ld fo r th o p r o te c tio n o f
o r p a y m e n t t o o r a p p o rtio n m e n t a m o n g p o lic y h o ld e r s shall n o t bo in clu d e d .
T h o a m o u n t o f su ch ann ual ta x shall in all cases b o c o m p u t e d o n th o basis
o f th o fa ir av e ra g e v a lu e o f th o ca p ita l s to c k fo r th o p re ce d in g y e a r: Pro­
vided, T h a t fo r th o p u rp o s e o f th is ta x an e x e m p tio n o f $ 9 9 ,0 0 0 shall b o
a llo w e d fro m th o c a p ita l s t o c k as d e fin e d in th is p a ra gra p h o f oacli c o r ­
p o r a tio n , jo in t -s t o c k c o m p a n y o r a s s o c ia tio n , o r in su ra n ce c o m p a n y :
Provided fu rth er. T h a t a c o r p o r a t io n , jo in t -s t o c k c o m p a n y o r a s s o cia tio n ,
o r in su ran ce c o m p a n y , a ctu a lly p a y in g th o ta x im p o s e d b y s e ctio n th r e e
h u n d re d a n d o n e o f T itle I I I o f th is A c t [th is is th o m u n itio n m a n u fa c ­
tu re r’s ta x — E d .] shall b e e n title d t o a c r e d it as a ga in st th o tax im p o se d
b y th is p a ra gra p h equ a l t o th o a m o u n t o f th o ta x s o a c tu a lly p a id : A n d
provided fu rth er. T h a t this ta x shall n o t bo im p o s e d u p o n a n y c o r p o r a t io n ,
jo in t -s t o c k c o m p a n y o r a s s o cia tio n , o r in su ran ce c o m p a n y n o t en ga g e d
in business d u rin g th e p re ce d in g ta x a b lo y e a r , o r w h ic h is e x e m p t u n d e r
th o p r o v is io n s o f s e c tio n e le v e n , T it le I , o f th is A c t .
[T h is is th e I n c o m o
T a x .— E d .]
E v e r y c o r p o r a tio n , jo in t -s t o c k c o m p a n y o r a s s o c ia tio n , o r in su ran co
c o m p a n y , now o r h e re a fte r o rg a n iz e d fo r p r o fit u n d e r th o law s o f a n y
fo re ig n c o u n t r y a n d e n ga g ed in business in th o U n ite d S ta te s, shall p a y
a n n u a lly a special e xciso ta x w ith r e s p e ct t o tho c a r r y in g o n o r d o in g
business in th e U n ite d S tates b y s u ch c o r p o r a t io n , jo in t -s t o c k c o m p a n y
o r a s s o cia tio n , o r in su ran co c o m p a n y , e q u iv a le n t t o 50 c e n ts fo r ea ch
3 1 ,0 0 0 o f th o ca p ita l a ctu a lly in v e s te d in th o tra n sa ctio n o f its business in
th o U n ite d S tates: Provided, T h a t in th o caso o f in su ra n ce c o m p a n ie s su ch
d e p o s its o r reservo fu n d s as th e y aro r e q u ire d b y law o r c o n t r a c t t o m ain ­
ta in o r h o ld in th o U n ite d S tates fo r th o p r o t e c tio n o f o r p a y m e n t t o o r
a p p o rtio n m e n t a m o n g p o lic y h o ld e r s shall n o t b o in c lu d e d . T h e a m o u n t
o f s u ch ann u al ta x shall in all cases b o c o m p u t e d o n th o basis o f th e a vera go
a m o u n t o f c a p ita l s o in v e ste d d u rin g th e p re c e d in g y e a r: Provided, T h a t
fo r th o p u rp o s e o f this ta x an e x e m p tio n fr o m th o a m o u n t o f ca p ita l so
in v e s te d shall bo a llo w e d e qu a l t o su ch p r o p o r tio n o f $ 9 9 ,0 0 0 as th o a m o u n t
s o in v e s te d b ears t o th o to ta l a m o u n t in v e ste d in th o tra n s a ctio n o f b u s i­
ness in th o U n ite d S tates o r elsew here: Provided fu rth er. T h a t th is e x e m p tio n
shall b o a llo w e d o n ly i f s u ch c o r p o r a tio n , jo in t -s t o c k c o m p a n y o r a s s o ­
c ia tio n , o r in su ran co co m p a n y m a k e s return t o th o C o m m is s io n e r o f In tern al
R o v e n u o , u n d e r regu la tion s p re s crib e d b y h im , w ith th o a p p ro v a l o f th o
S e cre ta ry o f th o T r e a s u r y , o f th o a m o u n t o f c a p ita l in ve ste d in th e tra n s a c­
tio n o f bu sin ess o u ts id e th o U n ite d S tates: A n d provided fu rth er, T h a t a
c o r p o r a tio n , jo in t -s t o c k c o m p a n y o r a s s o c ia tio n , o r in su ran co c o m p a n y ,
a ctu a lly p a y in g th o ta x im p o s e d b y s e c tio n threo h u n d re d a n d o n o o f
T it le I I I o f this A c t [th o m u n itio n m a n u fa c tu r e r ’s ta x — E d .] shall b o
e n title d t o a c r e d it as a g ain st th o ta x im p o s e d b y th is p a ra g ra p h e qu a l t o
th o a m o u n t o f th o ta x s o a c tu a lly p a id : A n d provided fu rth er. T h a t tld s
ta x shall n o t b e im p o s e d u p o n a n y c o r p o r a t io n , jo in t -s t o c k c o m p a n y or
a s s o c ia tio n , o r in su ran co c o m p a n y n o t e n g a g e d in business d u rin g th o
p r e c e d in g ta x a b lo y e a r , o r w h ich is e x e m p t u n d er th o p r o v is io n s o f s e ctio n
c lo v e n , T it lo I , o f th is A c t .
Other S p ecial T axes.
S e c o n d . B ro k e rs shall p a y $ 3 0 . E v e r y p e rso n , fir m , o r c o m p a n y ,
w h o so business it is t o n e g o tia te pu rch ases o r sales o f s to c k s , b o n d s , e x ­
c h a n g e , b u llio n , c o in e d m o n e y , b a n k n o te s, p r o m is s o r y n o te s o r o th e r
se cu ritie s, fo r o th e rs, shall b o re g a rd e d as a b r o k e r .
T h ir d . P a w n b ro k e rs shall p a y $ 5 0 . E v e r y p e rso n , fir m , o r c o m p a n y
w h o so business o r o c c u p a t io n it is t o ta k e o r re c e iv o , b y w a y o f p le d g e ,
p a w n , o r e x ch a n g e , a n y g o o d s , w ares, o r m e rch a n d ise , o r a n y k in d o f
p orson al p r o p e r ty w h a te v e r , as s e c u r ity fo r th o r e p a y m e n t o f m o n e y loa n ed
th e re o n , shall b o d e e m e d a p a w n b ro k e r.
F o u rth . Ship bro k e rs shall p a y $20 . E v e r y p e rs o n , fir m o r c o m p a n y
w h o so business it is as a b r o k e r t o n e g o tia te fre ig h ts a n d o th e r business
fo r th o ow n ers o f vessels, o r fo r th o sh ip p ers o r co n s ig n o rs o r co n sign ees
o f fre ig h t ca rrie d b y vessels, shall b o re g a rd e d as a ship b ro k e r u n d e r th is
s e c tio n .
F ifth . C u s to m h o u se bro k e rs shall p a y $1 0 .
E v e ry p e rso n , fir m , or
c o m p a n y w h o so o c c u p a t io n it is, as th o a g o n t o f o th e rs, t o arran ge en tries
a n d o th e r cu s to m h o u s e p a p e rs, o r tra n sa ct business a t a n y p o r t o f e n try
rela tin g t o th o im p o rta tio n o r e x p o r ta tio n o f g o o d s , w ares, o r m e rch a n d ise ,
shall b e rega rd ed as a c u s to m h o u s e b ro k e r.
S ix th . P r o p r ie to rs o f th eaters, m u seu m s, an d c o n c e r t h ails, w h ero a
ch a rg o fo r ad m ission is m a d e , h a v in g a seatin g c a p a c it y o f n o t m o r o than
t w o h u n d red and f if t y , shall p a y $25 ; h a v in g a se a tin g c a p a c it y o f m oro
th an t w o h u n d red an d f if t y an d n o t e x ce e d in g fiv e h u n d re d , shall p a y $50;
h a v in g a seatin g c a p a c it y e x ce e d in g fiv e h u n d re d an d n o t e x ce e d in g e igh t
h u n d re d , shall p a y $75 ; h a v in g a se a tin g c a p a c it y o f m o ro th an e ig h t
h u n d re d , shall p a y 3 10 0. E v e r y e d ific o used fo r th o p u r p o s o o f d r a m a tic
o r o p e r a tic o r o th e r re p resen ta tion s, p la y s , o r p e rfo rm a n ce s , fo r adm ission
t o w h ich e n tra n co m o n e y is r e c o iv e d , n o t in clu d in g h a lls o r arm o rie s ren ted
o r u sed o c c a s io n a lly fo r c o n c e r ts o r th e a trica l re p re se n ta tio n s, shall b o
re g a rd e d as a th e a te r: Provided, T h a t in citie s, t o w n s, o r v illages o f fiv e
th o u s a n d in h a b ita n ts o r less th o a m o u n t o f su ch p a y m e n t shall b e o n e h a lf of th at a b o v o s ta te d : Provided fu rth er, T h a t w h o n o v o r a n y su ch e d ific o
is u n d er ieaso at the passage o f tin s A c t , th o ta x shall bo p a id b y th o lesseo,
unless oth e rw iso stip u la te d b o tw co n th e parties t o said lease.
S e v e n th . T h o p r o p r ie to r o r p r o p rie to rs o f circu se s shall p a y $ 10 0.
E v e r y b u ild in g , s p a ce , te n t, o r area w hero fe a ts o f h orsem an sh ip o r a c r o ­
b a tic s p o rts o r th e a trica l p e rfo rm a n ce s n o t o th e rw iso p r o v id e d fo r in this
s e ctio n aro e x h ib ite d shall bo regarded as a circu s: Provided, T h a t n o special
ta x p aid in o n o S ta te , T e r r ito r y , o r th o D is tr ic t o f C o lu m b ia shall e x e m p t
e x h ib itio n s fro m th e ta x in a n o th e r S ta te , t e r rito r y , o r th e D is tr ic t o f
C o lu m b ia , an d b u t o n o sp e cia l ta x shall lie Im posed fo r e x h ib itio n s w ith in
a n y o n o S ta te , T e r r ito r y , o r D is tr ic t.

E ig h th . P r o p r ie to rs o r a g e n ts o f all o t h e r p u b lic e x h ib itio n s o r sh ow s
fo r m o n e y n o t en u m erated in th is s e ctio n shall p a y .$10: Provided, T h a t
a s p ecia l ta x p a id in on e S ta te , T e r r ito r y , o r th e D is tr ic t o f C o lu m b ia
shall n ot e x e m p t ex h ib itio n s fr o m th e ta x in a n o th e r S ta to , T e r r ito r y o r
fo r
th e D is tr ic t o f C o lu m b ia , an d b u t o n o s p e cia ta x shall b o
e x h ib itio n s w ith in a n y on e S ta to , T e r r ito r y o r th e D is tr ic t o f C o lu m b ia
Provided fu rth er, T h a t this p a ra g ra p h shall n o t a p p ly t o C h a u ta u q u a s
le ctu r o ly c e u m s, agricu ltu ra l o r in du stria l fa irs, o r e x h ib itio n s h e ld u n d er
th e a u sp ices o f religiou s o r c h a r ita b le a s s o cia tio n s : Provided fu rth er T h a t
an a g g reg a tion o f en te rta in m e n ts, k n o w n as a stre e t fa ir , shall n o t ’ p a y a
larger ta x th an $100 In a n y S ta te , T e r r ito r y , o r in th e D is tr ic t o f C o lu m b ia *
N in t h .
P rop rieto rs o f b o w lin g a lle y s a n d b illia rd r o o m s shall p a y $5
fo r ea ch a llo y o r ta b le . E v e r y b u ild in g o r p la c e w h ero b o w ls aro th ro w n
o r w hore ga m es o f b illiards o r p o o l aro p la y e d , e x c e p tin g p r iv a te h o m e s
shall bo regard ed as a b o w lin g a lle y o r a b illia rd r o o m , re s p e c tiv e ly
[W o o m it th e p ro v is io n s d e a lin g w ith th e ta xe s o n t o b a c c o ciir ir and
cig a r e tte m a n u fa ctu re rs.]
’
B
S ec. 400. T h a t all a d m in is tr a tiv e o r sp ecial p r o v is io n s o f la w , in clu d in g
th e law rela tin g t o th o assessm ent o f taxes, s o fa r as a p p lic a b le , are h e re b y
ex ten d ed t o a n d m a d e a p art o f th is title , a n d e v e r y p e rso n , f ir m , c o m p a n y
c o r p o r a tio n , o r a s s o cia tio n IJablo t o a n y ta x Im posed b y tills title shall
k e e p s u ch record s a n d ren der, u n d e r o a t h , s u ch sta te m e n ts a n d returns
a n d shall c o m p ly w ith su ch re gu lation s as th o C o m m is s io n e r o f In tern al
K ov en u o, w ith th o a p p ro v a l o f th o S e cre ta ry o f t h o T r e a s u r y , m a y fro m
tim e t o tim e prescrib e .
Old Law Repealed.

required

S e c . 41 0 . T h a t th o A c t a p p ro v e d O cto b e r t w e n ty -s e c o n d , n in eteen
h u n d red a n d fo u r te e n , e n title d " A n A c t to in crea se th o in tern a l revenue
a n d fo r o th e r p u r p o s e s ,” a n d th o jo in t re so lu tio n a p p r o v e d D e ce m b e r
se v e n te e n th , n in oteen h u n d red an d flft e o n , e n title d " J o in t resolu tion
e x ten d in g th e p rov isio n s o f th o A c t e n title d ‘A n A c t t o Increaso th e internal
reven u e, a n d fo r o th e r p u r p o s e s ,’ a p p ro v e d O cto b e r tw e n ty -s e c o n d nin e­
teen h u n d r e d an d fo u rte e n , t o D e ce m b e r t h ir ty -fir s t, n in eteen h u n d re d
a n d s ix te e n .” are h ereby r e p e a le d , e x c e p t s e c tio n s th ree a n d fo u r o f su ch
A c t as s o ex ten d ed , w h ich se ctio n s shall rem ain in fo r c e till J a n u a ry fir s t
n ineteen h u n d red a n d seve n te e n , a n d e x c e p t th a t th o p r o v is io n s o f th o said
A c t shall rem ain in fo rc o f o r th o assessm ent an d c o lle c tio n o f all special
taxes Im p osed b y s ection s threo an d fo u r th e r e o f, o r b y su ch se ctio n s as
e x te n d e d b y sa id jo in t re so lu tio n , fo r a n y y e a r o r p a r t th e r e o f e n d in g p rio r
t o J an u ary fir s t , nineteen h u n d red a n d seve n te e n , a n d o f all o th e r taxes
im p os ed b y su ch A c t , o r b y su c h A c t as s o o x te n d o d , a c c r u e d p r io r t o th o
ta k in g e ffe c t o f th is title , and fo r th e im p o s itio n an d c o lle c tio n o f all penalties
o r forfeitu res w h ic h h a v e a ccru e d o r m a y a ccru o in rela tion t o a n y o f such
taxes.
S ec. 41 1 . T h a t th o C o m m is s io n e r o f In tern al R e v e n u o , s u b je c t t o regula­
t io n p rescrib ed b y th o S ecretary o f th o T r e a s u r y , m a y m a k o a llow an ce fo r
o r rodoom s ta m p s , issu ed, u n d er a u th o r ity o f th o A c t a p p ro v e d O cto b e r
t w e n ty -s e c o n d , n in eteen h u n d red a n d fo u rte e n , e n title d “ A n A c t t o Increaso
th o Internal rov en u e, an d fo r o th e r p u r p o s e s ,” an d th o jo in t resolu tion
a p p ro v e d D e co m b o r se ve n te e n th , nin eteen h u n d red a n d fift e e n , e n title d
“ J o in t resolu tion exten d in g th o p r o v is io n s o f th o A c t e n title d ‘ A n A c t to
Increaso th o in tern al roven u o. a n d fo r o th e r p u r p o s e s ,’ a p p ro v e d O cto b e r
tw e n ty -s e c o n d , n ineteen hu n dred a n d fo u r te e n , t o D e ce m b e r th ir t y -fir s t
nin eteen h u n d red an d s ix te e n ," t o d e n o to th o p a y m e n t o f in tern al re ve n u e
ta x , an d w h ich h a v e n o t boon u sed , I f p re se n te d w ith in t w o years a fte r tho
p u rohaso o f s u ch stam p s.
S ec 412 T h a t th o p ro v isio n s o f th is title shall ta k e e ffe c t o n th o d a y
fo llo w in g th o passago o f th is A c t , e x c e p t w h ero o th e rw ise In th is title
p r o v id e d .
In tern al Revenue O fficials to H ave Thirty D a y s Leave o f A b sen ce.
S ec. 413 . T h a t all in tern al re ve n u o agents a n d in sp e cto rs b o g r a n te d
lea v e o f a b sen ce w ith p a y , w h ic h shall n o t b o c u m u la tiv e , n o t t o exceed
t h ir t y d a y s In a n y ca le n d a r y e a r, u n d e r s u ch regu lation s as th o C o m m ission er
o f In ternal K ov en u o, w ith th o a p p ro v a l o f th o S e c r e ta r y o f th o T re a su ry
m a y proscribe.

DYESTUFFS

AND

P R I N T I N G P A PER P R O V IS IO N S OF
REVENUE ACT.

As another featuro of the General Rovenuo measuro
it contains provisions for tho imposition of duties on dyestuffs
so as to foster homo production of tho samo, and makes
changos in the tariff law regarding printing paper. In' tho
following wo givo thoso parts of tho Act:
T IT L E

V — D U T IE S

ON

DYESTU FFS.

S ec. 500. T h a t on a n d a fte r th o d a y fo llo w in g th o p a ssa ge o f th is A c t
o x ce p t as o th crw ls o s p e cia lly p r o v id e d fo r in th is t itle , th ere s h a ll b o levied
co lle c te d , and p a id u p o n th o a rticlos n a m e d in th is s e c tio n w h en im n o rte d
fro m a n y foreign co u n tr y in to th o U n ite d S tates o r Into a n y o f its possessions
o x c e p t th o P h ilip p in e Islands an d th o Islands o r G u am an d T u tu lla tho
rates o f du tios w h ich aro p ro scrib e d in th is title , n a m ely:
F ree L ist.
G ro u p I . A c on ap th en o , an th racen e h a v in g a p u r ity o f loss th a n tw e n ty f iv o por c e n tu m , b en zol, carb azol h a v in g a p u rity o f less th an tw e n ty -fiv e
por c e n tu m , cresol, c u m o l, fiuoron o, m otacrosol h a v in g a p u r ity o f less than
n ln o ty per c e n tu m , m e th yian th raco n o, m oth y ln a p th a le n o , n a p h th a le n o
h a v in g a so lid ify in g p o in t less th a n so v c n ty -n ln o degrees cen tigrad o orth o crosol h a v in g a p u r ity o f less th an n ln o ty per c e n tu m , paracresol h a vin g
a P u rity o f less th an n ln o ty por c e n tu m , p y r ld in , q u in o lln , to lu o l, xylo l,
cru de c o
te r , p itc h o f coal t a r . d ead or creosote o il. an th racen e o*L al
oth e r d istillates w hich on being su b je cted to d istilla tio n y ield In th e n o r t l o n
d istillin g below tw o hu ndred degrees cen tigrad e a q u a n t R y o f t a r £ £ £ * £
th an f iv e per c en tu m o f tho original d istilla te , an d all o th e r p ro d u c ts t S t
aro fou n d n a tu rally in coal ta r, w hethor produced o r o b ta in e d fr o m coal tar
o r oth e r sou rce, an d n o t otherw ise sp e cia lly p ro v id ed fo r In th is title shall
bo ex e m p t fro m d u t y .
’

D uitable List.
G ro u p I I .
A m ld o n a p h th o l, an d d op h en ol, a m ld o sa llc y lic acid
anllin
o il, an llin sa lts , an th racen e h a vin g a p u rity o f tw e n ty -fiv o por c e n tu m or
m oro, an tliraq u ln on o , benzoic a c id , bon zald oh yd o, b on zylch lorid o bonz id ln , b ln ltrob o n zol, bln ltroch loroben zol, b ln ltron ap h th alon o, b ln ltrotolu o l
carb azol ha vin g a p u rity o f tw e n ty -flv o per ce n tu m or m o r o , ch loron h th alle
acid , c u m ld in , d lm eth y lan llln , d ian isld ln , d io x y n a p h th a le n o , d ip licn y la Im ln , m etacrcsol h a v in g a p u rity o f n ln oty por con tu n i or m ore m e th v lan th raq u in on o, m otan tllc acid , naphthaleno h a vin g a so lid ify in g poin t
o f sovo n ty-n ln o degrees centigrado or a b o v e , n a p h th y la m ln
na n h th o l
n a p h th y lo n e d la m ln , n itrob cn zol, n itrotolu ol, nitron ap h th alon o, nitranilln
n ltro p h en y lo n od lam ln , n ltrotolu y lcn ed lam ln , orthocrosol h a v in g a p u rity
o f n ln o ty per ce n tu m or m oro, paracresol h a v in g a p u r ity o f n in e ty nor
ce n tu m or m o ro , p h en o l, p h th allc a c id , p h th a llc an h yd r ld o, p h cn y lcn e -




d ia m ln , p h e n y ln a p h th y la m ln , re so rcin , s a lic y lic a c id , su lp h a n ilic a c id ,
t o u ld ln t o lid ln , t o lu y le n e d ia m ln . x y lld in , o r a n y s u ip h o a cid o r s u lp h o a cld sa lt o f a n y o f th o fo re g o in g , all sim ila r p r o d u c ts o b ta in e d , d e riv ed
o r m a n u fa ctu re d in w h o le o r In p a r t fr o m th o p r o d u c ts p ro v id e d fo r in
G ro u p I , an d all d istilla tes w h ic h o n b e in g s u b je c te d t o d is tilla tio n y ie ld
in th e p o r tio n distillin g be lo w t w o hu n dred degrees c e n tig ra d e a q u a n tity
o f ta r a cid s e qu a l t c o r m o ro than f iv e p e r c e n tu m o f th o o rig in a l d istilla te,
a I th e fo re g o in g n o t c o lo r s , d y e s , o r sta in s, p h o to g r a p h ic ch em ica ls,
m ed icin als, fla v o rs , o r e x p lo s iv e s, a n d n o t o th e rw ise p r o v id e d fo r in this
title , an d p ro v id e d fo r in th o p a r a g r a p h o f th o A c t o f O c t o b e r third
n ineteen h u n d red an d th irte e n , w h ic h aro h e re in a fte r s p e c ific a lly repealed
b y se ctio n fiv e hu n dred an d tw o , fifte e n p e r c e n tu m a d va lo re m
G ro u p I I I . A ll c o lo r s , d y e s , o r sta in s, w h e th e r s o lu b le o r n o t in w a te r,
c o lo r a c id s , c o lo r bases, c o lo r Iakos, p h o to g r a p h ic ch e m ica ls, m ed icin a ls,
fla v o rs , sy n th e tic p h e n o lic rosin , o r e x p lo siv e s, n o t o th e rw ise s p ecia lly
p ro v id e d fo r In this title , w h en o b ta in e d , d e r iv e d , o r m a n u fa ctu red In
w h o le o r in p a r t fro m a n y o f th e p r o d u c ts p r o v id e d fo r in G ro u p I an d I I ,
natural alizarin and in d ig o , an d c o lo r s , d y e s , o r c o lo r lakes o b t a in e d ’
d e riv e d , o r m a n u fa ctu re d th e r e fr o m , th irty p e r c e n tu m a d va lo re m .
A d d ition al D u ties.
S ec. 501 . T h a t o n an d a fte r th o d a y fo llo w in g th o p a ssa g o o f th is A c t ,
in a d d itio n t o th o d u tio s p r o v id e d in s e c tio n f i v e h u n d re d , th ere shall b o’
le v ie d , co lle c te d , an d p a id u p o n all articles c o n ta in e d in G ro u p I I a sp ecial
d u t y o f 2 'A ce n ts p er p o u n d , an d u p o n all a rticles c o n ta in e d in G ro u p I I I
(e x ce p t natu ral an d s y n th e tic a liz a rin , a n d d y e s o b ta in e d fro m alizarin
a n th ra cen e, an d ca rb a zo l; natu ral a n d s y n th e tic in d ig o a n d all in d lgoid s,’
w h eth er o r n o t o b ta in e d fro m In digo; an d m e d icin a ls a n d fla v o rs ) a sp ecia l
d u t y o f 5 ce n ts p e r p o u n d .
A n n u a l Reduction o f Additional D u ties.
D u rin g th o p e r io d o f f i v e ye a rs b e g in n in g f lv o y e a rs a fte r th o passage
o f th is A c t , s u ch sp e cia l du tie s shall b o a n n u a lly re d u ce d b y tw e n ty p e r
c e n tu m o f th o ra te Im posed b y th is s e c tio n , s o th a t a t th o en d o f s u ch
p e r io d su ch sp e cia l d u tie s shall n o lo n ge r b e assessed, le v ie d , o r c o lle c te d ;
b u t i f , a t th o ex p ira tio n o f f iv e years fro m th o d a to o f th o passage o f th is
A c t , th o P resid en t fin d s th a t th ere is n o t b e in g m a n u fa ctu re d o r p r o d u c e d
w ith in th o U n ited S tates as m u c h as s ix ty p e r c e n tu m in v a lu e o f th e
d o m e s tic c o n s u m p tio n o f th o a rticle s m e n tio n e d in G ro u p s I I a n d I I I o f
s e c tio n f iv e h u n d re d , h o shall b y p r o c la m a tio n so d e cla re , w h e reu p on th e
sp e cia l d u tio s im p o s e d b y th is s e c tio n on s u ch a rticle s sh all n o lon g er b e
assessed, le v ie d , o r c o lle c te d .
S ec. 502 . T h a t p aragrap h s tw e n ty , t w e n ty -o n o , t w e n ty -t w o an d
w e n ty -th re o an d th e w ord s “ s a lic y lic a c id ” in p a ra g ra p h o n e o f S ch ed u le A
f s e c tio n o n o o f an A c t e n title d “ A n A c t t o r e d u co t a r if f d u tie s an d t o
p r o v d o re ve n u e fo r th o G o v e rn m e n t, a n d fo r o th e r p u r p o s e s ,” a p p r o v e d
O cto b e r th ird , n in e te e n h u n d re d a n d th irte e n , an d p a r a g ia p h s three h u n ­
d re d an d n in e ty -fo u r , fo u r hun dred and f if t y -t w o an d f lv o h u n d red a n d
fo u rte e n , a n d th o w ord s “ c a r b o lic ” and “ p h th a llc ,” in p a ra g ra p h th ree
hun dred a n d e ig h ty -s e v e n o f th o “ free lis t ” o f s e c tio n o n o o f sa id A c t .
an d s o m u c h o f said A c t o r a n y existin g law o r p arts o f law as m a y b e
In co n siste n t w ith th is title aro h e re b y repealed.
T IT L E

V I .— D U T I E S

ON

P R IN T IN G

PAPER.

S e c. 600 . T h a t p a ra g ra p h th re o h u n d re d a n d t w e n ty -t w o . S ch ed u le M ,
an d p a ra g ra p h f iv e h u n d re d an d s ix ty -s e v e n o f th o fre e list o f th o A c t
e n title d " A n A c t t o r e d u ce ta r iff du tie s a n d t o p r o v id o re v e n u e fo r th e
G o v e rn m e n t, an d fo r o th e r p u r p o s e s .” a p p r o v e d O c t o b e r th ird , m n teeen
h u n d red and th irte e n , b e a m e n d e d s o th a t th e sam o shall re a d as fo llo w s :
3 2 2 . P r in tin g p a p e r (o th e r th an p a p e r c o m m e r c ia lly k n o w n as h a n d m a d o o r m a c h in e h a n d m a d e p a p e r, ja p a n p a p e r, a n d im ita tio n ja p a n p a p e r
b y w h a te v e r n a m e k n o w n ), u n size d , sized , o r g lu e d , su ita b le fo r th e p rin t­
in g o f b o o k s an d n ew sp ap ers, b u t n o t fo r c o v e r s o r b in d in g s , n o t sp e c ia lly
p r o v id e d fo r in th is s e c tio n , v a lu e d a b o v e 5 c e n ts p e r p o u n d , tw e lv e p er
c e n tu m ad va lo re m : Provided, how ever, T h a t i f a n y c o u n t r y , d e p e n d e n c y
p r o v in c e , o r o th e r su b d iv is io n o f g o v e r n m e n t shall im p o s e a n y e x p o r t d u ty ,’
e x p o r t Iicenso fe e , o r o th e r c h a rg e o f a n y k in d w h a ts o e v e r (w h e th er in th e
fo rm o f a d d itio n a l ch a rg e o r licen se fe e o r o th e rw ise ) u p o n p r in tin g p a p e r,
w o o d p u lp , o r w o o d fo r uso in th o m a n u fa ctu re o f w o o d p u lp , th ere shall
be Im p o se d u p o n p rin tin g p a p e r, v a lu e s a b o v e 5 c e n ts p e r p o u n d , w h en
m p o r te d e ith e r d ir e ctly o r in d ire c tly fro m su ch c o u n t r y , d e p e n d e n c y ,
p r o v in c e , o r o th e r su b d iv is io n o f g o v e r n m e n t, an a d d itio n a l d u t y eq u a l t o
th e a m o u n t o f th e h igh est e x p o r t d u t y o r o th e r e x p o r t ch a rg e im p o s e d b y
su ch c o u n t r y , d e p e n d e n c y , p r o v in c e , o r o th e r su b d iv is io n o f g o v e r n m e n t,
u p o n eith er p rin tin g p a p e r o r u p o n an a m o u n t o f w o o d p u lp , o r w o o d fo r
uso m th e m a n u fa ctu re o f w o o d p u lp n ecessary t o m a n u fa ctu re su ch printin'*
p a p e r.
“ 567 . P rin tin g p a p e r (o th e r th an p a p e r c o m m e r c ia lly k n o w n a s h a n d ­
m a d e o r m a ch in e h a n d m a d e p a p e r, ja p a n p a p e r, an d im ita tio n ja p a n p a p er
b y w h a te v e r n a m e k n o w n ), u n sized , s ize d , o r g lu e d , su ita b le fo r th o p rin tin g
o f b o o k s a n d n e w sp a p e rs, b u t n o t fo r c o v e r s o r b in d in g s, n o t s p e cia lly
p r o v id e d fo r in this s e c tio n , v a lu e d a t n o t a b o v e 5 c e n ts p e r p o u n d , d e c a lc o m a n ia p a p e r n o t p r in t e d .”

T A R IF F

C O M M ISSIO N

CREATED

UNDER

WAR

REVENUE ACT.

The tariff commission created under the General Revenue
Act approved by President Wilson on tho 8th inst., is
charged with the duty of investigating the administrative
and fiscal and industrial effects of the customs laws of this
country. It is also called upon to inquire into the relations
botweon the rates of duty on raw materials and finished or
partly finished products, the effects of ad valorem and
specific duties, and of compound specific and ad valorem
duties, as well as all questions relative to the arrangement of
schedules and classification of articles in the several schedules
of customs laws, and in general to investigate the operation
of customs laws, including their relation to the Federal
rovenues, their effect upon the industries and labor of the
country, and to submit reports of its investigations. In
addition, tho commission is empowered to investigate the
tariff relations between the United States and foreign coun­
tries, commercial treaties, preferential provisions, economic
alliances, tho effect of export bounties and preferential trans­
portation rates, the volume of importations compared with
domestic production and consumption, and conditions, causes
and effects relating to competition of foreign industries with

those of the United States, including dumping and cost of
production. The commission is to bo composed of six
members, who are to be appointed by and with the advice
and consent of the Senate, not more than three to bo of the
same political party. Each commissioner is to receive a
salary of $7,500; a Secretary to be appointed by the commis­
sion is to receive a salary of $5,000. The sum of $300,000
for the year ending June 30 1917 is appropriated for the
purpose of defraying the expenses of the establishment and
maintenance of the commission, including salaries, and the
law also calls for a like appropriation yearly. The following
are the provisions in full relating to the Tariff Commission:
T I T L E V I I . — T A R I F F C O M M IS S I O N .

su ch in q u ir y is ca rried o n m a y , in caso o f c o n t u m a c y o r refu sal t o o b e y a
su b p o o n a issued t o a n y co r p o r a tio n o r o th e r p e rs o n , Issuo an o rd e r req u irin g
s u ch c o r p o r a tio n o r o th e r p erson t o a p p e a r b e fo r e th o c o m m is s io n , o r t o
p r o d u c e d o c u m e n ta r y ev ld o n co i f s o o r d e re d , o r t o g iv e o v id o n c o to u c h in g
th e m a tte r in q u e stio n ; and a n y fa ilu re t o o b o y s u ch o rd e r o f th o co u r t
m a y b o pu n ish e d b y s u ch c o u r t as a c o n te m p t th e re o f.
U p o n th e a p p lic a tio n o f th o A tt o r n e y G en eral o f th o U n ite d S tates,
a t th o request o f th e c o m m issio n , a n y su ch c o u r t shall h a vo ju r is d ic tio n t o
Issuo w rits o f m an d a m a u s co m m a n d in g co m p lia n c e w ith th o p ro v is io n s o f
th is tltlo o r a n y o rd e r o f th e co m m issio n m a d o In p u rsu a n ce th e re o f.
T h o co m m issio n m a y o rd e r te s tim o n y t o bo taken b y d e p o s itio n in a n y
p ro ce e d in g o r in v e s tig a tio n p e n d in g u n d e r th is title at a n y stage o f such
p ro ce e d in g o r in v e s tig a tio n . Su ch de p o sitio n s m a y bo ta k e n b o fo r o a n y
p erson design ated b y th e co m m issio n an d h a v in g p o w e r t o a d m in ister o a th s.
S u ch te s tim o n y shall b o red u ced t o w ritin g b y th o person ta k in g th o d e p o s i­
tio n , o r u nd er Ills d ir e ctio n , an d shall th en b e s u b s c ilb c d b y th o d e p o n e n t.
A n y p e rso n , fir m , co p a rtn e sh ip , c o r p o r a tio n , o r a sso cia tio n , m a y be c o m ­
p elled t o a p p o a r and d ep ose an d t o p r o d u c e d o c u m e n ta r y e v id e n ce in th o
sam e m an n er as w itnesses m a y be c o m p e lle d t o a p p e a r a n d te s tify a n d p r o ­
d u c e d o c u m e n ta r y e v id e n c e b e fo re th o co m m is s io n , as h e re in b e fo re p r o ­

S ec. 7 0 0 . T h a t a c o m m is s io n is h e r e b y c re a te d a n d e s ta b lis h e d , t o lie
k n o w n as th e U n ite d S ta tes T a r if f C o m m is s io n (h e re in a fte r in th is title
referred t o as th e c o m m is s io n ), w h ic h shall b e c o m p o s e d o f six m e m b e rs,
v id e d .
w h o sh all b o a p p o in te d b y th e F r c s id e n t, b y a n d w ith t h e a d v ic e a n d c o n ­
W itnesses N o t T o Be Excused on the Ground that They M a y In crim in a te
sen t o f th e S en a te, n o t m o r e th a n th re e o f w h o m shall b e m e m b e rs o f th e
Them selves.
sa m e p o litic a l p a r t y . In m a k in g said a p p o in tm e n ts m e m b e rs o f d iffe re n t
AVltnosses su m m o n e d b e fo ro th o c o m m is s io n shall b e p a id th o sam e fees
p o litic a l p a rties shall a ltern a te as n e a rly as m a y b o p r a c tic a b le . T h e first
an d m lle a g o th a t aro p a id w itnesses in th o co u rts o f th o U n ited S tates, and
m em b e rs a p p o in te d shall c o n tln u o in o f fic o fo r te rm s o f t w o , fo u r , six,
w itn esses w h o so d e p o s itio n s are ta k e n a n d th o persons ta k in g th o sam o,
e ig h t, te n , a n d tw e lv e y e a r s , r e s p e c tiv e ly , fro m th e d a te o f th e passage
e x c e p t e m p lo y e e s o f th e c o m m is s io n , sh all s e v e ra lly be en title d t o th o sam e
o f th is A c t , t h e term o f o a ch t o b e d e sig n a te d b y t h e P re s id e n t, b u t th eir
fees a n d m ilea ge as aro p a id fo r lik e s ervices in th o c o u rts o f th o U n ite d
s u ccessors shall b e a p p o in te d fo r te rm s o f tw elve y e a r s , e x c e p t th a t a n y
S tates; Provided, T h a t n o p e rso n shall b o e x cu se d , o n th e g ro u n d th a t it
p orson ch osen t o fill a v a c a n c y shall b o a p p o in te d o n ly fo r th e u n e x
m a y te n d t o Incrim in ate h im o r s u b je c t h im t o a p e n a lty o r fo rfe itu re , fro m
p ir e d term o f th e m e m b e r w h o m h e shall s u cce e d . T h e P re sid e n t shall
a tte n d in g a n d te s tify in g , o r p r o d u c in g b o o k s , p ap ers, d o c u m e n ts , an d o th o r
d esig n a te a n n u a lly th e ch a irm a n an d v ic e ch a irm a n o f th e co m m is s io n . N o
e v id e n c e , in o b e d ie n c e t o th o s u b p o o n a o f th o com m issio n ; b u t n o n a tu r a l
m e m b e r shall en ga g e a c t iv e ly in a n y o th e r b u sin ess, fu n c t io n , o r e m p lo y ­
p erson shall b e p r o s e c u te d o r s u b je c te d t o a n y p o n a lty o r fo rfe itu re fo r o r
m e n t. A n y m e m b e r m a y b e r e m o v e d b y th e P resid en t fo r in e ffic ie n c y ,
o n a c c o u n t o f a n y tra n s a ctio n , m a tte r, o r th in g as t o w h ic h , in o b e d le n c o t o a
n e g le c t o f d u t y , o r m a lfea sa n ce in o f fic e . A v a c a n c y shall n o t im p a ir th e
s u b p o e n a a n d u n d er o a th , h o m a y so t e s tify o r p r o d u c o e v ld o n co , e x ce p t
rig h t o f th e rem ain in g m em b ers t o exercise all th e p o w e r s o f th e c o m m is s io n ,
th a t n o person shall b o e x e m p t fro m p ro s e cu tio n a n d pu n ish m e n t fo r p e r ­
b u t n o v a c a n c y shall e x te n d b e y o n d a n y session o f C o n g re ss.
ju r y co m m itte d in s o te s tify in g .
S e c . 701 . T h a t ea ch c o m m is s io n e r shall re ce iv o a sa la ry o f $ 7 ,5 0 0 p er
S ec. 707 . T h a t th o said c o m m is s io n shall in a p p ro p r ia te m atters a c t In
y e a r , p a y a b le m o n t h ly . T h e c o m m issio n shall a p p o in t a s e c r e ta ry , w h o
co n ju n c tio n an d co o p e ra tio n w ith th o T re a su ry D e p a rtm e n t th o D e p a rtm e n t
shall re ce iv e a sa la ry o f $ 5 ,0 0 0 p e r y e a r , p a y a b le in like m a n n e r, a n d it shall
o f C o m m e r c e , th e F ed eral T r a d e C o m m is s io n , o r a n y o th e r d e p a rtm e n ts,
h a v e a u th o r ity t o e m p lo y an d fix th e co m p e n s a tio n s o f s u ch s p e cia l exp erts,
o r in d e p e n d e n t e stablish m en ts o f th o G o v e rn m e n t, a n d su ch d e p a rtm e n ts
exam in ers, c lerk s , a n d o th e r e m p lo y e e s as th e c o m m issio n m a y fr o m th n o
a n d in d e p e n d e n t e sta blish m en ts o f th o G o v e rn m e n t shall c o o p e r a to fu lly
t o tim e fin d n ecessa ry fo r th o p r o p e r p e r fo rm a n ce o f its d u tie s.
w ith th e c o m m issio n fo r th e p u rp oses o f aid in g an d assisting in its w o rk , a n d ,
AVith th e e x c e p tio n o f th o s e c r e ta ry , a cle r k t o ea ch co m m is s io n e r , an d
w hen d ir e cte d b y th o P re s id e n t, shall fu rn is h t o th o co m m is s io n , o n Its
s u ch s p ecia l ex p erts a s th e c om m is s io n m a y f r o m tim o t o tim e fin d necessary
req u est, all r e co rd s , p ap ers, and In fo rm a tio n in th eir possession rela tin g to
fo r th e c o n d u c t o f its w o rk , all e m p lo y e e s o f th o co m m is s io n shall b o a p ­
a n y o f th e s u b je c ts o f in v e s tig a tio n b y sa id c o m m is s io n an d shall d e ta il,
p o in te d f ro m lists o f eligib les t o b e s u p p lie d b y th o C iv il S e rv ice C o m m issio n
fro m tim o t o tim e , s u ch o ffic ia ls an d e m p lo y e e s t o sa id co m m issio n as he
a n d in a c c o r d a n c e w ith th o civ il-s e r v ic e la w .
m a y d ire ct.
A ll o f th e expen ses o f th o co m m is s io n , in clu d in g all n ecessary expenses
Trade Secrets or P rocesses N o t to Be D isclosed.
fo r tr a n s p o r ta tio n in cu rred b y th o co m m issio n e rs o r b y th eir e m p lo y e e s
S e c. 708 . I t shall b o u n la w fu l fo r a n y m e m b e r o f th o U n ite d S tates
u n d er th e ir o rd ers in m a k in g a n y in v e s tig a tio n or u p o n o ffic ia l b u sin ess in
T a r i f f C o m m is s io n , o r fo r a n y c m p lo y c o , a g e n t, o r clerk o f said co m m is s io n ,
a n y o th e r p la ces th an a t th eir re s p e c tiv e h e a d q u a rte rs, shall b o a llo w e d an d
o r a n y o th e r o ffic e r o r e m p lo y e o o f th e U n ite d S tates, t o d iv u lg e , o r t o
p a id o n t h o p res en ta tion o f ite m iz e d v o u c h e r s th e r e fo r a p p ro v e d b y th o
m a k o k n o w n in a n y m an n or w h a te v e r n o t p r o v id e d fo r b y la w , t o a n y
co m m is s io n .
p erson , th o tra d e secrets o r processes o f a n y p e rso n , f ir m , co p a r tn e r s h ip ,
U nless oth erw ise p r o v id e d b y la w , th o co m m is s io n m a y re n t su ita b le
c o r p o r a tio n , o r a sso cia tio n e m b ra ce d in a n y e x a m in a tio n o r in v e stig a tio n
o ffic e s fo r its use, a n d p u rch a se su ch fu rn itu re , e q u ip m e n t, a n d su p p lies
c o n d u c te d b y said co m m is s io n , o r b y o r d e r o f sa id co m m is s io n , o r b y order
a s m a y b o n ecessa ry .
_
o f a n y m e m b e r th e r e o f. A n y o fto n se a gain st th o p r o v is io n s ot this s ection
T h o p rin cip a l o ffic e o f th e c o m m is s io n shall b o In th e c it y o f W a s h in g to n ,
shall bo a m isd em ea n or a n d be p u n ish e d b y a fin e n o t exce e d in g $ 1 ,0 0 0 . or
b u t it m a y m eet a n d exerciso all its p o w e rs at a n y o th e r p la c e . T h o c o m ­
b y im p riso n m e n t n o t e x ce e d in g o n o y e a r , o r b o t h , in th o d is cre tio n o f tho
m ission m a y , b y o n e o r m o r e o f its m e m b e rs , o r b y s u ch a gen ts as it m a y
c o u r t, a n d su c h o ffe n d e r shall also b o d ism issed fro m o f lle o o r disch arged
d e s ig n a te , p r o s e c u te a n y in q u ir y n ece ssa ry t o its d u tie s in a n y p a rt o f th o
fro m e m p lo y m e n t. T h e c o m m is s io n shall h a v o p o w e r t o in v e s tig a te th o
U n ite d S tates o r in a n y foreig n c o u n tr y .
P a ris e c o n o m y p a c t a n d sim ila r orga n iza tio n s a n d arrangem ents In E u ro p e .
S ec. 70 2 . T h a t it sh all b e th o d u t y o f said c o m m is s io n t o in v e s tig a te
S ec. 709. T h a t there is h e re b y a p p ro p ria te d , fo r tho p u r p o s e o f d e fr a y in g
th e a d m in istra tion an d fis c a l a n d in du stria l e ffe c ts o f th e c u s to m law s o f
th e expen se o f th o establish m en t an d m ain ten an ce or th e c o m m is s io n ,
th is c o u n t r y n o w in fo r c e o r w h ich m a y b o hereafter e n a c te d , th e re la tion s
in clu d in g tho p a y m e n t o f salaries herein a u th o riz e d , o u t o f a n y m o n e y in
b e tw e e n th o rates o f d u t y o n raw m a te ria ls an d fin ish e d o r p a r tly fin ish e d
th e T re a su ry o f th o U n ited S tates n o t o th e rw ise a p p ro p r ia te d , th o sum
p r o d u c t s , th o e ffe c ts o f a d v a lo r e m a n d s p e c ific d u tie s a n d o f c o m p o u n d
o f $30 0,00 0 fo r th o fisca l ye a r e n d in g Ju n o th irtie th , nin eteen h u n d re d an d
s p e c ific a n d a d v a lorem d u ties, all q u e s tio n s re la tiv e t o th o a rra n ge m e n t o f
se v e n te e n , an d fo r each fis ca l y e a r th ereafter a lik e su m is a u th o r iz e d t o
sch ed u les a n d c la ssifica tion s o f a rticles in th o several sch ed u les o f th o cu s to m s
_________
__
b o a p p ro p ria te d .
la w , a n d , in gen era l, t o In vestig ate th o o p e ra tio n o f cu s to m s la w s, in clu d in g
th eir r ela tion t o th o F ed era l r e v e n u e s, th eir e ffe c t u p o n tlio in du stries an d
la b o r o f th o c o u n t r y , a n d t o s u b m it re p o rts o f its in v e s tig a tio n s as h ereafter
U N F A IR C O M P E T IT IO N PR O V ISIO N A N D R E P R ISA L
p r o v id e d .
M E A S U R E S I N R E V E N U E B IL L .
S e c . 703 . T h a t th o com m issio n shall p u t a t th o disp o sa l o f th o P re sid e n t
o f th o U n ited S ta tes, th o C o m m itte e o n AVays an d M e a n s o f th o H o u s e o f
The neAvly enacted Rovenue Bill also carries legislation
R ep re s e n ta tiv e s , an d th o C o m m itte e o n F in a n ce o f th o S on a to, w h on over
designed to prevent unfair competition from foreign business
req u ested , all In form a tion a t Its c o m m a n d , an d sh a ll m a k o su ch In vestig a­
tio n s a n d rep orts as m a y bo req u ested b y th o P residen t o r b y eith er o f said
interests, and likewise provisions, tacked on to the bill in
co m m itte e s o r b y eith er b ra n ch o f th o C o n g re ss, an d shall re p o rt t o C on gress
tho last hours of Congress, authorizing tho President of
o n th e firs t M o n d a y o f D e ce m b e r o f e a ch y o a r h e re a fte r a s ta te m e n t o f th o
tho United States to adopt reprisal and retaliatory measures
m eth od s a d o p te d a n d all exponses in cu rre d , and a s u m m a r y o f all reports
against belligerent PoAvers discriminating against Americans.
m a d o d u rin g th o y ea r.
S ec. 704 . T h a t th o com m issio n shall h a v e p o w e r t o In vestig ate th e tarltt
As heretofore indicated, these measures aro directed against
rela tion s betw een th o U n ito d S tates a n d fo ro lg n c o u n trie s , co m m e rcia l
tho blacklist policy of Great Britain and Franco. The law
treaties, p referen tial p r o v is io n s , e c o n o m ic allia n ce s, th e e ffe c t o f ex p o rt
b o u n tie s an d p referen tial tr a n s p o r ta tio n ra te s , th o v o lu m o o f Im p o rta tio n s empoAvers tho President to refuso clearance papors to any
c o m p a r e d w ith d o m e s tic p r o d u c tio n an d c o n s u m p tio n , a n d c o n d itio n s ,
belligerent merchantman, Avhon he is satisfied that such
c a u ses, an d effe c ts rela tin g t o c o m p e titio n o f foreign in du stries w ith those
vessel is giving undue or unreasonable preference or advan­
o f th o U n ite d S tates, in c lu d in g d u m p in g an d c o s t o f p r o d u c tio n .
S e c . 705 . T h a t u p on th o org a n iz a tio n o f th o co m m is s io n , th o C o s t o f P r o ­
tage to any particular person, company, firm or corporation,
d u c t io n D iv is io n in th o B u rea u o f F o re ig n an d D o m o s tic C o m m o r c e in th o
or is subjecting any company, firm or corporation to undue
D e p a rtm e n t o f C o m m e r c e sh all b e tran sferred t o sa id co m m is s io n , an d th e
or unreasonable prejudice, disadvantage, injury or dis­
clerk s a n d e m p loy ees o f sa id d iv is io n sh all b o tra n sferred t o a n d b e c o m e
clerks an d em p loyees o f th o c om m issio n , an d all rocord s, p a p e rs ,'a n d p ro p e rty
crimination.
.
o f th e s a id d iv isio n a n d o f th o fo rm e r t a r iff b o a r d shall b o transferred t o and
One of the provisions, also, has for its object the adoption
b e c o m o th o re c o rd s , p a p ers , a n d p r o p e r t y o f th o c o m m issio n .
of retaliatory measures against Great Britain for its embargo
T o H ave A ccess to Records and Au th oritu to Sum m on W itn esses.
against tho importation of American tobacco. It provides
S ec. 7 06 . T h a t fo r th e pu rposes o f ca rry in g this tltlo in t o e ffe c t th e c o m ­
m ission o r its d u ly a u th orized a g e n t o r agen ts shall h a v e access t o a n d tho
that Avhenever during the existence of Avar any country,
rig h t t o c o p y a n y d o c u m e n t, p a p e r, o r r e c o rd , p ertin e n t to th e s u b je c t m atter
colony, or dependency shall prevent tho importation of
u n d er in v e s tig a tio n , in th e possession o f a n y pe rso n , f ir m , c o p a rtn e rsh ip ,
any article tho product of tho United States, tho I lesident
c o r p o r a tio n , o r associa tion en gag ed In th e p r o d u c tio n , im p o rta tio n , o r
d is trib u tio n o f a n y a rticle u n d er In v e stig a tio n , an d shall h a v o p o w e r t o
shall have power to prohibit during tho period such pro­
s u m m on w itn esses, ta k e te s tim o n y , a d m in iste r o a th s , an d t o req u ire an y
hibition is in force the importation into tho United States
p erson , f ir m , c op a rtn ersh ip , c o r p o r a tio n , o r a sso cia tio n t o p r o d u c e b o o k s
o r p a p ers rela tin g t o a n y m a tte r p e rta in in g t o s u ch in v e s tig a tio n . A n y
of similar or other articles, products of such country, colony,
m e m b e r o f th o co m m is s io n m a y sign s u b p o e n a s, a n d m o m b e r s a n d agents o f
or dependency.
.
th e c om m ission , w h on a u th orize d b y th o co m m is s io n , m a y a d m in ister o a th s
The unfair trade provisions of the Act mako it unlawful
a n d a ffirm a tio n s, exam in e w itnesses, tak e te s tim o n y , an d r e ce iv o e v id e n ce .
S u ch a tten d a n ce o f w itnesses a n d th o p r o d u c tio n o f s u ch d o c u m e n ta r y
for any person importing articles from a foreign country to
e v id e n c e m a y b o requ irod fro m a n y p la c o in th o U n ito d S tates a t a n y d esig­
the United States to sell tho samo in this country “ commonly
n a te d p la c e o f h earin g. A n d In ca so o f d ls o b e d io n co t o a s u b p o e n a th e
and systematically” at a prico substantially less than tho
c om m is s ion m a y In v ok e th o a id o f a n y d is tric t c o u r t o f th o U n ito d S tates
in req u irin g th o a tten d a n ce an d te s tim o n y o f w itnesses a n d th o p r o d u c tio n
actual market value or wholesale price at tho timo of exportao f d o c u m e n ta r y o v ld o n ce , a n d s u ch c o u r t w ith in th o ju r is d ic tio n o f w h ich




tio n in th e p rin c ip a l m a rk e ts o f th e c o u n tr y o f th e ir orig in ,
a fte r a d d in g to su ch m a r k e t v a lu e , or w h o lesa le p ric e , fr e ig h t,
d u ty a n d o th e r c h a rg e s.

B e lo w w o g iv o in th e ir e n tir o ty

th e u n fa ir c o m p e titio n a n d r e ta lia to r y p ro v isio n s o f th e b ill:
T IT L E V I I I — UNFAIR COMPETITION.
See. 800. That when used in this title the term “ person” includes partner­
ships, corporations, and associations.
Sec. 801. That it shall bo unlawful for any person im porting or assisting
in importing any articles from any foreign country into tho United States,
com m only and system atically to Import, sell, or cause to bo Im ported or
sold such articles within tho United States at a prlco substantially loss than
tho actual market value or wholesale prlco o f such articles, at tho tim e of
exportation to tho United States, in the principal markets o f tho country
o f tlielr production, or o f other foreign countries to which thoy aro com m only
exported, after adding to such market value or wholesale prleo, freight,
du ty, and other charges and expenses necessarily Incident to tho Im porta­
tion and salo thereof in tho United States: P rov id ed , That such act or acts
bo done with the Intent o f destroying or injuring an industry In tho United
States, or of proventing tho establishment o f an Industry in tho United
States, or o f restraining or m onopolizing any part ol trado and com m erce
in such articles in the United States.
A ny person who violates or combines or conspires with any other person
to vlolato this section is guilty o f a misdemeanor, and, on con viction thereof
shall bo punished b y fine not excoedlng 35,000, or im prisonm ent not ex­
ceeding ono year, or both, in tho discretion o f tho court.
A ny person Injured in his business or property b y reason o f any violation
o f, or com bination or conspiracy to violate, this section, m ay suo therefor
in tho district court o f tho United States for tho district in which the dofondant resides or Is found or has an agent, without respect to tho amount
in controversy, and shall recover threefold tho damages sustained, and tho
cost o f tho suit, Including a reasonable attorney’s feo.
Tho foregoing provisions shall not bo construed to deprive tho proper
Stato courts o f jurisdiction in actions for damages thereunder.
Sec. 802. That it any artlclo produced In a foreign country is imported
in to tho United States under any agreement, understanding, or condition
that tho importer thereof or any other person in tho United States shall
not use, purchaso, or deal in, or shall bo restricted In his using, purchasing,
or dealing In, the articles o f any other person, thero shall be levied , collected;
and paid thereon, in addition to tho duty othcnvlso imposed by law, a
special duty equal to doublo tho amount o f such duty: P ro v id ed , That tho
above shall not bo interpreted to provent tho establishing in this country
on tho part of a foreign producer o f an cxcluslvo agency for tho salo in tho
Unltod States o f tho products o f said foreign producer or merchant, nor to
prevent such oxcluslve agent from agreeing not to use, purchaso, or deal
in tho artlclo o f any other person, but this proviso shall not bo construed
to oxompt from tho provisions o f this section any article im ported by such
oxcluslvo agent If such agent is required b y tho foreign producer or If it
is agreed botween such agent and such foreign producer that any agreement,
understanding, or condition set out In tills section shall bo im posed by
such agent'upon tho salo or other disposition o f such articlo to any person
in tho Unltod States.
Sec. 803. T hat tho Socrotary o f tho Treasury shall m ake such rules and
regulations as are necessary for the carrying out o f tho provisions o f section
eight hundred and tw o.
R e p r is a l M e a s u r e s — P r e s id e n t M a y M e e t D is c r im i n a t io n
w ith D i s c r im i n a t io n .

Sec. 804. That whenover any cou ntry, dependency, or colony shall
prohibit tho im portation o f any articlo tho product o f tho soil or industry
o f tho United States and not injurious to health or m orals, tho President
shall have power to prohibit, during tho period such prohibition is in force,
tho im portation into tho United States o f similar articles, or in case tho
Unltod States does not import similar articles from that cou ntry, then other
articles, tho products o f such cou ntry, dependency. or colony.
A nd tho Secretary o f the Treasury, with tho approval o f tho President,
shall mako such rules and regulations as aro necessary for tho execution o f
tho provisions o f this section.
Sec. 805. That whenever during tho existence o f a war in which tho
United States is not engaged tho President shall bo satisfied that there is
reasonable ground to believe that under the laws, regulations, or practices
o f any country, colony, or dependency contrary to tho law and practice o f
nations, the im portation into their own or a n y o th e r cou ntry, dependency
or colony o f any articlo the product o f tho soil or industry o f the United
States and not injurious to health or morals is prevented or restricted
tho President is authorized and em powered to prohibit or restrict during
tho poriod such prohibition or restriction is in force, tho im portation into
tho United States o f similar or other articles, products o f such country
dependency, or colony as in his opinion tho public interest m ay require;
and in such caso ho shall m ako proclam ation stating tho articlo or articles
which arc prohibited from Im portation into tho United States; and any
person or persons who shall im port, or attem pt or conspire to im port, or
bo concerned in im porting, such artlclo or articles into tho United States
contrary to the prohibition in such proclam ation, shall bo liable to a fine
o f not less than $2,000 nor m ore than $50,000, or to imprisonm ent not to
exceed tw o years, or both , in tho discretion o f tho court. The I’ rosident
m ay change, m odify, rovokc, or renew such proclam ation in his discretion.
P r e s id e n t E m p o w e r e d to R eta lia te A g a in s t B e llig e r e n t B la ck L i s t s .

Sec. 800. T hat whenever, during tho existence o f a war in which tho
United States Is not engaged, the President shall bo satisfied that thoro is
reasonable ground to beliovo that any vessel, American or foreign, is, on
account o f tho laws, regulations, or practices o f a belligerent G overnm ent,
making or giving any unduo or unreasonable preference or advantage in
any respect whatsoever to any particular person, com pany, firm , or corpora­
tion, or any particular description o f traffic in tho United States or its
possessions or to any citizens o f tho United States residing in neutral coun­
tries abroad, or is subjecting any particular person, com pany, firm , or
corporation or any particular description o f traffic in tho United States or
its possessions, or any citizens o f tho United States residing in neutral
countries abroad to any undue or unreasonable projudico, disadvantage,
in ju ry, or discrimination in regard to accepting, receiving, transporting, or
delivering, or refusing to accopt, recoivo, transfer, or deliver any cargo,
freight or passengers, or in any other respect whatsoever, ho his hereby
authorized and empowered to direct tho detention o f such vessels b y with­
holding clearance or b y formal notico forbidding departure, and to revoke,
m odify, or renow any such direction.
T hat whenover, during tho existence o f aw arinw lU ch tho United States
is not engaged, the President shall bo satisfied that there is reasonable
ground to believe that under tho laws, regulations or practices o f any
belligerent country or G overnm ent, American ships or American citizens
aro not accorded any o f the facilities o f com m erce which tho vessels or citizens
o f that belligerent country enjoy in tho United States or its possessions,
or arc not accorded b y such belligerent equal privileges or facilities o f trade




with vessels or citizens o f any nationality other than that o f such belligerent,
tho President is hereby authorized and em powered to withhold clearance
from ono or m ore vessels o f such belligerent country until such belligerent
shall restore to such Am erican vessels and Am erican citizens reciprocal
liberty o f com m erco and equal facilities o f trado; or tho President m ay
direct that similar privileges and facilities, if any, enjoyed b y vessels or
citizens o f such belligerent in the U nited States or its possessions be refused
to vessels or citizens o f such belligerent; and in such case he shall m ake
proclam ation o f his direction, stating tho facilities and privileges which shall
be refused, and the belligerent to whose vessels or citizens they are to be
refused, and thereafter tho furnishing o f such prohibited privileges and
facilities to any vessel or citizen o f the belligerent named in such proclam a­
tion shall be unlawful; and he m ay change, m od ify , revoke, or renew such
proclam ation; and any person or persons who shall furnish or attem pt or
conspire to furnish or be concerned in furnishing or in the concealm ent o f
furnishing facilities or privileges to ships or persons contrary to the pro­
hibition in such proclam ation shall bo liable to a fine o f not loss than $2,000
nor m ore than 350,000 or to imprisonm ent not to exceed tw o years, or both ,
in tho discretion o f the court.
In case any vessel which is detained b y virtue o f this A ct shall depart
or attem pt to depart from the jurisdiction o f tho United States without
clearance or other lawful au th ority, tho owner or m aster or person or persons
having charge or com m and o f such vessel shall be severally liable to a fine
o f not less than 32,000 nor m oro than 310,000, or to imprisonment not to
exceed tw o years, or both , and in addition such vessel shall be forfeited to
the United States.
P r e s id e n t M a y E m p l o y F o r c e .

That tho President o f the U nited States is hereby authorized and em ­
powered to em ploy such part o f the land or naval forces o f tho United States
as shall be necessary to carry out the purposes o f this A ct.

TE XT OF COTTON FUTURES ACT A N D
W IT H 1 9 1 4 ACT.
Wo

g iv e

b e lo w

F u tu r e s A c t .

As

th e

te x t o f

in d ic a te d

th e

n e w ly

COMPARISON
e n a c te d

C o tto n

in o u r issu e o f S e p te m b e r 2 ,

th o A c t fo r m s p a r t o f th o b ill w h ic h m a k e s a p p ro p r ia tio n s
fo r th e A g r ic u ltu r a l D e p a r tm e n t fo r th e e n su in g y e a r , a n d
is k n o w n as p a r t A

o f th e A p p r o p r ia tio n B ill.

w a s sig n e d b y P r e s id e n t W i ls o n o n A u g . 1 1 .

T h e la tte r

T h e e sse n tia l

ch a n g e s b e tw e e n th e C o t t o n F u tu r e s A c t o f A u g . 1 8 1 9 1 4
a n d th e n e w ly e n a c te d m e a s u r e aro o u tlin e d in a s ta te m e n t
issu e d th is w e e k b y th e D e p a r t m e n t o f A g r ic u ltu r e s e ttin g
o u t in fo r m a tio n ta k e n f r o m

“ S e r v ic e a n d R e g u la t o r y A n ­

n o u n c e m e n ts N o . 1 0 ” o f th e D e p a r t m e n t ’ s o ffic e o f M a r k e t s
a n d R u r a l O r g a n iz a tio n .
W o q u o te th o s ta te m e n t b e lo w :
T he A ct making appropriations for tho Departm ent o f Agriculture for
the fiscal year ending June 30 1917 and for other purposes, approved A ug. 11
1910 (Public N o . 190), Contains a re-cnactm ent, effective Sept. 1 1910 o f
the United States C otton Futures A ct o f A ug. 18 1914, w ith a few changes*
tho m oro im portant o f which are, substantially, as follows:
In the seventh subdivision o f Soction 5 authority is conferred upon tho
Secretary o f Agriculture, in case o f disputes referred t o him , to include in
his findings a com plete classification o f tho cotton for tho purposes o f
delivery on future contracts. Under tho A ct o f A ug. IS 1914 his findings
were confined to the specific question o f grade, quality or length o f staple in
dispute. For example, if tho dispute involved grade only and tho cotton
was found to bo less than soven-eighths o f an inch in length o f staple tno
Secretary had no authority to include in Ids findings a statement as to
the length o f staple.
A new section, known as Section GA, is inserted, which provides an
optional contract under which parties m ay, without being subject to tax,
agree that, under certain specified conditions, tho buyer m ay demand
delivery o f the basis grade named in the contract.
Section 11 o f tho A ct o f 1914, which taxes orders sent abroad for the
making o f future contracts made on foreign cotton exchanges unless certain
conditions are com plied with, is om itted in tho new law.
Section 13 confers certain additional authority on tho Secretary o f the
Treasury in connection with the perform ance o f the duties imposed upon
him .
W hile tho date on which tho A ct becom es fully effective is Sept. 1 1916
Section 21 provides that, so far as concerns any transaction entered into
prior to Sept. 1 1916, tho old law shall remain in force with the same effect
as if the new A ct had not been passed.
C h a n g e s M a d e i n th e R u les a n d R eg u la tio n s o f th e S e creta ry o f A g r i c u l t u r e .

On A ug. 12 1916 tho Secretary o f Agriculture adopted, for the purposes
o f the new law, and published in Circular N o . 64, tho rules and regulations
in force under the A ct o f 1914, with but few m odifications.
In accordance with tho authority granted to make a com plete classifica­
tion o f cotton involved in disputes referred to the Secretary o f Agriculture,
the necessary changes were mado in Regulation 2, Sections 3, 5, 6 and 31.
These relate to the statements which must bo mado in papers filed in
disputes, and the amounts which m ay bo required as advance deposits and
assessed as costs. In Section 17 th ere is included a requirement that each
sample shall represent accurately tho cotton in tho bale, shall not have
been previously handled for purposes o f classification, and shall weigh
not less than four ounces.
A now section, 32, is inserted in Regulation 2, to the effect that disputes
as to the classification o f cotton tendered under Section 6A contracts
shall be referred and determined in accordance with, and shall be subject
to, tho rules and regulations prescribed for disputes arising under Section 5
contracts.
In Regulation 3. Section 1, A tlanta, G a .,is added to the list o f markets
designated as bona fide spot markets within the meaning o f tho A ct. N o
change, how ever, is made in tho list o f markets designated for the purpose
o f determining commercial differences in tho settlement o f Section 5
contracts.
In Regulation 5, Soction 2, a com plete schedule o f costs o f copies o f
practical form s o f the official standards and for replacements thereof is set
out.
Other changes made in the regulations are merely incidental or relatively
unimportant.
I*» In disputes referred to the Secretary o f Agriculture after Sept. 1 1916, it
will bo necessary for the parties to distinguish between those arising under
contracts made prior to Sept. 1 1916, and contracts m ade on or after that
dato. Disputes arising under contracts made subject to Section 5 o f the
A ct o f 1914 m ay be referred and determined only in accordance with the
rules and regulations in forco under that A ct, while those arising under
contracts made subject to Soction 5 or Section 6A o f the new law will be
subject to the rules and regulations issued under tho A ct o f A ug. 1 1 1 9 1 6 .

In determining disputes which m ay bo referred to tho Secrotary o f A gri­
culture under tho new law, tho definitions o f various terms, mentioned in
tho fifth subdivision o f Section 5, which were published in “ Sorvico and
Regulatory Announcem ent N o. 2 ," issued Feb. 13 1915, will bo used.
T lio te x t o f th o n e w C o t t o n F u tu r e s A c t is as fo llo w s :
P a rt A .

T hat this Part, to bo known as tho United States C otton Futures A ct,
be, and hereby is, enacted to read and bo effective hereafter as follows:
“ That tnis A ct snail bo known b y tho short title o f tne ‘United States
C otton Futures A c t .’
t
“ Sec. 2. T h a t, for tho purposes o f this A ct, the term ‘contract o f salo'
shall bo held to inciudo sales, agreements o f sole, and agreements to sell.
T h a t tho word ‘person,’ wherever used in this A ct, shall be construed to
m port tho plural or singular, as tho case demands, and shall inciudo in­
dividuals, associations, partnerships, and corporations. W hen construing
and enforcing tho provisions o f this A ct, the act, om ission, or failure o f any
official, agent, or other person acting for or em ployed b y any association,
partnership, or corporation within tho scope o f his em ploym ent or o ffico
shall, in every case, also bo deem ed the act, om ission, or failuro o f such
association, partnership, or corporation as well as that o f the person.
‘ ‘ Sec. 3. That upon each contract o f salo o f any cotton for future delivery
m ade at, on, or in any exchange, board o f trado. or similar institution or
placo o f business, thero is hereby levied a tax in the nature o f an excise o f
2 cents for each pound o f the cotton involved in any such contract.
“ Sec. 4. That each contract o f salo o f cotton for future delivery men­
tioned in Section 3 o f this A ct shall be in writing plainly stating, or evidenced
b y written m emorandum show ing, the terms o f such contract, including tho
qu a n tity o f tho cotton involved and the names and addresses o f the seller
and buyer in such con tract, and shall be signed b y tho party to bo charged,
or b y his agent in his behalf. I f tho contract or memorandum specify In
bales tho quantity o f tho cotton involved, without giving the weight, each
bale shall, for the purposes o f this A ct, bo deemed to woigh five hundred
pounds.
"S e c. 5. T hat no tax shall bo levied under this A ct on any contract o f
salo mentioned in Section 3 hereof if tho contract com p ly w ith each o f tho
follow ing conditions:
“ First. C onform to tho requirements o f Section 4 o f, and the rules and
regulations m ade pursuant to, this A ct.
"S econ d . Specify the basis grade for tho cotton involved in tho contract,
which shall be ono o f the grades for which standards are established by tho
Secretary o f Agriculture, except grades prohibited from being delivered on
a contract m ade under this Section b y tiie fifth subdivision o f this Section,
tho price per pound at which tho cotton o f such basis grade is contracted
to be bought or sold, tho date when the purchase or sale was m ade, and tho
m onth or m onths in which tho contract is to bo fulfilled or settled: P r o v id e d ,
T h a t m iddling shall be deem ed the basis grade incorporated into the con­
tract if no other basis grade be specified either In tho contract or in tho
m emorandum evidencing tho same.
“ T hird. P rovido that the cotton dealt with therein or delivered there­
under shall be o f or within tho grades for which standards aro established
b y tho Secretary o f Agriculture except grades prohibited from being de­
livered on a contract m ado under this Section b y tho fifth subdivision o f
this Section and no other grado or grades.
“ Fourth. P rovide that in case cotton o f grado other than the basis grado
bo tendered or delivered in settlement o f such contract, tho diiferences
above or below tho contract price which the receiver shall pay for such
grades other than tho basis grade shall be the actual com m ercial differences,
determined as hereinafter provided.
“ Fifth. P rovido that cotton that, because o f the presence o f extraneous
m atter o f any character or irregularities or defects, is reduced in value
below that o f G ood Ordinary, or cotton that is below tho grado o f Good
Ordinary, or, if tinged, cotton that is below tho grado o f Low M iddling, o r ,
if stained, cotton that is below tho grado o f M iddling, tho grades mentioned
being o f the official cotton standards o f tho United States, or cotton that
Is less than seven-eights o f an inch in length o f staple, or cotton ol perished
staplo or o f im m ature staple, or cotton that is ‘gin cu t’ or reginned, or
cotton that is ‘repacked’ or ‘false packed’ or ‘m ixed packed’ or ‘water
p a ck ed ,’ shall not bo delivered on, under, or In settlement o f such contract.
“ Sixth. P rovide that all tenders o f cotton under such contract shall bo
tho full number o f bales involved therein, except that sucli variations o f
the number o f bales m ay be perm itted as is necessary to bring tlio total
weight o f tho cotton tendered within tho provisions o f tho contract as to
weight: that, on tho fifth business day prior to delivery, tho person making
tho tender shall give to the person receiving the same written notice o f the
date o f delivery, and that, on or prior to tho dato so fixed for delivery, and
in advance o f final settlement o f the contract, tho person making the tender
shall furnish to tho person receiving the same a written notico or certificate
stating the grade o f each Individual bale to bo delivered and, b y means o f
marks or numbers, identifying each bale with its grade.
"Seventh. Provido that, in caso a dlsputo arises between tho person
m aking tho tender and tho person receiving tho samo, as to tho classifica­
tion o f any cotton tendered under tho contract, either party m ay refer
tho question o f tho truo classification o f said cotton to tho Secretary o f
Agriculture for determ ination, and that such dispute shall bo referred and
determ ined, and the costs thereof fixed, assessed, collected, and paid In
such manner and in accordance with such rules and regulations as m ay be
prescribed b y the Secretary o f Agriculture.
“ The provisions o f the third, fourth, fifth , sixth, and seventh subdivisions
o f this Section shall bo deem ed fully incorporated into any suen contract if
thero bo written or printed thereon, or on tho m emorandum evidencing tho
sam o, at or prior to tho tim e the samo is signed, tho phraso 'Subject to
United States C otton Futures A ct, Section 5 .’
"T h o Secretary o f Agriculture Ls authorized to prescribe rules and regula­
tions for carrying out tho purposes o f tho seventh subdivision o f this Section,
and his findings, upon any dispute referred to him under said seventh sub­
division, m ado after tho parties in interest havo had an opportunity to bo
heard b y him or such officer, officers, agent, or agents o f tho Departm ent
o f Agriculture as he m ay designate, shall bo accepted in the courts o f tho
U nited States in all suits between such parties, or their privies, as prima
facio evidence o f tho truo classification o f tho cotton involved.
"S ec. 6. That for tho purposes o f Section 5 o f this A ct tho differences
abovo or below tho contract price which tho receiver shall p ay for cotton
o f grades abovo or below tho basis grade in tho settlement o f a contract o f
salo for tho future delivery o f cotton shall bo determined b y tho actual
com m ercial differences in valuo thereof upon tho sixth business d ay prior
to the d ay fixed, in accordance with the sixth subdivision o f Section 5, for
tho delivery o f cotton on tho contract, established b y tho sale o f spot cotton
in tho market whero tho future transaction involved occurs and is consum ­
mated if such market bo a bona fide spot market; and in tho ovont there
be no bona fide spot market at or in tho placo in which such futuro trans­
action occurs, then, and in that caso, tlio said differences abovo or below
tho contract price which the receiver shall pay for cotton abovo or below
the basis grado shall bo determined b y tho averago actual com m ercial




differences in valuo thereof, upon the sixth business day prior to tho day
fixed, in accordance with the sixth subdivision o f Section 5, for tho delivery
o f cotton on tho contract, in tho spot markets o f not loss than five places
designated for the purpose from tim e to time b y tho Secrotary o f Agriculture,
as such values were established b y tho sales o f spot cotton , in such desig­
nated five or m ore markets: P r o v id e d , That for tho purposes o f this Section
such values in tho said spot markets be based upon tlio standards for grades
o f cotton established b y tho Secretary o f Agriculture: A n d p r o v id e d f u r t h e r ,
T hat whenever tho valuo o f one grado is to be determined from tho salo or
sales o f spot cotton o f another grade or grades, such valuo shall bo fixed in
accordance with rules and regulations which shall bo prescribed for tho
purposo b y the Secretary o f Agriculturo.
“ Sec. 6A. That no tax shall be lovied under this A ct on any con tract
o f salo mentioned in Section 3 hereof if tho contract provido that, in case
cotton o f grade or grades other than tho basis grade specified in the contract
shall bo tendered in perform ance o f the con tract, tlio parties to such con ­
tract m ay agree, at the time o f the tender, as to the prico o f the grade or
grades so tendered, and that if they shall not thou agree as to such price,
then, and in that event, tho buyer o f said contract shall have tho right to
demand the specific fulfillment o f such contract b y tho actual delivery o f
cotton o f tho basis grado named therein and at the price specified for such
basis grade in said con tract, and if tho contract also com ply with all tho
terms and conditions o f Section 5 hereof not inconsistent with this Section:
P r o v id e d , That nothing in this Section shall bo so construed as to reliovo from
tho tax levied b y Section 3 o f this A ct any contract in which, or in tho
settlement o f or in respect to which, any devico or arrangement wliatovor
is resorted to, or any agreement is m ade, for tho determination or adjust*
ment o f tho prico o f the grado or grades tendered other than tho basis grade
specified in tlio contract b y any ‘fixed differonco’ system , or b y arbitration,
or b y any other m ethod not provided for b y this A ct.
Contracts mado in com pliance with this Section shall bo known as
‘Section 6 A C ontracts.’ The provisions o f this Section shall bo doomed
fully incorporated into any such contract if thero bo written or printed
thereon, or on tho memorandum evidencing tlio sam o, at or prior to the
tim e tho samo is signed, tho phrase ‘Subject to Unitod States C otton
Futures A ct, Section G A .’
Section 10 o f this A ct shall not bo construod to apply to any contract
o f salo mado in com pliance with Section G A hereof.
“ Sec. 7. That for the purposes o f this A ct tho only markets which shall
bo considered bona fide spot markets shall bo thoso which the Secretary
o f Agriculturo shall, from time to tim e, after investigation, dotermino and
designate to bo such, and o f which ho shall give public notico.
■ “ Sec. 8. T hat in determining, pursuant to tlio provisions o f this A ct,
what markets aro bona fide spot markets, tlio Secretary o f Agriculture is
directed to consider only markets in which spot cotton is sold in such volum e
and under such conditions as custom arily to reflect accurately tho value
o f m iddling cotton and tho differences between tho prices or values o f
m iddling cotton and o f other grades o f cotton for which standards shall
havo been established b y tho Secretary o f Agriculturo: P r o v id e d , That if
there bo not sufficient places, in tho markets o f which aro mado bona fide
sales o f spot cotton o f grades for which standards aro established b y tho
Secretary o f Agriculturo, to enablo him to designate at least fivo spot
markets in accordance with Section 6 o f this A ct, ho shall, from data as
to spot sales collected b y him, make rules and regulations for determining
tho actual com m ercial differences in the valuo o f spot cotton o f the grades
established b y him as reflected b y bona fide sales o f spot cotton o f tho samo
or different grades, in tho markets selected and designated b y him, from
time to tim e, for that purposo, and in that ovont, differences in valuo o f
cotton o f various grades involved in contracts mado pursuant to Section 5
o f this A ct shall bo determined in com pliance with such rules and regula­
tions.
"S ec. 9. T hat tho Secretary o f Agriculturo is authorized, from tim o to
tim o, to establish and promulgate standards o f cotton b y which its quality
or valuo m ay bo judged or determined, including its grado, length o f staplo,
strength o f staple, color, and such other qualities, properties, and conditions
as m ay bo standardized in practical form , w hich, for tho purposes o f this
A ct, shall bo known as tho ‘Official cotton standards o f tlio United States,’
and to a dopt, change, or replace tho standard for any grado o f cotton es­
tablished under tho A ct making appropriations for tho Departm ent o f
Agriculture for the fiscal year ending Juno 30 1909 (T hirty-fifth Statutes
at Largo, page 251), and A cts supplem entary thereto: P r o v id e d , T h a t any
standard o f any cotton established and prom ulgated undor this A ct b y tho
Secretary o f Agriculture shall not bo changed or roplaccd within a period
less than ono year from and after the dato o f tho prom ulgation thereof b y
tho Secretary o f Agriculture: P r o v id e d f u r th e r , T h a t, subsequent to six
months after the dato Section 3 o f this A ct bocom es effective, no change or
replacement o f any standard or any cotton established and promulgated
under this A ct b y tho Secretary o f Agriculturo shall bccoino cffectivo until
after ono year’s public notico thereof, which notico shall spocify tho dato
when tho same is to becom o effective. T ho Secretary o f Agriculturo i s .
authorized and directed to proparo practical forms o f the official cotton
standards which shall bo established b y him , and to furnish such practical
forms from timo to tim e, upon request, to any person, tho cost thereof,
as determined b y tho Secrotary o f Agriculturo, to bo paid b y tho porson
requesting the samo, and to certify sucli practical forms under tho seal o f
the Department o f Agriculturo and under the signature o f tho said Secrotary
thereto affixed b y himself or b y some official or em ployee o f tho Dopartm ont
o f Agriculture therounto duly authorized b y tho said Sccrotary.
“ See. 10. T hat no tax shall bo levied under this A ct on any contract o f
sale mentioned In Section 3 hereof, if tho contract com ply with each o f the
following conditions:
“ First. C onform to tho rules and regulations m ado pursuant to this
A ct.
“ Second. Specify tho grado, typo, sam ple, or description o f tho cotton
involved in tho contract, tho prico per pound at which such cotton is con ­
tracted to be bought or sold, tho dato o f tho purchase or sale, and tho tim e
when shipment or delivery o f such cotton is to be m ade.
“ T hird. Provide that cotton o f or within tho grade or o f tho typ o, or
according to tho sample or description, specified in tno contract shall be
delivered thereunder, and that no cotton which does not conform to tho
type, sample, or description, or which is not o f or within tho grado specified
in the contract shall be tendered or delivered thereunder.
"F ou rth . P rovido that tho delivery o f cotton under tho contract shall
not bo effected b y means o f ‘se t-off’ or ‘ring’ settlement, but only by tho
actual transfer o f tho specified cotton mentioned in tho contract.
“ T ho provisions o f tho first, third, and fourth subdivisions o f tills Section
shall bo deemed fully incorporated into any such contract if thero bo written
or printed thereon, or on tho docum ent or m emorandum evidencing the
same, at or prior to tho tim o tho samo is entered into, tho words ‘Subject
to United States C otton Futures A ct, Section 10.'
“ T his A ct shall not be construed to imposo a tax on any salo o f spot
cotton.
"T h is Section shall not bo construed to apply to any contract o f bale
m ado in com pliance with Section 5 o f this A ct.

“ Sec. 11. T h a t the tax imposed b y Section 3 o f this A ct shall be paid
b y the seller o f the cotton involved in tho contract o f sale, b y means o f
stamps which shall be affixed to such contracts, or to tho m emoranda evi­
dencing the same, and canceled in com pliance with rules and regulations
which shall bo prescribed by the Secretary o f the Treasury.
“ Sec. 12. That no contract o f sale o f cotton for future delivery men­
tioned in Section 3 o f this A ct which does not conform to the requirements
o f Section 4 hereof and lias not the necessary stamps affixed thereto as
required b y Section 11 hereof shall bo enforceable in any court o f tho United
States b y, or on behalf of, any party to such contract or his privies.
“ Sec. 13. That the Secretary o f the Treasury is authorized to m ake and
prom ulgate such rules and regulations as ho m ay deem necessary to collect
the tax imposed b y this A ct and otherwise to enforce its provisions. Further
to effect this purpose, he shall require all persons com ing within its pro­
visions to keep such records and statements o f account, and m ay require
such persons to m ake such returns verified under oath or otherwise, as
will fully and correctly disclose all transactions m entioned in Section 3 o f
this A ct, including the m aking, execution, settlem ent, and fulfillm ent
thereof, he m ay require all persons who act in the capacity o f a clearing
house, clearing association, or similar institution for tho purpose o f clearing,
settling, or adjusting transactions mentioned in Seection 3 o f this A ct to
keep such records and to m ake such returns as will fully and correctly
disclose all facts in their possession relating to such transactions; and he
m ay appoint agents to conduct tho inspection necessary to collect said tax
and otherwise to enforco this A ct and all rules and regulations m ade b y
him in pursuance hereof, and m ay fix tho com pensation o f such agents.
T ho provisions o f the Internal-Revenue Laws o f the United States, so
far as applicable, including Sections 3173, 3174, 3175 o f the Revised
Statutes, as amended, are hereby extended, and m ade to a p p ly, to this
A ct.
“ Sec. 14. That any person liable to the paym ent o f any tax imposed
by this A ct who fails to pay, or evades or attem pts to evade the paym ent
o f such tax, and any person who otherwise violates any provision o f this
A ct. or any rule or regulation m ade in pursuance hereof, shall be deemed
guilty o f a misdemeanor, and, upon conviction thereof, shall be fined not
less than $100 nor m ore than $20,000, in the discretion o f tho court; and,
in case o f natural persons, m ay, in addition, be punished b y imprisonm ent
for not less than 60 days nor rnoro than 3 years, in tho discretion o f tho
court.
“ Sec. 15. T hat in addition to the foregoing punishment there is hereby
im posed, on account o f each violation o f this A ct, a penalty o f $2,000, to
be recovered in an action founded on this A ct in tho nam e o f the United
States as plaintiff, and when so recovered one-half o f said am ount shall
bo paid over to tho person giving tho inform ation upon which such recovery
was based. It shall be tho duty o f United States attorneys, to whom
satisfactory evidence o f violations o f this A ct is furnished, to institute and
prosecute actions for tiio recovery o f tho penalties prescribed b y tiiis
Section.
“ Sec. 16. T h a t no person whoso ovidenco is deemed material b y the
officer prosecuting on behalf o f the United States in any case brought
under any provision o f this A ct shall withhold his testim ony because o f
com plicity by him in any violation o f this A ct or o f any regulation made
pursuant to this A ct, but any such person called by such officer who testifies
in such case shall bo exempt from pi’osccution for atiy offense to which his
testim onty relates.
“ Sec. 17. That tho paym ent o f any tax levied by this A ct shall not exempt
any person from any penalty or punishment now or hereafter provided by
tho laws o f any Stato for entering into contracts o f salo o f cotton for future
delivery, nor shall the paym ent o f any tax imposed b y this A ct be held to
prohibit any State or m unicipality from imposing a tax on tho same trans­
action.
.
“ Sec. 18. T hat thero Is hereby appropriated, out o f any m oneys in the
Treasury not otherwise appropriated, for tho fiscal year ending June 30
1916, the unexpended balance o f tho sum appropriated by tho A ct o f March
4 1915 (Thirty-eighth Statutes at Largo, pago 1017), for ‘collecting tho
C otton Futures tax,' or so much thereof as m ay bo necessary, to enable
the Secretary o f tho Treasury to carry out the provisions o f this A ct and
any duties remaining to bo perform ed b y htm under tho United States
C otton Futures A ct o f A ug. 18 1914 (Thirty-eighth Statutes at Large, page
693).
“ Sec. 19. That there are hereby appropriated out o f any m oneys in the
Treasury not otherwise appropriated, available until expended, the unex­
pended balance o f the sum o f 3150,000 appropriated b y Section 20 o f tho
said A ct o f A ug. 18 1914, and for the fiscal year ending June 30 1916, tho
unexpended balance o f tho sum o f $75,000 appropriated for tho ‘E nforce­
ment o f tho United States C otton Futures A c t ’ by tho A ct making appro­
priations for tho Departm ent o f Agriculture for tho fiscal year ending June
30 1916 (1 liirty-elghth Statutes at Largo, pago 1086), or so m uch o f each o f
said unexpended balances as m ay bo necessary, to bo used by the Secretary
o f Agriculture for tho samo purposes, in carrying out tho provisions o f this
A ct, as those for which said sums, respectively, wero originally appropriated,
and to enablo the Secretary o f Agriculture to carry out any duties
remaining to be performed b y him under tho said A ct o f A ug. 18 1914.
T he Secretary o f Agriculture is hereby directed to publisn from tim e to
tim e tho results o f investigations made in pursuance o f this A ct. All sums
collected by the Secretary o f Agriculture as costs under Section 5, or for
furnishing practical forms under Section 9, o f this A ct, shall bo deposited
and covered into tho Tresaury as miscellaneous receipts.
“ Sec. 20. T h a t Sections 9, 18, and 19 o f this A ct and all provisions o f
this A ct authorizing rules and regulations to bo prescribed shall be effective
im m ediately. A ll other Sections o f tills A ct shall becom e and bo effective
on and after tho first day o f tho calendar m onth next succeeding the dato
o f tho passago o f tills A ct: I 'r o v id e d , That nothing in this A ct shall bo con ­
strued to apply to any contract o f sale o f any cotton for future delivery
mentioned in Section 3 o f this A ct which shall have been made prior to the
first day o f tho calendar m onth next succeeding tho dato o f tho passago
o f this A ct.
“ Sec. 21. T h a t tho A ct entitled ‘A n A ct to tax tho privilege o f dealing
on exchanges, boards o f trade, and similar places in contracts o f salo o f
cotton for future delivery, and for other purposes,’ approved A ug. 18 1914
(Thirty-eighth Statutes at I.argo, pago 693), is hereby repealed, effective on
and alter tho first d ay o f tho calendar m onth next succeeding tho date o f
tho passage o f this A ct; P r o v id e d , That nothing in this A ct shall bo construed
to affect any right or privilege accrued, any penalty or liability incurred
or any proceeding com m enced under said A ct o f A ug. 18 1914, or to dim in­
ish any authority conferred b y said A ct on any official o f tho United Sates
necessary to enablo him to carry out any duties remaining to bo performed
by him under the said A ct, or to impair tho effect o f the findings o f tho
Secretary o f Agriculture upon any disputo referred to him under said A ct,
or to affect any right in respect to, or arising out o f, any contract mentioned
in Section 3 o f said A ct, m ade on or subsequent to Feb. 18 1915, and prior
to tho first d ay o f the calendar m onth next succeeding tho dato o f tho
passago ot this A ct, but so far as concerns any such contract said A ct o f
A ug. 18 1914, shall remain in force with the same effect as if this A ct had
not been passed.




"S ec. 22. That if any clause, sentence, paragraph, or part o f this A ct
shall for any reason be adjudged b y any court o f com petent jurisdiction to
bo invalid, such judgm ent shall not affect, im pair, or invalidate the
remainder thereof, but shall be confined in its operation to the clause,
sentenco, paragraph, or part thereof directly involved in the controversy
in which such judgm ent shall have been rendered."
FORMS

FOR

R E PO R TIN G

C O R P O R A T IO N S A N D

IN C O M E

TAX

W IT H H O L D IN G

BY

DEBTOR

AGENTS.

U n d e r a d ecision o f th e T r e a s u r y D e p a r t m e n t o n A u g . 2 ,
th e p ro v isio n s o f T r e a s u r y D e c is io n N o . 2 3 4 4 , p e r m ittin g
th e u se o f th e o ld fo r m o f in c o m e ta x ow n e rsh ip c e rtific a te s in
c o n n e c tio n w ith c o u p o n s fr o m b o n d s o f A m e r ic a n c o rp o ra ­
tio n s o w n e d b y n o n -r e s id e n t a lie n s a n d fo re ig n co rp o r a tio n s
are e x te n d e d so as to in clu d e th o a c c e p ta n c e b y d e b to r cor­
p o r a tio n s a n d w ith h o ld in g a g e n ts o f o w n e rsh ip c e rtific a te s
o n F o r m 1 0 6 0 p rior to O c t . 1 1 9 1 6 .

T h e e d ic t o f th e T r e a s ­

u ry D e p a r tm e n t a n n o u n c in g th is is a s fo llo w s :
[T . D . 2353.]
Extension o f tho provisions o f T . D . 2344 to include the acceptance by
debtor corporations and withholding agents o f ownership certificates on
Form 1060 prior to O ct. 1 1916, when properly executed and stam ped
before presentation.
TREASURY D EPARTM EN T.
Offico o f Commissioner o f Internal Revenue.
W a s h in g to n , D . C . , A u g u s t 2 1916.
T o C o lle cto r s o f I n t e r n a l R ev e n u e:

The provisions o f T . D . 2344 relative to tne acceptance b y debtor cor­
porations and withholding agents prior to O ct. 1 1916 o f incom e tax owner­
ship certificates. F orm 1004, R evised, if the words “ not exem pt” are
stam ped in large type across tho face o f certificates before presentation, are
hereby extended to ap p ly to ownership certificates. Form 1060, executed
b y foreign banks or banker’s to accom pany coupons detached from bonds
or other obligations o f dom estic corporations; and debtor corporations and
withholding agents will be held liable for the normal tax o f 1 % on incom e
represented b y said certificates.
D A V ID A . G A T E S ,
A pproved:
W M . G . M cA D O O ,

A c t i n g C o m m is s io n e r o f I n t e r n a l R ev e n u e.

S e c r e ta ry o f the T r e a s u r y .

T r e a s u r y D e c is io n N o . 2 3 4 4 , o f w h ic h th e a b o v e is a n
e x te n s io n , w a s referred to in th ese c o lu m n s J u ly 1 , is a n n e x e d IT. D . 2344.]
Authorization o f acceptance b y d ebtor corporations and withholding
agents o f ownership certificates on old Form 1004, revised, prior to O ct. 1
1916, when properly executed and stamped before presentation.
TREASURY D EPARTM EN T.
Office o f Comm issioner o f Internal Revenue.
W a s h in g to n , D . C . , J u n e 28 1916.
T o C o lle cto r s o f I n t e r n a l R ev e n u e:

W here incom e tax ownership certificates (old form 1004, revised) have
been executed b y non-resident alien individuals to accom pany coupons
detached from bonds or other obligations o f dom estic corporations, they
m ay be accepted b y debtor corporations and withholding agents prior to
O ct. 1 1916 if the words “ n o t e x e m p t ” are stam ped in large type across
the face o f certificates before presentation, and debtor corporations and
withholding agents will be held liable for the normal tax o f 1 % .
W here the certificates executed on old Form 1004, revised, disclose
ownership to be that o f foreign firm s, corporations or organizations, they
m ay bo accepted in lieu o f certificates on Form 1001, revised, when pre­
sented prior to Oct. 1 1916, and debtor corporations and withholding agents
will not be held liable for the tax.
.
D A V ID A . G A T E S ,
A c t i n g C o m m is s io n e r o f I n t e r n a l R e v e n u e .

Approved:
W . G . M cA D O O ,
S e c r e ta ry o f th e T r e a s u r y .

F R E Q U E N C Y OF A N T H R A C I T E COAL S T R IK E S L E A D S
TO A C T I O N B Y O P E R A T O R S .
In c o n seq u en c e o f th e fre q u e n c y o f th e s o -c a lle d “ b u t t o n ”
strik es in th o a n th ra c ite co al field s o f P e n n s y lv a n ia — fo u r­
te e n , it is s ta te d , h a v in g b e e n ca lle d w ith in th e la s t tw o
m o n th s — tho op e ra to rs are said to b e p re p arin g a n a p p e a l to
th e D e p a r tm e n t o f C o m m e r c e an d L a b o r fo r G o v e r n m e n t a id
in p u ttin g a n en d to th o s a m e .

T h e op e ra to rs asse rt th a t

th o “ b u t t o n ” strik es are in v io la tio n o f tho a w a rd m a d e b y th e
A n th r a c ite C o a l C o m m is s io n o f 1 9 0 3 .
I n a s ta te m e n t issu ed
b y t h e m , a tte n tio n is ca lle d to th o fre q u e n c y o f th e strik es
a n d th e c o n se q u e n t e ffe c t u p o n m in e o p e ra tio n s , o n e im p o r ­
ta n t re su lt b e in g to se rio u sly cu rta il th e p ro d u c tio n o f a n th r a ­
c ite , so th a t a co al fa m in e is fea re d th is w in te r .
T h e op e r­
a to r s q u o te tw o exp ression s in th e re p o rt o f th o C o m m is s io n ,
o n e b e in g “ th a t th e rig h t o f a m in e r to re m a in a t w o rk w h ere
oth ers h a v e ceased to w o rk is p a r t o f th e p erson a l p riv ileg e
o f e v e r y citiz e n th a t c a n n e v e r b e su rre n d e red , a n d e v e r y
in frin g e m e n t

th e reo f m e rits a n d

d e n o u n c e m e n t o f th e l a w .”

s h o u ld

re ce iv e

th e ste rn

A n o th e r s ta te m e n t o f th e C o m ­

m is s io n , w hich th e o p e ra to rs a sse rt ap p lie s sp e c ia lly to th e
e xistin g s itu a tio n , is a s fo llo w s:
That no person shall bo refused em ploym ent, or in any way discriminated
against, on account o f membership or non-membership in any labor or­
ganization; and that there shall bo no discrimination against or interference
with any em ployee who is not a m ember o f any labor organization b y mem­
bers o f such organization.
T h e o p e ra to r s’ s ta te m e n t sa y s :
This award, with tho other ten made by tho Comm ission, has been con ­
tinued through the agreements made between tho operators and ttur em­
ployees ever since 1906. It has not been m odified and supposedly stands

th e

in full force and effect. In tho last few years, howevor, there has crept
into tho anthracito rogion an insidious system b y which tho award o f tho
Commission in respect to discrimination has been to a considerable oxtoti t
nullified.
This system requires that all members o f tho union in good standing shall
wear conspicuously a button indicating that his dues for the current month
have been paid, and if any em ployee reports for work minus his button, or
wearing one not up to date, the members o f tho union in good standing
refuse to work and tho colliery is thrown idle, sometimes for several clays,
or until the delinquent or delinquents eithor pay up or give up their jo b s .
T h e op e ra to rs asse rt th a t su ch a c tio n on th e p a r t o f th e u n io n
v io la te s th o le tte r ancl sp irit o f

th e

fo r W illia m

b e c a u se 7 0

for d u ty

strik es fo r th e

c a n d id a c y .

w ith o u t

In

1895,

been re m o ve d ,

sa m e re a son in

T e n a f ly ,

a v a ila b le

c a n d id a te

fo r

G overn or,

a ll

q u e s tio n

as

to

G e n e ra l

Jam es’

he w a s c h o sen

in B e rg e n

M ayor

C o u n ty , N e w

of

th o B o r o u g h

J ersey.

Tho

of

d egreo o f

A . M . w a s g iv e n h im in 1 8 6 3 b y H a m ilto n C o lle g e , a n d th a t
o f L L . D . b y M a d is o n U n iv e r s ity in 1 8 8 3 , a n d b y S t . J o h n ’s
C o lle g e

in

1884,

S t.

F ra n c is

X a v i e r ’ s C o lle g e ,

1886.

In

a d d itio n to h o ld in g th e C h a ir m a n s h ip o f tho B o a r d o f D ir e c ­

T r u e s d a lc a n d A u c h in c lo ss c o llie rie s, a n d a t N o . 5 co llie ry

to rs o f th o L in c o ln N a t io n a l B a n k

G e n . J a m e s a t th o tim e

o f h is d e a th w a s also P re s id e n t o f th e L in c o ln S afo D e p o s it

fo r th re e d a y s b e c a u se m e n re p o rte d fo r w ork w ith o u t th e ir

C o m p a n y , a n d a d ire c to r o f th o M e t r o p o lit a n T r u s t C o .

_____ _________ ___________ ________

1) E A

T il

OF

THOMAS

L.

BANKING, LEGISLATIVE AND FINANCIAL NEWS.

JAMES.

G e n . T h o m a s L . J a m e s , P o s tm a s te r G e n e ra l in P re sid e n t
G a r fie ld ’s C a b in e t a n d id e n tifie d w ith th e L in c o ln N a t io n a l
B a n k o f th is c it y sin ce its e s ta b lis h m e n t in

1 8 8 2 , d ie d on

M o n d a y la s t , th e 1 1 th in s t. in his e ig h t y -s ix th y e a r .
tim e o f his d e a th G e n . J a m e s w a s C h a ir m a n
o f D ir e c to r s o f th e b a n k .

A t tho

o f th e B o a r d

G e n . J a m e s w a s a n a tiv e o f U t ic a ,

I n h is e a r ly life he lea rn e d th o p r in te r ’ s trad o in tho

o ffic e o f th o U t ic a “ L ib e r t y P r e s s ,” a n d in 1 8 5 1 b o u g h t th o
M a d is o n C o u n t y “ J o u r n a l,” a W h i g n e w sp a p e r p u b lish e d a t
H a m ilt o n , N . Y .

In

1 8 5 6 h is p a p e r w a s u n ite d w ith tho

“ D e m o c r a tic R e fle c to r ” u n d e r th e n a m e o f th o “ D e m o c r a tic
R e p u b lic a n .”

Ho

c o n tin u e d

in jo u r n a lism

fo r te n y e a r s ,

m e a n w h ile a lso se rv in g as C o lle c to r o f C a n a l T o lls a t H a m il­
to n in 1 8 5 4 -5 5 .

I n 1 8 6 1 h e w a s a p p o in te d a n In s p e c to r o f

C u s t o m s in N e w Y o r k C i t y ; a n d , threo y e a r s la te r , w a s p ro ­
m o te d to b e W e ig h e r .

I n 1 8 7 0 ho w a s a p p o in te d D e p u t y

C o lle c to r , a n d p la c e d in ch a rg e o f th e W a r e h o u s e D iv is io n
a n d th e B o n d e d W a r e h o u s e o f th o P o r t .

H o w a s a p p o in te d

b y G e n e ra l A r t h u r , w h o h a d b e c o m e C o lle c to r , as a m e m b e r
o f th e C iv il S erv ic e B o a r d o f th e C o lle c to r ’s a n d S u r v e y o r ’ s
o ffic e s , w a s m a d e its C h a ir m a n , a n d w a s a m o n g th e earliest
m ost

s te a d fa s t

o f p u b lic

offic ia ls

in

a d v o c a tin g

an d

a p p ly in g th e r e fo r m o f th e c iv il se rv ic e , b y e sta b lish in g tho
s y s te m o f a p p o in tm e n ts u p o n th o b a sis o f e x a m in a tio n an d
m e r it .

an

e lig ib ility fo r a n e le c tiv e offico in h is o w n d istr ic t h a v in g

o f th e S u s q u e h a n n a C o a l C o . , w h e n 5 0 0 m e n re m a in e d idle

and

fo r

p re v io u s to n o m in a tio n ” d eb arre d G e n e ra l J a m e s fr o m th o

to 4 , th o m o s t im p o r ta n t b e in g th o se a t th e L o o m is , B lis s ,

Y .

about

o f “ s e v e n y e a r s c o n tin u o u s resid e n ce in th e S ta te im m e d ia te ly

b e c a u se a scoro o f m in e rs h a d fa ile d to p a y th eir d u es a n d did
n o t w e a r b u t to n s .
T h e r e w ere six b u t to n strik es fr o m A u g . 1

N.

W a l t e r P h e lp s a n d o th e r le a d in g R e p u b lic a n s

I t w a s fo u n d , h o w e v e r , th a t th e c o n s titu tio n a l re q u ire m e n t

J u ly , w hen m o re th a n 5 ,0 0 0 m e n w ere idle fo r severa l d a y s

b u tto n s.

I Io

G e n e ra l J a m e s w a s ask e d if h e w o u ld a c c e p t th o n o m in a tio n .

C o m m is s io n ’ s a w a r d .

m e n re p o r te d

w ere fiv e

p o litic s .

I n th o c losin g y e a r s o f th e 8 0 ’s , w h ile th e R e p u b lic a n s w oro
c a s tin g

strik e in th e c o llie ry o f th e D e la w a r e L a c k a w a n n a & W e s t ­
T h ere

in

a n d ho on ce m o re b e c a m e a fa c to r in R e p u b lic a n o r g a n iz a tio n .

p la c e in th e collieries sin ce J u n e 8 , w h e n 9 0 0 m in e rs w e n t on

b u tto n s.

re a p p e a re d

o f N o w J e rso y b r o u g h t h im in to c lo se c o n ta c t w ith th e m ,

T h e s ta te m e n t in clu d e s a list o f th e strik es w h ich h a v o ta k e n

ern C o m p a n y

o x -P o s tm a s te r -G e n e r a l

b e c a m o a citiz e n o f N o w J e rse y in 1 8 8 5 , a n d h is fr ie n d s h ip

O n M a r c h 1 7 1 8 7 3 , M r . J a m e s w a s a p p o in te d P o s t ­

m a s te r a t N e w

Y ork

by

P re sid e n t G r a n t , a n d h e w a s re ­

a p p o in te d fo u r y e a r s la te r b y P re sid e n t H a y e s .

A ft e r th o

S ale s o f b a n k s to c k s a t th o S to c k E x c h a n g e
a g g r e g a te d 5 5 s h a re s.

No

th is w ee k

b a n k or tr u s t c o m p a n y s to c k s

w ere sold a t a u c tio n .
S h a r es . H A N K S— N e w Y o r k .
Low .
40 C ity Bank, N a t_____________ 450
15 Com m erce, N at. Bank o f ____ 170

H ig h . C lo s e .

L a st

450
170

M ay
A ug.

450
170

p r e v io u s s a l e .

1916—
1916—

449
170

T h e B a n k e r s T r u s t C o . , o f th is c it y , in a n n o u n c in g tho
p ro p o s e d issu an ce o f p a m p h le ts c o n ta in in g e x tr a c ts fr o m tho
W a r R e v e n u e L a w a p p ly in g to th o in creased in co m e ta x an d
th e F e d e r a l in h e rita n c e t a x , sa y s :
T he Federal Revenue Law , in effect Sept. 9 1916, makes important
changes in Federal taxes. There arc three outstanding features— tho
revised incom e tax, the now Federal inheritance tax and tho substantial
repeal c f the em ergency revenue law of O ct. 22 1914. Pamphlets con­
taining extracts from tho law applying to tho increased incom o tax and tho
Federal inheritance tax are being prepared for tho inform ation o f elionts
o f tho Bankers Trust C o. and will bo mailed as soon as possiblo.
Federal docum entary stamps will no longer bo required, owing to such
repeal of tho em ergency revenue law. T ho taxes thus repealed includo
those on stock certificates, bonds, notes, protests, agreements, convey­
ances, proxies, insurance policies and other instruments.
T h e F id e lit y T r u s t C o m p a n y o f B a lt im o r e h a s issu e d a
p a m p h le t g iv in g th o te x t o f th o n ow G e n e ra l R e v o n u o B ill,
as sig n e d b y P re s id e n t W ils o n o n th o 8 t h in s t .

A c o p y w ill

b o m a ile d u p o n re q u e s t to th o se in te r e s te d .
A r th u r M .

A n d erson , head

o f th o b o n d

d e p a r tm e n t o f

J . P . M o r g a n & C o ., sailed la s t S a tu r d a y , S e p t . 9 , o n tho
ste a m e r

P h ila d e lp h ia

fo r

E u rop e.

M r.

A n derson ,

it

s a id , w ill b e a b s e n t fr o m N e w Y o r k fo r se v e ra l w e e k s .

is
It

r e m o v a l o f G e n e ra l A r th u r fr o m th e C o lle c to r s h ip , th o P re si­

is s ta te d th a t his jo u r n e y to E u ro p e h a s no p a rtic u la r sig­

d e n t te n d e r e d th e a p p o in t m e n t to M r . J a m e s , b u t ho d ec lin ed

n ific a n c e , a lth o u g h he is e x p e c te d to assist I I . P . D a v is o n ,

o n th o g r o u n d t h a t , h a v in g b e e n G e n e ra l A r t h u r ’ s d e p u ty ,

w h o sailed fo r E u ro p e S e p t . 2 , to con for w itli B r itis h an d

he

F re n c h

c o u ld

not

c o n se n t

to

su p erse d e

h im .

In

1880,

w h en

o fficia ls re la tiv e

to b a n k in g m a tte r s .

D a v i d M . K e y re sig n ed th o P o s tm a s te r -G e n e r a ls h ip , P re si­
d e n t H a y e s o ffe r e d th is p la c e in h is C a b in e t to M r . J a m e s ,

T h o title o f th e ad d re ss to b e d e liv e re d b y J o h n S k e lto n

T h e sa m e y e a r th o R e p u b lic a n s

W i lli a m s , C o m p tr o lle r o f th o C u r r e n c y , b e fo re th e N a tio n a l

n a m e d h im fo r M a y o r o f N e w Y o r k , b u t th is ho lik ew ise d e ­

B a n k S e c tio n of th o A m e r ic a n B a n k e r s ’ A s s o c ia tio n a t K a n ­

c lin e d .

sas C i t y o n th e 2 6 t h , a c co rd in g to tho p rin ted p r o g r a m , is

w h o , h o w e v e r , d ec lin ed i t .
W hen

P re sid e n t

G a rfie ld

ann ounced

his

C a b in e t

o n M a r c h 5 1 8 8 1 , M r . J a m e s w a s in clu d e d as P o s tm a s te r -

“ T h e S o u l o f th e D o ll a r .”

G e n e r a l, a n d tw o d a y s la te r e n te re d o n th o d u tie s o f th e

as “ R e la tio n s o f th e N a tio n a l B a n k s w ith tho C o m p tr o lle r ’s

o ffic e .

T h o a ssa ssin a tio n o f th o P re sid e n t a n d th o a c ce ssion

o f V ic e -P r e s id e n t A r th u r c a u se d a c o m p le to r e -c a s t o f tho

T h o gre etin g s b e fo re tho se ctio n w ill b o ox te n d e d

b y E . F . S w in n e y , P re sid e n t o f th e F ir s t N a t io n a l B a n k of
K an sa s C ity .

C a b in o t , a n d M r . J a m e s re tire d th o 4 t h o f J a n u a r y 1 8 8 2 .
T h o u g h ho th u s se rv e d o n ly te n m o n t h s , his a d m in istra tio n
w a s d istin g u ish e d b y im p o r ta n t a n d la stin g r e fo r m s.

O f fi c e .”

W hen

T h e e a r ly a n n o u n c e m e n ts g a v e it

F re d erick W . I ly d o , C a sh ie r o f tho N a tio n a l

C h a u ta u q u a C o u n t y B a n k of J a m e s t o w n , N . Y . ,w ill fo llo w w ith
his ad d ress as P re sid e n t o f tho se c tio n , a n d re sp o n d t o ]M r . S w in -

ho b e g a n ho f o u n d a n a n n u a l d e fic it o f 8 2 ,0 0 0 ,0 0 0 , w h ich

n e y ’ s g r e e tin g s .

h a d v a r ie d in a m o u n t e v e r y

lin e d in th ese co lu m n s la s t w e e k , tho p ro ce ed in gs o f tho sec­

y e a r fr o m 1 8 6 5 , a n d w ith

o r tw o e x c e p tio n s , f r o m 1 8 5 1 .

one

T h e re d u c tio n s th a t he m a d e

in th e “ sta r se rv ic e ” a m o u n te d to 8 1 ,7 1 3 ,5 4 1 , a n d th o se in
th o s te a m b o a t se rv ico to o v e r 8 3 0 0 ,0 0 0 .
w ith

th e

D e p a r tm e n t o f J u stic o ,

M r.

In

c o -o p e r a tio n

J a m e s in s titu te d

a

th o ro u g h in v e s tig a tio n in to th e a b u se s in h is d e p a r tm e n t ,
th o re s u lt o f w h ich w a s th e fa m o u s “ sta r ro u to ” tr ia ls.

In

h is a n n u a l re p o r t to C o n g r e s s , h e a n n o u n c e d t h a t , w ith th ese
re fo r m s a n d w ith r e tr e n c h m e n ts in o th o r d ire ctio n s w h ic h
he in d ic a te d , a re d u c tio n o f le tte r p o sta g o fr o m threo to tw o
ce n ts w o u ld

bo p o ssib lo , a n d

it fo llo w e d

so o n a fte r w a r d .

W h i le P o s tm a s te r -G e n e r a l, M r . J a m e s n e g o tia te d a m o n e y
ord er c o n v e n tio n w ith a ll tho A u s tr a lia n co lo n ie s a n d w ith
th e

Is la n d

o f J a m a ic a .

O ffic e D e p a r tm e n t in

W hen

1882,

ho re tire d

L in c o ln N a t io n a l B a n k in N o w Y o r k C i t y .




fr o m

th o P o s t

h e b e c a m o P re sid e n t o f tho n ow
A f t o r e ig h t y e a r s

In a d d itio n to th e gen era l d iscu ssio n s o u t­

tio n w ill in clu d e th e re p o r t o f the C h a ir m a n , J . E lw o o d C o x ,
an d th o re p o rt o f th o S e c r e ta r y , J ero m o T h r a lls .
T h e c o m p le te p ro g ra m o f th e C le a r in g H o u s e S e c tio n o f
th o A m e r ic a n B a n k e r s ’ A s s o c ia tio n is n o w a v a ila b le , a n d w o
g iv e it b e lo w :

C L E A R IN G HOUSE S E C T IO N .
Tuesday, Sept. 26.
M o r n i n g S e s s io n .

Invocation— Rabbi II. Mayer of tho Temple, Kansas City.
Address o f welcomo— W . T . Kem per, President Com m erce Trust C o ..
Kansas C ity.
Response— John M cH u gh , Chairman.
President’s address— J. D . Ayres.
A ppointm ent o f com m ittees.
R eport o f Chairman o f Executive Com m ittee— John M cH u gh .
R eport o f Secretary— Jerome Thralls.
R eport o f Com m ittee on Country Clearing Houses— 1{. S. Hawes, Chair­
m an, Vice-President T hird N ational Bank, St Louis.

Report o f Com m ittee on Universal Numerical System— James A . W alker,
Chairm an, Transit M anager Corn Exchange N ational Rank, C hicago.
R oll call b y cities.
Conference o f Clearing House Managers and State Representatives.
Unfinished business.
N ew business.
E lection o f officers.

W illia m H . J a q u ith a n d W a lla c e A . G r a y h a v e b e e n e le cted
A s s is ta n t C a sh ie rs o f th e C o a l & I r o n N a t io n a l B a n k o f th is
c ity .

M r . J a q u ith ,

avIio

h a d b e e n P a y in g T e lle r fo r s e v e ra l

y e a r s , h as b e e n Avith th e b a n k fo r a b o u t tAvelve y e a r s a n d
h a d se ve ra l y e a rs p re v io u s e xp erie n ce Avith th e N a t io n a l B a n k
o f N o r t h A m e r ic a a n d th o L ib e r t y N a t io n a l B a n k .

A f t e r n o o n S e s s io n .

Address— “ E ffect increased operations of note brokers is having on the
earnings o f com m ercial banks and what steps m ay properly bo taken to
correct this situation.” — Thos. P . Beal J r., Vice-President Second N ational
B ank, B oston, M ass.
Addresses: “ Necessity o f credit statements and desirability for uni­
form ity thereof” — 1. From the standpoint o f the city banker; W . AV.
Sm ith, Vice-President Third N ational Bank, St Louis. 2. From the stand­
p oin t o f tho country banker; AV. C . Gordon, Cashier Farm ers’ Savings
B ank, M arshall, M o . 3. From tho standpoint o f the m erchant; R . A .
L ong, President Long-Bell Lum ber C o ., Kansas C ity , M o .
Address: “ Exchange charges, country clearing houses and settlement o f
balances” — Joseph AVayne Jr., President Girard N ational B ank, Phila­
delphia. Pa.
General discussion.

M r G ray

fo rm e r ly L o a n C le r k , h a s b e e n c o n n e c te d Avith th e b a n k sin ce
its o r g a n iz a tio n in 1 9 0 4 a n d Avas fo r m e r ly Avith th e F if t h
A venue B an k.

W illia m G . B r a d y J r . Avas e le c te d a n A s s is ta n t C a sh ie r o f
th e

N a t io n a l

C ity

b o a rd o n S e p t. 1 2 .

Bank,

th is

c ity ,

at

a

m e e tin g

of

th e

M r . B r a d y h a s b e e n c o n n e c te d Avith th e

N a t io n a l C i t y fo r a y e a r or m o r e , a n d
Avith th e F o r e ig n D e p a r t m e n t .
B a n k e rs T r u s t C o . o f N e w

h a s jb e en a ffilia te d

H e Avas fo r m e r ly Avith th e

Y ork.

T h e re ce n t p a ssa g e b y C o n g re ss o f th o E i g h t -H o u r R a il­
W illia m M . R o s e n d a le , h e re to fo re A s s is ta n t C a s h ie r o f th e

ro a d B ill is lik e ly to b e a th e m e fo r d iscu ssio n a t th o fifth
a n n u a l c o n v e n tio n o f th o I n v e s tm e n t B a n k e r s ’ A s s o c ia tio n
o f A m e r ic a , to bo h e ld a t C in c in n a ti O c t . 2 , 3 , 4 .

W a lk e r D .

H in e s , G e n e ra l C o u n se l o f th o A tc h is o n T o p e k a & S a n ta F e
R a ilr o a d C o . ,

avIio so

M a r k e t & F u lto n N a t io n a l B a n k o f th is c i t y , AAras th is AA’e e k
e le c te d to th e cash ie rsh ip to su cc ee d th e la t e J o h n H . C a r r ,
n o tic e o f w h ose d e a th Avas g iv e n in o u r c o lu m n s la s t w e e k .

P r e sid e n t, E . P . R ip lo y , h a s c o m e o u t so

str o n g ly in o p p o sitio n to th o laAv, w ill p re se n t th o ra ilro a d
p o in t o f vieAV.

I t is q u ite lik e ly th a t th o r e c e n tly a d o p te d

F e d e ra l F a r m L o a n A c t a n d its p ro b a b le e ffe c t o n th o m a r k e t
fo r in v e s tm e n t se c u ritie s, w ill also be a s u b je c t fo r d isc u ssio n .
I t is o x p c c te d th a t d e le g a te s fr o m p ra c tic a lly th e en tiro m e m ­
b e rsh ip o f so m e th in g o v e r GOO w ill b e p re sen t a t th o c o n v e n ­
t io n , to g e th e r Avith a largo n u m b e r o f g u e s ts .

T h e C in c in ­

T h e E q u ita b le T r u s t C o ., o f th is c i t y , h as o p e n ed a S o u th
A m e r ic a n d e p a r tm e n t a n d h a s c h o se n J a m e s M i n n o t t o a s
M anager.

T h e neAV d e p a r tm e n t , it is s a id , Avas c r e a te d b e ­

ca u se o f th o co n sid e r a b le in crease in th o c o m p a n y ’s S o u th
A m e r ic a n b u sin e ss.

M r . M i n n o t t o Avas fo rm e r ly in ch a rg e

o f th e S o u th A m e r ic a n d e p a r tm e n t o f th e G u a r a n ty T r u s t
C o . o f th is c it y .

n a ti c o m m itte e h as m a d e sp e c ia l p re p a ra tio n fo r th o e n te r­
ta in m e n t o f tho Avives a n d fa m ilie s o f th o d e le g a te s .

LoAvis

B . F r a n k lin , V ic e -P r e s id e n t o f th o G u a r a n ty T r u s t C o ., of
N

Y o r k , is P re sid e n t o f th o I n v e s tm e n t B a n k e r s ’ A s s o c ia ­

oav

tio n o f A m e r ic a .

A llo n G . I l o y t , o f N o w Y o r k , is a V ic e ­

P r e s id e n t, a n d tho lo c a l m e m b e rs o f th o B o a r d o f G o v e rn o rs
are:

A . B . L e a c h , G e o rg o B . C a ld w e ll, LaAvronco C h a m b e r ­

la in ,

Sam uel

L.

F u lle r ,

R ic h a rd

H o d g e s a n d G e o r g e C . C la r k J r .

L.

M o r r is ,

G e o rg o

W .

F e lix T . H u g h e s , V ic e ­

P re sid e n t o f tho E n g in e e rin g S ecu rities C o r p o r a tio n , 3 7 W a l l
S tr e e t, N

oav

ra te o f o v e r $ 3 ,0 0 0 ,0 0 0 a y e a r .

T h is is a t th e

A t th e e n d o f A u g u s t o v e r

$ 2 0 ,5 0 0 ,0 0 0 h a d b e e n le n t o n th e M o r r is P la n , th r o u g h o u t
th e e n tiro c o u n t r y , to a b o u t 1 6 0 ,0 0 0 p e r s o n s .
iz e d c a p ita l o f th e fifty-tAVO c o m p a n ie s
p la n

is

$ 6 , 9 2 3 ,6 0 0 .

S ix

or

e ig h t

T h e a u th o r ­
o p e ra tin g th is

uoav

neAV c o m p a n ie s

are

in

p ro ce ss o f o r g a n iz a tio n , fr o m M a s s a c h u s e t ts to C a lifo r n ia .

Y o r k C i t y , C h a ir m a n o f th e E a s to r n T r a n s p o r t a ­

tio n C o m m it t e e , a n n o u n c e s th a t a r ra n g e m e n ts lia v o b e e n
m a d e fo r a sp ec ial tra in to le a v e N
S a tu r d a y ,

I t is a n n o u n c e d th a t th e M o r r is P la n C o . o f N exv Y o r k
le n t $ 2 5 0 ,5 7 5 in A u g u s t to 2 ,0 7 0 b o rr o w e r s.

S ep t.

30,

v ia

oav

Y o r k a t 3 :5 5 p . m .

P e n n s y lv a n ia

R ll.,

a rriv in g

at

C in c in n a t i a t 9 o ’ clo c k S u n d a y m o r n in g .

T h e n e w h o m e o f th o B r o o k ly n T r u s t C o m p a n y aatis
o ffic ia lly o p e n e d a t a re c e p tio n g iv e n to its p a tr o n s a n d frie n d s
o n th o 1 3 th in s t.
T h o n e w b u ild in g A\ra s e re cte d in tw o p a r ts ,
th e first p a r t b e in g c o m p le te d la s t S e p te m b e r .

I t o c c u p ie s th e

site o f th e o ld q u a rte rs o f th e B r o o k ly n T r u s t C o m p a n y o n
T h e R u s s ia n M in is t r y o f F in a n c o in g iv in g p e r m issio n to

th o corn ers o f M o n t a g u e , P ie r re p o n t a n d C lin to n S tr e e ts .

the N a t io n a l C i t y B a n k o f th is c it y , to e sta b lish a b r a n c h a t

T h e p re sen t s tru c tu re is o n e o f th e m o s t b e a u tifu l a n d c o m ­

P o tr o g r a d , R u s s ia , re q u ire d th e d e p o sit b y

p le te b a n k b u ild in g s in th e b o r o u g h .

th o

bank

of

s e c u rity to th o a m o u n t o f 5 ,0 0 0 ,0 0 0 r u b le s, or $ 2 ,5 0 0 ,0 0 0 .
A n n o u n c e m e n t th a t p erm issio n h a d
N a t io n a l C i t y B a n k fr o m th e

b e e n re c e iv e d b y

R e se r v e

B oard

a b r a n c h a t P o tr o g ra d a n d su b -b ra n c h e s
c o u n tr y Avas m a d o in o u r issu e o f A u g . 5 .

to

th o

e sta b lis h

th r o u g h o u t th a t

T h e e x te rio r o f th e

b u ild in g is o f th ree d iffe re n t k in d s o f lim e s to n e .
o f g r a n ite a n d th e r o o f is o f greon tilo .
is I ta lia n Ile n n a is a n e e .

I t s b a s e is

T h e a r c h ite c tu r e

I n th e in terior o f th e b u ild in g th e

Avails a n d b a ses fo r th e b ro n ze screen s are o f h ig h ly p o lish e d
r o s a to

m a rb le fr o m

S o u th e r n

Ita ly .

E very

m o dern

con ­

v e n ie n c e is c o n ta in e d in th o s tru c tu re as Avell as e v e r y c o m ­
W i t h re sp e c t to re p o r ts th a t th o in terests w h ic h are se ek in g

fo r t b o th fo r its p a tr o n s a n d e m p lo y e e s .

co n tr o l o f th o M e r c h a n t s ’ N a t io n a l B a n k o f th is c i t y , in ­

v a u lts

te n d e d

6 4 fe e t Avide, 1 8 fe e t d ee p a n d 9 fe e t h ig h .

to

ole ct to

d ire c to r o f

th o

M a n u fa c t u r in g

th o p re sid e n c y

in s titu tio n

and

C om pany,

J o se p h

EdAvard

H o lb r o o k ,

P re sid e n t o f
B yrn e,

th e

a

G o rh a m

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

h a v o a ttr a c te d

c o m p o s ite

m uch

c o n str u c tio n

tAvo

a t te n tio n .
fe e t

T h e b a n k ’s nexv
T h ese

v a u lts

a re

T h o Avails are o f

th ic k — a

chrom e

ste e l

lin in g o f p la te b e in g re in fo rce d b y ra ilro a d tie s e m b e d d e d in

a n d C a sh ie r o f th o b a n k issu e d tho folloAving s ta te m e n t on

h y d r a u lic c o n c r e te .

T h u rsd ay:
T he attention o f Edward H olbrook, President o f tho Gorham M anufac­
turing Com pany, Avas called to public rumors in circulation to tho effect
that tho interests who are scoklng to acquire control o f tho Merchants’
N ational Bank proposo to elect him President if they succeeed in their
enterprise.
M r. H olbrook said with emphasis that tho statement referred to was
m ado without Ills knowledge or authority, that ho has no part or lot in tho
efforts that aro said to bo In progress to acqulro control o f tho bank and no
sym pathy with them , and that tho presont management com m ands his
approv.al and confidence.
Officers o f tho M erchants’ N ational Bank wero asked to-d ay whether it
is true, as publicly rumored, that tho interests that aro trying to get the
control o f tho bank havo acquired or aro likely to acqulro approaching 50%
o f tho stock. They replied that such rumors aro not in accordance Avith
tho fact.
T h o e ffo r ts o f th e s y n d ic a te , h e a d ed b y G e o r g o C o ffin g

it is s a id , th e y co u ld re m a in s u b m e r g e d in d e fin ite ly Avithout

W a r n e r , to secure co n tr o l o f tho b a n k , AArero x’oferred to in

le a k in g .

A bout

T h e v a u lts are s tr ic t ly A vater-proof a n d ,

1 ,0 0 0

to n s

of

m ason ry

and

500

to n s

v a rio u s k in d s o f ste e l Avere u se d in th e ir c o n s tr u c tio n .
o ffic a l s ta ff o f th e B r o o k ly n

T ru st

of

The

C o m p a n y is c o m p o s e d

o f th e folloAving:

EdAvin P . M a y n a r d , P r e s id e n t; D a v i d I I .

Lanm an,

J.

F ran k

F re d e ric k T .

W .

S e c re ta ry ; H o r a c e W .
W .

D ille r ,

W illis

M c D o n a ld

Jr,

and

A ld r id g e V ic e -P r e s id e n ts ; W illa r d P . S c h e n c k ,
F a r r e ll, H e r b e r t U .

S ille c k , A u s t in

P e n c h o e n , G ilb e r t A . T h ir k ie ld , a n d F re d e r ic k B . L in d ­

s a y , A s s is ta n t S e c re ta rie s.

R u s s e ll

S.

W a lk e r ,

h e re to fo re

T re a s u r e r

of

th e

D im e

S a v in g s B a n k o f B r o o k ly n , lias b e e n e le c te d to th e P re s id e n c y
to fill th e v a c a n c y ca u sed b y th e d e a th o f J . L . M a r c e llu s .

thoso c o lu m n s la s t A veek.

D im e

S a v in g s

a d v e r tis e m e n ts t o -d a y , th e a n n o u n c e m e n t to its sh areh old ers

B a n k since 1 9 0 2 , Avhen h e w a s e le c te d S e c r e ta r y .

H e be­

a sk in g p roxies su p p o rtin g th o p re sen t m a n a g e m e n t o f tho

c a m e T re a su r e r in 1 9 0 4 .

bank,

R obert

e le c tio n o f F re d e ric k W . J a c k s o n , fo r e le v e n y e a r s S e c re ta ry

B a c o n , fo r m e r ly o f J . P . M o r g a n & C o ., a n d la to A m b a s s a d o r

o f th e D im e S a v in g s B a n k , a s T re a s u r e r to su cc ee d M r .

T h e M e r c h a n t s N a tio n a l

to

in

th e

F ran ce;

nam es

W illia m

of
M .

th o

B a n k is p u b lish in g a m o n g our

folloAving g e n tle m e n :

K in g s le y ,

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

of

th e

U n ite d S ta t e s T r u s t C o . a n d J a m e s B r o w n o f BroAvn B r o s .
& C o ., N o w Y o r k .




M r.

W a lk e r h a s b e e n c o n n e c te d

W a lk e r , a n d

Avith th o

A n n o u n c e m e n t is a lso m a d e o f th e

th e p r o m o tio n

to

th e o ffic e o f S e c re ta ry o f

C . F r a n k S tr e ig h to ff, A s s is ta n t S e c re ta ry fo r th e
years.

la s t six

S a m u e l S . D e n n is , P re sid e n t o f th e H o w a r d S a v in g s I n ­

N a t io n a l U n io n B a n k o f M a r y l a n d , a t B a lt im o r e , M d . , t o

s titu tio n o f N e w a r k , N . J . , h a s b e e n e le c te d a d ire ctor o f th e

w h ic h

P r u d e n tia l In su ra n c e C o m p a n y to fill th e v a c a n c y ca u sed

W illia m

o ffic e

b y th e d e a th o f T h e o d o r e C . E . B la n c h a r d .

he

w as

e le cte d

W in c h e s te r ,

som e

re s ig n e d .

w ee k s a g o

M r.

to

su cc ee d

W in c h e s te r

re m a in s

M r . D e n n is

w ith th e b a n k in th e c a p a c ity o f C h a ir m a n o f th e B o a r d .

is a ls o a m e m b e r o f th e d ire c to ra te o f th e fo llo w in g : T h e

M r . G o ld s b o r o u g h h as a lr e a d y h a d e xp erie n ce in b a n k in g

U n it e d R a ilw a y s o f N e w J e r s e y , a su b sid ia ry o f th e P e n n s y l­

a ffa ir s , h a v in g b e e n V ic e -P r e s id e n t a n d C o u n s e l o f a b a n k in

v a n ia R R . ; th e C h ic a g o

C a m b r id g e

J u n c tio n

R y s . , th e U n io n S to c k ­

fo r

a

num b er o f

years.

He

se rv ed

as

Com -

y a r d s C o . , th e P itts b u r g h C in c in n a ti C h ic a g o & S t . L o u is

troller o f th e S ta te fo r tw o y e a r s a n d w a s C o lle c to r o f I n te r ­

R R . , th e M o r r is & E s s e x R R . , th e A m e r ic a n In su ra n c e C o . ,

n a l R e v e n u e fo r n in e y e a r s .

th e N a t io n a l N e w a r k B a n k in g C o . a n d P e n n s y lv a n ia T u n ­
n e l & T e r m in a l C o .

A t a m e e tin g o f th e d ire cto rs o f th e G u a rd ia n S a v in g s &

O n S e p t . 1 4 th e d ire ctors o f th e F ir s t N a t io n a l B a n k a n d
th e N a t io n a l E x c h a n g e B a n k

o f H a rtfo r d ,

C o n n .,

u n a n i­

m o u s ly a p p r o v e d a p la n fo r th e co n so lid a tio n o f th e tw o
b an ks.

T h e v o lu n ta r y liq u id a tio n o f th e N a t io n a l E x c h a n g e

T r u s t C o . o f C le v e la n d o n S e p t . 5 , L o w is B . F o o t e , p r e v io u s ly
c o n n e c te d w ith th e tr u s t d e p a r tm e n t o f th e in s titu tio n , w a s
ch o sen A s s is ta n t S e c r e ta r y , a n d G . J . P r o v o , fo r m e r ly in
ch a rg e o f n e w a c c o u n ts , w a s e le c te d A s s is ta n t T re a s u r e r.

B a n k w ill ta k e p la c e a s a re su lt a n d th e u n ite d in stitu tio n
w ill b e k n o w n a s th e F ir s t N a t io n a l B a n k , w ith o ffice s in
th e p re se n t q u a rte r s o f th e F ir s t N a t i o n a l.

T h e e n la rg e d n e w

L o u is F . K ie s e w e tte r h a s te n d ere d h is re sig n a tio n a s V ic e ­
P re s id e n t o f

th e

O h io

N a t io n a l B a n k ,

o f C o lu m b u s ,

O .,

b a n k , it is s a id , w ill h a v o a c a p ita l o f $ 1 ,1 5 0 ,0 0 0 , su rp lu s a n d

e ffe c tiv e S e p t . 3 0 , to a c c e p t a v ic e -p r e s id e n c y in th e B a n k of

p r o fits e x ce e d in g $ 9 0 0 ,0 0 0 a n d d e p o sits o f o v e r $ 7 ,0 0 0 ,0 0 0 .

N e w Y o r k , N . B . A ., of N e w Y o rk C ity .

T h e c o n so lid a tio n p la n , a s a p p r o v e d b y th e d ire ctors o n th e

m e m b e rs h ip in th e b o a r d o f d ire cto rs o f th e O h io N a tio n a l

1 4 t h i n s t ., c a lls fo r th e p a y m e n t b y th e F ir s t N a t io n a l B a n k

u n til th e a n n u a l m e e tin g in J a n u a r y .

o f a d iv id e n d o f 1 2 %

son

to its p re se n t s to c k h o ld e r s, to b rin g

th e s to c k s o f b o t h b a n k s to a p a r ity in v a lu e .

T h e F ir s t

N a t io n a l h a s a c a p ita l o f $ 6 5 0 ,0 0 0 a n d su rp lu s a n d p ro fits

M r . K ie s e w e tte r , a

o f th e p re se n t P re s id e n t o f th o

K ie s e w e tte r ,

e n te re d

th e

H e w ill re ta in h is

O h io N a t io n a l, E m il

b a n k ’s

e m p lo y

o p e n in g as a sa v in g s b a n k , A u g .

1 1888.

th e

day

of

its

H e a c te d a s a

(Juno 3 0 ) o f $ 5 6 6 ,6 2 4 ; th e p re se n t c a p ita l o f th e N a tio n a l

m e ssen g e r d u rin g th e s u m m e r v a c a tio n p e r io d s , a n d a fte r

E x c h a n g e B a n k is $ 5 0 0 ,0 0 0 a n d its su rplu s a n d p ro fits Ju n e

h is g r a d u a tio n

3 0 sto o d a t $ 4 1 2 ,0 7 4 .

te ller in th e b a n k in A u g u s t 1 8 9 5 .

T h e $ 5 0 0 ,0 0 0 o f n e w sto c k to b e is­

su e d b y th e F ir s t N a t io n a l w ill b e o ffe r e d to sto c k h o ld e r s o f

fr o m

H arvard

becam e

a

b o o k -k e e p e r a n d

H e h a s b een a d ire ctor

o f th e O h io N a tio n a l fo r o v e r te n y e a r s a n d h a s fille d e v e ry

th e E x c h a n g e N a t i o n a l B a n k a t a p p r o x im a te ly $ 1 9 0 a sh a re ,

p o sitio n in th e b a n k e x c e p t th a t o f P r e s id e n t.

th e p re se n t sto c k h o ld e r s o f th e F ir s t N a t io n a l w a iv in g th eir

in te n d e d r e m o v a l to N e w

rig h ts to th e n e w issu e .

sig n ed a s O h io m e m b e r o f th e a d m in is tr a tiv e c o m m itte e of

S to c k o f th e F ir s t N a t io n a l B a n k

(p a r $ 1 0 0 ) is q u o te d o n th e H a r tfo r d m a r k e t a t 2 0 0 b id a n d

th e A m e r ic a n

th e N a t io n a l E x c h a n g e s to c k is q u o te d

e x e c u tiv e

9 0 b id

(p a r $ 5 0 ) .

B an k ers’

co u n cil

of

Y ork, M r.

A s s o c ia tio n ,

th e

A m e r ic a n

O w in g to h is

K ie s e w e tte r h a s re ­
O h io

m em ber

B an k ers’

of

th e

A s s o c ia tio n ,

T h e n e w b a n k w ill in crease th e n u m b e r s o f its d ire ctors a n d

m e m b e r o f th e e x e c u tiv e c o m m itte e o f th e O h io B a n k e r s ’

w ill e le c t th e p re se n t m e m b e r s o n th e b o a r d o f th e N a t io n a l

A s s o c ia tio n , C h a ir m a n o f G r o u p 5 , O h io B a n k e r s ’ A s s o c ia ­

E xchange

tio n , T re a s u r e r o f th e

Bank

to

its

d ir e c to r a te .

The

office rs

and

a ll

e m p lo y e e s o f th e N a t io n a l E x c h a n g e B a n k w ill e n te r in to th e
e m p lo y o f th e c o n so lid a te d F ir s t N a t i o n a l.

T h e o ffice rs o f

th e n e w b a n k w ill b o : P r e s id e n t, J a m e s H . K n ig h t ; V ic e ­

C o lu m b u s C h a m b e r o f C o m m e r c e ,

T re a s u r e r o f th e C o lu m b u s E x p o s itio n B u ild in g C o . , a n d
T re a s u r e r o f th e C h ild r e n ’ s H o s p it a l.
E . A . C o lo , a d ire cto r in th e O h io N a t io n a l a n d C o m m e r ­

C . J o h n so n a n d J I. M .

cial N a t io n a l b a n k s , o f C o lu m b u s , O . , h a s re sig n ed th e fo r­

S p e r ry ; C a s h ie r , C . D . R ile y ; A s s is ta n t C a sh ie r s, E . F . H a r ­

m e r p o s itio n , o w in g to th e C la y t o n A c t , w h ic h fo rb id s in ­
te rlo c k in g d ire c to rs.
M r . C o le ’ s re sig n a tio n is e ffe c tiv e
O c t. 3 .
H e n r y D e e g , M a n a g e r o f th e B o n d D e p a r tm e n t of

P r e s id e n ts, W a r d

W . Jacobs, E .

r in g to n , H . W . W h i t e .
M r . K n ig h t is th e p re se n t h e a d o f th e F ir s t N a t io n a l;
and

th o O h io N a t io n a l, w h o w a s e le c te d to a v ic e -p r e s id e n c y in

H a r r in g to n a n d W h i t e are A s s is ta n t C a sh ie r s. M r .

th a t in s titu tio n in J a n u a r y la s t , h a s b een e le c te d to fill th e

M r . J a c o b s is V ic e -P r e s id e n t;
M essrs.

M r.

R ile y

J o h n s o n , w h o w ill b e id e n tifie d w ith th e
tu tio n a s V ic e -P r e s id e n t , is P re sid e n t

of

is

C a s h ie r

c o n tin u in g in sti­
th e

N a t io n a l

Ex­

v a c a n c y in th e O h io N a t i o n a l’ s b o a r d c a u se d b y M r . C o le ’s
re s ig n a tio n .

ch a n g e B a n k ; a n d M r . S p e r ry is V ic e -P r e s id e n t a n d C a sh ie r
o f th e la t te r .

M yron

T h e p re se n t F ir s t N a t io n a l B a n k w a s o p e n e d as a S ta te

C a m p b e ll,

C a sh ie r o f th e S o u th B e n d N a t io n a l

B a n k , o f S o u th B e n d , I n d . , d ied o n th e 1 1 th in s t . o f p n e u ­

in s titu tio n o n J u n e 2 4 1 8 5 7 , h a r d ly tw o m o n th s b e f o r e ,t h e

m o n ia .

p a n ic o f th a t y e a r b e g a n .

a q u a rte r o f a c e n tu r y .

I t h a d a c a p ita l o f $ 5 0 0 ,0 0 0 a n d

H e se rv ed a s C a sh ie r o f th e in s titu tio n fo r m o re th a n
A b o u t tw e n ty y e a r s a g o , i t is s a id ,

its firs t P r e s id e n t w a s G e o r g e B e a c h J r ., w h o w a s a lso a

M r.

m e m b e r o f th e b o a r d o f directors-, w h ic h c o n siste d o f te n

lia b le fo r th e lo ss o f $ 1 7 ,0 0 0

m em bers.

ab sen ce.

I t w a s la te r in c o rp o r a te d a n d d id b u sin e ss u n d er

th e n a m e o f

th e M e r c h a n t s &

M a n u fa c t u r e r s

B a n k u n til

J a n . 1 2 1 8 6 4 , w h e n i t c h a n g e d fr o m a S ta te in stitu tio n to th e
n a tio n a l b a n k in g s y s t e m , th e n ch a n g in g its n a m e to th e F ir s t
N a t io n a l B a n k o f H a r t f o r d .

T h e b a n k m o v e d in to

Jam es H .

K n i g h t , n o w P re si­

d e n t o f th e F ir s t N a t io n a l B a n k , h a s se rv e d in th e sa m e p o si­
tio n

sin ce

1887.

The

E xchange

N a t io n a l

Bank

s ta r te d

b u sin e ss in 1 8 3 4 a s th e E x c h a n g e B a n k o f H a r t f o r d , w ith a
c a p ita l o f $ 5 0 0 ,0 0 0 .

It

h a s o c cu p ie d its p re se n t s ite , 7 6

S ta t e S tr e e t, sin ce it w a s fo u n d e d .
b a n k in g s y s t e m

cam e

in to

p ro m in e n c e
by

by

h o ld in g

th e b a n k ,

h im s e lf

s to le n in h is

H e in sisted o n r e p a y in g th e lo ss a t th e ra te o f

$ 1 ,0 0 0 a y e a r .

M r . C a m p b e ll w as to h a v e ta k e n p a r t in th e

In d ia n a B a n k e r s ’ C o n v e n tio n to b e h e ld a t In d ia n a p o lis in

October.

.

I n 1 8 6 8 it in cre ase d its c a p ita l

s to c k to $ 6 5 0 ,0 0 0 , its p re se n t fig u r e .
its p re se n t h o m e in 1 8 9 8 .

C a m p b e ll

I t e n te re d th e n a tio n a l

a s th e N a t io n a l E x c h a n g e B a n k

The

d ire ctors o f th e

H a rris

T ru st &

S a v in g s

Bank

of

C h ic a g o h a v e p a sse d a re so lu tio n d ire ctin g th e d is tr ib u tio n
o f $ 5 0 0 ,0 0 0 a d d itio n a l c a p ita l s to c k a t p a r o n O c t . 1 , to s to c k ­
h o ld e rs o f re co rd A u g . 2 8 .

T h o issu an co o f th e n e w s to c k

in creases th e c a p ita l fr o m $ 1 ,5 0 0 ,0 0 0 to $ 2 ,0 0 0 ,0 0 0 a n d w a s
a u th o r iz e d b y th e sto c k h o ld e r s in J u ly .

in 1 8 6 4 .

I n a d d itio n t o a c c u m u la tin g su rplu s a n d u n d iv id e d p ro fits

A n n o u n c e m e n t w a s m a d e o n th o 8 t h in s t . o f th e e le otion

o f o v e r $ 4 0 0 ,0 0 0 , th e b a n k h a s p a id n e a r ly tw o a n d th r e e -

o f th e fo llo w in g n e w m e m b e r s to th o b o a r d o f th e W e n d e ll

q u a rte r m illio n d o lla rs in d iv id e n d s since its o r g a n iz a tio n .

S ta te B a n k o f C h ic a g o , 111.:
J . A . Spoor, Chairman o f tho B oard , U nion Stock Yards & Transit C o .
N elson M orris, Chairman o f B oard, M orris & C o.
A rthur G . Leonard, President, U nion Stock Yards & Transit C o .
E dw ard M orris J r., President, M orris & C o .
C . M . M acfarlane, Vico-President and Treasurer, M orris & C o.
W illiam J. R athje, President, M id -C ity Trust & Savings Bank.

I t s p re se n t e x e c u tiv e o ffic e r , E li ja h C . J o h n s o n , h as se rv e d
a s P re s id e n t sin ce 1 9 0 8 .

A c t io n o n th e p ro p o se d co n so li­

d a tio n w ill b o ta k e n b y th e sto c k h o ld e rs o f th e F ir s t N a t io n a l
o n O c t . 1 7 a n d b y th o se o f th e N a t io n a l

E xchange

B a n k on

O c t. 1 8 .

T h e W e n d e ll S ta te B a n k w a s e s ta b lis h e d in 1 8 9 3 a n d is

A t a m e e tin g o f th e d ire c to rs o f th e E x c h a n g e T r u s t C o .
o f B o s t o n o n th e 1 2 th i n s t ., th e re g u la r q u a r te r ly d iv id e n d
of

l K % w a s d e c la re d , p a y a b le O c t. 2 1 9 1 6 to sto c k h o ld e rs

I t h a s a c a p ita l o f $ 5 0 ,0 0 0 .

9

O n S e p t . 5 fo r m e r G o v e r n o r P h illip s L e e G o ld s b o r o u g h ,
o f M a r y l a n d , e n te re d u p o n h is n e w d u tie s a s P re sid e n t o f tho

I t is said th a t th e e le c tio n o f

th e n e w d ire cto rs is in p u rsu a n ce to p la n s fo r th e e x p a n sio n
o f th e b a n k .

o f re co rd S e p t . 2 0 1 9 1 6 .




o n e o f th e o ld e s t b a n k s in th e W e s t S id e d is tr ic t o f C h ic a g o .

T h e o ffice rs o f th e in s titu tio n a re :

C a r d o n a , P re s id e n t;

R aym ond

I I . E . H e r r ic k , V ic e -P r e s id e n t;

W e n d e ll, V ic e -P r e s id e n t;

J. A .

a n d H u g h M c N o f f , C a s h ie r .

A t a g e n e ra l m e e tin g o f th e Y o k o lio m a S p e cie B a n k , L td
(N o w Y o r k B r a n c h , 5 5 W a l l S t .) h e ld a t Y o k o lio m a o n the

N a m e o f Com pany.

1 1 th in s t . a d iv id e n d o f 1 2 % p er a n n u m w a s d e c la re d ; the

R ailro a d s (S team ).
Ashland Coal A- I ro n R y. (g u a r.) ________
Beech Creek, guar. (quar.)__........... .1 .1
Boston & Albany (quar.)_____________
Boston Revere Beach & Lynn (q u a r.)H
Canadian Pacific, com . (quar.)__________
Preferred_____________________________
Chicago Burlington & Q uincy (g u a r.) _____
Chicago Great Western, preferred______
Chicago & N orth Western, com m on (qu.)
Preferred (quar.)......... ........ .....................
Cleve. C in. Chic. A St. L ou is, p r ef. (gu.) .
Cuba R R ., com m on____________________
Delaware & Hudson C o. (quar.)________
Great Northern (quar.)________________
Jnterborough Consol. C orp., pref. (q u .).
Interborough Rapid Transit (quar.)
Lackau'anna RR. o f N . J. (g u a r.) ____
M a in e Central, com m on (g u a r.) _____
Manhattan R y . (q u a r .)..................

su m o f 4 0 0 ,0 0 0 y e n w a s a d d e d to th o su r p lu s, w h ic h n ow
sta n d s a t 2 0 ,8 0 0 ,0 0 0 y e n .
I n a d d itio n
carried fo rw a r d to th e n o x t h a lf y e a r .

1 ,4 3 7 ,0 0 0

y o n w as

ENGLISH F IN A N C IA L MARKETS— PER CABLE.
T h e d a ily clo sin g q u o ta tio n s fo r se c u ritie s, & c ., a t L o n d o n ,
a s ro p o rted b y c a b le , h a v e b e e n as fo llo w s th o p a s t w e e k :
L ondon,
Sent O Sent 11 Senf 19 Sent 19 C'..., . . .. .
Week ending Sept. 15.
Sat.
M on.
Silver, per o z ___________. . . d . 32 9-16 2 2 %
Consols, 2 X per cen ts ..
60 X
British A X Per cents__
96^
French rentes (In Paris),, fr.
.. —
64.00
French W ar Loan, 5%, (in
(In
—
—

T ues.

W ed .

32 5-16

32 ^

vox
oox

x
00X

64.25
90.00

00

64.25

T hurs.
22 X

60

m ix

64.15

m .

32 %

60
96 %
64.00

90.00

90.00
90.00
V iii^
•------------ •----- ^ ----------------—
™. ™
yu.uu
1 h e prico o f silv e r in N e w Y o r k o n th o sa m e d a y s h as b e e n :

Sliver In N . Y ., per oz._cts_ 68%

68

07 X

68

68X

New ark A B loom field ........... ..
N ew York Central RR. (g u a r.).

68

T on s.

Tons

Tons.

1914...4,158.589 June 30 1912.-.5.807.346
1914...4,032,857 M ay 31 1912...6,750.983
1914...3,998,160 Apr. 30 1912...6,604.885
1914...4.277.068 M ar. 31 1912...5,304,8.41
1914...4,653,825 Feb. 29 1912...5.454.201
1 914...5,026,440 Jan. 31 1912...5,379,721
1 914...4,613,630 Deo. 31 1911...5.034.765
1 91 3 .. 4,282,108 N ov. 30 1911...4,141,958
1913...4.596.347 Oct. 31 1911. ..3,094,327
1913...4.513.707 Sopt. 30 1911...3,611,315
1913...5,003,785 Aug. 31 1911...3.695,985
1913.-.6,223,408 July 31 1911...3,684,088
1913.-.5,399,350 June 30 1911...3,361,087
1913.. . 5 , 807,317 M ay 31 1911...3,113,154
1913...6,324,322 April 30 1911...3,218,700
1913...6.978,762 M ar. 31 1911...3,447,301
1913...7.468,956 Fob. 28 1911...3,400,543
1913...7,656,714
----- ...J a n . 31 1911.
3.110 910
1913 — 7,827,368!Deo. 31 1910__ 2,674’ 7C0
1912— 7,932,161 N o v. 30 1910..12,760 413
1912— 7,852,883 O ct. 31 1910___ 2.871,949
1912— 7,594,381 Sept. 30 1910___ 3,158,106
1912— 6,551,607 A ug. 31 1910___ 3,537,128
1912* 6,163,375 July 31 1910...3,970,931
1912
5.957,079

l ho figu res p rio r to J u ly 3 1 1 9 1 0 w oro issu ed q u a rte r ly
I h e s e , e x te n d in g b a c k to 1 9 0 1 , w ero g iv o n in tho
C h r o n ic le ” o f M a r c h 1 3 1 9 1 5 , p a g o 8 7 6 .

only.

A N T H R A C I T E C O A L P R O D U C T I O N . — T h o s h ip m e n ts
o f a n th ra c ite co al fo r tho m o n th o f A u g u s t 1 9 1 6 , as rop orted
to th o A n th r a c it e B u r e a u o f In fo r m a tio n a t W ilk e s -B a r r e ,
a m o u n te d to 5 ,5 3 1 ,7 9 7 to n s , a n increase o f 6 9 ,6 7 0 to n s o v e r
tho co rresp o n d in g m o n th la s t y e a r , a n d o f 9 8 ,9 1 9 to n s o v er
J u ly 1 9 1 6 .
T h e B u r e a u in its ro p o rt s a y s :
Tho incroaso o f about 100,000 tons in August over July was loss than
should have boon made if production had boon at tho same rate in
h

daily averago rate in August as in July tho shipments would have
to about 5,865,000 tons, or 335.006 tons more
tho tonnago°canal)la
fact, several o f tho provisions of the agreement o f M a y 10111 h a v o 'm in
honored more by the breach than by tho observance on the ivirt o f
minors.
1
U1
The maximum August shipments of anthracite woro made In 1012 when
0,576,591 tons were sent out o f tho region. In spite o f tho shortage of
labor in tho mints this record could have been approxim ated this v o i r If
tlio promised increased intensity of labor following tho shortened dav had
boon fulfilled, and tho threatened shortago o f fuel during the com ing winter
would have been somewhat less pronounced.
°
In th o fo llo w in g w o c o m p a re tho sh ip m e n ts b y th o va rio u s
carriers fo r A u g u s t 1 9 1 6 a n d 1 9 1 5 a n d fo r th o 8 m o n th s
e n d in g A u g . 3 1 :
-A u g u st-

ESSSgfr.£y& ReadIn* ............-t°n s_i.ooo.a«r

847,262

Central ItK . of New Jeraey 11II111111
Delaware Lackawanna & W estern.. I I 875 131
Delaware & Hudson................................. 572’822
Pennsylvania............................................. 4 8 2 I416
E rio............. - .............................................. 658,044
Ontario A W estern ................................. 184,708
Lehigh & New England.......................... *136,882

6613,721
7 !

859,368
731,137
426,818
®^0,817
131,987
131,290

T otal ......... - ............................................5,531,797 5,462,127

— Jan. 1 to A u g . 31—
1916.
1915.
S .& l
7 , f c087
180
4.674,573 5,010,562
0,826,773 5,970,751
4,733,883 5,232,732
. ______ 3,766,322
______
3,992,368
5,290^624 l ’,007 ,000
1,328 140 Y a V Y
*1,333,886 1 034,’
44,386,340 42,894,783

♦After deducting (to avcld duplication) tonnage delivered to tho O n tm i n n nt
N . J. at H auto by the Lehigh & New England IlK . and included as part of the t,,ii
nago of the latter. This amounted to 53,897 tons in August 1916 and m o u n r o a
tons for tho three months ending Aug. 31.
1 t0

#ouvm cvctal anclIH iscellaucous gttw#
DIVIDENDS.
T h o fo llo w in g sh o w s a ll th o d iv id e n d s a n n o u n c e d fo r tho
fu tu r e b y largo o r im p o r ta n t c o rp o ra tio n s:

Dividends announced this week are printed in italics.




2'A

2
2
1
IX
2

IX

3

2X
ix
1X

5

1

IX
IX
2X

3

IX

IX
IX
IX
2

75o.

TRADE AND TRAFFIC MOVEMENTS.
U N F IL L E D O R D E R S OF S T E E L C O R P O R A T IO N .
T h o U n it e d S ta te s S teel C o rp o r a tio n o n S a tu r d a y , S e p t.
issued its re g u la r m o n th ly s ta te m e n t sh o w in g th o u n fille d
ord ers on th o b o o k s o f the s u b sid ia r y co rp o r a tio n s a t tho
closo o f A u g u s t .
F r o m this s ta te m e n t it a p p e a rs th a t the
a g g r e g a te o f u n fille d orders o n A u g . 3 1 w a s 9 ,6 0 0 ,3 5 7 to n s
a n increase o f 0 6 ,7 6 5 to n s o v e r la s t m o n th , w h en tho a m o u n t
o f o u tsta n d in g orders w as 9 ,5 9 3 ,5 9 2 to n s.
In th o fo llo w in g w e g iv e th o c o m p a riso n s w ith th o p re v io u s
m o n th s :
1916 ...9 ,6 6 0,35 7 July 31
1 916...9,593,592 lune 30
1 910.-.9,640,458 M ay 31
1916.-.9,937,798 Apr. 30
1916...9,829,551 M ar. 31
1916...9,331,001 Feb. 28
1 9 1 6 ...8 ,5 6 8,96 6 Jan. 31
1916...7,922,767 Dec. 31
1915...7,806,220 N ov. 30
1 915...7,189,489 O ct. 31
1915.-.6,165,452 Sept. 30
1 915...5,317,618 Aug. 31
1915...4,908,455 July 31
1915___4,928,540 Juno 30
1915...4,678,196 M ay 31
1 915...4,264,598 Apr. 30
1915...4,162,244 M ar. 31
191 5 ...4 .2 5 5,74 9 Feb. 28
1915...4,345.371 Jan. 31
1916...4.248.671 Dec. 31
1914...3,836,643 N ov. 30
1914...3 ,3 2 4,59 2 Oct. 31
1914 ...3 ,4 6 1.09 7 Sept. „30
„
1914...3.787.667 Aug.
" " 31
1 9 1 4 ...4 ,2 1 3 .3 3 1 1July 31

1
2

50o.

SI
N orthern RR. o f N . I f . (g u a r.) _____
N orw ich A W orcester, pref. (g u a r.).

Aug. 31
July 31
Juno 30
M ay 31
April 30
M ar. 31
Feb. 29
Jan. 31
D eo. 31
N ov. 30
Oct. 31
Sept. 30
A ug. 31
July 31
June 30
M ay 81
Apr. 30
M ar. 31
Feb. 28
Jan. 31
Deo. 31
N ov. 30
Oct. 31
Sept. 30
Aug. 31

Per
Cent.

Special guaranteed stock (quar.)_____
Southern Pacific (quar.) (N o. 4 0)_______
Union Pacific, com m on (quar.)_______
Preferred____________________________
United N

J. RR. & Canal Cos. (g u a r .)...

W arren RR _______________________ _____ _
W est Jersey & Seashore............................ .
Wisconsin Central, preferred___________
S treet a n d E le c tr ic R ailw ays.
Asheville P ow . & L I., p f. (gu.) (N o . 18).
Brazilian T rac., L. A P ., Ltd. pf. (qu.)
Brooklyn Rapid Transit (q u a r .)..

.... r* *

•«*•

o r . vju.)

c ties Service, com . A pref. (m o n th ly)..

Cleveland Ry. (g u a r.) ___________________
Colum bus R y., P ow . & L t., p r e f." A (g u .)~

Duluth-Superior T ract., preferred (quar.)
D uguesne Light, p r ef. (gu.) (N o . 7)
Eastern P ow er A Light, p f. (gu ) (N o 14)
Frank. A Southwark Pass., Phlla. (quar.)
H a lifa x Electric Tram w ay (guar.)
H on olu lu Rapid Transit A Land "(g u a r ')"
H oughton County T rac., p r ef. (N o . 17)
I llin o is T raction, p r ef. ( g u a r . ) . . . ..............

Kansas City R ys., pref......... ...............I l l
M a n ila E lec. RR. A Ltg. C orp. (g u a r.) ____
N ew York State R ys., com . A p ref. (guar.)
N o ,th em Ohio T r. A L ., p r ef. (g u a r .)..." .
P hiladelphia C o., com . (gu.) (N o . 140)
6% preferred (N o . 8 )________ _______ *

Philadelphia T raction____________
Ridge A ve. Pass. R y., P hiladelphia (guar")

IX
IX
IX
2
2
2X
2X
2X

2

W hen
Payable.

Books Closed
D a ys In clu sive.

Sept. 25 Holders of rec. Sept. 24a
O ct. 2 Holders of rec. Sept. 20a
Sept. 30 Holders o f rec. Aug. 31a
O ct. 2 Holders o f reo. Sept. 15a
Sept. 30 Sept. 2 to
O ct. 4
Sept. 30 Sept. 2 to
O ct. 4
Sept. 25 H oideis o f reo. Sept. 19a
O ct. 2 Sept. 10
to
O ct. 3
O ct. 2 Holders o f rec. Sept, la
O ct. 2 Holders o f rec. Sept, la
O ct. 20 Holders o f rec. Sept. 29a
N o v . 1 Holders of rec. June 15a
Sept. 20 Holders o f rec. Aug. 28a
N o v . 1 Sept. 23
to
Oct. 13
O ct. 2 Holders of rec. Sept. 11a
Oct.
Holders o f rec. Sept. 20a
Oct. 2 Holders o f rec. Sept. 9a
Oct. 2 Holders o f reo. Sept. 15a
O ct. 1 Holders of rec. Sept. 15a
O ct. 16 Holders of rec. Sept. 2 2 a
Oct. 2 Holders o f rec. Sept. 22a
Nov ] Holders of rec. Oct. 6a
Oct. 2 Holders of rec. Sept. 22a
Oct. 2 Holders of rec. Sept. 15a
Sept. If Holders o f rec. Aug. 3 1 a
Oct. 2 Holders of le c. Sept. 5a
Oct. 2 Sept. 15
to
O ct. 1
Oct.. 1 Holders of rec. «ep t 15
Oct. 3 Holders o f rec. Sept. 11 a
K)ct. 2 Holders o f rec. Sept. 11a
iOct. 2 Holders of rec. Aug. 31a
(Oct. 2 Holders o f rec. Sept la
Oct. 2 Holders o f rec. Sept, la
Oct. 1C Sept. 21
to
O ct.
1
iOct. 1C Holders of rec. O ct. 6 a
Oct. 2 Holders of rec. Sept. 15a
Oct. 2 Holders o f rec. Sept. 9

2 Holders of rec. Sept. 16
2 Holders of rec. Sept. 15
1 Holders o f rec. Sept 9a
1 Sept. 15 to Sept. 30
2 Holders of rec. Sept. 16
1 Holders of rec. Sept. 15
2 Holders of rec. Sept. 1.5a
2 Holders of rec. Sept. 15
1
2 Holders of rec. Sept. 15a
Nov. 1 Holders o f rec. Oot. 2
ix
IX
Sept 15 Holders o f reo Sept 7
S4.5C O ct. 2 Holders o f rec. Sept, la
2
Oct. 2 Sept. 19
to
O ct. 1
2
Sept. 30 Sept. 28
to
Oct.
1
3
Oct. 2 Holders of rec. Sept. 20
Oot. 1 Holders o f reo. Sept. 15
IX
Oct.
1 Sept. 26 to O ct. 1
2X
Oct. 2 Holders of reo. Sept. 18a
IX
Oct. 2 Holders of reo. Sept. 18a
IX
Oct.
1 Holders of rec. Sept. 10 a
ix
8 7 X c . Nov. 1 Holders of rec. O ct.
2a
SI.50 Nov. 1 Holders of rec. O ct. 2a
S2 .Oct. 2 Sept. 12
to
O ct. 1
S3
Oct. 2 Sept. 16
to
O ct. 2
S3
Oct. 2 Holders o f rec Sept, la
Oct. 2 Holders of rec. Sept. 15a
IX
1
Oct. 1 Holders o f rec Sept. 15a
2
Oct.
1
Oct. 2
IX
Oct
2 Holders of rec Sept. 12a
IX
1
Oct. 2 Holders o f rec. Sept. 15a
Oct. 2
ix
Oct.
IX
6
to
Sept. 10
Oct. 2
IX
Sept. 30
IX
S I.75 Oct. 2
to
O ct.
1
Oct.
1
IX
r rec. Sept. 23
Oct. 2
IX
to
O ct. 1
IX
IX
IX
IX
IX
X
IX
ix

Oct.
Oct.
Oct.
iOct.
Oct.
Oct.
iOct.
Oct.
Oct.

Second A Third Sts. Pass., Phlladelphla.
Sprl ngf’d (M o .) R y .A L t., p f.(qu.) (N o. 7)
Third Avenue R y . (quar.)______________
Toronto Ry. ( g u a r . ) . . ________ ___________
Twin City Rap.Tran..MInneap.,com.(qu.)
Preferred (quar.)....... .............. ...............
United Light A R ys., com m on (N o. 7)
First preferred (quar.) (N o. 2 4 )...........
United T rac. A Klee. , Prov. (quar.)____
Utah Power A Light, pref. (g u a r.) ................
W ash. Balt. A A n n a p . E lec. RR., p ref. (gu.)
West End St. R y ., Boston, common
W estern Ohio R y., 1st pref. ( g u a r . ) ____
W est India E l. C o. (quar.) (N o. 3 5)____
B an ks.
F irst N ation al (g u a r.) ______________
7
Oct. 2
F irst Security C o. (g u a r.) _____ _____
3
Oct. 2
Seaboard N ation al (g u a r.) _________
3
Oct. 2
T r u s t C om panies.
Guaranty (qu ar.;................................
4
Sept. 30
E x tra .............................................
1
Sept. 30
L aw yers'T itle A Trust (quar.) (N o. 27)
Oct. 2
IX
People’s (Brooklyn) (q u a r .)____________
Oct. 2
3X
M iscellan eou s.
Ahm eek M in in g (g u a r.) __________________ S4
Oct. 10
Allls-Chalmers M fg ., pref. (quar.)______
Jet. 16 ]
IX
Allouez Mining (qu ar.;__________________ S2.50 Jet. 4 1
American Bank N ote. pref. (quar.)______ 75c. Jet. 2 I
Amor. Beet Sugar, pref. (qu.) (N o. 6 9 ) ..
Oct. 3 I
IX
A m e r. Brake Shoe A F d y ., com . (g u a r.) __
Sept. 30 l
IX
P referred (g u a r.) .......................................
2
3ept. 30 I
American Can, preferred (q u a r.)_______
Oct. 1 1
IX
Amer. Car A F dy. com . (quar.) (N o. 56)
Oct. 2 1
X
Preferred (quar.) (N o. 7 0)....................
Oct. 2 I
IX
American Cigar, pref. (quar.)_________
Oct. 2 1
IX
American Cyanamld, pref_____________
6 D ec. 1 Holders of rec. Aug. 1
American Express ( q u a r .)............. ........
S I.50 Oct. 2 [Holders of rec. A ug. 31a
A m er. Gas A E lec., com . (gu.) (N o . 26)
2 X Oct. 2 Holders of rec. Sept. 20
P referred (guar.) (N o . 3 9)_______ _____
I X N ov. 1 Holders of reo. O ct. 20
Amer. Graphophone, com . (qu.) (N o. 46)
I X Oct. 2.Holders of reo. Sept. 15a
Am er. Iron A Steel M fg., com .A pf.(qu.)
I X Oct. 1 Holders o f rec Sept. 20a
American Locom otive, common (quar.) _
I X Sept. 21 Sept. 19 to Oct 17
Preferred (quar.)____________ ________
I X Oct 21 Sept. 19 to Oct. 17
Am er. Pneumatic Service, 1st pref______
$1.75 Sept. 30 Holders of rec. Sept. 9
Second preferred____________________
75c. Sept. 30 Holders of rec. Sept. 9
A m e r. P ow . A Light, p ref. (gu.) (N o . 28)
IX
Oct. 2;IIolders o f rec. Sept. 22
A m e r. Public U tilities, pref. (g u a r.) _____
IX
Sept. 30 Holders o f reo. Sept. 20a
Amor. Radiator, common (quar.)______
4
Sept. 30 Sept. 22 to
Sept. 30
Amor. Smelters Securities, pref. A (quar.)
I X O ct.
2 Sept. 16 to
Sept. 24
Preferred B (qu ar.;........... .....................
1Xd O ct.
2 Sept. 16 to
Sept. 24
American Snuff, com m on (quar.)_______
3
O ct. 2 Holders of reo. Sept. 15a
Preferred (quar.)______ ______ ________
I X O ct. 2 Holders of reo. Sept. 15a
Amer. Sugar R efg., com . (qu.) (N o. 100).
I X O ct. 2 Holders of roc. Sept, la
Preferred (quar.) (N o. 9 9)......................
I X O ct. 2 Holders o f rec. Sept, la
American T obacco, pref. (quar.)_______
I X O ct. 2 Holders of reo. Sept. 15a
A m e r. T ype Founders, com . (g u a r.) ______
1
O ct. 16 Holders of reo. O ct. 10a
P referred (g u a r .) .........................................
IX
Oct. 16 Holders of rec. O ct. 10a
American W oolen, com m on (q u a r.).........
I X O ct.
16 Sept. 16 to
Sept. 28
Preferred (quar.)............................ ..........
IX
O ct.
16 Sept. 16 to
Sept. 28
A n sco Com pany (g u a r.) ........... .....................
2 X Oct.
2 Sept. 19 to
O ct.
1
A rm sby Co. o f N . F ., p r ef. (g u a r.) ..............
I X Sept. 30 Holders of reo. Sept. 15
Associated Oil (g u a r.) .....................................
1 Oct. 16 Holders of reo. Sept. 30a
Atlantic Gulf A W . I. SS. Lines, pf. (q u .).
I X O ct. 2 Holders of rec. Sept. 15a
Baltimore Tube, Inc., com . A pref. (qu.)
I X Oct. 1 Holders of rec. Sept. 20
Barnhart Bros. A Spindler, \st&2d pf.(g u .)
I X N ov. 1 Holders of reo. O ct. 27
Barren C o., com m on (g u a r.) _____________
I X O ct. 1 Holders of reo. Sept. 20
P referred (g u a r.) .........................................
I X Oct. 16 Holders of rec. Oct. 5
Bell Telephone o f Canada (g u a r.) ________
2 Oct. 14 Holders of reo. Sept. 30
Bethlehem Steel, common (q u a r.)......... ..
7 X O ct. 2 Holders o f rec. Sept. 15a
Preferred (quar.)......... .............................
I X O ct. 2 Holders of rec. Sept. 15a
Billings A Spencer (g u a r.) .............................
2
Oct. 2 Holders of reo. Sept. 25
Extra ........... ............ ....................................
3
Oct. 2 Holders of rec. Sept. 25
Booth Fisheries, first preferred (quar.) 11
I X Oct . 1 Holders o f rec Sept. 20a
Borne, Scrymser C o. (annual)....... .......... 20
Oct. 16 Sept. 17 to
O ct. 15
B rier H ill Steel, com m on (g u a r.) ..................
I X Oct.
P referred (g u a r.) ______________________
Oct.
IX
Jlrltlsh-American T obacco, ordinary_____ 10
Sept. 30
See note (r)
B rttlsh-A m erlcan Tobacco, p r e f . . ...............
b 2 X Sept.30
___________
Brooklyn Union Gas (quar.) (N o. 6 2 )__
I X O ct. 2 Holders o f rec. Sept. 14a

N a m e o f C om pany.

Miscellaneous (C ontinued).
(quar. ) . .
Buffalo General Elec, (quar.) (No. 88) - B urns B ros. I c e C orp ., 1st p r e f. (quar.) —
Butte & Superior Mining (quar.)............
Extra----------------- ----------------------------

Per
Cent.

W hen
P ayable.

B ooks Closed.
D a y s In clu sive.

N a m e o f C om pany.

Miscellaneous (Concluded).

P er
Cent.

W hen
Payable.

Books Closed.
D a ys In clu sive.

$1.25 Sept. 20Aug. 23 to Sept. 11
Oct. 1 Holders of reo. Sept. 10o Ohio Oil (quar.)_______________________ $
4.75 Sept. 20Aug. 23 to Sept. 11
Extra.......................................................
1)4 Sept. 30 Holders of reo. Sept. 20
IK
Sept. 30 Holders of rec. Sept. 20
Ohio State Telephone, preferred (q u a r .) -----Oct. 2 Holders of rec. Sept. 15
IK
Sept. 30 Holders of reo. Sept. 20
$1 25 Sept. 30 Holders of rec Sept. 15a Oklahoma P roducing A R cfg. (q u a r.) --------- 12)4o.
$3
Sept. 29Sept. 15 to Sept. 20
Old
Dominion
Co.
(quar.)-------------------$5
Sept. 30 Holders of reo Sept. 15a
$3
Sept. 28Sept. 15 to Sept. 20
Oct. 1 Holders of reo. Sept. 16a Old Dominion Cop. Min. & Smelt, (qu.)
I
C a liforn ia Petroleum C orp ., p ref. ( q u . ) . . .
1)4 Oct. 1 Holders of rec. Sept. 20
Ottawa Light H eal A Pow . (qu.) (N o . 41) . .
Sept.
9
to
Sept.
17
Sept.
25
$2
Calumet & Arizona Mining (quar.)--------1
K
Oct.
1 Holders of reo. Sept. 20
P
a
n
-A
m
er.
Petrol.
A
Transport,
p
r
e
f.(q
u
.).
Sept. 22 Holders of rec. Sept, la
Calumet & Hecla Mining (quar.)------------ $20
1) 4 Oct. 1 Holders of reo. Sept. 19
W ater A Pow er (q u .)(N o . 11)
2 Oct. 2 Holders of rec. Sept. 15 Pennsylvania
Cambria Iron.................. - .........................
1
K Oct.
1 Holders of rec. Sept. 20a
Pettlbono
Mulllken
Co.,
1st
&
2d
pf.(qu.)
Sept
6
to
Sept.16
3
Sept. 16
Canada Cement, I,td., common-----------2 ) 4 Sept. 29 Holders of reo. Sept. 19a
Nov. 1 Holders of rec. Oct. la Ph elps, D odge A C o. (q u a r.) .................... IK
Canada Steamship Lines, pref------------5)4 Sept. 29 Holders of reo. Sept. 19a
E
x
t
r
a
______________________________
Holders
of
reo.
Sept.
22
Oct.
4
1
C anadian Cottons, L td ., com . (q u a r.) ------IK
Oot. 1 Holders of rec. Sept. 16
Pittsburgh Plate G lass, com . (q u a r.) --------1)4 Oct. 4 Holders of rec. Sept. 22
Preferred (q u a r.) .......... - ...................- - ­
3
Oct. 31 Holders of rec. Sept. 30
P rairie Oil A Gas (q u a r .). .......... ...............
Oct. 1 Holders of rec. Sept. 15
IK
Canadian General Electric, com. (quar.)
2
Oct. 31 Holders of reo. Sept. 30
E
x
t
r
a
______________
_____
__________
Holders
of
rec.
Sept,
lla
Oct.
2
IK
Case (J. I.) Thresh. Mach., pf. (quar.)
5
Oct. 31 Holders of rec. Sept. 30
P
ra
iile
P
ip
e
L
in
e
(q
u
a
r.)
............
_.............
Oct. 2 Holders of rec. Sept. 9a
IK
Central Leather, pref. (quar.)------5
Oct. 31 Holders of rec. Sept. 30
E x t r a ............ - ........................................
2)4 Oct. 1 Holders of rec. Sfcpt. 26
Central Petroleum, preferred..........
2)4
Oct. 16 Holders of rec. Oct. 2a
Quaker
Oats,
common
(quar.)--------------Sept. 30 Holders of reo. Sept. 10
IK
Central States El. Corp. pf.(qu.) (No. 17)
Common (payable In common stock) . . 1 0 / Sept. 30 Holders of rec. Sept, la
2 Oct. 2 Holders of rec. Sept. 18a
Chandler Motor Car (quar.)..........
1)4 Nov. 29 Holders of rec. Nov. la
Preferred
(quar.)--------------------Holders
of
reo.
Sept.
18a
Oct.
2
1
Extra______________ __________
4
Sept. 25 Holders of rec. Sept. 2a
Quincy Mining (quar.)............. ..
Sept. 20 Sept. 7 to Sept. 20
Chesebrough Mfg. (quar.)..............
IK
Sept. 20 Holders of rec. Sept. 2a
Ilailway Steel-Spring, preferred (quar.)..
54 Sept. 20 Sept. 7 to Sept. 20
Extra........................ ....................
50c Sept. 30 Holders of rec. Sept. 15a
Ray
Consolidated
Copper
(quar.)
2
Holders
of
rec.
Sept.
29a
Sept.
30
Chicago Telephone (quar.)---------25c Sept. 30 Holders of rec. Sept. 15a
Extra........................- .................
Chino Copper Co. (quar.)....................... SI .25 Sept. 30 Holders of ree. Sept. 15a Republic
1)4 Oct. 2 Holders of reo. Sept. 15a
Iron & Steel, pf. (qu.) (No. 52).
Sept. 30 Holders of rec. Sept. 15a
SI
Extra_________ ________ _______
hi
Oct. 2 Holders of rec. Sept. 15a
Prefcrred
(on
acct.
of
accum.
dlvi
‘
Sept.
23
to
Sept.
30
254 Oct. *
C ln . A Suburban Bell T eleph. (quar.)
3
1Oct. 1 H
Reynolds (R. J.) Tobacco, com. i
Sept. 27
Sept. 27 Sept. 12 to
5
Citizens’ Gas (Indianapolis) (No. 14)----2
iOct. 1 I]
Common
(extra)-----------------Holders
of
reo.
Sept.
20a
Oct.
1
K
Cluett, Peabody & Co., Inc., pf. (quar.)
Oct. 1 II
I
K
'
Preferred
(quar.)------------------Holders
of
rec.
Sept.
16a
Oot.
4
Coll Patent F ire A rm s (q u a r.) ..........
2 1Sept. 30 H
Holders of rec. Sept. 16a
1254 Oct.
E x t r a _________________________
1)4 !Sept. 30 B
Preferred (quar.)...... ......... - .........
Holders of rec. Sept. 25a
Oct.
1
C om puting-Tabulaling-Recordina (q u .) ----2 'Oct. 2 11
Holders of rec. Sept. 15a Safety Car Heat * Lighting (quar.).
Oct.
IK
Consol. Gas, E. L. & P., Balt., com. (qu.)
to Sept. 20
25c :Sopt. 20 »
St. Joseph Lead (quar.)........ ...........
Holders of rec. Sept. 15
3
Oct.
Preferred...............................................
to Sept. 20
5 0 c .:Sept. 20 8
Sept.
10
to
Sept.
30
Sept.
30
I
K
Consumers El. L. & P ., N.O., pf. (quar.)
to Sept. 29
3
cpt.
30
S
i
I
K
:
154 Oct. 2 Holders of reo. Sept. 18a
Consum ers P ow er ( M ic h .), p ref. (quar. ) . .
50.
1
S
ept.
25
1
1
154 Oct. 1 Holders of rec. Sept. 20a
Continental Can, Inc., common (quar.).
5o. :Sept. 25 U
Holders
of
rec.
Sept.
20a
Oot.
1
IK
Preferred (quar.)............ ......................
. 1)4 Oct. 1 11
Sept. 16 Aug. 27 to Sept. 16
3
Continental Oil (quar.).............................
50c. Oct. 20 11
Cosden Oil <fe Gas, com. (quar.)-------------- 1254o Sept. 20 Holders of rec. Sept. 11
.
75c. Oct. 20 I
Holders
of
rec.
Sept.
11
Sept.
20
5c.
Common (extra)--------------- -------------- Oot. 10 E
IK
Sept. 30 Holders of rec. Sept. 15a Shawlnlgan Water & Power (quar.).
IK
Crucible Steel, pref. (quar.) (No. 47)----1 I K Oct. 2 I
Preferred (acct. deferred dividends). . . h l K Sept. 30 Holders of rec. Sept. 2a
Oct.
Sept.
30 S
5
South
Penn
Oil
(quar.).
Holders
of
rec.
Sept.
16a
Oct. 2
Cuba Cane Sugar Corp., pref. (q u a r.)...
IK
Oct.
Sept. 30 8
.
3
Extra..........................
Sept. 16 to Oct. 16a
Cuban-Amerlcan Sugar, common (quar.).
254 Oct.
Oct. 2 1
)
5
Sept.
10
to
Oct.
2
Oct.
10
Com. (extra)............................................
Oct.
2
l
.
2
Preferred
(quar.).
Sept. 10 to Oct.
2
Oct.
Com. (payable In common stock)........ /40
Oct. 2 l
.
3
Holders of rec. Sept. 15a
Oct.
IK
Preferred (quar.)....................................
.
2 Oot. 1 I
Holders of rec. Sept. d20a
Dayton Power & Light, prof, (quar.)..154 Oct.
Sopt. 30 I
.
1
Sept. 22 to Oct.
1
Oct.
IK
D odge M fg ., p ref. (qu.) (N o . 23).......... .
Sept. 30 I
.
1
Common (extra)............................
Holders of reo. Sept. 12a
Oct.
IK
D om in ion C lass, L td ., p ref. (q u a r.) --------Sept. 30 I
1)4
------Preferred
A
(quar.)---------Holders of reo. Sept. 16
Dominion Iron & Steel, pref. (No. 30) —
354 Oct.
1)4 Sept. 30 I
Preferred B (quar.).......... ...........
Holders of reo. Sept. 10
354 Oct.
Preferred (No. 31)..................................
to Oct. 2
4
Oct. 2 S
Standard
OH
(Kentucky)
(quar.).
Holders
of
rec.
Sept.
15
Oct.
154
Dominion Textile, Ltd., common (quar.)
to Oct. 2
1 Oct. 2 S
Extra............ - ..............................
Holders of rec. Sept. 2
154 Oct.
Duluth Ediscn Elec., pf. (qu.) (No. 42)
to S ept.20
3 K Oct. 2 S
Standard Oil (Ohio) (quar.)..........
Holders of rec. Oct. 21
154 Nov.
du Pont (E.I.) de Nem. Powd., com. (qu.)
. $1.25 Oct. 2 ii
Holders of rec. Oct. 21a
154 Nov.
Preferred (quar.)........................
Oct.
16
l
$1.50
Holders of rec. Sept. 9a Subm arine Boat C orp. (q u a r .)..
254 Oct.
Eastman Kodak, common (quar.).
Oct. 2 I
.
IK
Holders of reo. Sept. 9a Subway Realty (quar.)........ .
154 Oct.
Preferred (quar.)........ - .............
Oct. 1 l
_ 2
.Swift & Co. (quar.) (No. 120).
SI Oct.
Edmunds & Jones Corp. (quar.)..
2)4 Sept. 30 l
Sept. 29 Holders of rec. Sept. 29
15
E lectric Boat, com . A p ref. (extra ).
1)4 Oct. 2 I
Holders
of
reo.
Sept.
18a
1
Oct.
2
Electric Storage Batt., com. & pref. (qu.)
. $1.75 Sept.30 l
Sept.30 Holders of rec. Aug. 31
3
Galena-Signal Oil, common (quar.)
to Sept. 21
. 12)4c. Oct. 2 5
Tonopah Belmont Devel. (quar.).
2 Sept. 30 Holders of reo. Aug. 31
Preferred (quar.)---------------------to Sept. 20
.
10c. Oct. 1 s
Tonopah
Extension
Mining
(quar.).
Holders
of
rec.
Sept.
13a
Oct.
2
154
General Chemical, pref. (quar.)----to Sept. 20
.
5c.
Oct.
1
s
........................
Extra..................
2 Oct. 14 Holders of reo. Sept. 16a
General Electric (quar.)..................
Oct.
2
1
75c.
Nov. 15 Holders of rec. Nov. 3a Torrlngton C o., com m on (q u a r.) ----1
Goodrich (B. F.) Co., common (quar.)..
Oct.
2
1
,)
1
Holders
of
rec.
Sept.
21a
Oct.
2
154
Preferred (quar.)........................
Oct. 2 1
IK
Preferred (q u a r.)...
154 Oct.
Gray & Davis, Inc., pref. (quar.).
.
2 Oct. 2 1
Unton Carbide (quar.).
Holders of ree. Sept. 18
Creal Lakes T ow ing, p ref. ( q u a r .)..
154 Oct.
. e 20o Oct. 2 1
Stock
Dividend----Holders
of
reo.
Deo.
15
Jan.
C u lf States Steel, com . (N o . I )...... .............
, $1.50 Oct. 14 1
Holders of rec. Sept. 15a
154 Oct.
Gulf States Steel, 1st pref. (quar.).
2)4 Sept. 25 1
Holders of rec. Oct. 14a Union Tank Line........................
Second pref. (quar.)............ ................... 1154 Nov.
2 Oct. 14 1
United
Fruit
(quar.)
(N
o
.
69)
—
Holders
of
rec.
Sept.
20a
Hart, Schaffner & Marx, preferred (quar.)
154 Sept. 30
$1 Oct. 14 1
U nited Gas Im provem ent (q u a r.).
Holders of rec. Sept. 20
H averhill Gas Light (quar.) (N o . 83)------- SI.12 54 Oot.
. $18 Sept. 28 1
Holders
of
rec.
Sept.
15a
Oct.
254
Helme (Geo. W ./ Co., common (quar.).
Oct. 15
_
n
l'A
Holders of reo. Sept. 15a
154 Oot.
Preferred (quar.).................... ...............
.
50c. Oct. 6
Holders of rec Sept. 20
Hendce Manufacturing, pf.(qu.)(No. 12).
154 Oct.
Oct. 5
..
37)4o.
Preferred
(q
u
a
r
.).
............
.........
Sept.
16
to
Sept.
24
Sept.
25
2
Hercules Powder, common (quar.)--------1 to Sept. 30
..
1)4 Sopt. 30 :
U. S. Gypsum, preferred (quar.).
Sept. 25 Sept. 16 to Sept. 24
Common (extra)........ .......... ............ - 13
Oct. 15 Holders of rec. Sept. 30a
IK
Homestako Mining (rothly.) (No. 504)-- 65o. Sept. 25 Holders of reo. Sept. 20a
Holders of reo. Sept. 16
Oct.
1
)4
U.
S.
Steamship
(ext.).
Holders
of
rec.
Sept.
25
In tern a l. H arvester o f N . J ., com . ( q u . ) . . .
154 Oct. 16
2 to S ept.11
Sept. 29
.)
IK
Sept. 16 to Oct. 1
Oct.
1
International Salt (quar.)............ ..........
2 to Sept. 11
..
1 Sept. 29
Common (extra).............. ...........
Holders of reo. Sept. 23
50c. Oct.
Isla n d Creek Coal, com m on (q u a r.) ---------Holders of reo. Sept. 0
Sopt.
25
..
75c,.
Utah
Consolidated
Mining
(quar.).
Holders of rec. Sept. 23
Preferred (q u a r .) ............ ......................... SI .50 Oct.
.. $1.501Sept. 30 Holders of rec. Sept. 15a
Holders of rec. Sept. 20a
154 Oct.
Jewell Tea, preferred (quar.)....................
.. $1.501Sept. 30 Holders of rec. Sept. 15a
Extra (No. 3).
Holders of rec. Sept. 20a
154 Oct.
K a y ser (Julius) <fc C o., com . (q u a r.) ..........
..
$4 Oct. 20 _____ i to Oct. 20
Holders of rec. Oct. 20a W ashington O il ..
154 Nov.
F irst and second preferred (q u a r.) --------O c t.! 14 Holders of reo. Sept. 20a
3)
IK
Holders of rec. Sept. 15a
Kelly-Sprlngftcld Tire, preferred (quar.).
154 Oct.
.
.
S
2 Oct. 21 Holders of rec. Sept. 30
W
esttnghouse
A
ir
Brake
(q
u
a
r.).
Sept.
16
to
Sept.
24
Kennecott Copper Corp. (qu.) (No. 3 )-- $1.50 Sept. 30
Oct. 2.Holders of rec. Sept. 16a
..
3
K resg e (S. S.) C o., p ref. ( q u a r . ) . . .......... - 17 54c. Oct. 2 Holders of reo. Sept. 18
...
1)4 Oct. 2 Holders of reo. Sept. 16a
154 Oct. 1 Holders of rec. Sept. 20
K re s s (S. H .) A C o ., p ref. (q u a r.) ---------1
Sept. 30 . ___ 7 to Oct.
..
3
2 Sept. 30 Sept. 21 to Sept. 24
La Belle Iron Works, preferred (quar.)..
.. 87)4o,. Oct. 1 Holders of reo. Sopt. 16 ■
W hite M otor (q u a r.).
Prcf. (on acct. of accumulated dlvs.). h‘2 54 Sept. 30 Sept. 21 to Sept. 24
aSept.
20
to
Sept.
26
Sept.
30
s
154
Lackawanna Steel, com m on (q u a r.) ............
Oot. 2 Holders of rec. Sept. 15a
.. *5
mon stock )---------------------IK
<Oct. 2 1
Liggett & Myers Tobacco, pref. (quar.). .
-1)4 Oot. 2 Holders of reo. Sept. 23a
W illys-O verland, p ref. (q u a r.).
Loose-Wiles Biscuit, Istpf. (qu.) (No. 18)
IK
1Oot. 2 1
A
2
1
O
ct.
3
'
LoriUard (P.) Co. common (quar.)------Oct. 2 Sept. 21 to Oot. 1
..
IK
Sons C o .), preferred (q u a r.).
Oct. 2 1
IK
Preferred (quar.).......... ........... .............
..
$6 Oct. 2 Holders of rec. Sept. 9a
Wolverine Copper Mining—
Oct. 2 i
Mackay Companies, com. (qu.) (No. 45)
IK
Oct. 1 Holders of rec. Sept. 9a
I
K
Oct. 2 :
1
Preferred (quar.) (No. 51)----------------Oct. 2 Holders of reo. Sept. 20
-IK
50c. Sept. 30:
Magma Copper (quar.).......................... .
Sept. 30 Sopt. 9 to Sept. 10
Yukon-Alaska
Trust
(quar.)-----2
:
Oct.
IK
Manatl Sugar, pref. (quar.)................ —
Sept. 30 Sopt. 9 to S ept.13
7)4c.
Yukon
Gold
Co.
(quar.)..........................
Oct. 2
IK
M anhattan Shirt, p ref. ( q u a r . ) . . . ............
M a s s . Lighting C os., old com . (q u a r.) ----- $1.75 Oct. 16 Holders of rec. Sept. 25
a
Transfer
books
not
closed
for
this
dividend.
6
Less British Incomei tax. d: CorHolders
of
rec.
Sept.
25
16
Oct.
N ew com m on (q u a r.) ................
mptfnn . pjivih!n in stock I Payable In common stock, g Payable in scrip,
$1.50 Oct. 16 Holders of rec. Sept. 25
Preferred (q u a r.) --------------- ----------- —
ft On account of accumulated dividends, ft Declared 10% , P”J*ble i?| 7° ,2Jr£l
Maxwell Motor, Inc., common (quar.) —
2)4 Oct. 2 Holders of rec. Sept, lla stock
5% as above and 5% April 2 1917 to holders of record March 15 1917. mDeFirst preferred (quar.)----------------------- m l K Oct. 2 Holders of rec. Sept, lla
clared 7% payable In quarterly Installments, n Declared 6% payable In quar­
Second preferred (quar.)...... ............. . nl)4 Oct. 2 Holders of rec. Sept, lla
Oct. 1 Holders of rec. Sept. 20a terly Installments. o Declared a stock dividend of 40% . payablo In two insta l­
M a y D epartm ent Stores, p ref. (q u a r.) ------IK
2 Oot. 1 Holders of rec. Sept. 20 ments, 20% Oct. 2 1916 and 20% Jan. 2 1917. r Transfers received In order in
M cC rary Stores Corporation, p ref. (q u a r.).
2)4 Sept. 30 Holders of rec. Sept. 5a London on or beforo Sept. 11 will bo In tlrao to bo passed for payment of dividend
Mergenthalcr Linotype (quar.)................
2 Oot. 1 Holders of reo. Sept. 20 to transferees, .s Declared 6% payable In quarterly Installments, f Declared 3% ,
M e x ic a n Petroleum , p ref. (q u a r.) ........ .
1)4 Oot. 2 Holders of reo. Sept. 15a payable 1 H % Nov. 1 to holders of record Oct. 14, and 1M% I'eb. 1 1917 to
M ich ig a n Light, preferred (q u a r.) ..............
2o. Oct. 20 Holders of reo. Oct. 1 holders of record Jan. 15 1917.
Midwest Oil, preferred------------------------1 Oct. 2 Holders of rec. Sept. 15a
Montana Power, com. (quar.) (No. 16)-Oct. 2 Holders of rec. Sept. 15a
IK
Preferred (quar.) (No. 16).......... .........
Oct. 1 Holders of rec Sept. 20a
Montgomery Ward & Co., pref. (quar.)IK
Oct. 14 Holders of rec. Sept. 28a
I
K
Natlonal Biscuit, com. (quar.) (No. 73).
N a t i o n a l B a n k a .— T h e fo llo w in g in fo r m a tio n re g a rd in g
1 Oct. 2 Sept. 23 to Oct. 1
N a t. Gas, E lec. L . A P ow er, com . (q u a r.). .
n a tio n a l b a n k s is fr o m tlio o ffice o f th e C o m p tr o lle r o f th e
1)4 Oct. 2 Sept. 23 to Oct. 1
Preferred (q u a r.) .................... - ...............
Holders
of
rec.
Sept.
16
1
Oot.
2
N ationa l G lue, p ref. (q u a r.) -------------------C u rren cy , T reasu ry D e p a r tm e n t:
1
Sopt. 30 Holders of rec. Sept. 8a
National Lead, common (quar.)-----------A P P L IC A T IO N S F O R C H A R T E R S .
N ation a l L icorice, p ref. (qu.) (N o . 57)----1)4 Sept. 30 Holders of rec. Sept. 25
Holders
of
rec.
Sept.
30
1)4 Oct. 15
N ationa l P a p er A T yp e, com . (q u a r.) ........
F o r o rg an iza tio n o f n a tio n a l b an k s:
_
,
c . , r nor.
Oct. 15 Holders of reo. Sept. 30
IK
Preferred (q u a r.) ______________ _____ T lio E q u it y N a tio n a l B a n k o f F a rm in g to n . M o n t . C a p it a l-------S 25.000
Oct. 1 Holders of rec. Sept. 15a
N ationa l R efinin g, preferred (q u a r.) --------T
h
o
T
h
ird
N
a
tio
n
a
l
B
an
k
o
f
W
a
ld
e
n
,
N
.
\
.
C
a
p
it
a
l---------------100.000
Oct. 16 Oct. 1 to Oct. 14
IK
National Steel Car. Ltd., pref. (quar.).F o r co n v e rs io n o f S ta to b a n k s:
rn nnn
1)4 Oot. 2 Holders of reo. Sept. 9
Natlonal Sugar Refining (quar.).
T h o Farmers N a tio n a l B an k o f L a n ca s te r , S. C . C a p ita l.............
50,0 00
Holders
of
rec.
Sept.
20a
2
Oct.
3
National Surety (quar.)----------C o n v e r sio n o f tlio F arm ors B a n k & T ru st C o .
__________
50c Sept,,30 Holders of rec. Sept. 15a
Nevada Consolidated Copper (quar.)-----50c Sept,.30 Holders of rec. Sept. 15a
Extra........ - ................................ ...........
................................................ *1 7 5 ,0 0 0
T o t a l c a p ita l2)4 Sept .22 Holders of reo. Aug. 31a
Now York Air Brake (quar.) (No. 55)----1)4 Oct. 1 Holders of reo. Sept. 25
N ew Y ork T itle A M ortgage, (q u a r.) ........
C H A R T E R S IS S U E D .
14
Holders
of
reo.
Sept.
23
4
Oct.
New York Transit (quar.)------- --------—
o rg an iza tion s:
. . ...
2 Oct. 14 nolders of rec. Sept. 30a O riginal
N iag ara F alls Pow er ( q u a r .). ....................
T h o F arm ers N a tio n a l B an k o f A m o r lc u s , K a n . C a p ita l-----------$ 2 5 ,0 0 0
2)4 Sept .20 Sept. 7 to Sept. 20
Niles-Bement-Pond, com. (qu.) (No. 57)
Conversion o f Stato banks:
.
or. n a n
Holders
of
reo.
Sept.
23a
14
2
Oct.
N ip e Bay C o ........................- ............... —
T h o F irst N a tio n a l B an k o f K c o w a tin . M in n . C a p i t a l................
2 5,0 00
Oct. 2 Holders of rec. Sept. 15a
IK
North American Co. (quar.) (No. 50) - ­
C o n v e r sio n o f th o F irs t S ta to B an k o f K o o w a tln , M in n .
Deo. 1 Holders of rec. Nov. 15
Ohio Cities Gas Com. (pay. In com. stk.) /5
Oct. 1 Holders of rec. Sept. 15
IK
Ohio Cities Gas, p ref. (q u a r.) ------------------T o t a l c a p ita l______________________________ - .................. ................ $ 5 0 ,0 0 0

Brunsw ick-B alke-C ollender, p ref.




IK

IN C R E A S E S OF C APITA L, A P P R O V E D .

B y M e s s r s . B a r n e s & L o f la n d , P h ila d e lp h ia :

ThoN ational Bank o f Comm erce o f W ichita, K an. Capital in­
creased from $100,000 to $200,000. Increaso__________________ $100,000
The Livo Stock National Bank o f Sioux C ity , Iowa. Capital in­
creased from $100,000 to $200,000. Increase__________________ 100,000
T otal increase....................................................... ................................$200,000

Canadian Bank Clearings.—

T h o cle a rin g s fo r th e w ee k

e n d in g S e p t . 9 a t C a n a d ia n c itie s, in c o m p a r is o n

w ith

th e

s a m e w ee k in 1 9 1 5 , sh o w s a n in creaso in th o a g g r e g a te of
5 2 .5 % .
W cek ending Sept.

9.

Clearings a l -

; I n c . or

*

1916.

Canada—
Montreal.............. ..........
Toronto............ ...............
W innipeg____________
Vancouver____________
Ottawa___________
Quebec_______________
Halifax_________ _____
H amilton_________
St. John______________
Calgary............................
V ictoria______________
London_______________
Edm onton......................
R egin a _______________
Brandon.......... ...............
Lethbridge...... ...............
Saskatoon-------------------Moose Jaw____________
Brantford_____________
Fort William.............
Now Westminster_____
Medicine Hat..................
Peterborough.................
Sherbrooke......................
K itchen er......................

1915.

\ D ec.

1914.

S
$
S
%
S
60,680,171' 41,672,120 + 45.6 39,642,394 55,091,935
39,867,004 27,350,943 + 45.8 31,506,650 41,331,215
32,252,491 14,919,458 + 116.2 21,490,984 23,357,533
6,181,547 4,777,416 +29.4
6,745,184 12,210,324
5,718,039 3,319,412 + 72.3 3,964,803 3,679,795
3,800,401 3,008,358 + 26.5 3,361,230 3,422,464
2,526,534 1,820,005 + 38.8
1,623,153 2,190,575
3,164,930 2.313,853 +36.8
2,380,797 3,311,871
1,536,279
1,250,295 + 22.9
1.301,364
1,535,826
3,827,467 2,940,186 + 30.2 2,996,561
4,533,581
1,326,460
1,052,903 + 2G.0 1,814,434 3,110,537
1,596,103
1,577,691
+ 1.2 1,404,053
1,598,475
1,627,730
1,514,112
+ 7.5 2,207,546 4,280,205
2,037,963
1,348,197 + 51.1
1,771,925 2,219,594
648,120
400,009 + 62.0
405,646
567,965
501,525
282,472 + 78.2
387,626
702,375
1,039,323
669,548 +55.3
899,440
1,479,754
794,424
536,902 + 46.2
657,102
881,556
513,501
403,988 + 27.2
409,823
023,478
475.3S0
308,161 + 54.2
629,987
861,844
269,171
241,212 + 11.6
310,087
567,111
287,317
169,852 + 69.5
360,700
723,369
407,823
307,089 + 32.8
338,816
433,203 Not Incl. In total.
421,739 Not incl,In total.

Total Canada.............. 171,079,713 112,184,182

Auction Sales.—

+ 52.5 126,610,305

A m o n g o th e r se cu ritie s, th o fo llo w in g ,

not usually dealt in at the Slock Exchange,

B y M e s s r s . A d r ia n H . M u lle r & S o n s , N e w Y o r k :
Slocks.

Per cent.

22 Coney Island Jockey Club-.276
65 Tile Frank Archambault
Cafo& Hotel Op. Co.$15 persh.
93,000 Nevada United Mines,
$1 each_______________ $500

Shares.

Stocks.

$ per sh.

10 Land Title & Trust C o______ 510
20 First Nat. Bank, Woodbury,
N. J., $50 each........ ..............160
2 Montgomery Nat. Bank, Nor­
ristown____________________230
15 Commonwealth T . I. & Tr. Co-23IK
5 Girard Trust Co........ ................900
10 Mutual Trust Co., 550 e a ch ... 30
9 Robert Morris Trust Co.............70 K
100 Camden F. Ins. Assoo., $5 each 10K
1 Fire Assoc, of Phila., $50 each.337
40 Peoples Nat. F. Ins. Co., S25ea 18
4 Phila. * Gray’s F. Pass. R y __ 78K
2 2d & 3d Streets Pass. R y_____238

Stocks.
Stocks.

Per cent.

50 Jiffy Auto Curtain Co.
Detroit.......... - ................. 1$775
2 Canadian Top Co., Tilbury J
28 Maintenance Co............ $5 pei ah.

Stocks.
$ per sh.
5 Union Pass. R y _____________ 189K
7 Girard Ave. Farmers Market
Co., 550 each.................
25
1 Mexican Plantation Co_________ 6
2 First National Bank.................200

Shares.

B onds.

1916.

F or W eek .

Stocks.

$ persh .

15 Nat. Shawmut Bank................ 195
100 U. S. Worsted Co., 1st p ro f... 57K
1 Naumkeag Steam Cotton C o. .192
5 Peppe.ell Mfg. C o....................180
6 Farr Alpaca Co_____ _____ __146K

j

1915.

For the week_______
Previously reported.

$15,203,002
884,345,310

Total 36 weeks__

$899,548,312

$17,569,562;
651,764,879

1914.

s per sh.
Light C o........ 225
40 Allentown Port. Cement,
SlO each................................ 2 X
16 Fisk Rubber Co., 1st prof. 114 A dlv.
10 American Glue Co., common..122K

$16,292,111
660,332,548

$669,334,4411 $691,716,4571 $676,624,659

1916.

|

1915.

1914.

1913.

$66,379,389
1,872,806,556

S16,068,706
942,310,395

S13,906,351
573,804,473

$15,393,386
602,250,292

Total 36 weeks__ $1,939,185,945

$958,379,101

S587,710,824

$617,643,678

F’or the week_______
Previously reported.

EXPORTS AND IMPORTS OF SPECIE AT NEW YO RK .
W eek ending Sept.

9.

Im p o rts.

Exp orts.

Gold.

Since
Jan . 1.

W eek .

Great Britain________
France____________________
Germany__________________
West Indies...................... .................

Total 1916.....................................
Total 1915......................................
Total 1914...... ...............................
Silver.

Total 1916......................................
Total 1915.....................................
Total 1914...... ...............................

W eek .

26,962,941
705,500
$50,000 9,551,461
1,520 12,381,348

Since
J an . 1.

$26,807,333
14,840

$6,282,679
78,932
99,739
189,950
1,750

9,755,404
2,323,854
7,186,480
1,774,591

$51,520 $55,883,929
10,464,488
170,500 127,452,944

$370,371 $47,862,502
708,892 31,670,023
91,123
6,503,380

$466,173 $32,800,494
292,000
332,600

$17,161
6,631

854,297
29,467
1,254,671
10,300

Shares. Slocks.
7 Cambridge Gas

1913.

S16,932,148
674,784,309

EXPORTS FROM NEW YORK.

B y M e ssr s. R . L . D a y & C o ., B o sto n :
Shares.

Per cent.

$1,000 Wilmington & Nor. R R .
stock trust certf. 4s____________ 90
1.000 Nashville Gas & Heat. 1st
5s, 1937. - .........................
102 K
1.000 No. SpringAVat.Co. 5s, 1928 84
2.000 City of Pittsburgh, Bridge
loan 4s, 1925...............................-.100

Imports and Exports for the Week.— T h e fo llo w in g are
th e re p o r te d im p o r ts o f m e rc h a n d is e a t N e w Y o r k fo r th e
w ee k e n d in g S e p t . 9 a n d sin ce th e fir s t w e e k o f J a n u a r y :
FOREIGN IMPORTS AT NEW YORK.

w ero re c o n tly sold

a t a u c tio n in N o w Y o r k , B o s to n a n d P h ila d e lp h ia :
Shares.

Shares.

$758,173 $35,281,829
009,617 27,568,766
987,062 30.48S.089

$93,823

101,021
191,296
10,868

193,216
6,667,722
4,302,585
934,895

$397,008 $ 12, 122,210
6,143,737
58,701
132,773 0,751,212

Of the above exports for the week in 1916, $51,520 were American gold coin.

The Federal Reserve Banks.—

F o llo w in g is th e w e e k ly s ta te m e n t issu e d b y th e F e d e ra l R e s e r v e B o a r d o n S e p t . 9 :
Largo gains o f gold and cash reserves, and corresponding increases in net bank deposits are indicated b y tho statement as at close o f business
September 8 11HG.
Considerable increases in gold holdings are reported by the Southern and W estern banks, except C hicago, largely the result o f heavy transfers during
tho week mado by New Y ork through tho G old Settlement Fund. Besides a gain o f 17.9 millions in gold reserve the banks also show' a gain o f 13.9
millions in reserves other than gold, the larger increase under this head reported b y the N ew Y ork bank being slightly offset by net withdrawals o f cash
other than gold from some o f tho other banks. A gam o f about 19 millions in total reserve reported b y the N ew Y ork bank is accom panied by a gain
o f over 21 millions o f Governm ent and not bank deposits, a decrease o f about 3.8 millions in the aggregate balances due to other Federal Reserve banks,
a jd increases o f about 1 A million dollars in the amounts transferred to the agent to reduce the bank’s liability upon notes issued b y tho latter, and
m lion? Jn t" “ am ount or fed era l Reservo notes put in circulation b y the bank. Smaller reserves o f Boston and Philadelphia go hand in hand
m ent funds86™ nvestments, m ainly the purchaso o f acceptances, while C hicago's decrease in reserves was caused m ainly b y the withdrawal o f GovernJ
I™ {j]10 banks shows an increase for tho week o f 1.1 millions, the N ew Y ork and Chicago banks reporting substantial gains
I.1! 1!. 0,,.t
i
°
.
n i i'i1!^ s l°w, a gain o f over y m illion, tho holdings o f tho Philadelphia and Richm ond banks indicating the largest increasre tor the week. O f (lit total bills— including acceptances— on hand, 43.4 % mature within 30 days, and 3 6.9 % after 30 but within 60 days.'KS
- a 0i.Cannn i .,? i! „
<lTf
securities, including tho conversion o f 2 % bonds, arc reported by nine institutions, the net result being a decrease
.w.A 1 ,
States bond holdings and an increase o f $850,000 in the am ount o f one-year Treasury notes held. M unicipal war$ 136,000, eight banks reporting transactions under this head. Total earning assets stand at $183,510,000, a gain o f over 1.5
millions tor the week, and constitute now 331% o f tho total paid-in capital o f tho banks, as against 329% shown for tho week before. O f tho total
earning assets acceptances represent 4 3 .5 % ; United States bonds, 2 5 .1 % ; discounts, 15% ; warrants, 11.5% , and Treasury notes, 4 .9 % .
H
, .
ts (.‘ ocJincd about 6.7 m illions, B oston, New York and Chicago reporting the largest net withdrawals for the week. N et bank
i n P ^ i m A . P ^ i I 1,?1- ,lu*’ sll°w, an increaso o f nearly 30 m illions, tho New Y o rk bank statement indicating a gain o f over 25 millions, o f which about
i t
i,..V :1'1 m irease in gross bank doposits and an even larger am ount to the reduction in the amounts o f clearing house exchanges, which
aro troated as deductions from gross deposits.
D alla^ for the firet thno, reports Federal Rosorvo bank notes in circulation, the total increase for the week o f bank notes issued by the Kansas
C ity and Dallas banks being $644,000. Federal Reservo notes aggregating $199,218,000— or $4,573,000 m oro than the wreek before— aro reported out8landing by Federal Reserve agents. A ga nst this total thoy hold $181,029,000 o f gold and $18,702,000 o f paper. T he banks report $177,781,000
o f Federal Reserve notes In circulation, and aggregate liabilities o f $16,076,000 on notes issued to them b y tho agents.
T h o figuroa o f th o c o n so lid a te d s ta te m e n t fo r th e s y s te m a s a w h o le are g iv e n in th e fo llo w in g t a b le , a n d in a d d itio n
w o p re se n t th o re su lts for e a c h o f th e e ig h t p re c o d in g w e e k s, th u s fu rn ish in g a u so fu l c o m p a r is o n .
I n th e s e c o n d ta b le w e
sh o w th o resou rces a n d lia b ilitie s s e p a ra te ly fo r e a ch o f th e tw e lv e F e d e ra l R e s e r v e b a n k s .
T h e s ta te m e n t o f F e d e ra l R e s e r v e
A g o n t s ’ A c c o u n ts (th e th ird ta b le fo llo w in g ) g iv e s d o ta ils re g a rd in g th e tra n sa c tio n s in F e d e ra l R e s e r v e n o te s b e tw e e n th e
C o m p t r o lle r a n d th e R e s e r v e A g o n ts a n d b o tw eo n th e la tte r a n d th e F e d e ra l R e s e r v e b a n k s .
C

o m b in e d

R

esou rces and

L

ia b il it ie s o f t h e

Sept.

8 1916.

Sept.

F

ederal

R

eserve

B

an k s at th e

C

lo se o f

B

u s in e s s

Sept.

8

1916.

1 1910. A u g . 25 1916^Aug. 18 1916 A u g . 11 1916 A u g . 4 1916. July 28 1916. July 21 1916. July 14 1916.

KESOURCES.
i
Gold coin and certificates In vault........
$218,846,000 $245,358,000 $259,799,000^$260,926,000 $258,952,000 $256,437,000 $259,931,000 $262,049,000 $269,602,000
Gold settlement fund____ _______
118,950,000 104,001,000 110,951,000; 110,001,000 106,121,000 106,811,000 102,911,000 99,561,000 118,631,000
Gold redemption fund with U. 8. Treasurer..
1,881,000
1,812,000
l,637,000j
1,991,000
1,852,000
1,918,000
1,931,000
1.970,000
1,915,000
Total gold reservo................ ..................
S369,6.80,000 $351,771,000 $372,387,000 $372,918,000 $366,925,000 $365,163,000 $364,760,000 $363,541,000 $390,203,000
Legal tender notes, sliver, &c..........................
27,487,000
13,005,000
12,265,000| 16,998,000
11,699,000
16,589,000
13,802,000
11,127,000
10,279,000
Total reserve..--------------- --------------------- $397,167,000 $365,376,000 $384,652,000 $389,916,000 $378,052,000 $376,862,000 $381,349,000 $377,343,000 $400,482,000
5% redemption fundng’st F. R. bk notes
591,000
500,000
500,000
500,000
450,000
450,000
450,000
450,000
500,000
Bills discounted and bought—
1
Maturities within 10 days---------------------- $14,318,000 $15,733,000 $12,955,000 $8,163,000 $12,425,000 $15,271,000 $17,308,000 $17,163,000 $10,613,000
Maturities from 11 to 30 d a y s ...............
32.230.000 23.671.000
27.507.000 29.267.000 26.310.000 23.863.000
19.421.000 26,740,000 25.755.000
Maturities from 31 to 60 d a y s ...............
39.625.000 42.674.000 42.781.000 42.400.000 41.898.000 42.566.000 40.019.000 36,302,000 35.441.000
Maturities from 61 to 90 days..................
19.333.000 21.250.000 23.548.000 24.584.000 25.388.000 25.228.000 30.493.000 30,121,000 28.730.000
Maturities over 90 days____ ___________
1,823,000
2,387.000
2,480.000
2,342,000
3,006,000
3,807,000
3,993,000
4,559,000
2,950.000
T o ta l..................................................... $107,335,000 $105,670,000 $109,178,000 $106,894,000 $10S,971,000 $109,934,000 $111,048,000 $114,319,000 $105,098,000

•Acceptances (Included In above)......................

$79,808,000 $79,278,000 $82,146,000 $80,138,000 $80,513,000 $79,519,000 $83,454,000 $85,382,000 $81,130,000

Investments: U. S. bonds.............. ...................
One-year U. S. Treasury notes..
Municipal warrants..................

$45,954,000 $40,821,000 $46,796,000 $47,029,000 $46,703,000 $48,037,000 $48,658,000 $49,746,000 $52,589,000
9,055.000
8,205,000
8,205,000
7,885,000
7,925,000
7,925,000
7,190,000
4,546,000
8,351,000
21,166,000 21,302,000
27,863,000 27,788,000 27,975,000 27,375,000 27,220,000 27,723.000 27,424,000

Total earning assets___________________ $183,510,000 $181,998,000 $192,042,000 $189,596,000 $192,000,000 $193,271,000 $194,849,000 $198,978,000 $189,657,000




Sept. 8 1916. Sept. 1 1916. A u g . 25 1916 A u g . 18 1916 Aug. 11 1916 A u g . 4 1916. July 28 1916. July 21 1916. July 14 1916.
RESO U RCES ( Concluded ).
$580,012,000 $570,552,000 $570,583,000 $576,648,000 $576,771,000 $590,589,000
Brought forw ard (total reserve & earn'g assets) $581,268,000 $547,874,000 $577,194,000

Federal Reserve notes— N ot--------------------------Due from Federal Reserve banks— N e t---------All other resources------------- ------------------------------

$19,324,000
28,706,000
3,296,000

$20,890,000
35,607,000
3,031,000

$21,222,000 $19,887,000 $20,069,000 $20,426,000 $20,308,000
21,654,000
3,541,000

16,447,000
3,731,000

21.068,000
3,226,000

19,947,000
4,411,000

12,620,000
5.514,000

$20,014,000
11,982,000
4,756,000

$20,760,000
20,056,000
8,244,000

$615,090,000 $613,523,000 $639,649,000
$632,594,000 $807,402,000 $623,611,000 $624,193,000 $610,799,000 $615,367,000

T otal resources.
L IA B IL IT IE S .

Capital paid In— ------------- ----------------------------Governm ent deposits------------------------------------M em ber bank deposits— N et--------------------------Federal Reserve notes— N et--------------------------Federal Reserve bank notes In circulation----All other liabilities---------------------- ---------- ----------

$55,406,000
44,236,000
514,225,000
16,076,003
2,334,000
317,000

$55,390,000 $55,363,000
50.099.000
50.918.000
484,697,000 502,421,000
13.733.000
14.416.000
1,690,000
1,690,000
305,000
291,0 l 0

$55,110,000
49.717.000
505,090,000
12.295.000
1,691,000
290,000

$55,130,000
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

$55,183,000
64.277.000
492,000,000

1,692,000
262.000

1,692,000
251,000

10. 122.000

,176,000
,476,000
,942,000
,098,000
,720,000
237,000

10.120.000

$624,193,000 $610,799,000 $615,367,000 $615,090,000 $613,523,000 $639,649,000
T otal liabilities----------------------------------- $632,594,000 $607,402,000 $623,611,000
69.4%
66.8%
66.9%
67.7%
68.3%
68.3%
68.4%
68.4%
67.7%
Gold reserve ag’st net dep. <fe note liabilities (a)
71.2%
69.3%
69.9%
70.0%
70.4%
71.4%
70.6%
71.0%
72.8%
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
71.8%
69.9%
70.5%
70.6%
71.0%
72.1%
71.4%
71.9%
73.8%
circulation (a )------------- ---------------------------(a) Less Items In transit between Federal R e­
serve banks, v i a . . ........................ ...................
Federal Reserve S oles —

Issued to the banks.............
In hands o f banks...............
In circulation.
Gold and lawful money with A gent----------Carried to net assets....... .............. - .................
Carried to net liabilities----------------------------Federal Reserve N otes (A gents' A ccounts )—

Received from the Comptroller----------Returned to the Comptroller--------------Amount chargeable to A gent.
In hands of Agent....... .....................

$28,706,000

$35,607,000

$21,654,000

$21,068,000

$16,447,000

$19,947,000

$12,620,000

$11,982,000

$20,056,000

$179,358,000
$199,218,000 $194,645,000 $179,838,000 $176,620,000 $175,602,000 $175,551,000 $174,023,000 S175,219.000
21,779,000
22,374[000i 22,764,0001 21,433,000, 21,181,000
22,176,000
23,493,000
24,084,000
21,437,000
$157,579,000
$
153,228,000
$
152,787,000
$
152.590,000
$
154,038,000
$177,781,000 $170,561,000 3156,345,000 $154,444,000
$168,241,000
$181,029,000 $177,035,000 $163,834,000 $162,036,000 $162,085,000 $162,184,000 $162,776,000 $163,932,000
20.760.000
20.009.000
20,426,000
20,308,000
20,014,000
21.222.000
19,887,000
20.890.000
19.324.000
10.098.000
11.212.000
11,029,000
10,122,000
10,120,000
13.733.000
12,295,000
14.416.000
16.076.000
$297,540,000 $297,540,000
$349,900,000 $312,100,000 $302,660,000 $300,520,000 $299,520,000 $298,520,000 $298,520,000
55,101,000
59,510,000
61,066,000
62,778,000
63,977.000
06,197,000
65,126,000
67,097,000
68,582,000
$238,030,000
$237,454,000
$235,742,000
$235,543,000
$236,463,000
$235,394,000
$281,318,000 $245,003,000
62,811,000
63.431.000
60.191,000
59,941.000
56.625,0001 58.774,000
50,358,000
82,100,000

$175,551,000 $174,023,000 $175,219,000
Issued to Federal Reserve banks-------- $199,218,000 3191,645,000 S179.838.000 $176,620,000 $175,602,000
H ow Secured —

$112,006,000 $112,006,000 $110,406,000 $109,167,000
B y gold coin and certificates....................... $127,675,000 3124,475,000 $114,796,000 $112,116,000
B y lawful m oney......... .................................
11.287.000
11.247.000
13.367.000
" l3 ,517,000
14.584.000
16.004.000
i7,6io',566
18.173.000
B y commercial paper-----------------------------12.415.000
11.830.000
11.208.000
10.659.000
11.240.000
11.138.000
10,860,000
10.964.000
Credit balances In gold redemption fund.
42.350.000
40.540.000
38,970,000
39.420.000
38.650.000
37.900.000
41,700,000
42.390.000
Credit balances with Federal Reserve B ’d
$179,838,000 $176,620,000 $175,602,000 $175,551,000 $174,023,000 $175,219,000
T o t a l _______________________________ 8199,202,000 3194,645,000
2,0001 $17,048,000 $16,547,000 $16,152,000 $15,993,000 $13,267,000 $12,877,000
$18,702,000 S17.842
Commercial paper delivered to F. R . A gent.
♦Including bankers' and trade acceptances bought In the open market, t Amended figures.
W E E K L Y STATE M E N T O F R ESO U R CE S AND L IA B IL IT IE S O F EACH O F T H E 12 F E D E RA L R ESE RV E B AN K S A T CLO SE O P B USIN ESS SE PT. 8 1916
Boston.

N ew Y ork . P hila del'a . Cleveland. Richm ond.

A tlanta.

Chicago.

St. L ou is. M ln n ea p . K a n . City

D allas.

San Fran

T otal.

S
$
$
S
$
$
$
$
RES O U R C ES
248,846,000
130
5,015,000 6,076,000 4,143,000 3.483.000 8.036.000
G old coin & ctfs. In vault 7,592,000155.519,000 8,013,000 14,557,000| 5,138,000 3,558,00027,716,000 5,490,000! 4,454,000 12,927,000 5.322.000 4.871.000
118,950,000
171

$

s

ettlement f u n d . .. 16 264 000 5,819,00015,665,000 12,774,000 11,318,000, 3,853,000 20,193,000
10,000 1,884,000
425,000
129,000
107,000 i
30,000
5,000
250,000
50,000
22,000
4.37,000
219,000
200,000
edemptlon fu n d ..
r
10,612,000’ 10,560,000 17,199,000 9,230,000 12,917,000 369,680,000
161,588,00023,728,00027,353,000
10,893,000;
7,630,000
48,109,000
T otal gold reserve------ 23,861,000
72,000 27,487,000
436,000
51,000
230,000
325,000 1,082,000
531,000 1,024,000
69,000
983,000
106,000 22,578,000
Legal-ten .no t es ,sl 1v . ,&c.
9,666,000 12,989,000 397,167,000
17,250,000
10,790,000
11,694,000
8,613,000
T otal reserv e............... 23,967,000 184,166,000 24,259,000 28,377,000 16,962,000

G old
G old

5 % redemp. Jund— R
bank n o t e s ______ f ’ - - -

384,000

100,000

591,000

421,000 27.527.000
605,000 5.696.000 3.672.000 3.090.000 1.097.000 1.874.000 1.751.000 7,547,000
548,000 1,046,000
180,000
D lscountcd—M em bers
583,000 0,659,000 79.808.000
1.230.000
Bought In open m k t._ 10,235,000 26,934,00011,671,000 6,564,000 1.325.000 1.822.000 4.901.000 4.960.000 2.924.000
6,057,000 4,798,000 2,981,000 8,130,000 7,080,000 107,335,000
T otal bills on hand — 10,783,000 27,980,00011.851,000 7,169,000 7,021,000 5,494,000! 7,991,000
2.720.000 3.359.000 9,617,000! 2,836,000 2,634,000 45,954,000
1,107,000;
1,508,000
8,511,000
2.984.000
2,215,000
2,864,000
5,569,000
Investments: U . 3. b d s .
820,000 9,055,000
616,000
529,000
350,000
570,000
684,000!
526,000
850,000
250,000 2,282,000
818,000
760,000
One-yr. U .S. T r. notes
2,027,000| 21,160,000
399,000'
...
86,000
172,000, 3,763,000 1.488.000 1 .002.000
M unicipal w arran ts.. 3.345.000 4,152,000 2,072,000 2,660,000
8,898,000' 7,700,00021,115,000 10,835,000 9,539,000 13.613,000 11.495,000 12,561,000 183,510,000
T otal earning a ss e ts.. 17,362,000 36,629,000 17,605,000 16,158,000
1,845,000 19,324,000
156,000 1,268,000
1,371,000
330,000
747,000
F ed. R es've notes— Net 1,019,000 12,588,000
Due from other Federal
.......... ! 1,898,000 4,512,000 28,706,000
5,390,000 1,920,000
15,107,000
684,000
1,070,000
2,800,000
Reserve Banks— N e t. 2,188,000
276,000 3,296,000
185,000; 496,000
85,000
187,000
366,000
65,000 1,000,000
268,666 102,666 262,000
24,000
All other resources-------18,490,000 86,393,000 28,212,000 23,602,00031,432,000 23,655,000 32,183,000032,594,000
44,560,000233,651,000
42,713,000
47,927,000
26,609,000
T otal resources---------L IA B IL IT IE S .

Capital paid In_______
Fed. Res’ve notes— Net.|
F .R .bank notes In clrc’ n
Due to F.R .banks— Net
All other liabilities_____ |

2 591,000 3,045,000 2,691,000: 3,919,000 55,406,000
5.024.000 11.596.0001 5,222,00o' 5,997,OOo' 3,364,000 2,490,000 6,675,000 2.792.000 1 089 000 1,942,000 2,122,000 4,221,000 44,236,000
5.051.000
3.668.000

-----------------121,000

8,056,000 0,264,000 2,152,000 2,507,000
------------- !
6,296,000
-------------

111,000

20,399,000 19,922,000 23,526,000 10,563,000 24,043,000 514,225,000
1.093.000 7,619,000
16,076,000
1.674.000
600,000
2,334,000
............
.......
152,000
’
1
317,000

17,000

T otal liabilities............44,560,000233,651,00042, 7 1 3 ,0 0 0 47,927,00026,609,000 18,490,00086,393,00 0 28,242,00023,602,000

31,432,000 23,655,000 32,183,000 632,594,000

16,003,000 20,425,000 10,314,000 199,218,000
F fI^ u ed T o b atik s^
10 502,000 74,651,000 8,005,000 9,332,00010,871,00016.447,000 3,347,000 5,977,000 13,344,000
607,000
97,000j 1,845,000! 21,437,000
156,000! 1,268,000
Jn hands of b a n k s ! " I f l.im ioO O 12',588,000
747,000
330,000
612,000,
797,000 1,371,000
15,396,000 20,328,000 8,469,000 177,781,000
F .R . notes in circulation 9,483,000 62,063,000 7,258,000 9,002,00010,259,00015,650,000 1,976,000 5,821,000 12.076,000
Gold and lawful money
10,502,000 74,651,000 8,005,000 9,332,000 5,401,00013,144,000 3,347,000
with agent.
..!
............ 1,371,000
1,019,000 12,588,000
747,000
330,000
Carried to net assets..
4,858,000' 2,506,000
--Carried to net liabilities.

5,977.000 13,344.000,14,303,000 12,709,000 10,314,000 181,029,000
156,000! 1,268,000j
______
______ 1,845,000 19,324,000
........... I
______ I 1,093,000 7,619,000'
............ 10,070,000

a Items In transit, 1. e., total amounts due from le33 total amounts due to other Federal Reserve banks.
STATE M E N T O F FEDERAL R ESE RV E A G E N T S ’ ACC O U N TS SEPT. 8 1916.
Boston.

N ew Y o 'k . PhlladeV a . Cleveland. Richm ond.

A tlanta.

Chicago.

St. L ou is. M ln n ea p . K a n . City.

D allas.

San Fran

T otal.

$
*
$
I
$
t
%
%
$
*
S
$
S
*
13,880,000 349,900,000
Federal Reserve Notes—
26,400,000 9.380.000 12,600,000 21,000.000 22,620,00032,600,000 1,006,000 68,582,000
R ec’d from Com ptrolr 20,380,000 143,400,000 15,480,000 15,160,000 17,000,000 2,930,000 1.152.000 1,861,000
1,464,000(
3,354,000
526,000
Returned to Comptrol 5,058,000 39,289,000 4,435,000 2,528,000 4,979,000
8,228,000 10,739,000 20,474,000 21,156,00029.246,000 12,874,000 281,318,000
Chargeable to Agent— 15,322,000 104,111,000 11,045,000 12,632,000 12,021,000 23,470,000
4,762,000 7,130,000 5,153,000 8,821,000 2,560,030 82,100,000
4,820,000 29,460,000 3,040,000 3,300,000 1,150,000 7,023,000 4,881,000
3,347,000 5,977,000 13,344,000 16,003,00020,425,000 10,314,000 199,218,000
Issued to F. R . bank. 10,502,000 74,651,000 8,005,000 9,332,000 10,871,000 16,447,000
Held by F. R . A g e n t 10,340,000
........... 127,675,000
______
5,470,000
............ 2,850,000 11,320,000 4,270,000
9,700,000 70,815,000 4,090,000 8,820,000
Gold coin & certfs—
Credit balances’
414,000 10.964.000
833,000 1.139.000
317,000
674,000
267,000
1.374.000
301,000
512,000
495,000
802,000 3,836,000
In gold redemption f’l
1.230.000 9,900,000 42.390.000
5,100,000 6.300.000 3,080,000 2,810,000 1,350,000 9,200,000
3,420,000
With F. R . B o a r d ...
18,173.000
Notes secured by com
1,700,000 7,700,000
______
3,303,000
5,470,000
merclal paper--------199.202,000
16,447,000 3,347,000 5,977,000 13,344,000 16,003,000/20,409,000 10,314,00C
10,871,000
9,332,000
8,005,006
74,651,000
10,502,000
T o t a l ......................
---- —--------........... 18,702,000
1,727,000 7,700,000'
...........
5,965,000 .3,310,000
............




S t a t e m e n t o f N o v / Y o r k C i t y C l e a r i n g H o u s e B a n k s a n d T r u s t C o m p a n i e s .— T h e fo llo w in g d e ta ile d s ta te m e n t
sh o w s th o c o n d itio n o f th e N e w Y o r k C i t y C le a r in g H o u s e m e m b e r s fo r th e w ee k e n d in g S e p t . 9 .
T h e figu res fo r th e se p ­
a r a te b a n k s aro th e a v e ra g e s o f th o d a ily re s u lts , i n th e case o f th e t o ta ls , a c tu a l figu res a t e n d o f th e w ee k are also g iv e n .
I n ord er to fu rn ish a c o m p a r is o n , w e h a v e in se rted tho to ta ls o f a c tu a l c o n d itio n fo r e a c h o f th e th ree g r o u p s a n d a ls o th e
g r a n d a g g r e g a te s fo r tho th reo p re c e d in g w e e k s.
NEW
C L E A R IN G HOUSE
M EM BERS.
W eek E n din g
S e p t . 9 1916.
(00 s om itted.)

YORK

L oans,
D iscounts,
Investm 'ts,
A c,
/N a t.B 'k s June 301
C apital.

W EEKLY

N et
P rofits.

C L E A R IN G

Cold.

Legal
T enders.

Silver.

Average.

A verage.

A verage.

A verage.

S
33,051,0
29,416,0
117,744,0
401,904,0
36,303,0
12,059,0
2,805,0
87,450,0
224,738,0
60,405,0
114,989,0
27,348,0
10,175,0
87,298,0
32,990,0
137,013,0
2,432,0
17,070,0
169,503,0
09,911,0
10,282,0
190,985,0
18,533,0
9,618,0
5,354,0
38,424,0
52,932,0
9,042,(1
11,515,0
9,784,(1
20,531,0

$
1,870,0
1,179,0
15,245,0
50,728,0
1,259,0
1,232,0
56,0
7,519,0
17,329,0
3,337,0
21,104,0
1,000,0
829.0
5,127,0
1,252,0
14,170,0
00,0
938,0
13,800,0
5,684,0
320,0
15,712,0
1,348,0

(StateB'ks June 30 /

Members o f Federal
R eserve B ank.
Bank of N. Y., N .B .A .

$
2,000,0

Chemical Nat. Bank___
Atlantic National Bank

e !ooo!o
25.000.0
3,000,0
1.000.0

$
634,0
1,422,0
5,740,0
2,255,0
1,398,0
279,0
59,0
2 ,455 ,0
4,113,0
1,512,0
893,0
1,027,0
404,0
3,913,0
1,048,0
2,744,0
208,0
357,0
2,773,0
4,639,0
735,0
3,216,0
310.0
406,0
259,0
1,46J,0
778,0
192,C
673,0
481 0
529,0

H OU SE

Average.

A verage.

$

S

163 !0
3,027,0
2,523,0
770,0
255,(1
361,0
1,782,0

$
871,0
558,0
5,430,0
3,561,0
722,0
171,0
46,0
790,0
2,475,0
1,789,0
972,0
410,0
447,0
838!<)
1,272,0
993,0
35,0
509,0
4,860,0
1,015,0
78,0
5,313,0
686,0
133,0
112,0
874,0
2,9G0!0
104,0
272,0
115,0
102,0

Totals, avgo. for week 118.850,0 198,034,8 2,052,804,0 196,641,0

38,042,0

46,921,0

2,052.910.0
2,037,854,0
1.987.519.0
______ 1,904,047,0

188,062,0
219,855,0
217.057.0
220,293,0

38,485,0
40,610,0
44,800,0
37.672,0

45,395,0
47,151,0
56,238,0
00,738,0

91,0
62,0
168,0
115,0

29,0
32 !(1
71,0
167,0,

______
—
............
...........

5,000,0
25,000,0
3,500,0
3,000.0
2.550,0
M arket d I ulLuii N u l ._

S
4,896,9
2,356,3
9,314,9
a40,S09,8
8,193,0
792,0
90,4
5,193,3
18,279,9
2,025.7
15,772,8
2,519,8

6.991.2
7,614,0
15,535.3
73.4
3,357,0
23,562,7
4!000.0
31898,3
l ,059,6
5,000,0 10.453,5
1,000.0
1,908,2
1,000,0
1,275,6
250,0
417,0
2,888,2
1,000,0
3,443,2
1,000,0
1,000.0
758,1
1,000,0
1,008,8]
1,000,0
1,130,1
1,500,0
937,0
3,500,0
1,500.0
5,000,0
250.0
1,000,0

Fifth National B a n k ...
Liberty National Bank.
Coal & Tron Nat. Bank.
Union Exchango N a t ..
Broadway Trust C o ___

Totals, actual condition Aug. 19

RETURN.

N at .Bank N a t .Bank
N otes
Federal
N otes
[Reserve
[N ot
Reserve
fo r Slate Counted
N otes
In stitu ­
as
[N ot
tion s].
Reserve]. Reserve |.

______
______
______
______
______

_ _____
______
____

A vera ge.
%

4,0
24,0
75,0
39,0
53,0
11,0
5.0
80,0
______
275,0
12,0
35,0
53,0
573.0
23,0
29,0
9,0
21,0
33,0

2,0
52,0
50,0
1,167,0
______
39,0

10,0

31,0
13.0
103,0
145,0
98,0

78,0
19,0
116,0
30,0
4 ,0

A d d lt ‘al
D ep osits
with
Legal
D ep o si­
ta ries.

N et
D em and
D ep osits.

N et
T im e
D ep osits.

N ation al
Bank
C ircula­
tio n .

A vera ge. A vera ge.

A vera ge.

Average.

A verage.

S
2,312,0
2,113,0
9,089,0
30,328,0
2,314,0
1,002,0
125.0
6,832,0
17,999,0
4,307,0
8,930,0
2,310,0
917,0
7,000,0
2,302,0
11,094,0
193,0
1,051,0
11,809,0
5,728,0
738,0
14,724,0
1,529,0
828,0
404,0
3,940,0
4!.582,0
037,0
847,0
637,0
1,745,0

%
?
31,038,0
380,0
28,338.0
130,781,0
2,481,0
424,031,0
9,113,0
30,537,9
12,094,0
424,0
2,073,0
85,543,0
4,632,0
220,167,0
1,212,0
59,429.0
5,197,0
...........
127,850,0
24,523,0
1,575,0
0,682,0
97,088,0
______
20,712,0
139,781,0
1,918.0
2,318,0
25,0
______
14,813,0
165,354,0
125,0
78,225,0
315,0
10,372.0
202,812,0 11,030,0
18,973,0
10.0
______
9,054,0
135,0
5,169,0
43,830,0,
...........
55,844,0
3,283,0
9,038,0
241,0
29,0
10,519,0
4.5,0
9,264,0
21,779,0
505,0

Reserve
with
Legal
D ep osi­
ta ries.

43,0
48,0
155,0
24,0
10.0
8,0
______
25,0
84,0

3 ,0

20,0
15,0
25,C
15,0
20.0

23,0

5 7,0

18,0

11,0
3,0

13,0

$
______
_____
______
______
______
______
______
______
______
______
______
—
______

_____

?
791,0
1,852,0
4,940,0
1,799,0
450,0
150,0
47,0
4,918,0
155,0
1,765,0
130,0
1,011,0
51,0
3,549,0
50,0
697,0
4,644,0
640,0
199,0
4.50,0
SS8,0
395,0
247,0
70,0
498,0
411,0
395,0
50,0

...........

1,763,0

2,168,0 164,480.0

............ 2,116,640.0

42,079.0

31,388,0

______

1,826,0
1,647,0
1,757,0
1,734,0

2,499,0
1,937,0
1,427,0
1,306,0

171,050,0
101,586,0
107,871,0
169,081.0

______
—
—
............

42,559,0
42.833,0
47,034,0
48,100,0

30960,0
31,387,0
31,139,0
31,222, Q

9,0

2,954,0

550,0

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

2,112,813,0
2,134,395,0
2,084,729.0
2.062,625,0

S ta te B anks.
N ot M em bers o f
Federal Reserce Rank.

Germania Bank_______

? 0 r0 0
1,500.0
600.0
,500.0
200,0
2,000,0
250,0
750,0
100,0
200.0
200,0

0,211,0
1,189,9
1,005,7
445,9
1,976,8
804,4
790,5
2,187,3
827,0
1,004,5

43,055,0
30,409,0
11,250,0
0,744,0
2,000,0
10,270,0
4,044,0
0,197,0
17,015,(1
5,042,0
0,085,0

0,335,0
3,342,0
1,012,0
503,0
170,0
918,0
347,0
67 4,0
2,077,0
399,0
078,0

1,920,0
2,525,0
190,0
501,0
107,0
907,0
39,0
167,0
889,0
56,0
112,0

West Side Bank_______
N . Y. Produce Ex. B k.
State B a n k ....................

200,0
1,000,0
1,500,0

1,067,8
670,4

4,408,0
14,001,0 !
22,902,0 i

20 4,0
1,203,0
2,009,0

224,0
392,0
609,0

614,0
547,0
429,0
90,0
105,0
1 r0G7 0
52,0
36 !o
879,0
82’0
185,0
440,0
87,0
299,0
502,0

T otals, avgo. for weok.
T
-

11,950,0

25,944,4

20 4,741,0

20,760,0

9.0S9.0

5,414,0

1,051,0

Totals, actual condition

A ug. 19

203,791,0
202,464,0

20,088,0
19,864,0
20,905,0
20,309,0

8,730,0'
8.039.0
10,3 47,0
7,211,0

5,755,0
5.049.0
0,093,0
5,309,0

1.175.0
985,0
1.105.01
1,051,0

30,639,0
208,191,0
59,744,0
28,314,0
41,800,0
362,402,0
9,720,0
26,714,0
78,000,0
22,083,0
82,080,0
19,252,0
13,010,0
61,370,0

1,869,0
10,278,0
3,846,0
1,959,0
2,078,0
31,017,0
038,0
1,553,0
5,317,0
1,019,0
5,121,0
1,225 !<)
990,0
3,097,0

517,0
1,919,0
44,0
11,0
3 U ,0
926,0
49,0
331 0
177,0
110,0
1,061,0
334 0

199,0
21,0
192,0
15,0
144,0
450,0
35,0

743,0

221,0
792,0
170,0
111.0
103,0
1,920,0
92,0
119,0
429,0
308,0
661,0
227,0
186,0
830 !o

142,0
96,0
13,0
34.0
44,0
338,0

T otals, avgo. for week. 54,750,0 104,844,5 1,049,358,0

77,207,0

6,612,0

6,235,0

............ 1,047,000,0

78,905,0
70,017,0
77,841,0
77.833,0

5,929,0
9,842 0
13,151,0
14,404,0

6,448,0
6,472,0
7,115^0

Rank o f Muitliiiltiiii C o .

Germnn-Amerlcan Bank

679,0
155,0

84,0

0 ,0

210,0
216,0

54,0

22 0
86^0

219,0

8 ,0

3 ,0

38 0
33’0

19,0

5,0
474,0
785 0
271 ,0
107,0
1,105,0 2,666,0
1,523,0
110,0

120,0

3 79 ,0

..........

47,877,0
29,122,0
11,876,0
6,450,0
2,589,0
15,100,0
3,645,0
6,063,0
18.2S6.0
4,561,0
6,311,0
13,077 O'
4!517!0
15,770,0
25.604,0|

800,0

______

30,0

______
...........
...........
______
26,0

______
______

..........

51,0;

8,505,0

4,050,0

210,848,0

856,0

60,0
45,0
48,0
42.0

8,519,0
8,196,0
8 ,549 ,0
8,217,0

4,144,0
4,809.0
4,182.0
2,721,0

210.688.0;
207,007,0
212.740,0
206,441,0

8.56.0
856.0
856,0
858,0

31,0
19,0
39,0

17,0
125,0
17,0
51,0
11,0
9,6
17,0

1,411,0
9,448,0
2.107,0
1,090,0
1,342,0
10,808,0
387,0
978,0
3,027,0
1,071.0
3,599,0
838,0
635,0
2,849,0

2,009,0
2,722,0
4,480,0
1,075,0
1,204,0
1,187,0
540,0
477,0
1,086,0
1,312,0
1,023,0
733,0
431,0

28,226,0
188,953,0
42,147,0
21,867.0
26,844,0
330,163,0
7,750,0
19,552,0
60,540,0
21,410,0
71,781,0
16,729,0
12,692,0
50.9S3.0

1,738,0

377,0

45,590,0 18,402,0

4,50S!o

1,564,0
1,700,0
1,612 0
1,540,0

427,0 40,100,0 17,647,0
279,0 45,001,0 27,907,0
326’0 45,738,0 28,987,0
313,0 44,839 jj-2 7 ,928,0

Grand Aggregate, avge. 185,550,0 329,423,7 3,300,903,0 294,608,0 54,343,0 58,570,0
•+*54,903,0 -21,310,0 — 9,881,0 — 7,611,0
Comparison prov. week
..........

2,789,0
+ 22,0

1,763,0
— 132,0

2,596,0218,581,0 22,458,0 3,239,137,0 169,606,0
+ 733,0
— 29,0 -9,428,0 + 20,869.0 — 3,471,0

31,388,0
+ 2 0 3 ,0

9 3,305,602,0 287,055,0 "53,144.0 57.598,0 ~ 2 J 3 9 ,0
+ 13,205,0 -28,081,0 -11,347,0 — 1,074,0
+ 54.0

1,820,0
+ 179,0

2^980,0 225,669,0 21,791,0 3,234,473,0 170,250,0
+ 725,0 + 10SS00 -109250 — 19,888,0 — 158,0

30,900,0
— 427,0

1.647,0
1,757,0
1,734,0

2,261,0 214,783,0 32,710,0 3,251,301,0 170,408,0
1,801,0 222,158,0 33,169,0 3,212,144,0 179,570,0
1,661,0,222,137,0:30,649,0 3,106,012,0 209,489,0

31,387,0
31,139,0
31.222,0

. ..

_

T r u s t C om pan ies.
N ot M em bers of
Federal lleserre Bank.

3,991,0
1.500,0
Brooklyn Trust C o ____
Bankers' Trust C o ......... 10,000,0 15,498,8
4,278,2
2,000,0
U. S. M tge. * Trust Co.
1,712,5
1,250,0
Astor Trust C o . . . . . .
5,000,0 12,227,2
Title Guar. A Trust C o .
Guaranty Trust C o ____ 20.000.0 31,073,7
1,000,0
1,210,3
Fidelity Trust C o .........
4,000,0
5,472.0
2.000,0
8,097,3
1,000,0
1,600,2
People’s Trust C o .........
3,000,0 11,372,3
New York Trust C o . . .
1,000,0
1,301,3
1,000,0
525,4
2,000,0
6,424.3
M etropolitan Trust C o .

Totals, actual condition Sept. 9
Sept. 2
Aug. 20
Totals! actual condition Aug. 10

1,050,570,0
1,052,589,0
.......... 1,060,201.0

Grand Aggregate,actual condition
Comparison prev. wcok
..........

Sept.

Grand Aggregate actual condition
Grand Aggregate actual condition
Grand Aggregate actual condition

Sept. 2 3,292,337,0 315,730,0
Aug. 20 3,243,902,0 315,803.0
Aug. 19 3,232.712,0|318,435,0

64,491,0
68,304,0
59,287,0

58,672.0
09,4 10,0
70,015,0

2.685,0
2,717,0
2,591,0

41,0

—

I

57,0

7,388,0
24,850,0
17,352,0
6,780,0
1,019,0
34,131,0
913,0
1,041,0
10,590,0
1.182,0
0,377,0
2,871,0
761,0
4,876,0

_____
______

911,649,0 126,161,0
910,972,0
912,959,0
914.060.0
897,546,0

126,835,0
120,710,0
131.080.0
160,473,0

1

I

a Includes capital set aside for Foreign Branches, 83.000.01)0

STATEMENTS OE RESERVE
Averages.
Cash Reserve Reserve In
In Vault. D epositaries

Total
Reserve.

a Reserve
Required.

POSITION.
Actual Figures.

Surplus
Reserve.

I n c . or D ec.
Cash Reserve Reserve In \
Total
from
Reserve.
PrevtouslVeek in Vault. ID ep ositaries

b Reserve
Required.

Surplus
R eserce.

I n c. or D ec.
fro m
PrevlousW eek

S
S
*
1
s
1
s
%
%
$
$
S
Members Federal
S
1
$
Reserve Bank___ 282,204,000 161,480,000 440.090.000 383,120,150 63,560,850 — 30,579,550 272,542.000 171,050,000 443,592,000 382,434,290 61.157,710 —27,711,540
8,505,000
41,819,000 37,952,040 0,866,360 — 1,351,220 35.748.000 8,519,000 44,267,000 37,023,840 6,343,160 + 1,471,420
30.314.000
State Banks'*_______
+ 212,050
034,650 — 1,377,750 02.846.000 46,100,000138,946,000 136,645,800 2,300,200
Trust Companies*.. 91.792.000 45,590,000 137.382.000 136,717,350

Total Sept. 9 ____ 410 310,000 218,581.000,028,801,000 557,829,140 71,001,860 —42,308,520 401.136.000225.660.000 620,805,000 557,003,930 60,801,070 — 26,028,070
449 096,000218,010,000 607,700,000 554,335,620 113,370,380— 12,536,040 441.584.000
214,783.000656,367,000 560,537,800 —
95,829,140
20,561,220
Total Sept. 2
Total Aug. 20........ 4481701.000 224,919.000 673,620,0x0 547.713.580 125,906,420 + 14,120,570 456.330.000 222,15S.00O 678,488,01,0553,097,640 125,390.360 — 2,202,860
Total Aug. 19___ 440.804.000 213,203.000 654,067.000 542,287,150 111,779.850 +3.476.160 450.928.000 222.137.000 673.005.000 545.471.780127,593.220 +24,506.080
• Not members of Federal Reserve Bank.
a This Is tho reserve required on Net Demand Deposits In tho case of State Banks and Trust Companies, but In the case of Members of the Federal Reserve Banks
Includes also the amountof reserve required on Net Time Deposits,which was as follows: Sept. 9, $2,133,950; Sept.2, $2,205,900; A ug.26, $2,30-1,700: Aug. 19, $2,399,050
b Tills Is tho reserve required on Net Demand Deposits In tho case of State Banks ami Trust Companies, but In the case of Members of the Federal Reserve Banks
Includes also tho amount of reserve required on Net Time Deposits,which was as follows: Sept. 9, $2,127,950: Sept. 2, $2,141,650; Aug. 20, $2,351,700: Aug. 19. $2,408,000




In a d d itio n to th e re tu rn s o f “ S ta to b a n k s a n d tr u s t c o m ­

T h e S ta t e B a n k in g D e p a r tm e n t re p o r ts w e e k ly fig u r o s ,
s h o w in g th e c o n d itio n o f S ta to b a n k s a n d tr u st c o m p a n ie s
In N e w Y o r k C 't y not in the Clearing House, a n d th e se are
sh o w n in th e fo llo w in g ta b le :

p an ie s in N e w Y o i’ k C i t y

not in the Clearing House,"

by

D e p a r tm e n t,

in th e w h o le S t a t e .

F o r d e fin itio n s a n d ru le s u n d e r w h ic h

June 17___
June 24___
July I ___
July 8___
July 15___
July 22___
July 29___
Aug. 5 ___
Aug. 12___
Aug. 19___
Aug. 26___
Sept 2 ___
Sept. 9-----

4.025.938.4
4.026.435.3
4.024.927.0
3.960.993.0
3.906.760.1
3.871.422.7
3.876.459.5
3.840.711.7
3.868.552.7
3.899.806.1
3,932,563,9
3.973.033.4
4.008.621.1

Specie.
S

412.492.1
431,253,6
410,874,3
407,219,3
405,666,1
413,668,2
417,059,9
417,394,3
425,409,4
431,358,5
412,280,4
441,533,7
413,561,9

th e v a r io u s ite m s

T h e p ro v isio n s o f th o la w g o v e r n in g th o re s e rv e r e q u ir e ­
m e n ts o f S ta to b a n k in g in s titu tio n s w ere p u b lis h e d in th o
“ C h r o n ic le ”

W e om it ciphers In all these fig u res.

•5
4.048.776.0
4.025.620.8
4.017.526.4
4.011.831.8
3.956.132.5
3.901,908,7
3.903.877.9
3.926.631.0
3.939.263.3
3.952.230.3
3.917.932.5
3,966,687,2
4.032.632.9

T h e figu ros a re c o m p ile d so a s to d is tin ­

M arch 2 8 1914

(V . 9 8 , p . 9 6 8 ).

T h e r e g u la ­

tio n s re la tin g to c a lc u la tin g th o a m o u n t o f d e p o s its a n d w h a t
d e d u c tio n s are p e r m itte d in th e c o m p u ta t io n o f th e ro se rv o s

w ere g iv e n in th o “ C h r o n ic le ” A p r il 4 1 9 1 4 ( V . 9 8 , p . 1 0 4 5 ) .
26.50% S161,899.30026.70%
STATE BANKS AND TRUST COMPANIES.

S30.228.400

D em and
D ep osits.

a ls o

th e in s titu tio n s o f th is cla ss

are m a d o u p , see “ C h r o n ic le ,” V . 9 S , p . 1 6 6 1 .

COMBINED RE3ULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.

Loans and
Investm ents

fu rn ish o d

D e p a r tm e n t

Y o r k ) a n d th o se fo r th e re st o f th e S t a t o , a s par th e f o llo w in g :

T h e a v e r a g e s o f th e N o w Y o r k C i t y C le a rin g H o u s e b a n k s
a n d tr u s t c o m p a n ie s , combined w ith th o se fo r th e S ta to b a n k s
a n d tr u s t c o m p a n ie s in G r e a to r N o w Y o r k C i t y o u tsid e o f th e
C le a r in g H o u s e , c o m p a r e as fo llo w s fo r a series o f w ee k s p a s t:

W eek ended —

all

th e

g u ish b e tw e e n th e r e su lts fo r N e w Y o r k C i t y (G re a to r N e w

{.Figures Furnished by Stale Banking D ep artm ent.) D ifferen ces from
Sept. 9.
previous week.

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

B a n k in g

p re so n ts a s ta te m e n t c o v e rin g

SUM MARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
Loans and Investments____________________________ 5725,669.900 Ino.510,982,700
G o ld _______
60,386,900 Ino.
958,200
Currency and bank notes.......... - ...............................9,410,400 Inc.
469,100
Total deposits___________________________________ 893,038,000 Inc. 12,029,600
Deposits, eliminating amounts due from reserve
'depositaries and from other banks and trust com­
panies In New York City, and exchanges.......... .. 767,484,100 Ino. 12,718,700
Reserve on deposits_______________________________ 192,127,700 Dec. 1,415,900
Percentage of reserve, 26.7%.
RESERVE.
------- State Banks ----------- Trust Com panies ----Cash in vaults....................................512,202,200 1 0 .7 0 %
557,595,100 9.50%
Deposits In banks and trust cos___ 18,026,200 15.80%
i04,304,200 17.20%

th e S ta t e

Other
M on ey.

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

s
79,319,3
83,456,1
79,417,4
62,520,9
66,617.8
79,582,4
79,857,2
77,337,1
75,317,5
74.696.7
74,651,4
75.932.3
60.512.4

S
491,811,4
511,711.7
620,292,2
469,740,2
472,283,9
493,250,0
496,017,1
491,731,4
500,756,9
509,053,2
516,931,8
517,406,0
4S0,107,3

Non-Mamb8 r Banks and Trust Companies.—

S

824,041,3
846,899,6
850,228,8
780,127,9
779,462,3
812,531,2
824,623,3
828,101,3
842,538,1
816.646,0
863,603,0
861,249,0
821,018,7

W eek ended Sept.

State Banks
Trust Cos.
outside o f I outside o f
Greater N . Y . Greater N . Y .

State Banks
Trust Cos.
in
In
Greater N . Y . Greater N . Y

9.

14,900,000

Capital as of June 30-----

23,450,000

75,550,000

11.783.000

Surilus aj of June 30-----

40,063,500

173,239,300

14.051.000

14,381,600

Loans and Investments.Change from last week.

387,018,500 1,674,271,000
+ 318,100, +14,764,700

157,421,900
—5,099,700

248,552,500
+ 7,081,400

G o ld ..................................
Cnange from last week.

40,033,500 135,117,400
— 2, 110, 100. +1,216,000

515,926,000 1,927,317,100
Deposits-----------------Chango from last week. + 10,335,300! — 7,279,800

107,119,000
— 9,474,800

264,775,200
+ 9,352,900

102,683,400 335,230,700
— 1,701,800, — 10,031,100;

29,902,100
—2,632,700

38,173,700
+ 2,702,300

Reserve on deposits-----Change from last week.

16,874,200
— 826,900

18,933,900
— 551,700

Currency and bank notes.
Change from last week.

21.8%
25.7%'

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

21.0%
21.6% I

21.5%
22.2%'

18.0%
17.4%

— Decrease from last week.

F o llo w in g is th e re p o rt m a d e to th e C lo a rin g H o u se b y cloa rin g n o n -

rn em b or in stitu tio n s w h ich are n o t in c lu d e d in th e “ C le a rin g H o u s e r e tu r n ” o n th e p re c e d in g p a g e :
RETURN
CLEARING
NON -MEMBERS . Capital.
Week Ending
Sept. 9 1916.
Members o f
Fed'l Reserve Bank
Battery Park N a t...
First Nat., Brooklyn
Nat. City, Brooklyn
First Nat., Jers. City
Hudson Co. N ., J.C.
First Nat., Hoboken
Second Nat., Hobok.

OF

N O N -M E M B E R

N et
P rofits.

fNat. bks. June 30)
[State bks. June 30j

Loans,
D iscounts,
Invest­
m ents, it-e.
A verage.

$
$
S
209,000
189,000 5,576,000
300,000
679,400 5,210,000
300,000
583,000 5,559,000
400.000 1,266,590 4,853,000
250,000
755,500 4.839,000
220,000 628,100 6,051,000
291,300 4,833,000
125,000

IN S T IT U T IO N S

Gold.

Legal
Tend ers.

Silver.

Average.

Average.

A v erage.

OF

N at .Bank N a t .Bank
N otes [ftc- N oteslN ot
Counted
serve fo r
Slate I n ­
as
stitutions] Reserve],
A verage.

s
574,000
155,000
174,00.)
225,009
141,000
105,000
67,000

S
47,000
35,000
60,000
378,000
19,000

40,000

s
59,000
128,000
131,000
84,000
72,000
38,000
96,000

T o ta l.................... 1,795.000 4,397,800 36,926,000 1,501,000

608,000

008,000

11,000

46,000
470,000
225,000
32.000
55,000
158,000
131,000
223,000
714,009
103,000

59,000
36,000
117,000
188,000
. 17,000

599,000 2,157,000

652,000

20,000

NEW

$

Average.

Reserve ]
A v erage.

Average.

Tt',666

87,000

3.000
5.000

3,000

133,000

C L E A R IN G
Reserve
to Uh
Legal
D ep os­
ita ries.

Federal
Reserve

S
3,000
14,000
9,000

6,000
11,000

..........

YORK

S

11,000
1,000
2.000

H OUSE.

A d ditional
D ep osits
with Legal
D em and
D ep os­
D ep osits.
ita ries.

N et
T im e
D ep osits.

N ation a l
Bank
C ircu­
la tion .

Average.

A v erage.

Average.

Net

A v erage.

S
$
$
$
5.800.000
284.000
436,000;
120.000
lOO’.OOO 4.798.000
598,000;
96,000 5.602.000
684.000
549.000 2,494,000 4.581.000
6.82,000 4.015.000
482.000
348.000 2.485.000 3.221.000
405.000
302.000 2.570.000 2.124.000
308.000

S
191.000
293.000
119.000
398.000
197.000
219.000
99,000

36,000 3,462,000 4,118,000 29,851,000 5,749,000 1,516,000

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

Bank of Wash. H ’ts.
Columbia Bank___
Fidelity Bank..........
International BankMutual Bank..........
New Nctherland___

100,000
100,000
200,000
500,000
200,000
200,000
300,000

100,090
Mechanics’ , Bklyn.. 1,600.000
North Side, Bklyn-. 200.000

410,790
851,400
655,900
184,300
116,300
474,900
243,500
584,600
807,900
189.100

2,210,000 120,000

,8,398,000
7,901,000
1,274,000
2,525,009
6,323,000
4,126,000
6,039,000
17,780,000
4,533,000

571,000
609,000
100,00!)
207,000
598,000
228,000
43 t,000
752,000

210,000

T o ta l.................... 3,800,000 4,518,600 61,210,009 3,883,090

167.001)
18,000

11,000

17,000
42,001)
4S,000
85,000
151,000
49,000

33,000
54,000
135J)00

_____

91.000 1.767.000
106,000
•I 13,000 8.970.000
538.000
72.000 8.400.000
508.000
237.000 1.178.000
59,000
6,000 161.000 616.000 2.145.000
28.000 6.315.000
369.000
4.080.000
5,000 2 14,000
55"f,600 0,543,000
393.000
1,143,000 2,855,000 19,011,000
3 IS,000 4.373.000
262.000

15,000

12,000
1,000
131,000
131,000]

90,000
303.000
272.000
89,000
410,000

26,009 3,783,000 5,214,000 62,917,000

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

iIamlltonTru3t,Bkln.
Mechanics’ .Bayonne

500,00C

200,000

1.103.50C 8,175,001
297,600 5,016,000

559,000
72,000

21,000
44,000

18,000
64,000

T o ta l-----------------

700,000

1,401,100 13,221,000

631,000

65,000

82,000

61,000
32,000

..........

3,000
14,000

96,000

...........

17,000

Grand aggregate----- 6,295,000 10,317,500 111303000 6,015,OOO! 1,272,090 '2,847,000
Comparison ,prev .wk
I
--------- + 205,000] -199,000 j +42,000 | +78,000

748,000 267,009
+ 3,000 + 107 000

Grand aggr’ teSept. 2 ,6,295j)30j 19,317.500 11115S00010,211,000,1,230,000 '2,769,000
--------000,10,317.500 111456000 6,182,000 1,389,000 2,758,000,
Grand aggr'teAug.19 6.295,009 10,317,500 111469000 6,008,000 1,199,000 2,889,000
Grand aggr’ teAug.12 5,795,000:10,459.700.110746,000 5,989,000 1,307,000 2.911,000
Grand aggr’teAug. 5 5,795.000 10,459,700' 111512000 5,949,000 1,261,000 2.930,000'

745,000
840.000
644.000
599.000
624.000

Philadelphia Banks.— S u m m a r y o f w o e k ly to ta ls o f
C le a rin g H o u o b a n k s a n d tr u s t c o m p a n ie s o f P h ila d e lp h ia :
W e om it two cip hers (00) in all these fig u res.
Loans, | D u e
D isc'is ife
from
Invest'ts. \ Banks.

D ep osits.
Bank.

Indlvld'l.\

Total.

Reserve
H eld.

514,717,oi
515.893.0
511,475,0!
510.242.0,
508.311.0,
509,061,o;
509,024,0!
510.070.0,
518.482.0,
514.281.0

71,312,0 163,9 lO.o] 431,993,0'603,933,0
72,431,0 169.921.0 438,517,o!608,458,0
60,971,0 163.209.0 429,670,0'597,888,0
72.588,0 166.587.0 431,907,0 593,491,0
60,713,0 161.405.0 427,721,0 589,129,0
68,772,0 161.584.0 425,290,0 586,874,0
71,448,0 163.326.0 424,646,0 537,972,0
75,318,0 ,165,127,0 427,642,0 592,769,0
75,386,0 167.706.0 410,822,0 608,588,0
72,545.0 168.696.0 411,662,0 610,353,0

103.501.0
105.855.0
108.373.0
106.982.0
105.238.0
97.790.0
98.288.0
96.702.0
99.465.0
106.726.0

31.140.0
23.353.0
31.310.0
30.395.0
29.179.0
22.099.0
23.175.0
21.602.0
22.538.0
29.435.0

N o te. — National bank note circulation Sopt. 9, $9,318,000; exchanges for Clear­
ing House (Included In "Bank Deposits” ), banks, t i l , 913,090; trust companies,
$1,914,000; total, S16,857,000. Capital and surplus at latest dates; banks,
$61,175,600; trust companies, $11,295,200; total, $105,470,800.




433,009 2,128,000 8,773,000 3,658,000
7,683,000 11,490,000 101511000 10,571,000 1,516,000
— 52,000-1,013,000 — 78,000! — 31,000 — 6,000

63 000 7,735,000 12.533,000 101619000 10,602,000 1,522,000
55,000,7,760,000] 11,787,000. 102410000 10,521,000 1.518,000

222.000

B03tcm Clearing-House Banks.— W o g iv e b e low a s u m ­
m a r y s h o w in g th o to ta ls fo r a ll th o ito m s in th o B o s to n C le a r ­
in g -H o u s e w e e k ly s ta te m e n t fo r a sorios o f w o e k s:
BOSTON CLEARING HOUSE MEMBERS.
_________

Excess
Reserve.

S
s
s
s
S
$
i
S
Sept. 9.
Nat. banks. 365,297,0 60,901,0 165,131,0 298,539,0 463,661,0 82.136.0 25,213,0
5,927,0
Trust co s .. 149,420,0] 4,411,0 3,806,0! 136,463,0] 140,269,0 26.018.0
Total . . .
Sept. 2__
Aug. 2 0 --­
’ ’ 1 9 ...
*• 12- . .
“
5 ...
July 2 9 ...
’ ’ 22. . .
"
15—
"
8. . .

160,000
146.000
331.000
365.000

877,000
332.000 1,587,000 6.655.000
511,000 2.118.000 2,781,000
106.000

9
1910.

Sept.

Change from
previous week.

56.476.000 Deo.
419.527.000 Ino.
329.902.000 Ino.
121.630.000 Inc.
26.171.000 Deo.
Exchanges for Clear. Houso. 13.745.000 Ino.
Duo from other banks______ 39.068.000 Inc.
Cash reserve____ _________ 23.577.000 Ino.
Reserve In Fed. Ilcs'vo Banks 21.660.000 Doc.
Reserve with other banks— 39.613.000 Deo.
400,000 Ino.
Reserve excess In bank--------Excess with Reserve Agent.- 21.161.000 Deo.
2,315,000 Deo.
Excess wltn Fed. Res’vo B’k.

Circulation..............................
Loans, dlsc’ ts & lnvestments.
Indlvhlual deposits, Incl.U.S.
Due to banks______________

S ept.

1910.

2

Aug.

20

1010.

$6,477,000 $0,463,000
413.596.000 414.009.000
328.593.000 327.285.000
122.285.000 123.207.000
26.579.000 25.251.000
11.852.000 11.583.000
35.092.000 34.374.000
23.106.000 24.116.000
221,000 21.8.81.000 22.724.000
7,502.000 47.115.000 46.497.000
1.209.000
149,000
251,000
7,718,000 31.879.000 31.225.000
491,000 2,836,000 3.034.000

SI,000
5,931,000
1,309,000
2,351,000
408,000
1,893,000
3,976,000
471,000

Imports and Exports for the Week.—-See third page
' preceding.

(S am ite,
W a ll Street, F rid a y N ig h t, Sep t. 1 5 1 9 1 6 .
T h e M o n e y M a r k e t a n d F i n a n c i a l S i t u a t i o n . — A s id e
fr o m re g u la r, ro u tin e b u sin e ss a t th e S to c k E x c h a n g e , w h ic h ,
a s n o te d b e lo w , h as b e e n d e c id e d ly e x c e p tio n a l th is w e e k ,
th e fin a n c ia l c o m m u n it y h as b een c h ie fly in te re ste d in th e
M a in o e lection re su lts.
P e r h a p s it is p o ssib le to p la c e to o
m u c h reliance u p o n th ese ro su lts a s a safo criterio n o f p o litic a l
se n tim e n t else w h ere, b u t tliero is d o u b tle ss s u b s ta n tia l
gro u n d fo r th e co n clu sio n th a t th e desire fo r a c h a n g e o f
o x ec u tiv o a n d le g isla tiv e lea d ersh ip sh o w n to e x ist in M a in e
h a s d e v e lo p e d m o re or less ge n e ra lly th r o u g h o u t th o c o u n tr y .
S o m e re ce n t e v e n ts w ill d o u b tle ss in te n sify th is desire and
increaso its d e v e lo p m e n t.
W o re fe r, a m o n g o th e r th in g s , to
th e e n a c tm e n t o f such m e asu res as th o E ig h t -h o u r R a ilr o a d
L a w an d th e n e w R e v e n u e B ill.
A s to th e la t te r , th o p lea
fo r lo y a lt y in ch e e rfu lly s u b m ittin g to in creased ta x a tio n
fo r th e p u rp o se o f p u ttin g ou r a r m y a n d n a v y o n a p ro p er
fo o tin g w ill fin d a liberal resp on se in th e h e art o f e v e r y true
A m e r ic a n , b u t w h en o n e sto p s to th in k o f th o d o o rs th u s
op o n od fo r largo a d d itio n a l p a tr o n a g o , fo r u n n e ce ssa ry e x ­
tr a v a g a n c e a n d fo r g r a ft th e p a tr io tism a ro u se d is in clin ed
to oo zo o u t , th e g la m o r a n d ro m a n c e o f th o m a tte r to fad e
a w a y a n d a v a g u e senso o f ap p re h e n sio n a n d s o m e th in g lik e
su sp icio n fo llo w s.
I t is d o u b tfu l, h o w e v e r, if p o litic s h as h a d a n y p erco p tib lo
e ffe c t u p o n b u sin ess in W a l l S tr e e t w ith in th e w e e k .
The
s to c k m a r k e t is u n d ergo in g a sp a sm o f w h a t scorns to an
o u tsid e r like reck less sp e c u la tio n , sim ila r to th a t exp erie n ce d
in O c to b o r la s t y e a r , a n d w h ich is a lw a y s m o re or less d e ­
p lo ra b le in re su lts. R e a so n s fo r h o p e fu ln e ss aro fo u n d in th o
c u rre n t v o lu m e o f our fore ig n tr a d e , w h ic h fa r e xce e d s all
p re v io u s re c o rd s, in th e p ro sp e c t th a t th is w ill co n tin u e v e r y
largo for a co n sid era b le tim e , th o a c tiv ity an d p ro fita b le n e ss
o f gen era l b u sin e ss an d in th o d o m e stic fin a n c ia l s itu a tio n .
A fe a tu ro o f th e la tte r is seen in tho re ce ip t o f $ 2 7 ,5 0 0 ,0 0 0
g o ld fr o m a b ro a d w ith in th e w e e k .
F o r e i g n E x c h a n g e .— S te rlin g o x ch a n go c o n tin u e d in a
th o r o u g h ly a r b itra r y p o s itio n , n o t b e in g re sp o n siv e to u su a l
m arlcot in flu en c es.
T h e w e e k ’s g o ld im p o r ta tio n s fro m C a n ­
a d a h a v e in clu d e d $ 2 7 ,5 0 0 ,0 0 0 , o f w in ch $ 1 0 ,0 0 0 ,0 0 0 w a s
fo rw a rd e d to P h ila d e lp h ia .
T o-d a y's (Friday’s) actual rates for sterling exchange wore 4 7 1 % for
sixty days, 4 7554 for checks and 4 76 7 -16 @ 4 70)4 for cables. C om m er­
cial on banks, sight, 4 75 9-16; sixty days, 4 7054; ninety days, 4 08)4; and
docum ents for paym ent (sixty days) 4 71. C otton for paym ent 4 75 9-16,
and grain for paym ent 4 75 9-16.
T o -d a y ’s (Friday’s) actual rates for Paris bankers’ francs wero nominal
for long and 5 8 0 % for short. Germany bankers’ marks wero 70 for sight
and nominal for long. Amsterdam bankers’ guilders wero 40 1 l-1 6 @ 4 0 3 f
for short.
Exchange at Paris on London, 27.90 fr .; wook’s range, 27.90 fr. high and
27.99 'A fr. low . Exchange at Berlin on London not quotable.
The range for foreign exchango for the week follows:
C a b les.
C h ec k s .
S te r lin g , A c t u a l — S ix ty D a y s .
High for tho week___4 71 %
4 75%
4 70%
Low for tho w eek___4 71 '%
4 75%
4 70 7-10
P a r i s B a n k e r s' C r a n es —
High for the week___ ____
5 85%
5 84%
Low for tho week___ ____
5 87%
5 88%
G er m a n y B a n k e r s ’ M a r k s —•
High for tho week___ ____
70
70 1-10
Low for tho week___ ____
09
09 1-1G
A m s te r d a m B a n k e r s ’ G u ild e r s —High for tho w eek___ ____
40 13-10
40%
Low for tho w eek___ ____
4 0 % plus 1-10
4 0 13-10
D om os tic E x ch a n g o .— Chicago, 15c. por $1,000 discount. Boston
par. St. Louis, 10c. per $1,000 discount bid, and 5c. discount asked.
San Francisco, 10c. per $ 1,000 prem ium . M ontreal, 31 H e per $1 000
premium. M inneapolis, 30c. per $1,0 00 premium. Cincinnati par
Now
Orleans, sight 50c. per $1,000 discount, and brokers 50c. prem ium .'
S t a t e a n d R a i l r o a d B o n d s .— S ale s o f S ta te b o n d s a t tho
B o a r d th is w e e k includo $ 2 3 ,0 0 0 V irg in ia 6 s
d c f. tr.
r e e p ts. a t 5 0 to 5 3 ; $ 5 ,0 0 0 N e w Y o r k C a n a l 4 % s a t 1 0 9 % .'
a n d $ 1 ,0 0 0 N e w Y o r k C a n a l 4_% s a t 1 1 5 % .
Sales of railroad an d in d u strial b o n d s h a v e in cre ase d this
w eek.
P rices h a v e ge n e ra lly a d v a n c e d , b u t tho m o v e m e n t
lias b een lim ite d in sc o p e .
In te rb o ro R a p id T r a n s it 1st re f.
5 s , p erh ap s a ffe c te d b y the tr a n sp o r ta tio n d iffic u ltie s , d e ­
clin e d s lig h tly .
A m e r ic a n S m e lte rs S ec u rities 6 s w ero m o s t
sp e c ta c u la r.
F o llo w in g tho gen eral tren d to w a rd h ig h er
v a lu e s n o te d in th e oth er se cu rity m a r k e ts , it a d v a n c e d fro m
1 0 9 % , the c losin g price la st F r id a y , to 1 1 2 % .
R o c k Isla n d
r e f. 4 s m o v e d u p fr a c tio n a lly , w h ile th o d e b . 5 s , c o n tr a r y to
th eir m o v e m e n t o f a w e e k a g o , a d v a n c e d fro m 5 5 to 5 7 .
S ale s o f S ta te b o n d s w ere in m a rk e d c o n tr a st to th o se o f
th e p a st tw o w e e k s, w h ile N e w Y o r k C i t y issues wore
p o p u la r .
A m o n g tho G o v e r n m e n t b o n d s , A n g lo -F r e n c h 5 s ,
J a p a n ese G o v t . 4 % s , A m e r ic a n F o re ig n S ec u rities 6 s an d
D o m in io n o f C a n a d a issues a ffo rd e d th e m o s t in te r e s t.
Tho
U n ite d K in g d o m o f G r e a t B r ita in a n d Ire la n d 5 s , w h ich h a v e
b een sellin g on tho “ c u r b ” till F r id a y la s t, w ere a lso a c tiv e .
S a le s o f $ 8 ,0 0 0 , p ar v a lu e , o n a n s -2 0 -f b a sis w ere reg istered i
a t th e B o a rd this w eek.
U n i t e d S t a t e s B o n d s .— S ale s o f G o v e r n m e n t b o n d s a t
th e B o a r d in clu d e $ 4 ,5 0 0 3 s c o u p , a t 1 0 1 % to 1 0 1 % , an d
$ 2 ,0 0 0 2 s c o u p , a t 1 0 0 % . f F or to -d a y's prices o f all the d iffer­
ent issu es and f o r the iveck's range see third page fo llo w in g .
R a i l r o a d a n d M i s c e ll a n e o u s S t o c k s . — -T h o m a r k e t h a s ,
th is w e e k , b een u n u su a lly a c tiv e a n d prices h a v e sh ow n
re m a rk a b le str e n g th .
B e g in n in g w ith W e d n e s d a y o f la s t
w e e k , sales h a v e , e ach d a y , to ta le d o v e r a m illio n sh are s,
th e a m o u n t in creasin g s te a d ily th is w e e k till o n T h u r s d a y
it rea ch ed 1 ,6 8 0 ,9 4 2 , a lim it n o t e q u a le d since S e p te m b e r
1911.
F r o m a list o f 1 5 m o s t a c tiv e ra ilro a d issu e s, R o c k




Island, Denver & Rio Grande pref., Erio and Pennsylvania
declined, the movement being in all cases fractional. Union
Pacific, the most spectacular, advanced from 139ki to 146%,
Reading fluctuated between 109 and 113, while gains of
from 1 to 3 points were common. Among tho industrial
stocks, General Motors afforded the most sensational ad­
vance since that of Bethlehem Steel in October of last year.
From 585, the low price on Monday, it moved up to 750,
closing, however, at 745. American Beet Sugar held be­
tween 90 and 95, the final figure, being 93 %> the high, low
and last prices of American Smelting & Refining Co., Ana­
conda Copper, Atlantic Gulf & West Indies SS. Co. and
Baldwin Locomotive being 108%, 77%, 108%; 90%, 87%,
90ki! 91, 69, 89% and 90%, 81%, 90%. Bethlehem Steel
advanced from 492 to 580. United States Steel again made
a new high record on Thursday of 107, the closing price to­
day, however, being 106%, while Crucible and Lackawanna
steel advanced respectively 11 % and 6% points for the week.
Inspiration Copper was the only one from 30 most active
industrial issues to declino. From 62 it moved up to 63%
but closed to-night at 61%.
For daily volume of business see page 1024.
Tho following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STO C K S.

! Sales

W eek ending Sept. 15.

fo r
W eek

Range fo r W eek .
L ow est.

H ighest.

P ar. Shares S per share.

R ange sin ce J a n . 1.
L ow est.

H ighest.

S per share. |;$ per share. S p er share.

Acm e T ea tem c t f s - - 100 1,900 54)4 Sept 12: 57)4 Sept 15 51
A ug 57)4
1st pref tem ctfs. .100 300 93)4 Sept 14 95
Sept 15 93)4 Sept 97)4
Sept 14 , G3 July 07
A jax R ubber_________50 2,000 61 Sept 12 07
Am Brake S & F c t f s . 100 100100)4 Sept 9 100)4 Sept 9 100
AprlOOH
200 191
Sept 9 195
Sept 14 165
Feb,198
Preferred ctfs_____ 100
American Express--.1 0 0 300125
Sept 14 126)4 Sept 15 123
June!140)4
Am W rit Paper pref. 100 28,550 31
Sept 14 36 Sept 11
11 Jani 36
llarrctt C o ( T h e ) . ..100 500151)4 Sept 15 153
Sept 15 151)4 Sept 153
Batopllaa M ining------20
1,600, 1)4 Sept 11 2 Sept 13
1)4 June! 3)4
Brown Shoe.................100
400; 66 % Sept 9 67 Sept 11! 50)4 Jan 67
Preterred_________
loo
■
300! 99
Sept 111 99)4 Sept 14]| 95)4 Jan 102
"'
Brunswick Term ’ l.-.IO O
600; 714 Sept 91 8 Sept 14:(
6 July 14
Burns B ros__________ lool
Aug 87
700! 77 V i Sept 12; 70)4 Sept 15,: 66
Bush Term inal_____ 100
Jan 121
100,110 Sept 15110
Sept 15 i 96
B utterlck___________ 100
Apr 31
100| 28)4 Sept 15 28)4 Sept 15! 28
Case (.11) pref........... 100
20! 84
Sept 13 84
Aug 90
Sept 13 84
Cent & So Am Teles .100
218 140
Sept 11 140)4 Sept 11 134
July 141)4
C luett, Peabody & Co 100
100 70
Sept 1 1 70
Apr 76
Sept 11 68
Preferred_______ loo! 200108 Sept 13 108 Sept 13 108 June 112
C om putlng-Tab-Rec 100
400 44
Sept 14 45)4 Sept 151 40)4 July 52)4
ConQasEL&P (Balt) 100
100 111)4 Sept 11 111)4 Sept 11 108)4 M ar 116)4
ConsInt-StatcCallMglO
100 20
Sept 9 20
Sept 9 18
Aug 23
Deere & C o pref____100!
30O( 90
Sept 15 91
Sept 14 89
M ay 98)4
D etroit Edison_____100
130139M Sept 11 139)4 Sept 11 131
Mar 141)4
Diam ond M atch____100
100 120H Sept 13 120)4 Sept 13 102)4 M ar 121
Driggs-Seabury Ord____j 4,950! 86
Sept 9 111)4 Sept 15 85
Sept 111)4
D u l S S & A t l ............100!
1001 5)4 Sept 15 5)4 Sept 15
4) M ar 6)4
Preferred................100
100 10 Sept 14 10 Sept 14 10
Jan 14
Elec Stor B a tte ry ...1 0 0
390 67)4 Sept 12 6814 Sept 15 58
Apr OSH
G ulf States S tr ctfs. 100 8,000 81
Sept 9 96)4 Sept 15 71
M ay 9G)4
1st pref tr
w ctfs____100
----- h »u.
400 98
Sept
w u 12101)4
i i i i Sept
sept i14 87
M ay 101)4
2d p.ef tr ctfs----- 100 3,400 88V* Sept 1) 98K Sept 1 72
M ay 98)4
mnoglfl Vn Mlnlnrr 166
4An135
1Or Sce p t «14
. i t1,35
».a-' S enp t.. » i14 126
H o m e s t a k o M i n i n g . . 100
100
Jan! 135
I n t H a r v e s t C o r p . . . 1 00
4 0 0 7 7 ) 4 S e p t 15 7S
S e p t 14 68)4 Marj 84)4
K a y s e r (J u liu s ) & C o lOOi
100 98
S e p t 12, 9 8
S e p t 12 80)4
Mar;100
K in g s C o E L & P — 100
3 8 5 1 2 7 H S e p t 13 1 28
S e p t 13 126)4
May;131
L a c le d e G a s ........... . . . 1 0 0 ;
4 0 0 1 0 4 )4 S e p t 12 1 05
S e p t 12' 103)4 M ar 107)4
M a c k a y C o m p a n i e s . 1 00
300, 8 4
S e p t 9] 8 5 ) 4 S e p t 12 78
Apr; 91
P r e f e r r e d ............... . 1 0 0
5 0 0 6 6 ) 4 S e p t 14, 6 7
S e p t 13 05)4
Jan! 68)4
M a y D e p t S t o r e s ___ 1 00
5 00 , 61
S e p t 13! 6 1 ) 4 S e p t 9| 50)4
Jan] 68)4
100 ' 7 2 ) 4 S e p t 13; 7 2 ) 4 S e p t 1 3 1 72
M S t P & S S M l’ s d l i n e 1 0 0 j
July 75)4
N a t C l o a k & S u i t . . . 100! 2 ,2 0 0 7 8 ) 4 S e p t 9; 8 4 ) 4 S e p t 12! 71
M ay 84)4
P r e f e r r e d ---------------- 1 00
2 2 0 1 0 9 )4 S e p t 12 1 1 0 14 S e p t 12; 106
M ay 113
N Y C h i c * S t L o u is . 1 0 0
1 00 33)4 S e p t 9 3 3 ) 4 S e p t 9 33
Apr 45
N e w Y o r k D o c k _____100,
9 0 0 1 2 )4 S e p t 14, 1 5 )4 S e p t 14
9 14 M a y 15)4
P r e f e r r e d . . . ........... 1 03
1 00 3 5
S e p t 14 3 5
S e p t 14 25
Apr 35
P a b s t B r e .v p r e f _____1 00
100! 8 2 ) 4 S e p t 14 8 2 ) 4 S e p t 14 8 2 14 Sept 85
32)4 Apr 44
P a c i f i c T e l & T e l _____ 100 2 ,7 5 0 3 4
Sept 1 1 3 8
S e p t 15
P it t s C o a l c t f s d e p ........... 1 2 ,9 0 0 2 8 ) 4 S e p t 13 3 3 ) 4 S e p t 15 25 14 July 33)4
P r e fe r r e d c t f s d e p _____|
5 0 0 1 0 1 )4 S e p t 1 1 1 0 3
S e p t 14 10014 Aug 103
P I t t s b S t e e l p r e f _____1 00
1 00 9 9
S e p t 15; 9 9
S e p t 15 93)4
Feb 100)4
S a x o n M o t o r C a r ___ 100, 1 ,2 0 0! 7 7
S e p t 15; .80
S e p t 15
77
Sept 80
S lo s s -S h e f f S * I p f . . 100] 1 ,0 0 0 9 6
S e p t 11 9 8 ) 4 S e p t 15 91)4 Apr 101
T e x C o s u b s fu ll p a i d . . . !
100 2 0 5 )4 S e p t 1 4 2 0 5 ) 4 S e p t 14 187
M ay 205)4
U n d e r w o o d T ’ w r i t e r . 100
2 0 0 101
S e p t 13 101
S e p t 14 86
Jan 106
U n it e d C i g a r M f r s . . 1 00
100 49
S e p t 12 4 9
S e p t 12 47)4 Aug 64
U S E x p r e s s ___________ 1 00
300 28
S ept 9 29
S e p t 15
Sept] 49)4
U S R e a l t y & I m p t . . 1 00 1 ,0 0 0 ! 2 7
S e p t 11 3 0
S e p t 14
June! 49
U S U e d u c & R e f g . . . 1 00 5 ,0 0 0
l)4 S e p t ll
3 ) 4 S e p t 13
June; 3)4
1 )4 S e p t 13
3 ) 4 S e p t 13
P r e f e r r e d ....................1 00 1 ,1 0 0
J4 Aug] 4
V i r g in i a I r o n , C & C . 100 3 ,2 0 0 : 5 3
S e p t 9 5 7 ) 4 S e p t 15 41
July 62)4
V a R y * P o w e r ........... 100
W e l ls , F a r g o E x p r e s s 1 00
W orth ’n P & M v t c .1 0 0
P r e fe r r e d A v t c . . 1 00
P r e fe r r e d B v t c . . 1 00

1 00 4 7 ) 4
1 ,2 0 0 1 2 4 )4
4 ,7 1 9 3 0 ) 4
453
9 8 )4
5 ,0 0 0 6 0

Sept
Sept
Sept
Sept
Sept

Sept
June
Sept
Sept
July
Jan
Sept
Sept
Jan
Sept
M ay
Jan
Jan
Feb
Jan
M ay
June
Jan
Jan
Jan
June
July
Feb
Jan
Sept
Sept
M ay
Jan
Sept
Sept
June
Sept
Aug
M ay
June
Feb
Feb
Feb
June
M ay
Jan
Sept
Feb
Jan
Feb
Sept
Apr
Jan
Sept
Aug
Jan
Sept
Jan
Sept
M ay
M ar
Apr
Feb
Jan
Jan
Jan
4 7 ) 4 S e p t 11 4 5 H J u ly
4 8 )4
Jan
1 2 6 )4 S e p t 12 1 2 3 )4 M a y 1 35
.Jan
.....

11
14
12 3 6 ) 4 S e p t 1 4 ; 2 5
1 4 1 00
S e p t 14 ]9 5
111 6 6 ) 4 S e p t 1 4 ! 5 2 ) 4

J u ly ] 3 6 ) 4
J u ly ilO O
J u ly ! 6 6 ) 4

Sept
Sept
Sept

Outside Securities.— Business at the Broad Street “ curb
iu sympathy with that of the other securities markets, has
been brisk. Sales have been heavy and prices generally
advanced. Aetna Explosives fell from 12 to 10%- Chevro­
let Motors was erratic; from 198 it advanced to 199, fell to
190, moved up to 217 and closed at 211. Corporation of
Riker & Hegeman gained slightly, and Gaston, Williams &
Wigmore fluctuated between 45% and 52%, closing at 50%.
Haskell & Barker Car Co. moved up from 38 to 42, the final
figure being 41%. Kathodion Bronze pref. fell away from
20 to 15, closing at 10%; but Midvale Steel added 10% points
to the closing price of 63% a week ago, falling away to-night
2 % points from the high. Springfield Body advanced 3%
points, and the high, low and last prices of Stromberg Car­
buretor, Stutz Motors, United Motors and White Motors
wero 44%-42-44, 78-71%-73%, 70%-Gl-G7% and 57-53%55%. Standard Oil issues were active, Ohio Oil fluctuating
between 246 and 267, Prairie Pipe Lino between 250 and 260,
while Standard Oil of New York and Standard Oil of New
Jersey gained 5 and 7 points, respectively. The other oil
issues sold well and at advanced prices. Among the bonds
traded in at the “ curb” were $215,000 Cosden Oil 6s w. i. at
101% to 105, $120,000 Russian Government 6%s w. i. at
100% to 101% and $263,000 Midvale Steel 5s at 95% to 97.
A complete record of “ curb” transactions for the week
will bo found on page 1024.

1 0 1 6

N ew

Y ork

S to ck

E x ch a n g e — S to ck

R e c o r d , D a ily ,

W e e k ly

an d

Y e a r ly

O C C U P Y IN G T W O PAGES.
F or re co rd o f sales d u rin g th e w eek o f s to c k s u su a lly in a ctiv e , see p re ce d in g page.
H I G H A N D L O W S A L E PR IC E S — PER S H A R E , N O T P E R C E N T .
Saturday
Sept. 9

M onday
Sept. 11

Tuesday
Sept. 12

W ednesday
Sept. 13

Thursday
Sept. 14

l per share

5 per share
1027, 103,,
99
99
♦111 113
85% 86%
73
73
*85
86
175% 177%
*290 350
60% 61%
12% 12%
35
35%
91% 93%
*121
121
121 121
*165 175
16% 17
*115 125
* 133 140
*45
53%
82%
*80
32
*30
57
*56
55
*50

$ per share
103% 103%
99
99
*111
113
85% 86%
73%
73
*81% 85%
175% 176%
*290 350
61% 62
12% 12%
*35
36
92,2 93%
121% 1217,
121 121%
* 105 170
167, 17%
*115
125
133 133
*45
53%
82%
*81
*29
32
*55
56
55
♦50

S per share
1031, 101%
99
99
112% 112%
85% 867,
73
73%
*81% 85*4
177 178
*290 350
61% 62%
12% 121,
36
36
92% 91
121% 121%
125 125
*165 170
167, 17%
*115
12.5
* 133 145
*45
53
*81
82%
30
30
56
56
*50
55
152 152
*227 235
*12
16%
*31
35
37% 377,
52% 53*2
437, 437,
116% 117
41% 42%
101
101%
16
16%
71% 721,
24% 25%
61
*58
18
18
*39% 42
79% 80%
*34
36
128% 128%
*128 130
*4 %
5%
*14
20
121
122 %
*132% 136
*4
4%

$ per share

103% 101
*987, 99
113 113
86% 87
*72% 73%
176%
*290
61%
12*2
35
92%
*123%
121
*165
16%
*115
*133
*50
*80
*30
*56
*50
•150%
•230
*12
32%
371,
52%
•13%
116%
39
101
16%
74
*23%
*5.8
*18
*39
791,
*31
128%
*128
*4
*14
*121
•132
*3%
*10
3%
3%
*22%
*47 "
101%
*58%
26%
129%
*84
1091,
55%
*78
*91
m%
43
*16
*

177
350
61%
12%
35
95%
125%
124
175
17%
125
140
53%
82%
32
57
55
1 53240 *227
14% *13
31%
35
367,
38
53
52%
44
43%
116V„ 116%
42%
41%
1007,
101
167,
17
z72%
74
24%
23%
61
*58%
19% ♦18
43% ♦39
787,
79%
*34
37
128% *127%
129 *12 t
•5% *4%
20
*14
123
121%
136 *131
4
4
115g *10
3%
37,
3%
3%
23
22*4
4X1* *47 "
1047s 101
59
57%
26
26%
129% 129
86%
109% 109%
55%
56
80%
81
*91
97
112% 109
43
43
*46%
16"% *16

232
210
15
*13
357,
35
377,
37
52%
52%
43
41
117
116%
43%
42
1007, 101
17%
16%
72% *71
21%
21%
60
*58
19%
18
43-2 *39
791,
79
34%
33
128%
120 *128
*4%
5*2
20
*14
121% 121
136 *131
4%
4*2
4%
4%
22 It
48
101%
58%
261,
129%

232
15
35
37%
527,
43
117
43%
101
16%
72%
24%
61
18
42
79%
31%
120
5%

20
1211,

136
4*2

4%
3%
3%
4
37,
4
*22
22!*a 22*2
*47
*47 ~
101% 10.5% 104%
577,
58
58%
26
26
26
128% 129% 129

4
4
223.1
48 ’
105%
59
26%
130

110
109% 110
109% 110%
5.57,
56
55
55% 56
80 % *80
*80
81
81
*01
98
*94
97
08
iu % 110% 111 % 1101, 112%
43
42% 42%
42% 42%
47%
45% 46
46*2 46%
16%
16
16
*16
16%

20 *__
20 *
20 *
20
41 *
41
41 * _
41 *
*15
14% 15%
15% •is
15% *15
15%
*36% 37
*36% 37% *38
*35
37
37
97% 98
977, 98%
97% 98%
97% 98%
23% 24
23% 21
23% 237,
23
24
*67
67
67
651, 66%
66% 67%
68
11
*9% 10111
11
*9% 12
11
6 0', 61%
*62
61
61
61%
63
61%
95% 96%
*96% 99
*98
♦98
99
99
139% 140
133% 140% 140% 141% 140% 142%
80
SO',
801,
80% 80%
80
80
80>,
*8
8
*7%
8%
*8
9
8%
8
*17
*17% 18%
19
*17
19
♦17
19
13% 13%
*13% 13%
13% 13%
13% 13%
48
48% 48143%
48% 49
48% 50%
26% 26%
26% 26%
26% 26%
26% 27%
287,
29% 29%
29% 29%
28
28%
28
*43
♦40
47
44
*42
47
41
47
,5
*1%
5%
*1%
5
5%
*4%
*4%
14% 14%
*13
15
*13
15
*12
15
*5
*5
6
6
♦5
*5
6
0%
*49
49% 49%
50
50
50
*47
501-

*13
*32113%
7%
23%
79%
79
*101
90%
*98
63%
*114%
63
*117%
*151 ‘
*117%
*53 '
*99
9%
53%
29%
22
50
77%
*105
*7
*39
*85
*95
101%
*113%
*140
*103
55%
*109
*118
133
5221
108%
46%
97
38
747,
88
79
66%

16
16
*13
331* *31% 321 o
14
13% 14 "
7%
7%
7%
24
23% 24%
79%
79% 79%
797,
797, 801,
101% 101% 101%
9H ,
90
92
99% *93
99%
61%
63% 84%
115
111% 114%
63% *627, 637,
118*4 * 113*4 116*2
153
151 ' 151%
54
102
10%
56
30%
22%
50
78>,
106
8
40
86
96
105%
114
150
108
56
110
120
133%
221
108%
47
97%
40%
79
88%
82
67

54
*99
10%
56%
29%
22%
51
78%
106
*7
38%
*85
95%
101%
113%
*140
*103
57
109
132%
221
109
46%
977,
40
73
88
81%
66%

*10
♦31*1
14 '
7%
25
79
797,
101%
91
♦98
63%
3115
63%
*11314
151

54
*53
102
♦99
11111%
59%
60
29%
30%
23%
23%
51%
51%
79
78%
106
106%
8
7%
39
39%
86
*85
96
596
1057,
106
113% 114
150
145
103 *103
577,
57%
1097, 109%
1187,
133% 132*2
221
221
109
109
49%
59
98
98
41
39%
79%
78
89%
88%
85
84
67
66%




Friday
Sept. 15

Salesfor
the
W eek
Shares

STOCKS
N EW YO U K S TO C K
EXCHANGE

PKK S H A R E
Range Since J an . 1
On basis o f 100-share lots
Lowest

£ per share
R ailro a d s
Par 5 per share
104% 106% 30,300 Atch Topeka & Santa Fe.-lOO 100% Apr 22
2,200
991, 99%
Do
pref............. ............ 100
98% Aug 3C
500 Atlantic Coast Line R R ___106 106% Apr ID
112-2 112%
86% 88% 19,400 Baltimore & O hio________ 100
827, Apr 21
1,700
73
73
72% Aug 30
Do
pref.......................... 100
847, 847,
100 Brooklyn Rapid T ra n s it.. 100 233% S ept 8
9,800 Canadian Pacific................100 zl62% M ar 1
177% 1787,

1037,
99
*111
86
*73
*81%
177%
*290
61%
12%
*35%
93%
12 V ,
1217,
*165
17
*115
*133
53
*80
*29%
57
*50
150%
*227
13
31%
37%
52%
44
116%
413,
101
16
717,
25
59%
18
43%
80
*33
128
*127%
*4%
*14
121%
132
4%

104%
99
113
867,
73%
85%
178
350
63%
12%
36%
91%
125
125
170
17%
125
145
53
82%
31
57
55
151
240
13
35
38%
54
41
117%
43%
101%
16
73%
25*4
59%
187,
43%
80%
36
129
129
4*2

*227
13
317,
37%
53
44
116%
42
1017,
16
72
25
60
*18
42%
80
*33
129
*126
*4%
20
*14
1217, 121%
____
132
4%
4

63% 15,100 Chesapeake A O hio______ 100
58 Apr 24
12 % 1,200 Chicago Great W estern__ 100
11% Apr 24
357,
900
Do
pref______ ________100
33 Apr 24
95% 27,650 Chicago M ilw A St Paul. .100
91 Apr 22
1,000
125
Do
pref...........................100 124% Septl3
2,100 Chicago A North w estern.. 100 124 Sept 8
125
175
§ 165 Apr 13
17*2 17,100 Chicago Rock Isl A P ac__ 100
15% Apr 22
125
Chic St Paul Minn A Om .-lOO 115% Sept 1
100
115
Do
pref______________ 100 131% Apr 12
200 Clev Cln Chic A St L o u is .. 100
53
33 Apr 27
82%
100
70 Feb 2
Do
pref______________ 100
31
200 C olorado A Southern_____100
24% Apr 24
800
46 Apr 1
Do 1st pref___________100
____ ______
40 M ar 13
Do 2d pref ________ 100
300
149% Apr 20
100 Delaware Lack A W e ste rn ..50 216 M a rlS
230
3,200 Denver A Rio Grando____100
13
87, M ar30
347,
3,300
Do
pref.......................... 100
15 M a r 8
38% 91,300
32 Apr 22
12,300
64
D o 1st pref.................... 100
48 Apr 22
1,300
44%
41 Apr 22
D o 2d pref........... ........ 100
118l2 18,360 Great Northern pref........... 100 116% Aug 30
433, 77,700
Iron Ore properties.. N o par
33% June20
1037,
5,000 Illinois Central....................100
99% Apr 17
5,100 fnterbor Con Corp. vtc N o par
16%
15% Feb 15
72
950
Do
pref......... .................100
71 Feb 15
25%
2,700 Kansas City Southern___ 100
23% Apr 28
200
00
Do
pref.......................... 100
53 Aug IS
700 Lake Erie A W estern......... 100
19
10 M ay 2
200
42%
Do
pref.......................... 100
32 Apr 20
80% 11,700 Lehigh V a lle y....................... 50
74% Jail 31
200
38
20 Jan 31
Long Island.............................50
1,400 Louisville A N aihvlllo____100 121% Mar 1
129%
129
5*2
Minneapolis A St Louis___100
4 M ar 1
20
14*4 July 3
2,290 Minn St Paul A S S M ____100 116% Apr 24
1231,
100
Do
pref........... ...............100 130 Aug 18
1,600 Missouri Kansas A Texas. 100
4
3% Sept 6

4
4
22%
*47%
105%
58
27%
129%
*84
109%
55r>s
80
*95
112
427,
*44%
16

4%
4%
223,
49
1063,
61
27%
130%
86%
110%
557,
80
97
114%
43
46J.t
16

4
4
22%
49
108%
61
27%
131%
86
112%
56
82
97
1133,
____
____
16%

62%
12%
35%
93%
124%
*124%
*165
17
*115
*133
*50
82%
31
____
____

4
4
22%
*48
106%
59-2
27
130
85%
110%
557,
*80
*91
112%
____
____
*15%

* _
20 *___
38
39 *___
147, 15
15
*36
37
*35
98% 99 %
99
23% 24%
23%
67
68
6 7 ',
* 101, 12%
11
60% 61% 260
*96
99
♦96%
142% 143% 143%
8 0', 80%
81%
8
*7*2
8i2
*17
19
*17
13%
13% 13%
503,
50
50
26%
26% 27%
291,
28
28%
*43
46
*40
*4
5
*4
14% ♦12
*13
*5
6
5
50
49%
*47

2,645 Missouri Pacific..................100
7,100
Trust co ctfs of deposit____
2,100
92,250
10,200
1,900
12,600
200
20,600
27,531
300

N Y Central A Ilud R iver. 100
N Y N II A H artford......... 100
N Y Ontario A W estern__ 100
Norfolk A W estern_______ 100
D o adjustment pref__ 190
Northern Pacific__________100
Pennsylvania______________ 50
Pitts Cln Chlo A St L o u is .. 100

422,140 R e ad in g...................................50
1,500
1st preferred...................... 50
1,700
2d preferred.................... .50
1,100

3% Sept 1
3% Sept 1

H ighest

Lowest

$ per share

111% N o v
102% N o v
116 N o v
96
Deo
79% N o v
93
Apr
194 N o v

67% Juno 8
35% J u ly
15% Jan 3
10% Jan
39% Jan 4
25% M ay
10212 Jan 3
77% J uly
1207, Sep
136% Jan 5
1347, Jan 3
118% July
175 Jan 11
163 July
10% July
24% June21
Apr
123 M ay 15 §114
121
Sep
139 Aug 28
Jan
69%June 8 §21
53% Fob
86 J u n olt
24 M ar
36% JunelS
60 June 9
45
Jan
57% JunolO
35
Sop
138% Aug
155% May23
237 June 9 1 9 9 % Jan
4
Jan
16% JunelS
37s, JulylO
6% Jan
197, Fob
43% Jan 3
32% Fob
591, Jan 3
27
Fob
54% Jan 3
112% Jan
127% Jan 4
25% Jail
50% Jan 3
99 July
109% Jan 3
18", July
21% Jan 3
70 July
77% Jan 3
20% Feb
32% Jan 4
547, Feb
617, Jan 3
5
Jan
22% JulylO
19 M ay
45 June2t
64% Fob
85 M ay 31
15
Jan
41% Junel2
101% July
135% JunelS

64% N o v
17% N ov
41% N o v
101% D ec
135 D ec
135% N o v

15% Jan

4

129 " ju n e l5
137 Jan 15
7% Jan 13
7% July 0
7% July 6

110% Deo
89
Oct
35
Apr
122% Doc
90 June
118% Dec
01% N ov
86 N ov

69% M ay
40% Sep
40
Feb

85% N ov
45 June
44
Apr

20% Juno 9
46% June 9
187, Jan 13
42 Jan 13
94% Apr 22 104% Jan 4
IS Apr 24
25 July 3
56 Apr 24
71 June 9
137, June21
6% Feb 14
08% Junc22
59% Jan 31
94 M ar21
99 Juno 8
129% Apr 22 116% S eptl5
rSO Sept 1 84 Jan 28
21% Jan 4
7% M ay 9
39% Jan 3
IS Junc23
17 Jan 3
13% S optl3
41% Mar 1 52% July 3
25 Apr 22
32% Jan 15
24% Feb 28
34% Mar27
40 M ar 7 51 JunelS
2% Jan 20
6 July 10
18%July 5
10% Apr 27
7% July 5
3% Jan IS
56%
July 20
33 Apr 19

11
29
11%
30%
81%
12%
42
8%
35
90
115%
x79
8
21%
12%
437,
25%
9%
25
%
2
%
28

Sep
Sep
July
July
Feb
July
July
July
Jan
July
Jan
Mar
Jail
M ar
Oct
oct
Oct
Jan
Juti
July
Aug
Aug
July

23
45%
20%
43%
101%
20
65
177,
61%
100
141%
84%
27%
47%
17%
49%
32%
35%
50%
6%
19%
8%
45

N ov
Deo
N ov
N ov
Deo
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

21% Apr 29
14 Aug 22
317, July28
43 A pr 28
11 % Aug 30
26% Jan 7
7% Aug 30
101| Jan 7
19 July 19
337, M ar 14
70% July 18 84% M ay 16
83% S o p t ll
63 Apr 22
96 M ar 23 102 S eptl2
6 1% Feb 1 96% July 6
93 Apr 24 102 June22
667, Sop 115
50% Junc27
108% July 13 115 Sopt 5
78 Jan 3
52 July 8
1MU- Mur 1 l
130 July 11 1767, Jan 19

21%
9%
7%
33
48
90
33%
83
25
91%
40

Dec
Dec
Jan
Fob
Jan
Mar
Jan
Feb
Feb
Jan
Feb

4012
13%
49%
8578
74%
1011,
7273
95
68%
113%
98

Apr
Nov
Oct
Deo
N ov
>Jov
Dec
N ov
Oct
N ov
Oct

5 1"% 53%
102
*99
127,
12%
67
61
29
30%
21
24%
52%
52%
78
79
106% 106%
8%
8%
40
40%
86%
87
96
96
108
107%
114
114
145 *145
108 *103
58%
57
111% 111
1187,
1.33% 1321,
222 *220
109 *107
50%
51%
93%
98%
41
39%
79
78%
89%
88%
89%
89%
67
67%

54% 55
54%
54%
101
101 *100
102
11% 12%
13%
11%
63
61
651,
66%
28%
29
29%
29%
23% 24%
21
24%
527, 53%
52%
53%
793, 82%
79%
80%
1067,
1067, 106%
106%
8%
8%
8
9
40
407, *39
*31
86
86% 286
86%
*95% 96% *95
96
1087, 107% 1091, 103
114% 111% *113
111
146 117% *143
158
108 ♦103 108 *103
59%
57%
58
59
1121, 111
111% 110%
120
___
*118
132% 132% 132% 1317,
221% 221% 221
222
111 *107%
110 *108
48% 507, 247%
503,
____
98% §98
98
397,
39% 40%
40%
77
78
78%
77
89
90%
89%
89
90% 95
89
91%
68% 69% 267%
69

4,300 American Cotton Oil......... 100
56%
50% Apr 22
57% Jan 17
100
102
Do
pref......... .................100
98 Jan 6 102 Mar 15
4,600 American Hide A Leather. 100
11%
13% Soptl3
8% June 3
62% 40,200
Do
pref.......................... 100
45 M ar 1 67 S o p t12
16,700 American Ice Securities__ 100
29
31% Feb 19
25 Jan 20
27,600
211,
25% Jan 26
American Linseed................100
17% July 14
53% 11,600
Do
pref.......................... 100
33% M ar 1 53% S optlS
80% 61,700 American Locom otlvo____100
58 July 1 1 83% Mar 14
1,431
1063,
Do
pref..........................100
99% July 13 1067, S eptl t
5,000 American M alt C orp ......... 100
8
10 Apr 7
5% June 3
1,500
40
407, ScptlS
Do
pref......... .................100 *315, Jan 14
700 Amer Smelters Sec pref B .100
86
88 May25
81% July 13
423
97
D o pref Ser A stam ped..
91% July 1 1 97 Sept 6
109% 184,500 Amer Smelting A R efining. 100
88% Apr 22 113% Jan 4
114
800
Do
prof.......................... 100 109% Apr 22 I t 4% Feb 3
300 American S n u ff...................100 130 M ar 23 149% June 8
148
108
100*2 Mar22 111) Jan 27
59% 11,700 Am Steel Foundry..............100
44 "A p r 21
61% Jan 4
13,100 American Sugar R efin in g.. 100 105% Apr 22 116% Jan 8
111
____
100
Do
pref............. ............ 100 115% M ay 5 119 M ay 25
8,300 Amor Telephone A Tcleg-.IO O 126% Feb 1 133% Aug 18
1.32%
2,020 American T o b a cco _______ 100 188 Feb 16 225 Aug 11
222%
____
400
D o pref (new )________ 100 10.'% Apr 24 109 S o p tll
49% 2->,400 Am W oolen of M ass........... 100
55% M ar 14
42 Jan 11
____
2.615
Do
p re f................... ...... 100
92 Jan 10 102 M ar 10
40% 23,600 Am Zinc Lead A 8 ................25
977, Apr 10
29-1, July 10
7,000
78
59*2 July 11 79% S o p tll
91% 301,000 Anaconda C opper..................50
92% Feb 14
77 Apr 22
92
5.3,000 Atl Gulf A W I S3 Line ctfs 100
56 July 12
7,900
68%
61 July 12
D o pref certfs......... ...... 100
63% S optl4

11.5

61%
116
151

M ar
Feb
Jail
Jan
Sep
Feb
Feb
M ay

81%
43
21%
99%
80%
99%
51%
65

17%
17
14
14
337,
32
36
32114
15% 16
16
7%
7%
7%
7%
26% 273,
26%
26%
803,
80% 82
80%
80,- 833,
80%
80%
103
101%
1013, *101
93% 95%
93%
9.5
99% *99
99% *98
61% 66%
6578
64%
114% 115 115 *112%
653$ 677,
65
66%
11534
____
151% 151 155

7125179%
80
102
93%
99%
65*4

38% Apr
123 N o v
135
Dec
52
Oct
77
Oct
38% N o v
60 N o v
52 N o v
154% N o v
238 N o v
16% N ov
29% N o v
45% N o v
59% N o v
54*,t Dec
128% N o v
64
Oct
113
Apr
25% N o v
82 N o v
35% N o v
65% N ov
16% Dec
41% Deo
83% N o v
27% Oct
130% N ov
132
Dec
19% Feb
8
Sep
49
Feb
106
Jan 126% N ov
123 Juno! 136
Dec
15% Apr
4
Sep
10** Sep
18% Apr
1% July
7% N ov
3
Deo

100% Apr 22 111% Jan 19
777, Jan 10
57 Apr 26
31 Jan 3
26 M ay 5
114 M at 1 137% Juno 7
81% Feb 25
89% M ay22
108% Sept 2 1187, Jan 4
55 S eptl2
59% Jan 4
78 Feb 17
88 June 5
9884 Jan 13
75% Jan 31 114% Sept 14
417, Feb iy
46 Feb 29
52 M ay 19
41% Feb 21
17% Junc2S

14
*31%
14 '
7%
21%
79%
79%
*101
93%
99%
64%
114%
63
11534
1507,

in ,

| H ighest

3 per share 3 p er share
92% Feb
96
Jan
98 M ar
63% Feb
67
Feb
83% Aug
138 J u ly

108% Jan 4
102 Feb 24
117% Junol3
96 Jan 4
80 Jan 15
887, June 6
183% Jan 3

20
St Louis Southwestern____100
300
41
Do
pref.......................... 100
2,800 Seaboard Air Lino................100
15
37
100% 32,400 Southern Pacific C o ........... 100
24% 18,100 Southern Railway................100
5,100
68
Do
pref..........................100
500 Texas A P a cific.................1 0 0
11
8,700 Third Avenue (New York) 100
61%
100 Twin City Rapid T ra n s it.. 100
98%
146% 200,900 Union Pacific........................ 100
8,890
81%
Do
pref_______ _______100
8
300 United Hallways Invest__ 100
20
Do
pref.......................... 100
13%
4,600 W a b a sh .................................100
50% 19,300
D o pref A ......................100
11,300
27
D o pref B d o ............... 100
3,000 Western M aryland............. 100
29%
100
47
Do
pref........... ...............100
—
5
Wheeling A Lake Erie____100
100
15
D o 1st preferred........... 100
5
100
D o 2d preferred........... 100
400 Wisconsin Central............. 100
49%
In d u strial & M iscellan eou s
2,500
18
2,100
34%
15% 14,200 Alaska Gold M ines......... ...... 10
2,100 Alaska Juneau Gold M ln'g >o
7%
27% 25,500 Allls-Chalmers M fg v t '• ..l # )
5,200
80%
D o preferred v t C . . . . 1 0 )
82
10,100 Amer Arglcultural C b e e n .. j O
101%
700
Do
pref______________ 100
94% 61,400 American Beet Sugar......... 100
101
100
Do
pref.......................... 100
067, 121,150 American Can...................... 100
114%
880
Do
p r e f . . . ........... ........ 100
68% 55,900 American Car A Foundry. 100
100
____
3,000 American Coal P ro d u cts..100

14
32

PER SH A R E
Range fo r Precious
Y ear 1916

16 M ay 4
37% Sept 7
14 Apr 22

Jau 170% July
120
Sep
04
Oct
39
Ian
91 June 102% N ov
4% Feb
14% Oct
19% Jan
59% Oct
20% Jan
35
Apr
7% Jan
31% Oct
24
Jan
50% Oct
74% Oct
19 Mar
75 Mar 105 N ov
13% Oct
37, Apr
37% Deo
21% M ay
88% M ay
78
Jail
92
Dec
86
Oct
56
Jau 10.87, Deo
100
Jan 113 N ov
144
Jan 165
Apr
103
Jan
24% Mar
74% Oct
99% Feb 1197, N ov
109
Feb 119% N ov
116
Jan 130% N ov
195% Dec 252% Apr
103% Jan 111 N ov
46 N ov
56
Oct
95
Dec
98% N ov
67% Dec
71% Deo
82

r21% Feb

91% N ov

N e w Y o r k S to c k R e c o r d — C o n c lu d e d — P a g e 2
For record of sales during the week of stocks usually Inactive, see second page preceding.
m an
Saturday
Sept. 9

and

low

Monday
Sept. 11

b 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 .

Tuesday
Sept. 12

\ Wednesday

I Sept. 13

Thursday
Sept 14

Friday
Sept 15

Salesfoi
the
W eek
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Since Jan. 1
On basis of 100-share lots
Lowest

H ighest

PER SHARE
Range for Precious
Year 1915
Lowest

Highest

£ per share £ per share £ per share $ per share S per share $ per share
Industrlal&Mlsc.(Con.) Par $ per share $ per share S per share £ per share
82 83
82i2 84i2 83 84% 3134 89% 89% 93
89% 91% 106.700 Baldwin Locomotive____ 100 65% July 14 118% Jan
26% Mar 154% Oct
100% 100% 100 100 *104 106%
100% 100'
*10512 100
400 Do pref........................100 104 June20 110 May24
92 Mar 114 Sep
506 524% 525 555 j 501 580 *500 580
490 490 491 503
6,538 Bethlehem Steel________ 100 415 Jan 11 580 Septl4
46% Jan 600 Oct
138 138 ;*130 140
*130 140 *130 140
*130 139
100 Do pref.............- .........100 126 July 21 145 Jan 6
91
Jan 184 Oct
69
69%
70% 162% 63% 28,900Butte A Superior Copper___ 10 00% July 11 105% Mar 9
0934 71
69% 70*4 69% 7011! (58%
50%
Aug 7978June
21%; 21% 22% 21%
21*4: *21
21% 21% 20% 21% 21
4.100 California Petroleum, vtc.100 15 June27 42% Jan 3
8 July 38% Dec
48*4 49%: *47
49
49% 48% 49% 2,600
48%; 49
48*4 48'4l 48
Do pref....................... 100 40 June29 80% Jan 3
30 July 81 Dec
59>2 00% 00% 62% 62% 63% 61% 63%! 02% 04% 62% 04% 80.400 Central Leather________ 100
19 Apr 22 04% Scptl4
32% Feb 61% Nov
114 114% 114 114
113 118
114% 114% 114 114
*113 115
700
Do pref........................100 108% Jan 3 114% Septl2 100% Jan 110% Nov
109 110
10734 109
110 111
109 109
10934 110% 109 109
3.500 Chandler Motor Car____ 100 88% Apr 24 131 June 5
19% 19% 7.000 Chile Copper...................... 25 19% July 14 25% Jan 5
20
2014 20 20% 20 20% 20 20% 19% 20
23% D ec
26% Nov
55% 503S 5534 66% 55% 50% 50
56% l52% 54% 27.050 Chino Copper.................... 5 46% July 11 60 Feb 19
55% SO
32*4 J a n
57% Nov
53% 55
52*4 52% 53%
51
53% 56% 145.350 Colorado Fuel & Iron------ 100 38% Apr 22 56*4 Septl5
.1% 53
49% 51
66%
Sep
21*4 J a n
137 137 *13fli2 138
135»4 137%; 136% 137% 137 138% 137% 138
5.500 Consolidated Gas (N Y)..100 130% Mar 1 144*4 Jan 8 113*4 J a n 150% Oct
98% 103
96
97
00 90
102% 105% 7.400 Continental Can.... ...........100 75% Jan 31 105% Septl5
97 97%! 97% 98
40% Jan
127
Oct
1
1
0
n
o
*107 IIOI2 *108 110*2 ►107 108 *108 110
110 110%
600 Do pref......................100 106 Feb 1 112 Mayll
8 8 % JaD
109% Dec
14% 15
14% 15% 15% 10% 16% 17% 1 0 % 16% 26.200 Corn Products Refining__ 100 13%Aug 8 25% Jan 25
14% 15
21% Oct
8
Jan
92
90% 90% 91% 92% 92
90% 90% 90% 91
91% 91% 1.900 Do pref..................... 100 85 June26 101%Jan 14
65
Jan
96*4 Dec
91% 97% 92% 96 I9 291.000 Crucible Steel of Amerlca.100 52*4 Jan 12 99% Marie
8234 8434 83% 8S34 84% 85% 83% 93
1097, Sep
1 8% M a y
119 119% 119% 120 1110% 117 " 2,300 Do pref.................. -.100 108% Jan 11 120 Septl4
*118l3 119
119 119
118% 119
84
M ay
112%
Sep
58%
60%
59%
57%
57 57% 57% 58% 56% 53%
58
58*4 94.200 Cuba Cane Sugar____ No par 52% Aug 3 63% July 6
95% 96
193% 94
95% 95% 95% 95% 95% 95% 95% 96
4,475 Do pref____________ 100 93 July 14 90 Septl3
250 254
241 215
247 251
1,741 Cuban-Amerlcan Sugar__ 100 152 Jan 5 254 Septl4
38 Jan 177 Dec
108% 103%
►100 110
*100 110
100 Do pref................ ...100 104*4 Feb
110 June 8
93 Mar 110 Sep
45*4 40
45
47% 46% 47% 46% 47% 47% 48% 47% 48*4 30.700 Distillers' Securities Corp.100 41 July 10 54% Apr 29
5% Mar 50% Oct
25
25
24% 21% 24% 24% 24% 24% 24% 24% *24% 25
2.100 Dome Mines, Ltd...............10 22*4 Aug 29 29% Feb 8 tio June 30% Dec
24%
24%
23
22%
*10
*10
24
17% 17% 18% 20 24
2.400 Federal Mining * 8 m clt... 100 12% July 13 35 Jan 7
Mar 60 June
46
47% 48% 45
44% 44
39% 42% 43
40
47% 8,325 Do pref......................ICO 35% Apr 24 57% Jan 7
*38
Mar 65 June
303 303
133 General Chemical............. 100 {265 Jan 5 350 Mar 18
Jau 300 Oct
115%
115%
116 116
110 Jan 27
300
Do
pref......................100
{113
Jan
5
Mar
pi 10% Nov
171 172% 171% 173% 171% 172% 172 173 1170 170% 5.900 General Electric............... 100 159 Apr 22 178% Jan 17
*170 172
Mar 185% Oct
593% 042 045 097
715 750
535 590
740 747% 2,375 General Motors____ ____ 100 405 Apr 24 750 Scptl4
574 574
82 Jan 558 Dec
126%
127%
120%
127%
125 128
120% 120%
126*4 120% 5.900 Do pref......................100 108 July 14 128% Sept 0
120% 127
90% Jan 136 Dec
71% 72% 71% 72% 71% 72% 72% 73% 71% 73% 72% 72% 34.700 Goodrich Co (B F)............100 67*i Jan 31 80 ADr 10
24% Jan 80% Oct
*113% 113% *113% 113% >113% 113% *112% 113% 113% 113% *112% 113%
110*4 Mar 16
10 0
Do
pref......................100
110*4
Feb
95 Jan 114% Oct
87%
88
87 88% 87% 88% 87
*80
88
88
99
Feb
10
1,800
Granby
Cons
M
8
&
P___
100
80
July
12
79%
Apr 91 June
49% 60% 49% 50% 49% 50
51
51% '49% 51% 50
50
13.050 Greene Cananca Copper..100 34 June26 53% Mar 9
37 Oct 52% Dec
62% 63% 61% 63% 00% 62% 60% 61% 00% 62% 01% 62 206,500 Inspiration Cons Copper...20 42% Apr 22 03% Sept 8
16%
Jan 47% Oct
13
14% 16% 18% 16% 17% 16
17% 15
13
*11
10
6.000 Internat Agrlcul Corp___ 100
5% Mar 29*4 Nov
11 Aug 30 29% Jan 5
52% 50% 51% 49% 4934 1?-500
52% 50
61
43% 49
45
*40
Do pref...................... 100 38% July 14 74 Jan 5
8 Mar 71*4 Dec
n
o
110%
117
*116
116%
116%
116%
117
110% 116%
119*4 June 7 90 May 114 June
Intern Harvester of N J...100 108%Jan
118 118
*118 120 *118 120 *118 120 ■118 120
100
Do pref____________ 100
Feb 29 120 July 19 110 July 120 Nov
48% 47% 50% 48*4 50% o??’ o2 a Int Merc Marlne etfs'of dep.. 114
48% 49% 48% 49% 47% 49% 47
50% Septl4
18 Dec 20% Dec
13%Feb
15
12134
124
120%
125%
121% 122% 122% 125% 121% 124% 119% 121%
251,300 Do pref ctfs of dep______
125% SeptU' 55% Nov 77% Dec
61% Mar
45% 46% 45% 40% 38.600 Intern Nickel (The) v t c__ 25 39%
45 40
42% 43% 43% 44% 43% 45
Aug 22 56% Jan 17 179*4 Dec 223% Oct
29%
26
25
28%
28%
30
30%
31%
119,075
International
Paper
100
30%
28
25
28%
31% Septl2
8 Jan 1278 Dec
9% Mar
91% 91% 91% 94% 43.400 Do pref............... 100
91
9£
S6% 91% 93% 100
35
86
42% Feb
100 Septl2
33 Feb 50*4 Dec
*85
90
89
400 Jewel Tea, Inc................... 10 0 67 Mar 9 96 Apr
89% 90% 89% 89% *85
00
90
92
*90
■105
111
111
110
.........
Do pref.................... 10 0 104 July 0 113 Apr
*111 112 ♦110 112 *110 111 *110 111
82% 81% 82% 22,150 Kelly-Sprlngfield Tire____ 25
82% 78
83% 82% 83% 81
83
83% 33
66 July 18 85% Sept 6
*90 100 *95% 100 .........
*98 100
Do pref..................
00 95% July 15 101 Sept 5
*95 100 *97 100
*90% 101
152%
63%
63%
51%
130,640 Kennecott Copper__ No par 44% Aug 2 59 Apr 3
51% 53% 53% 55% 53-2 51% 5 3 % 54%
86% 85% 86% 04,500 Lackawanna Steel.............. 10 0 64 May 5 86 % Septl4
80
81% 81% 84% 83% 84% 83% 84% 85
28 Jan 94*4 Sep
49
47% 48*4 11.100 Lee Rubber & Tire...Wo par 41 July 13 56% June 5
48% 49% 48% 40% 48
47% 43% 47% 48
*270 3 0 0 ♦280 295 293 293
100 Liggett & Myers Tobacco. 100 240 Apr 14 294 Sept 2 207 Jan 260 Deo
•S77 300 *275 300
122% 122% 122 125 *120 ___
200 Do pref.......................100 118 Mar 30 1 2 2 %Sept 5 113*4 Jan 120 Dec
*121 125 *122 125
19 *15% 19 *15%' 19 *15% 19 *15% 19 -----. Loose-Wiles Blsc tr co ctfs. 100
*15
*15
19
15 Mar 3 21 Jan 18
16 Feb 31 Jan
82% 80% 80% *80
80
80% *80
82%
81% 81'
*81% 85
400 Do 1st preferred_____ 100 78 Mar 16 91% Jan 13
80 Feb 105% Jan
.........
Do 2d preferred......... 100 50 Mar 3 59% Juuc27
55 Dec 67 Oct
235 235 *190 239 *225 239 *235 239 * 2 2 2 2 3 9
100 Lorlllard Co (P)................100 179%Jan 19 23978Aug 19 16 512 Jan 189 Nov
■118 122% *117 . . . *120 122% *120 122% * 1 1 9 1 2 2 ' -------Do pref.......................100 115% Jan 6 121% Sept 8 112 Sep 118 Jan
81% 82% 83% 88% 88% 90% 8 8 % 8 9 ', 71.600 Maxwell
83
84% 85% 281
Motor Inc tr ctfs. 100 57% Mar 3 90% Septl4
15% Jan 92 Oct
85%
83%
83%
283%
80
87%
83%
87%
80%
80%
85*4 8 5 %
93 Jau 3
J’SxS
1
, 0 1st Pref stk tr ctfs. 100 78 Apr 22
43% Jan 103*4 Dec
53% 54
54% 56% 55% 56'i 5 5
50
60% 252% 54
50
42% Mar 2 607gJune 6
18 Jan 68% Oct
>47 im.
pref 8tk tr ctfs.100
10 0
111 111% 109% 112% 110% 114% 111% 113% 113% 116% 1 1 2 % 115 147.100
Mexican2dPetroleum_____
88% June28 129% Jan 3
51 Jan 124% Deo
*94% 98
*94% 99
95%
95%
*94% 98
*97% 99
*96 98
100 Do pref____________ 10 0
June28 105% Jan 3
67 Jan 104% Dec
37% 3 7
37% 37
37%
37% 37 37% 37% 37% 37
37
19.350 Miami Copper....... .............. 5 89%
33 Aug 3 39% Apr 3
17% Jan 36% Dec
92 z S 9 % 8 9 %
02
92
91% 91% ♦91 92
90% 91% 92
800 Montana Power........... 11100 68% Mar 1 94 Aug 15
42 Jan 7934 Dec
112% 115 *112% 115 ♦112% 115 *113 115 ♦ 111 1 16 % .........
*113 115
Do pref____ _____
100 109 Jan 3 116 J»ne23
99 Jan 120 Dec
121 121 * 1 1 8 % 1 2 2 %
118 118 {118% 118% 120% 120% 120% 122
800 National Biscuit......... ...100 118 Sept 9 125% Mar20 116 Apr 132 Jun
125% 125%
♦125 127% 125 128 '125 128 *125 128
100 Do pref____________ 100 124 June30 129% Mayl2 119 May 127% Dec
27 27% 27*2 29% 28% 30
25% 26i-> 26% 27
2 8 % 2 9 % 21,300 Nat Enam’g & Stamp's... 100
19*4 Apr 22 30 Septl4
9% Jan 36% Oct
*93
96
*93
*93
96
*94
97
90 “
Do pref...................... 100 92 Jan 19 97% Feb 18
79 Apr 97 Dec
72% 7 1 % 72
05% 65-4 05% 66% 60
07% 67 69% 70
31.700 National Lead__________ 100 60% Apr 22 73%Jan 19
44 Jan 70*4 May
•111 114 ♦111 114 *110 111% 113% 113% 114 114 ►113 114
210 Do pref...................... 100 112 Feb 9 116% Aug 21 104*4 Jan 115 Nov
22% 23% /21% 22% 37.200 Nevada ConsolCopper......... 5 15 Jan 31 23% Septl4
21% 22% 22% 22% 22% 22% 22% 23
17 Nov
11*4 Feb
139% 142% 142% 140
1 4 1 % 14 4 % 17,800 Now York Air Brake____ 100 118 July 14 153% Jan 15
130% 136% 137 138% 139 141
56% F'eb 164*4 Sep
69% 69% *06*4 6 9 %
68
68
*07
*07
08
68
68
08
600 North American Co_____ 100 65% Apr 26 75 Jan 3
64 Jan 81 Apr
7%
7
7
7%
0% 7
♦0% 7
6% 7
7
7%
4,035 Ontario Sliver Mining___ 100
6 July20 11%Jan 7
2 Feb 12% Dec
23% 29% 2 8 % 2 9
2,3% 30
27 28% 27% 27% 27% 30
25.400 Pacific Mall.................
5
11*4Jan 3 31 Aug 21
38 Aug
1 8 % Dec
*101% 102 *101 102 *101% 102
101% 101% *101 102
101*4 102*4
1,100 People’s G L A C (Chic).. 100 100% May 5 111%Jan 3 106% Dec 123% Apr
*39 39% 39% 39% 38 3878 38% 38% 39
39% * 3 8 % 3 9 %
1,400 Philadelphia Co (Plttsb)...50 38 Junel5 46 Jan 17
49
Sep
35%
Apr
*27 29
30% 31% 3 2 % 3 2 % 4,000 Pittsburgh Coal...............100 22% Apr 24 36*4Jan 17
27
28
31
27% *27 29
15% Jan 42% Oct
*100% 103
*101 103
103 103 *102 104
100 Do pref....................... 100 100 Mar 8 111*4 Jan 13
81% Jan 114 Oct
55% 55% 5 5 % 68 % 68% 59% 58 59
58% 60% 5 9 ' 6 0 % 25.S50 Pressed
Steel C ar............. 100 42% July 14 65% Jan
25 Mar 78% Oct
* 9 9 % 1 0 0 % *100
102
100% 100% 101% 101% '101 102lo
*99% 101
200 Do pref
.....................100 97 July 18 104% Jan
86 Mar 106 Oct
1 31
132%
132% 133
133% 133% 133% 133% 1 3 3 % 134
*130 131
2.200 Public Serv Corp of N J...100 114 an 31 134 Septl5 100% Aug 120 Dec
165
105%
165 105
166 100% 165 105
165 165
166
167
1,050 Pullman Company______ 100 159% MaylO 171*4 Jan 17 150% Mar 170% Oct
3%
3%
3% 3%
*2% 3%
700 Quicksilver Mining______ 100
2% Mar 22
6*4 Jan 19
5*4 Nov
% Mar
5%
*4
5% * 4
Do
pref..... ..............100
3%May25
8*4 Jan 20
67g Nov
*4 Mar
48% 49% 4 9 % 5 0 % 50% 51% 5 1 % 5 2 % 51% 52% 51*4 56% 74*925 Railway Steel Spring........100 32 Apr 22 56%Septl5
19
Mar
54
Oct
* 9 7 % 101
100% 100% 100% 100% 101 101
*97% 101
♦97% 101
310 Do
pref.................... 100 95% Mar 9
1 Septl5
87 Mar 102 Nov
20
25% 25% 2 5 % 2 5 % 25% 25% 2 5
25% 26% 124*4 25% 58,325 Ray Consolidated Copper.. 10 20 June23 1 026%
Septl4
15%
Jan
27%
Nov
6
0
6
4
',i
0
5
%
0
7
%
05
07%
56% 01%
60% 09% 07%. 69 200,000 Republic Iron & 8 teel____ 100 42 June26 69*4 Septl4
19 Feb 57% Dec
115 % 115 % 116% 116% 1110% 110%
113% 113% 1 1 3 % 114 % 114% 115
4.200 Do
pref...............
100 106% June26 116% Septl4
72 Jan 112% Dec
210% 210% * 2 0 9 2 1 2 ♦209 211% 210 210
210 210
210% 211% 1,300 Sears, Roebuck & Co ........ 100 168% Mar
212%
Aug
23
*131*4
Mar 209% F’eb
{127%
127%
*126 1 2 7 % * 1 2 6 1 2 7 %
*123% 127%
50 Do
pref.................... 100 125 June2S 127% Mar 3 121% Jan 126 Dec
30% 30% 30
31
30% 30% 30% 30 31
30
30% 30*4 7.200 Shattuck Arlz Copper____ 10 24 July 11 40% Feb 14
57%
58%
57
59%
59
54%
58
52%
60% 69% 60% 25.500 Sloss-Sheffleld Steel * Ir..l00 37 July 14 63% Jan 3
50
24 Jan 66% Dec
184% 186
183 184
188 188% *180 180
*178 1 8 4 >179% 184
800 South Porto Rico Sugar__ 100 146 Jan 29 240 JunelO
40 Feb 164 Dec
*114 1 1 8 >112 119 *114 118 *114 118 *114 118 *112 118
60 Do
pref.................... 100 100 Feb 2 120 June 0
89% Feb 110 Oct
94% 94%
100 Standard Milling_______ 100 86 MarlO 103% May25
43% Feb 96 Dec
88% 88% 88% 88% 88% 88%
480 Do
pref...............
100 85 Aug 23 94 Mayl7
66 Feb 85 Nov
123% 129
130 134% 1 2 9 % 1 31 % 90.400 Studebaker
123% 124% 122% 125 122% 125
Corp (The)__ 100 119%Sept 1 167 Jan 3
35*4 Jan 195 Oct
109%
10934
109%
109%
*109 110
*107 i r
200 Do
pref....................
100
109
Apr
27
114
Mar
14
91
Jan 119% Oct
26% 26% 2 5 % 2 6 % 18.700 Tennessee Copper............... 25 22% July26 06% Jan 5
20% 27% 20% 27% "20% 27% 25% 27
25% Feb 70 Sep
200 200
199 200% 202 205 203 205% 204% 208 * 2 0 3 2 0 5
18.700 Texas Company (The)___ 100 177% June27 235% Jan 3 120 May 237 Dec
51% 62% 49% 52
50% 51% 50% 51% 49% 50% 4978 r.1% 30.700 Tobacco Products Corp . . 100 48% Sept 7 52% Sept 9
*103% 100 *___ 107 •105 106 *105 106% 106 100
105
105*4
400 Do pref........................ 100 99 July 14 109% Mar 16
95 May 103 Nov
9% 10% 10% 11
9% 10%
9% 10
10% 11
9%
10
57.500 Union Bag & Paper......... 100
4% May 9 11 Septl2
4% Jan
9% Dec
54 66% 57% 68% 57% 59
57% 59
67%
53
57
5 7%
13.500
Do prof........................ 100 28 Jan 27 59 Septl2
22% July 31% Dec
102 102% 10134 102
102 102
102 102% 102 102
101% 101% 2,500 United Cigar Stores_____ 100
69 Feb 9 105*4 Aug 9
69 Dec 610% Oct
*___ 119% *___ 119% ♦___ 119%
----- 118
118
Do pref........................ 100 611% Feb 10 120 Aug 9 611% Oct 612% Nov
164 160
103 1 04 % 101% 104% -------105% 100% 164 160
101 1 62 %
Unltod Fruit....... ............100 136% Jan 31 169% June 8 139 Nov 163 Nov
22% 23
24.2 2 3 % 2 4 '., 24.100
19% 22% 23 23% 22% 24% 22
20.000 U S Cast I Pipe & Fdy___100 15%Jan 31 20% Mar 14
8 Jan 31% Oct
54
*52%
54
53% 53% 54
54 54
*52% 64
54%
32% Mar 55% Nov
. . 700 Do pref........................ 100 48% Feb 5 54*4 July31
117% 121% 122% 129% 1 27 1 53 42 %
114% 118% 110% 119
113 115
% 03.400 u S Industrial Alcohol___ 100
97 July 13 170% Apr 6
15 Jan 131*4 Dec
104 104 * 1 0 3 104
*101 104 *101 104 *101 104 *102% 104
100 Do pref........................ 100 99% July 11 114 Jan 13
70 Jan 107 Nov
60
61% 59% 61% 5 9 % 6 0
57% 58% 57% 58% 57% 61
48,750 United States Rubber___ 100 47*4 Mar 1 G17g Septl3
44 July 74*4 Apr
112 112
1 1 2 % 1 1 3 % ;* 1 1 3
115
*111 112 •111 112
1 1 3 % 114
700 Do
1st preferred........ 100 106% F'eb 5 114 Septl5 101% Feb 110 Apr
77% 79
78 79
77% 79
75 78
73% 75
76%
7 7% 32,680,U 8 Smelting Ref & M ....... 50
62% June27 80*4 Apr 4
*50 51%
6 2 % 5 2 % *5 1
5 2%
200 Do pref......... ............... 50 50 June20 53%June 9
100% 103% 102% 104% 104% 105% 104 1 05 % 105% 107
1 0 5 % 107
985,450 United States Steel............ 10 0 179*4 Mar 1 i07 Septl4
38 Feb 89% Deo
119
119% 119% 120
118% 118% 118% 119 118% 119
120 120% 14,500; Do
pref........ 100 115 May 3 120% Septl5 1102 Feb 117 Oct
8
7%
88% 88% 89% * 8 5 % 8 6 % 40,650 Utah
86% 87% 87% 87% 87% 88
Copper_____ 10 74*4 July 14 89% Septl4
48% Jan 81*4 Dec
18%
19% 19% 20
18%
517
17
17
♦16% 17
19%
19%
7,550 Utah Securities v t c........ 100 16% June 9 20*4 Feb 3
42% 43%
43% 44
42% 43% 42% 44% 4 3 % 4 4
43%
45%
15,600
Vlrginla-CarolinaChem...l00
36
Apr
24
51
Jan
17
15 Jan 52 Oct
111 111 ♦110 110% 110% 112
♦109% 111 *109% 111
100 Do pref...................... .100 108 Apr 22 112 Jan 3
80 Jan 113% Dec
96% 98
90% 90% 90 96% 96% 97% 9 0% 9 7
97*4 99*4 12.000 Western Union Telegraph.100
87 Mar 1 99 *4 Septl5
57 Jan 90 Nov
60% 61% 61% 01% 01% 6 3% 6 2% 6 3 % 63% 04*4 6 3 % 6 4 % 101,690
Wcstlnghouse Elec & Mfg..50 52*4 July 14 71% Mar 15
32 Feb 74% Oct
74
♦70
•70 70
74
*70 70
*70
.........
Do
1st preferred..........50 70 Apr 19 79 Mar 15
58% Mar 85 Oct
48
47% 48
46
47% 40% 48% 4 7
48% 4 7
*44%
4 5 % 73.400 Wlllys-Ovcrland (The)___ 25
43*g
Sept
1
n325
June
5
n87
Feb »268 Nov
104 104
1 05
1 04
1 04 %
104
104 104 * 1 0 3 % 105
101*4 10434 1.100 Do pref Sub recta full pd 100 102 Mar 2 117 June 5
138 138
137% 137% ♦137 138
137% 137% 1 37 % 1 37 % 1 37 1 37
1,000, Woolworth (F W)..............100 118 Jan 5 139%Mayl2
90% Jan] 120% Dec
♦
1
2
2
%
_____*
1
2
2
%
124
1*122% 125
*12214 124
1001 Do pref........................100 123 June29 125%June 6 115 Janl 124 Aug
• Bid and asked prices; no sales on tblsday. 0 Less than 100 shares. t Ei-rlghts. a Ex-dlv. and rights, b New stock, e Par S25 per share. 1 Ex-stock dividend.
sEx-dlvldend. n Par S100 per share.




1 0 L 8

N ew

Y ork

S to ck

E x ch a n ge— B on d

R ecord ,

F r id a y , W e e k ly

an d

Y e a r ly

P rice
F riday
Sept. 15.

W eek's
Range or
Last Sale

Bonds
Sold

BONDS
N. Y. STOCK EXCHANGE
Week Ending Sept. 15.

Interest
Period

In Jan 1909 the Exchange method oj quoting bonds teas changed, and prices are now all— "and interest"— except fo r income and defaulted bonds.
R ange
Since
Jan. 1

BONDS
N . Y . STOCK EXCHANGE.
Week Ending Sept. 15.

P rice
Friday
Sept. 15.

W eek's
Range or
Last Sale

High\
Bid
A sk Low
Ohio Burl A Q (C on .)—
High N o . Low H igh
Bid
Ask Low
U. S. Government.
94% 9412 94V
Illinois Div 4 s . . . ............... 1949 J - J 94
99-x
Q - J 99 ____ 99 Aug TO ___ 99
U S 2s consol registered-.-*
Iowa Dlv sink fund 5s___ 1919 A - O 102b) . . . 102i2 102 V
2 99*2 100%
U S 2s consol coupon____ dl930 Q - J 99 ____ 100*2 100*2
Sinking fund 4s.......... .1919 A -O
9934------ 9934 Aug TO U S 33 registered------------- *1918 Q - F 100'4------ 100*2 Aug TO ___ 99*4 102*4
Joint bonds. See Great North
4 100 102%
101*4
U S 3a coupon...................*1918 Q - F 100*4____ 101*4
98*4
9814 98% 98%
Nebraska Extension 4a__ 1927 M -N
U S 4s registered_________ 1925 Q - F 109*2____ 110*4 July’ 10 ___ 109*4 H i's
98 July'16
Registered___________ 1927 M -N
U S 4s cou p on ---................ 1925 Q - F HO ------ 110*4 Sept’ 16 ___ 110 112*2
Southwestern Dlv 4s____ 1921 M- S 99% ------- 90's Juue’ 15
98*4____ 98*4 Oct T5 __ .............- .
U S Pan Canal 10-30-yr 2s .*1930 Q - F
GencraU.s...............
1958 M -S
92i2 93
«2i.i
94
93*4____ 97 July’ 15 ___
U S Pan Canal 10-30-yr 2 s.-1938 Q -N
20
20
A E 111 ref A Imp 4s g . . 1955 J - J 25% 30
U S Panama Canal 3s g ----- 1901 Q -M 101*2____ 103 Sept’ 10 ___ 101% 103*4 Chic
26 Sept’ 16
U S Mtg A Tr Co ctfs of dep.............
23
26
U S Philippine Island 4s. 1914-34 Q - F 100 ____ 100 Feb T5 —
I07i2 Aug TO
1st
consol
gold
6
s_______
1931
A
O
I
ll's
­
Foreign Government
86
85
86'2 86
General consol 1st 5s____ 1937 M -N
98 Sale 93
98*8 331 98
98%
Amer Foreign Secur os (w 1.
Registered........ ............ 1937 M- N 85 ------ 82 May’ 16
95*8 l.<80 93% 96*8
Anglo-French 5-yr 5s Exter loan. A - O 95*8 Sale 95*8
80
____
85
85
U
S
Mtg
A
Tr
Co
ctfs
of
dep
0
92*4
Sale
92*4
93
89*4
95*8
Argentlne— Internal 5s of 1909-- M- S
85
85% 85 JuneTO
Guar Tr Co ctfs of dep------1 69 78*4
72*2 72*i
72*4
Chinese (Hukuang Ry)— 5s of ’ l l J -D t 72
Pur money 1st coal 5s----- 1942 F - A _________ 97*4 Feb 13
3 96*4 100*4
38*8
M- S 98=8 Sale 98*2
22*2 M ay’ to
C h lcA In d C R y 1st 5 s ..-1930 J - J 20 ___
96*2 12 94% 97
F - A 96*2 Sale 90*2
69*8 Sale 69
09*2 20
Chic Great West 1st 4s........ 1959 M- S
80 Aug TO ___ 81% 87
80
F - A 84
59 98% 100*4 Chic Ind A Loulsv— Ref 6s. 1947 J - J 113 ____ 113 Aug TO
100
A - O a97s 100 99%
100
____
100
100
Refunding
gold
5s............
1947
J
J
190
99*8 Sale 99
99*8
97% 101*4
A -O
do
Do
83%
83%
Refunding 4s Series C ----- 1917 J - J ------ 94
141 90*4 102*8
99% Sale 99
100
A -O
do
Do
' 70
70
Ind A Loulsv 1st gu 4s__ 1950 J - J *70 . , .
87*4 34 82% 87%
F - A t 87 Sale 87
87
89
Sept’
10
83
Chic
Ind
A
Sou
50-yr
4s___
1956
J
J
88 86*3 87
3; 78% ' 87
J - J t 80
_______
84*4 Chic L S A East 1st 4Ms___ 1969 J - D ------- 905* 97% Apr TO
81*8
81*4 85 73
72% Chicago Milwaukee A St Paul—
70*4 13 03
J - J X 70*4 Salo 70%
00% 89%
90
Gen’l gold 4s Series A -..el989 J - J . 89*4
57
50 Aug TO _. . . 45
60
Q - J J 47
_ _______ 925>< Feb TO
Registered ................ _«1989 Q - J
40
50
39 Aug TO __ . 27*2 50
.) -D
94*4 Sale 93*4
01%
Permanent 4s................ ..1925 J -D
95*2 Jan T5 ___
F - A J____' _ „ .
92%
Gen A ref Ser A 4 Ms___ a2014 A - O 92% Sale 92*8
0 74 80%
7834
M- S t 78*2 78*4 78*2
100%
Gen ref conv ser B 5s___ c2014 F - A 106% 106*2 105*4
99 Salej 0378
99 1720 98% 99
—
80 Sale 80
80
Gen’l
gold
3MsSer
B----«19S9
J
1
J
?5t o !
101
100%
General 4 Ms Ser C .......... el9S9 J - J ____ 101
State and City Securities.
90% Sale 90
90%
25-year deben 4s.............. 1934 J - J
10312 34 101 103%
, M- S 103*8 Salel 103%
100*2
Convertible 4 Ms------------ 1932 J -D 100*2 Salo 100
104*8 20 101 104%
M- S 104*4 SaleJ 104
Chic A L Sup Dlv g 5s___ 1921 J - J 102%____ 103 July’ lb
5 104% 104*8
104*8
A - O lOUs 104*8 104%
105
Chic A Mo Rlv Div 5S---1926 J - J 104*4____ 105
_____ _
____ . __
A -O _________ ____
103
Chle A P W 1st g 5s........ 1921 J - J 103 Salo 103
135 i06*s 110
HO
J -D 110 Sale 109*3
C M A Puget Sd 1st gu Is. 1949 J - J ------ 90% 90% Sept’ 10
109% 17 105% 109%
1 M -3 109*8 Sale 109*8
106% 108 100% Aug TO
Dubuque
Dlv
1st
s
f
6
s.
..1920
J
J
8
101
101
'g
101
>
8
Sale
97%
101*8
M -N
Fargo A Sou assum g Os.. 1924 J - J 110 111 111) j une’ 15
50 98 101
101
M- N 101 Sale 101
La Crosse A D 1st 5s____ 1919 J - J 101% 102% 102 Aug TO
1 97% 101
101
M-N 101 Sale. 101
102^4 Sale 10234 102*4
___
Wls A Minn Div g 5s........ 1921 J 100%
1007
8
97*4
Jan
TO
97*4 97*4
M -N
107
WIs Vail Dlv 1st 0s.......... 1920 J - J 107 ____ 107
109*4 18 105*4 109*4
M- N *109*8 109*4 109
New
101%
Mil A No 1st ext 4Ms___ 1934 J -D 10111 Sale 101'1
7 M- N ____ 101 100*4 July’ 16 ___ 100*4 100*4
101*4
Juno’
li
-----101M
Cons
extended
4.Ms___
1934
J
D
112
109M
Sale
103 109%
7 IV1-N
109*4
109*2
____ 90 Aug TO
7 M -N . . . . 100*2 100% June’ 1# ___ 100% 100% Chic A Nor WestExt 4sl886-1920 F - A 95
0 4% ____ 9 / Apr lo - ­
Registered
..........
1880-1926
F
A
___
03
____
93
Sept’
16
88*s
03*2
1 r.i-N
80M 80% 80'2
80V
8
General gold 3Ms_______1987 M -N
1 M- S' *05*2------ 105 July’ ie ___ 102% 105%
N Y State—ds78% Jan T 4 ----Registered.................. p i987 Q - F
J - Jl 105*2____ 105 July’ lG ___ 102 105*4
"'J
i’
Sale
94
94V
8
General
4s............
............
1987
MN
___
102*4 102*4
2 J - J *105*2____ 102% Jan Tfl
Stamped Is.................... 19,87 M- N ------ 9334 93*4 June’ l o ----0 J - J 105M lOOU 105*4 Aug T6 ___ 102% 106
111 114U 11234 Aug T O ----General
5s
stamped..........
1987
MN
1
113
115%
115
115
115*8
115*2
IJ - J
Sinking fund Os........ 1879-1929 A - O 110 ____ 112M J“ h 10;----5 100*2 109*4
109*4
5 J - J 10912 ____ 109*4
Registered .......... 1879-1929 A - O 109 ____ 109M Apr T O ----1 M- S 115*8 115*2 115% Aug ’ ll ___ 112*2 115%
Sinking
fund 5s........ 1879-1929 A - O 10513____ 104*4 Aug TO.-----107
109*4
109%
July’
10;-----*109*4____
M- S
104 % ____ 103V Aur T O -----___
Registered _____ 1879-1929 A - O
85 Aug TO
84*4 88*8
1 J - J ------ 87
Debenture 5s___________ 1921 A -O 10 2 % 1 0 2 3 4 1021.4 Aug T O ----23 50
52
62
50
53
58*2
Os deferred Brown Bros ctfs.
101 Dec 12
Registered....................
1921
A
-O
Rallroad
Sinking fund deb 5s_____ 1933 M -N 10313 Safe 1031.4 103M
2 63
65
05
68*8
5 Q - J ------ 65
Registered........ ........... 1933 M -N ------ 10312 104U JuneTO
9234 203 92% 95*8
-) A - O 02% Sale 92*8
120i2
Frem Elk A Mo V 1st 6s. .1933 A -O 120<a 121% 120%
1 91*4 93%
91%
> A - O 9 1U ____ 91*4
00% Sep 0'J
M a n G B A N W 1st 3Ms. 1941 J - J
82*2 85
83% July’ It ___
83% 88
M llw A S L 1stgu 3M S -.-1941 J - J
81
80*2
81
85
81 Sept’ 16 ___
108 109
M11LSA West 1st g 6S ... 1921 M- S 1 0 7 198 108 July’ 10
83*4 32 83% 88%
5 M- N 83*i Sale 83*2
100 107*3
9 100*4 107%
Ext A Imp s f gold 5s. . . 1929 F - A 100%____ 106*2 Aug TO
103*4
5 J -D 104U 105 103*2
Ashland Div 1st g 6s— 1925 M- S 11134____ 111 Dec 16
59 101*4 107*4
105
0 J -D 105 Sale 103*2
11034
____ 112ij Feb 10
112*2 112ia
Mich
Dlv
l
3
t
gold
Os...1924
J
J
2
100*3
101=3
100% 101*4
100*3
100*2
7 J -D
91
91
4 95% 90*2
Mil Spar A N VV 1st gu 4s. 1947 M - S 9H2 92>2 92'2 Aug TO
95*4
3 M - 8 95*4____ 95*4
Nortbw Union 1st 7s g_..1917 M- S i o i % ___ 1073S May’ 14
85
85 July’ U
85
89
J - J 83
105 % 1 05M 105%
105*4
4
105
1
*
0*9
St
L
Peo
A
N
W
1st
gu
5s.
194S
J
J
3
89*2
90
89
92
89*8
89%
8J - J
Winona A St P 1st ext 7s. 1916 J - O 101 ____ 1 2% Dec T5
90
96*8 90*2 Aug 'll
90% 99
2 M- S
101% 10112 101*8
101%
io
102% 101*2 Chicago Rock Isl A Pae 0s . 1917 J - J 101
2 M- S 102% 104 102% Aug ’ U
101 102
101
101
Registered .............. ...1 91 7 J - J
13 91
92%
94%
2 M- S 91*4 92*. 91%
8 3 'a 83*4 8212
83's
Ry general gold 4s........ ..1988 J - J
92 34
89*.
9 89
4 J -D 83*4 89=a 89
_____
8 3 >2 S3 Juno' lo
...........
1988
J
J
Registered........
106*4
1077
a
100%
June’
1
<
106%
107%
8 M- N
71% Sale 704i
7178
Refunding gold 4s.......... .. 1934 A - O
93*i 95
8 J - J 92*a 931, 94*4 May’ 10
57 Bale 54io
57
30-year debenture 53........ 1932 J - J
0 J - .1 133 ____ 129% Aug T5
95U
07U
97U
Aug
TO
Coll
trust
Series
P
4
s____
1918
M
-N
83*2
S3*.
10
83*i
83*.
83*2 8712
2 M-N
58 Aug TO
R I Ark A Louis 1st 4 M s.. 1934 M - S SOM 59
1 A - O 118*8____ 119% July'lt . . . . 110% *122
100
101%
0912
July’
10 ----- 97,14 100
___
Bur
C
R
A
N—
1st
g
5
s..
.
1934
A
O
105*3____
105
July
15
lA -(
9984____ 100% Mar’ 14
C R I F A N W 1st gu 5s. .1921 A -O
99*4 100
99% Feb ’ ll) ___ 99*8 99%
8J 30 92% 93%
925,
M A St L 1st gu g 7s........ 1927 J - D
5 J - J 92*3 Sale 92*4
------ 98% 99’ *
Choc Okla A G gen g 5 s ..01919 J - J
5 Q - J 92 ____ 92 June’ It -- - 91*3 92%
42 89% 92*2
Consol gold 5s...............1952 M -N
89*4 Salo 89*4
90*8
8 A-€
....
Keok
A
Des
Moines
1st
5s
1923
A
O
*39*4____
89*2
Aug
’
ll
89*2
91%
8 Q -J
St Paul A K C Sh L 1st 4 Ms '41 F - A
94% I l l 93% 98%
94*8 Sale 94
3 - - -94 99% 101*4 Chic St P M A O con 6s ___ 1930 J - D
1005,
5 J -D 100*2 Sale 100*3
___
Cons 6s reduced to 3MS-.1930!J -D
108
109
112
Jan
'12
Pitts June 1st gold Os___ 1922 J - J
100%
3 1
1 91
Debenture 5s.....................1930 M- S 100 100*8 100%
92
91
91
92
P June A M Dlv 1st g 3 Ms 1925 M- N 91
C h S tP A Minn 1st g 6s .. 1918 M -N 110%____ 117*2 May’ lh ------1
85% 47 85% 00
P L E A W Va Sys ref 4 s.. 1941 M- N 85*4 Sale 85*s
110%____ 129% May’09
25
North
Wisconsin
1st
0
s
...
1930
J
J
90*4
Sale
89%
90%
89*4 92%
Southw Dlv 1st gold 3y$s.l925 J - J
105*8
St P A S City 1st g 6s___ 1919 A - O 104*4 104% 104*4 Aug TO . . . . |
Cent Ohio R 1st c g 4 M s ..1930 M- S 100% 101% 100 Apr T3 ___
Superior Short L 1st 5s g .01930 M- S 104*8____ 104% Aug T6 — ; 1
107% 107%
Cl Lor A W con 1st g 5 s.. - 1933 A -O 106%____ 107% Aug '16 —
1 08
08 Salo 08
08
68
Chic
T
H
A
80
-cast
1st
5s__
1900
J
•
D
IT
A
101
Juno'
16
101
101
Monon River 1st gu g 5S--1919 r - A
[
107*2
A West Ind geng0s.?1932 Q -M 100*2____ 100*4 Sopt’ 10 . .
Ohio River RR 1st g 58— 1930 J -D 106*4____ 107 July’ 10 ___ 106% 107% Chic
21 75*8 816»
70*4 Salo 75*4
77
Consol
50-year
4s_______
1952
J
J
105
July’
10
105
____
105
105%
A
-O
General gold os_______ 1937
91 ____ 80*2 Jan T6 . . . . 80*2 80*2
Cln II A D 2d gold 4M 3___ 1937 J - J
Pitts Clev A Tol 1st g Os.. 1922 A - O 100%____ 113% Feb T2 ___
1st A refunding Is_______1959 J - J ____ 80
99% 99%
Pitts A West 1st g 4s........ 1917 J - J 9 9% ____ 99% Apr T6 ___
75% ____ 78 Aug TO . . . . 78
___
78
1st
guaranteed
4s...............1959
J
J
91
June’
12
Stat Isl Ry 1st gu g 4MS--1943 J -D
40 ___ 25 July l
Cln D A I 1st gu g 5s___ 1911 M-N
Buffalo R A P gen g 5s........ 1937 M- S 108%____ 108*4 July TO ___ 107% 110
. . . . . . . . 88 Mar’ ll . . . .
C Find A Ft W 1st gu 4s g 1923 M- N ________
Consol 4M S--.........
1957 M -N 100% 101*2 102*8 JulyTO ___ 101% 103
65 July’ 14 . . . .
9 0% ____ 925a Mur’ 16 ___ 92% 92%
Cin I A W 1st gu g 4s___ 1953 J - J
All A West 1st g 4s gu----- 1998 A -O
. . . . . . . 94*s Deo 14 —
Day A Mich 1st cons 4 Ms. 1931 J - J ._________
Clear A Mali 1st gu g 5 s..1943 J - J 100 ____ 103% Feb T6 ___ 103's 103%
65 July’ 14 ___
Ind Deo A W 1st g 5s........ 1935 J - J
Roch A Pitts 1st gold 63..1921 F - A 108 ____ 1< 9% Aug T6 ___ 107% 109*4
....
107*2 Dec ’02 ___
1st guar gold 5s.............1935 J - J
Consol 1st g 6s-------------1922 J - O 1 08 % ___ 110 July’ 16 __ 107*4 110*4
9 77*2 81
73%
78*4
78*4
78*4
10 101% 104*4 Cleve Cln C A St L gen 4s. .1993 J - D
102
Canada Sou cons gu A 5s__ 1902 A -O 102 Salo 102
85*2 83*2
84% 22 8312 90*4
20-yr deb 4 Ms____ _____ 1931 J - J 84
94*2 90% 94*j Aug TO ___ 92
95*2
Car Clinch A Ohio 1st 30-yr 5s ’38 J -D
___ 99*4 100*8
97%
99*4
100%
June’
li
___
Gen
5s
Series
B
.................1993
J
-D
107%____
107% 108
107*4 Aug 16
CentralofGa 1st gold 5s-..pl915 F - A
84% 85
85 Sept’ 10 . . . . 82
87
10 100 102
Cairo Dlv 1st gold 4s-------1939 J - J
101
Consol gold 5s.......... ........ 1945 M- N 100% 101 100%
75*2 77*2
Cln W A M Dlv 1st g 4a.. 1991 J - J 75% 76*8 70% Sept’ 10 ___
Chatt Dlv pur money g 4s 1951 J -D ____ _____ 84% May TO ___ 83*2 84*2
10 79
84*2
80*4
81%
80*4
80*4
103
____
St
L
Div
1st
coll
tr
g
4
s..
.
1990
MN
___
101*4 May’ lfi
101*4 101*4
Mac A Nor Dlv 1st g 5 s.. 1910 J - J
82% Mar 14 - - - Registered .....................1990 M- N ____ _
Mid Ga A Atl Dlv 5s........ 1947 J - J iOJ ____ 100% Mar '15 ___
83 ____ 80% JuneTO .
85
86*2
Spr A Col Div 1st g Is___ 1940 M- S
Mobile Dlv 1st g os---------1940 J - J 103 ____ 102>» Jan in ___ 102% 102%
.. 84*4 8'l *t
84*i Jan 1>
80*4
83*8
1
W W Vnl Div 1st g 4s___ 1940 J - J
94% 95*4 94%
94
97
94*8
Cen RR A B of Ga col g 5s. - 1937 M -N
7 115*4 118%
C I St L A C consol 6s___ 1920 M - N 105% 105*4 105 Juno’ io ___ 105 105*4
110
Cent of N J gen'l gold 5s___ 1987 J - J 110 Sale 116
9 2% ------ 92*j Aug TO
91*8 92*2
1st gold 4s................ ..*1930 Q - F
115 117%
Registered .................. A1987 Q - J 114 * 110% 115 Aug TO ___
91*3____ 88% May’ 15 . . . .
___ 103% 103*4
Registered ..............*1936 Q - F
Am Dock A Imp gu 5s___ 1921 J - J 103*2 104 103% July’ 10 ___
1 J0i 102*2
102 ____ 102
102
___
.
.
.
Cln
S
A
Cl
con
1st
g
5
s..
.
1923
J
J
100
June’
13
J
J
Leh A HudRIvgeu gu g 5s. 1920
. . . U0'8 l i d s
..
C C C A I gen con g 6 s . ..1934 J - J 110%____ 110*a Juno’ li .—
N Y A Long Br gen g 4s. .1911 M- 5 90% . . 100% Jan T3 ___
85 . .
94 Juh 0‘
Ind B A W 1st prof 4s___ 1910 A - C)
79 ‘ 83
79 Aug TO ___
Cent Vermont 1st gu g 4s..el920 Q - F ------ 82
___
O
Ind
A
W
1st
pref
58...<41938
Q
J
95*8
Aug
TO
94*2
95*2
94%
98
Chesa A O fund A impt 5S..1929 J - J
i m ' 72*4 *76% July 16 ** r*
Peo A East 1st con 4s___ 1940 A - O
106
* 104*4 107%
1st consol gold 5s________ 1939 M -N 100 Sale 105
2
32
34
32
32
Income 4 s......................1990 Apr
104*2 June'16
103 104%
Registered___________ 1939 M -N « ____104
3
100% Salo 09*4
100*2
36}
Cleve
Short
L
1st
gu4M3__
1901
A
-O
90
Sale
89
93%
89%
90
General gold 4 Ms............. 1992 M- S
___
13
Aug
TO
7%
13%
Cot Midland 1st g Is .........1947 J - J
90*2 Feb 16 ___
90*2 91
Registered------------------1992 M- S ____ 91
8
7
9% 7
7%
Trust Co ccrtfs of deposit-.
84% 44 83*4 89
20-year convertible 4 Ms. .1930 F - A 83*4 Salo 83*4
91% Sale 00*4
91*8 10
Colorado A Sou 1st g 4s----- 1929
92*2 Sale 92%
92% 612: 92% 95
30-year conv secured 5S..1940 A -O
82%
83%
18
83
Salo
Refund A Ext 4Ms.......... 1935
84 Aug TO
83% 85
Big Sandy 1st 4s........ — 1014 J -D ____ 85
104% 105 101*4 Aug 16 —
Ft W A Den C 1st g 6 s .-.1921
82
83% 83 Mar’ 16 ___ 83
84*4
Coal River Ry 1st gu 4s. .1945 J -D
Oft
___- JO
92 100
90*4 Fob T6 ___ 96*4 00*4 Conn A Pas Rtvs 1st g 4 s.. . 1943
Craig Valley 1st g 5s------- 1940 J - J ____
*94" Feb ’It
_________ Cuba RR 1st 50-yr 5s g ----- 1952
81*4 Jan ' 13 __
Potts Creek Br 1st 4s___ 1910 J - J
2
Del
Lack
A
Western—
87
Sale
87
87
84%
83
R A A Dlv 1st con g 4 s . ..1989 J - J
1
85*4
Salo
S5*4
80*1
Morris A Ea 1st gu 3M8--2000
81% JuneTO
81% 83*8
2d consol gold 4s........ .1989 J - J 80% 82
100% - 107*2
107*2 13
N Y Lack A W 1st fis___ 1921
Greenbrier Ry 1st gu g 4s. 1940 M- N 88 ____ 90 Apr 14 ___
103*8
1031a
li
103*2
103*2
3
Construction 5s............. 1923
113% ten ’ 16
Warm Springs V 1st g 5s. .1941 M- S
90*4 98*4 98*2 July’ 16
Term A Improve 4s___ 1923
59*4 30 57'' 60%
Chic A Alton RR ref g 3 s ...1949 A -O i "59’ % *60% 69*4
84 ------ 102*, Fob
...
Warren 1st ref gu g 3M8--2000
50%
48
49*8 11 43
Railway 1st lien 3 Ms------- 1950 J - J1 49*8 Sale
102*4
------ 103 Aug T O . ..
Del A Hud 1st Pa Dlv 7 s ...1917
100
Chic B A Q Denver Dlv 4 s.. 1922 F - A. 99% ------ 99% A u g’ lG
____
104** Feb T f t ..
ireelstapp/l . . .
1017
6 —
85 ................Sale 84%
85
83%
87
Illinois Dlv 3 Ms................ 1940 „J -- -J1 —
j
- -■




101.3 278

.aS*

P rice
Friday
Sept. 15.

Week’s
Range or
Last Sale

Range
Since
J an . 1

Bid
Delaware A Hudson (Com )—
Ask
h N o Low H igh
1st lien equip g4>$a.......... 1922 J - J 100% 101*4
0 ----- 100*8 102
1st & ref 4s........................1943 M -N
98*3 Sale 98*2
50 96*4 99*8
20-year conv 5s................ 1935 A - O 105*1 Sale I05i2
4 14 105 108
Alb & Susq conv 3H s___ 1910 A - O
80
87*4
0 ------ 85*4 88
Renas & Saratoga 1st 7s. .1921 M -N 112*8
0 . . . 11238 113
Denv & It Gr 1st con g 4 s.. 1938 J - J 77% Salo 77M
8 10 78
79*2
Consol gold 4 H S -.......... 1930 J - J
83*4 Salo 83U
80
4
J 83
Improvement gold 5s___ 1928 J -D
82l2 Salo 82i2
3
78*4 85
1st & refunding 5s---------- 1955 F - A
07
07
67
6 5512 73
Itlo Gr June 1st gu g 5 s . .1939 J - D 87
95
861*8
8
3 86% 88
Rio Gr Sou 1st gold 4s__ 1940 J - J
34*2 44
61 >
2.
Guaranteed---------------- 1940 J - J 34*2 ____ 35 «
o : : : : ' 35” *35*4
Rio Gr West 1st g 4s____ 1939 J - J
73*a Salej 73*8
8
6 73
78*2
Mtge & coll trust 4s A .. 1949 A - O 00 02*2 02 .
6 ------ 62
00*2
00 ,
Utali Cent 1st gu g 4s.«19l7 A - O 94 —
Dos Moines Un Ry 1st g 5s. 1917 M- N
99 S
6.----- 99
99
76
85
90 .
Det & Mack— 1st Hen g 4 s.. 1995 J -D
8 . . 90
90
Gold 4 s . . . .................... 1995 J - D
75
80
75 .
i ___
75
85
90*3 90% 9078 i
Det ltlv Tun—Ter Tun 4^31961 M -N
6 ___
90*4 94
104 i
Dul Mlssabe & Nor gen 5 s.. 1941 J - J 103
S . . 104 104
Dul & Iron Range 1st 5s___ 1937 A - O 100*3 101*2 101*4 i
0 ___ 101*4 103*4
106
Registered ......................1 93 7 A -O
8 ___
92
93
93 i
Dul So Shore & Atl g 5s___ 1937 J ' J
i ___ 92*2 95*2
Elgin Joliet & East 1st g 5s. 1911 M -N 102
i ___ 103 104
103*4 1
Erie 1st C01130I gold 7s........ 1920 M s 108*8 Salo 108*8
t 19 108% 111%
____
95*3
95*2
N Y & Erie 1st ext g 4 s ... 1917 M -N
2
1 95*2 96*2
0 ___ 101% 102*4
101*8 2d ext gold 5s.................1919 M- S 102
100 j
j ___ 100 100
3d ext gold 44$s_______ 1923 M - S 100
3 ___ 10U2 102%
4th ext gold 5s________ 1920 A - O 101*8 102 101*2 .
91
94 ]
5th ext gold 4 s.............. 1928 J - l i
3 ----- I lls ' 111
N Y I. E & W 1st g fd 7s. . 1920 M- S 108*4 109 108 1
83 Sale 83
Erie 1st con g 4s prior___ 1990 J - J
t 11 83
86*2
84
80 (
3 ----Registered.................. .1996 -J - J
1st consol gen lien g 4s— 1990 -J - J 71*3 Sale 71*2
8 21 71 77
72*2 J
Registered___________ 1990 J J
0 ----- 72% 76*2
89 Salo 89
Penn coll trust gold 4s___ 1951 r - A
3 88*4 90
70 Sale 09*2
60-ycar conv 4s Series A .. 1953 A -O
8 77 69 72%
do
Series U.......... 1953 A - O
73 Sale 72*2
3 99 70 84
85*4 Sale 847s
Gen conv 4s Series D ____ 1952 A -O
65 84
88%
Chic & Erie 1st gold 5 s...1982 M -N 105*8 107 100*8
4 105*4 107%
Clev & Mahon Vail g 5 s.. 1933 J - J 103*8
J
Long Dock consol g (is ... 1935 A -O 122*4
123 .
3 ___ 121% 123%
Coal A RR 1st cur gu 0 s.. 1922 M -N 101*8 10'4 102
—
102 102
106 1
Dock & Imp 1st ext 5 s ... 1943 J ' J 106 —
3 ------ 102% 106
l ___
N Y A Green L gu g 5 s ...1940 M -N
103*2 1
"97* 99 1
N Y Sus<i A VV 1st ref 5s. .1937 J - J
3 ----- 98% 99
i
2d gold 4 ^ s ...................1937 F - A
100*4 1
1” 72 ITT
General gold 5s............ 1940 F - A *75% *78* 77
77
Terminal 1st gold 5s........ 1943 M -N 1U5*2
5 ___ 105*2 105*2
Mid of N J 1st ext 6s........ 1910 A - O 101
Wllk A Eas 1st gu g 5s__ 1942 J -D ____ 83*8 83
i
”82% 90
40 100 Mi
1
.
Ev A Ind 1st con gu g 6s___ 1920 J - J
3—
90 101
Evansv A T II 1st cons 0s_. 1921 J - J 100 X02 101
3 ___ 03 03
03
1st general gold 5s............. 1942 A - O 53 —
108 Not
Mt Vernon 1st gold 0s___ 1923 A -O
95
Sull Co Branch 1st g 5s__ 1930 A - O
' 4 91% ’ 93%
Florida E Coast 1st 44$s...l959 ■* -D *93*4 Sale 93
92
_
Fort St U D Co 1st g 4 J4s. . 1941 J * •>
04
70*2 08*2 Aug '16
Ft W A Itlo Gr 1st g Is........ 1928 J - J
01*4 69
Great Northern—
9778 Sale 97*4
147 97% 99
C B A Q coll trust 4s____ 1921 J * J
98
Registered h ...................1921 Q - J 97*3 9778 97*2 .
97 % 98*4
1st A ref 4>fs Series A . . .1901 J ' J 98*4- 99
98*4
27 98*4 100*2
90 .
Registered____ ______ 1901 J - J
8t Paul M A Man 4s........ 1933 j - j 90 Sale 90
2 90 97%
1st consol gold 63........... 1933 j - j 120*4 120% 120*4
1 120U 122
Registered................. 1933 j - j
119*4.
>. . . . 11934121*2
Reduced to gold 4>$s.l933 j - j 102*8 Sale 102
39 1101% 103*4
Registered............ 1933 j - j
1 ___ 102*2 102*2
102*2 ;
Mont ext 1st gold 4 s ... 1937 J -D *95*2 Sale 95*3
95% 97*4
17
90
Registered.................1937 J -D
—
96*2 96%
J
J
Pacific ext guar 4s £...19 4 0
85%
E Minn Nor Dlv 1st g 4s. 1948 A -O
9278 93*4
___ 92*4 93
Minn Union 1st g 6s__
1922 J - J 108*2 109%
i ___ 109% 109%
Mont C 1st gu g 0s.......... 1937 J - J 123 . . .
. . 122*4 123
Registered................. 1937 J - J
1st guar gold Ss____ 1937 J - J 109*4 110
ioou 110*4
J
J
Registered............. 1937
Will A S F 1st gold 5 s.. 1938 J -D 109*4 iii%
___ 109*4 110%
72*3 77*2 75 .
Green Bay A W deb ctfs “ A " ___ Feb
74
75
12*8 13 11*2
Debenture ctfs “ B” .................. Feb
10 11 14*4
Oulf A 8 I 1st ref A I g 5 s ..*1952 1 - J 85*2 87
___ 84% 88*2
Hocking Val 1st cous g 4J$S-1999 J - J 9078 Sale 90%
10 90% 90
Registered ._ .........
1999 J - J
« ... - -Col A II V 1st ext g 4 s ... 1948 A - O *87% 89*3
87 ' 88
Col A Tol 1st ext 4s........ 1955 F - A 88
___ 88 87
J
J
87
Houston Belt A Term 1st 5s. 1937
___„ __
Illinois Central 1st gold 4s .. 1951'J - J 9712 —
___ 06*2 97%
1951
J - J
Registered.....................
92 Aug
1st gold 3J$s.......................1951 J - J "84*3 '85*2 85*4
8.
2 *83 85*4
Registered.......... .......... 1951 J - J 82% ____ 88 Nov
83*2 85
Extended 1st gold 3J$ s... 1951 A -O
84*4 86%
Registered..................... 1951 A -O
82*2 . . . .
1st gold 3s sterling............. 1951 M- 8
80 J’ly ’09
Registered.....................1951 M- 8
Coll trust gold 4s............... 1952 A - O *88*4 Sale 83
” 10 8 3 ' * 9 1 %
Registered.....................1952 A -O
95U Sep
1st refunding i s . . ............. 1955 M- N 88" 89
89
10 87*4 91%
Purchased lines 3 Mis......... 1952 J - J 80*4 Sale 80*4
7 80*4 83
,
L N O A Texas gold 4 s.. . 1953 M- N 85*8 dale 85
22 85 87*4
Registered.....................1953 M- N 82*2
81 M a y'li
90*2 J
Cairo Bridge gold 4s......... 1950 J - D 89 —
00
92%
74 tee ’ 14
Litchfield Dlv 1st g 3s____1951 J - J
Loulsv Dlv A Term g 3Hs 1953 J - J : : : : ‘ s o ' 78*4
” 1 78*4 "81*4
83 Aug '12
Registered.................
1953
J - J
Middle Dlv reg 5s............ 1921 F - A 161”
102 June'l
io iu 102
70 A u g 'l
Omaha Dlv 1st gold 3s.. 1951 F - A 60*8 7l"
70
71
8t Louis Dlv A Term g 3s. 1951 J - J —
76
08*2 Hep 1
Gold 3>$s...................... 1951 .1 - J
l ‘s Jan 1
81% 81%
Registered........
1951 J - J 79
80 June’ l
80
80
Spring! Dlv 1st g 314S..11951 J - J 70
79
79
1 78*4 79
Western lines 1st g 4 s.. 1951 F - A 58%
89
00%
Registered.................. 1951 F - A
Beilov A Car 1st 6 s.- . ” '1923 J -D
Carb A Shaw 1st gold 4 s.. 1932 M - S 80 ____
Chic St L A N O gold 5s. .1051 J -D 106*4____
100*4 ioo
Registered.................. 1951 J -D
114
Gold 314s.......................1951 J -I>
9J
Registered................. 1951 J -D
Joint 1st ref 5s Series A .1903 J - D 100% Sale to;***
” 5 i o o ' 103*8
Memph Div 1st g 4 s...1951 .1 - U
90
Registered.................1951 .1 - D
87%
8t Louis Sou 1st gu g 4s.. 1931 M- S
92*4 98 j
Ind 111 A Iowa 1st g 4s____ 1950 J - J 89
90
91*8 A „. H
90 "92%
Int A Great Nor 1st g 6s___ 1919 M-N
90*8 98
95*8 Aug '10 __ _ 95
98*3
James Frank A Clear 1st 4s. 1959 J -D
89R 90
89*2 S
89% 92%
Kansas City Sou 1st gold 3s. 1950 A -O
OS's 6884 68*a
63*8 Io: 60*4 71
Registered.............
1950 A -O
63 Oct •(),)
Ref A Impt 5s............ Apr 19.50 J - J 89% 90
89%
89% "" 4' 89% *94
Kansas City Term 1st I s ... 1960 l - J 87D Sale 87
87*2 10 86*4 89%
Lake Erie A West 1st g 5 s.. 1937 J - J 981.! Salo 98*4
98**s
8
96% 100
2d gold 5s.......................1941 J - J 80*2 83*2 81
83*2
5, 76
83%
72
.
North Ohio 1st guar g 5 s.. 1915 A - O
98 Mar 14
Leh Vail N Y 1st gu g 4Vis.. 1940, J - J 100*8 101*8 100*8 Aug '10 : : : :
103
Registered........................1940 I - J ____ 100
100*2 M ay'16 — 10'0%
100*2 102
I.Clllgb Vail (Pa) cons g" 4s” 2003 M - N ____ 91
90*2 Aug 10 —
89*2 92%
General oons4!$s._
2003 M -N
99*4 Sale 99*4
99*4 2 99%
101*4
Leh V Term Ry 1st gu g 5s” 1911 A - O 112*8____ 111*4 Aug '16
DO
112%
Registered.....................
A O 111*4_____ 111*2 June'10 — -1 111% 111%
__________|
________________1941
_________

101

* No

price Friday; la te s t

Due Nov.

» uptl >n tale.




b id a n d a s k e d th is w

e e a D ue Jan.

& D u e Fab”

'

BONDS
N. Y . STOCK EXCHANGE.
Week Ending Sept. 15.

P rice
F riday
S ept. 15.

• W eek's
Range or
Last Sale

Bonds
Sold

BONDS
N . Y. STOCK EXCHANGE
Week Ending Sept. 15.

Bonds
Sold

N e w

Range
Since
J an . 1

[Bid
As) t L ow
H lg)i N o . Low H igh
Leh Val Coal Co 1st gu g 5s. 1933 J - J sl04% Sale 104*4
104><l
2! 104 106*8
Registered______________ 1933 j - j
. 105 Oct ’ ll 1 ___
1st int reduced to 4s.........1933 J - J
92 ____
Leh A N Y 1st guar g 4s___ 1945 M - S ------ 89
89% July’ K5 ___
89% 90
Registered....................... 1945 m - s
Long Isld 1st cons gold 5s..hl93I Q - J 105%____. 106 June’ ll) . . . . 104% 106%
1st consol gold 4s.............S1931 Q - J 94 . . .
94*4 June’ Iti ----- 94% 96%
General gold 4 s .................. 1938 J -D
85
87*;5 85*4
85*4l
1 85*4 90
Ferry gold 4H s.................1922 M- S ------ 98*«1 99% Apr ’ It1 ___
99% 09*4
Gold 4s............................... 1932 J -D
99% Oct ’Of|___
Unified gold 4s---------------- 1949 M- S 83
85*;! 84% July’ lC
84% 80
Debenture gold 5s_______ 1934 J -D
94
96
96 A u g ’ ie
96
97
Guar refunding gold 4 s ... 1949 M - S 86% Sale 86%
86
%’ ” '5 86% 90%
Registered....................... 1949 M- S
95 Jan ’ l l
N Y B A M B 1st con g 58.1935 A - O 102 ____ 103*2 Mar’ lfl
101% 103’ %
N Y A R B 1st gold 6s__ 1927 M- S
102% 102*4 Sept’ 16
102% 103
Nor 3h B 1st con g gu 5 s.01932 Q - J 98 ____ 100 Aug '16
99% 102
Louisiana A Ark 1st g 5s___ 1927 M- S
91
96%; 97% July’ lG
88 97%
Loulsv A Nashv gen 6s____ 1930 J - D 112 112*3; 112 A u g ’ 16
111*4 113
Gold 5 s..............................1937 M -N 108*4 110 109 A u g ’ 16
108% 110%
Unified gold 4s...................1940 J - J 94 Sale 92%
94 ” 37 92% 96
Registered.......... ............1910 J - J ------ 93
93% Sept’ 16
93
93%
Collateral trust gold 5 s ...1931 M- N 103 104 104 A u g '16
103% 105*4
E II A Nasb 1st g 0s____ 1919 J - D 107*4____ 107% Dec ’ 15
L Cln A Lex gold 4J$S---1931 M- N 101% ____ 101% Sept'lG
100*4 102*
N O A M 1st gold 0s.........1930 J - J 113*4 114% 11334
11334
2, 11334 116%
2d gold 6s.......................1930 J - J 107 109*4 109% May'16 ___
Paducah A Mem Dlv Is..1946 F - A 87
89% 88% July’ 16 ___ ' 88% ‘ 90%
St Louis Dlv 1st gold 0 s ..1921 M- S 106% 107% 108 Apr ’ 16 ___ 107 108%
2d gold 3s.......................19S0 M- S 61% 63% 63*4 June'16
! 61
64
Atl Knox A Cln Dlv 4 s ...l9 5 5 :M -N
86% Sale 86
86% ” 16 85*2 90
Atl Knox A Nor 1st g 5 s.. 1940 J - D 107%____ 111 Jan ’ 13
Hender Bdge 1st s f g 6s .. 1931 M - S 100% ____ 106*4 June’ 16
I 106% 107
Kentucky Central gold 4s. 1937 J - J 88*2____ 88*4
88*4 ” 16 87*4 89%
Lex A East 1st 50-yr 5s gu.1905 A -O 101*4____ 101
9 100 101%
101%
L A N A M A M 1st g 44*3 1945 M- S 99*4 100%; 101 July’ 10
99% 101
L A N-South M Joint 4s .. 1952 J - J 78*2 80
6 77% 82
80
80
Registered........ ........... A1952 Q - J
qr
Feb
N Fla A S 1st gu g 5s___ 1937 F - A 105 105*4 106 A u g ’ 16 ___ 108 107*4
N A C Bdge gen gug4J-$s. 1915; J - J 97% 99% 97% May’ 16 . . . J 97% 97%
Petisae A Atl 1st gu g 6s..l921!F - A 108% 109 108*4 May’ 16 ___ 108% 108%
S A N Ala cons gu g 5 s.. . 1930 F - A 106*2 108 108%
1 105% 108%
10S%
Gen cons gu 50-year 5s. 1903 A - O 100 101 101
2 ilOl 103%
101
L A J ell Bdge Co gu g 4 s .. .1915 M- S 79 ____ 81% Apr ’ 16
—
Ij 80% 82%
Manila RR—Sou lines 4 s ...1930 M -N ------ 79
„„ 1
Mex Internat 1st cons g Is.. 1977 M- S
_ _ _111.................
77 Mai '10 _----Stamped guaranteed____ 1977M- S ____ m i
79 N o t’ 10
Midland Term— 1st s f g 5 s .1925. J - D
[____« . . .
101 Oei ’09
Minn A St L 1st gold 7s___ 1927! J -D 110*4 116% 115 Mar’ 16 !— ji l l s ’ ns”
Pacific Ext 1st gold 6s___ 19211A - O . . . . ____ 103 Aug ’ 16
103 103%
1st consol gold 5s_______ 1931'M- N
85
88% 89 A u g ’ 16 . . . - 88% 90
1st. A refunding gold 4 s . . . 1949 M- S 59
59% 59%
2 52*4 64%
59%
Ref A ext 50-yr os Ser A .. 1962 Q - F 60
61
9, 60
57
60
64
Des M A Ft D 1st gu 4 s.. 1935 J - J
60 Feb '15
Iowa Central 1st gold 5S..1938 J - D *80* Sale' 86
2 86 90*8
86
w . Refunding gold 4s.........1951 M- S
55
50% 56
c 51% 60
56%
M StPASSM con g 4s int gu.1938 J - J 91% 91% 91%
91*4 121 91% 98%
1st Chic Term s f 4s........ 1941 M- N
85
... 97% June* 12
M S S A A 1st g 4s int g u .1920 J - J 97% Sale 97
6 97 99
97*2
Mississippi Central 1st 5s. ..1949 J - J 92*3 93*2 92% July'16 . . . . 90
92%
M o Kan A Tex 1st gold 4s 1990 J* -D
“
73% Salo 73
57; 70*2 78%
74
2<l gold 4s.................... ji990 F - A 45*4 Sale 45
45*4 39 40
50*2
1st ext gold 5s................... 1944 M- N 38 Sale 37*4
9 37*4 52*8
38
1st A refunding 4 s ...
2004 M- S 61
62
10; 51 62
61
61
Gen sinking fund 4}$8...1936 J - J 41% 41*4 41%
3 36
41%
48
St Louis Div 1st ref g 4s. .2001 AAO
37 ____ 37 A u g '16 ___ 37
46
Dali A Waco 1st gu g 5 s.. 1940 M- N 67 ____ 96*4 JL»o ’ 13 ___
Kan City A Pae 1st g 4s . . 1990 F - A 05 ____ 72 July'16 . . . . '00 "72 "
Mo K A E 1st gu g 5s___ 1942 A - O 74
84
83% Aug ’ 16 ___
74
89*4
M K A Okla 1st guar 5s. .1942 M -N
64
65
66 A u g’ 16 ___ 60 67
M K A T of T 1st gu g 53.1942 M- S 65
70
70 Sept’ 16 ___
48
73
Sher Sh A So 1st gu g 5s . . 1942 J - D ------ 50
50% Aug ’ 16 ___
50% 50*2
Texas A Okla 1st gu g 5 s ..1943 M- S 50
57*4 56
1 49 63
56
Missouri Pacific (reorg Co)
1st A refunding 5s wh Iss
90 ____ 92% A u g’ 16
92% 93%
General 4s when Issued_____
64*2 Sale 64*3
64*4 51 63% 65%
Missouri Pae 1st cons g 6s . . . 1920 M- N 101% 102% IOD2 101*2
5 100 102
Trust gold 5s stamped.. _ol917 M- S 100 Sale 100
1 89*4 100
100
Registered.....................ul917 M- S
82 Oct ’ 15 . . . .
1st collateral gold 5s........ 1920 F - A 94% 97% 95% A u g ’ 16 — '83% *96%
Registered___________ 1920 F - A
40-ycar gold loan 4s.......... 1945 M- 8 47*4 49% 48% Sept’ 16 ___ 39*8 52
1st A ref conv 5s___
1959 M- S 48% 49*4 48%
2 40 51%
4S%
3d 7s extended at 4 % ___ 193S M -N
81
82
82 May’ 16
82
82
Boonv St L A 8 1st 5s gu.1951 F - A
100 Feb ’ 13 ____
Cent Br Ry 1st gu g 4 s...1919 F - A ____ 68 67 Aug 16 ___ ‘ 5 0 ’ *67 *
Cent Br U P 1st g 4s........ 1918 J -D _________ 77*2 Dec ’ 13 ___ _________
Leroy A C V A L 1st g 5s. . 1920 J - J . . . . ____ 110 Mar ’05 ____
Pae R of Mo 1st ext g 4s..l93S F - A
88% 91 89*2 Sept’16 ___ *89 " ’ 92*
2d extended gold 5s___ 1938
J 101 ____ 100*2 July'16 ___ 100 100*4
8t L Ir M A S gen con g 5s.1931
O 101 101% 101
2 99*4 102*2
101
Gen con stamp gu g 5 s.. 1931
O
1(>2 J’ly ’ 14
Unified A ref gold 4 s ... 1929
J 81% 82% 81%
82
47 74% 82
Registered............ . 1929 .
J ---------- --- 80% Oct ’ 12
72% 74
Rlv A O Dlv 1st g 4s__ 1933 M -N
74
74
*5 68 "75%
Verdi V I A W 1st g 5 s ... 1926 M- S 77 ____ 87 Sep ’ 15
Mob A Ohio new gold 6s ___ 1927 J - D 113*4 113% 112% July’ lG
112 115
1st extension gold Os___ 51927 Q - J - - - - 1J 1'2 109 Feb ’ 16
108 109
General gold 4s...................1938 M- S 75
70
75*8 July’ 16 ____ 75
76%
Montgomery Dlv 1st g 5 s.1947
A 99*2 99% 102 Fob *16 ____ 102 102
D 90
8t Louis Dlv 5s................... 1927
94
89 Dec ’ 15 ___
St I. A Cairo guar g 4s___ 1931 J - J 87 ____ 88% Apr ’ 16 ___ ' 88*3 *88*4
fashv Cliatt A St L 1st 5s. 1928 A - O 105*2 107% 105*2 Aug 16 ___ 103*4 107%
Jasper Branch 1st g 6s___ 1923 J - J 107*4____ 110% Mar’ 16 ___ 110% 110%
McM M W A A1 1st 6s . . . 1917 J - J 100% ____ 100*4 July’ 16 ___ ! 100*4101%
T A P Brauch 1st 6s........ 1917 J - J 100% ____ 113 July’04 ___
__
fat Rys of Mex pr lien 4t$s.l957 J - J 30
50
30% Aug ’ 16 ___
•30 *30%
Guaranteed general 4s___ 1977 A -O
35
A
u
g
’
16
—
35
35
Nat of Mex prior lien 44$s..l926 J - J ................. 96% Feb ’13
1st consol 4s....................... 1951 A -O " 30" : : : : 30 Aug ’ 15
N O Mob A Chic 1st ref 5s. I960 J - J —
55 40 M ay’ 15
New Orleans Term 1st 4s
1953 J - J 71
73
8 *69* '71
70*4
70*4
4 Y Cent RR conv deb 6s. 1935 M-N 112*4 Sale 112
112*4 676 1*0% 11778
Consol 4s Series A ............. 1998 .F - A
83
82*4 Sale 82*2
101! 81*? 86%
Ref A imp 4K s “ A” . . . 2013 A O 92% Sale 91%
92*4 83, 91% 85*s
* Y Central A H R g 3J$s..l997 J
82% Sale 81%
82% 38 81% 83%
Registered................
1997 J J 81*4 82% 80%
81
14 80% 82%
Debenture gold 4 s ............ 1934 w
90% Sate 90*4
M. -N
90% 75 89*4 93*4
Registered.......................1934 M -N . . . . . . . . 90 June’10 ___ I 90
90
Lake Shore coll g 3J$s-..199S F - A 74% 75
74*4
75
"io 74 75*4
Registered............ ....... 1998 F - A
7i%
- 73*4 July’ 16
73% 78
Mich Cent coll gold 34$s . . 199S F - A 75*4 77
75*4
75*4 " "i; 75
80*4
77
Registered___________ 199S F - A 73
77 Apr ’ it
.1 76 V/h
60
Battle Cr AStur 1st gu 3S.I 9S9 J “
94% *95% *95' July" IS . . . . '94% *96%
Beech Creek 1st gu g 4 s ..1936 J - Registered........ ..............1936 J - J 93*4 . . . . 93*4
93*4
93*4 93*4
2d guar gold 5s...............1936 J
* 102% ____ 104 May ’16 . . . . j104 104
Registered................... 1936 J - J -------------- ----------- — i ----- --------Beech Cr Ext 1st g 34$ s ..41951 A - O
... 1
Cart A Ad 1st gu g 4s........ 1981 J -O *88 ’ 91
88 June’ 16
*88 ’ *88 ’
J -D 105 ___
Gouv AOswe lstg u g 5s .. 1942,^
Moll A Mai lstgu g 4 s ... 1991 M- S _________ 94 Mar’ 16 —
94
94
N J June R guar 1st 4 s.. . 1986; F - A ____ _____ 89% Feb ’ 16
89% 89%
N Y A Harlem g 3J$s----- 2000 M -N
83 ____ 85 JMif'16 ___ I
N Y A Northern 1st g 5s. 1923,A - O 106% ___ 105*2 Mar'16 ___ 1 105*2 105%
N Y A Pu 1st cons gu g 4s
Is 1993 A - O 88
90i4 88 Aug ’ 10 . . . . 83
91%
... Creek
• reg
-------------------1'
J -D 118*8____ 113 M ay'15 --..1
Pino
guar 0s----- 1932
R W A O con 1st ext 5s. .41922 ,A. - O 103% Sale 103%
103%
i 103% 104%
It W A O T H 1st g'l g 5s. 19ISi M -N 102 ____ in June’ 101— II_________

§!

Price
Friday
Sept. 15.

W tek 's
Pang* or
Lo m ,a u

fa

Range
Since
Jan 1

id
Ask t o .
High MO. Low H igh
N Y Cent 4 H R R K (Con.)—
85*2 A>4 D r **> __ . - Rutland 1st con g 4%s__ 1941 J - J 80
69
69
Og * L Cham 1st gu 4s gl048 J - J 68*4____ 69 Aug TO —
9a Juue UJ ...
...
Rut-Canada 1st gug 4a. 1949 J -- JJ 67 .. .
96 ____ Ot* OCt 15
St Lawr & Adir 1st g 5s__ 1995 J - J
11912 Mar'12 ___
2d gold 6s...................... 1996 A- O ____ 120
97*2 JulyT 6 —
97% 97*2
U tica* Blk Rlv gu g 4s__ 1922 J - J 97*4
83*2
84*4
J
-D
83*2
83*2
2| 83 2 88
Lake Shore gold 3>2S........ 1997
83% July 1C
83
83*4
Registered...............
1997 J -D
95*4 36 94% 96
Debenture gold 4s........ 1928 M- S 95 Sale 94?8
94*2 Sale 93%
94*2 13 9334 95%
25-year gold 4s........ ...... 1931 M -N
94
94% Feb T 6
94*8
Registered_________1931 IYI-N
....
Ka A & Q R 1st g u c 5 s . . . 1938 J - J
Mahon C’l RR 1st 5s.........1934 J - J 106........... 104*2 Dec T5
102 104
Pitts A L Erie 2d g 5 s...a l9 28 A -O 103 ____ 103 July 10 —
Pitts McK & Y 1st gu 6 s .. 1932 J - J 115*2____
....
2d guaranteed 6s______1934 J - J 113*2 .... 123*4 Mar'U’ — - —
McKees & B V 1st g 6S-1918 J - J
106% 106%
Michigan Central 5s.........1931 M- S 106*8____ 106*4 Aug 16
1U5 105
Registered . . .......... ..... 1931 Q -M 104*2 _ . lu5 July’ 10 —
98 ap. T2
4s.................................... 1940 J - J 92*2
87 Feb ‘ 14
Registered................ 1940 J - J
90 Juiu ’08
J L & S 1st gold 3>$s__ 1951 M- S
1 82*2 85
82*2
82*2
82*2 86
1st gold 3Ms____ _____ 1952 M -N
S6% 90*2
84
86*8 86*4 JulyTti
20-year debenture 4 s . .. 1929 A -O
5 91
91*2
91*2 Sale 913s
95*2
N Y Ohio & St L 1st g 4 s .. 1937 A - O
90 ____ 90*4 Aug To ___ 1 90*4 93*4
Registered............ ....... 1937 A - O
81*4
Debenture 4s................ 1931 M -N ____ 79*8 80 Aug ’06 ----- ! 80
5 87*4 93
90
West Shore 1st-4s guar__ 2361 J - J 90 Sale 90
Registered............ ....... 2301 J - J 87*2 88*2 883g Aug ’ It — -I 86% 90
6 100*8 102
N Y C Lines eq tr o s .. 1916-22 M- N 100*8____ 100*8 100*8
99*4 100%
Equip trust 4,48..1917-1925 J - J 99*4____
97*2 100%
N Y Connect 1st gu 4,48 A .-1953 F - A 98*4 99*8 98*4 Sept’16 —
N Y N II & Hartford—
1 80*2 81%
81
81
Nou-conv deben 4s_____ 1947 M- S 79*2 81
_
_
73
Feb
11
73
73
Non-conv deben 3 4 s ___ 1947 M- S
71 Aug TO ___
69% 72
Non-conv deben 34 s___ 1951 A -O ____ 71
79>» July TO
79% 81*2
Non-conv deben 4s_____ 1955 J - J ____ 80
78% Aug T 6 ___
78's 82
Non-conv deben 4s_____ 1956 M -N ____ 78
1 68*4 73
70*2 69*4
69*4
Conv debenture 3 4 s ........ 1956 J - J 69
110
Sale
n
o
111*8 17 110 n o
J
J
Conv debenture 6 s............1948
Cons Ry non-conv 4s.........1930 F - A 79
Non-conv deben 4s___ 1954 J - J ____ 70*2 91*2 Jan T2
Non-conv deben 4s___ 1955 J - J ____ 79*2 79*2 Apr T 6 . . . . 79*4 79%
Non-conv deben 4s___ 1955 A -O
....
Nou-conv deben 4s___ 1956 J - J ____ 80
91*2 Sale "91*2 ” 9*1*2
"91% ‘ 93"
Harlem R-Pt Ches 1st 4s. 1954 M -N
B & N Y Air Line 1st 4 s .. 1955 F - A 89*8____ 99*2 Juue’ 12
80 Aug T0
80
83
Cent New Eng 1st gu 4 s .. 1961 !J - J . . . I 82
Hartford St Ry 1st 4s___ 1930 M - S
.... —
Housatonlc R cons g 5s__ 1937:M -N 106*8____ 105*2 May'15 —
91*4------ 87 J’ly '14
Naugutuck RR 1st 4s___ 1954 M -N
90*8____
N Y Prov & Boston 4s___ 1942[A - O
72
72
82
N YW ’chcsAB lstserl 4 4 s '46 J - J 72 Sale 72
N H & Derby eons cy 5s . . l 918jM -N 100*4____ 107 Aug ’09
Boston Terminal 1st 4s
1939; A - O
New England cons 5s___ 1945 J - J 100*8____
09*2 Mar’ 12
Consol 4s........ ............... 1945 J - J
67
69*2 69*2 Aug TO ____ 69*3 70
Providence Secur deb 4 s .. 1957 M -N
—
—
Prov & Springfield 1st 5s. 1922 J - J ................. 99% Doo '14 —
83% Feo T4
Providence Terra 1st 4 s . .. 1956 M- S
W & Con East 1st 4 4 s . -.1943 J - J 86 ____
42
79%
79*2 Sale 77%
77% 84
N Y O & W ref 1st g 4s___ 01992 M- 8
92*2 June’ 12
Registered 85,000 on ly ..01992 M- S
79
70
General 4s.................... ...1 9 5 5 J -D ____ 77*2 79 Apr T6
82
78 Aug TO
78
80
Norfolk Sou 1st & ref A 5 s..1961 F - A 80
1 97
97
97
97
98
99%
Norf&Sou 1st gold 5s.......... 1941 M -N
119
5 118% 120
Norf & West gen gold 6s___ 1931 M - A 118^8 119*4 119
Improvement & ext g 6 s .. 1934 F - A 120 121*4 121% July'10 ___ 120% 122
4 119% 120*2
120
New River 1st gold 6s___ 1932 A -O 119*2 120 120
92*2 Sale 92*2
92% 39 91% 94
N & W Ry 1st cons g 4s__ 1996 A -O
Registered___________ 1996 A - O
7 88*4 91
90%
Dlv’l 1st lien & gen g 4s. 1944 J - J 90*8 Sale 90%
2 113% 133
129%
129%
10-25-year conv 4s.........1932 J - D ____ 135
2 114 135*2
130
130
10-20-year conv 4s.........1932 M- S ____ 135
129
129
1 115*2 137*2
10-25-year conv 4.4s__ 1938 M- S ------ 135
1 88
883s 88*4 88%
88%
90*4
Pocah C & C Joint 4s__ 1941 J -D
C C & T 1st guar gold 5s. . 1922 J - J 104 ____ 103% Jan '16 ___ 103*2 103*2
91*4 Aug TO ___
91*2 94
Sclo V & N E 1st gu g 4 s .. 1989 M - N 9134 93
143
92
92 Sale 91*4
91% 94%
Nor Pacific prior lieu g 4s__ 1997 Q - J
91*4 June'16 ___
91
93*2
Registered .............. ..... 1997 Q - J ------ 91
52 65% 67
66
General lien gold 3s.........a2047 Q - F 65^2 6578 60^2
63*2 6S34
a2047 Q - F 65*4 66*4 65-^8 June'16
Registered.............
91% 91%
St Pnul-Duluth Dlv g 4 s .. 1996 J - D 91*2___ 91*2 July’ 10 ___
113
109% 113
St P & N P gen gold 6 s.-.1923 F - A 111 113 113
109*2 Oct '15
Registered certificates.. 1923 Q - A
St Paul & Duluth 1st 5 s . .1931 F - F 107 ------ 107 Mar'16 ___ 107 107
2d 5s...............................1917 A -O 100*4 10078 100*4 Sept'10 ___ 100% 101%
90%
90
83 ------ 90% Mar’ 16 ___
1st consol gold 4s........... 1968 J - D
85
873g 90*2 Feb '16 „ __ 90
90*2
Wash Cent 1st gold 4s___ 1948 Q - M
1 111 111%
111
Nor Pac Term Co 1st g 6 s .. . 1933 J - J 111 111*2 111
83*2 57 83% 88
Oregon-Wash 1st & ref 4 s...1961 J - J 83*2 Sale 83*4
90
90
5 93 100
96
97
Pacific Coast Co 1st g 5s___ 1946 J -D
9S78 98 Sopt’ lG ___ 98
98»4
Paducah* Ills 1st s f 4 4 3 .. 1955 J - J 98
99*s____ 99% Aug TO ___ 98% 99*2
Pennsylvania RR ls tg 4 s . .. 1923 M -N
1 102*2 103%
103
Consol gold 5s................... 1919 M- S 103 ------ 103
98
983s 98*8 Aug '16 ___ 98*4 99*2
Consol gold 4s__________ 1943 M-N
5 98 100
98*2
98 Sale 98
Consol gold 4s.......... ........ 1948 M-N
104% 27 104*2 106%
Consol 4 4 s ......................... 1960 F - A 104*4 Salo 104*2
101*4 95 100»4 102%
General 4 4 s when Issued. 1965 J -D 10134 Sale 101%
95*4
1 92** 97
Alleg Val gen guar g 4s...1 94 2 M- 8 9534 96*4 9534
94*2 96
D R Rll&B’ge 1st gu Is g . 1936 F - A 94*2____ 94*2 Sopt’ 10 ___
98% 98%
Phila Balt A W 1st g 4S..1943 M- N 98*2------ 985* July’10 —
102 Jan '03
Sodus Bay A Sou 1st g 5s.2924 J - J
....
Sunbury A Lewis 1st g 4s. 1936 J - J 93 ____
*99%
’ 99*8 I6d"
U N J RR A Can gen 4 s .. 1944 M- 8 99*2____ "99%
Pennsylvania Co—
8 100*2 102*2
Guar 1st gold 4 4 s ............. 1921 J - J 100*4 Salo 10034 100%
Registered...............
1921 J - J 100*8____ 100 Aug T6 ___ 100 101%
Guar 3 4 s coll trust reg A .1937 M- S 81*4____ 88*2 Jan 'I* ___ 80*2 86%
86*2 85 Sept’ lt
85
85%
Guar 3 4 s coll trust ser B.1941 F - A 85
100% Jan T(
99*4 100%
Trust Co ctfs gu g 3 4 s ___1916 M- N
80% July 16
86% 80%
84*8 87
Guar 3 4 s trust ctfs C ___ 1942 J - D
85
8U4 86*a 85% Mar’ K
86*8
Guar 3 4 s trust ctfs D ___ 1944 J -D
0434 98*2 95*4 Aug T0 ———— 0412 05%
Guar 15-25-year gold 4s. .1931 A -O
92
91*4____ 92 A u g ’ lC ___ 92
40-year guar 4s ctfs Ser E . 1952 M -N
90% 90%
CIn Leb A Nor gu 4s g._.1942 M- N 90*4____ 91 Aug T8
9938 ____ 99 Aug Tfi
99
99*4
Cl & Mar 1st gu g 4 4 s . . .1935 M -N
Cl A P gen gu 443 ser A .. 1942 J - J 103 ' ____ 105 Apr Ttj ___ 104% 105%
__
Series B .......... ............... 1942 A -O 102*4____ 104 Deo Tfl
___
91%
Feb
’
ll
87 *8____
Int reduced to 3 4 s . . 1942 A - O
Series C 3 4 s ...................1948 M- N 87*8____ 90*3 Oct *11
89*2 89%
Series D 3 4 s ................. 1950 F - A 87*8____ 89% July'lfl
90
90
88*2 90 July'lb
Erie & Pitts gu g 3 4 s B ..1940 J - J 88
do's J'l> T:
Series C ........ .................. 1940 J - J 88 .
Gr II A I ex 1st gu g 4 4sl941 J - J 99 ____ 99% Aug TG
95*2 99%
.... —
Ohio Connect 1st gu 4 s .-.1943 M - S 94*8____ 93 MayTPitts Y A Ash 1st cons 5s. 1927 M- N J043g ____ 109 May’ lb
98*2 Oct '15
Tol W V A O gu 4 4 s A __ 1931 J - J
08% JuneT5
Series B 4 4 s ................. 1933 J - J
94 Apr TG
98
931? 94
Series C 4s.........................1942 M - S 93
101*.
P C C A St Lgu 4 4 s A . . . 1940 A - O 101 ____ 101%
J 101% 102%
101% 102%
Series B guar_________ 1942 A -O 100*4 102*8 101% A u g 'll
Series C guar........ ........ 1942 M- N 101 ____ 97*4 Juiy’ 15
0434 95*2
Series D 4s guar............. 1945 M- N 94*2____ 9434 May'16
12 92
94*2
94%
05
Series E 3 4 s guar gold. 1949 F - A 94*4 95
Series F guar 4s gold ...1953 J - D 93*4____ 95*4 Jan 1
Series G 4s guar_______ 1957 M- N 94% ____ 92% Aug '15 ___
Series I cons gu 4 4S ---1983 F - A 101 ____ 101 A u g 'If ___ 101 102%
C St L A P 1st cons g 5s.. 1932 A - O 107ia ____ 107%
107*
1 107-2 107%
* No price Friday; la t e s t b id a n d a s k e d ! a D u e J a n . t> D u e F e b . « D u e M a y .
« Option sale.




BONDS
Y. STOCK EXCHANGE
Week Ending Sept. 15.

II

/Tice
Friday
Sept. 15.

W eek s
Range or
Last Sale

As*
100 -----87 ____
2 0% ____
20% Sale
85ig ___
104 ____
75 ____
40
48

Low

68

JUly’ lti

___ 49
IO6I4 ____

50

Apr '16 __ _

Bid

Peoria A Pekin Un 1st g 6s. .1921 Q - F
2d gold 4 4 s .................... 51921 M -N
Pere Marquette— Ref 4s___ 1955 J - J
Refunding guar 4s_______ 1955 J - J
Chic A West Mich 5s........ 1921 J - D
Flint A P M gold 6s___ 1920 A - O
1st consol gold 5s.......... 1939 M - N
Pt Huron Div ls tg 5 s.. 1939 A - O
Sag Tus A H 1st gu g 4s. .1931 F - A
Philippine Ry 1st 30 yr s f 4s 1937 J - J
Pitts Sh & L E 1st g 53......... 1940 A - O
1st consol gold 5s............. .191-3 J - J
Reading Co gen gold 4s........ 1997 J - J
Registered.....................1997 J - J
Jersey Central coll g 4s__ 1951 A - O
Atlantic City guar 4s g_..195t J - J
St Jos A Or Isl 1st g 4s........ 1947 J - J
St Louis & San Fran (rcorg Co>—
Prior Lien ser A 4s............ 1950tJ J
Prior lien ser B 5s________ 1950 J - J
Cum adjust ser A 6s____ 1955 J - J
Income series A 6s............ 1960 July
St Louis A San Fran gen 6s. 1931 J - J
General gold 5s---------- 1931 J - J
St L & S F RR cons g 4 s.. 1996 J - J
General 15-20-yr 5s___ 1927 M -N
Trust Co ctfs of deposit----- . . . .
do
S ta m p e d ..-------Southw Dlv 1st g 5s___ 1947 A -O
Refunding gold 4s____ 1951 J - J
Registered.................1951 J - J
Trust Co ctfs of d e p o s it ..-----do
Stamped.. . . . .
K C Ft S A M cons g 6 s.. 1928 M - N
K C Ft 8 A M Ry ref g 4s. 1936 A - O
K C & M R A B 1st gu 5 s-1929 A - O
St L S W 1st g 4s bond ctfs.. 1989 M- N
2d g 4s Income bond etfs.pl9S9 J - J
Consol gold 4s__________ 1932 J - D
1st terml A unlf 5s_______ 1952 J - J
Gray's Pt Ter 1st gu g 5s. .1947 J - D
S A & A Pass 1st gu g 4s___ 1943 J - J
S F A N P 1st sk fd g 5s........ 1919 J - J
Seaboard Air Line g 4s........ 1950 A - O
Gold 4s stamped________ 1950 A - O
Adjustment 5s_________ 01949 F - A
Refunding 4s.....................1959 A - O
Atl Birm 30-yr 1st g 4s..«1933 M- S
Car Cent 1st con g 4s........ 1919 J - J
Fla Cent A Pen 1st g 5s__ 1918 J - J
1st land gr ext g 5s____ 1930 J - J
Consol gold 5s________ 1943 J - J
Ga & Ala Ry 1st con 5s..ol945 J - J
Ga Car A No 1st gu g 5 s.. 1929 J - J
Scab & Roan 1st 5 s ........ 1928 J - J
Southern Pacific Co—
Gold 4s (Cent Pac c o ll).-*1949 J - D
Registered .................. *1949 J - D
20-year conv 4s_________ 01929 M- S
20-year conv 5s................. 1934 J - D
Cent Pac 1st ref gu g 4s. .194!) F - A
Registered .....................1949 F - A
Mort guar gold 34$S--*1929 J - D
Through St L 1st gu 4s. 1954 A -O
G H & S A M A P 1st 5 s.. 1931 M -N
Gila V G A N 1st gu g 5s. . 1924 M - N
HOUS E A W T 1st g 5 s ... 1933 M -N
1st guar 5s red.......... -.1933 M -N
H A T C 1st g 5s int gu..-1937 J - J
Gen gold 4s Int guar__ 1921 A - O
Waco A N W div 1st g 6s '30 M - N
A A N W 1st gu g 5s........ 1941 J - J
Louisiana West 1st 6s----- 1921 J - J
Morgan’s La A T 1st 7S..1918 A - O
1st gold 6s.......................1920 J - J
No of Cal guar g 5s.......... 1938 A - O
Ore A Cal 1st guar g 5s__ 1927 J - J
So Pac of Cal—Gu g 5 s ...1937 M- N
So Pac Coast 1st gu 4s g . . 1937 J - J
San Fran Terml 1st 4s__ 1950 A - O
Tex A N O con gold 5 s ... 1943 J - J
So Pac RR 1st ref 4s........ 1955 J - J
Southern— 1st cons g 5s----- 1994 J - J
Registered..................... 1994 J - J
Develop A gen 4s Ser A__ 1956 A - O
M ob& O hlocoll trg4 s-..1 9 3 S M- S
Mem Dlv 1st g 4 4*8-58-.. 1996 J - J
St Louis dlv 1st g 4s..........1951 J - J
Ala Cen 1st g 6s............. ..1918 J - J
Ala Gt Sou 1st cons A 5 s.. 1943 J -D
Atl A Char A 1 ,1st A 4Ms 1944 J - J
1st 30-yr 5s ser B ___ 1944 J J
A tl* Danv 1st g 4s.......... 1948 J - J
2d 4s............................... 1948 J - J
A t l* Yad lstg guar 4 s ... 1949 A - O
E T Va A Ga Div g 5s____ 1930 J - J
Con 1st gold 5s............... 1956 M- N
E Ten reor lien g 5s______ 1938 M- S
Ga Midland 1st 3s..............1946 A - O
Ga Pac Ry 1st g 6s..........-.1922 J - J
Knox A Ohio 1st g 6s___ 1925 J - J
Mob A Blr prior lien g 5s. 1945 J - J
Mortgage gold 4s.......... 1945 J - J
Rich A Dan deb 5s stmpd. 1927 A -O
Rich A Meek 1st gu 4 s ... 1948 M- N
So Car A Ga ls tg 5s........ 1919 M -N
Virginia Mid ser D 4 -5 s ...1921 M- S
Series E 5s.....................1926 M- S
Series F 5s.......................1931 M- S
General 5s.......................1936 M -N
Va & So’w’n 1st gu 5 s ..2003 J - J
1st cons 50-year 5 s ..-1958 A -O
W O A W 1st cy gu 4s----- 1924 F - A
Spokane Internat 1st g 5s— 1955 J - J
Ter A of St L 1st g 4Ms____ 1939 A -O
1st con gold 5s........ 1894-1944 F - A
Gen refund s f g 4 s ........ .. 1953 J -J
St L M Bridge Ter gu g 5s. 1930 A - O
Tex A Pac 1st gold 5s.......... 2000 J -D
2d gold Ino 5s.................. ?2000 M a r
La Div B L ls t g 5s.......... 1931 J - J
W Min W A N W 1st gu 6sl930 F - A
Tol A O C 1st g 5s_________ 1935 J - J
Mestern Dlv 1st g 5s____ 1935 A -O
General gold 5s................. 1935 J -D
Kan A M 1st gu g 4s........ 1990 A - O
2d 20-year 5s................. 1927 J - J
Tol P A W 1st gold 4s.......... 1917 J - J
Tol St L A W pr lien g 3M8.1925 J - J
50-year gold 4 s . ................ 1950 A - O
Coll t.r 4s g Ser A ............... 1917 F - A
Tor Ham A Buff 1st g 4s. . h 1946 J - D
Ulster & Del 1st con g 5 s ... 1928 J -D
1st refund g 4s............ ..... 1952 A - O
Union Pacific 1st g 4s_____ 1947 J - J
Registered____ ______ 1947 J - J
20-year conv 4s_________1927 J - J
1st & ref 4s...................... 02008 M - S
Ore R R A Nav con g 4 s .. 1946 J -D

Bonds
Sold

BONDS
N . Y . STOCK EXCHANGE
Week Ending Sept. 15.

113%
*947s Sale" 947S
____ 94%
95*2 95?8 9512
93 . ..
69
72
69*2
6778 68%
84% 847*
83 Sale
53
54
11012____
102 10234
76i2 ____
____ 73
69
73
69 Sale
921*____
89>4 Sale

68

M o. Low

H L/h

102 Nov'16
87 Mar'16
14 Apr '16
20%
20%
85 JoneT6
101% Aug 16
75ig Apr '16

H igh

‘ 87 ' 87
14
14
20%
2 14
___
86
83
___ 101 105
76
74
—
’ ll.

.<‘ 11
95I4I!

"39
7
3
69*; !
6838'1 101

9534!

: 48
84
I 80
83
53i3!! 72
53
___
113 1
1___
102U !
78 1
ill!!
73 !
' ___
73 I
69
!
5
9212 !
2
80
80%|j
8J34 ; ar' 11 i
"787s IIII 803s 80% "1 353
73%
7334 75
10913 Sale 109l3 109%'1 6
2
75%;
75% 7512 7512
92 ____ 90 .
76% 1 ti
7578 7612 76
!
62
6234 6412.
6314I 23
63
6314 62
1
6 J% 6312
63
63*2''
I___
100
98*4 .
68 6634 66I2
9
!___
l'M Ja -----7o 80%
78U 797S 79U
7914 — 8
6413 ! 52
6418 Sale 64
655s 66
65*8
66
16
8
82
8334 .8612 82
83i8 ------ 88 Juno'16 —
100%____ 9934 Sep '15
101 D e o '15
10158
____ 10214 102*2 Aug '16 ___
102 1031s 103>8 July’ 16 ___
101% - - ­ 102 A ug'18 —
102 ____ 9914 Aug '15
83 13 Sale

Range
Since
Jan. 1

61
50
106% 106%
93% 96%
0234 96
94% 97%
59

‘ <59%

08
83%
74
39
109
100%
68*2
45%
40
43%
89
67%

71%
88
85
55*2
113
103%
78
73
73
70
93
82

62%
81%
109%
75
90
70
0?
60*2
60

"82 "
75%
110%
78
90
80
64%
65%
70

627g
101%
78%
78%
64
65%
82
88

70%
101%
84*2
83%
70
72
87%
88

102*2 103%
103 103%
102 103

13 83*2 88
83's
84
90 Feb 'l l
86% Sale 86%
87 ’ *26 '86% ’ 89%
10113 Sale 103*2
104% 218 102*2 107%
88 Sale 88
88% 154 87% 91
------ 89 80% July’ 16 ___
86% 89
3 84*4 91
S934 Sale 89%
8934
80%
84
85
86 85 Scpt'10 ___
------ I04i3 102 May’ 16 ___ 102 102
____ l()2i» inOU Jan '16 . m.. 100*4 100%
____ 102
102 May'18 - - - - 101 102%
____ 101
101% Apr '16 . . .
101% 153*2
106 ____ 106>2 June’ 16
106 106*2
96 ____ 96 July'18 —
94% 08
... —
109's Nov'16 —
100 102" 103 Nov'18
105*8____ 109 June'M
____ 1053a 104*4 July’ 16
104*2 104*4
105 105
:0 6 Jan '16
106*4------ 105 Oct '15
42 1007g 1021a
101 Sale 100%
101
108 . . 101% Nov T3 __ _
95
90
95 Aug TO . . . . 94*2 97
12 82*2 80
84 Salo 83*2
84
____ 9134 08 Apr 14 ___
115 '89*2 91
89% Salo 89%
90
100% Sale 100*2
101% 155 100 103*2
100% 102*8 100*4 Aug T6 ___ 100*4 100*4
73*4
70% 70*3 70*4
70*2 129 69
78
75
76
75 Sept’ 1 6 ----- 75
100 101 100 July 1 6 ----- 100 104
80
84*3
80
81% 81*2 Aug T6
102*8 103*4
102*8 1027s 103*4 June'10
____ 98*2 98*2 May'16
98*2 90
____ 9412 94*4 May’ 16
94*4 96
101% Sale 101*4
101*4 24 100*4 103*4
81*2 July’ 16
81*2 85*8
80
82
81*2 Mar'16
____ 82
79*2 61'*
75
76
75*4 Deo T4
103*2 104*2
101'4 ------ 104*8 Apr '16
10512____ 105*4 Scpt’ 10
106*4 100*4
100 Sale 100
100
99*| 101*2
57
60
68*2 60 68 July’ 16
1067g 107*8
107 Sale 1007S 107
108 110*3
IO I ____ 109*4 Aug '16
102*4____ 105*2 N o v '12
71*4 71*4
71 ___ 71*4 May'16
103*8 1043s
103*8 104*4 1037g Sopt’ 16
73 Sop '12
100% 102
101*4 1017g 101*2 Sept’ 16
102 102*2
102*8____ 102*2 June' 16
102 103*8
1 0 3 *4 _____ 103*8 Aug '16
io438 ------ 104
M ar'13
102*4 IOCI3
106 ____ 106
106*8
102*3 105
103*2____ 105 May'16
85
90
89*2 90*4
89*2 Aug '16
92
9234 91
91
94*3
01
93
03
90
91*4 93 Jan 16
98*2 100*3
99*2 100*4 99*2 Aug *16
103*2 100*2
103 106 105 Aug '18
845S 88
84*4 85*8 85*2 July’ 16
99% 101*4
10034 101*2 1003g Aug '16
95
98*8
96*2
96I2 Sale 96*2
35
45
36*2 45
40
40
90
00
____ 88
90 Jan '16
____ 95 106*2 N ov'04
103 105*4
10334 105 1037g Aug '10
101 102*2
101*2 May'16
____ 101
93
94
94 May'16
90
82*4 8414
82*4 83i2 83 Sopt’16
97
99
97*2 98*8 Aug '16
60
61
53*8
53*8
" 53*8 55
80
78*3 83
82*2 80*8 Aug '16
54
60
55
55
54*2 55
18** 18**s
20 ____ 18*8 Mar'16
83 Apr '16
83
86
____ 87
99*2 101*8
____ 100*2 100 A u g’ 16
74 M a r’ 15
0678 102 95*8 98*8
"96*2 Sale 95*8
96
97*8
96 ------ 96 A u g’ 16
92*3 94*4
9414
94*.i Sale 04
89*4 Sale 89l3
80*3 91*1
00
91*8 93
92
93
01*4 Sept’ 16

84

BONDS
N . Y. STOCK EXCHANGE
Week Ending Sept. 15.

II

P rice
Friday
Sept. 15.

W eek 's
Range or
Last Sale

Range
Since
J an . 1

BONDS
Y . STOCK EXCHANGE
Week Ending Sept. 15.

^« •
<u

P rice
Friday
Sept. 15.

W eek 't
R ange or
L ast Sale

Ranoe
Since
J an . I

Union Pacific (.Con)—
Low
H igh N o.' Low H igh
Bid
As* Low
H igh
Ore Short Lino lat g Os___1922 F - A 1075s 108 107^
Low H ig h
10763! 3 107*2 109
Union Elec Lt A P 1st g 5 s .. 1932 M - S ------ 101
100*4 July’ 16
1st consol g 5a________ 1940 J - J 106 107 106 Scpt’ lO!
100*4 101 u
100 10778
Refunding A extension 5s. 1933 M -N
89
Mar'15
Guar refund 4s________ 1929 J - D 92*a Sale 92
9212! 29 91
94
Utah Power A Lt 1st 5s___ 1944 F - A
94*s
Sale
93*4
94l2
Utah A Nor gold 5s____ 1920 J - J
102 Mar io
93*2 96
102
102
Utica
Elec
Lt
A
P
1st
g
5
s
..1950
J
J
1st extended 4a........... 1933 J - J 92*4 100
100*s____ 102*4 Mar‘ 15
90 Apr 16
90
95
Utica Gas & Elec ref 5s_____ 1957 J - J
98 Aug T5
Vandalia cons g 4s Scr A ___ 1955 F - A 90*4
9014 Aug *16
9034 91
Westchester Ltg gold 5s___ 1950 J - D 105 105*8; lOlSa Aug '16
Consol 4s Series B ............. 1957 M- N 90*4
91 Juuc’ 16
104*4 105*8
91
91*2
Miscellaneous
Vera Grin A P 1st gu 4H8--1934 J - J _
87
42*2 Aug T5
Adams Ex coll tr g 4s........... 1948 M - S 83*2 84T 83*2
Virginian 1st 5s Series A ___ 1902 M -N
84
82
85*8
98*2 Sale 981.J
985s
97*4
"
99
"
Alaska
Gold
M
deb
6s
A
___
1925
M
S
90*s
Sale
Wabash 1st gold 5s............... 1939 M -N 10353 Sale 10318
90*s
85 117
1031-1
103 105
Conv deb 6s series B_____ 1926 M- S 90*s Sale 87
2d gold 5s.................
1939 F - A 935s Sale 9812
89*2
90*s
85
105
9858
98 100
Armour A C o 1st real est 4 Hs ’ 39 J - D
93*2 Salo 93*8 93*2
Debenture Series B______ 1939 J - J 80 n o
93
95
90 June’ 12
Braden Cop M coll tr s f 6s. 1931 F -A
96
99
1st lien equip s fd g 5s___ 1921 M- S 96*2
98*2 Aug ‘ 1 6 ___ Ij 98*2 99*2
100 May’ 16
08’a 100
Bush Terminal 1st 4s______ 1952 A - O
87*2____ 88*4 Aug T 6 — ' 86*2 89
1st lien 50-yr g term 4s__ 1954 J - J 70
__ 65 Dec ’ 15
Consol 5 s . . . ....................... 1955 J - J 8634 88*4 87*2 Aug T 6|-~
Det A Ch Ext Istg 5s___ 1941 J - 1 103*2
105 July’ 10
8678 92
103 105
Bldgs 5s guar tax ex......... 1960 A - O
87
87*2 87
Des Moin Div 1st g 4s____ 1939 J - J
5 86
87
80 Aug *12
91
Chic Un Stat’n 1st gu 4 H-s A 1963 J - J 9934 9978 995s
Oin Dlv 1st j 3 H »___ ___1941 A -O
9978 52! 99*8 100
69
74*8 72 Apr ’ 16
72_
73
Chile
Copper
10-yrconv
78.1923
M
-N
123
Sale
Tol A Ch Dlv 1st g 4s___ 1941 m - s
12378 113! 122*2 135i4
80
8<i
86 Juue’ 16
122*2
82
87
Computing
Tab-Rec
s
f
6
s..
1941
J - J 82*2 83
83
Wab Pitts Term 1st g 4s____ 1954 J -D
l! 81
83
1*8 234 1*2 Sept’ 16
86
h
4*4 Granby Cons M S A P con 6s A ’28 M -N 104 106 104*2
14 lOl&s 109*4
Cent and Old Col Tr Co certs
105
1% 2
1'2
16g 18
J2 314
Stamped...............
1928 M -N 104 105
Columbia Tr Co certfs_____
105
103 109
I** 2
l't Sept’16
I9 3*2 Great Falls Pow 1st s f 5 s.. 1940 M- N 100*4 100*4 104*2
Col Tr ctfs for Cent Tr ctfs___
100*4
100*4 22| 99*4 101*8
1*2 3
1*2
U2
3's Int Mercan Marine 4 Hs____ 1922 A - O 108*2 109*2' 109
2d gold 4s........................... 1954 J -D
109
5 95 109*4
*4
*4 Aug TO
'4 '*
Certificates of deposit________
109 Sale 108*4
Trust Co certfs____________
109 *^ 45l| 95*8 109*8
‘4 *4 July'16
New 1st A coll tr s f 6S..1941
O 97*8 Sale 97*8
759
0
'*
Wash Tcrral 1st gu 3H s___ 1945 F - A 845s
841s Aug TO
97^8
96*4 98ig
83*2 8434 Int Navigation 1st s f 5s___ 1929
A 108*2 Sale 108*3
1st 40-yr guar 4s............... 1945 F - A 94
95*2 91*2 Aug To
108*2 19 91*4 109
Montana Power 1st 5s A .- .l'T S J - J
97*4 Sale 97*2
9778 22 95*8 98*4
72
West Maryland 1st g 4s___ 1952 A - O 71
72
72
71
75
Morris A Co 1st s f 4H s___ 1939 J - J 92*4 92*2 92*2 Aug ‘ 16
West N Y A Pa 1st g 5s___ 1937 J - J 10434
104*8 July‘ 16
92*4 93
103*4 105
Mtge Bond (N Y) 4s ser 2 .. 1966 A -O
83 Apr T4
Gen gold 4s......._................ 1943 A - O
84
84 Aug TO
8112 8434
10-20-yr 5s series 3 ......... 1932 J - J
94 June’ 16
37
Income 5s.........................pl913 Nov
9 4 " 94*2
37 Aug T6
37
37
N Y Dock 50-yr 1st g 4 s ...1951 F - A ------ 71*2 71*2 Scpt’ 16
Wheeling A L E 1st g 5s__ 1920 A - O 99*4 100
09l2 100
71*2 75*2
102
Niagara Falls Power 1st 5s. 1932 J - J 101*2 103 102*4 June'16
97*4 97 Aug T6
Wheel Div 1st gold 5s__ 1928 .1 - J 97
100*4
102*4
99U
Ref A gen 6s___________ al932 A - O
Exten A Impt gold 5s____ 1930 F - A 96*8
97 Mar’ 10
97
Nlag
Lock
A
O
Pow
1st
5s.
.1954
...
MN
'90*2
~92
'925s
F
eb"
16
VK,
72
92*a "92*8
RR 1st consol 4s________ 1949 M- S
73i2
73*2
74U
Ontario
Power
N
F
1st
5s.
.1943
F
A 91&8 92i8 92*8
93
20-year equip s f 5s---------1922 J - J 75
80
92
95*2
80
80
80
Ontario Transmission 5s____ 1945 M N
86 Sale 86
86
Winston-Salem S B 1st 4s— 1900 J - J 86
83
86 90*2
85 July'10____i
87*l Pub Serv Corp N J gen 5 s.. 1959 A - O 92 Sale 91*2
Wls Cent 50-yr 1st gen 4s— 1949 J - J ____ 81
92
8934 93*4
86 Aug TO!----87*4
Tennessee Cop 1st conv 6s . . 1925 jM -N
92*2 Sale 92i2
Sup A Dul div & term 1st 4s ’30 M -N
93
85*4 86
88 126
85*4 Aug T O ___
90*8 Wash Water Power 1st 5s--1939jj - J ____ 100
Street Railway
103*2 Jan T4
M anufacturing & Industrial
Brooklyn Rapid Tran g 5s. .1945 A - O 101 102l2 100-is
IOOI4
100*8
103*4
Am Ag Chera 1st c 5s.......... 1928 A - O 1027s------ 1025a
30 10 lTg 103
1st refund couv gold 4s___2002 J - J
103
80
76-14
7G34
76*4 81
Conv deben 5s.................. 1921! F - A
987S ------ 9778
6-year secured notes 5s___1918 J - J 100*4 Sale 100*8 100*.
99
96*4 99*8
100 101*8
debenture 5 s . .. 1931 M -N
Bk City 1st con 5s. .1916-1941 J - J 102
96*8 97
97
95io
102 Aug T 6
95*2 97*4
100*2 102l4 Am Hide0,1
A L l s t s f g 6s ----- 1919 M- S 104 Sale 1037s
Bk Q Co & S congu g 5 s.. 1941 M -N
104
93*2 94*8 94*8 Aug TO
25 103*8 104*2
94
0418
87 Sale 87
Bklyn Q Co & S 1st 5s___ 1941 J - J
a ^ a IC<LSo Cur deb g Gs----- 1925|a - O
101 May’ 13
87*2
9 I 85
88*4
®™elt Securities s f Gs.. 1926 F - A 112*2 Sale 109*2
11278 456 106*4 US
Bklyn Un El 1st g 4 -53 ... 1950 F - A 101
101
101*4
100 102
98
98*2 98*4
ea<1 l3tco11
------ 1919 !j - j
Stamped guar 4-5s......... 1950 F A 101*4 Salo 10078 101 *4!
II 977* 98*8
98*4
100*8 102*8 ^A^ £.T ^hK
bt cco 40_year g Gs— 1944 a - O 119*4 120 120
5 118 120
120
Kings County El lstg 4a.1919' f - A 83*8 84*s 84*8
84*2
82*2 86*2
bold 4s___ . . . .
19>1 Ip
837S 85
85
Stamped guar 4s.......... 1949 F - A
85
1 | 82*2 85*2
83*8 Salo 83*s
83*8
82*2 86*2
Registered.......... -IIIIIl9 5 1 F
98 J
73
Nassau Elec guar gold 4s. 1951 J - j
74
73 Aug TO
73
76*4 Am Writ Paper 1st s f 5 s ... 1919!j
—
~8l*2 *82 ‘ 8 1
38 6 5 If 8212
Chicago Itys 1st 5s________ 1927 F - A 9678 97
967*
97
95*4 98*4 B&Idw Loco Works 1st 5 s . .. 1940|m
103*2 105 10412 J
Conn Ry A List A ref g 4^8 1951 J
104*2 105
01 July'10
101*4
99*2 101
Beth Steel 1st ext s f 5s___ 1926 J - „ 104 Sale 103*4
f " 2 4 10 2*j 104*2
Stamped guar 4H*J.......... 1951 J
101*4 102 101*8 Aug TO
101*8 101*.
1st A ref 53 guar A ........... 1942 M - N
Sale 100
45 997$ 103*8
Det United 1st cons g 4^8--1932 J
80
79*8 797s 80
74*8 83*2 Cent Leather 20-year g 5s..1925 A - O 100*8
102*8 Sale 102*8
84 Jan 14
100*4 1025s
Ft Smith Lt A T r 1st g 5 s ... 1930 M- 3,
Consol Tobacco g 4s_______1951 F - A
1 48!
81*s____ 97*4 J
92»4 Aug TO
Havana Elec consol g 5s___ 1952 F - A
95
87
94
Corn Prod Ref s f g 5s........ 1931 M -N
98*2 99*4 99 /
70 Salo 69*4
70*2
Hud A Munhat 5s Ser A ___ 1957,F - A
99
100*8
69*2 76*4
1st
25-year
s
f
5s............
1934
M-N
96*4 97
96
27
Adjust Income 5s________ 1957
27*2
27*2 27
26*2 31*4 cuhan-Am Sugar coll tr 6s_.191S A - O 102*8
?i 9 57s 99*2
Sale 102*8
100
N Y A Jersey 1st 5s........ .1932 F
1 0 H f 103
100*2 102
Distil
Sec
Cor
conv
1st
g
5s.
1927
A
O
745s
Sale
13 69*8 78
74&s
Interboro-Metrop coll 4^8-1956 A
73*2 Sale 73
73*2 45 72*2 76*2 E I du Pont Powder 4 H s ... 1936 J -D
101*2 102 lO llj
Intorboro Rap Tran 1st 5 s.-I960 J - J 97*4 Sale 9758
9778 145; 97*2 99*2
18 101
107*2
General Baking 1st 25-yr Gs. 1936 J -D ____ 96l2 85 1
Manhat Ity (N Y) cons g 4s. 1990. A - O
88
90
—
89*2
89*2
85
85
88*2
93
1942
F
A
Gen
Electric
deb
g
3
Ha___
82
82*2
Stamped tax-exempt____ 1990, A O 90*4 Salo 89*2
—
78
8312
90*4 45 89
93*4
Debenture 5s....................1952 M- S 104*4 Sale 104*4
Metropolitan Street Ry—
104
4 103*8 105*4
1
1
1
steel
deb
4H
s..................
1940
A
O
Bvvav A 7th Av 1st c g 53.1943! J -D
91
?s
Sale
98
99*2 9978 Sept’ 16
91*2
92
,
89*2
92*4
93*4
100*4
Indiana Steel 1st 5 s . . . ........1952 M -N
Col A 9th Av 1st gu g 5 s._ 1993 |M93 Salo 98
99
98 1003g Ingersoll-Rand 1st 5s_____ 1935 J - J 103*4 Sale 102*2 103*4 113 101*4 103*2
Lex Av A P F lstgu g 5s._1993|M
100 Oct '13
98*4 101*2 99*2 Aug T6
09*2 101
Int Agrlcul Corp 1st 20-yr 5a 1932 M -N ~75*2 "78*4 75*4
Met W S El (Chic) lstg 4s.. 1938 F - A
76
” 66! i ' 7478 " 79"
30 M a r'll
Int Paper Co 1st. con g Gs_..1918 F - A 101*2 102 101*2 102
Milw Elec Ry A Lt cons g 5s 1926 F - A 101*2 102*2 101*4 Aug T6
16 101*8 102*4
101 102*2
Consol conv s f g 5 s......... 1935 J - J
03 ____ 92*8
Refunding A exten 4 H 9--1031 ij - J
92*8
92*8 Fob T5
1| 81
92*8
Int St Pump 1st 8 f 5 s ... .1929 M- S
Minncap St 1st cons g 6s__ 1919 J - J 100*4 ____ 101 Aug T6
71
June’
16
71
7858
100**4 i o f
Certfs of deposit____________
"so “ : : : : 80
80
Montreal Tram 1st A re* 5s. 1941 J - J 92
10 64
80
93*4 92 July’ 16
92
95
Lackaw
Steel
1st
g
5s___
1.1923
A
O
100*8
Sale
New Orl Ry A Lt gen 4>^s..l935 J - J
0y*s
100*8 23 97*2 100*8
83*4 Aug T6
80
86
1st cons 5s Series A ____ 1950 M- S
95 Salo 94*2
95*a 243 90
N Y Municlp Ry 1st s f 5s A 1966 J - J 99
9 77S
99 Sept’ 16
99
99
Liggett & Myers Tobac 7 s.. 1944 A -O 125 126 125*2
N Y Rys 1st R E A *Cf 4 s ... 1942 J - J 73*8 75
125*2
9 123*2 127
75 Sopt’ lG
73*2 79
, 6? ; .......................................1951 F
101*4 Sale 101*4 102
30-ycur adj inc 5s______a 1942 A -O
24 100»4 130
55 Sale 54&s
637g Lorlllard
57
64Sg
Co (P) 7s............... 1944 A -O 125*8 1*5*4 125
N Y State Rys 1st cons 4 >$s. 1962 M- N 841; sale
3 I1225& 127
84*2
83
88*2
6s 1951 F _ A 101 Sale 1100*4 125
Portland Ry 1st A ref 5s___ 1930 M- N ------ 89*2 84*2
101 *8 21 ;100*4 102*4
9H* July’ 16
91
94*2 Mexican PetroILtdcon 6s A 1921 A -O 112 119 110
Port Id Ry Lt A P 1st ref 5s. 1942 F - A ------ 78
117*2
7 'lOG-i* 128
78*8 July’ 10
80
78*2
1st lien A ref 6s series C..1921 A -O 112 117*4 115
Portland Gen Elec 1st 5s. 1935 J J
116*2 18, 105 126*2
100 May’ 15
Nat Enam A Stpg 1st 5 s . .. 1929 J -D
St Jos Ry, L, II A P lat g 5s. 1937 M -N
97*2 98 I 98
98 ,
15 96*| 99
9584____ 96 May'16
95
90
Nat
Starch
20-yr
deb
5s___
1930
J
J
85*2 92
85*2 Aug TO
St Paul City Cab cons g 5 s.. 1937 J - J 102I8 . .
80*2 88*2
100 Sep *15
National Tube 1st 5s......... 1952 M -N
Third Ave 1st ref 4 s . ..........I960 J - J 81 81*4, —
101*8
997g 101*8
81*4
82
,
81
83*8 N Y Air Brake 1st conv 6 s..1928 M -N 101 101*4 101
Adj inc 5s.......................a 1960 A - O
103 103*8 103l2 103i2
101 105*2
78 78*4! 78*2
78*2
78*4
77*4
84*4
Railway
Steel
Spring—
Third Ave Ity 1st g 5s.......... 1937 J - J 1075s Sale 1067s
10758
----106 108
Latrobe Plant 1st a f 5 s.. 1921 J - J 100*4____ 100*4 Sept’ lG ____ 99*4 100*4
Trl-CIty Ry A Lt 1st s f 5 s.. 1923 A - O 100*8 Salo 99*2
100*8
98*4 10078
Interocean P 1st s f 5 s ... 1931 A -O
97*2 Sale 97*2 97*2! 1 94*2 98
Undergr of London 4 U9
1933 J - J
95*2 July'14
Rcpub I A S 10-30-yr 5s s f. 1910 A - O
Income 6s................
1948
98*2 Sale 98*8
98*2
54; 9534 99*4
69
80
69 Jun T6
68
69
Standard MUlIug 1st 5s___ 1930 M -N
Union Elev (Chic) 1st g 58111949 A - O
97*2 99
99 Aug T 6 ------|i 9578 100
84 Oct '08
The Texas Co conv deb 6 s.. 1931 J - J 105 Sale 104*4
United Rys Inv 5s Pitts lss.1926 M -N : : : : "so " 69 Aug TO
105*2 25 104
106
67
74
Union
Bag
A
Paper
1st
5
s..
1930
J
J
United Rys St L 1st g 4s___ 1934 J - J 61*2 68
88*4 907s 88
90
15|80*a 90
61*4 Sept’ 16
5912 62
Stamped........................... 1930 j - j
8t Louis Transit gu 5s___ 1924 A -O ____ 65
...
87*4
87*4
1 ! 82la 87*4
55 Apr TO
65
597g U S Realty A I conv deb g 5s 1924 J - J 86*2
United RRs San Fr s f 4s__ 1927 A - O
65
70
32*2 Sale 307S
70
70
2 168
73
32 *2
30
46*4 U S Red A Refg 1st g 6s___ 1931 J - J
Va Ry A Pow 1st A ref 5s. .1934 J - J ------ 88
15
1778 16 Aug T C ------|l 10*2 16
87*2 Aug TO
87
92
U S Rubber 10-yr col tr6 s .. 1918 J - D 102*4 Sale 102
Gas and Electric Light
102*4 16 10174 103*2
U
S
Smelt
Ref
A
M
conv
6s.
1920
F
A
Atlanta G LCo 1st g 5s......... 1947 J -D 104*4____
111*4 Sale 111*4 112*2 42 109 115*8
- ___103 Sept’ 15
U 8 Steel Corp— lcoup-----dl963 M -N 105*2 Sale 105
Bklyn Un Gas 1st cons g 5s. 1945 M -N 105*4 106*s; 106*8
105*4 330
103*4105*4
106*2
105 107
8 f 10-60-yr 5 s/reg........dl9G3 M-N
Buffalo City Gas 1st g 5 s...1947 A - O
105*2 Sept’ 16 ------1103*8 105*2
54 June’ 13
Va-CarChem 1st 15-yr5s.__1923 J - D 98*2 Sale 9778
Columbus Gas 1st gold 5 s.. 1932 J - J
97 Feb ‘ IS
98*2 28'j 96*4 995a
Consol Gas conv deb 6s----- 1920 Q - F 122*4 123 1227s
123
63.........
*1924 A -O 100*2 101 100*4 101
4 100 103*4
120 126*2 T»rC *“,X,dcb
Electric 1st 5s D e c ... 1922 J - J 102*2 102*8 102*2
Detroit City Gas gold 5 s ... 1923 J - J 101*2 102 101*2
1027a
lOllj
6!1101If 103*8
101 10212 West
Westlngh’se E A M conv 5s. 1931 J - J 126 Sale 122 ;
Detroit Gas Co cons 1st g 5s 1918 F - A 100
128
97*2 Nov Tc
26 '112 141*2
10-year coll tr notes 5 s ... 1917 A - O 1005s 100*4 100*8
Detroit Edison 1st coll tr 5s. 1933 J - J 10278 103*4 10312 Sopt'lG
100*8
5 100*4 1015a
102*4 104*8
Coal & Iron
1st A ref 5s ser A ............ h 1940 M- S ------ 101*2 101*4 Aug TO
100*4 101*4
Buff A Susq Iron s f 5s.........1932 J -D
96*4 99
96*2 July’ 16 . . .
Eq G L N Y 1st cons g 5S..1932 M- S
90lj 96*2
1001s May’ 15
Debenture 5s..................a 1926 M- S 93
95
96 June’ 16 . . .
Gas A Elec Berg Co c g 5 s.. 1949 J -D 100 ‘
90
96*4
ion Feb T 3
Co 1* A I Co gen s f 5s___ 1943 F - A
945a 100
Hudson Co Gas 1st g 5a___ 1949 M -N 102*4 10312 103*8 Sept’ 16
98
S
e
p
tT
6
-_
92*4
98
103 103*4 Col Indus 1st A coll 5s g u ... 1934 F - A
82 Sale 77*2
82
Kan City (Mo) Gas Istg 5s. 1922 A - O
7413 82
91 Jan TO
91
91
Cons
Ind
Coal
Me
1st
5
s
...
1935
J
-D
18
.
.
Kings Co El L A P g 5s___ 1937 A - O 104*4 105*8 104*4 Scpt’ 16
73 M a rl 4
104
105
Cons Coal of Md IstAref 5s. 1950 J - D 90
92
Purchase money 6s.......... 1997 A -O 116*2 119*4 110*2 Aug TO
90*2 Sept'16
1147g H8*2 Continental Coal 1st g 5 s ... 1952 F - A
Convertible deb 6s.......... 1925 M- S 120 128 126 Mar’ IH
99*8 Feb T4
126 128
Gr Rlv Coal A C 1st g 6s . . h 1919 A -O " " " " *94*2 94*4 Mar’ 16
Ed El III Bkn 1st con : 4s. 1939 J - J 87*4 89
94*4 94*4
8
8*2
Sept’
10
88
88*4
Kan A H C A C lstsf g 5s. .1951
J
Lac Gas L of St L 1st g 5s..el9I9 Q - F 101*2 102 101*8 101*8
99
Sept’ 16
1005s 102
Pocali Con Collier lat 8 f 5s. 1957
Ref and ext 1st g 5s.......... 1934 A -O 1015s . . . 102
J 91*4 927g 91*2
91*2
94
102
100's 102*2 St L Rock Mt A P 58 atmpd. 1955
Milwaukee Gas L 1st 4s___ 1927 M -N
J
83*2 85
87 June’ lb
88*2
93
93*2 93*2
93*2
91*4 93*2 Tenn Coal gen 5 s........... ..... 1951
Newark Con Gas g 5s.......... 1948 J - D 103*2____
J 100*2 102 101*4
101*4
101*2 103*8
Mar'lfl
1035s 1035s
Blrm Dlv lat consol 6s__ 1917
N Y G E L II A P g 5s___ 1948
J
D 104*4 Salo 1035s
-----100*4
100*4 Sept’ 16
100*4 102
104
104*a
103
105*2
Tenn
Dlv
1st
g
6s..........
al917
Purchase money g 4s___ 1919
O
A 84 Salo 83*4
100*2 June‘ 16
100*2 102
84*2
83*4 87
Cah C M Co lat gu 6s___ 1922 J - D 106 ’ 108 101 Dec T4
Ed El II 1st cons g 5s___ 1995
J 108 ____ 1085s Aug TO
108 109
Victor Fuel 1st s f 5s............ 1953 J - J ____ 87*2 73 Apr T4
NYAQ El L A P 1st con g 5s 1930
A 100*2 . . . 100*4 Aug TO
100*2
101*4
Va
Iron
Coal
ACoke
lstg
5s.
1949
MS
N Y A Rich Gas 1st g 5s----- 1921
83
82
N
83
83
92*2 Juiy’09
827g 90*2
Telegraph & Telephone
Pacific G A El Co Cal G A E
Am Telep A Tel coll tr 4 s ._ .1929'J - J 91*4 Sale 91*2
Corp unifying A ref 5s— 1937 M -N
91*4
09*4 Sale 99
90*2 92*2
99*4
975s
100
Convertlb.e 4s---------------1936 M - S 103*2 Sale 163*2
Pac Pow A Lt 1st A ref 20-yr
103*2
100 104
20-yr convertible 4 Hs___ 1933! M - 8 110*2 Sale 110*2
5s Internat Series________ 1930 F- A ------ 96
109 '1055a 112
h it
92 July’ 16
92
93*2 Cent DIst Tel 1st 30-yr 5s. .1943 J - D ------ 103*8 102*4 Sept’
Pat A Passaic G A El 5s___ 1949|M- S 101*8 . .
1 6 ___ 101*2 103*8
99*2 Oct *lfi
Commercial Cable 1st g 4s__2397 Q - J ------ 75
Peop Gas A C 1st cons g 6 s.. 1943 A -O *115
73 July‘ 16!___ | 73
Il|lX5 Sopt'lG
73
114*8 116*2
Registered .................... 2397 Q - J ------ 73
Refunding gold 5s.............1947 M- S 101*2 101*8 101*2 10112
71 May’ 16|___ I 71
71
100*8 102*8 Cumb T & T 1st A "en 5s. ..1937 J - J 100 100*4 100
Registered.......................1947 M -S
I00*2' 37 99*4 1005g
99 Hep 1 8 ___
C hG -LA C oke lstgu g5s. 1937 J - J 102*3 102*4 102*2 Sept’ l G ___ I0078 102*4 Keystone Telephone 1st 5s .. 1935 J - J ------ 100
Apr T ol___ 98
98
MetropolTel A Tel ls t s f 5s 1918 M-N 1007*-------Ii0078 Sept’ 16'____ I 1007* 101*2
Con G Co or Chi 1st gug 5s 1936 J - D 10078 ____ 101 Scpt’ 16
101 101*8 Mich State Telep 1st 5s___ 1924 F - A
Ind Nat Gas A Oil 30-yr 5s 1930 M- N ____ 86
I
99*2
101
100*2
Sale
100*2
100
*-»i
1
87 June’ 16
87
87
N Y A N J Telephone 5s g.I920 M -N
10112 100*4 JuneTGl____!
_ *Iu, * “ 61 Gas 1st gu g 5 s..1917,M- N 10078 . . . 100*4 Mar'16
..I 100*4 100*4
100*8 100*4 N Y Telep 1st A gen s f 4HS.1939 M- N 1013s
Philadelphia Co conv 5s___ 1919 F - A
97-T Sale I 975s
977s 118
318! 97*2 9912
95
97*4 9812 Aug TO
*96*4 98*j Pac Tel A Tel 1st 5s............ 1937 J - J 101*2
102
!
101*4,
102
Conv debon gold 5s.......... 1922 M- N
25
99*2 102
88
90
89 Scpt’ 16
88
93*2 South Bell Tel A T lata f 5s. 1941 J - J 101*g Sale >101
Htand Gas A El conv s f 6s 1920 J - D 9978 100
101*4 23 ! 99*8 101*8
99*4
9978
98*2 102?s West Union coll tr cur 5 s..-19381J - J 1015* Sale 1015s
Syracuse Lighting 1st g 5 s.. 1951 |j -D 101 . . . 100*4 Aug TO
1()2*8
331100
102*8
99*4 100*4
Fd and real eat g 4 Hs___ 1950 M -N
Syracuse Light A Power 5a. 1954 j - j
95*2 96
95*2
96
9 94^8 9612
84 . . .
85*i June' 12
Mut Un Tel gu ext 5s___ 1941 M -N
Trenton G A El 1st, g 5s . . . 19 4 0 M - S 1011* . . iftG* Junp’ 14 _I_J|
99*8------ j 101 *4Apr ‘ 16
. . [IOH4 101*2
Northwest Tel gu 4 Ha g . . 19341J - J 94
95
Mar’ 1695
95
• N q price Friday; latest bid and aakod!
• O u « J « d . d D u e A p r . • D u o M a y ( D n g J u n e . * D u a J u l y . t D u e A u * . * D u a Oct. p D u . Nov. , Due Dec. . Option »| «




SHARE

PR IC E S — N O T

M on d ay
Sept. 11

Saturday
Sept. 9

Tuesday
Sept. 12

PER

CENTUM

| W ednesday
I Sept. 13

P R IC E S .

Thursday
Sept 14

Frrday
Sept 15

Sales
o f the
W eek
Shares

STOCKS
BOSTON STOCK
EXCHANGE

Range Since J a n .

Range f o r Precious
Y ear 1915

1

H igh est

-

H ighest

_ _

_

Railroads
92*4Feb 109*8 Nov
Atch Topeka & Santa Fe.,100 102 M ar 2 108 Jan 3
*10312 104 *1021 103 *108i,i 104 i*103*a 1041,11 Last Sale 103*4Aug’ 16
10H2Nov
97 Jan
Do pref.............. ......... 100
98*4 Aug 17 101*4 M ar 9
Last Stile 99*8 Aug’ 16
99*2
99>2 *99
99i2 *99
*99
99*2 *99
198 Feb 16 170 Mar 198 Jan
174*4
Septl2
Boston
*
Albany________
100
165
175
175
176
175
*175
-----174*4
175
,
175
175
*175 170
96 Jan
June
73
8
8
*2
Jan
19
65*2
Apr
24
Boston
E
levated...........
-.100
200
74
741
2
75
74
73
73
73 I 73
73
73
*7212___
Lowell_________ 100 122 Soptl4 145 Feb 11 109 Feb 138*2 Oct
36 Boston
122 122
122 122
*
125 124 *___ 125 I*119 125
37*2 Oct
20 Feb
52
Feb
14
Boston
<
&
Maine.................
100
34
Aug
29
42
938
41
40
40>2
10*4
4014
*4012 42 |
42
42
42
43
3 Boston & Providence......... 100 200 Aug 4 235l2May29 225 Jan 240 June
210 210
201*2 210 *200
..
*20112 210
201-2 210 *201
10 Mar
5 Dec
5 Jan 8
Boston Suburban Elec Cos__
4*2 Feb 29
Last Sale 4*2 May’ 16
___
4
___4
4
*
56 Mar
40 Sep
40*2 Feb 29
39 Mayl9
Do pref..............................
Last Sale 39 May’ 10
40
*
40 40
Nov
9 Sep
5
'2
Jan
5
5
4
M
a
rl
8
Boston
&
Wore
Electric
C
os..
4*2 4*2 *4l2 5
*4i2 5
*4*2 5
*412
47 July
39 Jan
42 Feb 28 45*8 July 18
Do pref........ .....................
45
*441” 47
45
*44*2 47
*44*2 47
*4412 47
8ep
Feb
160
154
July20
157
154
July26
Cblc
June
Ry
*
U
S
Y
...1
0
0
154
Sept’
10
Last
Sale
*
154
102*2 Apr 26 110 Julyl4 IOU2July 110 Apr
13 Do pref
108 108
108 108 *108 109
108 108
♦ids"
162 Feb 19 140 Feb 165 Jan
Connecticut
River_______
100
123
Sept
1
52
130"
131
"
127
131
127
133
127
*127
*126 134
127
Feb
76 N ov
132 Fitchburg pref........ ............100 r70>4 Sept 1 87 Feb 14
71
71
70*4 71
72
70*4 71
*70*4 71*2 72
72
Apr 120 Feb
80 Georgia Ry <fc Elec stampdioo 122 Jan 3 129 Aug 1
1277S 127*8 127l2 ___ *127l2 ___
*12712
*12712
*12712
Mar
84
Aug
88
May25
90
Do
pref___________
100
Jan
10
x86
Last
Sale
HD
Aug’
16
*89
90
*89
*89
*89
92 Mar IO312N 0V
41 Maine Central____ ______ 100 z99 Junel5 102 Jan 17
*97l2 9812 -----*99 100
*99
100
100
10 Sep
4*8 June
81| Aug 30
Mass Electric Cos---------100
5 Julyl4
210
6
1*2
6
6
I
4
6
I
4
6
6
6
6
*5
6*2
56 Jan
33 July
502 Do pref stamped_______ 100 31 May 2 44 Aug 9
36
36
36
38
36
35*4 36
36
341” 34l2 35
43 Feb
87*4 Oct
620 N Y H & Hartford............. 100 57 May 5 77*4 Jan 3
58
60*8 59 >2 60*2
58
58
59
59*2 57*2 59*4 57
98 Apr
89 Oct
107
Septl4
Jan
3
Northern
New
Hampshire.
100
97
24
105
107
105
105
104
102-2 ___ *102*2 —
157
Apr
140
Aug
157
Feb
26
139*2
Sept
5
Old
Colony____
________
100
Last Sale 141 Sept’ 16
*
140 *13514 138 *135'4 138 *13514 138
30 N ov
15 Mar
Rutland, pref____ ______ 100 20 May 1 30 Jan 3
Last Sale 28
Aug’ 16;
*26
28I2' *25 2812 *25 28>2 *25 2S'2
141*8
N ov
116>2
Jan
1427
8
May23
130
Apr
26
Union
Pacific__________
100
Last
Sale
141
Aug’
10,
*13914 139*4 *140 14012 *140 140*4 *142 14212
79*4 Mar 81*8 Oct
81*8 Mar 1 83*4 Jan 3
Do pref___________ 100
Last Sale 82*2 Aug’ 16
125 Mar 1 105 Feb 125 Apr
Vermont
&
Massachusetts.100
100*2
Aug
29
Last
Sale]
100l2Aug'16l
._
*102
115
*103
■103
*103 ___
72*2 Jan
61 May
67 West End Street.......... ........50 56 Aug 11 67*2 Jan 19
*55*4 56i3 *55*4 56*2 56*2 50*2 56*2 50*2 56l2 56i2
56
56
80 July
93*2 Feb
80 Feb 25
Do pref_____________ 100 69 Julyl3
70
70
71
72 | *69
72 . *69
*70
*70
72
Miscellaneous
73*4 Nov
48
Jan
82
S
eptll
Amer
Agrlcul
Chemical.-.100
64
Apr
24
277
82
81
80*8 80*s
7914 79*4 79*4 S0'i 80 80 I 80 80
87*2 Mar 10U2N ov
551 Do pref_____________ 100 95>2Mar23 102 S optll
10H2 102
IOH2 IOH2 101 IOH2 IOU4 101*2 101*8 101*8 10U2 102
1*4 Mar
4*2 Oct
3
*4
Apr 12
lt2July 8
Amer Pneumatic Service.. 50
101
*1*4
1*8
*1*4
*1*4
1*8
1*8
1*8
1*8
1*4
*1*4 1*8
19*2 Jan
13 Dec
35 Do pref______________ 50 11*4July 8 16 May 4
12*4 12*2
*12
13
13
121” 1212 *12
*12
13
158 Amor Sugar Refining_____ 100 100 Apr 22 IIOI2Jan 8 100 Feb 119*2 Nov
110 110*2 111*4 112 *110*2 111 | 111*8 111*8
109*8 HO
110 110
20 Do pref_____________ 100 11412 Mar 1 119*8 Aug 25 109 Feb 119 Dec
119 119 *118 119*2 118*4 118*.| *118 119*2
119 119
130*2 Nov
132 132*i
1,766 Amer Telep 3c Teleg--------- 100 126<8 Jan 31 133*4 Aug 18 116 Jan
132*” 13278 132*8 133
132*4 133 | 13212 133
132*8 133
57*4 Oct
16*2 Apr
470 American Woolen of Mass.100 42 Aug 5 55 Marl4
471” 48<4 5014 50*8 50*3 50*8 50*4 50*4 2:49*8 49*8
•461a
99*2 Oct
101*8 M arl4
77 Feb
92
Jan
11
751
Do
pref_____________
100
99
96*2
z96*2
99
98*2
98*2
98*4
97*4 98 I 98
9712 98
67 Apr
59*8
Jan
76
Aug
18
Jan
3
Amoskeag
manufacturing----68
80
70
70U
*70*4 72
71
*70*i 72
71
*70*4 72
*70>4 72
97<2 May 101 Feb
98 July24 101*4 Feb 10
10 Do pref
9812
98
*98 100
100
*98*2 100
*9813 100 I
99
*98
4
Feb
36 Nov
94
34
Septl4
Jan
14
27
4
4
,58
3
Atl
Gulf
A
W
1
S
S
Lines..
100
89
91*8
94*i
90'i
94*2
84
ig
89*4 89*4
7812 81*4 8II4 8478
9*8 Mar 49 N ov
4,698 Do pref_____________ 100 42 Jan 15 69*4 Septl4
68*4 68*4 69*4 0714 68
6514 65*4 66*1 66*4 66*i 67*2 67
257s July20
2,270
Cuban
Port
Cement___$15
pd
teg's
Apr
28
22
2412
22
20*4
*19*2
21
*20
21*2
21>2
•2012 2112 *20'2
13*4 Apr
8*2Dec
130 East Boston Land________ 10
8*2Aug 16 13*8 Jan 19
9
9
8*3 9
*8*8 9
*8*2 9
*9
914 *81” 9
250 M ar 7 230 May 260 Jan
41
238 238
238 238
*237 239 *237 239 *237 239
*237
100
159*4 Apr 22 178 Jan 17 138'4 Feb 18412Oct
14
172*4
*171*4
172
*171*4
172*2
1721”
172
*172
*17114 171*4
100 95 June 8 10212Sept 8 9612 Aug 104 Mar
24
___ 161" 10T ’
*101
101 *101
___ ■ 101
*101 102 *101
94 Aug
100 79*4 July 17 86*2Jan 5 78 Apr
500
80
80
80*s 81
80
*78
81
80*s 81 I 81
81
81
92*2 Jan
84 Nov
89 l-'eb 14
100 78 S eptll
Do
pref.
171
79
80
79
78
79
79
80
78*2 78'2 *78
80
*79
200
Jan
154
Feb
172
Jan
19
100
155
May
4
28
160*2 160 161 *158 160*2
*158 101 *160 ___ *160
3 Sep
*4Apr
2*4Jan 15
10 .90 Aug 3
S e p t ’ 16
Last
Sale
*.60
1
1
|
*.00
*.00
1
*.60
16*8
Dec
10
June
19
Apr
10
100
15
Jan
18
*
J
u
n
e
'16
Last
Sale
17
17
17 *----17
4612 Jan
35 Feb
100 39 Apr 21 44 Feb 8
Do
p r e f.
A u g ’ 16
Last Sale
39
39 [*----39
* ___
30 N ov
20 Apr
100 2312 July 18 30 Jan 7
21
___
*26
25
25
___
*26
*26
*26 . . .
55 Dee
25 July
100 50 Jan 24 58 Jan 7
20
52
52*2 52*2 52
*52 ___ *52
*52 . . .
100 126 Aug 16 140 M arl7 zl27*4 June 143 Jan
449
127*8
127U 127*8 127 127*t 4271.1 127*8 127*4 127*8 127*4 137*8 127*8
15
150
150
___
___
*150
152
154i” *150 15412
« ___ 1541” *
100 15812 Apr 28 171 Jan 17 150 Feb 170 Oct
25
___ ___
165 165
165 165
165* 165
165 165
18*4 Jan
16*2 May23
15 Sep
10 15 Feb 3
10
*15*2 16
16
*15*8 16
16
*151 16
*15*4 16
128 Nov
100 125 Feb 5 152*2 Septl2 101*4 Jan
2,951
1
50
150*2
152
1
4
112
151 152*2 150 151*2
150 152
1471” 148
36l2 Deo
28 Mar
25 35 Jan 14 58 Junel3
Oil
55
50
54
52*i 53
52*4 52
52
5214 52
*52
53
26 Mar
30*4 Sep
25 28 Jan 14 32 Mar 2
30 Do prof.
30*” 30*2 *30*2 31*2
31
31
*30*4 32
*32 . . .
1*4 Apr
.95 Jan
2 F’eb 23
25
.90 Mar28
125
1
lU i
**,
*1 'At 1*1
H?
1>2
**4
100 I3612Jan 31 168*4 Aug 21 110 Feb 163 N ov
3,751
161 164*4 161*4 162
163 164
1(5612 106*4 164 106*4 164 166
65 May
63*2 May 12
50
June23
48
Aug
25
3,386
543.J
54*8
55
55
55
55
54*2
54*4
54
5414 54>8 55
28 Mar 30 Aug
25 28*2 Jan 3 30*2 Junel4
363
30*2 3012 301 30>2 30*2 30*” 30*4 30*2 30*4 30*4 100 1061” 9,317
80*2 Dec
38 Feb
100 79*i Mar 1 107 S eptll
105*4 104*4 105-% 105*” 107
100 103*8 102*4 10t*i
117*4 Oct
115*4 Feb 5 120 Sept15 102*4 Jan
100
201
Do
pref.
120
119*2
119*2
119
118*2
118*8
118*8
118*8 118*8
* 1181.4 119
143s Nov
13
Jan
3
10*8
Deo
5
7*4
SoptlS
4,075|Ventura
Consol
Oil
Fields.
71.1 7*4
7»2 7*8
7*8 7*4
7*2 7*4
7*4
*7*8 7*4
Mining
4 Jan
4*8 Apr
5*8 Apr 11
25
1*4 Feb 17
770
3*2
3*2
3*2
3*4
3
3*4
3
3*4
3
3
3'4 314
9212 Dec 103 Aug
25 91 Aug 1 106U S eptll
2,025
104*2 106*2 105*4 1 06
105 105
105 106
105 106
103 105
21*” Dec
40*4 Apr
10 11*1 Sept 2 26*2 Jan 7
8,480
14
15*8
16
14
16
1
15*2
14
13*4
14
14
1312
13*8
4*4Apr
.45 Feb
2 Apr 7
25
*4May 3
450
n2
1*8 1*8
1*8
1*4 *11l
*1'4
66 Deo
3512 Jan
7412Feb 21
25 58 Julyl7
965
67*2
69*4 166*4 67*” 66*4 66*4 66
691” 69*i 6912 69*4 69
72*4N ov
16*4 Jan
25 29*2 July 11 97*8 Apr 10
11,093
40*2
39*4
40
40*”
40*4
3912
41
41
3912
40
38
40*8
1,990 Do pref_____________
77
77
78
78
78
78
78*2 78
79
74
78*4 79
9*2 Apr
3*4 Jan
14 Septl3
7*8 July29
12*2 13 39,881 Arizona Commercial_____ 5
1278 13*i
1U2 12*4 13 14
10
10*4 10i2 11*8
434Apr
2 Jan
5*2 Feb 5
10
1*2 Aug 2
1,870
1*
8
1*4
2
*8
1*8
1*4
1*8
1*4
1*4
*
n
2
1*4
* 1*2 1*4
80
June
35*4
Jan
105*4
Mar
9
60*2
JulylO
10
4,300
*62*4
70*i
63*8
691”
09
69*4
70*2 69*2 70*2
69*s 70*i 70
78*4
Apr
5U2
Feb
75*4
May20
10
66
Junc28
71
71*8 3,539
71
71*4 71*8 71*i
70>2 701” 71
6912 70'4 70
515 Julyl4 586 Feb 14 350 Jan 630 Apr
152
25
558
559
550
555
555
£
550
560
550
560
510 540
25
Apr
15
Jan
20*8
Aug
25
25
14
Julyl7
380
19
19
19
*18l.i
19
19
19
19
19
19
19
19
57 N ov
32*8 Jan
6 46 July 11 60 Feb 19
54*i
56
56*8 56*8 r53
56
55*4 561.1 55*i 56*8
*5512 56
65 Dec
6
.8*1 May 19
30 Jan
.100
54*2
July
11
7,278
03
64*2
631”
03
02i2
63
6212
63*8
62*4 63i2
62*2 03
5*4 Apr
1*8 Jan
37s Marl7
20
2 Julyl3
2,360
2% 3
212 2-2
3*1 3*8
212 21”
212
2*4 2l2 *2
16*2 Dec
8*2Jan
. 10 1n 2July 12 17*4 Sept 8
16*i 7,187
17
17*8 161” 1714 I 6I4 16*4 16U 16*2 16*4 16*2 16
I
II4Apr
4
*2
Feb
10*4
Jan
8
6
Junc23
3,262
.
25
9*2
9*4
10
8
9
7
8
9*4
8
8
*712 8
9412 Apr
58 Jan
.100 79 July 14 98*4 Feb 10
545
87*2 88*2
88 89
87
88
87i2 87*2 8712 88
87l2 871
52*8 Deo
23*4 Feb
.100 34*4 June26 52*2 Mar 9
605
*49
50
50*2
50*4
50
50
51
50is
51
51
50
5112
24*2 Apr
11 Jan
19l2Jan 4
. 25
10*2 June28
577
13*2 13*4
*13*4 14
14*4 13>2 13l2 1312 14
11*4 14
14
2*4Jan
10*2 Apr
6 Jan 3
2 JulylO
150
4
4
*3*4 4
3*4 3*4
*3*2 4
*312 4
*312 4
41 Mar
52 Aug
51*4
Apr
11
.
1
570
44
43*i
43
Sept
6
44*”
44*2
45
*44
4
5
i
2
44
47
*44
*13
40
92
May
23
85l2
Jan
91*8
Apr
I
88
Jan
29
11
*89
90
90
Do
pref.
*89
*89
90
90
90
90
90
90
*89
34 Apr
17*2 Jan
25 25 July 13 32 Septl5
6,767
30*s 30*8 30*t 31*1 30*i 32
29*4 30*4 301.1 31
29*1 30
5*8
Apr
5*8
May
3
3
Aug
3*2Mar
4
5
4*8
*4*8
47S
♦4*4
5
1*4 *4l3 4*4
*112 4*4 *4*2
4*2 Apr
8 Apr 6
1*2 Aug
2*4Feb 11
. 25
' 2,665
634 7
6
6*2 6*2 7*4
5*4 6
5*i 6
*514 5*i
19*8 Dec
5*2 Jan
. 25
9*4 Julyl4
19'2 Feb 10
14
14*8 13*2 14*4 13*4 14*8 1,110
14
1412 HI 4 14*2 13*4 13*8
9
Apr
3*8
Jan
5*4
Jan
3
25
3
1.1
July
15
500
4
4*2
4
4
4
4
4
4
4*8 4*8
4
4
5 Dec
1 Mar
4*4Jan 4
5
510
U2Aug 3
2*8 3*8 2*8 2*8 2*2
2's 2>s 2
*2i8 2*S *218 2*8
17 Apr
3 Jan
15 Feb 23
10
Julyl3
14*4
8,280
.
25
141-t
14*2
15
14*4
13*4
13
13>2
13
1312 1314 13*2
8 Apr
3 Aug
5 Feb 10
25
225
2 July 5
3*4
3
3*4 *3
*2i2 3*2 *212 3*”
3
*2
3
*2
3 Apr
.60 Mar
4*s Sept 8
25
1*2Jan 5
4
4
3*8 3*8 1,280
4
4
3*4 4
4
4
4
418
103*2 Marlf)
46*.t Jan
98 Deo
77*2
Julyl
1
.
25
1,271
91*2
90*2
91*2
91*2
91
90*2
9()1
2
91*2
91
91*8
90*4 91
17
Apr
23*8
Soptl
l
1
l*s
Feb
15
Jan
28
.
5
_____
N
ev
a
d
a
C
o
n
s
o
lid
a
te
d
1.570
22
22
22<8 21*8 2212 2212 22*8 22*4 22?s 22*4 23*s * 21*8
10*4 Jan 4
14*4 June
4*4 July 14
4*2 Feb
7*8 8*8 2,815 N ew A rca d ian C o p p e r .. . 25
7*1 8*2
7%
0l2 0>12 7
61?
012 6I2
6'2
13*2
Aug
9
Julyl!)
24*i
Jan
19
4
July
.
5
760
14*i
14*t
15
14*i
14
14*2
*13
HI 3
*12
13
13*4 13*4
8*8 Nov
. 5
6 Mar 1
9 S eptll
5*8 Aug
8*8 8*2 5,929
8*8 9
7*1 8*4
7*8
7*2 *7% 7*8
*71.1 7<2
38*s Apr
22*4 Jan
. 15 20 Julyl3
32 Jan 3
3,041 North
21 21*2 20's 21
22
20*8 22
22 >s 221” 21*2 22 >s 21
4*8 Apr
1 Jan
. 25
4*2 Jan 3
.50 June 2
267
2*8 2*4
2
2*4
2*4 2*8
*2
2
2's
*2is 212
.50 Mar
3>2 Apr
. 25
278 Apr 6
1*8 JulylS
Last Sale lt 2 Aug 16
*n 2
•112 2
*n2 2
2
*n2 2
2*4 Nov
7*8 Apr
4 Jan 3
1*1 July 14
- 25
400
2*2 3*4 2*8 *2 692*2 2,175
2't 214 *2
212
214 2*4 * 2
64
Dec
38*2
Mar
73*4
Mar
11
60
July
14
.
25
68
*2
72
69*4
71*2
168*2
71 <2 71*4
71 71*4 71*2 72
93*2 Apr
64 Jan
. 25
70 Julyl! 101*2 M arl l
93 1 1,121
92
92
91
92
91*2 91
91*i 91
90
90 90
19*8
Aug
12 Jan
10i2 Aug 16
. 10 11*2 Mar 7
2,152
16
151
2
15*2
16
15*2
151
2
16
15
15
141”
13*4
1412
95 Apr
98*4 May 16
50 Jan
. 25 81 Julyl2
625
91
91
90*” 91
91
90
91
91
91
89*4 90 I 90
27*s
Nov
26*8
Soptl
l
15*4
Jan
20*4
Junc22
.
If
Ray
Consolidated
Copper.
930
25*8
26
26*8 i25
•25lt 25*4! *2514 25*i 25*4 25>2 24*4 26
65*2 Dec
28 Jan
84 Septl5
2,715 St Mary’s Mineral Land. . 25 61*2Jan 31
82
81*2 84
81
S0i8 81
80>2 82
82
7914 80 I 80
5
Oct
1
Mar
1*4
July2f
3*8
Jan
8
.
1(
Santa
Fe
Gold
&
Copper.
6,695
2
*8
2*4
3
2
*2
2*2
2*2
*2*8 3
2
*2
214! 2
IH 2Apr
4 Jan
12*2 Feb 14
7 Julyl!
. 1(
10
10*2 10 10*4 10 10*i 11,018
9*2 9*8
9*8 9‘2
9
912
38 Nov
18*4 Jan
24*4 July 11
40*8 Feb 14
. 1(
30
*30*4 31 | 30*4 30*i 30*4 30*4 ♦30U 30*8 *30*4 30*2 *30*4 31
7*4July
5
*4
Nov
8*2Jan
4
4
Aug
‘
.
25
1,255
6
6
*8
6
6I4 6
6*8
0*8
6I4 6
6
6
6*8i
41>2 Apr
22*2 Jan
12*2 JulylS
28*2 Jan 3
. 25
1,463
18*2 19
18*2 18*2 19
17
1712 17
17
I 6I2 1612 16
4*2 Apr
1 Mar
6
Septll
1*2
Jan
i:
-.
1(
21,047
5*2
6
5»2
5*8
5
5*4
4
*4
5*8
5
4l3
41S 412,
25 Jan
58*8 Aug
56*4 Jan 14
. 25 35 Aug
273
37*4 37*” 37*2 37*2 38
38
3612 37<2 3714 3714 36
*37
15*2 Oct
2*s Feb
12*4 Jan 3
4*4 July 12
. 25
1,853
8
7*2
7's
6>2 6*2
7
7
5
7
7l.tl
7*4
7
.63 Apr
.60 May31
.20 Jan
.15 Jan 2f
.50 3,775 Tuolumne Copper........ ...... :
.50
.51
.50
,6(
.48
.50
.45
.50
.50 *.45
*.40
54 Deo
20 Feb
80*8 June 9
. 5f
54*8 Jan
77*4 31,325
78*8 76
73*4 75 | 751.1 78' 1 78*i 79>s 7712 78*a 78
50*2 Deo
53*4 Apr 11
28 Jan
49
Feb
.
5C
52
924
Do
pref.
51*2
52
51*4
51*8
511.1
51*4
51
51*1
51
'.1
51*4 51*i
5*8 June
5*8 Apr 10
2 Jan
3 Mi Feb 1
4*8 4*2 z 4<8 4*8 3.720
4*8 4lj
4*8 4*2
4*8 4l2
4i8 4*8
16*8 June
15*4 Feb 11
12*2 Jan 1.
9*4 Feb
..
1,260
13*4 14
13*2 13*8
13*8 14
13*4 14
14 | 13*8 HU
14
81*4
Deo
89*2
Soptl4
48*4
Jan
75
Junc2‘
..
If
690
85*4
89
12
*85*i
87*8
8
8
*2
87l2
87*4
87*i
87
871.1 >871” 88
11*” Marl!
4.721 Utah Metal A Tunnel.
7*4 8
7*2 8*i
7*8 7*8
7*4 8
7*4 7*8
7*4 7*8
412Apr
1 Feb
4*8 Feb 14
2 h Jan
.. 2.
4
830
4
4
4
4
4
4
3la 4
*3*2 4 I 4
5*8 May
1*4Jan
7*2 May3]
3*4 Mar2'
. . 2£
*5 5i2 1,070
5*2
5*2
5
5
5
5'4
6
6
4*4 512
70 Apr
32 Jan
46*2 Aug 1 07*2 Feb If
. . 2f
555
47*2 47*a 47*2 47*s 47*8 48
48
47*2 47
*17*4 48 i 47
2*4 Apr
.50 Ma
2*i Feb 14
2
1*8
Aug
1
2
2
932
1
*
*
1*2
1>
2
<
2
1'2
1>
2
1'2
*1*2
1*8
*1*2
1*8

• Bid and asked prices, a Ex-dlvldend and rights, ft Ex-stock dividend, c Assessment paid. ftEx-rlghts. x Ex-dlvldon;l.




z Ex Tamarack stock,

v> Halt-pa

F riday
Sales
Last W eek 's Range
fo r
Sale. | o f P rices.
W eek .
P rice. L ow .
H igh . Shares.

Outside Stock Exchanges
Boston Bond Record.— Transactions in bonds at Bos­
ton Stock Exchange Sept. 9 to Sopt. 15, both inclusive:
Friday
Last
W eek 's Range
Sale
o f Pr ices
P rice. L ow .
H igh .

Bonds—
Am Agrlc Chem 5s— 1924
5.s____ . . . ' _______ 1928
Am Tel & Tel coll tr 4s 1929
Convertible 4 54s___1938
Atl G k W I SS I. 5s. _ 1959
Chic June & U S Y 5s. 1940
4 s .......... ..................1940
Dominion Coal 5s___ 1940
Mass Gas 454 s ........ ..1929
N E Telephone 5s___ 1932
Pond Creek Coal Os. .1923
Swift & Co. 5s_______ 1944
U S Smelt It & M conv 6s
Western Tel & Tel 5s. 1932

99
99 54
102 X 10254 102 54
9154
9154 9154
n o X U O X 111
84 54 s a x 8554
1 0 1 X 1015 s 10154
8654 8654
94
94
9651 9654
10154 10154 10154
96
96
96
10054
10054 100
110
11254
10044 10054 10054

Sales
fo r
W eek

$6,000
11,000
8,000,
2,500
277,0001
6,000
2,000
1,000
3,000
ll.OOOi
12,000
32,500,
169,000
34,000

Range sin ce Jan .

* L ow .
9654
10054
9054
10554
74
10054
85
9354
9654
10154
87
9854
10954
99

1.

Bonds.
Cent Dist Telep 5s__ 1943
Columbia G A El 5s. .1927
Plttsb Brewing 6s___ 1949
x

Stocks—

July
May
Jan
Mar
Jan
May
Mar
Feb
Mar
Jan
Feb
Jan
Apr
Jan

American Can------------100 ______
American Radiator----- 100 400
Amer Shipbuilding___ 100
Amer Straw Board___ 100
24
Avery Co pref.............. 100 10154
Booth Fisheries, coin. .100
47
Preferred___ ____ 100
86
Cal A Chic Canal A D. 100
Chic City A C Ry pt sh pref
( 'hlcaeo Kiev Ry pref____
Chic Pneumatic Tool..100
75
Chic Ity3 part ctf " 2 " ___
1454
Chicago Title A Tr rights.
2754
c lommonwealth-Edlson 100 142
Diamond Match.......... 100 120
Edmunds A Jones com. 100 4454
73
9054
2254
190
10254
11654

Lindsay Light.............. —
National Carbon. -----100
People’s Gas Lt A Coke 100
Pub Serv of No 111 com. 100
Preferred _________1(M)
Quaker Oats Co______ 100
Preferred ______ ..100
Hears-Roebuck com __ 100
Htewart-Warncr Sp com 100
Swift A Co___________100
Union Carbide C o........ 100
United Paper Bd com .. 100

315
11054
211
11354
15154
X159
2054

Ward, Montgom, A Co pf.

116

Bonds—
Armour A Co 454s. ..1939
Booth Fisheries s f d 6s ’26
Chicago City Ry 5 s.. 1927
Chicago Rys 5s_____ 1927

93
9654

Chicago Telephone 5s 1923
Commonw-Kdlson 5s. 1943 10254
Metr W Side El 1st 4s. 1938 7154
Morris A Co 4 54s___ 1939
Poo G L A C ref g 5 s.. 1947
Cldc Gas L A C 1st 5s’37
Consum Gas 1st 5s. 1936
Pub Sorv Co 1st ref g 5s ’56
HuIzbcrgerASons Ist6sl941 10054
Swift A Co 1st g 5s__ 1944 10054
x

65)4 65)4
396 400
134
134
4854 49

94

24
101
42
82
46
1554
26
7254
1414
254
26
142
9054
120
4154
72 54
8954
88
2054
191
101
114
10154
315
110 54
210
11354
14654
rI55
18
67
11454

24
10154
47
8654
46
1554
26
7654
1454
254
28
14254
91
122
44 54
73
91
89
23
192
102 >4
117
102
320
11054
21154
116
15254
215
21
68
116

93
88
9954
9654
86%
102
102 14
7154
92 54
10154
10254
100 54
9654
100 54
10054

93
88
991,
9654
8614
102
102 54
7154
92 54
10154
102 54
10054
9654
10054
10054

Range

9954
10354
93
11154
8554
102
91
9654
9954
104
9854
10054
115
10154

250

sin ce

L ow .

50 5654
242 385

Sept
July
Apr
Aug
Sept
Aug
Jan
Feb
Jan
May
Aug
June
June
June

no

May 24
July 10854
Jan 47
Jan 8654
May 50
July 20
Apr 72
Mar 79
Apr
1854
4
July
Sept1 2854
June 14654
May 98
Mar 122
Aug 4454
Sept 73
Aug 91
Jan 89
Jan 25
July 193
May 11254
Jan 117
Apr 104
Jan 363
Jan 111
Mai 21254
Apr 119
Jan 15254
Sept 215
June 21
69
June 11754

Aug
Sept
Feb
Sept
Sept
Jan
June
Jan
Mar
Jan
Jan
Sept
Mar
Feb
Sopt
Sept
Sept
Sept
Aug
Sept
Jan
Sept

Aug
Aug
Sept
Sept
Sept

Stocks—

F riday
Sales
Last W eek 's Range
fo r
Sale
o f Prices
WeeJt
P a r. P rice. L ow .
H ig h . Shares.

Alabama Co_________ 100
Arundel Sand A Gravel 100
Baltimore Tube............. 100 126
Preferred__________ 100
---------

18
37
126
100
111 54
11554
1554’
1554
12%
1254
5
454
37
37
15
1354
59
59
59
..........
1154
_____
86
754
754
7854
7754
9
854
85
2754
2754
454
..........

Feb
July
Feb
Feb
Feb
Feb
Jan
Jan
July
Jan

9454
8854
100
98 54
92 %
10254
102 54
73 54
99)4
10254
10254
10154
95 %
10054
10054 May

Pittsburgh Stock Exchange.— Tho comploto record of
transactions at tho Pittsburgh Stock Exchango from Sopt. 9
to Sopt. 15, both inclusive, compiled from tho official sales
lists, is given below. Prices for stocks aro all dollars per
share, not per cent. For bonds tho quotations aro per cent
of par valuo.
Stocks-




61
123
10354
3954
2254
3%
28
102
4
2054
5754
134
88
5854
754
16
1454
46
35
5%
2254
754
123
1954
150
15c
157
115
35 54
101
14954
6154
73
1954

02 54
12554

354
28
10254
454
134
88 54
59 54
754
1654
1554
47
35
554
23
8
123 X
22o
158
115
37 X
10054

3,135
225
83
125
23,988
100
50
260
965
100
3,672
50
32
1,417
160
320
605
1,320
100
100
220
495
175
3,901
27,800
21,500
315
20
400
953
3,086
2,745
70
50

Range sin ce Jan.
L ow .

3454 Jan
12254 July
100
Feb
36
June
1454 Mar
3
July
25
Aug
7154 Jan
2 54 Mar
15)4 Mai
49
June
123
Jan
87
Aug
4954 Apr
654 July
15J4 July
14
Aug
38
Feb
34
July
454 Mar
1654 Feb
654 Mar
115
Jan
zl7J4 May
5o Apr
14o June
14l»4 Apr
109
May
2554 Juno
80)4 Jan
13354 Apr
5354 July
73
Juno
17
Jan

1.

H igh.

6454
155
107
4254
26
5
35
104
554
22
6054
134
93
5954
12
24 54
19
4754
37
654
25
954
12354
2154
30c
25c
158
126
39 54
106 54
150
71)4
75
21

Sapulpa Refining___

Wayland OH A Gas___
Bonds—
Alabama Coal A I 5s..
Atl A Charleston 1st 5s
Balt Elec stamped 5s. 1947
Balt Trac 1st 5s_____ 1929
Canton Co 5s______
Consolidated Gas 5S..1939
General 454s........... 1954
Consol G EL A P 454s 1935 8954
Consol Coal refund 5.> 1950
Convertible 6s........ 1923
Cosden Gas 6 s . . . .......... .
101
Elkhorn Coal Corp 6s 1925 9754
Ga Car A Nor 1st 5 s.. 1929 10254
Norf A Ports Trac 5s. 1936
United Ry A E 4s___ 1949
8254
Income 4s.................1949
Funding 5s________ 1936
do
small.......... 1936
Notes 5s...................1921
9954

May
Apr
Aug
Jan
Sept
Mar
Jan
Aug
Aug
Aug
Sopt
Sept
Jan
Sept
Jan
Jan
Jan
June
Jan
Aug
Aug
Apr
Sept
Mar
Apr
Jan
Sept
Jan
Aug
Sept
Aug
Mar
Juno
Aug

8054
10154
9954
10454
10054
10554
9354
88
9154
10254
101
9754
10254
86
8254
6254
86
8654
9954

Range sin ce Jan .
L ow .

1.

H ig h .

18
170 15
70 3554
3754
128
621 63
100
70 82)4
112
354 107
117
331 107
17
11,049
1354
6
1354 16,586
5
6,571
454
576 3554
3S54
2,179
1654
1354
59
55 57
59
50 57
3 10
1154
86
3 86
10
6
754
1,196 72
7954
10
1,5,80
754
85
20 85
461 2554
28
5
570
354

Apr
Aug
Jan
Jan
Mar
June
Aug
Apr
Apr
Aug
Aug
July
June
Mar
July
Mar
Mar
Aug
Sept
Jan
Aug

20
42
13154
100
11654
117
26J4
1854
654
7154
2354
68
6554
1654
90
854
7954
1654
110
29
954

Jan
Feb
Aug
June
June

$9,000
10,000
1,000
3,000
10,000
10,000
1,000
14,000
2,000
4,000
195,000
6,000
1,000
2,000
20,000
16,000
11,000
500
5,000

Jan
Sept
Aug
July
Apr
Sept
May
Aug
July
Sept
Aug
Aug
Aug
Jan
July
June
Jan
May
Feb

8054
103
100
10454
10054
107
94 54
9054
93
105
120
9854
10354
86
85
64
8754
8754
9954

Sept
Mar
Feb
May
Sept

8054
10154
9954
10454
10054
10554
9354
8954
9154
10254
104 54
9754
10254
86
83
6254
86 54
8654
9954

7654
101
99
104
9954
10554
9254
S6J4
91
102 54
100
9654
102
8154
82
6054
8454
8354
99

June
June
Jan
Jan
Jan
Jan
Jan
Jan
June
Sept
Feb
Mar
Feb
F’eb

Jan

Jan
Jan
July
Jan
F'cb
Feb
Sept

Philadelphia Stock Exchange.— Tho complete record
of transactions at the Philadelphia Stock Exchange from
Sept. 9 to Sept. 15, 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.

Aug

Ex-dividend.

Am Wind Glass Mach. 100 62
Preferred........ .......... 100
Amor Wind Glass pref.IOO 10354
Caney River Gas.............25
Columbia Gas k Elec.. 100 2654
Consolidated Ico com__ 50 —
Preferred.....................50
Ilnrb-Walkcr Rcfrac__ 100
Independent Brewing__ 50 _____
Preferred.......... ..........50
La Belle Iron Works__ 100
6054
Preferred............ — 100
Lone Star Gas............... 100
Mfrs Light & Heat........ 50
5854
Nat Eire proofing c o m ...50
754
16
Preferred.................... 50
Ohio Fuel Oil.....................1 1554
4654
Ohio Fuel Supply.......... 25
Poop Nat Gas & Pipe— 25 _____
Plttsb Brewing com----- 50
23
Preferred___________ 50
8
Plttsb Oil k Gas_____ 100
Plttsb Plate Glass........ 100 12354
20
Puro Oil common........ ..5
Ross Mining A M illing... l 21c
San Toy Mining...............1 22c
Union Natural G as.. . 100 15754
Union Switch A Signal..50
U S Glass.............
100
U S Steel Corp com .. . 100 10654
Wcst’house Air Brako 50 14854
Wcst’house Elec A Mfg_50 6354
West Penn Rys, pref._100
73
West Penn Tr A W P..100
1954

$5,000 10154 Jan 103 54 Mar
Feb 87
16,000 80
Sept
Mar 75
2,000 64
Aug

Baltimore Stock Exchange.— Complete record of the
transactions at the Baltimore Stock Exchange from Sept. 9
to Sept. 15, both inclusive:

1

Jan

Apr 6554 Sept
Jan 400
Jan

51,000 92J4 Sept
Mar
5,000 83
5,000 9854 Apr
May
19,000 96
5,000 86)4
5,000 10154 •Apr
18,000 10154 July
1,000 71
May1
3,000 8954 Jan
5,000 10054 July
5,000 102
May
4,000 10054 Sept
8,000 94
5,000 99 54 Apr
21,000 9854 Jan

Friday
Sales
fo r
Last W eek's
o f P ri
W eek
Sale
H igh . Shares.
P ar. P rice. L ow .

1.

H igh .

Ex-dividend.

H igh .

33

40 12
100 10054
1,973 25
1,783 66
5 45
15
200
35 25
1,291
6354
10 13
40
254
26
1,891
49 13954
69 89
690 102
1,165 3854
100 7254
1.085 86
447 7654
2,458
654
49 167
626 100
531 107
139 100
148 309
70 107
1,140 16954
8,40?
8254
6,546 12654
1,953 x 155
4,702
1354
56 5154
306 11254

L ow .

H igh .

Chicago Stock Exchange.— Complete record of transac­
tions at Chicago Stock Exchange from Sopt. 9 to Sept. 15, both
inclusive, compiled from the official sales lists, is as follows:
Sales
Friday
for
Last W eek's Range
o f P rices.
Sale
W eek
H igh . Shares.
Par. P rice. Low .

103 103
8554 87
73
73

R ange sin ce Jan .

Stocks—

F riday
Sales
Last W eek 's Range
fo r
Sale
o f P rices
W eek
P a r. P rice. L ow .
H ig h . Shares.

American Gas of N J ..1 0 0
American Rys pref------100
Baldwin L ocom otive-.100
P referred___________ 100
Buff A Susq Corp v t C. 100
Preferred v t c ______ 100
Cambria Iron__________ 50
Catawissa 1st pref--------50
2d preferred__________50
Elec Storage B a tte ry .. 100
General Asphalt______ 100
Preferred___________ 100
Insurance Co of N A __ 10
J G Brill C o ___________ 100
Kentucky Sec C orp __ 100
Keystone Telephone____50
Prefencd ......................50
Lake Superior C orp __ 100
Lehigh N avigation......... 50
I/Chlgh Valley.................. 50
Lehigh Val Transit......... 50
P referred.......................50
M lnchlll A S H _________50
N orth Pennsylvania____50
Pcnnsyl Salt M fg ______ 50
Pennsylvania_____ ______50
Philadelphia C o (P itts ).50
Pref (cumulative 6 % ) 50
Philadei Electric_____22 X
Phila Rap Tians v t rcc.50
Philadelphia T ra ctio n ..50
R ea d in g________________50
2d preferred-......... .......50
Tono-Belm ont D evel____1
Tonopah M ining_________1
Union Traction_________50
United Cos o f N J ......... 100
United Gas Im pt________50
U S Steel Corporation. 100
Welsbacli C o _ . .............. 100
West Jersey A Sea Shore 50
Westmoreland Coal
W m Cramp A Sons____100
York Railways_________50
P referred____________ 50

94
5254
—
69
70
2754
38
____
1354
8054

99
56
41
28
2054

121
9354
89%
105
51
56
45
53
53%
6554
30
6954
2654
38
2154
1354
68
1054
7554
79
2054
43
5754
93
9854
5554
3854
40
28
20
x7 7

11254

10954
47
454
5%
45
4454
224
224
88
8854
106
10054
41
50
5054
71
71
84
13
1354
37
454

B on d s—
96
Amer Gas A Elec 5 s . . 2007
do do
small____2007
C hoc Ok A Gulf gen 5s 1919
Edison Elec stk tr ctf 5s ’46
Elec A Peoples tr ctfs 4s '45
do do
small____1945
H aiw ood Electric 6 s .. 1942
Intei-State Rys coll 4s '43
57
Keystone Telepn 1st 5s '35
9754
Lake Superior Corp 5s 1924
3854
do do
small____1924
Lch C A N cons 4548.1954
Lehigh Vail cons 454s. 1923
Gen consol 4s______ 2003
89
Gen consol 4)48____ 2003
9954
Lehigh Val Coal 1st 5s 1933
Lch Val Trans 1st 5 s .1935
Pennsylv U R gen 4 X * 1965 ____
Consol 4 54s .............. 1960 10454

96
9554
100
10754
80
82
102
57
9754
35
34
101
10154
89
9954
104 54
10354
10154
10454

Range sin ce Jan .
L ow .

1.

H ig h .

121
8 119
95
390 9354
100 69
9054
105
5 104
233 38
5254
95 54
5654
4554
455 44
53
4 53
53%
10 5254
3,781
6954
5854
30
150 2754
70
267 69
227 25
2754
125 34
3854
100 1654
2154
500 13
1354
68
25 6754
1354 40,310
854
285 74
7654
380 7454
8054
25 18
2054
106 38
43)4
50 56
57 54
93
2 9254
99
209 97
3,982 5554
5654
420 3854
3954
41
60 3954
28 54 2,545 27
17
2054 13,945
x77
184 75
5,700 7554
11454
47
250 4254
4
454 2,197
5%
220
5%
657 4154
4554
224
16 22254
89
333 8754
107
45,155 7954
41
2 41
124 49
5054
72
7 6554
86
2,395 70
33
1354
854
37
10 3454

July
F’eb
July
Sept
Jan
July
Jan
Sept
Aug
Apr
Aug
Aug
Jan
Apr
F’eb
Mar
July1
Jam
May
Jan
Jan
Jan
F'eb
Mar
July
Aug
Sept
July
Mar
May
May
Jan
Jan
Mar

123
100
11554
10954
55
6254
47
5554
55
6954
38
7354
2754
4854
22
15
7054
13J4
7954
85
23 54
4454
5854
9454
10254
5954
4554
45
2954
2154
7954
11454
5154
5 7-16

Jan
July
May1
Mar
July
May
Apr
Mar
F’eb
Jan

4554
22754
9254
107
45
51
72
87
1654
39

Sept
June
Jan
Sept
F'eb
Jan
Aug

96
$9,000
96
1,600
100
1,000
2,000
10754
8054 16,000
82
500
102
1,000
57
7,000
9754 23,000
3854 32,000
34
500
101
2,000
2,000
10154
8,000
9054
9954 19,000
2,000
10454
1,000
10354
10154 26,000
1,000
10454

Jan
Jan
Apr
Mar
May
Apr
Jan
May
Jan
Jan
F’eb
Aug
Aug
Sept
Aug
Aug
Mar
Jan
July

9654
96
100
108
8154
83
103
58
100
39
35
10354
10154
94
10354
106
104
103
10654

Sept
Sept
Sept
Aug
F’eb
Jan
Jan
Jan
F'eb
June
Aug
F'eb
Jan
F'eb
F'eb
Jan
June
F'eb
F'eb

8954
8954
9954
105
7954
76
101
57
96
2054
2754
101
101
89
9954
104
10354
10054
104 X

F'eb
Mar
Feb
Mar
June
Jan
F'eb
F'eb
Apr
Sep!
Mar
Sept
June
Apr
Sept
Jan
May
Mar
Mar
June
Jan
F'eb
Jan
Jan
Apr
June
Jan
Jan
Sept
May
May

June
Mar

Friday
Last Week’s Range Sales
Sale.
o f Prices.
for
Price. Low.
High. Week.

B on d s (Concluded)

Pnlladelphla C o 1st 5s 1949
Phlla Elec tr ctfs 5 s . .1948
S m a ll_____________ 1948 —
Trust cortfs 4s_____ 1950
S m a ll___________ 1950
Reading gen 4s______ 1997
United Rys Invest 5s. 1926
69%
Welsbach C o 5s______ 1930
W est N Y & Pa gen 4s 1943
York Railways 1st 5s. 1937

101
104%
104
84%
84%
95
0 7 'A
99%
85
95

Range sin ce Jan. 1.
Low.

101
56.000
105
22,600
1,400
104%
84% 45.000
84%
2,700
95%
7.000
09% 17.000
99%
1.000
4.000
85
3.000
95 'A

100%
103 >4
103
81A
82
93 'A
67A
94 'A
81 'A
92%

Stocks—

High.

Aug
Jan
Jan
M ay
M ay
M ay
Sept
Jan
Jan
Jan

101%
105
105
85
85
96%
74
99%
85%
96%

Feb
Jan
June
July
July
Jan
Apr
Sept
June
Apr

Volume of Business at Stock Exchanges
T R A N S A C T IO N S A T T H E N E W Y O R K ST O C K E X C H A N G E
D A IL Y . W E E K L Y AN D Y E A R L Y .
W eek ending
Sept. 15 1916.

Stocks
Shares.

S aturday____________
M on day_____________
Tuesday_____________
W ednesday__________
Thursday____________
F r id a y ...........................

Par Value.

666,820
1,172,865
1,221,843,
1,249,648!
1,680,942;
1,234,954

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

State, M u n .
A Foreign
Bonds.

R ailroad,
A c .,
Bonds.

$55,769,250
102,353,400
100,879,300
108,932,050
145,264,700
107,488,350

$1,000
3.000
2.000
500

7,227,072 $626,687,0501 $12,860,000

$4,441,000

S6,500

1916.

Jan . I to Sept. 15.

1915.

1916.

1915.

7,227,072
2.749,920
119,345,970
$626,687,050 $251,983,875 $10,350,808,310
$5,500
$177,600

Stocks— N o. shares__

U . S.
Bonds.

$360,500
498,000
766,500
964,000
1,185,500
666,500

W eek ending Sept. 15.

103,333,801
$8,922,722,195
$138,300

Bonds.

Government bonds___
State, mun., &o., bonds
R R . and mlsc. bond s.

$6,500
4,441,000
12,860,000

$67,000
357,000
13,040,500

$678,450
191.276.000
532.725.000

$803,500
15,450,500
544,282,700

Total bonds..............

$17,307,500

$13,464,500

$724,679,450

$560,536,700

D A IL Y T R A N S A C T IO N S A T T H E BO ST O N . P H IL A D E L P H IA A N D
B A L T IM O R E E X C H A N G E S .
Boston.
W eek ending
Sept. 15 1916.

Shares.

Philadelphia.

Bond Sales.

Saturday________
M on d ay........... ......
T u e s d a y ________
W ednesday............
T h u r s d a y _______
Friday ....................

36,373
54,543
69,603
75,029
70,132
49,987

$29,000
94,200
106,000
155,100
157,000
35,200

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

355,667

$576,500

14,1341
8,975|
21,652
23,3511
31,235'
27,119j
126,466

'

Baltim ore.

|Bond Sales.

Shares.

Shares. \Bond Sales.

$18,600
37,600
37,900
66,400
67,500
41,000
$269,000

9,616
$63,000
7,042'
86,500
HOLI D AY
17,299.
105,400
6,094
38,500
5,709
68,000
45,760

$361,400

New York “ Curb” Market.— Below we give a record of
the transactions in the outside security market from Sept. 9
to Sept. 15, both inclusive. It covers all the sales for the
week ending Friday afternoon.
W eek ending Sept.

Stocks—

Friday
Sales
Last W eek's Range
for
Sale
W eek
Par. P rice. Low.
H igh . Shares.

15.

Aetna Explos.r__ (no par)
10%
Ainer Druggist Synd.r.10
13%
Am Int Corp $50 pd---100
59%
Am Writ Paper com .r. 100
5%
Atlantic Steel________100
75
Brlt-Am Tobord bearer.£1
Butler Chemical.r .......... 5
4%
Canada Steamship_______
36
Canadian Natural Gas__ 1
Carbon Steel com .r__ 100
90
Car Ltg A Power.r___ 25
4%
Central Foundry, ptef.100
28%
Chevrolet Motor.......... 100 211
Cramp (Wm) & Sons Ship

12
10
13% 13%
t 54% 159%
4%
6%
59
75
19% 20
4
4%
36% 38
1
%
78
90
4%
5%
27
28%
190 217
8 3 'A

58
Edmunds&Jones r (no par)
41
Electric Gun C orp.r........ 1
%
%
Emerson Phonograph___ 5
9%
8%
Fisher Body Corp.r(no par) .41
40
Gaston, Williams & Wigm ore.r.............. (no par)
50%
46%
124
General M otors.r.w 1___ 152
Preferred.r w 1.... .........
95
General Ry & Signal..100
99
Grant Motor Car Corp. 10
7
7%
Guantanamo Sugar___ 50
67
66
Hall Switch & Slgnal.r. 100
9
11%
Preferred................ .100
20%
38
Haskell & Barkcartno oar)
41%
45%
Holly Sugar com ..fn o par)
45%
Preferred____ _____ 100
96%
95%
Hupp Motor Car Corp. .10 ______
6%
Imp Carbon Chaser.r._ 1 38c
33c
Intercontinental Rubb.100
18
15
Int Arms & Fuze Sec__ 25
19%
Joplin Ore & S pelter.r.o.5 54c
50c
15
Kathodlon Bronze, pref._5
16%
Kelsey Wheel pref.r._100
97%
Keystone Tire & Rubber 10
12
Preferred . r ____ ____10
11%
Lake Torpedo Boat. r . . 10 _____
7%
40
Lima Loeomo c o m .r ..100
Manhattan Transit___ 20
1
1
Marconi WIrel Tel of A m .5
3%
5
Maxim Munltlons.r___ 10
4%
Mexican Petrol Export Co
17%
17%
Midvale Steel & Ord.r_.50
63%
71%
Mitchell M ot.r.te. (no par)
67
16
16
N Y Transportation___ 20
Ohio Cities Gas c o m .r ..25
67%
67%
Peerless Truck A M otor.60 26
*23%
3
PullmanVentllatorCorp.r.5
3%
Preferred................ ..... 5
6%
6%
58
55
Republic Mot Truck r (t)_
5
Rlker A Ileg (Corp fo r )..5
4%
16
St Joseph Lead.r_____ 10
16%
Haxon Motor C a r .r .. 100
76
59% *54
Scrlpps-Booth.r.. (no par)
29
Seab’d St A Manganese (t)
29%
Smith ATerry Transp pf 10 10%
10%




80
59
41
%
9%
42%
52%
160
98
100
8
67
12
22
*42
46%
96%
6%
39c
*19
23
55c
21
98
12
11%
8
43
1
3%
5
17%
74%
67
16%
69
27
3%
6%
58
5
16%
78
60
*30
11%

Range sin ce Jan.
Low .

21,000
7
100
11%
12,250 ol2%
21,350
2
205 55
800
15%
1,650
2%
230 36%
2,200
%
500 55
4,300
3%
800 20
12,980 115
1,100
475
100
3,150
1,095
1,200

73
45
37

1.

H ig h .

July 25
June
14%
Jan <59%
Mar
6%
Jan 75
May 20%
Mar
7%
Sept 38
Sept
2%
Feb 90
Aug
7%
Jan 28%
Jan 278
Feb

Apr
% Aug
8% July
37% Aug

Springfield Body C orp.100

86

Stromberg Carburetor. r(t)
Stutz Motor of Am(no par)
Submarine B oat..(no par)
Todd Shipyards.r(no par)
Triangle Film Corp v t c.5
United M otors.r. (no par)
United Profit Sharing__ 1
U S I.lgat * Heat Corp r 10
U S Steamship.......... ..10
United Zinc Smelt (no par)
White M otor................. 50

44
73%
39%
78%

55%

World Film v t c________5
Zinc Concentrating.r__ 10

1%
4%

67%
7%

84
88
1,590
128
130
42
44% 4,800
71% 78
9,406
38% 40 % 31,000
77
535
78%
2%
500
2%
60% 70% 61,300
% 13-16 4,700
2%
2,300
2%
6
8
24,300
4%
5%
2,100
53
57
15,650
43
45%
000
1
1% 15,000
4
2,800
4%

Range sin ce J an .
L ow .

Apr

51
41%
53%
31%
73%
2
57
%

1.

H ig h .

88

Aug

Aug
45 % Aug
June 78
Sept
July 43 % Jan
July 78% Sept
June
6 % Jan
Aug
94
June
May 2 1-16 Jan
July
4% Jan
Apr
8
Sept
8% June
Sept
Jan
60
Juno

2%
4
4%
46%
41
% July
3% Aug

3
6%

Jan
Apr

Former Standard Oil
Subsidiaries

$743,500
1.581.000
2.812.000
2.432.000
2,767,500
2.524.000

Sales at
N ew York Slock
Exchange.

Friday
Sales
Last W eek's Range
fo r
Sale
o f P rices
W eek
Par. P rice. Low .
H igh . Shares.

87
59
49%
1%
14%
42%

39,700 37% July u>70%
32,200 124
Sept 160
1,000 95
Sept 98
46 96
Apr 100
1,700
Apr
14
7
400 w5G
Sept 86
2,000
5
Aug 21%
110 20% Sept
43
4,800 33% July 54%
460 41
Apr 55
353 93% June 98
1,000
6
Sept
11%
68,300 250 Aug 39o
12,500 10 June *19
3,550
7
July 26%
9,910 o35c Aug o61c
6,400
14
Aug 33
300 97% Sept 101%
50
12
Sept
12
200
11% Sept
11%
1,800
6% July
13%
1,200 33
July 43
400
2%
% Aug
1,400
Apr
3
4%
3, .800
4
Mar
13
100 17% Sept
17%
145,000 57
Apr 77%
100 64
Aug 68
1,100
12% Feb
16%
2,800 67% Sept 69
8,200 20% May
32
8,600
2% June
3%
3,100
5% July
6%
1,130 54
Aug1 58
5,250
4% Mar
6%
4,100
14
July
17%
300 60
Apr 87
12,970 49% Sept
60
620 24% Aug ♦30
4.S00
9% Aug
11%

Feb
Jan
Sept
Sept
Sept
Aug
Apr
Sept
Jan
Sept
Apr
Sept
June
Sept
June
Mar
Jan
Sept
Apr
Sept
Sept
Sept
June
Apr
Jan
F’eb
Jan
Juno
Apr
June
Sept
Sept
Jan
Aug
Jan
July
Sept
Sept
Jan
Sept
Jan
Jan
Sept
Jan
July
Mar
Sept
Aug
Aug
Feb
Sept
Sept
Sept

National Transit___ 12.50 ..........
Ohio Oil.......................... 25
Pierce Oil Corp.............. 25
Prairlo Oil & Gas.......... 100 420
Prairie PlDe Line.......... 100 254
Southern Pipe Lino___ 100
S W Pa Pipe Lines___ 100 112
Standard Oil (Calif). . . 100
Standard Oil (Kansas). 100
Standard Oil of N J ...1 0 0
Standard OH of N. Y ..1 0 0
Union Tank Line____ 100 ..........
Other Oil Stocks
Alberta Petrol.r (prosp'ct)
Barnett Oil & Gas.r___ 1
Cosden & C o . r . . ........ .. 5
Cosden Oil A G as.r____ 5
General Ref & P rod.r.w 1.
Houston Oil, com .r__ 100
Internat Petroleum .r..£l
Kenova Oil (prospect)__ 1
Metropolitan Petroleum.5
Midwest Oil com .r_____ 1

59c
2%
16
13
15
12

%

%
16%
48o

Midwest Rellnlng.r___ 50
Muskogee Rellnlng.r___ 1 _____
N Y-Oklahoina O ll.r___ 1
1%
He
Oklahoma Oil com .r___ 1
7-16
Preferred r........ .......... 1
Oklahoma Prod & R efg..5
7%
Omar OH A Gas.............. 1
68c
Pan-Am Pet A Tr pf.r.100
92%
Sapulpa Refining____ r.5 ______
Sequoyah Oil A R ef____ 1
1%
Sinclair Oil A Ref r(no par)
39%
Tex-Mex Petroleum.l __ 1
1%
U S Consolidated Oil___ 5
6
United Western O ll.r__ 1
1%
Vacuum GasAO.Ltd r . f .l
32c
Victoria O ll.r........ ......... 1 1 5-16
Wayland OH A G a s........ 5
4%
Mining Stocks
Alaska-Ilrit Col Metals r 1 50o
A!askaMlnesCorpr(no par)
73c
Alaska Westover Cop. r .l
63c
Arizona Copperflelds.r.-l
3
Big Ledge Copper C o___ 1

5%

103
178
15
240
12M
412 '
250
205
375
in
291
470
530
225
83

100
185
15
207
1514
430
260
220
381

112

300
470
538
230
83

58c
59c
2%
2%
15% 17
12% 13%
5
5
11-16
%
16%
13
10% 12%
3-16
%
14
16%
43c
50c
84c
64
66
3 9-16 3 13-16
1 1-16
1%
11c 14 %c
5-16 7-16
7%
7%
76c
65c
92
93
8% 10
034
9A
1% 1%
38% 40
97c
1%
6
6%
1
1%
32o
35c
1 1 7-16
4%
5%
48c
70c
62c
2%
9c
4%
9J4

50c
73c
64c
3%
10c
5%
to%

13o
14o
Boston A Montana D e v ..5
91c
930 98c
Butte Copper A Zinc v t c 5
5%
5%
5%
Calaveras Copper, r____ 5
6
6%
6%
Caledonia Mining______ 1
62c
57c
62c
Calumet A Jerome Cop r. 1
1%
1%
1%
Canada Copper_________5
1%
1%
1%
Cash Boy..........................1
6%c
6%c
7c
Oerro de Pasco Cop(no par)
39%
35% 39%
Columbia Mines.............. 1
68c
67o 680
Consol Arlz Smelt_______5
1 7-16 1 9-16
Consol Copper Mines___ 5
2%
2%
Consol-Homestead___ r .l
9-16 7-16
%
Consol Nevada-Utah___ 3
9-32 9-32
9-32
Crystal Copper................ l 15-16 15-16
1
Dundee Arizona C o p p .i.l
1% 1 7 16
1%
Eagle Blue B ell.r______ 1
1%
1%
1%
Emma Copper.r ______ 1
63c
58o
680
Idrst National Copper__ 5
*4%
5%
5%
Florence Sliver.r_......... 1
74c
76c
76o
Goldfield Cons'd Mines. 10 76c
76e 80c
Goldfield Merger.r_____ 1
8c
7%c
Gold Hill Mining............ 5
24o
17c
Goldstone M in.r (prosp’t)
40c
39o
lie
Green Monster M ining.r.l 2 1-16 1 15-16 2%
Hecla Mining_________25c
5
5%
5%
Howe Sound.................... 1
5
5%
Insp:ratIonNeedlesCoprf 1 1 7-16
1% 1 7-16
International Mines.r__ 1
123
14o
14c
Iu
1
Jerome Verde C op per.!.. 1 2 1-16 1 15-10 2%
Jerome Victor E xten.r.L l
2%
3%
3%
Jim Butler.r____ ______ 1
88c
82c 89c
34c
32c
42c
Jumbo Extension_______1
Kerr Lake_____ _______ 5 4 13-16 4% 4 13-16
K ew anus.r........ ........... 1
9o
9c
10c
La Rose Cons Mines___ 5
%
%
%
Magma Copper_________5
16%
10% 17
Marsh Mining.r_______ 1 10%c
10c
11c
Marysville Gold Mining. 1
1%
1% 1 7-16
McKInloy-Darragh-Sav. . 1 _____
58c
70c
Mich Gold Min A M ill.r.l
65c
63 0 65o
Mojave Tungsten.r........ 2
Monitor Sil L A Z M A M 1
Montana Gold M ln e s.r..l
Mother Lode.r_________1
Newray Mines, I.td .r___ 1
N.Y. A Honduras Rosario. 10
Nlplsslng............ ............. 5

4%
2
98c
38c
67c
16
8%

Old Emma Leasing.r.. 10c
Oro r . . ........................ ........ 1
Peterson Lake.... ............. 1
Pittsburgh Jerome .<___ 1

Ho
4
2lo

Rex Consolidated.r........ 1
26c
Rochester Mines________1
53c
Round Mountain.r........ 1
40c
Santa F e .r______ _____ 10 _____
San Toy Mining________1
20C
Short Creek Zinc A Lead.r 1
Silver Pick Consol.r____ 1
21c
Standard Silver-Lead___ 1
1%
Success Mining.r............ 1
Tcck Hughes.r................ .

3/o

2A

2A

150 90
223
is m.15
1,133
203
700
130
07
40
380
8
440
500
25
5,100
3,325
5,900
20.250
000
28,450
3,700
7,350
13,750
13,300
24,000
2,500
650
3,400
17,605
106,300
23,500
21,300
34,600
1,150
9,250
100
9,390
7,500
51,800
500
19,100
16,000
28,320
4,600
800
28,700
12,700
30,066
3,300
87,100
900
2,800
62,500
4,300
4,200
8,850
25,600
4,000
6,700
6,000
2,000
3,100
1,200
18,000
7,000
900
7,600
300
31,550
5,309
4,000
11,800
3,000
19,500
29,300
53,000
5,305
4,500
90,100
1,500
l ,800
151,000
12,050
2,453
17,500
1,900
2,000
1,200
15,700
4,500
6,150
3,500
23,550
340

4% 2,445
2% 6,030
99c
4,300
34o 380 119,200
63c
67c 72,000
15% 16%
2,725
9% 11,300
7%
1££
l lA
17c 42,650
12c
3%C 4c
9,500
21c 25c
6,000
2,500
1%
1%
334
3H
25c
30o 122,000
530 Stic
6,150
40c
530
40c
2
3,300
3
18,500
14c 21c
1,300
1%
1%
19o 23 %o 32,900
1%
1% 15,700
1,000
H
33o 37o 33,200
40o
42o
4,500
4
2
9.80

359
205
180
325
106
Z234
345
495
200
80

Aug
J|||y
Aug
Apr
July

«34

Jan

439
260
226

Jan
Sept
Jan

Apr
Apr
May
Apr
Mar
Mar

118
384
470
548
230
86

Fob
Jan
Mar
Jan
Sept
Jan

50c

June
Jan
13
Aug
6% Apr

59o
4%
27
18%

Sept
May
June
June

%
12
9%
%
10
38c

Aug
Aug
June
Aug
Aug
Aug

%
23
13%
93c
25
85c

Sept
Jan
Jan
June
May
Feb

53
1%
70c
7c
%
5%
50o
80
7%

Feb
Feb
June
Mur
Aug
Aug
AUg
July
Aug

70
May
3 % Sept
1 % Aug
1%
8%
95o
102
16%

1%
35%
69c
4%
54 c
30c
1
3%

Sept
Aug
July
Apr
Mar
Aug
Mar
Aug

55c
2%
0%

450
59o Sept
% July
35c July

May
June
Aug
May
Feb

6 % May
Apr
Jan
Feb

3% Sept

1 7-16 Feb
5% Sept
9J4
12n
50c Mar
2% June
4% June
12% Mar
2% Jan
53c Aug 1 5-32 Apr
1 % 8ept
1% Aug
1 3-16 Mar
2% May
3 %0 Feb
9%cMay
32% July
42% Feb
65c Aug 70c Aug
1% July
1% Feb
% July
% Jan
1% July
% July
2% May
1% June
1% Apr 2 13-16 Mar
17%c Jan 70c Mar
July
3
8% Jan
70c July
76c Aug
750
Apr
1 3-16 Jan
7o Aug
13c
Apr
35c Aug
1
Aug
*5% June
3% Jan
8
Jan
4% June
1
Sept
6O0 July
10c Mar 31c
Apr
I

1% July
1% June
81c July
32c Sept
4
Feb
8% c July
9-16 Mar
July
13
100 Aug
1
Aug
38c Mar
42c Aug
2%

2% May
3% Sept
1 3-16 Jan
1% Jan
♦5% May
19% May
41c Mar

Aug
Apr
June
Jan
June
Aug
6% Feb

8
2%
1
43c

12c Aug
3%cSept
21o Sept
85c July

22c
6c

%

64c
20c
34c

May
May
Aug
Apr.
680 Sept
17% June
9% Sept
Aug
Jan

1

Aug
Jan
Sept
Sept
Aug
Sept
Feb
July

2
Aug
23%cScpt
2
Jan

30c
40o

Aug
Sept

95c
42c

lOo
55c
3Io
2
13c
1%
3c

78o May
3% Jan

Feb
Sept

Stocks— (C oncl.)

P a r.

Friday
Sales
fo r
Last W eek 's Range
W eek
Rale
o f P rices.
P rice. L ow .
H igh . Shares.

Range

sin ce

L ow .

1

Jan.
H igh .

Tem lsknm lng.r________ l
15,500 51c Mar 8I 0
GOo G-lo
63c
Tonopah Bolmont.r____ 1
400
5 5-16 5 4
4
June
54
Tonopah Extension____ l 5 7-16 5 7-16 5 4
7,620 3 15-16 Jan
74
Tonopah Minins________ 1
100
54
6 4 Aug
X
74
Trl nulllon S & D .......... 5 7-16
4,000
4 Aug
4
1
United Eastern............. __i
450
3X
34
3 v%
3 4 July
44
U S Continental Mines.rl 11 'A C
9c 11 4 c 41,400
4c Aug
18c
United Verde Exten_r.50c
3934
94,200
45
39
64 Jan 45
Unity Gold Mines.............5
5,490
34
34
3H
1 4 Apr
34
West End Consolidated.. 1 70c ; 65c 72c
10,100 65c Sept
14
White Knob Cop pref r .lo
200
2
2 '
2
*1 4 May
2
1,511
White Oaks Mines Cons r 5
3 4 Aug
ax
4K
ax
1 64
Yukon Gold Co................. 5
100
24
2 4 Mar
2X
24
Yuscaran Consol.r.......... 5 " i l l
4,400
14
4 July
lX
14
H ood s—
<5
AtlGulf A W IS S L 5 s_ .
86 135.000 84
84
Sept 86
Ccrro de Pasco Cop 6s 1925
114
60,000 110
111
June 123
Cosden O & G Gs.. w I. . .
103 1054 110.000 9 9 4 Aug 125
Midvale St & Ord 5s.r.l936
July 100
95^ 97 228,000 94
Russian Govt GHs.r.w 1
July 1014
1004 1004 43.000 100
Sinclair Oil * Ref 6s.r.l926
9 4 4 97
11.000 9 4 4 Sept 99 4
Sulzberger & Sons Gs.r.’ ll
1004 1004 25,000 99
Aug 1004

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

•Odd lots, f No par value, i Listed as a prospect. I Listed on tho Stock Ex­
change this week, where additional transactions will be found, m New stock par
value $12 50. » Old stock, par value $25. 0 New stock, r Unlisted, s Ex-100%
stook dividend, t $50 paid, a Ex-cash and stock dividends, v $10 paid v When
issued, x Ex-dividend, y Ex-rights, z Ex-stock dividend.

CURRENT NOTICE.
— William R. Compton Co., 14 Wall St., this city, St. Louts, Cincinnati
and Chicago, feature a selected list of conservative municipal bonds yield­
ing 3.90 to 5.13% among our advertisements to-day. Tho firm calls at­
tention to tho Increased income tax under tho new law which is now effective
and provides that tho normal tax will bo 2% . or doubio the previous tax’
Municipal bonds are free from this tax. William R. Compton Co. have
been for over a quarter of a century in tho municipal bond business. Write
for tho firm’s complete municipal bond list "N o. 33,” and also an instructive
booklet on municipal bonds entitled "The Premier Investment.”
— On tho advertising page opposite our weekly statement of clearings
S3,000,000 Crow Lovick Co. first mtge. 6% sinking fund bonds, duo Aug. 1
1931, aro jointly offered lor public investment by Elkins, Morris & Co. of
Philadelphia; Montgomery, Clothier & Tyler of N. Y ., Philadelphia and
Pittsburgh, and Kissel, Kinnicutt & Co. of N. Y . and Chicago, l’ rico 100
and accrued interest, yielding 6% and free ot Penna. Stato tax, and interest
is payablo without deduction of tho normal Federal incomo tax. See to­
day’s advertisement for all tho details of this offering.
— Aldro 1 & C o.,24 Exchange Placo, Stono&Wobstor, 120 Broadway .this
city, Boston and Chicago and Chase & Co., Boston, aro jointly advertising
and offering for investment in to-day's “ Chronicle,” $7,500,000 Laurontido
Power Co., Ltd., first mortgago 5% sinking fund bonds, closed mortgage
duo Jan. 1 1940. Over two-thirds of tho bonds having been sold or with­
drawn, tho remainder is offered, subject to salo or chango in prico, at 90
and intorost, yiolding about 5.70%. Doscripiivo statement upon request
Seo advortisemont for general particulars.
— At a special stockholders’ meeting o f tho corporation o f II. P. Taylor
& Co. on Sept. 11, it was voted to chango tho namo o f tho firm to tho Duquesne Bond Corporation, effectivo as o f Oct. 1. Tho business has boon
conducted under tho former title since 1903, with offices In Pittsburgh,
Now York and Buffalo, and tho new firm will continuo tho business at tho
present locations along tho lines of high-grado investment securities only.
— Tho outlook for United States Steel common in 1917 is discussed in
a lottor which has been proparod for goneral distribution by Ilartshorno &
Picabia, incmbors of tho Now York Stock Exchange, 7 Wall Street.
Haliburton Fales Jr. is tho author o f tho letter.
— Edgar S. Baruc, Morton II. Fry and Norman IC. Toergo of New York
and Lawronco L. Tweedy o f London, have been admitted to tho firm o f
Bernhard, Scliollo A C o., as general partnors. Jack W. Scliiffer ofNo w
York has been admitted as a special partner.

New York City Banks and Trust jom panies
Banks-N.Y.
America*__
Amer Exch.
Atlantic----Battery Park
Bowery * . . .
Bronx Boro*
Bronx N at..
BryantPark*
Butch A Dr.
Chase, new .
Rights . .
Chat A I’ hen
Chelsea Ex*
Chemical _- CltlzensCcnt
C ity...........Coal A Iron.
Columbia* .
Commerce..
Corn Exch*.
Cosmopol'n*
East River..
Fidelity « . . .
Fifth Ave*..
Fifth......... .
First............
Garfield----Germ-Amer*
German Ex*
Germania *.
Gotham___
Harrlman . .
Imp A Trad.
Irv in g ........
Liberty ____
Lincoln____

Bid

525
225
180
165
390
175
___
135
100
1315
215
225
395
175
t-150
185
450
300
tl70
320
100
75
155
4300
250
990
185
130
380
400
200
310
640
375
490
187
775
325

As*
Banks.
535
Manhattan *
235
Murk A Full
185
Mech A Met
175
Merchants’ .
___ Metropolis*.
___ Mctropol'n *
180
Mutual____
145
New Neth*.
110 Now YorkCo
New York..
335
220
Pacific *___
Park............
230
125 People’s *__
Prod Exch*.
402
Public *___
180
Seaboard__
195 Second.........
Sherman___
325 State *........
23d Ward*.
Union Exch.
325
Unit States*
Wash Il’ ts*.
165
Westell Av*
4800
West Side* .
275
Yorkvlllo*-.
Brooklyn
1005
195 Coney Isl'd*
First______
140
Flat bush___
450
Oreenpolnt .
___ Hillside * . . .
___ Homestead *
650
Mechanics*.
Montauk * ..
390
Nassau........
500
Natlon’ICIty
192
___ North Side*.
People’s ___
360

Bid

300
210
270
225
290
175
325
215

A sk

310
250
275
180
225
725
385

375
275
465
220
___
220
420
395
125
113
100
135
50.)
225
160
380
475

175
410
550

130
255
150
155
100
___
130
85
200
266
170
130

140
270
165
165
115
90
140
110
207
275
185
140

470
235
198
___
430
410
135
118
135
143
___

Trust C o’s.
N ew York

Astor______
Bankers Tr"
B’way Trust
CentralTrust
Columbia .
Commercial
Empiro___
Equitable Tr
Farm L A Tr

Fidelity___

Fulton_____
Guaranty Tr
Hudson. .
Law Tit A Tr
LlncolnTrust
Metropolitan
Mut’l (Westchestor). .
N Y Life Ins
* Trust..
N Y Trust..
Title GuATr
Transatlan 'c
Union Trust
US MtgATr
UmtedStates
Westchester.

Bid

A sk

435
465
145
750
685
100
290
465
1650
200
280
433
140
130
108
418

445
475
150
760
600
110
310
475
2T0"
438"
147
135
117
424

125
975 1000
595 I 605
382
392
155
396 " 400
395
390
1005 1020
140
130

Brooklyn

Brooklyn Tr
Franklin. . .
Hamilton__
Kings C o ...
Manufact’ rs
Citizens..
People's___
Queens C o ..

520
255
265
630

265
275
650

145
282
70

150
292
SO

•Banks marked with a (•) are State banks
fSale at auction or at Stock
Exchango this week.
I New stock.
y Ex-rlghts.
0 ac awcK

New Yorfc City Realty and SuretyJJompanies
Bid

Alllanco R ’ty 70
Amer Surety 145
Bond A M G 270
Casualty Co - __
City Invest'g
18
Preferred..
60




A ik

80
160
280
21
68

Bid

LawyersMtg 157
Mtg B ond.. 110
Nat Surety. 270
N Y Tltlo A
90
M tg e ___

A ik
161
114
282
100

Realty Assoc
(Brooklyn)
93
U S Casualty 19$
US TitledAI
55
Wes A Bronx
Title A MG 165

Quotations for Sundry Securities
All bond prices ar ” tnd Interest” except where marked “ f "
Standard Oil Stocks P erS k ar,
P ar Bid

4

ik

Anglo-Amer Oil new_____ £1 *16
I 64
Atlantic Refining_______ 100 805 815
Borne-Scrymser C o____ 100 390 420
Buckeye Pipe Line C o__ 50*106 108
Che8ebrough Mfg new__ 100 440 450
Colonial Oil.......................100 60 I 70
Continental Oil________ 100 410 420
Crescent Pipe Line Co___ 50 *40
43
Cumberland Pipe Line.. 100 90
95
Eureka Pipe Line Co___ 100 230 235
Galena-Signal Oil com__ 100 164 167
Preferred.......... ............100 140 145
Illinois Pipe Line..............100 184 187
Indiana Pipe Line C o _50*104 107
Internet Petroleum............ £1 *1134 12*4
National Transit C o ..12.50 *16
17
New York Transit C o ... 100 215 220
Northern Pipe Line C o ..100 103 106
Ohio Oil Co........................ 25 *255 260
Penn-Mex Fuel C o .......... 25 *56
58
Pierce Oil Corp....................25 *13*2 14
Prairie Oil A Gas.............. 100 420 425
Prairie Pipe Line.............. 100 255 257
Solar Refining................. 100 325 335
Southern Pipe Line C o ..106 212 217
South Penn Oil................100r365 370
Southwest Pa Pipe Lines. 100 112 115
Standard OH (California) 100 292 293
Standard Oil (Indiana).. 100 705 710
Standard Oil (Kansas)..100 460 480
Standard Oil (Kentucky) 100 460 480
Standard Oil (Nebraska).100 460 490
Standard Oil of New Jer. 100 532 535
Standard Oil of New Y ’rklOO 228 231
Standard Oil (Ohio)_____100 430 450
Swan A Finch..................100 115 120
Union Tank Line Co___ 100 83
85
Vacuum Oil....................... 100 298 301
Washington Oil................. 10 *40
50
Bonds.
,
Pierce Oil Corp conv 6s. 1924

T obacco Stocks— Per Sha

re.

4 It
118 123
98l2 991i
78 83
*18l2 1912
*18i2 1913
300 350
loo 150
178 183
99 101
245 252
575 620
121 123
4912 5012
150 160
105 1)5

Par Bid

American Cigar commonlOO
P r e fe r r e d ____________ 100
Amer Machine A F dry.. 100
British-Amer Tobac o rd ..£ l
Ordinary, bearer______£1
Conley Foil........ ............. 100
Johnson Tin Foil A M e t.100
MacAndrews A Forbes. .100
Preferred____________ 100
Porto Rican-Amer Tob-.IOC
Reynolds (R J) Tobacco. 100
Preferred...................... 100
Tobacco Products co m .. 100
Young ( J S) Co............... 100
Prei erred____________ 100

Short Term Notes. P e r c e n t .
Am Cot Oil 5s 1917...M A N
Amer Locom 5s. July T7.J-J
Am T A T 4tis 1918
Anaconda Copper 5s T7 M-S
Canadian Pac 6s 1924.MAS2I
Chic Elev Ry 5s 1916___ J-J
Chic A West Ind 5s '17.MAS
Erie RR 5BjS 1917___ A-O
General Rubber 5s 1918 JAD
Hocking Valley 5s 1917.M-N
Int Harv 5s Feb 15 '18.F-A
K C R ys5K s 1918___ JAJ
MorganAWrlght 5s Dec.1.18
New Eng Nav 6s 1917.M-N
N Y N U A I I 4H9 May 1917
Penn Co 4Ks 1921..JAD15
Pub Ser Corp N J 5s T9 MAS
Rem Ams U.M.C.5 b' 19FAA
Southern Ry 5s 1917..M-S2
United Fruit 5s 1918.. M-N
UtahSecurCorp 6s'22 M-S15
Winches RepArms5s'18M&S
New York City Notes—
6s Sept 1 1917......................
Canadian Govt. Notes—
•5s Aug l 1917................ FAA

10Gl2 10C*4
106*8 101
_________
10018 100*8
loei 2166*4
101 (91013a
~~
99*8 997g
11 0*4 101
100*8 10C*8
10012 100*4
1013s 101*4 ■
10012 100*4
100 lOOT
100U
100U
100*4 101
10014 100*4
90 1 91
100*8 100**
1007g IOUs
9434 951*
9734 98>8

102*810212
Ordnance Stocks — Per S la r i.
100*s 100*8
Aetna Explosives pref._.100 62
65
Amer A British M fg___ loo 10
20
Preferred.................... 100 20 40
Atlas Powder com m on..100 178 183
Preferred.................... 100 88 100
Public Utilities—
Babcock A Wilcox___
100 126 127
Bliss (E W) Co common. 50 *650 675 Am Gas A Elec com_____ 50 *154 156
Preferred.........................60 *75
85
Preferred....................... 501 *49i2 50l2
Canada Fdys A Forgings 100 192 198 Am Lt A Trac common. .100 378 380
Preferred....................... 100 90 100
Preferred....................... 100 110 112
Canadian Car A F d ry ... 100 40
50 Amer Power A Lt com__ 100' 70
71
Preferred...................... 100 68
75
Preferred...................... 100 84
85
Canadian Explosives comlOO 380 460 Amer Public Utilities comlOO 40 43
Preferred...................... 100 ICO 110
Preferred____________ 100 72
75
Carbon Steel common__ 100 85
87i2 Cities Service Co com___ 100 292 295
1st preferred_________ 100 85
88
Preferred..
100 86 U 8714
2d preferred......... ...1 0 0
67 70 Com'w’lth Pow Ry A L..100. 62
63
Colt’s Patent Fire Arms
Preferred____________ 100 84
85
M fg............................ 100£870 895
Dayton Pow A Lt pref__ 100 95i2 96l2
Crocker-Wheeler Co com .100 95 100 Elec Bond A Share pref.. 100 100U 103
duPont (E I) do Nemours
Federal Light A TractlonlOO
10 I 12
A Co, common______ 100 298 302
Preferred_______
100
44 |46l2
Debenture stock___ 100 100 104
Great West Pow 5s 1946.JAJ 89l2' 9ul2
Electric Boat................... 100 390 400 Indiana Lighting C o____100 85
Preferred.....................10 0 390 400 • 4s 1958
..............F'-A 7812 S0l2
Hercules Powder com__ 100£317 323
North’n States Pow com . 100 99 102
Preferred..................... 100 112 116
Preferred...... ................ 100: 96 I 97i2
Ilopklns A Allen Arm s.. 100 15 20
1st A ref 5s 1941___ AAO 95*4' 90l2
Preferred...................... 100 45
55 Pacific Gas A Elec c o m .. 100 58i2 59U
International Arms_____ 25 *2J
25
1st preferred.................100 90
92
Lake Torpedo Boat co m .. 10 *7
9 Republic Ry A Light____100, 38
39
Midvale Steel A Ordnance 50 *71
72
Preferred____________ 100 74 76
Niles-Bemcnt-Pond com . 100 167 170 South Calif Edison co m .. 100, 90 93
Preferred................. ..100 105 110
Preferred.......................100 105 108
Scovlll M fg.................... 100 595 605 Southwest Pow A L pref. 100 9712 100
Submarine B o a t...(n o par.) *39 3912 Standard Gas A El (Del). 50' *15
17
Winchester Repeat Arms 100.1375 1400
Preferred...................
50*42
44
Tennessee Ry L A P comlOO' 10
11
Preferred____________ 100| 48
50
RR. Equipments— PerCt Basil
United Gas A Elec Corp. 100, 14
17
Bid. A ik .
1st preferred_________ 100| 72
75
Baltimore A Ohio 4 K s .._ .. 4.45 4.30
2d preferred_________ 100 15
18
Buff Roch A Pittsburgh 4Ks 4A5 4 35 United Lt A Rys com__ 100 £51
53
4.45 4 35
Equipment 4s........ .
1st preferred_________ 100 £75
76i2
Canadian Pacific 4 K s ..
Western Power common.100 20 21
•80 4.
Caro Clinchf A Ohio 5s..
Preferred......................100 G9i2 71
Central of Georgia 5s___
.25 4.
Equipment 44jjs_________ 4.80 4.50
Chicago A Alton 4s________ 5.60 4.90
Chicago A Eastern 111 5J$s.. 5.751 5.25
Industrial
5.75 5.25
Equlpmcnt 4K s..........
and Miscellaneous
Chic Ind A Loulsv 44$s..
4.90 4.50
Chic St L A N O 5s........
4.70 4.40 American Brass________100 293 296
Chicago A N W 4>$s___
4.38 4.15 American Chicle com___100 71
74
Chicago R I A Pac 4Ms........ 5 25 4.75
Preferred............ ......... 100 SO
82
4.75! 4.45 Am Graphophone co m .. 100 180 188
Colorado A Southern 5s___
Erie 5s________________
4.80! 4.40
Preferred.......................100 178 183
4.80 4.40 American Hardware___ 100 131 134
Equipment 4 K »........ I
4 80 4.40 Amer Typefounders com. 100 42i2 45
Equipment 4s_______
4.75 4.40
Hocking Valley 4s_____
Preferred......................lo o 1 91
95
Equipment 5s________
4.75 4.40 Borden's Cond Milk com .100 111 113
Illinois Central 5s_______
4.45 4.25
Preferred.......................100 107i2 1091.
Equipment 4 bjs________
4.45 4.25 Celluloid Company____ 100 185 195
Kanawha A Michigan 4 H s .. 4.75 4.40 Havana Tobacco Co___ 100
*4 11.
Louisville A Nashville 5s___
4.35 4.1ol
Preferred____________ 100
2
3
Minn St P A S 3 M 4K s___
4.70 4.40
1st g 5s June 1 1922. .J - d ] /50
58
Missouri Kansas A Texas 5s. 5.65 5.00' Intercontincn Rub com ..100 17*4 18
Missouri Pacific 5s........ .
5.65 5 00 Internat Banking Co___ 100 160 163
Mobile A Ohio 5s............
4.75 4.50 International Salt_____ 100 41
43
Equipment 4 K s............ .
4.75 4 50
1st g 5s 1951.............A-O /75i 2 77l2
New York Central Lines 5s.. 4.65 4.35 International Silver pref. 100 96
99
Equipment 4t$s........ ....... 4.65 4.35 Lehigh Valley Coal Sales. 50 *84 88
N Y Ontario A West 4 H s ... 4 65 4.35 Otis Elevator com_____ 100 70
72
Norfolk A Western 4 K s___
4.38 4.15
Preferred.......................100 92
94
Equipment 4s.................... 4.38 4.15 Remington Typewriter—
Pennsylvania RR 44$s........ 4.35 4.15
Common...................... 100 1312 14i2
Equipment 4s.................... 4 35 4.15
1st preferred................. 100 73
St Louis Iron Mt A Sou 5s.. 5.40 4.951 2d preferred................. 100 38
40
St Louis A San Francisco 58. 5.40 4.95 Royal Baking Powd com . 100 150
.
Seaboard Air Line 5s............ 4 75 4 40
Preferred.......................100 10H2102i2
Equipment 4J^s................ 4 75 4.40
Southern Pacific Co 4 H s--- 4.45 4.25
Southern Railway 4 K s____
4 75 4.40
Toledo A Ohio Central 4s.
4 95 4.50

98
210
60
175

• Per share. 6 Basis, d Purchaser also pays accrued dividend.
Flat prico. nNomlnal. xEx-dividend. y Ex-rlghts.

« New Stock

m m t

a m i ^ a x lr ^ a x t % n U llx Q m tt.

RAILROAD

GROSS

EARNINGS.

T h o fo llo w in g ta b le sh o w s th e g ross e arn in gs o f e v e r y S T E A M ra ilro a d fro m w h ic h re g u la r w e o k ly or m o n t h ly rotu rn s
c a n b e o b ta in e d .
T h e first tw o c o lu m n s o f fig u res g iv e th e g ro ss e a rn in g s for th o la te s t w ee k or m o n t h , a n d th e la s t tw o
c o lu m n s th e e a rn in g s fo r th e p e rio d fr o m J u ly 1 to a n d in c lu d in g th e la te s t w ee k or m o n t h .
W e a d d a s u p p le m e n ta r y
s ta te m e n t to s h o w th e fisc a l y e a r to ta ls o f th o se r o a d s w h o se fisc a l y e a r d o e s n o t b e g in w ith J u ly , b u t c o v e rs s o m e o th e r
p e r io d .
T he returns o f the electric ra ilw a ys are brought together sepa ra tely o n a subsequent p a ge.
L a te s t G ro s s D a r n in g s .

L a te s t G ro s s E a r n in g s .

'J u ly 1 to L a te s t D a t e .

IJ u ly 1 to L a test D a te

R 0AD 3.

ROADS.
W e e k or
M o n th .

C u rr e n t
Y ear.

P r e v io u s
Y ear.

C u rr e n t
Y ear.

P r e v io u s
Y ear.

$
$
A la N O & Tex Pac
S
S
586,806
649,420
N O & N or E ast. A u g u s t __
333,322 293,652
290,761
251,544
A la & V icksburg- A u g u s t ___j 147,536; 127,507
275.287
240,006
118,909
Vicks Shrev & P . A u g u s t ___| 145,165
485.318
393,758
65,390
A nn A rb or_________4th wk Aug
88,205;
_____ 11704821 10422341 11,704,821 10,422,341
A tch T o p & S Fo___" July
'
450,080
526,145
Atlanta Birm & At! 4th wk Aug
91,006
71,699
107,298!
93,566 1,367,285 1.185.337
Atlanta Sc West P t. J u n e _____
A tlantic Coast Line J u l y _____ 2,607,180 2,177,387 2,607,180 2,177,387
128,169
116,593
116,593
128.169
Chariest & VV Car July .........
111.028
111,028
136.383
136,383
Lou Ilond & St L J u ly ............
aBaltlm oro & O h lo. J u l y .......... 10153913 8.670,752 10,153,913 8,670.752
147,767
123,206
128,206
147,767
B & O Ch T er R R J u ly ______
226,295
211.051
211,0 >1 226,295
Bangor & Aroostook J u ly ______
Bessemer Sc L E rie. J u l y _____ 1,292.953 1,265.306 1,292.958 1.265.806
68,499
87,874
68,499
87,874
Birmingham South- J u ly ............
Boston
M aine___ July _____ 4.719.795 4,099.2 i6 4.719.795 4.099.23 i
B u ff ltoch & Pittsb- 1st wk Sept 234,952 248,154 2,621,692 2,236,157
142.238
142.288
116,065
116.0 >5
B uffalo & Susq R R . Inly _____
Canadian N or S yst. 1st wk Sept 708,900 456,500 8,228,000 4,401,800
Canadian P a c ific .. 1st wk Sept 2,679,000 2,002,000 27,896,440 18,311,375
987,827
Central o f Georgia. July
1,119,170 987.827 1,119,170
Cent o f N ew Jersey J u l y _____ 2,975,906 2,608.058 2.975,906 2,603,058
364,141
486.046
486,016 364.141
Cent Now England. luly _____
320.602
301,552
361,552 320,602
Central V erm on t.. lu ly ______
Ches & Ohio Lines 1st wk Sept 754,712 807,415 8,951,074 8,423.590
Chicago Sc A lton ___ July .......... 1,485,433 1,188.357 1,485,433 1,188,357
Chic Burl Sc Oulnc fuly _____ 8,278,336 7,374,125 8,278,336 7,374,125
b Chicago & East 111 J u ly ............ 1,292,036 1,160,785 1.292.036 1,160,785
c C hic Great W e s t .. 1st wk Sept 310,838 275,227 3,030,679 2,625,120
162,206 1.612.036 1,361,391
168,698
C hic Ind Sc Louisv. 1st wk Sept
C hic Milw A Si P_\ luly ......... 9.236,38T 3.219.281 9.236,387 8,219,281
C hic Mil & Pug S(
rfOhie Sc N orth West Tuly ......... 8.223,362 7,218.689 8,223,362 7.218,639
127,413
127,413
148.595
Chic Poor & St L ___ J u ly ............
148.595
Chic R ock Isl & Pac J u ly ............ 6,381,385 5.438,427 6,381.385 5,438,427
228,561
272.595
Chic R t Sc G u lf. _ J u ly ............
272.595 228,561
dC hic St P M Sc Om July _____ 1,647,960 1,433.333 1,647,960 1,433.333
163,270
210,919
163,270
Chic Terre II Sc S E J u ly ............
210,919
933,890
920,751
Cin Ham & Dayton fu ly ............
933,890 920,751
121.017
127,642
131,91
C olorado M id lan d . Tuly _____
127,642
e C olorado & South. 1st wk Sept
295,475 272,220 2,921,055 2,638,181
23,002
11,109
C o r n w a ll____
fuly .........
11,109
23,001
40.628
40,623
57.246
Cornwall & Lebanon J u l y ..........
57,246
420.089
571,491
420,039
fuly .........
571,491
C uba R ailroad. .
Delaware & Hudson J u ly ............ 2,287,311 2,045,149 2,287,311 2,045,149
Del Lack Sc Wost
fuly _____ 4.507,804 3.337.0 7 4.507.804 3,367.072
D env & R io Gr.ande 1st wk Sept 536,300 545.000 4,987,317 4,773,700
702,452
773,102
Western P a cific. . J u ly ______ | 773,102 702,452
.348,018
372,004
62,900
65,334
Denver & Salt Lake 4th wk Aug
186,205
133,103
133,103
D etroit T ol & Iront J u ly ______ , 186,205
200,287
236,876
18,837
D etroit & M ackinac 1st wk Sept!f 21,565
117,444
105,897
105,897
D et & T o l Shore L J u ly ----------1 177,444
862,399
Dul Sc Iron R a n g e .. July _____ 1,035,129 862,399 1,035,12)
781,487
705,495
D ul Sou Shore & Atl 1st wk Sept
72,725
73,188
134,535 103.448 1,692,720 1.285,548
Duluth W inn & Pac J u n o _____
832.467
Elgin Joliet & East. July ......... 1,113.066 882,467 1.113,066
74 3.842
743,842 1.040,083
El Paso & Sou West July _____ 1,040.083
E r i e ________
July ......... 6,306,214 5,673.128 6.306,214 5.67.3.123
362,787
500.905
Florida East C oast. fuly _____
506,905 362,787
85,873
97.138
85,873
Fonda Johns Sc Glov J u l y ..........
97,138
205,778
280,989 205,778
230,989
Goorgia Railroad
July
655,544
449.017
77,362
55,911
Grand Trunk P a c. . 3d wk Aug'
Grand Trunk S yst. 4th wk Aug 1,952,163 1,535,213 11,067,737 9,083,827
Granil Trunk R y 4th wk Aug 1,586,196 1,225,511 8,817,803 7,258,559
223,781 1,670,271 1,303,034
271,161
Grand Trk W est. 4th wk Au
85.870
516,692
94,737
579,095
D et Gr H & M ilw 4th wk Au
Great N orth System A u g u s t ___ 7,914,121 6,162,627 15,533,367 12,020,751
140,022
140,022
156,178
G u lf & Ship Island. July
156,178
780,564
543.136
541,136
730.564
H ocking Valley____ July
Illinois Central____ A u g u s t ___ 6,389.780 5.521.843 12,232,272 10,403,609
659,699
854,971
659,699
Internat & Grt N or July
854,971
831.356
831.356
947.58!
Kansas C ity S ou th . July
947.581
201.944
154.095
Lehigh & Hurl Riv.|July
201,944
154,095
320,002
217,775
217,775 320.002
Lehigh Si New E n g .'J u ly
4,307,497 3,733.761 4.307,49
3,733,761
Lehigh V alley_____ July
137.144
136,869
137.144
136,839
Louisiana & A rk___July
163,644
169.239
16Q,239|
163,644
Louisiana Itv Sc Nav July
/L o u is v illo & N ashv 1st wk Sept 1,102,195 1,090,640 11,718,830 10,204,851
996.964
1,084.53" 996.964 1,084.537
M aine Central_____ July .
.34.568
36.432
34,568
36.482
M aryland .A Penna. July .
125,267
180,637
180,635
125.267
M idland V alley____ J u ly _______
201,222
211,287
21,545
M ineral R an ge____ 1st wk Sept
21,82
203.306 1,528.348 1,363.620
M lnneap & St Louis 3d wk Aug 245.271
M inn St P & S S M _ 4th wk Au:. 942,269 785.267 6,200,985 4,823,736
64.063
63,565
64.08.3
68,565
Mississippi C ontrol. July _____
572,885 6,983,737 5.743.432
718,561
g M o Kan & T exa s. 1st wk Sept
h Missouri P a c ific .. July ____ 5,570,674 4,763,299 5.570.674 4,763,299
912.303
N ashv Chatt Sc St L J u l y ____ 1,054.266 942.30.3 1,054,260
75,224
11.725
82,298
14,734
N evada-Cal-Oregon 4th wk Au
j New York Central July _____ 17127204 13947771 17,127,201 13,91/ .771
Boston & A lbany July _____ 1,834.625 1.535.298 1,834,625 1,535,298
489,379
644,40"
nLako Erio & W . July _____
644,407 489,379
M ichigan Central July _____ 3,857.971 3,049,543 3,857,971 3,049,543
Clove C C & St L July _____ 3.841,219 3,163,459 3.841,219 3,163,459
139,013
139,018
161,, 49
161,749
Cincinnati North. July _____
Pitts Sc Lake Erio July _____ 2.064,955 1,655.433 2,064,955 1.655.433
402.967
592.756
T ol & Ohio C en t. July _____
592.756 402,967
277,546
283.611
277.546
Kanawha & M ich July _____
283,641
T ot all tines above July _____ 30403527 24660H 4i30.403.527 24,660.414
140,970
150,831
140,9701 150,831
N ew Orl Great N o r. J u ly ______

W e ek o r
M o n th .

!
S
I
$
N O M ob ile Sc C h ic. J u l y ..........
145,704
139,596
N Y Chic & St Louis J u ly ......... .. 1,283,928 964,788
N Y N If & H a r t f - .l J u l y .......... 6,967,344 6.247,659
N Y Ont & Western J u l y .......... 987,743 961,572
N Y Susq Sc W e s t .. J u l y .......... 296,1441 317,790
396.045 332,445
N orfolk S ou th orn .. J u l y _____
N orfolk & W estern- J u l y _____ 4,845.121 4.467.345
Northern P acific___ 4 th wk Aug
Northwestern P a c. July
P acific Coast C o ___ June .
p Pennsylvania /i/t_
Balt Ches & A tl.
244,587
267,645
267.6 45: 244.587
Cumborland Vail.
1.630,636 1,553.353 1,660,636 1.553.353
Long island_____
106.120
105.126
105,126; 106.120
M ary V Del A Va
481.467
5 6 1.975
561,975 481.464
N Y Phila & N orf
2.282,598 1.904.087 2.232,598 1,904,687
Phil Balt A. Wash
895,105
985.206
985,206 895,105
W Jersey A Seash
6,860,075 5.640,021' 6.860.075 5,640,024
Pennsylvania C o___
45 4.957
500,534
500,534 454,957
Grand Rap & Ind
4,239,754 3,390,186 4,239,754 3.390,186
Pitts O C & St I.
921,255
1,064.764
1.064,764
921.255
V a n d a lia _______
T otal lines—
26067973 22400640 26.067,973 22,400,040
. io
East Pitts & Erie
12316186 10544483 12,816, IS8| 10,544.483
West Pitts & Erie
3888 4159 32945123 38,884.159 32,9 45,123
All East Sc W est.
442.605 415,903 4,135,984 ; 3,597,924
Pero M a rq u o tto .Rearling C o—
Phila Sc R eadingCoal & Iron C o - ­
T otal both co s ___
Itlrh Fred Sc Potom
R io Grande June___
12,665
106,233
103,846
R io Grande S outh. - 1st wk Sept
313,757
349.3 45
313,757
Rutland
116,155
177,760,
116,155
St Jos & Grand Isl.
185.945 2,608,446 2,292.561
St L Brownsv & M .
2,432,0 49 2,854,5231 2,432,049
St L Iron M tn A So
--------- 48,403.390 42,974.573
St Louis Sc San Fran J u n o _____
St Louis Southwost.
San l’ ed L A & S L .
Seaboard Air L in e ..
Southern P acific___
Southern R a ilw a y .M obile & O h i o . ..
Cin N O & T ex P .
Ala Great S outh.
Goorgia So Sc F la .
Virginia & Sou W
Spok Port & So ittle
Tonn Ala & Goorgia
Tonnesse) Central.
Texas & P acific____
T oledo Poor Sc Wost
T oledo St L Sc W est
T rinity Sc Brazos V
Union Pacific S yst.
V lrginlan_________
W a b a sh __________
Western M aryland
Western R y o f Ala
Wheel & Lake E rie.
Yazoo Sc Miss V ail.

V a r io u s F i s c a l Y e a r s .

$790,589
12,826,446
35.23/ ,163
289.906759
9,654.805
3,255,518
19,607,596
20,205,718
846,49,8
8,693,377
2 ,4 /5 ,0 3 0
1,603.364
156249868
6.616,493
2,320,820
10 49116 49
6 40.518
1.636,575
7,606.353
484,795
2,347.713
11.621,304
3.673,326
30.856.246
2.921,488
21.829.796
6.078,253
134672431
; 62,582,461
i 107234892

Buffalo & Susquehanna R R ____
D-jlawaro & H udson___________
E r ie ___________________________
Now York Central . j ___________
Boston Sc A lbany_________
Lake Erie Sc W estern .n_____
M ichigan C e n tra l________
Cleve Cine Cnic Sc St L o u is ..
Cincinnati N orthern_________
Pittsburgh & Lake Erio_____
T oled o Sc Ohio Central______
Kanawha & M ichigan_______
Total ail lines_____________
N ew Y ork Chicago Sc St Louis. .
N Y Susquehanna & Western___
p Pennsylvania R a ilr o a d _______
Baltimore Chosap Sc Atlantic
Cumberland Valley__________
Long Island_________________
Maryland Delaw & Virginia.
N Y Philadelphia & N orfolk .
Phila Baltimore Sc Washiug'n
Wost Jersey Sc Seashore-------Pennsylvania C o m p a n y ------------Grand Rapids & Indiana-----Pitts Cine C hic & St L o u is ..
V andalia_________________
T otal linos— East Pitts Sc Erie
— West Pitts & Erie
— All lines E & W .
R io Grando Junction___________
R u t la n d _______________________ Jan

AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
* W e e k ly S u m m a r ie s .

C u rr e n t
Y ear.

P r e v io u s
Y ear

In crea se or
D ecrea se.

* M o n t h ly S u m m a r ie s .

C u rr e n t
Y ea r.

P r e v io u s
Y ear.

In crea se or
D ecrea se.

I
| %

C u r . Y r . P r ev . Y r .
$
M il e a g e .
S
$
$
N ovom b er. .246.910 2 45.858 306 733,317 240, 422.695 + 66.310.622 27.58
woek Juno (37 r o a d s)____ 19,765,119 15.600.468 + 4,155 651 26.64
Decem bor . .248,437 247.673 295 202,018 232 763,070 +62,433.948; 20.82
week July (36 road s)____ 14.089.190 11,316.239 + 2,772 951 2 4.54
January__ .247,620 246.838 267 ,043,635 220 203.595 + 46,840.040 21.27
week July (36 roads)____ 14,903.388 11.775.212 + 3 .1 2 8 ,146 26.48
F e b ru a ry .. .245,541 2 44.809 267 ,579.814!209 573.963] +58,005,851 27.68
woek July (35 road s)____ 14,551,530 11,557,175 + 2,994 355 25.91
M a r c h ___ -247,363 246.548 290 ,830,406 238 098,843 + 58,731,563 20.47
week Juty (35 road s)____ 20,837,695 17,635.279 + 3.2 02 .416'18.16
A p r i l _____ .246,615 245,7731288 .453,700 237 512.643 + 50.941,052 21.45
week Aug (35 roads)____ 15.151,993 12,201,051 + 2,950 .942 24.19
M a y ______ .248,006 247.189 308 .029,096 244 ,580,685 +63.448,411 25.94
week Aug (33 roads)____ 15.698.481 12,415,730 + 3,282 ,751 26.44
Juno______ .226.752 225,803 285 .149.7461237 ,612,967 +47,536.779 20.01
week A ug. (.35 roads)____ 15,813,607 12,792.433 + 3,021 ,174 23.62
90.8.37 79 .888,291 65 ,082.233 + 14.806.053 22.76
J u l y ........... .. 92.611
week A ug (35 road s)____ 22,632.906 18,169,117 + 4,463 ,789 2 4.65
99.7691 85 ,956,786' 69 261.008 + 16,692,778 34.12
A
u g u st___ . . 92.655
+
1,412
,507
13.76
week Sept (25 road s)____ 11.675,1 tO 10,262.693
U l IILIUUUM V^lUVUldUU liUIdlfl oc >* iHPiuio ivjr. IS im.iuuto
‘ vnu
p uiviuuw
7 V. ,
, ' ,---- p
I Ia
M innesota <fc Pacific, d Includes not only operating revenue, but also all other receipts, e Does not Include earnings o fC o lo r a d o Spr ngs <& o r pnie
Creek District R y. / Includes Louisville Sc Atlantic and tho Frankfort & Cincinnati, g Includes the Texas Central and the W ichita Palls lines- '} Ineludes tho St. Louis Iron M ountain & Southern. 1 Includes tho Lake Shore & M ichigan Southern R y ., Chicago Indiana oc Southorn R R . ftn<l UuniarK
Allegheny Valley Sc Pittsburgh R R . n Includes tho Northern Ohio R R . p Includes tho N orthern Central. * W e no longer include tho M oxlcan roads
in any o f our totals.

4th
1st
2d
3d
4th
1st
2d
3d
4th
1st




Latest Gross Earnings by Weeks.—

IN D U S T B IA L C O M P A N IE S .
------- G ross E a r n in g s ------- ------- N e t E a r n in g s -------

In th e ta b le w hich

fo llo w s we s u m u p se p a ra te ly th e e arn in gs fo r th e firs t w eek
o f S e p te m b e r .

T h e ta b le co v e rs 2 o ro a d s a n d sh o w s 1 3 . 7 6 %

increase in the .aggregate o v e r th e sa m e w ee k la st y e a r .
191f

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

1916.

Alabam a Groat Southern______
B uffalo Ilochoster <& Pittsburgh
Canadian N orthern___________
Canadian P acific......... ............ ..
Chesapeako & O h io___________
C nicago Great W estern______
C hicago Ind & Louisville_____
Cine Now Oil & Texas PacificC olorado & Southern_________
D enver & Itio Grande_______
D etroit & M a ck in a c__________
Duluth South Shore & Atlantic
Georgia Southern & Florida___
Louisville & N ashville________
M ineral Uango_________________
M inneapolis St. I’ & S S M .........
Missouri Kansas & T exas______
M obile & O h io_________________
Pero M arquette________________
B io Grando Southern__________
St Louis Southwestern________
Southern K ailw ay_____ ________
Texas & P a cific________________
T oledo St Louts & W estern____
W estern M arylan d____________

93,707
234,952
708,900
2,679,000
754,712
310,838
168,698
202,733
295,475
536,300
21,565
73,188
47,214
1,102,195
21,821
628,583
718,561
192,642
442,605
13,480
280,000
1,411,656
380,122
110.752
245,411

In crea se. D ecrea se.

$
9,623
456,500

252,400
677,000

275,227
162,206
172,531

35,611
6,492
30,202
23,255

72,72(
46,741
1,090,640
21,545
617,581
572,885
227,801
415,903
12,665
204,000
1,276.324
336,527
108,081
215,011

T otal (25 r o a d s )____
N et increase (1 3 .7 0 % ).

■S
13,202
52,703

2,728
463
473
11,555
276

1915.

Previously reported (19 roads). 15,771,571

35,159

26,702
815
76,000
135,332
43,595
2,671
30,400

109,764

A n n A rb or____________________

88,205

Increase. D e c r e a s e .

Nevada-California-Oregon_____
N orth ern P a cific______________

Pore Marquette..........................

St Louis Southwestern________

Tennessee Alabama & Georgia.

14,734
2,107,000
625,094
374,000
3,577

11,725
2,020,000
513,333
263,000
2,452

2,434

416.950

2,434

Net Earnings Monthly to Latest Dates.— T h o

ta b le

fo llo w in g sh o w s th e gross a n d n e t e a rn in g s w ith c h a rg es an d
ra ilro a d s a n d

in d u stria l co m p a n ie s re­

------- G ro ss E a r n in g s ----C u rr e n t
Y ear.

R oads.

------- N e t E a r n in g s -----

P r e v io u s
Y ear.

_

_
_

G ro ss
E a r n in g s .

B io Grando June.Juno
7 mos
Gross
E arnings.

Bio C.rando Southern—
Juno '16
50,120
'15
40,912
12 mos '10 502,022
655,899
i...
'15
July ’10
42,945
•«* '15
45,343

N et, after
Taxes, <tc.

tn

r ;v




E a r n in g s .

Other
In com e.

S
17,294
15,610
135,263
148,351
11,118
0,703

ps f N et *4
ifGross
r E arnings. Earnings.
S
S
*’'',cdo Peoria k Western
101,505
13,954
Aug '10
110,018
21,500
'15
190,731
20,019
mos '10
202,044
[18,703
a v is

“

30% o f G ro ss

$
87,602
7 1,027
523,924
462,775

592
071
3,353
3,224
563
506
Other
In com e.

S

12,000

2,037
24,000
6,571

8
26,281
21,308
157,177
138,832
Gross
In com e.

S
17,880
10,287
138,010
151,575
11,0,81
7,329
Total
In com e.

S
25,954
23,597
50,019
24,274

C u rren t
Y ear.
$

P r e v io u s
Y ea r.

8
2,881,217 2,184,966
40,645,732 30.683,694
2,905,334 2,313,688
243,824
182,859
230,730
178,021
2,583,695 1,881,644
244,007
169,839
1,875,137 ' 903,048
82,119
34,758
713,840
832,622
4,919,205 4,455,054

.

$
$
C hic Burl & Q u in cy .b ._J u n e 8,283,114 7,260,412
July 1 to June 30.
...1 0 2 ,3 5 8 ,8 9 3 91,125,061
July . .
..
8,278,336 7,374,125
C hicago & E ast 1 1 1 .b ...J u ly 1,292,036 1,160,785
Chicago Ind & L o u _ b ..J u n o
669,609
553,408
July 1 to Juno 30 ......... 7,094,734 6,559,665
July
680,553
568,140
C hic B ock Isl& P a c-b -_ J u ly 6,381,385 5,438,427
C hic B ock Isl & G .b .J u l y
272,595
228,561
Delaware & llu d s o n .b -J u ly 2,287,311 2,045,149
__
Jan 1 to July 3 1 ........... 15,257,914 12,826,446
Denver & B io Grando—
Western P a c lflc .b — July
773,102
702,452
Grand Trunk o f Canada—
Grand Trunk B y --------July 4,196,869 3,612,069
Jan 1 to July 3 1 ----------25,243,263 22,105,255
Grand Trunk Western July
831,198
636,051
Jan 1 to July 3 1 5,425.417
4,112,190
D ot Gr IIa v & M ilw ..J u ly
288,970
249,065
Jan 1 to July 3 1 1,919,001
1,451,332
Great N orthern S y s t.b .J u ly 7,619,246 5,858,124
Internal Sc G t N o r .b ___July
854,971
659,699
M inn St P & S S M .a .- J u ly 2,088,995 1,449,799
Chicago D iv is lo n .a .-J u ly 1,112,687
938,390
N Y C hic & St L o u is .a ..J u ly 1,283,928
964,788
8,807,866
6,646,493
Jan 1 to July 3 1
Northern P a c ific .b ______July 6.732,286 5,349,784
520,569
597,220
P acific C oast......... .......... Juno
July 1 to June 3 0 7,212,557
6,284,493
Texas & P a c ific .b .............July 1,607,780 1,472,559

341,808

281,277

1,274,996
6,937,897
240.405
1,405,929
54,261
156,944
3,553,370
225,224
956.405
454,702
406,710
2,384,115
2,807,343
dcf.314
978,467
537,184

1,104,182
6,125,192
123,609
219,479
60,831
dof36,984
2,735,355
53,158
423,184
326,256
194,450
949,573
1,795,350
115,038
680,421
400,957

F ix e d
C h a r g e s.

B a la n c e ,
S u r p lu s .

$
8,333
8,33.3
58.333
58.333
Fixed
Charges.

$
17,090
17,408
202,505
200,430
10.130
17,342
Charges

<£• T axes.
S

P r e v io u s
Y ear.
$

F i x e d C h g s.
A T a xes.

162,682
140,214
908,681
739,332

K eystone Telephone A ug ’ 16
’ 15
8 m os T 6
’ 15
W est Penn Power and sub
c o s _____________ July '16
228.813
7 mos '16 1,634,028

B a la n c e ,
S u r p lu s .

76,015
77,293
493,600
540,680

N e t a fte r
T a xes.

•S
122,473
114,330
963,215
899,154

66,636
472.157
120,341
775.141
376,152
3.585.746
155,679
1,260.988
1.204.492
8,330,052
86,667
62,921
415,081
198.652

F ix e d
C h a r g e s.
$

B a la n c e ,
S u r p lu s .

8

S
57,452
57.184
476,960
451,962

27,453
26.869
219.623
212,473

29,999
30,315
257,337
239,489

88,725
757,314

38.344
264,920

50,381
492,395

a N ot earnings here given are after deducting taxes,
b N et earnings here given are before deducting taxes.
E X P R E S S C O M P A N IE S .
C a n a d ia n E x p r e s s C o .—
T otal from transportation
Express privileges— D r . ____

----- M o n t h o f
1916.
j
376,244
179,802

M a y ----- •— J u ly 1 to M a y 31—
1915.
1915-16.
1914-15.
§
273,231
3,548.349 2,844,241
127.623
1,813.164 1.417.936

Rovenue .rom transport 'n ..
Operations other than trans..

196,441
21,773

145,608
5,125

1,735,185
85,623

1.426,304
55,119

T otal operating revenues.

218,214
167,624

150,735
127,533

1.820,809
1,531,096

1.481,424
1.411,289

N et operating revenue____
U ncollectible rev. .rom trans.
Express taxes______________

50,590
43
4,200

23,199
4,000

6

289,712
498
46,200

70,135
qc:
44,000

Operating incom e_________

46,347

19,193

243,013

26,040

----- M o n t h o f M a y ----- — J u ly 1 to M a y 31------1915.
1916.
1915.
G rea t N o r th e r n E x p . C o .—
§
s
s
s
T otal from transportation___
293,495
263.126 3,079,990 2,839,093
Express privileges— D r _____
178,982
159,676 1,878,430 1,731,170

7,327
157,002
3,009
87,000
111,761
111,000
1,125

T otal (35 r o a d s ).................. . 22,632,906 18,169,117 4,466.223
Net Increase (24.65% )...............I ________
________ 4,463,789

su rp lu s o f S T E A M
p o r te d th is w e e k :

C u rr e n t
Y ear.

N et
E a r n in g s .

G ro ss
E a r n in g s .

•8
8
12,317,602 3,423,969
22,815
65,390
71,699
19,307
357,540
72,984
65,334
31,974
103,067

Atlanta Birmingham & Atlic__
91.008
Chicago Great Western_______
430,524
Denver & Salt Lake__________
62,900
Duluth South Shore & Atlantic.
135,04
Grand Trunk of Canada—
1
Grand Trunk W este rn .......... !• 1,952,163 1,535,213
Dot Grand Ilavon & Milw. j
Canada Atlantic__________ I
27,495
34,822
Mineral Bange__________ _____
942,269
Minneapolis St Paul & S S M__
785,267

New Y ork D ock C o July '16
302,464
’ 15
246,150
7 m os T 6 1,922,198
’ 15 1,566,410

11,002

145,676

F o r th e fo u r th w eek o f A u g u s t ou r fin a l s ta te m e n t c o v e rs
3 5 ro a d s a n d sh o w s 2 4 . 6 5 % in crease in th e a g g re g a te o v e r
th o sa m e w e e k la s t y e a r :
1916.

P r e v io u s
Y ear.

•?
8
$
Iowa T elephone_______ Julyr 274,563
242.737
71,769
Jan 1 to July 31______ . 1,863,090 1,641,271
488.956
Ohio State Telephone. .July
296,575
267,677
95,084
2,011,363 1.788,263
618,238
P acific Tel & T e l .a ____Julyr 1,709,2
1,709,272 1,618,871
377,868
Jan 1 to July 3 1 ______ .11,459,500
"
10,917.519 2.592.257
Southern Bell Tel & T elbJulyr 584,174
535,623
176,565
4,128,417 3,811.824 1.270,659
- 5,004,401 4.250,950 1,349,223
.33,536,424 28,077,133 10,110,590
G ro ss
E a r n in g s .

8,700

1,522,271
1,412.507

F o u rth iveek o f A u g u s t.

C u rr e n t
Y ear.

C o m p a n ie s .

17,948
12,975
98,844
80,499
Balance,
Surplus.
i

790
d e fl ,211
dcfG3,889
(lefts,8.55
def4,455
defl0,013
Balance,
Surplus.
$

20.720
def772
25,431
def 1,834
53,403
def2,844
51.130 def26,862

Rovsnuo from transport’n ___.
Oper. other than transport’n..

114,513
5,507

103,449
4,859

1,201,560
53,569

1,107,923
47,848

T otal operating revenues..
Operating e x p e n se s ........... ...

120,020

108,309
86,132

1,255,129
969,522

1,155,772
972,476

N ot operating revenue____.
U ncolloctiblo rev. from trans..
Express taxes_______________

28,342
3,588

3

22,176
15
3,443

285,607
205
41,027

183,295
103
41,446

24,749

18,717

244,374

141,745

Operating incom e.

91,678

■------ M o n t h o f M a y ------- — J u ly 1 to M a y 31—
1916.
1915.
1916.
1915.
S o u th ern E x p r e s s C o .—
S
S
S
$
T otal from transportation. 1,460,245 1,273,385 15,143,364 12,964.423
Express privileges— D r ____
759,361
664.328 7,791,913 6,701,404

Rqvenuofrom transport’n.
Oper'ns other than transp’n.

700,884
32,958

609,056
25,130

7,351.451
322,654

6.263.019
277,985

Total operating revenues.
Operating expenses________

733,842
574,565

634,187
526,435

7,674.106
6,068,224

6,541,004
5,787,900

N et operating revenuo____
U ncollectible rev. from trans.
Express taxes_______________

159,277
92
15,456

107.751

1,605,881
1,035
158,528

753,103
594
160,035

143,729

93.537

Operating incom e_________

66

14,147

- M o n th o f M a y -----

1,446.318

1 to

592.473

Total from transportation__ 4,216,801
Express privileges— Dr_____ 2,159,329

30----1915-16.
1914-15.
S
S
3,476,102 41,374,393 34,966,740
1,778,131 21,337,970 17,891,945

Revenue from transport’n. 2,057,471
Oper. other than transport’n..
95,554

1,697,970 20,036,422 17,074,794
68,692 1.037,222
660.966

Total operating revenues. 2,153,026
General___________________
112,899

1,766,663 21,073,644 17,. 35,760
93,381 1.175,372 1.030,909

Operating expenses______ 1,787,048

1.501,777 18,022,952 16.304,982

1916.

IV eils, F a rg o & C o .—

S

— J u ly

1915.

M ay

Net operating revenue___
Uncollectible rev. from trans.
Express taxes_____________

365,977
1,228
34,149

264.885
559
31,563

3,050,691
12,259
366,183

1,430,778
9,557
382.579

Operating income________

330.600

232,762

2,672,248

1.038,642

ELECTRIC RAILWAY AND TRACTION COMPANIES
L a te s t G ro s s E a r n in g s .
N am e o f
R oad.

W e ek o r
M o n th .

C u rren t
Y ea r.

P r e v io u s
Y ear.

Jan.

1 to la test d a te .

C u rr e n t
Y ear.

$
8
$
Atlantic Shore R y ___ J u ly ______
44,761
44,197
190.682
cAur Elgin & C hic R y July -------- 209,030 187.48S 1,155,862
Bangor B y & Electric J u l y .........
72,642
68,146
456.137
Baton Rouge Elec Co J u l y _____
16,016
17.421
119,661
B e ltL R y C o rp (N Y C ) M a y _____
70.817
66,737
322,411
Berkshire Street B y . July _____
97,834
91.244
550,054
Brazilian T rac. L & P J u l y _____ J'7195000 16703000 /4 7 145,000
Brock k Plym St R y . J u l y _____
15,256
15,346
66,923
Bklyn Bap Tran Syst M a y _____ 2571,180 2343,921 11,588,014
Capo Breton Elec Co July _____
32,859
212,942
31.320
Chattanooga B y & Lt J u l y _____ 102.884
90.1 16
707,010
Clove Palnosv & East J u ly ______
50,976
231.593
46.154
Clovo Southw & C o l. July _____ 118,010 113,040
755,055
J
u
l
y
_____
Colum bus (Ga) El Co
70.246
57.365
473.077
Colum (O) B y, P Sc L J u l y _____ 287.223 239,594 1.996,481
g C om w ’tn P, B y & L J u l y ......... 1379.381 1182.519 9,467,214
Connecticut C o _____ July ......... 932,506 806,432 5.428,057
Consum Pow (M ich ). July _____ 363.295 305.310 2,622,193
Clim b C o (M e) P k I, Jtllv _
264.023 262 n«n 1 562.731

P r e v io u s
Y ear.

8

192.026
1,072,711
439.583
105,296
313,057
518,417
/44387.110
63.3.39
10.711.364
186,917
599,233
236,092
696,182
398.658
1,754,967
8,020,713
4,574,916
2.126.069
1 437 31Q

L a te s t G ro s s E a r n in g s .
N am e of
R oad.

Dallas Electric C orp .
D etroit United Lines
D D E B & B att(Ree)
Duluth-Superior Trac
East St Louis & Sub
Eastern Texas E le c ..
ffEl Paso Electric C o .
42d St M & St N Avo
G a lv-llo u s Elec C o . .
g Georgia R y & P ow .
Grand Rapids R y Co
Harrisburg Railways.
H avana El R y L & 1*.
H onolulu R T & Land
H oughton C o T r C o .
b Hudson & M a n h at.
Illinois T r a c t io n ___
Interboro R ap Tran
Jacksonville T rac C o
Keokuk E lectric____
K ey W est E lectric___
Lake Shore Elec R y .
Lehigh Valley Transit
Lowist Aug & W aterv
Long Island E lectric.
Louisville R ailw ay. .
M ilw El R y & L t C o .
M llw L t, H t & T r Co
N ashville R y & Light
N ew pN & H R y,G & E
N Y C ity Interboro.
N Y & Long Island.
N Y & N orth Shoro.
N Y & Queens C o ___
N ew York R ailw ays.
N Y & Stamford R y .
N Y State R ailw ays.
N Y W estches
B os.
N ortham pton T r a c ..
N or Ohio T rac & I.t.
N orth Texas Electric
Ocean Electric (L 1)
pPaducah T r & Lt Co
Pensacola Electric Co
Phila Rapid Transit.
Phlla Sc Western R y .
P ort(O re)R v ,L& PC o
g Puget Sd T r, L & P
g R epublic R y & L t . .
R h ooo Island C o ____
R ichm ond Lt & R R .
St Jos R y, L1I & I’ Co
Santiago Elec Lt & Tr
Savannah Electric Co
Second Avenue (R ec)
Southern B oulevard.
Staten Isl’d Midland
Tam pa Electric C o . .
T hird A venue. .
T w in C ity Rap T ra n .
Union R y C o o f N YC
Virginia R y & P ow er.
W ash Balt & Annap.
W estchester Electric.
W estchester St R R . .
g W est Penn T rac Co
Yonkers R a ilro a d ..
Y ork R ailw ays_____
Youngstown A Ohio
Youngstow n & South

W e ek or
M o n th .

C u rren t
Y ear.

J u l y _____
J u l y ..........
M a y _____
J u l y _____
July _____
July _____
J u n o _____
M a y _____
July _____
J u ly ______
July _____
J u n o _____
July _____
July .........
J u l y _____
July _____
July _____
M a y _____
J u l y ..........
J u l y .........
July _____
July _____
J u n e _____
July . . . .
M a y _____
J u n e _____
July .........
July _____
J u l y _____
July .........
M a y _____
M a y _____
M a y _____
M a y _____
M a y ____:.
July .........
J u ly ............
July _____
J u n e _____
J u l y _____
J u l y .........
M a y _____
July _____
July _____
J u ly ......... .
J u n o _____
J u l y ..........
J u n e _____
J u l y ..........
July .........
M a y _____
July .........
M a y _____
July .........
M a y _____
M a y _____
M a y _____
July _____
M a y _____
4th wk Aug
M a y _____
July . _
Inly .........
M a y _____
J u l y _____
J u l y .........
M a y _____
J u ly ______
J u l y _____
M a y _____

$
144.236
1445,018
44,221
125,552
258,367
72,309
83,158
178.864
172.936
552,718
113,948
97.588
492.520
54.064
31,808
449.095
950,300
3231.00S
50,981
20,224
9,517
164.595
206,616
83.75!'
22,074
261,179
541,177
190,412
199,013
100,82'
66,278
37.912
15,214
136,677
1192,036
44.931
713.037
50,044
16.319
481.143
155,967
10,564
26,379
20.964
2214.928
45,420
448.219
632,891
326,707
569,275
34,314
110,725
43,540
69.445
79,548
20,143
28,553
74,626
348.111
270,829
274,516
497,406
79,977
50,236
23,125
536,889
72,122
79,516
32,252
16,390

P r e v io u s
Y ear.

Jan.

1 to la test d a te .

C u rren t
Y ear.

P r e v io u s
Y ear.

$
$
$
144,101 1,090,282 1,017,501
1205,881 8,976.256 7,282,569
41,201
204,504
197,376
97,203
777,245
652,263
200,599 1,668,150 1,374,5.86
65,068
461,375
.386,587
72,931
535,906
471,224
172.795
808,504
798,116
174,093 1,097,869 1,131,721
513,818 3,978.143 3,671,652
753,087
105,596
666.317
546,634
76,684
456,453
448,505 3,386,516 3,199,879
375,077
49.531
3.37,549
188,336
154,994
26,177
427,915 3,410.309 3,196,537
861,295 6.804.540 6,153,485
2904.773 16,100,717 14.473,595
367,301
50,097
362,804
137.925
131,703
18,687
66,190
9,323
65.392
136.446
886,910
761,570
167.643 1.166.959
927,263
75,376
440,553
406,272
86,252
22,839
86,974
249,537 1.522,146 1,457,739
447,692 3,974,633 3,373,442
1 11,904 1,013,017
820.287
166,927 1,353.672 1,213,93.3
00.112
577.751
498.71 l
305.310
62.244
282,011
156,669
160,918
39.643
62,922
15,413
62,138
127,162
577,098
529,704
1138.652 5.597.572 5,454.164
213.182
211,058
49,783
614,755 4,832,292 4,163,993
42.611
306.232
267 ,372
15.054
97.611
81.659
371,736 2,860,643 2,128,388
151,850 1,062,120
939,262
10,752
34,641
33,868
2.3,196
177,963
162.452
162,346
21.940
144,116
1939.905 15.637,297 13,838,386
40,234
241,275
214,215
467,946 .3,130,195 3.204.301
592.737 3,844.945 3.694,067
250,907 2,260.626 1,707,826
472,148 3,297.887 2,768,268
147,022
32,963
138,736
778.863
724,126
101.463
189.376
40,463
221,845
461.116
67,285
458,599
331,750
329,565
76.617
92,060
20,233
88,708
115,503
108,769
28,766
569.099
78,979
558.925
325,135 1.688.054 1,555,073
252,275 6,730,006 6,188,130
247,902 1,176,362 1,079.814
448,857 3,356.597 2,925,773
71.966
499,789
461.026
220,703
220,709
50,128
26.016
141,659
142.362
430,390 3,493,929 2,818,052
67,465
317,589
293.296
453.436
72.536
549,503
190,696
24,407
163.343
74,753
63.961
14.261

b Represents Income from all sources,
c These figures are for consoli­
dated com p any. / Earnings now given in milreis. g Includes constituent
com panies.

Electric Railway Net Earnings.— T h e fo llo w in g ta b lo
g iv e s th e re tu rn s o f E L E C T R I C r a ilw a y g ro ss ancl n e t
e a rn in g s w ith c h a rg es a n d su rp lu s re p o r te d th is w e e k :
G ro ss
E a r n in g s .

Aurora Elgin & C h .J u ly T 6
209,030
’ 15
187,488
P acific Gas & E lec. July ’ 16 1,424,228
’ 15 1,482,706
7 m os ’ 16 10,765,729
*15 10,686,205
W Penn T r & subs.Ju ly T 6
536,889
’ 15
430,390
7 m os '16 3,493,929
T 5 2,818,052

2 A fter

N e t , a ft e r
T a xes.

S
79,595
66,763
606.875
602,545
4,522,017
4,606,700
247,862
225,907
1,708,421
1,375,930

F ix e d
C h a r g e s.

B a la n c e ,
S u r p lu s .

$
36,118
43,477
30,233
36,530
2310,460
338,188
2307,913
330,058
2,366,798 z 2 ,431,465
2,440,220 22,383,777
173,052
74,810
153,380
72,527
1,183,530
524,891
1,060,549
315,381

allowing for other incom o received.

ANNUAL REPORTS
Annual Reports.— A n in d ox to a n n u a l re p o r ts o f ste a m
r a ilr o a d s , str e e t r a ilw a y s a n d m isc e lla n e o u s c o m p a n ie s w h ich
h a v o b e e n p u b lish e d d u rin g th e p re ce d in g m o n th w ill bo
g iv e n on th e la s t S a tu r d a y o f e a c h m o n t h .
T h is in d ox w ill
not in clu d e re p o r ts in th o issue o f th e “ C h r o n ic lo ” in w h ich
it is p u b lish e d .
T h e la te s t in d o x w ill b e fo u n d in th o issue
of A u g. 26.
T h e n e x t w ill a p p e a r in th a t o f S o p t. 3 0 .
Denver & Rio Grande Railroad.
( 3 0 th

Annual Report— Year ending June

30

1 9 1 6 .)

T h o a n n u a l re p o rt fo r th e y e a r e n d in g J u n e 3 0 1 9 1 6 has
b e e n issued in p a m p h le t f o r m .
T h e r e m a r k s o f P re sid e n t
H . U . M u d g o w ill bo fo u n d a t le n g th , to g e th e r w ith v a lu a b le
ta b le s , o n su b se q u e n t p a g e s o f th is issu e .
S T A T IS T IC S .

1915-16.
2,572

1914-15.
2,571

1913-14.
2,583

1912-13.
2,555

Average miles operated.
E q u ip m e n t —
L ocom . (stan.&nar. gauge)
581
617
617
616
F r’t cars d o
do
16,060
18,370
16,431
17,936
Bass, cars d o
do
442
444
446
446
O p e ra tio n s —•
R ov. pass, carried (N o.)
1,523,360
1,537,543
1,820,715
1,843,634
R ev. pass, carr’d 1 m ilo.301,018,178 230,251,727 248.876,693 261,421,816
R ato per pass, per m ile.
1.58 cts.
1.93 cts.
2.03 cts.
2.04 cts.
R ev. fr ’t carried (ton s). 12,639,069 10,103,382 11,230,397 11,571,318
R o v .fr’t c a r r .l m .(ton s). 1676698744 1341731435 1420196751 1514612213
R ate per ton per m ile___
1.19 cts.
1.09 cts.
1.20 cts.
1.19 cts.
A v.rov.train load (tons).
472
383
337
305
Earns, per fr ’t train miie
$4.53
$5.16
$4.54
$3.64
Earns, per pass. tr. mile.
$1.48
$1.53
$1.49
$1.54
Earns, per milo o f roa d .
$9,133
$9,676
$8,487
$9,571




I N C O M E A C C O U N T (S ee fu r th e r d e ta ils f o r la st 2 y e a r s o n a s u b s e q u e n t p a g e ) .
O p e ra tin g R ev en u e —
1915-16.
1914-15.
1913-14.

Freight________________________
_
_
_ $15,911,102 $17,058,445
$18,314,342
Passenger......................................... .........* 4,764,729
4.764,729
4,449,044
5,077,408
Express, m ail, & c_____________
. 1,237,071
981,324
915,398
Incidental, & c_________________
.
573,942
481,766
542,390

.$24,890,084 $21,823,236 $23,593,641
O p e ra tin g E x p e n s e s —
Maintenance o f way and structures . $2,536,790
__
$2,541,540 $3,406,852
M aintenance o f equipment__________. 4,189,310
4,318,512
3,992,351
T ra ffic expenses____________________ .
487,024
477,425
497,431
Transportation expenses____________ . 6,500,567
6,290,955
7,311,844
General expenses______________
.
605,733
651,215
585,069
Miscellaneous operations______
401,182
345,487
419,987
Transportation for investm ent______.......................
0 .9 ,3 0 2
Cr.0<),320
T otal operating expenses____
.$14,739,410 $14,289,671 $16,460,569
Per cent o f expenses to earnings____.
(59.22).
(69.77)
(65.48)
N et operating rovenue_______________.$10,150,674
$10,150,674 $7,533,565 $7,133,072
Taxes accrued_________________
. 1,091,461
1,009,143
1,020,606
U ncollectibles_________________
.
1,507
1,352
365
Other incom e_____________

. $9,057,705
. 1.027,731

$6,511,607
1,241,181

$6,123,564
1,262,934

Hire o f equipm ent____________
R e n t....... ..............
Interest, & c___________________

.$10,085,437
(a)
$587,206
. 5,682,143

$7,752,788
$126,328
511,157
5,696,574

$7,386,498
(a)
$360,088
5,626,035

N et in c o m o _______________________. $3,816,088
___________
Sinking and renewal fun ds__________.
$287,398
A dditions and betterm ents__________. 2,300,000

$1,418,730
$273,045
211.045

$1,400,375
$263,889
80,927

Balanco, surplus.................................... $1,228,690

$934,640

$1,055,559

a T he item “ hire o f equipm ent” in those yoars appears as a credit and
is included in “ other incom o.”
N o t e . — As for the general com parative balance sheets as o f June 30 1916
and Juno 30 1915, see tables on a subsequent page.— V . 103, p. 493, 239.

Cripple Creek Central Ry.
(12th Annual Report,

Year ended June

30

1 9 1 6 .)

P r e s . A . E . C a r lto n , A u g . 3 0 , w ro to in s u b s ta n c e :
W o have maintained regular annual dividends o f 4 % on both the prof,
and com m on stock, and in addition paid from surplus an extra dividend o f
$10 per share, or $250,000 on the com m on stock.
W e have laid 10,276 yards o f now 75-lb. steol rail in the main lino,
applied 37,020 native cross ties, 16,466 zinc treated oak tios and 40 sots
o f switch ties at a total cose for labor and material o f approxim ately $67,000,
all o f which was charged to operating expenses.
In 1915-16 315 box cars havo been rebuilt, overhauled or converted into
coal cars, entailing a charge to operating exponses o f about $42,000.
During the year wo acquired 11 standard-gauge dum p cars at the nominal
cost o f $2,087, charged to bottermonts and im provem ents, to cover the
expense o f overhauling, and sold for $8,816 3 narrow-gaugo locom otives
and 27 freight ears, form erly the property o f the Florenco & C rlppio Crook
R R ., for which this com pany had no further uso.
T he total freight tonnago handled was 144,245 tons in excess o f the
previous yoar, o f which increaso 98,079 tons was oro, although the charges
to transportation account in operating expenses was $18,632 under last
yoar, which is considered a m ost satisfactory showing, and the goneral con­
ditions in the Cripplo Creek district glvo every prom ise o f increasing and
continued prosperity.
Owing to the prevailing prejudice against com m ercial concerns bolng
owned b y railroad companies, the directors discontinued tho operation o f
tho C olorado Trading & Transfer C o. A ccordingly, on N o v . 1 1915, tho
team ing outfits, merchandise, materials and supplies o f that com pany were
disposed of; ownership o f the real estate and buildings was retained b y this
com pany and leased to the purchaser for a term o f years. T o provido for
depreciation in value o f trading com pany securities owned b y this com pany.
$150,000 was charged against surplus; the trading com pany has also paid
its notes, amounting to $97,193, in favor o f this com pany; otherwise thero
havo been no changas in the capital accounts o f tho com pany during tho year.
On April 19 1916 II. M . Blackmer rasigned as a diroctor and President.
Tho only floating or outstanding debt o f the underlying companies at
June 30 1916 are the $342,000 1st M . bonds o f tho M idland Term inal R y .,
a decrease during tho year o f $4,000 through operation o f tho sinking fun d.
IN C O M E

OF

C R IP P L E

CREEK

CENTRAL

RY.

------------ 1915-16----------------------------xl914-15-------------I n i. o n
B d s .,& c .

D iv id e n d s .
o n S tock .

In i. on
B d s .,A c .

D iv id e n d s .

R e c e ip ts f r o m —
o n S lock .
Cripple Creek & C olo­
rado Springs R It____$70,200 (27% )$204,390 $71,809 (12.5% )$125,000
M idland T erm inal.........
1,850 _____________
1,850
3 % )3 0 ,0 0 0
C olo. Trading & T ransf. 2,103
(2 % )4 ,0 0 0
4,236
(5 % ) 10,000

T o t a l . ............................$74,153
$208,390 $77,895
$165,000
T otal o f all........................ ............... $282,543---------- - -------------$242,895— ------- x Includes in 1914-15 tho Floroilcc & Cripplo Creole R R .
IN C O M E

A C C O U N T S — C R IP P L E

CREEK

CENTRAL

RY.

N et incom o (as a b o v e )..
Other in co m o ___________

1915-16.
$282,543
19,579

1914-15.
$242,895
14,679

1913-14.
$223,311
11,603

1912-13.
$285,536
11,058

T otal Incom o__________
Goneral expenses-----------Preferred dividend ( 4 % ) .
Com m on dividend ( 4 % ) .

$302,122
$15,726
120,000
* i no non

$257,574
$15,936
120,000
1 on non

$234,914
$14,759
120,000
i nn nnn

$296,594
$12,980
120,000
i nn nnn

T o t a l .................... ...........
Balanco, surplus................

$235,726
$66,396

$235,936
$21,638

$234,759
$155

$232,980
$63,614

* For tho year ending Juno 30 1916 tho com pany also deducts an oxtra
com m on dividend o f 10% , amounting to $250,000, from tho profit and loss
surplus (V . 102, p. 521). Soo bolow.
- C r . C r k . & C o l.S p .R R ---------M i d la n d T e r m in a l ----R a ilr o a d s —
1915-16.
x 1914-15.
1915-16.
1914-15.
Gross in c o m o .................... $1,412,536 $1,235,728
$93,928
$122,464
Operating oxponsos_____
732,254
691,512
88,590
72,317
N ot earnings________
Other incom o__________

$680,281
3,493

$544,216
4,291

$5,338
30,241

$50,147
19,918

T otal incom o________
Interest on bonds______
Othor interest__________
Rents o f tracks, & c____

$683,774
$70,200

$548,507
$61,559
1,500
1,938
228,029
46.488
66,824
11,364

$35,579
$17,202
1,800
30

$70,065
$17,569
1,800
80

10.675
390
6,208

5,498

l ,932
2 4 1,869
"10.741
’l’axes___________________
69,289
A ppropriations, & c _____
27,281
Sinking fu n d __________ - -----D iv id e n d s ................... (27% )204,390 (15 5.5)125,000

6,201

7.119
(3)30,000

dof$725 sur.$l ,799
Balanco for year_____ sur.$12,072 sur.$5,805
x Includes in 1914-15 tho Florenco & C ripplo Creek R R .
C O L O R A D O T R A D I N t A T R A N S F E R CO.
—------- -Y e a r s e n d in g J u n e 30---------- 4 M o s . to
1915.
1914.
1913.
P e r io d s —
O ct. 31 T 5.
$505,241
$521,432
$205,781
$582,014
Gross earnings ...............
5,434
10,721
1,830
10,713
N et .('ripple Creek o ffice .
12,446
1,940
12,477
11,487
N et incom e,V ictor office
T o t a l ....... .....................

1 D i v id e n d s ......................

Balanco for yoar______

$3,770
(2 % )4,00 0

$17,880
(5)10,000

$ 22,200
( 10) 20,000

$23,198
( 10) 20,000

def.$230

sur.$7,880

sur.$2,200

sur.$3,198

30
1916.
1915.
§
Preferred stock........ 3,000,000 3,000,000
Common stock------- 2,500,000 2,500 000
To underlying co s ..
13,533
50 926
Dividends un paid...
3,909
3 909
Accrued taxes..........
2.006
V 914
Surplus.................... a67,395 395,973

C R IP P L E C R E E K C E N T R A L R Y . CO . D A L A N C E S H E E T J U N E

1910.
3

Assets —

1915.
S

Stocks, bonds, Ac.
(V. 81, p. M 88)..5,260,703 5,512,300
Cosh........ ................ 315,379 440,302
Warrants.................
2,099
...........
Accrued Interest___
2,000
...........
T o ta l.................... 5,586,842 5,952,722

CREEK

&

CO LO . S P R IN G S RR. B A L
S H E E T S J U N E 30.
1916.
1915.
1916.
1915
$
5
L iabilities—
s
* j*
Road & equipment.. 1,853,379 1,861,154 Capital stock— ._— 757,000 757,000
Impts. & betterm’ts
First mtge. bonds 1,170,000 1,170,000
75,787
of leased lines___
50,518 Vouchers A pay-rolls 72,884
96,032
Due from inoiv., Ac. 29,637
24,871 Traffic balances___
20,423
18,309
Due from agts., A c.
31,574
19,485 Notes payable_____
25,000
Mat.,Ac. (bk. value) 119,202
77,914 Accrued taxes.......... 141)',722
126,000
Cash........ ................. 102,732
100,442 Rental accounts___
10.944
20,871
Traffic balances___
______
3,750: Equipment renewal.
12,700
603
Notes receivable___
. .
26,590 ; Miscellaneous_____
33 947
14,888
Crip. Crk. Cent. Ry.
3,483
50,470 : Approp. surplus___
27 140
800
Miscellaneous______
7,027
34,540 |Profit and loss____
3 4 660
20,124
Tnt.ni
•> oon m i o •>in t .m I 'Tr.foi
„
------ —---------1 1 ------- --------- 2.286,421 2,249,7401 Total ..................... 2,286,421 2,249,746
7V .fr/ir/i7 v m
atat at
hat aat ita
___
M I D L A N D T E R M I N A L R Y . C O . B A L A N C E S H E E T J U N E 30.
1915.
1916.
191£
Liabilities
3
§
Road A equipment..2,351,414 2,303,608
First1
m.
'990
1,000,000
6,393 1
0,374
Due from cos., A c ..
"St , mtge.
bonds
nui
i
m,
bonds. - 1•00()
3 42,000 340,000
1,641
2,858
Due from agts., Ac.
Notes payable, A c ..
34,731
1,136 Equipment renewals 36,502
3.310
Sinking fund sects..
10,890
8,522
350
125 Equip.lease warrants
Coup. lilt, account..
24,000
5,006
Cash______________
27,920 Accrued Int. A taxes 24,000
21,727
34,180
4,550
Crip. Crk. Cent. Ry.
450 Miscellaneous____
4,004
160
2,104
Miscellaneous........ ..
1,000 Approp. surplus...
10,929
7,337
Profit and loss___ II 1>925,968
9 47,937
T o ta l....................2,370,627 2,402,873
T o ta l.................... 2,370,027 2,402,873
Assets —

w

r'

(Semi-Annual Report— Six Months end. June

nn

/~

x After d e lu d in g miscellaneous items aggregating (not), $21 244.
V . 103, p. 493.

Virginia-Carolina Chemical Co., Richmond, Va.
(Special Report by President, Dated Sept.

Annual
Year
ending/ tjJuly
iin-ivivui/ Report—
R Vl/i/it
x CIU C/ttAWt
LlL tl

3 1i
U

1
1 6 i.)7
I t9/iU

1 1 9 1 6 .)

O n a su b s e q u e n t p a g e w ill b o fo u n d a sp ecial re p o rt issued
b y P re sid e n t S . T . M o r g a n , d a te d S e p t . 1 1 9 1 6 , c o n ce rn in g
th e o p e ra tio n s o f th e c o m p a n y fo r th e la te fisca l y e a r endinoM a y 31 1 9 1 6 .
On A u g . 5 1916 (V . 103, p . 491) we pub­
lish ed c o m p a r a tiv e m c o m o a c c o u n ts a n d b a la n c e s h e e ts fo r
fo u r y e a r s .— V . 1 0 3 , p . 4 9 1 .

American Smelting & Refining Co., New York.
(Semi-Annual Report— Six M os.’ Period ended June

3 0 1 9 1 6 .)

P re sid e n t D a n ie l G u g g e n h e im s a y s in s u b s ta n c e :
T ho profits o f the com pany during the period in question make an abnor­
mal c a p a r i s o n with the earnings o f the same period in 1915. During tho
first six inont_hs o f last year the prices o f all metals wero depressed and tho
production o f ores was correspondingly decreased; but during the nastsix
months
o m
rorcn effect /~
_______ war
___ " Prices
m
onths wn
we navn
have mA.li7.AH
realized th
the
reverse
o»r
f the European
have beon stimulated beyond any previous record, and this has inevitably
resulted in a largo increase o f production.
*
On the other hand, the costs o f operations have been very m uch higher
during the past, six m ontlis. W ages have been advanced and an eight-hour
d ay introduced at all points. T he cost o f materials has been advanced 5 0%
and in more than one instance more than 100% . On this account the profits
per ton o f ore smelted, or bullion refined, have been seriously reduced, duo
to the fact that tho toll received from the mines and smelters has been fixed
m m ng-tim o contracts, made when present costs were not believed possible
present favorable showing as to profits is due partly to a very largo
n ?p n m llfnma increase in business, but to a greater extent to the production
intemlPou ui?icnes’ ian<i . t u n? w, H,nes o f business in which the com pany has
few years*sinSc<lfnnrCi ,'v^lch • ,fc is hoped, will be Increasingly profitable. A
ver ores and rh« *’ T ii'?ess was almost entirely the smelting o f lead and silcom p a n v’s huainPV u » i I^ g ° i th,° resultinB bullion. This portion o f the
thanPd u ^ in g ^ e ^ e ^e^ 1o n ^ y g S f 1^ 16 PCr t0n 0 f matcr,aIs handIed

Maxwell Motor Co., Inc., Detroit and New York.
(3d

3 0 1 9 1 6 .)

O n a su b s e q u e n t p a g e w ill b o fo u n d a s ta te m e n t issu ed b y
th e c o m p a n y sh o w in g th e r e su lts fo r six m o n t h s ’ p eriod e n d ­
in g J u n o 3 9 1 9 1 6 .— V . 1 0 3 , p . 7 5 4 .

T o ta l----------------- 5,580,842 5,952,722

shown
.000
from Kessler Estate in part paym ent o f deposit ^ t h 'f i o s s i e r ^ 'c S 1* S
3
o f f In provious years.
’ •'-aargea
C R IP P L E

Columbia Gas & Electric Co.

Liabilities —

IU

rhehc ^ a n y ^ M e x i c o Ck ° f ° arningS fr ° m th°
1t ,•rl.)
,094 Or ,*1n/1tirm
inCTOT
onno
rvirn*.
vv
l/15!694!norfa
re ^o
^ r ? h n '<c
^ utviucuun aUiDUUlCU
!i IS!?u..Il*?d

O n a s u b se q u e n t p ag e w ill bo fo u n d th e re p o r t fo r tho late dondT on the c o m m o n ^ t ^ k 'w o ^ 'T ;j °
P Thed i ^ t w o y^ a r t e r iy d ivil
fiscal y e a r e n d in g J u ly 3 1 1 9 1 6 , in c lu d in g th e re m a rk s of S l n / i ^
pT ^ V J ^
‘ “
; on
P re sid e n t W a lte r E . F la n d e r s.
8tock« : and at the rate o f 6 % m ythe^^ommoSnUs ? L t lv^ ? ” dtwas
carried to the credit o f surplus $6,642,
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 L Y 31.
ox tend at?
past s‘ x months we have pu'rehalsed new properties and Iargelv
1915-10.
1914-15.
1913-14.
,y ui
orxs, at
786
ItIt isisovrwwon
t u•ViUIVC<L',,lu
t}l?vayaeii
ca Pacity
o foiu
old wworks,
ataacost
costoof f$3,623
$3,623,786.
cxnooted
N ot, after taxes, A c ............................... $5,531,034 $2,337,950 $1,430,444 ^ a t at least an equal amount will be expended during the balance o f t h n
Other incom e.
-40* 8*7
o o o non
Q-in n™ year for similar nnmocpc
a t
.IlL °.aiance or the
____395,857
________
222.090 ‘ 339,979 tl^fa^H
Gross incom e.

..............$5,926,892

$2,560,040

$1,770,423

SUMPlUS* " h T iA i................•? 2 ’676*623 *1.996,326 $1,505,467
* aDen<S ’ |
<-„D ®PFCCla^l0n on buildings, machinery and tools over and above reP n d l na! i i u P j aC.km0n^ ’ ,x includes regular quarterly dividends o f 1 )4%
d on.ii 1 a t ,[' onf -t h ?ro was Issued during tho yoar for the accum ulated dlvi^>| "p<0
inn'i’
n 1!10
flr;lst pref.
s tock._—
$1,748,660
dividend
o f which
d
I\4f\
1
...........................*
‘
u»
, iuvuu warrants,
*vill 1(llll.T, Ul
WHICH
f i o « 7 ’m 2 lla,vo been converted into first pref. stock and tho remaining
$128,720 outstanding Aug. 31 1916 have beon paid in cash.
B A L A N C E S H E E T J U L Y 31.
(For details in 1916 see a subsequent pago.)
1916.
1915.
1916.
1915.
A ssets —
$
S
L iabilities —
$
§
Real estate, bldgs.,
1st pref. stook out. 13,764,121 12,279 332
macli. A equip. 4,166,162 5,192,626 2d prof, stook out. 10,127,468 10 127 468
Investments------- 1,300,601
795,827 Com. stock o u t ... 12,778,058 12 778 058
Good-will, models,
Dlv. war'nts 1st pf. 279,742
patents, trade­
Real estate mtges.
12,709
15,709
marks and trade
Accounts payable. 1,922,893 1,134,149
names-------------- 26,190,470 26.500,000 Acer, wages, A c ..
222 758
168,653
Inventories.......... 8,971,356 5,140,902 Customers’ depos.
483,016
296,421
Notes receivable..
395,057
229,289 Duo on contracts.
735’4io
109,080
Accts. receivable.
743,325
596,119 Sight drafts on ous’
Prepayments____
______
41,757
tomers’ dlsc’t s ..
944 291
Rcscrvo for doubt­
Reserves for dopr.—
'
--------ful accts., Ao__ 0131,769
Rldgs. A eq., Ao.
.
i am 077
Mtge. rccelv on
Inventories___
255,714
contr. of sa le...
107,500
95,000
NotesAaccts.rec.
...........
i / s ’/wo
Cash A sight drafts 4,866,618 3,295,615 Res. for oontlng..
60,666
’
50,000
Sinking fund........
171,889
Appr. surp. rotlro't
1st pref. stock .
130,000
8urP‘u s ................ a5,510,775 3,171,791
T o ta l___ _____40,841,241 41,890,135
a After deducting $200,000 inventories reduced*a m f’ sd 3 7 1f 1’ 8i9^/35
fund appropriation.— V . 103, p. 669, 582.
*147,641 sinking

Willys-Overland Co., Toledo, Ohio.
(Semi-Annual Report—

G

Months ending June

3 0 1 9 1 (; )

T h o n o t p ro fits for G m o n th s e n d in g J u n e 3 0 1 9 1 0 loss
preforred a n d c o m m o n d iv id e n d s an d a d ju s tm e n ts ’worn
$ 5 ,7 5 6 ,1 3 9 .
A ft e r d e d u c tin g $ 1 4 ,2 2 9 ,9 8 3 g o o d -w ill’ p a t­
e n ts , tr a d e -m a r k s , & c ., tho p r o fit a n d loss su rp lu s T nni qn
1 9 1 6 w a s $ 1 3 ,4 7 1 ,7 0 6 .
Uno ’iU
C O N S O L . B A L A N C E? S H E E T J U N E 30 1916 A N D D E C 31
June 30 ’ 16. D ec. 31 ’ 15.
JuneSO ' i n n
A ssets —
S
S
L iabilities—
5 16’ °

Real estate, bldgs.,
machinery, A c.22,860,105
Good-will, pat.,Ao.
..........
Investments *----- 2,515,111
Due from affiliated
Ac., cos............ 1,743,809
Inventories_____ 16,572,280
Notes receivable..18,134,145
Accts. receivable.)
Due from omploy’sxl ,451,979
Mlscell. lnvcst’ts.
88,975
Cash...................... 20,787,649
Prepaid Int., A c ..
213,277

Preferred stock.. . 15,000,000
16,945,453 Common stock, -y38.625.000
14,059,932 Real cstato intgos.
680,280
507 7r.o
assumed............
Notes payable.................’
1,081,770 Accts. payable... 3,462,920
17,752,812 Customers’ depos.
598 820
/ 2.048,494 Accr'd Int., A c__ z873'oi3
(1,929,757 Reserves_______al 707’5(ia
--------- Pref. stock div’d . .
’ 03
70,475 Profit and loss..bi3, 47 V.706
4,023,342
310,482

lo ig
!
,
ec-31 ’ 15.
4 4S3 7on
21 000 0 0
“ *,uuu,uuu
...
10 onn’non
4 9^ ’ i 79
* ’ 451,944
■* + 17J
380,986
2,202,711
78,405
11 ,7 2 0 550

T o ta l........
-74,367,390 58,908,803
*IJ ^>o 1 on book v ilu e and cash a d va n ce
x Duo from employees on unpaid stock outstanding and reserved for t h e m
at iP
. / w 7 include8 com m on stock, $22,500,000; 5 % stock dividend oov
able
le O ct. 2 1916, $1,125.000. and additional issue. $15,000,000. * in clu d e !
T o ta l................ 74,307,390 58,908,803.

am ount!

l ° £ ne™ areement 85i n d '^ U e n s i m r i r o g O ^ O ° UT h o ‘ balance'

S i n v ^ t h ^ 0110^

the. fa ct'th a t^ ^ th o u g h th e d a ily p ro d ^ c ^ o fth e ^ o m and *n value, is m uch greater than at, the beginning o f
o f oros an(i furnace prorluets on hand has decreased
h i ^ h n ^ n ” f 7.50,000.
W ith the decrease in the stock o f raw material there
las bcen an increase o f cash and dem and loans o f over $5 000 000

C O N S O L ID A T E D IN C O M E A N D P R O F IT A N D LOSS FOR
E N D I N G J U N E 30.

6 M ONTHS

( I n e l . A m e r . S m e ltin g & R e f i n in g C o . a n d A m e r . S m e lle r s S e c u r itie s C o .)

1915.

In c. or D ec.

N ot earnings—
Smelting & refining plants A indus­
tries im m ed’ly depend’t thereon. 10,132,101
1 ,635,284
M ining properties....... .......................

5,234,925 + 4,8 97 ,1 7 5
767,469
+ 867,815

T„ f T otal not earnings........................... 11,767,385
in t., rent, divs. rec d , co m ’ns, A c.(n et) 1,461,674

6,002,394 + 5.7 64 ,9 9 0
754,959
+ 706,715

Gross incom o______________________ 13,229,059
6,757,353 + 6,4 71 ,7 0 5
Adm inistrative expenses____________
452,380
449,106
+ 3 ,2 7 4
Research and examination expenses. .
106.484
23,492
+ 82,992
C orp. taxes (Inch accr'd income ta x ).
111,024
71,480
+ 3 9 ,54 4
Interest on debenture bon d s_________
368,987
388,681
— 19,693
A m ortization o f discount on bonds___
25,000
25,000
D ep recia tion ......................................... ..
889,972
779,613
+ llb',360
Depletion o f oro reserves____________
129,517
+ 129,517
A m . 8m. A R ef. C o. pf. divs. (3 lA % )
1,750,000
1,750,000
A m . Sm. Sccur. C o. pf. A divs. ( 3 % ) .
499,494
504,900
5",406
A in. 8m. Secur. C o. p f. B divs. (2
750,000
750,000
+503',240
A m . Sm. A K ef. C o. com . d ivs------ (3% )1.503,’240 (2)1,000,000
T otal deductions__________________
g 535 099
Balance, surplus, for 6 mos.* p e r io d !! 6,642,960
1 rovious surplus, D ec. 3 1 ___________ 19,560,438

5.742,271
+ 843,828
1,015.082 + 5.6 27 ,8 7 8
19,510,058
+ 5 0 ,3 8 0

26,203,398

20.525,140 + 5,678,258

T otal surplus June 3 0 .........................

C O N S O L ID A T E D B A L A N C E S H E E T J U N E

30 1916 A N D D E C . 31 1915.

(.A m e r ic a n S m e ltin g A R e f i n in g C o . a n d A m e r .

30 *16.
Asse/s—
$
Property acct--142,047,705
Investments__
558,413
Metal stocks...x2 2 ,819,534
Material A supp. 3,735,159
Prepaid taxes.
Insurance, Ac.
325,871
Cash__________ 10,358,097
Loanssecuredby
Stock. Ex.coll. 4,425,704
Copper In pro­
cess of refln.
379,091
Advances to af­
filiated eos__
403,825
Accounts and
notes rccelv.. 11,401,451
Cash with trus­
tees of slnk.fd. 1,461,164
Accrued Interest
69,075
Pension fund__
620,420
Balance disc, on
See. Co. debs.
479,167
June

S m e lte r s S e c u r itie s .)

31 *15.1
June 30 '16.
s
: L iabilities—
$
141,442,999 8m elt.C o.com . 50.108,000
639,668
do
pref. 50,000,000
23.618,862 Sec. Co. pf. “ A” 16,649,800
2,996,788
do
pf. “ B” 30,000,000
Deben. bonds.. 12,237,000
316,089 Accts., drafts A
14,642,460
wages payable 15,510.867
Defer'd pay't on
4,000,000
mining prop's
21,250
Interest on deb.
80,652
bonds accrued
375,000
Divs. payable.. 2,117,146
320,509 Int. A divs. un­
claimed ____
105,941
12,103,766 Accrued taxes..
466,870
Enlarge't A ex­
541.904
tension res’ve 1,900,410
53,913 Employees’ ben.
554,575
pension res've
615,110
Flrolnsur. res’ve
384,990
504,167 Mlsc. reserves..
1,421,895
Profit and loss.. 26,203,398

D ec .

D ec.

31 *15.
%

50,108,000
50.000.
000
16,649,800
30.000.
000
12,612,500
13,912 889

44,250
375,000
1,861,240
72,540
484,198
3,900,000
617,887
384,990
1,232,619
19,560,438

T otaI............ 208,117,677 201,816,3511 T o ta l.............208,117,677 201,816,351

$743,669. a Rasorve.^as3of^luiio^TO f'Hfl include S^l OO*0
0
0
i « 7r
Sf oro’ IjuI,io|4 and factory product on hand and in transit
goncios, $577,563, for rebates to customers, $30,000 for ear renairs^T/nrW 1
e tawhich
ls
purchased and on hand o f the approxim ate value, paym ent pfor
is
guarantee and $60,000 for royalties.
b After deducting <PiaJ' roonn^
$14,229,983 to ho made in refined metals, not cash, $45,026,797; balance, $22,819,531.
good-will, patents, Ac.— V .103, p. 853, 762.
V. 1\JZ, D* rJo;;, 1/1 9 .




S p litd o r f

Torrington (Conn.) Company.
(Report for Fiscal Year ending Aug.

E le c t r ic a l

C o .,

N ew ark ,

N.

(Report for Six Months' Period ending June

3 1 1 9 1 6 .)

J. .

30

1 9 1 0 .)

P r e s . J o h n F . A lv o r d , N e w a r k , A u g . 8 , s a y s in s u b s ta n c e :
I n t e r e s t s .— Through the action o f tho Torrington C o. in dis­
tributing its Splitdorf stocks to tho Torrington stockholders, tho list o f stock­
holders o f your com pany has been very largely increased.
F a c t o r i e s .— T ito main interests o f tho com pany aro the Splitdorf factory
at N ewark, tho Sumter factory at Soutn Carolina and a controlling interest
in the Applo Electric C o. T ho factory at Newark contained about 102,000
sq. ft. o f floor space and they havo just com pleted an addition to their
plant o f a strictly modern steel and concrete building, 300 ft. long, 60 ft.
wide. This building is to give m ore room for the present business, perm it
o f increased business, and it is tho expectation to m ove the Applo Electric
C o. into the new building and permit o f selling their real estate which is
ownea by tho Splitdorf C o.
T he main product hero is the Dixie magneto
for autom obiles, m otorcycles, aoroplanos and many other uses. T ho plant
One o f the im portant events o f the year has been the division am ong tho has a capacity o f 1,000 to 1,500 magnetos a day, dopenuing somewhat on
stockholders o f substantially all o f tho com m on and preferred stock ih tho the size and typo o f tho instrument. Tlioy also d o a largo business in spark
Splitdorf Electrical C o. held by your com pany. Your com pany purchased plugs and own and oporato sixteen service stations. Tno sales should bo
.
. . . .. ,,
during the year §306,000 and acquired by dividend o f subsidiary $76,000; about §500,000 m onthly.
Tlio Sumter South Carolina factory contains about 56,000 ft. floor spaco
total, §472,000, o f your own bonds, which, in addition to tho §457,000 that
were held before, leaves your bond issue §71,000 instead o f $1,000,000, tho and
original issue. It is tho purpose o f your directors to pay into tho N ow and
_______ ___ =,------------- - - - —
■ -.
.
England Trust C o. during September an am ount sufficient to m eet tho aro m ade
which your com pany controls, makes starting and lighting systems for auto­
remaining bonds at their m aturity with interest.
T lie earnings o f your com p any and its subsidiaries for tho past y e a r , mobiles. Your total employees in your factories and service stations aro
, „
, x
,
,
partially estim ated, are abou t §10 a share on your com m on stock, Tins Is from 3,000 to 3,500.
P r o f i t s .— T he profits for the six months at tho Sumter factory havo been
exclusive o f any earnings o f the Splitdorf Electrical C o.
very satisfactory. Profits at tho Splitdorf factory aro not what had been
expected, owing to the plant being tied up for som e tim e with a strike which
I N C O M E A C C O U N T F O R T H E Y E A R E N D I N G S E P T . 1.
to say has been satisfactorily settled.
I ho Applo plant nas
1913-14.
1914-15.
R e c e ip ts —■
1915-16.
1914-15.
1913-14.
1912-13. wo area glad
loss in tho last six m onths, owing partly to tho strike and partially
§353,546
$340,448
Dividends from sub .'c o s — §888,430
§340,448
§353,546
§352,848 made
to
a
change
from
tho
single
unit
to
tho
tw
o
unit
system
and necessary stop­
31,060
9,652
9,652
31,060
32,153
M iscellaneous incom e___ __ 12,778
o f production and tooling up.
.
110,000
110,000
R e n t a l s . . . . _________
110,000
110,000
110,000
110,000 page
L o a n s , A c .— This is largely m oney loaned to tho A pplo Electric C o.
As
0,475
1,000
A ccounts rece iv a b le ---------3,775
, i\Q9Q
. i i ’nnn this com pany is m oved into the new Splitdorf plant and their goods are
10,000
Loans to subsidiaries repaid '23,000
10.000
90,000
145,000 manufactured b y tho Splitdorf Electrical C o ., this item will largely be re­
§655,868 placed by an Increase in tho inventory and m achinery and tools ot tno
$471,100
$591,081
T otal receipts_________ §1,037,983
§50,000 Splitdorf Electrical C o. We aro showing quite an amount o f borrowed
$40,890
§28,025
Interest paid on b on d s------ §15,300
70,000 m oney which is quite largely accounted for by an unusually largo stock or
70,000
70,000
D ividends on prof. ( 7 % ) - - 70,000
materials at high prices and which wo aro obliged to carry, owing to the
280,000
280,000
280,000
D ivs. on com m on ( 8 % ) — 280,000
.
,
31,856 unusual conditions In the material market.
31,527
31,698
Salaries and directors’ fees. 31,816
D iv i d e n d s .— W liilo tho earnings o f your com m on stock in the fiscal yoar
91,985
92,000
32,000
T orr. C o. bonds jmrehased 396,000
ending
D
ec.
31
1915
and
in
this
six
m
onths
ending
dune
30
1916,
havo
been
20,000
17,500
Investm ents_______________ 105,772
100",000 largo, and while wo expect an increase in tho earnings, some tim e will elapse
50,000
Loans to sub. cos. r e p a id .. 23,000
13,028 before it will bo possiblo to inaugurate com m on dividends.
16,928
8,771
T axes, & c_________________
42,959
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 S . E N D I N G J U N E 30 1916j
§636,869
$601,345
§467,994
T otal paym ents-------------- §964,848
P r o f it s f r o m —
I Balanco, surplus
--------SiOO.-llS
r. §18,999 Newark fa ctory____________ $368,3041Net p rof. sub. cos. for 6 m os. 86,137
su r.§3,106 d e f.§10,264
Balanco, sur. or d e f____sur.§73,135
§285,740 Sumter fa cto ry ____________ 73,898]
§275,476
§278,582
Cash balance end of yea r. .§351,717
...
— V . 103, p . 948. 849.
Sumter Elec. C o. o f Chicago 54,160
T o ta l.— . . . . . . . — ...-$ 1 8 6 ,5 5 2
— —■
— -—-lEst-loss b y A pplo Elec. C o . 50,000
United States Glass Co., Pittsburgh, Pa.
....
•
T otal.................... ................. §496,362)
Dividends p a id ..................
3 95,947[Balance . . . . .
.
-.-$ 1 3 6 ,5 5 2
( 2 5 th Annual Report— Year ending June 3 0 1 9 1 6 .)
The total accumulated surplus as o f June 30 1916, boforo deducting esti­
mated loss by Applo Electric C o. and before adding profits o f subsidiary
U N I T E D S T A T E S C L A S S CO.— B A L A N C E S H E E T A .S’ A T J U N E 30.
companies for six months ending Juno 30 1916, but after deducting $1,1 J l,1916.
1915.
1916.
1915.
676 transferred to patent account, was $42,768.
L
iabilities—
$
8
Resources —
S
8
Property, wks., & c.2,415,204 2,414,365 Capital stock......... 3,200,000 3,200,000
B A L A N C E S H E E T A S O F J U N E 30 1916.
Accounts payable__ 151,589 141,510
Glassport Land C o.
A s s e t s (T otal, §5,641,538)—
„ „
n77
285,000
709,268 UUls payable............ 250.000
Invest.— S to c k ___ 691,765
Real
estato
& bldgs., $458,045; m achinery & equip., §329,933
.$'87,977
14,003
52,005 Accrued accounts—
Open account____
00,000
Furnituro & fixtures. $15,644; automobiles & trucks, § 1 1 ,0 3 9 .... 26,683
5,000
566,304 Reserve for contlng.
Inventories________ 598,871
Patents and goodw ill........................................ - .................- ..................... 1.500,000
389,200
428,050 Bonds outstanding.. 390.000
Bills & accts. recelv. 597,215
Stock investments_____________________________________________ •
2 lU.ooo
239,531
63,626 S u rp lu s ____________ 479,351
Cash_______________
74,864
Cash. §26,401; notes receivable, §117,000; accounts receivable,
21,623
Invest, securities & c
52,080
$411,480; loans, §670.126......................................................................
Inventory o f merchandise................ ..................................
. . . . . . . l ,A Z -s,iyio
T o t a l ...................... 4,490,003 4,255,241
T o t a l ...................... 4,490,003 4,255,241
Sumter assets, §530,738; prepaid invoices and oxponses, §36,802. - o67,540
N ote. — Tho com pany Is contingently liable as endorser on S165.000 notes of the
L i a b ilit ie s (T otal, $5,641,538)—
Glassport Land C o.
Capital stock issued............- ...............— - - - - - - - - - - - - .......... .......... $ 4 ,3 JS ,()UU
A ccounts payable, §296,528; notes payable, §713,516----------------- 1,010,044
O LASSPO RT L A N D CO.— B A L A N C E S H E E T A T J U N E 30.
Sumter liabilities, §148,516; reserves, 8 4 2 ,2 1 0 ................................
1 9 0 ,7 2 6
1915.
1910.
L iabilities—
1915.
1910.
Surplus as o f June 30 1916 (see footnoto a b o v o )...............................
42.7b8
. $903,109 8891,195 Capital stock ........... S500.000 5500.000
V
.
102.
p
.
1991.
52,005
00,000
3,225 U. 8. Glass a cc’ t -----.
1,097
P re s id e n t J o h n F . A lv o r d , S e p t . 1 , w ro te in s u b s ta n c e :
T h e year has been a prosperous one and the subsidiaries have generally
been m aking and selling up to their ca p a city , so that the earnings aro in
excess o f any previous year.
T he last that we heard from the German com pany was that they wero
running a very little in one departm ent and that they had paid otf their
m ortgage and paid for their new plant. T h e English business is prosperous,
but wo are unable to report very exactly as to p rofits,ow ing to the unknown
fa ctor o f war taxes. C ontrol o f the Englsh fa ctory has been assumed by
the Governm ent; but wo do not understand that this greatly aflects us, as
its actual operation continues under tho usual m anagem ent. T h e business
o f tho Standard C o. has shown a very considerable increase in volum e and
profit. W o havo increased tho fa ctory in Canada and it is on a p rofitable

A cc’ts recelvable. .
Prepaid interest.. .

38,719
1,598

T o t a l__________ . 8945,093

$951,448

22,800
165,000
2,375

22,800
105,000
15
5,513
191,705

209,268

T o t a l ...................... $945,093

8951,448

57,028 M ortgage p a ya b le ..
Bills payaDlo..............
A cc’ ts payablo.........
A ccr’d int., & c.........
S u rp lu s......................

N o te. __Tho com pany Is contingently liable aa endorser on 8250,000 notes of tho

United States Glass C o.— V . 101. p. 772.

(Tenth Annual Report— Year ended June

3 0 1 9 1 6 .)

P re s id e n t G . T . B r a d o n sa y s in s u b s ta n c e :
This has been a very active year in all our departments. W o have
drilled a total o f 46 wells, 7 being oil wells, 29 gas wells and 10 dry holes.
Eight wells which ceased to produce wero abandoned. Wo now havo a
total o f 73 producing gas wells and 14 oil wells.
BBtWe laid 15 'A miles o f 12-inch, 114 miles o f 10-inch, 13 >2 miles o f 8-lnch,
20 miles o f 6-lnch, 4 lA miles o f 4-inch and 4 miles o f 3-inch and 2-inch, a
total o f 69 miles o f now lines. W o reclaimed 22 miles o f 8-lnch, 5 miles o f
6-lnch, 8 miles o f 4-inch and X
A m ile o f 2-lnch, totaling 30 miles, a net
Increase o f 23 miles. Wo now have a total o f 210 miles o f pipe lines.
A new gas-compressor station, com posed o f tw o units o. 500 h. p. each,
was Installed in the Haskell district, and a com pressor station was acquired
In our purchaso o f tho United Fuel Supply C o ., which gives us a total ot
four different gas com pressor stations.
. . ..
Our leasehold operations consist o f 15,600 acres o f now com m ercial oil
and gas leases; 4,000 acres o f new leases coveting gas rights only, and by gas
purchase contracts we control 3.600 acres additional. W e surrendered from
theso three classes o f acreage 6,0 0 0, 2,000 and 1,*500 acres, respectively,
which leaves the total acreago at this tim e as follows; 27,464 acres o f com ­
mercial leases, 7,903 a:res o f gas rights and 4.639 acres o f gas purchaso
contracts on restricted Indian lands.
On O ct. 1 1915 we purchased all o f tho Properties o f tho United Fuel
Supply C o. at Inventory valuo, amounting to $2o2,000, which, together
with tho new station and other im provem ents, has increased tho investment
§525,000 and m ore than doubled the earning capacity o f tho entiro system .
FOR

F IS C A L

Y

E a r n in g s —
IU15-1G.
Cities and tow ns----------------§265,684
W holesale-----------------------------569,307
O i l _____________
54,366
M iscellaneous_____________
1,283

1914-15.
$244,925
111,085
2,717
1,422

1913-14.
$236,510
151,361
17,773
757

1912-13.
§252,627
91,795
4,949
405

T otal gross earnings------ §880,641
purchased— §170,125
♦Operatingexpenses, & c. 383,187
Bond Interest----------------- „ 25,933
D ividends_________ (1 0% ) 100,000
Reserve for depreciation, 128,958

$360,149
§27,169
176.603
11,297
(8)80,000
61,035

$466,401
$67,486
155,773
14,455
(8)80,000
46,466

§349,776
§37,105
147,04.5
17,778
(8)80,000
61,738

D e d u c t — Gas

§6,060
$42,221
$4,045
N ot to surplus___________ §72,438
* Includes rentals, taxes, bad accounts, allowances, drilling wells.
T ho net surplus has gono into Investment accounts, which Increased
$524,931; less depreciation, §128,958; not, §395,973.
B A L A N C E S H E E T J U N E 30.
A ssets—
1916.
1915.
Investm ent______ 82,225,956 81,829,984
Cash..... ..................
84,501
46,246
A ccts. receivable.
160,762
52,617

L iab ilities—
1916.
191
Capital stook____81,000,000 $1,000,000
Bond accounts
510,000
168,000
A ccts. & notes pay. 608,909
481,035
S u rp lu s __________
352,250
279,812

T o t a l ..................$2,471,219 81,928,84;

T o t a l ..................$2,471,219 81,928,847

- V . 103, p. 845.




M a h o n in g In v e s tm e n t C o m p a n y .

(Report for Fiscal Year ending June
IN C O M E A C C O U N T FOR
R ec e ip ts f r o m —
1915-16.

J eff.S u p p ly C o.d ivs.(6 % )
M
a h .S
p p.&
.C o1..dCivo.s.(6
%)
R .&
P .uC
divs.
Balanco o f interest_____

Caney River Gas Co., Pittsburgh, Pa.

RESULTS

T o r r in g to n

T otal available---------Divs. p a id ____
Gen. exp. and ta x e s ..

D ed u ct—

3 0 1 9 1 0 .)
J U N E 30.
1913 14.
1912 13.

Y E A R S E N D IN G

1914-15.
$3,720
$3,720
5,940
,r,n’n
/o%
« /u
i'n
11111,986
V'qxfi
---------- (1 % )3
9 ,9 9n52(2
)1n
04
,9«877l9
( 2 72
/6 )1
230
121
164 ______ 2 o o
§9.890
§49,776
............ (1 % )4 1 ,262
1,571
2,607

Balanco, sur. or d e f .. sur.§ 8 ,319

§114,811
(3)123,786
2,816

§124 ,934
(3)123 786
1 ,607

def.$459
sur.$5,907 d e f.$ ll,7 9 1
30.
1916.
1915.
L ia b ilitie s —
$
§
Capital s t o c k ...4 ,2 0 0 ,0 0 0 4,200,000
Bills payablo___ 200,000
200,000
Surplus................
20,463
12,144

B A LA N C E SH EET JU N E

1916.
1915.
A ssets—
§
$
„
Cost stock, & c . . 4.134,000 4.134.000
Bills receivable. 200,000
200,000
C ap.stk.in treas.
73,800
73,800
C a sh ....................
12,663
4,344

T o t a l _______ 4,420,463 4,412,144
T o t a l .............. 4,420,463 4,412.144
“ Cost o f stock, &C., $4,134,000,” includes cost (a) o f 39,995 shares o f
Rochester & Pittsburgh Coal & Iron C o. stock, and (b ) o f $9,000 m iscel­
laneous securities.
R O C H E S T E R & P IT T S B U R G H C O A L A IR O N CO . O P E R A T IO N S FOR
F I S C A L Y E A R S E N D I N G .J U N E 30.

Net earnin'-,
...
Taxes
..................
I n t o n bonded d e b t"I1 Bond redemp. & sink, fd .

1915-16.
$452,484
$37,011
198,394
174,002

1914-15.
§372.743
§30,000
202.108
168,257

1913-14.
§537,195
§30,000
201,942
156,990

1912-13.
$681,629
$30,000
188,878
85,229

Profit or loss_______ prof.S43.076 loss$27,622prof$148,263prof$377,622
P .& L .s u r p .b e g . o f y r .
702,577
772,047
750,480
612,407
T o t a l .............................
$745,653
§744,425
$898,743
$989,929
D e d u c t—
. n ...
Construction & equip t .......................
- - - - • ;i <. i
Bad debts........................
Cr.814
§1,848
$1,098
C r . 1,141
T')ivu*nnnfc on bonds sol*l
- -----10,1)98
•>(>,().)•)
D iv on §4,000,000stock
I I — - (1 % )40,0 00(2 ^ )1 0 5 ,0 0 0 ( 1 ^ )1 1 5 ,0 0 0
T otal deductions-----P . & L . sur. end o f year.

C r.$8l4
$746,467

$41,848
$702,577

$126,696
$772,047

$230,449
$7o0,480

Regarding Rochester & Pittsburgh Coal & Iron Co.,
Secretary Lowis Isolin, Sept. 1, wroto:

The sum o f § 174,002 was paid into tho sinking funds put o f earnings during
tho year; this am ount, together with tlio interest on bonds already In the
sinking fund, was used for tho redem ption o f $116,000 pa. value o f bonds of
various issues and for the purchase b y tho trustee undor tho m ortgago of
$73 000 4 14 % bonds. The original i&sue o f these bonds was §2,000,000,
o f which the trustee now holds §548,000 in the sinking fund.
• The sum o f $32,742 was expended for construction and equipm ent,
to further develop tao com p any’s mining plants.
'The coal mined amounted to 2,719,219 tons, against 2,594,6lo tons in
1914-15, and coke tonnage 211,970 tons, against 208,465.
T he operations at the mines wero seriously curtailed In A pril, M a y and
June on account o f tho negotiation o f a new wage scale which wont Into
effect as o f April l 1916. Except for tho scarcity o f labor, the com pany has
good prospects o f mining and disposing o f a large tonnage from July 1.
N o dividends wero paid since Aug. I 1914.— V. 101, p. 922.

O k l a h o m a N a t u r a l G a s C o ., P i t t s b u r g h ,

{Eighth Annual Report— Year ending Feb.

28

P a.
1 9 1 0 .)

T h e B o a r d o f D ir e c to r s w rite iu su b sta n c o :
During the past year the com pany has taken now leases, am ounting to
11,504.53 acres and during the same period havo surrendered 17,595.32
acres, which leaves a present total o f 37.566.83 acres. This total includes
gas contract acreago as well as com m ercial leases.
The well operations for the year consist o f 11 wells drilled and 3 gas
wells purchased. O f this number, 7 were unproductive, 1 oil well and 6
gas wells. Ten old wells wero abandoned, which leaves a present total o f
22 gas wells. B y contract wo acquired control o f considerable new gas
south o f the old Cushing field.
We havo laid new field and main lines as follows: 10 miles o f 10-inch, 5
miles o f 8-inch, 2 miles o f 6-inch and 8
mil es o f 4-inch, making a total o f
26 miles, and wo havo reclaimed 5 miles, m ostly 4 and 6-inch. T he total
mileago o f pipe lines in use now is 263 miles.
Although our earnings are slightly lower than last year, tho general physi­
cal condition o f the com pany’s properties is much better than it has
over been, the lines extending into newer fields with increased gas produc
tion. The prospects o f increased wiiolesalo business this com ing year it
very evident.
T he total number o f consumers o f all classes is 19,592, an increase o f
1,245 for tho year. This increase is practically all in Oklahom a C ity.
F I N A N C I A L S T A T E M E N T F O R T I I E Y E A R S E N D I N G F E B . 28.
1914-15.
E a r n in g s —
1915-16.
1913-14.
1912-13

Cities and tow ns__________ $711,617
139,335
W holesale_________
Miscellaneous_____________
60,647

$690,198
201,908
30,612

Gross sales______________$911,599
Gas purchased______________$80,288
Oper. expenses, taxes, & c. .$302,991
Interest on funded d eb t—
60,000
D ividen ds........................ (5% )200,000
D ep letion _________________
92,478

$922,718
$107,419
$245,512
48,000
(6)200,000
124,664

N et to surplus.................. $175,842

$197,123

$609,311
178,956
38,510

$673,930
127,941
5,386

$826,777
$807,257
$59,137
$100,496
$275,157
$252,010
59,859
___
71,768
(5)200,000(444) 170,000
144,624
98,472

BALAN CE SH EET FEBRU ARY

$88,000
28.

$114,511

1910.
1915.
1910.
191.
A ssets —
$
S
L iabilities —
s
S
Investment (actual).2,703,279 2,469,315 Capital s t o c k ...........4,000,000 4,000,000
Investment suspense 2,955,583 3,048,002 First mortgage 6 s .. 1
600,000 800,000
Cash..............
242,684
302,828 1st rot. intgo. 6s____ 400,000
...
421,841 631,030
Accounts receivable. 302,489
217,777 Notes & accts. pay'lo
600,352
S u rp lu s...................... 782,194
T o t a l ...................... 6,204,035 6,037,982

T o t a l .......................6,204,035 6,037,982

- V . 103, p . 498.

GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
American Railways Co.— Car Trust Certificates Offered.—
B io ro ii & C o ., P h ila ., are offe rin g a t prices to y ie ld 5 % an d
5 K % , $ 1 4 0 ,0 0 0 ca r tr u st 5 % c e rtific a te s series “ C ” issu ed
u n d e r th e P h ila d e lp h ia p la n ; D e n o m . 551,000 c . D iv id e n d
coupons F . & A .
A circu la r sh o w s:
The certificates are dated A ug. 1 1916 and mature $11,000 A ug 1 1017
to 1920 inclusive, and $12,000, A ug. I 1921 to 1928 inclusive.
’
These certificates are issued by the Logan Trust C o. o f Phila. Trustee
and are unconditionally guaranteed for principal and interest, b y T he Ameri­
can Hallways C o. b y endorsement on each certificate. T hoy aro secured
b y new railway equipm ent consisting o f 25 street railway cars for city and
iuterurban service, on which T he American Hallways C o. makes a cash
paym ent o f over 2 0% o f the cash contract cost ($176,456). T hoy aro
further secured by an assignment to tho Trustee o f tho lease o f the equip­
ment to Tlio American Hallways C o. for rentals equal to tho principal and
dividends o f the certificates.
Title to tho equipment remains vested in the Trustee in trust for tho
certificate holders until tho entire amount o f the principal and dividends
has been paid by Tho American Kailways C o.— V . 103, p. 937, 664.

Ann Arbor RR.— New Vice-President.—
J. 8. Bacho has been elected a Vice-President o f this co .— V . 103, p. 937.

Bangor Railway & Electric Co .— Strike Settled.—

.

Tho employees o f this com pany on Sept. 9 voted to call o ff tho strike
started on A ug. 26 to enforce recognition o f their union. A press dispatch
states that the vote followed a conference between tho st-riko leaders and
representatives ol tho Central Labor Union at which it develoood that after
tho 16th support of that body would not be forthcom ing.— V. 98, p. 1458

Bay State Street Railway.— Note Issue Ilearinn__
The M ass. P. 8. Commission will give a hearing on Soot
^ p o n n o W s ^ H ^ P . O S ? * 0™ 1 ° f th°

20 on the

° f * ^ 5 0 .0 0 0

Boston & Maine RR.— Sept. 1 Interest Defaulted.—This
company has defaulted the payment of tho semi-annual
interest duo Sept. 1, on its outstanding $10,000,000 4%
20-year bonds, duo Sept. I 1920.
The Boston “ News Bureau” on Sopt. 9 said: " N o leased lino stock
dividends wero due on that date, but interest on leased lino bonds includ­
ing some o f the Connecticut Hivor Hit. was mot.
' ‘The decision to default interest on Boston & M aine’s own bonds is
effective under a clause in the receivership doeroo, wnich says that the re­
ceiver ‘m ay mako such payments ot intorost on any bonds issued or assumed
by the said railroad as m ay in his judgm ent bo necessary to prevent tho
prior maturing o f tho principal o f such bonds’ ."
A B o sto n d a ily o n S o p t. 8 p u b lish e d th e fo llo w in g signed
b y all 14 d ire ctors o f th e c o m p a n y :
W o havo hitherto had occasion to say to you repeatedly that in tho
opinion o f this board, a reorganization o f the system offered the on'lv n A rtlcablo way in which the road could bo effectively relieved from its financial
difficulties. B etter credit, new capital and a safer ratio o f fixed eh- i-l’cs
to incom e havo appeared to us to be Indispensable to the perm anently «n ^
cessful operation o f the system as a whole, and wo have believed that theso
could be adequately obtained only by a consolidation o f Its com ponent W t s
into one strong corporation. Hence we have done all wo could to bring
about such a reorganization b y friendly negotiations and to avoid a receiver­
ship. A m ajority o f our board has been willing to mako concessions to the
leased lines to accom plish tills result, feeling that the ultim ate gain would
justify the present sacrltice. But with deep regret we aro obliged torenort
that our efforts havo failed.
h 1 to report
It is claim ed by some that wo should have sought a further extension of
tho notes. But it seemed clear to us that wo ought not to d o so im iisuwn
saw In such a m ove somo reasonable hope o f operm anent relief
v ion
p. 937, 843.
Ui— v . 1W ,

Bristol & Norfolk St. Ry.— Increased Fare Allowed —

The M ass. P. S. Commission on Sept. 2 notified this com p a n y that the
local passenger tariff filed som e time ago providing a 6-cent fare had been
allow ed. Under tho now schedule the faro o f 6 cents will bo charged from
H olbrook station, in Handolph, to the cornor o f Turnpike and Page Sts
N orth Stoughton, and from that point to Washington St. S touglitoii’
another 6 cents will bo charged. A workingm an’s fare o f 6 cents for the
entire trip will be allowed by the com pany for two hours in tho morning
and two in tho afternoon. School tickets in strips o f ten will be sold for
30 cents.— V. 103, p. 60.




Brockton & Plymouth Street Ry.— Div. Deferred.—
T he directors on Sept. 8 voted to defer tho paym ent o f the semi-annual
dividend o f $3 per share, norm ally payable on tho cumulative preferred
stock o f the com pany on Sept. 15.-— V. 102, p. 1810.
Buffalo Southern Ry.— Strike Settled.—
T he strike o f the employees o f this com pany, declared on M a y 23, and
which caused a practical cessation o f service since that tim e, was recently
declared o ff, the employees com ing back under practically the same con­
tra ct as was in force before tho striko.— V. 97, p . 950.
Central New England Ry — Interest on 5 % Income Bonds

The regular annual interest paym ent o f 5 % on the incom e bonds has been
declared for the year ended July 1 1916 to holders o f record Sept. 30 1916.
This same am ount has been paid since 1910.— V . 103, p . 662.

Chicago North Shore & Milwaukee RR.— Bonds Of­
fered.—

T h e N a t io n a l C i t y C o m p a n y , N e w Y o r k , a n d H a l ­
s e y , S tu a r t & C o . , C h ic a g o , are o ffe r in g (see a d v . o n a n o th e r
p a g e) a t 9 2 ) ^ a n d in t . § 3 ,0 2 0 ,0 0 0 F ir s t M t g e . 5 % g o ld b o n d s ,
d a te d J u ly 1 1 9 1 6 , d u e J u ly 1 1 9 3 6 .
A circu la r sh o w s:
Callable, all or part, on any int. date at 105 and int. Interest J. & J. in
N . Y . or Chicago. Denoms. $1,000, $500 and $100 c*. Continental &
Comm ercial Trust Sc Savings Bank, C hicago, corporate trustee.
D ata from L e tte r o f C h a irm a n In s u ll, C h ica g o , III., S e p t. 11 1916.
O r g a n iz a tio n . — Organized in Illinois in June 1916 and has acquired and
now owns all the property, & c., form erly o f the Chicago & M ilwaukee E lec­
tric H R . o f III. and Wise. Owns and operates the electric railroad prop­
erty connecting Evanston, 111., and M ilwaukee, W ise., with a branch line
extending from Lake B lu ff, 111., to Area, 111., tho entire property embracing
84.54 miles o f road and 167.60 miles measured as single track.
.
O u tst’ g i n
C a p ita liz a tio n —
A u th o r i z e d .l i d s , o f P u b .
Capital stock is nominal sum o f $100,000, made basis
o f 170,000 participa’n ctfs., no face val. expressed.
First mortgage 5 % gold bonds (this issue)_________$10,000,000 $3,620,000
Collateral 544% gold notes, due serially Aug. 1
1917-19 (secured b y deposit o f $480,000 General
M ortgage 5 % gold bonds)_______________________
600,000
*400,000
General M tge. 5 % gold bonds, duo Aug. 1 1936____ 1,500,000
460,000
* T he remaining $200,000 notes have been issued and canceled and therotoro the am ount now outstanding, $400,000, cannot be increased.
S e c u r ity .— A first m ortgago lien on all the property owned.
There is also

11 * ■*--- ------ ------- w ju p u u j ao liv/vv uu o m u cm duu nu UlOrtgagQ
or lien m ay bo placed thereon.
c .h ffu V
Additional boncls m » y bo issued: (a) $-140, 000* in
^
f ° r,
J
?
aL \ rlue o f G on- M . bonds now deposited as
1Irity for H10 Collateral G old N otes. (6) $940,000 to reimburse the com ­
pany at par for capital expenditures made after July 1 1916. Bonds m ay
T .
un,,1£, (a) alK,* W ) when net earnings aro 1 4! times the annual
*/ \ rn, on al* 4 lrst M . bonds outstanding and those proposed to bo issued,
o r c F “ 2 remaining $5,000,000 bonds m ay be issued at par for not exceeding
8b /0 or the cash cost o f betterments, & c., when net earnings are twice the
annual interest on all First M . bonds outstanding and those proposed to
bo issued. Property thus acquired m ust bo subjected to the first m ortgage
lien. Interest on theso bonds is now payablo without deduction o f tho Fed­
eral normal income tax.
.
(* O f 8660,000 First M . bonds reserved under the m ortgago to be sub­
stituted for Gen. M . bonds, $220,000 havo already been issued and are in­
cluded in tho $3,620,000 now outstanding.)
M a i n t e n a n c e F u n d . — A maintenance, replacement and depreciation fund
Is established, amounting for tho first five years to 12% o f the annual gross
Income from property subject to the m ortgago, 14% for the second five
years, 16% for tho third five years and 18% for the last fiv e years. This
fund m ay bo expended for maintenance, & e., or for tho retirement o f First
M . bonds.
V a lu a tio n . — Tho replacement value o f the physical property o f this
com pany and o f the M ilwaukee Terminal com pany, as reported b y engineer,
exceeds $13,500,000.
F r a n c h is e s . — Owns right-of-w ay in W isconsin as far as tho city limits o f
M ilwaukee. Franchise o f the Milwaukee city line expires D oc. 31 1934.
Owns right-of-w ay in Illinois outside o f corporate limits. W ithin corporate
limits the com pany also owns its right-of-w ay to a considerable extent, and
the remainder is covered b y municipal franchises, several being perpetual.
i re°^ ,e r l U’ <^ c ' — rr h ° rolling stock consists o f 97 m otor, com bination,
buffet, trailer, baggage and express cars, and 127 freight cars, 9 service
ca*^. 2 electric locom otives and 1 work m otor.
I ho principal communities served are Evanston, W ilm ette, W innetka,
tiloncoe, Highland Park, Lake Forest, N orth C hicago, W aukegan and
Alon C ity , 111., and Kenosha, Racine, South M ilwaukee and M ilwaukee,
Wise. A ccording to the U. S. Census, the com bined population o f the com ­
munities served, excluding M ilwaukee, was in 1900 87,374, in 1910 139,097,
an incrcaso o f nearly 6 0 % . Present estimated com bined population over
170,000, exclusive o f Milwaukee.
E a r n in g s . —-Consolidated statement o f the earnings and expenses as
certified b y independent auditors (year ending Juno 30 1916):
T otal oper. revenue______ $1,021,028 N et available for interest
N et after taxes----------------- $314,532
charges, deprec’n ,& c ___ $327,180
Miscellaneous incom e____
12,618 Annual int. on $3,620,000
,,
1st M . 5 % bonds............
181,000
M a n a g e m e n t . — Chairman o f tho board, Samuel Insull; President, Britton
I. Budd; Vlco-President, R . F loyd C linch.— V. 103, p. 664.
C h i c a g o R o c k I s l a n d & P a c i f i c R R . — Bill Filed.— T h e
P e a b o d y first a n d re fu n d in g b o n d h o ld e r s ’ c o m m it te e o n
S o p t. 9 file d its fore clo su re b ill a g a in s t th o c o m p a n y in th e
U . S . D is t r ic t C o u r t a t C h ic a g o .
J u d g e G e ig e r o n A u g . 15
e n te re d a n ord er p e r m ittin g th e c o m m itte e to file th eir
p o titio n .
In their bill tho com m ittee, which controls about 20% o f the $ 11 1 ,1 4 0 ,”
000 outstanding bonds, alleges that a default in the torms o f tho bonds has
occurred and that tho handling o f tho road’s finances under tho receiver­
ship is not adequate to the protection o f the bondholders’ interests. N o
date for argument on the bill has boon sot. When the defendants have
boon served with legal notice they will be given 20 days, and possibly m ore,
to file their answer, the defendants being the receiver, et. al.— V. 103
p. 937, 758.
C h i l l i c o t h e ( O h i o ) E le c . R R . , L t . & P o w . C o .— Sale.—
The Ohio Utilities C o ., recently organized at Colum bus, Ohio, with an
authorized capital stock o f $500,000, has made application to the P . U.
Comm ission to purchase the Chillicothe com pany for $480,000. Press
reports stato that it is proposed to consolidate this com pany with tho elec­
tric light companies at Delaware, Circlevillo and Gallipolis. The com pany,
it is said, also asks authority to issue $750,000 6 % 1st M . bonds, $200,000
pref. stock with maximum dividends o f 7 % , and $100,000 com m on stock.
John J. Phillips, Vice-President o f the Chillicothe com pany, is President o f
the new com pany.— V. 99, p. 1909.
C i t i e s S e r v ic e C o . N . Y . — Earnings.—
See T oledo T raction, Light & Power C o. below.
M o n th o f
G ro ss
N et
N o te A
P r e fe r r e d C o m m o n
B a la n c e .
•July—
E a rn s.
E a rn s,
d eb . I n t .
Dio.
Dio.
S u r p lu s .
1 9 1 6 .............$672,190 $652,158 $10,470 $174,889 $90,687 $376,112
1915
297,626
283,255 40,833
130,833
________
111,589
Y e a r to J u ly 31—
1 9 1 5 -1 6 ..$6,833,862 $6,621,359 5461,116 $1,845,535 $90,687 $1,227,021
1 9 1 4 -1 5 .. 4,003.722 3,850,143 490,090 1,593,996 ............ 1,765,147
— V. 103, p. 843, 665.
C l e v e l a n d C i n c i n n a t i C h i c a g o & S t . L o u i s R R . — Div.
A quarterly dividend o f 1 44% has been declared on the $10,000,000 pref.
stock, payablo Oct. 20 to holders o f record Sopt. 29. A liko amount was
paid in July, when dividends wero resumed at the regular rate 5 % per ann.
Com pare V. 102, p. 2254.
C o n c o r d & M o n t r e a l R R . — October Interest.—
R oceiver Must is o f the Boston & M aine R R . will on O ct. 1 pay the annual
rental o f 7% to the stockholders o f this com pany.— V . 103, p. 578.

Connecticut River RR.— Protective Committee— Deposits
Requested.—

T h e p r o te c tiv e c o m m itte e n a m e d b e lo w , R ic h a rd
B illin g s , 1 1 5 B r o a d w a y , N . Y . , C h a ir m a n , h a s s e n t th e fo l­
lo w in g le t te r u n d e r d a te o f A u g . 3 0 to sto c k h o ld e r s:
The undersigned wero asked a short tim e a g o b y som e o f the stockhold­
ers in your road, who were alarmed b y the p olicy o f the directors, to act as
a com m ittee to receive and vote proxies for the annual m eeting on Sept. 20
next. Since then their alarm appears to have been justified, for your di­
rectors have applied for the appointm ent o f a receiver and the same stock­
holders have requested us to act as a protective com m ittee in addition to
acting as a proxy com m ittee. W e have agreed to d o so.
It is obvious that the interests o f the shareholders require protection.
W hen your railroad has been put in the position o f a bankrupt, it is time for
y o u to act. W e therefore request you to deposit you r stock with us, under
an agreement o f the usual sort, copies o f which will be furnished b y the New
England T rust C o. o f Boston, who will also receive deposits o f shares on
our behalf.
It is essential that action bo taken b y the stockholders at the approach­
ing meeting. The p olicy o f the present directors, which has now reached
its natural result, has never been subm itted to you for approval or disap­
proval. I t has becom e essential to secure directors who will get your road
ou t o f receivers’ hands as speedily as possible and who will perm it you to de­
cide how your property shall be handled in tho future. T he unwisdom o f
the p olicy o f the present board has been sufficiently demonstrated b y its
results, and tho unnecessary and dangerous offer recently m ade b y them to
reduce the rental secured to you under the lease clearly indicates tho neces­
sity o f active participation b y the stockholders in tho approaching election.
W e also urge you to deposit your stock.as speedily as possible with the
N ew England Trust C o. Shares so deposited m ay be withdrawn at any
tim e up to thirty days after notice has been mailed to you that stock not
taken out within that tim e cannot be withdrawn thereafter.
T he com m ittee will from tim e to time add other members, if it shall seem
advisable to d o so.
C o m m itte e . — Richard Billings, 115 B ’way, N . Y . C ity, director C onn.
R iver R R .; Henry P. Binney, Brown Bros. & C o ., 60 State S t., Boston;
A rthur A dam s, Vice-Pres. th e N ew England Trust C o ., Boston, M ass.;
R oger P . H ooper, attorney-at-law , Ames B ldg., B oston.— V. 103, p . 843.

Dominion Power & Transmission Co.— 6 Mos. Earns.—
T he net earnings for the six months ending Juno 30 1916 show an incrcaso
o f over $113,000 over the same period o f 1915.— V . 103, p. 57.
Elmira Water, Light & RR. Co.— Bonds.—
A pplication has been m ade to the N ow Y ork P. S. Comm ission for
authority to issue $222,000 First Consol. M tge. 5 % 50-year gold bonds.
T he proceeds to bo used to construct a gas plant.— V . 102, p . 440.

Erie RR.— Bonds Sold.— T iln e y , L a d d & C o . , N e w Y o r k ,
h a v e so ld a t 8 3 a n d i n t ., to y i e ld a b o u t 4 . 8 5 % , $ 1 ,0 0 0 ,0 0 0
F ir s t C o n s o lid a te d M o r t g a g e P rio r L ie n 4 % g o ld b o n d s ,
d a te d D e e . 1 0 1 8 9 5 , d u e J a n . 1 1 9 9 6 .
In t. J . & J.
Au­
th o r iz e d a n d o u t s ta n d in g , $ 3 5 ,0 0 0 ,0 0 0 .
A c ir c u la r sh o w s :
Secured b y direct m ortgage on 789 miles o f road, constituting practically
the entire main line o f the Erie system from Jersey C ity to Buffalo, subject
to on ly $36,406,609 prior liens. According to the terms o f this m ortgage,
all but $8,241,000 o f tho above $36,406,600 prior lien bonds will be retired
in 1920 by tho issue o f General M ortgage 4s, which aro a junior security.
In addition, through the deposit o f securities, these bonds are in effect
a second lien on nearly tho entire main line from Buffalo to C hicago. A
total o f $64,654,850 par value stock and bonds o f various affiliated com ­
panies, operating i,070 miles o f road is deposited with the trustee.
This closed issue o f $35,000,000 Prior Lien 4s underlies $35,885,000 Gen­
eral Lien 4s, $40,642,130 Convertible 4s and $176,271,300 Preferred and
C om m on S tock.
E a r n in g s . — -For tho seven m onths o f 1916, gross earnings have increased
m ore than $7,000,000 and net earnings m ore than $2,000,000.
Since 1901 thocom pany has expended over $100,000,OOOfor additions and
betterm ents. The physical character o f the com pany in 1901 lim ited its
gross earnings to about $40,000,000 per annum, whereas improvem ents now
nearly com pleted, it is stated, will afford a capacity sufficient to yield a
gross Income o f $100,000,000 per annum.
These bonds are listed on the N . Y . Stock Exchango. T h ey m ay be made
perm anently tax-free in N ew Y ork State b y paym ent o f $5 40 per bond.
Bonds Approved.— T h e N e w J e rse y P u b lic U t i li t y C o m ­
m issio n o n S e p te m b e r 1 4 a p p r o v e d th e a p p lic a tio n o f th o
c o m p a n y fo r issu a n ce o f its ge n e ra l first lie n c o n so lid a te d
m o r tg a g e b o n d s to th e a m o u n t o f $ 2 ,3 8 0 ,0 0 0 .
T h e issu e ,
it is u n d e r s to o d , is fo r ex te n sio n s a n d im p r o v e m e n ts .
Com ­
p a re V . 1 0 2 , p . 2 1 6 6 , 2 0 7 7 .
Florida East Coast Ry.— Full 5 % on Income Bonds.—
T h is c o m p a n y h a s d ec la re d o u t o f e a rn in g s fo r th e fisc a l y e a r
e n d e d J u n o 3 0 th o fu ll 5 % in te re st o n its $ 2 5 ,0 0 0 ,0 0 0 G e n ­
e ra l M t g e . I n c o m e n o n -c u m u la tiv e 5 0 -y e a r b o n d s , p a y a b le
N o v . 1.
P r e v io u s p a y m e n t s w ere: 1 9 1 5 , 4 % ; 1 9 1 2 -1 4 , 2 J ^ % ;
1911, 4 % ; 1910, 3 ^ % . — V . 102, p . 1346.

Groton & Stonington St. Ry.— Sale Confirmed.—
See Shore Line Electric R y . below .— V . 103, p . 493.

Interborough Rapid Transit Co.— Strike Situation.—
F o llo w in g a n in v e stig a tio n in to th e c a u ses o f th e tr a c tio n
strik e th o P u b lic S e rv ic e C o m m is s io n r e c o m m e n d e d th e
fo llo w in g , in su b sta n c e :
“ (1) T hat the question whether the distribution o f the individual con­
tracts constituted a violation o f the agreements bo referred to arbitration
in tho manner provided in tho agreement.
" (2 ) T h a t tho charge that tho com pany sought to secure acceptance o f
tho individual contracts b y fraud, misrepresentation, coercion or intimi­
da tion , be referred in the same w ay.
“ (3) T h a t the parties proceed with the conferences where they left o ff,
and that, in order that friction m ay be a voided, they agree upon somo
impartial person to preside, or i f they cannot agree, that they perm it the
M a yor and the Chairman o f the Comm ission to name such Impartial per­
son, to have no authority to decide, but m erely to preserve the parties from
further misunderstandings and disagreements, and further, that such
conferences be held in public.
“ (4) T h a t the strike should be declared o ff im m ediately.”
R . R . R ogers, representing the Interborough and tho N ow Y ork R ail­
ways C o ., at a session o f the P . S. Com m ission, read tho following in part
noted herewith:
“ 1. As to tho Interborough, it cannot arbitrate its right to enter into
agreements with 10,306 o f its employees ou t o f a total o f 11,800, when
the em ployees who havo signed are contont with these agreements and
are endeavoring to carry them out in good faith.
“ 2. It cannot arbitrate its own good faith in becom ing a party to thoso
agreements when they aro definito as to pay and terms, signed b y tho em­
ployees upon the recomm endation o f their own duly appointed agents, and
to-d ay are fully accepted b y the great mass o f our loyal employees.
“ T he N ew York Railways C o. respectfully represents:
“ It cannot arbitrate tho causeless desertion or its service by its striking
em ployees when their differences with tho com pany wero in process o f or­
derly adjustm ent under tho terms o f tho agreement o f Aug. 6 , underwritten
b y tho M a yor and the Chairman o f this Comm ission.
“ B oth com panies must respectfully decline to hold any further confer­
ences with tho officers, agents or members o f this association or o f any
persons affiliated with them .”
A t tho hoarlng before tho P. S. Comm ission, W illiam B . Fitzgerald,
general organizer o f railroad em ployees, m ade a statement accepting
arbitration in princinlo. Ho said ho would Insist upon right o f organization
for the men and would also insist, before calling o ff tho strike, upon restora­
tion o f conditions as o f A ug. 30 1916. This applies to re-em ploym ent o f
men who were then on duty and who havo since stopped work In obedience
to striko call.



T ho present situation therefore is practically a deadlock. Tho strike has
caused much inconvenience, and there have been several accidents and some
violenco. B oth the subway and elevated lines aro giving fairly good
service, the subway on Sept. 13 transporting 400,000 m oro persons in 12
hours than over before under normal conditions. Sorvico on tho surfaco
lines is being gradually im proved.
A general sym pathetic strike o f all organized wage earners in N ew Y ork
has been recomm ended b y representatives o f national and local labor or­
ganizations.— V . 103, p . 938, 844.

International Ry. (Buffalo, N. Y .).— Bonds Offered.—
H a r r is , F o r b e s & C o . , N e w Y o r k , aro o ffe r in g a t 9 5 a n d in t .
a b lo c k o f $ 6 0 0 ,0 0 0 R e fu n d in g a n d I m p r o v e m e n t 5 % g o ld
b o n d s d a te d N o v . 1 1 9 1 2 , d uo N o v . 1 1 9 6 2 , b u t ca lla b lo a t
1 1 0 a n d in te r e s t o n a n y in t . d a te .
I n t . p a y a b le M . & N .
in N . Y .
D e n o m . $ 1 ,0 0 0 .
A circu lar s h o w s:

Data from Letter of President E. G. C onnette, Sept. 9 1916.

Owns and operates the extensive street railway system in Buffalo, N . Y .,
and electric lines connecting B uffalo with Niagara Falls, L ockport, N orth
Tonawanda and Tonawanda, as well as tho local systems.
C a p it a liz a tio n —
O u tsta n d in g .
Capital sto ck ___________________________________________________$16,707,500
Refunding and Im pt. 5 % bonds (Including present issuo)------------$13,399,000
Divisional bonds (closed m ortgages)____________________________ 11,652,500
P r o p e r t y . — Operates 398 miles o f single track, o f which 223 miles aro in
B uffalo. Tho remaining 175 miles consist o f tho intcrurban lines radaiting from B uffalo, and the local lines o f tho various municipalities served.
The property is well constructed and maintained. Tho com pany owns the
famous Steel A rch Bridge connecting Niagara Falls, N . Y ., with Niagara
Falls, O n t., as well as the Suspension Bridge at tho lower end o f tho Niagara
Gorge, and also owns the scenic electric line running on the bluffs on the
Canadian side o f tho Niagara Chasm, and this lino, takon with the two
bridges and tho Niagara Gorge R R ., along the odge o f tho rapids on the
American side o f tho Niagara Gorge, form s tho fam ous Niagara Belt Line.
Tho valuo o f the property, as determined b y engineers, is in excess o f tho
outstanding bonds. The greater part o f tho electrical onorgy used is perchased under contract for a term o f years from tho Niagara Falls Power C o.
and the B uffalo General Electric C o.
E a r n in g s Y e a r E n d ed J u ly 31 1916.
Gross earnings___________ $7,440,543 |Annual interest on above
N e t, after taxes.................. $2,740,930
$25,051,500 bonds_____$1,258,180
[B alance.................... .............$1,482,750
P u r p o s e o f I s s u e . — T ho com pany is now constructing a high-speed inter­
urban lino, which will be entirely on private right-of-w ay, botween T ona­
wanda and N orth Tonaw anda, (16 miles) for oxpress service. T ho P. S. C om ­
mission has authorized the com pany to sell $3,570,000 o f the Refunding &
Im pt. bonds to provide for the construction and equipment o fth islin o a n d
the $600,000 bonds now offered are part o f tho amount so authorized, o f
w hich,including tho present bonds, there will havo been issued $1,900,000.
Construction o f this lino will bo com pleted early in 1917.
B on d I s s u e . — A first m ortgage upon trackago approxim ating 43 miles
(including 15H miles in B u ffa lo), and b y a m ortgago upon the remainder
o f the com pany’s p roperty, subject to the divisional bonds. It is proposed
that the R ef. & Im p. 5s shall also be secured by a first m ortgago upon tho
now high-speed interurban line between B uffalo and Niagara Falls, which,
when com pleted, should add about 32 miles o f trackage to tho system . T ho
sinking fund contem plates the retirement b y July 1949 o f all excepting
$641,000 o f tho divisional bonds, when tho Refunding & Im pt. bonds will
bo secured b y a first m ortgage on the entiro property except a small amount
o f suburban mileage covered b y tho $641,000 bonds m entioned above.
T ho escrow bonds, other than thoso reserved to rotlro divisional bonds,
and for the purpose o f certain car trust paym ents (V . 97, p. 1504), m ay bo
issued only for additions, im provem ents, & c., when net earnings for 12
consecutivo m onths within the preceding 14, after making allowance for
m aintenance, & c., are 1 'A times the Interest charge on all bonds outstand­
ing, including thoso proposed to bo issued. All escrow bonds m ay bo issued
only with tho consent o f tho P . S. Comm ission o f the Second D iv. o f N . Y .
For further data regarding this issue and tho com pany, see V . 96, p . 62.
— V . 103, p. 666.

Kanawha Traction & Electric Co.— Bonds.—

This com pany has applied to the Ohio I5. U . Comm ission for authority
to issuo $2,000,000 First and Ref. M . bonds at 86.— See V . 103, p . 666.

Lake Erie Bowling Green & Napoleon Ry.— Litigation.
Judgo John M . Killits in the U . S. District Court at T oledo on Sept. 11
overruled a m otion to set aside the sale o f the road to an attorney for the
m ajority bondholders for $140,000. N otice o f appeal has been filod. Lato
this afternoon the Ohio P . U. Comm ission was asked for a ruling.
A temporary injunction has been served tho officials o f this com pany
restraining them from tearing up the tracks In W oodville, Ohio. See
V . 103, p . 666, 406.

Manhattan Railway.— Listing.— T h o N o w Y o r k S to c k
E x c h a n g o h as liste d a n a d d itio n a l $ 1 ,0 0 0 ,0 0 0 c o n s o l. M t g e .
4 % b o n d s , m a k in g to ta l liste d to d a t o $ 4 0 ,6 8 4 ,0 0 0 .— V . 1 0 3 ,
p. 800.
Manila RR.— Bonds for Purchase.— •
See item in editorial colum ns o f this issuo.— V . 103, p . 938, 493.
Midland Valley RR.— Purchase.—

This com pany recently acquired at public salo tho property o f the
Sapulpa & Interurban R y ., which operates 5 miles o f track from Sapulpa
to K elfer, Okla.— V . 101, p . 1365.

New London & East Lyme St. Ry.— Sale Confirmed.—
See Shore Line Electric R y . below.— V . 103, p. 493.

New York Chicago & St. Louis R R . — Equipment Trust
Certificates.—

T h e G u a r a n ty T r u s t C o . o f N o w Y o r k is o ffe r­
in g a t p rices to y ie ld 4 . 6 0 % fo r a v e r a g e m a tu ritie s $ 1 ,1 0 0 ,­
0 0 0 E q u ip m e n t T r u s t o f 1 9 1 6 4 J ^ % g o ld ce rtific a te s d a te d
A u g . 1 1 9 1 6 , in te re st F . & A .
T o t a l issue $ 1 ,1 0 0 ,0 0 0 .
A circu lar sh o w s :
Theso certhicates arc issued b y Guaranty Trust C o. o f N . Y ., as Trustee,
in series o f $110,000 each, one series maturing Aug. 11917 to 1926, inclDenom . $1,000, semi-annual dividend warrants attached, rogisterablo as
to principal.
Theso certificates are unconditionally guaranteed as to principal and
semi-annual dividend warrants b y The N . Y . Chicago and St. Louis R R .
The Equipm ent Trust Agreement and Lease provide that tho amount o f
certificates to be issued shall not at any time oxcood 90% o f tho cost o f
equipment to bo delivered to and held b y the trustee as socurity for tho
paym ent o f the principal o f the certificates and tho semi-annual dividend
warrants appertaining thereto. Theso certificates aro to be secured b y
1,000 box cars, 80,000 lbs. capacity, with steol underframos, costing approxi­
m ately 1,229,000.
R ep o rt f o r 6 m o n th s e n d . J u n e 30 1916. a n d f o r 12 m o n th s e n d . I ) c e . 31 1915.
6 M o s . to 12 M o s . to
6 M o s . to 12 M o s . to
J u n ed O ’ U ). D e c . 31 ’ 15.
J u n e 'M 'U h D e c . 31 15.
Gross op. r e v .$7,523,939$ 12,536,380 Int. ch arges..
Net aft. taxes. 1,977,405 2,744,788
rentals, & c. $388,290 $2,OGo,762
Other incom e.
105,684
229,944
Gross lncom e$2,083,089 $2,974,732
N et incomo$ 1,194,799
$908,970
Issuo approved b y tho New York l*. S. Comm ission, and b y tho 1*. U .
Commissions o f Ohio and Illinois.—V . 103, p. 321, 146.

N. Y. State Rys.— Earnings Filed ivith P. S. Commission.
Q u a r te r e n d . G ro s s
J u n e 30. E a r n in g s .

N et a fter
T a xes.

1916______ $2,043,625 $613,920
1915______ 1.704,379
499,413
— V . 102, p. 2167, 1060.

O ther
In com e.

In terest
C h a r g e s.

R en ta ls ,
A c.

$35,650
34,073

$300,466
298,831

$43,741 $305,362
45,319
189,937

B a la n c e ,
S u r p lu s .

Norwich & Westerly Traction Co.— Sale Confirmed.—
Seo Shore Lino E lectric R y . below .— V . 103, p . 494.

Oregon-Washington RR. & Navigation Co.— B onds
Ladd & Co., Now York, aro offering at a
prico to yield 4.95% a block of First and Refunding M . 4%
gold bonds,dated Jan. 3 1911, due Jan. 1 1961. Int. J. & J.
Amount outstanding, $39,665,035. Principal and interest
unconditionally guaranteed by the Union Pacific RR.
O ffered . — Tilnoy,

T h ese b on d s aro ou ts ta n d in g a t th e ra te o f o n ly S I 9 ,8 8 0 p e r m ile an d aro
secured b y a first m ortg a g e o n 784 m iles o f r o a d , and b y a s e co n d m o rtg a g o
o n 1,125 m iles. T h e y aro fu rth e r secu red b y a lien o n the c o m p a n y ’s
interest in a b o u t 73 m iles o f road jo in t ly o w n e d , an d also c o v e r th e leasehold
an d tra ck a ge rights o n 139 m iles a d d itio n a l.
In a ll, th e b o n d s c o v e r 1 982
m iles , exclu siv e o f track age rig h ts. F o r fu rth e r d a ta see V . 9 4 n 6 QQ
V . 9 3 , p . 1600; V . 102, p . 225 5.
’ 1 0JJ’

Pennsylvania RR.— Purchase

o f Stock.—

T h is c o m p a n y has a p p lie d t o th e N e w Jersey P . U . C o m m is s io n fo r
a u th o r ity t o p u rch ase th e u n so ld p o r tio n o f tiro recen t issue o f W e s t Jersey
& Seash ore R R . s t o c k a m o u n tin g t o a b o u t 17,064 sh ares.— V . 103, p . 844 .

Philadelphia Baltimore & Washington RR.— M e r g e r .—
T h e P en n a . P . S. C o m m issio n o n S e p t. 8 a p p ro v e d th e a p p lic a tio n fo r a
m erger o f th e P h ila d e lp h ia , B a ltim o re & W a sh in g to n U K ., w ith th e P h ila ­
d elp h ia and B a ltim o re C en tral R R . , th e Elk to n & M id d le t o w n R R a n d tho
C o lu m b ia & P o r t D e p o s it R R . A ll th e lines aro su bsidiaries o f th e P e n n s y l­
v a n ia R R . C o . T h e c a p ita l s t o c k o f th o m e rge r is 8 2 9 ,9 0 0 ,4 5 0
S oo V
102, p . 189 7.— V . 103, p . 407 .

Pittsburgh Cincin. Chic. & St. L. Ry.— T en d ers. —
T lio F a rm ers L o a n & T ru st C o . , N . Y . , h a v in g o n d e p o s it S960 000 fo r
th e repu rch ase o f C o n s o lid a te d M t g o . B o n d s , w ill r e c e iv e sealed pro p o sa ls
u n til n oon S ep t. 3 0 , fo r th o sale o f sam e a t a p r ico n o t exce e d in g p a r . P u r­
ch ased b on d s m u st b e d eliv ered o n O ct. 2 .— V . 103, p . 844 , 6 6 6 .

Quebec Ry., Lt.( Ht. & Pow. Co., Ltd.— E a r n in q s. —
’ ......e nn
1914 -15 . |t
1915-16. 1914-15
Jun
30 YYrsrs 1915-16.
1915-16.
G ross earnss ...$ 1 ,9 6 7 ,710 $ 1,784,074 ! In te re s t, & c _____ $72 2 ,5 5 7 $739 482
N o t in com e3 . .
937 ,960
8 5 9 ,2 5 7 1B a la n co , su r p lu s . 2 15 ,403
119 775
— V . 103, p).. 579.

Rapid Transit in New York.— C ontracts.— Recent con­
tracts awarded in connection with construction work on tho
subway and elevated lines in and about Now York City are:
T h e c o n tr a c t fo r th o in stallation o f tracks o n th o B r o a d w a y -F o u rth A v o
sy stem in M a n h a tta n an d B r o o k ly n , fr o m F ifty -n in tli Street, M a n h a tta n !
t o a c o n n e c tio n w ith th o F ia tb u sh A v e n u e e xten sion o f th o In te r b o r o u g h
R a p id T r a n sit C o . , has been aw ard ed t o T . I I . R e y n o ld s C o n tr a c tin g C o .,
N . Y . , a t $28 8 ,4 0 0 . T h e w o rk in clu d es th o in sta lla tion o f a b o u t 25 m iles
o f sin gle tra ck , th e c it y fu rn ish in g rails an d m o s t o th e r m aterials, th o c o n ­
tra cto r fu rn ish in g th o la b o r , co n c r e tin g m a teria ls, an d a sm all a m o u n t o f
ca s t-ir o n p ip e . B id s w ill bo re ce iv e d b y th e P . S. C o m m issio n fo r th e First
D is tr ic t o f N e w Y o r k until S e p t. 13 fo r th o co n s tr u c tio n o f S ection N o . 1-B
o f R o u to N o . 12 in B r o o k ly n .
T h o c o n tr a c t fo r th o co n s tr u c tio n o f th o tunnel u nd er th e E a st R iv e r a t
60th Street N . Y . , has been aw ard ed t o 1’ . M c G o v e r n & C o . fo r $4,1 9 4 ,7 9 7 .
T h o tunnel w ill bo op eratod b y tho B . R . T . sy ste m and trains fr o m the
B r o a d w a y su b w a y w ill cross in it t o th e B o ro u g h o f Q ueens w h ere th e y w ill
run to A s toria an d also t o C o ro n a . T h o w ork is t o bo c o m p le te d in th irty
m on th s, b u t special in du cem en ts aro m a d o f o r its c o m p le tio n w ith in tw e n ty tw o m on th s.
T iie tunnel is fo r the use o f the N e w Y o r k M u n ic ip a l R y . C o r p . an d is
in p la ce o f a c o n n e c tio n o v e r th o Q u ce n sb o ro B r id g o w iiich w as o r ig in a lly
plan n ed .
T h o P . S. C om m issio n has re c e n tly g ran ted an a p p lic a tio n o f tho N o w
Y o r k M u n ic ip a l R y . fo r a tw o -y e a r exten sion o f tim e , t o J u ly 27 1918 t o
c o m p le te c o n s tru ctio n an d b egin o p e r a tio n o f a d d itio n a l tra ck s o n F u lton
S t ., also an exten sion o f tim e fo r tw o yea rs, t o F e b . 2 1918, w ith in w h ic h t o
c o m p le te tho c o n s tru ctio n and bogin th o o p e r a tio n o f th o a d d itio n a l tracks
o n th o B r o a d w a y lino in B r o o k ly n .
T h o I’ . S. C om m issio n in A u g u st o p o n e d b id s fo r th o in stallation o f tracks
in th o B r o a d w a y s u b w a y , w h ich w ill be a part o f the B . R . T . s y s te m ,
th o c o n tr a c t t o c o v e r th o su b w a y fro m 59th street d o w n S e v e n th a v o n u o ,
B r o a d w a y an d W h iteh a ll street t o th e tu n n el und er tho E a st R iv e r t o M o n ­
tagu e s treet, B r o o k ly n an d o n t o a c o n n e c tio n w ith th o F o u rth A v e n u e su b­
w a y , in c lu d in g also th o c o n n e c tio n in C a n al street w ith th o M a n h a tta n
B rid g o . T h e low est o f fo u r b id s r e c e iv e d , w as th a t o f th e T . II. R e y n o ld s
C o n tr a c tin g C o ., $28 8 ,4 0 0 . T h o c it y w ill su p p ly th o rails an d o th e r steel.
In a p u b lic sta tem en t issued A u g . 2 4 , W illia m A . P ren d erga st, C o n tro lle r
exp lain ed inoasures taken b y th e B o a rd o f E stim a te t o m e e t th o incroaso o v e r
th o 1913 estim ated c o s t t o tho c it y o f b u ild in g th o D u a l S u b w a y sy s te m an d
th o 1916 estim a ted c o s t. W e q u o te in su bstan ce:
" T h o c i t y ’s orig in a l c o m m itm e n t u nd er c o n tr a c ts 3 an d 4 (w ith In te r­
b o ro u g h an d II. R . T . ) , in clu d in g w o rk en tered u p o n p rio r t o M a r c h 18
1913, w as $ 1 6 4 ,2 9 4 ,0 7 9 . I t w as clo a rly s ta te d an d m a d o a m a tte r o f record
w hen th o c o n tr a c ts w ere a p p ro v e d th a t th o fo re g o in g a m o u n t d id n o t in clu d e
a llow a n ces fo r th o expenses o f th o I*. S. C o m m is s io n . T h cr o lias been
a u th orized fo r su ch expenses. $ 3 , 5 4 5 , 0 0 0 .
‘I t w as also u n d ersto o d w hen th o c o n tr a c ts w ere a p p ro v e d th a t th o c o s t
o f r em od elin g tho Q u ce n sb o ro B rid g o t o ta k e ca re o f th o s u b w a v trains
w as !l(£ 1,r‘i;;ilfln™,Ilart o f th e s « b w a y c o s t . T h is expon so w as e stim a te d at
abou t
uu,uuu.
" T h c r o has boon ap p ro p ria te d sin co J u ly 26 1916, t o c o v e r c o s ts hnvon d
tho origin a l estim ates, $ 8 ,6 0 0 ,0 0 0 , b ein g p a rt o f th o to ta l o f $ 2 2 non inon
w h ich tho P . S. C om m issio n says in its re p o rt o f J u ly 6 1916 w ill bo nnees
sa ry t o c o m p le to th e w o rk , b u t this a m o u n t d id n o t in clu d e the c o s t o f the
Q u cen sb oro tunnel o f $ 4 ,1 9 4 ,7 9 7 ; s o th a t th o to ta l excess c o s t s o "far esti­
m a ted is $ 2 6 ,1 9 4 ,7 9 7 . T h is m akes th o to ta l o f a p p ro p r ia tio n s to d a te to
e o v e r th o new s u b w a y c o n tra cts $ 1 8 0 ,6 3 1 ,8 7 6 . T h e re is also in silrht a
fu rth er d efin ed lia b ility o f $ 1 3 ,4 0 0 ,0 0 0 , o r a k n o w n c o s t t o d a te o f * i «m
0 3 1 ,8 7 6 .”
T h o N o w Y o r k P . 8 . C o m m issio n , F irst D is tr ic t, w ill re ce iv e b ills on
S ep t. 18 fo r th e in stallation o f track s fo r a portiom o f th e now C u lv e r line
in B r o o k ly n . T h is w o rk is on th o se ctio n fro m a p o in t be tw e e n E ig h th am i
N in th aven u es near 38th St. t o a p o in t a t o r noar A v e n u e X a n d G ra v e se n d
A vo.
,
T h o P . S. C o m m is s io n has ju s t aw ard ed a c o n tr a c t fo r th o in stallation
o f tra ck s o n th o S e v e n th A v o . su b w a y fro m 4 2 d S t. t o S o u th F e rry w itli
a bra n ch e x te n d in g th rou gh P a rk P la c o , B e ck m a n S t. an d W illia m St to
O ld S lip an d th en ce b y tunnel t o C la rk o S t ., B r o o k ly n , an d to a co n n e c tio n
w ith th o o ld s u b w a y n e a r B o r o u g h H a ll t o th e lo w e s t b id d e r E n ge l &
H o v o n o r , a t $ 2 2 9 ,4 4 0 . T h e c it y furnish es th o rails a n d o th e r m aterials
T h o su b w a y is an exten sion o f th o p resen t w est sido lin o and w ill b o nn„r-,V.vi
b y tlm In te r b o r o u g h R a p id T ra n sit C o .— V . 103, p . 239 , 146.
1

St. Johnsbury & Lake Champlain RR.— P r o p e r t y __
T h e s tock h old ers w ill v o t e S e p t. 14 on a u th o rizin g th o d ire cto rs to Cal
sell a b o u t 1 Yi m iles o f th o n o rth e rly ond o f th o V ic to r y b r a n c h - (/>) tn rem o v o tlio track an d d is co n tin u e tins o p e r a tio n o f th o en tire bra n ch am i ivi
em p ow er th o d irectors w ith a u th o r ity t o agreo w itli th o M a in o C e n tra l R R
C o . u p on a m o d ific a tio n and c h a n g o in its lease c o v e r in g th o V ic t o r y hrancli
a c c o r d in g ly u p on su ch term s a n d co n d itio n s as tlio directors' m a v deem
b e s t.— V . 101, p . 846 .
la y u o cm

St. Louis Southwestern Ry

— E q u ip m en t T rusts —

T lio M issou ri P . S. C om m ission on S e p t. 11 au th o riz e d th o c o m n a n v to
issue $ 4 2 0 ,0 0 0 4 'A % equ ip m e n t tru st n o te s. T h o p ro ce e d s t o bo used to
p u rch a se lo co m o t iv e s .— V . 103, p . 49 4 , 407 .

A p p r o v e d .—-

T h o C o n n e c tic u t P . U . C o m m issio n r e c e n tly a u th o rize d th o sale r,f the
..l. P. W nof onlir Tpopf Inti ( ^r\
C*1 onn
salo is t o en a b le these three c o m p a n ie s to p a y o f f th eir b o n d e t/'a n d ° o ther
d o b ts .— V . 103, p . 49 4 , 146.

Southern Pacific Co.— A c q u isitio n .—

fc?, *=$

T h is c o m p a n y w ill o n O ct. 1 ta k e o v e r the W illa m e tte J P a c ific R R
in a k o it a p a r t o f its P o r tla n d d i v i s i o n — V . 1 0 2 , p . 2 1 6 7 .




P a y m e n t .—

Toledo Traction, Light & Power Co.— T im e

E xten d ed .

T h e tim o fo r th e d e p o s it a n d e x ch an g e o f this c o m p a n y ’s s t o c k fo r th e
p r e f. a n d c o m m o n s to c k s o f th e C itie s S e rv ice C o . h as been e x ten d ed t o
b o p t. l o . — V. lU o, p . ©45, 494 .

West Jersey & Seashore RR.— Sale

o f Stock .—

See P e n n sy lv a n ia R R . a b o v e .— V . 103, p . 4 0 8 , 321 .

Wheeling & Lake Erie RR.— U p set P rice R ed u ced .—
Judge John M . Killits in the U. S. District Court at Cleve­
land on Sept. 11 reduced the upset price from $18,500,000
to $12,000,000.
J u d g e K illits is q u o t e d as s a y in g : " N o o n e c o n t r a d ic t s R e c e iv e r W M
D u n c a n ’s s ta te m e n t th a t t h o p h y s c ia l c o n d it io n o f th e ro a d is im p ro v e d "
a n d th a t its e q u ip m e n t is d e te r io r a tin g to su ch an e x te n t th a t it w o u ld b o
im p o s sib le t o keep th e ro a d in th e C o u r t ’s c u s t o d y a n o th e r y e a r m a in ta in ­
in g its p resen t ra te o f earn in gs a n d m e e tin g p u b lic d e m a n d s, unless new
e q u ip m e n t is p u rch a se d a t a h e a v y o u t la y . N o resou rces are a v a ila b le
t o s u p p le m e n t th e in a d e q u a te fu n d s o n h an d w ith a la rg e issue o f r e c e iv e r ’s
ce r tific a te s . T h e C o u rt w ill c a r r y th is b u r d e n , n o t in th e in terest o f a n y
gen eral c r e d it o r , b u t s o le ly b e ca u se th o n o t e h o ld e rs are u n w illin g t o re­
lie v o th e C o u r t t o a d m in is tra te th eir ow n e q u i t y ." — V . 103, p . 8 4 5 7 5 8 0 .

Willamette Pacific RR.— Control.—
S ee S ou th ern P a c ific C o . a b o v e .— V . 102, p . 207 8.

Youngstown & Southern Ry.— Sale.—
See Y o u n g s to w n & S u b u rb a n R y . b e lo w .— V . 103, p . 94 0 , 580 .

Youngstown & Suburban Ry.— P u rch a se .—
T h is c o m p a n y o n S e p t. 8 a p p lie d t o th e O h io P . U . C o m m is s io n fo r
a u t h o r it y t o p u rch a se fo r an a m o u n t stated t o bo S I , 5 50 ,000 th e p r o p e r ty
?.r th e Y o u n g s t o w n & S ou th ern I i y . f w hich w as re c e n tly pu rch ased b y
W . J . B la c k b u rn fo r th e b o n d h o ld e rs .

INDUSTRIAL AND MISCELLANEOUS.
Ahmeek Mining Co.— D ivid en d In c re a s ed .—
10 t<
nid o° f
b,£en d e cla re d o n th o s t o c k , p a y a b le O ct.
la s t.— V. T o 0 ° f p 00” 9 2 ( f UP1" 21 ‘
1 his c o m Pares w ith $3 in A p ril an d J u ly

American Brake Shoe & Foundry Co. —

a

o f f c b bu.

American Printing Co.— Balance
w ith the M a s s , a u th orities .—
1916.
$
1,760,470
3,701.054
C a s h * d e b t s r e c .. 3,987,011
Prepaid Insur____
85,008
Fall R . I. W . stock 1,999,600
Assets—

R c a l c s t ., m a c h .& c
S t o c k In p r o c e s s &o

N e w Serrptarn __

S it t s s s s ia

1915.
$
1,708,493
3,070,289
3,227,515
73,162
1,999,600

■

Sheet a s o f J u ly 1 , file d

Liabilities—
Capital stock.........
A cc’ ts payable____
Floating d ebt____
S u rp lu s...................

1916.
1915.
s
S
2,000,000 2,000,000
1,449,789 1.280,658
4,320,000 3,425,000
3,763,354 3,373,401

T o t a l ................-11,533,143 10,079,059
---11,533,143 10,079,059
000 stock mP«
»
^
o t the Fall River Iron’ W orks C o. S2,0(X),See balance sheet o f that com pany below.— V. 95, p. 1209.

A “ e,ric^

?£eei Foundries Co . —

B ond C a ll.—

hn S
S
I
, l s t M t g e . g o ld b o n d s o f $ 1 ,0 0 0 each an d 1 0
1? ' nT’r
™
f i 1,’ ^ S r e g a t in g $ 6 3 ,0 0 0 , h a v e been d ra w n fo r r e d e m p tio n ,
a t ^ a r a n d t o t e r e s t . o n O c t . 1 a t E q u it a b le T ru s t C o . , N . Y . , tru stee.— V .

American Sumatra Tobacco Co.f New York and At­
lanta.— E a r n in g s .—
July 31
N et
Y ea r—
In com e.
1 9 1 5 -1 6 ..............$26 7,65 2
1 9 1 4 -1 5 _______ 550 .609
— V . 102, p . 34 6 . 252.

Atlanta Steel Co.

Preferred
D ividends.
$ 1 4 0 ,0 0 0
7 0 ,0 0 0

Other
Charges.
$ 1 ,5 0 0
5 1 ,4 7 5

B alance,
Surplus.
S126.152
4 2 9 ,1 3 4

Results f o r 8 M o n th s to A u g .

Total
Surplus.
$ 7 6 9,90 4
6 4 3 ,7 5 2

31.—

T h e g ross earn in gs fr o m o p e ra tio n s fo r th o m o n th o f A u g u s t 1916 w ere
| } d f .9 2 1 , an d a fte r d e d u ctin g reserves, $ 2 0 ,0 0 0 . there w as a b a la n ce o f
$ 1 1 0 ,9 2 1 .
I h o g ro ss fo r th e 8 m o s . e n d in g A u g . 31 1916 w as $ 5 7 4 ,7 1 8 , a n d
a fte r d e d u ctin g $ 4 3 ,0 0 0 reserve fo r interest. $ 6 0 ,0 0 0 reserve fo r re p la co ? ? ei} « o a n d S § 8 ,7 5 0 reserve fo r d iv id e n d s , th e n e t ba la n co w as $ 3 8 2 .9 6 8 .—
V . lO o, p . 765.

Brooklyn Borough Gas Co.— S u it .—
„ T h is c o m p a n y , a c tin g th ro u g h its a tto r n e y s , o n S e p t. 12 c h a llen g ed
H a r ry E . L e w is, D is tr ic t A tt o r n e y o f K in g s C o u n t y , t o te st th o c o n s t it u ­
t io n a lity o f th e recen t 8 0 -ce n t G a s A c t b y b rin g in g s u it a ga in st th e c o m n a n v
t o c o lle c t th e $ 1,0 0 0 p e n a lt y p r o v id e d in th o la w fo r e v e r y case in w h ich
tlio c o m p a n y h a s ch a rg e d m o re th a n 80 ce n ts p er 1,000 c u . f t . fo r gas
Tho
c o m p a n y has assertod th a t it w ill n o t re d u ce its ra te in C o n e v Isla n d fr o m
J5 t o 80 c e n ts , as th e law d ire cts , an d th ere has been a v io la tio n o f th o law
T»ri ^ T 7 n ? ? ° ofv,t h o . t U1? 50111 o u t
th e c o m p a n y ’s 1 2 ,0 0 0 c u s to m e rs sin co
J u ly 1 191b, w hen th e law w e n t in to e ffe c t .
D is tr ic t A t t o r n e y L ew is has file d an a ffid a v it in th o M a n h a tta n S up rem e
c o u r t , a fte r b ein g s e rv e d w ith th e c o m p la in t , in w h ich h o , th e P u b lic
S e rv ice C o m m is s io n , th o C it y o f N e w Y o r k an d A tto r n e y -G e n e ra l E . E .
'j o h d b u r y aro n a m e d as d e fe n d a n ts , a sk in g fo r a ch a n g o o f v e n u e . T h e
art ltlavit s e ts u p th a t th o s u it has been b ro u g h t b y th o B r o o k ly n B o r o u g h
p 2 0 7 !)' t 0 d e c *aro u n co n s titu tio n a l th o p resen t 8 0 -c e n t gas la w .— V . 102,

California Fruit Canners Ass’n . —
Assets—
Feb. 29 ’ 16. Feb. 28 T5.
Real est., plant, <fcc
sh’s in other co ’S-$3,405,189 $3,393,687
A co’ts rec. & invent 3,116,009 3,678,747
Insur. fund...........
187,530
143,055
Cash on hand.........
175,395
232,591
T o t a l ..................$6,884,123 $7,448,080
— V . 100, p . 1595.

Balance

Sheet .—

Liabilities—
Feb. 29 T 6 . Feb. 28 ’ 15.
Capital stock......... §3,000,000 $3,000,000
A cc’ts & bills pay. 1,391,792 2,141,683
Contingent reserve
829,399
824,093
Surplus................... 1,662,932 1,482,304
T o t a l................. $6,884,123 $7,448,081

Central Petroleum Co.— Bond

C all .—

O n o h u n d re d -fo u rte e n 6 % 1 st m tg e . c o ll, g o ld b o n d s o f $ 1 ,0 0 0 ea ch an d
60 b o n d s o f $ 1 0 0 e a ch , a g g re g a tin g $ 1 2 0 ,0 0 0 h a v e been c a lle d fo r p a y m e n t
At^par^and in te re s t, o n O c t . 2 , a t B a n k ers T r u s t C o . , N . Y . — V . 101, p .

Central States Gas Co.— Purchase — Stock .—

Sapulpa (Okla.) & Interurban Ry.— S o ld .—
Sbo M id la n d V a lley R R . a b o v o .— V . 9 5 , p . 751.

Shore Line Electric Ry.— M er g e r

Third Ave. Ry.— In terest

N o tic e is g iv e n th a t p u rsu an t t o re so lu tio n o f th o d ir e cto r s a d o p te d in
% n nC, o
‘ hier
vlAs{ on ? ° f
A d ju s tm e n t In c o m e M o r tg a g e , d a t e d
^ 1 rust C o . , tru stee. Thfe c o m p a n y w il
^
i
s c ( Ni - annual in stallm en t o f in terest a m o u n tin g t o 2 k £ % ,
d u o O ct. 1 1916, fo r th e six m o n th s en d ed Ju n e 30 1916 u o o n its $ 2 2 5 3 6 000 o u ts ta n d in g A d ju s tm e n t M t g e . 50 -y e a r 5 % in c o m e g o ld b o n d s, s e e d e d
b y th e a b o v e -m e n tio n e d m o r tg a g e .— V . 103, p . 947 .

and
U

T h is c o m p a n y has a pp lied t o th o Indian a P . S . C o m m is s io n fo r a p p r o v a l
o f a c o n tr a c t t o pu rch ase th e V incennes G as C o . fo r $36 5 ,0 0 0 an d t o issue
its s t o c k a n d b o n d s fo r $ 8 0 ,0 0 0 t o b u y gas lin e s, & c ., o w n e d b y J o s e p h A .
S loan o f N a p o le a n . w h ic h are la id in V in cen n es.

Champion Lumber Co., Philadelphia.— R eceiversh ip .—
J u d g e B o y d in th e F ed eral D is t r ic t C o u rt a t G re e n sb o ro , N . C
on or
a b o u t S e p t. 13 a p p o in te d V ice -P re s . J . G . C a m p b e ll r e c ’r .— V . 9 3 , p . 531 .

Cincinnati Gas & Electric Co.— L is tin g . — Tho New
York Stock Exchange has admitted to list $4,500,000 First
& Ref. Mtge. 5 % 40-year, series A, bonds on official notice
of issuance of permanent certificates.— V. 103, p. 581.

Colt’s Patent Firearms Mfg. C o — Extra

D iv id e n d .—

A n extra d iv id e n d o f 1 2 * $ % has been d e cla re d o n th e s t o c k , a lo n g w ith
th e regu lar q u a rte r ly 4 % , b o th p a y a b le O c t. 2 t o h o ld e rs o f re c o rd S e p t. l o .
I n J u ly last 1 0 % extra w as p a id .— V . 103, p . 241.

Continental (Beet) Sugar Co.— B on ds O ffered . — Tillotson & Wolcott Co., have offered at par and int., yielding
6 % , $220,000 1st M . 6% Gold Bonds, of 1912.
B onds.— D a t e d A p r il 1 1912, m a tu r in g $12 0 ,0 0 0 A p ril11 1918 a n d $ 2 9 ,0 0 0
a n n u a lly A p r il 1 1919 t o 1923. in clu siv e . D e n o m . $ 1 ,0 0 0 .
P r in cip a l an d
sem i-a n n u a l in terest ( A . & O . 1) p a y a b le a t G u a r a n ty T r u s t C o . , N . Y . ,
tru stee. R e d e e m a b le a t a n y in te re s t-p a y in g p e r io d a t 102.
C a pitaliza tion .— C o m . s t o c k , a u t h ., $ 2 ,5 0 0 ,0 0 0 ; issu ed
$ 1 ,7 3 .,,4 0 0
F irst M t g o . 6 % b o n d s ., a u t h ., $ 1 ,2 0 0 ,0 0 0 ; less r e tir e d , $ 3 6 0 ,­
000 ; o u t s t a n d in g ------------------------------------------------------------------------84 0 .0 0 0
D a t a f r o m L e t t e r o f P r e s . C . Q . E d g a r , J u l y 6 1916.
O rganization.— O rga n ized in 1898 in O h io an d has s in ce been en gaged In
th e m a n u fa c tu r e o f b eet su gar.
H as t w o m o d e r n w e ll-e q u ip p e d p la n ts at
B lis s fie ld , M ic h ., a n d F in d la y , O h io , and a r e se rv e p la n t a t l-r e m o n t, O h io ,
th e la tte r useful in h a n d lin g excess su pplies o f raw m a te r ia l, a n d as in su r­
a n ce aga in st b re a k d o w n s a n d a ccid e n ts .
T h is p r o p e r t y , ex c lu s iv e o f g o o d w ill, in v e n t o r y , p a te n t p r o c ^ s e s , & c .,
w as a p p ra ised in 1912 a t $ 1 ,9 4 6 ,3 8 3 . B a la n ce sh eet t e b . 29 1916 sh ow s
a d d itio n s a n d im p ro v e m e n ts m a d e s in ce th en s u ffic ie n t t o b r in g o u r to ta l
fix e d assets u p t o $ 2 ,2 6 2 ,6 9 9 , a fte r d e p r e c ia tio n allo w a n ce s.
I ho repro­
d u c tio n o f th ese p ro p e r tie s w o u ld t o -d a y c o s t la rge ly in excess o f th is v a lu e
a t w h ic h th e y are c a rried in o u r s ta te m e n t. Q u ic k a ssots, co n s istin g o f
c a s h , a c c o u n ts r e c e iv a b le a n d in v e n to rie s w ero o n F e b . ^ u f k h i s y e a r
$ 5 3 0 ,7 2 8 , b rin g in g th e to ta l assets u p to $ 2 ,8 5 7 ,3 7 1 . O n th e a b o v e m e n tio n e d d a t e w e h a d n o d e b ts e x c e p t th e 1st M . b o n d s a m o u n tin g to
$ 8 4 0 ,0 0 0 , a n d th e s o , m a tu r in g in equal ann u al in sta llm e n ts o f $ 1 2 0 ,0 0 0
fro m 1917 t o 1923, w ere th e o n ly d e b t o u ts ta n d in g F e b . 29 1916.
P r o fits .— N e t earn in gs fo r th e fiv e yea rs en d in g I 'o b . 29 1912, a p p lic a b le
t o in terest c h a rg es , a v era g ed $15 0 ,0 0 0 p e r an n u m . O w in g t o c o n d itio n s
a ffe c tin g th e b e e t su gar c r o p s , th e yea rs 1913 a n d 1914 w ero d is a p p o in tin g .
T h e y w ir e o ffs e t b y fa v o r a b le c o n d itio n s in t h e years e n d in g F o b . 29 1915
a n d 1916, w h ich s h o w n o t o p e ra tin g p r o fits o f $ 2 7 2 ,2 2 6 an d $ 5 1 9 ,0 5 9 ,
re s p e c tiv e ly . T h e a v era g e net earnings fo r soven years m e n tio n e d a b o v e
w ere $ 2 2 0 ,8 1 0 p er a n n u m , o r 4 H tim es th e in terest ch a rge o n t h e o u t ­
s ta n d in g b o n d s .
W o r k in g c a p ita l fo r n ext y ear has b e e n p r o v id e d , an d
w o h a v e p la n te d fo r th e c o m in g c a m p a ig n 19,b37 acres o f b e e ts.
T h e E u rop ea n W a r has d e m o n s tr a te d th e n e ce s s ity o f c o n s e r v in g tn e
d o m e s tic su gar in d u s tr y . T h e n e e d s o f th e G o v e rn m e n t h a v e b r o u g h t
a b o u t th e rep eal o f th e F ree Sugar C la u so in th e U n d e r w o o d T a r i f f B ill, and
th e o u t lo o k , t h e r e fo r e , fo r th e co n tin u e d p r o t e c tio n o f th o d o m e s tic m an u ­
fa c tu re o f su gar seem s a ssu red. T h e p r o d u c t is fa v o r a b ly k n o w n th ro u g h OUb ffic c r s ^trid1*!)Sectors'.— C . G . E d g a r ( P r e s .) , E . H . C a d y ( V ic e -P r e s J .
II H a v e m e y e r , C h a s . T . K ir k , E . J . M a r s h a ll, F . A . M o n r o e J r ., W . B
R o s e v e a r (G e n . M g r .) , F . T . Wholes ( S e c .) ,
P 77
B en son is T r e a s . G en eral o ffic e in T o le d o , O .— V . 7 9 , p . 682, V . 8 0 ,p . 1177,

Crew Levick Co — B onds S o l d — Messrs. Elkins, Morris
& Co., Phila., Montgomery, Clothier & Tyler, N. Y ., Phila.
and Pittsburgh, and Kissel, Kinnicutt & Co., N . Y. and Chi­
cago, have sold at 100 and int., yielding 6 % , all the syndi­
cate bonds of a new issue of $3,000,000 First Mtge. 6%
sinking fund gold bonds. A circular shows: (see also ad­
vertising pages):
,
T „ , .
T h e b o n d s are t o b e d a te d A u g . 1 1916, d u e A u g . 1 1931. I n t . I>. & A .
D e n o m . $ 1 ,0 0 0 , $50 0 a n d $100 c * r * .
C a lla b lo as a w h o le o r fo r th e sin kin g
fu n d a t 107 a n d in t . A u t h ., $ 1 5 ,0 0 0 ,0 0 0 , p re se n tly t o b o issu ed, $ 3 .0 0 0 ,000. C o m m e r c ia l T r u s t C o . , P h ila ., tru ste e . F reo o f l e n n . S ta te ta x .
In terest p a y a b le w it h o u t d e d u ctio n o f th e n orm a l F ed era l in com eJ ^ .x.
P e n d in g tn e c o n c lu s io n o f n e cessary legal w o rk a n d th e d e liv e ry o f th e
d e fin it iv e b o n d s , th e ba n k e rs aro prep ared t o d e liv e r te m p o ra ry r r ce ip ts
o f th e C o m m e r c ia l T r u s t C o . , tru ste e , b e a r in g in terest a t th o ra te o f 6 % .
D a t a f r o m L e t t e r o f V .- P r e s . O . S . P r i e s t le y , P h i l a . , S e p t . 12 1916.
o V ^ iT z a lio n — F o u n d e d in 1862 a n d w as in c o rp o ra te d in P e n n s y lv a n ia in
189f)
T h e p resen t c o m p a n y w as org a n iz e d M a y 1915 as a c o n s o lid a tio n o f
th e C rew L e v ic k C o . , th o P e n n s y lv a n ia P a ra ffin e W o r k s a n d th e B r e m e r
R efin in g C o . an d a t th e sa m e tim e p u rch ased th o e n tire ca p ita l s to c k o f the
W a r r e n C o .and t h e C o m b in a tio n O il C o . I t is p ro p o s e d t o fo rm a now
c o r p o r a t io n t o t a k e o v e r all th o assets o f th e p resen t c o m p a n y . T h e a b o v e
b o n d s w ill b e th e o b lig a tio n s o f th o new co r p o r a tio n .
Business— Property.— T h e c o m p a n y is en gag ed in p r o d u c in g , r e fin in g and
m a rk etin g p e tr o le u m an d its p r o d u c ts . T h o p r o p e r ty co n sists o f w ells in
Pen n
O h io a n d O k la ., th ree refin eries in P en n , h a v in g a p resen t c a p a c ity

S f t h e “ 2 pe?tV oSno“ rj!; , e . o r h „ o f r .e ,

tdre arc pledged.1 will create any mortgage indebtedness unless pledged to
hGFVimIn(7S0— N e t e a r n in g s fo r 12 m o n th s e n d in g
®tion
277 w ith o u t in c lu d in g earnings fo r M a y an d Ju n e o f th e L iv e r p o o l S ta tio n
a n d ’ th e W arren C o .
I t is e stim a te d th a t th e to t a l net earnings fo r th o y ear
1916 w ill bo in excess o f $ 1 . 1 0 0 ,0 0 0 , o r o v e r six tim e s th e 1
charges
Sinicina Fund — Restrictions.— A n ann ual sin k in g fu n d o f 6 % o r tn o
m a x im u m a m o u n t o f b o n d s issued a n d c e r tifie d b y th o tru steo is p r o v id e d
a i^ v d U ^ p ^ n ile ^ e m i-a n n u a lly an d w ill r e tire b o n d s a t 107 a n d i n t u n h * s
th e v ca n b o p u rch a sed fo r less in th e o p e n m a rk e t. A d d itio n a l p o n u s can
b e L s u ed o n ly fo r 7 5 % o f th e c o s t o f b e tte r m e n ts , im p ro v e m e n ts a n d th e
a c q u is itio n o f n ow p r o p e r t y , a n d th en o n ly w h en th o n e t c a r n i US® ®^e
tim es t o ta l Interest ch arges o n th e b o n d s o u ts ta n d in g a n d th o s e t o b o issu ed.
C w h o i — O v e r 9 5 % o f th o c o m m o n s t o c k o f t h e p resen t c o m p a n y has
b e e . u > u r c h a ^ b y th e C itie s S e rv ice C o . S ee th a t c o m p a n y unefer R a il­
roa d s’ ’ a b o v e .— V . 103, p . 7 6 0 , 496.

Delaware Elec. Light, Heat & Power Co.— Sale

T h is c o m p a n y , a s u b sid ia ry o f G a s to n , W illia m s & W ig n io r o , I n c ., and
r e c e n tly in c o rp o ra te d in D ela w a re w ith $ 1 0 0 ,0 0 0 c a p ita l s t o c k , h as, it is
s ta te d , c lo s e d largo c o n tr a c ts fo r electrical eq u ip m e n t in C h in a .

Gaston, Williams & Wigmore, Inc.— S u b .

C o. I n c o r p .—

See G a s to n , W illia m s & W ig m o r e E le c tr ic & E n gin eerin g C o r p . a b o v e .—
V . 103, p . 668.

Gulf States Steel Co.— In itia l C om m on D iv id e n d . — An
initial dividend of 2 % has been declared on the $4,929,000
common stock, payable Jan. 20 1917, to holders of record
Dec. 15 1916. Dividends of 1
quarterly on tho second
pref. stock were also declared, payable Nov. and Feb. 1.
E a rn in g s {N e t after D ep recia tion & c.).—
1916— A u gu st— 1915.
$ 23 7,48 3
$ 50 ,569
— V . 103, p . 582, 242.

In crea se, j 1 91 6-8 M o s . to A u g . 3 1 -1 9 1 5 .
In c.
$ 1 8 6 ,9 1 4 ! S I ,38 0 ,9 1 6
$ 31 8,71 9
$ 1 ,0 6 2 ,1 9 7

(The) Houseman-Spitzley (Real Estate) Corp.— Stock
II. W . Noble & Co. of Detroit, Mich., recently
offered $300,000 each of common and preferred stocks at $15
for one share of common and one share of preferred stock
(par $10). A circular shows:
O ffered .—

T h o c o m p a n y is a su ccessor c o n ce rn w h ich w ill tak e o v e r th o business an d
jssot.3 o f th o n rosont Ilo u so m a n -S p itz le y C o m p a n y and co n tin u o tho p resen t
easin ess. T h e c o m p a n y is in co rp o ra te :! un d er th e law s o f V irginia an d nas
an au th o rize d c a p ita liz a tio n o f $70 0 ,0 0 0 c o m m o n s to c k and $ /0 0 ,0 0 0 < %
c u m u la tiv e preferred s t o c k , w h ich la tte r is c a lla b le at $11 per share and
d iv id e n d s on a n y in terest d a te a fte r Jan . 1 1920.
D a t a fr o m l e t t e r o f P r e s ., B . C . S p i t z le v , D e t r o i t . /VUch.
N o m o r tg a g e in debtedn ess o r b o n d s o r ad d itio n a l preferred s to c k w ill bo
issuod o n tlie p rosen t assots o f th o c o m p a n y , e x ce p t b y th o co n so n t o f at
ioast tw o -th ird s o f th o preferred s to ck h o ld e rs. A sinking f u n d o f l o % o f
th e ann ual p r o fits fro m o p e ra tio n w ill b o sot aside begin n in g in 19-.0; fro m
w h ich w ill b e c a lle d th o 7 % preferred s to c k a t $11 an d a c cru o d d iv id e n d s
t o th o a m o u n t o f th o sin kin g fu n d .
....
,
.
T h o H o u se m a n -S p itz le y Com pany w h oso on tlre business w ill b o tran sferred
in to th e H o u se m a n -S p itz le y C orporation, c o m m e n ce d th e businoss ot b u y in g
and s o ilin g real esta te and bu ild in g hou ses th ree y e a rs a g o o n a c a p ita l o f
$ 1 6 ,0 0 0 . T h o ce r tifie d a c c o u n ta n ts ’ re p o r t, as o f M a y 3 1 . la st, sh o w s a
net s u rp lu s in clu d in g th e s to c k o f tho o ld co m p a n y w h ich w ill lie a b so rb ed
b y th o new , o f $4 2 6 ,7 2 9 . T h o c o m p a n y oarned .>125,000 last y e a r and
e s tim a te th a t th o earnings o f th o new c o m p a n y fro m o p e ra tio n s w ill bo
$ 1 ,3 2 2 ,9 8 7 .
Condensed Balance Sheet Showing C ondition A fte r N ew F in an cin g.
Liabilities—
A ssets__
C a sh o n h a n d _____________
$ 31 0,42 2 C o m m issio n s p a y a b lo ------4 5 3 '§ 2 5
1,954 A c c o u n t s p a y a b lo -----------A c c 't s & b ills r e c e iv a b le ..
2 8 ,8 7 2
C om m issio n s r e c e iv a b le .299 ,643 C o n tra cts p a y a b lo -----------17,150
M
o
rtg
a
g
e
s
p
a
y
a
b
lo
---------L a n d c o n t 't s im p r o v e d —
20.359
3 ,7 0 3
V a c a n t ........ ...............
7 2,513 R eserves & ln to ro s t_______
7 00 .000
119,666 7 % preferred s t o c k ----------I n v e s tm e n ts _______________
7
00
.000
-----------------C
o
m
m
o
n
s
t
o
c
k
R ea l e sta te , & c -----------------7 02 ,925
26,729
S u r p lu s ____________________
T o ta l
_________ $ 1 ,5 3 0 ,6 0 9
T o t a l --------------------- --------- $ 1 ,5 3 0 ,6 0 9
O fficers A D irecto rs:— B . C . S p itzlo y P ro s.; W . D . Briggs^ V lc e -lir e s .;
M . L . H o u se m a n . T r e a s .; It. L . S p itz lo y , S ec. an d L . VV. G o o d o n o u g h ,
B . F . T o b in an d F . E . G o o d .

Indiana Power & Water Co.—

N e w Secu rities .—

T h is co m p a n y has m a d e a p p lica tio n t o th e In d ian a P. S. C om m issio n
fo r perm ission t o issue $ 1 9 9,00 0 in c a p ita l s t o c k , an d $ 9 4 o ,0 0 0 in b o n d s o f
an e v e n tu a l issuo o f $ 3 ,5 0 0 ,0 0 0 .
, _ ..
... .
- „ ___ r , ,
T n e c o m p a n y , it is sa id , p rop oses t o b u y th e I n d ia n a W a te r & P o w e r C o .
o f W o r th in g to n ; th e H o m o L ight & P ow er C o . o f B lo o m fie ld , th e E ln o r a
L ig h t & P ow er C o .; th o M e y e r s L ig h t & P o w e r C o o f O d o n ; th e B lek n oll
L ig h t & P o w e r C o . and th o Linn C o a l C o ., also o f B le k n o ll.
1 ho p e tition
sets fo rth th at the co m p a n ie s w ill b o c o n n e cte d as a unit t o s u p p ly lig h t,
h eat, p o w e r and w ator t o th o to w n s an d v icin itie s n e a rb y .

International Mercantile Marine G o — Special M e e tin g .
— A special meeting of the stockholders will bo held Sept. 29.
T o take a c tio n u p o n a resolu tion t o am en d th e c o m p a n y ’s a m en ded c e r tifi­
c a te o f in co rp o ra tio n so as t o increase th e n u m b e r o f d ire cto rs fro m 14 t o
16 an d t o cla ssify th e d ire cto rs in to three classes.
T o con sid er a plan fo r th e re o rg a n iza tio n an d r e a d ju stm e n t o f th e in ­
d eb ted n ess o f th o co m p a n y an d th e r e s to ra tio n t o tho c o m p a n y or its
p r o p e r ty , s u b m itte d t o th o d ire cto rs b y c o m m itte e s represen tin g b o n d ­
h o ld e rs, preferred s to ck h o ld e rs and c o m m o n sto ck h o ld e rs.
T o co n sid e r th e fo rm and s c o p e o f th e p r o p o s e d in den tu re o f m o rtg a g e
p r o v id e d fo r b y said p la n t o bear d a te O ct. 1 1916, an d t o b e m a d e b y this
c o m p a n y t o the N e w Y o r k T ru s t C o . as trustee t o secu re an issue o f n ot
e x ce e d in g $ 5 0 ,0 0 0 ,0 0 0 F irst M o r tg a g e an d C o lla te ra l T r u s t— I er C e n t.
G o ld B o n d s .
T o co n sid e r th e fo rm and s c o p e o f th o p ro p o se d N o te In d e n tu re p r o ­
v id e d fo r b y said plan t o bear d a te O ct. 1 1916, an d t o b o m a d e b y this
c o m p a n y t o th o C en tral T m s t C o . as trustee t o secu re an issue o f n o t ex­
ce e d in g $ 1 0 ,0 0 0 ,0 0 0 Serial 6 % S ecu red G o ld N o te s .

Secretary Parvin, in connection with tho notico of tho
special meeting has addressed the stockholders in substance:
A t th o be g in n in g o f 1914 there w as a soriou s loss in th o earnings, a c o n ­
d itio n a cce n tu a te d u p o n th o o u tb re a k o f th e E u rop ean w a r, in th a t the
passen ger business u p o n w h ich its earnings largely d e p e n d e d , w as a lm ost
w h o lly su spen d ed. O n O c t. 1 1914 tho co m p a n y d id n o t h a v e m o n e y t o p a y
th o in terest d u o u p o n Us $ 5 2 ,5 9 4 ,0 0 0 4 * 4 % M . bo n d s th en o u ts ta n d in g .
A c c o r d in g ly the c o m p a n y d e fa u lte d . U nder th e term s o f ^ h o m tg o . a c tio n

—

S ee O h io U tilitie s C o . b e lo w .—-V . 103, p . 496.

Eastern Steamship Corp.—

Service C on tin u ed .—

O H . T a y lo r , Passen ger T r a ffic M a n a g e r o f th e c o r p o r a tio n , in a n n o u n c
ing th e co n tin u a n c e o f service o n th e ‘ ‘all th e w ay b y w ater r o u te , says,
‘ " r h e u le o f t h e C a p e C o d C a n a l b y th e M e t r o p o lit a n lin e steam ers h as m e t
w it h s u c h w on d erfu l fa v o r b y travelers b e tw e e n N o w Y o r k an d B o s to n th a t
it has been d ec id e d t o c o n tin u o th e se rvice u n til fu rth e r n o t ic e , n o tw ith s U n d i n g ^ ^ h e a n ^ u n c e m e n t m a d e h e r e to fo r e o f ; d i ^ p t l n u a n w a ft w
S ep t. 30. T h e steam ers M a ssa ch u se tts an d B u n k er H ill w ill rem ain in
co m m is s io n .” — V . 103, p . 846.

Edison Elec. Illuminating Co. of Boston.— E a r n in g s.—
V r end

Gross

N et

Other

In terest,

D ividends

B a l.fo r

— V . 102. p . 1990.

Empire Gas & Fuel Co.— B o n d s .—

T h e B ankers T r u s t C o ., N . Y . , h a v in g o n d e p o s it $35 0 ,0 0 0 fo r repu rch ase
o f t h e 1st M & C o ll. 6 % g o ld b o n d s , at n o t o v e r 02 an d int w ill re ce ive
sealed p r o p o s a ls t o s ell sam e u n til S e p t. 2 7 .— V . 102, p . 1813.

Fall River Iron Works Co.— Balance
file d with the M a s s , au th orities.—
-----------Liabilities—
* Assets—
1916.
1915.

Sheet as o f J u ly
1916.

1,

1915.

Real est. & m acli-54,273,465 $4,107,358 Capital stock____$2,000,000 $2,000,000
103,610
80,839
Stk. In process & c- 1,281,814 1.072,045 A c c ’ts p a y a b le .-Cash & debts rcc.
586,806
037,958 Floating d e b t - - - - 1,170,000 1 ,6 2 0 ,7 0 6
Prepaid insur-----70,472
68,848 Surplus................... 2,938,917 2 ,4 7 8 ,6 6 4
Total
..$6,212 ,557 $6,186,209
T o t a l................ $6,212,557 *6,186,209
Of the $21000,000 stock, Sl.999.600 Is owned by tne American Printing C o. See
balance sheet of that company above.
.

Gaston, Williams & Wigmore Electric & Engineering
Corp.— S u bsidia ry C o .—




R e c e iv e r b y the C h a n ce ry C o u rt ot N . J ., th e S tate in w h ich th e co m p a n y
lS s1ncePth™ app’o in tm e n t o f M r . F ran klin as R e c e iv e r there has c o m e a b o u t a
ch a n g e in th e fin a n cia l c o n d itio n d u e t o th o sh o rtga ge o f to n n a g e an d th e
a b n o rm a l increaso o f fre igh t rates resulting fro m the co n tin u a tio n o f the
w ar; a n d earnings h a v e r e a d ie d a p o in t ex ce e d in g th ose In a n y o th er p eriod
in its h is to ry . T h e resu lt h a s been th a t fo r th e p ast six m on th s th e m em bers
o f y o u r B o a rd h ave been desirou s o f a s a tisfa c to r y a d ju stm e n t w ith the
bo n d h o ld e rs and th e restora tion o f p r o p e r ty t o th e co m p a n y an d a d ls S0D u r in g t h i s p e n o d a N o ^ o se cu rity h o ld e r s ’ co m m itte e s w ore n ^ i a t i n g
u p o n a plan w h ich fin a lly h as boon a greed u p o n , s u b je c t
ft®
of
th e d e p o s itin g b o n d h o ld e rs and s to ck h o ld e rs. In th e Judgm en t o f the
d ir e cto r s , th e rea d ju stm en t a n d re o rga n iza tio n is in ^ h e l u ^ e s t s o f t h e
s to ck h o ld e rs an d is e n title d t o their fa v o r a b le c o n s id e r a t io n — V . 103,
P ' In^ co n n e c tio n w ith th o an n o u n ce m e n t o f th e
h o ld e rs o f th e preferred an d c o m m o n s to c k are re m in d e d .th a t d e p o s its o f
s to c k w ill b e r e ce iv e d u n d er th e re a d ju stm e n t p la n u n til S o p t. 1 5 — V . 103.
p . 9 4 1 , 848.

Ithaca Gas & Electric Co.—

Purchase o f Stock.—

T h is c o m p a n y has a p p lie d t o th o N o w Y o r k P .
C o m m is s io n f o r
a u th o r ity to p u r c h a s e th e $22 7 ,8 0 0 s to c k o f:t h e O n e o n ta L i g h t Sc P o w e i’ C o .
a n d a ll o f th e s t o c k a m o u n tin g t o a b o u t $ 2 0 0 ,0 0 0 o f th e N o r w ic h G a s &
E le c t r ic C o .— V . 100, p . 1514.

Kansas Natural Gas Co.— L itiga tio n .—

A p e t itio n o f re m o v a l t o th o F ed era l C o u rt w as file d o n S e p t. 11 b y re ceiv ­
ers J o h n M L a n d o n a n d G e o rg e F . S h a rltt, in answ er to th o su it o n c o n tr a c t
w h ic h the c o f U e d a m o n t h a g o in th e C ir c u it C o u r t . T h e su it m e n tio n ed

w as filed t o fo r c e th e receivers t o d e liv e r gas t o th e d is trib u tin g c o . a c ­
c o r d in g t o co n tr a c t fo r f>2 'A % o f th e gross re ce ip ts, in stead o f fo r 18 cent s
at th e c it y lim its, as th e re ce iv e r has ord e re d .
T h e p etition states the K an sas C it y G a s C o . is a M is s o u ri co r p o r a tio n
an d th e K an sas N a tu ra l G as C o . is a D e la w a re co r p o r a tio n an d th e re fo re
it is an inter-Stjate Issue.
T h e p e titio n says th e su it In th e S ta te c o u r t is in v io la tio n o f th e F o u r ­
teen th A m en d m en t o f the C o n s titu tio n , and its ju d g m e n t w o u ld n o t h a ve
a n y fo rc e on the necessary e x ten sion s w hich th e K an sas N atu ral m ust m ake
in O k la h om a to s u p p ly gas t o th is c it y .— V. 103, p . 911, 848.

Kathodion Bronze Works, Nyack, N. Y .— O rder .—
T h e U . S. D istrict C o u r t a t T o le d o o n S ep t. 11 gra n ted an o rd e r restra in ­
ing this c o m p a n y and th e E a st Iro n & M a c h in e C o . o f L im a fr o m fillin g
co n tr a c ts fo r m u n itio n m ach in es o n th e p e titio n o f J. S. A r m s tr o n g , asking
it is sa id , ju d g m e n t fo r .$.586,000 said to b o d u e him as co m m issio n s fo r se­
cu rin g th e c o n tr a c ts .— V . 103, p . 410.

Keystone Telephone Co.— C ontract .—
See P h ila d elp h ia E le c tr ic C o . b e lo w .— V . 103, p . 242.

Keystone Tire & Rubber Co.— Preferred Stock O ffered .
Markoe, Morgan & Co., New York, have offered, at $11 per
share, 50,000 shares (par .$10) of 8% cumulative and con­
vertible preferred stock, fully paid and non-assessable. A
circular shows:
D iv id e n d s p a y a b lo q u a rte rly .
Itotirablo, at th e o p t io n o f th e c o m p a n y
th ree years a fte r issue, a ll o r p a rt on a n y d iv id e n d d a to , a t $11 ,50 an d d i v s ’
T h is issue cu m u la tiv e as t o d iv id e n d s; preferred as t o assets an d d iv i­
d en d s; an d p a rticip a tin g as t o p r o fits . A fte r 8 % has boon p aid o n b o th
th e p referred an d th o co m m o n s to c k th e preferred sh a ll p a r ticip a te in the
p r o fits t o th o ex ten t th a t it sh all re co ivo 1 % in d iv id e n d s fo r e v e r y 3 %
th a t is p a id in a d d itio n a l d iv id e n d s 011 th o c o m m o n . T h e p re fe rre d s t o c k
m a y be co n v e r te d in to c o m m o n , share fo r share, a t a n y tim e a t th o o p t io n
o f th o h old er.
Sinking F u n d .— T h e c o m p a n y w ill sot a sido fr o m n e t e arn in gs $25 000
p er a n n u m , begin n in g O ct. 1 1917, to re tire p re fe rre d s to c k a t $11 ,50 a
share an d d iv id e n d .
I f th e s to c k c a n n o t b o p u rch a se d in th e o p e n m a rk e t
at this prlco th o c o m p a n y w ill w ith d ra w b y lo t th e shares s o t o b o re tired
w h ich shares, h ow ev e r, m a y still bo co n v e r te d in to c o m m o n s t o c k u p t o
th o d a to o f retirem en t.
I f shares s o draw n are c o n v e r te d in to c o m m o n
s to c k b efore th o d a to o f re tirem en t th o a m o u n t n ecessary t o p u rch a se su ch
shares w ill b e returned t o su rp lu s a c c o u n t.
C apitalization—
A u th orized .
P referred s to c k (par $10) 8 % cu m u la tiv e an d c o n v e r t ib le ............. $.500 000
C o m m o n s to c k (p a r $ 1 0 )------------------------------ ----------------------------------- $ 1 ,0 0 0 ,0 0 0
N o in ortg ago o r fu n d e d in d ebted n ess o u tsta n d in g .
D a t a fr o m L e t t e r o f P r e s . L . W . I .is s b e r g e r , N . Y ., A u g . 23 1916.
Organization— B u siness.— In co rp o ra te d In N . Y . in M a r c h 1912 w ith a
ca p ita l o f $ 5,000, since Increased t o $.500,000.
In A u g . 1916 th e present
ca p ita liz a tion w as a u th o riz e d . T h e c o m p a n y it en gaged in th e jo b b in g o f
a u to m o b ile casings and tu b e s. T h e m erch an dise h a n dled is th e o v e r ­
p r o d u c tio n o f tiro m a n in a ctu re rs an d “ s e c o n d s ."
W ith sm all initial ca p ita l it w as n o t p ossib le t o d e v e lo p a largo businoss
a t on c e , b u t b y re-in vestin g p r o fits , m ak in g s tr o n g c o n n e ctio n s w ith r e p u ­
ta b le m a n u fa ctu rers and c o n s ta n tly in cre a sin g selling facilitie s, sales have
risen fro m $63 ,000 in th e first six m on th s of tho c o m p a n y ’s existen ce (19 1 2 )
t o n early $5 0 0 ,0 0 0 fo r th e first six m o n th s o f 1916. Halos fo r J u ly 1916
w ere o v e r $16 0,00 0.
T h e c o s t o f co n d u c tin g business is ve ry lo w , d u e to th e extra o rd in a ry
d e m a n d . T h e selling expen se fo r J u ly 1916 w as 1 .3 % o f th o gross business
an d th e general a n d a d m in is tra tiv e expense 1 .4 % , m ak in g the to ta l c o s t
o f d o in g business 2 .7 % .
In a d d it o n to c o n t r o l w h ich this c o m p a n y has o v e r a n u m b e r o f selling
c o r p o r a tio n s b y reason o f its b e in g their prin cipa l s o u rce o f s u p p ly it has
under tho now orga n iza tion , a cq u ire d a su bsta n tia l a m o u n t 01 th eir s to c k . ’
Balance Sheet A u g . 23 1916.
A s s e t s (T o t a l, $ 66 2,74 8)
L iabilities (T o t a l, $ 6 6 2 ,7 4 8 )—
C o n tr a c ts Sc g o o d w ill----$47 7,00 0
C a p ita l s t o c k ------------------------- $5 0 0 ,0 0 0
C a s h . . ................
2 9 ,958 N o te s p a y a b lo ______________
15,000
N o te s & a ccou n ts rece iv a b le 91,873 A c c o u n ts p a y a b le ___________
1 ,7 0 5
M e r c h a n d is e ___________
6 0 ,182
Surplus, in clu d in g earnings
F u rn ituro and fix t u r e s ______
3,176
sin ce J u ly 1 1916________ 146,043
P rep a id in su ra n ce______
5,58
C on tin g en t liab ilities: d isco u n t n o te s, $ 34 ,480 .
T h e p roceed s fro m th o sale o f this s t o c k , w h ich is issued b y th o c o m p a n y
en tirely fo r cash, will g o d ir e ctly in to th e treasury t o increase its w o rk in g
c a p ita l.
E arn ings for Various P eriods E xtending fro m D ec. 31 1915 to D ec . 31 1916
(Partly A ctu a l and Partly E stim a ted ).
.
Calendar Jan. 1 to M on th o f M o n th o f 7 P r s .fo r Cal. Year
Period—
Y r . ] (115 June .30 TO July. A u g .(e s l) 7 M o s .* 1 9 l6 (e s f )
N e t p r o fit s _____ $.50,374
$85 ,2 0 6 $31 ,579 $50 ,0 0 0 $ 10 ,263 8225 000
* T h is d oes n ot c o v e r th e p ro fits o f the 7 bran ch es, w h ich fo r tile 7 m o n th s
en d in g J u ly 31 1916 w ere $ 10 ,263 .
T h o c o m p a n y lias passed tile prelim inary an d e xp en sive stages o f d e v e lo p ­
m en t an d w ith tho increased cap ita liza tio n is n ow in a p o s itio n t o s u n n lv 11
d em a n d certa in t o Increase.
1 1 ■'

Kings County Lighting Co. —

N e w B onds A u t h o r i z e d __

T h o N ew Y o r k P . S. C om m issio n has au th orized this co m nan v
a t n ot loss th an 90, $ 3 7 5,00 0 a d d itio n a l 5 % goneral mt.ge. b o n d s y t 0 1SM1L
T h is a p p lic a tio n w as g ra n te d u p o n a reh earin g o f th o case d e cid e d b v the
C om m ission on M a y 25 1916, w hen tho c o m p a n y w as a u th o rize d to issue
$47 2 ,0 0 0 b on d s, tho C o m m issio n h o ld in g th at th e d iffe re n ce b etw een th is
a m ou n t an d th o total a m o u n t asked fo r representin g m o n e y w h ich s h o u ld
h a v o been prop erly cre d ite d t o d e p re cia tio n . T h o c o m p a n y an o iled fo r a
rehearing on th o gro u n d th a t tile C o m m issio n sh o u ld h a ve gran ted th e
en tire a m ou n t w ith ou t a n y co n d itio n as t o d e p re cia tio n a llow a n ces
O f the p roceed s o f the sale $13 1,51 5 shall be cre d ite d to den’,-eolation
fu n d .— V . 1 0 2 , p . 2080.
a p p re cia tio n

(S. H.) Kress &

C o — Sales .—

III th e eig h t m on th s to A u g . 31 th e sales w ere $ 8 ,5 7 9 ,2 1 3 , o r an Increase
o f $ 1 ,5 6 4 ,5 4 5 , or 2 2 .3 % o v e r th e c o rre sp o n d in g p e r io d o f 1 9 1 5 . j n Am m 'st
th e sales increased $ 1 1 8 ,7 8 5 .— V . 103, p . 58 2 , 6 4 .
111 A u g u st

a t G ra n d ’M e r e , P r o v in c e o f Q u e b e c, an d th e c o m p a n y ow n s all th e lan ds,
w a ter rig h ts, & c ., fo r its fu ll d e v e lo p m e n t a n d o p e ra tio n .
C a pitaliza tion—
A u th orized . Outstandin
F irst m o rtg a g e 5 % b o n d s . ................................................... S7,.500 ,000 $ 7 ,5 0 0 ,0 0 0
C a p ita l s to c k
........
...........— --------- - - .
---------1 0 ,5 0 0 ,0 0 0
1 0 ,500,000
O p era tion.— I h o a ctu a l o p e r a tio n o f the p la n t has been assum ed b y tho
Shaw inigan W a te r & P o w e r C o ., thus g iv in g th e a d v a n ta g e o f a m a n agem en t
an d o rg a n iz a tio n o f w id e exp erien ce.
M arket.— T h o L a u re n tid e P a p e r C o . a d jo in in g th e p o w e r p la n t, is n ow
pu rch asin g u n d er a 5 0-year c o n t r a c t, 2 5 ,0 0 0 h . p . an d has an o p t io n t o take
an a d d itio n a l 12,500 h . p .
T h e S h a w in igan W a te r Sc P o w e r C o . has a ,50-ycar c o n t r a c t t o pu rch ase
5 0 ,0 0 0 h . p ., o f w h ich it is n o w ta k in g 2 5 ,0 0 0 h . p . an d it is re q u ired t o tak e
th e rem ain in g 2 5 ,0 0 0 h . p . . as t o 15,000 h. p . on o r b e fo re J u ly 1 1917 an d
a s t o 10,000 h . p . o n o r b e fo r e J u ly 1 1918. T h is c o n t r a c t a ls o g iv e s t o th e
S haw inigan W a te r & P o w e r C o . an o p tio n t o J u ly 1 1918, o n an a d d ition a l
3 7 ,5 0 0 h orsep ow er an d a fu rth e r o p t io n o n 12,500 h o rs e p o w e r u n d er o p tio n
t o th o L a u ren tide P a p e r C o . i f n o t exercised b y th em .
Sinking F u n d .— C o m m e n c in g Jan . 1 1920, th e c o m p a n y sh ell p a y a su m
e qu a l t o 1 % o f th o p ar va lu e o f all b o n d s issu ed, a n d in a d d itio n , a su m
equa l t o the ann u al in terest u p o n all b o n d s pu rch ased o r re d eem ed b y th e
sin k in g fu n d . T h o sin k in g fu n d is t o b e ap p lie d t o tho p u rch a se o f b on d s
a t o r u nd er 1 0 5 % an d in terest, o r t o th e r e d e m p tio n o f b o n d s b v d raw in gs
a t 105 and interest, an d w ill redeem a p p ro x im a te ly
th e en tire issue o f
b o n d s b e fo re m a tu r ity .
F o r m ore c o m p le te d a ta regard in g th o c o m p a n y ’s p r o p e r ty , c o n tr a c ts
earnings, & c ., see V . 103, p . 66 8 , 71.

McCrory Stores Corporation.— Sales
1916— A u gu st— 1915.
$ 5 2 8 ,7 3 0
$ 4 5 2,39 9
— V . 103, p . 66 9 , 243 .

f o r A u g u s t .—

In crea se. I 1916— 8 M o s .— 1915.
$ 7 6 ,3 3 1 1$ 3 ,8 3 7 ,0 0 3
$ 3 ,3 3 5 ,3 2 6

In crea se
$ 5 0 1 ,6 7 7

Massachusetts Gas Co.— E a rn in g s Y ea rs End ed J u n e 30
{In clu d in g B oston Consolidated Gas C o ., East Boston G as C o .,
C itizens' G a s L t. C o. and N ew to n & W atertow n Gas L . C o .).—
June 30
Gross
N et
Other
Interest D ivid'ds
B alance,
Y ea r—
Earn ings.
E arn ings. In com e. Charges.
Paid.
Su rplus.
191.5-16------$ 5 ,7 5 8 ,1 6 3 $ 1 ,7 5 9 ,5 4 8 S 19 .20 6 $ 1 7 3,06 4 $1,447,441 $ 1 8 8,33 9
1 9 1 4 -1 5 ------ 5 ,9 6 5 ,2 7 7
1 ,7 7 3 ,1 2 5 2 8 ,8 7 7 2 0 1 ,0 5 9
1 ,4 4 5 ,7 0 6
1.5.5,237
— V . 103, p . 582 . 148.

Mathieson Alkali Works.— P referred Stock O ffered .—
Hayden, Stone & Co., Boston, New York, & c ., a r e offering
at 101 and div., yielding about 7% , $1,300,000 7% cumulativc preferred stock. Dividends Q.-J. 15. A circular shows:

C h,0rine' and P rep a ra tion s in S h ^ h l S
C o m m o n s to c k ’ 7 % c u m u ,a t iv e — - ............................. $ 3 ! m 0 0 0

^

» 3 J 6 9 .6 0 0

T 1'? M a th ie s o n c o m p a n y h a s n o b o n d s or fu n d e d d e b t . T h e r e are $340 000 I irst M . 5 % b o n d s u p on th e C a stn e r C o . w h ich are b ein g retired th rou gh
a sinking fu n d at th e ra to o l $ 4 0 ,0 0 0 a y e a r.
*
P rop erty.— T h e M a th ie s o n pla n t a t S a ltv ilie , V a ., co n sists o f o v e r 10 000
a cre s o f lan d, on w h ich are e n o rm o u s d e p o s its o f ch lo rid e o f s o d iu m and
lim e sto n e , th e t w o m o s t im p o rta n t elem en ts o f c a r b o n a te o f s od a also
tim b e r fo r th e m a n u fa ctu re o f p a ck a g e s, & c.
I t is also m th e v ic in it y o f
exten sive coa l d e p o sits, fu rn ish in g ch e a p fu e l.
T h e pla n t o f th e C a stn er c o m p a n y is a t N iag ara F alls w here pow er is
o b ta in e d fro m th o N iag ara F ails P o w e r C o . und er lo n g tim e fa v o r a b ie
c o n tr a c ts . T h o c o m p a n y ow n s its o w n lan d, an d lias lo n g tim e an d m o s t
fa v o r a b le c o n tr a c ts fo r salt, w ell a d a p te d t o its fo rm o f m a n u fa ctu re.
The
p r o d u c tio n o f b o th p la n ts enters, in som e fo r m , in to n early e v e r y im p o rta n t
m a n u fa c tu r in g In du stry.
F in an cial C o n d itio n .— T h e c o m p a n y is in a stro n g fin a n cial c o n d itio n
lias n o b an k loan s o u ts ta n d in g , d isco u n ts all its bills, lias a large c ash ba la n ce
a n d in vestm en ts in securities c a p a b le o f im m e d ia te co n v e r s io n in to cash .
Balance Sheet as o f D ec . 31 1915.
A ssets—
j L iabilities—
L a n d , p la n t & e q u ip ---------$ 6,340,181 P referred s to c k . 7 % ______$3,169 600
In v e s tm e n ts ----------------------934,361 C o m m o n s t o c k ___________
.5 88.5 700
C a s h ---------------------------------542 ,1 2 4 B o n d s _____________________
340 !0 0 0
146,496 A c c o u n ts p a y a b le ________
A c c o u n ts r e c e iv a b le _____
134,191
I n v e n to r ie s ________________
4 4 9 ,0 3 0 D e p re cia tio n re s e r v e _____
368 ,4 0 0
D e fe rre d ch a rg e s _________
28,9 4 9 S u rp lu s ...................
1 ,2 0 3 ,8 5 2
G oQ d-w ili .........................
2 ,6 6 9 ,6 0 0
T o t a l ........ ....................... .$ 1 1 ,1 0 1 ,7 4 3
T o t a l ___________________ $ 1 1 ,1 0 1 ,7 4 3
E a rn ings.— N e t p r o fit s fo r th e past ten yea rs, as re p o rte d b y a cco u n ta n ts
a fte r d e d u ctin g d e p re cia tio n o f $85 ,9 6 0 a y e a r, h a v e a vera ged $ 7 1 4 ,2 4 8 p er
a n n u m , o r 2 2 % o n th o to ta l issue o f preferred s to c k n o w o u ts ta n d in g .
N et E arn ings fo r the fiv e years ended D ec. 31 1915.
1911.
1912.
1913.
1914.
191,5
$76 7 ,3 6 5
$74 3 ,8 6 0
$ 5 2 2,23 3
$58 3,29 7
$S57 279
D ivid en d s.— S even p er c e n t. ( 7 % ) d iv id e n d s on the preferred s to c k h a ve
been p a id fo r th o p ast fo u rte e n years, o r s in ce it w as issu ed.
D iv id e n d s on
th e c o m m o n h a v e been p a id du rin g th e p ast eigh t vears at th e a v e r a ,ro rate
o f 5 .1 % per ann um .
T h e s to c k is preferred as t o d iv id e n d s and assets.
D irectors and O fficers.— E d w a rd E . A r n o ld , P re s., P r o v id e n c e , R . I ■
f r a n k A . S ay les, V ic e -P r o s ., P a w tu c k e t, R . I .; John It. G la d d in g . T rea s.
1 r o v id c n c e ; G aien L . S to n e , B o s to n ; Ii. T h o rn to n W ilson , N . Y .: E ldon
B isb e e , N . Y . ; J . A . S ch m id la p p , N . Y . ; M . D . M o u n t , S a ltv ilie , Va.

Milwaukee Gas Light Co.— L istin g — E a r n in g s .—
T h e N ow Y o r k S to c k E x ch a n g e has listed $ 1 ,6 9 7 ,0 0 0 a d d itio n a l First
tg e . 2 0-year 4 % b o n d s, w ith a u th o r ity t o add $ 8 3 1,00 0 b o n d s on o ffic ia l
n o tice o f sale, m ak in g to ta l a m o u n t au th . t o be liste d to d a te $ 9 ,5 3 1 .0 0 0 .
Jun e 30
Gross
N et after
Other
Interest
D ep rec.
Balance
Y ea r—
Earnings.
Taxes.
In c .
Charges. Reserve.
Surplus.
1 91 5-1 6____ $ 2 ,5 9 3 ,7 9 0 $ 1 ,5 1 1 ,7 5 8 $ 7 5 ,9 2 6 $32 7,12 4 $ 1 8 6,00 0 $ 1 ,0 8 0 ,5 6 0
V . 100, p . 4 « 9 .

Lackawanna Steel Co.— D ividends R esu m ed . — A divi­
dend of 6% has been declared on tho $34,750,000 common
stock, payable in quarterly installments of lba% each on
Sept, and Dec. 30 1916, Mar. 31 and Juno 30 1917’ to
National Transit Co.— N otice to Shareholders.— In ex­
holders of record Sept. 20, and Dec. 15 1916, and March
and June 15 1917, respectively. This is the first navment planation of its failure to declare a dividend since the re­
since Jan. 1913, when 1% was paid.
adjustment of its capitalization, the company has sent the
following notice to shareholders:
T h e d irectors h a v o issu ed th o fo llo w in g sta te m e n t in c o n n e c tio n w in , th «

d iv id e n d : “ T h e d ir e cto r s o f t lic c o m p a n y , bein g a d v is e d t C t th e c o m n a n v
had p a id o f f all th e m o n e y s b o rro w e d in c o n n e c tio n w ith th e rodm nnHnn
o n M a r c h 31 last o f th e c o m p a n y ’s t w o -y e a r 6 % g o ld n otes tliu " c o m ­
p letin g th e p a y m en t d u rin g th e last tw o years o f 8 1 0 ,0 0 0 ,0 0 0 fa c e va lu e o f
fu n d ed d e b t , and th a t th e c o m p a n y w as n o w free o f flo a tin g d e b t ( a n d th a t
>.
^ be:
s it wi
242.

Laurentide Power Co., Ltd .— B onds O ffered . _-Aldred
& Co.,New York, Stone & Webster, New York,Boston and
Chicago, and Chase & Co., Boston are offering (seo adv
on another pago) at 90 and int., yielding about 5 70%
$7,500,000 first M . 5% sinking fund gold bonds (closedmort­
gage) dated Jan. 1 1916, due Jan. 1 1946. A circular shows:
In t. J. Sc J. a t H ankers T r u s t C o ., N . Y . , an d T h e Ito y a l T r u s t C o
T r u s te e , M o n t r e a l., d e n o m . $ 1 ,000 c * . ca lla b le all o r p a rt o n 90 d a v s 1
n o tice fo r sinking fu n d , a t 105 an d in t.
J> u y
D a t a fr o m l e t t e r o f P r e s . J . E . A ld r e d , M o n t r e a l, A u g .

30 191 6

I b e c o m p a n y ’s h y d r o -e le ctr ic p la n t, w h ich has an in sta lle d c a p a c ity o f
125,000 h . p . , Is o f the m o st m odern co n s tru ctio n ; p o w e r is d o v o lo n e d u n d e r
an orm al head o f o v e r 76 f t . T h e p la n t is situ ated on tho S t. M a u r ic e R iv e r




A s y o u are a w a re b y th o n o tice s sent o u t , th e d is trib u tio n an d re d u ctio n
o f o u r c a p ita l s to c k b y 5 0 % w as t o b o a c c o m p lis h e d b y th e sale o f v a riou s
secu rities w h ich th e c o m p a n y o w n e d . S o m e o f these secu rities h a v e n o t
y e t boon s o ld , as in th e ju d g m e n t o f y o u r o ffic e r s th o present m a rk et prices
o n th o sam e are n o t y e t u p t o th eir real v a lu e . A ls o , th o exten sion s o f
p la n t an d business o f th o N a tio n a l T ra n sit P u m p & M a c h in e C o . h a v e
re q u ire d con sid e ra b le cash c a p ita l. F o r these reason s a loan has been
necessary w hich is re fle cte d in th e increase o f cu rre n t liab ilities fro m a b o u t
$ 1 2 5 ,0 0 0 D e c . 31 1915 t o a p p ro x im a te ly $ 1 ,2 5 0 ,0 0 0 o n Ju n e 30 1916. B e­
cau se o f those fa c ts an d in vie w o f u n certain business c o n d itio n s , th o p r o b ­
ab ilitie s are th a t n o d iv id e n d w ill be co n sid e re d u n til o u r liab ilities shall
h a v e been v e r y m a te ria lly re d u ce d . 'W e feel th a t th is co u rse o f a ctio n
b e st con se rv e s th e in terest o f the sto c k h o ld e r s. N o tw ith s ta n d in g th o re­
d u c tio n o f th o ca p ita l s to c k b y 5 0 % , th e n et in c o m e fo r th e fir s t six m on th s
o f 1916 lias boon s o m e w h a t In excess o f a co r re s p o n d in g p e r io d fo r 191.5AM
F o r b a lan ce sheet an d earnings sta te m e n t see V . 103, p . 761.

Nevada-California Electric Corp.— B onds O ffered .—
Sponcer Trask & Co. and William P. Bonbright & Co., Inc.,
Now York, aro offering, at 99 and int., by advertisement on
another page, the small unsold balance of $3,943,500 First
Lien 30-year 6% gold bonds, Series “A ,” due Jan. 1 1940.
Int. J. & J. at the International Trust Co., Denver, Colo.,

trustee, or at the Bankers Trust Co., New York. Total
authorized issue, $15,000,000. For full particulars of this
issue see V. 102, p. 2171.
New Bedford Gas & Edison Light Co.— Stock.—
T h e s to c k h o ld e r s re c e n tly v o t e d t o a u th o riz e th e d ir e cto r s t o p e titio n
th e M a s s . G a s & E le c tr ic L ig h t C o m m issio n fo r a u th o r ity t o issue $ 3 1 8 ,0 0 0
s t o c k . T h e p r o c e e d s t o b e u sed t o p a y e xistin g d e b t an d fo r p erm a n en t
a d d itio n s .— V . 9 8 , p . 241.

Niagara Lockport & Ontario Power Co.— B o n d s . —

_

See S a lm on R iv e r P o w e r C o . b e lo w .— V . 102 , p . 234 6.

N e t E a rn ings o f the,R obert S im pson C o ., LUl., f o r Y ea r ending Feb. 1 1916.
N e t e a rn in g s------------------------------------ --------------------------------- --------------------- $70 5,50 3
A n n u a l in terest o n th is issu e......................................................... ................... 3 6,000
A n n u a l re p a y m e n t o f p r in c ip a l
_____ _____________________________
4O,OO0
S ecurity.— A ssets s ecu rin g th is loan o f $60 0 ,0 0 0 aro g iv e n bo lo w :
Robert Sim pson C o ., Ltd. (T oron to).
L a n d ______________________ $ 1 ,0 5 0 ,5 0 0 Su rplu s cu rre n t a sse ts____ $ 3 ,2 5 3 ,2 4 8
B u ild in g s a n d e q u ip m e n t . 2 ,3 0 0 ,4 6 4
M is ce lla n e o u s p r o p e r t ie s .
6 83 ,919
T o t a l ---------------- ------------.8 7 ,9 6 5 ,3 3 1
In v e s tm e n ts in s u b . c o s .
D e d u c t 1st M . 5 % b o n d s . 2 ,1 5 8 ,1 7 2
(e x cl. o f R o b e r t S im p ­
so n W e s t e r n )__________
67 7 ,2 0 0 A v a ila b le fo r g u a r a n t e e ..$ 5 ,8 0 7 ,1 5 9
Robert Sim pson W estern, Ltd. (R egina).
L a n d , b u ild in g s & e q u ip ’ t . .$ 6 0 1 ,5 5 8 1T o t a l _____________ __________ $ 1 ,2 0 1 ,5 5 8
N o t l iq . a s s e ts ,n o t less t h a n . 600,0001 C o m b in e d net a ssets_____ 7 ,0 0 8 ,7 1 7
S ecu rity.— (1) A c lo se d fir s t m o rtg a g e u p o n th e la n d an d b u ild in g s o f th o
R o b e r t S im p so n W e s te rn , L t d . , in R e g in a , an d (2) a fir s t flo a tin g ehargo
u p o n th o cu rre n t assets o f th e sa m e c o m p a n y .
(1) T h o real e sta te co n s ists o f a b o u t six acres o f lan d (2 ,0 0 0 f t. b y 125 f t .)
lo ca te d near th o R e g in a p o s t o f fic e a n d c it y h all. T h o b u ild in g , o f rein­
fo rc e d c o n c r e te , Is e ig h t s to rie s in h e ig h t, w ith a t o ta l flo o r sp a co e xceed in g
4J3 acres. A c o m p le t e s y s te m o f ele ctrica l ca rrie rs, w ith ch u te s an d c o n ­
v e y o r s , has be e n in sta lle d . T h e b u ild in g is in te n d e d t o fo rm th e firs t u n it
o f a series a t R e g in a .
(2) A " fi r s t flo a t in g ch a r g e ” u n d er C a n a d ia n law co n s titu te s a m o rtg a g e
o n assets n o t s p e c ific a lly c h a r g e d , s u c h , fo r in sta n ce , as m e rch a n d ise ,
a c c o u n ts r e c e iv a b le , & c ., a n d b e co m e s Im m e d ia te ly o p e r a tiv e in th e e v e n t
o f d e fa u lt.
E a rn ings o f the Robert S im pson C o ., Ltd.
Y ears ending J a n . 31—
1913.
1914.
1915.
1916.
N e t ea rn in gs_____ i _______________ $ 7 7 7 ,4 7 2 $85 0,69 1 $72 1 ,0 8 6 $814,721
A ft e r d e d u ctin g in te re st o n th e b o n d s o f th e p a re n t c o m p a n y (slig h tly
o v e r $ 1 0 0 ,0 0 0 ), th ese r e p o rts sh o w an a v e ra g e ann ual surplus o f $680,041
a v a ila b le f o r th o c o m p a n y ’s gu a ra n te e o f th o b o n d s o f th o R o b o rt S im pson
W e s te rn , L t d . T h e c o m p a n y has p a id regular d iv id e n d s o f 6 % o n its
p re fe rre d a n d c o m m o n s to c k co n tin u o u s ly fo r 14 years.
Term s o f M ortga ge.— T h e c o m p a n y w ill (a) m a in ta in n e t cu rre n t assets
o f $ 6 0 0 ,0 0 0 w h ilo a n y b o n d s o f th e p resen t serial issue are o u ts ta n d in g ; an d
(b) n o t t o m a k o a n y o th e r issue o f b o n d s o r d e b e n tu re s to c k w h ilo a n y b o n d s
o f th is issue are o u ts ta n d in g .

Norwich, (N. Y.) Gas & Electric Co.— C on trol. —
See I th a c a G a s & E le c tr ic C o r p o r a tio n a b o v e .— V . 99, p . 1533.

Ocean Park (Cal.) Water Co.— Sale.—
See S an ta M o n ic a W a te r C o . b e lo w .— V . 8 4 , p . 999 .

Ohio Utilities Co., Columbus.— P u rch ase .—
T h is c o m p a n y , re c e n tly org a n iz e d w ith $50 0 ,0 0 0 c a p it a l, o n A u g . 28
a p p lied t o t h e O h io P . U . C om m is s io n fo r a u th o r ity t o p u rch a se th e C ir c le v illo L ig h t & P o w e r C o . fo r $ 1 6 9 ,5 0 0 , th e G a llip o lis E le c t r ic & P o w e r C o . ’
fo r $ 9 1 ,6 0 0 , th o D e la w a ro E le c tr ic L ig h t , H e a t & P o w e r C o . fo r $ 23 1,70 0.
a n d th e C h illlc o t h e E le c t r ic U R ., L ig h t & P o w e r C o . fo r $ 4 8 0 ,0 0 0 . T h o
c o m p a n y p r o p o s e s t o issue $ 7 5 0 ,0 0 0 6 % fir s t m o r tg a g e b o n d s , $20 0,00 0
7 % p referred s to c k a n d $ 1 0 6 ,0 0 0 c o m m o n s t o c k .
T h o tru st d e e d , s ecu rin g th e fir s t m o r tg a g e b o n d s , is t o b e fo r $ 5 ,0 0 0 ,0 0 0 .
J oh n P . P h illip s is P re s id e n t, a n d J . C . M a r t in , S ecre ta ry .

Oneonta (N. Y.) Light & Power Co.— C on trol. —
See I t h a c a G as & E le c tr ic C o . a b o v e .— V . 74, p . 887.

Ontario Power Co.— S u bsidia ry

C o m p a n y B o n d s .—

See S a lm on R iv e r P o w e r C o . b e lo w .— V . 102 , p . 607 .

Oregon Portland Cement Co., Oswego.— S u it. —
A m a n M o o r o , largest in d iv id u a l s to c k h o ld e r , V ico -P re s. an d T ro a s . o f
th e c o m p a n y , b r o u g h t s u it in F ed era l C o u rt on A u g . 28 fo r $ 1 ,5 0 0 ,0 0 0
a gain st an a lleg ed ce m e n t c o m b in e , co n sistin g o f , a m o n g o th e rs , th o f o l­
low in g : C h arles B oettch er o f D o n v e r , Pros, o f th e M o ff a t t R R . an d o f th o
C on ten t Securities C o . o f D o n v e r , an d R . P . B u tc h a rt, Pres, o f th o O re go n
P o r tla n d C e m e n t C o . an d in c id e n ta lly C o m p tr o lle r o f th e V a n c o u v e r , B . C .,
P o r tla n d C e m e n t C o .; M . J . B a lla rd and L . C . N o w la n d s , d ire cto rs o f th o
O regon P o r tla n d C em en t C o .; C la rk M . M o o r e , salos m a n a g e r, a n d G e o r g o
M c D o n a ld , S ec. o f th o c o m p a n y , to g e th o r w ith 14 co m o n t co r p o r a tio n s .
T h e so aro: P a c ific P o r tla n d C e m e n t C o ., Stan d ard P o rtla n d C o m o n t C o .,
S an ta C ru z P ortla n d C em en t C o ., H e n ry C o w e ll L im e & C e m e n t C o .,
a ll o f San F ra n cis c o ; Superior P o r tla n d C e m e n t C o ., W a s h in g to n P o r tla n d
C em en t C o ., O ly m p ic P o r tla n d C e m e n t C o ., a ll o f S oattle; C o lo r a d o P o rt­
la n d C em en t C o . o f D en v e r , Intern ation al P o rtla n d C e m e n t C o . o f Spok an o,
L eh ig h P o r tla n d C em en t C o . o f A lle n to w n , P a .; T h ro e F o rk s P o r tla n d ;
C e m e n t C o . o f B u tte , M o n t .; U n io n P o r tla n d C e m e n t C o . o f O gd o n , U ta h ;
C e m e n t Secu rities C o . o f D e n v e r , an d V a n c o u v e r P o it la n d C e m e n t C o .,
L t d ., o f V a n c o u v e r , B . C .
I t is s ta te d th a t in com p eten t w ork m en aro a ccu se d o f d e lib e ra te d e stru c­
t io n a n d w a s te und er th o d ire ctio n o f c e r ta in o ffic ia ls .
T h e c o m p a n y w as in co rp o ra te d in A u g u st 1 9 1 5 -

Pennsylvania Water & Power Co.— D iv id en d

In crea sed .

A q u a rte r ly d iv id e n d o f 1 K % h as beon d e cla re d o n th o s t o c k , p a y a b le
O c t . 1 t o h o ld e r s o f re c o rd S e p t. 19. T h is co m p a re s w ith 1 % q u a rte rly
s in c e A p ril 1914.— V . 102, p . 710.

Phelps, Dodge & Co., Inc.— Extra

D iv id e n d . —

A n extra d iv id e n d o f 5 H % h as b e e n d e cla re d o n th o $ 4 5 ,0 0 0 ,0 0 0 s t o c k ,
a lo n g w ith th e regu lar qu a rterly 2
% , b o t h p a y a b le S e p t. 29 t o h old ers o f
r e c o rd S e p t. 19. T h is c om p a re s w ith 3 H % e x t r a in J u n e .— V . 102, p . 1161.

Philadelphia Electric Co.— Contract

re C on d u its. —

T h e P en n s y lv a n ia P . S. C o m m issio n a t H a rrisb u rg o n S e p t. 8, refu sed
t o s a n ction th e c o n tr a c t b etw e e n th is c o m p a n y a n d th e K e y s to n e T e le p h o n e
C o ., u n d er th o term s o f w h ich th e e le ctric c o m p a n y w as t o h a v e th e uso o f
th e u n d ergrou n d co n d u its o f th e te le p h o n e c o m p a n y . B y th e term s o f th e
lease n o p r o v is io n w as m a d e fo r allo w in g th e co n d u its t o b e u sed b y a n y
e lectric c o m p a n y o th e r th an th e P h ila d e lp h ia E lo c tr ic .
I t w as p o in te d
o u t th a t th e possession o f co n d u it facilitie s e x clu s iv e ly w o u ld e n a b le th o
P h ila d elp h ia E le c tr ic t o h a v e v irtu al co n tr o l o f th o fie ld .
T h o c o n tr a c t betw een th o P h ila d e lp h ia E lo ctric C o . a n d th e K e y s to n o
T ele p h o n e C o . w as c on s u m m a te d F ob . 10 1915. a n d p r o v id e d fo r th e use
o f the telep h on e co n d u its on th e basis o f an a n n u al rental o f 4 c . p o r d u c t
fo o t u sed , w ith a p r o v is io n lo r a g ra d u a te d m in im u m ren tal w h ic h w o u ld
rea ch $ 1 0 0 ,0 0 0 per an n u m w ith in seven years. T h e c o n t r a c t w as t o ru n
21 years, th e a v erage rental a m o u n tin g t o $ 3 7 ,5 0 0 p e r y e a r.
A t th o ex p ira tion o f 21 yea rs th o e lo ctric c o m p a n y w as t o h a v o th e rig h t
t o p u rch ase ail co n d u it sp a ce th on in use o r , if it e le cto d , t o ex te n d th e
lease fo r a n o th e r fifte e n years a t an annual m in im u m re n ta l o f $ 1 2 5 ,0 0 0 .—
V . 103, p . 9 4 6 . 326.

Pierce-Fordyce Oil Assn.— S e m i-A n n u a l

R ep ort. —

S ee P ie r c e O il C o r p o r a tio n b e lo w .

Pierce Oil Corporation.— Six

M o n th s ’ R ep o rt. —

D u r in g th e six m o n th s en d in g J u n o 30 1916, th e P ie r c e O il C o r o , an d
P ie r c e -F o r d y c e O il A s s o c ia tio n , co u n te d as a u n it, p r o d u c e d n e t b e fo r e in­
terest o f $ 1 ,5 5 0 ,1 2 7 , a gain st $51 1 ,1 9 9 in th e sa m o p e rio d o f 1915. . A fte r
a llo w in g fo r in terest o n b o t h issues o f de b e n tu re s an d cu rre n t a c c o u n ts tho
b a la n ce fo r t h e p e r io d en d in g J u n e 3 0 1916 w as $ 1 ,1 5 6 ,5 5 7 , aga in st $ 1 5 5,92 9
f o r th e s a m e p e r io d o f 1915, an Increase o f a b o u t 8 0 0 % .
F o r th o ca le n d a r y e a r l 9 i 5 th e so t w o p ro p e rtie s e a rn e d , a fte r p a y m e n t
o f Interest ch a r g e s , $ 7 0 4 ,1 7 6 , aga in st $ 1 ,1 5 6 ,5 5 7 fo r th o h a lf-y e a r, an in­
crea se o f n e a rly $ 4 0 0 ,0 0 0 , o r 5 5 % .
O n J u n e 3 0 1 9 i6 th e P ierco O il C o r p . h a d cu rre n t assets o f $9 ,3 7 0 ,0 0 0
a n d cu rren t lia b ilities o f $ 2 ,7 8 2 ,0 0 0 , a n e t w o rk in g c a p ita l o f $ 6 ,5 8 8 ,0 0 0 ,
aga in st $ 6 ,2 6 3 ,0 0 0 as o f D e c . 31 1915.— V . 102, p . 2074.

Reo Motor Car Co.— M e r g e r .—T h e fo llo w in g , it is s ta te d , h as been issued b y P res. O lds a n d S e cy . B a tes
rega rd in g th ejp rop osed m erger w ith t h e R e o T r u c k C o . b y exch a n g o o f sto ck :
“ In crea sed business has Increased d iffic u ltie s in h a n d lin g affa irs o f tw o
c o r p o r a tio n s sep a ra tely a n d m ak es it im p o ssib le t o s ecu re results th a t
d ire cto rs are c o n v in c e d c a n b e o b ta in e d th ro u g h o n e w ell orga n ize d c o r p .
••Directors re co m m e n d exch a n g e o f T r u c k s to c k fo r M o t o r C o . s t o c k a t
this tim e.
T h e y b e lie v e su ch arran gem en t w ill b e fa ir t o an d s e rv e best
interests o f a ll s to ck h o ld e rs.
D e la y u n til regu lar ann ual m e e tin g in D e ce m ­
b e r w o u ld c o m p lic a te m a tte rs b y brin g in g su ch u n io n a b o u t w ell in to
n ext fisca l y e a r .” — V . 103, p . 670.

Reo Motor Truck Co.— M e r g e r . —
S ee R e o M o t o r C a r C o . a b o v e .— V . 103, p . 670 .

(The) Robert Simpson Western, Ltd.— B on d s O ffered .—
Howe, Snow, Corrigan & Bertles, Grand Rapids, Mich., are
offering, at 100 and int., a block of First Mtge. 6 % gold
bonds. A circular shows:
D a t e d J u ly 1 1916, d u e se ria lly $ 4 0 ,0 0 0 J u ly 1 191 7-3 1. R e d . a t 103
a n d in t. o n J u ly 1 1919, o r on a n y s u b se q u e n t in t. d a te o n 60 d a y s ’ n o tice .
I n t . J . & J . a t th e B a n k o f N o v a S c o t ia , T o r o n t o , M o n tr e a l a n d N . Y . C it y .
D e n o m . $ 50 0 a n d $ 1 ,0 0 0 c * . T r u s te e , N a tio n a l T r u s t C o . , T o r o n t o .
A u th . an d Issued, $6 0 0 ,0 0 0 . U n c o n d itio n a lly g u a ra n te e d , p . & i ., b y T h o
R o b e r t S im p son C o . , L t d . , o f T o r o n t o .
O rga niza tion.— O rga n ized as a b ra n ch , t o h a n d le fro m t h o c it y o f R e g in a
t h o W estern C a n a d ia n m a il o r d e r business o f th o R o b e r t S im p so n C o . , L t d . ,
o f T o r o n t o . T h e s a v in g o f n ea rly a w e e k ’s t im e in d eliv e rie s Is th u s e ffe c te d .
T h e R o b e r t S im p son C o . , L t d . (gu a ra n to r o f t h o b o n d s) fo r 20 years
h as s u ccessfu lly c o n d u c t e d a d ep a rtm e n ta l s to ro business lo ca te d in T o r o n t o .
It.is p io w th e se c o n d largest in s titu tio n o f its k in d in C a n a d a , w ith bran ch es
j n lL o n d o n . N e w Y o r k a n d M o n t r e a l.




Salmon River Power Co.— B ond s O ffered . — William
Salomon & Co., New York, are offering a block of 1st Mtge.
5 % gold bonds, guaranteed, p. & i., by endorsement of tho
Niagara Lockport & Ontario Power Co. A circular shows:
D a te d A u g . 1 1912, d u e A u g . 1 1952.
I n t. F . & A . A u th o riz e d ( b y
c o m p a n y ), $ 5 ,0 0 0 ,0 0 0 ; o u ts ta n d in g (in clu d in g presen t issu e), a b o u t $ 4 , ­
3 3 2 .5 0 0 . R e d ., all o r p a r t, a t 110 an d in t. o n a n y in t. d a te o n six w e e k s ’
n o tice . D e n o m . $ 1 ,0 0 0 c * . P rin cip a l a n d in terest p a y a b le a b r o a d a t ra te s
as fo llo w s : L o n d o n , $4 86 p e r £ ; F ran ce an d S w itzerla n d , F rs. 5 .1 8 .
D a t a f r o m L e t t e r o f P r e s . F r e d D . C o r e y , B u f f a l o , N . Y . , J u ly 10 1 9 1 0 .

T h o P . S. C o m m issio n re ce n tly a u th o riz e d th o c o m p a n y t o issue a b o u t
$98 7 ,5 0 0 1st m tg e . b o n d s in o rd e r t o a cq u ire a m o d e rn s team ge n e ra tin g
p la n t a t L y o n s , N . Y . , a n d t o enlarge said p la n t, m a k in g th o c a p ita liz a tio n
a b o u t as fo llo w s :
Capitalization—
A u lh .(b y C o .) O utstand 'g.
First m tg o . 5 % b o n d s, d u o A u g .
1 195 2..................... $ 5 ,0 0 0 ,0 0 0 $ 4 ,3 3 2 ,5 0 0
6 % n o te s, d u o F e b . 1 1918............... . ...............................
6 0 0 ,0 0 0
5 9 8 ,3 0 0
C a p ita l s to ck
----------------------------1.00 0 ,0 0 0
8 9 5 ,6 0 0
The unissued first m tg e . b o n d s can b e c e r tifie d o n ly fo r a d d itio n a l p r o p ­
e r t y , im p ro v e m e n ts , & c ,. a t n o t o v e r 9 0 % o r c o s t.
Security.— A d iro ct firs t m o r tg a g e o n th e en tire p r o p e rtie s w h ich , in c lu d ­
in g th e p ro p e rtie s a cq u ire d th ro u gh th o p resen t issue o f b o n d s, rep resen t
an e xp e n d itu re o f a b o u t $ 5 ,3 0 0 ,0 0 0 , o r a b o u t 2 2 % in oxcoss o f $ 4 ,3 3 2 ,5 0 0
fir s t m o r tg a g o b o n d s.
T h e p la n ts (in clu d in g th o s team p la n t a t L y o n s , N . Y . , r e c e n tly a c q u ir e d ,
w ith a presen t c a p a c ity o f 1 0 ,0 0 0 h . p . an d be in g in crea sed t o 2 3 ,0 0 0 h . p .)
s u p p ly p o w e r in th o S yracu se d is trict a t a n e t c o s t t o th o paren t c o m p a n y
c o n s id e ra b ly be lo w th a t o f N ia g a ra p o w e r . T h o sa v in g t o th e N . L . & O .
P o w e r C o ., th ro u gh th e use o f this p o w e r, a fto r d e d u ctin g in terest o n th o
Salm on R iv e r P o w e r C o . b o n d s , w as a p p ro x im a te ly $ 9 0 ,0 0 0 in 1915, e ven
th o u g h o n ly p a rt o f th e a v a ila b le p o w e r w as ta k e n . T h is sa v in g in t h o
cu rre n t y e a r is larger.
T h o steam p la n t r e c e n tly a c q u ir e d an d n o w b o in g enlarged is doslgn od t o
b o o p o ra to d in c o n ju n c tio n w ith th e h y d r o -e le ctr ic p la n t osp o cia lly d u rin g
th e p e rio d o f h eaviest d e m a n d fro m th o co n su m ers o f p o w e r.
T h o e n tire o u tp u t is so ld t o th o N ia g a ra L o c k p o r t & O n ta rio P o w e r C o .
u n d e r a leaso e x te n d in g u p t o N o v . 1 1953.

Earnings Niag. Lockp. & Ont. Pow. Co. and the Salmon River Power Co.
(E lim in atin g in te r-c o m p a n y p a y m e n ts betw e e n a ffilia te d co s.)
Y r.en d M a y'S l.
1914-15.
1915-16.
1914-15.
191 5-1 6.
Sales o f p o w e r $ 1 ,3 6 8 ,6 9 2 $ 1 ,5 6 1 ,0 5 1 N e t e a rn in g s . $ 6 4 7,81 6
$ 8 3 8 ,9 8 4
C o s t o f p u rO th er i n c o m o .
2 0 ,7 0 6
2 4 ,9 6 3
ch ased p o w .
46 6 ,9 5 4
44 5 .5 8 5
O p er. e x p . &
T o t a l in c . . $66 8 ,5 2 2
$86 3 ,9 4 7
d o p r e c ia t’n .
2 53 ,922
2 7 6 ,4 8 2 T a x .,r e n ts ,& c .
67,261
131,860
N e t e a r n s .. $ 6 4 7,81 6
$83 8 ,9 8 4
B a la n co . . .
$601,261
$ 7 3 2 ,0 8 6
In te re st on 1st M . b o n d s o f b o t h co m p a n ie s, in clu d in g b o n d s issued
fo r th o steam p la n t an d b o n d s acq u ire d b y sin kin g fu n d
$ 4 6 6 ,6 2 5
In th e fiv e m o n th s en ded M a y 31 1916 th e p o w o r sales Increased 2 6 % and
th e in co m e a v a ila b le fo r in terest an d sin k in g fu n d p a y m e n t in crea sed 3 6 %
as c o m p a r e d w ith th e co r re s p o n d in g m o n th s o f 1915. T h o to ta l in c o m o ,
c o m p u te d on th e sam e basis as a b o v o , a p p lica b le t o Interest an d sin kin g
fu n d p a y m e n t fo r th e fiv o m o n th s en d ed M a y 31 1916 w as $ 35 1,87 1, o r
8 1 % In excess o f th o in terest o n th o first m t g e . b o n d s o f b o th co m p a n ie s
in clu d in g th o p resen t issuo.

\ ,

ttuu v itiie rs, w u u o p e ra te
,------ “ - * .,.....’ _ , 1 \ ■ 1
a b o u t 400 m iles o f e le ctric ra ilw a y tr a c k a n d d o a goneral lig h tin g an d
p o w e r business. D eliv e rie s t o th em h a v o increased fro m 1909, w ith 11,262
h . p ., t o 1915, w ith 2 5 ,2 9 6 h . p . , an d in 1916 (5 m o n th s t o M a y 31 ave ra g e )
3 0,857 h . n.
Sinking F u n d .— A n ann ual sin k in g fu n d o f 1 % o f th o p ar va lu o o f th e
b o n d s th e re to fo re issued ( t o b e p r o p o r tio n a te ly Increased, d e p e n d in g on
d a te an d a m o u n t o f su b se q u e n t issues o f these b o n d s ). T h o first p a y m e n t
A u g . 1 1916. Sinking fu n d w ill retire at m a tu r ity all b o n d s issu ed.
G uarantor C om pany.— O p erates 878 m iles o f tran sm ission lines (369 m ilos
le a se d ). I t sells p o w e r, u n d e r co n tr a c ts , d ir e ctly o r th o ru g h su bsidiaries(1) t o e le ctric tr a c tio n lines; (2) to p u b lic se rvice c o r p o r a tio n s fo r ligh tin g
a n d m iscella n eou s p u rp oses; (3 ) t o largo m a n u fa ctu rin g c o r p o r a tio n s . •T h o
sales sh o w increase fro m 1908, w ith 2 5 ,5 0 0 h . p . , t o 1915, w ith 62,466 h . p . ,
a n d in 1916, 7 8 ,1 7 7 h . p . (5 m o n th s ' a v e ra g e ).
T h e g u a ra n to r c o m p a n y o b ta in s its p o w o r fr o m (1) th e S alm on R iv o r
B ow er C o . ’s ge n e ra tin g sta tio n s, in clu d in g ste a m p la n t; (2) b y purehaso
fro m th e O n ta rio B ow er C o . o f N iag ara Falls; (3 ) u n d er leaso fr o m tho
N o rth e rn N e w Y o r k B o w e r C o r p ., w h ich ow n s a h y d r o -e le ctr ic p la n t o f
12,000 h . p . c a p a c it y hear O sw e g o , N . Y .
W h en th o stoam p la n t is en ­
larged, th e g u a ra n to r c o m p a n y ca n , w ith o u t a d d e d in v e s tm e n t, s u p p ly
fro m these three sou rces u p w a rd s o f 100 ,000 h . p .
Outstanding C apitalization o f the N . L . A O. Pow er Co. (E xclusive o f $ 8 0 0 ,0 0 0
N otes due Oct. 1 1916, P rovision f o r W hich I s M a d e ).
C apitalization—
O utstanding.
First m tg e . 5 % b o n d s (e x clu siv e o f $ 4 9 4 ,0 0 0 in sin kin g f u n d ) ____ $ 4 ,5 0 6 ,0 0 0
F irst preferred 6 % c u m u la tiv e s t o c k ...............
2 ,7 0 0 ,0 0 0
S e co n d preferred 6 % n o n -c u m u la tiv e s t o c k ____________
2 ,0 0 0 ,0 0 0
C o m m o n s t o c k _______________________________________________________ 1 ,2 3 0 ,0 0 0
T h o co m p a n y also gu aran tees prin cip a l an d in torost o n 5 0 % o f $ 5 3 3 ,0 0 0
o u tsta n d in g N ia g a ra & E n o B o w e r C o . firs t m tg e . 5 % b o n d s an d ow n s 5 0 %
o f th o s to c k o f th o la tto r c o m p a n y , o n w h ich d iv id e n d s o f 8 % per an n u m
h a v o been p a id fo r th o p ast tn reo years.
T h e O n ta rio B o w e r C o ., th ro u gh s to c k o w n ersh ip b y su b sid ia ry c o m p a n ­
ies, c o n tr o ls th e N ia g a ra L o c k p o r t & O n ta rio P o w e r C o .
T h e m o rtg a g e reco rd in g ta x is p a id b y th o c o m p a n y w h ich m a k o th oso
firs t m tg o . b o n d s o x e m p t fro m p erson al ta x a tio n in N . Y . S ta te . In cases
w h ere th e h o ld e r Is lia b lo th e co m p a n y Is p a y in g th e n orm al F ed ora l in co m o
ta x o n theso b o n d s. A p p lic a tio n w ill bo m ad e, in d u e c o u rs e , to list th is
issuo o n th e N e w Y o r k S to c k E x ch a n g o . Soo V . 95, p . 1043; V . 103, p . 946 .

For other investm ent news see pago 1046.

|£t q j c a * i s

am i

^ o c n m m ts .

THE DENVER & RIO GRANDE RAILROAD COMPANY
THIRTIETH ANNUAL REPORT— FOR THE FISCAL YEAR ENDED JUNE 30 1916.
21 1916.

er rail, the difference in cost having been charged to Better
ment Account. Details of weights of rail in main lines and
The board of directors submit tho following report for the branches at the close of the fiscal year are shown in tabular
form on page 29 [of pamphlet report].
fiscal year ended Juno 30 1916.
Approximately 285,000 tie plates and 73,000 rail anchors
Tho results wero as follows:
were installed.
------I n c . ( + ) nr D e c . (— )
1915.
New steel bridges, aggregating in length 720 lineal feet,
1916.
A m o u n t.
%
2 ,5 7 1 .4 6
A v g e . M ile a g o O p e r .
2 ,5 7 2 .2 9
+ .83
0.03
were erected in place of those of lighter construction, and 954
lineal feet of wooden bridges were eliminated by the substi­
O p era tin g R e v en u es:
F reig h t____________ 18,314,342 16 15,911,101 65 + 2 ,4 0 3 ,2 4 0 51
15.10
tution of permanent embankments.
P a s s e n g e r ________ 4 .7 6 4 ,7 2 9 42 4 ,4 4 9 ,0 4 4 31
+ 3 1 5 ,6 8 5 11
7 .1 0
The Colfax-Larimer Street viaduct in the City of Denver,
3 4 4 ,9 6 9 77
345 ,0 6 7 60
M a l l - _____________
+ 9 7 83
0.03
3 7 2 ,0 7 8 72
565 ,6 6 0 65
E x p r e s s ___________
+ 193,581 93
52.03
being constructed over main line and yard tracks, as men­
326 ,3 4 2 40
2 6 4 ,2 7 5 46
M is c e lla n e o u s ------+ 6 2 ,0 6 6 94
23 .4 9
tioned in last year’s annual report, is about 82 per cent com­
5 6 0 ,1 7 9 66
4 6 5 .6 9 0 49
I n c id e n t a l ------------+ 9 4 ,4 8 9 17
2 0 .2 9
13,762 48
16,075 81
J o in t F a c ilit y ------— 2 ,3 1 3 33
14.39
plete, and your Company’s proportion of expenditure to date
is $75,691 78.
T o t a l O peratin g
R e v e n u e s ____ 2 4 ,8 9 0 ,0 8 4 37 2 1 ,8 2 3 ,2 3 6 21 + 3 ,0 6 6 ,8 4 8 16
Industrial sidings and yard tracks, involving the building
14.05
of about 11 miles of spur tracks and sidings, were either con­
O p era tin g E x penses:
M a in t. o f W a y an d
structed or extended to meet the requirements of new or
S tr u c tu r e s --------- 2 ,5 3 6 ,7 8 9 82 2 ,5 4 1 ,5 3 9 49
— 4,749 67
0 .1 9
enlarged industries.
M a in t. o f E q u lp ’t - 4 ,1 8 9 ,3 1 0 05 3,9 9 2 ,3 5 1 45
+ 196,958 60
4 .9 3
487 ,023 75
T r a f f ic ____________
4 7 7 ,4 2 5 30
+ 9.5 9 8 45
2.01
During the last four years about 2,500 freight cars and 35
T r a n s p o r t a t io n ___ 6 ,5 0 0 ,5 6 6 69 6 ,2 9 0 ,9 5 * 61
+ 2 0 9 ,6 1 2 08
3 .3 3
locomotives (standard gaugo and narrow gauge) were retired
M is cella n eou s O p ­
+
7
4
,5
0
0
00
trom service, on account of age and inefficiency. To partly
3 45 ,487 05
21.56
4 1 9 ,9 8 7 05
eration s ________
— 4 5 ,4 8 2 01
605 ,733 11
6 5 1 ,2 1 5 12
6 .9 8
G e n e r a l ...................
replace tho equipment retired your Board recently author­
T r a n sp o rta tio n fo r
ized
contracts for modern heavy freight locomotives and
+ 9 ,3 0 2 03
9,302 03
In v e s tm e n t— C r
freight cars of steel construction (all standard gauge) aggre­
T o t a l O p era tin g
gating in cost about $2,300,000, and trust funds have been
3 .1 5
+ 4 4 9 ,7 3 9 48
E x p e n s e s . - . . 14,739,410 47 14,2 8 9 ,6 7 0 99
established out of current revenues to pay for the equipment
N et R evenuo
as, and when, deliveries are made, which should be in time
34 .7 4
fro m O p e ra 'n slO .1 5 0 ,6 7 3 90 7 ,5 3 3 ,5 6 5 22 + 2 ,6 1 7 ,1 0 8 68
for the heavy fall and winter business, and it is believed that
1,0 2 0 ,6 0 6 31
+ 7 0 ,8 5 4 99
6 .9 4
T a x A c c r u a ls ------------- 1,091,461 30
with this additional modern equipment there will be a con­
U n co ile ctib lo I io v o 1,351 82
1,507 18
+ 155 36
tinuation of satisfactory traffic and revenues.
11.49
D en ver, C o lo ., A u g u s t

To the Stockholders o f The D enver & Rio G rande Railroad C o .:

T o t a l ___________ 1 ,092,968 48

1 ,021,958 13

+ 7 1 ,0 1 0 35

6 .9 5

T o ta l O p eratin g
I n c o m o _______ 9 ,0 5 7 ,7 0 5 42

6 ,5 1 1 ,6 0 7 09 + 2 ,5 4 6 ,0 9 8 33

3 9 .1 0

N o n -O p e r a tin g I n c o m o :
H ire o f E q u ip m e n t
— C r e d it B a la n ce
41.9.87
R e n t _______________
208 ,1 7 3
D iv id e n d I n c o m o .
6 9 7 .9 1 5
I n t e r e s t ___________
179,546
M iscella n eou s In ­
c o m o ____________
108

52
40
00
36

2 0 1 ,2 1 6 13
8 9 1 ,0 3 j> 31
148 ,918 76

99

8 17

+ 4 1 ,9 8 7
+ 6 ,9 5 ?
— 293 ,1 2 3
+ 3 0 ,6 2 7

52
27
31
60

3 .4 6
3 2 .9 0
20.5 7

+ 100 82 1 ,234.03

T o t a l N o n -O p ­
eratin g I n c o m o 1,027,731 27

1,241.181 37

— 2 1 3 ,4 5 0 10

17.20

G ross I n c o m e .. 10.085,436 69

7 ,7 5 2 .7 8 8 46 + 2 ,3 3 2 ,6 4 8 23

3 0 .0 9

D e d u c tio n s fro m G ross
In com e:
H ir o o f E q u ip m en t

•

587 ,206 00
R e n t . ____________
I n t e r e s t ___________ 5 ,6 8 2 ,1 4 2 68

126,327 37
5 1 1 ,1 5 6 64
5 ,6 9 6 ,5 7 3 87

T o t a l D o d u c t ’ns 6 ,2 6 9 ,3 4 8 68

6 ,3 3 4 ,0 5 7 88

— 6 4 ,7 0 9 20

1.02

N e t I n c o m o ____

1.4 1 8 ,7 3 0 58

+ 2 ,3 9 7 ,3 5 7 43

168 .98

2 7 3 .0 1 4 89

3 ,8 1 6 ,0 8 8 01

— 126 ,327 37
+ 7 6 .049 36
— 14,431 19

14.88
0 .2 5

D is p o s itio n o f N o t
In com e:
In c o m e A p p lied to
S inking and R o n ew al F u n d s . . .
2 8 7 .3 9 8 05
I n c o m o A p p r o p r ia ­
ted for R o a d and
E q u ip m e n t ------- 2 ,3 0 0 ,0 0 0 00

+ 1 4 .3 5 3 16

5 26

2 1 1 ,0 4 5 4 6 + 2 ,0 8 8 ,9 5 4 54

989 81

T o ta l A p p r o p r i­
2 ,5 8 7 .3 9 8 05
ation s —

4 8 4 .0 9 0 35 + 2 ,1 0 3 ,3 0 7 70

4 34 .49

I n c o m o B a l’c e T ra n s­
ferred to C re d it o f
P r o fit and L o s s___ 1,228,689 96
O p era tin g
R e v en u e
per M ile o f R o a d .
O p era tin g
E xpen se
p er M ilo o f R oa d
N o t O p eratin g R o v o nue per M ile o f
R o a d _____________
R a tio o f O p eratin g
E x p en se to O peraa tin g R e v en u e —

934 ,640 23

+ 2 9 4 ,0 4 9 73

3 1 .4 6

9 ,6 7 6 23

8 ,4 8 6 71

+ 1 ,189 52

14.02

5 ,7 3 0 07

5 ,5 5 7 03

+ 173 04

3.11

3 ,9 4 6 16

2,9 2 9 68

+ 1.016 48

3 4 .7 0

OPERATION.
The total operating revenues, $24,890,084 37, are the
largest in the history of the Company, being an increase of
$3,066,848 16, or abour 14 per cent over tho preceding year.
Tho operating expenses were $14,739,410 47, an increase
of $449,739 48, or 3.15 per cent.
Tho net operating revenuo was $10,150,673 90, an in­
crease of $2,617,108 68, or 34.74 per cent over the preceding
year.
Tho ratio of operating expenses to operating revenues
decreased from 65.48 per cent for the fiscal year ended June 30
1915 to 59.22 per cent for tho year covered by this report.
. The revenue from freight traffic was $18,314,342 16, an
increase of $2,403,240 51, or 15.1 per cent; and the revenue
from passenger traffic was $4,764,729 42, an increase of
$315,685 11, or 7.1 per cent.
Details of traffic, both passenger and freight, are shown
in comparative statements on pages 33 and 34 of this [pam­
phlet] report.
Tho decrease in the average rate per passenger mile,
18.13 per cent, was due mainly to the large travel at low
excursion rates on account of the Panama International
Exposition in San Francisco.
The expenditures for Maintenance of Way and Structures
wero $986 per mile of road operated, or substantially tho
same as the previous year.
The roadway and equipment are in satisfactory condition.
The cost of conducting transportation was $6,500,566 69,
or 26.12 per cent of the gross operating revenues, compared
with $6,290,954 61, or 28.83 per cent in tho previous fiscal
year. In other words, tho increase in gross operating
rovenues, hereinbefore referred to, $3,066,848 16, involved
an increaso of only S209.612 08 in cost of conducting trans­
portation. For the five previous years the average ratio to
operating revenues of the cost of conducting transportation
was 32.22 per cent.

OPERATING INCOME.
Operating Incomo was $9,057,705 42, an increase of
$2,546,098 33, or 39.10 per cent compared with previous
CAPITAL STOCK.
year.
There has beon no change in tho Capital Stock.
Taxes increased $70,854 99, or 6.94 per cent.
FUNDED DEBT.
Net Incomo, as distinguished from Operating Income, in
Tho Funded Debt in tho hands of the public was decreased that it represents final results, amounted to $3,816,088 01,
$510,000: (1) By tho purchaso, in tho open market of an increaso of $2,397,357 43, or 168.98 per cent over previous
$360,000, faco valuo, of Denver & Rio Grando First and Re­ year.
The Net Income was applied as follows:
funding Mortgage 5 per cent bonds for tho Sinking Fund,
which havo beon deposited with tho Trusteo; and (2) re^ F o r R e n e w a l F u n d an d tho Sinking F u n d u n d er F irst and
$ 2 8 7 ,3 9 8 05
a g e ....................................................................
deeming and canceling Equipment Trust Bonds, Series “B ” F oRr eNfuonwd inEgq uMipomr tg
e n t------------------------------------------------------------------------- 2 .3 0 0 ,0 0 0 00
to tho amount of $150,000.
5 9 .2 2 %

6 5 .4 8 %

— 6 .2 6 %

T o t a l..................................................................................................................... $ 2 ,5 8 7 ,3 9 8 05

ROAD AND EQUIPMENT.
A classified list of Road and Equipment charges, aggre­
gating $566,998 04 appears on pago 18 [of pamphlet report].
9,877 tons of now 90-pound and 83 tons of now 85-pound
rail wero used in maintenance during tho year, replacing light­



leaving a credit for the year to Profit and Loss of $1,228,­
689 96.
Tho Company has no floating debt. As heretofore, the
current accounts of the Company havo been paid up as
closely as practicable.

W E S T E R N P A C IF IC .

In the last annual report it was stated that “ the March 1st
interest was defaulted, and on March 5 1915 the United States
Court appointed Receivers for the property.” On June 28
1910 the property was sold under foreclosure, and since the
close of tho fiscal year a new Company has been incorporated
under the laws of California to operate the property. Wo
are advised that the gross operating revenues of the railroad
increased largely (due in some measure to the heavy travel
to and from California on account of the Panama Exposition
in San Francisco) and that for tho fiscal year just closed
they approximated 87,500,000 and that tho Net Income was
about $2,000,000. It is possible that by negotiations later
on a mutually advantageous readjustment of financial
relationships between Western Pacific interests and your
Company will bo accomplished.
By order of the Board of Directors.
H. U. MUDGE, P resid en t.

D e n v e r , C olorado, A u g u s t 24 1916.
To the Stockholders o f The D enver & Rio G rande Railroad C o .:

At your meeting on October 19 1915, in accordance with
Article 15 of your By-Laws, I was named as Auditor to
examine the books and accounts of your Company.
I now have to report that your Company’s Balance Sheet,
as of June 30 1916, has been submitted to and examined by
me, with accounts and vouchers relating thereto. 1 have
found it to be a full and fair Balance Sheet, properly drawn
up so as to exhibit a true and correct view of the stato of your
Company’s affairs.
t
All information called for has been readily furnished and
found satisfactory, and I tako great pleasure in hereby ac­
knowledging the willing aid given me by your officers and
their assistants, whose books of account I have found
kept in their usual efficient and up-to-date manner.
Yours respectfully,
C. I. STURGIS.

INCOME ACCOUNT.
Y E A R E N D E D J U N E 30 1916, C O M P A R E D W I T H

P R E V IO U S

YEAR.
D ecrea se.

In crea se.
1916.

1915.

A v e ra g e M ile a g e O p e r a te d ------------------------

2 ,5 7 2 .2 9

2 ,5 7 1 .4 6

O perating R evenues—
F r e i g h t _________________________________
P a s s e n g e r ______________________________
M a i l ............................................ - ..................
E x p r e s s _________________ ________________
M is c e l la n e o u s _________________________
I n c id e n t a l______________________________
J o in t F a c ilit y __________________________

$ 1 8 ,3 1 4 ,3 4 2
4 ,7 6 4 ,7 2 9
3 4 5 ,0 6 7
5 6 5 ,6 6 0
3 2 6 ,3 4 2
5 6 0 ,1 7 9
13,762

16
42
60
65
40
66
48

$ 2 4 ,8 9 0 ,0 8 4 37

T o t a l O p era tin g R e v e n u e s _____
O perating E xp en ses—
M a in te n a n c e o f W a y a n d S tru ctu re s.
M a in te n a n c e o f E q u ip m e n t---------------T r a f f ic __________________________________

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

Transportation__________________

M is c e lla n e o u s O p e r a t io n s -----------------G e n e r a l________________________________
T r a n s p o rta tio n fo r I n v e s tm e n t— C r.

82
05
75
69
05
11

$1 5 ,9 1 1 ,1 0 1
4 ,4 4 9 ,0 4 4
3 4 4 ,9 6 9
3 7 2 ,0 7 8
2 6 4 ,2 7 5
4 6 5 .6 9 0
16,075

65
31
77
72
46
49
81

$ 2 1 ,8 2 3 ,2 3 6 21
$ 2 ,5 4 1 ,5 3 9
3 ,9 9 2 ,3 5 1
4 7 7 ,4 2 5
6 ,2 9 0 ,9 5 4
3 4 5 ,4 8 7
6 5 1 ,2 1 5
9,302

49
45
30
61
05
12
03

A m o u n t.

P er Cent.

.83

0 .0 3
51
11
83
93
94
17

15.10
7 .1 0
0 .0 3
52 .0 3
2 3 .4 9
2 0 .2 9

$ 3 ,0 6 6 ,8 4 8 16

14.05

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

4.9 3
2.01
3 .3 3
2 1 .5 6

$ 2 ,4 0 3 ,2 4 0
3 1 5 ,6 8 5
97
193,581
6 2 ,0 6 6
9 4 ,4 8 9

60
45
08
00

$ 1 4 ,7 3 9 ,4 1 0 47

$ 1 4 ,2 8 9 ,6 7 0 99

$ 4 4 9 ,7 3 9 48

3 .1 5

N e t R e v e n u e fr o m O p e r a tio n s ..

$ 1 0 ,1 5 0 ,6 7 3 90

$ 7 ,5 3 3 ,5 6 5 22

$ 2 ,6 1 7 ,1 0 8 68

3 4 .7 4

T a x A c c r u a ls -----------------------------------------------U n c o lle c tib le R e v e n u e s ___________________

$ 1 ,0 9 1 ,4 6 1 30
1,507 18

$ 1 ,0 2 0 ,6 0 6 31
1,351 82

$ 7 0 ,8 5 4 99
155 36

6 .9 4
11.49

T o t a l _____________________________________________

$ 1 ,0 9 2 ,9 6 8 48

$ 1 ,0 2 1 ,9 5 8 13

$ 7 1 ,0 1 0 35

6 .9 5

T o t a l O p era tin g I n c o m e ----------------------------------

$ 9 ,0 5 7 ,7 0 5 42

$ 6 ,5 1 1 ,6 0 7 09

$ 2 ,5 4 6 ,0 9 8 33

3 9 .1 0

$ 4 1 ,9 8 7
163 ,490
1,533
3 3 ,7 6 0
9 ,3 8 8
5 9 7 ,9 1 5
93,841
7 3 ,7 7 7
11,927
108

$15 5 ,0 6 0
3 ,4 1 7
3 4 ,5 5 5
8 ,1 8 3
8 9 1 ,0 3 8
9 5 ,7 1 6
4 1 ,3 2 2
11,880
8

$ 4 1 ,9 8 7 52
8 ,4 3 0 56

5.4 4

1,205 30

14.73

3 2 ,4 5 5 11
47 49
100 82

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

$ 2 ,3 3 2 ,6 4 8 23

3 0 .0 9

$ 1 2 ,7 7 9 48
6 3 ,2 7 2 29

15.03
14.90

10,528 76
1 .345 74
916 59

1.53
7.91

168.98

T o t a l N o n -O p e r a tin g I n c o m o -------------------------G ross I n c o m e ------------------------------------------D ed u ction s fro m G ross In com e—
H lro o f E q u ip m e n t— D e b it B a la n c e ----------J o in t F a c ilit y R e n t s --------------------------------------R e n t fo r L ea sed R o a d s --------------------------------M is c e lla n e o u s R e n t s --------------------------------------In teres t o n F u n d e d D e b t ---------------------------- ­
In terest o n A d ju s tm e n t M o r tg a g e B o n d s .
In terest o n U n fu n d e d D e b t ------------------------M is c e lla n e o u s I n c o m o C h a rg e s_____________

52
74
67
30
69
00
00
59
77
99

18
14
42
39
31
00
48
28
17

$ 1 ,0 2 7 ,7 3 1 27

$ 1 ,2 4 1 ,1 8 1 37

$ 1 0 ,0 8 5 ,4 3 6 69

$ 7 ,7 5 2 ,7 8 8 46

$ 9 7 ,8 1 3
4 8 7 ,9 9 6
1,395
4 ,9 6 8 ,2 9 3
7 0 0 ,0 0 0
1 ,345
12,503

77
48
75
01
00
74
93

$ 1 2 6 ,3 2 7
8 5 ,0 3 4
4 2 4 ,7 2 4
1,398
4 ,9 9 5 ,5 1 5
689 ,4 7 1

37
29
19
16
29
24

11,587 34
$ 6 ,3 3 4 ,0 5 7 88

1 $ 3 ,8 1 6 ,0 8 8 01

$ 1 ,4 1 8 ,7 3 0 58

$ 2 ,3 9 7 ,3 5 7 43

$ 1 4 9 ,7 3 6 72
137,661 33
2 ,3 0 0 ,0 0 0 00

$1 3 5 ,3 1 3 03
137,731 86
2 1 1 ,0 4 5 46

$14 ,4 2 3 69

10.66

2 ,0 8 8 ,9 5 4 54

989.81

T o t a l A p p r o p r ia tio n s ______________________________

$ 2 ,5 8 7 ,3 9 8 05

$ 4 8 4 ,0 9 0 35

$ 2 ,1 0 3 ,3 0 7 70

4 3 4 .4 9

in c o m e B a la n ce T ra n sferre d to C r e d it o f P r o fit and Loss.

$ 1 ,2 2 8 ,6 8 9 96

$93 4 ,6 4 0 23

$ 2 9 4 ,0 4 9 73

3 1 .4 6

D e d u c t io n s ______________________

N e t I n c o m e _________________________________________
D is p o s itio n o f N et In com e—
I n c o m o A p p lie d t o S in k in g F u n d ......................................
I n c o m o A p p lie d t o R on o w a l F u n d -------------------------------I n c o m o A p p r o p r ia te d fo r R o a d a n d E q u ip m e n t --------

1

1

$ 2 ,3 1 3 33

14.39

$ 4 ,7 4 9 67

0 .1 9

4 5 ,4 8 2 01

6 .9 8

$ 1 ,8 8 3 47
795 12

5 5 .1 2
2.3 0

2 9 3 ,1 2 3 31
1,875 00

32.9 0
1.96

$ 2 1 3 ,4 5 0 10

17.20

$12 6 ,3 2 7 37

$ 6 ,2 6 9 ,3 4 8 68

T ota l

P erC t.

9 ,3 0 2 03

T o t a l O p era tin g E x p e n s e s ______

N on -O p era tin g In com e—
H ire o f E q u ip m e n t— C re d it B a la n c e ---------------------J o in t F a cility R e n t I n c o m o _________________________
In c o m e fr o m L ea se o f R o a d _______________________
M is ce lla n e o u s R e n t I n c o m e ________________________
M is c e lla n e o u s N o n -O p e r a tin g P h y s ic a l P r o p e r ty .
D iv id e n d I n c o m o ___________________________________
I n c o m e fr o m F u n d e d S e cu ritie s-----------------------------I n c o m e fr o m U n fu n d ed S ecu rities an d A c c o u n ts .
I n c o m o fro m S in k in g an d O th er R e s e r v e F u n d s.
M is c e lla n e o u s I n c o m o ----------------------------------------------

A m o u n t.

2 41
2 7 .2 2 2 28

0 .1 7
0 .5 4

$ 6 4 ,7 0 9 20

1.02

7 0 53

0.0 5

PROFIT AND LOSS JUNE 30 1916.
C r e d it B a la n c e , J u n e 30 1 9 1 5 ---------------------------------------------------------------------------------------------------------------------C r e d it B a la n ce T r a n sfe r r e d fro m I n c o m e A c c o u n t ---------------------------------------------------------------------------------U n ro ru n d a b lo O v e rc h a rg e s ---------------------------------------------------------------------------------------- --------- ------------------------D o n a t io n s fo r S p u r T r a c k s , & c -----------------------------------------------------------------------------------------------------------------M is c e lla n e o u s C r e d it s -----------------------------------------------------------------------------------------------------------------------------------R e d e m p tio n o f E q u ip m e n t B o n d s ---------------------------------- —
L o s s on R e tir e d R o a d an d E q u ip m e n t — ................................
Su rplu s A p p r o p r ia te d fo r In v e s tm e n t in P h y s ic a l P r o p e r ty .
A d v a n c o S u r v e y s , A b a n d o n e d P r o je c t s ------------------ ------------S ettlem en t o f G o v e r n m e n t T im b o r C a s e ---------------------------M is c e lla n e o u s D o b it s ----------------------------------------------------------------

...........................................................$ 8 ,9 7 0 ,6 5 0 98
.$ 1 ,2 2 8 ,6 8 9 96
.
447 15
.
6,711 99
.
10,661 59
--------------- -------- $ 1 ,2 4 6 ,5 1 0 69
.
.
.
.
.

$ 1 2 ,0 0 0
3 8 ,1 0 3
6 ,9 2 2
1 8 ,694
5 ,1 7 3

00
34
31
23
63

' ______8 2 .9 1 1 3 0
------ -----------------

1 ,1 6 3 ,5 9 9 39

.......................................................... $ 1 0 ,1 3 4 ,2 5 0 37

C r e d it B a la n c o , J u n e 3 0 1916

RENEWAL FUND JUNE 30 1916.
C r e d it B a la n c o , Ju n o 3 0 19 1 5 ---------------------------A p p r o p r ia tio n s fro m I n c o m o D u r in g th o Y e a r.
A c c