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Bank & Quotation Section
Railway Earnings Section
VOL. 103
Railway & Industrial Section
Bankers* Convention Section
SATURDAY, SEPTEMBER 2 1916
1916.
PUBLISHED WEEKLY.
T e r m s o f S u b s c r ip tio n — P a y a b le in A d v a n c e
ijUO 00
H’or Ono Year
H 00
13 00
7 50
Europoan Subscription six mourns tmciuuiug yosiagej.
#.‘3 14S.
Animal Subscription in London (including postage) —
i l l 11 n.
Six Months Subscription in London (including postage)
$11 50
Canadian Subscription (including xiostage)......................
Subscription includes following Supplements—
Bank and quotation (monthly) I R ailway and I ndustrial (3 tim es yearly)
R ailway E arnings (monthly)
E lectric R ailway (3 times yearly)
State and city (semi-aunually) |B an kers ’ Convention (yearly)
T e r m s o f A d v e r tis in g — P e r In c h S p a c e
■Transient matter per inch space (14 agate lin es)......................................
( Tw o Months
(* tim es).........................
Standing
Business Cards
' Three
Months
(13
manning liusiness
earns ^
Hiv Arnlltlis
(2<5tim
tim es)...........................
es)...........................
') Six
Months
(. Twi
L
’welve Months (52 tim es)............................
Chicago Office—39 South La Salle Street, Telephone Randolph7396.
L ondon Office—Edwards &> Smith, 1 Drapers’ Gardens, E. C.
$4 20
22 0 0
29
60 00
00
87 00
W IL L IA M 18. DANA COM PANY, P u b lish ers,
F ro n t, P in e and D c p o y s tc r S ts., New York.
Published every Saturday morning by W ILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Treas.: George S. Dana and Arnold G. Dana,
Vice-Presidents; Arnold G. Dana, Sec. Addresses of all, Offlco of tho Company.
C L E A R IN G -H O U S E R E T U R N S .
Tnc following table, made up by telegraph, &c., Indicates that tho total bank
clearings of all the clearing houses of the United States for tho week ending to-day
have been 14,287,219,240, against $4,297,175,143 last week and $3,027,000,436
the corresponding week last year.
Clearings— Returns bg T elegraph.
W eek ending Sept. 2.
Per
Cent.
1916.
1915.
$2,085,480,861
117,811,779
186,414,288
29,320,204
315,807,877
77,700,875
22,530,229
31,885.818,360
108,950,277
144,808,558
27,781,100
200,838,895
02,513,050
14,131,425
+ 10.0
+8.1
+ 28.7
+ 5.0
+ 21.1
+24.4
+ 59.4
$2,835,198,173
602,014,431
$2,504,907,737
535,942,401
+ 13.2
+ 23.5
$3,497,212,604
790,006,642
$3,040,850,198
580,750,238
+ 15.0
+ 34.8
34,287,219,246
$3,627,000,430
+ 18.2
T ho full details for tho week covered b y tho abovo will bo glvon noxt
Saturday. Wo cannot furnish them to-d ay , clearings being mado up by tho
clearing houses at noon on Saturday, and honco in tho a bovo tho last day
o f tho wook has to bo in all cases estim ated, as wo go to press Friday night.
Wo present below dotailod figures for tho week ending with Saturday
noon , August 20, for four yoars:
'
W eek ending A u gust
Clearings at —
1916.
Buffalo ..............
Albany................
Washington----Rochester..........
Scranton............
Syracuse ---------Reading..............
Wilmington........
Wilkes-Barre . . .
Wheeling, W. Va.
Trenton_______
Y o r k .............. .
E rie ___________
Chester ..............
Greensburg........
Binghamton----Montclair..........
1915.
%
3
s
2,613,527,756 1,820,373,902 + 43.6
211,733,521 147,975,438 + 43.1
51,028,901 + 17.0
59,988,327
33,690,439
27,336,329 + 23.3
9,517,772 + 43.3
13,637,146
5,531,593 — 31.9
3,764,925
0,097,000
6,577,643
+ 7.9
4,506,521
3,693,954 + 22.0
3,109,268 —0.3
2,914,831
2,596,813
2,188,451 + 18.0
1,800,000
1,470,075 + 22.4
2,321,573
1,787,318 + 29.9
1,700,184
1,502,093
+ 8.8
2,699,746
1,628,329 + 05.8
1,651,441
1,722,044 —4.1
921,694
730,196 + 20.2
1,276,507
940,810 + 35.7
1,050,360
740,903 + 41.8
750,000
643,122 + 10.0
6S6.700
582,000 + 18.0
528,955
454,476 + 10.4
1,531,518
1,214,621 + 26.1
337,403
358,499 — 5.9
Total Middle— 2,970,200,129 2,090,688,360
Boston................
Providence____
Hartford............
New Haven____
Portland............
Springfield........
Worcester..........
Fall River..........
New Bedford__
Lowell - .......... .
Holyoko..............
Bangor...... .........
148,289,122
7,500,900
7,123,272
4,050,248
1,907,000
2,823,304
3,135,001
1,412,068
1,065,209
814,978
739,448
514,737
26.
I n c . or
D ec.
+ 42.1
115,776,855 + 28.1
0,155,100 + 21.9
6,305,205 + 13.0
3,130,382 + 29.1
1,582,874 + 20.5
2,442,663 + 15.6
2,284,407 + 37.3
829,342 + 70.3
870,146 + 22.4
651,524 + 25.0
570,541 + 29.6
349,081 + 47.3
1913.
907,119,770 1,559,820,100
125,425,711 140,620,754
40,818,438
50,999,307
31,485,793
29,818,243
9,500,508
10,454,755
4,880,599
5,080,208
5,915,369
0,128,407
2,974,709
3,358,600
2,597,210
2,843,315
2,340,785
2,203,502
1,490,843
1,551,997
1,040,450
1,557,050
1,500,415
1,275,708
1,032,804
2,103,920
1,338,192
1,643,144
700,215
722,530
879,819
900,090
520,925
824,960
514,873
040,292
007,200
519,300
490,972
467® 8
1,430,203
1,213,290
202,110
314,083
152,122,495 1,825,750,811
90,427,244
5,853,700
3,741,897
2,085,200
1,659,346
1,989,400
1,958,809
832,092
895,059
601,095
077,273
301,480
111,521,733
5,984,700
3,586,451
2,511,055
2,004,636
1,924,386
2,219,773
741,445
808,272
327,101
011,541
369,731
Tot. New Eng. 170,375,347 140,954,120 + 27.31 117,682,727! 132,670,884
N o te .— For Canadian clearings see ‘ ‘Commercial and Miscellaneous Nows."
NO. 2671
W eek ending A u g u st
C learings at —
(fa h vo m
«p p e
Philadelphia----Pittsburgh..........
Electric Railway Section
State and City Section
1915.
I n c . dr
D ec.
Chicago-----------Cincinnati______
Cleveland______
D e tro it..............
Milwaukee........
Indianapolis___
Columbus______
Toledo_________
P eoria_________
Grand Rapids__
D a y to n ________
Evansville_____
Springfield, 111..
Fort W ayne___
Youngstown___
A k ro n ................
C an ton ..............
Lexington..........
Rockford............
Quincy................
South Bend........
Bloomington___
Decatur________
Springfield, Ohio
Mansfield_____
D anville.......... .
Jackson ________
L im a__________
Jacksonville, 111.
Lansing________
Ann Arbor_____
Adrian_________
Owensboro____
Tot. Mid.West
$
371,904,850
26,491,000
44,789,568
41,537,012
16,516,312
8,936,620
8,136,800
8,778,645
3,500,000
3,624,441
2,923,916
1,929,012
1,352,247
1,475,877
2,374,744
3,587,000
2,395,648
500,000
1,090,000
729,544
656,555
811,475
611,110
731,123
616,167
442,211
575,000
560,000
306,334
769,555
250,000
119,459
336,829
559,359,060
$
%
271,154,229 + 37.2
24,303,850
+ 9.0
27,129,752 + 65.1
26,989,519 + 53.9
12,649,709 + 31.6
7,690,820 + 16.2
5,712,900 +42.4
6,954,530 + 26.2
2,691,716 + 30.1
2,982,239 + 21.5
1,724,114 + 69.5
1,568,806 + 23.0
1,053,448 + 28.4
1,168,358 + 26.2
1,407,228 + 68.7
2,027,000 + 77.0
1,444,709 +65.8
593,536 — 15.7
809,540 +34.7
575,998 +26.7
581,987 + 12.9
669,017 +21.2
486,704 +25.7
528,833 + 38.4
745,063 — 17.3
505,150 — 12.5
450,000 + 27.8
464,527 + 20.6
226,186 + 35.4
444,020 + 73.2
204,064 +22.5
45,892 +160.3
245,167: +37.4
406,128,611 + 37.7
San Francisco...
Los Angeles____
Seattle________
Portland_______
Salt Lako C ity ..
Spokane________
T a co m a .............
Oakland________
Sacramento........
San Diego____
Stockton __
San Jose_______
Fresno . . __
Pasadena_______
North Yakima..
R e n o ..................
Long Beach____
Total P acific..
58,832,131
22,326,306
15,499,954
10,996,405
8,369,861
4,158,096
2,179,248
3,808,559
2,776,003
1,588,023
1,482,900
658,290
1,225,009
823,849
397,795
333,610
464,749
135,920,788
45,591,576
17,916,472
10,562.503
9,137,112
5,630,639
2,877,679
1,553,092
2,802,849
1,612,428
1,543,048
860,880
544,788
672,872
683,571
313,459
247,466
463,714
103,014,148
+ 29.0
+ 24.6
+ 46.7
+ 20.3
+ 48.6
+ 44.5
+ 40.3
+ 35.9
+ 72.2
+ 2.9
+ 71.1
+ 20.8
+ 82.2
+ 20.5
+ 26.8
+ 34.8
+ 0.2
+31.9
Kansas City___
Minneapolis___
Omaha................
St. Paul________
Denver ..............
St. Joseph_____
Des Moines____
Sioux City_____
Wichita________
Duluth................
T op ek a ________
Lincoln..............
D avenport____
Cedar Ilaplds__
Colorado Springs
Fargo--------------Pueblo................
Frem ont_______
Waterloo............
1lelcna_________
Aberdeen______
Hastings............
Billings________
Total oth.Wcst
103,562,492
24,481,951
24,725,475
12,903,868
13,672,824
9,261,203
4,915,499
3,600,000
5,351,648
4,975,448
1,874,232
2,722,224
1,553,648
1,653,778
716,629
1,473,075
426,903
540,557
1,883,540
1,025,857
794,831
399,466
600,000
223,715,148
62,081,874
17,223,378
16,554,664
9,878,259
8,457,492
6,307.629
4,245,802
2,562,713
3,327,332
3,593,473
1,340,264
1,663,641
1,215,627
1,419,446
590,332
994,194
313,717
357,187
1,145,008
876,213
551,735
203,909
450,838
145,354,727
St. Louis______
New Orleans___
Louisville_____
H ouston............
Galveston_____
Richmond______
Atlanta________
Memphis............
Nashville......... .
Fort Worth........
Savannah ..........
N orfolk........ .....
Birmingham___
K noxville______
Chattanooga----Jacksonville___
M obile_________
Augusta- ..........
Little R o ck ____
Charleston........
Oklahoma_____
M acon.......... .....
Austin........ .......
Vicksburg..........
Jackson ________
Tulsa__________
Muskogee..........
Meridian............
92,118,604
21,888,064
15,762,166
8,546,092
4,139,904
15,205,804
13,184,804
4,934,322
5,600,000
7,804,869
5,573,032
3,768,187
2,167,617
1,820,636
2,104,552
2,500,000
1,030,000
1,400,000
1,626,988
1,532,461
4,706,348
3,908,9171
1,500,000
159,514
295,243
3,033,063
908,284
295,200
66,090,067
13,870,367
12,845,492
6,500,000
3,320,200
8,226,557
8,975,276
2,907,171
4,481,105
6,174,438
3,408,209
3,069,183
2,111,566
1,352,047
1,982,568
2,000,000
859,651
825,000
1,206,769
1,083,247
2,169,900
1,915,729
886,040
146,295
267.872
1,097,267
600,381
177,200
26.
1914.
1913.
$
254,794,678
24,965,850
19,311,701
23,585,914
13,630,388
7,118,592
4,965,200
5,104,340
3,301,755
2,705,669
2,150,809
853,370
851,274
1,163,063
1,144,105
1,573,000
1,153,111
616,265
826,696
686,068
516,949
673,823
451,990
665,452
543,890
410,077
416,990
360,619
189,808
414,673
133,229
40.000
360,259
375,479,813
s
278,911,547
22,564,150
23,4021631
22,496,284
11,060,994
7,300,692
6,026,600
4,696,053
3,360,389
2,824,808
2,874,197
945,982
823,283
1,015,602
1,565,409
1,707,000
1,200,000
520,299
879,020
616,222
509,747
639,607
483,377
693,446
478,393
400,560
525,000
511,618
277,568
358,037
156,062
45,000
295,817
400,165,394
30,000,000
17,430,686
11,570,574
8,871,142
4,941,905
2,822,304
2,017,453
2,585,772
1,733,973
1,488,995
753,627
586,070
944,351
520,440
324.000
270,000
437,512
93,928,804
45,638,533
17,014,257
12,103,744
9,727,981
4,808,142
3,320,991
2,558,402
2,<<79,504
1,978,467
1,876,687
760,999
641,305
804,129
658,974
310,695
280,000
105,462,810
— 66.8
54,223,255
+ 42.1
22,413,483
+ 49.4
15,589,185
+ 30.6
8,659,814
7,361,002
+ 61.7
+46.7
5,201,118
4,381,882
+ 15.8
+ 40.5
2,076,686
+ 60.8
3,365,014
+ 38.5
4,200,209
+ 30.8
1,601,863
+ 03.7
1,591,169
+ 27.8
1,172,518
+ 10.5
1,372,971
+ 21.4
533,470
+ 48.2
891,762
+ 36.0
540,857
+ 51.3
361,130
1,097,882
+ 64.5
+ 85.5
1,133,388
015,351
+ 44.0
+ 95.9,
204,307
309,187
+ 33.11
+ 53.91 139,800,503
52,924,786
20,913,501
15,423,806
9,475,728
7,798,596
6,803,433
4,013,498
2,907,912
3,514,327
3,801,037
1,535,129
1,556,255
1,250,000
1,388,418
505,000
301,935
524,859
369,384
1,328,577
883,167
332,239
195,000
358,271
138,101,858
+ 39.4
+ 57.8!
+ 22.71
+ 29.9
+ 24.7:
+ 84.8
+ 46.9
+ GO.7 i
+ 25.0
+ 27.8
+ 63.5
+ 22.8
+ 2.6
+ 34 6
+ 6.2
+ 25.0
+ 19.8
+ 69.5
+ 34.8
+ 41.4
+110.9
+100.9
+ 69.3
+ 9.0
+ 10.2
+176.5
+ 51.3
+ 66.6
59,543,915
15,412,509
10,687,277
5,795,405
2,133,621
0,300,000
8,841,627
3,999,393
4,943,050
4,969,802
2,376,044
3,225,911
2,242,483
1,601,957
2,151,433
2,200,000
900.000
1,217,281
1,393.537
1,267,658
1,807,600
2,207,432
876,987
143,230
306,997
1,312,431
768,119
68,656,243
15,999,768
11,339,504
9,422,508
3,825,000
6,533,771
8,480,453
4,127,974
5,081,781
5,487,160
4,242,071
2,903,647
2,428,806
1,549,317
1,941,684
2,425,193
1,199,872
1,266,165
1,449,850
1,020,317
1,355,881
1,923,903
2,061,233
145,217
24G.95S
891,549
665,744
Total Southern' 228,004,671 158,579,603 -i-44.2 148,725,699; 166,872,257
Total all.......... 4,297,175,143 3.044,719.569 +41.1 2.027,110^041 27769,030,008
Outside N. Y . 1,683,647,387 1,224,345,667 +37.6 1,119,990,271 1,209,209,908
THE FINANCIAL SITUATION.
The strike of the train hands on the railroads of
the United States has apparently been averted, but
entirely at the expense of the railroads; and the
executives of the railroads have not gained a single
one of the points for which they have been contend
ing. In fact, the railroad side of the question may
be said to have received no consideration at all.
The President prejudged and predetermined the
case in favor of the employees at the very outset,
and at his behest and out of a desire to avoid giving
offense to the employees who have been engaged in
the hold-up of the roads, Congress is now per
fecting a measure which compels an abject and
complete surrender on the part of the roads.
In the policy the executives of the roads have been
pursuing they have gone on the assumption that they
could count upon decent treatment at the hands of
the President and decent treatment at the hands of
Congress, but both have failed them.
The railroad managers have also had the utmost
confidence in their ability to command the unquali
fied support of the public, but outside of a few com
mercial and mercantile bodies of high order, the
public has had no thought in the matter except a
desire to avoid the strike at all hazards, and been
indifferent as to how this end might be reached,
so long as the cost was not to be assessed upon itself.
Suggestions of rate increases to meet the extra
expense to be entailed by the substitution of the
eight-hour day for the ten-hour day have been dis
tinctly frowned upon; from many sources and many
quarters intimations have come to the legislative
body that proposals for rate increases would meet
with popular condemnation, and Congress— as much
afraid to offend the shipper as the laborer— has
followed the convenient course of running away from
this phase of the matter. Now, as ever, the railroad
has no friend, and is asked to look out for itself.
It is difficult to see what the roads can do except
to acquiesce in the plans decreed by Congress and
the Executive, though of course an appeal to the
courts remains open to them.
The roads are given no option or choice but to
fall in with the plans laid down. They can “ holler”
and declare that they are being strangled, but no one
is likely to pay any heed to their cries— judging from
past experience.
They are required not only to surrender the prin
ciple of arbitration, which one might have supposed
would never be denied to them, but they are required
to concede practically the whole of the demands of
the employees without the definite assurance of
an offsetting equivalent; for to grant the eight-hour
day on the basis of the present ten-hour pay, is to
arbitrarily decide the case in favor of one of the con
testants on the main point at issue.
The Congressional bill to which the managers of
the roads are required to bow in humble obedience
declares that, beginning Dec. 1 1916 or Jan. 1 1917
(the date was still uncertain late last night) “ eight
hours shall in contracts for labor and service be
deemed a day's work, and the measure or standard of
a day's work for the purpose of reckoning the com
pensation of all employees * * * who are now
or may hereafter be actually engaged in any capacity
in the operation of trains,” &c. The President is to
“ appoint a commission of three which shall observe
the operation and effects of the institution of the
eight-hour standard work day, as above defined, and
the facts and conditions affecting the relations be
tween such common carriers and employees during a
period of not less than six months nor more than nine
months, in the discretion of the commission, and with
in thirty days thereafter such commission shall re
port its findings to the President and Congress.”
Pending the report of the commission, and for a
period of thirty days thereafter, the compensation
of the railway employees subject to this Act for a
standard eight-hour work day is not to be reduced
below the present standard day’s wage, and for all
necessary time in excess of eight hours such employees
are to be paid at a rate not less than a pro rata rate
for such standard eight-hour work day. Any person
violating any provision of the Act is to bo guilty of
a misdemeanor and upon conviction is to be fined not
less than $100 and not more than $1,000, or im
prisoned not to exceed one year, or both.
It will be seen that the commission provided under
the Act is allowed nine months in which to complete
its observation of the operation of the eight-hour
day. During these nine months, and for thirty days
thereafter, making ten months altogether, the roads
are forbidden to reduce wages below the existing
standard. During the whole of these ten months
the roads are left without any redress whatever, no
matter how costly or oppressive the arrangement
may prove.
There is just one redeeming feature in the law.
The eight-hour standard does not become effective
until December 1, or January 1, (whichever date
may be correct). This will give the roads time to
determine upon a course of action, and will also
bring us to a date beyond the Presidential election.
Of course, the United States Supreme Court will
be asked to pass upon the constitutionality of this
extraordinary law. We should have absolute con
fidence as to the outcome of such a legal test, in
asmuch as it is difficult to see where the power
resides which would authorize Congress to declare
10 hours pay shall be given for 8 hours work, but
the Supreme Court is no longer the bulwark it once
was, now that judges of the Brandeis type interpret
the provisions of the Constitution. The outcome,
therefore, will have to abide the event. In the
meantime, the roads, there is no sense in concealing
the fact, will be in a bad way.
The foreign trade statement of the United States
for July, 1916, differs in no essential particular from
the various monthly compilations issued for some
time past. It is true that the exports for the latest
month fell moderately below the stupendous totals
of June and M ay, but even at that they were ex
tremely heavy and very greatly in excess of the same
period a year ago, and were consequently a record
for July. The imports, too, although smaller than
for any preceding month of 1916, were neverti.eless
above what might be termed normal and al a ! ighwater mark for July. In explanation of the con
tinued phenomenally large exports, it is only neces
sary to state that war orders arc the predominating
factor, but expansion of our trade with neutrals,
and particularly with South America and the West
Indies, is to be noted as having an important bearing
in the result. That imports keep at a very high
level is not at all surprising, considering the pros
perity the immense outward trade has brought. A t
the same time it has not escaped attention that the
greatest measure of increase in imports is in crude
materials for use in manufacture— India rubber,
copper, wool, nickel, hides and skins, various articles
entering into chemicals and drugs, &c., essential in
filling the war orders in hand.
The gain in the July merchandise exports over
last year may be briefly stated as having occurred in
large part in shipments of explosives and firearms,
of which the outflow during the month was not only
phenomenally greater than last year, but apparently
a record for such a period; copper and other metal
manufactures were also conspicuous items. The
exports for the month footed up $445,561,910— by
a considerable amount a record for the period, com
paring as it does with $268,468,702 in 1915, and
only $154,138,947 in 1914. For the seven months
of the current calendar year, moreover, the aggre
gate value of the merchandise efflux at $2,926,280,
815, contrasts with less than 2,000 million in 1915
($1,970,277,207), but nevertheless a record up to
now, and $1,200,982,162 in 1914. In other words,
our outward trade, mainly on account of the war,
has advanced 144%, but a decided retrograde move
ment is easy to prophesy when hostilities cease.
Imports of merchandise for the month exhibit a
decline of 63 million dollars from June, but a gain
of nearly 40 millions over July last year, the respec
tive totals having been $182,722,938 and $245,795,
438 and $143,244,737. For the seven months since
Jan. 1 the total exceeds by some 459 millions the
aggregate of last year, the comparison being between
$1,467,819,574 and $1,009,054,558. The net result
of our July foreign commerce is a balance of exports
of $262,838,972, an amount in excess of any thereto
fore recorded and greater than the total outflow of
commodities in any month prior to Jan. 1915, only
excepting Nov. 1912 and Oct. 1913, when cotton
shipments were especially heavy. It compares with
a similar excess of $125,223,965 last year, and a bal
ance of imports of $5,538,344 in 1914. F or the
seven months the export remainder is no less than
$1,458,461,241, against $961,222,649 last year and
the virtually nominal balance of 60 millions two years
ago. It is worthy of note, furthermore, that this
current balance almost equals the total imports for
the period.
The movement of gold in July 1916 was largely
in favor of the United States, as a result mainly of
the amounts of the metal sent here on British account.
Imports reached $62,107,665, of which some 16
millions came direct to New York from England,
2 millions were received from West Indies, half a
million at San Francisco from the Orient, and the
remainder, in greater part, arrived from Ottawa via
Ogdensburg, N. Y. Against this there were exports
of $9,395,035, leaving the net inflow $52,712,630.
For the seven months the net imports of gold have
been no less than $173,285,620, against $152,413,
112 in 1915, and net exports of $83,508,822 in 1914.
The cotton condition report for Aug. 25, issued by
the Department of Agriculture on Thursday, indicating
a lower average condition on the date mentioned
than ever before officially announced, as well as a
greater deterioration during August in the country
as a whole than the various private reports recently
issued had indicated, has had a stimulating effect
on prices for the staple, which were already high. As
gathered from the weekly official weather bulletins
during the month, the especial causes operating ad
versely upon the crop have been droughty conditions
in the territory west of the Mississippi River, and
the ravages of the boll weevil in Gulf Coast sections,
and the extent of the deterioration resulting there
from as officially interpreted is a drop in condition
of 11.1 points from July 25, making the average now
61.2, against 72.3 on the earlier date. This compares
with 69.2 on the same date last year, 78.0 in 1914
and a ten-year average of 72.3. Moreover, the
nearest approach to the current average on Aug. 25,
of which we have record, was 63.7 in 1909. This
further decline in condition if borne out by later
developments means, of course, a noticeable cur
tailment of yield and particularly if killing frosts
should occur at earlier han average dates.
As regards the individual States, the Carolinas
and Georgia are the only important producing locali
ties showing comparatively moderate deterioration
during the month. On the other hand, the decline
in Oklahoma from July 25 is given as 28 points,
Arkansas 14, Texas 12, Mississippi 16, Louisiana 13'
and in Alabama, where the condition was already
extremely low, 9 points.
It is also to be stated
that the current percentages as made public are in
the case of every State lower than a year ago and
make an even less favorable contrast with the tenyear average. Reflecting the very low average con
dition as above, the Crop Reporting Board of the
Department of Agriculture considers its figures as
forecasting a yield per acre of only 158.5 lbs., against
173.4 lbs. a month earlier, and a total production
(after allowing 1% for abandonment of planted area)
of 11,800,000 bales, not including linters. This is
only some 600,000 bales more than the growth of
1915-16 as given out by the Census Bureau, and an
amount considered to be much below the year’s con
sumptive requirements unless rising prices should
serve to materially curtail the use of cotton.
While the situation on the Western war front
seems again to have reached the point of deadlock,
events in the East are transpiring with spectacular
rapidity. On Sunday Rumania declared itself at war
with Austria. On M onday Berlin declared war on
Rumania and the Rumanian army at once crossed
into Transylvania and engaged Austrians in the
mountain passes, on the Southeastern frontier. Italy,
also on Monday, cut entirely adrift from the Triple
Alliance by declaring war on Germany, having in
M ay of the previous year taken similar action against
Turkey and Austria. Yesterday, Friday, Bulgaria
declared war on Rumania. Greece is soon to follow
actively or passively on the side of the Entente. The
British official press representative at Saloniki wired
yesterday that King Constantine had abdicated in
favor of the Crown Prince, with former Premier
Venizelos, whose sympathies with the Allies are so
well known, as official adviser, in fact the power
behind the throne. The present Premier, Zaimis,
may remain at the head of the Government. Later
reports, however, cast doubt on the report of the
abdication. Whether Greece will officially declare
war on the Central Powers will depend most likely
upon whether the Entente Allies desire its active
assistance.
The Russians seem to be keeping up their drive,
Dut the new situation created by the participation
of Rumania is not unlikely to change in some measure
the Russian campaign. The Czar’s troops may now
be more readily moved through the territory of their
784
THE CHRONICLE
new ally rather than through the Carpathian passes.
Meanwhile London is on the tiptoe of expectation
for news “ of tremendous political import from the
continent.’ ’ The “ Daily Telegraph" of that city
ascribes to high Government officials in Whitehall
the opinion that the diplomatic outlook has “ com
pletely changed in the last forty-eight hours." The
rapid development of the situation in the Balkans,
it says, has exceeded all expectations of the Allies,
and is proceeding at such a rate in their favor that
the most important consequences may arrive in a
far shorter time than had been anticipated. It is
reported from Italian sources that Hungary is ready
to secede from the Austrian Empire and make a
separate peace with the Allies. The London “ Daily
Mail” learns that the Allies have complete mastery
of the Danube, and that Rustchuk, Yidin and other
Bulgarian towns are exposed to destruction.
Rumanian troops invading Transylvania already
have occupied the important industrial centre,
Petroseny, and the Tarlunge Valley near Kronstadt.
On the southern front Hungarian monitors bombard
ed Turnu, Magureli and Zimnitza, frontier towns
on the Danube River. Bulgaria early in the week
occupied Doxato, the scene of alleged atrocities of
which the Greeks accused the Bulgars in the last
war. Thousands of refugees are pouring into the
port of Kavala (Greece). Latest reports, however,
indicate that the Bulgars are falling back Irom
Macedonia and that their offensive against the
Serbians has been broken. The Paris “ M atin" of
yesterday’s date says: “ The diplomatic task of the
Allies has ended with the entrance of Rumania into
the war. United action on the whole front is abso
lute, and the hour has arrived for the high command
to act. There is one battle front where the most
rapid and decisive result must be obtained. That is
the Saloniki front. General Sarrall (the Allied
commander) has French, British, Serbians, Italians
and Russians.”
Russian troops are marching through Dobrudja,
but whether to strike at Bulgaria north of Varna,
or to aid the Rumanians invading Transylvania,
is not known. According to unofficial reports a
Russian fleet has arrived at Constanga, the prin
cipal Rumanian port on the Black Sea, and the
Bulgarians are said to be fearing a combined land
and sea attack on Varna and other frontier points
on the Danube. Field Marshal von Hindenburg,
who recently was placed in command of all the
German forces on the Russian front, has now been
appointed Chief of the German General Staff,
succeeding General von Falkenhayn, who has been
dismissed by the Emperor. Aside from bombard
ments by the Austrians of Italian positions along
the Isonzo front the situation in the Austro-Italian
theatre remains unchanged. Advices from Berlin
state that German troops on the Somme front in
France on Thursday, as the result ol a counter
attack, regained the ground they previously had lost
near Longueval and Delville W ood. London admits
some losses of trenches.
At a public meeting of the Danish Landsthing on
Saturday last the Moderates and Conservatives car
ried an order of the day decreeing that the selling
of the Danish West Indies to the United States be
postponed until after the war. If that should be
impossible then the question of sale shall be settled
by a general election according to the new funda
fVoL. 103.
mental law. After five hours of discussion the order
of the day was adopted, 42 Moderates and Conserva
tives voting in favor and 8 radicals and socialists
voting against. The Government will now proceed
to prepare for the election.
The first session of the Mexican-American Joint
International Commission that is to take up the
questions at issue between the two countries, will
oe held on Monday in New York. Secretary Lan
sing will be here for the initial session to greet the
three Mexican delegates. After preliminary sessions
in New York the Commission will hold its meetings
at Portsmouth, New Hampshire. Advices from
Mexico City report that the American punitive
expedition is preparing for general withdrawal from
Mexico. Mexican officials believe that in view of
Gen. Funston’s reported recommendation that the
troops retire, the withdrawal undoubtedly will be
promptly agreed to early in the conference.
The formal entrance of Rumania as an active
belligerent on the side of the Allies has been primarily
responsible for a firm tone on the London security
markets this week. There has, however, been
slight, if any, increase in activity reported, and the
disposition in financial circles at the British centre
as reflected by London correspondents seems to be
to take a more conservative view of the prospect for
an early peace following the concerted drive of the
Entente armies.
“ The Nation" of London quotes
a ministerial prediction that the war will last two
years more. Lord Haldane, on the other hand, pre
dicts that the end of the chapter has been reached.
Thus it is obvious how wide the range of opinion
really is. The British Chancellor’s security mobili
zation plan is being gradually extended. A supple
mentary list of acceptable securities was published
in London on Friday of last week. It includes addi
tional neutral government and municipal bonds and
also further Canadian and South American issues.
There is every indication, to quote one correspondent,
that the voluntary response to the Government’s
invitation to deposit these securities will be large,
but as we noted last week the Chancellor of the
Exchequer has stated that a penal tax will be applied
if the deposits prove inadequate. It now is obvious
that the mobilization plan is to be utilized as far as
possible as a method of war finance apart from its
effect as a stabilizer of the sterling exchanges in
neutral countries. There has recently been a falling
off in Exchequer btind sales, the amount sold last
week being only £3,107,000, the lowest point'so far
touched. The British Treasury officials still are
resisting a new long-term war loan for home distri
bution. To be a success, such an issue would require
a higher rate of interest than 4)4 % , which was the
figure of the preceding issue. A higher rate, it will
be recalled, would apply to the older issues as well as
the new one, in accordance with the Government’s
assurances at the time the 4 )^ % loan was offered.
Mexican securities have advanced sharply, following
the announcement of the return of the National Rail
ways of Mexico to the control of their own company.
Rumanian oil shares were buoyant and Russian bonds
showed improvement. The net sale of Treasury
bonds last week was £22,000,000, making the total
outstanding £908,000,000. The Government’s reve
nues for last week amounted to £5,140,000, while
the expenditures were £31,460,000.
The so-called “ thrift movement” is showing steady
progress, no less than £27,000,000 having been
raised within recent weeks entirely by the “ war
savings certificates,” issued to the working classes.
These classes have provided about £80,000,000
since the beginning of the war. French bonds on
the London market have been under some pressure
as a result of the imminence of. the offering of a new
French loan. Shipping shares continue in demand.
The British Treasury has given formal sanction for
the absorption of the New Zealand Shipping Co.
by the Peninsula & Oriental Co. The capital of
the latter will be increased by the issue of £907,000
additional stock, making the total £5,745,000.
The property of the New Zealand Shipping Co.
includes its own fleet of 154,942 tons and all shares
in the Federal Steam Navigation Co., which owns
169,590 tons. Both these totals include ships in
course of construction.
The monthly comparison
by the London “ Bankers’ Magazine” of the aggre
gate value of 387 securities dealt in on the London
Exchange shows an increase during the month of
August of £5,750,000, or 0.2% ; in July a decrease
of £19,319,000, or 0.7% was reported. Foreign
government stocks are £5,093,000 higher, or 0.9% .
South Africans show an increase of £1,997,000.
British and India funds decreased £1,083,000, or
0.2% , and home rails decreased £492,999, or
0.2% .
No date has yet been set for the issue of the
new French loan; announcement is expected in the
next few days. “ L’Economiste Francais” explains
the methods the French Government has been pur
suing up to date to raise funds for the war, as follows:
“ First, the proceeds of the 5% rentes, not otherwise
employed; second, the National Defense bonds, which
are constantly being issued, and the National Defense
obligations, the emission of which has been resumed;
third, the advances by the Bank of France to the
Treasury; fourth, various operations conducted
abroad, particularly at London and New York, but
which, some time ago, were extended to other
countries— Spain, for example, and Scandinavia;
and fifth, by allowing arrears to accumulate in pay
ments to be made.”
Summing up the Government’s income and outgo,
the writer says that the total monthly expenditure
exceeds the ordinary monthly income by about
two and a half billions of francs. Treasury bonds
and National Defense issues bring in approximately
a billion a month. Recently the Bank of France
has been advancing to the Government, on an aver
age, 400 millions monthly, those advances totalling
8,100 millions on June 6.
The amount of the loans which the French Gov
ernment has been authorized to make to its weaker
allies since the war began now aggregates $775,000,
000. Yves Guyot, the French economist, cabling
to the “ Tribune,” figures that at the end of the war
France will probably owe abroad $4,000,000,000.
French imports, he showed, are still much greater
than the exports, but “ the repeated question as to
how will we pay is easily answered when it is con
sidered that France possesses twice the amount
likely to be due on foreign bonds.” All attempts
to induce a greater use of the banks in France and to
increase payments by check instead of with actual
money have so far met little success. Hoarding,
the correspondent continues, isjijust as great as it
was before the war; the people say they will not take
the chance of a new moratorium for a possible gain
of
or even 1% . “ If one pauses to think,” says
the correspondent, “ hoarding at the present time is
not a great calamity. The people keep their gold
in the stocking, but it must come out again someday,
and then it will be very useful for the return to a
normal state of affairs.” Financial bills in the
hands of the Bank of France subject to deferred
payment under the moratorium reached $754,
000,000 on N ov. 12 1914.
On July 27 of this
year they had been reduced by voluntary payment
to $282,000,000.
On Monday the subscription list of the new German
loan will be opened. Several subscriptions in ad
vance, however, already have been reported by
wireless. The Agricultural Central Loan Bank, for
instance, is reported to have subscribed 60,000,000
marks and the Elberfeld Savings Bank 10,000,000
marks. Dr. Karl Helfferich, Secretary of the In
terior, in an interview with an Associated Press
correspondent, declared the outlook for the food
supply and the general economic situation in Ger
many highly satisfactory at present. There are no
indications, he says, that these considerations will
assume at any time an aspect which will influence
the military plans and operations of the Empire.
When questioned as to the outlook of the new war
loan, Dr. Helfferich said: “ The prospects for the
new loan are very favorable indeed. So far the loan
has not been announced publicly, but subscriptions
are being taken up liberally by large corporations at
this very moment. On that point we have no
anxieties of any sort.”
Official bank rates at the leading European centres
remain at 5% in Paris, Vienna and Copenhagen;
53^% in Italy, Sweden and Portugal; 6 % in London
and Petrograd and 4 }^ % in Switzerland, Holland,
Spain and Norway. In London the private bank
rate continues to be quoted at 5 ^ @ 5 % % for sixty
and ninety-day bills. Cables from Berlin still quote
4 % % 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 has declined to 43^% from 4 % % a
week ago.
The Bank of England reported another loss for
the week in its gold item, this time of £949,416. Note
circulation increased £615,000; hence the total re
serve registered a decrease of £1,565,000, and the
proportion of reserve to liabilities declined to 24.91%,
against 26.15% a week ago and 24% at this date
last year. Public deposits this week showed an
increase of £933,000; other deposits of £384,000.
Government securities continue unchanged. Loans
(other securities) were expanded £2,894,000. The
Bank’s gold holdings now stand at £56,197,498,
against £68,433,258 a year ago and £47,772,712 in
1914. Reserves aggregate £38,496,000 compared
with £54,558,458 last year and £30,924,952 the year
previous. Loans total £91,941,000, against £145,
105,473 and £121,820,692 one and two years ago,
respectively. The Bank reports as of Aug. 26 the
amount of currency notes outstanding as £119,264,
381, against £119,718,400 last week. The amount
of gold held for the redemption of such notes remains
at £28,500,000.
BANK OF ENGLAND’ S COMPARATIVE STATEMENT.
1912.
1913.
1914.
1915.
1916.
Sept. 4.
Sept. 3.
Sept. 2.
Sept. 1.
A u g . 30.
£
£
£
£
£
29,274,310
Circulation____ . . 36,142,000 32,324,800 35,287,760 29.463.415
15,896,771
9,519,982
Public deposits.. . . 52,362,000 137,935,493 28,676,828
47,116,125
Other deposits— ..102,140,000 87,921,638 133,818,826 44,565,994
13,367,655
Govt, securities.. . . 42,188,000 44,418,357 28,023,971 12,453,405
36,518,725
Other securities. . . . 91,941,000 145,105,473 121,820,692 27,632,438
31,367,819
32,236,737
Reserve notes & coin 38,496.000 54,558,458 30,924,952
42,192,129
Coin and bullion. . . 56,197,498 68,433,258 47,772,712 43,250,152
Proportion of reservo
49%
59%
19%
24%
..
24.89%
4%
4>*%
5%
5%
6%
Bank rato.......... - . .
The statement of the Imperial Bank of Germany
as of Aug. 23 registered an increase of 195,000 marks
in the gold item to 2,468,582,000 marks. One year
ago the total was 2,406,330,000 marks, and in 1914
1,529,775,000 marks. As the statement for Aug. 15
has not, so far as we are aware, been cabled, it is
not practicable to give totals of the other items in
the statement, the cable showing the Aug. 23 condi
tion merely giving the increases or decreases from
the preceding week. These changes follow: lotal
coin and bullion decreased 158,000; treasury notes
decreased 24,352,000; notes of other banks increased
3,104,000; bills discounted decreased 58,797,000;
advances decreased 1,806,000; investments increased
34,000; other securities decreased 861,000; notes in
circulation decreased 63,586,000; deposits increased
20,049,000; other liabilities decreased 39,359,000.
The Bank of France this week reported a further
increase in its gold holdings of 4,674,275 francs.
From the special cablegram from our own corres
pondent, however, we learn that, as has been the case
in many preceding weeks, this gain follows entirely
from an increase in the balance of gold standing to the
credit of the institution abroad, the amount of gold
held by the Bank itself having again decreased. For
several weeks past the gold holdings abroad have
been increasing. For the week ending Aug. 10 the
increase was from 271,055,668 francs, to 371,965,
271 francs. The following week there was no change,
but in the week ended Aug. 24 the amount was in
creased to 472,885,775 francs and in the past week
to 573,773,875 francs.
On June 8 1916, when for the first time the Bank
of France showed gold holdings abroad, the amount
was only 69,182,975 francs, and hence the amount
so held has increased during the past three months
to the extent of 504,590,000 francs. On the other
hand, the amount of gold held by the Bank itself
has in the same period been reduced from 4,676,
061,938 francs to 4,238,958,200 francs, a decrease
of 437,103,738 francs. Combining the gold at home
with the gold abroad, there has been a net gain in
the grand total for the period from June 8 1916 to
Aug. 31 1916 of 67,487,162 francs, or from 4,745,
244,913 francs to 4,812,732,075 francs. In the fol
lowing table we show the changes, week by week,
in the gold reserve of the Bank for the period under
review:
G O L D R E S E R V E OF TITE B A N K OF F R A N C E .
Week endina-—
In Dank.
Francs.
8 _________ . . 4 , 0 7 0 , 0 0 1 , 9 3 8
1 5 ________ . . 4 , 5 8 0 , 4 0 1 , 0 2 2
2 2 ________ . . 4 , 5 8 0 , 8 1 1 , 1 5 9
4 ,4 9 2 ,2 0 1 ,0 9 7
2 9 ________
6 ________ . . 4 , 4 9 8 , 0 4 5 , 4 4 3
J u ly
1 3 ________ - . 4 , 5 0 4 , 4 8 7 , 3 5 5
4 ,5 0 9 ,2 2 2 ,2 8 3
2 0 ________
4 ,5 1 5 ,4 5 7 ,5 4 8
2 7 ________
4 ,5 2 2 ,1 3 5 ,9 3 4
A u g . 3 ________
4 ,4 2 6 ,3 8 0 ,8 5 0
1 0 ________
1 7 ________ . . 4 , 4 3 0 , 1 7 5 , 7 0 0
4 ,3 3 5 ,1 7 2 ,0 2 5
2 4 ________
4 ,2 3 8 ,9 5 8 ,2 0 0
3 1 ________
June
Abroad.
Francs.
Total.
Francs.
0 9 ,1 8 2 ,9 7 5
1 7 0 ,1 0 7 ,6 3 0
1 7 0 ,1 0 7 ,0 3 0
2 7 1 ,0 5 5 ,0 0 8
2 7 1 ,0 5 5 ,6 0 8
2 7 1 ,0 5 5 ,6 0 8
2 7 1 ,0 5 5 ,0 0 8
2 7 1 ,0 5 5 ,6 0 8
2 7 1 ,0 5 5 ,0 0 8
3 7 1 ,9 0 5 ,2 7 1
3 7 1 ,9 0 5 ,2 7 1
4 7 2 ,8 8 5 ,7 7 5
5 7 3 ,7 7 3 ,8 7 5
4 ,7 4 5 ,2 4 4 ,9 1 3
4 ,7 5 0 ,5 0 8 ,0 5 8
4 ,7 5 0 ,9 1 8 ,7 9 5
4 ,7 0 3 ,2 5 0 ,7 0 5
4 ,7 0 9 ,7 0 1 ,1 1 1
4 ,7 7 5 ,5 4 3 ,0 2 3
4 ,7 8 0 ,2 7 7 ,9 5 1
4 ,7 8 0 ,5 1 3 ,2 1 0
4 ,7 9 3 ,1 9 1 ,0 0 2
4 ,7 9 8 ,3 4 0 ,1 2 7
4 ,8 0 2 ,1 4 0 ,9 7 1
4 ,8 0 8 ,0 5 7 ,8 0 0
4 ,8 1 2 ,7 3 2 ,0 7 5
From the foregoing it will be seen that during the
past week the gold holdings abroad increased 100,
888,100 francs, while the amount of gold held by the
Bank itself decreased 96,213,825 francs. The aggre
gate holdings at home and abroad during the week
increased from 4,808,057,800 francs to 4,812,
732,075 francs. Last year the gold held (all in
vault), amounted to 4,326,353,720 francs and in
1914 to 4,141,350,000 francs. The silver item this
week registered a loss of 717,000 francs. The total
of silver now on hand is 338,609,000 francs, against
366,716,066 francs last year and 625,325,000 francs
the year preceding.
In the note circulation of the Bank of France there
was a further increase the past week of 48,581,000
francs. General deposits, in contrast with the large
increase of the previous week, were reduced 26,654,
000 francs. Bills discounted expanded 23,481,000
francs, although Treasury deposits decreased 78,
352,000 francs, and the Bank’s advances declined
5,742,000 francs. Note circulation is now 16,424,
647,000 francs, comparing with 13,060,001,490 francs
last year and 6,683,175,000 francs the year preceding.
General deposits amount to 2,213,659,000 francs,
against 2,499,078,881 francs in 1915 and 947,575,000
francs in 1914. Bills discounted total 438,319,000
francs, comparing with 283,759,962 francs in 1915
and advances aggregate 1,174,834,000 francs, against
587,284,840 francs a year ago. In 1914 bills dis
counted and advances combined amounted to 3,202,
975,000 francs. Treasury deposits are 80,163,000
francs. Last year the amount was 30,787,529 francs
and in 1914 382,575,000 francs. The figures for
1914 are those for the week ending July 30, the bank
having discontinued the publication of weekly re
turns with the outbreak of the war.
The local money situation continues in the remark
ably easy position that for so long a period has char
acterized it. Active demands for funds apparently
are without influence in decreasing the supply.
Payment was due yesterday for the $250,000,000
British Government two-year 5% notes that were
offered last week. This naturally will draw funds
to New York and increase the demand for metro
politan exchange in the interior. Plow far the full
transfer will immediately be made from the interior,
however, is not quite clear. It is understood that
in some instances funds will be permitted to remain
in out of town banks, as was the case with the $500,
000,000 Anglo-French loan. In that instance the
banks receiving the subscriptions were permitted
to retain on deposit until needed the money paid in,
provided that they were willing to pay 2% interest.
Pro rata transfers were made to New York as called.
It is not unlikely that the current payments will show
themselves in some measure in the Clearing Plouse
statement to-day, and more especially next week.
It is understood that the closing of the $250,000,000
British loan has released a considerable amount of
funds that were out on demand loans on American
railroad collateral, this collateral having now, in
some measure, been transferred to the formal twoyear loan. Of course, this is merely a movement of
funds from one pocket to another; but at the sam
time it is a transfer from the loan market to the in
vestment market, in this way making the funds of
banks and other lending institutions more liquid.
It is understood that out of town banks were import
ant factors in the list of subscribers to the English
loan. This is a feature quite significant of the easi
ness existing in money circles throughout the coun
try as well as at New York. Other demands for
funds this week have included the distribution of
$6,400,000 one-year notes of the Metropolitan
Water Board of London and $3,000,000 two-year
6% notes of the Antofagasta & Bolivia R y. Co., Ltd.,
of Chile.
Last Saturday’s bank statement of the New York
Clearing House members, which will be found in
fuller detail in a later page of this issue, fell some
what short of expectations. Loans were increased
$11,190,000. Net demand deposits showed the large
expansion of $45,532,000, although net time de
posits registered an almost equally substantial de
crease, viz., $29,919,000. Reserves in “ own vaults”
increased $5,402,000, to $456,330,000, of which $385,
249,000 is specie. Last year the amount in own
vaults was $488,554,000, including $413,279,000
in specie. Reserves in Federal Reserve banks also
decreased $1,210,000, to $167,871,000, which com
pares with $141,358,000 a year ago. Reserves in
other depositories recorded an increase of $1,231,000,
to $54,287,000, against $36,848,000 in 1915. Note
circulation declined $83,000. The aggregate reserve
was increased $5,423,000, bringing the total to $678,
488,000, compared with $666,760,000 the previous
year. Reserve requirements were expanded $7,625,
860, and the surplus reserve suffered a loss of $2,
202,860, which brought the total of excess reserves
down to $125,390,360, and compares with $204,
799,580 at the corresponding date a year ago.
A reduction in the rediscount rate of the Federal
Reserve Bank of Chicago on commercial paper,
maturing within thirty-one to sixty days, from 4}^
to 4 % was approved by the Federal Reserve Board
this week.
Com m ercial Paper —
1 to
11 to
31 to
01 to
10 days maturity........ 3
........ A h
30 "
“
00 “
“
........ 4
90 “
"
........ 4
Live-Stock Paper —
91 days to 0 months maturity 5
3
4
4
4
Ah
6
4h
4
4
4
Ah
4
4
4
5
5
4h
54
g
3
3
3
9
3
o
<3
§
53
5 ’ £
8
D a lla s.
A tlanta.
4
4
4h 4
4h 4
| C hicago.
S
| Richm ond.
f
<3
| Cleveland.
j N ew York.
CLASS
OE
R E D IS C O U N T S .
| Boston.
REDISCOUNT RATES OF FEDERAL RESERVE BANKS.
3
4
4
4
4
4h 4
4h
4
4h 4
4
4h 4
4 h 4h 4
S
6
Ah
5
5
a
£
c
3
Ah
4
4h
4h A h
Trade A cceptances —
A h A h __ 3
1 to 30 days maturity........ 3 h 3 h A h 3
3h 4
3
31 to 00 “
"
........ 3 h 3 h A h A h A h A h
Ah 4
Ah Ah ... Ah Ah 4
01 to 90 “
“
........ A h A h A h 4
Com m odity Paper —
1 to 30 days maturity........ A h — A h —
31 to 00 “
"
........ 3 34 — 334 —
01 to 90 "
"
------- 3 Vs — A h —
01 days to 0 months maturity —
—
Ah Ah
Ah Ah
Ah Ah
__ 3
__ 3
__ 3
Ah
Ah
Ah
4
4
4
Ah
Ah
Ah
3
3
3
3
3
Ah
Ah
4
4h
OPEN M ARKET DISCOUNT AND PURCHASE RATES OF FEDERAL
RESERVE BANKS.
Bankers' A ccep ta n ces.— Authorized discount rato tor all Federal Reserve banks;
minimum, 2% ; maximum, 4% .
Trade A ccep ta n ces. — Bills with maturities of 90 days or less, purchased In open
market without member bank endorsement, by New Orleans branch of Atlanta
Federal Reserve Bank; A H to 4% .
Com m ercial P a p er. — Bills purchased In open market by Dallas Federal Reserve
Bank; 3 to 5% .
Bills o f E xchange. — Bills purchased In open market by Atlanta Federal Reserve
Bank; A h to 5 h % .
Bills W ith or W ithou t M em b er Bank Endorsem ent. — Bills with maturities of 90 days
or less purchased In open market by St. Louis Federal Reserve Bank; 2 to 4% .
Referring specifically to money rates, call loans
this week ranged between 2}4 and 3 % , against
2@ 2 Y2% the previous
week.
On Monday,
Tuesday and Wednesday the rate was not changed
from
^ % high and
% the low and renewal
figure. Thursday the range continued at 234@2}/£%
with renewals at 234% . On Friday the maximum
was 3 % , and 234% was the low, and was also
the basis for renewals. Time money remains
23
234
easy
and
ra tes
fo r s ix ty d a y s ,
fo r
fo u r
m on th s
A
m on th s.
at
234%
and
,
fiv e
year
n in e ty
and
p a p e r a ls o
and
w ere
n in e ty
not
3@ 334%
and
334@ 3^4 %
ago
s ix ty -d a y
days at
s ix
m on th s
th e to n e
days’
fo r
c o n tin u e d
an
b ills
q u oted
2^ 4 @ 3%
334@ 334%
fiv e
m oney
and
w as
In
easy on e
s ix
q u oted
m on th s a t
3%
m e r c a n tile
a n d s ix ty
r e c e iv a b le
a n d s ix
c h a r a c t e r w e r e s till q u o t e d
334@ 3? 4 % , w h i l e n a m e s n o t
4% . B a n k s ’ a n d b a n k e r s ’
r e q u ir e
fro m
2^ 4 % , f o u r
a t 334% -
en dorsed
m o n t h s ’ n a m e s o f c h o ic e
at
ch an ged
fo r n in e ty d a y s ,
so
w e ll
know n
a ccep ta n ces
a re
as fo llo w s :
---------------- Spot Delivery---------------- Delivery
Ninety
Sixty
Thirty
Within
Days.
Days.
Days. 30 Days.
Eligible member banks_____ 2 9 -1 6 @ 2 7-16 2 h @ 2 H 2 H @ 2 } 4 2 J 4 @ 2 } 4
Eligible non-mem ber b ills . . 2 11-16@ 2 9-16 2 % @ 2 h 2 h @ 2 % 3 @ 2 H
Ineligible bills....... .................
3® 2H
3 @ 2% 3 ® 2 h 3h @ 3
The sterling exchange situation continues an en
tirely arbitrary one. Rates are pegged and have
scarcely moved during the week. There has been
an additional importation of $2,500,000 gold from
Canada. It may be of interest to note that the
official manifest made public by the Custom House
at Baltimore indicates that there was no gold in
the cargo of the German undersea boat Deutsch
land when she sailed for Bremen on August 1 last.
Nobody in the foreign exchange market, in view
of the low price of reichsmarks, had any idea that
any considerable amount of the precious metal
was, in fact, on board, but the newspapers at the
time were quite confident in their statements to the
contrary. The vessel’s cargo consisted only of
crude rubber, bar nickel and crude tin. No official
data are available as to the amount of the collateral
that has yet arrived of the $250,000,000 British
loan. The transfer involves a great amount of
labor. The bankers have received lists giving the
names of the securities that are undergoing trans
portation, but owing to the risks of the ocean the
collateral is being forwarded in comparatively small
lots by various steamers. The work of examining
and classifying and checking up the securities is
being conducted by a number of large downtown
banks and trust companies, among them the Farm
ers’ Loan & Trust C o., the Bankers Trust C o., the
First National Bank and the Liberty NationaljBank.
Factors that will aid in maintaining sterling ex
change rates are the floating of securities of two
foreign concerns in the New York market. The
Metropolitan Water Board of London, as we have
noted elsewhere, has sold to bankers here (who have
resold them) $6,400,000 one-year notes, while the
Antofagasta & Bolivia Railway Co., Ltd., of Chile,
has placed $3,000,000 in two-year 6% notes with
New York bankers. Heretofore, this railway has
done its financing in London, as, naturally, too, has
the Metropolitan Water Board.
Sterling exchange may be said to be even more
closely linked with exchange on Paris in operations
at this centre. The Premiers and the Finance
Ministers of Great Britain and France, as well as
representatives of financial and kindred interests,
met at Calais on Thursday of last week and reached
an agreement on important financial matters, in
cluding payments abroad and the maintenance of
the exchanges between the two countries. Further
particulars are given on another page.
Compared with Friday of last week, sterling ex
change on Saturday was not changed from 4 75^4 for
demand, 4 76 7-16 for cable transfers and 4 7134 lor
sixty clays. M onday’s market was a quiet though
steady one, with quotations at the previous levels;
demand continued unchanged from 4 75% , cable
transfers at 4 76 7-16 and sixty days at 4 71% .
Trading was moderately active in sterling on Tues
day and rates were still pegged at 4 75% for demand,
4 76 7-16 for cable transfers and 4 71% for sixty
days.
On Wednesday the same general firmness
which prevailed during the opening days of the week
was still in evidence; trading was quiet and demand
was again quoted at 4 75% , cable transfers at
4 76 7-16 and sixty days at 4 71% . Extreme dulness
marked Thursday’s operations, although rates were
well maintained and the tone firm; quotations re
mained at 4 75% for demand, 4 76 7-16 for cable
transfers and 4 71% for sixty days. On Friday the
market ruled dull but steady with demand still at
4 75% , cable transfers at 4 76 7-16 and sixty days at
4 71% . Closing quotations were 4 71% for sixty
days, 4 75% for demand and 4 76 7-16 for cable trans
fers. Commercial sight finished at 4759-16 ,sixty
days at 4 70% and ninety days at 4 68% ; documents
for payment closed at 4 71 and seven-clay grain bills
at 4 74% . Cotton and grain for payment finished
at 4 75% .
In the Continental exchanges the features have
been the substantial advance in Russian rubles and
the decline to a new low level of German marks—
both due primarily to the same cause, i. e., the en
trance of Rumania as an actual participant in the
European war. As to the strength in rubles, it was
associated with the idea that the opening of the
Dardanelles and the release of the accumulation of
Russian grain and oil were substantially nearer.
Russia, furthermore, will now be able to purchase
supplies in Rumania. Rubles, sight bills, touched
as high as 34 50, but closed at 33 60, against 30 85
a week ago. Reichsmarks declined to 69% for sight
bills, a new low record, on persistent selling of bills
in this market. Francs ruled firm and higher, while
lire were also strong. Demand bills on Berlin
finished at 69% and cables at 69% , against 7111-16
and 71% last Friday. Kronen followed the course
of exchange on Berlin and declined, closing at
12.16, compared with 12.32 the week previous.
The sterling check rate on Paris finished at 28.08%,
against 28.13% Friday last. In New York sight
bills on the French centre, after touching 5 88% on
Wednesday, closed at 5 89% , and cables at 5 88% ,
comparing with 5 90% and 5 90% the week preced
ing. Lire finished at 6 48 for bankers’ sight and
6 47% for cables. A week ago the close was 6 48%
and 6 47% , respectively.
. In the neutral exchanges less activity was reported,
and no new feature worthy of note developed.
Movements in Scandinavian exchange were some
what irregular, though without essential change,
while guilders were weaker. Bankers’ sight on
Amsterdam finished at 41 1-16 plus 1-16, against
41 5-16 less l-16c; cables at 41% plus % , against
41% less 1-32; commercial sight at 40 15-16, against
41% @ 41 3-16, and commercial sixty days at 40% ,
against 41 1-16@41 % a week ago. Swiss exchange
closed at 5 29% for bankers’ sight and 5 28% for
cables, against 5 29% and 5 28% last Friday.
Greek exchange is now quoted at 5 15%, compared
with 5 17%, the previous quotation. Copenhagen
checks finished at 28.50, compared with 28.50.
Checks on Norway closed at 28.35, against 28.65,
and checks on Sweden finished at 28.40, against
28.70 at the close on last Friday. Spanish pesetas
closed at 20.16. A week ago the close was 20.11.
The New York Clearing House banks, in their
operations with interior banking institutions, have
lost 83,491,000 net in cash as a result of the currency
movements for the week ending Sept. 1. Their re
ceipts from the interior have aggregated 87,607,000,
while the shipments have reached $11,098,000.
Adding the Sub-Treasury and Federal Reserve op
erations and the gold imports, which together oc
casioned a loss of $8,587,000, the combined result of
the flow of money into and out of the New York
banks for the week appears to have been a loss of
$12,078,000, as follows:
W eek ending Sept.
1.
Out o f
Banks.
In to
B anks.
N et Change in
Bank H oldings.
Banks’ Interior movement_________
Sub-Trcas. opcr’ns and gold Impoits.
37,007,000
17,779.000
311,098,000 Loss 33,491,000
28,366,000 Loss 8,587,000
T o ta l........ . . ................. .................
325,388,000
337,464,000 LOSS *12,078,000
The following table indicates the amount of bullion
in the principal European banks:
A ug.
31 1916.
Sept.
Banks o f
G old.
England..
Francea..
Germany.
Russia * ..
Aus-IIun.c
Spain___
Italy........
Netherl’ds
Nat. Bel. h
Swim-land
Sweden . .
Denmark.
N orw ay..
Silver.
Total.
G old.
2 1915.
Silver.
Total.
£
i
£
£
£
£
£
............ 68,433,258
56,197.498 68,433,258
56,197,498
169,558,328 13,544,360 183,102,6S8 173,054,160 14,668,640187,722,800
123,429,100 1.367.000 124,796,100 120,510,200 2,243,600122,753,700
154,930,000 8.303.000 163,233,000 158,304,000 5.224.000163.528.000
51.578.000 12,110,000 63.718.000 51.578.000 12.140.000 63,718,000
45.156.000 30,325,000 75.481.000 28.708.000 29.760.000 58,468,000
50,481,000
38.441.000 3.705.000 42.146.000 45,8 i 1,000 4.670.000
19.3,500 31.729,500
685,900 49.503.000 31.536.000
43.818.000
15.380.000
600,000: 15,980,000
600,000 '
15.380.000
________| 9,627,300
10,907,100 9,627,300
10,907,100
. ____
6.299.000
9.213.000 6.299.000
9.213.000
300,000 6.246.000
217,000 9.186.000 5.946.000
8.969.000
3.434.000
6.328.000 3.434.000
6,328,006
Tot. week. 738,905,026 70,887,260 S09,792,2S6713,620,918 69,799,640788,420,558
Prev. week 742,784,995 70,832,790 813,017,785 714,908,426 Oil ,968 ,’.60 781,877,186
a Gold addings of the Bank of Franco tlila year aro exclusive of £22,950.955
held abroad.
* The gold holdings of the Bank of Russia for both years In the above statement
have been revised by eliminating the so-called gold balanco held abroad,
c July 30 1914 in both years, h Aug. 6 1914 In both years.
R U M A N I A ’S E N T R Y
IN T O
THE
W A R
.
We called attention last week to the increasing
belief of Europe— even in Germany— that Rumania
might be about to enter the war on the side of the
Allies. But belief in such matters is never certainty,
and it is always impossible to guess beforehand how
the actual verification of such reports would affect
public sentiment and military plans. This is why
M onday’s news of the declaration of war by Rumania
on Austria, however generally that action may have
been anticipated, has created so profound an impres
sion throughout the world. Out of the maze of
somewhat confused comment on the news, two facts
emerge: that a formidable menace to the AustroGerman position has arisen, and that the character
of the Balkan campaign and possibly of the whole
European plan of military action, will be radically
affected by it.
.
As to the motives of Rumania, it is difficult to say
much, except that this Balkan kingdom must (as the
German political observers themselves in a way pre
dicted) have made up its mind, after long delay,
which was the winning side in the present war.
It
must also have received assurances of what Rumania
has individually to gain if its new allies shall to turn
out victorious. This is the sordid side of the diplo
macy of the period in the smaller States— an aspect
of the matter already illustrated by the attitude of
Bulgaria, and to an extent by the negotiations pre
ceding Italy’s entry into the war. The Rumanian
Government frankly assigns “ satisfaction of national
aspirations” as the formal cause of her present action.
Her attitude in the second Balkan campaign, in
1913, suggested the additional motive of realizing
such aspirations with a minimum of risk to herself.
But the venture of Rumania in 1916 is a more seri
ous matter, both for herself and for her enemy, than
was her invasion three years ago, practically with
out bloodshed, of the territory of the already de
feated Bulgaria. In the present case, she does indeed
challenge Austria when that country’s armies have
been meeting with disastrous defeat. But, on the
other hand, Germany has promptly recognized this
phase of the matter by declaring war against Ru
mania on her own account, and one of the most cele
brated German fighting commanders, General von
Mackenscn, is reported to have been placed at once
in command of the Teutonic armies in the Balkans.
Naturally, the dispatches have given little infor
mation as to just what impression. M onday’s news
has made on the German or Austrian people. But
the seriousness with which official Germany re
garded the new development was shown by the con
voking of the Imperial Council and the immediate
removal of the Chief of the German General Staff,
von Falkenhayn, to make way for von Hindenburg.
Among military critics, von Falkenhayn’s dismissal
from the post— which he has held since the Battle of
the Marne led to the removal of von Moltke— has
been largely and no doubt rightly ascribed to the
disastrous failure of the campaign against Verdun,
for which the Chief of the General Staff was primarily
responsible. Von Hindenburg’s appointment in his
place may also be largely due to the alleged fact that
this popular General of the Eastern armies opposed
the Verdun adventure.
But even these considerations leave the inference
plain enough that a change in the high command
was forced by the new and formidable turn of events
oil the Balkan front. It does not follow neces
sarily that von Hindenburg is any more competent
to deal with the new complications than was his
unfortunate predecessor. His reputation has, in
fact, arisen rather from his knowledge of a given
area in the conflict than from his profound strategy.
But he has at least been the most aggressive and
successful fighter of the German generals, and, what
may be of even more importance at this juncture,
he is in Germany the popular idol of the war. Ex
perience of many other wars— including the naming
of Grant as Lieutenant-General in the middle of our
own Civil War— has shown that selection of a com
mander in whom the people at home had implicit
confidence may be of high importance in quelling
popular panic, unrest, and criticism of the govern
ment, when affairs in the field have not gone
well.
It is too early to outline even the probable nature
of the Rumanian campaign. Since the declaration
ot war by Bucharest was undoubtedly agreed on
with the Allies some weeks ago, it follows as a matter
of course that the action of Rumania’s armies will
be made to conform to the general plan of the Allied
campaign. I he first reported demonstration of Ru
mania’s troops was toward the Hungarian border,
where the Austrian advanced troops were driven back,
but with results which arc naturally obscured as yet
by conflicting versions and the activities of the censor.
But the subsequent intimation that Rumania was
sending an ultimatum to Bulgaria, demanding that
Serbia be evacuated, was in line with the more nat
ural immediate aggressive movement, as it was also
in line with the more legitimate diplomatic attitude.
The Treaty of Bucharest in 1913, which Rumania
and Bulgaria both signed, agreed on a distribution of
territory in the Balkans which was violently disturbed
through the invasion of Serbia by Bulgaria last year.
It will probably be some little time before the actual
nature of the Rumanian campaign, and the actual
power and capacity of its army, can be judged from
the course of events. The first real important en
gagement may occur in connection with invasion of
Bulgaria or through collision of Rumanian troops
with Mackensen’s Germans and Austro-Hungarians
on the north.
Diplomatic Europe has been even more interested
in the effect of Rumania’s new attitude on the other
Balkan States, Greece and Bulgaria. The Greek
situation has in some ways become even more obscure
than before the Rumanian news; it is perhaps too
complicated to be judged clearly by outside specta
tors. The one certainty was, from the moment of
the Rumanian news, that a crisis of some sort—
political, diplomatic or military— must be very near
at hand, with results which may well be the sensation
of the day. Opinion in usually well-informed quar
ters has pointed unhesitatingly to declaration by
Greece on the side of the Allies. On any other theory
than expectation of such a result, it has been difficult
to explain the action of Bulgaria’s army in seizing
Greek towns. Yet it is equally difficult to imagine
declaration of war against the Teutonic Allies by
Greece, after all the events of the past twelve months,
unless in connection with the downfall of the present
Greek King, whose defiant veto on the measures of
a constitutional ministry and whose relationships
with the German Emperor, would apparently make
his continuance on the throne impossible. Yester
day’s insistent rumors that the King had already
abdicated were denied with what appeared to be
authority. Whether they were only premature
reports of what was actually happening, we shall
doubtless learn later on.
Since the information which now reaches us re
garding the Balkan affairs is mostly from sources
sympathetic with the Entente Powers, the prediction
that Bulgaria may be induced to make a separate
peace must be received with some reserve. The
Bulgarian King has, in fact, been reported as in
conference with the German and Austrian Emperors
at Vienna. Nevertheless, the position of Bulgaria
is most peculiar. Unless soon relieved by German
reinforcements or by German victory over Rumania,
Bulgaria is now caught in front and flank by the
enemy, and is the more defenseless from the very
fact that her army is engaged in facing the
Allied forces at Saloniki, far from Bulgaria’s own
frontier.
In other words, to Bulgaria the occupation of Serbia
is now a very serious handicap, rather than a military
or political advantage. The situation regarding all
relations in the Balkans is, as it stands to-day, excep
tionally confused and difficult to read. Perhaps the
outcome will depend on the next important military
results. The entire episode finds no parallel in his
tory short of the alignment and re-alignment of the
various small kingdoms, duchies and principalities
between the Rhine and the Danube, during Napole
on’s great campaigns in Central Europe. It was the
experience of that day that the smaller States de
clared for the military conqueror in the hour of his
success, and as a rule deserted him when the fortune
of war began to turn against him.
agreed .
THE INEVITABLE CLINCH—THE RAILROAD
STRIKE CONTROVERSY.
B e fo re
s p e a k in g
p e r s is te n t
of
th e
t a k e n , th e fin a l a n d
e x e c u tiv e s
to
keep
s h o u ld
th e
m an
tw e e n
of
sta te d :
a ll m e n
“ m a in ta in
m oney
M r.
to
o f th e
b e g in
t io n s ;”
a g a in ,
W ils o n ’ s
b roth erh ood s
a
com p u ted
of
th e
ea rn ed
an
d iffe r e n c e
by
h im
t h e a m o u n t t h a t w o u ld
8- h o u r
an
record
pro
on
T h is
m oney
“ fo r b id
or
C on gress
r e s t r a in
s h a ll
h o ld
c o m b in a
th em
a n t i-t r u s t
in d iv id u a l
not
d e c la r e
w h ile
la w s
m em b ers
som e
w h ic h a r e b i n d i n g o n a ll o t h e r s ;
th e
C on gress
a g a in s t
s h a ll
not
m u rd er
to
C o lu m b ia
w ho
T he
c is io n ; t h e I n t e r -S t a t e
never
C o m m is s io n w a s to
a ll
have
s h a ll
of
su ch
a fte r s u ch
do
m o n t h s a s th e ir
o m it t e d
a n y th in g
not
to
in
fr o m
of
to
th e
as
th e
la w
D is tr ic t
m ark
fo r b id
th e m
w o u ld
p erson s
n o r d o e s it s a y t h a t
s tra w b e rry
occu rred
of
o f c e r ta in la w s
e x e m p tio n
r e s id e n ts
a
fr a m e r s
w e su ppose n ob od y
c la s s
a n y a p p lic a t io n
gran t
b e t h e s u p e r v is in g a c c o u n t a n t a n d r e p o r t t h e a m o u n t s ,
th ree
so
T he
be
arm .
n o t le s s t h a n
to
th e
w h ic h
term
w a n ts
t h e m s e lv e s .
d iffe r e n c e w a s t o b e h e ld a s a fu n d s u b je c t t o la te r d e
C om m erce
ille g a l o r r e s t r a in in g
e n tir e ly e x e m p t fr o m
have been
c o v e r in g
behave
h e ld
nobody
o r g a n iz a t io n s
b a s is , o v e r t im e o n e a c h b a s is t o
r a t a .”
o r g a n iz a t io n s o r t h e m e m b e r s t h e r e
be
from lawfully carrying out the legitimate
1 objects thereof.”
N o w t h e C o n s t it u t io n n o w h e r e s a y s , in t e r m s , t h a t
8-
S ep t.
“ on
th ey
not
has
r a ilw a y
on
rep resen ted ,
a c t u a lly
p r e s e n t b a s is a n d
be
w h ic h
th e
not
a n d b y a s e p a r a te m o n t h ly a c c o u n t w ith
th e
earn ed on
of
in e ffe c tu a l o ffe r
be
t im e
h o u r b a s is ,”
ea ch
tu rn
c h a m p io n s h ip
“ S u ch
o f s h a ll
on
th e
m any
of
le ft
th in g s
c o n c e iv a b le ,
b u t
argu e th a t C on g ress m a y
d is tin c t
term s
fo r b id d e n
to
it.
f ix .”
W e a ls o s u p p o s e t h e S u p r e m e C o u r t , e v e n a s m o d e r n
F u r th e r , th e e n tir e s u b je c t o f r e la tio n s b e tw e e n r o a d s
iz e d , w o u ld h a v e g r e a t d iffic u lt y in d e c id in g t h a t C o n g
a n d e m p lo y e e s w a s t o
ress ca n
ju d g m e n t m ig h t a p p r o v e “ o r t h e P r e s id e n t m a y
by
b e in v e s tig a te d
a n d d e t e r m in e d
a C o m m is s io n .
W h ile d e n y in g t h a t t h e r o a d s c a n p a y t h e d e m a n d e d
in c r e a s e
or
th a t
e x e c u tiv e s
th e
th u s
in v e s tig a tio n
m en
o ffe re d
and
a re
to
e n title d
s u b m it
a r b itr a tio n ,
to
in
s h ip .
cou rt
s u b je c t
to
any,
th e
th e
A n
ow n er
I n s t e a d o f c la im in g a n y v o i c e in t h e c o m p o s i
t io n
of
th is
board
it w h o lly t o
of
a r b itr a tio n ,
th e m a n
th e y
w h o has been
w o u ld
le a v e
th e b roth erh ood
p a r t is a n t h r o u g h t h e s e s s io n s — “ a C o m m is s io n
a p p o in te d
by
th e
P r e s id e n t,
o f su ch
s ta n d in g
c o m p e l a t t e n t io n a n d r e s p e c t t o its fin d in g s .”
c la s s o r t h a t w h a t t h e s e
th rea ten ed
to
d o w o u ld b e
o ld -tim e
not
p r o p o s it io n s
m u ch
C on gress,
p r o p e r ly
le s s
as
is
in o r d i n a r y
h a n d le , w ith in
a re
ask ed
su ch
a
and
body
fe w
have
as
n in e -m o n t h s ’ s it t in g , w it h
c ir c u m s ta n c e s ,
a
we
now
e le c tio n
to
t h e ir
to be
p eten ce
as to
w ho
T hey
M onday
ow n
to
p o lit ic a l fe n c e s , in
a tte m p t
s a id
th ey
w ill
u n le s s
oth er
reason
to
th ey
hung
d e liv e r ,
or
Y ie ld
up
th e ir
th e
c o u ld
to
a board
d is p u t e d
fa ile d
be
fid e lit y t o
th re a te n e d
of
th e
In ste a d
every
T he
d iffe r
by
tu rn
your
th e ca se
a d v oca te,
a b id e th e ii
en deavor,
a sta n d
P r e s id e n t
body
s p ir it
w ho have
ru sh ed
a
to
r e s p o n s ib ilit y
he
had
tr ie d
to
are,
he
la w s
th e re
26
now
yea rs
o ld ,
c o m b in a t io n , in t r u s t f o r m
“ in
r e s t r a in t
of
a m o n g th e s e v e r a l S t a t e s ,”
b r o a d ly
fo r b id s
o r o t h e r w is e ,
tra d e
or
oi
com m erce
a n d m a k e s a m is d e m e a n
a n t o f “ e v e r y p e r s o n ” c o n t r a c t in g o r e n g a g in g “ in a n y
su ch
c o m b in a tio n
b roth erh ood s
h ib ite d .
la w
w ill
c o n s p ir a c y .”
a r e e n g a g in g in
B u t th e
be
or
a
e x e m p tio n
p le a d e d .
c o m b in a tio n
s e c t io n
T hat
C le a r ly ,
o f th e
s h a m e fu l
th ese
as p ro
C la y to n
s e c t io n
c o u lc
b e r e p e a le d in a s in g le d a y , i f t h e r e w e r e t h e c o u r a g e
in
W a s h in g to n
to it:
to
d o s o , b u t l e t u s s e e w h a t t h e r e is
t h e e x is te n c e a n d o p e r a t io n o f la b o r a n d s o m e
o t h e r o r g a n iz a t io n s h a v in g n o
on
fo r p r o fit a n d
to
be
fo r b id d e n
N obody
w a n ts
in s titu te d
by
to
and
n o t c a r r ie c .
fo r m u tu a l h e lp
a n y th in g
fo r b id
sto ck
in
th em ;
th e
so
are n o t
a n t i-t r u s t la w s .
fa r,
we
are
o f th re e
e ffe c ts
a ll
a
to
of
th e
c o u ld
have
w ork”
w a tch
th e
th e
and
d a y ’s
fo r
on
on
“ th e
th e
th a n
has
rep orted
s tu d y ),
s h a ll
a
e ig h t
m e a n o r fo r
th is
pro
th e
of an
fo r
c o m m is s io n
o p e r a t io n
sta n d a rd
and
w ork
day
be
th e
(n in e
“ th e
m on th s
ra ta
m in im u m
ra te
h ou rs;
“ any
fo r
fin a lly ,
p erson
b e in g
p resen t ' sta n d a rd
“ c o m p e n s a tio n
a ll
th e
w ith
n ecessary
p e n a lty
v io la tin g
any
of
“ not
t im e ”
m is d e
p r o v is io n
of
A c t .”
b ill
tw e e n
and
g ra n ts
th e
it
a ll
th e
“ p e n a l”
and
th e
to
o ffe r
w age
w o u ld
pay
m oney
th e
of
th e
a r b itr a tio n ,
p u ted
b roth erh ood s
o v e r tim e .
c o m p r e h e n s ib le :
m a tter
T he
e x e c u tiv e s
la tte r
w o u ld
m e a n w h ile
s u b je c t t o
m oney
as
th e
w ith
a fte r w a r d s
t a k in g
w h e th e r it o u g h t t o
up
b e p a id .
w h ic h t h e n u t is c r a c k e d
t h e m e a t is g i v e n
aw ard ed
d e m ic
to
on
th a t
“ th e
th e
th e
d is
th e
(a fte r
a
b ill
little
t h e s lig h t c o n c e s s io n
th e
stu d y
of
I t is a c o m p r o m i s e in
(fo r th e p re s e n t, o f co u rs e )
t h e m e n , w h il e t h e s h e ll is
If
we
th e
o p e r a t io n
m ake
th e
c o m m is s io n
and
very
rep orts
e ffe c t s ,”
no
is m a d e f o r t h e r e c a ll o f t h e m e a t o f t h e
that w i l l
T h is
roa d s.
s u p p o s it io n
fa v o r a b ly
v is io n
th e
to
w id e
r e fe r
d e c is io n ;
dem anded
be
is
h o ld in g
d e la y in t a k in g e f f e c t a n d
n o te d ),
dem anded,
d iffe r e n c e
th e
ju s t
and
in
m easure
a
o f r a ilw a y e m p lo y e e s s u b je c t t o th is A c t ,”
le s s
w ay.
a d o p tio n
th e
fo r
next
ow n
in tr o d u c e d
as
com
n e x t , t h a t u n til t h ir t y d a y s a ft e r
th e ir
w age”
of
of
e m p lo y e e s
th e ir
n e x t,
rep ort
in s titu tio n
c o m m is s io n
a llo w e d
and
pay;
of
cou n try
A dam son,
d a y ’s
a s a b o v e d e fin e d ;”
except
s o m e th in g
“ d a y ’s
d e t e r m in in g
The
do
a
m on th s
a sta te
band
t h r o t t le
th e y
C h a ir m a n
e ig h t-h o u r
to
to
th e
of
beyond
d e c is io n .
la c k in g
a g a in s t t h o s e
th e
th a t
and
th e
T h e fir s t a n d p r in c ip a l s e c t io n o f th e
A ct,
c o n s p ir a c y
ca se
s ta n d
m e a n w h ile w e w ill h o ld
o f e n fo r c in g
c a lle d fo r m o r e .
S h erm an
to
d is c u s s o r in v e s t ig a te
a p p o in te d
cou n try ,
im p lo r in g
h im
evade.
h is
ta k e
th e
C on gress,
r e lie v e
in
tr u s t th e ir
dem and
th e m e n ;
a m o u n t in t r u s t t o
H a v in g
per
c o n c e iv a b le
con seq u en ces.
lik e , s a id
to
to
o r ig in a l
m en
no
n o t b e m o r e d is tin c tly d ra w n .
s a id t h e e x e c u t iv e s , a n d
and
fo r
th e m o n e y fir s t, a n d
a ft e r w a r d s a ll y o u
over
b roth erh ood
u n w illin g n e s s
to
ta k e
e n c e in p o s it io n
th e
a r b itr a tio n ,
e x c e p t th e ir
it;
and
hand,
b ill
p la c a tin g
tr u s te e s h ip a n d p u b lic d u t y .
r e fu s e d
a fte r
tw o
a w a y , a n d w ith t h e m e m b e r s a n x io u s t o g o h o m e a n d
see
H o u s e o n T h u r s d a y , p r o v id e s fo r th e
th e
a d van ced ;
have,
o n ly
The
O n
d a ys, su ch
been
c o u ld n o t p o s s ib ly g o fa r t h e r , w it h o u t b e in g fa ls e t o
s is t e n t ly
“ la w
g a n iz a tio n .
c o u ld
of
e m p lo y e e s
c a r r y in g o u t th e le g it im a t e o b je c t s ” o f th e ir o r
d e p o s itin g
o f d e p o s itin g
d e t e r m in a t io n
fu lly
to
m a tter
m e a n w h ile
t h e m o n e y in d is p u t e , a ft e r t h e c u s t o m
m oney
cr e a te a p r iv ile g e d
r a ilw a y
aca
un
p ro
n u t;
h a v e b e e n a lr e a d y s w a llo w e d a n d d ig e s te d .
a r t ic le
is
n e c e s s a r ily
w r it t e n
b e fo re
a
v ote
h a s b e e n r e a c h e d , in e it h e r b r a n c h , b u t a ll i n d i c a t i o n s
a re
th a t
it
w ill
be
ru sh ed
th rou gh b o th , a n d
th a t
t h e r e fo r e t h e im p e n d in g s t r ik e w ill t e m p o r a r ily c e a s e
to hang above our heads. Such a measure as this'
undertaking now, for the first time, to fix the outgoes
of the roads, after having their receipts subject to
determination by a political commission, is a step
in spoliation of private property. It will certainly
be resisted, and will have to pass the ordeal of test.
What the Supreme Court as now constituted will say
about it will appear in due time; but if this can be
done, under a general power to “ regulate” inter-State
commerce, then any conceivable thing can be done
under the same general power, and there is no ulti
mate bulwark for property or property rights.
A Congress which not merely permits such a
demand to be made upon it but cringes before it
acts from fear alone. Such conduct means that men
who have been elected to represent the people are
afraid of losing, for themselves individually and for
their party, the vote of labor organized in these
brotherhoods and otherwise; such a surrender is a
piece of abject cowardice. On the other side of the
globe several nations are spilling their best blood and
enduring the inexpressible woes of the greatest war
ever known, that they may secure a just and lasting
peace, safeguard future generations, and preserve
honor; if we Americans are degenerate enough to
yield everything for the pottage mess of escaping
some present inconvenience and putting off the in
evitable clinch to some other time, we ought to hang
our heads in shame— but in such case we must be in
sensible to shame. Every man, whatever his party
name, who furthers or consents to such a step, ought
to have a mark set on him as unfit for any public
trust. Observe that this goes beyond the question
whether these brotherhood men are entitled or not to
more wage at present, for upon this there might con
ceivably be honest differences of opinion; the far
larger question is whether distinct class legislation
can be extorted from Congress by demand and
threat. If this can be done, what valuable thing
remains? We talk of preparedness, and are about
to spend huge sums on it; but the gun is worthless
without the spirit of defense and the determination
that freedom is worth some cost. Whether such a
retreat as this is a representative act or a betrayal of
trust is a question to be answered by the people.
But suppose the threatened strike came ? The rail
way executives decided that a stand must be made;
we are not sure the American people take the same
view, but if they congratulate themselves upon again
escaping trouble they must note that it will return
with increasing menace and force. If these railway
employees are pacified by surrender to them, they
will come back shortly with a new demand and the
same threat; also, others will learn by their example
and will try to use their process. A peace thus ob
tained is only a truce. By cowardice we encourage
and strengthen the foe, and enfeeble ourselves.
THE EIGHT-HOUR DAY BEFORE THE PEOPLE.
If it be admitted that the eight-hour day for all
labor is the goal “ to which the whole economic move
ment of the time seems to point,” the justice, wis
dom and feasibility of hurrying it in by statute re
mains as a problem. We arc not taking that up to
day, but in view of the recent assumption that so
ciety is demanding it and is ripe for such a change we
may appropriately turn back a little and note the
result of the first popular expression upon it.
At the election of Nov. 3 1914 a law to establish
the eight-hour day was submitted to the people of
that very advanced State, California. It consisted
of a single section, so remarkable in its terms that
we quote it instead of paraphrasing it:
“ Any emploj'-er who shall require or permit, or
who shall suffer or permit, any overseer, superin
tendent, foreman or other agent of such employer
to require or permit, any person in his employ to
work more than eight hours in one day or more than
48 hours in one week, except in cases of extraordinary
emergency caused by fire, flood, or danger to life or
property, shall be guilty of a misdemeanor and upon
conviction shall be fined not less than 850 nor more
than 8500, or imprisoned in the county jail not less
than ten nor more than ninety days, or both so fined
and imprisoned.”
Except in emergencies, the employer, it was pro
posed, must not merely refrain from requiring an
employee to work beyond the allotted time, but must
not allow an agent of his to cither require or allow
such overwork; he must not require it, and he must
not allow it. If he did “ require or permit,” or if,
with or without his order or knowledge, his agent
required or permitted, the employer was to be guilty
of a misdemeanor; the purport was (if the bungling
language can be interpreted) that nobody should work
beyond eight hours and if anybod 'd id , the employer
should catch it.
If work beyond eight hours is desirable to have
stopped, and must be stopped at once, there is no
more direct way of stopping it than to penalize it.
A law to punish, as a misdemeanant, an employer who
requires or permits his employee to commit burglary
or assault would seem unusual, for the common theory
is that the person who does a wrong is to be punished,
rather than somebody else who does not prevent him
from doing the wrong. If the welfare and will of
society lie against more than eight hours’ work in
one day, the natural course would be to put the pen
alty on the person who commits that sin, rather than
on another who has not prevented him. This was
evidently an unusual proposition, and perhaps the
voters of California considered it both futile and
foolish when they came to look at its terms; for not
withstanding it went on the referendum ballot in
response to petitions bearing some 35,000 signatures of
registered voters and was actively discussed in the
campaign, the women being active in talking for it
and therefore being assumed to have cast the greater
part of the affirmative vote, the proposition was re
jected by 568,881 to 282,696, the negative vote be
ing a little more than two-thirds. Fruit growers,
farmers and other agriculturists were active in oppo
sition. Of the fifty-eight counties in the State, this
proposition did not carry even one. It did best in
San Francisco, obtaining 49,629 votes, against 70,909
against it; in Los Angeles it had 74,583 against
133,704.
Now, without arguing the question on its merits,
apart from the peculiar terms written in this instance,
it seems that when society becomes determined to put
an end to anybody’s working more than eight hours
in one day society will be compelled to forbid and
penalize it, as other undesired actions are penalized.
It has never been open to doubt that many people
would be glad to work eight hours and be paid for
ten or twelve, and therefore there is a demand (a
private demand, not a public one) for some sort of
legislation which will accomplish that desire. It
would also be convenient, when one is receiving
money, to have three-quarters made interchangeable
3
age was largely due to the abnormal increase in the
tonnage of grain handled at the very low rates that
apply to that commodity. The fact remains,
however, that the company’s excellent income show
ing was obtained on the basis of this extremely low
average of rate.
The expansion in the volume of traffic can be
judged from the fact that while the number of tons
of freight moved one mile dropped from 11,470,001,
871 in 1913 to 7,940,151,342 ton miles in 1915, the
aggregate for 1916 is now found to have been no
less than 14,057,685,773 ton miles. The grain
traffic, just as indicated by Mr. Shaughnessy, was
of really phenomenal dimensions. In 1916 it reached
THE CANADIAN PACIFIC ANNUAL REPORT. 276,788,209 bushels, against only 126,909,828 bush
It is a wonderful record of improvement and els in 1915 and comparing with 184,954,241 bushels
prosperity that the Canadian Pacific R y. Co. makes in 1914 and 171,952,738 bushels in 1913.
The company pays altogether 10% on the ordinary
in its annual report just submitted for the fiscal year
shares,
of which 7% is paid from operations and the
ending June 30 1916. In reviewing the report for
the previous year we pointed out that the company remaining 3% from land sales and special income.
in that period of twelve months had experienced a In 1915 the income from operation was only just
setback even more striking and more noteworthy about sufficient to meet the 7% allotted to that
than that encountered in the twelve months pre source of income. For 1916, on the other hand, the
ceding. The falling off in the fiscal year 1914 was surplus above the requirements for the 7% dividends
the result of pronounced trade depression in the was no less than $15,444,158, which shows what a
Dominion, while the further contraction which wonderfully good year it was and how previous losses
occurred in 1915 was due to the peculiar conditions were retrieved. In addition, the 3 % dividends paid
that grew out of the great conflict in Europe. In out of land sales and miscellaneous income was more
addition, also, the company at that time had to than earned by a good deal. The excess for the
contend with deficient agricultural harvests in twelve months was over $2,000,000, being in exact
Canada. For the two years combined the company figures $2,140,955. These figures are all on the
suffered a tremendous shrinkage in revenues, and most conservative basis of stating the results.
President Shaughnessy takes occasion to say that
yet this shrinkage was only proportioned to the
previous growth, which had been of really phenom the profits resulting from the manufacture in the
enal dimensions, and we indicated that as soon as company’s shops of munitions of war undertaken at
the causes responsible for the great shrinkage were the request of the Government have not been taken
removed a recovery must quickly ensue. That is into the operating revenue, but have been applied
precisely what happened in the year now under as a set-off against contributions to patriotic and
review— the fiscal year 1916. It was a period of relief funds and other expenditures by the company
recovery and recuperation in which the company directly due to the war and not properly chargeable
at a single bound retrieved nearly the whole of the to working expenses. Turning to the balance sheet,
loss sustained by the system in the two years of we gain some idea of the extent of the profits derived
in this way, for we find an item reading “ reserve fund
depression.
The report shows that gross earnings rose from for contingencies and for contingent war taxes,” and
$98,865,210 in 1915 to $129,481,885 in 1916 and find it is down for no less than $14,103,178. The
net earnings from $33,574,627 to $49,225,920. In result of this accumulation of war profit, together
the latter case the total is far in excess of the best with the surplus of revenues above the 7% dividends
previous figure, but in the case of the gross revenue from operations and the surplus of miscellaneous
the company did not get quite back to the previous income above the 3% dividend requirements, is
maximum. In other words, the total of the gross reflected in the large amount of cash on hand re
which had dropped first from $139,395,700 to $129, ported among the current assets of the company.
814,823, then to $98,865,210, has now for 1916 got This total of cash is found to be no less than $41,
back to $129,481,885. On the other hand, the net 581,680 and compares with $17,055,269 on June 30
which between 1913 and 1915 dropped from $46, 1915, so that the amount during the twelve months
245,874 to $33,574,627, is now up to $49,225,920. was increased nearly $25,000,000. A railroad com
And as bearing upon this expansion in net income pany holding over $41,000,000 of cash must obviously
the fact should not be overlooked that there was in be said to be in easy circumstances financially.
We always make it a practice in reviewing the
1916 a further very noteworthy development of
operating efficiency, the train-load having in this annual report of this company to advert to the large
single period of twelve months been raised from amounts of money that have been put into the prop
erty from time to time in one shape or another and
463 to 551 tons, or 19% .
The 1916 volume of traffic was of unsurpassed against which no capital obligations have been issued
dimensions, but it did not yield the previous maxi or are outstanding. The general balance sheet was
mum of revenue because it had to be moved at ex re-cast in 1914 “ so as to show in more specific form
ceedingly low rates, being so largely made up of the active and inactive assets of the company,” and
one class of tonnage which will not bear high rates. in the process of the change an item was added
In brief, the company realized in 1916 an average designated “ surplus in other assets,” representing
per ton per mile of only 6.4 mills, against 7.6 in the chiefly the estimated value of unsold land. The
fiscal year 1915 and 7.5 in 1914. President amount of this item for June 30 1916 is $121,215,174.
Shaughnessy points out that th 3 decline in the aver Nevertheless it is still true that inspection of the
with a dollar and then take the dollar; likewise, when
one is purchasing, to have that interchangeability
enacted and then pay the three-quarters for the value
of the dollar. Presumably most persons would
rather “ rest” than labor, and time may bring some
further development towards that; but meanwhile
there is obstruction which calls for patience without
fully getting it.
Yet, putting by all else for the moment, is it not
quite open to doubt whether the people are so fixed
for an eight-hour day that they are ready to allow
one set of workers to rush and seize it ahead of all
the others?
balance sheet does not suffice to indicate the enor
mous amounts of surplus earnings and donations
from various sources which have gone into the prop
erty to provide for its extension and development.
It is only three years ago (1913) since $15,000,000
was appropriated out of surplus income for account
of additions and improvements, and the premium of
$11,750,647 realized from the sale of new stock was
applied in the same way, while two years ago (1914)
the whole of the appropriation for additions and
improvements remaining on June 30 1913 was
written off.
It should also be remembered that eleven years
ago (1905) there was a previous reconstruction of the
balance sheet, the effect of which was to eliminate
certain items representing large money investments.
The item of “ cash subsidy from Dominion and Pro
vincial Governments and Municipalities” and so
much of the proceeds of land sales as had been applied
on construction and equipment account, were then
transferred from the credit side of the balance sheet,
where they had previously appeared, to the other
side of the account, and applied in reduction of the
item “ Cost of Railway and Equipment.” The pro
ceeds of land sales expended in construction aggre
gated at that time $36,193,521 and the subsidies and
bonuses received amounted to $30,752,195 more,
making $66,945,716 altogether. Adding to this the
$57,180,426 of accumulated income or premium
from new stock issues appropriated the last eleven
years on account of additions and improvements,
also the $100,604,597 of accumulated surplus still
standing on the books June 30 1916, likewise the
$68,255,803 of income from the Land Department,
and finally the $121,215,174 of surplus in other
assets, we get a grand total of over 414 million dollars
($414,201,716), representing money that has actu
ally gone into the property or will ultimately become
available for the improvement of its physical and
financial standing.
JAPAN’S EXPANDING FOREIGN TRADE.
The foreign trade of other countries besides the
United States has recently shown notable expansion,
and in no case has this been more conspicuous than
with Japan. War orders on Russian account have,
of course, been a decided stimulus, but expansion
of trade in various directions has served to appre
ciably swell the merchandise outflow; this has been
especially true as regards Asia, Australia, India and
the Straits Settlements. Of specific articles, a very
great increase in the exports of raw silk occurred in
the first six months of the current calendar year—
51.600.000 yen in fact— and this is due almost in its
entirety to greater shipments to the United States,
while a gain of 11,000,000 yen in the value of cotton
hosiery is ascribed to an augmentation in the demand
from India, Great Britain and the South Sea Islands.
Altogether, the exports from Japan for the six months
ended June 30 1916 reached a value of 469,508,000
yen, or an increase of 168,594,000 yen over the like
period of 1915.
Imports for the six months also show a large in
crease, a total of 381,276,000 yen comparing with
288.743.000 yen, and of the gain of 92,533,000 yen,
no less than 29,000,000 yen is to be found in cotton
alone. Finally the net balance of exports for the six
months of 1916 at 88,232,000 yen contrasts with only
12.171.000 yen in 1915. In connection with the
foregoing and as indicating the enterprise shown by
the Japanese in efforts to extend their foreign trade,
we note that in a recent article in the “ Novoe
Vremya” (Petrograd) it was stated: “ Japanese mer
chants, adapting their merchandise to the demands
of the Russian traders, are studying the Russian
household in every detail. A few days ago, for in
stance, some boots appeared on sale, of Russian
shape, for the use of the populace, accompanied by
a bottle of shoe polish. Now the Japanese are selling
harmoniums of hand-made Nagasaki manufacture.
There seems nothing more remaining for the Japan
ese to manufacture for the Russian market.”
Canada, too, has recently experienced a marked
expansion in its outward foreign trade, but in this
instance it has been most largely with the mother
country, Great Britain. For the year ended June 30
1916 the outflow of commodities covered a value of
$969,514,841, or practically double the total of the
previous year, and the imports for the like period,
$595,921,564 and $425,713,654, respectively.
COMPARATIVE FIGURES OF CONDITION OF
CANADIAN BANKS.
In the following we compare the condition of the Canadian
banks, under the last two monthly statements, with the re
turn for June 30 1914:
ASSETS.
J u ly 31 1916. J u n e
G old and subsidiary coin—
In C anada______________
E ls e w h e re ______________
.
.
45,480,313
20,214,490
T o t a l _____________________
65,694,803
D om inion notes________________ 140,574,481
D eposit with M in ’er o f Finance
for security o f note circulation
6,850,316
Deposit in central gold reserves
19,010,000
D ue from banks_______________ 178,839,342
Doans and discounts___________ 850,861,861
Honds, securities, & c__________ 238,900,428
Cali and short loans in C anada.
87,355,648
Call and short loans elsewhere
than in Canada_____________
177,121,733
Other assets_____________
76,057,811
30 1916. J u n e 30 1914.
46,117,635
19,902,447
28,948,841
17,160,111
66,020,082
142,655,273
46,108,952
92,114,482
6,821,011
17,710,000
186,027,496
855,684,302
216,416,158
86,77o,474
6,667,568
3,050,000
123,608,936
925,681,966
102,344,120
67,401,484
182,757,015
75,179,838
137,120,167
71,209,738
T o t a l ........................................1,84 1 ,2 6 6 ,4 23 1,836,347,649 1,575,307.413
L IA B IL IT IE S .
s
s
s
Capital authorized.................
C apital subscribed.......................
Capital paid u p . . . ...............
Reserve fu n d .................................
188,866,666
113,267,766
112,852,038
113,022,933
188,866,666
113,259,266
112,846,435
113,022,933
192,866,666
115,434,666
114,811,775
113,368,898
C ir c u la tio n ...................................
Governm ent deposits__________
Dem and deposits_____________
Tim e deposits......... .......
D ue to banks__________________
Bills payable__________________
Other liabilities________________
Balances due to Imperial G o v t.
123,530,451
35,264,128
603,125,803
789,363,919
28,219,803
4,063,877
14,132,107
1,419,500
123,373,395
48,736,773
605,040,290
767,598,130
31,037,423
5,430,683
13,908,290
1,029,250
99,138,029
44,453,738
458,067,832
663,650,230
32,426,404
20,096,365
12.656,085
T otal, not including capital
or reserve f u n d . . . ..............1,599,119,588 1,596,154,234 1,330,488,683
to the omission o f the cents in the official reports, the
footings in the above d o not exactly agree with the totals given.
N o t e .— Owing
PAYMENT ON BRITISH LOAN.
Payment in full was made to J. P. Morgan & Co. yesterday
(Sept. 1) for the $250,000,000 two-year 5% loan to the
United Kingdom of Great Britain and Ireland. The publio
subscription books were closed, as indicated last week, on
Saturday last, Aug. 26. J. P. Morgan & Co., as managers
of the syndicate which underwrote the loan, sent out the
allotment notices to the subscribers on Monday night.
The bankers announced that the majority of the allotments
were for the full subscriptions. Those making payments
are receiving temporary receipts authorized and issued by the
British Government and signed by representatives of that
Government in this country. It is stated that within the
next month or so definitive certificates will be ready for
exchange for the temporary certificates now being issued.
FINANCIAL CONFERENCE OF GREAT BRITAIN AND
FRANCE.
According to cables from London, an agreement on im
portant financial matters, including payments abroad and
the maintenance of exchange between Great Britain and
Franco, was reached at a conference at Calais on Aug. 24,
between the Premiers of Great Britain and France, the Finance
Ministers of the two nations, and representatives of their
financial and kindred interests, an official statement issued
in the matter says:
.
A conference was hold yesterday at Calais, between the French and British
Governm ents. A com plete agreement^was readied on all subjects on
which the confcronco^dealt. AnXagrecmont was concluded regarding pay
ments abroad and the maintenance o f exchange between the tw o countries.
T he French G overnm ent!w as represented b y M . Briand, President o f
tho Council o f Ministers; M . R ib ot, M inister o f Finance, accom panied by
M . Pallain, G overnor o f the Bank o f Franco, and M . M arjorio and O.
H om berg (Octavo Hom berg was a member o f tho A nglo-French Financial
Comm ission in tho United States in 1915).
T ho British Governm ent was represented b y Premier A squith, Reginald
M cK enna (Chancellor o f tho E xch equ er), Edwin Samuel M ontagu (Minister
o f M u nitions), and Thom as M cK innon W ood (Financial Secretary to tho
T reasury), accom panied b y tho C hief Justice, tho Governor o f the Bank
o f E ngland, and Sir M aurice Ilankey.
WHY GOVERNMENT WILL NEVER OWN THE RAIL
ROADS—AN OBJECT LESSONiIN RATE-MAKING.
The following two articles from the pen of Trace S. Ford,
formerly Auditor of tho San Antonio Uvalde & Gulf Railway
Co., but now Auditor of the Pittsburgh Lisbon & Western
RR., at Lisbon, Ohio, are very timely now, though they
were written over a year ago:
possibility, and much depends on the parties then in control o f the railroads
and on what has been done previously to educate and inform everybody
as to what Governm ent ownership would mean.
A n y groat thing, calam ity or otherwise, is as possible in this country as
any other country, and just as idiotic things as the great European massacro,
m ight occur here. L et a m an with a gun rido horseback down tho street
preceded b y a snare drum , and, for oxamplo, proclaim publicly that some
b od y had looked cross-eyed at the American flag and “ com e-on b o y s ,” ho
would in no time muster a crowd from 30 to 30,000, depending only on
the size o f tho town; and they would twist tho heads o ff tho other crowd
and use them for footballs if they cou ld, and sit on tho corpses whilo thoy
sm oked cigarettes— this, regardless o f fam ily ties, conscience or anything
else.
Just so can a crowd o f political spellbinders, for party purposo, instill
identically tho samo madness into tho public m ind about Governm ent
ownersnip unless their com m on sense, resulting from previous education on
tho subject, has a chance to assert itself.
W ith exactly equal com m on sense m ight bo argued tho Governm ent
ownership o f grocery stores, on tho principle o f econom y to tho consumers
o f groceries. But how about tho prices which tho Governm ent would pay
for the groceries and for the millions and millions and millions and millions
o f things railroads b u y ? Answer; The G overnm ent would regulate and
set the prices it would pay for its groceries, and its railroad supplies,and its
labor, and those would bo tho standard prices for such things the country
over, and tho seller o f that com m odity or that labor could take tho price
or leave it alone.
The question o f freight charges would bo eliminated, for if the Govern
m ent could buy a thing cheaper in M ichigan than in Calitornia it would
bo bought in M ichigan and hauled to California freo o f froiglit chargos, and
tho California merchant or producer could whistle for the business; and tho
Governm ent would inevitably bo forced to m anufacture its own cars
and locom otives, and its steel rails; and when it does that it will tako over
tho iron mines and mills and so on , and so on, and so on; and whatever
the Governm ent doesn’t take a notion to m anufacture for its railroads, it
will got through firms so gigantic, created for tho purposo, that tho little
fellow ” will bo hopelessly obliterated; and wo will then be getting down to
the European basis o f wages and prices o f things in general.
It m ight not bo a bad idea if everyone would put theso things in his
pipe and smoke on them at odd times.
W H Y W IL L T H E G O V E R N M E N T N E V E R O W N T H E R A IL R O A D S ?
— A N ^ O B J E C T LESSON IN G O V E R N M E N T O W N E R S H IP .
Thero are tw o principal reasons w hy tho G overnm ent will nover own tho
railroads— taxes and politics; though there are fully forty other reasons.
T h o railroads o f the United States pay approxim ately $150,000,000 per
annum in taxes. W ill the different States, counties, towns and school
districts forfeit that revenue through Governm ent ownership? I f not,
how , then, will it bo made u p ,to them b y the Governm ent?
W ill the Governm ent fork over every year, out o f Its surplus, that
am ount o f m oney? And if so, how will it bo apportioned among tho vari
ous tax bodies, and what will bo tho basis on which taxes are to bo levied?
First o f all, theso taxes which the railroads pay will increase year b y year.
W ill the G overnm ent’s unappropriated surplus pay 8150,000,000 in taxes?
Bear in m ind that before there remains a cent for tax rovenues, tho in
terest on the debt widen tho Governm ent owes for purchase o f tho railroads
must be deducted.
T ho Governm ent can nover buy tho railroads for an am ount less than
their existing interest-bearing debt; and besides that, something additional
for stock or franchise values; so that tho interest charges will bo in excess
o f that now borne by tho railroads, and must bo provided for out o f tho
surplus before leaving anything for tax revenues.
Another thing that must bo provided for ahead o f tho tax rovenues is a
sinking fund for discharge o f the interest-bearing debt. That will still fur
ther reduce tho tax revenues; because, now , this sinking fund provision is
not im perative, but with Governm ent ownership it will be.
Take, then, tho figures for a normal fiscal year, and they will appear
about as follows:
N et operating revenues______________________________________$1,000,000,000
D educt interest on funded d eb t____________________________
500,000,000
D educt sinking fund________________________________________
500,000,000
0
Balanco for tax rovenues____________________________________
Tho sinking fund is calculated b y assuming-tile average tim e o f m aturity
o f present outstanding debts to bo tw enty-fivo years, and taking l-25th
o f that for one year. The Governm ent must either provide this redem ption
fund or elso chargo all permanent improvem ents every year to incom o. It
will not d o to pilo up and capitalize expenditures for improvem ents annu
ally, with no provision for the liquidation o f them nor o f tho already existing
debt.
W hilo it will be seen thero would bo nothing left for tax rovenues under
tho sinking fund provisions, say, for illustration, that no sinking fund were
provided, and that tho Governm ent could appropriate the $150,000,000
tax rovenues, how would it be apportioned?
W ould a cou nty in Eastern Colorado or in W estern Nebraska or W est
Texas receive a proportion based on tho per cent which the railroad mileage
in those counties bears to tho total railroad mileage in tho United States?
Or, would it be divided on the basis which railroad rovenues in a given State
or county bear to tho total railroad revenues, and would that mean tho
gross rovenues or tho net revenues after expenses are deducted? Or would
they be based on tho value which the railroad properties in tiro States,
counties, e tc., bear to the total railroad values o f tho United States? Or
will the Governm ent arbitrarily place its own values on tho railroad proper
ties in every State, cou nty, town, e tc., and will tho taxes thon bo lovied
on this valuation?
Supposo the railroad rovenues in a given State net nothing for taxes, does
that mean no taxes in that State, nor counties and tow ns? Supposo thero
should bo no tax rovenues earned in a Stato as a wholo, while tho revenues in
certain counties o f that Stato were sufficient to produce tax revenues on tho
railroad property in those counties, must tho producing counties be de
prived o f tax rovenues becauso tho losses in tho non-revenue counties cat
up tho profits?
Supposo som e years the railroads earn tax rovenues, and som e years
none; will the obligation bo cumulative year b y year until paid, or will each
year’s results stand b y itself, and when no rovonues, no taxos? W ill the
Governm ent tax itself at all, anyhow; and if not, thou will this deficiency
o f $150,000,000 bo mado up b y increased taxes on everybody elso?
A second good reason why tho Governm ent will nover own tho railroads
Is, politics.
T ho political party which happens to bo in power when tho Governm ent
acquires the railroads, and is responsible for that action, will either stay in
office forever or will nover see daylight again, according as they will sottlo
the tax question, the labor question, tho vestibule train question, the diningcar and sleeping-car question; m ake a tim e-table to suit everybody; fix
the high and low places in tho track; build all tho now depots and sido-tracks
everybody wants; system atically reduco tho freight and passonger rates
year b y yoar; furnish freo ice-cold pop at all the depots, and carry tho
mails for nothing.
N . B .— Thero will be no labor unions to raiso tho pay o f, they having in
tho meantimo joined tho D o -D o and tho Z ook-Z ook.
The Governm ent
will pay whatever rates o f wages appear consistent, and that it can afford
to pay— nothing m ore; and this will apply to all em ployees, not to any
particular class or classes— and that is what tho railroads ought to bo
doing to-day.
I f you can imagine all tho various tax bodies and tho w ould-be H enry
Clays and John C . Calhouns voluntarily and cheerfully surrendering thoir
Constitutional rights to rido into everlasting political glory on tho backs
o f tho railroads, you can imagino such a thing as Governm ent ownership.
This question m ay or m ay not bo a certainty in the near future, but when
GOTjrnment valuation o f railroads is finished it will m ost surely be a
THAT
S IX T Y -S E V E N C E N T S — A N O B JE C T LESSON ON T n E
R A T E S IT U A T IO N .
T ho average distanco traveled b y every revenue passenger who boards a
train is 34 miles, and tho railroad receives 67 cents from each ono, or less
than 2 cents a mile (tho value o f a postage sta m p ). E very passenger who
pays his fare thinks his m oney is all profit to tho railroad, a gratuity; overy
deadhead passonger imagines tho railroad owes him something for tho
privilege o f carrying him.
W hat becomes o f this magnanimous sum o f 67 cents? First o f all, the
railroad maintains a C ity Passenger O ffice, so the passenger can inquire
w hy tho trains d o n ’t run differently, and kick about the service; then tho
road has to advertise, so tho passonger will know wlioro ho wants to g o ,
and give tho tim c-tablo to savo tho trouble o f telephoning tho tickot office;
then hire a soliciting bureau to go around and give tho passonger tw o-bits
worth o f cigars and coax him to go “ our w a y” (ho finally goes with our
hated com petitor).
N ext com e tho Grand Central Term inal facilities, in all their glory; freo
lavatories, free messengers, and m atron service, callers, tenders, freo ice
water to tho public at largo, freo everything— all out o f this 67 cents.
N ext com es tho passenger’s freo baggage, anywhere from 10 pounds to
300 pounds, according as ho “ w orks" tho baggagem an. T he trains must
bo electric lighted, o f course, and havo freo ico water, lavatories, electric
fans, e tc., etc. A ll this is explained beforehand in tho advertisem ents,
and b y tho C ity O ffice, and b y tho Soliciting A gent, who furnishes the
cigars, not to say other things. A nd then com es tho pay o f tho train crew
and expenses o f coal and axlo groaso for tho engine and cars.
Theso expenses over w ith, tho m agnificent 67 cents helps pay tho salaries
o f tho general officers and all the clerks, down to tho b o y who sorts tho
passengers’ tickets and sees thoy havo not been used fraudulently; fo r, no
m atter how honest and square a man is in overy tiling else under tho sun, it
is a part o f his religion to beat a railroad, if ho can, and ho does it w ith the
samo unconcern that ho drinks his coffee for breakfast. ■
Then com o tho salaries o f tho station agents, shopm en, trackm en, tho
cost o f rails and ties, and all tho other matorial and supplies railroads
use; lawsuits, claims, legal and illegal, oxponscs caused b y Stato and
Federal com m issions, traffic and other necessary railroad associations.
Then com e tho taxes and interest on borrow ed m oney, and then what is
left o f tho 67 cents tho stockholder is welcom o to tako and buy autom obiles
and private yachts with. Is ho? N o; ho can’t, becauso tho road has
spent it or wants to spend it in additions and betterm ents to tako caro o f
business they aro going to get som o tim e, and becauso tho public demands
better service and facilities” — and that is railroading in 1915.
It is interesting, oven if not fu n n y, tho things a passenger will want for
67 cents, and when tho porter lifts him o ff tho train and another attendant
carries his hand baggago out for him , ho will pay a hackm an $1 for a flvem inuto ride and spend $1 50 for a room with $8 worth o f furnituro in it.
and a dollar or tw o for a meal that is m ostly p rofit instead o f loss, and $2
to seo a 25-cont show, and pay his barber and waiter and porter and bellboy
and manicuro from tw o to ton times what ho paid tho railroad to get thero.
H o will d o all this w ith tho air o f ono who Is m ade o f m on oy, and that it
annoys him to havo m onoy around, and if thoy don t tako his m onoy he
will feel insulted enough to choke.
I f a man walked thirty-four miles in threo days It would cost him , on an
average, in time and expenses, $18, besides tho depreciation in his clothes
and disposition. I f ho drives it in ono d ay with a team , it w ould cost
him in tim e, expenses and horse feed, $7, besides tho interost and depre
ciation on his outfit and tho oxpenso o f gotting back again. B y autom obilo it will cost him 7 cents a m ile, or $2 38 (driving it him self), and as
m uch m ore to get back again.
E very ton o f freight pays tho railroad 7 mills per m ile hauled. Y o u
can’t just realizo how great this is, for thoro is no m onoy mado that sm all.
A ton o f freight is equal in weight to six passengers w ith thoir froo baggago,
but it doesn’t have to havo ice water, electric fans, electric lights, lavatories,
m atrons, messengers, ton-thousand-dollar coaches that only carry four
tons o f peoplo plus a fivo-thousand-dollar baggago car and a baggageman
for tho free baggago, instead o f five-hundred-dollar b ox cars that carry
sixty tons o f freight; and it can get along w ithout a m lllion-dollar depot;
and it travels an avorago o f four tim es as far as a passenger; and so it can
bo hauled cheaper; but theso 7 mills per m ile go tho samo round o f duties
as recited about tho passenger’s 2 cents por m ile, and ir a nybody would
rather haul or carry a ton o f freight a m ile than p ay a railroad 7-10tlis o f a
cent, thero is no law against his doing it and ho can figuro out his own
expense either before or after taking.
M oral: I f everybody who was spoiling for a war to lick som ebod y else,
actually had to go to tho front him self and wear a w hite duck suit and
rido a w hlto horse, instead o f staying at hom o to bark and scratch, there
never w ould bo another war— never. I f everybody who wants starvation
rates for railroads had to help fork over to them every year a reasonable
dividend and make up all tho deficits, It would settlo tho rate question for
keeps.
______________________
CRISES IN SITUATION ARISING OUT OF TRAIN
MEN’S DEMANDS.
tion, and their acquiescence in the President’s suggestion for
the appointment of a Federal Commission to investigate
tho collateral problems.
On the 21st, it will be remembered, the railroad executives
whose numbers had since been augmented by other railroad
officials from the West, decided to appoint a committee
of eight to draft a counter proposal to that of the President.
Tho special committee’s plan provided for granting an eighthour “ basic” day to the trainmen, but with assurance that
every effort would be made by the Administration to secure
a freight-rate increase to recompense the roads and further
assurance that Congress would be asked to enact legislation
to insure settlement of future labor disputes through an in
vestigating commission. On Aug. 25, when the committee
representing the four Brotherhoods had notified President
Wilson that the trainmen had become restive and it would
not be possible to hold the committee together longer than
Saturday, the 26th, the railway executives took action
toward submitting their proposal to tho President. Shortly
before the railway executives went into session on the 25th,
one of them was quoted as saying:
Tho controversy between tho trainmen and tho railroad
executives reached an acuto stage this week following tho
failure of President Wilson to harmonizo tho views of tho
divided interests. The overtures between tho trainmen and
their employers were brought to a standstill on Tuesday
with tho refusal of the railway presidents to accede to tho
proposal of President Wilson to accept “ without arbitration
tho substitution of an eight-hour day for tho present ten-hour
day in all of tho existing practices and disputes,” and the
rejection by tho brotherhoods of tho railway executives’
counter proposal for an adjustment of tho differences through
tho submission of the disputed points to a commission, tho
W o have taken into consideration, in arriving at a com m on under
roads agreeing on their part, beginning Sept. 1, to keop
that we are the trustees o f $17,000,000,000 o f property and o f
the timo of all men represented in this movement upon an standing,
the transportation system o f the country.
W e havo determ ined that we
eight-hour basis and by separate account, monthly, with must m aintain the integrity o f our trusteeship.
W o havo considered, further, that labor is short, and that In some re
each man, maintain a record of tho difference botween tho
including tho question o f labor, tho railroads have been attacked
monoy actually earned by him on tho present basis and tho spects,
w ith a slight case o f creeping paralysis.
amount that would have been earned upon an eight-hour
W o have not forgotten our obligations to our em ployees and to the
basis—overtime on each basis to bo computed pro rata. public. T hey receive first consideration. T he public is entitled to the
transportation service at the lowest cost possible.
Tho amounts so shown will bo subject to tho decision of the best
T ho members o f the brotherhoods aro among the best paid employees in
commission provided for in paragraph (c) of this memoran tho cou n try. T o increase their com pensation to the extent o f $50,000,000
mean that we should have to increase the freight rates to the sam e
dum and payable in money as may bo directed by said com would
extent. W e believe the people are unwilling for that to bo done merely
mission in its findings and decision.
bocauso a highly paid class o f employees make unreasonable demands.
W o havo considered also the fa ct that tho war will soon be over, and that
Tho deadlock in tho negotiations was promptly followed by
shall not be able to m eet European com petition if these unjust demands
a personal appeal to Congress by President Wilson on wo
aro granted, and the President establishes a precedent that will throw us
Tuesday to enact legislation to avert tho striko which threat upon the m ercy o f unreasoning and selfish labor organizations which serve
ened to take place on Monday next, tho 4th inst. The their only particular ends.
Tho railway executives finished framing their answer to
President’s address to Congress is given in full in another
column of to-day’s issue of our paper. He urged tho enact President Wilson last Saturday night, the 26th, and sent
word forthwith to the White House that they were ready
ment of legislation as follows:
The President indicated, however,
First— im m ediato provision for tho enlargement and adm inistrative re to confer with him.
organization o f tho Inter-Stato C om m erce Comm ission along tho lines em
that he would prefer to see them Monday at ten o’clock. In
bodied in the bill recently passed b y tho House o f Representatives and now
the afternoon of that day, when it became known that the
awaiting action b y tho Senate, in order that tho Comm ission m ay bo en
railway executives were unanimous in their refusal to accept
abled to deal with tho m any great and various duties now d evolvin g upon
it with a prom ptness and thoroughness which are w ith its present con stitu his plan of settlement, President Wilson personally went to
tion and means o f action practically impossible.
the Capitol and laid before majority leader Kern, of the
Second— T ho establishment o f an eight-hour day as th o legal basis aliko
Senate, and Senator Newlands, Chairman of the Inter-State
o f work and o f wages in tho em ploym ent o f all railway em ployees who are
actually engaged in tho w ork o f operating trains in intcr-Stato transporta
Commerce Committee, the statement of the railway heads
tion.
that Congress must guarantee some source of added revenue
T hird— T ho authorization o f tho appointm ent b y tho President o f a sm al
b o d y o f men to observo the actual results in experience o f tho adoption o f
if they are to meet the demands of their employees. How
tho eight-hour day in railway transportation aliko for tho m en and for tho
this should bo accomplished, President Wilson did not
railroads: its effects in tho m atter o f operating costs, in tho application o f tho
Immediately afterward Senators began discussing
oxisting practices and agreement to tho now conditions and in all other prac suggest.
tical aspects, with the provision that tho investigators shall report their proposals to have Congress record itself in favor of a rate
conclusions to tho Congress at tho earliest possible date, b u t without
increase. No arrangements were made on that day for the
recom m endation as to legislative action; and in order that tho public m ay
President to address Congress on the subject, but it was con
learn from an unprejudiced sourco ju st what actual developm ents have
ensued.
sidered likely that he might do so during tho week if the
Fourth— E xplicit approval b y tho Congress o f tho consideration b y the
situation continued critical.
Inter-Stato Com m erco Comm ission o f an incroaso o f freight rates to m eet
Following his visit to the Capitol on Saturday, President
such additional expenditures b y tho railroads as m ay liavo been rendered
necessary by tho adoption o f tho eight-hour d ay and which havo n ot been
Wilson on Sunday tho 27th had a conference with Senator
offset by administrative readjustm ents and econom ies, should tho facts
Newlands and Franklin K. Lane, Secretary of the Interior.
disclosed justify tho increase.
It was understood that they perfected the draft of a resolu
F ifth— An amendment o f tho existing Federal statute which provides for
tho m ediation, conciliation and arbitration o f such controversies as tho pres tion to bo passed by both houses of Congress, authorizing
ent b y adding to it a provision that in caso tho m ethods o f accom m odation
higher freight rates. The formal reply of the railroad execu
now provided for should fail, a full public Investigation o f tho merits o f every
tives rejecting the President’s proposition and embodying
such disputo shall bo instituted and com pleted before a striko or lockout
m ay lawfully bo attem pted.
a counter proposal, was presented to the President on Mon
Sixth— T ho lodgm ent in the hands o f tho E xecutive o f tho pow er, in caso
day. After Monday’s conferences at the White House
o f m ilitary necessity, to take control o f such portions and such rolling stock
o f tho railways o f the country as m ay bo required for m ilitary use and with the committee of eight railroad presidents and the four
operato them for m ilitary purposes, with authority to draft into tho m ili Brotherhood heads on the new proposal suggested by the
tary service o f tho United States such train crows and administrative o ffi
executives, and after a prolonged discussion of the situation
cials as tho circum stances requiro for their safe and efficient uso.
Tuesday’s explanation of tho stand of tho railroad execu at tho Capitol with the members of the Democratic Steering
tives, and tho basis of settlement proposed by them will bo Committee of the Senato, President Wilson decided to go
found in full elsewhoro in this issuo of our paper. On Mon before Congress and recommend legislation aimed to prevent
day it doveloped that secret striko orders had boon issued tho threatened tieup of tho railroads. When the railroad
to tho local Chairmen of tho four Brotherhoods; this order Brotherhood heads went to the White House Monday
fixes Sept. 4 as tho date when tho nationwide strike is to night, the President not only laid before them the plan of the
go into effect; both tho ordor and instructions issued with executives, but strongly urged the withdrawal of the tenta
tive strike order sent out on Sunday, subject to release,
regard thereto will bo found under a separate heading.
As noted last week, tho railroads, through Halo Holden, calling for a walk-out of the brotherhood members on Labor
President of tho Chicago Burlington & Quincy RR., who Day. This request was flatly refused, the leaders saying
acted as spokesman for tho thirty-throo railroad officials, only the committee of 640, which left Washington Sunday,
signified on Aug. 19 tho tontativo refusal of tho railroads to had power to recall the order.
On Monday afternoon the railroad presidents, after their
tho proposition of President Wilson calling for tho adoption
of an oight-hour day, tho acceptance by tho trainmen of conference with President Wilson, issued a statement say
regular pro rata overtimo in lieu of time and a half for over ing:
A t a conference at the W hite House to-d ay at 2:30 p . m .f between tne
time, tho abandonment by tho railroads of tlioir domaiuls for President and the Com m ittee o f Eight o f the railroad presidents, a sugges
tho submission of tho controversy to arbitration or media tio n was laid before the President in the nature o f a proposition for progres
toward a solution o f tho questions at issue, and this was left with him for
his consideration.
T ho com m ittee expects to seo the President in the near future, but before
leaving the com m ittee pointed out to him that if the reports that tho date
for declaring tho strike had been fixed for Sept. 4 wore true, it would forco
an early conclusion o f the negotiations and com pel the presidents to return
to their properties to prepare for tho issue.
In his conference with the members of tho Senate Demo
cratic Legislative Steering Committee on Monday, President
Wilson not only asked advice regarding the desirability of his
laying tho whole railroad situation before Congress in a per
sonal address, but discussed with them problems of legisla
tion to prevent a nationwide strike, or in tho event of a strike,
to keep the roads in operation for national necessities. He
disclosed to the committee the essential points in tho pro
tracted negotiations he had conducted with railroad presi
dents and managers and the representatives of the brother
hoods. Tho Senators present were: Kern of Indiana,
Martin, Virginia; Chamberlain, Oregon; Owen, Oklahoma;
O’Gorman, New York; Thomas, Colorado; Reed, Missouri;
James, Kentucky, and Williams, Mississippi. The con
ference continued for two hours and a half. As tho Presi
dent left the committeo room he passed a group of newspaper
correspondents, to whom ho said:
I will have to tell you som o tim e, and I might just as well tell you now,
that I cam e here to-day to consult with the Steering C om m ittee o f the Sen
ate and to get their advice on m y .appearing before Congress on tho railroad
situation. I have just asked their advice and m y decision will be announced
later.
Senator Kern, Chairman of the committeo, said the com
mittee was in full accord with tho President regarding tho
advisability of addressing Congress and that a joint session
would be arranged to hear him.
On Tuesday the brotherhood heads gave out a statement
in which they clearly indicated that they would oppose any
legislation along tho lines of tho Canadian plan for tho adjust
ment of industrial disputes. This statement appears in
another column.
The 640 Chairmen of the railway brotherhoods, who wero
called to Washington by President Wilson, held a meeting in
tho Bijou Theatro last Sunday and resolved to go home.
A sub-committee consisting of about 30 men was appointed,
with full power to effect a settlement if such a thing were
still possiblo. The committeo was specifically instructed,
however, that if had no power to accept terms of settlement
that provide for arbitration of tho question of an eight-hour
day with 10 hours’ pay. A. B. Garretson, W. G. Leo,
W. S. Stone and W. L. Carter, the chiefs of the four big
Brotherhoods, are members of this committeo.
Many of the railway executives left Washington on
Tuesday night to preparo for tho threatened tie-up. Before
their departure they held a final meeting at tho conclusion
of which they gave out the following statement:
The situation created through tho issuance o f tho striko order b y tho
brotherhoods makes it necessary that the railroad executives return to their
homes to protect their pioperties in tho emergency impending; as a consequcnco they are planning for an early departure.
In leaving Washington they aro unanimous in their expression o f satis
faction with tho results o f their conference so far as tho position o f tho
railroads is concerned. Briefly summarized, tho im portant points devel
oped b y their deliberations hero are;
First. A renewed insistence upon tho principle o f arbitration as tho only
proper m ethod o f settling labor disputes. Tho railroads liavo given tho
employees every possiblo consideration in this respect, b y offering to arbi
trate their differences either through tho Inter-State Comm erco Com m is
sion, under tho Nowlands A ct, or b y a commission to bo selected b y tho
President o f tho United States.
Second. An increased realization o f the responsibility o f tho railroads
toward their other employees, tho shippers, tho industrial, commercial and
general public, which they havo been mado to feel b y thousands o f tolegrams insisting upon tho maintenance o f their position.
T he railroad executives cam o to W ashington upon tho invitation o f
President W ilson, and in good faith have worked continuously and ear
nestly in a sincere effort to solvo the problem in justico to all tho parties
at interest. These offorts wero still in progress when the issuance o f the
strike order showed them to bo unavailing. Responsibility for tho threat
ened striko does not rest with tho executives.
T he counter proposition mado at tho request o f the President last week
and presented to him form ally to-day represents tho unanimous sentiment
o f the railroads and is tho utm ost concession to the demands o f tho mon
which in tho interest o f peace they feel able to m ake.
A n y other course would involve the surrender o f a vital principle and
impose undue burdens upon industry and com m erce, impair railroad credit
and prevent railroad progress to meet tho rapidly Increasing commercial
demands o f the country.
T ho striko, if it com es, will bo forced upon the country b y the best-paid
class o f laborers in tho world, at a time when tho country has the greatest
need for transportation efficiency. Tho problem presented is not alone
that o f the railroad or business world, but one involving dem ocracy itself,
and sharply presents the question whether any group o f citizens should bo
allowed to possess tho power to imperil the life o f tho country b y conspiring
to block the arteries o f com m erce.
A majority of tho members of the advisory committee
remained in Washington, namely: Frank Trumbull, Chair
man of the Chesapeake & Ohio; Howard Elliott, President
of tho New Haven; Samuel Rea, President of tho Pennsyl
vania; A. IT. Smith, President of tho Now York Central;
F. D. Underwood, President of the Erio; Daniel Willard,
President of the Baltimore & Ohio; Halo Holden, President
of tho Burlington; A. J. Early, President of tho St. Paul;
C. II. Markham, President of tho Illinois Central; W. J.
Harahan, President of the Seaboard Air Line; B. F. Bush,
head of tho Southern Pacific; Henry Walters, President of
the Atlantic Coast Line; R. E. Lovett, head of tho Union
Pacific, and Alfred B. Thom, counsel to tho Committeo.
They will keep the railroads of the United States informed
as to the developments in the situation.
On Wednesday tentative drafts of bills designed to carry
out President Wilson’s recommendations, wero submitted
to the Senate Committee on Inter-State Commerco. The
bills were drafted by Senator Newlands, Secretary Lano and
Attorney-General Gregory. A resolution calling for a ninohour hearing on tho tentative bills was adopted by tho Com
mittee, three hours to bo allotted to tho railroads, three to
the brotherhoods and three to tho shippers and public gener
ally. The hearings began on Thurdsay morning. The
tentative drafts of the measures submitted to the Senate
Committeo and communicated to all parties to tho contro
versy on Wednesday, included the following provisions to bo
attached to the pending bill which would enlarge the Inter
state Commerce Commission:
Establishment o f eight hours as the standard for a d ay’s work for rail
road employees operating trains in Inter-State com m erce, and tho appoint
ment b y tho Prasident o f a W age Commission o f three mombers to observe
tho administration and financial effects o f institution o f tho eight-hour da y,
the President to submit its recommendations to tho Inter-Stato Comm erco
Comm ission, which would accept tho findings, unless clearly erroneous,
and adjust rates to insuro a fair return on invested capital; wages o f em
ployees not to bo reduced, for a period to bo determined, below tho present
standard day's wage, pending tho report, and pro rata proportion to bo paid
for servico in excess of eight hours; the Commission also to study and roport
on tho problem o f compensation for railroad employees.
Other proposals included amendment of existing arbitra
tion law directing tho Board of Mediation and Conciliation,
if unable to induce parties to submit controversies to arbitra
tion, to refer differences to a board for investigation, pending
decision of which it would be unlawful for employers to
cause a lockout or employees to cause a strike; each party
to a controversy to name one member of tho board of in
vestigation which would consist of three mombers. Em
powering the President, whonever railways engaged in
inter-State commerce or in transportation of tho mails shall
cease to operate or bo seriously interrupted becauso of a
strike, to direct operation of railroads sufficient for military
purposes; to draft into Federal servico all persons necessary
and to use the military forces of the nation.
Immediately after the tentative legislation had been mado
public general debate was begun in tho Senate on tho con
troversy, Senator Cummins opening the discussion, asserting
that compulsory arbitration was impracticable and uncon
stitutional; that any attempt to fix maximum wages by law,
although within tho power of Congress, was doomed to
failuro, and that legislation to prevent strikes by forco of law
would mean a practical prohibition of labor unions. He
suggested that a modified or partial restriction of tho right
to strike in a combined way might mako for industrial
peace.
There was also introduced in tho Senate a resolution by
Senator Blair Lee of Maryland, calling upon officials of tho
railroad brotherhoods to postpone execution of tho striko
order for one week to give Congress sufficient time for in
telligent consideration of legislation suggested in President
Wilson’s message. The resolution was referred to tho Inter
State Commerce Committeo without discussion. From tho
House on Wednesday word camo that Representative
Adamson, Chairman of tho Commerce Committee, and
Majority Leader Kitchin had concluded that the eight-hour
day law could be passed through that body.
A voluntary committeo of Congress, formed with a view
to aiding tho movement to rush the legislation through Con
gress, and composed of Representatives Keating of Colorado,
Van Dyke of Minnesota, Tavener of Illinois, Buchanan of
Illinois, Lewis of Maryland, Cooper of Ohio and Casoy of
Pennsylvania, held two conferences with tho brotherhood
leaders on Wednesday. After theso conferences one membor
of tho committee said there would be no strike if tho brother
hood leaders could bo assured of a definite legislative pro
gram.
Thursday’s developments brought a moro hopeful out
look so far as tho staying of tho strike was concerned. On
that day a bill which is in the nature of a compromise meas
ure for tho legislation proposed by President Wilson, and
which would operate to avert the striko, was introduced by
Representative W . C. Adamson of Georgia, this bill provid spoke of the short time remaining for Congress to act.
ing for an eight-hour day effective Dec. 1 next (later He said:
I t sim p ly p rovid es in case o f th o failu re o f v o lu n ta r y m ed ia tio n an d
amended to make the date Jan. 1), with the present tena rb itra tio n , for a G o v e rn m e n t in q u iry an d th e s t a y o f th o a ction o f a ll th e
hour rate of pay and pro rata rate for overtime, and the parties to th e con troversy u n til in v e stig a tio n a n d rep ort sh o u ld b e m a d e ,
appointment by the President of a commission of three leavin g th e m free thereafter to a c t as th o y miglxt b e a d v ise d . T h is p re se n t
to observe the operation and effects of the eight-hour day d isp u te , if carried to its extrem es, w ill in v o lv e th e U n ite d S ta te s in a c iv il
w ar.
T h o qu estion is w hether w o can n ot fin d so m e m ean s o f b rin g in g
and to report their findings in not less than six nor more than a b o u t a settlem en t o f this d isp u te betw een e m p loy ers an d em p loy ees w ith
o
u
t
resort
to force.
nine months. The bill appropriates $25,000 for tho expenses
Mr. Garretson at the hearing said in part:
of tho commission. Tho House Inter-State Commerco
I w an t to im press on th o c o m m itte o t h a t since th e beg in n in g o f th ese
Committeo reported the bill yesterday under a special rule n egotiation
s no d efin ite proposal over lias been m a d e to us b y th o o th e r
limiting debate, and it was adopted later in tho day by tho sid o. T h e y h a v e said b u t one th in g; th e y h a vo offered t o le a v e th e w h ole
House by a vote of 239 to 56. A similar bill, agreed on by m a tter to tho In te r -S ta to C o m m erco C o m m issio n .
e believe in tho prin cip le o f a rb itra tio n , b u t n o t in a rb itration w here
tho Senato leaders, fixing Jan. 1 as the date for tho adoption woWsta
n d o n ly to lose.
T h e experience o f our m en w ith arb itration h as
of the eight-hour day and authorizing the Inter-State Com n o t m ad o th e m in lo v e w ith its p ractical resu lts. T h e re h a v e been m a n y
merce Commission to fix schedules of wages on railroads, un fair m en on our arb itration b oa rd s. C a n y o u im agin e tw o m e n h a v in g
passed on in cou rt an d th e n , a fte r th o litigan ts h a d left th o c o u r t
was favorably reported yesterday by tho Senate Inter-State ar ocase
o m , on e o f th e m arrogating to h im se lf th o righ t to in terp ret tho v e r d ic t?
Commerce Committeo. Tho Senato last night voted to
U n der ord in ary processes o f ou r policies wo w ou ld bo o u t o f acc ord w ith
drop tho substitute and went into conference upon tho all o f tho fiv e p ropositions m ad o b y th e P r esid en t. B u t , in tho h o p e o f
effecting a settlem en t w e are w illin g to w aive m a n y d e ep -ro o ted p rin cip les,
Adamson bill. They discussed it up to 11 o’clock and then an d wo are w illing to aid in th e p assage o f a legislative r e m e d y th a t w ill
adjourned. Before adjourning they agreed to debato upon m a k e it possiblo t o recall tho order to strik e S e p te m b e r 4 , th e e igh t-h ou r
tho bill until 4 o’clock to-day (Saturday). They also agreed la w , accom p an ied b y a provision to assure th o 10 h o u rs’ p a y p en d in g
in q u ir y, an d I suggest a provision th a t th o G o v e r n m e n t sh o u ld b rin g su it
to take a vote upon tho bill not later than 6 o’clock to-day.
in case a road refuses to gran t tho p a y as is p ro vid ed in th e hou rs o f se n d ee
The following is tho text of tho resolution as introduced by law w ould sa tisfy us in this em ergen cy.
A s for com p u lsory arb itration n o in flu en ce th a t ever can b e b ro u g h t to
Representative Adamson:
Tie it enacted bu the Senate and H o u se o f R epresentatives, that:
Section 1. B egin n in g D e c . 1 1 9 1 0 , eigh t hours sh all in con tracts for
labor a n d servico bo d eom ed a d a y ’s w ork an d th e m easu re or sta n d a rd o f
a d a y ’s w ork for th e pu rpose o f reck oning tiio c o m p en sa tio n o f all em p loy ees
w ho are now or m a y hereafter bo em p lo y ed b y a n y c o m m o n carrier or r a il
road w hich is s u b je c t to tho provision s o f th o A c t o f F e b . 1 1 8 8 7 , e n title d ,
“ A n A c t to regu lato c o m m e r c e ,” as a m e n d e d , an d w ho are n ow or m a y
hereafter bo actu ally engaged In a n y ca p a c ity in th e op eration o f trains used
for t h e tran sp ortaion o f persons or property on railroads fr o m a n y S ta to or
T e rrito ry o f tho U n ited S tates or th e D istr ic t o f C o lu m b ia to a n y other
S ta te or T e rrito ry o f th e U n ite d S ta te s or tnc D istricct o f C o lu m b ia or fr o m
on e place in a T e rrito ry to an otner place in tho saino T e rrito ry or fro m a n y
place in tho U n ite d S tates to an a d ja c e n t foreign c o u n tr y or fr o m a n y p lace
in tho U n ited S ta te s throu gh a foreign cou n try to a n y oth e r p lace in the
U n ite d S ta tes.
Section 2 . T h a t tho P resident sh all a p p o in t a C o m m issio n o f tlireo,
w hich sh a ll observo tn e op eration an d effects o f th e in stitu tio n o f th o eigh t
hours stan d ard w ork d ay as ab o vo defin ed an d tho fa c ts and con ditions
a ffe c t n g tho relations betw een su ch co m m o n carriers an d em p loy ees du ring
a period o f n o t less th a n six m on th s nor m ore th a n nine m o n th s , in th o dis
cretion o f tho C o m m issio n , an d w ith in 3 0 d a y s thereafter such C o m m isio n
sh a ll rep ort its fin din gs to th e P resid ent and to th e C on gress: th a t each
m e m b e r o f tho C o m m issio n created under th o provision s o f tills A c t sh all
rcceivo su ch co m p e n sa tio n as m a y b e fixed b y th o P resid en t.
Th o sum o f
$ 2 5 ,0 0 0 or so m u ch th ere of as m a y be necessary bo an d h ereb y is ap p rop ria
ted o u t o f a n y m o n e y in th o T r ea su ry n o t otherw ise ap prop riated for tho
necessary an d proper expenses incurred in con nection w itn tho w ork o f such
C o m m issio n , includ in g salaries, per d ie m , travelin g expenses o f m em b er s and
em p loy ees an d r e n t, fu rn itu re, o ffic e fixtu res an d su p p lies, b o o k s, salaries
a n d o th e r necessary exp enses, th o sa m e to bo ap p rove d b y th o C h airm an
o f th o said C o m m issio n and au d ite d b y th o proper acc ou n tin g o fficers Qf
th o T r e a su r y .
Section 3 . T h a t p en d in g tho rep ort o f tho C o m m issio n herein p ro vid ed
an d for a period o f 3 0 d a y s thereafter th o com p en sation o f railw ay e m p lo y e e s
su b je c t to th is A c t for a stan d ard e igh t-h ou r w ork d ay sh all n o t bo red uced
below th o p re sen t stan d ard d a y ’s w age an d for all necessary tim e in excess
o f eig h t hours sucli em p loy ees sh all bo p a id a t a ra te n o t less th an a pro
ra ta rate for such sta n d a rd e igh t-h ou r w o rk d a y .
Section 4 . T h a t a n y person vio la tin g a n y provision o f th is A c t sh a ll bo
g u ilty o f a m isd em ean or an d u p on con victio n sh all bo fin ed n o t less th an
$100 and n o t m ore th a n $ 1 ,0 0 0 or im prisoned n o t to exceed o n o y c a r l
or b o th .
The House Inter-Stato Commerco Committeo amended
tho bill to make the eight-hour day effective Jan. 1 next,
instead of Dec. 1, and so as to exempt railroads under 100
miles in length, electric street railways and intorurban lines;
and othor changes may be made before tho moasuro roaches
tho President.
At tho hearing accorded by tho Senato Committeo on In
ter-State Commerce on Thursday tho railroad executives
and tho shippers insisted that the striko order at least
should bo postponed, and tho four brotherhood chiefs de
clared with equal vohemonco it could not bo. A. B. Garrotson, spokesman for tho trainmen and President of tho
Order of Railway Conductors, brought tho hearing to a cli
max shortly before tho taking of testimony closed. Whon
ho had only tlireo minutes left in which to speak, his brother
presidents urged him to answer tho question of power to
postpone a strike. To this Mr. Garrotson said:
W o havo been asked if wo h a v o th o pow er to defor th is strik o .
It has
boon called for next M o n d a y .
I h a v o tho pow er to defer th a t d a to in m y
orga n ization , b u t in tho other organ ization s tho situ ation is d ifferen t.
The
h eads o f the other broth erhoods c a n n o t call b ad e th o strik o order.
B u t hero is whero I sta n d .
F o r years m y m en h a vo trusted m o.
W hen
I sto o d beforo the President the other n igh t and ho ask ed m o if th is co u ld
bo d o n e, I foun d m y G oth som an c.
l o tile m en w h o ha vo m ad o m o tho re
c ip ien t o f all theso th in gs, I ow o m y first o b lig a tio n .
I can p u t it o f f , b u t,
i f I d id w ith o u t gainin g a satisfa cto ry se ttle m e n t, there w ould linger in tho
m in d s o f th ose w ho havo trusted m o th ou gh ts o f treach ery. I f I p u t it o f f ,
across a fa ir record o f 3 0 years w ou ld be w ritten tho w ord " T r a i t o r . "
At tlio outset of tho hearing Senator Nowlands, Chairman
of tho committeo, announcing its purpose, said nono of tho
proposed legislation included compulsory arbitration and
bear can indu ce our organization to acc ep t it .
I w an t to g o on record hero
as p rotestin g aga in st a n y th in g th a t savo rs o f m a k in g m en s t a y a t w ork
du ring a n y in vestigation .
Asked for the attitude of the brotherhoods on Senator
Lee’s pending resolution to have tho strike postponed a
week, Mr. Garretson said he would like to discuss that later.
IIo declared that, in accepting the President’s proposal, the
men had yielded 50% of their demands.
Samuel Gompers, President of the American Federation
of Labor, who followed Mr. Garretson, said that the Federa
tion supported the brotherhoods and protested against
compulsory arbitration. Ho attacked Government opera
tion of roads for military purposes, contending it was con
scription and indefensible in times of peace.
Chairman Lovett of the Executive Committee of tho Union
Pacific, the first to present the sido of the railroads, said if
tho public were not involved in the present controversy, and
if there were not thousands of railway employees not allied
with tho trainmen, the parties involved should be allowed
to settle the matter themselves. Tho railroads, ho said, no
longer were owned by the bankers, but had stock widely
distributed. “ The bankers of the country,” he said, “ have
not attempted to dictate the positions of the roads in this
controversy. I myself have only received one message from
a banker, begging that we accept tho President’s proposal.”
Tho railroad officials, he said, regarded the problem as one
to bo settled by arbitration, because, he added:
J u st as certain as th e su n se ts , th o p u b lic w ill p a y th e b ill.
R ailro a d s
h a vo no in co m e e xc ep t w h at th e y earn .
T h a t dep en d s on th o rates th e y
can g e t .
M y u n d erstan d in g o f tn is m a tte r is th a t w h a t th e m e n w an t is an
incroaso o f w ages.
I f C on gress p roposed to en act a law to m a k e th em w ork
o n ly eigh t hours th e y w ou ld be u p In a rm s.
I f th is bu rden o f $ 6 0 ,0 0 0 ,0 0 0
a year is p u t o n th o p u b lic because o f this legislation n o w p ro p osed , tn e
resp on sib ility w ill b e o n C on gre ss, n o t on th e railroad s.
W o h a v e dono ou r u tm o st to se ttle this d isp u te excep t to surrender w h a t
w o think a Vital prin cip le.
I f th is d e m a n d is su c cessfu l, i f th oy c a n , un der
d u ress, force o u t th is $ 6 0 ,0 0 0 ,0 0 0 , C on gress w ill b e called u p on to p a ss a
law p ro vid in g for o v e rtim e an d an oth er burden o f $ 4 0 ,0 0 0 ,0 0 0 in tu rn w ill
be passed on to th e p u b lic .
T h o issuo hero Is w h eth er th e 1 0 0 ,0 0 0 ,0 0 0 p e op le in th is c o u n tr y are to
bo p u t a t th o fe e t o f 3 5 0 ,0 0 0 w o rk m e n .
I f th o ju d g m e n t o f th e co u n try
is th a t there is n o tn in g for u s to d o b u t s u b m it, w o w ill a b id e b y it .
The
resp on sib ility is no longer m in e .
T h e railroad s will stru gg le o n and m e e t
th o ad d ition al expense im p osed on us in th e b est w a y w e c a n , k n ow in g th a t
u ltim a te ly it w ill bo passed on to th o p u b lic .
A. P. Thom, counsel for the railway executives’ advisory
committee, closed for the railroads with a summary of the
arguments against tho eight-hour day. Ho said the railroad
executives were acting in a fiduciary capacity, that they must
see that there is a fair return on the money invested in rail
roads, and that any wage increases are not distributed to
only a comparatively small part of their employees. Mr.
Thom in part spoke as follows:
‘ ‘ W o d o n o t claim the right to decide th isq u e stio n a n y m ore th a n w o th in k
th a t a n y interested p a r ty ou gh t t o bo allow ed to decid e it .
W o were to ld
th a t tho oigh t-h ou r d a y is n o t a rb itrab le .
T h e answ er to th a t is th a t those
gcn tlom en w ould n o t ha vo an eigh t-h ou r d a y an d w o u ld n ’t acc ep t it if it
w as tendered to t h e m .”
l i e said th a t n ever in a n y legislative A c t nor in
a n y p a r ty p la tfo rm had th e p o sition b ee n tak en th a t a m a n sh ou ld w ork
eight hours an d bo p aid for ten.
“ I f so ciety can n ot fin d a p eaceab le w a y o f settlin g theso d isp u tes a n d th ey
m u st bo relegated to force, th en so ciety h a s b ro k en -d o w n an d there is no
spirit o f fairness in th is n a tion w hich w ill en able it to exist.
W e prom ised
to keep an accou n t on th e basis o f an eigh t-h ou r d a y w hile a com m ission
so u g h t to ascertain th o fa c ts an d to p a y fr o m th e beginning w hen ever an
aw ard sh ou ld bo m ad o .
I call u p on you r consciences to w itn ess w heth er
In this a ttitu d e there is a n y pu rpose to d e n y h u m an rights or to d eal arbi
trarily w ith a n y rights o f the railroad em ployees.
“ W h a t is th o altern a tiv e to these peaceful m e th o d s?
O ur friends replied
th a t th o o n ly altern a tive is force.
W h e n ask ed for other suggestions th e y
stan d m u to .
T h is crisis, im p o rta n t en ough for th o P resid ent o f th ojU n itod
S ta te s to su b m it th e issue to C on gre ss, sh ou ld bo care fu lly an d d e lib erately
con sid ered .
B u t here y o u are d enied th e righ t for tim e an d deliberation
on m erits o f th e p ro p osals.
Y o u are to ld th a t y o u m u st surrender before
n ext M o n d a y or th e n a tion w ill bo p lu n ged in to a c a la m ity o f sta r v a tio n
a n d ruin in order th a t th e view s o f a few m a y p r e v a il.”
Elliott H. Goodwin, General Secretary of the Chamber of
Commerce of the United States, was the first speaker for
the shippers. He said a vote taken among more than 700
commercial organizations showed them almost unanimously
in favor of submitting the present controversy to the Inter
State Commerce Commission. Henry C. Barlow, Traffic
Manager for the Chicago Association of Commerce, urged
postponement of the strike that Congress might have time
to investigate fully.
Luther M . Walter, attorney for the National Industrial
Traffic League, who said he represented 200,000 shippers
and trade organizations, objected to any proposal that looked
to an increaso in freight rates without a hearing on the
merits of the proposal and how it may affect the country.
He said thero was no reason why employees of industrial
concerns should not make the samo demand and threaten to
paralyze tho industries of the country. R. S. French, of
the National Association of Commission Merchants, said
his organization had not voted on the present situation, but
he was positive it would favor fuller investigation before legis
lation affecting it is passed. “ Our deliberations are taking
place under the guns,” declared James A. Emery, of the
National Association of Manufacturers. “ Wo think mat
ters of this kind should be thought out and not fought out.”
W . G. Wilson, of Toledo, concluded for the shippers, and
Frank Lyon, of Washington, argued that if rates are to be
raised, it is up to Congress to raise them and not pass tho
question on to the Inter-State Commerce Commission.
p u b lic , I sh o u ld th in k , w o u ld b e d isp o sed t o concludo t h a t th is w as n o t
b ecau se th o arb itrators wero u n fa ir , b u t b ecau se th o d o m a n d s o f th o e m
p lo y e es wero u n reason ab le.
H o w e v e r , in th is p a rticu la r caso th o railw ays
offered arb itra tio n , n o t o n ly b y b oard s su ch as thoso w h ich h a v o heretofore
been organized under th o N o w la n d s A c t , b u t b y tho I n to r -S ta te C om m orce
C om m issio n or b y a special co m m issiin to bo a p p oin ted b y th o P resid ent
o f th e U n ite d S ta te s.
T h o fa c t th a t these proposals wore m ad o b y tho rail
w ays an d refused b y tho em p loy ees w ill givo th e pu b lic a p r e tty clear idea
as t o w h ich side h a d th o greater con fid en ce in th e ju stico o f its cau so.
T h e leaders o f th e bro th erh o od s are p la y in g a desperato g a m o a n d seem
w illin g to g o to a n y len gth in order t o w in it .
T h o y h avo called a strik e
fo r n e x t M o n d a y , an d th o m a n a g em en ts o f th o railw ays w ill proceed u p on
th o a ssu m p tio n th a t it w ill co m e a t t h a t tim e an d w ill prepare to a c t a c
E. P. Ripley, President of the Atchison Topeka & Santa
Fe RR., who was a member of the committee which conferred
with President Wilson on behalf of the railroads, issued a
statement at Chicago on Wednesday following his return
from Washington, summarizing the situation:
F o r a tim e a fter P resid ent W ils o n presented his p lan to th o ra ilw a y ex
ecu tive s thero w ere so m e differences o f op in ion a m o n g us as to w h a t courso
th o railw ays sh o u ld a d o p t.
W h e n , h o w e v e r, w o g o t d o w n to a th orou gn
con sid eration o f th e gigan tic p ro b lem in v o lv e d , these differences o f opin ion
b eg an to d isa p p e a r, an d after w o h a d stu d ied an d d iscu ssed th e su b je c t In
a ll Its ph ases w o reached u n a n im o u sly th e con clusion th a t there w as on ly
o n e courso w h ich th e railw ays cou ld ta k e in Justico to their e m p lo y e e s,
to their stock n old ers an d to tho p u b lic , an d th a t w as to refuso to y ield their
d e m a n d fo r a rb itra tio n , eve n th o u g h it ap peared certain th a t unless th o
N a tio n a l G o v e r n m e n t fo rc ib ly in terve n ed th e resu lt w ou ld be a n a tio n
w id e strik e.
I f a strik e com es it w ill bo duo to th e d isp la y , o n th o p a rt o f th o railw ay
b ro th erh o od s, o f an un reason ab len ess, an arrogance an d a disregard o f tho
righ ts and interests o f th o r a ilw a y s, o f th o 8 0 % o f railw ay em p loy ees n o t
in v o lv e d in th is co n tro v ersy an d o f tn o A m e ric a n p u b lic th a t is ab so lu tely
w ith o u t p re ced e n t.
I t is necessary to bear th is fa c t in m in d in order clearly
to u n d erstan d th o fin al decision o f th o h e ad s o f th o railw ays to refuse to
sacrifice th e prin cip le o f arb itration eve n a t th o p ro b ab lo cost o f a strik e.
T h o bro th erh o od s b eg an th e p resent m o v e m e n t for Increases in w ages
a y e a r ago w ith th e d e cla ratio n th a t un der n o circu m stan ces w ou ld th oy
s u b m it their d e m a n d s to a rb itra tio n , b u t th a t th e y w ou ld strik e unless
th o d e m a n d s w ere g ra n te d .
I t sh o u ld b o e m p h asized since th o p u b lic
does n o t u n d erstan d th is p a rticu la r p o in t, th a t even th o plan for a settle
m e n t prop osed b y P resid en t W ils o n d id n o t includ e arb itration o f a n y o f
tn o p o in ts In c o n tro v e rsy .
P resid en t W ils o n proposed to th e railw ay
execu tives th a t th o y sh ou ld g r a n t o u tr ig h t th e d e m a n d o f tho em p lo y ees
for th o so-called b asis e igh t-h ou r d a y a t tn o p resent ra te o f p a y .
T h is
d id n o t p ro v id e for a real eigh t-h ou r d a y a t a ll, b u t m erely th a t em p loyees
in train service m ig h t w ork less th an eight hours for a d a y s p a y , as m a n y
d o n o w , b u t th a t nono o f tn em sn o u ld bo req uired to w ork m ore th an eight
hours w ith o u t b ein g p aid o v e r tlm o .
T ills m e a n t t h a t , w ith o u t a n y hear
in g w h a te v e r , th e railw ays w ere to con cedo th o m o s t im p o r ta n t m a tte r in
th o co n tro v e rsy .
T h o P resid en t also p roposed th a t th o se ttle m e n t o f th e b ro th erh o od s
d e m a n d for tim e an d a h a lf for o v e r tim e , an d o f th o proposals w hich tho
railw ays h a d m a d e to th e broth erh ood s sh o u ld bo le ft to fu tu ro in vestiga
tion an d d e te rm in a tio n .
T n is did n o t p ro vid e for arb itration o f a n y th in g
w h a te v e r .
I t m e a n t th a t th e bro th erh o od s d id n o t in a n y w a y m o d ify
tneir d e m a n d for tim e an d a h a lf for o v e rtim o , b u t th a t th oy m ig h t In a
sh o rt w hile return an d tn rea ten to strik e if th a t d e m a n d w as n o t gran ted .
P resid en t W ils o n fin a lly ask ed th e m if th e y w ou ld agreo, in cose th o y were
gran ted th e e ig h t-h o u r basis d a y , to arb itrate th e q u estio n o f tim e an d a
h a lf for o v e r tim e an d th e pro p osals w h ich h a d been m a d e to th e m b y th e
railw ays an d th e y p o sitiv e ly refused to s u b m it these m a tte rs to arb itration .
In tn e circu m stan ces th e railw ay execu tives saw th a t even if th e y gran ted
th e basic 8 -h o u r d a y as P resid en t W ils o n su g g e ste d , w ith all tno sacrifice o f
prin cip le and increase In railw ay exp ense th is w ou ld in v o lv e , th o y w ould
n o t th ere b y e ffect a se ttle m e n t even o f th o present co n tro v e rsy .
T hoy
also saw t h a t w hile failin g t o m a k e suro th a t there w ou ld bo n o striko in
th is in sta n c e, th o y w o u ld , if th e y y ie ld e d , d irec tly encourago th o tr a in service bro th erh o od s an d other classes o f em p loy ees to m a k e en orm ous
d o m a n d s u p on th e m in th o fu tu re an d to refuso to arb itrate an d threaten
to strik e or ac tu a lly to striko i f th e y w ere n o t g ra n te d .
T h e y cou ld reach
o n ly on e con clusion an d th a t w as th a t in tho interest o f a rational an d
p e acefu l m e th o d o f se ttlin g , n o t o n ly lab or con troversies on railw a y s, b u t
In all branches o f A m e ric a n in d u stry , th o railw ay m a n a g e m e n ts m u s t , a t
a n y im m e d ia te c o s t, refuso a n y p lan o f se ttle m e n t w nich did n o t p ro vid e
for arb itration o f th e en tire co n tro v e rsy .
T h o ob jec tion m a d e b y th e em p loy ees to arb itration is th a t th o resu lts
o f p a st arb itration h a vo n o t been fa ir to th e m .
A p p a r e n tly th o o n ly ground
on w hich th e y baso this charge is th a t tho results h a v e n o t been su fficien tly
fa v o ra b le to sa tisfy th e m .
B u t ove ry arb itration w hich h a s ever occurred
has resulted in im p ro v e m en ts in their w orkin g con ditions an d increases in
their w ages, an d if th oy h a vo n o t received all th a t th o y h avo ask ed fo r , tho
cord in gly.
T h o w a y In w h ich th e strik o order w as issued illu stra tes th o a rro g a n t,
reckless an d ruth less w a y In w hich th o leaders o f th o broth erh ood s h a ve
proceeded th ro u g h o u t.
B o t h th e y an d th o P resid ents an d m an a gers o f
th o railw ays w en t to W a sh in g to n a t th e req uest o f tho P resid ent o f tho
U n ite d S tates to t r y t o e ffect so m e se ttle m e n t.
P resid ent W ils o n h a d m ad e
a proposition to railw ay execu tives w hich wo h a d h a d un der earn est c o n
sideration an d to w h ich w o w ere preparing a r e p ly .
In th o m id st o f tho
n e gotiation s an d w ith ou t th e slig h test w arnin g to P resid ent W ils o n , th o
b roth erhood leaders issued th e order for a striko anti fixed tho d a to for it
less th an a w eek a w a y .
T h e fin a l in form ation P resid ent W ils o n received
o f th is ste p w as given h im b y th e railw ay P r esid en ts.
Orders issued on Wednesday for the roturn of approxi
mately 15,000 guardsmen from tho Moxican border wore
believed to have been prompted by tho desire of tho Admin
istration at Washington to adopt overy possiblo measuro to
cope with tho situation in the event of a strike. A state
ment issued by tho War Department announcing its action
said:
T h o W a r D e p a r tm e n t to -n ig h t directed G en eral F u n sto n to return to th e
S ta te m o b iliza tio n c a m p s th o three regim on ts fr o m N o w Y o r k , tw o fr o m
N o w J ersey, on e fr o m M a r y la n d , tw o fr o m Illin o is, tw o fr o m M isso u r i, ono
fr o m C a lifo rn ia , ono fr o m O regon , ono fr o m W a sh in g to n an d ono fr o m
L o u isia n a , m a k in g in all a b o u t 1 5 ,0 0 0 o f tho N a tio n a l G u a rd .
I n view o f the fa c t th a t su b sta n tia lly tills n u m b er o f troop s w h o h a vo n o t
d o n e patrol d u t y on th o border are n ow on their w a y thoro, it is fe lt t h a t this
n u m b er can b e spared.
I n a few d a y s , if tran sp ortation facilities rem ain u n d istu rb e d , th o D e p a r t
m e n t in ten d s to order h o m o som o m oro regim en ts, an d p o ssib ly to rop lace
th e m w ith troop s now in their m ob ilizatio n ca m p s in tho sovcral S ta te s.
P R E S ID E N T 'S
R E C O M M E N D A T IO N S
A N EN T THE
TO
CONGRESS
T R A IN M E N ’S D E M A N D S .
As noted in another part of to-day’s issue of tho “ Chroni
cle,” tho situation growing out of tho demands of tho train
men of the country reached a point this week whero it bocame
necessary for President Wilson to lay tho facts before Con
gress, and urge tho speedy enactment of legislation which
would prevent not only the threatened nation-wide strike
on Monday next, but futuro like developments. This was
after a deadlock had developed in the proceedings to offect
an adjustment of tho differences botween the disputing in
terests, tho trainmen having rejected the counter proposal of
the railroad heads, and tho latter having mado known to
President Wilson their final rejection of his proposal that
they accept without arbitration, “ tho substitution of an
eight-hour day for tho present ton-hour day in all of the
existing practices and agreements.”
President Wilson appearod before Congross on Tuesday
and addressed both Houses in a joint session on tho need
for immediate action. In outlining tho legislation which he
deemed imperative, the President proposed:
T h e im m e d ia te en largem ent an d ad m in istra tiv e reorganization o f the
I n te r -S ta to C o m m erce C o m m issio n .
T h o estab lish m en t o f tho e igh t-h ou r d a y as th o legal basis altlco o f w ork
an d w ages for railw ay e m p loy ees.
T h e a p p oin tm en t o f a com m ission to observo tho results o f tho ap p lic a tio n
o f th o eigh t-h ou r d a y to railroad op eration , alike for th o m en an d tho road s.
A p p ro v a l b y C ongress o f tho con sid eration b y th e In te r -S ta to C o m m crco
C om m issio n o f freight rate increases to m e e t such ad d ition al exp end itu res
b y tho roads as m a y bo rendered necessary b y th o ad op tion o f tho e igh t-h ou r
day.
A m e n d m e n t o f tho F ederal sta tu te s p ro vid in g for m e d ia tio n , con ciliation
an d arb itration o f controversies to p rovid o fo r a full pu b lic in vestigation
before a strik e or lock o u t m a y bo la w fu lly atte m p te d .
L o d g in g in th e ha n d s o f tho P resid ent pow er in caso o f m ilita r y necessity
to ta k e con trol o f an d op erate such p ortion s o f tho railw ays as m a y bo
required for m ilitary uso an d to d ra ft in to tho m ilita ry service o f tho U n ited
S tates such train crew s an d ad m in istrative officials as m a y bo required.
Tho following is tho President’s appeal to Congress in full:
G e n tlem e n o f the C o n g r e s s :
I h a v e co m e to y ou to seek you r assistance in dealing w ith a v e ry grav e
situ ation w hich has arisen ou t o f tho d e m a n d o f tho em p loy ees o f tho rail
roads engaged in freight train sorvico th a t th e y bo gran ted an eight-hou r
w orkin g d a y , safegu arded b y p a y m e n t for an hour an d a h a lf o f servico for
every hour o f w ork b ey on d tho eigh t.
T h e m a tter lias beon ag ita ted for m oro th an a y e a r .
T h o pu blic has been
m ad o fam iliar w ith tho d e m a n d s o f tho m e n an d tho argu m en ts urged in
favor o f th e m , a n d even m ore fam ila r w ill tho ob jec tio n s o f tho railroads
an d their cou nter d e m a n d th a t cortain privileges now en joy ed b y thoir m ou
an d certain bases o f p a y m e n t w orked o u t throu gh m a n y years o f c o n te st
b e reconsidered, esp ecially in thcirjrclation to tho ad op tion o f an eight-hou r
day.
T h o m a tte r cam o som o tlirco w eeks ago to a fin al issuo and resulted
in a c om p le to deadlock b etw een tho p a rties. T h e m oans provid ed b y law
for tho m ed iation o f tho con troversy failed an d tho m ean s o f arb itration
for w hich tho law p rovid es wero rejected .
T h o rep resen tatives o f tho
railw ay executives proposed th a t th e d e m a n d s o f tho inon bo su b m itte d
in their en tirety to a rb itra tio n , alon g w ith certain qu estion s o f re a d ju stm e n t
as to p a y and con ditions o f e m p lo y m e n t w hich scorned to th e m to bo eithor
closely associated w ith tho d e m a n d s or to ca ll for ro-considoratlon on thoir
o w n m erits; th e m e n a b so lu tely declin ed a rb itra tio n , esp e c ia lly If a n y o f
th eir estab lish ed privileges w ere b y th a t m ean s to bo d ra w n aga in In qu es
tio n .
T h e law in th e m a tte r p u t n o com p u lsio n u p on th e m .
T h o four
h u n d red th ou san d m en fr o m w h o m th o d e m a n d s p roceed ed h a d v o te d to
strik e i f their d e m a n d s w ere refu sed ; th e strik e w as im m in e n t; it h a s sinco
been se t for th e 4 t h o f S e p tem b er n e x t.
I t a ffects tho m e n w h o m a n th e
freig h t trains on p ra ctic ally eve ry railw ay in th e c o u n tr y .
T h o freigh t
servlco th ro u g h o u t th o U n ited S tates m u st sta n d still u n til th eir places
are fille d , if, indeed, it should p ro ve p ossib le to fill th e m a t a ll.
C ities
w ill b o cu t o f f fro m their food su p p lies, th e w h ole com m erco o f th e n a tio n
w ill b e p a ra ly zed , m en o f eve ry sort an d occ u p ation w ill bo throw n o u t o f
e m p lo y m e n t, cou n tless th ou san d s w ill in a ll lik elih ood bo b r o u g h t, it m a y
be t o tho v e ry p o in t o f sta r v a tio n , an d a tragical n ation al c a la m ity bro u gh t
o n , t o bo ad ded to tho other distresses o f th e tim e , b ecau se n o b asis o f
ac c o m m o d a tio n or se ttle m e n t h as been fo u n d .
J u st so soon as it b ecam e evid e n t th a t m ed ia tio n u n d er th e existing law
h a d faile d an d th a t arb itration h a d been rendered im p ossib le b y th e a ttitu d e
o f th o m en I con sidered it m y d u t y to con fer w ith th e rep resen tatives o f
b o th th e railw ays an d th e b roth erh ood s an d m y s e lf to o ffe r m e d ia tio n , n o t
as a n a rb itra to r , b u t m erely as sp o k esm an o f th e n a tio n , in th e Interest
o f ju stic e , indeed, an d as a friend o f b o th p a rtie s, b u t n o t as ju d g e , o n ly
as th o rep resen tative o f 1 0 0 ,0 0 0 ,0 0 0 o f m e n , w om en an d ch ildren w ho w ou ld
p a y th e price, tho incalcu lable prico, o f loss an d suffering should these few
m on in sist up on ap p roach in g an d con cluding th e m a tte r s in con troversy
b etw een th e m m erely as em p loyers an d e m p lo y e e s, rather th an as p atriotic
citizen s o f the U n ite d S tates lookin g before an d aftor a n d acc ep tin g tho
larger resp onsibility w hich tho pu blic w ould p u t up on th e m .
I t seem ed to m e , in considering th e su b je c t-m a tte r o f tho c o n tro v e rsy ,
th a t th e w holo sp irit o f tho tim o and tho prepon deran t ovidonco o f recent
eco n om ic experience sp ok e for tho eigh t-h ou r d a y .
I t h a s been ad ju d ged
b y th e th ou gh t an d experience o f recent yea rs a tiling up on w hich society is
ju stified in insisting as In th e interest o f h e a lth , e ffic ie n cy , c o n te n tm e n t
an d a general increase o f econom ic v ig o r.
T h o w hole presu m p tion o f
m odern experience w o u ld , it seem ed to m e , b e in its f a v o r , w liother tliero
w as arb itration or n o t, a n d th o d e b atab le p o in ts to settle w ero thoso w hich
arose o u t o f tho accep tan ce o f th e eight-hou r d a y , rather th an those w hich
a ffe c te d its estab lish m en t.
I therefore proposed th a t th o eigh t-h ou r d a y
bo a d o p te d b y th e railw ay m a n a g m en ts and p u t in to p ra ctice for tho pres
en t as a su b stitu te for tho existing ten -h o u r basis o f p a y an d service; th a t
I sh o u ld a p p o in t, w ith th e perm ission o f tho C ongress, a sm a ll com m ission
t o observe tho results o f tho ch ango, carefu lly stu d y in g th e figures o f tho
altered op erating costs n o t o n ly , b u t also tho con ditions o f lab or under
w hich tho m on w orked an d tho operation o f their existing agreem ents w ith
tho railroad s, w ith Instructions to report tho fa c ts as th e y foun d th e m to
th e C on gress a t th e earliest possiblo d a y , b u t w ith o u t reco m m e n d a tion ;
an d th a t after th e fa c ts h ad been thu s disclosed an a d ju stm e n t should in
som o ordorly m ann er bosough t o f all th e m a tte rs n ow le ft u n a d ju ste d b e
tw een th e railroad m anagers an d tho m e n .
T h e se p roposals wero ex a c tly in lin e, it is interesting t o n o te , w ith tho
position taken b y tho Su prem e C o u r t o f tho U n ited S tates w hen ap pealed
to to p ro te ct certain litigan ts from tho financial losses w hich th ey co n fid en tly
expected if th ey should su b m it to th e regu lation o f their charges an d o f
their m eth od s o f service b y p u b lic legislation .
T h e C o u r t has held th a t it
w ou ld n o t un dertak e to form a ju d g m e n t up on forecasts, b u t cou ld baso its
action on ly up on actu al experience: th a t it m u st be sup plied w ith fa c ts, n o t
w ith calcu lation s an d op in io n s, how ever scien tifically a tte m p te d .
To
u n dertak e to arb itrate tho q u estion o f tho a d op tion o f an eigh t-h ou r d a y in
tho lig h t o f results m erely estim ated an d p redicted w ou ld be to undertake
an enterprise o f con je ctu re.
N o w ise m a n cou ld u n d ertak e it o r , if he did
u n d ertak e it , cou ld feel assured o f his con clusions.
I u n h esitatin gly offered tho frien d ly services o f tho A d m in istra tio n to th e
ra lw a y m anagers to see to it th a t ju stice w as done th e railroads in tho
o u tc o m e .
I felt w arran ted In assuring th em th a t no ob stacle o f law w ould
bo suffered to stand in tho w a y o f their increasing their revenues to m eet
tho expenses resulting from tho ch ange so fa r as th e d e velop m en t o f their
business an d if their a d m in istrative e fficie n cy did n o t p ro ve ad oqu ato to
m eet th e m , the p u b lic , an d tho rep resentatives o f the p u b lic , I felt ju stified
In assuring th e m , wero disposed to n oth in g b u t Justice in such cases and
wero w illing to servo thoso w ho served th em .
T h e rep resentatives o f the broth erhoods a ccep ted th e p la n , b u t tho
representatives o f tho railroads declined to a cc ep t It in th e face o f w h at
I c a n n o t b u t regard as th e practical certain ty th a t th e y w ill be u ltim a te ly
ob liged to accep t tho eight-hou r d a y b y tho concerted action o f organized
la b o r , backed b y th e favora b le ju d g m e n t o f so c ie ty .
T h e representatives
o f tho railw ay m an a gem en t h avo felt ju stified in declining a p eaceful settle
m e n t w hich w ould engago all tho forces o f ju stice , pu blic an d p riv a te , on
their sldo to take care o f th e ev e n t.
T h e y fear tho h ostile influence o f
shipp ers w h o w ould bo op posed to an increase o f freight r a te s, for w h ich ,
h o w e ver, o f course, th e pu blic itself w ould p a y .
T h e y ap p aren tly feel no confidence th a t the In te r -S ta te C o m m e rc e C o m
m ission could w ith stand the objection s th a t w ould be m a d e .
T h ey do not
care t o rely u p on tho friend ly assurances o f tho C ongress or tho P resid ent.
T h e y h a ve th ou gh t it best th a t th ey should bo forced to y ie ld , if th ey m u st
y ie ld , n o t b y cou n sel, b u t b y the suffering o f the co u n tr y .
W h ile m y con
ferences w ith th em were in progress, and w hen to all ou tw ard appearance
thoso conferences had com e to a stan d still, th e rep resentatives o f the
broth erhoods su d d en ly acted an d se t tho striko for S e p t. 4 .
T h o railw ay m anagers based tholr decision to reject m y counsel in this
m a tte r upon their con viction th a t th e y m u st a t a n y cost to th em selves or
to tho cou n try stan d firm for th e principle o f arb itration , w hich tho m on
h ad rejected .
I based m y counsel up on tho indisp utable fa c t th a t there
w as n o m ean s o f ob tain in g a rb itration .
T h e law sup plied none; earnest
efforts a t m ediation had failed to influence the m en in the lea st.
T o stan d
firm for tho principle o f arb itration an d y e t n o t g e t arb itration seem ed to
m o fu tile , an d som eth in g m ore th an fu tile , because it In volved incalculable
distress to tho cou n try an d con sequ ences in som e resp ects w orse than
thoso o f w ar, an d th a t In tho m id st o f p eace.
I yiold to no m an in firm adherence, alike o f con viction an d o f pu rp ose, to
th e principle o f arb itration in industrial d isp u tes; b u t m a tte rs h a ve com e
to a sudden crisis in th is particu lar disp u te an d th e cou n try has
been ca u g h t un provid ed w ith a n y p racticable m ean s o f enforcing th a t
con victio n in practice (b y w hoso fa u lt w e will n o t now sto p
to
in q u ir e).
A situation h ad to bo m o t , w hose elem en ts an d fixed c o n
d ition s wore indisp utable.
T h e p ractical an d p atriotic course to pur
su e . a s it seem ed to m o, w as to securo im m ed iate peace b y con cedin g the
one th in g in th e d e m a n d s o f th e m en w hich society ltseir a n d a n y arb itrators
w ho rep resented p u b lic sen tim en t wero m o st lik ely to ap p rovo an d im m ed i
a te ly lay tho fou n d ation s for securing arb itration w ith regard to everyth in g
else in v o lv e d .
T h e e ve n t has con firm ed t h a t J u dgm on t.
I w a s seek in g to com p oso th e present in order to safegu ard th e fu tu re , for
I w ished an atm osp h ere o f peace and friend ly co-op eration in w hich to tak e
counsel w ith tho rep resentatives o f th e nation w ith regard to tho b est
m ea n s for p ro v id in g , so fa r a s it m ig h t p ro ve possiblo to p ro vid e again st
tho recurrence o f such u n h a p p y situ ation s in tho fu tu re— th e b e st an d m o st
p ra ctic ab le m oan s o f securing calm an d fair arb itration o f a ll indu strial
d isp u tes in th e d a y s to c o m e .
T h is Is assu redly th e b e st w a y o f vin d icatin g
a prin cip le, n a m e ly , h a v in g fa ile d to m a k e certain o f its observance in th e
p re sen t, to m a k e certain o f its ob se rvan c e in th e fu tu re .
B u t I c o u ld o n ly pro p ose.
I co u ld n o t g ov ern th e w ill o f o th e rs, w h o
took an entirely d ifferen t view o f th e circu m stan ces o f th e case , w h o e ve n
refused to a d m it th e circu m stan ces t o b e w h a t t h e y h a v e turned o u t to b e .
H a v in g fa ile d to bring th e p a rties to th is critical c on troversy t o a n
a cc o m m o d a tio n , therefore, I tu rn t o y o u , d e em in g it c learly ou r d u t y as
p u b iic se r v a n ts to le a v e n o th in g u n d o n o th a t w o c a n d o to s a fe g u a r d th e
life an d Interests o f th e n a tio n .
I n th e spirit o f su ch a p u rp ose , I earn estly
r eco m m e n d th e follow in g legislation :
F ir st, im m ed iate provision for th o en largem en t an d ad m in istra tiv e reor
gan ization o f th e In te r -S ta te C o m m e rce C o m m ission alon g th e lines e m
bod ied in th e bill rece n tly passed b y tho H o u se o f R ep rese n tatives an d now
aw aitin g action b y th e S e n a te; in order t h a t tho C om m ission m a y b e
en abled to d eal w ith th e m a n y g rea t an d variou s d u ties now d e v o lv in g
up on it w ith a pro m p tn ess an d thorough ness w hich are w ith its p re sen t
con stitu tion a n d m ean s o f action p ra ctic a lly im possible.
S e con d , th e e sta b lish m en t o f a n eig h t-h o u r d a y as th e legal b asis alike
o f w ork a n d o f w ages in th e e m p lo y m e n t o f all railw ay em p loy ees w ho are
a c tu a lly en gaged in th e w ork o f op eratin g train s in in te r-S ta te tran sp orta
tion
T h ir d , th e au th orization o f th e a p p o in tm e n t b y th e P resid en t o f a sm a ll
b o d y o f m on to ob se rve th e ac tu a l results in experience o f the a d op tion o f
th o eigh t-h ou r d a y in railw ay tran sp ortation alike for th e m en and for th e
railroad s, its effe c ts in th e m a tte r o f op eratin g costs, in th e ap plication o f
th e existing practices an d agreem en ts to th o new con ditions an d in all
oth er p ra ctical a sp e c ts, w ith th e provision th at th o investigators sh all
rep ort their con clusions to th e C on gre ss a t th e earliest possiblo d a te , b u t
w ith o u t reco m m en d a tion as to legislative a c tio n , in order th a t the p u b lic
m a y learn fr o m an u n prejud iced sou rce ju s t w h a t actu al d e velop m en ts h a v e
en sued.
F o u rth , exp licit a p p r o v a l b y th o C on gress o f th e con sid eration b y th e
In te r -S ta te C o m m e rc e C o m m issio n o f an increase o f freight rates to m e e t
such ad dition al expenditu res b y th e railroads as m a y h a vo been rendered
n ^ e s s a r y b y tho ad op tion o f th e eigh t-h ou r d a y , an d w hich h avo n o t been
o ffse t b y a d m in istr a tiv e re a d ju stm e n ts an d e co n om ics, should th e fa c ts
disclosed ju stify th o increase.
F ift h , an a m e n d m e n t o f tho existin g Federal s ta tu te w hich p ro vid es fo r
th o m e d ia tio n , con ciliation an d arb itration o f such con troversies as th e
p re sen t, b y ad d in g to it a p rovision th a t in case th e m eth o d s o f a c c o m m o
d a tion now pro vid ed for should fa il, a fu ll p u b lic in vestigation o f tho m erits
o f e v e ry su ch d isp u te shall be in stitu ted an d com p leted before a striko or
lock o u t m a y law fu lly be a tte m p te d .
A n d six th , th e lod gm e n t in th e h a n d s o f th e E x e c u tiv e o f th e p o w e r, in
case o f m ilita r y n e cessity , to ta k e con trol o f such portion s an d such rollin g
stock o f th e railw ays o f tho co u n try as m a y bo required for m ilita ry use
an d to op erate th e m for m ilita ry p u rp ose s, w ith au th ority to d ra ft in to th e
m ilita r y service o f th e U n ite d S ta te s such train crew s and ad m in istrative
officia ls as th o circu m stan ces require for their safe and efficient use.
This last suggestion I m a k e b ecause w e can n ot in an y circu m stan ces suffer
tho n a tion to bo ham p ered in th e essen tial m a tte r o f nation al d efense. A t
tho p resen t m o m e n t circu m stan ces render th is d u ty p a rticu la rly o b v io u s.
A lm o s t tho en tire m ilita r y force o f th e n a tion is station ed up on th o M e x ica n
border to gu ard ou r territory ag a in st h o stile raid s.
I t m u st be su p p lied ,
an d stea d ily su p p lie d , w ith w h atev er it needs fo r its m ain ten an ce an d
efficiency.
I f it sh o u ld b e n ecessary for p u rposes o f n a tion al defense t o transfer a n y
portion o f it up on short n o tice to som e other p a rt o f th e c o u n tr y , for reasons
n ow u n foreseen , a m p le m ean s o f tran sp ortation m u st be a v a ila b le , an d
a v a ilab le w ith ou t d e la y .
T h e p ow er conferred In th is m a tte r should b e carefu lly an d exp licitly
lim ited to cases o f m ilita r y n e c e ssity , b u t in all such cases it should be clear
an d a m p le.
T h ere is on e oth e r th in g w e sh o u ld d o if w o are tru e ch am p ion s o f a rb i
tr a tio n .
W o sh o u ld m a k e all arb itral aw ards ju d g m en ts b y record o f a
cou rt o f law in order th a t th eir in terp retation and en forcem ent m a y lie ,
n o t w ith one o f th e p a rties to th e arb itration , b u t w ith an im p artial an d
a u th o rita tiv e tribun al
T h e se th in gs I urge up on y o u , n o t in h a ste or m erely as a m ean s o f
m e e tin g a p resent em erg en cy, b u t as perm anen t and necessary a d d ition s
to th e law o f th e la n d , su g g ested , in d e e d , b y circu m stan ces w e h ad hop ed
n ever to see, b u t im p erative a s w ell as j u s t , if such- em ergencies are to be
p re ven ted in th e fu tu re.
I feci t h a t
v •*' u m e n t Is needed to c om m en d th e m to y o u r
favora b le con sid eration.
T h e y de m o n strate th em selve s.
T h e tim e an d
tho occasion on ly g iv e em ph asis to their im p ortan ce.
W e need th e m now
n d w o shall con tin u e to need th e m .
P O S IT IO N OF T H E R A IL R O A D S R E G A R D IN G A D J U S T
M E N T OF T R A I N M E N ' S C O N T R O V E R S Y .
The facts leading up to the failure of President Wilson to
bring about a settlement of the differences between the
trainmen and the railroad executives are detailed in another
column. The position of the railroads in the controversy,
as we indicate therein, are set out in a statement issued
to the public by the Committee of Railroad Presidents
on Tuesday, Aug. 29; in this statement the railroads explain
the roasons for their non-acceptance of President Wilson’s
proposals, and present their plans for a counter proposal.
Below is the statement of the railroads embodying their
proposals:
W o are u n a b le , a fte r th o m o st earnest con sid eration , to agree w ith the
p roposal o f th o P resid ent o f th e U n ite d S ta te s, w hich is th a t w e a c c e p t,
w ith o u t a r b itr a tio n . " th e su b stitu tion o f an eig h t-h o u r d a y for th e present
te n -h o u r d a y in all o f tho existing p ractices and a g r e e m e n ts."
T h is is th e
m a in p o in t in c o n tro v e rsy , an d w e c a n n o t surrender it w ith o u t an op p or
tu n ity to bo heard in so m e form o f fair arb itration .
W o d o n o t assen t t o th e sta te m e n t th a t the e ig h t-h o u r d a y " n o w u n
d o u b te d ly h as th o san ction o f th e Judgm ent o f society in its f a v o r .”
We
b elieve t h a t society h as n o t y e t recorded its ju d g m e n t up on th is su b je c t.
W o are n o t. in th is co n tro v ersy , h o w e ver, dealin g w ith con ditions relating
to th o e ig h t-h o u r d a y in th e in d u strial w orld .
T h e difference b etw een
tho e ig h t-h o u r d a y in business an d m an u factu rin g interests an d in th e rail
road train service d a y h a s been fu lly e xp la in ed .
T h e railroad d a y is a basis
for c o m p u tin g p a y a n d o v e r tim e , th e len gth o f d a ily service bein g con trolled
b y variab le con dition s.
T h e d e m a n d s in v o lv e d in th is c on troversy h a v e n o t been presen ted . In
o u r Judgm on t, for th e pu rpose o f fix in g a d efin ite d a lly period o f lab or nor a
red u ction in th e existin g hours o f lab or or ch ange in m e th o d s o f op eration ,
b u t for th e real pu rpose o f a cc om p lish in g an increase in w ages o f ap p roxi
m a te ly $ 1 0 0 ,0 0 0 ,0 0 0 per a n n u m , or 3 5 % for the m e n in railroad freight
tra in an d y ard service represented b y th e lab or orga n ization s in th is m a tte r.
A fte r careful ex a m in a tio n o f th e fa c ts an d p a tie n t an d con tin u ou s con
s u lta tio n w ith th e con ference c o m m itte e o f m anagers a n d am o n g ou rselves,
w o h a v e reac h ed a clear u n d erstan d in g o f th e m agn itu d e o f th e qu estions
an d o f the seriou s con sequ ences to th e railroad s an d to th e p u b lic in volve d
In a decision o f th e m .
_
,
_
...
A s trustees fo r th e p u b lic served b y our lin es and for th e great m ass o f the
less pow erfu l e m p loy ees (n o t less th an 8 0 % o f the w hole nu m ber) interested
in th e railroad w ago fu n d — as trustees also for the m illion s o f p eop le th a t
h a v e in v e ste d th eir sa v in g s an d ca p ita l in th e bon d s an d stock s o f these
p ro p erties a n d w h o , th rou gh th e sav in g s b a n k s, tru st com p an ies and in
surance co m p a n ies are v ita lly interested to th e extent o f m illion s o f dollars
in th e in teg rity a n d so lv e n c y o f th e railroads o f th e c o u n tr y , wo can n ot in
conscience surrender w ith ou t a hearing th e prin cip le in v o lv e d nor undertake
t o tran sfer th e en orm ous cost th a t w ill resu lt to th e tran sp ortation o f the
B r o th e r h o o d o f L o c o m o t iv e E n g in e e rs.
B r o th e r h o o d o f L o c o m o t iv e F irem on a n d E n g in e m o n .
O rd er o f R a ilw a y C o n d u c to rs .
B r o th e r h o o d o f R a ilw a y T r a in m e n .
A u g u st 14 1916.
To all local C h airm en, m em bers and others em ployed in classes o f service
represented by the B. o f L . F ., B. o f L . F . A E ., O. R . C ., and B. R. T ..
S irs and Brothers.— 'T h is is t o a d v is e th a t th e v o t e o f th e e m p lo y e e s in
tra in an d en gine s e r v ic e o n th e e ig h t-h o u r d a y and tim e a n d o n e -h a lf fo r
o v e r t im e p r o p o s itio n w as o v e rw h e lm in g ly in fa v o r o f a strik o.
N o tw ith s ta n d in g th is, y o u r re p re se n ta tive s h a v e been u n a b le to e ffe c t
a s a tis fa c to r y s e ttle m e n t, and a s trik o u n d e r th e law s o f tho re s p e c tiv e
o rg a n iz a tio n s b e c o m e s e ffe c tiv e S e p te m b e r 4 1916 a t 7 A . M .
I m p a r t this in fo r m a tio n so th a t th o se in te re ste d w ill u n d e rsta n d th a t
com m erce o f th e c o u n try .
T h e eigh t-h ou r d a y , w ith o u t p u n itiv e o v e r tim e , in volve s an an nual in
crease ap p ro x im a tin g in th e aggregate $ 6 0 ,0 0 0 ,0 0 0 an d an increase o f m ore
th a n 2 0 % in th e p a y o f m e n , a lread y tho m o st h ig h ly p a id in th e trailsp o rta tio n service .
T h e u ltim a te c o st to tho ra ilro a d s’ o f an ad m ission in
th is m ann er o f tho prin cip le under con ten tion can n ot now bo estim ated ;
th o effect u p on th e effic ie n cy o f tho tran sp ortation o f th o cou n try now
un der severe test un der th o tid e o f bu sin ess now m o v in g a n d a t a tim e
w hen m ore instead o f less effort is required for th e p u b lic w elfare, w ou ld bo
h a rm fu l b ey on d calcu la tion .
. .
T h o w idespread e ffect u p on tho indu stries o f tho co u n try as a w hole is be
y o n d m easu re or a p p raisem en t a t th is tim e a n d w e agree w ith th e insistent
an d w idespread p u b lic concern over th o g r a v ity o f tho situ ation a n d tho
con sequ en ces o f a surrender b y th e railroad s in th is em ergem j .
In liko m a n n e r, w e arc d e ep ly im pressed w ith th e sense o f our resp onsi
b ility to m a in ta in an d k e ep open th e arteries o f tran sp ortation , w h ich carry
th o life -b lo o d o f th e com m erc e o f th e cou n try an d o f th e consequences th a t
w ill flow fr o m eve n a tem p orary interru ption o f service over th e railroad s,
b u t th o Issues presented h a v e been raised a b o ve a n d b e y o n d th o social and
m o n e ta r y q u estio n s in v o lv e d , a n d th e resp on sib ility for th e con sequ ences
th a t m a y arise w ill rest u p on thoso th a t p ro vok e it.
T h e q u estio n s in v o lv e d are, in ou r resp ectfu l ju d g m e n t, em in e n tly su it
a b le for tho c a lm in v e stig a tio n an d decision b y th e p u b lic th ro u g h th e
a g e n c y o f fair a rb itra tio n , an d c a n n o t be disp osed o f to th o p u b lic sa tis
fa c tio n in a n y other m a n n e r.
T h o decision o f a co m m issio n or b oard o f
a rb itra tio n h a v in g tn o p u b lic con fid en ce w ill bo acc ep ted b y th o p u b lic ,
a n d th e social an d fin an c ia l rearran gem en ts m a d e n ecessary th ereby
w ill b o u n dcraken b y th e p u b lic , b u t in no less deliberate nor o rd erly
m an n er.
, .
T h o railroad s o f th e co u n try can n ot un der present con d itio n s a ssu m e t n i
on orm ou s increase in their exp en ses.
I f im p osed upon them it w ou ld in v o lv o m a n y in early fin an cia l em b a rra ssm en t and b a n k r u p tc y a n d im p eri
th e pow er o f all to m a in ta in their cred it an d th e in te g rity o f their secu rities.
T h o im m e d ia te incroase in c o s t, foH ow ed b y other increases th a t w otild
c
in e v ita b le w o u ld su b sta n tia lly a p p rop ria te th e present p u rch a sin g p o w e r o f
th o railroad s an d d isab le th em fr o m e x ten d in g an d im p r o v in g their facili
ties a n d e q u ip m e n t, to k e ep ab r east o f th o d e m a n d s o f th e c o u n tr y for
e ffic ie n t tr a n sp o r ta tio n service.
F o r th ese reasons w e are w ith deep regret u n ab le to acc ep t th e su g gestio n
m a d e b y tho P resid en t o f th o U n ite d S ta te s.
W e p ro p o se , h o w e v e r, as a b asis o f se ttle m e n t, th e follo w in g.
(a) T h e railroad s w ill, e ffe c tiv e S e p t. 1 1 9 1 6 , keep th e tim e o f all m en
rep resented in this m o v e m e n t u p on an e igh t-h ou r basis an d b y sep arate
a c c o u n t, m o n t h ly , w ith each m a n , m a in ta in a record o f tho difference be
tw e e n th o m o n e y a c tu a lly earn ed b y h im on th e present basis an d th e
a m o u n t th a t w ou ld h a v e been earned u p on an e igh t-h ou r b asis
o v e rtim e o n
each basis to b e c o m p u te d p ro r a ta .
T h e a m o u n ts so sh ow n w ill bo su b je c t
to th o decision o f tho co m m issio n p ro v id ed for in paragrap h (c) o f th is
m e m o r a n d u m an d p a y a b lo in m o n e y as m a y bo d irec te d b y said c om m ission
in its fin d in g s an d d e cision .
.
,
, „
(b) T h o In te r -S ta te C o m m e r c e C o m m issio n to su p e r v ise tho k e ep in g ot
th ese a cc o u n ts an d rep ort th o increased cost o f th o eigh t-h ou r b a sis, after
su c h period o f a c tu a l experience as their ju d g m e n t ap p roves or th e 1 resident
m a y f i x , n o t, h o w e v e r, less th an threo m o n th s.
(c) I n view o f the far-reach in g con sequ ences o f tho declaration m a d e b y tho
P r esid en t a cc ep tin g the eigh t-h ou r d a y n o t o n ly u p on tho railroad s an d tlio
classes o f lab or in v o lv e d d ire c tly in this co n tro v ersy b u t to th e p u b lic and
u p o n all in d u s tr y , it seem s p lain th a t before th o e xistin g con d itio n s are
ch an ged tho w h ole su b je c t in so fa r as it affects th o railroad s an il their
e m p lo y e e s sh o u ld bo in v e stig a te d an d d e te rm in ed b y a co m m issio n to be
a p p o in te d b y tho P resid ent o f su ch sta n d in g as to c o m p e l a tte n tio n and
resp ect to its fin d in g s.
T h e ju d g m e n t o f su c h a com m ission w ou ld b e a
h e lp fu l b asis for a d ju stm e n ts w ith lab or an d such legislation as in tellige n t
p u b lic o p in io n , so in fo r m e d , m ig h t d e m a n d .
T h o railroad s w ill acc ep t th e fin d in g s o f su c h a co m m issio n u p on th e issue
o f an e ig h t-h o u r basis o f p a y as com p ared w ith th o p resent b a sis, as w ell as
u p o n a n y oth e r m a tte r s n ow in co n tro v e rsy th a t m a y bo s u b m itte d to it b y
eith er p a r ty .
,
,
T lio co m m issio n sh o u ld con sist o f not less than fiv e m em b er s an d should
also bo au th orized to hear an d d e te rm in e all qu estion s th a t m a y arise in the
a p p lic a tio n o f the fin d in g s o f said co m m issio n or in th e w ork in g o u t o f such
p la n as it m a y p ro p ose.
T h o p resid ents o f th o railroad s aro prepared to con tin u e negotia tion s on
th o su b je c t w ith gen u in e a n x ie ty , w ith in th e lim its o f their con victio n ab o v e
exp ressed , to fin d a so lu tio n o f th o situ a tio n .
In another formal statement the railway presidents
announced:
T h e situ a tio n crea te d th rou gh th e issu an ce o f th o strik e order b y tho
b ro th e rh o o d s m a k e s it necessary t h a t th e railroad executives retu rn to thoir
h o m e s to p r o te c t their p rop erties in th o e m e r g e n c y im p en d in g; as a conse
q u e n c o th o y a r e p lan n in g for an early d e p artu re .
TEXT
OF
ORDER
C AL LIN G
T R A IN M E N ’S
S T R IK E
4.
Below we give tho text of the striko order issued on Mon
day, August 28, to the Chairmen of tho four railroad Brother
hoods, fixing September 4 as the date when the trainmen’s
strike, would become effective. Tho order bears date
August 14, and was accompanied by instructions to officers
and mombers of the brotherhoods as to their duties incidental
to the strike. The strike order is as follows:
SEPTEMBER
th o y aro t o p r o m p t ly o b e y .
F ra te rn a lly y o u r s ,
.
.
G e n e r a l C h a ir m a n .
The instructions to members of the brotherhoods govern
ing their conduct in the event of a striko as presented to
the G40 brotherhood chairmen with tho above order is
annoxed:
Sirs and B ro th ers:
, „ „
.
. .
I n c o n n e c tio n w ith th e striko y o u w ill o b s e r v o tho fo llo w in g in stru ctio n s.
D u tie s o f M e m b e r s .
1. N o m an in ro a d se rv ice in v o lv e d in th o s trik o w ill p e rfo rm a n y s ervice
a fte r th o h o u r set t o strik o , unless ho has alre a d y b e g u n a tr ip a n d has
a c tu a lly le ft th e term in al. I f th o train h a s le ft th o term inal h o w ill c o m
p le te th o trip a n d d e liv e r th o engine a n d train a t th e end o f tho ru n , o r
tie -u p p o in t, i f tied u p u nd er th o la w , a fte r w h ich ho w ill p e rfo rm n o fu rth e r
serv ice u n til th e clo s e o f th e strik o. M e n in o th e r th a n r o a d s e rv ico w ill
le a v o th e serv ico a t th o a p p o in te d tim e.
S o fa r as y o u r legal rig h t t o striko is c o n ce rn e d , there is n o d iffe re n ce
be tw e e n a m a il train an d a fre igh t train . Y o u h a v e id e n tica lly th e sam e
rig h t t o refu se t o p e rfo rm serv ico o n a m ail train as y o u h a v e t o refu se to
p e rfo rm service o n a fre igh t train .
2. A ll m en o n strik o w ill k e e p a w a y fro m th e c o m p a n ie s p r o p e r t y ,
e x c e p t su ch m en as aro d esign ated certa in du ties to bo p e rfo rm e d b y a u th o r
ity o f th e o rgan ization .
3. E v e r y m an sh o u ld u n d erstan d th a t tho law s o f th o lan d m u st b o
o b e y e d . A c t s o f v io le n ce o f a n y natu ro w ill n o t bo to le ra te d b y th o
o rg a n iz a tio n s .
,
4 . T h o lo ca l represen tatives w ill arrango fo r a hall fo r m e e tin g p u rposes
a t all term in als, u sin g o n e o f th eir o w n lo d g e r o o m s if a v a ila b le . I m
m e d ia te ly a fte r th o strike b e c o m e s e ffe c tiv e all m en w ill assem ble a t tho
hall secu red fo r m eetin g p u rp o se s.
W h en tints assem bled an org a n iz a tio n
w ill b o p e r fe cte d b y th o e lection o f a C h a irm a n , V ice-C h a irm a n a n d
Secretary
N o person w ill b o p e rm itte d t o b o preson t in tho m e e tin g
halls o th er th an th o so w h o aro o n striko e x c e p t b y perm ission o f th o assem rf T h o Secretary w ill arrange a roll ca ll (a lp h a b e tica lly ) w ith each o r g a n
iza tion o n a separate sheet. R o ll w ill bo ca lle d tw ice d a ily , m orn in g a n d
a fte rn o o n . T h e nam es o f th e n o n -m e m b e rs w ill be k e p t se p a ra te o n th o
roll fro m th o nam es o f th o so w h o are m e m bers o f th o orga n iza tio n s. A ll
strikers w ill b e requ ired t o answ er th o r o ll c a ll, an d also t o lie in th o halls,
w h ere halls are p r o v id e d , du rin g th o d a y at all tim es, unless excu sed b y
co m m itte e a c tio n o r b y C h airm an o f th o m e e tin g . T h o S e cro ta ry w ill
also k e e p a r e co rd o f th o pro ce e d in gs fro m d a y t o d a y .
6 . In th o c o n d u c t o f e v e r y striko there aro n u m erou s irresp on sible p e r
sons n o t m em bers o f th e o rg a n iza tio n s, w h o take o cca s io n to engage in
a c ts o f v io lo n ce an d d iso rd e rly c o n d u c t , a n d su ch a ctio n s are usua y
a ttrib u te d t o m em bers o f th e orga n iza tio n s, an d g reat care s h o u ld be
tak en b y e v e ry m e m b e r o f th o orga n iza tio n s t o a v o id associa tin g w ith
su ch person s, an d su ch c o n d u c t sh o u ld bo d isco u ra g e d s o as n o t t o c a s t
rep roach u p o n th e cause.
.
7. S o m o railroad o ffic ia ls m a y e n d e a v o r t o co e r ce o r m islead th o m en b y
asserting th a t m en a t o th e r p o in ts h a v e n o t q u it o r th a t th e y h a v e retu rn ed
t o w o rk . Such in fo rm a tio n sh o u ld b o d is c o u n te d , an d a ll strikers sh o u ld
a p p ly t o th oir o ffic e r s an d co m m itte e m e n fo r in fo rm a tio n a n d b o g o v e r n e d
a c c o r d in g ly , an d n o m e m b e r o r n o n -u n io n m an w ill return t o w o rk u n til
th o striko is o ffic ia lly d eclared o f f , w hen all w ill return t o w o rk a t th o sam o
tim e w ith o u t p r e ju d ice an d w ith all fo rm e r righ ts.
D u tie s o f Local C hairm en.
1. T h o lo ca l C h airm en o f each orga n iza tio n o n each d iv isio n o f railroad
w ill jo in t ly su pervise tho p ro se cu tio n o f th o strik o o n th o te r rito r y o v e r
w h ich th e y h a v e ju r is d ic tio n .
..
2 . L o c a l ch a irm e n aro e x p e cte d t o k eep in clo se to u c h w ith th o s itu a tio n
a n d uso e v e ry h o n o ra b le e ffo r t t o fu rth er the ca u se , a n d w ill re p o rt d a i l y ,
p r e fe ra b ly b y n igh t le tte r , t o their resp e ctiv e gen eral c h a irm a n as t o th o
c o n d itio n o f a ffa ir s . W h e re v e r it is p ossib le fo r th o fo u r lo ca l ch airm en
t o r e p o rt t o th o fo u r general ch airm en jo in t ly in o n o co m m u n ic a tio n it
sh o u ld b o d o n e .
,
,
, ,
3 E x p en se in cu rre d fo r teleg ra m s w ill b o bo rn o jo in t ly .
4.
W h e n d e e m e d a d v is a b le th e fo u r lo ca l ch a irm e n w ill agreo u p on
a ssista n t c h a irm e n fo r th eir re sp e ctiv e orga n iza tio n s t o b o lo ca te d a t o u t
ly in g p o in ts , a n d said assistant ch airm en w ill r e p o r t t o th eir re sp e ctive
lo c a l ch a irm e n .
,,
. . ____
5 C le a rly d o fin e d cases o f d is lo y a lty o r in e ffic ie n c y o n th o p a r t o f a n y
re p resen tative o f th e org a n iz a tio n s h o u ld b o rep o rte d to th o o th e r organ z a tio n s, an d necessary a c tio n eith er as t o d is cip lin e o r t o s a fo ty m easures
tak en a t o n c e .
D u ties o f General Chairm en.
1. T h o general ch a irm e n o f each railroad in v o lv e d in tho striko w ill
su pervise an d b e re spon sible fo r th o c o n d u c t o f th o s trik o u p o n th e lin o
o f r a ilro a d o v e r w h ich h e has ju r is d ic tio n , an d w ill m ak e rep orts b y n igh t
le tte r t o tho gran d o ffic e r h a v in g gen eral su p ervision o v e r th a t 1 no o f
r o a d . E x p en se in cu rred b y so d o in g w ill b o p a id In a c c o r d a n c e w ith th o
la w s o f th o r e s p e ctiv e o rg a n iz a tio n s.
,
, .. , ,„ rnnln2 O n roa d s w here, becau se o f th o nu m ber o f strikers in v o lv e d , it b e co m es
n ecessary fo r th e general ch a irm a n t o h a v e assistants, 1 m m a y de sign a te
o th e r o ffic e r s a n d m em bers o f th e general c o m m lttc o or a jo in t n a u , as
in h is ju d g m e n t m a y b o necessary t o su ccessfu lly ca rry on th o strik o .
3 In th e absen ce o f in s tru ctio n fro m tho gra n d o ffic e r in ch arge o f th e
d is tric t, th e general ch a irm e n w ill agreo a m o n g th em selves as t o th e P oin ts
at w h ich th e y w ill b e lo ca te d d u rin g th o strik o an d th e y w ill im m e d ia te ly
a d v is o th o o ffic e r in ch arge o f th e d is tric t an d ea ch o f th eir lo ca l ch airm en
w hero th o y a rc lo ca te d , an d p r o p e r add ress. T h e fo u r Kcneral ch airm en
sh o u ld k e e p each o th e r a d v ise d as fa r as p o ssib le as t o thoir lo ca tio n o r
m ov em en ts.
o f Grand O fficers.
T h o gran d o ffic e r s o f th o fo u r orga n iza tio n s w ill bo assigned t o certa in
d istricts an d each gra n d o ffic e r s o assigned w ill h a v e genoral su p e rv ision
o f th o strike In his re sp e ctive d is tric t a n d o v e r all m om bors o n s trik o a n a
oth ers a ssocia ted w ith th em in th a t d istrict.
G ran d officers w ill keep the executives o f tho four o rg a n iza tio n s a d v ise d
o f th o exact situ ation in th eir d istrict.
A ssign m en t o f Grand O fficers.
G ra n d officers w ill bo assigned to th e follow in g cities: B o s t o n , C h ic a g o ,
N e w Y o r k , S t. L o u is, W a s h in g to n , B a tlm o r e , R ic h m o n d , K a n s a s C i t y ,
N e w O rleans, A tla n ta , H o u sto n , C in c in n a ti, P ittsb u r g h , D e n v e r , B u ffa lo ,
D e tr o it, L o s A n geles, S t. P a u l, San F rancisco, S e attle an d P o r tla n d ,
F r atern ally you rs,
A . B . G A R R E T S O N , P resident O rder R a ilw a y C o n d u c to r s.
W . S . S T O N E , G ran d C h ie f E n gin eer B roth erh ood o f L o c o m o tiv e
E n gineers.
W . G . L E E , P resid ent B rotherh ood o f R a ilw a y T r a in m e n .
W . S . C A R T E R , P resident B roth erh ood o f L o c o m o tiv e F irem en a n d
E n g in e m e n .
_
SAMUEL
REA
ON C O N D IT IO N S
SURRENDER B Y
W H IC H
PREVENT A
T H E R A ILR O AD S.
A lengthy statement in which ho dilated upon the con
ditions confronting the railroads and recited tho reasons
why tho roads had been forced to tho conclusion that it
would be better to force tho alternative of a strike rather
than surrender, was issued on Sunday by Samuel Rea,
President of the Pennsylvania RR. We quote it below:
F o r th e m a n a g em en t o f th o railw ays to yield to th o d e m a n d s an d threats
o f the lab or organizations an d to accep t P resid ent W ils o n ’s proposal w ould
bo to d e stro y a t one blow tho p rin cip le o f arb itration as th e p a ra m o u n t and
recognized m eth o d o f settlin g lab or d isp u tes.
W h a t w ou ld be gained b y
th is trem en dous sacrifice o f sou nd principle w hich in v o lv e s th e righ ts an d
interests o f th e railw ays, o f the great m a jo rity o f their e m p loy ees not
em braced in th e present con troversy an d o f tho A m e ric an p e o p le ?
The
th reaten ed strik e w ould bo p o stp o n e d , it is tru e, b u t w e w ou ld h a ve no
assurance th a t it w ou ld bo p e rm a n e n tly p re v e n te d .
E x c e p t th a t the
p rin cip le o f an e igh t-h ou r d a y w ou ld b e conceded th e issues o f tho con tro
v e r sy now p en d in g w ou ld be le ft u n settled , w hile th e fu tu re o f th e rail
w a y s w ou ld indeed bo rendered u n certain.
T h e s e , in b rie f, are th e reasons w h y th e heads o f tho railw a y s, w ith a full
ap preciation o f th e solem n an d w e ig h ty resp on sib ility resting on thorn, as
w ell as o f th eir d u ty to th e p u b lic an d to their shareholders, liavo been
fo rc e d t o th o conclusion th a t it is b etter to face th e altern a tive o f a strike
th an to surrender.
L e t a n y m an w ho q u e stio n s th o soundness o f th is conclusion con sid er,
in tho lig h t o f th e h istory o f tho la st 10 years, tho position in w hich tho
carriers now fin d th em selves.
T h e grea t lab or m o v e m e n ts cu lm in atin g in th e present one b eg an a
d ecad o a g o , a lm o st sim u ltan eou sly w ith tho ad op tion o f e ffectiv e regu la
tio n .
F r o m t h a t tim e th e m a n a g em en ts h a v e been en gaged in a d esp erate
strugglo to p re ven t net revenue fro m being so im p aired as to de stro y tho
cred it o f th o railw ays an d co m p le te ly stop th eir d e v e lo p m e n t.
A fte r
th o first largo increases in w ages ap p eal w as m a d e to tho I n te r -S ta te C o m
m erce C o m m issio n for ad v a n ce s in r a te s, w hich th o c om m ission in 1911
d e n ied .
E v e n in tho faco o f th is railw ay m an a gers were un d au n ted and
in goo d fa ith ap p lie d all their en ergy an d a b ility to increasing efficien cy.
N e v e r in tho h istory o f a n y in d u stry w as m ore h a r d , con scien tiou s, able
an d successful w ork d o n e to increase e ffic ie n cy th a n h a s been clono on the
ra ilw a y s o f this cou n try d u ring th e la st 10 years.
W h a t h as been tho re su lt?
T h e lab or m o v e m e n t has con tin ued and ono
arb itration b o a r d after an other lias aw arded ad van ces in w ages.
In spite
o f increased e ffic ie n cy th e com p an ies cou ld n o t stan d tho strain and in 1914
aga in ap p ealed to th e In te r -S ta te C om m erce C o m m issio n .
T h is tim e th e
C o m m issio n decid ed th a t th eir earnings were n o t ad eq u a to an d gran ted
sonio ad van ce s in rates, bu t before this relief w as accorded thoro wore m ore
m iles o f railw ay in tho han d s o f receivers than ever before, an d new con
struction h ad reached the low est eb b since the C iv il W a r .
T h is period o f p rofound depression has been follow ed b y a y e a r *of c o m
p a rativ e p rosperity in tho railw ay bu sin ess, duo a lm o st en tirely t o an a b
norm al increase in traffic w hich it is recognized c a n n o t bo p e rm an en t.
A n d n o w , after th is b r ie f period o f p ro sp erity, it is proposed th a t th e roads
shall m a k e sacrifice o f principles an d gran t w ages w hich w ould cause an
increase in expenses th a t w ould w ipe o u t a ll o f tho ad van ce s in rates th a t
h a v e been gran ted and sw eep a w a y tho econom ies th a t liavo been ach ieved
b y tho exertions o f 10 years.
A n d w h o is to g e t th e b en efit o f th is?
T h o p u b lic ?
N o.
A ll the
em p loy ees o f th e r a ilw a y s?
N o.
A singlo grou p o f their e m p loy ees,
co n stitu tin g o n ly a sm all percentage o f tho total n u m b e r, is to g e t all.'
A n d are theso tho poorest p aid em p lo y e e s?
T h e y are v e ry m uch tho
h igh est p a id .
A r e th e y th e m ost lo y a l?
N o t if tho acts o f th e leaders o f
their organizations are to bo accepted as h a vin g their a p p r o v a l, for th e y are
tho v e r y grou p o f em p loy ees w h o, th rou gh their legislative c o m m itte e s,
h a v e been en gaged for years in lo b b y in g a t W a sh in g to n , an d eve ry S ta te
cap ital for fu ll crew , train lim it an d other legislation designed to reduce
tho efficien cy o f op eration , an d w ho a t th is m o m e n t are refusing to arbi
tra te a n d th rea te n in g to tio u p every railroad In tho cou n try and p aralyzo
i t s com m erce a n d In d u stry.
T h e r ailw ays h a v e no assurance if th e y gran t tho d e m a n d for a cou nter
feit eigh -hou r d a y , th a t th e ad d ed burden o f expenso th u s im p osed will
bo offset b y an ad eq u a te increase in rates.
T h e y h a v e no assurance th a t
th ey will sccuro arb itration o f tho other d e m a n d s o f these e m p loy ees.
T h e y h a v e no assu rance th a t th e y will secure arb itration o f their ow n
proposals to tho e m p lo y e e s.
N o r h a v e th e y a n y assurance th a t th e y w ill
b e given protection b y C on gress fro m strikes in futuro.
L e t m o.em p h a size tho fa c t th a t h istory is hut rep eating itself in tho pres
en t crisis, for tw o years ago there w as equ al m en ace o f a striko on the w est
ern road s.
In response to tho ap p eal then m a d e to their p a trio tism tho
railw ay m anagers y ield ed .
N o th in g w as d o n e, cither b y th e P resident
or C ongress as th e result o f th a t exp erience, to p re v en t th e d e v elo p m en t
o f th o like situ ation w hich now again fa ce s tho railw ay m a n a g ers, b u t on
tho Other h a n d , th ey are con fron ted b y v irtu a lly th e sam o u ltim a tu m , an d
th a t th ey shall even sacrifice tho ono rem aining p rin cip le o f arb itration .
T h o railw ays k n ow th a t if th e y yield to tho present d e m a n d s o f a c o m
p a r a tiv e ly sm a ll percentage o f tho to ta l n u m b er o f their em p loy ees th e y
w ill recoivo lik e d e m a n d s from tho rest, an d th a t theso concessions to all
em p loy ees w ill c o st a t least $ 2 0 0 ,0 0 0 ,0 0 0 and p r o b a b ly $ 3 0 0 ,0 0 0 ,0 0 0 a
y ea r.
T h oy. k n o w , to o , th a t if th e y su b m it n ow to th o proposition m a d e
to th em b y tho P resident th o y w ill bo denoun ced b y tho bu sin ess interests
o f th e cou n try for ha vin g given u p th e prin cip le o f arb itration w hen every
fa c to r in th o d isp u te p o in ts to th e ju stice o f their cau se.
C on fron te d b y su c h con d ition s an d borne d o w n b y a solem n sonso o f
th eir resp on sib ility to their em p loy ees to tho business interests o f all
k in d s, to th e 1 0 0 ,0 0 0 ,0 0 0 p coplo o f tho U n ite d S ta te s, a n d to their sto c k
hold ers, w h at cou ld th e h eads o f tho railw ays d o b u t refuso to y ie ld , a n d ,
thon c a lm ly , b u t r esolu te ly, faco tho p ossib ilities o f th o situ a tio n in fu l
con fid en ce th a t their action w ill receivo tho u n q u a lifie d in d o rsem en t an d
su p p o rt o f th o business interests o f th o co u n try an d th o p u b lic a t la rg e ,
w h o h a v e a s y e t been denied all o p p o r tu n ity to bo h eard .
F A IR F A X H AR RISO N ON T H E P R IN C IP L E IN V O L V E D
I N R A IL R O A D C RISIS.
Fairfax Harrison, President of the Southern Railway
Company, in commenting this week upon the principle
governing the stand of the railroads in the present crisis
said:
I g a v e m y in d iv id u a l ad h eren ce to th o u n a n im o u s d e te rm in atio n o f th e
ra ilw a y p resid ents re c e n tly in con ference in W a sh in g to n o n ly a fte r tak in g
th o a d v ic e o f m a n y rep resen tative m en in variou s w a lk s o f life in a ll p a rts
o f th o S o u th , an d w ith a ll oth e r m a n ife sta tio n s o f p u b lic op in ion o f th o S o u th
c o n sta n tly in v ie w .
I in clu d e in th is m y k n ow le d ge th a t th e em p lo y e e s o
Sou th ern R a ilw a y C o m p a n y w h o aro in v o lv e d , a n d w h o still h a v e m y
resp ect an d w hose w elfare is o f th e u tm o st personal con cern to m e , h a v e
not h ad reason to b e , an d in fa c t h a v e not b ee n , d iscon ten ted as a c la ss.
I did n o t ta k e action h a stily or w ith p re ju d ice, b u t a fto r m y ow n b est an d
m o st d e lib erate ju d g m e n t an d w ith fu ll con sciousn ess o f m y resp o n sib ility .
T h o easiest course w o u ld h a v e been to h a ve a ccep ted th e pro p osals m a d o
to th e r a ilw a y s; to h a v e w aived th e prin cip le o f arb itration an d to h a v e
im p osed a h e a v y , n e w , a n d , in m y o p in io n , un necessary burden on Sou th ern
c o m m erc e, w ith th e in evitab le con sequ ence o f p o stp on em e n t o f th o fu ll
d e v e lo p m e n t o f th o ra ilw a y s for tho largest service o f th e w h ole p eop le o f
th e S o u th .
T h e r e are som e w h o b eliev e t h a t im m e d ia te an d tem p or ary
l>eaco a t su ch a price is desira b le.
I a m n o t ono o f t h e m , th ou gh G o d k n o w s.
I a m fo r p e a c e , and h a v e no illu sion s as to w h at indu strial w ar m ean s w hen
th rea te n ed on th e scale o f th e p resent crisis.
In m y ju d g m e n t th o tim e
h a s c o m e to test aga in w h eth er th e A m e r ic a n p e op le are to b e govern ed
b y u n regu lated force or b y la v /.
I risk m y ow n rep u tation on th a t issue,
an d I c o u n t on th e su p p o rt o f a ll sou n d a n d co n serv a tiv e op in ion in th e
S o u th to cou n sel p a tien ce an d en durance o f tem p o r a ry incon ven ien ce w hile
th e tost is being m a d e .
T h e decision m u st lie w ith d elib erate an d ad vise d
p u b lic op inion c rystallized in la w .
W h a te v e r it m a y bo w h en so d e cla red ,
I w ill, o f cou rse, a b id e b y it.
P H I L A D E L P H I A BO U R S E A SICS P A S S A G E B Y C O N G R E S S
OF R A I L R O A D S T R I K E P R E V E N T IO N L E G I S L A T I O N .
On behalf of more than 3,000 manufacturing and shipping
firms of Philadelphia and vicinity comprising its member
ship and of the business interests of its section in general,
tho Philadelphia Bourse, organizer and member of the
Philadelphia Joint Committee on the Reasonable Regulation
of Railroads, sent an urgent appeal on Aug. 29 to Congress
and President Wilson for the immediate passage of legislation
to prevent the threatened railroad employees’ strike. The
Bourse asks for legislation declaring employees of public
service corporations engaged in inter-State business to be
“public servants” and not free to conspire or combine to
leave employment simultaneously, and declaring that all
disputes between such corporations and their employees
must be submitted to arbitration, failure to abide by the
award being punishable by fine or imprisonment. The
Bourse holds that a strike would paralyzo tho commerce
and industries of the United States, cause misery to millions
of wage earners in the industries dependent upon uninter
rupted transportation, and asserts that tho issue between
the railroads and the trainmen is “clearly arbitrable.” The
action of the Bourse was taken at a special meeting of the
Committee on Commercial Affairs, called in view of the crisis,
and tho request to Congress was mado in the form of tho
following resolutions:
W h erea s, T h e tran sp ortation o f passengers, m a il, express m a tte r an d
freigh t is an d has b ecom e gen erally recognized as a p u b lic service an d th e
corp orations engaged in such p u b lic service aro s u b je c t to con trol an d r e g u
latio n in th e interest o f th e p u b lic service b y th e several S ta te s in w h ich
th e y operate and th e U n ite d S tates; and
W hereas, Su ch p u b lic service corp oration s c a n n o t p erform th eir fu n ction s
an d render service t o th e p u b lic excep t th rou gh th e m e d iu m o f n u m erou s
op erating em p loy ees; an d
W hereas, M e n em p lo y ed b y th e p u b lic service corp oration s, esp ecially
in th o op erating d e p a rtm e n ts, are p u b lic serva n ts an d as su ch ow e a d u ty
to th o p u b lic w h ich c a n n o t b e lig h tly disregarded; and
W h erea s, Su ch m e n v o lu n ta rily enter th e e m p lo y o f such corp oration s
an d b y d o in g so assu m e du ties an d ob ligation s to tho p u b lic w h ich bec om e
p a ram ou n t to a n y personal claim s; and
W h erea s, T h e prin cip al o p eratin g e m p loy ees o f th e m o st Im p ortan t
p u b lic ’ service tran sp ortation corp orations o f tho c o u n tr y , disregarding
their ob ligation s to th e p u b lic , h a v e threatened to stop th e op eration o f such
com p an ies b y refusing, as a b o d y , to w ork , w hich th rea ts, i f carried o u t ;
w ill p a ralyze th e com m erce an d industries o f th e w hole c o u n tr y , bringin g
m isery to m illion s o f w orkin g p e op le w hose w ages d ep en d u p on th e c o m
m erce an d indu stries w h ich w ou ld co m e to a sto p w ith o u t railroad tr a n s
p o rta tion ; and
W hereas, T h e se o p e ra tin g em p loy ees h a ve fo rm u la ted certain d e m a n d s
u p on th e em p loy in g p u b lic service corporations as th e price o f th eir c o n tin u
ance in th e perform ance o f their du ties to tho p u b lic , w hich d e m a n d s th e e m
p loyin g corp orations con ten d are b ey o n d reason an d b ey o n d th eir a b ility
t o m e e t, th u s raising an issue th a t is clearly arb itrab le; and
W hereas, I t sh o u ld b e im p ossible for such a situ ation to arise, an d it is
m a n ife st th a t legislation is requisite to p re ven t its recurrence; therefore.
Resolved, T h a t th e P h ilad elp h ia B o u rse , sp eak in g for several th o u sa n d
business m e n , urges u p on C ongress th e im m e d ia te e n a ctm en t o f legislation
w hich will d eclare op erating em p loy ees o f p u b lic service corp oration s e n
gaged in in te r -S ta te com m erce to bo p u b lic serva n ts, an d as such n o t free
to con spiro o r com b in e to leave th e service o f the em p lo y e r, sim u ltan eou sly
or p ro x im a te ly s o , or a t a n y tim e excep t up on du e a n d su fficien t n o tic e ,
an d shall further declare th a t all d ispu tes betw een bod ies an d e m p lo y e e s
o f pu b lic service corp orations en gaged in in te r -S ta te com m erc e sh a ll b e
su b m itted to arb itration , such arb itration to be co m p u lso ry an d fin a l
refu sal t o a c c e p t th e aw ard b e in g p u n ish ab lo as c o n t e m p t o f c o u r t b y a fin o
o r im p ris o n m e n t, o r b o t h , in th e d iscre tio n o f th o c o u r t , n o d e cisio n t o b o r e o p o n e d fo r a r b itra tio n u n d er t w o years fr o m its ren d erin g.
u . S. C H A M B E R OF C O M M E R C E U R G E S
IM P A R TIA L
I N V E S T I G A T I O N OF T R A I N M E N ’S D I S P U T E .
In a letter dealing with the strike situation of the trainmen
sent to President Wilson by the Chamber of Commerce of
the United States through tho President of the organization,
R. Goodwin Rhett, of Charleston, S. C., the urgency of an
impartial investigation of all tho facts involved in the dis
pute is pointed out. Wo quote below the letter of the
Chamber, which was made public on August 24:
T h o ra ilroa d s itu a tio n has a ssu m ed s o g ra v e a sh a p e , in o u r ju d g m e n t, as
t o ren d er it now m ore im p e ra tiv e th a n a t a n y p a s t s ta g e th a t th o p u b lic
s h o u ld be in fo rm e d o f all th e fa c ts o f th o c o n t r o v e r s y , a n d th u s h a v e th o
o p p o r t u n it y o f g iv in g an u n m ista k a b lo v e r d ic t as t o th e ju s tic e an d fa ir
ness o f th o d em a n d s w h ich h a v e b e e n m a d e u p o n th e r a ilro a d s p rim a rily
b u t u ltim a te ly u p o n th o p u b lic itse lf.
I t is in c o n c e iv a b le th a t eith er th o r a ilro a d s o r th eir e m p lo y e e s sh o u ld take
th e p o s itio n th a t th ey aro gre a te r th a n th o p u b lic w h o m th e y s ervo a n d
t h e G o v e rn m e n t w h ich rep resen ts th a t p u b lic .
I t is in c o n c e iv a b le th a t
t h o y s h o u ld refu se a req u est o r d e m a n d fro m tho h ead o f th e G o v e r n m e n t t o
s u b m it their irr e co n cila b le d iffe re n ce s t o th o in v e stig a tio n a n d su b se q u e n t
ju d g m e n t o f a c o m p e te n t a n d p r o p e r ly c o n s titu te d c o m m is s io n o r trib u n a l.
O u r C o m m it te e in Its In v e stig a tio n s fo u n d th a t th ere w ere ra d ic a l d i f
feren ces o f o p in io n w ith refe re n ce t o th o q u e stio n s In v o lv e d w h ic h c o u ld
o n ly b e settled ju s tly a fte r fa c ts a n d fig u re s n o t then a n d n o t n o w a v a ila b le
h a d been d e fin ite ly a scerta in e d . T h a t is p re cise ly w h a t m akes s o d iffic u lt
an ag reem en t b etw een th e p a rties t o -d a y t o a n y p ro p o s itio n m a d e b y o n e
p a r t y t o th o o th e r o r b y a th ird t o b o t h . E v e n th o m ea n in g o f an e ig h th o u r d a y is a m a tte r o f d is p u te t o su ch an e x te n t th a t th e p u b lic d o e s n o t
u n d e rs ta n d th o term in th o tech n ica l sense in w h ich it is u se d .
I t w as
s ta te d b y th o e m p lo y e e s th a t th e p u r p o s e o f their d e m a n d w as t o sh o rte n
th e ir h ou rs o f la b o r , a n d th a t th e o n ly m e th o d o f d o in g s o w as b y fix in g
th e ir “ b a s ic w o rk in g d a y ” a t e ig h t h o u rs and a p p ly in g a p e n a lty fo r o v e r
t im e e m p lo y m e n t t o e n fo r co its p ra c tic a l a p p lic a tio n . T h o r a ilro a d s in
sisted th a t th e p u rp os e o f d e m a n d in g a “ ba sic e ig h t-h o u r d a y ” fo r th e sam e
c o m p e n s a tio n as th e y w ere g e ttin g fo r ten h o u rs ’ w o rk w as t o in crea se their
p a y t o th e e x te n t o f tw e n ty -fiv e p er c e n t o r m o ro . T h o p r o p o s a l th a t e ig h t
h o u r s s h o u ld b e th o b a s ic d a y w it h o u t a n y p o n a lty fo r o v e r t im e w o u ld ,
o f co u r s e , d e s tr o y th o on tiro fo u n d a tio n o f th o p le a set fo rth b y th o e m
p lo y e e s a'nd m a k e th e w h o le p r o p o s itio n o n e o f in crea sed p a y a lo n o , inas
m u c h as thero w o u ld b e n o p e n a lty fo r w o rk in g an e m p lo y e e u p t o sixteen
h o u r s o u t o f t w e n ty -fo u r .
I f th o “ b a s ic eig h t-h o u r d a y ” is, as cla im e d b y th o ra ilr o a d s , m e r e ly a
m ean s o f c h a n g in g th e ra te o f p a y p e r h o u r w ith o u t lim ita tio n o f h o u rs o f
la b o r , then o b v io u s ly th e " b a s ic e ig h t-h o u r d a y ” has n o r e la tio n t o th o
e ig h t-h o u r d a y in in d u s try fo u n d e d o n th o th e o r y o f e ig h t h o u rs o f w o r k ,
e ig h t h ou rs o f sleep , an d e ig h t h o u rs o f leisuro an d r e c r e a tio n .
I t w as in view o f th o m a n y g r a v e q u e stio n s an d seriou s c o m p lic a tio n s
th a t o u r C o m m itte o c a m e t o th e c o n c lu s io n th a t an Im p artial In ve stig a tio n
o f all these fa c ts b y an o ffic ia l b o d y w as e ssen tia l. T h e ro aro n o w tw o
q u e s tio n s in v o lv e d w h ich aro v ita l t o th o fu tu ro p r o s p e r ity o f this c o u n t r y
T h e first is w h eth er a d e te r m in a tio n o f all vita l p o in ts a t issue sh a ll su cce e d
(n o t p r eced e) a c o m p le te asce rta in m e n t o f th o u n d e rly in g fa c ts n ecessary
t o a ju s t d e te r m in a tio n , a n d th o se c o n d is w h e th e r th e G o v e r n m e n t has
t h e rig h t t o insist u p o n th o c o n tin u a n c e o f th e p u b lic s e rv ice d u rin g su ch
In v e s tig a tio n . T h e seriou sn ess o f th o s itu a tio n , as w o now see it, is th a t
th o p u b lic is in fo rm e d o f its holplessn ess t o p r o te c t its o lf a g a in st ce rta in
d o m a n d s an d th e re fo re su ch d e m a n d s m u st b o a c c e d e d t o b y it. W o aro
n o t in a p o s itio n t o s a y w h e th e r th o d e m a n d s aro e q u ita b le an d ju s t or n o t .
O u r p o s itio n is th a t tho fa c ts o u g h t t o b e in v e s tig a te d , an d if th e d e m a n d s
a r o ju s t th e y o u g h t t o b o g ra n te d im m e d ia te ly u p o n th o a sc e r ta in m e n t o 1
t h e fa c ts on their m erits, an d n o t b e ca u so eith er p a r ty Is s o p o w e r fu l t h a t
It c a n d ic ta te its term s t o th o p u b lic . W o feol th a t th ero is n o h o p e w h a t
e v e r o f a p erm a n en t se ttle m e n t o f th is q u e stio n s h o r t o f th o m e t h o d p r o
p o s e d , an d w o again a p p e a l t o y o u t o uso y o u r p o w e r a n d in flu e n c e t o th a t
en d a t this tim e .
p e o p io th ro u g h C on gress o r th ro u g h s o m o in s tru m e n ta lity cre a te d b y
C o n g re ss.
A s P resid en t o f th o N o w Y o r k N o w I la v o n & H a r tfo r d R a ilr o a d C o m
p a n y , I h a v e a cte d In th is m a tte r as seem ed t o m o fo r th o u ltim a to b est
interests o f th o p r o p e r ty — o f a ll th e e m p loyees— o f th o ow ners a n d o f th o
p u b lic t o b e se rve d n o t o n ly t o -d a y b u t fo r yea rs t o c o m e .
A s a citiz e n o f N o w E n g la n d , I h a v e tried t o a c t as m y c o n s cie n ce d ic ta te d
a n d a fte r su ggestion an d c o n s u lta tio n w ith a ll classes o f p e o p le , e m p lo y e es ,
sh ip p e rs, ow n ers o f th o s ecu rities, a n d m em bers o f C on gress.
A s trik e is a terrible th in g t o c o n te m p la te an d I h o p e it w ill n o t o c c u r and
th a t C on gress represen tin g a ll th e p e o p io w ill in its w is d o m fin d s o m o so lu
tio n . I f C on gress d e cid e s o n a co u rso o f a c tio n , I shall as a .loyal citizen
c a r r y o u t th eir m a n d a te t o th o b e s t o f m y a b ility w h ether or n o t th o d ecision
a p p eals t o m y co n scie n ce an d ju d g m e n t.
LEGAL
PR O C E E D IN G S A G A I N S T
THE
R A ILR O AD
STR IK E .
An order restraining the general and local officials of tlie
Order of Railway Conductors from calling or enforcing a
strike on the lines of the Union Pacific RR. was issued at
Omaha on Aug. 30 by Judge W . E. Sears of the District
Court of Douglas County. The order was issued on petition
of Edwin A. Hamilton, a conductor on tho Union Pacific
and a member of tho Order of Railway Conductors, who de
clared that ho and many other employees of tho road were
anxious to continue at work. Judgo Sears sot to-day (tho
2d inst.) for tho hearing of the order. Hamilton in liis peti
tion contends tho strike ordor is a violation of the constitution
of tho conductors’ organization, which provides for a twothirds vote on any road where a striko is to bo called. This
law was changed last May so that a two-thirds vote of all
concerned in a general wage movement governs tho employees
of all railroads involved, whether the employees of an in
dividual road voto to striko or not. Hamilton insists this
change violates tho constitution of tho order.
At Kansas City, Mo., on Aug. 30, a temporary injunc
tion, restraining tho local and national officers of tho Order
of Railway Conductors from calling out members of tho order
on strike on tho Union Pacific RR. was issued by Judge
T. U. Seehorn in tho District Court. This ordor is also re
turnable to-day, and was mado out to Charles A. Brown,
6G years old,-of Bonner Springs, Kan., a conductor on the
Union Pacific RR. for thirty-ono years. Brown in tho pe
tition alleged that should ho go on striko ho would loso his
opportunity to retire on a pension of S80 a month in four
years, while if he does not go in the impending movement
ho will forego his insurance in the ordor, which ho has kept
up for many years.
.
It was reported yesterday that injunction proceedings filed
by George W . Argue of Cheyenne, Wyo., against A. B.
Garretson, Charles Friday and all officials of tho five divi
sions of the Order of the Railway Conductors of the Union
Pacific, were dismissed by United States Judge J. A. ltiner
in tho Federal Court at Cheyenne on Thursday. The pro
ceedings, it is stated, asked that tho defendant officials be
restrained from ordering or enforcing a strike of trainmen on
any road and particularly the Union Pacific.
-
P R E S ID E N T E LLIO TT ON T H E R A ILR O A D
S IT U A T IO N .
O PPO SITIO N
S IM IL A R
OF
BROTHERHOODS
TO T H E C A N A D I A N
TO
L EG ISLAT IO N
C O M M ISSIO N P L A N .
Tho brotherhood heads, Messrs. Garretson, Stono, Lee
President Howard Elliott of tho Now York New Haven
and Carter, as wo have notod elsewhere, took occasion on
& Hartford, had tho following to say on Thursday concerning
Aug. 29 to issue a statement in which thoy ovinced thoir
the situation created by the demands of the trainmen:
opposition to any legislation which might be proposed along
I h a v e from th o tim e th is q u e stio n b egan to b o d iscu ssed s eriou sly felt
tho lines of tho Canadian Commission. Wo give thoir state
th a t it o u g h t n o t to b e settle d w ith o u t g iv in g th o p u b lic , th o real p a it y in
in terest, tim e to un d erstan d it, an d an o p p o r tu n ity t o express its o p in io n
ment below:
b e fo r o tho C on gress o r an im p a rtia l tribu n al cre a te d b y tho P re sid e n t o r
b y C on gress.
,
..
I t w ou ld bo v e r y ea sy fo r a n y railro a d m an ager t o Increaso w ages i f e v e r y
tim e th e increaso w as m a d o thero w as an increaso in rates.
T h e re is also the qu estion o f th o a m o u n t o f tra n sp o rta tio n to b o p r o d u c e d .
N o w there is n o t en ou gh be in g fu rn ish ed fo r tho presen t an d fu tu ro needs o f
th e c o u n t r y , a n d th o plan su ggested in m y ju d g m e n t w ill ro d u co th o c a p a c ity
o f th o railroads t o fu rn ish th o tra n sp o rta tio n n eed ed b y th o A m e r ic a n
P° B u t the p u b lic p a y th o rates an d are v ita lly in terested in h a v in g th e rail
r o a d s a d eq u a te fo r their needs.
I h a v e th erefore felt th a t I o w e d a d u t y t o th o p e o p io o f N o w E n gla n d
__ as Wcll as t o th o ow ners o f th e p r o p e r ty and t o all o f th o e m p lo y e e s
t o uso such in flu en ce as I possessed t o h a ve tho s u b je c t se ttle d o n ly a fte r tho
p u b lic u n d erstood it and h ad registered its w ill.
I recog n ize th at org a n ize d la b o r is o n e o f tho gre a t fo rco s o f m o d e r n
Industrial life.
B u t ju s t as organ ized ca p ita l has h ad to s u b o rd in a te its
c o n d u c t to tho w ill o f the p e o p le so m u s t o rg a n iz e d la b o r re co g n ize th e
rig h ts o f 100 ,000 .00 0 p eo p le In th is c o u n tr y .
T h o presen t issue seem s t o h a v e g o n e fa r b e y o n d th e q u e stio n s o f d isp u to
betw een a part o f the ra ilw a y e m p lo y e e s and th o railroads.
T h e issues ap p ear t o b e :
. . . . . . .
1 Shall org a n iz ed la b o r w ith o u t a n y c h e ck o r restra in t b y law h a v o th o
rig h t to fo rc e its decision s u p o n th o p u b lic regardless o f th e w e lfa re o f
th 2 .PS h a llO r g a n iz e d la b o r so ttlo d isp u te s. In w h ich It is In terested , b y
fo r c e o r use th o p ea cefu l m e th o d s o f c o u r ts an d a r b itra tio n trib u n a ls in
use In a ll o th e r d isp u tes in th is c o u n t r y ?
T h e se t w o g re a t q u estio n s sh o u ld b o s e ttle d , n o t b y th o lea d ers o f th o
a b o r o r g a n iz a t io n s , n o t b y th o p re sid e n ts o f th e ra ilro a d s, b u t b y th e w h o le
Since th o a b o litio n o f s la v e r y n o m o r o e ffe ctu a l m eans lias been d e v ised
fo r insurin g th o b o n d a g e o f tho w o rk in g m a n th an th o passago o f c o m p u ls o ry
in v e stig a tio n A c ts o f the ch a ra cte r o f th o C a n a d ia n Industrial d isp u tes A c t .
T h o w riters sp eak fro m thoir p erson al o x p erien co th ereu n d er, as these
org a n iz a tio n s aro all in tern ation a l in th o ir ju r is d ic tio n . T o c it e an actu al
o ccu rre n ce •
In 1910 th e m en u p o n 80 railroad s in th o E a stern te rrito ry o f th o U n ited
States p resen ted t o th o ra ilw a y c o m p a n ie s o f th a t te rritory a d o m a n d for
increaso in w ages. T h e co m p a n ie s refu sed t o deal c o n c e r tc d ly w ith tho
p r o p o s itio n , an d it w as th erefore taken u p w ith th o in d iv id u a l road s. T h re e
o f tho p rop erties w ere C a n a d ia n , a n d tw o d a y s a fte r n e g o tia tio n w as o p e n e d ,
on Jan . 7 , th o first ro a d in th o U n ite d S tates o p e n o d n e g o tia tio n on tho
three C a n ad ian p ro p e rtie s. T h o n e g o tia tio n s in tho U nited States in clu d ed
F ed eral m e d ia tio n in th o firs t Instance an d a rb itra tio n in th o third case.
O n tho 19th d a y o f J u ly fo llo w in g , settlem en t w as m a d o o n th o last o f
th o 77 A m erica n lines in v o lv e d . O n th e sam o d a to . a t 6 p . m ., a striko
to o k p la ce o n th o G ra n d T r u n k R y . , o n o o f tho C a n ad ian railw ays, sottiom o n t n o t h a v in g y e t been e ffe c te d o n a n y o n o o f tho th ree, th is grow in g
o u t o f th o d e la y s w h ich th o e m p lo y e rs w ere a b lo t o in terp oso u n d er th o
In d u strial D isp u te s A c t .
M o r e o v e r , tho p e rio d o f in v e s tig a tio n is ox te rn a lly u tiliz e d b y th o e m
p lo y e r t o en trench h im s e lf in his e ffo r t t o d o fe a t th o d om an d s o f th o m on ,
n o m a tte r h o w ju s t their cau se m a y b o . an d in a m a jo rity o f Instances,
w hero a v e r d ic t b y an in v e s tig a tin g c o m m is s io n has been fa v o r a b le to th o
m o n , it has been re p u d ia te d b y th o e m p lo y e r . In co n s e q u o n co o f this
a ttitu d e , d isregard fo r an d th e ign o rin g o f th o p ro v is io n s o f th a t law h a v o
led t o p la cin g th ou san d s o f m e n in th o a ttitu d e o f la w -b re a k e rs, an d th o
passago o f law s w h ich In du ce m e n t o o p e n v io la tio n t h o r e o f is a d e a d ly in ju ry
t o a n a tio n be ca u so it b reed s u n iversal c o n te m p t fo r la w .
In the present strife, if such an A ct wero passod, all that would bo neces
sary would bo for tiro power o f attorney to be withdrawn from the national
conference com m ittee o f managers b y tho Individual roads, and then imme
diate necessity would arise for 250 investigating boards to bo creatod, or, if
only a limited number wero provided for, mon would bo com pelled to re
main for years in involuntary servitude if thoy obeyed the provisions o f
such a law.
__________________
MEW YORK CHAMBER OF COMMERCE'S APPEAL FOR
ARBITRATION TO PRESIDENT WILSON.
The New York Chamber of Commerce, through its Presi
dent and Executive Committee, in a telegram to President
Wilson on Aug. 28, appealed to tho latter to stand firmly for
arbitration in the present dispute. Tho message was as
follows:
Aug.
28 1916.
T h e P r e s id e n t, th e W h i le H o u s e , W a s h in g to n , D . C .:
Tho Chamber o f Com m erce o f the State o f N ew Y ork has always been a
strong advocate o f arbitration. International and national questions o f
great im portance, as well as differences between labor and capital, have
been satisfactorily adjusted and settled b y arbitration.
In tho pending and im portant questions now under discussion between
tho railroads and their em ployees, this Chamber believes that the fairest
and m ost permanent settlement can bo reached through arbitrators, who
should represent the railroads, their em ployees, and the general public,
tho last o f which is by far the m ost im portant o f the three elements. Tho
C ham ber, therefore, appeals to you , at this critical tim e, to stand fast for
arbitration, and to use your high office to bring about a settlement in the
only fair way for all parties, through tho offices or skilled and Impartial
arbitrators, whose judgm ent and decision would no doubt bo endorsed by
the entire country.
E. U. O U T E R B R ID G E ,
President, and tho E xecutive C om m ittee o f tho
Chamber o f C om m erce o f tho State o f N ew Y ork.
Item 2. E ffective at closo o f business Friday, Sept. 1 1916, em bargo all
shipments o f perishable freight, including livestock, dressed beef, live and
dressed poultry and fresh fruits and vegetables.
Item 3. E ffective at closo o f business Saturday, Sept. 2 1916, em bargo
all freight o f all kinds from all points for all destinations.
As soon as practicable on or after Sept. 4, which is tho date set for the
strike to becom e effective, these embargoes will be m odified to perm it
resum ption o f the m ovem ent o f foodstuffs and perishable freights. Other
m odification will be m ade as prom ptly as circum stances perm it. It will not
be possible, how ever, to give definite inform ation on these points until the
railroad com panies can ascertain accurately, on next M on d a y , what force
o f em ployees will be available for the m ovem ent o f traffic.
In the event that tho strike orders should be withdrawn before M o n d a y ,
Sept. 4, the em bargoes will bo canceled b y wire.
All freight described under em bargo items 1, 2 and 3 w hich m ay be in
transit will not be accepted from the N ew Y ork, Philadelphia & N orfolk
RR-, Cum berland V alley R R ., Cornwall & Lebanon R R ., Sparrows Point
& Baltim ore R R ., Pennsylvania lines west o f Pittsburgh or other connect
ing lines at any junction p oint after date and hour in each item above
nam ed, regardless o f date on which shipment was accepted as indicated
b y date on billing.
All bills o f lading issued on and after W ednesday, A ug. 30 1916, and until
further notice, must bear the follow ing notation: “ This shipm ent accepted
subject to delay, loss and damage account o f threatened strike.”
Station agents at all points o f the Pennsylvania linos east o f Pittsburgh
are being notified to-day to urge that special efforts should bo m ade b y all
parties interested to rem ove from the premises or cars o f the railroad all
explosives and inflammables before 6 p. m . on Sept. 2, and all perishable
freight on or before M on d a y , Sept. 4. This applies to all explosives, in
flammables and perishables, whether in stations or in transit.
T he management o f the Pennsylvania R R . has notified the Adam s E x
press C om pany that after to-day all shipments over the lines o f the Penn
sylvania R R . m ust bo accepted subject to delay, and that no live stock or
perishables should be accepted that cannot be delivered on or before Satur
day, Sept. 2. N otice is also given that the developm ents o f tho next day
or tw o m ay determine whether or not it will bo necessary to place express
shipments under a com plete embargo pending the results o f the strike call.
In a further communication to President Wilson, drafted
The New York Central, the Delaware Lackawanna &
at a meeting of its Executive Committee on Thursday, the
Western, the Baltimore & Ohio, the Philadelphia & Reading
Chamber said in part:
Tlio sacrifice o f the principle o f arbitration in Industrial disputes, espe and the Erie RR. are among the Eastern roads which have
cially in the field occupied b y the great public service corporations and their taken similar action, which has been pretty general through
employees, would involve a moral loss incalculable in its effects upon tho out the country; the Chicago Burlington & Quincy, tho
future relations between industrial enterprises and tho p ublic. T ho force
o f public opinion, when correctly form ed and fully developed, is more Rock Island, tho Southern Ry., the Missouri Kansas & Texas,
powerful than any statutory law. It .s. In fact, tho mainspring o f all law.
tho Wabash, aro but a few of the other roads which have
Public opinion could com pel arbitration where statutory law perhaps could
adopted a similar course. The Atchison Topeka & Santa Fo
not, but tho public must be given the opportunity and bo furnished with
the means o f acquiring facts from a com petent and impartial source in which also announced an embargo early in the week, issued
order to reach an intelligent conclusion.
an order from Topeka on Aug. 31 lifting the embargo on
perishable freight. The ban on livo stock was continued.
Last night there wero evidences that there would be a
RAILROAD EMBARGOES INCIDENT TO THREATENED
further modification of the embargoes by the roads in
STRIKE.
One effect of the impending trainmen’s strike, slated to general.
go into effect next Monday, tho 4th inst., has been the issu
As indicating that passenger trains as well as freight would
ance of embargoes by tho railroads against shipments of
freight for delivery after that date. The New York New be affected by the strike, the New Haven road on Aug. 30
Haven & Hartford RR., which was ono of tho first to declaro issued the following statement:
reply to m any queries that have been mado regarding the scope o f
an embargo, made known its action in the following notice thoInthreatened
strike and to clear up any misunderstandings as to whether
issued on Tuesday:
passenger trains will be affected, H oward E lliott, President o f the N ew
A u gust
29 1916.
T o A l l A g e n ts a n d C o n n e c tin g L i n e s —
In spite o f tho earnest efforts o f the railroads o f tho United States to
have employees in tho engino, train and yard service continue at work
pending a peaceful adjustment o f their dem ands, the Order o f Railway
Conductors, tho Brotherhood o f Locom otive Engineers, the Brotherhood
o f L ocom otivo Firemen and Englnemen and tho B rotherhood o f R ail
road Trainmen have ordered a strike which will becom e effective at 7 a. m .
Sept. 4.
In view o f this strike order to stop tho com m erce o f the U nited States,
t becom es necessary for this com pany to refuse to reccivo any inoro freight
loaded after this notice from connecting rail or steamship lines, or at local
stations, with the following exceptions:
First— Freight will be received at points o f interchange from con n ect
ing rail or steamship lines or at local stations when, w ith tho approval
o f the superintendent, the tim e for transportation is such that it ca n
bo delivered at destination not later than such an hour on Sept. 3 as will
permit o f placing before Sept. 4.
Second— Shipments o f fuel, material and supplies for tho operation o f
tho railroad.
All freight received after this notice will bo subject to delay, loss and
damage because o f tho strike so ordered. E very effort will bo mado to
m ove all freight now on tho lino or junction points to destination and
to place for unloading prior to Sept. 4, preference being given to livestock,
perishables and foodstuffs fo r human consum ption.
On Aug. 30 embargoes on foodstuffs, explosives and other
freight duo to tho proposed nation-wide railroad strike wero
announced by tho Pennsylvania RR., tho Philadelphia
Baltimoro & Washington and tho West Jersey & Seashore,
and in addition tho Pennsylvania RR. announced that all
tickets sold woidd bo subject to restricted train service and
delay after next Monday. The embargo on explosives went
into effect Aug. 31, and on food stuffs Sept. 1. Tho general
embargo on all freight from all points goes into effect on tho
2nd inst. The announcement of tho embargoes of tho Penn
sylvania RR., tho Philadelphia Baltimoro & Washington and
the West Jersey & Seaslioro is as follows:
In view o f tho impending nation-wide strike o f tho enginemen, conduct
ors, firemen and trainmen in tho freight and yard services, tho Pennsyl
vania Railroad C o ., the Philadelphia Baltimoro & W ashington Railroad C o.
and tho West Jersey & Seashoro R ailroad C o. have been com pelled to issue
tho following em bargo notices on freight, to ap p ly to shipments from all
points for all destinations.
Item 1. E ffective at closo o f business Thursday, A ug. 31 1916, embargo
all shipments o f explosives and inflamm ables o f every kind and descrip
tion.
Y ork New Haven & Hartford R R . C o ., issued to-day in Washington the fo l
lowing statement showing that all classes o f train service w ould be involved:
" I n his address to Congress on T uesday, the President said:
“ 'T he 400,000 men from whom the demand proceeded have voted to
strike if their demands wore refused; the strike was imm inent: it has since
been set for tho 4th o f September next. It affects tho men who man the
freight trains on practically every railway in tho country. T he freight
service throughout tho United Statos must stand still until their places aro
filled, if. indeed, it should prove possible to fill them a t a ll.’
“ The address o f the President will be read m ore carefully and b y m ore
people than any other statement about this unfortunate situation. T hose
who have not followed the subject carefully and who d o not understand its
complexities m ay assume from the President’s language that a strike order
will have no effect upon passenger train service. This is not the case, and
included in the order to strike are all men in passenger train service who
are members o f the various brotherhoods.
“ In the detailed instructions issued b y the organizations to the m embers,
the first paragraph says:
“ T . N o man in road service involved in tho striko will perform any ser
vice after the hour set for the strike (7 a. m . Sept. 4) unless he has already
begun a trip and has actually left the terminal. I f the train has left the
terminal, he will com plete tho trip and deliver the engine and train at the
end o f the run or tie up point, if tied up under the law (16-hour law ), after
which he will perform no further service until the closo o f tho strike. M en
in other than road service will leave the service at tho appointed tim e.
So f a r a s y o u r leg a l rig h t to s tr ik e is c o n c e r n e d , th e r e is n o d iff e r e n c e b e tw e e n
a m a il tr a in a n d a fr e ig h t tr a in .
You have identically the same right to
refuse to perform service on a mail train as you have to refuse to perform
service on a freight train.’
“ The public, the press and the Congress should understand clearly that
tho strike order ‘affects the men who m an’ the passenger, m ail, milk and
express trains, just as m uch as those on tho freight trains and that tho pas
senger service also must ‘stand still until their places are filled ’ ”
PHILIPPINE ISLANDS’ BILL SIGNED BY PRESIDENT.
President Wilson on Aug. 29, signed the bill recently
passed by both tho House and Senate and referred to in
these columns last week, providing for a greater measure of
self-government for tho Filipinos. In approving the measure
the President said:
T he Philippine bill excites peculiar feelings in m e, because there have
been times when the people o f the Philippine Islands doubted our intentions
to be liberally just to them. I hope and believe that this bill is a sufficient
earnest to them o f our real intentions. It is a very satisfactory advance
in our policy o f extending to them genuine self-government and control
o f their own affairs. It is only b y such means that any people com es into
contentm ent and into political capacity, and it was high time that we did
his act o f justice which we have now done.
The bill in part reads as follows:
T o declare the purpose o f the peoplo o f the United States as to the future
political status o f tho peoplo o f tho Philippine Islands, and to provide
a m ore autonom ous governm ent for those islands.
W h e r e a s , It was never the intention o f tho peoplo o f the U nited States in
the inciplency o f the W ar with Spain to m ake it a war o f conquest or for
territorial aggrandizement: and
W h e r e a s , It is, as it has always been, tho purpose o f the people o f tho
United States to withdraw their sovereignty over tho Philippine Islands
and to recognize their independence as soon as a stablo governm ent can bo
established therein; and
' W h e r e a s , For the speedy accom plishm ent o f such purposo it is desirable
to place in the hands o f the people o f the Philippines as large a control o f
their dom estic affairs as can be given them w ithout, in the m eantim e, im
pairing the exercise o f the rights o f sovereignty b y tho people o f tho United
States, in order that, b y tho use and exercise o f popular franchise and
governm ental powers, they m ay bo the better prepared to fully assume the
responsibilities and enjoy all the privileges o f com plete independence:
Therefore
.
B e i t enacted, b y th e S e n a te a n d H o u s e o f R e p r e s e n ta tiv e s o f th e U n ite d S ta tes
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 . That the provisions o f this A ct and the
nam e “ T ho Philippines” as used in this A ct shall apply to and include the
Philippine Islands ceded to the United States Governm ent b y tho treaty
o f peaco concluded between tho United States and Spain on April 11 1899,
the boundaries o f which are set forth in Article III o f said treaty, together
with those islands em braced in tho treaty between Spain and tho United
States concluded at W ashington on N ov . 7 1900.
T hat all inhabitants o f tho Philippine Islands continuing to reside therein
who were Spanisn subjects on April 11 1899, and then resided in said
islands, and their children born subsequent thereto, shall bo deem ed and
held to 1)0 citizens o f tho Philippine Islands, except such as shall have
elected to preserve their allegiance to tho Crown o f Spain in accordance
w ith tho provisions o f the treaty o f peace between tho United States and
Spain signed at Paris D ec. 10 1898, and oxcept such others as have since
bocom o citizens o f som o other country: P r o v id e d , T hat the Philippine
Legislature, herein provided for, Ls hereby authorized to provide b y law
for tho acquisition o f Philippine citizenship by those natives o f tho Philip
pine Islands who d o not com e within tho foregoing provisions, tho natives
o f the insular possessions o f tho United States, and such other persons
residing in tho Philippine Islands who are citizens o f tno United States, or
who could becom o citizens o f tho United States under tho laws o f tho United
States if residing therein.
T hat no law shall bo enacted in said islands which shall deprive any person
o f life, liberty, or property without duo process o f law, or deny to any person
therein tho equal protection o f tho laws. Private property shall not be
taken for public use without just com pensation.
T hat in all criminal prosecutions tho accused shall enjoy tho right to be
heard by him self and counsol, to dem and the naturo and cause o f tho ac
cusation against him , to have a speedy and public trial, to meet tho wit
nesses face to face, and to have com pulsory process to com pel the attendance
o f witnesses in his behalf.
T hat no person shall bo held to answer for a criminal offense without due
process o f law; and no person for the same offense shall bo twice put in
jeopardy o f punishment, nor shall bo com pelled in any criminal case to be
a witness against himself.
T h a t all persons snail before conviction be bailable b y sufficient sureties,
oxcept for capital offenses.
T hat no law impairing tho obligation o f contracts shall bo enacted.
T hat no person shall be imprisoned for debt.
T hat tho privilege o f the writ o f habeas corpus shall not bo suspended,
unless when in cases o f rebellion, insurrection, or invasion tho public safety
m ay require it, in either o f which events tho same m ay bo suspended by
tho President, or b y the Governor-General, wherever during such period
the necessity for such suspension shall exist.
That no ex post facto law or bill o f attainder shall bo enacted nor shall
the law o f prim ogeniture ever be in forco in tho Philippines.
T h a t no law granting a title o f nobility shall be enacted, and no person
holding any office o f profit or trust in said islands, shall, without tho consent
o f the Congress o f tho United States, accept any present, em olum ent,
office , or titlo o f any kind whatever from any king, queen, prince, or
foreign State.
T h a t excessive ball shall not be required, nor excessive fines Imposed,
nor cruel and unusual punishment Inflicted.
T hat tho right to be securo against unreasonable searches and seizures
shall not be violated.
T h a t slavery shall not exist in said islands; nor shall involuntary servi
tude exist therein except as a punishment for crim o whereof the party shall
have been duly con victed .
T hat no law shall bo passed abridging tho freedom o f speech or o f tho
press, or the right o f tho peoplo to peaceably to assemble and petition tho
G overnm ent for redress o f grievances.
T hat no law shall bo m ade respecting an establishment o f religion or
prohibiting tho free exercise thereof, and that tho free exerciso and en joy
m ent o f religious profession and worship, without discrimination or prefer
ence, shall forever bo allowed; and no religious test shall bo required for
tho exercise o f civil or political rights. N o public m oney or property shall
ever bo appropriated, applied, donated, or used, directly or indirectly, for
the use, benefit, or support o f any sect, church, denom ination, or system
o f religion, or for tho use, benefit, or support o f any priest, preacher,
m inister, or other religious teacher or dignitary or sectarian institution
as such. Polygam ous or plural marriages aro forever prohibited.
T hat no m onoy shall bo paid out o f the treasury except in pursuance o f
an appropriation b y law.
T hat tho rule o f taxation in said islands shall bo uniform.
T hat no bill m ay be enacted into law shall em brace m ore than ono subject,
and that subject shall bo expressed in tho titlo o f tho bill.
T h a t no warrant shall Issue but upon probable cause, supported b y oath
or affirm ation, and particularly describing tho place to bo searched and tho
person or things to bo seized.
T hat all m onoy collected on any tax levied or assessed for a special
purposo shall bo treated as a special fund in tho treasury and paid out for
such purposo only.
T h a t all expenses that m ay bo incurred on account o f tho governm ent
o f the Philippines for salaries o f officials and tho conduct o f their offices
and departm ents, and all expenses and obligations contracted for the in
ternal im provem ent or developm ent o f the islands, not, how ever, including
defenses, barracks, and other works undertaken b y tho United States,
shall, excopt as otherwise specifically p rovided b y tho Congress, bo paid
by the governm ent o f the Philippines.
‘
T h a t the statutory laws o f the United States hereafter enacted shall not
apply to tho Philippine Islands, oxcept when they specifically so provido.
or it is so provided in this A ct.
T hat the laws now in forco in tho Philippines shall continuo In forco and
effect, except as altered, am ended, or m odified herein, until altered,
am ended, or repealed b y tho legislative authority herein provided or b y
A ct o f Congress o f the United States.
T hat tho legislative authority herein provided shall have powor, when
not inconsistent with this A ct, b y duo enactm ent to amend, alter, m od ify ,
or repeal any law, civil or crim inal, continued in forco b y this A ct as it
m ay from time to time see fit.
This powor shall specifically extend with tho lim itation herein provided
as to the tariff to all laws relating to revenuo and taxation in effect in
the Philippines.
T hat general legislative power, cxcopt as otherwise herein provided, is
hereby granted to tho Philippine Legislature, authorized b y this A ct.
T h a t all tho property and rights which m ay have been acquired in tho
Philippine Islands by the United States under the treaty o f peaco with
Spain, signed Dec. 10 1898, except such land or other property as has been
or shall be designated by the President o f tho United States for m ilitary
and other reservations o f the Governm ent o f the United States, and all
lands which m ay have been subsequently acquired by tho governm ent o f
the Philippine Islands b y purchase under tho provisions o f Sections 63
and 64 o f tho A ct o f Congress approved July 1 1902, except sucli as m ay liavo
heretofore been sold and disposed o f in accordance with tho provisions o f
said A ct o f Congress, are hereby placed under tho control o f the governm ent
o f said Islands to bo administered or disposed o f for tho benefit o f tho In
habitants thereof, and the Philippine Legislature shall have power to
legislate with respect to all such matters as it m ay deem advisable; but
A cts o f tho Philippine Legislature with reference to land, tim ber, and mining
hereafter enacted, shall not have tho forco o f law until approved by tho
President o f tho Unites States: P r o v id e d , That upon tho approval o f such
an A ct by tho Governor-General, it shall be by him forthwith transmitted
to tho President o f the United States, and ho shall approvo or disapprove
tho same within six m onths from and aftor its enactm ent and submission
for his approval, and if not disapproved within such time it shall becom o
a law the same as if it had been specifically approved: P r o v id e d f u r th e r .
That where lands in the Pnilippino Islands have been or m ay bo reserved
for any public purposo o f the United States, and, being no longer required
for tho purposo for which reserved, have been or m ay bo, b y order o f tho
President, placed under the control o f tho governm ent o f said islands to
be administered for the benefit o f the inhabitants thereof, tho order o f the
President shall bo regarded as effectual to givo tho governm ent o f said
islands full control and power to administer and dispose o f such lands for
the bonefit o f tho inhabitants o f said islands.
T hat, while tnis A ct provides that tho Piiiiippino governm ent shall have
the authority to enact a tariff law, the trado relations between the islands
and the United States shall continue to bo governed exclusively b y laws o f
tho Congress o f the United States: P r o v id e d , That tariff acts or acts amenda
tory to tho tariff o f tho Philippine Islands shall not becom o law until they
shall receive the approval o f the President o f tho United States, nor shall
any act o f tbio Philippine Legislature affecting tho currency or coinago
laws o f the Philippines becom e a law until it has been approved b y the
President o f tho United States.
T hat no export duties shall bo levied or collected on exports from th o
Philippine Islands, but taxes and assessments on property and license
fees for franchises, and privileges, and internal taxes, direct or indirect,
m ay be imposed for the purposes o f tho Philippine governem nt and tho
provincial and municipal governments thereof, respectively, as m ay bo
provided and defined b y acts o f tho Philippine Legislature heretofore
enacted, and, where necessary to anticipate taxes and revenues, bonds and
other obligations m ay be issued by tho Philippine governm ent or any
provincial or municipal government therein, as m ay bo provided by law
and to protect the public credit: P r o v id e d , h o w e v er . T hat tho entire in
debtedness o f the Philippine governm ent created b y tho authority c o n
ferred herein shall not exceed at any one tim o tho sum o f $10,000,000,
exclusive o f those obligations known as friar land bonds, nor that o f any
province or m unicipality a sum in excess o f seven per centum o f tho aggre
gate tax valuation o f its property at any ono tim o.
T hat general legislative powers in tho Philippines, oxcept as heroin
otherwise provided, shall bo vested In a legislature which shall consist
o f two Houses, one the Senate and tho other tho House o f R epresentatives,
and tho two Houses shall bo designated “ T ho Philippine Legislature":
P r o d d e d , T h a t, until tho Philippine Legislature as herein provided shall
havo been organized, tho existing Philippine Legislature shall liavo a ll
legislative authority herein granted to tho governm ent' o f tho Philippine
Islands, except such as m ay now bo within tho exclusive jurisdiction o f tho
Philippine Commission, which is so continued until tho organization o f
tho legislature herein provided for tho Philippines.
T hat tho members o f the Senate o f tho Philippines, excopt as heroin
provided, shall bo elected for terms o f six and threo years, as hereinafter
provided, b y tho qualified electors o f tho Philippines.
That tho members o f the House o f Representatives shall, excopt as
herein provided, be elected triennially by tho qualified electors o f tho
Philippines.
T ho Legislature shall hold annual sessions com m encing October 16,
or, if tho 16th bo a legal holiday, thon on tho first day following which is
not a legal holiday, in each year. T ho Legislature m ay bo called in special
session at any timo b y the Governor-General for general legislation, or
for action on such specific subjects as he m ay designate. N o special session
shall continuo longer than thirty days, oxclusivo o f Sundays. T ho Legis
lature is heroby given the power and authority to chango tho dato o f tho
comm encem ent o f its annual sessions.
All laws enacted by tho Philippine Legislature shall bo reported to tho
Congress o f tho United States, which heroby reserves tho power and
authority to annul the samo. If at tho termination o f any fiscal year
tho appropriations necessary for the support o f governm ent for tho ensuing
fiscal year shall not have been m ade, tho several sums appropriated in tho
last appropriation bills for tho objects and purposes therein specified, so
far as tho same m ay be done, shall bo deemed to bo rcappropriated for tho
several objects and purposes specified in said last appropriation bill; and
until the Legislature shall act in such behalf tho treasurer shall, when so
directed b y the Governor-General, mako tho paym ents necessary for tho
purposes aforesaid.
T hat the qualified electors o f tho Philippine Islands shall, on tho first
Tuesday in Juno 1915, and at tho general elections thereafter provided
for tho election o f Senators and Representatives to tho Philippine Legis
lature, elect tw o Resident Commissioners to tho United States, who shall
bo entitled to an official recognition as such b y all departments upon
presentation to tho President o f a certificate o f election by tho G overnorGeneral o f said islands.
That the supreme executive powor shall bo vested in an executive officer,
whoso official titlo shall bo “ Tho Governor General o f tho Philippine
Islands.” Ho shall bo appointed b y tho President, by and with tho advico
and consent o f the Senate o f tho United States, and hold his office at tho
pleasure o f the President and until his successor is chosen and qualified.
Ho shall havo general supervision and control o f all o f tho departments and
bureaus o f tho governm ent in tho Philippine Islands as far as Is not Incon
sistent with the provisions o f this A ct, and shall bo com m ander in chiof o f
ail locally created armed forces and m ilitia. IIo shall bo responsible for
th e faithful execution o f the laws o f tlio Philippine Islands and o f the United
States operative within the Philippine Islands, and whenever It becomes
necessary ho may call upon the commanders o f the m ilitary and naval
forces o f the United States In tho islands, or summon the posso com itatus,
or call out tho militia, or other locally created armed forces, to prevent or
suppress lawless violence, invasion, insurrection, or rebellion; and he m ay,
in case o f rebellion or invasion, or imminent danger thereof, when the pub
lic safety requires it, suspend the privileges o f the writ o f habeas corpus,
or place tho islands, or any part thereof, under martial law: P r o v id e d , That
whenever tho Governor General shall exercise the authority granted in this
section, he shall at once notify tho President o f the United States thereof
together with tho attending facts and circumstances, and the President
shall have power to m odify or vacate tho action o f the Governor General.
That, except as provided otherwise in this A ct, the executive departments
o f the Philippine Government shall continue as now authorized b y law, until
otherwise provided b y the Philippine Legislature. W hen tho Philippine
Legislature herein provided shall convene and organize, the Philippine
Comm ission, as such, shall ceaso and determine and the members thereof,
except tho Governor General and the heads o f executive departments, shall
vacato their offices as members o f said commission.
That the government o f tho Philippine Islands m ay grant franchises
and rights, including the authority to exercise the right o f eminent dom ain,
for tho construction and operation o f works o f public utility and service,
and m ay authorize said works to bo constructed and maintained over and
across tho public property o f the United States, including streets, highways,
squares, and reservations, and over similar property o f tho governm ent
o f said Islands, and m ay adopt rules and regulations under which tho pro
vincial and municipal governments o f the islands m ay grant the right to
use and occupy such public property belonging to said provinces or munici
palities; P ro v id ed , T hat no privato property shall bo damaged or taken for
any purpose under this Section without just com pensation, and that such
authority to take and occupy land shall not authorize the taking, use, or
occupation o f any land except such as is required for the actual necessary
purposes for which the franchise is granted, and that no franchise or right
shall bo granted to any Individual, firm , or corporation except under the
conditions that it shall be subject to amendment, alteration, or repeal b y
tho Congress o f the United States, and that lands or rights o f use and
occupation o f lands thus granted shall revert to tho governm ents b y
which thoy were respectively granted upon the termination o f the franchises
and rights under which they wore granted or upon their revocation or
repeal. T hat all franchises or rights granted under this A ct shall forbid the
issuo o f stock or bonds except in exchange for actual cash or for property
at a fair valuation equal to the par value o f the stock or bonds so issued;
shall forbid tho declaring o f stock or bond dividends, and, in tho case o f
public-service corporations, shall provide for tho effective regulation o f
the charges thereof, for the official inspection and regulation o f tho books
and accounts o f such corporations, and for tho paym ent o f a reasonable
percentage o f gross earnings into tho treasury o f the Philippine Islands or
o f tho province or m unicipality within which such franchises are granted and
exorcised: P rov id ed f u r th e r . T hat it shall be unlawful for any corporation
organized under this A ct, or for any person, com pany, or corporation
receiving any grant, franchise, or concession from the governm ent o f
said islands, to use, em ploy, or contract for the labor o f persons held in
Involuntary servitude; and any person, com pany, or corporation so viola
ting tho provisions o f this A ct shall forfeit all Charters, grants, or franchises
for doing business in said islands, in an action or proceeding brought for
th a t purposo in any C ourt o f com petent jursidictlou b y any officer o f the
Philippine Governm ent, or on the com plaint o f any citizen o f the Philip
pines, under such regulations and rules as the Philippine Legislature shall
prescribe, and in addition shall bo deemed guilty o f an offense, and shall
b e punished b y a fine o f not less than $10,000.
ARMY AND NAVAL APPROPRIATION BILLS SIGNED
BY PRESIDENT WILSON.
On August 29 the Army and Naval Appropriation Bills
were signed by President Wilson. On tho same day, as
noted in another part of to-day’s issue of our paper, the
Uniform Bill of Lading Bill and the Philippine Bill were ap
proved by the President. In affixing his signature to the
several measures the President had something to say concern
ing the work accomplished by Congress in the interest of
national defense. Wo quote his remarks as follows:
I cannot let an occasion like this pass w ithout saying something o f the
feelings with which I sign these bills, m any o f wnich will probably be
m om entous in their results. I tuink that tho wholo country will feel that
this Congress has accom plished a very remarkable part o f the program o f
national defense.
This bill that I have signed for the arm y Is merely tho appropriation
bill. It is not tho bill b y which wo reorganize the arm y, you understand,
but it does carry with it a much needed revision o f the articles o f war,
and it does mean that the finances o f tho nation aro to stand behind tho
reorganization o f the arm y and its use for adequate national defense.
T ho navy bill is a very remarkablo measure. N ever before b y a single
a ct o f legislation has so m uch been done for the creation o f an adequate
n a vy. Our navy has steadily grown. I think the developm ent o f that
arm o f force has always had the enthusiastic support o f tho nation. It is
a matter o f unusual gratification, therefore, that wo should have been
able at this tim e to d o so m uch, to d o it so well— as I bolievo it to bo done
in this bill— and to d o it with such unanim ity o f support and opinion.
Tho Philippine bill excites peculiar feelings in m o, becauso there have
been times when tho people o f tho Philippine Islands doubted our inten
tions to bo liberally just to them . I hope and believe that this bill is a
sufficient earnest to them o f our real intentions. I t is a very satisfactory
advance in our policy o f extending to them genuine self-governm ent and
control o f their own affairs. It is only by such means that any people
com os into contentm ent and into political cap acity, and it was high time
that wo did this act o f Justice which wo have now done.
T no last bill, the bill o f lading bill, I believe will bo a m ost substantia
assistance to the right conduct ol b oth tho com m ercial and financial busi
ness o f tho country.
So that It Is with great gratification that I am able to add m y part to so
m any pieces o f useful and public-spirited legislation.
As indicated in our issue of Aug. 19, the Naval Appropria
tion Bill calls for an expenditure of approximately $313,000,
000. Tho conference report on tho bill, as stated in the item
referred to, was approved by tho House and Senate on
Aug. 18. The measure provides for the building of 10 battlo
ships, 6 battle cruisers, 10 scout cruisers, 50 torpedo-boat
destroyers, 9 fleet submarines, 58 coast submarines, 3 fuel
ships, a repair ship, a transport, a hospital ship, 2 destroyer
tenders, a submarine tender, 2 ammunition ships and 2 gun
boats to be completed in three years. Altogether the bill
calls for 157 new vessels within three years. It appropriates
$11,000,000 to build an armor plate plant, where armor plate
can be manufactured at a price of $230 a ton; and $705,611
toward a projectile factory, to cost double that sum, insuring
an adequate supply of superior ammunition, not now ob
tainable, at cost price.
The Army Appropriation Bill, it will be recalled, was vetoed
by President Wilson on Aug. 18; the vetoed bill was that
which had been agreed on in conference and approved by the
Senate on Aug. 8 and the House on Aug. 9. The President’s
disapproval of the measure was based on the incorporation
in it of the provision amending the revised articles of war
exempting from the military criminal code officers and
enlisted men on the retired list. With its veto Chairman Hay
of the House Committee on Military Affairs at once (Aug. 18)
re-introduced the bill, eliminating not only the provision
concerning retired officers, but the entire section revising
tho Articles of War; without a roll-call the House on Aug. 22
passed the bill as re-introduced; on the 23d inst. it was
passed by the Senate with the Revised Articles of War re-in
serted except for the provision exempting retired officers
from court-martial; the House accepted the' amended Senate
bill on Aug. 25. When the measure was about to be passed
by the Senate on the 23d inst., Senator Underwood proposed
an amendment to prevent the enlistment of boys under
twenty-one, without the consent of parents or guardians.
It was defeated, 25 to 23. Senator La Follette introduced
the same amendment when the bill was originally before the
Senate. The Senate at that time approved it, but it was
subsequently stricken out in conference.
ENACTMENT OF GRAIN INSPECTION BILL AS PART
OF AGRICULTURAL APPROPRIATION BILL.
In another item in to-day’s issue we refer to the
approval on August 11, by President Wilson of the Agri
cultural Appropriation Bill, which contains as riders the
Cotton Futures Act, the Federal Warehouse Bill and the
Federal Grain Standardization Bill. Special reference is
made to the Cotton Futures Act and the Warehouse Act
under separate heads. The Act dealing with the standardiza
tion of grain authorizes the Secretary of Agriculture to in
vestigate the handling, grading and transportation of grain.
A similar bill had been before the last Congress but failed
of enactment. A statement, directed to all grain interests
of the country, explaining the provisions of the new Act was
issued by the Department of Agriculture on August 17. In
this statement the Department had the following to say:
The A ct authorizes the Secretary o f Agriculture to investigate the hand
ling and grading o f grain and to maintain, as soon as m ay be, standards
for corn, wheat, rye, oats, barley, flaxseed and other grains. N o t less than
90 d a ys’ public notice must be given in advance o f the dates on wnich such
standards becom e effective.
W henever such standards are established for any grain, the A ct forbids
the shipment o r delivery for shipment, in inter-State or foreign com m erce
originating in the United States, o f any such grain which is sold or offered
for sale by grade, unless it is inspected and graded b y a licensed Inspector,
either at the place o f shipment or a point in transit, or at the destination.
In case no licensed Inspector is located either at the point o f shipment or
at tho point o f destination, the grain m ay be shipped w ithout inspection.
In which event either party to the transaction m ay refer any dispute as to
the grade to the Secretary o f Agriculture. W hen grain shipped or delivered
for shipment in Inter-State or foreign com m erce is required to be Inspected
and graded by a licensed inspector, it is m ade unlawful for any person to
represent that it is o f a grade other than that stated in a certificate issued
in com pliance with the A ct.
T he A ct permits the shipment In inter-State or foreign com m erce o f
grain sold b y sample or b y type, or under any description which Is not
false and misleading and does not include any o f the terms o f tne official
grain standards.
T he Secretary o f Agriculture is authorized to examine grain that has
been certified to conform to any grade o f the official grain standards, or
that has been shipped in inter-State or foreign com m erce. I f, after an
opportunity for hearing has been given to the interested parties, it is de
termined that any such .grain has been incorrectly certified or has been
sold under a nam e, description or designation which is false or misleading,
he m ay publish his findings.
W hen grain shipped in inter-State or foreign com m erce has been Inspected
as required b y the A ct, any interested party m ay, either w ith or without
reinspcction, appeal the question o f Its grade to the Secretary o f Agriculture.
T h e Secretary o f Agriculture is authorized to determine the true grade o f
tho grain, and his findings are m ade prim a facie evidence o f that fa ct in
suits between the parties in Federal courts. Reasonable fees m ay b f
charged for hearing disputes and appeals. W hen appeals are sustained
such fees aro to be refunded. E very person em ployed to inspect and grade
grain for shipm ent in inter-State or foreign com m erce is prohibited from
certifying the grain according to the official grain standards, unless he
holds an unsuspended and unrevoked license issued b y the Secretary o f
Agriculture.
A ny person w ho presents satisfactory evidence o f com petency m ay be
licensed as an inspector under the A ct. In States which have or m ay
hereafter have Stato grain inspection departm ents, the Secretary o f A gri
culture is required to issue licenses to persons authorized and em ployed to
inspect and grado grain under the laws o f such States. Licensed inspectors
and persons em ployed b y the Secretary o f Agriculture for carrying out
the provisions o f the A ct aro prohibited from having any interest in any
grain elovator or warehouse, or in the merchandising o f grain, or from being
em ployed b y any person owning or operating any grain elevator or ware
house. Licensed inspectors aro required to keep records o f all grain in
spected b y them and to make detailed reports to the Secretary o f Agriculture.
T h e license o f any inspector found to be incom petent, or to have issued any
false certificate o f grado, or otherwise to have violated any provision o f
tho A ct, m ay bo suspended or revoked b y the Secretary o f Agriculture.
A n y licensed inspector who know ingly inspects or grades improperly
grain shipped in inter-State or foreign com m erce, or know ingly gives any
false certificate o f grado, or accepts a bribe for neglect or improper per
form ance o f du ty, m ay also be punished b y fine or imprisonment or both .
Similar punishment m ay be imposed upon other persons who violate
certain portions o f the A ct, particularly those with reference to the in
spection b y licensed inspectors o f grain shipped in inter-Stato or foreign
com m erce.
A n appropriation o f $250,000 is m ade for tho enforcement o f the A ct.
T ho necessary rules and regulations will be prepared and published at
tho earliest possible date in order that persons interested m ay havo an
opportunity to becom e familiar with them before any o f the standards
becom o effective.
O b jects S ou g h t I n T h e A c t .
T ho benefits which tho A ct seeks to confer are described in the language
used in tho annual report o f 1914 o f the Secretary o f Agriculture with par
ticular reference to the establishment o f standards for corn:
" * * * Grades for that grain * * *, if generally adopted and
uniform ly applied throughout tho cou ntry, will sim plify the relations
between producers, dealers and consumers. Under theso grades, fairly
used, the grower or shipper o f a superior quality o f grain will bo in a position
to demand from the buyer the fair valuo to whicn the quality o f his product
entitles him . On the other hand, the producer o f a product o f inferior
quality will receive a lower return.
“ Tho beneficial influences upon agriculture o f a uniform system o f
grading staple crop products will bo very groat through tho financial in
centive afforded the farmer to im provo tho quality o f his product b y the
careful selection o f varieties, skillful culturo and adequate and effective
m ethods o f harvesting, handling and protecting it while in his hands.”
PRESIDENT WILSON SIGNS BILL OF LADING
MEASURE.
Tho Pomereno bill, governing bills of lading in inter-Stato
and foreign commerce, was signed by President Wilson on
Aug. 29. The bill passed tho Senate on March 9. The
House, after amending tho bill, passed it on Aug. 9; the Sen
ate disagreed in the first place to the House amendments,
but on motion of Senator Pomereno it concurred in tho House
amendments to the bill on Aug. 18. Under the bill carriers
are made liable for the acts of their agents in cases where
bills of lading are issued for goods not actually delivered,
and heavy penalties aro imposed for forgeries.
In a report on tho bill to tho Senate in February, Senator
Pomereno said:
T his is in substance the samo bill passed on A ug. 24 1912, and again on
June 5 1914. It is tho result o f the labors o f tho Commissioners on Uni
fo rm Stato Laws o f tho American Bar Association, after repeated confer
ences with representatives o f the American Bankers’ Association, tho rail
road organizations and tho shippers’ associations. It was originally pre
pared for tho purpose o f having it presented to tho several Stato legislatures
with a view to providing uniform legislation upon tho subject. It has al
ready bccom o tho Law in ten o f tlio leading com m ercial States— Connecti
cut, Illinois, Iow a, Louisiana, Massachusetts, M aryland, M ichigan, New
Y ork , Ohio and Pennsylvania.
T ho ponding bill does not vary substantially from the A cts passed b y tho
legislatures o f tho States just nam ed, save that it is m ade to apply to Inter
sta te and foreign com m erco.
As to the necessity for Federal legislation, he said:
T ho total exports and imports for tho year 1915 amounted to $5,329,
521,248.
In tho hearings before tho Inter-Stato Comm erco C om m ittee it was estified b y well-informed witnesses that bills o f lading wero annually issued in
American com m erce representing consignments o f merchandise valued at
$25,000,000,000: that 9 9% o f tho tonnago and valuo o f tho com m odities
shipped and covered b y theso bills o f lading involved inter-State and for
eign com m erce, and only 1% Intra-State com m erco.
On theso bills o f lading it is estimated that $5,000,000,000 in cash was
advanced annually b y tho banks. It must follow , therefore, that any rea
sonable legislation which will lead to tho security o f theso bills o f lading in
tho hands o f their owners or holders must bo o f immense value to tho com
merco o f tho country.
A statement from tho office of Secretary of tho Treasury
McAdoo on Aug. 29, giving credit for tho passage of tho
bill to Mr. McAdoo, said:
Secretary M cA d o o , as President o f tho International High Comm ission,
urgently recommended that Congress enact tho measure, which has had the
hearty support o f tho presont Administration from tho outset. Tho Sec
retary’s particular attention was drawn to tho bill as a result o f tho meeting
o f tho Commission in Buenos Aires in April last. Ono o f tho purposes o f
tho Commission is to secure tho sim plification and uniformity o f inter
American com m ercial law and tho Buenos Aires conferonco gavo special
consideration to tho question o f safeguarding bills o f lading with amplo
p rotection. A s soon as tho Secretary returned to tho United States lie
took up tho Pomereno bill with members o f Congress, urging its passago,
and its enactment is one o f tho m ost important o f tho practical benefits re
sulting from tho activities o f tho Commission to improvo financial and
com m ercial relations botween tho United States and Latin-Am erlca.
Thomas 13. Paton, General Counsel of the American
Bankers’ Association, also recently had something to say
concerning the bill of lading legislation. Ho was quoted to
tho following effect in tho “Journal of Commerce:”
This successful result is tho culm ination o f m oro than ten years’ effort
on tho part o f tho Amorican Bankers’ Association to securo national legis
lation which will give bills o f lading thoir proper status as instruments of
credit. W hen tho bill becom es law tho rulo o f the Federal Courts that a
carrier is not liable upon a bill o f lading signed b y his agent when no goods
havo been received will bo overturned. N o t only will tho banker and tho
conslgneo who advances m oney upon tho truth o f recitals in tho bills o f
lading bo thus protected, but tho bill will add important features to tho
Federal crim inal law, making the forger o f a bill o f lading subject to heavy
penalties. Strange as It m ay seem, there is now no Federal law which
punishes tho man who forges a bill o f lading, and for this reason tho criminals
who forged several million dollars o f bills o f lading in connection with tho
perpetration o f tho K night-Yancey frauds wero nover punished. T ho re
sult o f theso frauds and tho fact that tho way has been oponod to other
frauds o f like nature, has dono much to discredit our foreign bills o f lading,
and in tho long run, if this defect in our Federal criminal law was n o t cor
rected, would seriously hamper tho growth o f our foreign trade. T ho
Pomereno bill will correct all this.
Our Association started tho m ovem ent for an adequate law governing and
protecting purchasers o f bills o f lading in August, 1905. A t tho convention
held in Washington that year, a special com m ittee on bills o f lading was
appointed o f which Lewis E . Pierson, now Chairman o f tho Irving National
B ank, was Chairman. A bill was drafted and introduced in tho next
session o f Congress b y the late Senator Burrows and by Congressman (now
Senator) Townsend, both o f M ichigan. Hearings were had on tho bill bofore tho House Com m ittee on Inter-State and Foreign Com m erco, but tho
measure was not reported out.
In each succeeding Congress our Association bill on this subject was rointroduccd, and in 1911 wo succeedod in having tho moasure passed b y tho
House o f Representatives, but it failed in tho Senate. In tho Sixty-second
Congress, Senator Pomereno o f Ohio Introduced tho moasuro, which passed
the Senate but failed in tho IIouso. This was also truo o f tho Sixty-third
Congress. In tho Sixty-fourth Congress, tho bill passed tho Sonata on
M arch 7 and has now been passed b y tho House with a fow changes which
d o not materially affect its valuo.
Last April a delegation called on President W ilson and received his as
surance that ho was heartily in favor o f tho measure.
This bill is not only o f im portance to the banking interests, but equally to
tho com m ercial interests and the law will bo o f special benefit to tho small
shipper, who, unless ho can pledgo a docum ent that will carry a responsi
bility o f the carrier for tho goods, cannot obtain a loan to financo his ship
___
m ent.
ENACTMENT OF FEDERAL WAREHOUSE BILL AS
PART OF AGRICULTURAL APPROPRIATION BILL.
Wo note elsewkero in to-day’s issue of tho “ Chronicle” tho
enactment of the Agricultural Appropriation Bill, with its
several riders, namely, the Cotton Futures Act, tho Federal
Grain Standardization Bill and tho Federal Warehouse Bill,
and have alluded under separato heads to both the grain and
cotton futures legislation. Tho Federal Warehouse Bill pro
vides for the licensing and inspection of warehouses for tho
storago of cotton, wool, grains, tobacco and flaxseed, tho
principal purpose of the bill being to establish a form of
warehouse receipt for these commodities which will make the
receipts easily and widely negotiable as delivery orders or
as collateral for loans, to the end that thoy will bo of dofinito
assistance in financing crops. The Department of Agricul
ture, in a statement further indicating the object of tho Act,
said:
This purpose the A ct aims to attain b y licensing and bonding warehouse
under conditions which will insuro tho integrity o f thoir roceipts and mako
these receipts reliable evidence o f tho con dition, quality, quantity and
ownership o f tho products named which m ay bo stored with them .
T ho Secretary o f Agriculture is given general authority to investigate
tho storage, warehousing, classification, weighing and certifying o f co tto n ,
w ool, grains, toba cco and flaxseed, and to classify warehouses for which
licenses aro applied for or issued.
H o m ay issue to warehousemen licenses for tho con du ct o f warehouses in
which such products m ay be stored for inter-Stato or foreign com m erco,
and also o f warehouses located in places under tho oxclusivo jurisdiction
o f tho United States in which such products m ay be stored. Persons who
aro not warehousemen m ay also bo licensed, subject to tho samo require
m ents as licensed warehousemen, to accept such products for storago in
warehouses owned, operated or leased b y any Stato. Licenses m ay
bo issued for periods not exceeding ono year, and aro renowablo upon
showing satisfactory to tho Secretary o f Agriculture. A fee not exceeding
$2 m ay be charged for each licenso or renewal, and, in addition, a reasonable
fee for each examination or inspection o f a warehouso m ado upon applica
tion o f tho warehouseman. It Is not, how ever, com pulsory that any
warehouseman bo licensed b y the Secretary o f A griculture. T ho systom is
wholly permissive.
E very applicant for a liconso as a warehouseman m ust agree to com ply
with tho A ct and tho rules and regulations prescribed under it. IIo must
give a bond , with other than personal surety, to securo tho perform ance o f
his obligations as a warehouseman under tho laws o f tho placo In which
tho warehouso is conducted, under his contracts with his depositors, and
under tho United States W arehouse A ct. T h e right is given to any person
injured through its breach to suo in his own nam e on tho bond for any
damages sustained b y him. W hen such bond has been given, tho ware
house m ay be designated as bonded under tho United States W arehouso A ct.
I n s p e c t i o n o f L ic e n s e d W a r e h o u s e s .
T ho Secretary o f Agriculture Is authorized to inspect warehouses licensed,
or for which licenses are applied for; to doterm ino whothcr thoy aro suitable
for tho proper storago o f agricultural products; to prescribe tho duties
o f licensed warehousemen with respect to their care o f, and responsibility
for, agricultural products; and to oxainlno agricultural products stored in
licensed warehouses. Deposits o f agricultural products in such warehouses
aro mado subject to tho A ct and tho rules and regulations under It.
D u ti e s o f W a r e h o u s e m e n .
Licensed warehousemen aro not perm itted to discrim inate betwcon
persons desiring to store agricultural products In their warehouses. All
agricultural products, except fungible products (such as grain and tho like)
o f tho samo kind and grado, for which separato receipts aro issued, must bo
so kept that thoy m ay bo separately Identified and ro-dotivered to tho
depositor. W arehousemen m ay m ix grain and other fungible products,
ordinarily m ixed In storage, when thoy aro o f tho samo kind and grado
and aro delivered from tho samo mass, but m ay not m ix such products
when they aro o f different grades.
W a r e h o u s e R e c e ip ts .
Original receipts must bo issued for all agricultural products stored in
licensed warehouses, but only when such products aro actually stored at
the tim e o f tho issuance o f tho receipts. Additional or further receipts for
the samo products m ay only be issued in placo o f lost or destroyed receipts,
and then only undor specified conditions.
T he A ct enumerates certain facts which m ust bo stated in all receipts
issued b y liconsed warohousomen. T h ey must show (a) the location o f the
warehouse; (6) the date o f issuance; (c) the consecutivo num ber; (rZ)
whether tho products will bo delivered to tlio bearer, to a specified person,
or to a specified person or his order, (e) tho rato o f storage charges; ( /) a
description o f tho product stored, including tho quantity or weight; (fl)
tho grado or other class, according to tho official standards o f tho United
States for such products, unless thero bo no such standard, in which event it
must bo stated according to some recognized standard or according to rules
and regulations prescribed b y the Secretary o f Agriculture; (Zi) that they
are issued subject to tho U nited States W arehouse A ct and tho rules and
regulations under it; (i) ownership, if any, o f tho products b y tho ware
houseman; (J) any lion claim ed b y tho warehouseman for advance made
or liabilities incurred; (k ) any other facts required b y tho Secretary o f
Agriculture; (Z) tho signature o f tho warehouseman, which m ay bo made
b y his authorized agent. Unless otherwise required b y tho law o f tho
Stato in which tho warehouse is located, tho grado m ay bo om itted at tho
request o f depositors, except in case o f fungible agricultural products, if tho
receipts clearly show that they are not negotiable.
L ic e n s e d C l a s s ifie r s a n d W e ig h e r s .
T ho Secretary o f Agriculture m ay liconso com petent persons to classify
and weigh agricultural products stored in licensed warehouses, and to
certify tho classification or weight o f tho products. Such licenses m ay bo
suspended or revoked at a n y time if the licensee fails to perform Ills duties
properly. All grain, flaxseed and other fungible products stored for inter
sta te or foreign com m erce in liconsed warehouses must bo inspected and
gradod b y porsons licensed for tho purpose. A uthority is given to establish
official standards for the agricultural products named in tho act, and
standards established undor any other A ct o f Congress are adopted for tho
purposo o f tho Warehouse A ct.
D e liv e r y o f P r o d u c ts .
U pon demand o f depositors or holders o f receipts, liconsed warehouse
men, in tho absence o f somo lawful excuse, must deliver products stored
without unnecessary delay. T he demand for delivery m ust bo a ccom
panied with an offer to satisfy tho warehouseman’s lion, to surrender the
receipt, if negotiable, properly endorsed, and, when requested b y tho
warehouseman, to sign an acknowledgment o f tho receipt o f tho products
re-dolivered. U pon tho re-delivery o f tho products for which given, all
roceipts roturned m ust bo canceled.
R eco rd s a n d R e p o r ts .
Liconsed warehousemen aro required to keep in safo places com plete
and correct records o f all agricultural products stored and w ithdraw n, and
o f recoipts issued, roturned and canceled. T hoy must also m ake detailed
reports to tho Secrotary o f Agriculture as often as required. T h e ir books,
records, papers and accounts aro subject to examination b y tho D epartm ent
o f Agriculture.
R ev o c a tio n o f L i c e n s e s .
T ho Secretary o f Agriculture is roquired to publish tho nam es, locations
and addresses o f all warehouses and porsons licensed under tho A ct, with
lists o f all licenses rovoked and the causes o f term ination. Ho m ay publish
his findings whenever ho determines that a liconsed warehouseman is not
perform ing fully his duties under tho A ct. l ie m ay suspond or rovoko
any liconso if tho liconseo fails to com p ly with tho A ct or tho rules and
regulations. Ho m ay also suspond or rovoko any liconso issued to a ware
houseman if unreasonable and exorbitant charges liavo boon m ade for
services rendered.
T ho A ct expressly provides that nothing contained in it shall bo con
strued to interfere with Stato laws relating to warehouses, warehousem en,
woigliors, graders and classifiers, or with similar Federal laws. On the
con trary, tho Secrotary o f Agriculture is authorized to co-operato with
officials charged with the enforcement o f such Stato laws in order to carry
out tho provisions o f tho United States W arehouse A ct.
P e n a lt ie s .
Punishm ent b y flno or imprisonment or both m ay bo imposed on any
person who countcrfiots, forges or uses without propor authority any license
issued undor tho A ct, or who issues or utters a falso or fraudulent receipt
or certificate, or who uses a name or description convoying tho impression
that a warehouse is designated as bonded under tho A ct unless tho bond
has actually been filed and approved or the license issued remains unsus
pended and unrovoked.
An appropriation o f S50.000 is made for carrying out tho provisions o f
tho A ct. Tlio necessary rules and regulations aro now in course o f prepara
tion, and will bo published and widely distributed at tho earliest p racticable
date.
O b jects o f th e A c t .
W aroliouso legislation, in its bearing upon tho marketing and distribution
o f farm products, was discussed b y tho Secretary o f Agriculture in his
annual report for 1915, in which ho said:
“ Investigations conducted b y tho O ffice o f M arkets and Rural Organi
zation indicate that thero is scirous need o f warehouse legislation. It
would seem that tho most desirable action on tlio part o f tlio States would
bo tlio passage o f laws which would guarantee tho integrity o f warehouse
recoipts. Theso laws should bo uniform, so that tho conditions governing
such receipts may bo tho samo throughout tho cou ntry, thereby greatly
increasing their availability as collateral for loans at distant banking
centres. T he uniform warehouse receipts A ct is now in forco in 31 States.
" I n addition to tho legislation that nas been or m ay be enacted b y tho
States, it is believed that tho enactm ent o f a fed era l warehouse law would
be o f great bonefit. Tho general interest in tho subject is well shown by
tho inquiries tho department constantly is receiving. In fa ct, many
warehousemen, under the misapprehension that a bill on tho subject
considered b y tho last Congress actually had been passed, have asked tho
Departm ent ot glvo them inform ation as to how to com p ly with it. T ho
proposed measuro, which is permissive in character, would onablo tho
Departm ent o f Agriculture to liconso bonded warehouses in tlio various
States. It would prom ote tho better storing o f farm products, increaso tho
desirability o f receipts as collateral for loans, and therefore would bo o f
definite assistance in financing crops. A Federal statuto on tho subject
also would prom oto tho standardizing o f storages, o f warehouse receipts
and o f marketing processes."
A Federal warehouse bill passed tho Senato in August 1914,
and in amended form was passed by the House in Docembor
1914; it failed, however, of final enactment at that session
________ _____________
of Congress.
RE-ENACTMENT OF COTTON FUTURES ACT AS PART
OF AGRICULTURAL APPROPRIATION BILL.
Tho annual agricultural appropriation bill, carrying as
riders tho Cotton Futures Act, tho Federal Warehouse bill
and tho Federal Grain Standardization bill, became a law
with its approval by President Wilson on Aug. 11. Tho
IIouso passed tho bill with its three riders on May 2; in
amended form (but with the several riders) tho Senate
passed the bill on July 12. The House disagreed to the
Senate amendments on July 18 and sent the bill to confer
ence. Tho conference report was returned to the Senate
and House several times before its final acceptance by the
respective branches of Congress on Aug. 4. As we have
before indicated, the Cotton Futures bill (regulating cotton
futures transactions) is similar to the one which became a
law on Aug. 18 1914; that Act was declared unconstitutional
by Judge Hough of the U. S. District Court in New York
on Oct. 13 1915 on the ground that tho measure in the form
in which it was finally enacted had originated in the Senate.
In attacking the constitutionality of the Act on this ground
it was contended that tho Constitution expressly provides
that all measures for increasing or raising revenue shall have
their origin in the House. Another point of contention was
that the Act was unconstitutional, since it taxed the nature
of tho transaction rather than the transaction itself. The
Act imposes a tax of two cents on each pound of cotton
($10 a bale) sold for future delivery where the provisions of
the Act are not complied with, and provides that trading
shall be in accordance with standards fixed at various times
by the Government. Tho provision taxing orders trans
mitted abroad is eliminated in tho newly enacted law. The
new Act became effective this week, Sept. 1. In calling
attention to the Act on Aug. 11 Secretary of Agriculture
D. F. Houston issued a statement saying:
T ho annual appropriation bill for tho Departm ent o f Agriculture just
passed b y Congress contains a ro-enactm ent, effective Sept. 1 191G, o f the
United States C otton Futures A ct, with a few changes. Section 11 o f the
present law, which taxes orders sent abroad for the m aking o f future con
tracts on foreign cotton exchanges unless certain conditions were com plied
with, will be om itted.
A now section know n as 6a Ls inserted in the bill, which provides an
optional contract under which parties m ay, b y agreement, without being
subject to tax, contract that under certain specified conditions tho buyer
m ay dem and delivory o f the basis grade named in the contract.
Another m odification which will be o f interest and assistance to the trade
is the authority conferred on the Secretary o f Agriculture, in case o f dis
putes, to include in his findings, even though only one question be referred,
a com plete classification o f tho cotton for tho purpose o f deliver* on future
contracts. Under the old law, the authority o f the Secretary was confined
to a determination o f tho specific question o f grade, quality or length o f
staple referred to him b y tho parties. In other words, if the dispute in
volved grade only, and the cotton was found to be gin-cut, which is a ques
tion o f quality, the Secretary had no authority to include a statement as
to gin-cut in his findings.
Governm ent officials in charge o f the m atter call especial attention to the
facts that the new A ct will not becom e effective until Sept. 1 1916, and
that tho old A ct o f Aug. IS 1914 will remain in full forco until the beginning
o f next m onth.
T ho rules and regulations o f both the Treasury and the Agricultural
Departm ents, with slight m odifications and additions necessitated b y the
changes m ade in the law, will be reissued shortly after the approval o f
bill, so that thero will bo no disturbance whatsoever to the trade. The
official cotton standards o f the United States heretofore established will
be readopted and prom ptly prom ulgated, so as to be in force when the new
A ct becom es operative.
The Federal Grain Inspection legislation and the Federal
Warehouse Act are referred to under separate heads in to
day’s issue of the “ Chronicle.”
HOUSE ACCEPTS SENATE AMENDMENT TO SHIP
PURCHASE' BILL.
Tho House on Aug. 30 approved the Administration Ship
Purchaso Bill as amended by the Senate, and passed by
the latter on Aug. 18. The bill originally passed the House
on May 20. All efforts to change the Senate amendments
were defeated in the House this week. The Senate amend
ments were outlined in these columns last Saturday.
PRESIDENT SIGNS CHILD LABOR BILL.
Tho House of Representatives on Aug. 18 agreed to the
recommendation of tho conferees on tho Child Labor bill
that it recedo from its disagreement to the Senate amend
ments, thus putting the bill before President Wilson, who
signed it yesterday (Sept. 1.) The bill was passed by the
IIouso on Feb. 2 last and by the Senate on Aug. 8. As it
originally passed tho House, it proposed to bar from inter
state commerce products on which child labor actually had
been employed. As amended by the Senate, and now per
fected, it prohibits shipment between the States of all prod
ucts of any establishment which employs child labor. It
bars products of any mine or quarry employing children
under 16, and products of any mill, cannery, workshop,
factory or manufacturing establishment employing children
under 14, or which employs children between 14 and 16 more
than eight hours a day, more than six days a week, or earlier
than 6 o’clock in the morning or later than 7 o’clock in the
evening. It becomes effective one year after the date of
tho President’s approval. Opposition to tho bill was led
by Southern Congressmen, and its sponsors charged cotton
mill owners with being the principal objectors.
In presenting the conference report recommending that
the House recedo from its disagreement to tho bill, Repre
sentative Lewis, one of tho conferees on tho part of the
House, said:
This bill, know n as tho Child Labor bill, having passed tho H ouso wont
to tho Senate, and tho Senate passed it with certain amendments. I m ay
say that tho amendments b y tho Senate did not m od ify in any w ay tho
general ob jective o f tho bill— that is, tho acts and tho species o f con du ct
Intended to be prohibited b y tho Houso measuro— but in considering the
m ethods that should bo em ployed for that purpose, especially in tho leading,
and what I m ay call tho prohibitive, clause, tho Senate adopted a m ethod
o f treatm ent som ew hat different from that adopted b y the House.
T he Houso m ethod o f treatm ent was to stigm atizo tho particular products
o f child labor, in whole or in part, and prohibit the m ovem ent in inter
s ta te com m erce o f any such particular products. That clause, section 1,
was amended b y tho Senate, and its treatm ent provides that wherever
children are shown to have been em ployed b y a m anufacturer, and so forth,
under the prohibited conditions, within ono m onth o f tho offer o f shipm ent
o f any product, the product o f such fa ctory shall be denied the privilege
o f inter-State com m erce.
I shall not g o into any discussion o f the slightly different constitutional
aspects presented b y tho House m ethod o f treatm ent and the Senate m ethod
o f treatm ent. It m ay be said in fa vor o f the Senato treatm ent that it
renders the adm inistration o f tho law itself, and the effectuation o f tho
prohibitions o f the law, easier than tho H ouso treatm ent would d o, and is
to be strongly recom m ended on that account. T ho difficulties in the way
o f obtaining evidence, o f particularizing the special articles o f tho product
o f a m ill which were sophisticated b y child labor, in whole or in part, at
once suggest themselves under tho House treatm ent o f the m atter. T he
Senato treatm ent eliminates those difficulties, because any shipm ent o f
any o f its products within one m onth after child labor has been em ployed
in the fa ctory makes out a case, under the indictm ent, for tho G overnm ent.
It need only prove that within one m onth o f tho objected shipm ent child
labor was em ployed In the fa ctory from which the article proceeded.
In signing the bill yesterday President Wilson said:
I want to say that with real em otion I sign this bill because I know how
long tho strugglo has been to securo legislation o f this sort, and what it is
going to moan to tho health and to tho vigor o f this country, and also to
tho happiness o f thoso whom it a ffects. It is with genuino prido that I
p lay m y part in com pleting this legislation. I congratulate tho country
and felicitato m yself.
HEARINGS OF FARM LOAN BOARD.
The members of the Farm Loan Board opened their
hearings in furtherance of their efforts to determine upon
the location of the Farm Loan banks and the division of the
country into districts at Augusta, Me., on Aug. 21. Secre
tary of tho Treasury William G. McAdoo, who is Chairman
ex-officio of the Board, presided at the first fow hearings,
but was recalled to Washington on account of tho illness of
his wife. Tho initial hearing was marked by a luncheon
tendered by tho Augusta Board of Trade to Mr. McAdoo
and the other members of tho Board, at which Secretary
McAdoo outlined the purposes of the Act as follows:
T ho Farm Loan A ct creates a system under which tho farmers o f tho
U nited States will be able for tho first time in tho history o f tho country
to borrow m oney on farm lands at low rates o f interest on long timo, namoly,
from five to forty years, and b y means o f annual dues or installments, not
only to pay the interest, but also to retire the principal o f tho loan at
m aturity.
This pieco o f legislation is com parable in its benefits in tho magnitude
o f tho industry it will affect, with the Federal Reserve A ct, but it is in
m any respects far m oro im portant to tho country than the Federal Reserve
A ct. T ho Farm Loan A ct or rural credits bill will emancipate the farmer
from tho disadvantages he has so long endured. It will, when fully es
tablished, unquestionably provido an abundanco o f credits, available at
all times, to farmers in all parts o f the country upon long term mortgages
at lower rates o f interest, with a provision for repayment o f tho principal In
easy annual installments. In fact, under tho new system tho farmer ought
to bo able to pay tho interest on his mortgage and the principal o f his
debt through annual installments which will bo less than tho straight
interest charges ho has been paying on his m ortgage under tho old system.
This is an act o f long delayed justice. W o must sco to it that those who
aro entitled to its benefits get them with tho least possible delay. Tho
establishment o f this rural credits means not only moro profitable farming,
b ut a lito o f greater com fort and prosperity for tho farmer; it means destruc
tion o f tho nightmare o f foreclosure and loss o f property for tho farmer;
it means security and independence, thrift and self-respect for tho farmer.
I t will re-attract to tho farms vast numbers o f our peoplo who have been
unable to engago In agriculture because It has been impossible to securo
m onoy on farm obligations. It means m uch for all tho peoplo o f tho
country because they will prosper in direct proportion to tho proserity
and strength o f tho farming industry o f the country.
William J. Thompson, Master of the Maine Stato Grange,
and Dr. Georgo M. Twitched of Auburn, were tho only
ones speaking at tho hearing who thought that tho
Maino farmers were not fully ready for such a rural credits
system as proposed by tho Federal Farm Loan Act. Mr.
Thompson stated that Maino was not suffering as much as
tho States in tho South and West from high rates of interest,
tho prevailing interest rate being 6% on farm mortgages.
In tho northern section of the State the rate of interest had
been 7 or 8%, but it was quite uniformly 6% at tho present
time. He thought that farmers in Maine were more in need
of short term credit, explaining by that, that ho meant tho
borrowing of a few hundred dollars for tho season. The
second hearing of the Board was held at Concord, N. H., on
Aug. 22. Differences of opinion as to tho necessity of a
Farm Loan bank in tho Stato wero expressed at the hearing.
Ono of those who failed to see any benefits to Now Hampshire
through .the location of one of tho banks thero was Claronco
E. Carr of Andover, former Democratic candidate for
Governor of New Hampshire, who said: “All the capital and
all tho money tho New Hampshire farmer reasonably can
ask for he can get in New Hampshire at as low a rate as the
Federal Government should offer.” Mr. Carr’s views wero
accepted as describing the sentiment generally in New Hamp
shire. Hartford, Conn., and Springfield, Mass., wero both
visited by the Board on the 23rd. Both cities aro desirous
of obtaining one of tho banks; tho appeal on behalf of
Springfield was conducted by the Hampden County Im
provement League, assisted by prominent business and agri
cultural men representing Western Massachusetts. A large
aggregation of business, banking and agricultural interests
was also on hand at the Hartford hearing to plead tho cause
of that city; J. II. Hale, Public Utilities Commissioner in
indicating tho need for a bank in Connecticut said:
I have always been a fanner and have often found it necessary to borrow
m onoy from banks at an average rate o f interest o f 5 Vi % . M ost farmers in
C onnecticut, how ever, aro not able to borrow quickly unless they p ay an
unreasonable rate o f interest. I consider that, at tho present tim e, C on
necticut agriculture is in a serious process o f upbuilding. W ithin the last
fifteen years thero has been an influx o f shrowd farmers from all over tho
country, who aro attracted to this section because o f tho splondid facilities
which they find for disposing o f their products. Then, too. thero has been
a back-to-the-farm m ovem ent, which has stim ulated a largo number o f city
peoplo to get a rural hom o. It is m any o f these people who need loans.
C onnecticut, with its thousands o f acres o f fertile, uncultivated land is a
neglected opportunity. In proportion to tho number o f peoplo who havo
recently sot out to clean up so-called wild land, tho whole of New England
m ay well bo called tho newly discovered part o f America. It will bo tho
great farming centre o f tho country in years to com e. I f tho Northeastern
part o f tho country is to havo tw o banks, I should establish ono in tho
Central part o f N ow Hampshire and the other in H artford. T ho first will
servo Vei'mont and M aine, and tho ono hero will m eet tho needs o f tho
people o f Massachusetts and R hode Island.
John M. Holcombe, President of tho Phoenix Mutual Lifo
Insurance Company, in urging the choice of Hartford for ono
of the banks said:
I believe that this Stato is capable o f producing a greatly increased
supply o f farm products, and that our presont groat handicap is a lack o f
scientific farmers. N ext to intelligence, I believo tho greatest need among
the farmers hero is the opportunity o f acquiring loans which ono o f theso
banks will furnish. In m y mind thero is no question but that Hartford
is peculiarly appropriate for tho location o f such a bank on account o f its
position in a centre where farm ing opportunities aro great.
Utica is also solicitous of having one of the banks. Tho
view was generally expressed at the hearing thero on Aug. 24
that a form loan bank at Utica would considerably benefit
tho farmers of that locality. According to the Utica “ Press,”
W. I. Taber, President of tho Citizens’ Trust Co., submitted
a comprehensive statement of figures propared as tho result
of an investigation made some two years ago, showing tho
conditions found by banks in many parts of tho State. Ho
said tho attitude of the banker toward tho farmer is to holp
him as far as is consistent with safety, and that tlioy will
lond their moral support to the new plan just as they havo
to the building and loan associations. One of tho reasons
tho farmer does not seek tho banks for mortgago loans, ho
said, is because of tho expense of tho appraisal, examination
of papers, &c. The average farmer can moro readily pay
a commission to a broker for a loan from an individual. Tho
attitudo of the banks and trust companies of tho city, toward
farm loans and mortgages and tho situation in that section,
as they see it with reference to loans, was set forth in tho fol
lowing statement:
In tho first place it m ay be well to omphasizo tho fact that all tho national
banks and trust companies o f this city make loans to farmers, but mako
practically no loans on bond and mortgago covering farm proporty. In
other words, farmers in this section in good credit who need funds for legiti
mate purposes are welcome borrowers at all tho banks and trust companies
o f tho city. Theso loans are generally for short periods and tho experience
o f tho banks and trust companies o f this city with such loans is, on tho
whole, entirely satisfactory.
W ith reference to the attitudo o f tho Savings Bank, tho bank advises us
that during the last fivo years thoy havo had an avorago o f 12 applications
per year for farm loans, and that o f theso applications they havo accoptcd
about one-half, or in tho neighborhood o f 30 loans, tho avorago amount
o f which will run about 33,500. Their present rato o f Interest is 5 lA % .
T ho reasons for rejection on such as thoy did roject were sound; as for in
stance, somo o f the applications cam o in winter when it was impossible to
appraise tho land. Others wero becauso tho farmers wanted m ore than a
50% loan. T hey mako all their loans on one-year timo.
The same general statement might bo inado with rcferenco to tho Savings
Bank o f this city in regard to farm loans, as mentioned in tho case o f national
banks and trust companies— namely, that tho difficulty o f appraisal is a
drawback in tho granting o f theso loans. T hoy d o not discriminate against
farm loans, nor d o they seek them.
Speaking first for the national banks and trust com panies, o f which thero
aro three o f the form er and threo o f tho latter in this city , wo wish to call
attention to tho fact that a loan on bond and mortgago with farm land as
security is not the sort o f loan that national banks and trust com panies
located in a city o f tho size o f Utica can advantageously handlo. Thero aro
several pertinent and good business reasons for this. Ono is practical
difficulty o f appraisal o f a farm loan in comparison with a mortgago loan
on city property. Another general objection to tho farm loan on bond and
mortgage is the length o f timo it is compelled to run and tho fact that it is
therefore a less liquid asset.
N one o f tho national banks o f this city havo taken any mortgages on farm
lands in this section under the clauso o f tho Federal Reserve A ct, which
permits them to do so, and further, nono o f tho national banks in tills city
have had a single request for such a mortgage.
Tho national banks and trust com panies o f tills city are on very cordial
terms with tlio farmers of the surrounding com m unity, and all o f our insti
tutions have now on their books m any loans to farmers made directly upon
their notes endorsed either by their wives or some neighboring farmer.
In conclusion it is quite evident that tho local individual investor is
practically tho only sourco from which tho farmer in this section o f New
Y ork State secures funds on bond and mortgage with farm land as security.
Tho financial institutions o f this city would not bo prejudiced in principle
against the establishment o f a special financial institution in this section,
such as might bo provided b y tho Federal Farm Loan Board, and on tho
contrary can conceive how such an institution, organized especially to
handle farm loans on bond and m ortgage m ight be, provided tho business
was conducted econom ically, efficiently and honestly, o f real benefit to
tho surrounding farming com m unity.
A t L a n sin g o n A u g . 2 5 re p re se n ta tiv e s o f th o v a rio u s
T he representation b y any person that any organization is now offering
to m ake loans b y authority o f tho Farm Loan Board under the Federal
Farm Loan A ct, is false, and any attem pt to collect m oney under such
representations is fraudulent, and is punishable b y fine and im prisonm ent.
M r . F la n n a g a n a d d e d th a t in fo r m a tio n h a d b e e n re ce iv ed
fr o m M o n t a n a , I d a h o a n d o th e r W e s t e r n S ta t e s to th e e ffe c t
th a t u n a u th o r iz e d p erso n s w ere so lic itin g su b sc rip tio n s th e r e .
H e said fa rm e r s sh o u ld p la n th e o r g a n iz a tio n o f lo a n a s s o c ia
tio n s .
“ B u t , ” ho s a id , “ n o m o n e y sh o u ld n o w b e p a id in
co n n e c tio n th e r e w ith to a n y p erson fo r s to c k or e x p e n s e s , n o
m a tte r w h a t th o re p re se n ta tio n s m a y b e .”
a g ric u ltu ra l in terests te stifie d as to th o n e ed o f a F e d e ra l
L a n d B a n k in M ic h ig a n , a n d w ith o u t e x c e p tio n e a c h w itn e ss
B E N E F I T TO F A R M E R S O F P R E F E R E N T I A L D I S C O U N T
R A T E E S T A B L IS H E D B Y RESERVE BOARD.
said th a t M ic h ig a n w a s on e o f th e fe w N o r t h e r n S ta te s th a t
w o u ld b o n e fit g r e a tly w h e n th e ru ral cred its la w is in op e ra
I n in d ic a tin g th e e ffe c t o f th e a c tio n o f th e F e d e r a l R e
serv e B o a r d in e s ta b lis h in g a y e a r a g o p re fe re n tia l d is c o u n t
tio n .
.
O n th o 2G tli th o n e ed o f W is c o n s in fa rm e r s fo r m o rtg a g o
ra te s o n c o m m o d it y p a p e r , C o m p t r o lle r
lo a n s a t lo w ra te s o f in te re st a n d th o d e sir a b ility o f lo c a tin g
J o h n S k e lto n W illia m s p o in ts o u t t h a t th o a r ra n g e m e n t h as
o n e o f th o tw e lv e F e d e ra l F a r m L o a n b a n k s in M a d is o n w ere
re su lte d in g iv in g fa rm e r s in m a n y p a r ts o f th o c o u n tr y a n
p re se n te d to th o F e d e ra l I a r m L o a n B o a r d .
I o w a b u sin e ss m e n a n d b a n k e r s w ere g iv e n a h e arin g on
o p p o r tu n ity o f b o rro w in g m o n e y a t 6 % , w h ere fo r y e a r s th e y
th o s u b je c t a t D e s M o in e s o n A u g . 2 8 .
troller also a n n o u n c e s t h a t an a n a ly s is o f th e b a n k s ta te
D e s M o in e s , W a t e r
of
th e
h a d b e e n a c c u s to m e d to p a y in g 1 0 % a n d h ig h e r .
C u rren cy
The Com p
lo o a n d B u r lin g to n w ere th o th re e to w n s w h ic h w ere a d v o
m ent
c a te d
in
secu red b y w a re h o u se re ce ip ts a m o u n t t o $ 1 2 4 ,0 9 5 ,0 0 0 , o f
siste d th a t Io w a bo g iv e n th o p rin c ip a l co n sid e r a tio n an d
w h ic h $ 7 9 ,7 4 9 ,0 0 0 re p re se n ts lo a n s o n w a re h o u se r e c e ip ts
th a t th o m a tte r o f th o e x a c t lo c a tio n o f th o b a n k bo le ft
se cu re d
u n til la te r .
$ 4 4 ,3 4 6 ,0 0 0 o n c o t t o n .
as
p ossib le
lo c a tio n s.
R e p r e s e n ta tiv e s
of
each
W o lea rn fr o m tho D e s M o in e s “ R e g is te r ” th a t
o f Juno
by
30
w h e a t,
sh o w s
th a t
to ta l
to b a c c o , a n d
n a tio n a l
o th e r
bank
c o m m o d it ie s ,
lo a n s
and
A fu rth e r m a t t e r to u c h e d u p o n b y
a t tho c o n c lu sio n o f th e h e arin g R . H . I 'a x o n , S e c re ta ry o f
th e C o m p tr o lle r d ea ls w ith th e ra te s o f in te r e s t e x a c te d b y
th o C h a m b e r o f C o m m e r c e , su m m a riz e d I o w a re q u e s ts as
n a tio n a l b a n k s ;
fo llo w s :
Iow a is tho logical location for tho land bank in this section.
Tho district for this section should com prise Iowa by itself, or Iowa
and M innesota. Iowa and Illinois, or Iowa and Missouri.
t h a t th e re h a s b e e n a gen era l co lla p se in th e e x to r tio n a te
T h o sam o p a p er s ta te d th a t H . C . W a lla c e , e d ito r o f
\\ a l-
la c o ’s F a r m e r ,” to ld th o B o a r d th a t th o F a r m L o a n L a w m u s t
b o a m e n d e d so as to m e e t th o n e ed s o f th e to n a n t fa r m e r .
A s ho v ie w e d i t , D e s M o in e s w o u ld n o t b e a n id e a l lo c a tio n
fo r th o b a n k , as th e la w n o w s ta n d s , fo r th e m o s t it offers
is a s lig h tly low er ra te o f in te r e st to th e la n d o w n e r , w h erea s
th o c o m m u n it y tr ib u to r y to D e s M o in e s is c h ie fly co n ce rn e d
in th o w e lfa re o f tho te n a n t fa r m e r , w h o h a s n o s e c u rity to
o ffe r
as
under
th o
p re sen t
la w .
M r.
W a lla c o
w as
q u o te d
s a y in g :
Tho law doos not reach the spot in Iowa. W o havo a largo per cent o f
tonant farmers who year after year are com bining with tho owners to rob
tho soil under our system o f short-term leases. T hat is to say. they reap
Its rich harvests and put nothing back. Tho tim o is at hand when the land
m ust be considered as a third party to every lease, if fertility ta to be pre
served. Tenantry is hero and hero to stay, and what wo need is a law that
will enable tho tenant as well as the land owner to borrow m oney I b is
would encourage long timo leases and naturally tend to conservation o f
tho soil.
_ _ .
J o h n A . C a v a n a u g h , V ic e -P r e s id e n t o f th o D e s M o in e s
N a t io n a l B a n k , w as q u o te d as s a y in g :
In m y opinion, tho Iow a farmer will turn to the banks you gentlemen
establish for tho funds he desires, provided you m ake tho interest rate lower
than tho rates now existing. Iowa farmers havo been able to secure tho
bulk o f their m oney at 5 3 4 % . If you enablo them to borrow m oney at
5 % you will reduce their annual interest debt b y $2,000,000.
It is m y conviction that the now law will reduce interest rates to tho
farmer and enable him, to borrow m oney— even here in prosperous Iow a—
upon more favorable terms than he lias been ablo to secure it before.
This being so tho law will bo welcom ed b y Iow a farmers and will enhance
our agricultural prosperity.
Iow a has a larger percentage o f its farms m ortgaged than any other State
in the Union
T he 1910 Census showed Iow a farms to be m ortgaged to tho
extent o f $ 204,000,000, or $60,000,000 more than the aggregate debt o f
any other State. W e bankers have been loaning heavdv on Iow a farms.
T h e B o a r d v isite d S io u x F a lls , S . D . , o n A u g . 3 0 , a n d on
tlio 3 1 s t c o n d u c te d a h earin g in S t . P a u l, M i n n .
B o th
S t . P a u l a n d M in n e a p o lis are w o rk in g to secu re a b a n k for
th e ir c it y .
T h o M in n e a p o lis C iv ic a n d C o m m e r c e A s s o c ia
tio n p re se n te d d a ta in su p p o rt o f th o c la im s o f th a t c i t y , an d
th o S t . P a u l A s s o c ia tio n o f C o m m c r c o s u b m itte d fa c ts d e a l
in g , a m o n g o th e r th in g s , w ith th o m a r k e tin g a d v a n ta g e s of
th o c i t y .
Tho
S t . P a u l A s s o c ia tio n su g g e ste d
a
“ d istrict
c o m p risin g M in n e s o t a , N o r t h a n d S o u th D a k o t a , a n d M o n
ta n a , w ith S t . P a u l as th o lo g ica l ce n tre fo r a F e d e ra l loa n
b a n k to serv o th is te r r ito r y .”
T h o B o a r d h e ld a h e arin g a t F a r g o o n th e 1st in s t. an d
H e le n a o n tho 2 d .
L o a n B o a r d , issued a w a rn in g to fa rm e rs th a t so lic ito rs are
in se v e ra l W e s t e r n
S t a t e s , w ith o u t a u t h o r ity o f tho
B o a r d , a t te m p tin g to c o lle c t m o n e y fo r th e o rg a n iz a tio n o f
n a tio n a l
fa r m
loa n
a sso c ia tio n s.
S uch
a sso c ia tio n s
aro
a u th o r iz e d u n d er th o la w a n d aro to b e fo r m e d b y fa rm ers
w ho
dosiro lo a n s.
ra te s o f in te r e s t w h ic h h a d b e e n p r e v a le n t fo r y e a r s p a s t .
I l i s o b s e r v a tio n s o n th e se ve ra l p o in ts a b o v e are c o n ta in e d
in th e fo llo w in g s ta te m e n t issued u n d e r d a te
of A u gu st 2 5 ,
b u t n o t re le a se d fo r p u b lic a tio n u n til A u g u s t 2 8 :
A u g u s t 25 1916.
T lio Com ptroller o f the Currency said to-day:
Tlio action o f the Federal Reserve Board a year ago in establishing prefer
ential discount rates on com m odity paper worked adm irably. Under the
B oard’s regulations in that connection, all member banks, State and national
were given, within reasonable limitations, the opportunity o f borrowing all
the m oney they required at 3 % per annum, whore tho discounting bank
could show that tho com m odity paper offered was secured b y warehouse
receipts for cotton or other staple com m od ity, and that it had not charged
tho original borrower m ore than 6 % per annum.
This arrangement resulted, in many parts o f tho country, in giving
farmers tho opportunity o f borrowing m oney at 6 % , where for years they
had been accustom ed to paying 10, 12 or 1 5 % , and in m any cases rates
still m ore exorbitant.
An analysis o f tho bank statement o f Juno 30 1916 shows that our
national banks on tho date named were lending to customers on warehouse
receipts secured b y cotton tho sum o f $44,346,000; and on warehouse
receipts secured b y wheat, tobacco and other com m odities they were
lending $79,749,000— tho total loans secured b y warehouse receipts being
$124,095,000.
.
,o
, „
O f tho m oney thus loaned on warehouse receipts, 13 million dollars were
being loaned liy national banks in tho Now England States; 38 m illion
dollars In the Eastern States; 37 million dollars in the Southern States;
25 millions b y those in tho M iddle States; 234 millions in the W estern
States; and about 8 millions in the P acific States.
O f the 124 million dollars loaned on tho security named, 39 m illions were
loaned b y the country national banks; 37 m illion dollars b y tho national
banks in tlio Central Reserve cities; and 48 m illion dollars b y those in
other Reserve cities.
T he farmers o f the country aro also rapidly loarning to take advantage
o f tho provisions o f tho Fodoral Reserve A ct which enable banks outside
o f tlio Central Reserve cities to loan m oney on farm lands. T he amount
loaned by national banks on farm property Juno 23 1915 was 25 m illion
dollars; on M arch 7 1916 this had been increased to 40 m illion dollars;
while tlio last report o f June 30 1916 shows the amount loaned b y national
banks on farms to have increased to 45 million dollars.
Reports which have been com ing to this o ffice show that there has been
a general collapse in tho extortionato rates o f interest which for years past
had been exacted b y many national banks in various sections o f tho country
from their customers, especially in tlio agricultural districts; although in
certain parts o f tho country some banks, I regret to say. aro still trying t o
hang on to their old m ethods.
In various instances national banks which havo boen called on to reduce
their rates o f interest to those permitted by la w , havo not only com plied but
havo advised this o ffice that they are now conducting their business on a
plane which Is proving not only more satisfactory to their custom ers, b u t,
all things considered, m ore satisfactory to tho banks themselves, as their
business is showing a healthy expansion in response to tho m ore liberal
treatment which they are now according their customers.
For example, the cashier o f a national bank in tho interior o f Texas, which
had in tlio past been charging excessive interest rates, recently wrote this
office as follows;
‘ ‘ W hile it has been rather hard for us to get dow n to tho legal rate I
realizo that you are absolutely correct, and I am sure that tho cheaper rate
o f i n teres t will br in g, and is already bringing, this bank a largo increase o f
business. Your stand in this matter is entirely com m endable, and wo will
I t w ill bo in S p o k a n o o n th e 4 t h .
O n A u g . 2 2 S e c re ta ry F la n n a g a n , o f th e F e d e ra l F a r m
bu sy
re p o rts c o m in g to h is o ffic e , h e s a y s , s h o w
M r.
F la n n a g a n
sa id :
Since July 1 1916 24 new national banks have been organized, with a
capital o f $ 1 ,845,000; and existing national banks have increased their
capital to tlio extent o f S I,615,000; making a total increase in banking
capital, since July 1, o f $3,460,000.
. . .
T he number o f national banks which havo gone into liquidation In the
samo period, exclusive o f those which have consolidated with other national
banks, is 16, with aggregate capital o f S I,205,000. T ho capital o f tho
now banks, plus tho capital increase o f old banks, since July 1, thus amounts
to about three times the capital o f banks going into liquidation for purposos
other than to consolidate with other national banks.
D I V I D E N D S L O O K E D FOR B Y M I N N E A P O L I S
FED ERAL RESERVE B A N K
A c c o r d in g
Aug.
25,
to
th o
M in n e a p o lis
th e first d iv id e n d
to
IN JAN U AR Y.
“ E v e n in g
bo p a id
to
J o u r n a l”
th o 7 0 0
of
banks
t h a t are sto c k h o ld e r s o f th o M in n e a p o lis F e d e ra l R e s e r v e
B a n k w ill b e se n t o u t in J a n u a r y if e a rn in g s co n tin u o a t th e
p re s e n t r a te .
A n n o u n c e m e n t to th is e ff e c t , it is s t a t e d , h as
b e e n m a d e b y th e b a n k .
T h e “ J o u r n a l’ ’s a y s :
T he bank has paid o ff its oxponso o f organization and now is accum u
lating earnings m onthly at a rate sufficiently largo to warrant a divddond
disbursement in tho next six months.
That tho earnings will continuo to hold up through tho remainder o f tho
year and m ay even bo expoctod to increaso, is indicated by tho heavier
demand for m oney from banks in tho districts whero crop losses are being
felt and whero country merchants and farmers are being carriod over to
another year.
Federal Reserve Agent John IT. R ich to-day roported increasing inquiry
from N orth Dakota and South D akota for rediscount rates and a generally
im proved demand for m oney.
B U S IN E S S C O N D IT IO N S I N T IIE A T L A N T A
RESERVE D ISTR IC T.
FEDERAL
C o n c e rn in g th e o p e ra tio n s o f c o tto n m ills in th o F e d e ra l
R e s e r v e D is t r ic t o f A t l a n t a , th e re p o rt o f tho A t la n t a F e d e ra l
R e s e r v e B a n k p re p a re d fo r th e S e p te m b e r B u lle t in o f th e
F ederal R eserve B o a rd , say s:
C otton mills continuo to operate to full capacity and show increase o f
40 to 50% in volum o o f business over the same m onth o f previous year.
I hero is no let-up in the demand for tho p roduct, which is better than for
several years, and mills have orders booked running well into 1917, with
prices showing substantial p rofit. A number o f mills are making im prove
m ents and additions to their plants.
J u l y , a c c o r d in g to
th e r e p o r t, w a s a p ro sp e ro u s m o n th
in v ie w o f th e u su a l m id -s u m m e r d u lln e ss in th o D is t r ic t;
it a d d s : “ th e re d o e s n o t a p p e a r a n y m a r k e d le t -u p in gen era l
b u sin e ss a c t i v i t y , th o u g h fu tu r e p ro sp e c ts are la r g e ly d e
p e n d e n t u p o n th e o u tc o m o o f th e c r o p s .”
J h e k e w O rlea n s B r a n c h o f th e F e d e ra l R e se r v e B a n k
o f A t la n t a re p o rts as fo llo w s:
T he new com m ercial year beginning July 1 shows an increaso boyond
anj thing in the past. The summer business has been unusually good
and tho m id-sum m er m onth o f July turned out to be almost the best o f
tho past twelve m onths.
A lthough there is practically no coffee being handled— duo, it is said
to tho British black list against certain dealers, the imports were abovo
those o f same period last year. E xports are the largest ever known.
Indications are that tho growing crops o f cane, corn and rice will show
an abundant yield, but that o f cotton is only fair, in fact, from all our
sources o f inform ation, tho invariable com m ent is that tho crop is below
norm al. The lumber market is showing some im provem ent, both in vol
um o and price. Live stock is in good dem and, and Louisiana and M issi
ssippi farmers continue to develop tills industry.
com pared to the same week for 1915 being as follows: St. Louis 40, L ouisvilio 8.1, M em phis 32, Little R ock 19.5, and Evatisvillo 18.0.
In July 1916 this bank cleared, passing through its hands direct, 194,343
item s, totaling 8103,494,899 75. However, on July 15 the now clearing
plan went into effect, and since then some o f our member banks have
been sending direct to other Federal Reservo bank items drawn on member
banks in such Federal Reserve banks’ districts. Such member banks
mako their remittances for the credit o f this bank, sending us tho proper
advices. From July 15 to July 31, there were handled in this indirect
way 33,^.65 items, totaling 87,836,272 30. There was thus handled through
tiie clearing system operated b y this bank during tho m onth o f July a
total o f 296,949 items, amounting to $154,302,798 75. This is an incroaso
both in tho number o f items and amount over our previous records.
From July 15 to A ug. 15 1916, tho first m onth o f operation under tho
new clearing plan, this bank handled direct 179,146 items, amounting
to $95,940,734 19. During the same period, it handled indirectly— i. e.,
items sent direct to other Federal Reserve banks for the credit o f this
bank— 87,609 items, totaling 817,298.457 75, or a total for tho first month
o f operation under tho new clearing plan o f 266,755 items, amounting to
$113,239,191 94,
There are approxim ately 3,050 member banks, Stato banks and trust
companies in this district.
I’rior to July 5th, we could collect at par
items on only 470 member banks, but now wo are collecting at par checks
on 1,203 banks in this district, or a little over one-third of the total num
ber o f banks.
GREAT
B R I T A I N ’S
NEW
M O B IL IZ A T IO N
SCHEME.
T h e d eta ils o f a n e w sch e m o fo r th o re g u la tio n o f fore ig n
e x ch a n g e b y th e lo a n o f secu rities o f C a n a d ia n a n d ce rtain
n e u tr a l co u n tr ie s , to th e B r itis h T r e a s u r y in c id e n ta l to th o
n ow $ 2 5 0 ,0 0 0 ,0 0 0
B r itis h
cred it
(b a c k e d
c o lla te r a l), w ere a n n o u n c e d o n A u g . 1 2 .
by
$ 3 0 0 ,0 0 0 ,0 0 0
T h e n e w a rra n ge
m e n ts p ro v id o fo r th o tra n sfe r o f secu rities to th o T r e a s u r y
fo r a p eriod to e xp ire a t th e e n d o f fiv e y e a r s fr o m M a r c h 3 1
1 9 1 7 , s u b je c t to th e rig h t o f th o T r e a s u r y to re tu rn th e m to
h o ld e rs a n y
n o tic e .
tim o a fte r M a r c h
31
1 91 9 , on
threo m o n th s
U n d e r th e o rigin al m o b iliz a tio n p la n (sch om o A ) ,
secu rities
w ero
a c c e p te d
on
d e p o sit
fo r
tw o
years.
Tho
h old e rs o f A m e r ic a n se cu ritie s, w h o d e p o s ite d th e m u n d er
th e firs t sc h e m o , m a y tran sfe r to th o n e w sch e m o b y g iv in g
n o tic e
b e fo re
S ep t.
14.
The
c o n sid e ra tio n
fo r
re m a in s as fo r m e r ly , n a m e ly , a h a lf p er c e n t
th o
abovo
lo a n
th o
in te re st a n d d iv id e n d s p a id o n th o se cu ritie s.
T h e re g u la
tio n s u n d e r th o n e w sc h e m e aro a n n o u n c e d as fo llo w s in
a d v e r tis e m e n ts in th e L o n d o n p a p e r s .:
R E G U L A T IO N OF F O R E IG N E X C H A N G E S .
L o a n o f S e cu rities to th e T r e a s u r y . (.S C H E M E It.)
Tho Lords Commissioners o f his M ajosty's Treasury hereby give notice
that as from A ug. 14 1916. they will bo prepared to accept cortain securities
upon deposit on tho following terms and conditions.
(1) T ho securities to which this schemo applios will b o :(a) Those specified in tho annoxed list.
(b) Such as may from timo to timo be added to that list b y public notice.
(c) Such American dollar securities as aro from timo to timo being
( accepted for deposit under tho schemo o f M arch 24 1916 (Schomo A ).
(2) Holders o f American dollar securities who have already deposited
them under scheme A (deposit on loan for twp years) m ay transfer their
B U S IN E S S C O N D IT IO N S I N P H IL A D E L P H IA
deposit to schemo B b y giving notice, not later than Sept. 14 1916, o f their
FE D E R A L RESERVE D ISTR IC T.
desire to d o so (such notico to be given on a form to bo obtained at tho
I a its re p o r t o n b u sin e ss o u tlo o k in th o P h ila d e lp h ia
National D obt O ffice, 19 Old Jewry, E . C .). This form , when a pproved,
will bo returned for lodgem ent with tho certificate o f deposit (or provisional
F e d e r a l R e s e r v e D is t r ic t fo r th o “ F e d e ra l R e s e r v e B u lle t in ”
receipt) so that tho transfer to schemo B m ay bo com ploted.
o f S e p te m b e r , c o n d itio n s in th o iron a n d ste e l in d u str y
(3) Tho securities will bo transferred to tho Treasury for a period to oxare o u tlin e d a s fo llo w s:
piro at tho end o f five years from M arch 31 1917, subject to the right o f tho
T he very heavy foreign domand for shell stool has been tho feature o f tho Treasury to return them to the holders at any timo on or after M arch 31
1919, on giving threo calendar m onths’ notico in writing o f thoir intention
now buying m ovem ent. This, coupled with a decrease in tho output
to do so. If any o f tho securities aro paid o ff during tho period o f deposit,
because o f tho hot weather, has m ado prices stiffen. For gonoral dom ostic
th
o amount received in respect o f tho repayment will bo paid over to tho
business there is a slackening o f inquiry becauso o f high prices. H eavy
depositor in sterling on surrender o f the deposit certificate (in tho caso o f
contracts for ship plates have been closed on dom ostic and foreign account
non-sterling securities at tho exchange o f tho day on which tho repaym ent
for delivery in six and nine months, and a strongor tono prevails for all
is received).
kinds o f stool products. Ono result o f tho heavy buying is to awaken
(4) W hile tho securities are on deposit witli tho Treasury tho londor will
greater interest among some dom estic consumers who woro inclined to
defer purchasing. T ho demand for barbed wire for oxtonsivo uso on tho receivo from the Treasury all Interest and dividends paid in respect o f them
and also, b y way o f consideration for tho loan, a paym ent at tho rate o f
battlefield has caused an advance in tho prico o f wire and wire products.
Jobbers boing cleared o f structural goods, tho railroads activo in tho pur one-half o f ono per cent, per annum, calculated on tho face valuo o f tho
securities.
chasing o f equipm ent, and tho Unitod Statos Governm ent planning for
(5) A t tho end o f tho period o f deposit tho securities or other securities
a larger n a v y , aro somo o f tho causes o f tho renewed impetus given to this
industry.
o f tho same description and to tho samo nominal amount will, subject to
the provisions o f paragraph (6), bo returned to the londor b y the Treasury.
(6) T he Treasury will have tho right at any timo during tho currency o f
REPORT ON B U S IN E S S C O N D IT IO N S A N D T IIE CLE AR
tho loan to disposo o f the securities should they find it necessary to do so.
A N C E P L A N I N ST. L O U IS RESERVE D IS T R IC T
but in tho event o f their being so disposed o f, tho lender will continue to
receivo from the treasury tho samo payments as ho would havo received
T h o S t . L o u is F e d e ra l R e se r v o B a n k in its m o n th ly re p o r t
if the securities had been retained, and at tho end o f tho period o f tho loan,
o f c o n d itio n s in th e S t . L o u is F e d e ra l R e se r v o D is t r ic t ,
tho treasury will either return to him securities o f tho samo description and
to tho samo nominal amount as those originally deposited, or, at their
p re p a re d fo r th e S e p te m b e r B u llo tin o f tho F e d e ra l R e se r v o
option, they will pay to him tho deposit value o f tho securities with an
B o a r d , s ta te s th a t fro m J u ly 1 5 (th o d a te o f th e in a u g u ra tio n
addition o f 5 % on that value plus accrued interest from tho last preceding
o f th e n e w cle aran ce p la n o f th e F e d e ra l s y s t e m ) to A u g . 15 interest dato.
In tho caso o f securities in respect o f which tho holder is entitled to re
2 6 6 ,7 5 5 ite m s , to ta lin g $ 1 1 3 ,2 3 9 ,1 9 2 , w ere h a n d le d b y it.
paym ent at a fixed date or b y drawings within a fixed period, tho Treasury
P rio r to J u ly 1 5 th e B a n k co u ld c o lle c t a t p ar ite m s o n o n ly
when ihaking paym ont will, if tho deposit valuo plus 5 % is less than the
4 7 0 m e m b e r b a n k s ; n o w it c o lle c ts ch e ck s o n 1 ,2 0 3 b a n k s .
redemption value, make a further addition o f an amount equal to tho
enhancement in valuo duo to tho approach o f the dato o f redemption while
T h is in fo r m a tio n is e m b o d ie d in th e fo llo w in g e x tr a c t fro m
tho securities havo been upon deposit.
th e r e p o r t.
I1or tho purposes o f this paragraph "deposit value" means in tho caso
There has been little or no chango in banking conditions during tho past
o f sterling securities the net mean quotation (i. o., tho quoted price less
m onth. Banks continuo to hold surplus funds as reported a m onth ago
accrued interest or dividend in cases in which such accrued interest or
and there is no anxiety over tho ability o f banks to financo tho crop m ove
dividend is included in the quoted prico) on tho London Stock Exchango
m ent. Commercial paper brokers report an active business, but the supply
o f the d a y preceding the publication o f tho notico including the securities
o f available paper Is limited. Rates aro lower than quoted a month ago
in tho Treasury List for deposit under Schemo II, and in tin: case o f dollar
best names now being offered from 3 H to 4 % . Country banks aro re
securities the sterling equivalent at tho exchango o f tho day o f tho net
ported as being activo in the market at 4 % . Somo paper has been sold
quotation o f tho N ow Y ork Stock Exchango o f that d a y. In tho caso o f
to city banks at 3 M % . Rates o f discount show a downward tendency.
unquoted securities or quoted securities in respect o f which tho current
Tho clearings for the principal cities o f the district show important increases
quotation m ay not bo regarded as representing tho true market valuo, tho
for the week ending Aug. 12 1916. as compared to tho samo week for 1915,
prices will bo fixed b y the Treasury. Thus, for all securities included
1914 and 1913. The percentage o f gains for tho weolc ending A ug. 12 1916,'
under headings (a) and (c), clauso (1), and all securities transferred from
Scheme A , the day for fixing tho deposit valuo will be A ug. 11 1016, and E gyptian Governm ent 4 % Unified Bonds.
for additional securities under heading (b) the d ay preceding the notice o f Grand Trunk R y . C o. Perpetual 4 % C onsd. Debenture Stock.
their inclusion in tho scheme.
Grand Trunk R y . C o. Perpetual 5% Debenture Stock.
(7)
Holdings o f £1,000 ($5,000) and upwards will bo accepted forGrand Trunk Great Western R y . C o. Perpetual 5 % Debenture Stock.
deposit b y the Treasury through tho American Dollar Securities C om Grand Trunk P acific R y . C o. 3 % 1st M . Stg. Bonds (Guaranteed by
m ittee, 10 Old Jewry, E . C . Arrangements for the aggregation o f smaller
D om inion G overnm ent), 1962.
holdings for purposes o f deposit will be m ade by bankers and other agents Japanese G overnm ent 4 % Sterling Loan, 1899.
as under Scheme A .
Japanese G overnm ent 4 % Sterling Loan, 1905.
(S)
Holders o f bearer bonds (or share certificates transferable by delivery)
Japanese Governm ent 4 % Sterling Loan, 1910.
will be required to lodge tho bonds and coupons with the Treasury, and Japanese Governm ent 4 'A 7 o Sterling L oan, 1905, 1st Scries.
holders o f registered stock or bonds will be required to execute a transfer Japanese Governm ent 4 A 7c Sterling Loan, 1905, 2nd Series.
o f such stock or bonds. Bonds upon which British stamp d uty has not Japanese Governm ent 5% Sterling L oan, 1907.
previously been paid m ay be deposited unstam ped. W hen tho bonds Norwegian Governm ent 3 % C onversion Loan, 1888.
have been lodged with tho Treasury, or when the transfer o f the stock Norwegian Governm ent 4 % l o a n , 1911.
or bonds has been registered in the com pany's books, tho bonds or stock Stockholm C ity 4 % B onds, 1900.
will bo entered in tho holder's name in a special register kept by the Treas Swedish Governm ent 3 46% L oan, 1880.
ury for tho purpose, and a certificate o f entry in this register will bo issued Swedish Governm ent 35-6% Loan, 1900.
to the holder. T he title o f bonds or stock entered in the Treasury Register Swedish Governm ent 4-31-6% L oan, 1908.
m ay bo transferred upon that register b y deed in the ordinary w ay. In
Swiss Governm ent Federal R ys. 316% Bonds.
the case o f registered stock or bonds the Treasury will bear all charges in
THE SE C R E TA R Y A N D CO M PTR O LLE R G E N E R A L,
respect o f tho original transfer into their name in tho com pany's books,
N ational D ebt O ffice, 19 Old Jewry, L ondon , E . C .
and o f the re-transfer in the com pany's books into the name o f tno person
A ug. 12 1916.
in wrhose name the stock or bonds stand in the Treasury Register when
O n A u g . 10 th e L o n d o n “ F in a n c ia l N e w s ” p rin te d th e
finally released; transfer deeds for intermediate transfers in the Treasury
Register w ill be subject to stamp duty in ordinary course, and to a regis fo llo w in g co n ce rn in g th e m o b iliz a tio n te rm s o f th e s e v e ra l
tration fee o f 2s. 6d. A ll transfer deeds in respect o f bearer bonds or share s c h e m e s :
certificates transferable by dolivery will lie free o f stam p duty and regis
T he Treasury announce that, in tho case o f securities deposited either
tration fee. A t the end o f tho period o f tho loan the bonds or certificates
under Scheme A (deposit for two years) or under Scheme B (deposit fo ri
deposited (or bonds or certificates identical as far as possible in all respects
five years), whore coupons or dividends and also any repaym ents o f capita
with those deposited) will, subject to paragraph (0), be delivered to tho
are payable at option o f holder in the currency o f various countries, arrange
depositor upon surrender o f the deposit certificate. Tho Treasury will,
ments will bo made for tho encashment o f suen interest dividends or capital
if desired, exercise as far as possible tho voting and other rights attached
repayments in tho m ost favorable manner.
to tho securities in tho way that the owners o f tne deposited securities
In tho event o f tho Treasury finding it necessary, in exercise o f tho right
m ay indicate.
reserved to them , to soil during tho period o f deposit any o f the deposited
(9) Arrangements have been m ade b y tho Stock Exchange Com m ittee securities, and o f the average price roalizod by such sales o f any particular
for dealings on the Stock Exchango in tho deposit certificates o f securities security exceeding the doposit valuo, plus 5 % , the Treasury will, if the
deposited under tho scheme.
securities are not replaced, be prepared to pay tho depositor at tho end
(10) T ho interest and dividends on all deposited securities, together o f tho deposit period the full amount o f tho average prico actually realized,
with tho additional paym ent at tho rate o f 'A o f 1% per annum, will be notwithstanding that it exceeds tho doposit valuo, plus 5 % .
paid to the holder for tho tim e being on tho Treasury Register, b y warrant,
O n A u g . 2 1 , it w as a n n o u n c e d a t L o n d o n th a t th e re sp o n se
as soon as they have been received b y the Treasury. N on-sterling divi
dends will be paid in sterling at the exchango o f tho day on which the w h ich B r itis h h old ers o f th e se cu ritie s, o th e r th a n th o se o f
Treasury books are closed for the purpose o f preparing the warrants.
A m e r ic a n issu e , h a d m a d e to th e C h a n c e llo r o f th e E x c h e q u e r ’ s
F or convenience o f paym ent, :n cases where interest or dividends aro
a p p e a l w a s h ig h ly s a tis fa c to r y , a n d c o n s id e r a b ly m o re th a n
payable half-yearly, a full ha lf-yea rs additional paym ent (viz., H 7 c )
will be added to tho first dividend paym ent, and on the termination o f the th e a m o u n t o f $ 3 0 0 ,0 0 0 ,0 0 0 re q u ire d as c o lla te ra l to c o v e r
loan, the amount due from the actual date o f deposit to tho date o f return
th e re ce n t A m e r ic a n lo a n , is re p o r te d to h a v e b een d e p o s ite d
will be calculated, and any overpaym ent or underpaym ent will bo adjusted
I t w a s c a lc u la te d th a t th e to ta l o f
when the return is effected. A similar procedure, m utatis mutandis, w ith th e T r e a s u r y .
will be applied in cases o f quarterly or other periodical paym ents o f inter fore ig n secu rities o f th e d e sc rip tio n s sp ec ifie d in th e T r e a s u r y
est or dividends.
list w h ich B r itis h h old e rs co u ld p la ce a t th e d isp o sa l o f th e
(11) Under Section 2 o f the Governm ent W ar Obligations A ct, 1915
G o v e r n m e n t e x ce e d e d $ 3 ,0 0 0 ,0 0 0 , 0 0 0 .
(5 & 6, G eo. 5, c. 96), and Section 68 o f the Finance A ct, 1916 (6 & /
G eo. 5, c 24) trustees and com panies are enabled to take advantage o f
F u r th e r m e a su re s, ac c o rd in g to re p o r ts on A u g . 2 3 , are c o n
tho schem e notwithstanding any provisions o f their trust or constitution,
te m p la te d b y th e G o v e r n m e n t to b rin g a b o u t th e m o b iliz a
and are not liable for any loss.arising from so doing.
(12) The Treasury reserve tho right to refuse cither in whole or in part tio n o f such C a n a d ia n a n d n e u tra l secu rities as h a v e n o t
any offer to deposit securities under tho schoinc.
b e e n tu rn e d o v e r to tho G o v e r n m e n t .
In th e H o u s e o f
T h e fo llo w in g is th o list o f secu ritie s a c c e p ta b le u n d er
C o m m o n s o n th a t d a y th e C h a n c e llo r o f th e E x c h e q u e r ,
sc h e m e B :
R e g in a ld M c K e n n a , s ta te d th a t it w a s th e in te n tio n o f his
Argentine Governm ent 4 % Bonds, 1897.
d e p a r tm e n t to a p p ly to P a r lia m e n t fo r p o w e r to im p o se a
Argentine Governm ent 4% R ailw ay Guarantees Rescission Bonds, 1897-9
Argentine Governm ent 4 1 4 7 c Internal G old Loan, 1888.
fu rth e r in c o m e ta x o f tw o sh illin gs o n th e retu rn s fr o m a ll
Argentine Governm ent 4 V6% Sterling Conversion Loan, 1888-9.
su ch secu rities w h ic h h a v e n o t b e on d ep o s ite d w ith th e
Argentine Governm ent 5 % Loan, 1886-7.
H e a d d e d th a t ho tr u s te d e v e r y o n e w o u ld rea lize
Argentine Governm ent 5% Loan, 1887-8-9. (N orth Central lty . E xtens). T r e a s u r y .
Argentine Governm ent 5% Railway Bonds, 1890.
it w as a p u b lic d u ty to d e p o sit secu rities w ith o u t d e la y .
Argentine Governm ent 5% Buenos Aires W ater Supply and Drainago
Bonds, 1892.
Argentine Governm ent 5 % Internal G old Loan, 1907.
O n A u g . 2 , th e N e w Y o r k “ T im e s ” in a d is p a tc h fr o m
Argentine Great Western R y . C o. 5 % D ebenture Stock.
W a s h in g t o n , p rin ted th o fo llo w in g c o n ce rn in g th e sp ec ial
Brazilian Governm ent 5% Funding Bonds, 1898.
ta x on A m e r ic a n m o b iliz e d secu ritie s:
Buenos Aires Great Southern R y . C o. 4 % Debenture Stock.
The prospect that holders o f American securities in England will be
Buenos Aires Great Southern R y . C o. 5 % Preference Stock.
subject to an additional special tax on such holdings lias caused m uch dis
Buenos Aires & Pacific lty . C o. 4 % 1st Debenture Stock.
cussion among financiers. Consul-General Skinner, at London, in a d is
Buenos Aires & Pacific R y. C o. 416% 2nd Debenture Stock.
patch to the State Departm ent, explains the present situation o f th e
Buenos Aires & Pacific R y. C o. 4 'A 7 o Consolidated Debenture Stock.
proposal. T he tax, which amounts to 2s. in tho pound, or 10% , is to be in
Buenos Aires <fc Pacific R y. C o. .5% (1912) D ebenture Stock.
addition to the regular incomo tax. Americans temporarily in England are
Buenos Aires Western R y. C o. 4% Debenture Stock.
exempt from the special tax. but there remains doubt whether this exem p
Canada (Dom inion o f) 3% Sterling Bonds or Stock, 1938.
tion will extend to trustees o f estates who hold such stocks. A ll subjects
Canada (Dom inion of) 3 ' A % Sterling Bonds or Stock, 1909-34.
o
f Great Britain who own American securities will bo obliged to pay the
Canada (Dom inion o f) 3 >6% Registered S tock, 1930-50.
Canada (Dom inion of) (Canadian Pacific R y .) 3 j-6 % Land Grant Bonds special tax.
Consul-General Skinner says that because o f the anxiety o f American
or Stock, 1928.
citizens in tho United Kingdom , the Chancellor o f tho Exchequer has e x
Canada (D om inion of) 3 % % Bonds, 1914-19.
plained
that, as consideration o f tho bill has not yet been com pleted b y
Canada (D om inion o f) 4% Stock, 1940-60.
Parliament, the clause which provides for the taxation o f American securi
Canada (D om inion of) 4 'A 7 o Bonds, 1920-25.
Canadian N orthern R y . C o. 4% Debenture Stock (Guaranteed b y D om in ties has not nocossarily reached its final form . N o exem ption is proposed
for residents o f foreign nationality as such, but an exem ption is provided
ion G overnm ent), 1934.
Canadian N orthern R y. C o. 4 % 1st M ortgage Consolidated Debenture for persons who aro not dom iciled in tho United Kingdom in respect o f
incomo derived from securities held abroad, if tho securities were so hold
Bonds (Guaranteed b y M anitoba), 1930.
Canadian Northern Ontario R y. C o. 346% Stock (Guaranteed b y D om in beforo M ay 29 1916.
ion G overnm ent), 1961.
Canadian N orthern Pacific R y. C o. 4 % 1st M ortgago Debenture Stock
O n A u g . 1 4 th o B r itis h T i*easury g a v e n o tic e th a t th e
(Guaranteed b y British C olum bia), 1950.
c a p ita l a n d in terest o f a n y T r e a s u r y b ills a n d w a r e x p e n d i
Canadian Pacific R y . O o. Perpetual 4 % Consolidated Debenture Stock.
Canadian Pacific lty . C o. 4 % Preference Stock.
tu re ce rtifica tes issued th e n c e fo r th w o u ld b e free fr o m th e
Central Argentine R y. C o. 4 % Debenture Stock, 1988.
B r itis h in co m e t a x , an d fro m a n y ta x a tio n , n o w o r in th e
Central Argentine R y. C o. 4 ' A % Preference Stock.
fu tu r e , w h ile h e ld b y p erson s n e ith e r d o m ic ile d n or o rd in a rily
Chilian Governm ent 446% Loan, 1886.
Chilian Governm ent 4 'A 7c G old Loan, 1906.
re sid e n t in th e U n ite d K in g d o m .
Chilian Governm ent 5 % Loan, 1896.
Chilian Governm ent 5% Loan] 1909.
Chilian Governm ent 5% Loan. 1910.
D E U T S C H L A N D 'S R E T U R N TRIP CARGO M A D E
Chilian Governm ent 5 % Loan, 1911, 1st Series.
KNOWN.
Chilian Governm ent 5% Loan, 1911, 2nd Scries.
Copenhagen C ity 4 % Bonds, 1908.
D e ta ils o f th e ca rg o o f th e G e r m a n m e rc h a n t su b m a rin e
Copenhagen C ity 4 % B onds, 1910.
D e u ts c h la n d , w h ic h , as re p o rte d in o u r issu e o f la s t w e e k ,
Danish Governm ent 3 % Loan, 1897.
Danish Governm ent 4 % I.oan, 1912.
h as m a d e her re tu rn v o y a g e to B r e m e n in s a f e ty , h a v e b e
D utch Governm ent 3 % Bonds, 1896.
c o m e a v a ila b le , th o d e c la ra tio n file d a t th o B a ltim o r e
Dutch Governm ent 3 % Bonds, 189S, 1899 and 1905.
C u s t o m H o u s e h a v in g b een m a d e p u b lic la s t T h u r s d a y ,
Egyptian Governm ent 3 % Guaranteed Loan.
Egyptian Governm ent 3 lA 7 o Preference Bonds.
Aug. 29.
C o n tr a r y to re p o rt th ere w as n o g o ld on th e u n d e r -
se a b o a t w h e n sh e le ft o n h e r trip to G e r m a n y .
T h e to ta l
w e ig h t o f th e c a rg o w a s 1 ,7 3 5 ,7 6 0 p o u n d s , c o m p risin g th e
P R O C E E D IN G S
TO
TEST
P E N N SY LV A N IA
L A W — A P P L IC A B IL IT Y
fo llo w in g : C r u d e r u b b e r , 8 0 2 ,0 3 7 p o u n d s ; b a r n ic k e l, 7 5 2 ,
TO
ESCHEAT
N A T IO N A L
BANKS.
D e m u r r e r s in a s u it b r o u g h t in th o D a u p h in C o u n t y C o u r t
6 7 4 p o u n d s ; cru d e tin , 1 8 1 ,0 4 9 p o u n d s .
( P a .) to te s t th e c o n s titu tio n a lity o f th e n e w P e n n s y lv a n ia
T h e ca rg o o f d y e s b r o u g h t o v e r fr o m
G e r m a n y b y th e
D e u ts c h la n d o n h e r m a id e n v o y a g e a m o u n te d to 3 ,0 4 2 c a se s,
c o n ta in in g a b o u t 1 2 5 to n s n e t , a c c o r d in g to th e “ O il, P a in t
and
D ru g
R e p o r t e r .”
C o m m e n tin g
upon
th e
dye
ca rg o
o f th e s u b m a r in e , th e “ W a l l S tr e e t J o u r n a l” o f A u g . 2 8 sa id :
N ew Y ork dye importers d o not seem to think that the profits originally
estim ated on the cargo o f dyes brought to Baltimore will be realized. The
dyes were highly concentrated, whereas the prices quoted before the war
were for less concentrated dyes. For tho same strength o f coloring matter
before the war a m uch higher price would have been in effect. M oreover,
tho high prices in Germ any, extraordinary freight rate and insurance,
together with the growing com petition from American manufacturers,
rendered the purchase o f the dyes rather spectacular.
I n citin g th e rea so n s fo r th e re fu sa l o f th e m a n u fa c tu r e rs
la w
u n d e r w h ic h
u n c la im e d
d e p o s its r e v e r t
to
th e
S ta t e
w ere sig n e d o n M a y 2 5 b y S ta t e A u d ito r -G e n e r a l P o w e ll.
B ills in e q u ity to re stra in th e A u d ito r -G e n e r a l fr o m c a rry in g
o u t th e p ro v is io n s o f th e la w w ere file d o n M a y 4 a n d M a y 11
b y th e U n io n T r u s t C o . a n d th o C o lu m b ia N a t io n a l B a n k o f
P itts b u r g h
p h ia .
and
th e
G e r m a n to w n
T ru st
Co.
of
P h ila d e l
T h e la w , as n o te d in ou r issu e o f M a r c h 4 , w e n t in to
o p e r a tio n o n J a n . 1 ; it re q u ire s th e b a n k in g in s titu tio n s o f
th e S ta te to r e p o r t to th e A u d ito r -G e n e r a l in J a n u a r y o f e ach
y e a r th e d e p o s its o n h a n d fo r w h ic h n o claim h a s b e e n m a d e
fo r fo u r te e n or m o r e c o n s e c u tiv e y e a r s .
I t fu rth e r p r o v id e s
th a t in ca se s w h ere a d e p o s ito r h a s fa ile d to p re se n t a c la im
to p u rc h a se th e d y e s , th o “ O il, P a in t a n d D r u g R e p o r t e r ”
for a p e rio d
in its issu e o f A u g . 2 8 s a id :
These reasons are, first, the asking price in m any instances is from ten
to twelvo tim es the normal asking figure— dyes retailing before the war at
from 35 to 45 cents being quoted at from $4 to $5 and oven as high as $9
and $10 a pound. The second reason is that m any American manufacturers
have so adjusted their lines o f goods that, with the aid o f American dyestuffs
m akers, they are getting along about as well as under normal conditions.
e sc h e a t
th e r e o n .
to
o f s e v e n te e n
th o
Tho
su cc essiv e
C o m m o n w e a lth ,
la w
a p p lie s
to
years
th e
to g e th e r w ith
“ every
p orson ,
sa m e
s h a ll
a ll in terest
bank,
safe
d e p o s it c o m p a n y , tr u s t c o m p a n y a n d c o rp o r a tio n , o rg a n ized
or d o in g b u sin e ss u n d e r th e law s o f th is C o m m o n w e a lth ,
e x c o p t m u t u a l s a v in g s fu n d s o c ie tie s, n o t h a v in g a c a p ita l
s to c k re p re se n te d b y s h a r e s .”
I t is s ta te d th a t w h ile m a n y
o f th e in s titu tio n s h a v e file d w ith th e A u d ito r -G e n e r a l lists
S I N K I N G OF T H E I T A L I A N ST E A M S II I P STA M P A l l A
O n A u g . 19 a d isp a tc h to L lo y d s , L o n d o n , re p o r te d th e
s h o w in g h o ld in g s w h ic h m ig h t bo e sc h e a te d u n d o r th e la w ,
th e y are in a ll ca ses sealed a n d m a r k e d n o t to b o o p e n e d
s in k in g , s u p p o s e d ly b y a su b m a r in e , o f th e I ta lia n ste a m sh ip
u n til th o s ta tu s o f th e le g isla tio n is d e te r m in e d .
S ta m p a lia , w h ic h h a d b e e n p ly in g b e tw e e n N e w Y o r k a n d
p re v io u s referen ce to the. la w w e referred to th o o p in io n o f
In
our
T h e S ta m p a lia , a c o m p a r a tiv e ly n e w p a sse n
D e p u t y A tto r n e y -G e n e r a l H a r g e s t o f P e n n s y lv a n ia , in w h ic h
ger a n d fre ig h t s te a m s h ip , w a s b u ilt in 1 9 0 9 a n d w a s o w n e d
he e xp re sse d th e v ie w th a t th o n a tio n a l b a n k s in th o S ta te
b y th e V e n ic e N a v ig a t i o n C o . o f G e n o a .
c o m o w ith in th e p ro v isio n s o f th o la w .
I ta lia n p o r ts .
S h e w a s 4 7 5 fe e t
lo n g , 5 5 fe e t b e a m a n d w as o f 9 ,0 0 0 to n s g r o ss.
num b ered ab ou t 1 7 0 .
fr o m
H e r crew
S h e w a s e x p e c te d hero o n A u g . 2 6
G e n o a , b u t , i t is s t a te d , her N e w
Y o r k a g e n ts h a d
W o a lso in d ic a te d
th a t th e R e s e r v e B o a r d , th r o u g h its c o u n s e l, h a d a d v a n c e d
th o o p in io n th a t th o A c t w as n o t in te n d e d t o , n o r d oe s i t ,
a p p ly to th e n a tio n a l b a n k s .
T h e B o a r d , h o w e v o r, r e c o m
re c e iv e d a ca b le m e ssa g e a d v is in g th e m th a t a ll her sailin g s
m e n d e d t h a t th e n a tio n a l b a n k s in th e S ta t e m a k e th o re p o r t
h a d b e e n c a n c e le d .
O n th a t a c c o u n t, it is s a id , th e y e x
c a lle d fo r u n d or p r o te s t, a n d file w ith it a s ta te m e n t to th e
p re ssed th e ir o p in io n th a t th e S ta m p a lia h a d b e e n re q u isi
e ffe c t t h a t it w a s m a d e o u t in d efe re n ce to th o o p in io n o f th e
tio n e d a n d w a s in th e se rv ice o f th e I ta lia n G o v e r n m e n t .
D e p u ty
I n th a t case sh e w o u ld h a v e ca rried n o p asse n ge rs a t th e tim e
lia b ility o n th e ir p a r t.
A t t o r n e y -G e n e r a l
and
w ith o u t
any
a d m is s io n
of
In h is o p in io n M r . E lli o t t , C o u n se l
m uch
to th e R e s e r v e B o a r d , s ta te d th a t “ th e d o p o sits in q u e s tio n
n o tic e in F e b r u a r y la s t , w h e n sh e a r riv e d a t N e w Y o r k fr o m
w ill n o t b e im m e d ia te ly e sc h e a te d to th o S ta te in a n y e v e n t,
G e n o a a s a n a r m e d s te a m e r , w ith tw o 3 -in c h r a p id -fir e g u n s
H e r a p p e a ra n c e o c c a
a n d it is a s s u m e d th a t th e q u e s tio n w ill b e s u b m itte d to th o
c o u r ts f o r d e te r m in a tio n .”
M r . E lli o t t ’ s c o n c lu s io n s w ere
D e p a r tm e n t b y th e A u s t r o -
se t o u t in th o M a r c h n u m b e r o f th e F e d e ra l R e s e r v e B u llo tin
sh e
w as
re p o r te d
su n k .
The
S ta m p a lia
m o u n te d o n h er a fte r -d e c k h o u se .
sio n ed a p r o te st to th e S ta t e
H u n g a r ia n
G o ve rn m e n t,
W a s h in g t o n
but
w hen it
a t tr a c t e d
w as
a sc e rta in e d
at
th a t th e g u n s w ere to b e u se d fo r d efe n siv e
p u rp o se s o n ly , in stru c tio n s w ere g iv e n th e C o lle c to r o f th e
P o r t to g r a n t cle a ra n ce p a p e rs to th e v e sse l.
GOVERNMENT
OF
NEW
ZEALAND
ON IN C O M E S A N D
WAR
PROPOSES
TAX
P R O F ITS.
A c c o r d in g to a r e p o r t p re se n te d to th o T r a d e a n d C o m
m e rc e D e p a r t m e n t b y C o m m is s io n e r B e d d o e o f A u c k la n d ,
a n in c o m e ta x a n d a 4 5 % ta x o n w a r p ro fits is r e c o m m e n d e d
in th e se c o n d w a r b u d g e t w h ic h h a s b e e n p re se n te d to th e
H ou se
of
R e p r e s e n ta tiv e s .
A
c o m p le te
su m m ary
of
th e
n e w p ro p o sa ls a s p u b lish e d in C a n a d ia n p a p ers is as fo llo w s :
Tho reduction o f public works expenditure; tho imposition o f an Income
tax on sums Invested on m ortgage by owners; the provision for annual
bonuses out o f profits o f public trust o ffice to beneficiaries o f estates; tho
provision for war bonuses during tho war to em ployees o f all branehos of
tho public servico whoso pay does not exceed $1,575 per annum; tho pro
vision o f $10,000,000 for internal expenditure and $25,000,000 for tiio
urchaso o f land for soldiers; tho adjustment b y legislation o f changed
anking conditions caused b y the war; tho acquirement o f 4 5% o f profits
realized in war conditions; tho issue o f war bonds in Now Zealand to pro
vide a proportion o f tho cost o f tho war; a 5% incom o tax exclusive o f those
obtained from war profits; the regulation o f the transfer from New Zealand
o f m onoys except for legitimate trado purposos; tho regulation o f tho rate
o f interest chargoablo on deposits; tho provision o f financial assistance to
friendly socioties; borrow ing an additional $80,000,000 for war purposos.
An increase o f ovor $10,000,000 in revenue is shown b y the figures for
tho 1916 fiscal year.
g
IN C R E A S E I N
M E X I C A N POSTAL RATES.
A n in crease in M e x ic a n p o s ta l ra te s to ta k e e ffe c t S e p t. 1
w as ann ounced a t M e x ic o C ity on A u g . 2 4 .
It
is
sta te d
t h a t in th o ca se o f fir s t class m a il th o a d v a n c e w ill b e fr o m
2 0 to 2 5 c e n ta v o s fo r le tte rs d isp a tc h e d to th e U n it e d S ta t e s ,
C u b a or C a n a d a .
T h e ch a rg e w ill b e 5 0 c e n ta v o s fo r m a il
to o th e r co u n trie s in th e in te r n a tio n a l p o s ta l u n io n a n d on e
p eso fo r le tte rs t o c o u n tr ie s n o t in c lu d e d in th o u n io n .
p arce ls p o s t r a te s w ill b e :
p o sse ssio n s,
p ou n d s;
12
c e n ts
M e x ic a n
g o ld
p er p o u n d
fo r C e n tr a l A m e r ic a n c o u n tr ie s, 1 2 c e n ts ;
3 0 c e n ts ;
The
F o r th o U n it e d S ta te s a n d its
up
to
11
Canada,
G e r m a n y a n d F r a n c e , 8 0 c e n ts fo r p arce ls o f 2 .2
p o u n d s or le ss;
E n g la n d , $ 1 6 0 fo r p arce ls u p to 11 p o u n d s .
T h e fe e fo r re g iste rin g m a il w ill b e in cre ase d fr o m 4 0 to 5 0
c e n ta v o s .
A ta x o f 5 0 c e n ta v o s w ill bo le v ie d fo r d e liv e r y
o f p a c k a g e s fr o m th e e x te r io r .
as
fo llo w s :
T ho A ct o f Juno 7 1915 o f tho Pennsylvania State Legislature, providing
fo r the escheat to tho State o f ail deposits which have not been increased
or decreased for a period o f 14 years, does not apply to such deposits In
national banks.
J a n u a r y 27 1916.
S i r .— On June 7 1915 the Pennsylvania State Legislature passed an A ct
which provides in part as follows :
B e i t e n a c te d , A c . , T hat every person, bank, safo deposit com pany, trust
com pany and corporation, organized or doing business under tho laws o f
this C om m onw ealth, except mutual saving-fund societies not having a
capital stock represented b y shares, which receives or lias received deposits
o f m oneys, shall m ake a report to tho A uditor General, under oath , in
tho m onth o f January o f each year hereafter, o f such deposits o f m onoys
which shall have not been increased or decreased, or, if not increased or
decreased, on which interest shall not have been credited in the pass b ook,
at the request o f tho depositor, within fourteen or m ore consecutive yoars
next precoding tho first day o f said m onth.
It will be observed that under tho terms o f this A ct all banks organized
or doing business under tho laws o f the State o f Pennsylvania will be re
quired to make a report to the A uditor General, undor oath, during this
m onth o f all deposits o f m oney which have not been increased or decreased
w ithin the preceding 14 or m ore consecutive years. A sovero penalty is
prescribed b y the A ct for failuro to mako this report.
T ho D ep u ty A ttorn ey General o f Pennsylvania has given an opinion
to tho A uditor General that this statute applies to national as woll as
State banks, Some o f the national banks havo asked for a ruling o f tho
Federal Itosorve Board on this question and tho m atter has been s u b '
m itted to tills o ffice for an opinion.
Before discussing tho legal questions involved It seems proper to call to
the attention o f tho Board tho fact that this being a Stato statute no ruling
o f tho B oard would protect a national bank refusing to mako tills report
from incurring tho penalty prescribed if a court o f com petent jurisdiction
should subsequently find that tho statute legally applies to national banks.
Tho Board should, therefore, not undertake to rule officially that national
banks need not make this report, but for reasons hereinafter set forth it is
respectfully suggested that tho Board recomm ond to national banks in tho
Stato o f Pennsylvania that tho return bo m ado under protest.' T ho de
posits in question will not bo imm ediately escheated to tho Stato in any
event, and it is assumed that tho question will be subm ltttod to tho courts
for determination.
T he question under consideration is hot whether tho Stato o f Penn
sylvania m ay constitutionally pass an A ct providing for tho esclioat to the
Stato o f unclaimed deposits or debts o f national banks, butw hother the A c t
o f Juno 7 1915 was Intended to apply, and does apply, to national banks
as well as Stato banks. Tho title o f this A ct provides in part as follows:
Providing for tho escheat o f deposits o f m onoy or property o f another
received for storage or safe-keeping; tho dividends, p rofits, debts and
interest on debts o f corporations, companies, banks, trust com panies,
insurance com panies, limited partnerships anti partnership associations,
organized under tho laws o f this Comm onwealth.
This tltlo clearly indicates an intention on tho part o f tho legislature
to limit this A ct to banks organized under tho laws o f Pennsylvania.
T ho constitution o f tho Stato o f Pennsylvania as amended in 1864 pro
vides (Section 3. Article 3) that—
N o bill, except general appropriation bills, shall bo passed containing
inoro than one subject which shall be clearly expressed in its titlo.
It is truo that the Pennsylvania courts have, in construing this pro
vision o f the constitution, said that it was not intended to moan that “ the
titlo should bo a full index o f the law ,” and tho courts have accordingly
sustained certain provisions which wero inoro or loss incidental to tho
subject set forth in tho titlo. (See Com m onw ealth v . Green, 58 Pa. State,
222-233; Yeager and German v . W eaver, 04 Pa. State, 425-428.)
I t can hardly be contended, how ever, that tho subject o f banks organized
under tho laws o f Pennsylvania can bo said to includo national banks as
Incidental to this subject, nor is tho languago o f tho A ct itself indicative
o f an intention on tho part o f tho legislature to includo national banks.
I t is; true that tho A ct is m ade applicable to banks organized or doing
business under tho laws o f the Com m onwealth. N ational banks, how ever,
arc organized under tho laws o f tho United States and exorciso all o f their
corporate powers under authority o f tho laws o f tho United States. The
fact that they are doing business within the geographical limits o f a Stato
does not alter the fact that they aro doing business under tho laws o f the
United States and not under tho laws o f the Stato.
T ho D eputy A ttorney General, in support o f his opinion that this A ct
applies to national banks, quotes from tho case o f tho First N ational Bank
v. K en tu cky, 9 W all., 353, as follows :
Tho salary o f a Federal officer m ay not bo taxed; lio m ay bo exempted
from any personal sorvico which interferes with tho discharge o f his official
duties, because thoso exemptions aro essential to enable him to perform
those duties. But ho is subject to all tho laws o f tho Stato which affect
his family or social relations or his property, and ho is liable to punishment
for crimo, though that punishment bo imprisonment or death. So of the
banks. T hey aro subject to the laws o f tho Stato, and aro governed in
their daily course o f business far m ore by tho laws o f tho Stato than o f tho
N ation. All their contracts aro governod and construed b y Stato laws.
Their acquisition and transfer o f property, their right to collect their debts,
and their liability to bo sued for debts, aro all based on Stato law. It is
only when tho Stato law incapacitates tho banks from discharging their
duties to tho Governm ent that it becom es unconstitutional.
It is truo that national banks enter into contractual relations with others
and that such contracts aro subject to some extent to the laws o f tho Stato
in which they aro m ade. T ho question under consideration, how ever, is
not whether Stato laws can bo mado to apply to dobts duo b y national
banks, but m erely whether tho languago used in tho A ct under consider
ation indicates a clear intention on tho part o f tho Pennsylvania Legislature
to m ake tho provisions o f tho A ct applicable to national banks.
T ho D eputy Attorney-General in his opinion says :
I t has been suggested that this languago does not includo national banks.
I d o not think tho suggestion is tenable. National banks aro not organ
ized under tho laws o f tho Comm onwealth and aro not doing business under
tho laws o f tho Com m onw ealth, in so far as tho right to d o business is con
cerned, but in a broader senso they aro doing business under tho laws o f the
Comm onwealth.
With all duo deference it is respectfully subm itted that tho conclusion
reached b y tho Attornoy-General, nam ely that national banks aro doing
business in a sense which makes tho A ct under consideration applicable, is
not sustained b y tho authorities.
Tho case cited b y tho A ttorney-General arose in K en tu cky and tho
question involved was the right o f tho Stato to tax tho shares o f stock o f a
national bank. Section 5219 o f tho Revised Statutes specifically provides
that sucli stock m ay bo taxed as tho personal property o f tho owner or
holder. T ho cou rt merely sustained the right o f tho Stato to tax tho
stock as tho personal property o f tho owner.
Tho question now under consideration, nam ely whether tho language
used in tho statuto m ay reasonably bo said to apply to national banks,
has been considered and determined b y tho Supremo C ourt o f Pennsylvania
on m ore than ono occasion.
In tho case o f Com m onwealth ox rel T orrey v. K otncr (92 Pa. St. 372-376)
tho language o f tho A ct under consideration was m uch broader in its terms
than tho A ct o f Juno 7 1915. In tho T orrey case tho A ct prescribed and
punished tho offense o f embezzlement b y any person “ being an officer,
director, or member o f any bank or other b od y corporato or public com
p a n y .” In considering this A ct and its several amendments, tho Court
said, on pago 375:
•
W o aro spared further com m ent upon theso A cts for tho reason that they
have no application to national banks. Neither o f them refers to national
banks in terms, and wo must presume, that when tho Legislature used tho
words “ any bank” that it referred to banks created under and b y virtue
o f tho laws o f Pennsylvania. Tho national banks aro tho creatures o f
another sovereignty.
T o caso o f Com m onwealth ox rel T orrey v . Kotncr, s u p r a , was affirmed
In Alien’s Appeal, 119 Pa. S t., 192. In tho caso o f A llen’s Appeal a Penn
sylvania statuto provided :
If any cashier o f any bank in this Commonwealth shall engage directly
or indirectly in tho purchase or sale of stock, or in any other profession
occupation, or calling other than that o f his duty as cashier, ho shall be
guilty of a misdemeanor. * * * *
Tho court held that the A ct did not apply to cashiers o f national banks.
In tho caso o f Comm onwealth v . T . & P. Railroad C om pany, 98 Pa. St.,
90, It was contended that tho languago “ foreign corporation” as used in
a rovenuo A ct, included national banks. Tho cou rt after holding that
such banks wero not foreign corporations in tho ordinary sonso, said in
reply to tho argument that this languago was intended by tho Legislatureto includo national banks, that—
, This m ight be so If there was anything in tho A ct itself indicative o f a
Intent to use tho word in that sense; but there is not. On tho contrary, i
tho oth Section, which imposes a tax on limited partnerships, & c., the
aro described as 'partnerships organized under or pursuant to tho law
or tins State, or o f any other State or Territory, or o f tho United State:
or under the laws o f any foreign Stato, K ingdom , or G overnm ent;” tin
clearly showing that when tho Legislature intended to tax assoclatior
createu i>y the General G overnm ent they used apt words o f descriptio
Ior
purpose.
1
Applying this rule to tho present case it m ay bo reasonably assumed
that had tho Legislature o f Pennsylvania Intended to make tho provisions
o f tho A ct o f Juno 7 1915 applicable to national banks it would, as tho
court expressed it, have “ used apt words o f description for that purposo.”
In tho opinion o f this offlco this A ct was not intended to apply, and
docs not a p p ly, to national banks. It is, therefore, unnecessary to consider
the question o f whether or not tho Pennsylvania Legislature had tho con
stitutional right to make this A ct applicable to national banks.
As above stated, it is respectfully suggested that the Federal Reserve
Board recommend to those national banks in Pennsylvania which liavo
asked for a ruling on this question that tho report called for bo made to tho
Auditor General under protest, accom panied b y tho statement that it is
mado out o f defercnco to tho opinion o f tho Deputy Attorney-General and
without any admission o f liability on tho part o f such banks.
Respectfully,
T o lion . C . S. IIA M L IN ,
G o v ern o r F e d e r a l R es e r v e H oard.
M . C . K L L IO T T , C o u n s el.
P R O D U C T IO N OF P R I M A R Y SPE LT E R * B Y S I X -M O N T H
PE RIO D S.
F ig u r e s c o m p ile d b y C . E . S ie b e n t k a l, o f th e U n it e d S ta te s
G e o lo g ic a l S u r v e y , D e p a r tm e n t o f th e In te r io r , fr o m re p o r ts
s u b m itte d b y a ll zin c sm e lte rs o p e ra tin g d u rin g th e firs t six
m o n th s o f 1 9 1 6 s h o w t h a t th e p r o d u c tio n o f sp e lte r fr o m
d o m e s tic ore in th a t p eriod w a s 2 6 7 ,6 9 6 s h o r t to n s a n d fr o m
fo re ig n ore 4 8 ,7 5 6 sh o r t to n s , a to ta l p r o d u c tio n o f 3 1 6 ,4 5 2
to n s , c o m p a r e d w ith 2 7 2 ,9 8 7 to n s fo r th e la s t h a lf o f 1 9 1 5 a n d
2 1 6 ,5 3 2 to n s fo r th o fir s t h a lf .
T h e s ta te m e n t o f th e G e o
lo g ic a l S u r v e y is a n in te r e s tin g o n e a n d p ro ce ed s a s fo llo w s :
P r o d u c tio n a n d C o n s u m p tio n o f S p eller .
The output o f spelter b y Illinois smelters increased over 5,000 tons for
the six-month period, and that o f Kansas over 8,000 tons, but the gain
in Oklahoma was tho greatest o f all— over 15,000 tons— a result o f the com
pletion o f a part o f the largo contem plated increase in smelter capacity
announced early in tho year. T ho remaining spelter-producing States
also made a largo gain, principally in Pennsylvania, where tho now smelter
at D onora was put into com plete operation. Tho output o f primary
electrolytic spelter, amounting to 1,697 tons, is also included in tho pro
duction o f these States.
The stocks o f spelter held at smelters on Juno 30 1916 amounted to
23,817 tons, again:,t 14,253 tons at tho beginning o f tho year ana 5.884 tons
at the m iddle o f 1915.
This shows a gain over stocks at the close o f tno year
part o f which was doubtless duo to the accum ulation o f working stocks at
new smelters which started during the period.
From tho foregoing figures and tho records o f the Buieau o f Foreign and
Dom estic Comm erce it is calculated that tho apparent consum ption for
the period was 229,086 tons, which compares with 203,588 tons for the last
ha lf o f 1915 and 160,906 tons for tho first half. This consum ption was not
altogether dom estic, however, for it must includo the zinc content o f the
exports o f brass and brass articles, which were largely increased during tho
first half o f tho present year.
In addition to that produced from ore, 15,800 tons o f spelter was distilled
or recovered electrochemically from zinc ashes, skimmings and drosses.
Probably one-fourth o f this output o f secondary spelter, including the
considerable quantity o f electrolytic secondary spelter, was o f high grade.
N o st at istics were obtained o f tne spelter produced b y re-melting skimmings,
drosses, & c., but it was probably not loss than 12,000 tons. T he total out
put o f spelter from both oro and skimmings was therefore about 344,000
tons, or at the rate o f 688,000 tons a year.
I m p o r ts a n d E x p o r ts .
T ho imports o f spelter wero 464 short tons, compared with 415 tons dur
ing the last half o f 1915 and 489 tons during tne first half. The exports o f
spelter o f dom estic origin were 58,007 tons, against 54,235 tons in tho last
h alf o f 1915 and 64,368 tons in tho first half. The exports o f spelter o f
foreign origin, including spelter exported from bonded warehouse, as well as
articles manufactured from spelter o f foroign origin and exported with bene
fit o f drawback, wero 20,197 tons, com pared with 8,016 tons in the last
h alf o f 1915 and 5,959 tons in the first half.
T ho imports o f zinc oro wero 231,845 short tons, containing 93,907 tons
o f zinc, and valued at $7,449,068, com pared with 92,169 tons o f oro, co n
taining 33,672 tons o f zinc, in tho last half o f 1915, and 66,683 tons o f ore,
containing 23,997 tons o f zinc, in tho first half. The exports o f dom estic
zinc ore wero 34 tons, com pared with 154 tons in the last half o f 1915 and
678 tons in tho first half.
Tho source o f tho foreign zinc ore importod into the United States
during tho first h a lf o f 1916 is shown in tho following table:
Z in c O re I m p o r te d , J a n u a r y -J u n e 1916.
•
Q u a n tity
Z in c C o n ten t
F rom —
(sh ort t o n s ) .
(sh ort t o n s ) .
V a lu e .
12,863
5,187
C an ad a .................................................
$314,524
M e x i c o ..................................
79,663
25,471
3,264,004
Spain.........................
38,239
16,006
1,051,315
I t a l y ...................
7,525
3,283
213,275
Australia.................................................... 83,775
38,133
2.225,790
5,827
Other countries, incl. China and Japan 9,780
390,160
T otal
.231,845
93,907
$7,449,068'
P r i c e s a n d V a lu e .
Tho price o f spelter at St. Louis started at 17.3 cents a pound, but a sharp
rise in tho latter half o f February carried it to 21 cents. Tho price broke
sharply to 17.1 cents a pound b y tho m iddlo o f M arch, but a partial recovery
brought spelter to 19 cents by tho m iddle o f April, after which a long doclino
continued until the m idyear, the half year closing with spelter 12.1 cents.
T ho average prico o f a pound o f speltor for the first six months o f 1916
was 17 cents.
T he price o f spelter at L ondon followed a parallel course to that at St.
Louis, but averaged about 2 A cents a pound higher. T ho opening price
was £90 a long ton (19.48 cents a poun d). T ho rise in February carried
spelter to £111 a long ton (24.02 cents a pound) by M arch 1, alter which
came tho decline that, except for tho partial recovery in April, brought the
prico down to £61 a long ton (13.20 cents a pound) at the m idyear. T ho
average for the half year was £90 8s. 7d. a long ton (19.6 cents a pound).
T ho foregoing prices are for tho ordinary commercial grades o f spelter.
High-grade spelter suitable for cartridge spinning has been in such great
demand that it has com m anded a good premium.
A t the averago price for immediate delivery at St. Louis the value o f
tho spelter produted from dom estic ores during the six months was $91,
016,640, and that o f the spelter produced from foreign ores $16,577,040, a
total o f S107.593.680.
A s m ost o f the speder sold during the six m onths was sold under contract
lor niture delivery at considerably lower prices than those quoted for im
mediate delivery, it is certain that tho foregoing values aro in excess o f
the real sales values.
S m elter C h a n g e s .
Tho number o f retorts at zinc smelters at the close o f 1915 was 156,568,
and there were building or planned 49,612 additional retorts, a total o f
206,270. T he number at Smelters Juno 30 1916 was 196,640, and 24,812
additional retorts were building or planned, a total of 221,452. Some o f
tho smelters listed earlier in the year as planned were abandoned, and a
number o f other plants not listed never got beyond the prom otion stage.
On the other hand, work was begun on tw o smelters not listed, on tho plant
at Quinton, Okla., and on that at W eir, K an., both small. Since June 30
ground has been broken for a large zinc smelter at M oundsville, W . Va.
All the additions to plants were m ade as planned.
* "P rim ary spelter,” which is produced directly from ore, is here distin
guished from “ secondary spelter,” which is obtained by refining zinc ashes,
droases, and old metals.
T he United States Smelting C o. has traded its plant at Iola, K a n ., for
the plant o f the J. B . K irk Gas & Smelter C o. at Checotah, Okla., the ex
change dating from A ug. 15 1916.
T he decline in the price o f spelter has caused the tem porary closing o f
some o f the smaller smelters and tho reduction o f operations b y several
others. A canvass b y the Survey showed not over 180,417 retorts In activo
operation A ug. 15, out o f a possible 199,328. Sorno o f thorn were being
used to treat secondary materials, such as zinc ashes and drosses, and an
unknown number o f others woro engaged in refining the ordinary grade
o f spelter b y redistillation. It will bo noted that tho number o f retorts
on A ug. 15 was somewhat larger than that on June 30, owing to the com ple
tion o f somo o f those under construction at tho earlier date.
T h o M am m oth C opper M ining C o. o f Kennett, C al., after operating an
experimental plant in 1915-1916, has announced that it will build a com
mercial olectrolytic zinc plant. Tho capacity o f the electrolytic plant
o f the Anaconda Copper M ining C o ., at Anaconda, M o n t., was increased to
25 tons and the plant was oporatod steadily throughout tho half-year. The
100-ton plant o f tho same com pany at Great Falls, M o n t., is expected to
go into operation before Sept. 1.
T o ta l S m elter C a p a c ity .
T otal withdrawn __ .
19,584
©
177,991 216,532 272,987j316,452
9,052
2,949
8,042
92,169
33,672
1541
22,910 66,683
9,183 23,997
678
3,069
11,422
4,293
7,968
90,082
74,592
73,298
78,480
74,982
35,247
51,172
55,131
00
8
Ttl
©
©
of
th e
ou tp u t,
and
th e
large r p e rc e n ta g e
of
th o
sm a ll o r ste a m sizes w h ic h aro sold b e lo w th e c o s t o f p ro
d u c tio n .
T h e s ta te m e n t is a s fo llo w s :
T h o total shipments amounted to 67,883,776 long tons o f which 39,
539,236 tons, or 5 8 .2 5 % , were from tho W yom ing or Northern region;
10,304,652 tons, or 15.18% , were from the M iddle or Lehigh region, and
18,039,888 tons, or 2 6 .5 7 % , were from tho Southern or Schuylkill region.
In 1914, 59.64% was shipped from tho W yom ing region; 13.30% from
tho Lehigh, and 27.06% from the Schuylkill.
Tho percentage o f prepared sizes for the entire field decreased from
61.42% in 1914 to 60.14 in 1915, whereas tho steam sizes, including pea
coal, increased from 38.58% to 3 9 .8 6 % . This change in proportions
o f tho prepared and small sizes Is exhibited in each o f tho trade regions.
In tho W yom ing tho percentage o f dom estic sizes decreased from 64.62
to 63.75, while that o f the steam sizos increased from 35.38 to 36.25; in
the Lehigh region the change was from 57.40% o f propared sizos in 1914
to 55.92 in 1915, and an increase in tho steam sizos from 42.60 to 4 4 .0 8 % ;
in tho Schuylkill region the proportion o f prepared sizes decreased from
56.34 to 54.63, while the steam sizes Increased from 43.66 to 45.37.
As the recovery o f small sizo coal from tho culm banks b y washorles
has boen steadily decreasing for the last ten years, these figures boar out
tho contention that m ining conditions aro constantly bocom ing m ore
difficult and expensive, while the decreased production o f propared sizes
and the increased production o f steam sizes naturally tend to decrease tho
average price received for the entire p roduct.
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
N o b a n k s to c k s w ere so ld a t th e S to c k E x c h a n g e or a t a u c
tio n th is w e e k .
O n o sale o f 1 0 sh are s o f tr u s t c o m p a n y s to c k
w a s m a d e a t a u c tio n . T h e sale w as o f F a r m e r s ’ L o a n & T r u s t
C o . s to c k a n d th e p rice a t w h ich it w as m a d e — 1 6 5 0 — w a s
5 4 0 p o in ts h ig h er th a n th o la s t p re v io u s p u b lic sale p rice in
A p r il 1 9 1 5 .
E x te n s iv e ta b le s re p o r tin g b id a n d a sk e d q u o
t a tio n s , d o p o s its , su r p lu s , & c ., o f b a n k s a n d tr u s t c o m p a n ie s
in a ll im p r o ta n t citie s in th e U n it e d S ta t e s are p u b lis h e d
m o n th ly in th e “ B a n k a n d Q u o ta tio n ” S e c tio n , th e A u g u s t
issu e o f w h ic h a c c o m p a n ie s t o - d a y ’ s “ C h r o n ic le .”
a sk e d
q u o ta tio n s fo r all N e w
Y ork
C ity
B id a n d
b an k and
tr u s t
c o m p a n y s to c k s are a lso p u b lish e d w e e k ly in a n o th e r d e
p a r tm e n t o f th is p a p e r , a n d w ill b e fo u n d t o -d a y o n p a g e
834.
T R U S T COS. N e w Y o r k .L o ir .
10 Farm ers’ Loan & Trust C o ____1650
S h a r es.
A N ew
w eek
H ig h .
C lo se.
L a s t p r e v io u s s a le .
1650
1650
April 1915— 1110
Y o r k S to c k E x c h a n g e m e m b e rs h ip w a s so ld th is
fo r
$ 6 4 ,5 0 0 ,
as
a g a in s t
$ 6 4 ,0 0 0
th o
la s t
p re ce d in g
tr a n s a c tio n .
CO0?
Cl
16,891; 19,994
5,339
9,204
9,745
9,640
©
CO
p
©
CO
©
©
©
Cl
00
»o
©
©’
166,496 172,310 I80.213|
Cl 00 ©
r- © >o
COh co
^ iH ©
^ i
©©
Cl »0
© 00
00 © ~
Cl
© h- rfi
^ © CO
00 ©
1 © 00 ©
^ Cl ©
o Cl t>.
r- ci co
| Cl H r-H
The N ew
Y ork
C o tto n
(S a tu r d a y , S e p t. 2 ) ,
E x c h a n g e w ill b e close d t o -d a y
in a d d itio n
to M o n d a y
n e x t,
Labor
D ay.
A p e titio n w as circu la ted o n th e flo o r o f th e S to c k E x c h a n g e
u rg in g th e G o v e rn o rs to close th o E x c h a n g e t o -d a y , th e r e b y
m a k in g
a
trip le
Labor
Day
h o lid a y .
The
p e titio n
w as
d e n ie d , h o w e v e r , b y th e G o v e rn o rs o n W e d n e s d a y .
The
ge n e ra l p ro g ra m
fo r th e a n n u a l c o n v e n 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 , w h ic h is to b e hold in K a n
sas C i t y , M o . , th e w ee k o f S e p t . 2 5 , h a s
b e e n c o m p le te d ,
ba rrin g o n e or tw o u n c e r ta in tie s w ith reg ard to th e sp e a k e rs.
T h o fin ish in g to u ch e s to th e a r ra n g e m e n ts w ere m a d e o n
A u g . 2 1 a n d 2 2 , w h e n G e n e ra l S e c re ta ry F r e d . E . F a r n s
w o r th v is ite d K a n s a s C i t y fo r th a t p u rp ose a n d co n fe rre d
w ith th e m e m b e r s o f th e C le a rin g IIo u s o C o m m it t e e , w h o
c o m p rise th e e x e c u tiv e c o m m itte o fo r th o c o n v e n tio n , a n d
w ith th e ch a irm en o f th o v a rio u s c o m m it te e s .
T h ese co m
m itte e s h a v e b e e n a t w o rk since e a rly in th e y e a r .
The G en
eral S e c re ta ry fo u n d th a t m o s t o f th o d e ta ils w ere w ell in
h a n d a n d rendored m a te ria l assista n c e to tho C le a rin g H o u s o
c o m m itte o in d isp o sin g o f a ll re m a in in g p ro b lo m s .
Sine ore im ported ________
Zinc content ____________
Sine ore exported _______
00 ^ ©
Cl CO
© 00 O
«
i
Apparent consum ption ____ 159,046
Spelter m ade in—
Illinois _____________ ____ 44,224 44,173 53,524
K a n s a s ___________ _____
52,485 48,619 42,645
Oklahom a _______ _____ 36,010 40,915 43,253
A ll other States _____ __
33,777 38,603 40,791
i
i i
©
r>. |
84,976
66,176
58,036
63,799
149,813 160,905 202,7821229,086
62,062 65,884
23,737 20,773
45,443 45,924
43,816 45.410
00
CO
Cl
CO
53,130
31,4611
39,961
41,911
76,211
92,591
66,911
37,195 46,499
8,016! 20,197
54,235 58,007
14,253j 23,879
5,959
64,368
5,884
Cl
CO
©
8 |
8,513
63,983
20,095
188,886 216,223 242,404 237,116 279,286331,169
00
©
Cl
©
©
S3 |
©
T otal available _____ . 178,630 186,786
Withdrawn:
Foreign exports ________
7,331
174
Dom estic e x p o r ts ______
5,839
795
Stock at close, ________
6,414
4,522
Supply:
Stock at beginning _____
5,884 14,253
4,522 21,856 40,659 64,039 20,095
6,414
9,081
Production—
From dom estic ore___ 159,952 163,955 171,135 166,117 171,496 171,922 207,634 250,501 267,696
From foreign ore _____
346
6,544
3,562
6,069
8,355
9,078
8,898 22,486 48,756
464
Im ports ........................... ..
415
374
567
5,533
8,062
489
3,053
506
F ir s t
H a lf.
H a lf.
i L a st
F ir s t
H a lf.
L a st
H a lf.
F ir s t
H a lf.
L a st
H a lf.
F irst
H a lf.
L a st
H a lf.
F ir s t
H a lf.
I n to n s o f
2,000 p o u n d s .
1912.
1913.
1914.
1915.
1916.
On tho basis that 156,568 retorts were already in existence at tho begin
ning o f 1916, that the 49,612 additional retorts then planned, and electro
ly tic plants aggregating 60,000 tons annual Capacity, also then planned, were
com pleted and that tho smelters o f secondary spelter kept their usual
capacity, tho United States, as was estimated in the spelter statement o f
April 4, would havo the capacity at the close o f 1916 to produce spelter at
the rate o f over 900,000 tons a year. This estimate was plainly stated to be
ono o f the c a p a c it y under normal conditions at the close o f tho year— in other
words, it pertained to capacity which might bo exercised during 1917— and
It was in no sense an estimate o f o u tp u t for either 1916 or 191
It need have occasioned no surprise that tho production during tho first
h alf o f 1916 failed to equal h alf tho capacity indicated for 1917 in tne Sur
v e y ’s estimato o f capacity. There aro ovident reasons, o f course, why it
could not. During the half-year 25% o f tho retorts on which tho estimate
o f capacity was based woro only under construction or planned; in fact, onosixth o f tho 25% had not boon com pleted at the close o f the half-year.
These could not contribute to the output. A lso a very considerable num
ber o f retorts was engaged In redistilling spelter o f ordinary grade to make it
o f high grade. These retorts not only did not add to the output o f spelter,
but they diminished It, because there was a loss o f 7 to 10% o f zinc in tho
redistillation. Allow ance was m ade for tho abovo factors in the estimate o f
capacity because it was there considered that the capacity for high-grade
electrolytic spelter at tho close o f 1916 plus tho output o f high-grade spelter
from the lead-freo ores o f the Eastern States would relievo these retorts
o f such redistilling.
T he averago capacity per retort, estimated by the Survey at four tons, was
somewhat fully considered on pages 892-893 o f tho chapter on zinc in Mineral
Resources, 1914, to which the reader is referred for tho data on which the
estimato is based. B y reason o f great demands and high prices it has been
claimed that tho retorts were so crowdod that tho ores woro "bu ten ored.”
T his, if true, would reduce tho percentage o f recovery but not tho output.
Smelters would certainly not crowd the retorts if they would thereby lower
t h e averago total output per retort.
In times o f great demand it would bo
e x p e c t e d , rather, that percentage o f recovery m ight bo sacrificed to capacity.
p o r tio n
T h e se ssion s o f th e gon eral c o n v e n tio n w ill ta k e p la ce o n
T h u r s d a y a n d F r id a y , S e p t. 2 8 a n d 2 9 ; th o C le a rin g H o u s e
S e c tio n w ill h o ld its m e e tin g o n T u e s d a y th e 2 6 t h , a n d th o
S a v in g s B a n k S e c tio n , th e T r u s t C o m p a n y S e c tio n a n d th e
S ta te S ec re ta rie s S e c tio n
day.
are a lso sch e d u led to m e e t o n th a t
A d d r e s s e s a n d d iscu ssion s o f th e N a t io n a l B a n k S e c
tio n are sla ted fo r th e e v e n in g o f T u e s d a y , th e b u sin e ss ses
sion o f th a t se ctio n ta k in g p la ce o n W e d n e s d a y , w h e n th e
c o u n tr y
b a n k e rs are a lso
to m e e t .
F rank A .
V a n d e r lip ,
P re s id e n t o f th e N a tio n a l C i t y B a n k o f N e w Y o r k , w ill b e
on e o f th e sp eak ers a t th e gon eral c o n v e n tio n , a n d J o sep h
D O M E ST IC
(OR
PA YIN G )
SIZE S
OF
A N T H R A C IT E
D IM IN IS H IN G .
C h a p m a n J r ., V ic e -P r e s id e n t o f th e N o r th w e s te r n N a tio n a l
B a n k o f M in n e a p o lis , w ill a lso a d d re ss th e c o n v e n tio n .
T h e A n th r a c ite B u r e a u o f I n fo r m a tio n a t W ilk e s -B a r r e
C h a p m a n ’s s u b je c t w ill bo “ C o -o p e r a t io n .”
M r.
J o sep h H ir s c h ,
re c e n tly c o m p le te d a s ta te m e n t sh o w in g th e re g io n a l d is
V ic e -P r e s id e n t
tr ib u tio n o f th e s h ip m e n ts o f a n th ra c ite d u rin g th e c a le n
C o rp u s C h r is ti, T e x ., w ill likow iso b e a sp eak or a t th e m a in
dar year
c o n v e n tio n , a n d h is d iscu ssio n w ill tr e a t o f “ T h o C o u n tr y
1915.
An
in te re stin g
fe a tu r e
of
th e
s ta te m e n t
of
th e
fo r 1 9 1 5 a s c o m p a re d w ith 1 9 1 4 , is th e sm a lle r p e r c e n ta g e
B an kers’
o f p re p are d
is o u tlin e d as fo llo w s :
<r
d o m e stic
sizes
w h ic h
form
th e
p r o fita b le
O p p o r t u n it y .”
C o rp u s
C h r is ti
T h e te n ta tiv e
N a tio n a l
Bank
of
b u sin e ss p ro g ra m
M ON DAY, SEPTEM BER 25.
Morning.
Committee meetings.
Meeting to organize State Bank Section.
Afternoon.
Executive Council meeting.
TUESDAY, SEPTEM BER 26.
Morning.
Clearing House Section, business session.
Savings Bank Section, Thrift Campaign Celebration.
State Secretaries Section, business session.
.
Afternoon.
Clearing House Section, addresses and discussions.
Savings Bank Section, business session.
State Secretaries Section, business session.
Trust Company Section, business session.
Evening.
National Bank Section, addresses and discussions.
W EDNESDAY, SEPTEM BER 27.
Morning.
National Bank Section, business session.
Meeting o f Country Bankers.
THU RSDAY, SEPTEM BER 28.
Morning— General Convention.
Afternoon— General Convention.
F R ID A Y , SEPTEMBER 29.
Morning— G cneral Convention.
Afternoon— General Convention.
SATURDAY, SEPTEM BER 30.
Morning— Executive Council Meeting.
The following is tlio program of tho general convention,
as thus far arranged:
THU RSDAY, SEPTEMBER 28.
First Day's Sessions.
Convention called to order at 9:30 A. M . by tho President, James IC
Lynch.
Invocation.
Addresses o f Welcome:
Hon. George H. Edwards, Mayor of Kansas City, M o.
J. W . Perry, President Kansas City Clearing House Association.
Itesponso to Addresses of Welcome and Annual Address:
James K. Lynch, San Francisco, Cal., President of tho Association.
Annual Report o f tho General Secretary, Fred. E. Farnsworth, New
York City.
Annual Report o f the Treasurer, E. M . Wing, La Crosse, Wis.
Annual Report o f the General Counsel, Thomas B. Baton, New York
City.
Annual Report o f tho Executive Council, President James K. Lynch
Chairman.
Annual Report o f the Protective Department, L. W. Gammon Manager
New York City.
’
’
Annual Report o f the Department o f Public Relations, A. D. Welton,
Manager, New York City.
Annual Report o f the Librarian, Miss Marian It. Glenn, Librarian Now
York City.
Amendments to the Constitution.
Address: Hon. Frank A. Vanderlip, President o f tho National City Bank
o f Now York, Now York City.
Communications.
A n n o u n c e m e n ts .
Afternoon Session, Two O'clock.
Report o f Trust Company Section.
Report o f Savings Bank Section.
Report o f Clearing House Section.
Report o f American Institute o f Banking Section.
Report o f State Secretaries Section.
Report o f National Bank Section.
Report o f Currency Commission, A. Barton Hepburn, Chairman.
Report o f Committee on Law, Cornelius A. Pugsley, Chairman.
Report o f Committee on Federal Legislation, C. A. Ilinsch Chairman
Address, Joseph Chapman, Vico-President Northwestern National Bank!
Minneapolis, Minn.: "Co-operation.”
Communications.
Announcements.
Adjournment.
F R ID A Y , SEPTEM BER 29.
Second
Day’s
Sessions.
Convention called to order at 9:30 A. M . by tho President, James K.
Lynch.
I n v o c a t io n .
Address, Joseph llirsch, Vice-President o f tho Corpus Christ! National
Bank, Corpus Christ!, Tex., and member Agricultural Commission, Ameri
can Bankers Association: "Tho Country Banker’s Opportunity.”
Report o f the Agricultural Commission, B. F. Harris, Chairman Cham
paign, III.
Address: Speaker to bo announced.
Communications.
Announcements.
Afternoon Session, Two O'clock.
Report o f Insurance Committee: Oliver J. Sands, Richmond, Va., Chair
man.
’
’
Committees and Committee on Membership.
Address: Speaker to bo announced.
Invitations for Next Convention.
Unfinished Business.
Communications from Executive Council
Resolutions.
Report o f Committee on Nominations.
Action on Report.
Installation o f Officers.
Communications.
Announcements.
Adjournment, sine die.
The entertainment program of tho week provides for auto
mobiles on Monday for the accommodation of those desiring
to visit tho Stock Yards, where a luncheon will be served at
noon; in tho evening there will bo an informal reception and
dancing at Convention Hall. On Tuesday thero will bo
automobilo rides for tho ladies only, with visits to the country
clubs. Wednesday’s program consists of a golf tournamentan ontertainment at Longview Farm, ono of tho finest stock
farms in tho United States; luncheon will be served at the
farm and the afternoon spent there. Evening at Convention
Hall, thrift Campaign entertainment under the auspices
of the Savings Bank Section, American Bankers’ Association,
consisting of a photo play, “ The Trail of a Dollar,” at 8:30
P. M . Thursday evening at Convention Hall, a reception
and ball will take place. Friday there will be automobile
rides for the ladies.
1 resident S. J. Whitmore of the Muehlebach Hotel has
arranged for his banker guests and the bankers generally, at
tending the convention a unique feature for convention week
— a Bankers’ Dinner Dance, to be held in the Colonial Ball
Room of the hotel on Monday evening, Sept. 25.
I he American Institute of Banking is making plans to
have its annual session, which is to open in Cincinnati on
Sept. 20, the largest convention in its history. Under the
guidance of President Robert H. Bean, tho work of the
Institute has made great progress during the past year and
he will have the honor of presiding over one of the largest
and most important conventions ever held by that body.
Paul M . Warburg of the Federal Reserve Board, will deliver
the principal address at tho opening session, while other items
on the program are an address by John J. Arnold, Vice
President and Manager of the foreign exchange department
of tho First National Bank of Chicago, a conference of
Chapter Presidents from all parts of the United States, an
address by Gen. Leonard A. Wood and the Institute debate.
The location and reputation of Cincinnati assures a hospi
tality to the members and guests which will be a composite
of the Northern, Southern, Eastern and Western sections of
our country. E. G. McWilliams, Publicity Manager of the
Security Savings & Trust Company of Los Angeles, Cal.,
Chairman of the Thrift Committee and Milton W . Harrison,
Assistant Educational Director of tho Institute, will present
the thrift work being carried on throughout tho country.
Particular attention has been given to the matter of trans
portation to and from the convention and reports from the
committees having this work in charge indicate that the
lailroads are doing their utmost to accord the delegates and
their friends every possible convenience en route.
William McClure, formerly for many years Secretary of
the New York Stock Exchange, died on Aug. 28. He was
one of the oldest members of the Stock Exchange, having
been admitted in 1868. Mr. McClure was a native of
Carlisle, Pa., at which place he died.
^ Following a meeting of the executive committee of the
Guaranty Trust Co. of New York on Thursday, the following
changes of officers were announced: William P. Conway,
1reasurer, has been mado Vice-President; N. Devereux
Putnam, Secretary, has been made Treasurer; Fred W. Ells
worth, Publicity Manager, has been made Secretary; and
It. B. F. Randolph, Chief Clerk, has been mado Assistant
Secretary. Mr. Conway entered the bond department of
the Guaranty Trust Co. in 1911. Two years later he was
elected Assistant Treasurer of tho company, and in March
1916 he was made Treasurer. Mr. Putnam entered the em
ploy of tho company in 1895 as a messenger. He was later
employed in the trust, transfer, registration and loan de
partments. In 1910 ho was elected Assistant Secretary,
and in March last was made Secretary. Mr. Ellsworth
came to the Guaranty six years ago from tho First National
Bank of Chicago, and under his direction the publicity and
new business department has developed from a one-man
department to its present large organization. Mr. Randolph
has worked his way up in tho company from messenger in
1905. A year ago ho was made Assistant Chief Clerk, and
last March became Chief Clerk.
The State Banking Department has granted permission
to the Guaranty Trust Co. to open a branch at 25 East Six
tieth Street.
George J. Corbett has retired from the firm of Joline,
Larkin & Rathbono and has been elected an Assistant Secre
tary of the Central Trust Co. of this city.
Everett E. Risley, who has for several years been con
nected with the New Business Department of the National
Bank of Commerce in Now York, has been appointed an.
Assistant Cashier of tho institution.
Announcement is made of the intention to organize a new
bank, to be situated at 35 Wall Street, and to be known as
The Kennedy, Mitchell & Co.’s Bank, with a capital of
$100,000. The incorporators of the proposed bank are
Walter E. Harrington, William H. Gardiner, William H.
Schott, Joseph W . Stone and James A. Lewis.
The Manufacturers Trust Company of Brooklyn is making
extensive alterations and additions to its main office, Sumner
Avenue and Broadway. The improvements will provide for
new offices for the President, Nathan S. Jonas; new Direc
tor’s rooms and more space generally to conduct its business.
Tho Manufacturers Trust Company was organized in 1905
and has a paid-up capital of $1,000,000. Besides its main
office, it has two branches, one at 84 Broadway, Brooklyn,
and the other at Broadway and Bleecker St., Brooklyn.
Tho first National Bank of Aspinwall, a suburb of Pitts
burgh, was on Aug. 28 placed in charge of J. Frank Miller,
a national bank examiner. Tho action followed a mooting
of the directors at which it is said to have been disclosed
that a largo portion of the deposits had boon withdrawn by
depositors last Saturday. Tho withdrawals are reported
to have resulted from the closing of tho Central Trust Com
pany of Pittsburgh, (which was announced in our issuo of
last week). The impression that C. 0 . Spillman, President
of the bank, was also President of the Central Trust Co.
having occasioned the uneasiness among the bank’s de
positors. Mr. Spillman resigned from the trust company in
July. Tho first National Bank was organized in 1907, and
has a paid-up capital of $25,000.
At a meeting of the directors of tho Webster & Atlas
National Bank of Boston on August 29 Frank B. Butts,
Auditor of the Old Colony Trust Co., was appointed an
Assistant Cashier, to tako office September 1.
On Aug. 25 announcement was made of the purchase of
the controlling interest in tho Laurel Savings Bank & Trust
Co., of Laurel, Del., by Alfred I. du Pont, of Wilmington,
Del. Mr. du Pont, as reported in our issue of May 20,
purchased the controlling interest of the Delaware Trust Co.
of Wilmington, and was subsequently elected President of
the company and a member of the board. Since then, appli
cation has been made by tho company to increase its capital
stock from $200,000 to $1,000,000. The purchase of the
control of tho Laurel Savings Bank & Trust Co. by Mr. du
Pont was disclosed in the recent increase of capital stock from
$40,000 to $100,000, made by that bank. It was then an
nounced that Mr. du Pont had purchased the additional
$60,000 stock, thus acquiring control.
Ilervey Schumacher has resigned as Cashier of tho Peoples
National Bank of Pittsburgh to become Secretary and Treas
urer of the Sun Shipbuilding Company of Chester, Pa.
Mr. Schumacher had been identified with the Peoples
National for twenty-five years, during which time ho held
various positions. He was chosen Cashier in 1903 and was
made a Director in 1912. Ho has also taken an active
interest in the affairs of the State Banking Association, and
has been Chairman of Group 8, composed of banks in West
ern Pennsylvania.
The Pew family of Philadelphia, which controls the Sun
Company of that city, ono of tho largest independent oil
refining companies of this country, has been instrumental in
organizing the Sun Shipbuilding Company of Chester; tho
plant at that place, it is said, comprises a tract of 75-acres
and represents an investment of $3,500,000.
A statement regarding tho closing of tho Central Trust
Co. of Pittsburgh on Aug. 24, referred to in our issue of
last week, has been issued by the temporary receiver,
G. H. Getty. Tho statement of Mr. Getty was, according
to tho “ Pittsburgh Gazette” of Aug. 25, as follows:
Tho Central Trust Co. was closed by tho Commissioner of Banking on
account of tho nunmer of bad loans held by it and overdrafts permitted
which tho officers were unable to have taken out. No full statement at
tho present time can bo made as to tho amount the depositors will receive.
Tho liquidation o f this trust company will bo under tho direction of tho
Commissioner of Banking and the Attorney General, their representatives
in charge being G. II. Getty, temporary receiver, and Horace W. Davis
representing the attorney general.
Tho assets and effects of the Central Trust Co. will bo removed as soon
as possible to tho banking rooms of the Pittsburgh Bank for Savings
where the liquidation will proceed under the same machinery now being
used in the liquidation of the Bank for Savings. The State will retain
control of the affairs of the trust company. There will bo no burdensomo
expenses and tho efforts of tho representatives o f the State will be to ac
complish an early and economical liquidation.
It is expected |that al
effects of the Central Trust Co. will be removed to the Bank for Savings
Building by Monday, Aug. 28, where all thoso having business with tho re
ceiver can find him.
On Aug. 23 an involuntary petition in bankruptcy was
filed against Warren Edgar Ballard and Donald V. McConnel,
partners, trading as Ballard & McConnel, stock brokers of
Pittsburgh, with offices in the Commonwealth Building.
William R. Blair, referee in bankruptcy for that district
subsequently granted an injunction, in the absenco of tho
Federal Judges, restraining all individuals, firms, corpora
tions or companies, holding stocks, bonds, securities or notes
of tho alleged bankrupt firm, from disposing of them. Referee
Blair also named Simon P. Patterson as receiver with bonds
of $5,000.
■
Final steps completing the merger of tho MerchantsMechanics’ National Bank and tho First National Bank of
Baltimore, two of the most important institutions in that
city, were taken by both banks on Aug. 28. Tho united
bank, as reported in our issuo of July 22, will bo known as
tho Merchants-Mechanics’ Bank of Baltimore, capital
$2,500,000. It will liavo aggregate resources, according to
tho last statements made public by tho two banks, of $37,
500,000, and deposits of from $28,000,000 to $30,000,000,
making it one of tho largest national banks of tho South,
and ranking with the most important banks of tho country.
Pending the completion of alterations in the MerchantsMechanics’ Bank Building, which will houso the now bank,
the business of the First National will bo conducted at its
present quarters. The President of tho now bank is Douglas
H. Thomas, formerly President of tho Merchants-Mechanics’
National Bank; Col. H. B. Wilcox, President of tho First
National Bank, has become Vice-President of the consoli
dated bank; John B. Ramsay will bo tho Chairman of the
Board of the new bank, the membership of which has been
increased to 22 by the addition of tho following directors of
the First National Bank: H. B. Wilcox, Blanchard Randall,
Leonard L. Greif, E. Asbury Davis, William C. Rouso and
Charles O. Scull. Tho other directors, all of whom had
served on the board of tho Merchants-Mechanics’ National
Bank, are: Alexander Brown, Georgo C. Jonkins, Douglas
JI. Thomas, John B. Ramsay, D. D. Mallory, Miles White
Jr., Lawrason Riggs, E. B. Hunting, John S. Gittings,
George K. McGaw, James L. Sellman, Morris Whitridgo,
Summerfiold Baldwin Jr., Samuel C. Rowland, James C.
Fenhagen and William Wallaco Lanahan.
To teach a lesson in saving and providing for old ago,
Walter J. Greenebaum, Cashier of Greonebaum Sorts Bank
& Trust Co., No. 9 South LaSallo St., Chicago, installed a
display of working bees in tho bank window of that institu
tion. Seventeen thousand working boos wero used. A
scenic setting was provided for tho background for the
display showing a clover field, farmhouso and cattle in tho
pasture. Two regulation boo hives were installed in tho
window to accentuate tho pastoral effect. Tho base of tho
show window was covered with grass matting, earth and
bark. Savings banks wero strown in a pathway loading from
tho hives to tho fiction clover field. Three sign posts bearing
the following legends wero set up:
If mon wero as wise as these little boos, thoro would novor bo any paupers.
If these boes had not saved their honey, thoy would bo starving now. Aro
you saving any honey for future use?
If you want some honey in later days whon honoy may bo hard to got,
start storing a little every day.
In the transfer of tho bees ono of tho hives was broken.
The bees were liberated, creating a panic in LaSallo Street.
Tho crowds which gathered in front of tho window interfered
with tho traffic and the police had to bo called to keep tho
pedestrians moving. The bees, being an oxamplo of thrift,
inculcated the idea in many spectators, somo of whom
opened bank accounts. Mr. Greonobaum recommends the
plan to other banks as a business gottor.
Nelson S,vift Morris was elected a director of tho First
National Bank of Chicago and a momber of tho board of
directors and advisory committeo of tho First Trust & Sav
ings Bank at tho meeting on Aug. 29th. Ho succeeds
Marvin Hughitt, who has resigned from both boards.
Mr. Morris is the third generation of tho family on tho
board of the First National, his grandfather, Nelson Morris,
tho founder of tho packing firm bearing tho namo, boing
elected a director in 1872, and his father Edward Morris,
served the bank from 1907 till his death in 1913.
At a special meeting of the stockholders of the Chicago
Title & Trust Co. at Chicago, held August 22, a resolution
was passed whereby the capital of the institution will be
increased from $5,600,000 to $7,000,000. As reported in
our issue of July 22, each stockholder of record Sept. 1, will
be offered the new stock in the proportion of one share of
new stock to each four shares of stock held. The stock
holders are given until September 16 to subscribe.
Julius C. Peter, formerly Assistant Manager of the bond
department of the Detroit Trust Co. of Detroit, has been
made Assistant to President Ralph Stone. Mr. Peters,
it is said, will devote a large portion of his time to the trust
company’s publicity problems and to the development of
new business.
Announcement is made of the election of Frank Warner
of Waterloo, la., as Secretary of the Iowa Bankers’ Asso
ciation, to succeed Percy W . Hall, resigned. Mr. Warner
has been connected with the Leavitt & Johnson banking
interests of Waterloo, la. He assumed his new duties on
September 1.
A “run” was experienced on Aug. 14 by the Illinois State
Bank of East St. Louis, 111., but was quickly checked by the
readiness and ability of the bank officials to pay, on demand,
depositors’ calls upon it. The depositors were reassured by
the sight of large amounts of money inside the paying
teller’s window and the co-operation offered by Swift
& Co., Armour & Co., &c. According to the St. Louis
“ Republic” , a committee appointed by tho East St. Louis
Commercial Club made a report on the 14th, saying:
After making investigation o f the affairs of tho bank, wo unqualifiedly
state that all such rumors are absolutely without foundation.
Announcement is made of the proposed formation of the
now Marquette State Bank of Minneapolis, Minn., with
a capital of $100,000 to be situated in the financial district
of the city. Among the organizers and managers of the
new institution are George R. Morrissey, Jesse Van Valkenburg, Joseph Luger, F. R. Cliaso, E. R. Hare, G. J. Carlson,
S. A. Challman, N . F. Kounze, M . H. Manuel and R. W.
Manuel. M . H. Manuel and R. W . Manuel, who are at
the head of the Manuel Brothers Co. and tho Marquette
Securities Co., are dealers in investment securities, bank
stocks, bonds and mortgages.
D. A. Barton, formerly Secretary and Treasurer of the
Home Savings & Trust Co. of Denver, Colo., has associated
himself with Josso M . Wheelock in a Wyoming oil company.
John E. Cronin, who was chosen Assistant Secretary of the
Home Savings & Trust in February, has succeeded to the
office of Secretary, and William Bishop has been elected
Treasurer.
Henry J. Failing of Twin Falls, Idaho, has beefl chosen
Vice-President of the Lumbermen’s National Bank of
Portland, Oregon, to succeed E. G. Crawford, who was
elected President of the Lumbermen’s National following
the death of George W . Bates on March 22. The Lumber
men’s National Bank was organized in 1905. It has a
capital of $1,000,000. Its officers are: E. G. Crawford,
President; Henry J. Failing, Vice-President; A. L. Tucker,
Cashier; Graham Dukehart, C. M . Dyrlund and E. C. Sam
mons, Assistant Cashiers.
Louis C. Burnes, well known financier in the Middle West
and President of the Burnes National Bank of St. Joseph,
M o., died suddenly on August 26.
Mrs. John G. Lonsdale, wife of the President of the Na
tional Bank of Commerce in St. Louis, has been putting into
practice the ideas of her husband on “ thrift.” Mr. Lonsdale
recently expressed the opinion that thrift to be of real value
to the country as a whole must not be confined to any one
particular class of people. Mrs. Lonsdale has won a prize
at the Oakville Farmers’ Fair for an exhibit of varieties of
pickles and jellies, also of needlework. The American Bank
ers’ Association, as is well known, has been conducting a
vigorous campaign on thrift.
On August 26 arrangements were completed whereby
the Hamilton National Bank of Chattanooga, Tenn., ab
sorbed the Citizens National Bank of Chattanooga, taking
over its assets and assuming its liabilities. The united
institution, now one of the largest banks in Tennessee, is
known as the Hamilton National Bank; its capital will
remain unchanged at $1,000,000. The consolidation was
effected through the purchase on a basis of $140 a share,
of a majority of the stock of tho Citizens National (capital
$300,000) by interests identified with the Hamilton National.
It is stated that by agreement of the committees handling
the negotiations, all shareholders of the Citizens National
may transfer their stock on the same basis. It is under
stood that the Hamilton National interests acquired control
of $213,000 of the Citizens National’s stock.
As a result of the union of the two banks the Hamilton
National will now have deposits, according to the banks’
statements given in the Chattanooga “ Daily Times,’*
amounting to $7,789,330, and resources of over $11,000,000.
The deposits of the Citizens National on June 30 were
$2,262,230 and those of the Hamilton National $5,527,101.
The business of the new bank will be carried on for the pres
ent at the Hamilton National Bank, Seventh and Market
Streets. It is said that the Citizens National Bank building
will be purchased by the officers of the Hamilton National
and not by the bank as an incorporated body. The Citizens
National Bank was organized in 1889 and the Hamilton
National started business in 1905. J. B. F. Lowry, Cashier
of the Citizens National, succeeds C. M . Preston as Cashier
of the Hamilton National, and Herbert Bushnell, Active
Vice-President of the Citizens National, becomes Active
Vice-President of the Hamilton National. C. M . Preston
also will be Active Vice-President; and E. B. Shadden,
Assistant Cashier of the Citizens National, will be Auditor
of the Hamilton National. The full list of officers of the
consolidated institution is:
President, T . R. Preston; Vice-President, G. H. Miller; Vice-President,
II. T. Olmsted; Active Vice-President, C. M . Preston; Active Vice-Presi
dent, II. Bushnell; Cashier, J. B. F. Lowry; Assistant Cashier, D . S.
Henderson; Assistant Cashier. S. A . Strauss; Auditor, E. B. Shadden.
At a meeting of the shareholders of the New Farley
National Bank of Montgomery, Ala., on August 10th, it
was determined to change its name to The Capital National
Bank of Montgomery. This change has been approved
by the Comptroller, and hereafter the bank will be known
as the Capital National Bank. There were no other changes
in the institution or its management. The officers are:
B. P. Crum, President; M . A. Vincentelli and J. S. Pinckard,
Mark Skinner has resigned as Vico President and Manager Vice-Presidents; J. Morris Baldwin, Cashier; and Grover
of tho Commercial National Bank of Great Falls, Montana, Key ton, Manager of the Savings Department.
and accepted a Vice Presidency in the First National Bank
of St. Paul, Minn. Mr. Skinner had been active in Great
Charles R. Buddy, Vice-President of the City National
Falls banking affairs for the past twenty years.
Bank of Dallas, Texas, died suddenly in New York on
August 23, while on a vacation trip. Mr. Buddy, who was
It. C. Stuart lias resigned as Assistant State Bank Com
one of the most prominent citizens and bankers of Dallas,
missioner of Oklahoma and Secretary of the State Banking
was born in Philadelphia in 1854. He became connected
Board to becomo Cashier of the First State Bank of Okla
with Texas banking affairs in 1892, when in conjunction
homa City, Okla.
with his brother-in-law, II. M . Spalding, he organized the
W . E. Davis, State Auditor of Kansas, has been elected First National Bank of Denton, Texas. In 1894 he became
Cashier of the State Exchange Bank of Hutchinson, Kansas, paying teller of the City National Bank of Dallas and then
to succeed F. C. Kaths, who, as stated in our issue of July 1, rapidly advanced, becoming Assistant Cashier in 1899;
has been made President of the Kansas Reservo State Bank Cashier in 1901, and Active Vice-President in 1905, which
of Topeka, Kansas, which started business in July-. Mr. position he held at the time of his death.
Davis will rotire as State Auditor on Jan. 1.
John S. Patterson, State Commissioner of Insurance and
A charter has been issued by the Comptroller of tho Cur Banking for Texas, died on August 30 as the result of bullet
rency to the Midwest National Bank of Kansas City, Mo., wounds received at the hands of T. R. Watson, President
The capital is fixed at $500,000.
of the Farmers & Merchants State Bank, of Teague, Texas.
The shooting took place in the bank while the Commissioner
was conducting an examination of the institution. Shots
were also fired at J. E. McKinnon, a bank examiner, but
he escaped unhurt. By a special sitting of the McLennan
County Grand Jury, T. R. Watson and his two sons, who
are also officers in the bank, have been indicted and are
now in custody. Mr. Patterson had been Commissioner
of Insurance and Banking for the State of Texas for the last
two years.
Totals for merchandise, gold and silver for seven months:
(0 0 0 s
omitted )
j Excess
Ex
ports.
Ex
of
1Exports ports.
Im -
ports.
%
1 9 1 6 . . 2 ,9 2 6. ,2 8 1
1 9 1 5 . . 1 ,9 7 0. ,2 7 7
1 9 1 4 . . 1 ,2 0 0. ,9 8 2
1 9 1 3 . . 1 ,3 2 7. ,2 7 3
1 9 1 2 . . 1 ,2 4 8. ,5 0 2
1 9 1 1 . . 1 ,1 1 5. ,5 1 8
j
Gold.
Merchandise.
Seven
Months,
Im
ports.
Silver.
Excess
Ex
of
Exports ports.
$
$
$
$
$
1 ,4 6 7 .8 2 0 1 4 5 8 4 6 1 7 5 ,8 0 1 2 4 9 ,0 8 7 *173286
9 ,7 7 4 1 6 2 ,1 8 7 *152413
1 ,0 0 8 ,9 0 9 9 6 0 ,8 7 8
1 ,1 4 0 ,5 9 3 6 0 ,3 8 9 1 1 7 .6 4 4 3 4 ,1 3 5 8 3 ,5 0 9
1 ,O I 8 ,6 4 9 3 0 S ,6 2 4 7 2 ,3 8 8 3 5 ,7 6 9 3 6 ,6 1 9
1 ,0 3 3 ,3 1 8 2 1 5 ,1 8 4 4 0 ,6 6 1 2 9 ,0 1 2 1 1 ,6 4 9
8 8 1 ,8 0 0 2 3 3 ,7 1 8 1 5 ,4 3 0 3 6 ,3 6 8 * 2 0 ,9 3 8
Excess
Im
of
ports . Exports
$
3 5 ,3 7 9
2 8 ,8 1 5
2 9 .4 6 3
3 8 ,2 5 8
4 0 ,2 6 0
3 9 ,7 1 8
$
1 7 ,8 3 8
1 8 ,7 4 5
1 3 ,8 3 0
2 0 ,9 3 1
2 8 ,7 0 0
2 5 ,8 8 3
$
1 7 ,5 4 1
1 0 ,0 7 0
1 5 ,6 3 3
1 7 ,3 2 7
1 1 ,5 6 0
1 3 ,8 3 5
James D. Hoge, President of the Union Savings & Trust
* E x c e s s o f im p o r ts .
Co. of Seattle, has been selected to serve on the general
Similar totals for the month of July for six years make
finance committee of the Republican Party on the Pacific the following exhibit:
coast.
Herman E. Lawford having accepted an appointment in
another company, has resigned as Managing Director of tho
Farmers’ Loan & Trust Co., Ltd., of London. Henry King
Smith has been appointed Managing Director in his place.
IM P O R TS
AND
EXPORTS
FOR
JULY.
The Bureau of Statistics at Washington has issued the
statement of tho country’s foroign trade for July, and
from it and previous statements we have prepared the
following interesting summaries:
F O R E IG N T R A D E M O V E M E N T O F T IIE U N IT E D S T A T E S .
(In the following tables three clphera (000) are In all cases om itted.)
anuary_____
February____
M a r c h ______
A p r i l _______
M a y ................
Juno________
J u l y ................
August______
September___
October ____
N ovem ber___
D ecem ber___
. . . . . . $3,554,695 $2,113,624
G OLD.
-Ez ports
1915.
$6,914
$692
$10,213
9,079
1,054
13.685
924
2,632
10.774
407
814
11.503
16.835
11,919
1,277
8,312
48.107
2,822
33,669
6,395
2,192
18.128
1.128
21.887
2,034
50.202
2,939
3,661
14.527
131
11.889
T o t a l _____
$31,426
January_____
F ebiuary____
M a r c h ______
Ap 11_______
M a y ................
June................
J u l y ________
August--------S e p te m b c __
O c t o o c r .........
N ovem ber___
D e cem b er___
-Exports
1915.
$5,188
3,425
3,156
4,371
4,741
3,969
3,965
3,378
3,366
5,237
5.971
8.831
T o ta l..........
January____
February___
M a r c h _____
A p r i l ______
M a y _______
Juno_______
J u ly _______
Septem ber..
O ctob er____
N o v e m b e r ..
D ecem ber_
T o t a l ____
+ Exports.
$4,630
4,947
5,748
4,856
6,212
4,644
4,337
______
$1,778,597 $1,789,270
-Imports
1915.
$6,896
12,727
25,020
16,203
31,130
52,342
17,263
61.641
42,062
79,669
60,982
45.413
$10,442
3,209
7,842
3,460
1.973
3,817
3,392
3,045
2,762
5,945
7,392
4,109
$222,616
$451,954
$57,388
$ 4,009
3,592
3.882
4,543
4,845
4.639
3,953
3,627
5.390
3,972
3,838
5.3 2
-Imports
1915.
$2,287
2,400
2,477
2,603
2,352
3,623
3,003
3,804
2,737
3,219
3,376
2,603
$2,384
1,911
2,507
2,214
1,755
1.822
1,240
2.097
1,864
2,724
2,705
2,739
$15,008
6,016
9,776
6,122
27,322
122.735
62,108
$1,852
2,596
2,880
2,176
2,725
3,183
2,426
............
$34,484
$53,599
$51,602
E X C E SS OF E X P O R T S O R IM P O R T S .
1916.
$
+ 115,685
+ 207,849
+ 186,271
+ 180,333
+ 245.616
+ 218,989
+ 262,839
.914.
1915.
1916.
1915.
$
$
5
$
+ 145,731 + 49,324 •—4,795 — 6,204
+ 174.683 + 25,875 + 7.669 — 11,073
+ 998 — 24,090
+ 138.630 + 4,944
+ 134,170 — 11,209 + 5,381 — 15,389
+ 131,933 — 2,549 - -15,403 — 29,859
+ 110,852
— 457— 114.423 — 49,520
+ 125.730 — 5,538 - -52,713 — 15,071
+ 119,221 — 19,401
........... — 60.513
+ 149.441 + 16,341
............— 10,028
4-186,060 + 56,631
............— 76,730
+ 172,174 + 79,411
............— 57,32!
+ 187.473 + 130,976
............— 33,524
............+ 1,776,098 + 324,348
— Im ports.
............— 420,528
m o :"
$
2,784
2,351
2,808
2,680
3,487
1,401
1,911
+
+
+
+
+
+
+
One
M onth
Excess
of
omitted)
Exports.
lm p o ts
1 9 1 6 ...
1 9 1 5 ...
1 9 1 4 ...
1 9 1 3 ...
1 9 1 2 ...
1 9 1 1 ...
$
4 4 5 ,5 6 2
2 6 8 ,4 6 9
1 5 4 ,1 3 9
1 6 0 ,9 9 1
1 4 8 ,8 8 5
1 2 7 ,6 9 7
1 8 2 ,7 2 3 2 6 2 ,8 3 9
1 4 3 ,2 4 5 1 2 5 ,2 2 4
1 5 9 ,6 7 7 ♦ 5 ,5 3 8
1 3 9 ,0 6 2 2 1 ,9 2 9
1 4 8 ,6 6 7
218
1 1 8 ,0 5 4
9 ,6 4 3
(0 0 0 s
E x p o rts
$
trnports
Kzports.
*
$
9 ,3 9 5
2 ,1 9 2
3 3 ,6 6 9
8 ,6 5 3
5S8
Excess
Ex*/
Exports pons
$
«
6 2 ,1 0 8 * 5 2 ,7 1 3
1 7 ,2 6 3 * 1 5 ,0 7 1
3 ,3 9 1 3 0 ,2 7 8
7 94
7 ,8 5 9
3 ,5 1 7
3 ,7 4 8
*417
2 ,5 9 5
Excess
of
Exports
In -
pons.
i
$
2 ,4 2 6
3 ,0 0 3
1 ,2 4 0
2 ,7 9 9
3 ,4 3 6
3 ,9 2 1
4 ,3 3 7
3 ,9 6 6
3 ,9 5 3
4 ,9 3 6
6 ,5 9 1
5 ,2 7 5
S
1 ,9 1 1
963
2 ,7 1 3
2 ,1 3 7
3 ,1 5 5
1 ,3 5 4
* E x ce s s o f Im p orts.
IM P O R TS A N D
E X P O R T S OF GOLD A N D
S A N FR A N C ISCO .
SILVER
AT
Tho Collector of Customs at San Francisco has furnished
us with tho details of tho imports and oxports of gold and
silver through that port for the month of July, and wo
givo them below in conjunction with the figures for pre
ceding months, thus completing tho results for tho seven
months of tho calendar year 19lb.
IM P O R T S OF G OLD A N D SIL V E R A T SAN F R A N C ISC O .
Silver.
Gold.
Months.
Coin.
1916.
January......... ..
February.........
M arch ........... ..
April ...............
M a y _________
Jun o_________
J u ly ................
4,866,500
Total 7 m os.
| Bullion. | Total.
$
87,000
S
1,188,290
284,347
1,177,930
448,158
619,567
348,541
430,952
S
1,188,290
284,347
6,044,430
448,158
619,567
348,541
517,952
4,953,500
4,497,785
7 mos. 1915__ 14,248,420
Coin.
|Bullion, il-c|
$
S
224,686
166,179
235,684
199,410
375,108
206,254
301,872
22,218
89,313
Total.
S
224,680
160,179
235,684
199,410
397,320
295,567
304,872
9,451,285]
...........
111,531
1,712,193
1,823,724
7,538,473 21,786,893
327,343
1,439,012
1,760,985
E X P O R T S OF G O LD A N D SIL V E R F R O M SAN FR A N C ISC O .
M E R C H A N D IS E .
— Imports ■
— Exports 1914.
1916.
1914.
1915.
1915.
1916
$184,351
$267,879
$204,067
$122,148
$154,743
January_____ $330,036
193,935
173,920
125.123
148,045
299,806
February____
401,784
187,499
213,590
157,982
296,612
182,555
410,742
M a r c h ............
162,553
218,236
160,576
294.746
173,762
A p r i l ..............
398,569
229.188
142,285
161,733
164,282
474.,■'04
274,218
M a y ________
215.795
157,695
157,072
157,529
268,547
464.784
Juno. . i _____
182,723
154.139
143.245
159,677
445,562
268,975
J u l y ________
141,804
129,768
110,367
261,025
August______
139,711
151,236
156.052
300,677
Septem ber__
149,173
138,080
194,711
335,233
O c t o b e r _____
126,467
205.878
155,497
327,671
N ovem ber___
171,833
114.657
245,633
359,306
D e cem b er___
............
T o t a l .........
Silver.
Ould.
Merchandise
At a meeting of the directors of tho Royal Bank of Canada
(head office Montreal) held on August 22, Mortimer B.
Davis, President of tho Imperial Tobacco Co. of Canada,
Ltd., and G. H. Duggan, Vice-President and General
Manager of tho Dominion Bridge Co., were elected directors
of tho bank to succeed T. J. Drummond of Montreal and
Wiley Smith of Halifax, both deceased. Mr. Davis is well
known in Canada, not only for his connections with tho
tobacco industry, but also for his activity in the mining
affairs in Canada. lie was formerly a director of the Union
Bank, but resigned from that post in 1910. Mr. Duggan
has been prominent as an engineer and as an industrial
organizer. lie was recently elected to the directorate of
the Montreal Trust Co. and is also a director of many other
concerns in Canada.
Coin.
1916.
January______
February_____
M a r c h _______
A p r i l .............
M a y _________
June_________
J u l y ..................
1915
$
+ 2,901
+ 1,025
+ 679
+ 1,768
+ 2,389
+ 347
+ 962
— 42ft
+ 629
+ 2.018
+ 2.595
+ 4,228
+ 19.115
Total.
| Bullion.
s
S
673,261
601,261
72,000
2,612,250
200,110 2,812,360
4,046,381 2,050,650 6,097,031
3,793,922 1,093,698 4,887,620
4,707,670 2,118,509 6,826,179
1,053,725
652,043 1,705,768
1,126,750
1,126,750
s
Total 7 m os. 17,412,698: 6,716,271 24,128,969
7 mos. 1 9 1 5 ...
E N G L IS H
$25,959
Silver.
Gold.
Months.
54,950
...........
54,950
F IN A N C IA L
Coin.
^Bullion. Ac
$
S
S
370,491
974,070
’ 6",600 2,199,948
361,310
26,650
70,042
51,230
232,038
47,203
131,683
Total.
370,491
974,076
2,200,548
3 8 7 ,9 6 0
121,872
279,841
4,209.105
4,310,788
4,25+1 4,616,829
4,621,083
M A R K E T — PER
CABLE.
Tho daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows tho past week:
Londo n,
A u g . 26. A u g . 23. A u g . 29. A u g . 30.
W e e k e n d in g S e p t . 1 .
S a l.
M on.
T u es.
W ed.
S ilv e r , p e r o z _ _ _ ..................... d . 3 1 H
31 1 1 -1 6 31 1 3 -1 0 3 2
C o n s o la , 2 A p e r c e n t s ..........................
59A
59A
59A
B r it i s h , 4 A p e r c e n t s .............. . . . .
96 A
96A
9014
F r e n c h R e n t e s (In P a r i s ) , f r . 6 3 .5 5
6 3 .5 5
6 3 .5 5
0 3 .7 0
F ren ch W a r L o a n , 5 %
(In P a r i s ) ........................ . . f r ...............
8 9 .9 5
8 9 .9 5
9 0 .0 0
A u g . 31.
T h u rs.
32
69 A
96A
6 3 .7 5
_____
S e p t . 1.
E r l.
3 2 7 -1 6
59A
'J 6 A
0 3 .8 0
90
The price of silver in Now York on tho samo days has been:
Silver In N. Y ., per oz._cts. 66A
# o m
w
c r c u i i
n
6614
86 A
67 A
67 A
6814
u d ? B ts c e l\ a u e o u s
DIVIDENDS.
The following shows all tho dividends announced for tho
future by large or important corporations:
D iv id en ds ann oun ced this week are printed i n italics.
Name o f Company.
Per
When
Cent. Payable.
Books Closed
Days Incluslee,
R a ilr o a d s (S te a m ).
Boston * Albany (quar.)............................
Boston ttecere Beach A Lynn (guar.)______
Canadian Pacific, com . (quar.)..................
Preferred......................................................
Chestnut Hill (quar.)...................................
Chicago & North Western, com mon (qu.)
Preferred (quar.)......... .............................
Cln. N . O. & Tex. Pac., pref. (quar.)-----Cuba R R .. com m on.................................. ..
Delaware A Hudson Co. (guar.)_________
Erie & Pittsburgh (quar.)............................
Great Northern (quar.)________________
M in n.St.P. A S .S .M .,com .& p f.(N o .2 7 ).
Norfolk A Western, common (quar.)____
Phlla. Germantown & Norristown (quar.)
Pittsb. El. Wayne <1- Chic. reg. gu. (guar.).
Special guaranteed stock (gu ar.)............
Reading Com pany, first pref. (q u a r .)..
St. Joseph South Bend A Sou., common__
Preferred_____________ __________ _____
Sept.
Holders o f rcc.
Oct.
Sept.
Sept. 2
to
Sept.
Sept. 2
to
7 5 0 . Sept.
to
Aug. 20
Holders o f rcc
1H O ct.
2
Oct.
Holders of rec
Holders of rcc
1 « Sept.
Holders of rcc
3
N ov.
Holders of rec.
Sept.
2 'A
Holders of rec
87 A c Sept.
Sept. 23
to
IH N ov.
Holders of rcc,
3 A O ct.
Holders of rcc.
1H Sept.
Aug. 20
$1.50 Sept.
to
Holders of rec,
IH O ct.
Oct.
Holders of rec,
lh
1
Sept.
Holders of rec.
1
Sept.
S e p t .10 to
2 A Sept. is ls o p t. 10 to
2
1A
2A
2
Aug. 31a
O ct. 4
O ct. 4
Sept. 4
Sept, la
8cpt. la
Aug. 19a
Juno 15a
Aug. 28a
Aug. 31a
O ct. 13
Sept. 22a
Aug 31a
Sept. 4
Sept. 11a
Sept. 1la
Aug 29a
Sept. 15
Sept. 15
Name of Company.
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
R a ilroa d s (Steam ) C o n clu d e d I X O ct. 2 Holders of rec. Aug. 31a
Southern Pacific (quar.) (N o. 40)-----Oct. 2 Holders o f rec. Sept la
2
Union Pacific, common (quar.)-------2
Oct. 2 Holders of rec. Sept, la
Preferred............. - .......... - ...................
O ct. 2 Holders o f rec. Sept. 9
2
Wisconsin Central, preferred............. Street and E lectric Railways.
I X Sept. 15 Holders o f rec. Aug. 31
Arkansas Val. R y . L. & P .. prof. (quar.).
I X O ct. 1 Holders of rec. Sept. 9a
Brooklyn. Rapid Transit (quar.)......... ........ ..
1 Holders o f roe. Sept. 5
1 '4 O ct.
California Ry. A Power, prior pref. iquar.)
X O ct. 1 Holders o f rec. Sept. 15
Cities Service, com . & pref. (monthly) —
Oct.
1 Holders of rec. Sept. 15
1
Duluth-Super lor. Tract., preferred iquar.).
2X Sept. 15 Holders o f rec. Sent. 5a
Ei Paso Electric Co., com. iqu.) (.Vo. 21) .
Frank, it Southwark Pass., Phlla. iquar.). $4.50 Oct. 2 Holders of rec. Sept, la
Iron wood it Bessemer Ry. it- L., pf.iqu.) . .
I X Sept. 1 Holders o f rec. Aug. 25
Northern Ohio Trac.
L t., com . (quar.) _
IX Sept. 15 Holders of rec. Aug. 25a
Oct. 2 Holders o f rec Sept, la
Second it Third Streets Pass., Philadelphia. $3
Oct. 1 Holders o f rec Sept. 15
1
Third Avenue Ry. iquar ) ............................ I X Oct. 2 Holders of rec Sept. 12a
Twin City Rap Tran., M inneap., com. iqu )
I X Oct 2 Holders o f rec Sept. 12a
Preferred iquar ) ........... .............. ........
I X Oct. 2 Sept. 6 to Sept. 10
United Trac'. it Elec., Pros, iq u a r .)...
West Penn Traction, pref. (on account
Sept. 15 Holders o f roe. Sept. 1
A3
accumulated dividends)---------------R anks.
2X Sept. 1 Aug 26 to Aug. 31
Chemical National ibl-monthly)...........
T ru s t C om panies.
IX Oct. 2 Sept. 16 to O ct. 2
Lawyers' Title & Trust (quar.) (N o. 27)
2 Holders of rec. Sept. 30
3 m, o c t .
People's (Brooklyn) (q u a r .)...............
M iscellaneous
$1.25 Sept. 15 Holders of rec. Aug. 31a
Ajax Rubber, Inc. (quar.).................... —
Alloucz M ining (quar.i--------------------------- $2.50 Oct. 4 Holders o f rec. Sept.13a
American Bank N ote, pref. (quar.)--------- 75 J. O ct. 2 Holders o f rec. Sept. 15a
I X Oct. 3 Holders of rec. Sept.16a
Amer. Beet it Sugar, pref. iqu.) (V o. 6 9 )-1 X O ct. 1 Holders of rec. Sept. 15a
American Can, preferred iquar.)........... - X Oct. 2 Holders of rec Sept. 11
Amer. Car it Fdy, com. iquar./ (No. 50)l
X O ct. 2 Holders of rec S e p t .11
Preferred iquar.) (V o. 70)............. ..........
Dec. 1 Holders of rec. Aug. 1
6
American Cyanamld, pref---------------------American Express (quar.)--------- - - - ------- S I.50 O ct. 2 iloldors of rec. Aug. 31a
I X O ct. 1 Holders o f rec S ept.20a
Amer. Iron it Steel M fg,. com. it pf. iqu.).
I X Sept. 2s Holders of rec S e p t .18
American Locomotive, common----------I X Oct 21 Holders o f rec Sept. 18
Preferred iquar ) . . ............. - - - - ........
$1.75 Sept. 30 Holders of rec. Sept. 9
Amer. Pneumatic Service, 1st pref-----75c. Sept. 30 Holders of rec. Sept. 9
Second preferred............................ ..
to
Sept. 30 Sept. 22
4
Sept. 30
Amer Radiator, common (qu ar.)----------to
Sept. 15 Aug. 26
Aug. 31
1
Amer. Smelt. * Refg., com . (qu ar.).........
X Sept. 15 Aug. 26 to Aug. 31
Common (extra)......................................
I X Oct. 2 Holders of rec. Sept, la
Amer. Sugar llefK., com . (qu.) (N o. 100).
I X O ct. 2 Holders o f rco. Sept, la
Prcfcrrcd (quar.) (N o. 9 9 )......................
I X Oct. 2 Holders of rec. Sept. 15a
Atlantic Gulf & W . I. S3. Lines, pf. (q u .).
Sept. 15 Holders of rec. Aug. 19a
5
Atlantic Refining...........................................
Sept. 10
to
Sept. 10 Sept. 1
2
Atlas Powder, common (quar.)..................
Sept. 10
to
Sept. 10 Sept. 1
3
Com m on, e x t r a ...................................- -
Sept.
15a
Holders
of
rec.
O
ct.
2
7X
Bethlehem Steel, common iq u a r .)..................
I X O ct. 2 Holders of rec. Sept. 15a
Preferred iquar.)..................- .....................
I X Oct . 1 Holders of rec Sept. 20
Booth Fisheries, first preferred iq u a r)-----Sept. 15
1 to
I X Sept. 15 Sept.
Borden’s Cond. M ilk, prof, (qu.) (N o. 59)
Oct. 16 Holders of rec. Sept. 16
Borne, Scrymser Co. iannual)......... ............ 20
Sept. 30
See note (r)
Britlsh-Amcrlean Tobacco, ordinary......... 10
I X Oct. 2 Holders of rec. Sept. 14a
Brooklyn Union Gas (quar.) (N o. 6 2 ) . .S2
Sept. 15 Holders of rec. Aug. 25
Buckcyo Plpo Line (quar.)......... - ............
Butte .t Superior Mining iquar ) ................ SI 25 Sept. 30 Holders of rec Sept. 15
Sept. 30 Holders of rec Sept. 15
$5
E x tr a ..........................................................
Sept. 25 Sept.
9 to
Calumet & Arizona M ining (quar.)........... $2
Sept. 17
Sept. 22 Holders of rec. Sept, la
C a lu m et* Hecla Mining (quar.)............... $21)
2
O ct. 2 Holders of rec. Sept. 15
Cambria Iron...................................................
3
Sedt. 16 Sept
Canada Cement, Ltd., common............. ......
6 to
S ep t.16
Central Leather, pref. (quar.) — ..............
I X O ct. 2 Holders of rec. Sept. 9a
Central Petroleum, preferred............... ........
2X O ct. 1 Holders of rec. Sept. 26
Chesebrough M fg. (qu ar.)..........................
3
Sept. 20 Holders of rec. Sept. 6
E xtra........................ ....................................
X Sept. 20 Holders of rec. Sept. 6
2
Chicago Telephone iq u a r)........... ................
Sept. 30 Holders o f rec. Sept. 29a
Sept. 9
2 to
1
S e p t .11 Sept.
Childs Com pany, com mon (quar.)...........
Preferred (quar.)_______ _____________
I X Sept. 11 Sept. 2 to Sept. 9
Chino Copper Co. iq u a r .)............................ $1.25 Sept. 30 Holders o f rec. Sept. 15
Sept.
15
1
Sept. 30 Holders of rec.
E x tr a ______ _____ ____________________
Sept. 27
Sei>t. 27 Sept. 12 to
5
Citizens’ Gas (Indianapolis) (N o. 14)___
Aug. 31a
Colorado Power, preferred iquar.)________
I X Sept. 15 Holders o f rec. Aug.
9a
Consolidated Gas (qu ar.)............................
1 X Sept. 15 Holders of rec.
Consol. Gas, E. L . & P ., B alt., com . (qu.)
I X O ct. 2 Holders of rec. Sept. 15a
Oct. 2 Holders o f rec. Sept. 15
3
Preferred_____________________________
Sept. 16
to
Sept 16 Aug. 27
3
Continental Oil (qu ar.).......................... ......
Copper Range C o. (quar.) (N o. 3 2 )......... $1.50 Sept. 15 Holders of rec. Aug. 29
Sept. 15 Holders of rco. Aug. 29
SI
Extra (N o. 3 3 )........... ...............................
Cosdon OH * Gas, com . (quar.)_________ 12Xe- Sept. 20 Holders o f rec. Sept. 11
So. Sept. 20 Holders o f rec. Sept. 11
Com m on (extra).........................................
to
75c. Sept 15 Aug. 23
Sept. 15
Crescent Pino Line (qu ar.)..........................
Crucible Steel, prof, (quar.) (N o. 4 7 )-----IX Sept. 30 Holders of ree. Sept. 16a
Preferred (acct. deferred dividends)___ hl X Sept. 30 Holders of rec. Sept. 16a
Cuba Cane Sugar Corp., pief. iquar.)-----I X Oct. 2 Holders of rec. Sept. 15
Cuban-Amerlcan Sugar, com mon (quar.).
2X Oct. 2 Sept. 16 to O ct. 2
Oct. 2 Sept. 16
to
Com . (extra)............. - ............................... 10
O ct. 2
Oct. 2 Sept. 16
to
Com . (payable In common sto ck )......... fio
O ct. 2
IX Oct. 2 Holders o f rec. Sept. 15a
Preferred (quar.).......................................
IX Sept. 15 Holders of rec. Aug. 31o
Diamond Match (quar.)..............................
Oct.
1
Dominion Iron * Steel, Ltd., p referred ...
3X
1
Preferred ion acct. accumulated d lv s.).. h3X Oct.
Dominion Textile, Ltd., common iquar.)..
I X Oct. 2 Holders o f rec. Sept. 15
Drlggs-Seabury Ordnance 1st pref. iquar.)
IX Sept. 15
Sept, la
IX Sept. 15
Sept, la
Second preferred iquar.)............................
I X Sept. 15
Aug. 31
du Pont (E. I.) de Nem. & Co., com. iqu.).
Sept. 15
4
Aug. 31
Common (special) ........................ - ............
Com. ipay. in Anglo-Fr. bds. at 97 X ) - - 19H Sept. 15 Holders of rec. Aug. 31
IX N ov. 1 Holders of rec. O ct. 21
duPont IE. I.) de Nem. Powd.,com . iqu.).
Preferred iquar.)......... ...............................
1 X N ov. 1 Holders o f rec. O ct. 21
Eastern Steel, 1st pref. (qu ar.).................
2X Sept. 15 Holders of rec. Sept, l
Sept. 15 Holders of rco. Sept. 1
First prof, (on account accrued d lv s.). A21
Eastman Kodak, common (qu ar.)......... ..
2 X Oct. 2 Holders of rec. Sept. 9a
Preferred (quar.).......................................
I X Oct. 2 Holders of rec. 8 cp t. 9a
Electric Properties, preferred iquar.)______
I X Sept. 11 Holders of rec. Aug. 31
Federal Mining & Smelting, pref. (qu ar.).
S e p t .15 Holders o f rec. Aug. 23a
1
Freeport Gas, preferred iquar.).............
I X Sept. 1 Holders of rec. Aug. 22a
Galena-Signal Oil, common iquar. ) . . .
Sept. 30 Holders of rec. Aug. 31
3
Preferred iquar.)....... ........................
I~ 2
Sept. 30 Holders of rec. Aug. 31
General Chemical, prof, (qu ar.)____ II
I X Oct. 2 Holders of rec. Sept. 18a
General Electrle (qu ar.).....................IIII~
Oct. 14 Holders of rec. Sept. 10a
2
Globe Soap, common (qu ar.)_______II
Sept. 15
Sept. 15 Sept. 1 to
1
First, sec. and special pref. stocks (qu.)
Sept. 15
Sept. 15 Sept. 1 to
IX
Globe-Wernlckc, common iquar.).........
Sept. 11 Holders of rec. Aug. 31
2
Goodrich (B. F.) C o., common (qu ar.).
N ov. 15 Holders o f rec. N ov. 3a
1
Preferred ( q u a r . ) . .. ............................
IX Oct. 2 Holders o f rec. Sept . 21a
Great Northern Paper iquar.)....................
Sept. 1 Holders o f rec. Aug. 31a
I
X
G ulf States Steel, 1st pref. (qu ar.)_______
I X Oct. 2 Holders or rec. Sept. 15a
Second pref. (qu ar.)...................................
I X N ov. 1 Holders of rec. O ct. 14a
Harrison Bros. & C o., Inc., com . (qu ar.).
2
Sept. 15 Holders of rec. Sept. 9a
Hart, Schaffner it- Marx, preferred iquar.).
I X Sept. 30 Holders o f rec. Sept. 20
Hawaiian Commercial * Sugar (monthly).
25c. Sept. 5 Holders of ree. Aug. 25
SI
Sept. 5 Holders of roc. Aug. 25
Hendee Manufacturing, pf. iqu') (N o. 12).
Oct. 2 Holders of rec Sept. 20
ix
1
International Salt (quar.)................. - ..........
Oct.
1 Sept. 16
to
Oct.
1
Jewell Tea, preferred (quar.)............. ........
I X Oct. 1 Ilotders of rec. Sept. 20a
Kelly-Sprinqflcld Tire, preferred (quar.)..
Oct. 2 Holders of rec. Sept. 15
ix
25c Sept. 15 Holders o f rec. Sept la
Kerr Lake Mining (quar ) (N o. 4 4 )...........
2
La Belle Iron Works, preferred (quar.)-----Sept. 30 Sept. 21
to
Sept. 24
Pref. (on acct. of accumulated dividends). A2H Sept. 30 Sept. 21
to
Sept. 24
Laclede Gas Light, common (qu ar.)------I X Sept. 15 Sept. 2 to Sept. 15
Liggett it- Myers Tobacco, pref. (quar.)-----I X Oct. 2 Holders o f rec. Sept. 15
Mackay Companies, com. (qu.) (No. 4 5 ) ..
I X Oct. 2 Holders o f rec. Sept. 9a
i
O ct. 2 Holders o f rec. Sept. 9a
Preferred (quar.) (No. 51)......... ..............
50c. Sept. 30 Holders o f rec. Sept. 8
M agma Copper (quar.).................................
2 X O ct. 2 Holders of rec. Sept. 11a
Maxwell M otor, Inc., common (quar.)__
First preferred (quar.)............................... m i x Oct. 2 Holders of rec. Sept. 11a
Second preferred ( q u a r . ) . .. ............... ..
n i x O ct. 2 Holders o f rec. Sept. 11a
Mergenthaler Linotype (quar.)..................
2X 8ept. 30 Holders o f rec. Sept. 5a
Name o f Company.
When
Per
i Cent. Payable.
Books Closed.
Days Inclusive.
M iscella n eou s (C o n c lu d e d ).
Montana Power, com . (quar.) (N o. 1 6 )-Preferred (quar.) (N o. 16)_____
O ct. 2 Holders of rec. Sept. 15a
1
I X O ct. 2 Holders o f rec. Sept. 15a
I X Oct. 1 Holders o f rec Sept. 20
.
1
Sept. 15 Holders o f rec. Sept. 5
Preferred (qu ar.)______________
I X Sept. 15 Holders o f rec. Sept. 5
Muskogee Gas & Electric, preferred (qu.)
I X Sept. 15 Holders o f rec. A ug. 31
National Biscuit, com . (quar.) (N o. 73 ).
I X O ct. 14 Holders o f rec. Sept. 28a
Natlonal Lead, com m on (q u a r .)..
1
Sept. 30 Holders o f rec. S ept. 8a
Preferred (qu ar.)......... .................
I X Sept. 15 Holders o f rec. Aug. 25a
National Candy, Is/ if: 2d pref. (No. 2 8 )___
A ug. 29 .
to
3 X S e p t .13 Aug. 23
National Steel Car, L td., pref. (q u a r .)..
O ct. 14
1 to
I X O ct. 16 Oct.
National Sugar Refining (q u a r .)..
I X O ct. 2 Holders o f rec. Sept. 9
National Surety (qu ar.)....... ..........
3
Oct. 2 Holders o f rec. Sept. 20a
Nevada Consolidated Copper (quar ).
50c Sept. 30 Holders of rec. Sept. 15
E x tr a _______________ ___________
50c Sept. 30 Holders o f r e c . Sept. 15
New Y ork Air Brake (quar.) (N o. 5 5 )____
2 X Sept. 22 Holders o f rec. A ug. 31a
New York-Oklahoma OH (N o. 1)........... ....
1c
Sept. 15 Sept. 10
to
Sept. 15
New York Transit (qu ar.)______________
4
O ct. 14 Holders o f rec. Sept. 23
Nlles-Bement-Pond, com . (qu.) (N o. 57)
to
Sept. 20
2 X Sept. 20 Sept. 7
North American C o. (qu ar.)......................
I X O ct. 2 Holders o f rec. Sept. 15
Ohio Cities Gas C om . (pay. In com . stk.) /5
D ec. 1 Holders of rec. N o v . 15
Ohio Oil (qu ar.)............. ................................ S I.25 Sept. 20 Aug. 23
to
Sept. 11
E xtra_________________________________ S4.75 Sept. 20 Aug. 23
to
Sept. 11
Pabst Brewing, pref. (qu ar.)____________
to
Sept. 15
I X Sept. 15 Sept. 7
Packard Motor Car, preferred (quar.)_____
I X Sept. 15 Holders o f rec. Aug. 31a
Pctllbone Mullikcn Co , 1st <& 2d p f... (qu ) - I X O ct. 1 Holders o f rec. Sept. 20
Philadelphia Electric (qu ar.)____________ 39 H e. Sept. 15 Holders of rec. A ug. 21a
PUtsb Term Wareh A Transf (monthly).
25c Sept. 15 Holders. o f rec. Sept. 8
Porto Rlcan-Am er. T ob acco (quar.)____
Sept. 7 Aug. 16
4
to
Sept. 7
Pressed Steel Car, com m on (N o. 24)____
Sept. 6 Holders o f rec. A ug. 16a
1
Quaker Oats, com m on (qu ar.)___________
2 X O ct. 16 Holders o f rec. O ct. 2 a
Common (payable In com mon s t o c k ).. 1 0 /
Sept. 30 Holders of rec. Sept. la
Preferred (quar.)......... .............. ..............
I X N ov. 29 Holders of rec. N o v. la
Quincy Mining (quar.).................................
4
Sept. 25 Holders of rec. Sept. 2a
Railway Steel-Spring, preferred (quar.)_.
I X Sept. 20 Holders o f rec. Sept. _2a
Ray Consolidated Copper (quar )_ _ .............
50c Sept. 30 Holders o f rec. S e p t .15
E x tr a _________________________________
25c Sept. 30 Holders of rec. Sept. 15
2
Reading Stockholders’ Assoc., com. it pref.
Sept. 15
Republic Iron & Steel, p f. (qu.) (N o. 5 2 ).
I X O ct. 2 Holders o f rec. Sept. 15a
Preferred (on acct. o f accum . d iv s .)____ A4
O ct. 2 Holders of rec. Sept. 15a
Rlkcr & liegem an, C orp. for stock o f ____
Sept. 2 Holders o f rec. Aug. 21a
5c
St. Joseph Lead (quar.)__________________
Sept. 20
25c Sept. 20 Sept. 10 to
Extra (from reserve fo r am ortization)...
to
Sept. 20
50c. Sept. 20 Sept. 10
Scovill Manufacturing (extra)___________ 10
Sept. 1
Sears, Roebuck it Co., preferred (quar ) __
1X O ct. 1 Holders of rec, Sept. 15a
South Penn Oil (quar.)__________________
to
Sept. 30 Sept. 16
O ct. 1
E xtra........... ........................................ ........
Sept. 30 Sept. 16
O ct. 1
3
5
O ct. 2 Holders o f rec. Sept. 15
South Porto Rico Sugar, common (quar.)..
Preferred (quar.)....... ........................... ..
O ct. 2 Holders of rec. Sept. 15
2
O ct. 2 Holders of rec, Sept. 15
South W est Pa. Pipe Lines (quar.)______
3
Sept. 15 Holders o f rec, A ug. 31
Standard G a s * Electric, pref. (qu ar.)__
1
Standard Oil (California) (quar.) (N o. 31)
2 X Sept. 15 Holders of rec. A ug. 15
Sept. 15
Sept. 15 Sept. 1 to
Standard OH (Kansas) (quar)....................
3
E x tra ............................................................
Sept. 15
Sept. 15 Sept. 1 to
2
Standar dOil (Kentucky) (quar.)_________
O ct. 2
4
O ct. 2 Sept. 16 to
Extra. .............................. .............. ............
O ct. 2
to
O ct. 2 Sept. 16
1
Standard OH of N . J. (quar.) .
"
Sept. 15 Holders o f rec, A ug. 18a
5
Standard Oil o f N . Y . (qu ar.)..............
2
Sept. 15 Holders o f rec, Aug. 25a
Sept. 20
to
Standard Oil (Ohio) (qu ar.)........................
3 X O ct. 2 Sept. 2
Sept. 21
to
Slulz Motor Car o f America (N o. 1)_______
S I.25 O ct. 2 Sept. 16
Swift A Co. (quar.) (No. 120)......................
2
Oct.
1 Holders o f rec, Sept. 10
Todd Shipyards Corp. (N o. 1/......... ............
$1.75 Sept. 30 Holders o f rec, Sept. 20
Sept. 21
to
Tonopah Belmont Devcl. (quar.)_________ 12H c. Oct. 2 Sept. 16
to
Sept. 20
Tonopah Extension M ining (quar.)______
10c. Oct. 1 Sept. 10
Sept. 20
to
5c. O ct. 1 Sept. 10
E xtra_____ _____ ______ _____________ _
Underwood Typewriter, com m on (quar.)
O ct. 2 Holders o f rec, Sept. 20a
1
Preferred (qu ar.)_______ ______________
IX O ct. 2 Holders of rec. Sept. 20a
Union Carbide (qu ar.)........... ........ ..............
2
O ct. 2 Holders o f rec, S e p t .16
Stock D ividend------------------------- -------- e 20o O ct. 2 Holders o f rec. Sept. 16
Union Slock Yards, Omaha (quar.)_______
A ug. 31
to
I X A ug. 31 Aug. 22
Union Tank Line........................ ...................
2X Sept. 25 Holders o f rec. Sept. 1
United Cigar Stores, pref. (qu.) (N o. 16)
I X Sept. 15 Holders of rec. Aug. 31a
U. S. Gypsum, preferred (qu ar.)________
I X Sept. 30 Sept. 21 to Sept. 30
U. S. Industrial Alcohol, pref. (quar.)__
I X O ct. 15 Holders o f rec. Sept. 30a
U . S. Steamship (ext)....... ........................... N
'A O ct. I 1Holders o f rec. Sept. 16
U. S. Steel Corporation, common (quar.)
I X Sept. 29 Sept. 2 to Sept. 11
8ept. 11
Common (extra)...................... ................
to
1
Sept. 29 Sept. 2
Utah Consolidated M ining (quar.)_______
75c. Sept. 25 Holders of rec. Sept. 9
Utah Copper Co. iquar.) (N o. 33)________
$1.50 Sept. 30 Holders of rec. Sept. 15
Extra (No. 3 ) _________________________ $1.50 Sept. 30 Holders of rec. S e p t .15
Waltham Watch, preferred......... ................... hi
Sept. 1 Holders of rec. A ug. 25
W lllys-Overland, com . (payable in com
mon stock) .................................................. k5
O ct. 2 Holders of rec. Sept. 15a
Wolverine Copper M in ing............... ............
O ct. 2 Holders o f rec. Sept. 9
S6
W oolworth (F. W .) C o ., pref. (quar.)____
I X O ct. 1 Holders of rec. Sept. 9a
Worthington Pump it M ach., pref. A ____
I X Oct. 2 Holders o f rec. Sept. 20
Sept. 30 Holders o f rec. Sept. 8
Yukon-Alaska Trust (quar.)....... ................ ..
si
to
Sept. 13
Yukon Gold Co. (quar.)......... ............ ............
7X C. Sept. 30,Sept. 9
a Transfer books not closed for this dividend, ft Less British Income tax. d C or
rection. e Payable In stock. / Payable In common stock, g Payable In scrip.
h On account of accumulated dividends, k Declared 10% , payable In com m on
stock 5% as above and 5% April 2 1917 to holders of record M arch 15 1917. m De
clared 7% payablo In quarterly Installments, n Declared 6% payable In quar.
terly Installments,
o Declared a stock dividend o f 4 0 % . payable In tw o Install
ments, 20% Oct. 2 1916 and 20% Jan. 2 1917. r Transfers received In order in
London on or before Sept. 11 will be in time to be passed for paym ent of dividend
to transferees.
Canadian Bank Clearings.— The clearings for the week
onding Aug. 26 at Canadian cities, in comparison with the
same weok in 1915, shows an increase in the aggregate of
47.9%.
Week ending August 26.
Clearings at—
1916.
Canada—
M ontreal............................
T oron to________________
Winnipeg ..........................
V a n co u v e r........................
O tta w a ......... .....................
Q u e b e c _________________
H a lifa x ..............................
H a m ilto n ........... - .......... St. John_______________
Calgary......... - ............ ......
L o n d o n ...............................
V ictoria...............................
E d m o n to n ........................
Regina.................................
B ran don .............................
Saskatoon..........................
M oose Jaw ........................
L ethbridge______ _____ _
B ran tlord...........................
Fort W illia m ............... ..
New W estminster______
Medicine H a t___________
Peterborough___________
Sherbrooke........................
Berlin ♦...............................
Total Canada........... ..
1915.
In c. or
Dec.
1914.
;
$
S
i %
65,012,557 1 53,384,207 + 21.8 45,218,982
31,249,212
+
39.1
42,552,746 30,599,078
42,687,077 1 14,841,583 + 187.6 17,998,280
7,192,262
4,973,860 ! + 3 1 .5
6,550,000
3,936,851
3,302,126 + 30.9
4,323,028
2,830,496
2,S84,665 + 20.7
3,482.488
+ 2.6
1,740,602
1,919,385
1,968,809
2,641,214 + 30.1
2,273,098
3,436,455
1,474,947
1,525,282 + 21.6
1,854,017
3,195,432
2,427,0911 + 59.3
3,866,753
1,525.734! + 87.2
1,512,913
1,658,295
1,183,676 + 28.8
2,029,223
1,524,656
1,759,938 + 52.3
2,511,484
1,851,183
1,121,678 + 1 1 3 .5
1,355,715
2,395,876
397,305 + 41.3
364,019
561,844
686,483 + 78.4
794,823
1.224,057
539,431' + 66.6
741,832
898,883
340,328 + 82.3
322,299
620,317
480.841
551,645
445,640 + 2 3 .8
635,546
290,692 + 84.2
535,423
308,290
330,096
216,406 + 52.6
275,784
336,421
155,531 + 116.3
367,968
518,697
390,217 + 32.9
527,944 N ot Include d In tot al
426,935 N ot Include d in tot ai
188,741,323 127,551,550
1913.
S
44,450,697
37,105,643
21.422,045
10,014,505
3,353,148
3,043,714
1,781,093
3,067,327
1,467,367
3,937,230
1,436,721
3,984,895
3,219,752
1,633,076
448,027
1,341,992
971,274
434,886
553,792
958,757
504,883
531,756
+ 47.9 128,810,899! 144,672,580
•Name changed from Berlin to Kitchener Sept. 1.
National Banks.— The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
A P P L IC A T IO N S F O R C H A R T E R S .
F o r orga n iza tion o f n ation al ban ks:
T h e F irst N a tion a l Bank o f B ish op, C a l., c a p it a l________________ $ 2 5 ,0 0 0
T h e First N a tio n a l Bank o f P o m p e y ’s P illa r, M o n t ., c a p it a l___
25,000
T h e B rasher F a lls N a tio n a l B a n k , B rash er F a lls, N . Y . , c a p it a l. 25,0 0 0
T h o First N a tio n a l B a n k o f S y k e sto n , N . D a k ., c a p it a l_________
2 5 ,0 0 0
T o s u cce e d th e S y k e sto n S ta te B a n k .
F o r co n v e rs io n o f S ta te ban ks:
T h e First N a tion a l B a n k o f W o l f P o in t, M o n t ., c a p it a l________ $ 2 5 ,0 0 0
C o n v e r sio n o f th o F a rm ers' B a n k o f W o lf P o in t.
T h e F irst N a tio n a l B ank o f F lo y d , V a ____________________________ 3 5 ,0 0 0
C o n v ersion o f th o P e o p le 's B a n k o f F lo y d C o u n t y .
---------------T o t a l c a p it a l___________________________________________________ $16 0 ,0 0 0
C H A R T E R S IS S U E D .
O rigin al org a n iz a tion s:
T h o F a rm ers’ N a tion a l B a n k o f P o r tla n d , N . D ., c a p it a l_______$ 2 5 ,0 0 0
F a n n ottsb u rg N a tio n a l B a n k , F a n n e ttsb u r g , P a ., c a p it a l_______
2 5 ,000
T o su cceed th o P e o p le ’s B a n k o f F a n n e ttsb u rg .
C o n v e r sio n s o f S ta to ban k s:
T h o F irst N a tion a l B a n k o f L o m p o c , C a l., c a p it a l_______________$ 1 0 0,00 0
•
C o n v e rsio n o f th e B a n k o f L o m p o c .
T h o First N a tio n a l B a n k o f W e n d o ll, M in n ., c a p it a l____________
2 5 ,0 0 0
C o n v e r s io n o f th e F a rm ers & M e r ch a n ts S ta to B a n k o f W en d o ll, M in n .
—
T o t a l c a p it a l____________________________________________________ $ 1 7 5,00 0
C H A N G E OF T IT L E .
T h o W o o d s -R u b o y N a tio n a l B a n k o f G o ld e n , C o l o ., t o th o ‘ ‘ Itu b o y
N a tio n a l B a n k o f G o ld e n ,” c a p it a l_________________________ ______ $50 ,000
IN C R E A S E S OF C A P IT A L A P P R O V E D .
T h o F irst N a t io n a l B ank o f C a m b rid g e , l a . C a p ita l in crea sed
fro m $ 5 0 ,0 0 0 t o $ 8 0 ,0 0 0 ; in cre a so------------------------------------------------------- $ 30 ,000
C a p ita l in crea sed fro m
T h o First N a tio n a l B a n k o f S eb reo, K y .
$ 3 2 ,5 0 0 to $ 4 0 ,0 0 0 : in c re a s o _________
7,5 0 0
T h o S ta to N a tio n a l Bank o f A lb u q u o r q u o , N . M e x . C a p ita l in
creased fro m $ 1 5 0 ,0 0 0 to $ 2 0 0 ,0 0 0 ; in cre a se______________________
50,0 0 0
T h o F irs t N a tio n a l Bank o f P a lm e rto n , P a . C a p ita l increased
fro m $ 2 5 ,0 0 0 t o $ 5 0 ,0 0 0 ; in cre a so ----------------------------------------------------- 2 5 ,0 0 0
By Messrs. Barnes & Lofland, Philadelphia:
$ per sh.
Shares. Stocks.
$ per sh. Shares. Stocks.
40 Franklin Trust C o ., $50 e a c h .. 58 A
10 Germantown Pass. R y __________ 105'A
2 East M ahanoy U K ., $50 each. 50 'A 10 2d & 3d Streets Pass. R y _____ 242
15 M iU C r.& M in e H M N a v.& R R . 5 0 Vi
1 Ridge Ave. Pass. R y ...................237
6 Schuylkill Valley N av. & H it.,
4 D e Long Hook A E yo____________ 81'A
S50 each_________
50
188 rights to subscribe to II. K .
M ulford C o. at $50 par____ 5H
10 Broad Street Bank, $50 e a c h .. 60
1 Bank of North America______ 253
10 Phlla. Bourse, pref., $25 each . 21
1 Central National Bank........... .411
4 Phlla. Bourse, com ., $50 each. 6
Bonds.
Per cent.
1 First Nat. Bank, Philadelphia.200
S1,000 Phil. & Reading R R . s. f. 4s,
11 Franklin National Bank______ 475
96 A
1932 ____________
13 People’s Trust C o ., $50 e a c h .. 40
1,000 Springfield Consol. W ater
17 Philadelphia Warehouse C o — 120
1st 5s, 1958........................ 82
5 Atlantic City F’lre Ins. C o ____250
Imports and Exports for the Week.— Tho following are
the reported imports of merchandise at Now York for tho
week ending Aug. 26 and since the first week of January:
F O R E IG N IM P O R T S A T N E W Y O R K .
1916.
For Week.
Previously reported.
$11,716,817
647,855,490
$22,413,649
617,717,365
Total 34 weeks___
$863,654,350
$631,600,994
SG59,572,307
$640,131,014
E X P O R T S FR O M N E W Y O R K .
By Messrs. Francis Honsliaw & Co., Boston:
Shares. Stocks.
$ per sh. I Shares. Stocks.
$ per sh.
2 M t.W olla ston N a t.B k .,Q u ln cy .l3 0
' 10 Great Falls M fg. C o ___________ 200
10 W cetamore M ills______________ 90
| 2 Pepperell M fg. C o _____________ 172 'A
By Messrs. R. L. Day & Co., Boston:
1914.
1915.
1916.
1913.
$78,106,341
1,743,167,564
S37,524,558
870,696,945
$10,214,302
551,379,182
$12,158,997
575,225,147
Total 34 weeks__ S 1,821,273,905
$908,221,503
$561,593,484
$587,381,144
Previously reported.
E X P O R T S A N D IM P O R T S O F S P E C IE A T N E W Y O R K .
Exports.
Week ending Aug. 26.
G o ld .
Shares. Slocks.
Per cent. Shares. Slocks.
Percent.
1,000 H orn Silver M g ., §25 ea. 31c. per sh.
200 La Jara Gold Mines C o ., SI
2 Niagara Fire Ins. C o., $50 e a .351
each------------------------- 5c. per sh.
105 N . Y . Bowery F. Ins. Co.,1
700 Atlantic Macaroni C o . . $60,000 lot
$25 each........................ - .- i- S l 'l o t
10 Farmers’ Loan & Trust C o . 1650
12 Kmerald&HtddenlteMg.C o .]
277 Sanitol Chem. Lab’y C o.,
25 Bank of Franklin, M eadvllle,
S10 each____________$2 per sh.
M iss_______________ $50 per sh.
1913.
$14,508,933
617,092,061
T o t a l in crea se _______________________________________________________ $ 1 1 2 ,5 0 0
Auction Sales.— Among other securities, tho following,
not usually dealt in at the Stock E xch a n ge, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
1914.
1915.
$23,045,854
840,608,496
Week.
Great B rita in _______
F’ra n ce....................—
G erm any____________
W est Indies_________
M exico......... .................
South Am erica...........
All other c o u n trie s ...
|
Since
Jan. 1.
Week.
$502,242
S6,282,679
1,000
100,000
1,000,000
26,961,941
703,000
9,501,461
11,729,828
Total 1916...............
Total 1915...............
Total 1914...............
Silver.
Great Britain.............
France..... ...................
G erm any......................
W est Indies_________
M exico..........................
South Am erica______
All other countries.--
$1,603,242 $55,178,909
266,300
9,204,488
15,000 127,157,949
Total 1916................
Total 1915................
Total 1914................
$714,642 $33,093,016
1,160,994 26,539,831
1,379,532 28,463,170
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh.
2 Commonwealth Trust C o ........... 175
'A Draper Corporation______________67 'A
50 Hamilton M fg. C o ........... ............ 82
50 Sullivan Machinery C o _________ 129 A
3 West Point M fg. C o ........... ........ 170
50 Pacific M ills ....... ............... 143H -144 'A
1 F'alrbanks C o., pref____________ 27M
10 Library Bureau, p r e f................102 J3
Imports.
$714,642 $30,904,711
40,600
854,297
29,467
1,253,671
10,300
Since
Jan. 1.
$2,853 $26,792,733
14,840
5,750
99,791
351,970
29,116
9,674,214
2,212,557
6,900,468
1,655,181
$489,480 $47,249,993
3,060,035
498,851
6,036,433
153,827
$1,793
::::::
85
268,771
127,229
723
$17,161
6,631
98,403
6,530,491
4,021,425
924,027
$398,601 $11,598,138
5,942,191
186,212
6,436,146
701,644
O f the above exports for tho week In 1916, $1,603,242 wero American gold coin.
The Federal Reserve Banks.— Following is the weekly statement issued by the Federal Reserve Board on Aug. 26:
T h o s ta te m e n t in d ica te s an increase fo r th e w e e k o f o v e r 2 .4 m illio n s in th e to ta l earn in g assets o f th e b a n k s, a de cre a se o f a b o u t 5 .3 m illion s in th
b a n k s ’ ag g reg a te cash reserves, an d o f o v e r o n e -h a lf m illio n in their co m b in e d g o ld reserves. O f th e to ta l d ecrease in reserve a co n s id e ra b le p o r tio n w as
tra n sferred to th e T r e a s u r y an d t o F e d e ra l R e s e rv e agen ts to redeem F ed era l R e s e rv e n otes an d t o d ecrease th e b a n k s ’ liab ilities o n n o te s o u ts ta n d in g .
T h o a m o u n t o f p a id -in ca p ita l sh ow s an increase o f o v e r $ 2 5 0 ,0 0 0 , largely the resu lt o f increased ca p ita liz a tio n o f m e m b e r ban ks in th e E a stern d is tric ts .
P h ila d elp h ia r e p o rts an in crea se o f $ 8 7 3 ,0 0 0 in its cash reserve, d u e largely t o liq u id a tio n o f co m m e r c ia l p a p e r. A n e qu a l g ain in roservo sh ow n b y
th o San F ra n cis c o b a n k is a c c o m p a n ie d b y su b sta n tia l increases in G o v e rn m e n t an d ban k d e p o s its . N e w Y o r k ’s decrease o f 5 .2 m illion s in to ta l reserve
is cau sed a p p a r e n tly b y n e t w ith d ra w a ls o f G o v e rn m e n t fu n d s and ban k d e p o s its an d the transfer o f g o ld to th e a gen t t o d ecrease th o b a n k ’s lia b ility o n
F ed era l R es erv e n otes Issued t o it.
A tla n ta re p o rts a d ecrease o f 1.2 m illio n s in its to ta l rese rv e , to g e th e r w ith a g ain o f o v e r $60 0 ,0 0 0 in earn in g assets
a n d a ch a n g e o f an a d v e r s e to a fa v o r a b le b a la n ce w ith o th e r F ed era l R e s e rv o ban ks.
A b o u t Vx m illio n has been a d d e d d u rin g th o w eek to tho a m o u n t o f co m m e r c ia l p a p e r held b y th o b a n k s , all th ree S ou th ern ban k s s h o w in g gains
u n d er th is h ea d . A c c e p ta n c e s on h an d sh o w an increase fo r the w eek o f a b o u t 2 m illio n s, P h ila d e lp h ia alon e sh o w in g sm aller h o ld in g s o f this class o f p ap er
th a n th o w eek b e fo r e .
O f th e to ta l bills— in c lu d in g acce p ta n ce s— o n h a n d , 3 7 % m a tu re w ith in 30 d a y s , an d 3 9 .2 % a fte r 30 b u t w ith in 60 d a y s .
T ra n s
a c tio n s in G o v e rn m e n t secu ritie s are r e p o rte d b y 4 b a n k s , resu ltin g in a de cre a se o f $ 2 3 3 ,0 0 0 in th e a m o u n t o f U . S. b o n d s an d an in crea se o f $32 0 ,0 0 0
in th e a m o u n t o f o n e -y e a r T r e a s u r y n o te s h e ld . P r a c tica lly n o ch an ges aro sh ow n in t.ie h o ld in g s o f m u n icip a l w arra n ts.
E a rn in g assets a g g reg a te a t presen t o v e r 192 m illio n s, o r 3 4 7 % o f th e to ta l pa id -in c a p ita l, as a gain st 3 4 4 % th e w eek b e fo r o .
O f the to ta l earn in g
a ssets, a c c e p ta n c e s c o n s titu te 4 2 .8 % ; U . S. b o n d s , 2 4 .3 % ; w arra n ts, 1 4 .5 % ; d is c o u n ts , 1 4 .1 % , an d T re a s u ry n o te s, 4 . 3 % .
T h e re has been a n et increase b y a b o u t $ 4 0 0 ,0 0 0 in th e a m o u n t o f G o v e rn m e n t d e p o s its , all the W e ste rn ban ks and R ic h m o n d re p o r tin g larger h o ld
ings o f G o v e rn m e n t fu n d s than a t th e end o f the p re v io u s w eek . N e t b an k d e p o sits d ecreased a b o u t 2 .7 m illio n s, B o s to n , N o w Y o r k a n d .St. L o u is
s h o w in g tho largest d ecreases u n d er this h ea d .
F ed era l R es erv e ban k n o te s in cir c u la tio n d e cre a se d s lig h tly d u r in g th e w e e k .
F ed era l R e s e rv e agen ts r e p o r t th o issuo to th e ba n k s o f $ 1 7 9 ,8 3 8 ,0 0 0 ,
n o t, o f F ed eral R e s e r v e n o te s , an increaso o f $ 3 ,2 1 8 ,0 0 0 fo r tho w e e k . A g a in st th is to ta l th e y h o ld $ 1 6 3 ,8 3 4 ,0 0 0 o f g o ld and $ 1 7 ,0 4 8 ,0 0 0 o f p a p e r.
Tho
b a n k s rep ort $ 1 5 6 ,3 4 5 ,0 0 0 o f F ed era l R e s e r v e n o te s In a ctu a l c ir c u la tio n , a n d a g g re g a te net liab ilities o f $ 1 3 ,7 3 3 ,0 0 0 o n n o te s issued to tn om b y the agon ts.
The figures of the consolidated statement for tho system as a wholo are given in the following tablo, and in addition
wo presont the results for each of the eight preceding weeks, tints furnishing a useful comparison. In the second table wo
show the resources and liabilities separately for each of tho twelvo Federal Reserve banks. Tho statement of Federal Resorve
Agents’ Accounts (tho third tablo following) gives dotails regarding the transactions in Fodoral Roservo notes between the
Comptroller and the Reserve Agonts and between tho latter and tho Federal Roservo banks.
C o m b in e d R e s o u r c e s a n d L ia b il it ie s o f t h e F e d e r a l R e s e r v e B a n k s a t t h e C l o s e o f B u s in e s s A u o .
25 1916.
Aug. 25 1916 Aug. 18 1916 Aug. 11 1916 Aug. 4 1916. July 28 1916.' July 21 1916. July 14 1916. July 7 1916.f June 30 1916
1
RESOURCES.
Gold coin and certificates In vault_____________ $259,799,000 $260,926,000 $258,952,000 $256,437,000 $259,931,000 $262,049,000 $269,602,000 $261,232,000 $202,038,000
99,561,000 118,631,000 123.611,000 112,931.000
110,951,000 110,001,000 106,121,000 106,811,000 102.911.000
1,970,000
G old redemption fund with U . 8. T reasurer..
1,918.000
1,931,000
1,637,000
1,991,000
2,011,000
1,789,000
1,852,000
1,915,000
$372,387,000 $372,918,000 $366,925,000 $365,163,000 $364,760,000 $363,541,000 $390,203,000 $386,854,000 $376,758,000
16,589,000
13,802,000
10,279,000
27.448,000
12,265,000
36,902,000
16,998,000
11,127,000
11,699,000
5 % redemption fund ag’st F. R . bk notes
Bills discounted and bought—
Maturities within 10 days_______________
T o t a l___________ ___________________
$384,652,000 $389,916,000 $378,052,000 $376,862,000 $381,349,000 $377,343,000 $400,482,000 $423,756,000 $404,206,000
450,000
450,000
450,000
450,000
450,000 ,
500,000
450,000
500,000
500,000
$10,613,000
25.755.000
35.441.000
28.730.000
4,559,000
$7,970,000
20,688,000
32.002.000
27.090.000
4,423,000
$11,451,000
16.539.000
28.492.000
30.614.000
5.187,000
$109,178,000 $106,894,000 $108,971,000 $109,934,000 $111,048,000 $114,319,000 S105.098.000
$92,173,000
$92,283,000
$12,955,000
27.507.000
42.781.000
23.548.000
2,387,000
$8,163,000
29.267.000
42.400.000
24.584.000
2,480,000
$12,425,000
26.310.000
41.898.000
25.388.000
2,950,000
$15,271,000
23.863.000
42.566.000
25.228.000
3,006,000
$17,308,000
19.421.000
40.019.000
30.493.000
3,807,000
$17,163,000
26,740,000
36.302,000
30,121,000
3,993,000
•Acceptances (Included In above)_____________
$82,146,000
$80,138,000
$80,513,000
$79,519,000
$83,454,000
$85,382,000
$81,130,000
$70,148,000
$71,095,000
One-year U. S. Treasury n o te s ..
$46,796,000
8,205,000
27,863,000
$47,029,000
7,885,000
27,788,000
$46,703,000
8,351,000
27,975,000
$48,037,000
7,925,000
27,375,000
$48,656,000
7,925,000
27,220,000
$49,746,000
7,190,000
27,723,000
$52,589,000
4,546,000
27.424,000
$52,589,000
4,546,000
25,236,000
$52,939,000
4,190,000
22,671,000
Total earning assets_____________________ $192,042,000 $189,596,000 $192,000,000 $193,271,000 $194,849,000 $198,978,000 $189,657,000 $174,544,000 $172,083,000
Aug.
25 1916 A u g . 18 1916 Aug. 11 1916 A u g . 4 1916. July 28 1916. July 21 1916. July 14 1916. July 7 1916.f June 30 1916
RESO U RCES ( Concluded) .
Brought forw ard (total reserve & earn’g
assets) $577,194,000 $580,012,000 $570,552,000 $570,583,000 $576,648,000 $570,771,000 $590,589,000 $598,750,000 $576,739,000
Federal Reserve notes— Net------------------------ $21,222,000 $19,887,000 $20,069,000 $20,426,000 $20,308,000 $20,014,000 $20,760,000 $24,111,000 $23,182,000
11,982,000 20,056,000 20,273,000 20,414,000
21,654,000 21,068,000
10,447,000
19,947,000
12,620,000
Duo from Federal Reserve banks— Net--------4,622,000
8,244,000
3,979,000
4,756,000
4,411,000
3,541,000
3,731,000
5,514,000
3,226,000
Total resources........ - --------- ------------- $623,611,000 3624,193,000 $610,799,000 $615,367,000 $015,090,000 $613,523,000 $039,649,000 $647,113,000 $624,957,000
L IA B IL IT IE S .
S55,303,000 $55,110,000 $55,130,000 $55,148,000 $55,206,000 $55,183,000 $55,176,000 $54,858 000 $54,854,000
54,277,000 97,476,000 114.460,000 101.152,000
50,099,000 40,717,000
53,259,000 56,607,000 56,542,000
502,421,000 505,090,000 4S9,219,000 490,625,000 491,266,000 492,000,000 474.942,000 465,840,009 457.503.000
9.440,000
9.992.000
13,733,000
11,212,000 11,029,000 10, 122,000 10, 120.000 10,098.000
12,295,000
1,721,000
1,090,000
1,692,000
1,692,000
1,720,000
1,721,000
1,091,000
1,692,000
1,691,000
242,000
287,000
305,000
266,000
237,000
288,000
262,000
251,000
290,000
Federal Reserve bank notes In circulation....
AU other liabilities..............................................
Total liabilities------------------------------- $023,611,000 $624,193,000 $610,799,000 $015,307,000 $615,090,000 $613,523,000 $639,649,000 $647,113,000 $624,957,000
Onld reserve ag’st net dcp. A note liabilities (a)
Cash reserve ag’st net dep. & note liabilities (a)
Cash reserve against net deposit liabilities after
setting asldo 40% gold reserve against aggregate net liabilities on F. It. notes in
circulation (a)--------------- ----------------------
68.4%
70.6%
68.3%
71.4%
68.3%
70.4%
67.7%
70.0%
66.9%
69.9%
60.8%
69.3%
69.4%
71.2%
67.9%
74.3%
68.8%
71.4%
72.1%
71.0%
70.6%
70.5%
69.9%
71.8%
75.0%
74.4%
73.8%
(a) Less Items In transit between Federal Reserve banks, viz------------------------------------
321,654,000 $21,068,000 $16,447,000 $19,947,000 $12,620,000 $11,982,000 $20,056,000 $20,273 ,OU0 $20,414,000
In hands of banks---------------------------------
$179,838,000 $176,020,000 3175,602,000 S175.551.000 $174,023,000 $175,219,000 $179,358,000 $179,783,000 $176,168,000
23,493,000 22,170,000 22,374,000 22,764,000 21,433,000 21,181,000 21,779.000
25,098,000 23,924,000
$154,444,000 3153,228,000 $ 152,787.000 $152,590,000 $154,038,000 $157,579,090 $154,685,000 $152,244,000
In circulation---------------------------------------- $156,345,000 -----------—
---S163,834,000 $102,036,000 $162,085,000 $162,184,000 $162,776,000 $163,932,000 $168,241,000 $168,806,000 $165,986,000
21,222,000 19,887,000 20,069,000 20,420,000 20,308,000 20,014,000 20,760,000 24,113,000 23,182,000
13,733,000
9,992,000
0,440,000
11,212,000 11,029,000 10, 122,000 10, 120,000 10,098,000
12,295.000
Federal Reserve N otes
( Agents' Accounts)
Returned to the Comptroller......................
$302,660,000 $300,520,000 $299,52.1,000 $298,520,000 $298,520,000 $297,540,000 $297,540,000 $295,540,000 $295,540,000
55.101,000 54,286,000 53,336,080
66,197,000 05,126,000 63,977,000 62,778,000 61,066,000 59,510,000
Amount chargeable to Agent............. $236,463,000 3235,394,000 $235,543,000 $235,742,000 $237,454,000 $238,030,000 $242,439,000 $241,254,000 $242,204,000
56,625,000 58,774,000 59,941,000 60,191.000 63,431,000
62,811,000 63,081,000 61.471.000
66.036.000
In hands of A gen t..----------------------------Issued to Federal Reserve banks........ 3179,838,000 $176,620,000 S175,602,000 $175,551,000 $174,023,000 $175,219,000 $179,358,000 $179,783,000 $176,168,000
By gold coin and certificates------------------- $114,796,000 $112,146,000 S112.006.000 $ 112,000,000 $110,406,000 $109,167,000 $112,617,000 $112,447,000 $113,597,000
By commercial paper..................................
nrodlfc balances In gold redemption fund-.
Credit balances with Federal Reserve B 'd.
10,004,000
11,138,00(1
37,900,000
14,584,000
11,240,000
38,650,000
13,517,000
10,659,000
39,420,000
13,367,000
11,208,000
38,970,000
11,287,000
12,415,000
42,350,000
11,247,000
11,830,000
40,540,000
11,117,000
12,974,000
42,650,000
10,977,666
13,379,000
42,980,000
10,182,666
9,809,000
42.580,000
T ota l..................................................... $179,838,000 $176,020,000 $175,602,000 S175,551,000 $174,023,000 $175,219,000 $179,358,000 $179,783,000 $176,168,000
Commercial paper delivered to F. R. Agent..
$17,048,000 $16,547,000 $10,152,000 $15,993,000 $13,267,000 $12,877,000 $13,441,000 $11,305,000! $11,204,000
•Including bankers* and trade acceptances bought In the open market,
t
Amended figures.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OP BUSINESS AUG. 25 1916
N ew Y ork. P h lladel'a. Cleveland. Richm ond.
A tlanta.
C hicago.
St. L ou is. M ln n c a p . K a n . City.
t
$
$
$
$
133,
55'
10,833,000
14,359,000 5,055,000 5.855.00035.674.000 5,425,000
Gold coin A ctfs. In vault 9,303,000147,557,000
16,579,000
9,218,000 11,637,000 1.058.000
Gold settlement fund.. 16,400,000 11,077,00017,251,000
07
125,000
200,000
19,000
451,000
50,000
20,000
250,000,
Gold redemption fund..
5,000
__
Total gold reserve___ 25,774,000158,884,000 28,13 4,000 23,597,000 17,143,000 7 038,000 52.453,000 9,787,000
903,000 1,144,000
163,000 1,203,000
208,000 5,625,000
762,000 1,101,000
Legal-ten.notes .sllv. ,Ac
RESOU RCES.
S
D a lla s.
San F ran .
Total.
$
»
$
$
s
6,276,000 4,210,000 5,366.000 9,886,000 259.799 000
4,343,000 3.431,00010.446,000 4,424,000 5.021,000110,951
000
30,000
134,000
343,000
10,000 1.637 000
9,737,00014,790,000 10,133,00014,917,000372,387,000
426,000
61,000
617,000
52,000 12,265,000
Total reserve_______ 25,982,000 164,509.000 28,896,000 24,698,000 17,300,000 8,241,000 53.356,00010,931,00010.163,00014,851,000 10,750.00014,969,000384,652.000
5% redomp. fund—F.U
400,000
100,000
bank n otes_________
Bills:
883,000 1,855,000 1,918,000 7,188,000
519,000 27,032,000
274,000 6,037,000 3.660.000 2,875,000
290,000
869,000
664,000
Discounted—Members
725,000 1.751.000 5,683,000a! 5,586,000
3,109.000 1,005,000
549,000 6,954,000 82,146,000
Bought In open m kt.. 10,390,000 29,422,000 9,969,000 7,003,000
30,080,000 10,259,000 7,277,000 6,762,000 5,411,000 8,558,000 6,469,000 4.964,000 2,923,000 7,737,000 7,473,000109,178,000
Total bills on hand..
Investments: U. S. bds. 2.992.000
Onc-yr. U.S. Tr. notes
250,000
Municipal warrants. 2.890.000
2.220.000 2,890,000 5,579,000 1,129,000 1,508,000 9.393.000 2,724,000 3,399,000 9,647,000 2,681,000 2.634,000 46,796 000
2.282.000
818,000
760,000
084.000
526.000 __________________ 570,000350,000616,000
529,000 820,000 8,205 000
7.270.000 2,550,000 4,755,000
2,334,000
27,863 000
330.000
160.000 4.291.000 1,822,000 1,044,000( 399,000
Total earning assets.. 17,391,000 41,864,000 16,517,00018,371,000 8,911,000 7,611,000 22,242,000 11,585,000 9,757,000 13,585,000 10,947,000 13,261,000 192,042,000
Fed. Ues’vo notes—Net
Due from other Federal
Reservo Banks—Net.
All other resources------Total resources........
910,000 14,015,000
410.000
118.000
3,287.000
302,000
384,000
V23,565
426,000
3,194,000
390,000
1,300,000
999,000 1,704,001
190.000 1,278,000 7,815,000 3,115,000
411,000
544,000
518,000
167.000
.............. i 1,484.000 21,222,000
568,000 1,789,000
101,000
196,000
320,000 1,981,000 a21,654 000
383,000; 228,000 3,541 000
44,811,000 224,037,000 45,920,000 47,079,000 26,580,000 17,048,000 85,124,000 27,174.00022,293,000 30,821,000 22,500.000 31,923,000 623,611,000
_C_
L IA B IL IT IE S .
5.023.000 11,590,000 5,221,000 5,995,000
Capital paid In........ .
Government deposits— 3.246.000 12,877,000 0,015,000 2,004,000
Member bk deposlta-Net30,429,000 199,564,00031,719,000 39,020,000
Fed. Itcs’ve notes— Net
F.U.bank notes In clre’n
2,299,000
Duo to F.lt.banks— Net
66,000
113,000
All other liabilities..
3.363.000
3.662.000
14,865,000
4,577,000
nV.ooo
2.490.000 6,675,000 _2,791,000 2,589,000 3.007,000
3.071.000 5,7 3 l'.0 0 0 4,446,000 992,000 1,342.000
10,708,000 72,718,000 19,937,000 18.712,00023,504,000
1,278,000
1.360.000
1,690,000
2,691,000 3,922,000 55,363.000
2,227,000 3,826,000 50,099,000
j i , 070,00024,175,000502,421,000
6,512,000
13,733,1000
1,690,1000
305,000
13.000
Total liabilities_____ 44,811,000 224,037,000 45.920,000 47,079,000 26,580,000 17,048,000 85,124,000 27,174,000 22,293,000 30,821,000 22,500.000 31.923.000 623,611.000
Federal Reserve N otes —
Issued to banks--------- 10,158,000 69,345,000 7,410,000 9,438,000 9,419,000 13,230,000 3.358.000 6,257.00012,885,000 12,864,00015.930,000 9,538,000179,838 ,000
In hands of banks----910,000 14,015,000
384,000
426,000
999.000 1,704,000, 502,000
442,000 1,484,000 23,493 ,000
634,000 1.300.000
693,000
F.U. notes In circulation 9,248,000 55,330,000 7,026,000 9,012,000 8,726,000 12,602,000 2,058,000 5,258,000 11,181,000j 12,362,000 15,488,000
Gold and lawful money
with agent.................. 10,158,000 69,345,000 7,410,000 9,438,000 4,149,000 11,236,000 3.358.000 0,257,00012.885,000 11,084,000 8,976,000
910,000 14,015,000'
Carried to net assets----384,000
420,000
1.300.000
999,000 1.704.000 .............. 1 ...............
Carried to net liabilities.
4 ,5 7 7 ,6 6 6 1,360,655 ________1 ............... 1 ____. . . . I 1,278,000 6,512,000
8,054.000150,345,000
9,538,000163,834 000
1,484,000 21.222 000
-------------1 13,733 000
a Items In transit, 1. e.. total amounts due from loss total amounts duo to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS’ ACCOUNTS AUG.
Boston.
N ew Y o rk. P h lla d el'a . Cleveland. Richm ond.
Atlanta.
Chicago.
25 1916.
St. L ou is. M Inneap. K a n . City.
D a lla s.
San F ran .
Total.
s
$
$
$
Federal Reserve Notes—
%
S
$
$
$
$
S
$
$
Rec’d from Comptrolr 20,380,000 121,240,000 15,480,000 15,160.000 17,000,000 20,400,000 9.350.000 9.600.000 19,000,000 16,620,000 25,080,000 13,320,000 302,660,000
485,000 1,383,000 3,187,000
Returned to Comptrol 4,402,000 38,595,000 4,350,000 2,422,000 4,831,000 2,838,000 1.141.000 1.581.000
982,000 66,197,000
Chargeable to Agent— 15,978,000 82,045,000 11,130,000 12.738,000 12,169,000 17,562,000 8,239,000 8,019,000 18,515,000 15,237,000 21,893,000 12,338,000 230,463.000
In hands of F.U.Agcnt 5.820,000 13,300,000 3,720,000 3,300,000 2,750,000 4,326,000 4,881,000
Issued to F. U. bank. 10,158,000 69,315,000 7,410,000 9,438,000 9,419,000 13,236,000 3,358,000
Held by F. R. A g e n tGold coin A certfs----- 9,700,000 04,816,000 4,090,000 8,840,000
1.370.000
Credit balances458,000 4,529,000
In gold redemption f’d
430,000
278,000
598,000
449,000 1.466.000
2,890,000
3.700.000 8.400.000 3,080,000
Notes secured by com5.270.000 2,000,000
1,762,000 5,630,000 2,373,000 5,963,000 2,800,000 56,625,000
6,257,000 12,885,000 12,864,000 15,930,000 9,538,000 179,838,000
2,850,000 10,920,000 4.270.000 7.940.000
357,000
615,000
3,050,000 1,350,000
714,000
6. 100.000
114,796,000
806,000
438,000 11.138.000
230,000 9,100,000 37.900.000
1,780,000 6.954.000
16.004.000
T o t a l...................... 10,158,000 69,345,000 7,410,000 9,438,000 9,419,000 13,236,000 3,358,000 6,257.000 12,885,000 12,864,000 15,930,000 9,538,000 179,838,000
Amount of comm’l paper
1,850,000 7,194,000
delivered to F.R.Ag’t
6,001,000 2,003,000
17,048,000
S t a t e m e n t o f N e w 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 o fo llo w in g d etailod s ta to m o n t
s h o w s th e c o n d itio n o f th e N e w Y o r k C i t y C le a rin g H o u s e m e m b e r s fo r tho w eek e n d in g A u g . 2 0 . T h o figu res fo r tho so n a r a te b a n k s are th e a v e r a g e s o f th e d a ily r e su lts. In th e ca se o f th e t o ta ls , a c tu a l figu res a t en d o f th o w e e k aro also g iv e n
i r o n H o t0 fu ^n lsl1 a c o m p a r is o n , w e h a v e in se rted th e to ta ls o f a c tu a l c o n d itio n fo r e a ch o f th e th ree g r o u p s a n d also th e
g r a n d a g g r e g a te s fo r th e th re e p re c e d in g w e e k s.
NEW
MEMBERS.
Capital.
Week Ending
Aug 26 1616.
(00s om itted.)
N et
P rofits.
fNat.B'ks June 30]
IStateB’ks June 30 J
YORK
L oa ns,
D iscou n ts,
Investm 'ts,
& c.
Members o f Federal
Average.
Reserve Bank.
$
$
S
Bank of N. Y., N.B.A . 2.000.C
4,896,!
32,823,1.
Merchants’ Nat. Ban k 2,000,0 2,356,;
29,433,C
Mech. & Metals Nat. . 6,000,0 9,314,9 115,017,C
National City Bank.. . 25,000,0 a40,809,f
362,355,C
Chemical Nat. B ank..
3,000,0 8,193,0
36,666,6
Atlantic National Ban.k 1,000,0
792,C
12,420,C
Nat. Butchers’ & Drov
300,0
90,4
2.752.C
Amor. Exch. Nat Ban]k 5,000,0 5,193,;
80,303,(1
National Bank of Com 25,000,0 18,279,9 216,823,3
. 3,500,0 2,025,7
61,448,0
k 3,000,0 15.772,8 112,565,0
2,550.0 2,519,5
27,582,0
1,000,0 2,017,5
10,680,0
3,500,0
6,991,2
87,539,0
1,500,0 7,614,6
33,310,0
5,000,0 15.535,;
136,799,0
.
250,0
73,-1
2,386,0
Second National Bank . 1,000,0 3,357,!
17,554,0
First National Bank..
10,000,0 23,562,7 148,872,0
Irving National Bank..
4,000,0 3,898,;
70,219,0
N. Y. County Nat. Bk
500.0
1,059,6
10,139,0
Chase National Bank.
5,000,0 10,453,5 194,652,0
Lincoln National Bank
1,000.0 1.908,2
19,220,0
Garfield National Ban]k 1,000.0 1,275,6
9,735,0
Fifth National Bank..
250,0
417,6
5,338,0
Seaboard Nat. Bank...
1,000,0 2,888,2 37,717,0
Liberty National Bank
1,000,0 3,443,2 48,620,0
Coal & Tron Nat. Bank.
1,000,0
758,1
9,256,0
Union Exchange Nat..
1,000,0 1,068,C 11,537,0
Nassau Nat. B an k ...
1,000,0 1,130,1
9,938,0
Broadway Trust C o ..
1,500,0
937,6
20,331,0
W EEKLY
C L E A R IN G
Cold.
Legal
Tenders.
Silver.
A verage.
Average.
Average.
$
1,970,C
1.387.C
11,635,0
75,691,0
1,319,0
1,135,0
67,0
6,153,0
18,907,0
2,923,0
22,948,0
981,0
934,0
5,820,0
1,536,0
9,308,0
139,0
1,040,0
19,243,0
7,042,0
322,0
15,312,0
1,389,0
721,0
S
1,089,0
752,0
2,205,0
5,784,0
436,0
229,0
33,0
2,440,0
3,065,0
1,851,0
1,158,0
534,0
533,0
1,345,0
1,322,0
1,508,0
32,0
155,0
3,517,0
1,231,0
78,0
6,984,0
692,0
2,883,0
3,353,0
662,0
297,0
382,0
1.755,0
93,0
958,0
1,355,0
158,0
276,0
209,0
174,0
S
579,0
1,065,0
5,169,0,
6,610,0
1,546,0
282,0
H OU SE
I
RETURN.
N at .Bank N a t .Bank
N otes
N otes
Federal
[Reserve
[N ot
Reserve
f o r State Counted
N otes
In stitu
as
[N ot
tion s],
Reserve]. Reserve].
A v erage.
Average
S
AddU 'al
D ep osits
tcith
Legal
D ep osi
taries.
Reserve
with
Legal
D ep osi
taries.
A v erage.
Average. Average
$
$
2.350.0
2.050.0
8.410.0
37.427.0
2.428.0
1.067.0
156.0
7.570.0
17.735.0
4.721.0
12.215.0
2.315.0
848.0
7,000,0
2.149.0
10.743.0
196.0
1.049.0
11.557.0
5.860.0
778.0
17.237.0
1.605.0
984.0
423.0
3.833.0
4.206.0
910.0
954.0
679.0
1.762.0
$
416,0
3,650,0
3,691,0
756,0
3,982,0
982,0
391,0
300,0
2,080,0
1,680,0
213,0
482,0
463,0
504,0
5.0
22,0
61,0
65.0
42.0
10.0
5.0
79.0
1.0
305.0
17.0
35.0
78.0
489.0
12.0
72.0
.
7,0
25.0
35,u
25.0
08.0
32.0
97.0
36.0
9,0
41.0
16.0
33.0
16.0
29.0
74.0
118,850,0 198,634,8 1,973,363,0 217,396,0 40,194,0 54,196,0
1,841,0
1,480,0 171,247,0
1,757,0,
1.734.0
1.989.0
1.947.0
1,427,0 167.871,0
1,306,0 169,081,0
1,403.0 155,789,0
1,394,0 163,561,0 2,400,0
Aug. 26
Aug. 19
Aug. 12
Aug. 5
86,0
2,971,0
2,174,0
1,862,0
1 , 100,0
995,0
1,138,0
3,769,0
834,0
4,215,0
211,0
88,0
112,0
1,987,519,0
1,964,047,0
1,978,592,0
1,951,123,0
217,057.0
220,293,0
201,473,0
199,911.0
44,866,0
37,672,0
49,929,0
49,487,0
56,238,0
60,738,0
56,299,0
54,560,0
41,960,0
29,609,0
11,305,0
6,772,0
2,598,0
15,683,0
4,130,0
6,163.0
16,614,0
4,949,0
6,318,0
14,331,0
4,514,0
14,932,0
22,915,0
6,207,0
3,310,0
988,0
515,0
1,258,0
607,0
426,0
84,0
981,0
342,0
677,0
2,186,0
416,0
672,0
793,0
278,0
1,221,0
1,912,0
2,958,0
2,217,0
181,0
479,0
97,0
659,0
46,0
218,0
494,0
51,0
148,0
407,0.
209,0
367,0
636,0
144,0
438,0
93,0'
317,0
477,0]
109.0
71.0
156.0
141.0
4,0
42.0
32.0
10.0
19.0
60.0
75.0
44.0
32.0
77.0
159.0
11.950,0 25,944,4
202,793,0 20,709,0
9,167,0
6,275,0
Aug. 26
Aug. 19
Aug. 12
Aug. 5
203,794,0 20,905,1); 10,347,0
202,464.0 20.309,0
7,211,0
200.604,0 20,947,0 7,383,0
200,522.0, 20,866,0 6,274,0
37,659,0
1,967,0
216.701.0 16.139.0
59.374.0 3.660.0
28.132.0 2.064.0
40.815.0 2.064.0
362.385.0 31.522.0
9,934,0
639.0
27.438.0
1.524.0
80.972.0 5.498.0
21.185.0
1.581.0
80.467.0 5.066.0
19.129.0
1.238.0
994.0
13.251.0
60.446.0 4.055.0
Totals, avge. for week. 54,750,0 104,844.5 1,057,888,0 78,011,0
24.0
37.0
050.0
■■'82.6!
"2 0 ,6 '
4.0
160.0
25.0
6.0
4,0
38,0
’ 13*6
46.0
12.0
87.0
80.0
59.0,
6,0
27.0
28.0
7,0
38.0.
' 2*1*61
N et
D em and
D ep osits.
N et
T im e
D ep osits.
Average.
Average.
S
S
29.460.0
1,520,0
28.412.0
120.254.0 2.085.0
410.505.0
9.123.0
30.820.0
13.085.0
424,0
2.167.0
78.278.0 6.445.0
216.456.0
911,0
00,993,0 5.107.0
131.033.0
24.839.0
1,575,0
10.457.0
98.100.0
30.000,0
136.322.0
1,919
2.389.0
25
14.425.0
149.205.0
125
79.414.0
251
10.403.0
209.003.0 13,192
20.281.0
16
9.406.0
5.204.0
168,0
43.613.0
50.907.0 3,000
9.487.0
232
11.137.0
29
9.516.0
43
21.573.0
504
N ation a l
Bank
Circula
tio n .
A v era g e.
$
778.0
1.842.0
4.954.0
1.799.0
450.0
150.0
47.0
4.747.0
155.0
1.772.0
130.0
1.015.0
151.0
*" *51*,6
3.559.0
50.0
698.0
4.524.0
610.0
199.0
450.0
894.0
398.0
248.0
70.0
498.0
412.0
396.0
50.0
___ 2,067,204,0 47,294,0 31,127,0
2.084.729.0
2.062.625.0
2.056.705.0
2,037,544,0
47.034.0
48.160.0
47.610.0
40.979.0
State Banks.
A'of M em b ers o f
Federal Reserve Bank.
Bank of Manhattan Co.
Bank of America_____
Greenwich Bank_____
Pacific Bank_________
People’s Bank.......... ..
Metropolitan Bank___
Bowery B an k .......... .
2,050,0
1,500,0
500,0
500,0
4,999,1
15,0]
2,977,0
454,0
7 20*6
" 3*9*6
1*53,6
" 4*0*6
20.0
" 2*5*1,6
320.0
817.0
514.0
275.0
116.0
1,082,0 1,984,0
1,527.0
236,0
48.361.0
28.043.0
12.003.0
0,443,0
2.548.0
14.419.0
3.745.0
6.018.0
17.623.0
4.557.0
0,441,0
13.585.0
4.579.0
16.052.0
25.450.0
1,031,0
52,0
8,535,0 3,383,0
209,887,0
856,0.
6,093,0
5,369,0
6,800,0
7,685,0
1.105.0
1.051.0
1.168.0
1,133,0
48.0
42.0
52.0
47.0
8.549.0
8.217.0
8.412.0
7.849.0
4.182.0
2.721.0
3.455.0
2.431.0
212.749.0
206.441.0
206.982.0
205.680.0
856.0
856.0
856.0
856.0
337,0
1.823.0
62,0
23.0
314.0
6.914.0
61.0
479.0
189.0
107.0
1.752.0
165,0;
87,0]
1,525,0]
473,0
2.213.0
233.0
97.0
146.0
1.657.0
73.0
31.0
417.0
299.0
183.0
97.0
204.0
62.0
235.0
20,0
171.0
18,0
104.0
401.0
36.0
16.0
144.0
90.0
12.0
38.0
55.0
359.0
34.0
16.0
7,0;
1.462.0
8.911.0
2.039.0
1.035.0
’ 2*0*6 1.301.0
17,041,0
394.0
8.0
1.050.0
119,0 3.123.0
1.022.0
21,0
71.0 3.485.0
14.0
807.0
9.0
049.0
5.0 2.818.0
1.527.0
4.747.0
4.992.0
1.481.0
3.015.0
924.0
420.0
310.0
1.893.0
1.241.0
5.427.0
740.0
289.0
905.0
29.250.0
178.236.0
40.793.0
21.580.0
26.019.0
340.828.0
7,900,0
20.595.0
02.451.0
20.441.0
69.573.0
10.137.0
12.979.0
50.362.0
7.605.0
42.748.0
18.057.0
6.944.0
1.087.0
35.748.0
975.0
793.0
17.900.0
1.118.0
6.981.0
3.036.0
745.0
5.266.0
13,838,0
6,185,0
1,699,0
324,0 45,137,0 27,971,0
77,841,0 13.151.0
77,833,0 14.404.0
75,014,0
7,379,0
73,787,0 10.041.0
7.115.0
4.508.0
9.066.0
9.366.0
1,612,0
1.540.0
1.701.0
1.455.0
326.0
313.0
331.0
304.0
Grand Aggregate, avge 185,550,0 329,423,7 3,234,044.0 316,116,0 63,199,0 60,6*41,0
Comparison prev. week
.......... i ...........
— 6,008,0 +6,762,0
+ 12,0 +1,188,0
2,730,0
— 125,0
1,841,0
— 160,0
1,856,0 224,919,0 31,354,0 3,180,241,0 197,153,0 31,127,0
— 24,0. + 117160 — 35440; +33,010,0 — 198890 — 107,0
Grand Aggregate,actual condition Aug. 26 3,243,902,0 315,803,0 68,364,0 69,446,0
Comparison prev. week
........ ...........1+11,190,0 —2,632,0 + 9,077,0 — 1,169,0
2,717,0
+ 126,0
1,757.0
+ 23,0
1,801.0 222,158,0 33,169,0 3,212,114,0 179,570,0 31,139,0
+ 140,0
+21,0 + 252001 +45,532,0 —29919 0
— 83,0
Grand Aggregate actual condition' Aug. 19 3,232,712,0 318,435,0 59.287.0 70.615.0
Grand Aggregate actual condition Aug. 12 3,246,063,0 297,434,0 64.691.0 72.165.0
Grand Aggregate actual.condition Aug. 5 3,222,822,0 294,504,0 65.802.0 71.611.0
2.591.0
2.869.0
2.588.0
1.734.0
1.989.0
1.947.0
1.661.0 222,137,0 30,649,0 3,166,612,0 209,489,0 31.222.0
1.786.0 208,444,0,40,512,0 3,148,165,0 219,886,0 31.348.0
1.745.0 214,075,0,52,725.0,3.111,217,01238,960,0 31.251.0
Fifth Avenue Bank.
Germanla Bank______
Bank of Metropolis___
West Side Bank______
N. Y. Produce Ex. Bk.
State Bank___________
200,0
2,000,0
250,0
750,0
100,0
200,0
200,0
1,000,0
200,0
1,000.0
1,500,0
6,211,6
1,189,9
1.005,7
445,9
1,976,8
804,4
790.5
2,187,3
827,6
1,064,5
2,130,4
566,5
1,067,8
676,4
..........
211,0
120,0
1,151,0
57,0
99,0
918,0
86,0
2,0,
15,0
191.0
216.0
800,0
' * *3*0*6
26,0
Trust Companies.
N ot M em bers of
Federal Reserve Bank.
Brooklyn Trust C o___
1,500,0 3,991,0
Bankers' Trust Co____ 10,000,0 15.498,8
U. 8. Mtgo. A Trust Co. 2,000.0 4.278.2
Astor Trust Co............
1,250.0
1,712,5
Title Guar. & Trust Co. 5.000. 0 12.227.2
Guaranty Trust Co___ 20,000.0 31.073,7
Fidelity Trust C o........
1.000.0 1.210.3
Lawyers' Title A Trust. 4.000.
5,472.0
0
Columbia Trust Co___
2.000.
0
8.097.3
People’s Trust C o........
1,000,0
1,660,2
New York Trust Co__
3.000.
11.372.3
0
Franklin Trust C o........
1.000. 0 1.301.3
Lincoln Trust C o____
1,000,0
525,4
Metropolitan Trust Co. 2,000,0 6.424.3
Totals,
Totals,
Totals,
Totals,
a
actual
actual
actual
actual
condition
condition
condition
condition
Aug. 26
Aug. 1!)[
Aug. 12
Aug. 5
1.052.589.0
1.066.201.0
1.066.867.0
1,071,177,0]
45,738,0
44,839,0
44,243,0
42,665,0
28.987.0'
27.928.0
37.057.0
47.894.0
903,150,0 149,003.0
914,666,0
897.546.0
884.478.0
867.993.0
131,680.0
160,473,0
171,420,0
191,125,0
Includes capital set aside for Foreign Branches, 33,000,000.
STATEMENTS OF RESERVE
Averages.
Cash Reserve Reserve in
in Vault. D epositaries
Total
Reserve.
a Reserve
Required.
Members Federal
Reserve Bank___ 311,786,00b 171,217,000 483,033,000374,461,420
State Banks*........... 37,182,000 8,535,000 45,717,900 37,779,660
Trust Companies*.. 99,733,009 45,137,000 144,870,000135,472,500
POSITION.
Actual Figures.
Surplus
Reserve.
I n c. or D ec.
from
Cash Reserve Reserve in ■ Total
PrevlousiVeek in Vault. D ep ositaries
Reserve.
b Reserve
Required.
Surplus
Reserve.
I n c . or D ec.
fro m
P reviouslV e'k
$
s
s
s
$
+ 6,561,530 318,161,000 167,871,000486,032,0.10 377,602,920108,429,080 — 5,674,420
+ 1,419.140 38.450.000 8,549,0-J0 46,999,000 38,294,820 8,704.180 + 3.706,560
+ 6.145,900 99.719.000 45,738,000 145.457,600 137,199,900 8,257,100
— 235,000
Total Aug. 26__ . 448,701,009 224,919,000 673,620,OvjO547,713,580 125,906.420 + 14 126 570
456,330,000222,158,000 678,488,01,0 553,097,640 125,390,360 —2,202,860
Total Aug. 19____ .440,864,000 213,203.000 651.007,000 542.287.150111,779,850 +3.476.160 450,928.000222.137,00.1673,065.000
545,471,780 127.593,220 +24,500.080
Total Aug.
. 12___ _..432,005,000214,563,000 640,568,000538,264,310 108,303,690
—691,710 437,159,000208.444 000845 603 OOO'rwz
0 1 0 00uiu.i in / 1.111 — u
0 0 a run
542,515,860103,087,140
9,224,640
Total Aug. 5 ........ 426,034,000216,260,090 642,294,000 533.295.600108.998,400 +2,298,230 434,565.000214[o75!o00 648]6lb|o()0'53o[328]220 112)311J80 +3!065 470
* Not members of Federal Reserve Bank.
~
'
'— — — ------'■—
ir.ni ai«! n u L n 10 rcserv® ■yiulred on Net Demand Deposits In the case of State Banks and Trust Companies, but In the case of Members of tho Federal Reserve Banks
Includes also the amount of reserve required on Net Time Deposits, which was as follows: Aug. 26, $2,364,706; Aug. 19, $2,399,050; Aug. 12 .<2 375 6,)0 Aug 5 82 301 onn
. •» This is the reserve required on Net Demand Deposits In the ease of State Banks and Trust ’companies.' but in the case of Memben, of tho FodVrai^Rese^e Banks
ncludcs aLo the amount of reserve required on Net Time Deposlts.whlch was as follows: Aug. 26, $2,351,700; Aug. 19, S2,408,000; Aug. 12, S2,380,500: Aug. 5, $2,348,950.
T h e S ta te B a n k in g D e p a r tm e n t re p o rts w e e k ly fig u ro s,
sh o w in g th e c o n d itio n o f S ta t e 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 ose are
sh o w n in th e fo llo w in g ta b le :
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(.Figures Furnished by Stale Banking D epartm ent.) D ifferen ces from
Au gust 20.
previous week.
5713,888,500 Inc. SI,710,200
Loans and Investments---------------Gold......... ..........
50,508,400 Dec.
20,100
Currency and bank notes-------------------------------------8,722,400 Inc.
07,700
Total deposits----------------874,882,200 Dec. 3,135,900
Deposits, eliminating amounts due from reserve
depositaries and from other banks and trust com
panies In Now York City, and exchanges................ 752,327,000 Dec.
277,200
Reserve on deposits----------------------------------------------- 189,088,000 Dec. 2,590,100
Percentage of reserve, 20.8%.
RESERVE.
------- Stale Banks ---------- Trust C om panies ----Cash In vaults....................................SI 1,881,000 10.47%
556.350.000
9.49%
Deposits In banks and trust cos___ 18,705,000 16.54%
102.993.000 17.35%
Total
.530,646,000
27.01%
5159,343,000
20.84%
In a d d itio n to th e retu rn s o f “ S ta to b a n k s a n d tr u s t c o m
p a n ie s in N o w Y o r k C i t y
by
th e S ta t e
B a n k in g
not in the Clearing House,”
D e p a rtm e n t,
all
p re se n ts a s ta te m e n t c o v e r in g
in th e w h o le S t a t o .
th e
fu rn ish e d
D e p a rtm e n t
a lso
th e in s titu tio n s o f th is cla ss
T h e fig u re s are c o m p ile d so a s to d is tin
gu ish b o tw e e n th e re s u lts fo r N e w Y o r k C i t y (G r e a te r N e w
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 per th e f o llo w in g :
F o r d e fin itio n s a n d ru les u n d e r w h ich
th e v a r io u s ite m s
a r e m a d o u p , see “ C h r o n ic le ,” V . 9 8 , p . 16G 1.
T h e p ro v isio n s o f th e la w g o v e rn in g th e re se rv e r e q u ir e
m e n ts o f S ta t e b a n k in g in s titu tio n s w ere p u b lis h e d in th e
“ C h r o n ic le ” M a r c h 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 e a m o u n t o f d e p o sits a n d w h a t
d e d u c tio n s aro p e r m itte d in th e c o m p u ta t io n o f th e re s e rv e s
w ore g iv e n in th e “ C h r o n ic le ” A p r il 4 1 9 1 4 ( V . 9 8 , p . 1 0 4 5 ) .
STATE BANKS AND TRUST COMPANIES.
T h e a v e ra g e s o f th e N e w Y o r k C i t y C le a rin g H o u s e b a n k s
an d tru st c o m p a n ie s, combined w ith th o se fo r th e S ta t o b a n k s
a n d tr u st c o m p a n ie s in O r o a te r N e w Y o r k C i t y o u ts id e o f th e
C le a rin g H o u s e , co m p a ro a s fo llo w s fo r a series o f w ee k s p a s t:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
W e om it ciphers In all these fig u res.
W eek ended —
June
June
June
Juno
July
July
July
July
July
Aug.
Aug.
Aug.
Aug.
3____
10____
17____
2 4 _____
l ........
8.........
15........
22........
29.........
5........
12........
19........
20........
Loans and
Investm ents
D em and
D ep osits.
S pecie.
$
4,118,0.82,4
4.087.787.7
4.048.776.6
4.025.626.8
4.017.520.4
4.011.831.8
3.056.132.5
3.901.908.7
3.903.877.9
3.926.634.6
3.939.208.3
3.952.230.3
3,947,932,5
S
4.093.553.9
4.050.239.2
4.025.988.4
4.026.435.3
4.024.927.0
3.966.998.0
3.906.760.1
3.871.422.7
3.876.459.5
3.840.711.7
3.808.552.7
3,.899,808,1
3.932.508.9
$
409.491.2
399.818.3
412.492.1
431,258,6
440.874.8
407.219.3
405.666.1
413.668.2
417.059.9
417.394.3
425.409.4
43 4,356,5
4 42,280,4
Other
M on ey.
Total
Entire
M on ey
Reserve on
H oldings. D ep osits.
5
S
73.519.3 483,010,5
76.180.8 475.999.1
79.319.3 491.811.1
83.456.1 514.714.7
79.417.4 520.292.2
02.520.9 469.740.2
66.617.8 1472.28.3,9
79.582.4 ! 493,250,6
79.857.2 1496,917,1
77,337,1 494,731,4
75.347.5 500,756,9
7 4,696,7 509.053.2
74,651,4 516.931.8
3
851.290.6
810.609.3
824.041.3
846.890.6
850.228.8
780.127.9
779.462.3
812.531.2
824.628.3
828.101.3
842,538,1
846,646,0
863.603.9
W eek ended A u g .
Stale Banks
Trust C os.
Trust Cos.
State Banks
in
in
outside o f
outside o f
Oreater N . Y . Oreater N . Y . Greater N . Y . G reater N . Y .
26.
Capital as of June 30___
Surilus aj of June 30___
$
23,450,000
$
76,550,000
40.068.500
S
11,733,000
$
14,900,000
173,239,300
14,651,000
14,381,600
Loans and Investments..
Change from last wee x.
383,721,800 1,671,035,500
+ 175,400 — 11,72.3 000
161,902,200
+ 152.900
241.082,800
+ 78,400
G o ld ............ ......... ...........
Cnange from last week.
41,080,200
+ 1,891,000
135,200,200
+ 2,017,300
Currency and bank notes.
Change from last week.
19,425,200
+ 502,400
23,431,300
+ 5,693,200
Change from last week.
502 710 OOO 1 OOO 904 TOO
+ 7.437,509 — 11,275,700
: ................
176,320,200
— 271,000
255,090.600
+ 617,300
Reserve on deposits........
Change from last week.
104,693,400
+ 1,839,700
349,370,300
+ 2,177,600
32,641,300
—586,900
35,056,000
+ 120,300
P. c. of reserve to deposits
Percentage last week..
25.3%
25.0%
22.6%
22.7%
21.7%
22.0%
17.2%
17.2%
+ increase over last week.
— Decrease from last week.
N o n -M e m b e r B a n k s a n d T r u 3 t C o m p a n i e s .— F o llo w in g is th e re p o r t m a d e to th e C le a rin g H o u s e b y c le a rin g n on
m o in b or in stitu tio n s w h ich aro n o t in clu d e d in th e “ C le a rin g H o u s e re tu r n ” o n th e p re c e d in g p a g e :
RETURN
CLEARING
NON -MEMBERS . C apital.
Week Ending
Aug. 26 1916.
OF
N O N -M E M B E R
N et
P rofits.
fNat. bks. Juno 30]
[State bks. Juno 30)
Members o f
Fed’l Reserve Bank
Battery ParkNat..
First Nat., Brooklyn
Nat. City, Brooklyn
First Nat., Jcrs. City
Hudson Co. N., J.O.
First Nat., Hoboken
Second Nat., Ilobok.
Loans
D iscou n ts,
In vest
m eats, & c.
Average.
*
I
%
3
200,000
189,000 6.083.000
300,000; 679,400 5.223.000
300,000:
588,000 5.552.000
400,000! 1,266.500 4.860.000
250,000:
755,500 4.861.000
220,000)
628,100 6.049.000
125,000. 291,300 4.798.000
IN S T IT U T IO N S
Cold.
Legal
Tenders.
A v erage.
$
Average.
$
679.000
147.000
166.000
209.000
109.000
149.000
66,000
T ota l___________ 1,795,000 4,397.800 37,420,000 1,585.000
OF
NEW
YORK
N at .Bank N at .Bank
N otes (Re N oteslN ot Federal
Reserve
Counted
serve fo r
N otes[N ol
State I n
as
Reserve ]
stitutions] Reserve].
A verage.
A verage.
61,000
50.000
66.000
482,000
17.000
13.000
44.000
$
87.000
110,000
114,000
78.000
67.000
48.000
95.000
733,000
590,000
8,000
150,000
45.000
10.000
11,000
42.000
30.000
85.000
162,000
44.000
54.000
424.000
233.000
34,01V)
48.000
155.000
108.000
243.000
677.000
105.000
35.000
51.000
105.000
12.000
1,000
73.000
50.000
76.000
314.000
18.000
587,000 2,081,000
735,000
S
A verage.
S
3.000
7.000
8.000
8,000
103,000
15,000
2,000
Average.
S
8,000
8,000
’ 3)666
7.000
2.000
146,000
C L E A R IN G
Reserve
with
Legal
D ep o s
ita ries.
H OU SE.
A d ditional
D ep osits
N et
with Legal
D em and
D ep os
itaries.
D ep osits.
Average.
A verage.
A v erage.
N ationa l
Bank
C ircu
la tion .
N et
T im e
D ep osits.
A verage.
s
$
%
500.000
6.549.000
281,000
157.000 4.782.000
593.000
120,000
86,000 5.567.000
678.000
553.000 2,918,000 4.608.000
421.000 4.050.000
486.000
396.000 2.464.000 3.230.000
404.000
319.000 2.561.000 2.124.000
307.000
3,521,000 4,297,000 30,581.000 5,755,000 1,518,000
State Banks.
N ot M em bers o f the
Federal Reserve Bank.
100,000
Bank of Wash. II’ts.
400.000
Colonial Bank.........
300.000
Columbia Bank----200.000
Fidelity Bank..........
International Bank. 500.000
200,090
Mutual Bank..........
200.000
New Netherland----100,000
Yorkvlllo Bank------Mechanics', Bklyn.. 1,600.000
North Side. Bklyn.. 200,000
T o ta l.................... 3.S00.001)
410
192.000
851
,490,000
655
,933,000
184
249.000
116
,413,000
474
,264,000
243
,057,000
584
,030,000
807 000 17,002.000
189 400, 4,300,000
100,000
538.000
620.000
100,000
216,000
5.80.000
223.000
443.000
854.000
204,000j
4,51.3,600.60,935,000 3.958,000
1 754.000
8 962.000
8 625.000
1, 157.000
2 146.000
6, 286.000
3 959.000
539.000
" 48o" 000
2,325, 000 10 271.000
318,
379.000
"sb '.ooo
410.000
13,000 3,801,000 5,286,000 63.078,000
1,200,000
89.
617,
249,
196,
710,
302,
9,000
87,000
330.000
284.000
Trust Companies.
N ot M em bers o f the
Federal Reserve Bank.
HamlltonTrust.Bkln.
Mechanics’ .Bayonne
500.000
200.000
T o ta l___________
700,000
Grand aggregate___ 6.295,000
Comparison, prev.wk
Excess reserve. 8364,310
Grand aggr’tcAug.19 0,295,090
Grand aggr’toAug. 12,6,295.000
Grand aggr’ teAug. 5 6 295,000
Grand aggr'to July29 5,795,000
Grand aggr’to Ju!y22 5,795 000
1,103,500 8,0,80,000
207,600 5,015,000
562,000
79,000
19.000
50.000
16,000
62,000
64.000
41.000
1,401,100 13,095,00oj
611,000
<39,000 !
78,000
105,000
10,317,500 111456000 6,182.000 1,389,000 2,75.3,000
— 13,000| + 174000^ •f 190000 —131,000
Increase
10.317.500 1U469000 6,008,000 1.190.000 2,889,000
in.317.500 110716,000 5,089,000 }.307,000 2,911,000
10.317.500 111512000 5,919,000 } ’264,000 2,930,000
10.459.700 110616000 6,051,000 1.284.000 2,974,000
10.459.700 111614000 6,236,000 1.256.000 2,000,000
P h i l a d e l p h i a B a n k s . — S u m m a r y o f w e e k ly to ta ls o f
C le a rin g H o u s e b a n k s a n d tr u st c o m p a n ie s o f P h ila d e lp h ia :
lit om it two cip hers (00) in alt these fig u res.
Loans.
D lsc'ts <tInvest'ts.
D ue
fro m
Banks.
D ep osits.
Bank
Indtvid'lA
Total.
$
S
Aug. 26.
3
S
S
Nat. banks. 362,330,0 65,745,0 104,586,0 291.814,0 459,380,0
Trust cos-- 149,145,0 4,226,0 3,613,0 134,865,0|138,508,0
T o t a l__ 511,475,0 00,971,0 163.209.0 429,679,o '597,888,0
Aug. 10__ 510,242,0 72.588.0 166.537.0 431.407.0 508,494,0
••
. . . 608,341,0 66.743.0 101.405.0 427.724.0 589,129,0
"
. . . 609,061,0 68.772.0 161.534.0 425.290.0 536,874,0
July 2 9 ... 500,021,0 71.446.0 163.326.0 424.640.0 587.972,0
" 2 2 ... 510,676,0 75.318.0 165.127.0 427.642.0 592,769,0
•• 15-...518.482,0 75.386.0 167.768.0 410.822.0 003,588,0
"
8__ [514,281,0 72.545.0 163.696.0 441.662.0 610,358 0
1 . . . 512,795,0 73.492.0 100.561.0 437.448.0 601,012,0
Juno 24__ '512,551,0 73.502.0 169.800.0 433.292.0 003.092,0
Reserve
H eld.
Excess
Reserve.
S
S
83.387.0 26,216,0
25.006.0
5,094,0
108.373.0
106.982.0
105.238.0
97.790.0
98.288.0
96.702.0
99.405.0
106.726.0
99.902.0
105.718.0
31.310.0
30.395.0
29.170.0
22.699.0
23.175.0
21.662.0
22.538.0
20.435.0
23.811.0
28.820.0
N ote.— National bank note circulation Aug. 26, $9,413,000; Exchanges for Clearng House (included In ’ ’Bank Deposits"), banks, 512,627,000; trust comnanles
$1,533,000; total, S14,160,000. Capital and surplus at latest dates- banks’
$64,175,600; trust companies, $11,295,200; total, 5105,470,800.
12
5
14,000
326.000 1,506,000 6.525.000
920,000
112.000
698 ,C00 2.232.000 2,646,000
14,000
438,000 2,204,000 8,757,000 3,566,000
55,000 7,760,000 11,787,000 102416000
+ 58,000 +9.35,000
-17.0001 +100000
72,000,7,660,000
73.000 7,808,000
72.000 7,538,000
73.000 7,755.000
76.000 7,747,000
11,729,000 101431000
11,753,000 101875,000
12,093,000, 101524000
11.015.0001101252000:
11,261.000 103142000
B o s t o n C l e a r i n g - H o u s e B a n k s .— W e g iv e b e lo w a s u m
m a r y sh o w in g th e to ta ls fo r a ll th e ite m s in th e 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 series o f w e e k s :
BOSTON CLEARING HOUSE MEMBERS.
26
1916.
Aug.
Circulation........ ............... .....
Loans, dlsc’ ts A Investments.
Individual deposits, Incl.U.S.
Duo to banks______________
Time deposits.... ................. ..
Exchanges for Clear. House.
Due from other banks..........
Cash reserve................ .......
Reserve In Fed. Res’vc Banks
Reserve with other banks__
Reserve excess in bank..........
Excess with Reserve Agent..
Excess wltn Fed. Res've B’k.
Im p o rts
p re c e d in g .
and
$6,463,000
414.609.000
327.285.000
123.267.000
25.251.000
11.583.000
34.374.000
24.116.000
22.724.000
46.497.000
1.209.000
31.225.000
3.634.000
E x p o r ts fo r
Change from
previous week.
Dec
Dec
Dec
Dec.
Inc.
Inc.
Dec.
Dec.
Doe.
Inc.
Inc.
Inc.
Dec.
th e
19
1916.
A ug.
12
1916.
Aug.
$2,000 $6,465,000 S6.476.000
3,907,000 418.516.000 41,8,825,000
2,069,000 320.354.000 321,999,000
2,866,000 126,133,000,123,877,000
1,235,000 24.016.000 24.833,000
41,000 11,542,000! 12.007,000
4,532,000 38,906,000! 36,121,000
250,000 21.375.000 23,693,000
1,872,000 24.596.000 22,427,000
6,685,000 39.812.000) 37,858,OOO
161,000
1,048,000!
683,000
6,965,000 24.200.000) 22,518,000
1,522,000 5,156,000! 3,252,000
W e e k . — S ee th ird
page
% x m k z x %7
© a le tte *
Wall Street, Friday Night, Sept.
The
M oney
M ark et
and
F in a n c ia l
1 1 9 1G.
S i t u a t i o n .— T h e
p ro s p e c t o f a n a tio n -w id e r a ilw a y strik e h as b e e n th e a b s o r b
in g to p ic
in a ll fin a n c ia l circles th r o u g h o u t th e w e e k , so
a b s o r b in g , in d e e d , th a t a v e r y im p o r ta n t e v e n t in th e p ro
gress o f th e w ar in E u r o p e , th e e n tra n c e o f R u m a n ia in to
th e
c o n flic t,
p asse d
a lm o s t
w ith o u t
n o tic e .
T h ere
is
at
th is w ritin g so m e p ro sp e c t th a t a strik e will b e a v e r te d b y a
h u rrie d A c t o f C o n g r e s s , re c o m m e n d e d b y th e P r e s id e n t, an
A c t m o re sw e e p in g in its e ffe c t u p o n r a ilw a y tr a n sp o r ta tio n
a n d fin a n c e s th a n a n y leg isla tio n e n a c te d in re c e n t y e a r s , a n d
m a n y are t o -d a y lo n g in g fo r a little o f su ch e x e c u tiv e co u ra g e
a s w e h a d se v e ra l e x a m p le s o f d u rin g th e C le v e la n d A d m in is
tr a tio n .
T h e G o v e r n m e n t c ro p re p o rts w ere so u n fa v o r a b le as to
c o tto n th a t th e la tte r a d v a n c e d s h a r p ly .
T h e re p o r t sh ow e d
a r e la tiv e c o n d itio n lo w er th a n h e re to fo re re p o r te d a t this
se a so n since th e G o v e r n m e n t b e g a n th ese e s tim a te s , b u t as
is well k n o w n , the a c re a g e is s u b s ta n tia lly larger th a n la s t
y e a r a n d th is , w ith th e p re se n t high p rice, will la r g e ly o ffs e t
th e o u tlo o k fo r the p er acre y ie ld .
A t th e sa m e tim e " w h ea t
h a s d e c lin e d , d ro p p in g 8 p o in ts o n M o n d a y .
T h is m o v e m e n t
m a y b e d u e in p a r t to a n a tu ra l re a c tio n fr o m th e re ce n t
a d v a n c e , b u t a ls o , p e r h a p s, to th e p o ssib ility th a t R u m a n ia ’s
e n tra n c e in to th e w ar m a y b e fo llo w e d so o n e r o r la te r b y a
release o f R u s s ia ’ s s u p p ly o f w h ea t to th e m a rk e ts o f tho
w o r ld .
A m o re im m e d ia te re su lt o f the la te s t w ar n e w s h as
b e e n a n a d v a n c o in e x c h a n g e o n P e tr o g r a d a n d a d eclin e in
B e r lin e x c h a n g e to th e lo w e st p o in t re a ch e d sinco G e r m a n y ’ s
c o m m e r c e w as in te r ru p te d .
M o r e g o ld h as b e e n re c e iv e d fr o m C a n a d a , a n d th e B a n k o f
E n g la n d re p o rts a d ecrease o f a b o u t $ 5 ,0 0 0 ,0 0 0 in its h o ld
in g s a n d a lo w e r p e rc e n ta g e o f reserv e 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 e x c h a n g e h as re m a in e d
p e g g e d d u rin g th e w ee k a n d th e m a r k e t lias b e e n a n o m in a l
one.
R u ssia n ru b les h a v e ru led firm in re sp o n se to th o
e n tra n ce o f R u m a n ia in to th e w a r.
E x c h a n g e o n B e r lin , on
th o o th e r h a n d , h as d ec lin ed to th o lo w e st ra te o n re c o rd ,
6 9 % fo r sig h t an d 69% fo r ca b le tra n sfe rs.
To-<lay's (Friday’s) actual rates for sterling exchango wero 4 7 1 % for
sixty days, 4 7 5 % for cheques and 4 70 7-10 for cables. Comm ercial on
banks, sight, 4 75 9-10 sixty days, 4 7 0 % ninety-days, 4 6 8 % . and docu
m ents for paym ent (sixty days) 4 71. C otton for paym ent 4 75 9-10 and
grain for paym ent 4 75 9-10.
There were no ratra posted for sterling b y prom inent bankers this week.
T o -d a y ’s (Friday’s) actual rates for I’aris bankers’ francs were nominal
for long and 5 90 for short. Germany bankers’ marks were 69 % for sight.
Am sterdam bankers’ guilders were 40 15-10 for short.
Exchange at Paris on London, 2 8 . 0 8 % fr. week’s range, 28.08)4 fr.
high and 2 8 . 1 3 % fr. low.
Exchange at Berlin on L ondon , not quotable.
T ho rango for foreign exchange for the week follows.
S te r lin g A c t u a l —
S ix ty D a y s .
C h ec k s .
C a b le s .
H igh for the week___ 4 71 %
4 75 %
4 76 7-16
4 71%
Low for the week
4 75H
4 76 7-16
P a r i s B a n k e r s' F r a n c s —
H igh for the week___ ____
5 88
Low for the week___ ____
5 99%
5 90%
G er m a n y B a n k ers' M a r k s —
H igh for tho week___ ____
71%
71%
L ow for the week___ ____
69%
69%
A m s t e r d a m B u n k ers' G u ild e r s —
H ign for tho week___ ____
41 % plus 1-32
4____
1%
L ow for tho week___ ____
40 1-16 plus 1-16 4 0 % plus 1-16
D o m estic E x ch a n g e .— C hicago, 20c. per .81,000 discount. B oston, par.
St. Louis, 15c. per 81,000 discount bid and 10c. discount asked. San
Francisco, lo c. per 81,000 premium. M ontreal, 81 25 per 81.000 premium.
M inneapolis, 30c. per $1,000 premium. Cincinnati, par. N ow Orleans,
sight, 50c. per $1,000 discount, and brokers, 50c. premium.
S t a t e a n d R a i l r o a d B o n d s . — T h e r e h a v e b e e n n o sales
o f S ta te b o n d s reco rd ed a t th e B o a r d th is w e e k .
I n s y m p a t h y w ith o th e r bu sin e ss a t th e S to c k E x c h a n g e
a n d b e ca u se o f e v e n ts m e n tio n e d a b o v e , v a lu e s o f r a ilw a y
a n d in d u stria l b o n d s d e c lin e d .
F ro m a list o f tw e n ty -fiv o
m o s t a c tiv e issues o n ly six a d v a n c e d , th e m o v e m e n t in m o s t
ca ses b e in g fra c tio n a l.
S te e l s . f . 5 s a d v a n c e d % a p o in t
w h ile U n ite d R a ilr o a d s o f S a n F ra n c isc o 4 s , In te rn a tio n a l
M e r c a n t ile M a r in e c o l. tr . 4 % s c t fs . o f d e p ., N o r f o lk &
W e s t e r n c o n . 4 s a n d U n io n P a c ific 3 s w ere a m o n g th e a d
van ces.
C h ic a g o R o c k Isla n d & P a c ific d e b . 5 s re v ersin g
th eir m o v e m e n t o f la st w e e k , m o v e d u p fro m 5 7 % to 5 8 % ,
fa llin g a w a y a t tho c lo se , h o w e v e r , to 5 6 % .
N ew Y ork
C e n tr a l d e b . 5 s , on th e o th e r h a n d , fell o ff fr o m 1 1 2 by to
liiM A m o n g th e G o v e r n m e n t issu e s, in te re st w as d iv id e d b e
tw e en the A n g lo -F r e n c h 5 s , A m e r ic a n S e c u ritie s 5 s , tho
D o m in io n o f C a n a d a issues a n d th e n e w lo a n b y th e B r itis h
G o v e r n m e n t , offered to th e p u b lic la st W e d n e s d a y .
S ales
o f th ese secu rities a m o u n tin g to $ 8 2 7 ,0 0 0 h a v o b een record ed
o n th e “ c u r b ” w ith prices ra n g in g fro m 9 8 % to 9 9 % fo r
th e w e e k .
N e w Y o r k C i t y b o n d s w ere in g o o d d e m a n d ,
b u t tra n sa c tio n s in S ta te issues h a v o b e e n n il.
S a le s o n a s -2 0 -f b a sis, in d ic a tin g p r e s u m a b ly sales on
fo re ig n a c c o u n t h a v e in creased s lig h t ly , b e in g $ 3 7 ,0 0 0 , as
a g a in st $ 2 6 ,0 0 0 a w ee k a g o .'j
^4
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 o B o a r d , aro lim ite d to $ 1 ,0 0 0 2 s , r e g . a t 9 9 ; $ 1 ,0 0 0 2 s
c o u p , a t 1 0 0 a n d $ 1 0 ,0 0 0 4 s r e g . a t 1 1 1 .
For to-day's prices
of all the different issues and for the iveek’s range see third
page following.
R a i l r o a d a n d M i s c e l l a n e o u s S t o c k s .— V a r io u s d ep ress
in g in flu e n c e s, su ch as th e d a n g e r o f a ge n e ra l strik o o f ra il
ro a d e m p lo y e e s a n d u n fa v o ra b le G o v e r n m e n t re p o r ts c o n
ce rn in g th e c o tto n c r o p , h a v e h a d su r p r isin g ly little in flu en c e
o n S to c k E x c h a n g o a c tiv itie s .
T h o e n tr a n c e o f R u m a n ia
in to tho g re a t E u ro p e a n c o n flic t in c o n n e c tio n w ith th e
A llie d forces w as a n o th e r fa c to r o f g r e a t gon eral im p o r ta n c e
t h a t , a p p a r e n tly , fa ile d to h a v e a n y e ffe c t u p o n tho v a lu e
o f se cu ritie s.
T h e gen era l tr e n d , fo r th o firs t fe w d a y s o f
th e w ee k , w as to w a rd low er v a lu e s , b u t a sh arp re a c tio n
o n T h u r s d a y , a m o u n tin g to tw o or th ree p o in ts in a n u m b e r
o f issu e s, m a d e th o c lo sin g fig u r e s , fo r tho m o s t p a r t, o n ly
fr a c tio n a lly b elow th o se o f a w ee k a g o .
C a n a d ia n P a c ific
close d 2 p o in ts low er th a n la s t F r id a y a n d C h ic a g o M i l
w a u k ee & S t . P a u l a n d R o c k Is la n d d ec lin ed fr a c tio n a lly .
A tc h is o n fell a w a y to 1 0 2 % , a d v a n c e d to 1 0 3 , b u t clo se d a t
1 0 2 by, w h ile m o s t o f th e o th e r r a ilw a y issues a c te d in th e
sam e w a y .
T h e c o p p e r s to c k s close d str o n g in resp on so to
e n la rg ed d iv id e n d d e c la ra tio n s b y so m e o f th e c o m p a n ie s
a n d o th e r in d u stria ls w ere sim ila rly e ffe c te d .
S te e l, a fte r
sellin g fro m 9 7 % to 9 5 by, g a in e d b a c k on T h u r s d a y to 9 8 % ,
th e fin a l figu re b e in g 9 5 % , w hile th e h ig h , lo w a n d la s t
p rices for L a c k a w a n n a S te e l, B a ld w in L o c o m o tiv o , In d u s
trial A lc o h o l, S tu d e b a k e r a n d A m e r ic a n B e e t S u g a r w ere
7 7 b t- 7 5 - 7 6 ; 8 0 % - 7 6 % - 7 6 % ;
1 1 3 -1 0 9 -1 0 9 % ;
1 2 6 % -1 2 0 % 1 2 0 % and 8 9 -8 5 b % 8 7 % .
C u b a C a n o S u g a r , In s p ira tio n
C o p p e r a n d M e r c a n t ile M a r in o c o m m o n a n d p re fe rre d ,
sh o w e d n e t ga in s fo r th e w ee k o f fr o m % to 6 % p o in ts .
For daily volume of business see page 8 3 3 .
T h o fo llo w in g sales h a v o o c cu rre d th is w e e k o f sh ares n o t
re p re se n te d in o u r d e ta ile d list o n th o p a g e s w h ic h fo llo w :
STOCKS.
W eek ending Sept.
1.
Sales
fo r
W eek
Range fo r W eek .
H igh est.
Range sin ce Jan .
L ow est.
1.
H ighest.
S per share. S per share. S per share $ per share.
1,500 53)4 Aug 26 55 Aug 29 51
Aug 5 2 % July
200 93)4 Aug 31 95 Aug 31 93)4 Aug 0 7 % Juno
400 135 Aug 30 135 Aug 30 132)4 Mar 154% Jan
July 0 0 % Aug
500x64)4 Sept 1 66)4 Aug 30 63
252197
July
Feb 198
Aug 30 198 Aug 30 165
Jan 29)4 July
1,3001 2(5% Sept 1 27)4 Aug 28! 11
Jan 77
900 67
Aug 30 70 Aug 28 02
Jan
200; 1% Aug 30 1 Aug 30
1) June 3 % Jan
Jan 0 1 % Aug
1501 60)4 Aug 29 60)4 Aug 29 50}
May
Jan 102
100! 99 Aug 29 99 Aug 29; 95}
1,100 7 5 % Aug 26 79)4 Aug 30 66
Jan
Aug 87
Jan
200 29
Aug 30 29 Aug 30 28
Apr 31
18,136 Aug 28 130 Aug 28 134
July 141% Juno
800! 69 % Aug 31 71 Aug 28' 68
Jan
Apr 76
100108 Aug 31 108 Aug 3 1 108 June 112
Jan
100 4 4 % Aug 28 14)4 Aug 28 40} July 5 2 % Jan
100 111% Sept 1 111% Sept 1 108)4 Mar 110% Juno
100 90 Sept 1 90 Sept 1 89
May 0 8 % Feb
Mar 111 >4 Jan
90 110 Aug 26 140 Aug 26 131
Jan 119)4 Aug
300115 Aug 31 115 Aug 3 1 70
Aug
3001:118}' ; Aug 31 119 Aug 30 102)4 Mar 119
Apr 0 8 % Aug
400 63 Aug 30 66 Aug 29 58
510 73 Aug 30 7 0 % Sept 1
May 0 0 % Juno
300 81 Aug 31 8 4 % Sept 1
May 90 Juno
100 117 Aug 31 117 Aug 31
Aug 119
Mar
200 78 Aug 28 78 Aug 28 08)4 Mar 8 4 % May
225 108 Aug 30 108 Aug 30 104)4 Apr 109 Juno
400 0 7 % Aug 31 98 Aug 31 80)4 Mar 100 Juno
Aug
100 il6)4 Sept 1 116)4 Sept 1 111)4 Jan 118
Feb
07 127 Sept 1 127 Sept 1 1 20 % May 131
200 105 Aug 29 105)4 Aug 31 103% Mar 107)4 Feb
Apr 91
Feb
200 8 5 % Aug 26 85)4 Aug 26 78
200 07 % Aug 29 67)4 Aug 31 65)4 Jan 08)4 Juno
May
Jan 118
100 113 Aug 29 113 Aug 29 109
300 0 0 % Aug 29 61 Aug 31 50% Jan 68)4 May
200 8 0 % Aug 31 81
Aug 20 80)4 Auj 8 3 % Apr
_
May 8 1 % Jan
600 75 % Aug 30; 7 0 % Aug 30 71
Feb
May :113
440 109 Atlg 26 109 Aug 31 106
Apr 45
Jan
100 3 5 % Aug 30 3 5 % Aug 30 33
Jan
Apr 27
300 23 Aug 28 23 Aug 31 20
June 0 5 % July
200 95 Aug 31 95 Aug 31 90
Apr 44
Jan
100 35 Aug 29 35 Aug 29 32)
M a r, 1 5 % June
100 9 Sept 1 9 Sept 1 8
Juno
1,500 26 Aug 28 27 Aug 30 2 5 1 July 29
Aug
500 100)4 Sept 1 100)4 Sept 1 100! Aug 103
Feb 100)4
1
Jan
320 98 Sept l 98 % Aug 31 93!
Aug
2,200 4 5 % Aug 29 47 Aug 28 45} Aug 47
July 100%
1
Mar
100 101 % Aug 29 10U<( Aug 29 99
Feb 11 May
100 9)4 Sept 1 0 % Sept 1 8
May
200 100 Aug 31 101 Aug 28 80
Jan 1
106
Aug
100 117 Aug 29 117 Aug 29 110
Jan 118
1 June' 3)4 Jan
100 1% Aug 28 1% Aug 28
100 47 Aug 31 47
Aug 31 45! July; 4 8 % Jan
Jan
310124 Aug 30 125 Aug 20 123% May 135
Aug
Mar 205
Aug 31 225
100 265 Aug 31 265
Jan 118)4 May
100 115 Sept 1 115 Sept 1 t il
July 32)4 Aug
1,400 30 % Aug 31 3 2 % Aug 29 25
July; 98)4 Aug
213 0 0 % Aug 31 97 Sept 1 95
900 60 Sept 1 60)4 Aug 29 1 5 2 % July, 60)4 Au
------------------------------- g
Par. Shares
■Acme Tea tem ctfa.-lOO
1st prof tem ctfs.. 100
Adams Express____ 100
Ajax Rubber________ 50
Am Br S A F pf ctfs. 100
Am Writ Paper pref.100
Associated Oil.......... 100
Batopllas Mining___ 20
Brown Shoo............... 100
Preferred............... 100
Burns Brothers____ 100
Butterlck........ .......... 100
Cent A So Am Teleg. 100
Cluett,Peabody A ColOO
Preferred________ 100
Comput-Tab-Record 100
Cons GELAP (Balt) 100
Deere A C o . pref___ 100
Detroit Edison.____ 100
Detroit United____ 100
Diamond Match___ 100
Electric Stor Battery 100
Gulf States St'l tr etfslOO
2d pref trust ctfs..
Holme (G W) pref__ 100
Int Harvester Corp. .100
Preferred________ 100
Kayser (Julius)* Co. 100
1st p.eferred____ 100
Kings Co Elec I. & P 100
Laclede Gas________ 100
Mackay Companies. 100
Preferred________ 100
Manhat Shirt pref.. 100
May Dept Stores__ 100
Morris A Essex_____ 50
Natl Cloak * Suit.. . 100
Preferred_______ 100;
N Y Chic * St Louis. 100
Norfolk Southern__ 100
Pac Mall SS pref sub3..
Pacific Tel * Tel___ 100
Peoria A Eastern__ 100
Pittsb Coal ctfs dep___
Pref ctf., of dep_____
Pittsb Steel pref___ 100
Tobacco Products.- . 100
Preferred........ ...1 0 0
Tol St L * W pf tr rets..
Underw’d Typewr’r.100
Preferred...............100
U S Reduc & Refln. .100
Virginia Ry & Power. 100
Wells, Fargo Express 100
Weyman-Bruton___ 100
Preferred ...............100
Worth’ll P & M v tc .. 100
Preferred A vtc__ 100
Preferred B vtc__ 100
O u t s i d e S e c u r i t i e s .— S ales o f secu rities o n th e B r o a d
S tr e e t “ C u r b ” h a v o b e e n larger th a n th o se re co rd e d la s t
w e e k , p rices h a v in g as a w h ole d e c lin e d , in so m o c a s e s , s h a r p ly .
A e t n a E x p lo s iv e s fell a w a y fro m 1 2 % to 1 0 % , w h ile C h e v r o
le t M o t o r s d ro p p e d fr o m 2 0 0 to 1 8 6 % , tho fin a l fig u r e ,
h o w o v e r , b e in g 1 9 2 .
D r ig g s -S e a b u r y , b y fa r th e m o s t sp ec
ta c u la r , d eclin ed fr o m 9 8 to 6 5 , th e la s t price b e in g 7 5 , b u t
H a s k e ll & B a r k e r C a r C o . a d v a n c e d fr o m 3 7 to 3 8 , th e la s t
q u o ta t io n be in g 3 7 b tK a t h o d io n B r o n z e p r e f. lo st 4
p o in ts a n d M a x w e ll M o t o r s a n d M id v a le S te e l lo st 1 a n d 2 %
p o in t s , r e s p e c tiv e ly .
S a x o n M o t o r s d e c lin e d fro m 7 3 to 7 1 % ,
w h ile th e h ig h , lo w a n d la s t p rices fo r S tu tz M o t o r s , S u b
m a rin e B o a t , U n ite d M o t o r s a n d W h i t e M o t o r s w ero 6 7 % 64-67A , 3 5 - 3 3 % - 3 4 % , G 3 % - 5 7 % - 5 8 % a n d 5 4 - 5 2 % - 5 3 ;
S ta n d a r d Oil secu rities w ero in a c tiv e .
A t la n t ic R e fin in g
C o . flu c tu a te d b e tw e e n 8 0 0 a n d 7 5 0 , w h ile P rairie Pipo L in e
a n d S ta n d a r d O il o f N o w Y o r k v a rie d b e tw e e n 2 4 2 -2 4 5 a n d
2 0 9 - 2 1 1 , r e s p e c tiv e ly .
T h o o th e r oil s t o c k s , m o s t o f w h ich
soil a t c e n ts a s h a re , w ero fairly fir m a n d a c tiv e .
A m o n g th e b o n d s tra d e d in a t th o “ c u r b ” w ero $ 8 2 7 ,0 0 0
B r itis h 5 s a t 9 8 % to 9 9 % , $ 5 5 1 ,0 0 0 R u ssia n G o v e r n m e n t
6 % s a t 1 0 0 % to 1 0 1 % , a n d $ 5 1 ,0 0 0 C o s d e n O il 6 s a t 1 0 0 %
to 1 0 2 .
A c o m p le te reco rd o f “ c u r b ” tra n sa ctio n s fo r tho w ook w ill
b o fo u n d on p ago 8 3 3 .
New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
825
OCCUPYING TW O PAGES.
For record of sales during the week of stocks usually Inactive, see preceding page.
m a il A N D L O W S A L E P R IC E S — PER S H A R E , N O T P E R C E N T .
Saturday
A u g . 26
M on d a y
A u g . 28
Tuesday
A u g . 29
W ednesday
A u g . 30
Thursday
A u g 31
Fridau
Sept 1
Sales for
the
W eek
Shares
STOCKS
NEW YOBK STOCK
EXCHANGE
PER SH A R E
Range Since J a n . I
On basis o f 100-share lots
Low est
H ighest
Railroads
Par S per share
S per share
$ per share $ per share { per share $ per share S per share
1021* 1037* 15.400 Atch Topetaa * Santo Fe.-lOO IOOI4Apr 22 IOSI2Jan 4
103 103*2 103*8 103% 102*2 103*2 102*8 102*2 101% 103
1,584
Dx> pre4-_.................-.100
985* Aug 30 102 Feb 24
98% 98% 98% 98% 98% 98% 987* 99
*987$ 99
99
99
113 113 *111 11434
200 Atlantic Coast Lino H R __ 100 1001* Apr 19 117*4 Junel3
*113 11478 *113 115 *113 114% 113 113
84% 86*8 85
8014 15.900 Baltimore & OlfV?________ 100 827* Apr 24 96 A n '
85% 84*2 85
855* 87 . 85
86*8 87
p ro f...-.............
100 72% Aug 30 80 Jan 15
*72^2 73*2 727* 731., 2.100 Do
72*4 7278 73*s 73*4 *72% 73*2 72*2 73
620 Brooklyn Rapid Transit..100 S6t2Apr 22 8878June 6
85*2 85*4 85% 8514 85%
85% 85% *85
85
85*s 85*8 85
5.700
Canadian
Pacific________
100
176^4
178*2
zl62% Mar 1 183*4 Jali
176*2
177%
177%
177%
177*4 177*4 178 178
aau
Central of New Jersey___ 100 290 Jan 3 5310 M ayl 8
*295 300 *295 300 *295 340 *295 340
59
1
4
603,
12.900
Chesapeake
&
Ohio______100
61*4
59*2
58 Apr 24 67*4 June 8
6134
60
60*2
61
617$
61*4 61*4 61*2
760 Chicago Great Western__ 100
12*2 12*2 *123* 13
11*4 Apr 24 15** Jan
12*2 12% *12*2 13
1234 12*4 *12% 13
900 Do pref.................... -.100
33 Apr 24 39*4Jan
35% 35% 35*2 35>2 35i2 35%
30
*35
37
*35
35
36
923
4
913,
92%
95
11.900
Chicago
Mliw
<
fe
St
Paul.
.100
91
Apr 22 102i2Jan
92%
93*s
93%
93%
94*8
94
94*2 9354
120 120
262 Do pref.........................100 126 Aug 30 1301* Jan
126 126 *120 127
*126 127 *126 127 §127 127
1.200 Chicago & Northwestern.. 100 *12414 Sept 1 1347* Jan
126 126% *125 12612 126% 126% 124% 1241
127 127
126*2 127
165 175
400 Do pref______________100 }165 Apr 13 175 Jan 11
170 170 *168 170% *168 175
*170 175 *168 175
167* 18
8.700 Chicago Rock rsl A Pac.-.IOO
15*2 Apr 22 24i2June21
17*4 17
18%
17*2 17*4 17*4 17*2 17*8 17% 17
100 Chio St Paul Minn A O m .. 100 llS ^ S e p t 1 123 May 15
115*4 115*4
*115 120 *115 120 *115 120 *115 120 *115 120
134 134
200 Do pref____ _________100 131*4 Apr 12 139 Aug 28
139 139 *135 150 *135 160 *135 160
*135 155
53
*45
53
100 Clev Cln Chic A St Louis.. 100 38 Apr 27 59*2June 8
53*2 *45
53*2 *45
53*2 *47
50*8 50*8 *50
82
81% 81% *80
200 Do pref.........................100 70 Feb 2 86 Junel4
♦80
82
82
*80
82
80*8 80*8 *80
32
*29
32
_____ Colorado A Southern______100
32% *29
24*4 Apr 24 36*2 Junel3
32*2 *29
*29
34
*30
*30
33
59
*56
250
Do 1st pref__________ 100 40 Apr 1 60 June 9
56% 57%
*56
59
59
*56
59
*56
*56
59
*50
55
*50
55
_____
Do
2d
pref.
.............
..100
40 M arl3
*50
55
55
57*4JunelO
*50
55
*50
*50
55
300 Delaware A Hudson______100 1491* Apr 20 1551* May23
150% 150*8 150% 150*4
*152 153*2 *149 152 *150 153 *149% 151
227 240
---------Delaware Lack A Western..50 216 MarlS 237 June 9
*229 210 *229 240 *229 240 *227 240 *227 238
*12
14% _____ Denver A Rio Grande____ 100
87* Mar30 16*4 Junel3
14*2 *12
15
14% *12
*13
*12
15*2 *12
33
32% 33
33
*32
33
900 Do p re f....................... 100 15 Mar 8 37% JulylO
34
*32
34
33*8 33*8 *32
35%
35%
37*4
32
Apr 22 43*8 Jan 3
45.400
Erie......................................
100
37*8
35%
36%
37
36%
37*i
36*2
37*8 37*8
52% 53*2 52% 53*4 52*2 52% 52% 53% 51% 53% 6.700 Do 1st pref....................100 48 Apr 22 591* Jan
*42*2 44*2 43*2 431o 44
44
200 Do 2d pref....................100 41 Apr 22 54i 2Jan
47
46% *41
*41
46*2 *41
116*4 117
116*2 116% 3.400 Great Northern pref...........100 1101* Aug 30 127*2 Jan
117*2 117*2 *117 118*2 116% 117% 116*8 117
36*4 37% 37
3618 37
37% 9.000 Iron Ore properties. . N o par 33*8 June26 50*4 Jan
37*4 38
38
3834 38*4 38
100*2 100% 101*4 2.300 Illinois Central__________ 100 99*4 Apr 17 109*2 Jan
101*8 101*4 101*8 101*4 101*8 101*8 101 101*4 100*2
—
_
_
_
16%
16*2
16%
16*4
15*4 Feb 15 2 U* Jan
16% 1.600 Interbor Con Corp, vtc N o par
16*2
10%
*1638 17
ie**8
*73
74
§73
73
150
Do pref........................ 100 71 Feb 15 77*2Jan
*74*2 75*8 *74*2 75*8 73*2 73*2 *73*2 74
24% 24% 25% 25% 24
24*2 2.600 Kansas City Southern___ 100
231* Apr 28 32*4 Jan
25*4 257* 24% 25
*25 " 26
59
59
*58
61
*58
01 .......... Do pref.................. 100 58 Aug 18 647* Jan
61
*58
61
*58
*58*2 61
21
*19
21
21%
*19
19*2 19*2 *19
100Lake Erie A Western.......... 100
10 May 2 22*2JulylO
*19
21*? *19*2 21
*39
43
*39
43
*39
43
43
--------Do prof...... ............
100 32 Apr 20 45 June21
*39
43
*39
*39
43
77% 78% 7734 787* 20.200 Lehigh Valley.......................50 74i2Jan 31 85 May31
78
79
80
79
80
80*8 80*8 81
*35
38
*36
3812
*35
38*2
38
...........Long Island............................50 20 Jan 31 41i2Juncl2
*35
38*2 *35
*35
39
129 129*4
800 Louisville A Nashville___ 100 1211* Mar 1 135*2 Junel3
12912 129*2 *129*2 131*2 129% 129% 129% 129% 129 129
128 1293*
250 Manhattan Elevated____ 100 128 Apr 28 131** Jan 28
128 128*2 *128 130 *128 130 *126 130
47*
4
7
3
___
100 Minneapolis A St Louis__ 100
*4% 5*2 *4% 5*2
4 Mar 1 15*8 Jan 4
*4*4 5*2 ♦lli
5*2
*15
20
20
*15
--------Do pref_____ ________100 141* July 3 33i2Jan
*15
20
20
*15
*15
20
550 Minn St Paul A S S M ___ 100 110<4 Apr 24 129 Junel5
122% 122% 122 122*4 *121 123
*121 123 *115 122*2 *121 123
132 136
100
Do prof.................... ..100 130 Aug 18 137 Jan 15
135% 135*2 *131 136 *131% 136
*132 136
3l2 312 1.600 Missouri Kansas A Texas. 100
3% 3% *3% 3%
3% 3%
314 Apr 25
*37$ 4
7*4Jan 13
*3*8 4
100
Do pref.......................100
10
*9% 10*2 *9% 10*2 *93, IOI2
10
10 Apr 3 16*2 Jan 4
12
*10
*10
12
314 4 11,917 Missouri Pacific_________ 100
312 3%
3*2 3%
3% 3%
3'* Sept 1
37* 4%
7*2July 6
4U 414
3U
4
14
9.700
Trust
co
otfs
of
deposit___
3%
3%
3%
3
‘2
3%
3
14
Sept
1
3%
7** July 6
4%
414 4*2 4
21*2 22% 22*4 221, 22I2 2.200 Missouri Pacific (new) when iss. 2214Aug 15 23*4Aug 16
*22*2 22*4 *22*2 23*? 22*2 22% *21
49
*4712 49
300 Do pref (or Inc bonds) d o . . .
*48
49
48% 48*2 *4S
49
48>2 Aug 29 50 Aug 22
*49
49*4 49
1023,
104
102
%
103%
46.200
N
Y
Central
A
Hud
River.
100
102%
103%
100t4Apr 22 lll% J a n 19
101*8 105 101 104% 103*2 104%
59*2 5834 60
3.700 N Y N II A Hartford........ 100
59
58% 58% 59
57 Apr 26 777* Jan 10
59*4 59 U 59
59*8 60
26
600 N Y Ontario A Western__ 100
26'4 2012
*26
26*2 26
27
26 May 5 31 Jan 3
26*2 20% *20
*26*4 28
129 129% 129 129*2 x 128% 128% 12712 129l2 4.000 Norfolk A Western............100 114 Mat
137*8 June 7
129*8 129*2 *129*4 131
200 Do adjustment pref__ 100
84i* Feb 25 89** May 22
*85
86**8 86% 86*? *85 86*2 *85 86*2 *85 86*2 *85 86‘3
110 110*4 109% 110 109% 110% 109 1103, 12,450 Northern Pacific_________ 100 109 Sept 1 1187* Jan 4
110*2 111*4 110*8 Ill
55 <g Aug 31 59*4Jan 4
55*4 S57s 555$ 55% 55*2 55% 55% 55% 5.5% 55% 55'2 557* 10.100 Pennsylvania................. ...S O
*83
*821* 85
_____ Pitta Cln Chic A St Louis.. 100
85
*83
78 Feb 17 88 June 5
*83
85
*83
85
85
*82*2 85
*94
98
*94
98
--------Do
pref_____________ 100 88 Jan 26 98*4 Jan 13
*94
98
*94
*94
*91
98
98
98
104*4 106*8 104*2 106% 101*4 105*4 103*4 104% 102% 105% 1031* 100.* 208,700 Reading ................................ 50 75i* Jan 31 110*4 May23
*423., 43
*41% 44% *43
44*2 43
43
202 1st preferred........ ............50 417* Feb 19 46 Feb 29
*42*? 44*2 §43
43
52 May 19
200 2d preferred............... ..50 41>4 Feb 21
45l2 45l2
*45
46
46
*45*2 46
*45*2 46
45*2 45% *44
1.200 St Louis A San Fran new (w 1).
10 10 *10 17
*15% 16
15%Mayl8
17*4 June28
16*4 16*4 {16*4 16% *16% 17
_____
Do preferred (when lss)
---------St Louis Southwestern____ 100
20
20
16 May
20*4June 9
20 *
« ___
20 *___
20 *___ 20 * . . .
........ .
Do
prof..............
100 40 May 9 46*2 June 9
41
41
41 *___
41 *___
*___
44*2 * .
42*? *
400 Seaboard Air Line________ 100 14 Apr 22
187* Jan 13
*15*2 16*4 *15
*15*4 15% *15*4 15*2 15U 151,
10*4 *15*4 16
100 Do
pref................
100 341* Apr 24 42 Jan 13
*37
39
*37
38
38*2 3712 3712
*37*2 38*2 *37
*38
40
9U4Apr 22 104** Jan 4
98*? 97*8 97% 295% 97*2 957* 97l2 19,528 Southern Pacific Co_____ 100
98
98*i 98*4 98*4 99
233,
23
10.200
Southern
Railway________
100
22
%
23%
2334
18
Apr
24
23
23%
23*2 23*i 23% 24*4 23%
25 July 3
3.300 Do
pref.....................1 0 0
6712 68
67*2 68
56 Apr 24 71 June 9
67*2 67*8 68
08
67*2 68
08*2 68
900 Texas A Pacific____ _____ 100
12*2 11 11
0'2 Feb 14
* 11*2 12*2 * 11*2 12% * 11*2 12*4 11% 11% *11
137* June21
0U2 62
1.000 Third Avenue (New York) 100 59i2Jan 31 68*2June22
*62
63
*02 63 *62 63
62
02*2 63 03
97
98
98*2
200 Twin City Rapid Transit..100 94 Mar 24 99 June 8
977$ 977s *97
*97
98
97% 97% 97*2 *97
140*3 141*2 13978 141*1 140 140% 139 140*1 139*4 141*1 jt13714 1391a 95,089Union Pacific........ ................ 100 129*4 Apr 22 1437* Aug 23
18O 80i2 3,758 Do pref_____ _____ ..10 0 zSO Sept 1 84 Jan 28
82
82% 82*4 82% *82
82*2 82
82*2 82*2 82
9%
8% 8% 8% 9% *9
500 United Railways Invest__ 100
7*4 May 9 21*4 Jan 4
*8*2 9*4 *8*2 9*4 *8% 9*s
20 *17*2 20 *18*4 20 *19 20i2
100 Do
pref_____________ 100 18 June23 39*4Jan 3
*18*4 20*2 18*4 18% *18
13*4 July 14
13*2 13% 13% 13*? 13% 13% 13% 13% 135* 137* 2,500 JVabash.............................100
17 Jan 3
*13*2 14
49*.| 49
49*.| 48*2 49*8 48% 49% 473, 49i2 9,100 Do pref A ......................100 41*2 Mar 1 5212July 3
49*2 49*4 49
26% 27
26% 26% 26*2 27% 20% 263* 3.300 Do pref B d o...................100 25 Apr 22 321$ Jan 15
207S 27
27
27
*28
29
28*8 28% 28U 28i2 1.400 Western Maryland_______ 100 2412 Feb 28 34%Mar27
28
29*2 29*2 27*4 287$ 28
*44
48
*43
*43
48
*43
48
48
*45
48
---------1 Do pref...........................100 40 Mar 7 51 Junel3
*43
48
4% *4
4% 4*4 *4
200 Wheeling A Lake Erie___ 100
2** Jan 20
4*2 4*2 *4*2 5
6 JulylO
412
*412 5
*12 15 *13 14% *12 15 *12 15 *13 15 .......... I Do 1st preferred_______100 10>4 Apr 27 18*2 July 5
*12
15
*4*2 6
*5
6
0
*4-2 6
*5*2 6*? *5
314Jan 18
7*4July 5
*5
7
------- _| Do 2d preferred______ 100
407*
*48
50
*48
50
47% 49
47I2
900Wisconsin Central............. 100 33 Apr 19 56*2 July 20
*43
50
*47*2 50
^Industrial 3t Miscellaneous
*12 15 *12 15
14
*13
15
*13
14
14
14
14
200 Advance Rumely________ 100 14 Aug 22 21i2Apr 29
33
100: Do
prof......... .............. 100 317* Jujy28 43 Apr 28
*31*4 32*i *31*2 33*2 *31*2 33% ♦31*2 33% *31*2 33% 33
16
16*4 16*8 10% 13% 16*8 11*2 13% 12% 13*2 121* 133* 32.900 AlaskaGold Mines................ 10 11 >2Aug 30 26*2 Jan 7
73* 73* 2,860 Alaska Juneau Gold Mln’g.10
714 714
10*4Jan 7
7*3 7*4
71* Aug 30
7*4 7%
. *7l2 7*4
7*2 7%
22
22% 23
23i2 3.300 Allls-Chalmers Mfg v t C..100
19 July 19 337g Mar 14
23% 22*2 23
*23
24
23*2 23% 23
*77
79
78
79i2 1.700 Do preferred v t c ___ 100
78
70*2 July 18 84*2 M ayl 6
78*2 78*2 78
*78*2 79*2 78*4 78*i
703*
767
a
76
763, 2,300 Amcr Arglcultural Chem.-lOO 63 Apr 22 79*8 Aug 21
75
76
70
77*2 78*8 77*2 77*9 76
101 101
200 Do pref..........................100 96 Mar 23 10U* Aug 24
♦100*2 101*2 ♦mow 101% 100^4 100% ♦100% 101 * 100% 101
88** 89
86% 87*? 85% 86% 88‘2 88*2 803, 90 11,000 American Beet. Sugar........ 100 61*4 Feb 1 96** July 6
87% 89
*98 101
*97 101
*98 101
*97 101
*99 101
Do pref......................... 100 93 Apr 24 102 June22
*98 101
59
60
58*4 00% 58*2 60*2 59% 61% OOI2 621* 55,100 American Can...................100
50*4 Jurie27 65*8 Mar 16
58% 00
*111 112 l i t 111% 112 112*2 112 113% 113*2 113*2 11312 1131s 2,950 Do pref-------- ---------...1 0 0 IOSI4July 13 11378 Jan 26
61
61*2 02
62*8 61
01% 60*2 01
01 62% 60 >2 623, 9,600 American Car A Foundry. 100 52 July 8 78 Jan 3
117*4 117*8 *117*4 118
117*4 117*4 *115 118 *115 118 *115 118
385 Do pref......................... 100 115*$ Aug 9 119*2 Mar 11
*147 150 *145 148
145 145
145 145
143 143 *140 140
500 American Coal Products.. 100 130 July 11 1757* Jan 19
*117*2 118*3 *117*2 118*2 *117*2 118*2 *117*2 118*2 *117% 118*2 *11712 119l2
Do pref------------100 115 Jan 20 118 July26
*52% 54
*52*4 54
*52% 54
52% 52% *52
200 American Cotton Oil------- 100
53*2 521* 521*
50*2 Apr 22 5712Jan 17
102
*100
*100
102
*99*2 102
*100 102 *100 102
Do p re f........................ 100 98 Jan 6 102 MarlS
*9% 10
9% 10
10 10
95* 97* 1,200 American Hide A Leather. 100
9% 9% *9% 10
8*4June 3 12 Jan 3
52
52
*51
52
51% 52
2,200 Do pref........... .............. 100 45 Mar 1 58*4 Aug 15
51*2 5U? 5112 517g 5U* 52
277$ 28*2 28
28
29
29
28
28*4 27% 28
273* 281* 2,800 American Ice Securities__ 100
25 Jan 20 31 *2Feb 19
20% 21% 20% 21% 21% 21% *21 22
21*4 21*2 *21*2 22
4.100 American Linseed________ 100 17>4 July 14 25*8 Jan 26
47
48
♦49
50*2 *48*2 50
46% 49% 48% 49% 49<2 49*4 3.100 Do pref................
100 38*4 Mar 1 53*4 Apr 25
75
75*2 77
76*4 74*4 75% 741* 7714 75U 7714 40,300 American Locomotive___ 100
75*2 77
58 July 14 83*4 Mar 14
104 105
*104*2 105*2 *105 106 *104 100
101
% 105 " 104% 1043,
1,150 Do pref_____ _________100 99% July 13 106 Aug 22
*7
8
8
*7
7
7
*7
8
73* 73*
7% 7%
300 American Malt Corp____ 100
5% June 3 10 Apr 7
40
40
40
*39*2 40*2 39% 40
*39*2 40*2 *39*2
100 x315* Jan 14 40*4 Aug I 5
500 Do pref..................
39*4 3934
*85
87
87
*85
85
85*s *84
*85
80
85
86
600 Amer Smelters Sec pref B.100 84*2 July 13 88 May25
85
*9412 90 *94 96
97
95% 95*8 95
95*8 95*8 ♦94
300 Do pref Ser A stamped.. 91*4 July 11 96*2 Junel4
95
98*2 99*4 98*8 99*2 97*4 98*2 90% 97% 90*4 98% 903, 99
25,700 Amer Smelting A Refining. 100 8S12Apr 22 113*8 Jan 4
* 111*2 112*2 ♦111*2 112*2 112*8 112*8 1121, 112*4 * 111*2 112*2 511212 112i2
240 Do p r o f.................... ..100 109U Apr 22 114*8 Feb 3
*110 145 *140 145 *140 145 *140 145 *110 1 15
140 145
American Snuff................... 100 130 Mar 23 149*2 June 8
*103 108 *103 108 *103 108 *103 108 *103 108
103 108
Do p r e f........................ 100 106*2 Mar 22 110 Jan 27
53* t 53% 53% 53% 531* 5312 2.30Q Am Steel Foundry_______ 100 44 Apr 24 61*4 Jan 4
*53*2 54
54
54*2 53*2 54
110 110 109% 110 109% 110 *107 110
*10912 110*2 ♦109 111
1,200 American Sugar Refining..100 105*2 Apr 22 116*2 Jan 8
119 119 ♦117 120 *118 120 *117 120 :1173, 1173,
*118 120
200 Do p r e f........................ 100 1151* May 5 119 May25
130% 130% 1301* 131
131*2 131*2 131% 131% 130% 131% 130% 131
3.100 Amor Telephone A Teleg-.lOO 126*4 Feb 1 13314 Aug 18
221% 221% *219 221 220 220 219*9 220 2171* 2197* 1,125 American
♦220 224
Tobacco_______ 100 188 Feb 16 225 A n g ll
108 108 *107 108 ■10712 108
107*2 107*2 108% 108% *107 109
450 Do pref (new)________ 100 105*4 Apr 24 IOSS4Aug 28
41*2 44% 4514 3.100 Am Woolen of Mass_____ 100
447* 45*4 44*2 44*2 44% 44% 4.’i7s 44*2 44
42 Jan 11 55*4 Mar 14
98
96% 96*2 *90
*97
98
97*2 97*? 96*2 90% *90
100 92 Jan 10 102 MarlO
971*
600 Do pref................
33*2 33*2 33*4 33% 33% 33% 31% 33% 32% 33% 34
313* 4,200 Am Zinc Load A S-------------25 29** July 10 977* Apr 10
07%
69*2
001
?
66*2
65%
67*4
66*2
701* 72
65*2
*65
07
4,000 Do p r e f............. ............25 59*2July 11 72 Sept 1
85*2 83% 84% 83% 85*2 84
85*2 86*s 85% 86*8 85
86 90,700 Anaconda Copper.................50 77 Apr 22 92*8 Feb 14
70 % 72*2 71 *4 723, 6.100 Atl Gulf A W I SS Lino ctfs 100 56 July 12 74 Aug 25
72% 71% 71*2 68
71
71% 7178 70
65% 65*4 65% 643, 651*
60
♦04
♦63*2 66*2 *63
61 July 12 66 Aug 22
65% 06
900 Do pref ccrtfs.......... ..100
t per share
PER S H A R E
Ranae f o r P revious
Y ea r 1915
Low est
$ per share
92*2 Feb
96
Jan
98 M
63*4 Feb
67 Feb
83*4 Aug
138 July
}250
Sep
35*8 July
10*4 Jan
25*2 May
77*4July
1207* Sep
118*2 July
163 July
10*2July
5114 Apr
124 Sep
{21
Jan
53*8 Feb
24 M ar
45 Jan
35 • Sep
138*2 Aug
199% Jan
4 Jan
6*2 Jan
197* Feb
32*4 Feb
27 Feb
11234 Jan
25*4 Jan
99 July
187* July
70 Jul
20** Feb
547* Feb
5
Jan
19 May
645* Feb
15 Jan
104*2 July
125 June
8 Sep
24
Sep
106 Jan
123 June
4
Sep
10*8 Sep
1*4 July
3 Dec
| H igh est
5 p er sh ort
111*4 N ov
102*8 N ov
116 N o v
96 Dee
79*4 N ov
93 Apr
194 N ov
325
Jan
64*4 N ov
17*2 N ov
41*2Nov
1011* Dec
135 Deo
135** N ov
{ISO N ov
38*8 Apr
123 N ov
135 Dec
52
Oct
77
Oct
38*2 N ov
60 N ov
52 N ov
154** N ov
238 N ov
16*2 N ov
29*8 N ov
45*8 N ov
59*2N ov
54*4 Dee
128*8 N ov
54
Oct
113 Apr
25I2N 0V
82 N ov
35*8 NOV
65*2 N ov
16*8 Dec
4U 2 Deo
83*4 N ov
27*8 Oct
130*2 Nov
132 Dec
19*8 Feb
49 Feb
126*2 Nov
136 Dec
15*4 Apr
40 Apr
18*4 Apr
7*2 Nov
8U2 Mar 110*2
89
43 Feb
2134 Jan 35
99*2 Jan 1225*
Dec
Oct
Apr
Dec
80*2 Sep 90 June
991* Feb 118*8 Dec
6U2 Nov
5 1 % Feb
86 Nov
65 May
90 June 98*2 June
69*8 May
85*8 Nov
40** Sep 45 June
44 Apr
40 Feb
11
Sep 23 Nov
29 Sep 45*2 Dec
20*4 Nov
11** July
30*4 July 43*4 Nov
81*4 Feb 104*8 Dec
12*2 July 26 Nov
42 July 65 Nov
8*2 July 1778 Apr
35 Jan 64*2 Oct
90 July 100 Apr
115*4 Jan 141*2 Nov
84*8 Nov
z79 Mar
8 Jan 27*2 Oct
21*4 Mar 47*4 Oct
17*2 NOV
12** Oct
49*4 Nov
437* Oct
25*2 Oct 32*2 Nov
9*4 Jan 35*2 Oct
25 Jan 50*8 Oct
6*4 Nov
*2 July
2 Aug
19*4 Nov
8*8 Nov
*8 Aug
45 Nov
28 July
21*4 Dec
9*4 Dec
7*4 Jan
33 Feb
48 Jan
90 Mar
33*4 Jan
S3 Feb
25 Feb
91*2 Jan
40 Feb
111*2 May
82 Jan
{105
Jan
39
Ian
91 June
4*8 Feb
19*4 Jan
20*8 Jan
7*4 Jan
24
Jan
19 Mar
75 Mar
37* Apr
21*2May
78 Jan
86 Oct
56 Jan
100 Jan
144 Jan
103 Jan
24*8 Mar
99i2 Feb
109 Feb
116 Jan
195*2 Dec
103*4 Jan
46 Nov
95 Dec
67*4 Dec
40i2 Apr
1312 Nov
49*2 Oct
8578 Deo
7412 Nov
101*8 Nov
727* Dec
95 Nov
68*2 Oct
113*2 Nov
98
Oct
118 Aug
170*2 July
120
Sep
64
Oct
102*4 Nov
14*4 Oct
59*2 Oct
35 Apr
31*8 Oct
50*2 Oct
7434 Oct
105 Nov
13*8 Oct
37*2 Dec
88*s May
92 Dec
10878 Dec
113 Nov
165 Apr
110*8 Nov
74*2 Oct
11978 Nov
119*2 Nov
130*4 Nov
252*2 Apr
111 Nov
56
Oct
98*4 Nov
71*2 Dec
e24% Feb
91*8 Nov
For record of sales during the week of stocks usually Inactive, see second page preceding.
H IO H A N D L O W S A L K PRICE S— PER S H A R E , N O T PER C E N T .
Saturday
A u g . 26.
M onday
A u g . 28.
Tuesday
A u g . 29.
W ednesday
A u g . 30.
Thursday
A u g 31
Friday
Sept 1
Sales/or
the
W eek
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER S H A R E
Range Since Jan . 1
On basis o f 100-share lots
Lowest
H ighest
PER SH AR E
Range lo r Precious
Year 1915
Lowest
| Highest
$ per share $ per share
Industrlal&MIsc. (Con.) Par .5 per share
S per share
26% Mai 154% Oct
33,950 Baldwin Locomotive___ . 10(1 05% July 14 118% Jan 3
114 Sep
92 Ma
400
Do pref........ ........... . 101) 104 Jupe2( 110 May 24
46% Jan 600
Oct
1,130 Bethlehem Steel________ .100 415 Jan 11 550 Mar 14
Oct
50C
Do prof____________ . 10(1 126 July 21 145 Jan 6
91
Jai 184
7978June
11,900 Butte A Superior Copper. ..10 60% July 11 105% Mar 9
56% Aug
2,300 California Petroleum, vtc .100 15 June27 42% Jan 3
8 July 38% Dec
l)o
pref_____ ______ 100 40 June2S
30 July 81 Dec
1,300
80% Jan 3
32% Feb 61% Nov
11,850 Central Leather............ 100 49 Apr 22 58% Aug 23
300
I)o p re f.......... ......... 100 108% Jan 3 113% Aug 25 100% Jan 110% Nov
1,701)
100
26% Nov
1,400 Chile Copper___________ 25
23% Dei
19% 19%
19% July 14 25%Jan 5
19% 20
20
20
20% 20% 20
20
57% Nov
11,200 Chino Copper__________ _ 5 46% July 11 60 Feb 19
32% Jan
52
52
50% 51% 50?s 53
53% 52% 53% 51
66% Sep
457s 48%
29,900 Colorado Fuel A Iron___ 100 38% Apr 22 53 Jan 4
21% Jail
471- 48% 471.1 48% 47% 48
46% 47
2,500 Consolidated Gas (N Y ). 100 130% Mar 1 144% Jan 8 113% Jan 150% Oct
135% 135%
135 136 *135 136% 135% 135% *135% 137
Oct
2,200 Continental Can________ 100 75%Jan 31 104% May25
40% Jan 127
97%
97
99
97
97% 90
97
96% 96% *95
88% Jan 109% Dec
100
Do p r e f ................... 100 106 Feb 1 112 May 11
*1061- 110% *106% 110% 107 107 *107 110% *107 110
8 Jan 21% Oct
2,700 Corn Products Refining.. 100 13% Aug 8 25% Jan 25
11% 14% 14%
14% 14% 14% 14% 14
14% 14
*90
91%
65
Jan 96% Dec
700
Do pref______ _____ 100 85 June26 101'-Jan 14
91
*901- 91% *90
92
90% *88
90
18% May 1097s Sep
76%
62,550 Crucible Steel of America 100 52% Jan 12 99% Mar 16
75% 73
76% 78% 75% 78
75
76% 74
1,000
I)o pref____________ 100 108% Jan 11 119% JunelO
81 May 112% Sep
117% 117% 117% 117% 117% 118
118 118
5314
par
54
33,900
(Ulo 9433 94% 95
100 93 July 14
1,900
95
200 Cuban-Amerlean Sugar.. 100 152 Jan 5 250 ' Aug 18 38 Jan 177 Dec
235 235
230% 230%
*238 248 *235 ~ 250 *230 250
100 10434 Feb 1
93 Mar 110 Sep
*100 110 *100 110" MOO 110
44% 46% 45% 45% 4,700 Distillers' Securities Corp 100 41 July 10 54% Apr 29
5% Mar 5012 Oct
45
451.1 44% 45
45145% 46
24% 24% 24% 25% 10,000 Dome Mines, Ltd_______ .10 22% Aug 29 29% Feb 8 1 16 June 30% Dec
*24% 25% 24% 21% 22% 24% 23% 25
18
*16
*16
8 Mar 60 June
Federal Mining A Smelt.. 100 12% July 13 35 Jan 7
*15
*16
18
18
*14
18
IS
18
*16
39% 39% 39% 39%
200
57% Jan 7
20 Mar 65 June
*30
40
Do pref...................... 100 35% Apr 24
*38
40
*36
40
*35% 40
360
Oct
100 $265 Jan 5 350 Mar 18
*307io
*307**> 317**> *305 315 *30!) 310 *300 310
*114 " 116 " *114 1 16 *114 113 *114 116
100 §113 Jan 5 116 Jan 27 106 Mar pi 16% Nov
*114 ’ 116
2,500 General Electric________ 100 '159 Apr 22 1781-Jan 17 138 Mar 185% Oct
169% 169% 169 170% 1071.1 169
171 171% 169% 171% *109 171
82
Jan 558 Dec
800 General Motors................ 100 405 Apr 24 585 Aug 12
567 575 *500 510 *500 580
575 578 *515 575 *525 570
12214 123 121% 122% 122 122 122 124% 12378 127% 124*2 126 14,600 Do pref........ .......... 100 108 July 14 127% Aug 31 90% Jan 136 Deo
80% Oct
7,800 Goodrich Co (B F ).......... 100 67% Jan 31 80 Anr 10
24% Jail
72
72
72
71% 72
70% 71% 70% 72% 70% 72% 70
113% 113% *113% 113%
200 Do pref............ .......... 100 110% Feb 1 116% MarlO
95
Jan 114% Oct
1131- 113% 113% 113% *113% 111 *113% 114
86% 86% *80
*80
400 Granby Cons M S A P__ 100 80 July 12 99 Feb 10
79% Apr 91 June
*80
*80
88
88
88
88
87
88
46% 46% 46*? 2,100 Greene Cananea Copper. 100 34 June26 53% Mar 9
45% 45
47
47
37
Oct 5238 Dec
46% 46% *40% 47% 45
54% 55% 54% 58
56% 58% 160,450 Inspiration Cons Copper. .20
42% Apr 22 58% Sept 1
16% Jan 47% Oct
5412 56% 55% 56*2 55% 56
29% Nov
*10
12
*11
300 Internat Agrlcul Corp__ 100
11
*10
*10
12
11
13
13
*10
13
11 Aug 30 29% Jan 5
5*2 Mar
41
1,300
41
40% 40% 40
41
44
*40
45
40% 41
Do p r e f.................... 100 38% July 14 74 Jan 5
8 Mar 71% Dec
*40
114 114
400 Intern Harvester of N J . . 100 108% Jan 7 119% June 7
*114 115% ♦111 115 *114 115 *114 115
114 114
90 May 111 June
200
Do pref. _ .............. 100 114 Feb 29 120 July 19 110 July 120 Nov
118 118% *118 120 *118 120
*118 119 *118 119 *11.8 119
40% 41% 39% 43% 42% 44% 41
43% 163,900 Int Merc Marino ctfs of dep_.
18 Dec 201- Deo
13% Feb 15 44% Aug 31
37% 38% 38% 42
77% Dec
5512 Nov
Do pref ctfs of dep__
61% Mar 1 106% Sept 1
98% 99% 98% 101% 99% 102% 100% 104% 103% 104% 103% 106% 312,800
15,440 Intern Nickel (The) v t c . .25 39% Aug 22 50% Jan 17 179% Dec 2231a Oct
40% 41% 40% 41% 40% 41% 40% 41% 40% 42% 40% 42
1278 Dec
15%
8 Jan
15% 15% 2,500 International Paper____ 100
*16
9% Mar 1 16% Aug 10
16% 15% 15% 15% 15% 15% 1512 15
5034 Dec
70% 72
4,500
33 Feb
71% 72
Do pref...................... 100 42% Feb 1 75 Aug 9
71
71
71
71
71% 71% 70% 71
013j 8,200
91)
90
1(;0
90
89
1,400
100
1 1H2 112 *110 112 *110 111
I10*i 11 l
*108
113 Apr 4
77% 79% ,s0 81*8 117,400
25
74*4
74 ~ 7fi*i
76*2 773j
*95 97 *95 97
*95
*95
*95
97
00
97
4978
403,1 481*8 491« 48'.i 49% 49*3 50* s 53,100
75% 75 77% 70 77% 8 ,700 Lackawanna Steel............. 100 64 “ May 5 86 Jan 6 28 Jan 94% Sep
76% 76% 76% 77 " 75% 76',1 75
4,400
47
45
*43
45
45
100 Liggett A Myers Tobacco 100 240 Apr 14 272 July24 207 Jan 260 Dec
267 267 *260 274
*258 274 *258 271 ♦258 274 *260 270
316
Do p ref..................... 100 118 Mar 30 122 Mar 3 113% Jan 120 Deo
*121 125
122 122 *120 125 §121 121 *120 125 *120 123
100 Loose-Wiles BIse tr co ctfs 100
Jan
*15% 19
*16% 19
15 Mar 3 21 Jan 18
*15% 19
*10% 19
10% 10% *15% 19
16 Feb 31
100
*82
85
*82
83
*83
*82
*82
*82
85
85
85
85
100
67
Oct
300 Lorlllard Co (P )___
*235 238
100 179% Jan 19 23978 Aug 19 165% Jan 189 Nov
237 239 *235 241 *235 241 *235 241 *235 241
118 Jan
100
*1181.1 120
118*1
118*2 1181* *118 119% * 118 120
92
Oct
15l.| Jail
81% 84% 81% 84% 23,450 Maxwell Motor Inc tr ctfs 100 571.1 Mar 3 89% May 16
83 '
83% 81% 82% 81
83% 83% 82
400
85
*85
Do 1st pref stk tr ctfs 100 78 Apr 22 93 Jan 3
*85
86%
43% Jan I0334 Dec
86% 85% 85% 85
86% 86% 86% *85
900 Do 2d prof stk tr ctfs 100 42% Mar 2 60% June 6
55% 55
54% 55% 54
55%
*54% 57
IS Jan 68% Oct
*54% 56
*54% 56
102% 104% 103% 105
101% 104 58,900 Mexican Petroleum_____ 100 88% Juue28 129% Jan 3 51 Jan 124% Dec
103% 103% 102 102% 101% 104
too
Do pref........................ 100 89% Junc28 105% Jan 3
*90
96
*91% 93
*90
96
67 Jan 10H- Dec
91% 91% *90
90
*91% 96
8,800 Miami Copper__________
33 Aug 3 39% Apr 3
17% Jan 36% Deo
3514 354| 35 35% 34% 34% 34 34% 3378 34% 34% 35
7934 Dec
700 Montana Power________ 100 68% Mar 1 94 Aug 15
91% 92
91% 91% 92% 92% 92
42 Jan
92
91% 91% *91% 93
350 Do pref........................ 100 109 Jan 3 116 June23
*112199 Jan 120 Dec
*112% 110% *112% 116% 116 116
115 115
*112%
Jan
100 National Biscuit________ 100 118% Aug 11 125% Mar20 116 Apr 132
*118 119 *118 119
119 119 *118 119 *118 119 *118 119
Do pref____ _____ _ 100 124 June30 129% Mayl2
*124% 125% *124% 125% * 124% 125% *1241- 125% *124% 125- *124'- 125% _____
119 May 127% Dec
24% 24
24% 25
24% 24% 23% 24% *23
24% 2,200 Nat Ennm’g A Stainp'g.. 100
24% 25
19% Apr 22 29% Jan 5
9% Jan 36% Oct
97 Dec
*93
96
*93
*93
*93
*93
79 Apr
100 92 Jan 19 97i>Feb 18
96
*94
96
96
96
96
7034 May
66
65
600 National Lead__________ 100 601- Apr 22 7378 Jan 19
65% 65% *65
65
64% 047, *64
65
44 Jan
05% 65
113 113 *112 115
*112% 114 *113 114 *113 114 *113 114
100 Do pref...................... 100 112 Feb 9 116% Aug 21 104% Jan 115 Nov
17 Nov
22,250 Nevada Consol Copper..
18% 19%
19% 19% 19% 19% 19
19% 18% 19
19% 20
11% Feb
15 Jan 31
20 Sept 1
1,300 Now York Air Brake____ 100 118 July 14 153% Jan 15
*135 140
130% 137
134 135
130% 136% *127 134
56% Feb 164% Sep
136% 137
*60
68
*60
68
*66
68
*67
100
81 Apr
68
*66
68
68
*66
75 Jan 3
6% 6%
314 Ontario Sliver Mining__ 100
57
12% Deo
7
7
*6%
7
*6%
7
6% 6%
*6
11% Jan 7
6 July 20
2 Feb
27
25% 277* 20
8,200 Pacific Mall........ ............. _-5
26% 28
26% 27
26
26
26
26
11%Jan 3 31 Aug 21
£8% Dec 38 Aug
*102 103 *101% 102% *101% 102% *101% 102% *101% 103 *101% 102%
People's C. L A C (Chic). 100 100% May 5 111%Jan 3 106% Dec 123% Apr
39
39% 39%
500 Philadelphia Co (Pittsb).. .50 38 June15 46 Jan 17
Sep
*39% 40% *39% 40% 39% 39% 39
*39% 41
35% Apr 49
29
400 Pittsburgh Coal.... ........... 100 22% Apr 24 36% Jan 17
*27
29
29
28% 28% *26
29
29
29
*26
27
15% Jan 42% Oct
500
Do pref........................ 100 100 Mar 8 111%Jan 13
*101 103 *103 108 *100 103 *100 103 *100 103 *100% 103
81% Jan 114 Oct
53
53% 4,400 Pres-ed Steel C a r ............ 100 42% July 14 65% Jan 4
52
52
78% Oct
53% 52% 52% 52% 53
52% 51% 54
25 Mar
Oct
120 Do p re f........................ 100 97 July IS 104% Jan 4
*100 102 *100 102 *100 104 §101% 101% 101% 101% *100 100%
86 Mar 106
131% 131% 130 130 *130 132 *130 132
200 Public Serv Corp of N J__ 100 114 fan 31 132 May 16 100% Aug 120 Dec
*130
164'.i
164l.j
164% 105
900 Pullman Company______ 100 159% May 10 171%Jan 17 150's Mar 170% Oct
167 167
166'.i 160% 165 100% *101 160
*2% 3% *2% 3%
534 Nov
*2%
2% Mar22
3% *2% 3% *2ss 3% *2% 3 _____ Quicksilver Mining______ 100
6% Jan 19
% Mar
*4%
100
3% Mav25
*4% 57S *4lo
*4*o 5% *4% 578 *4*2
44% 40*2 41% 46% 6,200 Railway Steel Spring........ 100 32 Apr 22 50% Aug 22
46% 47
45 46% 45 45% 45 46
54 “ Oct
19 Mar
*98 mo
100
*97% 100
*98 101
*93 101
*98 101
25% 21% 25% 22,250 Ray Consolidated Copper. . 10 20 Juno23 20 Feb 21
25
24% 24% 24
25% 25
25% 24% 25
15% Jan 27% Nov
53% 52% 53% 37,200 Republic Iron A Steel........ 100 42 June20
53
54
51% 52% 51
57'.4 Dec
52
53% 52% 53
19 Feb
55% Jan 3
970
113% 113% 113% 113% *H3% 113% 113% 113% 113% 113% 113% 113%
Do pref........................ 100 100% June26 114 Aug 24
72
Jan 112% Deo
20278 208
203% 210% 5,200 Sears, Roebuck A Co____ 100 168% Mar 1 212% Aug 23 *131% Mar 209% Feb
*210% 211
207 210
203% 201% 203 205
140 I)o pref...... ................. 100 125 June2S 127% Mar 3 121% Jan 126 Dec
*125% 127% *125 127% *125 127% *125 127% *125 127% 125 125
__
______
29% 4,100 Shattuck Ariz Copper___ . 10 24 July 11 40% Feb It
29% 29% 29
29
27% 28% 27% 28% 28
29% *28
100 Sloss-Shefflelil Steel A Ir.. 100 37 July 14 63% Jan 3
50
*45
*40
50
24
Jan 6678 Dec
*47
49
*47
47
*44
46
50
47
300 South Porto Rico Sugar__ 100 146 Jan 29 240 JunelO
179 180 *171 179
*180 184 *180 184
181 181 *180 185
40 Feb 164 Dec
100 106 Feb 2
*114
*114
*114 118 * 114 118 *114 116
100 Standard Milling_______ 100 86 MarlO 103'- May 25
*90'» 98
*90% 98
90% 90% *90% 98
*90% 98
*90% 98
96 Deo
43% Feb
100 85 Aug 23
*85**» 89
*851*
*35 *2 89
*8512 88
122% 125% 119% 121 81,750 Studebaker Corp (The). . 100 119% Sept l 167 Jan 3 35% Jan 195 Oct
125 ' 127
124'% 126% 121% 124% 122% 125
+10
710
1
m
u
*1071* HOlo *107*2 111
100
*1071* 11 i *10712 1l t ♦I07*o 1 io*»
70 Sep
27% 27% 26% 28
23 ' 26% 23% 21% 23% 26% 24-2 25% 38,200 Tennessee Copper.............. .25 22% July20 06% Jan 5
25*2 Feb
194 194
l ,600 Texas Company (The)___ 100 177% June27 235%Jan 3 120 May 237 Dec
193 193
192'? 192%
191 191 *192 194% 191 192
7% 7%
*8
8
8% Mar 17
4% Jan
9% Dec
8
8
7% 8% 2,400 Union Bag A Paper.......... 100
4% May 9
8I1 *8
8% 8
4534 45% 46% 47% 2,000
2278 July
*45% 47
Do pref............ .......... 100 28 Jan 27 48% Aug 25
311- Dec
45% 46% 40
40
46% 46
*45
66'll Oct
50
*47% 52
*10
51
64 M.ir 20
*47% #2
*47
50
100
*'17*2 52
*100%
50 Do pref........................ 100 108 Mar 14 i l l May 11 100 June 110 Oct
*100
*106
*106%
§100% 100% *106%
1,500 United Cigar Stores.......... 100 69 Feb 9 105% Aug 9
100% 100% *100 101% 100 100
99% 99% 99% 99% 99 100
b9
Dec 610% Oct
*118 11934 *116% 119% *118 119% *118 119% *113% 119% *116% 119% ______
Do pref_________ . . 100 611% Feb 10 120 Aug 9 511% Oct 612% Nov
164% 165
164 106
164 165% 102% 164% 162 164% 162 164% 12,600 United Fruit____ _______ 100 136% Jan 31 169% June 8 139 Nov 163 Nov
20
*19% 21
1,300 U 8 Cast I Pipe A Fdy___ 100
20
20
15% Jan 31 26% Mar 14
20%
8 Jan 317g Oct
19% 19% 19% 19% 19% 20
*53
*52% 54
52% 52-? *52% 53
*52% 53
200
54
53
53
Do pref................... 100 48% Feb 5 54% July31
32% Mar 55% Nov
111% 113
110 113
109 I ll
107% I ll's 109 111% 23,800 U 8 Industrial Alcohol___ 100 97 July 13 170% Apr 6
109 111
15 Jan 131% Dec
*101 101 *101 104 *101 101 *101 101 *101 101
103 103
100 Do pref_____________ 100 99% July 11 111 Jan 13
70
Jan 107 Nov
7434 Apr
56% 56
5614 57
56
50% 56% 53% 50
57% 56
57% 12,000 United States Rubber___ 100 47% Mar 1 59% Aug 16
44 July
*111 112 * m
111 111
112
110% 111% §110% 110% 111'- 111%
650
Do 1st preferred_____ 100 106% Feb 5 112 Aug 17 101% Feb 110 Apr
___ ..................
70% 71% 70% 70% 70% 70% 68% 09% 69% 71% 70% 71% 11,600 U 8 Smelting Ref A M ___ .50 62% June27 SO*i Apr 4
300
*50% 51% *51
51
51% *50% 51% 50%
*50% 51%
50
53*o.Juno 0
96% 97% 95% 97% 95% 96% 95% 96% 95% 99% *95
38 Fob 89% Dec
97 622,400 United States Steel............ 100 r79% Mar 1 99% Aug 23
117% its
117% 118
117% 118
117% 117% 117% 117% 117% 118
5.350
Do pref...... ............. . 100 115 May 3 118% Aug 10 / l 02 Feb 117 Oct
82
82% 82% 82% 82% 80% 82% <80% 83% 82% 83% 24,209 Utah C op per.................... . 10 74% July 14 86% Feb 19
83
48% Jan 81% Dec
*16% 17% *16% 17% *10% 17% 10% 10% *16% 17% *16% 17%
100 Utah Securities v t c .......... 100
16% June 9 20% Feb 3 ..................
39% 40% 40% 11% 40
41% 41% 40% 40% *10% 42
40
51 Jan 17
15 Jan 52
1,400 Vlrglnla-Carollna Chcm__ 100 36 Apr 21
Oct
*110 112 *110 112
110'- 110% *109 111 *109,1 111 *109 111
SO Jan I1378 Dec
100 Do p ref....... ............... 100 108 Apr 22 112 Jan 3
95
95% 95*2 *95
96
*91
95% 91% 94% 95
*94% 95%
400 Western Union Telegraph. 100 87 Mar 1 96% May26|
57
Jan 90 Nov
58% 60
58% 59
19,200 Westlnghouse Elec A Mfg. .50 52% July 14 71% Mar 15
59
60
58% 5S73 58% 59% 58
60
32 Feb 747g Oct
*70
*70
*70
*70
76
*70
76
76
76
*70
76
85
Oct
76
.50
70 Apr 19 79 Mar 15,
47% 47% 44% 47
45*i 46% 45% 46% 45% 46% 43% 45% 58,900 Wlllys-Overland (The)__ .25
43% Sept 1 u325 June 5; nS7 Fob «268 Nov
$ per share
76% 79%
104% 101%
480 482
136 137
65% 67%
19%
19
46
40%
56% 56%
112% 112%
101
19% 20
52
53%
46% 48%
135% 136
97
98%
*107% 110
14
14%
90
90%
73% 76%
118 118
S ver share
78% 80%
*103 105
*470 490
*135 140
66-% 67%
1.8 IS
*44% 46
56*2 57
113% 113%
137
*124
135% 135% 135% 136
*136 138
130% 136% 135% 136
*121% 125'- *121 125 *124% 125% *121'- 125% *121
137
126
$ per share
76% 78%
*104 101%
484% 485
135 1.35
66%
*17
19
45% 45%
55*2 56%
* 112% 113%
S per share $ per share
79 u
76% 771.1 76
104% 101% *101 105
480 483
*460 485
*135 137 *133 137
62
65% 62% 66%
18
18% 18% 19
46
46
45% 46
55% 55% 55% 56%
*112 1131- *112% 113%
S v er share
79% 80%
1045s 104’s
476 489
137 137
661s 67%
*17% 18%
45
45
57
57%
* 1121.1 113%
1,300 Wool worth (F W ).............. 100 118 Jan 5 139% May 121 90% Jan
Do pref....................... 100 123 June29 125% June 6 115 Jan
..........
120% Dec
124 Aug
New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
827
I n J a n . 1 9 0 9 th e E x c h a n g e m eth od o f g a o lin g b o n d s w a s c h a n g e d , a n d v r i c e s a r e n o w a ll— " a n d i n t e r e s t " — e x c e p t f o r i n c o m e a n d d e fa u lte d b o n d s .
P ric e
F r id a y
S e p t. 1 .
BONDS
N . Y . STOCK EX CH AN G E
W e e k E n d in g S e p t . 1 .
W e e k 's
Range or
L a s t S a le
Range
S in c e
Ja n . 1
BONDS
N . Y . STOCK EX CH AN G E.
W e e k E n d in g S e p t . 1 .
P r ic e
F rid a y
S e p t. 1.
W e e k 's
Range or
L a s t S a le
R ange
S in c e
Jan. 1
B id
A sk Lo w
U. S. G o v e rn m e n t.
H ig h
Low
H ig h
C h i c B u r l & Q ( C o n .)
B id
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H ig h
Low
H ig h
99
______ 9 9
99
8 2 s c o n a o l r e g i s t e r e d ___ <21930 Q - J
99
99
I o w a D i v s in k fu n d 5 s _____1 9 1 9 A - O
____ 1 0 3 A u g T 6
1 02 % 1 0 3 %
99
______ 100
100
S 28 c o n s o l c o u p o n ______ <21930 Q - J
99*2 1 00
S in k in g fu n d 4 s __________1919 A - O
9 9 3 4 _____ 9 9 % A u g T G
9 9 % 997S
lO O U _____ 100*2 A u g ’ 16
S 3 s r e g is t e r e d ............
*1918 Q - F
9934 10234
J o in t b o n d s .
See G re a t N o r th
8 3 s c o u p o n _______________ * 1 9 1 8 Q - F l O O U _____ 1 0 0 >2 A u g ’ 16
100
1027S
N e b r a s k a E x t e n s i o n 4 s . . . 192 7 M - N
98*4 S a le
973 4 1 0 0
98%
98*4
1 09 <2 _____ 1 1 0 i 4 J u l y ’ 16
S 4a r e g i s t e r e d ......................... 192 5 Q - F
109 3, 11
R e g i s t e r e d ............................ 1927 M - N
98
J u l y ’ 16
98
96
1103 4 1 1 1
S 4 s c o u p o n _________________1 92 5 Q
S o u t h w e s t e r n D i v 4 s ______ 1921 M
9 9 % _____
99*8 J u n e ’ 15
9 8 i4 _____
98*4 O c t '1 5
S B a n C a n a l 1 0 - 3 0 -y r 2 s .* 1 9 3 6 Q - F
G e n e r a l 4 s . . ...............................495 s M - S
9 3 % S a le
94%
93%
93*2
92*
9 S i 4 _____
S P a n C a n a l 1 0 - 3 0 -y r 2 s . . 1 93 3 Q - N
97
J u l y ’ 15
C h i c & E 111 r e f & I m p 4 s g . . 1955 J - J
24
30
21*4 2 5 %
23
A u g ’ 16
I 0 U2 ____ 1 0 2 l j J u l y ’ 16
S P a n a m a C a n a l 3 s g ------- 1961 Q - M
10178 103U
U S M tg & T r C o ctfs o f d e p ..
24
26
24
24
Aug T 6
20
10 0 _____ 1 0 0 F e b ’ 15
S P h ilip p in e I s la n d 4 s . 1 9 1 4 -3 4 Q - F
1 s t c o n s o l g o l d 6 s ...................1 9 3 4 A - O 1 09 % ____ 107*2 A u g '1 6
107%
104
F o re ig n G o v e r n m e n t
G e n e r a l c o n s o l 1 st 5 s ______ 19 3 7 M - N
847g S a le
86%
8 4-8
85*2
75
98
S a lo
98
A m c r F o r e ig n S c c u r 5 s ( w 1 ) . ’ 19
9 8 's 1 1 2 9
98
9 8 's
R e g i s t e r e d _______________ 19 3 7 M - N -------85
82
M a y ’ 16
82
82
95%
9518 Hale
A n g lo -F r e n c h 5 - y r 6s E x l c r lo a n . A - O
955s 3 2 9 0
93*2 9 0%
U S M tg & T r C o ctfs o f d ep
847s S a le
847g
8 4 7g
85%
75
92
92
923 4
9234
A r g e n t in e — I n t e r n a l 5 s o f 1 9 0 9 . . M - S
893.4 9 5 %
G u a r T r C o ctfs o f d e p . .
--------- 857g 8 5
85
J u n e '1 6
74
7 2 12 7 2 i 2 A u g '1 6
C h in e s e ( I l u k u a n g R y ) — 5 s o f ’ l l J - D t 72
69
78*4
P u r m o n e y 1 st c o a l 5 s _____ 194 2 F - A
97% F e b T 3
98
99
C u b a — E x t e r n a l d e b t 5 s o f 1 9 0 4 . M- S
99*s
99*4
96*4 1003 4
C h i c & I n d C R y 1 s t 5 s . . . 193 6 J - J
...
22*2 M a y ’ 16
24
21
95
9 6 '4
E x t e r d t 5 s o f ’ 14 s c r A ___ 194 9 F - A
96*4
96*4
94% 97
C h i c G r e a t W e s t 1 st 4 s _______ 1959 M - S
69*2 6934 69*2
74
69%
69
8 5 i4 _____
E x t e r n a l lo a n 4 M s __________191 9 F
8 H 2 87
C h i c I n d i t L o u ls v — R e f 6 s . 1 94 7 J - J 113
115
1
15
113
A
u
g
T
8
1
1
1
%
9 9 i 2 S a lo
99*2
D o m in i o n o f C a n a d a g 5 s w 1 1921 A - O
9 9 7s
R e f u n d i n g g o l d 5 s __________19 47 J - J 1 0 0
9 8 % 100*4
_ .
1 01
1 01
J u n e '1 6
1 00
99
S a le
9934
Do
do
1926 A - O
987S
R e f u n d i n g 4 s S e r ie s C _____ 191 7 J - J
9 7 % 101*4
83*2 94
95% A p r ’ l l
99
S a lo
99
Do
do
1931 A - O
99?s
90*4 1023s
I n d * L o u ls v 1 s t g u 4 s . . . 1 95 6 J - J
_____
70
55
D e o '1 6
86*4 A u g '1 6
J a p a n e s e G o v t — £ lo a n 4 M s . 1925 F - A I 86<4 8 7
8 2 % 86*2
C h i c I n d * S o u 5 0 - y r 4 s _____ 1 9 5 6 J - J
8 8 *g 89
88*8 A u g T 6
*g 91%
85*2
85*2
S e c o n d s e r ie s 4 M s ............ . . 1 9 2 5 J - J t 8 5 >2 86
86
C h i c L S A E a s t 1st 4 M s _____ 196 9 J - D
78*2
------- 96%
97% A p r T 6
97*2 97%
8
1
S
a
le
80*2
81
Do
do
“ G erm a n sta m p ” .
73
C h i c a g o M i lw a u k e e & S t P a u l—
84*4
t 70
7 0% 7 0
70
S t e r lin g lo a n 4 s .......................1931 J
63
G e n ’ l g o ld 4 s S e r ie s A . . . e l 9 8 9 J - J
72*2
89%
897g
17 89% 94
89%
90*4
47
57
60
A u g ’ 16
M e x i c o — E x t e r lo a n £ 5 s o f 1 89 9 Q
45
R e g i s t e r e d ...... .................. e l9 8 9 Q - J
60
9 2 % F e b '1 6
92% 92%
35
39
39 A u g '1 6
G o l d d e b t 4 s o f 1 9 0 4 ............ 1954 J - D
P e r m a n e n t 4 s ........................ . 1 9 2 5 J - D
27*2 5 0
93% 9 4
94
94
93*2 95%
95*a J a n ’ 15
P r o v o f A lb e r ta — d e b 4 M s . .1 9 2 4 F - A
G e n & r e f S e r A 4 J $ s _____ a 2 0 1 4 A -O
91% 92% 9 2
92%
91*2
94%
t
7834
S
a
le
783
4
783
4
M
S
T o k y o C i t y — 5 s lo a n o f 1 9 1 2 . .
G e n r e f c o n v s e r B 5 s _____a 2 0 1 4 F - A
74
80*2
105*2 S a le 105*2
106%
105% n o
t T h e s e a r e p r i c e s o n th e b a s is o f $610 £
G e n ’ l g o ld 3 M s S e r B _____ e l9 8 9 J - J
79% 80
79
Aug T6
78
81%
S t a te a n d C ity S e c u r it ie s
G e n e r a l 4 M s S e r C .............. < 1989 J - J 1 0 0 -8 1 0 1 % 10078
101%
100% 104
S a le
%
103*s
N Y C i t y — I X a _______________ 196 0 M - S 103
2 5 - y e a r d e b e n 4 s .................... 1934 J - J --------- 9 0 %
103%
90%
90*8
1043s s a le 103
90
93%
104%
4 M s C o r p o r a t e s t o c k _______196 4 M- S
1 04 %
C o n v e r t i b l e 4 M s ___________ 193 2 J - D
100*8 S a le 1 0 0
100*2
100 10334
1 0 9 i2 S a le 1083S
109*2
4 M 8 C o r p o r a t e s t o c k _______196 5 J - D
C h i c <t L S u p D i v g 5 s ____ 1921 J - J
_____ 1 03
103
106%
109*2
J u l y ’ 16 ------ 1|103
1037g
10834
S
a
le
1083
4
108*s
S
4 M s C o r p o r a t e s t o c k -----------1963
10578 1083.4
____
C h i c & M o R l v D l v 5 s ___ 1 92 6 J - J 105
104% A u g T 6
„ ,104% 10578
10034 S a le 100*4
%
977g 1003.4
4 % C o r p o r a t e s t o c k _______1959 M - N
C h i c <t P W 1st g 5 s ........... 1921 J - J 102% 103
102%
10234
2 102
104*8
%
I00 3 8
4 % C o r p o r a t e s t o c k _______195 8 M - N 1003s
98 100*2
C M & P u g e t S d 1 st g u 4 3 .1 9 4 9 J - J
------- 91
91*2 A u g T 6
89*2 917g
100*2
S
a
lo
M
N
4 % C o r p o r a t e s t o c k _______195 7
97% 101
D u b u q u e D i v 1 st s f 6 s . . . 1 9 2 0 J - J 106*2 108
106%
106%
106% 107%
1 00
100*4
Jan ’ 16
4 % C o r p o r a t e s t o c k ............ 1956 M - N
1 11
97*4
97*4
F a r g o & S o u a s s u m g 6 s . . 192 4 J - J 1 1 0
110
J u n e ’ 13
108
105*4 108
N e w 4 M s ....................................195 7 M - N 1083s 108"8 108
L a C r o s s e <t D 1 st 5 s ........... 1919 J - J 1017g 102% 1 02
Aug T6
i0 2 " ‘ 1 0 2 %
July’ 16
N e w 4 M s ....................................1917 M - N -----100*4 100 %
W I s i t M i n n D i v g 5 s ______ 1921 J - J 103% 104% 1 0 3
A u g ’ 16
1(13 105
108*2 S a le 108*8
108*2
4 M % C o r p o r a t e s t o c k ____ 1957 M - N
103 10S*2
W l s V a il D i v 1 s t 6 s _______ 192 0 J - J 1 07
____
1 07
J u l y ’ 16
106% 107%
100'%
June'16
1007g
1007g
M
N
4 4 $ % A s s e s s m e n t b o n d s . .1 9 1 7
M i l <t N o 1 s t e x t 4 M s ____ 1934 J - D
1 01 % S a le
%
%
101%
1017g
92*2
93
2
5
92%
92%l
93
3 M % C o r p o r a t e s t o c k ___ 1954 M - N
% ____ 10134 J u n o '1 6
C o n s e x t e n d e d 4 M 8 _____ 1934 J - D
10 1
10134
July’ io l------ 102% 105% C h i c & N o r W e s t E x t 4 s l8 8 6 - 1 9 2 0 F - A
M - S 105*4____ 105
N Y S t a t e — 4 s .........................
1961
95 ____ 9 6
96
95%
97%
105*4____
105
July’
1
6
-----102 105%
C an al Im p rov em en t 4 s
1961 J - J
94% . .
R e g is t e r e d ...............1 8 8 6 -1 9 2 6 F - A
97
A p r 16
97
97
102*4 J a n T O -------- 1 0 2 * 4 1 0 2 * 4
C a n a l I m p r o v e m e n t 4 s ___ 1962 J - J 105*4
G e n e r a l g o ld 3 M s _________ 198 7 M - N
807g 81% 8 1 %
81%
80
84
1 0 2 * 2 106
C a n a l I m p r o v e m e n t 4 s . . . 1960 J - J 105*4____ 105*4 Aug T
R e g i s t e r e d ........................ p i 9 8 7 Q - F
78*2 JaD T 4
115 A u g’ 16
113 115*4
C a n a l I m p r o v e m e n t 4 M S .1 9 0 1 J - J 115*8 1 1 0
G e n e r a l 4 s ____________________1987 M - N
93*2 95*4 9 3 %
94
933s 95%
10934 _____ 107% July’ 16
100*2 10934
C a n a l I m p r o v e m e n t 4 4 1 3 .19 6 5 I - J
S t a m p e d 4 s _______________ 19.87 M - N " --------- 9 4
93%
93%
93% 96
112*2 115%
H i g h w a y I m p r o v ’ t 4 M 8 .. 1 9 G 3 M - S 115*8____ 115’% Aug T
G e n e r a l 5 s s t a m p e d _______ 1987 M - N
111
1 14 % 11234 A u g T 6
112%
11634
104*4____
1091s July’ 16
107 10934
H ig h w a y I m p r o v ’ t 4 4 i s . . l 9 6 5 M - S
S in k in g fu n d 6 s ........... 1 8 7 9 -1 9 2 9 A - O 1 1 0
_____ 1 12 *] J a n 16
1 121] 1 1 2 %
85 Aug '16
J --------- 8 7
843.4 88 %
V i r g in ia f u n d e d d e b t 2 3 s ____1991
_____ 109*2 A p r T 6
R e g i s t e r e d .............. 1 8 7 9 -1 9 2 9 A - O 1 0 9
109% 109%
52
54
Aug T
6 s d e f e r r e d B r o w n B r o s c t f s ___
50*4 58*2
1 05
_____ 10434 A u g '1 6
S in k in g fu n d 5 s ........... 1 8 7 9 -1 9 2 9 A
104 10434
R a ilr o a d
_____ 103*2 A p r T O
R e g i s t e r e d .............. 1 8 7 9 -1 9 2 9 A - O 1 04
103% 104
65 ___ _ 65
65
A n n A r b o r 1 st g 4 s __________ * 1 9 9 5 Q - J
63
68 *s
102% 103
1921 A - C
%
%
101% 103%
923$
S
a
le
92*4
923
4
A
O
A t c h T o p & S F o g e n g 4 s ___ 199 5
921.4 95*8
---------- . 101
1921 A - C
D ee T2
92
J u l y ’ 10
R e g i s t e r e d __________________ 1995 A - O
91*4 9 3 %
1
0
4
1
0
4
%
193 3 M - N
104
Aug T6
103% 105
82*2 84
8378 J u ly ’ 16
A d ju s t m e n t g o ld 4 s ............* 1 9 9 5 N o v
83%
---------1 03 %
1933 M - N
104% J u n e ’ 16
104*4 104%
81
82*2 86*2 J a n T O
R e g i s t e r e d .........................* 1 9 9 5 N o v
84*2
120*2 120 % 121
1933 A - 0
J u n e ’ 16
831 83% 8334
8.33.1
S t a m p e d ........... . ...............* 1 9 9 5 M - N
83*4 8 8 1 4
_____
80
1941 J - J
90% S ep 09
C o n v g o l d 4 s ............................. 195 5
D *102 103
1 03
1 03
10034 107%
M llw & S L 1st g u 3 M s .
80
... .
1941 J - J
C o n v 4 s is s u e o f 1 9 1 0 ______ 196 0
D
103*2
1033.4
101% 107%
1 07
1 08
1921 M - f
109
108 J u l y ’ 16
10 - y e a r 5 s ....................................19 17 J - D 1007 1011 1007 8
101 %
100 % 1 0 1 34
_____ 1 0 6 % A u g '1 6
1 06
107%
1929 F - A
9 6 * 4 _____
E a s t O k la D I v 1st g 4 s _____ 1928 M - S
96
A u g TO
9538 96*2
1 1 1 % --------A s h la n d D l v 1 s t g 6 s .
192 5 M- S
11% D e o '1 6
83
85
R o c k y M t n D l v 1 st 4 s _____ 196.' J - J
85
J u l y ’ lG
11034
_____
85
89
M i c h D l v *3 t g o l d 6 s . . 1921 J - J
12*2 F e b 16
%
%
89*s Salo 8 9
T r a n s C o n S h o r t I. 1 st 4 s . 1958 J - J
89*2
89
92
89*2 9 2 % 9 2 % A u g T 6
M i l S p a r A N W 1st g u 4 s . 194 7
91
94
C a l - A r l - 1 st & r e f 4 4 $ s ’ ’ A ” 196 2 M- S --------- 96*2 96*2 A u g '1 6
96*2 99
N o r t h w U n io n 1 st 7 s g . _ . 1 9 1 7 M - S 101*4
1 0 7 % M n y '1 4
S F e P r e s & P h 1 st g 5 s . . . 1912 M - S 1027 104
1027 8 A u g T O
1 05 % 1 0 0
10278 104%
S t L P e o & N W 1 st g u 5 3 .1 9 4 8
1 05
Aug T6
1 05
109
91*2 9 1 34 917 8
A t l C o a s t I. 1 st g o l d 4 s _____ * 1 9 5 2 M - S
92*4
_____
91
94
W i n o n a & S t P 1 st e x t 7 s . 191 6 J - D 101
)2 *] D e c T 5
8 9 *8 8 9 % 8 9 's
G e n u n ifie d 4 4 $ 8 . . . ........... 196 4 J - D
89%
89% 92*4 C h i c a g o R o c k I s l * P a c e s . . 1 91 7 J - J 101*4 101 % 101*4 A u g '1 6
101*4 102'7g
106*4 10778 10G3 8 J u n o '1 0
A l a M i d 1st g u g o l d 5 s ____ 192 8 M - N
1
0
1
%
1
02
%
......
.............
19
17
R e g is t e r e d
106*4 107%
101*2 J u l y ’ 16
%
92 38 9.1*2 94*4 M a y ’ 16
9334 95
B r u n s <t VV 1st g u g o l d 4 s . 193 8 J 8 2 % 83
R y g e n e r a l g o l d 4 s _________ 198S J - J
82*2
82%
82% 87
1 33
1 35
12978 A u g T o
C h a r le s & S a v 1 st g o ld 7 s . 1936 J R e g i s t e r e d _______________ 19S8 J -------83% 83
J u n e ’ 16
83
84*4
83*2 S a le
83*2
84
L & N c o l l g o ld 4 s ................ o l 9 5 2 M - N
83*2 87%
71
72
R e f u n d i n g g o ld 4 s -------------- 1934 A - O
71*8
71*2
6 3 % 75*2
1 1 8 % _____ 119*8 J u i y '1 6
S a v F <t W 1 st g o l d 0 s _____ 1934 A - O
119*8 3122
3 0 y e a r d e b e n t u r e 5 s ........... 193 2 J - j
5 6 % S a le
56%
58%
41% 66%
1 0 5 % _____ 1 05
J u ly 1
1 st g o l d 5 s ............................ 1934 A - O
C o l l t r u s t S c r ie s P 4 s ______1 9 1 8 M - N
95*4 9 7 % 97*4 A u g T 6
95
97%
99*4 99*4 9 0 's F e b T O
SII S p O c a * G g u g 4 s _____ 1918 J 99% 99%
56*2 5 9
R I A r k & L o u is 1st 4 M s . . 1934 M
58
Aug T6
9238 s ul0
54
65%
923 8
92%
B o l t & O h io p r io r 3 4 $ s ______ 192 5 J 92% 9378
B u r C R & N — 1st g 5 s . . . 1934 A - O
100
101 %
99*2 J u l y ’ 16
92 ____ 92 J u n o ’ 10
R e g i s t e r e d ................ . . . * 1 9 2 5 Q
91*2 92%
9
9
%
_____
C
R
I
F
,
t
N
W
1
st
g
u
5
s
.
.
1921
A
O
1 00 7] M a r '1 4
8978 90
8 9 78
90*2
1 s t 5 0 - y e a r g o ld 4 s _______ * 1 9 4 8 A - O
8978 92%
M i t S t L 1 st g u g 7 s ----------1 92 7 J - D
89*2 A u g T O
R e g i s t e r e d ........................ *194.8 Q - J * 8 9 * 2 _____
89*2 91%
9 9 % _____
C h o c O k la & G g e n g 5 s . . 0 1919 J - J
0 9 % A p r T fl
Sale 9 3 78
98% 99%
1 0 - y r c o n v 4 J $ s ____________1933
95
9378 98%
9
0
_____
C o n s o l g o l d 5 s . . . ............ 1 95 2 M - N
9 7% J u ly ’ l
100% Sale 1**0
R e f u n d & g e n 5 s S c r ie s A . 199 5 J - D
100*2
997s 10134
6 3 % S a le
K e o k <t D e s M o i n e s 1 st 5 s 192 3 A - O
5 5 " 65* *
6
3%
63%
P it t s J u n e 1st g o ld 6 s _____1 92 2 J - J 108 109
112
Jan T 2
6
3
6
8
S
t
P
a
u
l
i
t
K
C
S
h
L
1
s
t
4
M
S
’
4
1
F
A
6
7
A
u
g
’
16
6
5
71
91
_____
P J u n e & M D l v 1st g 34$S 192 5 M - N
91
A u g '16
91
92
117 1 1 8 117*4 A u g T 6
C h i c S t P M & O c o n 0 s _____1 93 0 J - D
117*4 1187*
85*8 Sale 8 5 %
P L E & W V a S y s r e f 4 s . . 1941 M - N
86
85*8 9 0
91
C
o
n
s
6
s
r
e
d
u
c
e
d
t
o
3
M
S
.
.
1
9
3
0
.
J
D
---------'
8734
F
e
b
T
O
8
7
%
8
734
897g
90*8
S o u t h w D l v 1 st g o l d 3 4 $ s . l 9 2 5 J
90
90*4
89% 92%
D e b e n t u r e 5 s ______ ________ 1930 M - S
S a le 100
100*4
100
1 03
%
% 1 00 A p r '1 3
C e n t O h io R 1 st c g 4 M s _ _ 1 9 3 0 M - S
117
C h S t P it M in n 1st g 6 s . . 1918 M - N
1 17 % 1 1 8 %
117*2 M a y ’ 16
C l L o r & W c o n 1 st g 5 s ___ 1933 A - O 10 0 * 2 _____ 10738 A u g T 6
117
107*8 1077S
N o r t h W is c o n s in 1st 6 s . . . 1 9 3 0 J - J
129 % M a y ’ 09
M o n o n R i v e r 1 st g u g 5 s . . 1919 F - A
101 J u n o ’ 16
101 10 1
103% I0578 104*4 A u g T 6
S t P <t S C i t y 1st g 6 s _____1 91 9 A - O
*0 4
105%
106*8 . . .
O h io R i v e r R R 1st g 5 s . . . 1936 J - D
107
J u ly '1 6
104% ____ 1 0 4 % A u g T 6
100*2 107%
S u p e r io r S h o r t L 1st 5 s g . p l 9 3 0 M - S
104% 104%
104*2
105*2
G e n e r a l g o l d 5 s ................ 1937 A - O
1 05
J u l y ’ 16
68
80
105 105% C h i c T II . t S o -e a s t 1 st 5 s _ . . 196 0 J
85
Jan
106*2____ 113** F e b T 2
P it t s C l e v & T o l 1st g 6 s . . 1922 A - O
1
0
6
*
4
_____
C h ic & W e st In d g e n g 6 s .? 1 9 3 2 Q - M
1 0 6 % A u g '1 6
106
107%
9 9 3 a _____
9U*i A p r T 6
P it t s A W e s t 1 st g 4 s ........... 1917 J - J
9*9% ‘ 99*2
76
76*2 7 6 A u g '1 6
C o n s o l 5 0 - y e a r 4 s ................ 195 2 J - J
75% 81%
91
J u n e ’ 12
S t a t Isl R y 1 st g u g 4 M S - - 1 9 1 3 J - D
91 ____ 86*2 J a u T O
C i n I I i t D 2 d g o l d I M s ____ 1937 J - J
86 % 86*2
B u f f a lo R A P g e n g 5 s ........... 1937 M - S 108*; 109*2 108*4 J u l y ’ 16
107*2 110
-------SO
1 st i t r e f u n d i n g 4 s ................1 9 5 9 J - J
IOU4 102*8 102*3 J u l y ’ 16
C o n s o l 4 4 $ s .......
..1 9 5 7 M - N
IOH 103
78
______ 7 8
1 st g u a r a n t e e d 4 s .................. 195 9 J - J
Aug T 6
78
78 '
9 0 % ____ 9 2 % M a r ’ 16
A l l A W e s t 1 st g 4 s g u ____ 199 8 A - O
92% 92%
40
_____
C i n D & I 1st g u g 5 s _____1941 M - N
25
J u l y ’ 15
100 _____ 103 % F e b T O
C l e a r A M a h 1st g u g 5 s . . 1943 J
103% 103%
C F in d it F t W 1 st g u 4 s g 192 3 M - N
88
M a r’ ll
108 ____ 100*4 A u g T 6
R o c h A P it t s 1 st g o l d 6 s . .1 9 2 1 F - A
107.% 109*4
C i n I i t W 1 st g u g 4 s ____ 1 95 3 J - J
65
J u l y ’ 14
____ 1 10 J u ly '1 6
C o n s o l 1 st g 6 s ...................1922 J - D 109
107%
D a y i t M i c h l s t c o n s 4 M s . 1931 J - J
94% D e c T 4
C a n a d a S o u c o n s g u A 5 s . . . 1962 A -O
101*2 10278 101*2
101*2
101*2 104%
I n d D e c * W 1 s t g 5 s ........... 193 5 J - J
65
J u iy '1 4
R e g i s t e r e d ......................
1962 A - O
101)78 A p r T 4
1 s t g u a r g o ld 5 s ................ 1 93 5 J - J
107*2 D e c '0 2
C a r C l in c h A O h io 1st 3 0 - y r 5 s ’ 38 J - D
04% 96*. 94*2
94*2
92*
9 512
77% 78% 78
C l e v e C in C i t S t L g e n 4 s . . 199 3 J - D
7 7% 81
A u g TO
C e n t r a l o f G a 1 st g o l d 5 s . . . p l 9 4 5 F - A 1 0 7 % ____ 1073.4 A u g 16
107 % 108
8 4 .2 87% 84%
2 0 - y r d e b 4 M s ........................1931 J - j
84*2
83i-> 90*4
C o n s o l g o l d 5 s ........................ 19 45 M - N 100*2 101
9 7 % 99*4 100*4 J u n e '1 6
G e n 5 s S e r ie s B ..................... 1 99 3 J - D
99% 100%
C h a t t D l v p u r m o n e y g 4 s 1951 J - D
*34% . . .
84*2 M a y '1 6
84*2 8 5% 85*8 A u g T O
8 3 % 84*2
C a ir o D l v 1st g o ld 4 s ______ 1 93 9 J - J
82
87
M a c A N o r D l v 1 st g 5 s . . 1946 J - J 103
.
1U1*« M a y ’ 16
10134 10134
C i n W <t M D l v 1 st g 4 s . . 1991 J - J
75*2 7 0 %
75*2
76
75*2 7 7 %
10 J
M i d G a A A t l D l v 5 s ........... 1947 J - J
100*4 M a i 1
80% 82
S t L D l v 1 st c o l l t r g 4 s . . .1 9 9 0 M - N
803 4
82
79
84%
M o b i l e D l v 1 st g 5 s _______ 1946 J - J 103
102*4 J a n T O
102*4 102*4
R e g i s t e r e d ........... ................1 9 9 0 M - N
8 2 % M a r '1 4
C c n It It A B o f G a c o l g 5 s . . 19.37 M - N
94
96
94
A u g '1 6
94
97
83 . . .
S p r i t C o l D l v 1 s t g 4 s ____ 1 94 0 M - S
85
’ 86*%
86*2 J u n e '1 6
C e n t o f N J g e n ’ l g o l d 5 s ____ 1987 J - J 11534 S a le 115*4
116
115% 118*4
8434 8434
W W V a l D l v 1 st g 4 s ____ 1 9 4 0 J - J
80*4 84
84*4 J a n TO
R e g is t e r e d _____________ * 1 9 8 7 Q - J
114 H 6 I4 115 A u g '1 6
115
117%
105% 105*4 105 J u n e '1 6
C I S t L i t C c o n s o l 6 s _____1 9 2 0 M - N
105
10534
A m D o c k A I m p g u 53 _____ 1921 J
103*2 104 103*2 J u ly '1 6
103% 103%
92%
..
1 s t g o ld 4 s ........................... * 1 9 3 6 Q - F
92*2
92%
91*8 9 2 ‘ 2
L e h A H u d R I v g c n g u g 5 s . 1 92 0 J - J
1 00
J u n e ’ 13
9 0 * 4 _____
R e g i s t e r e d ................... * 1 9 3 6 Q - F
8 S*i M a y ’ 15
N Y A F o n g B r g e n g 4 s . . 19 41 M - S
90% . .
1 0 0 % Jan T 3
____ 102 % M a r ’ 16
C i n S i t C l c o n 1 st g 5 s . . . 1 9 2 3 J - J
*%
C e n t V e r m o n t 1 st g u g 4 s . . e l 9 2 0 Q - F
--------- 82
79
A u g TO
79
83
C C C i t I g e n c o n g 6 s . . . 193 4 J - j
116*4____ 116% J u n e ’ 16
116*8 116*8
94*2 95*4 9 5 % A u g T 6
C h e 3.a A O f u n d A I m p t 5 s . . 1929 J - J
94*2 98
85 . . .
I n d B i t W 1st p r e f 4 s _____1 94 0 A - O
94
J u ly 08
106
. . .
1 s t c o n s o l g o l d 5 s .................... 1939 M - N
106*2
100*2
10434 1073s
O I n d <t W 1 st p r e f 5 s . .. < / 1 9 3 8 Q - J
104
104 % 104*2 J u n o '1 6
R e g i s t e r e d ........... - ............. 193 9 M - N
103
104*2
70
73
7 6 % J u ly '1 6
P e o i t E a s t 1 st c o n 4 s ____ 1 9 1 0 A - O
63
77
89
S a le " 8 9
G o n e r n i g o ld 4 M s _________ 1992 M- S
8978
89
93*4
32
34
3 6 % J u l y ’ 16
I n c o m e 4 s . .......................... 1 9 9 0 A p r
23
38
M
S
------91
R e g i s t e r e d ........... ............... 199 2
90*2 F e b in
9 01] 91
100
1 00 % 1 00
C le v e S h o rt L l s t g u 4 M s . -.1 9 6 1 A - O
99% 101%
100*2
8 4 % S a lo
2 0 -y e a r co n v e r tib le 4 } $ s . .l 9 3 0 F - A
84%
8478
84% 89
7 % 10
C o l M i d l a n d 1 st g 4 s . .............. 19 47 J - J
13
Aug T6
7
16%
9 2 % S a le
3 0 - y c a r c o n v s e c u r e d 5 s . . 1946 A - O
92*4
93
9 2 % 95
____
T r u s t C o c e r t f s o f d e p o s i t .........................
7
7
6
1534
------- 8 5
B i g S a n d y 1 s t 4 s ....................1944 J - D
84
A u g TO
83*4 8 5
91%
C o l o r a d o i t S o u 1st g 4 s _____1 9 2 9 F - A
9 0 % 91*4 907g
90
93*4
82
8 3%
C o a l R i v e r R y 1 st g u 4 s . . 1 94 5 J - D
83
M a r '10
83
84%
83
83% 83%
83%
R
e
f
u
n
d
i
t
E
x
t
4
M
S
..............1
9
3
5
M
N
92
97
82%
87%
C r a ig V a ll e y 1 st g 5 s ______ 1 94 0 J - J
90*4 F e b '1 6
96% 90%
105
IO 134 A u g T G
F t W . t D e n C 1 st g 6 s . . . 1 9 2 1 J - D 1 0 4
10434 106%
P o t t s C r e e k B r 1 st 4 s ____ 1946 J - J
8434 J a n T 3
_____
95
C o n n i t P a s R l v s 1st g 4 s ___ 1 94 3 A - O
87
88
J
I t A A D l v 1 st c o n g 4 s ___ 1 98 9
88 A u g T o
84*j
_____
96% 94
C
u
b
a
R
R
1
st
5
0
y
r
5
s
g
_____
1952
J
J
F eb T b
94
94* *
2 d c o n s o l g o ld 4 s ..............1989 J - J
8 0% 83
81*2 J u n o '1 6
81%
83*g
D e H L a c k it W e s t e r n —
____ 9 0 A p r 14
G r e e n b r i e r R y 1 st g u g 4 s . 1 94 0 M - N
867g 85*4 A u g T 6
M o r r i s i t E s 1st g u 3 M s . . 2 0 0 0 J - D ____
8534 87
W a r m S p r in g s V 1 s t g 5 s . . 1941 M- S
113*4 F e b '1 6
107
S a le 1 07
N Y L a c k i t W 1st 6 s _____1921 J - J
1 07
106% 109%
C h i c A A l t o n I t l t r e f g 3 s . . . 1949 A - O
5 9 % "6 0 %
593.4
57
60*8
1 0 2 % 103*8 10234 A u g T O
10234 104
C o n s t r u c t i o n 5 s ................. 192 3 F - A
R a i l w a y 1st lie n 3 M s ______ 1 95 0 J - J
48
50
50
A u g TO
43
50%
97*4 9 8 % 98*2 J u l y ’ 16
T e r m i t I m p r o v e 4 s _____1 92 3 M - N
98
98%
C h i c B A Q D e n v e r D l v 4 s . . 1922 F - A
997 8 --------- 9978 A u g '1 6
99 100
84 ------ 0 2 % F e b ’ 03
W a r r e n 1 st r e f g u g 3 M s . 2 0 0 0 F - A
84
8 4% 84*2
I llin o is D l v 3 J $ s .......................1949 J - J
843.4
83*2 87
% ____ 103 A u g '1 6
D e l «t H u d 1 st P a D l v 7 s . . . 1 9 1 7 M - S
1 0 3 ' 104%
I ll in o i s D l v 4 s ______ _________1 94 9
J
93*2 94*2 9434 A u g T O
9378 90%
R e g i s t e r e d _______________ 1 91 7 M - S
1 0 4 % F e b 16
104% 104%
J
R e g i s t e r e d _______________ 1 94 9
I 97*2 D e o 15
102*2
U
U
U
U
U
U
U
U
U
U
111
111
110 11212
2
20
86
86
88
102
10034 100
100*2
97*4
101 100*4
101
101
100
100*2
101
101
101
102
102
6
6
5134
6
88
86*2
2
121 121
*102 103
8
8
112 112
8
101 102
9734100
94*4
100
100 101
4
110*4
100*2
100*2
100 102
102
102 102*2
10
88
88
00*8
102
N o p r ic e F r i d a y : la t e s t t h is w e e k .
d D u e A p r il.
« D ue~M ay.
g D u e Juno,
h D u o J u ly ,
k D ue A ug.
o D ue O ct.
p D ue N ov
g D uo D ec
s O p t i o n s a le
1
1
Interest
P eriod |
BONDS
N . Y . STOCK EXCHANGE
Week Ending Sept. 1.
P rice
Friday
Sept. 1
L
0)
Range
Since
J an . 1
BONDS
N . Y . STOCK EXCHANGE.
Week Ending Sept. 1.
P rice
F riday
S ept. 1
W eek 's
R ange or
Last Sale
Range
Since
J an . 1
Low Nigh
H igh
Bid
AsA Low
H igh N o . Low H igh
A sk Lor
£ id
Delaware & Hudson (Cont)
10-4 106%
101
J 104% 105% 104
1 100% 102 Leh Val Coal Co 1st gu g 5S-1933
101%
1st lien equip g 4Ms---------1922 J - J 100*2101% 101
105 Oct '13
J
Registered................
1933
12
90*4
99%
98%
97% 98% 97
1st & ref 4s................... ..1943 M -N
J
J
1st
lnt
reduced
to
4s------1933
105% 27 105 108
A - O .05*2 105% 105
89% 90
89% July'16
Leh & N Y 1st guar g 4s----- 1945 M - S
85*4 88
86 87% 80
A -O
Registered...............
1945 M- S
112% 113
Renss & Saratoga 1st 7 s.-1921 M -N [ 12% ____ 112
104%
100%
106
Junc’
16
____
105%
70
79% Long Isld 1st cons gold 5s.-ftl93l Q - J
J - J 77*2 78
78
9-1*4 96%
1st consol gold 4s.............Jil931 Q - J 94 ____ 94% Junc’ 16
83
86
83
83% 81
J - J 83
86
90
88
June’
16
85
____
J
-D
General
gold
4s__________
1938
78% 85
80% 82% 81 Aug ’ 10
J -D
99*4 99%
99% Apr TO
Ferry gold 4 Ms_________1922 ftl- S ____ 99
67%
65*2 73
F -A
66*2 67*2 0" :
99*4 Oct '06
J -D
Gold
4s........
.....................
1932
88
87%
J -D
87*2 9a
87
84% 86
Unified gold 4 s.................. 1949 M- S 82% 84% 84% July’ 16
J - J 34*2____ 61
96
97
94
96
98 Aug TO
Debenture gold 5 s........... 1934 J -D
35
35*4
J - J 34*2____ 3. Junc’ 16
86
% 90%
87
86
%
80%
ft!
S
86
%
Guar
refunding
gold
4s__
1949
78*j
73*2
74% 71 : Aug ’ 16
J - J 73
95
Jan
'
l
l
MS
Registered____________ 1949
62
66*2
62
64
61 Aug '16
A -O
101% 103%
N Y B & M B 1st con g 5s.1935 A - O 102*2____ 103*2 M arT 6
94
.
9( Apr ’ 14
A -O
102% 103
N Y & R B 1st gold 5 s - -1927 M- S 102% 103*2 102*2 Aug '16
99
’ 99 ' 99
M - N 99 Salo 9f
99% 102
Nor Sh B 1st con g gu 5s.ol932 Q - J 98 101 100 A u g'16
90
Jan
16
90
J
-D
77
85
9
Det A Mack83
97*2
97*2
July'16
91
96%
MS
1927
Louisiana
&
Ark
1st
g
5s___
85
July’
16
75
J -D
75
80
7
111%
113
112
A
u
g'16
112
114%
J
-D
Loulsv & Nashv gen 6s........ 1930
91
90% 94
90
92
9 i
M -N
Det Rlv Tun108% 110%
Gold 5 s......................
1937 M -N 108% 109% 109 Aug TO
Apr '16
104 104
J - J 103 ------ 10
93*2 96
93*2
94%
Unified gold 4s__________ 1940 J - J 92*2 94
101% 103U
A -O 100*2 102*2 10 1 Aug '16
93
93
93
Registered...... ......... ..... 1940 J - J 92% 93*2 93
10 Mar'08
A -O
103% 105%
Collateral trust gold 5s__ 1931 M- N 103% 104% 104 A u g'16
92*2 95*2
93
93
9
J - J 92
107%____
107%
Dec
'15
J
-D
E
II
&
Nash
1st
g
6
s____
1919
103
104
1
M
ay’
l
M -N 102 ____ 10
100% 102
L Cln & Lex gold 4Ms__ 1931 M- N 101% ____ 101*2 Aug TO
108% 111%
M S 108% 109 10 2 103-14
114 116%
N O & M 1st gold 6s____ 1930 J - J 114% 114% 114 July’ 16
96*2 98*2
M -N
9 5% ------ 9
N Y & Erie 1st ext g 4s.
109%
May'15
107
109%
J
J
2d
gold
6
s
____________
1930
1017
8
102*4
M- S 102 ------ 10
88*2 90*8
88
%
July'16
87
89%
F
A
Paducah & Mem Dlv 4 s..1946
100
100 100
i M- S 100 ____ 10
107 108%
St Louis Dlv 1st gold 6S..1921 ftl- S 106 107% 108 Apr TO
101*2 102%
A - O 101% 102 10 i Aug ’ ll
61
64
03%
June’
16
61*2
63%
MS
2d
gold
3
s......................
1980
N ot' 15
92
9
S J -D
85% 90
86% Sale 80% 86's
Atl Knox & Cln Dlv 4 s.. . 1955 ftl-N
111
0 M - S 108% 108*2 10 Aug T 6
Atl Knox & Nor 1st g 5S..1946 J O 107%___ 111 Jan '13
83
86*2
;
J
J
82%
83
8
106% 107
Erie 1st con g 4s prior__
Hender Bdge 1st s f g 6 s..1931 M- S 106*2___ 106*4 Juue’ 16
.8 4
8 Oct '15
iJ - J
87% 89*8
88% Aug '16
Kentucky Central gold 4s. 1987 J - J 88% ___
71
77
72%
; J - J 70% 71
7
100
%
101
% 32 100 101%
101
____
A
O
Lex
&
East
1st
50-yr
5s
gu.1965
:
June’
16
72%
76%
; J - J 70 ------ 7
99% 101
101
July'16
99%
100%
MS
L & N & M & M 1s t g 4Ms 1945
88% 90
| F -A
89
89% 8 i
89*8
77% 82
78*2
78%
L & N-South M joint 43— 1952 J - J 78% 80
69
72*2
69 M
j A -O
69*2 70% 6
95
Feb
'05
Q
J
Registered....................
A1952
70
84
7212
j A -O
72*2 Salo 7 !
106
107*4
105%
106
106
100
F
A
N Fla & S 1st gu g 5s___ 1937
84
88%
85%
2 A -O 84% Salo 8 i
97% 97%
N & C Bdge gen gu g 4 Ms-19,15 J - J 97% ____ 97% May'16
106U
105% 107%
J M -N 105% 106% 10 l
108*8 108%
108*1
May’
16
F
A
108*8
109%
Pensac
&
Atl
1st
gu
g
6s—1921
Feb '15
u J - J 103%------ 10
105% 108%
8 & N Ala cons gu g 5s__ 1936 F - A 106% ____ 108% July’ 16
July’ 16
121% 123*4
-.A -O 122% 123*2 12
101 103%
101%
Gen cons gu 50-year 58.1963 A -O 100*2 102 101%
102 102
2 M -N 101 104 10 Mar’ 16
80*s 82*2
80
____
81%
Apr
TO
MS
& J ett Bdge Co gu g 4s__ 1945
106
102% 108
2 J - J 106 ------ 10
Dock & Imp 1st ext os ..
Manila RR—Sou lines 4 s...1936 M -N ____ 79
5
Aug
'12
..........
..
1
*
6
M
-N
N Y & Green L g u g 5s..
M
ai’
10
77
M
Mex
Internat
1st
cons
g
4
s
..
1977
98% 99
7 J - J ____ 97 9 May’ 16
79 H ov ’10
Stamped guaranteed_____ 1977 M
7 F - A ..................11
101 Oc* '09
Midland Term— 1st s f g 53.1925 J ■
72
81
0 F - A 77 78 7
115 115
Mar’ 16
115
____
115
J
-D
Minn
,t
St
L
1st
gold
7s____1927
105*2 105*2
3 M -N 105*2------ 10
103 103%
Pacific Ext 1st gold 6s____1921 A - O 103 104 103 Aug '16
0 A -O 104 ------ 11
88*2 90
89
89 Aug T 6
M- N 85
1st
consol
gold
5
s............
.1934
82%
90
July
16
82
84
8
2 1 -L>
52% 64*2
60
Sale
60
ftl
59*2
1st
<
fe
refunding
gold
4s__
1949
Mav’ 12
J - J ____ 40 K
60
64
55
57
60 Aug '16
Ref
& ext 50-yr 5s Ser A .. 1962 Q - F
101
101
100
102
1
*
1J - J
Evansv & T H 1st cons 6s.
60
Feb
'15
J
J
Des
M
<
fe
Ft
D
1st
gu
4s—1935
63
May'16
2 A -O 53 ____
86*2
90*a
86
%
89
86*2
Aug
'16
Iowa Central 1st gold 5s .. 1938 J -D
N ov’ ll
____ _ U
3 A -O
51*2 60
55 A u g '16
55
Refunding gold 4s_____ 1951 IM- S 53
June’ 12
.............. . !
0 A -O
91%
98%
91%
92
91%
92
J
J
M
StP&SSM
con
g
4s
lnt
gu.1938
13
91% 93%
93
02
93
9 J -D
97% Juno'12
1st Chic Term s f 4s_____ 1941 M- N 85 ___
Aug TO
1 J - J ________ !
99
97
97
99% 97*4
97*4
J
J
M
S
S
&
A
1st
g
4s
lnt
gu.1926
61%
69
68
%
Aug
'16
8 J - J 66*2 70*2
90
92%
Mississippi Central 1st 5s___1949 J - J 9212 03*2 92*2 July’ 16
Great Northern—
74%
70% 78%
73% Sale 73%
Mo Kan A Tex 1st gold 4s. .1990 J -D
97% 99
98
98 Sale
40
46
50*2
46
45%
48*4
F
A
01990
2d
gold
4s_____________
97*2
98%
i
97*2
>1 Q - J 97% 97%
39
39
62*8
39
1st ext gold 5s__________ 1944 M- N 38% 39
99 100*2
99
99
,1 J - J 98%
62
51
61
62
61
1st & refunding 4s_______ 2004 M- S 59
Juno’ 16
1 J - J ________
36
48
41%
41
42
41%
J
J
Gen
sinking
fund
4Ms___1936
96
97%
Aug
T
6
3 J - J 96 97%
46
37
37 Aug '16
St Louis Dlv 1st ref g 4s. .2001 A&O 37 . . .
120% 122
3-J - J 119*2 120% 1
9#34 Dec T3
Dali & Waco 1st gu g 5 s..1940 M- N
119% 121%
53 J - J ________ 1
72
60
Kan City & Pac 1st g 4s._ 1990 F - A 68 ____ 72 July'16
101% 103%
53 J - J 102% 102% 1
74
89%
M o K & E 1st gu g 5s____ 1942 A - O ____ 83% 83*2 A u g'16
102% 102%
________ 1
oj - J
50
67
60
65% 60 Aug TO
M K & Okla 1st guar 5S..1942 ftl-N
95*2 97*4
Aug '16
37 J -D 95*2 96
73
48
72
72*2
____
75
MS
M
K
&
T
of
T
1st
gu
g
5s.
1942
96% 96*2
37 J - D ____ 90
50*2
50*s
50*2
Aug
'16
Sher Sh & So 1st gu g 5 s.. 1942 J - D
85*2 N ov’ 15
10 ■> - J 8 5 % ____ 92*4
63
49
_5 0 " 57% 50%
50*8
MS
Texas
&
Okla
1st
gu
g
5
s..
1943
92%
*93
92*4
92% -----is A -O
109*8 109% Missouri Pacific (reorg Co)
22 J " J 108*2____ 1
92*2 93*4
92*2
93%
90
94
1st & refunding 5s wh ls s ___
122% 123
37 J - J 122% ____1
63% 65*2
64%
63% Sale 63%
General 4s when Issued______
_________
l
37 J - J
102
100
101
%
101
%
101
%
101
%
MN
109% 110% Missouri Pac 1st cons g 6s__ 1920
37 J * ■» 109% 110 1
89*4 99*2
99
99%
Trust gold 5s stamped___ol917 M- S 99% 100
07 J - J
82
Oct
'15
**' 1 I'l 10934 111% 1
MS
Registered___________
a
1917
109% 110%
38 J " D
83% 96%
94
93*2
96%
1st collateral gold 5s......... 1920 F - A
74
75
Feb
70
77*2 75 Jan '16
Green Bay & VV deb ctfs "A ” . .
Registered____________ 1920 F - A
11%
11
14%
10 12 11%
Feb
Debenture ctfs “ B” ________
39*8 52
50
Aug
16
48*4
50
ftlS
40-year
gold
loan
4s______
1945
86 87 84% July'16
84*8 88*2
40
51%
49
1st & ref conv 5s________ 1959 M- S 48% Sale 48%
90% Aug TO
90*4 90
99 J * J 90% 9134 97%
82
82
82 May'16
82
3d 7s extended at 4 % ____ 1938 M- ftl 81
Jan
'14
__________
99 J - J
100
Feb
T3
F
A
Boonv St L & S 1st 5s gu.1951
88 90 88 Aug TO
66*2 67 Aug ' 16
F- A
Cent
Br
Ry
1st
gu
g
4s__
1919
87
Aug
TO
88
%
91*2
55 F ' A
77% Dec '13
Cent Br U P lstg 4s____ 1918 J -D
37 J * • 87 ------ 94% Feb '15
110 M a r'05
Leroy & C V A L 1st g 5 s.. 1926 J - J
96% 07%
97*2------ 97% Aug TO
51 1 '
89
92
Pac R of Mo 1st ext g 4 s.. 1938 F - A ____ 89% 89% Aug '16
92
Aug
15
____
_____
51 J - •
100*2 July'16
100 lOOu
2d extended gold 5s___ 1938 J - J 101 .
83
85%
51 J - • 84*2 85*2 85% Aug '16
100% 52 99% 102%
St L Ir M & S gen con g 5s.1931 A - O 100% 100% 100%
_________
82
Nov'15
51 -« - ■
102 J'ly '14
Gen con stamp gu g 5 s.. 1931 A - O
84% 80%
84% Feb TO
51 A - C 83*2 90
74*2 8134
81%
Unified & ref gold 4s__ 1929 J - J 8 0% ____ 81%
51 A - C
80% Oct T2
Registered.............
1929 J - J
80
J’ly
'09
..................
51 M68 75%
74
74% 74
74%
Rlv & G Dlv lstg 4s—.1933 M -N
51
Verdi V I & W 1st g 5s—.1926 M- S 76 ____ 87 SOD '16
88 91%
52 A - C 88 88% 87% Aug TO
112' l i s '
112 113*2 112% July’ 16
J
Mob
&
Ohio
new
gold
6
s___
1927
95%
Sep
'12
____
_____
1
52 A - C
108 109
1st extension gold 6s___ A1927 Q - J ____ 111% 109 Fob '16
87% 91%
89%
89% Salo 89
>55 M- ft
75
76%
75% July’ 16
76
General gold 4s__________ 1938 M- S 75
83
81
>52-1 - • ____ 80% 81% Juno’ 10
102 102
09% 99% 102 Fob T 6
F -A
Montgomery
Dlv
1st
g
5s.
1947
87%
85*8
85*8
85*8
)53 M- ft ____ 85%
90
94%
89
Deo
'16
J
D
St
Louis
Dlv
5s...................1927
)53 M- ft1 ____ _____ 84 May'14
88*2 88%
St L & Cairo guar g 4s___ 1931 J - J 87 ____ 88*2 Apr T 6
90
92%
89 ____ 90*2 June’ 16
>50 J - I
103*4 107*2
105*2
Nashv Chatt & St L 1st 5s. 1928 A - O 105*2 107% 105*2
>51 •* " r _________ 74 Feb '14
110%
110*4
107%____
110%
Mar’
10
J
J
.Jasper
Branch
1st
g
6
s----1923
78% July’ 16
78% 81%
____ 80
>53 J 100% 101*2
McM M W 4 A I 1st 6s—.1917 J - J 100% ____ 100-% July'16
153 J ' 1 _________ 83 Aug '12
113
July'04
J
J
100*8
____
T
&
P
Branch
1st
6
s........
1917
101
%
102
102
June’
10
>21 F - 1 101 -----30%
Nat Rys of Mex pr lien 4MS-1957 J - J 30 ____ 30% Aug TO
70
71
66% 71 70 Aug '16
>51 F 35
35 Aug '16
Guaranteed general 4s----- 1977 A - O
68% Sep T5
____ 76
>51 J 96%
Feb
'13
J
J
Nat
of
Mex
prior
lien
4MS—1926
81%
81%
>51 J - 1 _________ 81% Jan TO
30
A
u
g
'15
30
___
A
O
1st consol 4s------------------ 1951
80
80
79 ------ 80 Juno’ 16
>51 J "
40 May'15
78% 78% N O Mob & Chic 1st ref 5 s.. 1960 J - J ____ 55
81% 78% Jan '16
351 J - r 79
69
71
71 Aug TO
74
90*2 New Orleans Term 1st 4s__ 1953 J - J 70
89
351 F - V 88% ------ 90*2 May TO
110% 117%
111*8
112*2
111%
Salo
N Y Cent RR conv deb 6s . . 1935 M -N
82%
82% 86%
82*2 Salo 82*2
F- A
_______1998
Consol
4s
Series
A
117%
May
TO
3
.............
E)23 J - I
92
95%
92%
923s Sale 92
Ret & Imp 4 Ms "A ” ------- 2013 A -O
Carb & Shaw 1st gold 4s. 932 M- 3 86 ------ 94% J'ly T2
81% 83%
82*2 82%
82%
N Y Central & H R g 3 M3— 1997 J - J 81
107% 109
951 J -1 3 10634 ____ 107% July'16
82%
81
81% Aug TO
81
82*2
J
Registered____________
1997
951 J -1 3 105 ------ 114 Feb 'l l
89% 93%
8934 90*8 90
90*4
Debenture gold 4s---------- 1934 M -N
90 Oct '09
951 J -I 3 *____ 83
90
90
90 Juno’ 10
Registered____________ 1934 M -N
_______
__
3
7934
951 J -J
74
74%
Lake Shore coll g 3Ms— 1998 F - A 74*4 74% 74*4
100 103*8
963 J - 13 100% 100*2 100% Aug 16
78
73%
74
73%
July'16
74%
F
A
Registered____________ 1998
86% Dec '15
8034
951 J - 0 ____ 90
75
77 Aug 16
M idi Cent coll gold 3Ms—1998 F - A 75% 77
77%
951 J - O ____ 87*2
76
73
77
77
Apr
'16
F
A
1998
Registered____________
931 M- S ____ 93% 98 July’OS
Battle Cr & Stur 1st gu 3s. 1989 J - D 60
92*2
90
950 J - J 88*2------ 01*8 Apr TO
94*2 90*2
July’ 16
Beech Creek 1st gu g 4 s.. 1936 J - J 94*3
08*2
95
95*8 Aug TO
919 M- 4 95% 99
May’ l l
92*2
Registered____________ 1936 J - J
89% 92*2
90
90
90
959 J - 3 8J
10-1 104
May'16
102% 104%
J
2d
guar
gold
5s________
1936
71
66
%
68
Aug
TO
3
67%
68
*2
950 A Registered__________ 1936 J - J
950 A - 3 --------------- 63 Oct '00
Beech Cr Ext 1st g3M s—61951 A - O
'89% 94
90%
950 J - J 89% Salo 8J*2
88 juno ’10
C
a
rt*
Ad lstg u g 4 s ------- 1981 J - D 88
85%
89*8
87*2
87% 87*2
960 J - J 87
Gouv & Oswe 1st gu g 5 s.. 1942 J -D 105
96% 100
937 J - J 9 8 % ------ 98% A u g'16
94
04
94 Mar’ 18
M- S
Moh
A
Mai
1st
gu
g
4s—.1991
75
83*2
81
81
J
81
84
941 J 89% Feb TO
89% 89%
N J June R guar 1st 4s._.19S6 F - A
945 A - 3 72 ____ 98 Mar’ 14
85
Junr’
15
83
____
M
-N
N Y A Harlem g 3Ms----- 2000
100% 103
910 J - J 100% 102 100*8 100%
10534 ------ 105*2 Mar'16
105*2 105*2
N Y A Northern 1st g 5s. 1923 A
100% 102
100*2 May'16
940 J - J ____ 100
88 91*2
N Y A Pu 1st cons gug Is 1903 A - O 88 90% 88 Aug TO
89*j 92%
90*2 Aug '16
003 M - NT ____ 91
113
May'15
118%____
Pino Creek reg guar 6s----- 1932 J -D
99% 101
99%
003 M - T 99% 99% 99%
General cons 4 Ms___
1033g 104*2
103%
103%____ 103%
R
W
A
O
con
1st
ext
5
s
.
.
61922)
A
O
110
112
%
111%
Aug
'16
941 A - O 112% ____
R W A O T R 1st gu R 6S—1918 ftl-N 102 ____ 104 June’ 10
111*2 111*2
941 A - O 111*4____ 111*2 June’ 16
<1 Due Jan. 6 Due~Febi d Due April. « Due May. g Due June. ft Due July. * Duo Aug. 0 Due- Oct.
- Duo Nov. s Option sale.
BONDS
N . Y . STOCK EXCHANGE
Week Ending Sept. 1 .
II
P rice
Friday
Sept. 1 .
W eek's
Range or
Last Sale
I?
Range
Since
Jan. 1
BONDS
N . Y. STOCK EXCHANGE
Week Ending Sept. l.
si
P rice
Friday
S ept. 1.
W eek 's
Range or
L ast Sale
^2
►
b
Range
Since
J an . 1
N Y Cent & II It lilt (Con.)
Bid
A sk L ow
H igh
L ow H igh
Bid
A sk L ow
H igh N o . Low H igh
Rutland 1st con g 4*28___1911 J - J
80
8512 8134Doo T5
Peoria & Pebin Un lstg6a_.192I Q - F 100 ___ 102 N ov’ 15
Og Sc L Clmm 1st gu 4s gl948 J - J 68 U ____ 69 Aug ’ 16
...........
01921 M -N
2d gold
85 ___
87 Mar’ 16 ___
liut-Canada 1st gu g 4s. 1949 J - J 67 ____ 92 June*09
87
87
Pore Marquette— Kef 4s.
1955 J - J
14 Apr TO __ 14
St Lawr & Adlr 1st g 5 s._.1996 J - J 96 ____ 100 Oct *15
14
Refundlug guar 4s___
1955 j - 1 20*8 21 20*2
2d gold 63.............
1996 A - O ------ 120
Aug Tfi —
14
1191s Mar'12
20*2
Chic & West Mich 5s.........1921 J
85*8 . . .
85
June’
lG
—
9734 . . . . 9712 July 10
Utica A 131k liiv gu g 4s__ 1922 J - J
83
85
97*2 97*2
Film * P M gold Os___ 19201A - O 10178 ------ 101*2 Aug Tfi
Lake Shore gold 3*28......... 1997 J - D
83i2 8434 84-34 Aug ’ 16
101 105
83=8 86
1st consol gold 5s---------I 9:i9 im- n
75 . . .
75*2 Apr Tfi —
Registered .....................1997 J -D
74
835s July’ 16
76
8334
83
Pt Huron DIv lst g 5 s.. 1939 A - O ____ 68
68 July’ 16
Debenture gold 4a.........1928 M- S
95*a Sale 95
95's
94*8 96
25-year gold 4s________ 1931 M -N
T 113,? i ! lst EU * 4 s - .1931 F - A
94*s Sale 94
913s
93-*4 95*4
50 Apr Tfi ___
n? ? yr.l 8
,t 30-yr 9,4a 1937 J - J ------ 49
Registered-------------- 1931 M -N
945s Feb TO
50
51
91
94=8 T>n,l,S
I ltts Sh A L E 1st g 5s_____1940 A - O 106*8____ 106*8
10 106*8 106*8
Ka A <fc G R 1st gu c 5a__ 1938 J - J
106*8
1st consol gold 5s_............. 1943 j . j
Mahon C'l RR 1st 5s........ 1934 J - J 10012 . . . lo'lT, Dec "1 5
113*4
N
o
v
T
l
Reading Co gen gold 4s___ 1997 J - J
95*8 Sale
95*4 44 03*4 96*a
Pitts Sc L Erie 2d g 5s— a 1928 A - O 103 ____ 103 July T 6
Registered ................... ."1997 j . j ------ 0534 95
94*4 J u n e ’ 16 —
Pitts M cK & Y 1st gu 6s. .1932 J - J 11512____ ISO's Jau '09
9234 05
Jersey Central coll g 4 s . .. 1951 A - O
9534 96
96 Aug Tfi —
2d guaranteed 6s _____ 1934 J - J 113l2
123i4 Mar‘ 12
94*2 97*4
Atlantic City guar 4s g . . . 1951 J - J 93 ____
McKees & B V 1st g 63.1918 J - J
ot Jos «fc Gr Isl lst g 4s____ 1917 J - J
69*2____
Michigan Central 5s.........1931 M- S 1061s____ IO6I4 Aug T 6
6878 JulyTG . . . . 59 687a
106*4 10G*4 St Louis Sc San Fran (reorg Co;—
Registered................... _1031 Q -M 101*2 . . . 105 July’ 16
105 105
Prior Lien ser A 4 s........... 1950
J
6834 Sale 0S»4
98 Apt T2
6878 92 68*8 7H(|
^ 3 ---...............................1940 J - J 90'S
Prior lien ser B 5s.............. 1950
J
84*4 84*2
2! 8414 88
87 Feb T4
84*4
Registered_______ 1940 J - J
Cum adjust ser A 6s____ 1955 J - J 83 Sale 8U4
80 74
90 Junr’08
83
83*4
J L Sc S 1st gold 3 ^ 8 ...1 9 5 1 M - S
85
Income series A 6s______ i 960 July
5334 Sale 53=8 54*2 75 39
82*2
82i2
82«2 83
1st gold 3H s................... 19.52 M -N
55*2
82*2 85
St
Louis
&
San
Fran
gen
6
s.
1931
J
J
11038
____
J
110*4
Aug
T
6
20-year debenture 4 s...1929 A - O 84 8658 86i4 July‘ 16
109
110
l4
90*2
8
6*4
General gold 5s_______1931 J - J 102*4 10234 102 Aug Tfi —
91
91
N Y Ohio Sc St L 1st g 4s. .1937 A -O
1007* 103*4
91
01'4 92
05*2
St L & S F R R cons g 4 s.. 1996 J - J
76*2 ..
9034 Aug T 6
Registered_________ 1937 A - O
78 M ay’ 16 __ 1 68*2 78
90*4 03*4
General
15-2Q-yr
5s___
1927
M
-N
72*2
72=8 12, 4534 725,
Debenture 4s........ ....... 1931 M -N ____ 7934 80 Aug ’06
80
84**4
Trust Co ctfs of deposit___
72*2 Sale 723s
72S 50 46 727S
91>s
West Shore 1st 4s guar...2361 1 - J ____ 91 >2 9012
87*4 93
do
Stamped..
69=4 Sale 69*2
C934 50 43*4 70
883s
871s 88*4 883S
Registered____________ 2361 J - J
8678 90
Southw
DIv
1st
g
5s___
1947
A
-O
92*2____ 93 June'lG------ 89
N Y C Lines eq tr 5 s.-1916-22 M-N 1 00 's____ 100*2 June’ 16
100*2 102
Refunding gold 4s......... 1951 J - J 79
811. 79 Aug T f i ------ 6714
Equip trust 4 ^ a ..1917-1925 J - J 9 9U ____ 9934 JulyTG
9934 100=8
Registered............... .1951J - J
8034 M ar’ l l ------j
N Y Connect 1st gu 4 1 s A .. 1953 F - A 9814 987s 98'4 Aug T 6
97*2 100*8
Trust Co ctfs of deposit.............
79 ____ 79*2 JulyTG----- 623s 82
N Y N I U Hartford—
T_ „
‘lo
Stamped-----------73*8 Sale 72=8
73*8
16 61*4 75*2
Non-conv deben 4s______ 1947 M - S 81 ------ 81 Aug T 6
811
4
80*2
K
C
F
tS
&
M
cons
g
6
s
.
.1928
M
-N
109*4
Sale
109*4
I09*4
8 109*4 1107a
73 Feb ’ l l
Non-conv deben 3 4 s____ 1947 M - S
73
73
K C Ft S «fe M Ry ref g 4s. 1936 A -O
75*8 75*2 75*2 Aug T O ------ 7fi
71 Aug TO
78
Non-conv deben 3K s____1954 A - O ____ 7H 2
697s 72
90 ____ 90 Juno’ lG
& M 11 & B 1st BU 5s. 1929 A - O
Non-conv deben 4s______ 1955 J - J ____ 7912 79*4 JulyTG
90
90
81*2 8t,T, £ V
79*4
76
76*4
V l8t g 48 bond ctfs.. 1989 M - N
76
76
Non-conv deben 4s______ 1956 M - N ------ 78?s 78>s Aug T 6
76
80
78*s 82
2d g 4s Income bond ctfs.pl9S9 J - J 62
62*2 64*2June’ lG
70
70
Conv debenture 3H s_____ 1956 J - J 68 71
02
6434
6834 73
Consol gold 4s................ 1932 J -D
COM 62=8 61 Aug Tfi
1123s
Conv debenture 6s . ........... 1918 J - J 112 1125s 112
61
05*4
1117* 110
1st terml & unlf 5s............. 1952 J - J 62 Sale 61*2
62
Cons Ry non-conv 4s_____ 1930 F - A 79 ..
60
70
Gray’a PtTer lst gu g 5S..1917 J -D 100 ____ 98=4 Jan T4
Non-conv deben 4s____ 1954 J - J ____ 79i2 9U 2Jan T2
S £ * A Pass lst gu g 4s----- 1943 J - J
66*4 673S 67
67
Non-conv deben 4s____1955 J - J ____ 79i2 79i2 Apr TO
6278 70*4
79*4 79*2 S * & N P lst sk fd g 56......... 1919 J - J 10178 ____ 101?8 Aug T 6
10U8 1017S
Non-conv deben 4s____1955 A - O
Seaboard
Air
Line
g
4s.........
1950
A
O
____
80*4
78M
Aug
Tfi
Non-conv deben 4s____1950 J - J ____ 80
78*2 84*2
Gold
4s
stamped.........................
1950
A
O
78*4 79*4 78*4
78*4
78*4 83i4
Harlem It-Pt Ches 1st 4s .1954 M -N
00i2 ____ 91M May’ 10
91*2 93
Adjustment 5 s............... 01949 F - A
64*2 Sale 643s
G4=8
70
64
OOij Jiine’12
B & N Y Air Line 1st 4s-.1955 F - ~A 89is - - 65*2 67*2 66
66*2
S lnl 49................... 1959' a - O
72
66
80 Aug T 6
Cent New Eng 1st gu 4 s.. 19611J - J ____ 80
80
83
Atl Blrm 30-yr 1st g 4s..el933fM - S ____ 8334 8 4 A u g T fi
84
87*4
Hartford St Ry 1st 4s___ 1930 M- S
Car Cent lst con g 4s ____ 1949 j - j
88*8____ 88 June'lG
88
88
Housatonlo R consg 5 s ... 1937;M -N 106=8____ 105M Mny'15
Fla C e n t* Pen 1st g 5s. ..19181J - J 100*2____ 9934 Sep T5
Naugatuck RR 1st 4s___ 1954 M -N
01i4 ___ 87 J’ly T4
1st land gr ext g 5s........ 1930 J - J 102 ____ 101 Dec T 6
N Y Prov Sc Boston 4s___ 1942] A - O
9 0 is ____ 88 Aug T3
Consol gold 5 s............. 1943'J - J 102 103 102*2 Aug Tfi
73
102*2 1033g
73 Aug T 6
NYW'ches&B lstserl 4H 3 ' 4g!J - J 71
73
82
Ga Sc Ala lty 1st con 5 s..ol94 5 ij - J 102i8 103*8 103*8 JulyTG
103 IO384
N H Derby cons cy 5 s..l918;M -N IOOI4 ____ 107 Aug ’09
G a C a r& N o 1st gu g 5 s.. 1929 J - J 101*2 10234 102 Aug Tfi
Boston Terminal 1st 4 s ..-1939! A - O
102 103
Scab Sc Roan lst 5s.......... 1926 J - J 102 ____ 99*4 Aug T5
New England cons 5s___ 1945 J
1001s ____
Southern
Pacific
Co—
Consol 4s.... ...................19451J
99*2 Mar‘12
Gold 4s (Cent Pac c o ll)..*1949 J - D 84___84*2 84*4 Aug Tfi
67
70
Providence Secur deb 4s.,1957 M -N
84
88
0Oi2Aug TO
69*2 70
Registered............... ..*1949 J - D ____ 84
Prov Sc Springfield 1st 5s. 1922 J - J
90 Feb T4
997s Deo T4
20-year conv 4s................ (71929 iM- S 86=4 Sale 86*2
Providence Term 1st I s . .. 1956 M - S
87*4
83=s Feb '14
86*4
20-year conv 5s________ 1934 J - D
103=8 Sale 103
W Sc Con East 1st 4H S...1943 J - J 86 ,
104*8
102*2 1077a
Cent Pac lst ref gu g 4s. .1949 F - A 88*8 Sale 8734
N Y O A W ref 1st g 4s___ 01992 M - S
88*4
76*8 7934 787s Aug TO
87=s 91
7878 84
Registered------- -------- .1949 F - A ------ 89
Registered $5,000 only__ 0l 992 M- 8
8634 JulyTG
8634 89
92*2 june ’12
Mort
guar
gold
3M8..*1929
J
D
89*4
90*2
General 4s............ .............. 1955 J -D
89*4 Aug T f i ------ 84*4 91
76
79
79 Apr TO
76
79
Through St L lst gu 4s. 1954 A -O
85
80
Norfolk Sou 1st A ref A 5s. .1961 F - A 70i2 8OI2 78 Aug T 6
84
8684
84*2
Aug
T
6
78
80
G II Sc S A M Sc P 1st 5 s . .1931 M -N
Norf A Sou 1st gold 5s______1941 M - N
102 102
May Tfi
97i2 98
98 Aug T 6
97
99*4
Gila V G & N lst gug 5 s..1924 M -N -------102
102M 100*4 Jan TO
Norf A West gen gold 6s___ 1931 M - A 119 119*2 11878 Aug TO
100*4 100*4
11
S78 120
IIous E Sc W T lst g 5 s . . . 1933 M -N ____ 102
102 May’ 16
101 102*4
Improvement A ext g 6a .. 1934 F - A 120 12134 121*8 JulyTG
120*2 122
1st guar 5s red..............1933 M -N ____ 101
101*2 Apr TO
New River 1st gold 6s ___ 1932 A - O 120 121 120*8 Aug TO
101*4 153*2
119*2 120*2
H Sc T C lst g 5s int gu.._1937 J - J 1 0 6 _____ 100*2 June’ lG
106
106*2
N A W Ry 1st cons g 4 s .. . 1996 A - O 9212 93
92=4
93
91*2 04
Gen gold 4s int guar. ..1921 A -O
90 ____ 90 July’ 16
94*4 96
Registered..................... 1996 A - O
93U Dec '16
Waco A N W dlv lst g 6s ’30 M -N
109** Nov'15
8834
DIv lis t lien A gong 4s. 1944 J - J ~8Sh "89U 8834
8
8
=
4
01
A
Sc
N
W
lst
gu
g
5s.........1941
J
J
100 ____ 103 N o v ’ 16
10-25-year conv 4s____ 1932 J - D ____ 130
129 Aug T 6
113*2 133
Louisiana West 1st 6s___ 1921 J - J 105*8 - - - 109 j uuo' 1X
10-20-year conv Is____ 1932 M- S ____ 135
131 s4 June’ 16
114 135*2
Morgan’s La & T 1st 7s.. 1918 A - O ____ 105=8 10434 JulyTG
104*2 10434
10-25-ycar conv 4'^8__ 1938 M- S 117*2 133 129*2 129*2
115*2 137*2
1st
gold
6s----------------1920
J
J
105 Jan TO
105 105
£ ° cab C A C Joint I s . .. 1941 J - D 88*4 Sale 88*4
88-=s
88
00*4
No of Cal guar g 5 s......... 1938! A - O 10634 ____ 105 Oct *15
104
____
103**
jan
TO
,, £ Ist guar 80ld 53.. 1922 J - J
103*2 103*2
Ore Sc Cal lst guar g 5 s . .. 1927 J - J 1005s 10078 101 JulyTG
101 1021*
9134 Aug T 6
” °V?
N l : la t gu « 4 s.. 19S9 M- N 9134 93
91*2 04
So
Pac
of
Cal—Gu
g
5s.
_.
1937
1
MN
108 ____ 101*2 N ov’ 13
Nor 1 aclflc prior lien g is__ 1997 Q - J
913s Sale 91*8
913.1
91*8 94*4
So Pac Coast lst gu 4s g . . 1937 J - J 95
06
Registered...... .............. 1997 Q - J ____ 92
14 94*2 97
9134 Juno’10
95
95
91
03*2
San Fran Terml 1st 4 s...1950 A - O
General lien gold 3s........ ^2047 Q - F 65i4 Sale 65*4
833s 84
83=8 Aug Tfi
05*2
62l2 86
05*8
67
Tex Sc N O con gold 5s__1943 J - J ------ 9134
Registered----------------«2017 Q - F 65U 66*4 05=8 June’ 16
96
Apr
T4
63*2 66=4
So Pac RR 1st ret 4s____ 1955 J - J 89*? Sale 89*2
St Paul-Duluth DIv g 4 s..1996 J -D
91*2____ 91*2 JulyTG
8978
89*2 91
91=8
91*2
Southern—
lst
cons
g
5s___
1994
J
J
101 Salo 10034 101*4
St P A N I» gen gold 6 s...1923 F - A 10934 113 10934 109*4
100 103*2
109=8 110=8
Registered.............. ..... 1994!J - J 100*4 102*8 100*4 Aug T O ----- 100*4 100*4
Registered certificates.. 1923 Q - A
109*2 Oct T5
Develop Sc gen 4s Ser A . . . 1956 A -O
71 Salo 71
St Paul A Duluth 1st 5 s.. 1931 F - F l o f " zni 107 Mar‘ 16 7134 62 69
7334
,107 107
Mob Sc Oblo coll tr g 4s__ 1938 M- S
75
78
2d 5s.............
1917 A -O 101 ____ 100*8 JulyTG 75
75
fi| 75
78
- 100=8 101*8
Mem Dlv 1st g 4Ms-5s__ 1996 J - J 98 100*2 100 July-16___ 100 104
1st consol gold 4s.......... 1968 J -D
90=8 Mar’ 16
90
St
Louis
dlv
lst
g
4s____
1951
J
J
80
Wash Cent 1st gold 4s___ 1948 Q -M
85
873j} 00*2 Feb TO
81*2 81*2 8D2! 1 80 84*2
90
90*2
Ala Cen lst g 6s........ ....... 1918 J
1023s 1027s 103*4 June’ 1 6 ___ 102*8 103M
Nor Pac Terra Co 1st g 6s . . . 1933 J - J H I 111*2 H I Aug TO
111 111*2
Ala Gt Sou lst cons A 5 s.. 1943 J
Oregon-Wash 1st A ref 4 s .. .1961 J - J 83*2 81
------ 98*2 98*2 May’ 16
98*2 99
83*2
83*2
83*2
88
Atl
Sc
Char
A
L
1st
A
4Ms
1944
J
Pacific Coast Co 1st g 5s___ 1946 J -D
- - - . 94*2 94U May* 16
96
97
94*4 96
90** Aug TO
93 100
1st 30-yr 5s ser B___ 1944 J
Paducah A Ills 1st f f 4123..1955 J - J 98 987g 98s4 Aug '16
1O034 10078 100*4 1007s 14 10034 103*4
98*4 98=4
A tl* Danv 1st g 4s.......... 1948 J - J 80
82 81*2 July'16
Pennsylvania It It lat g I s .. . 1923 M -N
99*4____ 99*8 Aug TO
8
H2 85*8
98*4
99*2
2d 4 s .............................1948 J - J — - 82 81*2 MarTfi
Consol gold 5s................. 1919 M- S 103 ____ 103*8 JulyTG
79*2 81*2
102*2 103*4
A t l * Yad 1stg g u a r4 s...1949 A - O
74
75 75*4 Deo *14
98
08*2 98-*s Aug TO
Consol gold 4s................. 1943 M-N
98*4
99*2
E
T
V
a
&
G
a
D
lv
g
5
s
___
1930
J
J
104*8 --------- 104=8 A p r T 6
99
Consol gold 4s................. 1918 M-N
083s 99*8 99
1031** 104*2
98=8 100
Con lst gold 5s.............. 1956 M- N 1 0 5 M -------- 105*2
10512
Consol 4 Ua..........................I960 F - A 104*2 Sale 104*2
104=8
105=8 106*4
104M 100=8
E Ten reor lien g 5s______1938 M - S 100 101*2 9978 Aug *10
10U2
General 4 ^ 8 when Issued. 1965 J -D 101*4 10U2 101
991* 101*2
100^4
102
7
s
Ga
Midland
lst
3s_______1946
A -O - - - 96=8 96*8
60 58
July’ 10
Alieg Val gen guar g 4 s.. . 1942 M - S 96
96*8
57
60
92*| 07
Ga Pac Ry 1st g 6s............ 1922 J - J 10678 ------ 107 July’ 16
94*2
107 107=8
£ R« l‘Jc0.go lst gu 43 8-1930 F - A 04*2 Sale 91*2
94
i2 90
Knox
*
Ohio
1st
g
6
s___
1925
J
J
Plilla Balt A W 1st g 4 s..1913 M- N 98*2 997s 98r>s July TO
108*4 --------- 109*4 A u g T fi
108
H
0»2
98=8
98=8
Mob * BIr prior lien g 5s. 1945 J - J 102U------ 105*2 N o v ’ 12
Sodus Bay A Sou 1st g 5s.2921 J - J
102 Jan ’03
Mortgage gold 4s........... 1945 J - J
Sunbury A Lowls 1st g 4s. 1936 J - J 93 ____
69 ------ 7184 May’ 16
7134 7134
Rich
*
Dan
deb
5s
stmpd
.1927
A -O 103=8 104*4 1043s J u l y ’ 16
_ u N •/ 11,1 * Can gen 4s. .1944 M- S 9934____ 99*4 Aug TO
103*8 1043g
*99*8 166
Pennsylvania Co—
Rich * Meek 1st gu 4 s ... 1948 M-N
73
S e p *12
So Car A Ga lst g 5s......... 1919 M -N 101 101*2 101 A u g T fi
Guar lst gold 4J$s----------- 1921 J
1005s 1007s 100*2 1007s
10034 102 "
100
*2
10212
Virginia
Mid
ser
D
4-5s.__1921
Registered.................... 1921 J
102
____
100=4 . . . 100 Aug TO
8
102*2 J u n e ’ 16
102 I0212
100 iOUs
Series E 5s___________ 1926 M - 8 103*8____ 103*a
Guar 3>^s coll trust reg A .1937 M- S 8LI4 __
86*2 Jan To
103*8
102 103*8
86*2 80*2
Series F 5s.......... IIIIIIl9 31 MGuar 3>$s coll trust scr B.1941 F - A 84
104*4------ 104 Mar’ 13
80*2 85*4 Junc’ lO
85
85*4
Gcncral
5s...............
103D
M
-N
Trust Co ctfs gu g 3 Ks- -.1916 M- N
100 ____ 106 JulyTG
lOOij Jan TO
102*4 100*2
99*4
10
0
*8
Guar 3M3 trust ctfs C___ 1942 J - D
Va & So w'n lst gu 5S..2003 J - J 105 ------ 1 0 5 M a y ’ lfi
84*s 87
86*8 July 16
102*2 105
86*8 86*8
Guar 3 Ms trust ctfs D___ 1944 J - D
84*4 85*2 85*s Mar’ 16
Istcons 50-ycar 58...195S A - O
85
90
89*2
89*2
89*2 9034
85
85*8
Guar 15-25-year gold Is. .1931 A - O 94i2 98*2 05*4 Aug TO
W O & W lst cy gu 4s___ 1921 F - A ____ 04
94*2 J u n e ’ 1 6
94l2 94*2
04
12
95=8 Spokane Internat Istg 5 s...1955 J - J 00
40-year guar 4s ctfs Ser E . 1952 M - N
91*4
91*4
92 Aug TO
93
Jan
16
93
93
92
92
CIn Leb A Nor gu 4s g._.1942 M- N UOI4 ____ 91 Aug TO
Ter A of St L lstg 4 M s ____ 1939 A -O
____ 100*4 99*2 Aug Tfi
98*2 100*2
90L 90=8
lst con gold 5s____ 1894-1944 F - A 103 106 105 Aug TO
Cl A Mar 1st gu g 4Ma---193r.[M-N
99 ____ 99 Aug TO
103*2
106*2
99
99=4
Cl A P gen gu 4 Ms ser A .. 1942 J - J 10234 . . . 105 Apr TO
Gen refund s f g 4s............ 1953 J -J ____ 85
85*2 July’ 16
84=8 88
»04*fl 105*2
St L M Bridge Ter gu g 5s. 1930 A -O 100*8 101*2 100=8 Aug Tfi
Series B ...............
1942 A -O 10234 ____ 104 Deo T5
09*2 101*4
Tex & Pac lst gold 5s.......... 2000 J - D
Int reduced to 3M8..1912 A -O
865s____ Oil* Feb '12
96*2 Sale 96*4
96*2
95
98*8
2d gold Inc 5s...... ............*2000 M a r
8658 ____ 90*g Oct T2
36*8 40
Series C 3 Ms____ _____ 1948 M-N
40 Aug T 6
35
45
La
DIv
B
L
lst
g
5s_____
1931
J
J
____
88
Series D 3Ms_________1950 F - A
80=8 - 90 Jan '16
90
90
89*2 July'16
89*2
89*2
W Min W & N W 1st gu 5sl930 F - A ____ 05 106*2 N ov'04
Erie A Pitta gu g 3M3 B .. 1910 J - J 88 . . . I 90 JulyTG
90
90
Tol * O C ls t g 5s................. 1935 J - J 10378 105 1037b 1037s
Series C___...................1910 jJ - J 88 ____ O O W ly T2
1
Mestern DIv lst g 5s____ 1935 A - O ____ 101
Gr R A I cx 1st gu g 4M31941 J - J *993S ____ 09-*8 993s
101*2 May’ 1 6 ___ ]
95*2 99=8
General gold G s.._........... 1935 J -D ____ 90
Oblo Connect lst gu 4s__ 1943 M- S
94*8____ 03 May T 4
94
M a y ’ lG
Kan * M lst gu g 4s........ 1990 A -O
83
Pitts Y A Ash 1st cons 5a. 1927jM- N 1043s____ 109 MayTu
83l2 82*4 J u ly T G
2d 20-year 5s................. 1927 J - J
97*2 98*8 A u g T fi
Tol W V A O gu 4M a A ...1 9 3 1 J - J
98*2 Oct T 6
Tol P A W 1st gold 4s_____ 1917 J - J
Series B 4 M3................ 1933 J - J
53*8 55
51
J u n e ’ lG
98*4 Junc'15
~*ol St L & W pr lien g 3M^-R>25]J - J 801a 82i2 80*8 A u g T 6
Scries C 4s_____ _______ 1942 M- S
93
98
04 Apr T 6
93*2 91
50-year gold 4a........ ..........1950 A -O
P C C A St L gu 4Ms A . . .1910 A - O 1003s 10178 1013i Aug TO
55
55*8 5 5
55*8
101«* 102=8
Coll tr 4s g Ser A ........ ...1 9 1 7 F - A
Series B guar................. 1942 A -O 100*8 102=8 101*4 Aug T 6
21
23
1858 M a r '1 6
101*4 102=8
or Ilam * Buff lat g 4s..?il946 J - D
Series C guar................. 1942 M- N 101 ____ 07*4 JulyTG
83
A p r TO
87
Ulster & Del lst con g 5 s...192s J - d ! ____ 100
Series D la guar_______1945 M- N
100
A u g ’ 16
941a ____ 94*4 May’ lG
0ls4 95*2
lst refqlud g 4s........ ......... 1952 A - O ____ 75
Scries E 3 Ms guar gold. 1949,F - A 95 Salo 95
74
M a r ’ 15
95
92
95
Union Pacific lst g 4s.......... 1947 J - J
Scries F guar 4s g o ld ... 1953, J - D 9334 ____ 95*4 Jan 14
96*2 Sale 96*2
9678
Registered.....................1947 J - Ji 95*2____ 9 6 A u g T fi
Series G 4a guar............ 1957 M- N
943s------ 92=f Aug Tfi
20-ycar
conv
4s.................1927
J
J
93% 9334 933s
Sorlcs I cons gu 4M a.. .1963 F - A 101 _
933g
101 Aug T 6
101 10212
lst & ref 4s......................
1. - ~S 8934 Sale 89=4
.......... 02008
02008'M
C St L A P lst cons g 53,.1932IA - ____107*2
O
90
— J l0 4 _
______ Ore RR A Nav con g 4s. . 1946;J - d I 9184 9178 91=8 A u g ’ 16
• No price Friday; latest bid and asked. a Duo Jan.
4D u e M a y . g D u e J u n e, h D u e J u ly ,
ft D u e A m .
Option aalo.
o D u e O ct.
p Due N ov.
W eek ’ s
Range or
Last Sale
Range
Since
J an . 1
BONDS
N . Y. STOCK EXCHANGE
Week Ending Sept. 1.
P rice
F riday
S ept. 1.
Wee*’*
Range or
Last Sale
Bonds
Sold
P rice
Friday
Sept. 1.
Interest
Period
I f
Bonds
Sold
BONDS
N . Y. STOCK EXCHANGE
Week Ending Sept. X.
Range
Since
Jan. 1
H igh N o . Low H i '
Bid
A sk Low
H igh N o . Low H igh
ttd
Ask Low
Union Pacific (Con )—
100*4 July’ 16 ___ 100*4 101*4
Union Elec Lt A P 1st g 53..1932 M- S ____ 101
107% 11 10712 109
...
Ore Short Line 1st g 6 s . .-1922 F - A 10712 Sale 107*2
.... _.
89
Mar'15
M
-N
Refunding
A
extension
5s.
1933
3 100 107%
107%
1st consol g 5s------------- 1910 J - J 100 107 107%
9312 96
94 Aug ’ 16
Utah Power A Lt 1st 5s----- 1944 F - A ____ 94
23 91
94
92
Guar refund 4s...............1929 J - D 91*4 Sale 91*4
102%
M
ar'15
J
J
100*8-----Utica
Elec
Lt
A
P
1st
g
5
s
..
1950
102 102
102 Mar’ 16
Utah & Nor gold 5s-------1920 J - J
98 Aug 15
Utica Ga3A Elec ref 5s........ 1957 J - J
95
90
90 Apr '10 —
91 100
1st extended 4s______ 1933 J - J
101*4 105%
Westchester Ltg gold 5s------1950 J - D 104*2 105% 104% Aug '16 —
00*4____ 90*4 Aug '16 ___ 93*4 91
Vandallaconsg4sSerA------ 1955 F - A
Miscellaneous
91
91*2
90*4____ 91 Juue’ 10 —
15 82
Consol 4s Series B ---------- 1957 M- N
85%
84
Adams Ex coll tr g 4s---------1918 M- S 84 Sale 84
42*2
Aug
'15
____
87
11 85 117
Vera Crua & P 1st gu 4)*S--1934 J - J
83
Alaska Gold M deb 6s A ----- 1925 M- S 86 Sale 85
97*4 99
98%
Virginian 1st 5s Series A ------ 1962 IY1-N 98*8 Sale 98*8
51
85
105
85
92
88
Sale
MS
Conv deb Os series B ------- 1926
103 105
103*2
103*2 Sale 103*2
Wabash 1st gold 5s______________ 1939M -N
93*4 95
93% Salo 93*2
93%
Armour A Co 1st real est 4)$s '39 J -D
98 100
98*4
98*4 Sale 98*2
3 98% 99*2
2d gold 53- - - ...........
1939 F - A
98%
96
98*2 98*2
Braden Cop M coll tr s f 63.1931 F -A
90 June'12
___
Debenture Series B --------- 1939 J - J 80 110
80*2
89
8
7%
____
8
8
*4
Aug
’
16
A
O
Bush Terminal 1st 4s_____ 1952
96*8 100
1st Hen equip s fd g 5s------ 1921 M- S 96*2____ 100 May’ 16 —
Consol 5s________________1955 J - J 86*4 88*4 87*2 A ug'16 ___1 80% 92
1st Hen 50-yr g term 4s— 1954 J - J 70 ____ 65 Dec T5
86
91
86*4
87
86*4
8
6*4
A
-O
Bldgs 5s guar tax ex------- 1960
103 105
Det & Ch Ext 1st g 5s------- 1941 J - J 106 ------ 105 July’ 16 —
99% 33 99% 100
Chic UnStat’n 1st gu 4>*s A 1903 J - J 99% Sale 99*4
80 Aug '12
Des Moin Dlv 1st g 4s-------1939 J - J
124
124% 47 123 135%
124
Sale
M
-N
___
Chile
Copper
10
-yrconv
73.1923
73
72
69
74*8 72 Apr '16
1 81 86
Om Dlv 1st; 3H s............. 1911 A -O
83
83
Computing Tab-Recs f 6S..19U J - J 82*8 84
86 86 June’ 10 . . . . 82 87
Tol& Ch Dlv lstg 4s------ 1911 M- S 80
104*4 IS 101% 109*4
Sale 104*2
3
1*4 4*4 Granby C on sM S A P con 6sA ’ 28 M -N 104%
1*4
1
1*4 1%
19j 103 109
Wab Pitts Term 1st g 4s------ 1954 J -D
104*4
105*4
104*2
105
M
-N
Stamped.............................
1928
3*4
1
1% 16 1
1*8 Sale
Cent and Old ColTr Co certs..
99*4 101%
Aug ’ 16 —
1
3*2 Great Falls Pow 1st s f 5s. .1910 M -N 100*4 100*2 100*4
____
1*4 1*8 Aug ’ 16 ___
___ 95 108%
Columbia Tr Co certfs---------3 July’ 16 ___
3% Int Mcrcan Marine 4 )$s___ 1922 A -O 108% IO8I21108% Aug ’ 16 585; 95*8 108*4
1
1
3
Col Tr ctfs for Cent Tr ctfs----108*2
Sale
108*4
108%
Certificates of deposit__
*4 Aug ’ 16 - - - %
*4
*4
2d gold 4s-----------------------1954 J -D ____
96% Sale 96*4
97*4 706 90*4 98%
New 1st A coll tr s f 6S..1941 A - O
14 July’ 10 - - - J8 *4
____
*4
Trust Co certfs____________
53 91*4 108
108
83*2 8434 Int Navigation 1st s f 5s----- 1929 F - A 108 Sale 10734
84*8------ 84% Aug ’ 16 —
Wash Terml 1st gu 3)$s--------------- 1945F - A
97%
97*4 10, 95*8 98%
97*2
Sale
J
J
Montana Power 1st 5s A — 1913
93
05*2 91*2 Aug ’ 15
1st 40-yr guar 4s______________1945F - A
6 92% 93
92*2
J - J 92*4 92% 92%
Morris
A
Co
1st
s
f
4
)jS
___
1939
8
75
72
72
71
72
72*2
___
West Maryland 1st g 4s------ 1952 A - O
.
._ .
83 Apr 14
Mtge Bond (N Y) 4s ser 2..1986 A -O
West N Y & Pa 1st g 5s-------1937 J - J 104 ------ 104% July'16 ___6 103% 105
—
94
June’
16
94
94*2
J
J
10-20-yr 5s series 3......... 1932
81*2 84*4
84
Gen gold 4s______________1943 A - O 84 ____ 84
71% 71% 71% Aug ’ 10 ___ 71% 75%
F -A
___
N
Y
Dock
50-yr
1st
g
4
s
.
..
1951
37
37
Aug
’
16
37
37
Income 5s.........................j>1943 Nov
100*4 102*4
101% 104% 102*4 June’ 16 —
J
J
___
Niagara
Falls
Power
1st
5s.
1932
102
100
A
u
g
’
16
98
Wheeling & L E 1st g 5s------ 1926 A - O 99*4 100
Ref A gen 6s . . .................al932 a _ n 105*2
99*4
97*4 97 Aug ’ 16 ___ 93
Wheel Dlv 1st gold 5s------ 1928 J - J 97
■92% 02%
Nlag Lock A O Pow 1st 5S..1954 M - N 9 0 % ____ 92% Feb ’ 16 ___
97
97 Mar’ 10 . . . . W
Exten & Impt gold 5s------ 1930 F - A
95*2
92*4 17 92
92i2 Sale 9214
Ontario
Power N F 1st 5 s.. 1943 F - A
—
68 74*4
74*4 73 Aug ’ 16
—
R R 1st consol 4s________ 1949 M- S 73
86 90*2
90
July’
16
85
86
Ontario Transmission 5s___ 1915 (Vl-N
7; 89*4 93*4
20-year equip s f 5s______ 1922 J - J 72*2____ 90 Apr ’ 14 ___
92
92 Salo 92
A -O
Pub
Scrv
Corp
N
J
gen
5s.
.1959
85
July’
10
84*2
87%
86
88
Winston-Salem S B 1st 4s— 1960 J - J
92% 36 88 125
91*4 Sale 91
-N
1 84 8734 Tennessee Cop 1st conv 63. .192 M
86
86
Wls Cent 50-yr 1st gen 4s--.1949 J - J ____ 80
r
■
103% Jan '14
90% Wash Water Power 1st 5 s.. 1939 J - J
85
85*4 86 85*4 A ug’ 16 —
Sup & Dul dlv & term 1st 4s'36 M -N
Manufacturing & Industrial
j 101% 103
Street Railway
102%
5 100*2 103*4 Am Ag Chem 1st 0 5s.......... 1928 A -O 102% 102*2 102%
100*4
Brooklyn Rapid Tran g 5 s .. 1945 A - O 100*4101 100*4
97%
97*4 75’ 96*4 99%
Conv deben 5s................... 1921 F - A 97% 98
78*2 81
—
1st refund conv gold 4s— 2002 J - J ____ 80*2 80*2 July’ lt
05*2 97*4
96
A
u
g’
16
95%
96
M
-N
84
Am
Cot
Oil
debenture
5
s...1931
100 101*8
O-year secured notes 5s__ 1918 J - J 100*8 Salo 100*8 100*2
104*4 103% Aug ’ 10 . . . . 103% 104%
100*2 102% Am Hide A L 1st s f g 0s___ 1919 M- S 104
Bk City 1st con 5 s.. 1916-1941 J - J 102 ____ 102 A u g ’ 16
88*4
87
87% 87 A ug’ 16 ___ 1 85
A
-O
Amer
Ice
Secur
deb
g
0s----1925
94
94%
94*8
Aug
’
16
Bk Q Co & Scon gug 5 s.-1941 [VI-N 93*2 94
26 100% 118
109
Am Smelt Securities s f 63.-1926 F - A 108 Salo 108
101 May’ 13
Bklyn Q Co <fc S 1st 5s----- 1941 J - J
.
.
.
.
97%
98%
98*2
A
u
g’
16
98%
98*2
4 100 102
Am Thread 1st coll tr 4s----- 1919 J - J
101
10034 101 101
Bklyn Un El 1st g 4-53__ 1950 F - A
118 119
-O 119*4 120 118% Aug '16 —
100*8 102*8 Am Tobacco 40-year g 6 s.-.1944 A
Stamped guar 4-5s------- 1950 F - A 100% 101*4 100% July'K
—
82%
85*2
82%
Aug
’
10
82%
85
F
A
Gold 4s...............................1951
12 82*2 86*2
83 Sale 83
83%
Kings County El 1st g 4s. 1949 F - A
98 June’ 14
Registered_____________1951 F - A
82i2 86>2
83
84% 83 July’ 16
Stamped guar 4s---------1949 F - A
1
05% 82%
80%
Salo*
80%
80%
J
J
Am
Writ
Paper
lsts
f
5
s...1919
73
70*4
73 Aug HO
74
Nassau Elec guar gold 4s.l951 J - J 73
104 105
Apr ’ 16 . . . . 104% 106
97 Aug ’ 16
95*4 08*4 Baldw Loco Works 1st 5s__ 1910 M -N 104 Sale 104%
96*4 97
Chicago Rys 1st 5 s . . - ..........1927 F - A
5 102*, 104%
104
104%
Beth Steel 1st ext s f 5s----- 1920 J - J
99% 101
Conn Ry & List & ref g 4 )$s 1951 J - J 100«2------ 101 July’ 16
100
%
100
%
10
0
*8
100% 43! 09% 103%
M
-N
1st
A
ref
5s
guar
A
..........
1942
lOUs 10118
Stamped guar 45^3............1951 J - J 100%------ 10 Us Aug ’ 16
47
102%
Sale
102*4
102
%
100% 102%
74'a 83*2 Cent Leather 20-year g 5 s.. 1925 A - O
79*8
80
Det United 1st cons g 4 }$S--1932 J - J 79*4 80
81 ____ 97*4 Jan ’ 15
F -A
84 Jan '14
Ft Smith L t& T r lstg 5 s . . . 1930 M- S
___ 09 100%
09
A
u
g
'16
98*2
99*4
IM-N
87 * ’ 94'*
I I I I _9 4 " 92*4 Aug '16
1 95% 99*2
Havana Elec consol g 5s___ 1952 F - A
95% 96% 96*4
96*4
1st 25-year s f 5s.......... .1934 M -N
69is 75U
70 Sale 70
70*8
Hud A Manhat 5s Ser A ___ 1957 F - A
102*4
102*4 40 101% 103
2612 3U4 Cuban-Am Sugar coll tr 63. . 1918 A -O
2712
42 69% 78
Adjust Income 5s________ 1957
-- s27is Sale 27%
75
75*2
74
7434
A
O
Distil Seo Cor conv 1st g 5s. 1927
10012 102
N Y A Jersey 1st 5s.......... 1932 F - A ____ 100 >2 100*2 July’ 16
1 101 107%
101% 101*2
72*8 7612 E I du Pont Powder 4)$s— 1936 J -D 101% 102
73*8
73 Sale 73
Interboro-Metrop coll 4^3.1950 A -O
86
90% 85 Mar’ 10 ____ 85
9712 99l2 General Baking 1st 25-yr 68-1936 J -D ____
98
Interboro Rap Tran 1st 5 s.. 1906 J - J 98 Sale 9712
___
78
83*2
82
82*2
82*4
July'10
F
A
G e n E l e c t r i c d e b g 3 ) 4 s -------- 1942
8SI2 93
88I4 89i4 89 >8 89*8
Manhat Ry (N Y) cons g4 s. 1900 A -O
103*8 105*4
104*4
10
M- S 104*4 Sale 103*2
Debenture
5s...............
1952
89
9314
89
89*4
89
Sale
Stamped tax-exempt-------- 1990 A -O
91*2 Sale 91*4
91*2 34 89*2 92*4
111 S t e e l d e b i t s ......................... 191 0 A -O
Metropolitan Street Ry—
102*4 57 101% 103%
93U 10014 Indiana Steel 1st 5s________ 1952 M -N 102*4 Sale 102*2
99%
Bwav A 7th Av 1st c g 59-1943 J - D 99% Sale 99%
____
100 Oot’ 13 ___ .
J - J
99>2 100*8
Col A 9th Av 1st gug 5 s .. 1993 M- S ____ 99i2 100 July’ 16
1 74% 79
74%
76
74%
74%
M
-N
Int
Agrlcul
Corp
1st
20-yr
5s
1932
9912 101
99i2
Lex Av A P F 1st gu g 5s. -1993 M- S ____ 101i2 9912
5 101% 102*4
F - A 101*4 102 101*2 101*4
30 Mar’ 14
Met W S El (Chic) lstg 4 s .. 1938 F - A
1 81 92%
92
92
J - J 92 . . .
101 102*2
MUw Elec Ry A Lt cons g 5s 1926 F - A 101i2 ------ 101*4 Aug ’ 16
71 Juno’ 16 - __ 71
78%
M- S
Refunding A exten 4)48--1931 J - J ____ 93% 92*g Feb '15
79*2
"70 I I I I 64 Aug ’ 16 . . . . 64
Certfs of deposit................ —
iod% lo f
Mlnneap St 1st cons g 5s— 1919 J - J IOOI4 ____ 101 A u g’ 16
4 07*2 100%
09%
99*4 99% 99*4
A
-O
92
95
92
July’
16
Montreal Tram 1st A ref 5s. 1941 J - J 84*4 95
94 90
97%
93%
94
M- S 93*4 94
80
80
N ew O rlR y A Lt gen 4)4s-.1935 J - J 83*4____ 83*4 Aug ’ 16
1 123% 127
125
A - O 125% 125% 125
99
09
N Y Munlclp Ry 1st s f 5s A 1960 J - J 99 ____ 99 Aug ’ 16
8
100% 130
101
%
101
%
101%
Salo
F
A
79
74
74
73*2
N Y Rys 1st R E A -ef 4S...1912 J - J 6812 74
A -O 124*8 124*4 125 A u g ’ 16 . . . . 122% 127
6378
55
5712 58 57U 57*4
30-year adj Inc 5s_____ al9l2 A -O
9 100% 102%
101*2
5 s........................................1951 F -A 100*4101% 101%
88*2
83
84
85 >2 85% Aug ’ 10
N Y State Rys lstcon 34)4s-1902 M -N
A
-O 109 111 110 Aug ’ 16 ____ 100% 128
Mexican
PetrolLtdeon
6
s
A
1921
91
94*2
9113 July’ 10
Portland Ry 1st A ref 5s----- 1930 M- N ____ 92
3
106 126%
109
110
109
Salo
1st lien A ref 6s series C..1921 A - O
78*2 80
78*8 July’ 16
Portld Ry Lt A P 1st ref 5s. 1942 F - A ____ 7812
98 Aug '16 ___ 96*2 99
97*2 96
J -D
100 M*v’ 15
Portland Gen Elec 1st 5s. 1935 J - J
___
85*2 88*2
85%
Aug
’
16
8
5%
____
1
J
J
95
96
St JosRy. L, H A P lstg 5s. 1937 M -N '99*8 I I I I 96 May’ 16
101% 69 99% 101%
M -N 101 i 01% 101
St Paul City Cab cons g 5 s-. 1937 J - .1 102% . . . 100 Sep ’ 15
8
101
105%
103
103*2
102*4
103%
M
-N
81*
'83*8
8
U
4
8
U
4
81 >4Sale
Third Ave 1st ref 4s_______1900 J - J
77*4 84*4 Railway Steel Spring—
79
7812 Sale 78is
Adj Inc 5s.........................<11960 A -O
4 09*4 100%
100*4
J - J 100*4 Salo 100*8
Latrobe
Plant
1st
s
f
5
s..1921
100
108
10
614
IOOI
4
106U
108
Third Ave Ry 1st g 5s.......... 1937 J - J
97*2 Sale 06*4
97*2 12 94*2 98
Interocean P 1st s f 5s__ 1931 A -O
98*4 1007*
99'4 Aug '16
99U 100
Trl-Clty Ry A Lt lsts f 5 s.-1923 A -O
98*4 Sale 98*4
98*4 45 ,95*4 99*4
A -O
95'2 July’14
Undorgr of London 4)4s___ 1933 J - J
99 A u g ’ 10 . . . . 95% 100
99
1
M- N 96
68
69
69
Jan
T
6
*69*
*80'
Income 6s.................... — 1948 ------104% 20 104 106
J - J 104% 104*4 104*8
84 Oct ’08
Union Elev (Chic) 1st g 5S..1949 A -O
1 80% 85*4
85*4
1J - J 86% 89 85*4
67
74
69 Aug ’ 10
United Rys Inv 5s Pitts lss.1926 M -N ____ 80
82*4 May’ 16 ____ 82*g 82%
86
%
____
i
J
J
01
59*2
02
61
61 Sale
United Rys St L 1st g 4s___ 1934 J - J
3
68 73
65
70
70
70*4
E
J
J
55
5978
55 Apr ’ 10
St Louis Transit gu 5s___ 1924 A -O ____ 65
1 10% 10
10
14
17% 16
J - J
30
40*4
3514
United RRs San Fr s f 4S-.-1927 A - O 3H2Sale 33
6
101% 103%
102*4
102*2
102*4
102*4
;
J
D
87
92
87i2
8712
Va Ry A Pow 1st A ref 5s. .1934 J - J ____ 88
) F - A 108% i l l 110% Aug '10 ___ 109 116%
Gas and Electric Light
105*2 391 103% 105*2
l M -N 105*2 Salo 105
103%____ 103 Sent’ 15
Atlanta O L C o 1st g 53........ 1947 J -D
103% 105*2
, 104*4 Aug ’ 10
i M-N
105 107
Bklyn Un Gas 1st cons g 5s. 1945 M -N 106% Sale 106t2 100i2
07% "22 90*4 99%
i J - O ~97_% ' 97"%, 97*2
54 Juno’ 13
Buffalo City Gas 1st g 53-..1947 A -O
13 100 103%
100*4 100*2 100*4
100*4
l
A
O
97
Feb
’
15
Columbus Gas 1st gold 5s. .1932 J - J
102*4 5'101% 103%
i j - j 102% 102% 102%
120*2
122*4
Consol Gas conv deb 0s----- 1920 Q - F 122 Sale 122
|112 141*2
i j - j 116 120 123 A u g ’ 10
102*2
Detroit City Gas gold 5s— 19231J - J 101t2 102 101*4 101*4
'" 2 100% 101%
1
100
%
100
*
<
1
100*4
100*4!
f
A
-O
97l
2
N
o
v
’
15
Detroit Gas Co cons 1st g 5s 1918'F - A 100 . . .
Coal & Iron
102*4 104*8
103*4
Detroit Edison 1st coll tr 5s. 1933 J - J 10278 10312 103*4
99
96% 00%
96*2 July’ K]
> j - e 1 96
100*4 101*4
1st A ref 5s ser A _______51940 M- S ____ 10112 101*4 Aug ’ 16
3M- 61 91 95 06 June’ 101-.11 90 96*4
1001* May’ 15
Eq G L N Y 1st cons g 5 s.. 1932 M- S
92*4 05*2
.
94%
971;j 95*2 Aug '1C
3
F
A
Gas A Elec Berg Co c g 5 s.. 1949 J - D l o o ' I . . . 100 Feb ’ 13
70*4! ” 25 74*8 77*4
76*4 Salo 76*4
I F - A,
103 103*4
Hudson Co Gas 1st g 5s------1919 M -N 102*4 1031S 103*4 June’ 10
1
18 ___ . 73 Mar’ 1*1 ___
3
J
-E
91
Jan
’
16
91
91
Kan City (Mo) Gas lstg 5s. 1922 A -O
93
92 A u g '10i ___ 90
) J - D1 89*4 92
104 105
Kings Co El L A P g 5s___ 1937 A -O 105 ” m i 104*4 A ug’ 16
....
> F - A. 35 ____. 99% Feb 'Iti —
11478 118*2
116 117 1161* A u g ’ 16
Purchase money 6s---------1997 A -O
1
94*4
Mar'Hi
—
91*4
04*4
>
.
04*.
)
A
-C
126 128
Convertible deb 6s ---------1925 M- S 120 128 126 Mar’ 16
______
t J - J1 35 ----- . 99 July If
88 88*4
88 Aug ’ 10
Ed El 111 Bkn 1st con : 4S-1939 J - J 871? 88
5 89
94
91*2
91*;»
7 J - J1 91*2 Salo
100*8 102
Lac Gas L of St L 1st g 5s..el919 Q - F 10112 Sale 10ll 2 101i2
___
87
June’
Hi
8
1
88*3
1
83%
87
5
J
J
1007* 102*2
102
Ref and ext 1st g 5s_____ 1934 A -O 102 ____ 102
102
3 101*2 103%
1 J - J1 101 102*.4 102
91*4 93*2
93*8
93
9312 93*8
Milwaukee Gas L 1st 4s----- 1927 M -N
7 J - J1 ____ 1007;s 100*4 June’ lfi ------ 100*4 102
103*8
103*8
103*8
Mar’
10
Newark Con Gas g 5s........ .1918 J - O 103<2____
7 A - C» -------------- . 100*2 June'H 1 ----- 100% 102
103 105*2
N Y G E L H A P g 5s___ 1948 J - D 10378 104 10378 1041a
101 Deo ’ Ifl ----- ____. . . .
2 J - C> 106% 108
84
87
8412
84 Salo 84
Purchase money g 4s----- 1919 F - A
3 J - J| ____ 87* 2 73 Apr ’ K1 ----- _________
108
109
Ed El II 1st cons g 5s----- 1995 J - J 107i2 ____ 108*8 Aug ’ 16
8
86 June’ liS----- 86 90*2
5
80
827
D M- 5
100*2 101*4
NYAQ El L A P 1st con g 5s 1930 F - A 100*4____ 100*4 Aug ’ 16
Telagraph & Telopbono
9212 July’09
N Y A Rich Gas 1st g 5s----- 1921 M -N
91%
91*.1 25 9012 92%
d J - J1 91*4 Sale
Pacific G A El Co Cal G A E
10I 100 104
103
(} M- £5 _________ 103
97*8 100
99U
Corp unifying A ref 5 s.-.1937 M -N
98*4 9912 98*s
110*;2 15! 105*8 112
M- £) 109% Sale 109*4
Pac Pow A Lt 1st A ref 20-yr
1
----. 101% 103%
4
103%
Aug
’
1
*
1
____
1031
3
J
l
92
93*2
92 July’ 16
5s Internat Series........ ..... 1930 F- A ____ 90
73
73 July'll) ----- . 73
7 Q - J1 ____ 75
Pat A Passaic G A El 5s___ 1919 M- S 101*8------ 9912 Oct ’ 15
71
71 May'll i ----- . 71
7 Q - .1 ____ 73
115
A
u
g’
16
114*8
115*2
PeopGa 3A C 1st cons g 6s. .1913 A -O
i 99% 100%
99%
99?;9
If
7
l
a
I
99%
Salo
100*8 102*8
IOU2 IOD3
Refunding gold 5s----------- 1917 M- S
08 Apr ’ ll) ----- . 98
98
98
Keystone Telephone 1st 5 s.. 193;5 J - -1 96
99 Sep ’ 13
Registered____________ 1917 M -S
3 M->J 100*4 1007s 101% June’ ll6 ___ . 101% 101%
1007s 102*4
10212 10234
C hG-LACokelst.gug5s.1937 J - J
>
09*2
101
100
100
*
1
(
i F - tt
99*4 100
101 10U8
101 <8May’ 16
Con G Co of Chi 1st gug 5s 1936 J -D
0 M->J 101%
•. 100*4 June’ H3 . . . . . 100*4 100*4
87
87
87 June’ 16
Ind Nat Gas A OH 30-yr 5s 1930 M- N
97*4 13!l! 97% 99%
97*4 Sale 97%
9 M- ^j
100*8 100*4
100*4 Mar’ 16
Mu Fuel Gas 1st gug 5s. .1917 M -N
10078 3f> 99% 101%
7 J - -1 100*4101 100*4
*90*4 98*2
98i2 A u g’ 16
Philadelphia Co conv 5s----- 1919 F - A
10
0
34
101
101
Salo
If1 99% 101%
1
J
.j
88
93*2
88
88
Conv deben gold 5s........ .1922 M- N
)ll 100 101%
101
S i - . J 101 ___ . 101
98*2 10278
99*4 Aug ’ 16
Stand Gas A El conv s f 6 s..1926 J - D
95*4 95*2 95 Aug'H3 . . . . .1 94% 90*2
0
M*7
99*4
100*4
100*4
100*4
Syracuse Lighting ls t g 5 s..1951 J -D
J 101% 101*2
_
101%
Apr
’
H
0
.
.
.
99%
.
.
.
1
M
-*7
85% June 12
Syracuse Light A Power 5 s .. 1954 J - J
95
05
95 Mar’ li5
93*4 94
\ J - -J
101*2 June’ 14
Trenton G A El 1st g 5s___ 1949 M - S
BONDS
S ee N ext P a ge
SHARE
Saturday
A u g 26
*103
103% *103%
----- 1 *98%
175% 175
73% 73%
125 *119
36
37
210
4
39
*4%
*412 5
*44%
*44% 47
*
154 *
ioo"
*107" 109
*120 140 *130
71%
72
72
*1271.1 ___ *127%
87i2 87% *87%
*100 100% *100
7%
*7
40
41
*40
59%
60
60
*104
*104
*
144 *
*25"
*25" 28
141 141 *141
175"
72%
125
3612
*
*56
*72
*77
*100
1%
*12%
*109%
119
131%
*44%
97
70
*99
71
65%
21
*8%
230
*171
*101
*81
80%
*160
*1
*26
*52
128%
*
*165"
15%
146
*50%
*30%
*1
164%
54
30
06%
♦117%
*7%
P R IC E S — N O T
M on d a y
A u g 28
114 * "
56% *56
___ ; *72
CENTUM
W ednesday
A u g 30
P R IC E S .
Thursday
A u g 31
F rid a y
Sept 1
I
L a st Sale 103%Aug 16
103% *102% 103 1*102 102%
L a st Sale 99% Aug 16
*98% 99
99% *98% 99
175
176 176 *175 ____,1175
175
175 175
74 I 73% 74
73% 73% 73%' 73% 73% 74
................
119 125 *120 125
125 *119 125
36
40
39% 40
35
35
36
36% 34
L a st Sale 210 Aug 16
210 *----- 210 ►201%
L a st Sale 4% May 16
"4
4
4 *----Last Sale 39 M ay'16
40
40
40
L a st Sale 5
Aug’ 16
*4% 5
*4% 5
5
*44% 47
44% 44% *44% 47
47
Last Sale 154 July’ 16
154
154
154
107 107 *107’ 108% *107 108%
106
123* 125 '
145 *130 145 *100 125 *120 125
z70% 70%
73
73
*71% 72
71% *71% 72
Last Sale 127%Aug 16
*127%
___ *127%
*S9 ___
*90
*89
___ I 89
*99 100
*99 100
100% 100% 100
6% 7
7% 8% *8% 8%
7%
7% 7%
42% 43
38
38
44
40 I 38% 39% 42
59% 58% 59%
58% 58
58
59
69% 59
L a st Sale 104 Aug’ 16
*104
___ *104
140 140 *___ 142
144 I 142 142
Aug’ 16
L a st Sale 28
28%
28% 26
28% *25
140%
*139%
140 *138% 139
141% *140
L ast Sale 82% Aug’ 16
105 | 100 100% *100 105 *100 110
56%
50%
56% 56% 66%, *58
56% *56
*72
72
74 I 72% 72%. *72 .
77% 76
78
*70
101
100% 100% 100%
1%
1%
1% *1%
12% 12% 12% *12%
110% *110 H I *109%
119 j 118% 118% US
131% 131 131% 131
*43%
45% *43% 45
97% 97% 97% 97
*70
71
70 | 71
*98
99% *98 100
70% 72% 71
72
65%
66% 65% 66
20%
21
21
21
8%
9% *8% 9%
237
236 *235 237
171% *169% 170% 170%
101
102 *101 102
81% 81
82
81
*80
80
80% 80
159%
161% *160 162
1% *1
1% *1
17
17 * - - - 39
39 *----*26
26
___
26
___ ! 51% 51% *52
126% 126% 126% 127
154 *150 154 1*160
165% 165% *164
167
15% 16
15%
16
142 143% 142
146
50% 50
50
51
30% 30% ♦30%
31
1% *1
1% *1
164% 165% 164
165
54% 54
54
54
30% 30% 30% 30
96
95% 97
97
118 ►117% 118 ♦117%
7%
*7% 7%
8
3% 3%
100 101
16% 16%
*1%
1%
68
69
33% 34
65
65
*9% 9%
1%
l%j
66% 67%
71% 72
565 570
18% 19
*52% 53
64
65
*2% 3
15% 16
*8
8%
87% 87%
47% 47%,
13% 13%
3-2 3%
*45
46%
*89
90
29% 29%
*4% 5
4%
14
4%
*2%
2%
13% 13%
♦3
3.2
*3%
3%
90
901
19% 19%
*6% 7
13
13
*7
7%
22% 23
2
2
*1% 2%
2% 2I.i
69
701.)
*88% 89%
15
15
92% 92%
25% 25%
74
74
*1%
8%
.
*29% 29%
6% 6%
16% 16%
4
4
37% 39
6*2 6%
*.47
.50
70% 72
51
51
*3 % 4
14
14%
82% 821,
8
8
I 3% 4
f 6%
5*4
53
55
_*1% _1%
PE R
Tuesday
A u g 29
76
76%
110
100%
1% *1%
13 j 12%
111 ,*109%
118%' 118
131% 130%
44% *43
97% 96
71
72
99
100
72% 69%
65% 64%
19%
21
8% *9
237
237
170% *169
100%
101
80
81
80
81
159% 160
1% *1
17
39
*26
*52
126%
127
154
154
166 *164
15% *15%
141
144
51% 51
*30%
31
1% *1
162%
165
54% 53%
30% *29%
96% 95'.i
118 *117%
7%
7%
ih
3%
*3% 3%
100% 100% 99 100
16% 16%| 13% 16
1%
1% 1% *1%
*68
68% 67% 68
33% 34 | 33% 34
67
65% 60%! 66
9% 9%
0% 9%
1% 1%
1% 1%
66% 67% 60% 66%
71% 71%
71% 72
565 570 *574 575
19
19
19
19
*53
53% *51% 52
63% 64%' 61
61%
*2% 3 I *2% 3
15% 15% 15% 15%
8
8%
8
8
87%' *86% 87%
87
47% 47%' 46% 46%
13% 13%
*13% 14
3% 3%
3% 3%'
45
45 I 45
*44
*88% 90
90
*89
29% 28% 29
29
4% 4 %
*4%
*4
4%
4
13% 13%
13% 14
4%
4% 4% | >4
*2% 2% *2% 2%
13% 13% 12% 13%
*3
3%i
3% 3%
3% 3% ♦3% 3%
90
00
90
88
19% 19% 19
19%
*7
7%
7
7
13
13
*12
13%
*7
7%
7% 7%
22
22
21% 22%
2
2%
1% 2
*1%
1%
1% 1%
*2
2%
2% 2%
69% 69% 69
69
88% 89% 85
87
14% 14% 14% 14%
92
92
90
90
25% 25% 25
25
73% 73% 72% 73%
1% 1%
8% 8%
8%
♦28% 29% *28% 29
7
7
*6% 7%
*16
16%
16
10
3% 3%
3% 4
*37% 38
38
38
6
6
6% 6%
.40 .40
*.43
.46
70%
70% 71% 70
61% 51% 51% 51%
4
4
4
14
14%
14
14
82 l.t 82%
*82% 83
7% 7%
8
8
>3% 4
4
4
5
5
54
*53
54
54% *53
54
1% 1%
*1%
1%
sj
761,, 76% 76% 70
76%
109% 100% 100% 100% 101
1%
1% *1%
1% *1%
12%
12% *12
111
Last Sale 109% Aug"’ 16
118 *116% 1IS *117% 117%
130% 131
131
130% 131
L a st Sale 47
44%
Aug’ 16
9/
96% 97
96% 97%
*70
72
71
*99 100
99
71% 69% 72% 71% 72%
64>2 65
64% 65%
65
*19% 20% 19% 19%
20
9
9
9
9
9%
237 ♦237 ___ 238 238
170 *169% 170%
100% 101 101
80% 81%
80
80% 80
79
80
79
80
80
160 *160
Last Sale .95 Aug'16
1%
Last Sale 16 June’ 10
17
L a st Sale 39
Aug’ 16
39
*26
...
*52 . . .
"62i2 "52*%
126% 126%
127
126% 127
155 *___ 155
104% 164%
15% 15% 15%
143% 142 147
52
51% 51
30% 30%
31
Last Sale 1
July’ 16
1'2_
162 164%
164%' 162 165
54 I 53% 54
53% 54
30%' *29% 30
96%
95
96% *93 *2 97
118 , 117% 118
7% 7% ” 7% "7%
7*4
3% 3%
99% 99%
12
13%
*1%
1%
66
07
31% 33%
65
66%
9% 9%
1% 1%
63
64%
71
71%
570 575
*18
19
*51
.51%
58% 60
*2% 2%
15
15%
8
8
*86
87
*45
45%
13% 13%
*3
3%
*43
46
♦88
90
28% 28%
*4% 5
*4
4%
12% 13
4
4
2% 2%
12% 12%
3
3
3% 3%
87% 88
18% 18%
*6% 7
*12
13%
*6% 7%
20% 21%
1% 1%
*1% 2
♦1% 2%
68% 69
83
87
*13% 14
89
89
24% 24%
72% 73
*1% 2%
8% 8%
*27
27%
6% 6%
15% 15%
3% 3%
35
37%
6
6
*40
.45
68% 70
51
51
3% 4
14
14
84% 81%
7% 7%
3% 3%
5% 5%
*53
54
*1%
1%
3% 3%
98% 98%
12% 13%
*1%
1%
06
68%
32% 34%
66
70%
9
9%
*1%
1%
62% 65%
70
71%
:565 566
*17
19
50% 51
58
60%
L a st Sale
14%
/%
*86
*45%
*12
*31.
*43
*88
29
5
15%
8
88
47
14
3%
45
90
29
Last Sale
12%
3%
*2%
12
3
*3%
89
18%
*0
*12%
7
20%
*1%
*1%
*2
68
84%
*13%
87%
2-1%
71%
1%
8-2
Last
*0*2
15%
3%
35
5%
.45
09
50%
4
14
80%
7%
3%
*5
53
1%
12%
3%
2%
12%
3
3%
89
19%
6%
14
7%
21
1%
2
2%
09%
87%
13%
89%
25%
72%
1%
8%
*3% 3%
99
99-2
*12
12%
*1%
1%
67
68%
33% 34%
70
72
9% 9%
*1*2
1%
65% 67
71
71
538 540
*16
18
*51% 52%
5934 61
2% Aug'10
15% 15%
*74 8
*80
88
40% 47
*12
13
*3
3%
*43
45
90
90
29
29
*5
5%
4
Aug’ 16
12% 12%
*33,
4
*2% 2%'
12*4 12%
*2% 3%
*3
3%
89
90
19% 20
*0
6*4
"T
"V "
20*2 21
1*4 H4
*1% 2
*1% 2%
69% 69*->
*85
87 *
13% 14
*85
85
*24% 24%
72
72%
2
2
8*2 8%
Sale 29% Aug'16
0% 0%
7
"
10
15% •15
4
4
3%
37
37
37
5% 5%
0
.50
.45 * .40
71% 70% 71%
51% 50% 51
4
3% 4
14% 14
14%
83% 83
83
7%
7*2
734
3%
*3% 3%
6
5% 5%
53
53% 51
1% * 1% 1%
Sales
o f the
W eek
Shares
STOCKS
BOSTON STOCK
EXCHANGE
Railroads
Atch Topeka & Santa Fe--100
Do prel______________100
95 Boston & Albany... ............ 100
155 Boston E levated^-,-_____ 100
6 Boston & Lowell................. 100
,767 Boston & Maine._________ 100
Boston & ProVlde'nce_____ 100
Boston Suburban Elec Cos__
Do prel............ ............. .
Boston & Wore Electric C o s..
Do prel............ .............
Chic June R y i U S Y ...1 0 0
Do p r e l_________________
Connecticut River............. 100
Fitchburg p rel.................... 100
Georgia Ry & Elec stampdlOO
10 Do prel______________100
110 Maine Central___________ 100
821 Mass Electric Cos............... 100
,035 Do prel stamped............. 100
332 N Y H & Hartford............. 100
Northern New Hampshire. 100
Old Colony.........................100
Rutland, prel___________ 100
Union Pacific....................... 100
Do
p r e l......................100
10 Vermont & Massachusetts. 100
48 West End Street__________ 50
prel_____________ 100
60 Do
Miscellaneous
110 Amer Agrlcul Chemical__ 100
313 Do
prel..................... .100
150 Amer Pneumatic Service.. 50
100 Do
prel...................... 50
Amor Sugar Refining.........100
156 Do
prel...................... 100
,501 Amer Telep & Teleg.......... 100
American Woolen of Mass.100
Do
prel........................100
Amoskcag manufacturing___
Do
prel..... ......... .............
Atl Gulf & W I S S Lines.. 100
Do
prel............... ....... 100
Cuban Port Cement__ $15 pd
East Boston Land.............. 10
Edison Electric Ilium........ 100
General Electric................ 100
McElwaln (W H) 1st prel. 100
Massachusetts Gas C os...100
Do
prel......... ............. 100
Mergenthaler Linotype__ 100
Mexican Telephone...........10
Mississippi River Power.. 100
Do
prel........... ........... 100
7 New Eng Cotton Yarn___ 100
8 Do prel.............
100
525 New England Telephone.. 100
125 Nlpe Bay Company...........100
9 Pullmau Company_______ 100
144 Reece Button-Hole_______ 10
,032 Swift & Co...........................100
835 Torrlngton_______________ 25
34 Do
prel............... ....... 25
Union Copper L & M ____ 25
;,120 United Fruit....................... 100
093 United Shoo Mach C orp .. 25
Do p ro f...................
25
115
i,955 U S Steel Corporation___ 100
18 Do
p r e l......... .......... 100
,845 Ventura ConsolOil Melds. 5
Mining
341 Adventure Con___________ 25
285 Ahm cek................................ 25
,035 Alaska Gold...... ................. 10
110 Algomah Mining...................25
565 Allouez___________________25
i,925 Amer Zinc, Lead & Smelt. 25
i,990
Do
prel______________ 25
,840 Arizona Commercial........ .. 5
500 Butte-Balaklava Copper.. 10
760 Butte A Sup Cop (L t d )... 10
,544 Calumet & Arizona_______ 10
373 Calumet & Hecla_________ 25
205 Centennial........ ....................25
25 Chino Copper........ ...........
5
,157 Copper Range Cons C o__ 100
Daly-West............................ 20
’,298 East Butte Copper M in ... 10
320 Franklin................................ 25
55 Granby Consolidated------ 100
168 Greene Cananea.............. 100
105 Hancock Consolidated___ 25
190 Indiana Mining----------------- 25
100 Island Creek Coal________ 1
5
Do prel.................
1
472 Isle Royalo Copper------------ 25
135 Kerr Lake.................
5
Keweenaw Copper___ . . . 25
Lake Copper C o__________ 25
La Salle Copper----------------- 25
Mason Valley Mine______ 5
Mass Consol_____________ 25
Mayflower_____ _________ 25
Michigan...............................25
Mohawk.......................
25
Nevada Consolidated____
5
New Arcadian Copper___ 25
New Idria Quicksilver___
5
Nlplsslng Mines........ ........ 5
North Butte...................... 15
North Lake...............
25
OJIbway Mining........ ..........25
Old Colony______________ 25
Old Dominion C o_________ 25
Osceola.......................
25
Pond Creek Coal_________ 10
Quincy__ _____
25
Ray Consolidated Copper. 10
St Mary’s Mineral L and.. 25
Santa Fe Gold A C opper.. 10
Shannon_______
10
Shattuck-Arlzona................. 10
South Lake...............
25
Superior.....................
25
Superior A Boston Copper. 10
Tamarack________________ 25
Trinity...................................25
Tuolumne Copper------------ 1
U S Smelt, Refln A Min— 60
Do prel.................
50
Utah-Apex Mining_______ 5
Utah Consolidated_______ 5
Utilli Copper C o__________ 10
Utah Metal A Tunnel_____ 1
Victoria__________________ 25
Winona__________________ 25
Wolverine________________ 25
W yandott...............
25
Range Since Jan. 1
R ange f o r Precious
Y ear 1915
H igh est
H ighest
102 M ar 2
98% Aug 17
175 Aug 25
65% Apr 24
124 Aug 22
34 Aug 29
200 Aug 4
4% Feb 29
39 Mayl9
4 Mart8
42 Feb 28
154 July26
102% Apr 26
123 Sept 1
*7034 Sept 1
122 Jan 3
*86 Jan 10
*99 JunelS
5 Julyl4
31 May 2
57 May 5
97 Jan 3
140 Aug 30
20 May 1
130 Apr 26
81% Mar 1
100% Aug 29
56 Aug 11
69 Julyl3
92*4Feb 109% N ov
108 Jan 3
97 Jan
101% M ar 9
101% N ov
198 Feb 16 170 Mar 198 Jan
88%J&n 19 73 June 96 Jan
145 Feb 11 109 Feb 138% Oct
52 FCb 14
20 Feb
37% Oct
235% May29 225 Jan 240 June
5 Dec
5 Jan 8
10 M ar
40 Sep
40% Feb 29
56 M ar
5 N ov
5% Jan 5
9 Sep
39 Jan
45% J u lyl 8
47 July
154 July26 157 Feb 160 Sep
110 Julyl4 101%July 110 Apr
162 Feb 19 140 Feb 165 Jan
87 Feb 14
51 Feb
76 N ov
129 Aug I 114 Apr 120 Feb
84 Aug
90 MaV25
88 M ar
102 Jan 17
92 Mar 103% N ov
4% June
8% Aug 30
10 Sep
44 Aug 9
33 July
56 Jan
7734Jan 3 43 Feb
87*4 Oct
105 Feb 14
89 Oct
98 Apr
157 Feb 20 140 Aug
157 Apr
30 Jan 3
15 M ar
30 N ov
142% May23 116% Jan 141% N ov
83% Jan 3
79*4 Mar
81% Oct
125 Mar 1 105 Feb 125 Apr
67% Jan 19
61 May
72% Jan
86 Feb 25 80 July 93% Feb
64 Apr 24
95% Mar23
1%July 8
H 34July 8
106 Apr 22
114%Mar 1
126% Jan 31
42 Aug 5
92 Jan 11
66 Jan 3
98 July24
27 Jan 14
42
._ Jan 15
u*8% Apr 28
8% Aug 16
234 Apr 27
159% Apr 22
95 June 8
79% Julyl7
79 Aug 31
155 May
.90 Aug .
15 Jan 18
. . Apr 21
39
23% Julyl8
50 Jan 24
126 Aug 16
102% Jan 11
158% Apr 28
15 Feb 3
125 Feb 5
35 Jan 14
28 Jan 14
.90 Mar28
136% Jan 31
50 June23
28% Jan 3
79% Mar 1
115% Feb 5
7% July20
79% Aug 21
101% Aug 23
3% Apr 12
16 May 4
116% Jan 8
1193s Aug 25
133% Aug 18
55 Marl4
101% Marl4
76 Aug 18
101% Feb 10
74 Aug 25
66% Aug 26
25% July20|
13*8 Jan 19
250 Mar 7
178 Jan 17
102 Feb 24
86% Jan
89 Feb 14
172 Jan 19
2% Jan 15
19 Apr 10
44 Feb 8
30 Jan 7
58 Jan 7
140 M arl7
160 May 5
171 Jan 17
16%May23
149 Aug 23
58 Junel3
32 Mar 2
2 Feb 23
168*4 Aug 21
63% Mayl2
30% Junel4
99% Aug 23
119% July 8
13 Jan 3
134 Feb 17
91 Aug
12 Aug 30
34 May 3
58 Julyl7
29% Jul yl l
60 Julyll
7% July29
1% Aug 2
60% JulylO
66 Junc28
515 Julyl4
14 July 17
46 J u lyll
54% Julyll
2 JulylS
11% Julyl2
6 June23
79 Julyl4
34*4June26
10%June28
2 JulylO
44% Mar30
88 Jan 29
25 Julyl3
3% Mar 4
2*4Feb 11
9% Julyl4
3% Julyl5
1% Aug 3
10 Julyl3
2 July 5
1% Jan 5
77% J ulyll
15 Jan 28
4»4JuIyl 4
9 Julyl9
6 Mar 1
20 Julyl3
.50 June 2
1*8 July 15
1% July 14
60 Julyl4
70 Julyl4
ll% M a r 7
81 Julyl2
20*4June22
61%Jan 31
1% July28
7 July 13
24*4 J u lyll
4 Aug 4
12% Julyl5
1% Jan 13
35 Aug 5
4% July 12
.15 Jan 26
54% Jan 3
49 Feb 1
3 Mi Feb 11
12% Jan 15
75 June27
6% Julyl 8
2*4Jan 3
3*4Mar27
46% Aug 9
1% Aug 12
5% Apr 11
4 Jan
4% Apr
106 MarlO
92% Dec 103 Aug
26% Jan 7
21% Dec
40*4 Apr
2 Apr 7
.45 Feb
4*4 Apr
74% Feb 21
35% Jan
66 Dec
1634 Jan
97% Apr 10
72% N ov
75% Apr 8
10 Feb 14
3% Jan
9% Apr
2 Jan
5% Feb 5
4*4Apr
105% Mar 9
35*4 Jan
80 June
75*4 May20 51% Feb
78*4 Apr
586 Feb 14 350 Jan 630 Apr
15 Jan
20% Aug 25
25 Apr
32% Jan
60 Feb 19
57 N ov
68*4 May 19 30 Jan
65 Dec
3% M arl7
1% Jan
5*4Apr
16% Jan 3
8% Jan
16% Dec
10*4Jan 8
4% Feb
14% Apr
98*4 Feb 10
58 Jan
94% Apr
52% Mar 9
23% Feb
52% Dec
19% Jan 4
11 Jan
24% Apr
6 Jan 3
2% Jan
10% Apr
5434Apr 11 41 Mar 52 Aug
92 May23
85% Jan
91% Apr
31*4 Jan
17% Jan
34 Apr
5% May 3
3 Aug
5% Apr
8 Apr 6
1% Aug
4% Apr
19% Feb 10
5% Jan
19% Dec
5*4Jan 3
3% Jan
9 Apr
4% Jan 4
1 Mar
5 Dec
15 Feb 23
3 Jan
17 Apr
5 Feb 10
3 Aug
8 Apr
.60 Mar
4 Apr 6
3 Apr
46% Jan
103% MarlO
98 Dec
11% Feb
20 Sept I
17 Apr
10% Jan 4
4% Feb
14% June
4 July
24*4 Jan 19
13% Aug
8% May 1
5% Aug
8% Nov
32 Jan 3
22% Jan
38% Apr
4% Jan 3
1 Jan
4% Apr
2% Apr 6
.50 M ar
3% Apr
4 Jan 3
2% N ov
7% Apr
7334 M a rll
38% Mar
64 Dec
101% M arl4
64 Jan
93% Apr
16% Aug 16
12 Jan
19% Aug
50 Jan
98*4 M ayl 6
95 Apr
26 Feb 14
1534 Jan
27% N ov
80 June 9
28 Jan
65% Dec
3% Jan 8
1 Mar
5 Oct
12% Feb 14
4 Jan
11% Apr
40*8 Feb 14
18*4 Jan
38 N ov
8% Jan 4
5% Nov
7*4July
28% Jan 3
22% Jan
41% Apr
5% May 15
1 Mar
4% Apr
56%Jan 14
25 Jan
58% Aug
1234Jan 3
2% Feb
% * Ct
.60 May31
.20 Jan
.63 Apr
80% June 9
20 Feb
54 Deo
53*4Apr 11 28 Jan
60% Dec
5% Apr 10
2 Jan
5% June
1534 Feb 11
9% Feb
16% June
86*4 Feb 21 48*4 Jan
8D4Deo
11% Marl3
4% Feb 14
1 Feb
4% Apr
7%May31
1*4 Jan
5% May
67% Feb 10
32 Jan
70 Apr
.50 Mar
234Feb 14
2% Apr
48 Jan
73*4 N ov
87% Mar 101%Nov
1% Mar
4% Oct
13 Dec
19% Jan
100 Feb 119% N ov
109 Feb 119 Dec
116 Jan
130% Nov
16% Apr
57% Oct
77 Feb
99% Oct
59% Jan
67 Apr
97% May 101 Feb
4 Feb
36 N ov
9% Mar
49 N ov
8% Dec
230 May
138% Feb
96% Aug
78 Apr
84 N ov
154 Feb
% Apr
10 June
35 Feb
20 Apr
25 July
*127% June
13% Apr
260 Jan
184% Oct
104 Mar
94 Aug
92%Jan
200 Jan
3 Sep
16% Dec
46% Jan
30 N ov
55 Dec
143 Jan
150 Feb
15 Sep
104*4 Jan
28 Mar
26 Mar
.95 Jan
110 Feb
48 Aug
28 Mar
38 Feb
102% Jan
10% Dec
170 Oct
18% Jan
128 N ov
36% Dec
30% Sep
1*4 Apr
163 N ov
65 May
30 Aug
89% Dec
117% Oct
14% N ov
15 4
Baltimore Stock Exchange.—
Outside Stock Exchanges
Boston Bond Record.—
T r a n s a c tio n s in b o n d s a t B o s
Bonds—
Alaska Gold deoen 6s ___
Amer Agrlc Chem 5 s.. 1924
5 s .............. ............ 1928
AmTelATelcoll tr4s..l929
A t l G A W I SSL 5S.. 1959
Chic June A U S Y 5s. 1910
Chic A West Mich 5s. 1921
Mass Gas 454s_______1929
Miss Rlv Power 5s__ 1951
N E Telephone 5s___ 1932
Pond Creek Coal 6s. .1923
95
Swift A Co 5s........ ...1 94 4 100
U S Smelt R A M conv 6s.
Western Tel A Tel 5s. 1932 i0054
Sales
fo r
W eek .
94
$2,000
9754
1,000
1,000
10254
6,000
9154
7.000
8354
5.000
10154
1.000
8754
1,000
9654
1,000
7754
5.000
10154 102
2.000
95
95
100 10054 15,500
2,000
10954 10954
10054 10054 13,000
c o m p ile d fr o m
Range sin ce Jan .
1.
Aug
July
May
Jan
Jan
May
Mar
Mar
July
Jan
Feb
Jan
Apr
Jan
105
99
10354
93
84 54
102
8754
9954
81
104
9854
10054
115
10154
May
Mar
July
Apr
May
Aug
Aug
Jan
Jan
May
Aug
Juno
June
June
o ffic ia l sale s lis ts , is as
fo llo w s :
Sales
Friday
fo r
Last W eek 's Range
o f Prices
Sale
W eek
Par. P rice. L ow .
H igh . Shares
Stocks—
American Radiator___ 100
Preferred__________ 100
Amer Shipbuilding___ 100
48
Booth Fisheries, com .. 100 41
Preferred................... 100 81
ChlcCy <&C Ry pt sh pref.
Chic Pneumatic T o o l..100
71
Chic Rys part ctf “ 2” ___
1454
Chic Rys part ctf ’’3” ___
254
Chicago Title & Trust-100 244
Commomv' th-Edison . . 100 141
Diamond Match______100 11854
Hart, Shaft & M , com. 100 86
Preferred............... ..100
Illinois Brick.............. .100
Lindsay Light___________
National Biscuit______100
National Carbon.......... 100
Preferred.......... ........ 100
Pacific Gau & Flee C o. 100
People’s Gas L & Coke. 100
Pub Serv of N 111, com. 100 112
Preferred................. 100______
Quaker Oats Co______10O_____
Preferred................. 100_____
Reo Motor Truck_____ 10
Sears-Roebuck com ..100 207
Stew Warn Speed com . 100 111
Swift & Co___________ 100 146
Union Carbide C o___ 100 203
Unit Paper Board com 100 1754
Preferred__________ 100 67
Ward, Montg & Co pref . . 11454
Bonds.
Chicago City Ry 5 s.. 1927
Chicago Rys 5s_____ 1927
Chic Rys 4s Series "B ” ___
Chic RyAdJ Inc 4s. 1927 34
Commonw-Edison 5s 1943 10214
Cudahy Pack 1st M 5sl924
Met W Side El 1st 4s 1938 7154
Sulzberger & Sons 1st 6s ’41
Swift & Co 1st g 5 s.. 1944 10054
x
394
132
48
41
80
1546
70
14 46
2 46
244
141
117J4
397
132
4954
42
8154
Range
sin ce
L ow .
H ig h .
25
126
185
125
r6654
11254
11554
104
363
111
36 54
21254
119
14954
207
1854
69
11754
Jan
Feb
Aug
Aug
July
June
Mar
Jan
Jan
July
Mar
Aug
Aug
Aug
Aug
Aug
Jan
Feb
Aug
Apr
Jan
Feb
Feb
Jan
Juno
Aug
AugAug
Aug
Aug
Aug
Aug
Aug
9954 S19,000 9854 Apr
1,000 96
May
9654
6,000
6554 July
6854
34
300 3354 June
10254 10,000 10154 July
10154 2,000 10154 May
2,000 71
May
7154
10054 11,000 9954 Apr
10054 34,500 9854 Jan
100
9854
75
3854
10254
10254
73 54
10054
10054
Feb
Feb
Jan
Mar
Jan
Mar
Jan
Aug
May
1546
73
15
385
132
33
25
1
J an .
Jan
Aug
Jan
Jan
Jan
July
Mar
Apr
July
Apr
June
Mar
Aug
Jan
Jan
Jan
Aug
July
Feb
Aug
May
Jan
Apr
Jan
Jan
Aug
Mar
Apr
Jan
F’eb
June
June
Juno
2%
246
141
119 54
86 8954
117 46 117 46
86>4 88
23
2354
118
118
184J4 185
12254 12254
5854 5854
10154 10254
111
113
10154 10154
350 350
11054 111
3654 3654
201 21054
109 119
14154 148
19954 204
17
1754
66
68
11454 11654
9954
9654
6854
34
10254
10154
7154
10054
10054
30
2
235
125
135
38
315
170
20
24
52
1,015
1,115
15
745
330
5
95
200
10
456
216
5
126
53
120
3,376
30,952
3,913
848
120
145
343
66
15
6354
13
254
220
13954
102
86
11446
7654
654
118
167
12054
5754
100
107
100
309
107
3654
16954
8254
12654
170
1354
5154
11254
400
13654
50
42 54
82
20
79
1854
4
24954
14654
11954
8954
11754
88
Ex-dividend.
Pittsburgh Stock Exchange.—
T h o c o m p le te re co rd o f
tr a n s a c tio n s a t th e P itts b u r g h S to c k E x c h a n g e fro m A u g . 2 6
to S e p t . 1 , b o th
in c lu siv e , c o m p ile d fr o m th o o ffic ia l sales
lis ts , is g iv e n b e lo w .
sh are,
not
p er c e n t.
P ric es fo r sto c k s are a ll d ollars p er
F o r b o n d s th e q u o ta tio n s are p er c e n t
o f p ar v a lu e .
Stocks—
Friday
Sales
fo r
Last
W eek’s Range
o f Prices
W eek
Sale
Par. P rice. L ow .
H igh . Shares.
Amer Wind Glass MachlOO
6054
Amer Wind Glass prof. 100 10354
Caney River Gas______ 25
Columbia Gas A E lec.. 100 2154
Consolidated Ice com__ 50
Cruclole Steel pref___ 100
Harb-Walker Refract.. 100
5654
Mfrs Light A Heat____ 50
5554
Nat Fireproofing com ..50
754
Preferred.................. .50
Ohio Fuel Oil___________1
1454
Ohio Fhael Supply_____ 25
4554
Oklahoma Natural Gas 100 75
Pittsburgh Brewing com 50
Preferred.......... ......... 50
Pittsburgh Oil A G as.. 100
Pittsburgh Plate Glass. 100
Pure Oil common______ 5
2054
Ross Mining A Milling...1
San Toy Mining.......... ..1
16c
Union Natural Gas___ 100
Union Switch A Signal..50 115
U S Glass______ _____ 10O
34
U S Steel Corp com___ 100
97
West’house Air Brako..50 148
West’house Elec A M fg .50 59
West Penn Tr A W P..100
Bonds—
Plttsb Coal deb 5S...1931
Pitts McK A Conn 5s. 1931
West Penn Rys 5s___ 1931
62
123
10354
3854
3
25
117
3
25
11754
21
102
101
Independent Brewing__ 50
La Belle Iron Works__ 100
60
123
10354
3854
9854
554
1954
5554
133 X
87 '
5354
754
1654
1454
45
75
554
22
7
119
1954
lie
15c
157
114
33
96
147
5854
1954
22
895
Range sin ce Jan .
L ow .
3,665
38
20
1.
H igh .
Jan 0454
July 155
Feb 107
June 4254
1454 Mar 2254
3
July
5
25
35
10914 Jan 118
7054 Jan 104
100
104
254 Mar
554
3454
10 12254
10 100
100 36
May
Aug
Jan
Aug
Mar
49
Aug
60
Aug
104
35
50
Aug
554
1954
40 1 5 H
22
59
3,053 49
June 60
Aus
133^
88 123
133*4
8854
170 87
93
50
1,020 4954 Apr 56 Aug
485
12
Jan
754
654 July
175
17
1554 July 2454 Jan
14
215
Aug
19
Jan
1454
461
38
45 46
F’eb 4754 June
75
205 70
Jan 75
July
110 454 Mar
554
654 Aug
23
130
Aug
1654 Feb 25
7
248
654 Mar
954 Apr
120 115
Jan 120 May
11954
2054 12,534 *1754 May
2154 Mar
14c 2,000
5c
Apr 30c
Apr
15c
1,300
14c June 25c
Jan
35 14154 Apr 15754 Aug
157 54
115
155 109
May 126
Jan
905 25 54 June 3954 Aug
3654
99
420 8054 Jan 99
Aug
149
854 13354 Apr 150
Aug
300 53 54 July 7154 Mar
5954
10 17
Jan 21
Aug
1954
102
th e
not
p er c e n t .
P ric e s fo r s to c k s aro a ll d o lla rs p or
F o r b o n d s th o q u o ta t io n s aro p or c o n t
o f p a r v a lu e .
fro m A u g . 2 6 to S e p t . 1 ,
th e
of
H igh .
L ow .
94
9654
10054
9054
74
100 >4
82 54
9654
77
10154
87
9854
10954
99
re co rd
in c lu s iv e , c o m p ile d fr o m th e o ffic ia l sales
Friday
Sales
fo r
Last W eek's Range
o f Prices
Sale
W eek
P ar. P rice. L ow .
H igh . Shares.
Stocks—
Arundel Sand A Gravel 100
Balt Electric pref.......... 50
Baltimore Tube_______100
36
42 54
126
99
Consol Gas E L A Pow. 100 110
Preferred__________100 11354
Consolidation Coal___ 100 100
Cosden A Co___________ 5
1454
Cosden Gas____________ 5
1154
Preferred______ _____ 5
454
Davison Chemical.No par 35,54
Elkhorn Coal Corp____ 50
9854 9854 $5,500 9654 May 9854 Jan
1,000 10054 May 10254 Aug
10254 10254
1,000 100
Jan 10054 Apr
10054 10054
Houston OH trust ctfs .100
MtV-Woodb Mills v t r 100
12
Pennsyl Wat A Power. 100
Sapulpa Refining_______5
United Ry A Elec.......... 50
Wayland Oil A Gas.......... 5
Bonds—
Alabama Co gen 6s__ 1933
Atlan C L (So Car) 4s. 1948
CnarlesConRyGAE5s.'99
Chicago City Ry 5 s.. .1927
Chicago Ry 1st 5s----- 1927
ConsGasELA P454S.1935
Consol Coal ref 454s_. 1934
7654
854
2754
3)4
Cosden Oil A Gas 6s..........
Elkhorn Fuel 5s____ 1918
10054
Md Electric Ry 1st 5s. 1931
Milw El R y * I.t4Hs-1931
Minn St A St P C Jt 5s 1928
Mt V-Woodb notes 6s 1918
Norf A Ports Trac 5s. 1936
United Ry A E 4s___ 1949
Income 4s________ 1949
36
42 54
127
99
Range sin ce Jan .
Low .
30
50
3554
41
63
142 82I£
694 107 '
110 h i
113
131 107
11554
98
125 06
100
1354 1454 10,151
1354
7,287
6
1154 1254
2,681
4 54
454
454
1,555 3554
3554 38
15
1554
115 15
31
31
100 31
15
15
135 15
100 1354
1454 1454
12
52
10
1154
115 49
5254 53 54
250 72
7654 7754
4,000
954
754
754
1,593 2554
2754 27 54
200 354
354
354
126
C o m p lo te reco rd o f tra n sa o
tio n s a t C h ic a g o S to c k E x c h a n g e
b o th in c lu s iv e ,
sh a r e ,
94
9754
102 54
9154
8354
10154
8754
9654
7754
Chicago Stock Exchange.—
to S e p t . 1 , b o th
lis ts , is g iv o n b e lo w .
to n S to c k E x c h a n g e A u g . 2 6 to S e p t . 1 , b o th in c lu siv e :
Friday
Last W eek 's Range
Sale
o f P rices
P rice. Low .
H igh .
C o m p lo to
tr a n sa c tio n s a t th o B a lt im o r e S to c k E x c h a n g e fr o m A u g . 2 6
102
61
92
95
99
97
8754
91
91
100)4
9954
9954
9854
92)4
10154
61
$1,500
92
5,000
10,000
95
1,000
99
97
1,000
8754 12,000
1,000
91
91
5,000
10254 169,000
6,000
100
3,000
9954
1,000
9854
2,000
9254
2,000
10154
100 100
3,000
so
80
1,000
8,000
8254 83
6154 62 54 16,000
80
80
2,000
500
8654 8654
91
100
8254
62
Small ............ ...1 93 6
Philadelphia Stock Exchange.—
Tho
60
92
93
9854
96
8654
91
91
1.
H ig h .
Aug 42
Feb
July 44 54 Jan
Jan 13154 Aug
Mar 11654
June 117
Feo 103
Aug 2654
Apr
1854
Apr
054
Aug 7154
Aug
19
31
19K
Aug 2354
Mar
1654
Juno
Aug
Jan
Juno
Juno
Juno
Jan
Mar
Jan
Jan
Mar
Aug
Jan
Aug
78
July
1654 Feb
29
Feb
954 Feb
Jan
Aug
Jan
Apr
May
Aug
July
6154 Jan
9254 Apr
95
Jan
102 July
9954 Feb
9054 Jan
9354 Mar
93
120 Juno
10054 Feb
9954
99 Mar
94
Apr
102 54 May
100 Aug
86 July
85
Jan
64
May
87 )4 Feb
8754 Fob
100
Aug
9954 Aug
99 54
9654 Jan
9054 Jan
101 Aug
98
Mar
8154 Jan
82
July
6054 June
84 H
8354 May
c o m p le te
re co rd
o f tr a n sa c tio n s a t th e P h ila d e lp h ia S to c k E x c h a n g e fr o m
Aug.
26
to
S e p t.
1,
b o th
in c lu s iv e ,
o ffic ia l sales lis ts , is g iv e n b e lo w .
d ollars p er sh a r e ,
not
por c e n t.
c o m p ile d
fr o m
th e
P ric e s fo r s to c k s aro a ll
F o r b o n d s th o q u o ta tio n s
are p er c o n t o f p a r v a lu e .
Stocks—
Sales
Friday
fo r
Last W eek’s Range
o f Prices
Sale
W eek
P ar. P rice. Low .
H igh . Shares.
American Rys, pref__ 100
Baldwin Locomotive.. 100
Preferred ...................100
Buff & Susq Corp v t c.100
Cambria Steel_________ 50
Elec Storage Battery.. 100
General Asphalt_____ 100
Preferred........ ..........100
Hunt & Broad Top, pf__50
Insurance Co of N A ___ 10
Inter-State Rys pref___ 10
J G Brill Co........ ..........100
Keystone Tclepnone___ 50
Preferred ...........
50
Lake Superior C o rp ... 100
Lehigh Navigation____ 50
Lehigh Valley_________ 50
Lehigh Val Transit, pref 50
Little Schuylkill_______ 50
Pennsyl Salt Mfg.......... 50
Pennsylvania...................50
Philadelphia Co (Pitts).50
Pref (cum 6 % )........... 50
Philadelphia Electric.2254
Phila Rapid Transit___ 50
Voting trust rects___ 50
Philadelphia Traction..50
Reading .......................... 50
Second preferred____ 50
Tono-Belmont Dcvel___ 1
Tonopah Mining________ i
Union Traction________ 50
United Cos of N J___ 100
United Gas Improvt___ 50
U S Steel Corporation. 100
Preferred____ _____ 100
Warwick Iron & S teel... 10
W Jersey & Sea Shore__ 50
Wm Cramp & Sons___ 100
York Railways________ 50
Bonds.
Amer Gas & Elec 5 s ..2007
do
small_____ 2007
Anglo-French 5s_________
Edison Elec stk tr ctf 5s ’46
Elec A Peop tr ctfs 43.1945
do
small.......... 1945
Harwood Electric 6 s .. 1942
Inter-State Rys coll 4s 1943
James F A Clear 1st 4sl959
Keystone Telep Ist5s.l935
Leh CANavcons454s.l954
Leh Val gen consol 4 s.2003
Gen consol 454 s___ 2003
Lehigh Val Coal 1st 5s 1933
Nat'i Properties 4-6s small
Pennsylv RRgen 454s 1965
Consol 454s.......... -I960
Philadelpnla Co 1st 5s 1949
Cons A coll tr 5s__ 1951
Phil Elec tr ctfs 5s___ 1948
S m all.......................1948
Trust certfs 4s____ 1950
Sm all........ .......... 1950
Phila A Read Term 5s 1941
10454
5054
66
69
26
1254
1054
7754
4254
96
7754
104
49 54
82
65
2754
69
9
26
1254
3754
13
6854
1054
7554
7754
4254
5354
9654
7854
105
50 54
82
6754
3154
6954
9
26 54
12 54
37 54
13
6854
1154
7554
8054
42 54
5354
19J4
79
10354
454
554
4454
8754
9554
11754
78
13
9654
9454
94
9554
10754
80
82
10154
57
9054
9754
9654
9554
9554
10/54
SO54
82
10154
5754
9054
98
101 54
90
9954
10454
70
10154
10454
10054
87
10454
105
8454
8454
11154
57
90
99 J4
516
606
10
975
1,170
200
1
79
150
105
1
1
763
23
317
174
10
100
70
2,853
5554 56
105
3954 40
25
3954 40
571
2854 2854
525
1954 2054
4,445
1954 2054
204
7854 79
2,536
102 54 106
100
4554 4554
4 3-16 4 5-16
1,920
5 9-16 554
436
4454 45
580
1
224 224
293
8754 8854
*9354 97 54 29,250
2
11754 11754
10
954
954
2
4954 4954
450
81
78
75
13
13
100
5554
39)4
3954
2854
96
210
101
90
9954
104
70
10154 10154
10454
10054
87.
10454 10454
10454
8454
8454
84 54
11154
$14,000
1,000
5,000
4,000
22,000
500
1,000
16,000
5,000
3,000
2,000
2,000
33,000
8,000
50
6,000
1,000
1,000
2,000
53,000
6,100
157,500
8,500
4,000
Range sin ce
L ow .
9354 Feb
69
July
104 Sept
38
Jan
7054 Jan
5854 Apr
2754 Aug
69
Aug
9
July
25
Jan
1254 Sept
34
Apr
Mar
13
6754 July
854 Jan
74
May
7454 Jan
38
Jan
53
Aug
97
July
55 54 Aug
3854 July
3954 July
Mar
27
17
May
17
May
75
May
7554 Jan
42 Yl Jan
4 Mar
554 Aug
4154 Jan
22254 July
8754 May
7954 Mar
115J4 May
954 Aug
49
May
70
Mar
854 Feb
1
Jan
H igh .
100
Mar
Feb
Mar
Juno
May
Aug
Mar
Mar
12 Mar
27
Jan
1254 Sept
4854 Jan
15
Mar
7054 Apr
1254 F’eb
7954 Jan
85
May
4454 Mar
5454 Mar
10254 Feb
5954 Jan
4554 Jan
45
Apr
2954 Juno
21
Jan
2154 Jan
7954 Jan
11054 May
5154 May
5 7-16 May
7
Jan
4554 May
22754 Juno
9254 Jan
9954 Aug
118
July
1154 Juno
51
Jan
87
Jan
1654 Juno
8954 Jan
8954 Jan
0554 Jan
105
Mar
7954 May
Aprl
76
Jan
101
May
57
9054 Aug
Jan
96
101 Aug
90
Aug
9954 Aug
104
Aug
65
Juno
10054 Jan
10454 July
100J4 Aug
87
Aug
10354 Jan
Jan
103
8154 May
82
May1
11054 Jam
11554
10954
55
90
69
38
7354
9654
9554
95J4
108
8154
83
103
58
92
100
10354
94
10354
106
7054
103
10654
10154
94
105
105
85
85
113
Sept
Aug
Juno
Aug
Feb
Jan
Jan
Jan
Jan
Feb
F’eb
Feb
F’eb
Jan
Apr
Feb
F’eb
Feb
Feb
Jan
Juno
July
July
Juno
Friday
Sales
for
Last Week's Range
Week.
Sale.
High. Shares.
Par. Price. Low.
B on d s (Concluded)
Beading gen 4s______ 1997
Spanisn Am Iron 6S..1927
United Bys g tr ctf 4s. 1949
United Bys Invest 53.1926
W est N Y & l ’ a gen 4s 1913
95
95%
102 % 102%
70
70
69% 69%
84
84
95%
Range since Jan. 1.
Low.
7.000
1.000
2,000
7.000
1.000
High.
93% M ay
101% M ay
70
Aug
68% Juno
81% Jan
96% Jan
102% Fen
75% Jan
74
Apr
85% June
x Ex-dlvldond.
Volume of Business at Stock Exchanges
T B A N S A C T IO N 3 A T T H E N E W Y O R K S T O C K E X C H A N G E
D A IL Y . W E E K L Y A N D Y E A B L Y .
Stocks.
Week ending
Sept. 1 1916.
Sales at
Par Value.
Shares.
3712.500
1.919.000
1.641.000
1.726.500
1.625.000
1.201.500
$310,500
302,500
855.000
1.397.500
596.000
1.241.500
3.504,247 S291.098.450
S8,825,500
$4,703,000
Week ending Sept. 1.
_
1916.
Exchange.
Stocks— N o. shares.- -
State, M un.
& Foreign
Bonds.
$20,071,700
49,710,550
43,026,400
54,990,600
66,203,700
57,095,500
251,392
562,074
513,299
664,576
821,452
691,454
Saturday..................
M onday....................
Tuesday___________
W ednesday..............
Thursday..................
F r id a y ................... .
T o t a l ....................
Railroad,
& c..
Bonds.
31.000
10.000
1,000
312,000
Jan. 1 to Sept. i .
1915.
1916.
3,504,247
3,468,268
$291,098,450 $299,927,625
$1,000
Bonds.
Government bonds—
State, mun., & c., bds.
R R . and mlsc. bonds.
U. S.
Bonds.
1915.
107,360,930
$9,337,863,590
$172,100
93.492,807
$8,483,059,970
$136,800
$12,000
4,702,000
8,825,500
$9,500
347,500
17.631,000
S659.450
181.683.500
508.877.500
$676,500
14,775,500
518,953,700
$13,540,600
$17,988,000
$691,220,450
$534,405,700
D A IL Y TR A N SA 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.
Week ending
Sept. 1 1916.
Saturday................
M onday..................
T u e s d a y ................
W ednesday...........
T h u r s d a y ..............
F r id a y ....................
T o t a l __ _______
Shares.
Philadelphia.
Bond Sales.
14,186
20,006
18,391
29,732
27,459 i
20,878|
130,6521
Baltimore.
Shares. \BondSales.
Shares.
Bond Sales.
$4,000
21,000
14,000
6.000
12,500
5,000
7,475
10,543
7,542
8,550
14,084
7,121
$23,200
64,200
89,200
76,700
78,800
34,500
8,857
4,289
2,087
6,078
4,561
4,374
$63,500
47,000
50,000
19,100
54,000
26,000
$62,500
55,315
$366,600
30,246
$259,600
New York “ Curb” Market.—Below wo givo a record of
the transactions in tho outsido security market from Aug. 26
to Sopt. 1, both inclusive. It covers all the salos for tho
week ending Friday afternoon.
Week ending Sept. I.
S to ck s —
Pi
Aetna E x p los.r— (no par)
Canadian Natural G as__
Curtiss Acrop & M (no par)
Drlggs-Seabury O rd.-.IO O
Electric Gun C o r p .r ......... 1
Emerson Phonograph.
Fisher B ody C o r p .r ___(t)
Sales
Friday
Last Week's Range for
o f Prices
Sale
Week
Price. Low.
High. Shares.
10%
10% 12%
............
12% 12%
52% t 51
(5 3
—
19% 20
19% 20%
4%
4%
4%
—
1
1
4
4%
5%
5%
6%
6%
192
182
199
18
20
65
98
75
%
%
%
9%
8%
9%
41
39
39%
1%
1%
more, I n c .r ____(no par)
42%
Haskell & BarkCar(no oar)
H olly Sugar c o m ..(n o par)
37%
Imp Carbon Chaser, r ___1
Intercontinental Bubb.100
Joplin Ore &. S p c lte r .r .o . 1
K apo M anufacturing____5
Kathodlon Bronze, prof. .5
Kelsey Wheel, c o m . r . . 100
K rcss(S II)*C o,com r.1 00
Lake Torpedo B o a t-r .-lO
1st preferred . r --------- 10
Manhattan Transit------20
M arconi Wlrel Tel of A m .5
M axim M unltlons.r------10
M idvale Steel & O r d .r -.5 0
Mitchell M o t .r .w .(n o par)
M otor P rodu cts-r. (no par)
Peerless Truck & M otor. 50
Poole Eng & M a c h .r .. 100
Pullman VcntllatorCorp.r.5
Preferred . r ___________ 5
Bepuollc M ot Truck r ( t ) .
Blker & Ilcg (Corp f o r ) . . 5
St Joseph L ea d .r........... 10
Saxon M otor C a r .r __ 100
Scrlpps-B ooth.r__(no par)
Seab'd St * Manganese (t)
Smith ATcrry Transp pf 10
Springfield Body C orp . 100
Stromberg Carburetor. r(t)
Stutz M otor of Am (no par)
Submarine B o a t..(n o par)
(T obacco Prod c o m .r . 100
35c
14%
55c
5%
15
8
K
5
61%
3%
6%
4%
16%
71%
51
25
10%
42
67%
34%
42%
9%
21%
71
37
46%
95%
31c
14%
50c
5.%
15
55
04
7%
8
%
3%
4%
61%
66
64
23%
95
2%
6
54
4%
15%
71
51
25
9%
83%
42
64%
33%
40
44
10
21%
71
38
46%
90
30c
14%
61c
5%
18
55
64
8%
8%
1
3%
6
64%
66
64
24%
95
5%
6%
56
4%
16%
74
51
*25%
10%
84%
44
68%
34%
46
29,300
200
2,004
400
3,400
1,060
800
1,550
100
50
6,000
200
5,211
5,200
2,330
2,300
1,200
Range since Jan. 1.
Low.
7
11 %
r l2 %
16
15 %
2%
%
3%
5%
5%
115
18
65
%
8%
37%
1%
July
June
Jan
Jan
M ay
M ar
Aug
Aug
Aug
June
Jan
Aug
Aug
Aug
July
Aug
Aug
High.
25
14%
155
20
20%
7%
2%
7%
8%
6%
278
60
155
1%
14%
41
7%
Feb
Jan
Aug
Aug
Aug
Apr
Jan
Apr
M ay
Aug
Juno
Jan
Jan
M ar
Jan
Aug
Juno
700
37% July *c70% Apr
500
5
Aug
21% Jan
100
21% Aug
43
Fob
200
68% July « 7 6 % Jan
1,025
33% July
54% Jan
100
41
Apr
65
Juno
181
93% June
98
Apr
41,650
25c
Aug
36c
Aug
100
10
June
16% Jan
17,700 o35c
Aug oG lc
Aug
1,600
4 % M ay
6% Juno
700
14
Aug
33
Jan
90
55
Aug *63% July
100
64
July
75
M ay
680
6% July
13% Jan
300
8% July
14% Jan
3,200
% Aug
2 % Jan
500
3
Apr
4% Jan
4,000
4
M ar
13
Jan
17,400
57
Apr
77% Jun
100
64
Aug
68
July
100 *62
Aug
87
June
700
20% M ay
32
Jan
75
90
Feb 150
Jan
7,700
2 % June
3 % Aug
2,800
5% July
6% Aug
500
64
Aug
66
Aug
300
4 % M ar
6% Feb
6,100
14
July
17% M ar
1,595
60
Apr
87
Juno
100
50
Aug
64
July
850
24% Aug
20
Aug
4,435
9 % Aug
10% Aug
75
61
Apr
88
Aug
5.750
41% Aug
45% Aug
1,300
53% June
68% Sept
2,600
31% July
43% Jan
100
29% Jan
61% M ar
Friday
Last Week’s Range Sales
Sale
for
o f Prices
Par Price. Low.
High. Week
S to ck s (.Concluded)—
Todd Shipyards r .(n o par;
76
Triangle Film Corp v t c . 5
Unicorn Film Service____1
United M o to rs .r . (no par)
58%
United Profit Sharing__ 1 13-16
U S I.lgat A Heat Corp r 1( __
,
W ab-Pitts Term R y .r .w
White M otor__________5(
53
Wlllys-Overland new w 1.
42
W orld Film v t c ________ 5
%
Zinc Concentrating, r ___10
4%
18%
52%
41
%
4%
18%
54
42
%
4%
325
300
1,000
37,655
2,700
2,800
300
100
3,300
700
4,200
4,800
R ig h ts.
Wlllys-Overland, c o m .r . .
Preferred . r ____________
%
3-16
% 11-16
3-16
%
10,420
7,950
Form er S tan d ard O il
Su b sidiaries
Anglo-American OH____£1
Atlantic Refining......... 10C
14%
796
Ohio Oil........... .................25
Southern Pipe Line____100
Standard Oil (C alif)__ 100
Standard Oil of N J ...1 0 0 519
Standard OH of N . Y . . 100
Vacuum Oil......... .......... 100 ............
O th e r Oil S tock s
Alberta P etrol.r (prosp’ct)
Barnett OH & G a s .r ____1
Cosden & C o . r _________ 5
Cosdcn OH & G a s .r _____5
Preferred, r ___________5
Federal O ll.r ____________ 5
General Ref & P r o d .r .w 1.
Internat P e tr o le u m .r ..£ l
76
77
2%
1
57
2%
1
63
% 13-16
3
2%
6
14%
750
92
96
226
242
199
270
519
209
286
14%
800
92
98
230
245
204
270
519
211
294
Range since Jan. I .
Low.
73%
2
90c
57
%
2%
4
17%
46%
41
%
3%
57c
5,625
58c
59c
3
3.100
2%
2%
14
14%
14%
4.500
1 1 % 1 2 % 15.200
11%
450
4%
4%
4%
1 % 1 1-16 1 3-16 11.300
% 13.650
%
%
5S0
10 % 10 %
10 %
500
5-16 .5-16
700
13% 14%
13.400
40c
38c
40c
600
60
61%
3.100
3%
3% 3 1-16
1 % 1 1-16
1 % 10.000
9c U % C 71.000
10 % c
4.700
%
%
%
6
6%
4.200
6%
57c
50c
80c
46.200
91c
*90
92
1,227
8%
7%
9% 10,800
400
39
39
40%
6.300
96c
94c
98c
27.900
1 3-16
*1 %
1 % 18.300
34c
3 /c
38c
40.900
1
1 1-16
l 1-16
4.100
3%
3%
1,000
July
77
Aug
June
6% Jan
Aug
1% July
Aug
94
June
M ay 2 1-16 Jan
July
4% Jan
Apr
7% June
Feb
21
M ay
Jan
60
June
Sept
42
Sept
July
3
Jan
Aug
6% Apr
% Sept
% Aug
50 *14%
93 650
35
90
45
93
38 189
137 205
45 190
2 z234
10 495
165 200
60 216
High.
July
Jan
June
June
Jan
Apr
July
Apr
Apr
M ar
Feb
1%
1%
18
800
111
107
260
247
226
384
548
228
294
50c June
59c
2% Jan
4%
13
Aug
27
6% Apr
18%
3% July
6%
Feb
1%
Aug
%
9% June
13%
93c
% Aug
10
Aug
25
38c
Aug
85c
53
Feb
70
1% Feb 3 9-16
70c June
1%
7c M ar
21c
% Aug
1%
5% Aug
8%
50o Aug
95c
80
July 102
16%
7% Aug
9% M ar
14%
35% Aug
50
69c July
98c
54c M ar
2%
30c
Aug
55c
1
M ar
2%
3% Aug
9%
Aug
Aug
Jan
Aug
Jan
Jan
Feb
Aug
Jan
Jan
Jan
Jan
Aug
Sept
M ay
June
June
Feb
M ar
Aug
Jan
June
M ay
Feb
M ay
June
Aug
June
M ay
June
Aug
M ay
Feb
M ay
M ay
Aug
June
Apr
Jan
Feb
M etropolitan Petroleum. 5
Midwest Oil c o m .r ______ 1
M idwest R efln ln g.r____5C
M uskogee R e fln ln g.r____1
N Y-Oklahoma O ll.r ___1
Oklahoma Oil c o m .r ____1
Preferred r . . .
l
Oklahoma Prod & R efg 5
Omar Oil <t G as____
l
Pan-Arn Pet & T r p f.r .1 0 0
Sapulpa R efin in g_____ r . 5
Savoy O i l . __
______ 5
Sinclair Oil & R ef r(no par)
Tex-M ex P etroleum .r__ i
United Western O ll .r .. 1
Vacuum Gas&O.Ltd r.1 .1
Victoria O ll.r ............... . 1
W ayland Oil & Gas co m . .5
M in ing S to ck s
Alaska-Brlt Col M etals r 1
50c
55c
55C
1,600
45c
Aug 1 .02
M ay
Alaska W estover C o p .r .l
%
%
% 10.400
% July
70c July
Arizona C o p p e r fle ld s .r ..l
2 % 2 5-16
2 % 36.400
35c July
2%
Aug
Atlanta M in e s .r._ _____ 1 1 0 % c
10 c l l % c 21.200
9c
Aug
23 % c Jan
Big Ledge Copper C o ____1
3%
3% 16,530 1 7-16 Feb
3%
4
Aug
9%
9%
700
9 % Aug
15% M ay
B o o th .r _______ ________ 1
12 % e 14c
4.200
12c
Aug
44c
Jan
73c
81c
Boston & M ontana D e v . . 5
12.400
74c
50c M ar
2 % June
1,800
Butte Copper & Zinc v t c 5
5%
5%
4 % June
5%
12% M ar
300
Butte & N Y Copper____1
1% July
1%
1%
4% M ar
4.500
5%
6%
Calaveras C o p p e r.r_____ 5
2 % Jan
5%
6 % Aug
Caledonia M ining_______ 1
62c
16.500
53c
Aug 1 5-32 Apr
56c
56c
1% Aug
Calumet A Jerome C op r . l
1% Aug
1%
1 % 17.500
Canada C opper_________ 5
700 1 3-16 M ar
2 % M ay
1%
1%
1%
l
4 U « 4 Up
Cash B o y . __ ____ __
3.000
3 % c Feb
9 % cM a y
1 'erro de Pasco Cop (no par)
36% 36%
100
32% July
42% Feb
C olumbia Mines C o . .
i
65c
70c
2.100
65c
Aug
70c
Aug
Consol Ariz Smelt_______ 5
3.200
1% 1 7-16
1 >4
1% July
2
Jan
Consol Copper M ines____5
2%
2%
400
1% Feb
3 % M ay
Consol-Hom estead____r . l
7-16
7-16 7-16
8.700
% July
% Aug
Consol N evada-U tah____3
9-32 9-32
1.000
% Jan
% M ar
1
1.300
% July
1% July
Dundee Arizona C op p.1.1
9-16
1% 1 5-16
7,025
1% June
2% M ay
Emma C opper, r ......... ......1
62c
52c
68c
74,265
17% c Jan
70c M ar
First National Copper___5
4
3%
4%
1,100
3
July
8 % Jan
80c
Goldfield Cons’d M ines. 10
80C
83c
10.650
75o
Apr
1 3-16 Jan
Goldfield M e r g e r .r .......... 1
8c
8c
8% c
5.500
7c
Aug
21c
Jan
37c
35C
Goldstone M ln .r (prosp’ t)
39c
24.000
35c
Aug
39c
Aug
Green M onster M in in g .r .l
1 11-162%
!5,500
1%
1
Aug
2 % Aug
Hecla M ining__________25c 5 3-32 5 1-16
4,050
5%
3%
. . Jan
*5% June
4%
5
200
4 % June
8
Jan
65c
80c
51.900
65c
InsplratlonN eedlesCoprl 1
50c July
82c July
12c
12c
1,000
International M l n e s .r . .. l
10c M ar
31c
Apr
2,550
Iron Blossom , r _______ 10c
1% 1 7-16 1 9-16
1
Jan
2 % Apr
Jerome Verde C opper. 1 ..1 1 7-16 1 7-16 1 9-16 33.000
1% July
2% M ay
Jerome Victor E x t e n .r .l. 1
1,635
1%
1%
1%
1% June
2
June
Jim B u tle r.r...................... 1
85c
85c
700
81c July
1 3-16 Jan
Jumbo Extension_______ 1
43c
43c
56c
50,450
43c
Aug
1% Jan
10c
3,750
8 % cJ u ly
22c
Jan
La Rose Cons M ines____6
9-16
800
%
9-16 M ar
1
M ay
M agm a Copper.................. 5
15%
15
16
2.100
19% M ay
13
July
Marsh M in in g .r________ 1 10% c 10% c l i e
4.500
10c
Aug
41c M ar
Marysville G old M ining. 1
8,425
1% 1 3-16 1 5-16
1
Aug 1 5-16 Aug
M cK inley-D arragh-Sav.. 1
58c
58c
60c
5,100
38c M ar
72c M a y
M ich Gold M in & M il l .r .l
65c
64 c
67c
42.000
42c
Aug
70o
Aug
2 y*
2
200
2
Aug
4
Jan
M ojave T u ngsten.r--------2
3%
♦3 '
3%
4,390
2% Aug
8
M ay
M onitor Sll L & Z M «fc M 1
2
2%
2% 11,100
.%. Apr
2% M ay
%
3,000
%
% July
1% M ar
93c
95C
M ontana G old M in e s .r ..l
95c
3.400
64c June
1
Aug
34c
M other L o d c .r .. --------- 1
35C
40c 2
20c
Jan
43c Apr.
67c
56c
Newray M ines, L t d .r ____1
67c
88,000
34c June
67c Sept
15%
15% 16
N.Y.&lIonduras Rosario. 10
2,275
15
Aug
17% June
7
7
N lpissln g------------------------5
7%
1,000
6% Feb
8% M ay
92c
O a tm a n B Ig J Im ........... 10c 1 1-16
1% 12,850
70c July 2 3-16 Apr
16c
15C
Old Emma L e a sin g .r.. 10c
19c
82,000
Aug
12c
22c
Aug
4c
4c
Oro r ---------------- ---------- . .1
4c
1,000
M ar
.
4c ____
6c
Jan
Pacific Mines C orp ______ 1 ______ 1 3-16
i%
5,200 1 3-16 Aug
1% Aug
______
Pittsburgh Jerorae.r____1
1%
2,000
85c July
i%
1 % Aug
1,400
2 % M ar
5% M ar
Rex C on solidated.r_____1
22c
1 7 % c 2 3 c ' 42,000
10c
Aug
39c M ay
58c
Rochester M ines............. . 1
58c
60c
2.450
55c
Jan
78o M ay
Round M ou n tain .r--------1
49c
45c
500
49c
45c
Aug
78c M ay
13C
14c
6.450
13c
Aug
26c
Jan
“
Short Creek Zinc & Lead.rl
1,200
1% Aug
2
i%
i%
Aug
Sliver Pick C o n s o l.r......... 1
18c
43,200
14c
19c
3c
Feb
19c
Aug
Standard Sliver-Lead____1
4,600
1
July
1% 1 1-16 1 3-16
2
Jan
Success M in in g .r----------- 1
32,100
36c
36c
32o
30c
Aug
95C
Feb
59c
00c
2,000
51c M ar
81c M ay
Tonopah Belm ont, r _____ 1
450
4% 4 3-16
4%
4
____
June
5% M ay
Tonopah Extension_____ 1 5 5-16
5%
5%
5,620 3 15-16 Jan
7% M ay
5 U 5 9-16
330
5% Aug
7% M ay
Trl Bullion S & D ______ 5
5-16 5-16
100
% Aug
1
Apr
3%
United E astern.................1
3%
665'
3 % July
3%
4 % M ay
9c
8c
U S Continental M in e s .. 1
9c
4c
Aug
18c M ar
34%
33
United Verde Exten_r.50c
33%
6% Jan
35% Aug
3%
Unity Gold M ines..............5
3%
3%
1,275
3 % Aug
1% Apr
76c
80c
West End Con solidated.. 1 78c
6,220
68c M ar
1% June
4
4
7%
W hite Oaks Mines Cons.r.5
1,450
3% Aug
16% M ay
Yuscaran C o n s o l . r _____5
1%
1%
1%
1,950
% July
1% M ay
Friday
Last Week's Range Sales
for
o f Prices.
Sale.
High. Week.
Price. Low.
B on d s—
99
Consol Arlz Smelt 5s .1939
Cosdcn O A G O s r . w i —
M idvale St A Ord 5s.r.l930
Russian G ovt 6 H s .r .w 1..
Sinclair Oil A R ef 6s.r.l92G
Sulzberger A Sons 6s.r.l941
98%
44
99% 727,800
7,000
44
20,000
10 0 %
10 0 % 102
I 6 i%
1 0 0 % 101 % 556,000
95%
95%
13.000
95%
45,000
10 0 % 10 0 %
2,000
95 %
Range since Jan. 1.
Low.
I
98% Aug]
M ar
25
99% Aug
July
94
July
100
95% Aug
Aug
99
Quotations for Sundry Securities
High.
All b o n d prices are ‘ ‘ an d In te re s t” e x ce p t w h ere m arked “ f "
99% Aug
Mar
50
June
125
Feb
100
1 0 1 % Aug
99% M ay
10 0 % Aug
*0(1(1 lots, t N o par value, l Listed as a prospect. I Listed on the Stock Ex
change this week, where additional transactions will ho found, m New stock, par
value S12 50. ;» Old stock, par value S25. o New stock, r Unlisted, s Ex-100%
stock dividend, t 350 paid, v §10 paid, w When Issued, x Ex-divldend. y Exrlghts. z Ex-stock dividend,________________________ ______ _______________________ _
CURRENT NOTICE.
— W illia m S. S ton o, a d v e rtisin g m an agor o f th o G o rh a m M fg . C o . fo r
th e p ast sov en y ea rs, has been a p p o in te d A ssistan t T rea su rer o f this w o llk n o w n co n c e r n .
In a d d itio n t o his n ew d u tie s M r . S to n o w ill c o n tin u o t o
d ir e c t th o a d v e r tis in g .
F o r m a n y years M r . S to n o has been id e n tifie d w ith
t h o silv ersm ith in g in terests, w h ere his th o ro u g h k n o w le d g e o f th o business
h a s m a d o h im w id e ly k n ow n an d re s p e cte d . M r . S to n o fir s t ca m e in to
p r o m in e n c o w h ile w ith tho A m e rica n S od a F o u n ta in C o .
F rom th ere ho
w as ca lle d t o th e fir m o f R e e d & B a rto n , w h ere h o fo u n d a b r o a d e r fie ld fo r
th o e xercise o f his a c tiv itie s , p a rticu la rly in th o p u b lic it y en d o f th o bu sin ess.
— E ls t o n , C liffo r d & C o . , C h ic a g o , a n n o u n co th a t th o in v e s tm e n t b u si
ness h e r e to fo r e co n d u c te d u n d er th a t n am e w ill b o c o n tin u e d u n d or th o
c o r p o r a te n am e o f E ls to n & C o ., M r . C liffo r d h a v in g retired . T h e ch an ge
w as e ffe c t iv e S ep t. i . I. C . E lsto n is P residen t; A . C . A lly n , V ice -P re sid e n t;
J . N . M c C a llu m , T rea su re r. B ran ch o ffic e s , S t. L o u is , M ilw a u k e e and
L o u is v illo , K y . T h e fir m an n ou n ces th o op e n in g o f a b ra n ch o f f i c e at
802 F irst N a tio n a l Bank B ld g ., M ilw a u k e e , W ise ., u nd or th o m an agem en t
o f M a n u e l G . I f. K u och lo. M r . K u e ch lo w as fo rm e r ly w ith th o F irst N a
tio n a l B a n k o f M ilw a u k e e .
— A n a ttr a c tiv e list o f S ta te b o n d s o lig ib le t o secu re p o s ta l sa vin gs d e p o s
its is o ffe r e d t o c o n s e r v a tiv e in v e sto rs, s u b je c t t o sale, b y M essrs. R e d m o n d
& C o ., 33 P in o S t ., N o w Y o r k . T h e b o n d s o ffe r e d a re o x o m p t fro m F ed
eral in c o m e ta x a n d ow n ersh ip need n o t bo r e p o r te d in in c o m e ta x re tu rn s.
F o r p a rticu la rs regardin g this o ffe r in g see ou r a d v e rtis in g p a g e o p p o s ite
fir s t p a g o o f read in g m a tte r.
— A s h e r e to fo r e s ta te d , L o g a n & B r y a n w ill o p e n a b ra n ch in th e B la ck
sto n o H o te l, C h ic a g o , o n S e p te m b e r 5 th , u n d er th o m a n a ge m e n t o f O liver
C . C le a v e . C la u d e A . D ic k ie w ill also m a k e his h e a d qu arters a t th a t o ffic e .
— O n A u g . 29 W a lte r F . S ch leiter o f th o fir m o f D ilw o r th , P o r te r & C o .
w as elected a m e m b e r o f th e b o a r d o f d ire cto rs o f II. P . T a y lo r & C o .
T h o firm has o ffic e s in P itts b u r g h , N e w Y o r k an d B u ffa lo .
— F la n d ers & C o . , 20 B ro a d S t ., N o w Y o r k , h a v e issued a ch a rt sh o w in g
th o m o n th ly flu c tu a tio n s in p rice s o f th e 1st a n d 2d p r e f. s t o c k o f the N a
tio n a l R y s . o f M e x ic o fo r a p e r io d o f 7 years.
— A rth u r D . S p eed io, fo r th e last t w e lv e yoars w ith th o C h ic a g o o f f i c e
o f E . I I . R o llin s & S on s, an d fo r th o last fo u r an d a h a lf years sales m a n a ger,
h a s been e le cte d A ssista n t T rea su rer a n d A u d ito r o f th o f ir m , w ith h ead
qu a rters in B o s t o n .
H o assum ed his now d u tie s S ep t. 1.
— N o rm a n J . C o r n e ll, w h o has been a sso cia te d w ith P a in e , W e b b e r &
C o ., sin ce th o o p e n in g o f th eir C h ic a g o o f fi c e , w ill ta k o ch arge o f th o in
v e s tm e n t d e p a rtm e n t o f E . W . W a g n e r & C o .
— T h o m a s H . S prin g, fo rm e r ly m an ager o f tho u n listed secu rities d e p a rt
m en t o f th o San F ran cisco o f f i c e o f E . F . H u tto n & C o ., is n o w a ssocia ted
w ith F a n n in g, B u ck & C o . as m an ager o f their p u b lic u t ility d e p a rtm e n t.
— A lv in L . W a c h m a n , fo rm e rly co n n e c te d w ith R e n s k o rf L y o n & C o ,
has o p en ed an o f fi c e a t th e C o t t o n E x ch a n g e B ld g ., R o o m 58, fo r tho t r a n s
a c tio n o f a general c o t to n a n d grain c o m m is s io n businoss.
New York City Banks and Trust Companies
B a n k s -N .Y . Bid
A m erica*___ 525
Amer E xch . 221
A tlantic____ 180
Battery Park 165
Bowery * ___ 390
Bronx Boro* 200
Bronx N a t .. 175
BryantPark* 135
Butch & D r. 100
Chase______ 585
230
Rights . .
Chat & Phcn
Chelsea Ex*
Chem ical__ 395
CltizensCent 175
C it y .............. 442
Coal & Iron.
C olonial*___ 450
Columbia* . 300
Commerce - . 170
Corn E xch *. 320
Cosm opol'n* 100
75
East R iv e r ..
Fidelity « . . . 15.5
Fifth A v e * .. 4300
F ift h ............ 250
First.............. 980
G arfield____ 185
Germ-Amer* 130
German Ex* 375
375
Germania
G oth am ____ 200
Greenwich * . 300
H an over___ 640
H ardman . . 370
Imp A T rad . 485
187
Irving . .
775
Liberty .
325
Lincoln .
145
110
605
235
Banks.
M anhattan *
Mark A Fult
M ech A Met
Merchants’ .
Metropolis*.
M etropol'n *
M u tu a l____
New N eth*.
New YorkC o
Now Y o r k ..
Pacific * ____
Bid
300
240
269
189
290
175
325
215
125
402
ISO
447
People’s * __
Prod E xch*.
Public *____
Seaboard___
220
Ask
535
185
175
3ii5
325
165
4860
275
1000
200
140
400
325
650
400
500
192
360
Sherm an___
State *_____
23d W ard*.
Union Exch.
1 Unit States*
Wash H 'ts*.
Westch A v *
West Sido* .
Y o rk v lllo * -.
Brooklyn
Coney Isl’d*
F ir s t............
Flatbush___
Greenpoint .
Hillside * . . .
Homestead *
M echanics*.
M ontauk * . .
Nassau_____
N atlon’ ICIty
North Side*.
People’s ____
375
275
455
220
415
31)5
125
113
100
1.35
500
225
160
380
475
130
255
150
155
100
130
85
200
266
170
130
Ask
310
250
273
Trust Co's.
Bid
Ask
New York
A stor______
440
450
467
Bankers Tr_ 462
B’ way Trust 145
150
CentralTrust 1 745
755
180
Columbia . . 580
600
____ Com m ercial. 100
110
Empire ____ 290
225
310
Equitable Tr 465
725
475
Farm L A Tr tl650
____
385
____ F idelity____ 200
210
F u lton.......... 280
470
Guaranty Tr 415
420
235
____
H udson____ 150
198
Law T ltA Tr 130
135
430
LlncolnTrust 108
117
420
427
M u t’ l (West1.35
____
Chester). . 125
118
N Y Life Ins
135
A T r u s t.. 975 1000
143
605
N Y T r u s t .. 595
386
Title G uATr 380
Transatlan ’ c ____ 155
175
Union Trust 380
390
410
US M tgA T r 385
395
550
UmtedStates 1005 1020
140
Westchester. 130
140
270
Brooklyn
165
Brooklyn Tr 520
165
Franklin___ 255
115
H am ilton__ 265
90
275
140
Kings C o __ 630
650
110
M anufact’ rs
207
C itizen s.. 145
150
275
292
People’s ____ 282
185
Queens C o . .
70
80
140
•Banks marked with a (*) are State banks.
tS a le at auction or at Stock
Exchange this week.
t New stock.
y Ex-rlghts.
New York City Realty and Surety Companies
Alliance R ’ ty
Amer Surety
Bond A M G
Casualty Co
City Inveat’g
Prelerred
Bid
70
150
270
A lt
80
165
276
18
60
21
68
I.awyersMtg
M tg B o n d ..
N at Surety.
N Y Title A
M t g e ____
Bid
158
282
Ask
164
114
285
88
95
110
Realty Assoc
(Brooklyn)
U S Casualty
US TltleG AI
Wes A Bronx
Title A M G
Bid
Ask
93
195
50
2 10
165
175
S ta n d a rd
O il
S to ck s
Pe Ska's
Par Bid
*14% 15l4
775 800
375 400
*90
93
445 155
GO 80
380 395
*40 I 42
93 I 97
225 230
1G0 164
138 142
174 176
*98 103
*10% 10%
*14 | 15
205 215
97 ! 99
'225 230
*56 i GO
* 11 «2 12%
388 393
243 240
280 290
200 205
353 358
108 113
275 278
G22 626
455 465
430 410
400 410
520 523
211 214
400 415
100 105
87
85
295 300
•35
40
A n g l o - A m e r O il n e w _____£1
A t l a n t i c R e f i n i n g ........... . . 1 0 0
B o r n e -S c r y m s e r C o ______ 100
B u c k e y e P ip e L in e C o ___ 50
C h c s e b r o u g h M f g n e w — 100
C o l o n ia l O i l .............................. 100
C o n t i n e n t a l O i l .................... 1 00
C r e s c e n t P ip e L in e C o ____ 50
C u m b e r l a n d P ip e L i n e . . 100
E u r e k a P ip e L in o C o ____ 100
G a 'e n a -S I g n a l O il c o m ___ 1 00
P r e fe r r e d _________________100
I llin o is P ip e L i n e ........... . . 1 0 0
I n d ia n a P ip e L in e C o ------- 50
I n t e r n a t P e t r o le u m ------------£1
N a tio n a l T ra n sit C o . .1 2 .5 0
N e w Y o r k T r a n s i t C o — 100
N o r t h e r n P ip e L in e C o . . 1 0 0
O h io O il C o ........ ....................... 2 5
P e n n - M e x F u e l C o ---------------2 5
P ie r c e O il C o r p _____________ 2 5
P r a ir ie O il A G a s ................. 100
P r a ir ie P ip e L i n e _________ 100
S o la r R e f i n i n g ____________ 100
S o u t h e r n P ip e L in o C o . . 100
S o u t h P e n n O i l ____________ 100
S o u t h w e s t P a P ip e L in e s . 100
S t a n d a r d OH ( C a l ifo r n ia ) 100
S t a n d a r d OH ( I n d i a n a ) . . 100
S t a n d a r d O il ( K a n s a s ) . . 100
S t a n d a r d OH ( K e n t u c k y ) 100
S t a n d a r d O il (N e b r a s k a ) .10 0
S t a n d a r d O il o f N e w J c r . 1 0 0
S t a n d a r d O il o f N e w Y 'r k lO O
S t a n d a r d O il ( O h i o ) ........... 100
S w a n & F i n c h ______________ 100
U n io n T a n k L in e C o _____100
V a c u u m O i l _________________100
W a s h i n g t o n O i l ____________ 10
B on ds.
Per
P ie r c e O il C o r p c o n v 6 s . 1921
cent.
80
O rd n a n c e S to ck s— Per S
61
64
12
20
30
60
Preferred........................ 100
Atlas Powder co m m o n .. 100 172 178
98 100
Preferred...................
120 123
*590 605
*75
80
180
no 100
43
40
72
75
380 460
Preferred........................ 100 100 110
72
74
84
87
62% 64%
C olt’s Patent Fire Arms
825 850
95 100
75
80
duPont (E I) de Nemours
269 272
A C o, com m on........... 1
161 102%
Debenture stock____ 1
330 340
330 340
322 328
112 116
10
20
40
50
2J
International Arms______ 25! *16
*8
9
*61% 61%
165 168
X105 n o
570 575
34
Submarine B oat__ (no par.) *33
1200 1400
T o b a c c o S to ck s— Per Sha re.
Par\ Bid. J i t .
American Cigar commonlOO; 118 123
Preferred______________100 9812 9 9 'j
83
Amor M achine A F d r y .. 100 78
20%
Brltlsh-Amer T ob ac o r d . .£ l *19
Ordinary, bearer______ £1 *20
20'4
Conley Foil......... ............... 100 300 350
Johnson Tin Foil A M e t. 100, l ' O 150
MacAndrews A Forbes. -100 170 175
Preferred_____________ 100;
99 101
Porto RIcan-Amer T o b ..l0 0 , 250 257
Reynolds (R J) T o b a cco . 100 530 560
P referred .......................lOOj 121 123
Tobacco Products c o m .. 100, 45'; 47
Young ( J S ) C o .................100, 150 160
Prelerred_____________ 100 105 110
S h o rt T erm N otes. Per Cent.
Am Cot Oil 5s 1917.- .M A N
Amer Loenm 5s, July T 7 -J-J
Am T A T 4% s 1918_______
Anaconda Copper 5s T7 M-S
Canadian Pac 6 s 1924. MAS2
Chic Elev Ry 5s 1916........ 1-J
Chic A West Ind 63 ’ 17-M A S
Erie R R 5% s 1917____A-O
General Rubber 5s 1918 JAD
Hocking Valley 5s 1917.M -N
Int Harv 5s Feb 15 T 8 .F -A
Iv C Rys 5% s 1918------ JAJ
M organAW rlght 5s D ec.l,18i
New Eng Nav 6 s 1917_M-N[
N Y N II A I I 4 Ms M ay 1917
Penn C o 4% s 1921..JA D 15
Pub Ser Corp N J 5s T9 MAS
Rem Ams U .M .C .5sT 9F A A
Southern Ry 5s 1917..M -S2
United Fruit 5s 1918.. M-N
UtahSecurCorp 0s’22 M -S15
Winches RepArrnsSs’ 18M&S
New Y ork C ity N otes—
63 Sept 1 1917..........................
C a n adian G o v t. N otes—
58 Aug 1 1917..................FA A
106'2 1003.4
1003.110118
99% 100 >8
lf, 0»4 101
10133 1015s
____ 96
99% 99%
K0% 101%
10()33 iOt 5S
U 0% 1(0%
10138 101%
10038 10034
993.1100
99% 99%
9934 100
100% 100 %
IOOI4 10034
88 | 89
100% 100%
10034 101
94% 95
97% 9734
I
102% 102%
I
100% 100%
Aetna Explosives pref___100
P u b lic U tilities—
Am Gas A Elec com ____ .6 0 •152 155
Preferred....................... .50 *49% 50
Am Lt A Trac com m on. 100 375 377
Preferred____________ 100 109 111
Amer Power A Lt c o m .. 100 70 | 71
83 '2 84%
Preferred........................ 100
Amer Public Utilities comlOO 40 1 43
Preferred...................... 100 72 I 76
Cities Service C o c o m .. 100 275 279
100 87*2 88
Preferred. .
Com 'w ’ltli Pow R y A L . 100 63 I 64
85
Preferred....... .............. 100
96
Dayton Pow A Lt p re f. . 100
103
Elec Bond A Share pref. 100
12
Federal Light A TractlonlOO
48
Preferred........... .......... 100 45
89
90
Great West Pow 5s 1916.JAJ
Indiana Lighting C o — 100 85
78% 80%
4s 1958
................ F-A
N orth’ n States Pow com 100 86 ; 87
97
Preferred.................... 100 96
95% 96%
1st A ref 5s 1941------AAO
Pacific Gas A Elec com . 100 5734 58*2
1st preferred------------- 100 90 | 91
Republic Ry A Light— 100 37% 38%
Preferred........... .......... 100 73% 75%
92
South Calif Edison com . 100 90
Preferred..... ................ 100
108
Southwest Pow A I. pref 100 97% 100
Standard Gas A El (Del) 50 * 1 4 12 15%
41
50 *40
Preferred...............
10
11
Tennessee Ry L A P e.unlOO
5u
Preferred......... ............ 100 48
United Gas A Elec Corp 100 14
17
1st preferred............... 100 72
75
2d preferred............... 100 15
18
United Lt A R ys c o m .. 100 49
51
74
1 st preferred..................100
76
Western Power com m on. 100
19% 2 1
69
Preferred..................— 100
71
R R . E q u ip m en ts— PerCt Basis
Bid. Ask.
4.50 4.30
4.50 4.35
4.50 4.35
4.60 4.40
4.90 4.50
4.80 4.50
4.75 4.50
In d u strial
6.40 4.90
and M iscella n eou s
5.75 5.40
5.75 5.40!
4.90 4.45! American Brass.................100 282 280
4.00 4.35 American Chlclo com ____100
56
58
4.35 4.15|
Preferred______________100 70
78
5.30 4.90 Am Graphopltono c o m .. 100 172 175
4.75 4.40
P r e f e r r e d .............................. 100, 170 173
4.70 4.45 American Hardware____100 132 134
4.70 4.45! Amer Typefounders c o m . 100, 40
43
91
4 70 4.45
P r e fe r r e d ....................
100
95
4.05 4.401 Borden's Coud Milk com . 100 111 113
4.65 4.40
P r e f e r r e d _________________100, 107 109
4.55 4.30 Celluloid Com pany--------100, 185 195
3
4.55 4.30 Havana T ob acco C o ____100
1%
Preferred......................... 100,
4 65 4.40
2
3
1st g 5s Juno 1 1922.-J -D /48% 63
4.30 4.15
4.05 4.40 Intercontlncn Rub com.-lOOj 14
10
5 50 5.00 Internat Banking C o ____100 160 163
6 10 5 00 International Salt........... 100,
44
47
4.75 4.50
1st g 5s 1951.............. A-O, /75
77
4.75 4.50 International Silver pref. 100 96
99
4.60 4.40 Lehigh Vulley Coal Sales. 50, *85
90
4.60 4.40 Otis Elevator com ........... 100,
67
70
4.50 4.30
Preferred......................... 100, 90
92%
4.50 4.30! Remington Typewriter—
|
4 50 4.30
C om m on______________100 13% 14
4.35 4.10
1st preferred----------------100 72
75
4.35 4.10
2d preferred...................100 36
38
6.251 4.75 Royal Baking Powd co m . 100 145 150
5% 4% | Preferred..................— 100 100% 102
4 80! 4 45
4 80 4.451
4 50 4 30
4.80 4.45
4.85! 4.50
B a ltim ore A O hio 4 % s
B u ff R o c h A P ittsburgh 4 % s
E q u ip m en t 4 s ........................
C anadian P a cific 4 % s ............
C a ro C lin ch f A O h io 5 s..........
C entral o f G eorg ia 5 s ...............
E q u ip m en t 4 % s ....................
C h ica g o A A lton 4 s .................
C h ica g o A E astern 111 5 % s . .
R qutpm ent 4 % s ............... ..
C h ic In d & L oulsv 4 % s _____
C ld c St L A N O 5s....................
C h ica g o & N W 4 % s ...............
C h ica g o R I A P ac 4 % s _____
C o lo ra d o & Southern 5 s____
E rie 5 s...........................................
E q u ip m en t 4 % s __________
E q u ip m en t 4 s_____________
H ock in g V alley 4 s....................
E q u ip m en t 5 s_____________
Illinois C entral 5s____________
E q u ip m en t 4 % s ....................
K anaw ha & M ich ig an 4 % s . L oulsvllle A N a sh v ille 5 s____
M inn St P & S S M 4 % s ____
M issouri K ansas & T exa s 5s.
M issou ri P a cific 5 s__________
M o b ile & O h io 5 s ____________
E q u ip m en t 4 % s ....................
N ew Y ork C entral Lines 5 s . .
E q u ip m en t 4 % s ....................
N Y O n tario A W est 4 % s ___
N o r fo lk A W estern 4 % s ____
E q u ip m en t 4 s _____________
P en n sylva n ia R R 4 % s ..........
E q u ip m en t 4 s ......................
St L ouis Iron M t A S ou 5 s . .
St L ou is A 8an F rancisco 5 s .
S ea boa rd A ir Line 5 s ________
E q u ip m en t 4 % s ................. ..
S outhern P a cific C o 4 % s ___
Southern R a ilw a y 4 % s _____
T o le d o A O h io C en tral 4 s ___
98
60
♦ P ershare.
/ Flat price.
6 Basis, d Purchaser also pays accrued dividend.
nNomlnal. zEx-dlvldend. y Ex-rlghts.
« New Stock.
m u je s tr a m t a n d lla x tr c r a d
RAILROAD
GROSS
% n h d lx Q tn u .
EARNINGS.
Tho following table shows the gross oarnings of every STEAM railroad from which regular weekly or monthly returns
can bo obtained. Tho first two columns of figures give the gross earnings for the latest week or month, and the last two
columns tho oarnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show tho fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
poriod. The returns o f the electric ra ilw ays are brought together separately on a subsequent p a ge.
ROADS.
July 1 to Latest Date.
Latent Gross Earnings.
vious Current Previous
Week or Current PrYeea
r.
Year.
Year.
Year.
Month.
$
S
A la N O & T e x I’ a c 293,154
3i0,098
31(5,098 293,154
N O & N o r E a s t . J u ly
124,037
143,225
143,225 124,037
A la & V ic k s b u r g . J u ly
121,097
130,122
130,122
121,097
V ic k s Shrov & P . J u ly --------45,498
328,367
397,112
54,684
A n n A r b o r __________ 3 d w k Au:
11704821 10422341 11,704,821 10,422,341
A t c li T o p & S F o . . . J u ly
48.388
331,397
58,047
370,565
A t la n ta B irm & A t l 2 d w k A u g
93,566 1,367,285 1.185,337
107,298
A t la n ta & W e s t P t - June
2,607,180 2,177,387 2,607,180 2,177,387
A tla n tic C o a st L in o J u ly 158,410 122,185 1,885.624 1,765,636
C h ariest & W C a r J uno
138,580 124,813 1,617,244 1,397.190
L o u Horn! & S t L Juno
10153
913 8,670,752 10,153,913 8,670,752
o B a ltim o r o & O h io . J u l y ---------174,653 137,433 1.796,502 1,555,299
B & O C li T e r R K June
296,086 329,529 3,748,005 3,747,973
B a n g o r & A r o o sto o k J u n o ---------1,370,350 1,220,960 11,014,151 8,665.548
B essem er & L E r ie . J u n o ----89.217
796,498
58,409
992,592
B irm in g h a m S o u t h . Juno —
B oston & M a i n e — J u ly - - - - 4,719,795 4,099.236 4.719.795 4,099,236
268,586
1.636.517
225,040
1,957.067
B u f f R och & P it t s b . 3 d w k A u g
142.288 116.00“
142,288
116,065
B u f f a lo & Susq R R - J u ly - - - -
846,300 465,400 6,390,000 3,293,200
C a n a d ia n N o r S y s t . 3 d w k A u g
C an ad ia n P a c ific . - 3 d w k A u g 2,860,000 1,956,000 21,035,440 13,453,375
1,119,170 987.827 1,119,170
987,827
C en tra l o f G o o r g ia . J u ly
2,975,906 2,608,058 2,975.906 2,608,058
C o n t o f N ow Jersoy J u ly 464,281 373,006 4,870,933 4,055,045
C e n t N ow E n g la n d - Juno
364,973 396.913 4,270,685 3,899,659
C on tral V e r m o n t .. Juno —
946,814 920,652 6,536.979 6,210,774
C h e s & O hio L in e s . 3d w k A u g
1,485,433 1,188.357 1,485,433 1,188,357
C h icago & A l t o n . . . J u ly 8,596,915 6.957,421 94,075,778 83,864,649
C h ic Burl & Q u in cy M a y
1,319,058 1,042,007 16,698,404 14,100,772
b C h icago & E a st 111 Juno
378.545 315,931 2,289,317 1,992,353
c C h ic G roat W e s t . . 3d w k A u g
993,304
176,057 146,486 1,187,658
C h ic In d & L o u isv . 3d w k A u g
8,219,281 9,236,387 8,219,281
9,236,387
C h ic M ilw & S t I M J u ly . . .
C h ic M i l * P u g S)
8,535,562 7,247,727 94.136,598 83,579,075
d C h ic & N o r th W e st Juno —
143,353 113,340 1,752.800 1.597,909
C h ic Poor & St L . . . J u n e __
72.189,276 68,041,210
C n ic R o c k Isl & P ac J u n o _____ 5,986,653 5.467.696
236,669
191.486 3,151.053 2,900,444
J
u
n
o
_____
C h ic R I & G u l f . .
1,647,960 1,433,333
d C h ic S t P M & Ora J u l y ......... 1,647.960 1,433,333
181,469 151.454 2,325,725 2,025,523
C h ic T orre 11 & S E M a y _____
10,561,749
9,725,972
943,359
920,354
J
u
n
o
_
_
O in H a m & D a y to n
121,281 110,210 1.516,758 1,699,310
C o lo ra d o M id la n d , J u n o __
302,939 300,225 2,164,721 1,969,880
c C o lo rad o & S o u t h . 3d wk Aug
220,725
128,189
24,184
10,358
C o r n w a l l ____________ Juno
296,656
470,925
48,042
26.204
C orn w all & Lebanon Juno
604,112 457,571 6.815,697 5,206.714
Juno
C u b a R ailroad —
2,231,606 1 914,316 25.922.671 22,701,942
D olaw aro & H udson June
4,413.932 3,838,912 49.335,739 43,044.705
D e l Lack & W e s t . . Juno
536,600 506,100 3.610,600 3,443,900
D e n v & R io G rand e 3d wk Aug
672,340 615,020 7,466,004 5,708,126
W e ste r n P a c ific . June
282,684
309.109
49,100
44,838
D e n v e r & Salt L a k e 3d wk Aug
193,005 132,249 2,212,265 1.767.579
D e tr o it T o l & Iron t J u n o _____
153,692
176.179
24,759
20.658
D e tr o it & M a c k in a c 3d wk Aug
116,570 109,543 1,706,518 1,471,160
D o t & T o l Shore L . Juno .
1,042,942 802,343 6,493,283 4.824,605
D u l & Iron R a n g e . Juno .
525,065
558.676
79,453
75.144
D u l Sou Shore & A tl 3d wk Aug
134,535 103.448 1,692,720 1,285,548
D u lu th W in n & Pac J u n e _____
1,182,637 840,263 13,353.457 8,541.355
E lg in J oliet & E a s t . June _ .
J u n e _____ 1,025,990 752,000 10.671,627 7,788,736
E l P a so & Sou W o st __________
60,830,748
E r i e __________________ J u n e ......... 6,538,593 5,437,512 72.936,228
401,109 7,204.482 5,513,477
F lo rid a E a s t C o a s t . J u n e .........! 565.106
85,873
97,138
97.138
85.873
F o n d a Joh ns & G lo v J u l y .........
213,966 184.513 3 097,865 2.791.580
G eorgia R a ilr o a d -- J u n o _____
393,106
578,182
57,635
81,027
G r a n d T r u n k P a r . _ 2d wk Aug
G ra n d T r u n k S y s t . 3d wk Aug 1,304,848 1,052,483 9.115,574 7.548,614
990,322 791,633 6,180.331 5,191,844
G ra n d T r u n k R y 2d w k A u g
932,808
180.993 147,492 1,212,114
G ran d T r k W e s t . 2d w k A u g
371,073
417,835
65,250
65,630
D o t G r It & M ilw 2d w k A u g
5,858,124
7,588,440
7,588,446
5,858,124
G ro a t N o r th S y ste m Ju ly
150,686 134,034 1,964,177 1,633,006
G u lf & Ship I s la n d - J u n o ------785,9521 513,081 7,411,526 6,181,153
Ilo c k in g V a lle y ------- J u n o ..............
5,842,492 4,878.826 5,842,492 4,878,826
Illin o is C e n tr a l------- J u ly
692.0041 616.843 9,420.291 9,0,83,626
In te r n a t & (I r t N o r Juno
831.356
947,581
947.5811 831,356
K a n s a s C it y S o u t h . Ju ly
193,2521 162.612 2,109,857 1,816,585
L e h igh & H ud R iv . Juno
247.650! 276.223 3.278.968 2,646,662
L e h ig h & N ow E n g . Juno
4,307,497 3,733.761 4,307,497 3,733,761
L e h igh V a lle y --------- J u ly
139,816 132,933 1,699,976 1,723,677
L o u isia n a & A r k a n . June
163,810 170.010 2,180,030 2,023,698
L o u isia n a R y & N a v Juno .
/ L o u i s v i l l e & N a s h v 3d w k A u g 1,250,185 1,038,570 7,871,865 7.618,808
996.964 1,084.537
996,964
M a in e C e n tr a l______ J u l y ----------- 1,084,537
37,603
36.934
475.653
511.675
M a r y la n d & I’ o n n a . J u n o ---------164,305 112,856 1,862.608 1.392.739
M id la n d V a lle y ------- Juno - - - -
19.460
20.004
152,709
t52.152
M in e r a l R a n g e ------- |3d wk A u g
245.271 203,306 1,528,348 1,363,620
M ln n o a p & S t Louis 3 d w k A u g
644,064 584,613 5,028.684 3.931,159
M in n S t P & S S M . ,3 d wk A u g
Mississippi Contral. Juno
gM o Kan & Texas. 3d wk Aug
hMissouri P acific.. June
Nashv Chatt & St L July . . . . .
Novada-Cal-Orogon 3d wk Aug
j Now York Central J u n o _____
Boston & Albany. J u n o _____
nLake Erie & W. J u n o _____
Michigan Central J u n o _____
Clove C C & St L J u n e _____
Cincinnati North. J u n o _____
Pitts & Lake Erie J u n e _____
Tol & Ohio Cent. June
Kanawha & Mich J u n o _____
Tot all lines above J u n o ____~
New Orl Great Nor J u n e ___
66,811
699.593
64,149
812,606
771.427
598.967 5.108.396 4,323.703
17308066 13985038 189364492 154468485
1,879,655 1,537,845 19,939,261 16,552.500
60514831 485.455 6.941.353 5.683,647
3,896.759 3,118.283 41.884.591 33,760,732
3,845.511 2,985.253 43.478.000 35.824,105
161,5341 127.113 1,816.369 1.541,351
1,909.402 1.513,339 22.635.157 14.639.732
507.250, 424.589 5.403,918 4,946.738
322,642! 264,969 3,636.399 2.911,415
30436302 24441 784 335099 540 270328705
80,4461 139,4221 1,768,9161 1,599,999
ROADS.
July 1 to Latest Date.
Latest Gross Earnings.
urrent Previous
Week or Current Previous CY
Year.
ear.
Year.
Year.
Month.
§
173,605' 129,377 2,039,134 1,771.473
N O M o b ile & C h ic . J u n e ______
N Y C h ic & St L o u is J u n e --------- 1,186,569 1,058,908 14,378,614 11,413,775
N Y N II & H a r t f . . J u n e ........... 7,080,328 6,327,988 76,311.653 65,379,264
961.572
987,743
987,743, 961,572
N Y O n t & W e ste rn J u ly
306,386 330,956 4,292.914 3,909.058
N Y Susq & W e s t .. June
416.212 322,596 4.591,923 3,875.875
N o r fo lk S o u t h e r n .. June
4,845,121 4,467,345 4,845.121 4,467,345
N o r fo lk & W e s t e r n . July
N o rth e rn P a c ific ___ 3d wk Aug 1,643,000 1,356.000 11,469,000 9,406,000
454,992 353,865 4,319,598 3,568,701
N o rth w e s te rn P a c . J u n e _____
630,312 484,084 6,691,988 5,687.273
P a c ific C o a s t C o . . . M a y _____
p P e n n s y lv a n ia R R . J u l y ------- 19639799 16755645 19,639,799 16,755,645
153,760
159,597
159,597 153,760
B a lt C h e s & A t l . J u l y _____
244,587
267,645
267,645 244,587
C u m b e rla n d V a il. July _____
J u l y _____ 1,680,636 1,553,353 1,680,636 1,553,353
L o n g Island
106,120
105,126
105,126 106,120
M a r y ’ d D e l & V a J u l y ------481,467
561,975
561,975 481,464
N Y P h ila & N o r f J u l y __
P h il B a lt & W ash July . . . . 2,282,59.8 1,904,687 2,282,59.8 1.904.687
895,105
985.206
985,206 895,105
W Je rse y <Sc Seash July . . .
6,860,075 5,640,024 6,860,075 5,640,024
P e n n sylva n ia C o ___ July . . .
454,957
500,534
500,534 454,957
G ra n d R a p & In d July . . .
4,239,754 3,390,186 4,239,754 3,390,186
P itts C C & St L . July . . .
921,255
1,064.7641 921,255 1,064,764
V a n d a l i a ________ July . . .
T o t a l lines—
26067973 22400040 26,067,973 22,400,640
E a s t P itts & E rie July . .
12816186 10544483 12,816,186 10,544,483
W e s t P itts & E rie July . .
38884159 32945123 38.884,150 32,945,123
A ll E a st & W e st July —
446,263, 373,019 3,044,289 2 .6 6 8 .6 8 8
3d
wk
Aug
P e re M a r q u e t t e ..
R e a d in g C o —
4,774,210 4,083,198 4,774,210 4,083,198
P h ila & R e a d in g . J u l y __
2,679,411 1,817,280 2,679,411 1,817,280
C o a l & Ir o n C o . . J u l y __
7,453,621 5,900,478 7,453,621 5,900,478
T o t a l b o t h c o s ___ July . . .
313,369 275,325 3,325.719 2,907.830
R ic h F red & P o t o m J u n e __
69.757
912,105
933.265
82,033
M a y ______
_____
R io G ra n d e J u n e _______
9,845
76,023
75,484
10,724
R io G ra n d e S o u t h . . 3d w k A u g
329,621 303,198 3,875,098 3,479.389
R u t la n d ____________ Jun e
172,019 116.732 1,840.900 1,507,314
St J os & G ra n d I s l. Ju n e
213,281 185,945 2,606,446 2,292,561
S t L B r o w n s v & M . J u n e ______
2,724,036 2,213,180 32,783.245 29,883,629
S t L Ir o n M t n & So J u n e ___
St L o u is & San Fran J u n o ______ 4,136,632 3,407.204148.403,390 42,974,573
194,000' 1,824.000
918:710; 11,244.355
1,673,85ll 1,691,605
12963 204 14.255.788
1,205,706 9,693.118
205.656 1,579.123
167,595 1,538,052
747.590
88,059
36,913
309.656
136.540 1,959,705
375.460 4,973,037
17,463
1,533
118,310 1,619,238
311.422 2,654,729
95,226
92,026.
839,165
112,781,
912,801
49.586
7,846,866 9,137.486
688,244
588,616
2.422,483 3,024,920
202,017 1,634.803
98.274 1,308.758
W estern R y o f A l a . J u n e ______
98,936
938.924
561.805
W h e e l & L a k e E r ie . J u l y ______
9 3 8 ,9 2 4
900,789 1,058,683
Y a z o o & M is s V a i l . ' J u l y ______ 1 ,0 5 8 ,6 8 3
254,000
S t L o u is S o u th w e s t. 3d w k A u g
San Ped L A & S L . J u n e ______ 1,082.144
1,691,605
Se ab oard A ir L i n e . . J u ly
14255 788
Sou tn ern P a c ific ___ J u ly
Sou th ern R a i l w a y ._ 3d w k A u g 1,473,273
219,264
M o b ile & O h io ___ 3 d w k A u g
208,108
C in N O & T e x P . 3 d w k A u g
99,245
A la G r e a t S o u t h . 3d w k A u g
42,571
G eo rg ia So & F l a . 3d w k A u g
167.614
V irgin ia & Sou W June
460.267
S p ok P o rt & S e a ttle June
2,453
T o n n A la & G eo rg ia 3 d w k A u g
140,052
T e n n esse e C e n t r a l. June
366.508
T e x a s & P a c ific _____3d w k A u g
95,226
T o le d o Poor & W e s t J u ly
124,288
T o le d o S t L & W e s t 3d w k A u g
60.592
T r in ity & B razos V .|J u n e
9,137.486
U n io n P a cific S y s t . J u ly
V ir g in ia n ____________ J u l y _______ , 6 8 8 ,2 4 4
W a b a s h _____________ l J u l y _______ 3 , 0 2 4 ,9 2 0
W e ste r n M a r y la n d '3 d w k A u g
2 2 5 ,8 5 2
Period.
Various Fiscal Years.
Jan
B u ffa lo & S u sq uehann a R R .
D e la w a re & H u d s o n ________
E r i e __________________________
N e w Y o r k C e n t r a l . ; ------------B o s to n & A lb a n y _________
L a k e E rie & W e s t e r n .? !_____
M ic h ig a n C e n tr a l------------------C le v e C in C h ic & St L o u is —
C in cin n a ti N o r t h e r n . . ----------P itts b u r g h & L a k e E r ie --------T o le d o & O h io C e n tr a l----------K a n a w h a & M ic h ig a n ----------T o t a l all l i n e s _____ _______
N o w Y o r k C h ic a g o & St L o u i s . . Jan
N Y S u sq uehann a & W e s t e r n .. Jan
p P e n n sy lv a n ia R ailroad________ Jan
B a ltim o re C h e sa p & A tla n tic Jan
Jan
C u m b e rla n d V a lle y ____
Jan
L o n g I s la n d ____________
M a r y la n d D elaw & V ir g in ia . Jan
N Y P h ila d elp h ia & N o r f o lk . Jan
P h ila B a ltim o re & W a sh in g ’ n Jan
Jan
W e s t Jersey & S eashore
Jan
P e n n sy lv a n ia C om p a n y—
G ra n d R a p id s & In d ia n a ------P itts C in e C h ic & St L o u i s . . Jan
V a n d a lia ________________
Jan
Jan
— All lines E & W . Jan
Dec
Rio G rande J unction_____
Jan
R u tla n d ________________
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
1,500,000
9.497.896
1,673,851
12,963,204
Current
Year.
July 31 §965,413 §790,589
June 30 12,970.003
June 30 36,113.550
June 30 97.682,858
June 30 10.362.902 8,119.507
June 30 3,467.847 2,766,140
June 30 21.901.9S1 10,558.053
June 30 22,156.175 17,042,260
895,209
707.479
June 30
June 30 11,477.032 7,037.944
June 30 2,753,631 2,072,064
June 30 1,823,113 1,325.818
June 30 172520 748 131589254
June 30 7,523,938 5.681,705
June 30 2.188.910 2,003,030
July 31 131283992 104914649
640,518
619,859
July 31
July 31 2,046,596 1,636,575
July 31 8,387.976 7,606.353
469,824
484,795
July 31
July 31 3,037,975 2,347,713
July 31 14,368,947 11,621,304
July 31 4,324,901 3,673.326
July 31 42,474,285 30.856.246
July 31 3,268,141 2.921,488
July 31 28,603,827 21,829.796
July 31 7,282,135 6,078,253
July 31 166825505 134672431
July 31 82,663.703 62,562,461
July 31 249489201 197234892
391,747
M ay 31
436,322
June 30 1,958.850 1,633.344
AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
Weekly Summaries.
Current
Year.
Previous
Year
Increase or
Decrease.
%
Current
Year.
1M
onthly Summaries.
Mileage.
Cur. Y r . Prepk
Yr
\
$
Previous
Year.
Increase or
Decrease.
$
%
+37,087,941 13.57
____
311,179,375 274,091.434
^
week June (33 roads)------ 14,103,619 11.107,717 +2.995.902 26.97 October___ 248.072 247.009 306,733,317
240.422.695 +66.310.622 27.58
wook June (32 roads)------ 12.643.273 10.080.728 +2,562,545 25.42 November . .246,910 245,858
26.82
December —248.437 247,673 295,202,018 232.763.070 +62,438.948
week Juno (37 r o a d s ).... 19.765,119 15.600.468 +4.155,651,26.64
246.838 267,043,635 220,203,595 +46.840,040 21.27
weok July (36 roads)------ 14,089,190 11,316.239 +2,772,951 24.54 January------247,620 244.809
209.573.963 +58,005,851 27.68
week July (36 roads)------ 14,903,388 11.775.242 +3,128,146 26.48 Fobruary— 245,541 246.548 267,579,814
290,830,406 238.098.843 +58.731.563 20.47
M
arch
_____247.363
week July (35 roads)------ 14,551.530 11,557,175 +2,994,355 25.91
245.773
288.453.700
237.512.648 +50.941.052 21.45
A
p
r
il______
246,6(5
wook July (35 roads)------ 20.837,695 17.635,279 +3.202.416118.16
308,029.096 244,580.685 +63,448.411 25.94
week Aug (35 ro a d s)..— 15.151.993 12,201,051 +2,950.942 24.19 M a y ............. 248.006 247.189
+47.536.779
25
803
2
8 5 . 14U./40 237,612,967 T'ti
.oou.i u 20.01j.
225,803
285.149.746
J
u
n
o
...____226,752
wook Aug (33 roads) — - 15,698,481 12.415.730 +3.282.751 26.44
_____
9 0 :8 3 7 ' 7 9 i 8 8 8 ;2 9 l 6 5 ,0 8 2 .2 3 3 + 1 4 , 8 0 6 , 0 5 8 2 2 . 7 6
15,813,607 12,792.433 +3,021,174 23,62 J u ly ............... 92,611
weok Aug. (35 roads) —
o Includes Cleveland Lorain & Wheeling Ry TTlneludes Evansville & Terre Haute, c Includes Mason City & Fort Dodge and the Wisconsin
'
■ • ■ - all other receipts, e Does not Include oarnings of Colorado Springs & Cripple
Minnesota & Pacific. A I n c l u d e s n o t n n l v n n m l
and tno
the Wichita
Us u
lin
unu cue rrauKioit & Cincinnati, gIncludes the Texas Central
Centra.! anu
wicnita r^ ans
u ^ . «h In
Crook District Ry. '
. ... &
O. Michigan
Ulilitnn Southern
Qrtnf honn R
Dtr
hlnn 0?G [Indiana
ndl.Tnil &
: Southern, i Includes tho Lake Shore
y., Chicago
& HOlltlKlTD
Southern R R . cillCl
and DllIlklFK
Dunkirk
eludes tho St. Louis —, .—
n
Includos
tho
NorthornOhio
R
R
.
P
Includes
the
Northern
Central.
*
We
no
longer
include
the
Mexican
roads
Allegheny Valley & Pittsburgh RR
in any or our totals
2d
3d
4th
1st
2d
3d
4th
1st
2d
3d
Latest Gross Earnings by Weeks.— In the table which
follows we sum up separately the earnings for the third week
of August. The table covers 35 roads and shows 23.62%
increase in the aggregate over the same week last year.
T hird W eek o f A u g u st.
A la b a m a G ro a t S o u th e r n .
A n n A r b o r _____________________ ______
B u f f a lo R o c h e ste r & P itts b u r g h
C a n a d i a n N o r t h e r n ________________
C a n a d i a n P a c i f i c ___________________
C h e s a p e a k e & O h i o ________________
C h i c a g o G r e a t W e s t e r n __________
C h ic a g o In d ia n a p & L o u is v ille .
C in c N e w O rl & T e x a s P a c i f i c ..
C o l o r a d o & S o u t h e r n _____________
D e n v e r & R i o G r a n d e _____________
D e n v e r & S a l t L a k e _______________
D e t r o i t & M a c k i n a c _______________
D u lu th S o u th S h ore & A t la n t ic .
G e o r g i a S o u t h e r n & F l o r i d a _____
G r a n d T r u n k o f C a n a d a ________
G r a n d T r u n k W e s t e r n _______
D e t G ran d H aven & M ilw _ _
C a n a d a A t l a n t i c _______________ ,
L o u i s v i l l e & N a s h v i l l e ____________
M i n e r a l R a n g e _______________________
M i n n e a p o l i s & S t L o u i s _________ 1
I o w a C e n t r a l ____________________ J
M in n e a p o lis S t P au l & S S M _ .
M i s s o u r i K a n s a s & T e x a s _______
M o b i l e & O h i o _______________________
N o v a d a - C a l i f o r n i a - O r e g o n _______
N o r t h e r n P a c i f i c ____________________
P o r e M a r q u e t t e _____________________
R i o G r a n d e S o u t h e r n _____________
S t L o u i s S o u t h w e s t e r n ____________
S o u t h e r n R a i l w a y __________________
T e n n e s s e e A la b a m a & G e o r g ia .
T e x a s & P a c i f i c _____________________
T o l e d o S t L o u i s & W e s t e r n _____
W e s t e r n M a r y l a n d ________________
N e t increaso ( 2 2 .6 3 % ) .
1910.
1915.
In crea se.
S
99,2 4 5
54,084
208 ,580
840 ,300
2 ,8 0 0 ,0 0 0
940 ,814
378,545
170,057
208 ,1 0 8
302 ,9 3 9
530 ,000
49,1 0 0
24,7 5 9
79,453
4 2 ,5 7 1
S
8 8 .059
4 5 ,4 9 8
2 25 ,040
4 0 5 ,4 0 0
1,950,000
9 20 ,052
315,931
140,480
107,595
3 00 ,225
500 ,400
4 4 ,838
20,053
7 5 ,144
3 6 ,9 1 3
S
11,180
9,1 8 0
4 3 ,540
3 80 ,900
9 04 ,000
26,102
02,014
29,571
40,513
2,714
3 0 ,2 0 0
4 ,2 0 2
4,101
4,3 0 9
5,0 5 8
1,304,848
1,052,433
252 ,365
1 ,250,185
20,004
245 ,271
1,038,570
19,409
203 ,3 0 0
211 ,015
535
4 1 ,905
044 ,004
584,013
099 ,593
598,907
219 ,2 0 4
206 ,050
10,250
8,207
1 ,043,000 1,350,000
440 ,203
373 ,0 1 9
10,724
9,845
254 ,000
194,000
1 ,473,273 1,205,700
2,453 .
1,533
300,508
311 ,4 2 2
124,288
112,781
225 .852
202,017
59,451
100,620
13,008
2,049
287 ,000
73,244
879
00,000
207 ,507
920
55,0 8 0
11,507
23,835
1 5 ,813,007 12,792,433 3 ,0 2 1 ,1 7 4
Net Earnings Monthly to Latest Dates.— The table
followins shows the gross and net earnings with charges and
surplus of STEAM railroads and industrial companies re
ported this week:
--------Gross E arn ings-------- — — N et E a rn in g s------Current
P reciou s
Current
Previous
Y ea r.
Y ear.
Y ea r.
Y ea r.
$
$
8
'8
A t c h T o p e k a & S F e . b . J u l y 11,7 0 4 ,8 2 1 10,422,341 j 4 , 5 8 0 ,8 0 9 j 3 , 835 ,2 6 6
A t la n t ic C o a s t L in o a - . - J u l y 2 ,6 0 7 ,1 8 0 2 ,1 7 7 ,3 8 7
4 5 9 ,7 8 3
2 37 ,553
B a ltim o re & O h i o . b . . . J u l y 1 0 ,1 5 3 ,9 1 3 8 ,6 7 0 ,7 5 2 3 ,0 8 7 ,0 4 9 3 ,0 7 6 ,9 1 2
C a n a d ia n N o r S y s t e m ..J u l y 3 ,8 3 4 ,2 0 0
1,9 6 1 ,7 0 0
1 ,1 9 7 ,4 0 0
4 8 6 ,4 0 0
C a n a d ia n P a c i f i c . a -------J u ly 1 2 ,2 4 7 ,4 4 0 7 ,8 9 5 ,3 7 5 4 ,0 1 7 ,0 9 2 2 ,8 0 0 ,4 0 3
C en tra l o f G e o r g i a . b . . . J u l y 1 ,1 1 9 ,1 7 0
987 ,8 2 7
C313.644
c2 4 9 ,9 4 5
C h ic a g o & A l t o n . a ...........J u ly 1 ,4 8 5 .4 3 3
1 ,1 8 8 ,3 5 7
£ 4 2 4 ,7 6 8
£20 6 ,3 5 8
C h ic M ilw & St P . a --------In ly 9 ,2 3 6 ,3 8 7 8,2 1 9 ,2 8 1 3 ,1 8 9 ,3 1 3 2 ,8 1 1 ,7 2 7
1 ,3 7 4 ,9 0 8
C h ic a g o R I & P a c . b — Ju n o 5 ,9 8 6 ,6 5 3 5 ,4 6 7 ,6 9 6 2 ,0 5 0 ,6 9 2
J u ly 1 t o Ju n e 3 0 ............. 7 2 ,1 8 9 ,2 7 6 6 8 .0 4 1 ,2 1 6 1 9 ,8 8 0 ,4 0 5 16,7 3 3 ,9 0 9
C o lo r a d o S o u t h o r n .b ___ J u ly 1,2 7 5 ,5 2 3
1,108,394
440 ,7 1 3
2 6 8 ,2 5 5
D e tr o it & M a c k i n a c .a .- J u l y
105 ,5 8 5
93,3 4 4
2 7 .7 5 7
2 2 ,5 4 5
Illin o is C en tral . a _______ J u ly 5 ,8 4 2 ,4 9 2
4 ,8 7 8 ,8 2 6
1,022,661
531 ,2 9 7
M a in o C e n t r a l .b _______ J u ly 1 ,0 8 4 ,5 3 7
9 96 ,964
3 5 3 ,9 5 0
2 9 8 ,9C4
N a s h v C h a tt & S t L . b . - J u l y 1 ,0 5 4 ,2 6 6
942 ,3 0 3
2 6 2 ,4 6 3
2 25 ,473
St L ou is & San F r a n .a . - J u l y 4 ,4 2 5 ,4 0 1
3 ,5 6 4 ,9 9 5
940,337
9 4 3 ,1 2 5
S ea b oa rd A ir L i n o .a ___ J u ly 1 ,6 9 1 ,6 0 5
1,673,851
213 ,5 6 8
380,837
S ou th ern R a i l w a y .a ___ J u ly 5 ,4 8 1 ,4 7 5
5 ,2 9 9 ,5 5 6
1,2 8 1 ,8 2 7
1 ,3 6 4 .8 5 6
M o b ile & O h io .a ____ J u ly
9 23 ,713
8 9 6 .3 5 6
159,515
172,430
C in e N O & T P a c . a . J u l y
9 0 6 ,4 7 0
766 ,776
2 8 2 ,8 4 5
2 16 ,083
A la G rea t S o u t h .a ___ J u ly
4 4 8 ,0 7 0
4 02 ,147
112,899
108,578
G e o rg ia S ou & F l a . a .J u l y
187 ,909
186,498
2 4 ,0 7 6
32,811
T o l St L ou is & W e s t .a . J u l y
4 83 ,991
3 9 6 ,5 6 8
s 149,431
S98.511
U n io n P a c i f i c . a ________ J u ly 9 ,1 3 7 ,4 8 6 7 ,8 4 6 ,8 6 6 3 ,4 5 4 ,3 0 2 2 ,8 4 9 ,3 1 8
V irg in ia n a ______________J u ly
6 88 ,244
588 ,6 1 6
3 0 6 ,5 8 5
2 5 7 ,9 6 3
W es tern M a r y l a n d . b . . J u ly
969 ,2 0 9
833 ,177
378,521
2 8 2 ,2 0 0
Y a z o o & M is s V a ll e y .a . J u l y 1 ,058,683
900 ,789
228,601
145.602
Gross
N et
F ixed d i g s .
Balance,
E a rn in g s. E a rn in gs. & Taxes.
S u rp lus.
S
S
S
C en tra l o f N e w J e r .J u ly T 6 2 ,9 7 5 ,9 0 6
1 ,1 5 4 ,3 9 7
549,501
6 0 4 ,8 9 6
’ 15 2 ,6 0 8 ,0 5 8
846 ,373
5 2 4 ,8 6 8
3 2 1 .5 0 5
N e w L o n d o n N o rth e r n —
A p r 1 t o Ju n o 30 ’ 16
3 1 3 ,1 3 8
43,204
7 9 ,5 2 6 d of.3 6,32 2
T5
296 ,2 4 4
64,2 2 2
71,6 4 0
d o f7 ,4 1 8
Jan 1 t o J.uno 30 T 6
605 ,2 7 4
68,042
154,651 d o fS 6 ,6 0 9
’ 15
542 ,933
6 7 ,554
151,351 d o f8 3 ,8 0 0
J u ly 1 t o Jun o 30 ’ i6 1 .130,195
148,381
3 1 1 .9 5 3 d e f 16.3,569
’ 15 1 ,078,814
130,175
3 0 6 ,1 5 9 d e f 175.984
Total O per. Total Oper. N et Rev.
N et I n c .
Revenue.
E xp en ses, fro m O per. after d i g s .
8
S
S
C h ic a g o G t W e s t .. J u l y ’ 16 1 ,276,642
9 1 2 ,9 6 6
3 6 3 .6 7 6
147,314
T 5 1 .1 2 8 .7 9 8
887.051
241 .7 4 7
14.526
G ross.
N et after
F ixed
B alance,
E a rn in g s.
Taxes.
Charges.
Su rplus.
•8
8
S
8
C h ic S t P M Sc O m .J u ly T 6 1 ,6 4 7 ,9 6 0
5 07 ,876
234,321
2 7 3 ,5 5 5
’ 15 1,4 3 3 ,3 3 3
365 ,7 3 2
2 41 ,969
123,763
M o K a n & T e x a s .. J u l y ’ 16 3 ,1 2 7 ,3 1 3
617,421
600 ,453
16,968
T 5 2 ,5 1 7 ,2 1 5
4 72 ,168
6 2 1 ,0 2 4 d o fl4 8 ,8 5 6
N Y O n t & W e s t .. J u l y T 5
9 8 7 ,7 4 3
405 ,8 2 3
122,011
2 83 ,782
’ 16
961 ,5 7 2
3 8 2 ,2 5 5
123 ,750
2 5 8 ,5 0 5
Gross
P rofit in
R en t.In t.,
Balance,
R eceipts.
O perating. T axes, A c .
Su rplus.
•S
8
P liila & R eadin g
J u ly ’ 16 4 .7 7 4 ,2 1 0
1,748,458
7 99 ,500
9 4 8 ,9 5 8
’ 16 4 ,0 8 3 ,1 9 8
1,430,421
7 7 0 ,2 5 0
000,171
C o a l & Ir o n C o . .J u l y ’ 16 2 ,679,411
14,987
9,0 0 0
5,987
’ 15 1,8 1 7 ,2 8 0 d e f 7 1,337
8 ,0 0 0 d e f 79,337
T o t a l b o t h c o s ___ J u ly T 6 7,4 5 3 ,6 2 1
1,763,445
8 0 8 ,5 0 0
954 ,945
’ 15 5 ,9 0 0 ,4 7 8
1,305,084
7 78 ,250
5 8 6 ,8 3 4
R e a d in g C o _______ J u ly ’ 16 __________
1,748,458
799 ,500
9 48 .958
T5
..................
1.436,421
7 70 ,250
060,171
T o t a l a ll c o s ____ J u ly ’ 16
_________
3 ,5 1 1 ,9 0 3
1 ,608,000
1,903,903
’ 15 .................
2 ,8 0 1 ,5 0 5
1 ,548,500
1 ,253,005
Gross
Net after
Other
Gross
Fixed
Balance,
Earnings. Taxes, A c . Income,.
Income.
Charges.
Surplus.
S
i
S
$
S
S
Pennsylvania U R .—
July TO 19,639,799 5,172,894 1,910,774 7,0S3,668 2,431,999 4,651,669
T 5 10,755,645 4,730,292 1,912,016 0,642,308 2,4/1.906 4,170.402
7 mos ’ 16 131,283,992 31,844,925 13,050,461 44.895,380 16,620,067 2 s ’,>75'319
’ 15 104,914,649 20,704,629 12,567,213 33,271.842 15,187:543 18,’o84;299
R oads.
Gross
Net, after
Other
Gross
Fixed
Balance,
Earnings. Taxes, A c. Income.
Income.
Charges.
Surplus.
S
S
$
S
%
S
Pennsylvania U R (Concluded)—
Balto Ones & A tl—
July T6
159,597
40,080
1,216
41,296
28,781
12,515
T5
153,760
33,794
1,750
35,544
27,260
8,284
7 mos T 6
619,859
76,410
12,873
161,122 def 71,839
89,283
T5
640,518
50,459
14,200
64,659
160,915 def90,256
Cumberland Valley—
July TO
267,045
108,634
12,958
121,592
25,113
96,479
T5
244,587
81,257
10,322
91,579
18,387
73,192
7 mos T 6 2,040,596
945,802
113,964 1,059,766
175,945
883,821
T 5 1,636,575
518,783
90,096
609,479
105,509
503,970
Long Island—
July T 6 1,680,636
741,734
96,734
838,468
317,834
520,634
T 5 1,553,053
93,736
667,415
761,151
269,224
491,927
7 mos TO 8,387,976 2,199,112
480,322 2,079,434 2,802,721 defl23,287
T 5 7,606,353 1,772,944
457,266 2,230,210 2,707,195 def470,985
M aryland Del & Va—
July T 6
105,126
15,767
854
16,621
14,303
2,318
T5
106,120
21,543
957
22,500
14,849
7,651
7 mos' 16
469,824
30,936
2,374
33,310
98,466 def65,156
T5
484,795
27,376
4,980
32,350
100,683 deI68,327
N Y Phlla & Norfolk—
July T 6
561,975
206,264
6,231
55,226
157,269
212,495
T5
481,464
163,647
4,513
168,160
41,328
120,832
7 mos TO 3,037,975
976,156
64,117 1,040,273
274,864
765,409
T 5 2,347,713
470,380
55,233
525,613
298,320
227,287
Phlla Iialto & W ash—
July T 8 2,282,598
572,991
126,920
699,911
337,208
362,643
T 5 1,901,687
445,993
122,470
568,463
322,204
246,259
7 mos T6 14,368,947 3,494,410
890,546 4,390,956 2,123,544 2,207,412
T 5 11,021,304 1,765,566
859,618 2,025,184 2,002,580
562,604
Phlla & Camden FerryJuly TO
87,236
49,915
55,682
5,767
1,034
54,048
T5
78,854
43,338
5,276
48,614
1,009
47,545
7 mos T 6
497,257
253,836
40,571
294,407
9,036
285,371
T5
457,823
208,730
34,010
243,346
9,281
234,065
W est Jersey & Seashore
July T6
985,206
394,890
12,136
407,020
63,278
343,748
T5
895,105
370,624
15,911
386,535
68,118
318,417
7 m o s '16 4,324,901
784,4.83
100,226
88 1,709
445,624
439,035
'15 3,673,326
455,886
105,893
561,779
447,810
113,939
Pennsylvania Co—
July TO 6,860,075 2,350,421 1,226,354 3,570,775 1,909,834 1,000,941
T5 5,640,024 1,958,903
538,382 2,497.285 1,604,413
832,872
7 mos TO 42,474,285 11,844,004 7,151,467 18,995,471 11,932,365 7,003,100
’ 15 30,856,246 6,572,129 5,744,446 12,310,575 10,448,891 1,867,084
Grand Rapids & Indiana—
July TO
500,534
104,797
3,798
108,595
73,845
34,750
T5
454,957
105,959
5,281
111,240
71,918
39,322
7 mos TO 3,268,141
542,793
40,687
583,480
504,528
78,952
T5 2,921,488
421,027
36,314
457,941
453,177
4,764
Pitts Cine Cnlc & St L—
July T6 4,239,754 1,143,790
52,037 1,195,827
575,941
619,880
T 5 3,390,186
801,276
51,544
852,820
528,602
324,218
7 mos TO 28,603,827 6,480,250
374,616 6,854,860 4,094,107 2,760,009
T 5 21,829,790 3,8S2,453
426 851 4,309,304 3.529.093
780.211
Vandalla—
July TO l;064,764
223,868
7,410
231,278
156,630
74,648
T5
921,255
197,712
4,270
201,982
149,609
52,373
7 mos TO 7,281,135 1,322,935
52,081
1,375,016 1,002,723
312,293
T 5 6,078,253
922,130
88,319 1,010,449 1,009,443
1,006
— Total East P .& E .— — Total W est P .& E .— -----Total All Lines----Gross
Net, after
Gross
Net, after
Gross
Net, after
W hole Penn. Earnings. Taxes, A c. Earnings. Taxes, A c. Earnings. Taxes, Ac.
R R . System—■ i
S
S
S
S
8
J u l y ’ 16 26,067,973 7,485,812 12,816,186 3,843,524 38,8S4,159 11,329,336
’ 15 22,400,040 6,077,849 10,544,483 3,076,363 32,946,123 9,754,211
7 mos TO 160,825,505 41,750,903 82,663,703 20,340,188 249489,209 62,097,091
'15 134,672,431 26,676,005 62,562,461 11,886,897 197234,892 38,562,962
Th o return on property investment for the system Bast & West was 6.96% for
the 12 mouths ended July 31 1916, against 4.45% for the same period in 1915.
Gross
Net
Other
Total
Charges
Balance,
[Earnings. Earnings.
Income.
Income.
A Taxes.
Surplus.
S
$
S
S
S
Bangor & Aroostook—
June TO
290,0,86
86,276
28,707
114,983
116,804
def 1.821
T5
329,529
153,901
18,291
172,192
119,832
52,360
12 mos T 6 3,748,005 1,400,533
245,333 1,645,866 1,405,257
240,609
T 5 3,747,973 1,407,013
198,548 1,605,561 1,379,021
226,490
D el & Hudson—
A pr 1 to
June 30 T 6 6,657,517 2,170,069
526,526 2,696,595 1,811,910
844,685
T 5 5,850,239 2,301,492
696,545 2.99S,037 1.443,153 1,554,884
Norfolk & Western—
July T6 4,845,121 2,021,234
120,112 2,141,340
551,730 1,589,616
T5 4,407,345 1,856,024
50,084 1,906,108
554,910 1,351,198
Gross
Net after
Gross
Other
Fixed
Balance,
Earnings. Taxes, A c. Income.
Income.
Charges.
Surplus.
S
S
3
3
S
Boston & Maine—
July T 6 4,719,795 1,422,558
85,463 1,508,021
926,011
581,980
15 4,099,230 1,080,433
70,505 1,150,938
849,731
301,207
Buffalo Rocli & Pittsburgh—
July T6 1,105,526
317,037
78,849
395,886
176,549
219,337
T5
901,397
257,000
47.978
305.038
177.100
127.938
Buffalo & Susq—
July TO
142,288
38,066
41,174
79,240
21,097
55,143
18,700
T5
110,065
29,027
47,793
25,558
22,235
7 mos TO
965,413
220,447
292,052
512,499
171.213
341.286
T5
790,589
70,742
220,137
290.879
181,507
109,372
IN D U S T R IA L C O M P A N IE S .
--------Gross E a rn in g s----------------- N et E a rn in g s-------Current
Previous
Current
P revious
C om pa nies.
Y ea r.
Y ear.
Y ea r.
Y ea r.
8
$
S
$
N e w Y o r k T c l c p h o n o .b .J u l y 4 ,6 6 3 ,8 4 1 3 ,8 6 1 .3 8 0
1.803,490
1,100,420
Jan 1 t o J u ly 3 1 - . . -.3 0 ,7 8 7 ,0 0 8 2 7 ,0 0 0 ,3 9 5 11,493,444 0 ,2 7 2 .1 1 9
Gross
Fixed
N et, after
Balance,
E arn ings.
Charges.
T axes.
Su rplus.
$
S
s
•
$
A b in g tort & R o c k la n d E le c
L ig h t & P o w e r ..J u l y TO
4 ,6 0 7
16,265
190
4 ,4 1 7
'1 5
3 ,7 8 5
13,408
194
3,5 9 1
7 m os TO
2 2 ,2 5 4
101,918
20,897
1,357
T5
85,4 1 8
17,501
14,549
2,9 5 2
B la c k s to n o V a ll G & E J u ly ’ 10
55,1 0 8
134,670
. 34,851
2 0 ,317
T5
123,100
51,957
18,982
32.975
7 m o s TO
989,541
409 ,8 4 9
143 ,5 2 0
2 0 0 ,3 2 9
8 3 3 ,3 1 2
’ 15
135,078
3 29 ,909
194,891
C o n n e c tic u t P o w ._ J u l y TO
5 5 ,5 9 8
10,119
28,003
11,884
4 7 ,0 1 3
11,448
T5
24,121
12,673
12 m o s TO
663 ,1 6 2
180,100
338 ,7 0 0
152,606
T5
520 ,303
244 ,3 5 4
118 ,350
120,004
E d is o n E l 111 (B r o c )J u ly TO
47,2 9 0
15,972
1,395
14,577
T5
13,485
2,311
4 1 ,4 2 5
11,174
7 m o s TO
131,457
359 ,0 3 1
9,878
121,579
To
111,131
307 .093
18,770
9 2 ,352
F a ll R iv G as W k s .J u l y TO
18,382
4 7 ,4 1 5
3
18,379
4 5 ,4 1 0
T5
17,783
49
17,734
7 m os TO
3 0 2 ,2 0 8
107,203
24
107 ,239
2 9 3 ,0 1 0
T5
101,940
11,080
90,8 6 0
2 2 ,020
H a v e rh ill G as & L . J u l y TO
7,440
3
7,4 4 3
20,746
T5
5
0,0 0 9
0,004
7 m os TO
158 ,225
4 7 ,5 8 2
503
4 7 ,0 1 9
T5
143,838
3 8 ,438
563
3 7 ,8 7 0
Carolina Power & Light—
July ’ 1G - 57.961
•15
54,051
12 mos ’ 16
744,143
•15
059,942
Sierra Pacific Elec A. sub cos
40,433
July '16
40,458
’ 15
320,728
7 mos TO
274,078
T5
17.987
14,890
283,788
233,544
24,772
22,793
173,374
155,009
70,550
57,500
300,338
291,044
13,050
14,694
171,100
172,131
370
24,772
23,109
173,374
157,611
6,799
7,302
50,235
53,265
'V ,032
B alance,
S u rplus.
$
6,455
7,0 3 6
6 9 ,2 1 8
53,5 9 4
2 1 ,3 3 5
13,317
146 ,072
98,017
6,4 0 7
3,0 3 3
4 7 ,2 2 8
1,905
Balance,
Surplus.
S
4,337
202
189,232
118,913
17,973
15.S07
123,139
104,370
a N e t e a r n in g s h o ro g i v e n a r o a f t e r d ^ d i i c t t a g t a x e s ,
i. islet narnlnsrs h e r o g i v e n a r o b e f o r e d e d u c t i n g t a x e s .
A f t e r a l l o w i ’n g f o r u n c o l l e c t i b l e r e v e n u e s a n d t a x e s , o p e r a t i n g I n c o m e
f o r J t i l v 1916 w a s $ 2 5 8 ,5 8 0 . a g a i n s t $ 1 9 8 ,2 4 7 .
c
/t A fte r a llo w in g fo r m iscella n eou s charges to in co m e , o p e ra tin g in c o m e fo r
9
JU} yF o r J u lyV ^|ifo
Y(N
s^ a
and
n d ^U
nnCO
c ^ ie
lIOcCU
n bIJlU
lo ^ m
Icill**
ii w ay r e v e n u e ,viuwuuuv,u
am o u n te d tvvj
o $51 7 ,3 9 6 ,
r . . a fte r flerliietlnir
e t to r J u ly 1916
'J fJ -°ff ^ 4 ^ ) 007 in m
1915;
d e d u ctin g w h ich n
not
1016 was
w as
c f n n o a i a -liraliist $3 349,359 last y e a r. T h e return o n p r o p e r ty in ve st
m en t w as 6 0 8 % IVir 1 2 in on th s e n d . J u ly 31 1916 a g st. 5 .0 6 % in 1915.
« A fo 'r a iiow an co for m iscella neous charges t o in c o m e fo r th e m o n th o f
J u f / l 9 1 6 ? to ta l n ot earnings w ore $ 1 1 2 ,8 4 3 , a ga in st 3 5 9 ,5 1 4 last y e a r.
e l e c t r ic r a i l w a y a n d t r a c t io n c o m p a n ie s .
Latest Gross E a rn ings.
N am e o f
Road.
Jan . 1 to latest date.
Electric Railway Net Earnings.— The following table
gives tho returns of ELECTRIC railway gross and net
earnings with charges and surplus reported this week:
--------Gross E a rn in g s------------------N et E a rn in g s-------Current
P revious
C u rrent
Previous
Y ea r.
Y ear.
Y ea r.
Y ea r.
S
S
S
S
c6.703.000 c 4 .0 5 0 .0 0 0 c 3 ,9 0 0 ,0 0 0
14,3 S 7 ,1 1 0 c 2 6 ,6 8 8 ,0 0 0 c 2 5 ,843,420.
337 ,3 1 2
3 1 5 ,3 5 2
8 61 ,295
Illin o is T r a c t i o n - a ------J u ly
950 ,390
6 ,1 5 3 ,4 8 5 2 ,5 5 1 ,4 1 6 2 ,3 4 1 ,8 9 6
Jan 1 t o J u ly 3 1 _______ 6 ,8 0 4 ,5 1 0
—
4 4 7 ,8 5 6
T o r o n t o R a ilw a y _____ Ju n o
884 ,491
—
2 ,5 9 9 ,4 3 9
3 0 5 ,3 3 5 ,1 9 9
Jan 1t o Ju n e
R oads.
_
Fixed
N e t, after
Gross
Charges.
T axes.
Earn ings.
S
S
$
6,0 1 0
12,465
2 8 ,1 3 2
H o u g h to n C o E l L t J u ly ’ 16
11,306
4,2 7 0
24,304
100,837
3 1 ,6 1 9
214 ,8 6 3
7 m o s ’ 18
79,3 3 7
2 5 ,743
183 ,323
’ 15
21,563
228
4 9 ,691
L o w e ll E le c L t C o r p J u ly ’ 16
13,317
4 0 ,4 4 5
15
148,135
2,063
3 6 5 ,0 7 3
7 m o s ’ 16
98,1 4 9
132
2 78 ,340
'15
108,258
114,665
142 ,917
M is s R iv e r P o w e r .- J u l y ’ 16
108,077
1 1 1 , 1 to
139,828
15
7 9 2 ,2 2 6
744 ,9 9 8
991 ,9 8 8
7 m os ’ 16
7 5 5 ,8 4 8
753 ,943
952 ,3 9 2
’ 15
Fixed
Gross
Other
Gross
Net, afterr
Income.
Charges.
Income.
Earnings. Taxes, A c.
8
5
$
S
F ixed
Charges.
S
3,501
2,1 7 0
2 4 ,3 2 0
15,003
B alance,
S u rplus.
S
5 ,4 0 5
4 ,7 3 3
3 5 ,2 9 3
26,4 6 2
5,4 6 1
6 ,8 8 9
6 ,0 8 8
8 ,4 6 1
13,638
13,654
78,687
7 1 ,1 4 0
1,103
1,185
7,713
7,9 6 3
6 ,5 5 9
6,6 0 3
4 5 ,5 8 8
4 6 ,1 9 2
4,3 5 3
5,7 0 4
d e f 1,625
498
7,1 2 9
7,0 5 1
3 3 ,0 9 9
2 4 ,9 4 8
7 ,7 3 8
7 ,3 2 6
5 6 ,1 7 9
47,0 4 7
4 3 ,9 2 5
37,171
2 7 9 ,2 9 6
2 2 1 ,9 2 2
4 1 ,6 5 6
3 1 ,880
274 ,273
2 13 ,242
50,752
50,0 9 9
4 0 3 ,5 8 2
387,257
1,985
1,897
13,624
12,974
27,6 6 3
27,651
194,009
192,411
28,6 5 2
2 8 ,678
200 ,6 7 0
201 ,0 9 9
3 4 ,5 3 9
3 3 ,397
242 ,467
233 ,8 5 2
5,7 5 3
5 ,4 2 9
3 4 ,073
2 1 6 .3 9 8
29,622
2 8 6 ,0 0 8
2 30 ,205
13,004
3 ,2 0 2
73,6 0 3
1 2 ,143
16,213
16,702
161,115
1 53 ,105
4 6 ,3 4 3
21,7 3 6
2 3 4 ,6 3 0
118,362
33,317
31,0 5 3
2 0 9 ,8 1 2
167 ,280
14,400
14,671
9 9 ,9 8 0
101,636
8,7 6 3
8,7 1 5
6 1 ,8 7 8
6 1 ,3 2 0
233,187
2 8 ,2 8 /
214 3 ,7 7 6
2 2 5 ,7 7 0
2 4 ,5 5 4
2 2 ,3 3 8
147,934
105 ,960
172,936
174,093
1 ,097,869
1,131.721
31,8 0 8
26,177
188,386
154,991
50,981
50,097
367 ,301
362 .804
20,224
18,678
137.925
131,703
9,517
9 ,3 2 3
6 5 ,190
65,392
139 ,003
119.785
164,595
136,446
886 ,9 1 6
761 ,570
541,177
4 17 ,692
3,9 7 4 ,6 3 3
3 ,3 7 3 ,4 4 2
190,412
141,904
1,013,017
820,287
72,031
66,457
392 ,6 2 7
4 2 0 ,9 1 9
15,842
12,880
78,7 3 1
60,2 1 2
15,697
15,208
122,153
109 ,228
6,3 8 6
6,575
4 6 ,7 6 0
4 1 ,7 1 2
2,5 5 9
2,752
2 2 ,098
15,899
5 2 ,7 1 6
4 1 ,5 9 6
7 4 ,302
5 7 ,665
312 ,737
2 48 ,170
131,995
112 ,568
1,0 9 2 ,6 2 4
SSS.lOO
64,6 8 3
4 7 ,9 7 2
2 96 ,387
248 ,533
3 6 ,279
3 5 ,9 1 6
255 ,436
251 ,9 2 2
7,1 2 4
5,5 2 2
42,933
3 8 ,9 0 6
15,408
14,597
106,600
101,414
1,972
1,841
13,445
13,112
2 ,5 2 2
2,5 6 8
17,599
17,788
3 6 ,2 3 7
36,3 5 0
36,703
3 6 ,2 2 0
2 5 4 ,5 1 6
252 ,497
67,857
6 7 ,0 1 5
4 6 5 ,4 2 7
4 7 4 ,9 2 4
5 6 ,9 2 9
5 6 ,3 9 6
3 9 8 ,2 7 8
3 9 3 ,1 6 5
3 5 ,7 5 2
30,541
137 ,192
168 ,997
8 ,7 1 8
7 ,3 5 8
3 5 ,7 9 8
2 1 ,3 0 6
289
611
15,553
4 ,8 1 4
4 ,4 1 6
4 ,7 3 4
3 3 ,3 1 7
2 8 ,6 0 0
37
184
4,4 9 9
d e f 1,889
16,479
5,2 4 6
37,5 9 9
2 1 ,4 4 5
58,221
d e f4 .3 2 7
270,287
2 4 7 ,5 8 5
266 3,99 2
242 8,73 1
252 ,8 8 6
236 ,674
221 3,62 2
2 1 7 0,71 2
100,828
90,112
577,751
493,711
42,681
4 0 ,2 5 0
2 1 7 ,4 5 5
190.984
19,710
19,875
134,986
136,504
2 2 3 ,5 5 2
221,001
2 8 4 ,1 2 4
2 5 5 ,8 7 6
481 ,143
371 ,736
2,8 6 0 ,6 4 3
2 ,1 2 8 ,3 8 8
155,967
151,850
1,0 6 2 .1 2 0
939 ,2 6 2
26,379
2 3 ,196
177,963
162,452
20.964
21,940
193,451
152 ,032
1,1 4 0 ,3 7 6
8 0 7 .0 3 8
5 7 ,7 0 6
59,1 8 7
3 9 2 ,9 9 5
3 4 3 ,7 9 6
8.2 9 3
8 ,7 9 6
56,9 5 8
57.257
•
8,8 8 8
9,3 1 4
72,058
6 0 ,433
24,253
22,979
145,555
162,007
3 3 ,4 6 4
3 7 ,5 2 4
251 ,022
277,656
2 5 8 ,4 3 2
3 0 7 ,6 2 4
B a to n R o g u e E l e c .J u ly ’ 16
T5
7 m o s ’ 16
’ 15
B r o c k to n & P ly m o u t h —
J u l y ’ 16
15,256
’ 15
- 15,346
7 m o s ’ 16
66,9 2 3
’ 15
6 3 ,339
C a p o B re to n E le c t .J u ly TO
32,8 5 9
T5
3 1 ,3 2 0
7 m os T 6
212 ,942
T5
186,917
C e n tra l M is s V a lle y E le c P r o p 's —
J u ly '16
2 4 ,6 2 4
22,354
T5
168,322
7 m os T 6
158,461
T5
118,010
C lo v o S o u th w & C o l . J u ly T 6
r 3,040
T5
7 55 ,055
7 m os T 6
696 ,182
'15
70,246
C o lu m b u s (G a ) E l . J u l y T 6
57,365
T5
473 ,077
m os T 6
398 ,6 5 3
T5
144,236
D a lla s E le c t C o . . J u l y TO
144,101
T5
m o s T 6 1,090,282
T 5 1 ,0 1 7 ,5 0 ’
D u lu th -S u p e r io r T r a c
125,552
J u ly T 6
97,203
'1 5
777,213
7 m os T 6
652 ,263
T5
72,309
E a stern T e x a s E l . . J u l y '1 6
65,0 6 8
T5
461 ,375
7 m os T 6
386,537
T5
Previous
Current Previous Current
W eek or
Y ea r.
Y ea r.
Y ea r.
Y ea r.
M o n th .
$
S
$
S
192 .026
190,682
4
4
,1
9
7
44,761
A tla n tic Sh ore I t y . . . J u l y _______
8 85 .223
946 ,832
c A u r E lgin & C h ic l t y J u n o ______ 177,845 163,746
3 7 1 ,4 3 7
383 ,495
60,9 6 8
64,3 6 8
B a n g o r l iy & E le ctric J u n e _____
105.296
119.661
16,016
17,421
B a to n R o u g e E le c C o J u l y --------3 13 ,057
322,411
66,7 3 7
70,817
B o lt L R y C o r p (N Y C ) M a y ______
458
,2
2
0
4
27 ,173
78,532
82,913
J
u
n
o
______
B erksh ire S treet l t y .
B razilian T r a c , L & I J u l y ______ ;7 1 95000 /67 0 3 0 0 0 / 4 7 145,000 /4 4 3 8 7 .1 1 0
G a lv c s t o n -I lo u s t o n E lc c —
15,346
66,923
15,256
6 3 ,3 3 9
--------J
u
l
y
B r o c k & P ly m St R y J u ly T 6
B k ly n R ap T ra n S yst M a y ______ 257 1,18 0 2343,921 11.58S .614 10,711,304
T5
3 1 ,3 2 0
32,8 5 9
212 ,942
186.917
C a p e B reton E lec C o J u l y --------7
m os T 6
8
7
,846
102,680
604
,126
5
09
,117
J
u
n
o
______
C h a tta n o o g a R y & Lt
T5
43,5 2 8
189,938
40.751
210 ,616
C lo v e l ’ ainesv & E a st J u n e ______
H o u g h to n C o u n ty T r J u ly T 6
6 9 6 ,1 8 2
755 ,055
C le v o S outhw & C o l . J u l y ........... 118,010 113,010
T5
70,246
473,07
3
9
8
,6
5
8
5
7
,365
C o lu m b u s (G a ) E l C o J u l y ______
7 m os T 6
C olu m (O ) R y , P & L J u n o ______ 280 ,350 244 ,059 1.709.255 1 ,515.373
T5
g C o m w ’ tfi P , R y & L J u l y ........... 1379,381 1182,519 9 ,4 6 7 ,2 1 4 8 ,0 2 0 ,7 1 3
J u n o ______ 816,941 6 8 5 .8 5 0 4 ,495,551 3 ,7 6 8 ,4 3 4
J a c k s o n v ille T r a c t .J u I y T 6
C o n n e c tic u t C o . —
'1 5
C on su in P ow (M ic h ) J u l y ........... 3 6 3 ,2 9 4 305 ,310 2 ,6 2 2 ,1 9 2 2 ,1 2 6 ,0 6 9
7 m o s '16
O u m b C o (M e ) P & L J u n e ______ 2 42 ,379 2 18 ,658 1,298,708 1,1 7 5 ,2 3 0
'1 5
144.236 144,101 1,090,282 1,017,501
D a lla s E lectric O o r p . J u ly _____
8 2 ,5 6 9
D e tr o it U nited L ines I n l y .......... 1445,018 1205,881 8 .9 7 6 .2 5 6 7 ,2197.376
K e o k u k E le c C o ___ J u ly TO
204 ,504
41,201
44,221
D D E B & B a tt (R e c ) M a y ______
T5
652
.273
777,245
97,203
D u lu th -S u p erior T r a c J u l y ______ 125,552
7 m os T 6
1 ,173,987
E a s t St L ou is Ac S u b J u n o ______ 244 ,082 193.293 1,409.783
T5
386,587
461
,3
7
5
6
5
,0
6
8
72,3 0 9
E a stern T e x a s E l e c . . J u l y _____
K e y W e s t E l e c t r i c . .J u l y TO
4 7 1 .2 2 4
5 3 5 .9 0 6
72,931
83,158
g E l P a so E le c tr ic C o . J u n o _____
T5
798 .1 1 6
808.501
42d St M & St N A v e M a y ........... 178.861 172,795 1.097,869 1,131,721
7 m os T 6
174,093
172,936
G a lv -H o u s E lec C o . - J u l y --------T5
7 1 ,6 5 2
g G eorg ia R y & P o w . J u ly ----------- 552 ,7 18 5 1 3 ,8 1 8 3 ,9 7 8 ,1 4 3 3 ,61)60,721
639 ,739
92,411
L a k e S h ore E lo c ___ Ju n e '16
G ra n d R a p id s R y C o J u n o ______ 108,702
546,634
4
5
0
,4
5
3
76,684
9
7
,588
J
u
n
e
______
T5
H arrisbu rg R a ilw a ys.
J u ly T 6
H a v a n a E l R y , L Ac P J u n o ______ 4 7 6 ,9 3 5 4 4 8 ,1 7 0 2 ,8 9 3 ,9 9 7 2 ,7 5 1 ,3 7 5
54,976
4 9 .3 6 9
3 2 1 .7 5 0
2 8 8 ,9 9 6
T5
H o n o lu lu It T & L a n d J u n o ______
26,177
31,808
188,386
154,094
July
_____
H ou g h ton C o T r C o .
7 m os T 6
b H u d son & M a n h a t . M a y ______ 502 ,544 462 ,2 5 0 2 ,4 8 4 ,2 5 5 2 .3 2 4 .1 6 4 ■
T5
Illin o is T r a c t i o n ------- J u l y --------- 950,390 861 ,2 9 5 6 ,8 0 4 ,5 4 0 6 ,1 5 3 ,4 8 5
M ilw E le c R y At L t .J u l y TO
323
1,00
8
2904,773
16,100,717
14,4 7 3 ,5 9 5
In te r b o r o R a p '1 r a n . M a y --------'15
50,981
50,097
367 ,301
3 6 2 ,8 0 4
J a c k s o n v i l l e rl r a c C o J u l y --------7 m o s '16
20,224
18,687
137 .925
131.703
K e o k u k E le c t r ic ------- J u l y ..........
'15
9,517
9,3 2 3
6 6 ,190
65,3 9 2
K e y W est E l e c t r ic .. . J u l y ..........
M ilw L t , l i t At T r _ _ J u ly '16
886,916
761 ,5 7 0
L a k e Shore E lec It.V- J u l y --------- 164,595 136,446
'15
927 ,263
L e h lg h V alley T ran sit J u n o --------- 206 ,616 167,643 1.1 6 6 ,9 5 9
7 m os T 6
6 7 ,446
72,0 3 0
356 ,794
3 3 0 ,8 9 6
L o w ist A u g Sc W a terv J u n e --------'1 5
22,074
22,839
8 6 ,252
86,9 7 4
Ijon g Island E lectric M a y
N o w p N o w s At H a m p R y .
264 ,179 249 ,537 1,5 2 2 ,1 4 6 1,4 5 7 ,7 3 9
L ou isv ille R a llw a y . Jun o
G as At E l c c .......... J u ly T 6
541,177 4 4 7 ,692 3 ,9 7 4 ,6 3 3 3 ,3 7 3 ,4 4 2
M ilw El R y & L t C o J u ly
'15
820,287
M ilw L t , l i t & T r C o J u l y --------- 190,412 t i l , 904 1,013,017
7 m os T 6
190,109 165,511 1,1 5 4 ,6 2 9 1,047,006
To
N a sh v ille R y & L ig h t Juno
90,112
577.751
498 ,7 1 1
N o w p N & IIR y.G A tR J u l y .......... 100,828
N o rth e r n O h io T r At L t—
66,278
62,244
3 05 ,316
282,011
J u ly '16
N Y C it y I n t e r b o r o . . M a y ------3 9 ,643
37,942
156,669
160 .918
T5
N Y & L on g I s la n d ., M a y ------15,413
62,922
15,214
62,1 3 8
7 m o s TO
N Y & N o rth S h o r e . . M a y ------577,098
529.704
'15
N Y & Q ueens C o ----- M a y --------- 136.677 127,162
N ew Y o r k R a ilw a y s . M a y ______ 1192,036 1138,652 5,5 9 7 ,5 7 2 5 .4 5 4 .1 6 4
N o r t h T e x a s E l c c .. J u l y TO
168,251
3 5 ,2 8 8
161,275
36,5 9 7
'1 5
N Y Ac S ta m ford I t y . J u n o _____
N Y S tate R a ilw a y s . J u l y ............. 713 .037 6 14 ,755 4 ,8 3 2 ,2 9 2 4 ,1 6 3 ,9 9 3
7 m o s '16
2 56 ,188
4 0 .370
224 ,761
4 4 ,8 8 7
N Y W c s tc h e s t & B os J u n o ______
To
97.611
15,054
81,6 5 9
16,319
N o rth a m p to n T r a c . . J u n o ______
P a d u ca h T r a c At L t .J u l y TO
481 ,143 371.736 2 ,860,643 2 ,1 2 8 ,3 8 8
N o r O h io T r a c A L t . J u l y _____
'1 5
939 ,2 6 2
N o rth T e x a s E le c tr ic J u ly ..........
155,967 1 5 1.850 1,062,120
7 m o s '1 6
34,641
10.752
O cea n E le c tr ic ( L i ) , M a y ______
3 3 ,8 6 8
10,564
T5
177,963
23,196
p P a d u ca h T r A L t C o J u l y ...........
162,452
26,379
P e n sa co la E le c t r ic .J u ly '1 6
162,346
P e n s a c o l a E le c tr ic C o J u l y ...........
21,9 4 0
144.116
2 0 ,9 6 4
'1 5
15.637,297
1 3 .838,386
P h lla R a pid T r a n s it . J u l y _______ 221 4,92 8 1939,90r
7 m o s '16
241 ,275
P llila A W estern R y . J u n e ______
40,234
2 14 .215
45,4 2 0
'1 5
P o r t (O r e‘ )R y ,L
* At
" "PCC o J u n o ______ 473 ,6 6 4 474 ,569 2,6 8 1 ,9 7 6 2 ,7 3 6 ,3 5 3
S av annah E le c t r ic .J u ly '1 6
3
,8
4
4
,9
4
5
g P u g et Sd T r , L & P J u n o ___ __ 632,891 592.737
3 ,6 9 4 .0 6 7
'1 5
p R e p u b lic l t y & L t . . J u l y ........... 3 2 6 ,7 0 7 250 ,9 0 7 2 .2 6 0 ,6 2 6 1.7 0 7 .8 2 6
7 m o s '1 6
R h o d e Isla n d C o ------- J u n o ______ 500 ,107 415 ,7 5 2 2 ,7 2 8 ,6 1 2 2 ,2 9 6 ,1 2 0
'1 5
M
a
y
____
147,022
R ic h m o n d L t & R R .
138,730
32,9 6 3
3 4 ,314
T a m p a E lc c C o ____ J u ly '16
778 ,863
St J os R y , L II & P O o J u ly _____
724 ,1 2 6
110,725 101,403
'1 5
221 ,845
189.376
S a n tia go E lec L t Ac 1 1 M a y ___
4 0 ,463
4 3 ,5 1 0
7 m o s '1 6
458,599
S av annah K lc c tric ( o J u l y ______
461 .1 1 6
67,285
6 9 ,4 4 5
T5
331 ,750
3 2 9 ,5 6 5
S econ d A v e n u e (R o c ) M a y ______
76.617
79,5 4 8
T h ir d A v o S y s t e m .J u ly '16
92,060
S outhern B o u le v a rd . M a y ______
88,7 0 8
20,233
20,143
'1 5
115.503
108,769
28,766
S taten I s l’d M id la n d M a y ______
28,553
558 .925
5 69 ,099
T a m p a E le c tr ic C o . . J u ly _____
7 4 ,0 2 6
78,979
M
a
y
______
348,111 3 25 ,135 1,688,054 1 ,555,073
T h ir d A v e n u o ---------T w in C it y R a p T ran 2d w k A u g 188,706 182,090 6,2 7 0 ,7 4 7 5 .7 5 3 ,4 5 9
D e tr o it U n ite d L in e s—
2 7 4 ,5 1 6 247 ,9 0 2 1,176,362 1,079,814
U n ion R y C o o f N Y C M a y J u ly T 6
V irgin ia R y & P o w e r . J u l y ----------- 4 9 7 ,4 0 6 448 ,8 5 7 3.3 5 6 .5 9 7 2 .9 2 5 ,7 7 3
T5
79.977
190,780
W a sh Halt & A n n a p . J u ly _____
464 .0 2 6
71 ,966
7
m os T 6
50,236
W estch oster E le c tr ic . M a y --------220
,709
220,703
5 0 ,128
T5
2 2 ,8 8 0
W estch ester St R R . . J u n e ___
116 ,346
118,534
22,451
M o n o n g V a l T r a c . .J u l y T 6
514 ,013 4 1 8 ,1 3 7 2 .9 6 7 .0 4 0 2 ,3 8 7 .6 6 2
p W est P enn T r a c C o J u n o ___
T5
72,1 2 2
Y o n k e rs R a ilr o a d — M a y —
2 93 .296
6 7 ,4 6 5
317 ,589
7 m o s '1 6
79,5 1 6
4 5 3 ,4 3 6
Y o r k R a ilw a y s ----------- J u l y _______
7 2 .5 3 6
549.503
'15
29,4 1 8
Y o u n g s to w n & O h io . Juno
138,936
23,374
.158,444
Y on k ers R R —
16,390
14,261
Y o u n g s to w n Ac Sou th M a y
63,901
74,753
A p r 1 t o Ju n e 30 T 6
15
I) R ep resen ts in c o m e fro m all so u rce s , c T h e se fig u re s aro fo r c o n s o li
c M ilr e is.
d a te d c o m p a n y . / E a rn in g s n o w g iv o n In m llre is. p In c lu d e s co n s titu e n t
x A ft e r a llo w in g fo r o th e r
o m p a h lcs .
N et after
T axes.
S
8,9 0 6
6,9 0 3
59,613
4 1 ,4 6 5
Gross
E a rn in gs.
$
17,421
16,016
119,661
105,296
1 6 2 ,3 4 6
144.116
69,445
67,285
4 58 .599
461 .1 1 6
74,626
78,979
558 .9 2 5
569 ,099
899 ,875
984 .804
Gross
E arn ings.
S
N et
E a rn in gs.
S
1,415.018
1,205,881
8 ,9 7 0 ,2 5 6
7,2 8 2 ,5 6 9
118,769
85,8 4 4
853 ,021
534 ,654
4 0 5 ,3 4 2
340 ,5 7 7
2 ,7 3 6 ,2 7 1
2 ,1 4 0 ,0 0 8
7 2 ,1 5 7
54,9 5 0
• 510 ,1 6 8
3 12 ,977
2 0 9 ,9 7 6
187,834
7 7 ,197
2 3 ,258
In com e r e ce iv e d .
4 8 ,6 4 0
5 1 ,8 0 4
3 5 5 ,0 0 6
3 6 0 ,2 7 0
28,691
2 7 ,814
2 01 ,335
191,594
7,161
7,537
4 9 ,3 2 2
5 2 ,9 2 8
7,712
7,123
5 4 ,144
5 0 ,536
2 3 ,7 0 5
23,2 7 5
163,949
162,366
4,397
4,3 6 5
3 0 ,6 6 8
3 0 ,7 2 4
2 2 1 ,0 2 7
2 1 2 ,6 3 6
F ix ed Chgs.
& T axes.
$
144,811
100,228
785 ,3 7 0
4 4 6 ,7 6 8
2 9 ,0 1 5
31,3 7 3
191 ,660
152,202
1,132
1.259
7,6 3 6
4,3 3 1
1,176
2 ,1 9 1
17,914
9,897
548
d e f2 9 6
d e f ] 8,3 9 4
d e f3 5 9
2 9 ,0 6 9
3 3 ,1 5 9
2 2 0 ,3 5 4
2 4 6 ,9 3 2
250,641
2 1 0 1,91 5
Balance,
S u rplus.
S
198,080
2 2 3 4,17 0
191 ,204
217 2,40 2
1,339,551 r l , 586 ,6 4 0
1,3 0 7 ,5 8 8
•2989,789
3 2 ,735
3 9 ,4 2 2
25,698
2 9 ,2 5 2
2 25 ,134
2 8 5 ,0 3 4
180,093
132 .884
.
70,561
4 9 ,0 3 4
27,242
a
i
E X P R E S S C O M P A N IE S .
------M on th o f M a y -----M a y 31—
1916.
1915.
1916.
1915.
A m erica n E xp ress C o .—
S
•$
$
. 5 ,4 6 7 ,5 7 0 4 ,2 7 4 ,1 4 5 5 2 ,2 3 8 ,9 9 0 42,4 7 2 ,9 7 1
. 2 ,7 5 3 ,7 0 1
2 ,1 4 9 ,0 6 7 26,1 9 8 ,3 4 1 2 1 ,3 2 7 ,3 1 9
. 2 ,7 1 3 ,8 6 9
O p e r ’ns o th e r th a n tr a n s p 'n ..
246 ,0 2 4
2 ,1 2 5 ,0 7 7 2 6 ,0 4 0 ,6 4 9 21,1 4 5 ,6 5 1
2 4 4 .0 0 0 2 ,8 6 7 ,9 2 4 2 ,0 8 8 ,6 7 4
T o t a l o p e r a tin g r o v o n u e s .. 2 ,9 5 9 ,8 9 4
O p era tln g e x p e n s e s __________. 2 ,6 4 1 ,4 8 2
2 ,3 6 9 ,0 7 8 2 8 ,9 0 8 ,5 7 3 2 3 ,2 3 4 ,3 2 6
2 ,0 3 9 ,1 3 3 2 5 ,3 4 8 ,9 5 3 2 2 ,5 3 9 ,5 9 2
N et o p e r a tin g revoD u e____
U n c o lle c tib le re v . fr o m tran s..
E x p re ss t a x e s ________________ .
318 ,411
1,230
6 0 ,5 5 7
329 ,9 4 5
41.3
4 9 ,4 8 0
3 ,5 5 9 ,6 1 9
9,1 5 9
5 02 ,827
694 ,7 3 3
2 ,6 1 5
378 ,5 4 1
O p era tin g in c o m e ............. ..
2 5 6 ,6 2 4
280 ,051
3 ,0 4 7 ,6 3 2
3 1 3 ,5 7 6
------M o n th o f June-----191 6.
1915.
N orth ern E xp ress C o .— ■
S
$
T o t a l fro m t r a n s p o r t a t io n ..
2 9 1 ,0 2 9 '
284 ,8 4 6
E x p re ss p rivileges— D r ...........
155 ,615
152,877
R o v e n u o fr o m t r a n s p o r t ’ n .
135 ,414
131 ,969
O p e r 'n s o t h e r th a n tra n s p ’ n .
4,2 6 1
3 ,8 6 9
T o t a l o p e r a tin g re v e n u e s .
139.675
135 .839
O p era tin g exp en ses_________
9 8 ,7 6 0
9 0 ,3 2 0
N e t o p e r a tin g r o v e n u o ___
4 0 ,9 1 4
4 5 ,5 1 9
U n c o lle c tib le r e v . fro m trans.
34
9
E x p ress t a x e s _________
..
7 ,9 3 0
5,641
O p e ra tin g in c o m e _______ __
3 2 .9 5 0
3 9 ,867
-J u ly 1 to Jun e 30—
1916.
1915.
S
$.
3 .0 4 9 ,7 9 6 2 ,7 7 8 ,5 9 2
1,6 5 2 ,6 7 0
1 ,515,586
1,3 9 7 ,1 2 5
1,2 6 3 ,0 0 5
4 7 ,3 6 5
4 0 ,2 5 0
1,444,491
1,3 0 3 ,2 5 6
1 ,0 8 1 ,0 6 0
1 ,0 6 0 ,6 1 7
363 ,431
2 4 2 ,6 3 9
813
204
6 2 ,9 3 0
6 0 ,641
2 9 9 ,6 8 8
181 ,792
ANNUAL REPORTS
Annual Reports.— An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during tho preceding month will bo
givon on the last Saturday of each month. This index will
not include roports in tho issue of the “ Chronicle” in which
it is published. The latest index will bo found in tho issue
of July 29. Tho noxt will appear in that of Aug. 2G.
Canadian Pacific Railway.
(Report f o r F iscal Y ea r en ding Ju n e 30 1916.)
Tho remarks of Rt. Hon. Lord Shaughnossy, President
and Chairman of the company, will bo found on subsequent
pages.
O P E R A T IO N S A N D F I S C A L R E S U L T S .
„„„
.
191 5-1 6.
1914-15.
1913-14.
1912-13.
12,993
12,917
12,0 4 4
11,602
x M ile s o p e r a t e d ...............
O perations—
P a ssen gers c a rried . N o . 1 3 ,8 3 3 ,9 7 8
13,2 0 2 ,6 0 3
1 5 ,6 3 8 ,3 1 2
1 5 ,4 8 0 ,9 3 4
P a ssen ger m iloa g e -------1 ,2 5 5 ,5 6 1 ,1 9 8 116 4488.630 158 7368,110 178 4683.370
1.97 c ts .
2 .0 6 c ts .
2 .0 5 c ts .
1.99 c ts .
R a te p er pass, p er m ile .
E a rn , per pass, train m .
8 1 .5 5
S I .53
S I . 69
S I .75
I r e ig h t (to n s ) c a r r i e d . . 2 9 ,2 7 6 ,8 7 2 2 1 ,4 9 0 .5 9 6 2 7 ,8 0 1 ,2 1 7
2 9 ,4 7 1 .8 1 4
F g t . (to n s ) ca rr. 1 m llo . 14057685773 794 0 1 5 1 ,3 4 2 10821748859 11470001871
R a t e p er t o n p e r m ile ___
0 .6 4 c t s .
0 .7 6 c ts .
0 .7 5 c t s .
0 .7 7 c ts .
E a r n , p er fg t . tra in m ile
$ 3 .2 3
S3.17
$ 3 .0 6
$ 2 .9 9
E arn ings—
$
P a s s e n g e r _______________ 2 4 ,6 9 0 ,6 5 2 2 4 .0 4 4 ,2 8 3 3 2 .4 7 8 .1 4 6 3 5 ,5 4 5 ,0 6 2
F r e i g h t ................................ 8 9 ,6 5 4 .4 0 5 6 0 .7 3 7 ,7 3 7 8 1 ,1 3 5 .2 9 5
8 9 .6 5 5 ,2 2 3
M a il, oxpress, & c _______ 1 5 .1 3 6 ,8 2 8
1 4 ,0 8 3 ,1 9 0 1 6 ,2 0 1 ,3 8 2
14,1 9 5 ,4 1 5
T o t a l e a r n in g s _______ 1 2 9 ,4 8 1 ,8 8 5
9 8 ,8 6 5 ,2 1 0 1 2 9 ,8 1 4 ,8 2 3 1 3 9 ,3 9 5 ,7 0 0
T r a n s p o rta tio n & t r a ffic
M a in t . w a y & stru ctu res
M a in t . o f e q u ip m e n t ___
G en eral & m iscella n eou s
T o t a l ex p en ses_______
P e r c e n t o f o p e r a tin g e x
penses t o ea rn in gs___
N o t e a rn in g s____________
S 3 , earn in gs in excess o f
a m ts , in m ’ th ly s ta te 's
T o t a l ................................
D ed uct—
I n t . & s. f . , in c l., d lv . on
O . & Q . Ity. s t o c k . .
I n t . o n d e b e n tu re s t o c k .
R e n ta ls & m iscella n eou s
y D iv . o n c o m m o n ( 7 % )
D lv . on preferred ( 4 % ) .
z T ra n sferred t o special
In com e a c c o u n t _______
I n t . o n Installm ents on
now s to c k s u b s c r ip t'n s
S 3 , rep la cem en t a c c o u n t
P en sion f u n d ____________
T o t a l ................................
B
a la n ce , s u rp lu s________
_______
4 1 ,7 1 4 ,0 8 1
14,671,791
1 6 ,6 9 5 ,9 5 6
7 ,1 7 4 ,1 3 7
8 0 ,2 5 5 ,9 6 5
3 5 ,0 7 3 ,3 3 4
1 1 ,4 0 0 .5 3 9
1 1 ,3 0 7 ,9 6 5
7 ,5 0 8 .7 4 5
6 5 ,2 9 0 .5 8 3
4 5 .8 7 6 ,8 9 8
1 6 ,4 2 6 ,5 8 2
16,6 1 7 .2 4 7
8 .4 6 8 ,1 6 9
8 7 ,3 8 8 ,8 9 6
4 9 ,4 5 1 ,2 8 0
18.498.741
1 7 ,1 9 8 .5 7 3
8 ,0 0 1 ,2 3 2
9 3 ,1 4 9 .8 2 6
(0 1 .9 8 )
4 9 ,2 2 5 ,9 2 0
(6 6 .0 4 )
3 3 ,5 7 4 ,6 2 7
(6 7 .3 2 )
4 2 ,4 2 5 ,9 2 7
(6 6 .8 2 )
4 6 ,2 4 5 .8 7 4
4 9 ,2 2 5 .9 2 0
3 3 ,5 7 4 ,6 2 7
4 2 ,4 2 5 ,9 2 7
1 ,2 4 5,5 6 3
4 7 ,4 9 1 .4 3 7
1,8 0 2 ,3 9 6
7 ,0 5 1 ,3 9 5
i . 4 5 2 .4 0 5
1 8 .2 0 0 ,0 0 0
3 ,2 2 7 ,2 7 7
2 ,2 3 1 ,1 7 3
7 ,0 0 8 .9 4 2
1 .2 0 6 .3 9 5
1 8 ,2 0 0 ,0 0 0
3 ,2 1 9 ,0 5 1
2 .4 9 5 .2 4 9
6 .8 0 5 .5 2 0
9 2 6 .5 4 2
1 7 ,1 5 0 .0 0 0
3 .1 0 9 .5 2 0
3 .7 4 2 ,3 1 8
6 .3 3 7 ,1 8 8
7 9 6 .8 4 5
1 3 ,6 5 0 .0 0 0
2 ,9 6 0 ,0 1 3
1 ,9 2 3 ,2 8 9
1 ,494,151
2 .1 1 5 .8 4 2
__________
__________
1 2 5 ,0 0 0
3 3 .7 8 1 ,7 6 1
1 5 ,444,159
125 ,000
3 3 ,4 8 4 ,7 1 2
89.915
125 ,000
3 2 ,7 2 7 ,0 7 3
9 .6 9 8 ,2 5 4
569 ,8 1 4
1 ,0 0 0 .0 0 0
125 ,000
2 9 .1 8 1 .1 7 8
1 8 .3 1 0 ,2 5 8
x T h is is th o m iles op e r a te d a t t h o c lo s e o f year o n w h ich o p e r a tio n s g iv e n
are b a s e d , y A lso 3 % ex tra ye a rly ( M % q u a r.) paid fro m special in c o m e ,
z In clu d es not earnings o f P a cific C o a s t ste a m sh ip s, co m m e rcia l telegra ph
an d now s d e p a rtm e n t tran sferred t o special in c o m o a c c o u n t.
D E T A I L S OF S P E C IA L I N C O M E FOR Y E A R S E N D I N G J U N E 30
P Interest Received fro m —
1915-16.
1913-14.
1914-15.
$15 1,17 1
$ 4 9 2,13 6
$ 6 4 ,5 8 8
D e p o s it s an d lo a n s ____________________
9 76 ,320
1 ,139,461
1 ,4 6 6 .0 9 7
M in n . S t. P . & S. S to. M a r io b o n d s . .
159 .720
159 ,720
159 ,720
M in era l R a n g o R y . b o n d s ___________
50.1 6 0
5 0 .1 6 0
5 0 .1 6 0
T o r o n t o H am . & B u ffa lo R y . b o n d s .
10,238
10,840
10.840
D o m in io n G o v e rn m e n t b o n d s _______
*9 1 ,2 5 0
O n ta rio G o v e rn m e n t b o n d s __________
*2 4 .0 0 0
B ritis h c o n s o ls _________________________
* 5 7 .2 8 5
M o n t . & A t l. b on d s & o th e r secu rities
108,136
107 ,902
3 4 8 ,4 7 2
B erlin W a te r lo o W ellesley & L a k e
H u ron R y . b o n d s ___________________
17,040
17,010
17,0 4 0
S t. Joh n B r i d g e * R y . E x te n . b o n d s .
6 ,2 5 0
6 ,2 0 0
5 ,4 3 8
E s q u im a lt & N a n a im o R y . b o n d s ___
193.280
193 .280
193 .280
D o m . A t l. R y . E x ten s. d e b . s t o c k ___
5 6 ,9 4 0
5 6 .9 4 0
5 0 ,0 6 8
D o m . A t l. R y . 2 d d e b . s t o c k ________
36,987
36,9 8 7
3 6 ,9 8 7
H u ll E lectric R y _____________________ _
6 0 ,0 0 0
7 5 ,0 0 0
D ividends on—
E s q u im a lt & N a n a im o R y . s t o c k ____
1 25 .000
1 2 5 ,0 0 0
S t. J oh n B rid g e & R y . E x t. C o . s t o c k
7 0 ,0 0 0
7 0 ,0 0 0
7 0 ,0 0 0
D o m in io n E x press C o . s t o c k _________
2 0 0 ,0 0 0
M in n . S t. P . & 8 . S. M . c o m . s t o c k . .
8 9 0 .6 4 5
8 9 0 .6 4 5
8 9 0 .6 4 5
M in n . S t. P . & S. S. M . p re f. s t o c k . ..
4 4 5 .3 2 6
4 4 5 .3 2 6
4 4 5 ,3 2 6
W est K o o t. P . & L t. C o. com . sto ck .
2 7 ,5 0 0
5 5 .0 0 0
5 2 ,2 5 0
W e s t K o o t . P . & L t . C o . p re f. s t o c k .
3 .8 5 0
3 .8 5 0
3 ,8 5 0
T o r o n t o H a m . & B u ffa lo R y . s t o c k . .
5 7 .0 1 2
C o n s o l. M in . & S m elt, s t o c k ________
3 0 7 .4 3 8
2 0 9 .5 2 0
140 .912
B erlin W a t . W e ll'y & L . H u r. s t o c k .
12.500
12,500
12,500
E a rn in g s fro m ocea n stea m sh ip s____ b 3 , 583 ,292 b 4 , 3 7 0 ,2 8 0
7 8 3 ,6 7 8
C a sh p roceed s fro m to w n -s ite s a l e s ..
5 5 0 .3 0 4
N e t earnings P a c. C o a s t S S ., & c ____
1,9 2 3 .2 8 9
1 ,494.151
2 ,1 3 4 ,2 5 5
R e n ta ls o f fic e b u ild in g s_______________
7 6 .7 2 0
139,278
151 ,145
R e v e n u e from c o a l m in es____________
557 .843
5 4 4 ,2 9 4
2 9 4 ,8 5 7
E x tr a n e o u s m a ll ea rn in gs____________
2 1 6 .3 0 5
3 6 4 .7 3 4
T o t a l - ........................................................ $ 9 ,9 4 0 ,9 5 5 $ 1 0 ,9 6 9 ,3 3 2
$ 8 ,5 8 7 ,8 7 0
„ ,
.
. ,
„
B a la n ce b e g in n in g o f y e a r ........... ............
T o t a l .......................
D iv id e n d s (3 % y e a r ly )..................
1 91 5-1 6.
6 ,2 6 6 ,1 4 4
1914-15.
a 3 .0 9 6 .8 1 2
1913-14.
1.8 5 8 ,9 4 2
$ 1 6 ,2 0 7 ,0 9 9 $ 1 4 ,0 6 6 ,1 4 4 $ 1 0 ,4 4 6 ,8 1 2
7 ,8 0 0 ,0 0 0
7 ,8 0 0 ,0 0 0 g 7 ,3 5 0 ,0 0 0
R e m a in d e r ......................................................$ 8 ,4 0 7 ,0 9 9
$ 6 ,2 6 6 ,1 4 4
$ 3 ,0 9 0 ,8 1 2
* Ite m s s o m a rk e d c o v e r a p e rio d o f six m o n th s o n ly , a A fte r d e d u ctin g
t h e q u a rte rly d iv id e n d p a id O c t . 1 1914, $ 1 ,9 5 0 ,0 0 0 , a ga in st $ 1 ,5 0 0 ,0 0 0
1 1913. b In clu d e s h o te ls,
g I n c l. th o q u a r. d lv . p a y a b le O c t . 1
1915 an d 1914, re s p e c tiv e ly , $ 1 ,9 5 0 ,0 0 0 .
B A L A N C E S H E E T J U N E 3 0 (S E E T E X T O N
„
,
1916.
A ssets— ■
§
R a i l w a y ..........................................................3 5 2 ,9 7 1 ,8 9 8
R o llin g s t o c k e q u ip m e n t_______ _______1 53 ,605 ,36 8
O ce a n , lak e a n d riv er ste a m s h ip s___ 2 4 ,2 1 1 ,7 1 3
A c q u ir e d secu rities ( c o s t ) _____________11 1 ,7 9 3 ,7 1 4
D e f. p a y ’ ts o n lan d s & to w n -s ite sales 12,006,141
do
do
in s p e c. in v . f u n d . 3 9 ,0 4 4 ,3 8 3
G o v t , secu rs. in special in v e st, f u n d . 10,0 8 8 .7 3 5
D e p o s . w ith tru stee in sp e c . in v . fu n d 7 ,1 3 5 ,6 5 1
A d v a n c e s an d in v e s tm e n ts ___________
9 ,6 3 9 ,4 7 2
A g e n ts , c o n d u c to r s , & c _______________
1 ,8 1 9 ,7 0 9
N o t t r a ffic b a la n c e s ___________________
5 1 2 ,0 5 7
M is ce lla n e o u s a c c o u n ts r e c e iv a b le ___
8 ,7 3 7 ,6 0 6
T e m p , invented in w ar l o a n s ________
5 .2 7 2 ,6 9 1
A d v . t o lines, & c ., u n d er c o n s tr u c tio n 4 2 ,8 5 2 ,5 2 0
M a te r ia ls an d su p p lie s________________ 11,8 1 4 ,5 8 4
C a s h .......... ..............
4 1 ,5 8 1 ,6 8 1
“ O th er a s s e ts ,” S ch ed u le B .................. d l2 7 ,1 2 9 ,1 3 6
T o t a l assets___________________
9 6 0 ,2 1 7 ,0 5 8
L iabilities—
C o m m o n s t o c k ............................
2 6 0 ,0 0 0 ,0 0 0
P re fe re n ce s t o c k . . _______ _____________ 8 0 ,6 8 1 ,9 2 1
C o n s o lid a te d d e b e n tu re s t o c k ................ 17 6 ,2 8 4 ,8 8 2
B o n d s (seo “ R y . & I n d u s .” S e c t i o n ).
3 ,6 5 0 ,0 0 0
5 2 ,0 0 0 ,0 0 0
6 % n o te c e r t i f i c a t e s . . .......................
P ro m iu m o n o rd in a ry s to c k s o ld ______ 4 5 ,0 0 0 ,0 0 0
Currjent a c c o u n t s ___________
15,5 1 1 ,2 2 5
In te r e s t an d re n ta ls ___________________
5 3 1 ,6 5 9
N o t p r o c e e d s lan d and to w n -s it e s ____ 6 8 ,2 5 5 ,8 0 3
E q u ip m e n t re p la ce m e n t fu n d ________
4 ,9 7 8 ,6 2 8
E q u ip m e n t o b lig a t io n s _______ _______ 1 1 ,6 8 0 ,0 0 0
M a r in o Insurance f u n d . ...........................
335 ,961
R e s e r v e fu n d fo r c o n tin g e n c ie s , & c .q l 4 ,1 0 3 ,1 7 9
S team sh ip re p la ce m e n t f u n d _________
5 ,3 8 4 ,0 2 9
Surplus in o th e r a s s o t s .. .......................... 12 1 ,2 1 5 ,1 7 4
1 0 0 ,6 0 4 ,5 9 7
S u rp lu s........ ...............
S U B S E Q U E N T P A G E ).
1915.
1914.
$
$
3 4 9 ,9 8 9 ,6 6 2 3 3 8 ,0 8 4 ,0 6 5
15 3 ,5 9 5 ,0 6 3 1 5 3 ,2 5 6 ,3 9 5
2 4 ,2 0 8 ,5 9 5 2 4 ,1 7 1 ,1 6 2
111 .6 5 2 ,6 2 7 1 07 ,867 .74 1
7 ,4 3 1 ,5 4 3
4 ,1 4 0 ,4 1 4
4 1 ,3 2 8 ,9 1 6 4 2 ,6 6 6 ,5 1 1
1 0 .0 8 8 .7 3 5
1 0 .0 8 8 ,7 3 5
4 ,4 5 2 ,4 1 7
3 ,7 9 0 ,2 2 5
1 0 ,4 5 7 ,9 8 5
1 2 ,3 3 0 ,1 9 5
2 ,7 7 5 ,6 8 4
3 ,2 2 1 ,3 5 0
5 0 2 ,5 0 0
5 3 3 ,9 9 7
8 ,8 7 0 ,6 0 2
1 0 .5 1 1 ,6 6 6
4 2 ,4 7 2 ,2 9 5 3 5 ,5 7 1 ,9 6 0
1 5 ,7 2 9 ,6 0 5
1 7 ,6 8 6 ,2 3 5
1 7 ,0 5 5 .2 7 0 3 6 ,7 7 7 ,7 2 5
1 3 1 ,2 4 1 ,8 7 0 1 3 3 .0 2 2 ,4 9 5
9 3 1 ,8 5 3 .3 6 9 9 3 3 ,7 2 0 ,8 7 1
2 6 0 ,0 0 0 ,0 0 0
8 0 ,6 8 1 ,9 2 1
176 ,2 8 4 ,8 8 2
6 ,3 9 9 ,1 8 0
5 2 .0 0 0 .
4 5 .0 0 0 .
1 2 ,5 5 2 ,3 1 0
8 3 0 .6 1 4
6 5 ,9 7 9 ,3 5 6
1 ,2 0 0 ,0 8 2
1 2 ,7 8 0 ,0 0 0
2 6 0 ,0 0 0 ,0 0 0
7 8 ,2 2 4 ,6 7 3
1 7 3 ,3 0 7 ,4 7 0
16.492,647
000
5 2 .0 0 0 .
000
000
4 5 .0 0 0 .
000
2 2 ,0 3 5 ,3 9 0
9 4 7 ,0 1 5
6 6 ,7 7 1 ,2 7 1
2 ,4 9 1 ,5 1 9
7 2 0 ,0 0 0
2 ,1 5 9 .4 9 1
2 ,0 8 3 ,9 4 2
7 .4 9 2 .8 9 2
6 ,6 8 2 ,0 6 9
1 2 5 ,4 7 3 .1 5 8 1 2 7 ,2 5 3 ,7 8 3
8 3 ,0 1 9 ,4 8 3 7 9 ,7 1 1 ,0 9 2
T o t a l lia b ilitie s ....................................... 9 6 0 ,2 1 7 ,0 5 8 9 3 1 .8 5 3 ,3 6 9 933 ,7 2 0 .8 7 1
d C o n s is ts o f (1) a c t iv e assots ( to t a l, $ 4 ,7 9 7 ,3 6 9 ), v iz .. S to c k s , $ 2 ,4 4 2 ,
61 9 , an d collieries in A lb e r ta and B ritish C o lu m b ia , and in terest in o t h e r
p r o d u c in g co a l m in es. $ 2 ,5 0 0 ,0 0 0 ; an d (2) in a c tiv e assets ($ 1 2 2 ,1 8 6 ,5 1 7 ),
co n sistin g m o s tly o f u n sold lan ds,
q A ls o in clu d e s in 1910 reserve f o r
co n tin g e n t w ar ta x e s .— V . 103, p . 75 8 .
Fonda Johnstown & Gloversville RR.
(46th A n n u a l Report— Y ea r ended J u n e 30 1916,)
Pres. J. Ledlio Hees, Gloversvillo, N. Y ., says in substance:
R esults.— T n o general re su m p tio n in business In th o citie s and tow n s
s e rv e d b y y o u r road was n o t s u b s ta n tia lly re fle cte d in its earnings until
D e c . 1 , and d u rin g tho rem ain in g se vo n m o n th s o f tho y ear an increase in
gross w as sn ow n o f $ 7 9 ,2 4 9 , equa l t o a b o u t 17 % fo r th a t p e rio d .
The freight revenues w ore th e largest In th e h is to ry o f th e c o m p a n y ,
s h o w in g an increase o v e r last y ear o f $ 3 7 ,2 1 3 , o f w iden $ 7 ,8 3 8 represented
th o increase in co a l tra ffic an d $ 2 9 ,3 7 5 in m e rch a n d ise fre ig h t. A ll c o m -
se vo n m o n th s o f tho y e a r, h o w e v e r, m ore passengers w ere carried than
d u r in g th o sam e m o n th s o f a n y p re v io u s y e a r . T h o passenger revenues
(stea m ) decreased $ 3 ,0 9 8 , d u o p r in cip a lly t o w eath er co n d itio n s an d p o o r
e x cu rsion business t o S acan daga d u rin g J u ly and A u g u st o f last y ea r.
T ic k e t sales to o th e r p o in ts o n th o ste a m d iv isio n increased fo r th o y ea r.
A d d itio n s and Betterrnens.— D u rin g th o y e a r $ 5 0 ,6 1 5 was e x p e n d e d o n
ro a d and e q u ip m e n t.
Balance Sheet.— N o secu rities h a v e b e e n Issued and so ld sln co 1911 an d
all a d d itio n s to p r o p e r ty s ln co th en , a m o u n tin g to $ 2 5 6 ,5 7 7 , w h ich a m o u n t
is s u b je c t to c a p ita liz a tio n , h a v e been fin a n ce d fro m su rplu s earnings a n d
te m p o r a r y loans.
T h o treasury has n o t y e t re ce ive d p a y m o n t fo r Its a d v a n ce s and loans t o
th o E d ison E le ctric L igh t & P ow er C o . , agg re g a tin g a b o u t $ 3 0 0 ,0 0 0 , b u t
th o P u b . S erv. C o m m , re ce n tly g a v e its co n se n t fo r the issue o f c a p ita liz a
tion to th e la tter c o m p a n y fo r th o p u rp ose o f fu n d in g its in debtedn ess and
th ro u gh th o sale o f its a u th orized secu rities th o railroad will bo reim bu rsed
and p laced in a p o sitio n to retire Its loan s. T h o E d ison c o m p a n y , all th o
ca p ita l s to c k o f w hich is ow n e d b y th o railroad com p an y., co n tin u e s to s h o w
larg e ly increased earnings, and o n A u g . 1 o f tho cu rren t yo a r w as aw ard ed
a new te n -ye a r c o n tr a c t for ligh tin g A m ste rd a m a t s a tisfa cto ry rates.
O utlook.— T h e d e v e lo p m e n t o f tho m a n u fa ctu re o f g lo v o leathers In
G lo v e r s v illo an d J o h n sto w n , referred to in last y e a r 's r e p o r t, w h ich p re v io u s
to the w ar w as largely a G erm an en terp rise, has a d d ed m u ch to tlxe Indus
trial a c t iv it y an d p rosp erity o f b o th citie s.
I t has resu lted in th o c o n
stru ctio n o f now p la n ts, m a n y a d d itio n s to o ld on e s, and lias g ro w n in to a
largo and su ccessfu l m a n u fa ctu rin g en terprise.
T h is new in du stry and tho g lo v e and o th e r Industrial p la n ts , all in m oro
a c tiv o o p e ra tio n than o ver b e fo ro , sh o u ld g iv e largoiy Increased earnings to
this c o m p a n y fo r th o cu rren t y e a r.
T h e present p ro s p e rity , h o w e v e r, o f tlieso industries and all w age-ea rn ers
Is d u o m a in ly to th o w ar and a d is c o n tin u a n c e o f im p o rta tio n s .
T h is c o n
d itio n can bo c o n tin u e d and m a d e p e rm a n e n t o n ly th rou gh a n ew ta r iff
g iv in g p ro p e r p r o te c tio n to lo ca l an d o th o r Industries.
I N C O M E A C C O U N T FOR Y E A R S E N D I N G J U N E 3 0 .
1 9 1 5 -1 6 .
1914-15.
1913-14.
1912-13.
$ 2 7 6 ,7 8 8
$23 9 ,5 7 5
$ 2 6 4 ,1 9 8
$ 2 7 6 ,1 7 9
5 1 ,0 4 0
6 6 .1 1 3
54,1 3 7
66.567
5 8 6 ,2 0 8
5 3 6 .4 8 0
598 .8 4 7
594 ,515
3 ,1 0 4
3 ,1 1 0
3 .1 0 9
3 ,1 5 0
1 6 .7 5 9
1 4 ,1 4 9
15,741
18,669
5,463
5 ,5 1 1
7,1 3 4
6.8 4 4
2 1 ,8 4 8
1 4 ,6 0 0
3 1 ,7 3 6
22,3 9 8
F r eig h t rove n u o___________
P assen ger (stea m d i v . ) . .
P assenger (electric d i v . ) .
M a i l ...............................................
E x p r e s s .............. .......................
A ll other r e v . from t r a n s .
O th er rovenuo fr o m o p e r .
T o ta l op er. r e v e n u e ___
M a in te n a n c e o f w a y , & c .
._
M a l n t . o f e q u ip m e n t_____
P o w e r_____________
T r a ffic expenses
JT r a n sp o rta tio n e x p e n se s.
G en eral expenses
$954,011
$ 9 0 ,7 5 0
57.3 9 9
3 7 .6 6 5
8 .6 6 7
233 .061
6 5 ,561
$87 4 ,7 6 2
$ 75 ,149
52,5 5 4
4 6 ,5 7 8
8 .1 5 5
220 ,0 4 5
6 4 ,155
$ 9 8 6,87 8
$ 8 5 ,9 9 4
4 6 ,4 0 3
6 5 ,903
8 .3 3 0
230 ,0 7 4
6 8 ,0 0 8
$ 9 8 8,32 2
$ 9 4 ,2 9 9
5 6 .3 6 5
T o ta l op er. e x p e n s e s ..
P . c . expenses to earnings
;s
N e t op eratin g re v e n u e ___
O u tsid e o p e ra tio n s, d e f__
•-
$ 4 9 3,10 3
(6 1 .6 9 )
$ * 6 0 ,9 0 8
2 .9 5 0
$ 4 6 7,23 6
(5 3 .4 1 )
$ 4 0 7,52 0
6 ,0 1 7
$ 4 9 4 ,7 7 2
(50.14)
$49 2 ,1 0 6
7,2 8 0
$49 8 ,0 8 6
(50.40)
$ 4 9 0,23 6
7,3 7 7
T o ta l net r ev e n u e_____
T a x e s accrued
$ 4 5 7,94 9
4 4 ,6 0 8
$40 1 ,5 0 9
39.501
$36 2 ,0 0 8
3 1 .8 0 4
$ 3 9 3 ,8 1 2
$31 9 ,2 5 0
8.1 0 0
53,1 9 9
3 0 ,0 0 0
$ 4 8 4 ,8 2 6
4 5 .3 6 6
$ 4 3 9,46 0
3 3 ,5 8 0
$4 7 3 ,0 4 0
$ 3 1 9,25 0
8,1 6 0
52.9 8 3
3 0 ,0 0 0
$48 2 ,8 5 9
4 7 .8 6 3
$43 4 ,9 9 6
3 1 .9 5 2
$ 4 6 6 ,9 4 8
$ 3 1 9 ,2 5 0
8 .3 5 0
4 5 ,2 4 8
3 0 ,0 0 0
6 0 ,0 0 0
O p eratin g It
______ $413,341
O th er I n c o m e ____________ _
3 0 .5 6 0
G ross corn . In co m o___ _ $443,901
In te re st on b o n d s , & c ___
$ 3 1 9,25 0
Leased lino r e n ta ls________
8 ,1 0 0
H ir e o f e q u ip m e n t, & c ._
6 2 .6 8 7
P referred d iv s . ( 6 % ) _____
3 0 .0 0 0
C o m m o n d iv s . ( 2 % ) ___ ______________
-
T o ta l d e d u c t io n s _____ $ 4 2 0 ,0 3 7
B a la n c e , su r . or d e f______ s u r .$ 2 3 ,8 6 4
9,1 4 8
2 7 0 .8 9 4
0 7 ,3 8 0
$ 4 1 0 ,5 4 9
$ 4 1 0 ,3 3 3
$ 4 5 2 ,8 4 8
d o f .$ 1 6 ,7 3 7 s u r .$ 6 2 ,7 0 7 s u r .$ 1 4 ,1 0 0
CO N D E N SED G EN ER AL B A L A N C E S H E E T J U N E 30.
1916.
1915.
1916.
1915.
Liabilities—
$
S
Assets—
S
$
R oad & equlpm’ t . 9,884.643 9*834,028 Com m on stock___ 2,500,000 2,500,000
500,000
500,000
Invest. In affil. cos.
279,596
259,367 Preferred stock___
Funded debt_____ 7,000,000 7,000,000
Physical property323,941
230,000
225,093
C a sh -— . ..............
31.035
136,065 Loans A bills p a y 47,038
70,351
Agents
__
26,047
2o,175 Traffic balances-67,373
43,047
Loans & bills reo. .
279.544
199,164 Vouchers A wages.
M at.ln t.,divs.,A o.
M iscell. accounts12,055
(lncl. July d lv .).
77,415
78,075
M aterials A supp66,048
62,007
89,563
84,579
Deferred a s s e t s -32,949
30.590 Depreciation_____
11,285
8,570
Unadjusted accts.
9,123
22,053 UnadJ. accts., A c .
Profit and l o s s . . . *422,308
398,285
T o t a I .....................10 ,9 4 4 ,9 8 1 10 ,9 08,600
in re c o n s tru ctio n o f p r o p e r t y p a id fo r o u t o f d e p r e c ia tio n r e s e rv e , $ 5 ,3 7 1 ,
8 8 0 , a n d in c o n s t r u c tio n a n d in b e tte r m e n t a n d im p ro v e m o n ts , $ l ,5 2 8 ,0 2 0 f
a to ta l o f $ 1 6 ,8 1 2 ,2 4 6 . A ll o f th is su m has b e e n p a id o u t o f th e e a rn in g s o
th o p r o p e r t y a n d n o n e represen ts m o n e y o b t a in e d fr o m new c a p it a l issues*
T h is su m is 2 2 .9 8 5 % o f th e gross e arn in gs d u r in g th o s e ye a rs.
T h e re has b e e n e x p e n d e d d u r in g th is t im e th e su m o f $ 2 ,2 6 3 ,0 0 0 o u t o f
earnings t o ta k e u p m a tu r in g b o n d s . T h is s u m a m o u n ts t o 3 .0 9 4 % o f th e
gross earn in gs d u r in g th is p e r io d .
,
„ ,
M a tu rin g O bligations.— B e tw e e n Ju n e 3 0 1916 a n d O c t . 1 92 4, t h e f o l
lo w in g b o n d s m a tu re : U n d e rly in g b o n d s , $ 9 ,9 4 8 ,0 0 0 ; S t. L o u is & S u b u rb a n
C o n s o lid a te d b o n d s, m a tu r in g in 1921, S2,00O,OOO; S t. L o u is & S u b u r b a n
gen eral b o n d s , m a tu r in g in 1923, $ 5 ,5 0 0 ,0 0 0 ; an d S t. L o u is T r a n s it C o .
b o n d s , m a tu rin g in 192 4, $ 1 0 ,0 0 0 ,0 0 0 ; to t a l, $ 2 7 ,4 4 8 ,0 0 0 . F o r th e la st
several y e a rs it has b e e n p o ssib le , b y u sin g t h e e arn in gs t o re tir e s o m e o f th e
m a tu rin g b o n d s a n d p r o v id e f o r th e n e cessary p r o p e r t y r e q u ire m e n ts.
T o t a l ...................... 10 ,9 4 4 ,9 8 1 10,9 08 ,6 00
* After deducting miscellaneous adjustments, $159.— V. 103, p. 768.
United Railways Company of St. Louis.
( S e m i-A n n u a l Report — 6 M o s . ended J u n e 30 1916.)
Pres. Richard McCulloch, St. Louis, July 15, saysinsubst.:
R esults. — The gross earnings from operation for the 6 months ending
June 30 1916 increased $448,902, or 7.79%. compared with the corresDonding period last year. Total operating oxpenscs, including deprecia
tion increased $137,036, or 3.4% . The income from operation, after
deducting total operating expenses and taxes, increased $267,242, or
1 9 46% . a n d the gross income increased $269,368, or 18.95%. Fixed
charges decreased $23,479, or 1.8% , due to the retirement o f Southern
Railways Co. 6% bonds M ay 1 1915 and the St. Louis & Meramec River
R R . 6s M ay 8 1916; also to the purchaso o f various underlying bonds.
The percentage of revenue passengers using transfer during the first
six months o f the year 1916 was 53.40, and during the first six months of
the year 1915 was 52.47, an increase o f 0.93%.
C apital E xp en ditures. — For the six months ended Juno 30 1916 there was
eharffod t,n eanitnl account tho sum of $91,513.
R efund ing o } B o n d s . - On May 8 1916 the $1,000,000 6% bonds of tho
St Louis & Meramec Rivor R R . matured and wero paid off in cash. A cor
responding amount o f the 5 % bonds o f tho St. Louis & Suburban UR.
General Mortgago wore issued and placed in the treasury o f tho United
Railwavs Co., reducing tho fixed charges $10,000 per year. On Aug. 1
tho 5% bonds o f tho Southern Electric R R ., amounting to $200,000, will
mature. These bonds will bo paid off In cash and a corresponding amount
of the 4% bonds o f tho United Railways Co. will bo issued and placed in
the treasury o f the United Railways Co., reducing fixed charges$2,000p.a.
B ow er. — At the present time power for the operation o f tho United Rail
ways Co. is obtained from: (1) Water power purchased; (2) Union Electric
power purchased, and (3) power produced in tho plants o f tho United Rail
ways Co. located at (a) Park and Vandeventer Aves., capacity 12,000 kilo
watts, and (6) Droadway and Salisbury St., capacity 8,400 kilowatts.
Tho plants o f tho United Railways Co. aro run chiefly as peak plants.
P ow er Statistics. — Tho average distribution o f power on a kilowatt
hour basis for tho 6 months o f 1916 was as follows: From tho Electric Co.
o f M o. (water power), 58.1%; Union Electric Light & Power C o., 31.6% ,
and United Railways plants, 10.3%.
R eduction in P rice o f Purchased P ow er.— B y negotiation with tho Electric
Co. o f M o., a reduction or 10% has been obtained in tho prico paid for water
power this reduction being effective Jan. 1 1916. This reduces tho prico
for 30,000 h. p. on peak to 0.577c. per k. w. h., which is the lowest prico
paid for power by any largo street railway company under similar conditions.
Tho cost o f purchased power has been steadily reduced yearly and the
average prico o f 0.669c. per k. w. h. paid for all purchased power during
tho first six months of 1916 compares most favorably with the price at which
power is purchased by street railway conipanies in other largo cities.
Contract with U nion E lectric Light & P ow er C o. — The contract for steam
power with this company expires in 1919. The amounts to bo taken each
year o f the contract are as follows: 1916, 15,000 k. w.; 1917, 12,000 k. w.;
1918, 10,000 k. w ., and 1919, 5,000 lc. w. After the present year the
amounts aro comparatively small and the contract ceases to bo an important
factor in tho cast o f purchased power.
Future Power Requirements.— At tho prosont timo the peak o f tho load is
about 55,000 k. w. A conservative estimate o f tho power required next
year is 6% in excess o f this peak, or a maximum o f 58,500 k. w. The ca
pacity o f one o f the company’s plants is now being increased 1,200 k. w.
by certain changes. Under tho terms o f tho contract the power received
from tho Union El. Lt. & Power Co. decreases 3.000 k. w. on Jan. 1 1917.
Power situation—
1916.
1917.
Water power supplied under contract------------------------------ 22,400 22,400
Steam power supplied under contract_____________________ 15,000 12,000
Capacity o f Railways plants_____________________________20,400 21,600
Reser-vo capacity________________________________________ 2,800
_____
D e fic it ................................ ........... ................... - ............... ..
.......
2,500
Tho contract with the Union Electric Light & Power Co. for steam power,
which in 1916 calls for 15,000 k. w., oxpiros Dec. 31 1919. Ry that timo
it is conservatively estimated that tho gradual increase in service will cause
anincreasoin loadof 10,000 k. w. This amount, when added to the amount
of power now being purchased from the Union Company, calls for facilities
available in 1919 having 25,000 k. w. capacity. A power plant to furnish
25,000 k. w. at all times should havo at Ioast 35,000 k. w. capacity.
Tlioro aro, therefore, two alternatives before tho Railways Company:
(1) Tho near construction o f a new power plant with an original installa
tion o f 35,000 k. w. of machinery, requiring tho expenditure of a largo
sum o f monoy; and (2) a now contract with a power company for a gradually
increasing supply o f power as needed.
M il l Tax L itiga tion . — In 190 3 th o M u n ic ip a l A s s e m b ly passed an ord i
n a n ce req uirin g tho U n ite d R a ilw a y s C o . to p a y th o C it y o f S t . L o u is , in
a d d itio n to all o f its oth e r ta x e s, a ta x o f on e m ill per rovonuo p assen ger,
w h ich a m o u n ts to a ta x o f 2 % u p o n th o gross rocolp ts o f th e c o m p a n y fr o m
tra v e l originating in th e c it y .
.
, . ..
.
.
A t th o tim o th is ord in ance w as passed an d a t tho p re sen t t im o , th o U n ite d
R a ilw a y s C o . w as an d is tho largest ta x p a y e r in M is s o u r i.
In 1 9 1 5 w o
p a id S ta te , c it y , sc h o o l. G o v e rn m e n t an d franchise taxes a m o u n tin g to
$ 7 4 9 ,8 3 3 , rep resenting 6 . 2 2 % o f gross receip ts.
I n ad d itio n to tills large
s u m , tho c o m p a n y sp e n d s an n u a lly a b o u t $ 2 5 0 ,0 0 0 in street p a v in g betw een
its rails.
T ills su m represents a ta x up on th e c o m p a n y , b ec au se, a lth o u g h
th o R a ilw a y s C o . p a y s for th o cost an d m ain ten an ce o f tho p a v e m e n t, its
veh icles aro th o o n ly ones o c c u p y in g th o streets w hich d o n o t uso th is p a v o m o n t.
I f w o a d d this s u m or $ 2 5 0 ,0 0 0 to th o $ 7 4 9 ,8 3 3 a lread y p a id in
ta x e s , w o fin d (h a t th o p resent ta x u p on th o p ro p erty is m oro th a n 8 % o f
th o gross receip ts.
B a se d u p on th e p resent earn in gs o f th o U n ite d R a ilw a y s C o ., th o m ill
ta x a m o u n ts t o a b o u t $ 2 4 0 ,0 0 0 a y e a r .
I f w e sh o u ld b e req uired to p a y
th is ad d itio n a l tax o f $ 2 4 0 0 0 0 a yea r w o w ou ld bo p a y in g c on sid erab ly
m oro th an 1 0 % o f th o gross receip ts o f tho c o m p a n y In ta x e s.
T h e caso
w as tried in tho U n ite d S ta tes C o u r ts as a v io la tio n o f tho franchiso c o n
tra c ts betw een tho c it y an d th o U n ited R a ilw a y s C o .
T h o U n ite d S ta te s
Su p rem o C o u r t decid ed ag a in st tho c o m p a n y .
.
T h o c ity th en b ro u g h t su it in th o local C irc u it C o u r t to en forco th o p a y
m e n t o f th o ta x .
T h e C ir c u it C o u r t decid ed in fa v o r o f th o c it y .
U pon
ap p eal to tho M isso u r i Su p rem o C o u r t th o q u estio n w as decid ed in f a v o r o f
th e c it y .
A n a p p eal w as ta k e n b y th o co m p a n y to tho U n ite d S ta te s S u
p rem o C o u r t, an d on M a y 4 1 9 1 6 th is C o u r t refused to con sid er th o caso .
as it decid ed th a t lt h ad no ju r isd ic tio n .
A n a p p lic ation for reh earing m ad o
b y th is co m p a n y w as d e n ied .
T h o cases for w hich ju d g m e n ts were o b
ta in ed b y tho c ity an d a ffirm e d b y th o S u p rem e C o u r t wero for taxes from
1 9 0 3 to 1 9 1 0 . an d a m o u n te d , w ith interest to d a te , to $ 1 , 8 3 9 ,2 0 5 , w hich
w as to bo p a id to th e c ity on Juno If, 1 9 1 0 ( V . 1 0 3 , p . 4 9 4 ) .
T h o taxes
fro m 1 9 1 0 to Juno 3 0 1 9 1 6 , w ith in te re st, a m o u n t to a b o u t $ 1 , 5 0 0 ,0 0 0 .
N o Ju dgm ents h a vo been o b ta in e d for those ta x e s, a lth o u g h su its h a v o been
file d b y th o c ity an d will p r o b a b ly c o m o u p for trial in th o fa ll.
tc.jiuraiion o f Franchises.— In 1911 th o franchise o f tho Jefferson A v e . lino
exp ired an d tho c ity o f S t . L o u is b r o u g h t q u o w arran to proceed in gs to d e
term in e b y w h at righ t th o U n ite d R a ilw a y s C o . co n tin u ed th e op eration o f
th is lin o ,
’ f h o R a ilw a y s C o . con ten d e d th a t its righ ts on Jefferson A v e .
w ere exten ded to 193 9 b y th o fran ch iso o f tho S t . L o u is T r a n sit C o . an d to
1 9 4 8 b y the franchiso o f th e C e n tra l T r a c tio n C o ., b o th o f w h ic h franchises
b elo n g to tho U n ited R a ilw a y s C o .
T h o caso w as tried in th e C ir c u it C o u r t
an d d ocid cd in fa v o r o f ou r c o m p a n y w ith resp ect t o tho S t . L o u is T r a n sit
C o . fran ch ise.
T h o caso w as th en ap p ealed b y th o C it y o f S t . L o u is to
th o iM lsso u r l S u p rem o C o u r t, w here it is n ow p e n d in g .
Property.— F r o m J u ly 1 1 9 1 0 to Juno 3 0 1 9 1 6 thoro h as b een exp en d ed
on th o p rop orty o f tho U n ite d R a ilw a y s C o .: In m a in te n a n c e , $ 9 ,9 1 2 ,3 4 7 ;
I N C O M E A C C O U N T FOR C A L E N D A R Y E A R S 1915 A N D 191 4 A N D
S I X M O N T H S ' P E R IO D S E N D I N G J U N E 3 0 1916 A N D 1 91 5.
— 6 M o s . en d . J un e 30 ---------Y ears en d . D e c . 31—
191 6.
191 5.
191 5.
1 91 4.___
R e v e n u e p a s s , c a r r ie d .-1 2 4 ,1 8 8 ,1 4 9 1 1 4 ,6 6 3 ,4 8 3 2 3 2 ,7 7 1 ,3 9 0 2 4 8 ,0 4 0 .0 3 3
T ra n sfe r pa ssen gers____ 6 6 ,3 1 2 ,2 5 1
6 0 ,1 5 8 ,8 6 7 1 2 4 ,0 4 3 ,2 0 5 1 2 7 ,4 4 4 ,8 2 9
T r a n s p o r t a t i o n . .. ...........$ 6 ,1 6 3 ,8 3 7
$ 5 ,7 1 7 ,0 5 6 $ 1 1 ,5 8 9 ,4 8 8 $ 1 2 ,3 5 9 ,2 1 9
O th e r th a n tr a n s p o r ta ’n
4 7 ,4 6 9
4 5 ,3 4 7
9 1 ,7 1 2
9 1 ,7 0 6
T o ta l op e r. r e v e n u e ..
$ 6 ,2 1 1 ,3 0 6 $ 5 ,7 6 2 ,4 0 4 $ 1 1 ,6 8 1 ,2 0 0 $ 1 2 ,4 5 0 ,9 2 5
O p e ra tin g e x p e n se s____ $ 3 ,4 2 1 ,8 7 9 $3,4 0 3 ,1 4 5 1
8 ,1 7 6 ,3 5 6
8 ,6 4 4 ,7 3 6
D e p r e c ia t io n ------------------7 4 5 ,3 5 7
6 2 7 ,0 5 4 /
N e t e a rn in g s___________ $ 2 ,0 4 4 ,0 7 0
T a x e s ............. .......................
4 0 3 ,7 3 5
$ 1 ,7 3 2 ,2 0 5
3 5 9 ,1 1 2
$ 3 ,5 0 4 ,8 4 4
7 4 9 ,8 3 3
$ 3 ,8 0 6 ,1 8 9
7 6 7 ,7 9 4
N e t in c o m e .......................$ 1 ,6 4 0 ,3 3 5
O th e r in c o m e .......... .........
5 0 ,3 4 6
$ 1 ,3 7 3 ,0 9 3
4 8 ,2 2 0
$ 2 ,7 5 5 ,0 1 1
9 8 .4 8 4
$ 3 ,0 3 8 ,3 9 5
8 7 ,9 0 1
$ 1 ,4 2 1 ,3 1 3
G ro ss In c o m e .................. $ 1 ,6 9 0 ,6 8 1
F ix e d c h g s . & m is c . i n t .
1 ,2 8 2 ,7 1 4 1 ,3 0 6 ,1 9 3
$ 2 ,8 5 3 ,4 9 5
2 ,5 8 7 ,9 6 8
$ 3 ,1 2 6 ,2 9 6
2 ,6 1 8 ,2 5 5
B a la n ce , s u rp lu s ...........
$ 4 0 7 ,9 6 7
$ 1 1 5 ,1 2 0
$ 2 6 5 ,5 2 7
$ 5 0 8 ,0 4 1
G E N E R A 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 . 31 191 5.
J'ne 30 ’ 16. D ec. 31 ’ 15.
J'ne 30 ’ 16. D ec. 31 ’ 15.
Liabilities—
S
S
Assets—
*
$
P ro p e r ty ............. 101.951,606 101873,212 Pref. snares Issued 16,383,200 16,383,200
U .S .G ov.2% b d s.
770,000 1,600,000 Com . shares tssued24,913,800 24,913,800
Funded debt (see
Other stocks and
’ ’St. R y .” Sec.) .56,133,000 57,145,000
926,213
925,728
bonds ow ned___
400,000
---------397,436 Loans & notes pay.
M aterial A supplies 453,150
362,769
328,524
687,869 Aud. vouch., A c —
Cash.........................
254,269
950,641
995,930
293,133 Int. due & accrued
______
Cash for coupons.
D eprec. reserve— 1,413,851 1,987,364
N otes A loans,A c.,
260,269
300,340
233,031 InJ. & dam . fund.
receivable______
216,226
Insurance fund___
535,848
513,612
25,012
191,906
M iscellaneous____
Miscell. a cc’ ts____b l , 825,433
391,847
Special d e p o sits..
53,811
P rofit & loss s u r p .c l,637,885 3,076,288
T o t a l .................104,816,695 106035.905
T o t a l .................104,816,695 106035,905
b In clu d es ta x e s , $ 4 4 4 ,1 7 4 : m iscella n eou s, & c ., reser ves, $ 1 , 0 8 2 ,4 2 8 ;
u n a d ju ste d c r e d it s . $ 1 2 2 ,5 3 1 . a n d oth e r su n d r y ite m s agg reg a tin g $ 1 5 6 ,3 0 0 .
c A ft e r m a k in g a d ju stm e n ts fo r th e y e a r , $ 1 ,8 4 6 , 3 7 0 . — V . 1 0 3 , p . 4 9 4 .
Brazilian Traction, Light & Power Company, Ltd.
( Tthird A n n u a l Report — Y ea r ended D e c . 311915.)
Sec. J. M . Smith, Toronto, Aug. 3, wrote in substance:
Results — E xchange. — W h ile th e c o m b in ed earn ings in B razilian cu rrency
h a v e fu lly realized ou r e x p e c ta tio n , b ein g con sid erab ly grea ter th en in
p reviou s y e a rs, th e resu lt is n o t so sa tisfa c to r y in C a n a d ia n cu rren cy .
F o r so m e years prior to th e o u tb rea k o f th e E u rop e an w ar th e valu e o f
th o m ilreis for sig h t bills on L o n d o n w as a b o u t 16 p enco.
D u r in g th e latter
p a rt o f 1 914 tno a ve rage va lu e fell to a p p r o x im a te ly 13 p e n ce, an d in l 9 1 o
to an ave rage o f a b o u t 1 2 H p e n ce.
C o n v e r tin g th o earn ings d u rin g 1 915
a t tho ave rage ra tes prevailin g prior to th e w ar, th e n e t r e v e n u e , in C a n a
d ian cu rren cy , as sh o w n below w ould b e increased b y ov e r $ 3 , 0 0 0 ,0 0 0 .
A lth o u g h rigid eco n om ies h a v e been e ffe c te d , th e cost o f op eration an d
m ain ten an ce h a s b ee n ad versely in flu en ced b y th o rise in tho price o f m a
teria ls, an d b y th e en orm ou s a d v a n ce in ocean freigh ts.
T h is a d v a n c e h as
p a rticu la rly a ffected th e earnings o f th e gas bu sin ess. I t is e v id e n t, h o w
ev e r, t h a t w ith a retu rn to n o rm al c o n d itio n s, th e reve n u e o f th e c o m p a n y
sh o u ld be n o t o n ly eq u al to t h a t ob tain ed prior to th e w a r , b u t sh o u ld show
a con sid erab le an d ste a d y increase.
C o n d itio n s g en erally in B r a z il are
sh o w in g d istin c t sign s o f im p r o v e m e n t.
. .,, _
D ivid en d s. — D iv id e n d s on th e o rd in ary shares a t th e ra te o f 1 H % each
w ero p aid on M jfr ch 1 and again June 1 1 9 1 5 , b u t as exchange con tin u ed to
fa ll, th e d ivid e n d s p a y a b le on S e p t, and D e c . 1 w ere red uced to
of 1%
e a c n , m a k in g a to ta l o f 4 % for th e y e a r .
. ...
A cq u isitio n s. — F u rth er shares h a v e been acq uired in th e c a p ita l o r th e
C o m p a n h ia T e le p h o n ic a d o E s ta d o do S a o P a u lo an d o f th o C o m p a n h ia
R e d o T e lep h o n ic a B ra g a n tln a , an d w e now hold 9 5 % o f th e share cap ital o f
each (1. o . , o u t o f 4 ,7 5 0 and 4 ,5 0 0 ca n to s o f n o s resp ectively]
W e have
also m a d e ad van ce s for necessary im p ro v e m e n ts an d exten sions t o th e tele
p h on e s y s te m s , w hich w hen co m p le te d sh ou ld m aterially increase th e reve n u e
F x t r a c t s fr o m R e p o r t o f P r e s . A le x . M a c k e n z i e , R io d e J a n . M a y 13.
L ( 1 ) Rio 'de Jan eiro D iv is io n .— 1
T h o gross earnings in B razilian cu rrency
exceeded th ose o f 1 914 b y 2 ,9 2 3 ,0 0 0 m ilro is, thoro b ein g s u b sta n tia l in
creases in all d e p a rtm e n ts excep t tho tr a m w a y s, tho earnings o f w hich w ere
slig h tly below those o f 1 9 1 4 .
T h o increase in to ta l n e t earnings in B r a z il w as
1,1N o tw ith sta n d in g th e grea tly increased c o st o f m aterial ocean freigh ts
an d other ch arges, th e ratio o f op eratin g exp enses w as red u ced t o siig n tly
below t h a t o f 1 9 1 4 , as a resu lt o f rigid eco n om ies in trod u ced on th e break
ing o u t o f th o w ar.
I t is an ticip a te d t h a t th e earnings for tn o currrent
vea r in B razilian cu rrency w ill sh o w a con sid erab le Increase o v e r th ose o f
1 9 1 5 , as d u rin g th e first fo u r m o n th s there h a v e been increases in a ll d e -
^ E l e c t r i c Light and P ow er. — O n D e c . 3 1 1 9 1 5 there w as con n ected to th e
sy ste m 9 3 ,8 9 2 h . p . in m o to r s , an increase for th e yea r o f 1 9 ,1 7 1 h . p .
T h ere w as a largo increase In p r iv a te lig h tin g , 6 ,2 0 3 new cu sto m e rs b ein g
a d d e d , th e n u m b er o f Incandescent lam p s (on th e basis o f 5 0 w a t t s , o r 16
c . p .) bein g 7 6 6 ,0 3 8 on D e c . 31 1 9 1 4 , and 8 0 0 .8 0 2 on D e c . 3 1 1 9 1 5 .
T h e o u tp u t o f th e pow er sta tio n a t L a g es w as increased b y 6 . 8 ove r
1 9 1 4 , th e m a x im u m h o u rly o u tp u t being 3 6 , 0 0 0 k . w . N o tw ith sta n d in g th e
d ro u gh t o f 1914 an d th e increased lo a d , there w as a t all tim e s su ffic ie n t
w ater for th e op eration o f th e h y d rau lic in stallation s an d it w as n o t neces
sary to m a k e use o f th e reserve ste a m p la n t.
._____ Gas Service ( Socicte A n o n y m e du Gaz de Riz de J a n e i r o ) T h e n u m b e r o f
sto v e s an d w ater-h eater s con n ected in 191 5 w as 1 8 ,6 3 4 , aga in st 1 4 ,7 5 5 in
1 9 1 4 an d 9 5 0 6 in 19 1 3 .
T h ere w ero in service D e c . 31 1 9 1 5 , 2 2 ,0 8 0 gas
la m p s , p ra ctic a lly t h e s a m e a s i n l 9 1 4 , there b ein g a fu rth e r exten sio n o f its
use for B akeries an d oth er industries req u irin g h e a t.
T O T A L GROSS I N C O M E OF R IO D E J . D I V . ( I N B R A Z IL . C U R R .)
(N o t inch Com panhia Telephonica do Estado and Comnctnhia B ragantina)
Tram w ay
....................... 2 3 .9 3 4 * 4 2 7
Light'&* P o w e r ........................1 1 ,2 6 2 ,9 6 6
2 5 ,5 3 0 ,9 2 3
1 3 ,8 4 2 ,0 3 3
2 4 ,8 5 0 ,4 3 2
1 4 ,7 5 2 ,5 5 2
W m
2 4 ,6 0 8 ,0 0 3
1 6 ,6 8 4 ,6 8 0
H ft M
T o t a l ........................................ 4 4 ,5 7 3 ,9 4 5 4 9 ,9 1 7 .3 6 4
5 0 ,6 2 4 ,2 9 9 5 3 ,5 4 7 ,9 3 4
(2)
Sao Paulo D iv is io n .— 'T h e lig h t an d pow er d e p a r tm e n ts sh o w e d an
increase in their n e t earnings o f 9 . 6 % ove r 1 9 1 4 .
T h e r e w as a slig h t d e
crease in tra m w a y earn ings.
T h e to ta l increase in gross an d n e t earnings
hi B razilian cu rren cy w as 4 5 2 ,0 0 0 m ilreis an d 4 9 ,0 0 0 m ilrcs re sp e c tiv e ly .
O n D e c . 31 1915 t here w as con n ected to th e s y ste m 3 8 ,8 9 6 h . p . In m o to r s ,
an increase o f 8 ,6 5 6 h . p . ove r 1 9 1 4 .
T h e re w as also a n increase o f 6 ,0 2 8
new ligh tin g c u sto m e rs.
TOTAL GROSS INCOME OF SAO PAULO D IV . (In Brazilian Currency.)
In Milreis—
1912.
1913.
1914.
1915.
T V o m w a v s...........................
L i g iit & p o w e r ______________
9 .4 7 5 ,3 7 3 1 1 ,0 1 9 ,5 6 4 1 0 ,3 8 1 ,0 2 6
4 ,0 0 6 ,0 9 5
5 ,6 8 9 ,4 0 4
5 ,8 4 8 ,7 6 8
T o t a l ....................................... 1 4 ,0 8 1 .4 6 3
1 6 ,7 0 8 ,9 6 8
1 6 ,2 2 9 ,7 9 4
1 0 ,0 3 0 ,0 1 0
6 ,6 5 2 ,0 4 3
1 6 ,6 8 2 ,0 5 3
(3) Sao P a u lo E lectric D iv is io n .— T h e S ao P a u lo E le c tr ic C o . , L t d ., s u p
p lies e lectric p o w e r t o th e S ao P a u lo T r a m w a y , L ig h t & P o w e r C o . , L t d . ,
u n d er c o n tr a c t an d also su pplies e le ctr ic ligh t a n d p o w e r in th e c it y o f S o r o c a b a , w h ich is 53 m iles d is ta n t fr o m the c it y o f S ao P a u lo , an d t o th e n e igh
b o r in g tow n s o f S ao R o q u e an d M a y r in k .
T h e c o m p a n y h a v in g a cq u ire d a c o n ce ssio n g ra n te d b y th e M u n ic ip a lit y
o f S o r o c a b a , 3 .MS m iles o f e le ctric tra m w a y w as c o n s tr u c te d a n d th e s y s te m
in a u g u ra ted o n D e c . 31 1915 w ith fo u r cars a n d tw o trailers.
The O ross In c o m e o f Sao P a ulo E lectric D iv is io n in M ilr e is (B razil. C u rr.)
191 5, 6 ,8 8 9 ,2 1 9
1914, 6 ,3 3 0 ,6 2 1
191 3, 5 .2 8 5 .6 4 1
1912, 4 ,8 4 2 ,8 7 8 .
STATISTICS A S TO PROPERTY A N D OPERATIONS.
Tramway Service (Rio de J. D to.) 1915.
1914.
1913.
1912.
M iles o f t r a c k __________________
237.02
236.63
236.79
230.37
M iles run, all c a r s ....... ................. 24,409,259 24,815,078 24,814,760 24,189,853
T otal passengers carried.................191,550,302 192,103,635 195,783,634 183,272,559
Light A Power Service (Rio de J. D ie.)—
Incandescent lam ps..............
800,802
766,038
683,937
419,413
Arc lam ps......... .........
10,882
10,821
10,885
9,084
Horse-power m o t o r s ................_ .
93,892
74,721
63,539
58,288
Telephones—
R io de Janeiro D ivision________
11,669
11,811
11,379
9,020
Interurban C om pany........... ........
1,975
1,809
1,550
Oas Service (Rio de J. Dlv.) 1,000 c u . f l .—
Gas s e r v ic e ___________
34,658
35,045
32,758
30,935
Tramway Service (Sao P . D lv.)—
M iles of t r a c k .. . ........... __ ..........
140.00
143.12
141.4
126
M iles run, all c a r s ....... ...........
9,425,231
9,496,091
9,344,880
8,184,482
Total passengers carried_________ 51,574,145 53,732,292 56,776,702 48,113,109
Light A Power Service (Sao P . D lv.). 1915.
1914.
1913.
1912.
1911.
Incandescent l a m p s _____ __________ 272,905 215,953 175,395
124,004 90,011
A rc lamps (public)__________________
497
472
464 — N ot stated----Horse-power m otors..............
38,896
30,240
33,104
27,841
21,886
Consumers— lig h t....... ............................22,414
16,386
12,148
8,245
6,196
p o w e r ............................. 1,439
1,321
1,271
1.045
737
IN C O M E ACCOUNT OF BRAZ. TRAC., LT . A POWER CO. FOR C A L. YEARS.
1915.
1914.
1915.
1914.
$
$
Deductions (con.)
$
S
♦Income on secu rs..5,339,193 7,523,696 Pref. dlvs. (6 % ) ____ 600,000
600,000
Int. on adv. to sub.
Com m on dlvs. (4 % )4,249,380(6)6257,119
companies ............ 273,683
535,117
Total deduc’ns ..5 ,0 6 7 ,4 5 4 7,249,400
Total .................... 5,612,876 8,058,813 Balance, surplus for
Deduct— Gen. A leg.
yrs. end. D ec. 31
545,422
809,413
exp. & adm. chgs a218,074 a392,281
* Includes revenue from securities owned and under contracts with sub. companies,
a Also Includes interest on loans.
N ote.— The above earnings for 1915 are given In Canadian currency
IN C O M E ACCOUNTS (SU 6. COS.) FOR YEARS E N D IN G DEC. 31
Rio de Janeiro Trac.,
Sao Paulo Trac., Lt.
Sao Paulo Elec.
Lt. & Pow. Co., Ltd.
& Power Co., Ltd.
Co., Ltd.
N et. revenue under 1915.
1914.
1915.
1914.
1915.
1914.
contract with B . S
S
S
S
S
8
T. L. AP.Co.,Ltdx5,031,268 5,031,268 1,500,000 1,500,000 636.667 586,667
B on d& d eben . Int 2,531,268 2,531,268
500,000
500,000 486.667 486,667
8 k .f d .( l s t M . bds.) 250,000
250,000
____
Dividends paid (5)2,250,000(5)2250,000(10)1,000000(10)1,000000(3)150000(2) lOOOOO
General reserve . . 500,000 ...............................
Balance, deficit
______
500,000
N one
N ono
N one
N one
N ono
x After providing for administration and general expenses, Interest on loans less
proportion charged to capital during construction and financial charges to sub. cos.
B R A Z IL IA N TRACTION CO. BA LA N C E SHEET DECEMBER 31.
1915.
1914.
1915.
1914.
Assets—
8
S
Liabilities—
$
$
Shares, control’g
Ordinary shares.106,289,100 106,217,500
rights In other
Preference shares 10,000,000 10,000,000
companies,Ac.109,960,313 109,013,798 Bills payable . .
973,333
973,333
Pay'ts to sub.C08.y8,870,558
7,500,000 Accts. payable m l,004,787
m915,537
A dv. to sub. cos. z 4 ,191,694 z6.261,490 Bank loans and
Cash.................
818,693
786,011
advances q _ . 1,803,716
4,817,948
Accts. receivable
747,509
f525,215 Acer. pref. dlv
150,000
150,000
Coffee In store A
Profit and loss
4,367,832
3,822,411
transit (at val) ................
2,810,215
T otal
............124,588,708 126,890,729
T otal
______ 124,588,708 126,890,729
y Under management agreements, z W ith accrued Interest, f Includes in 1914
accrued Interest, m Includes unclaimed dividends, q Certain o f the com pany's
securities arc pledged to secure loans of the com pany.
N ote.— The co. has guaranteed loans of Its sub. cos. In addition-to Its guarantees
of their annual charges and stipulated divs. under the management agreements.
BA LA N C E
SHEETS
(SU B SID IAR Y CO M PANIES) DEC. 31.
(s)Rio de J. Tram., Lt. (s)Sao Paulo T r., Light A
A Power Co., Ltd.
Power Co., Ltd.
1915.
1914.
1915.
1914.
Assets—
S
S
8
S
Fran., concessions, contracts,A c 93,076,010 93,220,065 28,278,009 27,691,084
Cost sk. fd. invest. (1st M . bds.) t l , 728,808 t l , 402,812
Stores .................
1,243,717
1,393,285
1,107,652
1,245,988
Sundry debits & debit ba la n ce.. 2,449,673
2,365,042
386,753
350,096
Advances to sub. cos., A c........... 14,403,603 13,831,444
C a s h ............................ .......... ..........
1,089,852
760,614
" 326",207
110,705
T o ta l...............................................114,591,664 112,826,565
Liabilities—
Capital s t o c k ................................. 45,000,000 45.000.
First mortgage bonds___________ 25,000,000 25.000.
5% 60-year mortgage bonds____ 25,627,887 25,627,867
................
Perpetual C on s. D e o . s t o c k .......
Sundry credits & credit balance
2,078,711
1,427,572
Bank loans and a d v a n c e s ______
4,499,958
2,526,413
Loans & accr. int. from B.T.L.AP. ________
1,418,417
Provision for r e n e w a ls ................
851,313
1,000,000
A ccru ed bond Interest_________
945,286
945,286
Customers’ , A c ., deposits______
500,738
478,937
Sink. fd. reserves (1st M . bds.)
,1728,808
1,402,812
Insur. fund (Injuries A damages)
182,506
191,754
General reserve f u n d .................... 5,619,933
4,750,964
Profit and loss................................. 2,556,543
3,056,543
T o ta l......... ....................................114,591,664 112,826,565
29,852,462
29,797,329
000
10,000,000
000
6,000,000
10,000,000
6,000,000
3.999", 998
580,474
1,707,327
361,340
541,780
3,999,996
699,867
1,139,256
1,486,314
738,773
87,270
4,941,511
1,632,757
111,840
3,988,525
1,632,757
29,852,462
29,797,329
(s) On June 30 1916 there was a contingent liability under the management agreement with tho Brazilian Traction, Light A Power C o ., L td., to repay a portion of
tho amounts received from that com pany should the agreement bo terminated
prior to July 1 1922. t A t C03t in 1915 and 1914.
BA LA N C E SHEET DECEMBER 31 (SAO PAULO ELECTRIC CO., LT D .)
1915.
1914.
1915.
1914.
Assets—
$
Liabilities—
S
S
$
Franchises A con
Capital stock____ 5,000,000 5,000,000
cessions, contr.
5% 50-yi.lstM .bds 9,733,333 9,733,333
and properties.. 18,080,254 17,922,289 Loans A accr. Int.
Cash-------------------223,503
22,875
from B .T .L A P u 3 ,830,354 u 3 ,356,759
Sndry debits and
Sundry credits and
debit balances-.
562,955
568,368
cred. bal., A c . .
103,870
247,707
Stores ....................
100,290
123,713 Bond Interest duo
Jan. 1 1915____
243,333
243,333
Profit and loss . .
56,112
56,112
T otal
_______
..............18,967,002 18,637,245
T o t a l ' ................18.907,002 18,637,245
u Includes loans and accrued Interest from Brazilian Traction, Light A Power C o.,
L td ., against which security by mortgage may bo taken.— V. 102, p. 344.
Guantanamo Sugar Co. (Cuba), New York City.
(llfh A n n u a l Report^— Y ea r ended J u n e 30 1916.)
The report of Pres. Wm. Moore Carson, with the income
account, balance sheet, &c., will be found on a following page.
Gen. Mgr. O. G. Sage, July 31, wroto in substance:
I t w as t h o u g h t last y e a r th a t p r o v is io n h a d b e e n m a d e fo r an a m p le
c a n e s u p p ly fo r t h o fa c to r ie s o f th e c o m p a n y t o b o g ro u n d d u rin g t h e c r o p
ju s t fin is h e d , c o u n t in g o n a n orm a l y e a r , w h ic h w as c o n s id e re d p r o b a b le ,
a n d m ig h t re a s o n a b ly h a v o b een e x p e c te d , a fte r t w o y e a rs o f c o m p a r a t iv e ly
d r y w eath er. O w in g t o t h e ex tre m e d r o u g h t e x p e rie n ce d , h o w e v e r , th ere
o c c u r re d a s h o r ta g e fr o m n o rm a l t o n n a g e p e r a cre o f a b o u t 3 0 t o 3 5 % .
F o r tu n a te ly , g o o d p r ico s fo r s u g a r ru led th r o u g h o u t t h o sea son , e n a b lin g
t h e c o m p a n y t o sh o w a h a n d s o m e p r o f it o n t h e y e a r ’s business.
Cane H arvested by the C om pa ny and Purchased fro m C olonos.
P er P er
P er
P er
T on n es. l i e d . A c r e
T o n n e s .l ie d . A c r e
C o m p a n y ...............1 5 8 ,2 2 1 4 1 .0 16.6 C o lo n o B -O w n la n d 9 4 ,5 8 0 3 5 .7 14.5
C o l o h o s - C o . la n d . 5 2 ,7 6 0 3 6 .5 14.7 T o t a l ............ . ' ------- 30 5 ,5 6 1 3 8 .3 15.5
T h e p e rce n ta g e o f c a n e h a r v e s te d b y t h e c o m p a n y t o t o t a l ca n o w as as
fo llo w s : In 1915-16, 51.7: in 1914-15, 4 9 .5 ; in 191 3 -1 4 , 5 0 .1 2 ; in 1 9 1 2 -1 3 .
4 1 .4 6 ; a n d in 191 1-1 2, 3 7 .6 2 .
A m o u n t o f Sugar M a d e in Bags o f 3 2 5 Spanish P ou n d s.
1915-16. 191 4-1 5. 191 3-1 4. 191 2-1 3. 191 1-1 2.
T o t a l b a g s __________________ 2 2 8 ,2 4 0 2 4 1 ,3 7 6
2 90 ,444 2 3 8 ,6 0 4 2 2 7 ,9 9 8
O f th is y e a r ’s c r o p S o le d a d p r o d u c e d 1 0 2 ,8 6 0 bags; Y s a b o l, 5 4 ,7 2 8 ; L o s
C a n o s , 7 0 ,6 5 2 ; t o t a l, 2 2 8 ,2 4 0 .
T h o exp en d itu res o n im p ro v e m e n ts a n d b o tte r m e n ts d u r in g t h o y e a r
h a v o b een as fo llo w s : O n c a n e p la n te d , now la n d s, $ 2 1 ,4 7 7 ; o n bu ild in g s
an d fe n ce s, $19 ,0 4 3 ; o n n a r r o w -g a u g e r a ilw a y a n d e q u ip m e n t , $19 ,0 1 7 ; o n
sta n d a rd g a u g e r a ilro a d , $1 0 5 ,6 1 1 ; o n fa c to r ie s , $ 1 4 7 ,1 9 7 ; a n d o n m iscel
la n e o u s , $ 3 ,6 0 6 ; t o t a l, $3 1 5 ,9 5 1 .
T h o Spring rains h a v o been p le n tifu l a n d p r o s p e c ts f o r th o c o m in g c r o p
are g o o d .
I N C O M E A C C O U N T FOR Y E A R S E N D I N G J U N E 3 0 .
191 5-1 6.
191 4-1 5.
191 3-1 4.
191 2-1 3.
G ro s s su gar sales, to n n e s
(2 ,2 0 4 .6 lb s . per t o n ) . .
3 4 ,1 2 2
3 6 ,0 8 6
4 3 ,4 1 5
3 5 ,6 7 1
♦G ross su gar s a l e s ..............$ 2 ,7 2 0 ,9 9 5 $ 2 ,8 1 0 ,2 4 5
$ 1 ,8 4 3 ,2 0 0 $ 1 ,4 8 3 ,6 8 7
M dla sse s s o l d ........................
7 7 ,8 4 9
4 5 ,1 6 7
5 0 ,3 5 3
2 7 .2 9 6
T o t a l --------------$ 2 ,7 9 8 ,8 4 4
P r o d u c in g a n d m a n u fa c
tu r in g exp en ses, & c . _ a 1 ,8 3 4 ,1 1 6
$ 2 ,8 5 5 ,4 1 2
$ 1 ,8 9 3 ,5 5 3 $ 1 ,5 1 0 ,9 8 3
1 ,8 4 5 ,0 4 6
1 ,5 5 7 ,1 4 7
P r o fit o n o p e r a tio n s ___
O t h o r i n c o m o .......................
$ 1 ,0 1 0 ,3 6 6
b 2 0 3 ,8 0 0
$ 3 3 6 ,4 0 6 lo ss$ 166,497
5 4 ,9 3 8
4 8 ,9 6 6
T o t a l p r o f it s ................ $ 1 , 0 6 0 , 7 7 0
$ 1 ,2 1 4 ,1 6 6
D e p r e c ia t io n o f m ills, A c . $17 4 ,1 9 5
$ 1 7 0 ,6 5 0
C a sh d iv id e n d s _______ ( 1 2 % )3 2 9 ,9 7 0 (1 2 )3 0 0 ,0 0 1
S to c k d iv id e n d s ---------( 9 % ) 24 7 ,4 7 8 (1 0 )2 4 7 ,7 0 0
$ 3 9 1 ,3 4 4 loss$ 117.531
$ 1 7 7 ,6 0 0
(d)
_ _
............... .............................
$ 9 6 4 ,7 2 8
96,0-12
c l,6 7 7 ,4 8 0
T o t a l d e d u c t io n s --------- $ 75 1,64 3
$71 8 ,3 5 1
$ 1 7 7 ,6 0 0
...............
B a la n ce , su r. o r d e f.._ s u r .$ 3 0 9 ,1 2 7 s u r .$ 4 9 5 ,8 1 5 s u r .$ 2 1 3 ,7 4 4 d e f.$ 1 1 7 ,5 3 1
♦ A ft e r d e d u ctin g sea fre ig h t, co m m is s io n s , A c .
a A ls o Inclu des s h ip p in g
expenses an d o ffic e expenses in N o w Y o r k an d G u a n ta n a m o ,
b In clu d es
$ 1 1 8 ,6 6 5 excess v a lu o o f su gar ca r r ie d o v e r fr o m p r e v io u s c r o p , c In clu des
in 1912-13 d e p re cia tio n o f m ills, A c . , b u t sh o w n u p as a se p a ra to Item in
la te r ye a rs, d See f o o t - n o t e c .
B A L A N C E S H E E T J U N E 30.
1910.
1915.
1916.
1915.
Assets—
s
S
Liabilities—
5
S
qR eal est. .bldgs.,A c .3 ,937,538 3,612,441 Capital stock........... 2,749,750 2,489,550
A dv. to Guant. R R
788,198
788,198 Accounts payable . . xl24,390
64,234
Guant. R R . s t o c k ..
1
1 D rafts In transit____
65,000
30,000
Growing crops carr’d
Stock d iv id e n d ____ 247.478
247,700
300,001
to following season
52,533
56,945 Dividend
________ 329,970
596,994
Inventories________ 666,199 1,060,239 Depreciation fu n d s .. 690,836
195,624
290,942 Replanting fund____ 194,490
Cash............................. 895,352
188,870
M lsc. accts. rec., A c. 305,194
174,856 Other funds................
62,430
Unexplred insur.,Ac.
22,944
24,084 Surplus................... y2 ,203,610 1,894,733
Total .....................6,667,959 6,007.706
T otal .....................6,667,959 6,007.706
q A fte r d e d u ctin g $ 42 5,61 3 b e tte rm e n ts ch a rg e d t o su rplu s J u ly 1 1911
t o J u n o 30 1915. x In clu d es in 1916 re se rvo fo r exponses o f c o m p le tin g
c r o p , y A ft e r d e d u ctin g $25 0 p u rch ases o f G u a n ta n a m o R R . Shares
w ritte n o f f . — V . 102, p . 2345.
Lake Superior Corporation, Sault Ste. Marie, Canada.
(12Ih A n n u a l Report— Y ea r ended J u n e 30 1916.)
Vice-President W . C. Franz, Aug. 1916, says in substance:
A lg o m a Steel C orporation, L td .—-This c o m p a n y ’s to n n a g o as c o m p a red
w ith th e p re ce d in g y ear Is as fo llo w s :
A n n u a l O utput—
191 3-1 4.
191 4-1 5.
1915-16.
P ig ir o n .............................................................
3 1 1 ,9 0 4
21 2 ,9 1 7
2 58 ,504
F inished s t o o l................................................
3 2 5 ,6 8 0
183,439
215 ,466
T h o o u t p u t in clu d e d w ar m a te ria l, p r in c ip a lly shell steel bars, also s u b
s ta n tia l qu a n titie s o f s teel rails. T h e A lg o m a Stool C o r p o r a tio n has d e lib
era te ly pu rsu ed th o p o lic y o f ca terin g fo r th e regu lar cu sto m e rs o f th o c o m
p a n y , an d th is p o lic y , w h ilst p o s s ib ly n o t th o m o s t re m u n e ra tiv e u n d er
presen t circu m sta n ce s, w d l p r o v e , th e d irce to rs b oliov o, best in th e lo n g ru n .
T h e re h as been a d d e d t o th o steel p la n t a n a d d itio n a l op o n -h e a rth fu rn a ce.
A largo d u p le x in sta lla tio n has also b e e n c o m p le t e d , a n d th is, to geth or w ith
th e o p e n -h e a rth p la n t, n o w c o n s istin g o f e igh t fu rn a ce s, s h o u ld p ro d u ce
a b o u t 4 0 ,0 0 0 to n s o f Ingots per m o n th , s u b je c t t o la b o r co n d itio n s .
In a d d itio n , a 32-in ch b illot n u ll, fo r the p u rp o s e o f p ro d u c in g bille ts p ri
m a r ily fo r m e rch a n t m ill p u rp o se s, h as be o n b u ilt, an d a sixth s o a k in g p it
is und er w a y . T h o A lg o m a Steel C o r p . h as also e m b a rk e d u p o n the c o n
s tr u c tio n o f tw o a d d itio n a l 7 5 -to n o p e n -h e a rth fu rn a ce s, am i w ith th o a d d i
tio n o f these it is co n sid e re d th a t th e steel p la n t w ill be w ell ba la n ce d s o far
as steel p r o d u c tio n Is co n ce rn e d .
T h e p e r io d o f fu n d in g , in c o n n e c tio n w ith b o n d a n d n o te Interest, has
p r a c tic a lly e x p ire d , an d lt Is e x p e cte d th a t in terest p a y m e n ts w ill bo re
su m e d in O cto b e r . T h o q u e stio n o f liq u id a tin g th o 3 -y e a r 6 % g o ld n o te s ,
d u e M a r c h 1917, is re c e iv in g ca re fu l co n s id e r a tio n , b u t n a tu ra lly m u ch
d e p e n d s u p o n th e p r o s p e c tiv e earn in gs, a n d t o th e e x te n t th a t th o so m a y
b e a ffe c te d i f p resen t la b o r d iffic u ltie s c o n tin u e . S a tis fa cto r y rep orts are
1 fo r th c o m in g fr o m th o o p e ra tio n s o f th o s u b s id ia ry c o m p a n ie s o f th o A lg o m a
j S teel C o r p ., v iz ., tho C a n n e lto n C o a l A C o k e C o ., th o L a k e Superior C oa l
, C o . an d th o F ib o r n L im e s to n o C o . T h o w ater p o w e r has been s o ld fo r
$ 1 ,0 0 0 ,0 0 0 . T h e o w n ersh ip o f th is w ater p o w e r o n tallod seriou s fin a n cial
o b lig a tio n s , w h ich h a v e been assum ed b y th o p u rch aser. T h o w ater pow er
is be in g n o w m o d e rn iz e d a n d d e v e lo p e d t o th o o x te n t th a t th o steel p la n t
' has been a b le t o c o n tr a c t fo r its im m e d ia te ly p r o s p e c tiv e p o w e r requ ire
■ m e n ts a t a rea son a b le fig u re . T h o s u m re c e iv e d fo r th o p r o p e r ty is d e p o s
ite d w ith th e trustees, a v a ila b le fo r n ow c o n s tr u c tio n . (Seo v . 102, p . 1814.)
T h e H e le n m in e is ro p o rto d t o b o a b o u t exh au sted , s o fa r as h e m a tite
oro is co n c e r n e d , an d at M a g p ie m ln o th o o u t lo o k is n o t s o s a tis fa c to r y , tho
o r e o n th o th ird an d fo u r th levels h a v in g narrow ed c o n s id e r a b ly . T h ere
aro p o ssib ilitie s, h o w o v o r, th a t this m a y bo o n ly a lo ca l c o n d itio n .
T h e ro llin g m ills situ a tio n is re c e iv in g seriou s co n s id e r a tio n , a n d s u b je c t
t o fin a n ce th e A lg o m a Steel C o r p . has p r a c tic a lly d e c id e d t o install a largo
stru ctu ra l m ill, also a p la te m ill and t o m a k o certa in ch an ges t o tho oxistln g
m e rch a n t m ills, all o f w h ich w ill p e rm it o f th o c o m p a n y ’s ro llin g a w ide
ran ge o f m a te ria l.
In the disposition of the net earnings for the year tho Algoma Steel Corp.
has made no provision for tho payment of dividends.
R e g re t Is expressed th a t fin a n cial co n d itio n s d id n o t p e rm it o f th e e rection
o f m o r e o p e n -h e a rth fu rn acos earlier, as la c k o f o p o n -h e a rth sto o l-m a k in g
c a p a c it y has p re v e n te d tn o Steel C o r p . fro m reapin g the fu ll b e n e fit
a c c r u in g in these tim es to fu lly e q u ip p e d steel plan ts.
A lgom a Central A H udson Bay Rtf.— -A s e ttle m e n t o f o u ts ta n d in g q u e stion s
as betw e e n th o A lg o m a C e n tra l A H u d so n B a y I iy ., th o A lg o m a C en tral
T erm in a ls L t d . an d th e L a k e S u p erior C o r n , has been arriv ed a t w h icn , lt is
b e lio v e d , w ill lead t o a s p e e d y d isch a rge o f th e receivers o f b o th th o r a ilw a y
c o m p a n y a n d th o term in als c o m p a n y . A b o n d h o ld e rs ’ c o m m lt t c o , rep -
resen tin g b o t h ra ilw a y an d term in al b o n d h o ld e rs , has been a p p o in te d , an d
in this co m m itte e has been v e ste d th o o u ts ta n d in g c o m m o n s to c k o f th o
ra ilw a y fo r th o p u n io s o o f exercising all v o t in g an d o th e r righ ts in cid en ta l
th ereto. O f th o $ 5 ,0 0 0 ,0 0 0 p r o f, shares issued t o an d h eld b y th o p u b lic ,
$ 3 ,0 0 0 ,0 0 0 o f a new s u b stitu te d n o n -c u m u la tiv o p re fe re n ce s t o c k w ill bo
issued as fu lly p a id to th o b o n d h o ld e rs ’ c o m m itte e fo r d is trib u tio n a m o n g st
th o ra ilw a y b on d h old e rs and term in al b o n d h o ld e rs.
O ur co r p o r a tio n is th e h o ld e r o f $ 5 ,0 0 0 ,0 0 0 o f c o m m o n stocic an d s u b je c t
to tho v o tin g trust referred to w ill retain th is h o ld in g in ta c t and in a d d itio n
w ill receive in sa tisfa ctio n o f th e d e b t o f $31 8 ,8 0 0 a lik e a m o u n t o f th o rail
w a y c o m p a n y 's 2d M . b o n d s. M o n e y s represen tin g th o u n oxp en d ed b a l
an ce o f tlie p roceed s o f th e term in al b o n d s w ill bo p a id o v e r to th o b o n d h o ld
ers ’ co m m itte e fo r th o b e n e fit o f th e ra ilw a y c o m p a n y in th e d e v e lo p m e n t
o f its properties an d oth e rw ise .
B o th th e term inal and tho ra ilw a y b o n d
h old ers liav o m a d e certa in m o d ific a tio n s and con cession s as to th e p a y
m en t o f their r es p ectiv e in terest.
(F u rth er particu lars V. 102, p . 1058.)
T h o g u a ra n ty o f th e L a k o S u p erior C o r n , still rem ain s in fu ll fo r c e an d
e ffe c t , bu t n o h old er o f ra ilw a y o r term in al bon d s is e n titled to ta k e a c tio n
w ith o u t tho con sen t o f th o b o n d h o ld e rs ’ co m m itte o o r unless e x tra o rd in a ry
resolu tion s a t b o n d h o ld e rs ’ m eetin g s are passed. P ro v is io n is m a d o fo r
th o re-transfer o f th e s to c k an d fo r th o righ ts o f th o co m m itte e t o ceaso
w h en p rin cipa l an d in terest o f b o th c o m p a n ie s ’ b o n d s h a v e boon p aid in fu ll.
T h ro u g h tho increased a c t iv it y o f th o A lg o m a Steel C o r n , and o f th o v a r i
ou s industries a t S au lt S te. M a r io , th e o u tlo o k is m u c h b e tte r than it has
b oon fo r son io tim e .
W h ils t th e ra ilw a y c o m p a n y ’s re p o r t fo r th e y ear
Is n o t y e t t o h a n d , it is u n d e rsto o d th a t earnings, p a rticu la rly fr o m the
stoam sh ip lin e, sh ow a su bsta n tia l increase.
.
A lgom a E astern R y.— T h e earnings show an increase.
D u rin g th o year
fin a n cia l arran gem en ts w ere m a d e th rou gh w h ich th o ra ilw a y lias been
eq u ip p ed w itii a d d itio n a l r o llin g s t o c k , necessitated th rou gh p r o s p e c tiv e
a d d ition a l tr a ffic .
P a te n ts h a v e been re ce ive d in re sp e ct o f th o en tiro
lan d g ran t lands o f th o r a ilw a y , a ggregatin g n early 7 00 ,000 acres. K v e ry
e ffo r t will be m a d e to so de a l w ith these lands as to brin g a b o u t all p o s s ib le
b e n efits to tho ra ilw a y c o m p a n y , especially in a fin a n cial d ire ctio n .
Intern ational Transit C o.— Trans St. M a r y s l ruction C o.— 'V tio fo rm e r
has been d is p os ed o f , y o u r co r p o r a tio n h a v in g re ce iv e d S 10 0 ,0 0 0 fo r their
h o ld in g s o f c o m m o n s to c k .
T h e b o n d s, w h ich w ere h eld b y o u ts id e p arties,
w ere assum ed b y th o p u rch asers. (V . 102, p . 1058.)
I h e 1 rans S t. M a r y ’s
T r a c tio n C o . ’s op era tio n s are n o t sa tisfa c to r y ,
f r o m an earnings p o in t
o f v iow this street ra ilw a y has n ever been a su cce ss, an d In vie w o f a d d i
tion al and c o s t ly p a vin g schem os w h ich h a v e been lau n ch ed b y th o C o u n cil
o f Sau lt S te. M a r io , M ic h ., an d to w h ich th o street r a ilw a y has to c o n tr ib u te ,
y o u r d irectors h a v e under co n sid e ra tio n a sale o f th o p r o p e r ty . T h is is
o n e o f o u r m in or assots, w h ich , o n a c c o u n t o f th e la ck o f d e v e lo p m e n t
on tho oth er sid e o f th o r iv e r, has m a d o b u t little p ro g re ss.
G eneral.—-T no reven u e o f th e L a k o Su p erior C o r p . is n o t s u ffic ie n t to
p erm it o f the p a y m e n t o f interest o th e r than o n its 1 s t M . b o n d s.
O ne fa c t in c o n n e c tio n w ith th e A lg o m a Steel C o r p o r a tio n m u st be b o rn e
in m in d , a n d it is th a t fu rth er fin a n ce is necessary in o rd e r t o p u t th o steel
p la n t on a p rop er fo o tin g in referen ce t o th e m a n u fa ctu re o f a m u c h m o ro
d iversified p r o d u c t. A s was fo re sh a d o w e d in th e p re v io u s r e p o r t, th o L a k o
S u p erior C o r p o r a tio n m u s t so o n e r o r later bo ca lled u p o n to c o n sid e r its
presen t interest in tho Steel C o r p o r a tio n in re fe re n ce to the n ecessary
d e v e lo p m e n t o f th e la tte r.
, „
,
.
,
W . E . S ta v c r t has retired fro m th o P re sid e n cy an d fro m the b o a r d , as
d id Joh n T . T e r r y . T . J . K e n n e d y , w h o w as ele cte d in p la ce o f M r . T e r r y ,
has also been c o m p elled to resign th rou gh ill h e a lth , an d T h o m a s G ib s o n has
jo in e d the a r m y , a n d h is s ervices in th o m e a n tim e aro n o t a v a ila b le .
O P E R A T IO N S OF S U B S I D I A R Y COS. FOR Y E A R S E N D . J U N E 3 0 .
1915-16.
1914-15.
N e t earnings fro m o p e r. o f all s u b .
c o s ., s u b j. t o d o p re c. & o th e r ch gs .* $ 3 ,5 0 3 ,4 7 1 * $ 1 ,3 6 6 ,2 1 0
A d d — U n appropriated p r o fits fro m
p reviou s y ea rs____________________ Deft.3 3 1 ,7 6 5
C r .61,931
L a u d g ran t earns, o f A lg o m a C e n t.
__________
& H u d . B a y R y . o f p r e v . y e a r s ._
__________
1913-14.
C r .114,519
94,951
$1,4 2 8 ,1 4 1
6 2 ,0 0 0
$ 2 ,7 2 0 ,8 1 6
6 2 ,4 2 8
„ ,
„
$ 2 ,9 6 5 ,0 2 5
D educt Chgs. .D i e s . , & c .. P a id by Sub. C os.—
n t . on b on d s o f s u b . c o s . an d o n ban k
& oth er a d v a n ce s (see V . 101 ,p .9 2 0 ) $ .5 13,539
A m o u n ts sot a sido fo r sin k in g fu n d
p a y m e n ts , & c _______________________
6 6 7 ,1 7 3
A p p r o p r ia tio n s fo r d o p r o ., & c ., r e s 'v o
4 2 5 ,5 9 5
R es erv ed fo r d o u b tfu l d e b ts an d fo r
__________
losses o f p r e v io u s y e a r s ____________
P a id t o L a k o S u p . C o r p . b y s u b . c o s .
as in t.o n b d s.,n otes,& c.,a n d as d iv s .
---------------
$ 1 ,3 6 6 ,1 4 1
$ 2 ,6 5 8 ,3 8 8
$ 1 ,1 6 6 ,4 1 4
$ 1 ,5 4 2 ,3 2 3
134,423
54,2 1 0
154,726
360 ,903
__________
137,009
3 4 2 ,8 5 9
437 ,8 8 0
$ 2 ,6 0 6 ,3 0 7 $ 1 ,6 9 7 ,9 0 6
T o t a l_______________________
B a la n ce carried forw a rd b y s u b . c o s .s u r .$ 3 5 8 ,7 1 8 d c f$ 3 3 1 ,7 6 5
$ 2 ,6 3 2 ,8 4 1
s u r$25,547
♦ E xclu d in g th o earnings o f th e A lg o m a C e n tra l & H u d so n B a y R y .
FOR
F IS C A L
YEAR
1915-16.
E N D IN G
1914-15.
JU N E
1913-14.
30.
1912-13.
I n t . and d iv . o n secu ri
ties o f su b sid ia ry c o s .
O th er in c o m e ----------------
$ 2 9 0,00 0
4 5 ,7 6 0
$34 2 ,8 5 9
26,174
$4 3 7 ,8 8 0
10,174
$ 7 9 3 ,1 4 8
12,514
I n t. o n 1st M . b o n d s —
G eneral exp en ses_______
$ 3 3 5,76 0
277,3201
3 2 ,9 8 5 /
$36 9,03 3
367 ,371
$44 8 ,0 5 4
4 2 4 .6 4 4
$ 8 0 5 ,6 6 2
3 8 6 ,4 8 2
B a l., cred . p r o f. & loss
B a la n ce, p reced in g years
$25 ,455
25,072
$ 1 ,6 6 2
2 3 ,4 1 0
$ 2 3 ,4 1 0
$ 4 1 9 ,1 8 0
de& .$34,808
T o t a l ............... ................
T ran sferred to res. fu n d
R e s . fo r d ep r. o f In vest
i n g o n in com e b o n d s ._
$50 ,527
$25 ,0 7 2
$ 2 3 ,4 1 0
$ 3 8 4 ,3 7 2
$ 2 3 4 ,3 7 2
T o t a l su rplu s as per
b alan ce sh e e t_______
$ 40 ,000
(5 )1 5 0 ,0 0 0
$10 ,527
$25 ,072
$ 23 ,410
B A L A N C E S H E E T J U N E 30.
1910.
1910.
1915.
1915.
Assets—
$
$
Liabilities—
s
S
Invest. & securities 47 ,974,506 48,230,178 Capital stock------40 ,000.000 40,000,000
Real estate......... ..
98,915
171.9S9 First mtRC. bonds. 5 ,472,000 5,043,000
Acer. int. on Alg.
Income bonds------3 ,900,000 3,000,000
St. bds. ow ned.
24,107
24,167 Tem porary lo a n ..
75,000
D ue by sub. c o s ..
545,403
015,181 M tge. on real est.
1,325
Tem porary loans.
22,800
109.000 Accrued interest. .
23,512
M ortgago h e l d ...
190,071
25,900
100.000 Coupons unpaid -
24,100
Proc. o ( sale ol inv.
130,350
710,953
180,140 Reserve a cco u n t-.
806,257
200,297
Cash........................
101,254 V o lu n ta r y re lie f
Mineral lands, &c.
45,978
7,125
42,285
fu n d ....................
0,375
M iscellaneous-----6,243
3,030
6,520 Miscellaneous-----1,604
Cash for unpaid
10,527
Incom e acco u n t-.
25,072
24,325
interest coupons
22,525
T o t a l ..................49,252,341 49.006,245
T o t a l .................. 49,252,341 49,000,24
T h e c o m p a n y h a d (as o f Ju n e 3 0 1916) c o n tin g e n t liab ilities o n Its guai
’ f " <>r npineinal and in terest o f $ 1 0 ,0 8 0 ,0 0 0 b o n d s an d loa n s o f A lg o m
c , $ 2 ,5 0 0 ,0 0 0 A lg o m a E astern R y ., $ 2 ,4 3 2 ,5 0
ear n o te s an d $ 1 4 ,0 0 0 ,0 0 9 1 st & r e f. bond:
I e rm in a ls , L t d ., b o n d s V . 103, p . 761,581
Pacific Mail Steamship Company.
(S e m i-A n n u a l Rc-port— Six M o n th s en din g J u n e 30 191G.)
President Geo. J. Baldwin, Aug. 2G, says in substance:
T h e six m o n th s ’ p e rio d rep o rte d u p on in 1916 in clu d e s u n d e r " n o t
reven u e th e earnings o f b u t f iv e steam sh ip s as a g ain st seven steam ship s in
1915. T h a t fa c t a c c o u n ts fo r th e c o m p a r a tiv e ly sm a ll increase in gross
rev en u o fro m steam sh ip s o p e ra te d b y c o m p a n y as w e ll as fo r the c o n s id e r
ab le decrease in op era tin g c o s ts, w h ich in clu d e n orm al d e p r e c ia tio n .
Tho
(R E S U L T S FOR 6 M O N T H S A N D
Y E A R E N D E D J U N E 30 1916.)
— 6 M o s . ending Jun e 3 0 —
1916.
1915.
r.
S
$
G ross r e v e n u o ------------------ 8 0 3 ,8 6 5 7 83 ,650
O per. c o s t , d e p r c c ’n , & c _ .6 0 8 ,5 9 6 696 ,3 3 9
12 M o s . end. June 30
In crea se.
1915-16. 1914-15.
$
$
$
+ 2 0 ,2 1 4 1.5 3 0 ,5 3 1 1 .691.850
— 8 7 ,7 4 4 1 .2 2 6 ,7 4 0 1 ,501,185
N e t r e v e n u o ---------------------195,269 87,311 + 107 .958
F ro m ships ch a rte re d t o
o th e rs ( n e t ) _____________ 2 7 2 ,S90
_________
+ 2 7 2 ,8 9 0
M is c e lla n e o u s r e v e n u e ____ 11,129 15*626
— 4,497
T o t a l net r e v . (e x c lu d .
tr a n s -P a c ific l i n e ) . . .4 7 9 ,2 8 8 102.937
CONDENSED
BALANCE
+ 3 76 ,351
SH EET
JUNE
3 0 3 ,7 9 1
3 1 1 ,5 4 7
10,787
6 3 5 ,1 2 5
30
187,665
.............
3 0 ,4 6 4
218 ,128
1916.
A ssets (T o t a l, $4 ,9 3 6 ,0 3 9 ) —
S team ers, o th e r flo a tin g eq u ip m e n t, & c ., $ 5 ,0 7 7 ,6 4 3 ; less reserve
fo r a ccru e d d e p re cia tio n , $ 1 ,9 9 9 ,7 6 5 ____________________________$ 3 077 878
S ecurities u n p le d g e d , $15 7,78 4; less reserve fo r d e p r e c ia tio n "of ’
’
se cu rities, $ 1 0 0 ,0 0 0 __________________ ____________________________
57 754
C a sh , $21 8 ,0 3 5 ; b ills an d a c c o u n ts r e ce iv a b le , $ 1 ,2 0 9 ,0 0 1 ; in su r’
a n co c la im s again st u nd erw riters, $20 4 ,4 8 5 ; m a terial an d s u p
p lie s, $ 49 ,031 ; to t a l, $ 1 ,6 8 0 ,5 5 3 ; lass reserve fo r d o u b tfu l
a c c o u n ts , $ 2 0 0 ,0 0 0 ________________________________________________ 1 .4 S0 .5 5 3
R o n ts p aid in a d v a n c e , $ 14 1,09 5; deferred d e b it itom s, $ 1 7 8 ,7 7 9 .
3 1 9 ,8 7 4
L iabilities (T o t a l, $ 4 ,9 3 6 ,0 8 9 )—
P rereriod s t o c k , $ 1 ,7 0 0 ,0 0 0 ; c o m m o n s to c k , $ 1 ,1 5 0 ,0 0 0 ; p ro m iurns on c a p ita l s to c k , $ 1 5 0 ,0 0 0 __________________________________ $ 3 ,0 0 0 ,0 0 0
A u d ite d vo u ch o rs an d w ages u n p aid , $23 ,4 1 1 ; t r a ffic balan ces
o w e d t o o th er co m p a n ie s , $ 6,633; m iscella n eou s a cco u n ts p a y
a b le , $ 2 1 ,2 0 8 ; m a tu re d d iv id e n d s u n p a id , $37 ,3 3 5 ; o th e r w o rk
in g lia b ilitie s, $ 2 3 ,7 2 8 ________ _______
_
. . .
117 406
O pen v o y a g e reven u as, $21 2 ,0 3 5 ; oth er deferred c r e d it 'it e m s ,
’
$ 1 3 0,59 7 .................................
3 1 2 ,6 3 2
S u r p l u s ____________________________
1,476,051
T h e fisca l ye a r fo rm e rly e n d in g A p ril 3 0 n o w ends D e c . 3 1 .— V . 103. p .6 6 9 .
$ 2 ,5 1 1 ,3 4 6
T o t a l ...................
$ 3 ,1 7 1 ,7 0 6
A m ts , w ritten o f f in resp . o f d is c ., & c.
206 ,681
IN C O M E
n e t earnings o f th o o th e r t w o steam sh ip s a p p o a r u nd er re ve n u e fro m ships
ch a rtered t o o th ers. A sim ilar fa c to r enters in to th o 12 m o n th s ’ r e p o it , th e
last six m o n th s o f w n ich w ere under the present c o n tr o l.
V ery little ch a rter
reven u e w as earned in th e fir s t h a lf o f th e 12 , m o n th s.
T h e earnings o f th e o ld tran s-I’ a c ific line, w h ich w as still in o p e r a tio n in
th o e a rly part o f th o 1 2 m o n th s ’ p e rio d are n o t sh o w n hero, as t h e y h a v e
n o co m p a r a tiv e v a lu e . O ur new tr a n s -P a c ific lin e , w ith th o n ew stea m
ships E c u a d o r , V en ezu ela an d C o lo m b ia , is ju s t g e ttin g u n d er w a y . T h o
E c u a d o r is t o sail fr o m San F ra n cis co A u g . 27.
I h o v a lu a tio n o f th e steam sh ip s in clu d es th e so ve n o r ig in a lly p u rch a sed
.and tw o o f th o n ow o n e s, b u t n o t th e th ird , th e C o lo m b ia , w h ich a t that,
tim e h ad n o t boon tran sferred t o o u r ow n ersh ip, b u t w h ich has sin ce b e e n
tran sferred a n d p a id fo r fro m fu n d s in d ica te d und er th e h e a d in g b ills an d
a c c o u n ts r e c e iv a b le .
, i n. a d d itio n t o th e usual a n n u al d e p re cia tio n ch arge, $ 5 4 9,61 0 w as w ritten
ott d u rin g th e fis c a l y e a r e n d in g A p ril 30 1916 fro m th e v a lu a tio n o f th o
sovon steam ers fir s t p u rch a se d . A s these steam ers were th e n ca rried u p on
f l,1! . .
p
their p re so n t b o o k v a lu e is le ft at th e co n s e r v a tiv e
iig u ro o l $ 4 8 2 ,0 7 1 , t o pre p a re fo r a n y fu tu re c o n tin g e n cie s.
1 He c o m p a n y w ill h ereafter issue sem i-an n u al sta te m e n ts.
U. S. Light & Heat Corporation, Niagara Falls, N. Y.
(F irst A n n u a l Report— Y ea r en ding J u n e 30 191G.)
Friends of the property express the belief that under its
new control the company has started on an era of prosperity
of which results for the first year since tho receivership aro
no criterion. Pres. J. Allan Smith, Aug. 9, wrote in sub:
R esults.— T h o o p e ra tio n s c o v e r th e full p e r io d fro m J u ly 1 1915 t o J u n e
30 1916, a lth o u g h th o rece ive rsh ip d id n o t a c tu a lly e n d u n til A u g . 4 1915
an d em barrassm en ts a tte n d e d th e c o n d u c t o f o p e r a tio n s o w in g t o t h o d e
la ys in o b ta in in g th e necessary fin a n c in g . T h e firs t m o n e y a v a ila b le fo r
use w as re ce iv e d a fte r S e p t. 20 1915.
T h e y e a r was a d iffic u lt o n e in w h ich t o p r o d u c e s a t is fa c t o r y resu lts,
l h e r e w as the in e v ita b le c o s t o f r e h a b ilita tio n , th e liv in g d o w n o f th o r e
ce iv e rsh ip , th e fin a n c ia l tro u b le s o f th e t w o years p re c e d in g , as w ell as th e
fin a n c ia l s itu a tio n o f th e presen t y e a r . H a d th e re been h a r m o n y o f a c tio n
th e task w o u ld h a v e l>een fa r easier. D issen sion w as b ro u g h t a b o u t b y o u r
d e te rm in a tio n t o p r o te c t th e s to ck h o ld e rs in th e u n w a rra n te d d is trib u tio n
o f n e a rly $ 7 0 0 ,0 0 0 o f treasu ry secu rities.
T lie la b o r an d m aterial m ark ets h a v e been m o s t e rra tic, th e c o s t o f la b o r
a d v a n c in g an a vera ge o v e r 2 5 % a n a o u r ra w m a te ria ls a d v a n c in g fro m 50
to 5 0 0 % .
In f a c t , th e m ark ets a d v a n c e d s o r a p id ly a t tim es th a t it w as
im p o ssib le t o c o v e r o n sales o r t o increase p rices t o c u sto m e rs s u ffic ie n tly
t o s h o w n orm al p r o fits .
U n fo rtu n a te ly , th e r e o rg a n iz a tio n w as n o t assured
u n til a fte r th e 1915 c o n t r a c t season w as c lo s e d , a n d w o w ere c o m p e lle d t o
o p e r a to th o p la n t d u rin g th e fir s t ye a r on th e gross business o f $ 1 ,7 5 1 ,3 6 5 ,
o r a b o u t 33 1 -3 % o f th e p la n t’s c a p a c ity . O n th is sm all v o lu m e o f business
w o c o u ld n o t p ro p e rly a b s o r b th e o v e rh e a d expenses.
T h e losses o f th o p ast year e m an ate fro m th e fo llo w in g s o u rce s :
(1) Losses fro m curren t o p e ra tio n s , in d iv is ib le p o r tio n s o f w h ich are as
sig n a b le t o (a) A n in e v ita b le loss in r e h a b ilita tin g the p r o p e r ty ; (b) th e u n
fo rtu n a te d e la y In re o rg a n izia tio n w ith re s p e ct t o th e im p o rta n t c o n t r a c t
season ; (c) the harrassm ents o f u n n ecessary a tta ck s a n d litig a tio n s arising
th e re fro m ; (d) u n stable m a rk e t fo r co m m o d itie s ; a n d (e) n e ce s s ity fo r e n
larged e x p en d itu res fo r repairs a n d renew als.
(2) T h e e x tra o rd in a ry expenses, legal an d oth e rw ise , d ir e c t ly in cu rred in
d e fe n d in g th o c o m p a n y fro m a tta c k o r d ir e c t ly re la tin g to r e o rg a n iz a tio n
m atters.
(3) T h o e x tra o rd in a ry expenses resulting fro m d efen se o f th e p a te n t s u its,
w ritten o f f t o p r o fit an d loss Ju n e 30 1916.
W h ile a su bsta n tia l ite m fo r p la n t u pk eep has been ch a rg e d in to o p e r a t
in g expenses In th o p a s t y e a r, th ere has been n o allo w a n ce m a d e fo r d ep re
c ia tio n , a s itu a tio n w liic a w o m u st so o n e r o r later m e e t.
Patent L itiga tio n .— O w in g t o th e fa c t th at o u r m erged c o m p a n ie s w ere th e
first in th o fie ld o f ax le -d riv e n ca r lig h tin g a p p a ra tu s , th o p a te n t litig a tio n
in stitu te d b y o u r c o m p e tito r s has w ith o n e e x c e p tio n resu lted f a v o r a b ly to
y o u r in terests an d th e re Is little d o u b t b u t th a t tills a b n o rm a l e xp en se u lti
m a te ly w ill p r o v e a v a lu a b le asset. T h e expenses s h o u ld a t an e a r ly d a t e
be re d u ce d t o n o rm a l.
O rders.— T lie ste a m ra ilroad s o f th o c o u n tr y h a v e n o t be e n la rg e b u y e rs
o f p assenger c a r e q u ip m e n t d u rin g th e past three y e a rs, d u e fir s t t o business
depression th r o u g h o u t th o c o u n t r y , an d a t later d a te b e ca u se o f a b n o rm a lly
h igh p r ice s . T h is has m a te ria lly re d u ce d th e v o lu m e o f business in th e c a r
lig h tin g d e p a rtm e n t.
W e clo se th o y e a r w ith the largest v o lu m e o f u n fille d ord e rs (a ctu a l re
leases) th e p r o p e r t y has had fo r three yea rs, a m o u n tin g t o S i ,3 9 0 .7 3 8 .
O v e r a n d a b o v e th ese orders in h a n d , large releases w ill b e r e c e iv e d o n a c
c o u n t o f sales c o n tra cts m a d o in th o last fe w m o n th s , s u ch c o n tr a c ts a m o u n t
in g to o v e r $ 3 ,0 6 0 ,0 0 0 in all.
W ith th e a c q u isitio n s in ce re o rga n iza tio n o f o v e r 200 s e r v ic e s ta tio n s fo r
d is trib u tio n o f th e U -S -L p r o d u c t d ir e ct t o users, th e c o m p a n y is e x p e r i
en cin g an in crea sed m a rk e t fo r b a tteries to b o used o n a u t o m o o ile s . T h o
v o lu m e o f this renew al business has been several tim e s gre a te r th an ou r
e xp erien ce h e re to fo re — a d ir e ct result fro m tn e u n iq u e a d v e r tis in g an d sales
ca m p a ig n a d o p te d in O ct. 19r5.
I 11 th o c o n tr a c t season ju s t clo se d w e h a v e b e e n su ccessfu l in g e ttin g m ore
than o u r share o f business a t p rices v a ry in g w ith tlie c o s t o f m aterial in th e
c o m m o d it y m arkets.
A t tlie tim e the w ar co n tr a c ts w ere be in g p la c e d , y o u r c o m p a n y w as in
th o ban ds o f receivers an d co u ld n o t get o n th e a p p ro v e d list, nor d id w o
have th o m o n e y a v a ila b le t o p ro p e rly e q u ip th e p la n t t o o p e ra te as s u b
co n tr a c to r s . E v e r y e ffo r t w as m a d o t o o b t a in a v o lu m e o f th is bu sin ess.
O ur o n ly o p p o r tu n itie s , h o w e v e r, in v o lv e d t o o m u ch risk w ith little o r n o
p r o fit i f p ro p e r d e p re cia tio n charges w ere m a d e .
Im provem ents.— A fte r o b ta in in g fu n ds it w as also p o s s ib le t o c o n t r a c t
fo r m u ch n eed ed im p ro v e m e n ts a n d a d d itio n s t o a ffe c t m aterial re d u ction s
in th e o v e rh e a d expenses. T h e se e co n o m ie s aro b e c o m in g e ffo c t iv e a n d in
a s h o rt tim e w ill b e in fu ll o p e r a tio n .
S T A T E M E N T OF O P E R A T IO N S FOR F I S C A L Y E A R E N D . J U N E 30 ’ 1 6 .
N e t sh ip m en ts b illed f o r yea r e n d in g Ju n e 30 191 6----------------------- $ 1 ,7 5 1 ,3 6 5
R e p a ir s a n d ren ew als, $ 7 1 ,8 2 5 ; in v e n to r y a d ju s tm e n ts , $ 3 5 ,5 8 2 ;
m a n u fa c tu r in g c o s t , $ 1 ,4 5 7 ,2 9 8 ; t o t a l------------------------------------------* 1 ,5 6 4 ,7 0 j
M a n u fa c tu r in g p r o fit fo r y e a r e n d in g Ju n o 30 1 91 6------------------S e llin g exp en ses. $ 1 9 1 ,1 2 3 : ca st o f a d v e r tis in g a n d sales c a m
p a ig n , $ 3 8 ,8 1 6 ; a d m in is tra tio n exp en ses, $ 1 6 8 ,1 1 8 -------------------
$ 1 8 6 ,6 6 0
L os s fr o m o p e r a t io n ______________________________________________
D ed uct— I n t . o n b o n d s , $ 2 7 ,5 0 0 ; d is c o u n t o n sales, & c ., $ 1 5 ,7 5 3 ;
to t a l, $ 4 3 ,2 5 2 ; less d is c o u n t o n p u rch a se s, & c ., $ 1 9 ,1 5 2 ; b a l—
R e s e r v e fo r b a d a c c o u n t s ch a rg e d t o o p e r a t io n s -----------------------------
$ 2 1 1 ,3 9 7
L oss fo r y e a r en d in g J u n o 30 19 1 6 ----------------------------------------------E x tr a o r d in a r y ex p en d itu res c o n n e c te d w ith re o rg a n iz a tio n (tra n s
ferred fro m u n a d ju s te d d e b its a t J u n e 30 1 9 1 6 )--------------------------E x tr a o r d in a r y ex p en d itu res c o n n e c t e d w ith p a te n t su its (tra n s
ferred fr o m u n a d ju s te d d e b its a t J u n o 3 0 1 9 1 6 )---------------------------
$ 2 4 8 ,4 0 6
T o t a l loss fo r y e a r en d in g Ju n e 30 19 1 6 ---------------------------------------
$ 3 3 1 ,7 9 2
3 9 8 ,0 5 6
2 4 ,1 0 0
12,909
5 6 ,9 0 9
2 6 ,4 7 8
* In clu d es expenses a m o u n tin g t o $ 7 1 ,8 2 5 fo r rep a irs a n d ren ew als o f
p la n t a n d e q u ip m e n t. T h is bu rd e n w as n ece ssa ry b eca u se o f th e e ffe c t
o f th e p o lic y o f cu rta ilm en t a d o p te d u n d e r th e re ce iv e rsh ip a n d p r io r th e re to ,
a n d $ 3 5 ,5 8 2 , c o v e r in g an a m o u n t w ritte n o f f t o in v e n to r y a d ju s tm e n ts .
W e t o o k a d v a n ta g e o f u n u su al a d v a n c e in th e m e ta l m a rk e ts t o c le a r o u r
s t o c k o f a n y o b s o le te o r in a c tiv e m a te ria ls.
W o thus d is p o s e d o f m aterials
a t o n ly s lig h t losses fr o m in v e n to r y v a lu e s.
G E N E R A L B A L A N C E S H E E T J U N E 30.
1916.
1915.
1916.
( Assets concl.)
S
Assets—
$
Profit and loss----------x331,792
Real estate, plant &
equipm ent............. 1,335,557 1,296,226
T otal . .....................8,341,396
Stock In U . S. L . &
1
l i t . C o. o f M aine.
Liabilities—
S
Cosh and cash Items. 377,450
Com . stk. auth. &
Stockholders’ Protec.
actually Issu e d .y.3 ,778,250
25,000
C om ., cash cl’m ’d .
93,615 Pref. stk. auth. and
Cash realized.................. ..
actually is su e d .z .2,995,150
252,232
Bills & acc'ts recelv. 281,250
l s t M . s . f . 6 % bonds 1,000,000
D ue on treas. securs.
Accounts payable___ 142,890
under contr. o f sale 312,500
N otes payable______ 100,000
Treas. com . stk. for
443,605 Unmatured Items ac
sale realized net.....................
crued ____________
62,106
639,944
M at'Is & supplies___ 968,706
Special reserve, origi
Receivers U . S. L . &
nal property ac
90,924
|k H .C o . (M a in e ) ...
quirem ent_______ 263,000
98,000
D lsct. on fund. d eb t.
8,721
7,336
D eferred charges___
T o t a l .......................8,341,396
Patents & good w ill.4,602,419 4,601,424
7,425,308
$
3,778,250
2,705,150
b500,000
72,213
______
19,695
350,000
7,425,308
x F o r p a rticu la rs seo s ta te m e n t o f o p e r a tio n s a b o v e , y A ft e r d e d u c tin g
$ 2 2 1 ,7 5 0 c o m m o n s t o c k rea c q u ir e d a n d h eld in tre a su ry , z A ft e r d e d u c t
in g in 1916 $ 4 ,8 5 0 p referred s to c k r e a cq u ire d a n d h e ld in tr e a s u r y , a ga in st
$ 2 9 4 ,8 5 0 in 1915.
b A fte r d e d u ctin g in 1915 $ 5 0 0 ,0 0 0 u n issu ed.
N o te .— T h e assets a b o v e s ta te d d o n o t in clu d o a n y p o r t io n o f $ 1 0 0 ,1 5 0 p a r
v a lu e p referred s t o c k a n d $ 6 8 0 ,5 0 0 p a r v a lu e c o m m o n s t o c k cla im e d in
p e n d in g su its fo r a c c o u n tin g a ga in st th e s to c k h o ld e r s ’ p r o t e c tiv e c o m m itte e
a n d its c o u n s e l.— V . 101, p . 619 .
Intertype Corporation, Brooklyn, N. Y.
( Report f o r P eriod en din g J u n e 30 1916.)
President Ckas. D. Palmer, B’klyn, July 29, says in subst.:
T h e c o r p o r a tio n b egan business o n F e b . 4 1916 a n d th o fo llo w in g earn in gs
th erefore c o v e r a p er io d o f fiv e m o n th s la ck in g fo u r d a y s .
P r o fit s a n d m iscella n eou s in c o m e , a fte r d e d u ctin g c o s t o f m a n u
fa c tu re , a d m in is tra tio n , & c ., fo r th e p e rio d a fo r e m e n tio n e d , w ero $ 1 5 0,98 5
D e d u c t lib era l a llow a n ces fo r d e p r e c ia tio n , & c ., $31 ,2 5 0 ; fo r legal
39,8 5 3
a n d o th e r c o n tin g e n t exp en ses, $ 8 ,6 0 3 ____________________________
N e t su rp lu s fr o m F e b . 4 t o Ju n o 30 191 6_________________________ $11 1,13 2
D iv id e n d s o q $ 1 ,0 0 0 ,0 0 0 fir s t preferred s to c k ( 4 % ) ------------------------- 4 0 ,0 0 0
B a la n ce , su rp lu s, a fte r d e d u ctin g firs t preferred d iv id e n d s ---------$ 7 1 ,1 3 2
A s a p a rt o f th e p r o p e r t y a cq u ire d b y th o c o r p o r a t io n b y p u rch a se , it
c a m e in to p ossession o r a large a m o u n t o f n otes a n d a c c o u n ts re c e iv a b le
rep resen tin g d eferred a m ou n ts d u e o n a c c o u n t o f sales o f m a ch in e s, s u p p lie s,
& c ., m a d e p rior t o F e b . 4 1916. A s o f Ju n e 30 1916, th o a m o u n t o f n otes
a n d a c c o u n ts r e c e iv a b le , o f w h ich th e a b o v e -m e n tio n e d fo rm a p a r t, aggre
g a te d $ 9 1 6 ,0 4 5 . T h e se are ca rried o n th o b o o k s a t $ 8 4 5 ,1 8 4 , th o d iffe re n ce
o f $70 ,861 bein g a reserve a gain st bad d e b ts , losses, & c.
D u rin g this periou a d d itio n s t o p la n t h a v e been m a d e a t a c o s t o f $ 3 0 ,0 0 0 ,
o f w h ich 4 0 % has been ch a rg e d t o o p e r a tin g expen ses.
T h o m o s t n o ta b le a ch ie v e m e n t d u rin g th o p e r io d u n d er ro v io w has b o o n
th o s ta n d a rd iz a tio n o f tho three m o d e ls m a n u fa ctu re d b y th e c o r p o r a t io n .
T h is s ta n d a rd iz a tio n has en a b le d th o c o r p o r a tio n t o o ffe r to th o tra d e these
th ree m o d e ls , a n y o n o o f w h ich ca n b o c o n v e r te d in to a n y o th e r— an a d
v a n ta g e possessed b y n o o th e r m a ch in es p e r fo rm in g sim ilar fu n c tio n s .
B A L A N C E S H E E T J U N E 30 1916.
A s s e ts {T otal, $ 2 ,7 8 5 ,2 7 3 )—
P la n t a c c o u n t, $82 4 ,3 1 3 ; less, reserve fo r d e p r e c ia tio n , $ 3 1 ,2 5 0 ,
and p a ten ts, $ 5 0 ,0 0 0 ________________________________________- - - - - $ 8 4 3 ,0 6 3
C a s h , $ 3 7 5 ,0 6 2 , an d n otes an d a c c o u n ts re ce iv a b le , $91 6 ,0 4 5 ; less
reserve, $ 7 0 , 8 6 1 . . . ..............................- ...................- - - r - ....................... 1 ,2 2 0 ,2 4 6
711 ,367
In v e n to r ie s: R a w m a teria l, w o rk in pro ce ss an d fin is h e d ----------P r e p a id ex p en ses_____________________________________________________
10,597
L iabilities (T otal, $ 2 ,7 8 5 ,2 7 3 )—
F irst p re f. s t o c k , a u t h ., $ 1 ,5 0 0 ,0 0 0 ; issu ed, $ 1 ,0 0 0 ,0 0 0 ; 2 d p r e f.,
c o n v e r t ib le , au th oriz ed an d issu ed , $ 1 ,0 0 0 ,0 0 0 ________________ $ 2 ,0 0 0 ,0 0 0
C o m m o n s t o c k , n o p ar v a lu e , a u th o r iz e d , 4 0 ,0 0 0 sh ares, less
10,000 shares reserved fo r co n v e r s io n o f 2d p r e f. a n d 10,000
shares issued an d in tre a s u ry ____________________________________
6 5 0 ,0 0 0
A c c o u n ts p a y a b le , $3 5 ,5 3 7 ; 1st p r e f. d iv . (p a id J u ly 1 191 6),
$ 2 0 ,0 0 0 ; reserve fo r legal an d o th e r c o n tin g e n t e x p ., $ 8 , 6 0 3 . .
64,141
Surplus a c c o u n t: N e t p r o fit F e b . 4 t o Ju n o 30 1916, $ 1 1 1 ,1 3 2 ;
less, tw o q u a rterly d iv id e n d s o n 1st p r e f. s t o c k , p a y a b lo A p ril 3
a n d J u ly 1 1916 ( 4 % ) , $ 4 0 ,0 0 0 ........ ................ ........................................$ 7 1 ,1 3 2
C o m p a re s to c k o ffe r in g , V. 103, p . 761.
American Cyanamid Company.
(4Ih A n n u a l R eport— Y ea r ended Ju n e 30 1916.)
Pres. Frank S. Washburn, Aug. 1916, wrote in substance.'
O pera tions.— O n J u ly 1 1915 th o p la n t , in k e e p in g w ith th o m a rk e t d o m a n d fo r th o c o m p a n y ’s p r o d u c t , w as o p e ra tin g o n th o basis o f a b o u t th roooigh th s c a p a c ity . A s co n d itio n s g r a d u a lly im p ro v e d th o ra to o f o p e ra tio n
w a s in crea sed u n til at th o begin n in g o f 1916 fu ll o p e ra tio n s, su sp en d ed sin co
A u g u s t 1914, w ere rosu m od . I t w ill th e re fo re b o seen th a t o f th o tw e lv e
m o n th s u n d er rev iew o n ly six r o flo c t th o resu lt o f fu ll sca lo o p e ra tio n s.
E xten sion s. — A rran g em en ts h a v e been m a d o fo r s o e n la rg in g th o prosen t
liq u id air p la n t as t o p erm it o f o b ta in in g fro m th is so u r c e a ll th o m itro g o n gas
req u ire d an d th u s m a k e it p r a c tic a b le t o a b a n d o n th o use o f th o c o s t ly and
r e la tiv e ly in e ffic ie n t gas p r o d u c e d b y th o n ow o b s o le te o rig in a l co p p e r o x id
p la n t . T h o se exten sion s, tho c o s t o f w h ich w ill b o p a id o u t o f earn in gs, tiro
n o w w ell u nd or w a y a n d w ill bo c o m p le te d in a fo w m o n th s . A t this w ritin g
th o c o m p a n y is co m p le tin g a n d p la c in g in o p e ra tio n a s m a ll exp erim en ta l
fa c to r y in th o v ic in it y o f N e w Y o r k C it y t o tr y o u t on a co m m e r c ia l scalo
th o p rocess fo r th o p r o d u c tio n o f n itric a cid fro m cy a n a m id . T h is p la n t
w ill b e ca p a b le o f p r o d u cin g a p p ro x im a te ly t w o to n s o f n itric a cid per d a y .
Sales anil S h ipm ents.— Salas fo r th e fis c a l y e a r 1915-16 a m o u n te d t o
50,7 7 4 to n s , a g ain st 2 2 ,8 7 6 to n s fo r 1914-15, w h ile sh ip m en ts fo r 1915-16
a m ou n ted t o 4 2 ,9 5 6 ton s , a gain st 23,7 5 8 to n s fo r 1914-15. T h o u n fille d
c o n tr a c ts as o f Ju n o 30 1916 a m o u n te d t o 2 1 ,3 0 8 to n s , e q u iv a le n t to th o
m a n u fa ctu re d s to c k on h an d a t th a t d a te , p lu s tw o m o n th s ’ f u ll sca lo p r o
d u c tio n .
Balance Sheet.— T h e item “ fo u n d in g an d p r o p a g a n d a " u n d e r assots,
a m ou n tin g on Ju n e 30 1915 to $ 2 3 0 ,9 5 6 , has boon ch a rg e d o f f t o su rp lu s
accou n t.
In N o v . 1915 th o b o n d issu e w as re tired an d c a n c e le d . C u rr o n t
liab ilities h a v o been decreased $ 3 4 4 ,9 0 8 , an d a p la n t d e p re cia tio n a c c o u n t o f
$ 2 9 5 ,0 0 0 h as bo o n esta b lish ed , $ 1 9 5 ,0 0 0 o f w h ich c o v o r s d e p re cia tion
up t o Ju n o 30 1915.
,
„„„
R esults.— -The not oarnings a fte r ch a rgin g d o p r o c ia tio n o f $1 0 0 ,0 0 0
am o u n te d t o $ 3 7 6 ,3 9 1 , e q u iv a le n t a fte r th e p a y m o n t o f th o cu rron t d iv id e n d s
on preferred s to c k t o 7 .2 % o n th o o u ts ta n d in g c o m m o n s to c k .
G en eral.— D u rin g th o fis c a l ye a r ju s t en d ed t w o d e v e lo p m e n ts h a v o tr a n s
p ire d , th o e ffe c t o f w h ich w ill bo t o la r g e ly e x te n d th o c o m p a n y ’s a c tiv itie s
a lo n g p r o fita b le lines: (1) E x e cu tio n o f c o n tr a c ts w ith tho A m m o -P h o s
C o r p o r a tio n w h e r e b y c y a n a m id o r lim o n itro g e n w ill b o su p p lie d fo r th e
m a n u fa ctu re o f a m m o n iu m p h o sp h a te and u n d or w h ich th o A m erica n
C y a n a m id C o . is g iv e n th o o p tio n o f a cq u irin g th o on tiro c a p ita l s to c k o f
th o A m m o -P h o s C o r p o r a tio n ; (2) m ak in g o f a sales c o n t r a c t e x te n d in g o v e r
a p o rio d o f ye a rs w ith a n o th e r la rgo m a n u fa ctu re r fo r th o fu rn ish in g o f
c y a n a m id o r lim o n itro g e n fo r th o p u rp ose o f p r o d u cin g a m m o n ia .
T h o U. S. C on gress has a p p ro p r ia te d $ 2 0 ,0 0 0 ,0 0 0 fo r th o b u ild in g o f a
p la n t t o insuro th o G o v e rn m e n t in tim e o f w ar an a d e q u a te s u p p ly o r n itric
a c id . M a n y p la n s are u nd er co n s id e r a tio n , and a m o n g thorn o n o fo r th e
e m p lo y m e n t b y th o G o v o rn m o n t o f c y a n a m id as tho a m m o n ia so u r c o in
th o o x id a tio n o f am m o n ia t o n itric a c id . T h e s u b jo c t is u nd er in v e s tig a tio n
b y ce rta in G o v e rn m e n t bu reau s, a n d it w ill bo a n u m b or o f m o n th s b o fo ro
a n y th in g is d e te rm in e d u p o n .
P R O F IT A N D LOSS A C C O U N T FOR Y E A R E N D E D J U N E 30 1 91 6.
Sales, $ 1 ,9 3 6 ,8 1 6 ; less allo w a n ce s an d fre igh t o n sales, $ 5 5 ,2 3 4 . .$ 1 ,8 8 1 ,5 3 2
M a n u fa c tu r e d s to c k o n h an d Ju n e 30 1915, a t c o s t , $ 2 3 4 ,7 2 0 ;
c o s t o f s to c k m a n u fa ctu re d , $ 1 ,1 6 5 ,1 8 9 ; to t a l, $ 1 ,3 9 9 ,9 0 9 ;
loss m a n u fa ctu re d s to c k o n h an d Ju n o 30 1916, a t c o s t ,
$ 2 3 3 ,8 7 0 , an d d o b it bags an d sh ip p in g expen ses, $3 1 ,2 6 9 ; to ta l 1 ,1 9 7 ,3 0 8
G ross p r o f it fo r y e a r en d in g Ju n e 30 1916----------------------------------D educt— A d m in istra tio n expensos, $54 ,6 8 2 ; se llin g , $45 ,8 4 0 ;
tech n ica l, $ 8,137; su spen sion o f o p e ra tio n s , $ 7 8 ,3 3 2 ; an d in tc re st, ta xes, rosoarch, & c ., $ 4 6 ,0 1 4 --------------------------------------------Iteservo fo r d e p re cia tio n an d d e p le t io n -------------------------------------------
$ 6 8 4 ,2 2 4
N o t p r o f it o n sa le s_________________________________________________
A d d m isce lla n e o u s e a rn in gs_________________________________________
$35 1 ,2 1 8
35,173
N e t p r o fit fo r th o y e a r o n d in g Ju n o 30 191 6-------------------------------
$37 6 ,3 9 1
2 3 3 ,0 0 6
100 ,000
I N C O M E A C C O U N T FOR Y E A R E N D I N G J U N E 3 0 .
1912-13.
1913-14.
1914-15.
1915-16.
N e t m fg . p r o fit s (seo
$18 9,10 9
$33 2 ,2 6 2
$58 ,466
$376,391
a b o v o ) ________________
7,6 7 3
C r. 117
C r. 9 .1 0 6
M is c e lla n o ’s n e t charges
144,365
189,696
196,578
P r o f, d iv id e n d s , 6 % ____
B a la n ce , s u r p lu s _____
P re v io u s s u r p lu s ________
$18 8,91 9
238 ,3 6 5
$58 ,5 8 3
179,781
$ 1 3 4 ,8 9 3
4 4 ,8 8 8
$ 44 ,744
144
T o t a l ................................
D o p r e c ’n , & c ., r e s e r v e ..
$ 4 2 7,28 4
195,000
$ 2 3 8 ,3 6 4
$ 1 7 9 ,7 8 1
$ 44 ,888
T o t a l s u r p l u s -------------
$ 2 3 2 ,2 8 4
$23 8 ,3 6 4
$17 9,78 1
$ 44 ,888
B A L A N C E S H E E T J U N E 30.
1915.
1916.
1915.
1916.
Liabilities—
$
$
Assets—
$
S
Lands, bldgs., &c ..2,342,811 2,293,717 Com m on s t o c k ____2,500,000 2,500,000
N otes & accts. rec’lo 183,737
92,033 Preferred stock____ «3,276,300 3,276,300
442
68,079 Scrip certificates-----C a sh ................... 210,006
48,464
76,367
Inventories____ 352,501
491,311 Accounts payable . .
056,000
Advance paym ’ ts, &e
47,169
---------- Notes payablo______ 150,000
98,289
Llccnso, patents, Ac.3,526,917 3,543,475 Pref. dlv. July 1____
34,900
Found’g & propogan.
______
230,955 Acer. Int., taxes, &c
D eprec’u, & c., rcs’vo 295,000
238,304
Surplus ___________ 232,284
Total
.................... 6,663,140 6,719,570
Total
.................... 0,603,140 6,719,570
* P r o f, s to c k a u th o riz e d , $ 1 2 ,0 0 0 ,0 0 0 , an d issu ed, $ 3 ,2 7 6 ,3 0 0 . A c c u m u
la ted d iv id e n d s o n p re f. s to c k t o J u n o 30 1916, $ 1 9 6 ,5 7 8 .— V . 101, p . 692 .
P. Lyall & Sons Construction Co., Ltd., Montreal.
(4th A n n u a l Report— ■Y ea r en d in g M a r c h 31 1916.)
Pres. William Lyall, Montreal, May 25, says in substance:
R esults.— T h o results a tta in e d sh o u ld b o s a tis fa c to r y t o th o shareh olders,’
ta k in g in to co n s id e ra tio n th o depression w h ic h has e x is te d d u r in g th e p a s t
y ear th ro u g h o u t th o D o m in io n , a n d also th a t o n ly f iv o m o n th s p r o d u c tio n
w as o b ta in e d fro m o u r m u n itio n d e p a rtm e n t. T h o c a p a c it y or th o fir s t
u n it o n ly b e in g rea ch ed d u rin g th o last t w o m o n th s o f th is p o r io d .
T h o gross earnings a m o u n te d t o $ 2 3 4 ,6 4 4 , fr o m w h ich w as d e d u cte d
b o n d Interest a n d p re f. s t o c k d iv id e n d s , a m o u n tin g t o $ 1 6 0 ,2 7 2 , le a v in g a
ba la n ce o f $ 7 4 ,3 7 2 . F r o m this a m o u n t w as a p p ro p r ia te d tho sura o f $ 4 2 ,
000 fo r s in k in g fu n d b o n d re d e m p tio n , m a k in g a to ta l o f b o n d s re d eem ed
to d a te $ 1 1 9 ,5 0 0 , le a v in g a b a la n ce ca rrie d fo rw a rd t o p r o fit a n d loss a c
c o u n t o f $ 3 2 ,3 7 2 , an d b rin g in g th o surplus u p to d a to $ 1 1 5 ,2 0 3 . 1 la n t
a c c o u n t has been re d u ce d b y 8 1 1 0 ,0 0 0 , a n d th e ite m o f o rg a n iz a tio n o x p e a se has a lso been w ritten o f f, a m o u n tin g t o $ 1 4 ,2 3 3 .
I t w ill b o n o te d th a t p la n t a c c o u n t has been Increased b y a s p e cia l e x
p e n d itu re fo r th e pu rch ase o f m a ch in e ry fo r a d d itio n a l shell orders to b o
c o m p le te d d u rin g th o ye a r 1916, b u t w h ich w as n o t in o p e ra tio n dur ng th o
term o f th o fis ca l y e a r. O n th is o x p o n d ltu ro y o u r c o m p a n y is fu lly p r o
te c te d fro m a n y loss.
. . .
,
.
In a d d itio n t o th o largo a m o u n t o f m u n itio n c o n tra cts o n h a n d , y o u r
c o m p a n y has been a w a rd e d th o c o n t r a c t t o r e c o n s tru ct th o P a rlia m e n t
b u ild in g s in O tta w a .
P R O F IT A N D LOSS A C C O U N T A S A T M A R C H 31 1916.
1915-16. 1914-15.
1915-16. 1914-15.
N et, after taxes, & c..$234,044 S209.678 For s. f . bond redomp $42,000 $40,000
$6,693
liornl Interest________
69,272
71,984 Balance surplus______ $32,372
82,831
Pref. dividend ( 7 % ) - - 91,000
91,000 Total surplus________ 115,203
F IN A N C IA L S T A T E M E N T A S A T M A R C H 31.
1915.
1916.
Liabilities—
1916.
1915.
$
$
S
$
Cum. pref. stock. 1,300,000 1,300.000
1,172,8091 1,177,425 Common stock ___ 1,750,000 1,750,000
376,194/
6% 1st M . bonds. 1,130,51/0 1,172,500
M ach. & bldgs___
191,227
74,818
5,269
5,209 Open accts. p a y ..
Furniture & flxt’s .
438,117
Sub-contnvc.bal.,&c. 311 ,S2S
Patents, rights,
517,030
034,028
1,783,510 1,783,510 Bills payablo, A c .
good-will, A c ..
11,305
11,725
1,523
64,333 Acer, bond Interest
Cash on hand____
15,167
15,107
76,177
232,282 Accrued dividends
Deposits on contr.
9,925
9,000
Bonds wl ,h trustee
S. F. bond redemp.
77,500
119,500
5,220
Bills re ceiva ble.-.
Profit and loss___
82,831
115,203
G ovt, certificates
30,703
of Indebtedness.
1,233,997 1,101,393
938,508
510,794
Open accts. recelv.
170,768
235.745
M a t’l on hand, &c.
33,602
23,820
M iscellaneous------
Assets—
Real estate, plants.
T o t a l .................. 5,461,701
4.
5,507,210
T o t a l .................. 5,461,701
5,567,210
The Montreal Cotton Co,
31 1915.)
President S. II. Ewing says in substanco:
(Report f o r F isca l Y ea r en ding D e c .
O ur c o m p a n y m a n u fa ctu re s, a lm o s t e x c lu s iv e ly , c o t to n fa b r ic s in s o ld
c o lo rs re q u irin g a n ilin e d y e s a n d ch e m ica ls e x te n siv e ly . T h e p r ice o f
these su p p lie s has been e n o rm o u s ly in fla te d o w in g to tho w a r, a n d th o c o m
p a n y has n o t been a b le to a d v a n c e p rice s s u ffic ie n tly to m eet th e increased
c o s t a n d a t th e sa m e tim e to co n s id e r tho tr a d e . T h e gonoral business a n d
th o d e m a n d fo r Its p r o d u c ts has e x p erien ced a m a rk e d im p ro v e m e n t, as
sh o w n in the in crea se o f sales o v e r th o se o f last y e a r .
T h e d iv id e n d o n th o preferred shares, 7 % , has boon d e cla re d , a n d , also a
d iv id e n d o f 4 % o n th o c o m m o n shares. T h o usual d e p r e c ia tio n , b o n d in
t e r e s t, reserves a n d in su ran ce, in clu d in g th a t o f th o p o lic y o f $ 4 0 0 ,0 0 0 to
B A L A N C E SH E E T D E C . 31.
secu ro d iv id e n d s in th o e v e n t o f fir e , h a v o been p r o v id e d fo r , a n d a surplus
^
^
0^ t o v I ° b S S ^ n W ^ i n f f i i l « a t c o n d it io n an d a fu r th e r e x
ten sion is a lm os t co m p le te d fo r th o m a n u fa ctu re o f a b s o r b e n t g a u z e , w h ich
w ill b o in o p e r a tio n du rin g tho su m m er.
R E S U L T S FOR C A L E N D A R
YEAR.
Assets—
1915.
1914.
S
S
1915.
1914.
$
S
LiabilUies—
C a s h ................................... 1 ,0 7 8 ,2 5 4
5 1 2 ,7 7 9
A c c t s . & b ills r c c e i v . 1 ,5 9 3 ,1 7 7 1 ,3 3 5 ,6 9 4
• P r o p e r t y & p l a n t . . 3 , 2 3 2 ,3 0 6 3 ,3 6 7 ,9 2 5
M a t e r i a l s , & c _______ 2 ,4 2 4 ,1 6 2 2 ,5 7 9 ,7 9 0
In su ra n ce a n d ta x es
In a d v a n c e _________
2 ,8 5 9
1 3 ,3 4 4
C a p i t a l s t o c k i s s u e d .4 , 9 9 2 ,7 0 0 4 , 9 9 2 , 7 0 0
2 5 2 ,1 9 3
2 7 3 ,3 8 0
A c c o u n t s p a y a b l e ___
D i v . p a y a b le J a n . 1 0 2 9 9 ,5 6 2
8 7 ,3 7 2
C o n t r a c t s In p r o g r e s s 2 1 2 ,5 2 7
1 4 3 ,5 9 1
R e s e r v e s _____________
7 5 0 ,0 0 0
7 5 0 ,0 0 0
P r o f i t a n d l o s s ........... 1 ,8 2 3 ,7 7 5 1 ,5 6 2 ,4 9 0
T o t a l ...........................8 ,3 3 0 ,7 5 7 7 ,8 0 9 ,5 3 3
T o t a l ...........................8 ,3 3 0 ,7 5 7 7 ,8 0 9 ,5 3 3
1915.
$ 3 ,0 5 5 ,3 6 7
951 ,1 1 7
1914.
$ 2 ,2 9 1 ,8 8 5
1 ,202,882
1913.
$ 3 ,0 1 7 ,7 0 4
1 ,1 0 0 ,8 9 5
,00006,4
,48844
T o fa l
________________________- $$44,0
1,202,882
1,2
0 2 ,8 8 2
C lo t h s to c k ,"b e g in n in g o f y e a r -----------
$ 3 ,4 9 4 ,7 6 7
1,1 0 0 ,8 9 6
$ 4 ,1 1 8 ,5 9 9
805 ,3 6 0
2 ,8
3 ,6
0 30,0
0 20 2
B a l a n c o .......... - ........... - ..........................$ 2$,8
D ed uct—
___________ ..
„„
$ 1 ,9 2 2 ,0 4 6
295 ,4 9 0
76,167
Salaries an d general expenses, & c ------115,000
8 2 ,3 9 3 ,8 7 1
$ 3 ,3 1 3 ,2 3 9
$ 1 ,6 7 8 ,1 0 3
267 ,6 9 0
7 9 ,6 5 7
$ 2 ,4 4 3 ,9 0 5
2 91 ,649
79,508
115,000
GENERAL INVESTMENT NEWS
$ 2 ,4 0 8 ,7 0 3
$39 4,89 9
12,887
$ 2 ,0 2 5 ,4 5 0
$36 8,42 1
13,051
$ 2 ,9 3 0 ,0 6 2
$ 3 8 3,17 7
12,136
RAILROADS, INCLUDING ELECTRIC ROADS.
Algoma Central & Hudson Bay Ry .— R ep o rt.—
$ 4 0 7,78 6
$53 ,7 7 7
3 3 0 ,0 0 0
$38 1 ,4 7 2
$ 44 ,166
3 3 0 ,0 0 0
$ 3 9 5,31 3
$47 ,0 5 4
3 3 0 ,0 0 0
$ 2 4 ,0 0 8
$ 7 ,3 0 0
$ 1 8 ,2 5 9
C lo th in p r o c e s s .
F a rm ren ts, & c .
B a la n ce , su rp lu s.....................................
1915.
1914.
1914.
Liabilities—
S
S
S
S
AssetsM ill .land .p ow er ,& o .4 ,209,721 4 , 180,614 C a p i t a l s t o c k ..............3 ,0 0 0 ,0 0 0 3 ,0 0 0 ,0 0 0
8 5 6 ,6 6 4
8 7 9 ,8 3 2
3 9 3 ,1 6 8
3 3 6 ,6 4 1
B ills p a y a b l e _________
________
5 5 ,0 3 8
A d v a n c e s ..........................
7 0 7 ,9 9 9
inTekn S S ’* ^ - : :: : 2 .6 0 4 :S 73 l I K
3 1 ,8 0 6
8 4 ,0 7 5
8
7 5 I n d i r e c t li a b i li t ie s ___
B ills r c c . ( d i s c o u n t ) .
3 1 ,8 0 6
c 4i ,0n7K
2 9 7 ,7 6 7
2 9 7 ,5 6 9
1 4 ,1 7 9 S a le s g u a r a n t e e ______
M i s c e l l a n e o u s ..............
1 2 ,0 0 /
I n s u r a n c e r e s e r v e ___
3 0 3 ,4 5 8
3 0 3 ,4 5 8
S u r p l u s ...........................2 ,1 9 4 ,1 7 8 2 ,1 7 0 ,1 7 0
E m p lo y e e s’
f*n«h
T ota l
cotta g es 2 11 ,39 o
-1,811
........... . . . 7 , 8 7 5 , 0 4 1
J H .3J5 B o n d s .............................
'iU* O p e n a c c o u n t ________
7 ,1 2 6 ,7 8 3
T o t a l ...........................7 ,8 7 5 ,0 4 1
7 ,1 2 6 ,7 8 3
— V . 102, p . 890 .
United Cigar Stores, Ltd., Toronto.
(First A n n u a l Report— Y ea r en ding M a y 31 1916.)
Pros. W . B. Reid, Toronto, Juno 26, says in substance:
T h is en m n an v is a h o ld in g c o m p a n y ; th o a cco u n ts deal o n ly w ith i
.
s u b sid ia ry c o m p a n ie s a n d th o in c o m e d e r iv e d iro m these
in v estm en ts
D u rin g th e p e rio d th o c o m p a n y re ce iv e d an in c o m e fr o m Its
in v estm en ts,
i^u rju s
1
„„
o f w j,ic h d iv id e n d s o n th o issued
^ e f w r e d ^ t o c k at tlio ra te o f 7 % p e r a n n u m w ero p a id , a m o u n tin g t o $ 3 7 ,? 5 8 ? A f t e r p r o v h l ln g f o r e x e c u tiv e a n d a d m in is tra tiv e expen ses, a b a la n co
° f T h o ’accoun<ts\Vf Uto op e ra tin g c o m p a n y fo r th o y e a r e n d in g A p r il 30 1916
s h ow th a t th e gross sales o f th o retail stores a m o u n te d t o $ 8 8 1 ,9 6 8 , a ga in st
S K a 3 2 7 last y e a r, b ein g an increase o f $ 3 2 8 ,6 4 1 , e q u iv a le n t t o 5 9 %
T l i o ’ c u stom ers served b y th o o p e ra tin g c o m p a n y n u m b e re d 4 ,6 1 6 ,0 6 9
a g ain st 3 ,2 2 6 ,9 8 9 , an increase o f 1 ,3 8 9 ,0 8 0 , e q u iv a le n t t o 4 3 % .
W o aro a t presen t o p e ra tin g a n u m b e r o f s to r e s a n d s u b -b ra n ch e s in T o
r o n t o , M o n tr e a l an d v ariou s o th e r to w n s a n d c itie s in O n ta r io . O u r p r o
g ram o f exten sion fo r th o im m e d ia te fu tu ro c o m p rise s th o o p e n in g o f a d d i
tio n a l stores In b o th O n ta rio an d Q u e b e c a n d v a rio u s pla ce s fu r th e r w e st.
O u r p o lic y in tills re s p e ct, h o w e v e r, w ill b o g o v e r n e d b y o u r a b ilit y t o s ecu re
s u ita b le sites o n lo n g leases a t m o d e r a te ron tals.
. ,
.__
T h o op era tion s o f th o T a m b ly n D ru g S to re s, L t d ., in w h ich c o m p a n y w o
h a v o a s u b sta n tia l in v e stm e n t, r e p o rt fo r th o y e a r e n d in g D e c . 31 l J i o
gross sales, $ 4 3 8 ,6 4 2 , an increaso o f $ 3 1 ,9 4 5 .
n u , n , w B m n ita l
D u r in g th o p e r io d wo h a v o a cq u ire d th o o w n ersh ip o f a ll H*S^
n n em tin g
o f tw o largo cig a r m a n u fa ctu rin g co n ce rn s , w h ic h ^ m p a m r a aro o p w a t ln g
fo u r fa ctories fo r th e m a n u fa ctu re o f cig a rs, & c ., a ™* . " 6
SSrt her e xin g in th o n e ig h b o r h o o d o f 400 p e o p le a n d aro c a p a b le , w itlm u t rurtner x
ten sion , o f an o u t p u t o f 2 4 .0 0 0 .0 0 0 cigars p er an n u m .
^ fa c to r ie s
aro lo c a te d in F a rn h a m , Q u o ., S t. C e sa ire , Q u e .,L o n d
,
•> .
sj,o w n
sor O n t
S in ce a ca u lrin g thoso fa cto rie s their m o n th ly o u t p u t lias sn ow n
arT in crea so ra n g in g fro m 9 0 t o 1 0 0 % . T h ro u g h o u r o w n ersh ip o f these
f a c t o r i S w o aro a b le t o c o n tro l th o m a n u fa ctu re o f a n u m b e r o f v e r y v a lu a
b le an d p op u la r bran d s, so m e o f w h ich aro ow n e d b y th o U n ite d C ig a r S to re s,
L t d ., a n d oth ers b y th o fa cto rie s .
I N C O M E A C C O U N T FOR P E R IO D E N D I N G M A Y 31 1916
In terest a n d d iv s . r e c e iv e d ..$ 5 2 ,2 9 0 N e t in c o m e ..................................$ 5 1 ,2 7 4
E x p e n s e s _____________________
1,016 P referred d iv id e n d s _________ 3 7 ,7 5 8
N e t in c o m e .......... .................. $51 ,2 7 4
See r e p o r t o f L a k e S u p erior C o r p . o n a p r e v io u s p a g e .— V . 102 , p . 2 3 8 .
Algoma Eastern Railway.— R ep o rt.—
See r e p o r t o f L a k e S u p erior C o r p . o n a p r e v io u s p a g e .— V . 102 , p . 2 3 8 .
Antofogasta (Chile) & Bolivia Ry. Co., Ltd.— N o te s P u r
P. Morgan & Co., Kulin, Loeb & Co., the Na
tional City Bank and the Guaranty Trust Co. have pur
chased, with the intention of selling the same, $3,U(A),UOU
2-year 6 % notes of this railway, a company registered under
the English Companies Act Nov. 27 1888.
ch a sed . — J.
B A L A N C E S H E E T D E C . 31.
1015.
* C on sists o f H a m ilto n (in c lu d in g air-b ra k e an d e le ctr ic p r o p e r tie s , real
e sta to , gen eral o f f i c e b u ild in g , e q u ip m e n t, su n dries an d p a te n ts , rig h ts a n d
lic e n s o s ), $ 3 ,1 7 2 ,3 0 6 , an d W in n ip e g (in clu d in g real e sta te a n d b u d d in g s fo r
o ffic e s a n d w areh ou ses) $ 6 0 ,0 0 0 .— V . 102, p . 1348.
B a la n co , su rp lu s___________ $ 1 3 ,5 1 6
B A L A N C E S H E E T A S OF M A Y 31 1916 ( Total Each Side $ 3 ,3 6 2 ,2 6 6 )
In v estm en ts — . . . - - — .$ 3 ,1 9 0 ,0 8 0 P referred s t o c k ___________ $ 1 ,2 8 5 ,0 0 0
C o m m o n s t o c k ____________ 2 ,0 0 0 ,0 0 0
S u n d ry d e b to r s , in c l. ban k
P a y m e n t o n su b scrib e d
b a la n c o ................................
s to c k n o t a llo t t e d _______
6 3 ,5 0 0
O rg a n iz a tion ex p e n s e ------4,8 1 2
U n d iv id e d su rp lu s________
13,516
E s t. a ccru e d e x p e n se s____
250
D ir e c t o r s 1 W B . R e id (P r e s .), L . W . Fraser ( V . - P .) , I I . S tu a rt W a t t s ,
F M . D ew ati (S e c.) an d P . T ils to n ( T r c a s .). See p re fe rre d s t o c k o ffe r in g
in V . 102, p . 257 .
Canadian We3tinghoU3e Co., Limited.
T h e n o to s aro se cu re d b y sp ecial d e b e n tu re s to c k h a v in g a presen t m ark et
v a lu a tio n o f o v e r S 3 .8 0 0 .0 0 0 . T h e c o m p a n y has o u ts ta n d in g (a) ca p ita }
s t o c k , v iz .: £ 2 ,0 0 0 ,0 0 0 o f d e fe rre d o rd in a ry s t o c k , £ 2 ,0 0 0 ,0 0 0 preferred
o rd in a ry s to c k and £ 2 ,0 0 0 .0 0 0 5 % cu m . p re fe re n ce s to c k ; (5) d eb en tu re
s to c k listed on th e L o n d o n S to c k E x ch an ge as fo llo w s : 4 % p e rp e tu a l d o b
s t o c k . £ 1 .0 0 0 ,0 0 0 ; 4 1 4 % d e b . s t o c k red eem a b le £1,0 0 0 ,0 0 0 ; 5 % d e b . s to c k
red. £ 1 ,5 0 0 .0 0 0 , and 5 % (B o liv ia ) d e b . s to c k re d . £ 6 0 0 ,0 0 0 . T h o c o m m o n
s t o c k ( “ d e fe rre d o rd in a r y s t o c k " ) h as re ce iv e d d iv id e n d s o f fro m 5 t o 11 %
p e r an n u m fro m 1904 t o th o p resen t tim e .
I t is n o w q u o t e d in L o n d o n
a t a ro u n d 1 30 % p er share.
Bangor & Aroostook RR.— E a r n s, f o r
June
30
Y e a r s .—
Ju n e 30
O perating
N et
Other
In terest,
D ie s .
B a lan ce,
Y ear—
R evenue. E a rn in gs. In com e. T a xes, <&c.
(3 % )
S u rp lu s.
1915-16
S3 748 004 $ 1 ,3 8 9 ,7 9 8 $25 6 ,0 6 7 $ 1 ,4 0 5 ,2 5 6 $ 1 0 3 ,4 5 8 $ 1 3 7 ,1 5 0
i 9 i t i 5 : : : 3 : 7 4 7 :9 7 3
1 :4 0 2 :2 5 4
2 0 3 ,3 0 7
1 ,3 7 9 .0 7 1
1 0 3 ,4 5 s
1 2 3 ,0 3 2
— V . 102, p . 2 25 3, 1810.
Boston & Maine RR.— T em p o ra ry Receiver A p p o i n t e d . —
Judge Putnam in the U. S. Circuit Court at Boston on
Aug. 29 appointed President Hustis as temporary receiver
of tho road. The Judge then withdrew from the case, owing
to tho filing of an affidavit by Attorney Asa P. French, on
behalf of Francis V. Streeter, a stockholder, charging bias
on tho part of Judge Putnam.
Sco also Connecticut River RR. and Vermont Valley KK.
below.— V. 103, p. 757, 604.
Brooklyn Rapid Transit Co.— M a tu r in g B o n d s .—
S co N . Y . C o n s o lid a te d R R . — V . 103, p . 40 1 , 238.
W a g e s . — The company announced on Aug. 29 a general
increaso in the wages of its employees in the transportation
department, effective Sept. 1, in recognition of the loyalty
displayed during the recent attempts of outsiders to stir
up dissatisfaction. The increases affect 9,216 employees,
from car cleaners to superintendents, and will cost the com
pany about $650,000 a year. An official statement says:
T h o new ra te s fo r m o to rm e n ran ge fro m 2 6 c. t o 42 % c - an h o u r , th e m in i
m u m ra te a p p ly in g t o beginners o n th o s u rfa co lin es an d th e m a xim u m t o
th o s e in serv ice o v e r 10 years o n th e e le v a te d a n d s u b w a y lin es, th e rates
g r a d u a lly in crea sin g t o th e m axim u m a cco rd in g t o th e yea rs o l service.
E le v a te d a n d s u b w a y m o to rm e n w ill co n tin u e t o b e ch o se n fr o m th o s e
h a v in g g o o d re co rd s o n th o s u rfa co lines.
The p resen t tu n e, a llow a n ces
are a lso c o n tin u e d w h e re b y o n th e s u rfa ce lin es c o n d u c to r s a n d m o to rm e n
w o rk in g o v e r eigh t h ou rs a d a y b u t less th a n ten are p a id fo r ten h ou rs
w o rk , and o n tlio e le v a te d an d su b w a y lines m o to rm e n , c o n d u c to r s a n d
gu ards w o rk in g o v e r oven h ours and iess th an ten h ours r e ce iv e teu bra. p a y .
Rates {Cents) per H ou r f o r A ll M otorm en , also Conductors^of^Surface L in es
m
W
N o w r a t e !2 6 c
W2 7 c s2 8 cr S2 9 c r 3?0 c/r 3a1 c - 3a2 c - g
r j3 3nc 3j4 cr
32c
s InS
1 11?% *° m * &** a a
“ v. a*.
a sm u ch as an unusual p ercen tage o f th o e m p lo y e e s h a v o b e e n m service
fo r m a n y years, a largo p r o p o r tio n o f tho to ta l w ill re ce iv e th e m axim u m
rates o f p a y . T h o grad u a ted scale o f w ages lias been in fo rc e fo r m a n y
yoars, and te n d s , th e c o m p a n y believ es, t o a ttr a c t g o o d m en and t o en
co u ra ge c o n tin u ity an d e ffic ie n c y o f s e r v ic e ..
. . .
, ,
. .
T h e c o m p a n y also a n n o u n ce d th a t th o m e m b e rs o f th e B r o o k ly n R a p id
T ra n sit e m p lo y e e s ’ b e n e fit a sso cia tio n h a v e r a t if i e d .b y a v e r y .la r g e ' m a j r -
(12(/i A n n u a l Report— Y ea r ending D e c . 31 1915.)
Pros. H. H. Westinghouse wrote in substance:
r it e resu lt o f op era tio n s fo r 1915 sh ow s p r o fit s a m o u n tin g t o $ S 6 0,6 28.
Cape Girardeau Northern Ry.—
as o f D e c . 31 1915, a to ta i u n a p p o r tio n e d su rp lu s, e x c lu s iv e o f a ll rosorves,
o f $ 1 ,8 2 3 ,7 7 5 .
11
,
,
,
T h o industrial life o f C a n a d a d u rin g tlio y oar ju s t closod e x p erien ced a
rem ark able r e c o v o r y fro m th o su spen d ed a c t iv it y o f th e p re ce d in g y o a r .
M a n y pla n ts w h ich h ad w ith d iffic u lt y k e p t to g e th e r an Irred u cible m in i
m u m o f their op era tin g o rg a n iz a tio n fo u n d th em slevos e a rly in 1915 stra in ed
t o their u tm o s t c a p a c ity u nd er n ig h t and d a y o p e r a tio n .
In a d d itio n ,
n u m erou s now industries h a v e been b ro u g h t in to bein g, th e c h a n g e d c o n
d itio n s in those resp e cts bein g th o d ir e c t result o f largo pu rch ases in C a n a d a
b v th o B ritish a n d A llie d G o v e rn m e n ts o f va rio u s su p p lies an d m u n itio n s
0t Y o u r c o m p a n y c o m p e te d su c c e s s fu lly fo r a large share o f th o now a p
paratu s and e q u ip m e n t d e m a n d e d b y th ese c o n d itio n s , a n d w as likow lso
fa v o r a b ly a ffe c te d b y releaso fo r e x e cu tio n o f v a riou s largo c o n tr a c ts fo r
electrica l a p p a ra tu s, progress o n w h ich h ad been h alted d u rin g 1914 b y
th e d ecla ra tion o f w ar. A t th e sam o tim e , w o p la c e d a t th o d is p o s a l o f
th o G o v e rn m e n t a ll th at p o r tio n o f its p la n t a n d e q u ip m e n t w h ic h p ro v e d
s u ita b le fo r m a n u fa ctu re o f m u n itio n s , th o fa b r ic a tio n o f w h ich la tte r in
con s id era b le q u a n titie s an d o f several v a rie tie s as d ic ta te d b y th o G o v e r n
m e n t w as s u cces s fu lly a cc o m p lis h e d .
■Sco S t. L o u is & San F ra n cisco R R . b e lo w .
Seo
D ecisio n o f M a s te r .
V . 101, p . 46.
Chattahooche Valley RR.— B onds
Pa id O ff.
W e learn th a t the $ 5 0 ,0 0 0 1st m tg e . 6 % b o n d s o f this c o m p a n y d u e J u ly
15 1916 w ero paid o f f a t m a tu r ity an d th a t th e y h a x e been r e p la ced b y C o n
so l. 5s o f 1900.
Chattanooga Ry. & Light Co . —
Strike Settled.
-
t
S e rv ice o n th is c o m p a n y ’s lines w as resum ed o n A u g .^ .0 a fte r a t u o d a y s
tin im riuo t o D. strik e o f th e co n d u c to r s find m o to rm e n . T h e u n ion w ill
b o r c c o g n iz o d a ^ d U ie d is c h a r g c d m e n rein sta ted
W age s c a le & c .r e m a ln
t o b o s e ttle d b y n e g o tia tio n o r i f necessary b y a r b itra tio n . \ . 102, p . 1625.
Cities Service Co.—
E xten sion
of
T im e .—
Seo T o le d o T r a c t io n , L ig h t & B ow er C o . b e lo w .— \ . 103, p . 66 5 , 493 .
Civic Investment & Industrial
G o . — L istin g .
T h o M o n tr e a l S to c k E x ch an ge o n A u g . 22 liste d t h u c o m p a n y s s t o c k .
A m o u n t a u t h ., $ 7 5 ,0 0 0 ,0 0 0 ;.re p o rte d o u ts ta n d in g as o f A u g . 19, $ 5 8 ,8 0 3 .
600 ; to ta l liste d as o f sam e d a te , $ 5 6 ,0 2 o ,0 0 0 .
\ . 103, p . 496 .
Colusa & Lake RR.— Sale .—
fSKnnnnrcr on ™
R E S U L T S FOR C A L E N D A R Y E A R S .
T h e trustees u n d er a d eed o f tru st secu rin g an issue o f $ 5 0 ,0 0 0 6 % 2 0 -y r .
1915.
1914.
1913.
1912.
c o u p o n b o n d s w ere t o sell this c o m p a n y s p r o p e r ty a t auction i o n A u g . 2 1 .
T h is co m n a n v w as in co rp o ra te d in C a l. N o v . 1886 w ith $40 0 ,0 0 0 a u th .
J?9^ 628
$38 6 ,1 1 4 $ 1 ,0 0 2 ,6 1 9 $ 1 ,0 5 0 ,1 2 4
N o t ea rn in gs......................
D iv id e n d s .......................(9 % ) $ 4 4 9,34 3 (7 )$ 3 4 9 ,4 8 9 (9 )$ 4 4 5 ,0 2 7 (9 )8 3 9 9 ,7 6 3
c a p ita l s t o X o f w h ich $ 1 0 0,50 0 w as p a id in . T h e ro a d ran fr o m C o lu s a
R os orv e fo r Insur. fu n d .........................
— ----5 0 ,0 0 0
50,0 0 0
to S ites, C a l., b u t has n o t been o p e ra te d sin ce Ja n . last.
M is c e lla n e o u s ............................... - - - - - - o ,6 2 6
2 8 ,7 0 0
................
Connecticut River RR .— T em p ora ry Receiver .— Judge
W ritten o f f p r o p .& p la n t
150 ,000
..................
2 5 0 ,0 0 0
348 ,6 0 6
B a la n ce , s u rp lu s..........
$ 2 6 1 ,2 8 5
$ 3 0 ,9 9 9 ~ $ 2 2 8 ,8 9 2 _
825L755
Morton in the U. S. District Court at Boston on Aug. 31
appointed as temporary receiver of this property James H.
Hustis, who on Aug. 29 was made temporary receiver of the
Boston & Maine RR., the lessee of the Connecticut RiverRR.
T h o cou n sol o f th e C o n n e c tic u t R iv e r E R . asked th a t M r . H u stis bo
m a d e r ocoiv er o f th o r o a d , b u t reserved th o rig h t t o m o v o fo r th o a p p o in t
m e n t o f a n o th e r r eceiv er o r c o -r e c e iv e r la to r i f a n y c o n flic t s h o u ld ariso
b etw een th o in terests o f th o C o n n e c tic u t R iv e r and th e B o s to n & M a in e .
The Boston “News Bureau” on Aug. 29 said:
D e sp ite n ew sp a p er re p o rts t o th o c o n tr a r y , n o e ffo r ts aro b e in g m a d e , s o
fa r as w o aro in fo rm e d , t o ron ow th o n o a rb y m atu rities represen ted b v th o
flo a t in g d e b t o f C o n n e c tic u t R iv e r R l t . and its s u b sid ia ry. V erm on t V a l.R R
[T h e receiv ersh ip o f b o t h ro a d s resu lted fr o m their in a b ility t o m e e t m a tu r
in g n o te s , w ith th e B . & M . in r e c e iv e r ’s h a n d s .— E d . “ C h r o n ic le ."]
T h o C o n n e c tic u t R iv e r R R . h as $ 2 ,0 0 0 ,0 0 0 6 % n o te s m a tu rin g A u g . 31.
I t cla im s th a t th e y w ero g iv e n fo r a c c o m m o d a tio n o f th o B o s to n & M a in e ,
a n d th a t th e la tte r is en titlod t o Issuo s to c k o r b o n d s in p a y m e n t o f th o d e b t
represen ted b y th ose n o te s .
B o s to n & M a in e , h o w e v e r , is n o t a p a r ty
t o th em as an en dorser o r g u a ra n to r a n d d o e s n o t a d m it th o c la im o f th o
C o n n e c tic u t R iv e r as t o th e m .
C o n n e c tic u t R iv e r ow n s a ll th o o u ts ta n d in g $ 1 ,0 0 0 ,0 0 0 p ar o f 1 0 % s to c k
o f V erm on t V a lle y R R ., w in ch a ls o h as a s iza b lo a m o u n t o f n o te s c o m in g
d u o a t th e en d o f th is m o n th .
Its n o te issuo to ta ls $ 2 ,3 0 0 ,0 0 0 6 s . an d
B o s to n & M a in e p u r p o r ts t o b e lia b lo as on dorsor o n th e m .
It is a lle g e d
th a t th o V erm on t V a lley w ill be u n a b le t o p a y these n o te s , an d th a t p a y
m e n t o f th e m w ill b e d em a n d e d o f th e B o s to n & M a in e . M in o r it y s t o c k
h o ld in g in terests in th e B o s to n & M a in o b e lie v e its g u a ra n ty o f th ose n o te s
is illeg a l. See a ls o V . 103. p . 758 . 578.
Interborough Rapid Transit Co.— W a g e I n c r e a s e .—
Tho following advance in wages, with a decrease in time from
ten to nine hours, was announced on Aug. 31, effective Sopt.3:
C o n d u c to rs : T h e new scale calls f o r $2 80 fo r th e first y e a r and $3 fo r th o
s e c o n d y ea r a n d th erea fter, a n d a n in e -h o u r d a y , as again st $2 60 fo r first
y e a r , $2 8 0 s e c o n d y e a r an d te n -h o u r d a y .
G uards: $2 40 to $ 2 70 fo r
n in e-h ou r d a y , a gain st $2 2 0 t o $2 50 fo r te n -h o u r d a y . M o t o r m e n , $3 50
a d a y fo r th o fir s t y ea r an d b y a slid in g scale o f in crea se, $4 50 a d a y a fte r
th e ten th y e a r , w ith a n in e -h o u r d a y .
O v e rtim e f o r tra in m en is t o bo p a id p r o ra ta f o r t h e first h o u r a n d tim e
a n d a h a lf fo r all a fte r th e firs t h ou r.
P o rte rs , sw itc h m e n , sta rters, tic k e t a ge n ts, g a te m e n a n d m e ch a n ics
r e c e iv e d sim ilar in crea ses.— V . 103, p . 493 , 320 .
International Transit Co.— Report — B o n d s .—
See th o r e p o r t o f th e L a k e S u p erior C o r p o r a tio n o n a p r e v io u s p a g o .—
V . 102, p . 1811.
Interoceamc Ry. oi Mexico.— O p eration s
R e su m e d .—
T h is r o a d , w h ic h h as n o t been in regular o p e r a tio n fo r s o m e tim e o n
a c c o u n t o f d is tu r b e d c o n d it io n s , h as resu m ed s e r v ic e .— V . 101, p . 130.
Kanawha & Michigan Ry.— Purchase — B o n d s .—
See K a n a w h a & W e s t V irgin ia R R . b e lo w .— V . 102, p . 1621.
Kanawha & West Virginia R R . — Purchased— B on ds As
sumed.— The Kanawha & Michigan Ry. Co., one of tho
New York Central lines, has purchased all or nearly all of the
outstanding stock ($1,359,600) and has assumed the $1,000,
000 1st M . 5 % bonds of 1905 due July 1 1955.
T h e ro a d ru n s fro m C h a rle sto n t o B la k e ly , W . V a ., u p E lk R iv e r , 33
m iles (w ith b r a n c h 4 m ile s ), a n d is t o b e ex te n d e d in to tn e c o a l fie ld s .—
V . 85 p . 2 2 1 .
Kansas City & Pacific RR.—
N e w T rustee — D e p o s its .—
See M is s o u r i K an sas & T e x a s R y . b e lo w .— V . 103, p . 320 .
Martinez & Concord Interurban Ry.—
N e w C o m p a n y .—
T h is c o m p a n y , in c o rp o ra te d in C a lifo rn ia o n Jan . 24 1916 w ith $ 2 0 9 ,0 0 0
au th oriz ed c o m m o n s t o c k , has file d a m o rtg a g e s ecu rin g an issue o f $ 2 0 0 ,0 0 0
2 5 -y e a r 6 % c u m . p a r ticip a tin g b o n d s d a te d S ep t 1 1916. T h e re aro n o
s to c k s o r b o n d s o u ts ta n d in g .
T h e c o m p a n y p rop oses t o b u ild its r o a d d u rin g th e fa ll o f 1916, p resu m a
b l y b etw een M a r tin e z a n d C o n c o r d , C a l., a d is ta n ce o f 8 m iles.
Minneapolis & St. Louis RR. Co.— N e w
D ire c to r s .—
N ew D irectors — C h arles H a y d e n , C h airm an o f th e B o a rd ; E d w a r d L
B r o w n , P resid en t; E . V . It. T h a y e r , P res. M e r ch a n ts N a tio n a l B a n k
B o s t o n , J o h n A . S p o o r , P res. C h ic a g o J u n ctio n S to c k Y a rd s , J . S. B a ch e
F ra n k P . F ra zier, F . H . D a v is , o f th e E d w in H a w le y e state , C o lo n e l Slo
c u m o f th o R u ssell S ago e sta to , H . E . H u n tin g to n , S . B . N o v e m b r e anc
T h o m a s G ib s o n .
O . W . H u n tin g to n w a s r e -e le cte d V ic e -P r c s ., b u t n o t G en 1 M a n a g e r.
T h e fo llo w in g d ir e cto r s resign ed. N e w m a n E r b , W . J . W o llm a n , A . C
D o a n , W a rd PL P ea rson , T . P . S h o u ts an d F ran k T r u m b u ll. M r . E r b s
r e s ig n a tio n , it is s t a t e d , is d u e t o p o o r h e a lt h .— V . 103, p . 666 , 406 .
Minneapolis St. Paul Rochester & Dubuque Elec
tric Traction Co.— Receiver's C ertificates.— The Minneapolis
“Journal” of Aug. 26 said in substance:
F ed ora l J u d g e W ilb u r F. B o o th t o -d a y gra n to d a u th o r ity t o C . P .
B r a tn o b e r, rec e iv e r fo r th o D a n P a tch lin o, t o Issuo $ 1 0 0 ,0 0 9 r e c e iv e r ’s
c e r tific a te s t o ta k e ca re o f o b lig a tio n s o xistin g n ow o r s h o r tly o x p c c t e d t o
arise. A tto r n e y s a t th o hearin g said th o c re d ito rs h ad n o t c o m e t o a d e
cision as t o w h a t s n o u ld b o d o n e a b o u t th e te rm in a l agre e m e n t w ith th o
E le c tr ic S hort lin e, an d a c tio n on th a t w as d e fe rre d . M . I I . B o u to llo
represen ted th o r e cciv o r, W . A . L a n ca ste r th o M in n e a p o lis T r u s t C o
c o lla te ra l tru stees, a n d J . O . P . W h oolw rlgh t th o C o n tin e n ta l T r u s t &
S av in gs B a n k , C h ic a g o , tru stee o f th e genoral m o rtg a g e .
Ju d g o B o o t h released th o r o a d ’s r o llin g s to c k fro m a te ch n ica l m o r tg a g e ,
s o th e su rp lu s c a n b o so ld a fte r sp e n d in g $ 5 ,0 0 0 or $ 6 ,0 0 0 o n rep airs. S in ce
ca n c e lin g th o lease on th o G re a t W estorn lin e t o M a n k a to , th e r o a d has
m u ch unu sed r o llin g s t o c k .
O b lig a tion s t o bo m et o u t o f th o c e r tific a te s w h ich th e r e ce iv e r w ill Issuo
In clu de $ 1 5 ,0 0 0 o x p o cto d d e fic it in th o n oxt 60 d a y s , $ 3 5 ,0 0 0 t o c io s o u p
rig h t o f w a y c la im s , $ 2 4 ,0 0 0 t o p a y th o o v e r d u e taxes w ith p e n a lties an d
$ 2 ,5 0 0 in t r a ff ic b a lan ces d u o o th e r r o a d s. T h o ro a d neods $ i ,500 a m o n th
t o keep u p its term in al c o n t r a c t, an d a $1 5 ,0 0 0 in stallm en t is d u o o n its
c o n tr a c t fo r term inal la n d b o u g h t o f T . B . W a lk e r , b u t a c tio n o n those
m a tters w as d e ia y o d .— V . 103, p . 406 .
T h e d e p o s itin g b o n d h o ld e rs aro n o tifie d b y ad v e rtise m e n t o n an o th er
p a g e th a t th e E m p ir e T r u s t C o ., 120 B r o a d w a y , N . Y . C it y , w ill, o n
S e p t. 1, re c e iv e tn e a fo re s a id in terest a n d w ill th e re a fte r u p o n presen ta
tio n o r th e c e r tific a te s o f d e p o s it, a c c o m p a n ie d b y ow n e rsh ip ce r tific a te , in
a c c o r d a n c e w ith t h e F e d e ra l I n c o m e T a x L a w , p a y th e M a r c h 1 in terest.
— V . lU o , p . 579, o 2 1 .
New Orleans Great Northern RR.— E a r n in g s .—
J u n e 30
G ross
N et a fter
Other
Bond
R entals,
B alance,
, r j £ a,rr ~ P ,arJ^lM s,-n Taxes.
Jnc.
In terest. & c .,d i g s . Sur. or D e f.
1 9 1 5 -1 0 -------$ 1 ,7 6 8 ,9 1 6 $ 7 2 5 ,6 2 5 S 5 1 .0 3 9 -------- -$ 5 4 1 ,1 4 3 ------- s u r.$ 235,521
1914-15
1 ,6 0 0 ,0 0 0
51 2 ,9 9 2 7 ,3 1 2
4 2 4 ,8 6 3
109 ,505 d e f.
14,064
— V . 102, p . 2 1 6 7 , 341 .
New York Consolidated RR.—
B ond P a y m e n t .—
W o aro in fo rm e d th a t th e $ 6 5 0 ,0 0 0 4 % co n s o ls o f th e S n R e ic h R y . C o .
w h ich m a tu re d S ep t. 1 w ill bo taken up b y th o B r o o k ly n R a p id T r a n s it C o .
a t m a tu r ity , an d d e p o site d w ith th o tru stee o f th e last-n a m ed c o m p a n y 's
F irst R e fu n d in g g o ld m o rtg a g e , d a te d J u ly 1 1902, p u rsu an t t o th e p r o
visio n s o f th e m o r tg a g e .— V . 9 6 . p . 633.
New York New Haven & Hartford RR.— R estitution
S u it. — Five stockholders, residents of Mass., owning in tho
aggregate §1,000,000 or more of the capital stock, brought
suit in the Federal District Court, N . Y ., on Aug. 30 against
former officers and directors of the company for tho recov
ery of $1,600,000 alleged to havo been lost through mis
management and bad investments.
P la in tiffs : E d w in A d a m s , J u liu s C . M o r s o , G e o . C . F is k , Jam es F . R a y
an d M a r y M . C la rk .
D e fe n d a n ts : W illia m R o c k e fe lle r , C h a rle s M . P r a tt, L ew is C a ss L e d y a r d , G e o rg o M a c u llo c h M ille r , Jam es S. E lt o u , H o n ry K . M c II a r g , E d
w ard D . R o b b in s , J o h n L . B illa rd , R o b e r t W . T a ft , C h arles S. M e llo n ,
anil J. P io rp o n t M o r g a n , H orb ort L . S attorloo, W illia m P . H am ilto n and
L ew is C ass L e d y a r d as e xecu tor* und er th o w ill o f J . P io rp o n t M o r g a n , an d
F lo re n ce A . V. T w o m b ly as exe cu trix u n d er th o w ill o f H a m ilto n M o K .
T w o m b ly an d th o N . Y . N . I I . & H a rtfo rd R R . C o .— V . 103, p . 759 . 752 .
Now York Railways.— In c o m e B ond In terest D ecla red .—
This company has declared $19 81 (per $1,000 bond) on the
Adjustment Income 5 % bonds for tho 6 months ended June 30
1916, payable Oct. 2. Compare advertisement on another
pago.— V. 103, p. 579, 494.
Northern Ohio Traction & Light Co.— Change in Con
trol— D e p o sit o f Stock— N e w B o n d s . — Vice-President E. W.
Moore on Aug. 25 said:
A c o n tr a c t lias been e n tered in to betw e e n h olders o f N o rth e r n O h io
T r a c tio n & L ig h t C o . c o m m o n s t o c k a ggregatin g a m a jo r it y fo r th o sale
o f tiie s to c k w ith th o u n d erstan d in g th a t all h old ers o f c o m m o n s to c k m a y
p a r ticip a te o n e x a c tly th o sa m e p rice a n d term s. T h o p r ico is p a r, a n d th o
d iv id o n d p a y a b le S e p t. 15 w ill g o t o p re se n t h o ld e rs. T h o salo Is c o n t in
g e n t u p o n 9 5 % o f all o f th o s to c k c o m in g in.
N o tic e s are be in g m a ile d t o -d a y re q u e stin g d e p o s it o f th o s t o c k w ltn th o
C itize n s ’ S av in gs & T r u s t C o . o f C le v e la n d , as trustee. T h o ban k w ill
issu e p a r ticip a tin g ce r tific a te s . T h o term s are $3 a sh are, t o b e p a id on
n o tice b y th e tru stee th a t 9 5 % o f th o s t o c k is o n d o p o s it; $47 a sh are,
p a y a b le th irty d a y s later an d th e rem a in in g $50 a sh are t o b o p a id o n or
b e fo r e o n e y e a r later, a t 6 % in te re st, p a y a b le q u a rte r ly . T h e tru st c o m
p a n y c e rtifica te s w ill h a v e all o f th e s t o c k s o p u rch a sed as se c u r ity .
T hey
w ill b e in n e g o tia b le fo rm a n d usable in p la c e o f s t o c k . Fosses,sion o f tho
p r o p e r ty w ill n o t b e tu rn ed o v o r to th o b u y e rs until fu ll 5 0 % h as been p a id .
The “ Cleveland Plain Dealer” adds to tho foregoing:
T h o $ 4 ,0 0 0 ,0 0 0 4 0 -y o a r 5s r e c e n tly s o ld t o N . W . H a lso y & C o . w ill b o
d is trib u te d b y th o N a tio n a l C it y B a n k o f N e w Y o r k .
I t is b e h o v e d th a t
there w ill b o little ch a n g e in th e a c tiv o m a n a g e m e n t o f th e p r o p e r ty . O f
th e 9 0 ,0 0 0 c o m m o n shares o u ts ta n d in g th e h o ld in g s o f H e n r y E v e re tt an d
E . W . M o o r e to ta l m o re than 3 0 % .
T h o do a l m eans th e re lin q u ish m en t
b y H o n r y E v e re tt o f th o p r o p e r ty o f w h ich h e an d M r . M o o r e h a v e boon
sp o n so rs sin co th o in c e p tio n o f tn e p resen t c o m p a n y , w h icli w as fo rm e d in
1902 as a c o n s o lid a tio n o f a n u m b e r o f O h io pro p e rtie s. I t h as p r o v e d o n o
o f th e m o s t brillian t p erform ers a m o n g p u b lic u tility co n ce rn s in th e
c o u n t r y .— V . 103, p . 666.
Omaha Lincoln & Beatrice Interurban RR.— S e c u r .T h is c o m p a n y has a p p lie d t o tn e N e b ra s k a R R . C o m m issio n fo r a u th or
i t y t o issuo $ 2 ,0 0 0 ,0 0 0 c o m m o n an d $ 5 0 0 ,0 0 0 p r o f, s to c k a n d $ 2 ,5 0 0 ,0 0 0
b o n d s. T h is , it is sa id , w ill c o v e r th e c o m p le t e lino fro m O m a h a to L in
c o ln , b u t w ill n o t in clu d e th e e xten sion t o B e a tr ic e . P r e s ., H a r v o y M u sser;
S u p t., J . H . B r a m e lt, S u p t. o f L in c o ln T r a c t io n C o .
(See “ E le ctric R y . ”
S e c tio n , p a g e 6 0 .)
Pennsylvania Railroad.— J u d g m en t .—
See P e n n s y lv a n ia C a n al C o . u n d er " I n d . ” b e lo w .— V . 103, p .3 2 1 , 146.
Pere Marquette RR.— E a rn in g s f o r Y ea r en d in g J une
1916.— Following is the statement published last week,
changed'only by tho insertion of the item “ hire of equipment,”
so that final results show balanco applicable to int. payments:
Jun e 30 Y ears—
1915-16.
1914-15.
1913-14.
1912-13.
G ro ss e a r n i n g s ...............$ 2 1 ,2 1 0 ,0 5 3 $ 1 8 ,0 2 8 ,2 1 0 $ 1 6 ,9 1 5 ,1 9 8 $ 1 8 ,0 0 7 ,7 1 7
O p e ra tin g ex p e n se s------- 1 4 ,5 3 0 ,4 2 5
13,44 4 ,0 1 4
18.03 4 ,1 7 4
14,464,034
N o t earning^ ___________ $ 6 ,6 7 9 ,6 2 8
N on -O p era tin g i n c o m e . .
156,611
$ 4 ,5 8 4 ,1 9 6 d f $ 1,118,977
194,538
185,037
$ 3 ,5 4 3 ,6 8 3
154,845
T o t a l ---------------1 ............$ 6 ,8 3 6 ,2 3 9
T a x e s .......... ..........................
$62 0 ,2 7 5
H ir e o f e q u ip m e n t ______
74 9 ,1 1 0
R e n ta ls ................................
6 64 ,716
B a la n c e b e fo r e d e ------------------- d u c tin g i n t e r e s t . .. $ 4 ,7 9 6 ,1 3 8
— V . 103, p . 759 , 156.
$ 4 ,7 7 8 ,7 3 4
$51 1 ,7 1 5
6 0 9 ,0 7 4
7 66 ,687
$ 9 3 3,94 0
$ 64 3,16 8
7 71 ,573
7 41 ,307
$ 3 ,6 9 8 ,5 2 8
$ 5 5 5 ,2 4 2
43 9 ,7 3 5
73 3 ,9 8 4
$ 2 ,8 9 1 ,2 5 8 d f$ 3 ,0 8 9 ,9 8 8
$ 1 ,9 6 9 ,5 6 7
Pittsburgh Cincinnati Chicago & St. Louis Ry.—
Samuel Rea in circular dated at
Pittsburgh, Pa., on Sept. 1 191(3, regarding tho meeting of
the shareholders to be held Oct. 17 to vote on tho proposed
consolidation of tho allied Pennsylvania RR. properties
recently resigned as trustee of the issue of $2,500,000 Kansas below mentioned as the Pittsburgh Cincinnati Chicago &
City & Pacific RR. 1st M . 4 % bonds due Aug. 1 1990, the St. Louis RR. Co., says in brief:
Franklin Trust Co. of N. Y . was on July 28 appointed suc
U n d er th o p ro v is io n s o f th e co n s o lid a tio n agre e m e n t, th e o u ts ta n d in g
cessor trustee.
in d e b te d n e ss o f th e c o n s titu e n t c o m p a n ie s w ill bo assum ed b y th e now c o m
Missouri Kansas & Texas Ry.— F ranklin
T rust C o.
A p p o in te d Trustee u n der K . C . & P a cific R R . M ortga ge— Over
66 2-3% o f B on d s D e p o site d . — The Central Trust Co. having
I h o l o b . 1 1916 c o u p o n s o n th o K an sas C it y & P a c ific 4s w e re no
P r o m p tly m e t a n d a c o m m itte e c o m p o s e d o f E d w a rd C . D e la fie ld , C h airn ia
L . M . C n ild s, P res, o f M o n t g o m e r y T r u s t C o ., N o rr is to w n , P a .; L e o Clark
C h a irm a n o f I n te r s ta te N a t . B a n k , K a n sa s C it y , M o .; S. S. F u rm a n , c
K o u n t z e B r o s ., N . Y . C it y ; T h o m a s C . T e m p le , S e c y , o f th o P h o e n ix Ins
C o . , H a r tfo r d , C o n n .; an d L . E d m u n d Z a cn e r, T re a s . o f th e T ra v o le r
I n s . C o . , H a r tfo r d , C o n n ., w as fo rm e d t o p r o t e c t th e b o n d h o ld e rs . J . C
T r a p h a g e n a c te d as S ecrota ry (V . 102, p . 1163, 1346).
T h e re has been d e p o s ite d w ith th o c o m m it t e o c o n s id e ra b ly o v e r tw o
th ird s o f th e to t a l issue o f b o n d s, an d o n J u ly 28 tho co m m itte e a p p o in t s
th e f r a n k lin T r u s t C o . , su ccessor trustee.
N o tic e to H o ld ers o f M . K . & T . R y. o f T exas 1st M . 5 s .—
In terest P a y m e n t. — As the result of tho efforts of tho com
mittee representing these bonds Jules S. Bacho, Chairman,
an order has just been entered by the court directing the
receivers to pay the coupons due on these bonds due Mar.
1,1916.
M e r g e r P la n . — President
p a n y an d th e a m o u n t o f s to c k t o b e issued b y th e new o r c o n s o lid a te d c o m
p a n y in exch a n g e fo r s t o c k an d b o n d s n o w o u ts ta n d in g o f th o fo re g o in g
co m p a n ie s , is as fo llo w s (ta b u la te d b y th o “ C h ro n iclo ).
Term s o f Exchange o f Old Stock, & c ., fo r N a u Slock.
m i l Receive.
H olders o f each $ 10 0 o f—
O utstanding. N ew S tk. Total A m t.
P itts . C in e . C h ic . & S t. L . p ro f, s t o c k . . $ 2 9 ,9 9 9 ,7 13x $110 $ 3 2 ,9 9 9 ,6 8 4
do
do
do
c o m . s t o c k . . 3 7 ,6 0 9 ,2 3 6 x
100
3 7 ,6 0 9 ,2 3 6
V a n d a lia R R . ca p ita l s t o c k ------------ ---------- 1 4 .6 4 9 .4 6 6 x
85
12,452,046
P itts b u rg h W h e e lin g & K y . s t o c k ________
1 ,0 0 0 ,0 0 0 7
150
1,500 000
A n d e rso n B e it R y . s t o c k ........ .......................
4 9 ,1 0 0
100
4 9 100
C h ic . I n d . & E a s t. R y . s t o c k _____ ______
1 ,0 0 0 ,0 0 0
(z )
(z )1 0 0
do
do
m o r tg a g e b o n d s . . .
5 0 0 ,0 0 0
50
2 5 0 ,0 0 0
T o t a l ................................................... ............. $ 8 4 ,8 0 7 ,5 1 5
$ 8 4 ,8 6 0 ,1 6 6
x P a r $ 10 0 a sh are, y P a r $50 a share, z O n o $10 0 share fo r entire
$ 1 ,0 0 0 ,0 0 0 .
T h o to ta l p a r v a lu e o f th e s to c k a n d b o n d s o f th o e xistin g co m p a n ie s
p r o p o s e d t o b o su rrendered in e x ch a n g o fo r s t o c k o f th o now o r c o n s o lid a te d
com pany Is §84,807,514 73, and the par value o f tlio stock o f the latter com
pany to be issued therefor aggregates $84,860,166 08. (All o f one class. E d.)
T he purpose o f the proposed merger and consolidation o f these five sep
arate corporations is to obtain tho benefits that will result from their opera
tion, accounting, financing and general administration as a united corpora
tion. (Com pare V. 103, p . 660.)
Pittsburgh Lisbon & Western RR .—Stock Reduction.—
This com pany on or about July 27 reduced Its capital stock from $5,000,
000 (practically all at last accounts owned b y W heeling & Lako Erie U K.)
to $150.000.— V . 100, p. 475.
Railroad Labor Situation.— Pro-posed
Legislation.—
See editorial columns on a previous page.— V . 103, p . 759,
666.
St. Joseph Ry., Light, Heat & Power Co.— New Mtge.—
Stockholders o f this subsidiary o f tho Cities Service C o. will vote Sept. 28
on authorizing an issue o f S15.000.000 First and K ef. M tge. 5 % 30-year
b°The" new bonds will be used partly to refund $5,000,000 First M . bonds
now outstanding and $326,000 First M . bonds o f the St. Joseph & Sayannali
Intraurban H U ., and for extensions, betterments and im provem ents.
T ho stockholders will also bo asked to approvo the extension o f the now
mortgage to the properties o f the St. Joseph & Savannah, as well as on all
properties o f the St. Joseph B y ., Light, Heat & Power C o — V . 101, p. 2072.
St. Louis
&
San Francisco RR.—- Sale
Confirmed.—
C ir c u it J u d g e S a n b o rn in th e F e d e ra l D is t r ic t C o u r t a t S t .
L o u is on A u g . 2 9 c o n fir m e d th e sale o f th e ro a d to th o R e
o r g a n . M a n a g e r s , o v e r th o p ro te st o f n in e u n secu red c r e d ito rs .
Master in Chancery Fauntleroy at St. Louis on A ug. 29 submitted his
roport to tho U. S. Circuit Court allowing claim o f Louis Houck o f Capo
Girardeau, M o ., and St. Louis Union Trust C o. for $1,037,368 against tho
old St. Louis & San Francisco U R ., on account o f bonds issued b y Capo
Girardeau Northern R y. C o. in part paym ent for four lines which the
'F risco bought In 1913. The Special M aster finds tho operating agreement
valid and holds that tho claim should bo paid.
1 ho road extends from
Aucell to Farm ington, M o ., 92.8 miles, and Salino Jet. and Chester, M o .,
11.4 miles. See V. 101. p. 46.
St. Louis— San Francisco Railway.—New
Securities.—
T lio M is s o u r i P . S . C o m m is s io n o n A u g . 2 0 a p p r o v e d tho
p ro p o se d issue o f th o fo llo w in g n ew secu rities u n d er p la n o f
re o rg a n iza tio n ( V . 1 0 2 , p . 8 9 6 , 1 0 6 1 ) , v i z .: (a) P rior L ie n
b o n d s , 8 1 1 8 ,3 9 8 ,5 0 0 ; (6) 8 4 0 ,5 4 7 ,8 1 8 6 % C u m . A d ju s t m e n t
M . b o n d s; (c) $ 3 5 ,1 9 2 ,0 0 0 6 % n o n -c u m . I n c o m e M . b o n d s ;
(d) $ 9 ,4 5 2 ,0 2 6 0 % p r e f. sto c k ; (c) $ 4 8 ,4 8 1 ,0 0 0 c o m m o n s t k .
T ho officers o f (ho new com pany are as follows: Pres., W . O . N ixon,
S t. Louis: 1st V .-P rcs., W . II. Middle, St. Louis; 2d V -Pres, and Gen. M g r.,
E . I). L evy, Springfield: 3d V .-P res., N . M . R ic o .S t .L o u is , 4th V .-1 res.,
C W Hillard. Now York; Sec. and Treas., 1'. H . Ham ilton, St. Louis.
— V . i03. p. 759.
South Carolina Light, Power & Rys., Spartanburg.
This com pany has awarded to tho J. G . W hite Engineering C orp ., Now
Y ork a contract for tho consulting engineering in connection with tho de
sign and erection o f a concrete dam 600 ft. long and 45 ft. high on tho B road
R iver near Gaston Shoals, approxim ately 30 miles from Spartanburg.
This dam will bo in connection with tho com p any’s hydro-elcctric devel
opm ent at Gaston Shoals. Tho com pany does tho entiro streot railw ay,
electric lighting and power business in the city o f Spartanburg, S. G . T lio
power developed b y the com p any’s hydro-electric plant at Gaston Shoals
is transmitted over seventy miles o f line to Spartanburg, G affney, C owpens,
W oodruff. Pacolet and Blacksburg.— V . 102, p. 1437.
Third Avenue Ry.— Wages.— P re sid e n t F re d e r ic k W .
W h itr id g o o n A u g . 3 0 issu e d th o fo llo w in g s ta te m e n t:
T ho request for an increase in v/ages the com pany will be unable to m oot.
Since Jan. 1 tho wages have been increased by som o $250,000. I had every
reason to suppose that tlio tim e o f m y last conference with the men in July
that that was suDstantially satisfactory, and I hope to be able to induce the
men to proceed without now asking for an unreasonable further increaso
and thus avoid the delay and expenso o f arbitration. I f the men are not
willing to meet me upon these lines I am , o f courso, prepared to undertake
such an arbitration and to pay our share o f the expense thereof.
[I1or tho
July earnings statement see tho “ Earnings Departm ent above.]
[At the meeting on Thursday M r. W hitridgo intimated that if tho em
ployees would cut down their requests the com pany m ight bo able to meet
them half way.]— V . 103, p. 580, 494.
Toledo Railway & Light Co.— Certificates.—
Tho Ohio I*. U. Commission has authorized tho issue o f $330,000 car
trust certificates. Tho proceeds to bo used for the purchase o f 60 now
street cars.— V . 103, p . 407.
Toledo Traction, Light & Power Co.—Extension of Time
Henry L. Doherty & C o. announces that tho executive com m ltteo o f
Cities Sorvico C o. will recomm end to the directors that tho privilege o f
depositing T oledo Traction C o. stocks for exchange for Cities Service C o.
securities, which expires Sept. 1, bo extended until Sept. 15 1916.— V. 103,
p. 494.
Toronto Hamilton & Buffalo Ry.— Bonds.—
This com pany recently filed for record a mortgago securing its now issue
o f $10,000,000 consol, mtge. 5 0 -y o a r 5 % serial gold bonds dated A ug. 1
1016 dun Aug. 1 I960, o f which $2,000,000 are outstanding. Interest
paya’b lo F. & A . Donom. $1,000. Guaranty Trust C o ., N.. Y ., trustee.
— V. 102, p. 1626.
Vermont Valley RR.— Temporary Receiver.—
A t M o n t
p e lie r, V t . , o n A u g . 3 1 , J a m e s I I . H u s t is , te m p o r a r y re ce iv er
o f tlio B o s t o n & M a in o R R . , w as m a d e also te m p o r a r y re
ce iv e r o f its le a se d lin o , th o V e r m o n t V a lle y R R . , b y tho
F e d e ra l D i s t . C o u r t . C o m p a r e C o n n e c tic u t R iv e r R R . a b o v e
a n d B o s to n & M a in e R R . in V . 1 0 3 , p . 7 5 8 .— V . 1 0 3 , p . 2 4 0 .
American & British Mfg. Co., Bridgeport, Conn.—
Pres. John C. Stanley, 49 Wall St., N . Y ., by adv. on
Aug. 25, says in substance:
N otice is hereby given that on or about A ug. 2 1916 four prom issory notes,
payable on dem and to the order o f the C ram p-lloadley C o ., or Joseph H .
Iload ley, for $25,000 each, and one promissory note payable on demand to
the order o f the same persons for $21,610, were signed in tho name o f this
com pany and delivered to the Cram p-H oadley C o. or Joseph H . Iload ley,
and that there were delivered therewith $100,000 bonds o f the Longacre
Electric Light & Power C o. and $50,000 bonds o f this com pany, all o f
which were then in the possession o f the American & British M fg . C o.
Such delivery o f notes and bonds is claimed b y tnis com pany to have been
illegal, unauthorized and w ithout consideration, and an action has been
com m enced in the Supreme C ourt o f N . Y . State to secure the cancellation
o f tho said notes and tho re-delivery o f the said bonds and for other pur
poses. B y order dated A ug. 25 1916, in the said action, signed b y M r.
Justice Delahanty, the sale, transfer or rem oval o f the said notes and bonds
has been enjoined until further order o f the C ourt.— V . 101. p. 1808.
American International Corp.— New Vice-President.—
Frederick H olbrook, President o f H olbrook, C abot & R ollins, has been
elected a Vice-President in charge o f tlio o ffice in Petrograd, Russia.
— V. 103, p . 580, 240.
American Locomotive Co.— Common Dividend Resumed.
— A quarterly dividend of lk i% bas been declared on $25,
000,000 common stock, payable Sept. 28 to holders of record
Sept. 18. This is the first payment on this stock since Aug.
1908, when a like amount was paid. The regular quarterly
1 /4% on the pref. stock was also declared payable Oct. 21
to holders of record Aug. 18.— V. 103, p. 576, 495.
Arkansas Light & Power Co.— Notes Paid Off.—
W o are informed that the $290,000 6% 1st m tge. notes duo Sept. 1 were
called and paid o f f on Feb. 28 last.— V . 102, p . 2256.
Brier Hill Steel Co., Youngstown .— Bonds.—
Regarding the report that the com pany proposes to pay o ff its $2,000,000
serial bonds o f 1915 at 103 and int., Treasurer John Stam baugh says: “ T he
com pany will probably call a part or all o f these bonds F eb. 1 1917. The
am ount will not be determ ined until D ec. 1, when notice will be issued.
T he $2,000,000 1st M . bonds arc the only bonds on the com pany s prop
erty. N o statement o f earnings has been given since Jan. 1 la s t."—
V . 103, p. 667.
Calumet & Hecla Mining Co.— Dividend Increased.— A
quarterly dividend of 8 % ($20) has been declared on the
$2,500,000 capital stock, payable Sept. 22 to holders of rec
ord Sept. 1. In March and June last 60% each was paid.;—
V. 103, p. 495.
Canadian Vickers, Ltd.— Debentures Offered.— The Law
Debenture Corp., Ltd., London, is offering at par £1,000,000
6 % First Mortgage Registered Debentures in debentures of
£100 each, unconditionally guaranteed, principal, interest,
sinking fund and premium by Vickers, Ltd., of London.
An advertisement says in substance:
A first m ortgage to Law Debenture C orp ., L td ., as trustee, upon the
leasehold land and works at M ontreal, and a floating charge on other assets
R edeem able at 103 within 25 years by the half-yearly cum . sinking fund
o f 2 % per annum, to retire bonds, beginning in 1917. T he com pany m ay
also redeem the outstanding debentures at 103% , in whole or in part, on
any Interest date after Feb. 1 1921, upon six months notice. A ny deben
tures not previously redeemed will be repayable at 103% on A ug. 1 1941,
or on tho security becom ing enforceable. Principal and interest (F . & A .)
payable in L ondon in sterling, free o f Canadian taxes.
Authorized share capital is $5,000,000.
Digest of Statem ent by Secy. John T. C offin , L ondon, Aug. 14 1916.
Incorporated in Canada and holds 34 acres o f land at M ontreal, leased to
the com pany b y the M ontreal Harbor Commissioners for 50 years at a
sliding scale rent, with an interest up to $25,000 per annum (inclusive o f the
rent) in tho profits o f the com pany. Over £1.000,000 has been spent upon
the floating d ock , works and equipment, which are fully em ployed, and
last year’s profits were more than sufficient to m eet the interest and sink
ing fund on the debentures. T he com pany holds a subsidy from tho D o
m inion Governm ent, secured b y A ct o f the Dom inion Parliam ent, o f $102,
456 (equal at par o f exchange to £21,052) per annum for 35 years, o f which
33 years arc unexpired. T he accum ulative sinking fund o f 2 % p . a. is
calculated to redeem the whole issue at 103% within 25 years.
T ho issued share capital o f Vickers, L td ., is as follows: Ordinary shares,
£5,550,060: 5 % non-cum . prer. stock, £750,000; 5 % non-cum . pref. shares,
£750.000. T he profits o f Vickers. L td ., (after deducting £227.097 for
interest and sinking funds on its debenture stocks, o f which in the year
1914 only £106,911 was applied in paym ent or interest and tho balance in
repaym ent o f principal), and tho dividends paid on its ordinary shares
during the four years preceding tho outbreak o f tlio war were as follows:
Vickers, Ltd.—
Profit.
Dies.J
Profit.
Dies.
10% 11913........................ £911,996 1 2 H %
1911 .................... £641',686
10% 11914.........................1,019,035 1 2 ^ %
1 91 2 II.................... 872,033
T h e accounts for 1915 havo not yet been m ade up, but a dividend for
that year o f 12 M % has been paid. On the basis o f the profits for the year
1914 there was, as stated above, a net balance o f £1,019,035, which amounts
to 12K times the interest and sinking fund on tho £1,000,000 debentures
o f Canadian Vickers, L td.
Caney River Gas Co.— Earns, for Years end. June 30
June 30 Year— 1915-16. 1914-15.
June 30 Year— 1915-16. 1914-15.
Bond interest____ $25,933 $11,297
G ross
(less gas
61,035
purchased_____ $880,641 $332,980 Depreciation_____ 128,958
N e t, after ta x e s .. 384,183 156,377 D iv id en d s____ (10)100,000 (8)80,000
|Balance, surplus *129,292
4,045
* B efore deducting $56,854 profit and loss adjustments.— V . 101, p. 1187.
C h u r c h B o n d s , M o n t r e a l . — Fabrique Loan,
F . A . B r e w e r & C o . , C h ic a g o , are o ffe r in g
a t p a r a n d in t . $ 3 5 0 ,0 0 0 “ L ’ O e u v re o t F a b r iq u e ” o f th e P a rish
Western Pacific RR. Corp.— New Directors.—
T he corporation has been organized with the election o f tho following di o f S t . P ierro C la v e r , M o n t r e a l, C a n . (a Q u e b e c c o r p o r a t io n ),
rectors. C . Led yard Blair o f Blair & C o., F. I I . Ecker, Treas. M etropolitan 5 % T e n - Y e a r G o ld B o n d s a p p ro v e d b y th o A r c h b is h o p o f
L ife Insuranco C o., A lvin W . Krech. Bros. Equitable Trust C o.; A . M . Hunt
A circu la r s a y s in s u b s ta n c e :
55 Liberty St., N . Y .; U. W . M artin, William A . Read & C o .; Starr J. M o n t r e a l.
M urphy o f tho Rockefeller Foundation; William Salomoh o f W illiam Salo
D ated M a y 1 1916 and due M a y 1 1926, but subject to call at 102 and
m on & C o. and R . B. Young o f E . II. Rollins & Sons, and Senator James Int. D cn om . SI ,000 and $500 c*. Bonds and coupons (M . & N .) payable
D . Phelan. This com pany controls tho Western Pacific R R ., tho operat in U . 8. gold coin, at Hibernian Banking Association. C hicago, and National
ing com pany.— V . 103, p. 408. 62.
C ity Bank, N ew Y ork . Authorized b y special A ct o f tho Legislature o f
Q uebec and secured b y lands and buildings o f the “ Fabrique” and b y
Wheeling & Lake Erie RR.— Upset Price.— T lio C o n tr a l assessments on the im m ovable property o f the C atholic freehold inhabitants
o f the parish, all pledged under a first m ortgage to the Hibernian Banking
T r u s t C o ., as tru ste o u n d e r th o G e n e ra l M o r t g a g o o f 1 9 0 5 ,
A ssociation, C hicago, and General Trust o f Canada, M ontreal, as trustees.
lias p e titio n e d th e F edera l C o u r t a t C le v e la n d to re d u co th o
Financial Statement.
P roperty o f inhabitants on which taxes to pay these bonds are the
u p se t prico fr o m $ 1 8 ,5 0 0 ,0 0 0 to $ 1 8 ,0 0 0 ,0 0 0 .— V . 1 0 3 , p .
first tax lien (assessed value based on municipal valuation r o ll) .$4,504,950
580, 240.
Fabrlquo (church) property, on which bonds are a first m ortgage
360,000
(cost value as per statement o f tho parish priest)_____________
INDUSTRIAL AND MISCELLANEOUS.
Algoma Steel Corporation, Ltd.— Report.—
Seo report o f Lako Superior C orp. on a previous page.— V. 101, p .9 2 4 .
Allouez (Copper) Mining Co.— Increased Dividend.—
This com pany has declared a quarterly dividend o f $2 50 per share on
tho $2,500,000 outstanding capital stock, payablo O ct. 4 to holders o f record
Mont. 13. This compares with a paym ent o f $2 per share in July, $1 50 in
April and $1 in January o f tills yoar.— V . 102, p. 2168.
C a th o lic
St. Pierre Claver.—
Bonds authorized, this issue, $350,000; security________________ $4,864,950
St. Pierre Claver Parish is located in the centre o f the eastern half o f
M ontreal, the first and wealthiest city in Canada. C atholic population o f
parish is 6.00J, and increasing steadily.
For generations the C atholic Church o f Montreal and Province o f Quebec
has borrow ed m oney in Belgium , England and France at very low rates o f
interest. As a result o f war in Europe the Church has com e to the United
States with its 5% “ Fabrique loan” bonds, the “ Fabrique” being tho church
organization o f any R om an C atholic com m unity, which, under the laws o f
tho Province o f Quebec is em powered to borrow on vote o f a m ajority o f the
property holders in the parish on the security o f the church property and all
or part o f the imm ovables o f the R om an C atholic members o f tho com m u
n ity. In other words, a fabrique obligation is the first tax lien on tho C atho
lic property in the parish raising the loan, abou t 80% o f tho property in
the Province o f Quebec being owned b y R om an Catholics. For this loan tho
im m ovable property o f Rom an Catholics is assessable on a tax rate based
on tho municipal roll o f valuation, and tho debt, for tho paym ent o f which
the tax Is levied, ranks as tho underlying lien, taking precedence over
m unicipal and school obligations. T he lien o f theso "fabrlques” on property
in tho city o f M ontreal, for exam ple, m ust be discharged before tho holder
o f a M ontreal municipal or school bond can b y judicial process collect tho
interest or principal on tho bond or debenture which ho holds.
T hose familiar with affairs o f the C atholic Church are aware that it has
never defaulted in any o f its obligations. Theso obligations, to o , have
always been liquidated out o f tho usual church revenues without having to
resort to the right o f assessment under the law. But tho additional security
is there, and the right to assess property worth, in many instances, a dollar
or m ore for every five conts borrow ed, is subrogatod to the lender.
Centennial Mining Co.— Initial Dividend.—
An initial dividend o f $1 per share has been declared on tho stock, pay
able Sept. 21 to holders o f record A ug. 31.— V . 80, p. 1177.
Central Union Telephone Co.— Purchase.— •
T h e Onio P. U . Commission has approved the purchaso o f tho properties
o f tho W ashington, Jefferson, B elm ont, Union and W oodsficld telephono
com panies b y this com pany for S I,341,000.— V . 102, p . 610.
Charcoal Iron Co. of America, Detroit.— Earnings.—
6 M o s . to 3 Al o s . to 6 Al o s . to M o n t h o f
V a r io u s P e r io d s —•
D e c . 31 '1 5. M a r .S I '16. J 'n e 30 T 6. J u l y 1916.
P rofit from operation.............. S144.991
$220,7391 S529.884 /S108.172
Interest and reserves_________ 53,334
4 1,7 23 /
\ 11,872
$179,015
$529,884
$96,300
N et p rofit-------------------------- $91,657
T ho balance sheet as o f July 31 1916 shows $5,217,250 6 % cumulative
preferred stock and $2,839,350 com m on stock (par $10), and bank loans.
$ 4 8 0 ,0 0 0 — V . 103, p . 496.
Chevrolet Motor Co., New York.— Car at $490.— Pres.
Durant, in Bulletin No. 4, dated Aug. 28, says in brief:
W hen tho com pany first offered its model “ Four-N inety” touring car
to autom obile dealers and to tho public in Jan. 1915, with electric lights
and starter, at tho then sensational price o f $550, tho management stated
frankly that whenever its m anufacturing facilities and production justified
it, the price should bo $490. The com pany has since then com pleted ono
o f the best m otor plants in this country; has built and equipped an up-tothe-m inute axlo plant; has acquired a com plete transmission plant, and
has in operation soven large assembling plants. A ccordingly, our 1917 con
tracts now going out, present tho model “ F our-N inoty” to tho public at
$490, fully equipped, with a standard, two-unit electric lighting and
starting system built into tho car, making it tho lowest priced, electrically
lighted and started autom obile in tho market to-day. Com pare V . 103, p.
581.
City Light & Water Co., Amarillo, Texas.— Notes.—
Brooko, Stokes & Co., Phila., are placing at par and int.
$250,000 1-Year 6% Secured Gold Notes, dated Sept. 1
1910 and due Sept. 1 1917, but callable at 100}4 and int.
on 30 days’ notice. A circular shows:
Authorized and outstanding, $250,000. Donoin. $500 and $1,000.
Interest AI. & S. 1. Trustee, Guaranty Trust C o. o f N . V. Secured by
deposit o f $400,000 1st M . bonds, tho entire outstanding issue, under the
$2,000,000 mortgage. Tho com pany agrees that no moro bonds shall bo
issued until tho notes are paid. Proceeds o f notos will retire a like amount
o f notes duo Sopt. 1 1916 and provide for im provem ents, extensions, &c.
Tho com pany does tho ontiro electric and water business without com pe
tition and under long-term franchises, in Amarillo, T ex., a substantial and
growing city, population 13,585 (local census), against 9,957 in 1910 and
1,442 in 1900.
Properties: (a) M odern firoproof power plant, brick and stone, steam
turbine equipment, 1,325 k. w. generating capacity. (5) A water supply
pum ping equipment and reservoir having a 1,000,000-gallon capacity and
a standpipo giving a static head o f SO feet, (c) Electric transmission linos
with 124 miles o f wire distribution, (d ) 36 miles o f water mains covering
tho city. Appraised replacement valuo, excluding franchises, and other
intangibles, over $560,000. Tho ontiro capital stock is owned by tho Cities
Service C o. o f N . Y ., which owns and operates over 70 public utility com
panies, serving over 2,000,000 people. (See p. 83 o f “ E l. R y .” Section.)
D a r n in g s , J u ly 31 Y e a r s —
1915-16. 1914-15. 1913-14. 1912-13.
$145,288
$128,872 $120,881 $109,514
Gross earnings__________
N ot earnings....... .............................
67,257
54,604
9,827
24,688
Ono year's interest on tho $250,000 notos calls for $15,000.— V . 101, p.
1191.
Colorado Springs Lt., Ht. & Pow.Co.— Gas Rate Increase.
T ho com pany has been granted permission by Colorado l’ . U. C om m , to
increase its gas rate from $1 not to $1 10 for first 5,000 feet o f monthly
consum ption. C om pany had sought to raise tho rate to $1 25 a thousand.
T ho com pany was able to show that it was not earning a fair return on
investment in gas p roperty.— V. 102, p. 1542.
Consolidated Gas Electric Light & Power Co. of
Baltimore.— New Stock.— Tho company is proposing, pro
vided the Maryland P. S. Commission approves, to offer
to its shareholders, both common and preferred, tho right
to subscribe at par on or before Dec. 1 1916 for $3,697,912
additional common stock to the extent of ono new share for
every five shares held by them respectively.
Subscriptions will bo payable at the com pany’s offico in Baltimore, or
to its agent, tho N ew Y ork Trust C o ., 26 Broad S t., N . Y . C ity, as follows:
$20 per sharo on Jan. 15 1917, $15 per share onM ar. 15 1917, $15 on M ay 15
1917, $15 on July 16 1917, and $20 per sharo, less $2 65 int., on Oct. 1 1917.
Tho shareholders o f the com pany in Great Britain who are at present
precluded under tho A cts o f the British Governm ent from investment in
foreign securities, will bo perm itted to exercise their rights in 1917 in caso
tho existing em bargo is raised. Deferred warrants to subscribe will be
issued on tho basis o f ono to five, with tho option to purchaso tho stock
on O ct. 1 1917, at 105 a share. Compare annual rep ort for 1915-16 in
V . 103, p. 753, 763.
Continental Coal Co. (of W . Va.).— Sale of Stock.—
See Sunday Creek Coal C o. below .— V . 102, p. 2169.
Cosden & Co., Baltimore.— Earnings.— Pres. J . S.
Cosden, in circular dated at Tulsa, Olda., Aug. 25 1916,
reports to tho shareholders:
Enclosed herewith you will find dividend check for 7 % on your com m on
stock, which represents tho regular 2 % dividend and a 5% extra dividend.
During tho quarter which ended Juno 30 1916, tho net profits amounted
to about $900,000; for the first six m onths o f tho year the net profits
amounted to about $2,000,000. Due to the fact that the lubricating plant
was not in operation, tho earnings for the second quarter o f the year were
less than expected.
T he lubricating plant should have been in full operation by A la y, but
owing to delays in the delivery o f m achinery and steel, com pletion was
impossible before tho 15th o f tho m onth. It is now running and should add
at least $100,000 per m onth to our not earnings. From now on our profits
should greatly increaso b y reason o f the low price o f crude oil, additional
still capacity and tho lubricating plant. W e are confident that the net
earnings for the six m onths ending D ec. 31 1916 will be greater than for
the six months that ended June 30th.
All o f the pref. stock and bonds having been converted into com m on
stock, our present capitalization consists now wholly o f com m on stock, the
am ount outstanding being $5,752,865.
In addition to our lubricating plant wo have added 14 miles to our Cush
ing pipe line, purchased about 600 additional tank cars, erected m any largo
storage tanks for crude and refined products, built a new acid plant, bought
a large interest in tho Union Petroleum C o ., an oil export com pany, erected
and are still erecting m any now stills, and otherwise added to and improved
our refinery in such a manner that to-day, although our com pany is not
three years old , it is one o f tho largest independent oil refining companies
in the U. S ., with a refinery at W est Tulsa, Okla., modern in every detail.
T he future o f your com pany never looked brighter or better to m e than it
does to-d ay.— V . 103, p. 409, 147.
Denver Union Water Co.— Proposed Purchase.—
Seo “ State and C ity ” D ept, on another pago.— V . 103, p. 410.
Driggs - Seabury Ordnance Co.— Common Div. Passed.
— T h o q u a rte r ly d iv id e n d o f 5 % o n th o $ 9 ,0 0 0 ,0 0 0 c o m m o n
s to c k , u s u a lly d ec la re d a t th is tim e , h as boon p a s s e d .
The
re g u la r q u a rte r ly d iv id e n d s o f 1 % % o n th e first p r e f. a n d
l'A % o n th e se con d p re f. s to c k s w ere d ec la re d p a y a b le
S e p t. 1 5 to h old e rs o f re co rd S e p t . 1 .
P r e s . A . E . B o r ic o n A u g . 3 0 issu e d tho fo llo w in g s ta te
m e n t: “ T h e c o m p a n y ’ s e arn in gs are m o re th a n s u ffic ie n t to
w a rra n t a n d p a y a d iv id e n d o n th o c o m m o n s to c k S e p t . 1 5 ,
b u t , o w in g to d e la y s w h ic h c o u ld n o t h a v e boon fo re se en in
d eliv eries d u rin g J u n o , J u ly a n d th o firs t h a lf o f A u g u s t a n d
th e c o n s e q u e n t h e a v y in crease in ra w m a te ria ls on h a n d ,
w o rk in p ro c e ss, & c ., th o b o a r d o f d ire cto rs d e e m e d t h a t th e
b e s t in te re sts o f th e sto c k h o ld e r s w ill bo m o ro a d e q u a te ly
c o n se rv e d if n o d iv id e n d on th o c o m m o n s to c k is d ecla red a t
th is tim e .
D e liv e r ie s are n o w b e in g m a d e a t a n in creasin g
a n d s a tis fa c to r y r a t e .”
C O M B I N E D P R O F I T S T A T E M E N T F O R 6 M O S . E N D . J U N E 30 1916.
( I n c lu d in g th e D r ig g s -S e a b u r y O rd n a n c e C o . a n d S a v a g e A r m s C o .)
S a le s ....... ..............................$3,668,389 Gross p ro fit..................... --$1,972,535
488,237
Cost o f sales_____________ 1,760,500 A dm in., & c., exp. & dopr_
Bond interest........... ..........
45,000
Manufacturing p ro fit____$ l ,907,889
Other incom e____________
64,646
N ot p ro fit......................... $1,439,298
Gross p ro fit___________ $1,972,535
C O M B I N E D B A L A N C E S H E E T A S O F J U N E 30 1916.
A s s e t s (T otal, $16,691,941)—
Plant & equip., incl. cost o f investment in Savago Arms C o ____$10,597,483
Patents, patent rights, liconsos and goodw ill__________________
1,370,338
Investm ents____________________________________________________
268,351
Inventories at cost, $2,553,564; notes receivable, $3,892; a c
counts receivable, $464,509; cash, $1,376,722--------------------- 4,398,688
Unexpirod insurance, propaid interest, bond premiums, &e____
57,081
L ia b ilitie s (T otal, $16,691,941)—
1st pref. stock, $500,000; 2d prof, stock ,$590,000; com m on
stock , $9, 000,000........................................................................ ........ $ 10,000,000
First mortgago 6% bonds-------------------1,500,000
A dvanced paym ents, account contracts_______________________
2,369,964
Notes payable, $300,000; royalties and commissions payable,
$172,460; accounts payablo, $194,586_______________________
667,046
R e se rv e s_______________________________________________________
297,262
S u rp lu s ......... .............................
1.857.670
— V . 103, p. 64.
(E. I.) du Pont de Nemours & Co.— Extra Dividends.—
1 9 M % in Anglo-French Bonds.— O il A u g . 3 0 th o fo llo w in g
d iv id e n d s w ere a n n o u n c e d :
(a ) A dividend o f 1934% , payable in Anglo-French bonds, valued in the
declaration at 9 7 H ; (b) an extra cash dividend o f 4 % ; and (c) the regular
quarterly dividend o f 1 )4 % , making a total o f 2 5 % , all payable Sept. 15
to stockholders o f record A ug. 31. In addition, a dividend o f 1 )4 % was
declared on tho 6 % dobonturo stock, payablo O ct. 25 to holdors o f record
O ct. 10, and a dividend o f 1 )4% on the old conqiany's com m on stock,
payablo N o v . 1.— V . 102, p . 2170.
Eastern Steamship Corporation, Boston.— Reorgani
zation Plan.—
T h o c o m m itte o o f h o ld e rs o f E a s te r n S S . C o r p .
b o n d s , re p re se n tin g u n d e r d e p o s it a g re e m e n t o f A p r il 17
1 9 1 5 o v e r 9 6 % o f th o o u ts ta n d in g issue ( $ 5 ,7 0 0 ,0 0 0 ) , h as
p rep ared a p la n o f re o rg a n iz a tio n d a te d A u g . 2 8 to w h ich th e
sh areh old ers aro in v ite d to b e c o m o p a r tie s .
T h e p la n h a v in g
b een a sse n te d to b y tho o w n e rs o f o v e r 7 0 % o f th e d ep o site d
b o n d s , w ill, it is s t a t e d , b o p u t in to e ffe c t as r a p id ly as th e
n e ce ssary c o u rt p ro ce d u re w ill p e r m it.
Stockholders wishing to participate should surrender their certificates
o f stock, properly endorsed in blank, and bearing tho necessary revenue
stamps, to tho Old C olon y Trust C o ., as depositary, on or before Sept. 16
1916, accom panying each preferred share so surrendered with the paym ent
o f $25, and each com m on sharo with a paym ent o f $5. Thoso so doing
will bo entitled to receivo when issued tho proper number o f shares, preferred
or com m on, o f tho now com pany, in accordance with tho following plan.
P la n o f R e o r g a n iz a tio n D a te d A u g. 28.
O u ts ta n d in g U n d e r ly in g M o r tg a g e s (N o t I n c lu d in g B on d s i n S in k in g F u n d ) .
[It is not proposed to disturb theso.]
1. M tge. o f tho Eastern Steamship C o. dated M a y 1 1902, bonds $2,202,000
2. M tge. o f Portland Steamship C o. dated Jan. 1 1896, on steam
er “ Bay S tato,” bonds_______________________________________
42,100
(Eastern Steamship C o ., to securo tho paym ent o f principal
and interest on theso bonds, pledged with tho trustee $56,000
Eastern Steamship C o. bonds, which aro included in tho
amount o f Eastern Steamsnip C o. bonds outstanding above.)
3. M tge. o f M aine Steamship C o ., on SS. “ N orthland,” bonds
114,500
4. M tge. o f Portland Consolidated Steamship C o ., dated July 1
1901, covering steamship "N o r th S tar,” bonds-----------------------212,000
5. M tge. o f M etropolitan Steamship C o. dated M ar. 1 1905, co v
ering Union W harf in B oston -------------------------------------------------500,000
From earnings niado by tho receiver in tho operation o f tho properties
the $129,075 receiver’s certificates have since been paid, atul tnero has also
been paid from receiver's earnings something over $400,000 o f current in
debtedness o f the corporation duo and payablo at the time o f tho appoint
ment o f tho receiver on N o v . 7 1914, entitled to priority o f paym ent out o f
incom e. _ T ho receiver has also kept up tho paym ent o f taxes and tho pay
ment o f interest under tho various underlying mortgages, Including tho m ort
gago held b y Mass. Hospital Eifo Insurance C o. on Union W harf, Boston.
It has not, o f courso, been possible to cure any o f tho defaults under tho
Eastern Steamship Corporation m ortgago, nor to make any paym ent on
account o f note indebtedness or claims o f general creditors o f tho Eastern
Steamship Corporation with tho exception o f priority claims.
P resen t
D efa u lted
I n d e b te d n e s s .
Eastern SS. C o m p a n y m tge., three sinking fund installments,
duo Jan. 1914, 1915and 1916, $172,000 each................................. $516,000
Massachusetts Hospital Rife Insurance C o. m tgo. on Union
W harf, overdue as to principal o n ly ----------------------------------------500,000
Portland Consolidated SS. C o. m tgo., tw o sinking fund install
ments, July 1 1915 and 1916-----------------------------------------------------13,000
Alaino SS. C o. m tgo., sinking fund requirements duo April 1 1916
4,500
Eastern SS. C orp. m tgo., interest coupons due D ec. 1 1914,
June 1 1915, D ec. 1 1915 and June 1 1916-------- ---------- -----------586,000
Tw o installments to sinking fund, duo Jan. 1 1915 and 1916—
200,000
Principal which tho trustee has been asked to declare due [amount
supplied excluding $160,000 pledged as collateral.— E d .]------ 5,700,000
Overdue and unpaid note indebtedness o f Eastern SS. C orp. o f
$780,000, contracted in connection with building over certain
o f the com pany s steamships, furnishing working capital and
making paym ents required from tim e to time under the Eastern
SS. C orp. m tgo. and tho above-m entioned underlying m tg e s-780,000
$490,000 o f this note indebtedness is secured b y and constitutes a first
lien upon (a) tho total capital stock o f the Boston & Yarm outh SS. C o ,.
L td ., wtiich stock, subject to tho lien aforesaid, is owned by tho Eastern
SS. C orp. and (b ) Eastern SS. C orp. bonds o f $160,000. T ho balanco o f
tho note indebtedness is unsecured.
4
There also remains unpaid a small am ount o f general unsecured indebt
edness, not included in tho claims abovo mentioned.
Arel Earnings Aflcr Paying All Operating Expenses, Taxes, Rentals and In
terest Requirements under Underlying Mlges., but not Sinking Funds.
Cdlpiidav Years—
1912.
1913.
1914.
1915.
$827
$309,800
N et earnings as a b o v e .............. $291,096 $160,218
The operating expenses for 1912 included a much smaller appropriation
for depreciation than for tlio other three years reported. In each o f the
vears 1913 1914 and 1915 the operating expenses include a charge for de
preciation deemed b y the management to bo entirely adequate. T h e ex
ceptionally low return for 1914 was duo to causes not likely to occur again.
Plan
of
Reorganization— New Company After Foreclosure.
A new corporation to be organized under tlio name o f “ Eastern Steam
ship I ines I n c .,’ ’ will acquire all or substantially all o f the property owned
b v the Eastern ’Steamship C orporation, subject to tlio fivo aforesaid prior
underlying mortgages, and in consideration o f the same will issue:
1 N on-cum ulative 30-year Incom e M ortgago B onds. T o bo secured on
all the property and securities vested in the new com pany pursuant to
the plan except the stock o f tho B oston & Yarm outh SS. C o ., L td.
T o be strengthened b y sinking fund provisions, and to bear interest for
each fiscal year up to 5% per annum, payable out o f the available net
incom e as defined in the m ortgago, prior to tho paym ent therefrom o f
tho principal o f tho new five-year 5 % notes, and beforo any dividend is
paid on tho preferred or com m on stock for such fiscal year. T otal
authorized_____________________________________________________$5,700,000
2 Five-year 5 % debenture notes, secured b y plcdgo o f tho total capital
stock o f tho Boston & Yarm outn S3. C o ., L td ................ ............. S750.000
3 Preferred stock, in $100 shares, entitled to non-cum ulativo dividends at
'r a te o f 6 % p . a ., and after tho com m on stock shall have received 6 % for
any year, any additional funds available and declared as dividends
shall bo declared payablo to all outstanding stock, w ithout distinction
between preferred and com m on. In case o f liquidation or dissolution,
tho preferred stock shall be entitled to be paid at par before any paym ent
or distribution shall bo made upon the com m on stock, and anything re
maining for distribution after both preferred and com m on stock shall
liavo been paid at par shall be distributed am ong all tho outstanding
shares without distinction between preferred and com m on. Each share
o f pref. and com . stock shall have the samo voting p ow er--------- $3,750,000
4. Eastern Steamsnip Lines, In c., com m on stock, in $25 shares-- 1,687,500
Terms of Exchange for Disturbed Securities
Holders o f
F ruiint! __
A m oun t
Outstanding.
First * Ref. M. 5s........ $5,700,000x
o f Eastern SS. Corporation.
W ill Receive
N ew
N ew
N ew
In com es.
P ref. Stock. C om . Slock
If
P a ying.
Nil
/S5,700,000
v Preferred stock.......... 3,000,000 f $750,000x1
y
l 25%
/
z Common stock______ 1,087,500 / 337,500 \
\ 20% J
.....................................
--------- J53,750,000 \ _________
\
125% J
-------------------- /$1,687,500
l 100%
x Supplied by Ed. y Par $100. z 525.
N o securities will be issued in respect o f the $160,000 o f First & Kef. M tg.
bonds o f the Eastern S3. C orp. now pledged as collateral as licreinabovo
stated, if they are acquired by tho com m ittee, but if so acquired such bonds
m ay bo used for such purposes o f tho reorganization as the com m ittee m ay
determine and shall, together with tho other bonds and securities deposited
under the bondholders’ agreement or tho plan, bo kept alive so long as is
deemed necessary for the purposes o f tho reorganization or tho protection
o f the new com pany or its security holders.
. _ ,
Tho $710,000 five-year 5 % debenture notes to bo exchanged at their par
value for an equivalent principal amount o f tho notes o f the present com
pany hereinabove referred to; tho balance o f such notas, aggregating $40,000,
to bo paid in cash from the funds to be provided under tho plan.
Casn Rejuirtmenls.— From the cash contribution by the holders o f pre
ferred and com m on shares, which has been guaranteed as and to tho extent
hereinafter stated, it is estimated that no less than $850,000 in cash will bo
received. Tills fund, together with any additional cash paid to or received
by tho com m ittee In respect o f the deposited bonds or otherwise, will bo
used to carry through tho foreclosure and other court proceedings and ac
quire tho property embraced In the reorganization as carried out, and to
rem edy tho defaults in respect to tho sinking funds under tho Eastern S3.
C o ., M aine S3. C o. and Portland Consolidated S3. C o. mortgages, and to
acquire or pay tho note and other floating or general indebtedness not other
wise provided for in tho plan, and to discharge any obligations or oxponses
o f receivership or reorganization, including any com m ittee expenses and
com pensation; any balance remaining to go Into the treasury o f tho Eastern
Steamship Linos, Inc.
Paym ent on account o f the now pref. and com m on stock to the amount
o f $850,000, to wit: $750,000 on account o f tho preferred shares and $100,000
on account o f 20,000 com m on shares, has been guaranteed by Hayden,
Stone & C o., who will bo entitled to receivo tho now stock not taken
by the old stockholders and also a commission o f 2% o f tho $850,000 sub
scription guaranteed on account o f the stock.
Each depositor will be held to have assented to tho plan unless ho shall
within 20 days after A ug. 31 1916, the date o f mailing a cop y o f said plan
havo filed with the depositary written notico o f his dissent therefrom . A ny
depositor m ay, within ten days from A ug. 31 1916, withdraw his bonds, but
only upon paying his pro rata sliaro o f any advances or loans made b y or
through tho com m ittee, and expenses incurred by tho com m ittee.
Trcas. o f Union & Now Ilavon Trust C o ., as com m ittee under bondholders'
agreement or April 17 191.) for Eastern Steamship Corporation bonds.—
V. 101, p. 848.
Enger Motor Car Co.— Stock Offered.— 'Tho Block & Platt
Co. are offering tho unsold portion of an issue of convertible
7 % ,cumulative pref. stock on a basis of ono sliaro prof., par
$100, and two shares common, par $10 each, for $105.
T h e P l a n t . — L ocated on m ain lino o f C . H . & D . R y .i n C incinnati, O .,
and contains over 100,000 sq. f t ., equipped with autom atic sprinkler sys
tem , with room for expansion on real estate now owned.
C a r . — A t present wo m anufacture only ono stylo o f car, tho Enger 1 2 -6 ,
thereby perm itting o f great econom y in production. It is a high-grade,
liigh-efficiency car, selling at the lowest price ($1,295) o f any 12-cylinder
car on tho market. Has been unable to meet tho dem and and has sold
every car at a large net p ro fit.
A pplication has been made for authority to list the com m on and p ref.
stock on the Cincinnati Stock E xchange and the com m on stock on the N . Y .
curb market. Tho Union Savings Bank & Trust C o ., C in cinnati, is
transfer agent and registrar.
Escondido (Cal.) Utilities Co.— Sold.—
This com pany’s gas and electric-light and power property was recently
sold at auction for $10,000 to A . W . W ohlford o f E scondido, who held 49
o f the 50 bonds outstanding.
Firestone Tire & Rubber Co., Akron, Ohio.— Stock.—
T he stockholders will vote Sept. 30 on increasing the lim it o f capital stock
from $4 000,000 to $50,000,000, o f which $40,000,000 will be com m on and
$10 000,000 6 % cum . pref. T ho present $1,000,000 pref. will bo redeemed,
presum ably at 110. Press reports say that a largo dividend in stock is
thought likely.— V . 101, p. 844.
Food Products Merger in California.— Control.— F . P .
A n d e r s o n , S a n F r a n ., in a n a d v t . d a te d A u g . 2 5 , s a y s :
Certain local interests have requested mo to secure options on the busi
ness o f the California Fruit Canners' Association, Central California Can
neries, Griffin & Skeily C o ., tho J. K . Arm sby C o ., and options on 5 1% o f
the stock o f the Alaska Packers’ Association.
This I have now accom
plished, having secured options on the four companies mentioned and
considerable in excess o f the necessary am ount o f Alaska Packers Associa
tion stock, and am leaving this afternoon for N ew Y ork accom panied by
M r. Frank M adison, M r. J. Cheever Cow-den and M r. George N . A rm sby,
to carry ou t tho financial plan I havo arranged so that any further stock
holders o f tho Alaska Packers’ Association who care to join this plan m ay
d o so b y signing options at the Bank o f California, or at the office o f Bond
& G oodw in, before A ug. 31 1916. [It is understood local Interests referred to
Is tho A rm sby C o. o f N . Y . ]— See also V. 103, p. 760.
Ford Motor Co., Detroit.
Report.—
P re ss a d v ic e s q u o te
th e r e p o r t as s h o w in g :
S ta tistic s f o r th e Y e a r e n d in g J u ly 31 1916.
508,000 Materials on hand______ $31,895,431
N o . o f cars m ade___J___
34,489
Cars so ld ________________
472,350 Employees at hom o plant
do
(all plants)______
49,870
$59,994,118
P rofit............................
Casa on hand___________ $52,550,771 d o getting $5 a day or m ore 36,626
— V . 103, p. 496.
General Motors Co.— Readjustment of Capital.— -T h e
b o a r d o f d ire ctors m e t A u g . 3 1 to co n sid er p o ssib le r e a d ju s t
m e n t o f c a p ita liz a tio n .
T h e m e e tin g w a s a d jo u r n e d u n til
S e p t . 7 w ith o u t d e fin ite a c tio n .
T h e fo llo w in g s ta te m e n t, a s
re v ise d b y th e “ C h r o n ic le ,” is b e lie v e d to b e s u b s t . c o rr e c t:
A lthough details have not yet been com pleted, the plan which is now- un
der consideration, it is stated, calls for the form ation o f a new corporation
with a capitalization o f $100,000,000.
Present com m on stockholders will be given the privilege o f exchanging
their holdings for com m on stock o f the new com pany on the basis o f fivo
shares o f new com m on for ono o f old . It is expected that the new stock
will have no par value.
T h o plan is also understood to provide for a readjustm ent o f tho pref.
stock through the issuance o f a new pref. to be offered for tho old on tho
basis o f possibly 4 shares o f new for 3 o f old stock, wnicn would increase the
present preferred stock som ewhat. The new preferred will probably be a
6 % stock, callaQle at 110 after 1918.
The new com pany, on the basis o f the plan outlined above would have
total outstanding com m on stock o f between $75,000,000 and $80,000,000
and pref. stock o f between $15,000,000 and $20,000,000, m aking a total o f
$100,000,000. The present outstanding com m on stock is $16,506,783 and
tho p re f. $14,985,200, not including $1,311,300 pref. and $138,500 com m on
held in the treasury o f suosidiary com panies and $1,741,900 pref. and
$3,233,747 com m on in tho General M otors treasury.
On tho basis o f tho present volum o o f business being handled b y the
General M otors C o. it is regarded b y careful students o f the situation that
a $100,000,000 capitalization would not be out o f proportion. In the fiscal
year ended July 31 last, according to preliminary estimates, the com pany
earned over 160% on its outstanding com m on stock, or over $80 a share.
On tne basis o f a com m on stock capitalization o f 875,000,000 the com pany,
without any further increase in revenues, would show in the neighborhood o f
40% earned on the stock.— V . 103, p . 496.
Hartman Corporation.— Stock Listed.—
T he Chicago Stock Exchange has listed $12,000,000 capital stock.—
V . 103, p. 668. 496.
Hawaiian Sugar Co.— Extra Dividend.—
This com pany has doclared an oxtra dividend o f $ 1 20 per share on tho
outstanding capital stock (par $20) in addition to the regular m onthly
distribution o f 30 cents, both payablo Sept. 15 to holders o f record Sept. 8.
An extra dividend o f $1 50 was also paid in Juno and 50 cents oxtra in A pril.
— V . 102, p . 2258.
Holland Land Co., California.— Bonds.— T h e W illia m
R . S t a a ts C o . , L o s A n g e le s , is o ffe r in g fo r sale $ 4 0 0 ,0 0 0
1 s t M . 6 % g o ld b o n d s o f 1 9 1 0 , w ith in te re st g u a r a n te e d fo r
D ig est o f S ta tem en t b y Pres. F ran k J. E n ger. C in c in n a t i, A u g . 22.
tw o y e a r s ’ p eriod b y th e C a lifo r n ia D e lt a F a r m s , I n c .
A
O r g a n iz a tio n . — incorporated in Ohio (on or about A ug. 9 1916) to manu
circular sh o w s:
facture autom obiles and trucks. Has purchased all o f tho assets and busi
D ated June 1 1916, due June 1 1936. C allable at 102 and int. on any
ness o f Frank J. Enger and tho Enger M otor C o. in Cincinnati, O ., rated
over $1,000,000 and high credit in D un’s and llradstreet’s; a continuation interest paym ent dato. D enom . $100. $500 and $1,000 (c* ). Principal
o f tho business o f tho Enger Carrlago C o ., managed for 30 years, with largo and interest (J. & D .) at M ercantile Trust C o . o f San Francisco (tho trustee)
profit. Carriago business discontinued 3 years ago for profitable autom o- W illiam It. Staats C o ., Los Angeles, and Illinois Trust & Savings Bank, Chi.
bilo field. I will coutinuo in active chargo as President and General
C a p ita liz a tio n —
A u th o r i z e d .
M anager under five years’ contract.
Capital stock ___________________________________________________S3,000,000
First M . 6 % bonds (this issue), deliverable as work progresses_ 1,250,000
C a p ita liz a tio n (N o bonds, notes or floating d eb t)— A u t h o r iz e d .
Issu ed
Second M . 6 % bonds (int. begins to accrue Jan. 1 1919)______ 1,476.000
C on v. 7 % cum . pref. stock, par $ 1 0 0 --.................... $1,000,000 $1,000,000
Com m on stock, par S10 ($1,000,000 is reserved for
P r o p e r t ie s . — Owns in fee over 20,000 acres o f rich, lovel farm ing land on
conversion o f preferred)................................... ............. 3,000,000 2.000.000 west side o f Sacramento R iver, about 14 miles south from city o f Sacra
Am ple working capital. N et tangible assets, real and personal property m ento. A bou t 1,100 acres, standing above high water, are now under
will bo about $1,200,000, with allowance for valuablo good-w ill, trade cultivation and producing crops, and tho entiro tract is being prepared for
rights, patents, Sec. Based on present business and production scheduled farm ing, renting or sale in small farm s, dredgers being now at work. Tho
lands yield asparagus, beans, alfalfa , fruit, berries’ &c. The
nn9.°XnSarST'iI.leit i ear.nlnKS for tho year ending A ug. 1 1917 should bo adjoining
plans call for tho same general improvement work so successful throughout
$1,000,000. Dividends on pref. stock, $70,000.
tho lower Sacramento Valley, plans approved b y tho California Delta Farms,
I r e fe r r e d S tock R ig h ts.- — (a) Cum ulative dividends o f 7 % p . a ., payablo
In c., with its long experience In similar contract work as well as on its own
Q .-J. in preference to all other stock. Priority in assets over tho com m on
property o f about 40,000 acres on which the improvem ents cast over
stock to extent o f 120% o f par valuo and dividends, (b) A fter year’s 7%
on tho pref., 2 0 ,o o f the remaining not profits beforo anything is paid on $3,000,000. The proper water level is regulated b y drainage canals and
tho com m on must go to reserve fund to securo tho pref. dividends until full ditches, and the surplus water in winter, if any, is pum ped o f f tho prop
y e a rs dividend is in lla» d . (c) C onvertiblo into com m on stock, ten $10 erty, tho lands being sub-irrigated in summer.
Tho property upon tho com pletion o f tho work now under way should
shares o f com m on for ono $100 sharo o f pref., at option o f holder prior to
July 1 1918. (4) J f„ " ot converted is redeemable at 120% and dividends, find a ready market in parcels o f from 50 acres upwards at from $200 to
at option o f com pany, on three m onths’ notico at any dividend-paying $500 per acre. The present value o f tho property is not loss than $2,000,000
and when tho im provem ent work is com pleted at not less than $200 per
period which is tnreo years subsequent to tho last issuo o f p ref. stock.
A fter 1918 10% o f annual net profits must go to redem ption fund for tho aero not, or about $4,000,000, against not over $1,250,000 1st M . bonds.
pref. stock, (o) N o bonded debt, m ortgago security or stock ranking prior Navigablo water ways nearly surround the property.
I n c o m e . — Lands in tho immediate vicinity are in ready dom and at from
to or equal with tho pref. s issuable w ithout consent o f 75% o f tho pref.
anil com m on stock, except it bo for nowly acquired property or equipm ent, $15 to 825 rental per acre. A t $15 per acre tho com pany w ould havo a
and then only on such equipment or property , (f) N on-voting unless divi- total gross revenue o f $300,000 per annum, and there should bo a not in
com e o f several times tho interest on tho 1st M . bonds and also a surplus
u n t \ t X M c m b Ca ^ p a i T ^ f u f i r n Kas fuU votIng power wlth com m ou
to pay tho sums duo to the sinking fund each year on and after Juno 1 1921.
B y tho salo o f tho land tho com pany should receive paym onts equal to throe
O ffic e r s a n d D i r e c to r s .--F r a n k J . Enger, l*res. and Gen. M g r.; Daniel M e
iJ1’ St ^ ^ ’ w ° )>ir<tV H am ilton b o u n ty Bank; Edward L . Jones, times tho amount o f this m ortgage. T ho com pany s Rim lands are plowed
2d V .-I’ .; Georgo W . P latt, S ec.-Treas., also Sec. B lock & Platt C o • and cultivated, and it is expected that the entiro tract m ay bo cleared and
for tho year 1917.
W alter It. Draper, V .-P . C incinnati T raction C o .; Rudolph H .W u rlitz e r’ j)lo\vod^uidnlacedhi_a_con<llU on_for^^
V .-P . Itudolph W urlitzcr C o .; It. B . G ood rich. Prra kaglo M fg C’ o :
S in k in g P u n d to R etir e B o n d s . — (a) Annually "beginning Juno 1 1921 a
Fred E . Wesselmann, Pres. First N a t. B ank, C heviot- A A . T aylor V - p ’ sum equal to 5 % o f tho par valuo o f 1st M . bonds outstanding, but in no
Stearns & Foster C o.; L eo It. M arks, Pres. L . It. M arks C o .; w illiam b ' year loss than $50,000. (b) In cases o f land sales tho final $125 por acre
H ay, Pres. H ay Lum ber C o .; Edwards Ititchio. Pres. Guar. D oposit B an k’
must go directly to tho trustee to retire those bonds.
Under the terms o f tho 2d M . also 50% o f the surplus net earnings, after
paying interest, shall bo paid into tho trustee, two-thirds to 1st M . bond
redemption and ono-third to 2d M . bond redem ption. T ho trustee, howover, shall invest tho 2d M . bonds’ sinking fund up to tho am ount o f 5 %
o f tho par value o f tho bonds outstanding in securities which aro a legal
investment for California savings banks, and shall hold tho samo pending
tho m aturity o f all bonds outstanding, b u t m ay soil them if necessary to
protect tho property in accordance with tho terms o f tho deed.
[Tho com pany is successor o f the Netherlands Farms C o ., whose $1,476,
000 1st M . bonds were exchangeable in tho reorganization, $ for .§, for new
2d M . bonds and interest certificates covering the period to July 1 1019.]
I m p e r i a l O i l C o . , L t d . — 8 % per Annum .—
A dividend o f $4 per share has been declared on tho stock, payablo Sept. 1
to holders o f record Aug. 18. The samo am ount was paid in February, and
places tho stock on an 8 % per annum basis.— V. 102, p. 979.
In te r n a tio n a l
M e r c a n tile
M a rin e
C o . — Earnings.—
T h e re su lts fo r th e m o n th o f A u g u s t , w e are in fo r m e d , w ill
n o t d iffe r m a te ria lly fr o m th o re su lts re c o rd e d fo r o th e r
re c e n t m o n th s , b u t S e p te m b e r is e x p e c te d to y ie ld a re co rd
in c o m e .
T h o fo llo w in g is a n a u th o r ita tiv e s ta te m e n t to
J u ly 3 1 1 9 1 6 :
E a r n in g s o f th e I n t e r n a ti o n a l M e r c a n ti l e M a r i n e C o . f o r 7 M o s . encl. J u ly 31.
January................................. §4,525,000 M a y .......... ............................$7,311,000
February-----------------------4.007,000 Juno____________________
6,929,000
a rc h ___________________ o.iyz.UUU
fi.!Q2.f)nnJU
.Tnlv
nnn
M
iviarcu-----------------------------iy_______________________ 4 .77
77.‘i5.000
A p r i l _____________________ 5.727,000
-----------------T otal not earnings before deducting war t a x .. .
$38 464 000
War tax (60% with exemptions varying from m onth to m onth) ost 12,821,000
Balanco ..................................................................................................$25,643,000
This estimated $25,643,000 not for tho so von months is at tho rate o f
$43,992,000 for tho twolvo m onths o f 1916. or tho equivalent to $85 a
share on tho .$51,725,000 pref. stock outstanding, or m ore than tho equiva
lent o f all dividends accumulated (8 2% ) on tho pref. stock sinco tiro com
pany was form ed in 1893. N o war tax lias yet been paid and the amount
o f tho ultimate paym ent cannot now bo determ ined. Seo V. 103,p.66S, 582.
Dividend Increased
I n t e r n a t i o n a l S a lt C o .—
.—
A quarterly dividend o f 1% has been declared on tho $6,077,130 stock,
payablo O ct. 1 to holders o f record Sept. 15. This com pares with tho
regular lA o f 1% and 1% extra paid in July last.— V. 102, p. 2258.
I n t e r s t a t e E le c t r i c C o r p . —
.—
A quarterly dividend o f 1 ill % was paid Sopt. 1 on tho $500,000 prof,
stock, to holdors o f record A ug. 25.— V. 103, p . 668.
J e w e l T e a C o ., I n c . —
4
32
12
1916—4 W e ek s — 1915.
In crea sed
1916— 32 W e ek s — 1915.
In crea se
$927,454
$590,927
$336,527 $7,007,456 $4,469,427 $2,538,029
— V . 103, p. 497, 148.
Dividends
Salesfor and
Weeks end. Aug.
Sale
Plan Underwriting.
K a n a w h a & H o c k i n g C o a l & C o k e C o .—
.—
See Sunday Creek Coal C o. below.— V . 102, p. 1166.
K a n s a s N a t u r a l G a s C o .—
—
— W ith a
v ie w to p a y in g o ff th e e n tire b o n d e d d e b t a n d th o p a s t d uo
a n d a c cru ed in terest th e r e o n , a n d th u s liftin g th e re ce iv e r
s h ip , a n d fo r tho fu r th e r p u rp oso o f p ro v id in g $ 1 ,0 0 0 ,0 0 0
o r th e r e a b o u ts for im p r o v e m e n ts , it is p ro p o sed to increase
th e o u ts ta n d in g sto c k fr o m $ 6 ,0 0 0 ,0 0 0 to $ 1 5 ,0 0 0 ,0 0 0 .
Tho
$ 9 ,0 0 0 ,0 0 0 is to be o ffered a t $ 2 5 a sh are or 5 0 % o f its face
v a lu e ( $ 5 0 ) to tho sto c k h o ld e r s, p ro v id e d u n d e r w ritin g ca n
b e o b ta in e d fo r tho en tire a m o u n t.
D igest o f U n d erw ritin g A greem en t o f J u ly 7, S ig n ed Pres. V. A. H ays.
(1) i t being necessary in ordor to offoct tho discharge o f tho receiver to
raiso m oney to pay debts, extend and im prove plant and increase gas sup
p ly , tho com pany agrees within six months (or a longer period in case o f
unavoidable delay) to causo its capital stock to bo increased in tho amount
o f $9,000,000 in addition to tho outstanding stock: par value $50 a share;
said increase to be sold, full paid and non-assossablo, at 50% o f its face
value upon tho following conditions: (a ) T ho stockholders shall havo tho
first right to purchase tho samo pro rata at 50% within 15 days after notico
has boon mailed to them. (6) Tho underwriters shall purchase pro rata
at the same price any portion o f tho $9,000,000 now stock not taken b y tho
stockholders, the underwriting agrooment, liowovor, to bo binding only in
case tho entire $9,000,000 is under written.
(2) Tho moneys realized from the sale o f said stock shall bo applied to tho
paym ent o f the bonded debt o f said com pany, secured by its first and second
mortgages, the bonded debt o f tho Kansas C ity Pipe Lino C o. and tho M arnet M ining C o. and tho past duo and accrued interest on said bonded debt,
so that tho samo can bo redeemed and retired and the mortgages cancelled.
Said indebtedness is to bo determined b y tho creditors' agreement dated
D ec. 17 1914 (V . 100, p . 401, 1171). It is estimated that tho amount o f
funds for said purposo will bo approxim ately $3,500,000. The balanco o f
tho m oney so raised shall bo used in tho extension and improvem ent o f tho
plant and to obtain an increased gas supply. Tho com pany further agrees
that as soon as said stock has boon sold and its debts paid as aforesaid it
will prom ptly apply for tho discharge o f tho receiver o f said com pany.
— T h is
c o m m it te e ,
it
is u n d e r s to o d , is c o -o p e r a tin g w ith th o m a n a g e m e n t as
to re o rg a n iz a tio n m a tte r s :
It. A . Long, Pres. Long-Bell Lumber C o., Kansas C ity , M o .: M . L.
Benedum , Pros. Bonedum-Treos Oil C o.: O . T . Braden, Pros. Oklahoma
Natural Gas C o., and K. P. W hitcom b, V.-Pres. & Gen. M gr. Union N atu
ral Gas C orp ., all o f Pittsburgh, Pa.; \V. VV. Solano, director Union Natural
Gas C orp ., Oil C ity, Pa.; L. C . M cK in n ey , Pros. & Gon. M gr. Titusville
Iron C o., Titusville, Pa.; V. A . H ays, Pros. Kansas Natural Gas C o .,
Independence, K an., with John C . Bartlott as Socy. o f com m itteo, 1402
Union Bank Building, Pittsburgh.
— P r e s. V . A . H a y s , In d e p e n d e n c e ,
A u g . 2 3 , w r o te :
Answering your questions in tho order named: (1) T ho advanco in prico
at Kansas C ity, M o ., applies to other towns equally distant from tho gas
fie ld , which aro ICansas C ity, Kansas, Olathe, Lawrence and Topeka.
Atchison and Leavenworth, which aro further distant, will pay a slightly
higher rate, and Ottawa and towns south o f there will pay 32c. Tow ns on
our Southern trunk lino will pay 30c., being m uch nearer tho field. N otices
o f these increased rates wore sent out recently, to becom e effective aftor
Sept. 1, but so far no restraining orders havo boon asked for, and wo do
not think there will bo, for tho reason that wo aro protected by tho decisions
o f tho Federal Court in tho suit o f tho receiver against tho P. U. Commission
o f Kansas.
(2) An application to terminate tho receivership will bo m ade as soon
as tho underwriting agrooment is com ploted, which will prob a bly bo dono
at an early day.
(3) Tho underwriting agreement fully explains tho plan o f reorganization.
N o t i c e S en t b y R ec e iv e r L o n d o n to K a n s a s C ity C a s C o . o n A u g u s t 4.
Y ou are hereby notified that from and after tho August 1916 meter
readings, and until further notico, tae prico you will charge for gas delivered
to dom estic and gas engine consumers in the city o f Kansas C ity , M o ., and
vicinity shall be as follows:
A minimum bill o f $ 1 a m onth, which is uniform over our entire system ,
which will cover the first 2,000 Jeet or fraction thereof o f gas consum ed.
All gas consumed in any one m onth in excess o f 2,000 feet, 38 cts. per
1,000 cu . ft.
A discount o f 3 cents per 1,000 cu . ft. will be allowed on all gas in excess
o f the 2,000 ft. covered by a minimum bill to all consumers paying their
bills on or before tho 10th o f tho m onth following that in wlch tho gas was
consum ed.
[The C ourt having fixed tho minimum prico in K a n s a s at 32 cts., tno
receiver has varied the prico in that Stato, according to location.
In Kansas C ity 6 2 K % o f the gross receipts from sale o f natural gas go
under contract to tho Kansas C ity Natural Gas C o. Tho price in that
city until recently was 27 cts. per 1,000.]
Stockholders’ Protective Committee.
Increase in Rates.
M in im u m P r ic e o f 32 C en ts C h a r g e d i n K a n s a s P e n d in g P i n a l D e c i s i o n .
The U . S. District C ourt for tho D ist. o f K a n ., First D iv ., on Juno 3
granted John M . Landon, as receiver o f tho com pany, an injunction re
straining the P. U. Commission o f Kansas et al. from enforcing the order
o f tho Comm .ssion f.x.ng at 28 cts. per 1,000 cu. ft. (with certain excep
tions) the pr»ce to bo charged for natural gas and authorized tiio receiver
to raiso his minimum prico to 32 cts., pending a final decision in tno suit.
This decision, based on the ground that tho other rates were confiscatory
was granted on tho conditions (a) that within 60 days from the entry o f this
decreo the receiver shall m ake and file in this court a bond for tho benefit
o f all parties interested in the sum o f $750,000; (6) that the receiver will pay
no more upon tho principals o f tno debts o f creditors who wore parties to
the creditors’ agreement o f D ec. 1914 or to tho Fidelity T itle Sc Trust C o .,
trustee, until $750,000 has been invested in tine necessary extensions o f
the pipes o f tho Natural Gas C o ., and th o necessary compressors, to enable
the receiver to furnish to his customers and tno customers o f tho Natural
Gas C o. a reasonably adequato gas supply: (c) that lie will proceed speedily
to m ake these investments, that ho will invest therein at least $500,000
within six months after tho entry o f tnis decreo (Juno 3 1916); (d ) that in
caso tho suit shall finally bo decided against him tho receiver will pay
back to each o f the consumers o f tho gas ho furnishes herein tho excess
paid b y such consumer therefor above what ho would have paid at the
rates fixed b y tho order o f the Comm ission o f D ec. 10 1915.
E x tr a c ts f r o m
O p in io n o f J u d g e.
In the earlier years o f its operation tho natural gas com pany produced
m ost o f its gas from its leaseholds in Kansas, but the fields so leased have
been gradually exhausted until it is ablo to produce therefrom only about
7
% o f the gas it transports and sells.
In order to get gas it has already
extended its pipes far into tho Stato o f Oklahoma where it purchases and
where it transports to the cities o f Kansas and M issouri 92 'A % o f its gas.
T he creditors by their agreement o f D ec. 1914 provided for an expenditure
o f $1,500,000 within six years from Dec. 1914 for the extensions o f the pipes
o f the com pany and an additional supply o f gas. Tho Kansas Comm ission
in its opinion, founded upon that creditors’ agreement, made a like allow
ance. T he extensions contem plated havo not been m ade and tho exhaus
tion o f the available gas fields nas proceeded for 17 m onths since the cred
itors’ agreement and for about 1 1 m onths sinco tiie opinion and finding
o f tho Commission founded upon it.
In order to procure and maintain a reasonably adequato supply o f gas
for the com ing winter it is necessary for tho receiver to extend the pipe lines
50 or 60 miles and to construct compressors at an aggregate expense o f at
least S750.000 t a $900,000 during tho first year after the filing o f this opin
ion. And it Is the opinion o f the court that in order to procuro and main
tain such a supply o f gas during tho six years o f the probable lifo o f tho
com pany as a going concern it will bo necessary for tho receiver to expend
for extensions and compressors at least $750,000 tho first year and $200,000
in each o f the five years thereafter, amounting in all to $1,750,000.
As the life o f the com pany as a going concern is six years the salvago
value o f the pipes and other materials at the end o f the six years when they
will be no longer useful in their places in the ground is estimated to be
S262.500, and deducting this from tho $1,750,000 leaves $1,487,500, which
must be returned within tho six years. T he Commission in its finding
and estimates made no allowance for these extensions.
T ho Commission allowed for interest 6 % annually on $7,283,606, or
$437,017. Tho businoss o f and tho investment in tho property o f this gas
com pany is o f tho m ost precarious and hazardous nature; 7 % per annum
is deemed a just and reasonable allowance on investments in railroads and
in the property o f water, artificial gas and lighting companies o f a per
manent nature, and at least 8 % per annum should be allowed in this case,
or an increase o f tho amount allowed b y tho Commission o f 2 % on $7,283,
606, or $145,672.
T ho creditors by their agreement consented that there should bo reserved
during tho year 1915 $500,000 out o f tho annual earnings for that year and
$200,000 annually thereafter for extensions, betterments and additional gas
supply uppn condition that tho properties were being operated on a com
pensatory rate. Those amounts havo not been so reserved and applied,
and yet $1,000,000 has beon paid on the principal o f the creditors' debts
during those years.— V . 102, p. 2345.
Kelsey Wheel C o ., I n c . — All Subscribed.— L e h m a n
B r o s , a n d G o ld m a n , S a c h s & C o . a n n o u n c e b y a d v e r tis e m e n t
o n a n o th e r p age th o s a le , p rio r to p u b lic o ffe r in g , o f all o f
th o 7 % c u m u la tiv e p re fe rre d s to c k p u rc h ase d b y th e m fin
th is n e w c o m p a n y .
T h o le tte r o f P re s id e n t J o h n K e ls e y ,
re g a rd in g tho p r o p e r ty , its fin a n c e s , e a r n in g s , & e ., w a s
c ite d a t c o n sid era b le le n g th in tho “ C h r o n ic le ” o f J u ly 2 9 ,
p . 4 1 1 — V . 103, p . 7 61.
M a x im M u n i t i o n s C o r p o r a t i o n .— Cartridges.—
J. W . O ’ Bannon,. Bros, o f this corporation announces that It is now
producing finished cartridges under its contract with tho R oyal Danish
Governm ent and that Its first cartridges havo successfully passed every
inspection test o f the Danish Comm ission. A largo shipment will be m ade
early in September.— V. 103, p. 148.
M o w b r a y & R o b i n s o n C o . , C i n c i n n a t i , O .— Bonds
Offered.— L y o n , G a r y & C o . , C h ic a g o , are offe rin g $ 5 0 0 ,0 0 0
1st m t g e . 6 % g o ld b o n d s , d a te d J u ly 2 0 1 9 1 6 , d u e $ 2 5 ,0 0 0
s e m i-a n n u a lly A p r il 1 9 1 8 to O c t. 1 9 2 7 , a t p ar a n d in te r e s t,
e x c e p t A p r il a n d O c t. 1 9 0 8 m a tu r itie s , w h ic h aro o ffered a t
1 0 0 % a n d 1 0 0 % a n d in te r e s t, r e s p e c tiv e ly .
A u t h . issu o ,
$ 1 ,0 0 0 ,0 0 0 .D o tio m . $ 1 ,0 0 0 o * , $ 5 0 0 an d $ 1 0 0 .
Interest payable A . & O. at tho Continental Sc Comm ercial Trust &
Savings Bank, Chicago, trustee, but subject to call at 102 and interest.
D ata from L etter o f V ice-B res. & S ec. F. VV. M ow bray, A u g. 5 1916.
I n c o r p o r a t io n . — Organized in 1901 by Messrs. F. W . M ow bray and
K. O. R obinson, with one outside partner, with the nominal capital o f
$8,800- In 1904 M r. M ow bray and M r. Robinson took over the remaining
interest, paying $36,000 therefor, and incorporated in Delaware in 1912.
P la n t. A c. —Our main plant is at Quicksand, K y ., where we manufacture
about 35,000,000 ft. o f hardwood lumber and ro-nianufaeturo out o f a part o f
this product about 10.000,009 ft. o f flooring, and carry between 16,000,000
and 17,000,000 ft. o f lum ber, consisting o f about 90% oak, poplar, ash
and basswood.
A t West Irvine, K y ., on the L. & N . R R ., wo havo a yard for drying
lumber and havo on sticks at this point about 5,000,000 ft. o f finished
product o f about tho samo grade and percentages as our stock at Quick
sand. We manufacture, hero between 8,000.000 and 10,000,000 ft.
In addition, wo lease a sawmill at Viper, K y., which is sawing from
4,000.000 to 5,000,000 ft. per annum: also a small plant at T y p o , K y.,
sawing about 1,500,000 ft. o f lumber annually. All in all, wo now manufac
ture close to 50,000,000 ft. annually, and handle upwards o f 10,000,000 ft.
additional, which wo purchase from time to time.
T im b e r . — Our main body o f lim ber, approxim ately 55,000 acres, and
estimated to carry upwards o f 300,000,000 ft. o f merchantable hardwood
timber, lies in two tracts, ono, known as tho “ T aylor & Orate” tract; the
other tract, which at present we treat as a reserve holding, lies m ostly In
(.’ lay and Leslie counties, Ky. In addition to those two tracts, wo have
under contract some 50,000,000 ft. adjacent to our Quicksand plant.
A lso, in and about here, we own additional timber o f some 15,000,000 f t .
or m ore, and own upwards o f 12,000,000 ft. o f logs, all o f which will com e
to our Quicksand plant.
We estimate that wo own and control considerably over 375,000,000 ft.
o f hardwood tim ber, consisting largely o f forko.l-loaf white o ik .
T he proceeds o f this issue are to be usod to retire a previous debt incurred
through the purchase o f timber. These bonds are secured by an absolute
first mortgage on the following timber standing on about 44,845 acres:
o ik . 151,137,250 ft.; poplar, 20,698,650 ft.; lynn, 2,217.935 ft.: ash,
245,972 ft .; hickory, 10,323,500 ft.; beech, birch and maple, 27,540,425 ft.;
chestnut, 24,164,580 ft.; pine, 2 .9 1 1,290 ft.; hem lock, 1,872,625 ft.; buck
eye, 707,450 ft.; walnut, 105,150 ft.; locust, 66,200 ft.; sycam ore, 11,250
ft .; elm. 6.500 ft.; total, 242,008,777 ft.
Some 4.000 acres included under this mortgage havo not boon cruised,
which, coupled with tho conservatism o f our estimate, leads us to believe
the lands under this mortgage carry upw ardsof 275,000,000 ft. o f timber.
This mortgage is also a first Hen on the com pany's manufacturing plant
at Quicksand, K y ., as well as tho sawmill plant at West Irvine, K y.
N e w R o n d s .— Under strict provisions o f the mortgage, and then only
with the consent o f L yon , Gary Sc G o., as bankers, can additional bonds
bo issued, only for tho purchase o f timber or tim ber lands or for building
sawmills and plants and equipment, and logging railroad, any and all o f
which property m ust be first subjoctod to the lion o f this m ortgage.
V a lu a tio n s . — W e value tho stumpago throughout the property at not
loss than $5 per 1,000 ft ., which is considerably over twico the present bond
issue. Our actual cash investment in tho timber and plants pledged under
this m ortgage is considerably in excess o f $1,000,000. We would conserva
tively appraise tho m ortgaged property as follows: tim ber, 242,008,777 f t . ,
at $5 per M ., $1,210,044; m fg. plants and equipm ent, real estate, & c .,
$300,000: total, $1,510,044, or m ore than 3 timos tho amount o f this issue.
R ed em p tio n F u n d . — Tho m ortgage requires an accounting o f $4 25 per
M . ft. log scale on 71.309.327 ft ., and $3 per M . ft. log scale on 170,699,450
ft. All moneys recoivod b y tho trustee from tho abovo sourcos constituto
a fund to rotiro the principal only o f this issuo.
G u a r a n ty .— Principal and interest is unconditionally guaranteed b y
F . W . M ow bray and E . O. R obinson personally.
Muskogee Refining Co.— Time Extended.—
Pres. John M . Crawford announces that the tim e for tho exchange o f
M uskogee stock for that o f tho Oklahoma Producing & Refining C o . has
been extended to Sept. 7. It is said that m ore than 450,000 o f tho 500,000
shares have been exchanged.— V . 103, p . 669.
New York
& Richmond
Gas Co.— Control Purchased.—
Announcem ent was m ade on A ug. 31 that tho Dawes Syndicate, in con
junction with local banking interests, had purchased control o f this com
, operating in R ichm ond, Staten Island. T ho negotiations wero
led by M . M . Freeman & C o ., Phila., and W m . B . W alter, Chicago.
— V . 98, p. 1771.
B
Oklahoma Producing & Refining Co.— Time Extended.
See M uskogee R efining C o. above.— V . 103, p . 669.
Parker Cotton Mills Co.— Stockholders’ Committee.—
T ho follow ing stockholders com m ittee was elected on A ug. 23 to submit
a plan o f reorganization: Leonard Phinzy, Thomas F. Parker, John M .
M iller J r., J. P. M atthews, M . L . M archant and M . V . llagelden .—
V . 102, p. 1901.
Pennsylvania Canal Co .— Judgment.—
Judges B uffington, McPherson; and W oolley in the U . S. Circuit Court
o f Appeals at Phila. on A ug. 10 affirmed a decree o f tho U. S. D istrict Court
on April 6 1916, awarding a judgm ent o f $1,379,941 against tho Penn
sylvania R R . C o. Com pare V. 102, p . 1064, 1441.
Pioneer (Sugar) Mill Co., Hawaii.— Stock Increase.—
Tills com pany som e weeks sinco increased its capital stock from $4 000 000 to $5,000,000 (par $20) for tho purpose, it is understood, o f paying a
25% stock dividend.— V. 102, p. 1722.
Pittsburgh Coal Co. (of N. J.)— Over 90% Assent.— A t
th e close o f b u sin e ss A u g . 22 1916 th ere h a d b e e n d e p o site d
u n d er tho r e a d ju s tm e n t p la n , 93.62% o f th e p referred a n d
91.59% o f th e c o m m o n sh a re s. T h o r e a d ju s tm e n t c o m m it te e
a s o f A u g . 23 fu rth e r s a y s:
In view o f tho fa ct that the vacation season is now on, and it is know n
a number o f owners have thereby been prevented from depositing their
shares, and desiring the action o f the stockholders shall be as nearly unani
mous as possible, tiio com m ittee has Instructed tho several depositaries to
continue receiving deposits o f stock until further advised. In order that
wo m ay know at as early a date as possible tho full am ount o f stock support
ing tho plan, th ecom m itteo now urges upon all stockholders, w ho.havo n ot
already dono so, the early deposit o f their shares in accordance w ith tho
readjustment plan. Depositing stockholders will p rom ptly receive all
cash dividends declared and paid by tho com pany. Tho depositaries are
tho Bankers Trust C o. o f N . Y ., Union Trust C o. o f Pittsburgh and Guar
antee Trust & Safe D oposit C o ., Philadelphia. (See plan, V. 102, p. 804,
1166, 2259.)— V. 103, p . 411.
.
,y
’
Pittsburgh Steel Co — Earnings 12 Mos. end. June 30.—
,
1916.
1915.
1914.
Gross sales---------------------------------------- $21,843,036 $11,649,864 $11,021,094
N et profits---------------------------------------- *4,564.067
858.160
416,551
♦After setting aside $500,000 as reserve for doprec.— V . 102, p. 2031, 10 11
Pneumatic Scale Corp., Ltd.— Bonds Offered.— .E . E lm e r
F o y e & C o ., B o s t o n , h a v o o ffe r e d a t 1 01 a n d i n t ., y ie ld in g
about 6
% , $ 3 5 0 ,0 0 0 5 -y e a r 7 % d eb e n tu re c o u p o n b o n d s ,
d a te d M a r . 1 1 9 1 6 , d u e M a r . I 1 9 2 1 . I n t . M . & S . 1 . T r u s te e ,
O ld C o lo n y T r u s t C o . , B o s t o n .
D enom . $1,000 and $100. Callable all or part at 105 and int. on M a r. 1
1918, or on any int. day thereafter. Prior to tho paym ent or redem ption
o f these bonds no now m ortgage will bo placed upon tho property.
Data from Letter of VV. H. Doble, Treas., N orfolk Downs, Mass.,
March 27 1916.
O r g a n iz a tio n .— Incorporated in M aine June 6 1904 to m anufacture
loaso, operate and deal in all kinds o f machines, .appliances and devices for
weighing, packaging and handling all kinds o f goods and merchandise.
Plant is at N orfolk Downs, M ass. Branch offices, New York Chicago
Kansas C ity, San Francisco, T oron to and London.
Tho machines m ade can autom atically feed the knockod-down cartons
from a stack, fold and seal bottom flaps, emboss identifying m ark, insert
sealed inner lining, fill and weigh goods, drop In coupon, fold and seal top
flaps, wrap In wax paper, shrink on a printed label, glueing all surfaces
tightly and water-proofing the carton before leaving the machine
We
also handle bags, cans and jars, and in quantities ranging from one or two
ounces up to 49 pounds, speed in som e instances running as high as 60 nor
minute. The sanitary sealed packago Is daily com ing into m ore general
use, and wo estimate that fully 90% o f all goods put up in packages in this
country are being handled on tho Pneum atic machines.
C a p ita liz a tio n ( J a n . 31 1916)—
A u th o r i z e d .
Issu ed .
Preferred stock, 7 % cum ulative......... .......................... $300,000
$144,720
C om m on stock ------------- - - - - - - - - - - - - - - - - - - - 1,200,000
1,200,000
First M . 7% gold bonds due Sept. 1 1917, (to bo
retired by this issue)--------------- ......................... - - - $197,000
P u r p o s e o f I s s u e . — The proceeds will pay o ff floating d eb t, retire out
standing bonds and furnish additional capital temporarily needed to placo
in lino o f m anufacture on a commercial basis several now types o f machines,
which will add greatly to tho breadth o f our field and tho values o f our
present machines.
C o n d e n s ed B a la n ce S h eet J a n . 31 1916 { T o ta l E a ch S id e $1,900,579).
A ssets—
L i a b ilitie s —
Casli & a cc’ts receivable
$85,159 Preferred stock __________ $144 720
S t o c k .......................... ...............231,691 Com m on stock ...................... J ,200,000
M achinery on rontal(at cost) 402,566 Notes and accounts payablo 57,370
Plant & m ach’y (depreciated) 166,987 First m ortgago bon d s____
197,000
Patonts and g o o d -w ill-,829,002 Surplus......... ..................
301,489
Leases--------------- --------- _ ---------185,174
E a r n s . ( a v .d 'A tim e s in t .o n th is i s s . ) : 1912.
1913.
1914.
1915.
Bal-ayaH abio after depreciation____$102,938 $110,865 $143,818 $115,522
Dlvldenas at rate o f 4% per annum have been paid on the com m on stock
for the past 7 years. Depreciation charges have been liberal. T ho rentals
under existing leases or the com pany's machinery, payablo during tho term
o f these bonds, will nearly equal the par value o f tho bonds.
Directors and officers: A . L. R obinson, Pres.; W . II. D oblo, Treas. and
Gen. M gr.; A . L. Lincoln, Gilbert Balkam , J. F. Sheppard.— V . 95, p. 1546.
( T h e ) R u s s e l l & C o ., M a s s i l l o n , O h i o . ( F a r m M a c h i n
ery,
&
c Preferred Stock Offered.— T h o M a y n a r d
II.
M u r c h C o ., C le v e la n d , O h io , h a v e o ffe r e d , a t 1 0 2 a n d d i v .,
$ 5 0 0 ,0 0 0 7 % c u m u la tiv e p r o f. s t o c k , w ith sin k in g f u n d .
Par
$100.
A circu lar sh o w s:
The Stock is prof, as to both assets and earnings. R e d ., all or part, at
105 and dlvs. DIvs. Q. J. N ot loss than $30,000 per annum must bo
redeemed and canceled, be^innitig A pril l l o t s . N o m ortgago, lien, & c.,
without consent o f 75% o f the pref. stock. W hile possessing no general
voting power, a m ajority o f the' prof. stock present at any m eoting will
have this power to the extent o f 66 2-3% o f all tho votes cast at any m ooting
in case o f failure to com ply with the sinking fund and other provisions o f
tho pref. stock.
O r g a n iz a tio n . — Founded in 1842 in M assillon, O .; originally incorporated
In Ohio in 1878. M anufactures heavy farm m achinery, including gas
engines, steam engines, threshing m achines, sawmills and road m achinery.
T his stock Issue places the control In tho hands o f men who for m ore than
20 years have successfully conducted this business.
C a p ita liz a tio n (N o bonds or m ortgage)—
A u th o r i z e d . I s s u e d .
7 % cum . pref. stock, replacing an equal am ount o f old
pref. stock, and therefore n ot changing the assets or
liab ilities---------------------------------------------------------------------$500,000 $500,000
Com m on s to ck ------ -------------------------------------------------------- 500,000 500.000
P r o p e r ly O w n e d . — Plant at M assillon, including over 20 acres o f land and
having a replacem ent valuation o f practically $1,000,000; 420 shares out
o f 500 o f M assillon Belt I iy .; sales branches and five subsidiary com panies
located at C ouncil Bluffs, la .; St. Paul, M in n .; C hattanooga, T enn .; St,
Joseph, M o ., and Portland, Ore. T he subsidiary com panies have a com
bined paid-in capital stock o f $450,000 and a surplus fund o f $495,209—
all but $7,600 o f the stock being owned b y the com pany, and carried at par.
The subsidiary com panies cannot incur any debt other than for ordinary
current expenses, except to the parent com p any, and tne latter agrees that
their notes, which it has discounted, shall at no tim e exceed 75% o f the
security given.
E a r n in g s . — T otal earnings, together with its subsidiary com panies,
aggregated for cal. year 1915.. $282,167, including $52,137 carried to tho
surplus accounts o f the subsidiary companies— or over eight times the pref.
dividend, and for the past 14 years have averaged annually over 4 A times
the preferred dividend.
B a la n ce S h eet o f T h e R u s s e ll & C o . , D e c . 311915 { T o t a l E a ch S id e ,
R esou rces.
„
L ia b ilit ie s .
$2,702,578)
Plant a ccou nt--------------------- $626,340 C om m on stock ________ $500,000
Stock In subsidiary co s------ 484,400 Preferred stock ________ 500,000
Outside real estate-------------4,380 Bills & accts. payable, & c._ 218,443
Cash in banks_____________
77,582 Pref. d iv. paid Jan. 1 1 91 6 -7,500
Bills & accounts receivable- 504,205 Deferred liabilities____
13,680
Accrued interest, & c------------ 47,452 Reserve for contingent losses 350,000
Merchandise stocks_______ 432,402 Surp. account Jan. 1 1915-1,000,000
Balances due from sub. co s . 525,816 U ndiv. _p rofits (year
_____________
_______
1 9 1 5 )-. 112,955
Aside from the items above shown, the com pany has discounted bills
receivable as follows: Its own customers’ bills, $167,466; bills m ade b y its
subsidiary com panies, $1,147,733; secured b y $1,721,051 farmors' notes
pledged as collateral. As owner o f practically all o f the capital stock o f its
subsidiary com panies, it virtually owns the surplus assets o f such subsidiary
companies, am ounting to $495,209. T ho plant account as abovo includes
real estate, buildings and equipment as appraised Feb. 1912 at reproductive
value, $974,173: additions since appraisal, $6,249; loss depreciation, $354,
082: net, $626,340.
T ho profit for the year 1915 per books was $180,029, and dividends from
subsidiary com panies, $50,000: total, $230,029; lass pref. dividends ( 6 % ) ,
$30,000, and reserve for contingent losses, $87,074; balance, $112,955.
St. Joseph Lead Co.— Dividend from
Amortization.—
A distribution o f 50 cents a share from the reserve for am ortization, in
addition to tho regular quarterly 25 cents a share, has been declared on the
stock, payablo Sept. 20 to holders o f record Sept. 9.— V . 103, p . 757.
Standard Screw Co.— Bonds
Called.—
This com pany has called for paym ent on O ct. 1 at par and interest a t
tho N . Y . Trust C o ., N . Y ., tho outstanding $240,000 5 % gold debentures.
■ V . 102, p . 2347*
Studebaker Corporation.— Rumor
Denied— Earnings.—
R e g a r d in g th e r e p o r t th a t th e c o m p a n y c o n te m p la te d m a k in g
a n issu e o f $ 1 5 ,0 0 0 ,0 0 0 n e w s to c k , P r e s . A . R . E rsk in e o n
A u g . 2 9 s a id :
The Studebaker Corporation Is entirely out o f debt, has bank balances
o f approxim ately $4,000,000, Its profits arc m ore than sufficient to take care
o f all its requirem ents, and It contem plates absolutely no new financing
o f any kind.
[The com pany confirm s the report that its net p rofits for the year ended
June 30 1916 were $6,028,000, contrasting with S9,248,375 for the full
calendar year 1915 and $5,345,396 for 1914. The com pany has outstanding
$30,000,000 com m on and about $10,965,000 pref. stock.)— V.103,p 499.
Stuts Motor Car Co.— Initial
Dividend.—
An initial dividend o f $1 25 has boon declared on tho stock, payable
O ct. 2 to holders o f record Sept. 15.— V . 103, p . 534, 499.
Sunday Creek Coal Co.— Sale of Collateral.—
D efault for m ore than 3 months having beon m ade in the paym ent o f
interest due July 1 1915 and Jan. 1 1916 on tho [$3,503,000] Sunday Creek
C o. Collateral Trust G old bonds dated July 1 1905, the Central Trust C o.
o f N . Y ., trustee under the collateral indenture o f that date, as required
b y the registered holders o f a m ajority o f the bonds now outstanding, gives
notice that it will sell the collateral on O ct. 4 through Adrian II. M uller
& Son, N . Y . , viz.: Trust certificates representing the beneficial interest
in (a ) 32,300 shares o f stock o f the Kanawha & H ocking Coal & C oke C o .,
being $3,230,000 o f the total outstanding issue o f $3,250,000; (6) 32,500
shares o f stock o f Continental C oal C o . , being S3,250,000 o f a total outstand
ing Issuo o f $3,500,000.— V . 99, p . 1055.
Sunday Creek Co.— Sale
of Collateral.—■
See Sunday Creek C oal C o. above.— V . 99, p . 1055.
Swift & Co., Chicago.— Listing.—
T ho Chicago Stock Exchange has listod $2,400,000 additional 1st M .
bonds, m aking $32,420,000 listed to d a te.— V . 102, p . 1723.
Litigation.
Tennessee Copper Co., New York.—
— P res.
U t le y W e d g e , N . Y . , h a s m a d e th e fo llo w in g s ta te m e n t:
It is true that W m . H . Stiner & Son have brought four suits against the
Tennessee C opper C o ., attaching som e o f our property in New Y ork , as the
Copper com pany is a N ew Jersey corporation. A surety bond lias been
arranged to be furnished b y the copper com pany and tho unwarranted
attachm ent released.
The com pany had entered Into contracts with W m . II. Stiner & Son for
the sale to Stiner & Son o f sulphuric acid and other chemicals. Some time
ago Stiner & Son defaulted in their perform ance o f tho contracts and a
letter was sent to them advising that they would be held liable to tho
Tennessee C opper C o. for damages b y reason o f the breach o f tho contracts.
T ho suits instituted b y Stiner & Son are wholly unwarranted, and It Is
perfectly clear that tho on ly purpose in filing these suits was to anticipate
tho action that Stiner & Son knew would be taken against them b y the
copper com pany. Counter suits will soon bo filed. The copper com pany
has nothing whatever to fear from these actions.— V . 102, p. 2347, 2260.
Tobacco Products Corp.— Listing.—
Tho N . Y . Stock Exchange has admitted to list on and after A ug. 28
$16,000,000 com m on stock.— V. 103, p . 670, 664.
Todd Shipyards Corp., N. Y .— Initial
Dividend.—
An Initial dividend o f $1 75 has been declared on the stock (no par v a lu e ),
payable Sept. 30 to holders o f record Sept. 20.
T ho follow ing statement was given out: “ N ot earnings for the quarter
ended A ug. 31 will be In excess o f $750,000, after providing for all interest
and sinking fund paym ents, including Interest and sinking funds on the
5-yoar 6 % n otes.” — V . 102. p. 2347.
Torrington (Conn.) Co.— Sub.
Company Purchase.—
T he N ational Sweeper, a subsidiary o f this com pany, has purchased the
D om estic Vacuum Cleaner C o ., W orcester, M ass. Late last year the Olm sted-Tuttle C o .’s property in Chicopee, was purchased b y the Excel
sior N eedle C o ., also a subsidiary o f this com pany.— V . 102, p . 1991.
Union Sugar Co.— Dividend
Increased.—
A m onthly dividend o f 35 cents has been declared on tho stock, payable
Sept. 5 to holders o f record A ug. 31. This Is an increase o f 10 cents per
share.— V. 101. p. 452.
United Drug Co.— Stock
Underwritten.—
The following bankers have undcrwiitton an issuo o f $2,500,000 1st pref.
stock offered to holders o f the old pref. at par ($50) until Sept. 1. F. S.
M oseley & C o ., Kissel, Kinnicutt & C o. and Dom inick & D om inick.
Stock not taken by 1st pref. holders will bo offered to owners o f 2d p r e f..
and com m on.—-V. 103, p. 417.
F o r o t h e r In v e stm e n t N ews see p a ges 853 a n d 854.
I^epxrrts and Iptfoxrojeuts.
CANADIAN PACIFIC RAILWAY COMPANY
T H IR T Y -F IF T H
ANNUAL
R EPO RT— FOR
THE
To the Shareholders'.
T h e a c c o u n ts o f th e C o m p a n y fo r th e y e a r e n d e d J u n e 3 0
1 9 1 6 sh o w th e fo llo w in g r e su lts:
§129,481.885 74
Gross Earnings___
. 80,255,965 28
“W orking Expenses.
$49,225,920 46
10,306,196.06
N et Earnings_________
D edu ct Fixed Charges.
Surplus_____________________________ ___ ___________________ $38,919,724 40
125,000 00
C ontribution to Pension F un d_____________________________
$38,794,724 40
D ed u ct N et Earnings o f Pacific Coast Steamships, C om
mercial Telegraph, and News Departm ent, transferred
to Special Incom e A ccou n t______________________________
1,923,288 96
$36,871,435 44
From this there has been charged a half-yearly
dividend on Preference Stock o f 2 per cent,
paid April 1 1916......... ........ ...............- ............ $1,613,638 42
And three quarterly dividends on Ordinary
Stock o f 1M per cent each, paid D ec. 31
1915, April 1 1916 and June 30 1916............13,650,000 00
15,263,638 42
$21,607,797 02
From this there has been declared a second
half-yearly dividend on Preference Stock,
payable O ct. 1 l o i 6 _______________________$1,613,638 42
And a fourth quarterly dividend on Ordinary
_____
S tock, \ % p ercen t, payablo O ct. 1 1916— 4,550,000 00
6,163,638 42
Leaving net surplus for the year_________________________ $15,444,158 60
In addition to the above dividends on Ordinary S tock, three per cent
was paid from Special Incom e.
T H E F O L L O W IN G A R E T H E D E T A IL S OF S P E C IA L I N C O M E F O R
Y E A R E N D E D JU N E 30 1916.
Balance at June 30 1915_____________________$8,216,144 15
Less D ividend paid O ct. 1 1915___________ 1,950,000 00
------------------------- $6,266,144 15
Interest on Proceeds Land Sales___________________________
151,170 51
Interest on Deposits and L oa n s.,__________________________
976,326 08
Interest from M inneapolis St. Paul & S. S. M arie R y . Bonds
159,720 00
Interest from M ineral Rango R y . B onds---------------------------50,160 00
Interest from T oron to H amilton & B uffalo R y . B onds-----10,237 78
Interest from M ontreal & A tlantic R y . Bonds and other
Securities________________________________________________
108,136 03
Interest from Berlin W aterloo W ellesley & Lake Huron
R y . B onds_______________________________________________
17,040 00
Interest from St. John Bridge & R ailw ay Extension C o.
B on d s____________________________________________________
6,250 00
Interest from Esquimalt & Nanaim o R y . B onds----------------193,280 00
Interest from Dom inion A tlantic R y . Extension Debenture
S t o c k ____ ;_______________________________________________
56,940 00
Interest from D om inion A tlantic R y . 2nd Debenture Stock
36,986 67
Interest from Hull Electric R ailw ay_______________________
60,000 00
Dividend on St. John Bridge & R ailw ay Extension C o.
S t o c k ____________________________________________________
70,000 00
Dividends on Minneapolis St. Paul & S. S. M arie R y .
C om m on Stock__________________________________________
890,645 00
Dividends on M inneapolis St. Paul & S. S. M arie R y. Pre
ferred S tock______________________________________________
445,326 00
Dividends on W est K ootenay Power & Light C o. Com m on
S t o c k ____________________________________________________
27,500 00
Dividends on W est K ootenay Power & Light C o. Preferred
S t o c k ____________________________________________________
3,850 00
Dividends on Consolidated M ining & Smelting C o. S t o c k ..
307,437 50
Dividend on Berlin W aterloo W ellesley & Lako Huron R y.
S t o c k ____________________________________________________
12,500 00
Earnings from Ocean Steamsnips and H otels----------------------3,583,292 28
Revenue from C om pany's Interest in C oal M luo Properties
557,842 72
Extraneous M ail Earnings-------------------------------------------------216,305 07
N et Earnings o f Pacific Coast Stoamships, Comm ercial
Telegraph, News D epartm ent___________________________
1,923,288 96
Received for Space rented in Office Buildings--------------------76,720 34
$16,207,099 09
Less:— Paym ents to Shareholders in dividends:
Decom ber 31 1915, April 1 1916 and June 30 1916
5,850,000 00
$10,357,099 09
F rom this a dividend has been declared payablo O ct. 1
1 9 1 6 __________ _________ _______________________________
1,950,000 00
2 . T h e w o rk in g exp en ses’ for tho y e a r a m o u n te d
to 6 1 .9 8
p er c e n t o f th e gross e a r n in g s, a n d th o n e t e a rn in g s to 3 8 .0 2
p e r c e n t , as c o m p a re d w ith 6 6 .0 4 a n d 3 3 .9 6 p er c o n t, re
s p e c tiv e ly , in 1 9 1 5 .
3 . T h e r e w ere n o sales d u rin g th e y e a r o f fo u r p er c e n t
C o n s o lid a te d
D e b e n tu r e
S to c k ,
fo u r
p er
cont
P re fe re n ce
S to c k or o th e r C a p it a l S e c u ritie s.
4. The
3 9 0 ,7 1 5
p er a c r e .
sales o f a g ric u ltu ra l la n d
d u rin g
th o y e a r w ore
acres fo r 8 6 ,1 2 6 ,1 0 8 , b e in g a n a v e r a g e o f $ 1 5 6 8
In c lu d e d in th is a re a w ere 8 ,0 4 6 acres o f irrig a te d
la n d , w h ic h b r o u g h t $ 5 4 6 7 p er a c r e , so t h a t th e a v e r a g e
p rice o f th o b a la n c e w a s $ 1 4 8 6 p e r a c re .
5 . Y o u wilL b e a sk e d to g iv e y o u r a p p r o v a l to a n A g r e e
F IS C A L Y E A R
E N D E D J U N E 3 0 T I I 191G .
w h ic h , in a d d itio n to p r o v id in g fo r th e in te rc h a n g e o f traffio
p a ssin g o v e r th e la tte r C o m p a n y ’s lin e s , p ro v id e s fo r th e
issu a n ce b y the T o r o n t o H a m ilt o n & B u f fa lo R a ilw a y C o m
p a n y o f F ir s t M o r t g a g e C o n s o lid a te d B o n d s n o t e x ce e d in g
in a m o u n t $ 1 0 ,0 0 0 ,0 0 0 , b e a r in g in terest a t a ra te n o t in o x cess o f 5 % p er a n n u m , to bo issu e d o n ly w ith tho c o n se n t
o f th o o th e r C o m p a n ie s , p a rtie s to th e A g r e e m e n t, a n d to bo
u n c o n d itio n a lly g u a r a n te e d , a s to p rin c ip a l a n d in te r e s t, b y
th ese C o m p a n ie s jo in t ly a n d s e v e r a lly .
6 . I n co n se q u e n c e o f th e e x tr a o rd in a r y co n d itio n s crea te d
b y th e p re sen t W a r , y o u r D ir e c to r s co n sid ered it a d v is a b le
to p o s tp o n e tho e ffe c tiv e d a to o f tho A g r e e m e n t en te re d in to b e
tw e en y o u r C o m p a n y a n d th o A lla n L in o S te a m s h ip C o m p a n y
a n d th e C a n a d ia n P a c ific O c e a n S o r v ic e s, L im it e d , a u th o r
ize d b y R e s o lu tio n p a sse d a t th o la s t A n n u a l M e e t in g , fo r th e
a c q u is itio n b y th o la s t -n a m e d C o m p a n y o f th o C a p it a l S to c k
o f th e A lla n L in e n o w h e ld b y y o u r C o m p a n y a n d o f tho v e s
sels o f y o u r C o m p a n y n a m e d in th e R e s o lu tio n .
Y ou r D i
re cto rs h a v e , h o w e v e r , th o u g h t it d esirab lo to e n te r in to an
A g r e e m e n t w ith tho C a n a d ia n P a c ific O c e a n S e r v ic e s , L im
ite d , u n d e r w h ich th o v e sse ls o f b o th fle e ts are o p o ra te d b y
th a t C o m p a n y a s M a n a g e r s a n d A g o n t s .
I n v io w o f p o ssi
b le ch a n g e s in th e c o n d itio n s p o r ta in in g to o c e a n tr a ffic ,
y o u r D ir e c to rs co n sid er th a t it m a y bo a d v i s a b l e , in y o u r
C o m p a n y ’ s in te r e sts, th a t in g iv in g e ffe c t to th o p ro p o sa ls
p re v io u s ly a p p r o v e d , a s o m e w h a t d iffe re n t p la n sh o u ld b o
a d o p t e d , a n d a R e s o lu tio n w ill bo s u b m itte d g r a n tin g a u
th o r ity to y o u r D ir e c to r s to c a rry o u t th o tr a n s a c tio n w ith
tho O c ea n S ervic es o r so m e o th e r C o m p a n y c re a te d fo r th a t
p u rp o s e , o f w h ich C o m p a n y y o u r C o m p a n y w ill lia v o fu ll
o w n e rsh ip an d c o n tr o l in su ch m a n n o r a n d o n su ch te rm s as
se e m to th e m p ro p e r.
7 . T h o re v en u o fr o m y o u r s te a m s h ip s g iv e n in th o s ta te
m e n t o f S p e cia l I n c o m o is ox clu sivo o f an a m o u n t tran sferred
to tho R e s e r v e A c c o u n t to c o v e r th e c o s t o f re p la cin g sh ip s
s o ld or d e s tr o y e d , a n d o f a s u m su ffic ie n t to m e o t a n y ta x
o n excess p ro fits th a t m a y bo u ltim a te ly p a y a b lo .
8 . T h e re la tio n s b e tw e e n tho C o n s o lid a te d M in in g &
S m e ltin g C o m p a n y a n d th e W e s t K o o t e n a y P o w e r & L ig h t
C o m p a n y w ere su ch a s to m a k o it d e sira b lo , in th o in terests
o f b o th p ro p e rtie s, th a t th e y s h o u ld bo u n d er on o c o n tr o l,
a n d in ord er th a t th is m ig h t b e a c c o m p lis h e d , y o u r C o m p a n y
jo in e d w ith tho o th e r sh areh old ers in th o W e s t K o o t e n a y
P o w o r & L ig h t C o m p a n y in e x c h a n g in g its h o ld in g s o f C o m
m o n S to c k in th a t C o m p a n y fo r shares in th e C o n s o lid a te d
M in in g & S m e ltin g C o m p a n y , o n a b a sis o f $ 7 5 o f th o s to c k
o f th o C o n s o lid a te d C o m p a n y fo r e a ch $ 1 0 0 faco v a lu o C o m
m o n S to c k o f tho W e s t K o o t e n a y C o m p a n y .
9 . Y o u r D ir e c to rs a p p ro p r ia te d fo r E x p e n d itu r e on C a p ita l
A c c o u n t in tho ca lo n d a r y e a r th o a m o u n t o f $ 3 ,7 4 9 ,4 7 4 .
Of
th is , $ 1 ,9 5 5 ,0 0 0 w as re q u ire d fo r th o C o n n a u g h t T u n n e l in
th e S elk irk M o u n t a in s , an d tho b a la n c e fo r m isc e lla n e o u s
w o rk s o f im p r o v e m e n t o v e r tho w h o le s y s t e m .
1 0 . T h o p ro fits re su ltin g fr o m th o m a n u fa c tu r e in y o u r
C o m p a n y ’s sh op s o f m u n itio n s o f w a r , u n d e r ta k e n a t th o re
q u e s t o f G o v e r n m e n t , h a v o n o t b e e n ta k e n in to th e op e r
a tin g re v e n u e , b u t h a v e b e e n a p p lied as a s e t-o ff a g a in s t
c o n tr ib u tio n s to P a tr io tic a n d R e lie f F u n d s , an d o th e r e x
p e n d itu re s b y y o u r C o m p a n y d ire c tly d uo to th o w a r , a n d
n o t p ro p e rly clia rgea b lo to w o rk in g e xp e n se s.
1 1 . T h e im p o r ta n t fa llin g o ff in th o ro vo n u e p er to n m ile
fo r th e carriago o f fre ig h t tr a ffic fr o m .7 6 c e n ts in 1 9 1 5 to
.6 4 c e n ts th is y e a r , w a s la rg e ly d uo to th o a b n o r m a l increase
in th o to n n a g o o f g rain h a n d le d a t th o v e r y lo w ra te s th a t
a p p ly to th a t c o m m o d it y , a lth o u g h th o re d u c tio n in m a n y
ta riff ra te s in W e s t e r n C a n a d a h a d c o n sid era b le in flu en c e.
1 2 . T h e r e b e in g so m e d o u b t as to tho r ig h t o f tho C o m p a n y
to issue its P re fe re n ce a n d D o b o n tu r o S to c k s in d o lla r c u r
r e n c y a s w ell as s te rlin g , th o re q u isite a u th o r ity to d o so w as
secu red b y A c t o f P a r lia m e n t a t th o la s t S ossio n .
1 3 . I n N o v o m b o r la s t th o T r u s te e s u n d e r th o M o r t g a g e
secu rin g £ 7 ,1 9 1 ,5 0 0 F ir s t M o r t g a g o B o n d s e x e c u te d a d is
ch a rg e o f m o rtg a g o a n d r o -c o n v o y a n c o o f th o p r o p e r ty to th e
C o m p a n y , a n d th e d o c u m e n ts h a v o b e e n d ep o s ite d w ith th o
H o n o r a b le th e S e c re ta ry o f S ta to a t O t ta w a .
1 4 . M r . E . W . B e a t t y , K . C . , V ic e -P r e s id e n t a n d G e n o ra l
C o u n s e l, w a s e le c te d a D ir e c to r o f th e C o m p a n y to fill tho
v a c a n c y ca u sed b y th o re sig n a tio n o f M r . D a v id M c N i c o l l.
1 5 . T h o u n d e r -m e n tio n e d D ir e c to rs w ill rotiro fro m office
a t th o a p p ro a c h in g A n n u a l M e e t i n g .
T h e y aro o l i g i b l e j o r
re -e le c tio n .—
M R . W IL M O T D . M A T T H E W S ,
M R . A U G U STU S M . N A N T O N ,
M R . GEORGE BURY.
F o r th e D ir e c to r s ,
m e n t b e tw e e n th o N e w Y o r k C e n tr a l, M ic h ig a n C e n tr a l, a n d
C a n a d a S o u th o rn r a ilw a y c o m p a n ie s a n d y o u r C o m p a n y ,
a n d th o T o r o n t o H a m ilt o n & B u f fa lo R a ilw a y C o m p a n y ,
S IIA U G H N E S S Y ,
PvP*i/)/IPtl /
M o n t r e a l, A u g u s t 1 4 tli 1 9 1 6 .
G E N ER A L, B A L A N C E S H E E T , JU N E 30T II 1910.
ASSETS.
PrRPaUwavInVeStmen-1- — .............................$352.971.897 76
Rolling Stock E quipm ent......... - ............... 153.605.307 56
Ocean. Lake and R fver Steam ers............._ ^ J £ ^ 530.788.978 65
( - - - ................................. ....................................... 1 1 1 .7 9 3 .7 1 4 5 3
Advances on Lines and Steamships under C onstruction------
42,852,519 99
Deferred Payments on Lands and Townsites Sales, N o. 2 _ .
* Special Investment Fund:
Deferred Paym ents on Lands and T ow n - ^ 0.44 383 42
12,006,140 61
AHtnmefHj and Investments______________________________
Govornment"SoclfrltiesI— ——— — .........
Deposited with Irusteo.............................
V, Oo'J.472 Of
b ™ 50
7’ 135’650,56, 5 6 ,2 6 8 i7 6 8 84
W MateriaA aSnd Supplies on H a n d . . . ..........S1i ’l i q ’ 700 40
Agonts’ and Conductors Balances---------N et T ra ffic Balances . -------- - ----------e 512,056 88
Miscellaneous A ccounts Receivable-------§ 070’non m
Tem porarily Invested in War Loans-----c c o ?n
Cash in H and---------------------------- ------------ 41 ■581’680. 6.9
0 t ScheduletS‘V
6 9 ,733,327 27
’ ............................................................................... 127,129,135 93
$ 9 6 0 ,2 1 7 ,0 5 7 8 9
* S ecu rity for issue o f N o t e
Certificates, $ 5 2 ,0 0 0 ,0 0 0 .
L IA B IL IT IE S .
CaA n l l L Sr v C5 (o r k
............- ............... $ 2 6 0 ,0 0 0 ,0 0 0 0 0
»
C e n t^ V e fe r c n c o S to c k ....................
8 0 ’6 8 1 rM 1 “ , 340 ,6 8 1 .9 2 1 12
Four Per Cent Consolidated Debenture S t o c k .. ......................... 1 7 6 ,2 8 4 ,8 8 2 10
M M g o m a B ran ch 1st M o r tg a g e 5 per c e n t . ....................................
3 . 6 5 0 ,0 0 0 0 0
P r e m iu m on O rd in ary C a p ita l S toc k S o l d . . ....................................
4 5 ,0 0 0 ,0 0 0 0 0
......................................
CUA m llted Vouchors
P n lls
...............I ............... - ...............
M iscellaneou s’ A c c o u n ts P a y a b le .................
$ 5 ,1 8 5 ,2 0 7 4 5
4 ,7 8 9 ,7 4 8 9 2
5 ,5 3 6 ,2 6 9 10
1 5 ,5 1 1 ,2 2 5 4 7
A c c ru e d :
R e n ta ls o f L eased L in es an d C o u p o n s on M o r tg a g e B o n d s
E q u ip m e n t O b lig ation s
. . . ...................................................................
Rosorvos and Appropriations.
E q u ip m e n t R e p la c e m e n t...............................
Steam sh ip R e p la c e m e n t-------5 ,3 8 4 ,0 2 8 J2
R eserve
5 3 1 .6 5 8 91
11,680,000 00
„ 0_ _~
AX
Fund for Contingencies an d f
C o n tin g e n t W a r a x e s ------------------------M a rin o Insu ran ce I u i n d . . ...................... ..
4 78 7g
2 4 ,8 0 1 ,7 9 6 3 6
$ 9 6 0 ,2 1 7 ,0 5 7 8 9
I. G . O G D E N ,
V i c e -P r e s id e n t .
A U D IT O R S ’ C E R T IF IC A T E .
W e h a vo exam in ed th e B ook s an d R ecord s o f th e C a n a d ia n P a cific R a il
w a y C o . for th e fiscal year en ding Juno 3 0 1 9 1 6 , an d h a vin g com p ared th e
an nexed B ala n ce S h eet and In co m o A c c o u n t th ere w ith , wo certify th a t, in
ou r o p in io n , th e B ala n co Sheet is P roperly draw n u p so as to show th e true
fin an c ia l p osition o f the C o m p a n y a t th a t d a te , and th a t the relative in
c o m e A c c o u n t for th e year is correct ^ A / T E R H O U S E & C O ..
Chartered Accountants (England).
M on treal. August 10 1 9 1 6 .
C H A R G E S F O R Y E A R E N D E D JU N E 3 0 I I I 1 9 1 6 .
S t . Law rcnco & O tta w a R y . 4 % First M o r t R on d s
.......................................H
$ 3 8 ,9 3 3 3 4
M a m S. W e s t . C o lz n . B y . 1st M o r tg a g e 5 %
1 2 7 .2 0 0 0 0
B on d s, duo Juno 1st 1 9 3 4 . . ----- - - - - - - - -
9 7 5 .1 2 9 5 6
£ 4 .0 0 7 .3 8 1 15 5 O n tario & Q u ebec R y . D e b g r tO K .S to c k : 5 %
F IX E D
£ 2 0 0 ,0 0 0
a2 5 4 4 0 0 0
£ 1 ,3 3 0 .0 0 0
£ 7 5 0 .0 0 0
$ 5 0 0 ,0 0 0
$ 5 0 0 ,0 0 0
Ontario & Quebec R y . Ordinary Stock 6 % .
Atlantic & North W est. R y . 1st M ortgage
Bonds, duo January 1st 1937------------------Aigom a Branch 5 % 1st M ortgage Bonds
due July 1st 1937-------------------------------------New Brunswick Southern R y . 1st M ortgago
Bonds, 3 % ----------------------------------------------Lindsay Bobcaygeon & P ontypool R y . 1st
M ortgago Bonds, 4 % ___________________
Rental Toronto Grey & Bruce R y __________
Rental, Calgary & Edmonton R y __________
Rental. Farnham to Brigham J et__________
Rental, Mattawamkeag to V anceboro_____
Rental, New Brunswick R y . System ______
Rental, Terminals at T oron to_____________
Rental. Terminals at H am ilton------------------Rental, Hamilton Jet. to T oron to ..................
Rental, St. Stephen and M illtow n R y -------Rental. Joliette & Brandon R y .............. ........
Rental, Lachine Canal B r a n c h ...................
Interest on Montreal & W estern R y ............ .
Interest on Equipment Obligations..............-
120,000 00
3 2 3 ,6 3 3 3 4
1 8 2 .5 0 0 00
1 5 .0 0 0 00
20.000 00
1 4 0 ,0 0 0 0 0
2 1 8 ,3 5 7 6 0
1 ,4 0 0 0 0
23 800 00
3 7 2 ,8 2 9 74
2 5 ,9 6 8 71
3 8 ,8 7 7 61
4 3 .4 8 7 4 0
2 .0 5 0 0 0
5 ,0 0 0 0 0
939 96
-------------1 2 ,5 0 1 84
567.191 66
$3,254,800 76
£ 3 6 .2 2 2 .9 2 1
7o
C O N S O L ID A T E D
DEBENTURE
4%
S T O C K .................... - .......................................
7,051,395 30
$ 1 0 ,3 0 6 ,1 9 6 0 6
SCH EDULE
“ A” — A C Q U IR E D
S E C U R IT IE S .
S e c u r itie s o f L e a s e d L i n e s .
A tla n tic & N o r th W e s t R y . 1st M o r tg a g o B o n d s, 5 % -----------E g a n v ille B ranch 1st M o r tg a g o B o n d s , 4 % ________________
G u aran teed S t o c k _____
_____________________
♦C ap ital S t o c k ................. .............................................................................
A lb e rta R ailw ay & Irrigation C o . * i s t M . B o n d s , 4 % ---------O rdinary S t o c k ................. ...........................................................................
A lb e r ta C en tral R ailw a y 1st M o r tg a g e B o n d s , 4 % ---------------C ap ital S t o c k ............- ________ _________________ _________________B ritish C o lu m b ia Sou th ern R y . 1st M o r tg a g e B o n d s, 5 % - .
♦ C apital S t o c k - - - - - - - - ..................................................- .............—
B erlin W a te rlo o W ellesle y & L a k e H u ro n R y . * l s t M o r t
gag e B o n d s . 4 % — ............- ..............................._ .....................—
♦ C apital S t o c k --------------— — -----------------------------------------------------C a lg a r y & E d m o n to n R y . 1st M o r tg a g o B o n d s, 4 % .................
♦C ap ital S to c k ------------— — — •
---------------------------------------------------C a m p b o llfo rd L a k e O n tario & W e ste r n R y . 1st M . B d s ., 4 %
♦C ap ital S to c k -----------------------------C a p d e la M a d e le in e R y . ‘ C ap ital S t o c k .......................................
C o lu m b ia & K o o te n a y lt y . 1st M o r tg a g o B o n d s , 4 % ...............
♦C apital S to c k _______________- ...................
C o lu m b ia & W estern R y . 1st M o r tg a g o B o n d s , 5 % .................
♦C apital S t o c k ...................... - - - - - - - ................................................
D o m in io n A tla n tic R y . C a p ita l S t o c k . . . . . . . ------- . . . ____
Preferred S t o c k - - - - - - - - - - - -------2 n d D eb en tu re S t o c k -----------------------------------------------------------------E x te n sion D eb en tu re S to c k ----------------------K sciuim alt & N a n a im o R y . ‘ 1st M o r tg a g o B o n d s , 4 % ............
♦ C ap ital S t o c k ---------------- ----------------------- --— ------------------------- --
P a r V a lu e .
$ 1 9 ,4 6 6 67
„ 3 0 2 ,4 0 0 0 0
3 , 2 4 0 ,0 0 0 0 0
1 7 6 ,0 0 0 0 0
2 , 3 9 6 ,0 0 0 0 0
3 , 1 7 1 .5 0 0 0 0
2 ,2 4 0 ,0 0 0 0 0
60 000 00
1 .1 7 5 ,0 0 0 0 0
1 7 2 ,2 0 0 0 0
4 2 6 ,0 0 0
1 2 5 ,0 0 0
5 ,9 0 0 .0 0 0
1 .0 0 0 ,0 0 0
9 ,2 2 0 .0 0 0
1 2 5 ,0 0 0
3 0 .0 0 0
1 ,2 7 7 .5 0 0
2 5 0 .0 0 0
5 , 6 9 1 ,0 0 0
9 2 5 ,0 0 0
1 ,1 0 1 .8 4 8
1 ,3 1 0 ,2 0 2
9 2 4 .6 6 6
1 ,4 2 3 .5 0 0
4 , 8 3 2 ,0 0 0
2 ,5 0 0 ,0 0 0
00
00
00
00
00
00
00
00
00
00
00
93
00
67
00
00
00
P a r V a lu e .
$ 1 , 3 7 5 ,0 0 0 0 0
5 0 0 .0 0 0 0 0
2 ,4 1 5 .0 0 0 0 0
1 2 5 .0 0 0 0 0
4 , 8 4 0 ,0 0 0 0 0
2 5 0 .0 0 0 0 0
3 7 5 ,0 0 0 0 0
1 ,0 7 5 .0 0 0 0 0
9 9 5 ,4 5 0 0 0
1 3 4 ,9 0 0 0 0
1 ,9 8 0 .9 0 0 0 0
7 8 0 ,0 0 0 0 0
2 5 0 .0 0 0 0 0
2 , 9 7 0 .0 0 0 0 0
2 5 0 .0 0 0 0 0
2 0 0 ,0 0 0 0 0
2 ,6 2 7 ,5 1 3 3 3
2 , 5 2 0 ,6 0 0 0 0
1 6 0 ,6 0 0 0 0
6 1 3 ,2 0 0 0 0
4 1 5 ,0 0 0 0 0
5 ,6 1 3 ,1 1 3 6 3
M anitoba South W est C ol. R y . 1st M ortgago B onds, 5 % . .
Capital S tock------------------------------------------------------------------lontreal & Ottawa R y . 1st M ortgage B onds, 5 % _________
♦Capital S tock __________________________________________
N ew Brunswick Southern R y . ‘ Capital S tock ______________
N orthern Colonization R y . 1st M ortgago B onds, 4 % ______
♦Capital S tock__________________________________________
N icola Kam loops & Similkameen R y . 1st M . B onds, 4 % . .
♦Common S tock ---------------------------------------------------------------Nakusp & Slocan R y. ♦Common S tock-------------------------------Ottawa Northern & W estern R y . 1st M . B onds, 4 % ______
♦Capital S tock__________________________________________
Ontario & Quebec R y . Capital S tock-----------------------------------Orford M ountain R y . 1st M ortgage B onds, 4 % -----------------♦Capital S tock __________________________________________
Saskatchewan & Western R y . 1st M ortgago Bonds, 5 % ----♦Common S tock_________________________________________
South Ontario Pacific R y . ‘ 1st M ortgage Bonds, 4 % ---------♦Common S tock------------------------------------—— — — — — — —
Shuswap & Okanagan R y . 1st M . Bonds (£256,700), 4 % . .
Com m on S tock__________________________ .----------------------St. Lawrence & Ottawa R y . ‘ C om m on S t o c k . . . . . . . . -----St. M a ry ’s & Western Ontario R y . * lst M . Bonds, 4 % -----♦Capital S tock______________________________ — _________
St. M aurice Valley R y . 1st M ortgage Bonds, 4 % -------------♦Capital S tock__________________________________ - — ____
Tillsonburg Lake Erie & P acific R y . 1st M . Bonds, 4 % -----♦Common S tock_________________________________________
V ancouver & Lulu Island R y . 1st M ortgage Bonds, 5 % —
♦Capital S tock __________________________________________
W alkerton & Lucknow R y . 1st M ortgago Bonds, 4 % ---------♦Common S tock_________________________________________
S e c u r itie s
T IB ' q BO 86
33b,JbU 86
Proceeds L a n d s an d Townsites............................................ 6 8 ,2 5 5 ,8 0 3 19
Surplus R ov en u e^ om O p e r a t io n ............... - .......................... ............. 1 0 0 ,6 0 4 , o % 6 0
Surjiius in other Assets----------------- . . . . -----------. . . . ------------ 121,210,171 11
N ot
$2,000,000
G r e a t N o r t h W e s t C e n tra l R y . 1st M o r tg a g e B o n d s , 5 % . _
♦C ap ital S toc k
G u elp h & G od erich R y . 1st M o r tg a g e B o n d s , 4 % ---------------♦ C ap ital S t o c k ___________________________________________________
G eorgian B a y & Se ab oard R y . 1st M o r tg a g e B o n d s, 4 % ----♦ C ap ital S t o c k ..............................................................- .............................
K e t tle V a lle y R y . ♦ C a p ita l S t o c k _______________________________
K in g sto n & P e m b ro k e l t y . 1st M o r tg a g e B o n d s , 4 % -----------1st Preferred S toc k
2 n d P referred S toc k
O rd in ary S t o c k ___________________________________________________
1st M o r tg a g e B o n d s, 5 % ----K o o te n a y & A r row h ead R y .
..........................................................................
♦C apital S
toc k
K o o te n a y C e n tra l R y . 1 st M o r tg a g o B o n d s, 4 % -----------------♦C ap ital S t o c k _______________ __________________________________ L in d sa y B o b c a y g e o n & P o n ty p o o l R y . ‘ C a p ita l S to c k ------M a n it o b a & N o r th W e s te r n R y . 1st M o r tg a g e B o n d s , 6 % 1st M o r tg a g e B o n d s. 5 % _______________________________________
Shell R iv e r B ran ch 1st M o r t g a g e B o n d s , 5 % _____________
D e b e n tu r e S to c k , 5 % __________________________________________
P referred S to c k , 5 % _____________________________________________
♦ C apital S to c k ___________________________________________________
of
O th er
C o m p a n ie s ,
C on tro lled
but
N ot
Duluth South Shore & A tlantic R y . C on. M . Bonds, 4 % . .
Incom e C ertificates________________________
3,000,000
Preferred S tock.....................................................
5,100,000
Ordinary Stock
______ ____________ __. . . . ____ . . . .
M inn. St. Paul & Sauit'ste. M arie R y . 1st M . Bonds, 4 % . .
Preferred S tock . 7 % -------------------------- ...........- ..................—
Montreal & Atlantic R y . 1st Mortgago Bonds. 5 % -----------Common Stock............................ - ....................... - ..............
S t . Joh n B rid ge & R y . E x te n sio n C o . 1st M . B o n d s , 5 % . .
♦ C om m on S t o c k .
Dom inion Express C o. ‘ Com m on S tock___________________
Chateau Frontenac H otel C o. ‘ C om m on S tock ----------------Allan Lino Steamship C o ., Lim ited, Capital S tock----------
L ea sed .
15,107,000 00
00
00
6,100,000 00
3;j;)3 ,0 0J 22
. § .361.800 00
945.000 00
2.160.000 00
1 2 5 .0 0 0 0 0
200.000 00
2,000.000 00
280.000 00
60,617 shares
M is c e l la n e o u s S e c u r itie s .
Alberta Stock Yards C o .. Lim ited. Preferred Stock---------C om m on S tock__________________________________________
Canada N orth W est Land Com pany Com m on S tock---------M ineral Range R y . 1st M ortgage Bonds, 4 % --------------------T oron to Hamilton & Buffalo R y. Capital S tock--------------T ow n o f M orris, M anitoba. B onds------------------------------------T he Public Markets. Lim ited, o f M anitoba, S t o c k ............
Canadian Pacific Railway (Souris Branch) * lst M . Bds. ,4%
Pacific Steamships *4% First M ortgage__________ £720,000
P acific Coast Steamships * 5 % First M ortgage____£225,000
21,100 00
79,900 00
5,625 00
1,254,000 00
749,600 00
15.000 00
265.000 00
1,946.666 67
3,504,000 00
1.095.000 00
----------$166,558,416 23
♦Denotes com plete ownership.
W e have examined all the Securities, including those listed above, held
for account o f the Canadian Pacific Railway C om pany, by the Treasurer,
and have received certificates from the Custodians, for those deposited with
►he Banks and Trust Companies for safe cu stody, and having com pared
them with the records o f the C om pany, find them correct and in order.
P R IC E , W A T E R H O U S E & C O ..
M ontreal. August 10th 1916.
C h a rtered A c c o u n t a n ts ( E n g la n d ).
SC H E D U l E “ B” — IN V E N T O R Y JU NE 30 1916 OF T H E A C T IV E
A N D IN A C T IV E ASSETS OF T H E C O M P A N Y . AS SH O W N
SH O W N IN T H E G E N E R A L B A L A N C E S H E E T .
A C T IV E ASSETS.
143,570 Shares Consolidated M ining & Smelting CompanyStock, co st________________________________________________ $1,320,016 57
550 Shares West Kootenay Power & Light C om pany, Pre
ferred Stock, co st_________________________________________
55,000 00
Hull Electric Railway C om pany, cost to d a te— ......... ..........
1,057,602 17
C om pany’s Collieries in Alberta and British C olum bia, and
C om pany’s interest in other producing coal mines------------ 2,500,000 00
I N A C T I V E A S S E T S C O N S IS T IN G O P U N S O L D L A N D S
A N D O T H E R P R O P E R T IE S .
SURPLU S L A N D S A N D B U IL D IN G S available for salo
in the Provinces o f Now Brunswick, Quebec, Ontario,
M anitoba and British C olum bia, representing m ainly
those purchased in excess o f the requirements when secur
ing right o f way, station grounds and shop sites, as being
m ore economical than a resort to condemnation proceed
in g s ...................................- ............................................................ 2,390,360 00
M A N IT O B A :
A cres.
Agricultural lands____________________ 204,528 at $10 00
2,048,280 00
S A S K A T P H E W \N*
Agricultural la n d s:..........
2,001,144 at $13 00 26.014.872 00
Agricultural lands____________________ 3,164,654 at $13 00
A . It. & I. (500.000 acre tract, under
agreement with Governm ent)-------43,689 at $5 00
A L B E R T A — Irrigated lands:
Western Section......... ...........................
41,687 at $25 00
Eastorn Section......... ............................. 413,506 at $40 00
A . R . & I . Section.........................
31,843 at $40 00
Land reserved in Irrigation Blocks for
right o f way and operating purposos
57,357 at $13 00
D E M O N S T R A T IO N F A R M S :
S tra th m o re_________________________
T i l le y ........................ - ...............- .......... B r o o k s ______________________________
C a s sils ______________________________
M ixed Farms (13)-----------------------------T I M B E R L A N D S A N D M IL L S :
Tim ber and T ie reserve in British
Columbia ...............
552,350 at $4 00
A . It. & I. Tim ber limit in A lberta___
45,000 at $1 50
Bull River M ill and im p rovem en ts..
41,140,502 00
218,445 00
1,042.175 00
16.540,240 00
1,273,720 00
745,641 00
75,000
15,000
10,000
. 5,000
123,000
00
00
00
00
00
2,209,400 00
67,500 00
100,000 00
B R IT IS H C O L U M B IA :
Acres
Colum bia Sc Kootenay Lands________
20,923 at
$2 00
Unsold portion o f Esquim au & Nana
imo Land G rant_________
1,059.507
U N SO LD L A N D S IN T O W N S IT E S :
Subdivided sites in M anitoba, Sas
katchewan and A lberta___________
U nsubdividod land adjoining Tow n
l ’ lots in M anitoba, Saskatchewan
_ and A lberta_______________________
. . . 13V ,868
Unsold lots in British C olum bia, in
cluding V ancouver______
Unsubdividod land adjoining Tow nsites in British C olum bia, includ
ing V ancouver_________
N O R T H E R N C O L O N IZ A T IO N R Y .
L A N D G R A N T I N Q U E BE C .
96.000
C O A L LA N D S :
3,000,000 acres o f coalright reserved
under land sold and unsold in A l
berta, to bo developed on a royalty
b a s is ______________________________
46,933 acres o f coal land in British
C olu m bia_________________________
at $10 00
Iron property in British C o lu m b ia lll
N A T U R A L GAS:
Rights reserved in 100,000 acres o f
land sold and unsold in Alberta.
(Revenue from area under loaso to
Juno 30, $100,901 7 9 )____________
P E T R O L E U M R IG H T S:
Rights reserved in 50,000 acres o f land
sold and unsold in A lberta, to bo
developed on a royalty basis______
IM P R O V E D F A R M S:
Buildings and improvom onts on im
proved (ready m ade) farm s Sas
katchewan, M anitoba and British
C olum bia: investment being repaid
with land installments with inter
est at 6 % ________________ .
L IV E S T O C K :
Livo Stock (horsos, cattle, shoop and
swine) advanced to farmers having
land contracts with C om pany, on
security lion notes_________________
T o t a l .................. ..................... ............ 7.870,056
R E C E IP T S A N D E X P E N D IT U R E S Y E A R E N D E D JU N E 30 1916.
Cash in hand June 30 1915___________________________________ $17,055,269 63
5.000.
000 00
R e ce ip ts .
Surplus Revenuo as per statem ent.................... $36,871,435 44
7.500.000 00 Special Incom o as per statem ent_____ ________ 9,940.954 94
LAND D E PA RTM EN T:
~
46,812,390 38
5.000.
000 00Lands and Townsites:
Proceods o f Sales and Interest__________
. $7,209,112 38
Deferred Paym ents on previous years’ sales '3,386,938 07
4.500.000 00
$41,846 00
T
, ,
, ^ „
$10,656,050 45
000 00Less amount remaining in Deferred P ay
ments on year’s sales..... .................1______ 5,677,002 59
96,000 00
r
r, i
,
$4,979,047 86
Less Salo Expenses and Irrigation................
1,872,665 35
5.000.
Gimli Extension Subsidy_____________________
ADD:
Agents’ and C onductors’ Bal
ances.................
$1,819,709 40
N et T ra ffic Balances...................
512,056 88
M iscellaneous A ccounts R e
ceivable ..........
8,737,605 83
..
,
--------- — —
11,069,372 11
Advances on Lines and Steamships under
C onstruction...................
42,852,519 99
Advances and Investm ents___________________ 9,639,472 07
1 00
1 00
.
$63,561,364 17
A m ount at Juno 30 1915....................................... 65,079.065 69
----------------------1.517,701 20
$68,571,776 04
416,020 18
E x p e n d itu re s.
122,183 01
SCH E D U LE “ C ” — D E T A IL S OF E X P E N D IT U R E ON A D D IT IO N S
A N D IM P R O V E M E N T S F R O M JU L Y 1 1915 TO JU N E 30 1916.
E A S T E R N L IN E S :
Additional Sidings, Buildings, Stations and
, Y a r d s ................................ ..................................
$85,232 57
Permanent Bridges and Im provem ents o f Lino
155,801 97
$241,034 51
M ontreal Term inals________________________________________
56,276 96
Windsor St. Station Extension_____________________________
1,567 22
Double Track Bridge over St. Lawrence R iv er____________
5,599 92
Drawbridge over Lachino Canal___________ ________
4.172 00
W E S T E R N L IN E S :
Additional Sidings, Buildings, Stations and
„ Y a r d s -------- ---------------- ---------------- --------------- $ 103,544 44
Permanent Bridges and Im provem ents o f
L i n o ...............
130,717 80
Fort W illiam Term inals, including Coaling
1.360 42
P l a n t ..............................
East W innipeg Y a rd ___________
28,847 92
W innipeg Station and H otel__________
77,193 60
Winnipeg Term inals_______________
99,980 94
Calgary I l o t o l . . -----------_
4,213 11
Vancouver Term inals______________________ .
45,331 24
Connaught Tunnel________________________ .
1,251,732 47
Right o f W a y...................
5,188 90
1 748 110 84
Additions to O ffice Buildings and H otels_____________________
086,102 89
Rented and Tem porary Sidings_______________________
._
7,218 60
Telegraph Extensions and A dditions_________ _____________I .
28,572 41
$2,778,655 38
SCH E D U LE “ D ” — D E T A IL S OF E X P E N D IT U R E ON LE A SE D A N D
A C Q U IR E D L IN E S F R O M J U L Y 1 1915 TO JU N E 30 1916.
N E W B R U N S W IC K R A IL W A Y :
Additional Sidings, Buildings, Stations Sc Yards $3,085 92
Permanent Bridges and Im provem ents o f L in o. 15,129 90
St. John Term inals____________________________ 21,693 03
$39,908 85
A T L A N T IC & N O R T H W E S T E R N R A IL W A Y :
Additional Sidings, Buildings, Stations Sc Yards $20,952 60
Permanent Bridges and Im provem ents o f L in o. 21,631 68
42,584 28
M O N T R E A L & O T T A W A R A IL W A Y :
Permanent Bridges and Improvements o f L in o.
8,360 02
M O N T R E A L Sc W E S T E R N R A IL W A Y :
Additional Sidings, Buildings, Stations Sc YardsCr. 259 62
Permanent Bridges and Im provem ents o f L in o.
500 09
Account l ’ urchaso o f R oa d _____________________ 15,231 58
15,472 05
O N T A R IO & Q U E B E C R A IL W A Y :
Additional Sidings, Buildings, Stations & Yards $17,213 56
Permanent Bridges and Im provem ents o f L in o. 42,158 85
D oublo Tracking______________________________
2,226 41
T oron to Term inals___________________ _________ Cr36,612 57
24,986 25
M A N IT O B A & N O R T H W E S T E R N R Y .:
Additional Sidings, Buildings, Stations & Yards
$802 50
Permanent Bridges and Im provem ents o f Lino.C'r. 960 41
705 86
R ight o f W a y ......................................................... ..
‘
------------------547 95
M A N IT O B A SOU TH W E S T E R N C O L O N IZ A T IO N R Y .:
Additional Sidings, Buildings. Stations & Yards
2,998 17
C A L G A R Y & E D M O N T O N R A IL W A Y :
Additional Sidings, Buildings, Stations & Yards $7,067 57
Permanent Bridges and Im provem ents o f L in o.
4,516 46
Right o f W a y..............................................................
266 53
H .8 o 0
06
N E W B R U N S W IC K S O U T H E R N R A IL W A Y
"
3° ’ i7 9 38
C A P D E LA M A D E L E IN E R A IL W A Y ......................................
32 51
C r.
473 99
N O R T H E R N C O L O N IZ A T IO N R A I L W A Y ..................
O R F O R D M O U N T A IN R A I L W A Y .......................
14 85
O T T A W A N O R T H E R N Sc W E S T E R N R A I L W A Y ..............
5,017 15
S T . M A U R IC E V A L L E Y R A I L W A Y ...........................
311 61
G E O R G IA N B A Y & S E A B O A R D R A I L W A Y .........................
10,138 73
G U E LPH Sc G O D E R IC H R A I L W A Y ......................................
1,798 62
L IN D S A Y B O B C A Y G E O N Sc P O N T Y P O O L R Y ..................
1,008 50
SOUTH O N T A R IO P A C IF IC R A I L W A Y ..................................
21 81
T IL L S O N B U R G L A K E E R IE Sc P A C IF IC R Y .......................
739 02
W A L K E R T O N & L U C K N O W R A IL W A Y ...............................
2,828 14
A L B E R T A C E N T R A L R A I L W A Y .............................. ............... C r . 1,626 06
C O L U M B IA & K O O T E N A Y R A IL W A Y ..................................
745 01
K A SLO Sc S LO C AN R A IL W A Y .................. ...................
837 12
K O O T E N A Y Sc A R R O W H E A D R A I L W A Y ......................... C r .
110 00
N IC O L A K A M LO O PS Sc S IM IL K A M E E N R Y .......................
325 00
V A N C O U V E R Sc LU LU IS L A N D R A I L W A Y .........................
55 88
$67,054,074 52
469,330 00
25,000 00
$127,129,135 93
C O L U M B IA & W E S T E R N R A IL W A Y :
~ ~
Additional Sidings, Buildings, Stations & Yards $3,422 45
Permanent Bridges and Im provem ents o f la n e . 30,573 04
R ight o f W ay.................. ...........................................
1,776 28
80,032 00
1 00
$204,329 18
Dividends on Preference Stock:
2
per cent paid O ct. 1 1915.......................... $1,613,638 42
2
per cont paid A pr. 1 1916.........................
1,613,638 42
tv- . i
. on ^
,
------------------------ $3,227,276 84
Dividends
Ordinary oStock:
2 H per cont paid O ct.
1 1 9 1 5 ..........
6,500,000 00
2 'A p ercen t paid D ec. 31 1915..........
6,500,000 00
2 A per cent paid April 1 1 9 1 6 ...............
6,500,000 00
2 A per cont paid Juno 30 1916.......................
6,500,000 00
„
• .
.,
----------------------- 26,000,000 00
Construction o f branch linos________________________________
64,318 97
Additions and Im provem ents, main line and branches,
Schedule ‘ ‘C ’ ’ _______________________________________ _ _ 2,778 655 38
’
’
Additions and Im provom onts, leased and acquired linos',
Schedulo " D ” -------------------------- ---------------------204 329 18
Rolling Stock E quipm ent......................................
10 304 83
Shops and M achinery____________ ________________ ”
14*963 89
Ocean, Lake and River Steamers:
Purchase o f Steamship “ M attaw a” _______
$486,666 67
Paym ents on account o f Stoamships under
co n s tru c tio n .......................................
386,483
43
$873,150 10
Less amount paid from Stoamship R eplace
ment ...................................................
870,032 05
— ... - - 3 118 05
Redemption o f ba’ ance o f 1st M ortgage 5 % B onds................... 2,749 *180 00
Deposited with T ru itco o f Spocial investment F un d...............
5,803,233 15
Securities Acquired:
Shustvap Sc Okanagan R y. B o n d s ......
$109,887
50
St. John Bridge & Railway Extension C o.
B on d -----------1,000 00
Groat North W est Central R y. S tock _____
30,000 00
Kingston Sc Pem broke R y. S tock ____
200
00
Consolidated M ining & Smelting C o. Stock
145,250 00
„
286,337 50
Payment o f Equipm ent Obligations............................................... 1 , 100,000 00
^
_
$42,241,7 17 79
3,915,021 65
Deduct Docroaso in M aterial and Supplies on hand_________
r, . . r
,
$38,326,696 14
D educt Increase in Liabilities:
Current Liabilities............................................$15,511,225 47
Interest on Funded D eb t____________
531,658
91
Reserves and A p p ro p ria tio n s ...................... 24,801,796 36
.
$40,844,680
74
Am ount at Juno 30 1915....................... 24,235,389
32
----------------------- - 16,609,291 42
„
„
,
Cash in hand.....................................................................
$21,717,404 72
41,581,680 69
$68,571,776 04
S T A T E M E N T OF E A R N IN G S FO R T H E Y E A R E N D E D JU N E 30
1916.
From P assengers........................
$24,690,652 19
.‘ I F re ig h t.................
89,654,405 19
M a ils...................................................................... . _ .......... ..
1,384,567 43
Sleeping Cars, Express, Telegraph and Miscellaneous 13,752,260 93
T otal ................................................................................. $129,481,885 74
S T A T E M E N T OF W O R K IN G E X P E N SE S FOR T H E Y E A R E N D E D
JU N E 30 1916.
Transportation Expensos____________
$38,916,381 50
M aintenance o f W ay and Structures_________________ ______ 14,67 1,791 20
16,695,955 87
M aintenance o f Equipm ent_________________
'Traffic Expenses...................
2,798,099 40
Parlor and Sleeping Car Expenses_________________________
990,410 87
Expensos o f Lake and River Steamors______________________
829 ,81 1 73
General Expenses----------------------------------------------------------------4,014,753 69
Comm ercial Telegraph............................ ................................ ....
1,339,161 02
T o t a l ...................................................
$80,255,965 28
S T A T E M E N T OF SURPLU S IN C O M E A C C O U N T JU N E 30 1910.
Balance at June 30 1915................................................. .......... .. $83,019,483 00
N ot Earnings o f R ailw ay----------------- ---------- .$30,871,435 44
Special Incom o_____________________________ 9,940,954 94
------------------------ 46,812,390 38
Less: Dividends on Preforenco Stock paid
O ct. 1 1915 and April 1 1 9 1 6 ............$3,227,276 84
Dividends on Ordinary Stock paid
O ct. 1 1915, Dec. 31 1915, April 1
1916 and Juno 30 191 6 ....................... 20,000,000 00
$129,831,873 44
29,227,276 84
$100,604,596 60
U pper
S T A T E M E N T OK E Q U IP M E N T A T JU N E 30 1910.
L ocom otives_______________________ _____ r,- - .......... ------------ - 7 - -.- - 2,255
* First and second class Passenger Cars, Baggago Cars and Colonist
Sleenimr Cars
______________________________________________2,183
First class' Sleeping. Dining and Cafe C ars............- - - ................................
49.8
Parlor Cars, O fficial and Paymasters C a r s ...........................................- 100
Freight and C attle Cars (all kinds)------------------------------------------------------ S/ ,10S
C onductors’ Vans--------- ---------------------a - -------------------------------------------- k
Hoarding, T ool and Auxiliary Cars and Steam S h ov els ....................... 0,86,
* Includes Cars in Lino Service as follows.
M O N T R E A L & B O S TO N L IN E .
ST. JOH N & B OSTON L IN E .
2 First Class
First Class
& Smoking
2 Dining and 08.33% owned
4 Second'eiass] 80.04% owned by
Smoking
by other linos.
othor
linos.
4 Baggago
4 2d Class
4 Baggago &
12 Cars
Express
14 Cars
First Class
Second Class
Baggago and Smoking
Baggage and Express
AND
R IV E R
M anitoba
B r itis h C o lu m b ia L a k e a n d R iv er S e r v ic e.
Kuskanook
M in to
M oy ie
N elson
Nasookin
Naramata
Okanagan
Proctor
Aberdeen
Bonnington
C is t le g a r
Columbia
Hosmer
Kaladen
Kokanee
Kootenay
Bay
Empress
of
Rossland
Sandon
Stcamous
Slocan
Valhalla
W hatshan
Ym ir
Y ork
Fundy
S e r v ic e.
St. George
F erry
Yarm outh
S er v ic e.
M ichigan
Ontario
------------------ Y e a r E n d e d J u n e 3 0 -----------------1914.
1915.
1916.
8.802,250
8.538,600
10.499,260
Flour
. _________ Barrels.
Grain
..........
Bushels.
184,954,241
126.909,828
276.7S8.209
Live S t o c k ..................... .H e a d .
2,481,360
2,833.726
2,190,389
Lumber
................. .F e e t. 2,953,125,699
2 .ISO.735,600 2.695,804,934
F irew ood'...................... . .C o r d s .
287,910
254,428
298,426
8,148,012
6,024,590
7,960,723
Manufactured A rticle s.T o n s.
A ll other a rticle s...............T o n s .
9,159,112
7,423.163
8,228,156
03.96% owned b y other lines.
19 Cars
OCEAN. LAKE
S e r v ic e.
D E S C R IP T IO N OF F R E I G H T F O R W A R D E D .
T O R O N T O H A M IL T O N & B U FF ALO L IN E .
9
4
2
4
L a kes
Assinibola
Keewatin
Alberta
Athabasca
STEAM ERS.
A t l a n t i c S erv ice.
M onm outh
M on tfort
M ontreal
M ou nt Tem ple
M odora
Metagama
Milwaukee
Missanabie
Empress o f Britain
Lake M anitoba
Lake Michigan
M attawa
F R E IG H T T R A F F I C .
Y ear
1914.
27,801,217
Number o f Tons Carried-----Number o f T ons Carried Ono
M i l e _____________________10,821,748.859
Earnings per T on per M ile___
0.75 cents
P a c i f ic S ere ice .
Empress o f Russia
M ontoaglo
Empress o f Asia
Empress o f Japan
P a c i f ic
Princoss
Princess
Princess
Princess
Princess
Princess
Princess
Princess
Princess
Beaver
Charmer
M clanope
Nanoose
N itinat
Otter
Princess Adelaido
Princoss Alice
Princoss Boatrico
C oa st
E n ded
June
1915.
21,490,596
7, 940,151,342
0.76 cents
3 0 — -------------1916.
29,276,872
14.057.685,773
0.64 cents
S er v ic e.
Charlotte
Ena
Maciuinna
Margaret
M ay
M ary
Patricia
Royal
Sophia
P A SS E N G E R T R A F F IC .
Princoss Victoria
Qualicum
Queen C ity
Tees
Transfer N o. 1
Transfer N o. 2
Transfer N o. 3
Transfer N o. 4
Y ear
1914.
15,638,312
N um ber o f passengers carried
Num ber o f passengers carried
____
one m ile__________________ 1,587,368,110
Earnings per passenger per
m ile_______________________
2.08 cents
1915.
13,202,603
30-----------------1916.
13,833.978
1,164,488,630
1,255,561,198
2.06 cents
1.97 cents
E n d ed
June
T R A I N T R A F F IC S T A T IS T IC S — F O R T W E L V E M O N T H S E N D E D JU N E 30T II 1916 A N D 1915.
[Earnings o f Lako and R iver Steamors not included in this Statement.
In c.
( + ) o r D e c . (— ) .
Y ea r E n d ed
J u n e 30 1916.
Y e a r E n d ed
J u n e 30 1915.
T R A I N M IL E A G E .
Passenger trains___________________________________________________________________________
Freight trains.................................................................. ........ .................................................................
M ixed trains..........................................................................................- .............................. - .................
18,159,545
25,355,997
2,098,825
17,977,033
16,896,368
1,939,478
+ 182,512
+ 8,459,629
+ 159,347
1.02
50.07
8.22
T otal trains......... .............................. ..................... ................. .................................. .....................
45,614,367
36,812,879
+ 8,8 01 ,4 8 8
23.91
88,080,027
2,835,311
39,335,804
87,283,067
2.829,455
40,691,990
+ 796,960
+ 5,856
— 1.356,186
.91
.21
3.33
130,251,142
130,804,512
— 553,370
.42
603,705,406
280,241,711
27,558,813
404,249,594
144,408,527
18,476,337
+ 199,455,812
+ 135,833,184
+ 9,0 82 ,4 7 6
49.34
94.06
49.16
C A R M IL E A G E .
Passenger.
.
,
,
Coaches and Parlor, Dining and Sleeping cars................................. - ....................................
Freight.
A m o u n t or
N u m ber.
P er
C e n t.
_________________________
911,505,930
567,134,458
+ 344,371,472
60.72
Passenger cars per T ra ffic Train M i l o ---------------------------------------------------------------------------------------
6.43
33.20
6.57
30.11
— .14
+ 3 .0 9
2.13
10.26
PA SS E N G E R T R A F F IC .
Passengers carried (earning r e v e n u e )................................................................................................
“
“
“
“
ono m ile___________________________________________
“
“
“
“
ono mile per m ile o f road _________________________
Average journey per passenger................................. ..
..... ........................................... miles
Average am ount received per passenger...................................... ......................... .....................
“
“
“
per passenger mile _ _____
.
___ cts_
Average number o f passengers per train m ile ................................. ...............................................
••
“
“
car
“ _____________
______________
Rovonuo from passengers per passenger car m ile.................................................................... cts
T otal passengor train earnings per train mile ...........................................................................|
•< 1
••
“
“
mile o f r o a d - ..........................
................................. *
13,727,219
1,247,118,119
96.546
90.85
1.78
1.96
61.56
13.72
26.84
1.55
2,425.15
13,086,064
1,155,371,348
93,413
88.29
1.81
2.05
58.01
12.82
26.32
1.53
2,468.87
+ 64 1 ,1 5 5
+ 91,746,771
+ 3 ,1 3 3
+ 2 .5 6
— .03
— .09
+ 3 .5 5
+ .90
+ .52
+ .02
— 43.72
4.90
7.94
3.35
2.90
1.66
4.39
6.12
7.02
1.98
1.31
1.77
T otal Froight cars___________________________________
F R E IG H T T R A F F IC .
, ,
..
13,822,500,920 7,734,433,065
985,500,816
Tons o f non-revenue freight carried ono m ile -------------------------------------------------------------------- 1,300.624,817
T otal tons (all classes) freight carried ono m ile— - — ---------------------------------------------------- 15,123,125,737 8,719,933,881
625,338
1,070,068
T ons o f revenue freight carried ono mile per mile o f road-------------------------------------------------79,679
100,688
Tons o f non-rovenue freight carried ono mile per mile o f r o a d , . ..................................... ........
705,017
1,170,756
T otal tons (all classes) freight carried one mile per mile o f roa d --------------------------------- 0.773
0.641
Average am ount received per ton per m ile o f revenuo freigh t..........................................cts .
410.62
503.46
52.32
47.37
462.94
550.83
19.13
22.90
2.44
2.15
21.57
25.05
Avorago N o. o f tons o f (all classes) freight per loaded car m ile.................. ................................
14.79
14.68
Freight train earnings per loaded car m ile................ .............................................................. c ts .
Q 9'l
3.17
‘
„
"
** train m ilo---- -------------- --------------------------------------------------- ---------- £
6,860.21
4,832.53
‘ mile o f roa d __________________________________________________ S
+ 6,088.067,855
78.71
+315,124,001
31.98
+ 6.403.191,856
73.43
+ 44 4 ,7 3 0
71.12
+ 2 1 ,00 9
26.37
+ 465,739
66.06
— 0.132 17.08
+ 92.84
22.61
— 4.95
9.46
+ 8 7 .8 9
18.99
+ 3 .7 7
19.71
— .29
11.89
+ 3 .4 8
16.13
— .11
.74
1.89
+ .06
41.96
•
+ 2 ,0 2 7 .6 8
Balance to Juno 30 1915. ................ .....................
Am ount contributed by C om pany for year____
Am ount received as Interest...............................
$585,548 13
125,000 00
43,609 82
United States Playing Card Co.— R ein co rp ora tio n .—
This com pany, incorporated in New Jersey, lias applied to the Secretary
o f State at Columbus for an Ohio charter. E xcept for this form ality, it is
stated, there will bo no change in the organization. O f the $3,600,000 o f
authorized stock, in $100 shares, $3,335,900 is stated outstanding and
receiving dividends o f 12% per annum (Q .-J .).— V . 98, p . 309.
Paym ent o f Pension Allowances for year.
$754,157 95
240,222 94
United State3 Steamship Co.— Extra D iv id e n d .—
An extra dividend o f
o f 1 % has been declared on the capital stock, pay
able Oct. 1 to holders o f record Sept. 16.— V . 102, p. 2082.
Balance in Cash and Investments
$513,935 01
S T A T E M E N T OF C A N A D IA N P A C IF IC R A IL W A Y PE N SIO N
D E P A R T M E N T TO JU N E 30 1916.
N U M B E R ON P E N S IO N R O L L A T J U N E 30 1916.
Under 60 years o f ago...........................................................................
Between 60 and 70 years o f a g e . . ..............................................................
Over 70 years o f age.........................................................................................
Total
60
.44
.329
.834
Waltham (Mass.) Watch Co.— D eferred D iv id e n d .—
A dividend o f 1% was paid on the $5,000,000 pref. stock on Sept. 1 to
holders o f record A ug. 25. This paym ent Is for tho D oc. 1915 dividend,
when only 2 % was paid.— V . 102, p. 2260.
Willys-Overland Co.— Right to S u bscribe .'—Common
stockholders of record at the close of business on Sept. 5
1916 will be offered the right to subscribe at $44 per share
for the $15,000,000 new common stock (par $25) to the extent
G U A N T A N A MO
SUGAR
COMPANY
ELEVENTH ANNUAL REPORT FOR THE FISCAL YEAR ENDING JUNE 30 1916.
A u g u st 7 1916.
T o the Stockholders o f the G uantanam o Sugar C o m p a n y :—
P R O F IT A N D LOSS A C C O U N T FO R T H E Y E A R E N D IN G
JU N E 30 1916.
Gross Sugar Sales, less Sea Freight, Brokerage, & c____________ $2,720,991 97
Molasses sold ___________________________________________________
77,849 28
The Directors beg to submit the accounts of your Company
for the year ending June 30 1916 and a copy of the Balance
Sheet together with the report of the General Manager on
$2,798,844 25
the operations of the Company. The accounts have as D„ e d.u c t,—•
Producing and M anufacturing Costs and Shipping E x
usual been audited by Messrs. Price, Waterhouse & Company
penses, including N ew Y ork and Guantanamo Office
and a copy of their certificate is appended.
E x p e n s e s ..............................................................
1,834,116 25
Decreased cane production, due to severe drought dur
P rofit on Operations, before providing for Depreciation
ing the growing season, has been offset by approximately
10 per cent increase in yield of sugar per ton of cane, and by A d d — o f M ills and Equipm ent or for Replanting o f Cane____ $964,728 00
Interest (n et)______________________________________ $91,382 93
the remunerative prices realized for the crop.
Rents (n et)_________________________________________ 24,447 84
The net profit of the Company for the fiscal year was
---------------115.830 77
$886,574 52, after charging off $174,194 75 for depreciation
on buildings, machinery and equipment and for replanting „ ,
$1,080,558 77
d u ct—
of cane. Part of the sugar on hand at 30th Juno was already D eLoss
on Sugar and Molasses carried over from
sold. The balance is accounted for in the profits at prices
June 30 1 9 1 5 .. ............................................................ 14,592 48
Loss on M iscellaneous Operations_________________ 5,197 02
current on closing.
---------------19,789 50
On July 1 1916 a cash dividend of $6 per share was paid,
absorbing $329,970. At same time a dividend in stock at
$1,060,769 27
par of $4 50 per share was paid. The total authorized D e d u c t —•
P rovision for Depreciation o f M ills and Equipm ent and for
issue of Capital Stock, viz., $3,000,000, is now outstanding.
Roplanting o f C a n e ..__________
174,194 75
To assure an increased supply of cane at reasonable cost,
the Directors have authorized the expenditure of substantial
P rofit for y e a r . ._____ __________________________________ $886,574 52
sums for the development of new areas, and for railroad
The above statement includes the estimated proceeds o f sugar m ade in
extensions to serve them.
'
July 1916, and the producing, m anufacturing and shipping exponses in
Further considerable outlays have also been authorized in respect thereof.
continuation of the improvements and betterments to the
The accounts of the Company have been audited and
factories begun last year, including new quadruple effect
at “Los Canos,” additional evaporating apparatus and cen certified to by Price, Waterhouse & Co.
trifugals at “Soledad,” and new defecators at all throe places.
DIRECTORS.
These installations of new and approved equipment, E . A . B R O O K S ,
W M . M O O R E C A R S O N . R . W A L T E R L E IG II,
needed in order to increase the yield of sugar and to reduce G E O . R . B U N K E R , W M . E . G L Y N ,
O . L E W IS ,
JA M E S H . P O S T .
the cost of production, have materially strengthend your
three factories and largely increased their capacity and
OFFICERS.
efficiency.
President,
W M . M O ORE CARSON
By order of the Board of Directors.
Vice-President, JA M E S II. POST
W M . MOORE CARSON, P resid en t.
Secretary and Treasurer, F R E D E R I C K II. C L A R K
GUANTANAMO SUGAR COMPANY.
B A L A N C E S H E E T JU N E 30 1916.
ASSETS.
C o st o f P r o p e rtie s —
Real Estate, Cane Lands, Buildings, E quipm ent and
other permanent Investm ents___________________________$4,363,181 26
D e d u c t — Betterments charged to Surplus July 1 1911
to June 30 1 9 1 5 ...................... ........................... ...............
425,643 07
$3,937,538
A d v a n ces t o G u a n ta n a m o R a ilroa d C o m p a n y ___________
788,198
7,649 S h a res held in t h e G u a n ta n a m o R a ilroa d C om p a n y
1
C u rre n t a n d W o rk in g A ssets—•
Growing Crops carried over to 1916-1917 Season.$52.532 83
Inventories—
Raw Sugar on hand, 29,621 bags.$449,024 49
M o la s s e s .................................. .......... 26,688 05
Stores and Supplies at co s t______ 149,852 15
Sparo Parts at co s t_______________ 46,634 60
------------------ 666.198 69
Insurance Unexpired____________________________ 22,944 46
Sundry A ccounts Receivable and Advances to
C o lo n o s ..........................................................
305,193 75
Cash on Hand and in Banks (N ew York and
C u b a )............................................................
895,351 77
1,942,221
19
23
00
50
L IA B IL IT IE S .
C a p ita l S to c k —
Authorized and Issued, 60,000 shares o f $50
.
e a c h .................
.$3,000,000 00
Issued...6 0 ,0 0 0 shires............................. .................................... $3,000,000 00
L ess—
5,005 shares in Treasury, authorized to be
issued July 1 1916, for dividend and
other purposes________________________
250,250 00
Outstanding 54.995 shares or $50 each_____________ ______ $2,749,750
S to c k D iv id e n d , payable in Treasury s to ck _________________
247,477
C u rre n t L i a b i l i t i e s Drafts in Transit_____________________________
$65,000 00
A ccounts Payable and reserve for expenses
•o f com pleting c r o p . . ______ _______________
124,389 61
Dividend ...................
329,970 00
519,359
U n expen d ed F u n d s—
For 1916 Dead Season Current Repairs and
M aintenance ............
$60,000 00
F or Extraordinary Repairs___________________
2,435 51
F op D e p re cia tio n ____________________________
670,909 02
F or Depreciation o f L ive S tock..................
19,926 80
For R poU nting........................................................
194,490 21
947,761
S u rp lu s —
Balance a lJune 30 1915..................................... $1,894,733 25
00
50
61
54
Add-
Profit on Operations o f the year to
June 30 1916, as per account annexed.
D educt
Purchased o f Guantanamo
Raiiroad Com pany shares
written o ff as per Resolu
tion o f Board o f D ire cto rs..
$250 00
Diuidends Declared:
S to ck .................. $247,477 50
C a s h --------------- 329,970 00
-577,447 50
886,574 52
$2,781,307 77
577,697 50
2.203,610 27
$6,667,958 92
$6,667,958 92
of 66 2-3% of their holdings on that date, and that prof,
stockholders of record at the close of business on Sept. 5
1916 will also have the right to subscribe at $44 per share for
said new common stock (par $25) to the extent of 100% of
their holdings on that date. The right of both classes of
stock to subscribe expires on Sept. 28 1916.— V. 103, p.
762, 670.
ration, which also controls tho Wisconsin River Power C o. at Prairio du
Sac. and the Southern Wisconsin Power C o . at Kilbourne, which aro water
power properties and will bo operated in conjunction with tho new steam
plant at Portage. T he better plants on tho small properties will bo con
tinued in operation; others will boshut down. John I. Boggs will bo President.
[Tho M ilwaukee "W isconsin” on July 6 said: "750,000 bonds and $366,
500 o f stock will bo used to acquire property and pay outstanding Indebted
ness o f the Southern Electric Light & Power C o. o f Portage, tho Beaver
Dam Light & Power C o ., tho Fox Lako Light & Power C o. o f Fox Lake,
tho transmission lino from M innesota Junction to Burnett and tho distrib
uting system o f Horicon and M innesota Junction. Bonds to tho amount
o f $779,000 and stock to tho amount o f $378,000 will bo used in tho construc
tion o f a distribution plant o f 15,000 k .w . at Portage. Bonds to tho amount
o f $536,000 and stock to tho amount o f $250,000 will bo used In tho con
struction o f transmission lines to Portage, Arlington, M orrisonvlllo, Wind
sor, K irkw ood, North Freedom, Reodsburg, Cam bria, Markesan, RIpon,
T yocona, R io, Omro and Randolph.
Wisconsin Power, Light & Heat Co. of Milwaukee.—
M e r g e r . — “Electrical World” of N . Y. some weeks since said:
This com pany has been organized to morgo tho properties at Beavor Dam ,
Fox Lake. Horicon, Berlin, Om ro, Portage, Baraboo, Cam bria, Pardoeville,
Greon Lako and Noshkoro in Southwestern W isconsin. Tho Wisconsin
R R . Commission has authorized a $1,000,000 stock issue and a $2,065,000
bond issuo, the immediate proceeds o f which will bo used to construct a
now 15.000 k .w . steam generating station at Portage, and transmission lines
to the value o f approxim ately $1,000,000 to join the several properties,
and to retire tho underlying bonds against tho present property. Tho com dany is a subsidiary organization to tho Central Utilities Securities C orpo
Yuma (Ariz.) Electric & Water Co.— D efa u lt .—
Default having been made in the payment o f interest on tho outstanding
bonds, the properties o f this com pany and the Yuma Gas C o ., which supply
Yum a, A riz., with light, gas, water and power, have boon taken over by
tho T itle Insurance & Trust C o. o f Los Angeles, who will oporato thorn
in the Interests o f the bondholders.— V. 82, p . 396.
nevertheless, some months closed 10 points higher, if others
ended 2 points lower. The sales to-day were 19,500 tons.
Prices aro a shade lower for the week in spite of the rally in
the l
@FedFRASER